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The
financial
Ijrcinicie
VOL. 131.
SATURDAY,OCTOBER 25 1930.
NO. 3409.
three being no more than $1,100,000. Yet the markets are glutted with investment funds seeking emPUBLISHED WEEKLY
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offering came near proving a failure indicates how
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at the present time. Banks and financial instituChange of Address of Publication.
tions are evidently still carrying heavy loads as a
& Financial Chronicle,
The Commercial
result of the stock market crash, and are reluctant
long suffered from inadequate
to enter into new commitments of great size, even
having
handling its growing size
though they hold large masses of uninvested funds.
facilities for
The Chase Syndicate deserves great credit for havand growing subscription list, has moved
ing by its action averted anything quite so unforlarger quarters, and is now
into new and
tunate as a complete inability of the city to market
located at
its bonds. With the financial markets so deeply
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unsettled as at present, it would have meant deNew York City.
moralization closely tantamount to disaster had
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such a contingency occurred.
Strangely enough, at a time when the country is
struggling to recover from a long period of debauch
The Financial Situation.
and inflation, there comes a proposal from a reIt is one of the anomalies of the existing situa- sponsible quarter that would simply spell more inflation that while banking credit and money supplies tion. The "Wall Street Journal" has obtained an
are alike redundant, and interest rates on all classes expression of his views from T. B. Macaulay, Presiof loans inordinately low, with the rediscount rate dent of the Sun Assurance Co. of Canada, and Mr.
of the Federal Reserve Bank of New York down to Macaulay thinks the prevailing situation, and more
DA% and the Federal Reserve buying rate for bank- particularly the decline in commodity values, could
8%, the City of be cured by the simple process of letting our Federal
ers' acceptances no higher than 17
New York the present week had a very narrow Reserve Banks purchase $500,000,000 more of United
escape froin failing to sell a large offering of new States Government securities. Other Canadian combonds. It had invited subscriptions for $75,000,000 mentators have latterly put forth similar suggesof 50-year 4% bonds up to Tuesday, Oct. 21, but tions, but they have been lesser luminaries than the
had been advised on Monday that none of the syndi- distinguished President of the Sun Life Assurance
cates that ordinarily make it a practice to put in Co. of Canada, which ranks very high in the insurbids for the whole amount of a new issue was likely, ance world. It is Mr. Macaulay's view that "we are
on the present occasion, to repeat the performance. suffering from excessive deflation, and it is again in
The city accordingly reduced the offering to $50,- the power of the Federal Reserve directors to render
000,000, withdrawing $15,000,000 for the time being. a great national service. It is certainly as imEven with the total thus reduced, however, only one portant," he argues,"to prevent disastrous deflation
bid for the entire amount was received, and that and depression as it is to prevent undesirable
came from a syndicate headed by the Chase Securi- inflation."
Continuing along these lines, Mr. Macaulay goes
ties Corp., a subsidiary of the Chase National Bank.
of fact, only three other bids of any on to say: 'What now is required is to increase
As a matter
kind were received, the aggregate of the whole the banking resources of the nation by reversing
inantiat Chronicle
2574
FINANCIAL CHRONICLE
[Vol.. 131.
their (the Reserve Banks') previous course, and prevailing but says in reply: "What is abundant is
buying bonds, instead of selling. During the seven call money in a few large cities. This creates an
months ended July 31 last outstanding circulation entirely deceptive appearance. Conditions are not
has decreased $430,000,000, and the current advances really satisfactory until money is abundant, not only
of the Central Bank to the various commercial baLks for brokers, but for the needs of all classes of
have also shrunk to small proportions. W!:at borrowers."
amount of bonds it would be necessary to purchase
In this, however, Mr. Macaulay completely ignores
in order sufficiently to restore the commodity price the fact that it is not' merely stock exchange loanlevel it is not possible to say definitely. A compara- ing that is easy at low rates, but commercial loantively small amount, say $500,000,000, proba:4 ing as well. As one instance, prime commercial
would be sufficient. The re-establishment of the paper of four to six months' maturity is quoted in
old level by steadily progressive steps should not the New York market at as low as 3% per annum.
be difficult, if undertaken at once."
And as another instance the rate for bankers' acceptDuring the past year the Federal Reserve authori- ances having a maturity of 90 days is only 2% bid
ties have been doing precisely the thing here urged, and 178% asked. Another point to consider is that
/
and it is in face of that fact that the huge collapse as a result of the collapse of the speculation in the
in commodity values, and in security values as well, market and the progressive decline in security
has occurred. The 12 Federal Reserve institutions, values, enormous sums of money previously tied up
according to their returns issued this week, hold in Stock Exchange loans have been released for comnow $602,029,000 of United States Government mercial use. The amount so released for commersecurities, whereas a year ago (on Oct. 23 1929) cial use and for investment is of gigantic size, as will
they held only $135,704,000. Here, therefore, is an appear when we say that the total of brokers' loans
addition during the 12 months of $466,325,000, and in the case of the reporting member banks in New
this without exerting the slightest influence in York City making returns to the Federal Reserve
checking the downward course of prices.
Bank of New York now stands at only $2,613,In the meantime member banks have diminished 000,000, whereas on Oct. 23 last year it was no less
their borrowings so that the discount holdings of than $6,634,000,000, showing a contraction of over
the 12 Reserve institutions to-day are down to $191,- $4,000,000,000, all of which goes to prove that there
984,000 as against $796,358,000 on Oct.23 1929. The is no paucity of money or of credit to serve as a
holdings of bankers' acceptances in the meantime stimulus to trade revival and to restore former busihave concurrently declined from $379,383,000 to ness activity.
$176,590,000. It was to offset, in part, the diminuIf an abundance of banking credit and cheap
tion in member bank borrowing and in sales of bank- money were all that is needed to bring back the
ers' acceptances to the Reserve institutions that former feverish conditions, the slump now being exthe Reserve authorities so greatly extended their perienced would long since have been a thing of the
holdings of United States Government securities, past. Mr. Macaulay says that "If matters be
but the operation, as stated, did not have the slight- allowed merely to develop as they will, without
est effect in arresting the slump in values, commodi- guidance, the cure will come in time by the gradual
ties and securities alike.
increase of banking resources through the accumu'Mr. Macaulay finds less money in circulation and lating savings of the nation." But he asks "why
less advances made by the Reserve Banks to the should we wait for this slow accumulation if the
member banks, and thinks that it is because of this Federal Reserve Banks can at once forestall that dethat prices have been going down, but in that he velopment by adding to the national banking
is certainly confusing cause and effect. Why are resources whatever sum may be needed to restore
member banks borrowing so much less to-day than the price level and begin the renewal of business
12 months ago. The answer is that they no longer activity at an earlier date?" Unfortunately, the
have the same occasion to borrow as they did a Federal Reserve Banks have no such magical or
year ago, either on commercial account or on secur- miraculous powers as supposed. The country is
ity account. And why have they less otcasion to now paying the penalty for the excesses of the last
borrow? The reason is perfectly plain, whether 10 years, and the process of recovery is necessarily
we consider security borrowing or commercial bor- a slow one. As we have said on previous occasions,
rowing. Security borrowing has dwindled because it was not merely the stock market that was inflated
of the collapse of the stock market, and commercial when the crash came in the autumn of last year, but
borrowing has shrunk because industrial activity everything else. The sooner that fact is recognized
itself has shrunk. The amount of money in cir- the better it will be all around.
culation has undergone contraction for the same
One of the favorable developments the present
reason, namely, that there is far less need for it
than before, owing to the great slump in business week has been the action of the German Parliament
that has occurred. To add to the volume of Reserve on Sunday last. The action showed that the faith
credit outstanding through further huge purchases in the underlying common sense of the German
of Government securities could not change this people is fully justified. By a coalition among the
situation in the slightest degree, while on the other different parties, Chancellor Bruening was fully
hand there would be the train of evils which always sustained at every point. All the different measures
attends arbitrary and vicious inflation of bank needful in the carrying out of the program for which
Ile 60 strenuously fought were endorsed by decisive
credit or of currency.
interest rates are ruling so votes. His majorities were really greater than anyThe very fact that
inordinately low goes to show that there is not the one had supposed possible. The New York stock
slightest need for either additional Reserve credit market, as a result, responded on Monday with a
or member bank credit or additional currency. Mr. sharp and general rise in security values which was
Macaulay takes cognizance of the low interest rates in strong contrast with the weakness experienced in
OCT. 25 1930.1
FINANCIAL CHRONICLE
all the preceding weeks of the present month. Unfortunately the good effects were vitiated the same
night when Dr. Hjalmar Schacht, former head of
the German Reichsbank,speaking before the Foreign
Policy Owners' Association, indulged in some further lamentations regarding the unfortunate condition of Germany and the need for an early revision
or suspension of German reparations payments. The
consequence was that on Tuesday morning the stock
market slid back again and showed renewed manifestations of weakness.
Dr. Schacht speaks in a temperate way, but his
remarks are nevertheless ill-timed and ill-advised.
Germany has received a new deal under the Young
plan, very substantially reducing the annual reparations payments required of her, and it is now up to
her to carry out the agreement in good faith. Not
only that, but she has received very substantial
financial support in this country, a credit of $125,000,000 having just been put at the disposal of the
German Government by an international banking
syndicate headed by Lee, Higginson & Co., and a
large number of other prominent financial institutions in this country, while the German Government International 5 7 loan, placed here in June
/o
1
2
at90,has been selling as low as 73%,and even yesterday had recovered to only 75%. At such a time it is
very ungracious, to say the least, for Dr. Schacht
to go touring through the United States making
addresses and stressing the alleged unfortunate
position of Germany. The effect can only be to discredit and depreciate the German obligations placed
in this country. This is so, no matter how good his
motives may be,judged from the German standpoint.
Unfortunately, too, rumors and suggestions have
been coming from Washington and from London
carrying proposals for reducing or suspending the
Allied payments to the United States. The argument behind these proposals now is the same as heretofore, namely, that if the United States would
consent to a reduction in the payments to this country, then the Allied Powers would be able to deal
more leniently with Germany. The authorities at
Washington have denied that any such proposals
have been under consideration or have been made,
but these denials have lacked the vigor that carries
conviction with it. Accordingly, in many quarters
the fear persists that at an opportune moment these
propositions will spring into life and possibly not
be unkindly received.
The matter is a serious one. The United States
is at the moment suffering intense business depression, and as a consequence the yield of the Federal
income taxes the coming year is certain to be heavily
reduced. If, in addition, Allied payments to the
United States should be cut off or materially reduced, this country would find itself in a most unfortunate plight. The country is facing a Congressional election which is now only 10 days off, and
the party in power will enter the campaign heavily
burdened and heavily handicapped. It has against
it depression in business, for which it is not responsible, since it would have come in any event, and it
also has against it the new tariff law, for which it is
responsible, and the unsuccessful working of the
Federal Farm Loan Act, for which it is likewise
responsible. If, in addition, the belief should spread
that the Administration looks with favor upon a
modification or reduction of the Allied payments
to the United States, then it would certainly incur
2575
the risk of overwhelming defeat at the elections, with
a likelihood of the loss of both the House of Representatives and the United States Senate. The
Washington authorities should make it plain beyond
peradventure that no such proposals will ever be
entertained.
Former President Calvin Coolidge, in his daily
talk in the New York "Herald Tribune," on Wednesday, stated without qualification or equivocation,
in plain and unmistakable language, what the attitude of the United States should be, and we reproduce below his words in full. They should be taken
to heart by every thoughtful citizen. Here is what
he had to say:
"Those who are constantly agitating, either for
political or publicity purposes, for a revision of
German reparations, and who are trying to connect
them with the European debts owed the United
States, are doing distinct injury to the world economic situation. They arouse new uncertainties
and inflame old animosities. We should regard
these questions as settled. Let Europe adjust its
own difficulties. The present rates of payment can
be met by all countries concerned.
"Those saying that if Germany defaults reparations other countries cannot pay the United States
debts are overreaching themselves. That means that
if reparations are not collected from Germany they
must be collected from the taxpayers of the United
States.
"We must all suffer from the consequences of a
world war. It is now costing our taxpayers about
$2,000,000,000 each year. To claim that cancellation would be profitable to international trade only
means that a subsidy of so much tax money would
be profitable. But that would not meet the situation. Paying the cost of the war is a moral obligation. It cannot be evaded by trade profits. It is
best to meet it and stop discussing it. The world
wants certainty, not agitation."
Another big reduction appears in the total of
brokers' loans in the Federal Reserve statement
issued the present week. The decrease this time
is $139,000,000, and it follows $153,000,000 decrease
last week, $158,000,000 decrease the previous week,
and $159,000,000 decrease in the week preceding,
making a total contraction for the four weeks of
$609,000,000. These successive large reductions
attest the completeness with which liquidation is
.
proceeding on the Stock Exchange. The grand total
of these brokers' loans is now (Oct. 22) down to
$2,613,000,000. At the corresponding date last year,
when the amount was at its maximum, the total was
no less than $6,634,000,000. The comparison reveals
a shrinkage, therefore, in the huge stun of $4,021,000,000. In the further decline the present week
loaning under all the different categories shared.
Loans for own account by the reporting banks fell
from $1,702,000,000 to $1,590,000,000; loans for account of out-of-town banks from $514,000,000 to
$511,000,000, and loans "for account of others" from
$536,000,000 to $512,000,000.
In their own statement of condition, the Reserve
Banks this time show a falling off in member bank
borrowing, the discount holdings of the 12 Reserve
institutions being $191,984,000 the present week as
against $210,439,000 last week. Holdings of bankers' acceptances have also been further reduced the
present week, and are now $176,590,000 as against
$185,492,000. Holdings of United States Government securities are a little larger this week at $602,-
2576
FINANCIAL CHRONICLE
029,000 as against $601,614,000 last week. Altogether, total bill and security holdings fool up
$976,900,000 the present week as against $1,003,817,000 last week, showing a reduction during the
week of $26,917,000. Federal Reserve notes in circulation are slightly smaller at $1,368,512,000 as
against $1,372,211,000, while gold reserves have
increased from $2,979,337,000 to $3,016,609,000.
The stock market this week has enjoyed substantial recovery, notwithstanding there have been several days of great depression and that no less than
472 stocks established new low records for the year.
The market was weak on Saturday last, in continuation of the weakness of the rest of that week. On
Monday the market completely reversed its course,
mainly because of the action of the German Parliament on Sunday in upholding the hands of Chancellor Bruening. The result was considered highly
encouraging because showing large majorities for
all the measures on the passage of which Chancellor
Bruening insisted. Very decided advances occurred
all through the Stock Exchange list on Monday. Indeed, the market displayed such a strong and confident tone that it seemed as if it had at length embarked on an entirely new course. But the very next
day renewed weakness developed mainly due to an
address delivered the night before by Dr. Schacht,
the former President of the Reichsbank, before the
Foreign Policy Holders' Association, in which he
spoke very strongly of the necessity of an early
revision of the Young plan, thus shattering the
favorable hopes built on the voting in the German
Parliament.
The market was again weak on Wednesday, with a
heavy decline in Westinghouse Elec. & Mfg. on the
unfavorable income statement submitted by the company for the September quarter. This showed net
income of only $2,996,007 for the quarter in 1930 as
against $6,413,955 in the same quarter of 1929, with
$1.12 earned per share against $2.40 in 1929. On
Thursday the market manifested a decided tendency to rally, but with some exceedingly violent
fluctuations. The Van Sweringen shares displayed
special weakness. This was due to the fact that
additional securities had to be pledged as collateral
against the three collateral bond issues of the Allegheny Corp. on account of the decline in the market
value of the collateral pledged for the issues. The
indenture requires that the pledged securities must
be maintained at a value not less than 150 of the
face value of the outstanding bonds. With the exception of the different Van Sweringen issues the
market on Thursday displayed growing strength,
and further improvement in the market all around
occurred on Friday, though on the latter day Montgomery Ward & Co. showed weakness on the news
that the company had passed the dividend on its
common stock. The upward splurge was helped
along by the fact that James A. Farrell and Charles
M. Schwab issued optimistic statements regarding
the outlook for the steel trade at the meeting of the
American Iron and Steel Institute, while simultaneously John J. Raskob predicted an early revival
of the motor industry. As indicating the course of
prices of the different Van Sweringen issues, we
may note that Allegheny Corp. stock closed Friday
/,
a week ago at 1518 sold down on Thursday of this
week to 1014 and closed yesterday at 11%;Erie RR.
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/
closed at 34 last Friday, declined to 3014 on Friday
[vol.. /31
of this week, and closed the same day at 341 8;
/
Chesapeake Corp. closed Friday a week ago at 47,
dropped to 43 on Thursday, and closed yesterday at
49; Pere Marquette closed at 12334 last Friday, sold
/
down to 99 on Thursday, and closed yesterday at
108; Missouri Pacific, from 43 at the close last Friday, fell to 40 yesterday, and closed the same day
/
1
2
at 4214 while Chesapeake & Ohio closed last Friday
/
,
at 41%, dropped to 40 on Thursday, and closed yesterday at 43%.
Trading has been only moderately heavy, notwithstanding the violent character of the fluctuations
from day to day. At the half-day session on Saturday the dealings on the New York Stock Exchange
were unusually heavy for a half holiday, reaching
2,161,560 shares; on Monday they were 2,139,220
shares; on Tuesday, 2,431,900 shares; on Wednesday, 2,742,240 shares; on Thursday, 2,664,520 shares,
and on Friday, 2,763,000 shares. On the New York
Curb Exchange the dealings last Saturday were
588,100 shares; on Monday they were 615,800 shares;
on Tuesday, 565,700 shares; on Wednesday; 703,700
shares; on Thursday, 598,700 shares, and on Friday,
506,700 shares.
As compared with Friday of last week, prices are
generally higher as a result of the sharp recoveries
of Thursday and Friday. General Electric closed
yesteday at 54 against 51% on Friday of last week;
/
Warner Bros. Pictures at 212 against 1918; Elec.
/
1
Power & Light at 514 against 4818; United Corp.
/
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1
/
1
4
at 2278 against 2134; Brooklyn Union Gas at 112
/
/
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against 110; American Water Works at 7678 ex-div.
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against 72; North American at 86 against 8378;
/
1
2
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Pacific Gas & Elec. at 50 against 4918; Standard
Gas & Elec. at 7734 against 7518; Consolidated Gas
/
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of N. Y. at 9818 against 93 ; Columbia Gas & Elec.
/
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at 45 against 4418; International Harvester at
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2
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6212 against 5834; J. I. Case Threshing Machine at
/
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2
126 against 120; Sears, Roebuck & Co. at 52
against 49 ; Montgomery Ward & Co. at 20%
/
1
2
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against 22%; Woolworth at 6578 against 61%; Safe/
way Stores at 5518 against 60%; Western Union
/
1
2
/
1
Telegraph at 1392 against 139 ; American Tel. &
4;
Tel. at 200 against 1953 Int. Tel. & Tel. at 3134
/
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2
against 27%; American Can at 12018 against 114 ;
/
1
2
/
1
2
U. S. Industrial Alcohol at 63 against 61 ; Commercial Solvents at 19 against 17%; Shattuck & Co.
/
1
2
4
/ against 28 ; Corn Products at 793
1
2
at 29
against 7678 and Columbia Graphophone at 13
/,
/
1
2
against 11.
Allied Chemical & Dye closed yesterday at 216
/
1
2
against 200 on Friday of last week; Davison Chemical at 20 against 21%; E. I. du Pont de Nemours
/
1
2
at 97 against 91%; National Cash Register at 32
/ against
1
2
against 32; International Nickel at 18
1678; A. M. Byers at 52% against 49%; Simmons &
/
Co. at 15 against 151 2; Timken Roller Bearing at
/
1
2
/
513 against 50 ; Mack Trucks at 44 against 443
4
4;
/
1
4
Yellow Truck & Coach at 11% against 1034; Johns/
Manville at 74% against 6778; Gillette Safety Razor
/
at 38% against 38 ; National Dairy Products at
/
1
2
4414 against 42%;,National Belles Hess at 5 bid
/
against 51 2; Associated Dry Goode at 30 against
/
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1
2
27; Texas Gulf Sulphur at 53 against 512 Kol/
1
4
/
1;
ster Radio at 1% against 2; American & Foreign
Power at 43 against 37%; General American Tank
/
1
4
Car at 70 against 69%; Air Reduction at 106
/
1
2
against 99 ; United Gas Improvement at 30
/
1
2
/
1
2
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against 29 , and Columbia Carbon at 931 4
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2
against 96.
Om. 251930.1
FINANCIAL CHRONICLE
The steel shares have made sharp recoveries
under the leadership of United States Steel, which
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closed yesterday at 15078 against 145% on Friday
of last week; Bethlehem Steel closed at 75% against
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71%; Vanadium at 5258 against 491 8 and Republic
/
/
.
Iron & Steel at 22, against 1912 The motor stocks
have also moved forward in a number of cases. General Motors closed yesterday at 37 against 33% on
Friday of last week; Chrysler at 17% against 17;
Nash Motors at 29% against 31; Auburn Auto at
/
75 against 753 ; Packard Motors at 91 against 978;
/
4
4
/
4
Hudson Motor Car at 22% against 213 , and Hupp
Motors at 8 against 8. The rubber stocks have
/
1
2
been inclined to weakness. Goodyear Rubber & Tire
/
1
2
closed yesterday at 401 against 40 on Friday of
4
last week; B.F. Goodrich at 16 against 16%; United
States Rubber at 13 against 12 , and the pre/
1
2
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2
ferred at 231 against 22 .
4
/
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The railroad stocks have most of them been laggards in the general recovery. Pennsylvania RR.
closed yesterday at 66 against 66% on Friday of
/
1
2
last week; Erie RR. at 34 against 34; New York
/
1
4
Central at 140 against 138; Baltimore & Ohio at 82
/
1
against 83; New Haven at 912 against 91; Union
Pacific at 198% against 196%; Southern Pacific at
104 against 105%; Missouri-Kansas-Texas at 26
/
1
2
against 27%; St. Louis-San Francisco at 73 against
69 ; Southern Railway at 75% against 72; Rock
/
1
2
Island at 72 against 763 Chesapeake & Ohio at
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4;
43% against 41%; Northern Pacific at 60 against
5878 and Great Northern at 65 against 65 .
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The oil shares have been a weak feature on further
cuts in prices of oil. Standard Oil of N. J. closed
yesterday at 553 against 551 8 on Friday of last
4
/
week; Standard Oil of Calif. at 51% against 5234;
Simms Petroleum at 10 against 12; Skelly Oil at
18% against 191/ Atlantic Refining at 22% against
s;
2414; Texas Corp. at 4018 against 43; Pan Amer/
/
ican B at 4634 against 47% bid; Richfield Oil at
/
6% against 7/ Phillips Petroleum at 233 against
78;
4
21%; Standard Oil of N. Y. at 26 against 26%, and
Pure Oil at 123 against 15%.
4
The copper stocks have further slightly declined.
Anaconda Copper closed yesterday at 35 against
35 on Friday of last week; Kennecott Copper at
/
1
2
26% against 26%; Calumet & Hecla at 9 against 10;
Calumet & Arizona at 37 against 37 ; Granby Con/
1
2
solidated Copper at 131 4 against 13 ; American
/
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2
Smelting & Refining at 542 against 52, and U. S.
/
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Smelting & Refining at 202 against 193
/
1
4.
Movements of share prices on the important European stock exchanges were generally favorable this
week, notwithstanding some wavering in the midweek session when unsettling reports from New York
were again said to have induced liquidation. That
the markets in London, Paris and Berlin remain in
a highly nervous state is made obvious by swift and
perplexing changes from strength to weakness and
back again. Extensive variations in activity also
are common, a fair amount of trading on one day
giving way to extreme dullness on the next. In the
meanwhile all eyes remain fixed on the business
situation, but European trade, like our own, is nourished largely on optimistic forecasts. Philip Snowden, Chancellor of the British Exchequer, delivered
another address Tuesday in which he declared that
the depression will soon pass. Financial opinion in
London was reported this week as feeling that the
pessimism is being overdone in America and to some
2577
degree in England as well. European trade indices,
however, were gloomy without exception. Latest
official figures on unemployment in Britain give a
total of 2,176,191, an increase of 14,502 in a week,
and the highest figure reached since 1921 with the
exception of the period of the general strike in 1926.
The situation in France is more encouraging, but
sharply declining import and export statistics show
that that country also is encountering business difficulties. Berlin reports indicate unemployment in
Germany in excess of 3,000,000, with signs of business revival not numerous. The Cabinet Council in
Rome appropriated another $7,000,000 this week for
public works, under the Italian scheme whereby this
method of relieving unemployment is applied. The
sum is expected to give employment to 40,000 workers
during the coming winter months.
The London Stock Exchange was somewhat irregular at the opening Monday, but strength in British
funds gave the market tone and improvement followed in other sections. Business was brisk in
British Government securities, and foreign issues
also joined in the rise under the impetus of improvement in Brazilian issues. British industrials and
home rails were firm, while international favorites
also tended upward late in the day on good reports
from New York. Improved sentiment paved the way
for further gains on the London exchange Tuesday.
Favorable reports from New York and improvement
in the German situation were the chief factors, reports said. British funds continued their upswing
while India loans also gained. The industrial list
showed numerous advances. Some uncertainty developed Wednesday, with British funds irregular on
a reaction in Sterling exchange. Late in the day
prices hardened again and the close was firm.
Trading developed on a broader scale Thursday,
virtually all sections of the market displaying cheerfulness. The gilt-edged list was slightly irregular,
but British industrials, home rails and international
trading specialties all tended upward. British motor
stocks were particularly favored. The session at
London yesterday was the best of the week, all
groups of securities moving upward. Brazilian
bonds were especially strong.
The opening of the Paris Bourse Monday was preceded by a Government announcement that French
officials would investigate the rumors which recently
affected the market in that center to a point approaching panic conditions. The investigation would
extend, it was said, to all persons suspected of
engaging in acts endangering financial markets and
illegal speculations imperiling the normal functions
of the Bourse. "It has been known in banking circles," an Associated Press report said, "that as the
result of what the Paris press describes as wild
rumors, one or two financial houses have been
obliged to seek support, and one institution, called
the Vasseur Bank, has been forced temporarily to
suspend payments following a run of depositors.
The management has issued a statement that the
bank's assets far exceed its liabilities and that the
institution will resume business soon." The investigators issued an announcement Tuesday stating that
in their opinion foreign operations, particularly
some of German origin, were responsible for the
alarming conditions that prevailed at times on the
Bourse.
Under the influence of this display of Government
zeal, prices on the Bourse gradually strengthened
2578
FINANCIAL CHRONICLE
after an irregular opening Monday. Most stocks
closed at higher levels for the day. Buying developed on a larger scale Tuesday than for some time
past and prices continued their advance with added
vigor. French and foreign stocks all moved up, with
the advance fairly swift even in the rail issues, which
usually move sedately. A sudden reversal took place
Wednesday, and the Paris market relapsed into a
gloomy weakness. Trading decreased and prices
tumbled in almost all departments, With the change
attributed chiefly to poor reports from New York
and weakness in such commodities as copper and oil.
Thursday's session was dull and irregular, both investors and speculators manifesting a tendency to
await further developments. Most issues showed
little change in the small turnover and the moderate
gains and losses in more active stocks were not
significant. The Bourse was again irregular in a
dull session yesterday.
The Berlin Boerse made a markedly favorable
response Monday to the Parliamentary victory over
the week-end'of the Cabinet, and prices moved upward sharply in all sections of the list. The firmer
tendency of the previous week was thus continued,
with the volume of trading increased and stocks improving at a faster pace. Some unsettlement was
occasioned Tuesday by a mining disaster near
Aachen, wherein several hundred miners perished.
After an uneasy opening the tendency again improved and prices were well maintained. Turnover
diminished considerably, however, and speculators
were inclined to liquidate, dispatches said. In
Wednesday's session weakness developed on the
Boerse, and the list finally tumbled after ten days
of rather steady advance. There were no external
developments to account for the recession, according
to accounts from Berlin. A dull and uneasy session
followed Thursday, with moderate early improvement giving way to slight declines late in the day.
The Boerse again turned firm yesterday, and some
smart gains were recorded.
Widespread belief that a connection exists between the current recession in commodity prices and
the diminishing supply of new gold caused uncommon interest to be taken late last week in the report
on gold production issued as a special study by a
committee of the League of Nations in Geneva. The
expert opinion embodied in the report indicates that
the year 1915 probably brought to an end the era
of a constantly increasing world output of gold.
"With facts, figures and authorities, the report
shows," a dispatch to the New York "Times" said,
"that the prospect of man's age-long hunt again
being rewarded with a Homestake, a Klondike or a
Rand are pitiably scant—so scant that though the
experts admit some new mines may be discovered,
they do not believe they will materially affect predictions that the world's gold production will decrease
25% in the next decade." Known fields are showing
signs of exhaustion, it was pointed out, and most of
the world has already been carefully combed by prospectors for new ones. There remain a few points,
however, such as desert areas in Australia, central
Asia and around the Sudan, as well as the extensive
terrain around the headwaters of the Amazon and
Orinoco Rivers in South America, which have not
yet been subjected to the eager search for gold. The
possibility of another great strike is thus not entirely
lacking, the report remarks. The League document,
[vou 131.
issued in two volumes, contains not only the estimates on future gold production, but also a series
of papers on the economic and financial consequences
of the declining gold supply and its presumed effect
on the gold standard.
An informal and entirely unofficial discussion of
the possibility of a halt in the conditional reparations payments of Germany developed this week with
surprising speed in Great Britain, France and the
United States. Officials of the different governments concerned however showed a disposition to
disregard the rumors. Most of the discussion resulted from the statement by Chancellor Bruening
before the R.eichstag last week, that the "carrying
out of the Government's financial and economic plan
is an elementary demand of foreign policy and will
determine whether we, as a consequence of the business depression, 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." This was regarded in Paris, according
to reports from that center, as an indication that
Germany will eventually demand revision of the
Young plan in favor of the Reich. "What is more
important," a Paris dispatch to the New York "Herald Tribune" said, "is that European economic experts and some independent American financial
observers agree in the belief that a downward
revision of Germany's reparations payments will be
inevitable sooner or later, unless the present European economic depression suddenly disappears,
which is unlikely." In a London report to the New
York "Times" it was indicated that no surprise
would be occasioned in that center by a demand for
revision of the schedule of German payments at
some future time, but no immediate action was considered likely. The discussion in both centers was
based on the consideration, pointed out in Paris,
that a drop of about 20% in the average price level
of world commodities has taken place since the
Young plan was signed in June 1929. This, it was
pointed out, has increased the German reparations
debt proportionately, when measured in goods. The
economic developments of the past year are thus
held to have nullified to a great extent the reductions in German annuities embodied in the Young
plan.
Two incidents early this week gave the discussion
added momentum, and brought out much additional
comment about the possibility of suspension of debt
payments by the Allied Governments to the United
States, as a corollary to a German moratorium on
reparations. The first development consisted of a
Washington report to European centers that American Government officials were considering the possibility of a five-year moratorium for Allied debt
payments, contingent upon a similar cessation of
reparations payments by Germany to the former
Allies. The author of that report was apparently
unfamiliar with the studied efforts of the Washington Government to avoid any possible official connection between reparations payments by Germany
and Allied debt payments to the United States.
Prompt denial of the rumor was issued in Washington when confirmation was sought. The second
incident that gave a fillip to the discussion was a
reiteration by Dr. Hjalmar Schacht, former President of the Reichsbank, of his frequently voiced
argument that German reparations payments will
OCT. 25 1930.]
FINANCIAL CHRONICLE
cease unless other countries make possible the extension of German foreign trade. These comments, together with criticisms of the Allied Governments for
failing to disarm in accordance with the Versailles
treaty, were repeated by Dr. Schacht in his unofficial and private capacity in an address before the
Foreign Policy Association in New York last Monday. The German Government had taken occasion
previously to deny that Dr. Schacht was speaking
in any official sense when making similar observations, and on this occasion no official notice of the
incident was taken. In Germany complete reticence
was maintained on this entire matter. In Basle,
where the headquarters of the Bank for International Settlements is located, this talk of revision
of the Young plan was discounted as decidedly premature, since the plan has only been in operation
about a year.
Delegates to the Imperial Conference in London
concentrated their discussions this week entirely on
the proposal of the London Government for a system of import quotas and bulk purchases as means
of aiding trade between the mother country, and the
Dominions. The plan for a system of preferential
tariffs within the Empire and the application of
-higher rates otherwise, as first broached at the gathering by Prime Minister Bennett of Canada, has
been virtually abandoned, according to London
reports, owing to the staunch opposition of the
Labor Government of England. Sessions of the
conference, which began Oct. 1, are to continue for
only a few weeks more, and every effort is apparently to be made to achieve some tangible results
in the remaining period. Although the question of
inter-Imperial relations was prominent on the
agenda, with some importance also attached to disarmament and similar matters, economic proposals
have occupied the plenary sessions almost completely. Other matters have been studied by subcommittees, and little has been said of them in
dispatches from the British capital. The question
of preferential tariffs or preferential quotas was
debated by the Labor Cabinet at some length over
the last week-end, with the result apparent both in
the course of the conference this week and in a
firm statement opposing tariffs made by Chancellor
of the Exchequer Philip Snowden. In the course of
an address at Manchester, Monday, Mr. Snowden
disposed of a rumor that the Government was considering imposition of an all-round 10% tariff for
revenue purposes by stating that a "more criminal
proposal was never made." Following this outspoken declaration, a subsequent dispatch to the
New York "Herald Tribune" said, official quarters
in London made no pretense that any possibility
remained of the London Government agreeing to a
system of preferential tariffs at the conference
.
The quota system is under close study, it was indicated, with particular regard to its applicatio
n to
wheat.
A striking parliamentary victory was won by the
moderate elements in Germany over the last weekend, when the first test votes were taken in
the
newly-elected Reichstag, which began its
sessions
Oct. 13. The changed composition of the Reichstag,
with its enlarged representation of Fascists, Communists and others opposed to the Versailles treaty
and the Young plan, had caused doubt in some quar-
2579
ters regarding the ability of the Bruening Cabinet
to carry out projected financial reforms. Final consideration of the financial proposals was delayed
until Dec. 3, and in the meantime the Reichstag
stands adjourned.
This procedure, however,
reflected the express desires of the Centrist Cabinet,
in which the large Socialist representation concurred. Balloting took place on a number of resolutions and motions of confidence during a 12
-hour
session last Saturday, which was resumed for a
short time Sunday morning. The Centrist Cabinet
in every instance secured the full support of the 143
Socialist members, and Chancellor Heinrich Bruening thus scored a series of victories in which his
margin of safety was never less than 80, and in one
case more than 100 votes. This was accepted everywhere as a signal achievement by the German parties in favor of parliamentary government and continuance of the international contractual obligations of the Reich. The support extended the Bruefling Cabinet made unnecessary any immediate
resort to government by decree or dictatorship under
Article 48 of the Weimar Constitution, as threatened by the Chancellor, and it also indicates that
the previously expressed opposition of the Socialists
to Chancellor Bruening's financial reforms will be
carefully reconsidered.
Foremost among the measures': adopted by the
Reichstag last Saturday was a debt amortization
law providing for the retirement of the Reich's
floating indebtedness within the next three years.
Adoption of this measure was made contingent upon
extension to the Reich of the $125,000,000 credit
recently negotiated by an international banking
group under the leadership of Lee, Higginson & Co.
Granting of the credit by the bankers was made
conditional on approval by the Reichstag of the
debt amortization law, and all stipulations have
thus been observed. The credit will be extended
for a period of six months by American, Canadian,
Dutch, Swedish, and German bankers, and it will
be renewable at the option of the Berlin Government
for three further periods of six months each. The
American banking group, organized directly by Lee,
Higginson & Co., will extend approximately $85,000,000 of the sum, it is understood. The Reichstag
vote on this matter was 325 to 237, a majority of 88
for the Government.
The two meetings of the Reichstag last Saturday
and Sunday which preceded adjournment until
Dec. 3, were again marked by much shouting, singing of songs, and political invective by the parties
of the extreme right and left. The Fascists, or Hitlerites, at the extreme right, and the Communists,
at the extreme left, shouted their derision at each
other and at the Government with equal perseverance. On any question requiring a vote these parties, as well as the decimated Nationalists of Dr.
Alfred Hugenberg, made common cause against the
Government, although this does not imply that they
are agreed on other matters. The first balloting.
developed on motions of non-confidence presented
by all three opposition groups, icting separately.
Additional motions of non-confidence, emanating
from the same quarters, were aimed specifically at
Foreign Minister Curtius, Minister of the Interior
Wirth, and other members of the Cabinet. All these
motions were defeated by a blanket vote which gave
;
Dr. Bruening a majority of 82. A further test
for
the Government came on a proposal to refer to
corn-
2580
FINANCIAL CHRONICLE
naittee the emergency decrees, including the one
enacting the 1930 budget, which the Cabinet issued
last summer under Article 48 of the Constitution.
This motion was approved by a majority of 119. A
fourth vote was taken on a number of motions, introduced by Fascists and Communists, proposing immediate cessation of Young plan payments and revision
of both the plan and the Treaty of Versailles. These
were rejected by a Government majority of 87. The
weary Parliament finally took a recess late Saturday night, and after a few hours' respite reassembled for a short midnight session. In the early hours
of Sunday adjournment was voted until Dec. 3, when
the bills giving effect to the financial reform program of the Bruening Cabinet come up for consideration.
Swift and unforeseen success was achieved by
insurgent forces in Brazil yesterday, when Federal
troops in the capital went over almost in a body
to the rebel cause. This movement was engineered
by Generals Menna Barreto and Leite de Castro, two
of the strongest of the Federal leaders, and it made
the position of the Rio de Janeiro Government untenable. A revolutionary committee was speedily
formed in the capital by the military leaders, and an
ultimatum was served upon President Washington
Luis, giving the latter until 10 o'clock yesterday
morning to resign. To this demand the Executive
acceded 20 minutes before the expiration of the ultimatum,and the revolution which began on Oct.3 was
thus brought to a successful conclusion. There is
some uncertainty, however, regarding the future
course of events in Brazil, as some adjustments
appear necessary between the new rebel body in Rio
de Janeiro and the insurgent forces in the South,
organized by Getulio Vargas, defeated Liberal candidate for the presidency in the last general election. It is expected, according to a Rio de Janeiro
dispatch to the United Press, that Congress will be
dissolved and a new Cabinet named. As the Government collapse and the success of the revolution
became known, crowds of wildly excited citizens
surged through the streets of the capital, and rioting, looting and burning followed. Newspapers
which had supported the Government of Washington Luis were the special objects of attack, and
the plants of six papers were wrecked. The deposed
resident was held prisoner, it was said, and there
was much conjecture whether he and his Ministers
will be held responsible for their actions, as in other
South American revolts.
This development changed the entire complexion
of Brazilian affairs with incredible swiftness. Until
the upset in the capital occurred, revolutionists from
the South and North were making scarcely perceptible progress in their military advance toward the
prosperous and vitally important States of Sao
Paulo and Rio de Janeiro. Toward these contiguous centers, wherein the largest cities also are
located, the insurgents attempted to advance from
three points. The main army, said to consist of
40,000 men, moved northward from the revolutionary center of Rio Grande du Sul. Rebel forces
also were operating in the State of Minas Geraes,
to the west of the capital, while from the north a
small force moved toward the large city of Bahia
In the State of the same name. Some fighting
occurred on the main southern front, along the State
line between Sao Paulo and Parana, but these skir
[von. 131.
mishes were inconclusive and they were interrupted
this week by heavy rains. It is now assumed that
the southern army of the revolutionaries will move
forward through the State of Sao Paulo and take
over the capital of that State.
An incident of considerable importance, owing to
its possible repercussions throughout South America, was an announcement in Washington, Wednesday, that President Hoover had declared an arms
embargo against the Brazilian revolutionists upon
the specific request of the Brazilian Ambassador
to the United States. Shipments of war supplies
from the United States to the now deposed Government of Brazil were permitted under a Washington
declaration made last week. The proclamation
embargoing arms shipments to the insurgent forces
now gathers peculiar importance, owing to the success of the revolt, although it was already of great
moment because of the indication thus afforded of
the policy of the United States Government toward
South American military revolts. It constitutes
the first instance of such limitation of exports to
South American countries, but State Department
officials hastened to explain Thursday that it did
not indicate anything other than a strict adherence
to the tenets of international law. Under such law
the formal request of Brazil for the application of
an arms embargo was said to have left the State
Department no choice in the matter. An arms
embargo had never previously been imposed on a
South American republic only because the occasion
had never before arisen in that part of the world,
it was said. In connection with the issuance of
the proclamation, Secretary Stimson was reported
to have indicated the probability of a number of
purchases of war materials in the United States by
the Brazilian Government. He was also quoted as
saying the United States did not recognize the
Brazilian revolutionists as belligerents, since he had
heard of no movement by the rebels to set up a unified government in opposition to that at Rio de
Janeiro.
More than a little unrest was occasioned in Egypt
this week by important changes in the Constitution
of that country, published Thursday by Prime Minister Sidky Pasha. The documents effecting the
changes were signed by King Fuad,"Wednesday, but
since the immensely popular Wafdist party is opposed to the alterations trouble is expected. The
situation throughout the country was described in
dispatches as "most critical," with troops guarding
bridges and Government buildings, and armored
trains ready to protect the railways. Student demonstrations were reported Thursday, but these were
easily quelled. Uneasiness prevailed everywhere,
however, owing to the Wafdist threats to "make any
sacrifice to protect the rights, liberty and independence of the people," which the party contends are
violated by the new Constitution and electoral law.
The electoral law restricts the ballot, a Cairo dispatch to the New York "Times" states, to "those
capable of understanding the significance of the
right of suffrage and its proper use." Government
control of the Parliament also is strengthened by
this law. Salient points of the new Constitution are
given in the "Times" report, as follows: First,
Egypt is a sovereign State, free and independent;
second, the throne is hereditary to the descendants
of Mohammed Ali; third, the Senate is to be corn-
OCT. 25 1930.]
FINANCIAL CHRONICLE
posed of 100 members, 60 of whom will be appointed
by the King, while the Chamber of Deputies is to
consist of 150 elected members; fourth,elections will
be according to a two-degree system, in the first
degree of which the suffrage will be universal; fifth,
Deputies must be 30 years old and Senators 40;
sixth, Parliamentary sessions shall last five months;
•seventh, the King has the power to dissolve Parliament and suspend sessions; eighth, in legislative
matters Parliament has the last word; ninth, Islam
is the religion of the State.
A stormy controversy regarding British policy in
the mandated area of Palestine resulted this week
from publication in London of a report by Sir John
Hope Simpson concerning that area, together with a
White Paper setting forth the principles that will
guide British policy in the future. The statement
of policy, drawn up by Lord Passfield as Secretary
for the Colonies, was the more important document,
although based largely on the report. Both were
considered by Jewish organizations and prominent
Jewish individuals throughout the world as distinctly adverse to the Zionist efforts to create a
homeland for that people in Palestine. Sir John
Hope Simpson's report covered mainly the three
vital questions of land settlement, immigration and
development, a London dispatch to the New York
"Times" said. He found that the Arabs were not
receiving sufficient consideration in the allocation
of available arable lands and held that Jewish immigration should be better regulated and in certain
categories checked altogether until more lands
were developed for settlement, and until better provision had been made for the landless Arabs. The
Government's statement of policy was said to be
based on these points, on earlier declarations and
on the terms of the mandate which demand equality
of treatment for Jews and Arabs. "The implication
of the statement," the "Times" dispatch said, "is
that thus far the 700,000 Moslem Arabs in Palestine
have been the underdogs, while the Zionists in their
zeal for the welfare of the 160,000 Jewish inhabitants
have lost sight of the fact that Britain's responsibility is for both communities." The Arabs did not
escape criticism in the statement. They were taken
to task for their lack of co-operation and warned
against religious persecution.
Protests against the findings and against the
statement of policy were immediately made by many
prominent Jews, and efforts to make the protests
effective were not lacking. In London, Dr. Chaim
Weizmann, President of the Jewish Agency for Palestine and the Zionist World Organization, resigned
both his posts after summoning a special congress
of the two organizations to consider their positions.
In a letter to Lord Passfield he stated that the declaration "goes a long way toward denying the rights
and ending the hopes of the Jewish people in regard
to a national home in Palestine." Lord Melchett,
Chairman of the Council and Political Committee
of the Jewish Agency for Palestine, also resigned
his posts in protest against the British declaration.
He described the statement as "an act of almost
unparalleled ingratitude and treachery committed
by a government toward a credulous and harassed
people who believe they had found a haven under the
broad aegis of the British flag and the gnaranteed
word of British statesmen." Felix M. Warburg, in
this city, announced his resignation Wednesday as
2581
Chairman of the Administrative Committee of the
Jewish Agency for Palestine, on the ground that the
British statement was a "cruel betrayal of trusteeship" in Palestine. Finally, the Jewish National
Council in Palestine voted unanimously Wednesday to reject the British statement of policy. That
statement is calculated, the Council declared,. to
"end the building up of the Jewish national home."
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 continued at 21 8
/@
2 3/16%, also the same as on Friday of last week.
Money on call in London yesterday was 11 8%. At
/
Paris the open market rate continues at 2 %, but
/
1
2
in Switzerland there has been a decline from W
8%
to 1 5/16%.
The Bank of England statement for the week
ended Oct. 22 shows a gain of £1,104,390 in bullion
which brings the total held up to £160,125,660 as
against £133,021,044 for the corresponding week a
year ago. Circulation fell off £2,533,000 and this
together with the gain in gold holdings brought
about an increase of £3,637,000 in reserves. Public
deposits• increased £15,536,000 and other deposits
fell off £12,626,639. The latter consist of bankers
accounts and other accounts which decreased £10,658,527 and £1,968,112 respectively. The proportion of reserves to liabilities, which is now 55.80%,
was 54.05% a week ago and 31.80% last year. Loans
on Government securities fell off £665,000 and those
on other securities £62,286. Other securities include
"discounts and advances" which decreased £149,286
and "securities" which increased £87,000. The discount rate remains unchanged at 3%. Below we
furnish a comparison of the different items for five
years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1929.
1928.1927.
1928.
Oa. 22.
Oct. 23.
Oct. 24.
Oct. 28.
Oct. 27.
E
Circulation
a354,527,000 357,386.000 133,179.000 135.772.870 139.089.370
Public deposits
27,933,000 15,788,000 10.123.000 20.968.329 17.758.002
Other deposits
89.604.033 96,247,990 102,171,000 90.845.320 104.850.609
Bankers' accounts 55.504.890 59.111.334
Other accounts._ 34,099,143 37.136.658
Government secur's 41.636.247 69.461,855 37,300,000 40,689.619 38.715.435
Other securities__ 27.947.706 24.640.597 39.391.000 52,998,318 70.093.701
Disct. & advances 4.978.750 4,199.821
Securities
22.968.956 20.440,776
Reserve notes & coin 65,597,000 35,633.000 53.307.000 35.778.145 33.495.570
Coin and builion__160,125.660 133,021,044 166.736,795 151,810.810 152,814,940
Proportion of reserve
to liabilities
55.80%
31.80%
4747%
32.00%
27.31%
Bank rate
4X%
3%
5%
414%
654%
•On Nov. 29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The statment of the Bank of France for the week
ended Oct. 18, records another gain in gold holdings,
this time it is 1,119,323,230 francs. The total of
gold now stands at 50,567,354,167 francs, which
compares with 39,771,079,525 francs last year and
30,751,350,426 francs two years ago. A decrease is
shown in creditor current accounts of 93,000,000
francs and an increase in bills bought abroad of 74,000,000 francs. A decline in note circulation of
667,000,000 francs reduces the total of the item to
73,240,934,990 francs, as compared with 66,325,-
2582
636,100 francs the same time a year ago. French
commercial bills discounted and creditor current accounts reveal increases of 176,000,000 francs and
1,698,000,000 francs while advances against securities
fell off 3,000,000 francs. Below we furnish a comparison of the various items for the past three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as of
Changes
Oct. 18 1930. Oct. 19 1929. Oct. 20 1928.
for Week.
Francs.
Francs.
Francs.
Francs.
Gold holdings___Inc. 1119323230 50,567,354,167 39,771,079,525 30.751,350,426
Credit bals. abr'd_Dee. 93,000,000 6,474,852,980 7,163,817,272 14,092,228,900
French commercial
bills discounted_Inc. 176,000,000 4,884,365,733 8,061,225,504 3,060.236,252
Bills bought abed_Inc. 74,000,000 19,093,524,902 18,650,612,266 18,485.447,083
Adv.agst.secure—Dec. 3,000,000 2,883.376,955 2,475,736,342 2,102,471,422
61,440,166,255
Note eIrculation_Dec.667,000,000 73,240,934,930 66.325,636,100
Creel. curt. acets_Inc. 1698000000 20,092,400,109 19,172,335,530 17,605,379,423
Money market dealings were quiet this week, with
rates unchanged in all departments. In the two
previous weeks there were slight evidences of tightening in the market, as the period of greatest seasonal demand reached its peak. With funds again
accumulating in New York, these indications disappeared completely and the market was slack throughout. Call loans on the Stock Exchange were quoted
at 2% for all transactions, with funds freely offered
and demand poor, so that a considerable supply
overflowed every day into the unofficial "Street"
market. In this outside market money on call was
offered in all sessions from Monday to Thursday,
/
inclusive, at 11 2%, while offerings yesterday were
/
reported at 114%. Brokers'loans against stock and
bond collateral showed the further decline of $139,000,000 in the compilation of the Federal Reserve
Bank of New York for the week ended Wednesday
night. Similarly heavy reductions have been reported every week for the past month, occasioning a
total reduction in that period of $609,000,000. The
statement of gold movements for the week ended
Wednesday issued by the Reserve institution showed
imports of $92,000, exports of $20,000, and no net
change in the stock of gold held ear-marked for
foreign account.
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, all that it is
necessary to say this week, as was the case last
week, is that the call loan rate has been at the
single figure of 2% on each and every day of the
week, this being the rate for renewals as well as
for new loans. Time money has been slow and
without special feature. Quotations continue at
/
/
/
134@2% for 30-day money,214% for 60 days, 21 2%
/ /
for 90-day accommodation, 21 2@234% for four
31@3% for five and six months.
months, and 2/
Prime commercial paper in the open market lost
none of its activity, but sales were again limited
on account of the shortage of satisfactory offerings.
Rates are unchanged, extra choice names of four to
six months' maturity being quoted at 3%, while
/ /
names less well known are offered at 314@31 2%.
The demand for prime bank acceptances in the
open market showed healthy improvement this week,
though sales are still below the normal. Rates continue unchanged. The 12 Reserve Banks further
reduced their holdings of acceptances during the
week from $185,492,000 to $176,590,000. Their holdings of acceptances for foreign correspondents also
fell off, decreasing from $439,103,000 to $437,289,000.
The posted rates of the American Acceptance Coun/
cil continue at 2% bid and 178% asked for bills
[VOL. 131.
FINANCIAL CHRONICLE
2
1
/
running 30 days, and also for 60 and 90 days; 2 %
bid and 2% asked for 120 days, and 2%% bid and
4
21 % asked for 150 days and 180 days. The Acceptance Council no longer gives the rates for call loans
secured by acceptances, the rates varying widely.
Open market rates for acceptances also remain
unchanged, as follows:
SPOT DELIVERY
—180 Doss— —180 Day.— —120 Data—
Bid. Asked.
Bid. Asked,
Bid. Asked.
234
234
214
2
234
234
Prime eligible bills
—90Days— —60Days— —30Days—
Bid Asked
Bid. Asked.
Bid. Asked.
2
2
134
134
2
134
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
234 bid
Eligible member banks
234 bid
Eligible non-member banks
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 Francine°
Rate in
Effect on
Oct. 24.
Date
Established.
Previous
Rate.
3
234
3%
34
4
31
334
34
44
334
334
334
344
July 3 1930
June 20 1930
July 3 1930
June 7 1930
July IS 1930
July 12 1930
June 21 1930
Aug. 7 1030
Sept. 12 1930
Aug. 15 1930
Sept. 9 1930
Aug. 8 1930
344
3
4
4
4
4
4
4
4
4
4
4
Sterling exchange is irregular but generally firmer
in tone than at any time in several weeks. Exchange
on London was in demand from Saturday until
toward the close of the market on Tuesday, after
which the trading fell off and quotations declined from
higher levels reached in the interval since Saturday.
The range this week has been from 4.85 11-16 to
4.86 for bankers' sight bills, compared with 4.85 9-16
to 4.85 27-32 last week. The range for cable transfers has been from 4.85 27-32 to 4.86 5-32, compared with 4.85 25-32 to 4.86 a week ago. The
improvement in sterling was coincident with a
general advance in all the major exchanges led by
German marks and is believed due in large measure
to the improved outlook in Germany which has
been a factor in giving an air of greater confidence
to most of the European financial centres. The
exceptionally strong position of the Bank of England for this season of the year, which gives an
undertone of confidence to the London market, is
also a factor in the improved position of sterling
exchange and this fact also reacts favorably on other
exchange levels. The Bank of England' reserves
are now at the highest point since the middle of
May and London expects further accessions of gold
from Australia, Africa, and South America during
the next few weeks.
This week the Bank of England shows an increase in gold holdings of £1,104,390, the total
standing at £160,125,660, compared with L133,021,044 a year ago and with the minimum of £150,000,000
recommended by the Cunliffe Committee. The
Bank's proportion of reserves to liabilities stands
at 55.8%, compared with 54.05% on Oct. 16 and •
with 31.8% on Oct. 24 1929, at the height of the
autumn pressure on sterling. On Saturday the Bank
of England sold £6,993 in gold bars, received L1,000,000 in sovereigns from abroad, and exported
£2,000 in sovereigns. On Monday the Bank bought
£36 in foreign gold coin, received 050,000 sovereigns
OCT. 25 1930.]
FINANCIAL CHRONICLE
from abroad, sold £29,103 in gold bars, and exported
£10,000 in sovereigns. On Tuesday there was
£450,000 South African gold available in the London
open market, of which £380,000 was taken for
shipment to France and the rest absorbed by India
and the trade at a price of 85s. Md. On Wednesday
the Bank of England sold £15,685 in gold bars.
On Thursday the Bank bought £818 in foreign
gold coin, received £1,000,000 in sovereigns from
abroad, sold £17,264 in gold bars, and exported
£2,000. On Friday the Bank sold 02,769 in gold
bars. Dispatches early in the week stated that
• in addition to the $15,000,000 gold which Brazil
is sending to the United States, a further shipment
of $7,500,000 is en route to London.
At the Port of New York the gold movement for
the week ended Oct. 22, as reported by the Federal
Reserve Bank of New York, consisted of imports
of $92,000, chiefly from Latin America. Gold exports
were $20,000 to Germany. There was no change in
gold earmarked for foreign account. In tabular
form the gold movement at the Port of New York
for the week ended Oct. 22, as reported by the
Federal Reserve Bank of New York, was as follows:
2583
fers. Closing quotations on Friday were4.8525-32for
demand and 4.85 31-32 for cable transfers. Commer-day bills at
cial sight bills finished at 4.85 11-16, 60
bills at 4.82 8; documents for
-day
4.83 13-16; 90
payment (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.
Exchange on the Continental countries has been
firmer, owing largely to the recovery of German
marks. Marks were especially strong in Monday's
and Tuesday's markets, when cables sold as high
as -23.85, as compared with closing quotations on
Friday a week ago 23.78. One of the important
reasons for strength in marks is that prior to adjournment the Reichstag voted for the necessary sinking
fund provision incident to the $125,000,000 shortterm credit, thus making the loan effective. According to dispatches from Berlin, German banking
circles expect the return of much of the capital
which was withdrawn from the cduntry while the
political situation was disturbed. The Reichsbank
has lost approximately 1,000,000,000 marks of gold
and foreign exchange, of which 430,000,000 rm.
to the return flow
GOLD MOVEMENT AT NEW YORK, OCT. 16 TO OCT. 22, INCL. represented gold. In addition
Exports.
Imports.
of capital the international credit places an adI
$92,000 chiefly from Latin America. I $20,000 to Germany.
ditional 500,000,000 rm. at the disposal of the
Net Change in Gold Earmarked for Foreign Account.
Reich. A substantial portion of this will undoubtedly
None.
The Federal Reserve Bank reported the receipt be taken to Germany, lending additional support
during the week of $2,581,000 at San Francisco, of to the mark. Mark exchange was in demand
which $2,500,000 came from Japan and $81,000 throughout the week at nearly all centres. The
strong demand has obviated further loss of gold
from China.
Canadian exchange continues firm and at a and foreign exchange by the Reichsbank, with the
premium with respect to New York. It is regarded result that the return of funds to Germany has
as surprising in some quarters that Montreal funds caused money rates in Berlin to weaken. Although
should be holding so firmly at a steady premium marks slid off from the high points touched on
since shipments of wheat have been disappointing. Monday and Tuesday, the underlying tone at the
However, there is a steady demand for exchange close of the week was firm and the slight recession
resulting from the issue earlier in the month of $100,- from the highs was but natural considering the
000,000 Dominion of Canada 4% 30-year bonds. It extent and strength of demand for marks early in
is thought in some quarters that had it not been for the week. Apparently the extreme credit stringency
this issue Montreal funds might have dropped to par of two weeks ago is over. With the Reichsbank
or even below. Some bankers are insistent that there rate at 5%, compared to 3% in London and Amwill be further gold shipments from New York to sterdam and 23/2% in New York and Paris, there
Canada before the end of November. Grain is piling should be a steady demand for marks to take adup in the Lake port elevators awaiting a revival of vantage of higher money rates in Berlin if confidence
demand. It is probable that some effort will be made is maintained. If the political atmosphere becomes
to move part of this before the closing of navigation clearer during the next month, a return flow of
on the St. Lawrence toward the end of November. gold to Berlin is considered possible.
French francs are firmer, in keeping with the
November 30 marks the end of the fiscal year for
many of the large Canadian banks and business higher trend of sterling and mark exchange. The
institutions, a fact which induces window dressing gold reserves of the Bank of France crossed the
and in consequence a heavy movement of funds from 50,000,000,000 franc mark for the first time in its
history last week, as revealed in the statement of
New York to Montreal.
to day to day rates, sterling exchange condition for the week ended Oct. 17. The Bank
Referring
on Saturday last was firm. Bankers' sight was shows an increase in gold holdings for the week of
3
4.854@4.85%; cable transfers 4.86@4.86 1-32. On 1,119,000,000 francs, the total standing at 50,567,Monday sterling was in demand. The range was 000,000 francs. This compares with 39,771,000,000
4.85 13-16@4.85 15-16 for bankers' sight and francs on Oct. 18 1929 and with 28,935,000,000 francs
4.86 1-16@4.86 for cable transfers. On Tuesday reported in the first statement of the Bank of France
sterling was firm throughout. The range was 4.85% following the stabilization of the franc in June 1928.
7
@4.86 for bankers' sight and 4.86 1-16@4.86 5-32 The Bank's ratio of reserves is at record high, standfor cable transfers. On Wednesday the market was ing at 54.14% on Oct. 17, compared with 53.54%
lower. The range was 4.85%@4.85% for bankers' a week earlier, with 46.52% a year ago, and with the
sight, and 4.85 15-16@4.86 for cable transfers. On legal requirement of 35%.
The London check rate on Paris closed at 123.82
Thursday sterling was still easier. The range was
4.85 11-16@4. 86 for bankers' sight and 4.85 27-32© on Friday of this week, against 123.87 on Friday
4.85 15-16 for cable transfers. On Friday sterling stif- of last week. In New York sight bills on the French
fened; the range was 4.85 11-16@4.85 27-32 for bank- centre finished at 3.92%, against 3.923. on Friday
,
2
ers' sight, and 4.85 15-16@4.85 31-32 for cable trans- of last week, cable transfers at 3.923/ against
2584
FINANCIAL CHRONICLE
,
8
3.92%, and commercial sight bills at 3.923/ against
3.91 15-16. Antwerp beiges finished at 13.933'
for checks and at 13.943/b for cable transfer, against
13.933/b and 13.943/ Final quotations for Berlin
.
2
marks were 23.813 for bankers' sight bills and
4
23.82% for cable transfers, in comparison with 23.78
and 23.79. Italian lire closed at 5.23 7-16 for
bankers' sight bills and at 5.23% for cable transfers, against 5.233/ and 5.23%. Austrian schillings
4
closed at 14.101 ,against 14.10; exchange on Czechoslovakia at 2.96%, against 2.96 11-16; on Bucharest
at 0.59%, against 0.59%; on Poland at 11.22,
%
against 11.22, and on Finland at 2.513 , against
2.513 . Greek exchange closed at 1.293 for bankers'
%
sight bills and at 1.293/ for cable transfers, against
1.29% and 1.293.
[Vol- 131.
£1,000 per bank a day. Prolongation of the period
of suspension does not mean that the banks will
necessarily be closed. This is a matter for the
discretion of the individual institutions. Under the
new decree banks may remain open to receive
deposits and to pay checks. All foreign exchange
operations, however, must be conducted through
the Bank of Brazil. Under the decree any bank
may summarily shut its doors if panic conditions
arise in its neighborhood which would threaten a
run on the bank and menace the stability of the
institution. It is understood that Brazil is sending
$15,000,000 gold to the United States and $7,500,000 to London. All this news came before
cable advices from Rio de Janeiro on Friday reported that the Federal Government had been
overthrown and President Washington Luis forced
to resign. Argentine paper pesos have fluctuated
within narrow limits. This was due to measures
taken last week for shipment of gold to New York
for the support of peso exchange. Announcement
was recently made that Argentina faces a serious
budget for the year ended Dec. 31, although estimates have been only approximate, due to the
confusion in Governmental Departments during the
administration of ex-President Irigoyen. The Central
Hanover Bank & Trust Co. of New York has received
a cable from Buenos Aires giving a statement issued
by the Minister of Finance supplementing the original
announcement of the deficit. This supplementary
statement says that the budget expenditures for
1931 will be reduced by 100,000,000 paper pesos
to about 650,000,000 paper pesos, and revenues as
collected at present are sufficient to cover estimates. More than one-half of the deficit was due to
public works, expenditures for which were paid out
of ordinary revenue instead of from proceeds of a
bond issue which had been authorized but never
floated.
Argentine paper pesos closed at 34 3-16 for checks,
as compared with 34 9-16 on Friday of last week,
and at 34% for cable transfers, against 34%. Brazilian milreis are nominally quoted 10.72 for bankers'
sight bills and 10.75 for cable transfers, against 10.72
and 10.75. Chilean exchange closed at 12 1-16 for
/
checks and at 121b for cable transfers, against
12 1116 and 123'. Peru at 29.90, against 27.50.
Exchange on the countries neutral during the war
is in the main little changed from the past few weeks,
although Holland guilders and Swiss francs were
easier early in the week. The easier tone in these
units, especially in the guilder quotation, was due
largely to the improved situation in Germany, which
set up a demand for German marks in the Swiss and
Dutch centers. Both units however, were subsequently firmer. Spanish pesetas, while fluctuating
widely during the week, have reversed the trend of
the past month and show in the main decided firmness. The advance in pesetas seems to be due to the
seriousness with which Spain is now approaching its
financial problems. According to news from Spain,
there is ground for belief that the rate should go
higher. London dispatches on Wednesday stated
that the Governor of the Bank of Spain was then
leaving England, where he had conferred with the
Bank of England regarding stabilization of the
peseta. The Bank of England, the dispatch stated,
is willing to co-operate with the Bank of Spain,
but no credit is sought as Spain already has
ample gold reserves to effect stabilization at any level
desired.
Bankers' sight on Amsterdam finished on Friday
at 40.26%, against 40.253/ on Friday of last week;
cable transfers at 40.28, against 40.26%, and commercial sight bills at 40.24, against 40.23. Swiss
francs closed at 19.413/b for bankers' sight bills and
at 19.42 for cable transfers, against 19.413/ and
19.423. Copenhagen checks finished at 26.743/
2
and cable transfers at 26.753/, against 26.75 and
Exchange on the Far Eastern countries has been
26.763; checks on Sweden closed at 26.84 and steady, with the Chinese currencies moving strictly
cable transfers at 26.85, against 26.85 and 26.863; in accordance with prices in the silver market.
while checks on Norway finished at 26.743/ and Japanese yen are exceptionally firm and on Thursday
2
cable transfers at 26.753/, against 26.75 and 26.763. some business was transacted in yen as high as
Spanish pesetas closed at 10.71 for bankers' sight 49.84, just a shade under parity of 49.85. This is
bills and at 10.72 for cable transfers, which compares the first time in a number of years that yen has
been near normal and within a favorable trading
with 9.93 and 9.94.
range. Japanese exchange has risen very rapidly
Exchange on the South American countries has during the past week, largely because of covering
ruled firm, this being true even on Friday, when by the short interest, which has been substantial
news came of the rebel successes in Brazil. Bra- recently. Several Japanese loans obtained here in
zilian milreis have continued to be nominally quoted. the past few days and the continued shipment of
Advices from Rio de Janeiro on Tuesday stated gold by Japanese banks to the United States, together
that the 15-day period of suspension of banks which with the fact that the present season is one of export
was to have terminated on Oct. 24 had been ex- balance for Japan, have added to the strength of the
tended until Nov. 30, indicating that the crisis currency. Closing quotations for yen checks yesterfrom civil war has not yet been overcome. In the day were 49.75@50.00, against 49.55@49% on
coming weeks the Bank of Brazil will have entire Friday of last week. Hong Kong closed at 31%@
control of foreign exchange operations. Individual 32 3-16, against 323/s@32 5-16; Shanghai at 38%
banks can secure necessary cover and remittances ©39%, against 39 7-16@39%; Manila at 49%,
from the Bank of Brazil in amounts not exceeding against 49 8; Singapore at 56 9-16@56 11-16, against
OCT. 25 1930.3
FINANCIAL CHRONICLE
56 9-16@56 11-16; Bombay at 363j, against 363.,
and Calcutta at 363, against 363.
2585
British Policy in Palestine-The New
Government Proposals.
The publication on Monday by the British Colonial
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now Office of the report of Sir John Hope Simpson on
certifying daily to the Secretary of the Treasury the Palestine, together with a White Paper setting forth
buying rate for cable transfers in the different coun- the new policy which the Government deemed it extries of the world. We give below a record for the pedient to establish for that mandated territory, has
evoked a storm of criticism and protest from Jewish
week just past:
FORSION EXUHANGE RATES CERTIFIED BY FEDERAL RESERVE leaders and Jewish organizations with whom the
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
upbuilding of what is fondly called a Jewish "homeOCT.18 1930 TO OCT. 24 1930. INCLUSIVE.
and" in Palestine has been for years a matter of
Noon Retying Rate for Cal* Transfers in Now York.
Cowan, and Monetary
Idevotion. Neither the full text of the Simpson revalue in United States Money.
Unit.
Oct. 18. Oct. 20. Oct. 21. Oct. 22. Oct. 23. Oct. 24.a
port nor that of the White Book has as yet been
s
EUROPES
$
8
8
S
made available in this country, and it is of course
Austria,schilling
140984 .141117 .140955 .141104 .141085 .141091
seiglunt. belga
139458 .139470 .139477 .139439 .139415 .139400
possible that the full texts, when they become accesBulgaria, ley
.007227 .007200
007205 .007200 .007222 .007208
Czechoslovakia krone .029667 .029665 .029865 .029661 .029658 .029659
i ible, may put the situation in a different light.
Denmark. krone
.267598 .267598 .267640 .267597 .267545 .267545
England. pound
Assuming, however, that the elaborate summaries
Staling
4 859971 4.860803 4.860773 .4859315 4.858735 4.859406
Finland, markka
025164 .025166 .025173 .025175 .025175 .025174
and quotations which have been cabled to this counFranca, franc
039234 .039250 .039253 .039241 .039237 .039240
Germany, reichamark 23788.5 .238255 .238419 .238133 .238114 .238227
try are a sufficient indication of the Government
Greens. drachma
012945 .012949 .012955 .012958 .012951 .012953
Holland. guilder
402700 .402727 .402833 .402832 .402721 .402686
side of the case (we make use, for the present purHungary. pensto
175050 .175062 .175057 .175075 .175094 .175059
Italy, lira
.052361 .052364 .052365 .052380 .052354 .052354
pose, of a cabled dispatch from London in Monday's
Norway, krone
.267589 .267593 .267626 .267570 .267533 .267538
Poland, zloty
112105 .112090 .112081 .112277 .112154 .112186
New York "Times"), it is possible to examine some,
Portugal. escudo
.044840 .044866 .044833 .044900 .044929 .044862
Rumania,lea
.005951 .005949 .005951 .005953 .005946 .005950
Spain, peseta
at least, of the merits of a controversy which not
099780 .103311 .104605 .104833 .104707 .107042
Sweden, krona
.268572 .268550 .268559 .268495 .268483 .268446
Switzerland. franc
.194203 .194101 .194200 .194198 .194201 .194182
only impugns the good faith of the British GovernYugoslavia. dinar.-- .017720 .017726 .017723 .017729 .017723 .017726
ASIAment and of Lord Passfield, Qolonial Secretary, but
ChinsChetoo test.,_.
.406458 .405833 .407291 .405418 .401875 .403641
which has seemed to Jewish friends of Palestine so
Hankow tael-. - -. .402343 .401875 .403281 .400625 .397343 .398750
Shanghai tael
392410 .391517 .391785 .390178 .386964 .389017
serious as to lead several prominent Jewish leaders
.411666 .411041 .411666 .410208 .410000 .408333
Tientsin tact
Hong Kong dollar.. .318767 .319107 .319241 .318750 .317750 .318607
to resign their offices in organizations whose future
Mexican
. .282500 .281875 .281875 .281562 .279437 .280312
dollar.- Tientsin or Pelyang
work is alleged to be adversely affected by the new•
dollar
284583 .283333 .283333 .282500 .280916 .281666
Yuan dollar
281250 .280000 .230000 .279166 .277583 .278333
policy.
India, rupee
360571 .360528 .360482 .360382 .360367 .359946
Japan. yen
495506 .495831 .496440 .498743 .497475 .497296
The controversy will be better understood if a few
Singapore (8.8.) dol
.562083 .562083 .562083 .561875 .561875 .561250
NORTH AMER.Canada, dollar
1.000947 1.000926 1.000941 1.001042 1.001130 1.001278
facts in the history of Palestine as a mandated terriCuba peso
999281 .999237 .999237 .999237 .999237 .999268
Mexico, peso
472650 .472725 .472537 .472162 .471512 .470812
tory are recalled. On Nov. 2, 1917, a few days after
Newfoundland, doll
.998187 .998262 .998262 .908325 .998406 .998530
SOUTH AMER.General Allenby entered Jerusalem, A. J. Balfour,
Argentina, peso (gold) .779890 .784243 .784639 .782630 .776897 .773188
Brazil, milrels
•
•
•
a
•
then British Foreign Secretary, issued a statement
Chile. Peso
120781 .120687 .120686 .120674 .120670 .120675
Uruguay. peso
793537 .799541 .798828 .798687 .793326 .784375
declaring that"His Majesty's Government view with
Colombia. IWO
965300 .965300 .965300 .965300 .965300 .965300
favor the establishment in Palestine of a national
• Not quoting.
home for the Jewish people, and will use their best
As the Sub-Treasury was taken over by the Fed- endeavors to facilitate the achievement of that object,
eral Reserve Bank on Dec. 6 1920, it is no longer it being understood that nothing shall be done which
possible to show the effect of Government operations may prejudice the civil and religious rights of existin the Clearing House institutions. The Federal ing non-Jewish communities in Palestine, or the
Reserve Bank of New York was creditor at the Clear- rights and political status enjoyed by the Jews in
any other country." With this declaration in mind,
ing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
Great Britain sought and obtained in the peace
AT CLEARING HOUSE.
treaties the classification of Palestine as a Class A
SatunIng, Monday. Tuesday. Wednesday Thursday. Prides.
mandate under British supervision. The mandate,
A torrent
,
.
Oct. 20.
Oct. 21.
Oal. 18.
Oct. 22.
Oct. 23.
Oct. 24.
for Week.
approved by the Council of the League of Nations
$
$
$
5
$
S
166.100.003 112,000,000 174 000,100 150.060,000 139.000.000 139.000.060
Cr. 861 000.000 on July 24, 1922, provided, among other things, that
Note.
-The foregoing heavy credits reflect the huge mass of checks which come the
Mandatory Power "shall have full powers of
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances.
legislation and of administration" save as limited
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
by the terms of the mandate; made it responsible
In the dally balances. The large volume of checks on Institutions located outside
of New York are not accounted for in arriving at these balances!as such checks
do not pass through the Clearing House but are deposited with the Federal Reserve "for placing the country under such political, adminBank for collection for the account of the local Clearing House banks.
istrative and economic conditions as will secure the
establishment of the Jewish national home, as laid
The following table indicates the amount of buldown in the preamble (the preamble recited the
lion in the principal European banks:
Balfour declaration), and the development of selfgoverning institutions, and also for safeguarding the
Oct. 30 1930.
Oct. 24 1929.
1
Basks sf-1
civil and religious rights of all the inhabitants of
Total. I
Gold.
Silver. I
Total.
£
I £
Palestine, irrespective of race and religion ;" recog£
I £
England__ 180725,6601 7. 160.125.660133.021,044
41d
.
133.021,044
d
prance a__ 404.538.833
404.538.833318,168,636
d
318.188.636 nized the Zionist organization,"so long as its organiGermany b 101.533.750
c994,600 102,528,350103.458,2 I
c994,600 104,452.850
99.029.000 28,089,000 127.118.000 120,599,000 28,044,000130,643,000 zation and constitution are in the opinion
Spain
of the
57,221,000
Italy
57.221.000 55,932,000
1 55.932.000
NetherF tis 32,962,000 1,950,000 34,912,000 36,911,000
I 36,911.000 Mandatory appropriate," as "an appropriate Jewish
Belli_ 36,922.000
Nat,
36,922,000 29,312,000 1,270,000 30,582,000
Switzerl d 25,588.000
'
25,508,000 21,366,000 1,105,000 22,491.000 agency"
which, "as a public body," was to be acSweden . 13,449,000
13,449,000 13,431,000
I 13,431,000
9,565,000
Denmark.
_9.565,000 9,584,000
406.900, 9.990.000 corded recognition "for the purpose of advising and
Norway.-- 8 140 0001
8.140.000 8.153.000
. .
I 8.153,000
Total week 949,074,243 31,033,800980,107,843831,875,930 31,899.600863.775,530 co-operating with the administration of Palestine"
Prey. week 937,681.267 31.205.600968,888,867831,254,373 32.087,800863,351.973 in
matters affecting the establishment there of the
a These are the geld holdings of the Bank of France as reported In
the new form
of statement. b Geld holdings of the Bank of Germany are exclusive of gold held
Jewish national home, "and, subject always to the
abroad, the amount of which the present year Is £4,789,000. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum.
control of the administration, to assist and take part
2586
FINANCIAL CHRONICLE
[voL. 131.
in the development of the country;" and further Commissioner, will constitute the sole governing
declared that the administration, while ensuring body. In view of the opposition of the Arabs, the
that the rights and position of other sections of the course of which is reviewed in the White Book,
population are not prejudiced,shall facilitate Jewish formal warning is given that "all possible steps will
immigration under suitable conditions and shall be taken to circumvent any attempt which may be
encourage, in co-operation with the Jewish agency" made to prevent the establishment and operation of
already referred to, "close settlement by Jews on such a government" as is now announced. It is
the land, including state lands and waste lands not evidently the intention of the British Government to
required for public purposes."
prevent the development in Palestine of such obstruc' Under the authority of this mandate the British tive tactics as, for example, the non-cooperation
Government, in September, 1922, promulgated a policy of the Gandhi followers in India.
form of government for Palestine consisting of a
The second element of the new policy is the conHigh Commissioner, a commander-in-chief and an tinuance for the time-being of the prohibition of
executive council, and a legislative council compris- Jewish immigration which was announced last May,
ing, besides the high commissioner, ten official and and the virtual prohibition of further acquisition of
twelve unofficial members. The unofficial members land by Jews. The reason for this action is found
were to be elected, and at least two were to be Chris- in the labor and land situation as described in the
tians and two Jews. Although the majority of the Simpson report. Thanks to the activity of the Jews
unofficial members would probably be Arabs, the in dcquiring land from the Arabs, sometimes, it
Arabs, who were strongly opposed to the Zionist should be said, at high prices, about 250,000 acres
program, refused to co-operate. Down to the pres- have passed out of Arab into Jewish hands. "At
ent time, accordingly, the absence of Arab members the present time," the White Book states, "and with
has left the proposed legislative council inoperative, the present methods of Arab cultivation, there reand Palestine has in fact no elective legislative body. mains no margin of land available for agricultural
The Jewish population, On the other hand, have a development by new immigrants, with the exception
racial organization, with an elective assembly which of such undeveloped land as the various Jewish orchooses a committee to deal with the administration, ganizations hold in reserve. The provision of a
and there is a Moslem council which deals with margin available for further settlement depends
certain Moslem affairs.
upon the progress made in increasing the produc' The census of 1922 gave Palestine a population of tivity of the land already occupied." Only a negli761,796, of whom 500,800 were Moslems,83,794 Jews, gible amount of unoccupied land is in the possession
73,024 Christians, and the remainder of other sects of the Palestine government, "and even this small
or races. An official estimate in 1927 gave a total area is occupied by the Arabs and must not be taken
population of 887,000, of whom 633,000 were Mos- away from them, rendering them landless."
lems, 158,000 Jews, and 87,726 Christians. The "Clearly," the White Book continues, "if the immiJews, while now between one-fifth and one-sixth of gration of Jews results in the prevention of Arabs
the total population, are outnumbered by the Mos- obtaining work necessary for their maintenance, or
lems about four to one. Jewish immigration, which if Jewish unemployment unfavorably affects the
began shortly after the armistic in 1918, reached its general labor position, it is the duty of the mandapeak in 1925 when more than 34,000 arrived, the tory power to reduce or if necessary to suspend such
immediate result of this latter influx being an eco- immigration until the unemployed portion obtains
nomic crisis from which the country has not yet fully work." A hasty decision is on all grounds to be
recovered. Of the arrivals between September,1920, deprecated, but "so long as widespread suspicion
*and March, 1925, 46,225 were Jews and 2,027 non- exists as it does among. the Arab population that
-Jews. A considerable number of immigrants subse- their economic depression is due to excessive immi-quently left the country; 9,429 are reported to have gration, and so long as some grounds exist upon
left in 1926, 6,978 in 1927, and 3,122 in 1928. Most which this suspicion may be plausibly presented as
of the Jews who have migrated to Palestine have well founded, there can be little hope of any improve• been assisted by Zionist or other Jewish organita- ment in the mutual relations of the two races. It is
tions, which have also contributed many millions of upon such improvement that the future peace and
dollars toward the temporary maintenance of the prosperity of Palestine must largely depend."
Such, in brief, is the new policy whose announcenewcomers and the economic development of the
ment has led Dr. Chaim Weizmann, Lord Melchett
country.
The new policy announced by the 'British Govern- and Felix M. Warburg to resign the important posiment on Monday comprises two main features. The tions whih they have held in the Jewish Palestine
new governmental system, as described by Lord Pass- organizations, and produced a voluminous outburst
field and summarized in the New York "Times" of severe and even violent criticism. Mr. Warburg's
dispatch, "will consist of a Legislative Council com- letter resigning the chairmanship of the adminisprising the High Commissioner and twenty-two trative committee of the Jewish Agency for Palestine
members, of whom ten will be official and twelve is particularly worthy of attention because of his
unofficial. The unofficial members are to be chosen long identification with the Zionist movement and
by primary and secondary election. If through the his large financial contributions to the Palestine
failure of any part of the community to participate undertaking. It in no way detracts from the honor
in the elections not enough unofficial members are due to Mr. Warburg and his associates for their zeal
chosen by ballot, they will be appointed by the High and generosity in promoting a Jewish "homeland"
Commissioner. . . .The Legislative Council will, of that we are unable to follow all of their contentions,
course, include both Jews and Moslems." Appar- and cannot feel that the characterization of Lord
ently, although the "Times" summary does not so Passfield's declaration as "a cruel and unfair bestate, the former executive council will disappear, trayal by the British Government of its trusteeship"
and the new Legislative Council, with the High is altogether justified.
Ocr. 25 1930.]
FINANCIAL CHRONICLE
So much of Mr. Warburg's own criticism as declares that the British announcement differs fundamentally from what, in a conversation with Lord
Passfield on Aug.22, Mr. Warburg was led to expect,
must be passed over without comment as an instance,
regrettable enough in itself, of a misunderstanding
which it is to be hoped Lord Passfield will be able
to clear up. Mr. Warburg appears to have been
given to understand that the Government proposals
"would include the issuing of bonds or guarantees
of the British Government f9r the agricultural development of Palestine, for Arabs and Jews, under a
commission of three, with a British chairman and
with an Arab and a Jewish member." He now
learns, to his chagrin, "that the suggestion is that
the financing of the agricultural program is to be
for the Arab population largely, to be refunded by
taxes on Palestine which, naturally, will have to be
paid in the main by the Jews of Palestine who carry
a disproportionate share of the burden of taxation."
Unfortunately, the detailed financial proposals of
the Government are not included in the press summary of the White Book, although the Simpson
report refers to the present agricultural taxation as
excessive and recommends certain readjustments.
The stoppage of Jewish immigration has naturally
been looked upon as a grievance, and Mr. Warburg
points out that the imposition of restrictions upon
further land purchase will make land transactions
"almost impossible." It seems clear from the White
Book that immigration and land purchase are regarded as going together, and it is difficult to think
of any other course than that which the Government
proposes if the welfare of the Arab population is to
be served, as well as the Jewish. Criticism of the
Government for selecting as its investigator Sir John
Hope Simpson, a former India official unacquainted
with Palestine, may properly be offset by considering
whether the report, taken as a whole, is accurate
and comprehensive in its findings and judicious in
its recommendations. It is true, as Mr. Warburg
says, that the Mandates Commission of the League
of Nations, in criticizing the course of Great Britain
in the events leading up to the Wailing Wall disturbances, warned Great Britain against "crystallizing the development of the Jewish national home at
its present stage of development." The immigration
and land policies that are proposed, however, do not
seem to aim at crystallization, but rather at remedying a condition of temporary congestion and discrimination which in time should disappear. It is
not without significance that Sir John Simpson
gives it as his personal belief that "with thorough
development of the country there will be room not
only for all the present agricultural population on
a higher standard of life than it at present enjoys,
but for not less than 20,000 families of settlers from
the outside."
The whole controversy illustrates once more the
grave difficulties that are likely to arise when two
populations racially and religiously hostile, with the
population that is numerically predominant living
on a more primitive cultural plane than the minority
element, have to be administered under a common
authority. The difficulty is increased in Palestine
by the fact that the minority of Jews has been heavily
reinforced by immigration, and has at its back a
large financial, racial and religious support in other
countries. There are intimations in the White Book
that the Jewish Agency for Palestine has presumed
2587
somewhat upon its sphere of authority under the
mandate, and that declarations that Palestine was
not expected to be exclusively a Jewish homeland
have not always been kept in mind. Whether the
Jewish Agency has in fact been led to push its claims
to consultation too far, or whether the new proposals,in their obvious aim to protect and encourage
the Arabs, have improperly discriminated against
the Jews, are matters upon which the discussion of
the report, and the debate which will undoubtedly
come on in Parliament, may be expected to throw
light. Meantime there seems to be no reason to.
fear that the Jews, notwithstanding their disappointment at the new British policy, will fail to
continue their interest in the Palestine undertaking, or that the controversy will not in due time
yield to friendly explanations and possible concessions by both sides.
A Prediction of Lower Prices.
An interesting forecast, for the next 10-year
period, of "a gradual downward trend in price
levels" is made in the "Times" by Dr. H. S. Person,
Secretary of the Taylor Society. He believes, however, that because of economies to be effected in distribution this will "square profit returns with the
lower scale of prices," and that the general wage
scale can be maintained. A report of the interview
says, in part: "Factors which brought intense
activity in the past included the development of new
industries, such as the automobile and radio, additional marked increases in wages to stimulate buying power, and conspicuous changes in the use of
credit or a stimulus to purchase out of future income
by selling on part-payment plans, he said. While
installment purchasing will continue, Dr. Person
pointed out, we have already experienced the extraordinarily stimulating influence of the early
stages of its development and it will continue on a
more settled basis." . . .
"In facing the coming decade many mass production industries will find themselves confronted with
a decreased demand and an apparently higher cost
per unit of production, due to the lessened output
of their plants." . . . "In Dr. Person's opinion,
however, the same brains which perfected the theory
of volume production at low cost will perfect distribution and other economies to offset the possible
higher unit costs." . . . "Estimating that
wastes in distribution amount to from 5 to 10% of
the price of many products and reach as high as 25%
in others, Dr. Person pointed out that the scientific management of distribution has hardly been
touched as yet by business men." . . . "Better
analysis of markets, better selection of channels of
distribution, better control of inventories and the
flow of goods, he said, offer big opportunities for
economies within that area of industrial processing."
Our first thought, on reading this forecast, is of
the number of elements said to enter into the "fall
in prices." Mass production is to slow down or
diminish in quantity because of lessened demand.
The unit will, therefore, cost more. And it appears
that the only outlet -to meet this (provided profits
and wages are to hold up) lies in "distribution."
He is said to feel that "the same brains which perfected the theory of volume production at low cost,
will perfect distribution." It is true there are many.
elements at work to indicate a freer distribution,
at less cost—there is the mammoth improvement of
2588
FINANCIAL CHRONICLE
internal waterways, there are railway consolidations,
there is the highway hauling by motor cars. Competition of this kind ought to reduce rates if it is
not restricted or annulled by a government commission. But this does not always reach to the consumer. It is not possible to apply the saving by
these new means to the whole of manufactures
regardless of time, distance and direction. Hence no
scientific process can be applied to distribution,
nor is distribution in the hands of those who control manufacture. More than this, manufacture is
gradually seeking raw materials and sources of
cheap power which ought in time to reduce the costs
of transshipments. But to attempt to apply this
saving to the costs of production with anything like
an adequate analysis seems to us quite difficult to
do. Besides,in these great changes in methods there
is cost to be considered. In the end the consumers
pay—and a 10-year period seems sufficient time in
which to assess the costs of change to the price of
manufactures.
Let us take the railroads as an example. "Buses
to everywhere" is a sign to be seen in a station near
the center of the city. Bus lines are winding themselves about the towns of the interior of the country.
There is no doubt that these lines, where independent and not allied with the railroads, are cutting
down the revenues of the rails. Is this lowering
freight and passenger rates on the latter? And are
there not classes of freight that must always remain
to the railroads? Even here there are unknown
quantities. At this time two pipe lines for natural
gas and one for gasoline are being laid from Texas
oil fields to Chicago. How much revenue will this
take from the railroads already beset on all sides
by "improvements" in transportation? Our thought
is that there is no way of computing this so-called
"saving" and of applying it to costs to the consumer.
It would appear that even in transportation as an
element of.cost-price to users and consumers there
is a good chance for some kinds of so-called massproduction to be placed on a lower level and other
kinds on a higher. Elements are so intermingled
as to defy the averages and percentages of "scientific" calculators, and only time can work out the
true equation. But an upward tendency for 10
years, due to violent causes outside production and
distribution ought to be followed in a "settling
down" period by a lower tendency. We have had
many readjustments to make in the period following the war which threw everything into turmoil;
once made, the principle of lowest cost to the greatest number ought to prevail.
When we consider wages as an element of cost
it seems erroneous to base future reductions on
the theory that wages themselves will remain stationary at a point made by the war, and by the
coercive power of union labor, and thus exempt
wages from any part in the lowering of prices and
place the main hope in the "saving" through a better
system of distribution or of transportation. In
some ways there has been an enormous waste in
methods of distribution. A writer, reverting to oil
as an example, shows the needlessness of the enormous number of "filling stations" put up on every
available corner by the competing companies when
a fewer number by combination might serve the distribution equally well—saving hundreds of millions
in expense. No doubt this reform will come. But
what could have prevented this growth, and when
VL 131.
and how will future saving come? In a period of
constant transition, constant betterment, constant
competition to secure business by perfecting its processes, the normal tendency is to lower costs, but
there is no way to determine by scientific formulas
what will be reduced or when.
Reference is made to the spread in cost between
the factory and the buyer or user in automobiles
and the radio. It is believed that these articles of
common use have become so standardized that they
can be readily handled by department stores and
like agencies, at a vast saving in sales force. But
this is largely an assumption. As sales decrease
it becomes harder to sell. The human element in
persuading buyers cannot so easily be dispensed
with. As for costs of moving automobiles to the consumers the paved highways, we are informed, are
already being used to move the machines to their
destination on their own power. All these things
are in course of natural development—and ought
to lower costs, and 10 years is time enough to put
the process in force—but these highways have been
builded at a heavy cost through taxation and independent of any predictable scientific process of saving. Transition from high to low costs has so many
conflicting elements as to well-nigh preclude
prophecy.
New locomotives capable of hauling a hundred
cars in time ought to lower costs of distribution of
mass-production, but they must be paid for out of
freight rates, and the lowering of costs cannot now
be wholly made, or the time and amount of the
reduction now be determined. In the same way,
when prognosticating a saving in costs through distribution, it must be noted that the compulsory
removal of grade-crossings and the desired and demanded electrification of the roads are items of
tremendous expense. In a word, there is no way to
compute mathematically costs to the consumer for
the next 10-year period. But the very urge of all
business, which is left free to its own development,
is to give greater service at less cost. Often "distribution," so-called, is in the hands of government
commissions, which, by arbitrary rulings, thwart
the normal tendency. The law of greater service at
less cost is restricted, and the lower cost-price is
prevented.
October.
October passes. In New England and in the
Southland the year is at its ebb-tide. Over the vast
prairies lingers the mellow warmth of an Indian
summer. There is haze on the hills; red and gold
mingle in the tree-clad ridges; clumps of goldenrod
brighten the roadside; the "frost is on the ‘pun'kin'
and the fodder's inn the shock"; and a quiet serenity
marks the fruition of the year. How far, how very
far, it all is from the struggles in Congress, soon
to begin! In the late fields farmers are preparing
the ground for the next year's growth. There is
ample evidence of the great drouth, but in many
sections rains have come to revive fall pasturage
and furnish water for the stock.
Though subject to occasional violent moods, Nature does not sulk. The Midwest, so much in the
public mind because of the wheat farmer, is inherently prosperous, even now. Only man torments
himself with mental images of despair. This vast
"Valley of the Mississippi" was ages in forming—
the growths of unnumbered centuries falling down
OCT. 25 1930.]
FINANCIAL CHRONICLE
to enrich the soil, and provide abundance for the
population that later came from older countries to
gather its bounty. October passes—but there is
prophecy of plenty in every air that blows and every
furrow that is turned.
This Valley is the nation's farm; these toilers are
the people's trust. We do not think, in our noisy,
crowded cities, of the indispensable part they play
in our domestic economy. We eat their bread with
too much indifference. We could buy wheat in
foreign countries, if necessary. Corn-fed cattle are
our common heritance. Transportation of crops
affords us little concern. Some of our theorists are
telling us to eat more white bread to "consume the
surplus." The advice is Superfluous, for we are
accustomed to follow our own desires—and we have
woven a thrifty commerce, organized a prolific
finance, and builded our supreme cities. This pattern of our industrial life is like a many-colored tapestry not wholly visible to the makers, but wonderful and beautiful in the completed picture. When
we have time, it is profitable to consider our selfsufficiency as a people, and try to understand how
the cities, as huge emporiums of manufactures, are
the complement of the farms that furnish perennially the foods that sustain all life. But "man
made the city, and God made the country."
October passes; winter comes; and "if winter
comes can spring be far behind"? What is it, then,
that hints of sectional antagonism, of industrial
conflict, of political contest, in a people so abundantly supplied with all the necessities of a generous life and living? Perhaps the greatest bounty
New York City can ever have lies to the westward,
over the mountains and far away. Lands of the
Eastern seaboard would support in themselves but
a meager city. And one of the difficulties of our
economic prosperity, one of the main reasons for
our economic differences and divisions, is that our
country has had an uneven growth and has not yet
enjoyed the levelling processes of time and effort.
Is it not reasonable to believe that with perfected
railroad systems, with improved interior waterways,
our farms and factories will come closer together,
that under more scientific cultivation "abandoned
farms" will disappear from the city-crowded East,
and the blank spaces of the West will be starred
with manufactories that create new cities and supply cheaper products?
October passes; and in the midst of a politico-economic crisis we may think on these things in the
enforced quietude of a "business depression." What
has brought on this crisis? Is it a necessary war
between the two great divisions of our industrial
life? Or is it due, in large part, to our uneven
growth, which filled the East with factories and
the West with farms? There is no inherent antagonism, rather a lack of harmonious development,
coupled with a feverish desire for wealth. And now,
if our quasi-collectivism which already stealthily
permeates our country shall attack our farms and
farmers in the West, how shall we preserve our
individualism which preserves the structure of our
government and the basic unity of our national life?
Must not we turn away from the futile enactment
of laws intended to guide and control our endeavors,
and return to the normal development that lies in
our intermingling energies, which ever work to supply our normal needs, and which further our progress as time and toil shall fulfill their purposes?
2589
October passes; but the round of the seasons is not
complete until winter rests and rejuvenates the soil!
There was never a time that exemplified the adage
"haste makes waste" like the present. We have
builded the best and most extensive system of railroads in the world only to imperil its very life by
bus lines that use the public highways with encumbering vehicles that crowd autos off the road and
endanger travel. We are threatening the independent unit banks with branches of city institutions
that will never be part and parcel of the taxpaying
community life. As a banker well says, these are
not the result of need, but of greed. Our unresting
endeavor, motivated by the desire for quick and big
growth, is destroying values as well as creating
them. We must all possess ourselves of every new
thing and make it in mass-production so that it
may be cheap for everyone—while our multiple
debts, personal, corporate and municipal remain
unpaid. All seasons in our business are available
for profit-making, and there is no time for rest and
recuperation. Nature's lesson goes unheeded. We
talk of "seasonal" unemployment, not as a necessity, but as a calamity. Sober October is becoming unknown to the "trade." And when our
rushing efforts go awry be beseech Congress for
laws to aid us.
We fought against the settling process which
attends the confusion of progress by predicting perpetual prosperity. It could not be. No boom can
last; it blows itself out, sooner or later. The last
year's stock market smash had its origin in years
of strenuous war endeavor when production was
inordinate and prices indefensible. Ten years after
the armistice we were yet in the throes of exploded
land speculation, Government guaranteed prices
revoked, and inflated credits seeking new get-richquick schemes, to say nothing of reorganization of
industries diverted during the conflict. We refused
to rest. We nerved ourselves by false predictions
and futile laws. We are now paying the penalty by
restricted business, enforced idleness, and vain
attempts to uphold prices of securities during a consequent fall in values of commodities. We are really
resting because we have to. Yet the wants and needs
of an ambitious people make us carry on; and
when we are free from our economic entanglements we will find that there is revival even in
depression.
So, then, as October passes, and we turn for a
time, albeit in an apathetic way, to our biennial
politics, we look forward to a session of Congress
and the proposal of many new laws. Is there not
sufficient in conditions to impress upon us that save
for a few amendatory laws to fit circumstances, the
less this Congress does the better for the people?
Economics is now at work straightening out our
tangles. We need to work on and save. We need
to accept the laws of supply and demand. We need
to curtail our expenses, personal, corporate, governmental, and to balance our budgets. The harvest
of excessive invention is behind us. The saturation
point of manufacture is at hand. The farm "surplus" and "deficit" are on us while the fields await
the plow. Distribution is overdone now—and we
cannot always keep up wages on falling profits—
we cannot save in transport and apply it to farM
and factory. Submission to the lesson of the waning year in October will teach us to press on steadily,
confidently, not spasmodically.
2590
FINANCIAL CHRONICLE
American Democracy Versus Soviet.
Interesting thoughts were expressed last week at
the dedication of the James Ward Packard Laboratory for Lehigh University. Among the speakers
was Magnus W. Alexander, President of the National Industrial Conference Board, who contrasted
the principles of American democracy with those of
Soviet Russia. The two countries may be said to
represent the extremes of governmental policies as
practiced to-day.
Policies of the Soviet have only been applied a
very few years. The principles involved are so
radically different from those which have been applied under the Constitution of the United States
for nearly 150 years that all Americans who understand the blessings of their own form of government should have no hesitation in acknowledging
their superiority over those of any other country in
the whole world.
Doctrines of the Soviet suppress all initiative,
whereas the United States affords all citizens equal
opportunities and encourages the acquisition of
knowledge, the perfecting of one's self along some
particular line of usefulness. Acumen, energy and
industry are stimulated because efficiency and application are permitted to bring their own great
reward. In other words, every individual is given
a motive to do his best with assurance that he will
reap the fruits of his own productive efforts.
Opportunity afforded to the individual is the cornerstone of our Republic, and because of this the
United States has developed until it is one of the
greatest nations. By reason of the freedom of action
and the certainty that the laborer as well as the
industrialist, the physician, the scientist, and the
financier will profit by his skill and work, ambitious immigrants have been drawn to America
from all portions of the earth. Here they have prospered. Here they are respected. Here they may
have an equal voice with the native-born in the conduct of public affairs. Here they have comfortable
homes and free education for their children.
When Russia undertakes to rob her people of all
motive for progress, ambition is annihilated and
man is reduced to the low level of wild animals.
The American doctrine is one of willing co-ordination, of pulling together for mutual welfare, of
team-work without compulsion, and therefore effective to a high degree. Those who have capital supply
the means to build and operate factories. Others
who are skilled along some particular lines work
in the mills or in distribution and construction. The
man engaged in making the finished product would
be idle had not the miner and the farmer done their
part to supply raw materials and the railroads cooperated by the transportation of supplies to the
factories.
When the products are finished they, in turn,
must be shipped to market places and consumers in
order that they may be utilized. The whole process
is one long chain of many links, and it is up to each
individual worker, in whatever position, to carry
on and see to it that no link in the chain is broken.
That is the tried and true American system which
contrasts strangely with the Russian theories and
experimentation on a ruthless scale.
Ward Packard, the donor of one million dollars
to construct the Lehigh laboratory, who died last
year, was a representative American. His father
[Von. 1,91.
was a respected business man in Warren, a small
Ohio town in the eighties. Young Packaid showed
a liking for electrical engineering, and after graduation at Lehigh he learned to apply his knowledge
in a practical way in a Brooklyn plant. Then with
his brother, William Doud Packard, he established
an incandescent lamp factory at his home town.
This plant was one of the first to manufacture the
Mazda lamp.
As automobiles were beginning to attract public
attention, Ward Packard gave thought to improvement of their construction, and the Packard car was
created. Detroit manufacturers swooped down
upon the Packard boys one day, making an offer
for all their rights which the young men could not
resist. Payment in cash and stock made them multimillionaires over night. Genius was quickly and
well rewarded, as is typical of the United States.
In the hour of his prosperity Ward Packard, like
many other successful Americans, did not forget his
Alma Mater, and that is why many American colleges are so well equipped and endowed. Institutions generally thrive very well under the American
plan, which seems to inspire among men who achieve
a sense of gratitude. American principles are based
upon volition; Russia's upon force. It is little wonder that the world regards the United States as a
"free country."
The New Orleans Cotton Conference.
The recent cotton conference in New Orleans
ended with the adoption of the usual resolutions
appropriate to such occasions. No definite or positive plan for relieving the depression in the cotton
industry was outlined, although the resolutions, in
enlarging upon the old idea thEit acreage should be
cut, did suggest that banks making loans to cotton
producers should do so contingent upon the borrower agreeing to make a substantial reduction in
cotton acreage for the next crop.
The conference was held in the form of a session
of the American Cotton Shippers' Association, with
Secretary of Commerce Robert P. Lamont, Chairman Alexander C. Legge, of the Federal Farm
Board, and Carl Williams, cotton member of the
Board, as especially invited guests. Eugene Meyer,
Chairman of the Federal Reserve Board, had also
been invited, but was unable to attend. More than
250 leaders in the cotton industry took part in the
conference, the most noteworthy feature of which
was the outlining of the policy of the American Cotton Co-operative Association by its general manager, Mr. Creekmore. During the course of the formal meeting, Mr. Creekmore evidently sensed an
undertone of hostility to the Federal Farm Board's
activities in dealing with the cotton situation, and
-his statement was evidently made for the purpose
of spiking the guns of those who were inclined to
criticize. He said:
"The A. C. C. A. is very much like any other cotton merchant. It is seekina to distribute its cotton
in the markets of the worldbat the best price obtainable—hence, it is naturally interested in the preservation of a full basis on all qualities of American
cotton.
"It expects to make use of the cotton futures markets for hedging purposes to avoid the necessity in
the sale of its stocks of cutting the basis and for
the purpose of enabling itself to protect the price
and basis on its cotton in the most efficient manner.
"The A. C. C. A. expects to make no use of the
FINANCIAL CHRONICLE
OCT. 25 1930.]
futures markets which will tend to destroy their
efficiency as a hedging medium.
"The Cotton Stabilization Corp. has taken over
approximately 1,300,000 bales of cotton from the
various State Co-operative Associations, the policy
concerning the disposition of which has been previously announced.
"If any appreciable amount is added to this stock,
it will not be acquired in such a way as to seriously
impair the efficiency of the cotton futures market
for hedging purposes."
Mr. Creekmore's statement, which was well received, was interpreted as an official endorsement
of the hedging facilities offered by the cotton futures
markets and also as an assurance that there would
be no repetition of the gigantic deal put through in
the New York and New Orleans cotton markets last
season. This deal, which was intended to boost the
price of the staple, proved ineffective in this respect,
and simply destroyed the usefulness at that time of
the cotton futures markets for hedging purposes,
besides forcing shippers, who were obliged to deliver
their stocks on contract, to take large losses on their
cotton.
Perhaps the most vital note of the meeting was
sounded by W. L. Clayton, of Houston, who gave
a careful analysis of the cotton situation, and concluded by saying that he was urging his mill friends
to stock up on cotton around present levels and was
having his firm buy all the cotton that the banks
would loan him money to carry it with. Mr. Clayton, in previous cotton crises, has demonstrated his
ability as a leader in the cotton industry when unhampered by Farm Board activities, and his encouraging views on the present cotton situation will, it
is expected, inspire. other firms and individuals to
do their bit in "carrying on" through the current
depression. The very fact that Mr. Clayton took
part in a conference with Federal Farm Board
officials is considered significant, and, in this
respect, the meeting in New Orleans is regarded as
having struck a note of harmony that has been lacking in the cotton industry for many months past.
Book Review.
California Memories, by Jackson A. Graves. Published
by Times Morror Press, Los Angeles. Copies obtainable
at the Times Printing and Binding House, 118 South Broadway. 330 pages, octavo, illustrated and indexed. 1930.
California is a land of romance. The fascinating story
began 1760-70, when the good Father Serra established his
chain of missions and undertook the conversion of the Indians, a work largely frustrated by subsequent Spanish
military rule and lost in the later civic rule of the United
States. Came the gold rush of '49—the establishment of
huge fortunes, attracting actual settlers and the laying
out of wide wheat farms; then the railroads, led by the
Southern Pacific; the abandonment of grains for citrus
fruits; the growth of San Francisco to be "monarch of the
Coast"; the marvellous upbuilding of Los Angeles to be a
city of more than a million; and even to-day the "movie"
industry, sending its picture-products over all the world.
With 1,300 miles of coast line fronting the vast Pacific,
California is also a land of superb beauty and sublime
grandeur, graced with a climate that in some sections is
unsurpassed anywhere in the world. It has lofty mountain
ranges, two fine rivers, and gentle valleys of prolific fertility that send their preserved fruits to our Eastern seaboard and on across the ocean. Joaquin Miller has painted
a picture of this land as the "long afternoon" of man's Western migration, where, in time, a civilization shall arise
surpassing that of the Greeks; and Walt Whitman, holding
it out as "the circle almost circled," has described its place
in the march of mankind.
2591
To this State came, as a boy, one Jackson A. Graves, to
take part in its rapidly changing fortunes, and to live to a
serene old age, to write portions of its historical development in which he played an important part. We had
occasion to review a former book by this writer, "My
Seventy Years in California." We were pleased with that
book, and we are pleased with this. Making no pretense
to be a "literary artist" or a skilled writer, Mr. Graves
possesses a natural style that well portrays the interesting
experiences which are his own and which in part unfold
the development of this mighty State. He has been successively rancher, farmer, lawyer, title examiner, real
estate owner and developer, and banker. Leaving San Francisco, the main story of his life, since about 1875, is interwoven with the magic rise of Los Angeles. He has known
well the bar of the State, and gives sharp-cut descriptions
of some of the leading lawyers who were giants in their
way and day. In this second volume of his reminiscences
Mr. Graves has drawn on articles contributed to various
publications, and his "memories" take a wide range. During his life he has mingled intense application to his various
occupations, with generous time given to hunting, fishing,
and travels over the wondrous scenes to be fdund in the
magnificence of his surroundings. We gather the Impression of a fall life lived joyously and generously among his
fellows. His roster of important characters in Los Angeles,
San Francisco, and the State, renders the book a treasurehouse of information to those who now carry on the business, industry, and culture so auspiciously founded by the
more rugged figures of the past. Throughout the book is
shown a fine respect and love for his former associates,
tinged now with a faint melancholy that comes to those
who survive earnest friendships and comradely endeavors
of other days.
Mr. Graves has been a citizen who for all his work has
looked on passing events in the United States with penetration and concern. Thus at page 118 we find him writing
this general view of conditions: "No people on the face
of the earth has incurred such an indebtedness as the people
of the United States have during the past five years.
Public as well as private credit has been inflated beyond
all reason. As long as money could be raised by hook or
by crook, extravagance was encouraged. Spending ran riot,
and people thought that the scattering of borrowed funds,
like chaff before the wind, was prosperity. Deflation has
only begun. It must, before we return to normal conditions, apply to stocks, bonds, real estate and rentals.
While all this is going on, taxes will increase rather than
decrease. The extravagance of public officials, national,
State, county and municipal, knows no bounds. The InterState Commerce Commission orders a railroad company to
build two hundred miles of road, in Oregon, without taking
into consideration the financial ability of the railroad to
finance such construction. If the railroad company obeys
the order, the chances are that the cost of construction will
put more bonds on an already surfeited market. The Reserve Banks, the Land Banks, the Intermediate Credit
Banks, and the Farm Relief Board are, at the same time,
lending subsidized credit to different groups of favored
citizens at rates varying from 31 to 6%. Thus our Governh
ment is in the business of lending public credit on a vast
and ever-increasing scale. It evidently learned nothing
from the disastrous results of Government ocean shipping
and the Government-owned railroad in Alaska, and from
McAdoo's handling of the railroads during the war. The
Government should govern, and leave business to private
enterprise." Mr. Graves is not quite so clear on the tariff.
At page 116 he says: "Judging solely from results, I am of
the opinion that farmers are better off under a high tariff
than they are under a low tariff. The low tariff idea is,
however, a handy tool of the demagogue who seeks political
power by any means, no matter how dire the results of his
teachings may be." While at page 282 he writes: "Mechanical inventions have cheapened cost of production, and yet
the consumer does not get the benefit thereof. Business
combinations, trusts, and monopolies, and high tariffs on
impoits add to the prices of every commodity that the
human family needs or purchases."
Beginning his short travels in days of the buckboard and
horseback, the writer has kept pace with improvements in
transportation, and with the advent of the automobile
2592
FINANCIAL CHRONICLE
seized the opportunity for long trips of exploration in this
wonder-State of scenery. In these pages we find bits of
description that are charming and appreciative. We quote
from pages 174 and 175, as follows: "For the best part of
two days we had been toiling along the bluffs overlooking
a bleak, barren, repulsive yet entrancing ocean beach, upon
which the surf beat mercilessly. The turmoil of the sea,
as it rolled piteously with a wild, sullen dirge on the forbidding rocks of the shore line, was ceaseless. Sea birds
with shrill cries flew about from barren rock to jagged
peak with an activity as restless as the swash of the evermoving waves. The floating kelp, torn from its ocean bed
by the angry force' of the sullen waters, floated here and
there. Its round, bulb-like roots looked for all the world
like seal heads above the foam-flecked waters. Behind
some storm-swept rocks were deep bays of more placid
water, and of great beauty. As far as you could see up or
down the coast weary-looking waves splashed upon stormswept rock masses only to fall Wolk into the receding tide
and to be caught into the everlasting swirl of the sea and
churned to foam. The bleak winds blew and moaned."
Here Is another scene from this journey: "Between
Hardy and Keany our road, while beautiful, was full of
trouble. We would start at sea level and ascend, always
going away from the coast, to an elevation of 4,000 feet or
better, and then drop back to sea level near the shore. On
one side of us was the ocean. Receding from the shore, we
were in a wealth of verdure hard to realize, much less
describe. Wild blackberry vines wreathed the fences, when
there were any, the stumps and logs, in thick, matted hedges.
Thimbleberry vines were everywhere, in places four feet
high. Mingled with the redwoods, all the trees and shrubs
of the locality abounded and were full of bloom. The tanbark oaks, whose new leaves, of different color from the
old, at first glance gave them the appearance of being
[voL. 131.
loaded with blossoms, were bundant. Above the bracken,
along the roadside, back in the little canyons, tiger lilies,
giant mariposa lilies, rhododendrons, azelias and the redwood lilies showed their various colors from their thick
green settings. Various colored foxgloves, columbines and
hyacinths bordered the roads and by-paths. White, purple
and yellow iris nodded and bowed to us from their long
stems, in friendly recognition, as they bobbed around in
the breeze. A wild carnation of the most intense scarlet
hid modestly under the sheltering leaves of its more vigorous neighbors." "Unnamed, or to us, at least, unknown
flowers were everywhere." In concluding this account we
find this: "We were away just four weeks. We traveled
2,275 miles over all sorts of roads, and our average running
time for the entire trip was better than 19 miles an hour.
We were in 28 counties of the State, and some of the most
beautiful spots on this coast. Traveling in an automobile
is certainly the way to see the country."
We would like to quote other passages from this book,
but space forbids. More of a human document than a history, it is a volume of experience, opinion, information,
description, and reminiscence. It is benignly written.
There is no rancor, though at times the expression is vigorous and bold. Banks, railroads, cities, industries, and agriculture are touched upon in a concise though limited way.
The illustrations are mainly reproduced from photographs
and portraits of men whose lives have been linked to the
story of the State. A business man who has turned to
writing in leisure hours; a banker who lags made a study
of credits and dealers in credit; a lawyer who has observed
the growth of courts and pleadings, and made friends with
the best local minds in the profession of the law; Mr.
Graves has gathered a miscellany that arrests and interests
a wide class of readers. Perhaps he will write, or compile
from his writings, another book.
Indications of Business Activityl
Cotton advanced 60 to 80 points owing to a strong technic&
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, Oct. 24 1930.
position and the alarm of shorts at home and abroad when it
Cooler weather has helped retail trade to some extent, was seen that prices refused to give way whatever might
especially in wearing apparel, more particularly of heavy be said about big stocks, and in the main favorable weather
goods. Wholesalers and jobbers have been ordering goods as well as the decline in the stock market. The bearish
on a fair scale for prompt shipment to replenish greatly factors in the cotton business are supposed to have been
reduced stocks. Retailers at the West have recently been discounted. The textile trades are gradually mending; there
losing business by not being ready for it; they la- k the goods
required. They have been sailing too close to the wind, or
in other words keeping too close to shore fearing that there
would be no ready turnover. But the recent cold weather
has stimulated retail trade and that has reacted more or
less favorably on some branches of wholesale business where
stocks needed replenishing. Trade has been best at Northern
and Western sections of the country. In the Central West
there has been some increase in trade in bituminous coal.
Still the fact remains that trade on the whole thus far is
still very noticeably below the normal level even if clothing
has sold on a larger scale than at any time this Fall. No
attention was paid here to the revolution in Brazil except
in the coffee market which fell to-day some 75 to 105 points.
Taken for all and all however, commodity markets have
moved as it were under their own power rather than under
the influence of the stock market. All of them seem to be
short in the speculative sense. Wheat is up 23/i to 3 cents
in spite of the lack of a good export business. But hedging
selling pressure has relaxed, Liverpool prices have also
advanced, the amount of tenderable wheat there is supposed
to be small and at times the weather in the Canadian Northwest has been bad. But underneath the advance however,
is the stronger technical position and heavy buying by the
East in Chicago. Moreover the consumption of wheat for
animal food throughout the United States is increasing and
it appears that shipments of wheat are being made from
Minnesota to the dairy districts of Wisconsin. Corn has
advanced somewhat and is in a better technical position;
moreover the husking returns are bad, and the market acts
sold out. It looks as though there would be a good deal
of feeding on the farms of corn as well as oats, which have
advanced slightly. Rye has advanced in response to the
rise in wheat, but the trading is on a small scale.
is nothing sensational in the improvement, but it is more
or less persistent. In any case Liverpool and the Continent
as well as American centers were good buyers of cotton here
especially on Thursday. Spot cotton markets are higher,
though as a rule trading has been smaller than on the corresponding days last year. To-day such sales were larger
than a year ago. Manchester, England is more hopeful
about the prospects of cotton goods business. Rubber has
advanced 60 to 70 points in spite of the large stocks and the
slowness of the legitimate trade. But it is said that in the
Far East prices have got down so low that there is some
curtailment of output. Iron has been dull and in steel trading has also been comparatively light even at somewhat lower
prices for sheets. Bessemer pig iron and heavy steel scrap
are lower than a year ago. There is some buying of steel
rails but on the whole the steel business lacks animation.
The production of steel is said to be at the rate of 50 to 57%.
It is awaiting new developments. Copper has dropped to 93e.
The output of automobiles and trucks of 223,000 cars in
August and September will not be equalled in October it is
believed by 10%. Lumber production is smaller than the
new business, and both are only about 50% of normal.
Rides declined 35 to 65 points. Coffee shows a decline for
the week of 65 to 145 points on Santos and 40 to 65 on Rio.
Sugar has advanced 10 points with seemingly improving
prospects of the Chadbourne plan being carried out. It
all looks to smaller production and exports. Refined sugar
closed at 4.75e. Cocoa declined 15 to 20 points. Silk on the
other hand advanced 10 points. Cottonseed oil advanced,
crude oil reaching as high as 63ie. at one time. Lard was
irregular, October declining 20 points and January advancing
slightly. Storage eggs at Chicago and other western center
declined, and it is said that heavy losses have been incurred
by those who stored eggs freely last Spring. But the colder
OCT. 25 1930.]
FINANCIAL CHRONICLE
weather has caused of late an advance in fresh eggs. In
general trade in this country is on a moderate scale. That
is an undeniable fact, although the feeling is a little more
hopeful. And whatever may be said about the growing
independence shown by the commodity markets of stock
exchange influence the fact remains that are active and rising
stock market would have no small influence on general trade
throughout the United States.
The stock market early in the week broke under liquidation
supposed to be for big operators after the little fellows had
been recently eliminated in rather rough fashion, including
stooks on the Van Sweringen group. But on the 23d inst. a
rally set in and the upward movement included such stocks
as United States Steel, American Can, Allied Chemical,
Westinghouse Electric, General Motors, General Electric,
Amer. Tel. & Tel. and Columbian Carbon. Liquidation
some thought was nearing the end. To-day stocks advanced
again on moderate trading. The best prices of the week for
the leaders were made. Men stared to see U. S. Steel, a
pivotal stock, up to 150%. The revolution in Brazil had
no effect, nor the break of over 100 points in coffee. The
technical position was clearly better. Money was easy.
Utilities advanced 1 to 4 points. It is true Montgomery
Ward & Co. passed the quarterly dividend of 75 cents a
share on the common stock due at this time and the company
is quoted as saying that it has operated at a loss for every
quarter so far this year. The loss indeed this year is, it
seems, $2,840,000, mostly in the first quarter when it was
$2,318,000;in the second quarter the loss was cut to $185,000
and in the third $345,000, pointing to a gradualimprovement.
It is all so much water gone over the dam. The disposition
is to look ahead not backward. Things are looking better.
The wrong sort of weather has militated plainly against
trade this year quite as much in not a few instances as the
things that have been so much stressed. Many commodity
markets have of late advanced regardless of declines in
stocks when they occurred. This growing independence on
the part of commodities is one of the signs of the times.
To-day sterling exchange was firm and a little higher; so
were marks. On the 23d inst. Japanese Exchange was at
par for the first time in nine years. Bonds to-day showed
a tendency to rally both in New York and London. Brazilian
bonds advanced, owing to the downfall of the government
Brazil 8s and 63/25 rose about two points; Rio de Janeiro
8s and 6
more than two, Rio Grande do Sul 7s and 6s
about four points. Chilean and Argentine bonds were
strong. German and Poland issues were weak; so were
railroads except those of the higher class.
The general level of wholesale prices in September varied
little from the August levels, but tended upward, according
to the index number of the Bureau of Labor Statistics, of the
U. S. Department of Labor. This index number which is
based on 550 commodities or price series in 1926 as 100.0
stands at 84.2 for September, compared with 84.0 for the
month before. The purchasing power of the 1926 dollar in
September was $1.88. Prices for farm products showed an
average gain of of 1%,large decreases in grains and cotton
being more than offset by increases in beef, steers, hogs,
poultry and potatoes. Retail food prices in the United States
as reported to the Bureau of Labor showed an increase of
approximately 1 1-3% on Sept. 15 1930, when compared with
Aug. 15 1930 and a decrease of almost 9.5% since Sept. 15
1929. The Bureau's weighted index numbers with average
prices in 1913 as 100 were 160.8 for Sept. 15 1929, 143.7 for
Aug. 15 1930 and 145.6 for Sept. 15 1930.
Fall River, Mass. wired that the American Printing Co.
denied a report that the cotton goods division would resume
operations shortly. The five mills shut down June 7 for an
indefinite period and the curtailment is concluding its 20th
week. Assistant Durfree stated conditions had failed to
improve sufficiently to warrant resuming operations in the
immediate future. Boston wired "The Berkshire Fine
Spinning Associates passed its preferred dividend due at this
time and reported a net loss for the year ended Sept. 30 1930
of $435,742. Salem, Mass. wired the "Times" that steady
employmentThroughoutthe winter for the 1,400 employees at
Pequot mills and for the normal force of 600 at the Danbers
bleachery at Peabody is indicated by the great improvement in the sheeting industry, Ernest N. Hood, treasurer of
the mills stated in announcing the employment of 200 extra
hands at the bleachery.
At Spartanburg, S. C., textile conditions continue on the
upgrade. Finished goods are finding their way to the markets at prices at once firm and acceptable to the mills.
2593
Curtailments continues in force until there is still further
betterment between production and demand. Spartanburg
also wired that textile mills of Spartanburg County in all
probability will adopt a full daylight schedule, beginning
Nov. 1 according to information gathered after a survey
and that night work wifi probably be abolished and will
only be resorted to in case of emergency- At Balfour, N. C.,
the Balfour Mills are operating on a full time schedule on
print cloths, operating 20,000 spindles and has a battery
of 468 looms. Danville, Va., wired that the textile strike
entered its fourth week with marked quiet prevailing in
contrast to the disorders of last week. Pickets continued
on duty but the crowd of strikers which last week reflected
a hostile attitude toward non-union workers was smaller
and entirely silenced. Fifteen extra police officers and
11 special State officers are on duty. At Columbus, Ga.,
the Swift Manufacturing Co. of this City is still operating
on a four-day per week schedule as for some time past.
The Muscogee Manufacturing Co., which began the operation
.of 200 looms about two weeks ago on wash rag material, is
operating those looms five days per week and four nights
each week. Montreal reported that Wabasho Cotton Co.
has increased the rate of its plant operations as the result
of recent changes of tariff regulations. Additional workers
have been taken on and the plant is now operating at about
65% of capacity.
London cabled: "Lancashire Cotton Corp. in its first 12
months of operation now seems assured with the announcement that 48 other companies will soon pass under its control. The organization now comprises 51 companies controlling 5,000,000 spindles and with negotiations now concluded
with the 48 other companies, this will bring the total of
controlled machinery to 9,250,000 spindles and 25,000
looms." From Bombay an Associated Press dispatch on
Oct. 20 said: That the Association of Native Piece Goods
Merchants to-day declared a cessation of business for an
indefinite period. The order rescinded one of Oct. 13, which
had permitted members to open their shops for the purpose
of disposing of foreign cloth stocks. The action of Oct. 20,
also enjoined shopkeepers from purchasing any new stocks
of foreign cloths.
The adjusted index of electric power production shows a
further and more substantial gain for the week ended Oct. 18
when it rose to 90.4 from 89.5 for the week ended Oct. 11
and 89 for the week ended Oct. 4. The electric power index
now stands at the highest level since Sept. 6, while for the
corresponding week last year it was 103.1. Electricity output for the week ended Oct. 18 was 1,710,258,000 k.w.h., a
decrease of 3.5% from the 1,772,288,000 k.w.h. for the eto.
responding 1929 period. Last week's output, however, was
2.7% above the 1928 figure of 1,665,000,000 k.w.h. and
slightly above the output of 1,703,751,000 of the previous
week.
St. Louis wired that department stores there have employed more than 3,000 persons in the past week and expect
to retain many of them through the Christmas holidays—a
definite though not large quickening of sales was reported
as beginning with cool weather. Executives considered the
trade indications sufficiently strong to justify planning sales
campaigns on the same scale as last year.
.
Philadelphia wired Oct. 19th: "President Hoover was
,
informed by telegram to-day of Philadelphia's 'buy now'
campaign which the Chamber of Commerce plans to start
to-morrow as a move to spur business, and Governor Fisher.
was urged to recommend the adoption of similar campaigns
by every city in Pennsylvania."
A blizzard up the State on the 18th and 19th inst. marooned
2,500 autos from New York, Pennsylvania and Ohio, with
an 18-inch fall at Dunkirk, N. Y. The third snowstorm
in 24 hours in Western New York paralyzed traffic and
utilities. In this city the temperature fell to 44 degrees.
A light frost was predicted. Rain as well as snow fell in
Northern New York. On Sunday the 19th inst. it was as
low as 39 degrees here. The Central West was very cold.
Boston had 38 to 54, Chicago 26 to 36, Cincinnati 34 to 48,
Cleveland 30 to 36,Denver 32 to 48,Detroit 30 to 34,Kansas
.
2,
City 32 to 44, Los Angeles 60 to 7 Milwaukee 24 to 34,
St. Paul 20 to 32, Montreal 32 to 44, Omaha 28 to 38,
Philadelphia 40 to 54, Portland, Me., 34 to 50, Portland,
Ore., 44 to 60, San Francisco 52 to 60, Seattle 50 to 54,
St. Louis 36 to 42, Winnipeg 20 to 30. On Oct. 20 it was
the coldest weather for that date on record, i.e., 37 degrees.
On the 23d inst. New York had temperatures of 37 to 56
degrees, Boston 86 to 58, Chicago 44 to 45, Cincinnati 40'
2594
S
FINANCIAL CHRONICLE
to 42, Cleveland 38 to 50, Denver 36 to 60, Detroit 40 to 50,
Kansas City 36 to 58, Milwaukee.40 to 48,. Minneapolis
32 to 48, Montreal 30 to 48, Omaha 32 to 56, Philadelphia
42 to 56, Portland, Me., 30 to 52, Portland, Ore., 54 to 56,
Salt-Lake City 40 to 66, San Francisco 52 to 68, St. Louis
42 to 50, Winnipeg 24 to 40. To-day it was 47 to 51 here;
overnight Chicago had 38 to 46, Cincinnati 36 to 42, Cleveland 42 to 50, Milwaukee 36 to 48, Kansas City 40 to 54,
St.Paul34 to 48Ond Winnipeg 22 to 40.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States-Decline
in Business Activity as Measured by Bank Debits.
According to the weekly statement of the Department of
Commerce at Washingtoh, for the week ended Oct. 18, bank
debits outside New York City, showed declines from both
the preceding week and the corresponding week in 1929.
Total loans and •discounts of Federal Reserve member banks
although slightly greater than a week ago were lower than
In 1929: Interest rates on time money were higher than
the previous week while call rates showed no change. Both
rates were lower than a year ago. Prices for representative
stocks receded from their level of the week ended Oct. 11
1930, and also were lower than in the corresponding period
In 1929. Bond prices showed a fractional decline from the
preceding week but wore considerably higher than prices
paid in 1929. Business failures as reported by R. G. Dun
Alc Co. were less numerous than in the preceding week.
The wholesale price index as compiled by Irving Fisher,
representing prices of 120 commodities •showed but slight
,
change from the week of Oct. 11. • As compared with the
week of Oct. 19 1929, a marked decline was noted.
For the period ended Oct. 11 1930, increases occurred
over the preceding week in the production of bituminous
coal, the value of building contracts awarded and hog
receipts at principal markets. Declines from the previous
week occurred in the production of steel ingots, petroleum
and lumber, receipts of cattle and wheat and in the loadings
commodities. The price of electrolytic copper at refineries showed no change.
Bank loans and discounts were greater and the Federal
Reserve ratio higher for the week ended Oct. 18 1930, when
compared with the period of Oct. 20 1928, two years ago.
a
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday, Average 1923-5=100.)
1930.
1929.
Oct. Oct. Oct. Sept. Oct. Oct.
18. 11. 4. 27, 19. 12.
Steel operations
72.4 75.0 76.9
Bituminous coal production_....
97.5 95.5 93.4
Petroleum produo'n (daily avge.) 7.7. 113.6 114.6 114.7
Freight car loadings
99.6 101.4 99.1
a Lumber production
64.51.64.8 67.2
Building contracts, 37 States
(daily average)
94.41 85.3 76.2
Wheat receipts
86.2 125.7 144.9
Cotton receipts
281.5 320.4 302.7 198.8
Cattle receipts
107.3 118.0 101.0
slog receipts
70.3 62.1 63.8
Price No. 2 wheat
56.6
.1 56.6 59.7
Price cotton middling
37.5 37.9 38.6 38.2
Price iron ac steel composite
77.9 78.1 78.6 78.6
-Copper, electrolytic price
71.0 71.0 71.7
Fisher's index (1926=100)
82.7 82.9 82.3 83.1
Bank debits outside N. Y. City-. 110.7 120.3 128.8 106.5
Bank loans and discounts
134.9 .114.5 136.1 135.3
Interest rates, call money
48.5 48.5 48.5 48.5
Business [allures
113.0 116.2 109.8 119.9
Stock prices
173.5 178.2 187.0 193.7
Bond prices
107.7 108.2 109 0 109.0
68.6 67.7 62.9 67 7
Interest rates, time money
Federal reserve ratio
104.4 105.3 105.3 105.8
83.5 *84.1 89.3
b Composite index-N.Y."Times"
87.5 *87.1 86.4
b Composite Index-bURIPeRS week
•Relative to weekly average 1927-l929 per week shown
100. *Revised
puted normal taken as
105.3 103.9
114.4 118.8
139.4 136.2
123.6 123.0
98.9
1928.
Oct. I Oct.
20. 13.
115.8 115.8
111.1 115.7
120.2 120.3
121.2 124.1
86.2 118.1 134.1130.6
117.3 92.9 286.4 231.0
374.2 362.7 360.4 325.4
121.2 106.0 124.7 102.5
80.3 72.3 76.4 68.3
93.8 96.9 84.51 86.0
66.2 68.4 73.9 72.1
87.5 87.7 85.9 85.6
129.0 129.0 108.7 108.7
94.6 94.7 98.9 99.4
143.9 146.1 137.6 129.1
139.2 138.2 127.6 127.3
145.5 130.3 166.7 157.6
88.21 90.4 119.4 86.0
298.3 303.4 216.7 210.8
,
103.71102.9 107.9 107.8
177.1 200.0 155.3 165.7
94.3 96.0 86.81 87.2
102.8 102.3
101.4 105.4
b Relative to a com-
[Vou 181.
factories and mines, which had shown a substantial decrease for each of the
preceding four months, declined by about 0.5% in September. Production of iron and steel, lumber and cement decreased, and the output of
automobiles continued to be in small volume.
Activity in the textile industries, including cotton, wool and silk. increased substantially, and stocks of cotton cloth were further reduced. At
bituminous coal mines there was an increase in output of more than seasonal amount; output of copper was larger than in August, and there was a
further increase in stocks of copper. Anthracite coal and petroleum production and shipments of iron ore declined.
Employment in manufacturing establishments increased less than is
usual at this season, the increase being chiefly in fruit and vegetable canning and in clothing industries, while reductions in number of employees
were reported for the iron and steel, automobile and lumber industries.
Outside of factories. increased employment was reported in retail establishments and coal mines.
Residential building increased materially in September, contrary to the
usual seasonal trend, while the volume of contracts for commercial buildings and public works and utilities decreased. Total value of building
contracts awarded, as reported by the F. W. Dodge Corp., showed little
change during the month. In the first ten days of October there was an
increase in the daily average volume of contracts awarded.
Agriculture.
Department of Agriculture estimates based on Oct. I conditions indicate
somewhat larger crops than the estimates made a month earlier for cotton.
corn, oats, hay, potatoes, and tobacco.
Distribution.
Freight
-car loadings continued at low levels during September, the
increases reported for most classes of freight being less than ordinarily
occur in this month. Dollar volume of department store sales increased
by nearly 30%,an increase about equal to the estimated seasonal growth.
Wholesale Prices.
The index of wholesale prices on the average for the month of September
as a whole, according to the Bureau of Labor Statistics, was at about the
same level as in July and August. The movement of prices, however, was
upward in August, reflecting chiefly advances in the prices of livestock and
meats, while in September the movement was downward,reflecting declines
in a large number of commodities, including grains, livestock. meats,
cotton,and copper. In the first half of October there were wide fluctuations
in many agricultural prices, decreases in prices of non-ferrous metals, and
considerable Increases in the prices ofsugar and coffee.
Bank Credit.
Security loans of reporting member banks in leading cities increased in
the latter part of September, but declined rapidly early in October, the
decline reflecting a large volume of liquidation in loans to brokers and dealers insecurities. Commercial loans, which up to the last week in September
had not shown the usual seasonal growth, increased by $150,000,000 in the
following three weeks. The banks' holdings of investments continued to
increase.
In response to the seasonal demand for currency, outstanding volume of
Reserve bank credit showed an increase of $30,000,000 on the average between the weeks ending Sept. 213 and Oct. 18.
Money rates in the open market continued at low levels. The yield on
high grade bonds declined further until early in October, when bond prices
declined and there was a corresponding rise in yields.
According to the "United States Daily" the Board's
survey was followed by an oral statement in behalf of the
Department of the Treasury in which attention was called
to the fact that during the business recession of the last
year there had been few instances where the normal seasonal
increases in factory production had been maintained, and
that where seasonal recessions had occurred they had been
larger than normal. There was no forecast, however,
whether the condition was likely to continue and show
an upward turn in general business.
Annalist Weekly Index of Wholesale Commodity Prices.
In a mixed and narrow movement of prices the "Annalist"
Index of Wholesale Commodity Prices, at 121.2, shows a
small downward movement of 0.4 point from the 121.6 of
last week. The "Annalist" adds:
Declines in corn and oats are balanced by advances in wheat prices;
steers and hogs are sharply lower, but lambs are higher; cotton and hay
are higher, but hides and potatoes are lower.
Focd products also share this mixed movement. There were advances
this eek in cocoa, eggs, oranges,sugar and cottonseed,and declines In beef,
veal and lard.
Textiles are now maintaining their ground; print cloth and cotton sheeting
are selling at slightly firmer quotations, though not sufficiently higher to
affect the index. The textile business is reported duller than several weeks
ago,though sporadic rush orders from consuming establishments give a hint
of exceedingly low stocks with which many factories are operating. The
cessation of night work and the agreement not to employ children in Southern mills is said to have had its effect on supply. Silk prices have advanced
for the second consecutive week,though trading in silks is reported extremely
dulE
THl.
Federal Reserve Board's Summary of Business Conditions in the United States-Seasonal Increase
in Factory Production Reported-Gain in Factory
Employment Less Than Usual.
In its summary of business conditions in the United
ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
States, issued Oct. 23, the Federal Reserve Board states
that the "volume of factory production increased by about
Oct. 21 1930. Oct. 14 1930. Oct. 22 1929.
the usual seasonal amount in September, while factory Farm products
110.8
111.8
142.9
somewhat less than in other recent Food products
employment increased
131.5
131.5
151.3
Textile
107.7
107.4
146.8
years." "The general level of prices, which had advanced Fuels products
152.0
153.0
163.5
Metals
106.1
105.9
126.8
during August, declined during September and the first Building materials
131.1
131.1
152.3
126.6
126.7
134.0
half of October," says the Board, which adds that "at Chemicals
Miscellaneous
96.8
. 96.5
126.8
member banks in leading cities there was a liquidation of All commodities
121.2
121.6
145.5
considerable growth in commercial
security loans, and a
loans and in investments."
National Association Reports Index Figure for Real
The Board's summary continues:
Estate Market Activity.
Production.
Real estate market activity for September is indicated by
Output of factories increased seasonally in September, while that of
mines declired. The Board's seasonally adjusted index of production in the figure 66.8 according to the index of real estate market
OCT. 25 1930.]
FINANCIAL CHRONICLE
activity as compiled monthly by the National Association of
Real Estate Boards. For August the figure was 69.6%.
The Index is based upon official reports of the total number
of deeds recorded in P4 typical cities throughout the country.
Real estate activity for the year 1926 is taken as the base year
in computing the monthly figures.
Monthly Indexes of Federal Reserve Board.
The monthly indexes of production, factory employment,
payrolls, &o., were made public as follows by the Federal
Reserve Board on Oct. 23.
INDEX NUMBERS OF PRODUCTION. FACTORY EMPLOYMENT AND
PAYROLLS,BUILDING CONTRACTS AND FREIGHT CAR LOADINGS.
(1923-1925=100)
2595
marked increases in wages to stimulate buying power, and conspicuous
changes in the use of credit or a stimulus to purchase out of future iI100112e
by selling on part-payment plans, he said. While instalment purchasing'
will continue, Dr. Person pointed out, we have already experienced the
extraordinarily stimulating influence of the early stages of its development and it will continue on a more settled basis.
In facing the coming decade many mass production industries will find
themselves confronted with a decreased demand and an apparently higher
cost per unit of production, due to the lessened output of their plants.
In Dr. Person's opinion, however, the same brains which perfected the
theory of volume production at low cost will perfect distribution and other
economies to offset the possible unit costs.
Estimating that wastes in distribution amount to from 5 to 10 per cent
of the price of many products and reach as high as 26% in others.
Dr. Person pointed out that the scientific management of distribution ha.
hardly been touched as yet by business men.
"Better analysis of markets, better selection of channels of distribution,
better control of inventories and the flow of goods," he said, "offer big
opportunities for economies within that area of industrial processing.
Without
Adjusted for
Seasonal Pa,tenons. Seasonal Adjustment.
Auto Spread Excessive.
"In the 'automobile industry, for instance, the spread between factory
cost and selling price is excessive. It is the natural outcome of intensely
competitive methods built up to most an intense demand. When a saturaSept. Aug. Sept. Sept. Aug. Sept.
tion point is reached and demand represents the normal increase in businessIndustrial production, total
plus replacement needs, competitive methods will be so modified and
123
122
92p
91
91p
90
Manufactures
1.2
122
9ID
88
90
9070
channels of distribution so reorganized as to effect economies which will
Minerals
100p 101
949
127
118
96
Building, value of contracts awarded.
replace and, perhaps, more than replace, losses which may result from
81
108
8
Factory employment
83.6 84.4 102.4 80.5 r85.1 r104.4 lessened volume of demand."
Factory payrolls
83.4 r81.7 r119.9
The specifications of leading automobiles in this country are so well
Freight car loadings
91
121
108
99
96
89
known and quality standards and style aspects so uniform, according to
Dr. Person, that there is no reason why they should not be sold by snailINDUSTRIAL PRODUCTION:INDEXES BY GROUPS.
order houses, department stores and even small stores which carry other
(Adjusted for seasonal variations)
merchandise lines. The economies affected by that method would be
tremendous when compared with the present expensive dealer sales organiManufactures.
Mining.
zation, he said. Distribution economies of similar importance are open to
Industry.
1930.
1929.
1929. other lines
Industry.
1930.
of industry, he added.
Pointing out that executives now believe high wages can be compensated
Sept. Aug. Sept.
Sept. Ateg. Sept.
for by better use of equipment and that purchasing power and, therefore,,
Iron a 1.1 steel
86
93 140 Witundnous coal
82 103
85
business activity are stimulated and maintained by widespread distributions
Tamil 53
81 116 Anthracite coat
V88
88 102
80
Food products
of income through generous wages, Dr. Person believes that wage males98 Petroleum
11
P93
9114 117 140
Paper and printing.... __ 108 130 Iron ore
are in no danger of being lowered. The impulse to cut wages, which pre96 121
79
Autonlobties
68
67 133 Copper
89 r84 125
veiled among executives before the war and right after the armistice, has..
Leath r and shoes-- p97 100 116 •Zinc_
94 120
94
Came It
become much less pronounced in the last ten years, he concluded..
111 117 118 Silver-....... ....
68
89
1929.
1930.
Nonferreus metals__ _ p97
Petrolsum refining _ -_
Rub r tires
Toba co manufaeres. 125
94
164
96
130
1930.
1929.
125
173
116
136
FACTORY EMPLOYMENT AND PAYROLLS
-INDEXES BY GROUPS.
(Without seasonal adjustment)
Employment.
Industry.
1930.
1929.
Payrolls.
1930.
1929.
Aug.
Iron and steel
Machinery
Textiles. grout)
Fabrics
Wearing apparel
Food
Paper and printing.
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals. grout)
Petroleum
Rubber products
Tobacco
o Preliminary.
.82.8
89.8
82.2
77.7
93.5
95.2
98.6
64.5
?70.3
73.2
86.1
74.5
72.5
102.7
108.5
77.4
87.7
Sept.
Sept.
Aug.
Sept.
83i6
101.0
119.5
98.4
97.0
102.0
102.4
•106.0
91.8
94.8
113.1
99.5
93.6
98.6
114.5
124.0
108.3
93.7
76(
84.2
81.2
70.9
102.1
100.8
106.3
65.2
68.0
.62.4
:76.2
.56.4
.70.7
401.3
113.8
71.8
80.0
77.5
r85.6
73.2
68.1
83.5
97.6
106.9
61.6
66.3
58.1
80.0
66.4
72.0
100.7
117.2
77.6
77.2
108.9
127.9
103.0
98.0
113.3
108.1
116.3
96.6
103.3
120.3
104.3
91.3
112.1
116.0
129.3
104.9
93.4
77.9
.76.6
81.3
92.9
993
66.5
.72.1
.76.3
87A
74.8
75.1
101.5
112.2
81.0
84.0
r Revised.
Commodity Price Index Declines Slightly, According to"
National Fertilizer Association.
The wholesale price index of the National Fertilizer Asso-elation consisting of 476 quotations showed a decline of only
two fractional points for the week ended Oct. 18. nee indelf
number now stands at 83.1 compared with 83.3 for the previous week and 96.4 a year ago. The index number of 100
represents the average for the three years 1926 through 1928.
Of the 14 groups comprising the index 9 declined, 3 advanced
and 2 showed no change for the latest week.
Important commodities listed among the 30 items that
declined were butter, milk, hams, corn, wheat, pig iron,
copper, petroleum and hides. Included in the list of 13
commodities that showed advances were cotton, burlap,.
sugar, lard, eggs, hogs, tin and rubber.
Deflation Policies Seen as Danger-Electrical Manufacturers Are Told Bankers Threaten Chances of
Recovery.
Asserting that a school of deflationist economists is threatening to put its imprint on American business, though
with'
a more disastrous result than was produced by the
so-called
"New Era enthusiasts," whom he accused of bringing
about
the excessive inflation which led to the stock market
panic
of last fall, Virgil Jordan, economist, told members of the
National Electrical Manufacturers' Association at Old Point
Comfort, Va., on Oct. 20 that the country has been plunged
into a dangerous deflation policy since Sept. 1 and added
(according to a dispatch to the New York "Journal
ot
Commerce"):
Downturn in Commodity Prices to Last Teri Years,
According to Dr. H. S. Person-Looks for Gradual
Drop That Will Not Affect Wages or Profits
Savings in Distribution.
A gradual downward trend in price levels resembling that
which marked the last business decade will continue for
another ten years, Dr. H. S. Person, secretary of the Taylor
Society, predicted in an interview with The New York
"Times" on Oct. 5. The decline, in Dr. Person's opinion, however, will be slight, and will no' affect either profits or the
general wage scale. Economies affected in the field of dis"Whether by
ignorance, or refusal to recognise tIie.
tribution, he said, will square profit returns with the lower facts on the partdeliberate plan, theirof
of a small collection
economic crustaceans and financial
scale of prices. Confident that the present Industrial de- fossils, we have been plunged since the beginning of September into b.
process of reckless and uncontrolled deflation," Mr.Jordan
said.
pression has struck bottom, Dr. Person looks for an upturn
"When the Governor of a Federal Reserve bank
stands
which at first will be too gradual to become immediately vention of investment bankers, condemns the American up before a conpeople for their
apparent, but eventually will bring a degree of activity com- presumption in using automobiles, radios and electric refrigerators, and
asserts that American living standards must be reduced,
we should know
porable to that of 1925 or 1928.
the fundamental principles of economic progress are
being openly challenged
"The pick-up will probably begin with this Fall's seasonal and the signal sounded for retreat, a retreat that would be the most drastic
activity," he pointed out, "but will be so gradual and com- and disgraceful in the world's history," said Mr. Jordan.
"American people by openly doling out charity
to
posed of such small increments if improvement that industry with one hand and secretly cutting away their standardsthem this winter
of living with the
other.
generally is not likely to feel it and will become aware of it
Dangers Seen Greater.
chiefly through statistical methods of general measurement."
"The deflationists have replaced the New Era
enthusiasts of last year Iv
the saddle of American business,and through the tragic
,Quoting him further the New York "Times" said:
failure of intelligent,
progressive
Sees No Return to Boom.
"I cannot see any factors which give us a right to believe that this
gradual improvement during the next ten years will develop into any such
activity as was realized during 1926 and the months which preceded the
1929 smash." '
Factors which brought intense activity in the past included the development of new industries, such as the automobile and radio, additional
leadership during the crucial months since June, we
are now
faced with dangers far more dangerous than those of
excessive inflation.
"A measure of deflation may be necessary and salutary
after a period a
overexpansion, but it now seems to be wholly forgotten that the
process olf
deflation is just as dangerous and requires as much vigilant
c,ontrel as doer,
inflation. But the bitter-enders of deflation and defeatism who
are now in.
the saddle are quite as blind and bigoted as those
who were proclaiming:
an era of permanent and unparalleled prosperity in
1929. and in many cases,
they are thesame people. With the three largest
banks in the country cleasky.
2596
FINANCIAL CHRONICLE
[VOL. 18L
lined up on the side of deflation, and the Federal Reserve System standing tween December and March. Such a revival in construction might well
idly by,it is probable that we are in for an unduly prolonged period of busi- be the basis of an improvement in business conditions generally.
An encouraging factor in the situation last month was that whatever
ness stagnation and political unrest unless business leadership in every
Industry mobilizes the constructive forces of individual initiative to check declines in building permits have been registered appear to be spread over
the smaller communities while the bigger cities are more than holding their
the process.
"As the fourth quarter begins it has become clear that hopes of business own. For example. New York City fell only $2,000,000 behind Septemrecovery this year have been disappointed and that such recovery is now ber last year, while Chicago, Los Angeles, Philadelphia, Cleveland, Jersey
being deferred to some indefinite time, possibly in the spring or later next City, Albany, Portland, Ore., Dallas, Houston and other leading cities
year. Such hopes were fully justified by the soundness of underlying eco- showed a pronounced gain over the same month last year.
nomic conditions in the country and by the irregular but definite upward
The Straus Index.
movement in business during the first half of this year.
The Straus Index of building permits registered a 4% increase in SepFrightened Bankers.
tember over August, in spite of the fact that the seasonal factor based on
"Then after the end of June,this promising picture wassuddenly changed. the period from 1923 to 1929 called for a decline of 9.7% between those
of the castor oil months. September 1930, furthermore, is the first month since July 1929
Possibly the banks,frightened by the puritanical platitudes
economists, began to feel that we had not taken enough of our medicine that the Straus index has exceeded the calculated line of trend. It should
of deflation and had not done adequate penance for our sins, and that busi- be remembered in this connection, however, that this line of trend is based
ness recovery should not be allowed to come until all the weak spots left by on the trend of building permits since 1923. This trend has been downthe boom had been removed. Possibly they thought that things were going ward since the middle of 1926 and for September 1930 was 25% under
well enough to take care of themselves thereafter. For whatever reasons, July 1929. The return toward the line of trend which began in April of
there was a definite and disastrous relaxation of the pressure for recovery this year has been twice interrupted by declines, in June and August.
On the part of business and financial leaders. They went off, literally and
25 Leading Cities.
In their thinking, on long summer vacations and let things slide. The
The 25 cities throughout the country which reported the largest volume
relaxed their pressure toward credit expansion,
Federal Reserve banks
of building permits for the month as a group registered a 29% gain over
and the rate of increase of loans and investments of member banks began August 1930, and a 7% loss from September 1929. The volume of permits
to fall off. Gold ceased to flow out and began to be drawn in again from In the 25 cities in September was $101,132,905, compared with 278,628,443
countries where it was sorely needed, as the foreign bond market weakened in
August 1930 and $109,181,952 in September 1929.
and finally collapsed. Depression began to deepen and run into political
The Labor Situation.
unrest abroad. Commodity prices, which had been declining more and more
slowly, and finally had become practically stable during August and early
Unemployment in the building trades as reported by the American Fedmarkets, eration of Labor was 38% for the month of September. This is an imSeptember, developed acute weakness again, and the security
sensing the turn of the tide registered their decisive verdict on the question provement of 1% over August. Figures for unemployment from the same
of business recovery this year."
source for union members of all trades likewise improved 1%. Unemployment in the building trades is still 17% greater than the composite for all
trades.
Building Materials.
Ford Increases Wages at His Plant in Germany—Action
Changes
materials continued light in
in Line With Move to Raise Workers' Buying In Demand for buildinglocal. Atlanta dealers raised September. Portland
the prices of
material prices were
Power.
cement, sand, gravel, crushed stone, hollow tile and common brick.
materials. Strucdecreases
In
The following United Press advices from Berlin Oct 16 tural Dallas, price remained were reported for numerous below normal. A
unchanged, with inquiries
steel prices
are from the New York "Herald Tribune":
for Douglas fir in Seattle was reported
price increase of $1 per 1,000 ft. b.m.
The Socialist newspaper "Der Abend" published to-day the text if a mim- though prices were quoted $2 below a month ago for this same product deeographed letter sent to the employees of the Ford automobile plant in livered in Manhattan.
Berlin, indicating that the American manufacturer, in Germany as well
Building Permits and Residential Contracts Awarded.
as in the United States, is raising wages on the theory of increasing workers'
Chart 1 [we omit the charts.—Ed.] shows the fluctuations of building
purchasing power.
below their respective
The letter was read with interest because the Government has proposed permits and residential contracts awarded, above and
The data for contracts awarded
to reduce wages as a measure for increasing German trade through produc- lines of trend for the period 1923-1929.
were obtained from the monthly reports of the F. W. Dodge Corp., and
tion costs. The letter said:
trend. Disregarding
"As a result of your increased productivity we are enabled to raise your were adjusted for seasonal variations and secular
movements of
wage, effective Oct. 20, from 2.40 nruks (57.078 cents) hourly to 2.50 minor fluctuations, it may be observed that the major
to add to your residential contracts are preceded by a period offrom three to five months
marks (59.45 cents). We know that this Increase will tend
by the S. W.Straus index of building permits.
purchasing power."
For example,from the low points reached by both series in 1923, building
The letter was delivered."Der Abend"says, yesterday when almost 130,In 1926,
000 Berlin metal workers quit work rather than accept wage cuts amounting permits began to recover in July;residential contracts in October.
building permits began to recover in March from the low reached in that
in some cases to 8% and in others to 6%.
recover until August. Again,
did
year: building
The New York "Journal of Commerce" in its issue of the precipitouscontracts 1929not definitely for building permits and in
began in May
drop of
editorially on the above as follows:
Oct. 22 commented
August for residential contracts. Since March 1930 the movements of
building permits and residential contracts have been practically synchro-Timed Wage Increases.
Ill
•
nous. The barometric character of building permits is further emphasized
Mr. Ford could not have selected a more unfortunate moment than when it
is remembered that in general residential contracts anticipate the
the present occasion to announce a wage increase for the employees of movements of the various other classes of buildings. the total volume of
.his Berlin assembling plant. Applying his theory that high wages create construction, and indeed most of the indexes of general business activity.
prosperity in a country convinced that wages too high for its means are
Industrial Production and Factory Employment.
being paid, Mr. Ford plays directly into the hands of labor agitators.
Indexes of industrial production and of factory employment compiled
,The German Government is now engaged in a life and death struggle to
efforts to reduce by the Federal Reserve Board are shown in Chart 2. The index for induscut Governmental costs and also to aid industry in its
production outlays. The campaign will be hard fought,strikes are already trial production represents nearly 80% of the total industrial production
in progress and the outcome is highly uncertain.
of the United States and the index of factory employment includes staThis is the moment dramatically chosen by Mr. Ford to announce a tistics for about 78% ofthe total wage earners employed in all manufacturing
of costs will not be industries in the United States. In August 1930 the latest month charted,
.10% wage advance. Few men are involved and the bill
great, but it is a foregone conclusion that the opponents of wage reductions industrial production had reached the lowest levels since the latter part of
will seize with avidity upon this episode to denounce the industrialists 1924;factory employment the lowest levels since the early part of 1922.
who are insisting that business recovery is impossible until the expenses of
Commodities and Building Materials.
Industrial operation have been reduced.
Wholesale prices in August, as measured by the wholesale commodity
It is Probably asking too much to suggest that American employers
of the U. S. Bureau of Labor Statistics, remained at the July
of foreign labor should extend concepts of fair play to the labor markets price index
checking a steady decline which began about a year ago (see
of the countries in which they compete for the services of workers. But levels, thus
The index of building materials prices, however, continued to
It Is surely not too much to ask that they should show a certain conformity chart 2).
decline from 88.9 in July to 87.4 in August, 1930. This decline in the index
In practice to the expressed political wishes and the national necessities
is largely attributable to lumber, which is the weakest commodity in the
of the countries in which their plants are domiciled.
group.
25 CITIES REPORTING LARGEST VOLUME OF PERMITS FOR SEPTEMBER, 1930, WITH COMPARISONS.
Sept. 1930. Sept. 1929. Sept. 1928. Aug. 1930
Building Permits in September Exceeded Those for
$29,282,503 $31,674,925 257,540,387 $28,371,352
New York
for September Chicago (plans filed)
7,634,700
August but Fell Far Below Those
11,316,200 19,670,700
13,381,500
6,494,577
8,505,327
6,629,710
Las Angeles
6,662,761
2,507,145
of Previous Year.
•
6,255,770
3,760,610
5,829,645
Philadelphia
3,770,956
9,928,308 10,567,879
5,106,257
Prospective building conditions throughout the entire Detroit
2,883,250
2,028,725
2,087,250
4,276,975
Cleveland
182,715
1,295.035
2,030,770
3.479,527
showed improvement in September over the Jersey City
United States
1,179,268
1,295,233
642,925
Albany
3,092,025
1.281,225 1,039,010
1.862,845
2.781.430
preceding month, according to official reports of building Portland
1,058,605
1,329,221
7.490.606
2,679,213
Buffalo
1,599,000
4,071,925
permits issued in 577 leading dities and towns as made to Milwaukee
3,606,744
2,462,346
2,350.640
6,605.500
3,249.240
2.005,952
volume of permits for September Baltimore
S. W. Straus & Co. The
1,201,535
2,041,460
1,044,0135
1,962,190
Long Beach, Calif
584,172
995,585
643,956
1,957,827
was $168,254,846, compared with $161,609,331 in August— Toledo
1,242,128
2,442.080
1,842,015
1,940,831
San Francisca"
941,165
700,768
768,992
1,920.189
a gain of 4%. This gain, it is stated, is all the more signifi- Dallas
1,342,092
1,904,054
1.622.669
1,873,506
3,305,325
cant in view of the feet that normal seasonal factors call for Houston
3,231,990
5,138.415
1,724,030
Cincinnati
1,567,225
1,474.210
1,444,190
1,426,990
a decline of more than 9%% between the two months. The Seattle (plans flied)
1,754.309
4,003,188
1,507,950
1,365,065
Boston
1,287,001
however, were 23% below those of Sep- St. Louis
2.911,732
2,403,764
1,345.645
September figures,
1,122,985
2,234,985
1,076,590
1,2135,615
Minneapolis
802,268
270,678
295,576
tember last year, when the volume was $218,009,891. Richmond, Va
1,158,023
2,396,620
3,967,155
3,232.900
1,077,810
Washington
Still, this is a substantial improvement over the 37% loss Oklahoma Cltv
2,010,400
1,468,125
3,905,715
1,044,050
building is conin August and indicates, we are told, that
$101,132,905 M09,181,952 $148,126,835 $78,628,443
the steady upward climb toward normal, which,
tinuing
has been going on since early
with but few interruptions,
Loading of Railroad Revenue Freight Continues at a
this year. The Straus report goes on to say: actual construcLow Ebb.
permits precede
Records of past years show that building
months. If this precedent conLoading of revenue freight for the week ended on Oct. 11
tion operations by between three and five
increase in actual building activitinues in the present situation, a distinct
totaled 954,874 cars, the car service division of the American
experienced throughout the country sometime be-
ties should possibly be
OCT. 25 1930.]
FINANCIAL CHRONICLE
Railway Association announced on Oct. 21. This was a decrease of 17,618 oars below the preceding week this year and
a reduction of 224,666 cars below the same week last year.
It also was a decrease of 235,867 cars compared with the
corresponding week in 1928. Details are outlined as follows:
Miscellaneous freight loading for the week of Oct. 11 totaled 378.146
cars, 101.366 cars under the same week in 1929 and 101.174 cars under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 242.695
cars, a decrease of 28.183 cars below the corresponding week last year and
27.197 below the same week two years ago.
Coal loading amounted to 176,689 cars, a decrease of 31.575 c rs below
the same week in 1929 and 31,251 cars under the same week two years ago.
Forest products loading amounted to 39.229 cars, 25.494 cars under
the corresponding week in 1929 and 27.488 cars under the same week two
years ago.
Ore loading amounted to 37,017 cars, a reduction of 24,393 cars below the
same week in 1929 and 23,669 cars below the same week in 1928.
Coke loading amounted to 9.050 cars, a decrease of 3.200 cars below the
corresponding week last year and 1.941 cars under the same week in 1928.
Grain and grain products loading for the week totaled 40.667 cars a
decrease of 6.150 cars under the corresponding week in 1929 and 16.144
cars below the same week in 1928. In the western districts alone, grain
and grain products loading amounted to 27.907 cars, a decrease of 5,837
cars below the same week in 1929.
Live stock loading totaled 31.381 cars. 4,305 cars under the same week
In 1929 and 7,003 cars under the corresponding week in 1928. In the
western districts alone, live stock loading amounted to 24,388 cars, a decrease of 4,296 cars compared with the same week last year.
All districts reported reductions in the total loading of all commodities.
compared not only with the same week in 1929, but also with the same week
in 1928.
Loading of revenue freight in 1930 compared with the two previous years
follows;
1928.
1929.
1930.
Four weeks in January
3.349,424 3,571,455 3,448.895
3.590.742
Four weeks in February
3,766,136
34505.962
Five weeks in March
4,414.625 4,815,937 4,752.559
Four weeks in April
3,619,293 3,989.142 3,740,307
Five weeks in May
4.939.828
5.182,402
4,598.555
3,989.442
Four weeks in June
4,291,881
3,719,447
3.944,041
Four weeks in July
3.555,731
4,160.078
Five weeks in August
5,348,407
4,670.368
5,600,706
Four weeks in September
3,725,243 4,542,289 4,470.541
Week of Oct. 4
1,187.032
1,179,947
972,492
Week of Oct. 11
1.190,741
954,874
1,179,540
2597
and Seattle, 11%;Baltimore,Buffalo,Indianapolis, Little Rock, Louisville,
Milwaukee. Philadelphia, Portland (Me.), Providence. Rochester, St.
Louis, St. Paul, Salt Lake City and Scranton. 10%;•Bridgeport, Houston,
Manchester, Memphis, Minneapolis. Newark. New Orleans, New York,
Omaha, Peoria, Pittsburgh, Richmond, Savannah and Washington, 9%;
Birmingham, Boston, Chicago, Columbus, Denver, San Francisco and
Springfield (I11.), 8%; Charleston (S. C.). Cincinnati, Jacksonville and
Mobile, 7%.
As compared with the average cost in the year 1913. food on Sept. 15
1930 was ss% higher in Chicago; 55% in Cincinnati and Washington;
52% In Scranton; 51% in Richmond; 50% in Baltimore, Birmingham,
Buffalo, Charleston (S. C.), and New York; 49% in Boston, Detroit,
Pittsburgh and St. Louis;48% in Milwaukee, New Haven and Providence;
47% in Philadelphia;46% in Atlanta and Minneapolis;45% in Indianapolis,
New Orleans and San Francisco; 44% in Manchester; 43% in Cleveland,
Dallas and Louisville; 42% in Fall River; 41% in Kansas City, Little
Rock and Newark; 40% in Omaha; 39% in Jacksonville and Memphis;
36% in Seattle; 33% in Los Angeles; 31% in Denver; 29% in Portland
(Ore.); and 25% in Salt Lake City. Prices were not obtained in Bridgeport. Butte, Columbus, Houston, Mobile, Norfolk, Peoria, Portland (Me.),
Rochester, St. Paul, Savannah and Springfield (Ill.) in 1913, hence to
comparison for the 17-year period can be given for these cities.
INDEX NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
OF FOOD IN THE UNITED STATES (191100.0).
Year and &WI, Rou'd Rib Chl Plate I Pork BoButMonth. steak, steak. roast roast. beef. chow con. Kam Hens Milk. ter. Clete
............
0.0q=c1,0t,Oc1W.- e4
,
12;:ggS.18V4
--=
..-r
.--Z-.
-Revgat—lww1.1.1.1- -- ---!.,-!
qt.7c.1.4.4!0.1n.
Qg88zglirzNNA2=dZ,4S L4SSEggggnt-t VnAPX,14P
1_
- ------
8080AM°482S11=
1913 .
100.0 100.0 100.0 100.0
100.0 100.0 100.0 100.0 100.0 100.0 100.0
102.0 105.8 103.0 104.4
1914
104.6 101.8 101 7 102.2 100.5 94.4 103 6
101.1 103.0 101.4 100.6
1915
96.4 998 97.2 97.5 99.2 93.4 105.0
107.5 109.7 107.4 106.9
1916
108 3 106,4 109.2 110.7 102 2 103 0 116.7
124.0 129.8 125.5 130.6
1917
151.7 151.9 142.2 134.5 125 4 127 2 150.4
1918
153.2 165.5 155.1 166.3
185.7 195.9 178.1 177 0 156.2 150 7 162.4
164.2 174.4 164.1 168.8
1919
201.4 205.2 198.5 193 0 174.2 177 0 192.8
172.1 177.1 167.7 163 8
1920
201.4 193.7 200.3 209.9 187.6 183 0 188.2
1921
152.8 154.3 147.0 132.5
166.2 158.2 181.4 186.4 164.0 1351 153.9
147.2 144.8 139.4 123.1
1922
157.1 147.4 181.4 169.0 147.2 125.1 148.9
153.9 150.2 143.4 126.3
1923
144.8 144.8 169.1 164.3 155.1 144.7 167.0
155.9 151.6 145.5 130.0
1924
146.7 139.6 168.4 165.7 155 1135.0 159.7
159.8 155.6 149.5 135.0
174.3 173 0 195.5 171.8 157.3 143.1 166.1
1925
162.6 159.6 153.0 140.6
188.1 186.3 213.4 182 2 157.3 1380 165.6
1926
167.7 166.4 158.1 148.1
175.2 174.8204.5 173 2 158.4 145.2 170.1
1927
188.2 188.3 176.8 174.4
165.7 163.0 196:7 175.6 159.6 147./ 174.2
1928
196.9 199.1 185.4 186.9
175.7 161.1 204.1 186.4 160.7 143 9 171.9
1929
1929
153.8 159.3 200.0 184.0 160.7 150.7 173.8
Jan.._ 190.6 191.0 180.8 181.3
157.1 158.2 199.6 1864 160.7 152.7 172.1
Feb__ 188.2 188.8 178.8 179.4
March._ 188.6 189.2 179.3 180.0
167.6 158.9 201.9 190 11607 152.5 172,8
176.7 160.4 203.3 196 2 159.6 14.5.7 172.4
192.9 194.6 183.8 184 4
Apr11
179.5 160 7 204.8 198 1 159.6 142.3 171.8
May. __ 198.4 201.3 187.9 190.0
179.0 102.2 205.6 *939 159.6 140.5 171.9
June._ MIA 205.4 189.9 191 9
206.7210.8 192.9 195.6
188.1 164 1 209.7 187.3 169.7 139.4 171.1
July
206.3210.8 191.9 194.4
192.4 165 6 211 2 1850 160.7 140.5 171.0
Aug
193.8 1844 209 7 184 0 160.7 143.1 171.8
Sept__ 202.8206.7 189.4 191.9
Total
37,086,014 42,279,513 40,602,535
185.2 161 9 204 8 *803 161.8 145.4 171./
Oct_, 198 0 199 6 186 9 187 5
170 5 159 3 2® 4 177 1 161 8 139.7 171.(
Nov __. 194 1 196 4 183 3 183 8
Dee_ _ 192 5 194 6 181 8 183 1
163 3 157 4 198 5 174.2 161 8 134 7 170.1
British Unemployment Now Worst Since 1921
-Only 1930
168.1 157.0 199.3 178.4 159 6 121.9 169.1
Jan ....„ 192.9 195.5 183.3 184.4
Exception Was in General Strike of 1926
-Year's
167.6 157.8200.7 179.3 158.4 122 7 167.1
Feb._ 191.3 194.2 181.8 184.4
171.9 157.8 201.1 179.8 157.3 121.9 164.1
Mar__ 190.6 192.8 181.3 182.5
Increase 768,966.
176.7 157.4206.4 179.3 1*7.3 125.6 162.1
April._ 190.2 193.3 181.3 182.5
171 9 156.7 200.7 175.6 157.3 1209. 162.1
May
190.2 192.8 179.8 179.4
The following London cablegram, Oct. 17, is from the
188.6 191.5 177.3 175.6
174.3 156.7 200.7 167.6 157.3 113.1 157.1
June
New York "Times":
173.81156.7 200.4 181.5 157.3 114.1 1551
July- 182.3 184.3 171.7 166.3
7,6 176.7 '6't 1 155.6
'74.. '" - 0 81 , 0
,.\.
, ° • ' 53 ,
C....
177 9 1712 n lAR 7 lAll n
IRA 9 1RD 1 109 n 1 S9 0 1 KT 9 10,0 IRA
The week's reports on unemployment show continued increase in the
number of men out of work in Great Britain. The total as of Oct. 6 was
stns.% NUMBERS OF RETAIL PRICES OF THE PRINCIPAL ARTICLES
2,176,191, which was an increase of 14,502 for the week and of 768,966 in
OF FOdb IN THE UNITED STATES.
12 months.
Unemployment is now at the highest point since 1921, if one eliminates
Weighted
the period of the general strike in 1926. The official index of cost of livYear and Lard Eggs Bread Flour Corn Rice pout- Sugar Tea ColFood
ing at the end of September is placed at 56% above July 1914. The
meal
Month,
toes
fee
Index
comparison showed increase of 57%, a year ago 65%.
month before the
1913
100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0
100.0
The lowest level so far reached was last May, when living costa were 1914
98.6 102.3 112.5 103.9 105 1 101 2 *083 108 2 100 4
102.4 .
figured as 54% above 1914.
1915 ....... 93.4 98.7 125.0 125.8 108.4 104.3 88.9 120.1 100 2
101.3
111.0 108.8 130.4 134.6 112.6 104.6 158.8 1464 100 4
1916
113.7
174.9 139.4 164.3211.2 192.2 119.0 252.7 169.3 11169
1917
146.4
210.8 164.9 175.0 203.0 226.7 148.3 188.2 176.4 119.1
1918
168.3
Increase in Retail Food Prices in United States Aug. 15 1919
233.5 182.0 178.6 218.2 213.3 173.6 223.5 205.5 128.9
185.9
1920
186.7 197.4 205.4 245.5 216 7 200 0 370.6 352.7 134.7
to Sept. 15.
203.4
1921
113.9 147.5 178.8 175.8 150.0 109 2 182 4 145.5 128.1
153.3 ,
107.6 128.7 155.4 154.5 130 0 109.2 164.7 *327 1252
Retail food prices in the United States as reported to 1022
141.6
112.0 134.8 155.4 142.4 136.7 1092 170.6 183.6 127.8
1923
146.2
the Bureau of Labor Statistics of the United States Depart- 1924
120.3 138.6 157.1 148.5 156.7 116.1 158.8 167.3 131.4
145.9
147.5 151.0 167.9 184.8 180.0 127.6 211.8 130.9 138 8
157.4
ment of Labor showed an increase of approximately 1 1-3% 1925
1926
1.38.6 140.6 167.9 181.8 170 0 133 3 288.2 125.5 141 0
160.6
122.2 131.0 166.1 1687 173.3 123.0 223.5 132.7 142 5
on Sept. 15 1930 when compared with Aug. 15 1930, and a 1927
155.4
1928
117.7 134.5 162.5 163.6 176.7 114.9 158.8 129.1 142 3
154.3
decrease of almost 93i% since Sept. 15 1929. The Bureau's *929
,
115.8 142.0 160.7 164.5 176.7 111.5 188.2 120.0 142 6
156.7
weighted index numbers, with average prices in 1913 as 1929
Jan
117.1 146.7 160.7 154.5 176.7 112.6 135.3 121.8 142.5
154.6
Feb... _ 116.5 142.3 160.7 154.5 176.7 112.6 135.3 120.0 142.6
154.4
100.0, were 160.8 for Sept. 15 1929, 143.7 for Aug. 15 1930,
March__ 116.5 122.0 160.7 154.5 176.7 1128 135 3 118.2 142.6
153.0
and 145.6 for Sept. 15 1930. The Bureau's 1311EVOy, made
Apr11 _ 117.1 106.4 160.7 154.5 176.7 112 6 135.3 116.4 142.6
151.6
May
116.5 112.2 160.7 151.5 176.7 111.5 158.8 116 4 142.6
153.3
available Oct. 20, continues:
June._ 115.8 120.0 160.7 148.5 176 7 111.5 182 4 116.4 142.5
154.8
July ..
115.8 127.8 160.7 151.5 176.7 111.5 229.4 *164 142.3
158.5
During the month from Aug. 15 1930 to Sept. 15 1930. 18 articles OD
Aug__ 116.5 140.0 160.7 157.6 176.7 112.0 235 3 1200. 142.5
160.2
monthly prices were secured increased as follows: Strictly fresh eggs,
which
Sept._ 117.1 153.6 160.7 100.0176.7 111.5 229.4 121.8 1428
160.8
11%; pork chops, 7%; lard 6%; chuck roast, butter and potatoes, 3%;
Oct__ _ *15.8 168.1 158.9 157.6 176.7 111.5 223 5 121.8 142.6
160.5
Noy_ 113.9 183.5 158.9 157.6 176.7 111.5 2235 121.8 14!.3
159.7
rib roast, plate beef, sliced bacon, canned red salmon and navy beans,
Deo__ i11.4 182.0 158.9 154.5 180.0 110.3 223.5 120 0 *42*'
158.0
2%;sirloin steak, round steak, leg of lamb, cheese and rice, 1%;and sliced 1930
ham and hens, less than five-tenths of 1%. Eleven articles decreased:
Jan ____ 108.9 160.6 158.9 154.5 180.0 110.8 229A 120.0 143.4
155.4
Feb._ 108.2 136.8 157.1 154.5 176.7 110.3 229.4 118.2 143 2
153.0
Onions, 10%; cabbage, 9%; prunes, 4%: sugar, 3%; flour, 2%; oleomarMar_ 107.0 102.3 157.1 151.5 176.7 109.2 229.4 116.4 142 8
1801 •
garine, canned tomatoes, coffee, bananas and oranges, 1%; and tea less
Aor11
106.3 100.0 157.1 148.5 176.7 110 3 241.2 114.5 142 5
151 2
than five-tenths of 1%. The following 13 articles showed no change in
May._ 1087 117.7157,1 145.5 176 7 109 2 252 9 114 5 142 5
150.1
the month: Fresh milk, evaporated milk, vegetable lard substitute, bread,
June
105.1 97.4 157.1 145.5 176.7 109.2 247.1 110.9 143.0
147.9
103.2 101.7 157.1 139.4 176.7 109.2 194.1 110.9 142.6
J1117
144.0
corn meal, rolled oats, cornflakes, wriest cereal, macaroni, pork-and-beans,
,
Ana.- 04.4 9'
4 "11 4 76.7 0:!.2 c' .4 0' 0.t
I41.7
canned corn, canned peas and raisins.
Rant
I1flRI91O1.c0SI222l7AIIflt1sR2Ifl721421
1/2 ft
Changes in &tail Prices of Food by Cities.
During the month from Aug. 15 1930 to Sept. 15 1930 there was an
increase in the average cost of food in 48 cities, as follows: Pittsburgh and Sales of Ordinary Life Insurance in U. S. in Nine
Washington, 4%; Bridgeport, Omaha and Philadelphia, 3%; Baltimore,
Months of 1930 Equals 1929 Production-September
Chicago, Columbus. Denver, Indianapolis, Kansas City, Milwaukee,
Sales Show a 10.9% Loss.
Minneapolis, New York, Norfolk. Providence, Rochester, St. Louis, St.
Paul, San Francisco and Springfield, Ill., 2%; Atlanta, Boston, Buffalo,
The Research Bureau at Hartford, Conn., which issues
Cincinnati, Cleveland, Dallas, Detroit, Fall River, Houston, Jackson- every
month information showing the condition of life
ville. Los Angeles, Louisville, Manchester, Mobile, Newark, New Raven,
New Orleans, Peoria;Portland (Me.). Richmond. Salt Lake City and Seat- insurance throughout the country, has the following to say
tle. 1%;and Birmingham, Memphis,Portland (Ore.), Savannah and Scran- under date of Oct. 18:
ton, less than five-tenths of 1%. In three cities, Butte, Charleston (8. C.)
Ordinary life insurance is one of the very few industries whose production
and Little Reck, there were decreascs of less than five-tenths of 1%.
for the year 1930 to date balances that of the same montes of 1929. During
For the year period Sept. 15 1929 to Sept. 15 1930, all of tee 51 cities the first months of the year. sales of life insurance continued to
increase
showed decreases: Butte, Detroit, Los Angeles and Portland (Ore.). 12%; while other industries were recording losses. It was not until May
that the
Atlanta, Cleveland, Dallas, Fall River, Kansas City, New Haven,Norfolk life insurance curve took a downward trend. The gains in the
early months
2598
were sufficient to offset the decreases since April so that at the close of
September the production of the nine months of 1929 and 1930 is practically
the same. This condition is general throughout the country, no section
greatly exceeding or falling far below last year's production. The three
Pacific States showed the greatest average gain and exceeded their production in the first nine months of 1929 by 6%.
Figures which have just been compiled for September show that the curve
of paid-for business Is still trending downward. The United States as a
whole showed an average loss of 10.9%. It must be remembered, however,
that we are comparing our monthly figures to sales in a period when every
industry was experiencing great prosperity. The average monthly loss was
shared by every section of the country. There were only four States:
Virginia, Florida, Wyoming and the District of Columbia which showed
an increase in September 1930 when compared to September 1929.
The figures are based on the monthly reports of 78 insurance companies.
On Jan. 1 1930 these companies had in force 88% of the total legal reserve
ordinary life insurance outstanding in the United States.
The following figures show the percentage increase or decrease in life
Insurance sales for the month and for the nine months of 1930 when compared to the same period last year.
Sales of Ordinary Life Insurance
1930 Compared to 1929.
First 9 Mos.
Sales.
United States Total
New England
Middle Atlantic
East North Central
West North Central
South Atlantic
East South Central
West South Central
Mountain
Pacific
100%
98
101
97
103
101
96
92
97
106
September
Sales.
89%
88
92
84
87
92
84
83
92
96
In addition, the Bureau has also information on life insurance sales for
the 12-month period which ended Sept. 30 1930. These figures show the
country as a whole increased Its sales 1% over the preceding 12 months.
Life Insurance Sales Decrease in Canada.
The September report of life insurance sales in Canada
indicates that the Dominion is still experiencing the business
depression which has retarded life insurance sales during the
past months. The Life Insurance Sales Research Bureau
at Hartford, Conn., in reporting this under date of Oct. 18,
adds:
The volume paid for in September was 10% smaller than the volume
sold in the same month last year. This general decrease was not due to
any particular Provinces showing enormous losses but was the result of
decreased sales in every Province. The Provinces of Ontario and Quebec
which pay for over half the new business sold in the Dominion,show monthly
decreases of 5% and 7% respectively.
In two months of 1930, March and June, Canada increased production
over 1929 and in the other months sales decreased. For the nine months
as a whole the volume of new business paid for is 5% smaller than for the
same period last year. Prince Edward Island is the only Province to show
an increase, British Columbia and Quebec equalled their production of the
nine months last year; all the other Provinces showed decreases'. The
figures are based on the experience of companies which had in force 84%
of the total legal reserve ordinary life insurance outstanding in Canada on
Jan. 11930.
-month period which ended Sept. 31 1930 is considered, the
When the 12
decrease in sales is smaller. During this period five Provinces increased
their production over the preceding year. The Dominion as a whole experienced a small loss, to which the other Provinces all contributed.
The cities for which figures are reported show varying results. Hamilton
and Montreal increased their production in the mouth over September last
year. The other cities showed losses.
Country's Foreign Trade in September-Imports and
Exports.
The Bureau of Statistics of the Department of Commerce
at Washington on Oct. 15 issued its statement on the foreign
trade of the United States for September and the nine months
ended with September. The value of merchandise exported
in September 1930 was $318,000,000, as compared with
$437,163,000 in September 1929. The imports of merchandise are provisionally eomputed at $227,000,000 in September the present year, as against $351,304,000 in September
the previous year,leaving a favorable balance in the merchandise movement for the month of September 1930 of $91,000,000. Last year in September there was a favorable trade
balance on the merchandise movement of $85,859,000. Imports for the nine months of 1930 have been $2,401,838,000,as
against $3,360,017,000 for the corresponding nine months of
1929. The merchandise exports for the nine months of 1930
have been $2,958,509,000, against $3,843,676,000, giving a
favorable trade balance of $556,671,000 in 1930, against a
favorable trade balance of $483,659,000 in 1929. Gold imports totaled $13,671,000 in September, against $18,781,000
in the corresponding month of the previous year, and for the
nine months were $287,473,000, as against $255,084,000.
Gold exports in September were $11,135,000, against only
81,205,000 in September 1929. For the nine months in 1930
the exports of the metal foot up $101,658,000, against but
$9,942,000 in the nine months of 1929. Silver imports for
the nine months of 1930 have been $34,178,000, as against
$48,914,000 in 1929, and silver exports $42,158,000, as
against $61,047,000. Following is the complete official
report:
[Vol- 131.
FINANCIAL CHRONICLE
TOTAL VALUES OF EXPORTS AND IMPORTS OF THE UNITED STATES.
(Preliminary figures for I am corrected to Sept. 15 19300
Merchandise
te
September.
1930.
1,000
Dollars.
318,000
227,000
Exports
Imports
Excess of exports
Excess of imports
9 Months Ended Sept.
1929.
1930.
1.000
1.000
Dollars.
Dollars.
437,163 2,958,509
351,304 2,401,838
91,000
85,859
556,671
1929,
Increase(+)
Decrease(-)
1,000
Dollars.
3,843,676
3,360,017
1.000
Dollars.
-885.167
-958,179
483,659
EXPORTS AND IMPORTS OF MFAtc•BANDIRE. BY MONTHS.
,
1'930.
1929.
1928.
1927.
1926.
1925.
1.000
1,000
1,000
1,000
1,000
1,000
Dollars. Dollars. Dollars
Dollars
Dollars. Dollars.
410,838 488,023 410,778 419,402 396,836 446.443
348.835 441.751 371.448 372,938 352,905 370.676
369.601 489.851 420.617 408.973 374,406 453,653
331,732 425,264 363,928 415.374 387,974 398,255
320,048 386,013 422,557 393.140 356,699 370,945
294,659 393.186 388.661 356,966 338,033 323,348
266.661 402.861 378,984 341,809 368.317 339.660
298,135 380.564 379.006 374,751 384,449 379,823
318,000 437,163 421.607 425.267 448.071 420.368
528.514 550.014 488.675 455,301 490.567
442,254 544.912 460.940 480.300 447,804
426,551 475.845 407.641 465,369 468.306
ExportsJanuary
February
March
April
May
June
July
August
September
October
November
December
9 months ending Sept_ 2,958,509 3,843,676 3,557,586 3,508,120 3,407,690 3.503,171
5,240,995 5.128,356 4.865.375 4.808.660 4,909,849
12 months ending Dec
Imports
January
February
March
April
May
June
luiy
August
September
October
November
December
310.968
281,707
300,460
307.824
284.683
250.343
220,494
218,359
227,000
368,897
369,442
383,818
410,666
400.149
353,403
352,980
369,358
351.304
391,063
338,472
309.809
337.916
351,035
380,437
345,314
353.981
317,249
317,848
346.715
319,618
355.358
326.565
339.408
356.841
310,877
378.331
375,733
346.501
354.892
319,298
368,875
342,154
355,738
344.269
331.234
416,752
387,306
442,899
397.912
320,919
336.251
338.959
336.477
343,202
376.868
373,881
359,462
346,165
333.387
385,379
346,091
327,519
325,216
325,648
340,086
349.954
374.074
376,431
396.640
)
months ending Sept- 2.401.838,3,360,017 3.070,113,3,153,502 3.320,677 3,079.445
12 months ending Dec.
14.399 361 4.091 44414.184,742 4,430.888 4.226.589
GOLD AND All.% ER
September.
9 Months Ending Sept.
1930.
Excess of exports
Excess of imports
1929.
Increase(+)
Decrease(-)
1.000
Dollars.
1.000
Dollars.
1.000
Dollars.
1,000
Dollars.
11,135
13,671
Excess of exports_
Excess of imports
SilverL'xports
mports
1930.
1.000
Dollars.
Gold
Exports
Miports
1929.
1,205
18.781
101,658
287,473
9,942
255,084
2,536
17,576
185,815
245,142
3,903
3,461
4,374
4,111
42,158
34.178
61,047
48,914
442
263
7,980
+91.716
+32,389
12,133
-18,889
-14,736
EXPORTS AND IMPORTS OF GOLD AND SILVER, BY MONTHS.
Gold.
ExportsJanuary
February
(larch
April
May
tune
July
August
September
Jctober
November
December
1930. 1929.
1,000 1,000
Dollars Dollars
8,948 1.378
207 1,425
290 1.635
110 1,594
82
467
26
550
41.529
807
89.332
881
11,135 1,205
3,805
30,289
___ 72.647
Myer.
1927. 1930. 1929. 1928. 1927.
1928.
1.000 1.000,
1,000
1.000
Dollars. Dollars. Dollars. Dollars. Dollars. Dollars.
52.086 14.890 5.892 8.264 6.692 7.388
25,806 2.414 5,331 6.595 7,479 6.233
97.536 5.625 5,818 7,814 7.405 6.077
96.469 2.592 9,647 5,752 6,587 6,824
83,689 2,510 4.978 7,485 6.712 6,026
99,932 1.840 3.336 5,445 7,456 5,444
74,190 1.803 3.709 6.795 6.160 6,650
1,698 1,524 4.843 8,522 9.246 5.590
3,810 24.444 3,903 4.374 6,229 6,627
992 10.698
____
7,314 7,252 5.945
22,916 55.286
- 8,678 7.674 5,634
1,636 77,849
-__ 6.369 8.489 7.186
)mos. end. Sept. 101,658 9,942 535,216 57,842 42,158 61,047 63,966 56.859
116,583 560,760 201.455
12 mos.end. Dec.
83,407 87,382 75,625
Imports
January
February
Afarch
April
1May
June
MY
August
lep(ember
)etober.---,
govern ber
3ecember
12.908
60.198
55,768
65,835
23,552
13.938
21.889
19 714
13,671
____
48.577
26,913
26,470
24,687
24.098
30,762
35,525
19,271
18.781
21.321
7.123
8,121
38,320
14,686
2.683
5,319
1.968
20,001
10.330
2.445
4.273
14,331
29.591
24.950
59,355
22,309
16.382
14.503
34.212
14,611
10,738
7,877
12.979
2,056
2,082
10.431
4,756
3,923
4,831
3.570
3,436
2.707
3,953
P.932
3,461
---__
-__.
8.280
4.458
6,435
3.957
4.602
5.022
4,723
7.345
4.111
5,403
5.144
4,479
6,305
4.658
5.134
4.888
4.247
6,221
6,544
8.496
5.739
7.319
6.448
5.120
5,151
3.849
4,308
3,815
5,083
4,790
4,288
4,850
4,992
5.069
5,102
3,770
'mos.end Sept. 287.473,255,084.
100,026 192,966 34,178 48,914 50,232 41,132
2 mocend.Dee.,
1291,649 168.897 207,535
63.940 68.117 55,074
Milwaukee to Give Winter Jobs to 13,500-Plan
Scheduled for Adoption to Insure $14.40_a_Week$200,000 Fund to Be Voted.
A program of unemployment relief through muncipal
departments which would provide a maximum of 13,500
men with at least three days of work each week throughout
the winter was outlined by Alderman John Fleissner at a
meeting of the Milwaukee, Wis., Board of Estimate on
Oct. 21. says a Milwaukee dispatch Oct. 22 to the New
York "Times," which added:
An appropriation of $200.000 to finance the employment
program is
virtually certain by passage in the Common Council, Mr. Fleissner said.
Only men who have been residents of the city for one year or more will
receive employment under the program. This rule is expected to keep
the number actually put on the payrolls well below the fixed maximum
of 13.500.
The rate of pay will be 60 cents an hour. Thus each man employed on
the three-day
-week basis will receive a minimum of $14.40 a week.
_
OCT. 25 1930.]
FINANCIAL CHRONICLE
2599
The $200,000 fund, Mr. Fleissner said, would be divided among the
Street Sanitation Department, the Park Board, the Bureau of Illumination, the fire and police alarm system and other city departments which
can make use of man power during the winter. These departments ordinarily operate with skeleton staffs during the cold weather.
Applicants would be put at work through the Civil Service Commission, which would be charged with the duty of keeping out "floaters."
One crew of men would work half the week and the second shift the remaining half.
The fund,it is estimated, would last well into March, at which time work
will be getting under way on the 1931 program of major improvements,
which will provide employment for many more men.
Other parts of the city's relief program include co-operation of city officials with representatives of employers' groups in establishing a clearing
house for equitable distribution of labor opportunities; a speaking campaign to advocate creation of openings for labor during the winter, and
dovetailing county. State and private employment with the city's rotating
schedule.
early rebound in prices. Many costly errors were committed in the shadow
of that expectation. Now the belated acceptance by the stock market of
the probability that business recovery will be a very gradual process undoubtedly explains much if not all of the current readjustment in stock
prices. A recongnition of the same facts three months earlier in most of the
commodity markets precipitated thoroughgoing liquidation, for them, in
June and July. There is little if any evidence that fundamental new weaknesses have been discovered in the business situation. Moreover, the signs
are becoming more and more convincing that we are making progress on
the road through a serious business depression. These two facts should
afford cause for improved business sentiment.
October statistics make somewhat better reading than October sentiment. This has been the case now for two consecutive months. In September the figures on commodity prices revealed a firmness that has not been
present for over a ye r, ond yet business sentiment turned downward with
the stock market. This month we have additional assurance because commodities have maintained comp irative firmness for another 30 days. Also,
a clear majority of our business indices registered seasonal improvement,or
better. between August and September.
Business sentiment, nevertheless, is more depressed now than when the
bottom was not in sight. Stock market prices have broken the lows of
last November. The best explanation seems to be that business has heretofore refused to believe we were in a major depression and speculators, until
now, have scouted the idea of a slow recovery.
The "street's" habit of accepting steel operations and automobile production as the truest gauges of business conditions has been unfortunate
this fall for the morale of business. Steel is now 35% and auto production
40% below the average of the last five years for this season, with each of
them registering definitely lower than a weighted composite index of
production, which should certainly reflect present levels of activity better
than either of them.
Employment figures for September showed slightly more than the usual
seasonal rise from August: an improvement of about 2%. This gain was
recorded in New York. and for the country as a whole,in spite ofregrettable
reductions by large scale employers at numerous points.
Regina, Calgary, Medicine Bat and Victoria showed increases in both
comparisons.
Cumulative Record for First Nine Months 1930.
The following table gives the value of the building authorized by 61 cities
during September, and in the first nine months of each year since 1920, as
well as index numbers for the latter, based upon the total for the corresponding period of 1920 as 100. The average index numbers of wholesale prices
of building materials in the first nine months of the years since 1920 are
also given (average 1926-100).
Canadian Building Operations in September and the
Nine Months.
The value of the building permits issued by 61 cities in
Canada during September stood at $11,081,706; this was a
decrease of $2,736,039 or 19.8% as compared with the total
Minneapolis Plans to Ban Machinery and to Use of $13,817,745 reported in August, and of $6,035,311 or
Picks and Shovels to Relieve Unemployment.
35.3% in comparison with the aggregate of $17,117,017
Minneapolis advices (Associated Press) Oct. 21 to the recorded in September of last year. The cumulative total
New York "Times" said:
for the first nine months of this year was greater by 1.7%
Picks and shovels instead of machinery will be used in undertaking than the average for the same period of the 10 years, 1920-29,
a proposed program of winter work if plans of the Joint Public Welfare
Committee of the City Council to alleviate the unemployment situation although it was exceeded by the aggregates for the years
.
1929, 1928 and 1927. So says the Minister of Trade and
are carried out.
The committee hopes to collect lists of $1,000.000 worth of needed public Commerce, Department of Trade and Commerce,
Dominion
Improvements from city department heads and rotate jobs among the unBureau of Statistics, General Statistics Branch, Ottawa,
employed, giving part time work to about 10,000 or 15,000 men.
Canada. The report adds.
Some 50 cities furnished detailed statistics for September, showing
Business Conditions as Viewed by Foreman-State they had issued more than 1,100 permits for dwellings estimated to that
cost
National Bank of Chicago-Hopeful Signs in approximately $4,800,000, and nearly 3.000 permits for other buildings
$6,000,000. During August, authority was granted for the
valued at over
Present Situation Seen.
erection of,about 900 dwellings and 2,500 other buildings, estimated at
Despite the fact that it is clearly seen that business recovery approximately $4,000,000 and $9.800,000. respectively.
Alberta and British Columbia reported increases in the estimated value
will be slow, business sentiment is more depressed than
of building as compared with August 1930, there being gains of 128% and
actual conditions warrant, in the opinion of the "Business 28% in those provinces, respectively. Of the declines in the remaining
Observer," monthly review of the Foreman-State National provinces, that of $1.906,192 or 33% in Ontario was most pronounced.
As compared with September 1929, there was a gain in Alberta, whose
Bank, issued Oct. 20. The "Business Observer" points out
four cities showed an increase of $179,863 or 18.9%. In the remaining
many hopeful signs in the present situation. It makes a provinces there were reductions, of which that of $3,294.460 or 46% in
comparison between the present depression and that of 1921, Ontario was the largest.
Of the larger cities, Montreal registered lower totals
taking nine indices as a guide, and expresses the belief that than in either the preceding month or the same month of permits; issued
of last year. In
the pronounced upswing in the business curve cannot be Toronto and Vancouver, there was an increase in the former, but a decrease
expected before the first quarter of 1931. Regarding the In the latter comparison, while Winnipeg reported a gain over September
1929, but a smaller total than in August 1930. Of the other centres,
present situation the Foreman-State publication says:
Shawinigan Falls, Brantford, Owen Sound, St. Thomas, Sarnia, Welland.
Year.
$11,081,706
17,117,017
20,374,149
14,462.243
11,047,503
10.140.853
15,055.2.50
10,768,898
11,597,034
10,907,828
9,842,677
$123,844,439
186.011,017
165,621.634
141,152,535
120,163,936
98,364,181
96.817.333
108,319,972
116.778,450
8,573,442
96,146,278
Indexes of Value Aege. Indexes of
of Permits
Wholesale Price
Issued in
of Building
First Nine
Materials in
Months
Ita Nine Months
(1920=100). 50 (1926
=100).
128.8
193.5
172.2
146.8
125.0
102.3
100.7
112.7
121.5
92.1
100.0
VOt...MQ.000.MCD.0
GIC.00000.0N.4
1930
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
Value of
Value of
Permits
Permits
Issued
Issued
in First
in September. Nine Months.
The "Business Observer" looks with satisfaction upon the
The
banding together of business agencies, leading industrialists, than inaggregate for the first nine months of this year was 33.4% lower
1929, the previous high level of the record, but was
and bankers with social welfare organizations for the purpose or 1.7%, higher than the 10-year average of $121,794.878, while $2,049.561.
the average
index numbers of wholesale prices of building materials continued lower
of getting unemployment in hand and in order to strengthen
than in any other year of the record.
purchasing power along constructive economic rather than
philanthropic lines wherever possible. Stocks of manu- Industrial Employment Conditions in Ohio and Ohio
factured goods are being reduced, and the "Business Oberver"
Cities-Continued Decline Reported.
notes:
In its survey of Industrial employment in Ohio and Ohio
Consumption has been exceeding production by a significant margin for
cities during September, the Bureau of Business Research
at least six months. Shortages have been developing, and we are beginning
of.the Ohio State University says:
to sense some of them in current figures.
Among the other hopeful signs noted are the improvement
State of Ohio.
The decline in employment in Ohio which has been in progress for the
in residence construction, a better than seasonal gain in
past 14 months continued in September, but at a slightly decreased rate
cotton and silk industries in the East, and a fairly good as compared with the three
preceding months.
decline
in
showing made by flour milling. Business failures are the September from August carried the index to a The lower of 1% has
point
than
most distressing factor, "although they evidence a reduced been reached in any month since February 1923, and to a point lower
than has been reached in any September since September 1024. The
resistance to liquidation," the review says.
decline in September employment from August was in contrast with a
In making the comparison between the 1921 depression five-year average August-to-September increase of 1%. The total volume
of employment in Ohio in September was 21% less than in September
and the present situation the "Business Observer" states:
production recovery got well under way in 1920-21 almost exactly 12
months from the time it hit bottom. Inasmuch as the downswing of production in the current recession was interrupted before it had run its full
course, the rhythm of the movement has probably been slowed down.
hence it would be illogical to predict a pronounced upswing before January
1931. March or April Iles nearer to the point of Indicated upturn It
required 10 months after that point was reached to achieve "normalcy" in
1922 and to pass definitely into a period of prosperity. A fairly close
repetition of that recovery would make the fourth quarter of 1931 a normal
business period.
It is hard to give up the illusion of a quick return to prosperity. Botn
commodity and security prices clung for many weeks to the hope of an
of last year, and the average for the first nine months of 1930 was 16%
behind the average for the corresponding period of 1929. Four hundred
and thirty-five of the 907 concerns reporting to the Bureau of Business
Research reported further employment decreases in September; 401
reported increases, and 71 reported no change from August.
Manufacturing employment, which largely dominates the figure for
total industrial employment in Ohio, also declined 1% in September from
August, while the average August-to-September change for the past fiveyear period has been an increase of 1%. Manufacturing employment in
September was 22% less than in the same month of last year, and averaged
18% less for the first nine months of 1930 than for the corresponding
period of 1929. The decrease in manufacturing employment in Ohio in
FINANCIAL CHRONICLE
2660
[vol.. 131.
-•-
September from August was due to employment declines in the metal
products, the paper and printing, and the rubber products Industries.
There were employment increases in September from August, ranging
from 1 to 14% in the textiles, the vehicles, the chemicals, and the food
products groups; the lumber products, the machinery, and the stone, clay
and glass products groups showed no change from August.
The 4% increase in September from August in employment in the nonmanufacturing industries of the State was substantially greater than the
five-sear average August-to-September increase of 1%. Employment in
the non-manufacturing industries of the State in September was 10% less
than in September of last year, and for the first nine months of this
year was 7% behind the first nine months of 1929. The August-toSeptember decrease of 6% in the construction industry of Ohio was considerably greater than the five-year average August-to-September decline
of 2%. The volume of construction employment in September was 22%
less than in September 1929 and 12% less for the first nine months of
1930 than for the corresponding period of last year.
The 1% increase in September from August in employment in the automobile and automobile parts industries of the State was no greater than
the average August-to-September seasonal increase. The actual volume of
employment in the automobile and automobile parts industries in September
was 27% less than in the same month of last year, while the volume for
the first nine menthe of 1930 was 33% behind the volume for the same
period of 1929.
In the metal products group of industries, the 3% decline in September from August was in contrast with a condition of relative stability
during the past five years. Eighty of the 163 concerns reporting in the
metal products group reported employment decreases in September from
August, 13 reported no change in employment from August, and 70 reported
increases.
Employment in the machinery industries showed no change in September
from August, although there has been an average increase of 1% in
September from August throughout the past five-year period. The total
volume of employment in the machinery industries in September was 24%
less than in September 1929.
The 6% decline in September from August in the rubber products
pringroup of industries, of which tire and tube manufacturing is the
average
cipal industry, was substantially greater than the five-year
in
August-to-September decline of 2%. The total volume of employment
than in
the rubber products industries in September was 30% less
months of this year
September 1929, and the average for the first nine
year. The
was 23% less than the average for the same period bf last
unchanged conditions of employment in the stone, clay, and glass products
increase
group was in contrast to a five-year average August-to-September
than
of 1%, while the volume of employment in September was 22% less
was 16% behind
in September 1929, and the first nine months of 1930
the first nine months of 1929.
In the lumber products industries, employment in September showed
no change from August, although there is usually a seasonal increase of
23%
4%. September employment in the lumber products industries was
nine months
less than in September 1929, and the average for the first
same period of last year.
of this year was 10% behind the average for the
Akron, Dayton, Youngstown, and Stark County reported a further
decrease in total industrial employment in September from August;
Cincinnati, Cleveland, Columbus, and Toledo reported increases ranging
from 1% in Toledo and Cincinnati to 5% in Columbus. The decreases
and Toledo
ranged from 1% in Dayton to 6% in Akron. In Cincinnati
five-year average
the August-to-September increase was less than the
the increase
August-to-September increase, but in Cleveland and Columbus
decline was greater
was greater than the seasonal increase. In Toledo the
and Stark
than the usual seasonal decline, while in Dayton, Youngstown,
County the decline was in contrast to a usual seasonal increase.
cities of the State
As compared with September 1929, all the chief
reported &clines in employment in September, ranging from 16% in
Youngstown, Cincinnati, and Columbus to 28% in Toledo and 29% in
Akron. Likewise, all the chief cities of the State showed a decline in
1930 as compared
total industrial employment for the first nine months of
nine months
with the first nine months of 1929, the decline from the first
10% in Cincinnati and
of last year amounting to 8% in Columbus,
Youngstown, 12% in Dayton, 13% in Cleveland, 21% in Akron, and
87% in Toledo.
Construction employment in September declined in all the chief cities
slightly more than
of the State except Columbus, which showed a gain
from
seasonal. In Toledo, Cleveland, and Dayton, the September decrease
August-to-September
August was either in contrast to a five-year average
Cinincrease, or greater than the usual seasonal decline. In Akron and
the usual seasonal
cinnati the August-to-September decline was leas than
of last year, construction employdecline. As compared with September
and in Stark County, and
ment declined in all the cities except Columbus
all the cities except Dayton and
for the first nine months of 1930 in
3%.
Columbus, both of which reported increases of
INDUSTRIAL EMPLOYMENT IN OHIO.
100(Based on the number of persons on
In Each Series Average Month 1926 Equals nearest representative day as reported
month or
the payroll on the 15th of the co-operating firms).
by
Industry.
Chemicals (23)
Food products (53)
Lumber products (29)
Machinery (103)
Metal products (163)
Paper and printing (42)
Rubber products (23)
Stone. clay and glass products(58)
Textile 44)
Vehleim (61)
Miscell. manufacturing (37)
Index
Sept.
1930.
Change
from
Aug.
1930.
Average
Change
Sept.- Change
from
from
Sept.
Aug.
1925-29. 1929.
Average
Jan.
Sept.
Change
from
1929.
+5
+2
81
+13
+14
135
+4
.-85
87+1
:."..a
___
76
+2
-1
103
-2
-8
77
76+1
+2
42
-7.
92
+1
+1
83
+1
-1
93
%
13
-7
-23
-24
-24
-5
-30
-22
-16
-25
-13
%
-13
-3
-10
-15
-16
+1
-23
-16
-10
-30
-8
82
-1
+1
-22
-18
Service (11)
Trade (35)
Transportation and pub. util. (17)
115
98
110
+3
+7
-1
+1
+3
-1
-1
-6
+1
-5
-3
Total non-manufacturing (63)__
103
+4
+1
-10
-7
90
-6
-2
-22
-12
4-1
.--1
OA
All industry (907)
Figures In parentheses indicate number of reporting firms.
-21
-16
Total manufacturing (638)
Construction (208)
--8
Industrial Conditions in Illinois During September
Employment at Lowest Level on Record-Decline
-Some Cities Indicate Increased Acin Payrolls
tivity.
According to Howard B. Myers, Chief of the Bureau of
Statistics and Research of the Illinois Department of
Labor, "the Illinois all-industry employment index registered 85.4 in September, denoting a decline of 1.1% from the
preceding month, and a loss of 17.3% since a year ago."
"This,'' says Mr. Myers, "is the lowest employment volume
on record, available figures extending back as far as the
beginning of 1922. The corresponding payroll figures were
down 1.5% from August, and 22.9% from Sept. 1929."
Mr. Myers, in his review of the industrial situation in
Illinois during September (made available Oct. 18) goes on
to say:
The employment index for the manufacturing industries was 82.9. 24%
lower than in August, and 21.7% under last year's figure. Payrolls in these ,
industries declined 2.5% for the month and 32.0% from a year ago.
Man-hours of work, computed for the month-to-month comparison from
figures furnished by 67.7% of the total number of reporting firms,showed a
decrease of 2.7% for manufacturing. 0.7% for non-manufacturing, and
2.1% for all the industries combined.
The September recession in industrial activity affected most of the
Important manufacturing industries, seven of the 10 large divisions showing
a smaller volume of employment than in August. Declines in these groups
ranged from 0.6% in the wood industries to 8.6% in printing and paper
goods. The three groups showing increases in the number of workers for
September were textiles, food products, and the miscellaneous mannfacturing group.
The non-manufacturing industries which include wholesale and retail
trade, services, public utilities, coal mining, and building and contracting,
registered increases in both employment and payrolls, 1.3% and 0.2%.
respectively. The man-hours of work reported by approximately one-half
of these concerns, showed a slight decline, 0.7%. Gains of this group of
industries in employment and payrolls resulted mainly from an increased
scale of operations in the coal mines, 41 such mines reporting increases
in number of workers employed of 18.9% and In payrolls of 43.7%. Public
utilities and building and contracting firms expanded employment but
lowered payrolls. In the service group, the opposite condition prevailed,
employment decreasing while payrolls showed an increase. This latter may
to some extent be due to a tendency to lay off lower-paid employees at the
close of the Summer season.
Metals, machinery and conveyances, the most important of the manufacturing groups, laid off 3.9% of their employees and reduced payrolls
3.8%. Except for a slight upward trend last February, employment in this
group has declined steadily since August 1929, and is 29.3% lower than at
that time. The manufacture of tools and cutlery, and of instruments and
appliances has expanded since last month, as is shown by both employment
and payroll figures. The curtailment in the manufacture of cars and locomotives exceeded that of any other industry of the group, employment
falling off 22.7% and payrolls 35.5%.
The food, beverage, and tobacco industries showed a seasonal expansion
of 5.5% in number of workers and 10.5% in payrolls. Canning factories
were busy with the corn pack and employed 52.1% more workers than the
month before. Payrolls in these factories went up 203.0%. Every industry
of the group showed an increase in employment with the exception of the
manufacture of bakery goods, and of ice and ice cream. The declines in the
Ice and ice cream industries were normal to the season. Meat packing
establishments added 1.7% more employees and increased payrolls 4.5%•
Confectionery concerns increased employment 7.5% and payrolls 20.7%.
In the printing and paper goods group, a marked decline in job printing
more than offset general gains in the other industries, the group as a whole
laying off 8.6% of its employees and reducing payrolls 6.5%. In the job
printing industry, 47 reporting concerns laid off 21.9% of their workers,
cutting down wage payments 19.8%. The manufacture of paper containers
showed a seasonal activity, employment increasing 7.4% and payrolls
11.7%.
The stone, clay and glass industries registered a decline of 1.0% in employment, but a 3.8% increase in payrolls. Brick, tile and pottery industries added 5.9% more names to their payrolls and increased payroll
amounts 7.6%. Glass factories continued to curtail operations, laying
off 4.3% more workers and decreasing payrolls 3.0%.
All of the reporting wood industries were operating with reduced forces,
but increased activity in the furniture and musicsl instrument factories
was reflected in their payroll figures. In the furs and leather goods group,
a slowing down in the manufacture of boots and shoes affected the total
figures. which registered losses in both employment and payrolls. Drug.
chemical and oil manufacturing concerns reported fewer, while paints and
dyes employed more workers than in August. The group as a whole showed
declines of 1.3% in men and 2.6% in wage payments.
The textile industries showed a general increase in activity, adding 7.1%
more workers and increasing payroll amounts 10.7%. The employment
volume of this group of industries is 17.3% below that of September 1929.
due to decreases in the knit goods industry, in the manufacture of thread
and twine, and in miscellaneous textiles. The manufacture of cotton and
woolen goods on the other hand, shows a larger volume of employment
than a year ago, the increase amounting to 4.7%.
In the wearing apparel industries substantial increases in the manufacture
of women's hats and garments were insufficient to counteract the declines
in the manufacture of men's clothing, shirts and furnishings. There were
3.6% fewer workers in the entire group, and wages dropped 20.3%.
Miscellaneous manufacturing industries, represented by two reporting
concerns with a total employment of 140 people, registered a gain of 2.9%
over August in employment, but a loss of 8.1% in payrolls.
In the non-manufacturing industries, as a whole, employment was 8.5%
below the volume a year ago, while the corresponding change for the
manufacturing industries was a drop of 21.7%. The only industry group
in the non-manufacturing classification to show an increase in employment
over Sept. 1929, was coal mining where the number of workers was greater
by 6.6%. The large public utilities group, which decreased by 6.7% during
the year. helped to bring up the level for the non-manufacturing industries
as a whole. So. also, did the services group, which decreased by only 3.5%•
Employment in building and contracting was 14.7% below a year ago, and
reporting wholesale and retail trade establishments have laid off 22.4%
of their employees during the past ear.
Manufacturing employment at the present time, is considerably lower
than during the depression period of 1927. A comparison with September
OCT. 25 1930.1
FINANCIAL CHRONICLE
of that year snows a decline of 9.1% for all reporting industries and of
13.6% for the manufacturing industries alone. A comparison with the
figures for Jan. 1922, at the time the industries were just emerging from the
depression of the year 1921, indicates that the current employment index
is lower than at that time, 13.7% for manufacturing and 6.7% for all
reporting industries.
In his analysis of the industrial situation by cities Mr.
Myers says:
Despite the general decline in employment that was experienced throughout the factories of the State during the period from Aug. 15 to Sept. 15, a
number of reporting cities gave indications of greater activity. Some of this
activity was of a seasonal character, as at canning factories where handling
the corn pack required a greatly enlarged volume of employment the latter
half of August and throughout the greater part of September. Five reporting
cities for which employment figures are compiled separately showed gains
over the preceding month, both in number employed and in total wage
payments.
Chicago showed a slightly larger decline in factory employment than the
State as a whole. 2.5 as against 2.4%. Wage payments, however,showed a
loss of 2.5% for both Chicago and the entire State. Compared with the
figures of a year ago, Chicago factories showed a drop
of 20.7% in employment and 31.6% in payrolls, while tae State as a whole reported losses of
21.6 and 32.0%, respectively.
In general, cities throughout the State were taking more effective measures
to provide work for the unemployed. Much public work has been started
that will be carried on through the Winter months. At the free employment offices the ratio of applicants for work to jobs available showed
a
slight improvement, registering 230.2 as against 233.5 in August.
Aurora.
-Twenty factories reporting for this city showed a decline of
0.6% in the volume of employment while wage payments went down
12.2%. The sharp decline in the latter item was caused mainly by a further
curtailment in time schedules. Outdoor work continued in (arge volume,
and the ratio of unemployment at the free employment office dropped
from
193.5 in August to 180.6 in September.
Bloomington.
-An increase of 33.3% in factory employment and of 1.9%
in payrolls was caused mainly by increasing activity at the canning factories.
The gains in the last two months total 32.0% in employment and
19.7%
in wage payments. The unemployment ratio as computed at the free
employment office was 116.3, compared with 113.7 in August.
Chicago.
-According to the reports for this city, metal industries laid
off 2.4% of their workers; wood products, 2.9%; furs and leather goods,
3.9%;clothing and millinery.4.6%;and printing and paper goods industries.
11.2%. The losses were partly offset by gains in other reporting industries:
2.1% in food products; 2.2% in stone, clay and glass; 2.4% in textile;
2.9% in miscellaneous manufacturing. and 4.2% in the manufacture of
chemicals, oils and paints. Both total employment and wage payments
in the factories of the city declined 2.5%. The drop in the employment of
women was larger than that of men, 5.7% against 2.0%. The volume of
unemployment remains high, the free employment offices showing a ratio
of 2977. or almost three applicants for every job available.
Ctcero.-Of eight manufacturing plants reporting for this city, two in the
metal industry group registered gains which more than offset losses in the
other plants, the total figure showing an increase of 2.9% in employment
and 1.3% in payrolls. The unemployment ratio, 334.6, was lower tnan in
August, but nevertheless was higher than in any ether city for which this
ratio is available.
Danoille.-A loss of 13.6% in employment and 12.1% in payrolls shown
by nine reporting factories of this city was largely the result of curtailment
of operations in one of the local brick yards. Coal mines and railroad repair
shops continued operating on reduced time schedules, and a coal mine
labor dispute held up the work entirely at one of the mines. The number
of applicants to positions available at the free employment office showed a
ratio of 199.6.
Decatur.
-Employment reported by 2() factories decreased slightly,
0.9%, but wage payments increased 4.3% on account of greater activity
in the metal industry group. These factories also registered gains for the
preceding month, both in employment and payrolls. Outdoor work con' tinned active during the month and there was some increase in the demand
for farm labor. The unemployment ratio was lower than in August, 243.8
as against 265.5.
East St. Louts.
-Gains both in employment and payrolls were reported
by factories in this city for the first time since last April, the former increasing 2.2% and the latter 6.4%. Most plants were still operating part
time and with reduced forces. The unemployment ratio increased from
158.2 to 167.9.
Joliel.-The extensive curtailment in factory operations that was reported
for August was followed by a somewhat smaller decline in September,
employment falling off 0.7% and wage payments 5.8%. There
was a
wide divergence between the employment trends for men and women,
the
former decre •sing 1.2% and the latter increasing 8.8%. The difference in
trend may be accounted for by the fact that the declines were largely
in the
stone, clay and glass, and metal industries, which employ mostly men,
whereas the gains were reported in the food products industries,
in which
the employment of women is more general. The unemployment ratio stood
at 241.9, below the August ratio which was 254.0.
Moims.-Continuing the upward trend begun in August,
the manufacturing industries oft his city reported substantial increases in both employment and payrolls, the former raining 11 3% and the latter 12.2%. The
metal and food products industries contributed largely to this expansion.
In spite of the m irked improvement of the last two months, most plants
were still on reduced time schedules and operating with curtailed forces.
This was especially true of the farm implement concerns. The city has
been
trying to relieve unemployment by furnishing as much work as possible on
public improvements.
Peorta.-Thirty-three reporting factories laid off 4.2% of their
employees
and reduced payrolls 3.9%. This is a continuation of' the decline that has
been in progress since last May. Work on bridges and culverts and on several
large construction projects furnished employment to a considerable number
of men. The unemployment ratio was lower than in August, 118.5
compared with 124.1.
0/hwy.-Fifteen factories reporting for this city showed a decrease
of
5.6% in number of workers and of 2.8 in payrolls. In August employment
increased slightly, 0.3% and payrolls rose 16.5%. The unemployment
ratio for September reflected the decline in employment, rising from
156.9 to 161.7. Road work and construction activities were still being
carried on in large volume.
Rockfurd.-Manufacturing industries of this city continued the
uninterrupted decline in employment begun 13 months ago. The total curtailment since August 1929, amounts to 37.3%. The decrease for the month
waft 4.5% in number of workers and 7.1% In total payrolls. Metal industries
contributed mainly to this decline although with the exception of wood
products and furs and loather goods, all reporting industries showed a
downward trend in employment. The unemployment ratio dropped from
149.7 to 14.5.1.
2601
Rock Island.
-Six reporting factories added 4.3% to their volume of
employment while decreasing wage payments 0.1%. During the preceding
month, however, payrolls gained 29.4% compared with a gain of
10.8%
in employment. The unemployment ratio registered a larger decline
than
that of any other reporting city, dropping from 333.3 in August to 224.6 in
September. The city is using part of its wheel tax funds to carry on
local
improvements this Fall in order to relieve the unemployment situation.
Springfield.
-The substantial improvement in the manufacturing in
dustries noted during August, continued Into September, employment
increasing 6.3% and payrolls 10.0%. Conditions are still far below normal,
most plants operating only three days a week. Building and outdoor
operations remain about as active as last month, but the number of building
permits issued in September decreased. There is increased activity in the
coal mines. The unemployment ratio was 126.9 compared with 120.9 the
preceding month.
Sterling-Rock Falls.
-Payrolls showed a gain of 2.3% while employment
declined 0.5%. This marks the first increase in either employment or
payrolls since last February. The total decline during this period of seven
months has amounted to 40.0% in the number of workers and 48.8 in
Wage payments.
The statistics supplied by Mr. Myers follow:
COURSE OF EMPLOYMENT AND EARNINGS IN ILLINOIS DURING
SEPTEMBER 1930,
By Howard B. Myers. Chief of Bureau of Statistics and Research.
Employment.
Industries.
All industries
All manufacturing Industries-Stone, clay, glass
Miscellaneous stone-mineral....
Lime-cement-Plaster
Brick-tile-pottery
Glass
Metals-machinery-conveyancesIron and steel
Sheet metal work-bard Ware._
Tools-cutlery
Cooking & heating apparatus_
Brass copper-sinc and other._
Cars-locomotives
Autos-accessories
Machinery
Electrical apparatus
Agricultural implements
Instruments and aPPIlantes
Watches-Jewelry
All other
Wood products
Saw-planing mill
Furniture-cabinet work
Pianos
-musical instruments-Miscellaneous wood products_
Furs and leather goods
Leather
Furs
-fur goods
Boots and shoes
Miscellaneous leather goods-ChemIcair-olis-palota
Drugs-chemicals
Paints-dyes-colors
Mineral and vegetable oil__
Miscellaneous chemicals •
Printing and paper goods
Paper boxes-bags-tubes
Miscellaneous paper goods--Jo b printing
Newspapers-periodicals
Edition book binding
lithographing and engraving_
Textiles
Cotton-woolen goods
Knit goods
Thread and twine
Miscellaneous textiles
Clothing and millinery
Men's clothing
Men's shIrta-furnishings
Overalls
-work clothes
Men's hats
-caps
Women's clothing
Women's underwear
Women's hats
Food-beverages-tobacco
Flour-feed-cereals
Fruit-vegetable canning
Miscellaneous groceries
Slaughtering-meat packing.-Dairy products
Bread-other bakery product'.
Confectionery
Beverages
Cigars-other tobaccos
Manufactured lee
Iry cream
Mieceilaneous manufacturing-Non-ma nufarturing industries-Trade-wholesale-retell
Department stores
Wholesale dry goods
Wholesale groceries
Mall order houses
Milk distributing
Metal lobbing
Services
Rotels-restaurants
Latindriett
Public utilities
Water-gas
-light-power
Telephone
Sheet railways
Rallwar car repair
Coal mining
Building and contracting
Building construction
Road construetion
Mincellaneous contracting--
Earnings(POMO-
Index of
Total
Average
Per Cent
Employment
Earnings
Weekly
Change
(Average
Per Cent
Earnings
from a 1925-27=100). of Chge. Sept. 1930.
Month
from
Ago. Sept. Aug. Sept. Aug.
I Fe.
1930. 1930. 1929. 1930. Mates mates.
-1.1
-2.4
-1.0
-8.2
-1.0
+5.9
-3.9
--4.3
-3.8
+1.2
-2.1
-3.7
-22.7
-7.5
-5.9
-0.3
-1.5
+2.3
-0.9
-4.3
-0.6
-0.1
-0.1
-2.3
-1.5
-2.1
+2.6
+3.3
-2.9
+6.3
-1.3
-2.4
+11.5
-1.1
-5.4
-8.6
+7.4
-0.5
-21.9
+5.0
+5.3
+1.7
+7.1
+12.0
+12.0
-0.7
+3.5
-3.6
-2.5
-35.4
-2.2
+3.1
+9.2
+1.6
+17.3
+5.5
+5.6
+52.1
+4.7
+1.7
+2.6
-1.4
+7.5
+1.1
+13.8
-16.9
-8.5
+2.9
+1.8
-1.8
-0.5
+0.8
+1.8
-1.8
-3.8
-1.6
-0.5
-0.3
-2.0
+0.3
+1.8
-1.4
-0.8
+6.3
+18.9
+0.7
+2.3
-9.3
+4.6
85.4 86.4 103.3
82.9 84.9 105.8
80.7 81.5 91.0
72.6 79.1 104.7
80.9 81.7 80.8
70.1 66.2 79.8
101.2 105.7,106.4
82.2 85.6110.0
96.8 101.1 118.2
79.0 82.11 96.7
83.3 62.5 96.3
85.5 87.3 104.3
84.9 88.2 117.3
35.5 45.91 72.2
73.1 79.0 142.8
78.9 83.8 131.0
83.6 83.9 130.8
80.4 81.6 126.5
67.4 65.9 99.6
87.5 88.3 94.6
-1.5
-2.5
+3.8
+16.5
+0.9
+7.6
-3.0
-3.8
-6.9
-4.4
+7.0
-6.1
-9.7
-35.5
-3.8
-1.3
+3.0
-6.5
+29.3
+12.4
+2.1
+2.2
60.4 60.5 76.8 -2.7
65.7 65.8 84.2 +4.3
38.0 38.9 53.4 +7.0
59.9 60.8 74.8 -3.6
85.9 87.7 107.3 -10.7
80.4 78.4 104.8 -2.7
107.1 103.7 118.1
+8.6
89.8 92.5 111.5 -13.5
39.1 86.8 57.7 +18.5
87.3 88.4 102.1 -2.6
70.0 71.7 87.6 -6.5
75.5 67.7 101.9 +20.5
91.9 92.9 93.1 -4.3
90.1 95.2 120.3 -5.0
96.0 105.0 102.1 -6.5
91.3 85.0100.3 +11.7
87.8 88.2 106.6
+0.7
•
• -19.8
95.0 90.5 110.8 +8.0
+3.6
+0.5
81.4 Wit1
+10.7
108.0 96.4 103.2 +15.4
67.4 60.21 83.2 +13.5
71.3 71.8' 90.4 -8.9
102.7 99.2 124.2 +15.2
75.6 78.41 81.7 -20.3
67.1 68.8 77.7 -28.3
58.0 89.8 61.7 -41.6
13.4 13.7 76.9 +14.7
85.0 82.4 93.3 +29.3
105.5 96.6 86.1 +33.8
115.4 113.6 119.9 +19.1
46.8 39.9 63.8 +33.5
92.8 88.0 104.7 +10.5
94.4 89.4 96.6
+5.9
89.9 59.1 84.3 +203.0
91.0 86.9 99.8 +8.5
90.8 39.3 104.0 +4.5
100.9 98.3 108.4 -1.8
78.7 79.8 91.7 +2.5
99.4 86.9 102.9 +20.7
73.6 72.8 76.5 +8.7
91.7 80.6 97.3 +13.1
85.2 102.5 91.1 -17.2
-7.5
• -8.1
+0.2
67.9 69.1 87.5 -3.9
91.0 91.5 104.3 +8.4
84.1 83.8 86.6 +10.4
83.9 82.4 84.9
+2.2
62.5 63.6 87.2 -1.2
..-- -9.6
.--- -17.6
---- +1.1
+1.4
100.4 102.4 108.9 -0.9
100.2 99.9 107.4 -2.0
117.8 115.8 126.3 +0.4
111.4 113.0 116.2 -2.7
93.6 94.4 99.8 -0.7
71.6 67.4 83.1 -7.0
80.3 67.575. +43.7
72.4 71.9 84.9 -2.1
54.3 53.1 64.
-2.3
172.5 190.2 115.6
109.5 104.7 163.3 +6.1
30.04
28.83
27.90
35.72
26.25
28.48
25.38
28.21
27.09
25.54
27.26
26.97
23.59
24.29
24.25
26.71
36.25
20.83
34.13
25.0
26.3
25.38
29.07
25.26
25.41
22.78
21.28
28.29
47.17
17.92
25.65
27.46
26.74
27.34
28.64
25.81
36.49
27.64
83.66
36.67
45.46
36.22
45.52
24.85
22.40
20.63
24.78
28.40
30.43
29.45
34.60
36.61
36.81
41.24
26.69
30.21
30.84
26.71
23.18
28.96
29,3
38.07
36.19
38.70
29.4
26.9
41.70
47.8
25.9
32.9
36.9
36.4
30.2
30.1
25.5
50.2
80.80
22.9
21.79
33.72
34.76
28.90
42.70
36.61
25.87
23.98
41.16
40.58
47.00
38.10
18.54
17.25
11.54
13.56
14.00
9.11
11.73
19.34
13.64
15.54
12.54
13.73
14.68
15.55
12.43
16.14
23.78
13.43
19.95
12.17
15.98
15.18
17.00
16.21
10.68
12.58
11.02
15.17
32.33
10.46
16.08
13.96
15.56
15.55
16.27
10.09
17.28
15.08
17.39
18.45
20.92
17.91
18.62
11.93
13.58
8.94
13.39
15.16
17.15
18.57
17.44
15.48
22.03
15.87
12.75
24.57
18.13
17.31
14.22
12.05
21.80
11.10
16.30
19.13
14.83
20.84
17.96
11.92
20.26
18.65
16.37
16.04
16.48
19.27
35.86
18.79
15.39
15.12
15.92
21.42
18.81
21.43
19.91
21.55
Business Trend During August in St. Louis Federal
Reserve District at Lowest Point in Downward
Movement Since Last Fall.
The Sept.30 Monthly Review of the Federal Reserve Bank
of St. Louis, thus indicates the course of business in the District during August:
2602
FINANCIAL CHRONICLE
[Voi.. 131.
recovered
le
Retail trade in California, measured by department store sales,
r
Influenced by the usual seasonal recession in activities, unfavorab
d considerably in September and was only 4.4% less active than Septembe
agricultural conditions and reduced purchasing power due to widesprea
nt store sales were
of the year departme
in this district during August 1929. For the first nine months
unemployment, commerce and industry
nt for the
has been in 4.7% below the corresponding 1929 period, without adjustme
reached the lowest point on the donward movement, which
volume declining price level of the past year.
progress since last fall. In all lines investigated by this Bank, the
average for
of business continued below that of August last year and the
September new building activity, the report states,
number of
that month during the past half decade. Except in a limited
but was 10% below Septemfurther downward increased 8% over August,
lines, directly affected by seasonal considerations, a
was no ber 1929.
t from July was indicated by the August statistics. There
movemen
conservatism in
apparent relaxation from the policy of extreme caution and
which has obtained
Russian Lumber—Manufacturers
purchasing of commodities by merchants and the public
holding down their
since early this year. Manufacturers, in turn, were
It on "Evidence" of Convict
up but few goods
commitments on raw materials to a minimum,and making
sales prospects.
for which they had not orders on their books or fairly certain
to August were
Lines showing seasonal improvement in sales from July
of lumber from Soviet Russia
ion. There was no
mainly those dealing in goods for ordinary consumpt
s as com- were of grave concern to the American lumber industry and
of moment in the iron and steel and other metal industrie
change
materialsremained
pared with the preceding 30 days. Demand for building
the 1,000,000 men employed by it, Wilson Compton, Secrelumber, fire clay,
at a low ebb, and reduced activities were reported by
Manager of the National Lumber Manufacturers'
supply and paint interests. Operations at tary and
cement, glass and plumbing
as in July, but Association, sent to Secretary Mellon on Oct. 11 a complaint
plants were at approximately the same rate in August
textile
les moved
considerably less than a year ago. Distribution of automobi
the failure of the Treasury Department, through its
was considerably against
sharply upward from the low level recorded in July. but
customs, to prescribe regulations to prevent
for the past five years. Since the first week of division of
nelow the August average
by a admission to this country of Russian lumber, alleged to be
r there has been moderate improvement in orders booked
Septembe
by retail establishmajority of wholesale lines, and special sales conducted
-made. This was reported in a Washington dispatch
of goods. Slight convict
ments have resulted in the movement of a heavy volume
York "Times," which added:
us coal industry was noted in August,confined Oct. 12, to the New
improvement in the bitumino
the general
Mr. Compton held that there was ample reason for suspecting every
to domestic grades, no change having taken place in
chiefly
of the Tariff
Russian lumber importation to be illegal under Section 307
industrial demand.
-made imports, and he contended that the
prevailing in the Act of 1930, prohibiting convict
The unprecedented drouth and excessive hot weather
planted crops. was un- department had sufficient information upon which to act.
District throughout the growing season of spring
showers afforded
broken until the second week of August, when scattered
large areas received no
local relief. The precipitation was not general, and
r. Crops suffered further
moisture of consequence until well into Septembe
most affected being cotton,
For the fifth consecutive week, lumber orders exceeded
deterioration between Aug. 1 and Sept. 1, those
s and gardens. Shortage
Oct. 18, it is indicated
corn, hay, tobacco, certain commercial vegetable
considerable losses production during the week ended
d
of feed and forage crops, pasture and water occasione
Forced shipments of livestock to in reports from 870 leading hardwood and softwood mills
in the livestock and dairying industries.
drouth. These, however,
market were general in sections hardest hit by the
to the National Lumber Manufacturers Association. Reports
consequence of the drouth,
ment of cut,
have been halted by the recent rains. As a
ral products, of these mills also indicated continued curtail
t agricultu
short crops and depressed prices of many importan
heavily reduced as compared combined production amounting to 264,970,000 feet. New
farm income in the Eighth District has been
d by them was 2% more than this figure,
with recent years.
cities of the District, business receive
Measured by sales of department stores in the largest
earlier,
as compared with the although shipments were only 99% thereof. A week
reatil trade in August declined apprcodmately 16.1%
this year the decrease in 891 mills reported shipments 6% and orders 2% in excess
same month last year. For the first eight months
Combined sales of all
business volume of these stores amounted to 8.7%.
258,444,000 feet. By comparison
Louis Bank in August were of a total production of
wholesale and jobbing firms reporting to the St.
month last year, and with last year, 490 identical softwood mills reported prosame
only a little more than half as large as during the
past stx years. Debits
considerably below the August average during the
duction for the week 35% less, shipments 27% less and
in August were 10.0% smaller than in July,and 21.0
to individual accounts
onding week a year ago;
months the debit total showed orders 22% less than the corresp
less than in August 1929. For the first eight
period last year. Savings for hardwoods, 205 identical mills gave production 47%
a decrease of 12.8% under the corresponding
the aggregate was a shade
about held their own in August, and on Sept. 4,
less, shipments 44% less and orders 43% under the volume
higher than on the corresponding date in 1929.
District showed an increase for the week a year ago.
Freight traffic of railroads operating in this
months, the improveLumber orders reported for the week ended Oct. 18 1930,
during August as compared with the two preceding
with the corresponding
ment being seasonal in character. As compared
by 629 softwood mills totaled 243,034,000 feet, or 2% above
registered a considermonth in 1929 and 1928, however. the August volume
nts as reported
on on the part of farmers the production of the same mills. Shipme
able decline. Due to the short crops and dispositi
t of grain and grain prod- for the same week were 235,841,000 feet, or 1% below
to bold their stocks for higher prices,the movemen
For the country as a whole
ion was 238,782,000 feet.
ucts fell below that of the two preceding years.
year, or to Aug. 30, production. Product
s as
loadings of revenue freight for the first 35 weeks this
Reports from 263 hardwood mills give new busines
5 cars. against 35.377.737 cars for the corresponding
totaled 31.433.40
St. Louis Terminal RY• 26,030,000 feet, or 1% below production. Shipments as
period in 1929 and 33.754,221 cars in 1928. The
g lines,interchanged
Association. which handles Interchanges for 28 connectin
same week were 27,108,000 feet, or 4%
and 252.629 loads in reported for the
197,862 loads in August against 196.703 loads in July
000 feet. The
September the interchange above production. Production was 26,188,
August 1929. During the first nine days of
during the corresponding Association's statement goes on to say:
amounted to 52,138 loads, against 59.843 loads
nine days of September
period in July, and 66,515 loads during the first
Unfilled Orders.
14% in August as
1929. Passenger traffic of the reporting roads decreased
776.067,000 feet,
of the
Reports from 507 softwood mills give unfilled orders of
with the same month last year. Estimated tonnage'
contrasted
in August was on Oct. 18 1930, or the equivalent of 15 days' production. This is based
Federal Barge Line between St. Louis and New Orleans
-day year—and may be comsince February 1926, and upon production of latest calendar year-300
69,800 tons, the smallest for any single month
760.tons in August 1929. The pared with unfilled orders of 517 softwood mills on Oct. 111930, of
comparing with 84.266 tons in July and 86,135
15 days' production.
stage of water 304.000 feet, the equivalent of
made in August was due in large part to the low
poor showing
00
The 383 identical softwood mills report unfilled orders as 732,968,0
in the Mississippi River.
days reflect no Improve- feet, on Oct. 18 1930, as compared with 1,030,926,0(X) feet for the same
Reports relative to collections during the past 30
softwood mills
s which have obtained since week a year ago. Last week's production of 490 identical
ment whatever in the slow, backward condition
shipments
rly in the agricultural areas, was 221.001.000 feet. and a year ago it was 340.742,000 feet;
the late spring. Generally, but more particula
paying bills as long as were respectively 220,615.000 feet and 301,510,000; and orders received
is a disposition to conserve cash and to postpone
there
country merchants in many 223,642,000 feet and 287,515,000. In the case of hardwoods, 205 identical
possible. Due to drouth and crop failures,
feet and
from their customers, and mills reported production last week and a year two 21.592,000
sections are experiencing difficulty in collecting
centers 41.065,000. shipments 22,549,000 feet and 39,924,000, and orders 21,512,settling with creditors. Wholesalers in the large
in turn are slow in
for extensions. Collections of city 000 feet and 37,887,000 feet.
report an increased number of requests
but are in smaller volume
West Coast Movement.
retailers are relatively better than in the country
Answers to questionnaires addressed to
followthan a month and a year earlier.
The West Coast Lumbermen's Association wired from Seattle the
in the several lines scattered through the District ing new business, shipments and unfilled orders for 228 mills reporting for
representative interests
following results:
showed the
Poor, the week ended Oct. 18:
Fair.
Good.
Excellent.
SHIPMENTS.
UNSHIPPED ORDERS.
NEW BUSINESS.
38.6%
52.8%
Feet.
8.5%
0.1%
Feet.
Feet.
August 1930
28.6%
Coastwise and
58.8%
12.7%
Domestic cargo
0.1%
Domestic cargo
July 1930-Intercoastal. 44,288.000
12.5%
delivery... _210.289.000
55.6%
delivery.... 53,431.000
30.6%
1.3%
13.288.000
August 1929
89.421,000 Export
15,425.000 Foreign
44,903,000
Federal Reserve District in August, Export
By rail
48,448.000 Rail trade_ ..100.777,000 Rail
Cpmmercial failures in the Eighth
9,748,000
Local
d 112, involving liabilities of $1,909,148. Other
9,748,000
according to Dun's, numbere
of $2,272,170 in July and 103 failures
112,224.000
Total
400,467.000
against 107 defaults with liabilities
Total
Total
125,050,000
1929.
for a total of $1,393,363 in August
Their actual
Weekly capacity of these 228 mills is 252.290,000 feet.
production was 123,855,000 feet.
Southern Pine Reports.
that for
The Southern Pine Association reported from New Orleans orders
n, and
144 mills reporting, shipments were 4% above productio
ement on the Pacific 5% above production and 1% above shipments. New business taken during
Tangible evidence of business improv
0 at 148
"Business Outlook" of the week amounted to 50,08.5,000 feet, (previous week 46.515,00and proOctober
44,541,000);
Coast is contained in the
co. mills); shipments 49,749.000 feet. (previous week The three-year average
Trust Co. of San Francis
duction 47,906,000 feet,(previous week 47,115,000).
the Wells Fargo Bank & Union
considerable recovery in production of these 144 mills is 69,675,000 feet. Orders on hand at the end
states that retail trade showed
It
feet. The 131 identical mills
activity was substantially of the week at 128 mills were 113.358.000and in new business a decrease
September and new building
reported a decre Ise in production of 26%,
statistics were materially of 21%,as compired with the same week a year ago.
higher than August. Petroleum
of Portland, Ore., recrop is
The Western Pine Manufacturers Association.
and outlook for the next citrons fruit
shipments 36,939.000
Improved
ported production from 91 mills as 31,295,000 feet,
Protest to Mellon on
Charge Failure to Ban
Labor.
Declaring that importations
Lumber Maintains Favorable Order-Production Ratio.
on Pacific
Tangible Evidence of Improved Business Trust Co.
Seen by Wells Fargo Bank & Union
Coast
report states:
encouraging. Regarding retail trade, the
OCT. 25 1930.]
FINANCIAL CIIRONICLE
2603
and new business 36,289,000 feet. Sixty-six identical mills reported a
decrease in production of 34%, and a decrease in new business of 24%.
when compared with 1929.
The California White & Sugar Pine Manufacturers Association, of
San Francisco, reported production from 24 mills as 19,026,000 feet,
shipments 19,016,000 and orders 17,235,000 feet. The same number of
mills reported a decrease in production of 45%, and a decrease in orders of
15% in compirison with last year.
The Northern Pine Manufacturers Association, of Minneapo.is, Minn..
reported production from seven mills as 1,943.000 feet, shipments 2,373,000
and new business 2,276.000. The same number of mills reported production
74% less, and new business 55% less, than that reported for the corresponding week a year ago.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh, Wis., reported production from 22 mills as 1.330,000 feet, shipments 1.451,000 and orders 1,160,000. Twenty-one identical mills reported
production 73% below, and orders 55% below, that reported for the same
period of last year.
The North Carolina Pine Association, of Norfolk, Va., reported production from 100 mills as 7,102,000 feet, shipments 7,397,000 and new
business 5,286,000. Forty-five identical mills reported a decrease of 35%
in production, and a decrease of 30% in new business, when compared
with 1929.
The California Redwood Association, of San Francisco, reported production from 13 mills as 6,325,000 feet, shipments 6,692,000 and orders
5,653,000. The same number of mills reported a decrease in production of
26% and an increase in orders of 6%,in comparison with a year ago.
183 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for 1929
and 1930 to date.)
Average 41
Average 41
Weeks Ended
Week Ended
Weeks Ended
Oct. 11 1930. Oct. 12 1929.
Oct. 111390.
Production (feet)
133.708,433
107.875.338
169,021.030
Orders (feet)
169,429.189
127.888,025
106.210.775
Shipments (feet)
170,211.182
134,001,810
113,187,147
DOMESTIC CARGO DISTRIBUTION WEEK ENDED OCT. 4 '30 (122 mills).
Hardwood Reports.
Total Brit. Columbia_ 15,950,155 4,561,974 1,068,308 5.165.059 14,278,764
Report'g domestic cargo
1,335,426
only (3 mills)
None
None
None 1,335,428
The Hardwood Manufacturers Institute, of Memphis, Tenn., reported
production from 241 mills as 24,963,000 feet, shipments 25,146,000 and
new business 24,776,000. Reports from 184 identical mills report a decrease
in production of 47%, and a decrease in new business of 39%, when compared with last year.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 22 mills as 1.225,000 feet, shipments 1,962,000 and orders 1.254,000. Twenty-one identical mills reported
a decrease in production of 56%, and a decrease in orders of 74%, in comparison with 1929.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED OCT. 18 1930 AND FOR 42 WEEKS
TO DATE.
Association.
Southern Pine:
Week-144 mill reports
42 weeks
-5,948 mill reports
West Coast Lumbermen's:
Week--228 mill reports
42 weeks
-9.216 mill reports
Western Pine Manufacturers:
Week-91 mill reports
42 weeks-3.861 mill reports
California White & Sugar Pine:
Week-24 mill reports
42 weeks
-1,023 mill reports
Northern Pine Manufacturers:
Week-7 mill reports
42 weeks
-319 mill reports
No. Hemlock & Hardwood
Week-22 mill reports
42 weeks
-1.288 mill reports
North Carolina Pine:
Week-100 mill reports
42 weeks-4,534 mill reports
California Redwood:
Week-13 mill reports
42 weeks
-605 mill reports
ProducShipP. C.
P. C.
lion.
meats,
of
Orders.
of
(M. Ft.) (H. Ft.) Prod. (M. Ft.) Prod.
47,906
49,749 104
2,303,135 2.172,282 94
50,085
2,135.292
105
93
123,855
112,224
0,047,802 5,934,755
91
98
125,050
5,912,850
101
98
31,295
36,939 118
1,728,232 1,552,944 90
36,289
1,520,025
116
88
19,026
800,542
19,016 100
824.811 103
17,235
324,366
91
103
1,943
194,768
2,373 122
163,918 84
2,276
156,528
1,330
1,451 109
Hardwood total:
Week-283 mill reports
42 weeks
-12,122 mill reports_ __ _
Grand total:
Week-870 mill reports
42 weeks
-37,628 inill reports_
1.160
73
81,905
87
65
7,102
356,413
7,397 104
383,872 102
5,286
293.832
74
82
6,325
282,477
6,692 106
261,885 93
5,653
261,422
89
92
128,309
91,877
243,034
99
96 11.186,220
24,963
25,146 101
1,354,647 1,243,346 92
102
94
24,776
1.201.571
99
88
1,962 180
178,598 66
1,254
143,811
102
53
28,188
27,108 104
1,623,963 1,421,944 88
26,030
1,345.182
99
83
99
269,084
95 12,531,402
102
93
1,225
269,316
284,970
282,949
13,463,641 12.788,088
CancelRations.
Unfilled
Orders
Week Ended
Oct. 4 1930.
Total Wash.& Oregon 186,574.829 36,581,23S
Report'g domestic cargo
only (7 mills)
4,700,203
867,133
19,339 31.680,007 191,278,721
191,275,032 37,448,371
19,339 32,764,163 195,939,901
Frit. Col. (15 Milts)
California
3,280,605
875,000
Atlantic Coast
10,612,773 3,420.974
Miscellaneous
2,056,777
268,000
819,605
953,000 2,583,000
438,793 2.216.456 11,378,498
9,908 1,995,803
317,268
Totals
Totals
None
904,156
4.663,180
17.285,581 4,561,974 1.068.308 5,185,059 15,814,190
Total domestic cargo 208,580,613 42.010.345 1.087.645 37,929,222 211,554,091
Canadian Pulp & Paper Exports in September Valued
at $14,579,745-Increase of $1,879,408 over August,
but Decrease of $1,004,784 from September 1929
Nine-Month Total $133,696,935.
Pulp and paper exports from Canada in September were
valued at $14,579,745, according to a report issued by the
Canadian Pulp & Paper Association. This was an increase
of $1,879,408 over the previous month's total and a decrease
of $1,004,784 below the total for September 1929. We quote
from the Montreal "Gazette" of Oct. 22, from which the
following is also taken:
Wood pulp exports for the month were valued at $3,275,697 and exports
of paper at $11,304,048, as against $2,539.680 and $10,160,657 in the
month of August.
For the various grades of pulp and paper details are as follows:
September 1930.
Pulp)
.lechanical
Sulphite bleached
Sulphite unbleached
Sulphate
Screenings
AU other
Tons.
22,544
20,577
13,980
6,578
1,745
737
Total
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (cwts.)
All other
66,161
194,820
1,170
2,963
86
Total
September 1929.
Tons.
23,944
18,657
16,389
9,476
3,263
$
875,370
1,397,913
794.207
538,965
61,950
3,275,697
71,709
3,468,405
10,909,298
129.169
26,395
531
238,884
201.249
919
5,651
44
1,689,638
103,450
51,184
701
271.151
$
838,887
1,438,768
687,713
422,047
30,940
59,564
11,304,048
12,116.124
For the first nine months of the year the exports of pulp and paper were
valued at 8133,696,935. In the corresponding months of 1929 the value
was $145,618.067,so that there has been a decline this year of$11,921,132.
Wood-pulp exports for the nine months amounted to $30.127,350 and
exports of paper to $103,569,581 as compared with $32,338.249 and $113,279,818, respectively, in the corresponding months of 1929.
Details for the various grades are as given below:
Nine Months 1930.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 228 mills show that for the week ended Oct.
11 1930, there were 118,104,015 feet of lumber produced,
114,407,118 feet ordered and 120,215,275 feet shipped. The
Association's statement follows:
Shipments.
Washington & Oregon
Feet.
Feet.
Feet.
(97 Mills)Feet.
Feel.
California
58.881,787 15,392,317 +134.853 10,961,072 63,447,885
Atlantic Coast
124.192 18,884,380 125,193,301
123,814,693 20,387,180
Miscellaneous
821,741
3,878,349
30,000 2,034,555 2,635,535
117
80
Floftwood total:
Week-629 mill reports
238,782
235,841
42 weeks-26,794 mill reports.... 11,839,678 11,366,144
Hardwood Manufacturers Inst.:
Week-241 mill reports
42 weeks
-10,834 mill reports_ _ __
Northern Hemlock Jr Hardwood:
Week-22 mill reports
42 weeks-1,288 mill reports
Orders on
Hand Begin- Orders
rano Week Received.
Oct. 4 1930.
Pulp
Mechanical
Sulphite bleached
Sulphite unbleached
Sulphate
All other
Total
Paper
Newsprint
Wrapping
Book (cwts.)
Writing (ewts.)
All other
Tres.
146.752
191.101
146,354
87,949
21,573
573,729
Nine Months 1929.
4,247.969
13.993.038
7,286.538
3,988.124
611,687
Tons.
152.382
192,438
143,221
101,729
17,700
4,200,468
14,581,008
7,070,560
5,998.522
487.671
30,127,354
607.470
32,338,249
11,689,838
1,208.620
478,351
OPERATING CAPACITY (350 IDENTICAL MILLS.)
35,010
(All mills reporting production for 1929 and 1930 to date.)
2.793.896
Actual production week ended Oct. 11 1930
138,559,683 feet
Average weekly production 41 weeks ended Oct. 11 1930
Total
187,877.613 feet
113.279,818
103.569.581
Average weekly production during 1929
209.519,281 feet
Average weekly production last three years
218.534,193 feet
Pulpwood exports have been larger this year, the shipments for the first
a Weekly operating capacity
304.183,279 feet
a Weekly operating capacity Is based on average hourly production for the 12 nine months amounting to 1,107,159 cords valued at $11,221,892 as comlast months preceding mill check and the normal number of operating hours per week. pared with 1,081.701 cords valued at $11,009,255 in the nine months of
1929.
WEEKLY COMPARISON (IN FEET) FOR 228 IDENTICAL MILLS
-1930.
(All mills whose reports of production, orders and shipments are complete
for the last four weeks.)
United States Department of Labor Bars Canadian
Week EndedOct. 11.
Oct. 4,
Sept. 27.
Sept. 20.
Labor in Lumber Industry-Stops Importation to
Production
117,804.015 116.556.805 123,299,914 122,813,988
Orders (100%)
114,112,118 129,218.810 131.505,320 124,583.538
Aid Our Unemployed.
Rail (38%)
43,486,480
44,806,395
52,441,877
43,802.722
Domestic cargo (39%)- - - - 44,361,855
42,010,345
49,578,690
51.081,486
A Washington dispatch Oct. 18 (Associated Press) to the
Export (15%)
16,865,536
26,987,047
15,989,552
20,257,295
Local(8%)
9,398,247
15,415,029
13,495,201
9,442,035 New York "Times" stated.
shipments (100%)
119,920,275 120,365,457 138,850,771 113,875,787
Another step to limit immigration into the United States because of preRail (38%)
46,060,844
45,588,801
49,114,387
43,227,557
Domestic cargo (42%)
49,850.958
37,929,222
47.068,837
40,340.547 mailing employment conditions, particularly those in New England, was anExport (12%)
14,610,228
21,452,405
29,172,346
nounced to-day by the Department of Labor in the barring of entrance
20,865,648
Local(5%)
9,398.247
15,415,029
13,495,201
9.442,035
Unfilled orders (100%)
389,948,839 400,420,039 393,642,380 410,112,735 hitherto allowed to certain numbers of skilled Canadian woodsmen.
The lumber operators in northern territory have been permitted during
Rail (20%)
100,338,445 103,194,615 104,344,882 101,835,194
Domestic cargo (52%)_ __ _202,029,309 211,554,091 208,560,613 212,136,419 recent winters to waive provisions of the contract labor law for the importing
Export (22%)
87,681,085 85,671,333
80,736.905
90,141,122 of specially qualified seasonal help. This has now been stopped.
COMPARISON OF CURRENT AND PAST PRODUCTION AND
WEEKLY
1,731,591
10,531
29,535
2,101
10,909,298
1,106,109
277.496
17.957
2,518,121
201,249
11,121
55,975
3,850
FINANCIAL CHRONICLE
2604
"During times when labor was scarce employers operating in the lumber
woods of Northern New England have been permitted to import a limited
number of skilled woodsmen from Canada under provisions of the immigration law which allows employers to bring in skilled labor if labor of like
kind, unemployed, cannot be found in the country," the Labor Department's statement explaining the action said.
"Owing to the closing of highway construction and other seasonal activities. It is believed that enough labor to supply the needs of the operators
Is now available. Accordingly, Secretary of Labor Davis has directed that
no more woodsmen shall be admitted from Canada under waiver of the contract labor law unless employers present conclusive proof that unemployed
men capable of doing the work required cannot be found in the New England
States. Officers of the United States employment service in New England
will be directed to render all possible aid to lumber operators in need of men."
Automobile Production in September Continued Low.
September production (factory sales) of motor vehicles in
the United States, as reported to the Bureau of the Census,
was 222,931, of which 180,547 were passenger cars, 41,975
trucks, and 409 taxicabs, as compared with 223,048 passenger cars, trucks and taxicabs in August, 415,912 in
September 1929, 415,314 in September, 1928 and 260,310
in September 1927.
For the nine months ended Sept. 30 the production was
only 2,927,891 vehicles in 1930 against 4,640,823 in 1929.
The table below is based on figures received from 144
manufacturers in the United States for recent months, 42
making passenger cars and 113 making trucks (11 making
both passenger cars and trucks). Figures for passenger cars
include only those designed as pleasure vehicles, while the
taxicabs reported are those built specifically for that purpose, pleasure cars later converted to commercial use not
being reported as taxicabs. Figures for trucks include
ambulances,funeral cars,fire apparatus,street sweepers and
busses. Canadian figures are supplied by the Dominion
Bureau of Statistics.
AUTOMOBILE PRODUCTION (NUMBER OF MACHINES).
Canada.
United States.
Total.
1929
January
February
March
April
May
June
July
August
September --
401.037
465,418
585,455
621,910
604,691
545,932
500.840
498,628
415,912
Passenger
Cars.
345,545
404,063
511,577
535,878
514,863
451,371
424,944
440,780
363,471
TaliTrucks. cabs.x
53,428
80,247
71,799
84,348
88,510
93,183
74,842
58,808
51,575
2,084
2,108
2,079
1,888
1,318
1,878
1,054
1,040
885
Passer
Total. ger Cars. Trucks.
21,501
31,287
40,621
41,901
31,559
21,492
17,461
14,214
13,817
17.164
25.584
32,833
34,392
25,129
18,511
13.800
11,037
10,710
4,337
5.703
7.788
7,509
8.430
4.981
3,861
3.177
3.107
Total(9mos.) 4,640,823 3,992.492 634,739 13,592 233,853 188.980 48,893
October
November
December
Total(year)
1930
January
February
March
Apr11
May
June
July
August
September
380,017
217,573
120,007
318.482
167,846
91.011
80.687
48,081
27.513
868
1,645
1,483
14,523
9,424
5,495
8,975
7,137
4,426
5,548
2.287
1,069
5,358,420 4,569,811 771,020 17,589 263,295 207,498 55,797
275.374
346,940
401,313
443,038
417.408
335.477
282,383
*223,048
222,931
236,145 38,857
296,461 49,457
335.720 64,204
374.913 67,580
862,522 54,370
289,245 45,773
222,459 39.883
187.037 035,780
180,547 41.975
572
1.022
1,389
585
514
459
241
251
409
10.388
15,548
20,730
24,257
24,872
15,090
10.188
9,792
7,957
8.858
13,021
17.185
20.872
21.251
12.194
8,558
8,948
5,823
1,532
2.527
3,585
8,385
3,421
2,896
1.832
2,848
2,334
Total(9 mos.) 2,927,891 2,485,049 437,420 5,422 138,822 114,484 24,138
Includes only factory-built taxicabs, and not private passenger cars converted
ato vehicles for hire.
•Revised.
Production of Crude Rubber in Far East During September Below August Totals.
[Vor... 131.
shutting down entirely, indications point to an early restoration of market balance, said Mr. Henderson, who had the
following to say:
"With crude rubber selling under Sc. per pound in New York, and
the prospect of an increase in the world's stocks of over 100,000 tons this
year to a total of more than 500,000 tons, the immediate outlook for
the producer is not very bright.
"The native producer accounts for about half of the world's production.
At the present price level he can no longer employ help in gathering his
rubber. He and his family are forced to do the work themselves in order
to provide for the necessities 9f life. In other words, his cost of production is little or nothing beyond his time and effort. This condition has
brought about a reduction in the native output because it is physically
impossible for him and his family to tap more than a limited area. But
this production will continue unabated regardless of the selling price of
rubber because he must tap in order to live.
"According to one authority, the product of family tapping in the Dutch
East Indies alone, when the price of rubber is under 8%cl., has been
shown to represent 100,000 tons, but with higher prices that production
can be quickly raised to 880,000 tons a year. As prices rise there Is a
growing incentive for the extension of tapping and later for increased
planting.
"On the other hand, the European and organized Asiatic Estates must
maintain their labor forces and bear certain fixed charges in order to
carry on. Some estates have realized the futility of producing at a loss
for an indefinite period and have closed down. Others are tapping highly
productive areas only, hoping to bring their costs down to a minimum.
A recent survey of the financial positions of 47 Dutch producing coinponies shows that as many as 16 would find their cash resources exhausted
in the event of prevailing conditions continuing for a further period of
12 months.
"A large British plantation company has recently announced that
their F. 0. B. Singapore cost last year was 4%d. per pound, and with
further economies they hoped to reduce it to 8d. this coming year. I
believe these costs are the exception rather than the rule for a majority
of the estates, as a survey of 469 companies show an average cost of
production of about 7%d.
"According to an opinion of a well-known London share broker, it is
less costly for certain estates to continue to produce than to cease production so long as the price is above Sc. (gold). It would seem that many
estates might operate more economically by limiting operations to low
cost and high yielding sections than by continuing production full out,
and the tendency as indicated by the action of certain companies already
seems to be in that direction.
"It seems quite clear that the world's requirements cannot be produced
at to-day's level of price. It is all very well to use low cost as an argument to justify low levels, but the amount of such low cost rubber must
be considered. As in all commodities the marginal quantity cost is
the ultimate influence. I believe this cost of the balance needed is 16
or 16c. land New York, and while it may take time, the market will
respond to this cost. Markets usually have a habit of discounting the
inevitable, and rubber at the present level should be one of the leaders
in commodity price recovery."
Ottawa Issues World Wheat Crop Figures-Increase
-31
of Over 270,000,000 Bushels Estimated for 1930 Movement Analyzed-Canada's Surplus of
264,000,000 Bushels Greatest of Any Country.
From the Montreal "Gazette" of Oct. 18 we take the
following Canadian Press account from Ottawa Oct. 17:
The world wheat crop for 1930-1931 is calculated at 4,470,544.000
bushels, as against 4,204.824,000 bushels last year and 4,709.304.000
bushels for 1928-1929. These figures were issued to-day by the Dominion
Bureau of Statistics. The estimated exportable surplus Is given at 1.272.
000,000 bushels, of which that of Canada (264,000.000 bushels) is the
greatest of any one country. Russia's surplus is calculated at 48,000,000
bushels.
Estimated world requirements are 752,000,000 bushels, or about 58%
of the surplus. The United Kingdom will require 224,000,000 bushels.
A considerable increase in the exports of wheat and wheat flour from
Canada for the months of August and September is shown in the Bureau's
report. For these two months last year the exports totaled 13,050,873
bushels in August and 9,625,524 bushels in September. During the same
two months of the current year exports were 20,481,776 and 32,121,623
bushels, respectively.
According to movement by the different shipping routes, 25,825,480
bushels were billed via the United States seaboard ports and 23.863,136
bushels were cleared from the Canadian seaboard ports-i. e., 15.262,445
bushels via Canadian Atlantic ports and 8,600,691 bushels from Pacific
Production of crude rubber on estates of more than 100
to
bushels
acres in the Far East during September totaled 22,172 tons, ports. The customs figures show that 31,319,891 were thewere billed
next in order
the United Kingdom, while the following countries
tons in August, according to cables to the of importance; Netherlands. 2,488,923 bushels; Italy, 2,076.865 bushels;
against 23,796
Rubber Exchange of New York on Oct. 18. Stocks on Belgium, 1,944,830 bushels, and United States, 1,894,694 bushels.
estates on Sept. 30 were 26,573 tons, against 26,430 tons
Movement Favorable.
The primary movement of this year's crop compares favorably with last
on Aug. 31. Dealers' stocks in the Far East (excluding
elevator was 122,year.
Singapore and Penang) as of Sept. 30 aggregated 16,116 119,178The quantity received at the Western country for the same two
bushels, compared with 120,071.852 bushels
tons, as compared with holdings of 15,775 tons at the end months of the previous year. In addition to the foregoing, 4,195,055
bushels were shipped of the 1930 crop over the loading platforms, while
of the previous month.
moved. The
World Rubber Market Position Reviewed by President
Henderson of New York Rubber Exchange-Crude
Rubber Should Be One of Leaders in Commodity
Price Recovery.
Crude rubber, at present price levels, should be one of
for the same two months in 1929 3,660,307 bushels were
shipments from the above elevators were 88,988,582 bushels.
The rail movement from the Prairie Provinces to the head of the lakes
is shown to amount to 60,162,097 bushels for the two months ended September 1930, just twice the amount for the same two months of 1929.
Lake shipments from the head of the lakes were 57,009,931 bushels, Of
which 30,707,533 bushels went to Buffalo and other United States lake
Port*. Of the balance, 22,885,294 bushels moved to Georgian Bay and
lower lake ports, 3,391,163 bushels to Montreal,243.441 bushels to Quebec
and 82,500 bushels to Sorel, Que.
Western inspections for the two months were considerably higher than
the same two months in 1929, being 93,271,805 bushels and 55,858,544
bushels,respectively, Of this former amount,86.2% graded No. 3 North-
the leaders in commodity price recovery, said F. R. Henderson, President of the Rubber Exchange of New York, on
Oct. 18, in a detailed summary of the world rubber market ern and better, while 84.3% were placed in the same grades for August
position. There has been a definite trend among large pro- and September 1929.
Revised visible supplies of Canadian wneat in Canada and the United
ducers to limit production by centering operations to low States on Sept. 26 1930 were 152,210,868 bushels, against 168,324,486
with other producers bushels for the same week last year.
cost and high yielding sections, and
OCT. 25 1930.]
FINANCIAL CHRONICLE
2605
Let us assume for comparison that Russia will export even 60,000,000
bushels.
It is absurd to say that the present low prices of wheat has been caused
by this small addition to the world's exportable surplus of approximately
800,000,000 bushels, and when the world produces, including Russia, about
4.000,000,000 bushels of wheat.
Estimates published here regarding the world's wheat crop agree that
World Surplus Blamed.
total production will exceed last year's by about 55.000.000 quintals, or,
The decline in wheat started a year ago and has been caused by many
of conditions, primarily by a
say. 200,000,000 bushels. Europe is estimated to show a decrease
world surplus of wheat with poor distribution,
25.000.000 quintals. or 91.500,000 bushels. This excludes Russia, which and a concerted effort on the part of some organizations to
discredit the
has had a relatively favorable crop, but the estimates from North America Federal Farm Board.
exceed last year's yield by 30,000.000 quintals. or nearly 110,000,000
I have no brief for Russia and have opposed the hedging of grain in
bushels.
Chicago by any foreign country for nine years, but it is hardly consistent
In the Southern Hemisphere it is expected that Australia and Argentina, to say that the hedging of 7,000,000 bushels of wheat in the
Cnicago market
owing to increased acreage, will produce about 129.000,000 quintals this has
caused the present low prices.
year, or 470,000,000 bushels, which compares with 72,000,000 quintals,
It would be much nearer the truth to say that the concerted short selling
equivalent to 265,000,000 bushels last year. Forecasts indicate increase
by the professional bear and foreign buyer, assisted by the present rules
in the world's stocks and continuance of low wheat prices.
and regulations, which are all in the seller's favor, for the past 12 months
have been a much greater factor in the present low prices.
Give the farmer little
World Farm Institute Celebrates in Rome—King of you will soon haveahim a help now, in a strictly business-like manner, and
buyer again. I expect to see a big increase in
Italy and Premier Mussolini Attend Twenty-fifth the price of farm commodities when we begin looking at our own situation
and are not blinded by what some °trier country is doing.
Anniversary Meeting.
Rome Estimates See Yield of World Wheat Far Above
1929's Harvest.
Rome (Italy) advices Oct. 10 to the New York "Times"
stated:
The following Rome advices Oct. 14 are from the New
Subsidy for Flour Mills in Finland Is Advocated.
York" Times":
Establishment of a subsidy for Finnish mills on flour
The International Institute of Agriculture, which owes its existence to
the gifted California economist. ')avid Lubin, celebrated the twenty-fifth produced from domestic grains has been recommended to
anniversary of its foundation u,,,n a brilliant ceremony in the capitol this
morning in the presence of the King of Italy, its founder and patron; repre- the Government of Finland by the Central Union of Agrisentatives of the seventy-four States adhering to the Institute, and all of cultural Producers, the Department of Commerce was
the highest Italian officials. Premier Mussolini made the principal speech, advised in a report from C. R. Matheson, acting commercial
which was answered by M.Zameta, President of the Council of the League
of Nations; M. Vassileff, the Bulgarian Minister of Agriculture; M. Poe- attache at Helsingfors. We quote from a Washington
zinsky, Minister from Poland; Marcel Heraud, Under-Secretary of the dispatch Oct. 20 to the New York "Journal of Commerce,"
Presidency of France; Sir Daniel Hall. first delegate of Great Britain, and which further said:
Senator Demuchells, President of the Institute of Agriculture.
The grain situation was the chief feature of discussion at a recent meeting
Mussolini paid glowing tribute to Dr. Lubin, saying his ideals were
singularly important at the present time when the world is in the throes of the organization, the report stated, and the proposal for a subsidy won
of a crisis which the International Institute of Agriculture may do much over Ln alternative suggestion for compulsory milling, by Government
command,of domestic grain in a fixed proportion to foreign grain milled
to overcome.
"There is no doubt," said Mussolini. "that agriculture plays a preponderant part in the dynamics of world economy. A crisis, in fact, is
Grist Mills Revived—Farmers in Northwestern Area
always reflected first by agriculture, while the countries where agriculture
Taking Grain to Country Millers.
Is healthy and well organized feel the effects of a crisis least. On agriculture, therefore, must be concentrated all efforts aiming to mend and
The following from Winnipeg, is from the Boston News
equilibrate that delicate mechanism of economic exchange which, as is the
Bureau of Oct. 21:
case with all human things, can always be perfected."
Primitive conditions are being revived in rural districts in southern
Manitoba and Just over the line in Minnesota and North Dakota. Country
.Continued Reports of Soviet. Dumping—Canadian grist mills, many long out of use, are being restored. Farmers are taking
more profitable than
Bureau Figures "Exportable Surplus" of Russia grain there for grinding, claiming it is a bushel, or one-fifth to sell at ruling
prices. Grinding charges are 20 cents
of the products,
at 48,000,000 Bushels.
if paid by toll. No 1 Northern weighs 60 pounds, from which they get
In spite of Soviet Russia's having a shortage of wheat 40 pounds of flour, 15 of bran, 3 pounds of shorts and 2 p ounds of waste.
They claim from this primitive plan they get the equivalent of 81.50 for
for home consumption, that country is credited with having their wheat, which the market quotes at 70 cents. The movement Is
an "exportable surplus" of that commodity amounting to spreading.
48,000,000 bushels, according to a report issued by the
Packers Sue Germany—Meat Importers Charge Embargo
Dominion Bureau of Statistics. Dumping of Russian wheat
On Frozen Meat Ruined Their Business.
below market prices has been carried on in the United
From the New York "Evening Post" we take the following
Kingdom, Holland and Italy. The following is reported
from Ottawa Oct. 18 in a Canadian Press dispatch to the (Associated Press) from Berlin, Oct. 20:
The National Association of Importers and Wholesalers of refrigerated
New York "Times," which goes on to say:
meats to-day led suit against the Government for 300,000 marks (about
Efforts to apply dumping tactics to France have been nullified by French $72,000).
legislation, which allows only 10% of the wheat going into the manufacture
They alleged the embargo on duty-free frozen meat, effective Oct. I
of wheat flour for bread to be of foreign origin. As a result of this recent ruined their investments in modernized cooling plants. The aggregate
Russian cargoes were taken to Italy, where they were able to sell the car- damage was alleged to be about $9.600,000.
goes "at almost any price."
An official estimate of the Russian wheat crop for the current year,
forwarded by the Canadian Trade Commissioner at Hamburg, indicates Production of Linseed Oil During Quarter Ending
that country will produce 760,380,000 bushels this year. This is an increase
Sept. 30 1930.
of 66.120,000 bushels over last year. From Aug. 1 to Sept. 25 a total of
The Department of Commerce announces that according
12,305,000 bushels, it is estimated, were exported from Russia.
The Dominion Bureau of Statistics says:
to preliminary census figures there were 29 mills in the
"Reports still continue of the dumping of Russian wheat on the United
European markets, although Russia has an apparent shortage United States which crushed flaxseed during the quarter
Kingdom and
for home consumption. Five years previous to the war Russia exported ending Sept. 30 1930, reporting a crush of 164,695 tons of
annually 95,000,000 bushels, while Canadian exports amounted to 60,000,- flaxseed and a production of 108,143,666 pounds of linseed
000 bushels. Now Canada wishes to expert from 150.000,000 to 200.000.oil. These figures compare with 288,983 tons of seed crushed
000 bushels.
"Up to the present some 22,000.000 bushels of wheat have been shipped and 191,977,215 pounds of oil produced for the corresponding
out of Russia, and trade reports indicate an additional 20,000,000 bushels quarter in
1929, 212,882 tons of seed and 141,888,625 pounds
has been sold for export.
"The dominant factor in the whole wheat situation is the length of time of oil in 1928, 253,431 tons of seed and 169,273,970 pounds
Russia will be able to ship wheat at the average rate of the past two or of oil in 1927, and 265,995 tons of seed and 174,056,852
three weeks."
pounds of oil in 1926. The Department's announcement,
Oct. 18, further says:
Effect of Wheat Sale by Soviet Doubted—Thomas D.
Stocks of flaxseed at the mills on Sept. 30 1930, amounted to 94,653
tons compared with 90,327 tons for the same date in 1929, with 103.206
Campbell Attributes Low Prices to World Surplus.
tons in 1928, with 119.229 tons in 1927, and with 70,196 tons in 1926.
Thomas D. Campbell, wheat producer of Montana, who Stocks of linseed oil reported by the crushers were 53,145,328 pounds on
just returned from Russia, conferred on Oct. 18 at the Sept. 30 1930 compared with 82,991.738 pounds for the same date in 1929.
has
with 78,623,882 pounds in 1928, with 76,563,440 pounds in 1927, and with
White House with President Hoover. The conference was 66,957,976 pounds in 1926.
participated in also by Alexander Legge, Chairman of the
The imports of flaxseed during the quarter were 27.151 tons in 1930.
Federal Farm Board. After the conference Mr. Campbell compared with 88,363 tons in 1929, 106,571 tons in 1928, 119.347 tons in
1927, and 107,360 tons in 1926. The imports of linseed oil were 22.591
made public a statement which he said embodied substan- pounds in 1930, compared with 39,545 in 1929, 113.088 in 1928. 713,088 in
tially what he had told the President. We quote from the 1927, 348,435 in 1926, while the exports were 274,560 in 1930, 510,837 in
"United States Daily" of Oct. 20, which gives Mr. Camp- 1929, 512,339 in 1928,530,829 in 1927 and 1.083,773 in 1926
bell's statement as follows:
I traveled thousands of miles in Russia recently inspecting State and Governor of Yucatan Considers Proposal to Destroy
collectivized farms. It will be several years before Russia will be as great
100,000 Bales of Hemp.
a factor in the wheat export trade as it was before the war. Russia has
From Merida, Yucatan, Oct. 17 Associated Press advices
an extreme shortage of food to-day because the farmers recently refused
stated.
to produce more food than their own requirements.
Last year Russia imported more wheat and flour than she exported, and
I doubt if her total net exports this year will exceed 20.000,000 bushels.
The Governor of this State has under consideration a proposal of the
regional economic committee to burn 100.000 bales of henequin, or the
FINANCIAL CHRONICLE
2606
sisal hemp, which is one of Yucatan's principal crops, in order to eliminate
a surplus and relieve a crisis brought on by overproduction.
It is proposed to burn the supply in warehouses at Progreso, which
would leave 200,000 bales on hand to supply demand.
Brazil Coffee Stock Now 22,000,000 Sacks—September
Shipments to Santos Total 2,113,000—Export Situation Improved.
Under date of Oct. 17 a cablegram from Sao Paulo to
the New York "Times" stated:
During the month of September the total amount of coffee dispatched
from the interior to Santos, the seaport of Sao Paulo, aggregated 2,113,000
sacks. The stores in the States of Minas Geraes and Sao Paulo, in the
regulatory warehouses, stations and freight cars, as of Sept. 30 amount
to 22,000,000 sacks, according to an official bulletin issued by the Coffee
Institute to-day.
Up to the last day of September approximately 4,000.000 sacks of the
last crop in Minas Geraes and Sao Paulo had been shipped, leaving about
2,500,00) to 3,000,000 sacks yet to be dispatched, while the crop which is
now ripening is officially estimated at 6,500,000 to 7,000.000 sacks.
The official survey which was made under the direction of the Sao Paulo
Department of Agriculture revealed that more than 2.000,000 sacks now
in stock are spoiled and unfit for sale, while 25% of Series K and L and 6%
of the other series at least, on account of bad condition, cannot possibly be
exported from the country.
This means that, deducting the bad coffee, there are only 20,000.000
sacks of coffee available for exportation Brokers are of the opinion that
the Institute's ruling providing for substituting for the poor coffee now
in regulatory deposits coffee from the new crop, will facilitate the movement
of the commodity and create a more vigorous demand in New York and
other of the world's markets.
(voi. 131.
ishers have been making slow gains in plant operations. Some print cloth
and carded broadcloth mills are closely sold for the balance of the year.
A few constructions of goods are scarce for quick delivery, as shown by
slight premiums on spot goods in these constructions.
The improvement in the domestic situation since the early summer is to
be considered seasonal, but it is none the less a definite gain, and it is encouraging to manufacturers and merchants. Since August. average mill
margins on certain standard ducks and drills have widened from 11.01
to 11.84 cents per pound,on three sheetings from 8.21 to 10.99, and on three
print cloths from 12.35 to 16.46. The much greater gain in the margins
on print cloths than on sheetings, ducks, and drills indicates the irregularity
of the improvement and the extent to which it has been concentrated in
the print cloth division.
Cotton Goods Price Advances.
The following is from the "Wall Street Journal" of Oct. 18:
Price advances of % a cent a yard on percales were announced by M.C.D.
Borden & Sons, Inc., Pacific Mills, Algonquin Printing Co. and the Windsor
Print Works division of the Consolidated Selling Co. This is the second
advance by leading printers within a month. Previous to that quotations
were reduced 23. to 3% cents on Sept. 9
New Cotton Plan Adopted by Egypt—Government
Accepts Sidky Pasha Policy—Agrees to Make Loans
Up to £10,000,000 to Farmers.
From the "Wall Street Journal" of Oct. 21 we take the
following from Alexandria:
A permanent cotton policy, sponsored by Sidky Pasha, Prime Minister,
has been adopted by the Egyptian Government. Adoption of this policy is
the result of numerous conferences held by the Prime Minister with bankers,
growers and shippers as to the best measures to help the deplorable cotton
situation caused by overproduction.
The purpose of the plan, which is hailed as one that provides sound
economic support to cotton growers, is to keep cotton in the interior of
Egypt until later in the season, rather than let it come down to Alexandria,
where the market is already almost overstocked and where heavy receipts
would tend to depress prices further.
Under the plan, the Government has agreed to advance to small farmers
in the interior of Egypt loans not to exceed a total of £10,000.000. Advances
to interior farmers will be made on a basis of 17 cents a pound for Sakel
and 123 cents for uppers. This should take care of about 300.000,000
pounds, equal to about a third of the crop. Loans by the Government on
this basis to Sept. 26 amounted to only E100,000 on a quantity of about
4.000,000 pounds.
Current prices for Egyptian futures in the market at Alexandria figure
about 2 cents a pound lower on Sakel than the price the Government 18
willing to lend, and about one cent a pound lower for uppers.
Activity in the Cotton Spinning Industry for
September 1930.
The Department of Commerce announced on Oct. 22 that,
according to preliminary figures compiled by the Bureau of
the Census, 33,959,172 cotton spinning spindles were in
place in the United States on Sept. 30 1930, of which 26,087,004 were operated at some time during the month,
compared with 25,873,978 for August, 26,457,786 for July,
27,659,308 for June, 28,357,908 for May, 28,851,122 for
April and 30,035,470 for September, 1929. The aggregate
number of active spindle hours reported for the month was
5,662,899,108. During September the normal time of
2
operation was 243/ days (allowance being made for the
observance of Labor Day in some localities), compared with Russian Soviet Expects Big Cotton Crop—Puts Figure
at 500,000 Tons, but Collecting Is Difficult.
26 for August, 26 for July, 25 for June, 263. for May, and
25 2-3 for April. Based on an activity of 8.91 hours per
Under date of Oct. 11 Moscow advices to the New York
day, the average number of spindles operated during Sep- "Times" stated:
tember was 25,941,497, or at 76.4% capacity on a singleThe Soviet Government expects the recent cotton crop to reach a record
tons
as high as
shift basis. This percentage compares with 65.2 for August, figure, which official estimates place needs of the500,000textilethis year,
industry.
Soviet
would be nearly enough for the
67.2 for July, 76.2 for June, 83.4 for May, 96.1 for April, whichindustry has been working half-time or less for the last five months
That
and 103.5 for September 1929. The average number of because purchases of American cotton were replaced in the Spring by orders
active spindle hours per spindle in place for the month was for tractors and other agricultural machinery. has been some difficulty
The newspaper "Izvestia" to-day admits there
167. The total number of cotton spinning spindles in in "collecting"—that is, mobilizing for State needs—the cotton crop,
the number of active spindle hours owing to delay in supplying the regions concerned with food products and
place, the number active,
informed the textile centres
and the average hours per spindle in place, by States, are manufactured goods, but your correspondent is program figure of 45,000
had received 7,000 tons by Oct. 1, instead of the
shown in the following statement:
tons.
On the whole it is probable some American cotton will be imported for
certain qualities of goods and perhaps for use mixed with Russian cotton.
On this account or as a demonstration of future hopes, it is possible some
Aco.perSpinIn Place ActiveDuring
next 12 months but speaking genTotal,
die in Place. Russian cotton will be exported in the
Sept. 30,
Sept.
erally, the needs of the internal textile market are likely to absorb the native
218
19,132,600 17,103.204 4,168,684,044
crops for several years to come.
99
7,916,634 1.332.319,377
13,405,836
114
161,895,687
1,067.166
1,420,736
spinning Spindles.
State.
Cotton-growing States
NewEngland States
MI other States
Alabama
Connecticut
Georgia
Maine
Massachusetts
Mississippi
New Hampshire
New Jersey
New York
North Carolina
Rhode island
South Carolina
Tennessee
Texas
Virginia
All other States
United States
Acttse Spindle Hours Jar Sept.
1,866,574
1,085,456
3,234,900
1,022.048
7,796,660
207,088
1.281,508
367,820
695,628
6,235,866
2,102,900
5,679.662
613,304
283,508
688,324
797,928
1,648,628
810,764
2,397,228
654,330
4,465,568
127,720
712,140
336,506
432,834
5,471,668
1.157,068
5,262.178
587,368
228,134
654.568
660.304
406,885,311
132.043,096
689,272,534
138,745,109
729,498,733
29,772,564
130,813,502
28,556.972
82,526.975
1,345,536,399
186,103,937
1.325.670,900
180,695.991
44,953,129
87,600,985
124,222,971
218
122
213
136
94
144
102
78
119
216
88
233
295
159
127
156
33.959,172
28,087,004
5,662,809,108
167
Total Yardage of Cloth Sold Last Week in Excess of
Output According to New York Cotton Exchange.
The cotton mill situation in this country continued, during
the week ending Oct. 18, the irregular but definite upward
trend which has been under way since early in the summer,
according to the New York Cotton Exchange Service.
It is believed, says the Service, that the total yardage of
cloth sold that week was in excess of the total current output,
although this would not be true of all individual classes of
goods. The Exchange Service continues:
Average manufacturing margins on standard unfinished cotton goods
about held their own, with raw cotton and manufactured goods generally
steady. Mill activity is averaging about the same as in recent weeks,
with a slight tendency to increase due to a few mills running at a higher
rate to hanclle the increased business booked during the past month. Fin-
Bombay Merchants Barred from Opening Shops to
Dispose of Foreign Cloth Stocks.
Associated Press advices from Bombay published in the
New York "Evening Post" said:
The Association of Native Piece Goods Merchants to-day declared a
cessation of business for an indefinite period. The order rescinded one of
Oct. 13 which had permitted members to open their shops for the purpose
of disposing of foreign cloth stocks.
To-day's action also enjoined shop-keepers from purchasing any new
stocks of foreign cloths.
Raw Silk Imports Decreased 4% in Fiscal Year Ended
June 30 Last, as Compared with Previous Year—
Stocks in Hands of Retailers and the Garment
Trade Low.
The buying public is now reaping the benefits of this
year's decline in raw silk prices and is able to obtain decidedly attractive values in price, style and quality, the
Silk Association of America, Inc., reports in its 31st annual
mid-year trade review of conditions in the silk industry.
Comparatively low stocks in the hands of retailers and the
garment trade, the present low price of raw silk, as well as
the exceptional values obtainable by the consumer are
pointed out as being decidedly encouraging factors and
should stimulate demand, despite the effect on the silk
Industry of the general business depression. The Association further stated, in part:
1
Om. 251930.]
FINANCIAL CHRONICLE
A 4% decrease in total raw silk imports during the fiscal year ended
June 80 1930, as compared with a 3.9% increase In the previous fiscal
year, is reported. Imports of raw silk from Japan were 465,649 bales,
11.5% less than last year. Canton imports were 34,322 bales, an increase
of 23.7% over last year. Imports from Shanghai, 48,803 bales, Including
tussah silk, increased 62.8% and imports from Europe, 19,264 bales,
increased 167% over last year.
Considerable uncertainty was experienced in the silk market as a result
of the decline in raw silk prices. This was caused by the lifting of the
gold embargo in Japan, by overproduction of Japanese raw silk, by a
decrease in Japanese raw silk exports to European markets, and by an
Increase of imports of Chinese silk into the United States, as well as by
the general business depression. Raw silk prices reached their pre•war
levels during the year. Cautious buying of raw silk, curtailment of broad
silk manufacturing, and a decrease in raw silk imports resulted throughout
the Industry.
Gradual but steady improvement in conditions is expected, with even
more consumer preference given to silk over other fibers In view of the
fact that better values are obtainable than ever before. The coming season
will continue to see generally conservative buying on the part of both
retailer and consumer, is the feeling of the silk trade.
2607
Prices of Typical Crudes per Barrel et Wells.
(All gravities where A. P. I. degrees are not shown.)
$2.40 9pindleton, Texas, below 25
Bradford, Pa
1.35 Winkler. Texas
Corning. Ohio
1.35 Smackover. Ark.. 24 and over
Cabell, W. Va
1.65 Smackover. Ark.. below 2
Illinois
1.60 Eldorado, Ark.. 34
Western Kentucky
1.23 Urania. La
Midoontlnent. Okla., 37
.80 Salt Creek, Wyo.. 87
Corsicana, Texas, heavy
.87 Sunburst, Mont
Hutchinson. Texas, 86
1.65 Afte15111, N. Mex
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 Hills. 50-54.9
85 Ventura, Calif., 30
Luling, Texas
1.15 Petrol's. Canada
Spindletop, Texas, grade A
$1.00
.65
1.06
.76
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
-KEROSENE STRONG SPOT IN MARKET
REPINED PRODUCTS
GASOLINE IRREGULAR-STORAGE GASOLINE DECLINES
DOMESTIC OILS IMPROVE.
Kerosene was again the feature of the refined markets
with increasing demand noted as the week closed. Continued easiness in the Western bulk market with gasoline
in that field showing weakness was reflected in irregularity
Petroleum and Its Products-Pennsylvania Crude Oil in the Eastern gasoline market. Gasoline stocks reversed
Prices Cut
-Railroads Threaten Pipe Line Business their unexpected advance of last week and the total for the
week ended Oct. 18, showed a substantial drop from the
-Derby Oil Ceases Purchases of Crude.
previous week. Domestic heating oils also showed improveDevelopments in the crude petroluem industry during the
ment with cold weather stimulating movements in this grade
past week were devoid of any serious importance. Producto a marked degree. Export trade in gasoline continued
tion figures from the various fields reflected the effort of oil spasmodic with little interest being shown by the foreign
operators to keep output within the allotted figures. Price
trade due to the confused feeling prevalent throughout the
changes were announced in Pennsylvania but these revisions
trade at the present time.
were of local significance and will have no effect on the naWith a week of autumn weather to push consumption of
tional situation.
kerosene, dealers report a substantial increase in inquires
Pennsylvania-grade crude oils in the Bradford and Alleand sales with large buying by industrial interests being
ghany districts have been reduced 15 cents a barrel. The new noted. Home consumption also showed a heavy increase
price quoted by the Tide Water Pipe Co., Ltd., is now $2.40
in the past week and dealers expect this market to improve
a barrel. The Joseph Seep Purchasing Agency has posted the
the cold weather approaches. Export business in kerosene
following new prices for its crude oil purchases: In National as
has also shown improvement in the past week, although not
Transit lines, $2.15 a barrel; South West Pennsylvania Pipe
same extent as in the domestic market. Prices held
Lines Co. lines, $2.10; Eureka Pipe Line Co. lines, $2 and in to the
at 63 c. a gallon, in tank car lots, at the refineries, for 41-43
A
Buckeye Pipe Line Co. lines, $1.75 a barrel. Following anand the trade would not be surprised
nouncement of this cut the South Penn Oil Co. cut Corning water white kerosene
to see a small price advance in this grade in the near future.
crude 15 cents to $1.35 a barrel.
has also shown improvement with
An interesting occurrence of the week was the move on the The tank wagon field
firm.
part of carriers to enter into competition with gasoline, pipe price levels remaining
With Chicago bulk gasoline sliding off to Ws to 5c. a
lines for the traffic from the Mid-Continent refineries to the
gallon, this weakness was reflected in a rather irregular
Chicago territory. The railroads taking this move were the
market. While the bulk of the refiners
St. Louis-San Francisco and the Missouri-Kansas-Texas. tone in the local
are holding at 731c. a gallon for U. S. Motor Gasoline, in
/
J. R. Koontz, Vice-President of the Frisco, declared that the
refineries, some of the independent refiners
carriers have submitted a proposition to establish a rate on tank ears at the
doing business as low as 7%c. a gallon.
gasoline only to Kansas City 18 cents per 100 pounds, are reported as
These price-cutting tactics in the effort to obtain gallonage
St. Louis 22 cents and Chicago, 2734 cents from the zone of
are futile as it has already been proven in other industries
the threatened pipe line competition as follows: Bristow,
as well as in the gasoline market, that you cannot stimulate
Sapulpa, Tulsa, Muskogee, Boynton, Okmulgee, Covington,
consumption by cutting prices. While this policy may work
Fairmount, Enid, Sand Springs, Arkansas City, Augusta,
in some cases, the majority of attempts fail. The price war
Wichita, Neodesha, Joplin, all Frisco stations; Muskogee,
Brooklyn service stations continues with most
Tulsa, Cushing, Yale, Cleveland, Coffeyville, Chanute and among the
of them operating "in the red," but determined to fight to
Joplin, all "Katy" stations.
further complication developed over the weekThese rates, it is said, are to apply only on those shipments the last. A
end when much talk was heard concerning a strike of service
in the tank cars owned or under lease to the shipper with no
mileage allowance to be paid on the car while under load. station attendants which failed to materialize but the threat
This proposition, however, must first be submitted to all of a complete tie-up of service stations remains. The tankcarriers and then referred to the Inter-State Commerce Com- wagon market held firm this week, but little business was
reported.
mission.
Gasoline stocks for the week ending Oct. 18 declined
The Tariff Commission will hold a public hearing on Oct.
31 to determine the relative prices to Atlantic coast refineries 849,000 barrels from the previous week to 36,276,000 barrels,
of crude petroleum from domestic and Venezuelan oil fields. compared with 32,160,000 barrels in the corresponding period
Independent oil producers, in their plea for a tariff, contend for last year. Refinery operations were conducted at
that the sharp increase in domestic oil output has allowed 66.2% of capacity as against 66.5% in the previous week.
larger oil companies to lower the price of crude oil with the use Stern efforts to keep the proration system of curtailing proof foreign oil, chiefly Venezuelan oil. As a result of this duction with the resulting drop in storage stocks effectivd
until the situation clears up in the oil industry have been
situation, it is said, the independents face extermination.
Effective Oct. 24, the Derby Oil Co. ceased purchasing promised by practically every large operator in the United
crude oil from producers to avoid the cutting of prices of States. The few dissenting independent companies have
Kansas crude. Purchases of the company have been around lost every legal struggle to set aside proration and indications
3,000 barrels daily, with the bulk coming from Butler, are that they will not be able to force the abandoning of the
Greenwood, McPherson and Sedgwick counties. Derby proration system.
Domestic heating oils in common with the kerosene market
customers who are unable to obtain other pipe line connections, it is declared, will be taken care of by the storing of the showed marked improvement. The approach of the winter
season heralded by the chilly fall weather prevailing in the
crude, and part cash paid for the oil.
metropolitan environs has stimulated demand and dealers
Price changes follow.
Wednesday. Oct. 22.
-Tide Water Pipe Co., Ltd., and the Joseph Seep report good movements of stocks. Heavy movements on
Purchasing Agency announce reductions of The, a barrel on Pennsylvania contract business are reported with new trade also calling
crude oil.
for heavy shipments.
Revised prices follow.
Price changes follow:
Per Bbl.
Tide Water Pipe Co.: Bradford and Alleghany
$2.40
Joseph Seep Purchasing Agency: National Transit Line
2.15
Southwest Pa. Pipe Line
2.10
Line
Eureka Pipe
2.00
Buckeye Pipe Line
1.75
Thursday, Oct. 23.
-South Penn Oil announce a reduction of 15 cents a
barrel in Corning crude to $1.35 a barrel.
Monday, Oct. 20.
-Sun Oil Co. announced that it has restored the 19c.
quotation for standard gasoline in Cleveland. This action brings the
company into line with the other companies.
-Leading refiners have announced a reduction
Wednesday, Oct. 22.
of lc. a gallon in the service station price of gasoline in St. Paul and Minneapolis. Independent dealers have not yet met the cut which brings the
price of standard gasoline to 17c. a gallon.
2608
FINANCIAL CHRONICLE
Friday, Oct. 24.
-Chicago market for bulk gasoline is 414 to 514c. a
gallon, off 34c. from previously quoted level.
Gasoline. U. B. Motor, Tank Car Lots, F.O.B. Refinery.
N.Y.(Bayonne)
-Sinclair Ref_ 0756 California
-.S.0714 N.Y.
8.08
Stand. Oil. N.J__ .0714
Los Angeles, export. .0734
Colonlal-Beacon._ 08
Stand. Oil, N. Y.. .08
Carson Pet
08
Gulf Coast. export__ .08
Tide Water011 Co. .0811
Crew Levick
North Louisiana_ _ .0711
08
Richfield Oil Co.. .0814 West Texas
0614 North Texas._ 0556 .06
Werner-QuinYnCo
Chicago
0416-05)4 Oklahoma
0551 .08
Pan-Am.Pet. Co. .0716 New Orleans]
Pennsylvania
.07
.0854
Shell Eastern Pet. .0814 Arkansas
.0614
Gasoline, Service Station. Tax Included.
New York
8.163 Cincinnati
Minneapolle
g 19
8.17
Atlanta
.25
New Orleans
Cleveland
16
195
Baltimore
172 Denver
Philadelphia
.22
.20
Boston_
155 Detroit
21
143 San Francisco
Buffalo
.188 Houston
Spokane
.275
22
Chteago
.17 Jacksonville
St. Louts
25
205
Kansas City
.179
131.
Gross Crude Oil Stock Changes for September.
Pipe line and tank farm gross domestic crude oil stooks east
of the Rocky Mountains decreased 2,153,000 barrels in the
month of September, according to returns compiled by the
American Petroluem Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
in general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies
Kerosene. 41-43 Water White, Tank Car lints. F.O.B. Refinery.
aggregating 3,566,400 barrels, or 95.6% of the 3,730,100
N.Y.(Bayonne)---- $061i IChinaflo
8.075e
8.0554'New Orleans
North Tesas_.0334.---.03561Los Angeles, export_ 0514[Tulsa
064 barrel estimated daily potential refining capacity of the
plants operating in the United States during the week
Fuel Oil. 18-33 Degrees, F.O.B. Refinery or Terminal
ended Oct. 18 1930 report that the crude runs to stills for
New York (Bayonne)$1.051Los Angeles
S TO
8.85'Gulf Coast
Diesel
84 the week show that these companies operated to 66.2%
2.00iNewOrlcana
.951Chicago
of their total capacity. Figures published last week show
Gas Ohs 32.34 Degrees. F.0.11. Refiner or Terminal
,
N.Y.(Bayonne)._-$.051(!Chicago
.803 that companies aggregating 3,566,900 barrels, or 95.6% of
2.031Tulsa
the 3,730,100 barrel estimated daily potential refining
Crude Oil Output in United States Continues Below capacity of all plants operating in the United States during
That of Corresponding Period in 1929.
that week, but which operated to only 66.5% of their total
The American Petroluem Institute estimates that the capacity, contributed to that report. The report for the
daily average gross crude oil production in the United States, week ended Oct. 18 1930, follows:
for the week ended Oct. 18 1930, was.2,370,750 barrels, as CRUDE RUNS TO STILLS-GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED OCT. 18 1930.
compared with 2,366,800 barrels for the preceding week, an
(Figures in Barrels of 42 Gallons.)
increase of 3,950 barrels. Compared with the output for
Per Cent
Per Cent
the week ended Oct. 19 1929, of 2,903,200 barrels daily, the
Potrnll'ti
Crude
Oper.
Gas and
District.
Capacity
current figure represents a decrease of 532,550 barrels per day.
Runs to
Gasoline
of Total
Fuel Oil
ReportStills.
Stocks.
Capacity
Stocks.
The daily average production east of California for the week
ing.
Report.
ended Oct. 18 1930, was 1,783,150 barrels, as compared with East Coast
100.0
81.2
3,483,000
11,974,000
5,519,000
525,000
93.2
879,000
56.9
983.000
1,776,600 barrels for the preceding week, an increase of 6,550 Appalachian
Ind., Illinois, Kentucky 97.5
1,779,000
4,207,000
5,140,000
68.7
barrels. The following are estimates of daily average gross Okla., Kans., Missouri. 89.4
1,743,000
2,438,000
60.4
4,858,000
Texas
3,962,000
91.9
76.1
10,563,000
5,739,000
production, by districts for the weeks ended Oct. 18 1930, Loulslana-Arkansas
98.3
60.8
1,116,000
1,142,000
2,064,000
Rocky Mountain
356,000
1,698,000
93.1
36.4
1,128,000
Oct. 11 1930 and Oct. 19 1929.
California
98.3
3,559,000
57.5
13,721,000 104,258,000
DAILY AVERAGE PRODUCTION (FIGURF.S IN BARRELS).
Week EndedOct. 18 '30. Oct. 11 '80. Oct. 4'30. Oct. 19 '29.
Oklahoma
558,450
540,100
545,800
708,250
Kansas
115,950
115,050
112,650
111,500
Panhandle Texas
78.800
80,200
80,900
107,650
North Texas
64,450
62,600
62,800
92,900
West Central Texas
48,450
47.650
47,650
57,300
West Texas
269,800
273,700
270,350
364,500
East Central Texas
42.650
40,550
42,000
18,450
Southwest Texas
98,000
101,050
96,900
73,000
North Louisiana
39,900
40,300
42,150
39,450
Arkansas
53,150
52,400
52,850
64,800
Coastal Texas
166,350
167,800
143,500
168,600
Coastal Louisiana
29,900
27,850
27,150
24,750
Eastern (not Including Michigan)
114,000
115,500
112,500
120,250
Michigan
7,850
7,400
7,550
16,800
Wyoming
52.000
48,850
47,700
54,950
Montana
8,950
7,900
9,000
10,750
Colorado
4,300
4.100
4,150
5,450
New Mexico
47,800
46,550
6,450
39,800
California
587,600
588,200
590,200
882,500
Total
2,370,750 2,366,800 2,386,950 2,903,200
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. 18, was 1.357,200 barrels, as compared with 1,360,150
barrels for the preceding week, a decrease of 2,950 barrels. The MidContinent production, excluding Smackover (Arkansas), heavy oil, was
1.320.800 barrels, as compared with 1.323,750 barrels, a decrease of 2.950
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 EndedOklahomaOct. 18. Oct. 11. Southwest TexasOct. 18. Oct. 11.
Bowleg)!
15,200
Chapman-Abbot
7,000 12,250
Bristow-Slick
15,000 15,000 Dant Creek
45,700 45,000
Burbank
15,350 15,400 Luling
9.900
9,900
Carr City
10,300 7,550 Salt Flat
17,400 17,000
F.arisboro
22,650 20,050
North LouisianaEast Earlsboro
18,500 18,150 Sarepta Carterville
2,600 2,250
South Earisboro
9,900 12,250 Zweite
7,050 5,250
Konawa _
18,600 18,550
Arkansas
Little River
25,900 24,200 Smackover, light
5,000 4.950
East Little River
12,650 13.600 Smackover, heavy
36,400 38,400
3,400 3,200
Coastal Texas
Maud
7.100 5,300 Barbers Hill
Mission
22,250 19,800
88,000 92,250 Raccoon Bend
0,200 10,350
Oklahoma City
Si. Louts
23,050 24,400 Refuel° County
27,100 26,750
&aright
7,150 7,350 Sugarland.
11,850 11,900
Coastal Loulsiana14,600 14,300
Seminole
East Seminole
2,250 2.200 East. Hackberry
2,300 2,500
Old Hackberry
800 1,000
Wyoming
KansasSedgwlek County
22,500 22,750 Salt Creek
28,400 25,850
Voshell.
6,650 10,350 lifontanaKevin-Sunburst.
Panhandle Texas
5,050 8,100
Gray County
New Mexico
54.900 55,250
Hutchinson County._ 17.500 16,700 Hobbs High
38,100 29,600
Balance Lea County._ 7,880 7,600
North Texas-California
Archer Crmntv
32.600 35,800
13,350 13,350 Elwood-Goleta
28,000 28,000
Wilbargelf County
15,500 15,500 Huntington Beach
Inglewood
15,500 15,500
Kettleman Hills
i8'e4t Ce/gra? Tem,
24,500 24,800
Young County
100,000 100,800
15,100 15,100 Long Beach
Midway-Sunset
59,000 60,000
Wet Ferns
Playa Del Rey
23,500 20,000
Crate & Upton Counties 34,150 34.200 Santa Fe Springs
94,200
Etter County
18,500
7,900 8,050 Seal Beach
Howard County
46.800 46,400
30,500 22,450 Ventura A venue
PerinsgIcanta Crude
Reagan County
23,400 24,100
Winkler County
6,650 6,650
60,050 61,900 Allegany
Yates
23,050 22600
101,900 103,400 Bradford
Balance Pecos County... 8,400 3,300 Southeastern Ohio
7,200 6:700
East Central Texas
Southwestern Penna.... 2,800 2,300
-Van 2andt County
28,450 27,150 West Virginia
13,800 12.200
imgo
o
Total week Oct. 18
Daily average
Total week Oct. 11
Daily average
yTotal Oct. 191929..
Daily average
95.6
95.6
94.9
16,523,000
2,360,400
16,597,000
2,371,000
19,592,000
2,798,800
68.2
36,276,000
140,035,000
66.5
37,125,000
139,457,000
85.1
32,160,000 *144.170,000
Texas Gulf Coasts
2,958,000
7,677.000
4,597,000
100.0
79.8
Louisiana Gulf Coast:. 100.0
2,064,000
915,000
66.4
685,000
* Final revised. x Included above the table or week ended Oct. 18 1930 of their
respective districts. y The United States total figures for last year shown above are
not comparable with this year's totals because of the difference in the percentage
capacity reporting.
Note.
-All crude runs to stills and stocks figures follow exactly the present Bureau
of kilres definitions. In California, stocks of heavy crude and all grades of fuel
oil are Included under the heading "Gas and Fuel Oil Stocks." Crude oil runs to
stills Include both foreign and domestic crude.
Copper Sales at 93/i Cents a Pound-Custom Smelters
Action in Cutting Price Followed by Similar Cut
by Producers.
The New York "Times" of Oct. 24 said that copper metal
prices were reduced to 93 cents a pound on Oct. 23 by
one custom smelter and probably two, it was reported in
the trade. At the same time the paper quoted said:
While it is believed only a limitable amount of copper can be had under
10 cents a pound, the price established by the leading producers, it is
said, the amount available at 914 cents is too large to be ignored. Although some copper was sold on Wednesday at W cents, the price a
t
few weeks ago of 10 cents a pound delivered in the Connecticut Valley
held steady until the last few days, it is said.
In spite of no official change having been made in the export price of
10.30 cents, C. i. f. Hamburg, Havre and London, much copper was bought
below this price recently in Germany, France and England. Indicating
that some change in the export price must be made soon.
The action of all copper producers in reducing the price
to 9M cents was indicated in the following which we quote
from the New York "Sun" of last night, Oct. 24:
All copper producers to-day reduced the price of the red metal to 9)4 cents
a pound, a level established yesterday by custom smelters. The copper sold
at that price is for delivery up to the end of February.
Following the general reduction in the price of copper fabricators of the
metal lowered their prices on copper and brass products. The cut on copper products was half a cent a pound while the reduction on brass products
was H of a cent a pound. The reduction In fabricated copper was initiated
by the Revere Copper & Brass co., Inc., and was followed promptly by
the American Brass Co. The Anaconda Wire & Cable Co. announced a
reduction in its prices on bare wire of half a cent a pound. Weatherproofed
wire was cut 56 of a cent a pound.
No reduction has been announced yet on copper for export. It still is
quoted at 10.30 cents a pound delivered C. I. f. in European ports. It is
predicted, however, that a cut to 9.80 cents will be made to bring the export price into parity with the domestic market.
Sales Taper Off in Copper Mart
-Tin Prices Advance
Lead Call Good-Zinc Unsettled.
A softer market and dwindling sales depressed copper
sellers during the past week. Total bookings wore very
small, and while the 10
-cent price level was generally ad-
OCT. 25 1930.]
FINANCIAL CHRONICLE
hered to, a small tonnage was sold at concessions, reports
"Metals and Mineral Markets" adding:
A number of copper sellers feel that the gradual accumulation of copper at
-cent level may prove embarrassing before long. They believe, howthe 10
ever, that no considerable demand would be stimulated by a further price
cut and are hopeful that something constructive can be done about production before further reductions become necessary. Export demand has
been of fair proportions, even more being currently sold abroad than on this
side.
The buying of lead that set in toward the close of the preceding week
continued well into last week, though at a slightly reduced rate. Total
sales represented a good average week's business, with buyers somewhat
more disposed to take on November and December metal. Prices held
steady, at 5.10 cents, New York, and 4.95 cents, St. Louis.
Zinc demand held at about the same rate as obtained in the two weeks
immediately preceding, but has been insufficient to absorb production.
Prices ranged from 3.95 cents to 4 cents, but the former price prevailed
in the last two days.
On good support from the London group, coveringeby shorts, and a fair
inquiry from consumers, the market for tin climbed steadily during the
week and settled at 27.10 cents per pound for prompt Straits, a 1% cent
gain over last week's price.
Europe Asks 15% Cut in Our Zinc Exports
-Reply
Awaited Before Voting on 30% Curtailment in
Production There.
To meet the present critical situation in the world zinc
Industry, due to overproduction and falling prices, the
American zinc interests have been asked by their European
oompetitors to agree to a 15% reduction in American export
tonnage to Europe, according to a cablegram Oct. 21 from
Paris to the New York "Times," which further stated:
The response 1,0 this request is now awaited by representatives of all
-producing countries of Europe, who assembled here to-day for an
zinc
important session.
Upon the nature of the American reply also depends the fate of the
proposed international zinc cartel, in which the American industry would
be a sympathetic collaborator if not an actual member. The Europeans
say they cannot join the cartel unless the Americans agree to cooperate.
AS to 10% cut in production quotas, according to category, was decided
upon at the Ostend meeting last July. The Europeans are now faced with
an additional 30% reduction, provided the Americans accept a 15% cut in
their European business.
By refusing to co-operate when the proposal was first put up to them in
July. tne Americans, in the opinion of their European competitors,assumed
a short-sighted policy. Prices, the Europeans add, have since shrunk
from £16 10s.to £14, although improving last week-end to £15 on the
strength of hopeful reports of the present Paris meeting.
Some European producers will be surprised if the Americans agree to
a cut in the face of the present business depression in the United States,
but all seem to agree a decision of this kind would prove helpful to the
Americans in the long run, since it would strengthen prices through curtailment of production.
World Zinc Output Off in September.
Production of zinc by reporting countries, which include
all important zinc producers except Belgium, the Netherlands and Poland, was in September 89,807 short tons,
according to figures released by the American Bureau of
Metal Statistics (and published in the "Wall Street Journal"
of Oct. 22. This compares with 93,185 tons for the same
countries in August and 92,771 tons in July. In 1929 with
world production of zinc averaging 135,102 tons a month,
Belgium, the Netherlands and Poland produced an average
of 36,249 tons a month.
The following table gives in short tons output of slab zinc for the
last
four months with total for first nine months of 1930. This output is not
allocated as to origin of the ore from which the zinc was produced
except
In case of United States and Mexico. Zinc produced in the United States
from Mexican ore is deducted and added to the output of Mexico.
Month of
First 9
Months of
1930.
June.
United States
Mexico
Canada
z Belgium
France
:Germany
Great Britain
Italy
z Netherlands
z Poland
Spain
Australia
Rhodesis
y Elsewhere
July.
43,473
2,669
9,204
40,038
3,096
8,978
41,029
2,938
9,749
40,485
2,633
10,065
398.860
22,831
86,004
8,154
9,668
4,691
1,552
8,096
9,413
5,008
1,857
7,766
9.255
4,532
1,688
7,019
8,006
4,225
1,736
76,833
85,514
42,653
11,510
957
5,107
1,828
8,000
984
5,243
1,758
8,300
August. September.
2609
Rail orders total 71,000 tons, including 45.000 tons bought by the
Union Pacific. 16,000 tons by the Atlantic Coast Line and 10.000 tons
by the Boston & Maine. The Chicago & North Western is expected to
close for 30.000 tons before the end of the week, while the Erie is preparing
to buy 40,000 tons.
Concomitant with the current rail-buying movement is a revival of
interest in railroad equipment, demand for which has been at a low ebb
for several months. The Baltimore & Ohio has undertaken the construction of 2,000 freight cars, and several other roads are preparing to
build or repair rolling stock in their own shops. The Illinois Central,
which earlier in the year put out an inquiry for 2.300 cars, is revising the
specifications for this equipment, evidently with the intention of asking
for new figures from car builders. The Santa Fe also is expected to enter
the market for cars.
Fabricated steel awards, at 48,000 tons, are the largest since mid-July.
and the large amount of pending work indicates that steel plants can
continue to count on good support from heavy building operations.
Even more heartening to the iron and steel trade than betterment in
railroad buying or the maintenance of structural steel demand are evidences that consumption is bumping rock bottom. New buying of finished
steel is restricted, but shipments against contracts are holding up rather
well. In fact, pressure for deliveries is such as to indicate that steel
users are maintaining unusually low inventories.
With the decline in demand, as measured by shipping orders, checked,
steel output shows signs of stabilizing. At Chicago, where railroad demand
Is an important factor, ingot output has advanced from 55 to 57%
of capacity, and there have also been slight gains at Buffalo and in the
Pittsburgh district, but these increases were more than offset by losses
elsewhere. Raw steel output for the country at large is estimated at 53%.
compared with 5.5% a week ago.
Tin plate demand and automobile production continue to show seasonal
curtailment.
Little hope Is held out for an upturn in general demand so long as business
sentiment remains so conservative as at present.
The current attitude of buyers Is not unusual in view of recent declines
in prices. Downward readjustments in pig iron and steel are in diminishing
number, but scrap continues to show pronounced weakness. Heavy
melting grade is off 25c. a ton at Pittsburgh and St. Louis and 50c. a too
at Chicago and Detroit.
Weakness in heavy melting steel scrap at both Pittsburgh and Chicago
has brought a further decline in the "Iron Age" composite scrap price
to $12.67 a ten, the lowest level since February 1922. Composite Prices
for finished steel and pig iron are unchanged at 2.135c. a pound for the
former and $16.29 a ton for the latter. Compared with a year ago, hear')
melting steel is down $2.75 and pig iron $2.09 a gross ton and finished steel
is down $4.68 a net ton. A comparative table shows;
Finished Steel.
'Based on steel bars, teams. tank plates.
Oct. 14 1930. 2.135e. a Lb.
One week ago
2.135e, wire, rails, black pipe and sheets.
One month ago
2.1490.1 These products make 87% of the
One year ago
9.369e.J United States output.
Leta.
1930
2.362o. Jan. 7
2.1350. Oct. It
1929
2.412o. Apr. 2
2 362e. Oct .29
1928
2.391e. Pee. 11
2.314e. Jan.
1927
2.453o. Jan. 4
2.2930. Oct. 25
1926
2.453e. Jan. 6
2.403o. May IS
1925
2.560e. Jan. 6
2.396e. Aug. 18
Plg Iron.
Oct. 14 1930. $16.29 a Gross Ton. 1Basod on average of bade iron at Valley
One week ago
$16.29 furnace and foundry irons at Chicago.
One month ago
16.461 Philadelphia, Bultalo. Valley and B'
One year ago
18.38) mIngton.
IJfoL
Low.
1930
$18.21 Jan. 7
$16.29 Oct. 14
1929
18.71 May 14
18.21 Des. 11'
1928
18.59 Nov.27
17.04 July 24
1927
19 71 Jan 4
17.54 Nov. 1
1926
21.64 Jan. 5
19.46 July IS
1925
22.50 Jan. 13
18.96 July 1
Steel Scrap.
Oct. 14 1930. $12.67 a Gross Ton.
Based on heavy melting steel quoOne week ago
$12 92 tations at Pittsburgh, Philadelphia
One month ago
13.75 and Chicago.
One year ago
15.67
Low.
Mon.
1930
515.00 Feb. 18
912.67 Oct. 14
1929
17.58 Jan. 29
14.08 Dec. 3
1928_
16.50 Dec. 31
13.08 July 3
1927
15.25 Jan. 11
13.08 Nov.22
1926
17.25 Jan, 6
14.00 June I.
20.83 Jan. 13
15.08 May 15
Railroad participation in the steel market is expanding,
but so large a proportion of these requirements is for 1931
delivery and so inert are other large consumers of steel,
except the building industry, that bookings for immediate
rolling show a mild decline this week, says "Steel" of Cleveland in its issue of Oct. 23.
Sentiment has suffered further depression, chiefly from
exterior forces. Steelmaking operations have varied in
some districts, but the average for the industry still is 52%.
Prices on heavy finished steel are fairly stable, on light
finished steel and pig iron variable and on scrap the weakest
in months. "Steel" further goes on to say:
Rail orders of the week include 45,000 tons by the Union Pacific, 10,000
tons by the Boston & Maine and 8,000 tons by the Kansas City Southern.
Some 280,000 tons of rails will be on active inquiry by the end of this week
if the New York Central requirement for 175,000 tons eventuates. The
Totals as reported and est
92,771
96,303
93.185
89,807
868,042 Erie is out for 40,000 tons, the North Western inquiry will approximate
30,000 tons and the Illinois Central 35,000 tons. Chesapeake & Ohio has
Included zinc dust, which amounts to about 300 tons a month. y Estimated.
begun placing track fastenings.
X Not reported.
Decision of the Baltimore & Ohio to build 2,000 freight cars in its own
Raw Steel Output Gains in Chicago
-A Decline of shops-half of them at Baltimore-insures October being the heaviest
car-buying month since March. Reports persist at Chicago that the Santa
2% Is Shown for Country at Large-Scrap Prices Fe will shortly be in the equipment market and that the Illinois Central
will revive its inquiry for 2,300 cars after Jan. 1.
Continue to Recede.
Structural awards, still stimulated by
Increased railroad buying, heavy awards of structural were 44,771 tons, against 56,759 tons last low fabricated prices, this week
week and 67,751 tons a year ago.
steel and scattered gains in steel production are favorable For 1930 to date structural awards now stand at 1,506,787 tons; a year ago
developments in an iron and steel market in which pro- 1,803.061 tons. Steel for the Chicago postoffice, which is being agitated
for early construction, totals 20,000 tons. New subway work
nounced conservatism remains the dominant note, reports York. 9.700 tons, makes 27,200 tons in early prospect from thisin New
source.
the "Iron Age" of Oct. 23 in its weekly summary of iron Fresh inquiry Is lighter this week.
For the Baltimore & Ohio cars 20,000 tons of steel, chiefly plates, will be
and steel conditions. The "Age" is further quoted as required. An airplane carrier placed by the navy with
the Newport News
follows:
builder calls for 9,750 tons of steel, two-thirds of it plates. New West
1,005
5,243
1.680
8,300
988
4,939
1,611
8,100
8,793
46,268
15,676
73,300
2610
[VoL. 131.
FINANCIAL CHRONICLE
Texas refinery projects add 3,000 tons of tank plate inquiry at Chicago,
where bar specifications have been mildly improved by resumption of some
implement manufacturers.
In wire, sheets and strip much of the momentum of the past few weeks
has been lost. Automotive requirements have not expanded, and demand
from other classes of users is less. Autobody sheets have been shaded
02 per ton, to 3.40c. Pittsburgh, by some makers. In some directions a
2.35c. price on black sheets obtains. In sheets, 09 in most other products,
Chicago is an exception to the declining tendency in demand.
Practically all districts report lessened interest in pig iron, as most fourthquarter needs were covered during the September buying flurry. Bessemer
and malleable iron are off 50 cents in the Mahoning valley, continuing the
recent weakness in foundry iron. Cleveland district furnaces have dipped
to 015.50 in competitive territory. Except for heating fuel sales, coke is
dull. Distress sales, short selling and choked yards of consumers have let
down scrap prices 25 cents to $2 a ton this week, the worst break in many
months.
Lake shippers of iron ore are endeavoring to end the season next month.
September consumption, at 3,281,573 tons, was the lowest for any month
since September, 1924.
Steel production at Chicago is a shade stronger this week at 58%. at
Buffalo at 57, and at Birmingham at 50. Youngstown mills are steady
at 53%,eastern Pennsylvania at 58 and Pittsburgh at 50-55. Cleveland at
35% is off six points. For the entire country, last week's average of 52%
still stands.
Weakness in pig iron at Youngstown and in sheets has lowered the market
Composite of "Steel" 10 cents this week, to $32.14, another new low.
Steel ingot production of the leading units in the industry
for the week ended last Monday (Oct. 20) is estimated at a
fraction over 52% of theoretical capacity, the "Wall Street
Journal" of Oct. 22 states. This compares with 55% in
the preceding week and 563% two weeks ago. The
"Journal" further adds:
For the U.S. Steel Corp. the rate Is placed at slightly under 58%,against
about 60% in the previous week and between 61% and 62% two weeks ago
Leading independent steel companies are estimated at a shade below
49%,contrasted with slightly under 52% in the week before and 53% two
weeks ago.
At this time last year the Steel Corp. was at 83%, with independents
better than 77% and the average was nearly 80%.
In the corresponding week of 1928, all the units in the foregoing compilation were credited with running at 86%.
Gain in Employment and Wages in Pennsylvania
Anthracite Collieries During September Reported
by Philadelphia Federal Reserve Bank.
Anthracite employment and wage payments, after declining in August, increased sharply in September, according to
Indexes compiled by the Philadelphia Federal Reserve Bank
from reports to the Anthracite Bureau of Information by
145 collieries employing nearly 97,000 workers with a weekly
payroll of about $2,900,000. The Bank under date of Oct.
21, adds:
year ago, while output of Pennsylvania anthracite was higher.
During the week under review 9,502,000 net tons of bituminous coal, 1,907,000 tons of Pennsylvania anthracite and
36,200 tons of beehive coke were produced, as compared with
11,729,000 tons of bituminous coal, 1,884,000 tons of Pennsylvania anthracite and 110,100 tons of beehive coke produced in the week ended Oct. 12 1929 and 9,304,000 tons
of bituminous coal, 1,537,000 tons of Pennsylvania anthracite and 38,800 tons of beehive coke in the week ended
Oct. 4 1930.
For the calendar year to Oct. 11 1930, the output of
bituminous coal amounted to 355,071,000 net tons as against
406,410,000 tons in the calendar year to Oct. 12 1929.
The Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended Oct. 11 1930,
including lignite and coal coked at the mines, is estimated at 9,502.000
net tons. Compared with the output in the preceding week, this shows an
increase of 198,000 tons, or 2.1%. Production during the week in 1929
corresponding with that of Oct. 11 amounted to 11,729.000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1930-1929
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.a
Sept. 27
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_b
9,304,000 345,569,000
11,258.000 394,681,000
Daily average
1,551,000
1,472.000
1,876,000
1,682,000
Oct. 11-c
9,502,000 355,071,000
11,729,000 406,410,000
Daily average
1,584,000
1,475,000
1,955,000
1,688,000
a Minus one day's production first week in January to equalize number
of days in the two years. b Revised since last report. c Subject to revision.
The total production of soft coal during the present calendar year to
Oct. 11 (approximately 241 working days) amounts to 355,071,000 net tons,
Figures for corresponding periods in other recent years are given below:
1929
1928
406,410,000 net tons 1927
377,639.000 net tons 1926
407,486,000 net tons
424.707,000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Oct. 4 1930
is estimated at 9,304,000 net tons. Compared with the output in the
preceding week, this shows an increase of 201,000 tons, or 2.2%. The
following table apportions the tonnage by States and gives comparable
figures for other recent years:
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
Oct. 1923
StateOct. 4 '30. Sept.27'30. Oct. 5 '29. Oct. 6 '28. Average.a
Alabama
275.000
274,000
314,000
353.000
398,000
Arkansas
50,000
43,000
51,000
52,000
28,000
Colorado
200,000
162,000
237,000
219,000
217.000
Illinois
1,106,000
964,000 1,296.000 1,451,000 1.558.000
Indiana
520.000
385,000
353,000
330,000
306,000
Iowa
116,000
92,000
73,000
77,000
67,000
91,000
80,000
51,000
51,000
73.000
The employment index in September was 94.5 and the wage payments Kansas
Kentucky
index was 78.1% of the 1923-1925 average,showing gains over the preceding
764,000
Eastern
989,000
828,000
797,000 1,017,000
month of 17 and 16% respectively. In comparison with September 1929.
238,000
181,000
323,000
386,000
Western
196,000
however, the number of workers was about 10% smaller and the amount of
57,000
35,000
Maryland
38,000
55,000
42,000
wage earnings about 6% less.
28,000
16,000
9,000
Michigan
15,000
15,000
Comparative indexes follow;
70,000
61,000
81,000
90,000
71,000
Missouri
82,000
59,000
80.000
85,000
Montana
70,000
EMPLOYMENT AND WAGE PAYMENTS IN PENNSYLVANIA.
47,000
58,000
36,000
37,000
49,000
New Mexico__...,
Index numbers-1923-25 monthly average100.
75,000
37,000
36,000
40,000
34,000
North Dakota_
547.000
430,000
817,000
Ohio
459,000
439,000
62,000
53,000
81,000
94,000
60,000
Oklahoma
Wage Payments.
EmPlormot.
Penna. (bitum.)- 2,416.000 2,407,000 2,876,000 2,852,000 3,149,000
103,000
103,000
117.000
127,000
118,000
Tennessee
1928.
1929,
1930.
1928.
1929.
1930.
14,000
15.000
19,000
26,000
26,000
Texas
January
115.8
109.8
91.9
112.6
105.6
92.1
Utah
112,000
111,000
137.000
119,000
February
121,000
110.6
109.4
107.8
85.4
107.0
103.7
Virginia
216,000
217,000
March
114.9
273,000
251,000
231.000
101.3
83.3
83.1
79.5
67.1
Washington
55,000
April
77.4
48,000
53,000
53,000
116.3
104.1
84.8
116.8
63 9
68,000
West Virginia114.0
107.2
85.4
84.2
May
94.5
97.6
Southern_b 1,770,000 1,906,000 2,103,000 2,026,000 1,488.000
June
71.0
102.3
95.4
60.6
74.1
91.5
Northern_c
585,000
587,000
737.000
100.7
85.6
56.8
799,000
July
82.5
71.6
805,000
92.3
Wyoming
124,000
127,000
167,000
155,000
August
110.9
93.6
80.8
97.2
68 9
67.2
184.000
Other States-1,000
112.7
105.5
112.5
83.4
1,000
4,000
4,000
September
5,000
94.5
78.1
135.9
134.7
116.6
October
109.8
Total bit. coal_ 9,304.000 9,103,000 11,258,000 11.218,000 11,310,000
117.7
107.6
110.1
87.6
November
Penna.anthracite 1,537,000 1.147,000 1.933,000 1.880,000 1,968.000
109.4
110.8
110.3
92.9
December
Total all coal- -10,841,000 10,250,000 13.191,000 13,098,000 13.278,000
a Average weekly rate for the entire month. b Includes operations on
the N. & W.; C. & 0.; Virginian. and K. & M. c Rest of State, including
Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended Oct. 11 is estimated at 1,907,000 net tons. Compared
with the output in the preceding week, this shows an increase of 370,000
tons, or 24.1%. Production during the week in 1929 corresponding with
that of Oct. 11 amounted to 1.884.000 tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1920
Daily
Daily
Week Ended
Week.
Average.
Week,
Average.
Sept. '30. Aug. '30. Sept. '29. Aug. '29 Sept.27
Month of1,147,000
191,200
1,980,000
330,000
932,584
952,132
788,762
847,625 Oct. 4
Reading Company
1,537,000
256,200
1,862,000
310,000
573.873
745,772 1,083,593
835.825 Oct. 11
Lehigh Valley RR
1,907,000
317,800
1,884.000
314,000
152,289
448,406
377.590
Central RR.of New Jersey _ _ _ 348.133
722.329
771.915
BEEHIVE COKE.
544.879
745,570
Dela. Lack. & Western RR
669.419
739,198
587.592
Dela. & Hudson RR. Corp.__ 651,901
The total production of beehive coke during the week ended Oct. 11 is
506.320
443,792
417,828
443,313 estimated at 36,200 net tons. Compared with the
Pennsylvania RR
output In the preceding
489,939
515,499
367,801
408.737
Erie RR
week, this shows a decrease of 2,600 tons, or 6.7%. Production during
86.128
121,928
113,093
86,237
N.Y. Ont.& Western Ry_
217.010
283.667
205.081 the week in 1929 corresponding with that of Oct. 11 amounted to 110,000
119.991
Lehigh & New England RR
tons.
3,899.405 4.821.790 5,360,130 4,564,426
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1930
1929
Oct. 4
Oct. 11
Oct. 12
to
to
Region
1930.c
1930.6
1929.
Production of Bituminous Coal During Week of Oct. 11
Date.
Date.a
Pa.. Ohio and West Va_ 30,600
33,000
97,700 2,059,800 4,477,900
Below that of Corresponding Period Last Ga.. Tenn. and Va____ 3,900
1930
4,000
8,000
193,400
293,400
1.800
4,400
86.200
204,700
Year-Output of Pennsylvania Anthracite Higher. Colo, Utah and Wash__ 1,700
Anthracite Shipments Decline.
Shipments of anthracite for the month of September 1930,
as reported to the Anthracite Bureau of Information, Philadelphia, amounted to 3,899,405 gross tons. This is a decrease as compared with shipments during the preceding
month of 922,385 tons and when compared with the month
of September 1929, shows a decrease of 1,460,725 tons.
Shipments by originating carriers (in gross tons) are as
follows:
According to the United States Bureau of Mines, Department of Commerce, the production of bituminous coal during the week ended Oct. 11 1930, continued below the rate a
United States total-- 36.200
38,800
110,100
2,339,400 4,976,000
Daily average
6,467
6.033
18,350
9,627
20,477
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.
1
OCT. 25 1930.]
FINANCIAL CHRONICLE
2611
Output of Bituminous Coal in September Exceeds That I September was 211,700 tons, a decrease of 26,300 tons or
of Previous Month, but Continues Below Rate of I 11.1% from the August average. The Bureau's statement
shows:
Year Ago—Production of Anthracite Declines.
According to the United States Bureau of Mines, the MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN SEPTEMBER(NET TONS).
total production of soft coal for the country as a whole during the month of September, with 25.3 working days,
Bituminous.
Anthracite.
amounted to 38,632,000 net tons, as against 35,661,000 tons
No. of Average
No. of Average
Month.
Total
Total
Working per WorkWorking per Workduring the 26 days of August. The average daily rate of
Producttn. Days.
Day. Production. Days.
Day.
output in September was 1,527,000 tons. Compared with
34,715,000 26
1.335,000 5,658,000 26
217,600
the average daily rate in August, this shows an increase of 1930—July
August
35,6(11.000 26
1,372,000 6,190,000 26
238.000
September a_ 38,632,000 25.3 1,627,000 5,293,000 25
211,700
155,000 tons, or 11.3%. The production of Pennsylvania
anthracite during the month of September is estimated at 1929—September b_ 45,334,000 24.3 1,866,000 6,643,000 24
272,600
5,293,000 net tons. The average daily rate of production in •Revised. b Final figures.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ended Oct. 22, as reported by
the twelve Federal Reserve Banks, was $1,028,000,000, an
increase of $2,000,000 compared with the preceding week
and a decrease of $369,000,000 compared with the corresponding week in 1929. After noting these facts, the Federal
Reserve Board proceeds as follows:
Oct. 22
$992,000,000,
total Reserve Bank credit amounted to
On
a decrease of $52,000,000 for the week. This decrease corresponds with decreases of $50,000,000 In money in circulation and $3,000,000 each in
member bank reserve balances and unexpended capital funds, &c., and
an increase of'$4,000,000 in monetary gold stock, offset in part by a decrease
of $8,000,000 in Treasury currency.
Holdings of discounted bills declined $18,000,000 during the week, the
principal changes being declines of $26,000,000 at the Federal Reserve
Bank of New York and $3,000,000 at Boston, and increases of $3,000,000 at
Cleveland and $2,000.000 at St. Louis. The System's holdings of bills
bought in open market declined $8,000,000 and of U. S. Treasury notes
$6,000,000, while holdings of Treasury certificates and bills increased
$6,000,000 and of U. S. bonds $1.000.000.
Beginning with the statement of May 28 1930, the text
accompanying the weekly condition statement of the Federal
Reserve banks was changed to show the amount of Reserve
bank credit outstanding and certain other items not included
in the condition statement, such as monetary gold stock and
money in circulation. The Federal Reserve Board's explanation of the changes, together with the definition of the different items, was published in the May 31 1930 issue of the
"Chronicle" on page 3797.
The statement in full for the week ended Oct. 22, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
pages 2654 and 2655.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year ended
Oct. 25 1930 were as follows.
(Increase (+1 or Decrease(—)
Stnce
Oct. 22 1930. Oct. 15 1930. Oct. 23 1929.
Bills discounted
Bills bought
United States securities
Other reserve bank credit
TOTAL RES. BANK CREDIT
Monetary gold stock
Treasury currency adjusted
192,000,000 —18,000,000
177,000,000
—8,000,000
602,000,000
21,000,000 —26,000,000
992.000,000
4,523.000,000
1,788,000,000
—604.000,000
—202,000,000
+466,000,000
—41,000,000
—52.000,000
+*4,000,000
—8.000.000
—382.000,000
+136,000,000
—3,000,000
4 450,000,000 —*50,000,000
Money In circulation
Member bank reserve balances
2,437,000,000
—3.000,000
Unexpended capital funds, non-mem416,000.000
—3,000,000
ber deposits, ea
—302,000,000
+59,000.000
—5,000,000
*Oct. 15 figures revised.
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
$139,000,000, the total on Oct. 22 1930 standing at $2,613,-
000,000. The present week's decrease of $139,000,000
follows a contraction of $149,000,000 last week,$158,000,000
two weeks ago and of $159,000,000 three weeks ago, making
a contraction for the four weeks combined of $605,000,000.
Loans "for own account" decreased from $1,707,000,000 to
$1,590,000,000; loans "for account of out-of-town banks"
dropped from $514,000,000 to $511,000,000, and loans "for
account of others" fell from $536,000,000 to $512,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
Loans and investments—total
New York.
Oct. 22 1930. Oct. 15 1930. Oct. 23 1929.
$
8,273,000,000 8,318,000,000 7,610,000,000
Loam-total
6,046,000,000 6,175.000,000 5,899,000,000
On securities
All other
3,550,000.000 3,640,000,000 3,005,000,000
2,496,000,000 2,535,000,000 2,894.000.000
Investments—total
2,227,000,000 2,143,000,000 1.721,000,000
U.S. Government securities
Other securities
1,130,000,000 1,080,000.000
1,097,000,000 1,063,000,000
Reserve with Federal Reserve Bank
Cash in vault
826,000,000
46,000,000
794,000,000
45.000,000
947.000.000
773,000,000
739,000,000
54.000,000
Net demand deposits
Time deposits
Government deposits
5,750.000,000 5,665.000.000 5,298,000,000
1,530,000,000 1,489.000,000 1,257,000,000
31,000.000
36,000,000
37,000,000
Due from banks
Due to banks
90,000,000 106,000,000
1,099,000,000 1,160,000,000
123,000,000
877,000.000
29,000,000
41.000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
For own account
1,590,000,000 1,702,000.000 1.077.000.000
For account of out-of-town banks.... 511,000,000 514,000.000 1.733,000.000
For account of others
512,000,000 536,000,000 3.823.000,000
Total
2,013.000.000 2,752.000,000 6,634,000.000
On demand
On time
2,020,000.000 2,149.000.000 6,194,000,000
593,000,000 603,000,000 439,000,000
Chicago.
Loans and investments—total
2,026,000,000 2,032,000,000 1,981,000,000
Loans—total
1,540,000,000 1,560.000,000 1,628,000,000
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
923,000.000
616,000.000
932,000,000
628,000.000
929,000.000
700,000,000
486,000,000
472,000,000
355,000,000
194,000,000
291,000,000
170.000.000
293,000,000
160,000,000
196,000.000
187,000,000
13,000,000
191.000.000
14,000,000
187,000.000
15,000,000
1,291,000.000 1,302,000,000 1,291.000.000
631.000.000 652,000,000 580,000,000
5,000,000
4,000,000
9,000,000
158,000,000
333,000,000
1,000,000
188.000.000
369,000,000
126,000.000
292,000,000
4,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New. York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in
101 cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Oct. 15.
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Oct. 15 shows increases for the week of
$107,000,000 In loans and investments, $210,000,000 in net demand deposits
and $37,000,000 in borrowings from Federal Reserve banks, and decreases
of $6,000,000 in time deposits and $5,000,000 in Government deposits.
FINANCIAL CHRONICLE
2612
Loans on securities, which at all reporting banks were $10,000,000 below
the previous week's total, declined $23.000,000 in the New York district,
$8,000,000 in the Boston district and 85,000,000 in the Kansas City district, and increlsed $31,000,000 in the Chicago district. "All other" loans
increased $70,000,000 in the New York district, $8,000,000 in the Cleveland
district and $61,000,000 at all reporting banks, and declined $9,000,000 in
the Philadelphia district and $6,000,000 in the Chicago district.
Holdings of U. S. Government securities increased $23,000,000 in the
New York district and $26,000,000 at all reporting banks. Holdings of
other securities increased $9,000,000 each in the New York and Chicago
districts. $5,000,000 in the Richmond district and $29,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $76,000,000 on Oct. 15, the principal change for the
week being an increase of $32,000,000 at the Federal Reserve Bank of
New York.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ended
Oct. 15 1930, follows:
Increase (-I-) or Decrease (—)
Since
Oct. 18 1929.
Oa. 8 1930.
Oa.151930.
$
Loans and investments—total_—_23,404,000,000 +107,000.000 +810,000,000
Loans—total
On securities
All other
18,884,000,000
+51.000,000
—533,000,000
8,258,000,000
8.606,000,000
—10,000,000
4.61,000,000
+383,000,000
—918,000.000
8,541.000,000
+58,000,000 +1,144,000,000
2,996,000,000
3,544,000,000
4-28,000,000
+29,000,000
+344.000,000
+799,000,000
Reserve with Federal Res've banks 1,827,000,000
209,000,000
Cash in vault
+25,000,000
—3,000,000
+80,000,000
—21.000,000
13,767,000,000 +*210,000,000
—6,000.000
7,535,000,000
—5,000,000
142,000,000
+361,000,000
+720,000.000
—17.000,000
1,696,000,000
3,639,000,000
+51,000,000
+35,000,000
+427,000,000
+672,000,000
borrowings from Fed. Res. banks-76,000,000
• Oct. 8 future revised.
+37.000,000
—529,000,000
Investments—total
TJ. S. Government securities
Other securities
Net demt d deposits
Time deposits
Government deposits
Due from banks
Due to banks
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases for
publication Oct. 25 the following summary of market conditions abroad, based on advices by cable and radio:
ARGENTINA.
General business did not improve during the week ended Oct. 17. with
the internal and external credit situation causing considerable uneasiness.
'The Finance Minister estimated that the deficit during the present fiscal
year will amount to about 700,000,000 paper pesos, and expressed the
Intention of effecting drastic economies by means of a reduction in the
administrative personnel and their salaries. Other measures designed to resetabllsh international confidence in the financial and credit situation of
the country have been the authorization given to conversion office to export
gold for the payment of the foreign debt service and the initiation of negotiations with international bankers looking to the Issuance late in the year
of internal bonds to the amount of 350,000,000 paper pesos. On Oct. 13
the municipality of Buenos Aires issued a statement to the effect that
during this year it will incur a deficit, its actual revenues for the first nine
months amounting to about 58,000,000 paper pesos, while its budget
contemplated a revenue of 106,000,000 paper pesos for the entire year.
A report of the Rural Economy Bureau of the Ministry of Agriculture
describes this year's cereal and livestock situation as better than normal,
but points out that the crop season is from 4 to 6 weeks late.
AUSTRALIA.
Wide-spread rains in Australia during the earlier part of October contributed to favorable prospects of a heavy wheat crop and successful pastoral season. Low prices of wheat and wool, however, are delaying any
hopes for early improvement of business. According to official figures,
bankruptcies continue to increase. The number failing in New South
Wales during September totals 131 compared with 135 for August and 71
for September last year. For the year ended July 31 1930 failures numbered 545 compared with 445 for the calendar year 1929.
BRAZIL.
Although Sao Paulo and Rio de Janeiro are quiet, business in those
centres is paralyzed. A bill before Congress proposes to establish a moratorium until Oct. 30; to authorize the Government to suspend indefinitely
exchange operations by all banks except the Banco do Brazil, and to authorshipments of
ize that Brazilian consuls be instructed to refuse to vise all
luxuries.
BELGIUM.
up as a
The revival of general confidence in Belgium has been slowed
of unsatisresult of the European political situation and newspaper reports
States; but the general trend has neverfactory conditions in the United
and linen textiles are still
theless been more favorable recently. Cotton
The metallurgical
weak, but the Verviers wool industry is more active.
the cartel outlook, but
industry is still affected by uncertainty regarding
plentiful in banks, with call money
The glass situation is better. Money is
the lack of funds. The
averaging 1%, but business is complaining of
situation is the steadily
principal indication of the improvement in the
public confidence retards
increasing volume of retail sales, but the lack of
Failures from Jan. 1 to Oct. 10
s return to entirely normal conditions. the same period,of 1929. August
numbered 444 as compared with 309 in
francs as against 824,000,000
tax collections were valued at 487.000,000
months totaled 4.708,000,000
In August 1929: collections for the first eight
corresponding period of 1929.
francs as against 5.748,000.000 during the
CANADA.
conditions in Canada. Several
Little change is evident in general business
more confidence Is noted
large construction projects are contemplated and
reported in newsprint proin the textile industry, but a curtailment is
were valued at $87,801,000,
duction. September imports from all countries
under the total reported
32% more than in August, but nearly that much
$81,046,000 gained 17% in the
for September last year. Exports valued at
wheat, flour, newsprint,
same comparison because of larger shipments of
the month
automobiles, and nickel. Copper and meat shipments during
1929.
declined, and the total is 8% lower than in Sept.
For...
L31.
Improvements to Montreal Harbor to cost $2,000,000 have been authorized and a contract has been awarded for a portion of the construction
of the new railway terminal. Industrial machinery, transportation equipment, and aeronautical lines there note an increased demand. Automobile
production in Ontario continues low and the sales outlook there has not
improved. A decline was recorded in passenger car sales in September and
further sales resistance Is noted this month. September truck sales, however, are reported by dealers to have been 27% better than in August and
early October has brought a further improvement. Business in replacement parts Is active in this section, and a moderate demand is evident in the
lighter types of electrical apparatus. Steel business is confined largely
to smaller commitments. The wholesale hardware turnover is considered
satisfactory, but retail sales in seasonal lines have been retarded by warm
weather. Seasonal sporting goods are in fairly good demand. Active
British competition is reported in machine tools. Toy dealers in the Province
anticipate a holiday trade moderately under last year with the preference
favoring European lines, probably on account of price. Woods operations
in the lumber trade have been greatly reduced this season since mill stocks
are excessive and the movement into consumption channels restricted.
Conditions in agricultural implements continue very dull with little change
predicted before early Spring; however, a slight increase is noted in sales
of small implements in the Prairie Provinces. Cold weather and heavy
snow in the northern sections of Alberta, Manitoba and Saskatchewan in
the past week have prevented the completion of the grain harvest. Prairie
sales of aeronautical equipment are fair as a result of an anticipated increase
in Winter flying in the north country and the utilization of planes in the
northern lakes fishing industry. South African and Singapore canned
pineapple is on the Western market in larger quantities.
The Winnipeg wheat market to Oct. 17 had registered a further decline
for the week, No. 1 Northern cash wheat on that date closing at 71 X cents.
On account of prevailing prices, the Canadian Wheat Pool has announced a
reduction in the initial payment on wheat delivered on and after Oct. 14,
from 60 cents per bushel, to 55 cents per bushel for No. 1 Northern wheat.
Fort William basis.
British Columbia reports a fair trade in hardware except heavy lines which
are moving slowly. Shoe and leather business shows some slight improvement and the paper trade is normal. Iron and steel is slow. The lumber
industry is quiet with most of the logging camps operating at about 25%
capacity; prices are holding firm and stocks are decreasing.
Pig iron and steel production in Canada in September established new
lows for the year, the output of 48,000 tons in the former representing the
lowest September output since 1925. Production of steel ingots and castings
at 55,000 tons is also slightly under the August figures.
CHINA.
While the general situation in China presents certain favorable aspects for
trade, further clarification is necessary to warrant any definite conclusions
regarding future outlook. Discontinuance of civil warfare, even though
temporarily, will offer stimulus to trading activities. Construction is unprecedentedly active, with estimated cost for the present year in Shanghai,
including concessions and outlying districts, aggregating close to 100,000,000
tads (approximately $40,000,000). or double the amount for the previous
year. During the past few weeks the domestic bond market has strengthened
although marked by speculative tendencies and undoubtedly reflecting
more confidence in the general political outlook. The Shanghai share
market has likewise firmed, due in part to large amounts of local capital
experiencing difficulties in finding investment opportunities. Domestic
bond issues of the Chinese Government during the past three and one-half
years aggregate 542,000,000 local dollars (approximately $152,000,000).
FINLAND.
A total of 261 share companies with an aggregate capitalization of
104,600,000 marks ($2,635,920) were organized in Finland during the first
half of 1930 compared with 287 share companies with a total capital of
92,500.000 marks ($2,331,000) for the corresponding period of 1929. The
increase, which took place in spite of severe economic depression, indicates
a gradual improvement in Finnish industry and trade.
FRANCE.
This year's wheat crop is one of the worst in France both as to quantity
and quality, according to preliminary figures published by the Ministry of
Agriculture. The total is set at 62,900,000 metric quintals as against
87.000.000 last year; the average yield per hectare is only 11.77 metric
quintals. The Minister of Agriculture, however, believed that by adding
to this production the important carryover of the preceding year, the
expected arrivals from North Africa, and the 10% of foreign wheat which
can be incorporated, the total will be largely sufficient to cover French
needs; accordingly, no deduction in the wheat tariff is anticipated. September imports were valued at 4,205,000,000francs and exports at 3,358,000,000
francs, leaving an adverse balance of 847,000,000 francs. The total adverse
balance for the first nine months of the year stands at 6,584,000,000 as
against 6,853.000,000 during the corresponding period of 1929.
GERMANY.
The strenuous efforts of German industry and trade to withstand and
overcome the effects of the present severe business depression are seriously
handicapped by the political crisis precipitated by the Reichstag election
results on Sept. 14. While opinion in some foreign countries has misinterpreted the significance and exaggerated the dangers in these developmenta, the seriousness of the financial and economic problems confronting
Germany has been more clearly disclosed and the necessity for immediate
and positive action for solution emphasized. On Sept. 30 the Government
announced a far-reaching program for reorganizing and sanifying Federal
and local Government finances, requiring from three to five years for
completion. This program foresees credit operations to cover deficit of
the current fiscal year now estimated at a maximum of 900.000.000 marks,
due to increased payments to the unemployment insurance fund and s
decline in tax revenues; a reduction approximating 1,000,000.000 marks In
the 1931 budget, involving a 6% salary reduction for all Federal and
local Government employees and 20% for the President, Cabinet officers
and Reichstag members; a substantial reduction and definite limitation
of the Government commitment to the unemployment insurance fund
and the application of the strictest economy in all Government departments, and an increase in the excise tax on tobacco products and a 2%
Increase to 6.5% in the unemployment insurance levy, the latter made
effective by decree on Oct. 6. In addition, it proposes the reorganization,
unification and simplification of Federal and local taxes, with certain
tax reduction, particularly those favoring agriculture and small tradesmen; centralized Federal control over local Government finances; modification of the Government program in support of dwelling house construction.
with the definite removal of legal rent control in 1936; and application of
the agricultural relief program for Eastern Provinces. This program has
met widespread approval, particularly among business interests and the
urgent necessity for action indicates a fair prospect for Reichstag approval.
In the meantime, unjustified fear has aggravated the business situation
by causing the withdrawal from the country since the elections of over
OCT. 25 1930.]
FINANCIAL CHRONICLE
200.000,000 marks of Reichsbank gold holdings and approximately 500,000,000 marks of its foreign exchange holdings, about half for foreign and
half for domestic account; the Reichsbank on Oct. 10 increased the official
discount rate by 1% to 5% in its first effort to check and reverse this
movement. Favorable comment is expressed here over the continued
confidence American banks have evidenced by their unchanged credit
policy. Despite full satisfaction of foreign exchange demands, the Reichsbank's position remains strong, inspiring absolute confidence in its control
of the currency and foreign exchange situation. The position of the
large commercial banks is likewise considered strong, justifying full confidence in their current position. Industrial and trade activity during
the past month showed little change from the recent low level. The
further recession in production by the iron and steel industry, building
materials, and related industries was largely offset by a slight improvement
in other lines. Recipients of ordinary relief numbered 1,494,000 on Sept. 30
as against 1,506.000 on Aug. 31. The emergency relief recipients increased
from 441,000 to 472.000, while unsubsidized unemployed increased from
990,000 to 1,000,000. The increased tension on the money market reflects
the heavy foreign demands, rates for short-term money increasing from
1 to 1.5% during the last fortnight, but the position is now relatively
calm and an easier situation is anticipated following the increase in the
Reichsbank discount rate. The stock market declined sharply on the
heavy domestic foreign liquidation following the elections, but the market
is new quieting with a distinctly better trend. September bankruptcies
and receiverships were the lowest of any month this year and protested
drafts likewise hold around low levels in number and value. The retail
trade reports that July and August sales were 8 to 10% under last year
with sales during the first half of the current year approximately 6%
below the corresponding period of last year. Exports increased from
915.000.000 marks in July to 970,000,000 marks in August, while imports
declined sharply from 909,000,000 marks to 795,000,000 marks, showing
an uninterrupted favorable monthly balance since January.
INDIA.
Confidence is returning slowly in Indian business circles and commodity
markets show a slightly better tone but little actual improvement in trade
activity is evident as yet. Customs revenue for September indicated a
considerable decline in imports compared with the same month last year.
According to indications imports of sugar and mineral oils increased but
customs collections on all other items of importance were lower than for
September last year. Excise collections on gasoline and kerosene increased
somewhat in September.
ITALY.
At the beginning of October 395,849 laborers were employed on public
works throughout Italy. There were seven provinces, in each of which
10,000 or more laborers were engaged in this class of labor; Rome, with
18.779; Catanzaro with 12,100: Milan with 11,495; Avellino with 10,615;
Bologna with 10,283: Naples with 10,126; and Venice reporting 10,000.
The highly industrialized provinces of Turin and Genoa reported 8,682
and 6,487 respectively. Additional groups of laborers were to be employed
on new public works projects planned to start on Oct. 14.
JAPAN.
Business in Japan has failed to improve and industries remain depressed
although increased activity is noted in the cotton spinning industry in
response to inquiries from China, India, and the Dutch East Indies. The
extent of seasonal improvement in other industries, however, has been disappointing. The silk situation remains unsatisfactory. Reduction in the
official discount rate has apparently been without beneficial results. Financial stringency is still evident but banks are now active in assisting industries
wherever possible in order to avoid difficulties over year-end settlements.
At the instigation of the Minister of Finance, the Industrial Bank of Japan
has bought 15,000,000 yon of maturing debentures of companies financially
pressed and has arranged to loan them 5,000,000 yen. The Government
is also planning to assist farmers by advancing 60,000,000 yen at a low rate
of interest to those holding this year's rice and to agricultural products
warehouses to permit holding of rice in order to stabilize prices. The
present low price of rice, together with inactivity in the raw silk industry.
has caused a further reduction in the price of artificial fertilizers.
2613
are also operating considerably below capacity, largely as the result of
the absence of orders from the Netherlands East Indies.
NETHERLAND EAST INDIES.
Although current economic conditions in general are slightly less favorable
than in September, a definite undercurrent of optimism prevails and some
Improvement in trade in the principal import lines is expected before the
end of the year. Bazaar trade in most lines has felt seasonal depression
during the past two months, with little indication of improvement before
December. Recent dealer failures have resulted in a cautious policy on the
part of importers who are curtailing sales to dealers. A continuance of low
stocks of most import items is the most favorable influence on the trade.
Export markets are featured by improved sugar sales, activity of pepper
and coffee, and steady demand for tea. Java business is on a sounder basis
generally than that of the outer possessions, which are affected more severely
by conditions in the rubber market. The credit situation continues acute
with several failures of important Chinese dealers occurring in west Java
and in Sumatra. Additional dealer failures are expected as a result of
Chinese firms settling inter-dealer claims during November and December
prior to Chinese and native holidays. The census taken early in October
Indicates a substantial growth in population of both Java and outer possessions. Final returns place the population of Java and Madura at 42,264.600,
representing an increase of 18% over the census returns for 1920.
NEW EE.A LAND.
Imports of Christmas goods are beginning to arrive in New Zealand.
and it appears that the total trade for 1930 will not be as low as bad been
anticipated. Forward orders for delivery after the first of the year, however,
are at a very low ebb. Retailers in all lines continue to buy cautiously.
Wool continues to sag and the lower range of prices coupled with the heavy
carryover from last season,are expected to weaken values for the new clip
which goes on sale in November. The general tone of the wool market is
depressed. Butter is at a new low price for the year selling at 112 shillings
per hundredweight compared with 164 shillings at this time of year. Production of butter, wool and meat, the three chief products of the Dominion
is running very heavy on a falling price market, making the outlook for
farmers somewhat gloomy. Registration of passenger automobiles during
September was 30% lower than for the same period last year. Stocks of all
models are light and dealers are placing orders cautiously. Considerable
improvement is anticipated during the next three months particularly
with low price units.
PERU.
The Decree of Oct. 16 appoints a committee to consider monetary reform.
The committee will be composed of the President of the Reserve Bank
Board who will preside, the director of Hacienda and one representative
each from the National Agrarian Scoeity, the IAma Chamber of Commerce,
the National Industrial Society, the National Mining Society, one representative of local banks and the Manager of the Reserve Bank who will
act as Secretary. This committee will study the evolution of prices, the
public debt, circulation, and all phases of public finance since 1914. It
will propose preparatory measures as regards currency and exchange which
may be adopted immediately, previous to the presentation of the final
general plan of monetary stabilization. Exchange slumped sharply during
the week the sol reaching a new low on Friday Oct. 17 of 3.66 to the dollar,
but improving on Saturday to 3.40 soles to the dollar.
SIAM.
Seasonal improvement in general conditions is expected in Siam. :IS the
rainy season is now over. Crop reports indicate that the growing rice is
slightly ahead of this time last year, but apprehension is felt over export
prospects for the new crop, owing to continued adverse conditions in Chine
and cheaper Burma rice. Considerable interest is manifested in sound
pictures, which are being shown in Bangkok with temporary equipment.
Their Majesties, the King and Queen have attended two regular performances. Sales of gasoline are below the usual seasonal level because of the
recently imposed motor tax and impassable up country roads. High waters
have rendered ordinarily unused canals navigable, affording cheap transportation facilities. The automotive market is fair. In Sept. 26 new passenger cars were registered in Bangkok, of which 16 were American.
URUGUAY.
MALAYA (BRITISH).
The Republic of Uruguay has experienced a period of economic deBritish Malayan business conditions continue on the decline and the pression and slack business during the first half of 1930. Although the
mercantile community is beginning to feel the effects of recent over-trading situation has not been dangerous, it has been sufficiently serious and
in the face of adverse trade balances, resulting from falling export values. critical to occupy the attention of all the legislators and executive in an
Merchants are now engaged in reducing inventories and cutting down attempt to bring about relief for the hard pressed agriculturist, more
credit extension, in an endeavor to consolidate their position. The present security for the manufacturer, and better prices for the livestock raiser.
tendency to restrict credit extension and to insist upon cash from dealers, In addition, the Government and the banks have been searching for some
Is expected to become general gradually eliminating the weaker element way to strengthen the Uruguayan peso, which has been declining steadily
among wholesalers and retailers. Construction activity remains the re- in terms of foreign monies for the past 18 months.
deeming feature of business. Government construction is active and buildSOUTHWEST AFRICA.
ings are being erected by individuals taking advantage of the low prices
prevailing. It Is generally predicted that import trade will decline sharply
Since 1920,when the Union of South Africa assumed the administration of
during the next few months, until the balance of trade is readjusted, local a mandate over Southwest Africa, reports have been made annually to the
inventories are reduced, and the volume of imports is brought down to the League of Nations on the economic development of this sparsely settled
area of the sub-Continent. According to the 1929 report recently published.
level of Malayan buying power.
production and trade of the Territory have undergone a material expansion
MEXICO.
in the past decade. Imports, representing the total consumption of manuThe discount on silver in relation to gold reached nearly 15% on Oct. 13 factured goods and considerable quantities of crude foodstuffs, were valued
but reacted to 9% on Oct. 15. The rate of discount on silver as against in 1929 at more than twice the 1921 figure and a third more than that
gold ranged between 3.50 and 4.09% during the greater part of 1929. recorded for 1925. Exports also have grown, and in about the same proDepression continues unabated throughout the country. Statistics covering portion, but with greater annual fluctuations because of the more limited
aviation activities in Mexico during the first five months of 1930 show a range of the country's production and the importance of diamonds in the
total of 11,293 hours and 1.860,196 kilometers (1,155.180 miles) flown, valuation of overseas shipments.
8,075 passengers carried, and 19,697 kilograms of correspondence carried.
The European population of the Mandate in June 1929, was estimated at
These figures include the activities of two companies which discontinued 30.000. Two-thirds of these are considered rural inhabitants, the 12,000
operations in April.
residents of towns comprising, for the'most part, the population of the
NETHERLANDS.
capital, Windhoek, the port of Luderitz, and the old port of Swakopmund,
The underlying tone in Netherland business has become more hopeful the shipping business of which has now been transferred to Walvis Bay.
recently but actual Improvement in general business during September
The Department summary also includes the following
over the low marks of August was apparently somewhat less than is normal
possessions of the
the season. Betterment in some lines of trade and industry seems to regarding the Island and Territorial
for
have been largely offset by recessions in other branches. The general opinion United States:
HAWAII.
in the country is that there will be little change in activity, at least until the
end of the year. The turnover of daily necessities, according to meager
Weather during the last 30 days has been generally favorable to growing
and reports available, is apparently at the usual fall level and crops. Rainfall was heavy until the close of September and has been followed
statistics
although there is no evidence of substantial stocking or forward buying, since the beginning of October by sunny days and cool nights. Vegetation of
the lower wholesale prices are reacting favorably on retailers purchases. sugar cane Indicates that the next harvest which begins In November will
The general hesitancy oftrade and industry is ascribed partly to the clouded be of record proportion. The final estimate for the 1930 sugar crop to
political horizon in other parts of the world. Paper mills are operating Oct. 31, is placed at 925,000 short tons, setting an all time record. This
below capacity and are filling all orders immediately; the outlook of the increase has resulted entirely from favorable weather and to scientific
industry is unsatisfactory. Shoe factories are in about the same situation progress as the cane area has not been increased. Pineapple production is
except that the trend is now upward. The shipbuilding industry is passing expected to exceed 11.000.000 cases (of 24 cans each) by Dec. 31. The
through a difficult season with unemployment Increasing. The Wilton quality of the current crop is reported to be excellent. A material decline
shipyards dismissed 750 workers at the end of September, reducing the Is reported in the volume of jobbing business throughout the islands.
staff to 3,000, or half the number employed on Jan. 1. Machine shops practically all lines being affected. Retail volume is also smaller but col-
FINANCIAL CHRONICLE
2614
lections have improved. There is considerable money in circulation at
present due to heavy distribution of cannery wages, but this is reported as a
temporary condition. Savings deposits have increased slightly, but commercial deposits are lower reflecting a contraction in retail business. The
business outlook is dependent largely upon price trends in Hawaiian products.
PHILIPPINE ISLANDS.
The lowest prices of the year for Philippine abaca and coconut products
were recorded in September, and import and indent business continued
on a low level. The textile market was slightly better than in the previous
month, but was characterized as spotty; automotive trade assumed a
downward trend; and the retail market for imported foodstuffs was featured
by small buying in spite of low stocks. With the beginning of October,
collections showed improvement in certain areas, but the credit situation
continues tight, with all operators exercising caution. A number of dealers
are short of cash because of slow collections from provincial customers and
the curtailment of credit facilities by local banks. Favorable indications
in the general situation are shown by increased tonnage handled by railways, renewed construction activity, and a decrease in unemployment.
Tonnage handled by the Manila railroad in September averaged 2.000
metric tons daily, compared with 1,700 tons in August and with 2.100
tons in Sept. 1929,thus indicating a practical return to normal.
Gold and Silver Imported into and Exported from the
United States, by Countries, in September.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month
of September 1930. The gold exports were $11,133,957.
The imports were $13,671,044, of which $4,576,700 came
from Japan, $2,301,000 from Uruguay, $1,524,686 came
from Brazil, $1,155,455 from Hong Kong and $1,147,347
came from Mexico. Of the exports of the metal,$7,059,115
went to Canada and $3,000,113 went to Italy. Below is
the report:
SILVER.
COLD.
Total.
Refined Bullion.
Countries.
Exports.
Dollars.
Imports.
Dollars.
Exports.
Ounces.
Total (Incl. Coin).
Imports. Exports. Imports.
Ounces, Dollars. Dollars.
Azores and Ma97
2,800
deira Islands.
2,455
1,060
Belgium
72
France
185,600
2,240
Germany
10.000
512,993
925
Gibraltar
887
580
Italy
3,000,113
Sweden
121,727
32,932
90.328
United Kingdom_
113,214 204.109 187,613 1,009,446
7.059,115
982.488
Canada
7,000
Costa Rica
21,135
Guatemala
93
77,154
23,878
Honduras
2,555
5,595
20,697
Nicaragua
1,300
Panama
20,000
Salvador
85,950 1,805,725
3,447,488
1,147,347
Mexico
530
Triniciad&Tobago
6,231
19,595
Cuba
230
Dutch W.Indies_
1,400
Haiti, Rep. of_
96
1,306
3.215
Argentina
149,777
4,070
Bolivia
82
1,524,686
Brazil
10.137
85,756
Chile
1,796
29
139,548
6,384
80
Colombia
277.614
86,894
Peru
2,301,000
Uruguay
964,729 1,073,166
Venezuela
82,300
223,175
British India_
2,946,121
8.020,090
China
145,905
65,199
26,210
lava & Madura_
379,060
100,000 1,155,455 1,047,166
Hong Kong
4,576,700
Taw
212,171
3.009
Philippine Islands
2,831
45,800
kustralla
37
22.071
13
qew Zealand._.
2,633
52.664
Belgian Congo_
24
1,221
Jnion of So. Afr_
Total
11.133.957 13,671,044 10,016,565 3,719.541 3,903,208 3,460,562
(Vol,. 131.
Price
Price
Rise.
Oct. 8.
Oct. 9.
Consols 4%
809-16
89 11-16
A
Conversion 3Bi%
793i
79%
A
Conversion 4Bi%
102
34
10l4
Conversion 5%
1-16
104 1-16
104
Funding Loan
1-16
9113-16
9134
War Loan 5%
1-16
104 11-16
10434
Dealings in the new Treasury bonds are expected to start at a slight disdiscount-% discount to par being suggested as a possible opening price.
We also quote from the London "Financial News" of
Oct. 3 the following regarding the offering:
Those who had been looking for an important trustee issue Over the
weekend are not to be disappointed. It was officially announced yesterday
that an issue (full particulars of which appear on another page) of 4%
British Government Treasury bonds, 1934-36, is to be made next week.
The bonds will be offered for tender at a minimum price of £100 103. Per
cent. No limit is fixed for the amount to be allotted.
It was also announced that the Treasury are giving notice in to-day's
London "Gazette" that they will exercise their option to repay, at three
months' notice, the outstanding 4% (income-tax compounded) War Loan,
1929-42, which will therefore be redeemed at par on Jan. 15 next, with
interest accrued. It is clear, therefore, that the new issue is primarily
designed to provide funds for this redemption.
The prospectus of the issue states that, if not previously redeemed, the
bonds will be repaid at par on April 15 1936; but the Treasury reserves the
right to redeem at par at any time on or after April 15 1934, on giving
three months' notice in the London "Gazette."
Interest will be paid half
-yearly, on April 15 and Oct. 15, in each year,
and a first payment of £1 2s. per £100 will be made on April 15 next.
Tax will be deducted at source on dividends exceeding £5 per annum.
Tenders for the Bonds.
Tenders for the bonds, which must be for sums of £10,000 or multiples
thereof, must be delivered at the Chief Cashier's office of the Bank of
England before 1 o'clock on Thursday next. A deposit of £10 per cent.
on the nominal amount of the application must be paid at the time of tendering. Tenders, expressed in multiples of sixpence, must state the amount
offered for each £100 bond. The Treasury reserves the right to reject
any application.
Tenderers will be "notified forthwith" of the result of their applications,
and successful applicants must pay the balance due on Jan. 15 1931. Prepayments may be made under discount at the rate of £1 per cent, per
annum, allowable as from Dec. 1 next.
Market Reception.
As the full details of the issue were not known before the Stock Exchange
closed, the effect of the announcement can hardly be gauged by the day's
movements in the gilt-edged market. In general, however, the issue was
well received.
The chief movements appear in the following table;
Price.
Oct. 2.
Oct. 1.
Rise.
Conversion 5%
10334
103 9-16
5-16
Conversion 334%
7834
7834
34
Consols 4%
88 15-16
8834
1-16
War loan 5%
104 7-16
10434
1-16
Treasury bonds finished 1-16 to 34 lower all round,for holders may desire
to sell and tender for the new stock.
Like other short-dated Government bonds, the issue is primarily of
interest to the money market, where it created a favorable impression.
On the basis of allotment at the minimum price of E100 10s. per cent..
leas 2s. 6d. per cent, brokerage, the bonds will yield a 17s. 6d. per cent.,
allowing for redemption at the earliest possible date, or 43 18s. 66. per cent.
if not redeemed until 1936. In Lombard Street. this return was generally
thought ot be reasonably satisfactory, especially as the bonds have a longer
minimum currency than any of the existing issues. It was pointed out in
effect, that the attractiveness of the yield depended on the assumption
that during the next five years the bank rate would average no more than
4%.
Saving of Interest.
It should be noted that, if Mr. Snowden succeeds in obtaining a response
sufficient to provide for the whole of the £75,414,120 of 4% War Loan to
be redeemed next January, he will achieve a substantial reduction in debt
interest charges. Since the average cost of the new issue will be .C3 188.
per cent., the equivalent of about £3 Os. 6d, per cent., tax-free, while the
4% War Loan tax-free, costs £4 per cent., this saving will amount to 1%,
or, roughly, £754,000 per annum. Without doubt, the Treasury will hope
also to provide for the repayment of the £11,037,000 of 434% TreaeurY
bonds due next February; while, should the response be unexpectedlly
satisfactory, it is possible that they may decide to repay a part of
4.3.5%•
Treasury bonds, 1930-32. These bonds, of which £120,908,498 are now
outstanding, are repayable at the option of the Treasury on giving three
months' notice, so that there would just be time, after receipt of applications
for the present issue, to give notice for redemption on Jan. 15 next.
The last issue of Treasury bonds was made in December, 1928, when
434% bonds, 1932-34, were offered to cash subscribers at £99 per cent.,
and also, by conversion, to holders of 5% and 4% National War bonds,
1929. and 434% Treasury bonds, 1929. Cash subscriptions on this occasion
amounted to £46,150,700.
Successful Offering of New British Treasury Bonds to
-4% War Loan 1929-42 to be
Refund War Loans
Redeemed in January.
While an item indicating the successful offering of the
new issue of British Treasury bonds appeared in these colTho prospectus of the new issue as given in the London
umns Oct. 11, page 2310, we are giving herewith an item in
published in the London "Financial News" of "Financial News" of Oct. 3 follows:
the matter
£4% TREASURY BONDS, 1934-1936.
Oct. 10:
Interest Payable Half
-yearly on April 15 and Oct. 15
-Issue of Bonds by
In response to the offer by tender of4% Treasury bonds, 1934-36, yesterTender-Minimum Price £100 10s. Per Cent
-A First Interest Payment
day, applications amounted to £116.310,000. Of these applications, tenof El 2s. per £100 Bond Will Be Made on April 15 1931-This
£105,000,000 were accepted.
ders amounting to
Loan Is an Investment Authorized by "The Trustee Act, 1925,"
Tenders at £100 10s. per cent (the minimum price) received about 56.8%
Subject as Regards Securities Payable to Bearer to the
of their requirements, while higher tenders were allotted in full. The
Provisions of Section 7 of That Act,
average price was £100 us. 6.89d. per cent.
The Governor and Company of the Bank of England give notice
These results were generally regarded, both in the money market and the
that
they are authorized to receive tenders for the above-mentioned bonds
stock markets, as thoroughly satisfactory, and were roughly in accordance
to
with expectations. In view of the fact that Mr. Snowden has secured some be created by the Lords Commissioners of His Majesty's Treasury.
The principal and interest of the bonds will be chargeable on
the con£19 millions more than ho will require to provide for the redemption of ,
solidated fund of the United Kingdom.
the £75 millions of 4% War Loan on Jan. 15, and the 111 m1lflonsof43.%
If not previously redeemed, the bonds will be repaid at par on
Treasury bonds due on Feb. 1, there was some discussion as to the way In
April 15
1936, but His Majesty's Treasury reserve to themselves the right to
redeem
which the additional funds will be employed.
the bonds at par at any time on or after April 15 1934 on three
calendar
Gilt-Edged Better.
months' notice being given in the "London Gazette."
Tne bonds will be issued in denominations of £50,
The results of the issue had an enlivening effect upon the gilt-edged
£100, £200, £500,
market. The market opened dull, but after the announcement prices £1,000 and £5.000.
The bonds may be registered, free of cost, in the books of the Bank
firmed up somewhat, although the volume of business was not great. The
of England, as •
extent of the recovery is seen in the following table;
OCT. 25 1930.]
FINANCIAL CHRONICLE
1 "Transferable in the bank transfer books," or
2 "Transferable by deed."
Holdings of registered bonds, which will be transferable in any sums
which are multiples of one penny, may be reconverted at any time in whole
or in part (in multiples of .E50) into bonds to bearer with coupons attached.
-yearly on April 15 and Oct. 15. A first payInterest will be paid half
ment of Cl 2s. per £100 will be made on April 15 1931. Dividend warrants
for interest on registered holdings will be forwarded by Post: income tax
will be deducted at the source from dividends of more than £5 per annum.
Interest on bonds to bearer will be paid by coupon.
Powers of attorney, transfers and bonds to bearer will be free of stamp
duty.
This Issue will not be regarded as a "loan issued for the purposes of the
present war" within the meaning of Rule 3, Schedule C, of the Income
Tax Act. 1918.
Tenders must be delivered at the Chief Cashier's Office. Bank of England. before 1 o'clock on Thursday. Oct. 9 1930, and a deposit of E10 per
Cent upon the nominal amount of the bonds tendered for must be paid at
the time of the delivery of the tender; the deposit must not be enclosed
in the tender.
Where no allotment is made, the deposit will be returned in full: in
the case of partial allotment the sum deposited in excess of £10 per cent
upon the amount of bonds allotted will be returned.
Tenders must be for sums of £10,000 or multiples thereof. Each tender •
must state what amount of money will he given for e-ch E100 bond.
The minimum price, below which no tender will he ts• cepted has been
fixed at £100 10s. per £100 bond. All tenders must be at prices which
are multiples of sixpence.
Tenders at the lowest price accepted may be subject to a pro rata diminution. The Lords Commissioners of His Majesty's Treasury reserve
the right of rejecting any tenders.
Tenderers will be notified forthwith of the result of their tenders. The
balance of the money to be provided for allotments made will be due for
payment on Thursday. Jan. 15 1931. Payment in full may, however, be
made after allotment under discount at the rate of fl per cent per annum.
but in the case of full payments made before Dec. 1 1930. discount will
only be allowed from the latter date. Failure to pay on o( before Jan. 15
1931, the balance due in respect of an allotment will render the deposit
liable to forfeiture and the allotment to cancellation.
Fully-paid allotment letters will be exchangeable for bond certificates
with coupon attached for the dividend due April 15 1931. These bond
certificates may be inscribed or registered, or they may be exchanged
after March 16 1931 for bonds to bearer.
A commission of 2s. 6d. per E100 nominal will be paid to bankers and
stockholders on allotments made in respect of tenders bearing their stamp.
Tenders must be made upon the printed forms which may be obtained
at the Bank of England or at any of the Bank's branches: of Messrs. Mullens, Marshall. Steer, Lawford & Co., 13 George St., Mansion House,
B. G. 4: or at any Stock Exchange in the United Kingdom.
BANK OF ENGLAND, London.
Oct. 2 1930.
Dr. Schacht, Former Head of German Reichsbank,
Before Foreign Policy Association—Indicates Germany will Seek Moratorium Unless Nation is
Aided in Expanding Foreign Trade—Takes Issue
With John Foster Dulles.
Stoppage of all reparations payments by Germany unless
other countries help her extend her foreign trade to enable
her to make payments, and defiance of the disarmament
provision of the Treaty of Versailles by "some German
Government" in the future unless the allied countries carry
out their part of the treaty bargain and divest themselves
of armaments, was predicted by Dr. Hjalmar Schacht,
former President of the Reichsbank, in an address on Oct.
20 in New York before the Foreign Policy Association at
the Hotel Astor. The New York "Times" of Oct. 21, from
which we quote, further reports as follows what Dr. Schacht
had to say in addressing the Association:
After criticizing the Allied Governments sharply for disarming Germany
but failing to disarm themselves, and pointing out that this was a violation
of the Versailles Treaty and a deception of Germany, Dr. Schacht warned
that the German people would not tolerate permanently the present state
of affairs in which, he said, Germany alone of all countries has been deprived
of the right to maintain a military and naval establishment.
Ile also defended the German Fascists, declaring that the large vote
polled by the HitlerHes was merely a manifestation of revolt by a large
section of the German people against what he termed the treatment
accorded Germany by her erstwhile enemies since the war.
Dr. Schacht reassured his audience, however, by saying that Germany as
a nation would do nothing violent.
Defends Hitler Movement.
"Hitlertsm is a perfectly constitutional movement." he said. "Nothing
has occurred In Germany that might be termed as outside the limits of the
Constitution."
Referring to the Young plan as a "self-liquidating thing" and expressing
doubt as to whether other countries would consent to help Germany extend
her foreign trade at their own expense, Dr. Schacht predicted that the time
would come when Germany's creditors would realize that the collection of
reparation payments was less profitable than Germany's commercial competition and would then be ready to reopen the entire question.
If they don't, he said. Germany herself would proclaim a moratorium
on reparations payments, as she has the right to do under the Young plan.
Be was emphatic in the assertion that under present circumstances Germany
cannot continue to pay reparations.
In this Dr.Sashacht took Issue with John Foster Dulles, member of the
now defunct Rep'ration, Commission and of the Supreme Economic Council,
who declared that while on superficial analysts the European situation may
appear dimaturagIng, perhaps as discouraging as It appeared in 1921, before
the adoption of the Dawes plan. Germany has lit reality made great progress
and was unite able to meet her reparations obligations.
lie warned the German people not to heed "those German leaders who
deliberately stimulate a spirit of pessimism and defeatism in order that
Germany may shed her reparations °Win/Hons." The consequence of such
a default would be catastrophic for Germany. Mr. Dulles declared.
Demands Aid for Payments.
livi)13Ing to Mr. Dulles on this point, Dr. Schacht presented figures
In which he sought to show that despite what Mr. Dulles called Germany's
2615
great progress since the adoption of the Dawes plan, she was In no position
to continue reparations payments out of her own resources.
"Germany has made great progress under the Dam.* Plan," Mr. Dulles
said. "She has a magnificent and up-to-date equipment. Her exports
have steadily increased and not only exceed her imports but for almost
the first time in history surpass the exports of Great Britain. Her national
income and government income have grown to a point where the reparations
charge constitutes a readily bearable percentage."
What Germany and the whole of Europe need is "courageous leadership
as distinct from defeatist propaganda." Mr. Dulles said. "If Germany
were to shed her entire reparations obligations, her financial and economic
burdens would not be lightened, if at the same time she lost the power to
inspire confidence and obtain credit, without which no nation can prosper,"
Mr. Dulles added. Mr. Dulles said also that the present situation In Germany is impaired, among other things, by the past mistakes of German
finance.
Among these he mentioned raids of "the pork barrel variety" on the
German Treasury and excessive appropriations for pensions and unemployment and social insurance, which alone have jumped by about 8400.000.000 and a year within five years.
"The Federal Government continues to turn over to the States vast
sums for expenditure by them without accounting or control and in ways
which are often unnecessary and extravagant," Mr. Dulles said. "The
result is increasing budgetary deficits which have now brought about a
condition of acute financial strain."
Sees Poincare Policy Favored.
"Naturally, during the recent general elections, the politicians placed
the whole blame of this financial strain upon reparation charges, with
the result of election results which on the surface are seriously reactionary
and anti-foreign," Mr. Dulles continued. "This in turn alarms the French,
who now condemn Briand's policy of conciliation as having been worse
than foolish, and there is a very distinct reversal of public opinion in favor
of Poincare's policy of the strong hand."
Mr. Dulles declared that what he termed the mistakes of internal German finance "can be readily corrected by a courageous program of economy
such RS ifl sponsored by the present German Government, with the support
of the 8125,000.000 credit made available under the leadership of American
bankers." He also expressed the belief that "the anti-foreign manifestations of the recent elections are primarily surface developments and do not
reflect the sober Intentions of the German people."
Calls Young Plan Political.
Part of the reason for what he termed the present "unfortunate relapse"
In the international situation, marked in Germany by demands for repudiation or modification of the Young plan and by serious alarm in France,
Mr. Dulles found "primarily in the Young plan itself." and not in the
"blunders of German internal finance alone."
"The Dawes plan commanded immediate confidence, because it was
a carefully reasoned plan, arrived at on the basis of economic considerations. which Were lucidly explained in the plan Itself, which further surrounded German payments with safeguards which gave the world confidence in Germany's future under the regime of the plan," Mr. Dulles said.
"The Young plan. despite the efforts of the American members of the
committee, was adopted In an atmosphere of politics, wherein the Allies
sought to exact all they could and Germany to pay as little as she could.
It was political threats and political bribes which determined the final
amount. It was an inevitable result that the plan could not even purport
to base Itself on an economic determination of Germany's capacity and
consequently impressed the world as a political settlement which might
or might not be sound, but which certainly did not, by its own terms, carry
conviction.
"This was the more serious because the payments called for by the plan
obviously, for the time being, can be made only with the aid of foreign
credits to Germany and this rendered it the more serious that the plan
did not at once inspire that confidence which is conducive to the extension of credit."
Says Income Leaves No Margin.
While agreeing with Mr. Dulles's statements with regard to the Young
plan, Dr. Schacht declared he was mistaken with regard to Germany's
capacity to meet her reparations obligations. Admitting that Germany
had made great progress, Dr. Schacht insisted she merely had managed
to bring her trade up to the pre-war level and that any further increase
Was unlikely if for no other reason than that other countries were bound
to resist her competition.
Her present temporary favorable trade balance had been purchased at
the expense of a radical reduction in her imports, including those of raw
materials, he declared. He considered this an unhealthy sign so far as
the future of German industry was concerned. The Increase of some
sixty or seventy billion marks in Germany's national income was not so
great as might appear, he argued, and there was no margin of income
from which reparations payments could be made.
To continue payments, he said, Germany must increase her foreign
trade by from 40 to 50%. This Dr. Schacht considered out of the question.
In conclusion he declared that if some day Germany availed herself of
her right under the Young plan to proclaim a moratorium on reparations
payments it would be only because she would consider her obligations on
foreign commercial loans as above those due to politicians, meaning the
leaders of the allied governments.
-We want to pay every cent invested in Germany by private Individuals. he said. "But If the politicians always continue to ask us for
permanent payments and force us to borrow money to pay them, the
day will come when some German Government will say that. In order to
pay private lenders, we cannot continue to pay the politicians and yet
remain honest."
A speech of Dr. Schacht before the Bond Club of New
York on Oct. 9 was given in our issue of Oct. 11, page 2308,
and elsewhere in our issue to-day we refer to Dr. Schacht's
visit to Washington this week.
Chancellor Bruening's Policies Upheld in German
Reichstag.•
Regarding the action of the German Reichstag on Oct. 18
in upholding Chancellor Bruening, we quote the following
Berlin account from the New York "Journal of Cominerce."
Chancellor Brueiting with the aid of the Socialist bloc won a series or
decisive victories to-day over opposition which included Fru/elate. Communists, Nationalists and a small group of agrarians. In a long session
marked by acrimonious attacks on individual Cabinet members and policies
the Government won a vote to table all resolutions of non-confidence by
318 to 236.
2616
FINANCIAL CHRONICLE
[Vol.. 131.
The Government was triumphant again when the debt amortization law tendered by him to the
German visitor the subject of international debts was
providing for the securing of $125,000,000 for the Reich from a group of discussed.
foreign bankers was passed by 325 to 237. In its third, a proposal to refer
The debt settlements entered into between the United States and the varithe emergency decrees, including the enactment of the 1930 budget under ous foreign powers which drew upon this
country for funds during the period
Article 48 which is tantamount to a dictatorship, the Government again of the World War provided for
suspension of payments of principal for
emerged the winner by a margin of 119 votes, the actual count being 339 stated periods of time. Officials here
explained that a clause was written
to 220.
into each debt pact to provide for suspension to meet emergencies
that
The Fascist motions calling for the abrogation of the Treaty of Versailles may arise whereby the debtor nation
might be in a position making the reand revision of the Young plan, before and not after the program of German quired payments impossible. Great
Britain. for instance, might defer payeconomic reform, was defeated.by 323 to 236.
ments for two years; France for three years. No such provision has
been
Early this morning (Oct. 19) the Reichstag voted to adjourn until Dec. 3. made for suspension of interest
payments, however.
which gives the Government a free hand to rule until then. When the
None of the debtor nations thus far have indicated a desire to suspend
Reichstag reconvenes the measures comprised in the program of financial payments. The mere fact that Germany
should find herself unable to meet
reform will be given effect.
her reparations obligations would have little bearing on the situation
inA cablegram to the New York "World" Oct.19(copyright) volving payments due the United States, it was declared here. It was
explained that the World War foreign debt funding commission,the memberis quoted herewith as follows:
ship of which included Cabinet officers, members of Congress and
repreThe victory of Chancellor Heinrich Bruening in the Reichstag yesterday, sentatives of the public negotiated each such settlement
on the basis of
when the support of 143 Social Democrats enabled the Government he the capacity to pay of each country involved.
heads to win a confidence vote of 318 to 236. Is hailed with general satisfacSee No Severe Burden.
tion throughout Germany.
The press, with the natural exception of National Socialist, Communist
In arranging the annual payments the debt funding commission
fixed
and Nationalist organs, regards the cabinet success as a most gratifying figures which would not burden the budget of the debtor nation
or cause
happening, even if it was obtained by clever parliamentary strategy. The an increased tax burden such as would affect the standard of living.
prevailing opinion, however, is that it had merely postponed the final day
The opinion was expressed that the payments due annually from the
Allied
of reckoning between liberal leaders and their left and right wing extremist nations formed but a small percentage of the total budget
expenditures of
opponents.
these countries. Officials here do not consider that the debt payments
to
The outcome of yesterday's battle on the floor of the Reichstag is that the United States form a severe burden to the foreign countries.
a 500.000.000 mark credit (about $118,925,000) Is assured to Germany.
Discussions of moratoriums appearing within the last few days
were
and the Bruening Government is given a breathing space of two months said to come not from responsible officials of the Governments affected.
in which to put into operation its program for rehabilitating the country's
Any extensive postponement of payments on war debts would require
finances.
Congressional action, since the war debts were ratified by Congress
and
The only fly in the ointment is the strike of 126,000 Berlin metal workers, thus became equivalent to law. There is no provision for this Government
which is assuming more serious aspects and which gives the German Com- extending a moratorium on its own volition, the debt agreements
merely
munists an opportunity for effective agitation. In the closing hours of giving the option to the debtors to delay payments and then to make
up
yesterday's tubuient session the Reichstag adopted a Socialistic motion the amount later. . . .
to request the Minister of Labor not to declare binding the decision of
To agree to a delay in the foreign debt payments, it is asserted, would
Government arbitrators by which the wages of metal workers were reduced. necessitate higher rates of taxation upon our own citizens and corporations,
precipitating the strike. This motion, of course, has no legal force.
and no political party wants to assume the burden of responsibility for
A report has reached here from Moscow that the employees of the Putiloff such a situation. The printing of stories in foreign newspapers that this
works in Leiningrad have decided to give 1% of their month's wages to the Government was giving consideration to relieving their countries of imsupport of the Berlin strikers. The Russian International Workers' League mediate payments brought forth literally a denial by officials in touch with
the situation.
has begun a drive throughout Russia for collections for them.
200 Million Due This Year.
The total amount due from foreign governments on the war debts this
to Washington of Dr. Schacht, Former Head of year will be something over $200,000.000. about $184,000,000 of which
will be in interest. Under the law, payments on the principal
German Reichsbank—George L. Harrison, Gov- debts, whether in cash or obligations of the United States, of the foreign
must be applied
ernor of New York Federal Reserve Bank, Likewise to the reduction of the public debt.
Interest payments, however. if made in cash may be placed in the general
a Visitor in Washington—Debt and Reparations fund
of the Treasury and therefore applied to meet ordinary expenditures.
Issues Avoided for Present by Administration.
Where interest payments are made in securities of the United States
these
obligations are automatically canceled and the debt thus reduced.
Dr. Hjalmar Schacht, former President of the German
Visit
Reiehsbank, who was a speaker before the Foreign Policy In its further reference to the subject, the "Journal of
.Association in New York the night of Oct. 20, when he is Commerce" had the following to say in a Washington disreported as having declared that a moratorium by Germany patch Oct. 21.
The Hoover Administration, engrossed in such major economic problems
is inevitable unless other countries aid in the extension
as the drouth and unemployment and
of her foreign trade has recently been a visitor to Washington, situation, is pictured as shuddering concerned over the general political
of a moratorium
where he met various Administration heads. On Oct. 18 covering European Indebtedness to theover suggestions Outside of official
United States.
Dr. Schacht called upon Secretary of State Stimson, at circles these developments as reported in to-day's newspapers were the submuch comment.
which time he was presented by Dr.0. C. Kiep, the German ject of stories as to what has been taking place in
The
Washington
Charge d'Affaires. Telegraphic advices from Washington declared here that even before the departure from Germany ofvary. It was
Dr. Hjairaar
Schacht, former head of the Reichsbank, to deliver a series of lectures in
that day to the New York "Times" said in part:
on
the United States, the German Government was
Later Mr. Stimson declined to say whether German affairs had been
discussed. while Dr. Schacht, in leaving the Department, emphasized that
he had come merely as a private citizen.
Dr. Kiep gave a luncheon in Dr. Schacht's honor to-day and Secretary
Stimson Will give a luncheon for him to-morrow. Dr. Schacht on Monday
will be presented to President Hoover and also probably will call upon
Secretary Mellon.
In response to questions by newspaper correspondents Dr. Schacht let
it be known that he had not changed the opinion he expressed upon his
arrival in New York to the effect that Germany could not continue
indefinitely to meet the conditional reparation payments called for by the
Young plan and that sooner or later the country would have to ask for a
moratorium on payments. This view was subsequently disavowed by the
German Government as in any way an official expression.
Dr. Schacht said to-day he did not know how long it would be before a
moratorium would be asked. He declined to discuss the possibility of a
revision of the Versailles Treaty.
Although the visit of the former Reichsbank President served to revive
reports of a German effort to have American war debts cut in order that
reparations might be scaled,there was no official admission that the question
had even been broached to-day. All indications continue to point to the
failure of any such effort, due to the apparently predominant political
sentiment at this time against any change in the war debt settlements.
On Oct.20 the Washington correspondent of the New York
"Journal of Commerce" referring to the simultaneous visit
there of Dr. Schacht and George L. Harrison, Governor
of the Federal Reserve Bank of New York, said in part:
A .5-year suspension of payments to the United States, due under the
terms of the World War foreign debt funding agreements, reported in the
European press to be under consideration by the Hoover Administration,
is not in fact in prospect, it was made known in official circles here to-day.
Simultaneously reports were received here to the effect that Germany
may seek an extension of time for the making of reparations payments.
These, however, received no official comment.
The presence in Washington'at this time of Dr. Hjalmar Schacht.former
head of the German Reichsbank, who is delivering a series of university lectures, and Governor George L. Harrison of the Federal Reserve Bank of
New York,gave rise to much conjecture here coincident with the dispatches
referred to.
Stimson Denies Debt Discussion.
Dr. Schacht has conferred with various members of the Administration,
but it could not be learned if any significance could be attached to the
visits made to the White House, Treasury Department and the State
Department, or whether they were in fact mere calls of respect. Secretary
of State Stimson authorized a specific denial that at the private luncheon
apprehensive of the outcome of his presence in this country. It was thought very probable that his
advent here would give rise to rumors that he was paving the way whereby
through a moratorium in behalf of other European debtor nations, Germany would find herself enabled to secure an easing of the present demand
for reparations payments.
Avoid Debt Reparations Discussion.
It has been indicated here that in his conferences with the President,
Secretary of State Stimson and other Cabinet members the conversations
dealt chiefly with wage scales, unemployment, standards of living, business
depression and kindred economic subjects, without referring to reparations
or Allied debts. The possible exception is in the case of Secretary of the
Treasury Mellon. who has been represented as lending a friendly
ear to
suggestions having a bearing on the subjects in which Germany is
interested.
It has been added to this that Gov. George Harrison of the New
York
Federal Reserve Bank had previously presented to the Treasury
head a
plan making operative proposals to delay the time of payments on
the
foreign indebtedness due the United States.
Dr. Hans Luther, present bead of the German Reichsbank, is expected
to come to this country, probably next month, to discuss the general situation with Gov. Harrison and other financiers in New York. later coming to
Washington for formal or informal conferences with members of the Federal
Reserve Board and Secretary Mellon. possibly including President Hoover,
at least to the extent of a call of respect at the White House
Observers here have commented on the apparent fact that whenever there
is talk of postponement of payments on or the cancellation of the debts,
usually emanating from the New York financial district, political Washington, counting the probable political costs of entering into such a discussion,
goes into retirement on the subject. This, it is said, means further
delays
in the taking of any steps that may really be contemplated in that direction.
Those intimately interested in the subject, it is said, would like to
have
nothing said about the matter, and it is anticipated that the
developments
of the last two or three days will not be very pleasing to
the German
Government.
Luther. Schacht Differ Politically.
Dr. Luther and Dr. Schacht differ in their political
viewpoint. The
former was Finance Minister of Germany at the period
following the
stabilization of the mark, and the latter was head of the
Reichsbank. It
was within the power of Dr. Schacht. without consultation with
his Government. to raise or lower the rediscount rate of the hank, with
consequent
effect upon the Government's stabilization program. Luther
belongs to
the liberal element in Germany, while Schacht is supported by
the conservative element and this fact alone makes co-operation between
them rather a
difficult task.
Debt discussions, It is added, have their reflected effect on
the relations
between some of the Allied nations and Germany,perhaps more
particularly
the subject of disarmament. Germany, therefore, it was suggested, would
OCT. 25 1930.]
FINANCIAL CHRONICLE
much prefer not to have debt questions aired in the newspapers, more
particularly when there is little foundation for the gossip that is created.
Students of the situation seem to be in agreement that the present is not
the time for discussions of this character, and little is expected to be heard
in administrative or Congressional circles in the immediate future.
Great Britain Opposed to Debt Delay Plan—Despite
a Treasury Deficit, Sees Harm to Credit in Plea
to Washington—France and Italy Believed Willing
to Discuss New Terms Only if Reich Defaults.
Edwin L. James, writing to the New York "Times" from
London, Oct. 21, says.
It is understood the British Government has given some consideration
to war debts as they may affect the situation of the British Treasury.
It is generally admitted the Treasury faces a deficit. Critics of the
Government say this shortage will reach S500,000,000, but Philip Snowden,
Chancellor of the Exchequer, in a speech the other day denied it would be
so large, while admitting there would be a deficit. Under these conditions
It is not difficult to understand the suggestion that the position of the
Treasury would be lightened if it were not necessary to pay Washington
$163,000,000 next year under the terms of the war debts settlement.
British Credit Is Involved.
However, it is also understood to be the consensus of the Cabinet that
British credit in the world makes it advisable, if not mandatory, that
London not notify Washington of a temporary moratorium. as Britain has
the right to do under the terms of the agreement made with Washington.
To do so would involve unavoidably the admission that the British find
themselves in a difficult international financial position. It is calculated
apparently that this could do London more harm than could possibly come
from the benefits of a temporary postponement of war debt payments.
The British Government finds itself taking this position under the presumption that German reparations payments will continue regularly during
the next year according to the schedules laid down in the Young Plan. It
Is entirely possible that, should Germany invoke the moratorium privileges
written into the Young Plan, Mr. Snowden and the rest of the British
Cabinet would consider a different situation had arisen. It would then be
a question whether the British Government should notify Washington
that in view of the German postponement of payments it judged it advisable
to notify Washington of a corresponding postponement of British payments
to America for one or two years.
Despite Washington's position that there is no connection between reparations payments and war debt payments, there would almost certainly
be an important faction of the British Government in favor of invoking
with respect to America the same sort of moratorium Germany invoked
with respect to the former Allies. It is to be recalled that the postponement
provisions of the Young Plan were copied after those granted to the former
Allies by the United States, and this was done advisedly In view of the
scheme by which America's debtors counted on getting from the German
payments to the International Bank the wherewithal to pay America.
Some in England would find it entirely logical that a suspension of payments by Germany should be followed by a suspension of payments to
the United States.
Position of Paris and Rome.
It is considered here as entirely unlikely that France and Italy would
Consider a suspension of payments to America so long as Germany continued
payments. On the other hand, there appears to be a feeling that should
Germany halt payments both Some and Paris would listen attentively to
any suggestion from London that the war debt payments to Washington be
suspended for the time being as permitted under the terms of all debt
settlements with Washington.
Dispatches from the United States discuss the suggestion for a five year
postponement of war debt payments by Germany and the former Allies,
although it is emphasized here that the postponement facilities provided in
the Young plan lay down only a two-year moratorium for Germany.
Senator Berenger, Former Ambassador to United
States, Warns France Against Debt Change Talk.
The following cablegram from Paris, Oct. 22, is from the
New York "Journal of Commerce."
2617
position for a moratorium placed squarely before France it might meet
with rejection.
Industrialists Expect Plea,
Far-seeing French industrialists may be said to bold that further critical
development of Germany's disquieting economic situation might force the
French to join the moratorium movement. These persons, who are much
closer to the realities of the problem, anticipate an early moratorium move
by Germany and Dr. Hjahrtar Schacht's activities at Washington are
definitely linked with the expected demand. World opinion, it is argued.
Is now being prepared by such Germans as the former president of the
Reichsbank, and when the moment is regarded as ripe for a moratorium
the machinery will be set in motion.
Importance is attached to messages received here to-night telling of a
long interview between President von Hindenburg and Dr. Leopold von
Hoesch, German Ambassador to France. It is not at all unlikely, according
to French observers, that the German envoy will return to his post prepared
to give the first official warning of a moratorium.
In some circles here the Washington report is looked upon as a "trial
balloon" sent up by the American banking interests with large loans outstanding in Germany. According to this view Dr. Schacht has already
Informed the American bankers that Germany cannot be expected to meet
her reparations debts and her privage obligations as well.
To-night's semi-official "Temps," giving voice to the skepticism which
characterizes nearly all comments, says Germany evidently has everything to gain by the suggested moratorium because The Hague accords
of last January expressly stipulate that Germany shall participate in an
debt remissions which its creditors obtain from the United States. The
"Temps" goes on to explain that nothing has occurred to indicate Germany
is about to seek a moratorium, but that if such a step is contemplated the
Reich has only herself to blame.
Charges Wasting of Resources.
"U Germany had exercised the smallest amount of elementary foresight," continued the "Temps," "if she had not wasted her resources as
she has done during the past years in the upkeep of the State and in the
maintenance of her army far beyond the stipulations of the Treaty of
Versailles, she would not be engaged to-day in a struggle which the leaders
ofthe Reich exaggerate in the hope of obtaining a more favorable settlement.
"If the German people are in danger of having their standard of living
—socially and morally—reduced, they must look at home for the reasons.
It is too easy to exact sacrifices from others to cover the consequences of
her own mistakes.
"Is the actual situation of a character profoundly to modify the spirit
on the other side of the Atlantic? We dare not affirm this. Certainly
the Americans are beginning to realize the impoverishment of Europe Is
compromising their own prosperity and that upon them depends the political, financial and economic rehabilitation of the world, of which they
will be the first to benefit."
Morel to Visit London.
Despite the cold reception extended to the moratorium idea, banking
circles attach significance to the visit to London next week of Governor
Moret of the Bank of France. There he will see Montagu Norman, Governor of the Bank of England.
While his visit is described as one of simple courtesy, it is possibly not
without design that Owen D. Young, dominant figure in the negotiation
of the Young reparation plan, will be in the British capital at the same time.
From London M. Moret will go to Berlin for a conference with Dr.
Hans Luther. President of the Reichsbank. The latter, it was disclosed
here this evening, will sail for New York on Nov. 7.
Government Said to Regard Plea for
Moratorium as Inopportune.
The following Associated Press adviees from Berlin,
Oct. 20, are from the New York "Evening Post."
Comparatively little is heard here with regard to a possible request for a
German
moratorium for Germany's debts, although, it is understood. there has
been some discussion of such an eventuality in the creditor countries.
The Nationalist "Berliner Lokalanzeiger" to-day said that according to
Its Information it was extremely unlikely that the Bruening Government
would extend feelers in this direction, since the Cabinet believed that the
$125.000,000 just obtained from foreign sources made the present moment
entirely inopportune.
In the Reichstag debate last week on the credit authorizing measure,
Government spokesmen emphasized that It did not in any way prejudice
the possibility of a moratorium.
Senator Henri Berenger, former French Ambassador to the United
States, Issues a warning against serious consideration of modification of
reparation and war debt agreements by France, in an article in the "Agence
Economique et Financiere." The article is entitled: "Do not let us permit Germans Criticize S. Parker Gilbert's Report—His
the waters to be stirred up."
Finding of Economic Revival Said Not to Accord
Senator Berenger says France must observe the greatest prudence in the
with Unemployment Facts—Published Five Months
present juncture and "must not allow herself to be maneuvered by Dr.
Hjalmar Schacht, former president of the Reichsbank, now in America on
Late.
•
talking tour, or anyone else into reopening the question of
a
the debt
The New York "Evening Post" reports the following
settlements."
Senator Berenger urges especially that French public opinion should not copyright adviees from Berlin, Oct. 21.
"confuse the views of responsible American Government officials in WashS. Parker Gilbert's final report as Reparations Agent General was Issued
ington with the bundle of irresponsible economists and bankers in New York In Germany to-day, five months after publication in English of a "sumwho had already. In the past, encouraged certain French politicians to mary" of 1310113 than 400 pages which was really the complete report with
entertain illusions on the subject of inter-Allied debtsettlements
inrelation the exception of an index.
to reparations."
Mr. Gilbert's conclusions that Germany's foreign credit has been com"This business," says Senator Berenger, "is settled and settled hon- pletely restored, its industry reorganized, its productivity heightened and
orably. France has no desire to unsettle it or to see it unsettled."
its standard of living materially higher strike the German press to-day as
somewhat anticipatory.
"In the light of events of recent months, the judgments of the
French Public Cool to Any Moratorium—Bankers See for five years supervised reparations and the general economic man who
situtation in
Danger in Giving in to German Forces Which Fight Germany now appear passing strange." comments "Hoeinische Zeitung."
The paper adds that the conferences at Washington relative to possibility
Young Plan and Treaties.
of the interruption of payments on the part of European debtor countries
French public opinion appears to be singularly cold to show how little this expert was able to reach the kernel of the problem.
"Sins of mistaken international loan policy now begin to be evident at
the suggestion of a five-year moratorium for reparation
precisely the time the
for the withdrawal
payments and Allied war debts. A cablegram to this effect its expert," the article United States regards proper unemployment here of
continues, pointing out that
is
from Paris, Oct. 21, to the New York "Times" added not just a temporary condition accompanying AD otherwise successful
hut a deep-rooted evil.
restoration of Germany's economic status.
In part.
In banking quarters which generally reflect the financial policy of France,
it was explained, the advantages of a five-year suspension might be entirely
overshadowed by dangerous political aspects of the matter. Chief
among
the latter, it was stressed, would be the encouragement such a step would
give to those German forces committed to the destruction of present
treaties and international financial obligations. In the present mood of
this
country, which is far removed from consideration of further concessions
to Germany. the banking opinion seems to be that were a concrete pro-
Dr. Schacht, Former President of German Reichsbank
Puts Loans Ahead of War Debt—Declares They
Must Be Paid First—Holds Our Tariff Cripples
Germany.
Analyzing the internal and international fiscal and economic problems of Germany,with esnecial stress upon repara-
2618
FINANCIAL CITRONrCLE
[voL. 131.
tions, in two addresses in Philadelphia on Oct. 22, Dr.
Further Associated Press accounts from Paris, Oct. 20,
Hjalmar Schacht, former President of the Reichsbank, de- stated:
The French Government to-day ordered judicial investigation and proseclared that the answer to the reparations problem, whether
all
It be temporary stoppage of payments under a moratorium cution ofand persons suspected of engaging in acts endangering financial
markets
illegal speculations imperiling the normal functions of the
or scaling down on the indebtedness, is contained in the Stock Exchange.
This action followed closely upon an address by Premier Tardieu yesarticles of the Young Plan authorizing the debtor and the
terday
France
creditor representatives to sit down at a common board and nancial In which he said with thehad decided to keep her economic and fihouse in order
same energy and determination
thrash out the problem amicably. A dispatch from Phil- manifested in preventing meetings or movements calculated to she had
disturb
public tranquillity and national security. He called upon the public for
adelphia to the New York "Times" Oct. 22, reporting this,
united effort to insure the continued stability of the government.
further said:
It has been known in banking circles that, as the result of what
Be contended that his country was "entirely Justified" in suspending
reparation payments if it appeared that Germany could not otherwise meet
Interest payments and sinking fund charges on private loans. '
Private obligations to "those men who have shown confidence in her"
should have first call over and above the war debts, he asserted.
He conceived it "very unlikely—almost impossible" that Republican
Germany would be able to pay the reparations in the amounts required,
but cautioned that the problem "must not and need not lead to a crisis
throughout the world."
Dr. Schacht addressed 500 members of the Bond Club of Philadelphia at
a luncheon and spoke to-night before the Academy of Political and Social
Science.
Before the Bond Club he referred to the American tariff as one hindrance
to German exports and characterized it as "an international issue."
"If we can't enlarge our export trade, of course we must decrease our
Import figures." Dr. Schacht said. "We find our purchasing of American
raw materials has decreased enormously. We are living off the stocks
collected before, and our present export surplus is due to the fact that the
imports have decreased so largely. So you see, it works both ways. If we
can't export manufactured goods we can't be expected to import raw
materials.
"If she can't find markets for her goods, then I dont' see how Germany
Can pay her reparations. She can't pay. That means that the reparations
must be earned by Germany out of her exports, and that is the only way that
she can shift these payments over to you.
"I don't see any very great danger. I am firmly convinced that the way
the problem has to be put before the world makes it so simple. All you
need is to rely upon human reason. Although it works slowly. I am still
convinced that it works. It works more slowly in politics, but as the
politicians cannot work without prosperity. I think that the business man
occasionally gets a fair chance.
"The existence of the reparations problem must not, need not, naturally
lead to a crisis throughout the world. In Germany we are trying not
to become excited about the problem. We are approaching It reasonably,
and endeavoring to tell the people the truth—which occasionally we haven't
done."
the
Paris press describes as wild rumors, one or two financial houses have
been obliged to seek support, and one institution, called the Vasseur Bank,
has been forced temporarily to suspend Payments following a run or
depositors. The management has issued an announcement that the bank's
assets far exceed its liabilities and that the institution will resume business
soon.
The investigation ordered to-day will be pursued under an article of
the penal code which provides imprisonment of from two months to two
years with heavy fines for persons convicted of deliberately attempting to
manipulate the prices of stocks and bonds for the furtherance of their own
interests.
The Bourse recently has been nervous and irregular and often has displayed weakness. This has been ascribed in part to reaction to the New York
Stock Exchange, but the government observed that the movements have
affected solid French securities without reasonable Justification.
President Hoover Sanctions American Buildings at
French Exposition.
According to a Washington dispatch to the New York
'Times," President Hoover's approval was given to the
,plans for the American buildings at the French Colonial
exposition in Paris next year, when C. Bascom &env,
Commissioner General to the Exposition, conferred with the
President at the White House on Oct. 8. The dispatch
went on to say:
Mr. Siemp has been in Paris, consulting with the French authorities, and
brought detailed sketches and blue-prints of the buildings.
"The plans," Mr. S emp said, following his conference with the President,
"carry as a central feature a reproduction of Mount Vernon. which will be
used as an administration building and a place for American tourists to
visit. The room occupied by General Lafayette at Mount Vernon will be
reproduced in as nearly its original form as possible.
"The building in its main part will be fabricated in the United States.
The architect. Charles K. Bryant of Richmond, Va.. reproduced Mount
Vernon at the San Francisco Exposition. The builder will be Sears. Roebuck az Co.
Owen D. Young Sails for Europe—Says Trip is
Unofficial.
Owen D.Young, Chairman of the Qeneral Electric Co.and
author of the Young plan, sailed for Europe on Oct. 18 on
Diamond Cutters' Plight in Belgium Serious.
board the Leviathan. The New York "Journal of ComAccording to Brussel advices (Associated Press) to the
merce" noting this said.
New York "Times," Oct. 22 growing difficulties of the
Interviewed before the departure of the boat, Mr. Young stated that there
trip to Europe Antwerp diamond cutting industry have compelled owners
was nothing either significant or mysterious concerning his
at the present time. lie said he was traveling solely on personal business. to reduce the number of working days from 15 each month to
Mr. Young denied reports that he had conferred with President Hoover three each week. September figures show that 3,820 out of
In Washington last week concerning the German financiil situation. He 14,279 cutters were
unemployed.
lasted that he had not been in Washington and had not seen the President.
Reports had been circulated in certain international financial circles
Saturday morning to the effect that Mr. Young's trip had been occasioned
by a conference with the President over efforts by Germany to seek delay
In transfers of reparations payments under the Young plan.
Working Day Cut to Aid Germany's Idle
-3 Hamburg
Firms Take on 600 Workers in Move Planned for
All Oil Factories—Situation Acute in Ruhr.
United States Delegates Sail for Geneva Disarmament
From its Berlin correspondent, the New York "Evening
Parley—Hugh S. Gibson and Conferees Depart— Post" reports the
following (copyright), under date of
Japan's Ratification on Way to London.
Oct. 20 :States to the Preparatory
The delegation from the United
Shortening the working day to "stretch work" so that the jobless may
Disarmament Conference of the League of Nations, which also have employment will be Instituted in several oil factories near Hamburg, according to
convenes at Geneva on Nov. 4, sailed on Oct. 18 on the have completed the an announcement to-day. Three large firms already
technical details for
Leviathan. There were 12 in the party, including steno- of eight, thereby increasing the number ofrunning six-hour shifts instead
employees by 600.
Meanwhile, conflict in the Ruhr district, the industrial heart of Gergraphers and clerks, says the New York "Times" which
many, became acute to-day with the beginning of negotiations over workadded:
ing hours. The labor unions have given
The members were Hugh S. Gibson, Ambassador to Belgium: Hugh R.
Lieut. Col. G. V. Strong, military
Wilson, Minister to Switzerland
adviser: Dr. Julius Klein. Assistant Secretary of Commerce, and Hoffman
Phillip, Minister to Norway.
The Japanese instrument of ratification of the London naval treaty was
taken on board by Lieutenant Irwin Woodring, who had flown with it
front Vancouver, B. 0.
Consul General
The officer delivered the document to Setsuzo Savada,
representative of the State
for Japan in New York. who handed it to a
will deliver it to the Japanese
Department of the United States. He
Ambassador in London.
French Ministry Acts to Curb Paris Bourse Agitators—
Complaint Issued Against Unknown Persons
Spreading False Rumors—Action Also Against
Illegal Speculation.
Under date of Oct. 19, a cablegram from Paris to theNew
York "Times" said:
agitated sessions
Following the wave of rumors which accompanied the
Justice to-day issued a comof the Paris flours(' last week. the Ministry of
complaint was issued upon the
plaint against the unknown agitators The
proposes to put a stop to the
request of the Ministry of Finance, which
prices.
Manoeuvres of those seeking to cause fluctuations in stock
French penal code
The complaint was issued under the section of the
years for agitation for the
which fixer( a prison term of two months to two
purpose of influencing Bourse quotations.
circulating conIt had been reported last week that automobiles were
stantly in the neighborhood of the Bourse, and that from them emanated
many rumors, both political and financial.
notice of the termination of the
contracts which increased working nours from seven to eight back in 1924,
wnen, because of the military occupation of the Rhine Ruhr, there was a
scarcity of coal.
The unions accepted the lengthening of working hours then because
necessity demanded it, but contended that the regulations would have to
be changed with changing conditions. Now, they argue, the time has
come, as evidenced by the fact Mat 76,000 miners have been discharged
this year. They demand the return to the seven-hour day and the re-employment of some of the idle workers.
Mine industrialists contend that shortening the hours will entail a heavy
Increase in production costs. They refuse to consider shorter hours and
demand acceptance of a wage cut of 8 to 10%.
In the mine owrers' organ, "Bergwerkszeitung," a prominent Industrialist puts forth the mine owners' contention that unemployment is to
be cured only by lengthening working hours. He points out that from
January to August this year Germany imported 5,500,000 tons of coal
from England, while a greater amount lay about on German hillsides,
"More than the total coal imports could be mined in Germany," hi
argues, "if the eight•hour day sere changed to 11110 of time end the
pre-ent wage maintained. By thus reducing production coots we would
be In a position to compete successfully with foreign, especially English,
coal mines."
Sees Export Possible,
"We could export to England, instead of importing," he contends, adding
that the argument applies not only to coal, but to iron, cement, porcelain,
and especially to agricultural products.
The conflict between capital and labor Is clearly defined in the
divergent
positione of the unions and the industrialiAs. Germany must
export ta
cider to pay the reparations, but can, Cain markets only by selling
cheaply
as a result of cheap labor, it is contended.
OCT. 25 1930.]
FINANCIAL CHRONICLE
The political battle ended with Saturday's midnight session when the
Reichstag recessed until Dec. 3. The week's Parliamentary sessions were
something in the nature of a witch's Sabbath and although that tension
is no wrelieved, the battle against unemployment and in behalf of wage
and hour regulations affords no promise of any diminution of public
anxiety.
2619
From its Washington bureau the "Wall Street Journal"
of Oct. 10 reported the following:
Government officials are interested in the statement of Senator Pittman
(Dem., Nev.) in a speech at Salt Lake City that a sub-committee of the
Senate Foreign Relations Committee is considering recommending a
loan of several hundred million ounces of silver to China.
Although belief is that such a loan would stabilize Oriental trade and
Italy Adds to Fund to Aid Employment—Cabinet Ap- thus help American business, several obstacles were seen as standing in
proves $7,000,000 Appropriation for Urgent Public its way.
It is doubted if warring factions In China could be brought together by
Works—Italy's Budget.
means of the loan, and without a stable Government the loan would be
Under the above bead, the New York "Times" published little more than a gift, in the opinion of well-Informed quarters here.
Rankers have let it be known that they do not care to lend money to
the following, dated Rome, Oct. 21:
China under present conditions and China has emphatically let it be known
Pursuing its policy of giving work instead of doles to the unemployed, that she wants no more of bankers' consortiums..
the Cabinet Council to-day approved an appropriation of another $7,000,000
Under those circumstances it seemed that the loan would have to be made
for urgent public works. Half of this sum will be used for hydraulic works by the Government and officials unhesitatingly said that this would not
of various kinds and a considerable proportion of the remainder for im- be done.
proving roads. It is expected to give employment to some 40,000 workers
What developments in the future in China may bring forth could not
during the winter months.
be predicted, but under present circumstances attitude here is not enthuThe Cabinet's decision was made in spite of the fact that the State siastic.
budget at the end cf the first three months of the fiscal year showed a
deficit of more than $26,000,000. This deficit was caused by unforeseen
Officials Assume Direction of Bank of Minho,
extraordinary expenses, such as rebuilding the earthquake zone and special Federal
at Lisbon, Portugal.
public works for the relief of unemployment, but it was a result also
partly of a decrease in revenue. The tax on commercial exchanges, for
The New York "Times" reported the following from
Instance, from which it was expected to obtain a revenue of $50,000,000
in a year, did not come near the proportionate part of that sum expected Lisbon Oct. 22:
for the first three months of the fiscal year. The revenue from tobacco,
Federal officials have taken over the management of the Dank of Minho.
which is a State monopoly, also showed a drop because of the restriction A Government decree authorizing this step states that the bank has been
suffering by reason of the economic crisis in the country and is not in a sound
of consumption consequent on recent price increases.
Experts declare, however, that the Italian budget is now on a sound position.
The Bank of Minho is rated as hie of Portugal's largest and strongest
basis and that the deficit will be made up before the end of the fiscal
year. The revenues, they state, always have a tendency to increase toward banking houses with branches in the principal cities of Portugal.
the end of a fiscal year. Thus they point out that the budget for the year
From the New York "Evening Post" of Obt.23 we take the
1928.1929 began with a deficit but ended with a $20,000,000 surplus
despite a cash payment of almost $50,000,000 to the Vatican. Similarly, following credit to the Associated Press:
the budget for 1929-1930 began with a deficit of several million dollars
The Banco de M inho,thelargestfinancial institution in northern Portugal,
but ended with a considerable surplus. There is confidence that the same crashed to-day within a few hours of opening after Government appointment
will occur this year, though the deficit is larger and more persistent than of a receivership.
formerly.
The public stormed doors of the bank, asking for deposits, demands beIn fact, there are already indications that the tax on commercial ing met up to 40%. Soon afterward, a Ministry of Finance decree was
exchanges is bringing in an increasing yield. The consumption of tobacco bulletined stating that since the capital and reserves of the bank had been
also is on the increase and again approaches the level reached before absorbed by its losses the Government to avoid worse, had decided to take
prices were raised. Everything points, therefore, to the deficit having a extraoridnary measures in the interest of public credit.
These extraordinary measures were to declare worthless shares in the bank
tendency to decrease rather than increase in the next few months. Besides,
it is believed probaole that the Government will aid this process by the original capital of which was 10.000 contos, or $10,800,000.
stiffening some taxes.
Liguria Bank (Italy) Reported Closed.
Recommendation for International Silver Loan to
China—Senator Pittman States that Plan for Silver
The following Associated Press dispatch from Genoa,Italy
Pool is Under Consideration by Senate Committee. under date of Oot. 11 was published in the New York
Recommendation for an international loan of several "Times":
The Liguria Bank, with capital of 5,000.000 lire (about 8250.000). went
hundred million ounces of silver to China is under considerabe paid
tion by the Senate Sub-Committee on Foreign Relations, it Into voluntary liquidation to-day, but promised that 100% would
on its obligations.
was revealed by Senator Key Pittman of Nevada, its Chairman at Salt Lake City, Utah on Oct. 8, according to AsPortuguese Revenue Exceeds Outlay.
sociated Press accounts, from which we also quote the
The following Associated Press account from Lisbon
following:
(Portugal) Oct. 15 is from the New York "Times":
The loan, he said, would be a means of stabilizing Oriental trade and the
pacification of China.
Addressing the Salt Lake Chamber of Commerce, he reported the tentative finding of the Sub-Committee, which has held hearings in Washington
and pricipal Pacific Coast cities on commercial relations with China. Testimony of bankers, manufacturers, exporters, importers and others familiar
with the political and commercial history of China was heard.
"The Committee is considering the recommendation,through its report to
the Senate, of a plan to pacify China, finance the National Government,
and place the 450,000.000 of Chinese people in the peaceful pursuits of
industry rather than the destructive enterprise of war," Senator Pittman
said. "Some constructive action is essential, because our exports to China,
including wheat, lumber, automobiles and other manufactures, have fallen
off over 50% in the last seven or eight months.
"The plan anticipates the joint action of China, Great Britain, France.
Japan, the United States and other interested Governments. A silver
pool would be organized by such Governments, making available several
hundred million ounces of silver to be advanced to the Chinese National
Government as and when needed for peaceful purposes as approved by a
joint commission of such lending powers.
"The agreement would probably have to contain provisions that would
bring the four dominant war lords of China, who now control vast armies
and areas, into the National Government to participate in its administration, the advances or loans so made to be measured in ounces and not in
values, and to be repaid, principal and interest, in ounces of silver.
"According to the testimony of witnesses qualified to express an opinion,
Such a plan would be agreeable to the National Government, the four war
lords and the people of China. The plan, in the opinion of such witnesses.
would result in the immediate pacification of China, the establishment of
control of the National Government over the whole of China, the opening
up of the vast interior and the revivification of all industry.
"Such an accomplishment, so these witnesses testify, would increase our
commerce with China tenfold, would consume almost immediately our
entire surplus of wheat and would greatly reduce our surplus of lumber,
automobiles and other manufactures. China, under such conditions, It Is
contended by all of such witnesses, could use more silver than is now available from the total production of all of the mines producing silver in the
world.
"This would naturally have a tendency to increase the price of silver
and the purchasing power of that metal, which is the only money or purchasing medium of China, as well as many other countries. Such increase
in the purchasing price of silver would increase the purchasing power of
all other countries, to the great benefit of our exports.
"The price of silver, of course, would change but it would range within
smaller limits and such demand would undoubtedly hold the price and
purchasing power of silver throughout the world at such a limit as to insure
prosperity In China and all other silver-using countries.
"Of course, after the Senate has approved a resolution containing any
such plan, it would then have to go to the President of the United States
to be consummated into an agreement if the plan met his approval."
It was announced by the Government to-day that the National budget
of 1929-30 showed an excess of revenue over expenditures of 90,000.000
escudos (approximately 82.000,000).
Japanese Yen Up to Its Gold Value—Touches 49.84
Cents, Highest in Nine Years—Closes at 49.80 for
Cable Transfers—Return of Currency to Par Follows Lifting of Embargo on Metal and Obtaining
of Credit.
It was noted in the New York "Times" of Oct. 24, that
for the first time in nine years the Japanese yen reached
parity on the previous day. Continuing the "Times" aid:
J
The measures initiated by the Japanese Government at the beginning
of the year, when it removed the embargo on gold exports and arranged
a credit of $50,000.000 with bankers here and in London in order to restore
the yen to stabilization on a full gold basis, are thus brought to fruition.
The advance in the yen to par of exchange coincided with the receipt
of word from Tokyo that the Yokohama Specie Bank will ship gold to the
amount of 7.500.000 yen to the United States on Saturday and to the
amount of 5.000,000 yen on Tuesday, thus bringing total shipments on
the current movement to 40,000,000 yen, about 820.000.000. The Federal
Reserve Dank of New York yesterday announced that it had received
word from San Francisco of the arrival there on Wednesday of $2,500.000
gold from Japan. Since the removal of the embargo on gold shipments
from Japan last January, a total of approximately $130.000.000 has been
sent to this country.
The yen has shown consistent strength for the past two weeks under
the influence of the heavy gold shipments which have been sent here by
the Yokohama Specie Bank, fiscal agent for the Japanese Government,
and the arrival of the season when exports from Japan become heavy and
the balance of trade turns in favor of that country.
The embargo on gold exports from Japan, which amounted to a virtual
suspension of the gold standard, had been in effect since September 1917,
when it was lifted on Jan. 11 last, Removal of the embargo had been
delayed by a series of major national calamities, including the panic of
1920. the earthquake of 1923 and the severe business depression of 1927.
When the embargo was lifted a heavy outflow of gold from Japan set
in at once. This has been continued with only minor interruptions up to
the present time; but with the advance in yen exchange yesterday to
parity, it was thought that the movement would soon end and that some
of the gold might possibly be drawn back to Japan from this country.
The highest point touched yesterday by yen exchange was 49.84 cents,
which is parity. The exchange closed at 49.80 cents for cable transfers,
representing a gain of five points on the day and of 18 points for the past
week.
2620
FINANCIAL CTIRONICLE
[vol. 131.
Presidential Decree Continues Brazilian Bank"Holiday" President Machado of Cuba to Sign New Sugar Decree.
Until Nov. 30—Power to Banco do Brazil—Federal
The New York "Sun" of last night reported the following
Institution to Have Charge of Purchase of Export from Havana yesterday (Oct. 24):
Bills for Other Banks.
President Machado will sign a decree ordering the immediate attachment
The Brazilian bank "holiday" which had already been of 1.500.000 tons of sugar without waiting for the Cuban Legislature to pass
law, it was announced to-day.
running for fifteen days, was extended until Nov. 30 in an the proposed sugar
Commenting on the above the "Sun" said:
official decree signed by President Washington Luiz on Oct.
It has been expected that the Cuban Legislature would approve the pro21 and promulgated Oct. 22.
posed law last night, but inability to get a quorum necessitated postponeThis means, says a wireless message to the New York ment of action. The absence of members was due to the pending Cuban
give the
"Times" from Sao Paulo, that banks will be officially con- el( ctions. it was stated here to-day and not to indisposition toplan into
necessary authorization for putting the Chadbourne restriction
sidered as closed during the next forty days, and during effect. The Cuban Legislature already has given unofficial approval of
this time the collection of drafts and notes falling due be- the pending legislation.
As soon as formal legislative action is taken, Thomas L. Chadbourne will
tween Oct. 6 and the last of November can be presented for sail for Europe to confer with Dutch sugar growers in Java with a view to
payment, but their collection cannot be enforced. The mes- obtaining their co-operation in restriction. Arrangements have been made
for sailing next Wednesday. provided the necessary legislation is enacted.
sage to the "Times" continued.
The Presidential decree is more lenient than the previous holiday decree,
as all foreign and national banks are permitted to carry on regular operations,
except the purchase of export bills, and these operations are being placed
under the exclusive charge of the Government controlled Banco do Brasil.
However, provision was made that the "Banco do Brasil can furnish
cover to other banks for the latter's clients, not exceeding 1,000 pounds
sterling each bank per day, and in such cases the Banco do Brash will fix
the exchange tax on each remittance."
Bankers who studied this imprtant clause point out that while the customary exchange rate tax is provided for no mention is made that the exchange rate will be fixed, and, furthermore, the use of the word "can" in
the clause would indicate that the Federal bank has the right to accept or
reject any amount offered by any bank.
While the operation of this clause is not clear to bankers here, many
assume that through.the power given to the Banco do Brasil they will buy
export bills up to the point where the balance abroad will remain unaffected,
and in this manner will maintain the high value of the mitre's abroad.
It is thought that each bank cannot use its allotted .£1.000 until the actual
export bills are presented to the Banco do Brasil for approval.
While no measure has been provided for fluctuation in the exchange rate,
which the holiday decree was undoubtedly devised to prevent as much as
possible, it is believed that a rate will be fixed, and all banks, under penalty
of fine, will be obliged to stay within the prescribed limits.
Banks Will Be Restricted.
This will leave the banks—especially the larger foreign banks—greatly
restricted in their operations, as the bulk of their business is connected with
foreign trade, the local deposit business being only incidental.
Practically the only foreign bustness permitted will be for the immediate
needs of travelers and others who have small foreign accounts which are
drawn upon for current expenses.
Other provisions of the decree provide that only 25% of any current account can be drawn in 15 days. An earlier banking law, which fixed the
gold milreis at four milreis to 567 paper reis is revoked.
Unofficial advice received here to-day by brokers from Rio de Janeiro
put the gold milreis at the high rate of five gold milreis to 190 paper refs.
At the current rate the paper milreis is equivalent to 9.5 cents in United
States currency.
With Mr. Chadbourne will sail Dr. Wiriato Gutierrez, President of the
Cuban Senate and Gomez Mena, a large Cuban sugar grower.
From the New York "Times" we quote the following from
Havana Oct. 22:
Expressing an earnest desire that the road be cleared for a future intertional conference to leading sugar producers, the National Commission for
the Defense of Cuban Sugar to-day recommended to President Machado
that he sanction the resolutions adopted recently by Cuban producers to
make the conference effectiva.
When Dr. Wiriato Gutierrez leaves for New York this week enroute to
attend the conference in Holland on Oct. 29, he will carry with him not only
the credentials of Cuban and American sugar manufacturers in Cuba but the
approval of the National Commission for the Defense of Cuban Sugar and the
official endorsement of President Machado.
The Cuban representatives, by a resolution adopted to-day with almost
the unanimous consent of Cuba's sugar manufacturers, have the following
powers; First, to take part as the representatives of Cuban sugar manufacturers in any conference with sugar representatives of Germany, Czechoslovakia, Poland, Belgium, Java, Great Britain and Hungary; second, to
pledge the producers of Cuba, if it is found advisable, not to produce any
excess sugar over a tonnage limit which may be agreed on at the conference,
this pledge not to exceed five years from the date of the international agreement; third, to pledge on behalf of Cuban sugar producers acceptance of any
other resolutions adopted for the voluntary curtailment of sugar production
or any other resolutions adopted for the betterment and stabilization of the
world sugar market.
The resolutions to-day amounted to a vote of confidence in the work to be
accomplished by Thomas Chadbourne, Dr. Gutierrez and Senor Gomez,
the men assigned to-day by the owners of a majority of Cuban mills, practically representing Cuba's sugar industry.
Provision for Service Charges Covering Interest and
Amortization of Dollar Loan of Province of Mendoza.
The Province of Mendoza has remitted to Chatham Phenix
A previous account of the bank holiday appeared as fol- National Bank & Trust Co., of New York Fiscal Agent for
lows in the "Wall Street Journal"of Oct.6:
its dollar loan the full service charges covering interest and
Cables by United Press to-day reported that banks in Rio de Janeiro
had been closed for 15 days, while the New York Coffee & Sugar Exchange amortization due December 1st. The Fiscal Agent now
learned that the Exchanges there and in Santos, principal port of the largest holds a full year's service charge in advance. The finances
and wealthiest State in Brazil, as well as its largest coffee producer, susof the Province are being administered through the Argenpended futures trading for an undetermined period. President Washington
Luis decreed a "state of siege" through the republic of Brazil to combat tine Government.
the revolutionary movement.
Bonds of State of Rio Grande do Sul Retired Through
Sinking Fund.
Brazilian Gold Milreis,
Ladenburg, Thalman & Co., fiscal agents for the State of
United Press advices from Rio de Janeiro published in the
Rio Grande do Sul forty year 7% sinking fund gold bonds
"Wall Street Journal" of Oct. 22 said:
The Bank of Brazil, in a memorandum issued, authorized the customs external loan of 1926, advise that $31,000 face amount of
department to consider gold milreis worth 5.190 milreis for the purpose of bonds of that issue are being retired by the sinking fund
payment of custom duties. The memorandum also authorized the customs
to consider a dollar worth 9.5 milreis. A paper milreis is worth 11.96 on November 1st, making the total desired to date $222,000
cents at par.
bonds. They have also received a sum sufficient to pay the
coupons on these bonds due November 1st.
Peru Names Committee to Consider Monetary Reform.
The Department of Commerce at Washington in its Banco del Comercio Plan for Suspension of Payments
weekly summary of market conditions abroad, released for
Approved.
publication to-day (Oct. 25), has the following to say regardThe following from Havana is taken from the "Wall Street
ing Peru:
Journal" of Oct. 15:
The Decree of Oct. 16 appoints a committee to consider monetary
reform. The committee will be composed of the President of the Reserve
Bank Board who will preside, the director of Hacienda and one representative each from the National Agrarian Society, the Lima Chamber of Commerce, the National Industrial Society, the National Mining Society, one
representative of local banks and the Manager of the Reserve Bank who will
act as Secretary. This committee will study the evolution of prices, the
public debt, circulation, and all phases of public finance since 1914. It will
propose preparatory measures as regards currency and exchange which may
be adopted immediately, previous to the presentation of the final general
plan of monetary stablllization. Exchange slumped sharply during the
week the sol reaching a new low on Friday Oct. 17 of 3.65 to the dollar, but
improving on Saturday to 3.40 soles to the dollar.
Shareholders of Banco del Comercio approved a plan whereby relief would
be sought through suspension of payments. At the shareholders' meeting,
24,000 shares out of a total of 25,000 were represented.
The same paper in its Oct. 10 issue reported the following
from Havana:
The court has accepted the plan of Banco del Comercio whereby payments
will be declared suspended.
Laureano Lopez, Vice President of the institution, will sail for Madrid,
Spain, to confer with directors of Banco Hispano Americano there regarding
the possibility of reopening the Cuban institution, of which the Madrid
bank is a stockholder.
Earlier reference to the bank appeared in our issues of
Request for Peruvian Moratorium.
Oct. 4, page 2153 and Oct. 11, page 2312.
United Press advices from Lima, Peru, are taken as folOutstanding Loans of Federal Intermediate Credit
lowsfrom the "Wall Street Journal" of Oct. 23:
Banks $123,000,000—Ample Funds to Make Loans
A resolution requesting the Government to consider means of soliciting
interest on foreign debts was passed
five-year moratorium of payment of
to Farmers Co-operative Associations—Pamphlet
Merchants Association.
by the
Descriptive of Functions.
The resolution contended that the present burden on tax payers and business made the moratorium necessary and recommended lower tariffs, modiThe 12 Federal Intermediate Credit Banks have been in
establishment of a central office, such as
fication of the stamp taxes, and
a reserve bank for buying and selling foreign drafts,for the finance ministry. operation a little more than seven years, and during that
OCT. 251930.]
FINANCIAL CHRONICLE
2621
period up to Aug. 31 this year they discounted farmers'
notes amounting to $335,195,351 for more than 650 financing
Institutions and renewed loans aggregating $165,639,874,
making a total of $500,835,225. These banks also have
loaned to more than 90 co-operative marketing associations,
including renewals, approximately $548,376,267. These
figures are cited in a new pamphlet just issued by the Intermediate Credit Banks, showing, in part, the service which
these institutions have been to agriculture to date. The
outstanding loans at this time (Sept. 30) amount to
$123,000,000.
Incidentally it is stated in an announcement from Washington made available Oct. 18 that the Federal Intermediate
Credit Banks have ample funds to meet the demands made
upon •them by local lending institutions and farmers' cooperative marketing associations as they have a capital of
$60,000,000 and can sell debentures to secure additional
funds to loan to the extent of 10 times their unimpaired
capital.
The new pamphlet, it is announced, will be used in
answering the inquiries which the Federal Intermediate
Credit Banks and Federal Farm Loan Board receive concerning the functions of these Federal banks. Although the
pamphlet covers only 12 pages, it discusses the organization
of livestock loan companies and agricultural credit corporations, tells how they may discount paper with the Federal
Intermediate Credit Banks, discusses the relation between
local commercial banks and Intermediate Credit Banks
when the former wish to discount paper with the latter,
details step by step, what the farmer has to do to get a
loan and also details the facilities offered to farmers' cooperative marketing associations wishing to obtain loans on
their warehouse staple agricultural commodities. The
pamphlet says:
General, James Morris, recently advised the State Examiner, Gilbert
Semingson, in answer to an inquiry.
Mr. Morris' letter follows in full text:
Dear Sir: I have the communication of F. A. Carlton & Co. of Oct. 7
in which they wish to be advised as to whether Federal Land Bank bonds
and Joint Stock Land Bank bonds are acceptable as security for trust funds
in North Dakota at par regardless of market value, which communication
you have referred to me with a request for an opinion thereon.
The note of the individual farmer,offered by local institutions for discount
to the Intermediate Credit banks, must be what is known as "agricultural
paper"; that is, the proceeds must be used for an agricultural purpose, or
the raising, breeding, fattening or marketing of livestock. The law does
not permit Federal Intermediate Credit banks to make loans or advances
to individuals or to discount paper for individuals directly. Any farmer or
livestock producer who desires to avail himself of the credit facilities of a
Federal Intermediate Credit Bank should apply to an agricultural credit
corporation, a livestock loan company, or a banking institution doing
business in his locality which has the privilege of discounting paper with or
obtaining loans from the Federal Intermediate Credit Bank. A State or
National bank, trust company, savings bank, or similar institution handling eligible agricultural paper may provide agricultural credit for its community by submitting such paper to the Federal Intermediate Credit Bank
which serves the district in which such financial institution operates. In
localities where existing credit facilities are inadequate, agricultural credit
corporations and livestock loan companies may be formed. When properly
organized with adequate paid up capital and managed by competent personnel such corporations may be granted the privilege of discounting with
or obtaining loans from the Federal Intermediate Credit Bank serving
the district in which they are located.
Persons interested in the formation of an agricultural credit corporation
or livestock loan company should first make a preliminary survey of the
territory in which the proposed corporation is to function and estimate the
amount of acceptable agricultural or livestock paper which the corporation
Is likely to be called to handle,so as to determine the probable extent of its
operations and the amount of capital necessary for that purpose. In order
that such an institution may operate safely and economically it must have
adequate capital and competent, experienced personnel, and its territory
should be limited to an extent that enables it to inspect and supervise its
loans properly and collect them without undue expense. The amount of
paper which may be discounted varies from 3 to 8 times the paid-in and
unimpaired capital of the discounting institutions.
In addition to discounting agricultural paper for,or making loans secured
by such paper to. State or National banks, agricultural credit corporations
and similar financing institutions, the Federal Intermediate Credit banks
make loans to co-operative associations composed of persons engaged in
producing, or producing and marketing, staple agricultural products. The
notes of such co-operative associations must be secured by warehouse
receipts or shipping documents covering staple agricultural commodities.
The amount which a bank will lend in any case depends upon the character
of the commodity offered as collateral, the management and financial
condition of the association, the marketability of the product and other
factors. In no event may the banks lend to such associations more than
75% of the market value of the products pledged as collateral.
The following agricultural commodities have been approved by the
Federal Farm Loan Board as a basis for loans or advances to co-operative
marketing associations:
Cheese
Rice,flaxseed, wheat,corn and
Canned fruits and vegetables,
other grains
including cold-pack fruits
Hay
Raisins, prunes and other
Cotton
dried fruits
mohair
Wool and
Olive oil
Tobacco
Extracted honey
Peanuts and other nuts
Powdered and evaporated
Brookcorn
skim milk
Beans
Sugar (raw and refined)
Alfalfa, red top and sweet
Maple syrup
clover seed
Other staple agricultural products may be approved from time to time.
New Orleans Conference Attended by Members of
Federal Farm Board Recommends Cotton Acreage
Reduction—Banks Urged to Make Loans Contingent on Acreage Cut.
A plan for relief of the cotton industry which D. C. McCuen, President of the American Cotton Shippers' Association, submitted to a conference of Federal Farm Board
members and leading cotton men at New Orleans on Oct. 13,
provides for advance loans by banks to cotton growers on a
basis of reduced acreage and withholding from the market
a part of this year's crop. The Associated Press accounts
from New Orleans indicating this, supplied the following
further information:
Federal and Joint Stock Land Bank Bonds Excluded
As Investments for North Dakota Trust Funds.
Bismarck, N. Dak., advices Oct. 20 were published as
follows in the "United States Daily" of Oct. 21:
Federal Land Bank bonds and Joint Stock Land Bank bonds are not legal
Investments for trust funds in the State of North Dakota, the Attorney
State Awaited.
— By Chapter 250, Session Laws of 1929, trust companies in North Dakota
can only invest funds in "bonds of the United States, or of the State of
North Dakota,or in the bonds ofother States, which shall have the approval
of the State auditor, and State examiner, or in the bonds or obligations of
townships, school districts, cities, villages and counties within the State of
North Dakota, which bonds or obligations have not been issued as a bonus
for, or purchase of, or subscription to any railroad or other private enterprise, and whose total bonded indebtedness does not exceed 5% of the
then assessed valuation thereof: or in bonds or promissory notes. secured
by first mortgages or deeds of trust, upon unincumbered real estate,situated
within the State of North Dakota, worth three times the amount of the
obligation so secured." Certain provisions are also made for public
utility bonds.
Since Federal Land Bank bonds and Joint Stock Land Bank bonds
do not come within the provisions above quoted, they are not legal investment for trust funds in this State.
Federal Farm Board Names Three New Members to Its
Field Staff.
The Federal Farm Board announced on Oct. 7 that
Asbury F. Lever of Columbia, S.C.; Joseph 0. Thompson
of Tuskogee, Ala., and Arthur B. La Cour of New Orleans,
La., have been added to its staff as field representatives.
Together with M. C. Gay of Athens, Ga., and Charles H.
Alvord of San Marcos, Tex., field representatives of the
Board for the past several months, they will be chiefly
engaged in the next few months in working with colleges,
extension services and other agricultural agencies on acreage
readjustments in the cotton belt.
The plan also would encourage spinners to go into the market now
and buy one or two years' supply of cotton.
The McCuen plan was understood to have provided in its original form
proposals for amendments to the Federal marketing act, but that part
was not included in the plan as presented to the conference, with the explanation that "mature thought was required."
Secretary Lamont of the Commerce Department opened the conference
with a cheerful speech in which he expressed confidence that the cotton
situation would improve, and said that farmers and traders should keep
confidence in the Governmental agencies.
The McCuen plan was submitted by R. C. Dickerson of Memphis,
Secretary of the Southern Cotton Shippers' Association in the form of an
operating program for the conference.
E.F. Creekmore, General Manager of the American Cotton Co-operative
Association, told the conference that since the Association had been started
these had been "many rumors concerning its operatoins, and 99% of them
had been incorrect." He said he had been requested to make the following
statement regarding its policy:
"The American Cotton Co-operative Association is operating as any other
merchant, and will use the cotton futures market for hedging to protect the
price on its cotton, but will not use it to destroy its usefulness as a hedging
medium. The Association has 1,300,000 bales of cotton on hand. It will
not be dumped on the market but will be held for a better price."
Carl Williams, cotton member of the Farm Board, said that "cotton is
selling so far below the cost of production now that it would be an investment bargain to buy it up. The South will not continue long to raise
such large crops if the growers get deeper into debt every season."
Chairman Legge of the Farm Board agreed with Mr. Williams that "you
must either increase the consumption of cotton or decrease acreage" for
solution of the problem.
"You can't continue indefinitely to hold 2,000,000 or 3,000,000 bales of
cotton each year in expectation of improving the price," Mr. Legge said.
"It seems to me that unless tfie growers voluntarily accept a reduction in
acreage the economic pressure will accomplish that eventually to the cost of
the grower."
According to the New Orleans "Times-Picayune" of Oct.
14, more than 250 leaders in the cotton industry participated
in the conference. The same paper said in part:
The conferees ranged through the cabinet, Federal Farm Board, Federal
Reserve and Intermediate Credit Banks, private banking institutions and
every branch of the cotton industry.
The Conference was held in the form of a session of the American Cotton
Shippers' Association with Secretary of Commerce Robert P. Lamont,
Chairman Alexander C. Legge of the Federal Farm Board, and Carl Williams, cotton member of the Board, as especially invited guests. Eugene
Meyer, Chairman of the Federal Reserve Board, was prevented from attending by a death in his family.
Resolution Adopted.
Seven specific declarations were made in a resolution adopted, section:by
section, after lengthy discussion. They were:
2622
FINANCIAL CHRONICLE
For,. 131.
averaged 1,565 cars a day for the period from Wednesday to Saturday,
"1. Cotton at the present level is below the cost of production.
inclusive.
"2. This being the case, it is a safe commodity for investment.
Roster's letter said:
"3. The textile industry is, and has been for some months, in a very
"Those of you who are responsible for these heavy shipments will be
unhealthy condition.
"4. Spinners may now well be urged to anticipate their future require- responsible to the whole grape industry for the results you bring about. Do
ment, not only for the present season but for at least a portion of the season not forget that the Farm Board aid to the grape industry was granted on
1931-32, and even periods beyond, in view of the acreage reduction that condition that a proper and reasonable control of grape shipments be maintained. Your unrestricted shipments invite conditions which will make it
must follow the severe decline in prices that has taken place.
"5. There is an abundance of money available through the banking in- impossible for the Farm Board to give further aid to the grape industry.
stitutions for liberal advances on cotton at the present price, and the banks Do not close your eyes to this situation and by your blind actions close the
of the South are urged so to inform the cotton producers, merchants and avenue of aid for future years."
A curtailment of shipments to the extent of 33% has been ordered for
spinners.
this week. In the meantime the control board is seeking means of enforcing
"6. The above being the case, the farmer should be counselled:
"(a) To go ahead with the harvesting of his crop before the elements its regulatory orders.
damage the quality:
"(b) But to sell as little as possible at the present level, to store the remainder in a dry place and hold for better prices;
Southeast Arkansas Credit Corp. Affiliate of Inter-.
"(c) Also to make a very substantial reduction in cotton acreage for next
mediate Credit Bank of St. Louis Will Open Nov. 1.
year.
The following Pine Bluff, Ark., advices are from the
"7. Also that banks be urged in making advances to producers on this
crop and for producing the next crop to do so contingent upon the borrower "Wall Street Journal" of Oct. 23:
snaking a substantial reduction in acreage."
M. L. Jones, veteran bank official here, will serve as manager of the
Farm Board Criticized.
Southeast Arkansas Credit Corporation, when it is opened Nov. 1 in affiliCotton Co-operative ation with the Federal Intermediate Credit Bank of St Louis, formed for
While criticism of the Farm Board and the American
Association was largely kept from the formal session, a second and open the purpose of financing agriculture in the emergency created by the drouth.
The association will have capitalization of $300,000,of which $100.000 has
meeting immediately afterward developed a somewhat heated attack upon
been subscribed. Each of the 13 counties in the district has accepted its
both institutions by serveral speakers.
The chieF critics were Ed M. Gueydan, New Orleans agent-manager of quota of capital stock.
Jo Nichol, President of Simmons National Bank, Pine Bluff, is President
the Japan Cotton Co.: Thomas J. Hogan of Norfolk and A. E. Hohenberg,
Montgomery, Ala. It was charged by Mr. Hogan that "the men who have of the corporation.
sold the crop of the nation since the Civil War- were being "wiped out by
a superorganization set up by special legislation," and Mr. Hohenberg Chairman Legge of Federal Farm Board Indicates
asserted that the cotton shippers had been ignored in the Government's
Willingness of Making Wheat Available for' Food
dealing with the question.
for Unemployed if Congress Would Reimburse
Figures were quoted by Mr. Gueydan showing that the United States
now produces less than half of the world's cotton, and he attributed this
Grain Corporation.
to the higher price required for the American farmer. Mr. Hohenberg
Associated Press advices as follows from Washington,
questioned the advisability of freer credit for farmers, and it was urged
also that a high price for the staple would encourage production of synthetic Oct. 23, appeared in the New York "Evening Post":
substitutes.
Chairman Legge said to-day the Federal Farm Board would be glad to
Secretary Lamont, who represented the Government at the conference, make its holdings of wheat available as food for the unemployed if Congress
in an address to the cotton men asserted that this is generally recognized would replace the money used by the Grain Stabilization Corporation
for
by business men that there can probably be no improvement in the general its purchase.
business situation unless and until some of our important commodities
Such a step, he said, would help in reducing the wheat surplus in this
are established on a sound basis—until a price bottom has been reached country.
and passed."
Chairman Legge explained, however,that the Farm Board had no authorThe cotton situation, Secretary Lamont said, is generally believed to be ity under the agricultural marketing act to give away wheat
purchased in
the most important one at this time,"and it is vitally urgent that it should stabilization operations.
be dealt with in a way to bring about improvement in as short a time as
The only way the wheat could be turned over to the unemployed,
possible."
therefore, was through additional authority from Congress which meets in
Conference Representative.
December.
Numerous speakers declared the conference was the most representaChairman Legge's statement came in the midst of a series of conferences
tive of the industry ever assembled and its importance was deemed so on the unemployment situation between President Hoover and Colonel
great by Secretary Lamont that he caused abandonment of a scheduled Arthur Woods,Government relief director,and other members of the Hoover
morning session to draft a formal speech instead of adhering to his original Cabinet committee.
purpose of talking extemporaneously.
Incidentally the following was published in the "Wall
D. E. McCuen of Greenville. S. C., President of the American Cotton
Shippers' Association, gave the Secretary of Commerce credit for the Street Journal" of Oct. 20:
meeting,saying it had been called at his request in the light of achievements
Instead of feeding the wheat surplus to livestock, let it be used by the
scored on a similar occasion in 1926, when cotton prices within a few months
Federal Farm Board to feed the families of unemployed workers this winter
were influenced favorably. March contracts were selling in December of It is
suggested by William Gibbs McAdoo,former Secretary of the Treasury
that year at 11.80 cents per pound, while May futures were selling the in the Wilson administration.
following April at 25.10 cents.
Mr. McCuen also announced that no discussion would be held on whether
the Federal Farm Loan Act should be amended. It was this decision Chairman Legge of Federal Farm Board Believes Prices
which led to the subsequent open meeting, at which criticism was directed
For Agricultural Commodities Have Reached
toward the Federal agencies, while the three principal Government officials
and E. F. Creekmore Vice-President and General Manager of the American
Bottom.
Cotton Co-operative Association, listened attentively.
The opinion that prices for agricultural commodities had
* 5*
A proposal that President Hoover and the various governors should reached the bottom and they would gradually improve was
proclaim a "Cotton Consumption Week," presented by the Greenwood, expressed by Chairman Legge of the Federal Farm
Board
Miss., Cotton Exchange, was altered to request the department of commerce to determine by an independent that cotton was "a good invest- according to an Associated Press dispatch from Washington,
ment" and to herald that fact. . . .
Oct. 20, which likewise stated:
Governor Eugene R. Black of the Federal Reserve Bank of Atlanta
Commodity markets "are doing better in showing an independence
told of an extremely liberal loan policy adopted by the Federal Reserve of the stock market to an extent which they haven't
shown for some time,"
Board and communicated to all of its members, permitting loans of 90% he said, adding that while industrial stocks
fell last week agricultural
on cotton, based on the day's quotation when the transaction occurred, price levels were maintained at about the same
point.
and required extremely low interest charges.
"The feeling in the trade," he continued, "must be that the commodity
markets are through liquidating."
Ample Credit Assured.
He believed price levels for agricultural commodities will probably
• "We have placed the credit facilities of the Federal Reserve System
"hang around" the present prices for a time and then gradually improve.
directly back of the marketing of cotton," he declared.
A technical explanation of the methods employed in granting credit
was given by Ralph G. Sims, Manager of the Intermediate Credit Bank Chairman
Legge of Federal Farm Board Pledges
of Louisville, Ky. W. L. Clayton, of Houston, said to be the largest
Support to Co-Operative's—Declares He Will ProIndividual cotton factor in the country, surveyed the whole situation in
a detailed discussion.
tect Groups as Live Stock Boycott is Charged.
Protest against acreage reduction was voiced by Martin Amorous of
Under the above head the New York "Journal of ComMarietta, Ga., who said it would make 600,000 Georgia farmers idle.
"There is no substitute in Georgia for cotton raising," he insisted.
merce" had the following
to say in a Washington dispatch
Oct. 20:
Federal Farm Board May Withdraw Grape Aid Due to
Large Volume of Shipments.
From Fresno, Cal., advices to the New York "Journal
of Commerce"said:
Throwing down the gauntlet to private commission Interests, Alexander
H. Legge, Chairman of the Federal Farm Board. to-day declared that he
does not care about personal attacks upon hiyn by the grain trade,
assert
ing it will be the policy of the Board to protect farmers' co-operatives all
along the line whenever it is able to help them.
Chairman Legge's announcement was prompted by a spread in the scope
of the controversy between farmers' co-operatives and private Commission
interests to include the live stock industry. The clash came to light with
the serving of summons upon private live stock commission interests at
St. Louis to answer charges of boycotting co-operative associations operating at that market and elsewhere. The complaint was filed by the Department of Agriculture, which is responsible for enforcement of the Packers'
and Stock Yards Act. It is charged a conspiracy exists on the part of
private commission interests to have no business relations with the National
Order Buying Co., a co-operative affiliated with the Farm Board through
the National Live Stock Marketing Association.
Continuation of unrestricted shipments of fresh grapes from California
may make it impossible for the Federal Farm Board to give further aid to
the grape industry of this State. This statement is contained in a letter
sent by Frederick J. Koster, Chairman of the California Grape Control
Board, which was set up by the Farm Board, to the grape shippers of the
State.
After following the recommendations of the control board clearing house
carefully until Oct. 6,shippers suddenly increased the volume of shipments
to set a new all-time record of 1,833 cars shipped in a single day on Oct. 8.
-down, which was satisfactorily carried
This resulted in an order for a shut
out, but as soon as the shutdown period was over shipments again pyraFirst Show of Hostility.
mided, in spite of recommendations that shipments for the last part of last
Taking cognizance of this new controversy, which marks the first open
week be held to approximately two-thirds of the shipments of the same
been carried out, ship- flare-up of hostility in the live stock industry to co-operatives affiliated
period in the previous week. Had the curtailment
ments would have totaled approximately 800 cars a day. Instead they with the Farm Board, Chairman Legge asserted that the Board is as much
OCT. 25 19301
FINANCIAL CHRONICLE
interested in the successful development of farmers' co-operatives to handle
live stock as to market wheat or any other commodity. In this instance,
however, he made it clear that responsibility for enforcing the law rests
upon the Department of Agriculture, not on the Farm Board.
Whether these co-operatives are engaged in handling wheat or live stock
or some other commodity will make no difference to the Board, Legge said.
The Board is ready to defend the co-operatives to the extent of its ability
all along the line, he added.
The Agriculture Department's complaint, which lists 47 respondents
operating at the St. Louis National Stock Yards, set forth that the alleged
boycott has been in effect since about August 4 1930. These respondents.
the complaint charged, have "combined, conspired and agreed to refuse
and refrain and to cause other registered market agencies and dealers
to refuse and refrain from having any business relations "with the National
Order Buying Co., and Kennett. Sparks & Co., Inc.. market agencies
duly' registered at the St. Louis National Stock Yards."
Hearings Set for November 6.
Hearings on the complaint have been set for Nov. 6 next before an
examiner for the Department of Agriculture in the Federal Building,
East St. Louis, Ill.
"The Secretary of Agriculture, after a preliminary investigation," the
complaint stated at the outset, "having reason to believe that the respondents herein have violated and are now violating the Packers' and Stock
Yards Act of 1921. as amended, and it appearing that a proceeding under
said act in respect thereto would be in the interest of the public, issues
this complaint and notice."
la
2623
tient wheat during the last three months to cut materially into its surplus'
This year Argentine is offering new wheat in Liverpool for January shipment in competition with Russia and Canada. These three countries are
considered as holding the key to the situation. Should they continue to
offer wheat freely in their effort to cash in their surplus as rapidly as
possible, the question is: will the United States prices be held up above a
world's parity as at present?
Russia Is Uncertain.
It is contended that Russian supplies are uncertain and that importing
Europe cannot depend upon continued liberal exports from that country.
This week Russia shipped more than 5,000.000 bushels and since last
August has exported 33.000,000 bushels, compared with 6,000.000 last
season.
Millers are constantly absorbing wheat at good premiums over the
December. although the flour demand has fallen off materially owing to
the decline in wheat prices and also to the recent buying of flour by large
consumers on the previous big break in wheat.
Russia Reported to Have Raised Wheat Price.
From its Washington bureau the "Wall Street Journal"
of Oct. 23 reported the following.
Russia has marked up its price of wheat from 4 to 6 cents all over Europe
it is indicated from several sources of information, Alexander Legge,
Chairman of Federal Farm Board, said.
Secretary of Agriculture Hyde Acts on Stockyard Chairman Legge of Federal Farm Board Withholds
Farm Loan Details—Refuses Congressman Celler
Charge—Sets Hearing for Commission Merchants
Data on Specific Issues—Would Give Total Boron Boycotting of Co-Operatives.
rowings.
Associated Press advices as follows from Washington, Oct.
Supplementing the item given in our issue of Oct. 11,
20, are from the New York "Times":
0 After a preliminary investigation of charges that live stock co-operatives page 2313, regarding the refusal of Chairman Legge of the
had been boycotted at the St. Louis stockyards, Secretary Hyde to-day Federal Farm Board to furnish Representative Celler with
notified 42 commission merchants to appear ar a hearing Nov. 6 to show
co-operative associations, we quote the
cause why they should not be suspended. The hearing is to be at East data as to loans to
following Washington accountfrom the "Wall Street Journal"
St. Louis, Ill.
The order calling the hearing said there was "reason to believe" the of Oct. 15.
commission merchants had violated the Packers' and Stockyards' Act.
Under this Act the Secretary has authority to suspend any merchant
found to have violated its provisions. Recourse of a suspended merchant
would be through injunction proceedings to enjoin the Secretary from such
action.
Chairman Legge of the Federal Farm Board refused to give specific
information on the loans made under auspices of the Board to co-operative
marketing associations, in a letter to Congressman Celler (Dem.. N. Y.),
Mr. Celler had previously demanded this information from the Board.
While the Board has no objection to furnishing information on the total
object to the issuance of Information of
Grain Interest Rates Reduced—Producers Given 13% loans outstanding, borrowers do such Information would be used against
of specific loans because they feel
Cut by Northwest Grain Association.
them by competitors, Mr. Legge explained.
requested information particularly bearing on
The
The following is from the Minneapolis "Journal" of Oct. 8: interestCongressman has the Board in comparison with rates charged by
rates charged by
Reduction of interest rates from 5% to 4% was given grain producers the co-operatives in their loans to individual members. Board has no
of the Northwest to-day by the Northwest Grain Association, W. H. Jurisdiction in this matter whatsoever, the interest rate per annum being
Kuhrt, General Manager, announced.
of 1% of certain Government
equal to lowest rate of yield to the nearest
The reduction was made possible through reduced interest rates on obligations, not in any case exceeding 4%. When the loan commitment Is
commitments from Federal Intermediate Credit Banks and economies made, the Treasury computes the interest rate under the terms of the act,
effected in handling costs of the Association, Mr. Kuhrt said.
Chairman Legge explained. It was not divulged at Board what GovernThe loans are made on grain stores in licensed public warehouses and ment obligation was used in computing interest charged by the Board.
advances may be obtained by all producers whether or not their elevators
Chairman Legge pointed out that co-operatives must charge their memare members of the Association, Mr. Kuhrt said:
bers a higher interest rate to defray expenses. He added that if the rates
"The Northwest Grain Association offers producers two plans under these associations charge their own members exceeds the amount of the
which grain may be handled," said Mr. Kuhrt. "It may be placed in cost of looking after the loans and taking care of any losses which may
either 'ordinary storage,' in which case full title and the right of deter- occur, the balance, of course, belongs to themselves, there being no stockmining time of sale is retained by the grower, or it may be placed in 'pool holders in the co-operatives except the members, all of whem are eligible
storage,' where the time of sale is determined by the Northwest Grain to borrow money from the co-operatives If they wish to do so.
Association."
"As a matter of fact," wrote Mr. Legge. "we are hopeful that they will
have some small earnings on the loans they are making for the purpose of
establishing a reserve. Most of
Red Wheat Profit Set at $1,000,000—Russia Covers the past to provide such reserves."the co-op atives have not been able in
Short Sale in Chicago Pit—Market Seen at Turn—
Three Nations Hold Key.
Canadian Wheat Pool Cuts Payment Five Cents per
A dispatch as follows from Chicago, Oct. 18, is taken from
Bushel on Members' Wheat—Initial Return to
the New York "Evening Post":
Farmers Reduced from 60 to 65 Cents—Coarse
With the world wheat market rapidly approaching the point where
Grains Stand.
dealers believe there is an even break for the buyer or seller, it was learned
The following Canadian Press dispatch from Winnipeg
this week that Russia had covered its short sale of 7,500,000 bushels in the
Chicago pit with an estimated profit of from $750,000 to $1,000,000.
Oct. 14 is from the Toronto "Globe" of Oct. 15.
The covering
movement was effected as quietly as were the short sales on
Sept. 10. 11 and 12. They were consummated during the break in prices
this week and represent a handsome profit in the 30 intervening days of the
transaction.
Dealers believe the market is at the turn because heavy feeding of wheat
in the United States is rapidly eating into the surplus and conditions now
depend on the condition of crops in the Southern Hemisphere. Should
any accident occur to them, Europe would start buying American grain in
volume with a resultant increase in prices.
Prospects Are Favorable.
At present Argentine and Australian prospects are favorable and sowings
for the next year's crop in Europe are about normal. European importers
are shrewd buyers and are not buying wheat in sufficient volume to make a
bull market. They know the United States and Canada have a surplus of
around 420.000,000 to 430,000.000 bushels, which is more than 50% of
Import requirements.
Since Aug. 1. European countries have received 30,000,000 bushels more
wheat than during the same time a year ago. The United States and
Canadian exports are slightly ahead of last year's, while Argentina's shipments are not heavy. Canadian holders are said to be selling wheat as
rapidly as possible and banks there, it is understood, insist upon the pool
selling its grain at the market.
Initial payment on wheat has been cut from 60 cents per bushel to 55
cents, according to announcement to-day by the Canadian Wheat Pool.
Fifty-five cents is to be the payment on No. 1 northern, basis Fort William.
effective to-day, until further notice.
No statement accompanied the announcement, officials of the Central
Selling Agency remarking that no comnient was required when the market
prices on completely demoralized world markets were so close to the pool's
initial payment.
Initial paymert on wheat was set temporarily on July 15—cut-off date
between the two crop years—at 70 cents per bushel. This figure, however,
was sliced down on Aug. 26 to 60 cents per bushel, which price has remained in effect until to-day's change. No. 1 northern wheat closed on
the cash market at Winnipeg yesterday at 69% cents.
Coarse grain intial payments were not altered by the Pool in to-day's
statement. Interim initial payments for coarse grains set on July 15 were
not changed in the Aug. 26 announcement, except that rye prices were advanced five cents per bushel. On Sept. 23 cuts of five cents were made in
advances on rye and oats, and the flax initial payment was sliced 25 cents.
Canadian Grain Pool Trust Fund Seen.
France Must Buy.
From the "Wall Street Journal" of Oct. 17 we take
Latest reports from France give the official crop of that country as
210,000.000 bushels, while last year it was 360,000.000 bushels. enabling the following Winnipeg :dykes.
France to become an exporter for the first time in years. The French
Unusual policy in grain merchandising is suggested in local exchange
Minister of Agriculture is quoted as estimating that France will have to circles to dispose of the 45,000,000 Pool carryover from last year. It Is
buy about 19% from exporting countries to supply its requirements. proposed by some agrarian economists to create a trust fund of the old
Bullish traders here estimate France will be required to buy 100,000,000 carryover and not press it for sale at present but place it in the hands of
bushels.
some reliable private agency to dispose of it gradually over a period of
It will be remembered that all last season wheat prices in America were time, thus withdrawing it from the market for the present.
kept above a world parity in expectation of a large foreign demand, which
Plan suggests a bond issue to handle the financial end of the transaction
never appeared. Those who regard the world's supplies as more than equal underwritten by the three prairie provinces. These Governments are
to requirements say America lost its opportunity in falling to export suffi- sponsible for the money invested and ultimately must pay any losses
2624
FINANCIAL CHRONICLE
[Tor& 131.
sustained by the banks, which advanced the Initial payment of $1 on the
1929 carryover, still unsold. But some of the most experienced traders
think the idea absurd as deterioration and cost of carrying grain in storage
are very heavy.
Turpentine-Resin Marketing Association Organized—
Said to Be Enabled to Apply for Loans from Federal
Farm Board.
Organization of the Turpentine-Resin Marketing AssociaWorld Huge Wheat Cartel Proposed by Premier Bethlen
of Hungary—Would Include United States and tion, a co-operative group with membership in North Carolina, South Carolina, Alabama, Georgia and Florida, was
Canada.
The following Budapest cablegram Oct. 20 is from the completed at a meeting of several hundred naval store
operatives at Jacksonville, Fla., Oct. 21, according to
New York "Times".
Associated Press advices to the New York "Times." The
A world wheat cartel to include the United States and Canada was proposed by Premier Bethlen in a Government party conference to-night as dispatch added:
one of three possibilities for relieving the present agricultural depression.
The association, according to Carl Moller, Secretary-Treasurer, will
The other two were the conclusion of regional agreements and the organiza- absorb the Naval Stores Marketing Corp., a producer-owned organization:
tion of a Continental agrarian bloc with preferential tariffs.
The meeting was chiefly for the transfer of stock from one body to the other.
The Hungarian Government, Premier Bethlen said, favored an under- The plan of organization will permit the association to request loans from
standing with American exporters and would urge holding a world con- the Federal Farm Board, it was said.
ference, as an agreement with the United States. Europe's great competitor,
was urgently necessary.
According to advices from Bucharest, the Hungarian delegates to the
Odd Lot Buying of Stocks Found Large—Much Puragrarian conference now in progress there declined to commit themselves
chasing Done for Cash—Many Traders Seen Opto-day in favor of a proposal by a Rumanian representative that all export
taxes should be abolished and the most-favored nation clause done away
erating on Outright Basis.
with. The Balkan States generally seemed to favor a move of this kind,
Odd lot buying of New York Stock Exchange securities
but the Baltic nations declared their Governments wished to adhere to the
most-favored nation clause.
has been larger than selling, and unusually large by comIt was decided to call another conference at Warsaw on Nov. 10 to
discuss a plan of Charles S. Dewey, American adviser to the Polish Govern- parison with usual estimates of such activity, it was learned
ment, for a three year agrarian credit. The establishment of a permanent authoritatively in brokerage house circles on Oct. 21, said
commission of experts to study agrarian problems also was approved.
the New York
"Journal of Commerce" of Oct. 22, which
continued:
British Dominions Study Wheat Quota—Turn Attention to Plan After Abandoning Hope of Tariff
Concessions from Labor.
The following London cablegram Oct. 22 is from the
New York "Times".
Now that the dominion delegates to the imperial conference have virtually
abandoned hope of securing any tariff concessions from the MacDonald
Government, every aspect of the quota system for wheat is being closely
examined.
Australia, it was said to-night, amy accept some form of quota as a step
in the direction of protective tariffs but not as a substitute therefore. On
the other hand the Canadian experts wish to obtain a good deal more
information from the British Government before deciding whether the
quota scheme is feasible.
Premier Bennett of Canada is still indisposed and unable to fill his public
engagements.
Hungary Restricts Russian Imports.
Budapest Associated Press advices Oct. 13 said.
The official "Gazette" to-day published a decree under which all imports
from Russia will be subject henceforth to special permits, and importing
of Russian flax is forbidden unconditionally.
Indications that a good sized portion of this buying has been for
investment were seen in reports from brokers that many of the orders
were executed for cash, and that the purchasers had taken the stocks out
of the market entirely.
The likelihood of a temporary change in the manner of trading by the
rank and file of smaller speculators was seen yesterday in remarks by
persons connected with one of the largest wire houses in Wall Street that
a great deal of the stock purchased for cash had been left in brokerage
house names. It was thought that the recent declines in the market had
forced many traders to abandon margin operations, and that the stock
so bought was intended for relatively short-term holding, and so had been
left in "Street certificates," although it was wholly paid for.
Heavy Cash Transactions.
The size of the cash transactions in the market as a whole was indicated
by the statement that 65% of the volume of business of one large wire
house latterly had been for cash, and that 70,000 shares of stock had
been sent out to customers on Monday. The buying has been both in odd
lots of less than the standard block of 100 shares, and in full lots, it
was said.
The large current yield basis of many of the common stocks listed on
the Stock Exchange has probably been a factor in the increased buying,
close observers pointed out yesterday. Many of the seasoned issues on the
board return the purchaser more than 41
/
2
% for the first time in several
years, and it was felt that with a chance of capital appreciation plus a
yield at least as large as that found in many bank accounts, small investors
were buying at prevailing prices, and were paying little attention to the
possibilities of lower price levels for the immediate future.
. Federal Farm Board Indicates Attitude Toward Farmers' Marketing Live Stock Marketing Association.
More Inquiries.
In response to the request of a newspaper correspondent
Brokerage house statistical departments report that the increase in
on Oct. 22for comment on the statement of Joe S. Montgom- inquiries recently has been very noticeable, and that more complete informaery in St. Paul, Minn., on Oct. 18 to the effect the Federal tion as to the businesses and financial positions of the companies whose
Farm Board had rejecte, applications for loans made by the stocks are listed has been sought. It is thought the buying has been
partially the
Farmers Livestock Mar eting Association and in doing so the investors.result of satisfactory analyses of these stocks made by or for
had discriminated against that organization, Chairman Legge
called attention to the following resolution adopted by the Short Sales Double on New York Stock Exchange in
Board Sept. 26 1930.
'Year—Estimated Total of 5,000,000 Shares is Only
"Whereas, In an effort to develop a unified plan for the effective market.38% of 1,300,000,000 Shares Listed—Amount Sets
ing of livestock upon a national scale, the Board has recognized the Nation:1
a record.
Livestock Marketing Associatiom, as a co-operative association for the marketing of livestock and has made commitments thereto, and
The following account is taken from the New York
"Whereas. Such recognition was accorded only after conferences extending over many months, during which time all co-operative livestock agencies "Times" of Oct. 19:
had an opportunity to and did present to the Board and its representatives
plans and suggestions, for such a unified organization, and
"Whereas, The Farmers' Livestock Marketing Association, through Mr.
F. B. Young and Mr. J. S. Montgomery, has this day made oral application
for loans to it as a national livestock marketing agency, and has fully explained its proposed plan of operation, which plan appears to the Board to
conflict with the provisions of Section 1 and 7 of the Agricultural Marketing
Act, and
"Whereas, Facilities for livestock marketing are available to all producers
upon terms which are, in the judgment of the Board,fair and equitable,
"Now Therefore be it Resolved. That said applications of Farmers Livestock Marketing Association be declined.
"Be it Further Resolved, That the good offices of the Federal Farm Board
be made available at any convenient time and place to meet with authorized
represntatives or co-operative livestock marketing associations to aid them
In any way in unifying their marketing programs."
The Federal Farm Board in issuing the above announcement Oct. 22 added:
Referring to Mr. Montgomery's contention that the Farm Board had
recognized competing grain co-operatives, Mr. Legge stated that every
grain co-operative using Government funds is affiliated with the Farmers
National Grain Corp. through which all Farm Board assistance is extended
to grain producers' organization. Through the National Livestock Marketing Association the Farm Board, he adder!, is prepared to give financial
and other aid to any livestock co-operative willing to affiliate with that
agency and thus help to build up a unified co-operative control in selling
livestock,
In both grain and livestock, Mr.Legge said it was his belief that Producers
would be served better if In the different States or regions each commodity
had only one member-co-operative in the national co-operative sales agency
and expressed the hope that as the co-operative marketing program develops
and there Is better understanding of it among not only individual farmers but
farmers' organizations as well, this condition will be brought about.
Although many brokers and members of the loan crowd of the New York
Stock Exchange believe the present short interest in the stock market is
the largest in the history of the country, there is a widespread feeling
among them that the importance of the short position has been exaggerated
recently.
Estimates of the size of the short interest place it at more than 5,000,000
shares. While this figure appears large at first, it assumes more normal
proportions, brokers say, when it is compared with the amount of stock
listed on the Exchange, which is about 1,300,000,000 shares. In view of
the tremendous increase in the number of shares listed on the Exchange
in recent years, as a result of new financing, split-ups and stock dividends, a short interest of 5,000,000 shares is not nearly so unwieldy as it
would have been five years ago, the brokers say.
In the panic of last fall the short interest, according to replies to an
official questionnaire of the Stock Exchange, never amounted to more
than one-seventh of 1%, or .14%. With the present short position estimated at 5,000,000 shares and the listed shares totaling about 1,300,000,000, the short interest amounts to .38% of the listed shares, or more
than twice the short position of the tall break of 1929. During the early
part of August and in May and June the short interest was nearly as large
as now, some brokers believe.
Forced Liquidation Aids Shorts.
The steady decline in prices during the last six months has resulted in
forced liquidation, which has enabled shorts to cover their commitments
in a large number of issues with relative ease, according to brokers who
have investigated the situation. It was pointed out that the short interest
does not place itself in an awkward position until it is unsuccessful in
bringing out fresh liquidation.
On each wave of selling this year some shorts have covered and have
sold stocks again on the subsequent rally. Constructive forces in Wall
Street admit that the shorts have waged a shrewd campaign and that, by
stubbornly fighting each rally, they have made large profits.
OCT. 25 1930.]
FINANCIAL CHRONICLE
The development that has sensationalized the short Interest and has
magnified it out of all proportion to its true size, brokers declare, is the
high lending rates which shorts borrowing stocks have had to pay. During
the last 10 days more than a dozen pivotal issues, which have been
regarded as market leaders, have been lending at a premium. This situation is said to be unprecedented in the history of the Exchange. Among
the stocks which have been lending at a premium are United States Steel,
International Harvester, North American, Westinghouse Electric, Southern
Railway, Gillette, Coca Cola, Illinois Central, Wheeling & Lake Erie
preferred and common, American Can, American Water Works, and
Wabash.
Aside from these stocks, all railroad and industrial issues have been
lending flat. When a stack is lending flat the lender has the free use
of a sum equivalent to the market value of his stock. Norrnally, he pays
the borrower interest on the amount advanced, at a rate slightly lower
than the official call-money rate.
2625
ship rights in the Stock Exchange. Yesterday's (Oct. 24)
New York "Times," from whose report of the matter we
have quoted above, goes on to say:
Under the plan suggested, a corporation would be formed to handle
the firm's affairs, this corporation to distribute pro rata to creditors any
surplus remaining after liquidation of the firm's collateral loans, which
amount to about $1,600,000.
Should the plan meet with the approval of the creditors, Mato & Co.
would transfer to the new corporation securities having a book value of
about $167,000 and accounts receivable carried at $700.000 in a balance
sheet that has been prepared by the receivers. It is proposed that the
corporation be authorized to liquidate the proceeds of these items to creditors
on a pro rata basis until the sums paid out become equal to the difference
between the 50% preliminary settlement and the full amount of the claims.
or until the corporation is completely liquidated. The plan contemplateis
paying interest to creditors at 6% on these differences from the date the
Lending Stocks At Premium.
plan becomes effective until the time of payment.
When stocks are lending at a premium the lender not only receives the
The firm is to pay all expenses of administration, composition and
free use of the money advanced by the borrower but also gets a premium. counsel fees and is to receive any surplus remaining after settlement of all
During the last 10 days premiums have ranged between 1/16 and 1/256 of claims.
According to the letter sent to creditors, the firm has quick assets of
a point a day. At 1/16th a day, the borrower of the stock must pay to
about $350,000 available for distribution, in addition to its membership
the lender $6.25 daily for each 100 shares borrowed.
in the Stock Exchange. Liens of about $150,000, which have priority
The chief reason for the high charges that borrowers have had to pay,
according to brokers, is that several Stock Exchange firms which were over other claims, are held against this membership, and this would leave
tomierly large lenders of stocks have temporarily withdrawn from this a net equity of $70,000 for the firm on the basis of the current prices for
activity. Their action has been ascribed to a variety of causes, among Exchange seats. The firm has also certain slow assets having a book
which is the feeling that in lending stocks to the shorts they were aiding value of about $900,000. The creditors' committee is opposed to any
the group that was pounding the market and were thus helping to bring forced liquidation of these assets because of the danger of impairing their
lower security prices. A few Stock Exchange firms, it was said, felt that value.
The firm's unsecured liabilities are placed at $1.400,000. and collateral
in lending stocks they were not safeguarding the interests of their
loans total about $1,600,000. The committee has reason to believe the
customers.
holders of about 75% of these loans will release the firm and depend upon
Brokers say that they are thoroughly in sympathy with the Stock Ex- the collateral held by them.
change's efforts to stop vicious short selling designed to break the market.
The plan stibulates that all securities owned outright and identifiable
It is generally felt that there is a great difference between legitimate as the property of customers without debit balances are to be
returned to
short selling, which provides a cushion for the stock market, and bear them.
raiding, which is aimed at demoralizing the market through offers of
It is understood that outside interests have agreed to turn over to the
large blocks of key stocks.
receiver securities of the estimated value of $240,000 to be liquidated and
Officials of the Stock Exchange have emphasized the fact that they are the proceeds used for the composition. The firm under this arrangenot opposed to legitimate short selling, but they assert they intend to curb ment would obtain waivers of the claims against it, amounting to more
the aggressive raiders. Elimination of the short interest through regu- than $350,000.
latory measures is not contemplated by the Exchange, they said.
According to yesterday's New York "Herald Tribune,"
Previous attempts to end short selling entirely on certain foreign Exchanges have had bad results, brokers declare. A few years ago the the composition plan for settling all claims will have to be
Berlin Boerse sought to stop short selling, but the move was followed by a accepted by a majority of the creditors. All stocks held by
wide break. A similar move in Italy also ended disastrously.
Amendment to Rules of Detroit Stock Exchange
Requires Every Trader to Be Member in Good
Standing.
Am important amendment to the rules of the Detroit
Stock Exchange, providing that transactions on the floor
of the Exchange may be carried on only by members in good
standing, has been passed by the Board of Governors, it
was announced on Oct. 22. The new ruling goes into effect
on Dec. 1 and thereafter every trader on the floor must be a
member in good standing of the Detroit Exchange.
John L. Julian Elected President Rubber Exchange of
New York, Inc.
John L. Julian was on Oct. 21 unanimously elected President of the Rubber Exchange of New York, to succeed F. R.
Henderson who has been President since the organization of
the Exchange in 1925. William A. Overton was elected
Vice-President and J. Chester Cuppia re-elected Treasurer.
The new President, who assumed office Oct. 23 is a partner
in the New York Stock Exchange firm of Fenner & Beane.
He was born in Tuscumbia, Ala., and for the past several
years has specialized in cotton. He has been a member of
the Rubber Exchange since 1926. Mr. Overton, the new
Vice-President, is with Geo. H. McFadden & Bro. and Mr.
Cuppia is a partner of E. A. Pierce & Co.
Three new members were elected to the Board of Governors
and nine 'of the present members re-elected. The new
members of the board are Robert L. Badenhop, of Robert
Badenhop Corp.; Hutcheson Page, of Rogers, Brown &
Crocker Bros., Inc., and Charles Slaughter, of Slaughter,
Home & Co. Members of the board re-elected were Harold
L. Bache, William E. Bruyn, James T. Bryan, Herbert S.
DeLanie, J. Frank Dunbar, Jr., F. R. Henderson, Jerome
Lewine, Fred Pusinelli and Edward J. Wade. Inspectors
of election who were elected are Frank D. Pressinger, R. L.
Chipman and Leroy Wood.
Sisto & Co. Offer Creditors Initial Payment of 50%—
To Settle All Gradually—Formation of Company to
Handle Firm's Affairs Part of Plan Submitted.
The creditor's committee of the firm of J. A. Sisto & Co.,
68 Wall St., this city, which on Sept. 30 was suspended from
the New York Stock Exchange for insolvency, has submitted
to the creditors a plan of composition by which it is proposed
to settle the claims against the concern, beginning with a
preliminary payment of 50 cents on the dollar. If the settlements are arranged on the basis proposed the way will be
opened for eventual restoration of the firm to full member-
the failed firm for safekeeping, which are identifiable and
owned by customers who had no debit balance, it Avas said,
will be returned and the cash distribution at the rate of
50% will take place thirty days after the plan is adopted.
The failure of J. A. Sisto and appointment of the Irving
Trust Co. as receiver were noted in our issue of Oct. 4,
page 2159.
Prince & Whitely Trading Corp. Issues Statement—
Claim Shown Against Brokerr ge Firm for Securities
Held.
•
In a statement issued on Tuesday of this week to stockholders of the Prince & Whitely Trading Corp. of this city,
affiliate of the brokerage firm of Prince & Whitely which was
placed in the hands of receivers on Oct. 9, Philip De Ronde,
President of the corporation, stated that the Price, Waterhouse & Co. audit shows as of Oct. 16 cash in bank of $977,368, listed securities with a market value of $4,641,909, and
securities which cost $3,711,660, but whose market value
is not immediately ascertainable. The corporation holds
a promissory note of $1,500,000 of J. M. Hoyt & Co. indorsed by the partners of Prince & Whitely, and also has
other notes and miscellaneous accounts of $1,098,589, the
value of which assets is declared not to be immediately
ascertainable. The New York "Herald Tribune" of Wednesday, Oct. 22, from which the above information is obtaincd5
continuing, said.
Prince & Whitely held for account of the Trading corporation listed
securities with a market value of $262,545 and other securities carried on
the corporation's books at a total cost of $1,483,991. and Mr. de Ronde
reports that counsel hold the securities are recoverable in kind, or the
corporation will have a claim against the firm for their value.
As of Oct. 9, the date on which a receiver was appointed for Prince &
Whitely, the corporation owed the firm about $3,600.000 for securities
purchased and as collateral the firm held securities exclusive of certain
preferred shares ofthe corporation, with a market value of about $5,500,000.
The difference of about $1.950,000 between the two amounts constitutes
a claim of the corporation against the firm, Mr. de Ronde says.
Other liabilities, Mr. de Ronde reports, do not exceed $250,000. The
audit discloses that there are outstanding 186,610 no par value preferred
shares, preferred as to $50 a share, the balance having been retired or
purchased for retirement, and this figure is subject to reduction by the
8,210 shares held by the brokerage firm partly for collateral. There are
856.000 common shares outstanding.
Brokerage Firm of Sanford Eldredge & Co., New York,
Permanently Enjoined by Supreme Court—Also
Restrained, Pending Investigation, by Connecticut
Superior Court.
On Oct. 20 Sanford Eldredge & Co.,investment bankers at
120 Wall Street, this city, and various partners of the
firm, were permanently enjoined from further dealings in
securities in an injunction order signed by Supreme Court
Justice Druhan of Brooklyn, according to an announcemen
2626
FINANCIAL CIIRONICLE
[voir.. 131.
by the Bureau of Securities of the Attorney-General's office. on his estate at Gladwyne, Pa., on Oct. 23. His act was
The New York "Times" of Oct. 21, from which the above attributed to strain incident to business cares and a failing
information was obtained, went on to say:
heart.
The motion for the restraining order was made by William H. MilholAccording to the Philadelphia "Ledger" of Oct. 24, Mr.
land. Deputy Attorney-General.
Reilly left two notes—one to Sidney F. Tyler Brock, his
The defendants listed In the action as partners in the firm were Sanford
Eldredge, Russell H. Ryder. Francis W. Carroll, James A. McKnight, partner, and the other to Robert Bird, Manager of his
Daniel J. Donovan and Herman Gunder, a brother of Howard J. Gander, estate. The contents of neither was divulged. Mr. Brock,
head of the Bankers Capital Corp.. now in bankruptcy, which also has
whose note was forwarded to him unopened by the police,
been enjoined, according to Mr. MilhoHand.
Mr. Milli°Hand said the firm was insolvent and was selling securities said he knew no reason for Mr. Reilly's death, adding:
that it did not own to the public. The lirbilities of the concern, he said.
were $250,000. An action was started against the firm in Connecticut last
Saturday, Mr. Milholland said, by Lester Shippee, Connecticut Banking
Commissioner, in connection with the firm's promotion of stock in that
State.
A member of the firm, Mr. Milholland said, had informed him that the
difficulties were due to "too many frozen assets." The partners, he
said, consented to tee receivership for toe protection of their creditors.
With careful liquidation, this member of the firm was quoted as saying,
the concern will be able not only to pay all its debts, in full but have
some assets left over.
"The sudden death of my partner of many years is a terrible shock.
It will in no way affect the firm, which will be carried on by me as surviving partner."
Mr. Reilly, who was 54 years of age, went to Philadelphia
early in life from Brooklyn, and entered the employ of Harris
Forbes & Co. Subsequently he became associated with
Montgomery, Clothier & Tyler. With Mr. Brock he formed
the present banking investment firm of Reilly, Brock & Co.in
1913. The deceased banker was a member of the Board of
Governors of the Philadelphia Stock Exchange, a member of
the Executive Committee of the Investment Bankers' Association of Pennsylvania, and of the Advisory Committee
of the Bond Club of Philadelphia. He was also a director
in Brock & Weymouth, engineers; the David Lupton's Sons
Co., the Precision Engineering Co. and the Burlington
Arcade Co.
Hartford, Conn., advices Oct. 18 to the New York
'
"World" stated that the brokerage house, which operates
seven branches in Connecticut, on that day was restrained
by an order issued by Judge Jennings of the Superior Court
from continuing its business in the State of Connecticut,
pending an investigation by the State Bank Commissioner
to determine whether the firm has been operating as a
"bucket shop." We quote furthermore from the dispatch
as follows:
Clark, Martin & Co., Ltd., Winnipeg (Canada) BrokerThe restraining order which closed the offices of the Sanford Eldredge
age Concern, Assigns.
Hartford. Waterbury, New Haven, New London, Bridgeport,
company in
Clark, Martin & Co., Ltd., one of the largest stock and
Stamford and Meriden, was Issued on application of Assistant AttorneyGeneral John H King, counsel for the State Banking Department.
grain brokers in Winnipeg announced to-day voluntary asLetter E. ShIppee. State Bank Commissioner, said an audit of the comNew York "Evening Post" of
that It sold out all of Its customers and that as of Oct. 18 signment, according to the
pany snowed
there appears a shortage of $250.J00. Tne firm Is short between 5.000 Oct. 22. William Martin Jr., President of the firm, was
and 6.000 shares of Saranac Power and between 8,000 and 9,000 shares of reported as saying that his company is confident of being
Appalachian Gas, which It sold but did not have in its possession. Mr.
able to pay creditors 100 cents on the dollar.
Ship nee said.
The Investigation by as Banking Department, which was carried into
the New York offices of the firm, resulted from complaints made through
the Hartford Better Business Bureau. It was not until the examination
had been started in the seven offices In Connecticut., where 99% ot the
business has been conducted, that the New York partnership was discovered, Mr. Shippee said. He has notified Attorney-General Ward of New
York of his findings and also has filed complaints with the Connecticut
State police.
Mr. Eldredge, former sales manager for Bonner. Brooks & Co.. of New
York. Is toe principal partner In the business. Herman Gunder of Meriden,
brother of Howard H. Gunder, who Is under Indictment In New York with
former Bank Commissioner Everett J. Sturges of Connecticut and otners
involved in the operation of a chain of alleged fraudulent investment companies, Is a junior partner.
Brokerage Firm of Fuller, Richter, Aldrich & Co.,
Hartford, Conn., in Bankruptcy—Loss Estimated
at $800,000.
On Oct. 18 a petition in bankruptcy was filed by creditors
of the Hartford brokerage firm of Fuller, Richter, Aldrich
& Co., said to be one of the largest brokerage concerns in the
State of Connecticut, with offices in Boston, New London,
New Haven and New Britain. Partners in the concern
which was founded in 1922, are C. Morgan Aldrich, Clarence
H. Adams, Henry P. Spafard, Elijah K. Hubbard II,
John C. Warner II., David L. Moore and Jesse Moore. A
W. E. Willard, Fugitive New York Stock Broker, dispatch by the United Press from Hartford on Oct. 18,
Arrested in Seattle.
printed in the New York "World" of Oct. 19, in reporting
William E. Willard, the New York stock broker, who dis- the closing of the firm, said in part.
appeared last August shortly before the brokerage firm of
Edward D. Day, head of the law firm of Day, Barry & Reynolds, anwhich he was Chairman of the Board, W. E. Willard & nounced he would file a petition in bankruptcyy in behalf of the creditors
Co., Inc., 25 West 43d Street, was raided and closed by with Federal Judge Edwin S. Thomas at Norwalk.
Informed of Day's statement, Aldrich said:
agents from the Bureau of Securities, State Attorney Gen"Due to lack of sufficient assets of a liquid nature and absolutely neces
sary working capital, we feel it is for the best interests of all concerned to
eral's office, was arrested on Oct. 11 in Seattle, Wash.,
the appointment of
according to the New York "Herald-Tribune" of the follow- consent todeclined to commenta receiver."
on Day's estimate of $800,000 possible loss.
Aldrich
ing day. Detectives, it was said, traced him to Seattle by
way of Texas along a trail of bad checks, according to reports
Temporary Receiver Appointed for Porter,Erswell &Co.,
received here by the Bureau of Securities. We quote furtherPortland, Me.
paper mentioned in part, as follows:
more from the
By decree of Justice Sidney St. Felix Thaxter of the
Willard is wanted uere for grand larcency. having been indicted last
Aug. 22. charged with having defrauded investors of about 5.500.000. His Supreme Court, the affairs of Porter, Erswell & Co., security
Victims were said at that time to be mostly poor people who had bought dealers, Portland, Me., have been placed in the hands of a
shares in two "investment trusts" he was running on Installments as low
temporary receiver, according to advices from Portland
as $5. . . .
liAlliard disappeared on Aug. 4. . . . At that time his concern had on Oct. 18 to the Boston "Herald." The action was inmushroomed in three years until it had nine branch offices within the stituted, it was said, by the Canal National Bank of PortState. twa In Connecticut. one in Washington, and others In Chicago
and San Francisco. A receiver for the concern here said that, although land which alleges that it is a creditor of the firm to the extent
the brokerage had done $1.200,000 worth of business this year, the only of $49,039 in negotiable paper. The dispatch furthermore
assets he could find were $45 and office furniture.
stated that Porter, Erswell & Co. joined in the petition,
According to Francis P. Farrell, Deputy Attorney General, who caused
the raids on Willard's business. toe trail of the fugitive was first struck admitting the allegations in the petition of the bank, and the
at Houston. Tex., on Aug. 18, wnen a check for $500 he had cashed tnere hearing was merely a formality.
with the Plaza Hotel reached the Chatham Phenix National Bank and Trust
Co. brazier' at Lexington Ave. and Eighty-sixth Street. Willard had withdrawn all his funds from that bank before he left the city.
Later another check for $500. dated Aug. 25. reached the bank, this time
from a hotel In Los Angeles, and a check dated Oct. 1, calling for 3150
and cashed in San Antonio, Tex., indicated that he might have gone back
South. . .
Arrested with Willard in Seattle, it was said, was Edith Harrison, formerly Secretary at his brokerage here, for whose arrest a warrant has been
issued, but who has not been indicted. She is charged with "aiding and
abetting" Willard as a fugitive after his indictment.
Reference was made to the affairs of the Willard concern
In our issue of Aug. 23, page 1210.
George K. Reilly, Senior Partner in Philadelphia Firm
of Reilly, Brock & Co. Commits Suicide,
George K. Reilly, senior member of Reilly, Brock & Co.,
Investment bankers of Philadelphia, shot and killed himself
Review of Nebraska Law Making Trust Companies
Subject to Bankruptcy Law Refused—United
States Supreme Court Denies Petition for Certiorari
Writ on Validity of Statute.
The following is from the "United States Daily" of Oct. 15:
A determination of the validity of a State law of Nebraska, providing for
State regulation of trust companies, as against the efficacy of the National
Bankruptcy Act, involved in the case of Gamble v. Daniel, No. 198,
will not be made by the Supreme Court of the United States as a result
of the Court's denial of a petition for a writ of certiorari on Oct. 13.
Review of the same case was sought during the last term of the Court
by way of appeal over which the Court failed to find probable jurisdiction.
The Nebraska statute provides for a State banking system, by virtue of
which all corporations organized under the banking laws of the State are
subjected to the control of the Department of Trade and Commerce. It
also empowers the Department to take over the operation and management
of such companies whenever its capital has been impaired to the slightest
OCT. 25 1930.]
FINANCIAL CHRONICLE
2627
extent or has been operated in an unsafe manner. It was contended by the
State on the one hand that this was an insolvency statute, and by the
trust company, of which Mr. Daniel was receiver, that it was.
Under authority of the State law. it was explained in the petition, the
Department had taken over the control of the trust company which subsequently filed a petition in involuntary bankruptcy in which the respondent
was appointed receiver. He demanded the assets of the company from the
trustee appointed by the Department of Trade and Commerce who refused
to deliver them. The State Court refused to order a transfer. Later
upon summary order the United States District Court ordered that the
transfer be made and upon appeal the Circuit Court of Appeals for the
Eighth Circuit sustained its action.
The legal proposition presented was: The Federal Bankruptcy Act
exempts from its operation. "municipal, railroad, insurance and banking
corporations" and so the question arose as to whether or not the trust
company was a banking corporation within the meaning of the act. If
it was a banking corporation, then it was not subject to bankruptcy proceedings and Mr.Daniel, the receiver, was not entitled to possession of the
property.
The Circuit Court of Appeals held that the company, as organized under
the State laws, was not a banking corporation (V. U. S. Daily, 291).
road. There are additional and alternative requirements, but failure to
meet the basic requirement is the most difficult problem.
Bonds of roads whose earnings have fallen sharply have been quite weak
in the market latterly, reflecting liquidation by institutions that do not want
to face the possibility of having to sell later on when the market may be
substantially lower. St. Louis-San Francisco 4%s of 1978 fell during the
day to a new low of 85, down 2, but closed at 86%, recovering most of the
loss. Wabash 5s of 1976 lost 2%, selling at 94, compared with a recent
high of 1021m4. Among other issues to show substantial weakness yesterday
were Rock Island 4%s, Nickel Plate 4%s, International & Great Northern
5s, Illinois Central 4%s and several of the Erie issues.
Total amount of exchanges for year
$2,543,904.541.51
Total amount of balances for year
2,094,646,585.46
Largest exchanges on any one day from Oct. 1 1927 to
Oct. 11930—Jan, 14 1930
32,850,386.18
Largest balances on any one day from Oct. 1 1927 to
Oct. 1 1930—Jan. 14 1930 •
31.395.792.33
Mr. Williams is in Detroit at present, making a tour of the Wabash lines.
His statement yesterday was sent to the New York offices of the road in
response to queries from various banks and investment companies in regard
to the likelihood of the investment service's published conclusions.
The statement was as follows;
"lo the spring I stated it was our belief the Wabash would earn not less
than our preferred dividend. Notwithstanding the very substantial reduction in the corn crop, which subsequently developed, we continue confident
our earnings will be in excess of one and one-half times the fixed charges
and more than the amount of our preferred dividends for the current year,
although the margin will not be as high as we had expected before the
failure of the corn crop."
As the Wabash is anxious to maintain Its prestige as the head of the new
trunk line to be formed in the East, every effort has been made to avoid
any circumstances that would discredit its claim to consideration as a firstclass property. It Is believed that officials of the road regarded the published doubt as to whether the road would earn the one and one-half time,
its fixed charges, required by the State banking law, as a very serious
reflection against the Wabash's prestige. It was felt that a reading of the
investment service's survey without some knowledge of the actual problem
would lead to a mistaken belief in the Wabash's position as a railroad and
as the prospective head of the new system.
Among the other roads listed as likely to have their bonds stricken from
the list of issues legal for investment by savings banks were the Baltimore
Ac Ohio, the Chicago Indianapolis & Louisville. the Chicago & North Western, the Illinois Central, the Lehigh Valley. the Mobile & Ohio, the New
York Chicago & St. Louts. the St. Louis-San Francisco, the Southern
Pacific and the Southern Railway.
The Wabash is the only road thus far to make any statement on the
matter.
Wabash Ry. Bond Earnings Safe, Says Chairman
Williams—Denies They Will Drop Below Rate
Legal for Savings Bank Funds.
William H. Williams, Chairman of the Wabash Railway
Company, in answer to a survey by an investment service,
which included the Wabash among eleven railroads that are
likely to have their bonds lose their status as legal investAnnual Meeting of Northern New Jersey Clearing
ment for savings banks in New York State, declared on
House Association.
Oct. 18 that in the current year the Wabash would earn in
The annual meeting of the Northern New Jersey Clearing excess of one and one-half times its fixed charges, the
amount
House Association was held on Oct. 16. at the Commercial required for a road to maintain its legal status.
The foreTrust Co. of New Jersey, Jersey City, at which the following going is from the New York "HeraldTribune" of Oct. 19,
figures, showing the year's operation were presented:
from which we quote further as follows:
The officers and committees elected for the year ending
Oct. 15 1931 are as follows:
President. Joseph Parr, Trust Co. of New Jersey, Jersey City.
Vice-President. Clifford Spoerl, First National Bank, Jersey City.
Secretary, W.M.Brown. N.J. Title Guarantee & Trust Co.,Jersey City.
Executive Committee.
Two Years: W. C. Heppenheimer. Jr., Trust Co. of New Jersey, Jersey
City; William J. Field. Commercial Trust Co., Jersey City.
One Year: Frank Ferguson, Hudson County National Bank. Jersey
City; Frederick A.Berenbroick, Weehawken Trust & Title Co., Union City.
Nominating Committee.
George Gould. Hudson County National Bank, Jersey Mir; Edward
Ruhl, Trust Co.. of New Jersey, Jersey City; E. F. Briggs. Hudson Trust
Co., Hoboken; Herman Goetz. First National Bank, Hoboken. and Willard
Brown, New Jersey Title Guarantee & Trust Co., Jersey City.
Clearing Committee.
O. H. Coe, A. W. Gilbart and R. M. Gidney.
Year's Respite for Rail Bonds on New York Legal
List Discussed—Bankers Feel Earnings Decline
Will Prove Temporary—State Banking Department
Reported Favorable—Would Prevent Forced Sale Holds Federal Reserve System Could End Slump—
T. B. Macaulay of Sun Life Assurance Co. of
of Obligations on Slump in Profits.
Canada Says Purchase of $500,000,000 Bonds
An amendment of the New York State banking law govProbably Would Do It.
erning investment in railroad bonds,lo suspend the operation
The following is taken from the "Wall Street Journal"
of the earnings requirements of the law for one year, has
been given serious discussion in banking circles here, it was of Oct. 22:
of the prominent
learned in well informed quarters on Oct. 23, says the New ofBecause and the respect position held by the Sun Life Insurance Co.
Canada
bankers and business men hold for the acumen
York "Journal of Commerce" of Oct. 24 whose advices went of the Bun Life's investment staff, the "Wall Street Journal" asked T. B.
Macaulay, President. to set forth his views of the business situation, the
on to say:
probable duration of the depression and possible methods of alleviating
conditions. These are presented herewith:
"An outstanding characteristic of the present depression is that it has
greatly exceeded both in severity and duration anything that was thought
probable eight or ten months ago. At that time it was argued that the
trouble was a mere stock market crisis, that there was no inflation of commodity prices and no large accumulation of inventories, and that the curtailment in business should, therefore, not be very great or very prolonged. It
will be profitable to discuss why this hope has not been realized and in
doing so I shall use the plain, untechnical language of the ordinary business
man.
Earnings Drop..
Drastic Drop in Commodity Prices Not Foreseen.
The earnings of the railroads have suffered a very sharp decline this year.
"The immediate cause of this unexpected severity is quite evident.
The falling off in traffic incident to the business depression has been quite The development which was
not forseen is the drastic reduction in commodsevere, and the railroad managements have in most cases found it difficult to ity prices. These have fallen
steadily, until on this continent they are
control expenses sufficiently to maintain net profits. However, better con- now approximately 15% less than a year
ago. Prices in some lines are now
trol over expenses won'd permit an increase in earning power even if no even below the cost of production with the present scale of wages. and
the
material rise in traffic materializes, it is argued, so that the feeling is strong result has been disastrous. Industrial plants
have curtailed operations,
that savings banks should not be compelled to sell large blocks of railroad immense numbers have been thrown out of employment, failures,
poverty
bonds, probably on a declining market and at prices below cost, because of and suffering have replaced prosperity even in the United States,
while in
other countries we find unrest, upheavals,revolutions,repudiation and
a temporary earnings situation.
other
It is pointed out that a five-year suspension of requirements was made possibilities yet more disturbing. But for this unexpected slump in commodity prices we would almost certainly have been spared the
during the war under similar but more serious circumstances.
worst of
The State Department of Banking would have no power to waive any of the misfortunes which have afflicted us and already be well on the way
the stated legal requirements. To suspend any of them, therefore, a law to recovery,
"Were we all mistaken a year ago in thinking that prices were
must be passed to that effect by the State Legislature.
not then
The next publication of the list of bonds which, in the opinion of the inflated? Not at all; there was no such inflation. Commodity tricoN
Superintendent of Banking, are legal for savings bank and trustee as distinguished from stock prices, had actually declined gradually between
State
Investment is scheduled to appear January 1, and will be based on earnings 1925 and 1929, this decline probably being due in large measure to the
lowered cost of mass production. Improved machinery, &c.
to December 31, 1929. No change is likely thereafter until March or April
"What then produced this drop in prices? Can it be explained
of next year, when additions to and removals from the list are scheduled to by
merely
diminishing consumption? But the fall is in the price of all
be made by the Superintendent of Banking on the basis of reports received
commodities.
When the prices of wheat and cotton alone drop, it means
that these
on the earnings of the carriers for 1930.
articles are worth less when measured in equivalent
quantities of all other
commodities, such as sugar and copper. When the prices
Basic Requirement.
of sugar and
copper alone drop it means that they are worth less
when measured in all
The basic requirement in the State law governing bonds legal for savings other
commodities including wheat and cotton.
When, however, the
bank investment is that earnings for five out of six years, including the average
price of all commodities drops severely, there
immediately preceding year, must equal 1% times all fixed charges of the
Is clearly an alteretlOn, either temporary or permanent. in the
purchasing power of the
It was also reported that the State Department of Banking would favor
such an amendment if any large number of bonds of sound carriers would
be in danger of losing their privileged status as "legal" investments because
of the sharp contraction of rail earnings in 1930.
Bankers did not expect the State Department of Banking to take the initiative in seeking such an amendment to the law. However, should the State
Association of Mutual Savings Banks approve it, it was believed almost certain that the Superintendent of Banking would recommend the adoption of
an amendment tor suspending requirements.
2628
FINANCIAL CHRONICLE
dollar itself. Unfortunately it cannot be assumed lightly that such a
condition will right itself without assistance and is, therefore, of but passing
importance. Even if it be but temporary, its results are sufficiently distressing. as present experience shows.
[Vor.. 131.
very far-reaching power. How effectively that power can be used may be
judged by what has happened already.
"From 1921 onwards the United States received truly enormous amounts
of gold. In the 10 years from July 1920 to July 1930, the gold on hand
increased by $1,654,000,000. Had there not been careful and effective
Past Performances in Purchasing Power.
control this flood of gold would have caused a huge inflation of prices
"We can now proceed a step further. How do such changes in the value which in turn would have produced many evils. The Federal Reserve
of the dollar arise? Can they be controlled? A few references to hap- authorities, however, so regulated matters that no inflation occurred and
the price levels continued fairly even throughout the entire period, actually
penings in the past may be helpful.
"We know that centuries ago a gold coin had a much greater purchasing declining slightly. As the consignments of gold reached the commercial
power than the same weight of metal would have to-day. In other words, banks they were deposited to the credit of those banks with the Federal
commodity prices were then extremely low. Prices were measured in gold Reserve Banks and were used at first to pay off completely obligations to the
(or silver) and therefore depended on the quantity of gold in the world; Federal Reserve System; but as gold continued to come in the Federal
and gold was scarce. Prior to the discovery of America, the supply of the Reserve directors provided an outlet for the investment of those gold
precious metals in Europe was very limited and apparently diminishing, deposits by selling on the open market Government bonds of sufficient
at least in proportion to the growth of business. Nothing could be more amount to absorb these extra credits thus replacing the gold by bonds.
"The gold was not permitted to become additional outstanding currency
discouraging to enterprise than for values of all kinds of property to be
slowly, continuously falling when priced in gold coin. That period in and inflation was avoided. It was a severe test of the Federal Reserve
System and of its managers but both measured up to the highest that could
history is known as the 'Dark Ages.'
"Then came a complete and marvellous change. America was discov- be expected of them. Few Americans realize how much they owe to the
not merely tempted adventurers overseas, but the gold Federal Reserve authorities for their regulation of commodity prices during
ered and its wealth
and silver brought back by them to Europe inaugurated a period of pros- that dangerous time.
perity such as had never existed previously. With the increase in the supNow Suffering from Excessive Deflation.
plies of gold, its value dropped when compared with other articles, or, in
other words, the measuring rod became shorter, prices began and continued
"The position now is reversed. We are suffering from excessive deflation
to rise, enterprise was encouraged, and the world stepped forward into a and it is again in the power of the Federal Reserve directors to render a
great national service. It is certainly as important to prevent disastrous
new era.
deflation and depression as it was to prevent undesirable inflation. They
Volume of Outstanding Currency Important.
and successfully steered us past the dangers of Scylla; is it not equally
"Conditions, of course, have changed greatly from the old days before wisely
important that we escape Charybdis?
modern banking came into existence. The value of a currency depends
"What now is required is to increase the banking resources of the Nation
now not on any one factor but on the total banking resources of the nation
reversing their previous course and buying bonds instead of selling
available for imvestment, purchase or loan. Gold has been replaced by by
them. During the seven months ended July 31 last, outstanding circulation
paper currencies, usually with a gold reserve of varying proportions to
has decreased by $439.000.000 and the current advances of the central
ensure convertibility. Convertibility into gold does not eliminate flucbank to the various commercial banks have also shrunk to small proportuations in purchasing power, though it does limit their scope and rapidity
tions.
when compared with other convertible currencies. The currency of a
"What amount of bonds it would be necessary to purchase In order
nation is the basis of its entire banking system, and the amount of such sufficiently to restore the commodity price level it is not possible to say
currency outstanding, therefore, is one of the most important factors in definitely. A comparatively small amount, say $500,000,000, probably
deciding what the banking resources available for credit purposes shall be, would be sufficient. The reestablishment of the old level by steadily
and, therefore, what the price level shall be.
progressive steps should not be difficult if undertaken at once. The mere
"During the war, when the countries of Europe swelled their currencies announcement of such an intention would bring heavy buying in all lines
by printing further notes, the price of commodities rose step by step with of business for the large purchasers of materials are apparently living from
every such increase. The case of Germany is not likely to be forgotten. hand to mouth on the chance of being able to buy more cheaply later.
We have seen the same law operating also in the countries of South America. Confidence would immediately replace gloom and the outlook would imOn the other hand, when Britain decided a few years ago to restore the prove rapidly. The increased activity in business would itself be a powerful
value of sterling to par, she contracted her currency, prices fell and in- assistant ni raising prices and when the average would be restored to the
cidentally much hardship resulted during the period of readjustment. level desired it should not be difficult to maintain it there.
There is still an extremely close connection between the volume of cur"Any tendency toward either boom or depression could be stopped in
rency outstanding in a country, the purchasing power of that currency the
initial stages. Adjustments required from time to time by bond buying
and the commodity price level based on it.
or selling usually should be comparatively small. A major alteration in
"Authorities unanimously agree that one of the essentials of an ideal
price levels rarely could develop if the small correction were applied at
currency is that it shall not vary materially in purchasing power from year to
the right time.
year. The units of currency are not merely the chips which facilitate ex"The gradual purchase by the Federal Reserve Bank of even $500,000,000
changes; they are also the yardsticks by which all values are measured. Any
vastly greater than would appear
alteration in those measuring rods is just as dislocating to business as would bonds would have a beneficial influence
at first. A prominent banker recently outlined to me what would happen.
be an alteration in the gallon, the yard or the ton. If the quotations for
Whether bought from the banks or from others, these purchases would add
everything moved up or down together changes in the nominal value of a
that amount to the currency or cash reserves carried by the commercial
currency might not be particularly serious.
banks on the books of the central bank and these deposits are the equivalent
The Incidence of Price Fluctuations.
of circulation and at any time can be converted into actual outstanding
circulation. This would increase the lending capacity of the commercial
"But bonds, mortgages and interest payments do not move. When
prices advance, the holder of fixed income securities suffers because the banks not be $500,000,000 alone but by several billions. The first result
interest which he receives will not buy as much for him as formerly; when of this expansion would be heavy purchasing of high grade bonds by the
and besides
prices decline, a larger proportion of the produce of the farm or factory banks themselves. The bond market would steadily improve
become possible
is required to meet the interest payments. But the people most injured reestablishing American business conditions it would then
by price fluctuations are those in receipt of wages. The wage level and the again for foreign countries to finance their requirements in the United States.
This would increase the purchasing power of the entire world and to the
commodity price level cannot be separated; each depends on the other.
be further helpful to
"The wage level, however, changes but slowly and does not readjust extent that purchases were vnade in America would
Itself quickly to an alteration in the price level. If prices advance, wages American industry.
"It may be said that money is already sufficiently abundant and cheap
ofcourse should advance also, but this advance may not be conceded willingly
What is abundant is call money in a few large
by employers, for every increase in cost of production means a handicap but this is not the case.
appearance. Conditions are
In foreign markets. If prices drop, wages should drop also; but will any cities. This creates an entirely deceptive
not really satisfactory until money is abundant not only for brokers but
reduction in the wage scale be accepted readily? But if prices drop and
of borrowers. The cure must come by making
the labor cost does not drop, many manufacturers must curtail or even for the needs of all classes
country.
go out of business and unemployment will result. That is the condition money particularly easy in all parts of the
be allowed merely to develop as they will, without guidance,
"If matters
now existing.
the cure will come in time by the gradual increase of banking resources
"Wage-earners, above all others, are the people most interested in mainsavings of the nation. Estimates have been
taining uniform prices. The price level which prevailed with but little through the accumulating
will begin to be felt. But why should we watt
change from 1921 until the present depression had become adjusted to the made as to when that relief
this slow accumulation if the Federal Reserve banks can at once foreexisting wage level and gave satisfaction to all. Any permanent change for
stall that development by adding to the national banking resources whatnow will involve lengthy and troublesome readjustments between emto restore the price level and begin the renewal
ployers and employees, and in the meantime everybody suffers. The need ever sum may be needed
of business activity at an earlier date?
of a non-fluctuating money standard is great and pressing. We want
neither inflation nor deflation; both are evils. We want stabilization.
The Power of the Reserve Banks.
The Changing Financial Structure.
"It must be understood that the term 'price level' refers to averages and
a discussion not to individual commodities. Even if the average of all prices had re"But is it possible to stabilize the dollar? This involves
of the currency of the United States and I attempt this with the utmost mained unchanged, the price of wheat, for example, would have been
hesitation in reply to your request for ray views. If the matter were one affected by the competition from other countries. In like manner other
which affected only the people of the United States, it would be sheer pre- commodities subject to special influences would have had individual
sumption for an outsider to interfere. The question, however, really variations in price.
"But if commodity prices were back at their old average, the price of
affects the entire world, and Canada in particular.
"Our dollar is inseparably united to yours and its value is completely everything would be increased by approximately 15%. Let me undergoverned by yotirs. For practical purposes your currency is ours also. state the case and suggest even 10%. Would an increase of 10% in the
We are, moreover, fellow sufferers in the present depression and I venture prices obtainable for their products help American farmers? Would it
merely to make a suggestion for our mutual benefit. In any case, the help manufacturers? Would it reduce unemployment? Unless the
views I express did not originate with me. They are held by thousands of basis of this discussion is entirely unsound, that 10% increase in comyour best informed people. The opinions are American opinions, even modity prices, or even more, is absolutely within the control of the Federal
Reserve directors.
if voiced by a Canadian.
"I Cannot escape the conclusion that the very duration of the present
"The developments of the past 15 years have changed the entire financial
Formerly London was the investment center, depression rests in the hands of these men. It is true that they never
structure of the world.
the circulation of all the leading nations. To-day have admitted any responsibility for price levels but that they have the
and gold the basis of
the monetary power to control them cannot be denied. Is this a time to stand on techNew York is the investment center and for practical purposes
so completely nicalities? Why should the resources of the central banks be utilized to
basis is now largely the American dollar. The United States
any alteration in the purchasing prevent inflation and then not be utilized to prevent depression?
dominates international finance that
"My outlook on the future depends entirely on the course to be taken
power of your currency affects all currencies as is at present happening.
It is now extraordinarily important that the value of your dollar should by those in authority. If we be given a continuance of the same intelligent
forceful leadership which saved us from the dangers of inflation, I am a
be stabilized.
pronounced optimist.
Our Large Cold Supply.
world now is in the
Proposttion Should Be Put to Test.
"A large proportion of the entire gold supply of the
amount was $4.516.000,000, being
United States. On July 31 last, that
"I may be told, however, that these arguments are entirely theoretical,
total outstanding American currency. Though the
more than 100% of the
price levels are beyond control, that nothing can be done to improve
Federal Reserve directors do not nominally regulate the currency, they can that
that we must just helplessly submit as to the buffeting of
exercise a deciding influence as to what amount obeli be outstanding at conditions and
elements. Since when have the people of this continent been content
any time and the vastness of the resources at their disposal gives to them the
OCT. 251930.]
FINANCIAL CHRONICLE
to take even our misfortunes lying down? We have conquered many
difficulties and we can conquer this one also.
"And if the arguments here given are theoretical, so also is the argument
that nothing can be done and we at least have the satisfaction of knowing
that the overwhelming majority of Americans who have studied the question
do not take this pessimistic view. In any case we need not depend on either
theory. The matter can easily be put to actual test. An expansion of the
circulation even by $500.000,000 would be an increase of but 11% and would
not even raise the figure to the average of the past 10 years. Surely, no
harm can come from such a mild adjustment. Can there be any risk or
danger in the Federal Reserve banks' holding an added $500,000,000 of
United States government bonds, paying for them by issuing a similar
amount of currency which will then become outstanding£ The results
would tell which theory is correct and it will be time enough to admit
defeat when that effort will have failed.
"These questions, however, must be decided by the American people
alone. I have ventured to submit these thoughts for consideration only
at your request."
Macaulay Plan Finds Criticism—Washington Dubious,
G. W. Reynolds Questions Proposal, E. W.Edwards
in Agreement—Views of Governor Norris of Philadelphia Federal Reserve Bank.
The following comments are from the Washington correspondent of the "Wall Street Journal" of Oct. 23.
that purchase of $500,000,000 United States Government bonds by Federal
Reserve Banks would increase circulation and so restore commodity prices
and stimulate business. General impression is that no artificial move
of any kind would prove helpful in the present situation.
George W.Norris, Governor of the Federal Reserve Bank of Philadelphia,
commenting on Mr. Macaulay's proposal said:
"Mr. Macaulay makes the suggestion as a means of counteracting denation. I cannot see it otherwise, however, than as inflation. There
Is no scarcity of currency in circulation. The total volume has fallen off,
not from any inability to issue it but from the fact that with reduced retail
buying and lower payrolls there is not so much currency needed. The elastic
feature of Federal Reserve currency has therefore shown itself in natural
operation.
"As far as credit is concerned, it may be admitted that it is irregular.
There is a plethora of short terns credit at excessively low rates. In certain
sections and for certain purposes there is a scarcity of long time credit but
that is due rather to the unwillingness of lenders to extend credit for long
periods than to any scarcity. It scene to me that Mr. Macaulay'ssugges1
2
remedy would intensify the unfavorable features of the present situat
without accomplishing any real and permanent good."
Inability of central banks to artificially raise the amount of currency in
use during times of business recession was emphasized by Washington
officials in commenting upon the proposal of T. B. Macaulay, President
of Sun Life Assurance Co. of Canada, that the Federal Reserve System
buy $500,000,000 in bonds for the purpose of increasing the amount of
currency in use.
Federal Reserve and Treasury officials receive numerous proposals
affecting Federal Reserve policy and it is their practice to refuse comment
on these. However, the views of those in close touch with the system may
be outlined.
It is pointed out that the Federal Reserve System already has taken
steps by way of lowering of discount and acceptance rates and by the
purchase of acceptances and Governments to make credit easy. This has
been to the point where some bank authorities have offered criticism.
As a result of those conditions and the current lack of demand there remains
in the hands of Federal Reserve agents about $400,000,000 in currency
collateral.
Excessive Loans Evil Feared.
Whether or not the Federal Reserve could by some means force member
to use its facilities and so force currency into circulation is something
banks
about which there is doubt. Plans looking to this have been proposed
from time to time. However,there is general agreement that such a course.
If successful, would in the end force the banks into unsound loans and investments. They would be under great temptation to do this in order to employ
their excess funds. The final result of this would be greater than the evil
which it is sought to cure.
The Federal Reserve System has made rediscount rates as low as 2
%%
despite which member banks are practically out of debt to the Reserve
banks.
The system has increased its holdings of Government securities more than
$450,000,000 in the past year. It has adjusted acceptance rates below 2%.
The banks are out of debt and can borrow from the Federal ROSE:Vie
banks at will. Nevertheless they do not do so because they already are
looking about for employment for their funds.
Increased Gold a Factor.
Another factor is the increase in gold holdings in this country. Gold
to replace Federal Reserve credit which was in use.
coming in has tended
This is also a factor in lessening central bank influence on the credit situation
since gold holdings tend to 'make the banks independent of the system.
Authorities here will pursue the system of keeping money easy so that
there will be ample credit available when business and industry reach the
stage where they are ready to take advantage of it. However,it is unlikely
that the System is ready to resort to any artificial means to force the use of
available credit. Opinion here simmers down to the assertion that you cannot Make a man borrow money even at low interest rates unless he can find
profitable use for the money.
The sentiment is well expressed in a review of the gold situation by L. A.
Young of Department of Commerce, which was printed in the "Wall Street
Journal" of Oct. 22. Mr. Young said:
"In times of depression the central bank, in spite of adequate reserve
ratios, is often quite unable to exercise an influence in raising the amount
of currency and credit in use, and of bringing up the prices of commodities.
The excess of reserves, however, remains available for the use of business
at a later period of business recovery and expansion."
Chicago Criticism of Macaulay Suggestion.
George' M. Reynolds, Chairman of the executive committee, ContiIllinois Bank St Trust Co. and a director of the Federal Reserve
nental
Bank of Chicago, expressed doubt that the purchase of say $500.000,000
of Government bonds by the Federal Reserve System as suggested by
T. B. Macaulay, president of the Sun Life Assurance Co.of Canada, would
have the desired effect on commodity prices and business conditions.
He pointed out that the System already has increased its holdings of
United States Government securities to over $600,000,000, without any
apparent effect on the conditions for which Mr. Macaulay seeks a remedy.
"I have heard a good deal of criticism of the fact that Federal Reserve
Banks already have purchased $600,000,000 of Government securities,"
he said. "An increase of practically 100% in their present holdings would
put a very considerable percentage of Federal Reserve loaning power in
that one form of security, and I do not believe it would accomplish the
purpose desired.
Would Raise Government Bond Prices.
"In my opinion,the only results ofsuch a step would be to raise the prices
of Government bonds and further add to the supply of and cheapen credit,
which in my judgment is already too plentiful and too cheap. The rate of
interest as measured by the New York Stock Exchange loan rate and the
New York Federal Reserve Bank rate is so low now that it seems to be a
discouragement to the restoration of active business. Otherwise, some
people would be borrowing more freely at current rates.
"Money Is worth some price. Of course it is ruled by the law of supply
and demand and measured by that rates would be low normally, but there
Is a fair ground upon which industry and commerce and the money supply
should rest."
Philadelphia Criticism of Macaulay Plan.
Philadelphia bankers are not in accord with the suggestion made by
T. B. Macaulay, President of the Sun Life Assurance Co. of Canada
2629
Holds Reduction Proves No Need for Cash.
A prominent bank president said the explanation for the reduction of
$439,000,000 in circulation was that the money was not needed. He said
he could not see how it would be helpful to add $5500,000,000 more circulation when money is lending at 2% and even 1
The decrease in
circulation is due to a lessened demand from business and when business
is very active vorrowers do not care what they pay. If banks had more
resources, he said they would not know what to do with the money.
Another banker said the present situation could not be solved by any
artificial method. He believed in the old cardinal principle of supply
and demand and time would be necessary to work the country out of its
present difficulties the same as it always has in the past. Admitting that
increased buying would stimulate business this banker said that he did not
believe that purchase of bonds by the Federal Reserve in a large way and
increase in circulation thereby would solve the present industrial problems.
Cincinnati Banker Approves Macaulay"s View.
E. W. Edwards, President of the Fifth Third Union Trust Co., said:
"I heartily agree with the statement of Mr. Macaulay of the Sun Life
Assurance Co. of Canada. Mr. Macaulay's position is economically sound
and if we are ever to stop the vicious circle of falling stock and commodity
prices and headlong deflation, we must initiate some such scheme to right
matters."
Mr. Edwards believes that deflation has gone far enough and that with
as capable an administration as is now in Washington there should be no
difficulty in stopping pessimism and causing an upturn in values of stocks
and commodities.
"The purchase of such a large amount of bonds would soon create better
feeling and the initiation of such a movement would start a sustained business advance before long. Stability is needed and now is the time to start
upon such a course," Mr. Edwards concluded.
;4%.
Senate Banking Inquiry in Washington Scheduled for
Nov. 1.5.
With the object of framing a comprehensive legislative
proposal by the end of the next session, the banking inquiry
directed by the Senate (S. Res. 71) will get under way the
middle of November,it was stated orally Oct. 23, by Senator
Glass (Dem.), of Virginia, Chairman of the investigating
committee. This is learned from the "United States Daily"
of Oct. 24 from which the following is also taken:
Designed to study proposals for changes in the Federal Reserve and
National banking systems, the investigating subcommittee of the Senate
Banking and Currency Committee will direct its efforts toward formulating
plans for the safer operation and more effective use of National bank
assets, the regulation of interbank control and the prevention of undue
diversion of funds into speculative operations.
Asked whether the Committee will include in the scope of its operations,
speculative activities on the stock market, Mr. Glass said "it will inevitably
go into that phase in order to make more specific the law prohibiting
rediscounting by Federal Reserve Banks where the funds are to be employed
for speculative purposes."
PenaltiesPlanned.
This phase of the inquiry,the Virginia Senator added, will be "in order to
find some deterring penalties to prevent Reserve banks from letting their
facilities be used for speculative purposes."
Mr. Glass,former Secretary of the Treasury and co-author of the Reserve
Act, said that he has tentatively set Nov. 15 as the opening day of the inquiry, and will communicate with other members of the Committee to this
end. The exact date will depend, he said, upon the result of his efforts
to get the Committee together. While he expects to get a bill framed by
the end of the session, Senator Glass does not anticipate Congressional action
until the 72d Congress.
The other members are: Senator Norbeck (Rep.), of South Dakota,
Chairman of the Banking and Currency Committee, who named the investigating group; Senators Goldsborough (Rep.), of Maryland; Walcott
(Rep.), of Connecticut, and Bretton (Dem.), of New Mexico.
During the Summer months considerable correspondence has been received
from bankers and banking associations, according to Mr. Glass, relative to
the forthcoming inquiry, containing information and suggestions for the
Committee.
Aim of Inquiry.
The Virginia Senator emphasized that the work of his Committee will be
to study conditions as they are found under existing laws with a view to
determining proper legislative changes rather than to simply investigate
what has happened during the past two years, particularly during the stock
market crash. However, the resolution under which the Committee will
operate directs a complete survey of the Federal Reserve and national
banking systems "to comprehend specifically the administration of these
banking systems with respect to the use of their facilities for trading in and
carrying speculative securities."
Already Mr. Glass has framed a bill (S. 4723)"to which I hope to direct
the inquiry." This measure is purely tentative, be explained, and intended
to be used merely as a basis on which the Committee will build a legislative
recommendation for submission to the Senate. The Committee has been
allotted $15,000 for carrying on its work.
Senator Glass' bill permits State-wide branch banking by National banks
where that privilege is extended to State banks under the State laws.
It further provides for National banks that "in the elections of directors
and in deciding all questions at meetings of shareholders, each shareholder
2630
FINANCIAL CHRONICLE
share of stock actually owned by him as the result of bona fide purchase.
gift, or inheritance and no shareholder who shall become such through
nominal transfer, or ownership, on behalf of another, shall cast such vote.
No corporations, association, or partnership, and no Individual who shall
be an officer, employe, or director of any corporation, association, or partnership which is the owner of stock in any such bank, shall cast a ballot
in such elections or meetings either on shares of stock owned by him individually or on thos owned by the corporation."
The Glass bill, as now written, increases the distribution of net earnings
of Federal Reserve banks after dividend payments so that after 25% goes
to the Government as a franchise tax and 25% into surplus funds until
this fund equals the subscribed capital stock,the remaining 50% will be
distributed to stockholders.
Further Provisions.
The Secretary of the Treasury is removed as an ex-officio member of the
Federal Reserve Board, under the Glass measure.
Mr. Glass's tentative bill would also write into law a new prohibition
against the using of Federal Reserve facilities in carrying on speculative
activities. Regarding the stock market inflation and resultant high interest
rates. Senator Glass said:
"But it was the failure of the Federal Reserve Board to adopt a policy
made mandatory in explicit terms by the law itself that caused those banks
to use their rediscount credit for stock speculative purposes."
In his new bill, the following proviso is made regarding advances to Member banks on their promissory notes: "Provided, that during the life or
continuance of such advances to any such member bank, said bank shall
not increase or enlarge the total of loans already made by it either upon
collateral security to any borrower or to the members of any organized
stock exchange, investment house, or dealer in securities, upon any obligation, note, or bill secured or unsecured, except for the purpose of purchasing
and carrying obligations of the United States."
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.
Because of several typographical errors which crept into
an item in our issue of a week ago, page 2480, under the
above head, we are repeating the item here in the form in
which it was intended to appear:
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 branches up to Oct. 10, 2 p. m. Eastern Standard
Time. The bills are to be issued in two series, each for
$50,000,000 or thereabouts, one of the series dated Oct. 15
1930 and maturing Dec. 16 1930 and the other series bearing
date Oct. 16 and maturing Dec. 17 1930. The new $100,000,000 bills were sold at an average price of about 99.680,
or an average rate on a bank discount basis of about 1.85%,
the Acting Secretary of the Treasury, Ogden L. Mills, announced orally Oct. 10, after the bids on the issue were
opened. In stating this, the United States Daily of Oct. 11
added:
The total amount applied for was $360,964,000, or more than 354 to 1.
The highest bid made was 99.736, equivalent to an interest rate of about
1.53% on an annual basis, while the lowest bid accepted was 99.871.
equivalent to an interest rate of about 1.91% on an annual basis.
Mr. Mills said the Treasury had accepted bids totaling $102,525.000.
These subscriptions were apportioned. $51.262.000 to the series date
Oct. 15 1930, and $51,263,000 to the series dated Oct. 18 1930.
On Oct. 14 the International Manhattan Co., Inc., and
Salomon Bros. dz Hutzler offered $50,000,000 of these 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.
[VOL. 131.
Market quotations on the Government issues range from 1 to 12 points
above the par of the issues and to obtain those securities for retirement the
Treasury would have to pay what is regarded as too great a premium.
Information made available at the Treasury was that the Department
had been able to buy only $65.000.000 of Government securities for retirement under sinking fund provisions during the first three and one-half
months of the current fiscal year. In the corresponding period of the last
fbmal year $244.364,000 of securities had been acquired and retired with
sinking funds.
The sinking fund for the current fiscal year aggregates approximately
$445.000.000. Its total increases yearly under the terms of the statute
which set aside money for the purpose and provides for appropriations to
cover the obligation each year.
Change of Conditions.
Heretofore the Treasury has been able to buy Government issues without
difficulty because of money market and stock market conditions. This
was the case during the early part of the last fiscal year, or that period prior
to the stock market crash. During that time bond prices were low because
of the call for money in stock dealing. Consequently the Treasury bought
back many of its bonds for the sinking fund at or below par.
The reverse of this condition obtains at the present time and has obtained
since the opening of the current fiscal year on July 1 last. There is no
information as to what the future may hold and the Treasury's position
Is one of waiting to buy at the best prices available during the year.
The Treasury is unwilling to discuss what plans It is considering to circumvent the problem that it has, and the position, further, Is that it has
several months yet in which to decide what action should be taken.
Proclamation by President Hoover Placing Embargo
on Munitions Shipments to Revolutionists—Shipments to Brazilian Federal Government Permitted.
On Oct. 22 President Hoover declared an arms embargo
against the Brazilian revolutionists upon the request of
Senhor S. Gurgel do Amaral, the Brazilian Ambassador to
the United States, and under the authority granted by Congress in 1922 for the President to impose such embargoes
against Latin-American countries and China. The embargo
was sought by the Ambassador upon information that the
rebels were endeavoring to purchase military supplies in
this country. A dispatch Oct. 22 from Washington Oct. 22
which noted this added in part.
Reciting that conditions of "domestic violence" exist "in several zones
of the Brazilian territory," the Ambassador said he had "been Informed
that some elements in the United States in close union with the revolutionary element against the Federal Government of Brazil have been
and are endeavoring to purchase arms and munitions in the United States
to turn them against the Federal Government of Brazil." The identity
of these "elements" and the character of the projected orders were not
disclosed.
The embargo proclamation specifically permits the shipment of war
supplies from the United States to the Federal Government upon the issuance of licenses by the Secretary of State. Its issuance had been regarded
for some time as a foregone conclusion as soon as the revolutionists attempted to obtain supplies, here, and it followed by exactly one week the
formal announcement by Secretary Stimson that as an act of friendship
for the Rio de Janeiro Government the United States would permit that
Government to purchase war equipment in this country.
Stand Now Conclusive.
The positive stand taken on Oct. 15 by that announcement is now made
complete, while added importance is given to to-day's proclamation from
the standpoint of United States policy. because this is the first time the
United States has declared an arms embargo in the case of a rebellion in
South America. Heretofore such embargoes have been imposed only in
the cases of Mexico, Central American and West Indian countries.
Whether this implies a broad policy of supporting established government
in South America without regard to the special circumstances or each
case is not yet apparent. It is recalled, however, that when the question
was before Secretary Samson recently of recognizing the governments which
had come into power by revolution in Argentina, Bolivia and Peru, he
let it be known that he was considering each as a special case.
President Hoover signed the proclamation thisafternoon after Ambassador
do Amaral had conferred at the State Department with Secretary Stimson.
Later Mr. Stimson indicated the probability of a number of sales in the
United States of war supplies to the Brazilian Government and went
further
than ever before in stating that the United States did not recognize
the
Brazilian revolutionists as belligerents.
Rebel Goal Is Rio de Janeiro.
He had heard of no movement by the rebels, the Secretary
of State
said, to set up a unified government contrary to that at Rio de
Janeiro.
Whether extensive supplies are to be purchased by the Brazilian
Government in this country is not yet known, but the Navy Department has
just
released contracts for from six to nine 2-seater planes
that are suitable
Creed Taylor. 43, Deputy Governor of the Federal Reserve Bank of for light bombing purposes and are being built by the Curtiss Wright Co.
.Atlanta. and a former banker of Mobile, Ala., died today of injuries suf- These will be delivered within the next two weeks.
In addition the Navy Department has acceded to the request
fered yesterday in a fire that destroyed his home.
of the
The banker was rescued with his daughter, Miss Marguerite Taylor, Glenn L. Martin Co. of Baltimore, Md.,to release to the Brazilian Governfrom a second -story window, after he had been burped severely. His ment three patrol planes scheduled to be completed for the navy, with the
son-in-law, Culver Caraway, was burned on the hands in beating out understanding that three similar planes will be provided the navy at a
flames that enveloped Mr. Taylor. And his son. Creed Taylor Jr.. seven later date.
These are all the planes the navy is preparing to let Brazil
Was slightly burned. Other members of the household escaped without
have.
Injury. Sparks from an open grate are believed to have caused the fire,
Text of the Proclamation.
The text of the President's proclamation follows:
By the President of the United States of America.
Difficulty Found in Retirement of Federal Bonds—
A PROCLAMATION.
Treasury Finds Quotations in Market Higher
Whereas. Section I of a joint resolution of Congress, entitled
a "joint
Than It Wants to Pay Under Sinking Fund Law. resolution to prohibit the exportation of arms and munitions of war from
the United States to certain countries and for other purposes,"
approved
The Department of the Treasury is having some difficulty Jan. 311922. provides as follows:
"That whenever the President finds that in any American country,
In retiring public debt securities under sinking fund provior in
sions of the Liberty Loan Acts because of the high prices any country in which the United States exercises extra-territorial jurisdiction, conditions of domestic violence exist which are or may be proat which all Federal issues are now quoted, according to an moted by the use of arms or munitions of war procured from the United
oral statement Oct. 18 in behalf of the Department. The States. and makes proclamation thereof, it shall be unlawful to export,
except under such limitations and
foregoing is from the "United States Daily" of Oct. 21, any arms or munitions of war fromexceptions as the President prescribes,
any place in the United States to suck
which went on to say.
country until otherwise ordered by the President or by Congress."
Creed Taylor, Deputy Governor, Federal Reserve Bank
of Atlanta, Dies from Injuries Received in Fire.
Associated Press advices from Atlanta yesterday (Oct. 24),
said:
•
OCT. 251930.]
FINANCIAL CHRONICLE
said joint resolution
And, whereas, it is provided by Section II of the
war in violation of Secthat "whoever exports any arms or munitions of
exceeding 110.000, or
tion I shall on conviction be punished by fine not
by imprisonment not exceeding two years. or both."
of the United States of
Now therefore, I, Herbert Hoover, President
conferred in me
America, acting under and by virtue of the authority
declare and proclaim
by the said joint resolution of Congress, do hereby
to this Governthat I have found, and it has been formally represented
such condition
ment by the Government of Brazil that there exist in Brazil
the use of arms or
of domestic violence wnich are or may be promoted by
d by the
munitions of war procured from the United States as contemplate
of the United
said joint resolution; and I do hereby admonish all citizens
violation of the provisions
States and eery person to abstain from every
to Brazil,
of the joint resolution above set forth, hereby made applicable
provisions will be
and I do hereby warn them that all violations of such
rigorously prosecuted.
Enforcement Is Ordered.
charged
And I do hereby enjoin upon all officers of the United States,
preventing
with the execution of the laws thereof, the utmost diligence in
proclamation issued thereviolations of said joint resolution and this my
against
under, and in bringing to trial and punishment any offenders
the same.
the foreAnd I do hereby prescribe as an exception and limitation to
of war as are
going restrictions such exportations of arms or munitions
to the
approved by the Government of the United States for shipment
of
Government of Brazil which has been recognized by the Government
commerthe United States, and such arms and munitions for industrial or
the consent of the Secrecial uses as may from time to time be exported with
tary of State.
the seal
In witness whereof, I have hereunto set my hand and caused
Methods Similar to Those of 1921.
The organization in the present situation has not reached anything like
the proportions of that finally worked out by the unemployment conference
of 1921, but it has been growing in size and similarity ever since the President started his business conferences soon after the stock market decline
last fall. Private business and industry formed the mainstay of that
organization, and, starting with the conferences of last fall, President
Hoover has continued to call upon them in the present situation.
been
A new series of conferences with industrial and business leaders has
in progress at the White House recently, it was revealed to-day, and others
was
are to follow in the near future. While the subject of the discussions
a major
not disclosed, it is the general belief that unemployment played
part.
M.
The latest of these conferences was held last night, when Bernard
Exchange
Baruch, New York Democrat, member of the New York Stock
was a
War,
and Chairman of the War Industries Board during the World
dinner guest at the White House.
Baruch's visit was accompanied by another
Announcement to-day of Mr.
the President
that several business and industrial leaders had been guests of
Motors;
recently, among them Alfred P. Sloan, President of General
& Co.; Richard Whitney.
Charles Hayden,senior partner of Hayden, Stone
Chairman
President of the New York Stock Exchange, and Allen Lindley.
mentioned
of the Exchange's Business Conduct Committee. They were
lately and
as "typical" of the men with whom the President has conferred
who will be called on soon for further conferences.
of the United States to be affixed.
in the year
Done at the City of Washington, on this 22d day of October,
America
of our Lord 1930, and of the independence of the United States of
the 165th.
HERBERT HOOVER.
(Seal.]
By the President:
HENRY L. STIMSON, Secretary of State.
a
2631
President Hoover Calls Upon Cabinet Members To
Devise Plans To Relieve Unemployment—State
Co-Operation Sought—Col. Arthur Woods Chosen
To Direct Federal Program.
Measures which were brought under way by President
Hoover on Oct. 17 to remedy the unemployment conditions
have been pushed in the interval, and on Oct. 21 it was
announced at the White House that Col. Arthur Woods,
formerly Police Commissioner of New York, has been
chosen by the President to direct the movecnt to cope with
the situation. The President's announcement of Oct. 17
made known the fact that he had called upon Department
Secretaries to formulate plans designed to strengthen "the
organization of Federal activities for employment during
the winter," and on Oct.20 it was made known that Secretary
of Commerce Robert P. Lamont had been designated by
the President as Chairman of the Cabinet Committee on
Unemployment. In his statement of Oct. 17 President
Hoover said that "as a Nation we must prevent hunger
and cold to those of our people who are in honest difficulties." The President's statement follows:
Emergency Measures Recalled.
ago
Mr. Hoover was summoned by President Harding, nine years
When
nt, he found
almost to the day, to head a conference to abate unemployme
offrom 3,500.000 to 5,000,000
the situation already acute, with the idleness
workers admitted.
l. The Census
The present unemployment figures are still controversia
including those
Bureau gave only 2,500.000, this number, however, not
estimate by the American
temporarily laid off by industries. A recent
Democratic
Federation of Labor placed the number at 3,700.000, and
workers are idle.
leaders contend that from 5,000,000 to 6.000,000
to the task
Conditions were In such a state when Mr. Hoover was called
They were supplemented
in 1921 that emergency measures had to be taken.
course of a few weeks
by organizations throughout the country, and in the
felt.
the effects of the Government's action were
es
On Oct. 18 President Hoover continued his conferenc
on the
with outstanding leaders in business and finance
on
economic situation when (we quote from a Washingt
Ripley,
dispatch to the New York "Times") William Z.
,
Professor of Economics at Harvard, and Henry M.Robinson
and Chairman of the finance division
Los Angeles bankers
the
of the National Drouth Committee, dined with him at
White House.
Following a conference with the President on Oct. 20,
e
Secretary Lamont said he expected the Cabinet Committe
ry organization which will decide on
to be only a prelimina
further expansion of the relief work. Advices to this effect
in Washington accounts Oct. 20 to the New York "Times"
also had the following to say:
business depresHe added that a survey of conditions developing since
sion set in would come first.
, possibly, of
The expectation is that plans involving the expenditure
way, may be
billions of dollars, exceeding in scope anything now under
evolved.
exist through expansion of governSeveral avenues for relief already
commitments.
ment programs, it was shown by a survey of the present
total outlay
For example, the Government building program involves a
buildings of
of 1500.000.000 over a period of years for postoffices, public
Although some delays are necessary
other types, hospitals and like work.
that this
for the drawing of plans and specifications, it was pointed out
work might be measurably speeded up.
1125,000,000, which
There also is a Federal highway program involving
only check on
Secretary Hyde has said he will ask to have doubled. The
take advanthe expenditure of this money Is the fact that the States, to
dollar
tage of it, must match the appropriations designated for their roads
Hurley,
I have to-day requested Secretaries Lamont, Davis, Wilbur,
formuHyde, Mellon and Governor Meyer of the Federal Reserve Board to
n
late and submit to me plans continuing and strengthening the organizatio
of Federal activities for employment during the winter.
n in which the Federal GovernThere are three directions of organizatio
ment activities can co-operate. First, co-operation with the Governors
and employment organizations of the States and local communities; second,
development of methods with the National industries, and third, indirect
Federal employment in public works, &c.
It will be remembered that ten months ago we set up such arrangements
which have continued since that time, and which have contributed greatly
to reduce unemployment. At that time the Governors of many of the
States established strong committees for action in relief and most of these
organizations have shown a high record of real accomplishment.
The present conditions of organization vary greatly in different States.
In the great majority of industrial States the Governors have, on their
initiative, taken steps to organize or develop or further strengthen their
organizations for the forthcoming winter.
During the past few weeks I have been in communication with some of the
Governors in development of methods by which the Federal Government
can further supplement assistance to their organizations. The Cabinet
committee will further discuss these conditions with Governors and State
agencies, and we will again seek the co-operation of our business leaders
and our national industries, which we have had on so generous a scale
during the past year.
We shall also review the Federal situation of public works and the situation in construction among the National industries, together with other
methods by which we can continue to be of assistance. There are no two
States or municipalities where the problen is the same or where the methods
of assistance are identical. With the survey of the methods in progress for
the past ten months, we should have valuable suggestive material and information for the winter.
The Initiative of the various Governors and local authorities in preparation for the winter is well indicated by the action of the Governor of Illinois, who recently organized a State committee; reorganized efforts with
the Mayor of Detroit; the committees created in New York; the extraordinarily effective organization In the State of Ohio. and at many other
points throughout the country—all of them indicating a strong feeling of
local responsibility and determination to meet the situation.
As a nation we must prevent hunger and cold to those of our people who
are in honest difficulties.
for dollar.
to be asked as
The aid of Congress in unemp'oyment relief Is expected
upon, Secresoon as it meets on Dec. 4. Whatever action may be decided
heavily on
tary Lamont said, the committee may be expected to count
civic organizations.
participation in the program by the States and local
committee's work with some of that
As for the overlapping of the new
it was pointed
undertaken by the Committee on Recent Economic Changes,
out that in a report by the latter last June it was said;
exploration and
"The ultimate aim of the committee's program of
and adequate
appraisal, to the end that employment may be more stable
stabilization of
income more assured, is the intelligent and reasonable aided by public
business, maintenance of the business community itself,
opinion."
administrators, and an informed and responsive public
Urges Program of Credit Buying.
Goldman Stores,
Julian Goldman of New York, President of the Julian
States, called
Inc., operating sixty stores in various parts of the United
Hoover his appraisal
at the White House today. He not only gave Mr.
as one means of
of the situation but urged the use of "consumer credit"
stimulating buying.
depression of 1921 was
He told the President that, in his opinion, the
plan," citing that
halted largely by the liberal use of the "partial-payment
annually as a
automobile sales alone jumped from 2.000,000 to 5.000.000
the country would
result of It. He declared that if today every family in
have the cash," it
buy $100 worth of goods. "using credit if they do not
would result In $3.000.000,000 in new business.
this year were
Mr. Goldman told the President that collections so far
as good as last.
Columbia Club of InN. A. Perry, a banker and the President of the
the President that
dianapolis. who was another White House caller, told
ahead."
in his opinion the country "has three years of depression
from the con"I also told the President." Mr. Perry said on emerging
regarding betterment of
ference, "that there was too much propaganda,
actual conditions."
general business, and that it is time to depict the
The first meeting of the President's Cabinet committee
up the dethe action was held in Washington on Oct. 21; summing
In its Washington dispatch Oct. 17 relative to
ts that day the "Wall Street Journal" from its
velopmen
of the President in enlisting the Cabinet members to act in
on bureau reported the following:
furthering remedial measures, the New York "Times" said: Washingt
2632
FINANCIAL CHRONICLE
President Hoover has asked Colonel Arthur Woods to take
charge of
the development of an organization to handle the unemployme
nt problem.
It was explained at the White House that the Cabinet Committee
on
Unemployment will act in an advisory capacity to the Woods
committee
with a view to co-ordinating co-operation of Government agencies.
The White House estimated unemployed at about 3,500,000 on
the basis
of April 1 Census Bureau figures and Department of Labor index.
It was
pointed out in this connection that this figure does not mean that
3,500,000
are without income, but that it includes much temporary unemployme
nt
due to shifting factors in the situation from one month to another.
Colonel Woods is a former Police Commissioner of New York City who
organized the employment agencies for the placing of veterans after the
war and also engaged in unemployment work in 1922.
Obj
ect of the committee will be to see to the proper development of
co-operative measures in this connection with industries and local bodies.
Congress, it was said, also will be asked to remove certain restrictions
so as to permit expansion of public works to the utmost this winter.
Drouth relief work will continue unabated coincident with the handling
of the unemployment problem.
Explanation at the White House of the unemployment figures, it was
emphasized, was not with a view to minimizing the situation, but rather
to afford a correct appreciation of actual conditions.
The average breadwinner per family is 14 per family, so that an estimated unemployment of 3.500,000 does not mean that there are that many
families affected.
After the preliminary conference of the Cabinet committee, Secretary
of War Hurley stated that the War Department was going to reduce the
number of work day hours and in this way employ additional workers on
flood-control work on the Mississippi River. He also stated that the Department is going to spend all money available that contemplates the employment of people.
[VOL. 131.
Federal efforts toward the relief of unemployjnent will
consist chiefly of "a fight on human misery" through the
co-ordination of work already undertaken or being organized
by local agencies throughout the country, Colonel Woods
said on Oct. 22 following a conference with President Hoover,
whom he visited immediately after his arrival from New
York. "The principal part of our work is co-operating with
local organizations," Colonel Woods said. "It's a co-ordinating sort of thing, and the best that we can do is
to let
various places know- what others are doing as 'a guide for
their own efforts." The Washington dispatch Oct.
22 to
the New York "Times" from which the foregoing is taken,
further said in part:
This statement by the director of relief, following
other indications of
the same nature in recent days, was taken
as confirmation of the belief
that no extraordinary expenditures are planned by
the Government.
Colonel Woods made no predictions as to what he
plans to do, nor did
he give his view of the scope of the problem facing
him and relief organizations. His belief that the task will require time
was shown, however, in
his intention to bring his family here from New
York, as he expects to remain in Washington throughout the Winter, and
possibly much longer.
Meanwhile he has ceased to take an active part either
as a trustee of the
Carnegie Foundation, his principal occupation, or in
his private affairs.
Says Prevention Is Possible.
"I can't say as much now concerning our plans as at
the end of the week,
after we will have received much more definite
information," Colonel
From the New York "World" we take the following Woods said. "We are going at this problem
with all the energy and vigor
we can summon and we shall try to put into
from Washington Oct. 21:
operation every factor for
relief."
Woods to Get No Pay.
Asked if the present problem caused by the fact that
3,500.000 workers
Mr. Woods, whose job it will be to bring all of the Government's efforts are out
of employment, with Winter virtually here and
scant evidence
Into co-ordination, has had considerable experience in unemployment re- of
improvement of conditions in sight, seems more difficult
than that of
lief work. He organized the campaign to find jobs for returned World 1921,
Colonel Woods declined to compare the two periods, but
stated that,
War veterans in New York and also directed the work of the Harding "whether
things now are worse or better is immaterial; they are
serious
unemployment commission in 1922, of which Mr. Hoover, then Secretary enough."
of Commerce,was chairman. Mr.Woods's new position, it was announced,
"In a general way, this is a race against human misery,"
he said.
Is entirely unofficial and he will serve without pay from the Government.
"Can you prevent the threatened human misery?" he was
asked.
The "Times" Washington dispatch Oct. 21 said in part:
"We can," Colonel Woods replied without qualificatio
n. "It can be
The meeting was describedby Secretary Lamont as a "preliminary done through a combination of created jobs and properly supervised relief
session," given up almost entirely to President Hoover's outline of the work for the neediest cases."
Describing his principal task as that of co-ordinatin
situation, who pointed out in a general way the courses which the committee
g the activities of
local and State agencies, Colonel Woods said he
might take in continuing and strengthening Federal activities.
expected to set up the
The President, it is said, feels now as when he was head of President type of organization which he used In 1921, but added that no need
for
Harding's unemployment conference in 1921, that the first essential is an regional organization now exists as then, since communities
already have
acted on their own initiative.
organization to bring all agencies, public and private, into complete
co"Where will the money come from to use in the
operation with the Federal Government. They include industry, State and
necessary expenses of
municipal governments and welfare organizations. This was the task local organizations?" he was asked, when it was pointed
out that there
are no public funds available for such uses.
which he turned over to the Cabinet committee and Colonel Woods this
"The local organizations have been extraordinarily
morning.
vigorous in supplying
As to Federal co-operation. the President is said to have certain definite the money for their own organizations," Colonel Woods
replied. "That
steps in mind, among them action in Congress to lift some of the restraints is one of the great differences between now and 1921."
on expenditures for public works. In activities of the last year the Federal
Government has expended funds up to the limit allowed by the laws authorizing them. Engineering estimates and architectural designs on other Emergency Employment Committee Formed in New
projects have already been made, but the jobs themselves are awaiting
York to Push Plans to Raise Funds to Provide
the release of funds.
Work for Unemployed.
While the activities to be organized by the Cabinet committee and
With the work of New York's Emergency Employm
Colonel Woods are usually described in such terms as "co-operation" and
ent
"co-ordination," those who are responsible know that their job is
to find Committee endorsed by President Hoover, business
and
methods for producing more jobs for American wage earners, and it is
to financial leaders of the city were
called upon on Oct. 22 to
this end that they have set their thoughts.
One plan, looking to actual work for more people, has been tried out by set an example to the nation in relieving the
distress incident
the War Department in some of its flood control work on the Mississippi to employment.
At the invitation of Seward Prosser, ChairRiver. and Secretary Lamont, Chairman of the committee, predicted today that it would be recommended by the Cabinet committee. This is man of the Board of the Bankers Trust Co., more than 50
the "stagger system" whereby a greater number of men are employed on representative leaders met at luncheon on Oct.
22 and heard
a certain job, although for fewer hours.
the plans of the Emergency Employment Committe
Secretary Hurley, on leaving the White House conference, said the
e for
"stagger system" had been tried with great success on flood control work raising $150,000 weekly to be used by the Charity Organizaon the Mississippi below St. Louis. He added that he is considering ex- tion Society and the Association for
Improving the Condition
panding it as far as possible throughout the department's construction
of the Poor in providing work for the unemploy
program.
ed heads of
"Employing 2,000 men for three days a week instead of 1,000 for six families in Manhattan and the Bronx. The
luncheon, which
days would at least provide a meal ticket for the greater number," Secre- was called to start the
organization of a committee of 100
tary Hurley said.
to lead in the canvassing of funds, was
War Department to Press Work,
addressed by Mr.
The War Department, with its flood control operations and river and Prosser, Walter S. Gifford, President of the American
,
harb rs construction, has one of the largest building programs in the Gov- Telephone & Telegraph Co. and
Chairman of the Executive
ernment. Secretary Hurley said that the department expects to spend Committe
e of the Charity Organization Society,
all of its available money in a way which contemplates the actual employCornelius
Bliss, Chairman of the Board of Bliss,
ment of more persons,
Fabyan & Co., Inc.
This is the third time that Colonel Woods has been called to the driver's and President of the Association
for Improving the Condition
seat to help steer the country through some economic bog. Soon after the of the Poor,
former Governor Alfred E. Smith, William H.
World War he was pressed into service to assist in formulating plans for
Mathews, Director of the Department of
assimilating veterans returning from trench and camp to civil pursuits.
Family Welfare
In 1921 he was summoned to Washington to help devise means for taking of the A. I. C. P., and Myron C.
Taylor, Chairman of the
up the unemployment slack in the post-war deflation, and now, nine years Board of
the United States Steel Corp.
later almost to the day, he has been called back on a mission practically
President Hoover's telegram to Mr. Prosser, which
identical.
was
It is expected that among the first tasks of the Cabinet committee will be read to the members of the party,
was as follows.
that of taking a census of possible government works and then it will proI want you to express to the members of the
Emergency Employment
ceed with another survey of public utility and large industrial programs Committee
my appreciation of the high purpose which has
with a view to urging acceleration of activity all along the line.
prompted them
to undertake the task of assisting, through
your own well-organized local
A spurring up of State and municipal works and the stimulation of agencies
the unemployment problem in New York
City. Local comactual hiring wherever possible will be another immediate goal of the mittees
such as yours, who are willing to assume
organization.
responsibility, furnish an
Indispensable medium for finding employment for those
who might otherPresident Hoover considers the drouth problem, growing more pro- wise be
destitute.
flounced now in some sections with the coming of cooler weather, as parallel
The instrumentalities of our Government to-day
require and seek the
with that of unemployment. The drouth in many sections swelled the co-operation of
the leaders of business and welfare in each
unemployment figures to a great degree.
community. The
common obligation Is to find work for the needy and
to care for the destitute.
The President announced that the railroads participating in the drouth The
interdependence of all men and women particularly in
relief program have argreed to keep their half
times of depres-rate tariffs on feeds and sion must be
evident ot every clear-thinking citizen. Moreover,
the finding
live stock moving to and from the stricken areas in force until December. of even temporary
work is a real step toward our common objective
This date was set to allow the carriers and the Department of Agriculture is to assist in
which
every way we can to bring back a sound revival
of business.
to make an inquiry to determine where the emergency rates are still I have therefore
every confidence that your committee will receive
necessary.
from
your community the whole-hearted and generous
support which it deserves.
President Hoover explained that the railroads should not be called upon
In opening the meeting Mr. Prosser explained
to continue emergency tariffs in areas that no longer need them, but that
that the
they were willing to continue this measure ofrelief to sections still in distress. Emergency Employment Committee
(mention
of the forma-
OCT. 25 1930.]
FINANCIAL CHRONICLE
tion of which was made in our issue of Oct. 18, page 2445)
had been organized at the instance of Mr. Gifford and Mr.
Bliss, when, as heads of two of the largest charitable organizations of the city, saw the situation becoming so acute as to
demand urgent methods.
Mr. Prosser explained the organization which will be set
up to raise the funds needed, and asked every man present
to take an assignment for canvassing. He also explained
that the work of organizing trade groups is in progress. He
reported that already there has been an encouraging response
to a request for support from members of the New York
Stock Exchange.
Mr.Prosser also said,"I have received to-day a letter from
Governor Roosevelt, in which he says that he will favor
legislation that will provide that corporations under these
stressing conditions may make contributions towards a fund
to relieve unemployment." Mr. Prosser added.
Governor Roosevelt's attitude will be a great help to us. We also have
the agreement of the other leaders of the respective parties that they will
favor this bill. So I think there is no question that shortly after Jan. 1st..
there will be such a statute on the books. And it will be emphasized by the
fact that It is put there for one year only.
Mr. Myron Taylor said in part.
I desire to express on behalf of all those present, our great gratification
and appreciation to Seward Prosser for undertaking this important work.
It is an important work; the most important thing that we have to do at
this time. The question of unemployment being so general in the country
is one that has attracted the attention of the Governors of the States and
the President of the United States, who has seen-fit to appoint a committee
to deal with it. I am sure that there are some things that we as Individuals
and officials of corporations and of other business institutions can do to
assist in relieving this situation. If men are kept employed the need of the
service which we now contemplate will not exist. All men cannot be kept
employed, but it is a fact that in the corporations and in the large business
concerns, ancrprobably in the large business houses which are of a commercial rather than of a strictly financial character, the work can be so
rotated that all may be given a portion of a day's work. We are doing that
in the Steel corporation. We foresaw this difficulty months ago. We
began then to lay a plan by which the employees would be given a portion
ofis week's work and no man be given a full week's work. It has worked
admirably. Not only have we been able to satisfy ourselves that we were
doing a thing that would relieve the community, but we have in fact done a
thing which the workers themselves have applauded and co-operated in
heartily.
I believe that can be done throughout the country in a large way, and I
believe it is the main thing for us to undertake, wherever our influence can
be asserted in that direction. I am sure it will be effective and will greatly
reduce the relief work.
There is a feature ofthis matter that I wish to venture on,and that is that
all who are unemployed are not necessarily reduced to the point of starvation. We can work ourselves into too violent a state of mind over the unemployment question by believing that all the unemployed are in need of
actual help. Many of our unemployed have saved something in the times
that have been good. Those we will not be called upon to assist. But that
is where the work of the Charity Organization Society and the Association
for Improving the Condition of the Poor comes into such good effect. By
examining these cases and by putting our funds into their hands we are
enabled to assist only those who are really in need rather than all those who
are unemployed. I am sure that to keep those who can be kept working a
part of the work week will go a long ways toward satisfying those who otherwise would be unemployed, and I hope you will all of you give some attention in your own activities to that thought.
2633
Following is the full text of the resume of the public building program and
the changes that have come since Jan. 1 1930.
Sixty-Six Contracts Awarded.
The Treasury and Post Office Departments have been making every
effort to expedite public building construction throughout the country, in
line with the President's policy to relieve unemployment and business
depression.
Since Jan. 1 of this year, the total obligations under the public building
program amounted to $43,000,000, of which approximately $8,000,000 was
for the District of Columbia. The number of building contracts let during
this nine-month period for projects outside the District of Columbia amount
to 66.
During the first three months of the current fiscal year $12,000,000 has
been obligated. Plans have been completed or are under way by the
Treasury Department and private architects for $163,000,000 worth of
additional construction for projects in and outside the District of Columbia,
and it Is estimated that over $100,000,000 of this amount will be placed on
the market or under contract during the current fiscal year.
During this calendar year 21 buildings have been completed in the
country at large, in addition to two monumental structures in the District—
namely,the Internal Revenue Building and the centre portion of the Department of Agriculture building. The Department of Commerce building,
costing approximately $17,000,000, is nearing completion and recently
contract was awarded for the first section of an extensive building for
agriculture, involving a total limit of cost for land and construction of
$5,750,000.
A considerable amount of additional work in the District of Columbia,
not coming under the supervision of the Treasury Department, is well
under way, including the Arlington Memorial Bridge and approaches,
which is nearing completion; landscaping of the Union Station Plaza development, demolition work now under contract; the Supreme Court building,
addition to the House Office Building, and the new Botanical Gardens,
sites for which have been cleared and which are expected to be placed under
contract during this fiscal year; the George Washington Memorial Parkway,
work on which has been started; extension to the Smithsonian Institution;
and the construction of an annex to the Library of Congress,both authorized
by recent legislation.
These additional projects involve a total cost in excess of $56,000,000.
J. B. Smull President New York State Chamber of
Commerce Asks Co-Operation of New York City
Employers With City's Public Employment.
Co-operation of employers in the metropolitan area with
the public employment bureau operated by the city was
called for in a statement issued Oct. 18 by J. Barstow Smull,
President of the Chamber of Commerce of the State of
New York. Mr. Smull said:
Those who accepted invitations to the luncheon of the
Emergency Employment Committee at India House to-day
included:
"The Chamber has received a request from Edward 0. Rybicki, Director
of the New York City Free Employment Bureau, for assistance in aiding
the Bureau, which is under the direction of Commissioner Frank J. Taylor,
of the Department of Public Welfare, in securing the co-operation of
employers in the Metropolitan area. I believe that this is a matter which
merits the attention of employers generally.
"The City Bureau has on its lists a large number of highly skilled
unemployed, both men and women, and is asking only that employers of
labor will give its representatives sufficient time for an interview to
outline the Bureau's work. No interviews for prospective employers
are asked at the place of prospective employment. The Bureau offers
its own facilities at its offices at 54 Lafayette Street for prospective
employers to interview the unemployed on its lists if desired, and requests
from emplowrs only the courtesy of an interview for its agents who are
charged wifli the task of canvassing employers in an effort to place
as many of the city's unemployed as possible.
am sure that the members of the Chamber of Commerce of the
State of New York and employers generally in the New York area will
be only too willing to co-operate with the city's employment bureau in
carrying on its work."
Seward Prosser, Cornelius N. Bliss, S. Sloan Colt, Guy Emerson. Alfred Great Britain's Chancellor of Exchequer, Philip SnowE. Smith, Walter S. Gifford, Thomas Cochran, Bruce Barton, Bernard M.
den Foresees Prosperity's Return—Tells Hearers
Baruch, George Gordon Battle, George Blagden, Charles S. Brown Jr.,
in British Town Hit by Cotton Slump That DeJames Brown, Mortimer N. Buckner, Floyd L. Carlisle, Newcomb Carlton,
pression Will Pass Soon.
George B. Cortelyou, Fulton Cutting, Gerhard M. Dahl, Joseph P. Day,
Clarence Dillon, William J. Donovan, Frederick H. Ecker, James A.
From the New York "Times" we take the following from
W. Averell Harriman, George W. Hill, David F.
Farrell, C. E. Groesbeck,
Houston, Charles Evans Hughes Jr., Ralph Jonas, Nation S. Jonas, London, Oct. 21:
N. It. Loomis, Lenor F. Loree and Samuel McRoberts.
In the heart of Britain's depressed cotton manufacturing area Philip
Also Myron C. Taylor, John W. Prentiss, Charles C. Meyer, Sidney Z.
to-day that the world trade depression was "temporary
K. Morrow. George Murnane, C. M.P. Murphy, Charles Snowden insisted
Mitchell, George
in character and will be temporary in effect." He was emphatic in
F. Noyes, Samuel W. Reyburn, George E. Roosevelt, Elihu Root Jr.,
prosperity before very long.
Walter E. Sachs, Artnur J. Singer, Frederick Strauss, Walter C. Teagle asserting the present gloom would give way to
"I am not saying this because I want to cheer you up," said the ChanCornelius Vanderbilt Whitney, Harrison Williams, Bronson Winthrop
which has been severely
Clarence N. Woolley, William Gray, William M. Carson, Frank G. cellor of the Exchequer, speaking at Accrington,
believe it to be
Shepard, Hugh Knowlton, J. Norton hams,John C. Hughes, James Bruce, hit by the cotton slump. "I am saying it because I
world-wide and due
Paul G. Pennoyer, Alexander J. Peet, Ranald H. Macdonald, Edward perfectly true that this wave of depression, which is
to world causes, will pass.
Streeter, John Price Jones, O. W. Roosevelt and Paul Franklin.
"If I were speaking to you 20 years hence I am quite sure that then
we should be in this country twice as prosperous and twice as wealthy
Treasury Mellon Reveals Progress of as we now are and that the standard of life of the people would be twice
Secretary of the
Public Buildings Program—Additional $43,000,000 as high as it is to-day. The world is not coming to an end. It will go
past has been by action and
Authorized Since Jan. 1 and 21 Structures Have on progressing, but all progress in the the ebb now, but the tide will
reaction, by ebbs and flows. We are in
Been Completed.
turn and now again, and it may turn very soon."
The following is from the "United States Daily" of Oct. 16:
The Secretary of the Treasury, Andrew W. Mellon, announced Oct. 15
that, in accordance with the President's program for relief of unemployment
and the business depression, every effort was being made to expedite public
building construction throughout the country. Since Jan. 1, he said,
additional commitments for cohstruction involving an outlay of $43,000.000
have been made, and further contracts will be let before the end of the
calendar year.
Mr. Mellon reported that 21 buildings in various parts of the country
have been completed in the country outside of Washington, while the Internal Revenue Building and the new central portion of the Department of
Agriculture have been completed at the National Capital.
Secretary Mellon also announced on Oct. 15 the completion of negotiations for the purchase of the so-called Van Buren station site for the proposed post office in Chicago, which was said to be planned as the largest
public building in the world.
Unemployed Insurance in U. S. Covers 160,000 Workers
According to Dominick & Dominick.
Unemployment insurance In the United States now protects about 160,000 workers, or a negligible fraction of the
total number of wage earners, according to the review
issued Oct. 18 by Dominick & Dominick. The review says:
While the American Federation of Labor opposes action designed to
force employers to adopt unemployment insurance and criticizes the
European systems in which the Government contributes to the unemployment fund, there is nevertheless a growing demand for some form of
protection against the losses occasioned workers by involuntary unemployment.
2634
FINANCIAL CHRONICLE
[VoL. 131.
In this country there are now operative three systems of unemployment
-Day Week Rejected by Southern Railway Federated
Insurance. One is the trade union out-of-work benefit plan, which is at 5
present shared in by some 35,000 wage earners. A second is the company
Crafts.
plan in which the employer contributes the entire amount of the unemThe following from Knoxville, Tenn., Sept. 23, is from the
ployment fund, which now applies to about 9,000 workers. Third, and
of greatest importance, is the joint insurance plan, in which both New York "Times":
employers and employees contribute. A form of this plan was recently
Southern Railway federated crafts, representing 8.000 workmen, have
adopted by the General Electric Co., and with the addition of this rejected by a vote of4 to 1 the proposed five-day workweek. Headquarters
company's workers, the number of wage earners protected by this system of the Southern at Washington have been advised of the action.
totals about 115,000.
Of the joint contribution plans, the agreements of the Amalgamated Foreign
Holdings of United States Steel Corp. Shares.
Clothing Workers in the Chicago, Rochester, and New York districts cover
The United States Steel Corp. in its quarterly report of
50,000 workers. Under these agreements, employers contribute 11
/
2
% of
the total weekly payroll to the unemployment fund and deduct 11
/
2
% of the holdings of its stock abroad, shows a moderate rise in the
each worker's earnings for the same purpose. In the event of unemploy- foreign ownership of its common shares and a decrease
in
ment, workers are entitled to 30% of their full time earnings for a that of its preferred, which, while
slight, nevertheless brings
maximum period of 3% weeks in each of the two slack seasons which occur the total
to the lowest it has ever been. The common held
annually in the clothing industry.
abroad at Sept. 30 1930 amounted to 173,824 shares, as
The General Electric Co. plan, now available to about 65,000 workers,
Is very similar, though employees contribute but 1% of their earnings, compared with 170,803 shares at June 30 1930 and 176,485
and only when their wages amount to 50% or more of average full-time shares at Sept. 30 1929. The holdings of preferred have been
earnings. The company contributes an equal amount. Unemployment as follows: at Sept. 30 1930, 93,937 shares; at June 30 1930,
payments are on the basis of 50% of full-time earnings, but not more 95,213 shares and at Sept. 30 1929,94,724 shares. A marked
than $20 a week after the first two weeks of unemployment.
contrast may be observed between these figures and those
During recent months a number of industrial leaders have expressed the of Sept. 1914 when owners in foreign countries held 1,231,968
belief that there is as great a need for insurance against lose of earnings shares of common and 309,875 shares of
preferred. Below
due to unemployment as for insurance against accidents or loss of health. we furnish
a detailed statement of the foreign holdings at
While there is widespread opposition in this country M the adoption of a
various dates since 1914.
government supported unemployment insurance plan, similar to those in
operation in European countries, there appears to be a steadily increasing FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION.
body of opinion in favor of some practicable system of alleviating the
Sept. 30 Sept. 30 Dec. 31 Dec. 31 Dec. 31 Dec. 31 Dec.31
condition of those who are involuntarily unemployed.
1930. 1929. 1929. 1928
1927. 1926. 1914.
Common Stock.
Africa
183
198
125
178
178
183
2
Algeria
340
Argentina
32
-236
122
22
) --io
1:
8
Australia
189
192
198
198
27
233
3
Austria
3,350 2,285 2.210 2,643 4.095 2.737
690
Azores
3
1
__
Belgium
2,661 2,523 2,645 2,513 2,50
.
2
,296 a;Sei
Bermuda
150
144
150
140
150
100
46
Bolivia
11
1
1
1
Brazil
-§5i
278
212
207
226
164
--la
British India
17
Canada
46;38 887.631 687.88 81:538 42.574 29r.121 54,259
Central America
290
244
391
456
361
260
382
Chile
340
326
373
331
372
235
8
China
40
35
34
39
50
34
13
Colombia
18
1
1
1
1
1
Denmark
10
43
36
36
18
26
Ecuador
3
2
Egypt
119
60
69
__
--60
England
43,932 37,455 37.968 36,099 48.513 29.315 110,621
Finland
4
France
12.679 13,337 12.937 13:074 14.315 9.937 64;iit
This is the second time the Commission has found it necessary to take Germany
1.249
860
885 1.271
880
663 2,664
steps to control the broadcasting of advertising matter, it was explained at Gibraltar
100
56
51
3R
--58
51
6
the docket section. but the Commission previously has never acted against Greece
ylniland
41,640 45,497 42,544 44,080 48.991 36,168 342,645
the operator of a station. Last January a stipulation was signed by a Hungary
24
1
15
tobacco manufacturer whose activities in advertising cigarettes were India
14
14
--ii
14
--38
--ii
Ireland
439
claimed to be fraudulent and misleading.
348
343
134 CHI
250
298
Italy
891
811
855
500
734
703
146
The Commission's statement follows in full text:
Japan
96
46
46
46
49
24
6
A corporation operating a radio broadcasting station and acting as Java
7
7
7
8
---agent for other individuals and corporations in advertising and selling Luxembourg
33
33
33
29
1
Malta
56
56
56
56
merchandise, and an individual selling and distributing paints as well as
56
40
--ti
Mexico
1,001
34
36
24
92
21
800
a corporation manufacturing paints, signed a stipulation with the Federal Norway
108
76
76
84
74
60
70
Trade Commission agreeing to discontinue several misrepresentations.
Peru
14
11
11
18
5
- -Poland
28
1
1
---553
-598
Practices Now Forbidden.
Portugal
----166
--16
---§
---g
---14
These respondents jointly agreed to stop such practices as the following Rumania
---9
7
Russia
4
6
4
4
4
3
10
Describing products so as to imply that they are composed of pure lead Scotland
2.809 2.719 2.735 2.884 3.814 3.037 4,208
sulphate and zinc oxide or that they are composed of pure lead or zinc. Servia
2.158 1.63 1:385 1,28.5 1 J02
when such is not the fact; advertising so as to imply that its products are Spain
-879 1,225
783
673
689
579
557
385
composed of pure linseed oil, when such is not the fact: advertising that Sweden
2,163 1.827 2.680 2.078 2.076 2.229 1,470
Switzerland_ -- products are put up in full weight and measure, when such is not the fact, Syria
5
and that they are sold direct from manufacturer to consumer, when such Turkey
219
- ig
-Eio
-iig
-iig
-i§i
--lb
Is not the fact, and printing purported analyses of their articles which do Uruguay
s
Venezuela
3
3----- 5
--le)
not accurately state the contents thereof.
Wales
(Names of individuals or firms, signing stipulation agreements are not West Indies_--8,i88 8 At 87,66§ 57.85'i 67,50 3r:811 1,872
---mentioned in the Commission's press releases or publications, but the No address
-------- - 3
facts in each proceeding are presented to show methods of competition
Total
173.824 176,485 182,150 168,415 177.452 123,090 1.193,064
condemned by the Commission as unfair, for the guidance of industry
Preferred Stock
and protection of the public.)
Africa
104
354
104
392
392
393
58
Algeria
75
Argentina
-- 15 --18 —56 --18 --18
Australia
60
60
60
60
60
90
Shop Work Stopped by New York Central—Heavy Austria
484
453
498
538
476
483
410 2,086
120
120
Repairs of Cars Suspended Until Nov. 3—About Azores
120
120
120
120
Belgium
640
548
570
604
619
614
-697
6,000 Men Affected.
Bermuda
620
520
520
647
747
747
21
Brazil
4
------------81
------The following is from the New York "Times" of Oct. 16: British India..
81
25,058 24.110 2672.38 26.222 27i86 28:066 34,673
- .
The New York Central Lines ceased heavy repair work in their shops on Canada
Central America
24
146
Saturday and will discontinue this work until Nov. 3, it was learned yes- Chile
--,1
--H
--32
--ki
--Di
15
12
terday. About 6.000 men will be released from work during this period. China
136
132
136
136
138
139
42
5
8
5
are at Harmon, West Albany, Depew, East Buffalo, Elkhart Colombia
5
5
The shops
5
Denmark
255
217
217
265
260
260
—40
and Bucyrus. The shops at Elkhart and Bucyrus are to be closed as obsolete Egypt
11
11
11
5
--------140
and their operations transferred to Collinwood, near Cleveland.
England
34,543 32,264 32.132 35.354 38.098 42.0.39 174,906
The shop work curtailment Is due to the decline in railway traffic, re- France
10.013 11,144 10,658 13,088 17.156 14.337 86,749
1,071 1,102 1,091 1.081
1.080
961 3,252
sulting from current business conditions and the consequent decrease In Germany
Greece
13
13
13
18
18
5
88
the use of equipment, and hence of repairs to equipment. Only light re- Holland
9.810 10,729 10,369 10.570 11.120 11.040 29,000
pairs will be made at the shops affected during the period.
Hungary
7575
75
---Railroads in different parts of the country have released shop employes India
-866
596
616
596
616
-616
52(
561
514
533
523
756 4:119
for two weeks or more. The Inter-State Commerce Commission's re- Ireland
Italy
1,432 1.419 1,385 1,449 1,579 1.724 1,678
ports show that railroad employment reached its lowest ebb for a year in Japan
1
1
1
1
1
1
81
July. Class I railways numbering 161 reported 1.531.711 employes in July Luxembourg
63
63
63
63
83
63
88
against 1,564,277 in June and 1.744.896 in July. 1929. Payrolls for the Malta
80
"ioi
Mexico
11 --ig --15 --48
66
154
235
respective periods totaled $217.885.133. 2218,044,256 and $254,894,891.
Morocco
7
--H
--ii
--i§
Norway
--i§
--ii
--ii
27
Poland
2
2
3
Central Vermont Railway Shops for the First Time Peru
___---___
------6
Portugal
---------------120
This Year on Full-Time Basis.
Russia
7
7
7
7
9
9
43
Scotland
1.483 1,417 1,442 1.455 1,305 1.648 13,747
An Associated Press dispatch from St. Albans, Vt., Oct. 13 Serbia
220
Spain
if i
-iA§
403
-82
.
-75r
7
-1347
stated:
432
Sweden
717
717
722
753
753
749 1,137
George A. Gaston, Vice-President of the Central Vermont Ry., an- Switzerland
2.018 3,718 3,488 3,746 3.804 2.606 2,617
nounced to-day that for the first time this year its car and locomotive Turkey
100
100
100
100
105
105
100
shops are being operated on a full-time basis. The placing of the shops on Wales
- 1068
,
2.737 3,1.
e 2.8": 7 3
1
- .592 33,387 3:542
'i
a full-time basis affects more than 300 men in St. Albans alone, more than West Indies
874
80% of whom are married and have families dependent upon them.
Total
93,737 94,724 94.524 101,942 111.262 112.562 809,457
Federal Trade Commission Moves to Control Radio
Advertising—Broadcaster and Distributor of Paints
Agree to Discontinue Practices That Brought Complaint—Similar Agreement Previously Had Been
Signed by Manufacturer of Cigarettes But No
Station Was Party.
Charging misrepresentation, the Federal Trade Commission has taken its first action against the operator of a
radio broadcasting station, the Commission announced Oct.
19, and a stipulation has been signed under which the operator agrees to discontinue certain practices. This is learned
from the "United States Daily" of Oct. 20, which likewise
said:
Ocr. 25 1930.]
FINANCIAL CHRONICLE
2635
An Associated Press dispatch from Chicago Oct. 22 had
back for a long series
The following carries the comparisons
the following to say.
of dates:
pay
PREFERRED.
A movement of the Railway Brotherhoods for a six-hour day without
COMMON.
Shares. Per Cent. reductions was regarded as untimely by two railroad presidents attending a
Date.Shares. Per Cent.
Date.8.67
312.3.1
1914
Mar.
Mar. 31 1914......._1,285,636 25.29 June 31 1914
312.832 8.67 conference of industrial leaders to-day.
30
e A.
1,274,247 25.07
June 30 1914
309.875 8.60
"This is a mighty poor time to ask any such thing." said Lawrenc
1,231.968 24.24 Sept. 30 1914
Sept. 30 1914
8.59 Downs, President of the Illinois Central system. He said the railroads
309.4.57
1.193.084 23.47 Dec. 31 1914
Dec. 31 1914
305,005 8.55
l salaries this change would require."
1,130,209 22.23 Mar. 31 1915
Mar. 31 1915
8.41 "have no money to pay the additiona
303,070
ent of more
957.587 18.84 June 30 1915
June 30 1915
He expressed belief that a cut in working hours and employm
8.26
297.691
826,833 16.27 Sept. 30 1915
Sept. 30 1915
7.62 men would not have the desired effect of creating jobs for Idle men.
274.5138
13.70 Dec. 31 1915
606,631
Dec. 31 1915
Fee RR.,said
7.27
262.091
W. B. Storey, President of the Atchison, Topeka & Santa
634.469 12.48 Mar. 31 1916
Mar. 31 1918
171.096 4.75
e their divisions to accommodate a six-jour day.
Sept. 30 1916----- 537,809 19.68 Sept. 30 1916
156,412 4.34 railroads could not rearrang
Dec. 31 1918
502,632 9.89
Dec. 31 1916
4.21
151.757
9.72 Mar. 31 1917
494,338
Mar. 31 1917
142.226 3.94
181,342 9.45 June 30 1917
June 30 1917
3.59
140.039
-St. Louis - San
30 1917
Lines
477,109 9.39 Sept.
Sept. 30 1917
3.88 Roads Compete with Pipe
140.077
Dec. 31 1917-....._ 484,190 9.52 Dec. 31 1917
140,198 3.90
9.58 Mar. 31 1918
Francisco and Missouri-Kansas-Texas Make the
485.708
Mar. 31 1918
149,032 4.13
9.66 June 30 1918
491,184
June 30 1918
147.845 4.10
First Move to Hold Their Gasoline Traffic-Pro495.009 9.73 Sept. 30 1918
Sept. 30 1918
148.225 4.11
Dec. 31 1918
491.580 9.68
Dec. 31 1918
pose Reduced Rates.
149.832 4.16
493,552 9.71 Mar. 31 1919
Mar. 31 1919
146.478 4.07
Oct. 22
9.15 June 30 1919
485.434
June 30 1919
From Tulsa, Okla., the "Wall Street Journal" of
30 1919-- .- 143.840 3.99
Sept. 30 1919-- 394,543 7.76 Sept. 31 1919
138.566 3.84
368.895 7.26 Dec.
reported the following:
Dec. 31 1910
3.54
127.562
348,036 6.84 Mar. 31 1920
gasoline
Mar. 31 1920
3.46
124.346
The first move upon the part of the railroads to compete with
8
342.5 7 6.74 June 30 1920
June 30 1920
/4
)
3.?9
the Chicago
118.212
323,438 6.36 Sept. 30 1920
pipe lines for the traffic from the Mid-Continent refineries to
Sept. 30 1920
111.436 3.
31 1920
o and the Missouri
292.835 5.76 Dec.
Dec. 31 1920
2.9e territory has been made by the St. Louis-San Francisc
100.761
5.69 Mar. 31 1921
289.444
Mar. 31 1921
105.118 2.91 Kansas-Texas railroads.
5.68 Jane 30 1021
288.749
June 30 1921
these
2.87
103.447
J. R. Koontz. Vice-President of the St. Louis-San Francisco states
285,070 ..,.60 Sept. 30 1921
Sept. 30 1921
128.818 3.58
establish a rate on gasoline only to
5.50 Dec. 31 1921
280,026
Dec. 31 1921
3.55 carriers have submitted a proposition to
128.127
Mar. 31 1922
27H cents per 100
280,132 5.51
Mar. 31 1922
3.43 Kansas City 18 cents, St. Louis 22 cents and Chicago
123.844
5.41 June 30 192^
275.098
June 30 1922
123.710 3.43 pounds, from zone of the threatened pipe line competition as follows;
5.32 Sept. 30 1922
270,794
Sept. 30 1922
Fair3.36
121.308
30 1922
Sapulpa. Tulsa, Muskogee, Boynton, Okmulgee, Covington,
261,768 5.15 Dec.
Dec. 30 1922
119.738 3.32 Bristow,
Wichita, Neodesha,
239,310 4.70 Mar. 29 1923--. __ 117.631
Mar. 29 1923
3.27 mount, Enid, Sand Springs. Arkansas City, Augusta,
e. Tulsa, Cushing,
4.07 June 30 1923
207.041
June 30 1923
118.435 3.29 Joplin, all St. Louis-San Francisco stations; Muskoge
210.799 4.14 Sept. 30 1923
Sept. 30 1923
113,155 3.10 Yale, Cleveland, Coffeyville, Chanute and Joplin, all Katy stations.
Dec. 31 1923.- 203.109 3.99 Dec. 31 1923
3.14
owned or under
112.621
31 1924
3.96 Mar.
These rates are to apply only on shipments in tank cars
201.636
Mar. 31 1924
3.12
112,191
to be paid on the car while
203.059 3.99 June 30 1924
June 30 1924
3.01 lease to the shipper and no mileage allowance is
111.557
3.97 Sept. 30 1924
231.691
Sept. 30 1924
3.19 under load. The proposition as submitted will be considered by all carriers
111.7.39
198.010 3.89 Dec. 31 1924
Dec. 31 1924
111,463 3.10 and after such consideration referred to the Inter-State Commerce Com3.85 Mar. 31 1925
195.689
31 1925
Mar.
only via
3.10
2.50 June 30 1925
its review and approval. Rate to Chicago to apply
12,.335
June 30 1925
112.679 3.12 mission for
and Katy.
127.078 2.50 Sept. 30 1925
Sept. 30 1925
113.843 3.16 St. Louis and connections of the Frisco
2.35 Dec. 31 1925
119.414
under construction from
Dec. 31 1925
3.13
112.844
The Great Lakes Pipe Line Co. now has a line
122.008 2.40 Mar. 31 1926
Mar. 31 1926
111.908 3 10 Barnsdall and Ponca City to Chicago and Milwaukee via Kansas City.
12e.020 2.53June 30 1926
June 30 1026
112.822 3.12
The Frisco-Katy proposal is taken as a
2.43 Sept. 30 1926
-.
Sept. 30 1928
3.14 Des Moines and adjacent cities.
112.562
2.52 Dec. 31 1926
for the gasoline traffic.
Dec. 31 MG.__ 123.090
113.478 3.15 direct reference to this impending competition
2.37 Mar. 31 1927
120.348
Mar. 31 1927
their comments on the action
113.432 3.15
Mid-Continent refiners were not open in
2.36 June 30 1927
168.018
June 30 1927
112.835 3.19 of the railroads, although some expressed the belief that had the railroads
173.122 2.43 Sept. 30 1927
Sept. 30 1927
8
111.262 3.0
ures for pipe lines might have been
177.452 2.49 Dec. 31 1927
Dec. 31 1927
112.385 3.19 acted more quickly, the great expendit
2.62 Mar. 31 1028
1R7.('06
Mar. 31 1928
110.023 3.06 made unnecessary.
180.829 2.84 June 30 1928
June 30 1928
of the St. Louis-San Francisco,
3.03
109.626
175.039 2.96 Sept. 30 1928
J. W. James. Tulsa traffic representative
Sept. 30 1928
101.942 2.83
proposal, the railroads intended to help maintain the
166.415 2.34 Dec. 31 1928
Dec. 31 1928
2.82 said that in making the
101,627
threatened extinction'
173.920 2.44 Mar. 31 1929
Mar. 31 1929
2.68 refineries in Oklahoma. Kansas and Missouri. against
96.362
2.28 July 31 1929
183.396
July 31 1929
2.64 of companies not included in the combination which is building the Great
94.724
176.485 2.18 Sept. 30 1929
Sept. 30 1929
2.63
94.524
182.150* 2.24 Dec. 31 1929
Dec. 31 1929
2.62 Lakes line.
94.399
171.947 2.00 Mar. 31 1930
Mar. 31 1930
264
95.213
1.99 June 301930
170.803
June 30 030
Asked-Laws
2.61
93.737
173.824 2.00 Sept. 30 1930
New Railroad Legislation by Congress
Sept. 30 1930
number of shares o'
with Protection of Employees' Interests in
Dealing
In the following table we also show the
brokers and
Consolidation of Lines to Be Proposed.
the Steel Corporation distributed as between
Daily of Oct. 20 an effort
and Sept 30 1929:
Investors as on Sept 30 1930
According to the United States
Sept. 30 1930. Ratio. Sept. 30 1929. Ratio. to place new railroad legislation on the statute books, dealCommon25 25
2,034.512
18.60
dations and holding companies,
Brokers, domestic and foreign_ _1.612.599
74.75 ing particularly with consoli
6,022.315
81.40
Investors,domestic and foreign-7,056;679
of Congress despite the
will be made at the coming session
Preferred
6.48
233,617
onth period for general
7.25
Brokers, domestic and foreign__ 261,398
time available in the three-m
93.52 short
3.369.194
92.75
available
Investors,domestic and foreign _3,341,413
s, according to information made
legislative purpose
the holdings of
ce Committee. The paper
The following is of interest as it shows
at the Senate Inter-State Commer
brokers and investors in New York State:
quoted went on to say.
the Chairman of the InterSept. 30 1930. Ratio. Sept. 30 1929. Ratio.
CommonUnder special authority from the Senate,
24.10
1,941,629
17.71
1,535,545
ee, Senator Couzens (Rep.) of Michigan, has
Brokers
23.54 State Commerce Committ
1,897.018
24.81
6
2.151.20
the summer recess in preparing abstracts
Investors
employed experts to work during
ee in December.
Preferred
and digests to be laid before the Committ
5.84
210,699
6.35
228,663
Act, the COMMISSion last winter
Brokers
Under direction of the Transportation
41.30
1,488,318
41.70
1,502,512
into 21 trunk systems
Investors
announced its plan for consolidating railroads
plan was the union of the Great
of the consolidations outlined in this
One
The part of the plan was the
Northern and Northern Pacific roads.
Union Pacific Shops Resume.
resolutions were Introduced
subject of specific criticism in Congress and
of
Ogden, Utah, advices to the "Wall Street Journal"
to halt this particular combination.
e Committee. RepreThe Chairman of the House Inter-State Commerc
Sept. 29 said:
N. Y., following conferences with Mr3
ns, sentative Parker (Rep.) of Salem,
The Union Pacific System shops here have resumed full-time operatio
of a resolution directing his committee to
pointa Couzens, secured the adoption
upon tramp nation.
with 200 men employed. The road La hiring extra men at various
investigate railroad holding companies and their effect
assist in handling the fall crops.
a resolution (S. J. Res. 167)
on its lines to
Shortly thereafter, Senator Couzens introduced
approve consolidations for
to suspend the authority of the Commission to
on of railways until March 4 1931.
Rail Workers Call Parley for Six-Hour Day-Brother- the unificatito my attention that before the House investigation could be
"It came
hood Chairmen Will Confer Nov. 12 in Chicago concluded," Senator Couzens declared, "and before Congress could pass
would close the
-Comment by President adequate legislation, the horse would be stolen and we the condition of
on Spreading Employment
because of
door too late. It was for that reason, and
Committee concerning the
Downs of Illinois Central.
labor, coupled with a resolution before the
Pacific proposed consolidation, that I introThe following from Cleveland Oct. 21 is taken from the Great Northern and Northern
matter might be held in abeyduced this joint resolution so that the whole
Its intent with respect to
New York "Times".
ance until Congress had more clearly defined
General chairmen of the seven organizations which have a membership consolidations."
States
Protection for Employes.
of practically all the operating employees of the railroads ofthe United
relief
the Senate 46 to 27. took
and Canada will meet in Chicago Nov. 12 to consider unemployment
The Couzens resolution, as it was adopted by
hment of a shorter working day in order to spread work
consolidations unless the
and the estiblis
from the Commission any power to approve
a gre Iter number of men.
among
and unless competition is mainions interests of employes are first protected,
The general chairmen will come from branches of tbe organizat
Anti-Trust Act.
Canada, representing the Brotherhood tained as specified in the Clayton
throughout the United States and
Inter-State Commerce ComWhen this resolution reached the House
Order of Railway Conductors,
investigation was being conof Locomotive Firemen and Enginemen, the
mittee before which the holding company
Brotherhood of Locomotive Engineers, the Brotherhood of Railroad
the
Commission was granted authority
n Train ducted, it was rewritten so that the
s or States, municipalities
Trainmen, the Switchmen's Union of North America, the America
to make proper provisions for losses to employe
hers.
that the
Dispatchers and the Order of Railroad Telegrap
through consolidations. It was also provided
t of the Brotherhood of Railroad Trainmen,said and individuals
carriers by railroad
U. F. Whitney, Presiden
on of control in any manner of two or more
no set program of unemployment relief has been formulated, acquisiti
s, voting trusts, or other
nt companie
to-night that
six-hour day for the present by or through holding or investme
d unless approved by
except that the proposition of substituting a
persons who are not carriers by railroad, is prohibite
eight-hour day will be discussed.
the executives of the seven organizations the Commission.
report of the House Com"The meeting has been called by
This latter change, according to the minority
d. "The matter has not yet
ble only to future acquisition of
to formulate plans, if possible," he explaine
ions have mittee, makes the resolution "applica
through holding companies
taken up with the railroad executives, because the organizat
been
heretofore achieved
what should be done. That will be control." Combinations
such as the
not as yet agreed among themselves on
are permitted to continue their manipulations. Concerns
taken up at the meeting in Chicago."
111.8no
2636
FINANCIAL CHRONICLE
Allegheny Co., the Penn Road Co., and others, of which there are
many,
organized for the sole purpose of evading requirements of law,
are to continue to exercise over the carriers which have come into their webs
the
'control which they are prohibited from exercising directly.
"Probably numerous controls and combinations affected through
holding companies and trusts are violative of the anti-trust laws. The
particular vice of this part of the substitute is that it affords a means
whereby
Such unlawful combinations may be made lawful."
Commission Control Favored.
On the subject of consolidations, Senator Couzens told the Senate:
"I repeat what / said previously, that I have no objection to efficiency,
I have no objection to savings, but / reiterate that I do object that all of
the efficiency and all of the savings should be taken out of the pockets of
one group of our citizenship.
'It has been repeatedly testified that the consolidations do not mean
any reduction in freight rates. Railroad manager after railroad manager
said we may not expect any reduction in freight rates. They said, 'we
will be lucky if we do not have an increase in freight rates.' If that is so,
why all this haste to consolidate, and throw thousands and thousands of
men out of work to accomplish more dividends for the stockholders of the
railroads_ Let me make it clear that I am not opposed to dividends for
stockholders, but I am opposed to robbing one group of our citizenship
to pay those dividends.
"Mr. Willard, of the Baltimore & Ohio, than whom there is no better
railroad executive in America, testified before the Committee when asked
with respect to the probable savings in the consolidation of the Great
Northern and Northern Pacific, when it was said there would be $10.000,000 of savings, that the best figures that could be given would be
that
of that saving would come out of the pockets of the employes
of the railroads: that another
of the savings would come in the labor
performed in the production of supplies and materials which the railroads
used: so that in the aggregate,
of the savings would come out of the
pockets of labor.
"In other words, the stockholders of the Great Northern and Northern
Pacific are supposed to save $10,000,000 by the proposed consolidation,
of wnich will come out of the pockets of the railroad workers."
While the Couzens resolution as it now ends before the House makes
no specific attempt to halt the Great Northern-Northern Pacific union,
the Inter-State Commerce Commission on Oct.
ordered this case reopened in response to numerous petitions.
60%
20%
80%
$8.000,000
17,
Railroad Fuel Costs in August Lower.
The quantity and average cost of coal and oil used by
class I railroads in locomotives in yard switching and transportation train service during the months of August 1930
and 1929, compiled by the National Coal Association from
the reports of those railroads to the I.-S. C. Commission,
were as follows:
Net Tons of Coal Used..4vae. Cost of Coal (Der Net Ton)
1930.
Eastern District
Southern District
Western District
3,637,341
1,628,542
2,357,934
1929.
1930.a 1929.a 1930.b 1929.6
4,358,879 $2.38
1,866,066 1.04
2,803,211 2.56
$2.46
1.96
2.62
$1.83
1.65
2.43
61.88
1.67
2.48
United States
7,623,817 9,028,156 $2.34 $2.41 $1.98
Including direct freight charges. b Excluding direct freight charges.
62.02
Gallons of Oil Used,
1930.
Eastern District
Southern District
Western District
1929,
Ame. Cost of Oil (per Gallon).
1930.a 1929.a 1930.6 1929.b
784,358
863,202 4.11c. 3.330. 4.040. 3.11o.
1,747,398 2,037,426 2.36c. 2.380. 2.360. 2.38e.
181,936.248 206.885,454 1.980. 2.09e. 1.93e. 2.03o,
United States
184.468.004 209,786,082 1.99e. 2.10c. 1.95e. 2.04e.
a including direct freight charges. b Excluding direct freight charges.
-The averages shown, both those including direct freight charges and
Note.
thos
excluding such charges, include the coat of labor,supplies. &c., incidental
to handling
the coal.
Transamerica Corp. Organizes Corporation of America
as Affiliated Company of New Bank of America
National Trust & Savings Association.
Transmerica Corp. announces the organization of Corporation of America as the affiliated company of the Bank
of America National Trust & Savings Association, the
institution to be formed by the merger of the Bank of Italy,
with headquarters in San Francisco, and the Bank of America
of California, whose main office is in Los Angeles. The
Corporation of America, representing a consolidation of
the capital, surplus and undivided profits of the Bank of
America of California, the present Corporation of America,
which is an affiliation of the Bank of America of California,
and the National Bankitaly Co., an affiliation of the Bank
of Italy, will have a capital investment of approximately
$125,000,000. A communication in the matter goes on to
say:
FOL. 131.
Pape, former Vice-President of the Bank of America of
California, had been named Executive Vice-President of the
Americommercial Corp., a major subsidiary of the Transamerica Corp., with its headquarters in San Francisco.
His office will be at 460 Montgomery St. The paper mentioned went on to say:
Before coming to the Bank of America headquarters here Mr.
Pape was
for many years Vice-President of the First National Bank
of Berkeley
and one of the leaders in the community life in that city. He was
asiodated in both banks with W. F. Morrish, former President of the
California
State Bankers' Association.
U. S. Attorney General Mitchell in Opinion to Director
of Census Upholds Strict Secrecy Policy Respecting
Census Records.
An opinion by U. S. Attorney General Mitchell that
Director of the Census Steuart should not comply with
requests for lists of names for employment and illiteracy
studies is interpreted by the director as indicating a general
tightening up of the strict secrecy policy, say Associated
Press advices from Washington, Oct. 3, which quote Director
Stewart as saying:
"Pressure has been increasing on the Bureau from many
organizations
and business officials for information to aid them in individual research
problems. The opinion of the Attorney General that the Bureau
should
not deviate from its promise to consider confidential all information
furnished enumerators will stiffen the attitude of the Bureau."
The dispatch added:
Mr. Mitchell's opinion was asked as to whether the Director had
authority
to furnish the Women's Bureau of the Department of Labor with the
names, addresses, occupations and status of employment of workers in
Rochester, N. Y., for use in a comtemplated survey to ascertain economic
effects on family and community life of employment of women in industry.
His opinion also was asked on whether the Director had authority to
furnish to various individuals and associations interested in eradication
of
illiteracy the names and addresses of persons unable to read and write.
Information on illiteracy had been furnished several organizations following the
census under agreement that the Interested organizations pay
for the transcribing of names.
Mr. Mitchell also quoted President Hoover's proclamation of Nov.
in which he said, "there need be no fear that any disclosure will be
made regarding the individual person or his affairs"
1920
22
1929,
Minnesota Ruling Clarifies Tax. on Bank Groups
Such Holding Companies Are Held Taxable as
Ordinary Corporations
-Ruling Applies to Northwest and First Bank Stock Corps. of Minneapolis.
Holding companies which engage in group banking in
Minneasota are not banks, according to a ruling by Assistant
Attorney General W. K. Montague of Minnesota. St.Paul
advices Sept. 5 to the "United States Daily" reporting
this went on to say:
The Minnesota Tax Commission had asked his opinion relative to the
taxation
of the Northwest Bancorporation and the First Bank Stock Corp
of Minneapolis. Mr. Montague replied that these organizations are not
banks within the meaning of the State tax law, and are not mortgage loan
companies, but should be treated for taxing purposes just as are ordinary
corporations, mercantile and manufacturing incorporated outside of the
State. Both of the companies are Delaware corporations.
Double Tax Avoided.
If these organizations, which are generally known as "group
banks" were
classified as banks within the meaning of the State bank tax
laws, the result
might be that each unit bank of the group would be taxed as
a bank, and
in addition, the parent holding company subjected to a
similar tax on its
shares, according to the opinion. As foreign corporations
, they will be
required to file personal property tax returns, it is stated.
Just what other
taxes will be payable by them can only be determined as
specific questions
and cases arise, it is added. They will not have to make
tax returns of
stocks which they own in Minnesota banks, since the
tax on such shares
Is paid by the banks themselves.
The owners of the shares of the group company may have
to pay the intangible tax on credits, unless it can be established that
the property of the
group is taxable in Minnesota, the opinion says. If the
corporation has
paid taxes to Minnesota on its property, the owner
of the shares will be
exempt from the intangible tax.
Mr. Montague's opinion follows in full text:
Gentlemen:You have asked our opinion on several questions
in connection
with the taxation of the property and capital stock
of the First Bank Stock
Corp. and the Nothwest Bank Corp.
The first question is whether or not these corporations
are "banks" or
"mortgage loan companies" within the meaning
of Mason's
Minnesota
Statutes, Sections
providing a special method of taxing
such corporations. These sections do
not of themselves define the word
"bank."
1927
2026-1, 2029-5,
Bank Definition Given in General Statule3.
In creating this organization, a new wholly owned securities company
General Statutes
has been formed under the title of Bankamerica Co. At the same time
Section
defines it as follows:
A 'bank" is a corporation having
the name of the former securities affiliate of the Bank of Italy will be prea place of
credits are opened by the deposit of money business In this State, where
served by establishing a new company designated as National Bank
or currency, or the collection
- of the same, subject to
be paid or remitted on draft, check or order,
Italy Co.
and
where money is loaned or
Corporation of America will be identical in ownership and operation or promissory notes, andadvanced on stock,bonds bullion, bills ofexchange
where the same are received for discount or
sale.
with Bank of America National Trust & Savings Association and will be A "savings bank" Is a corporation managed by
disinterested trustees,
solely authorized to receive and safely invest
under the same management.
the savings of small depositors.
Eveyr "bank- or "savings bank" in
ther suprevision and subject to thethis State shall at all times be under
control of the public examiner, as
provided by
of the Revised Laws
G. L. Pape Named Executive Vice-President of Amer-- corporations,Section
and when so conducted said business relating to financial
shall be known as
"banking."
Commercial Corp., Subsidiary of Transamerica
The term "mortgage loan company" is self
explanatory. Provision is
Corp.
made for the incorporation of such companies
under General Statutes
and
According to the San Francisco "Chronicle" of Oct. 16, Sections
In the letters which you have submitted with
your inquiry the Norththe Transamerica Corp. on that day announced that G. L. west Bank Corp.
states the nature of its business as follows:
1923,
2968
7436
7796.
7636,
(7640)
1923.
OCT. 25 1930.]
FINANCIAL CHRONICLE
2637
g facilities are trementhe same. Nevertheless, our full-fashioned knittin
est Bank Corp. is to acquire,
"The nature and purpose of the Northw
dously expanded.
and other financial corporations:
almost 200% in 10 years.
own, and control stocks of various banks
"Full-fashioned hosiery mills have grown
est Bank Corp."
and high-speed machines are
these stocks are owned outright by Northw
Equipment has increased more than 500%,
times
grew 4
Bank Stock Corp. states:
The First
of stock one-half of all current installations. Full-fashioned sales
confined mainly to the acquisition
a recent six-year period
So far our activities have been
as all hosiery sales from 1919 to 1927. In
sometimes through cash purchase,
of only 18%
banks and other financial institutions, the stock of banks about to be as fast
In
ion doubled, as against a gain
stock for
sometimes by exchanging our information the affiliated banks, with one full-fashioned yearly product
acquired. . . . For your
or indirectly by stock for all manufactured products.
ently, will be to perfect
are controlled by us either directly
exception,
"Another function of the Exchange, consequ
ownership.
of quality manufacturing,
still more economical and effective methods
"Holding" Corporations.
hosiery. Market
Articles Show Both
and expand markets for full-fashioned
ration of both corporations and and to develop
will be used to improve
We have examined the Articles of Incorpo
corpora- study, budgets and master operating plans also
the corporations will be "holding"
find that they contemplate that
y situation."
The best statement of their the ga.neral industr
tions as that term is generally understood.
rial divisions
ng paragraph of the Articles
The organization plan recognizes six territo
corporate purposes is contained in the followi
,
Corp.:
of Incorporation of the Northwest Bank or otherwise, and to own and hold, in the full-fashioned manufacturers' group, Philadelphia
certifiTo acquire by purchase, subscription
stock, scrip or any voting trustby any
, Southern, and Western.
for investment purposes, the capital
Reading, Eastern, Southeastern
issued or treated
cates in respect of the shares of capital stockor association created and
Vice-President
will have on the board of directors a
moneyed, financial or investment corporation
United
ed, under the laws of theissue in Each
organized, or to be created and organiz
on. Other sections of
; and to
man of his divisi
territory thereof
States of America or of any State orstock of this corporation; and while who will be Chair
exchange therefor shares of the capitalof capital stock, scrip or voting trust membership are the machine, yarn, dye, needle and investthe holder or owner of any such shares respect thereof any and all rights,
in
consumer will
certificates, to possess and exercise including the right to vote thereon.
ment bankers' groups. "The trade and the
powers and privileges of ownership,
Exchange
" within the meanequally as a result of the improvement the
that such corporations are not "banks
benefit
It is our opinion
ge loan companies. They
ing of our bank tax law. Neither are they mortga companies but that does plans to bring about," said Mr. Armstrong.
loan
acquire and hold stocks in banks or mortgage
ed Hosiery
or a mortgage loan company.
The organization committee of the Full-Fashion
not make the holding corporation either a bank
banks without
corporation may purchase stock in
es:
A trust company or other
Exchange also includ
of our statute.
Berkshire Knitting Mills,
itself becoming a bank within the meaning
Ferdinand Thun, Chairman, President of the
Other Foreign Companies.
Two Are Taxable as
Reading, Pa.
Co., Philadelphia.
are taxable as other ordinary
William Meyer, President, Apex Hosiery
We believe that both these corporations
C. Aberle Co., Philadelphia.
personal property tax return
Gustave C. Aberle, Treasurer, H.
foreign corporations. They should make the
s of taxation
of Hosiery Co., Milwaukee.
return for purpose
11. A. Fr:schl, Vice-President, Holepro
required of corporations. They need not
Kayser & Co., New York City.
which are subject to the MinLaurance Mayer, Vice-President, Julius
stocks which they hold in Minnesota banks
nt, Mock, Judson & Voehringer, Greenspaid by the bank, is a tax against
John K. Voehringer, Jr., Preside
nesota bank stock tax. That tax, though
exempts such shares from further boro, N. C.
the shareholder, and the payment of it
Richmond Hosiery Co., Roseville, Ga.
Garnett Andrews, President,
taxation.
Jurson & Voehringer, New York City,
the situs, for purposes of taxation
Nathaniel Judson, Secretary, Mock,
Questions will undoubtedly arise as to
and other securities held by these
Organization Secretary.
In the State of Minnesota, of stocks
financial companies located outside
corporations in State banks or other
to be disposed of as they arise and
the State. These questions will have
Transfer Tax Receipts in September
s of doing business adopted by the New York Stock
on full information as to the method
.
for Same Month Last Year—Grain as
facts and circumstances bearing thereon
Below Those
corporations and other pertinent
of the shares of capital stock of
Your next question is as to the taxability
Compared with August.
thereof. Under our laws
corporations in the hands of the owners
these
for the month of September
and credits. G. S. 1923,
Stock transfer tax receipts
shares of corporate stock are taxed as moneys
M. Lynch, ComSection 2337, defines credits as including: property of which is not assessed totaled $1,623,336, according to Thomas
All shares of stock in corporations the
Taxation and Finance. This is a drop of apor taxed in this State.
missioner of
ts for the same month
Tax Not Placed Also on Shareholders.
proximately $2,500,000 from the receip
s the sum of
to determine what part of
Many difficult questions arise in attempting
ago when the State added to its coffer
in this State in order to a year
the property of the corporation must be taxed
it is a slight increase above the total of
thereof. Without exact
,026, but
exempt the shares in the hands of the holders question and the propor- $4,052
this year. This is the
in
$1,282,185, collected in August of
Information as to the assets of the corporations
in Minnesota, it is impossible to
tion of the total assets which are taxable
l months that a gain over the previous month
may be that by this method of first in severa
give a definite answer to your question. It
ts from this tax which is in
corporations in question (other th.n has been recorded in the receip
doing business all the property of the
the transfer or sale
s situs in this State which
exempt property) has been given a busines
form of a stamp tax of two cents on
their
the
would support taxation thereof.
of $100 par value or fraction thereof.
that if substantially all of the of shares of stock
The most definite answer we can give is
their exempt property) is subject
property of these corporations (other than
Year Endof such corporations should not
to taxation in Minnesota, the shareholders
Tax Collections in New York State in
policy of the State to tax both a Bank
be taxed on their shares. It is not the
1930 Exceed Those of Year Ago.
ing Sept. 30.
also the sharehelders on the interest
corporation on its entire property and
Department of
a corporation has paid a tax
Collection of the Bank Tax by the State
therein as represented by the stock. When
ion, and, thereby
obligat
property, the State considers that its tax
for 1930 now totals $10,975,980 as
on all its
Taxation and Finance
has been discharged.
also, the tax obligation of its stockholders,
$8,334,407 for 1929, according to announce-
Full-Fashioned
Industrial Exchange Proposed for
Hosiery Interests.
compared with
by Thomas M. Lynch,
ment made at Albany on Oct. 11
ents an
Commissioner of Taxation and Finance. This repres
$2,641,573 above last year's and with several
increase of
the final total will go
banks yet to make their payments
the period
the figures given out Oct. 11 which were for
above
30. These financial institutions, all small
ending Sept.
of time in which to make
ones, have been granted extensions
s for this year. The tax is payable Sept. 1. The
final return
00,000 indusThe full-fashioned hosiery interests, a $300,0
the United
are to have the first industrial exchange in
try,
headquarters in Chicago, at 230
States, with executive
or of orNorth Michigan Avenue, Julian Armstrong, direct
on Sept. 8. It is stated that 100
ganization, announced
E. Rut- announcement of Commissioner Lynch, says:
leaders in the field already have enrolled. George
by the State under Article 9B and 9C of the
This bank tax is collected
go, Vice-President of the Wayne Knitting
ledge, of Chica
in under Article 9B is in the form of a
l, Vice-Presi- Tax Laws. That money taken
trust companies end financial corporations.
Mills, is organization Treasurer. M. A. Fresch
franchise tax on State banks,
the other and last toe rate of 43i%. with a minimum tax of $10, but not less than
dent of the Holeproof Hosiery Co., Milwaukee, is
domestic corporations for the
d
sts on the organiza- one mill on the dollar. It is imposeinoncorporate or organized capacity
representative of the Middle West intere
a
ses
privilege of exercising their francni
ry Exchange
the privilege of doing business in New York
tion committee. The Full-Fashioned Hosie
and on foreign corporations for
net income for the
rong as the first practical State. The measure of the tax is the apportioned entireoned issued capital
is characterized by Mr. Armst
on the apporti
preceding calendar year or a miniumurn
ry
date this year from 404 such
answer by industry to President Hoover's urge that indust
The total collected under this article to
Mr. stock. ions is $7,554,850 as compared with $5,522,108 in 1929.
Institut
and business set up machinery for self-government.
Article 90 of the Tax Law is in
The money gathered by the State under
and
Armstrong is quoted as saying:
National banks in the State and is based
by all the unfavor"The industry has expanded so fast it is confronted
0,000 industry, involving
able results of unorganized growth. It is a ;300,00
than ever before.
some 300 mills. Its leaders face greater responsibilities
l
rs, buyers, retailers
Wholesalers, machinery makers, raw materia produce
e plant capacity, seasonal proand operatives also are affected by excessiv
ized price situations
s,
duction and employment, increased holdover disorgan
and bad trade practices.
by the Exchange's adoption of
"They will benefit directly and greatly
ds of practice and manuuniform trade customs and usages and standar
facturing.
ged by supplying quotations
"Trading between members will be enoeura
as well as expeditious means for
on stocks and regulation market reports,
will operate as any other correctly
settling trad? disputes. The Exchange
others, will have the power to
conducted trade board and, like these
Exchange rules.
suspend or expel members violating
a marketing agency in the disposal
"The Exchange also will operate as
hcuse between members in the sale
of excess stocks and sot as a clearing
of unfinished hosiery.
and the supply at least normal,
"The world demand for silk is slack,
large. The cotton situation is substantially
so the carryover is unusually
the form of an Income tax on
ng calendar year at tne rate of
measured on the net income of the precedi
paid the State $3,421,129
4.3i%. This year the 512 National banks have
as against $2,812,299 a year ago.
by the State which will show an
Toe bank tax is one of the few levied
officials of the department. They
increase for the year according to
for call money last year was so high
ascribe this to the fact that the rate
that banks showed a greater margin
during the major portion of the year
was paid on the net
then was anticipated, and thus more tax
of profit
income of all banks.
the banks are located will benefit from
The State and localities in which
d. The State retains all the money
this increase in the amount collecte
l institutions under Article 9B,
d from foreign banks and financia
collecte
taken in from the domestic instituwhile the localities get all that money
the National banks under Article 9C.
tions and also all the tax collected from
York City and Buffalo are treated as
In the collection of the tax New
of the counties in which they are located.
separate units and not es part
in these two large cities, according to the
Money received from the banks
ers. The revenues received from the
law, is paid back to the city treasur
s, exclusive of the five counties making
financial institutions in the countie
of Erie County in which Buffalo is
up Greater New York end that section
2638
FINANCIAL CHRONICLE
located, are paid to the various country treasurers
where the banks aro
located and are then disbursed to the various tax districts
in each county
In the proportion which the aggregate assessed
valuations of each tax
district bears to the aggregate assessed valuation
of all the districts in the
county.
The following table shows by counties the number
of banks paying under
each article of the law and the amount collected
. The amounts paid by
Buffalo and New York banks also are shown. The
item "New York State
Treasury" represents money destined for the
State treasury which is paid
by financial corporations and foreign banks under
Article 9B.
BANK TAX COLLECTIONS FOR THE YEAR 1930,
BASED UPON
VALUATIONS OF 1929.
County.
Albany
Allegany
Broome
Buffalo City
Cattaraugus
Cayuga
Chautauqua
Chernung
Chenango
Clinton
Columbia
Cortland
Delaware
Dutehess
Erle
Essex
Franklin
Fulton
Genesee
Greene
Hamilton
Herkimer
Jefferson
Lewis
Livingston
Madison
Monroe
Montgomery
Nassau__
New York City
New York State Treasury
Niagara
Oneida
Onondaga
Ontario
Orange
Orleans
Oswego
Otsego
Putnam
Rensselaer
Rockland
St. Lawrence
Saratoga
Schenectady
Sehoharie
Schuyler
Seneca
Steuben
Suffolk
Sullivan
Tinga
Tompkins_
Ulster
Warren
Washington
Wayne
Westchester
Wyoming
Yates
Banks.
6
9
6
5
9
2
9
2
Article 9-B.
235,818.53
6,025.22
17.743.37
447.672.53
10,627.77
4,372.52
22,687.45
18,315.69
Banks.
6
8
6
5
5
7
13
Article 9-C.
$60,863.32
3,545.68
11,057.94
10,274.38
6,917.13
6.921.34
26,278.44
10,409.46
11.778.54
9,096.26
8,113.50
6,966.86
8,440.86
20,980.52
8,113.32
5,422.97
6,707.11
9,654.86
1.863.14
4,471.94
39.96
14.187.33
10,894.73
3,712.25
3,591.82
4,625.00
7.013.93
22.168.06
37,400.48
2,712,203.97
[Vol. 181.
Rome C. Stephenson, New President of Americ
an Bankers Association, in Article in "Savings Bank
Journal" Predicts Further Movement Toward Branch
Banking—Would Admit Mutual Savings Banks
to
Federal Reserve System.
Rome C. Stephenson, newly elected Preside
nt of the
American Bankers Association, made his first
public statement Oct. 2 in the "Savings Bank Journal." In
a signed
article he discussed the bank of tomorrow, predict
ing a
further movement toward branch banking and
consolidations into larger units. He also stressed the
need of admitting mutual savings banks to the Federal Reserv
e System. Mr. Stephenson says:
"The future of the independent bank is one of
the favored subjects of
conversation. Whether it will survive the trend toward
larger units is
debated vigorously. Branch banking and group banking
have enjoyed a
2
remarkable growth in the last few years, and
though they have existed
11
only a comparatively short time in this extended
1
404.94
6
form, and some observers
2
profess to be not yet convinced that some weakness will
2.1357.16
5
not develop, there
2
824.33
4
is no lack of praise for the stable manner in which
the majority of these
15
banks seem to be operating. Rather certain it is
3
5,018.45
14
that one or both of them
23
will play a large part in future banking. They
40,113.19
6
have developed too far
2
1,619.44
5
and entrenched themselves too firmly to be expected
to withdraw. So the
1
2,690.69
7
question is whether they will occupy the entire field
5
6,455.06
or share it with
2
independent banks.
7
5,846.03
1
"In all the recent developments which have come
7
into banking there
1
appears to be nothing to convince one that the
1
independent bank has run
6,152.32
13
its full course of usefulness. Necessarily it has
6
11,369.47
9
given way in part to the
1
other forms of organization because there was nothing
2,418,49
6
else out of which
5
1.919.90
4
they could be carved, but it has not been abandoned. Neither
4
does it seem
1.136.94
5
to be even approaching a time when it will not find an
11
178,033.31
0
important work
2
awaiting it and when it will not be depended upon for
6,321.40
9
a very large share
25
38,436.77
30
of the banking service of our country.
83
6,049.434.62
38
"Were the choice between unit banking and multiple
30
203,306.16
banking to rest
6
38,937.96
5
7,414.37 entirely upon the capacity of each alone, unaided by outside forces, perhaps
5
28,662.14
13
14,115.17 greater favor for the latter would be shown ultimatel
y in some communities
11
71,646.59
9
18.642.74 because of its larger
aggregate size. But this cannot be the test.
4
9.452 92
4
6,546.53
The
4
11,023.72
21
26,519.57 independent bank has a potency far beyond its own organization. Through
5
3,907.90
1
1,343,26 the Federal Reserve System and through its correspon
dent relations it
2
497.47
7
5.767.37 supplements its own capacity
and acquires an ability to serve its community
1
850.30
13
15,276.77
4
4,252.28 under most any circumstances. These affiliations bring to the unit bank
3
4.831.45
8
24,612.74 numerous aids in the conduct of its work, and when it
is managed soundly
5
5,723 76
6
24,579.57 It represents an efficiency and
a capability which enables it to compete
7
14,101.37
14
11,259.63
with groups and branch systems, and which may
2
9,224.21
8
11,380.68
be expected to continue
4
19,111.20
2
8.849.01 it an important factor in future banking.
3
4,500.13
3
4.104.92
"The last figures published on multiple banking
1
516.15
3
growth are of last
1,068.38
2
559.27
4
1,977.35 January. At that time 822 banks were operating 3,547 branches, while
10
8,552.28
10
8,252.30 groups and chains embraced 2,103 banks. So many changes
20
have occurred
28.005.77
22
20.880.45 since that time that these figures
are far from correct to-day. However,
1
100.00
10
8,471.84 they are
recited to show that after a period in which
1
574.38
7
5,992.87
the trend toward
1
9,151.27
5
9,701.06 multiple banking was rather pronounced there were still 21,824 banks,
2
9,848.21
12
15,663.27 approximately three-fourths of the
entire number, operating independently
2
7.963.88
6
21,849.82 of chains
and groups and branch systems.
12
9,999.47
5
4.594.91
"In the current calendar year the movement into groups
13
11.074.82
and branches
22
100.983.19
27
63.593.24 has continued, but with much less rapidity.
7
It has been a period of assimi4,772.75
7
2,958.24 lation and co-ordina
4
tion of the numerous factors, some disturbing and
1,999.09
1
104.87
others of great value, which came into these systems
Total
during the time of
401 87,554,850.20
512 33,421,129.68 their quickened growth. Undoubtedly this
digesting process is strengthening the pillars upon which multiple banking rests.
"The respective merits of groups and branches seem as yet
to be only
partially disclosed. Whether branches, with their heralded
operating
ath a ntage9, will triumph over groups for which greater
English Public Utility Regulation Superior to
flexibility and
Ours,
Says F. J. Lisman—Investigation of United States more local independence is claimed will not be determined immediately.
"Supremacy is likely to be determined by other and more
compelling
Public Utility Holding Companies Sure To Come, forces, which may appear in the form of legislation.
The various states
have laws prohibiting or regulating branch banking,
in His Opinion.
and already several of
them have enacted statutes to control group banking.
Likewise, there is
The United States practice whereby public utilities
are pending in the National Congress a bill to attain that same end. Adentitled to earn only a fair return on cost of reproduction mitte dly, though, this latter is an emergency measure designed to stay
the
spread of this form of banking until Congress
'without extra returns as the result of good management
decides whether it shall
is restrict or encourage multiple banking and in what form.
There is no
unfortunate, in the opinion of F. J. Lisman, head of F.
J. thought that either group banking or branch banking
Lisman & Co., who declares the English practice to be directly. They have made too much progress for that. will be destroyed
However, special
legislative favor might be shown for one of them to
superior. Mr. Lisman says:
the great disadvantage
of the other. Even this, though, would cause only a
recasting of affiliations
The principle has been laid down and repeatedly sustained by the
Supreme and perhaps a few conversions, for multiple banking, in
Court that all public utilities are entitled to earn a fair return on
some form, is
the property expected to be an important part of the banking system
of to-morrow and
devoted to public service. Under American law this means mostly
the share •the responsibilities with unit banks.
cost of reproduction less depreciation duo to natural or technolog
"Quite as important as the growth of group banking
ical
and branch banking
obsolescence. It is a pity but, nevertheless true, that under our
American is the consolidation movement. It may not be called
practice, as repeatedly adjudicated by the Supreme Court decision,
distinctly a developthe ment in any one class of banks, for just as independent
companies are not even entitled to extra returns on account
banks have united
of good with others in the same class they have been absorbed
by multiple systems
management.
also. Likewise, between groups and branch systems
various consolidations
In Great Britain they do these things better. There a company is
are noted, and numerous combinations have been effected
entitled to earn 7% on the amount of invested capital, irrespect
among the units
ive of of these organizations.
fluctuation of costs, at rates for electricity fixed in the charter.
If.
"Obviously these have produced larger and, in most
however, the management is especially efficient, and is able to increase
instances, stronger
banks. Certainly it is a praiseworthy development
Its business as a result of reduced costs and selling prices below the
where it lessens the
price
fixed by charter, it is permitted to earn as much as 14%.on Invested capital. number of units in overbanked communities, and in many others as
well,
and a considerable amount of this is recorded.
Close investigations of our public utility holding corpora"Whatever partisanship men may disclose in speaking
of
tions are sure to come, Mr. Lisman believes, despite the fact forms of bank organization, all are practically agreed upon the various
one thing.
that the larger proportion of companies in the gas and They recognize in the Federal Reserve System a co-ordinating force without
which our complex modern business might lapse into
chaos. Memory holds
electric business are well conducted. He continues:
before us a vivid picture of the tremendous burdens
the Reserve System
Most railroad companies were well conducted a generation ago when was called upon to assume from the very day of
its organization. And no
the wrath of the people and the Congress descended upon all of them on less permanently imprinted upon our minds
is the recollection of
the
account of the alleged sins in connection with the financing of the New thorough manner in which it met every demand
made upon it.
Haven, Cincinnati Hamilton ez Dayton, Alton, and Rock Island com"It preserved the integrity of our own country
and exerted a stabilizing
panies. This was according to the Biblical saying, "It rains alike upon Influence over practically every other one.
It prevented complete
financial
the just and the unjust." Undoubtedly, a number of public utility com- collapse during the disastrous period of
readjustment after the close of the
panies are sinning grossly by way of contracts which siphon the money
World War and again at a time too recent
to be referred to as the
out of the treasury of subsidiary operating corporations by providing for Its success under most
past.
trying circumstances demonstrated
its mastery over
management, engineering, contracting and other fees, which are all sup- problems far more
serious than those which prompted its
posed to be part of the cost of operation. Others are accused—probabl3
organization.
"Likely changes will come into the Federal
Reserve System from time
unjustly—of bold bribery of public officials for the purpose of getting to time as banking
and business conditions require and
unfair privileges and crushing competitors.
as expansion seems
desirable. Even now it might well be broadened
to bring into It additional
Ocr. 25 1930.]
FINANCIAL CHRONICLE
resources and strength, and to carry its advantages to a clans of banks
under
heretofore denied participation. I refer to a possible amendment
which mutual savings banks could become members. For a considerable
be accomplished
time I have advocated this expansion, which I hope can
reasonably soon.
"It might be argued that their business primarily is not of that class
which the Reserve System was organized to aid. However, its services
could be made beneficial and its influence helpful, and the privilege of
holding membership would be welcomed by a group of banks numerous
enough and important enough to contribute rather materially to the support
of the System."
Mr. Stephenson is Vice-President of the St. Joseph County
Savings Bank of South Bend, Indiana.
Municipal Expenditures for Relief to Poor Have Increased 2,500% in 17 Years—Report of Welfare
-1,000% Increase • in
Council of Now York City
Relief to War Veterans and Families.
The amount spent by municipal agencies for "outdoor
relief"—assistance to persons in their own homes as distinguished from care of persons in institutions—has mounted
from $229,000 to approximately $6,000,000, an increase of
2,500% in 17 years, it is shown in a report of the Welfare
Council of New York City, made public Oct. 13 by William
Hodson, Executive Director of the Council. The report is
based on a study of the income and expenditure of all
social agencies in this city from 1910 to 1926, inclusive. The
tremendous rise in municipal expenditure for relief is explained chiefly by the establishment of the Board of Child
Welfare in 1916 and by the steady rise in the sums granted
through this Board to the mothers of fatherless, deserted,
or otherwise dependent children. Out of the total of
$5,777,000 expended by public agencies for outdoor relief
during 1926, $5,174,000 was expended by the Board of Child
Welfare. During the first year of its existence this Board,
the Welfare Council report shows, expended $314,000; the
next year (1917) its grants to widows with children had
increased to $1,078,000; by 1920 the expenditures of the
Board has increased to $2,500,000, and in 1923 it approximated $4,500,000.
Expend'tures for outdoor relief to war veterans and their
families (Including veterans of the Civil, Spanish-American,
and the World Wars) increased from $33,000 in 1910 to
$322,000 in 1926. This 1,000% increase in relief to veterans
and their families is, apparently, a natural consequence of
the World War. Expenditures for relief to adult blind rose
from $55,000 in 1910 to $179,000 in 1926. The cost of administration and investigation covering the three municipal
agencies engaged in outdoor relief—the Board of Child Welfare, the Department of Public Welfare, and the Exempt
Firemen's Benevolent Fund increased from $12,000 in 1910
to $220,000 In 1926. The report says:
2639
changes in this law have extended its benefits to children
of fathers who, within two years prior to their death, had
declared their intention of becoming citizens; to children
whose fathers are in institutions for the insane or serving
sentences of five years or more in a State's prison; to children of fathers permanently incapacitated and confined in
institutions; and, finally, to children of fathers who had
abandoned their families for five years or more.
"Because the city has, since 1897, been prevented by law
from giving 'outdoor relief' generally, it has been left to the
privately supported welfare agencies," says the Council's
report, "to secure funds to care for the many and varied
needs resulting from other causes of family dependency,
such as death of the mother, extended sickness or protracted
unemployment of the breadwinner." The report was prepared by Kate E. Huntley, of the Research Bureau of the
Welfare Council, whose office is at 151 Fifth Avenue.
Copies will be sent to Mayor Walker, to the heads of the
several municipal departments engaged in welfare work, and
to the executives of the leading privately supported relief
agencies.
"This expenditure for administration and investigation, amounting to
less than 4% of the $6,000,000 expended for outdoor relief by public
agencies, seems inadequate and is possible only because no family service
Is provided and the beneficiaries are legally defined and restricted so that
difficult problems of judgment in social policy are reduced to a minimum."
New York and Pennsylvania Important Among
Agricultural States.
New York and Pennsylvania rank 11th and 13th, respectively, as agricultural States, despite the fact that both
are popularly regarded as manufacturing States. Even on
the basis of the value of farm products per square mile,
both of these States outrank the undoubtedly agricultural
State of Texas. These are among the facts, little known
to the average reader, disclosed by recent investigations of
the National Industrial Conference Board respecting the
contributions of the various States to national production
in basic industries. Taking the latest available statistics,
the Conference Board finds that the three industries of
agriculture, mining and manufacture, which are the basic
elements in our economic system, produced over 48% billion
dollars, or more than three-fifths of the total estimated net
production of goods and services in 1927. Of this 48% billion dollars, farm products contributed 33.1%, or $16,050,362,000, composed of $10,070,581,000 in crops and $5,979,781,000 in animal products of the farm. The contribution of
manufacturing in terms of value added to raw materials
was 56.8% and the production of minerals 10.1%.
In examining the proportionate distribution of these basic
industries among the States, it is revealed that in no State
or geographic division does the distribution of wealth production correspond with that of the country as a whole, thus
demonstrating and emphasizing the economic differentiation
and interdependence of the States in respect to these three
basic industries. This variation among the States, it is
stated, is due to the large area of the United States, with
scattered and varied resources. The Conference Board,
under date of Sept. 26, says:
Although use of volunteer firemen was abandoned in New
York City 65 years ago, an average of more than $100,000
a year is still being expended as relief to volunteer firemen,
their widows and orphans in Manhattan alone, the report
shows. In 1866, a year after the volunteer firemen were
disbanded, the Exempt Firemen's Benevolent Fund of the
City of New York was established by State law and 45%
of the tax on insurance companies incorporated outside this
State was set aside to provide the income of this fund. The
fund will continue to receive revenue until 1940.
Analysis of municipal relief to adult blind shows expenditures of $55,000 a year from 1910 through 1918, slight increases during the next five years, and a sudden jump to
$144,000 in 1924, to $164,000 in 1925, and to $179,000 the
last year of the study. The Welfare Council says:
"From 1912 to 1916 a new and popular form of outdoor relief for
fatherless children sprang up throughout the country. Provision for the
administration of this type of relief was usually dictated by State law.
For New York State such a law became effective in 1916, and initiated
this type of outdoor relief under the authority of Boards of Child Welfare.
This has resulted in an annual disbursement of millions of dollars. This
is by far the most conspicuous form of outdoor relief now in existence,
but since its application in New York State is limited to specially designated types of cases, its operation is restricted and incapable of meeting
general needs for relief, no matter how large a sum were appropriated."
"Although it is an accepted fact that this country has become predominantly a manufacturing nation, agriculture contributed more than 50%
of the wealth produced in 19 States. In six additional States—Kentucky,
Oklahoma, Wyoming, Arizona, Utah and Nevada—the combined value of
crops and animal products exceeded the value added by manufacture. For
the larger part of the area of the United States it is evident, therefore,
that agriculture is still the chief source of income."
Iowa and Texas, with totals of over one billion dollars
each, led all other States in combined value of agricultural
products, according to the Board. Texas, Iowa, and California ranked highest with respect to crops alone, with Iowa
also outstanding with respect to animal products. New York
and Pennsylvania not only ranked 11th and 13th among all
the 48 States in total value of farm products, but outranked
every Southern State except Texas, and such essentially
agricultural States as North and South Dakota. The Board
further states:
"With respect to the relative contribution of agriculture toward wealth
production, North Dakota ranked as the leading State, 95,9% of its wealth
produced being derived from crops and animal products. Farm crops alone
contributed 74.2% of the wealth produced in North Dakota and 64.1% of
that in Mississippi, which is evidence of the relative lack of agricultural
diversification in these two States. No State is shown to be correspondingly dependent upon the production of animal products."
Average Speed of Freight Trains in August Highest
for Any August on Record.
The original law of 1915 provided relief for widows who
deemed proper persons to care for their children, who
were
The average speed of freight trains in August was the
had been residents of the locality for two years, and whose highest for any August on record, amounting to an average
deceased husbands were citizens of the United States and of 13.8 miles per hour, according to reports for that month
residents of the State of the time of their death. Numerous just filed by the rail carriers with the Bureau of Railway
2640
FINANCIAL CHRONICLE
Economics. This represents the average per hour for all
freight trains between terminals, including yard and road
delays, no matter from what cause. The average speed for
August was an increase of seven-tenths of one mile above
that for the same month last year. The announcement further states:
•
The average daily movement per freight car in August this year was
28.9 miles, compared with 33.5 miles for the same month last year and
32.1 miles in August 1928.
In computing the average movement per day, account is taken of all
freight cars in service, including cars in transit, cars in process of being
loaded and unloaded. cars undergoing or awaiting repairs and also surplus
cars on side tracks for which no load is immediately available. The car
surplus in August of this year was greater than in the same month of 1929
by 93.3%, which had an undoubted ef:ect on the reduction in daily movement per freight car.
The average load per car in August this year was 27.4 tons, including
less-than-carload-lot freight as well as carload freight. This was a decrease
of one-tenth of one ton below the average for August 1929, but an increase
of two-tenths of a ton above that for August 1928.
rvot.. 131.
he analysis of recent economic changes that was accepted aslthe chief factor in bringing about the adjustment of the Asso
ciation's declarations on branch banking to conform to existng conditions, has been published in booklet form. The text
covers the questions of bank failures, developments in respect
to unit banking versus branch and group banking, and also
the desirability of maintaining the dual State and National
banking system. Copies may be obtained from Gurden
Edwards, Secretary Economic Policy Commission, American
Bankers' Association, 110 East 42nd St., N. Y. City.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The following transfers of New York Stock Exchange
memberships were announced this week, ex-rights. Edward
2. Hamlin to Frederick Bodell for '$225,000; William
Freiday to Albert Werthem for $245,000; William P. Burke
to Melvin Ash for $230,000; Tom C. Watkins to Edward
Volume of Freight Traffic Handled in First Eight Friendly for $217,000 Justin A. Morrissey to
John Loeb for
Months of This Year 12.4% Below Corresponding $220,000 and John D.Merriman to Joseph L.
Gitterman Jr.,
Period in 1929.
for $220,010.
The volume of freight traffic handled by the Class 1
Arrangements were reported made this week for the sale
railroads of this country in August this year amounted to
37,420,502,000 net ton miles, according to reports just re- of a New York Curb Exchange membership for $70,000.
ceived from the railroads by the Bureau of Railway Eco- The last preceding sale was for $82,000.
nomies. Compared with August 1929, this was a reduction
Arrangements have been completed for the sale of three
of 7,529,746,000 net ton miles or 16.8%, and a reduction
Chicago Stock Exchange memberships at $15,000 each.
of 5,004,003,000 net ton miles of 11.8% under August 1928.
In the Eastern district the volume of freight traffic handled The last preceding transaction was for $19,000.
in August this year was a reduction of 17.6% compared with
One hundred and fifty of the 235 memberships created by
the same month in 1929, while the Southern district reported
a reduction of 18.4%. In the Western district there was a The Chicago Stock Exchange's 100% seat dividend on Sept.
5 1929, have been sold, the Exchange announced on Thursreduction of 15.1%.
The volume of freight traffic handled by the Class 1 rail- day. This does not include dividend memberships posted
roads in the first eight months of 1930 amounted to 285,- for transfer, but not yet formally approved by the Governing
260,206,000 net ton miles, a reduction of 40,208,435,000 net Committee. During the same 14 months that 150 dividend
ton miles or 12.4% under the corresponding period in 1929, seats were purchased, 30 original seats changed hands, a
and a reduction of 20,267,453,000 net ton miles or 6.6% total of 180, an average of 13 each month. When the remaining 85 dividend seats have been purchased the Exunder the same period in 1928.
Railroads in the Eastern district for the eight months' change will have 470 members.
period in 1930 reported a reduction of 12.4% in the volume
On Nov. 17 a meeting of the stockholders of the County
of freight traffic handled compared with thersame period in
1929, while the Southern district reported a decrease of Trust Co. of New York will be held to vote on a plan, which
12.8%. The Western district reported a decrease of 12.2%. has been approved by the directors of the institution, to.
reduce the par value of the stock from $100 to $25 a share
Convention of American Institute7of1Banking to this providing for the exchange of four new shares for each
1931
old share of stock. If the plan is approved by the stockbe Held in June at Pittsburgh.
holders the bank will have 160,000 shares outstanding.
The Executive Council of the American Institute of Bank- The County
Trust Co. has a capital of $4,000,000 and a
ing which is the educational section of the American Bankers' surplus of $3,500,000. As
of Sept. 24 the undivided profits
Association, has fixed June 8-12 1931 as the dates for the next of the bank were
$1,387,547, the total deposits were $22,convention of the Institute, which will be held at Pittsburgh, 972,591, and the total
resources were $31,982,024.
Pa.
Merck L. Tooker of Tooker & Co., has been elected a
Mid-Winter Trust'Conference of Trust Company Dividirector of the Hibernia Trust Co. of New York.
sion of American Bankers' Association to be Held
in New York Feb. 17-19.
William J. Quigley, President of the Howe Sound Co.,
The 12th mid-winter trust conference of the Trust Com- and J. H. Van Alstyne, President of
the Otis Elevator Co.,
pany division, American Bankers' Association will be held have been appointed members
of the advisory committee of
Feb. 17, 18 and 19 1931 at the Hotel Commodore, N. Y. the 41st Street branch of the
Chase National Bank of
City, it is announced by Gilbert T. Stephenson, President of New York.
division, Vice-President, Equitable Trust Co., Wilthe
mington, Del. The conference program will be divided into
The New York Trust Co. opened on Monday, Oct. 20,
three general heads of promotion, operation and administra- its new Fifth Avenue Branch, a 15-story white Georgia
tion in trust company work. The first day of the meeting marble building of classic Greek design with modern adapunder the head of promotion, will be devoted to the younger tations, which occupies the northeast corner of Fifth Ave.
men in trust company work, the heads of public relations and 57th St. The new bank building has an architectural
departments, educators and men engaged in promotional distinction which makes it a fitting addition to the notable
work. The second day will be devoted to operations, to buildings in this area. The expanse of sheer white marble
the junior officers and assistant trust officers who are the is broken by two large Corinthian columns on Fifth Ave.
men who do the actual work behind the scenes. The third and for others on 57th St. Above these and between the
day will he devoted to the presidents and executive vice- second and third floors is a decorative frieze taking its motive
presidents, the men who dictate the policies of the trust de- from Greek architecture. Practically every fixture in the
partments.
bank, including the window frames, grilles protecting the
The annual banquet of the trust companies of the United doors, railings and check desks is of aluminum. The metal,
States in connection with the mid-winter trust conference, which harmonizes with the white marble, is finished in a
will be held Thursday evening, Feb. 19, at the Hotel Com- variety of textures'to avoid the monotony of bright shining
modore.
surfaces. Huge mural paintings depicting the water-front
life and architecture of New York throughout the 17th, 18th,
Address of R. S. Hecht Before Convention of American 19th and 20th centuries adorn the main
banking room. The
Bankers' Association on "Problems We Bankers main banking room is spacious and
lofty. Travertine has
Must Meet" Issued in Pamphlet Form.
been used for the floor which is broken into interesting patThe addrdlis "Problems We Bankers Must Meet," de- terns by the use of mosaic and marble. Columns of
light
livered by R. S. Hecht, as Chairman of the Economic Policy reddish tan marble, florid rose, give a sense of warmth
Commission of the American Bankers' Association before the and light. There are five elevators in the building.
Two
recent Convention of the Association at Cleveland,presenting go to the basement where are located the main vaults of the
OCT. 25 1930.]
/
FINANCIAL CHRONICLE
IL
bank, safe deposit boxes, coupon rooms for customers and
rooms for bank officials.
The upper stories provide space for general offices. The
second floor has been taken by the John Levy Art Galleries;
the third floor is reserved for the use of the bank. The
trust company,in its further description of the building, says:
respects.
From the third to the tenth floors, the building is similar in all
tee zoning
At the eleventh floor there is a first setback in keeping with
there is a setback every other
laws of the district. From that point on,
feet on
story. The bank has a frontage of 62 feet on Fifth Ave. and 100
historic
57t- St. The site of The New York Trust Co.'s new branch is an
marble house,
one. Formerly it was occupied by the handsome white
one of the
In the style of 18th Century French architecture, which was
Fifth Ave.
last traces of the once fashionable residential life of 57th St. and
manWhen The New York Trust Co. took over the leasehold in 1918. the
architectural beauties
sion was remodelled in such a way as to preserve its
essential features required for conand at the same time provide all the
made
ducting a banking business. The growing business of the branch
Trust
larger quarters imperative and in providing them The New York
architecturally.
Co. sought to replace the old mansion by a building widen,
would be in all respects a worthy successor.
The branch is fully equipped to furnish a complete banking service. It is provided with modern safe deposit facilities, it has a personal trust department and a foreign department, with wide connections abroad.
The Central Hanover Bank & Trust Co. of New York
announces the appointment of Robert G. Stephens of Atlanta as Vice-President. Mr. Stephens was formerly VicePresident and Trust Officer of the Trust Company of Georgia.
He has assumed his new duties as Vice-President in charge
of trust operations at the Central Hanover 42d Street Office.
Following his appointment as Trust Officer of the Trust
Company of Georgia in 1924, Mr. Stephens advanced steadily in the trust field until he has become one of the most
prominent figures in Southern banking. He was one of the
organizers of the Georgia Fiduciaries Association and has
been active consistently in the affairs of the Georgia Bankers
Association. Mr. Stephens was born in Atlanta, Sept. 26
1892. During the war he served as a Major in the field
artillery and in active combat duty as a member of the air
corps. Subsequent to his military service, he practiced law
until he entered banking in 1924.
2641
of the institution to succeed the late George Bradley, according to the Hartford "Courant" of Oct. 23, which furthermore
stated that Mr. Fresenius was Treasurer of the institution
for several years and a director since 1889.
Again referring to the affairs of the closed Vineland Trust
Co. of Vineland, N. J., the Newark "News" of Oct. 18
printed the following Associated Press dispatch from Atlantic
City, N. J.:
Charges that tee four applicants for the appointment of a receiver for the
defunct Vineland Trust Co. had been unduly influenced, were made by
their counsel yesterday when they sought to withdraw from further prosecution of the case at a hearing before Vice-Chancellor Ingersoll. The charges
were denied.
The Court refused to dismiss the receivership proceedinv and ruled that
"where there is one filed by creditor or stockholder for himself or others,the
suit must remain for the benefit of all creditors and stockholders."
The bank is now in charge of the State Department of Banking and Insurance. The four petitioners who no longer wished to proceed are Miss
Rose Sternberg, Hugo Pabst, Harry Nollemeyer and Henry Meyer, all of
Vineland and all depositors.
Sarnue F. Leber, Newark lawyer, contended that Miss Sternberg should
not withdraw and that the bill, once filed, no longer was the complainant's
suit, but a State suit. He said that only a receiver could obtain rederess.
Leber asserted that the State Commissioner of'Banking and Insurance was
only a liquidating officer.
As such. Leber stated. the Commissioner couldn't sue to recover dividends
and couldn't set aside preferences. He maintained there was no hope of
rehabilitating the bank and that the interests of every one would best be
served by appointment of fearless receivers.
Frank IL Smith, State Conunissioner. who seized the property of the
trust company June 11, believes that the best interests of the depositors
will be served by continuing the liquidating by his department. The
Commissioner's views were expressed by Senator Albert R. McAllister of
Bridgeton.
The affairs of the Vineland Trust Co. (closed June 11)
were last referred to in our issue of Oct. 4, page 2170.
Effective Sept. 30 the Second National Bank of Brownsville, Pa. (capitalized at $125,000) was placed in v?luntary
liquidation. The institution was taken over by the Monongahela National Bank of Brownsville.
The Board of Directors of the Tradesmen's National Bank
& Trust Co. of Philadelphia has declared a quarterly dividend of $3 per share, payable Nov. 1 1930 to stockholders
close of business Oct. 25 1930.
Trust Co. of of record at the
At a meeting of the trustees of the Security
Rochester, N. Y., held Oct. 16, the following resolution
Two Philadelphia banks, the City National Bank & Trust
was passed:
Co.and the Woodland Bank & Trust Co. plan to unite under
of $10 per share, and an extra
That the regular quarterly dividend
and title of the latter, according to the Philadividend of $10 per share, a total of $20 per share, be payable out of net the charter
on Nov. 1, to stockholders of record Oct. 30. Transfer books to delphia "Ledger" of Oct. 23, which stated that announceearnings
reopen Nov.3.
ment was made the previous night that the plan of consoliPayment of the above dividend makes a total dividend dation had been approved by the respective directors of the
paid during the current year of $50 a share.
institutions. The City National Bank & Trust Co. was
organized in February 1928 and has total resources of more
Charles E. Treman, President and one of the organizers of than ,000,000, while the Woodland Bank & Trust Co. was
the Ithaca Trust Co., Ithaca, N. Y. and prominent in New established about seven years ago and has total resources in
York State political circles, died in Ithaca on Oct. 16 in his excess of $2,000,000. The main office of the former is at
63d year, after a prolonged illness. Mr. Treman was born 1505 Walnut St., and it maintains branches at 58th St. and
in Ithaca and prepared in the public schools ;of that city for Baltimore Ave., and at 70th St. and Elmwood Ave., while
Cornell University, from which he was graduated in 1899. the office of the Woodland Bank & Trust Co. is at 65th St.
Immediately thereafter he went to work for the firm of and Woodland Ave. In announcing the merger plan, George
Treman, King & Co., organized by his brothers, Leonard E. Stauffer, President of the City National Bank & Trust
and Lafayette Treman,•becoming a member of the company Co., was reported as saying:
in 1892 and President in 1919, an office he held until his
The City National Bank & Trust Co. has shown a steady growth, and
death. In addition to being President of the Ithaca Trust the combination of the Woodland Bank & Trust Co. with it will create
$10,000.000.
resources
Co., Mr. Treman was a trustee of the Ithaca Savings Bank deposits of $7,500,000 and total Adam J.exceeding Vice-President of the
Gotshall,
J. W. Roberts, President, and
and a director of'the Tompkins Co. National Bank, Ithaca. Woodland Bank & Trust Co. will become members of the Board of DirecHe was President of the New York State Bankers Association tors of the City National Bank & Trust Co., and the directors of the Woodland Bank & Trust Co. will serve as members of the advisory committee
in 1925..
thus insuring the same local interest to the customers of the Woodland
late banker was manager of Alfred E. Smith's up- Bank & Trust Co., who in addition will have the benefit of the enlarged
The
to it.
State campaign for the Governorship in 1926. With refer- facilities which the City National Bank & Trust Co. will bring
Mr. Stauffer, the paper mentioned furthermore said, will
ewe to his political career we quote from a dispatch to the
continue as President of the enlarged City National Bank &
New York "Times" announcing his death.
In 1912 Mr Treman was a member of the Democratic State Committee Trust Co., while R. J. Gotshall, Treasurer of the Woodland
and a delegate to the Democratic National Convention in Baltimore. Be Bank & Trust Co. will be given an executive position and
was appointed Superintendent of Public Works In 1911, resigning the
Avenue branch. In
same year, and also served as a member of the committee on the opera- continue in charge of the Woodland
tion of the State Barge Canal. He was Federal Food Director for New addition to Mr. Stauffer, the officers of the City National
York State outside New York City during the World War. Several times Bank & Trust Co. are Carl F. Weihman, R. E. Aldrich
he discouraged booms for the Governorship started for him by his admirers.
H. L.
Governor Sulzer in 1913 named Mr. Treman to head a commission to (and Cashier), and W. M. Kift, Vice-Presidents, and
draw up a program for State highway construction. When Martin H. Alexander, W. H. Pass and H. I. MacCarthy, Assistant
Glynn became Governor he offered Mr. Treman a membership OD the
Cashiers. It is expected that the details of the proposed
Public Service Commission, but the offer was declined.
consolidation will be completed within 30 days, it was said.
The Blue Hill National Bank of Milton, Mass., capitalized
Following a meeting on Oct. 15 of the directors of the Inat $100,000, was placed in voluntary liquidation on Oct. 16.
was succeeded by the Blue Hill Bank & diana National Bank of Indianapolis, announcement was
The institution
made by Frank D. Stalnaker, President of the institution,
Trust Co. of the same place.
of the appointment of William P. Flynn, formerly Chief
The National Tradesmen's Bank & Trust Co., New Haven, Examiner for the Indianapolis Clearing House, as a ViceConn., has appointed Henry Fresenius First Vice-President President of the institution, and the promotion of R. Malott
2642
FINANCIAL CHRONICLE
Fletcher, Cashier of the bank, to the dual office of VicePresident and Cashier, according to the Indianapolis "News"
of Oct. 16. The appointment of John J. Madden as a director
to succeed the senior Mr. Madden, whose death occurred a
few months ago, was also announced. The Indianapolis paper
continuing said:
Mr. Flynn, who was born and reared in Indianapolis, had been
With
the Indianapolis Clearing House Association as examiner since
1924. He
formerly was Assistant Examiner of National banks for the Chicago Federal Reserve district. He came to the Indianapolis Association in 1921
and
assisted in organizing its department of examination. Later, as chief
examiner, be created the bureau of credits which operates for
members
of the association. His resignation from the Clearing House position
was
accepted a few days ago and his new responsibilities with the Indiana
National Bank will begin Nov. I.
[VoL. 131.
of the Cosmopolitan Bank & Trust Co. (Cincinnati),
and the failure of
the Brotherhood of Railway Clerks' National Bank.
Five indictments against the four men were returned by
the Federal
Grand Jury before United States Judge Robert R. Nevin.
In the first of
the three accusing Mr. Castellini he is charged with Norris and
Rosenblum
with having made 26 false entries on the "bonds
and securities" ledger
of the bank, and having made a false report to the Comptroller
of the
Currency of the United States. The indictment contains 27 counts
and
covers 85 typewritten pages.
The second charges Castillini, Norris and Rosenblum with conspiracy
to violate the National Banking Act, and sets out 19 specific
overt aCht
alleged to have been committed by one or another of the defendants
in
furtherance of the alleged conspiracy.
The third contains two counts and charges Castillini and Norris
with
misapplication of $11,195.85 and 2383.89, respectively, upon two stated
occasions.
The fourth indictment is against Norris and charges abstraction by him
on Jan. 24 1930 of two $1,000 bonds of the Cities Service Co., and on
Jan. 30 1930 of two more of these $1,C00 bonds. ard the making of fable
entries on the books of the bank in connection therewith.
Three counts are contained in the fifth indictment, which is directed
against Norris and Rosenblum and charges misapplication of funds of
the banks, as follows:
On Jan. 3 1930, $4,027.62; on Mar. 20 1980 of $4,716.67, and on
April 10 1930 of 21,702.50.
The charges in the five indictments returned yesterday (Oct. 18) are
said to be additional to those set forth in indictments against Norris,
Rosenblum and Shafer by the Federal Grand Jury last July. However,
it is considered to be probable that the prosecutions of the four men
named by the jury yesterday will be based upon the charges of the new
Indictments.
llaveth It. Mau, United States District Attorney, said that because of
business now pending before the Court in Cincinnati and at Dayton, it is
not probable that Judge Nevin will be able to begin the hearing of these
cases until December, at which time all of them probably will be
disposed of.
From the Cincinnati "Enquirer" of Oct. 21, it is learned
that the respective directors of the Provident Savings Bank
& Trust Co. and the Bank of Commerce & Trust Co.,
both of Cincinnati, on Oct. 20 approved a contract for the
union of the institutions, negotiated by Leo J. Van Lahr,
President of the Provident Savings Bank & Trust Co.,
and Stanley Matthews, President of the Bank of Commerce
it Trust Co. The merger will give the Provident Savings
Bank & Trust Co. a Fourth Street office, and will add more
than $7,000,000 to its total resources. Under the terms
of the agreement, stockholders of the Bank of Commerce
& Trust Co. are to receive stock of the Provident Savings
Bank & Trust Co. at the price of $50 a share to be purchased
with the assets of the Bank of Commerce, after deducting
the amount covering the deposits; but such stockholders
The closing of the Brotherhood of Railway Clerks' Naare not to receive in any event in excess of three shares of tional Bank was noted in the "Chronicle" of June 28, page
Provident stock of $10 par value for each share of Bank of 4550, and its affairs referred to In our issues of July 12
Commerce stock of $100 par value. In order to provide and Sept. 20, pages 222 and 1822, respectively.
the additional stock necessary to purchase the Bank of
Commerce assets, the capital of the Provident Bank is to
According to the Chicago "Journal of Commerce" of Oct.
be increased by the necessary number of shares. All 15, Harry P. Weber, a member of the
law firm of Busby,
active officers, branch managers and employees of the Weber, Miller & Donovan, was made
a director of the NaBank of Commerce & Trust Co. will be assimilated into tiona,1 Bank of The Republic
of that city on Oct. 14. The
the Provident organization, and the three offices of the paper mentioned went on
to say:
institution will be retained at their present locations. This
Mr. Weber for several years has been Counsel for the Chicago City
will give the Provident Savings Bank & Trust Co. 15 offices Railway Co. and recently was elected a vice President of that company.
He has been associated with the late Leonard A. Busby, who was a director
including its home office at Seventh and Vine Sts. The
of the bank prior to his death.
new branches will be the main office of the Bank of Commerce & Trust Co. at Fourth and Main Sts., which will
That the Cosmopolitan State Bank of Chicago has ac.
be known as the Downtown Branch of the Provident, quired the assets
and assumed the liabilities of the Old
the branch at 1506 Vine St., and the Camp Washington Colony State
I ank of that city, which on Sept. 24 last
Branch at Colerain Ave. and Hopple St. The proposed reported total
resources of $872,395 and total deposits of
consolidation will be submitted to the stockholders of the $580,085 was reported
in Chicago advices to the "Wall
Bank of Commerce & Trust Co. at a special meeting on Street Journal" on Oct.
22. The Cosmopolitan Bank,
Oct. 30 and to the stockholders of the Provident Savings which is a unit of National Republic
Bancorp., on that date
Bank & Trust Co. at a special meeting on Nov. 1. The reported resources of $12,369,814 and
deposits of $8,862,869,
"Enquirer" went on to say in part:
it was said. According to the New York "Times" of the
At the last official statement of the Bank of Commerce, as of Sept. 25
next day, Oct. 23, Gustave F. Fischer, formerly President,
last, capital was $1,000,000; surplus and undivided profits.
$503,003:
deposits, $5,417.353; loans and discounts. $4,466,196. and total resources, has been elected Chairman of the Cosmopolitan State Bank,
57.279.200. On the same date the statement of the Provident Bank T. R. Thorsen who will succeed Mr. Fischer as
President,
reported capital, 51.700.000; surplus and undivided profits. $2.438,641;
will resign as a Vice-President of the National Bank of the
deposits, $32,204.785; loans and discounts. $19.363.492, and total resources, $36,414,152. The merger will give the Provident Bank total Republic. The Cosmopolitan State Bank is an affiliate of
resources of approximately $43.000.000.
the National Republic Bancorporation, of which Mr.Fischer
is President, it was said.
By vote of its directors the City Trust Co. of Indianapolis
•
was closed on Oct. 23, according to Associated Press advices
That the Washington Park National Bank of Chicago
from that city on Nov. 23, appearing in yesterday's New has organized a securities
company under the title of the
York "Times." Luther F. Symons, State Bank Com- Washington Park Securities Co., was
reported in the Chicago
missioner, took charge of the institution. The bank is "Journal of Commerce" of Nov.
16, which said:
capitalized at $250,000. According to its last statement
The Wasnington Park Securities Co. has been organized
by the Washit had deposits of $2,030,039 and loans and discounts of ington Park National Bank with a capitalization of 4,000 no par shares.
Stockholders of the bank on Nov. 18 will vote on a proposed reduction
$997,570, the dispatch said.
in
the capital stock
$400,000
A charter was issued by the Comptroller of the Currency
on Oct. 18 for the First National Bank of Polo, Ill. The
new institution is capitalized at $50,000. Roy H. Griffin Is
President, and B. H. Unangst, Cashier.
Joseph J. CasteRini, former President of the Brotherhood
of Railway Clerks' National Bank of- Cincinnati (which
was closed on June 26 and subsequently taken over by
the Central Trust Co. of Cincinnati) was indicted by the
Grand Jury in the United States District Court, Cincinnati,
on Oct. 13, together with Lyman E. Norris, former Executive
Vice-President of the bank; Harry Rosenblum, former
Cashier, and Amor W. Shafer, former Manager of the
Cincinnati office of H. L. Doherty & Co., New York brokers, according to the Cincinnati "Enquirer" of Oct. 14, which
went on to say, in part:
Shafer is at present in the Ohio Penitentiary, Columbus, having been
convicted in Common Pleas Court on charges growing out of the wreckage
from 5800.000, to be immediately followed by
to
an increase to $600.000. Upon the decrease being
effected the entire capital
stock of the securities company will be distributed
pro rata to the bank's
stockho.ders. Arrangements nave been made for the underwriting
of the
2,000 shores of bank stock at $200 a share. Of the
proceeds. $200.000 wLI
be added to the capital account and $200,000 to the surplus
account so that
the capitalization will consist of $600.000 capital and
2400,000 surplus.
the total being the same as at present.
The First National Bank of Mead, Colorado, an institution
capitalized at $25,000, was placed in voluntary liquidation
on July 3 last. It was absorbed by the First National Bank
of Longmont, Colorado.
The officers and directors of the Mississippi Valley
Trust
Co. and Mississippi Valley Co., St. Louis, anneunce
the
formal opening next Monday, Oct. 27, of their new home
in
the Mississippi Valley Trust Building, Southwest Corner
of
Broadway and Olive Street, that city.
Richmond advices on Oct. 23 to the "Wall Street Journal"
stated that stockholders of the Farmers'& Merchants'Bank
OCT. 25 1930.;
FINANCIAL CHRONICLE
& Trust Co. of Kilmarnock (Lancaster County), Va., have
ratified a proposal of the directors that the Bank of Lancaster, soon to be chartered, be permitted to take over the
assets and assume the deposits of the organization. The
new bank will be organized by and have as its President
John F. Gouldman Jr. of Fredericksburg, Va., who is
Vice-President of the Farmers' & Merchants State Bank of
that city. The dispatch furthermore stated that B. H. B.
Hubbard of White Stone, Va., is President of the present
Kilmarnock bank, which about 20 years ago absorbed the
old L. E. Mumford Banking Co., pioneer bank of the town.
That the respective stockholders of the Bank of Gleason
and the Farmers' & Citizens' Bank, both of Gleason, Tenn.,
had unanimously voted to merge the institutions was reported in advices from that place on Oct. 17, printed in the
Memphis "Appeal" of the following day. The consolidation, it was said, would become effective within 10 days,
or as soon as an audit of the institutions could be made
by State banking officials. The new institution will occupy
the Bank of Gleason Building and will have a combined
capital, surplus and undivided profits of approximately
$65,000 and deposits of about $300.000. Dr. It. W. Bandy,
for the past several years Cashier of the Bank of Gleason,
will be President, while Carl Parks, heretofore President
of the Farmers' & Citizens' Bank, will be Vice-President.
M. E. Fanning, formerly Cashier of the Bank of Gleason
for several years, and A. M. Dunlap, heretofore Cashier
of Farmers' & Citizens' Bank for a number of years, will
be executive officers of the enlarged bank. The advices
furthermore stated that a new Board of Directors would
be named later.
2643
The merged bank, with its affiliate, a State chartered institution, which it is also planned to call the Bank of America,
will have 436 branches in 239 cities. Combined resources
of the two institutions will be approximately $1,350,000,000.
E. J. Nolan, President of the Bank of America of California,
will be Chairman of the Board of Directors of the new Bank
of America National Trust & Savings Association, while
Arnold J. Mount, President of the Bank of Italy National
Trust & Savings Association since Oct. 17, 1929, will be
President. The new bank will maintain administrative
offices in both San Francisco and Los Angeles, the Board of
Directors holding its monthly meeting alternately in each
city. The headquarters of the State bank will be in Los
Angeles and its administrative work in San Francisco will
be carried on in the present head office of the Bank of Italy,
which, under the merger will be the San Francisco main
office of the Bank of America National Trust & Savings
Association. The announcement goes on to say:
The merger plan involved three major Issues—the consolidation of the
branches of both banks in the territory that they jointly occupy, the
incorporation of the affiliate bank to include the branches outside and
certain branches within that joint territory, and the reaasignment of personnel to care for the work of both the National and the State bank. As
a result of the scope and the extent of the merger movement and the
existence within the Transamerica Corp. of a number of active subsidiaries,
the Consolidation Committee has found it possible to accommodate all of
the personnel Involved. Further than that, the fact of the consolidation
Itself has greatly enlarged many agencies of service within the Institution,
creating opportunities for the bank workers that did not exist before and
widening the field, prop irtionately, for all types of banking talent. The
consolidation is to be accomplished not only without decrease of personnel
but with enlarged opportunities for the employees involved.
The operative details of property appraisals and audits Incident to the
merger are being attended to by a force sufficiently large to have this work
virtually completed by the time that the merger is proclaimed. Field
forces from the headquarters of both banks have been active among the
branches for some time, putting into effect the provisions of the consolidation plan in order to insure smooth operation when the merger actually
transpires.
While all of the changes noted herein are tentative in nature, It was
announced that they fairly well represent the set-up of the Bank of America
National Trust & Savings Association.
A consolidation of the Virginia National Bank of Norfolk,
Va., and the Virginia Bank & Trust Co., Inc., of that city,
was consummated on Oct. 16 under the title of the Virginia
National Bank of Norfolk with capital of $000.000. The
enlarged bank has two branches, one in the City of Norfolk
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
(formerly a branch of the Virginia National Bank) and the
The stock market has been unsettled the present week,
other at Alrginia Beach, Va., (formerly a branch of the
though the tendency toward the latter end has been toward
Virginia Bank & Trust Co., Inc.)
higher levels. Frequent periods of liquidation, especially
On Oct. 18 the Comptroller of the Currency approved an during the forepart of the week forced many active speculaapplication to organize a new bank in Forest City, N. C., tive issues downward, and while there have been a number
under the title of the First National Bank. It will be of smart rallies, which have, in a measure, served as a
capitalized at $50,000.
A dispatch to the Dallas "News" from Coleman, Tex.,
on Oct. 16 reported that the State National Bank of Santa
Anna, Tex., was merged with the First National Bank of
Santa Anna on Oct. 16, the enlarged First National Bank
opening for business the next day. The dispatch continuing
said:
Leman Brown, President; Parker Bond, Cashier; Dewey Pieratt and
Clifford Vernor. Tellers of the State National, whi be connected with the
Burgess Weaver, President
First National under the new arrangement
of the First N•alonai, will continue as President.
The hat finanelal statement of the State National showed deposits of
$217.938, loans $338,883. capital stock $59.000. That of the First National
showed capital of $50,000. deposits $319.036, loans totaling $274,282.
Announcement was made on Oct. 18 by H. L. Holliday,
Vice-President and active head of the Texas Bank & Trust
Co., of the promotion of W. E. Cunningham, heretofore
Assistant Cashier of the institution, to the Cashiership,
and the addition of two new directors to the Board of
Directors, namely D. L. Whittle and Grant S. Robison,
according to the Dallas "News" of Oct. 19. Mr. Cunningham, the new Cashier of the Texas Bank & Trust Co.. has
been active in Dallas banking circles for the last eight
years. He was with the Farmers' & Merchants' National
Bank at Abilene, Tex., for several years, and went to
Dallas in 1922 as a member of the Mercantile Bank organization. He was made Assistant Cashier of the Texas Batik &
Trust Co. when It was established last year, it was stated.
The proposed union of the Bank of Italy National Trust &
Savings Association (head office San Francisco) and the
Bank of America of California (head office Los Angeles)
to form lite Bank of America National Trust & Savings
Association Is planned to take effect at the close of business
on Nov. 1, and the new organization will open on I he 'miming
of Nov. 3, according to an announcement on Oct. 20 by the
Transamerica Corp., the holding company of both banks.
check
on the downward drift, prices on the whole showed little
improvement until Thursday when the trend turned definitely
upward. United States Steel, American Can, and the railroad shares were frequently under pressure during the early
part of the week and at one time United States Steel was
down to its lowest in two years as it broke to 143
The
weekly statement of the Federal Reserve Bank shows a
further decrease of $139,000,000 in brokers' loans, pushing
the total back to $2,613,000,000, the lowest level since Nov.
24 1926. Call money renewed at 2% on Monday, remained
unchanged at that rate during the rest of the week.
Prices again crumbled as another wave of liquidation
flowed into the market during the abbreviated period of
trading on Saturday, and while some of the leaders put up a
strong resistance, there were numerous speculative favorites
that struck new low levels for the year, and longer in some
instances. United States Steel was well supported and
closed with only a fractional loss. Railroad shares were
under pressure and losses of 2 or niore points were recorded
in such active issues as New York Central, and Baltimore &
Ohio. New Haven, and Lackawanna, Rock Island, and
Union Pacific also were weak and closed with sizable losses.
Public utilities were under pressure and many prominent
issues were included among the weak stocks, the principal
losses occurring in Detroit Edison, Brooklyn Union Gas,
North American, and Standard Gas & Electric. Selling was
strongly in evidence in some of the prominent industrial like
General Motors. Westinghouse, General Electric and American Can, and in the last half of the session many of these
slipped down to the lowest level of the day. Other important stocks that dropped to new lows were J. I. Case
Threshing Machine, Du Pont, Auburn Auto, Radio Corp.,
and Columbian Carbon. In the last few minutes of trading
powerful buying e.aine into the market and there was a
slight improvement in the tone, but the gains were modest
and very little change was apparent in the final quotations.
2644
FINANCIAL CHRONICLE
[Vol. 131.
The market displayed considerable improvement on Mon- what unsettled, but the list soon
moved ahead and many
day and many promininent stocks moved rapidly upward and prominent issues regained much of the
losses of the preceding
in some instances the gains of 2 to 5 or more points wiped out days. Even the railroad stooks,
which had been in the
to some extent losses of the previous week. United States doldrums for the past day or two, moved
vigorously forward
Steel and American Can assumed the market leadership early and in some instances showed gains of
2 to 3 points. United
in the session. Allied Chemical & Dye also was in special States Steel moved to a new high
on the recovery and
demand and moved ahead about 11 points to 2113 ,American closed at 150, with a gain of over 3 points
4
over the preceding
Tobacco 4% points to 112%, Amer. Tel. & Tel. 3% points day. Good gains were recorded by a
number of the public
to 198%, Worthington Pump 4 points to 80, Union Pacific utility stocks, such as Western Union Telegraph
Co., Con5% points to 197%, Eastman Kodak 53% points to 191, solidated Gas, American & Foreign Power,
Standard Gas &
Atchison 7 points to 2013. and Foster-Wheeler 531 points to Electric, American Water Works, Columbia
/
Gas and Elec62. International Business Machine gained more than 10 tric Power & Light. The final tone was
good.
points, and most of the public utilities, amusements, equipTRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
ments, copper, oils and specialties showed good gains at the
DAILY. WEEKLY AND YEARLY.
close.
Stocks.
Railroad,
State,
United
Total
On Tuesday the market again reversed its trend and several
Wed eroded
Number of
etc..
Efsisk1pal &
States
Bond
Oct 24 1930.
Shares.
Bonds.
Poen Bonds,
Bonds.
Sales.
of the outstanding leaders tumbled downward to new
2,161.560 54,529,000 $2,020.000
bottoms. The early trading was fairly firm and gains of a Saturday
$51.400 $6,800,00
Monday
2,139.220
5,437,000
3,127,000
271,650 8,835,650
point or more were registered by a number of the more prom- Tuesday
2,431,900
6.411,500
3,400,000
331,000 10,142,500
Wednesday
2,742,240
6.795.000
3.466.000
243.000 10.504.000
inent issues, but reactionary tendencies soon cropped out Thursday
2,664.520
7.568,500
2,557,500
128.050 10.254,050
2,763,000
8.292,000
2,202,000
and a wave of liquidation swept through the market that Friday
245,000 10,739.000
Total
carried practically the entire active list below the previous
14,902.440 539,033.000 516.772.500 51.270,100 $57,075,600
close. The most severe pressure was exerted against WestBales at
Week Ended Oct. 24.
Ian. 110 041. 24.
inghouse which forced it below 104 to a new low for 1930.
New York Stott
Eschange.
1930.
1929.
1930.
1929.
Other noteworthy losses included United States Steel 3 points,
American Can 4 points, Allied Checmical & Dye 6% points, Stocks-No.of shares_ 39,033.000 38,903,620 667,438,008
923,088.660
Bonds.
Government bonds__
Eastman Kodak 53 points, Vanadium Steel 3 points and State foreign bonds_ 51.270,100 $2.980,000
$92,309,600; $101,872.000
&
16,772,500 15,902.000
571.540,400
508.099.150
Ingersoll Rand 4 points. Early in the afternoon the selling Railroad 4c misc. bonds 39,033.000 69,419.500 1.603,215,900 1,715.033,800
extended to the railroad shares, Atchison dropping off more
Total bonds
$57,075,600 $88.301,500 52,267,065.900 52,325.004.950
than 5 points while losses of 2 or more points occurred in
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
prominent speculative issues like Delaware & Hudson, New
BALTIMORE EXCHANGES.
Haven, New York Central, Union Pacific, Norfolk & WestBoston.
Philadelphia.
Baltimore.
Week Ended
ern, Lackawanna and Atlantic Coast Line. Copper stocks
Oct. 24 1930.
Shares. Bond Sales. Shares. Bond Sates. Shares. Bond Sales
shared in the general depression and the continued selling of
33,288
$6.000
71,812
these issues sent most of the prominent stocks flying down- Saturday
$7,000
3,164
$20,600
Monday
36,658
40.000 a70.900
32.500
2.627
11,000
ward to new minimums for 1930. Amusement shares were Tuesday
33,910
7,000
68.537
17,000
1,724
7,400
Wednesday
41,483
3,500
81.410
21,100
2.854
26.000
from 1 to 3 or more points and so were most of the so-called Thursday
34,448
23.000
86,208
43.800
2,384
15,000
Friday
12,120
13,000
25,273
specialties.
1,972
7,000
Total
191,907 5102,500 404,140 $121,400
Heavy liquidation during the first hour of trading carried
14,725
587.000
stocks downward on Wednesday, and numerous speculative Prey, week revised 182,114 5128,000 383,431 397,000 10,316 $48,200
favorites dropped to lower levels. As the day progressed, a In addition, sales of rights were, Thursday, 600. Sales
of warrants were:
however, the market rallied and for a brief period moved Monday, 1,100; Tuesday. 500; Wednesday, 200: Thursday. 300.
smartly upward, though the advances were not especially
COURSE OF BANK CLEARINGS.
noteworthy and made little change in the final quotations.
Bank clearings this week will again show a decrease as comOne of the outstanding features of the session was the break
of United States Steel to 1433 at its low for the day. Rail- pared with a year ago. Preliminary figures compiled by us
road shares were under almost constant pressure, Atchison based upon telegraphic advices from the chief cities of the
& Rock Island slipping back about two points, while Lacka- country indicate that for the week ended to-day (Saturday,
wanna dropped to a new low followed by New York Central, Oct. 25) bank exchanges for all the cities of the United States
Southern Pacific, New Haven, Pere Marquette, Delaware & from which it is possible to obtain weekly returns will fall
Hudson and Nickle Plate. Westinghouse Electric moved 44.3% below those for the corresponding week last year.
down about 4 points and at one time sold at a new low below Our preliminary total stands at $9,553,869,680, against
102. General Electric and Radio Corp. were off on the day $17,157,790,202 for the same week in 1929. At this centre
and Auburn Auto was down about five points. Scattered there is a loss for the five days ended Friday of 47.5%. Our
through the list were a few stocks that were able to maintain comparative summary for the week follows.
considerable strength and closed with moderate gains.
Clearings
-Returns by Telegraph.
Per
The list included among others Worthington Pump 2 points,
Week Ending October 25.
1930.
1929.
Cent.
Consolidated Cigar 3 points, Peoples Gas 2 points, and New York
54,920000,000 59,369,000.000 -47.5
Pierce Arrow pref. 4 points. The total turnover was Chicago
394,565,892
622,556.350 -36.6
Philadelphia
436,000.000
506.000,000 -13.8
2,742,240 shares and more than 200 issues recorded new Boston
421,000,000
541.000,000 -22.2
Kansas City
101,859,545
132,931,249 -23.4
lows for the year.
St. Louis
101,700,000
123.500.000 -17.7
148.633,000
The market in general moved briskly upward on Thursday, San Francisco
206,948,000 -28.2
Los Angeles
Will no longer report clearings.
though the weakness in the Van Sweringen issues had a Pittsburgh
146.457,872
175.329,786 -16.5
Detroit
112.386,616
198,982.003 -43.5
depressing effect around the noon hour and a few stocks Cleveland
105,870,544
132,319.351 -20.0
75.194,059
89.730,576 -16.2
dipped to lower levels. As the session progressed, stocks Baltimore
New Orleans
48,052,040
65,200,064 -26.3
gained momentum and under the leadership of such shares
Twelve cities, 5 days
$7,011,719,568 $12,063,497,379 -41,9
949.755.165
as United States Steel, and American Can, again moved Other cities, 5 days
1,146.565,915 -17.2
ahead and a long list of active market favorites closed with
Total all cities, 5 days
57.961,474.733 513,210,063,294 -39.7
AU cities, 1 day
1.592.394,947
3,947,726,908 -59.7
gains ranging from 2 to 5 or more points. .Public utility
Total allettlivi tnr week
59.553.869.680 817.157.7002fi9 -AA 1
stocks were particularly strong and advances of 2 or more
points were recorded by such active issues as American &
Complete and exact details for the week covered by the
Foreign Power, Consolidated Gas, American Water Works foregoing will appear in our issue of next week.
We cannot
& Electric, and Standard Gas. Other noteworthy gains in- furnish them to-day, inasmuch as the week
ends to-day
cluded J. I. Case which surged forward 7 points at its top (Saturday) and the Saturday figures will not
be available
for the day, and closed at 1243' with a net gain of 53's until noon to-day. Accordingly, in the above
the last day
points, Worthington Pump which improved over a point, of the week had to be in all cases estimated.
Allied & Chemical & Dye, which forged ahead 23 points to
In the elaborate detailed statement, however, which we
2073, and American Tel. & Tel. which closed at 198% with present further below we are able to give final
and complete
a net advance of 23' points.
results for the week previous-the week ended Oct. 18. For
The market displayed substantial gains on Friday as strong that week there is a decrease of 41.6%, the
aggregate of
buying pushed stocks to higher levels. Advances ranged clearings for the whole country being
$9,904,890,156,
many issues that had continued against $16,953,348,463 in the same week of
ft..= 2to 5or more points and
1929. Outside
on the downward side during most of the week suddenly of this city there is a decrease of 32.6%,
while the bank
moved forward. During the early trading prices were some- clearings at this centre record a loss of
45.7%. We group
I
2645
FINANCIAL CHRONICLE
OCT. 25 1930.]
Reserve Districts in
the cities now according to the Federal
the
located, and from this it appears that in
which they are
, including this city, the totals
New York Reserve District
Reserve District
show a shrinkage of 45.6%, in the Boston
Philadelphia Reserve District of 29.6%.
of 37.4%,and in the
decrease is 30.6%, in
In the Cleveland Reserve District the
Atlanta
nd Reserve District 15.8% and in the
the Richmo
In the Chicago Reserve District
Reserve District 32.3%.
Reserve District of
there is a loss of 35.8%, in the St. Louis
Minneapolis Reserve District of 24.5%. The
26.4%, in the
decrease of 23.9%,
Kansas City Reserve District suffers a
Francisco
Dallas Reserve District of 46.1% and the San
the
District of 35.2%.
Reserve
Federal Reserve
In the following we furnish a summary of
districts:
OF BANK CLEARINGS.
SUMMARY
190.0?
Dec.
Week Ended October 18.
Clearings at
1930.
1929.
Inc. or
Dec.
1929.
1927.
Seventh Feder at Reserve D istrict -Chi cago
284,486
288,167
356,751 --44.1
199.405
-Adrian _ _
Mich.
864,6153
936,842
' 995,204 --20.5
790,945
Ann Arbor...---32.1 241,018.015 191,111,139
150.177,550 221,119.206
Detroit
7.711,629
9,953,028
6,894,097 --13.0
5,999,636
Grand Rapids.
2,836,044
3,617,791
4,073,774 --12.8
3,560.722
Lansing
3,226,937
4,402,873
5,418,748 --45.6
2,946,611
-Ft. Wayne
Ind.
24,414.000
24,365,000
25,043.000 --13.0
21,700,972
IndianapolLs_
3,165,000
3,432,320
3.838,105 --36.6
2,306,028
South Bend_ _ _
5,380,901
5819,252
5,423,492 --12.8
4,739,116
Terre Haute__ _
45,343,680
45,879,283
39,843,139 --26.9
29,120,013
Wis.-Milwaukee
1,736,816
2,269,069
3,555,454 -8.2
3,265,457
Iowa-Ced.Rap_
9,953,414
10,880,077
11.402,232 --30.9
7,881,522
Des Moines- _
6,387,134
7,288,560
7,295,043 --19.2
5,896,432
lout City....
1,890.343
2,041,609
2,351,577 --24.3
1,780,820
Waterloo
1,588,993
2,391,323
2,500,000 --29.1
1,772,415
I11.-Bloomingt'n
1 --38.7 841,582,819 700,910.868
508,649,840 830,370,74
Chicago
1,391,635
1,415,866
1,413,268 --15.5
1,194,369
Decatur
5,340,769
6,657,327
7,132,945 --41.4
4,179,270
Peoria
3,411,423
3,800,243
4,054,569 --29.9
2,843,167
Rockford
2,219,106
3,213,868
3,339,478 --25.6
2,483,370
_
Springfield
53,332 1,019,168.469
Total(20 citim) 761,577,680 1,186,219,823 -35.8
1927.
Eighth Fedora I Reserve Dis trict-St. Lo uis6,313,180
5,9 9,630
5,266,441 +8.1
5,695,496
8
-Evansville
S
Ind.
00
$
%
8
Reserve Dist*.
682,270,558 Mo.-St.Louis.. 124,100,000 154,600,000 -19.7 173,300.000 154,710,0 4
Federal
629,896,704
831,923,411 -37.4
41,473,05
520,688572
42,162,268
48,626.689 -27.6
35,210,329
589 Boston....12 cities
8,763,349,376 6,575.189.008
.-Louisville _
346,496
374,888
6,430,317.593 11,822,225,669 -45.6
490,386 -39.0
631.641,572
299,210
in0 New York.12 "
__
710,725,791
Owensboro
736,474,089 -29.6
35,992,723
618,591,649
37,683,825
41.671,929 -42.8
23,847,107
led Philadel U.10 "
458.562.506 Tenn.- Memphis
520,223,903
579,999,674 -30.6
20,613.668
402,509,040
20,658,865
23,294,884 -44.5
204,072,474 Ark.
12,931,476
Mb Cleveland__ 8 "
214,323,307
-Little Rock
334.860
219,079,455 -15.8
340,603
184,569,575
448,252 -63.3
254.061.651 Ill.
163,699
Richmond _ 6 "
5th
242.578,887
-Jacksonville
240,351,904 -32.3
1,470,531
162,651,489
1,570,438
987,616 -44.0
1,
1,057,800
Mb Atlanta- _ _12 "
2 1,019,166,469
Quincy
761,577,660 1,186,219,823 -35.8 1,221,053,33
261,254,510
711 Chicago __ _20 "
282,010,517
276,284,177 -26.4
7 261,254.510
203,305,117
181,681,121
896 81. L08118._ 8 "
154,081,680
Total(8 cities)_ 203,305,117 276,284,177 -28.4 282,010,51
164,327.829 -24.5
124,112,952
litll Minneapolis 7 "
239,118.202
256.058.940
256,919,500 -23.9
195,520,533
113,030,718
EansaaCity 10 "
Federal Reserve Dis trict-Minn eapolis
1010
126,407,189
Ninth
121,354,246 -46.1
15,038.852
5 15,543,478
64,453,483
6,178,850 -10.0
5.581,137
440.134,033 Minn.
11911 Dallas
-Duluth
485,640,634
95
518,158,486 -35.2
335.589,493
82,880.160 116,508,397 -28.9 117,792,856 115,904.4 3
112411 Ran Fran_ _16 "
Minneapolis_40,623,07
39,956.582
30.539,276 -9.1
22
27.751,872
11,060.388,1
St. Paul
2,270,853
2,237,842
90,158 16,953,348,463 -41.6 13,836,350,260 4,655,944,388
3,166,851 -22.8
126 cities 9,904,8
2,443.985
Total
5
-Fargo...
N. 10.
1,740,196
1,675.387
3,631,168,123 5,390,354,370 -32.6 5,071,975,78
1,495,965 -25.3
1,116,901
Outside N. Y. City
-Aberdeen_
S.D.
1,173,652
1,300,539
1,281,490 -33.9
846,397
441428.489 Mont.-BIlilnga _
gcg 1413 216
Kttrl II! RIZA -0,10
All MAI VIVI
4,928,000
a, .......
5,575,000
5,157,000 -31.9
3.512,50
Helena
184,081,680 181,681,121
detailed statement, showing last week's
Total(7 cities)_ 124,112,952 184,327,829 -24.5
Week End. Oct. 18 1930.
1930.
1929.
1928.
'Are now add our
years:
figures for each city separately, for the four
Week Ended October 18.
-Clearings al
1930.
1929.
Inc. or
Dec.
First Federal Reserve Dist rict-Boston
677,467
654.799
Maine-Bangor_ _
4.395.705
3,545,765
Portland
468,658,485 749.000.000
-Boston_ _
Mass.
1,675,148
1,045.499
Fall River1,492,219
535.634
Lowell
1,872.763
1,288,221
New Bedford _
6,400.760
4,960.799
Springfield -5,011.920
3,568.927
Worcester
25.859,053
13,993,078
-Hartford.
Conn.
13,196,557
8,014.833
New Haven
21,396,600
13,699,600
-Providence
R.I.
945,219
722,932
.-Manchefet
Total(12 cities)
520,688,572
--3.3
--19.3
--37.5
--37.6
--64.1
--31.2
--22.5
--28.8
--45.9
--39.3
--36.0
--23.5
831,923,411 -37.4
-New
Second Feder al Reserve D istrict
8,184.582
9,621,436
-Albany
N. Y.
1,615,931
1,422,845
Binghamton...
87,363,068
47,463.540
Buffalo
1,103,556
1,083.721
Elmira
1,500,000
1,180,642
..._
Jamestown
11,562,994,093
New York _ _ 6,273,722,033
18.807,948
10,116,410
Rochester
9.690,250
5,249,045
Syracuse
4,975,207
5.024.832
-Stamford
Conn.
1,063.392
1,285.913
ir
-Montcla
N. J.
45,103,466
33,009,917
Newark..
79,824,376
41,137,259
Northern N. J..
1928.
1927.
796,307
723,131
3,386,230
4,029,212
561,000,000 615.000.000
2,504,359
1,509,558
1,360,234
1,422,601
1,728,114
1,410,105
5,737,452
6,196,594
3.803.099
4,096,184
17,858,012
17,760,154
7,501,363
10.688,891
19,872,400
20,231,400
713.988
828,464
629,896,704
682,270,558
York
6,259,312
7,431,851
+17.6
1,216,300
1,692,843
-11.9
61,446,099
70,385.663
-45.7
864,573
1,446.043
-1.8
1,743,488
1,381,505
-21.3
-45.7 8,584,474,475 6,404,443,734
14,752,049
17,229,094
-46.2
6,498,459
7,114,308
-45.8
4,036,417
4,433.991
+1.0
743,614
1,004.268
+20.9
26,667,906
35.365,721
-26.8
46.515,057
51,489,614
-48.5
Kens as City
Tenth Federal Reserve Dis trict356.968
381,940 -39.2
232,235
Neb.-Fremont
659,615
700,000 -34.2
480,373
Hastings
5,033,719
4,635.569 --6.3
4,344,961
Lincoln
55,964,839
60,772,840 -27.5
44,076,271
Omaha
4,561,912
3,398,511
3,117,245
Ran -Topeka...
9,419,090
10,000.000 -30.7
6,928,253
Wichita
5
128,682,814 167,578,535 -23.2 189,984,59
Mo.-Kan. City_
7,068.238
-22.8
6,415,567
4,955,600
9t. Joseph_ _ _ _
1,410.537
1,278,417 -16.2
1,071,408
-Col. Spgs.
Colo.
a
a
a
Denver
1,599,437
1,788,131
1,651,373
Pueblo
256,058,940
Total(10 cities) 195,520,533 258,949,500 -23.9
-Da HasEleventh Fade ral Reserve District
2,550,229 -27.9
1,839,256
-Austin...
Texas
90,0051.000 -49.4
45,570.122
Dallas
17,554.688 -48.5
9,388,368
Fort Worth _
9,329,000 -57.0
4.008,000
Galveston
8,902,329 -32.8
4,647,739
ortLa.
-Shrevep
48.1
65,453,483 121,354,246
Total(5016188).
471,218
525,871
4,829.610
50,923,793
4,073,886
9,364,349
180,000,080
6,994,215
1,490,112
a
1,445,308
239,118,202
2,848,656
8f,295.704
18,023,741
10,627.000
8,616,088
1,771,801
78,595 770
18.123,912
9,087.000
7,452.235
126,407,189
113.030,718
o-Twelfth Feder al Reserve D Istrict-San Franc'sc 61,258,329
72,503,762 -43.3
41,141.025
-Seattle- _
Wash.
16,526.000
19,047,000 -29.6
13,417,000
Spokane
2,584.348
3,044.521 -50.3
1,512,517
Yakima
51,265.239
52,966,359 -30.2
36,982,508
-Portland..
Ore
22.622,679
-30.3
27,346,456
19,057,836
-S.L.City
Utah.
6,493,503
8,731.078
3,092,242
-Fresno
Cal.
9.797,774
10,071.411 --31.4
6.905,365
long Beach...
-N o longer will r eport clearing S_37,4
Los Angeles
21,724,909
23,574,519
14,769,022
Oak'and
7.534.991
7.980,861 --27.6
5,709.923
Pasadena
7,739,281
7,712,025 --11.7
6.812,504
Sacramento...
6,769,503
11,030,937 --53.9
5,085,953
San Diego.
4 - 34.9 259.381,000
San Francisco. 171,056,920 262,601.72
4,452,367
5,782.399 --29.3
4,075,052
San Jose
2,302.843
2,874,073 --25.9
1,982,324
Santa Barbara_
2,556,279
2,506.572 --19.5
2.017,372
Santa Monica_
2,631,600
21,700.000 --27.0
1,971,900
Stockton
52 300,305
16,048.000
2,209,508
45.266.264
22,565,364
6,894,118
7,437,466
18,119.318
6,541,517
9,203,157
5.097.811
236.499.000
3,243,782
1,620.503
2,236 420
3,752.500
869 -45.6 8,783,349,376 6,575,189,008
Total (12016108) 6,430,317,593 11822225,
Dist rict-Philad elphia
Third Federal Reserve
1,808,971
1,808.816
1,593.818 -22.4
1,237,032
-Altoona
Pa.
4,869.828
5,134.258
5.395,823 -33.7
3,578,395
440,134,033
Bethlehem _ _
1,728,418
1,472,384
Total(16 cities) 335,589,493 518,158,488 -35.2 485,640.634
1,602,709 -31.0
1,106,009
Cluster
2,306,301 Grand total (126
2,289,833
2,486.769 -26.9
1.818.058
Lancaster
00
-41.6 13636 350,260 11060 388.122
00 597,000,0
9,904,890,156 16953 348,463
cities)
493,000,000 700,000,000 -29.6 676.000.0
Philadelphia
4,531,555
4,978,727
5,587,172 -39.4
3,387,282
Reading_ _
6,764.238 Outside New York 3,631,168,123 5,390.354,370 -32.6 5.071.975,7854.655,944,388
6.489,148
7,147,297 -34.8
4,659.055
_
Scranton
4,384.527
4,866.874
5,000.000 -20.9
,
3,955,235
Wilkes-Barre _
1.780,847
2,421,929
2,326.109 -8.7
2.123.583
York
6,666,892
5,283.778
5,334,304 -30.1
Week Ended October 16.
3,727,000
-Trenton
N.J.
Clearings at
9 -29.6 710,725,791 631,841,572
Inc. or
Total(10 cities) 518,591,649 736,474.08
1927.
1928.
Dec.
1929.
1930.
lev eland
Fourth Feder al Reserve D istrict-C
8,044,000
$
$
7,913,000
6,076,000 -28.4
%
$
4,352.000
$
Canada
Ohio Akron._
0
3.734,002
4.844,877
6.033,599 -31.1
4,156,486
151,034,473 169,527,067 -10.9 175,415.653 142.506.24
Canton
84,097.543 Montreal
166,201,597 139.490,979
89,815,012
99.392,303 -32.2
67,405,545
127,444,424 134,888.303 -5.5
Cincinnati_ 4 Toronto
63,899,379
93,295.734
87.933,013 -29.2
137,749,658 199,068,204 -30.8 171,820.351 144,658.85
62,242.356
Cleveland
18,722,022
20,197,800 Winnipeg
23,504.916
18,729.900
22,411,100 -23.0
25,865,537 -31.4
17.256,900
17,754.072
Columbus
8,528,266
2,702,994 Vancouver
10,004,720
2,429.800
2.219,517 -12.1
8,287,115 -3.9
1,951,445
7,961,198
Mansfield
7.771.000
5,303,341 Ottawa
7.0561,156
5.659,525
7.056.907 -21.1
8.003.209 -12.4
5,570.010
7,013.789
Quebec
Youngstown
2,901,060
3,615.459
+40.6
237.742.104 -31.0 219,611,438 189,764,272 Halifax
2,999,151
4,218,242
164,066,996
-Pittsburgh
Pa.
5,971,772
7,203,074
6,936,297 -12.7
6,058.199
Hamilton
06
8,063,520
17.009.642
15,733,623 -43.1
402.509.040 579.999,674 -30.6 520,223.903 458,562,8
8,945,499
Calgary
Total(8 cities)_
2,984,105
2,252,824
-8.3
2,722,08
2,496,445
Bt. John
2,585,191
2,846,871
lun ond3,621,15 -27.4
2,629,686
Federal Reserve Dist rict-Ric
Victoria
Fifth
1,351.106
3,488,910
1,431,778
3,805,980
1,494,726 -21.2
-7.1
3,484,89
1,178,337
3,235,844
W.Va.-II unt'g'n
5.455.140 London
5,578,281
5,167,969
-12.6
7,323,339
4.808.881
8,073.28 -19.8
4,201.041
6.476,833
Va.-Norfolk_ _
5,651 910
56,699,000 Edmonton
8,471,311
57,824.000
57.180.000 -13.8
10.197.72 -40.4
49.295.143
6.079.915
_
Richmond_
2,481,446 Ruins
785,676
2,551,417
1,233.698
2,863,492 -8.1
-30.0
880,63
2,631,492
616,777
-Charleston
S.C.
6 Brandon
756,895
1,173.358
1,142,788 -48.5
98.545.499 122,240,328 -19.4 116,068.899 112,189,58
588,710
Md.-Baltimore _
25,901.196 Lethbridge
2,571,464
31,278,244
3,634,419
30,492,050 -5.8
4,455,992 -42.3
2,569,676
28,718,063
Saskatoon
D.C.-Washing'n
1,638,505
1,720.771
1,559,901 -351
1,012,810
Moose Jaw
1,670,078
1,503,011
219,079,455 -15.8 214.323.307 204,077,474 Brantford
1,435,860 -20.0
1,148,180
Total(8 cities). 184,569,575
1.416,019
1,415,997
1,285,660 -33.5
854.675
Fort William_ _ _ 946.957
a-948.496
-Atlant
1,002,836 -23.5
767,169
New Westminster
Sixth Federal Reserve Dist riot 3,460,872 ---20.7
3,250,000
499,437
3.000.000
708,547
751,500 -52.3
2,744,181
358,512
-Knoxville
Tenn.
862,885
28,649.014 Medicine Hat28,139,176
970,069
-3.3
28,922,205 --28.2
972,746
21,356,510
940,177
Nashville
67,645,603 Peterborough.952,225
65,803,614
1,093,911
70.000.000 --28.2
1,133,710 -17.4
936,834
50,236.777
ta._
Sherbrooke
Ga.-Atlan
2,777,112
1,443.519
2,795,242
1,282,019
3,760.661 --41.1
1,519,814 -4.7
1,447,764
2,215,943
Augusta
2,532.423 Kitchener
5,657.518
3,499,240
7,593,645
3,005,576 --49.4
5,548,713 -47.9
2,888,284
1,519,878
Macon
20,230.937 Windsor
920.067
17,407,695
634.776
17,813.664 --25.6
714.127 -43.2
405,658
13,259.145
Fla.-Jaek'nville.
3,863,000 Prince Albert....
910.561
982,044
2,271,000
2,503,000 --25.3
1,177,643 -16.2
986.433
1.869,000
Miami
32.445,041 Moncton
944,652
986,063
31,979,604
31,396,535 --42.7
901,100 -5.4
852,465
17,991,544
Kingston
Ala.-Birming'm.
2.074,122
1,103,878
2,301,292
792,430
2,987,486 --31.7
701.221 -12.3
615,279
2,040,046
Mobile
3,666.000 Chatham
737,472
--2.1
2,503,000
689,706
-35.1
2,500.000
982,033
637,134
2,447,000
--Jackson
Miss.
498.567 Sarnia
540.542
371,458 --46.1
200,310
Vicksburg
75,833.227
71,111,796
73,630 447 --36.5
07 510,314.886 -20.2 555,146,216 441,426,469
47.774.162
Total(31 cities) 431,261,5
La.-NewOrleans
240,351,904 -32.3 242,578,887 254,061,651
Total(12 cities) 162,654,489
•Estimated. a No longer reports weekly c earings.
2646
FINANCIAL CHRONICLE
THE CURB EXCHANGE.
[VOL. 131.
Quotations during the week:
-Bar Silver Per Oz. Std.New low records were established for many Curb
Bar Gold Per
Cash.
Exchange Oct. 2
2 Mos,
Fine Oz.
16 7-16d.
issues on Tuesday of this week when prices broke
167-16d.
84s. 1131d.
3
through
1654d.
161
4d.
84s. litlid.
4
the low levels made last week. Thereafter a firmer
16140.
163.40.
tone
84s. 11d.
6
16 7-16d.
prevailed although business was quiet. Utilitie
167-160,
84s. 1144d.
7
s were weak
169-160.
169-160,
84s. 1.1%d.
8
Electric Bond & Share corn. lost over four points
1654d.
las•id.
to 50, Average
84s. 11,
4d.
16.510d.
16 510d.
recovered to 553. to-day and closed at 55/
84s. 11.69d
3
.. Amer. Gas
The silver quotations to-day for cash
and two months' delivery are
each
& Elec. corn, dropped from 93 to 853/8, sold up to
943 and ;id. above those fixed a week ago.
4
finished to-day at 74%. Commonwealth-Edison weaken
ed
from 254 to 238 and recovered finally to 245. Duke Power
PRICES ON PARIS BOURSE.
sold up from 128 to 14034 and at 1383 at the close to-day.
Quotations of representative stocks on the
Paris Bourse
Northern States Power corn. was off from 136 to
13334 and as received by cable each day of the
past week have been
ends the week at 135. Oils also suffered severely. Humble as
follows:
Oil & Ref. declined from 733/8 to 723 , recovered to
Francs. Francs. Francs. Francs,
4
733
/
8
Francs. Prance,.
Oct. 18. Oct. 20. Oct. 21. Oct
and closed to-day at 733/8. South Penn Oil weakened from
22. Oct 23. 00 24,
1930.
1930.
1930.
1930.
1930.
1930.
28 to 253/8. Standard Oil (Neb.) sold down from
French Rentes 3% Perpetual__
87 35 87.80
453/8 to
87.15
87.00
87.10
423/s. Standard Oil (Ohio) corn. fell from 61 3 to 52% with French Rentes 4% 1917
102.70 102.60 102.20 102.00
/i
102.20
101.75 101.85 101.80 101.80
the final transaction to-day at 533/8. Vacuum Oil moved French Rentes 5% 1915-16
101.90
Banks
down from 61% to 593/8 and recovered to 64%. Gulf
Oil of Banque de France
21,330 21.475 21.200 21.060
Pa. lost over 63/8 points to 803/s, finishing to-day
21.200
2.540
at 83%• Banque de Parts et des Pays Bas_
2.580
2.515
2.520
2.515
Industrials and miscellaneous issues were irregular. Alumin Credit Lyonnais
2.740
2,810 2.750
- union des Mines
2,755
2.760
1,225
um Co. dropped from 16034 to 150 but recovered to 1641/8.
1.215
1.225
1,225
Canal
T. R. Dresser Mfg. cl. A weakened from
with Canal Maritime de Sues
3934 to 36
16,395 16.515 16.390 16.450
the final transaction to-day at 3732. Driver-Harris Co.
16.416
Railroadcorn. eased off from 353/8 to 33% and to-day sold at 37. 1hemin de fer dU Nerd
2,240
2,250 2,205
2.20) 2,215
Metal & Mining shares sold down from
Mines
23/2 to % and up
finally to 1.
Mines des Courrleres
110111,239
1,288
1,250
1.256
1.266
Mines
day
1,030
A complete record of Curb Exchange transactions for the Soc. doe Lens
1,065
1,035
1.043
1.046
Minter° et Metallurglque de
week will be found on page 2675.
Penarroya
574
600
575
578
DAILY TRANSACTIONS AT THE NEW YORK
Stocks
(Number of
Shares).
Week Ended
00. 24
----Saturday
Monday
Total
EXCHANGE.
Bondi (Par Value),
Rights.
588.100
615.800
565.700
703.700
591.700
50(1.700
Tuesday
Wednesday
Thursday
Friday
Colin
3.578,700
Foreign
Domestic. lOorernment.I
300 52.497.000
1,000 2.817,000
600 3.705.000
1,800 4,174.000
4.100 3.735.000
4.700 3.259.000
8214.000
241.000
386.000
1414.000
208,4)00
255.000
12.500 520,187,000 31,468,000 321.655.000
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Oct. 8 1930:
2,945
2,625
3.020
2,670
710
571
2,925
2.610
2.925
2.605
2.945
2.615
1,105
735
1.155
698
1,135
686
1.130
700
1,150
IndustrialsPrefileries & Laminoirs du Havre
Societe Andre Citroen
Ste Francalse Ford
Coty, 8. A
Pecniney
l'Air Llquide
Etabliseennents Kuhlmann
Gaieties Lafayette
1,973
693
253
825
2,380
1,525
741
156
2,025
722
262
835
2.440
1,553
741
156
1.979
630
257
845
2.300
1,450
717
155
1.993
682
258
845
2.330
1.460
722
151
1.999
692
260
850
2,360
1,428
725
161
Oil
Royal Dutch
Totai.
- 52,711.000
3.058 000
4.091.000
4.33)4.000
3,943.000
3.514.000
THE ENGLISH GOLD AND SILVER MARKETS.
Public UtilitiesCle General d'Electricite
doe. Lyonnaise des Eaux
Cie. Francalse des Procedes
Thomson-Houston
Union d'Electricite
3,485
3.500
3,450
3,410
3,440
PRICES ON BERLIN STOCK EXCHANGE.
GOLD.
The Bank of England gold reserve against notes amounted to £155,618
Closing quotations of representative stocks on the
,965
Berlin
on the 1st instant (as compared with £156.304,901 on the previous
Wednes- Stock Exchange as received by cable each
day of the past
day). and represents an Increase of £9,658.881 since Jan. I last.
week have been as follows:
In the open market yesterday bar gold from South Africa to the
value of
£958.000 was available. France was again the principal buyer,
Per Cent of Pa
securing
Oct. Oct. Det.
£890,000 at the fixed price of 84s. 11%d. per fine ounce. The home
Oct. Oct. Oct.
trade
18.
.
21.
22
Allg Deutsche Credit (Ades)(8)
took £23,000. the Continental trade £30,000 and India £15,000.
.100 lou
lug) lei) 1' " 104.
2
4
Berlin Handels Gee (12)
2
0
Movements of gold at the Bank of England during the week
123
133
134
132
show a net Coalmen und-Privat Bank (11)
131
135
121
influx of £1.856.051. Receipts totalled £2,070,045. of which .C2.070,
122
123
121
121
121
000 Darmstadter u. NatIonalbank (12)
161
162
1b2
153
was in sovereigns from Australia. and withdrawals consiste of
157
158
d
£189,994 in Deutsche Bank U. Dhmonto Gee.(10)
.116
118
119
117
115
Dresdner Bank (10)
115
bar gold and £24,000 in sovereigns.
.115
117
118
116
115
Relchsbank (124
115
The following were the United Kingdom imports and exports
220
227
230
221
221
of gold Algermeine Kunstzilde Unto (Aku)(0)- 61
227
registered from mid-day on the 29th ultimo to mid-day
65
65
li I
59
64
on the 6th instant: 411g. Elektr. Gee (A E (1.)(9)
122
129
129
122
Imports-
Brazil
Australia
Venezuela
British West Africa
British South Africa
Other Countries
£161,959
1.070.000
11.872
46.295
391.367
737
Exports
-
Germany
France
Switzerland
Austria
British India
Other countries
£128,518
2,291.442
116.830
13.251
11.192
3.925
£1,682,230
£2,565,158
Ford Motor Co • Berlin (10)
Gelsenkirchen Bergwerk (8)
195
93
.. 129
liamburg-AmerIcan Lines (Haves)(7)
80
Hamburg Electric Co (10)
118
Reyden Chemical (6)
48
Harpener Reuben (6)
92
liotelbetrieb (12)
1 G Farben Indus. (Dye Trust) (14)
144
Kali ('hemie (7)
1°4
Karattuit (12)
92
‘tannesulann Tubes (7)
75
North German Lloyd (8)
81
Phoenix Berghau (64)
65
Polyphonwerke (20)
158
Rhein West) F:lektr (R WE.)(10)
.157
sachsetisverk Licht u Kraft (7(4)
79
ilemens & Halske (14)
184
4toehr & Co Karturigarn Spinneret (5)
72
Gestuerel (10)-
SILVER.
Prices recovered slightly from the level touched at the end of last week,
sellers being disinclined to follow the market down. The Shanghai exchang
e
at first showed a tendency to improve, and in response to demand from
China quotations rose to I65d., the quotation of the tid instant. Although
subject to slight fluctuations, prices subsequently tended to ease. China
selling and the Continent and America providing supplies, too. although
the two latter quarters also made purchases during the week. .The Indian Leonhard 'nets (it))... ..„ . ______ _____121
Ver. Stalhwerke (United Steel Works) 031_ 65
Bazaars have given support, buying silver for shipment as well as to
cover
bear sales. At the moment the market shows no decided tendency
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 29th ultimo to mid-day on the 6th instant
.
Imports-
•
Exports.
Mexico
Canada
Other countries
£107.065
13.992
311
France
Other countries
£9,225
8.150
-^
£121.368
INDIAN CURRENCY RETURNS.
(In lacs of rupees)-
Notes in circulation
Silver coin and bullion In indla
Silver coin and bullion nut of India
Gold coin and bullion in India
£17.375
Sept.
Sf1119.
le
12.176
12.111
3.228
32
.2§
-
SeP1 12.
l7..0 5
2
12,0,50
:3. . A
Gold coin and ImIllon out or India
Securities (Indian Government)
1.559
1.A15
1:569
Securities (British (3overnment)
184
184
184
The stocks in Shanghai on the 4th instant consisted of about 97.800.000
ounces In sYcee. 147,000.000 dollars and 4,100 silver bars, as compared
with about 99,800,000 ounces in sycee. 144.000,000 dollars and 3,980
silver
bars on the 27th ultimo.
199
97
135
82
121
49
94
113
148
125
93
79
83
69
164
160
86
188
74
126
70
113
198 4 141(4 190
98
04
133
124
122
.
82
79
77
122
119
118
49
54
50
93
30
88
113
112
110
118
111
138
126
12.5
126
95
HO
89
81
75
73
83
79
77
70
70
67
184
I no
152
159
156
153
89
86
85
189
180
174
74
fig
68
126
1111
115
71
69
68
122
190
122
96
79
117
52
89
.141
126
02
75
79
68
153
156
85
181
70
118
70
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:
Sat.,
Mon.,
Tues.,
Wed
Vitas.,
Frt.
Oct 18.
Oct. 20.
Oct. 21.
Oct 22.
Oct 23.
Orl 24.
Silver, p. os_d_ 164
16 9-16
1694
16)4
164t
1644
Gold. p. Mmes. 848.114d. 84s.II .44d. 85s
3.4d. 858.4d. 85s Ad. 848 114d.
C0.018. 24%. 67
574
5744
57)4
57,
4
874
British, 5%.... ____
105
10434
104 1
4
1044
10544
British. 444 47-. ____
10244
tozsi
1024
102)4
10244
French Rentes
(In Paris..Tr, ____
87.25
87.75
87.10
87.00
87.10
French War L'n
(in Paris) _
jr_____
101.70
101.80
101.85
101 80
101.90
The price of silver in New York on the same days
has been:
Silver Iti N. Y., per us.(Ms.):
Foreign
354
354
304
364
354
354
OCT. 25 1930.]
FINANCIAL CHRONICLE
Cominercialand WiscellatteonsBturs
Breadstuffs figures brought from page 2720.
-All
the statements below regarding the movement of grain
receipts, exports, visible supply, &c.
-are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ending last Saturday and since Aug. 1 for
each of the last three years:
Receipts at
-
Flour.
Wheat.
Oats,
Corn.
Barley.
Rye.
bbls.1116lbs. bush. 60 lbs. bush. 56 Ms. bush. 32 lbs. bus. 48 lbs. bus. 56 lbs.
Chicago
214.000
63.000 1,718.000
99,000
422,000
10,000
Minneapolis_
1,735.000
173.000
369.00
361.000
145.000
Duluth
1.852.000
305.000
15.000
198.00
54.000
)4HwuUkee_ -8.000
52.000
106.000
201.000
226.00
5.000
Toledo
237.000
28.000
1,000
30.000
1.000
Detroit
31.000,
4,000
18,000
2,
2.000
Indianapolis.
274,000
26.000
134.000
Bt. Louis_
121.000
401.000
169.000
76.000
343,0001
1,000
Peoria
55.000
42.000;
420.000
79.000
70.111
18,000
Kansas City_
757,000:
233.000
74.000
Omaha
262,000',
260,000
115.000
St. Joseph_
178.000,
88.000
123.1300
Wichita
139.000,
2,000
24.II,
4.000
Sioux City
35,000
72,000
7.000
52,000
Total week '30
Same wk 1929
Same wk.1928
398,000 5,810,000
562,000 9,323,000
607.000 22.753,000
1
3,886,000
4,387.000
3,835,000
1,937.000 1.072.000
236.000
4,054 000 1,565.000 849.000
3.569,000 3.851.000 2,004,000
I
Sine Aug.1I
1930
1 5.310.000187.552.000 48,255.000 49.593.000 24.768.00011.758,000
1929
5.445.000190,817.000 51,420.000 62.5441,000 29,213.000 10.731.000
1928
6,056,000 229,241,000 52,260,000 62.816,00063.267.000 12,007,000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Oct. 18 1930, follow:
Receipts at-
Flour.
Wheal.
Oats.
Corn.
Barley.
Rye.
bbl.s.1961hs. bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bus. 48 lbs. bus. 56 lbs.
New York 350,000 1,285,000
45,000
20.000,
20.000
Philadelphia__
43.000
29.000
4.000
10,000
Baltimore,..._
27.000
51,000
14.0001
18.000
1,000
1,000
New Orleans•
63,000
108,000
24.000
12.000
Galveiton
20.000
Montreal ____
108,000 1,022.000
36.000
27.000
34.000
Boston
22.000
2,000
18,000
1,000
Total wk.1930 813,000 2.490.000
Slime Jan.1'3020,600,000136.290.000
118.000
3.993.000
110,000
4,686,000
35,000
677,000
49,000
660,000
Week 1929_1 556,000 3,946,000
121.000
474,000
12,000
2,000
Since Jan.1'2920,453,000 146,544,000 16,350,000 14,485,00024,353,000 3,384,000
• Receipts do not 1ne1 Me grain passing through New Orleans for foreign ports
on through 1/111., Of 1.1 11112.
,
•
The exports from the several seaboard ports for the week
ending Saturday, Oct. 18 1930, are shown in the annexed
statement:
Exports fromNew York
Belton
Philadelphia
Baltimore
New Orleans
Galveston
Montreal
Houston
Wheat,
Corn.
--Bushels. Bushels.
867.000
48,000
136,000
224,000
1,022,000
79,000
Total week 1930_ 2,176.000
Same week 1929 ___ 2 472 non
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
205.695
10.000
3.000
2,000
1.000
1,000
34,000
17.000
108,000
38,000
27.000
34,000
11,000
2647
Nat.
-Bonded grain not Included above: Oats, New York. 50.000 bushels;
Duluth, 4,000: total. 54,000 bushels. against 281.000 bushels in 1929. Barley. New
York. 207,000 bushels: Buffalo, 237,000: Buffalo afloat, 120.000: Duluth.
172,000;
total, 736.000 bushels. against 2.094.000 bushels In 1929. Wheat, New York,
1.605.000 bushels: Boston, 850,000: Philadelphia. 636,000: Baltimore, 888.000;
Buffalo, 8,671,000; Buffalo afloat, 8,835,000; Duluth. 174.000: on Lakes.
Canal. 1,891,000; total, 22,122,000 bushels. against 26,776,000 bushels in 772.000;
1929.
Wheat,
Corn,
Vats,
Ito,
Burley.
Canadianhub.
bush.
h ,,vh
ht .q,
Montreal
8,858,000
671,000
861,000 1.304.000
Ft. William & Pt. Arthur 43.358,000
2.860.000 7,571,000 17.302.000
Other Canadian
20,053,000
1,974,000 1,118,000 5.485,000
Total Oct. 18 1930...70.067- 00
: 0
5.505.000 9.530.000 24,591.000
Total Oct. 11 1930_ _ 88 144,000
4,895.000 9,225.000 23,738.000
Total Oct. 19 1929
78.790.000
11,796.000 5,150.000 13.371.000
Summary
American
202,042,000 4,812,000 31,612.000 16.544.000 12.316.000
Canadian
70.067,000
5.505.000 9,530.000 24.591.000
Total Oct. 18 1930
272.109,000 4,612,000 37.117,000 26.074.000 36,907.000
Total Oct. 11 1930_271.216.000 4.569,000 35,919,000 25.765.000 35.987.000
Total Oct. 19 1929_271.588,000 3,894,000 41,886,000 15,698.000 23,080.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Oct 17 1930 and since July 1 1929 and 1928,
are shown in the following:
Wheat.
Exports
-
North Amer_
Black Sea__
Argentina__
Auatralla
India
0th. countr's
Total
Week
Oct 17
1930.
Since
July 1
1930.
Corn.
Since
July 1
1929.
Week
Oct 17
1930.
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels.
Bushels. Bushels
Bushels.
Bushels.
5,768,000140,382,000108,019,000
25.
704.000 1.570.000
5.216,000 33,344,000 8,992.0110
705,001 16.551.000
546.000
1,290,000 14,417,000 74.349 000 4,106,000 65,195.000 76,189.000
2.056.000 17.872.000 16,888.000
8,536.000
320.000
1,528,000 15,360,000 11,468.000 2,178.000 25.607,000 16,411.000
15.858,000 229,917,000218,036.000 77:02
.117.007.000, 94,716.000
National Banks.
-The following information regarding
national banks is from the office of the Comptroller of the
Currency, Treasury Department:
APPLICATION TO ORGANIZE RECEIVED WITH TITLE
REQUESTED.
Capital.
-The National Bank of Argyle, New York
Oct. 15
250.000
Correspondent: Crosby -1. Hopkins. Argyle. N. Y.
VOLUNTARY LIQUIDATIONS.
-The Second National Bank of Bronwsville. Pa
Oct. 13
Effective Sept. 30 1930. Liquadating Agents. Earl Huston and T. A. Waggoner, care of the liquidating bank.
Absorbed by The Monongahela National Bank of Brownsville, l'a., No. 648.
-The First National Bank of Mead, Colo........
Oct. 13
Effective July 3 1930. Liquidating Agent: The First
National Bank of Longmont, Colo.
Absorbed by The First National Bank of Longmont,
Colo., No. 11253.
-The Security National Bank of Dewey, Okla
Effective June 2 1930. Liquidating Agent: Ernest
Koester. Dewey, Okla.
Absorbed by The FRst Nationai Bank of Dewey, Okla.,
No. 8270.
-The Blue Hill National Bank of Milton, Mass
Effective Sept. 30 1930. Liquidating Agents: Jesse B. 100,000
Baster and Charles S. Pierce, Milton, Mass.
Succeeded by Blue Hill Bank & Trust Co., Milton, Mass.
-The First Natlonal Bank of Deerfield. Wla
30.000
Effective Oct. 15 1930. Liquidating Agent: E, .j, Helmick!' Deerfield. Wis.
Absorbed by The Bank of Deerfield. Wis.
125.000
-.-
Oct. 15
25.000
25.000
Oct. 16
Oct. 16
36,000
27.000
Auction Sales.
44.000
-Among other securities, the following,
32.000
511.00(1 not
actually dealt in at the Stack Exchange,
The destinat'on of these exports for the week and since in New York, Boston, Philadelphia and were mold at auction
Buffalo on WednesJuly 1 1930 is as below:
day of this week:
By Adrian U. Muller & Son New York:
Flour.
*wheat.
Corn.
"sports for Weak
and Since
Week
July I toOct. 18
1930.
Since
July 1
1930.
1,000
7 000
381,695
201.143
Week
Oct. 18
1930.
Since
July 1
14130.
Week
Oct. 18
1930.
Barrels Barrels.
Bushels.
Bushels.
Bushels.
United Kingdom 80.423 1.530,725
539,000 26.588,000
Continent
156,922 1,982.437 1,637,000 59,190.000
Su.& Cent. Amer_ 73,000
405,040
1,081,000
West Indies
64.650
353.750
10.000
1,000
Brit. No, Am Col
2.700
8,700
2,000
Other countries___
4.000
185,2:15
1,336,000
Total 1930
381,695 4,465,189 2,178,000 88.207.0041
1.000
Total 1929
201,143 2,728,303 2.472 000 53.1450.000
_
7 non
Since
July 1
1930.
Bushels.
86,000
20,000
106,000
ion ono
The visible supply of grain, comprising
granary at principal points of accumulationthe stocks in
seaboard ports Saturday, Oct. 18 1930, were as at lake and
follows:
United StatesNew York
Boston
Philedelphia
Baltimore
Newport News
New ()ripens
Galveston
Fort Worth
Buffalo
"
afloat
Toledo
Detroit
Chicago
"
afloat
Milwaukee
Duluth
Miniustiadis
Sioux City
St Louie
Hansa.. City
Wichita
Hutchinson
St Joeeph. Mo
Peoria
liallanattolis
Omaha
On Lakes
()RAIN STOCKS.
Wheat,
Corn,
Oats,
bush
bush,
bush,
919.000
115.000
53.000
761.000
8.101,000
377.000
4.154.000
6,301.000
7.218.000
12 094.000
7.171.000
5.1150.000
215.000
19.646.000
847.000
1 834.000
30.586,000
32,427.000
1,198,000
6,875.000
23.931.000
2.062.000
4.721.000
6.8144,000
172.000
1.620.000
15,546.000
1,332,000
Total Oct 18 1930_202.042.000
Total Oct 11 1930.._203.072.001)
Total Oct. 19 1929...192.796.000
123.000
19.000
141.(
°1
0
0
64.000
93.000
Rye.
bush.
51.000
53.000
195,000
495,000
lg.000
'
11.000
19,000
60,000
150,000
174,000
341 000
4.000
1,282.1100
755.000
694.000
282.000
1.0410
58.000
15.000
7,693.000 4,927.000
620,000 1.234,000
5.047.000
239.000
2.672.1400 4.287.000
8.059.000 4,715.000
1,056,000
591.000
27.000
200,000
99.000
2.0011
316,000
1.000
246.000
302.000
419.000
513.000
1,512.000
1.730.1100
507.000
447,000
23.000
26.000
1.056.000
778,000
Barley,
bush
8.000
10110%
0
129.000
16.000
205.000
551.1100
415.000
4.000
35.000
1.673.000
477.1100
863.000
1.781 (100
5.129.000
32.000
77.000
437.000
14,000
43.000
69.11(10
59.000
66.04(0
33.1100
188.000
75,00)
-4,612,000 31.612.101 16.544.1910 12.316
000
4.569.000 31.024.000 16,540.9410
3,894,000 29.890.000 10,548,000 12,249.000
9.709.000
Shares. Stocks.
8 per SA. Shares. Stocks.
per Rh.
118 Manufacturers Treat Co., par
200 Halstead Packing Co
S6 lot
$25
654 600 Wabash Railroad Co., com.--36 lot
30 Amer. Bemberg Corp., cam. B_ 44 1 Bank of Yorktown
4
102
69 Nat. Paper & Type Co.. cons- 744 170 Santa Fe Oil& Ref. Co.. par 25:
5 Rogers Peet Co.. corn
105
300 Euclid 011 Co. temp ctf.. par
Gen. Indust. Alcohol Corp.,
600
SI: 300 Mexico(MCorp.. par SIO:
corn., v.t.c
334
757 Gibson 011 Corp.. par $1: 41
'1
100 Wrigley Pharmaceutical Co..
Gibson 011 Corp. no par
$77101
par $l
SA lot 10 Calaveras Copper
par $5;
1,000 Atlantic Turpentine & Pine
300 Am. ExplorationCo.. par $1;
Co.,
Tar Co
SI00 lot
100.AI/11110 001,1 kilning Co., par
60 Towne Securities Corp., pref.:
$1; 400 .Taltspousa Co., par $1.4
100 corn., no par
lot
Sa6
1.500 Tungsten Production Co.,
3.334 Ranier Coke & Coal Co.,
Inc., par il; 272 Idaho Copper
v.t.c.. per SI°
$16 lot
Co.. par $I; 100 Guardian Coal &
75 U.S. Radium Corp., corn. A. no
Olt CO., par 52.50; 100 Nat. TM
par
$50 lot
Corp., Par 50
500 Plymouth
38 A. 8. Valentine & Son. Inc..
Lead Mines Co.. Par SI: 100
pref
$50 lot
Rubec Mines. Ltd.. no par; 400
36 A.S. Valentine& Son. Inc.. corn.
Dun Glen Mines Co.. par 11 .8151 lot
par il
$8 lot 16 Allied Drug Products Co. temp
287 N. Y. Home Foundation Co
elf., par $5: 1 Amer. Metal CO..
corm, no par
210 lot
Ltd., 13,7 pref, temp. elf.: 2
200 Overman Cushion Tire Co
Armley Radio Coro.. no par: 24
Inc.. coin. 4, 11,1 par
$205 lot
Audei Mfg. Corp.. no par:.100
60 Overman Cushion Tire Co., Inc.,
Chlcago Mottle MN. Co.. rl. B
coin. B. no par
$65 lot
stk. tr. MI_ par 85)1:24 Cleveland
2354) Guanajuato Consul. Min. &
Secur. Corp.. prior ben. par $101
MI11. Co.. par 55: 120 Tesulthin
-Carol. Chem. Co.. corn.
2 V.
COP. kiln. & Smelt, Co.. no par $57 lot
temp. elf., no par: 10 Schulte Real
250 Holmes 011 Co.. Inc., pref., no
Estate Co. Inc., corn.. no liar,
par: 250 Equitable Fiscal Corp..
5 Schulte *Retell Stores Corp.,
el. A. no par
275 lot
corn.. no par: 4 Stand. Pub. Corp..
1.200 Equitable Fiscal Corp. cl. B,
el. A, no par; 1 244 North Bay
no par
$25101
Shore Drive, Inc.. corn.. no oar;
100 Costlen 1)11 Co..7% rum, prof
1 244 North Bay Shore Drive.
250 Holmes 011 Co., Inc.. prof.. no 16
Inc., pref.; 2 Goodyear Tire &
par: 250 Equitable Fiscal Corp..
Rubber Co.. cont., no par: 10
el. A. no par
MO lot
Land Co. of Ma.. corn.. no par:
300 Cosden 011 Co., 7% cons. pref. 16
200 Kay Copper Corp., par $1;
100 Manning Bowman & Co. A. no
100 Rove itedlo Corp. temp. mt.,
3
no par; 25 Consul. Mills Corm,
Right. title & int. of George W.
Cl. A, cont., no par: 10° EsteyHolden In,, trust fund emiehibthed
Weite Corp.. el. IS. no par; 10
by the will of Edwin R. Holden,
Durant Motors. Inc., no par..83/10 lot
late of N. Y. Co., for the !merit
of Edith H. Babcoek and rePanels.
Per Cent,
maindermen. of which City Bk.
81.000 Mecca Temple, A. A. 0.
Furiners Tr. Co. Is now acting
N. M. 8. 20-yr. deb. 5s. MarM
as Truntee
$10.220
I 1942.
.8315 lot
500 Elbert. Dunning-Miller Bales
$350 gentile() Cemetery, 8/ elf. of
Corp.. corn.
1
indebt.. due April 1 1956:20 land
44 Marsh Lumber Co
$6 lot
shares Kenslco Cemetery, mt.
5,000 GlIpado Mining Co., par 111-25 lot
of lot
2610 lot
By R. L. Day & Co., Boston:
3 Per Sh.
,Shares. Stocks.
125
10 Continental Nat. Bank
.5 Atlantic Nat. Bank, par $35...._ 92%
60
10 Boston National Bank
100
11 Boston National Bank
60%
5 Nat.Shawmut Bank, par $25.34%
2 Dartmouth Mfg. Co., corn
80
45 Naumkeag Steam Cotton Co300 Venezuelan-Mexican 011 Corp.,
2
common. par $10
250.
400 Andes Petroleum Corp
25 Massachusetts Bonding & Insur99
ance Co., par $25
25
4 units First Peoples Trust
64 Saco Lowell Shops, 1st pref..__15-17%
20 Lamson de Hubbard Corp.,corn_ 1%
8 per Sh.
Shares. Stocks.
24%
10 units First Peoples Trust
30 Massachusetts Bonding & Insur99
ance Co., par $25
8%
10 Robert Gale & Co., class A
$25 lot
20 M.& S. Corp., par 325
100 Brockton Gas Light Co., v.1.0.
4254
par $25
50 Massachusetts Bonding & Insur99
ance Co., par 525
Per Cent.
Bonds.
$1,000 Maverick Mills 1st 78.
80 & Int.
April 15 1943
$5,000 Joplin & Pittsburgh Ry.
$1 lot
1st 5s, 1930, ott. of den
By Wise, Hobbs & Arnold, Boston:
$ per Ph.
Shares. Stocks.
15 Federal Nat. Bank, par $20--98-162
Associated Textile Cos, as follows:
15 at 35; 10 at 35: 10 at 35; 10
at 35: 5 at 3614.
8534
Pepperell Mfg. Co
9
1234
80 Nashua Mfg. Co., corn
1
16 Harmony Mills. corn
34%
50 Sanford Mills. corn
5 Nauffikeng Steam Cotton Co.- 84
5 First Nat. Stores, Inc., 1st pref 106
$1 lot
1,000 Pollock Pen Co., corn
8
12 Saco Lowell Shops, 2d prof
3
25 Saco Lowell Shops, corn
10
50 Amer. Cyanamid Co., class B
50 Heywood-Wakefield Co., corn.. 7
27
40 Nat. Service Cos., pref
15
1 unit Commercial Finance Corp
33
10 Morgen's Inc., pref
10 Gardner Elec. Light Co., com 143
3 per Sh.
Shares. Stocks.
33
15 Morgan's Inc.. Prof
23-24
13 units First Peoples Trust
5special units First Peoples Trust- 3
56 New England Power Aasocla89
tion,6% preferred
27-32
45 Nat. Service Cos., pref
60 Columbian Nat,Life Ins. Co. 350-400
200 Shannon Copper Co., par $10;
112 National Rys. of Mexico; 484
Boston & Corbin Mining Co.,
$35 lot
Par $5
5 Lancaster Mills, Prof.: 10 American Pneumatic Service, corn.;
400 Consol. Mercur Gold Mines,
$46 lot
par $1
Per Cent.
Bonds.
5500 Pond Creek Pocahontas Coal
110% & int.
7s. May 1935
By Barnes & Lofland, Philadelphia:
$ per Sh.
Shares. Stocks.
1 Citizens National Bank, Jenkin100
town, Pa
60 Adelphia Bk.& Tr. Co., par 310_ 7%
15 Corn Exchange National Bank &
11034
Trust Co., Par $ 0
2
12 Mitten Men de Management
2734
Bank & Trust Co., par 550
5 Interboro Bank & Trust Co.,
Prospect Park, Pa., Par 550-110
5 Third National Bank di Trust
17
Co., Camden, N. J
15 Real Estate Land Title de Trust
38
Co., par $10
100 Pa. Co. for Ins. on Lives, &o.,
82%
par $10
$ Per Sh.
Shares Stocks
50 Franklin Trust Co., par $10___. 50
70
10 Bankers Trust Co., par 550
2 Cincinnati & Lake Erie RR.
pref. A (with 5 abs. class B)_$13 lot
%
246 Jersey Mtge. Inv. Co., par $25_
Per Cent.
Bonds.
$2,500 Bond & 1st mtge. on No.
St., Phlla__$100 lot
6012 Hawthorne
.
$500 St. Charles Hotel Co., lot s. f
3334
6%s. May 1 1945
$5,000 Rockhill Coal & Iron Co.
1st & coll. tr. 6s. March 1 1940__ 234
$5,000 Rockhill Coal & Iron Co.
1st & coil tr. 68. March 1 1940_ asi
By A. T. Wright & Co., Buffalo:
$ per Sh.
$ Per 85. Shares. Stocks.
Shares. Stocks.
Mines,
100 Pattie Exchange, Inc., pref_325 lot 500 Creighton Fairbanks
50e lot
4o
Ltd.. par $1
Peterson Cobalt Mines, par $1
1.000
DIVIDENDS.
are grouped in two separate tables. In the
Dividends
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.
•..MM4M.MMM... .....
OggggggggggiggOgggg
ZGIOMCIZZ=ZOOZZZPZZZ
Holders of rec. Oct. 31
Holders of reo. Oct. 31
Holders of reo. Nov. 5
*Holders of rec. Oct. 31
*Holders of rec. Oct. 31
*Holders of reo. Oct. 31
"Holders of roe. Nov. 1
*Holders of rec. Nov. 1
'Holders of rec. Nov. 1
*Holders of rec. Oct. 18
Holders of reo. Oct. 21
Holders of ree. Oct. 21
*Holders of rec. Sept.30
*Holders of rec. Oct. 15
*Holders of rec. Nov. 15
*Holders of rec. Nov. 15
*Holders of reo. Nov. 15
*Holders,of rec. Nov. 15
'Holders of roe. Oct. 25
Holders of roe. Oct. 31
Holders of rec. Nov. 3
*Holders of reo. Oct. 15
*Holders of rec. Oct. 30
*Holders of rec. Nov. 14
*Holders of rec. Oct. 31
Holders of rec. Oct. 31
*Holders of rec. Nov. 1
'Holders of rec. Nov. 20
*Holders of rec. Oct. 22
'Holders of rec. Oct. 31
Holders of reo. Oct. 21
CO
g
Z
*Holders of rec. Oct. 14
*Holders of roe. Oct. 18
Holders of reo. Dec. 5
Holders of reo. Dec. 5
Holders of rec. Deo. 1
Holders of roe. Oct. 18
Holders of rec. Oct. 18
"Holders of reo. Nov. 1
*Holders of rec. Oct. 31
*Holders of rec. Oct. 31
*Holders of rec. Oct. 31
Holders of reo. Oct. 20
N.MN
M4.0u4ZZZZZZZ
lqiigg000
g a
Oct
gg
ZZ
75e.
$1.50
*Holders of rec. Nov. 3
*Holders of reo. Nov. 15
*Holders of rec. Nov. 14
'Holders of rec. Nov. 1
*Holders of rec. Nov. 1
*Holders of reo. Nov. 1
*Holders of roe. Nov. 15
Holders of reo. Nov.20
...
Oggigggggggggggigggggg
OCIOZZZOZZZZZZ
ZZPZPPZCIP
Public Utilities.
Associated Gas & Elec., $6 pref. (guar.) $1.50
51.625
$6,50 preferred (guar.)
$1.25
$5 preferred (guar.)
Central & Southwest Util.,$7 pf.(wt.)._ *51.75
*51.75
$7 prior lien stock (guar.)
'$1.50
$.6 prior lien stock (guar.)
Charleston Interurban RR., pref. (qu.)_ •1%
,
& Lt. $5 pf. (mthly.)_* 41 2-3e
Cities Serv. Pr.
*50c.
$6 preferred (monthly)
'58 1-3c
$7 preferred (monthlY)
Lt., pf. (qu.)... "1%
Cumberland Co.Pow.&
134
Dallas Power & Light, 7% pf.(quar.)___ $1.50
$6 preferred (guar.)
"36e.
Eastern Township Telephone
_ - *50c.
Empire District Electric, pf.(mthly.). 66 2-3c
Empire Gas & Fuel,8% pref. (mthl)'.)-*
•58 1-3c
7% preferred (monthly)
•54 1-6e
614% preferred (monthly)
"50c.
6% preferred (monthly) (quar.)
.645e.
Public Service. cl. A
Empire
15e.
Can.coin. A&B (qu.)
Europ.El.Corp. of
60e.
Federal Water Serv., cl. A (qu.)
'$1.25
Telegraph, guar
Franklin
•$1.50
Georgia Power & Lt.. prof. (attar.)
*75c.
Hackensack Water, common
.51
preferred
Harrisburg Rya,
Illuminating & Power securities(guar). *I%
134
Interstate Public Service. pref.(qu.)"87140
Kentucky Utilities, Junior pref. (qu.)
*51
Keystone Telephone, preference (qu.)
Lehigh Power Securities Corp. Pf. (g11.)- *51-50
'154
Lincoln Tel.& Tel. pref.(guar.) (qu.) $1.50
.
Louisiana Power de Light, $6 pref.
Communications
Marconi Inter. Marine
*0,5
I Am.dep. rots. for ord. shares
New Eng. Water, Lt.& Pow. Assoc.
•81.50
Preferred (guar.)
1254
North American Co.. corn.(In com.stk.)
75c.
Preferred (guar.)
$1.50
North Amer. Mil.Secure., let pf.(qu.)pref.(guar.).- 1%
Pacific Power de Light,
1%
Portland Gas& Coke, Prof.(guar.)
*50o•
Public Service Corp.of N.J., pf.(mthlY.) •134
(quar.)
Sioux City Gas & Elec., pref.
*25c.
Southern Calif. Gas, corn. (guar.)
* $1.625
Preferred (guar.)
900.
Washington Gas Light (guar.)
Books Closed.
Days Inclusive.
When
Per
Cent. Payable.
Railroads (Steam).
$1.15
Catavrissa, preferred stocks
*2
Central R.R. of N. .1. (guar.)
i1,1%
Manhattan.common
Hudson &
New Orleans. Texas & Mexico (guar.).- "I%
e3
Ontario & Quebec Ry
*234
Debenture stock
"51
Pennsylvania (guar.)
Pittsburgh Bessemer & Lake Erie, pref.- *51.50
Reading Company, first pref.(guar.).- •500.
Fire Insurance.
American Re-Insurance (guar.)
Bankers & Shippers Ins.(guar.)
FoL. 131.
FINANCIAL CHRONICLE
648
Holders of rec. Oct. 31
Holders of rec. Nov. 3
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Fire Insurance (Coneiteded)•
40e. Nov. 15 Holders of rec. Nov. 3a
General Alliance Corp. (guar.)
•37140 Nov. 1 *Holders of roe. Oct. 20
Knickerbocker, corn.(guar.)
Nov. 1 Hokiers of rec. Oct. 20
Merchants de Mfrs. Fire(Newark)(WO 5
*50o. Nov. 1 *Holders of rec. Oct. 22
Stuyvesant (guar.)
*50e. Nov. 1 *Holders of rec. Oct. 21
Westchester Fire (guar.)
*Ille.,Nov. 1 *Holders of rec. Oct. 21
Extra
Miscellaneous.
Administrative & Research Corp. A (go.) 26g. Dec. 18 Holders of rec. Dec. 5
10c.
'Dee. 18 Holders of rec. Dec. 5
e-ins, A textrai
25
'134 Oct. 31 *Holders of rec. Oct. 21
American Book (guar.)
Holders of reo. Dec. 12
American Coiortype, common (guar.)..
1% Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
Amer.Department Stores. 1st pref.(q11.) '1% Nov. 1 'Holders of rec. Oct. 25
Amer. European Scour. Co., pref. (gu.) $1.50 Nov. 14 Holders of reo. Oct. 31
360. Dee. 1 Holders of rec. Nov. 144
Amer. Home Products (monthly)
Anchor Post Fence,8% pref.(guar.)._ *2 ,Nov. 1 *Holders of rec. Oct. 22
*134 (Nov. 1 *Holders of rec. Oct. 22
7% preferred (guar.)
*750. Nov. 1 "Holders of reo. Oct. 24
Andrews Invest. Trust (guar.)
$1
Nov. 1 Holders of rec. Oct. 22
Angus Co., Prof. A (guar.)
Apex Electrical Mfg., corn.(special).... *750. Nov.15 *Holders of rec. Oct. 31
AtlasElec. & Gen'i Trust, Ltd.
I9o3
Nov. 19 *Holders of rec. Oct. 23
American deposit receipts for ord.the- ,
AetoStrop Safety Razor, el. A(adLdiv.). *250. Nov. 8
Batchelder, Snyder, Doer & Doe
1Nov. 3 *Holders of rec. Oct. 21
*52
Preferred (guar.)
Beacon Mfg., common & pref. (guar.). *134 Nov. 15 'Holders of rec. Oct. 31
Berkshire Fine Spinning Associates, pf.- Dividend pass ed
1% Nov. 1 Holders of rec. Oct. 21
Berland Shoe Stores, pref. (Oust.)
Bigelow-Sanford Carpet, common--Divi dead o mitted.
•500. Nov.15 *Holders of rec. Nov. 1
Himmel's. Inc., common (guar.)
•750. Nov.15 *Holders of reo. Nov. 1
Preferred (guar.)
Boston Chain. of Comm. Realty Trust
*51.25 Nov. 1 *Holders of rec. Oct. 27
Prior preferred (guar.)
•750. Nov. 1 "Holden of Teo. Oct. 27
First preferred (guar.)
ell 'Nov. 1'Holders of rec. Oct. 27
First preferred (extra)
INov. 1 "Holders of rec. Oct. 16
Boston Terminal Refrigerating. pref.-- *3
*68,io Nov. 15 *Holders of reo. Nov. 1
Boo:lois, Inc.. preference (guar.)
'334 Oct. 31
British Celanese. 1st pref
Bruce (E. L.) Co., com.-Dividend omi Ned I
*51.75 Jan. 1 *Holders of rec. Dec. 21
Preferred (guar.)
•62540 Nov. 1 "Holders of rec. Oct. 24
Buckeye Steel Castings, corn.(quar.)
'134 INov. 1 *Holders of reo. Oct. 24
Preferred (guar.)
•25e. Nov.15 *Holders of reo. Nov. 1
Buck 11111 Falls (guar.)
Bunker Hill & Sullivan Mining at Con•250. Nov. 5 *Holders of reo. Oct. 23
centrating (monthly)
*25e. Nov. 5 *Holders of reo. Oct. 23
Extra
Burmah 011 Co., Ltd.
stole Nov.17 *Holders of rec. Oct. 21
Amer, dep. rots, for ord. shares
Oct. 30 *Holders of rec. Nov.15
*32
Burns Bros.,common A (guar.)
Campbell, Wyant & Cannon Foundry
*50c Dee. 1 *Holders of rec. Nov.15
Common (guar.)
1
Canadian Investors Corp., Ltd. (guar.) •25c Nov.29 *Holders of rec. Oct. 15
*Holders of reo. Nov. 15
"750 Nov.
Caterpillar Tractor, own. (guar.)
.250 Nov.29 *Holders of rec. Nov. 15
Common (extra)
Celluloid Corp., lot pref. & $7 pref.(qu.) $1.7e Dec. 1 Holders of rec. Nov.10
Centennial Mills Co., 1st pref -Madan d omit tad
Chain Store Investment, pref.-No ex Sion to ken
50e. Nov. 1 Holders of rec. Oct. 23
Charts Corp., common (guar.)
25o. Nov. 1 Holders of raw Oct. 23
Common (extra)
1
1
Chartered Investors,Inc., pref.(guar.). '$1.25 Dec. 1 *Holders of reo. Nov. 2411
Holders
Cido. Wilm.& Franklin Coal, pref.(qu.) 1% Nov. "Holders of rem Oct. 3
of rec. Dec.
*50o Dec. 29
ChM Copper Co.(guar.)
•750 Nov. 15 *Holders of rec. Nov. 1
Churngold Corp.(guar-)
of
1
. % N .
Chnehneld Coal Corp., pref. (guar.)____ .3730 Nov. "Holders of roc. Oct. 25
*Holders
reo. Oct. 15
Colonial Bond at Share (Halt.), pf.
- 50e Dee. 1 Holders of rec. Nov. 15
(guar.).
Columbus Auto Parts, pref.
Columbus Dental Mfg., pref. (guar.)-- *1% Oct. 30 *Holders of rec. Oct. 25
*1.34 Nov. 1 *Holders of reo. Oct. 15
Columbus Packing, pref. (guar.)
4 Nov. 15 *Holders of rec. Oct. 31
Consolidated Sand & Gravel, pref.(go.) •15,
*Holders of reo. Nov. 13
ov
15,4
1
Crown-Zellerbach Corp., p1. A & B ((lu.) 1 .50 IZo..
*Holders of rec. Oct. 27
pref.(guar.)
Diamond ice & Coal,
25c. Nov.15 Oct. 26 to Oct. 30
Distillers Corp.-Sesgrams, Ltd. (guar.)..
*150. Nov. 1 *Holders of rec. Oct. 24
Dominguez 011 Fields (monthly)
Wm Nov.15 Holders of reo. Oct. 31
Dominion Bridge, Ltd., own.(gust.)...
•50e Nov.16 *Holders of rec. Nov. 1
Dow Chemical, corn. (guar.)
'134 Nov.15 *Holders of roe. Nov. 1
Preferred (guar.)
$25 Oct. 24 Holders of net. Oct. 21
Eastern Equities Corp.(from surllitia)
•134 Nov. 1 *Holders of reo. Oct. 23
Eiseman Magneto (guar.)
& Co., pref.(gust.).. •1% Dec. 1 'Holders of rec. Nov. 12
kairbanks, Morse
Financial Institutions, Inc.. $8 pf. (qu.) •$1.50 Nov. 1 *Holders of reo. Oct. 15
of
Finance Service Co., com.A & B (qu.)-. "200 Dec. 1 *Holders of rec. Nov. 14
reo. Nov. 14
"173.40 Dee. 1 *Holders
Preferred (guar.)
Nov. 1 "Holders of reo. Nov. 1
"El
Firth-Sterling Steel, corn.(guar.)
•134 Nov. 1 *Holders of rec. Nov. 1
Preferred, guar.)
4
Fitz Simons & Connell Dredge & Dk( 111.) *50c Dec. 1 'Holders of rec. Nov.20
Stock Dividend (one-fortieth share).. •(6) Dee. 1 'Holders of rec. Nov.20
•250 Dec. 15'Holders of rec. Nov.29
Follansbee Bros., corn. (guar.)
Dec. 15 *Holders of rec. Nov.29
Preferred (guar.)
Nov. 1 "Holders of reo. Oct. 15
Frost Steel & Wire, 1st pref. (guar.).
•1% Nov. 1 *Holders of rec. Oct. 15
Preferred A (guar.)
Fulton Industrial Securit es, pref. (qu.).. •87%c Nov. 1 *Holders of rec. Oct. 20
•58 1-3c Nov. 1 *Holders of rec. Oct. 25
General Utilities, pref. (monthly)
Globe-Democrat Publishing, pref. (go.) 1% Dec. 1 Holders of rec. Nov.20
Goodyear Tire & Rubber, 1st pref.(qu.) 134 Jan. 1 Holders of rec. Dew 1
- •25e. Dec. 31 "Holders of rec. Dec. 20
Grand Rapids Varnish, corn. (guar.).
Craton & Knight Co., Prof. (gust.).... .9,54 Nov. 15 *Hold= of reo. Oct. 22
•50o. Jan. 2 *Holders of reo. Dee. 18
Gray Processes Corp
*50e. Jan. 2 *Holders of row 1)e0. 18
Extra
25c. Nov. 15, Nov. 8 to Nov. 15
Great Lakes Dredge de Dock, corn.(WO
°mitt ed
-Dividend
Greene Cananes Copper Co.
Hamilton Watch, corn.(no par)(mthly.) •15o. Nov.29 *Holders of rec. Nov.10
*25e. Nov.29 "Holders of rec. Nov. 10
Common (525 Par)(monthly)
*1% Dec. 1 "Holders of rec. Nov. 10
Preferred (gust.)
"25e. Nov.15 *Holders of rec. Oct. 31
Hammermill Paper (guar.)
Harris-Seybold-Potter, pref., dividend o mitted
*50c. Dec. 1 *Holders of rec. Nov. 15
Hart-Carter Co., Prof. (guar.)
Dec. 2 *Holders of rec. Oct. 15
$1
Hartford-Aetna Realty (guar.)
750. Dee. 1, Holders of reo. Nov. 15
Hathaway Bakeries, Inc., class A (guar.)
Dec. 1 Holders of reo. Nov. 15
Preferred (guar.)
•51.50 Oct. 25
Heck Cool & Coke (guar.)
Oct. 25
Hillman Coal & Coke,7% Pref.(Clu-) •51
5% preferred (guar.)
*1% Oct. 25,
Hilton Hotels
-Dividend omitted.
Hormel (George A.) & Co., own.(guar.) •50e Nov.15 *Holders of rec. Nov. 1
•51.50 Nov.15 *Holders of rec. Nov. 1
Preferred A (guar.)
•51.75 Nov.15 *Holders of rec. Nov. 1
Preferred B (guar.)
III. Pao. Coast Co., pf.(qu.)(No. Q._ "750 Nov. 1 *Holders of reo. Oct. 28
Industrial Finance Corp., 7% pref.(go.) *1% Nov. 1 *Holders of rec. Oct. 17
*51 Dee. 1 *Holders of reo. Nov. 3
Ingersoll-Rand Co.. corn.(guar.)
*$1 Dee. 1 *Holders of rem Nov. 3 Common (extra)
-Divide ad oml tted
Inspiration Consol. Copper Co.
Inter-island Steam Navigation (mthly.) *1.00 Oct. 31 *Holders of rec. Oct. 24
Dee. 1 Holders of reo. Nov. 150
Internat. Agricul. Corp., pr. p1.(guar.).
Kentucky Cons. Stone, pref. (gust.).... •1% Nov. 1 *Holders of rec. Oct. 15
*750 Nov. 1 *Holders of rec. Oct. 20
Keyes Fibre, class A (guar.)
*350 Nov. 1 *Holders of rec. Oct. 25
Kodel Eke.& Mfg.. Prof.(guar.)
*lo Nov. 1 *Holders of rec. Oct. 25
Komp Film Laboratories (monthly)....
10
KrugerGrocery & Baking, corn,(guar.)- "25o Dec. 2 *Holders of rec. Nov.25
"25o. Oct. 1 *Holders of reo. Sept.
Kroehler Mfg., corn. (guar.)
"51.75 Oct. 1 *Holders of reo. Sept. 26
Preferred (guar-)
el% Nov. 1 *Holders of reo. Oct. 20
Lazarus (F.& R.) Co.. pref.(guar.)
35c. Nov.29 Holders of rec. Oct. 31
Lenigh Coal & Navigation, corn.(no Par)
*75c. Dee. 1 *Holders of rec. Nov. 15
Lehn & Fink Products Co.(guar-)
$1 Dec. 1 Holders of reo. Nov.17
Liggett 6r Myers Tob.com.& corn.B(gu.)
*65c. Oct. 31 *Holders of rec. Oct. 21
Lindner Co., Prof. A (guar-)
Lindsay Nunn Publishing, pref.(guar.). '50o. Dec. 1 *Holders of reo. Nov.20
51.625 Nov.15 Holders of rec. Oct. 31
Loew's. Inc.. pref. (guar.)
Dec. 10 Holders of rec. Nov. 170
5
Lord & Taylor. corn. (extra)
134 Dec. 1 Holders of rec. Nov. 17a
First preferred (guar-)
'2
Nov. 1 *Holders of rec. Oct. 21
Luther Manufacturing (guar.)
OCT. 25 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days ',Wastrel.
Name of Company.
Miscellaneous (Concluded).
MacKinnon Steel Corp., lot pref.(guar.) 134 Nov. 1 Holders of rec. Oct. 29
*Ix Nov. 1 'Holders of rec. Oct. 25
Majestic Royalty Corp. (monthly)
Manchester Cotton Mills quar.)
(
*4
Nov. 1 *Holders of roe. Oct. 15
Massey-Harris, Ltd., pref.(guar.)
*1M Nov.15'Holders of rec. Nov. 1
McLoughlin Textile Corp., pref. (qu.)__ •11.1 Nov. 1 *Holders of rec. Oct. 20
Merchants Refrigerating, pref.(guar.)._ .1% Nov. 1 *Holders of rec. Oct. 23
Merritt, Chapman & Scott, corn.(quar.) *400 Dec. 1 *Holders of rec. Nov.15
Preferred (guar.)
. , Dec. 1 *Holders of rec. Nov. 15
0154
Metropolitan Storage Warehouse (guar.) it$1
Nov. 1 'Holders of rec. Oct. 16
Minneap.-Mollne Pr.ImpIm't, pf.(qu.)_ 411.62.5 Nov. 15 *Holders of rec. Nov. 1
Missouri-goose.; Pipe Line
Common (1-40th share common)
(I) Nov. 24 *Holders of roe. Nov. 3
Class B (1-800th share cam. stock)..... (1) Nov.24 "Holders of rec. Nov. 3
Missouri Portland Cement(quar.)
50c. Nov. 1 Holders of rec. Oct. 22
Extra
50c Nov. 1 Holders of rec. Oct. 22
Monarch Knitting,IAA.. pref. (guar.). *14 Nov. 1 *Holders of rec. Oct. 23
Montgomery Ward &Co., com.-D>vide rid oml tted.
Class A (guar.)
*$1.75 Jan. 1 *Holders of rec. Dee. 20
Morris Plan Co.01K.I.(guar.)
*14 Nov. 1 "Holders of rec. Oct. 25
Mortgage Corp.of Nova Scotia (guar.).- *14 Nov. 1 *Holders of rec. Oct. 2.5
Munsingwear,Inc.corn.(guar.)
75c Dee. 1 Holders of rec. Nov. 12
National Biscuit, corn.(guar.)
"700 Jan. 15 *Holders of rec. Dec. 12
Preferred (guar.)
*134 Nov.29'Holders of rec. Nov. 14
National Lead, pref. A (guar.)
*14 Dec. 15 *Holders of rec. Nov.28
National Lock Washer (guar.)
*$1
Nov. 1 'Holders of res. Oct. 25
National Pumps, corn.
-Dividend omit ed.
Notional Refining, corn.(guar.)
*374c Nov. 15'Holders of tee. Nov. 1
New Eng. Furniture & Carpet, PT.(qu.) *14 Nov. 15 *Holders of rec. Oct. 31
New Haven Clock, pref.(quar.)
144 Nov. 1 Holders of rec. Oct. 23
New River Co., pref. (acct. accum. div.) ith14 Nov. 1 'Holders of rec. Oct. 22
North Amer. Invest. Corp.,cons.(guar.)
Nov.20 *Holders of rec. Oct. 31
North Central Texas Oil, com.-DivIdan d omit ted.
Ohio Shares. Inc., pref.-Dividend passe d.
Old Colony Investment Trust (guar.).
40c. Nov.15 Holders of rec. Nov. 1
Oswego Falls Corp.. lot pref.( guar.)
Nov. 1 *Holders of roe. Oct. 25
-- *2
Pacific Car Jr Fdy.. pref. A >Sr B
-Divide nd oml fled.
Package Machinery. pref. (guar.)
"14 Nov. 1 "Holders of rec. Oct. 20
Peabody Coal, pref. (guar.)
*2
Nov. 1 'Holders of rec. Oct. 20
Peck Bros & Co.. corn.(guar.)
*3734c Nov.15 "Holders of rec. Oct. 31
Pedigo-Lake Shoe, corn.
-Dividend pass ed.
Penick & Ford, Ltd.. from.(guar-)
*25c. Dee. 15'Holders of roe. Dee. 1
Common (extra)
"500. Dec. 15 *Holders of rec. Dec. 1
Preferred (guar.)
*14 Jan. I *Holders of ree. Dec. 15
Penn Bankshares & Securities. Pt (qu.)- •6234c Dec. 1 *Holders of rec. Nov.15
Penn Bradford Co., prof. (guar.)
412440 Nov. 1 'Holder, of roe. Oct. 25
Pennsylvania Investing, class A (guar.). 6245c Dec. 1 Holders of rec. Nov. la
Class B
50c. Dec. 1 Holders of rec. Nov. 10
Petroleum Landowners Corp.(mthly.)
'250. Nov. 15'Holders of rec. Oct. 31
Pierce-Arrow Motor Car
Common A (guar.)(No. 1)
50c. Dec. 1 Holders of rec. Nov. 10
Preferred (guar.)
14 Dec. 1 Holders of rec. Nov.10
Powdrell & Alexander, Inc.. corn.(quar.) 8734e Nov. 15 Holders of rec. Nov. 3
Preferred (quar.)
*154 Jan. 1 *Holders of rec. Dec. 15
Power ,k Light Securities Trust
Shares of beneficial Interest
50c. Nov. 1 Holders of rec. Oct. 20
Shams of beneficial Interest
Cl
Nov. 1 Holders of rec. Oct. 20
Prairie Cities Oil, Ltd.. class A-DIviden d omit ted.
Producing 011 Royalty (monthly)
"100. Nov.15 *Holders of rec. Oct. 31
Pubic Investing, common (guar.)
25e. Dee. 15 Holders of rec. Nov. 15a
Common (extra)
20c. Dec. 15 Holders of rec. Nov. I50
Pubic Unities Securities Corp., pf.(qu.) $1.75 Nov. 1 Holders of rec. Oct. 24
Pure 011 Co., com.-dividend omitted.
preferred (guar.)
Jan. 2 *Holders of ree. Dec. 10
6% preferred (guar.)
*14 Jan. 2 *Holders of rec. Dec. 10
8% Preferred (guar.)
*2
Jan. 2 *Holders of roe. Dec. 10
Quincy Mkt.Cold Ster.&Whse. pf.(qu.)- *14 Nov. 1 *Holders of rec. Oct. 16
Reymer & Bros.(guar.)
"25c. Nov.15 *Holders of rec. Nov. 1
Richardson Co.(quar.)
*40c. Nov.15 *Holders of rec. Oct. 31
Riverside Cement, 1st pref.(guar.)
"$1.50 Nov. 1 "Holders of rec. Oct. 15
Class A partio. pref.(guar.)
niito Nov. 1 *Holders of rec. Oct. 15
Robert(F. H.) Co.. 7% pref.-dividend omitte d.
Rogers(Hartley) Trading ol. A-DivIden d omit ted.
Roland Park Homeland, pf.(guar.)
*14 Nov. 1 *Holders of rec. Oct. 21
Royalties Managem't Corp. A&B(mthlY) "7c. Nov. 1 *Holders of rec. Oct. 20
Royalty Corp.of Am.. partic.pf.(mtlill.) "15c. Oct. 15 *Holders of rec. Sot.SO
Preferred (extra)
'50. Oct. 15 *Holders of rec. Sept. 30
Sagamore Mfg. (quar.)
*2
Oct. 31 Holders of res. Oct. 22
St. Louis Car Co.. prof.(guar.)
14 Nov. 1 Holders of rec. Oct. 25
St. Louis Beres & Bolt, pref.(qua:4
14 Nov. 1 Holders of rec. Oct. 25
SL Paul Union Stk. Yds., coin. (extra)... *5
Oct. 15 *Holders of rec. Oct. 15
Schettler Drug. class A (mthly.)
112-Sc Nov.15 *Holders of rec. Oct. 31
Seagrove Corp., pref.(guar.)
*14 Oct. 1 'Holders of rec. Sept.20
Security Associates, Inc., pref
*345 Nov. 1 *Holders of reo. Oct. 15
Sherwin-William corn.(guar.)
0$1 Nov.15 *Holders of rec. Oct. 31
Common (extra)
'123.40 Nov. 15'Holders of rec. Oct. 31
Preferred (guar.)
*14 Deo 1 *Holders of roe. Nov. 15
Sivyer Steel Castings, coos.(guar.)
*5(k) Dec. 1 *Holders of roe. Nov. 22
Skelly Oil (guar.)
*50c Dec. 15 *Holders of roe. Nov. 14
Skinner Organ (guar.)
"6245c Nov. 1 *Holders of rec. Oct. 25
Smith (Howard) Paper Mills. pref. (qu.) "194 Dec. 1 *Holders of rec. Nov. 21
Spitzer Properties, Inc.. pref. (Oust.)... *3740 Oct. 25 *Holders of rec.
sept.so
Standard Oil (Ohio). pref.(quar.)
14 Dee. 1 Holders of reg. Nov. 7
Stand. Paving & Materials corn.(guar.).
50e Nov. 15 Holders of rec. Oct. 31
Preferred (quar.)
14 Nov. 15 Holders of rec. Oct. 31
Stouffer Corp.. class A & B (guar.)
*564 Nov. 1 *Holders
Strawbridge & Clothier. pref. A (guar.). *134 Dec. 1 *Holders of rec. Oct. 25
of reo. Nov. 15
Sun Glow Industries (guar-)
*50o Nov. 1 *Holders of roe. Oct. 22
Sun 011. corn.(Pay. In coin.stock)
*19 Dec. 15 *Holders of rec. Nov.25
Super-CorponitIon, Amer. Trust ohs.
Series A
43.22eNov. 1
Series B
19.650 Nov. 1
Troxel Manufacturing, corn.(guar.)_
_ *$2 Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
'151 Nov. 1 'Holders of rec. Oct. 20
Twin Coach Co.. 8% pref.-Dividend o emitted
Underwriters Finance. 7% pref.(guar.). *14 Nov. 1
Union & Buffalo Mills. 1st & 2d pl.-city dend o mItted. *Holders of roe. Oct. 15
United Bond & Mtge.(11. I.) pf.(qu.)_ *14 Nov. 1 *Holders
of rec. Oct. 21
U.13. Hoffman Machinery. oom.-DIvid end o mitten.
U.S.Playing Card (guar.)
"41
Jan. 1 *Holders of reo. Dec.
United Stores Corp., prof
'6234c Dec. 15 *Holders of rec. Nov.20
25
Utility Equities Corp., priority stook--- $2.75 Dec. I Holders of
roe. No. 15
Vadsco Sales Corp., preferred-No 'sotto n take 11.
Vapor Car Heating, corn. (guar.)
'$2.50 Nov 10 *Holders of rec. Nov. 1
Veeder Root. Inc.(ohm.)
"630 Nov. 15 *Holders of rec. Oct.
Va.-Carolina Chem., pr. pref.(guar.)_ _
14 Dec. 1 Holders of rec. Nov.31
Walker Mfg pref. 011111 0
*75e Nov. 1 "Ho &rat of rec. Oct. 14a
21
Warner Bros. Pictures, Inc.. Prof. (qu.). .9634c Dec. 1 *Holders
of rec.
Wedgewood Invest., 6% pref. (quar.)
*14 Nov. 1 *Holders of rec. Nov. 10
Oct. 15
Western Dairy Prods.. cl. A (guar.)
81 Deo. 1 *Holders
Western Paper0 Os, el. A & B (qu.)__ _ *500 Oct. 31 *Holders of roe. Nov. 10
Weston Electrical Instrument, corn.(go) *250. Jan. 2 *Holders of rec. Oct. 25
of reo. Dee.
Class A (guar.)
•500 Jan. 2 *Holders of rec. Doe. 19
19
Weston ((leo.) Ltd., pref. (guar.)
"
134 Nov. 1 *Holders of rec. Oct.
White (8. S.) Dental Mfg.(guar.)
*30c Nov. 1 *Holders of rec. Oct. 20
22
Wood (Alex & James) jet Pref.(quar.)._ *154 Nov. 1 *Holders
of rec. Oct. 20
*14
*14
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 Compass.
Per
When
Cent. PdPabte
Boeks Clase4.
Days inclusive.
Railroads (Steam).
Allegheny Corp., prof. A (guar.)
41.17 Nov. 1 Holders of rec.
Atch.Too. & Santa Pe. coin.(guar.).--- 2)5 Dec. 1 Holders of rec. Oct.
Oct.
Atlantic Coast Line R11., prof
"24 Nov. 10 *Holders of rec. Oct.
Baltimore & Ohio cont.(guar.)
154 Deo. I Holders of rec. Oct.
Preferred (guar.)
1
Dec. 1 Holders of rec. Oct.
150
310
24
Ha
110
2649
Per I When
Cent. ,Payable.
Books Closed
Days Inclusive.
Railroads (Steam) (Concluded).
Chesapeake& Ohio. pref.(guar.)
34 Jan 1'31 Holders of roe. Dee, 50
Cincinnati Sandusky & Cleve.. prof
81.50 Nov. 1 Holders of rec. Oct. 24a
cave. Cit,. Chicago & St. Louts.id.(qu.) 13.4 Oct. Si Oct. 9 to
Oct. 29
Cuba R11., preferred
3
Feb2'31 Hold, of rec. Jan.1511a
Elmira & Williamsport, common
$1.15 Nov. 1
of pee. 00. 20
Erie RR., 1st and 2nd preferred
2
Dee. 31 Holders of we. Dee. 130
Internat. Rye. of Cent. Am., pf. (qtr.).- 134 Nov. 15 Holders of reo. Oct. 31a
Kansas City St Louis & Chic., Pfd.(01.) *14 Nov. 1 "Holders of rec. Oct. 21
Kassa:. city eouthern. COO. 100.)
14 Nov. i Holden- of rev. Sept. 300
3
Kansas Okla.& Gulf, pref. A. B & C__
Dec. 1 Holders of rec. Nov.20
Motioning Coal RR.common (gust.)
412.50 Nov. 1 Holders of roe. Oct. 150
Midland Valley. preferred
$1.25 Dec. 1 Holders of rec. Nov.22
Mo.-Kansas Tomas, common (guar.)._
SI
Dec. 31 Holders of rec. Dec. 50
Preferred A (quar.)
154 Dec. 31 Holders of rec. Dee. 50
Nashua & Lowell
Nov. 1 "Holders of rec. Oct. 15
'3
New York Central RR.(quit.)
2
Nov. 1 Holders of res. Sept.260
Norfolk & Western, ad]. pref. (quar.).. 1
Nov. 1(1 Holders of rec. Oct. 310
Northern Pacific(quar.)
114 Nov. 1 Holders of rec. Sept. 300
Pere Marquette, prior pref. & p1.(00.)..
14 Nov. 1 Holders of roe. Oct. 30
Pittsburgh& West Virginia. corn.(guar.) 14 Oct. 31 Holders of rec. Oct. 15a
Heading Co.. common (guar.)
81
Nov. 18 Holders of ree. Oct. lOa
Si. Louis-San Franc., pref.(guar.)
14 Nov. 1 Holders of rec. Oct. la
Southern fly.. corn. (guar.)
2
Nov. 1 Holders of rec. Oct. ta
United N.J. RR.& Canal Cos.
(MO - - .254 Jan 111 *Holders of ree.Dee.20110
Utica Melange,& Susgue. Valley, pref._ *3
Nov. 1
iv abash By., pref. A (qua?.)
134 Nov.2,5 Holders of rec. Oct. 250
Public Utilities.
Alabama Power $5 prof.(quar.)
$1.25 Nov. 1 Holders of rec. Oct. 15
Amer. Cities Pow. & Lt., class A (qu.)
a50. Nov. I Holders of rec. Oct. 4
Class B (payable In close B stock).- 1294 Nov. 1 Holders of roe. Oct. 4
am.ConewesIths Pow.,cont. A&B (qu.) a02
Wt. 25 Holders of rec. 8%4.30
First pref.series A (guar.)
$1.75 Nov. 1 Holders of nre. Oct. 16
First Prof. $6.50 scrim (guar.)
$1.63 Nov. 1 Holders of rec. Oct. 15
First pref. 48 series(guar.)
$1.50 Nov. 1 Holders of rec. Oct. 15
second Prof. serle3 A (guar.)
$1.75 Nov. 1 Holders of rec Oct. 15
Amer. Gas dr Elec., pref.(quar.)
41.50 Nov. 1 Holders of ree. Oct. 8
Amer. Light At Traction, coin.(guar.).- 62 rse. Nov. 1 Holders of tee. Oct. I70
Preferred (guar )
37 tea. Nov. 1 Holders of rec. Oct. 17a
Amer. Natural Gas Corp.. pref.(guar.). $1.75 Nov. 1 Holders of rec. Oct. 204
Amer. M titer orks & Elec., corn. (qu.) .1u N
25c. Nov. 11 Holders of rec. Oct. 2441
Arkansas Missouri Power, pref. (quar.)_
*Holders of rec. Oct. 15
kssociated Gas & Elec., class A(quar.).bb50e. Nov. 1 Holder- of rec. Sept. 30
Associated Telep. & Teleg.. Cl. A (qaar.) *$1
Nov. 1 *Holders of Teo. Oct. 17
Class A (extra)
$1 Nov. 1 Holders of rec. Oct. 17
Atlantic City Elec., pref. (guar.)
•$1.50 Nov. I *Holders of rec. Oct. 8
Bangor Hydro Elec. Co.. corn.(guar.)._ *50c. Nov. I *Holders of rec. Oct. 10
Barcelona Tr., Light & Power (quar.)-50e. Nov. 3 Holders of roe. Oct. 18
Birmingham Gas Co., $6 pref. (guar.)- - $1.50 Nov. 1 Holders of rec. Oct. 15
Brazilian Tr. L. & Pow., ord. On stock) (I) Dec. 1 Holders of rec. Oct. 81
"1 1
4 Nov. I *Holders of roe Sent.30
Broad River Power, pref. (quar.)
Brooklyn-Manhattan Transit. pref.(cm.) $1.50 J,1531 Holders of roe. Dee. $1e
$1.50 Ap15'81 Hold of roe. Apr. 1 1931a
Preferred. series A (quar.)
Bun.Nlag.& E.Pow.,$5 first rd.(go.) 81.26 Nov. 1 "Holders of roe. Oct. 16
----- •1 A, Nov. 1 'Holders of rec. Oct. 15
Calgary Power, pref. (guar.).
15e. Oct. 25 Holders of roe. Sept.$0
Canada Northern Power common (an.).
lonadtan Western Natural Gag L.Ht.&
*250 Dee. 1 *Holders of roe. Nov.18
Pow., preferred (extra'
*25e. Mr.2'31 *Hold.of rte. Feb.1431
Preferred (extra)
*26e Junl'31 *Hold,of tee. May I.6'31
Preferred (extra)
Central Hudson Gas & El.. corn.(g11.)
- .20e. Nov. I *Holders of ree. Sept.30
Central Mass.Power,common (quar.).. "41
Nov. 1 'Holders of rec. Oct. 15
Central Power & Light. 7% prof.(qt1.)-- .14 Nov. 1 *Holders of rec. Oct. 15
()% preferred (quar.)
'154 Nov. 1 "Holders of rec. Oct. 15
pref. A & B (go.). *14 Nov. 1 *Holders of reo. Oct. 25
Cent. West Pub.Set.,
Chicago Rapid Tram. pr. pfd. A(mthlY)- .650 Nov. 1 *Holders of rec. Oct. 21
*65c Nov. 1 *Holders of rec. Oct. 21
Prior preferred B (monthly)
City Water Co.(Chattanooga), pf.(ettL) *41.50 Nov. I *Holders of roe. Oct. 20
14 Dec. 1 Holders of roe. Nov. 14
Cleveland Elec. III.. pref.(guar.)
We Nov. 15 Holders of rec. Oct. 200
Carolina Gus & Electric, cont.(quar.)13.4 Nov. 15 Holders of rec. Oct. 200
series
6%
14 Nov. 15 Holders of rec. Oct. 200
5 preferred (qua?.)A (qua"
4,
Columbus By_ Pow.& Lt., pref. B(g.)'31.03 Nov. 1 *Holders of rec. Oct. 15
Commonwealth-Edison Co. (guar -- - *2
Nov. 1 "Holders of ree Oct. 15
Community Power dr Light,corn.(guar.) *62.4e Nov. 1 *Holders of roe. Oct. 21
"SI ..e) Nov. 1 *Holders of rec. Oct. 21
lot preferred (guar.)
Conn. Ry.& Light'g, com.& pfd.(qu.) _ 51.125 Nov. 15 Holders of rec. Oct. 310
Lkmaolldated (las of N Y • Pret.(guar.) 31.2.1 Nov 1 Holdeni of rec. Sept.30a
Consumers Power Co.,$5 prof.(guar.).. 51.25 Jan2 31 Holders of roe. Dee. 15
•
1 , Jan2'31 Holders of roe Dec. 15
5% preferred (quar.)
$1.65 Jon2'31 Holders of roe. Dee. 16
14 Jan2'31 Holders of we. Dec. 15
8 6% ererrl (( .)
7%. prpf
dOtlarar
qu.)
6% preferred (monthly)
50e. Nov. 1 Holders of tee. Oct. 15
6% preferred (monthly)
50e. Dee. 1 Holders of reel. Nov. 15
6% preferred (monthly)
50e. Jan.2'31 Holders of roe. Dee. 15
6.6% preferred (monthly)
55e. Nov. 1 Holders of we. Oct. 15
6.8% preferred (monthly)
55e. Dec. 1 Holders of roe. Nov.15
6.6% preferred (monthly)
55e. Jon2'31 Holders of roe. Dee. 15
Dayton Power & Light, pref.(monthly). *50e. Nov. 1 *Holders of rec. Oct. 20
Derby Gas & Elec., $7 pref. (guar.)..
- $1.75 Nov. 1 *Holders of rec. Oct. 20
•
$6.50 preferred (guar.)
41.625 Nov. 1 *Holders of roc. Oct. 20
Eastern Mass. St. By.let pref. A (qu.).- 14 Nov.15 Holders of rec. Oct. 81
Sinking fund stock (guar.)
114 Nov.15 Holders of rec. Oct. 31
Eastern states Power, corn. 13 (gu.)--25e. Nov.
Holders of roc. Oct. 10
Prelened A (guar.)
$1.75 Nov.
Holders of rec. Oct. 10
Preferred B (quar.)$1.50 Nov.
Holders of rec. Oct. 10
Edison Elec. III. of Boston (gust.)
$3.441 Nov.
Holders of rec. OM. 10
Electric Bond aETare $6 pref. (qtr.) _
r. c
m ar)
.,
$1.50 Nov.
Holders of rec. Oct. 8
$1.25 Nov.
Holders of ree. Oct. 8
Electric Power & Light, cool.(guar.)...
25e. Nov.
Holden; of rec. Oct. Ila
Allot. ctfs. 70% paid (corn. stk.)
84e. Nov.
Holders of rec. Oct. 11
Allot. etts.(full paid) mom.stk.)
12 t•e. Nov.
Holders of rec. Oct. 11
Second preferred A (guar.)
"41.75 Nov. *Holders of rec. Oct. 11
•Holders of tee. Oct. 15
F.:aspire Oas & Fuel,8% pref.(mthlY)-- 662'.3c Nov.
•
• 18 1-3e Nov.
7% preferred (monthly)
*Holders of rec. Oct. 15
• 54 1-Be Nov. 'Holders of rec. Oct. 15
694% preferred (monthly)
6% preferred (monthly)
*Holders of tee. Oct. 15
*50e. Nov.
*Holders of rec. Oct. 15
Fall River Gas Works(guar.)
"750. Nov.
Gas & Elec. &cur.. corn.(monthly).--- *50e. Nov. "Holders of rec. Oct. 15
Common (payable In eons. stock). _ _
Nov. "Holders of roe. Oct. 15
.
Preferred (monthly)
• 58 1-3e Nov. *Holders of tee. Oct. 15
Gas Securities,corn.(payable in com.stk) tr% Nov. *Holders of rec. Oct. 15
Preferred (monthly)
*50c. Nov. *Holders of rec. Oct. 16
Holders of roe. Oct. 150
Hartford Electric Light (guar.)
Extra
1184 ,Nov.
94e.'Nov.
Holders of ree. Oct. 150
Holders of rec. Oct. 18
Hexane Elec. & Utilities, tat prof. (qu.) 1 '4 Nov. 1
Cumulative preference (guar.)
$1.25 Nov. 1. Holders of rec. Oct. 18
Hawaiian Cons, fly.. Ltd., prof. A(MO "150. Deo. 3
*Holders of roe. Oct. 15
Houston Mg.& Power,7% prof.(guar.) *14 'Nov.
*$1.50 Nov. 'Holders of rec. Oct. 16
$6 preferred (guar.)
Holders of rec. Oct. 15
iNov.
Idaho Power, 7% pref. (guar.)
$1.50 Nov.
Holders of tee. Oct. 16
$6 preferred (guar.)
Illinois North Utilities, pref.(guar.).- -- '194 Nov.
*Holders of rec. Oct. 15
.51.75 Nov.
*Holders of rec. Oct. 1.5
Junior pref.(own.)
Illinois Power dr Light. $6 cum. Pf.(qu.) $1.50 Nov.
Holders of rec. Oct. 10
Holders of rec. Oct. 17a
International Utilities Corp.$7 Pf.(qu.). 81.75 Nov.
• 81.875 Nov. *Holders of tee. Oct. 11
Jamaica Water Supply, pref
- .82.60 Nov.
Jamestown Telephone. corn.(guar.).
*Holders of roe. Oct. 15
*75e Nov.
Keystone Telephone. pref. (guar.)
*Holders of tee. Oct. 24
Knoxville Power & Light $7 Pt. (qu.)._ •$1.75 Nov.
•$1.50 Nov.
$6 Preferred (oliar.) _
.65e. Nov.
Lawrence cs.s & Elec. Co> (guar.)
"Holders of rec. Oct. 15
Lone star Oaa. oota.
Hold of rest Fen 1831
Imm• kJ
"
'154 Nov. 1 *Holders of rec. Oct. 22
635% preferred (guar.)
Inc. Nov. 1 Holders of roe. Oct. 15
ht corn. (qua?.)
*65o. Nov. 1 *Holders of rte. Oct. 16
L6welrand Lei Light
Lo6g Eleetri tgL
6
elezlean l.lgl.t & Power 7% preference. - 34 Oct. 31 Holders of rec. Oct. 16
I% second preference
10e. Oct. 31 Holders ol rec. Oct. 16
Mlciils.in Gas & Elec., Ver.(11-110*-)
*14 Nov. 1 'Holders of
• 4 Nov. 1 *Holders of rec. Oct. 16
1.
Priorlien stock (guar.)
rec. Oct. 15
MIddle Western Telco.. cum. A ton.> - 434c Dee. 15 *Hoidens of roe. Dee. 5
[VOL. 131.
FINANCIAL CHRONICLE
2650
Name of Company.
When
Per
Cent. Payable.
Boots Closet.
Days Inclusive.
Public Utilities (Concluded).
Holders of rec. Oct. 15
Nov. I
- 12
Middle Nett Utilities. corn. (guar.).
Holders of rec. Oct. 15
-80th share com.)-- 161.50 Nov. I
$6 pref. (cash or 3
16
Midland Natural(las el. A (guar.).-- •o20e. Nov. 'Holders of rec. Oct. 15
Holders of reo. Oct.
8431(0 Nov.
States UHL (guar.)
Mid-West
Holders of rec. ()et. 20a
Milwaukee Elec. By.& Light. pref.(qu ) I , liet. 3
*Holders of rec. Oct. 15
Mississippi Power & Light, let pf.(qu.)_ '$150 Nov.
*Holders of rec. Oct. 16
•$1.60 Nov.
Second preferred (guar.)
Holders of rec. Oct. 15
Mohawk & Hudson Pow.,$7 pref.(qu.) 21.75 Nov.
"Holders of rec. Oct. 11
•114 Nov.
Montana Power. pref. (guar.)
Oct. 3 Holders of rec. Bent. 30
37c.
Montreal Light, Heat & Power (guar.).Holders of rec. Oct. 15
Nov.
1
,
M unle110,1 Service co..6 . pref. (guar.)_
58c. Oct. 3 *Holders of rec. Oct. 7
Mutual Tel.(Hawaii) (monthly)
Illulders of rec. Oct. 15
\uv.
45,
Nat. Lice. lower, cum. A 'guar.)
20
3
National (15.5 & Else.. pref. (guar.). _ _.• 81.625 Ian 1. •Holders of rec. Dee. 8a
Holders of rec. Nov.
250. Dec.
National Power & Light, corn.(guar.).Holders of rec. Oct. 11
51.50 Nov.
16 preferred (guar.)
Holders of rec. Sept. 30
Nevada-( alit. Elec. Corp.. Pref. (qua., 195 Nov.
Dee. 10 'Holders of ree. Nov,30
Newark Telephone (Matra •- oil
Holders of rec. Nov. 100
North American Edison Co., pref.(gI.) $1.51 Dec.
Oct 10
North Amer. Coss & Electric. class A (gm •40c Nov. 1 Holders of rec. (let. 20
Nov. 15 (towers 01 rev.
& Power. corn. (qu.) r2
North Amer.
•1,4 Nov.16 *Holders of rec. Oct. 31
North West Utilities. pref. (guar.)
•1tya Nov. 1 *)iolden( of rec. Oct. 10
Northern N. Y. U1,11104:0. pref. (guar.).50e Oct. 25 Holders of ree Sept. 30
Northern Ontario Power. elem.(quar.)1
Oct. 25 Holders of reo. Sept. 30
Preferred (Ow.)
Nov. I Holders of ree. Sept. 30
Northern states Bow.(Del.),conLA (gm) 2
•20, Nov. I 'holders of rec. Sept. 30
Common B (guar.)
Nov. 1 'Holders of rec. Oct. 15
92
& Elec.(guar.)
Norton Power
loc. 1 "Holders of rec. Oct. 15
1
•1 5
Extra
15
Ohio Pub. Sere., 7% pref. (nthly.)--*Os I-3c. Xoy. I lioloers of rec. Oct. 15
.5(e• Nov. 1 •Holeers of rec. Oct.
6% preferred (monthly)
I •riolr'ers of rec. Oct. 15
*4) 2 3t
5% Preferred (m).nt hl(')
'lit Dee. al Holders of rec. Dee. 24
Ohio Tele', Service. pref (guar.)
1,11% Nov. 1 Holders of rec. Oct. 15
Oklahoma Natural Gas, pref. (guar.).- .
'me. Oct. 31
*:570 •ov. 15 Holeers
Paclfh ins a Het.6 . pref. (Uuar.)
Or Cl '. (let 31
•I
_- .54
Omar.)
15 1-4ri preferred
of rec. Oct. 3Ia
- 750. Nov. 15 Holders
Pacific Lighting Corp.. corn. (guar.).
91.25 Nov. 15 *Holders of ree Oct. 31
$5 preferred (guar.)
15
Pacific Northwest P. S., 1st p1. (guar.).- 41.86 Nov. 1 *Holders of rec. Oct. IS
rev. Oet.
,
Pacific Piddle ,ervire. vont. (tiitar.)_ in 32 i toe. I ii ii Cl" of
•350 Jan 1'3 Hold. of rec. Dec. 15 '30
corn.(guar.)
Peninsular Telepone
Holders of rec. Oct. 20
sI.W.
Pennsylvania Power,26.110 pref.(mthly.)
Ho)der, of rec. Nov. 20
,
55 (Mc.
$6 60 preferred (monthly)
31 ,., 1)
er.
iturers et ree. Nov 20
$6 Preferred (tonic)
Holders of rec. Oct. 15
Peoples I Iglu & Power. $6 Pref. (guar.). 61.50 Nov.
Holders of rec. Oct. 15
21.625 Nov.
$8.50 preferred (gust.).
Holders of ree. Oct. 15
$1.75 Nov.
$7 preferred (guar.)
Nov. 'Holders of rec. Oct. 15
•1
Petaluma & Santa Rosa RR..0001
Nov. 'Holders of rec. Oct. 10
*3
Preferred
ol rec. Oct. 1
Oct. 3 tt.,t)..
Pheatit•lpeta Co. ono. )660 Par)(411-)• - SI
75e Oct. 3 Holders of rec. Oct. 1
C1/1111111,11 (55)) par) (extra)
20e Oct. 3 Holders of rec. Oct. I
New common (1111ar.)(No. 1)
15e. Oct. 3 Holders of rec. Oct. 1
New (son moo (extra)
Holders of rec. Oct. le
$1.50 Nov.
8% preferred
Holders of rec. Oct. 104
Philadelphia Electric. $6 Prof. (quar.)- - 21.25 Nov.
Oct. 3 Holden' of rec. Oct. I.5s
- it
Phila. Rapid Tran. common (guar.).
Holders of rec. Oct. is
$1.75 Nov.
Preferred
Bottlers of rec. Nov. 12
Der.
1
Phila. Snberban 0. tter Co.. pref. (nit.)
•
134 Nov. 'Holders of rec. Oct. 20
Potomac Edison.7% pref.(guar.)
•11olden( of rec. Oct. 20
•1 ti Nov.
6% preferred (emu./
ree. Oct. IS
•
Public gervIve of Colo. 7% pfd.(mthly.) 58 I-3e Nov. ...Holders of rec. Oct. 15
•50c. Nov. 'Molders of
6% preferred (lllllltthlY)
*Holders of rec. Oat. 15
41 2-3e Nov.
•
5% preferred (monthly)
We. Oct. 8 Holder. of recs. Oct. la
Pub sets Corp N. J..6% pt.(mthly.).
Public service ('u. of Nor. Illinois
Nov. 'Holders of rec. Oct. 19
•62
Common (no par) (guar.)
Nov. 'Holders of rec. Oct. 19
.2
Common (par 210(J) (guar,/
•114 Nov. 'holders of rec. Oct. 14
6% preferred (utter.)
•Ho)d-rs if ree Oct. 14
'195 Nov.
i'referred ((marl
Holders of rec. Oct. 15
50e. Nov.
Railway & Light Securities. eons.(gni-Nov. 18 Holders of ree. Oct. 15
$1.50
Preferred (guar.)
Si
Nov. 1 Haltom' of rec. Oct. 15
}Mole Island Ptittlle'Serv.. el. A (qu.)
515. Nov. I tion'ers of roe. Oct.
Preferred Opiar.t
•230. Nov. 1 'Holders of rec. Oct. 15
Rockland Light & Power (guar.)
•134 Jan. 15 •Hulders of rec. Jan. 1
Sedalia Water. pref. (guar.)
of tee. (Mt. 150
Sierra l's III. Hee. Co,. core. (guar.).- *We. Nov. i •Holiters
1
Nov. I Holders of rec. Oct. 15e
Preferred (Quarterly)
50e. Nov. 15 Holders of rec. Oct. 200
Calif. Edison. corn. (guar.).-Southern
25e. Nov. 15 Holders of rec. Oct. 31
Southern Canada Power. corn. (guar.)._
50c. Nov. 25 Holders 01 rec. Oct. 31
Southern Colo&ulo Power,corn. A (go.)
Flee.. corn. (qual.)..
8795e Oct. 25 Holders of rec. Sept. 300
Standard Oas h
$1.50 (let. 25 Holders of rec. Sept. 300
$6 prior preferred (guar.)
$1.75 ()rt. 25 Holders of rec. Sept. 30'
$7 prior preferred (guar.)
com.B(gu ) 50c. Dec. I Holders of rec. Nov. 12
Standard Pow & Lt .cont. &
SI.75 Nev. I Bolder, nf rec Oct. 16
Preferred (Oiler.) Nov. I Holders of rec. Oct. 20
$8
Swiss-American Electric. pref
.• $I 875 Nov. I •Iloniers id rec. Oct. 10
Tacony-Paimyra Midge. pref. (guar.)
Nov. 15 ILA...-. of ere. (let. 2s
Tar-on F1 'It), 1 '.1 (.1/31. (guar.).
•Ix4 Nov. 16 *Hollers of rec. Oct. 24
Preferred A (guar.)
16
Tennessee Elec Power. 5% let pf.(gu ) 1M Jan23 Holders of rec. Dec 15
114 Jan2'3 Holders of rec. Deo
6% ring preferred (guar.)
Jan2'3 Holders of rec. Dee. 15
134
7% first preferred ((Mar.)
31 .80 Jan2"3 Holders of ree. Dec 15
7.2% Mgt preferred (mist.)
Hoiden, of ree. Oct. 15
500 Nov.
6% first preferred (rrionthlY)
Holders of rec. Nov. 15
50e Dee.
6% find preferred ( .010111Y)
We. Jan2'3 Holders of ree Dec IS
6% first preferred (niollf1117)
Holders of rem Oct 16
60e Nov
7.2% first preferred (inolithle)
Holders of ree Nov 16
SIlo Dee.
7.2% first preferred lllll
800. Jan2'3 Holders of ree Dee. 15
preferred (monthly)
7.2% first
Holders of rec. Oct. 15
- 144 Nov.
Texas Power & Light, 7% Pt. (guar.).
Holders of rec. Oct. 16
$1.50 Nov.
$6 preferred (guar.)
'fielders of rem Nov. 15
•15c Dee.
(gust.)
relep. & Teleg.. Pref.
•Holders of rec. Oct. 15
Nov.
92.25
Union Light & Power (guar.)
•Holders of rec. Oct. 15
Nov.
Extra
"e35e. Dec. 10 .11olden of rec. Oct. 15
Union Natural Otis (11uer.)
•050. Dec. Id 'Holders of rec. Oct. 15
Extra
Unfred Electric Service of Italy
21.91 Nov. 10 Holders of rec. Oct. 7
American shares
30e. I Mc. 3 Holden( of rec. Nov. 21to
Shut ii)(his lio),rit.ement. eom. Briar.)
21.25 Dec. 3 Holders of ree Nov. 290
Preferred (guar.)
Holden( of rec. (let. 15t.
) 25e. Nov.
United Light & Pow.corn. A&B new(gu
Holders of rec. Oct. 15•
$1.25 Nov
Common A & II old (guar.). - - --•Iloidens of rec. Dee. 31
JanI5
United Tel. (Kansas) coin. (altar.)
•Holders of rec. flee. 31 •
iiii5
(guar.).
Preferred
•Holders of ree. Oct. IA
91.50 Nov.
Inlets(Me & Eire. Se pref. (guar.)
•$2 Nov. 'Holder' of rec. Oct. 15
Ware Electric. Co. (guar.)
•Holders of rec Oct. 15
Nov.
91
Extra
'Holders of rec. Nov. 10
•32Ke Dec.
Western ContInen. UM.. el. A (qtr.)-- •50e. Nov.
•Ilottleis of rec. Oet 15
IN est ern Poser 1.1. a Telep. el. A (qtr.)
'Holders of rec. Oct. 15
.
•611 c. Nov.
Class A (extra)
Nov. 15 Holders of rec. Oct. 20.
134
West Penn Elec. Co., 7% pref.(guar.)
1(4 Nov. 1. Holders of rec. Oct. 200
el preferred (gear.)
,,
Holders of rec. Oct. 3
Niive
West Penn Poser co., 7% pref.(guar.)
,
Holders of ree. Ort. 3
Nov,.
6% preferred Mar.)
'Holders of rec. Oct. 15
*25e Nov.
Weymouth Light & l'ower (guar.)
*Holders of ree. Oct. 15
•50r. Nov.
Extra
•tteim•rt, el ree Oct. 15
Nov.
•2
WIneberolon Ft I.. & Pow (mar.)
'1.75 Oat. 3 'Holders of rem Oct. 20
Wisconsin Telephone. pref.(guar.)
)et 3 Holders of rec. oct. 20
at
eon. iquar•)
York Ha
82M, Oct. 3 Holders of rec. Oct. 20
5% preferred (titmr.)
Banks.
Columbus
•3
Trust Companies.
Corn Exchange Bunk Trust Co. (guar.) SI
- •20
Rings County (Brooklyn) (guar.).
1'1 rt. insurance
%)
A merles!) Fooltante a...manor (11111
Bronx Fire Insurance (guar.)
Nov. 15 *Holders of ree. Oct. 31
Nov. 1
Nov. 1
Holders of rec. Oct. 23
Holders of rec. Oct. 25
ree (let 20
3oe Vas I Holders
•$1.25 Nov. 15 'Holders of rec. Oct. 81
Naas. of Company.
Fire Insurance oCendirtled).
Camden Fire Association (guar.)
•••
City of Nes Yorn
Guardian Fire Assurance (guar.)
Knickerbocker. COM• KM*"
New York Fire, common (guar.)
United States Fire Ins (guar.)
Per
When
Cent. Payable
Books Closed.
Days Indus**.
250. Nov.dl Holders of rect. Oct. 15
Homers of rec. Nov. 1
SSO
50c. Nov. 1 Holders of reo. Oct. 23
)
37 . e Nov. I Holden; of ree. Oct. 20
*30o. Nov. 1 *Holders of roe. Oct. 20
130e Nov. 1 Holders of roe. Oct. 22
Miscellaneous
•123.4c Nov. 1 *Holders of rec. Oct. 21
Abbott Laboratories (special)
'l Ike Oct. 25 •Hoitiens of rec. Sept. 30
A. II U. Cluar Co., "U.S. (goat.)
Abraham & Straus. tno, pref. (guar.).- 154 Nov. 1 Holders of reo. Oet. 1541
*60c. Nov. I *Holders of rec. Oct. 15
Adame (J. 1.).) Mfg.. corn. (guar.)
60o. Nov. I Holders of ree. Ost. lad
Adains-Millis Corp common (gust.)
*111 Nov. I *Holders of too (lot. 18
First an.1 second prof. (Uttar.)
IS.. Nov. 18 Holders of no. Oct. 31a
Allegheny Steel(monthly)
15c Dee. 18 Holders of rec. Nov. 29a
Moonily
144 Oes. I *Holders of roe Nov 15
•
Prereired (Guar t
1(4 Dec. 1 Holders of ree. Nov.20
Alliance Realty. pref. (guar.)
ree. ()et. 100
N.Y. 1 11.40 ers
- 2,.
,, al h I lye. • .(liar.)
75,3 Nov. 1 *Holders of roe. Oct. 27
Allied Interrutt'l Invest.. pref. (qual.).. •
• 21.02: :ov. I *dottier.. 1,f ree. Oct. 15
.5111.1 1,111
1111111r.)--75c. Nov. 15 Holders of rem Oct. 240
Allis-Chalmers Mfg.,corn.(guar.)
60e Oct. 25 Holders of rec. Oct. is
Mph. Punland Cement. eon, (raL).110111014 of rec. itet. 15
.36 •iov. I.
C11. coin.(QUM%)
Alturfer
•756. Nov. 1 *Holders of rec. Oct. 16
Preferred (guar.)
Nov. i Hollers if rec. Oct. 15
Cull, ertIble preferred (guar.)
Aluminum Mfrs.. Inc.. corn (guar.).- *600. Dec. 31 *Holders of rec. Dec. 16
50e. let. 31 Holders of tee. Oct. 155
Amerada Corporation (quilt.)
Nov. 16 Holders of rec. Oct. 310
$1
Aniericath Can coin. (guar.)
Nov. 15 Holders of rec. Oct. 310
Si
Common (astral
Holden, of ree Oct. 110
Nov
American Coal (guar )
Holders of reo. Nov.20
250- Jan.
Amer. Electric Securitlee. pref. (guar.).*Holders of rec. Oct. 25
*150. Nov.
& Socket (guar.)
Amer. Fere.
Bowen; of rec. Oct. 2
es) Nov.
(
Amer. Fournier. :orp., eon'.(guar.).Holders of rec. Oct. 2
7% first preferred. series A (guar.).- 87 Mc. Nov.
Holders of rec. Oct. 2
87 Slc. Nov.
7% first ',referred. series B (guar.).Holders of rec. Oct. 2
75c. Nov.
6% first )referred, series D (guar.)...
Holders of rec. (let. 2
37.9c. Nov.
69. sermid ',referred (guar.)
•81 Jan 113 •Hollers of rec. Dec. 18
American Hardware (hlom.)
Holders of ree Oct. 140
.
350 Nov.
American Home Products (monthly)--75o. Oct. 25 Holders of rec. Oct. 50
American foeqCo )
t uar.. common (guar-)
1M Oct. 25 Holders of rec. Oct. 30
Amer. Investment Trust Drat. (guar.).- 114 Dee. I Holders of res. Nov. 15
Amer. Laundry Mach.,emu.(guar.)_. 91 Dec. 1 *Holders of rec. Nov. 20
Anier. Maehltie & Foundry, new corn.
35c. Nov. I Holders of rec. Oct. 171
(guar.) (No. I)
Sc. Nov. 1 Holders of rec. Oct. 170
New common (extra)
20c. Dec. I Holders of rec. Nov. 154
New common (extra)
Dec. 11 Dec. le to Dec. 30
corn. (gust.). 1
American Mannfacturing.
Dec. 80
134 Dec. 31 Dee MI so
Preferred (guar.)
•75c.(let, 31 *Holders of rec. Oct. 15
,oeritan Meter Mar.)
50o Nov.15 Holders of rec. Nov.d5e1
American News. corn. (guar.)
1111111eN 4.1 fee. Oil. 15a
- Si.45 Nov.
%met ,51111/1/1111111111( C0111111011 (guar.).
Holden of rec. Oct. 15
134 Nov.
Preferred (guar.)
Holders of rec. Oct. 170
Nov.
$1
Amer. Smelt.& Rehr.. corn.(guar.)
Holders of rec. Nov. 70
154 Dec.
Preferred (guar.)
Ifottlers if ree. Nov. I40
Dee.
1
Al..•111111 preferred Orli It.1
Holders of rec. Dec. 13a
50o. Jan.
American Stores. common (guar.)
Holders of rec. Nov. 14
50e. Den.
CO:11MR (extra)
•Holders of rev Oct 20
Amer Thermos Bottle, class A (guar.)._ •300. Nov.
Hoidens of rec. (let. 20
Nov.
toter. Transformer, Olin. (guar.)
•Ifo)ders of ree. Out. 20
(Vertrieb.. pref.(guar.).- *133e. Nov.
kilter. VItrIfle.:
t
'
62940 Nov. 17 Holders of rec. Oct ila
Anaconda Copper Mining (guar.)
250. Nov 10 1-10ici.n, of rec. Oct I la
Anaconda Wire & Cable (qua!)
250. Nov. 10 Holders of reg. Oct. lla
Andes Copper Mining (guar.)
Bottlers of rec. Oct. 210
Soc. Nov.
Archer Daniels-N(1,11mM. corn.(qu.)____
Holders of rec. Oct. 2141
Nov.
Preferred (guar.)
Holders of rec. Nov. 171
$1.75 Dec.
Artloorn Corp.. pref.(guar.)
Holders of rec. Oct. 1141
62c. Nov.
Aceoerateri Dry (Mods. rum. (guar.)._
Holders of ree. Nov. 80
Dec.
1
First preferred (guar.)
Holders of rec. Nov. Set
1K Dem
Second referred (tsar.)
Holders if rec. Oct. 20
Asetteluted SeeurIty Invest. pref. (qu.). $1.50 Nov.
6 Doe. 8 Holders of ree. Deo. 11
Atlantic. Oral& W I 68. Lines.()Mon.) 11
*3
Nov. 'Holders of rec. Oct. 20
Atlantic Steel. pref
•334 Nov.
•Holders of rec. Oct 31
Preferred (goer.)
Bat loss ..1 re... I wt. 200
Nov.
I
ltlm) Powder oref. (oitar.)
'Holder, of rec. Nov. 175
*25e. Dec.
Atlas Storee. Corn. (guar.)
Hooters to roe. Nov. 17a
II la Dee.
Coot (payable in auto stook)
/139 Mar 3*3 I Hold of ree. Feb.15
Corn . (payable In csom e(oek)
I lel. 154
Austin. NII.11011.1& (Si., Inc.. prier A(gt1) 75c Nov. 1 Holders of rec. Oct. 10
•75e Nov. 1 *Holders of rec.
tutoStrop Safety Razor, class B (qu.)
Babcock & WilcoxOct. 30 *Holders of rec. Oct. 9
•te7
1
Amer. dep. 1.1.1.1, ord. rig
Bachmann. Emmerich & Co.
Oat. 31 Holders of rec. Oct. 31
$2
Preferred and preferred A BMW
87 Me. Oct. 31 Holders of rec. Oct. 31
Preferred B (quar.)
- •750. Dec. 27 'Hot lees of rec. Dee. 15
Balaban lt Eats Corp.. corn. (guar.)
•141 Dec. 27 *Holder* ttll ree. Dec. 16
Preferred (guar.)
134 Oct. Si Holders of red Oct. 1 sa
211 '11 -or, of nee. Oct. 30
•ioc.
et
l ' meP ) t ne Co .
I -l
.(an
8antrI).ti( irtIebi.."(I tettolyV.Pf.
Bankers Bond & Mtge. of Am.(guar.)._ •25e. Nov. 1 'Holders of rec. Oct. 15
60e. Nov. 6 Holders of ree. Oct. 25
taartistiall ()ore.. Mawr A & ii (quer.).- -Holders of rec. Nov. 1
Baumann (Ludwig)& Co.. Sat pref.(qu.) 154 Nov. 15 •il
olders of rec. Oct. 15
•I M Nov. I
licatty Bros_ Ltd.. pref. A (guar.)
Beaux Art Apt.. Inc.(N. Y.). lit pf.(1u) •61.50 Nov. I Niolders of rec. Oct. 10
itelding-Cortleelll. Ltd.. corn. (guar.).- IM Nov. 1 Holders if rec. Oct. 15
141 Dec. 15 Holders of rec. Nov.29
Preference (guar.)
Holders of rec. Oct. 10
Benefit's] Indus. Loan Corp., com.(gu ) 37 Mc Oct. 30 1
87Ke set. 311 1.110ers if ree. Oct. 10
Opine I
Preferred
..Holders of ree. Oct. 21
*50o. Nov. 1 .
Benson & Hedges. prof. (qua:.)
Bessemer Limes. tone Cefil. el. A (gu.)- •75o. Nov. I *Holders of rec. Oct. 20
$1.60 Nov. 15 Holders of ree Oet. 175
setnieneru -steel. (summon •uUtir./
.tigelow-Sisnford Carp & Rug. (If. (au.). •114 Nov. I 'Holders of ree. Oct. 17
•14 Noy. I • Ilohlers of rec. Oct. 25
S41116. I tie.. pref (guar.)
111rd
.25e. Nov. I • if olden, of rec. Oct. 15
1
IiIrtniali Elec.' He Co., corn. (guar.)
•$1.75 Nov. I •I I"niers of rec. Oct. 16
$7 preferred (guar.)
ree. I *Holders of rec. Nov. 28
Slack a Clawson Co.,corn. At pf.(gu.)- •1M
37)4o Nov. 15 •Holders of res. Nov. 10
Bloch Bros., common (guar.)
'194 Deo. ii 'Holders of ree. Dee. 25
vreferred 01110 4:
told", of rec. Oct. 2811
195:ov.
tit-----eltietittle 11-ms.. prof Omer.)
NH tic Nov. 'Holder, of rim. Oct. 15
Woe Ribbon Corp., Ltd., pref.(qu.)•Holders of rec. Oct. 15
'62(4i' Nov.
(II. C.) CO.. coinniun
•Holders of rec. Oet. 15
•144 Nov.
1st preferred (guar I
•11 olders of rec. Oct. 15
•1I4 Nov.
Buliack Realty pref. (guar.)
et. (II folders •,Icon. (let. 15a
,
Cl
)
M. 1110 rgo o•buts A ..j.) 0.
of ree. Nov. 5
-- $1.25 Nov. IS Holden
Bond & Mortgage(luarantee (guar.)
1 •11.• of s.e. Nov. 15111
•
.
.tort1osi
•25c. Dec. I *Holders of refs. Nov. 14
Bower Roller Bearing (guar.)
ti Nov. I iii ens ,tf rec. ()et. I.
.1ft11111r11.11 11•111114,/.1. 1.111 corn.. (cjii.)
ree. Oct. 31
•I 54 'toy. I•'I tilers
Brill 1.1 II I ell prof (weir
$1 '5 Nov I truident of roe Oct. 16
British Colombia Pulp A Paper pf (qtr.)
Nov.
9c Dec.
Brit. Type Investors. el. A (blonthlY.)- • . .4,, I Hollers of rec. ()A. 1
i •11.1.1en, of roe.
ii
I 4
•troott.11%. Dei I Storm.. 1st pref. (Uttar
otf ren. Oct. 11
Nov.
• x7
...4.1.111111 1.rprerre, ttooltiall
1
'114 Nov. I *Holders of rec. Oct. 15
Brown Co., Prof. (guar.)
1,4
,1 4011
t)
11r...11 :Ins.
Dec. 15 Holdens of rec. Noe,21
61
Buckeye Pipe Line (gnarl
Holders of rec. Oct. 274
134 Nov.
Budd (Edward (I.) Mfg., pref.(guar.).• vi
.iiv
14i11.1.•
pref olottr.)
•Ffoldere uut ree Oct. 16
•44)0. Nov.
Borden Holden Ltd (Nn I)
•Ibilders of rec. Oct. 23
•500. Nov.
Burdlnee, Inc., pref.(guar.)
•f ere. Sept no
1321.40 Nov
'mit Terminal Co. *an (mar 1
•1 1.0dors if tos. (let. 15
•14 No•
Byers • A %1 I (NI oraf oppa.)
llo)tlent u,f ree Nov42911
flee I
SI
• pr,..010 1.....10.1.) C.a.)) (allitf.)
.1M Nov. 1 •1101ders of rec. Oct. 15
camps Corp..Pref.(guar.)
Holders of rec. Nov. 30
Doe 1
Si
....or
ittirof
.
43540 Dec. 1111 Holden, of rec. Nov. 30
lam 11 iNo. ii
621S0. Nov. I Holder, of rec. Oct. 20
•amollan lifetime, corn. (guar.)
154 Nov. I Holders of ree. Oct. 20
Preferreri (otter.)
3'4 Der it 11,1-1.), of ree l-P•e. 15
'••1 north. pf.(No. Ii
•
4 Nov. 15 Holders of ree Oct. 81
11
Canadian Converters. 1.)r1 (guar.)
OCT. 25 19301
Nome of ComPone.
FINANCIAL CHRONICLE
Waen
Per
Cent. Payable.
Books Closed.
Days Inelusted.
Miscellaneous (Continued).
Canadian Dredge & Dock, corn.(guar.).
750. Nov. 1 Holders of rec. Oct. 16
Preferred (guar.)
1)4 Nov. 1 Holders of rec. Oct. 16
Canadian Industries, corn. (guar.)
•6234C Oct. 31 *Holders of rec. Sept. 30
*25c. Oct. 31 'Holders of rec. Sept. 30
Common (extra)
Canadian Pow.& Paper invest., Pt.(au) 62IA.. Nov, 15 Holders of rec. Oct. 20
Capital Management (guar.)
*250. Nov. 1 'Holders of rem Oct. 23
Extra
•250. Nov. 1 *Holders of roe. Oct. 23
Carman & Co.. class A and B (guar.)
•500. Nov. 29 *Holders of rec. Nov. 15
Class B (500.cash or 1-40th ob. B stk ) •500. Oct. 25 *Holders of ree. Oct. 16
Carnation Co (extra In stook)
Jan 2'31 'Hoiden of rec. Dec. 20
*el
Carrier Engineer. Corp.,com.A &B(qu)
250. Nov. 1 Holders of rec. Oct. 20
•IK Oct. 31 Holders of rec. Oct. 15
Cartier, Inc.. pref. (guar.)
Castle (A. M.) & Co.(guar.)
•75c. Nov. 1 'Holders of rec. Oct. 20
Central Illinois Scour., Prof. (quar.)
•3734c Nov. 1 *Holders of rec. Oct. 23
Centrifugal Pipe Corp (quar.). .
15e Nov. 15 Holders of roe. Nov. 5
.
Century Ribbon Mills. pref. (quar.)---- 14‘ Dec. 1 Holders of rec. Nov. 200
Cerro de Pasco Copper Corp. (qua?.)... $I
Nov. 1 Holders of rec. Oct. 16a
Chain Belt Co.. coin.(quar.)
•62340 Nov. 15 'Holders of rec. Nov. 1
Chase (A. W.) Co., Ltd., pref.(quar.).. 2
Nov.10 Holders of rec. Oct. 31
Checker Cab Mfg.(monthly)
•35e. Nov. *Holders of rec. Oct. 20a
Cherry-Burrell Corp., corn. (quar.)---- '521,e Nov. 'Holders of rec. Oct. 15
*Holders of rec. Oct. 15
Preferred Patter.)
•Iff Nov.
Holders of rem Oct. 20o
Chicago Yellow Cab (monthly)
250. Nov.
Herders of rec Nov. ale
Monthly
25e. Dee.
Holders of rec. Oct. 150
Cities Service common (monthly)
23.40. Nov.
Commou (monthly)
Holders of rec. Nov. 13
2Me. Dec.
Common (pay able In corn. stork)
Hoiden. of ree. (let. ria
f3. Nov.
Common(payable In common stock)
Holders of rec. Nov. 13
144 Dec.
Holders of rec. Oct. 100
Preference and pref. BB (monthly)__ _
50c. Nov.
Holders of rec. Oct. 15n
Preference It (monthlyl
5c. Nov.
Holders of rec. Nov. 13
Preference and Prof. BB (monthly)... 50o. Dec.
Holders of rec. Nov. 13
Preference B (monthly)
bc. Dec.
Bankers' shares (monthly)
•30.46c Nov. *Holders of rec. Oct. 15
City Storm 0.. Clam A (guar.)
Holders 01 rec. Oct. Ity,
(
87.-,c. Nov.
Claude Neon Elec. Prod., corn.(guar.).- •
3513. Jan 1'3 *Holders of rec. Dec. 20
Common (payable In corn. stack)...._ •12
Jan 11 'Holders of roe. Dec. 20
Preferred (guar.)
*35c. Jan 1'3 *Holders of roe. Dec. 20
Holders of rec. Oct. 210
Cluett. Peabody & Co., Inc.. com.(gu ) The. Nov.
Holders of rec. Oct. lb
Cockshutt Plow, common ((uar.)
3734e Nov.
Holders of rec. Sept. 30
CollIngwood Terminals. pref. (guar.)... 1,
14 Nov.
Columbia investing, common (guar.)... ..1234. Nov. *Holders of rec. Oct. 25
Preferred (guar.)
•$1.50 Nov. *Holders of rec. Oct. 25
Columbian Carbon (guar.)
Holders of roe. Oct. 17a
61.25 Nov.
Extra
Holders of rec. Oct. 170
250. Nov.
Community St4te Corp.. Claes A (guar.). '1234c Dec. 3 *Holders of rec. Dec. 26
'1234t' 3 31 '3 *Hold, of rec. Mar. 26 '31
Class B (guar.)
Class B (guar.)
'1214c Dec. 3 *Holders of rec. Dec. 26
Cons. Chem. Indust., par. pref. A (cm.) '373.4c Nov.
*Holders of rec. Oct. 15
Consolidated Cigar Corp.. prior pf.(gu.)_
Holders of reo. Oct. 154
1% Nov.
Preferred (guar.)
1% Deo,
Holders of rec. Nov. 15a
Consolidated ire. Pittsb.. prof
*31.70 Dec. 20 *Holders of rec. Dec. 10
Consolidated Laundries. pref.(qu.)..' $1.875 Nov. 'Holders of rec. Oct. 15
Consolidated Press. Ltd. A. ord. (qu.)
Holders of rec. Oct. 15
50c. Nov.
Consolidated Rendering, pref. (guar.).- *2
Nov. *Holders of rec. Oct. 21
Consolidated Royalty Oil (quar.)
•)254e On. 21 •Hob'ers of rec. Oct. 15
Construction Materials, pref. (guar.)... •8734. Nov. 1 "Holders of roe. Oct. 20
Continental Can (quar.)
6234c Nov.15 Holders of rec. Nov. la
Coon(W.B.) Co.,corn.(guar.)
.70c. Nov. 1 'Holders of rem Oct. 14
4,154 Nov. 1 'Holders of rec. Oct. 14
Preferred (quar.)
COpperweld Steel, common(No. 1)
50o. Nov.15 Holders of rec. Oct. 31
Corporation Securities. Prof. ((uar.).- *n7se Nov.
•Ifoiriers (if rec. Oct. 10
Crown Drug. Inc., common (quar.)
.25c. Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
*8734c Nov. 1 *Holders of rec. Oct. 20
Crucible Steel of An er.. corn.(quar.)
1
Get. 31 Holders of rec. Oct. 150
Crum & Forster. pref. (guar.)
2
Dee. 31 Holders of rec. Dec. 20
Crum & Forster Ins Shares. prof (guar.) 1)4 Nov.29 Holders of rec Nov. 19
Cudahy Packing, 7% prof. (guar.)
834 Nov. 1 Holders of re0 Oct. 20
8% preferred
3
Nov. 1 Holders of coo. Oct. 20
Cuneo Press, common (guar.)
*62 tie Nov. I •Holders of rec Oct. 15
Preferred (quar.)
*62,4e Dec. 15 'Holders of rec Dec. 1
Curtis Puolishing, common (monthly)._
500. Nov. 3 Holders of ree Oct 20a
$1.75 Jan l'31 Holders of rem Dec. 204
Preferred (guar.)
Cushman's Sons. Inc., corn. (quar.)._ *31
Dec. 1 *Holders of roe. Nov. 14
1K Deo. 1 Holders of reo. Nov. 14a
7% preferred (guar.)
3% preferred (quar.)
Dec. 1 Holders of roe. Nov. 14a
2
Deep lioci, (.11 27 pre( (guar.)
$1.7? Oct. 25 Hon et - of rer. Sept. 20
,
De Forest Crosley Radio, Ltd
20c. Nov. 1 Holders of rec. Oct. 15
De Mete. Inc.. pref. (guar.)
•55c. Nov. 'Holders of rec. Oct. 19
Dennison Mfg.. Pref. (guar.)
1% Nov.
Holders of rec. Oct. 20
2
Debenture stock (guar.)
Nov.
Holders of rec. Oct. 20
Denver Union Stock Yards,corn.(qu.)
831 Jan 11 *Hold, of reo.Dec.20 '30
Common (guar.)
Sp.1
*Hold of reo Mar 20'31
*31
"Holden of rec. Nov. 20
'1)4 Dec.
Preferred ((mar.)
Diamond Iron Works (guar.)
•50e. Nov. "Holders of rec. Oct. 20
*Holders of rec. Nov. 14
Dictaphone Corp.,corn.(guar.)
•75c Dec.
1
Preferred (guar.)
Dec.
*Holders of rec. Nov. 14
Dlither Steel Construe., pref. A (guar.)
3734c Nov.
Holders of rec. Oct. 15
Distributors Group Inc. ((mar.)
Holder, of rec. Nov. 15
12%. Dee.
Dominion Scottish Inv., Ltd., Pref.(qu.)• 2140 Nov. *Holders of rec. Oct. 20
Dominion Tar & Chemical, pref.(qu.)
1% Nov.
Holders of rec. Oct. 6
Du Pont (F.. I.) de Nem.& Co.
Debenture stork (quar.)
134 Oct. 2. Holders of rec. Oct. 100
Eastern Dairies, Ltd., corn.(qu.)(No. 1) 250 Nov.
Holders of rec. Oct. 15
Eastern Theatres (Toronto). corn.(qu.). 50c Dec.
Holders of rec. Oct. 31
Eastern Utii. I tr. estIng, part pt. (qu.).... $1.75 Nov.
Holders ot rec. Sept. 30
$7 preferred (guar.)
$1.75 Dec.
Holders of rec. Oct. 31
$8 preferred ((mar.)
$1.50 Dec.
Holders of rec. Oct. 31
Prior preferred O(liar.)
•$1.2? en.21 "Holders of rec. Nov. 2S
Eaton Azle & Spring, cons.(guar.)
750 Nov.
Holders of rec. Oct. 150
Elec. Power Associates corn. A (guar.)._
25e Nov.
Holders of rec. Oct. 15
Elec. See. Corn.. Pref. (quar.)
•11.25 Nov.
*Holders of rec. Oct. 15
Elgin National Watch (guar.)
•500 Nov. 'Holders of reo. Oct. 16
Empire Title & Guarantee (guar.)
81
Nov.
Holders of rec. Oct. 20
Enter° Derrick & Equip. (quar.)
*20c. Oct. 25 'Holders of rec. Oct. 10 •
Enamel & Heating Products (quar.)____
25e. Nov. 1 Holders of rec. Oct. 15
Eureka Pipe Line (qua?.)
Nov. I Holders of rec Oct. 15
$1
Ewa Plantation (guar.)
•80c Nov. 15 'Holders of roc Nov. 5
Exchange 13uffet Corp. ((uar.)
37)4e Oct. 3 Holders of rec. Oct. 15a
Faber. Coe & Gregg. Pref.(guar.)
'1)4 Nov. *Holders of tee. Oct. 15
Fair (The) Co.. common (guar.)
60c. Nov.
Holders of rec. Oct. 220
Preferred (guar.)
1.K Nov.
Holders of rec. Oct. 22a
Faultless Robber, corn. ((war.)
62%r Jan.
Dec. 16
Federal American Bond & Share
1st & 2d pref. (qua?.)
•S1.75 Nov.
*Holders of roe. Oct. 20
Federal Electric Co.. $6 Prof.(guar.)... *31.50 Nov.
*Holders of reo. Oct. 15
$7 preferred (guar.)
031.78 Nov.
*Holders of rec. Oct. 15
Federal Grain. Ltd., 63.4% pref. (guar) •1% Nov.
*Holders of roe. Oct. 15
Federal Knitting Mills, corn.(quar.)____ •6234c Nov.
*Holders of rec. Oct. 15
Common (extra)
.12 tic Nov.
*Holders of rec. Oct. 15
Federal Title & Mtge. Guar.(N. J.)
•$1.25 Nov. '[Solders of rec. Oct. 20
Federated Publications (guar.)
.30e Oct. 3 'Holders of rec. Oct. 15
Fibreboard Products, prior pref. (guar.) *1% Nov. 'Holders ot rco. Oct. 16
7% preferred (guar.)
'1 )4 Nov.
*Holders of rec. Oct. 16
Financial Institutions pref. (quar.)
*S1.50 Nov.
Finnell System, Inc.. pref. A (quar.)
'1714c Nov. 1 'Holders of rec. Nov. 1
Preferred 13 (guar.)
.1734. Dec. 1 *Holders of rec. Dec. 1
Food Machinery Corp.
Common (payable In corn, stock).._.. fl
Nov. lb Holders of rec. Oct. 31
Foreign Pow.Securities, panic. pfd.(qu) 14 Nov. 15 Holders of rec. Oct. 31
Formica insulation. corn.(qua?.)
*50c. Jan 1'31 *Holders of rec. Dec. 15
Foundation Co. of Canada (guar.)
25e Nov.16 Holders of rec. Oct. 31
Freeport Texas Co.(guar.)
Nov. I Holders of rec. Oct. 150
SI
Gardner-Denver Co.. pref. (guar.)
iii134 Nov. 1 *Holders of rec. Oct. 20
Preferred ((luar.)
*I% Jan. 31 "Holders of rec. Jan. 20
Gen. Amer. Tank Car, nook(ay.(qua -- el
Jan 1'31 HoMers of reo. Dee. 13a
General Cable. pref. (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 2211
General Cigar Co.. Inc., coin.(quar.)__ $1
Nov. 1 Holders of rec. Oct. 170
Preferred (guar.)
1)4 Dee, 1 Holders of rec. Nov.216
General Electric (guar.)
400 Oct. 25 Holders of tee Rept. 1941
Special stock (guar.)
150 Oct. 25 Holders of roe Sept. 194
General Foods. coin. (guar.)
75e. Nov. I Holders of rec. Oct. 15a
Name of Constrain/.
2651
when
Per
Cent. Payable.
Books Maks:,
Dogs Inclusive.
Miscellaneous (Continued).
General Mills, corn. (quar.)
75c. Nov. 1 Holders of rec. Oct. 150
General Motors $5 pert (attar.)
$1.25 Nov 1 Hoofers of tee. Oct. 50
Nov. 15 Holders of rec. Nov. ba
u d v rtising, cl. A (qu.)_ _ $I
Gen' ferred
e0utdooTqAarI
l
Preferred
Nov. 15 'Holders of rec. Nov. 5
•1
General Parts Corp., pref.(qua?.)
•30e. Nov. 1 Holders of rec. Oct. 20
General Public Service, $ti pref. (guar.) 11.50 Nov. 1 Holders of rec. Oct. 10
ss :0 ,
'referred (guar.)._
_• 21.375 Nov. 1 Holders of rec. Oct. 10
General Steel Wares, Ltd., pref.(guar.). 11.4 Nov. 1 Holders of rec. Oct. 16
Genera) Stock Yards, oom.(guar.)
50o. Nov. 1 Holders of rem Oct. 15
Common( xtra)
eq
250. Nov. 1 Holders of reo. Oet. 15
mmon ( uar.)
Preferred
81.50 Nov. 1 Holders of ree. Oct. 15
General Tire & Rtihber. corn. (guar.).
Nov. 1 Holders of rec. Oct. 20
- $I
Gibson Art, common (guar.)
•65c Dec, 1 Holders of reo. Nov. 20
011101(111 imiar
Hold of rec Mar 20 '31
•65e
Gilchrist Co.(qpm.)(Payable in stook)
Oct. 31 Holders of rec. Oct 15
Gillette Safety Razor,corn.(guar.)
Jan. 3'Holders of reo. Dee. 3
"21
Gilmore Oil (guar.)
.30c. Get, 30 Holders of ree. Ont. 15
Glmbei Rms., pref. (guar.)
134 Nov. 1 Holders of reo Oct. lba
Globe Underwriters Exchange
15c. Nov. 1 Holders of rec. Oct. 20
Gold Dust. corn ((uar.)
6214c Nov. 1 Hollers of roe Oct 100
Goldsmith (P.) Sons (guar.)
10e. Nov. 1 *Holders of rec. Oct. 20
Goodyear Tire & Rubber. corn. (guar.)
$1.25 Nov. I Holders of rec. Oct. Itz
Gorham Mfg.. corn. (guar.)
50r. Dee. 1 Holders of rec. Nov. 15
Gotham Silk Hosiery. pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 110
Gramophone Co.. Ltd.
Amer. dep. rcts,for ord.reg. shares... %alb Nov.11 *Holders of rec. Oct. 14
Granby Cons. Min. Smelt. & Pow.(qu.)
50e Nov. 1 Holders of rec. Oct. 170
Grand (F. & W.) 5-10-25 Ct. Stores
Preferred (guar.)
154 Nov. 1 Holders of rec. Oct. 140
Grand Rapids Stores Emit) Iff
•17 tic Nov. 1 *Holders of rec. Oct. 21
Great Take, Fnelneering (Oiler.)
"25e. Nov. I *Holders of rec. Opt. 25
Great Northern Paper (guar.)
•75c. Dee. 1 *Holders of rec. Nov.20
Great Western Elec, Chem., 1st Pf.(a.)•$1.50 Jan. 1 *Holders of rec. Dec. 20
Gruen %% Math. 0003ftio13 (WAX.)
•50r flee. I *Bottlers of tee Nov 20
Common (guar.)
*50e mar131 *Hold of rec. Feb. 20 31
Preferred (QUar.)
K Nov. I 'Holders of rec Oct. 20
Preferred foliar 1
'1)4 Fob 1 el 'Hold of roe Jan 20 31
Nov. 1 •Holdere of rec. Rep'.20
Guardian Bk. Sh. Inv. Tr.. corn.(On.).. *1
•37 tie Jan l'31 *Bolo. of rec. Dec.20'30
Gulf Oil Corp.(guar.)
Golf Stater.Steel let rom. prof (guar.)
114 Jan 2'31 Holders of rec. Dec. 15e
*43K. Nov. 1 *Holders of rec. Oct. 25
Haiku Pineapple, pref. ((luar.)
*50e Oct. 31 'Holders of rec. Oct. 24
common
HaIleBros. Co.,ar mon (guar.)
e
Preferred
*134 Oct. 31 *Holders of rec. Oct. 24
50e ()et. 31 Holders of rec. (let. 200
Hall AV. F.) orintIng ((uar.)
50c Nov. 1 Holders of rec. Oct. 22
Hamilton Bridge. common (guar.)
1)4 Nov. 1 Holders of rec. Oct. 22
First preferred (guar.)
lilt, 31 Hoidens of rec. (mt. 100
Hamilton )% etch. coin. Onthlv.1
•
81.75 Dec. 20 *Holders of rec. Dec. 5
Hanna (M. A.) Co., pref. (guar.)
.1% Nov. I *Holders of rec. Oct. 10
Harris Bros. Co.. pref. (guar.)
,
Hartford Times. Inc.. pref. (guar.).
- •75c. Nov. 15'Holders of rec. Oct. 1
NON(129 Holders of rec. Nov. 1411
Hart Schaffner & Mars. Inc. (Qua?.)... $2
•20c. Oct. 31
HawaiianCan (monthly)
•40c. Oct. 31
Extra
100. Nov.30
Monthly
•40c. Nov.30
Extra
50c. Nov.29 Holders of rec. Nov.15e
Hawaiian Pineapple (guar.)
IK Nov. lb Holders of rec. Nov. 40
Hercules Powder. pref. (guar.)
'i2)4c Nov. 15 'Holders of rec. Nov. 1
Health Aircraft, common (guar.)
"fiHr Nov. 15 *Holders of rec. Nov. 1
Clam A (quart
$1.25 Nov. 15 Holders of rec. Oct. 256
Hershey Chocolate, corn. (guar.)
Nov. 15 Holders of rec. Oct. 250
1
Prior preferred (guar.)
Nov. 15 Holders of rec. Oct. 250
$1
Convertible preferred (guar.)
250. Oct. 31 Holders of rec. Oct. 24
Hibbard. Spencer. Bartiett&Co.,(mtbly)
25e. Nov. 2fr Holders of rec. Nov.21
Monthly
25e. Dec. 26 Holders of rec. Dec. 19
Monthly
Higbee & Co., first preferred (oiler.).... 1$4 Nov 1 Oct. 18 to Nov. 1
Dee I *Holden of roe Nov 21
Second [referred (guar.)
- • ----- - *2
Hires (Charles E.) Co onm. A (guar.).50e. Dec. 1 Holden, of reo Nov.15
Sc. Nov. 4 Holders of rec. Oct. 21
Hollinger COMO!. Gold Mines
60c. Oct. 25 Holders of rec. Oct. 200
Homestake Mining (montillY)
SI
Extra
Oct. 25 Holders of rec. Oct. 200
•31.50 Nov. 1 *Holders of rec. Oct. 24
Horne (Jos.) Co., pref.(guar.)
(12)40 Nov. 1 Holders of reo. Oct. 10
Horn & Hardart. 00 11 (guar.)
,
•50c. Nov. 1 *Holders of rec. Oct. 15
Humberstone Shoe, Ltd. ((luar.)
Hunts Bros. Packing, class A (guar.)_ _ _ _ *50c. Nov. 1 *Holders of rec. Oct. 15
Ific. Oct. 30 Holders of rec. Oct. 25
Imperial Royalties. pref. A (monthly)..
1 Ide. Oct. 311 Holders of rec. Oct. 25
Old preferred (monthly)
•50c. Dec. 31 *Holders of rec. sept.20
Impervious Varnish (guar.)
50c. Nov. is Holders of reo. Oct. 24
Indiana Pipe Line ((uar.)
25r. Nov. 1F Holder: of roc. Ore. 24
Extra
1234. Nov.15 *Holders of nre. Oct. 81
Industrial Credit of Amer.(quar.)
lndustrial Finance Corp-Common (payable to common stook). (2)4 Nov.
Holders of roe. Arr. 18
Common (payable In 0010111011 stock) (23.4 Febll Hold. of ree Apr. 18 10
Internat. Clzar Mach., new (qu.)(No.1) 62 tic. Nov.
Holders of rec. Oct. 17
50e. Dec.
New (extra)
Holders of rec. Nov. 15
Internat. Harvester, pref. (guar.)
134 dDec.
Holders of rec. dNov.50
134 Nov.
Internat. Nickel of Canada, pref.(guar.]
Holders of rec. Oct. 241
Internat. Printing ink, corn. ((uar.).- - 6254c Nov.
Holders of rec. Oct. 130
1 14 Nov.
Preferred (quer.)
Holders of rec. Ore. 134
International Safety Razor, Cl. A (guar) 60c. Dec.
Holders of rec. Nov.144
Class B ((uar.)
50c. Dee.
Holders of rec. Nov. 14a
Class B (extra)
25o. Dec.
Holders of rec. Nov.14a
Internattonal ,,hoe.
p,fpnvd, filontb
(monthly)
,
.
5n, Nov.
50.3
Holders of rec. Oct. 15
11outers of rec Nov 15
• - -.
Interstate Dept. Stores, pref.(guar.)- 1.% Nov.
Holders of rec. Oct. 256
!titerstate kl(illifiee pref. ((mar.)
50c.. Novv..
76. No
Holders of rec. (iet. 18
intertnie Corp., corn. (guar.)
15 Holders of rec. Oct. 310
Investment Trust Assoc. (g11.1 (NO. 1)
12 340 Nov. 1 Holders of reo Oct. 15
Ivanhoe Food, Inc., pref.(qua?.)
'873.4c Jan 2'31 *Holders of reo. Dec. 20
Jackson & Curtis Inv. Assn.Ctf. ben. Int. (guar.)
.
Nov. 1 *Holders of rec. Oct. 24
Jackson & Curtis Seen,. Corp., pref.(qu) 11.50 Nov. I *Holders of rec. Oct. 15
Jantzen Knitting Mach., corn.(quar.)_. .7.5.. Nov. 1 •littiders of rec. Oct. 15
Common (payable In corn. Stock).- -- *1100 Subject to stock'd's meet. Nov. 12
ersev Mortgage Title & Guarantee_
Oct. 25 'Ho)ders of ere. Oct. 22
Julian & Kokenge (guar.)
'
4
334e Nov. 1 'Holders of rec. Oct. 15
Kalarnasoo Veg. Parchment (Ottar.).....
Dec. 31 •Holnere of rec. Dee 22
(quar.)tYStockYards, cow.(guar.)._ ssyi Nov. 1 *Holders of rec. Oct. 15
•syi Nov. 1 *Holders of rec. Oct. 15
P
Kansastferrd
limos..n of re. oct. 100
Rata. non
t stores 'on (quar.).
xsi•
Kayser (Julius) & Co., corm (011ar.)- -- • 62).4r Nov. 1 Holders of rec. Oct. 150
Kelsey-Hayes Wheel Corp.. Pref.(MO 154 Nov. 1 Holders of rec. Oct. 21
Kidder Peabody Acceptance Corp. pf. A
2% Nov. 1 Holders of rec. Oct. 15
.3
Preferred B
Nov. 1 *Holders of rec. Oct. 15
•3
Second preferred
Nov. 1 *Holders of ree. Ore. 15
Kinney (G. R.) Co., corn,(guar.)
250. Jan. 2 Holders of rec. Dec. lba '
Preferred (guar.)
2 Dec. 1 Holders of rec. Nov. 1611
•1 tki Doe. 10 Miogrers of ree Nee 29
Kirby Loather I(Oar.)
Klegferred (4) c3m.(guar.)
i ( . Em 11m
D
•25c. Jan. 2 *Holders of rec. Dec. 20
..
,
11.75 Nov. 1 *Holders of rec. Oct. 20
Knickerbocker Equit. Sec., pref. (guar.) 11.75 Oct. 30 *Holders of rec. Oct. 20
Knudsen Creamery, class A (guar)
- •37 340 Nov. 20 'Holders of rec. Oct. 31
Kress (8. 110 & Co.. corn.((uar.)
25
Nov. I Holders of rec. Oct. 104
50c Nov. 1 Holders of rec. Oct. 100
Corn. (payable in special pref. stock)
15e. Nov. 1 Holders of rec. Oct. 1011
Special preferred ((liar.)
Kroger Gene.& Bak.. 24 met (goat.)...
Nov. 1 'Holder, of rec. Oct. 20
Lake of the Woods Milling, corn.(qu.)
$0. Dec. 1 Holders of rec. Nov. 15
1)4 Dec. 1 Holders of rec. Nov. 15
Preferred (guar.)
Lando, Machine, common (guar.)
•750 Nov. 15 *Holders of roe Nov 6
1.5.50 Title Bldg. Corp. (Phila.)
$1
Dec. Si Holders of rec. Dec. 10
Nov. 1 Holders of rec. Oct. 15
Lane Bryant, Inc.. reef. ((lum.)
Lannonpe Machine(guar.).- 134 Nov.29 Holders of reo. Nov.19a
Monoty
250. Nov.29 Holders of reo. Nov. 190
'134 Nov. 1 'Holders of rec. Oct. 20
Lawbeck Corp., pref. (guar.)
'40e. Nov. 15 'Holders of rec. Nov. 5
Lemon Realty, rem. ((luar.)
25e. Nov 1 Holders of rer. Oct. 144
timich Portland Cement. ram. ((uar.).
Lerner stores Corp., pref. (guar.)
1% Nov. 1 Holders of rec. Oct. 25
L1berty Dairy Prod.. let & 2nd pref-1 2.25% Nov. 10
Lincoln Printing. corn,(guar.)
50c. Nov. 1 Holders of rec. Oct. 21
Preferred (quar.)
87tic Nov. 1 Holders of roc. Oct. 21
2652
Naiad of ConsPaull.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days !actuate,'
Miscellaneous (Continued).
435c. Dec. 1 Holders of rec. Nov. 150
Link-Belt Co., corn. (guar.)
50c. Oct. 27 Holders of rec. Sept. 29
Lion Oil Refining (goal .1
Nov. 1 Holders of rec. Oct. 200
$I
Liquid Carbonic Corp. (guar.)
*15c. Nov. 1 *Holders of ree. Oct. IS
Loew's Boston Theatres(guitr.)
Nov. 1 *Holders of rec. Oct. 25
*2
Loew's Ohio Theatres. Pref. (quar.)..
65c. Nov. 1 Holders of rec. Oct. I80
Loose-Wiles Biscuit. corn. (guar.)
10c. Nov. 1 Holders of rec. Oct. 180
Common (extra)
134 Joni.'31 Holders of rec. Dec. 180
Preferred (guar.)
Nos. i Holders of rec. Oct. 17
2
Lord & Tay Inc. Id pref.(quar.)
*30c. Nov 15 *Holders of rer Oct. 15
Las Angel's Invest.. pref. (guar.)
1M Nov. 15 Holders of ree. Nov. la
Oil Ref., pref. (guar.)
Louisiana
Jan 1'31
Lunkenhelmer Co.. pref. (guar.)
•50e. Nov. Ir. *Holders of rec. Nov. 5
Lynch Coraoration (guar.)
Nov. C •fIolders of rer Nov. s
*el
Stock dividend
25C. Nov. 1 Holders of ree. Oct. 17
MacIVIarr Stores, corn.(guar.)
50c. Nov.
Ifoider.s of rec. Oct. '240
Macy (R. IL) & Co.; coin. (guar.)
•1.4 Nov 15 *Holders of roe. Nov 5
Magnin (I.) & Co.. pref.(guar.)
•1 Ii Nov. 15
MIII8011NavigatIon (guar.)
50e. Dec.
Holders of rec. Nov.15a
May Department Stores. corn.(guar.).Holders of fee. Nov. 15a
5t Dec.
tkymmon (payable In common ssook)75c Nov.
Holders of rec. Oct. 150
Maytag Co., pref. (guar.)
14 Nov.
Holders of rec. Oct. 15a
First preferred (guar.)
62 r Nov.
Holders of ree Oct. 20n
McCall Corp. (guar.)
$1.50 Nov.
Holders of rect. Oct. 20'
McCrory Stores, cony. pref.(q11.)
Holders of rec. Nov. 1
McIntyre Porcupine Mines, Ltd.(guar.) 25e Dec.
McWilliams Dredging. prof.(guar.).-.* 33 1-3c Nov.
•21.50 Dec.
"Holders of rec. Nov. 20
Mead Corp $R pref. (guar.)
50c Nov.
Holders of rec. Oct. 170
Melville Shoe Corp.. corn.(guar.)
*14 Nov. 'Holders of rec. Oct. 17
First preferred (guar.)
•7Mc Nov. 'Holders of rec. Oct. 17
Second preferred (guar.)
Jan 2"3 Holders of rec. Dec. 17
2
Merck Corp.. pref.(quar.)
134 Nov.
Holders of rec. Oct. 15
Mercury Mills, Ltd.. Pref. 04=0
*Holders of rec. Oct. 15
Merrimack Val. low.& Bldgs., pt.(qu.) "I% Nov.
*21. I Nov. "Holders of rec. Oct. 20
Metal & Thermit(guar.)
81 Si e. Dec.
'Holders of rec. Nov. 20
Metal Textile Corp . panic. pref.(.2u.)
*25e Nov.). *Holders of rec. Nov. I
Metropolitan Advertiser
111.50 Nov. "Holders of rec. Oct. 20
Metropolitan Ind.$6 pref.(guar.)
*75c. Nov. *Holders of rec. Oct. 20
$6 pref. allot. etc.50% Pd.(guar.)
50e Nov. 15 Holders of rec. Oct. 1511
Mid-Continent Petroleum (guar.,
*$1.75 NOv. 1 *Holders of reo. Oct. 20
Can., pref. (guar.)
Minnesota Val.
n1.75 Feb. 1 "Holders of rec. Jan. 20
Preferred (guar.)
Holder' of rec. Oct. IF.
Mississippi Val. UHL Invest.. pref.(qu.) 21.50 Nov.
•75c. Nov. 1 *Holders of ree. Oct. 20
Modine Mfg., Common (guar.)
25c. Nov.29 Holders of rec. Oct. 31
Mohawk Mining (guar.)
Moody's Investors service75e Nov. 15 Holders of ree Nov 1
ParttelpatIng preference (guar.)
411.50 Nov. 1 *Holders of rec. Oct. 15
Moore Drop Forging, Cl. A (guar.)
Nov. 1 *Holders of rec. Oct. 25
(quar.) *g3
Morris Plan Bank (Cleveland)
*81.50 Nov. 1 *Holders of rec. Oct. 24
Mortgage Co. of Nova Scotia (quar.)
•25c. Nov. 1 *Holders of rec. Oct. 15
Mulrheads Cafeteria, pref. (guar.)
Nov. 1 Holders of rec. Oct. 15
I
Mullins Mfg. Corp.. Prof. (guar.)
Municipal Tel. & Utilities, COM. A (qu.) *250 .Nov.15 *Holders of rec. Oct. 15
114 Dec. 1 Holders of rec. Nov.20
Muskogee Co., pref.(guar.)
Nov. I Holders of rec. Oct. 20a
81.
Nash Motors(tomi%)
,
:
National Acme Co.. common (quar.)_-. 37 t( Nov. I Holders of rec. Oct. 15a
134 Nov. 1 Holders of rec. Oct. 16
Besrine Metals. pref. (quar.)
Nat.
134 Dec. 1 Holders of rec. Nov.20.7
-Hess, pref. (guar.)
National Dense
5Ur Nov. 15 Holders of ree. Oct. 20a
National [(Iseult common (extra)
Nov.) Holden of rec. Oct. 20
22
National Carbon. pref. (guar.)
•22 Nov.15 *Holders of rec. Oct. 31
National Casket. Common (guar.)
National Dept. Stores. let Prof. (quit?.) 1% Nov. 1 Holders of rec. Oct. 150
*1% Dec. 1 'Holders of rec. Nov. 15
Second preferred (guar.)
500 Nov. 1 Holders of rec. Oct. 150
Nat. Distillers Products Corp..corn.(2u.)
1
75e Nov. 1 Holders of rec. Oct
common (guar.)._
National Fireproofing
750 Nov. 1 Holders of rec. Oct. 1
Preferred (guar.)
14 Nov. 1 Holders of rec. Oct. 17n
National Lead. pref. B (guar.)
*874c Nov. 1 *Holders of rec. Oct. 20
National Sash Weight, pref. (quar.)National Securities Invest., pref. (qu.). *21.50 Nov.15 *Holders of rec. Oct. 24
National Short Term. Scour.Dee. 15 Holders of rec. Nov. 20
.11
COMMOLI A (Payable in disen )
$1.25 Nov.15 Holders of rec. Nov. fin
National Supply, common (guar.)
139dc Nov. 1 Holders of rec. Oct. 14
Tea. pref.(guar.)
National
*4334( Nov. 1 *Holders of rec. Oct. 21
National Terminals. Pref. (guar.)
•25e Nov. 1 *Holders of rec. (Set. 21
Prior preferred (guar.)
40e Jan 111 Holders of rec. Dec. liSa
Neisner Bros., Inc.. common.(guar.)...
- _ ....... 1% Nov. 1 Holders of rec. Oct. 15
Preferred
*1% Dec. 1 *Holders of rec. Nov.15
Newberry (is Jo) Coal pref.(guar.)
*Holders of rec. Oct. 16
vtel. A 100.1-. •IM Nov.
Newberry kJ. J.
,
•14., Nov. I "Holders of rec. Oct. 16
8% Preferred II ((mar)
Oct. 31 *Holders of ree. Oct. 15
•1
pref. (guar.)
Newton Steel.
New Amsterdam Casualty (Halt.) (qu.) *50c Nov. 1 *Holders of rec. Oct. 20
New England Equity. corn.(guar.)... _ *624e Nov. 1 *Holders of rec. Oct. 15
*50c Nov. 10 *Holeers ot rec. Oct. 20
New Jersm Zinc (queer.)
11( Nov. 1 Holders of rec. Oct. 27
New Process Co.. Pref. (qar.)
711
00e Nov. 1 flowers of roe. (set
New York Air Brake, cow. (quar.)
N.Y.& Honduras Rosario Mining (qu.) 250 Oct. 31 Holders of rec. Oct. 21
124c Oct. 31 Holders of ree. Oct. 21
Extra
250 Nov. 1 Holders of ree. Oct. 20
New York Merchandise, corn. (quar.)
Nov. 1 Holders of rec. Oct. 20
Preferred (guar.)
New York Utilities, Inc.. pref.(guar.).- 51.75 Nov. I Holders or rer. Ort. 10
-Pond.coca.(guar.)___ _ *ego Dec. 31 *Holders of rec Dec. 28
Niles-Bement
Nineteen Hundred Corp., class A (qu.). •500 Nov.15 *Holders of rec. Nov. I
*250 Nov.15 *Holders of rec. Nov. 1
Class B (guar.)
.25c Nov.15 *Holders of rec. Nov. 1
4
Class B (extra)
,
211e. Noy. ' 11 1(lers of re", ()rt. lc
Noma Electric corp.(quer.)
*100 Nov. 1 *Holders of rec. Oct. 20
Cons.(monthly)
North Amer. 011
•662-3c Nov. 1 *Holders of roe Oct. 15
Northern Discount, pref. A (mthlY.)--.
60 2-3c Deo. 1 *Holders of roe Nov IR
Preferred A (monthly).
•500 Nov. I *Holders of rec. Oct 15
Northwest Engineering Co.(guar.)
*20r Nov. I *Holders of rec. Oct II
Novia Electric Co.(guar.)
F.) Co., Inc., corn.(qu.) •45e Nov. 1
Noyes(Charles
.5c Nov. 1
4
Common (extra)
*21.50 Nov. 1
Preferred (guar.)
(quar.)
•$1.5( Nov I 'Holders of rec. Oct. 20
Oggiesby Paper, preferred
Oct. 20
01110 Mid Cities Corp.. prel. A (No. I). •10e ()et. 25 *Holders of roe.
.1214e Nov. 15 *Holders of rec. Nov 10
Obmer Fare Register, COM.(guar.)
Nov.15 *Holders of rec. Oat. 31
OUstocks, Ltd.. class A & B (quar.)__._ •1234c
1% Nov. I Holders of rec. Oct. II"
011 Well Supply Co.. forsi.(guar.)
Oliver United Filters, class A (guar.)... •50c. Nov. I •Holders of rec. Oct. 20
75c Nov. 15 Holders of ree. Oc". 310
Oppenhelm. Collins & Co., coin. (guar.)
141 6016'81 Hold. of ree. Dee.31'301
Otis Elevator. pref. (guar.)Nov. 1 Holders of rec. Oct. 20.7
SI
Outlet Company, coin. (guar.)
I M Nov. 1 Holders of rec. Oct. 20,5
First preferred (guar.)
i' Nov. 1 Holders of rec. Oct. 2e2
I
,
Second ',referred (guar.)
75e Nov.15 Holders of rec. Oct. 300
Owens-Minois Glass.corn.(guar.)
21.50 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, Prof. A (guar.)
•16%c Nov. 1 *Holders of rec. Oct. 15
Preferred C (guar.)
*174c Nov. 1 *Holders of rec. Oct. 15
Preferred D (guar.)
Parker(C.8.) & Co., class A (quar.)---. *50c Nov. 1 *Holders of rec. Oct. 25
*624c Nov.15 *Holders of rec. Nov. 1
Parker Pen, corn. (guar.)
Sc. Nov. 10 Holders of rec. Oct. 310
Parmelee Transportation (monthly)
*I% Nov. 1 *Holders of rec. Oct. 20
Peabody Coal, Pref. (guar.)
Nov. 15 Holders of rec. Nov. .,
$1
Peoman s, Ltd.. ecine.on (guar.)
Nov. I Holders Of rec. Oct.'Jr
Preferred (near.).
"134 Nov. 1 *Holders of rec. Oct. 15
Pennsylvania Industries, pref. (guar.).35c. Nov. 1 Holders of rec. Oct. 15
Petroleum Rectifying Corp. (quar.)__-_
15e. Nov. 1 Holders of rec. Oct. 15
Extra
*lc. Nov. 1 *Holders of rec. Oct. 15
Petroleum Royalties, prof.(monthly)...
Holders of rec. (let. 200
1*, Nov.
s-Jor (•••ro pref. (goer.,
10c. Nov.15 Holders of rec. Nov. la
Pierce Petroleum Corp.. corn. (No. ))._
Nov. I 'Rollers of rec. Oct. 15
pig•n Wt,t Ie. pref (guar.)
c
°3•50c• Nov. 1 'Holders of rec. Oct. 24
Pitney Bowes Postage Meter (mthly.)
•40e. (Slit. 25 *Holders of rec. ()rt. 15
Pittsburg), Forcipes (guar.)
Dec. I Holders of rec. Nov. 18
Pittsburgh Steel, preferred (guar.)
Pittsburgh United Corp.. Prot (WI.)- ' . Nov. 5 *Holders of rec. Oct. 11
11 75
Planters RealtyCo., Pref.(monthly)___. 53 I-3c Oct. 31
Power & Light Securities TrustNov. 1 *Holders of rec. Oct. 20
Ctfs. beneficial int.(guar.)
Nov. 1 *Holders of rec. Oct. 20
Otte. of beneficial Interest (In stock).- *81
Name of Company.
(V01,. 1 R1
When
Per
Cent. Payable.
Books Closed.
Days Inclusine.
Miscellaneous (Continued).
'Sc. Nov. 1 *Holders of ree. Oct. 21
Process Corp. (guar.)
,
Procter & Gamble Co., corn.(guar.).
- 600. Nov. 15 Holders of rec. Oct. 253
3
Nov. 1 Oct. 16 to Nov. 2
Prospect 11111 Apartments, Inc., pref.__
33.4 Nov. 1 Holders of rec. Oct. 10
Pnidence Co.. Inc.. pref
Public Utility Holding Corp.
12.4e Nov. 30 Holders of rec. Nov. 10
Common (guar.)(No. 1)
•
12.se Nov.
.3( Holders of rer. Nov. 10
Class A (guar I (No. 1)
SI
Nov. 15 Holders of rec. Oct. 24a
Mittman,Inc.(guar.)
Dec. 1 Holders of rec. Nov. 140
21
Purity Bakeries, coin. (guar.)
20e. Nov. I Oct. 18 to Oct. 81
Pyrene Mfg. (guar.)
'114 Nov.29 *Holders of ree Nov 1
(maker Oats, pref (quar.)
*50c. Nov. 1 *Holders of rec. Oct. 25
Randall Co., class A (guar.)
Raymond Concrete Pile. corn. (guar.).- •75c. Nov. 1 'Holders of rec. Oct. 20
•75e. Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
tisea (c..5.. (.11.. class A ((liar.,.
•.
7,11, Nov. i Bolo-tees of re*. Oct. 21
75e. Dec. 1 Holders of rec. Nov.20
Reliance International, pref.(guar.)._
*81.50 Nov. 1 *Holders of rec. Oct. 15
Republic Service, pref.(quar.)
Revere CopPer & Brass. pref. (guar.)... $1.75 Nov. 1 Holders of rec. Oct. 100
37'c.Nov. I Holders of rec. Oet. 15
Rice-Stlx Dry Goods. corn. (guar.)
-60c Nov I *Holders of rec. Oct. 15
Bich fee Cream Co.. CAM (guar.)
,
Richfield Oil of Calif.. pref. (guar.).- - .43 1, Nov. I *Holders of rec. Oct. 4
Rio Tinto Co.. Ltd.
•I0s Nov. 6'Holders of roe. Oct. 31
Amer. dep. rots., ord. bearer
ne.t1d Nov. 6 *Holders of ree. Oct. .31
Amer. dep, rots.. pref. bearer
90e. Nov.
Holders of rec. Oct. 15
Roues Paper Situ.. class A War.)
*90o. Nov.
*Holders of rec. Oct. 17
Rollins Hosiery 111ills, Inc., pref.(qu.)
*624c Nov. 'Holder, of rec. Oct. 15
Roos Bros., Inc., corn.(guar.)
• 51.625 Nov. *Holders of rec. Oct. 15
Preferred (quar.)
*134 Nov. *Holders of rec. Oct. 20
Rumen Motor Car, corn. (guar.)
•134 Nov. 'Holders of rec. Oct. 20
Preferred (guar.)
"$1.75 Nov. 'Holders of rec. Oct. 21
RUM Mfg.. class A (quar.)
Class A
" *Holders of roe Oct. 15
4
*8 51. Nov ..
Ruud Mfg. common (guar.)
*Holders of rec. Oct. 17
•50e. Nov.
Ryerson (Joseph T.) & Sons.(quar.)-50e. Dec. 20 Dee. 10 to Dee 21
St. Joseph Lead Co.(Cilia?.)
Dee. 21
250. Dec. 23 Dec. 10 to
Extra
Holders of rec. Oct. 18
St. Lawrence Flour Mills. pref. (guar.). 134 Nov.
Holders of rec. Oct. Ifia
500. Nov.
Salt Creek Producers ASSII. (quar.)__..
Nov. 15 *Holders of rec. Nov. 1
•1
savage Arms second pref. (guar.)
Savannah Sugar Refs., con).(qua?.)_... 21.50 Nov. 1 Holders of roe. Oct. 15
114 Nov. 1 Holders of ree. Oct 15
Preferred (quar.)
Schlesinger (B. F.)& Sons. pref.(guar.). '144 Jan I'S) ofsolders of ree. Dee. 15
•30e. Nov.15 *Holders of rec. Nov. 7
Seotten-DIllon Co. (guar.)
*10c. Nov.15 *Holders of rec. Nov. 7
Extra
,
14 Nov. 1 Holders . f rec. Oct. 18
Scott l'aper, pref. A (guar.)
14 Nov. I Holders of rec. Oct. 18
Preferred II (guar.)
(guar.)
*37140 Nov. 1 *Holders of rec. Oct. 19
Seaboard Nat, Sec.. prof.
12 Sic Nov.15 Holders of rec. Oot. 31
Seaboard Surety Co.(guar.)
62140 Nov. 1 Holders of rec. Oct. 150
Sears Roebuck & Co.(guar.)
Noy. I Holders of ree. Oct. 150
el
Stock dividend (guar..
Securities Corp. General, corn.(quar.)_. •10.2. Nov. 1 *Holders of rec. Oct. 22
*21.75 Nov. 1 *Holders of rec. Oct. 22
$7 preferred (guar.)
*81.50 Nov. 1 *Holders of rec. Oct. 22
26 preferred (guar.)
75e. Nov. I 11,,leer. of ree ort 15
Somean itros. MI,(guar.)
•350. Nov. 1 *Holders of rec. Oct. 20
Selby Shoe,corn.(guar.)
•1.14 Nov. 1 *Holders of tee. Oct. 20
Preferred (guar.)
Selfridge Provincial Stores. Ltd.
•534 Dec. 5 *Holders of rec. Nov 14
American deposit receipts
14 Nov. 1 Holders of rec. Oct. 15
Service Stations, Ltd.. prof.(guar.)
14 Nov. 1 Holders of rec. Oct. 15
Preferred series A (guar.)
.250 Nov. 1 *Holders of ree. Oat. 16
1
Beton Leather, common (guar.)
Nov. 1 Holders of rec. (Sct. I71a
- 87
sharp & Dohme, Inc., pref. A (guar.)
lye) Nov. 1 Holders of rec. Cwt. 4
Shenandoah Corp., pref. (mar.)
Silver (Isaac) Bros. Co.. Prof. (guar.).- 134 Nov. 1 Holders of rec. Oct. 14
Nov. 1 *Holders of rec. Oct. 15
*3
sunpson (Robt.) Co., pref.
50e Nov. 1 Holders of rec. Oct 25a
Simpson's, Ltd..class A (qaar.)
111 Nov. 1 Holders of rec. Oct. 25a
Preference (guar.)
Nov.15 *Holders of rec. Nov. 1
(mum.)
Sinclair Consol Oil (pref.)
*2
Nov. I Holders of rec, oet. ta
I
Skelly Oil
pref.(guar.)
Solvay Amer. Investment, pfd.(quiu'.)- - $1.375 Nov. 15 Holders of rec Oct. 15a
(r) Nov. 1 *Holders of rec. Oct. 16
South American Air Lines
Spiegel-May-Stern, Inc.614% pf. (qu.). 154 Nov. 1 Holders of rec. Oct. 15
Squibb (E. R.) st, Sons, 1st pref. (guar.). •SI.50 Nov. 1 *Holders of rec. Oct. 15
100 Nov. 1 Holders of rec. Oct. 20
Standard Corporations.Inc., cony
'3734c Nov.15 *Holders of ree. Nov. 1
Stanley Works, pref.(guar.)
•16 2-3c Oct. 31 *Holders of rec. Oct. 20
Stearns (Freillt) & Co., corn. (mthilr.)Steel Co. of Canada, corn. & pref. (.113.) 4334 Nov. 1 Holders of rec. Oct. 7
40c Nov. 15 Holders of rec. Oct. 30
Stein (A.) & Co., corn.(guar.)
Silo, Baer & Fuller, common (guar.).- '8734e Dee 1 *Holders of ree Nov 15
•50r Nov. 1 *Holders of rec. Oct. 20
Storkline Furniture. pref. (glum)
Straus (S. W.) Invest.. pref. A (qua?.).. Me Nov. 1 "Holders of rec. Oct. 15
Suburban Elec. Scour., let prof.(guar.). •$1.50 Nov. 1 *Holders of rec. Oct. 15
Nov. 1 *Holders of rec. Oct. 20
•2
.
Sullivan Packing. pref.(guar.)
75e, Nov. I Holders of rec. Oct. 20
Sun Investing Co.. Inc., pref. (quar.)
•250. Dec. 15 *Holders of rec. Nov.25
Sun Oil. corn.(guar.)
*14 Dee. 1 *Holders of rec. Nov.10
Preferred (guar.)
Superior Portland Cement,c,I. A (mthly.) '27140 Nov. 1 *Holders of rec. Oct. 23
*25c. Nov. 1 *Holders of rec. Oct. 20
Super-Maid Corp.(guar.)
2234c Oct. 31 Holders of rec. (Set. 20
Sutherland Paper. corn.(quar.)
,1. 150
%.:e. Nov. 1 Holders of rec. 0
Sweets Co. of AnerIca (quaff.)
Nov.15 Holders of rec. 0 •. 15
$I
Swift Internacional (evfra)
150 Nov. 1 Oct. 18 to (Set. 31
(guar.)
Teel-Hughes Gold Mines
30e Nov. 1 Holders of roe. Oct. 154
Telautograph Corp., Com (guar.)
Sc.Nov. 1 Holders of ree. Oct. 150
COMMOO (extra)
*20o Nov. 1 *Holders of rec. Oct. 20
Telephone Corporation (monthly)
•200 Dee. 1 *Holders of roe Nov 20
Monthly.
Tennessee Products Corp., corn.(guar.) •25e la 10'31 *Holdees of reo. Dec. 31
•25o 4-10-31 *Holders of ree. Mar. 31
Common (wear.)
Tex-O-Kan Flour Mills. pref. (quar.). '$1.75 Dec. 1 *Holders of reo. Nov. 15
90o Nov. 15 Holders of ree. Nov. 55
Thatcher Manufacturing. Prof.(guar.).•14$ Nov I *Holders of reo. Oct. 15
Thermold Co.. pref. (guar.)
81,25 Nov. 15 Holders of ree. Oat. 17a
Tide Water OIL, pref. (guar.)
Tobacco Products Corp.. el. A (qua?,).. 20o Nov. 15 Holders of rec. Oct. 2411
25e.()et. 25 Holden) of rec. Oct. 40
Truwzaurierlea Corp., eon). ((Buar.)
Traung Label & Lithograph. el A ion). '374c Dee 15 *Holders of roe. Dee. 1
Trimountain Dredge Co., class A (guar.) 4,500. Nov. 1 *Holders of ree. Oct. 21
Tristate Royalty Corp., cone. (mtbly).• 1-3e. Nov. I *Holders of rec.(St. 15
•10c. Nov. 1 *Holders of rec. Oct. 15
Preferred A (monthIVI
75e. Nov. 1 Holders of ree. Oct. 15
Tri-Utilltles Corp., pref. (guar.)
40e. Nov. 1 Holders of ree. Oct. 21
Truax 'freer Coal, corn.(guar.)
•40e. Nov.11 *Holders of rec. Oct. 31
Trunz Pork Stores, corn.(guar.)
30c. Jan. 15 Holders of rec. Dec. 26a
Truseon Steel, corn. (qtlar.)
16 Mar. 10 Holders of rec. Jan. 50
Corn.(payable In corn.stock)
Preferred (guar.)
'134 Dee. 1 *Holders of rec. Nov.21
.250. Nov. 1 *Holders of rec. Oct. 20
4
Tung Sol Lamp Works,corn.(qu.)
•75c. Nov. 1 *Holders of rec. Oct. 20
Preferred (guar.)
Me.Nov. 1 *Holders of rec. Oct. 25
Turner Tanning Mach. Co. (qua?.).
Twelfth St. Store (Ills.), pref. A (Callan). *500. Nov. 1 *Holders of rec. Oct. 20
•50e. Nov.10 *Holders of rec. Oct. 18
Union Oil Associates(guar.)
*el Nov.10 *Holders of rec. Oct. 18
Stock dividend
50o. Nov. 10 Holders of rec. Oct. 180
Union Oil (Calif.) (guar.)
el Nov. 10 Holders of rec. Oct. 18a
Stock dividend (guar.)
'52(40 Nov. 15 *Holders of rec. Nov. 1
•
Union Storage Co. (qu,?.) .
40c. Dec. I Holders of rec. Nov. 150
United Biscuit, common (quar.)
134 Nov. I Holders of roc. Oct. iSa
Preferred (goer.)
•50o. flee. 1 *Holders of rec. Nov. 15
United Milk Crate. clam A (guar.)
50o. Nov 1 Holders of roe Oct. 164
!United Piece Dye Works, corn (quar.)
144 ran2'31 Holders of fee Dee SU
Preferred (guar
50e. Oct. 31 Holders of nee. Sept. 30a
roiled Profit Sharing, pref
50o. Nov. 1 Holders of rec. Oct. 2a
(Jolted Verde Extension Mining (r111111%).
U. S.& British Internat. CO., Ltd.
124e, Nov. 1 Holders of roe. Oct. 15
Common A (guar.) (No. I)
76s. Nov. 1 Holders of rec. Oct. 15
$11 preferred (guar.)
•$1.50 Nov. 1 *Holders of rec. Oct. 2
U.S.Electric Power. pref.(guar.)
U. S. Fidelity & Guaranty (Bali.) (.111.) *50c. Nov. 1 *Holders of rec. Oct. 31
U. S.& ForePo, Serunties, let prettliti.) $1.50 Nov. I. Holders of MC. Oct. 110
21.50 Nov. 1 Holders of rec. Oct. 15n,
U. S. Indiettrial Alcohol (guar.)
U.S.& Internat. Securities, 1st pf.(au.) 81.25 Nov. 1 Holders of rec. Oat. 11
*614c Nov. 30 *Holders of rec. Nov. 10
U. S. & overseas Corp
U. S. Pipe & Foundry. torn. (qua?).... 234 Ja20'31 Holders of roe Dee, 810
110e. J120'31. Holders of roe Dee. 811
First preferred (guar
OCT. 25 1930.]
FTNA WIT A T, CUPONTCLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days inclusive.
511seen aneous (Concludtd
U.S.Realty & Improvement
75e. Dec 15 Holders of rec. Nov.14
Universal Leaf Tobacco, corn. (quar.i11(4ders of tee. Oct. ;too
75e Nov.
Unlveraal Pipe & Radiator. pref. (qu.)._
ISt Nov 1 Holders of rec. Oct. 150
Upson Company, cl. A & B (guar.)
*250. Nov.15 *Holders of rec. Nov. 1
Utility & Industrial Corp.. pref. (guar.) 37)4c Nov.20 Holders of rec. Oct. 31
Vanadium Corp. of Amer.(guar.)
75c. Nov. 15 Holders of roe. Nov. la
Vapor Car Heating pref.(guar.)
9913a Dee. 10 Holders ot tee Dee. I
Victor Talking Mach. (guar.)
eel
Nov. 5 *Holders of rid. Oct. 18
Virginia Alberene, class A (guar.)
•$2 Nov. *Holders of rec. Oct. 15
Walker & Co.. class B (guar.)
*300. Nov. *Holders of rec. Oct. 20
Waterloo Mfg., class A guar.)
Holders of rec. Oct. 15
25c. Nov.
Wedgewood Invest. Corp., pref.(qu.)
*1)4 Nov.
*Holders of rec. Oct. 18
Weal Va. Pulp & Paper, pref.(qu.)_ _ _- •I14 Nov. 1 *Holders of rec. Nov. 5
Western Air Express(guar.)
*15c. Nov. *Holders of rec. Oct. 20
Wexern Grocer, corn. (guar.)
*3715(- Nov. *Holders of rec. Oct. 20
Preferred
534 Jan 131 *Holders of rec. Dec. 20
W.tern Newspaper Union, pref. (guar.)
Nov. i
Western Royalty Corp.. el. A (monthly) *10e. Nov. 6 *Holders of rec. Oct.
Western Steel Products. Ltd., pf. Ow.) 144 Nov. 1 Holders of rec. Oct. 15
15
Western Tablet & Stationery corn. (gu). *50e. Nov. 1 *Holders of rec. Oct. 20
We94Ingbouse Air Brake (quay.)
50e. /et. 3i Holders of roe. Sept. 300
Westinghouse Elec. dr Mfg., corn.(qt.). 111.2, Oct. 31 Holders of rec. Sept. 300
Participating pref ((Mari
31.2l Oet. 31 Holders of ree. Sept. 300
Wilcox-Rich Corp.elms A (guar.)
6234e. Dec. 31 Holders of rec. Dee. 200
Will & flaunter Candle,coin.(guar.)--- 10. Nov.
Holders of rec. Nov. 1
Common (extra)
Ine Nov. 15 Holders of roe. Nov. 1
Williams (R. C.) & Co.(guar.)
35e. Nov. 1 Holders of rec. Oct. 20
Whams' Hosiery (guar.)
*23i Nov. i 'holders of tee. Oct. 15
Extra
•50e. Nov. I *Holders of rec. Oct. 15
Woolworth (F. W.) Co., corn (quar.)_.
60e. Dee. 1 Holders of roe. Nov. lOg
Wrigley(Wm.)Jr. Co.(monthly)
25e. Nov. 1 Holders of rec. Oct. 20
Monthly
50e. Dec. 1 Holders of ree Nov.20
Wurlitzer (Rudolph) rem.(mont11130-.. .50e Oct. 35 'Holders
of roe.' Oct 24
Common (monthly)
•50r Nov. 25 *Holders of tee Nov.24
Common (monthly)
•50e. Dee. 35 *Holders of tee. Dec. 24
•
1z, Jan 1'31 *Holders of
Preferred (1 11er.)
1
rec. Dee. 20
Preferred (guar.)
'I)4 Aprl'31 *Hold.of roe. Mar 2031
•1% Jul 1'31 *Hold,of rec. June 20'31
Preferred (Quer.)
• From unofficial sounds. 8Th. New York Stook Exchange has
ruled that
stock will not be quoted ex-dividend on this date and not
until further notice.
I The New York Curb Exchange Association bee ruled that stock will not be quoted
ex-dividend on this date and not until further none..
a Transfer books not closed for this dividend.
0 Correction. e Payable in stook.
1 Payable In common stock. a Payable In scrip. le On account of accumulated
dividends. J Payable in preferred stock.
I Dividend on Amer. Cities Power & Light class A stock is
payable
Maas B stock, unless stockholder notified the company on or before 1-31w share in
Oct. 14 of his
desire to take cash. Class B dividend is payable in class B stook.
as Pacific Public Service dividend will he 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,
a Corporation Securities pref. dividend payable in cash or 1-40th
share corn.stock.
•Midland Natural Gas dividend payable in each or class A
stock at rate of onefortieth share.
O 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.stock to'
each 10% shame of South Amer. Air Lines stock.
• Mid-Wt States Utilities dividend payable In 4334 cents cash or 2,4%
in stock.
Brazilian 'Tr.,14 & Power dividend is one share for each 50shares held
on Oct. 31.
Publle Utilities Securities Corp. dividend payable either in cash or
stock of Utilities Power & Light Corp. at rate of one-twentieth share. common
to Lees deduction for expenses of depositary.
p Lone Star Gas dividend is one share for each seven held.
an American Commonwealths Power corn. A & B dividends payable
in Class A
stook at rate of 1-40th share.
bb Payment of Associated Gas & Elec. class A div. will be made in class A stock
140th share-unless stockholder notifies company on or before Oct. 15 of his
desire to take cash.
as American Founders com, stock dividend payable in coin, stook at rate of 1-70th
share.
VI Shenandoah Corp. dividend will be paid 1-32d share common stock MOM
hoidens notify company on or before Oct. 14 of their desire to take eash-75
eta.
OH share.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK
CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY,
OCT. 18
Clearing flouas
Members.
*Capital
$
Bank of N.Y.& Tr. Co..
6.000,000
Bk of ManhattanTr.Co_
. 22,250,000
Bank of A mer.Nat Marti
36,775,300
National City Bank.... 110,000.000
Chem. Bk.& Trust Co..
21.000,000
Guaranty Trust Co
90.000.000
Chat.PILNat.11k.&Tr.Co.
16,200,000
Cent. Han.Ilk.& Tr.Co.
21,000,000
Corn Each. 13k. Tr. Co.
15,000.000
First National Bark _ _ _
.
10,000.000
Daring Trost Co. -. -.
50,000.000
Continental Bk. Tr.Co_
&
6,000,I I i
Chase National Bank
148,000,000
Fifth Avenue Bank
500,000
Bankers Trust Co
25.000.000
Title Oust. & Tr. Co10.000,000
Marine Midland 'Pr. Co_
10,000.000
lawyers Trust Co
3,000.000
New York Trust Co.- _ _
12,500.000
Corn'i Nat. Ilk & Tr. Co.
7,000,000
Harriman Natilk.,Ir Tr.
2,000,000
Clearing Non-Members
City Bk.Farmers Tr.Co.
Mech.'Fr. Co..13ayonne_
.rntalm
10,000.000
500.000
*Surplus and
Undivided
Profits
NU Demand
Deposits
A oerage.
13ste
Deposits
Average.
$
$
II
15,045,800
62,447,000
13.487,000
44,402,100
199,476,000
46,112,000
41,331,600
175,943,000
64,684,000
133,487,600 a1,034,543,000 208,635,000
44,039,700
215,662,000
26.345.000
207,391,300 5931,652.000 132.264,000
19,621,400
156,269,000
38.246,000
84,185,400
362,446,000
68.222,000
35,356.600
169,831,0(8)
39.899.000
112,282,500
257,668,000
24,187,000
85.182,900
377,579.000
59,343,000
11,341,100
9,792,000
439,000
213,397,300 c1,338,896.000 205,500,000
3.823.800
25,449,000
1,276,000
87,280,600 4429,533.000
90,652,000
24,901,900
32.832,000
1,351,000
11,435.600
46.467,000
5,164,000
4.804,400
17.056.000
1,907,000
36,081,200
175,101.000
56.707.000
9,711.800
47.171,000
8,805.000
2,566,800
30.421,000
6,633,000
13,698.200
905,600
A29 79c 'IAA 1 9A9 9qc
ono
3,602.000
3,338,000
A 102 171
ono
5.355.000
1
eon
ono nnn
I* *As per ofnelal reports: National, Sept. 24 1930; State, Sept. 24 1930; trust
companies, Sept. 24 1930.
Includes deposits In foreign branches: a 3313,799,000; b 8172,399,000; e $156,
144,000; ii 319.000.
2653
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. 16:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY. OCT. 13 1930.
NATIONAL AND STATE BANKS-Aeererie Figure,
Loans
Disc. an/
Invest.
Oota
OtherCas1 Rem Day Oey Other
/reeler:ins N F. and Panes and
Pk..Vous, Elsewhere Trust Cos.
fi,mq
Depose.
Manhattans
$
$
$
I
I
Bank of Cl. 8--- - 211.077.000 16.000 3,896,00034,988,000 1,874,000 212.169.001
Bryant Park Ilk_
2,749,300 89,300
89,700
2,319,401
398,800
Grace National__ 20,387,004 1,000
66,234 1,849,357 1,607,230 17,857,381
Port Morris
3,028,700 7,800
93,500
252,900
2,786,801
Public National_ 153,746,000 25,000 1,791,000 9,614,000 39,840,000 174.828,001
Brooklyn
Brooklyn Nat'l-- 9,902.000 27,000 133,600
690.100 1.238,900 8394.801
Peoples Nat'l.-- 7,200.000 5,000 114,000
548.000
883,000 7.500,001
TRUST COMPANIES
-Average Figures.
Loons,
Disc. and
Incest.
Cash
Res. Dep.,
N. V. and
Elsewhere.
Dep. Other
Banks and
Truer Cos
Manhattan$
$
$
American
51,753,000 11,422,000
786,800
Bank of Europe & Tr 15,240,931
787.566
185,653
Bronx County
24,694,653
680,140 1,986.035
Chelsea
19,906,000 1,291.000 3,231,000
Empire
72,534,200 *3,863,700 11,920,900
Federation
16,473.954
125,263 1,198,314
Fulton
19,195.500 *2,558.800 1,787,100
Manufacturers
358.515.000 2,733.000 51,241.000
United States
72,856,090 3,900,000 8,694,408
Brooklyn
125,285,000 2,178,000 28,012.000
Brooklyn
Kings County
28,797,971 2,385,631 3,670.975
Rosanne, N.
0 712 700
902 297
1 141 Alt
Gross
Detwutts•
3
It
21,400 52.691,30(
14.632,469
26.0130(
19.938,0(8
3,684,700 76,352.401
131,584 16,348,801
18,496,001
3,686,000 338,700,001
56,346,579
349,000 130,281,001
28,174,351
2A7 ARA
O 12227d
•Includes amount with Federal Reserve Bank as follows: Empire, $2,424,800;
Fulton. $2,444,100.
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 ROUSE MEMBERS.
Od. 22
1930.
Changesfrom
PreviousWeat.
Oct. 15
1930
Oct. 8
1930.
$
Capital
94,700,000 Unchanged
94,700,000
94,700.000
Surplus and profits
99,144,00
Unchanged
99,144,000
98,645,000
Loans.
& InveeTta_ 1,076,514,000
+2,564,000 1,073,950,000 1,081.724.000
Individual deposits
655,211,000 +12,943.000 642,26/000 644.685,000
Dile to banks
164,684,000 +3,176.000 161.408,000 165.388,000
Time deposits
300,909,0110
+768,000 300,141,000 296.145.000
United WAWA deposits.
12,127,000 -1,387,000
15,101.000
13.514.000
Exchanges for Gig House
24,458.000 -4,674,000
32,325.000
29.132.000
Doe from other banks.. _ 115,449,000 +9,421.000 106,028.000
94.234,000
Reeve In legal deposit'les
83,644,000 +1.223,000
84,162.000
82,421,000
Cash In bank
6,322,000
-183,000
6,675.000
6,505,000
Ree've In pecan In F R Bk
2,653,000
-53,000
3.174.000
2.706.000
Philadelphia Banks.
-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
Oct. 18
1930.
Changesfrom
Precious Week
Oct. 11
1930.
Oct. 4
1930.
8
$
Capital
85.410,000 Unchanged
85,410,000
68.871,000
Surplus and profits
+838,000 266,176.000 237,140,000
267,014,000
Loans, discts. and invest_ 1,476,520,000 -5,283,000 1,481,803.000 1.260,839,000
Exch. for Clearing House
42,414,000 +6,465,000
35,949.000
43,761.000
Due from banks
135,932,000
-219.000 136,151,000 144,747.000
Bank deposits
228,024,000 6,520,000 234,544,000 226,361,000
754,114,000 +1,932,000 752,182,000 682,130.000
Individual deposita
Time deposits
416,649,000
-793,000 417,442,000 327.256,000
Total deposits
1,398,787,000 5,381,000 1,404,168.000 1.235,747.000
Reserve with legal dePos•
178.678,000
Reserve with F. It. Bank
116,628,000 1,739,000 118,367,000
7,234,000
Cash In vault*
11,236,000
Total res. and cash held_
97,148,000
•Cash in vault not counted as reserve for Federal Reserve members.
[vol. 131.
FINANCIAL CHRONICLE
2654
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Oct.23 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
last year.
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 2611 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 22 1930.
Oct. 22 1930.
oa. 15 1930.
Oct. 8 1930. Oct. 1 1930. Sept. 24 1930.8eoi. 17 1930. Sera. 10 1930. Sep) 3 1030.1 Oct. 231929.
1
$
$
5
$
$
$
$
I
$
CS.
Sou lite(
RI
1,571.706,00011,546.206.000 1.549.606.000 1,558,456.000 1,543,956.000 1,548,956.000 1,550.956.000 1.514.956.00011,546,526,000
Gold with Federal Reserve agents
35.875,000
35.375.000' 35.391,(h101
68,069,000
35.811.000
34.868.000
34,904.000
34.868.000
34,821.000
Gold redemption fund with U.S. Tres*
3
660, 47.00011,614,595,000
1,593.360.000 1.579.767,000 1,584.831.000 1.586.331 000 1.
Gold held excluelvely eget. F. it. note. 1.606.527,000 1,581,074,000 1.584.474.000
516,204.000 536.443.000 544.854.000 545.660.000, 570.102.000 580,999.000 576.970.04)0 579.584.0001 779.661.000
Gold settlement fund with P. It. Board
893,878.0001 859 820.000 847.200.000 837.749,000, 839.1)62.000 809.810.000 796.299 0,8) 763,657.0001 640.757,000
Gold and gold certificates held by banks
!
. 8.0 01
.934 58 9 3.035.013.000
1.016,609.000 2.979.337.000 2.976,528.000 2.976,769.0002.988.931.000 2,975.640.000 2,959.600,000 2
Total gold reserves
146,751.000 149.625.000 151.619,000, 151.857,000 151,828,000 152.890,000 151.650,0w. 154.833,000
than gold
151.674.0001
Reserves other
1
.
.
3.127.468.000 3,112.490.000 9 080.238 00013,189,846,000
Total reserves
3.168,283,000 3,126.088.000 3.126.153,000 3.128.388.000 3.140.788.000
81.683.1100
88.471.000
72 412.000
66,469.0001 69.277,000
79,945,000
65,757.000
66.054,000
Non-reserve mak
70,690,000
Bills discounted:
76.510.000 372.352.000
57,368.000
48.146.000 .45.582.000
55.011.0(10
63.555.000
89.024.000
Secured by U. 8. Govt. obligations
70.259.000
119.016,000 117,567,000 125,827.000 154,750.000 424,006,000
Other bills discounted
121,725,000 121,415.000 118.155.000 122,361,000
1
210.439.1100 173,166.000 185.916.000 167 162.000 163.149.000 183.195,000 231.280.000 796,358,000
Total bills discounted
191.984.000
193.108.000, 197.743.000 208.861.000 193,120.000 170.3465.000 379,383,000
Bills bought In open market
176,590.000 185.492,000 211,023.000
U. 8. Government securities:
84.056.000
58.074.000
38.085.000
38.235.000
38.306.000
38.253.000
37,955.000
38,400,000
Bonds
38,840,000
289,756.000 291.429.000 292.029.000 295.261.000 317.380.000 315,868.000
71,375.091
Treasury notes
283.717.000 289.772 000 272,430.000 271.442.000 271.542.000 277.037.000 226.579,000 222,120.000
26,374.000
273.447,000
Certificates and billi
279,472,000
602.044.000 135,704,000
-- 602,029.000 601.614.000 600.439.000 601.177.000 601,806.000 610,383,000 602.033.1100
Total U.S. Government securities
8.572.000
6,772.000
7,022.000
6.772.000
6.772,0001
6,272.000
25.211,000
6.272.000
Other securities (see sole)
6,297.000
Foreign lOalla OD gold
1
1,012.271.000,336,656,009
9761900,000 1.003.817.000 990.900.000 986.973.000. 973.483,000 989,415.000 985,120.000
Total bills and securitise (see tices)
727,000
1
Gold held abroad
704.000 747,509,000
2,159.000
704.000
701.000
701.000
701.000
702.000
2 160 000
Due from foreign banks(see note)
.
586,317.000 816.436 000 559.402.000 606.052.000 549,479.000 722,305.000 538.643.000 566.603.000
29,105.000
Uncollected Items
18.330.000
18.880.000
20.409.000
23,939.000
21.871.000
18.704.000
18.040.000
58,944,000
18.841.000
Federal Reserve notes of other banks_
59,609.000
59.642.000
59,631.000
59,642.000
59.644 000
59.6440)01
59.674.000
59.637.000
9.238,0041
Bank premises
16.967.000
16,752.000
12,124,000
11.442.000
12.062.000
12.046.000
12.475.000
11..752;000
All other resources
5,451,970,0011
4.822.280.000
4,894.984,000,5.104.785.000 4.833.103.000 4.878.977.000 4.827.305.000 5.001,383.000 4.806,377.000
Total reeources
•
1.857.332,00*
1
LIABILITIES.
L368,512,0001 1.372,211.000 1,365.398.000 1.376.351.0001 1.347.720.000 1.349.329.000 1,351.250.000 1.367.619.000
notes In actual *ciliation
It.
1
1
7 09 :0 0
2,393.351,000 2,318:837 000
0
Deposita:
2,437.095.000 2 440.364.000 2.407.758.000 2.394,316.000 2.416.153 000 2.456.282.000 2.428,290,000
--reserve account
Member banks
34,059.000
21.176.000
27.581.000
3.706.000
42.594.000
37.372.000
33.233.000
23.737.000
5.920,000
Government
8.498.000
6.528.000
5.321.000
5.774.000
5,263.000,
6.251.000
6.696.000
4 970.000
22.078,000
Foreign banks (see sole)
20.08/.000
20,639,000
19.423,000
19.784,000
19.534.000
18.746,000
18.425.000
22:801.000
Other decode;
2,489.420•000 2.491.872,000 2,466.112.000 2.456.685.000 2.483.544,000 2,485.546.000 2.476.633,000 2,453.996.000 2.421,932.0011
711 073 000
Total deposits
••••
•
'UV
l
,.,
010
...10.1/V
•
;;;•; ;•;;;;; /co.U.:I.VA) 000.000.L100 OLO.ca.,UM/ 033.1Z V MIK, Il.
Delerree avauamuty items
169.786.000 167•025•000
.
i"•*00•000 170,493.000 170.555.000 170647.000 170.563.000 169.872.000 169,830.000 276.96,000254,398,000
Capital paid
0
276,936.000 276.936.00
276,936,000276.936.000 276.936.000 276.938.000 276.936 000
40,210,009
SurDlus
15.024.000
15.926.O00
15,337.000
15.224.000
15.107.000
15.513.000
16.248.000
15,514,000
All other debilities
4,894,984.000 5,104,785,000 4.833.103,000 4.878.977.000 4,827.305.000 5.001.383.000 4.806.377.18)0 4,822,280.000 5,451,970,0011
Total liabilities
70.9%
Ratio of gold reserves to deposits and
76.9%
78.1%
77.3%
77.5%
77.6%
77.1%
77.6%
79.9%
F. R. note liabilities combined
74.5%
Ratio of total reserves to deposit* and
80 8%
82,1%
81.3%
81.6%
82,0%
81.6%
80.9%
81.6%
F It. note liabilitiee combined
830.000 486.956,0011
459.
Contingent liability ou bills ourchased 437.289,000
439,103.000 435.194,000 431,411,000 432.624.000 433,843,000 458.450 000
for foreign eoreupondente .
5
$
$
5
$
5
$
$
$
Distribution by Afteuritiss95,715.009
62.775,000
54,173.000
61,537,000
83,508.000
96,922 000 125,273.000 106.442.000 105,051,000
1-16 day bills bought in open market-. 122,054,000
.
99,775.000 144,447 000 603•173 000
93,117.000
98,003.000
101.788.000 113.830.000
137,051,000
1-13 days bills dime ted
3,800,000
34.201.000
34.769.000
45.000.000
1-15 days U. 8 certif. of indebtedness
municipal warrants
1-18 days
37,294,000
53.417.000
74,50e,000
73.576.000
43.822,000
48.705.000
39.384,000
29.878.000
31.899,000
1680 days bide bought In open market
52,609,000
23,612.000
24.294,000
20.545.000
19,523,000
20.581,000
22.563.000
22.880.000
18.172.000
16-50 days bills discounted
566.000
5.000
28,214,000
16-30 day. U. 8 certif. of indebtedness.
16.80 days municipal warrants
50,948.000 111.603.000
51.666,000
41.058.000
39.930,000
44,435,000
46.679.000
42.989.000
41.671.000
81 60 daye bill. bought In open market
84,054,000
33,511,000
36.421.000
29,955.000
30.206.000
28,522,000
32.611,01)0
27.566 000
28,482.000
31 60 dove bills discounted
5,217.00$
25.214.000
25.214.000
85,370.000
33,214.000
25.214.000
31-60 days U. B. oertif of ludebtedness.
600,000
81-60 days municipal warrants
3.135.000 131.233,000
12,750.000
10.546.000
4,047,000
4,172,000
9.084.000
26,566,000
14,753,000
61-90 days bills bought In open market_
48,596,000
24,638.000
17,942.000
15,380.000
14,496,000
17.484.000
16,583,000
16.730.000
17.637,000
61-90 days bill. discounted
17.214.000
17,214.000
96.539.000
83,379.000
83,320,000
83.320,000
75,381.000
61-90 days U.S. certif. of Indebtedness.
436,009
47,000
22.000
61-90 days municipal warrants
3,539.00111
120.000
173.000
23,000
10.000
121.000
109.000
230,000
257,000
90 days bills bought In open market
Over
7.926,009
5.052 000
4,763,000
4,088.000
3,876.000
3,819.000
4,202.000
5,296.000
4.706.000
Over 90 days bills discounted
17.357.000
165.888,000 164.867,000 163.896.000 162.908,000 182.949.000 135.498.000 174.591,000 170.139 000
Over 90 days certif. of ladebtednees
22,000 129,000.000
22,000
22.000
22.000
22,000
22.000
Over 90 days municipal warrants
3,524,391,000
F.11. notes received from Comptroller
,1 213,020,000
F.R. WWI held by F. R. Agent
1,764,965,000 1,736.973.000 1,736,582.000 2,311,361,000
bawd to Federal Reserve Banke____ 1,799,114,000 1,799,896,000 1.796.482.000 1,775.640,000 1,768,803,000
Ise
I
How Seewred449,350,000 449.350.000 449.550.000 449.950.000 449.950.000 449.950.000 449.950,000 449.950.0001 405,590 000
By gold and gold certificate.
'
1
Gold redemption fund
1,108.506.000 1.094006,000 1.099,006.000 1,101.006.000 1.115.006.000 1,140,936,0011
Gold fund -Federal Reserve Board..., 1.122.336 000 1.096,856 000 1.100.056.000
375,84%000 332.417,000 359,515,000 352.739.000 351,695.000 366.095.000 381.935.000 1,093,125,000
346,358,000
By eligible paper
1.018,064,000 1.922,051.000 1.902.023,000 1,917.971,000 1,896,695,000 1.900.651.000 1,917,051.000 1.946,891.000 2.629,651,000
-Beginning with the statement of Oct, 7 1925, two new items were added In order to show separate y the amount of balances held abroad and amounts due
NOTE.
caption. -All other earning &mew- previously made up of Foreign Intermediate Credit Bunk debentures, was changed to
Io foreign correspondents. In addition, the
The latter item was adopted as a more accurate description of the tots lot
"Other emirates. and the caption. "Total earning assets" to "Total b1118 and securities." of the Federal Reserve Act,
of Sections 13 and 14
which, It was stated, are the only Items Included
She diecounts, acceptances and securities acquired under the provision
therein
OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT. 22 1931
WEEKLY 'ATEMENT OF RESOURCES AND LIABILITIES
TotaL
Two Ciphers (00) assisted.
Prier& Reserve Bask of-
Total.
Boston
X
8
RNSOURCES.
Gold with Federal Reserve Agents 1,571.708.0 164,917,0
676,0
34.821,0
Gold red'n fund with U.S.'Treas.
PARR. Cievetand Mk/snood Atlanta Clifeago. Ss. Louts Minimal) Kaa.Clis Dallas IsaaPrais.
----e
e
e
X
e
e
e
e
4
e
8
330,636.0 140,000,0 180,550,0 65,000.0 110,800.0 174.000,0 55,945.0 47.545,0 70.000.0 27.550.0 204.763.0
1,128,0 6,109.0
2,163,0 1,248,0 2.060,0 1.189,0 1,643,0
1,480,0
826.0
14,388.0 1,911.0
New York
88,248.0
Geld held evil agel.F.R. nutei 1,606.527.01l65.593,0 345,024.0 141,911,0 182,713.0 12,467.0 112,860.0 175,189,0
7,110,0 84,905,0
187,008,0 39.289,0 60,308,0
Gold settle't fund with F.R.Board 516.204.0 20.456.0 551.121,0 28,451.0 59,645,0 9,754.0 7.725.0 136,501.0
893,878,0 34.831,0
Gold and gold otte.held by banks1
1
3.016,609.0 220,880,0 1.083.153.0209,651.0 302,666.0 88,469.0 127.605,0 396.595,0
Total gold swerves
38,109.0 8.603,0 7,737,0 7,730,0 13,160,0 22,316,0
151.674,0 15,107,0
Reserve other than gold
1
3,168,283,0 235.987,0 1,121,262,0 218.254,0 310,403.0 96.199.0 140,855.0 418,911,0
Tote]reserves
5,531,0.
10.112,01
70,690,0 8.209,01
18734.01 4,353.0.
Non-reserve cash
7 3. 3201 4846.01
1
Bill. discounted:
763,0/ 6.370,01
18,815,0 10,867,0 15,258,01 4,339.01
2.208,01
70,259,0
Sec. by U. S. Govt. obligations
121,725,0 3,909.0, 13.023,0 7,971,01 11,791,0 14,658.0 23.670,0 7,575,0
Other DM+ discounted
31,838.0 18,833,0 27,049,0 18,997.0 24,433.0 13,995,0
191.984.0 6.117.0
Total bills dlaeounted
42,669.0 1,004,01 20,102,0 9.719,0, 9,887,0 23,590,0
176,590.0 17,205,0
Bills bought in open market
1I
1
(1.8. Government securities:
237,0 1.176,01
99.0 20,017.01
640.0,
2,187,01
757,0
38,840.0
Bonds
77,881,0 25,868,0 33,647.0 7,850,0 7,556.0 30,317,0
283,717.0 22,559.0
Voltam note.
22.858,0 107.272.0 23,744,0 23.971,0 7,957.0 5,123,0 30,764,0
279,472.0
Certificates and bIlls
•
602,029,0 46,174,0 187.340,0 52.252,0 57.855,0 16.983,0 12,778,0 81,128,0
Total U.S. Gov't securities
57.588,0 48.371,0 71,480,0 28.678,0 210,872,0
23,919,0 13.716,0 24.392.0 12.735,0 29,899.0
8.125.0 5,292.0 7,804,0 10.628,0 34.001,0
1
89,632.0 67,379.0 103.676,0 52,041,0 274.772,0
8,802.0 4,618.0 6,821,0 8,223,0 10,448,0
98.434,0 71,997.0 110.497.01 60.264,0 285.220,0
3,088,0 4,460.0
3,987,01
1579.01 2059.01
1
2,792.01 1,462.01 2.773.01 1,363,0 3.249,0
15.369.0 3,351,0 8.062,0 8,621,0 3,725,0
18,161,0
8,229,0
4.813.0 10.835,0
4,753,0 7,446,0
9.984.0 6,974,0
8,395,0 25,591,0
43,0
42,01 7,844,01
523,01 5.275,91
15,698,0 12.141,0 14.250.0 11,716,0 24,204,0
7,678,0 9.223,0 14,444.0 9,671.0 14,762,0
23,899,0 26,644,0 28,736,0 29,231,0 39,009,0
Om 25 1930.]
FINANCIAL CHRONICLE
ARBOURCES (Concussed)
Two ciphers (001 omitted.
Total.
Other securities
Foreign loans on gold
6,297,0
Total bills and 'securities
Due from foreign banks
Uncollected Items
F. R.. notes of other banks
Bank premises
All other resources
Boston.
New York.
1,000,0
4,250,0
976,900,0 70,496,0
2,159,0
160.0
586,317.0 67.646,0
202.0
18.880,0
59,631,0 3,580.0
12,124,0
162,0
Phila.
Cleveland. Richmond Atlanta
3
2655
Chicago
St. Louis Minneap liCan.City. Dallas. San Fran.
.1
3
1,000,0
47,0
266.097,0 73,094,0 105,006,0 45,699,0 47.098,0 118,663,0 50,289.0 36,257.0'
209,0
710,0
216,0
90,0
78.0
289,0
78,0
50.0
156,194,0 51,308,0 55,511,0 44,023.0 16,636,0 69.761,0 25.914,0 11,984,0
5,612.0
313,0 1,179.0
1,473.0
928,0 2.713,0 1,203,0
934,01
15,664.0 2,614,0 7,061,0 3,271.0 2,658,0 8.295,0 3,811,0 2,014,0!
4,723,0
245,0 1,141,0
742,0 2,937,0
363,0
293,0
420.0,
47.017,0/ 45,610,0 71,574.0
65,01
65,0
149,0
32.771,0 20,047.0 34.522,0
2.106.0
436,0 1,781,0
3.972.0 1,877.0 4.810,0
293.0
436,0
369,0
Total resources
4,894,984,0 386,442,0 1,588,996,0 350,390,0 486,048,0 195.229,0 216,036,0 629,107,0 184,009,0 125,239.0 198,780,0 131,a23.01402,885,0
LIABILITIES.
P. R. notes In actual circulation. 1,368,512,0 130,646,0 240,278,0 114,940,0I 182,493,0
67,161,0 118,715,0 149,893,0 62,152,0 49,781,0 66,372,0 34.039,0!152,042,0
Depositn:
Member bank-reserve met-- 2.437,095,0 152,736.0 1,028.218.0 141,642,0I 199,194,0 62,437,0 60.643,0
345,540,0 73,563.0 51,648,0 87,668,0 59,373.01174.433.0
Government
8,014.0 1,157,01 1,934,0 2,470,0 1.532,0 2,372,0 1,893,0 1,115,0
27.581,0 1,618,0
752,0 2,992.0 1,782.0
Foreign bank
1,804,0
388.0
508,0
5,321,0
524,0
220,0
189,0
702,0
157.0
189,0
157,0
362,0
121.0
deposits
123,0
8,135,0
262,0 1,574,0
19,423,0
63,0
109,0
506,0
200,0
38,0 8,171.0
170,0
72.0
deb081te
1.046.171.0 143,569.0 203,226,0 65,190,0 62.473.0 349.120,0 75,845,0 53,054.0 88,649.0 62.510.0 184,748.0
2,489,420,0 154.865,0
Deferred availability Items
573,784,0 67,281,0 150.708,0 47,674.0 54,006,0 43,607.0 16,466,0 67,663.0 28.518,0 11.339.0 30.087.0 21,233.0 35,202.0
Capital paid In
66,230,0 16,765,0 15,922,0 5,774,0 5,345.0 20,154,0 5,244,0 3,060,0 4,325.0 4,356,0 11.350,0
170.406,0 11,881,0
Surplus
276,936.0 21,751,0
80.001,0 26,965.0 29.141,0 12,496.0 10,857.0 40,094,0 10,877,01 7,143,0 9,162.0 8,935.0 19,914,0
All other liabilities
5,608.0
477,0 1,260,0 1,001,0 2,180,0 2,183,0 1.373,0
18,0
15.926,0
862,0
29,0
185.0
750.0
Total liabilities
4,894,984,0 386,442,0 1,588,996,0 350,390,0 486,048,0 195.229,0 216.036,0 629,107,0 184,009,0 125,239,0 198,780,0 131.823,0 402.885,0
-If emoranda.
RDWire ratio (per cent)
87.2
84.4
82.7
82.1
80.5
72.71
77.71
83.91
71.3
70.0
84.7
71.3
62.4
Contingent liability on bills purchased for foreign eorresprind'hs 437,289,0 32,494,0 142,651,0 42,593,0 43,910.0 18.442,0 15,808,0
58,840,0 15,808,0 10,099,0 13.173,0 13,173,0 30,298,0
ROther
BITOtS1
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at
-
Boston.
Total.
New York.
Two Cipher* (00) omitted3
Iezderal Reserve notes:
Issued to F.R. bk. by F.R.A gt_ 1,799,114,0 174.484,0
Held by Federal Reserve bank_ 430,602.0 43,838,0
lerelana Richmond Atlanta. Chicago. St, Louis Miners:, FCan.Cily
Dallas. daft Tram.
382,994,0 136,641,0 221,683.0 86,197,0 144,414,0 176,657,0 77,640,0 55,683.0 77,847.0 41,090,0 223,804,0
142.716.0 21,701.0 39,190,0 19,036,0 25,699,0 26.764,0 15,488,0 5,882,0 11,475,0 7,051,0 71,762,0
In actual circulation
1,368,512,01130,646,0
Collateral held by Agt. as security
for notes issued to bank:
Gold and gold certificates
449,350,0 35,300,0
Gold fund-F.R.Board
1,122,356,0 129,617,0
Eligible paper
346,358.0 22,556,0
Total collateral
Phila.
3
240,278,0 114.940,0 182,493,0 67,161,0 118,715.0 149,893,0 62,152,0 49,781,0 66,372,0 34,039.0 152,042,0
277,010,0 39,900,0 15,550,0 5,000.0 7,100,0
8,345,0 11,845,0
14.300,0 35,000.0
53,626,0 100,100.0 165,000,0 60,000.0 103,700.0 174.000,0 47.600,0 35.700,0 70,000.0 13,250.0 169,763.0
65,078,0 15,621,0 45,055,0 28,273.0 33,827.0 36,125,0 25,711,0 8,767,0 17,868.0 15.713,0 31,764,0
1,918,064,0187,473.0
395,714,0 155,621,0 225,605,0 93,273,0 144,627.0210.125,0 81,656,0 56,312,0 87,868,0 43.263,0 236,527,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal'items
and liabilities of the reporting member banks from which weekly returns are obtained. These figures of the resources
are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement
ment of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment were given in the stateof
the figures for the latest week appears in our department of "Current Events and Discussions," on page the Reserve Board upon
2611. immediately preceding which we also give the figures of New York and Chicago reporting member banks for
a week later.
Beginning with
the statement of Jan. 9 1929. the loan figures exclude -Acceptances of other banks and bills
of exchange or drafts sold with endorsement, and Include all real estate mortgages and mortgage loans
endorsement were included with loans, and some of the banks Included held by the bank. Previously acceptances of other banks and bills sold with
nu longer shown separately, only the total of loans on securities being mortgages In Investments. Loans secured by U. S. Government obligations are
given. Furthermore, borrowing at the Federal Reserve is not any more
divided to show the amount secured by U. S. obligations and those secured
subby commercial paper, only a lump total being given. The number of reporting banks Is now omitted: in Its place the number of cities Included (then
101)
The figures have also been revised to exclude a bank In the San FraneLsce was for a time given, but beginning Oct. 9 1929 even this has been omitted.
district with loans and investments Of $135,000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now ithren in round
millions Instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING
MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSS OF
111.81NESS OCT. 15 1930 (In millions of dollars).
Federal Reserve District-
Total,
Boston. New York
Loans anti investments
-total____
$
23,401
3
1,513
Loans-total
16,864
On securities
Al/ other
Investments
--total
U. S. Government securities
Other securities
Reserve with F. R. Bank
Cant In vault
Hal dement] deposits
Time depoelts
Government deposits
Due from banks
Due to basica
Borrowtrure from V. R flank
Phila.
lcc'-(and, Richmond Atlanta
$
9,552
$
1,289
$
2,282
1,133
7,018
882
8.25S
8,606
486
647
4,037
2,981
451
430
6,541
380
2,534
2,096
3,544
152
228
1,206
1,328
1,827
209
102
16
13,767
7,535
142
1,696
3,639
Chicago. St. Lou(. !Winne's*, Ran.City. Dallas. Seeress'
660
601
$
3,337
1,492
468
451
723
770
174
2114
146
305
403
700
191
128
279
391
398
83
108
860
57
83
13
147
27
41
11
909
531
13
6,251
2.052
40
744
349
10
1,125
1,022
17
95
151
181
1,246
98
245
126
365
761
:IR
1
11
$
3
$
3
$
652
372
660
453
$
1.978
2,591
492
242
414
340
1.342
1,281
1,310
218
273
78
164
117
297
95
245
452
890
150
797
181
130
246
113
636
' 74
76
341
456
35
126
72
58
105
141
70
43
339
297
33
9
279
33
45
6
27
5
59
10
37
7
110
18
352
256
13
317
240
16
1,920
1,341
8
361
236
1
232
141
510
195
2
289
153
14
757
1,016
8
03
123
87
109
289
529
89
129
83
86
213
231
115
125
229
300
n
2
8
I
3
$
Condition of the Federal Reserve Bank of New York.
The following shows the eondition
of this ;Federal Reserve Bank
In comparison with the previous week and the corresponding date last of New York at the close of business Oct.22 1930
year:
ZINOWT118Gold with Federal Reserve Agent
Gold redemo. fund with U. EL Treasury_
Orr. 22 1930. Oct. 151930, Oct. 23 1929.
$
$
330,636,000 305 636.000 371,641,000
14,338,000
14.415.000
12,631,000
()old held exclusively liftet. F. R. notes 344,974,000
Gold settlement fund with F. It. Board., 187,008,000
Gold and gold certificates held by bank. 551,121,000
Total gold reserves
Reserves other then gold
320.051,000
150,217.000
518.759.000
384,272,000
260,326,000
408,157,000
ROSOUTEel (Canr2e/1mbGold held abroad
Due from foreign banks (See Note)
Uncollected !terns
Federal Reserve notee of other banks_
Bank premises
Al. other resources
0:1.22 1930. Oa. 15 1930. Oct.231929.
$
$
710,000
156,194,000
5,612,000
15,664.000
4,723,000
221,000
1 689.000
252,301.000 202,073,000
11.545,000
4 780 000
15.664.000
16,087.000
4.620.000
786,000
1,083,103,000 989 027.000 1,052,755,000
Total resources
1.588,996.000 1.626.689.000 1,635,331,000
38,159,000
35,860.000
64,454,000
Lta
,
Total reserves
1,121,262,000 1.024 887.000 1.117,209,000 Fell UtstesReserve notes In actual eirculatIon_ 240,278,000 218.120.000 337,985.000
Ron-reserve cash
18,734,000
16.635 000
23,420,000 Deposits-Member bank, reserve aces__ 1.028.218,000 1,006.614.000 952.818,000
Bills demounted-Government
Secured by 12. S. Govt. obligations_
8,014.000
3,190 000
2,556,000
18,815,000
40,608,000
58.970,000
Foreign bans (See Note)
1,804,000
Other bills discounted
1.452 900
2,291,000
13,023,000
17,141.000
48,181,000
Other deposits
8,135.000
11.763.000
8,201,000
Total bills discounted
31,838,000
57.749 000 107,151,000
Total deposits
1,046,171,000 1.023.019.000 965,869,000
13111.9 bought ID open market
42,669,000
56 773,000 124,105,000 Deferred availability
150,708.000 233.787 000 184,558,000
Items
U S. Government seruritleeCapital paid In
66,230,000
donde
66.227,000
64,389,000
2,188,000
2,188.000
155,000 Surplus
80,000,000
Treasury notes
80.001.000
71,282.000
77,840.000
78 982.000
7,325,000 All other liabilities
Certificates anti bills
5,608,000
5.535,0(10
11.248,000
107,272,000 1011.171.000
9,954,000
Total liabliniee
1,588,996,000 1.626,689,000 1,635,331,000
Total U. B. Government securities_. 187,340,000 187.341.000
17,434,000
Other eecurIthe (see note)
4,250,000
4.250 000
15,300,000 Ratio of total reserves to deposit and
Foreign loan, on gold
Fed') Reel vs note liabilities combined_
87.2%
82 6%
85,7%
Gontiogatit ilablbly OD 1,114, piirdltItied
Total bills and securities (Bee Note)
266.097,000 306.113.000 263,990.000
tor foreign correspondence
142,651,000 147.088 000 164,139 000
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items
were added Iii
foreign correspondents In addition, the caption "All other earning assets." previously order to show seoarately the amount of balances held abroad and amounts due to
made
securities." and the caption. rota' earning assets" to "Total bills and securities." 'rue latter up of Federal Intermediate Credit Bank debentures, was changed to "Other
acceptances and securities acquired under.the provisions of Sections 13 and 14 of the Federal term was adopted ass more accurate description of the total ItI the discount
Reserve Act, which, it was stated, are the only Items Included
therein.
[vox.. 131.
FINANCIAL CHRONICLE
2656
vaulters'
New York City Banks and Trust Companies.
gazeitt.
WI prices dollars per share.)
Wall Street Friday Night, Oct. 24 1930.
-The review of the
Railroad and Miscellaneous Stocks.
Stock Market is given this week on page 2643.
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. 24.
Sales
for
Week.
Range for Week.
Range Since Jan. 1.
I
Lowest. ' Highest.
Lowest.
Highest.
per share. 5 per share.$ per share.
per share. I
Par. Shares.
RailroadsSept
Mar 65
Oct 22 58
130 65 Oct 22 65
Canada Southern.._ _100
Sept 5214 May
Canadian Pac new_ __25 53,900 4154 Oct 18 431: Oct 21 40
Sept
100 92 Oct 22 93 Oct18 8634 Apr 96
Caro Clinch & Ohlo_100
Oct
Jan 105
1010434 Oct 2210434 Oct 22 96
CUs stamped _ _A00
Feb
Oct 18 217 Oct 23120054 Sept 315
400 210
RR of N J_ 100
Central
Sept
7016 Oct 18 7016 Oct 80
40 7036 Oct 18
Cleve dr Pittsburgh_100
Jan
1: Oct 3
16 Oct 22
% Oct 22
100
Duluth S13 & AtI___100
Jan
Oct 72
10 43 Oct 21 43 Oct 21 43
Havana Elea, Ry 01_100
Feb 83 June
500 80 Oct 23 80 Oct 23 75
Hudson & Manh p1_100
Sept
130 543: Oct 21 595( Oct 21 4614 Sept 75
Manhat Elev guar_.100
Apr
June 129
Oct 21 116
250 117 Oct 22119
New Or!Tex 54 Mex 100
Oct
10, 891: Oct 20 8934 Oct 20 8516 Jan 91
Northern Central_ _ _50
Oct 2934 Mar
4
Oct 23 13 Oct 9 11
30 11
Pacific Coast 1st pf_100
July 1934 Mar
11
Oct 201 10
Oct 20
40 11
100
20 preferred
July 16034 Oct
70 15816 Oct 21 16034 Oct 18 150
Pitts Ft W & Chic 91100
Apr 10134 June
Oct 23 98
Oct 23101
50101
VIcksbShrev&Pacp(100
Jan
July 110
200 100 Oct 24 100 Oct 24 100
Wheel & Lake Erie_100
Indus. & MIscell.
Allegheny Steel
Alliance Realty
Amer Colortype
American News
Am Bad dr St San pf 100
Anchor Cap Corp pref.*
Artloom Corp pref...100
Art Metal Construct_10
Aso Dry Gas 2d p1100
Austrian Credit Atuitalt
Brown Shoe pref.. 100
Budd (E 0) pref___100
California Petroleum 25
Celotex Co pref_ _100
*
Voting trust ctfs
Rights
Certain-Teed Products
100
1st preferred
25
Chile Copper
Colum Gas &El pf B100
Comm Cred pref (73_25
let pref ex-warr_100
Comm Inv Tr(610_100
1
Warrants stamped_.
Conant Clg pf (7)__ _100
Crown Cork & Seal pf*
Crown W'mette 1st Pf.*
Cushm Sons pf (2)__100
Diamond Match ctfs_ _ _
Durh Hos Mills pf_ _100
Fa.sh Pk Assoc pref_100
Fed Min & Smelt_ _100
100
Preferred
Fed Screw Works
Foster Wheeler pref__ _•
Franklin Simon p1__100
•
Fuller Co 20 prof
Gen Packing pref
Gen Gas & El pref A(7)*
•
Preferred A (8)
100
Gen Cigar pref
Gen Ry Signal pfd _ _100
Gold & Stock Teleg_100
Guatanamo Sugar 01100
Hamilton Watch
Hawaiian Plneapp1e_20
Helme(0 W) prel__100
Hercules Powder
Houston 011 Co new_25
600 4934
40 70
200 213.4
220 50
40 138
100100
20 80
2054
3
100 88
500 5234
200 117
10 60
10 22
350 26
1,700 9
2,800 1-64
Octl 72
Oct 104
Oct 22
July 8034
Jan 148
Oct 11534
Oct 100
Oct 2834
Jan 10034
Oct 60
Jan 120
Sept 68
Apr
Apr
Oct
Mar
Oct
Apr
Feb
Feb
Apr
Feb
Oct
Apr
Octl 35
Oct 8434
Oct 12
Oct' %
July
Apr
Sept
Oct
Oct 18 50
Oct 18 70
Oct 24 22
Oct 22 52
Oct 1814036
Oct 18 100
Oct 18 80
Oct 22 22
Oct 18 88
Oct 23 53
Oct 22117
Oct 22 60
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
18 4834
18 70
24 2134
23 4816
18 12
634
18 100
IS 80
18 2034
IS 85
21 5234
22 11334
22 54
22
40
10
1-10
Clot
Oct
Oct
Oct
23 22
18 25
24 9
18 1-64
Oct
Oct
Oct
Oct
23
23
18
23
Trust Companies.
Woo York (Conti.)- Par Bid Ask
Bank of N Y & Trust_100 615 625
12
10 12412 125
Bankers
20
Bronx Co Trust
"if 11- Cent Hanover Bk & Tr.. _ _20 269 273
24
4
1125 114 Chelsea Bank & Trust _25 22
59
88 91 Chemical Bank & Trust .10 57
2111
280 300 Continental Bk & Tr ___10 20
550 2750 Corn Exeh Bk & Trust_ ..20 146 150
100 178 188
150 4253 County
20 59 63
6011
Empire
100 510 530
500 i600 Fulton
. _100 514 516
150 170 Guaranty
50
. 100 130
70 Hibernia
60
30
26
25 International
124
26
25 20
90 100 Internist Mad Bk & Tr
10 3912 4112
25 Irving
20
.100
79 82 Lawyers.
4
_20 1)45 96
74 83 Manhattan..
..26 651
as 43 Manufacturers...... ...104t 350: 67
400
26 Mutual (Westchester)
210
25 195 199
so 32 N Trust
16
13
.111.
30 Times riti wire
115
42
139
40 Title Guar & Trust.
1041 3275 3400
United States.
950
100 900
78 83 weetcheeter
100 350 450
Banks.
Par
New York26
America
100
American Union*
Broadway Nat Bk & Tr _ lue
20
Bryant Park•
20
Chase
Chat Phenix Na;Bk & Tr 20
Commercial Nat Bk &Tr 100
le0
Fifth Avenue*
100
First
100
Grace_
ilarrimen Nat Bk & Tr_100
----100
industrial_
A0
.A00
Liberty Nat - s
Bg
20
National City
100
Pena Exchange •
10
Port Morris*
25
Publle Nat Bk & Tr
Seward Na; Bank & Tr_100
.....
Sterling Nat Bk & Tr. _25
Strauss Nat Bit di Tr_ ..IOU
25
United Stases*
_100
Yorkville
Yorktown*........_._ .100
BrooklynPeoples
Bid
79
100
Trust Compenies.
ear
Vete York.100
American
210
Amer Express
Banes Commerciale ital _100 275
Ask
82
110
240
3(10
Brooklyn
Brooklyn _
Globe Sauk &
Kings Co
Mid wood
.406. 0411104. I New emu,. e Ft-dtv Stead.
625 635
100 140 165
100 2675 2875
..10(1 140 160
Ft...tort du
New York City Realty and Surety Companies.
(AB prices dollars per share.)
Par
par Bid !Ask
96
Lawyers Title & Guar_ .101,
.. 20 94
solid & Mtge Guar
Lawyers Weetchest Marl&
Title Insurance.. 25 4912 56
Home
4512 Westeheeter Title & Tr. _.
Lawyers Mortgage.... 20 44
Bid
245
200
120
rAsk
255
245
140
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
• ---- /M.
/nt.
Maturity.
Rate,
Bid.
Asked.'
Maturity.
Rae.
Bid. I Asked.
1)ee. 15 1930 . 3.4% 100$st 1007,2 Sept. 15 1931-321 814% 100118.1 10011st
lulu 15 1931... 24% 1009n 1009n Mar. 15 1931-32, 344% 10019st 104.....
toots. lin Is..
15 1031
24% 100ts: 1001s: Dee. 16 1930 32 1 14
Oct 453.4 Mar
200 20 Oct 18 20 Oct 181 20
Feb
Oct 65
Oct 18 32 Oct 18' 32
100 32
Oct
Jan 100
106 9734 Oct 18 9734 Oct 18 91
700 23 Oct 22 2534 Oct 18 2234 Jan 261: Sept
United States Liberty Loan Bonds and Treasury
Sept
350 8514 Oct 24 9134 Oct 22 7716 Jan 95
Jan 10234 Sept Certificates on the New York Stock Exchange.
Oct 21 89
70010114 Oct 24 102
Oct Below we furnish a daily record of the transactions in Lib700 334 Oct 24 5 Oct 21 31: Oct 6
May
Oct 9334
Oct 22 70 Oct 22 70
40 70
Oct erty Loan bonds and Treasury certificates on the New York
Oct 35
Oct 20 3234 Oct 18 32
550 32
Oct 9834 Apr Stock Exchange. The transactions in registered bonds are
Oct 23 72
10 72 Oct 23 72
Mar
Oct 18 10834 Oct 120
10 10816 Oct 21 110
Oct given in a footnote at the end of the tabulation. ,
Oct 214
Oct 24 209 Oct 24 209
100200
Oct 5734 Feb
Oct 24 28 Oct 24 28
30 28
Mar
380 1934 Oct 21 2734 Oct 20 1934 Oct 80
18. Oct. 20. Oa. 21. Oa. 22. Oct. 23. Oct. 24.
Mar Daily Record of U. S. Bond Prices)Oct.
Oct 21 9732 Oct 145
400 99
Oct 21 99
;
18:
200 98 Oct 20 98 Oct 20 9634 June 10016 Mar First Liberty Loan
101tat 101Yrs 10/
-{High! ___ _ 1017st
Oct 2534 Sept
1,3001 13 Oct 21 1334 Oct 21 13
__ 101'8, 1015,1 1014,2 101to: 101.n
Low814% bonds of 192347
Apr
Oct 24 15034 Jan 210
24 150
,
100 150 Oct
___ 101.141 10111,1 1011st 101 82 101%
Close
(First 3%)
Mar
15
17
33
70i 8334 Oct 21 8434 Oct 18 8334 Oct: 99
8
19
-Total sales in 81.000 snitsFeb
Oct; 86
150 74 Oct 23 75 Oct 20 73
Converted 4% bonds ortgh
Jan
Aug125
30 102 Oct 18 110 Oct 20 100
-Low---1932-47 (First 41)
Apr
270 8434 Oct 23 93 Oct 18 8434 OctIll
------Close
Apr
04122
Oct 23 96
_
100 96 Oct 22105
___ _
____
Total sales in 51,000 snits-July
104; 102W8;
5011334 Oct 2211334 Oct 22 11236 Jan:120
Converted 4)1(% bonds1Blen 10217tt 102ust 102",,
Sept
0
3011234 Oct 22 11234 Oct 22 wog Jan1115
1029n 102931 102932 102"at 102 ,1 102list
011932-47 (First 4345)4[.ow
Sept
Apr120
n
50120 Oct 23120 Oct 23 101
(1C10611 1029n 1029 1029n 10214:1 10201st 102"st
Mar
22
Sept 27
21
32
26
12
1013 Oct 20 13 Oct 25 13
21
Total 'caw ts 51.000 snits...
4716
--------400, 42 Oct 22 4234 Oct 20 42 Aug 61 July
-Second converted 4)4 %111311
Feb
Oct
---_-_____
79 4716 Oct 22 49 Oct 21 46
bonds of 1933-67(First LowJuly
--___.
--Close
106 135 Oct 18 135 Oct 18 12334 Jan 138
-Second 44e)
Jan
100 6034 Oct 22 6034 Oct 22 60 Jun 85
---Total sales In $1.000 rubs-10 ; -1i; 10"3"ar; 103";
' 103
{High
24,3001 934 Oct 22 1134 Oct 21 934 Oct 1154 Oct Fourth Liberty Loan
%
103",4
% bonds of 1933-38- Low- 10311u 103141 10311st 10311% 10314u 1031
Sept 873.4 Mar
10 30 Oct 24 30 Oct 24 20
Close 10314n 103"rs 10311111 103"st 10311n 103111:
Indian Motocycle p1100
(Fourth 4tta)
Apr
Feb 127
103
55
169
74
194
27
10012034 Oct 23 12034 Oct 23 116
Internet Nickel pf_ _100
Total sales in $1,000 snits-Feb
High 112118s
_..- 112stst 112nu 112uss 112"ss
13010134 Oct 21 102 Oct 22 10116 Sep 1123.4
Internal Sliver 910_100
rreasury
Mar
Jan 115
% 1121"ss 1122•82
{ . 1121111
Low
---- 1121,, 1121
5011434 Oct 24 11434 Oct 24 108
4sic 1967-62
K C Pr&Lt let Weer B•
July
Oct 3
Oct 21 134 Oct 21 1
C
600, 1
Idles. 112",,---- 112148: 1122411 112I,, 112"ss
Holster Radio ctfs
5
10
7
7
1
Calf......
600' 634 Oct 22 6% Oct 22 61: Oct 934 July
Kresge Dept Stores___*
nsal sal& ta 21.000 High ____ 108 - 10820ss 1089n 1089n
-1itt
200 4234 Oct 22 4234 Oct 22 9234 Oct 62 ' Jan
100
Preferred
Apr
Oct 35
10811ts 10819n 1081881 108uu
160 30 Oct 22 3434 Oct 22 30
Huppenheimer & Co_ _
4s, 1044-1954
Mar
__- 10814r: 1081ou 10818u 10811st
100
Close
534 Oct 2019934 Oct237
20022534 Oct 2022
Laclede Gas
Oct 2334 Oct
112
1
2
28
_
10020 Oct 24 2
100
034 Oct 24 20
Total sales is $1.000 webs _
Lane Bryant
Sept
Jan 148
Oct 2 143 Oct 21 138
106"ss
{High 106us
MyersCo pf 1
30014234
LIgg &
Mar
106ultt
Low_ 1061332
4011834 Oct 18 12054 Oct 2011834 Jan 128
Loose-Wi1esB1s1st pfl
e. 1946-1956
Mar
Feb 100
10611,2
10 99 Oct 22 99 Oct 22 93
Close 1061331
MacAnd & Forbes 91100
75
1
900 24% Oct 18 25 Oct 20 2334 Jan 2634 May
Total vales en 51.000 nettsMetro Gold Plc pf___27
Jan
Oct 90
102;;;
7
30 79 Oct 18 79 Oct 18 79
,2
IHigh 1029 10215ss 102"st
Nat Dept Stores p1.100
July
102%
100
Low_ 1021,11 10210s: 10211s:
pref
20010834 Oct 20 109 Oct 2010834 Aug 116
3
Nat Supply
3545. 1943-1947
Apr
102se
1,200 2434 Oct 18 2736 Oct 24 2434 Oct 54
1021011 1021112 10211st
Neisner Bros
Mar
Oct 85
2
Oct 18 49
21
4
10049 Oct 18 49
Total sales to 11.000 wilts _
Newport Co clam A- _50
Oct 85 June
102
101ton
100 70 Oct 18 70 Oct 18 70
High
Omnibus Corp pref_100
Apr
102
Oct 20 293.4 Oct 56
10130,1
800 30 Oct 21 31
{Low3%a, 1940-1043
Oppenheim Col & Co_*
Jan 72 May
102
101"ss
20 59 Oct 21 59 Oct 21 53
•
Clam
Co
Outlet
Apr
Mar 110
100
-2
6010334 Oct 22105 Oct 23 102
100
Total sales In 11.000 wafts
Preferred
200 3136 Oct 21 31% Oct 21 31% Oct 6034 Apr
Store...
Peoples Drug
Oct
Jan 111
-The above table includes only sales of coupon
Note.
Oct 24 107
Oct 24 111
10111
Penick & Ford Pref---Oct
700 9934 Oct 22 100 Oct 20 99% Oct 104
ns in registered bonds were:
Phila Co 6% pf new.'
Apr bonds. Transactio
Oct 2 70 Oct 22 653: Oct 82
100 70
103te to 103in
1
Pierce Arrow CO 1:1-100
Aug 1534 Jan 21 4th 454e
300 5 Oct 21 5 Oct 21 4
Pitts Term Coal_ 100
Jan
10032 Oct 21 32 Oct 21 2836 Oct 45
100
Preferred
Oct, 191: Oct
Oct 24 17% Oct 18 15
25 2,500 15
MI5 United
Oct
001 103
Foreign Exchange.
130 102 Oct 21023: Oct 22 102
1
Preferred
Mar
Oct 40
To-day's (Friday's) actual rates for sterling exchange were 4.85 11-16
Oct 23 25% Oct 20 24
65024
Prod dr Rfrs Corn P1.50
Aug 13.4 June @4.85 27-32 for checks and 4.85 5-16404.85 31-32 for cables. Com18 1% Oct 23
% Oct
200
Punta Alegre Sug Otis 50
mercial on banks, eight, 4.85 7-16@)4.85 11-16; sixty days, 4.835(@
Rhineland Westphalia
Jan
and documents for payment, 4.8354©
100 37 Oct 20 37 Oct 20 3334 Oct 4534 June 4.83 13-16: ninety days, 4.8234,
Electric Power
22 7154 Oct 9954
4.83 13-16. Cotton for payment, 4.85 5-16, and grain for payment.
700 7136 Oct 25 75 Oct
100
Skelly Oil pref
Oct 5654 Mar 4.85 5-16.
Oct 20 2014 oct 18 20
600 20
Ir-100
Sloes Shelf St 52
Mar
Oct 82
To-day's (Friday's) actual rates for Paris bankers' francs were 3.92 5-16
Oct 24 44 Oct 18 40
65 40
100
Preferred
Oct 1036 Fob @3.92 7-16 for short. Amsterdam bankers' guilders were 40.2434©
420 3 Oct 18 334 Oct 18 3
•
Spear & Co
Sept 40.27 for short.
Oct 85
140 75 Oct 20 75 Oct 20 75
100
Preferred
Jan
Aug 121
Exchange for Paris on London, 123.82; week's range, 123.88 francs
60 105 Oct 18 1053: Oct 18 103
So Porto Rico Bug 0100
Oct 21 10734 00111454 Sept high and 123.82 francs low.
Stand Gas & El p1(7).' 4,300 10734 Oct 2210834
The week's range for exchange rates follows:
Underwood-ElliottFeb12516 Apr
Cables.
100125 Oct 22125 Oct 22 121
100
-.Checks.
Sterling, Actual
Fisher pref
Feb
11: Oct 11
4.86 5-32
4.86
100
60 354 Oct 18 334 oa 18
High for the week
United Dyewood
Mar
Jan 114
Oct 21 97
4.85 27-32
4.85 11-16
200 107 Oct 21 107
United Piece Dye p1100
Sept Low for the week
140
Oct 18 12254 Mar
100140 Oct 18 140
100
Paris Bankers' Francs
U El Tobacco pref
001 115 Mar High for the week
Oct 24, 98
3.9244
3.92%
80 98 Oct 18 100
Univ Leaf Tob pref_100
Jan
Oct 22
3.9234
3.9254
20 8 Oct 20 8 Oct 20i 7
*,
Low for the week
Van Raalte
Sept 5434 Jan
40 35 Oct 18 35 Oct 18 35
100
Germany Bankers' Marks
18t pref
Sept
Jan 34
23.85
23.84
120 20 Oct 22 25 Oct 21. 12
Vs Iron Coal & C 100
May High for the week
Jan 70
23.79
23.77
20 mg Oct 23 mg Oct 23, 513:
Low for the week
WebsterElsenlohr pf 100'
Amsterdam Bankers' Guilders
'Youngs Sh & Tube- I
Oct
001 120
40.2944
Oct 22 120 Oct 18'110
40.283(
500 110
(Blum Otis
High for the week_
40.2634
40.2434
Low for the week
•No par value.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages--Page One
For saies durino the week of stocks not recorded here. see preceding
Page
HIGH AND LOW SALE PRICES
PER 5/1.4 RE
PER SHARE
-PER SHARE, NOT PER CENT
I Sales
STOCKS
Flange Since Ian. I
Range for Precious
for
NEW YORK STOCK
Oct harts of 100
Monday
-share lots.
Year 1929.
Tuesday
Wednesday
Thursday I
Friday
IS..'
EXCHANGE.
Oct. 20.
Oct. 21.
Oct. 22.
Oct. 23. 1 Oct. 24.
Week
Lowest.
Highest.
Lowest.
IlOhest.
3 per share $ per share $ per share S per share 3
per share 1$ per share i Sha,,,
,
Railroads
Par S per share
9 per share 3 Per *hart 5 Per Ilkarl
19414 1953 1953 20114 196 19712 19412 193
4
8
7 20018 1973 201521 15,700 Atch Topeka At Santa Fe_100 194 June
195
4
25 2421sMar 29 19518 Mar 2985 Aug
8
1065 106% 10634 1063 106% 10714 1
8
8
0634 106% 1063 10712 1063 1063
8
4
4 2,000 Preferred
100 1023 J.tn 3 1083
8
4Sept 29
*115 118
8
99 May 1047 Dec
118 118
11812 120
118 119
11814 11814 *11814 120
100 118 Oct 20 17512Mar IS 161 Nov 20912 July
1.300 Atlantic Coast Line RR
797 82
8
8018 82% 80% 83
7914 8112 7913
797 82
8
30,700 Baltimore & Ohio
100 7914 Oct 22 1223 Mar 31 10514 Nov 14518 Sept
8
*78
79
S78
79
7818 78% 78
7814 771 78
77
i,ioof Preferred
77
100 77 Oct 24 845*Ju1y 25
5,33 59
4
75 June 81 Dec
5912 60
5914 60
5812 5812 603 61
4
60
60
1,300,Bangor & Aroostook
50 58 2 Oct 22 8412 Mar 29
,
111 111
55 Oct 90 2 Sept
3
110 110 *110 111
110 110 *110 113 .110 113
30 Preferred
100 109 Feb 28 11614J une 4 y10314 Oct 115 Sept,
*55
65
61
61
*55
90
*55
90
*55
90
555
100 Boston & Maine
90
100 60 Oct 16 112 Feb 8
*1012 1118 103 10% *10% 12
85 Apr 145 July
8
s1018 12 .105 12
8
1018 1018
200 Brooklyn & Queens Tr_No par
10 Jan 11 157
8May 22
15 Dec
57
7 Nov
57
*533 6118 *55
4
6112 *5314 60
*533 5912 *57
4
100, Preferred
5912
No par 53 May 3 6612May 29 44 Nov 65 Sept
66
66 8 6614 673
,
4 67
673
4 66 2 67,
,
4 6611 68
6712 6914 12,000113klyn-Manh Tran v t c No par 583
8June 18 783 Mar 18
8
40
Oct 817 Feb
8
*85, 897
4
8 89 89
89% 89% 88
89
8818 8818 .88
893
6001 Preferred v t c
4
No par 847 Jan 6 9 13, 25
8
, 4 eet
7612 Nov 9258 Feb
712 712
7% 8
7 4 712
,
878 7
7
718 *7
712 2.100,13rtinswick Term & Ry Seo_100
512 Oct 10 335* Apr 23
1673 1693
412 Oct 4418 Jan
4
4
---_ .
600:Canadian Pacific
100 165% Aug 14
4114 415
8
8 413 4 -1 -413- - 12 -,7
8 . ; 43
2
4
11T3 43
.1
; 40 - -1- -40T4 i3 4 107,300,Chosapeake & 011I0 new____25 40 Oct 23 221334 Feb 10 185 Dec 2697 Feb
43 2
-3
513
8Sept9-13
4 17
2
8
2
17
8
17
8
134
17
8 •17
8 2
2
2
1,800,Chicago & Alton
100
15 Oct 8 10 Apr 2 8
4- Nov - 19% -Feb
13
4 134
13
4 13
4
13
4
13
4
13
4 13
4
13
4
13
4
15
8
13
1,800. Preferred
100
112 Oct 7 10 8 Apr 11
5
312 Nov 253 web
4
18
18
18 •____ 18
18 *
18
1 Cht?
ifErasedt Illinois RR......100 14% Jan 7 28 Mar 26
15 Dec 43 Feb
30
30
30 s__- 30
30 i_
•___ 30
er
100 29 Reid 25 527
8Mar 2f1
361% Dee 667 Feo
8
6% 7
,13
68 78
,
,
7% 73
8
7 4 714
,
714
7121
6118 Oct 18 173 Mar 31
67
8
712 3,600 Chicago Great Western_ 100
4
7 Nov
237 Feb
8
2512 2612 26
2514 26
27
2518 257
8 25
253
41 2614 27
13,500; Preferred
100 25 Oct 23 523
2:May 16
1712 Nov 6334 Jan
87
8 8 938
,
9
9%
91,2
812 87
8
814 87
81
818
914 12,700 Chicago Milw St Paul & Pao_
818 Oct 24 263 Feb 7
8
16 Nov 447 Aug
8
1412 15
145 15
8
1418 1518 133 1414 1312 1418 14
4
153 24,500 Preferred new
8
1312 Oct 23 4614 Feb 10
2812 Nov
Ws Sept
4518 4514 46
46
47
4618 4518 467
8 45
46 1 45 24(3
12,800 Chicago & North Western.100 45 Oct 23 897 Feb 8
,
8
75 Nov 10812 Aug
*130 140 *130 140
130 130 1 s1.21 130
121 130 *121 130
100
Preferred
100 125 Oct 8 140 4June 3 134 Apr 145 Feb
3
7478 73 73
74
72% 73
7034 71
72
73 I 7114 7212 4.100 Chicago Rock 181 & Paelf10_100 70N Oct 221 12512 Feb 14 101 Nov 14312
Sept
105 105
105 105 *105 106
105 105
1047 10512 *100 105
2
500 7% preferred
100 1047 Oct 23 110 8Mar 20 100 Nov 109
8
3
Oct
.98 100
997 997 *96 100
8
8
*96
9914 "85
991 973 977
4
8
300 6% preferred
100 973 Oct 24 108 Feb 7
4
947 Nov 10314 Nov
8
61
61
61
6114 59
59
*58
60 •53
61
6018 6018 1,000 Colorado & Southern
59 Oct 21 95 Feb 13
100
8614 Dec 135 July
*77 8 78
7
*773 79
4
7712 773 *7712 79
4
7712 7712 *7712 79
310 First preferred
100 683 Jan 3 80 June 191 6512 Oct 80 Jan
4
67
67 .65
68
*65
63
*65
68
•65
68 '
165
68
10 Second preferred
100 60 July 11
75 Apr 23
64
Apr 7212 Mar
42
4112 411
42
41
41
43
40
39
39
*39
40
500 Consol RR of Cuba pref__ _ WO 39 Oct 23 62 Apr 10
95 Nov 70 8 Jan
,
14512 147
145 148
14514 147
144 115
1413 146
4
14014 14212 6.600 Delaware & Hudson
100 140% Oct 24 181 Feb 8 14112 Oct 226 July
105 106
10514 106
103 106
99 102
99 101
9712 99
8,000 Delaware Lack & Western_100 9712 Oct 24 153 Feb 8 12014 June 169% Sept
3614 37 4 3514 351
,
3612 3712 3518 3618 3534 3512 35
3712 2,000 Deny & Rio Gr West pre:_100 35 Oct 24 80 Mar 23
99
Oct 773 Feb
337 3418 3418 3512 3314 3514 333 3114 3012 34
4
8
4
3014 3412 116.000 Erie
100 3014 Oct 24 633 Feb 14
4
4112 Nov 9312 Sept
513 513
4
4 51
5114 51
5114 5012 51
4834 5012 4812 49
5,000 First preferred
100 4812 Oct 24 673 Feb 19
2
4912 4912 *49
5512 Nov 6614 July
•49
50
50
49
49
4734 49 1 475 475* 2,100 Second preferred
8
100 4734 Oct 21 6212 Feb 19
52 Nov 63 8 July
7
6518 6512 65 6518 6518 6612 6118 658 6412 65 1 6412 6512
8,300 Great Northern preferred...100 6418 Oct 10 102 Mar 29
8514 Nov 12814 July
*18
20
18
187 187
18
8
8 1812 1812 *18
1812 1812 20
1.900,Gulf Mobile& Northern
100 177 Oct 14 4612 Feb 17
8
8418 8418 831* 84
18 Nov 59 Feb
82
83
813 813
8
4 8012 8012 *80
82
1.700, Preferred
100 8012 Oct 23 9814 Mar 10
*4218 44
70 Nov 103 Jan
42% 43
4218 423
4 413 415
8
8 42
43
•42
44
2,100,Hudson & Manhattan
100 41 June 25 533 Mar 25
8
99 101
3412 May 583 Jan
8
100 10214 9714 110% 96
98
97 100
933 10014 6,7001 111Inols Central
4
100 96 Oct 22 1363 Apr 22 116 Nov 15312 July
4
*69
70
*67
70
*68
70
*63
70
*68
70
697 697
8
101
8
27 8 30% 2814 297
7
70 Nov 8018 Feb
8 28
293
8 2712 2914 283 28% 2834 2912 8,500, RR See stock certificates_ __ 69 Oct /6 77 May 13
4
Interboro Rapid Tran v t c_100 205* Jau 3 3 912Mar 18
447 45
8
15
Oct 5818 Feb
483 50
4
•48
50
*15
50
4618 4618 46
4718 2,900; Kansas City Southern
100 447 Oct 18 853
8
8Mar 29
*64
60
Oct 1087 JOY
6114 *64
8
04
65
61
*60
65
*64
65
*63
65
200' Preferred
100
Oct 21 70 Apr 16
.55
83 Nov 7012 Jan
55
54% 55% 55 55
54
54
52
55
5014 51141 3,200'Lehigh Valley
50 6450,4 Oct 24 847
8Mar 31
65 Nov 102% F.b
113 113
11212 11312 *111 115
111 11118 109 109
110 110141 1,7001 Loulsville& Nasbville
100 10614 Oct 6 138% Apr
on 15434 Sept
3314 3412 3314 367
8 34
36
34
3534 3514 , 357
8 357 373 11,500 Manhat Elm modified guar100 24 June 28 421zSept 4 no
8
8
,
27
Oct1 5712 Jan
24
*16
173 *16
4
1712 *16
17
*16
17
16
16
*16
17 1
100 Market St Ry prior pref 100 16 Oct 23 2512 Feb 13
4
,12
1412 Nov 3912 Jun
s8
•12
%
12
12
53
*34
Minneapolis & St LOUIS_ _ 100
.
300
14 Oct 18
218 Apr 6
114 Nov
•____ 15 •_ _ 15
3 4 Jan
3
15
15 •_ _ 15 1
Mine St Paul & S S Marle_100 1412 Oct 1 85 Feb 7
35 May 61,2 Sept
*40
493 *40
4
4934 *40
493 *40
493 *42
4
4934 *42
493 1
1 Leased lines
50 July 31 5912 Feb 21
51 Dee 66
2618 27% 263 2714 263 281
Jan
8
8
26 4 2612 2434 2612 243 26 1 17,900 Mo-Kan-Texas RR____No pa
,
4
243 Oct 23 66 8 Apr 14
4
,
2718 Nov 653 July
4
88
88
8818 89
88
831
8512 88
85
86
86 12 8618 1,5001 Preferred
10
85 Oct 23 1083 Mar 27
8
937 Nov 10712 Apr
4218 427
8 4214 43
4218 421
42 42
41
4112 4012 42141 7,5001Missouri Pacific
100 4012 Oct 24 9812 Mar 6
46 Nov 1013 July
8
10213 10312 1023 104
8
103 1031 102 10212 101% 10214 1015 102
8
5,900, Preferred
10 100 Oct 10 14512Mar
105 Nov 149
Oct
85 8 86
3
*853 ___ - *85, -- -. •8514 ___- "8514
8
4
•8514 _....250 Morris & Essex
4
50 813 Jan 29 87 Oct 2
753 Oct 865 Jan
8
8
*93
9512 *93
94
9512 *93
93
93
93
93
*93
95
420 Nash Chatt & St Louis_._ _100 93 Sent 24 132 Mar 25 173 Nov 240 Aug
8
8
2
8
*12
*13
3
4
34
3
8
5
8
12
•33
3
4
500 Nat Rys of Mexico 2d pref _100
12 Oct 11
112July 29
Oct
1
3 8 Jan
13512 137
,
13614 1381a 1353 13912 13518 13612 135 13714 13514 14012 31,900 New
8
York Central..
100 135 Oct 23 1923 Feb 14 160 Nov 25812 Aug
4
89
89
8812 89
89
88
8612 88
85
8412 8818 7,700,N Y Chick St Louis Co_ _ _10
88
8412 Oct 24 144 Feb 10 110 Nov 1925* Aug
96
90
95
95
*9614 103
965* 983
8,
90
. 96
90
900, Preferred
10
90 Oct 24 1103
4May 14 100 May 110 Dec
184 184
184 185
184 185
18014 182
181 . 181
181 185
240 N Y & Harlem
50 1748 Aug 13 324 Feb 3 155
Oct 379
90
Jan
9014 89% 92
893 90
4
88•4 533 88
8914 8814 9112 10,300,N Y N H & Hartford
100 88 Oct 23 12818 Mar 29
*11612 1177 1163 11714 11612 117 *11612 1167 116 117
807 Jan 13212 Oct
8
8
4
2
116 11612 1,900, Preferred
116 June 18 13512 Mar 21 1145 Jan 1343 Aug
8
.614 612
4
618 6%
612 612
812 67
8
7
7
63g
4 1,400'N Y Ontario & Western_ _ _100
6 Oct 7 1714 Mar 31
118 118
8 Nov 32 Feb
118
1118
118 '
17
8 •1
15
8 •1
118 •1
118
900 N Y Itallways prof __ .,.,No par
1 Oct 16
418 Jan 16
112 Dec
97 Feb
8
18
14
*14
5
8
*14
5
2
3
2 *14
3
4
N
•14
54
250 N Y State Ry8
100
212 Feb 6
18 Aug 27
*618 7
1
Oct 1414 Mar
67
8 67
2 •612 7
6's
6 1 '6
912 *612 812
600'Norfolk Southern
100
8
6, Oct 22 9312 Feb 14
1412 Der 4812 Feb
2133 215
4
215 21514 21312 21514 21312 21312 2133 21414
4
21412 21412 1,9001 Norfolk & Western
100 21212 Oct 10 265 Feb 18 191
•9012 91
90
Jan 290 Sept
9034 907 907 *90
.
8
8
91
90
90
4190
91
230! Preferred
100 83 Feb 3 9212 Oct 14
58
5814 5718 587
82 Nov 8714 May
8 5714. 59
5612 53
57
68
67 ;60
7,3001Northern Pacific
100 5512 Oct 14 97 Feb 21
s5
7
*5
7518 Nov 11872 July
7
*5
7
*5
7
*5
7
*5
7
1Paolfic Coast
47 Oct 10 197 Apr 9
100
8
8
6514 66
472 Dec 43 Feb
6512 6634 65s8 66% 6512 6618 68
6634 66
663 29,700 Pennsylvania
4
50 647 Oct 10 86 8 Mar 31
8
*7
8
,
7
72 2 Mar 110 Aug
,
7
*6
10
*6
10
•13
10
*6
10
100 Peoria & Eastern
7 Sept 30 24121Mar 31
100
1223 12312 *122 12512 122 122
4
17 Dec 35 July
119 121
93 118
99 108
4,700 Pere Marquette
100 99 Oct 23 16112 Apr 10 140 Nov 260 Aug
1196% 9812 964 963
4 9634 9634 *963 9812 9312 9812 9634 963
4
4
90 Prior preferred
100 943 Jan 31 101 May 17
*9134 94
.9134 91
4
94 Nov 101 Mar
92 92
9312 9312 913 913 *9I3 93
4
4
30 Preferred
*65
100 9112 Oct 9 99 Apr 15
74
90 Nov 97
Jan
*6812 80
*8812 80
*65
74
•65
75
*85
75
Pittsburgh & %Vest Virginia 100 75 Oct 6 121% Feb 11
9714 97
96
97
90 Nov 14834 Jan
*95
99
9612 97
96
9614 97
9718
1,800 Reading
*47
*47
50 94 Oct 10 14112 Feb 6 1012 May 147% Sept
50
50
47
47
*47
Si)
*47
50
"47
50
200 First preferred
473 4758 *4712 4818 *4712 488 47 2 473
8
50 4418 Mar 11 53 Feb 21
4112 Apr 60 Sept
5 477 *473 4818
,
8 47
8
4
800 Second preferred
435* May 604 Sept
6812 6912 683 7012 6912 70
3
50 4714 Aug 12 57 Feb 6
4
683 70
4
6814 73
6818 73
11,40081 Louls-San Francisco __ _ _100 6411 Oct 10 1187 Mar 27 101 Nov 1333 Aug
8
8212 8212 *80
4
821 2 80
80
80
80
78
78
783 79
4
1,000 First preferred
100 78 Oa 23 101 Apr 2
4812 45.2 49
•41
87 Nov 9612 Feb
*45
4912 45
45
41
43
40
40
700 St Louis Southwestern_ _ _100 40 Oct 24 763
.
*75
80 *____ 80 *-80
90
153 Feb
4
50 Nov
4MaY 16
80
78
78
77
77
300 Preferred
218 214
100 77 Oct 24 943 July 24
218 23
84
8
Oct 94 Apr
214 212
218 214
218
214
2
218 8.400 Seaboard Air Line
312 33
4
13 Oct 10 1212 Feb 15
4
100
33
912 Dec 213 Mar
8 312
4
334 312
318
312
3
,2 312
3
312 1,700 Preferred
8
100
104 1047 10418 106
1614 June 411* Oet
104% 10314 1021z 101
8 Oct 14 28 Feb 7
1033 10418 10312 104 2 9,400 Southern
4
,
Pacific Co
100 10212 Oct 22 127 Feb 10 105 Nov 15712 Sept
71 8 723
,
4 7118 7212 7012 725
8 7014 7212 7018 723
4 7012 755 17,200 Southern Railway
8
•8512 8912 .8512 895* *86
100 683 Oet 14 1363 Jan 13 109 Nov 16218 Sept
4
4
893
895* *86
8 86
8612 8612 88
5001 Preferred
100 85 Oct 16 101 Mar 20
111 111 •110 112 1 110 110 •109 111
93 June 100 Dec
106 109 1 105 106
1,600 Texas & Pacific
100 105 Oct 24 145 Apr 24 115 Novi 181 May
8
8 12
8% 9
*8
9
7 4 714 .712 8
,
.8
9
1,0001 Third Avenue
°loupe 18 1512Msr 20
100
*7
612 Nov 39 Feb
8
712 712
71
713 71: *718 8
712
8
8
5001Twin City Rapid Transit..100
55
*51
2014 Dec 5814 Jan
722 Oc: 20 3112 Jae 29
*51
55
*51
55
51
51
49 S.-.- 49
20! Preferred
100 51
Oct 9 79 Feb 3
75 Dec 100
19212 197% 194 197
19214 196
Jan
19514 198
19212 197
195 19814 10,700!Un40n Pacific
100 19214 Oct 18 2423 Mar 29 200 Nov 2975* Aug
4
8612 8612 8612 8812 8618 8612 863 863 •8614 87
8
8
88 4 8612 1,3001 Preferred
,
100 8214 Jan 17 8834sept 30
•20
23
25
80 Nov 8512 Sept
23
*20
24
•19
24
•18
23
22
22
'Wabash
100 21 14 Oct 17 673 Apr 1
8
40 Nov 813* Jan
64
*56
*56
65
563 563
4
4 5512 56% 5312 5412 232
53
5,800 Preferred A
100 52 oat 21 8914 Apr 8
82 Nov 1047 Jan
4
1414 1538 1412 1514
143 15
8
1414 1472 133 153
8
8 133 143 15,400 Western Maryland
8
4
8
100 133 Oct 23, 38 Mar 29
10 Oct 64
15 8 15 8 15
,
15
Feb
,
•143 17
4
143 143
4
4
4 143 15
•1418 1514
1,200 Sewed preferred
100 14% Oct 221 38 Mar 28
1452 Nov 5312 Feb
11
•1112 14
11
11
1112
10
912 10
10
1014 1012 2,300,Western Pacific
100
9% Oct 22 3012 Mar 29
15
Oct 411 Mar
29
30
30
30
30
30
29
2912 2912 30
29
30
2,200' Preferred
100 263 Oct 10 5312 Mar 19
4
3712 Nov 673 July
4
Saturday
Oct. 18.
Industrial & afiscelloneous
98 10,400,Abitibi Power dr
83 Oct 23 4218 Apr 9
4
l'aPer-Na Par
38
600: Preferred
100 37 Oct 23 8612 Apr 8
49
Abraham & Strauss__..No par 40 Oct 15 66 Apr 21
110
10: Preferred
100 104 Jan 11 11012 Aug 25
213 21,900 Adams Express
4
1934 Oct 10 373 Mar 31
No par
8
8712
10; Preferred
100 85% Feb 41 94 Sept 10
213
4
900 Adams Millie
No par 21 0c120, 32 Mar31
31
700 Addreseograph Int Corp No par 293
4June 271 343
4June 13
6
100,Ad vance Rumely
512 Oct 161 2314 Jan 24
100
15
200 Preferred
100 15 Oct 241 4114 Jan 29
• Bid and asked prices; no sales on this day. c 60% stock dividend paid •0zdiv1dend
y Ex-rights a Ex-dividend and ex-tights
9
40
.
130
*108
20
•88
. 4
1213
3112
*512
*1512
9
40
8
497
110
207
8
91
241 2
31,2
6
18
93 10
4
38
38
*30
8
497
108 108
203 2114
8
*873 91
8
21
2112
3114 3112
*5% 6
1/4
•15
87
*38
.30
*108
203
4
*8712
2112
*30
512
*167 2
94
3
87
8 92
,
3912 38
38
497 *30
8
497
8
110 •108 110
217
8 205* 2072
80
*8712 91
22
21
21
3112 293 30
4
512 •.1
6
1612 *1514 17
83
4
37
•30
106
2012
*8712
*21
.2914
*512
*15
05*
934
38
*36
497 *30
110 *103
2112 207
8
89 1 8712
2134! 2134
3112, *2914
6
"512
17 I 15
34% Dec 5718 Aug
69 Nov 88 8 Jan
,
43 Dec 15912 Jan
10012 Nov 11212 Oct
20 Nov
34 Nov
84 Nov 96
Jan
19 Nov 357 Jan
8
7
15
Oct 10472 May
Oct 119 May
New York Stock Record—Continued—Page 2
2658
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. 18.
Monday
Oct. 20.
Tuesday
Oct. 21.
IVednesday
Oct. 22.
Thursday ! Friday
Oct. 24.
Oct. 23.
Sales
for
the
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.
Par $ per share $ per share $ per share $ per share
$ per share $ per share S per share $ per share $ per share $ per share Sha,, Indus. & Miscell.(Con.)
4% Feb
15
% Dec
8Mar 28
1
% Jan 4
13 2.100 Ahurnada Lead
1
14
13
12
12
iz
12
12
I.
12
12
8
8June 2
77 Nov 2235 Oct
No par 96% Oct 18 1583
8 9818 10112 99 10412 10212 10614 34,700 Air RetinaIon Ins
9314 1033
,
4
,
26 8 100 s 993 10314
1813 Dec 48% May
10 Oct 18 36. Mar 24
700 Air-Way Elea ApplianceNo par
1014
1012 1018 1018 1018 104 *1018
1014 1014 4110
10
10
1 Dec 11 14 Jan
212 Jan 9
lo
12 0,1 11
4 2.600 Ajax Rubber Incpar
3
8
7
8
5
8
7
4
3
kt
8
5
2
7
8
4
5
3
8
7
8
7
414 Nov
1014 Jan
918 Jan 7
412June 18
n
65* 652 19.200 Alaska Juneau Gold M1N
,
2 64
613
57
,
62
612
8
8 818
57
5 Oct 25 Jaa
812 Aug 13 1512 Feb 17
No par
200 A 1' W Paper Co
714
714
712 712 4.7% 9
*714 9
714 81
•
8
*74 77
17 Nov 5612 Sept
1014 0-1 23 3514 Mar 31
4
14
1014 135* 1014 113 248.700 Allegheny Corp
8 13
147
14
1412 15
1312 15
90 Nov 118% July
0
__o pa
Pref A with $30 warr_N _l0. 75 Oct 17 10712 Feb 11
80 1
80 '60
80 '60
*70
80
*70
80
*70
*--__ 80
Pref A with $40 warr____100 80 Oct 11 9954 Apr 11
80
80 .60
*60
80
80 '70
*70
80
*70
*--__ 80
____
Pref A without warr__ _ .100 84% Oct 7 9614 Feb 24
80
80 '60
83 *60
80 '70
*70
80
80 '70
4
Nov197
3545 Aug
210 21612 35,500 Allied Chetnleal & Dye_No par 19914 Oct 14 343 Apr 17
4
200 20212 203 2113 20212 21212 20114 20912 20112 210
100 121 Jan 2 12614 Apr I 11812 Nov 125 Apr
300
12214 12214 12212 12312 *122 12312 *122% 12312 "12212 12312 "12212 12317 14,400 Preferred
3518 Nov 7512 Sept
Allis-Chalmers Mfg_ _ No par 3912 Oct 9 88 Mar 11
4
4
397 413* 4913 413 2403 41 13
3
4013 40 4 4012 4212 40 3 424
3
23 Nov
23 Nov
4 1.500 Alpha Portland Cement No par 21 Oct 22 4214 Mar 27
4
21 12 223 223
21
21 '21
23
2238 225* "21
*21
30
1712 Oct 42% Jan
2June 3
par
18 Jan 16 31,
,
2412 24 8 2412 7,200 Amerada Corp
2134 23
22
2212 23
23
22
21
23
2
4
Oct 235 Jan
2 Sept 27 10% Mar 31
N
"214 2% 2.000 Amer Agricultural Chem_o
214 214
24 214
,
3 28
214 2,2
23
*212 23
4
18 Nov 7334 Jan
100 21% Oct 22 3952 Aug 16
4
2318 233 23 ! 3.300 Preferred
2514 217 2314, 23
24
24
24
21
24
65 Nov 157 Oct
10 60 Oct 18 973 Mar 27
,
62
8012 62141 61 1z 61% 6112 62 2 1,800 American BankNote
62
62
62
61
60
67 July 6534 Juno
4
50 61 Feb 3 683 Jar 31
Preferred
'
*6218 647 *6218 6432 *6218 6312 6218 63121 "6218 6312 .61% 63
8
514 Dec 2012 Jan
4 Sept 26 12 Jar 16
500 Atnerican Beet Sugar_No par
6 1
5 1 *5
5
5
5
5
5
5
5
6
'5
7612 Sept
27 Nov
2218 Oct 1 54% Feb 14
2618 2618 2,300 Amer Basch Magneto_No par
26
26
26
4
251 28
26
33
2614 *28
26
4012 Nov 62 Feb
,
4 2,300 Am Brake Shoe & Fdy -No par 36 2 Oct 22 54% Mar 20
373
37
3714 3813 37
365* 365*
4 3718 3713 37
3713 373
100 118 July 17 128 Feb 13 113 Nov 12012 Mar
120 Preferred
.
,
3
12214 12214 120, 12214 812014 12114.'120 4 1211 012014 1214 '12014 121141
4
412 Oct 343 June
4
,
8 2 J in 16 213 Apr 25
1114 1158 1214 1114 12'8 10.8 11181 1018 11 I 10 Is 10% 12,900 Amer Brown Boveri El_No Par 5812 Oct 21 84 Seat 18
11
4
493 Jan 104 June
100
420 Preferred
5812 5312
61
8
537 61 I 59
67
67.8 "81
86
6514 67
86 Nov 18413 Aug
25 10814Juue 25 15612 Apr 16
American Can
4
8
11018 1137 11212 117
1115* 11614 111 11114 1131 11612 116 12014 523,900 Preferred
8
100 1405* Jan 27 1507 01 2 13318 Nov 145 Dec
1,300
14812 1133 1435* 1332 14312 14912 '14312 147
*149 14914 149 149
75 Nov 10613 Jan
3618 3,500 American Cox & Fdy__No par 35 Oct 22 8212 Feb 6
36
35
2 36
3812 353 3813 35'2 37
36
2
Jan
100 73 On 23 116 Jan 4 11013 Oct 120
600 Preferred
75
73
75
4 75
761
76
•70
73
79
79
79
70
*
7
4
Na par 373 Oct 22 8)8 Apr 10
4014 1.600 American Chain
40
,
4 33 8 40 2
,
4012 40% 30
4
33% 373 373
39
39
27 Nov
s
8l5 Sept
4
Na par 3612 Oct. 10 51, Apr 3
Chicle
4
4
3914 391 4014 401 4113 5.61)0 American
3812 33% 3914 4018 395* 404 39
20 Oct 55 May
914Jime 30 33 Jan 16
8 4,700 Am Control Alcohol__ _No par
127
12
12
114 11
1234 1112 12
1113 113
4 11
12
4734 Feb
1814 Nov
31
8
10 I 1,301) Amer Encaustic Tiling_No par 10 Oct 24 307 Mar 31
10
115* 115* 1112 1112 1013 11
8
4
*113 157 *II% 16
9812 Sept
23 Nov
28 Oct 10 5912 Mar
2.000 Amer European Sec's.-No Par
2812 2912 30
29
25% 2714 23
23
3()
30
28
28
50 Oct 1994 Sept
No par 38 0.3t 22 1014 Apr 16
3912 4312 133,200 Amer & For'n Power
4014
3918 33
33% 41
36% 33
3714 41% 35
8
No par 975 03t 21 11113 Apr 29 10113 Nov 10811 Feb
ed
700 Preferred
97;8 97s 93% 932 "9712 93% 9313 9312
99
4
973 94
98
8614 Oet 103 Feb
4June 11
Na par 82 Oct 14 1003
530 2d preferred
83
•82
83
82
82
"80
82
82 82
82
82 82
94 Dec 100 Feb
4
No par 80, Oct 20 101 N4oy 17
1.930 $6 preferred
85
8
4 827
804 8512 8313 81
83% 8312 841
83
8312 85
1713 Dec 42 Apr
10
818 ieat 27 33% Mar 19
95* 1018 2,309 Am Hawaiian 8800
8
912 97
9
84 9
98 9%
9
95* 912
7 Apr 10
313 Dec 10 Jan
212 Aug 29
500 American tilde & Leather.100
4 4
*23
8 3
27
8 4
'27
3 4
8 4
'27
234 Nov 5214 Aug
314 *27
3
100 16 Oct 24 31% Aar 11
400 Preferred
16
1712 16
17 "1613 1712 '16
17
3116
1618 17 '16
40 Nov 85% Jan
par 495* Oct 10 694 Mar 20
3 1,900 Amer Home Products_No
557
.2 53
5114 52% 5212 527
3112 52
51% 51% Si'* 52
29 Oct 5312 Au
No Par 2712 Oct 23 4172 Mar 27
29 1 4.1501 Amertcan lee
28
2712 28
4
275* 231
• 2812 283
8 284 29
4 283 287
4
2913 Nov 963 SeP3
No par 2314 Oct 22 5538 Apr 2
8
253 25,700 Amer Internal Corp
8 2334 244 2418
8
245 26'4 2314 247
4
4
253 27
243 28
8
87 Jan
212 Oct
4 Apr 2
52 Oct 20
& Foatnite.10
,
138, 1,800 Amer La France
8
*7
1
4
2
7
3
7
112
111
'
112
tre
*38 1
2712 Nov 75 Feb
100 10 Oct 9 35 Feb 14
50 Preferred
21
8
1018 1018 103 103
8
*1032 221 '103 221
*1018 2212 *1012 22
90 Nov 136 July
2
prelea md
31 1 4.1001 Anler fern Locomotive_No par 28, Oct 22 105 Jan 6
3012 30
2812 297a 30
2912 30
2913 297
2913 30
100 7912 Oct 14 11812Mar 1 11114 Nov 120 Deo
85
2
877 '82
85 '81
831 '80
*80
4
4
*793 86
*793 80
5
364 3714 8.200 Amer Mach & Fdy new-No Par 31 Oct 18 45 Sept 8
8
36% 367
3512 351
36
367
4
345 357
8
8 363 37
312 Oct 8 1412July 3
418 412 2.100 Amer Nlach & Metals_ _No par
412 412
414 58
418 414
8 4
35* 35*
35
1812 Oct 21 511 Feb 7 -ill,' Nov 811* Feb
2013 21 18 2114 2212 4,500,At5er Metal Co Ltel_No par 100 Oct 16 118 Feb 18 108 Nov 135 Feb
1818 20% 1912 20
2018 2114 2014 21
100
I Preferred (67)
9918 *____ 9918 •___ _ 0914
•___ _
10212 •. _ _ _ 12012
,
58 Nov 98 4 Jan
30 Amer Nat GM pref____No par 5814 Oct 17 93 Mar 27
53
14 56
.5013 58*5014 5314 x5814 5814'102- 3 '50
4
6414 Nov 17534 Sept
20.700 Am Power & Light___No par 58 Oct 23 1195* Apr 1
6112 6114 65
5814 60% 38
63
6212 63
6412 61
82
9214 Oct 105 Feb
No par 99 June 25 107 Mar 24
1,200, Preferred
,
4
4
4
4
8
8
103% 1043 .1033 1051 10412 10412 1033 1033 10312 1033 10014 100 4
70 May 80 Feb
7
No oil; 75 Jan 8 87 88ePt 19
600! Preferred A p
8
8
8512 8512 847 847
88
88
86
8511 8514 86
8614 8614 85'.1p
8
727 Nov 8418 Feb
80 Jan 6 89123ept 27
8 1,600' Pre A stamped
8 8612 863
8
8812 8812 *8612 88 2 88% 83% 865 865
,
89
88
8
28 Oct 563 Sept
4
San'y_No par 20 Sept 30 393 Apr 7
20% 2214 211* 2214 213 2218 56.200 Am Rad &Stand
8
213 22
8 2078 22
4
203 213
1212 Nov 6454 Jan
814 Oct 22 37 Mar 25
8 5,400 American Republics_ No par
8
107 107
8
85 11
814 1014
115* 11% 1012 12
10% 11
8
80 Nov 1445 Sept
8
25 353 Oct 18 1007 Feb 17
375 18.100 American Rolling Mill
4
4 363
3813 383
11
3
35 8 3614 35 301* 365* 3812 3513 37
44 Nov 7454 Jan
8 Apr
4
8 573 598 4.400 American Safety Razor_No par 5212,Inue IR 673 Feb 26
5812 5612 581 2 5712 .58,
5612 57% 575* 595* 57
8
17 Dec 417 Mar
18
No par
618 Oct 24 2612
400 Amer Seating etc
618 612
8
67
5618
712 712 *Ws 712 "fi's 7
714
7
7 Feb
% Oct
8May 6
33
1 Oct 20
112 2,200 Atner Ship & Comm_ No par
'1
1
1
112
1% 13
2 •1
114
114
1
114
420 Amer Shipbuilding new_No par 384 Oct 22 5412June 5
4012
4012 "33
40
90
40
411, 40
384 40 '38
40
1364 Sept
Nov62
8
523 5412 25.200 Amer Smelting & Refg_No par 51 Sept 26 7912 Apr 2
14 5112 5212 5218 533
4
8
5212 54
s
51, 51% 515* 531
100 13312 Feb 8 141 Apr 8 12318 Nov 138 Jag
8
41
8
4
1353 13558 1355 1333 .1345 13618 1,100! Preferred
5
1355* 135 8 "13512 13612 1353 136
8
10 100 Aug 16 1033 Aug 14
1,600' 6% cum 21) pref
4
.
10114 10114 10114 10114 101 1011 101 101 *100 101 1'1003 101
38 Oct 49 July
25 38 June 18 437 Jan 27
500 Anerlcan Snuff
4
4
39 I 393 393
39
8
385 381* 3852 381* *3812 39
39
39
98 Nov 112 Jan
100 10018 Jan 3 112 Sept 18
90 Preferred
110 110 1'110 114
107 107 '110 114
*100 114 '100 114
312 Oct 10 2212Mar 7
312 312 3,200 Amer Solvents& Chem_No par
312 37
8 4
33
418 418
4111 418
418 418
_
No par
534 Oct 23 334 Mar 5
800 Preferred
53
77
77
6% 7
6
11
8 82
77
*8
11
*5
,
4
362 Oct 797 Feb
29 Oct 18 6214 Mar 20
3
* 2918 30 2 7,000 Amer Steel Foundries_No pa
2912 31
8 2912 3078 291s 293
31
3018 317
29
100 11013 Jan 7 116 Feb 25 110 June 114 Mar
170 Preferred
14 11114 11112 111 111 *11112 112
11114 111
111 111
"111 112
40 Oct 85 Apr
39 Oct 18 5512 Apr 16
2,100 American Stores
3914 *3912 4013 3913 40
3912 3913 3918 3918 395* 39
39
4
58 Nov 943 Jan
0
pa
4318 1,400 Amer Sugar Refining No 10r 40 Oct 1 6978 Mar 26
41 14 4112 42
4112 43
43 43
4118 43
42 42
99 Nov 111 Feb
100 96 Oct 23 110 Apr 24
700, Preferred
96
96
98
96
97
99
98 98
*98
1,
. 94 101
896
18 Nov 80 Jan
4
812 011 17 263 Feb 10
.No Par
1,5owAm Sumatra Tobacco_
7
7
6,8 678
8
653 67
8 7
714 714 '65
612 7
17 Jan 327s Feb
18 June 14 2712 Feb 8
1(10
40 Atner Telt* & Cable Co
21
'18
21
2112 '18
1814 1814 20 20
•18
21
*18
4
100 1923 Oct 10 27414 Apr 17 19314 Jan 3104 Sept
4
19518 199% 19.112 19914 194 1963 19514 1988 198 2004 98.000 Amer Telep & Teleg
19418 196
.10 197 Jan 8 26414May 23 180 Mar 23212 Oct
corn...
Arneric.an Tobacco
_
3
25 1075 Oct 22 127 Sept 10
New WI
i06- 112- i061- 1iii4 671.3 111 iiiii Ili- iii" III- iioo Common class B
4
4
108 109
- 7
50 197 Jan 8 26912May 23 66- Oct 235- Oct
8Sent 10
,
25 109 4 Oct 18 1307
8 iii- 117171 50 700 Preferred
4
111lift; Ho' 114 g 11114 . 1093* 1-1-2l- ilifs 1-115- *12512 126 -- -J015 Class B new w 1
100 120 Feb 3 129 Sept 25 114% Nov 12114 Jan
12612 12852 126 12612 12513 126 *12512 12614 "12512 127
4
American Type Founders_100 101 Oct 20 1413 Apr 1 115 Nov 181 Sent
600
102 102
102 103 •100 102 "100 102
10512 10512 101 103
42uly 24 103 Nov 112 Apr
100 106 Feb 5 1143
60 Preferred
2
•96 111 12 .96 111,
109 110
*109 11112 '109 11112 109 109
60 Nov 199 Sept
64,100 Am Water Wks & Elec_No par 69 Oct 22 1247 Apr 23
*
767
74% 7218 7518 x75
73
7612 7012 763* 69
7118 73
Jan
97 Jan 104
9912 Jan 4 10818 Oct 6
400 181 preferred
8
8
1047 104% 104 104 "104 1055 104 104 ,*101 12 1023* *10112 10414
8
8
57 Oct 277 Jan
618 Oct 23 2014 Feb 17
100
618 7
713 712 3,5001 American Woolen
*612 712
7%
7
7
718 '7
7
1518 Nov 68% Jan
100 1814 Oct 23 4413 Feb 18
4 3.100 Preferred
8
1814 194 197 203
20
1852 19
•19
20
4119
185* 19
4 Nov
1818 July
9 May 29
3 Oct 20
1.900 Am Writing Paper ctfs_No par
4
"3
"234 3
3
4
3
314
3
314 312 "3
34 34
4
28 Nov 46 Mar
1.300 Preferred certificates. _ _ _ 100 20 Oct 23 443 Feb 27
27
*21
28
20
30
30
30
*28
3014 29
30 •
30
7 Nov 494 Mar
514 Oct 23 177 Feb 3
prr Zi
57
2,1001 Am eefer ne Lead & Stnelt___25
512
4
514 53
6
6
6
6
8
05 49 Oct 8 797 Jan 20
4
512 57
6Iz 63
49% Nov 11114 Mar
8
Preferred
45
*35
45
45 "35
45
45 .30
*30
*35
45
'30
6714 Dec 140 Mar
_50 33 Oct 22 8112 Apr 2
3318 35 138.000 Anaconda Copper Mining_ par 20 Sept 27 5314 Feb 13
3313 3512 33
3418 3313 347
4
343 35% 343 36
4
4•Sept
46 Dec 893
Anaconda Wire & Cable No
600
21 12 22
22
22
22
21
2314 "2018 23 "2012 23
'20
25 Oct 80 Oct
30 Oct 14 61% Apr 21
No par
8
315 3212 3.400 Anchor Cap
33
8 33
33
327 327
8
8
315 327 "32
33
32
30 Oct 68% Mar
4
143 Oct 22 3714 Apr 2
3,400 Andes Copper Mining_ .No par
1514
147 1518 15
8 143 15
157
4
4 15
1512 1514 153
15
1812 Nov 4912 Mar
Aro par
,
17 2 Oct 10 2914 Apr 5
19
195* 2,000 Archer Daniels Midl•d_
19
19
19
4
193 219
•185* 19
1912 19
19
75 Oct 95 Jan
800 Armour & Co (Del) pref. _100 7112Sept 30 8272June 6
72
73,2 72
73
73 73 '72
73
73
73
74
518 Oct 1818 Jan
74
818 Mar 26
312 Oct 10
Armour of Illinois class A__ _25
4 8.000
312 33
312 384
3
8 37
313 35*
35
2
3
313 3 4
104 Jan
234 Nov
33* 3 4
4% Mar 26
4
13 Oct 23
25
8,500 Class B
2
2
2 18
8 2
17
2
2
4 2
13
2
178 218
67 Nov 86 Jan
100 52 Oct 1 85 June 4
100 Preferred
53
53 '50
53 '50
52 •50
53 "31
8
53
55
•53
614 Dec 407 Jan
5 Aug 18 1334 Apr 21
Arnold Constable Corp_No par
2,400
'6% 7
612 7
6
6
,2
,
64
6'2 8
(I
18% Nov 30 Feb
5% 5%
6% 0-1 2 2018 Apr 28
No par
Artloom Corp
'612 8% •613 813
*612 87
*612 8
3
34 Nov 5834 June
10
*53
4 8% '5 4 8
1,500 Mandated Apparel Ind_No par 24% Oct 24 4818 Mar 15
8
2518 247 2514
2612 2514 2514 25
8 26
25 Nov 703 Jan
4
1112512 267 "2612 267
8
par 265* Oct 18 6012 Apr
Goods
2914 2918 3012 8,600 Assoc Dry
2812 '29
27
,
28 2 27
3412 Dec 4714 Apr
2652 26% 2714 28
8
a5
No 2r 307 Oct 24 51 June 2
40 Associated 011
8'
305* 307
8
*307 40 .3072 40
*307 40
3214 Feb 8612 Oct
307 40
*307 40 .
8
.No par 4712 Oct 18 80$2 Jan 30
All (1 .8 W I SS Line..
800
4918 4913
8
475 477
"4712 50
'4712 51
45% Feb 62% Sept
4712 471_ "4713 51
100 60 June 27 6514 Feb 26
600 Preferred
535 533 *533 54
4
4
533 533
7
4
4
4
30 Oct 7778 July
53 g 53% '533 35
54
3
54
25 217 Oct 23 513 Apr 7
8
8
2212 217 2212 217 2214 35,200 Atlantic Refining
8
22
2314 23% 233 245* 2218 24
8
67 Nov 140 Sept
4
No par 54 Oct 23 1043 Niar 21
3,500 Atlas Powder
56
4
593 855
56,2 54
8
585 5712 55
61
5614 62 "57
90 Nov 10621 Jan
100 9912 Oct 21 108 Mar 22
290 Preferred
8
*
4 9912 9912 1007 1007 "100 101 i 100 100% 6,000 Atlas Storee Corp
4
4
*10114 1013 1993 993
_
,
No par 11 4.) t 22 37 May 15
8
125
4
113 1213 12
12
1114 1218 11
4
113 12,8 1114 12
5 Nov
,
177 July
812 Mar 5
213 Oct 10
No par
Tack
200 AMA
314 314
37
8
"314 37
*3
378 *3
'314 37
3
3
4
Oct 22 2633 Apr 1 120 Oct 614 Sent
764 32,600 Auburn Automoblle—No Par 68 Oct 3
4 71
751a 75
74
6814 733
72%
4
8 723 7812 63
795
7 May 14
2
No par
200 Austin Slcholo
214 214, •
"214 3
'212 3
'24 3
"218 3
.218 3
8
103 Mar 3
4 Dec 351j Aug
152Sept 26
No par
1781600 Autosales Corp
1%
8 2
17
178
8
17
2
2
212
2
2
"2
13 Dee 4574 Aug
50
6 Aug 18 25 Mar 4
I Preferred
*612 10
"612 10
•13% 10
.612 10
*612 10
*612 10
Jan
34 Nov 60
Autostrap Saf Razor A.No par 37 Jan 2 81%July 31
4 6,500
683
694 67
69
66
89
70's 6712 6834 6534 6714 65
6413 Dec 20 Aug
913 Apr 15
3% Oct 7
No par
31
414 17,000 Aviation Corp
414
373 45*
4
4
414
438
4
414 432
,
Oct 66 8 Aug
15
8June 17 38 Feb 18
193
4
283 22.200 Baldwin Loco Works_No Par
2612
2518 2334 254 2653 25 8 2618 24
255* 24% 26
,
100 1041 2June 25 116 Jan 21 10912 Nov 125 Apr
I Preferred
..
*106 109 ".._ 109 *___. 107 "_-_- 107 *____ 10712 *---- 107,2
9313 Nov 11011 Feb
8
310 Bamberger (LI & Co pref..1110 1067 Aug 15 11012 Feb 4
10712 10713'107 10912 .107 10912
4
4
10712 1073 10713 103 "1073 108
4
18 Dec 333 Jan
12 seut 25 203 Mar 5
No par
130 Barker Brothers
13
Jan
"1312 1412 1312 1312 *1314 1334 1212 1314 •1114 13"1114 70 1
70 Nov 97
Oct 9 91 Mar 31
100 70
10 Preferred
70 I '68
"68
70
70
70
*68
70
*68
70
'68
20 Oct 4910 May
25 1418 Oct 22 34 Mar 28
8
8 147 1614 39,600 Barnsdall Corp class A
8
2 14, 1518 1414 153
3
15 4 1618 154 1612 1518 1.03
4
55 Nov 1133 Jan
Clean I nc.____No par 48 Oct 2 68 Feb 4
Bayuk
48 *____ 43 "____ 48 "...._- 43 •--- 48 I
4
95
Oct 1063 Jan
100 94 Oct 23 101 July 24
First preferred
240
95
95
95
94
95
95
95
95
95
Oct
9512 95
*95
69 Dec 131
50 6713 Jan 18 92 Apr 14
76
7741 4,600 Beatrice Creamery
4 7412 7514 7518 78
74
755* 773
72
72
72
10114 Mar 20 10914Sept 22 100 Dec 106% Aug
100
1064 107 I 1,600 Preferred
108 103
4
104% 105 *1013 105
105 105
Jan
105 105
45 Nov 101
28
5014 50% 504 2,500 Beech-Nut Peeking Co._ _20 48 Oct 22 705* Jan 17
50
50
4812 515* 48
4
50 50
50
173 Apr
4% 1)ee
50
2
83 Jan
214 Aug 5
.No par
318 2,500 fielding Hem•way Co.
21
s
3 I
3
4
3 18 *3
3
3
3
,
84% 7Jan
3 2 312,
75 Nov
76% 01 18 855* Mar 19
__._
300 Belgian Nat Rye part pref.
7712
*7612 78 ' "77
77
77
78
"75
,
5
76 8 76% '77 8 78
•B1d and agfer3 prIcea: no sales on this day, z Ex-dividend. YE1(-rbrhts•
578
f_
7I
New York Stock Record-Continued-Page 3
2659
For sales during the week of stocks not recorded here. see third page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Oct. 18.
Monday
Oct. 20.
Tuesday
Oct. 21.
Wednesday
Oct. 22.
Thursday
Oct. 23.
Friday
Oct. 24.
1 Sates
for
the
IVeek
STOCKS
NEW YORK STOCK
EXCHANGE.
Lowest.
$ per share
per share $ per share
Per share S per share 5 per share Shrp•re Indus.& Miscell.(Con.) Par
1818 183
/
4
4 181 1914
1712 193
8 1738 18
1712 1812 173 20
4
29,100 Bendix Aviation
No par
4011 41
404 431g 4114 43
/
1
393 4018 4014 4212 418 43
8
4
7,200 Best & Co
No par
703 723
4
8 723 7438 724 753
8
/
1
4 71
73
/ 724 743
1
4
8 7312 753 85.400 Bethlehem Steel Corp___ -100
8
0124 12414 123 12414 •123 124
122 123
1224 1224 12314 1233
4 1.200 Preferred(7%)
100
*25
26
*24
26
*2312 24
24
*23
24 I 2412 2412
23
500 Biaw-Knox Co
No par
22
*18
*18
21
17
1814 •1818 22
1818 1818 •1818 21
330.BloomingdaleBrothers_No par
*102
_ _ z102 102
1003 1003 102 102 •1004 102 *1003 102
4
4
4
80 Preferred.
100
*
8212 87% *
8212 894 *
8212 823
4 8212 8212 *8212 85
*8212 85
10 Blumenthal & Co pref _-_ _100
*1814 19
18
183
4 16
17
16
1612 1614 164 17
19
4,700 Bohn Aluminum & BrNo par
4 5912 62
,
*6912 62
*5912 62
*594 62
*594 62
5912 5912
100 Bon Aml class A
No par
, 218 218
218 218 *2
2 14
2
2
2
2
*2
21
/
4
700,Booth Fisheries
No par
*
8
1712 *____ 18 •____ 18 *____ 18
_ _ _ 15 *__ _ _ 18
I 184 preferred
100
663 68
8
*673 69
8
6614 684 6512 67
/
1
661 684 674 694 31.300 Borden Co
/
4
/
1
4
/
1
25
1612 173
8 164 17$2 1612 1712 163 163
4
8
4 16
4 163 163
17
8,400 Borg-Warner Corp
10
2
2
*2
24 *2
24 *
2
24 *2
/
1
24 •2
23
8
100 Botany Cons Mills class A50
124 1312 123 151 14
8
/
4
15
1312 157
8 15
1618 153 174 122,100 Briggs Manufacturing _No par
4
*18
1914 19
19
*1812 19
163 1812 1814 1814 184 1814 1,300 Briggs & Stratton
4
No par
414 5
4
/ 512
1
4
41 43
/
4
8
41 414
/
4
41 44
/
4
43
4 5
6.700Broekway Mot Truok_No par
*3012 40
*3012 40
*3012 40
*3012 40
*3012 40
*3012 40
I Preferred 7%
100
107 108 •I0714 109
10712 110
1063 109
4
110 110
11018 11212 4,400'Brooklyn Union Gaa___No par
*36
3712 *36
3712 *36
37
36
36
35
35
*35
36
200 Brown Shoe Co
No par
13
13
13
13
13
13
13
13
13
1318 13
1318 5,300 Bruno-13alke-Collendar_No par
1418 1478 15
1514 1412 1478 1418 147
8 15
15
143 154 6.500 Bucyrus-Erie Co
4
10
29
29
29
2912 26
28
2512 2512 2614 2614 2618 28
2.400 Preferred
10
1
11312 114
11312 1131 *11312 114
11312 1134.11312 115
1143 1143
90 Preferred (7)
4
4
100
514 5
54 6
/
1
4
53
8 512
55, 6
512 5
514 618 6,600 Budd (E 0) Mfg
/
1
4
No par
814 83
8
84 81
814 814
7 4 818
3
73
4 818
74 812 6.100 Budd Wheel
par
*
2718 273
4 2718 2814 *273 28
4
274 2734 273 271 273 277
4 /
4
4
8 1.400 Bulova Watch
No par
183 19
4
19
19'
174 1918 1812 19
*1814 19
19
194 1.700 Bullard Co
No par
*90
96
*
90
95
85
90
85
85
85
85
844 90
2.000 Burns Bros new cl A com No par
19
19
191 191 *19
8
1912 *18
19
*18
19
*18
19
New class B com
300
No par
*9512 97
*9512 97
*95
99
99
90
*95
99
*95
99
10 Preferred
100
253 263
8
8 2612 277
2518 253
251s 2612 2513 264 2512 274 21,300 Burroughs Add Mach
4
-No PrIr
273 2812 273 281
4
4
23
2814 26
28
26
2614 27
2718 2.600 Bush Terminal
No par
100 10214 99
99
98
99
98
98
98
98
*98
9812
250, Debenture
100
•107 113 *108 113
108 108 *108 110
110 110
109 109
50 Bush Term Bidgs prof
100
114 114
114 11
*114 112 *114
112 *114
14
14
14 1.100 Butte & Superior Mining_10
134
13
4 •13
4 2
14 2
3
13
4
1 4 .13
4
17
8 *13
4
11
/
4
500 Butte Copper & Zino
5
13
123 13
13
8
124 123
4 1212 1212 1212 1212 1212 1212 2,000 Butterick Co
100
4838 484 5018 53
/
1
4918 52
4712 503
8 4812 51
5018 5278 16.500 Byers & Co(AM)
No par
*109 110 *109
109 109
10912 10912 *109 10912 109 109
100: Preferred
100
497 50
8
504 5118 507 514 5018 503 *507 53 I 513 514 2.400'Callforrala
2
4
8
4
No par
Packing
7
2
*1
8 1
7
2
7
8
7
8
3
,
7
11
7
7
8
7
11
7
8 1.700ICallahan Zino-Lead
10
36
37
353 36
8
3414 3512 3314 34
3314 343
4 351 37
/
4
5.700 Calumet & Arizona Mining_20
10
10
93 10
8
918 93
2
83
4
WE
812 9
83
8 9
14.100 Calumet & Heels
25
13
1314 *133 144 •13
8
/ 1412 *133 1334 133 134 *1354 1414
1
4
8
4
300 Campbell W dr C Fdry _No par
50 • 5114 5018 5112 5018 5112 50
52
5134 5218 524 53
8.200 Canada Dry Ginger Ale No par
1914 20
1912 193
8 193 193
8
8 1912 1912 1934 1934 1912 20
2.400 Cannon Mills
No par
1118 1118 1118 114 113 114 114 11 18 12
4
12 1 1214 1214 1.100 Capital Adminis el A No par
30
30 •____ 35
35
35
35
35
33
33
3112
50
11714 1193 120 1264 119 1247 11712 1223 12012 12612 (253 3112 1.000 Preferred A
4
8
4
4 12914 98,400 Case Thresh Machine etfs_100
12214 12214 •12214 12212 122 12212 122 122
121 121 I•121 12112
350 Preferred eertifIcates___100
3714 38
3812 39
37'u 3914 37
38
38
384 3518 36
14,5001Caterpillar Tractor___ -No Par
*312
*314 5
*314 64 *314 63
8 *314 63
8 •314 638
Cavannagh-Dobbs Ino_No par
*38
45
45
38 •____ 45
Preferred
100
121
'11
13
*11
1212 *11
113
4 113 111 1418 1712
8
/
4
900 Celanese Corp of Am__No par
9
9 18
9
9
9
9
9
9
9
9
9
10
3.600 Celotez Corp
par
23
/ 241
1
4
24
24
23's 231s 23
2312 24
2412 243 244 2.500 Central AguIrre Asso_No par
8
/
1
312 31
No
*312 4
*35 4
*318 4
*34 4
3'I 4
200 Century Ribbon Mills_No par
*604 691 *60 4 6912 * 4 6912 *6012 694 •603 6912 •603
3
603
4
4 6912
Preferred
100
32
321
311 3214 303 3118 3012 314 301z 3112 303 324
/
4
4
4
8,000 Cerro de Pasco Copper_No par
4
44
41 438
/
4
4
4
*312 5
43
4 43
4 *33
4 44 1,900 Certain-Teed Products_No par
36
37
36
35 4 3612 36
36
3
36
36
37 1 3614 37
1,800 City Ice & Fuel
No par
*
81
82
80
81
80 80
80
80
79
81
804 81
710 Preferred
20
21
z21
22
21
21
20
21
204 2114 20
21
6,300 Checker Cab
No par
47
4712 48
484 4734 4914 46
474 43
47141 45
49
21.4001Chesapeake Corp
No par
1018 l0s 1018 107
s 10
1078
9
94
94
93
8
94 101s 5,000,Chleago Pneumat Tool_No par
*30
35
*33
35
*33
34
30
33 *3012 324 52811 3238
300 Preferred
No par
24
24
*233 233 *2312 2912 *2312 2912 *2312 24
4
*2312 24
160 Chicago Yellow Cab_ _ _No par
*1514 16
*154 16
153 153
8
8 1514 1514 1514 1514 154 153
8 1.100 Chickasha Cotton Oil
10
3212 361± 35
367
3312 35
3418 35
3514 3514 *3612 3712 5,050 Childs Co
No
163 17
8
1612 171
163 173
8
8 1534 17
151 1612 18
/
4
1712 90.900 Chrysler Corp
418 415
4
438
3
/ 4
1
4
312 4
4
4
44 4
9.500,City Stores new
o parpa
rr pa
*_-__ 20
20
20
*20
23
20
20
20 1 201
18
20
1.000 Clark Equipment
par
*28
30
*28
297 *2612 30
*2812 27l2 2734 2814 291 30
/
4
3001Cluett Peabody & Co No par
No
*98 103
*98 103
*98 103
*98 103
*993 103
4
993 99
4
/
1
4
50 Preferred
100
1654 1664 16812 170
167 1681 16611 168
16812 172
171 172
4,200 Coca Cola Co
No par
*513 511 *518 517
4
/
4
4
514 513
8 5178 52
52 , 52
52
52
2.900 Class A
par
*5012 51
5012 51
*51
513
49
50
494 50
497 50
8
1.200 Colgate-Palmolive-PeetNA
*10212 103
10212 1024 102 102 *101 10138 101 . 101
102 10214 1.100 6% preferred
100
12
1218 1212 123
4 1218 123
12
121812
2 1212 14
5.800 Collins & Alkman
No par
' 83
81
81
82
*76
82
*75
80
8412 .76
*76
8415
300 Preferred non-voting_ _ _100
94 94
94 9 8
5
4
012 93
8
912 93
912 10
3,000 Colonial Beacon Oil Co_No pa
2434 257
8 254 28
2612 2784 25
273
8 27
287
8 2715 29
16.200 Colorado Fuel & Iron
100
91
954 933 96
4
90
9412 843 9015 873 924 9112 94
4
4
21,900 Columbian
434 4412 2423 45
8
/ 4318 454 421± 437
1
4
k 424 4518 437 4512 85.300 Columbia Carbon v t e No Dar
8
Gas & Eleo__No pa
1074 10714 *1054 10612 1055, 10612 1054 1063
8 •10512 10614 1084 10614 1,300, Preferred
100
1012 11
114 1214 1114 123
8 1118 1212 1218 1318 124 134 87.1001Columbis Graphophone
/
1
2118 22
21
22
203 21
4
1838 2312 1914 21
203 2112 12.300 Commercial Credit____No par
8
37
37
3612 37
37
37
35
361/ 354 353
4 354 354 3.800!Class A
50
2312 24
*24
2418 *23 2418 23
23 •23
2418 23
23 4 4 240. Preferred B
25
*
92
93
92
92
92 92
90
914 88
90
851z 86
0 690' let preferred (614%)--_100
*2614 27
2712 284 27
2712 26
273
4 2612 29
28
294 7,3001C,om invest Trust
No par
*8112 82
82 82 18 8214 824 82
83
83
83
83 • 83
1,200 Cony preferred
No par
5
5
*4
5
*4
6
4
4
*23
4 4
*3
312
3001 Warrants
100
1712 18
/ 18
1
4
1914 18
194 1714 1812 173 183
4
4 183 1914 58.600 Comm Solvents
4
No par
10
101
104 1014 10
1014
97 1018 • 9
8
/ 10
1
4
9
/ 104 199.400,Commonwith &Sou'rn No par
1
4
993 1003
4
8 994 994 9812 993
4 99
994 987 9914 9812 99
3
8,800' 86 preferred series
No par
36
36
35 4 353 *353 3612 353 353
4
3
4
4
4 354 35
4
/ 353 353
1
4
4
900 Conde Nast Publiea
No par
7
/ 8
1
4
74 8
3
74 8
7
/ 8
1
4
73
4 8
73
4 812 20,300 Congoleum-Nairn Ino_No par
2014 201
2012 201
2018 203
8 18
/ 20
1
4
184 184 183 19
/
1
/
1
4
2,400 Congress Cigar
No par
30
29
2918 31
29
297
8 28
28
27
2712 2715 32
2.600 Consolidated C1gar.....No par
6612 661
6618 67
64
67
6512 66
65
85
65
65 r 6001 Prior preferred
1418 14'o 144 157
100
144 1512 14
141/
4 15
144 154 4.500 Consol Film Indus
/
1
No par
173s 18'2 1712 183 1818 1814 18 181 184 15
/
4
184 1812 1812 3,100: Preferred
No par
9218 93
93
3
961
9318 9712 923 944 94
8
/
1
953
4 9518 9818 1413.900 Consol Gas
Nopar
(N .
103 103s 1033 1037 1033 103
/
1
4
10
4
4
/ 1034 1033 1033 1031 1034 1033
1
4
4
8
/
1
4' 3.000 Preferred
84
14
*2,
No par
84
3
4
2
4
84
/
1
4
7
8
2
4
54
54 2,000 Consolidated Tertile No par
•
1512 1514 1515 153
143 1512 15
8
15
1418 15
1412 1513 3,700 Container Corp A yot No par
*334 37 *37 4
3
/ 4
1
4
*33
4 4
8
334
334
7001 Class B voting
33
4 34
2114 22
21
No par
223
2114 2212 21
2112 22
221
22
23
5.500.Contlnental Bak'g al A_No par
3
318
318 31
3
3 18
2
/ 318
1
4
3
31
3
318 17.4001 Class B
71
No par
7114 7212 721
7012 72
703 71
8
704 72
7114 72
2.500 Preferred
474 4814 474 493
100
8 4612 4914 46
471
4712 483
8 4712 50
24,900 Continental Can Ino___No par
*1312 1312 134 131
12
/ 131
1
4
12
/ 1314 1318 1312 13
1
4
1312 4.100 Cont'l Diamond Flbre_No par
4518 46
451 471
/
4
47
481
46
47
44
4712 453 47
4
7,300 Continental Ins
4
2 4 23
10
3
23
8 27
23
4 2
24 23
3
2
/ 23
1
4
4
24 2
/ 4,000
1
4
13
1314 1318 133
1212 131
12
127
8 1218 1234 1212 13% 55,700 Continental Motors._ __No pa
Continental 011
No pa
123 13
4
4
123 134 123 1314 123 13
4
4
123 13
4
123 13
29,200 Continental Shares_ _ _No pa
754 764 75'8 77
/ 754 7812 7412 76
1
4
7512 774 761 794
/
4
4
1493 1494 151 151
151 151 *14918 1501 •14918 1.5012 148 14918 28,8001Corn Products Refining25
380; Preferred
100
12
1212 117 13
8
12
/ 127
1
4
8 12
121
1218 124 1212 1218 8.800 Coty Inc
No par
281 28
28
29
*2818 2812 2818 281
2814 2814 2812 29
1.900 Cream of Wheat
No pa
153 153 •15 2 18
8
3
8
*154 18
*154 16
•153 16
8
*154 16
100 Crex Carpet
100
•1014 1012 *1014 1012 1014 1012 1014 103 *1014 101a *1014
11
900 Crosby Radio corp-No Pa
4212 •3414 41
*34 I --_- *35
41
*34
35
3612 374 3714
200 Crown Cork & Seal____No pa
7
/ 73
1
4
8
712 712
73
4 74 *7
71
7
4 74 *7
7
500 Crown Zellerbach
No pa
6212 6212 6318 634 63 4 6312 633 64
3
8
•134
65
65
65
1.200'Crucible Steel of America_100
109 109
109 10918 109 110
109 1091 •109 110
108 109
5,600 Preferred
100
814 6 4 *314 6
,
*514 6
514 5
/
1
4
6
6
6
900 Cuba Co
No par
13
8 13
8
14 13
8
112 112
112 14
14 13
4
13
4 2
4,400 Cuba Cane Product& _ _No pa
8 4
*3
/ 41s *37
1
4
*3
/ 4
1
4
3
/ 37
1
4
4
41
44 412 Leoo'Cuben-Arnerlean Sugar ____10
*31
3112 *31
34
*31
34
34
*31
*31
34
*31
34
Preferred
3914 393
10
8 394 393
4 391 393
/
4
8 39
394 393 393
4
4 394 40
/
1
1,700 Cudahy Paciring
50
•Bid and asked prim;no sales 018 ULM day •Ex-dividend. y if:a-dividend
.
and ex-rignill.
PER SHARE
Range Since Jan. 1
On basis of 100-share tots.
No
1
Highest.
$ Per share $ Per share
173 Oct 22 57 8 Apr 7
8
3
31 18 Jan 8 5614 Anr 25
6914 Oct 10 11014 Apr 1
122 Oct 22 134 Mar 22
23 O.,23 4112 Apr 24
17 Oct 21 29 Apr 24
/
1
4
99 May 12 104 0:t 10
74 Feb 7 90 Apr 7
16 Oct 21 69 Apr 7
5912 Ort 24 78 Apr 5
2 June 21
5 Mar 26
15 Oct 9 3314 Jan 3
6018 Jan 8 9038May 23
16 Oct 24 5012 Mar 27
11Sent 3
/
4
5 Mar 27
124 Oct 10 253
2July 23
164 Oct 22 8512 Apr 4
4 Oct 9 224May 19
40 Sept 30 85 Apr 24
1063 Oct 22 17814 Mar 3
4
35 Oct 23 42 Feb 18
1218 Oct 9 304 Mar 31
13 Oct 10 817 Mar 24
8
254 Oct 22 43 Mar 25
10784 Jan 3 117 Sept II
514 Oct 18 163 Apr 15
8
712 Oct 24 144 Feb 6
/
1
261s Jan 17 43 Mar 31
1812 Ort 14 74 Apr 2
843 Oct 24 1104 Apr 2
8
1514June 18 35 Apr 2
894June 17 100 Feb 19
25 Oct 9 617 Mar 1
8
26 Oct 22 4812 Mar 5
98 Oct 21 110 Mar 15
108 Oct 21 118 Apr 7
118 Oct 9
54 Jan 8
13 Oct 1
4
414 Feb 20
12 Oct 10 29 8 Feb 24
3
4712 Oct 22 1123 Apr 28
8
10818 Aug 4 114 Jan 25
49711 Oct 18 7712Mar 6
78 Aug 23
24 Feb 8
3314 Oct 22 897 Jan 9
8
812 Oct 23 33 8 Jan 7
8
13 Sept 29 80 Mar 25
50 Oct 10 7538 Mar 10
1914 Oct 18 344 Mar 18
1118 Oct 14 2834 Apr 4
30 Oct 18 42 Mar 19
11714 Oct 18 8624 Apr 23
115 Jan 16 132 Mar 25
354 Oct 24 7934 Apr 28
3 Oct 14 13 Jan 11
/
1
4
474 Oct 2 75 Jan 18
loss Oct 14 20 July 3
9 July 3 60 Mar 10
2011 Oct 1 8012May 31
/
4
312 Oct 18
814 Mar 27
51 Feb 27 697
8July 16
27 Oct 2 6532 Jan 6
4 Oct 18 154 Feb 6
353 Oct 21 49 Feb 4
4
79 Oct 23 983 Feb 11
4
6778 Mar 27
18
/
1
4Sept 3
43 Oct 23 824 Mar 29
9 Oct 22 37 Mar 31
30 Oct 22 55 Mar 14
/
1
4
1634 Feb 1 82 Mar 20
154 Oct 24 8212 Apr 10
3212 Oct 18 6738June 6
153 Oct 22 43 Apr 11
8
3 Oct 22 1314 Apr 25
12
18 Oct 24 4415 Apr 21
25 Oct 10 60 Apr 5
914 Jan 2 105 Apr 8
1334 Jan 8 1913
2Juve 4
4812 Jan R 53 Mar 21
49 Oct 22 647
8May 2
97 Mar 13 10318Sept 30
12 Oct 18 35814 Feb 13
73 Jan
92 May 24
915 Oct 21 203 Apr 28
8
244 Oct 1
77 Apr 8
84 4 Oct 2 199 Mar 11
3
4212 Oct 22 87 Apr 10
1044 Jan 31 110 Apr 11
1012 Oct 1
378 Apr 28
8
183 Oct 22 403 Apr 1
8
4
811 Jan 2 4438 Apr 1
/
4
22 Jan 8 28 Apr 29
7614 Jan 18 9512Sept 11
26 Oct 22 55 Mar 6
80 June 18 87 Mar 28
4 June 18 2314 Mar 5
1714 Oct 22 38 Apr 11
9 Oct 14 2014 Apr 7
/
1
4
9812 Oct 21 1043
4June
3512 Oct 23 57 Mar 27
74 Oct 20 193 Mar 24
4
1814Sept 29 56 Mar 11
/
1
4
27 Oct 23 593 Mar 17
8
64 Oct 21 80 Mar 25
124 Oct 14 27 Mar 11
/
1
4
1614 Oct 10 2814 Jan 10
924 Oct 18 1364 Apr 26
/
1
9912 Jan 28 !oat:sees 28
, Oct 8
2
2 Jan 27
113
8June 19 2212 Feb 24
34June 18
3
812 Feb 20
1812June 18 5212 Feb 17
2 Oct 22
/
1
4
7 Feb 17
6614June 25 947 Feb 17
8
46 Oct 22 71tsMar 31
114 Oct 1 374 Apr 21
44 Oct 23 773 Mar 31
8
24 Oct 1
84 Feb 19
12 Oct 22 304 Apr 24
124 Oct 14 4078 Apr 1
7412 Oct 22 1111 Apr 23
/
4
140 Feb 10 1514 Oct 16
10 Oct 10 33 Feb 3
/
4
2518 Jan 6 351 Mar 20
9 Jan 22 294 Mar 5
1014 Jan 17 22 Jan 2
34 Oct 14 593 Apr 7
8
6 Oct 14 1812 Feb 19
/
1
4
6212 Oct 18 93 8 Mar 25
3
104 June 26 117 Mar 13
514 Oct 22 1912May 29
1 Oct 2
7 Mar 3
818Sept 30
9 Feb 4
80 Sept 30 653 Feb 11
8
31,115June 25 48 Jan 2
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
per share
25 Nov
25 Nov
7814 Nov
11638 May
$ per share
1048 July
8
12312 Sept
1044 Aug
128 Sent
-224 Dec
100 Oct
7018 Dec
37 Nov
70
Oct
3 Dec
18 Dec
53 Oct
26 Nov
24 Dec
8's Nov
17 Dec
/
1
4
14 Nov
714 Dec
-83i7 Apr
s
111
Jan
118
Jan
1363 Mar
4
8918 Jan
118 Jan
4
634 Jan
1004 July
1433 May
8
154 Feb
6318 Jan
4311 July
737 Jan
8
145 Jan
99 Nov
Oct
36
164 Nov
Oct
14
Mt Oct
1074 Dec
818 Dec
7 4 Dec
3
214 Nov
25 Nov
88 Nov
223
8June
88 Nov
29 Oct
3114 Nov
9118 Nov
105 4 Nov
3
Ps Dec
2 Oct
1712 Dec
50 Nov
105 Apr
634 Oct
1 Oct
734 Nor
26 Oct
19 Dee
45 Oct
27 Dec
17 Nov
29 Nov
130 Nov
113 Nov
6914 Dec
614 Dec
58 Dec
24812 Aull
5112 Sept
5514 Jan
423 Jan
4
50 Feb
117 Apr
2278 Oct
124 Dec
84 Dec
543 July
2
Jan
127
39 Jan
10514 Jan
329
/ Jan
1
4
8918 Feb
1104 May
1184 Feb
124 Jan
/
1
94 Jan
41
Jan
192 2 Jae
7
12114 Jan
/
1
4
84 Aug
81 Oct
21
Oct
3 Oct
5014 Dec
5214 Nov
107 Dec
8
394 Dec
96 Sept
18 Oct
424 Nov
217 Oct
8
47 Nov
214 Oct
/
1
25 Dec
444 Nov
28 Nov
74 Oct
25 Nov
844 Dec
9012 Dec
101 Nov
443 Oct
4
4 Jag
4
1363 Aug
611 Mar
/
4
4912 Aug
984 July
48 Sent
/
1
4
654 Oct
39 Oct
/
1
4
467 Sent
12311 Dec
61 Dec
4218 Feb
1051t Mar
- Feb
794
4834 Jan
2012 Jan
82 Jan
120 Mar
32 July
623 Jan
4
10514 Jan
804 Sep
112 July
4715 Sept
61 Sept
36 Jan
50 Jan
757 Sept
8
135 Jan
27 Feb
611 Oct
/
4
723 Jan
4
119 Jan
1544 Aug
50 Feb
Nov10
72* Mar
65 Dec lows Feb
-273* Nov
105 Nov 344
Oct
iosi-
JUlY
9912 Nov
164 Nov 884 Jan
18 Nov 62 Jan
/
1
4
28 No
513 Sept
2
2081 No
8
28 June
70 Oct 1053 Jan
4
284 No
79 Oct
_
9 Dec -aft Sept
204 Oct 63 Oct
10 Oct 2434 Oct
Nov85
OctIl
No
Oct
Nov
Oct
Oct
Nov
No
Dec
12 May
84 No
2514 Oct
4 8 Oct
3
79.2 Nov
405 Oct
20 4 Nov
3
464 Nov
6 Dec
/
1
4
18 Nov
264 Dec
70 Nov
137 Nov
18 Dec
24 Nov
15 Dec
15 Dec
8712 Nov
17
Oct
71 Nov
109 Nov
6 Nov
_
6 Dec
/
1
4
56 Dec
36 Nov
43
40
63
10
154
8018
924
93 Jan
85 Jan
/
1
4
923 Feb
8
9614 Jan
96 Jan
25 8 Sept
3
303 Apr
4
18314 Sept
1004 Dec
8
63 Jan
2312 Jan
1112 Jan
90 July
15 July
14
100 Jun
92 Set/
3312 Dec
11014 Sept
285 Jan
,5
3782 Aug
45 Dec
/
1
4
1263 Oct
2
1443 -4
8214 Jan
31 Nov
57 Apr
125 Feb
79 Aug
25 4 Jan
3
1214 Aug
1164 Feb
/
1
2412 Jan
"iin
17
95 Jan
677 Jan
2
New Yofk Stock Record-continued-Page 4
2660
For sales during the we:14 of stocks not recorded here, see fourth page preceding.
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Oct. 18.
Monday
Oct. 20.
I Wednesday
oct. 22.
Tuesday
Oct. 21.
Thursday
Oct. 23.
Friday
Oct. 24.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Indus. &Miseeti.(Con., Par
$ Per share $ per share S per share $ per share 3 per share 5 Per share Shares
4 4,300 Curtis Publishing Co___ No par
101 1013
8 3100 101
299 1034 100 10178 100 1017 '
101 101
Na par
4
4
,
11812 11812 11812 11812 *11614 118 3 11812 1183 11818 1183 118 11818 1,400 Preferred
No par
414 37,900 Curtiss-Wright
4
4 18
4
414
4
414 412
44 412
44 412
100
Class A
10,800
534 6
8
4 57
53
8
,
5 3 57
8 6
57
531 6
3
5 4 54
2,300 Cutler-Hammer Mfg_ __No par
8
5014 5014 5014 5012 503 52
8 504 50 8 5013 51
5018 517
7
No par
3
19 8 204 11.100'Davlson Chemical
4 1914 20
193
3
19 4 21
,
19 3 2012 20
203* 19
58
500 Debenhazu Securities
8
164 145 1458
*12
14
8 14
163
1618 1418 141s +12
*12
20
2.300'Deere & Co pref new
8
4 207 21
213
2078 2114 •21.
22
2212 22
8
4
223 227 •22
100
18512 1,300 Detroit Edison
185 18514 185 1854. 18512
18514 188 *185 194 *185 190
400 Devoe & Reynolds A_ _No par
2018
8 20
8
,
3 18 3 184 *185 225
8
*183 223
+1814 20
*1814 19
100
800,Diamond Match
212 212
206 206
206 206
208 208
202 20912 208 208
No par
4,1001 Dome Mines Ltd
818
8
84
8
74 8
8
8
8
8
8
8
No par
4,700 Dominion Stores
14
1413 14
14
143
4 14
4 133 14
4
1412 154 1331 143
No par
3
7214 735 14,600 Drug Inc
72
7313 704 7112 71
71
4 7012 72
6953 703
3,500 Dunhill International_ _No par
10
1018 10
*10
10
10
10
1018 10
1018 104 10
No par
100 Dimino Silk
18
18 1 *14
18 .14
*14
18
4
4
143 143 *14
4
143
*14
700 Duquesne Light. lot pref .100
,
8
*106 1063 *106 10614 106 10813 *105 1054 106 106j.106 106 8
1.300„Eastern Rolling 51111_ No par
10
41 10
4 93
93
*912 94
10
10
10
912 10
No par
4
18214 1863 185 189 I 18812 19212 26.9001Eastman Kodak Co
18514 188
4
1844 1863 186 192
100
6% cum pref
8
8
4
4
4
•1283 130 •1283 130 +1283 130 *129 130 *1287 12912 *1287 12912I 11,600 Eaton Axle & Spring___No par
8
1418, 135 14
8 13
14
14
8 1213 147
1514 1618 1414 157
20
,
4 93 3 9712 198,600 E I du Pont de Nein
9118 9412 9013 943
9713 924 98
8
8 933
9053 943
100
1204 120 4 12012 12012 1204 12014 *12014 12114 1,000 6% non-vot deb
3
12012 12012 12013 121
No par
700 Eitingon Schild
44 5
412
314 314 *4
4 4
33
*314 4
*34 4
100
400 Preferred 614%
5912
5912 4018 4018 .41
340
40
40
40
4018 401s '
40
No par
29,400 Electric Autolite
4
403
38
3812 373 394 3928 42
4 37
3613 38
3034 40
100
320 Preferred
104 101 *104 107 1.'104 107
8 10313 10312r104 107
10414 1057
No par
53 1.300 Electric Boat
3
312 312. *3
314 314
312 312
8
3.4 38
8
8 33
32
4018. 4814 5114 177,600,Electrie Power dr Lt_ _ _No par
4518 4812. 4514 4914 4418 4714 46
47
44
No par
500j Preternx1
31
4
10712 10712 107 107 *1053 1067 106 106 1
108 108
•10814 10914
No par
3,600, Preferred (6)
94
93
8
9513 947 95
95
96
9513 9512 95
96
95
5412, 5,100Elec Storage Battery_ _No par
8
517 5214. 54
52
8
517 5314 50
5114 5212 5113 52
1Elk Horn Coal Corp_ No par
112,
112 *1
.1
113
112 *1
112 +1
112 *1
*1
200 Emerson-Brant al A__ .No par
31
40.13 278 *113 27
,
1 8 14 *1 13 27
8
8 *112 27
*112 27
.
700 Endicott-Johnson Corp_ _ _50
404 404 4012 4013 4012 40381
4012 4012 404 4013 *4012 43
100
100 Preferred
I 11314 1134
*111 116 *111 116 1+111 116 *111 116 *111 116
800.Engineers Public,Serv_No par
48
•42
*4114 48
4314 414 43121 4312 4313 *4114 43
40
No par
100 Preferred $5
9812 904 9018
9812 •90
9812 *90
9813 *90
9312 *90
*90
No par
400 Preferred (515)
9313 944
984 *934 984 *9118 9834 974 974 •9315 98
*96
4
3614. 353 3614, 3,000 Equitable Office Bldg_ _No par
36
37
8 3612 364 36
373
374 374 37
300 Eureka Vacuum Clean_No par
8121
*7
812
*7
701 8
9
*8
9
*8
9
8
3
'
5
5131 1.700 Evans Auto Loading
5
441, 5 1
5
48 5
412 412
412 412
5
5
n214 254 *2214 254 23 251 2 2218 224 2231 2234 *2212 25 1,450 Exchange Buffet Corp-No par
25
Fairbanks Co
*I.34 3
4 3
4 3
*13
4 334 •13
.13
4 3
*13
•14 3
100
40' Preferred
8
8
04
814 81 4 •8
84 812 +814 10
*812 10
No par
8 2,500 Fairbanks Morse
2914 305
29
4 29
293
284 +28
8 28
2714 287
29
*26
100
40 Preferred
109 109 *110 11012 *110 11012 *110 11012 110 110 3 1,900 Fashion Park Assoc__No par
109 109
tI's 73
'6537
7
7
53 7
6
3
74
*7
7
7
15
4 1.400 Federal Light & Trac
4
6012 6012 593 604 5912 5934 *5913 593
3
5
*60 8 60 4 604 604
No par
GO Preferred
9114 *9012 95
91
,
9018 *90 4 95
90
95
*90
95
*90
700 Fedend Motor Truck_ _No par
7
612 612 •6
6
6
8
6
6
6
614 614
2814 2812 284 2914 6,700 Ferri Water Scry A ___ _No par
2833 2718 28
28'2 28
28
2718 28
1,300 Federated Dept Stores_No par
*1918 21
*1918 20
20
20
1912 20
21
1953 1934 21
7,100 Fidel Pheu Fire Ins N Y__ __10
52
51
4 5112 5234 5112 54
524 533
5413 5212 54
5312
No par
250 Fifth Ave Bus
7
7
812
812 .7
812 *7
812 *7
812 *7
•7
No par
Filene's Sons
3_ - 3414
33 +_ _ 3414 .
33 •
33 •
33 ...
•_
100
1101 Preferred
2
*ii 93 •57 93 1.400'Firestone Tire & Rubber_ __10
)
-.
•5( i4 94
921! 94
WI 9014 OiiC.t os
17
•16
16
16
4
8 153 16
3
15 4 16,
4 154 16
3
15 4 153
100
8
8 554 5614 563 5612 3 600; Preferred
557
3
5
63 8 5513 5612 5612 55 4 564 55
4314 13.600,First National Stores_ _No par
3
4114 43 4 4114 4212 42
4512 414 45
4 43
434 433
No par
114 24,400 Flak Rubber
1
114
1
112 114
118 P4
8
13
114
8
13
14
100
314 314 1,100' 1st preferred
8
34 33
313 318
318 412
8
47
4
8
8 47
47
100
2201 1st pre( convertible
8 5
*35
8 5
. 312 353 .33
41
3
*412 5
9
+5
2001Florshelin Shoe class A_No par
*3812 39
3384 39
3912 '
4
383 *38
4 38
*3814 383
39
*38
100
100, Preferred 6%
100 100 .98 100
*100 102 *100 102 3100 102
•100 102
i
No par
2,500:Follansbee Bros
154 16
4
143 15
3
1412 1513 1518 14 4 15
1414 14
14
No par
17,800 Foster-Wheeler
5912 62
5712 60
5614 5812 5814 62
5614 60
5738 61
No par
800 FoundatIon Co
4
83
84 *7
7 18 •7
7
8
8
814
814 .8
*7
3,200 Fourth Nat Invest w w _No par
4 244 26
4
243 243
244 2514
2012 2514 26
26
25
25
No par
3
8 3614 374 3714 398 140.700 Fox Film class A
373
4 35
3414 3512 3514 3318 351 4 373
No par
4
3312 344 314 3312 3214 3414 3312 353 23.200 Freeport Texas Co-- No par
35
3312 344 34
260 Fuller Co prior pref__
4
90,
90
94
4
8931 893 *90
38931 941
89 '
89
4
*893 90
1,200 Gabriel Co (The) cl A _No par
4
313 *3
*2
3
3
312
312 312 *3
4
53
*312
No par
100 Gamewell Co
*5014 55
35014 55
*5014 55
50 50
65
*50
57
*52
5
112 1,000 Gardner Motor
138 *114
118
113
118
112 112
112 112
*112 13*
1,100.Gen Amer Investors _ __No par
54 6
64 618
6
6
*512 612 +512 612
•512 6
100
2001 Preferred
90
*87
90
*87
83 83
89
89
90
*89
90
*89
par
3
684 7012 6918 701 16,200,Gen Amer Tank Car___No 10(1
,
673* 6913 6812 70 2 674 6912 6618 69
4 8,200'Geueral Asphalt
313
4 31
303
3014 30
30
314 3014 31
2912 3018 30
No par
900'General Bronze
8
•135 1473
14
1313 14
14
13
4
*133 15
14
1418 15
No par
1014 1014 1014 1,000 General Cable
3
10 4 1114 104 1018 10
12
12
14
•12
No par
2814 4,000 Class A
8 28
285
28
8 2812 29
297
3018 29
304 30
30
100
440 7% cum pref
61) 25814 614 584 5812 584 581s
60
63
664 *62
65
No par
394 2.400 General Cigar Inc
394 39
3918 3914 3712 38 .38
,
4 37 2 39
393
38
No par
8
513 53 745.500 General Electric
8
51
3
541 1 50
483 504 495 5218
4 52
,
50 2 513
10
4 4.400 Special
4
4 113 113
4
8 1114 114 113 113
8 114 117
4
4 113 117
.1
113 113
No par
4914 5012 5013 5212 57,500 General Foods
3 49
5012 4834 50
4812 4912 494 507
17,500 Gen'l Gas & Cleo A_ -No part
8 618
57
,
54 6 81
8 613
57
611
6
64
6
64
6
No par
800' Cony pref ser A
61 1 6414 65141
60
5914 5914 •5514 59
62
*59
60
60
800 Gen Ital Edison Elec Corp_ __
8
14 334 334 *333 3
337
4 412 * 8 3413 *335 3412 3414 3412. 4,400 General Mills
3314 33
No par
4
8; 443 4578'
447
8
,
,
4313 434 43 8 43 8 4512 443
4 43
433
43
100
400 Preferred
2
4
4 963 9l34 9612 9634 *96, 97 1 9612 9612
963
4
8
*953 963 .96
10
8 344 37 ,435,500 General Motors Corp
3414 355
4
333 3512 333* 35
3
8
327 331:. 33 4 3518
No par
7,100' 35 preferred
3
9613 954 964 957 96141
9718 96
96
8
4
963 974 967 97
No par
800,0en Outdoor Adv A
2712 2712 2712 2712 2712 •2514 28 1
*2512 2534 2712 2712 27
No par
7141 2.600 Common
7
7 1
64 64 . 7
8 7
67
7
7
8 7
*63
2313! 5.100 Gen Public Service_ _ No par
8
2118 224 2038 2114 215 2214 23
2012 2114 2053 22
No par
9,200 Gen lty Slgnal
63
62141 61
60
61
60
61
4 59
3
60
3
60 4 56
59
3 6,200 Gen Realty & Utilities_No par
8 67
63
41
612 63
64 7
714 714
4 8
63
3 612
63
No par
800 55 preferred
71
71
71
7112 71
71
72
7213 72
72
*7112 72
17.500Heneral Refractories. _No par
4813 5014 494 51
5412 464 50
48
55
83
4814 55
1(10 Gen Steel Cast $11 pref_No par
97
9812 97
9313 *97
*97
98
+97
98
*97
99
*97
4
214 2212 2114 223 65.400 Gen Theatres Equip...No par
7
3
204 22 8 2012 22
23
3
8
185 2012 203
,
3714 364 3712 374 38 3 87,700 Gillette Safety Razor _No par
3
4
3412 3714 363 384 354 38 4 3518
No par
13,800 Gimbel Bros
4 7
63
4 718
63
718 74
3
74 8
74 8
8 8
77
100
2.800 Preferred
60
6014 6014 5818 5918 *56
63
63
66
•62
66
No par
*63
8 9,100 Glidden Co
8
81 103 103
107
58 104
3
3
1012 10 4 10 8 10
8
103 1128
12 11
11)
100
1 Prior preferred
85
3_
83 ' _ _ _ 80 *____ 87 +____ 85 l•-_-83 *_ _
•__
No par
4 64 9,600,000el (Adolf)
53
512 6 1
513 54
54 8
574 533
553 6
48.500,00185 Dust Corp v t e No par
3
8
2
321. 317 344 3153 334 3114 324 317 334i 334 3418 10.30Goodrich Co (11 F)._No par
31
31 154 16
3
8
153 15 4 1512 157
16,4 154 16
1618 16
16
100
1,9001 Preferred
6913 70
70
71
71
no 77 •70 77 8 70 70 3513 3712 36 71 1 3813 4073 29,100,Goodyear Tire& Rub_ _No par
3712
42
36
415
8
No par
393 4014 40
600 1s1 preferred
79
731 1 7814 7814 7841 79
80
80
83
•78
80
*78
No par
900 Gotham Silk Hos
4
,
8 4 83
,
82
8
4
4 73
73
833 84
*814 9
753 8
100
120 Preferred
. 6713 674 6712 6712 *6712 69
12
87 671
4
514 1,900 Gould Coupler A
*6701 693 *6712 69
No par
5
514
514
5341
5
612
*54
51
5
512 512
4 14 13.500 Grahani-Palge Motoni_No par
4
414
4
3
48
4
413
4
412 438
44 412
No par
100 Certificates
512
512, *4
512 .4
3
4 4 44 *4
51
512 *4
*4
81 1234 1314 7,500 Granby Cons M Sm & Pr 100
4 1212 133
133
8 13
8 134 143
124 145
8
123 13
3,300 Grand Silver Stores_ _ _No par
284 31
284.
274 2812 28
274 28
30
8 30
30,
No par
29
5.400,Grand Linton Co
4
103 11
8 1013 1018 1014 1041 377 38
3
4
No par
101 104 1014 10 4 1012 107
1,000, Preferred
8
39 1
37 .36
37
*364 40
37
3712 37
No par
37
25'z 251 ' 2512 2513 2,500 Granite City Steel
25
25
26
254 25
25
2519 26
No par
4 3,700 Grant (NV T)
323
81 31
4 294 31 4 314 317
3213 3318 324 323
32
*30
8,900 01 Nor Iron Ore Prop_No par
8
41 183 20
1812 183
,
1918 18 3 19
104 10
1918 1912 19
8 1512 154 1512 1614 6,000 Great Western Sugar_ No par
154 163
1612
8
163 *1512 161z 16
100
16
600 Preferred
104 105
106
10318 10314 *10314 106 *10314 106 *104
No Dar
11.0314 105
54 514 23,400 OrIgeby-Grunow
514
5
4
5
8
518 5,
512 6
538 553
200 Guantanamo Sugar___ _No par
1
1
114
14
*4 2
7
*8 2
*12 2
No par
*12 2
274 274 1,400,Gulf States Steel
*2712 28
28
28
2814 29
3 2812 29
100
I Preferred
3
297 297
95
95 .90 2 95,1 *90
•90
95
*90
•____ 95 •_ ___ 95
J
Highest.
$ per share
99 Oct 20
1144 Jan 29
4 Oct 22
8
55 Oct 22
5018 Oct 18
18e4Sept 30
14 Oct 22
20 June 18
185 Oct 22
18 Oct 2
139 Jan 13
4
63 Jan 3
4
133 Oct 20
67 June 25
10 Oct 10
13 Oct 9
100 Jan 7
8 Sept 27
4
1751 Jan 9
8
1207 Feb 14
1212 Oct 21
9012 Oct 23
114% Feb 4
21s Oct 2
38 June 25
33 Oct 10
10312 Oct 20
214Sept 30
44 Oct 18
105 June 18
93 Oct 24
50 Oct 22
1 Oct 14
1ls Oct 9
38 Oct 10
10712 Jan 7
3914 Jan 2
904 Oct 24
9312 Oct 24
4
353 Oct 24
8
65 Oct 9
4 Oct 9
22 Jan 2
4July 31
13
7 Juno 18
27 Oct 14
102 Jar 7
612 Oct 24
5912 Oct 23
90 Oct 14
6 Oct 71
26 Oct 101
1912 Oct 10
51 Oct 24
7 Feb 11
31 June 10
9011 Oct 20
8
153 Oet 8
5353 Oct 18
4114 Oct 22
1 Oct 10
4
23 Oct 15
3 Oct 21
38 Oct 21
9612 Apr 12
14 Oct 18
5414 Oct 14
7 Oct 1
2314 Oct 9
164 Jan 3
4
313 Oct 22
85 Feb 11
3 Oct 22
50 Oct 21
113 Oct 22
4
53 Oct 10.
88 Oct 221
s
653 Oct 22
294 Oct 18
12 Oct 10
10 Oct 23
28 Oct 23
5818 Oct 24
3712 Oct 20.
4853 Oet 22
1114 Oct 22
itita Jan 17
5 Oct 10
594 Oct 211
3314 Oct 14,
4018June 251
89 June 391
8
327 Oct 18
924June 23
4
223 Oct 14
5 Sept 24
18 Oct 9
58 Oct 20
12
5 Oct 14
71 Oct 22
464 Oct 22
97 Oct 24
1414 Oct 10
3412 Oct 18
4
63 Oct 23
584 Oct 23
1012 Oct 23
88 Oct 16
5 Oct 9
31 Oct 18
1514 Oct 10
6912 Oct 24
3518 Oct 22
784 Oct 22
7 Oct 10
6713 Oct 21
6 Oct 10
4 Oct 7
412 Oct 8
1212 Oct 23
,
27 2 Oct 22
10 June 17
344June 18
25 Oct 20
4
283 Oct 10
18 June 23
1512 Oct 10
1034 Oct 16
5 Oct 10
12Mar 7
4
273 Oct 24
95 Oct 1
$ per share
12618May 29
12118 Mar 19
147 Apr 7
8
1934 Apr 2
9012Mar 31
4358 Mar 31
30 Apr 14
2412May 24
2553 Apr23
4
4
423 Mar 4
25412Sept 8
104Sept 10
3034 Apr 5
873
851ar 10
4312 Apr 7
19 Sept 9
10638 Oct 17
2512 Jan 31
2554 Apr 25
132 Oct 7
3714 Feb 20
14514 Apr 10
123 Spa 25
1078 Feb 6
62 Feb 5
1147 Mar 29
8
4
1103 Jan 7
934 Mar 31
103 Apr 23
112 Apr 25
101 Sept 23
,
79 4 Feb 10
512Mar 24
738 Jan 24
8
593 Jan 22
11314 Oct 24
6712 Apr 7
1074May 26
8
1047 Apr 21
3
50 4June 4
434 Mar 5
3
30 4 Feb 18i
2712Sept 17
7
9 8 Jan 6
4
393 Jan 20
5012May 17
11112May 16
274 Feb 27
904 Mar 18
3
98 4 Apr 22
1214 Feb 26
43 Mar 19
38 Apr 16
4
893 Mar 31
1012 Apr 4
4012 Jan 22
10014Sept 8
3318 Jan 7
8778 Mar 24
8
613 Jan 30
612 Aar 2
21 Apr 2
4
213 Apr 11
5278 Mar 28
10012 Oct 3
8
607 Mar 25
10412June 4
2834 Apr 14
50 Apr 12
8
573 Apr 25
5512 Apr 11
9512Mar 6
1134 Apr 9
80 Mar 28
3
7 4 Feb IS
1612 Feb 18
105 Apr 25
4
1117 Apr 4
7112 Apr 7
384 Feb 151
3412Mar 7
4
743 Feb 5
4
1093 Apr 7
61 Mar 7
3
95 8 Apr 10
12 Aug 27
,
61 4May 1
8
185 Apr 10
10612 Apr 16
8
443 Feb 10
594 Apr 12
064 ()et 21
5414 Apr 10
8Sept 18
1007
4118 Apr 14
2134 Apr 3
524 Apr 7
8
1067 Mar 23
3
193 Ap7 10
100 Apr 14
90 Mar 28
101 Mar 12
5114 Apr 10
1084 Jan 16
2078 Apr 14
8212 Apr 25
38 Mar 20
10518 Mar 27
19 Feb 7
474 Apr 28
5812Mar 25
,
1041 Mar 28
8
967 Mar 31
10214 Apr 30
8
287 Mar 8
8212 Apr 4
154 Apr 23
8
133 Apr I
In Apr 1
594 Apr 2
52 Apr 2
203* Feb 13
44 Aug 4
8
503 Apr 3
43 Jan 9
8
253 Mar 25
3113 Jan 16
120 Mar 14
28 Juno 2
4 Feb 4
80 Feb 19
109 Apr 30
4. - •'-i1
-dividend
• 1115 and asked prices; no sales on We day. S Ex
S Ex-dividend, ax-rights.
V 1fltO ad011ionS
.
PER SHARE
Range for Prerfous
Year 1920.
Lowest.
Highest.
$ per share $ per share
100 Nov 132 gOct
11213 Nov 12134 alay
638 Dec 3018 Aug
8
1314 Dee 377 Aug
_
.
0 .la
211, Oct --9i,, - ;
20 Dec 4678 Jan
151- Nov
24 Nov
117 Nov
6 Nov
12 Oct
69 Nov
25 Oct
10 Nov
4912 Jan
19 Oct
150 Nov
385 -A116
8
647 Feb
16412 Jan
4
11, Aug
544 July
12618 Feb
92 _Jan
7
28 2 Jan
1004 Mar
3912 Sept
2644 Oct
117
18
80
10713
4
39
50
4
1023
314
2918
98
Nov
Nov
Oct
Nov
Dec
Dec
Oct
Nov
Oct
Nov
Nov
128 Mar
4
763 Feb
231 Sept
4
1193 Aug
8
390 Jan
113 Jan
174 July
115 Apr
.18,3 Mar
8653 Sept
10914 Feb
64 Nov
313 June
314 Oct
4914 Nov
10814 Sept
Oct
31
80 Nov
4
843 Oct
3114 Jan
3612 Dec
15 Nov
2214 Jan
3J4 Nov
Apr
11
4
291 Oct
10112 Dec
22 Dec
6012 Nov
90 Nov
5 Oct
28 Nov
2512 Dec
2
47, Nov
6 Oct
30 Dec
84 Dec
2412 1)ec
8332 Dec
4412 Nov
218 Dec
8 Dec
8 Dec
33 Nov
9018 Oct
32'8 Nov
33 Nov
124 Nov
10412 -Oct
1012 Oct
2212 Feb
834 Jan
12414 Feb
8
795 Aug
12314 Aug
109 Oct
41 May
54 Feb
4
733 Mar
2712July
4
133 Dee
35 Jan
644 Sept
8
1107 Jan
724 Mar
1119 June
104 Feb
8
223 Feb
6614 Sept
33 Dee
123 Sept
4
133 Mar
9813 Feb
107 Jan
37 Dec
894 Dec
90 Sept
20, Jan
7212 Jan
8212 Jan
54 Jan
1024 Jan
823 Ault
4
05 Sept
8
695 Apr
Nov 10553 Sept
1914 8
2334 Nov 547 Jan
2
82, Nov 107, MaY
2
5 Oct 3378 Feb
6518 Nov 8312 July
3 Dec 26 Jan
5
7 - *Nov
4214 Nov
24 Nov
23 Nov
634 Dec
102 Nov
42 Oct
16818 Nov
Jan
11
35 Oct
1234
- - Oct
4
943 Aug
81984 Jove
Feb
61
1204 Feb
1(1712 Jan
74 Feb
403 Aug
4
113 Feb
774 July
918
5- 0 Ott Ei-- iiin
Jan
8714 Dee 100
4
3312 Oct 913 Mar
30
Oct
62
Jan
20 Nov 98 Aug
70 Oct 12612 Aug
____ ____ ____ ____
Oct
Aug
8812 -
__ _
813
___- Nov
1012 Nov
66 Dec
26 Oct
95 Nov
913 Nov
314 Oct
.
381 Dec
954 Dec
60 Oct
87 Nov
14 Nov
68 Dee
4 Oct
3
7 8 Oct
7 Nov
4614 Nov
3212 Dec
918 Nov
30 Oct
32 Nov
3212 Dec
19 Oct
28 Nov
105 Nov
1414 Nov
1 Nov
42 Nov
994 Dec
___ _ ___
Oct
143
4818 Jan
94
Oct
5418 July
10613 Aor
66 Feb
82 Jan
1054 Jan
1154 Feb
15412 Mar
2
1047 Feb
60
Apr
10114 Jan
14 May
54 Jan
494 Jan
4
1027 Mar
444 Doc
324 Jan
5438 Jan
8
633 tiept
14453 Feb
3914 Feb
44
Jar
1194 Feb
70 Sept
512 Jan
79 Mar
109 Feb
54
- -
New York Stock Recorci-Continued-Page 5
2661
For sale. during the week of stocks nor recorded here. see fifth
page Preceding
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Oct. 18.
otutay
Oct. 20.
Tuesday
Oct. 21.
Wednesday
Oct. 22.
Thursday
Oct. 23.
Friday
Oct. 24.
Sates
Jo'
Ibe
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Itanoe Since Jan. 1
On boots of 100-share t(43.
PER SHARE
ftapye for Prertosts
1929.
Lowest.
LosT51.
Highest.
$ per share $ per share $ per share S per share
3018 3018 3018 304 3012 3018 3012 30% 3 per share $ per share Sharrr Indus & :1118C1,11.(Con.) Par $ per share 8 Per share S per share $ per share
*30
305
8 30
460 Flaokensack Water
30
25 26 Jan 4 38 July 29
•
28
30
*23
2312 Nov
30
35 Aug
23
28
28
28
30
30
*30
3012
160 Preferred A
"5 26 Jay 6 30 Aug 27
26
7% 87
2
Jan
30 Aug
84 81*
813 8%
8
8
812
814
73
4 814 17.300 Hahn Dept Stores
NI par
6018 61
718 Oct 9 2314 Apr 17
12
61
Oct 563 Jan
63
4
62
6212 61
6218 60
61
6012 62
5,000 Preferred
100 59 Oct 17 8613 Apr 17
173 1813 r173 18121813 19
4
7134 Dec 115
Jan
*173 177 *1712 177
2
2
18
1913 1,100 Hall Printing
10
171 Oct 20 313 Mar 25
*105
4
27 Dec 297 Deo
*105
8
- *11
105 105 *105 ---60 Hamilton Watch pref
100 99 Jan 7 10518 Oct 9
93 93
95 Nov 1055 Jan
*92
9234
8
92
--92
*92
- -- 92
3
4
9214 92
92
100 Hanna pref new
No par 85 Jan 16 98 Apr 14
4512 45 8 45
,
45
45
45
45
46
*4414 46
*4513 461
1,400 Harbison-Walk Refrac_No par 45 Oct 14 724 Apr 21
512 53
4
54 Jan 87, Oct
53
8 54 *512 6
53,
512 514
5
5
512 1,200 Hartman Corp class B_No par
•11
5 Oct 24 20 Feb 5
133
4 13% 133 *11
13 Oct 4174 Aug
4
13 4 *1213 13% •11
,
14
*12
133
4
300 Class A
Na par
13 8 Oct 20 2314May 24
4
3
4
,
167 Oct 31 Sept
3% 37
34 37
3 2 3% •33
,
35, 418 2.000 Hayes Body Corn
8 33
4
No par
8012 8012 803 8013 7912 7912
312 Oct 22 173 Apr 4
4
512 Nov 683
8
2May
*78
81
81
81 ' 81
81
1,400 Helme (CI W)
25 7712June 19 92% Feb 12
1712 18
16
84 Nov 1184 Jan
1713 16
16
1512 16
15
1514 .15
16
3,500 Hercules Motors
No par
*120 12114 120 120
15 Oct 23 31 Apr 11
2112 Dec 3312 Oct
120 120 *120 12114 120 120 *120 12012
120 Hercules Powder $7 cum p1100 117 Jan 28 1233
783 80
4
4June 4 11218 Dec 121
76% 8113 79
Oct
813
4 Ms 78
8012 81
81
8212 5.500 Hershey Chocolate_ _ No par
70 Jan 2 109 May 28
92 4 92 2 9214 93
,
,
45 Nov 143% Oct
9214 9314 913
4
9512 927 92% 2.000 Preferred
No par 8313 Jan 2 10834June 3
1083 1083 •1083 10912 *1083, 10915 1034 9214 •92
4
4
60 8 Nov 14314 Oct
8
5
1083 1083 1033 *10714 1073,
4
4
4
500 Prior preferred
100 14412 Feb 21 1083 Oct 181 104
*7% 712
Jan 1063 Oct
74 74 *612 783 *612 722
2
68 67
*7
200 Hoe (It) & Co
10
No par
31
6 Oct 14 2514 Feb '271
32
31
12 2 Dec 33 Aur
1
32
32
32
3152 32
32
32 I 3214 32% 1,900 Holland Furnace
No pox 264 Jan 14 4114 Mar 28, 21 Nov 51 Mag
5 4 53
3
4 *513 612
5% 512 •
513 512
514 6 1 *514 6
400'Hollander & Sons(A)__No par
•78
5 June 18 125, Jan 22
4880
82
*76
13's May 2453 Aug
81
81
80
80
*78
84% 82
82
200 tiomestake Mining
100 72 July 12 83 Sept 26
512 53
4
65 Nov
93 Aug
513 57
53
8 613
54 6
57
8 64
6
6% 5,800 Houdaille-Hershey el B No par
5 Sept 30 29 Feb 5
*68
70
6812 6813 6812 6813 68 68
52345137
13 Nov
6314 6814 68
800 Household Finance part of _50 49 Mar 5 68% Oct
68
47
491
4914 527
45 Aug 5214 Sept
16
46
52
4418 4712 453 4812 47
482 36,900 Houston 011of Tex tern etP.100 4412 Oct 22 1167 Apr 25
2214 223, 22
,
2234 2214 2212 2214 21
26
Oct 109 Apr
223 243
4
8 23% 24
5,100 Howe Sound
No par 2114 Oct 10
2112 2112 215 2212 20 4 228 197
8
3434 Nov 8213 Mar
3
203
4 2018 2012 2013 2214 14,800 Hudson Motor Car._ No par 197 Oct 22 4178 Feb 7
77
k
81
6272 Jan 6
73
38 Nov 9312 Mar
4 814
8
77
8 8
77
814
74 8
3
84 10.300 Hupp Motor Car Corp
10
157 16
7% Oct 10 2952 Apr 11
2
16
Jan
18 Nov 82
174 15% 17
158 1512 153 164 1614 1814 16.800 Independent 011 & Gas_No par
8
1518 Oct 22 32 Apr 7
314 383
314 314
4
173 Oct 39 8 May
3
318 314 *31 3 3
18
313 3 4
,
34 312 1.300 Indian Motocycle
N. par
3Is Seat 30
63
3 7
17 Mar 4
612 73
312 Oct 3212 Jan
4 182
6
0
6
512
6%
514 618
44.400 Indian Refining
10
40
514 Oct 22 2838 Mar 22
401
40
1318 Oct 53 Aug
41
4 41
43
394 403
4012
5'3
4"
48
7,200 Industrial Rayon
No par 31 Oct 10 124 Jan Iti
177 17712 176 180
6812 Nov 135 Jan
176 176
176 177
17612 177
177 183
2,400 Ingersolt Rand
No par 13414 Jan 8 239 Apr 24 120
6718 6818 66% 6718 64
Jan 22312 Oct
66
93 64
6518 6518 *6314 6512 2,200 Inland Steel
No par 63 Oct 22 98 Mar 11
812 87
8
87
71 Dee' 113 Aug
8 831
8
812
8
84
8
8'
8's 84 7,300 Inspiration Cons Copper...20
8 (P121 30% Feb 7
914 914
4
22
918 518
8% 913
Oct 6813 Mar
8% 83
8
84
9
9
1,300 Insuransharee Ctfs laa_No par
8 Oct 23
*
84 9
1312,1tny 32
8
8%
75, 75
8
8
818
731, 8
8 1.800 Insuranshares Corp
No par
753 Oct 24 173
*2
3
81dar 10
12 Dee -*214 27
lit- Nov
2% *Vs 27
8 .213 27
8
2% 212
400 I ntercont'l Rubber ._ _ _No pa
212 aept 30
1514 1512 147 1512 1514 16
712 Apr 1
2 Nov
144 Jan
15
15
15
15
143 143
2
4 9,000 Interlake Iron
No par
1454 Oct 20 2874 Apr 2
414 414
_
414 414
414 44
44
418
418 44
44
414
900. Internal Agricul
No pa
52
3 Oct 10
*43
812 Apr 7
47 •43
Oct l77 Jan
4
46
47
4714 *42
46
4318 45
*45
46
600, Prior preferred
100 4214 oct 10 6714 Apr
131 13514 13514 1413 138 141
40 Nov
8812 Jan
4
13518 138
13914 146
1447 1463
2
4 9,0001Int Business Machines_No par 131 Oct 18 19712May 9
10
28 109 Nov 255 Oct
104 10
10% 10
103
8 10
1012 10
10% 10
104 18,300 Internal Carriers Ltd_ _No par
10 Sept 30 1934 Mar 29
1
557 5614i 55 8 57
8
58 58
56
57
57
57
58
587
s 2.500!International Cement __No par 55 Oct 9 753 Apr 2
318 33,
8
318 38
48 Nov 10234 Feb
314 313
3
3
3 14
314
3
312 9.400iluter Comb Eng Corp_No par
3 Oct 22 1413 Mar 26
•
40
50
*40
51
44 Dec 10312 Feb
*41
49
4512 4512 4512 4512 45
4613
500 Preferred
100 30 Jan 2 78 Apr
54314 6112 563, 601s 5912 617
5712 5932 60
1812 Dec 121
64
Feb
61
635 36,6001 Internat Harvester_ ___No par 5614 Oct 21 115 4 Apr 1
8
*14512 146
3
14512 14512 14512 1451 14512 14512 14533 1454 *1453 14512
16
65 Nov 142 Aug
8001 Preferred
100 14012 Feb 10 146128ept 25 137 Aug 145
283 3014 29
4
3012 2912 303
8 28
Jan
2918 28
2914 28
30
26,500 lot Hydro-El Sys el A_No par 28 Oct 22 54 Apr II
6414 68
64
6678 62
23 Nov 6912 Sept
67
6212 6313 64
643
4 6412 65
163, 174 167 17
2
47 Nov 10212 Jan
16
1714 1552 1612 153 1534 157 167 10.000 International Match pref. _ _35 62 Oct 21 92 Apr 24
4
2 6,000 frit Mercantile Marinectfs_100 15% Oct 22 33 Apr
1612 167
8 167 1814 1(17s 18% 165 173
17
1812 Nov
8
3918 Oct
4 175s 184
173 185 293,300,1nt Nickel of Canada__No par
8
457 457 *45
1612 Oct 18 44% Apr 4
48
45
45
25 Nov 723 Jan
*4612 48
*4518 48
4
48
48
130 Internal Paper pref (7%)-100 45 Oct 9 86 Apr 29
*
8
10
814 9
912 91
77 Nov 9412 Jan
83, 94 *9
94
913 912 2,000,Inter Pap & Pow el A__No par
*612 8
8 Oct 17 3118 Mar 22
63
4 712 *711 8
20 Noy
712 8
4414 Oct
*7
8
74 714 1,300; Class B
*4
No par
5
514 Oct 8 223 Apr 14
*4
5
*414 5
*4
4
12 Nov 33% Oct
5
44 5
5
5
2,7001 Class C
*45
99
*45
No Par
44
99
*4412 49
*44
49
9 Nov
45
VP& Oct
46
*45 48100 45 Oct 23 18 Apr 14
500' Preferred
22
231 *20
Oes 8 86 Mar 26
2314 20
20
*20
21
77 Nov 95 Oct
191 197
8 193 20
4
1,300 lot Printing Ink Corp _No Par
*7512 78
7514 7511 *75
193 Oct 21 EMI Apr 5
4
78
*75
40 Nov 8818 Oct
78 .
75
78
*75
78
40, Preferred
4
343 36
100 75 Sept 29 101 Ayr 12 I 9172 Nov 106 Mar
3614 374 3618 3982 363 37
353, 37
8
37
373, 6,7001 International Salt new. _ s _100
*53
531
53 53
521 2 53
52
4Juue 20
53 •513 52
4
*513 5212 1,800 International Shoe_ ___No par 31 Oct 10 453
4
•
55
65
*5512 60
52 Oct 23 62 Jan 15
5512 56
*55
65
Sept73,
54
Oct
*55
65
*55
65
1.100 itirertralonal Silver
263 273, 2712 29% 28
8
100 5512 Oct
297
8 2718 28 2 28
95 Nov 15912 Allg
,
2912 29
313 98,500 Inter Telep ez Teleg_ __No par 2518 Oct 9 119 Feb 1
4
7
1714 17
1712 184 1731 1814 1712 173, 1814 1872 19
10 773 Apr 24
2
53 Nov 14914 Sept
19% 3,400 Interstate Dept stores-No
70
70
72
1714 Oct 18 40 Feb
72
73 73
Par
*60
72
25% Oct 9312 Jan
*68
7318 *68
734
110 Preferred ex-warrants_ _100 (10 Aug 16 80 Aug 4
12118 277 *2012 25
*
204 2714 *2018 274 *21
29
74 Del
97 MaY
2714 *21
25
.Intertype Corp
No par 213 Oct 11 32 Apr 9
4
17 Nov
8
2
387 July
83
8
8
9
812 83,
8 2 81,.
,
83
8 83, *8
814 2,00() Investors Equity
274 23
27
No pa
27
8 Oct 10 29 Feb 19
28
28
25
25
*2613 28
1212 Novi 7214 Aug
•2613 28
800 Island(
4014 4212 41
-reek Coal
25 Oct 22 43 Mar 19
421 *4212 423
1
4 4218 423
39
4 4214 4312 43
Oct 69 Mar
43
2,200 Jewel Tea Inc
6618 68
69
No par 4014 Oct 18 6612 Apr 30
71
673 7212 663 7012 68% 7313 723 748
2
4
39 Novi 16214 Feb
4
24,500 Johns-Manville
123 123 123 123 *121 123 *121 123 *121 123
No Par 6412 Oct II, 1483 Feb 5
8
90 Non 2424 Feb
4
*121 123
90 Preferred
120 120
120 120 *12018 1201. 12014 12014 120 12018,*12018
100 11814 Fob 24 123 Mar
12014
100 Jones & Laugh Steel pref _100 11812 Jan 6 12312 Apr 21 118 Nov 123 May
53
31
3
4
3
4
%
11 117 June 126
3.
5
8
Oct
14
5
21
19
12 7,7004ordan Motor Car
14 oct 23
832 838
No pa
834
834 •83t 87
512 Apr 9
84 833 *814 81
1'2 Oct 1612 Jan
/ 812 834 1,600 Karstadt (Rudolph)
•
17
1712 17
(let 10 1312 Jan
17
17
17
1(17 Novl 1374 Nov
8
16
•133, 10.7
17
17
17
1,200 Kaufm ann Dept Storea_512 50 16 Oct 23 2012atar 16
15
1738 17
1712 1712 173
7
17% 18
1714 Dec 374 Feb
18
1814 13
1914 6.400 Kayser (.11 Co v t c__ No par 15
*____ 45 •____ 45 •
Oct 18 4112 Jan 2
45 *___ 45 '30 Nov 5812 July
45
_- 45
Keith-Albee-Orplieum _ No par 21 Jan 8 45 Apr 23
*
95
98
*95 102
95 95
*DO 110 .00 110 I '
1512 Nov, 46
Jan
3;5 110
00 Preferred 7%
2
2
100 85 Jan 7 150 Apr 24
2 18 24
2
2 18
2
2
Jan
70 Novi 134
23,
2
2
2,900 Kelly-Springfield Tire_ _No par
1314 1314 13
17, 16
8 4..4
13 : 18 16
612 Apr 10
1_3 _
.
133 14
3 Dec 23 * Jan
4
1312 133
7
4 13
13
270 8% preferred
*____ 40
100 11 Oct 10 92 Jan 24
38 •
____ 39
16 Dec 9471 Jan
35
1 6% preferred
1914 2112 1912 2012 20 2 201, 1913 2013
100 29 Jun 2 65 Jan 25
3
26 Dee 100 Feb
1918' 2018 204 213 11,700:Kelsey Hayes
4
Wheel_ „A' par
N,
1918 Oct 22 3912 Apr 11
812 9
/
83, 9
83
4 9
8
185 Nov 59'4 May
82 9
,
858 8%
812 9
16,600 KelvInator Corp
50 50
50 50
712 Jan 2 2653 Apr 25
54
54
•
50
54
Oct 1914 Feb
5
50 50
*5013 54
60 Kendall Co Prof
2618 2613 26
No par 48 Oct 11 89 Mar 21
267
8 2514 26
25
2512 25144 253
75 Nov 96 Feb
4 2518 263 102,300 Kennecott Copper
2
43 43
No ;,or 25 Oct 22 623 Feb 7
42
433
4 43
495, Nov 1041 Mar
4
44
43
443
2
443 44% *447 4612 2,100 Kimberley
8
2
*2014 2514 *2014 23
-Clark
No par 42 Oct 20 59 Mar 31
*2014 23 •
4514 May 571% Oct
2014 23
194 2014 *193 20
4
400 Kinney Co
7014 7084 *70
112 610634 (Sc,ct, 23 9 12JA po 17
No 7
7.114 6942 70
7014 •70
2
47 un r 4
0
2112 No
4412!my
66
6912 *6612 70
2101 Preferred
14 2
1% 2
14 2
1% 1%
80 Oct 109% Mar
Di) 13,
112 las 6,500:Koister Radio Corp.._No par
11 2 Oct 22
812 Apr 14
2614 2358 2614 263
312 Dec 7852 Jan
4 2618 2613 2618 2614 2614 27
267 '28
49% 49% *
16,200'Kresge(S Si Co
15
50
*45
101 2618 Oct 21 363 Jan 2
49
*45
4
43
28 Nov
5712 Mar
4314 4814 .43
49
2412 243
4 25
300 Kress Co
25% 243 253
Na par; 4814 Oct 23 70 Jan 24
4
4 2412 248 2413 24% 2413 253
4312 Nov 114
Jan
8 61,300 Ereuger
23
24
234 2412 23
I 23% .Is 2 355 Apr 10
2414 227 24
8
233 2514 243 265 33,500 hroger & Toll
22% Nov
4653 Mar
4
8
8
Gime It Bak__.No par' '21 1411144 lit 4812 Jan 23 32 Jan
Nov
12
TO
70's 79
t
L. t,or i 0.
Laf Ol 4.14 1rransport-No :.ar
82
80 - 1-, -7 913 - -3- 81
82 2
21 14 Jan II
2912July 17
7
11 2
8'4
1l1'2 NovN ov
3418 June
8112 8212 8212 6.100;
4
4
3 2 3%
7
N., nee "M's1 , rt. la 113 Apr 1
35
3 2
52:
3 4 3% *34 4
3
8018 Nov 15714 Mar
*33
17
37
2
17
600 Lee Rubber A Tire__.No par
163 163
4
4 16
17 1 16
It Oct 15 It Mar 25
16
•16
5 Oct 25
Jan
18
*16
20
*100 103 *100 103
1,200 Lehigh Pertlaud Cement...5u
100 100
16 (14.1 21 42 Apr I 100 Nov 65 Feb
*9913 103 •9912 100
30 N„v
9912 100
1401 Prenrred 7.1.
8
812
81a 813
8 2 8%
,
8l
8
9
1103
4
53,
812 83, 3,700 Lehigh Valley Coal.___No 1011 9912 Oct 21 10812alay 24
*
20
26 *____ 2418
ear
2418'*____ 24
714Jace 18 1712Mar 17
Oct 32 Oct
10
2312 •____ 2318
I Preferred
61
615
8 61
63
6012 62341 60% 62
rk
2218.144ne 26 3712 Mar 19
623 64
4
31 Dec 445 July
2
6414 657 11.900 Lehman
214 22% 21% 2212 21
Corp (The)_ _No par 60 oct 10 9714 Apr 15
22
2114 22
213 237
4
8 233 243
4 4.000 Lean A Fink
51442 144 •144 143
4 143 143
No par 21 (Pa lo 36 Apr 14
2
8 14
1438 1312 14
28 Nov
1353 133
4 3,900,Libby Owens Glass
86
864 8614 8614 86
868 *85
No par
88 •8513 87
Oct 43 Aug
17
87% 873
81 1,700'Llggett & Myers Tobacco. _25 1 33, 0,81 24 31127,ler 29
8614 874 8618 88
86
87
853 867
8
85 Jour IS 1133 Apr 1
8 853 87% 8713 90
4
2
8014 Nov 106
Oct
14,4001 Series 11
*19
20
1812 22
22
223
4 204 21
85 June 2a 1143 Aor 1
8
218 22
80 Nov 10614 Oct
2014 204 4,300 Lima Locomot Works_5/
1 378 *37
*373 3912 *373 39
8
8
37
0 par
1812 Oct 20 4914 Feb 15
373 *37
373, 37
30 Nov 573 July
2
37
200 Link Belt Co
48
50
4814 748
49
49
4612 484 48
No par 37 June 25 4553 Feb 21
373 Nov Cl
2
4813 48
Feb
50
4.200 Liquid Carbonic
524 514 54
573
4 5313 553
4 5212 557
par 454 Oct 1() 8178 Star 28
544 57
40
Oct 1137 Jan
2
5612 5812
*100 10612 102.2 10212 *100 10612 9814 100
101 101 *100 103 136.600 Loew's Incorporated___NNou
4212 Jan '2 953
4May 14
32
Oct 8412 Feb
4001 Preferred
*9514 97
07% 373 *954 97
I
2
•9518 95 2 9518 96
8552 Jan 17 1123
,
sJune 3
80 Oct 11012 Jan
*954 96
3I
3l
3001 Pref ex warrants
3 4 34
,
33,
34
,
No par 785
V° r
3
312 31
8alay 5, 9934 Oct. 3, 30%
95 Mar
318 33l 6,300,Loft Incorporat
•53
ed
4 718 *7
No par
3 June IS;
63 Feb 191
3 Noel 114 AV
2
1.8 Dec,
712
7
7
612 03
4 *6
63
*6
V,
7
400 Long
50 8 513
3
4 503 53
8
5118 5212 504 513
612 Oct 22 135451ar 22 I 12 Dee! 3212 Jan
51
523, 52% 537 12,000 Loose Bell Lumber A_ _No par
8
1412 15
143 1553 145, 157
2
-Wiled iliscult
8 143, 14 2 145 15
25 5014 Oct 22 7014 Apr 2
'
8
3
394 Novi 877 Sept
4
147 155* 33.000 LorilLual
8
4% 514
512 612
57
1 45, Oct 22 281854ar 8
52 6
3
25
52
1414 Oct 3182 May
6
7
11,300 Louisiana 011
*50
72
72
pn
No ioo
43, Oct 18 12 Apr 28
72
7 Oct
72
18 Jan
72
3014 30% 303 31% 3012 323, 3012 307
8
Preftsred
8
783 Oct I 90 Sept 4
8 3012 3113 317 3214 5,6001Loui
80 Nov 10014 Feb
4
143 15
13
svilie 0 de El A.._No par 3014 Oct 18 6114 Apr 25
1513 143 15
143 15
4
15
1514 15
28 Oct 723 Sept
8
15
3,300 Ludlum StetI
60
60
*53
62
*
58
60
60
1412 Oct 10 447 Mar 12
60
4
22 Nov 1087 July
62
*58
4
62
200 Preferred
24
24
21
aur53
24
24
24
par 58 Oct 9 923 Mar 18
24
21 .24
4
76 Nov
30
la June
*24
30
42'8 41
1.000,MacAndrews & Forbes_N00 9
424 4512 4312 45 .1 42
3
3
NN0 p
23 Sept 30 39 Apr 3
43
42
3014 Oct 46
43
43
Jar.
4414 6,9001Mack Tuck, Inc
106% 106% 109 11112 10614 110
'So par 42 Oct 22 8812 Mar 27
1063 1083 108 110
4
5512 Nov 1143 Feb
4
4
11014 1143
4 3,700 Macy Co
7 4 74
,
7
,
7
*7
714
No pas 10614 Oct 21 15914 Feb 3 110 Nov 25512 Sent
63
7
6
614 *612 7
1,300
2012 20,
4 2018 2013 204 21
6 Oct 23 153
20
8June 6
2014 2014 2013 2012 211 10.400. Madison Sq Garden_ _ _No par
1112 Nov
24 Feb
4
Magina Cp
4
*4
oper
412 *4
par 20 Oct 22 623 Jan 7
414
4
4
4
35 Nov 8212 May
33
4 4
I
*312 41
1,000.Mallison (H It) & Co_ No pr s
*158 3
*15
8 3
34 Oct 23 13 July 3
*15
3
•13
6 Nov
8 3
393 Jan
`13
2 3
3
IsIanatiSugar
4
*53 11
*54 143 :51 1,13
2
100
112July 8
4 *5 4 143
8 Jan 29
3
4 *53 144 *54 1434
3 Dec 26
Jan
4
117
*10
8 10
10
10
I Preferred
100 1114Ju1y 14 50 Jan 28
10
1972 Dee 5012 Jan
718 83, •7 4 12
,
5714 12
500 Mandel Bros
*1014 1012
932 10
718 0322 15 Jan 14
934 97
No par
.95 103
14 Oct 383 Mar
4
4 *813 1012 105 107
2
2
2 1,3001Manhattan Shirt
2
2
23
4 23
4
3
3 13
9 Oct 2 24 2 Jan 10
3
3
3
1914 Dec 3552 Jan
314 314
3
3
1,500 Maracaibo 011Explor No par
2612 26% 2614 363
4 24318 263
2 Oct 18 104 Mar 18
4 264 264 26
54 Dec
1812 Apr
263, 26
2
•2612 2712 27
63, 8,1011 Marine Midland Corp
27
2614 2712 25
10 26 Oct 23 3212 Aug 6
26
26
26
*26
30
51 j
51
1,600 Marlin -Rockwell
514 514
512 531
No par 26 Oct 22 55 Feb 28
518 51 2
30
Oct 89% May
6
6
612 (514 4,300 Marmon Motor Car
5 8 Oct 22 3117 Apr 9
,
No par
2
19 Nov 104 May
*Bid and naked prima; no galas on HAI day. y Ex-dtvIden
ds, ex-riguta.
2662
New York Stock Record-Continued-Page 6
page preceding.
For sales during the week of stocks not recorded here, see sixth
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Oct. 24.
Oct. 23.
Oct. 22.
oa. 21.
Oct. 20.
Od. 18.
Sate,
for
eke
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.
Highest.
Lowest.
Per share 2 per share
per share 5 per share
$ per share Shares Indus. &Miscell.(Con.) Par 534 Oct 23 4818 Apr 24 5
$ per share $ per share $ per share $ per share $ per share
4 3,900 Marshall Field & Co___No par
8
3414 343 343
3412 344 3418 344 34
.717.35
35
8 Oct 11
-212 Nov -18- - 35
35
3 Jan 8
35
1.500 Martin-Parry Corp_ __No par
4
63
8 *6
8 63
*55
6
6
8 64
63
29
Oct 218 Feb
4 613
53
64
8June 25 5138Mar 28
8 6,500,Mathieson Alkali WorksNo par 323 Jan 24 136 Oct 7 120
4 3412 343 347
8
4
8
4
Jan 12.5 Jan
7
33 8 3414 333 3512 343 3418 333 3413 333
100 115
30 Preferred
134 *122 134
134 134 *122
4513 Dec 108-2 Jan
•134_ . 134 134
*134
25 3313 Oct 14 6138 Jan 31
3718 354 364 3512 3612 4,500May Dept Stores
35
8
347 36
37
1638 Oct 2912 Aug
3512 37 7 Sept 26 23 Mar 2f)
3513 No par
700 Maytag Co
8 814
8 814 *73
8 713 •73
712 73
712 712 *73
4
713 713
2814 Dec 4914 July
No par 19 Oct 22 404 Apr 7
600 Preferred
4
183
1812
19
19
19
7512 Nov 9018 Jan
1914 1914 •1938 204 19
*1914 25
No par 71 Sept 8 8412 Mar 26
500 Prior preferred
71
71
71
71
71
71
71
71
81
*71
3914 Dec 108 Oct
71
7
71
No par 33 8 Oct 1 50 Apr 1
800 McCall Corp
38
37
3514 3514 *354 37
*3514 38
4
74 Dec 1133 Feb
4
364 383 2354 39
90 McCrory Stores class A No par 48 Oct 22 74 Jan 2
49
*48
48
48
48 48
49
*48
49
•48
70 Dec 11511 Feb
49
*48
par 46 Oct 21 70 Jan 16
No
220 Class B
8
8 467 464 *4613 47
477
*46
46
8 48
477
8613 Nov 120 Feb
*46
4614 47
100 78 Oct 1 97 Mar 24
101 Preferred
94
•82
94
*82
94
834 8312 *82
30
Oct 48 Feb
84
*82
94
*82
500 McGraw-Hill Publica's No par 30 Oct 22 44 Apr 7
8
314 •3012 3114 •317 32
*3018 3114 30
1213 Nov 2313 Jan
8
*3018 3114 *304 31
3.200 McIntyre Porcupine Mine8_.5 143 Jan 2 1912 Apr 23
18
174 174 18
4 174 18
s
177 177
54 Nov 82 Jan
Jan 2 8912./.me 4
*174 18
8
*177 18
8
747 12.200 McKeesport Tin Plate_No par 61 Oct 15 373 Apr 12
734
74
8 72
7214 7012 717
8
2118 Oct 59 Mar
4
par 1218
7014 71113 713 7314 71
4 1212 121.2 2.300 McKesson & Robblos_No 50 30 Oct 24 4914 Apr 8
4 1212 123
8 1212 123
1212 127
40 Oct 63 July
1212 1212 1218 13
3318 1,500' Preferred
30
35
364 34
1811 Dec 5912 Aug
13 354 3518 3514 3514 *35
3518 35
No par 1014 Oct 10 2014 Jan 7
2.000 McLellan Stores
1012 1011 *1111 1218
*1012 11
5/1 11
10
2614 Dec 72 Jan
1118 1112 1012 11
No par 2614 Feb 8 42 Apr 16
300 Melville Shoe
27 1 •2612 284
27
30
*27
30
284 •27
*27
28
28
9 Oct 3478 Jan
7 Oct 10 23; Mar 10
par
No
718 712 2.700 Mengel Co(The)
714
7
713 712
712 712
914 Oct 693 Jan
714 712
18 37 Apr 7
8
714 74
46.300 Mexican Seaboard Oil_No par 134 Oct 24 337 Feb 6
8
8
145 1514 147 16
4
20 Oct 5412 Mar
8
8 Oct
5
5
13 8 144 135 1514 1413 1534 134 15
Copper
818 5.300 Miami
8
818 814
818 814
8
44 Dec 1227 July
814 9
9
9
912
9
No par 4114 Oct 20 77 May 13
1.500 Michigan Steel
4313 51
4
44
423 44
8
4412 4514 43
2212 Nov 397 Jan
4113 4112 4114 42
No par 1714 Oct 23 33 Apr 7
8
4 173 187 16,700 Mid-Coot Petrol
4
4 1714 173
358 July
4
3 Nov
212Mar 17
4 174 1812 1712 173
114Seot 22
4 1814 183
1814 183
'Middle-States 011 Corp(Ifs..
__
_ _ _
_ _
. _
_
8
195 Oct 18 53 Feb 28
No par
.
- Tho Midland Steel Prod
6
2 i 1,
iiiii -- 5
6
2
tio --3
iii8 Io
if
6
2
Zo -- 14 lois 100 80 Oct 18 110 Feb 28
s
iii5 16
6001 8% aura 18t pref
85
*82
85
*82
85
59 Nov 12314 Sept
*82
4
82 82
4
8018 843 85
80
Minn-Honeywell Regu_No par 41 Oct 1 763 Mar19
•4114 45 .4114 45
*414 45
10 Oct 434 July
*4114 45
45
7
*41
612Sebt 30 28 8 Mar 17
45
*41
4.700 Minn-Moline Pow Impl No par
7
7
8 7
67
65 Nov 102 July
8 7
67
7 18
7
714
7
74
7
No par 60 Oct 21 9214May 28
200 Preferred
6412 60 60
641 *60
35 Nov 8014 Mar
*60
65
*60
65
Oct 18 40 Jan 27
65
14
68
*65
1.600 Mohawk Carpet Mills_No par
14
8 14
8 1413 147
47 Nov 8013 Oct
*1412 147
3
15
29 83 4 Apr 21
15
15
15
15
14
3.100 Mon .anto Chem Wks_ _No par 2014Sept 24 497 Jan 2
25
8 25
3 244 247
8
247
5
42 8 Dec 1567 Jan
3
8 2518 2518 2412 2514 23
257
25
Corp No par 2014 Oct
8
2412 2014 253 203.900 Mont Ward Co Illnew_ No par
5 Oct
23
14 Oct
2253 34
244
2514 23
3 Oct 10 1612 Apr 2
2213 2314 24
600 Moon Motor Car
.312 4
•314 414
3
42 Oct 813 Oet
34 31
8
34 34 *312 4
No par 487 Oct 9 72 Feb 5
8
34 35
Morrell (J) & Co
700
612 Mar
514 5111 *504 53
113 Oct
4 52 52
2 Jan 2
4
523 523
4
3 Oct 14
514 524 *5013 53
33 3.900 Mother Lode Coalition_No par
34
4
4
3
33
7
14
3 Oct 313 Aug
4
3
34
8
7
8
14 Oct 1 114 Apr 10
34
4
3
8
7
4
3
218 1.400 MotoMeter Gauge&Eq No par
2
218
214 214 •2
36 Nov 206 Mar
218
2
218 24 •218 212
No par 2614 Oct 22 81 Apr 7
4 2814 2812 1.600 Motor Products Corp No par 1518 Oct 23 34 Mar 19
293
21 Nov 551s Aug
2614 294 28
31
31
32
32
31
31
8
1618 154 1514 1511 1512 2.400 Motor WheelCo
10 Oct 817 Jan
1612 1612 1618 174 16
7 Oct 24 2034 Feb 14
No par
*1612 17
1.700 Mailing Mfg
7
7
*54 7
8
65 Dec 10214 Jan
8
8
814 814
No par 3814 Oct 17 647 Jan 31
814 812
818 812
220 Preferred
8
4
40 •____ 393 *_-_- 39513
38 Nov 613 Mar
40
1 Feb 10
40
40
40
40
No par 34 Sept 30 53,
*3518 38
300 Munsingwear Ina
3812
3612 •36
•36
38
36
36
*34
*3413 36
3418 35
8June
1478 Nov 1007
5
9 8 Oct 18 2614 Apr 11
No par
17.300I Murray Body
8 12
8 103
105
978 1014 10
80 Oct 674 Oct
8
4 105 1112
94 103
No par 34 Oct 24 4912 Mar 25
8
95 1018
3512 3.400 Myers F& E Bros
34
8
8
345 35
35
40 Oct 1187 Jan
3514 35
No par 28 Oct 21 584 Jan 6
3
35 8 3512 3512 3512 35
294 24.000 Nash Motors Co
8 28
287
8
3
145 Nov 417 July
28
28'2 28
30
8 28
8
3294 307
77 Oct 10 2614 Feb 14
3012 31
4.200 National Acme stamped__ __10
84 812
814 814
10 Dec 4814 May
818 83o
8
84 84
8 9
85
8
No par 11 Jan 13 393 Apr 14
812 85
100 Nat Air Transport
11
11
•1014 11
11
*10
918 Dec 71 Mar
13
7
13 •H
4Sept 30 20 Apr
*10
43
13
No par
*10
8 4.500 Nat Hellas Hess
55
8 *5
55
5
518
5
6514 Dec 73 Dec
5 18
5
3
58
5
10 71 Jan 2 93 May 29
3
518 5 8
4
764 793 56.000 National Biscuit new
7413 77
7413 7612 7314 76
100 14212 Jan 23 152 Oct 8 140 Aug 146 Oct
8
723 7518 27414 77
100 7% cum pref
15014 *14812 15014 *14812 15014
59 Nov 14834 Mar
150 150 *148
*150 152 *150 152
3213 17.600 Nat Cash Register A w !No par 30 Oct 18 8313 Feb 3
31
36 Oct 864 Aug
8
305 324 3018 3114 3018 3112
No par 401,3 Oct 9 62 June 2
324 314 33
30
70.100 Nat Dairy Prod
4
8
4
8
4 413 4233 423 4313 423 4414 1.000 Nat Department Stores No par 10 Oct 18 2412 Feb 27
20 Dec 373 Mar
4314 4212 433
8
413 4212 42
11
*10
11
"10
10
10
10
10
15 Oct 58 June
10
10
10
10
No par 2218 Oct 17 394 Feb 6
Nat Distil Prod ctfe
2213 2212 2314 254 254 2612 1,800
2512 Dec 6214 Jan
2612 2313 24
4June 14 3312Mar 1
2313 2312 *24
900 Nat Enam & Stamping.-100 171
22
2114 *21
•20
22
3
204 20 4 •20
20
20
20
20
100 11612 Oct 10 18912 Feb 7 12914 Nov 210 Oct
1,600 National Lead
11912 120 .110 121
119 120
119 119
4
119 1193 120 120
100 13818 Jan 3 144 Sept 5 138 Nov 14112 Feb
310 Preferred A
141 141
141 141
3
Oct 123 4 Apr
14112 14118 14118 *141 143 *141 143
14112
100 118 Jan 17 119788epl 19 115
Preferred B
11812 •118 11812
23 Nov 7134 Aug
4
0118 120 *118 120 *118 120 *118 1181 *118
No par 304 Oct 10 583 Apr 24
Pr & Lt
Jan
8 3014 3214 3118 3412 344 36 143.500 National Ftadlator
113 Dec 17
4
44 Jan 16
8 313 3418 3112 333
323
31
1 Oct 20
par
No
100 National
112
14 *1
112 •1
Jan
*1
•1118 2
1
112 Dec 41
1
112
*1
48ept 30 11 Jan 15
23
No par
100 Preferred
8 24
27
*24 3
•273 4
8 4
•27
8 4
527
*278 4
8
No par 447 Oct 24 82 July 28
6.300 Nat Steel Corp
45
8
447
4614 4518 46
Jan
8
457 4612 46
9812 Nov 144
4618 4518 46
Oct 23 12454 Apr 7
46
50 8112
3.300 National Supply
82
8112 8112 82
8514 834 85
7014 Dec 165 Feb
8Mar 22
4 8514 8514 85
863
86
50 3013 Jan 7 983
6318 6318 2.200 National Surety
64
5
63 8 6014 6014 *62
3118 Nov 914 May
614 6418 63
644 65
No par 16 Oct 23 4178 Fob 4
3.400 National Tea Co
4
/
8 161 17
187
4 184 1614 16
173
17
164 17
164 17
2314 Nov 6278 Mar
914 Oct 22 3238 Jan 7
25.700INevada Consol Copper_No par
7
9 3 10
8
95 10
8
914 95
912 10
85 Dec 113 July
912 10
94 10
No par 22 Oct 18 58 Apr 14
1.800 Newton Steel
23
2212 2213 22
4
4
223 223
3
23
23
354 Oct 49 4 Mar
2212 2311 25
4
22
No par 353 Oct 10 47 Feb 19
1,100 NY Air Brake_
36
*31
36
8
583 Feb
3612 364 *31
33 Nov
3612 364 *3612 363
37
June 26 48 Apr 25
37
100 28
New York Dock
•2512 31
*2813 31
*284 31
•281t 31
824 July 90 Apr
*2812 30
•2812 31
100 80 Feb 8 8815 Apr 24
Preferred
84
83
•
84
•83
84
*83
84
*83
84
*83
84
No par 1413 Oct 18 32 Apr 24
•83
NY Investors Inc
4,800
8
8
145 1514 145 15
Jan
4
9313 Nov 103 4
143 15'2 143 15
8
147 1514
1412 15
501N Y Steam prof (6)........No par 100 Jan 2 10612Sept 3
10418 10418
115 Aug
8 103 103
8
8
8
*103 1047 1047 1047 10312 1031 *10312 1047 •115 116
No par 110 Feb 5 117 Aug 28 107 Nov 1863 Sept
40 1st preferred (7)
115 115
4
6613 Nov
3
115 *115 116 • 115 115 *115_
5
par 805 Oct 18 1327 Apr 11
115
4
864 8412 863 78.300,North American Co_No
48 Nov 3414 Jan
8414 83
8 8118 4 824 873
50 51 Jan 13 67 June 4
8
805 834 8112 85
8 1.800 Preferred
4
8
4 5418 5418 544 5413 544 544 543 547 11.700 North Amer Aviation...No par
4
543 543
5711 Oct 10 147 Apr 10
55
55
7
614
3
98 Nov 103 4 Jan
614 64
633 81s
64 64
3
64 63
3
100 4 Jan 23 1054 Oct 4
618 612
4 1,500 No Amer Edison pref_No par
8
4
*1043 10518 1045 1043
414 Dec 8414 Jan
3
8
365 Oct 16 55 4June 11
4
•10418 1043 10412 10412 10412 104'i 10412 105 .3614 3814 .3718 39
1North German Lloyd
3814
404 Dec 50 Mar
*37
40
4012 *39
4
393 nn
Telegraph___60 42 Jan 2 5018 Mar 14
*38
20 Northwestern
8
487
8
487 *45
814 Feb
4873 •45
44 Oct
8
4 Mar 26
4478 •4518 487 *45
•45
45
4 Oct 9
45
.
300lNorwalk Tire & Rubber ___10
4 1
*8
4 1
53
4 1
*3
3
54
eits 1
11
7
4
No par 2118 Oct 22 32 Aug 21
*3
4
4
213 223 53,100 Ohio Oil Co
2114 22
7 Dec 32 Jan
75 8 2118 22
4Sept 9
2218 227
243
915 Jan
25
224 2218 23
22
4
883 Dec lows Jan
110 Sept 12
100 86 Mar 1
Preferred
--__IC"i WellUPI"
8 Oct 644 Apr
8
5 Oct 17 347 Apr 17
3,600 Oliver Farm Equip__ __No par
8 6
57
8
8
512 57
17 Oct 693 Apr
512 6
6
6
6
6
578
8 Oct 10 4618 Apr 17
6
2,400 Cony participating_No par
9
9
4 9
83
7
8 8 94
6413 Dec 994 May
3
94 918
4
83 10
No par 34 Oct 22 90 4May 13
84 812
200 Preferred A
3418
344 •33
8
*33
34
213 Oct 107 Feb
34
40
838 Mar 31
•35
40
•35
24 Oct 18
38
No par
Corp
•35
318 318 3,100 Omnibus
8 34
.25
24 3
5013 Oct 9534 Jan
8 Apr 24
24 3
24 3111
8 218
23
20lOrpheum Circuit Inc prof_100 63 Jan 6 997
70
*68
70
7014 *88
70
71
•70
71
*68
71
*68
8Mar 13
803
No par 55 June 18
8 7,400 Otis Elevater new
60 607
5712 60
58
57
7
48ept 29 118 8 Oct 195 Jan
8
575 6012 584 59
6638 58
100 11818 Jan 23 1283
160 Preferred
8
2214 Nov 55 Oct
126 128 *1254 12612 *1257 12612 •1254 12612
1
/
No par 164 Oct 10 3878 Mar 31
•126 1284 *126 128
2.600 Otis Steel
8 1714 18
*1714 173
8
173 18
4
18
893 Nov 105 Feb
99 Apr 29
100 gg July 2
1818 184 18
184 19
Prior preferred
*_-__ 8918 *--.- 874
43 Nov 894 Sept
8
-__25 3612 Oct 22 607 Feb 7
•__ 90 •_ 8918 •___- 8918 *---- 8818 37
3712 3812 2.500 Owens-Illinois Glass Co.
37
42 Nov 984 Sept
3918 3613 38
8
38
39
Oct 20 747 mar 31
39
25 464
39
39
12.700 Pacific Gas dr Electric
474 4812 4812 50
48
5818 Nov 14613 Sept
4912 47
47
8
8
463 49
No par 64 vet 10 1077 Mar 28
4718 49
654 4,700 Pacific, Ltg Corp
64
Apr
37
8 6514 68
1712 Nov
6418 657
65
65
66
100 174 Oct 20 30 Fob 8
8 66
645
64
200 Pacific Mills
20
*18
20
*18
*1712 20
*1713 20
10 178 Feb 19 131 Nov 220 July
8
100 129 Oct
1812 184 173 174
410 Pacific Telep & Teleg
8
1293 1294 12914 12914 130 130
4
129 1294 130 130
100 11612 Jan 8 145 Feb 21 1163 Jan 138 Oct
4 130
220 Preferred
1293
*12612 131
324 Sept
13 Nov
8
9 Oct 24 233 Mar 18
12614 1274 •12612 131 *12612 131 *12612 131
127 129
9
933 91,700 Packard Motor Car_ __ _No par
4
3
94 93
3
98 94
4014 Feb 89 Aug
8
95 10
6414May 14
933 97
958 10
300 Pan-Amer Petr & Trans-__50 4614 Oct 22 6712May 14
*464 49
49
4013 Feb 6914 Aug
*4612 5218 4614 464 .46
3475
50 4614 Oct 22
B
4712 . 8 48
4,300 Class
4712
4612 47
8
s
4
24 Nov 877 Jan
4814 463 *465 47
3
35 4 Apr 7
4 4714 48
4718 4712 474 473
2.300 Park & Tilford Too_ __No par 10 Sept 29 2618 Mar 10
10 . 10
10
10
1512 Dec 21 Dee
10
10
10
10
10
8
47 Oct 10
10
10
10
54 554 2.400 Parmelee Transporta'n_No par
8 53
4
53
3 Nov 1514 Jan
4
53
5
4
4 53
53
4
518 53
218 Oct 24 124May 14
512
512
Jan
3
218 24 6,100 Panhandle Prod & ref__No par 471t Jan 14 80 May 14
3
4713 Feb 76
313
3
312
3
312 312
s312 4
100
I Preferred
38 Oct 764 Oct
•____ 4112 •____ 4112 *---- 4112
No par 484 Oct 10 7714 Mar 31
• _ __ 4112 •---- 4113 5--- 4112 4812 4814 473 484 4814 494 73,500 Paramount Publix
8
8 Dec 134 Feb
4
433 Apr 7
493
001 23
3
50 8 47
14
8
475
1
48
-47
s 14 3.200 Park Utah C M
13
112
8
13
213 Dec 1478 Jan
112 112
9 Apr 25
112 112
24 Jan 3
113 113
No par
112 112
318 34 4,500 Paths Exchange
3
3
412 Dec 30 Jan
318
3
34 34
314
5 Jan 2 194 Apr 25
3
No par
34 312
2.800 Class A
8 7
67
8
64 63
4
247 Oct 473 Mar
84
8
6
8
3
65/
Sept 30 327 Feb 5
8
65
918
64 7
4
634 63
8
107 104 4.000 Patin° Mines & Enterpr-__20
8
8 107 11
113
518 Oct 324 Jan
1112 11
313 Oct 22 14 Feb 3
4
50
111z 1112 103 114 1133 333
8 1,700 Peerless Motor Car
312 35
313 34
8
313 35
34
•312 334
8
8 35
35
22 Nov 807 Septa
3
8 Apr
No Par 951 Jon 7 553 Jan 14)
8
8
8 387 393 10,4001Penick & Ford
8 374 377
66 Nov 10514 Oct
3
4
8 353 367
3414 3714 3618 367
No par 354 Oct 17 en
35
34
8 394 4015 12.000 Penney (.1 C)
8
385 397
39
33 Oct 97 Dee
8 39
3878 417
42
40
100 93 Jan 7 101114Sept 23
400 Preferred
3818 391
*964 98
98
*98
98
27 Jan
312 Nov
98
99
*97
4 Oct 22 12 Mar 8
99
3,600 Peon-Dixie Cement__ _No par
9712 *97
4
97
4
41g
44 414
2013 Nov 94 Jan
4
:Mar 13
44 434
418 44
100 2518 Oet 22 551
900 Preferred
44 434
254 2518 2518 254 •2518 27
212 Oct 18 325 May 27 208 Jan 404 Aug
2912 2513 27
*27
100
2814 27
215 2204 6,500 People's G L& C(Chic)
216 317
Aug 11
1818 Dec 454 Jan
215 217
220
No par 1718July 17 2212
1.200 Pet 13111k
212 21514 215 21914 215
4 *1712 19
4
1914 1914 175s 1914 173 173
11 Oct 14 2714June 10
20
*19
20
1138 23.700 Petroleum Corp of Am_No par
*19
4 11
8 1114 113
31 Nov 797 May
8
Oct 22 444 Apr 7
8 124 114 115
8
124 115
25 243
124 12
12
4
8 2512 243 254 4.900 Phelps-Dodge Corp
3
50 170 Oct 9 218 Apr 15 1574 Apr285 Oct
264 254 25 4 244 2514 247 200 •170 200
8 26
267
26
'Philadelphia Co (PIttsb)
4712 Nov 54 Mar
8dept 29
*170 200 *175 200 *170
50 504 Jan 15 573
700 6% preferred
*170 200 *170 200
5214 53
53
53
53
918 Nov 84 Jan
8May 23
53
54
8
113 Jan 17 257
*53
54
5312 54
*53
124 1213 1313 37.000 PhIla 42 Read C dr L.--No par
54 Oct 2314 Feb
1112 1212 12
4
814 Jan 8 1512 Mar 11
10
124 124 134 113 13
12
4 94 3,100 Phillip Morris & Co Ltd
9
3
1913 Nov 78 Mar
973 97
3
4 97
12 Oct 23 274 Feb 18
97
8
94 97
7
9 8 10
7
100 Phillips Jones Corp_ _No par
8 98
97
•1113 20
12
12
20
65 Nov 96 May
4
1414 *12
1414 *12
100 593 Aog 21 75 Feb 11
1418 •12
1Phillips Jones pref
*12
*5614 57
5613
Jan
4
2414 Nov 47
Oct 22 444 Apr 30
4
*5612 593 *5614 593 *5614
*5614 60
60
*58
4
214 243 62,000 Phillips Petroleum-No par 2018Sept 30 204 Apr 30
22
8
104 Oct 375 Jaz
2114 224 2018 2114 204 11
5 10
1Phoenix Hosiery
214 214 22
11
21
*9
*9
3
377 Jan
10
18 Nov
33 Apr 3
1014 *9
*9
11
*9
11
500 Pierce-Arrow class A__.No par 19 Juno 25
25
*9
*23
23
Vs May
1 Oct
2318 23
212Mar 17
23
%Sept 30
24
•23
25
24
*23
78 2,500 Pierce 011 Corp
78
232a 23
78
8
7
8
7
8
7
33
78
78
20 Oct 5113 Mar
78
.
33
100 144 Oct 24 52 May 1
1.300 Preferred
8
57 Jaz
1415 15
15
12 Oct
1718 15
•15
74 Apr 24
19
24 Jan 3
s
193 •15
No par
*15
8
197
11,5001Plerce Petroleum
*15
8
27 . 3
24 3
3
24 3
8 318
27
34
3
8 3
27
1i1-divl00011 an
•Bid and asked prim; no sales on this day, S
.
,
• I a,x-ruguIs,
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
s
Saturday
Monday
l
7ridag
Tuesday
Wednesday Thursday
Oct. 18.
0c4. 20.
Oct. 21.
Oct. 24.
Oct. 22.
Oct. 23.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHAltE
Range for Precious
Year 1929.
Lowest.
Highest.
$ per share $ per share $ per Share $ Per share $ Per share $ Per share Share, Indus.& Hiscell (Con.) Par $ per share $ 7,er share
3 per share $ per share
4
4.500 Pillsbury Flour Mills___No par 27 June 25 373 Apr 11
2918 294 29' 29's 2912 203
30
31
Oct 63 Jan
30
4 29, 2912 2912 30
/
1
4
2
/
1
4
3712 Oct 15 50 Feb 27
4314 Oct 68 Aug
37
/ 37
1
4
/ 3814 3012 nig 30 2 .3812 3812 30
1
4
*3712 38
,
3912 1.300 Pirelli Co of Italy
54 Nov 83 Jan
100 33 Oct 22 7812 Jan 7
3.100 Pittsburgh Coal of Pa
*33
36
*33
36
35
35
35
/
1
4
33
3312 *33
33
35
100 70 Oct 23 110 Jan 7
600 Preferred
75
75
8312 June 110 Oct
75
*75
80
70____75
75
75
70
75
17 Dec 2712 Aug
/
1
4
,
1.800 Pitts!) Screw & Bolt___No par 15 4 Oct 10 22 Feb 18
*1514 154 153 154 154 157
/
1
16
1612 16
8
/
1
/
1
8 1512 154 *16
9214 Feb 110 Oct
90 Pitts Steel 7% cum pref.... _100 9312June 24 103 Jan 7
*954 98
98
9514 9512 98
955 951
8
/
1
/
4
*9513 98
5954 98
/
1
/
1
4
19 Oct 9 22 Apr 8
No par
1914 7,800 Pittston Co
519
1912 19
19
19 '
19
19
19
19
19
19
20 Nov 43 2 8
163 Oct 20 343 Mar 18
4
1814 4,400 Poor & Co class B
7 Aug
No par
163 18
4
18
19
1712 17 3 17
174 1712 1712 18
7
3
300 Portoltican-AmTob °IAN° par 1512 Oct 10 30 8Juiv 3
*15
16
16
16
1612 1612
16
*1512 17
16
*15
17
4 Oct 10 2714 Mar 10
8 Nov 601 Jan
412 412
414 43
4
No par
4
45
8 518
/
4
414 414 2.000 Class B
418 41
414 412
93 Nov 105 Jan
6714 6714 *67
*67
70
6614 6614 1,300 Postal Tel & Cable 7% pf__100 6614 Oct 24 103 Jan 21
70
67
67
67 •68
5
4018 Oct 65 2 Jan
25 22 Oct 9 54 Apr 1
9.200 Prairie 011 & Gas
2412 2412 2414 243
4 24
2212 2218 23
2212 2418 22
25
45 Oct 65 Aug
25 271s Oct 22 6012 Feb 7
2712 29
2712 28
275 2814 13,400 Prairie Pipe Line
8
28
283
4 2718 283
8 2712 28
418 Oct 10 1658 Feb 18
No par
25 8 Mar
3
/
4
5
412 4 8
3
61 Nov
8 2,100 Pressed Steel Car
434 43
5
43
8 43
4
4
43
8 43
4
412 43
100 45 Oct 22 7612 Feb 14
50 Dec 81 Mar
100 Preferred
*45
48
*45
48
•35
45
*35
45
*45
45
45
48
5
No par 52 8 Jan 3 787
43 Nov 98 Aug
8June 2
6.900 Procter Gamble
66
664 6618 661 6612 6718 6618 6712 6612 6714 6612 68
/
1
/
4
4 Oct 21
117 Mar 17
8
11
4 Oct 257 Jan
418 43
418 418
1,600 Producers & Refiners Corp _ _50
4
4
8
4
4
414
4
4 18 *4
4
64 Nov 1373 Sept
No par 79 Oct 22 12334 Apr 11
803 8412 80
4
8038 82
/
4
/
1
/
1
844 79
/
1
811 8112 834 824 841 65,100 Pub Ser Corp of NJ
/
4
4June 18 100 Oct 4
No par 913
9814 9814 *973 9814 973 973
8 1,1001 $5 preferred
4
/
4
8 971 975
8
/ 97
1
4
/ 975 975
1
4
4
4 97
100 10612 JIM 3 117 Sept 30
/
1
4
98 Nov 108 Feb
8 1,000I 6% preferred
0113 1133 113 113 I 111 113
4
/
4
4
110 11012 *11012 1113 1111 1115
100 121 Jan 10 13514 Oct 6 105 Nov 1244 Jan
/
1
1333 1333 *13018 134
2,000, 7% preferred
4
130 131
4
4
130 133 513012 1333 *13012 134
100 143 Jan 2 168 June 7 13912 Nov 151 Sept
600 8% preferred
151 1513 151 151
4
4
151 151
8
/
4
1517 1511 *14518 1533
151 151
8
*11018 11014 11038 11038 110 11018 1103 11012 1511014 1101 1104 11018 1.200 Pub Sery Elm & Gas pref 100 10714 Feb 5 112 May 21 10412 Nov 1095 Jan
/
1
/
4
8
No par 54 Oct 22 893 Jan 3
73 Nov 9914 Sect
8
24.100 Pullman Inc,
56
5712 56
573
4 56
/
4
5612 x541 56
54
58
55
56
1 Oct 7
8 2 Jan 17
,
50
6 Dec 21 12 July
800 Punta Alegre Sugar
13
0
11 •114
/
4
/
4
112 *114 11
11 11
/
4
118
1181
114
/
4
114
4
25 103 Oct 22 2714 Apr 7
3
20 Nov 30 4May
15
1512 16
123 76.400 Pure 011 (The)
4
153
4 1218 153
1212 12
4
4 103 1214 12
100 104 Oct 22 11414 Apr 8 108 Nov 116 Feb
990 8% preferred
106 107
107 107
105 108
104 1067 104 10412 10412 104121
8
62 June 21 887 Feb 15
8
55 Oct 1485 Aug
2
5312 54
56
5612 5412 541
5212 5314 521 5212 5218 55 1 5.600 Purity Bakeries
/
4
.
26 Oct 114, Sept
2014 215
8 211 2312 204 2314 20
/
4
/
1
2
227
2 223 2312 361,100 Radio Corp of Amer_ _No par 20 Oct 22 6938 Apr 24
2212 21
50 4872 Oct 9 57 Apr 21
Jan
50 Nov 57
51
51
300 Preferred
51491 56
4
4
•50
56
•503 53 I
50
50
*493 63
4
/
1
4
No par 52 Oct 23 85 Apr 2
62 Nov 8212 Apr
57
583
4 573 573
4
4 57
4 5312 553
53
5612 5212 553
581
4 2.600 Preferred B
1712 Oct 10 50 Apr 24
2
12 Oct 467 Jan
1811 194 2014 2214 193 22
4
/
1
2012 213 339.600 Radio-Keith-Orp 01 A...No par
4
4
181 203
/
4
1
4 193 21
/
1
8
28 Nov 6812 Sept
2012 203
2012 201 3.400 Raybestos Manhattan_No par 194 Oct 10 587 Apr 17
/
4
2012 19
8
4 20
4 2018 203
/ 21)
1
4
/ 197 20
1
4
/
1
4
8June 19 64 Mar 20
10 345
3614 Nov 8438 Mar
53812 383
364 39
/
1
364 365
/
1
8 3718 3814 3.300 Real 8Ilk Hosiery
4 3712 372 3718 38
100 8714Sept 17 100 Mar 29
8614 Dee 10212 Feb
20 Preferred
•88
93
93
*88
93 .88
5188
93 .88
88
89
93
1 Ang 29
5 Feb 8
/
1
4
No par
3 Dec 1614 Feb
52
'Reis (Robt) dr Co
*112 2
*112 2
*112 2
*112 2
*112 2
*112 2
100 11 Oct 22 37 Jan 28
40 Dec 10812 Feb
20 First preferred
*9
11
12
*9
15
*9
15
*9
15
15
'9' 15
/
4
20 Nov 571 Oct
/
1
4
No par 18 Oct 18 4612 Apr 14
8
18
1812 1814 187
8 1814 187
/
1
1812 1818 184 1812 187 25,500 Remington-Rand
8 18
81 Nov 9612 Oct
8
100 92 Jan 3 1007 Mar 28
/
4
I First preferred
1580
82
.86
*86
92
*86
92
*8612 9112 •8612 911
92
93 Mar 101
100 95 Jan 4 104 July 16
Apr
20, Second preferred
4
100 100 •100 10018 *100 101
*100 101
*973 101
5973 101
4
2
Sienna 17 147 Mar 24
10
/
4
1018 Oct 811 Jan
1012 11
103 103
4
1012 6,300 Reo Motor Car
10 4 10
4 1012 1012 10
,
1012 10
16,400 Republic Steel Corp___No par 18 Oct 14 7912 Apr 16
18
/ 1912 18
1
4
4
217
8 193 22
203
4 20
/ 203
1
4
8 195 20
19
8
60
60
/ 61
1
4
6072 591 60
/
4
/
4
5811 541 5812 3,3001 Preferred cony 6%___ _100 64 Oct 23 9512May 5
541 56,
/
4
2 54
25 Dec 3112 Nov
300 Revere Copper & Brass No par 10 Sept 30 30 Jan 3
12
*1212 13
*12
13
*1112 13
1214 1212 12
*1212 13
4
70 Dec 78 Nov
No par 493 Oct 9 72 Jan 24
I Class A..
1540
47
47
/ *40
1
4
47
/ *40
1
4
477 •40
477 '
8 540
484 *40
/
1
No par 14 Oct 10 34114 Apr 14
/ 17
1
4
163 1718 1718 17
4
17
/ 4.900 Reynolds Metal Co_
1
4
1612 16
1738 16
165* 15
3 Nov 1214 Jan
/
1
4
712 Jan 29
2 Sept 23
No par
258 25s
258 2
/ *214 312
1
4
2 8 258
,
214 238
214 214 2.600 Reynolds Spring
52
39 Nov 66 Jan
4514 45
44
447
8 4414 45 8 4414 45 8 44
,
,
4
4512 4412 453 38.700 Reynolds(R J) Tob class 13.10 44 Oct 10 58 Mar 11
10 70 June 3 80 Jan 2
70 Apr 8912 Oct
150 Class A
75
75
74
/ 74
1
4
7314 7212 7212 7314 73
7014 7038 73
6
6ig 63
4
ggs 72
8
714 712
6 Oct 23
612
714 73
4
8 Oct 11
/
1
4
614
614 16.100 Richfield Oil of Calif__ No par
75
88ept 22 25 4 Apr 7
3
/
1
4
16
Oct 42 Mar
No par
8
/ 19,000 Rio Grande 011
1
4
812 852
8
84 9
,
812 9
7
/ 84
1
4
/
1
7
/ 8
1
4
/
1
4
/
1
4
40 Nov 70 June
4
100 Ritter Dental Mfg
No par 81 Oct 15 593 Feb 5
35
31
31
*31
*31
35
*304 34
/
1
/ 35
1
4
*301 33 .30
/
4
10 21 Oct 10 483 Mar 8
28 Nov 96 May
4
2212 2312 2314 2412 234 247
22
2312 2158 23
2112 22
/
1
8 6.600 R., asia Insurance Co
4318 Oct 64 Sept
/
4
4412 4518 433 444 4314 441 4334 443
4
43
/ 44
1
4
/
1
4 443 45
2
/ 36.200 Royal Dutch Co (N Y shares) 43 Oct 14 5812 Apr 7
1
4
10 28 Oct 22 5714 Feb 8
29
2914 30
Jam
3812 Nov 94
29
29
2912 28
30
2818 29
2812 29
6.100 St. Joseph Lead
8
/
4
6012 6014 60
9012 Nov 19514 Jan
No par 611 Oct 22 1223 Jan 23
/ 5218 60
1
4
59
5214 553 19,400 Safeway Stores
8
54
5118 5312 52
/
1
4
100 87 Aug 9 99 Feb 7
85
9312 9312 9312 9312 9234 923
*9314 94
9312 94
Oct 101 Sept
4 9312 9312
440 Preferred (6)
1 Preferred
/
1
100 97 Oct 1 1094 Mar 28 100 Oct 10912 Dee
100 100 *100 1021 100 100
100 100
/
4
*97 100
*97 100
120,
(7)
4
1818 1612 17
4
1512 18
/
4
2012 Nov 511 J1111
163 184 3,100 Savage Arms Corp___N5 par 1512 Oct 18 313 Apr 2
4
4
171 1612 163 15163 17
/
4
/
1
414 Jar 2 1313 Jan 23
512 55
8
512 57
5'
18 512
312 Dec 4112 Jam
5
8
5
/
1
4
512 512 554 53
/
1
4 3.400 Schulte Retail Stores-No pa
100 85 Jan 2 75 Jar121
*60
63
65
65 65
80 Dec 11812 Jan
*60
70
*60
70
67
*60
70
570 Preferred
7 Oct 24 1414 Mar 11
73
4 57
*7
7 4 *7
3
*7
8
'7
8
10 Dec 2214 Apt
73
4
No par
7
7
200 Seagrove Corp
4
/ 491 53
1
4
48 8 49
,
/ 493 52
1
4
8
/
4
80 Nov 181
/
4
/
1
484 507
/
1
8 5018 5212 491 534 68.700 Sears. Roebuck & CoNo par 485s Oct 18 1005 Jan 31
Jar
518 518
512 512
4 Oct 10 23 Feb 17
/
1
4
4
9 Dec 15 Not
5
5 18
53
4 53
/
1
4
514
514 514
538 1.500 Second Nat Investors...No par
4
82
62 •52
*50
62 .50
__ 55
5018 6018
45 Nov 6314 Not
54
54
No par 5012 Oct 18 823 Mar 18
300- Preferred
8Jure 26
112 11 •112 11 • / 15
112
112
312 Jan 29
13
/
4
112 11
/
4
112 112
2 Nov 104 Mal
8 3.100'Seneca Copper
/
1
No par
/
4
11
4
412 434
412 Oct 10 1312 Apr 25
44 5
/
1
44 41
/
1
/
4
412 43
4
412 5
4
/ 5
1
4
714 Nov 211 Aul
No Pa
14,100 Servel Ins
/
4
2714 29
2812 291 18.100 Shattuck (F 0)
28
283 293
4
8 2614 2718 27
255 28
8
2512 Oct 194 AuA
/
4
No par 255* Oct 18 52 Apr 21
/
4
4
1112 11 12 103 1112 11 12 1112 *1112 1218 121 1212 •113 1218 1,600 Sharon steel Hoop_
/
1
4
23 Nov 53 lull
/
1
4
103 Oct 20 32 Feb 13
4
4
NO pa
17
17
/ 173 173
1
4
16
/
1
4
4
17
1812 *1612 1712 1614 1612 16
161 Nov 22 Not
/
4
16 Oct 22 27 Mar 10
4 1,700 Sharp S, Dohme
No par
3
/
1
4
50 Nov 65 Aug
/
4
*571 5812 *5718 5812 *5718 5812 *571 5812 5718 5718 5571 581
/
4
No par 54 Jan 2 63 4 Mar 10
100 Preferred
/
4
/
4
8
*3812 41 13
39
/
4
8 39
8
43 Jan
394 *387 4178 381 383
/
1
*3814 413 *30
4
55 4 Jam
3
340 Shell Transp & Trad Co Ltd £2 3712 Oct 1 483 Apr 23
4
19
Oct 313 Apt
93 Oct 21 2512 Apr 7
4
1012 1014 103 26.000 Shell Union Oil
1012
10
1014 10
4
No par
9
/ 1018 10
1
4
93 104
4
/
1
100 81 Oct 21 10614 Apr 21
8212 83
83
841
1.300 Preferred
82 82
82
83
81
82
83
83
8 Dec 7412 Jar
ra Oct 18 35 Apr 25
'
58
9
8
4.200 Shubert Theatre Corp_No pa
8
75
8 82
,
*8
9
8
8
75
8 9
/
1
4
5912 Nov 188 Sept
1512 20.700 Simmons Co
1612 15
1518 157
8 1518 1612 1512 163
No par 15 Oct 10 94 Jan 2
4 15
4 1514 153
15 Nov 4012 Aul
8 Oct 22 37 Mar 24
10
10
10
11
11
111
19.500 Simms Petroleum
93 10
4
10
1118
8
8 2 11
,
13 Oct 22 32 Apr 7
21 Nov 45 Jae
8
1312 1414 133 1414 13
134 1414 127.000 Sinclair Cons 011 Corp_No pa
/
1
133
4 1314 14
1314 137
/
1
4
100 106 Oct 14 112 Apr 24 103 Oct 111
Jam
400 Preferred
4
4
4
/
1
131093 11014 1094 110 *1093 110
4
1093 1093 '1093 110 *1093 110
4
4'3
/
1
4
25 17 Oct 22 42 Apr 9
28 Oct 4612 Ma,
1912 12.500 Skelly 011 Co
19
1918 1918 2014 1912 20,
171 1812 18
/
4
/
1
4 174 19
3 Oct 10
8 Jan 9
318 Nov 1814 Fet
No par
900 Snider Packing
3
3
31 318
/
4
'
5318 4
.312 4
*318 37
2 15312 4
14 Nov 8412 Jul,
4
No par 144 Oct 22 363 Feb 24
1612
400 Preferred
1612 .15
4
4
1512 143 143 *15
*1512 161 •1512 1612 15
500 Solvay Am Inv Trust pref _100 95,2 Jan 6 12112 Apr 3
/
4
85 Nov 111 Sept
1021 1021
/
4
10212 11212 *100 103
10212 1021 *10212 10312 102 102
/ 14.700 So Porto Rico Sue._ No par 111s Oct 7 30 4 Jan 18
1
4
1472 1688 1612 17
3
15
16
1414 15
1418 15
224 Dec 45 ma]
/
1
14
/ 15
1
4
/
1
4
25 47 Oct 22 72 Apr 14
48
4812 x4812 4912 481 483
4618 Nov 9314 Sept
10.700 Southern Calif Edison
/
4
2
2 473 48
4
8 483 50
9 Mar 3
312 Jan 4
'
5314 5
*314 5
212 Nov 154 Jai
'Southern Dairies Cl 11__No pa
*3
*314 5
/
1
*3
4
/ *3
1
4
5
41
/
4
*3612 39 '
*3612 40
33 Jan 8 45 Mar 17
No pa
200,Spalding Bros
*3612 38
53612 38
30 Nov 63 2 Mai
53612 39
39
39
,
4
4
*1143 115 *1143 115 •1143 115 *114 115 51114 115 51114 115
4
1Spalding Bros 1st pref____100 108 Jan 13 115 Aug 27 107 Nov 117 Yet
29
*2914 31
*29
31
29
/
1
4
2814 28 4 *28
16 Oct52 Jat
700 Soong Chalfant&CoIno No par 19 Jar 2 3784June 14
2912
/
1
4
528
,
2912 '
*93
95
93
93 *93
93
96
100 92 Jan 20 96 Jan 2
93
93 I •93
93
30 Preferred
95
89 Mar 98 0c,
/ 1212 133
1
4
,
/
1
4
,
4 1218 12 8 12
12
13 4 1314 13
1214 12
1318 Nov73 Aul
1214 10.700 Sparks Withington___No par 113 Oct 17 304 Apr 10
5123
1212 123
*1212 13 ' 4 13
1212 13
4 1214 123
8 1212 1212 1,200 spencer Kellogg dr Sons No par 12 Oct 3 25 Apr 15
20 Nov45 Ass
104 104 1018 1014 1018 1018 10
/
1
/
1
*1014 13
/
1
No par 10 Oct 23 384 Feb 4
1018 1018 1012 1,800 Spicer Mfg Co
4
2018 Dec 663 Mni
3014 33 .3038 3112 *3014 33
*3014 33
301 3014 *3014 33
/
4
38 Nov 557 Mal
/
1
No par 304 Oct 18 4518 Mar 31
100 Preferred A
2
*8
*8
11
•84 10
/
1
914 10
9
/
1
4
814 8141
,
34 Dec 117 8 Fel
8 4 001 23 52 Feb 3
500 Spiegel-May-Stern Co_No pa
814 812
7
8
161 1712 16
/
4
1512 1614 153 17
/
4
164 1614 161 1614 173 115,300 Standard Brands
/
1
'
/
1
4
No par 15 Oct 20 2914 Feb 8
20
Oct 441 S.PI
8
/
4
*117 11812 117 117 *11714 11812 118 11812 •____ 12112 •118 12112
4
No par 117 July 7 1211213ept 23 11414 Nov 1183 Sep
300 Preferred
54
4
4
4
414
414 *4
418 0312 4
*33
4 4
52 Jai
312 Dec 43
714 Feb 11
312June 17
1.200 Stand Comm Tobacco_No par
78
7218 76
7014 734 723 7412 7414 777 23.850 Standard Gas & El Co_No par 7014 Oct 22 12912 Apr 15
7212 7412 74
4
/
1
7312 Nov 24334 Sew
63 63
64
63
*63
65
6312 63
64
63
6212 63
8June 19 67 May 26
1,600' Preferred
15812 Nov 67 Fet
50 613
1
*9914 100
5
99 100
*98 100
99
*99 100
99
*99 100
100, 36 cum prior pref._ No par 9112July 10 104 Sept 12
4
41 41
/
4
/
4
418
4
4 14
4
414 414
4
37
8 3
Dec 48 Sep
4 / 1,600 Stand Investing Corp...No par
1
4
35a Oct 10 1512Mar 27
8
4
/
4
•10512 10512 *10518 1055 105 105i8 1043 10434 1041 105 *10414 10412
600 Standard 011 Export pref,
/
1
_100 98 Feb 8 1064 Oct 7
- ---•
8
/ 5115 54
1
4
51
/ 515 52
1
4
515* 51
5152 51
511 52
/
4
517 38.900 Standard 011 of Cal____No par 51 Oct 22 75 Apr 25
/
4
511 Oct 811 Mal
/
4
8
21
2112 203 21
22
4
8 21
2012 217
201 2012 20, 2112 6.600 Stand 01101 Kansas
/
4
4
25 2014 Oct 23 49 Apr 21
/ 5618 5318 563
1
4
533
4 52
4 52
/ 541 533 56 248.200 Standard 011 of New Jersey.25 52 Oct 22 847 Apr 30
1
4
/ 54
1
4
/
4
5412 55
4
48 Feb 83 Sep
8
2638 2512 26
263
8 26
255 26
8
2612 26
2552 26
26
61114 Nov 4812 8e9
2
70.800 Standard 01101 New York _25 3512 Oct 22 403 Apr 28
/
1
2212 234 2314 2314 234 24
23
23
/
1
23
23
23
24
2
3012 Oct 477 Oe
4
1.000 Starrett Co(The) L S__No par 21 Oct 10 473 AD? 23
514 514
538 5 2
,
5
51
/
4
412 5
512 53
4
412 5
38 Sep
814 Nov
412 Oct 23 2012 Mar 31
4,100 Sterling Securities CI A_No par
8
/ 9
1
4
9
/ 9
1
4
5
9
97
8
94 9
/
1
102 912
'8
9
1
4
/ • / 93
1
4
4
157 Jul)
2
812 Nov
800 Preferred
/
4
8 Oct 18 141 Mar 31
/
1
4
20
3212 311 32
513212 3112 32
32
/
4
3212 32
*3212 35
32
81
Oct 5512 Sep
2,500' Convertible preferred
8
50 313 Oct 22 48 Mar 18
1814 191/4 18
183
8 18
1812 1814 1912 14.3001Stewart-Warn Sp Corp
174 1812 1712 19
/
1
30 Oct 77 Ma:
10 1713 Oct 20 47 Apr 5
5818 5412 583
541 573
/
4
/
1
4 524 55
5512 65
4 57
54
5934 21.700 Stone S, Webster
64 Nov 20112 Atm
/
1
4
/
1
4
No par 52 Oct 22 113 Apr 8
2114 2414 1934 211 1914 20
/ 25
1
4
/
4
243
8 23
24
20
21
Jai
3814 Nov 98
30.100 Studeb'r Corp (The)
No par 1914 Oct 23 4714 Feb 6
/
1
122 122 5122 1247 122 122
8
122 122 .122 1244 122 122
380 Preferred
100 116 Jan 21 125 Mar 18 116 Nov 126 Jun,
*1
14
14
*14
/
1
4
*14
/
1
4
3a
/
1
4
14
412 Ma
/ Oct
1
4
/ 1,800 Submarine Boat
1
4
13 Mar 31
8
'4Sept30
No par
56
8
/ 53
1
4
6134 5212 523 53
544 5612 55
/
1
553
4 54
554 3,500 Sun 011
/
1
8
58 Dec 863 Oc
No par 50 June 18 70 Apr 7
10714 1074 106 106 2 10612 10612 10714 10714 *10714 10712
/
1
,
107 107
500 Preferred
100 10212 Jan 13 10812Sept 30 100 Jan 10512 Jai
35
34
3414 .34
34
*33
3
4
35
3311 347
2 35
37
1,300 Superheater Co(The)-No par 3212 Oct 10 451 JUIY 29 __-- ---- -- __
13
14 13
/
1
112
11
113 15
8
4
/
4
112 13
4
152 13
4 3.700 Superior Oil
Ain
5 Nov 24 /
1
4
93:May 12
112Sept 30
No par
714 78
712 712
712 8
812 812
712 814
75
8 75
8 1,800 Superior Steel
15 Nov 73 AP
8
/
1
4
714 Oct 20 293 Mar 27
100
/
4
/
4
1014 1014 101 101 1014 1014 1014 1014 *1012 12
*1014 12
5 Nov 2214 AP
/
1
4
8
1,000 Sweets Co of America
812 Jan 24 167 Mar 28
50
*212 3
312 •212 3
,
/ *2
1
4
*214 3
/ *2 4 3
1
4
212 2
9 Mal
2 Dec
/
1
4
7 Apr 23
/
1
4
212Sept 29
100 Symington
No par
11158 mat
514 51
53
8 53
4
514 5
/ *514 6
1
4
5
/ 63
1
4
8
/
4
53
4 53
614 Nov
/
1
4
4 1,500 Class A
514 Oct 15 17 Apr 23
No par
1714 1714 4.17
17
173
4 17
17
17
/
1
1714 2,400 TelautograPh Corp
15164 1714 17
144 Dec 2512 Ma
/
1
/
1
4
No par 15 Jan 25 2612 Apr 7
85
8 84
83
8 8.2
8
/ 834
1
4
/
1
8
/ 87
1
4
2
8
/ 9
1
4
814 84 10.220 Tenn Coop & Chem
/
4
912 Nov 201 Ap
/
1
8 Oct 24 17 Apr 10
/
1
4
No par
/
4
8
391 427
8 383 40
43
42
3914 4012 39
/ 4012 75.900.Texas Corporation
1
4
411 43
/
4
6012 Nov 611 Sep
/
4
/
1
25 384 Oct 22 6012May 1
/
4
/
4
/ 5112 511 521 5212 543 26.000 Texas Gulf Sulphur
1
4
511 5212 50
/
4
4212 Nov 8514 Ap
2
503 52
8
50'8 51
2
No par 48!sJune 25 673 Mar 24
6
6Is
5
55
8 6
6
/ 61
1
4
/
4
61
512 5
/
4
912 Nov 23 8 Ma
/
1
4
7
614 6,
512 Oct 22 14't Mar 18
4 6,400 Texas Pacific Coal & 011
10
8
8 1514 1618 143 16
1512 165
8 151 161 36,500 Texas P110 Land Trust
1512 157 181
4
/
4
15
6
/ Oct 4411 J81
1
4
/
4
/
4
13 Jan 2 321 Mar 22
/
1
4
1
/ 1752 17
1
4
8 17
4
174 175
/
1
/ 171 1.800 Thatcher Mfg
1
4
/
4
1812 Mar 35 Sep
1718 171 1718 1712 173 18
/
4
2
183 Oct 9 363 Apr 4
8
No par
*394 41
/
1
/
1
*397 41
2
*39
/ 41
1
4
39
/ 393 *394 41
1
4
4
•39
/ 41
1
4
85 Mar 497 Sep
2
1001 Preferred
4
No par 393 Oct 18 48 Mar 31
•BM and faked prime: no Wee on this day. S Ex-clIVIdend. r Ex-rIgina.
2694
New York Stock Record—Concluded—Page 8
For sales during the week of stocks not recorded here, see eighth page preceding.
STOCKS
Sates
for
NEW YORK STOCK
the
Friday
EXCHANGE.
Saturday
Wednesday Thursday
Monday
Tuesday
Week
Oct. 24.
Oct. 18.
Oct. 23.
Oct. 20.
Oct. 22.
Oct. 21.
—
$ Per share $ per share $ per share $ per share $ per share $ per share Shares Indus.& Miscell.(Con.) Par
No par
1.200 The Fair
*225 23
8
2314 2314 2314 2314 234 2312 32258 225 *225 23
8
8
100
80 Preferred 7%
10612 10612 10612 1065 10612 10612 *105 _ __
105 105 *105 10512
8
No par
612 678
71
-id
63
8 612 4,000 Thermo Co
511 67
8
7
714
7
7
7
Third Nat Investors
No par
*22
23
*14
23
*1918 24
*16
24
25
•2013 2412 *22
25
1,400 Thompson (J R) Co
30
*29
294 2918 29% 30
2912 2912 30
2918 30
311
1314 2.700 Thompson Products IncNo pox
12
15
1518 12
*1514 18
133
*1514 17
16
16
1.000 Thompson-Starrett Co_No par
53
4 53
6
6
6
618
*6
612
6
6
8
8
No par
8 1.200 83.50 cum Ore!
3218 345
33
35
*31
33
33
*33
36
33
33 *32
No par
10
103 1012 1018 1038
8
1014 60.900 Tidewater Assoc 011
10
1018 10
93 1014 10
4
100
7014 70
70% 7012 704 1,600 Preferred
70
70
70
72
7112 7112 *70
100
Tide Water 011
*154 20
*1513 20
*1513 20
*1513 20
*1512 20
•1512 20
100
300 Preferred
8514 855
*
*8412 89
85
85
*8412 87
*844 89
85
85
10
218 912
g
212
918 3,300 Timken Detroit Axle
9
9
9
918
9
9
9
49
5134 25,000 Tinken Roller Bearing_No par
50
49 4 51
3
8 4814 4914 49
503 5218 4814 517
4
20
1.200 Tobacco Products Corp
27
8 27
27
27
27
4 *314 7
24 28
8
27
•278 3
20
2,300 Class A
11
8
8
4 105 105 x11
8 105* 103
1012 1012 1053 10 4 103 107
4
3
25
17
12 1718 178 1714 18 181.000 Transamerica Corp
1612 175* 16% 17
173
4 174 18
Tran.scontl Oil Co____No par
_ __ ____
__ _ ____ ____ __ __ _ __ _
• -- _ _ __
gi 148
s
3,200 Transue& Williams St'l No par
9
2.8 .3
1
818 --18
8
8
i
n 8
18
94
97 103
402 10
912 10
912 98
8 1018 103 14.600 Tri-ContInental Corp—No Par
9
12 10
2,900 6% preferred100
943 95
4
4
4 943 947
4 943 943
943 943
4
943 947
94 4 95
3
8
8
8 317 325 12.500 Trio° Products Corp___No par
29
31
27
12 283
4 2912 313
2914 3053 3018 317
No par
_ _ITruax Traer Coal
*1018 12
*1018 12
*1018 12
*1012 12
*1012 12
*1018 12
10
600 Truscon Steel
e
2378 2378 *237 24
24
24
24
*24
2412 2438 '2412 24
No par
400 Ulen & Co
17
185* *1712 1814 *174 1814 *174 1814 .1712 1814 *1712 1814
5.800IUnder Elliott Fisher Co No par
71
72
69
71
6612 6912 66
65
14 66
653 68
4
70
1.200 Union Bag & Paper Corp_ _100
*124 16
12
1214 124 12
12
*1212 16
13
1314 12
8
59 6314 5918 62% 6114 64% 635 655* 190,000 Union Carbide & Carb_No par
12
64
59
615
8 61
25
16,800 Union 011 California
4
2918 3014 2914 31
2818 3012 2813 2914 284 2918 283 29
No par
3,300 Union Tank Car
25
254 2512 2514 2514 2514 2514 25
254 25
254 25
3612 139,900 United Aircraft & Tran_No par
8 35
8
3218 33% 334 363
8 315 3412 3314 353
4 3318 363
50
554 5618 2,200 Preferred
574 55% 5518 55
544 544 55
57
554 *55
/
1
No par
3914 397 13.600 United Biscuit
391
377 383
354 38
4 3812 3812 3712 3912 39
100
100 Preferred
13113 13912 *115 124 *110 124
112 12512 *115 12114
115 115
No par
8
32581 3112 327 11.300 United Carbon
8
305 3114 3112 3312 30 4 3314 285 3112 30
8
3
55
53
No par
6.000 United Cigar Stores
54 534
5
5
12
512 512
518 .55
8
512 512
loo
1,200 Preferred
8
81
5114 5114 507 507 *504 58
5112 5112 135114 58 •5114 53
No par
8
8
4
8 203 2212 2114 22121 217 227 302,400 United Corp
2112 227
20
5 21% 214 23
No par
8
4814 487
8 4818 48581 483 4812 9,600 Preferred
484 488 4812 49
488 49
No par
314 313 1,500 United Electric Coal
312 34
4
418 *318 312
314 34
314 314
No par
4
7014 6814 70I 6812 693 17.200 United Fruit
8 63
71
7214 7014 723
705* 72
4
4 283 294 2912 304 98,300 United Gas & Improve_No par
283 297
4
8 28%n 284 293
2812 29
s
No par
1,100 Preferred
1015 102
8
102 102
8
10214 10212 1037 1023 102 102
s
•10213 103
100
200 United Paperboard
44
43
4 *4
434 *4
*4
4
4
434
*4
43
4 *4
263
8 6,900 United Piece Dye Wks_No par
8 25
22 8 23 4 237 2414 2312 2312 *244 25% 234 253
7
3
No par
4 8.200 United Stores cl A
64 63
64 65
65
8 712
614 67
s
64 612
612 653
700 Preferred class A __ No par
367
8
36
33
33
39
395 *36
8
43 8 *36
7
*36
1336
40
600 Universal Leaf Tobacco No par
02312 26
2412 2412 *2314 2414 •2314 25
•24
26 32412 25
100 Universal Pictures let pfd_100
*434 4512
8
425 4312 4313 45
*4318 48
4312 50
•434 50
4 2,100 Universal Pipe I& Rild”NO par
212 23
212 212
212 212
8
25
8 25
2 4 23
3
4
23
4 28
20
20,000 U.S.Pipe & Fdy
4 2514 27
2534 2412 253
263
8 24
2312 2412 2478 2612 25
1858 1838
No par
200 181 preferred
1812 1812 1812 *2842 12
1812 •18
*18
1812 *18
No par
800 U S Distrib Corp
•813 9
8
12 812 *812 9
812 812
812 812
812 812
100
100 II S Express
*112
17
8 *Ps
13
4
1
1
8
178 •114 17
111.14 18 *114
No par
4 1,600 U S Freight
347 353
334 35
*30
33
37
334 3314 3612 *30
1331
97 1014 10 4 10
97 104
3.800 U S & Foreign Secur No par
10
10
9 8 10
3
4
9
12 93
800 Preferred
4
.,No par
4
4 913 913
913 913
4
4 913 913
*913 93
4
4
914 913 *913 94
114 1112 1,200 US Hoff Mach Corp___No par
113 12
4
12
1212 1212 *9
14
1214 1212 *9
6312 634 6418 6,400 U Ei Industrial Alcohol_ -100
624 63
8 61
60
61% 6012 625
6014 61
No par
614 6% 1,900 U.S. Leather
63
8 64
612 67
8
64 64
612 63
4
8
614 63
4
4 2.400 Class A
3 10
93 103
No par
958
912 94
95*
914 912
93* 918
*9
400 Prior preferred
6612 6712
100
•6712 70
*6712 70
*5712 68
68
7212 68
•68
39 4 15.600 US Realty &
3
8
_No par
353
4 355 3712 37
32
347
8 325* 3412 3514 3618 35
1312 10.400 United States Rapt_1334 13
10
Rubber
11% 1314 13
13
114 124 1158 125* 12
2214 2314 7,000 1st preferred
8
100
215 22
24
244 2112 22
23 23
2214 23
20
204 8,500 U El Smelting Ref & Min
50
193 20
8
1914 20
20
20
1912 1912 1912 20
4
800 Preferred
*4112 443
43
50
43
43 433
4 43
4 4314 435* 43
04314 443
8
4
3
145 1494 14712 1507 481.800 United States Steel Corp 100
4
14412 1463 1461z 149 4 1443 1494 14314 146
8 6,000 Preferred
100
8
3
4
147 14814 147 14713 147 8 1473 147 1474 14718 1473 14718 1473
700 U S Tobacoo
6212
624 .62
No par
*61
61
60
6012 61
60
8 60
597 597
8
2512 273 18,600 Utilities Pow de Lt A
No par
2614 2514 27
27
2553 2718 25
2418 25 3 25
3
112 112 1.100 Vadsco Sales
112
No par
114
112 112
112 112
114 13
8
114 112
No par
503 5318 223.200 Vanadium Corp
4
52
48
*
4
47
48
12 483 5212 484 5214 463 50
4 3,000 Vlrginla-Caro Chem
No par
23
4 23
8
258 23*
25* 25
2
5
23
4
25
8 28
7
212 2 4
3
100
204 2014 4,100 6% preferred
21
20
20
2014 2012 20
193 21
4
20
20
100
75
755* 1,600 7% preferred
75
75
75
7514 7514 75
*75
77
75
75
600 Virginia El& Pow pf (6)No par
10413 10412 10412 10412 *10412 10434 10412 10412 *10412 1044 1044 10412
405 Virg Iron Coal & Coke pf 100
70
70
70
70
70
70 •____ 75
75
*70
75
•70
100
8 497 50% 1.600 Vulcan Detinning
497 507
8
475* 50
53
47% 5213 48
48
50
100
50 Preferred
*9212 95
*9212 95
*9212 95
924 9212 *9212 95
*9212 95
No par
3,200 Waldorf System
247 25
247 25
8
2312 25
25 25
243 25
4
2412 247
No par
195 2012 2012 2052 3,500 Walworth Co
8
8
20% 2118 203 2012 *2018 2012 1912 20
430 Ward Baketies class A_No par
2312 2342 23
312 22 2212 22 2214 •205 2212 *204 2212
8
No par
4,700 Class B
6
54 54 *55
512 814
612 6
54 6
54 512
100
573 5712 5714 5714 1.500 Preferred
8
5
58
584 57 8 58
5818 584 *5818 59
2114 2012 2114 233,400 Warner Bros Pictures_No par
4
19
12 213
4 183 2114 20
22
1812 1958 20
No par
100 Preferred
4312
*42
43
43 *42
*40
43 *40
44
44
•38
12 45
No par
16,300 Warner Quinlan
6% 7
7
7
7
7
7
73*
714
7
7
7
No par
8
324 3312 3012 3212 32 3 3212 3213 3313 11,000 Warren Bros. new
3214 34
3218 33
No par
310 Conv pref
43
4
4313 4312 423 4312 43
4612 314312 45
8
4512 455 *45
No par
1,000 Warren Fdy & Pipe
26
*26
2634 26
26
2658 26
2612 26
2612 2612 26
25
1,000 Webster Elsenlohr
*334 4
4
4
4
4
4
412
44 418
4% 418
800- Wesson 011 & Snowdrift No par
24
2412
24
2412 24
244 247 *24
2414 24
24
2412 3
No par
541 2.000 Preferred
/
4
54
54
54
54
54
534 54
54
54
53 4 54
3
138 140
6.900 Western Union Telegraph-100
4
8
137 1393 13614 1387 1373 139
4
138 13914 139 142
3112 3213 9.800 WestIngh•se Air Brake_No par
32 32
4
4 324 33
333
4 323 333
3312 33
33
8
104 1124 1014 10518 101 1055* 1043 108 496,500 Westinghouse El & Mfg____50
10812 114
10558 108
50
8
113 1147 11318 117
112 117
116581165* 1.720 1st preferred
8
4
117 1183 1175 120
1.700 Weston Elea Instruml_No par
8 2214 24
213 217
4
23
23
2312 23
2212 2212 *2212 24
Class A
No par
*3414 36
*3414 36
*3414 36
*3414 36
*3414 36
•3414 36
110 West Penn Eleo class A_No par
104 - 104
104 1041.4 *10314 104 *10314 104
105 105 *10414 105
100
140 Preferred
109 110 *1094 11013
109 109
109 109
1074 109
13109 112
100
220 Preferred (6)
95
95
97
9812 9812 .95
99
99
x99
99
8
1017 10112
130 West Penn Power pre/
100
11512 116
116 116
116 116
*116 11612 116 11612 116 116
100
210 8% preferred
1094 10918
108% 109
4
•1083 109% 10812 10812 10812 10312 11)83 109
8
400 West Dairy Prod Cl A__No par
*2313 25
312312 25
23
23
23
23
23
4
2018 203 *22
51
57
No par
512 512 2,600 Class 13
54 54
54 512
hls 518
2
53
300 Westvaco Chlorine ProdNo par
311 *28
30
32
32 •28
32
32
31
304 3012 *30
Wexmark Radio Stores_No par
*214 7
*214
7
*218 7
7
*2
3 12 7
2
7
*2
2,500 White Motor
28
28
No par
2753 273 28
27
28
3
281s 2812 275 2812 28
4418 4418 4412 1,9001White Rock Min Spring 431_50
43
12 4312 44
447
44
4318 44
42 4 43
3
37
1.033 White Sewing Machine_No par
33
4 33
4 *334
4
*35
8 33
4 4
33
312 312
34 4
3
Preferred
No par
8
*7
8
*7
*63
4 8
*534 8
8
*7
8
*7
No par
4 2,900 Wilcox Oil & Gas
1014
953 93
10
92 97
7
1012
4 10
3
103 10 4 1012 103
4
100 Wilcox-Rich class A
No par
23
*15
*15
23
21
*15
1914 *1914 21
*18
20
20
Class B
No par
26
21313 •10
20 .10
*10
26
264 *15
2612 *15
1015
37 - 4
5
20.500 WIllys-Overland (The)
34 4
3
34 4
3
418
4
3
43
4
412 412
100
1,000 Preferred
48
48
47
13 48
48
48
12 49
*494 587
s 48
60
3149
400 Wilson & Co. Inc
8 23
4
No par
4 314 *25
238 2% *23
3
3
24
34 34
27
s 24
No par
64 1,700 Class A
64 '
64
612 618 *6
6144 612
7
6
612 6
513 * 5
101)
900 Preferred
*39
41
4014 4014 3914 404 *394 41
41
41
4114 •40
10
65% 79,400 Woolworth (F W) Co
613 6315 63
8
6012 63
644 6118 64
62
604 62
100
79
8313 22,900 Worthing P & M
82
7412 7812 77
804 744 81
77
14 78
75
200 Preferred A
100
97
*95
*95' 97
97
*95
•9812 97
12 9612
9612 9612 96
100
89 4 1.000 Preferred B
3
894 •86
*86
87
87
87
87
895
89 4 *87
3
•87
Wright Aeronautical—No par
*22
33
32
5
3534 *22
35 4 *22
3
35 •22
3
*22
35 4 •22
4
-No par
*673 6813 *673 6813 1,300 Wrigley(Wm)Jr (Del)
4
68
68
68
68
68
12
661s 67 xf38
400 Yale & Towne
2.5
344 3412
354 3512 *3412 357
4
4
333, 3358 333 331 *3342 30
1113 187,200 Yellow Truck dr Coach Cl B_10
1
10 * 113* 10% 1113 10
3
125* 10 4 13
1012 1114 11
Preferred
100
69
*50
69
*50
69
8512 *50
85 *50
12
13404 8512 *50
21 ,18,100 Young Spring & Wire_No par
193
8 19
8 194 2012 1914 1913 19
1918 1914 191i 207
200 Youngstown Sheet & T_No par
90
*85
90
*85
90
*85
90
*85
90
88 •85
88
2,500 Zenith Radio Corp____No par
4
4
4
4
414
415 412 4
4
4
14 43
414 414
HIGH AND LOW SALE PRICES—PER SHARE, NOT PER CENT
•Bid and asked Woes: no sales on this as,. s EX-dividend. r Ex-rIgnes.
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
$ Per share
225 Oct 22
8
102 Jan 21
512 Oct 23
2212 Oct 10
27 Oct 10
12 Oct 23
518 Oct 10
30 041.10
94 Oct 21
70 Oct 21
154 Oct 9
83 July 15
8 Oct 10
4814 Oct 21
2 Jan 3
14
75 Jan 2
164 Oct 21
1614 Mar 10
7 8 Oct 22
7
94 Oct 9
8914 A or 10
2614 Oct 17
10% Aug 27
228 Oct 10
1413 Oct 15
65 Oct 17
9 8June 24
5
59 Oct 18
2818 Oct 21
25 Oct 22
315 Oct 22
8
544 Oct 18
85 Oct 17
115 Oct 22
285 Oct 22
8
5 Oct 22
26 Jan 2
*
205 Oct 18
*
465 Jan 6
314 Oct 21
68 Oct 22
2818 Oct 22
97 Jan 13
4 00,10
22 June 18
418 Jan 2
1512 Jan 2
197 Aug 13
80 Jan 3
212 Jan 9
18.3 Jan 2
15 8 Jan 7
3
8 Oct 15
12
1 Oct 22
27 Oct 10
12
9 Oct 10
13
85 Jan 8
1112 Oct 24
5814 Oct 14
6 Oct 14
9 Sept 30
6612 Oct 24
32 Oct 18
11 Oct 10
2112 Oct 10
1712July 10
42 July 17
14314 Oct 22
141 Jan 4
5912June 18
20 Oct 10
Is Oct 9
2
463 Oct 22
2128ept 30
183 Oct 14
4
7312 Oct 14
101 July 14
38 May 1
475 Oct 20
8
85 Jan 24
244 Jan 6
19 Oct 22
2112 Jan 7
418 Jan 2
3
563 Oct 17
1618 Oct 14
36 Oct 3
6% ()MU
3012 Oct 22
423 Oct 23
4
234 Jan 2
4 Oct 21
22 Oct 10
504 Jan 15
13314 Oct 10
3112 Oct 24
101 Oct 23
112 Oct 21
213 Oct 23
4
33 June 23
98 Jan 3
10512June 25
974 Jan 2
11313 Jan 3
1043* Jan 23
20 Oct 16
45 Oct 17
30 June 24
312 Oct 10
27 Oct 14
36% Jan 21
184e at 25
3
63 Oct 17
4
93* Oct 24
20 Oct 18
1913May 5
3 4 Oct 22
3
474 Oct 23
212SePt 30
C's Oct 21
3914 Oct 22
8June 23
515
6714 Jan 17
88 Jan 17
78 Jan 3
27 Oct 8
6615 013%18
84 Oct 14
10 Oct 24
72 Jan 27
19 Oct 23
88 Oct 18
8 Oct 10
13
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
$ per share 3 per share $ per share
25 Dec 511 Jan
11
82 Jan 18
*
4
110 Feb 13 102 Nov 1101 Oct
267
8May 19 __-- ---- ---- ---463 Apr 14 ____
4
_ ---- --47
13Mar 12
30 __Oct 62 Jan
_--__ ---395* Apr 10 -187 Mar 28 __-8
-- ___. ---- ---495
8Mar 25 ____ --- ---- -173 ADt 7
4
10 Nov 2312June
744 Nov 9078 Aug
893 Mar 25
4
14 Nov 40 June
81 Apr 23
94% Apr 16
13
8518 Nov 97 Jan
2114 Apr 11
1112 Oct 3414 Sept
5813 Nov 150 Jan
5914 April
Oct 2218 Mar
1
64 Jan 23
1314July 9
5 Nov 22% Mat
14
253
48ep1 8 ____ __-- --- ---24 Apr 24
Apr
2814 Jan 31
153 Dec 5332 8
2014 Apr 10
- ----- ---- ---9648ept 13 ___ _ __- —
41% Mar 1
30 Dec 63- July
22 Mar 18
4
134 Dec 817 Jan
375
8Mar 25
80% Nov 61% Jan
24 Sept 5
138 Mar 21
82 Nov 181% Oct
7 Nov 43 Jan
1914Sept 12
10638 Mar 31
59 Nov 140 Sept
50 Apr 7
4214 Nov 57 Sept
884 Apr 10
99 Apr 8
31 Nov 162 May
447 Nov 109
2
775 Apr 7
13MaY
4May 28
3312 Dec 60 Oct
583
142 May 28 11412June 130 Oct
84 Apr 24
4012 Nov 1115* Sept
812June 5
-an
iii, Dec joi 1
es lure 5
19 Nov 754May
52 Apr 28
4212 Nov 497 July
5312 Apr 23
6 Dec 811* Feb
19 8 Feb 19
7
99 Oct 15813 Jan
105 Jar 13
3
22 Oct 59 8 July
493
8May 1
14
9014 Oct 98 Dee
10413 Oct 7
7 Nov 265* Jan
14 Mar 14
7
1514 Nov 48 8 Aug
327 Apr 7
8
318 Dec 14 Oct
147
8June 7
7
1414 Dec 40 Oct
50 4July 18
3
7
2512 Nov 85 8 May
39 Mar 15
28 Dee 93 Jan
76 May 9
14
24 Dec 22 Jan
9 Apr 10
12
Oct 5578 Mar
3814 Apr 10
15 Oct 19 Jan
21 May 27
9 Oct 23 Sept
20 8 Jan 17
3
2 Jan 10 Apr
4 Apr 14
52
8614 Nov 13413 Sept
103 Apr 7
1718 Nov 72 Aug
3278 Mar 30
7
82 Nov 92 Aug
101 Mar 21
8
174 Dec 497 Jan
80 8 Mar 12
5
95 Nov 24358 Oct
1393 Jan 2
8
5 Nov 854 Jan
1512 Apr 21
1414 Dec 6178 Jan
26 Apr 21
8114 Dec 107 Feb
94 June 23
7512Mar 25
13
50 Nov 119 Feb
12
15 Oct 65 Mar
85 Apr 10
4014 Nov 9213 Jan
634 Apr 4
228 Oct 7278 Mar
7
364 Jan 6
48 Nov 58 Jan
5313 Jan 7
4
1983 Apr 7 150 Nov 2613 Sept
4
15114Sept 29 137 Nov 14414 Mar
5513 Nov 7134 Nov
eh Feb 10
5
12
2418 Nov 58 Aug
45 Apr 10
3 Nov 134 Jan
718Mar 12
374 Nov 1164 Feb
14314 Apr 26
318 Oct 2434 Jan
8 8 Apr 1
7
15 Oct 654 Jan
3414 Apr 1
13
69 Nov 97 Feb
823 Apr 9
8
10712 Oct 2
39 Dec 48 -Jan
7014Sept 25
8
38 Nov 1497 Aug
156 Mar 24
81 Nov 110 Apr
100 Mar 24
20 Nov 364 Oct
318 Apr 11
7
22 Nov 49 8 Oct
4234 Apr 2
3
20 Dec 84 4 Jan
54 Mar 24
113 Oct 2114 Jan
15 8 Apr 1
5
50 Nov 8712 Jan
7718 Apr 3
30 Nov 6412 Aug
8014 Mar 28
14
2514 Oct 59 Jan
7014 Mar 28
8
27 Apr 12
15 Oct 427 Jan
11-634 Apr
56 Sept 12
43
12May 19
1518 Mar 3414 Jan
3
912Mar 31
4 Oct 113 8 Feb
20 Oct 48 Mar
297 Mar 27
5912 Apr 7
7212 Mar
404 Nov
3195 Feb 19 160 Nov 2724 Oct
52 Feb 27
4
3612 Oct 673 Aug
20112 Apr 15 100 Oct 29258 Aug
1973 Apr 15 103 Nov 284 Aug
3
48 8 Mar 31
7
19-8 Nov 64 8 Sept
3213 Aug 3612 Apr
36 Jan 28
110 Apr 16
90 Nov 110 Feb
11212Sept 18
97 Nov 1114 Jan
104 July 31
884 Nov 102 Jan
1184June 17 110 Nov 117 Mar
11
11112Sept 12 102 Sept 110 Jan
50 Mar 10
5613 Nov 60 Sept
2418 Apr 11
7 Nov 40 Sept
594 Feb 17
30 Oct 94% MAY
21 Jan 7
19 Oct 75 Sept
13
2714 Nov 53 Mar
43 Apr 4
54438ar 20
27 8 Nov 554 Sept
7
13 k Mar 4
7
Oct 48 Jan
1
8
397 Apr 3
27 Dec 577 Jan
21 Apr 25
4
1278 Nov 293 Feb
3414 Jan 29
19
Oct 6114 May
273
4Mar 31
125* Oct 62 May
115 Feb 6
8
54 Oct 35 Jan
Jan
85 Apr 3
65 Dec 103
3 Dec 1313 Jan
7 4Mar 27
3
65 Nov 27 Jan
13 Mar 27
5413Mar 31
35% Nov 79 Jan
723 Jan 2
5214 Nov 112 Sept
169 Apr 29
s
43 Mar 1373 Sent
107 Apr 25
75 Nov 1004 Sent
13
93 Mar 29
66 Apr 90 Bent
15913Mar 5
80 Nov 299 Feb
80 July 26
65 Nov 80% Jan
77 Mar 1
61% Feb 88 Aug
323* Apr 23
74 Nov 6114 Apr
964 MaY
105 Apr 2
80 M
47 Mar 7
50 4 Aug
3
8312 Oc
175 Sept
152 Apr 7
91 N
611 Dec 5234 July
163
4June 2
r:JN York Stock Exchange—Bond Record, Friday. Weekly and Yearly
2665
,
Jan. 7 ism 1L4
;_,.r5401ie matacd of quoted tends was chanoad and prices are nolo "and tniereer—except for Inmate and defaulted bonds
BONDS
t3
; N.Y. STOCK EXCHANGE. z
Week Ended Oct. 24.
Price
Friday
Oct 24.
Week's
Range or
Last Sale.
en
No.
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 24.
1.1 •
Price
Friday
Ocl, 21,
Week's
Range or
Last Sale.
Range
Sin%
Jan, 1.
Higa
High No Low
Ask Low
Bid
Low
High
High
Ask Low
U. S G.....ment.
Bid
Cundlisamarca (Dept)Colombia
leIrst Liberty Loan
84
60
62
36
1959 MN 62 Sale 5712
External a f 634e
,
.1 1) 1015n Sale 101 se 101 81 92 9815111015n
,
354% of 1932-47
13 109 11114
10912 Sale 10912 110
Czechoslovakia (Rep of) 86_1951 A
9815n 101
100.se Aue'30
J D
Cony 4% of 1932-17
13 10814 111114
1952 A0 110 Sale 10914 110
Sinking fund 88 ser 09
1021 12102,12 134 1003311c1031113
D 1E1 T -74 2 i
Cony 45e % of 1032-47
J
de
8 10834 23 108 111
108% Sale 1085
983.1,09,112 Danish Cons Municlp 85 A_1946 F
99548Feb'30
3d cony 434% of 1932-97
J D
8 10S4 31 10712c112
4
8
1946 FA 10S5 1083 1085
a 1 8s Series B
Fourth Liberty Loan
4 57 10312c107
945
-year exti 68_ 1852 J J 105 Sale 10418 1053
h 622 1001.81 101,111 Denmark 20
A 0 1031641 Sale 10315411031
454% of 1933-38
991z 102%
72
101.
FA 101 Sale 100
100 100
External g 554s
100 SePt 3
.3 J
Conversion 3s coupon
'0
9012 994
4
9418 172
External g 45es__Apr 15 1962 AO 94 Bale 933
30 10914.81131.a
1947:1952 A 0 11235n Sale 1123.4211233a
Treasury 4 st a
97 10215
4
8
985 162
8
” Deutsche Bk Am part elf 68_1932 al 5 983 Sale 973
10515ss 109,
1944-1954 J D 10815.8103,3n 108 .32103": 143
,
,
Treasury 4a
99
89
53
95
76 103 1063,14 DominIcan Rep Cust Ad 55es 42 MS -- -_ 9512 89
1946-1956 M S 10615:1106n. 1061342106"e
Treasury 35es
4
8113 9612
9414 43
9312 9012
1940 A0 90
let ser 514e of 1926
26 99421023,n
J D 10254,102"n 102342 102184
1943-1947
TreasurY 3Ms
96
89
36
94
9014 89
AO 89
2d series sinking fund 6 Ms 1940
102 9338.21024n
Sale 101.°42 102
Treasury 35es June 15 1940-1943 1 I) 102
33
86 c106
89
8
,
2
98, 98 2 Dresden (City) external 78_1945 MN 863 8812 8634
Panama Canal 3e
1961 Q M
983.4 Sept'3
8
8
Dutch East Indies eat' 60_1947 J J 1025 Sale 102% 102% 29 1013 103
State and City Siteuritles.
4 21 10112 10312
8
1962 MS 1025 103 102% 1023
9134 913
-year external 68
40
914 Sept'30
NY C 334% Cory et__Nov 1954 MN
101% 104
8
1027 ____ 1027 Oct'30
j
30-year external 534L.,.,,_1953 M
8514 Auce29
354% Corporate et__May 1954 MN
1015
91" 30-year external 5 _ _ --1953 MN 103 Sale 1024 103 13 10338 104
"ii" 91 Feb'30
as registered
1956 MN
4 11018
4
105%
10512 Sale 105
8
4)75 97% El Salvador (Republic) 88_1948 .1
8
97 June'30
4% corporate stock
1957 MN ____ 102
88
65
32
65
102% 104
Estonia (Republic of) 78_1967 3.7 65 Sale 65
___- 101 Mar'30
stock
1957 M N
434 corporate
974
86
23
87
86 Sale 86
81
103 105
Finland (Republic) °et' 68_1945
454% corporate atock
1084 105 Mar 30
1957 MN
4
923 10114
31
95
9314 923
93
External sinking fund 78_1950 M
8
8
1003 1003
6% corporate stock
10038 Oct'30
1958 MN
9812
61
87
92
98 1007
External(linking fund 654s 1956 88 S 92 Sale 87
8
Oct'30
8
1007
A% corporate stock
1950 MN
721s 92
7712 41
76
7618 78
100 100
External sinking fund 5545 1958 FA
100 July'30
654% corporate stock
1931 A 0
2
99
88
88
881 88
95 10012 Finnish Mun Loan 8548 A 1954 40 88
10012 Oct'30
1960 Si 8 iooT8
corporate stock
434%
9812
88
9
88
9011 88
External 6568 series B _ _ _1954 40 88
9912 Oct'29
04% corporate stock
1972 A 0
8112 14
7618 95
Frankfort (City of)sf 654s-1953 MN 8112 Sale 79
4
434% corporate stock1971 .1 D ioiT lOOii 1004 Sept'29
_
8
.
"97; 16/34 French Republic ext 754e - 1941• D 125% Sale 12558 1254 402 117%c127
Oct'30
106
434% corporate stock
1963 Si S 10714 -220 11240.22
1942 3D 12012 Sale 1204 C121
106 106
External Ts of 1924
45e% corporate stock
4
1965 J D 10712 10s3- 106 June'30
10812 10812 German Government Interna% corporate stock July 1967 I J 10734 109 1081e Oct'30
7312 9114
488
77
4
tional-35 yr 5 Ms of 1930-1965 3D 753 Sale 75
June'30
10414
New York State 4s canal Mar '58 Si 8
Sale
-56" 101 German Republic exti 75 1949 40 10258 Sale 10112 10278 348 100 109%
101 June'30
Canal impt 68
1961 .1
42
96
93 102
MN 95
93
100 109
Graz (Municipality) 88
109 June'30
19643 J
Me
243 10212 106%
7
193
GC Brit de Irel (UK of) 550_14184 FA 106 Sale 10538 106
Foreign Govt. $ Municipal
104 104
104
FA 6
,5_
. _ii c8912 Apr'30
4934 86
Registered
9
60
5914 Sale 59
Agri° Mtge Bank 8 t 6e
1947 F A
2
15 e823 90
1
e4% fund loan £ opt 1960_1990 MN
8012
55
15
64
Sinking und 68 A _ _Apr 15 1948 A 0 6118 68 6112
10012 10 0714 101
D c9912 _.... c100
e5% War Loan goat 1929_1947
9714
87
4 35
953
9512 Sale 9514
Aken(hus (Dept) ext 5s
1963 MN
4 101 107 2
,
10514
4
873 Greater Prague (City) 7548_1952 MN 10514 Sale 105
53
5
67
Antloquia (Dept) col 75 A 1945 J .1 67 Sale 66
97 10314
8712 Greek Government at see 781964 MN 09 Sale 99
52
21
67
1945 J J 67 Sale 65
External s1 78 ser B
4
883
80
5
9978 33
8
26
1968 FA 85 Sale 805*
8712
64
Sinking fund Bee 6s
66
1
66 Sale 66
1945 J
External a f 7s ser C
9212 1004
22
95
1952 40 95 Sale 95
Haiti (Republic) 1 6s
88
54
70
20
1945 J J 67 Sale 67
External a f 75 err D
8512 11
83 c981a
7 8712 Hamburg (State) 88
1916 40 8412 87'2 84
49
10
65
65
6412
11157 A 0 63
External s1 7e let ser
7
9214
9014 10412
HeidelbergfGernaanylext1 7 Me'5 33 92% ___- 91%
0
89
50
65
8
2
647
,
61 2
External sec sf 75 2d ser_1957 A 0 63
9412
84
8612 47
118
50
3
Helalretfore (City) ext 6 Ms_ _1960 90 84 Sale 84
65
67
5814
External sec a f 75 ad ser_1957 A 0 63
14
83
73% c9814
1945 .1.1 8212 Sale 8211
15
101
9214c10118 Hungarian Munk, Loan 734s
Antwerp (City) external 55_1958 J D 100 Sale 100
94
5
79%
78
7814
External a f 7e
,
95 2 32
88 100Sept1 1946 J J 7838 SO
Argentine Govt Pub Wks 611.1960 A 0 95 Sale 9214
1
89
87 100
89
97
Hungarian Land lef Inst 7545 '61 MN 89
Argentine Nation (Govt of)—
9
84% 9812
Sinking fund 7545 ser B._1961 MN
87 100
9512 170
2
Sink fund 68 of June 1925-1959 D 9512 Sale 933
99 1043
8
s
94718
88 2
99114
k
9518 107
8
997 Hungary (Kingd of),f 734s 1944 FA 9914 Sale 89 4
87
Eat! e f 68 of Oct 1925 1959 A 0 951g Sale 925
96 100%
8
100% 38
95
Irish Free State extle e t 58_1980 MN 10012 Sale 997
104
87 c100
1957 M S 95 Sale 9212
Sink fund 68 series A
4
923 101
9512 249
4
95
Italy (Kingdom of) extl 75_ A951 3D 9512 Sale 9418
45
87 1011
D 943 Sale 917
8
External fis menus B_ _Dee 1958
9312
7
,
98 2
92
934 92
90
43
95
865* 10018 Italian Cred Consortium 78 A1937 M
Heti s f 65 of May 1926_1960 M N 0434 Sale 9214
6
92
2
9012 983
907
3
•S 907 92
95
54
87 c100
External sec 8 f 78 ser B._1947
Externals f (is (State Ry)_1960 M S 95 Sale 9238
81
90
8812 9872
951s 99
4
993 Italian Public Utility exti 78 1952 J J 88 Sale 88
87
Exti 6e Sanitary Works_ _1901 F A 95 Sale 9212
7 973
9712 40
4
943 4987
8
2
4 35
95,
MN 95 Sale 94
Govt £ loan 48_1931 J 3 975 97
8
8712 1003 Japanese
Exti 61, pub whe(alay'27)_1981
2
1044 157 101, 1057s
8
FA 10418 Sale 1037
97
,
89 2 47
85
78 c93
-year f 654s
Public Works extl 5548_1962 F A 87 Sale 88
30
8912 94%
9312 265
1
,
88 4
Extl tanking f und 5 Ms---119965 MN 93 Sale 92%
84
__1945 M S ____ 873 8814
Argentine Treasury 55
52
80
774 9414 Jugoslavia (State Mtge Bank)
E_Australia 30-yr. 521_ _July 15 1955 .1 .1 79 Sale 7714
35
S1
86
8014 102
74
40 80 Sale 80
78
9114
Secured a I g 78
External Se of 1927_ _Sept 1957 M S 7812 Sale 78
931, 18
8912 10114
1047
61
73
1
/
714 853 Leipzig (Germany) et 78_1987 FA 92 Sale 9114
External g 434e of 1928 1956 MN 73 Sale 7114
4
20
95
4
1
/
92 100
J O 9214 Sale 9214
126 102% 108
1943 J la 10312 Sale 1033
8 104
Austrian (Govt) a f 78
Lower Austria (Prov) 7545_1950
SS 10212 106%
1051
91
172
87
8
95, Lyons (City of) 15
1957 J .1 91 Sale 8914
-year 68_1934 MN 10514 Sale 10518
International s I 78
82
26
1945 F A 82 Sale 784
78% 9812
Bavaria (Free State) 6 Ma
, 49 10212 1092
105
82 1071 11112 Marseilles (City of) 15-Yr 6 1934 MN 1054 Sale 10512
4
1941 F A 108% Sale 10814 100
Belgium 20-Yr t 88
0
2
547 80
48
53
,
108 2 105 1053
10312 Sale 107
,
.011012 Medellin (Colombia) 650_1954.10 5912 Sale 55 2
1949
25-year external 6545
5
1032 18
,
13
1314
,
1955 1 J 103 Sale 10218 103 4 140 10118 106
External a f 65
Mexican Irrlgat Asetng 45es 1913
Apr'3
26
28
28
11212 72 10914 1155 Mexico(175) exti 58 of 1899£.'45 QJ
1955 .1 D 11214 Sale 112
8
-year s f 7s
External 30
-12 17%
25
15
-ii- 19
,1
18 4 12
109
160 107 1104
1945
1956 M N 10812 Sale 108
Stabilisation loan 7e
Assenting Si of 1899
5
15
g
14
1612 24
174
4
173
1945 MN 109% Sale 1098 11018 14 1097 11212
Assenting 58 large
Bergen (Norway) s 188
6
:
,
121 Sale 1211
10 4 17%
134
99 102%
8 101% 15
-year sinking fund Os_ 1949 A 0 10118 Sale 101,
25
Assenting 48 of 1904
11
15
14 Sale 14
10% 213
4
17
97
97
Oct 13 1949A 0 97 Sale 97
97
Assenting 4s 01 1010 large
Extl s f Us
1211 1253 1312
7
1012 2112
4
133
95
22
96
971
1960 M S 95
95
971
Extl a f Os
Assenting 4a 01 1010 ernall
2
20
18
20
27%
851
38
3
79 c9912
Treas as of'13 assent (large)'3
Berlin (Germany) e I 650-1950 A 0 8312 8514 8312
8
123 27
1812
5
1815
807
4
773
27
7714 94%
Small
External sink fund 6a_ ___1958 J D
84
81
95
81
79
24
9912 Milan (City. Italy) extl 6548 '52 AO "ii Sale 5114
75
Bogota (City) extl si 8a__1945 A 0 80 Sale 79
751
71
64 100
Minas Geraes (State) Brazil
(Republic of) extl 85_1947 Si N 7312 Sale 72
Bolivia
83
60% 33
45
72
1958 Si S 60% Sale 4912
591
43
4
853
External s 1 6548
19583 J 69 Sale 55
External securities 78
13
53
8212
45
1959 MS 53 Sale 51
5953 35
4412 84
Exti sec 654e aeries A
1969 Si S 56 Sale 55
External a I 78
92
13
83% 103
1952 J D 90 Sale 90
10512 39 10214 10658 Montevideo (City of) 7a
Bordeaux City of) 15
-Ye 611-1934 M N 10514 Sale 10518
7
94
86% 96%
88
90
8114 150
1959 MN 88
57 10212
External et Sc series A
S of)external 85_1941 .1 D 80 Sale 73
Brazil
8 105% 12 103 107%
74
186
-s)_1972 FA S 1013 ___- 1045
8
4712 8818 Netherlands Gs (flat price
Externals t 634e If 1936_1957 A 0 6312 Sale 613
12
76 Sale 7412 c77
7412 90
64
117
47% c8812 New So Wales(State) extl 581957 F A
1957 A 0 64 Sale 6114
Ertl f 6348 01 1927
754 90
7614 36
7212 90
Apr 1958 A 0 76 Sale 7514
9312
52
External a f 5s
1952 J D 7212 Sale 65
78 (Central Railway)
99
6
4
4
993
8512 10518 Norway 20
-year en! 68____1943 F A 10518 Sale 10414 10514 43 101 10512
seur) £ (flat) 1952,A 0 993 103
7548 (coffee
8 105'z 110 102 106
1944 F A 105% Sale 1043
27
97
9414 104
20-year external 01
Bremen (State of) ext1 78_1935 M S 944 Sale 9414
8 10214 28 101 104
3
1952 A 0 10218 Sale 1017
7314
711 90
-year external 65
30
Brisbane (City) if 58
1957 M S 72 Sale 7112
102% 73 10018 10314
74
65
731 7112
1965 .1 13 10252 Sale 10178
8
40-year 8 f 5345
Sinking fund gold as
1958 F A
7112 884
101
117
4
/
8
4
963 1011
95 Sale 93
93
External et 5s____Mar 15 1963 Si S 1007 Sale 100
6
93
Os
93
1950
94% 10014
4 10018 86
7214 63
Municipal Bank exti 81 Es 1967 J D 1001g Sale 993
D 70 Sale 68
Budapest(City) extl Cf lies_ A962
8512
61
23
97% 10114
90
4
Buenos Aires (City)6 Me 2 B 19553 J 8912 Sale 8912
Municipal Bank extl ef 58 1970.7 D 10014 101 10014 1001
8911 10012
6
77
74% 9212
78% 9812 Nuremburg (City) °et! 6s__1952 F A 76% 77
75
7812
External 8 f Gs ser C-2_.....1960 A 0
1
,
78 2
h02'z 41 100 104
87
External s f 68 ser C-3
1960 A 0 8214 83
Oct'30
SO% 984 Oslo (City) 30-year a I 6E1_1955 Si N 102 Sale 102
100'9 24
98% 10212
1916 F A 100% 102% 100
Buenos Aires (Prov) ext1 69-1961 Si 8 77 Sale 75%
79
69
Sinking fund 5345
7318 91
7 10018 10312
4
4
/
771 20
Exti 8 1 63.es
1961 17 A 77 Sale 76
8614 Panama (Itee) call 534e.__1953 J D 1023 103% 1024 103
72
19
8912 96
927
4
687
Si N 92 Sale 893
Bulgaria (Kingdom) at 711_1967 .1 J 68% Sale 66
Heti at Sc tier A..
.May 15 1963
5
4
64% 853
S
90
57
49
77 Sale 71
Stabiles a I 75es Nov 15 '68
8014 2(1
9014 Pernambueo (State of) exti 7s'47 M 8 57 Sale 52
67
29
73
65 8210112
Caldas Dept of(Colombia)7345'46
4
.1 75 Sale 673
75
31
9312 Peru (Rep of) external 78_1959 al S _70 Sale 70
58
84
40
5812 121
Canada (Dominion of) 5s
1931 A 0 100% Sale 100
1007
Nat Loan extl s t 6e lat ser 19603 D .55 Sale 55
53
993 10112
4
4
/
841
41
8 79
575
1952 M N 106 Sale 105
106
66
47 10214 106%
Nat Wan title!68 2d ser 1961 A 0 55 Sale 5414
17
81
58
GS
1936 F A 101 Sale 1003
4 101% 56
454e
A 0 _65 Sale 65
Poland (Rep of) golds 6s
1940
8
9734 1023
7812 259
8832
70
Carlsbad (City) 81 Se_
4
1954 .1 .1 103 Sale 102% 103
7 102% 109%
Stabilization loan st 72_1947 A. 0 773 Sale 72
172
,
69 2 98
87
78
8
Cauca Val ((Sept) Colons 7545'46 A 0 78 Sale 64%
6
External sink fund g 88_1950 J .1 2.847 Sale 79
64% 95
691:
2
6812 100
Central Aerie Bank (Germany)—
Porto Alegre (City of) 88_1961 J D _,6812 Sale 68%
9412
1
59
60
Farm Loan if 78 Sept. 15 1950 M S 87 Sale 85
87% 37
81
Exti guar sink fund 7548_1966 1 J 60 Sale 59
9812
10214 43 1013 110
Farm Loan 5 f 138 July 15 1960 .1 J 75% Sale 7312
76
94
65
90% Queensland (State) extl a 1 7a 1941 A 0 .100 Sale 100
16
88 10414
90
Loan 5 1 65 Oct 15 1960 A 0 744 Sale 71
88
Farm
75% 275
1947 F A _88 Sale
6012 90
25
-year external 65
20
,
59 2 103
75
Farm Loan 6aser A Apr 15 1938 A 0 85 Sale 82
86
75 Sale 70
131
78
Rio Grande do Sul ext.i a f 88 1948 A 0 ,
94
4
347 80%
53% 82
1942 MN 97 Sale 91%
97
Chile (Itep)—extl s I 7e
49
87 10314
External sinking fund 6a_1968 1 D _5512 Sale 4912
4712 934
6
62
External sinking fund 85_1960 A 0 83 Sale 81
83
47
71
9158
External a 1 78 of 1928._1966 MN _60 Sale 60
67
8912
50
59
8412 82
8
1961 F A 827 Sale 8012
External f 68
72 c9112
External a I 75 mimic loan 1967 J D ,..5412 Sale 50
6811 10514
77% 57
84
1981.7 J 8413 Sale 8112
8
Ry ref extl f 68
61
72
Rio de Janeiro 25-year a f 88_1946 A 0 _ 7712 Sale 725
94
84
85
98
60
1961 M S 83 Sale 81%
Extl sinking fund 6s
8312 53
1953 F A 60 Sale 5514
71
94
External 5 1 654s
81
85
7812 914
83 Sale 8018
1962 M
Exti sinking fund 68
83
1952 A 0 8:312 Sale 8212
9414 Rome (City) extl 65
69
8
44
6 10234 106
1963 M N 84 Sale 80
81
LIU sinking fund 6e
104,2 1041 10412 106
1
85
4
913 iltottoutimaerdautina(
72
17
85
78
72
D 87 Sale 86
Chile Mtge 411 6 Me June 30 1957
Sale 75
87
99
76
49
8
elit e67 1989 F
(City)Io
a nopolel) 821954 F4 NA
9012 19
80% 91
4
I erees of 1926„June 30 1961 J 15 ---- 933 9312
9012
9ff
.8612 91
15
8712 1008 Saarbruecken (City) 65_
1953
80 107
15
81
8
Apr 301961 A 0 815 Sale 8018
Guar a t 6s
8212 15
69
Sao I aulo (City) a 1 8a_Mar 1902 Si N _80 Sale 80
91
27
81
58
8314 62
47
1962 M N 80 Sale 80
Guar a I 6a
6911 91
External a I 6 Me of 1927_1957 M N _58 Sale 55
4
1
/
8614 34
die 102
Chilean Cons Munle 75
1960 M S 8412 Sale 84
8518 30
7712 cgs
San Paulo (State) exti a f 88_1936 J .1 ...81 Sale 77
95
75
62 101
Chinese (Ilukuang Ry) 68_1951 J D 24 Sale 24
2812 20
75 Sale 67
21
1950 J J ,
30
External sec a f 84
9412
50
50
75
9934 100
Christiania (Oslo) 30-yr a f 68 '54 M S 100 102
7
al S 75 Sale 60
4
993 1033
External a!78 Water L'u_1958
4
52
81
41
84% 81
56
cologne(City)Germany 834s 1950 Si 8 81
84
4
80 c985
64
1968 J .1 _58 Sae 5118
External a I 6s
107
83
6812 964
1961 .1 J 6912 Sale 65
Colombia (Republic) 68
6912 29
1940 A 0 80% Sale 7614
58 c83
Secured 8 1 75
8 69
927
7713 95%
External Sf 68 of 111'28_1981 A 0 6512 Sale 65
66
5 .9112 Sale 8112
57
59
%
811 Santa Fe (Prov Arg Rep) 7s 1942 M
78 100
6
87
83
5814
Colombia Mtg Bank 654e of 1947 A 0 6218 68
62
4
51
8214 Saxon State Mtge Inat 75_1945 J D 8018 85
6
97
83
74
Slaking fund 7e of 1926_1946 MN 72 Sale 6414
72
Sinking fund g 6 Me__Dess 1946 J D 77 Sale 77
87
66
12
69 10658c10911
82 6512
Sinking fund 78 of 1927_1947 F A 70
10712 Sale 10712 108
701g
57
9
Seine. Dept of (Fraucelexti 7s'42 J J
86
92
82
89
98
981 98%
98
1952.3
Copenhagen (City) Se
8 30
985
953 10012 Serbs Croat+, es Slovenee 85 '62 MN 91 Sale 89%
4
88
82'8 166
75
25
4
1953 Si N 9312 Salo 9214
-year g 4548
94
13
8812 9412
External sec 78 ser B.--1902 M N 813 Sale 8034
82
8
49
60'o 37
72 Sale 70
75
Cordoba (City) extl s I 713_1957 F A
1958 J D 8018 Salo 547
13
70
Silesia (Prov of) extl 78
93
42
Ws
73
64
7212 70
8118
90
71
Externals I 7a___Nov 15 1937 MN 70
84
3
81% 98% Silesian Landowners Aaan (is 1947 F A
105'x 15 101% 107
Cordoba (Prov) Argentina 761942 I .1 83 Sale 83
86
6
83 100
Solmons (City of) ext1 613_1936 M N 105 106 105
8
90
9318
86
8334 22
Costa Rica (Repub) extl 75_1951 MN 80 Sale 80
8,514 91
_
Styria (Prov external 781946 F A 87 Sale 87
)
4 67 10314 10714
1053
99
9712 c103
Cuba (Republic) 5e of 1904_1944 M S 98
3
Sweden external loan 6348_1954 MN 10514 10512 10518
9714c103
06
10042
106% 62
8
100
External 55 of 1914 ser A.1949 F A 993
4
10012 65
Swiss Cooled'n 20-yr if 88 1940 J J 1057 Sale 1057
9638 103
02
10512 61 1°81412c
External loan 4 Ma ser C19411 F A 91 Sale 94
94
Switzerland Govt exti 5548_1946 A 0 10512 Sale 1 104
864 97
7
8012 25
74% 82%
4
793
Sinking fund 5545 Jan 15 1953
10118 63
100 Sale 100
1912_1952 M S 794 80
99 10212 Tokyo City fs loan of
874 934
9112 68
85
Public wke 5548 June 30 19453 I) 84% Sale 8312
1961 4. 0 91 Sale 91
30
8312 9412
External a f 5545 guar
.Cents sale. a On the baals of 35 to the £ ster bag.
2666
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 24.
Foreign Govt. &Municipals.
Tolima (Dept of) exti 7s_ _ _1947 MN
Trondnioni (City) 1st 550_1957 MN
Hyper Austria (Prov) 78___ _1945 3D
Externals f 630_June 15 1957 3D
Uruguay (Republic) esti 8s_1946 FA
External 6 I Is
1960 MN
Exti t 66
May! 1964 MN
Venetian Prov Mtge Bank 76 '52 AO
Vienna (City of) mai f 8s 1952 MN
Warsaw (City) external 76..1958 FA
Yokohama (City) extl 68_1961 3D
Railroad
Ala Gt Sou let cons A Se____1943 3D
1st cons 4s ser B
1943 J O
Mb & Susq 1st guar 310_1948 AO
Alleg & West 1st g urn 4s
1998 AO
Alieg• Val gen guar g Is
1942 MS
Ann Arbor let g 4s_ _ __July 1995 Q J
Atch Top & 9 Fe—Gen g 4s_1995 AO
AO
Registered
Adjustment gold 48__July 1995 Nov
Stamped
July 1995 MN
MN
Registered
Cony gold 4s of 1909
1955 ID
Cony 4s of 1905
1955 3D
Cone g 4s Issue of 1910
D
1960
Cony deb 430
1948 3D
Rocky Mtn Dtv let 4s
1965 .3 J
Trans
-Con Short List 48.1958 3.3
Cal-Arts 1st & ref 450 A.1962 MS
Atl Knox, & Nor 1st g Is _1946 J O
Atl & Char! AL let 434s A_1944 3.3
let 30
-year 56 series B
1944 J
Atlant1r City 1st cons 48_1951 3.3
All Coast Line let cons 46July'52 MS
Registered
M
General unified 44e
1964 3D
LA N roll god 45____Oct 1952
N
LIlA Dan 1st g 4s
1948• ./
511 44
1948 .3.3
MI & Iced let guar 48
1949 AO
Austin AN W 1st gu g 58_1941 3,
New York Bond Record—Continued—Page Z
Price
Friday
Oct. 24.
Bid
Week's
Range or
Last Sale.
Ask Low
64
65
9812 99 4
,
9814 Sale
90i4 Sale
100 Sale
8712 Sale
86
93
94 Sale
8412 Sale
6312 Sale
96; Sale
64
98;
964
89
9814
85,
4
86
91
84
ems
953
8
Pc
Range
Since
Jan. 1.
High No. Low
647
8
99
9814
9014
103
873
4
877
8
94
86
65
98 8
,
3
11
13
51
32
53
44
27
68
27
76
Hil”
87
80
9312 100
9234 983
8
8114 9112
86 10914
83 c9912
9814
81
88 c98
82 c95
51
833
4
95
9914
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 24.
h
Price
Frtday
Oct. 24.
11 cries
Range Or
Last Sale.
RIO
ARk Lore
High
ChM & Erie 1st gold 5e
1982 MN 10012 10914 1083 Oct'30
4
Chicago Great West let 46.._1959 MI 683 Sale 6814
4
70
Chic Ind & Loulsv—Itef tis 1947• J 11212
114 Sept'30
Refunding gold 56
1947• J 101 104 1033 Sept'30
4
Refunding 4s series C....1947.3,
9278 Sept'30
1st 34 gen As series A
1968 MN
- 101) 10112
917;
let AL gen 65 ser li_ __May 1966 3 3 106; 1063 10614
4
10718
Chic Ind & Sou 50-er 4s.... _1956 ii ____ 95
9412 Oct'30
Chic 1. S & East 1st 4301969• D 10012 10312 102
Oct'30
Cl, M&St P gen 48 A_May 1989
' 85 Sale 85
3
86
Registered
Q J
84
Oct'30
Gong 34s ser B___May 1989 J J 7414 Sale 7414
7414
Gen 410(wiles C____May 1989 ,1
94 Sale 94
9412
Gen 430 merlee E.___Nfay 1989 33 95 Sale 9412
95
Gen 4 h eerlee F _
98 Sale 98
May 1989 3
_
100
Chle Milw St P & Pao 55. _ _1975 F
787 Sale 7814
8
857g
Cony ad)5s
Jan 1 2000 A 0 38 Sale 37
383
4
Chic dr Ni, West gen g 330_1987 MN 7812 Sale 7812
791s
Registered
Q F
7912 77 June'30
General 4s
1987 MN 8912 Sale 8912
9212
Stpd 48 non-p Fed Inc tax '87 MN 89
93
924
9212
Gen 4hs etpd Fed Inc
10514 Oct'30
181- 1987 • N 10212 Gen Is stpd Fed Inc Lax.. 1987 MN 10712 Sale 10712 108
MN
Registered
0512 July'30
Sinking fund deb 58
023
1933 MN 102; 103
4 102;
MN 993 102; 99 Feb'30
Registered
8
15-year secured g 850___1936 M
10712 Sale 0712 10818
let ref g Is
May 2037 JD 101 10112 01
10312
let & ref 410
May 2037 3D 9412 Sale 9418
95
let & ref 430 ger C.
8
r9812
2037 JO 94 Sale 927
Cony 4%s series A
N 9314 Sale 93
96
1949
Range
Since
Jan. 1.
100
40
18
51
15
4
Low
MO
102 109
740
4
64
112 115;
1013 105
4
9272
92
99 105
c10412 1094
89
00 4
,
93; 102,
8
844 877
s
81; 85
7218 79
92; 9712
92; 984
9712 10111
7414 964
37
784
7712 824
75
77
877 93
8
52
8818 93;
100 1084
107 1144
105 10811
100; 1024
99
99
10712 11016
101 109
941g 101
927 c9812
8
93 10514
1043 -- 105; Oct'30
4
_ 10034 105;
9434
943
4
92
9434
94; 10
72
88 Sale 88
83; 911
,
893
4
5
202
88; 90
85
884
883
8
883
8
1
440
984 100
4
9212 983
9814 Sept'30
39
877
8
877 88
8
894
78
874
9714 Sale 9612
915 9914
8
9712 280
37
90
97
97
Oct'30
60
Otis 99
8718 9412
04
Oct'30
9338 Sale 9314
877s 964
9312 39
37
853 91'n
8
9118 Sept'30 _
9212 95
87
9711
9712 Oct'30
6
88
9212 944 963
97;
1
9634
4
8914 92'4
915 ---- 9214 Oct'30
8
10
123 Sale 12012 123
173 12012 141'15
89
9412 9512 Oct'30
88
9612
48
9012 074
95
997 96
8
96
2
161
97 10412
10118 103 10312 10312
4
196
10214 104;
100 __-_ 104; Oct'30
95 100
Chic R 1 & P Railway gen 48 1988• J 023 94 94
99
Oct'30
4
9414 32
88
96
10012 1013
104
4
_ 104; Sept'30
94
'
3
Registered
91 Aug'30
8512 91
95
92 Aug'30
_ 87 92
Refunding gold 0
9914 112
9512 994
1934 * 0 9914 Sale 99
66 Sale 9514 c9714 29
.
R
A0
Registered
96
Jan'30
95
95
9212 99212i
9
...._ 9212 May'30
7'
Secured 410 series A____1952 to S 94; Sale 93
96
265
923 99
8
9618 10311
97 1004 10114 101 12 10
Cony g 4 45
MN 9412 Sale 93;
93 4 1011
3
95; 281
4
R L 14 N 0
8812 944 CI St e2,tered 5s_June 15 195)3D 1_02_
91
9212 92
9212 37
104 J ily: 0
2 Nu r 30,_______ 103,4 10414
91
'
6
4912 Sale 49
49
73 2
,
524 18
D
102 102
62 6212
52
54
5
52
Gold 34s
D
81 July'29
June 15 1951
8218 8814
837 87 Sept'30 _8
Memphis Div let g 4s____1951 J O 903g ____ 904 Seut'30'
-8814 92
99 10112 Cl St LA P 1st cons g 58_1932 A0 10012
102;
10114 Oct'30
-- 10012 Oct'30 -994 100;
A0
Registered
1003 Aug'30
8
_ _ 100; 100;
Balt & Ohio 15t g 4.6_ _ _July 1948 A 0 96; Sale 96
Ch ne9056 So East let 5s._1960 J O 8611 - 8 86
lie '1' H 64
011s 98
9712 58
887
8618 11
86 10014
Registered
1
94;
July 1948 Q J
943
3
1
81
81
Dee! 1960 MS 81 Sale 81
944
30
-year cony 4341
9838 10112 Chic On Sta'n Ist gu 430
9
996
1933 M S 101 Sale 101
10114 155
50
97 10414
A.1963 J J 103 Sale 10118 103
M 8
Registered
9818 10014
_ 10014 Aug'30
1st Is series B
__
4 103 106
1963 3' 10514 10512 10514 10514
Refund & gen 6.series A _ _1995 3 0 10214 Sale 101; 10312 146 101 c10512
Jo 104; 10514 1(1434 105
12 101; 10515
Guaranteed g 56
Registered
J D
102 102;
let guar 610 series C
102; Aug'30
J 11512 Sale 11512 11614 26 114 1167
1 944
6:
1
1
let gold Is
4
July 1948 A 0 10512 Sale 105
107,
8 22 1014 1093 Chic & Weet Ind gen 6s_Dec 1932 QM
1025 July'30
8
101); 102;
Ref A goo Se series C____ 1995 J D 1083 Sale 10812 10912 24 19812c1921,
11
01
Co re)54seeri,6 A
lstos f 50-year 4s
4
(1
917
8
8 19
8512 93;
1952 J J 905 Sale 9012
P LE A W Va SYS rot 46_ _1941 MN 95
96; 25
96; 9612
'31 S 105 Sale 10412 105
28 103 1057
8
Southw Div let 84
10212 Sale 10212 1033
1950 J
4 35 1004 1064 Choc Okla & Gulf cone 56_1952 MN --_- 106 1024 Oet'30
997 10218
8
Tcl Cie Div let ref 46 A _1959 J
84
893 Cin H & 1) 2d gold 4 4s_ _ _ _ 1962 J
4
86
877 87
8
8814 28
98
98
98
99
2
9512 99
937
Re, & gee 56 series D__ _ _200( M
103 Sale 10212 10412 103 10114 10614 C 1St L & C 1st g 48_ Aug 2 1938(IF 957
8
977 Oct'30
8
954 9812
1961, F A 973 Sale 97;
Cony 445
97; 1043
8
4
98; 694
Registered
94
94
10
94
Aug 2 1936 (IF 9414 _
911s
Barger & Aroostook let 56_1943 .3 J 1033 10414 1033 Oct'30
1013 105
8
8
Cln Let,& Nor 1st con Cu 41_1942 MN 9614 Sale 9614
4
9614
1
84; 9014
Con ref 4e
84
1951 J J 90
93
91
Cin Union Term lot 4(53_2020 33 1024 Sale 10112 1023 178 10113 1043
917g
8
9012
4
4
Battle Grit it Stur let gu 30_1989 J D 641
62
623 Clearfield & Mali let
8
4- 62; Sept'30
J J
100 July'28
Beech ()reek let gu g
9512 9812 Cleve CI° CIA St gu 68 __1943 JD -.6 Sale 95
J
9812 Oct'30
95 12 50
L gen 46.1993
17 4
124 guar g 511
100 100
97
1936 J J 1003':- 100
Jan'30
20
; 9?
.1 1001 10018 101; 13
-year deb 410
8
9914 101;
1931
Beech Crk ext let g 845_1951 A 0 8514 -- 86
78
80
Oct'30
General be eerie. B
12
105 11214
1993 JD 11014 113 11214 Oct'30
Belvidere Del roe cu 310_1043 J .3 8814
Ref & Impt 68 ser C
.1 103; 104 1033 Sept'30 -- 103 1063
4
1943
91
6
s
Big Handy let te guar
1944 .3 D 9612 Sale 9612
9612
1 -i5r: -- 961: Ref de !rapt baser D
J J 105 Sale 10414
105
3 100 10514
Boefon & Maine let 5a A C_1967 M S 10012 Sale 100
1023 133
4
Ref h Impt 450 ser E
101; 218
,
93126103
1977 J J 1004 Sale 100
let m fa series 2
9878 093 4
96 1 4,
1955 M N 10012 Sale 100
138
101
Cairo 131v let gold 45
1 J 96
Oct.'30
973 98
4
92
9812
Boetort & N Y Air Line let 4e 1955 F A 863 8714 87
81
4
8712
8714
3
Cln W & M Div let g 0_1 9 9 .1 .1 8914 947 954 Oct'30
8
8413 9518
193 1
9
Bruns .* west let Ca g 46..1934
924 974
8
97; Sept'30
J 973
St L Div let con tr g
1
9214
814 93
0 1990 at N 9214 934 9214
Buff [loch & PIUS gen a Se ..1937 M S 10214 Sale 10214 103
II
Sm.& Col Div let fi 4s
951
10
93
9514
1940 MS 9518 ____ 95's
Consol 414a
99's 190
9
) 0314
1
1957 M N
9212 Sale 92
9312 106
W W Val Div let g
9518 ____ 9518 Oct'30
90
954
1940 3
Boric R & Nor lst & coil 56_1934 A 0 102
9912 101 12 C C C & I get) cons 4e
____ 10112 Oct'30
8
103 105;
.1 10412 ____ 1055 Oct'30
g 613.- 1934
Cloy Lee & W con let g 5a 1933 40 10112 103 1015 Oet'301---8
993 1023
8
2
Canada Sou cone gu 54 A
1962 A 0 110 Sale 10812 110
10 1024 110
Cleve & Mahon
94
10014 ____ 9912 Apr'30
9912
1938 1
Canadian Nat 4 42_8ept 15 1954 M S 99; Sale 9912
9318 1003 CI & Mar let Val g 58
4
99;
7
993
4
_ 993
1
4
993 100
4
gu g 4 30- - - -1935 MN 99;
-year gold 4188
80
1957 .1 .1 9914 Sale 911
9214 10012 Cleve & P gen gu 434seer
100
191
4
---13_1942 40 10018 ____ 1003 Mar'28
Gold 430
19683 D 9934 Sale 9914
9214 10114
100
51
Series B 34e
---1942 A0 8914 ____ 87 Mar'29
Guaranteed g 5e___July 1969 J .1 105 Sale 1047
994 1(1618
8 10512 63
9512 Noy'29
Belles A 450
1942 .1
Guaranteed g 5s___Oct 1949 A 0 10518 Sale 104; 1053
4 67 10114 106
June'30
Series C 3%n
N
SI's 881g
177
1948
,
Guaraireerl 58
1970 F A 1043 Sale 104; 10512 15 10312 106
4
Series D 334s
81 1
6
y30
IC A 8814
gni. 861/
- 8618 la'
Canadian North deb s f 76_194( J D 11218 Sale 111; 11214 39 1093 11312
4
P A 102 Sale 101; 10214 81 101; 10214
Gen 44e ser A
23
-year ef itch Byte
1446 J J 118 11812 118
1143
8
4
4 113 1183 Cleve Sher Line let gu 430_196( Au 10014 103 1007
2
8 101
97,8 10.114
95 )
1
Registered
_ 11314 Jan'30
_ 11314 1134 Cleve Union Term let 530_1972 * 0 11012
110; 111
20 10818 111
9818 10218
10 sr eon( 4%e. _Feb 16 1435 F A 102; _
0218 10218
3
1067
8 41 10212 111814
let s f be series 13
1973 * 0 10518 1081s 10614
9
83', 1116
' Canadian Pee Ity 4% deb stock _ J J 89 Sale 88;
04
89; 103
let s f guar 410 ser C
1023
8 61
40 10114 Sale 10118
96 104
119773
1946 MS 100 Sale 9914 101
Col tr 450
963 1014 Coal River Ry let gii 46
8
17
92; Sept'30 -D
1945
.19443 J 1033 Sale 103; 105
4
54 100; 107
5. es..tilv tr etre
8 49
Colo & South ref 64 ext 4;0_1935 MN 1017 Sale 1014 1017
8
97 10314
Dee! 19543 D 101 Sale 104
C011 tr it Es
1043
4 18
_2_02
MN 98 Sale
Gen! en 454e ser A
9514 1004
1960 3
Collateral trust 410
11812 Sale 98
98 100
994 181
95 July104
9 1'4
95
Col & II V 1st ext g 48
88,8 94
1989.40
48
Carbandale & Shaw let g 4e.193:,IM
9818
- 983
8
98; 984 Col & Toilet ext 48
983
8
3
80
Oct'30
924 97
85
913
4
1955 F
Caro Cent let cons g 46._.1949 J J
74
78
7912 Oct'30
85'2 Conn & Paasurn Itly let 46_1943 A 0 897 ____ 8612 Feb'30
8
8612 8618
19 5
8
Caro Clinch & 0 let 30-yr 5..1938 J D 1023 ____ 10212 10212
9912 1023 Consol Ry non-cony 0
4
3
724 7418 7212 Oct'30
1954 J J
70
76
4
let & con g 69 tier A Dec 16 '5211 D 1073 Sale 1073
4 108
23 106 11012
4
723
8
4
Non-conv deb 48
70
76
19 5 i 0 704 743 72;
955 A .
5
1
19813 D 89
94
CarlA Ad let gu g 4s
9212 Sept'30
853 9212
7018 7412 7112 Oct'30
4
Non-conv deb 0
714 7318
110481.1 D
Cent Branch U P let g 4s
8612 Sept'30
82
87
Non-cony debenture 0_1956 J J
4
7018 7412 723 Sept'30
68
78
Central of Ga let g 56.-Nev 1945'
10512 105 June'30
101; 105
Cuba Nor Ity Ist 530
42
45
40
39
75
952 3 D 4234 44
42 1 J
1946 M N 993 102; 102
Consul
4
Id It
8
10218 16 1007 104; Cuba RR let 50-year As g
65 4 67
3
65
6612
9
60
84
1
MN
RIO
Registered
100 100
Feb'30
let ref 74e series A
68
7212 70
70
1
6412 9914
8
Ref & gen 5148 eerie. B....1959 A 0 102 1037 104
105
14 104 105;
let lien & ref 8e ser 19
57 Sale 57
57
3
57
92
1936j 0
19 6 .1
1959 A 0 974 Sale 974
9778 103
99
Ref & gee 56 series C
30
Day & Mich let cone 410_1931 1 J 100 8 ____ 10018 Oct'30
9912 1.004
8412 8918 Del & Hudson let A ref 0_1943 M N
8918
Chatt Dit pur money g 0.1951 J D 8918 Sale 894
5
9514 Sale 94;
97
9114 c984
97
____ 104 Sept'30
Mac & Nor Div let g 50..1946 .1 .7 102
100 104
104 10112 10112
10112
30
4
-year cony 56
9618 107
101 12 10212 Sept'30
98 10318
8
Mid Ga & AU Div eur m 5s'47 J J
I5
4 12 1007 1054
-year 530
:
8
413_1936 , j 105 1053 10512 1053
3 j
,A
7 ,
1 9 3eA
104 Sale 104
1946 J
104
1 100 10418 D RR & Bridge 1st gii g
Mobile Div let g 58
9712 ____ 974 Sept'30
97; 100
8512 Sale 854
19131
let Cu 4s
J
,
814 89
863
8 37
8 c99
963 Sale 963
8
Cent New Eng
Den & I?.0 1st cons g 48
86
92; c99
9
9512 102
99
10
100
100
100;
Cent RR & like of Ga coll 5s 1937 M N 99 Sale 99
9
Consol gold 410
95; 1001s
4c116; Den & It G West gen 58_ Aug 1955 j N 81 Sale 79
11414 26 1073
83
Centre! of NJ gen gold 5s-1987 3 J 11312 Sale 112
203
79
9918
193 N4 I
6
11214 11412 113
1987 Q
107 1133
Oct'30
4
Registered
Ref & Impt rai ser B _Apr 1978 al N 86 Sale 85
89
36
85
95
96 Sale 96
1987 J
96 8 30
,
8414 97,2 Des M & Ft 0 let Cu 4e__ _ _1935 1 J 25
27
244 Sept'30
General 4e
2314 50
413.-1949 F A 9512 Sale 9512
91 14 9812
9614 37
234 247 Sept'30
8
2474 31
Cent Pad let ref gu g
Certifleatee of deauelt
_ 95 Sept'30
F A
90
95
97 May'30
Dee Plaines Val let gen 410_1947 M S 97
96
Registered
97
95 95
Oct'30
_
90; 95
45
6
0
45
Det & Mae let lien g 48
Through Short L 1st gu 48 1054 A 0
744
1955 .1 D 45 --- 45
104
105
2
196( F A 1541 Sale
40
40
3
Oct'30
50
41 100 4 106 8
3
Gold Is
40
Guaranteed g 66
61
101
4
Detroit River Tunnel 450-1 9 I D 1003 1034 101
953 105
4
1961 M N
95
.1 III
_- 108 Dec'29
Did Mleaabe & Nor gen 55 1941 J J 10312 -- 10318 Sept'30
Say% let 761936
101 10418
Charleston &
104; 25 iiii" 10 1 Dul & Iron Range let Is. _1937 A 0 1024- 10234 Oct'30
_ 10(114 103
-- 4
6
Chet;& Ohio let con g 56.._....11339 M N 10414 Sale 1044
N 10118 -- 111812 Oct'30
10112 104
697
1939
8
- 7 694
13i 8
Dui Soil Shore & Atl g 58_1937 1 J
3
697 8154
4
Registered
8
9714 108
1033
4 17
1992 M 8 10212 Sale 102
0218 0814
East Ry Minn Nor Div 1st 4e '48 A 0 9514 9712 96, Ocr'30
General gold 410
10112 Oct'30
06 10212 East T Va & Ga Div 1st fai _ _1056 M N 10612 108 10712 10712
M
6 10618 11018
Registered
94 10212 Elgin Joliet & East 1st g 58_1941 M N 10414 10412 104 Sept'30
4 81
102 104
1993 A 0 100>8 Sale 1004 1013
Ref & itupt 430
4
93; 1023 El Paeo & S W 1St be
10112 75
8
10114 1033
10115A 0 104 -- 1033 Sept'30
Ref & Inlet 43.0 ser B__..1995 J J 10(13,, Sale 100
4
102
4
96; 102
88
68
1
4
4
84
Erie 1st cons g 45 prior
Craig Valley 1st As..May 1940 J J 1013 ---- 102
1996 J J 863 Sale 863
904
78
8612 95,2
Oct'30
Registered
78
8514
Potts Creek Branch let 46_1946 J J 933
1996 .1 J
4- 9312 Sept'30
9534
95;
8112 111
8614 9612
5
79
1st consul gen lien g 4e
1989 3 J 95; gale
1996 J J 81 tiiie" 8012
85
BA A Div 1st con g 4s
Oct'30
79 Sept'30
96
8312 96
Registered
7818 834
934
1989 .1
24 consol gold 48
1998 J J
97 101 18
1- _ 101 Oct'30
8
Peon coil trust gold 0_1951 F A
101 101
Warm Spring V let g 58. _1941 NI 9 102 --- 1004 July'30
8314
4
4 10014 640
953 102
4
844
50
-year cone Is serial A..1953 A 0 79 - - 82
82
OS Sale 953
8712
Cheap Corp cony 5s_May 15 '47 M N
6514 74 1
7012 17
8312
8414 8218
70
70
,
7
Series 13
824 894
Chic & Alton RR ref g 3s-1949 A 0 65
1953 A 0 79
_
87 Sept'30
83
634 74
Gen cone 4s series D
64
7012 70 Sept'30
4012 87
1953 A 0
Ctf dep stpd (3-t 1930 Int
8912 93
793s
59
Ref & !met 58
8612 98
Railway first lien 350_ __19501-1 79; -- 79; Oct'30
1967 M N 8612 Sale 8612
4
8914 281
6114 793
Ref & Inapt 58 of 1930
8411 953
4
4
4
Certificates of deposit.......... 793 ---- 793 Sept'30
1975 A 0 8718 Sale 8412
4
9118
.
2
8518 9118
91
Erie & Jersey let. I 8s
1103 11414
4
1955 J J 11114 114 111, Oct 30
Chic Burl & Q-111 Div 330_1949 J J
111; 11 109 /14
114 111
844 91
Genesee River let et 58_1957 J 1
J J
Registered
- - 91 Aug'30
9218 9814 Erie & Pitts gu g 334,ser B_1940 J .1 924 ____ 93 Aug'30
8
865 93
8
974
Illinois Division 46
1949 J J 9714 Sale 97
89
8
98; 55
Series C 330
98;
97 Sale 96
1958 1.1
General 45
19403 1 9214 ___ 857 Oct'29
4 10 134e10 -3
7 .- ;
105
3
96 103 4 Est ItR art! a f is
105 Sale 105
1977 F A 101 Sale 0012 101 1g 24
6
1st A ref 448 ser B
9 10412 11018 Fla Cent & Pen let cons g 58 5 , M N
__ 967 9818 Aug'30
8
8
97
1083
1971 F A 10712 108 104
1943
9912
4
lst & ref 56 series A
8812
9(1
3 10058e105
8
88
7912 90
Florida East Coast 1st 41.48.1959.3 D 87
Chicago dt East Ill let 8e.;....1934 A 0 10012 101 10312 10312
175
47
45
34
84
3818 35
36
let A ref Is series A..... 1974 M (2 38
38 Sale 36
35
Ill
CA K ft! Ttv nice rol eon rvrt 11151 M
• Ptah sate..
2667
New York Bond Record-Continued-Page 3
rz •
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 24.
Priee
Priam;
Oct. 24.
Week's
Range or
Last Sale.
c44%
Range
Since
Jan, 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 24.
-F>
Price
Friday
Oct. 24.
11're***
•
;
Range or
Last Salt.
Rangs
Since
Jan. I.
Ifloh
g
Ask Low
Low
SW
Ilto1
High
17feb No. Low
Ask Lev.
Bid
612 Oct'30
412 11%
Mex Internet let 4e mist& _1977 MS
36
20
3012 27
Fondafohns& Glov let 43981962 MN 3012 Sale 2712
100 101
941s 9712 Mit% Cent Det& Bay City 6.1931 MS 113614 -___ 10014 Oct'30
9612 Aug'30
100
Fort St U U Co 1st g 4)8__1941 j
_ 100
Jan'30
100 100
QM
10512 107
Registered
8
•
Pt W Den let g 6394_1961 J O 1Fli. -- 107 Aug'30
3 61 183; 975 Sept'30
8
8
94% 973
1940
Micb Air Line 41
5 10218 105
4
Frem Elk & Mo Val lit 86_1933 AO 1013 _--- 104% 104%
9112 79 May'26
330.-1951 51 S 84
3 99 10114 Jack Lana At Sag
()HASA MAP let 68.....A931 MN 10014
- 10014 10014
-We 89
1952 MN 8512 9112 8814 Sept'30
3
3
993 100 4
let gold 3Hs
1
8
8 1003
1931 J j 1003 161 1003
8 21 .vfero• Si guar
10238
9912 10314
3
' 10214 Sale 10214
1979
4
943 1004
Ref &'mot 439a ear C
3
Gale Hotta & Hand let 58_1933 *0 9914 Sale 9914 10014
9412
9412
7
93 8 961
4
1940 *0
8
81, 85
Mid of N let ext 5a
8
____ 727 84 June'30
•
Gs Ala Sty 1st cons 6. Oct 1945
9614 9912
984
MII & Nor let oxt 4 Me(1880)1934 J O 9818 Sale 9812
& Nor let gu g fre '29
Cia Caro
4
964 997
9912 Sept'30
, Cone ext 4345 (1884)-A934 J O 99 100
2
981 1021
9818 9812 Oct'30
,
j
Extended Kt 6% to July 3_1934
1
9012
90
9512
9012 Sale 9012
6512 7811 Mb Spar & N W 1s1 gu 48__A947 M
2
75
Georgia midland let
_1946 *0 75 Sale 75
Apr'28
90
Myr & State Line let 334s. _1941 J J
4
____ 983 Feb'24
Gouv & Oswegatehle 1st 5s 1942 J D 10112
4118
2
2258
20
8
225
7
2
3 -961 100 8 Minn & St Louis let con. 58_1934 MN 2014 30
____ 10012 10012
Or R & I ext, let gu g 6145_1941 JJ 100
5
221, 4114
23
2214
22
20
1934 MN
Ctfo of deposit
38 10913 1124
1111
Grand Trunk of Can deb 75-1940 * 0 11114 Sale 11078
8
77 c12
12
16
7
let & refunding gold 421_1949 M
30 104 10712
8 1074
-year 416s
16
1930 M S 10612 Bale 1063
154
8
812 Oct'30
812 20
5
95 8 98
Ref & ext 60-yr 5. ser A..1962 Q F
98 Aug'30 -Grays Point Term lit 5e
1947 J D 9212 97
1218 15
13 June'30
15
4
Certificates of deposit
4 1114 104 1093 113
4
1103 Bale 1103
Great Northern gen 7s ger A_1936
11012 11014
4
Registered
- 1103 July'30
J D
30
8738 92
90
9412 101
M St P & SS M con g 4a lot in 18 3, 8914 Sale 8812
8 15
-5/ 10014 98?8
lit & ref 434e series A....-1981 J
9112 9858
9312 11
4
4
1938 3' 923 Sale 923
4
1st cons 5e
11012 36 1073 11214
8
General 510 aeries B____1952 J J 10834 1097 11014
5
99
901 9912
9638 Sale 9638
10314 10h4
let eons fe go 99 t
2
01171
105
1938
104 10514105
General Si eerie. C
1973
31
102
99 102
1931 M S 102 Sale 10152
95 1014
-year con trust 6He
10
10018 43
General 434s aeries D
9912 99
1976 ii 92
954 Aug'30 ---112 100
95 10118
1946 3 .1 ---- 88
let & ref 6a series A
984 169
General 4[4a series E
9712 Sale 97
1977
Oct'30
91
79
79
bo14
80
---- 76
1949 M
-year 539s
25
Green Bay & West deb ctfe A__ Feb 80t8 ____ 8014 Sept'30
95
_8_
91
8
22
4
323
let Chicago Term s f 46.-1941 MN _923 i5 2 8951
25
22
4
213 22
cIt. B
15
Debentured
Feb
Sept'30
9912
95
4
913 9458 1vlisstsolppi Central let 54_1948• j
Greenbrier ity 181 go 48___1940 MN 9514 ____ 9458 Aug'30
75
Oct'30
80
75
75
98 10512 Mo-Ill RR 1.1 59 ser A
1959 3,
Oct'30
4
Gulf Mob & Nor let 510_1950 *0 101 1033 103
9114 18
8512 92
98 101
Mo Kan & Tex let gold 48._1990 3D 8814 Bale 88
9918 18
let MS.serial C
4
983
1950•0 9812 99
8
9912 1047
3
' 10418 Sale 1044 10412 37
103 10612 Mo-K-T RR pr bent* ser A.1982
Gulf & S 1 1st ref & ter M_Feb '52
.3 105 106 10612 Oct'30 34
9318
9112 9238
8512 93 5
7
1982 3
9614 10312
-year 4. serial B
40
36
102
Hocking Val let eons g 430_1999
100 102 101
9878 10
994 984
9212 101
934 100
Prior lien 4395 ser 0.....1978 JJ 97
Oct'30 Regletered
---- 100
1999
3
'
12
95 108%
97 1004
Cum adjust S. ser A Jan 1967 * 0
Housatonic Sty cone g 5.
4_ 100 Sept'30
1937 MN 1003
28
2814 33
9
31
8
997 Sale 9312 100
9914 103
4
993 102
1985 FA
Mo Par let & ref 6e ser A
Aug'30
& T C let g 58 Int guar_ 1937 J J 101 10514 101
8215
73
1975 MB 7414 Sale 73
4
953 101
General 4e
2
Houston Belt & Term 1st 54_1937 ii 10012 ____ 10012 10012
11812 103
014 3 14
7
1977 MS 983 Sale 9612 10714 204
4
,
99 2 1014
let & ref 58 aeries F
Houston E & W Tex let g M.1933
___I 9912 June'30
61
100
904 1024
4
998 1021s
1978• N 98 Sale 98
1st & ref g 62 ser G
_
Oct'30
10112let guar S. redeemable_ 1933 MN 102 10212 102
10418 71 103 113 4
4
1
1949 MN 1037 Sale 103
,
93 1112 4
Cony gold 53911
4 10012 149
4
993 Sale 983
Bud & Manhat let 5e tier A _1957 F
2_12
1 0
880
. 94
4
97 103
1980 A 0 973 Ste 9712 0 0 3 .
7814 8611
let ref g 5s eerie. If
71
80
Adjustment Income 6e Feb 1957 AO 79 Salo 78
9412
91
Mo Par 3d Te ext at 4% July 1938 MN
100 100
91
9814 Mob & Bir prior lien g 68_1945• 1 974 10012 100 Mar'30
Oct'30
9712 96
Illinois Central let gold 41_1951 ▪ 3 97
4 14
97 3
4
973
95
8
3' 973 ____ 97
804
81
Small
2
4
863
4
1961 ▪ j 86
4
863 863
lit gold 8 49
1
971s
ji
9218 ___ 9718
,
97 5
87
4
824 823
1945
let M gold 48
8234 oee:3 0
Registered
J J 8558 8854 8514 Jun t3 0
21
87
.▪1 87 -__ 87
8712
80
83
861z
Small
Extended let gold 810_1951 AO
95 Sept'30
8
925 96
73
68
Mobile & Ohto gen gold 48_1938 MS
1951 MB
73 Mar'30
lit gold 3s sterling
10314 Oct'30
964 10314
1
891 9412
Montgomery Div 1st g 58_1947 FA
3
9312
Collateral trust gold 48_1952 AO 9114 9312 9212
9412 Oct'30
9414 98
94
1977 M S --__ : Ref & impt 4348
8712 871
Registered
*0
96
8614 9018
95
89
Moh & Mal let gu gold 98-1991 MS 9114 ____ 10812 Aug'30
9 31
7
let refunding 411
1955 MN 91 Sale 89 Mar08 - 48
8 12
1 105 108%
10812
89
hit
1937• J 10812 Sale
Mont C let gu fle
Purchased line. 334s
1952
87 Sept'30 _
4
3
' 813 86
3
8
95 100 4
103 10412 1067 July'30
1937 3
874 9312
let guar gold 6e
4 20
893
8814
1953 MN
8814 Sale
Collateral trust gold 41
17
84
77
3
85 4
8712 904 Morrie & Essex let gu 334e_2000 J O 8314 Bale 83
90 Aug'30
Registered
MN
Oct'30
10314 109
____ 108
1044 10711
1955 MN 107
Conatr 51 58 ser A
Oct'30
Refunding S.
1955 MN 10134 1-Cif 106
8
964 10314
1965 MN 1004 1013 1014 10212 11
Colmar M 43988er B
11114 29, 10712 112
15
-year secured 634e g__1936 .1 .1 10914 Sale 10914
4
963 10212
200
4 100
Aug 1 19136 FA 9712 Sale 963
-year 434e
10
4 12
963
12
97
90
88.2 99
Nash Chatt & 51 1.48 ear A 1978 FA 954 Sale 95
Oct'30
Cairo Bridge gold 48
1960 J O
94
100 10312
744 77
1937 P A 103 --_ 10312 Sept'30
N Fla & 8 let gu g 58
Litchfield DI, let gold 88_1951 3'
77 July'30
18 July'28
8211 88
Nat Sty of Met pr lien 434s.19573,
6
4
823
LOUI/Ir Div & Term g 3 Ms 1953 ▪ 3 823 Sale 823
4
g
124 July'28
7412 80
July 1914 coupon on
Oct'30
79
Omaha Div let gold 3a_ 1951 P A 74
78
714 gife
8
Ole
7514 774
3
74
714
Assent cash war rct No. 4 on
Si Louts Div & Term g81.1951 J J 78
7712 7712 June'30
8232 s714
8718 Aug'29
1977
Gold 84e
Guar 70 year s f 48
1951 j
4
813 85
8612 Oct'30 _
814 Oct'30
7
3
--7- 10
85 8 85%
8538 Oct'30
Div let g 33481951 3
cash war rct No Son
Springfield
Assent
354 July'28
88
944 Nat RR Max pr lien 4348 Oce213
16
Western Line* let g 4e...1951 FA 9212 ____ 9212 9212
0e03
16*4
12
921z 92,
2
1114 12
10
10
9212 Apr'30
Aseent carob war rot No 4 on
Registered
FA
22 Apr'2
WO
1951
III Cent and Chic St L & N 0
let coasol 48
8i
-- -3
2
7
7
7
6
104
50 1C014 10712
Assent cash war rot No.4 on
Joint let ref be aeries A___1963• D 102 Sale 10014
96 100
854 8912
Oct'30
let & ref 434e senee C____1963 J O -.-- 967 99
1954 MN 83,.. 88 Aug'30
Naugatuck RR let g 4s
8
8914 8914 New England RR cons 5s 1945
9614 101
10118 105 101 Aug'30
8914 June'30
Ind Bloom & Weet let ext 4. 1940 * 0
90
Oct'30
8814 94
974
8_- 94
_ 96
2
96
1945 3' 885
1950 ii 924
Ind Ill & Iowa 1st g 48
Consol guar 41
90
84
90
85
88 V3 90 July'30
8714
8714 Sale 8714
5
1986 FA
NJ June RR guar ire 4s
Ind az Louisville let gu 48-1956
4
953 Oct'30
7
92 4 97
8
10332 10312
8 100 10414 N O&NE let ref & knot 43,0 A'62 3' 925 94
Ind Union RY gen 5 Der A-1965• J 10338
8
100 10414 New Orleans Term let 4a
44
94
8
8714 99
8
10414 Oct'30
1966 3
8
1033
1963 3, 925 Bale 925
Gen & ref 68 sector' B
91 100
2
953 100
11
4 100
4
9514 27
NO Texas & Mex 11-43 Inc ba 1935 AO 9912 993 993
Int & Grt Nor let 8.ser A..1952
3
' 91 Sale 91
9212
52
98
92% 1004
41
66
267
1964 *0 95 Sale 95
let Miseries B
Adjustment 6s ser A_July 1952 AO 52 Sale 52
3
86 4 974
96 10113
22
4
6
181 6. eerie/ C
1966 P A 10012 Bale 10014 1011
4
8712
lit fe series B
1958 ii 863 Sale 863
810± 100
934
93
95
89
93
6
2
8612
let 439e series D
1966 FA 89
1956 33 8612 Sale 8612
lit a llos series C
697 8118
8
14 101 10511
102
4
71
17
1st 5Ma series A
1954 AO 98 1003 101
bit Rye Cent Amer let 58_1972 MN 71 Sale 6512
70
9412 N & C Bdge gen guar 4148_1945
4
973
95
.▪ 1 973
9714 June'30
4
1
70
70
1941 MN 60
8
797
let col! tr 6% note'
9112 NYB&MBlet eon g 56-1935 * 0 100
76
100 May'30
3
98 4 100
3
79
1947 FA 75 Sale 75
let lien & ref 634.
20
36
106
9 105 1074
e
Oct'30
N Y Cent RR cony deb 88_1986 MN 1057 Sale 10518
20
8
1938 3D 175 18
Iowa Central fat gold 6s
1712 3411
97
9512 Sale 9512
as 881s 9711
18
6
19933 FA
Conso1 45 series A
18
19% 20
Certificates of deposit
57 10378
10
5
102
9
Ref & imp 4345 series A.._2013 AO 107 10758 10158
518 Oct'30
1951 MS
3% 6
Refunding gold 48
874 97
1073
4 83, 105 110
2
93
Ref & Imp*,68 eerie.C
2018 A0 10712 Bale 107
93
4
James Frank & Clear let 44_1959 3D ---- 953
10114 Apr'30
3
1938
Hal A &0 R 1st gu g 52
-i5T4 9011 N Y Cent& Hud Riv M8)01997 3 .11 854 Sale 8512 8612 48 7814 86%
9112 90
Oct'30
1990 *0
Ran & M lit gu g 4e
9412 98
85
Oct'30_1 75
_ 85
1997 3
Registered
9712
974 32
K C Ft S & M Sty ref g 95_1936 * 0 9712 98
744 8112
1934 MN lOO'x Bale 10014
10012 :Hi 97 10014
Debenture gold 4.
804 40
Kan City Sou lot gold 31.,..l960 *0 7938 803 794
8
99 104
93
9814
Oct'30
8
1942 ▪ 3 9634 987 98
31
-year debenture 40
30
1021
100 Sale 100
Ref & !mot be
Apr 1950
884 c9712
7514 847
89 1 14
1
34
Lake Shore coil gold 3398_1998 FA 8312 Sale 8312
95
94 Sale 93
Kansas City Term lst
865 11612
8
754 854
7712 8212 8211 Sept'30
1948 FA
Regletered
91%
Kentucky Central gold 41_1987
9012 Sale 9012
8614 92
8514 83
7812 85
1
83 I
Mich Cent coil gold 8348-1998 FA 83
92 Sept'30
4348_1961
Kentucky & Ind Term
14
95
88
80
8011
78
7712 84
2
80
Registered
1998
13
1961
94
Stamped
3
95 4 94
94
89 89
9918
94
4
9914 20
N Y Chic & St L 1st 411
1961 3'
87 Apr'30
1937 9 0 9812 983 984
Plain
9314 934
9314 Mar'30
1937 A 0
Registered
100 10238
io 97 102
3
1931 M N 1003.Sale 100 8 102
-year debenture 9s
25
Ieke Erie & West 1st g 5e___1937 3 3 10112 Sale 10112 10118
99 10314
8 102
45 100 10288
2d 63i series A B C
1931,M N ica78 Sale 1017
1941 3 j 102 10412 10314 Sept'30
98 gold 56
7914 864
8
31 10115 1033
102
6% gold notes
1932.A 0 101 12 Sale 10118
4
6
Lake Bh & Mich Bo g 8 Ms 1997 j D 843 86
4
833
864
4
773 8414
28 Inc: 108
Refunding 5303 Berke A-19741A 0 10412 Sale 10412 107
1997 J O 8314 86
8414 Sept'30
Registered
,
98784101 2
15 10512 1084
108
s
10778 Sale 1077
1931 MN 1003 Sale 1003
8 82
1005
Refunding 5390 series B 1975'
35-year gold 48
8
8
9912 10014
9914
954 580
88
Ref 434s series C
_ 10014 June'30
Registered
1978'M S 92 Sale 88
MN
.
961s 10314
9
10212
Y Connect 1st gu 43-4. A 1953 F A 10112 102 10214
8
1064
Leh Val Harbor Term in 56_1964 FA 1057 10712 10614
2 103 1063
4
963 10314
100 10512
10514 Oct'30
A 10514
N Y 1st gu g 4346..1940
1st guar 58 sertes 13
1953F
4
5
1003 10312 1003
4
Lati Val
4 1003
8
89
865 94
941s
944 July'30
N Y & Erie let ext gold 45_1947 M N
9234 46
Lehigh Vii (Pa) cons g 44-2003 MN 9114 9214 91
100 100
86
8918
891s Sept'30
Fteglotered
ad ext gold 4398
MN
1933 M S 100 ____ 100 June'30
9612 104
2005 MN 100 10114 1003
102
4
11
General cons 430)
984
95
8
2 106 1107 N Y & Greenw L gu g 5s____1946 MN 9612 ___ 96% June'30I ____
1.e54b Val RR gen 5eserleg_2003 MN 103 1094 11012 11012
8
8012 857
1
85%1
8572
10412
1 101% 106
N Y & Harlem gold 3146_2000 MN
Leh V Term RV Let gu g 5s_1941. * 0 10412 106 10412
863 943 N Y Lack & W lit & ref in 6e '73 MN
s
4..,. 9434 Aug'30
4
9718 0c02131 ____
1945 MS 903
Lehigh & N Y 1st gu g 4s
-110414 11112
0c030,....._ -9134 102 2
10c4 101
let & ref gu 4 Ms ser B____1973 MN
Len & East lot 60-yr S. go, 1966 *0 109 1334 11112 Oct'30
9912 1014
8712 904 N Y & Jersey Ist 58....._ .1932 F A 10112 102 10118
10114' 12
8
943 90 Sept'30
Little Wand gen 41 series A_1962 MN 93
8618 88%
8
1935 * 0 1045 Sale 1045
10612 24 10314 107
8
8
NY de Long Branch gen 48_1941 lii S 8914 ____ 885 Aug'301____
Long Dock coneol g 6s
9914 101
10012
2
NY&NE Bost Term 4ø.A939 * 0 93_.._ 754 July'28 ____
Long laid 1st con g 59 July 1931 Q J 10012 ____ 10012
8
985 985 NYNH&Hn-cdeb48____1947
3 -83is 90
8
8912
•S 8618 8912 8912
8
lit consol gold 4a-....July 1931 Q J 10012 ____ 985 Sept'30
834
78
2
8
815
881s 98
8
8
1938 3D 941
815 815
_ 9638 Oct'30
Non-cony debenture 3348.1947 MS
Geoeral gold la
73% 81
Oct'30
99
99
1932 JO 984 98
79
99 Sept'30
8-4s
Non-cons debenture 3395.1954 * 0 771e 78
Gold
8118 mg
9
8718 94
3
85 4
8
853
1949 MS 91'e.... 9018 Oct'30
85
Non-cony debenture 4a___1955• j 81
Unified gold 48
79
4
883
994 10112
8614 22
1934 3D 1003 102 1003
4
4
Debenture gold S.
1004 10
Non-rony debenture 93___1956 MN 83 Sale 83
7412 80 4
10
78
1
1937
8
:
971 10218
774 777 78
4
N 101 Sale 10012 101
-year p m deb S.
Cony debenture 334s____1956
20
11912 136 117 135
87
96
4
11718 Bale 117
943 953 944
4
9538 18
Cony debenture 621
1948 .1
Guar ref gold 4.
M
4
1173 131
994 100 4
4
1
1173 Oct'30
_
4
Nor Sh B let ono gu 55 Oct '32 O 3 10014 10212 1003 Sept'30
• 3
Registered
4
4
8 10512 19 1043 1061
75
87
4 10
753
8
753 75
Loulelane & Ark let bs sew A 1969 3
1940 * 0 10312 Bale 1053
Collateral trust 134
77
2
8314
79
79
8912 9434
9412
4
1957 MN 7912 80
9
Leith] Jeff Bdge Co gd g 4,1945 MS 9418 943 94
Debenture 4s
90
973
9612 118
4
101 1034
8
945 Sale 944
Na.ehvllie S. _1937 MN 10314 ____ 1033 Sept'30
4
&
let & ref 434e ser 01 1927.1907• D
1
874 93
93
9414 99
93 Sale 93
1940
.• 1 98 Sale 9714
Harlem R & Pt Chee let 45 1954 M
Unified gold 4s
9838 59
43
6514
7
431a
4
483 4318
923 9412 NYO&W ref g 4a -....June 1992 MS 44
4
944 Mar'30
Registered
3
54
35
Oct'30
3812 35
_ 101 Aug'30
14
99 101
General 421
Collateral trust gold 51.._1931 M N 101
1955• D 34
904 911s
9312 9112 Sept'30
8 15 10312 108
1063
4 - N Y Providence & Boston 48 1942 * 0 92
let rebuld 534e series A__2003 * 0 1053 106 106
Oct'30
854 96
9712 96
9912 1064 N Y & Putnam 1st con gu 45 1933 A0 91
10418 13
2003 * 0 10418 Sale 104
& ref 66 series B
1st
864
74
0c030
74
80
95 103
10212 45
NY Buse & West let ref 50_1937 .1 3 74
2013 *0 10014 Sale 1004
1st & ref 4 Ho series 0
75
75
75 Mar'30
96 Mar'30
_
914 944
2d gold 439s
1937 FA
Paducah & Mem Div 45_1948 F A
3
79
65
65
65
__ 65
66
1941 P A
Sept'30
70
Div 2d gold 8(4_1980 M
94 157; 9412
General gold 68
St Louis
944 10014
8
973 100%
1943 MN 16012 - -- 10014 Sept'30
6912 Oct'30
Terminal let gold S.
70
Mob& Monte tat g 4324 ..1945 • S 68
9234
86
58
88
.1 87 Sale 86
10038
89
N Y W•ches At B let ser I 434s'46
8
98
1
R1 10014 /donee 4.1952 J J 100% ____ 1003
South
10612 23 10211 10834
9114 98
93
Nord Sty ext'leink fund 6SO 1954 * 0 10618 Sale 106
4
AN Knorr & Cin 11,v 4....1955 MN -_-- 92e 93
434 79
4412 32
4314 Bale 4314
3
98 8 1003 Norfolk South lat & ref A 58_1961 FA
7
4
95
,
3
983 95 8
8
953
Louisa Cln & Len DIY g 4301'31 MN
99
99
4
973 Oct'30
Norfolk & South let gold 58.1941 MN
1
4
4
1 1003 10212
2 10132
1013
8
8
995 10252 Norfolk & West RR gen 68_1931 ▪ N 101
8
Mason Coal RR let Se__ 1934 3 .1 1025 ____ 1025 Sept'30
10314 1044
10414 Aug'30
8
1934 FA 1057
Oct'30
7312 76%
76
76
Improvement & ext 6s
Manila RR (South 113nes) 48_1939 1,1 N 75
10214 1021
8
10214 June'30
60
67
New River let gold 68.„..1932 * 0 102
67
71
1969 MN 67
68
9
Istext 44
9718 163
111 977
9
4
NA W Ry let cone g 48._1996 40 97 Sale 9612
9812 100
S W Colonlsa'n ae 15043 D 97 101 100 July'30
Manna
Cig1/4
9538 Oct'30
lose . n
rowloaeved
130
87
3 He_1911,5 J 8914 ____ 8114
8914
3
13 & N
Man G
c Cash salei
266S
BONDS
N. T. STOCK EXCHANGE.
Week Ended Id. 24.
New York Bond Record-Continued-nlqe 4
44
Norfolk & Wt(CtitclafIrd)Dive let lien & son g its_1944 i J
Focal, C & C joint 411
1841 j
North cent gem & ref 5e A _ 1971 Fol S
Gen & ref 44g ser A
1974n1 S
North Ohio let guar g 521_1945 A 0
North pae.tte prior lien 48_1997 Q J
Registered
Q
Gen lien ry & Id g 3a_Jan 2047 Q F
Registered
Jan 2047 Q
Ref &
441 series A__2047 j j
Ref &(rapt(le series 13____2047 j
Ref & Imp% be series C_2047
Ref & Inlet be series D___2047 j
Nor Pao Term Co let g 63_1933 j j
Nor Ry of f'altf guar g 511-1938 A 0
OS & L Cham let gu g 45_1948
Ohio Connecting Ry let 4a_1943 M
Ohio River RR let g 56
1936 j D
General gold 58
1937 A 0
Oregon RR & Na,cons 48_1946 j D
Ore Short Line let cons g 56_1946 3 j
Guar stpd COW, 5s
1948 3
Oregon-Wash 1st & ref 40_1961 J j
Pacific Coast Co let g 51-1946 J D
Pee RR of Mo let ext g 48_1938 F A
2d extended gold 5e
1938 j
Paducah & lila let sf g 441 1965 J
Paris-Lyons-Med RR exti 60 1958 F A
Sinking fund external 74._1958 M S
Parte-Orleans RR ext 53.48l968 M S
Pauline Ry 18t & ref itI 7a 1942 m S
Pennsylvania RR cons g 48_1943 m N
Comm' gold 4e
1948 FA N
do Merl Mod dollar.May 1 1948 M N
11.21412terOd
CODA01 sink fund 4 4a____1960
General 43.4e series A...__1965 J D
General 50 miles 13
1968
D
16
-year secured 64e
1938 F A
Reglatered
F A
40
-year secured gold 6s___1964 m N
Deb g 4414
1970 A 0
Pa Co gm 33.4. coil tr A reg1937 M S
Guar 384e coil trust ser B_1941 F A
Guar 3.4e trust ctfe C
1942
Guar 33.28 trust ctfs D
1944 .1 D
Guar 15 -year golds 4e....1931 A 0
-25
Guar 4e ser E trust ctle
1952 SI N
Secured gold 4 a1 s
1963 M N
Pe Ohio & Bet let & ref 4.32sA'77 A 0
Peoria & Eastern let COD@ 4a_1940 A C
Income le
April 1990 Apr
Peoria & Pekin Un let 540-1974 F A
Pere Marquette let ser A 612_1958 j
lit 4e aeries B
1968 3 J
hI g 443 series C
1980 M S
?bile Balt & Wash lot g 4e_1943 M N
General 5s serles B
1974 F A
Price
Friday
Oct. 24.
Bid
W eek's
Range or
Last Sale.
Ask Low
•ri •
-
High No
9734
973
4 43
96 Sale 0534
96
67
1067 -- 10534 Sept'30
s
10014
_ _ 104 Sept'30
9812 Sale 9813
9812
5
96 Sale 943
8
77
96
933 Sept'30
4
6812 Sale 68
60
109
---- 6912 69
Oct'30
100 Sale 100
1013
4 33
11112 Sale 11112 11258 34
105 10512 10512 1057
8 12
10512 Sale 10513 10512
1
10413
104 Sept'30
10312
10418 Oct'30
7912 8212 7912
3
7913
95 Sept'30
10212
10238 Sept'30
102
10318 Sept'30
9412 97
93
9412
7
107 _
1085 Oct'30
8
94 1085 Oct'30
93
8
9412 Sale 9312
9514 26
554
2
56
0612 9712 91
' 6
971,
.
339
101
101
101
1
10018 103 10018 1001s
5
10412 Sale 10414 1041 105
4
10614 Sale 106
10612 63
10212 1035 103
8
Oct'30
95 '1003 Sept'30
4
981 -- 98
8 Oct'30
983 99 98
3 9812 21
9818 983 983 Oct'30
4
4
_
- 9314 May'30
1135 6;1- 10434 106 17
e
10152 Sale 10112 10212 44
10714 Sale 1063
3 110
11
10912 Sale 10913 11012 76
_ 11812 Oct'30
1043 Sale 10414 1043
8
4 30
9812 Sale 9714
9912 334
9131 Sale 95 Sept'30
894
8912 -2
8914
90 Sept'30
875 89
s
87-_- 891 Sept'30
4
10014 Sale 10014 10014
10
93
04 94
94
5
9914 Sale 9914 102
34
9912 100 1004 101
15
8814 89
8814 8814
3
25
20
22
22
6
10312 10312 1033
4
3
10414 Sale 10412 1047
2 41
91 Sale 91
9214
2
100 Sale 100
101
54
9618
974
974
1
1083 ---- 109 • Oct'30
4
Range
Since
Jan. 1.
Low
High
913 973
4
4
923 07
4
100 1053
4
98 104
93
9912
8812 97
8852 933
4
634 705,,
62
6912
954 102
11112 11512
10312 107
10312 1063
4
104 10512
101 1043
4
83
77
9212 95
100 1024
99 10312
91
96
10412 109
1034 109
8812 06
55
6212
9214 9712
97% 101
98 10112
102 10512
10314c107
993 10314
4
95 103
9234 9812
925 9918
8
9214 99
9212 9312
993 106
4
9712 10413
108 1123
s
108 11112
10814 109
10214 1053
4
9414810012
90
95
9112
87
00
90
843 803
4
4
8
987 10012
8914 95 4
,
07 103
9412 102 4
,
84
9014
22
377s
101 10412
1023 108
4
90
9512
957 103
8
9312 98
1064 10913
BONDS
N. Y. STOCK EXCHANGE. 1J.2
Week Ended Oct. 24.
Price
Frinay
Oct. 24.
Ald
60
533
2
20
2218
295
8
Week's
Range or
Last Sate.
`4,
5!
Range
Since
Jan. 1.
Ask
80
Sale
23
28
Sale
75
Sale
28
96
_
Low
High No. rote
Mak
5734 Sept'30
7010
56
5212
533
8
7
52
71
52 Sept'30
28
60%
27
14
30
2514 604
3012 177
283
4
79
28
024
01
2612 Oct'30
7
723 89
8
20
41
72
20
20
20
Oct'30
72
20
00
104
92,8 Oct'30
0 8
9812
94
102
10 100 4 1034
3
10914 ffi 10014
2
10914
pole 5312 9312 9412 10 10558 1101a
8912 953
4
Sale
1007
8
217
945 10272
2
10212 Sale 10213 1011'2
99
92
' 3 100 10213
97 Sale 9613
99
50
93 4 1003
3
2
03 4 Sale 9814
3
9914 249
4
9612c1013
97
93
95
1
95
98
89
87 Feb'30
87
87
10314
10358 Oct'30
100 10352
963
4 - - 96
Jan'30
96
96
gale 9434
3
94 4
97
74
91
97
13
91
05 4
3
9212 S.ea1Y 3
5 S 1 1:93
l
0
9211 100
16738 glife 10718 10753 54 10814c112114
10814 Oct'30
1054 10814
87 gide 8612
88
196
8612 93
11012 Sale 11012 112
60 11012 120
11712 Sale 11712 11912 46 11712 12611
107 -.- 107
107
1 10618 108
9214 Sale 92
9214
8718 92 2
7
t. 0
0 1 Jep'6
-- 16012 suly 3
95
94
9312
- 9312
10 9013 10013
9532
_61
72
81
85 Sept'30
8213 8510
95
- 95 Apr'28
95
96
IA
954
3 95
9958
1003 101 1004 10012
8
a
97 1007
104 106 106
Oct'30
8994 100
92 Sale 92
03
27
8714 95
10312 105 104
104
1 1033 107
4
12
100 -- 101 July'30
9832 101
109 Sale 109
11012 11 10613 1123
4
95
99 10124 10134 M111 4
2 -15/ 4 164 2
239
- - -13
10012 Sale 9913 1017
s 37
984 10412
10014 10012 500l4100l2
3
993 1013
3
4
10512 10612 10632
10632
1 104 108
100 1013 101
2
10112 15
98 103
100 Sale 100
10012 14
98 101
10072 Oct'30
971a 101
9012 93 90
93
12
90
944
100 Aug'30
9812 1001s
10012 Sale 10012
10012
9818 100
05
9,5
9212 95
9112 9413 9112
9112
93 3
,
88
85
78
90 July'30
79
904
7214 8412 7213 Oct'30
70
8714
7014 June'30
7014 7014
40
45
41
Oct'30
40
bb
983 Sale 9814
4
984 101
933 9912
3
9733 Oct'30
_
0114 973
3
95 Sale 95
9613- 30
88s 973
4
10118 Sale 101
101341 21
98 102
111 Sale 111
11112 11 10611 112
91 Sale 9078
9214; 112
874 04
9918 Sept'30
_
934 9918
98s-. 100 Sept'30
_
934 100
9412 973 953 Sept'30 _ _
8
-4
93
95%
8212 May'281 612
918 Oct'30:____
7
118
4
1004 - 100 Apr'30
984 101
10112 1023- 10114 Aug'30
- 4
100 10112
99 100 Sept'30
95 10113
8514 87
897 Oct'30
8
4
8314 923
10714 Sale 10714 1077
8 52 1021g 10011
10012 10112 1003
4 101
10 10014 10214
1023 Sale 10234 1044 61 101 1055e
4
2
993 1013 10134
4
1013
4 19
9913 105
101 Sale 101
102
30 100 10614
100
9812 May'29
90
Oct'30
84 - 1Ii0 2
993 103 10312 Sept'30
4
100 10311
9412 9312 Oct'30
92
9311
863 Sale 863
4
4
8712 32
8114 8713
9314 Oct'30
9314 ,
8814 93 s
3
9314 Sale 9314
9714 46
9311 10214
89 Sale 8712
8912 100
8712 9511
95 Sale 94
98
63
94 1023s
8014 Sept'30
7213 8213
_
9312 87 Mar'30
833 130
2
OA sale 8934 8934 1 8414 91
9472 ____ 934 Sept'30
834 933
2
8413 Sale 8312
851g 106
80
884
9812 99
97
100
9
4
945,2 1021
102 Sale 102
102
8
98 10313
0512 Sale 9512
9512 16
881e 957
3
97 Sale 96
974 27
9510 993
4
_
97 Feb'30
97 97
933 Sale 93
4
943a 104
3
88 4 9472
9012 Sale 9012
9012
2
5
85 8 9313
9114 9914 97
Oct'30
875 07
3
_
10114 10114 Oct'30
983 10114
4
9 4
-31.
_ 9214
9214
4
8712 93
56C 4
503
8
3
5014 - - 3 5014
60
71
1033
10212 Sept'30
4
102 102%
92
__ 9232 Oct'30
8614 94
67 Sale 67
67
3
67
8314
8512
86
83
854
6
9134
85
89
84
903 Sept'30
4
90 4 90 4
3
3
Seaboard Air Line Ist g 411-1950 A 0
Gold 4e stamped
5 t
5
19 9 , 0
90 A
Adjustment 50
Oct 1949 F A
Refunding 4s
let & cone 6s series A--1945 M S
Atl & Illrm 30-yr 1st g 4s_61933 M S
Seaboard All Fla let iru On A_1935 F A
Series 13
Seaboard & Roan let be extd 111
9Y
33t
a & N 41a COU8 gu g 5n
1936 F A
Gen eons guar 50-yr bs__ _ _1983 A 0
So Pee coil 4s(Cent Pac coil) 3'49 J D
let 44s(Oregon Lines) A.,1977 M e
20-year cony be
Gold 431e
193 j D
98 M S
64
Gold 44s with war
San Fran Terra let 4e
1950 MN
969 A O
Registered
A 0
So Poe of Cal tel con gu g 5+1_1937 1 / N
5
So Pao Coast let gu g 4e---1937 3
3
So Pee RR let ref 4s
1956 3 3
Registered
J J
Stamped (Federal lax)
.5958 J I
Southern lty 110 001311 g 51._1994 1 J
.1 J
Regletered
Devel & gen 4e seem A_1956 A 0
Devel & gen 8e
1956 A 0
Develop & gen 03411
499656 A C
Mem DI, 1st g 14
.3 'I
St L011. Div let g 4.._...195i 3 3
41
East Tenn reorg lien g be.. _1938 M 5
Mob & Ohio coil Cr 48-1938 M S
Spokane Internal let g 5a__ 19653.
1
Staten Island Ry Ist 430
1943 1 D
Sunbury A Lewiston lst 0_1938 J 3
'Fenn Cent let lis A or B
1047 A 0
Term Amin of St L let g 4%4_1939 A 0
F A
1st cons gold be
Gen refund e 1 g 44
Texarkana A Ft8 let 54e A 111095544
9 03
Aj j
Tex & N 0 corn gold ba_Aug 1943 J J
Texas & Pae let gold 5&..
.2000 J D
2d Inebe(Mnr28ep on)Dec2000 Mar
77
Gen & ref EA series C
La D v 1.1 I. let g be
1% :
1 A 8
i
3
Tex Em-Mo Pao Ter 541-1984 M 5
Tel & Ohio Cent let go be_ 1935 1 J
Western Div let g 51
1935 A 0
Gen gold be
3935 1 D
Tol tit LA W 50-yr g 4s
1950 A 0
Tol WV & 0 gu 4128 A
1931 J J
let guar 43.4a series B
.1933 .1 J
let guar 4s series C
1948 NI D
942 J S
Toronto Ham& Buff 11t g 4e
Ulster & Del let cone g Se.
..l928 .10
Stpd as to Dee'28 & Joe '30Int
let cone 5setla of dep
1st refunding g 41
19/52 A
Ry let 30-yr 0141'37 j
2312 Sale 2318
25
18
2318 32
Union Poe let RR A Id gr 48_1947 J J
Pine Creck reg let 66
1932 j D 10212 1035 10258 Oct'30
8
_ 102 10312
Reidatered
J J
Pittn & W Vs let 43.2e ser A.1958
D
97
Oct'30
97
92
97
let lien & ref 413____June 2009 MS
let M 41.19 series B
1959 A 0 9612 97
96
963
4
7
92
967
2
Gold 444
let M 432e serifs C
1907 J J
1960 A 0 9614 Sale 955
8
97
159
92 c9812
lot Ben & ref bs____June 2008 MS
P C C et L gu 4 lis A
1940 A 0 10138 Sale 10112 1013
4
2
9714 1011t
40
-year gold 4s
Series B 44s guar
1968 J I)
1942 A C 10012 102 102
102
1
96% 10212 U N J ERA Can gen 4a
1944 MS
Series C 4)'4e guar
1942 MN 10012 -- 9713 Dec'29
Utah & Nor let ext 4e
Series 11 4s guar
1933 I J
1945 M N 9514
9814 Sept'30
9414 9814 Vandalla eons g 4e gerles A...1955 P A
Series E 332e guar gold_1949 F A
9012
_ 95 June'30
93 8 95
5
Cons s1 4s eerie. 13
Series F 4e guar gold
1957 MN
19b3 j D 953
4
_ _ 9814 Sept'30
9814 9814 Vera Cruz & P 8e
Series 0 42+ guar
-sent 445_1034
1957 M N
97
97 Aug'30
963 97
4
Virginia Mid 5a series F
1931 188
Serifs H cone guar 4s
1960 F A
954
983 Sept'30
4
945 983
8
4
General 5s
Series 1 cons guar 432e......1963 F A 1004 102 100
1936 MN
100
1
97 105
Va A Soutbw'n let go 5s
2003 J J
Series J cone guar 4 48_1964 M
100 106 10312 Sept'30
9912 10312
let COO! 50 Year
1958 AO
Generni M Si series A
1970
I. 10912 112 110
110
1 10614 11312. VIrgInla Ry let 52 58
series A_1962 MN
Registered
J 1-,
10734 Mar'30
1073 1073
4
4
lot M 4 s ser1N B
1962 MN
Gen mtge guar be ser B..1975,A f 109 Sale 109
11012 37 1081e 112
Wabash RR let gold Se,....1939 MN
Gen 4.4e series C
19771,1 J 10012 Sale 100
10118 261 100n 10118
20 gold 511
1939 P A
Pltts ltIch & Y let gu 6o_1932 j
1025 103 10212 July'30
8
10112 10212
Ref & gen g I 541.ser A
1975 51
2d gUBf (Is
1934j
103
10413 May 30
10412 10411
Deb 6a series 13 registered. 1930 .3.8
Pitt. Sh & LE let 51
1940 A 0 103
10218 Oct'30
100 1025
52
8
let lien 50-yr g term 4
l954 J J
let coneol gold be
1943.3
103
1003 Aug'29
4
Pet & Chic ext let 5a
1941 .3"
Pitts Va & Char Ist 4e
9513 ____ 9234 Mar'30
1943 M
-92 4
Des Moines Div letS 4s-1939• J
Pitts Y & Ash let 4e ser A 1948
L 95 ____ 08 Sept'30
9111 98
Omaha DIv 1st g 340-.19 AO
let gen 5E1 series B
41
1982 F A 10612
105 June'30
10214 105
Tol & Chic Div g4.
1941 1,1
le gen be series C
1974 .1 E 10612 Wabaah Ry ref & gen 58 B 1976 FA
Providence Secur rlsb 4e
1957 M 1.•
7512 --__ Si
Oct'30
75
8214
Ref & geo 44e merles C _1978 • 0
Providence Term let 40... 1958
_ 863 July'30 ____
8914
4
863
4
88
Ref & ten 58 !cries
1980 AO
Reading Co Jersey Cen coil 40 '51 A C
933 944 9414
4
9414 15
90
9013 Warren let ref guS 34e--.2000 FA
Gen *ref 44e series A._1997 J
1003 Sale 997
4
8
10218 55
97 10314 Wash Cent 11 gold 49
14
1948 QM
Gen A ref 44s ,ene4 B._ 1991.3
10112 Sale 10114
96
102
99 103 4 Wash Term let gu 34s
5e
,
1945 P A
Rensselaer & Saratoga 69
1941.M
11012
_ 113
113
1 10918 113
let 40
-year guar 4e
1945 P A
Rich & Meek let g 48
1948 M
65
7912 Sept'30
81
7912 797 West'n Maryland let 4s
8
1952 AO
Mehra Term Ry 1st gu 518_1952 J
10212 1037 103 Sept'30
8
101 193
let A ref 548 series A
1977 J
Rio Grande June let gu 69_1939 J D 9912 104 100 Sept'30
94 100
West N Y dr Pa ist be
1937 J J
RIO Grande SOU let gold 45._1949 3j
1
8
7 May'28
Gen gold 4s
1943 AO
Guar 421 (.18n 1922 coupon)'40
12 4
J
713 Apr'28
Western Pao let Is ear A
1946 M
Rio Graode Wee let gold 4..1939 1 j
9318 0314
971
944 15 "el
Registered
MS
let con A coil trust 4s A_1949 A C
8212 847 84
8
857
2 20
8112 91
West Shore let 4e guar
'
3
2361
RI Ark & Louis 1st 44s
1934 M I 1005 101 10034
8
101
39
953 1011,,
4
Registered
2361 .3.8
-Canada let gu g 4s...„1949 .1 1 7514 78 2 78 Sept'30
Rut
,
78
75
Wheei& L E ref 448 eer A_ _1968 M S
Rutland let con g
J 1 8213 9212 0214
9212 13
94
88
Refunding be series B
1986 M
RR let consol 48
S
1949
lit Jos & Grand 101 let 46_1947 J . 8739 -- 8838 Sept'30
85
89 8 Wilk & Fast Da frU a 58-_.1942 ID
,
St Lavrr & Adir let g 5e___1996 3 .1 9612 ---- 08 Sept'30
98
99
Will & S F let gold be
1938 • D
1991 A 0 10412 -__ _ 10112 Feb'30
2d gold (is
101 10112 Winston-Salem S B 1st 4e
1960 J J
1931 .8 ., 9972 10012 100
St L & Cairc guar a 4.
Oct'30
98 4 10012 Ms Cent 50-yr let gen 4e
2
1949 J
St I. Ir Mt & 8 gen con g 53_1931 A C 1003 Sale 10032
4
1007
3 37 100 102
Sup A Dill
& term let 441'36 MN
Stamped guar 54
1931 A(
... 10134 Dec'29
_- Wor & Conn East lit 430_1943 .1 .1
1933 M b -6539 Sale 093
RI, dr 0 Div let g 41
8
101
87
95 4 101
3
St 2.. San Fran pr lien 4, A....1950 1 1 8712 Sale 863
8
8814 201
863 924
2
INDUSTRIALS.
1978 M 1- 873 Sale 85
Con M 434.series A
3
88
340
85
95 4 Abitibi Pow & Pap let 5a..--1053 .1 D 72 Sale 713
3
4
7412 101
68
88
3
W hen ksiled
,
Oct'30
01
81
94
Abraham & Straus deb 5142_1943
Prior lien 842 seriee B
1950 .1 J 100 Sale 905 810114 37
3
8:10412
993
With warrants
A. 0 10014 Sale 10014 101
41
97 10312
St Louis & San Fr Ry gen 69_1931 1 J 10113 102 10112 Oct'30
1004 102
Adriatic Flee Co esti 7e__1952 A 0 02
91
93
95
3
93 10013
General gold Es
1931 J .1 10118 Sale 10118
10112
1 100 10112 Adams If,x press coll tr g 4s__ 1948 M S 90 Sale 8912
90
6
92
82
St I. Peor cic N W lot go 5s 1948 J J 10454 1074 1043
4 10431
1 10214 105 8 Ajax Rubber let 15-yr of 82..1936 J 0 253 Sale 25
5
2
253
2 38
25
80
Sou 1st fre g 411
BE Louts
1931 M 5 9914
993 Oct'30
4
9418 993 Alaska Gold 118 deb 135 A__1925 V/ S
4
7
12
Oct'30
8
514 12
90 Sale 8913
St L 8 W let g4., bond ctfe_1989 M N
90
29
913
4
85
Cony deb 6s series B
514 9
Oct'30
9
51,
20 g 4/ Inc bond et}e Nov 1989.3 J
80
8214
82
847
8 13
787 8473 Albany Pear Wrap Pap 64..19 6 M O 9314 Sale 9314
8
2
94
1 48 A S
10
85
9814
Consol gold 45
1932 .1 D 993 100
4
903
4
093
4 13
11714 10014 Alclegliar C0rpeoltr be
oi
86 Sale 78
u
1(144 F A
91
121
78 10414
let terminal At unifying 5s.1952 .1 J 10132 Sale 10013 10112 13
96 103
cony
5512 Sale 7912
92
45
79 2 10412
,
St Paul & li C Sh L lot 448_1941 F A
98 Sale 9
08
87
9853 29
9413 994
Coll & cony ba
86 Sale 7912
90
138
7912 994
St Paul A Duluth let /4_1931 F A 1003 --- 100g Aug'30
4
1004 1007 Allis-Chalmers Mfg deb be_ _F( 37
8
102 Sale 102
)9
1
:
10252 14
99a4 103
lit consol gold 4e
19(18 J I) 9212 06
9512 Aug'30
911$ 9512 Aluine-Montan Steel let 73_1955 M 8 8512 88
8812
89
6
88 100
Si Paul E Or Trk let 434e_ _1947 J J
4
97 1023 9918 Aug'30
9918 994 Am Agile Cbem Irrt ref e 1710'41 F A 1033 Sale 1033
4
10334 15 10212 10512
4
St Paul Minn & Man eon 42_1933 .1 1
Oct'30
-- 99
96 1001 2 Amer I3eet Sue cony deb 8s_ -1935 F A
4712 Sale 4714
48
17
4714 874
let control g 66
1933 J 1 100- 10414
10211 10814
1044
2 103 105. American Chain deb ef6a
14
1933 A 0 10112 Sale 10112 1017
8 15
97 103
Se reduced to gold 43.49_1933 .1 1 1005 10112 101
Oct'30
8
8
975 104
Am Cot 011 debenture 5s
1007 Sale 1007
2
1931 M N
2 1007
s 11
99 101
Registered
.1 J
08 Feb'30 _ _
98
98
Am Cynamid deb is
97
95
953
4
5
95 4
3
044 100%
Mont ext let gold 41
1937 J D 9713 ____ 9914
, 1.4
2
9914
.!!:
2
92
9914 Am & Foreign Pow deb 58_ ..oeo 81 ) 8214 Sale 7912
8212 1527
77
9012
Pacific ext guar de (steri:ng)'40 J .1 9112
92
2
893 97
4
Amer Ice a f deb be
l9S3J D 84
844 8412
8413
2
70% 90
let & ref 56_1972 1 J 109 Sale 109
St Paul Un Dep
110
15 1044 11012 Amer I ‘1 Chem cony 548_1949 M N 10118 Sale 101
102
162 100 10811
9514
4
1943 1 J 893 94
9553
A .3 Ar Pam let gu 4 4a
8
90
52 9672 Am Interoat Corp oonv 630_1949 .1 .1 9212 Salo 92
05
55
1)2 10114
Santa Fe Pres & Filen let 14_1942 M 5 103
____ 0314
10312
9912 10312 Am Mach & Fdy f its
105
10612 10618
4 103 4 10618
3
Say Fla & West lst g 8e___.1934 A 0 104
____ 10414 Aug'30
103 10214 Amer Metal 54% notes
4
9
03
1 934 A 8 933 Sale 933
9513 66
4
93
90 4
1
181 gold 51
1934 A 0 101 1027 10113 Oct'30
9934 10314 Am Nat Gas 6
8
(with war)1942 A 0 67 Sale 67
68
13
67
92%
Scioto V & N E lit lug 4a_ _1989 M N 9313 100 , 9713 Oct'30 -_
8814 974 Am Sol & R 183 30-Yr 58 ser A'47 A 0 10112 Salo 1013
8 10212 76
99% 104
4 05112111113. 6 Due May. k Due Angulo.
e Due 31300.
13
2669
New York Bond Record-Continued -Page 5
'4 •
'2
t
BONDS
N.Y. STOCK EXCHANGE. '''"E'
,--. a.
Week Ended Oct. 24.
,
.
f rice
Jrtdati
Oct. 24.
".
1Veek's
i.7-'
. 2
Range or
Last Sale.aq,`.,
Range
Siwe
Jan. 1,
,i
i
11 .,
BONDS
;.'.2t
.
N. Y STOCK EXCHANGE.
-,n.
Week Ended Oct. 24.
Price
Fridag
Oct. 24.
,
Week'
Range or
Last Sale.
I
N _,
E .7.
at%
Range
Since
Jan. 1.
High No Low
Ifigal
Ask Low
Rid
High
High No Low
Ask LOW
Rid
79
79
2
79
98
97
5
4
Amer Sugar Ref 5-yr 6a____1937 J J 10312 1033 10318 10312 35 1017g 105 8 Elk Horn Coal 1st & ref 634* 1931 J D 79
5012 75
5012 Oct'30 ---_
Deb 7% not (with warr) 1931 .1 D ____ 70
8
943 101
3
100
101 100
Am Telea & Teleg cony 4a__ _1936 Nt 9 100
9934 10112
ECiult Gee Light let con 58_1932 M El 10114 ____ 10114 Oct'30 ---_
9912 105
Oct'30 __-_
1033 NI S 10118 105 101
-year cony 495e
30
4
s 89 103- 1063 Ernesto Breda Co lot in 72__1959
8 1063
4
1946 J 0 1053 Sale 1053
-year coil tr 58
30
39
72
4
693 84
F A 69 4 Sale 6934
3
With stk perch warrants
103 105
J D--------105 Sept'30 _
Regletered
9814
97
94
4
98
99%
153 1001e 107 4 Federal Light & Tr let 58_1942 M 8 97
3
107
35-yr. if deb 5s
1980 1 J 1064 Sale 106
14
92 10012
99
9934 98
let lien a I Ss named ____1942 M El 99
192 10434 10012
MN 10814 Sale 10814 100
-year a 1 54e
1943
20
4 10014 105
101
1942 NI 8 10012 102 10014
let lien tla stamped
118 13714 19312
150
Cony deb 414a
1939 J J 14218 Sale 142
9218 1004
3
9412
8
957 93
1954 .1 D 94
-year deb fts ser1e9 B
30
8
35-yr deb 58
1965 F A 10612 Sale 10614 1073 203 1001a-108
9518 102
5
98
98
09
1939 J 13 98
Federated Metaie a 178
1 103 107
106
1940 A 0 105 106 106
Am Type Found deb 6s
4
813 107
5
4
813
4
4
1948 J J ____ 813 813
Flat deb 78 (with warr)
9912 103
4 21
3
Am Wat Wks& El col tr 513_1934 A 0 1023 Sale 10214 1023
7912 947
43
81
2
s.-- 7912 Sale 7912
Without neck Dutch warrante. r.
4 16 104 10812
Deb g 68 serlee A
1975 MN 10534 10012 1054 1063
89
46
5014 10
1941 M 8 46 Sale 46
Flsk Rubber 181 s 18e
84
6
69
7012
694
70
Am Writ Pap 181 g 6),
1947 1 J
4
792 9812 Framerican Ind Dee 20-yr 734s'42 1 J 10612 Sale 10612 10312 50 10312 109
19
81
7924
Anglo-Chilean ti 1 deb 7a.....1945 MN 80
81
97
73
6
75
73 Sale 73
Francisco Sugar 1st a I 7ais _ _1942 MN
55
19
Oct'30 ____
19
Antilla (Comp Attic) 7lie _ _1939 J J ____ 26
4
8
9814 10518 French Nat Mall SS Linea 78 1949 J D 1033 Sale 103% 10312 32 1023 10912
1
8
Ark & Mom Bridge &Ter 59_1964 al 8 10418 105 1038 1037
73
3
a
927
84
84
86
1943 F A 84
8
8
873 c943 Gannett Co deb 6s
79
91
1939 .1 D 89 Sale 89
Armour & Co (111) 434s
7
99 8 10212
s
723 8634 Gas At El of Berg Co cons 4581949 J D 10412 ____ 10212 June'30 ____
103
75
4
Armour & Coot Del 5149_.1943 1 I 723 Sale 7214
4
963
85
109
90
11 102 1014 Gelsenkirchen Mining6s_ _ _1934 B S 90 Sale 8714
Associated 0116% gold notes 1935 M 5 10212 Sale 10212 103
8011 92
7
82
F A
6
4
Atlanta Gas L 1st 58
1947 1 D 10412 10712 10318 June'30 ---- 1013 10318 Geol Amer Investors deb - 8_1952 A 0 82 Sale 82
06
121
9912
99
8
987 Sale 983
4
8
____ 128 may.28 ____ ____ ____ Gen Baking deb a f 5149_ _ _ _1940
1
Atlantic Fruit 7set.fe deP
1934 J 0
9512 103%
9714 70
___ Gen Cable ist 9 f 534a A.....1947 J J 97 Sale 97
___ 1238 May'29 __ _. __ _
1
.1 D
Stamped etre of depoelt
98
94
95
Oct'30 -___
96
96
Gen Electric deb g 3lie--1942 F A
80
63 ,
71 8 38
AU Gull& W I SS L col tr 501959 1 J 08 Sale 68
4
943 105
65
(Germany)7s Jan 15'45 J J 100 Sale 9434 101
2 100 10312 Gen Eleo
Atlantic Refg deb 5s
1937.2 1 10218 Sale 10218 10218
99 124
9612 13
94
97
St deb 64e with warr
1940 .5 0 95
4
2 105 1073
1940 al N 10718 10714 10718 10718
13aldw Loco Worka let 5a
4
943 101
20
97
Without warr'ta attach*d_1940 J LI 95 Sale 95
91
Baragua (Comp Az) 749_1937 J J --_- 704 70 Oct'30 _, 70
4
863 9714
4 59
913
4
1948 MN 913 Sale 87
-year at deb (is
20
4
953
63
95
92
Batavlan Pete anar deb 4 Ha 1942 l J 95 Sale 9414
200 10012 1061g
Gen Mot Accept deb 6s.....1937 F A 1024 Sale 10214 103
85
67
85
32
Belding-Hemingway 69_1936 1 J 8314 Sale 81%
8
997 102 4
20
3
4
1910 F A 102 1023 10112 102
4 Genl Petrol let at be
32 102 1073
Bell Telep of Ptt &series B _1948 J J 10618 Sale 10618 107
9312 103
11
95
94
94
34 1034 11212 Gen rub Sera deb 5 lie_ _1939 J J 93
1990 A 0 11114 Sale 11114 1111
let & ref ba series C
93 106 4
,
10012 18
98
4
7014 c973 Gen'l Steel Can 51.48 withwar'49 J .1 9813 100
51
793
Berlin City Eleo Co deb 614a 1951 J D 793 Sale 75
4
8414 1004
439
88
Gen Theatres Equip deb 6s_1940 A 0 85 Sale 8414
96
70
9
3
9
7
Deb sink fund 6348
1959 F A 78 Sale 7512
89 c103
9034 21
3
6312 83 4 Good Hope Steel & I see 7a..1945 A 0 89 Sale Si)
59
73
4
Deb fie
1955 A 0 7118 753 68
7
9112 107 a
10013 126
Goodrich (B F) Co 18t63'48 1947 1 .1 9912 Sale 9838
96
73
34
7712
Berlin Elec El& Undg 6tie_ _1950 A 0 77 Sale 76
70
67
7218 202
1945 i D 67 Sale 67
Cone deb Co
18 10112c105
109
8
4
Beth Steel let & ref 58 guar A '42 M N 1033 1017 103
8212 98
131
87
Goodyear Tire Jr Rub let 58_1957 61 N 8212 Sale 8212
9914 104
8 29
30-yr pm & Impel 58_ _1936 J .1 10212. Sale 10 1 1025
0
974
891 8712
87
33
Gotham Silk Hosiery deb 68_1936 J 0 87
89
92
86
7
92
92
Bing & Bing deb 648
93
1950 M S 88
70 Sale 70
8
1940 F A
667 84%
13
71
Gould Coupler 1st e f 6s
3418 47
3712 59
Botany Cone Mills 634a.. ...1954 A 0 37 Sale 37
,
97 10112
9814 23
at Cons El Power (Javan) 7e1944 F A 97% 972 9712
11 100 105
10112 102
Bowman-BM Hotels 73
4
373
1934 M El 37
98
87
9014 43
1950.2 1 90 Sale 88
let & gene I 6lis
4412
5
17
5
7
5 Sale
B'way & 7th Av let cons 5a _ _1043 J D
89 10(17
e
27
92
91
92
Gulf States Steel deb 5443 1942 J D 91
88
73
8 23
863
1941 J J 86 Sale 86
Brooklyn City RR 1st 5s
a
917
85
1
9018
8
9 10312 1063 Hackensack Water tat .1a .1952 J 1 9018 9012 9014
106
Bklyn Edison Inc gen 58 A_ _1949 J J 109 106 105
4
12
99 258
9412 1017 Herein Mining (Se with elk perch
1968 J J 99 Sale 9812
Bklyn-hian R T sec ee
7714 94
16
87
83 Sale 83
war for coin stock or Am sha '49 J
68 60
2
73
MN 70 Sale 70
Bklyn Qu Co &Sub con gtd ba'41
92
7.5
85
8118 27
7714
Henan SS Linen 63 wlth warr_1939 A 0 81
89 c82
Oct'30 ---- c81 c82
lat bs stamped
1941.2 1 73
8412
85
Oct'30 ____
6934 65
55
consol g Ge__ _1952 F A
Brooklyn R Tr 1st cony g 41_2002 J J 85 ____ 9213 June'28 ____ ___ ____ Havana Fleeseries of 1926 1951 M
4012 Sale 4012
4012 6611
11
42
Deb 614*
___
105 --- 11614 Nov'29 ____
7
3-yr 7, secured notee_1921 J -I
90
70
3
70
4s nor A1934 A 0 70 Sale 70
Hoe (14) & Co lst8
94
82
4 35 ____923
9118 Sale 91
Bklyn tin El let
1050 F A
(4-Se
9218
74
15
77
8512 76
1950 F A ____ ___ 8334 May'30 ---4
868 8912 Holland-Amer Line 58 (17a1)_1947 Ill N 70
Stamped guar 4-6e
9714
97
201
97
97 Sale 07
1 103 10812 Ffourton 011 stuk fund 549_ _1940 18 N
8
10838 1083
4
Bklyn On Gas let cone 458.1045 MN 1083
73
54
144
56
55 Sale 54
7 114 11814 Hudson Coal 1st s 1 as ser A.1962 J 0
-let lien & ref 68 eeriest A 1047 MN 11718 11812 11713 11718
1 10118 107
8
106%
1910 MN 1083 Sale 1063
Hudson Co Gas let g 5s_
--------232 Sept'30 .-__ 232 306
1930 1
Cony deb g 534e
8 30 101 103
Humble 011 & ROMANI 510_1932 J 1 10214 Sale 10214 1023
29 10234 10514
Cony deb 5,
1050.2 D 10318 Sale 10313 104
4
993 103
4
1937 A 0 1013 Sale 10134 10212 26
Deb gold 5s
96
96
,
Buff & Suse Iron 1s1, 58 1932 J D --------96 Jan'30 ____
1
4
8 12 103 1063
8714 9312 lillnols Bell felephorm 511_1950 1 D 10512 Sale 10512 1057
9312 Oct'30 ____
4
923 96
1952 A C
Bush Terminal let 49
97 102
10112 31
1940 A 0 10118 Sale 101
Ililools Steel deb 434s
94 102
19
102
Consol 58
1955 J 3 1008 101 101
92
79
4
76
823 Sale 80
83
102
99 1043 Herder Steel corn mtge 68 1948 F A
5
4
Bush Term Bldg! re gu tax-ex '60 A 0 102 Sale 102
91 60
12
85
6514
7 10014 10512 Indiana Limestone 1s1 af 63_1941 111 N 63 Sale 60
101
BY-Prod Coke let 54e A_1945 MN 103 Sale 103
Oct'30 ____ 100 10118
1938 M N 100 --- 101
Ind Nat Gan & 011 513
99
91
8 74
977
1973 A 0 95 Sale 05
104
2 1003 1041 1 Inland Steel let 434a
8
Cal0&E Corp unit& ref 68_1937 MN 10312 ____ 104
71 100 10111
4
100%
94 10012 Inspiration Con Copper 6 H81931 M 8 1003 100% 100
3
4
993
Cal Petroleum cone deb 81581939 F A 9714 Sale 9612
912 20
8% Sept'30 -- _
818 012
1956 A 0
100
Interboro Metrop 449
8
1938 MN 993 1007 100
17
9812 103
Cony deb s f g 534*
75
61
253
71
40
80
33
2
Interboro Rap Fran let 5a_1966 1 J 71 Sale 6812
Camaguey Sag let a f g 79....1942 A 0 40 Sale 40
7514
61
J J 71 Sale 6813
2134
71
Stamped
Oct'30 ____
7912 97
Canada EIS L bet & gen 6a.....1941 A 0 ____ 7812 80
4
603 734
734 Sept'30 ____
5 10218 1054
10514
Reglatered
1943 .1 D 105 106 105
Cent Dist Tel let 30-yr 5s
8
417 68
107
63
1932 A O 60 Sale 60
-year 6s
10
7914 8112
7912 8612 8014
3
8014
A
Cent Foundry let a f fle May 1931 F
84
9512
904 53
-year cony 7% notee_1932 34 S 8934 Sale 89
10
Cent Had G & E 5t4. __Jan 1957 af S 10512__ 1053.1 Oct'30 ____ 10214 106
61 9312 93
98
9
2 111% 125
118
Int Agrie Corp let 20-yr 58_1932 MN 98 Sale 973
Central Steel let 481 88,......1041 MN 117 11812 117
41 7214 7912
777
52
40
to 1943._ MN 7712 Sale 7712
3712 65
al S 39 Sale 39
Stamped extended
1948
Certain-teed Prod 534,a A
9912 481 91 103%
1948 MN 98 Sale 98
Oct'30 --__
55
7814 Int Cement cony deb 5s
50
Ceopedes Sugar Co lat a f 74s 39 M S ---- 63
534 5312 Internet Hydro El deb 6o._1944 A 0 94 Sale 90
4 941 90 104
973
4
Chic City & Conn Eye 68 Jan1927 A 0 ,,-- 4514 633 Mar'30 ____
65; 97 102
18 100 10512 Internet Match, f deb 53_1947 MN 100% Sale 10018 101
Ch G L & Coke let gu g 58_ _1937 J .1 10314 1034 10214 1031.1
,
4
4 361 9634 1012
Inter Merrell Marines 163_1941 A 0 1018 Sale 1013
8 1013
Chicago Itys lets, stpd rct 15%
9213
211 74
70% 10
69
77 Sale 77
80
7018
85
713 75
InternatI Paper baser A & B _1947 1 J
F A
principal and Aug 1930 int.. _
52. 701a 94
71
Ref 8 f 6,series A
1955 M 8 70% Sale 7018
8712 92
1
90
19.13 A 0 8812 8914 90
Childs Co deb 58
94
78
85
92
119
81
893 9814 Int Telep & Teleg debg 444 1952 J 1 7912 Sale 7914
4
Chile Copper Co Co deb 5e_1947 J J 90 Sale 8934
4
0412 Sale 9014
90 1293
9412 264
1939 J J
137
93
Cony deb 490
8618 9333
3
1968 A 0 923 Sale 9234
Cin GI & E let m 4a A
1955 F A 8612 Sale 85
s
997
81
8712 30
Deb 5s
Oct'30 ____
77
___ 77
63
1940 J J 755
Clearfield Bit Coal let 9a
56
59% 8914
62
691
8.1 ____ 60
Colon 011 cony deb 66
1938 J
1051 ____ 103 10612
4
1952 M S 10534 1053 1053
95 10012 Kansas City Pow & Lt 5e
1
99
99
1943 F A 98% 09
Colo F & I Co gen 4168
9511 103
1957 J .1 1017 Sale 1013 c1027
8
3 52
93
12
91% 98
let gold 4 34* series 13
9218 9418 9218
Col Indus let & coil 591111-1934 F A
4
When Issued
8
1)83 1032
115
Sale 10012 103
i J --------10314 Oct'30 ____ 10214 10314
4
Columbia(I & E deb Ss May 19528! N 1003
4
013 97%
8
955 141
5
4
983 103% llamas Gm & Electric) 4123_1930 .1 D 05 Sale 942
Debenture, 58_ __Apr 15 1952 A 0 10212 10312 10212 10318
7
5834 83 k
128
74
95
95 10112 Karstadt (Rudolph) 8s____1943 31 N 7012 Sale 66
97% 9912 Oct'30
1932 .1 J 97
Columbus Gas 1a1 gold 5e
91
74
20
90
42
81
97
98
Keith (B F) Corp 131 68_ __ _1946 f81 IS 8012 Sale 8012
Columbus fly PA L let 434* 1957 J J 96% Sale 9614
4
922
60
5
65
4
9384 1003 Kendall Co 54s with warr__194/1 M El 60 Sale 80
Commercial Credit 3 I 68_ „.1934 M. N 10012 Sale 10013 10012 13
9212
75
6
88
3
4
85 1003 Keyetone Telep Co lst 59-1935 J 1 85 Sale 88
23
98
11136.3 J 9714 983 97
Col tr a I 534s notee
Oct'30 ____ 10014 10414
_ 103
Kluge County El & P g 6s.1937 A 0
86 103
94
103
1948 M 8 102 Sale 102
Comml Invent Tr deb 6e
13313 14(I 13478 Oct'30 ____ 125 13618
Purchase money (is
1997 A 0 10318- 98
83
941 225
Cone deb 63.4a
1949 F A 9312 Sale 93
12 88
75
8512 11
Oct'30____ 10312 10518 Rings County Elev let g 4s....1949 F A
8434 Sale 8434
Computing-Tab-Rea a f 6a 1941 J J 10514106:8 106
1949 F A --------8014 May'30 ____
Stamped guar 4s
7512 89
9512 10014
937e 100 10014 Oct'30 ____
Conn By & L 1st & ref 4434.1951 J J
9912 10
9311 1004 Kings County Lighting 5e
1951 j j 9914 sale 9912
1954 1 J 10614 ____ 108 Sept'30 ____ 10012 108
Stamped guar 44s
11718 Oct'30 ____ 11412 11912
First & ref 63-4
1954 If J 118
7412 81
6712 00
,
Consol Agricul Loan 610_1958 J D 72 Sale 72
8
997 1074
Oct'30 ____
Kinney (Olt) & Co 7 ai%notes'36 1 D 97 100 100
Consolidated Hydro-Eleo Works
3
8512 c95 3 Kresge Found'n coif It 68_1936 1 13 10312 Sale 10318 10312 45 10214 105
3
86
J J ---- 87 85
of Upper Wuertemberg 78_1958
92 1003
4
9514 226
Kreuger & foil 68 with war_ _1950 M El 941 Sale 945
8
35 18 23
63
35
Cons Coal of ald 1sta:ref 68_1950 J 0 35 Sale 35
5 100 104
102
4
Lackawanna Steel let 54 A _1950 3 6 10118 10112 101
1063 107 105 108
Consol Gag(NY) deb 5349_1945 F A 10612 Sale 106
5
99 10334
10214
Lad Gal of St L ref Next 58_1934 A 0 10214 103 102
9812 103
Consumers Gas of Chic ga fai 1936 J D 1(12 103 10258 Oct'30 __
io 10214 106
3
4
60 100 4 10514
Col & rel 5148 series C....1953 F A 1033 Sale 1033
4 105
8
Consumers Power let bs
1952 MN 1043 Sale 10418 105
9212 92
28 102 105
92
Coll & ref 63,4 eer D._ _1980 F A 10312 Sale 103
2
104
8918 9534
1946 J D 02
Container Corp 181 58
,
6812
Limiter° Nitrate Co cone 6e_1954
6
15-yr deb 5e with warr_ _1943 J D 66 Sale 613
87
66
8712
60
.1 J 6414 Sale 62
6414 69
4
4
993
Without warrants
2
918 100
Copenhager Telen 53 Feb 161954 F A 9312 993 993
9918 10012
9912 44
Corn Prod Reg let 25-yr a f 51 34 M N 10312 104 10312 10312
3
9712 10312 Lehigh C & Nay a 1 434s A__1954 1 J 99 Sale 08
4
9912 1012
9
10112
10014 17
Lehigh Valley Coal let g58. _1933 3 J 101 Sale 101
94 102
Crown Cork & Seal a f fts_ _1947 j D 9934 Sale 993
0513 073
4
9812 28
let 40-yr go Bit red to 4%.1933 1 1 9312 ____ 9712 May'30 ____
9513 10412
Crown Willamette Pap 88..1951 J .1 9714 Sale 97
8112 100
2
S 88 Sale 85
100
88
10
181 & ref a I 5a
85
1034 F A 99__ 100
Crown Zellerbach deb 64 ww 1940 M
98
4
763 83
lst & ref a f ba
763 Sept'30 ____
0
6
3512 411s
773 - 1044 F A
Cuba Cane Sugar cone 7s_ _1930 J J --------41 Mar'30 -__
41 Mar'30 __
let & ref 8 1 58
66 Aug 30 ---74
66
3618 4312
1954 F A ____ 65
Cony deben etamped 8%.1930 3 J ____ 28
7614
70
9514 23
let & re( a 190
70 May'30 ____
9212 10014
1964 F A ____ 65
Cuban Am Sugar let coil 88_1931 M 8 95 Sale 05
75
70
181 & ref a 1 64
8
385
8
51
12
70 June'30 ___
9174 F A ____ 62
Cuban Cane Prod deb 68_1950 1 3 11 Sale 1014
17 Sale 15
4 44 11711 125
1233
17
9
15
Liggett & Myers Tobacco 78_1944 A 0 12314 12312 12318
47
Cuban Dom Sim let 7lie_ 1944 MN
4
993 1064
25
1518 Salo 1518
16
91
105
58
1518 4018
1951 F A 105 Sale 104
Stpd with perch war attached_ ____
8 10414
11212 13 10112 130
Loew's Inc deb 1511 with warr.1941 A 0 110 114 110
8 10014 105
Cumb T & T let & gen 53„..1937 J .1 10278 10314 1027
91% 10111
10412 23 10214 105
10118 193
Without stocks porch warrant, A 0 100 Sale 100
Cuyamel Fruit toter es A_ _1940 A 0 103% 10112 10378
8214 9912
4
85
Lombard Flee let 78 with war '52 J D 84
8412
90
Denver Cons Tramw let 58_ _1933 A 0 --------76 Dec'29 ____
99
80
1
4
84
1023
4
9231 84
9812 10312
Without warrants
J D 84
Den Gas & E L let Sr ret a 1 50 '51 M N 10234 Sale 102
8
9 1047 11112
10212
9
LorAlard (P) Co 78
0813 104
Stamped an to Pa. tax_ _ _1051 MN --------102
1944 A 0 10613 112 10512 10653
8
787 9114
17
61
84
Oct'29 ____
312 10
bs
79 Sale 79
1951 F A
Defy(DO)Corp total 731_194.2 M 5
12
97
84
8
8
10
5
9314 94
Deb 54s
8918 Sale 8918
211 7s stud Sept 1030 coupon __ ____
47
8
1
1937.2 J
18 100 10512
105
4 11 10014 104
Louisville Gas & El(Ky)58_1952 MN 10412 Sale 104
Detroit Edison let coil tr 5s_1933 J ./ 10212 102% 10214 1023
6 101 1053 Lower Austria Hydro El Pow-__
8
let & tel he eerie, A_July 1940 af 8 103 101 10318 104%
91
75
8
7812
4
13 1013 10812
1st s I 634a
7812 75
74
.1044 F A
4
Gen & ref 5s eeriee A _ _1949 A 0 1053 Sale 10512 106
8 10012 14 105 1054 McCrory Stores Corp deb 5140'41 I D 97
96% 10012
9812 11
97
98
lit & ret deserted B._July 1940 M S 10612 Sale 1063
10612 22 102 10711 McKeeson & Robbins deb 5.1
7812 93
4 96
863
7812 Sale 7812
19553 0 10514 10614 1061.4
ref 5.1 ectlos B
M N
Gen &
0
, 50
86
23
3518 14
106
3 10238 10734 Menet( Sugar let e I 749_1942 A 0 3518 Sale 23
1962 F A 106 Sale 106
Gen & ref 5e series C
go 101
13
101
60
44
534 43
manhat Sty(N Y)cone g 4s_1990 A 0 537 Sale 5178
8
Dot United let con g 4440 1932 J .1 99 Sale 99
54
45
3
45
8612 48
Sale 84
45
53
84
2d 43
1910 MN 8614
9874
2013 J 0 45
Dodge Brae deb 6s
9914
90
90 July'30 ____
63
5912
15
Manila Klee Ry & Lt of Se_ _1953 tel 9 99 100
75
73
58
Dold (Jacob) Pack let de_ ...1942 MN 63
____ 101 Apr'30 ____ 10012 101
Mfrs Tr Co ctfe of panic In
Don111310d Tree & Steel ba_ _1939 M 5 90
9613 100
9
OS
10314 13 10112c10412
A 1 Narnm & Son let 6,....1943 J D 9612 9712 98
1942 J J 103 ---103
Donner Steel let ref 7s
884
51
50
15
51.
60
Duke-Price Pow 1st 66 ser A.I066 MN 10312 Sale 10312 10512 33 10318 10613 Marlon Steam Shovel if 68.1947 A 0 51
89
15
90
97%
2
10312 16
9614 1037s Market St Sty 78 aer A_April 1940 0 1 89 Sale 89
Duquesne Light 181 434* A._1967 A 6 103 Sale 103
94% 102
41
100
40
47
3712 87
Merldionale Elec let 7a._,.,,1957 A 0 98 Sale 98
East Cuba Sea 15- yr a 1 g 7 lie'37 M S 3912 Sale 374
1044 37 101 10513
8
945 99
4
7
99
Mete' Ed let & ref Sa ser C 1953 .1 J 1043 Sale 10414
I939 J J 00 Sale 99
El III 11010 lot eon g 49
Ed
4
3
97 4c1023
44
101
115
6 109 115
let g 44e ser 13
4
19483* 8 10014 Sale 100
Ed Elea(N V I let cone g 59.19963 1 1133 11612 114
3
6612 8318
81
Melt West Side 11 (Chic) ts 1938 F A ____ 8114 81
Edith Rockefeller !McCormick_
801 2 97
8014 Aug'30 ____
9 RIO% 102% Snag Mill Mach 78 with war_1956 1 D ____ 80
notes.. l934 J 1 10012 Sale 10012 101
Trust coll 0 8%
5412 38
90
76
81
Oct'30 ____
76
: Without warrants
97i
3 D 6912 76
Klee Pow ('orolGermany)6 lie 50 rel 8 84 Sale 81
4
993 103
4
9412 Midvale St & 0 cony i f 5a__1936.81 8 101 Sale 10014 1013 101
1953 A 0 78
SO
81
80
2
80
lii if 61411
c Cash sale.
2670
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 24.
New York Bond Record-Concluded-Page 6
•
Price
Friday
Oct. 24.
Week's
Range or
Lan Sale.
e..1
Bid
Ask Low
High No.
1111w El RI'& Lt ref & ext 448'31 S .1 10018 101 100
3
10018
10518
General & ref be series A__1961 .7 D 10518 ---_ 10518
2
4
1st & ref 50 series B
1961 j D 10118 1013 10112 10218 15
12
1st & ref 58 ser B temp.. 1961 J D--99 Jan'30 ---15478 21
Montana Power let be A
1943 j J i5i- tile 10334
4 103 8 27
5
4
Deb be series A
1982 J D 1023 Sale 1023
Montecatinl Alin dc Agr1c9814
Deb Te with warranta
6
1937 .1 J 9612 Sale 97
.; .7 9814 Sale 9613
11
99
Without warrants
99
Montreal Tram let & ref 58_1941 J J 984 Sale 9813
19
4
Gen & ref a f 53 series A___1955 A 0 ---- 953 9513
9512 10
9634 Sept'30 ---Gen & ref e t 5e ger B
1955 A 0
Gen & ref f 4 Hs ear C
1955 A 0 ---- 9112 8814 Oct'30 ___
Gen & ref f 59 ser D
1955 A 0 --__ ____ 9512 Sept'30 ___80
14
Irdorrle & Co let et 4 4a
1939 .1 .1 80 Sale 79
73 June'30 _-_Mortgage-Bond Co 48 ser 2_1966 A 0 724 80
9913 98
98
10-25 year 5a serlee 3
1932 .4 J 98
3
99
Murray Body let He
1934 .7 0 9812 Sale 9812
21
105
Mutual Fuel Gas let fill g 58_1947 M N 1044 ____ 105
1
Mut Un Tel gtel 68 eat at 5% 1941 M N 10314 ___- 9858 Jan'30 ____
Namm (A I) & Son. _See Mfrs Tr
5518 39
Naaeau Elec guar gold 4s....A951 j .7 514 5313 52
Nat Acme let e f ISs
1942 J D ---_ 99 10212 Sept'30 __-448
100
Nat Dairy Prod deb 548_1948 F A 100 Sale 9914
15 Sale 14
177
8 23
Nat Radiator deb 6 Sis
1947 F A
94 13 17
Newberry (.2.2) Co 54% notee'40 A 0 94 Sale 94
106 Sale 106
1
106
Newark (onsoi Gas cons 56_1948
New Eng' Tel & Tel 58 A_1952 J D 108 10814 10813 10858
5
4
2
4 1033
4
let g 410 series B
1961 M N 1033 105 1033
94
44
New Orl Pub Sere let be A 1952 A 0 92 Sale 92
27
93
First & ref 56 scrim B._ 1955 J D 9153 Sale 90
8512 19
NY Dock 60
-year let g 48_ _1951 F A 85 Sale 8112
4 21
4
823
Serial 5% notes
1938 A 0 823 Sale 8113
N Y EdI4on let dr ref 648 A 1941 A 0 113 11414 11358 11412 16
8 17
let lien & ref As series B..1944 A 0 10512 Sale 10513 10.55
NY Gas El Lt HA Pr g 58_1948 J 0 10812 Sale 1084
109,
4
3
8
9714
Purchase moos,.old 4e.1949 F A 9718 Sale 9718
4
8
NYLE&WCoal& RR 5%e' M N 1003 1033 102 Sept'30 ___
42
99 July'30 --j 100
NY LEdc W Dock & Imp 56 43
4318 Oct'30
54
NY Rye 1st R E & ref 4a_....1942 .4 3 40 433 Aug'30
8
40 _
Certificates of deposit
434 Sept'30 ____
80
-year ad) Inc 5s. _Jan 1942 A 0
1 July'29
Certificates of deposit
3
44
N Y Rye Corp Inc fle_Jan 1965 Apr --iiz
55. 1021 Oct'30 ____
Prior Hen Se..
ies A
1965
65182
9
10613 16
NY & Maim Gas let Be A..1951 MN loEfs _
NY State Rye let cons 4141.1962 MN
8
- 4 714
83714, 11
Jan'30 ____
____ 17
MN
Registered
Oct'30 ____
7
612 7
Certincatee of deposit......
83 1114 814 Scpt'30 ____
4
80-yr let cons 614e series B1962 MN
8
1083
4
N Y Steam let 25-yr Batter A 1947 MN 10838 Sale 10838
103
27
1st mtge 5s
1951 M N 103 Sale 103
10312 47
NY Telep 1st & gen et 446_1939 SIN 10218 Sale 10218
8
4
1107
8
4
80
-year deben f 68._Feb 1949 F A 1103 111 1103
94
4
80
-year ref gold 64
1941 A 0 1063 Sale 10658 107
9
T Trap Rock let es
4
1946 I D 1013 Sale 10134 102
10414 20
Niagara Fade Power let 58_1932 J .1 1034 104 104
1044 35
Ref & gen 68
Jan 1932 A 0 1034 Sale 1034
9
Mae Lock &0 Pr let 5s A__1955 A 0 105, Sale 10413 10518
8
72
Niagara Share deb 54a..._1950 MN 9712 Sale 9712 100
84
38
Norddeuteche Lloyd 20-yraf 68'47 MN 84 Sale 8212
56
27
Nor Amer Cem deb O%eA.1940 M S 5412 574 5412
2
104
No Am Edition deb 5a ser A.1957 M 5 --__ 10414 104
35
Deb 548 ser B_ _Aug 151968 F A 104 Bale 10312 104
1013 108
4
Deb be serial C. Nov 15 1969 M N 100 Sale 100
19
Nor Ohio Trac & Light 84_ _1947 M S 10512 Sale 10512 107
10312 12
Nor States Pew 25-yr 50 A_ -194I A 0 103 Sale 103
11
106
1st & ref 5-yr 68 aer B.---1941 A 0 10514 Sale 10514
North WT let fd g 4 4sgtd_1934 J J 10058102 10014 Oct'30 ......_
147
95
Norweg Hydro-El Nit 543_1957 MN 9438 Sale 9412
11213 12
Ohio Public Service 748 A__1948 A 0 11238 Sale 11214
3
lat & ref 79 series B
A 11214 Sale 1124 11214
1947
9
Ohio River Edison let 68_1948 J .1 108 Sale 108
108
4
Old Ben Coal let 64
544
1944 F A 54 Sale 54
7
Ontario Power N F let 541943 F A 105 ____ 1043
4
105
Ontario Transmission let 54_1945 M N 1034 ---- 10313 Oct'30 ---964 87
Oriental Devel guar 68
1953 M S 96 Sale 9512
124,
92
Extl deb 514e
4
1958 M N 903 Sale 9038
9612 54'
0410 Gas & El Wks exti 54_1963 M S 964 Sale 96
10214 47
Otis Steel let M fis ear A._1941 M S 101 Sale 10014
Pacific Gas & El Ben & ref 561942 .1 J 10212 Sale 10212 10314 64
10413 21
Pacific Tel & Tel let 52
J 104 Sale 104
1937
8 14
Ref mtge Si aeries A
1952 M N 10612 Sale 10612 1065
Pan-Amer P & T cony elSe..1934 M N 10214 Sale 10218
1023
4 45
Pan-Am Pet Co(ofCal:convfie '40 .1 D
84 87 Sept'30
19,
Paramount-Wway Ist 514s_ _1951 1 .7 1027 Sale 1025
8
103
8
Paramount
-Fame-Leaky 68.1947 J 0 9614 Sale 964
9812 53'
Paramount Pubil x Corp 548 1950 F V 88 Sale 8712
238
89
Park-Lax let leasehold 648_1953 J J 76 Sale 76
14
78
Parmelee Trans deb fie
1944 A 0 434 46
45
Oct'30
Pat & Passaic GI& El cons be 1949M S 10614
107 Sept'30
Pathe Excb deb 7e with wart 19371 M N 45 Sale 4313
4518 22
Penn-Dixie Cement 65 A_194I M S 79 Bale 79
9
7913
NOD Gas &C 1st cone g 69_1943 A 0 111 115 115 Sept'30
Refunding gold 58
1947 M S 105 Sale 105
10512 22
MS
103
Oct'30
Regfetered
1967.7 D 1005 Sale 10013
10212 73
8
nine Co sec 58 ser A
1967 MN 1013 10314 10214
111
10214
4
Phil& Else Co let 4%e
86
40
Phila & Reading C& I ref 58.1973 .1 J 8212 Sale 824
340
93
1949 M S 92 Sale I 90
1a
Cony deb 1
1939 J D 93 Sale 92
59
94
P12111108 Petrol deb 6ka
15 1931 J D 106 107 106
106
8
Pierce 011 deb a f 85. Dec_
27
106
Pillsbury Fl Mille 20-yr 68-1943 A 0 105 10512 105
10014 13
9913 100
Pirelli Co (Italy) cone 74_ _1952 M N
24
93
Pocah Con CoMertee let e f ba '57 J J 93 Sale 93
4
1
105 4
3
Port Arthur Can & Dk 65A.1953 F A 1053 Sale ,10534
1953 F A 1043 ___..1105 June'30
4
let M 88 series, 13
105
1
Portland Elea Pow let Se 13.1947 MN 105 Sale 105
.1 102 1023 1023
2
4 1023
4
4
Portland Gen Elec let 58-1935
7
8
8
Portland Ry let de ref 54.--1930 MN 997 10014 1054 1053
4
10514
Portland Ry LAP let ref 56_1942 F A 10538_ 10514
4 1043
4
-14
5
4
let lien & ref Oa series B_ _1947 M N 1043 165 1043
17
108
108 Sale 1074
let lien & ret 74e aer A _.1946 M
12
77
.1 76 Sale 75
Porto Rican Am Tob cony 68 1942
35
82
Postal Teleg & Cable coil 58_1953 „I .1 8112 Sale 80
63
87
Pressed Steel Car cony g 54_1933 J J 83 Sale 82
190
Jan'30
NJ deb 448.1948 F A
Pub Sere Corp
10434 1
104, 10512 ugh
Pub Serv El & Gaa let & ref 56 '86 J
1023
8 42
loos 10214 102
1967 J
lot & ref 44a
10213 49
8
8
1970 F A 1017 Sale 1017
let&ret4%e
2
2012
Punta Alegre Sugar deb 78-1937 J J 2013 Sale 204
1512 2113 1712 Oct'30'__
Certificates of deposit
--5558 45
94 Sale 94
1937 FA'
Pure Oils f 64% Dotes
3
9812 41
4
1940M S 943 Sale ! 93 4
f 64% notes
9512 27
s
Purity Bakeries a f deb 5e.19483 .1 943 Sale 1 9438
6
4
963
4
4
1937 M N 963 Sale 963
Remington Arms 84
963
4 58
with war '47 MN 05 Sale 94
Rem Rand deb 54e
Oct'30
10112 102
Repub I & 10-30-yr 5set_1940 A 0
983
4 52
9712 971z
Rat & gen 548 series A _ _1953 J .1
8 19
102 Sale 1014 1023
Revere Cop & Br Os...July 1948 M
4
9312 38
Itheinelbe Union 78 with war1946 3 J 912 sale 8518
90 I 27'
Without atk purch warr_ A941 1 .1 90 Sale 8518
3
9612 58
Rhine-Main-Danube 74 A _1950 MS 9614 Sale 9514
9813 Ill
Rhine-Westphalia El Pow 76 1950 MN 9813 Sale 9812
883
4 41
8
1952 M N 847 Sale 78
Direct mtge Be
84 I 531
Cone 51 es ot 28 with war_1953 F A 83 Sale 80
11
88
88
F A ____ 83
Without warrant.,
138
85
Con m fla of 1931) with wax 10/28 A 0 84 Sale 78
Cash sale.
Range
Since
Jan. 1.
Low
High
9712 101
994 1053
8
9634 104
9712 9913
100 1094
983 1043
8
4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Oct. 24.
Price
Friday
Oct. 24.
Veek's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
Ask Low
High No. Low
High
Rhine-Ruhr Wat Set 89..„-1953 13 6912 sale 6712
6912 29
674 89
Richfield 011 of Calif 64____1944
9814
N 784 Sale 7813 c88
135
70
Rime Steel lets t 78
92
1955 FA 85
8184
813
2
814 974
Rochester Gas & El 7eser 11_1946
S 10614 Sale 10614
10713
4 tom4 110
's
Gen mtge 54e series C
8
1948 MS 1057 10612 10538 Oct'30
1044 108
101 100 Aug'30
Gen mtge 448 sertes D
1977 MS
97 100
Koch & Pate C & 1 pm 5e_1946 MN 85
92
85 May'30 85
85
97 10812 Royal Dutch 44 with warr 1945 AO 8914 Sale 8918
9014 400
874 92
95 102
95 101
St Jos Ry Lt H & Pr let 58_1937 MN 99
99
Oct'30
94
99
9114 963 St L Rock Mt At P be stmpd.1955 .1
8
5014 -5014 Oct'30
55
504 64
914 96% St Paul City Cable cons 511_1937
92
'3 87
8712
88
11
80 c92
8412 9914
J 8738 92
Guaranteed 5e
1937
88
2
88
86
88
914 95, San Antonio Pub Bert let 63_1952 '.7 107 sale 107
2
,
1094 14 102 10912
79
85 3 Saxon Pub Wire (Germany) 78'45 PA 8612 Sale 81
,
85
45
80 1003
9
73
7314
Gen ref guar 6%e
7734 Sale 77
1951 MN
787
8 48
7412 c99
9612 100
Schulco Co guar As
7112
3
71.
1946 3' 7118 73
45
80
89 100
Guar a 1614, series B..
1946 AO 9312 Sale 9312
95
213
45 c95
997 10514 Sharon Steel Hoop sf514e 1948 FA
8
96
9612 96
96
16
95 100
9858 985 Shell Pipe Line s f deb 5E1_1952 MN 93 Sale 92
8
93
43
9112 C97 11
1
Shell Unton Oil s f deb 58.....1947 MN 8813 Sale 88
8918 92
864 9914
4953 587
8
Deb be with wart
1949 A0 9134 Sale 91
0314 89
87 10211
10012 1023 Shinyetau El Pow let 6%s_.1952 JO 6614 78
4
68
68
10
63
94
95 c10112 Shubert Theatre ee_June 15 1942'3) 264 Sale 25
28
12
25
894
14
40
'3 100 101
Stemens & Halske e f 7e _A935
100
99
10
99 104
94
99
Deb f 6 4s
1951 MS 9634 Sale 9618
98
48
873 108
4
102 10718 Sierra & San Fran Power 58_1949 FA 1023 103 10212 1024
4
7
9133 1034
8
10312 110
71
75
Silesia Elm Corps f 6345...._1946 FA
Oct'30
67
87
9014
9818 1043 sileslan-Am Corp coil tr 7s....1941 FA 85 4 Sale 85 4
4
86.8 42
3
3
853 c97
4
82
95 8 Sinclair Cons 011 15-yr 74_1937 MIS 10212 Sale 0178
3
10272 249 1004 105
83
95
let lien 64s series B
10214 90
1938 i0 10178 Sale 0114
994 10414
8014 85 4 Sinclair Crude 0115745 ear A.1938 J J
3
10112 127
8 Sale 01
947 1021
8
4
70
86
8 77
4
Sinclair Pipe Line sf58
4 1005
1942 A0 993 Sale 993
9413 1023
4
1114 1143 Skelly 011 deb 534e
4
9318 Sale 92
954 59
1939 NI
91
97
10234 106
Smith (A 0) Corp let 63.46.1933 MN 103, Sale 03
10314 16 10112c108
4
1043
4c1104 Solvay Am invest 58
9912
S 9913 9918
994 12
1942
2372 10014
923 983 South Porto Rico Sugar 75_ _1941 J
4
4
1053 10813 03
10514
8
6 103 107
99 112
J 10412 Sale 10412 105
South Bell Tel & Tel let a t 5a '41
39 1014 1054
984 99
fi'west Bell Tel let & ref Se _1954 FA 1053 Sale 10513 1053
4 21 102 10612
4
.
434 4358 Southern Colo Power Se A..1947 J J 102 10214 10158
10213 11 10112c107
43 8 433 Spring Val Water let g 58.-1943 MN
3
8
4
993 ____ 993 July'30
4
993e 1004
44
3
4 4 Stand Milling 55
3
997s
1
997
8
1930 M N 994
997 10412
8
104
115 100 4 1043
Stand 011 of N J deb 55 Dec 15'46 FA 10334 Sale 103
3
4
2
9 Stand 01101 N Y deb 4 He._1951
D 100 Sale 993
72
4 100
95 10012
59
7214 Stevens Hotel let Se see A .__1946 I .1
75
41
7312 Sale 7312
734 90
S 26 Sale 26
Sugar Estates (Oriental 75_1942
26
8
26
48
1" 105
13 c26'2 Syracuse Lighting let g 5e.__1951 .71) 10712 109 1073
4
1 1034 107 4
4 1073
3
17
17
7
20
.1 .1 1034
Oct'30
Tenn Coal Iron & RR gen 512_1951
105
102 105
6 c2414 Term Cop & Chem deb 64 13_1944 MS 99 Sale 99
4
9913
974 10212
10518 1083 Tenn Elm Power let 68
4
D 10514 Sale 10514 106
49 10412 108
1947
10213 104
Texas Corp cony deb 5s.... 1944 AO 10058 Sale 10012 1013 961 1003e 106
4
983 1034 Third Ave Ry let ref 4e
8
4914 33
1960'.7 48 Sale 48
45
5558
11018 112
Atli Inc 511 tax-ex N Y Jan 1960 A0 31 Sale 2714
3114 160
22
35 4
1
10578 1084 Third Ave RR let
1
9512
9513
1937 .1 J 9512 98
92 100
8 58
94 104
TO° Elec Power let 7a
26
98
1955 MS 974 Sale 9714
97 1007
4
10014 1044
4612 10012
9612
98
1932 3' 9714 Sale
72
6% gold notes
10012 1044 Tokyo Elec Light Co. Ltd
1015 105,
8
8
let es dollar aeries
873 178
4
1953'SD 87 Sale 87
8514 9212
9712 104
Pranecort Oil 6 4s with war_1938 J J 10978 Sale 10958
1097
8 96
96 1103
4
82
934
Without warrants
10012 101 100
874 10112
5
10013
5012 70
Trenton G & El let g Is.. _.1949 M
10312 _
10318 Aug'30
102 103 8
3
994 1044 Truax-Traer Coal cony 648_1943 MN 75
76
5
80
74
74 944
997 10414 Trumbull Steel let e f
8
MN 9934 Sale 99
101
57
99 10474
9534 10212 Twenty-third Sr Ry ref 54_1962 .1 J
5
2612 2612
2613
23
4974
98 108
Tyrol Hydro-Elea Pow 748_1955 MN 97
97
94 102
98
9812 13
99 4 106
3
Guar sec f 78
96
28
89
1952 PA 8913 Sale 8612
85
1024c11012 Ujigawa Elec Pow e t 7a___ _1945 M
97 10112
987
8
9814
987e 23
98 1004 Union Elec Lt & Pr(Mo)50_1932 MS 10234 Sale 102
8
___
1024 12 100 1035
884 95
Ref & ext be
1933 MN 102 Sale 10134 1024 13 100 10214
Un E Ldr P (III) lets 544A 1964
6 101 105
.7 10318 104 10312 104
110 11212 Union Elev Ry
Oct'30
8312
70
(Chic) 58
1945 A0 ____ 8012 77
110 115
Union 011 let lies e f be
994 10134
014 Oct'30
1931 J J
105 c109
30-yr 68 series A
106 110
May 1942 FA ____ 109 1109 Sept'30
54
80
3a
4
let lien a f Cis ear C...
98 102
.Feb 1935 A0 1003 Sale 10038 1003
8
9914 105
Deb fis with warr
57t 97 10112
98
Apr 1945 JD 954 967 97
98 1033 United Biscuit of Am deb 68_1942 MN 1023 104 103 0 0 32
4
c 0
99 10434
1 V11
4
95 100
United Drug 25-yr Eot
924 101
983
4 99
1953 MS 9812 Sale 97
864 9314 United Rye St L let g 4s
6618 16
76
86
6613 66
1934 J
65
90
984 United SS Co 15-yr 80
1
964 1014
1937 MN 10112 Sale 10112
10014 104
143
81
Un Steel Works Corp 614a A..1951
6814 92
4
D 77 Sale 743
100511 104
D 7713 Bale 7712
92
72
803
4 11
Sec f 6 48 series C
11151
100 106
9112
bl
80
71
Stdeb 648ser A
1947'I, 80 Sale 74
1014 1074 United Steel Wks of Burbach10114 1074
10614 36 102 1074
Each-Dudelange e t 78_ _1951 AO 105 10612 105
87
98s US Rubber let & ref User A 1947 ii 8918 Sale 6918
125
70
68
8819
99 10314
9614 10314 Universal Pipe & Rad deb 881936 3D 61
68
6914 61
Oct'30
80
8712 944 Unterelbe Pow & Lt Be
7312 Sale 70
734 21
91
1953 A0
68
66
86, Utah Lt & Trac let & rdt 58_1944 A0 953 Sale 953
8
4
97
32
921s 995
4
4
393 9134 Utah Power & Lt lat 5e.._ ._1944 FA 10138 Sale 101
4
7
974 102 4
10112 24
101 107
'3 103
Utica Elec L & P 1st e t g 58 1950
____ 1074 Oct'30
99 1074
36
80
Utica Gas & Elec ref de ext Se 1957 J
1073 ____ 10714 10714
8
4
1 10214 1083
5512 85
Utll Power is Light 5148._ 1947'3) 864 Sale 85
85
95
8914 32
11114 11514
Deb 58 with warrants... 1959 PA 80 Sale 7812
81
103
781z 92
101 c10512
FA 80
Without warrants
1007 103
8
Vertlentes Sugar let ref 78_1942 J
40 Sale 40
6114
84
41
3
96 10314 Victor Fuel let e 1 58
24
1953 ./ J 21
23 Sept'30
21
30
97 1033 Va Iron Coal & Coke let g be 1949 MS 80
4
894 80
70
80
80
5
80
8853 Va Ry & Pow 18t& ref 5e._1934 I, 102 Sale 102
10214 68
99 4 103
3
90 110
9712 Walworth deb 84e with war 1935 AO
90
947 94
8
Oct'30
934 10914
104 107
Without warrants
94
87
93
Oct'30
9614
10212 10614
1st sink fund 8a aerles A__1945 AO 84
83
8512 85
86
13
934
993 1134 Warner Bros Pict deb 64_1939 MS 8014 Sale I 7814
4
6814 113
8212 405
93
96
99
12
Warner Co let 88 with warr.1944 AO 981x 9912 984
95 10018
1024 106
AO 97
97
Oct'30
Without warrants
89
9912
102 105
Warner sugar Refit) let 78. _1941 J
1044 105 110414
10413
9 1024 107
9612 1054 Warner Sugar Corn let 78..1939
387 397 Oct'30
8
397 5512
8
8
'3
9814 10312
383 41
8
41
Oct'30
5112
Stamped Jan 1 1930 coup on '39
97 1053 Warner-Quinlan deb 6s _ __1939 MS 65 Sale I 65
8
65
6913 39
95
96 105.2 Wash Water Power e t 5e...1931) J J 1004 ____!104 Sept'30
1004 106
9814 10512 Westchester Ltg be rand gtd_1950 JO 10634 sale 10612 1063
4
4
9 1033 109
1044 1094 West Penn Power ser A 5e_1946 M
8 105
4
1045 Sale 1045
8
11 1013 1064
70
98
let 58 soles E
3 102 1067
.1963 MS 1054 10613 10613 10613
4
7518 9612
2 104 1064
let 514e series F
4
4 106
1953 A0 1053 Sale 1053
774 94
let sec 5e series 0
s
1950 Jr.) 105 Sale 10458 10514 12 1017 10612
181 194
Sale 10412 105
Weatern Electric deb 5s
35 1014 105
1944 A0 10413
10215 1054 Western Union coil trust 58.1938 J J 102 Sale 101
10312 13 1004 10518
9512 10314
102
6
Fund dr real eat g 4%e__.1950 MN 100 103 1102
95 102
954 1034
8
15
109
16 108 11012
-year 6149
1936 FA 108 1087 108
2012 55
8 104
25-year gold 58
11 1004 10514
1951 JO 10313 Bale 1033
1712 55
4
30-year ba
1960 MS 104 Sale 10312 1043 131 10214 107
94 10012 Weetptialia Un El Pow Se. _1953'.7 77 Sale 723
705 91
8
4
783 132
8
93 4 100
3
8 104
Wheeling Steel Corp 1st 534e 1948 3' 1033 Sale 1033
4
4
33 10053 1043
92
973
4
let & ref 4 14a series B...1953 A0 903 Sale 903
8
8
92
119
87
934
9314 974 White Eagle Oil & Ref deb 510'37
9112 101
4
8 10314 25 10218 10814
With stock punch warrants.,,. M S 1023 Salo 1023
10114 10314 White Sew Mach es with warn '36 .2 J
81 Sept'30
81
90
9711 1047
4
J .1 4012 4112 39
Oct'30
Without warrants
38
86
l017 10614
8
40
Pante t deb Be
50
38
8014
1990 Id N 40 Sale 3834
821x 10712 Wickwire Span
16
6
let 74. 1935 .1 J 15 Sale 15
15
40
99
78
18
Ctt dep Chase Nat Bank._ ..
17
Oct'30
393
4
94 1034
17
•78 (NOY 1927 coup on)Jan 1935 /4-1 -15- -- - 15
15
7i
15
41
964 104
1414 55
133 Sale 12
4
Ott den Chase Nat Bank..
12
393
4
954 Willys-Overland s f 6 4e ...1933 iii-i 100 Sale 100
75
101
21
98 c105
75
9411 Wilson & Co let 25-yr 8 t Se 1941 A 0 963 Sale 963
4
4
963 , 7
4 102 4
993
4 65
94
79
103
Winchester Repeal Arms 7%e '41 A 0 102 Sale 102
16 100 104
7413 933 Youngstown Sheet A Tube 5 s '78 3 7 103 1034 1023
8
4 10314 131 1004 1043
4
2671
FINANCIAL CHRONICLE
OCT. 25 1930.]
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Oct. 18 to Oct. 24, both inelusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High. Shares.
Railroads
100 188%
Boston & Albany
100 79
Boston Elevated
Preferred
100
First preferred
Second preferred_ _100
Boston & Maine
100 1064
pr. pref. stpd
Ser D let pre stamped.
.....100 724
Class A met.
Boston & Providence
Chic Jet Ry & 1.1 8 Y
100 100
Preferred
Conn & Pass RR pref
7
Ewa slues St Ry Co PrelB
Adjustment
Common
70
Maine Central
N Y N H & flartford_100
Old Colony Ry
Penneylvania RR
50 6634
Providence & Worcester_ _ _ ......
Vermont & Massachusetts
Range Since Jan. 1.
High.
Low.
191
8134
90
10535
94
424 175
1,403 67
120 81
245 103
168 83
Feb 194% Aug
Jan 844 Mar
Apr
June 94
July 110
Feb
Oct 9955 Mar
1064 10735
141 141
72% 72%
1824 183
320 104
22 140
25 66
80 170
Jan 11134 Apr
Apr
Oct 165
July 784 Sept
Oct
Jan 183
188
79
8835
104
91
100 100
106 106
5
7
3
4
2% 3
70
70
8836 9175
143 144
6545 6634
183 18335
120 120
Miscellaneous
American Founders Corn634
53( 7
164 154 164
Amer & Conti Corp
Amer Pneumatic Service
9
9
9
Preferred
25
2
3
Common
100 19934 1934 20034
Amer Tel & Tel
735
735 8
Amoekeag Mfg Co
34 334
Aviation See of NE
32
31
39
Bigelow Sanford Carpet.
21
Beaton Per/lona' Prop Trust 204 20
69
6935
Brown Co pref
Columbia OraphoPlzene-- ..,.. - 1045 13
33
334 34
Cont Sec Corp
6
74
Credit Alliance Corp el A.
834 934
Crown Cork Internal Corp
144 144
Dominion Stores
21
20
23
East Use & Fuel Asen ......
100 8334 8334 844
eh% preferred
100 97
96
97
6% preferred
Eastern SS Lines Ine--25 1815 174 19
100
45
Preferred
45
92
92
let preferred
26
Economy Grocery Storm2334 23
10( 250
246 255
Edison Eleo Ilium
21
204 214
Empl Group Assoc T C.5
5%
Galveston Houston Elec pf
9
8
10
General Alloys
305 304 3634
General Capital Corp
3
3
Georgian Inc
Preferred
9
9
10
German Credit & Invest
17
17
Corp 1st pre!
Gilchrist
945
84 935
Gillette Safety Razor
35
3834
17% 18
Hathaway 13akeries el B. . _
i00
Preferred
9935 100
20
Brgrade Lamp Co
20
8
8
Internet Buttonhole
315 335
.
Ilit'l Otho.on.
(
Jenkins Tetel Minn
34
3
334
Kidder Peabody
89
89
89
Accept A pref
12
12
Libby McNeill & Libby_10
Loew's Theatres
74
754 8
614
Mass Utilities Asses v t o....
635
6
8834 58% 90
' Mergenthaler Linotype_
1
14
111
National Leather
3
4
335
Nat Service Co corn v t a.
25
25
New F.ncland Equity Cori
Preferred
80
80
100
18
New England Pub Sec...
18
New Eng! Tel & Tel. .104 137
1354 139
North Amer Aviation Inc__
6
6
North & South Amer Co._
10
10
North Texas Elec pref.1
1
Pacific Mills
1101
194 1734 20
Plant IT 0) 1st pref
5
5
Public, 0tH Holding coin_
9
84 9
Railway Lt & Serv Co con. _____ 55
66
Reece Rumor' Hole
154 16
Reece Folding Mach
1
14
100
101
5
3
235
70
884
125
64%
171
116
Oct
Jan
Oct
Oct
Oct
Oct
Oct
Jar'
Oct
Jan
Jan
7.284
1,522
534
15
Oct
Oct
55
55
350
205
110
2
8
364
1
835
100
278
1,855
40
135
40
150
145
275
10
844
35
154
98
20
8
334
2
1114
106
47
2835
10
86
1274
144
874
18736
125
May
Oct
Apr
Mar
Feb
Jan
Apr
Sept
Apr
Apr
Aug
8234 Jan
3145 Apr
Oct 2435 Jan
Jan
Oct
9
Oct 2744 Apr
Oct
184 Feb
Apr
Oct 12
Jan
Oct 80
Apr
Oct 28
Jan
Oct 85
Oct 3735 Apr
Mar
Oct 63
Oct 20
Apr
Oct 1234 Mar
Oct 2234 Feb
Apr
Oct 41
Jan 854 Sept
Jan 99
May
Oct 36
Apr
Jan
494 Apr
Oct 100
Apr
Oct 40
Feb
Jar. 276
Mar
Oct 274 Apr
June
July
Oct
Mar
Oct
10
144
60
6
11
Sept
May
Apr
July
Mar
Jan 1934 May
Oct
19
Jan
Oct 105% Jan
Mar 234 May
Apr 10834 Jan
Oct 34
Apr
Aug USSi API'
Oct
1435 Apr
Jac
944 Apr
Jan 91
132 88
Oct 2634
75 12
734 Oct 1235
610
3,715
6Sept 12
25 8834. Oct 1084
313
1
Oct
234
8
2,959
3
Oct
JUile 3734
145 28
Oct 95
10 80
35 18
Oct 92
669 13534 Oct 1604
35
53.4 Jan 1535
Oct164
25 10
100 50c
Jan
1
661 1745 Oct30
Apr
7
h
7
100 .84 Oct 2774
50 55
Oct9045
35 15
Jet
163
1
407
1
Oct
14
Apr
Apr
Apr
Mar
Feb
Feb
June
Jan
Jan
Jan
Apr
Apr
July
Feb
Feb
Feb
Apr
Apr
Apr
Jan
Shawmut Assn TO
1434
Stone & Webster
Swift & Co, new
• 284
Torrington Co
• 48
Tower Mfg
99e
Union Twist Drill
204
United Founders Corp con. 11%
United Shoe Mace Corp..25 59
__ ---U S Lice Power Corp..1
15
US & Overseas Corp
US Shoe Mach Corp p1.25
Utilities Equities Corp prei 76
Venezuela Holding Corp_
3
Venesuelan Mex oil ("or 10
Waltham Watch el B Prof.
Warren Brea Co new
Westfield MN Co
Whittelly Mfg
14
5545
284
48
990
20
10
5734
634
14
3114
76
135
24
55
314
23
200
1434
554
29
50
1
21
114
59
734
15
3134
7774
135
3
58
334
25
25a
1,630
159
734
455
1,060
45
3.878
2,949
180
70
7
620
20
160
20
200
75
530
1234
5545
28
48
99e
20
10
5734
634
14
80
70
135
234
55
314
21%
15c
SepI 214
Oct11336
June 3434
Oct67
Oct3
Oct 51
Oct444
Oct 6844
Oct
23
June 23
Jan 82
.1au 914
Oct 1834
Oct 1844
Oct 85
Oct 189
Oct 274
Sept
235
Mar
Apr
Jan
Jan
Mar
Jan
Mar
May
Jae
May
Mar
Apr
Jan
Jan
Feb
Apr
3an
Feb
Mining
Arizona Commercial
6
Calumet & Heels,
25
2';
Copper Range
East Butte Copper Mine-.
Island Creek Coal
25
Isle Royal Copp&
Keeweenah Copper
Mohawk
lb
North Butte
25
Old Dominion Co
P C Pocahontaa Co
25
QUIney
sz mary's Mineral Laud_25
Utah Apex Min Co
Utah Metal & Tunne
146 175
8% 10
634 64
lit
, D,.
27
29
434 5
14 145
184 214
144 135
434
4
17% 1734
634 74
8
9
144 135
220 25c
3,810
325
3,315
850
30
• 95
616
1 04
. 0
2,215
580
995
1,536
490
650
550
14
835
634
90c
27
44
134
1834
1
314
10
6
8
134
20e
Jan
Oct
Oct
Aug
Oct
Oct
Oct
Oct
Sept
Sept
Jan
Oct
Oct
Oct
Oct
144
3234
1634
14
43
124
254
52
534
104
19
4434
28
335
90o
Jan
Jan
Jan
Jan
Jan
Jan
Feb
Feb
Jan
Jan
Aug
Apr
Jan
Mar
Apr
84
Feb
BondsAmoekeag Mfg Co 6s-1948
Mee Jet Ry & Union St3
1940
58
E Masa St Ry ser A 435e 48
1948
Series 11 5.5.
Leipzig Trade Fair Corp
1953
•
135
64
44
1834
134
435
1744
74
814
144
25e
75
30
75
52,000
2,000
102 102
13,000
33
30
354 354 2.000
84
84
1.000
71
New Eng! Tel & Tel 55.'32
P C Pocahontas deb 7s '35 115
1944
Swift & Co 5s
Van SwerIgen Co
1938
1st mtge 6s
9'esteru T & T 5s
Oct
9845 Jan 102% .711131
30
Oct 48Mar
mac
354 Oct 55
804 Mar
84
Oct
1014 101%
115 115
100 10234
99
101
Range Since Jon. 1.
Low.
9.000 9974
3.000 100
1.500 100
9,000
99
10134 10 000
High.
Jan 10234 Sept
Jan 120
Sella
Oct 10234 Apr
Apr
97
July 100
99% Feb 10134 July
•No par value. s Ex-dividend
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange Oct. 18 to Oct. 24, both inclusive,
compiled from official sa es lists:
Srocka-
41
5
155
575
50
30
375
158
1,738
30
76
65
9
186
2
5,400 1924
64
1,210
140
234
1.118 31
1.905 20
50 69
561
104
40 334
330
6
1,510
84
• 596 144
1,070 20
131
76
412 92
2,615 174
435 44
100 92
150 23
736 237
1,485 2034
Sates
Friday
Last Week's Range for
Week.
of Prices
Sale
Bonds (Concluded) Per Price Low. High
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
40
40
Abbott Lab common__ •
4334
.25 334 31
terns Steel Co_
5
6
Adams Royalty Co oom- •
3134
30
Addrwoog Ant Corp com_ •
9% 1035
Ainsworth Mfg Corp com10 10
% 14
All-Amer Moh'k Corp "4"5
234 34
24
Allied Motor Ind Inc eorn •
1644 16
1735
Allied Pmdueta Corp cl A.
32
32
Altorfer Bros Co cony pf.• 32
2134 2134
American Colortype com.•
17
18
An. Comm. Pow Acorn..• 18
9
934
Amer Equities Co corn •
95
9635
Amer Pub Serv Co pf_100 95
Amer Pub Util110 110
Prior lien preferred-100
74
74
Amer Radio & Tel 05 corps
19% 2135
Amer States Pub Serv A..•
•ert It V
5
535
All, I ttl
1% 235
244
Amer Yvette CO Inc corn _•
5%
•
•
61-4 64
ppaitte ,
sl ethlan
5
544
5834 59
Assoc. Investment Co •
• 6934 6934 70
Atiaue Tel & tel CIA
214
Assoc Tel Util Co com--• 214 20
11
12
•
Atlas Stores Corp corn
75
68
Auburn Auto Co corn- _• 75
8
10
Automatic Wmher ev pf •
114 134
Baneoky Co (The) oen1-1
‘ 13
• 25
25
27
Beetles Flfroadror ram
2
2
2
Baxter Laundries Inc A..*
75
75
Beatrice Creamery com.50
(
• 1934 1735 193
13eudia Aviation cum
174 1634 174
Weir-warn.. corp corn
944 9444
100
7% preferred
Jr ram. •
10
12
Prorh
Bright Star Elea Co A....*
3
,
1
3.1
Class B
Brown Fence & Wire
19
21
• 19
Class A
7% 74
•
734
Clasp fl
20
20
• 20
Bruce Co(5 L) cam
14 3
. *
7H
1U
Burnham Trad Corp corn 20
734 73.4
Butler Brothers
334 5
Canal Constr Con cony pf•
.10 274 274 29
Castle & Co (A 51)
3
3
Corn Ntr-• Trr common •
19
19
Central Cold Star oom_20
2434 26
25
BOO Co esti.
Cent liltitole
92% 94
wet_
94
p Q!
Central
86
86,4
Central Ind Pr pref._ _100
1954 21
Cent Pub Serv class A..... 20
184
Cent SW 0111 Nam new. _• 17% 17
Prior lien preferred....• 9935 994 100
• 034 944 96
Preferred
81
83
Central States Util $7 Prof3834 4134
•
Chain Belt Co corn
27
27
Cherry Burrell Corp com.•
uto. u.
•
3.4
14
Common
6% 8%
Part preferred •
sy, 644
64
•
Chicago Corp corn •
4114
404
rlaroortible nrafrrrrel • 41
14
15
Chic Flexible Shaft corn.._5
4% 5
.
Utile investors Corp cow •
32% 3334
• 33
Preferred
Chic N S & Mllw62
62
Prior Hen preferred__100
8654 88
Chicago Towel Co cony pf*
2444
Service Co corn...• 244 23
Cities
3
335
Club Aluminum Men Co •
34
240% 256
CommonwealthEdison_100 250
124
.
Constru Material Coro_ • 1234 11
• 364 3634 3634
Preferred
Consumers Co
3.1
3.4
V t c pur warrants_ _5
Cent Chicago Corp
1074
9
•
9
Common
frrroef
.
• 431
5 4334 454
Contin'tal Steel Corp.corn• 1035 1034 10%
436 5
.6
44
Cord Corp
4 5434 58
Corp See of Chic allot cif_• 561
1875
17
• 17
Common
40
40
Crane Co corn
2r 40
8
9
Curtis T,Mlifing Site corn. •
1934 1945
Curtis Mfg Co corn
5
13
13
Eddy Paper Corp (The)..•
2944
22
El Household Utll Corp.10 26
;5
44
Elec Research Lab Ina_ •
Empire Ga.s & Fuel
/3044 804
100
6% preferred
8954
89
100 89
• 7% Preferred
Fabrics Finishing corn
Fed Elea Co Inc coin_ •
$6 cum prior pref
•
Fitz Simons & Con D & D
$7 cum prior prof
•
Common
20
535
Foote Bros G &M Co...5
Gardner-Denver Co corn...
Gen Candy Corp el A_ _ _5
Gen Parts Corp cony pref•
Gen Theatre Equip v't c_• 2234
Gen Water Wks class A..*
Gleaner Corn Harv corn__• 194
334
Great Lakes Aircraft A.
Great Lakes D
D
• 2274
535
Grigsby-Grunow Co com..•
Hall Printing Co corn...10 19
Harnischfeger Corp oom •
Hart-Carter Co cony pf_ •
•
Horrnell & Co A
Houdaille-Hershey Corp A• 13
531
Class B
•
Illinois Brick Co
25 16
Inland URI Inc class A. •
Insull Iltil Invest Inc....* 453(
Prior preferred
•
2d preferred
• 85
50
4,150
500
1,000
1.350
2,750
500
1,350
an
50
300
150
256
10
50
182
700
350
200
900
200
284
5.000
280
950
374
1,050
400
480
100
12.650
13,400
100
350
100
500
1,150
600
2.400
2,350
250
300
150
20
2,100
43.
110
3,200
8.050
250
70
130
250
20
Range Since Jan. l.
High.
Low.
Jan 4634
Oct 99
Oct 16
Jan 38
Om
3335
Oct
4%
Oct 1954
Oct 4914
Oct 45
Jan 34
Oct 2734
Oct 22
Oct 100
Mar
Jan
Apr
May
Apr
Apr
Feb
Mar
Mar
Apr
May
Mar
APT
Jan 110
34
34 Oct
164 May 26
5
00
154
134 sent
ssi
634 Oct 1434
Oct 2-4
5
55 June 623.4
Jail
70
68
1934 June 2914
10
Oct3674
Oct 1644
68
it;
734 pew
1144 Oct 15
Oct4634
25
2
Oct 12
70
Jan in 34
1734 Oct574
164 OctS034
9444 Oct 101
Oct 18
10
Oct
June
Feb
Ape
June
May
••
Mar
Sept
Feb
May
API
Jan
Mu
Any
Jan
Apr
Apt
Mai
Apr
Jan
35
81
44
22 4
934
14
254
11
32
21
954
9
95
88
,t Aug
1744
554
20
134
714
335
2
774
3
19
23
9134
86
1954
16
98
esti
15‘ Apr
Jan 2814
Oct 31
Oct 5944
Oct 173.4
Oct 17%
Oct 114
Oct 71
Pent 204
June 25
Jun. 33
bily 97
Sept 95
Oct 4254
Sept $1
Jac 105
Mitt
sott Oct
38% Oct
27 June
Inn
Mar
Apr
AM
Apr
Jan
Apr
Apr
Jan
Jan
Feb
Mal
Jan
AM
Mal
Alile
mr.,
Jan
96
4835 Apr
Jan
40
245
34 Aug
644 Oct20
554 Oct 1734
45
3654 July
Feb 16
14
Oct43.
1044
324 Jan 61
June
Mai
APO
Mu
Jan
AP/
AM
Oct 98
15 62
Feb 90
25 84
44.650 2234 Oct4434
Au.
7
I
450
12,325 13534 Jan 838
Oct24
500 11
200 3631 Oct 69
Jan
July
Are
Apr
AN
API
API
1.000
300
48.600
13,350
200
1,100
1,200
750
9,300
5.850
100
44 Oct
34 Feb
9
42
Oct
Au,:
25
AM
.
4054 Oct
10
Oct
23
10,900
3,600
22,850
48
175
2
434 Oct 1734
Jan 7334
54
Oct 3334
17
etu24
Sept 424
8
40
0
5
10
7
13,400
1,400
19M
3
22
34
Apr
Mar
Apr
Aug
Mar
Oct
Oet
Oct
Oct
Mar
M
21.
5
5744 API
23t Apr
50
110
Mar
76
8534 Mar
88H Stay
0734 Are
944 May
Sent
45
Oct
71
1
30
57
1
35
61
50
140
261
45
30
57
Oct
Oct
Oct
694
20
44
45
3
6
20
20
18
2%
2034
5
18
17
13
274
13
536
1136
13
434
85
83
60
6945
250
24
5% 3,490
30
45
70
3
50
6
2,700
23
100
20
4,650
23
334 2,200
2234 6,050
21,500
6
600
19
1734
100
550
1434
300
2834
950
14
1,300
6
750
16
194 6,000
4735 111,200
50
85
90
1,850
694
20
444
45
24
4
15
20
18
2
20%
5'
1735
17
12%
254
13
5
114
13
434
80
81
Oct
Oct
Oct
Oct
Sept
Sept
Oct
Jan
001
Oct
Oct
Oct
Oct
Oct
Sept
May
Oct
Sent
Oct
Oct
Oct
Jan
Jan
78
6434
22
6434
7
114
51
33%
364
834
3134
274
3145
30%
2714
3635
31
284
27
344
7034
90
9934
Sent
Mar
Apr
Feb
May
Mar
55!
'
June
API
Feb
July
June
Mar
Apr
Feb
Jan
Feb
Apr
Jan
Ape
Feb
Oct
Mar
2672
FINANCIAL CHRONICLE
Friday
Sales
Last Weak's Range for
Sale
of Prices
Week.
Stocks (Continued) Par. Price. Low. Higa• Shares.
Investment Co of Am com •
Iron Fireman Mfg Co v t c•
Jefferson Flee Co com____•
Kalamazoo Stove com--•
Katz Drug Co corn
1
Kellogg Switchb'd corn..10
Keystone St & Wire com-_.
KY Radio Tube & L comA•
Ky Util Jr cum pref. _50
Hirsch Co corn
•
Lane Drug cum pref
•
•
Common v t o
Libby McNeill & Libby-10
Lincoln Printing awn- •
7% preferred
50
Lindsay Light corn
10
Lion 011 Itet Co corn._ _ _•
London Packing Co rights.
Lynch Corp cora
McCord Mfg A
•
McGraw lice corn
•
McQuay-Morris Mfg cap.*
maieene Houser' Veil corn •
Mapes Cons Mfg Co corn...
Marks Bros Then cony pf_•
Marshall Field & Co com •
Mantis Ran-Dearborn corn'
Material Serv Corp corn. 10
Meadows Mfg Co com_ •
Met& isUrs See Co A own.•
Mickelberry's Food Prod
Common
1
Mid Cont Laund Inc A..*
LIMale West Utilities new•
•
88 wun preferred
Warrants A
Warrants B
Midland Nat Gas part A.*
Midland United CA corn...*
•
Preferred
Warrants
•
Midland C
19117% prior lien
los
6% prior lien
100
Miller ar Hart Inc cony pf_•
Miss Val UM
7% preferred
•
Mo-Ran Pipe Line corn _8
Modine Mfg corn
•
Mohawk Rubber Co com •
Monlchan Mir Corp A....*
Monroe Chemical Pref •
Morgan Lithograph com.•
Mosser Leather Corp oom•
Muncie Gear Co cl A _ .•
Common
•
Muskegon M Spec cony A •
Common
•
20
1931
3131
5
1134
9%
1234
44%
6
1031
20%
37
16
34%
2531
20%
13
21
99%
2
3
10%
2215
42%
1
20
20
20
20%
17% 1931
30 13131
17
1731
A
1131 1134
335 3%
5034
50
934 934
1
1
1131 12%
2034 2231
43
45
5% 631
10
11
331 331
15
17
25
19%
37
1335
3434
6
34
25
17
134
2031
25
25
21
1,250
38
200
1631 21,200
35
100
7
65
35
1,900
26% 2,250
17
50
150
134
21% 2,050
13
12
300
2
2
100
2034 23
73,600
99 100%
1,100
1% 2% 3,200
2
3
1,450
934 11% 3,350
2131 23
6,500
4031 4234 1,050
31 1
1,550
Low.
5634
29
1034
84%
11254
831
22
1534
52
9%
15
6
27)4
29%
473.4
1431
29%
434
31%
June
June
Apr
Apr
20% Oct
June
19
Oct
35
Oct
12
3434 Oct
Oct
6
34
Oct
Oct
25
18% June
Oct
1
1734 Jan
37
27%
5031
74
45
1634
53%
4034
25
434
36
Mar
Fen
Jan
Apr
Apr
Feb
Pen
Mar
Feb
Feb
May
1031
534
9434 Jan 113
Jan 102
81
20
Aug 40
94
731
36
5
20
19
7
8
131
31
10
534
91
931
36
6
20
19
7
8
131
31
11
531
50
6,750
50
100
72
50
100
33
50
50
1,750
200
Oct
94
7,4 Oct
Oct
36
5
Oct
10
Jan
Sept
18
6
Oct
Jan
6
131 Oct
H Oct
Oct
10
534 Oct
1131
27
24
131
44%
40
831
82
2631
10
33.4
33%
31
13%
12
6134 63
9% 11
37% 39%
1734
17
12
12
950
15
1,450
600
170
2,750
3,150
2,100
2,850
900
1,150
1,100
2,550
3,450
2,850
5,750
300
300
1094
20
18
1
43
3731
6%
75
22
8
234
3034
12
6134
9%
37%
17
12
19% 2034
28
27
12% 13)4
23% 25
15
17
3
3
5
7
4% 5
214 252
243 250
135 140
14434 14414
7% 7%
250
450
400
350
1,230
250
850
1,200
1,332
395
130
125
100
18
27
12%
23%
15
231
5
4%
213
215%
115
120
7%
Jan
Oct
July
Oct
Oct
Oct
Oct
Oct
Jail
Jan
Jan
Aug
Oct
110
170
434
19%
6
4
2%
32%
20
28
165 110
200 170
1,950
431
250 19
2,550
6
100
331
100
231
50 32
300 19
200 28
Feb
Oct
Oct
July
Oct
Oct
Sept
Spit
10%
27
23
1
44
3734
631
80
24
8
117
180
4%
21
7%
4
3
32%
21
29
Sally Frocks Inc corn....'
5%
534 6
•
1231 12%
Suet CO common
434 4%
Seaboard U1111 Shares Corn*
•
Bangamo Electric Co
28
27
Signode Steel Strap
6% 6%
•
Common
8%
30 1731 17% 17%
Preferred
Purchase warrants
% 2634
19
Blvser Steel Casting corn •
21% 22
So Colo Pow Elec. A corn 25
97
96
Bouthw Gas& El 7% Pt 100
9131 93
Southwest Lt dc Pr pref. •
8
7
Standard Dredge corn...'
834
Convertible pref
1631 17.,
• 17
Steinite Radio Co
•
35
31
231 2%
Stone & Co(H 0)corn
•
Storkline Furn cony pi_ _25 1035 10% 11
1% 1%
Studebaker Mall Ord com•
134
5
5
Class A
•
5
6
8
Super Maid Corp corn_
634
Swift International
18 31% 3034 82%
Swift & Co etfs
28 29% 2834 29%
Tele Bond & Share
5455 55
8
Tenn Prod Corp cora. •
8
Thompson (J 11) cum_ _25 30
2934 30
'7Ime-O-Stat Controls A-•
18
18
Transform Corp of Am cone
536 634
635
Twelfth St Stores pf A. •
834 1094
Twin States Nat Gasps A.
1034
10
United Corp of Amer if. _•
8%
7% 9
United Dry Dks Inc corn •
3% 3%
United Ptrs & Pubs corn.'
6
10
6%
Convertible preferred..' 17
17
17
U Gypsum
20 37% 36
3934
Preferred
100 120
120 120
•
U S Lines Inc pref
831
8% 831
.
B Radio (IL Telev oom..• 1731 15% 18%
Utah Radio Prod cons. __•
4
4
434
150
59
6,600
500
Apr
Jan
Apr
July
Oct
Jan
Jan
Ain
AP
,
Aug
Apr
Al)'
Oct
Apr
Oct 1534 Sept
12
2
Jan
Oct 12
20% Oct 3894 Apr
Jan 10831 Mar
98
131 Aug
5% APT
2
Feb
Oct
8
9% Oct 18% May
2914 Feb
2134 Jan
4034 Oct 4934 Aug
M Oct
5
Ma"
98
85
25
403
10
150
High.
Oct
Sept
Oct
Oct
Oct
Jan
June
Oct
Jan
Oct
Oct
Aug
Oct
Oct
May
Jan
Oct
Oct
Jan
20
19
Ism
30
17
434
10
334
50
931
1
1
1134
17%
4114
5%
10
334
14
97
85
25
Nachman-SpringfIlled corn. 10%
Nat Battery Co pref
*
Nat Else Power A part-. 23%
National Leather corn_ __10
134
NM Pub Sec,$331 tour Pr
*
Nat Rep Inv Tr allot ctf_• 39%
fist Seour Invest Co eorn.•
711
Certificates
•
Nat'l Standard aim
• 24%
Nat Term Corp panic pt..
, 10
Nat Un Radio Corp con..
North American Car corn.. 31%
Nor Amer Gas & Eleo A..* 1331
No Am 14 & Pr Co can...* 61%
N & S Am Corp A corn _• 10
Northwest Bancorp oom.50 38
Northwest Eng Co corn..' 17
Ontario Mfg Co cow
•
Oshkosh Overall Co
Convertible preferred_ •
Parker Pen Co corn_ _ _ _10 28
Penn Gas & Elm A corn..' 13
Perfect Circle (The) Co_ •
Pines Winterfront oom-5
Polymet Mfg Corp cons •
Potter Co (The) com____•
6
Process Corn common....'
4%
Pub Serv of Nor Ill corn__• 251
Common
100 250
6% preferred
100
7% preferred
00
Q-R-S De Vry Corp(ne)
•
Quaker Oats Co
Preferred
100 110
Common
• 170
Railroad Shares Corp cons•
434
Roth Packing corn
10 20
Rellanoe Mfg Co com-10
7
Reliance Internet Corp A..•
4
Richards (Elmer) Co Pref•
Rollins Hos Mills cons Of.'
Ross Gear dc Tool coin_ •
Ryerson & Son Inc coin. •
100
1,400
150
2,300
450
1,300
450
400
105
100
150
100
5,750
1,000
300
550
2,300
1,169
3,500
Range Since Jan. 1.
98%
3634
7231
18
24
35
22
10
834
7%
2434
14%
Mar
Apr
Mar
Apr
May
Jni•
Feb
nay
Jan
Apr
AP1'
Apr
June
Oct 2834 Jan
June 31
Jan
Jan 3834 Feb
Sept
234 Air
July 50
Mu
Oct 52
Jan
Oct 2631 Mar
Jan 10134 Mar
Oct 44
Are
Jan
Oct 16
Oct 10
Ain
Sept 5531 Apr
Oct 28% Apr
Sept 8434 APr
Oct 25% Apr
Oct 5531 Jan
Oct 31
Mar
Oct 35
Feb
Sept
Oct
53( Oct
12% Oct
434 Oct
Oct
27
634 Oct
100
50 17% Oct
100
.% Oct
40 19
Oct
180 21% Oct
235 93
Jan
Jan
70 82
700
7
Oct
1,450 1634 Sept
1,700
34 Oct
300
2% Oct
200 10
July
250
Sept
1
100
4
Sept
700
6
Oct
4,700 29
June
4,705 28
June
100 54
Oct
100
8
Oct
150 29
Oct
50 17
Sept
1,200
Sept
420
831 Oct
2,350 10
Oct
1,450
834 Oct
331 Oct
1,000
250
Oct
Oct
60 17
8,050 38
Oct
175 114% Mar
150
831 Oct
2,400
Jan
2,550
Bern
Range Since Jail. 1.
Lou.
Util & Ind Corp corn....'
8
7
93.1 12,390
7
Oct
Convertible preferred..' 2034 20
2834 3,880 20
Oct
17111 Pow & Lt Corp 4...• 27
2534 27
1,600 22
Oct
Common nonvoting...' 1231
1131 1234 2,950
931 Oct
Viking Pump Co
Common
*
994 931
15
9
Sept
Preferred
*
2731 2834
130 25
Jan
Vortex Cup Co
• 20
19
2014 1,688 19
Oct
Class A
• 24
24
2534
950 24
Oct
ttraM Co corn
•
3
3
50
231 Sept
Ward (Monte) & Co A_ •
108 10834
300 108
Oct
Waukesha Motor Co corn.* 68
65
68
90 65
Oct
Wayne Pump Co conv pt."
25
25
50 25
Sept
Western Con Mil Inc A._'
1734 20
350 1291 Jan
Western Pr Li & Tel A_ •
2331 25
173 2231 Oct
Wextark Radio Stores corn.
234 334 1,050
234 Oct
Wieboldt Stores Inc corn.' 1431 1434 16
300 1434 Oct
Williams 011 -Matte corn •
-0
5
5
250
434 Oct
Wisconsin Rank Shp corn 10
634
634 7
2,350
634 Sect
Yates
-Amer Mach part pi•
4
3
5
900
3
Oct
Ye'low Cab Co Inc(Chlo)_• 2334 2334 24
1,900 2334 Oct
Zenith Radio Corp corn...*
4
4
431
950 4
Oct
BondsChirneo City Rv 58_1927
Ctrs of deposit
7034 71
86,000 6934 Feb
Chic City St Con Rys 5s '27
46
46
10,000 46
Oct
(Aurae.. Its1st mtge 55
1927
7134 7134
500 714 Feb
58 series A
1927
4554 4534 2,000 4034 Jan
6s series 13
1927
25
25
6,000 25
Oct
Commonw Edison 58_1943
105 10634
HMO 10154 Feb
lot mtge 5s sec A___1953
105 105
9.000 102
Mar
Cont Roll& Steel 6s A 1940
9831 9831 5,000 9894 July
t v..nn t ti. Int in,. 144 • 94
9334 9634 336,000 9354 Oct
Metr W S El 4s
1938
75
81
5,000 6534 Feb
Swift & Co lot s f g 50 1944
10234 10291 6,00i 10034 Feb
• No Dar value, z Ex-dividend.
High.
2334
29
4554
28
Feb
Feb
ADS
Mar
1434 Jan
2931 Apr
2934 Apr
Apr
34
Feb
14
130
Jan
140
Apr
May
35
23
May
31
Aug
Jan
24
34 June
834 Apr
1134 Jan
1734 Feb
81
Mar
1634 June
8434 July
64
Apr
84
66
50
10634
10534
9934
51234
83%
103
July
July
May
Oct
Oct
Oct
Mar
Aug
Sept
r Ex-riglits
Philadelphia Stock Exchange. Record
-
of transactions
at Philadelphia Stock Exchange, Oct. 18 to Oct., 24 both
inclusive, compiled from official sales lists:
may
June
[VOL. 131.
Friday
Sates
Last Week's Range for
Bale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High Shares.
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week,
Par. Price. Low. High, Shares.
v
Almar Stores
Amer Foreign Secur
American Stores
*
Bankers Sec corn pref._ _50
Bell Tel Cool Pa pref..100
Budd (E G) Mfg Co
*
Preferred
Budd Wheel Co
Preferred
Cambria Iron
60
Camden Fire Insurance__
Central Airport
Commonwealth Gas Co_10
Consol Traction of N J_100
Electric Storage 13attery100
Empire Corporation
1
131
31
3731 3731
3931 3934 3931
3834 3834
11534 11531
631
5% 6
61
61
8
731 854
105 107
4194 4131
20
1934 2034
234
231 3
21
20
4534 4534
50
53
331 331
Range Since Jan. 1.
Low.
High.
3,340
34 Oct
434
30 3734 Oct 9934
2,800 3954 Oct 49
180 36
Jan 49
980 11334 Jan 118
7,900
534 Oct 1634
10 58
July 70
1,700
734 Oct 1431
35 90
Feb 107
50 3831 Jan 42
3,100 1994 Oct 2834
5,100
231 Oct
7
500 193-4 July 27
100 4531 Oct 5231
1,535 50
Oct 7834
600
334 Oct 14
Feb
Feb
Apr
Apr
Aug
Apr
Feb
Feb
Oct
Aug
Apr
Apr
Feb
Apr
Feb
Feb
Exide Scour
1434 1431 1534 1,800 1431 Aug 1954 Feb
Fire Association
10
2034 2131
1,200 2031 Oct 4334 Mar
Giant Portland Cement_50
25
25
300 25 June 30
Jan
Horn dc Hard (Phila) corn.' 140
137 146
420 137
Oct 189
Apr
Horn & Hard(N Y)corn.. •
3234 3534 2,000 2231 Oct 4634 Feb
Insurance Co of N A__ _ _10 5631 56
5734 2,100 5334 Oct 8514 Mar
Lake Superior Corp.
-100
734
734 831 3,300
734 Oct 1531 Feb
Lehigh Coal& Nav n w
2934 31
5,800 29
Oct 4934 Mar
Manufact Cm Ins
26
26
2934
Apr
Oct 42
750 28
Mitten Bank Sec Corp.-- 13
13
13
Oct 20
400 13
Jan
Preferred
1434 1434 1434 1,800 1434 Oct 20
Jan
2034 Oct Pennroad Corp
8
731 834 41,700
734 Oct 1634 Feb
Pennsylvania RR
50
45% Mar
' 6534 6634 12,200 653-4 Oct 8534 Mar
19% Mar Pennsyvania Salt Mtg- 60
9134 9131
60() 8934 July 100
Jan
4434 Apr Phila Dairy Prod pref __ _25 90
913.4
00
120 8634 Jan 95 June
Jan Phlia Electric of Pa 15 Pf-45
104 104
200 9831 Feb 10434 Oct
25 32% 3231 32% 3,000 30
183( Apr Phila Elec Pow pref
Aug 3334 May
47
20% Mar Phil Insulated Wire
47
120 47
Sept62 May
50
Jan Phila Rapid Transit_
15
24
24
200 203.4 Aug 4034 Ayr
7% preferred
50 27
27
836
AIN
28
1,625 27
Oct 44
Jan
33234 Apr Phil() Germ & Norris RR50
130 130
36 125
Oct
Jan 130
Oct Phil & Rd Coal & Iron ..........12600 12
140
Oct2534 May
14494 Oct Philadelphia Traction_ __50
3634 3634
200 3694 Oct4474 Apr
Feb Railroad Shares Cory
22
43.4
434 44 2,100
4% Oct93.4 Apr
Reliance Insurance
10
400
Jan
994 1034
431 June 18
122 May Seaboard Utilities Corp__
431
431 434 3,000
934 Apr
431 Oct
Feb Scott Paper
293
60
80
Apr
15 42 June 59
9% Jan Shreve El Dorado Pipo L 25
800
234 394
134 Oct1531 Mar
Mar Sentry Safety Control
26
234
234
200
2
234
Oct
934 Mar
1934 Apr Tacony-Palmyra Bridge...* 42
42
43
682 34
Jan
5334 Mar
16% Apr Tono-Belmont Devel__ _I
1-16 1-16
100 1-16 July
31 Feb
Jan Union Traction
50 2534 2534 254 1,600 25
10
Oct 3134 Apr
Ctfs of deposit
4514 Mar
25% 25%
Sept 3074 Apr
300 25
Feb United Gas Impt cons new. 3031 2834 3031 59,700 28% Oct 4931 Apr
8734
Preferred new
36% Jan
• 102% 102yi 1o3%
800 9854 Jan 1049, Oct
IT 8 Dairy Prod class A-• 6034 6031 6234
900 52
Jan 7234 Apr
Common class B
17% MeV
• 12
12
1331
450 12
Oct 2634 Apr
17% Sept Warner Co pref
98
99
300 97
July 10034 Oct
Apr W Jersey & Seasbore RR 50
10
6034 62
Oct
105 5534 May 62
Feb
40
BondsConsol True N J 1st 58.1932
15% Apr
8231 83
$7,000 82
Jan 9031 Mar
Mar Eiec & Peoples tr etfs4s1945
25
3634 38
Mar
20,500 33
Oct 44
Ctfs of deposit
Jan
1
37
37
2,000 35
Sept 4334 Apr
35
Feb Lehigh Nay Cons 494s 1954
9834 9894 1,000 9434 Oct 99
J1112
(Pa)lst 430 ser '67
26% Apr nine El
10234 10234 8,000 9634 Feb 103
Aug
1st 5s
100 June
1966
108 1083 24.800 10334 Jan 10834 Aug
1
Oct Strawbridge & Cloth 541948
96
Oct
9931 9954 2,000 9531 Jan 100
3234 Mar Warner Co 1st es
1944
9831 99
1,200 91
Aug
Jan 100
3331 Mar York Railways 1st 58_1937
Oct
9994 9934 2,000 91
Jan 100
3% Apr
• No par value.
3133( Mar
18
Jan
Baltimore Stock Exchange. Record
8
of transactions at
Mar
18
Jan Baltimore Stock Exchange, Oct. 18 to Oct. 24, both In54
Mar clusive, compiled
from official sales lists:
38% May
88% Feb
Friday
Sales
55
Oct
Last Week's Range for
Range Since Jan. 1.
17 June
Sale
of Prices.
Week.
4731 Mar
StocksPar. Price. Low. High. Shares.
Low.
High.
3234 Ape
26% June Appalachian Corp
1
1%
194
Jan
450
1
Oct
5
17
May Arundel Corporation
• 39
39
40% 1,568 39
Oct 4734 Mar
1831 May Atlantic Coast L(Conn)_50
120 120
Mar
5 120
Oct 175
234 API' Baltimore Trust Co
33
10 33
34
Apr
525 33
Oct 44
7% Mar Baltimore Tube
10
100
10
50 10
Oct 1731 Apr
16
May Black it Decker corn
15
• 15
1734 1,804 15
Mar
Oct 58
24 May
Preferred
25
25 25
25
65 25
July 27% Jan
58
Ayr Ches & Po Tel of Bait p1100 115
114% 115
26 113% Jan 11934 Aug
125
Aug Commercial Credit p1..
2434
23
.25 23
235 2234 Jan 25% Apr
2034 Mar
Preferred B
24
23
25 23
85 23
Jan 2634 Apr
3131 Sept
636% 1st pre!
90
100
92
343 70% Jan 95
Sept
10% MAY
631% 1st pref ex-warr ...... 90
90
50 87
May 94% Sept
l___ 3034
•
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par Price. Low. High Shares.
Commercial Cred N 0 pf- __ __ __
Consol Gas EL & Pow_ • 96
0
.
6 6% pref ser D
s 555% pref wiser E_ _100
109 10434
'5% preferred
Consolidation Coal_ _ _100
•
934
Eastern Rolling Mill
Emerson Bromo Seitz A w i
Empire 38th St Corp pf 100
Fidel& Guar Fire Corp__10 30
50 15035
Fidelity & Deposit
Finance Co of America A _. 1134
Finance Service corn A_ _10
10
,
34 Preferred
42
First Nat Bank w 1
Houston Oil pi v t c..__100
25
Humphreys Mfg
9
Mire Finance com v t_ --25
25
1st preferred
25
2d preferred
Maryland Cas Co new w I. 35
Maryld Trust Co new w 1_• 32
Monon W Penn PS pi_ _25 2534
10
Morris Plan Bank
Mt Vernon-Woodb Mills
100
Preferred
36
New Amsterdam Cas Ins__
Penna Water & Power_ __• 60
Standard Gas Equip corn__ __ __
Un Porto Rican Sug corn_* 17
• 30
Preferred
50 5955
Union Trust Co
United Rys & Electric_ _50
U S Fidelity & Guar new 10 36
.
Wash Bait & Annapolis 50
West Md Dairy Inc pref_ •
50
Prior preferred
10
Baltimore City Bonds1962
1991
48 Jones Falls
1961
4s School
4s Sec P B ser (cpn)___1960
1951
Annex impt
4a
1980
356s New sewer
Bonds
Arnold (J Ray) turn Co
1937
Century Parkway 65_ _1956
Commercial Credit 8% '34
Consol Gas gen 4%s_ _1954
Gibson Island Co 1st 6836
Md Eice Ry 1st 58------331
let & ref 6345 ser A_1957
Nixon Nitration 65613 1937
North Ave Market 63_1940
Olustee Timber Co 65_1935
Prudent Refin 054% w w'43
Sandura Co Inc 1st 6s_1940
Un Porto Rican Sugar
1937
634% notes
United Ry & E let 45.1949
1949
Income 4s
1936
Funding 55
1949
1st 65
Wash Balt & Annan 551941
W Md Dairy Corp 6% 1946
2355 2334
91
9634
1113.6 11154
10936 10934
104 105
5
5
956 10
3035 31
115
6834
3235
30
150 15655
1134 12
756 8
8
8
43
42
7934 7955
2434 2455
9
9
1435 1434
11
11
36
34
32
3234
6
2535 253
1236 1235
90
94
70
60
70
35
593.4
10
1534
30
5955
8
35
5
8534
53
70
36
61
10
17
30
60
855
3734
5
8634
53
45
863
18
5
32
195
276
185
30
289
357
125
55
30
86
25
25
10
33
45
1,300
32
160
10
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price Low. High Shares.
Range Since Jan. 1.
High.
Low.
2154 July
Oct
91
Mar
109
10555 Jan
Feb
99
5 June
Sept
9
Jan
30
Oct
65
Oct
30
Oct
150
934 Aug
734 Oct
Jan
7
Oct
42
Mar
77
2434 Oct
Oct
9
1434 Oct
103.4 Oct
Oct
34
Oct
32
2434 Ian
1134 Apr
85
443
840
100
40
10
25
1,873
1,612
10
73
64
70
3455
5934
10
15
25
5934
7
35
5
85
4835
2434 Aug
May
136
11155 June
10934 Sept
Oct
105
Feb
16
2555 Jan
3335 Feb
Apr
84
Feb
49
Apr
190
may
13
Feb
15
955 Apr
5134 May
Apr
93
Aug
25
2454 Apr
Apr
20
Apr
17
May
46
3434 Sept
Feb
26
16 June
Oct86
Oct 43
Oct 9555
Oct 16
July 40
Sept 43
Oct 7455
Sept 1335
Oct 49
Oct
734
Oct 94
Jan 5435
94
82
1003.4
10135
100
99
6035
97
90
93
10035
83
94
53,000 94
82
3,400 82
10034 1,000 9956
10134 1,000 9754
10034 2,000 99
9955 3,000 94
12,000 6034
61
1,000 97
97
91
5,000 84
2,000 9234
93
10034 1,000 100
1,000 83
83
Sept
Oct
May
Jan
Jan
Jan
Oct
Feb
Mar
Mar
Sept
Oct
9735
85
10034
10155
10154
9934
86
100
01
94
10134
87
Feb
1655 July
Jan 6331 Mar
Oct 86
Jan
Apr
Oct 48
July
Mar 96
Jan 11334 July
Aug 69
Jan
Sept 9355 Feb
July
335 Feb
Oct 501
Jan
Oct 18
Jan
Oct 1655 Feb
355 Mar
Jan
Oct
July 10
Feb
Oct 25
Oct 100
Apr
100
Edwards Wm pref
Elee Contr & Mfg corn___.
Faultless Rubber corn_ __ _•
•
Foote-Burt corn
General Tire & Rub corn 25
100
6% pref ser A
100
Goodrich pref
Goodyear Tire & R corn_ •
Great Lakes Tow com_100
Grief Bros Cooperage cl A •
Guardian Trust Co_ __100
74
5555
323.4
15
110
8655
70
3755
92
28
325
74
60
3455
18
110
87
70
3755
92
30
350
74
Is
5335
235
3254
541
15
21
9 110
2'. 8335
a 70
50 3754
100 9034
75 28
157 325
July 75
Oct 83
Oct 37
Oct 3334
Oct 163
June 91
Oct 9135
Oct 9035
Oct 100
Oct 43
Oct 43235
Mar
Feb
Feb
Apr
Mar
Jan
June
Apr
July
Feb
Feb
25
15
1435
6755
1755
25
163-4
15
68
19
38
25
2534
87
2955
Feb
Mar
Apr
Mar
Feb
28
36
1455
100,
300'
535
756
15
28
36
1536
100
300
756
15
Aug 33
July 45
Oct 2934
Jan 102
Sept 403
Oct 1635
Oct 25
Jan
Mar
Feb
Sept
Jan
June
Jan
Oct 2654
8
530
75 33755 Oct 350
Oct 34
10 24
Jan 13235
125 130
755 Oct 29
345
210
154 July 10
Feb
Feb
Jan
May
Feb
Feb
Sept
Jan
Oct
Oct
Aug
Oct
Mar
Apr
Apr
June
Oct
Feb
70
51
3255
51
60
43
105
1,000 70
70
2,000 51
51
3334 12,000 3255
51
3.000 4934
25.000 60
61
1,000 43
43
1.000 10234
105
July 8934
Oct 68
Oct 4936
Feb 65
Oct 84
Oct 68
Feb 105
Jan
Sept
Feb
Apr
Jan
Apr
Oct
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, Oct. 18 to Oct. 24, both inclusive, compiled from official sales lists:
Sates
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
High.
Low.
03 4834 Oct 72
Apr
50
49
• 50
Allegheny Steel
Jan
10 1655 Oct 24
* 1654 1635 1635
Aluminum Goods
755 Jan
235 Oct
50
•
American Austin Car_
234 234
625
754 Oct 1655 Mar
756 734
•
Arkansas Nat Gas Corp_
75
756 June 18
Feb
10
Preferred
734 735
4,140 2134 Jan 4155 Apr
25
23
• 25
Blaw-Knox Co
720 II% Oct 1934 Apr
1134 12
• 1134
Clark(D L)Candy
Oct 1434 Apr
7
355
7
7
10
734
Devonian OU
Oet 7135 Apr
600 45
45
45
Harbison-Walker Ref _ _ _ _• 45
50 3134 Jan 3755 Sept
33
33
•
Horne (Joseph) Co
455 Feb
Jan
1
482
2
4
2
Independent Brewing_ __50
Feb
5
4
131 Jan
125
50
4
Preferred
Apr
12
25 11834 Jan 123
Jones & Laugh fiteel,pf 100
034 1203,4
Sept
58 9954 Jan 114
101 10134
Koppers Gas& Coke pf _100
Oct 3234 Apr
1
1
500
154
Liberty Dairy Prod
Oct 5855 Apr
2835 38,784 23
• 2734 23
Lone Star Gas
•
Sept
200
9
354 July
635 534
MeKinney Mfg
243-4
24
795 k24 June 3234 Apr
5 24
Mesta Machine
50 28
Oct 4555 Apr
28
725 28
30
Nat Fireproofing
100 31
Oct 45
31
31
Feb
50 31
Preferred
50
Oct
2
2
2
•
Penn Federal Corp
534 Oct
25c 25c
250 30e
2,500 1250 Mar 80e Apr
Phoenix Oil corn
140
255 Jan
636 Sept
50
556 6
Pittsburgh Brewing
97 12
Jan 25
18
15
•
Mar
Pittsburgh Forging
200
5
Jan
3
234 Aug
234 255
234
Pittsburgh Oil .S, Gas
533 3955 Oct 5934 Jan
034
Pittsburgh Plate Glass...25 3934 3
934 4
2,333 1534 Oct 23
5534 18
Jan
Pitts Screw & Bolt Corp • 16
700 2154 May 2755 Feb
2235 2234
5
Plymouth OlICo
50 21
Sept 38
2155
21
Mar
Ruud Manufacturing- -•
2c
20 July
20
4c Feb
1,000
1
Ban Toy Mining
2,435 HO
Oct 2754 Apr
12
• 1134 /10
Shamrock Oil& Gas
160 27
Oct 58
28
27
Apr
• 27
Standard Steel Springs.- 900 3336 Oct 4955 Apr
• 3354 3334 34
United Engine & Fdy
960 32
Oct 5054 Feb
34
Westinghouse Air Brake_ _• 3235 32
Unlisted
4155 43
Copper Welding Steel
90o 90c
Internatl Rustless Iron_ ___
1
1
1
Leonard 011 Development_
10654 10635 10755
Lone Star Gas pref
Public Service vtc 1434 1335 1554
Western
710 40
2,000 900
1
2,700
160 104 ,
9,149 1335
June 50
3
Oct
June
435
Oct 110
Oct 33
Apr
Feb
Apr
Apr
Apr
Bonds
Mar 82
Oct
32,000 79
82
82
Pittsburgh Brewing 65__'49
• No par value. I New Stock. k Includes also record for period when in Unlisted
Dept.
-Record of transactions at
Cleveland Stock Exchange.
Cleveland Stock Exchange, Oct. 18 to Oct. 24, both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par Price. Low. High. Shares
Allen Industries corn
Preferred
Amer Multigniph eons_
•
•
•
536
26%
35
5% 6
26% 26%
35
3655
225
100
583
Range Since Jan. 1.
Low.
5
25
33
FebI
Oct1
Aug
High.
1431 May
31
Apr
41
Mar
MO.
35 12
6 55
420 61
822 3535
50 913,4
131 110
21 65
39 75
255
426
289 320
13
4
636
20
6
13.4
4
205
71 12
515 48
Oct
Oct 101
100 101
1,000 97
Feb 10134 Sept
1,000 98
May 10134 Oct
Oct
Oct 101
1,000 101
500 9835 Feb 10034 Sept
Apr
Oct 101
1,000 90
101
101
101
101
101
90
Low.
13
13
50
50
63
61
3554 36
93
93
111 11134
85
65
76
76
255 234
320 365
14
14
654 654
5
5
10
7
12
12
53
50
Mar
Apr
Mar
May
Feb
Jan
Jan
Jan
Apr
July
Apr
May
101
101
101
101
101
90
Range Since Jan. 1.
•
Apex Electrical Mfg
Buckley Building pref__100
20
Central United Nat
• 36
City Ice & Fuel
Cleve-Cliffs Iron pref._ •
Cleve Elec III 6% pf___100 111
•
Cleve Quarries
Cleve Railway ctfs dep_100
Cleve Securities P L prof •
100
Cleve Trust
Cleve Union Stock yds co m•
Cleve Worst Mills com_100
Cleve & Sandusky Brew100
100
Preferred
Columbus Auto Pts pf__ •
• 51
Dow Chemical corn
•No oar value.
Stock.--
2673
FINANCIAL CHRONICLE
OCT. 25 1930.]
10
Halle Bros Co
•
Harbauer common
India Tire & Rubb com •
Interlake Steamship corn.*
•
Jaeger Machine corn
10
Kaynee common
Kelley 181 time & Tr corn •
•
Lamson Sessions
Metro Paving Brick pf_100
Midland Bank indorsed 100
.
Mohawk Rubber co m _ _ _ •
Murray Ohio Maned corn.*
553-4
3235
28
1834
15
6734
18
28
11
8
831
33835 33834
24
24
13134 132
755 8
755
155 135
National Acme com__10
National City Bank_ _ _100
.25
National Refining corn.
100
Preferred
•
National Tile corn
•
Nestle-LeMur corn
Nineteen Hundred Corp
•
Class A
24
Ohio Bell Telep prof_ _100
•
Ohio Brass B
101
Preferred
Packard Electric corn._..•
.
Packer Corp com
Paragon Ref cl B corn....'
•
Patterson Sargent
.
Reliance Manfg corn
Richman Brothers corn _ _ _•
112 11235
6335 6035 6535
106 106
13
13
133-1
8
836
834
10
10
10
24
23
27
25
25
85
58
58
Selberling Rubber corn...'
Y
Preferred
•
Selby Shoe corn
Sherwin-Williams corn_ _21
101
A preferred
•
Sun-Glow Ind Inc
4
30
1135
70
106
17
•
Thompson Prod Inc
Trumbull-Cliffs Fur pf _100
Union Metal Manic com_.
2:
Union Trust
12
10155
343.4
693-4 6935
Van Dorn Iron Wks com..•
•
Weinberger Drug
•
Wbeeler Metal Prod
White Motor Seeur pf__I00
Youngstown S&T pref_100
15
2455
24
434
30
1135
7455
•
107
18
1255
99
Bonds
Steel & Tubes Inc
Sinking fund debs es 1943
3
14
15
104
99
1554
10154
35
7355
5
1634
15
104
9935
Oct
150 25
Oct
675 15
204 , 834 Jan
83 6034 Sept
69 1735 Oct
15 25
100 3454
508 1434
4 100
6 300
554
210
25 10
95
Oct
2354
Jan
25
130 110
542 6034
20 101
185 13
8
200
755
185
85 23
240 25
982 58
Feb 116
Oct 7631
Jar 107
Oct
25
1355
,
Ma
Fe)
1534
29
Jai
50
Oc
99
Oct
Apr
Apr
May
Apt
Feb
Aug
Max
Apt
Feb
4
115
99 30
41 11
786 70
52 105
200 15
1835
Oct
78
Ow
20
Sum
85
Oci
June 108
21
/*pi
Feb
Feb
Jar
Jan
Apt
Mal
Oct 3735 Apt
1.395 12
API
10 1003.4 Sept 106
Mar 4555 Aell
120 32
Jae
1,069 6934 Oct 95
3
750
45 14
80 15
31 101
110 9734
API
Oct 11
Sept 2235 API
Jan
Oct 29
June 10634 Junt
July 10335 Fel
9535
Jan 10135 Juno
973,4 9735 51,000
•No par value.
-Record of transacSan Francisco Stock Exchange.
tions at San Francisco Stock Exchange, Oct. 18 to Oct. 24,
both inclusive, compiled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares
Anglo & Lon Par N Bk..
Assoc Insur Fund
Atlas Imp Diesel Eng A_
Bank of Calif N A
Bond & Share
Byron Jackson
189 189
435 434
9
9
260 260
855
8
835 835
835
13
Calamba Sugar 7% pref
9
Calif Cotton Mills
______ 19%
Calif Ink Co A common
50
Calif Packing Corp
95
Calif Water Serv pref.__ 96
Caterpillar Tree
3634 353,4
100
Coast Cos G & E 6% 1st pf
2234 22
Cons Chem Indus A
57
5434
Crown Zellerback pref A
52
Preferred B
755
Voting trust ctfs
73.4
Emporium Capwell Corp..10
8735
Firemans Fund Insurance_ 91
25
Food Mach Corp corn_
Foster & Kleiner common_
Galland Mere Laundry_
Gen Paint A
Golden State Milk
Great West Pow 6% pref
7% preferred
Haiku Pine pref
Hale Bros
Hawaiian C & S
Hawaiian Pineapple
Home F & M Ins
Honolulu Oil
Hunt Bros A
Illinois Pacific Glass A_
High.
Jan
Apr
Feb
Jan
Apr
Feb
13
9
19
50
88
3534
98
Oct 1634
Oct 42
Sent 3734
Oct 77
July 9831
Oct 79
Feb 102
May
Feb
Jan
Mar
Oct
Apr
Sept
1,070
468
110
6,248
170
197
397
22
5434
52
634
034
88
25
Oct 3334
Oct 85
Oct 8455
Oct 1334
Oct 2055
June 116
Oct 4434
Feb
Mar
Apr
Feb
Feb
Apr
Feb
534
140
260 28
7
110
403 1555
150 99
1,051 10334
Mar
Jan
Feb
Jan
Oct
Sept
25
100
595
220
500
8,155
430
400
Aug 10
May 3834
Oct 22
Oct 3134
Jan 106
June 10735
I
Aug 19
17
10
Oct 14
42
Aug 51
Oct 63
45
30
Oct 44
28
Oct 4034
1855 Oct 2334
17
Oct 2834
Jan
Jan
Jam
Feb
Atn
Apt
Apt
May
2235
57
52
755
10
91
2534
6
31
7
1555
106
10835
1834
10
4434
47
30
28%
19
18
1855
10
4434
4734
30
2934
19
18
2955
Low.
Oct 23335
30 185
455 Oct
734
346
Oct 34
9
440
July 300
10 260
Oct 1631
8
820
855 Oct 2331
1,379
210
1334
330
10
200
20
5134 2,481
230
9655
20.209
39
30
100
6
8035
7
1535 1555
105
105
10554 10555
4454
Range Since Jan. 1.
134
135 254 1,555
154
%deter Radio Corp
1954 1955
Langendorf United Bak A.
230 1934
134
154
270
Leighton B
134
1054 1034
474 10
Leslie Calif Salt
108 10855
Los Ang 0 .it El Corp pref_ 108
40 10031
I1.‘
134 21e. 14 mn
214
Magnavox
Oct
734
Oct 29
Oct
5
Oct 2335
Feb 11155
ole
Rant
Apt
Mai
Jae
May
Seta
na
2674
FINANCIAL CHRONICLE
Friday
Sales
Last Week' Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Mere Amer Realty 8% mei
Natomas Co
No Amer Invest corn
6% preferred
54% preferred
No Amer 011 Cons
Oliver United Filters A.
934
974
10%
Paauhau Sugar
Pacific Gas & Electric- - - - 4914
6% 1st preferred
534% preferred
Pacific Light Corp corn- -- 66
6% preferred
Pacific Public Service A.-- 2514
Pacific Tel & Tel
131
6% preferred
12511
Pamffine corn
Phillips Pete
244
Pirn Whistle pref
Richfield 011 corn
634
7% preferred
12
9334
194
77
•9634
9034
1034
22%
16
514
4714
284
2534
64%
102%
2434
129
12514
55%
21%
11%
614
12%
Range Since Jan. 1.
Low.
High.
944
110 934 Oct
100 194 Oct
194
8134
125 77
Oct
98
485 964 Oct
9034
130 90
Mar
Sept
114 1.225 10
23
530 19% Oct
1614
402 16
Oct
535
54 Oct
85
494 13.452 474 Oct
284 1,654 26
Feb
254
415 2414 Aug
6614 2.747 6434 Oct
10214
30 100
Jan
25% 7,870 23
June
131
845 128% June
128
40 120
Jan
58
522 54 June
2414
300 2134 Oct
11%
10 11
Aug
7% 2.927
6% Oct
12%
502
94 Oct
9914
28
113
100
924
194
31
29%
814
73%
294
264
106%
106
39
IRO
144
78
3334
14%
94
2214
S J L & Pow 7% pr prof__
Shell
Sherman Clay pr pref
Bou Pacific
Sou Pac Golden Gate A___
1204 1204
35 110% Mar 125
10
10% 3.846 10
Oct 25%
51
50
388 384 July 65
105 105
100 105
Oct 12414
1214 12;4 1214
470 124 Oct 17%
1114 1134
114 1114 Sept 16
Spring Valley Water
94 94
185
94 Oct 118
Stand of Calif
52
61
52% 14.858 51
Oct 74
Tidewater Assoc corn
1034
10
104 2,195 10
Oct 17%
6% preferred
70% 70
125 70
7034
Oct 90
Transamerica
174
1634 18 129.105 1634 Oct 47%
Union Oil Associates
27
294 11,204 27
Oct 484
Union of Calif
29
2834 304 11.361 284 Oct 50
Union Sugar 7% pref
21% 214
200 2134 Jan 224
West Amer Finance
214 214
110
134 Sept
314
Western Pipe & Steel Co__ --18 - 1714 1814 3,154 1734 Oct 29
Yellow Checker Cab Co A. 15% 1514 154
138 1514 Oct 35
FiroL, 131.
Flan
Sae
Last Week's Range for
Sale
of Prices.
;Peek.
Stocks (Concluded) Par. Price. Low. High. Shares.
Apr Curtis Mfg corn
5
19% 19%
95
Jan Dr Pepper corn
35
35
36
165
Jan Ely & Walk Dry Gds com25
18
18
350
Mar Fulton Iron Works corn. •
50c
1
300
Apr Granite Hi-Metallic..._10
25e 25e
500
Mar liamlIton-Brown Shoe.
.23
214 24
100
Jan Hydr Press Brick pref _100
29
29
50
Jan International Shoe corn..' 52
5134 5314 3,051
Jan Key Boiler Equipt
•
29
29
20
Mar Laclede Steel Co
20 32
32
33
65
Sept Landis Machine com
25 29
29
30
305
Sept McQuay-Norris
3834 38%
80
Apr Moloney Electric A
•
55
55
930
Sept Mo Portland Cement.
..25
28
30
313
Feb Marathon Shoe corn...
.25
8
8
200
Feb Nat Bearing Metals pref100 99
99
99
50
Feb Nat Candy corn
•
21
214
481
Jan
2d preferred
100
97
97
3
Sept Rice-Stix Dry Goode corn..
934 914
360
Mar
2d preferred
100
80
80
30
Oct Scruggs-V-13 DO com__.25 10
10
1114
830
Jan Scullin Steel pref
•
831
6
84 1.800
Skouras Bros A
•
10
104
332
Sept Sou Arid & Sulphur corn' 10
45
45
70
Apr Souwestern Bell Tel p1_100 121
12014 1214
255
Apr St Louis Pub Serv corn_ __•
3
3
350
Mar Wagner Electric com___15 17%
174 184 3.125
Feb
June
Street Railway Bonds
Sept E St LA Sub Co 58_1932
sem 98,4 $4,1300
Apr United Railways 45.-1934
68
66
66% 36.000
May
Mar
Miscellaneous Bonds
Feb Moloney Electric 514s 1913
94
944 5.000
Apr Scruggs V 13 is
Serial 95
95
28.000
96
Apr Scullin Steel 68
1941
8634 87
8.500
Jan
•No par value.
Aug
Feb
Jan
Cincinnati Stock Exchange.
-Record
Range Since Jan. 1.
Low.
High.
194 Oct
2734 Apr
18
Oct
Oct
50c
Oct
25c
14 Sept
28
Oct
51% Oct
29
Oct
32
Oct
29
Oct
38
Oct
52
Jan
2734 Oct
8
Oct
99
Oct
2034 June
95
Feb
Oct
80
Oct
10
Oct
Oct
10
Oct
45
Oct
11834 Jan
3
Oct
1754 Oct
Mar
27
50 June
2934 Apr
234 Aug
40c May
Mar
11
384 Feb
Jan
63
Apr
40
Apr
46
Jan
64
Apr
51
Mar
86
35% Mar
Apr
15
Apr
101
2734 Mar
100
Mar
Feb
16
Mar
88
144 Jan
314 Jan
30
May
49 June
123
Oct
Jan
10
364 Apr
95% Feb
66 „Oct
rJan
92
95
8634
Oct
Oct
9634
74
Oct
Jan
9511 Mar
99
May
95
Mar
of transactions at
:
Los Angeles Stock Exchange.-Record of transactions Cincinnati Stock Exchange Oct. 18 to Oct. 24, both inclusive, compiled from official sales lists:
at the Los Angeles Stock Exchange, Oct. 18 to Oct. 24,
both inclusive, compiled from offi( ial sales lists:
Friday
Sales
4 444
4
Oct
Oct
June
Aug
Oct
Oct
Jan
Oct
Sept
1314
15
6
65
84
98
GO
99
18
avaa;4,4
4
1934
10
500
2.400
10
200
400
30
1.050
6.600
aTiimv;rgnnn749?-1:t”,:. a gliatuana. 7itligglinitn4.111
g
g
wi..0.MMWN.
St. Louis Stock Exchange.-Reoord of transactions at
St. Louis Stock Exchange, Oct. 18 to Oct. 24, both inclusive
compiled from offic al sales lists:
Stocks-
Friday
Sales,
Last Week's Range for
'Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
Bank
Boatmen's Nat Bank-100
First National Bank___ _20 71
Mere Commerce
100 220
185
71
220
185
75
220
15 185
161 71
35 220
Oct 2394 Jan
Oct 90
Apr
Oct 801
Jan
Trust Company
Franklin-Amer Trust-100 206
Mississippi Valley Tr-100
St Louis Union Trust-100 475
205
245
475
210
247
480
44 205
9 245
93 475
Oct 29734 Feb
Oct 300
Jan
Oct 565 May
354
85
43
34
5
35
85
10
43
34
2134
5
36
85
10
45
34
22
50
135
20
130
225
100
Oct
5
Oct
35
Oct
85
Oct
10
384 Jan
24 July
2114 Oct
13
42
98
16
6034
634
2934
Feb
May
Apr
May
July
Jan
Jan
3414 354
65
65
3414 344
1074 1074
68
68
38
374 88
6
5
2514 2314 2534
30
30
26
20
20
26
26
112
III 113
100
100 100
67
664 67
165 165
10534 1054
90
90
94
40
40
40
18
1734 18
15
15
90
90
61
61
624
45
47
5
5
55
59
Low.
1434
423.4
3514
5
205
220.
105
15
34
81
91
174
75
36
15
10
8014
98
7
22
398
29
Sept
June
Oct
Aug
Oct
Oct
Jan
Mar
Jan
Mar
July
Aug
Oct
Oct
Oct
Oct
Sept
Oct
Oct
July
Aug
Oct
3434
63
3454
1074
68
• 3731
5
234
30
19
25
11014
97
5214
180
10414
90
3954
18
134
90
60
45
434
54
35
959
483
60
25
35
12
291
10
10
231
66
20
200
50
66
5
7
883
10
3
17
1,282
14
102
60
3
257
55
215
100
38
100
60
180
585
14
64
459
199
25
85
50
820
15
79
50
Range Since Jan. 1.
Oct
June
Sept
Oct
Sept
Oct
June
June
Oct
Jan
Feb
Feb
Jan
JAn
July
June
Oct
Jan
Mar
Jan
Oct
Sept
Oct
July
Jan
High.
3034 Feb
75
Jan
10014 Feb
9
Apr
280
Feb
234
July
110
Jan
23
Apr
2
May
90
Apr
119
Jan
Jan
30
76 June
49
Feb
25
Jan
27
Apr
84
Sept
107
Feb
15
Apr
34
Jan
420
Jan
53
Jan
50
71
50
11334
844
50
84
47
4434
21
34
115
100
Jan
Jan
Jan
Apr
Feb
Mar
Mar
Jan
Jan
Jan
Apr
Apr
June
180
110
100
60
26
19
90
91
5234
104
78
Mar
Mar
Feb
Apr
Feb
Mar
Oct
Jan
June
Mar
Apr
784 June
•No par value.
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Oct. 18 to Oct. 24,
both inclusive, compiled from official sales lists:
Stocks--
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
Also Tool A
• 194 17
194
American Corp
434 54
. •
Warrants
,f
54
American Eagle
•
%
714
American Solvents rights_
1
1
American Surety
25
105 105
Andes Petroleum
*
25o 250
Appalachian Gas warr____
11.4
14 114
Allot certifs units
100
100 1004
Assoc G & E 30 rts ext'36.
3
3
34
Option stock purch Ks__ ......
g
13.4
Atlas Utility 3d pref
•
33
35
Aviation sub warr 1934 w I.
214 334
Bagdad Copper
1
Bank of U S units
British Can w 1
Claude Neon
1
Claremont Investing
*
Corporate Trust SharesCredit Alliance ser A, c-d_
Detroit & Canada Tunnel_•
Diversified Trustee Sits A
Ditton
•
Elec Bond Share frac scrip.
Engineers Pub Serv pref. •
Guaranty Trust of N Y.100
Hamilton Gas
1
Voting trust certificates_
H Rubenstein pref
•
Roomy flnle1
1
75c
700 750
31
31
914 934
5
5
534
6
5
6
64
63.4 63.4
7
7
54
534 554
1934 1934
214 214
25c 28c
100 100
530 530
334 4
4
4
13
1514
22 22
a
Miscellaneous
Bentley Chain Stores, corn*
Brown Shoe corn
100
Bruce (E I.) pref
100
Burkart Mfg pref
•
Coca-Cola Bottling Sec 1
Consol Lead & Zinc A•
Corno Mills Co
•
Gibson Art corn
•
Globe-Wernicke pref__100
Gruen Watch corn
•
Preferred
100
Hatfield-Campbell prof 100
Hobart Mfg
•
Kodel Elec & Mfg A
•
Kroger corn
'
•
Lunkenhelmcr
•
McLaren Cons A
•
Newman Mfg Co
•
Ohio Bell Telep pref-100
Ohio Shares prof
100
Procter&Gamble corn new*
8% preferred
100
5% preferred
100
Pure 0116. pref
7
100
Rapid Electrotype
•
Richardson corn
•
Randall A
Sayers & Scov III prof....100
U S Playing Card
10
US Print & Litho pref_100
Waco Aircraft
•
Whitaker Paper corn
•
1434 1434
50
5034
3534 39
5
5
205 205
220 220
1054 1054
15
164
14 134
87
87
974 9834
23
23
75
75
38
36
15
15
10
1034
84
84
98 100
7
734
23
23
400 400
29
2934
88888A§888M 8888§8888888288n
m.o.—
...m m.m...om r....,
•No par value.
Aluminum Indus Inc
•
Amer Laund Mach com_20 504
Amer Rolling Mill com_.25 38
Burger Bros
•
100
Carey (Philip) com
Champ Coat Pap corn.
.100
lot preferred
100
Churngold Corp
• 164
Cincinnati Car B
•
C N 4 C Lc & Trac ptc1.100
Cinch;& Sub Tel
50 98
Cincin Union Stk
_
•
Cincin Postal Term pfd 100
YdsCity ice & Fuel
*
Cohen (Dan) Co
•
Crosley Radio A
•
City ice preferred
DOW Drug pref
100
Eagle-richer Lead com__20
Early & Daniel corn
• 23
First National
100
Formica Insulation
• 29
qm.o....
3,200
114 Oct
15,200
634 Oct
700
94 Oct
6,500
73.4 Oct
75 1114 Mar
140 41
Sept
40 43
Oct
12.000 92
Oct
200 10
Oct
1,200 1714 Oct
11,500 4734 Oct
300 274 Jan
2.200 2434 Jan
2.000 2234 Jan
132 244 Feb
11 9614 Feb
8.700 51
Oct
400 2434 Jan
52.800 184 Oct
11,400 27
Oct
15,200 2834 Oct
136 320
July
20 20
Oct
200 18
Oct
100 18
Oct
Last Week's Range for
Sale
of Prices.
Week.
Par. Prices Low. High. Shares.
Range Since Jan. 1.
Low.
High.
1
Republic Petroleum Co_10
14 14
134
Richfield 011 Co com-__ _25
64 64
74
Preferred
25
1134 1254
Rio Grande Oil coin
25
814
74 84
San J L & P 7% Pr Pfd_100
120 12034
Seaboard Nat Bank
25
41
4234
Seaboard Nat Sec Corp __25 43
43
44
Sec First Nat Bk oft A_25 924 92 1004
Shell Union Oil Co com 25
10
104
Signal Oil & Gas A
25 1834 18
194
So Calif Edison corn_ _ _25 50
4734 50
So Calif Edison 7% pid_25 2914 294 294
8% preferred
25 2834 2654 27
54% preferred
25 2434 244 244
So Calif Gas6% pref___ _25 2534 2654 26
100 100
So Counties Gas6% pfd_25
• 514 51
Standar() 011 of Calif
53
Taylor Milling Corp
• 27%, 2714 2734
-America Corp____25 174 1834 1714
Trans
27
Union 011 ASSOC18U13.---25 28
2834
25 29
Union Oil of Calif
2834 31
325 325
Union Bk & Trust Co.-100
20
22
Weber Showcase & Fix pf_*
18
Western Air Express_ ___10
18
18
18
Western Pipe & Steel___10
.W WOW,
000.0WaO,W
14
14
2,700
114 12
600 114 Oct
435 435
10 410
Mar
161
4 17
Jan
700 13
8
814
120
9
Aug
32
334 1,300 32
Oct
4
4
Oct
4
35
108 109
Feb
210 101
1434
12,200 1334 Oct
1334 15
54 8
600
64 Oct
163
163 166
Oct
65 163
98
98
100 98
Oct
2834 2834 2834
100 2834 Oct
15
15
154 5,600 15
Oct
11
11
100
934 Oct
8
8
100
Sept
7
84 834
400
Sept
8
49
4714 49
800 474 Oct
2814 2814
100 261
4 Jan
8534 8414 66
600 644 Oct
59
50
654 1.400 50
Oct
14 154
100
134 Oct
244 2534
1.300 23 June
1234 1234
1234
1,000 1234 Oct
2.80
2.80 3.10
300
2 Sent
.a.NaW
14
435
WatOnaaaW ,
15WNOW..1WW:POZWWW
OlOaCmCW..4WaWWWWW.WO.Waaa0tOCna
Douglas Aircraft Inc
•
Enisco Deek & Equip Co_•
Farmers & Mer Natl Bk 100
Gilmore 011 Co
•
Hal Roach 8% pref
25
Illinois Pac Glass Corp A._.
Lincoln Mtge prof
•
Loa Ang Gas & Flee pre1100
Los Aug Invest Co
10
MacMillan Petroleum Co25
Mtge Guarantee Co.
..100
Iio Am Inv Corp 6% pf 100
Pat Amer Fire Ins Co_ -10
Pac Finance Corp corn_ _10
Preferred series A._._10
Series C
10
Series D
10
Pac Gas & Elect com-_25
lot preferred
25
Pacific Lighting corn
•
Fag Mutual Life Insur__10
Pacific Nat Co
25
Pacific Pub Serv A com_ •
Pacific Western 011 Co...•
Pickwick Corp corn
10
7314
814
131
4 131
4
15
16
104 1034
7314 7314
84 84
96
99
92
92
99 100
17
20
High.
Low.
a.ONWW.W.,
omwowpamw
Barker Bros_
•
Barnsdall 011 "A"
25
Boise Chica Oil "A"....10
Bway Dept St pf ex-war100
Byron Jackson
•
Callfunria Bank.
25
Central Invest Co
100
Citizens Nati Bank
20
Claude Neon Elec Prod_ --•
Stocks-
Range Since Jan. 1.
W0Cro.4000.0.00°00w
4 4 44444 4 44444444444 4444 4444 4 4
4 44
.44.4.4.>>.tt'sTWTTZs>sZ.. Tac.a.m
,
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High Shares.
Oct
July
May
June
Mar
Oct
May
Apr
Sept
Mar
Apr
Sept
Oct
1234
314
14
4
1
105
250
114
984
3
%
33
2
July 194
Oct
94
Sept
234
134
Oct
54
Oct
Oct 105
Oct 830
Oct
714
Oct 1014
Oct 2014
Oct
84
Oct 4014
Oct
33.4
70o
31
94
5
5
634
7
4
1934
24
250
100
530
314
4
13
22
Jan
Oct
3
Feb
Oct 91
Oct 144 Sept
Oct 193.4 Feb
Oct
84 Apr
Oct
934 June
Oct
Oct
8
Jan
84 Apr
Oct 2234 Aug
Oct 1334 June
Oct 5.85 Apr
Oot
Oct 100
Oct
Oct 530
Oct
734 June
Oct
534 SOPS
Oct 243.4 Mar
net
.33 gent
OCT. 25 1930.1
FINANCIAL CHRONICLE
Friday
Sates
Gel Week's Range for
Sate
9f Prices.
Week.
Stocks (Continued) Par. Price. Low. High Shares.
o00.0===o==o0oocno0
oll
00000=o=
g
•
4
854
9-16
524
7
1.37
851
6
.31
3
41
02....
National Aviation E war w 1
51
National Liberty Insur _ _ _5
74
N Y Rio Buenos A L war__ ......
4
N Y Steam new WI
•
.52
North Axner Trust Shares__ ......
7
North Butte Mining_2.50
1.25
1.25
Petroleu to Conversion__ 5
714
74
Petroleum Derivitives_ •
6
Phoenix 011
.25
.31
Photocolor Corp
•
24
234
Mal (71.11 Hold npva nt As 1 •
sou
000000000
34
1214
4034
34
34
4
434
1734
4754
8
1
67
6
000
51
8
40
3
3
4
334
174
4754
74
4
65
5
0 a
Internet ftustless Iron__1 13-16
Inland Utilities A
*
8
Irving Trust
10
Jenkhis Television
•
351
Rene Stores new A
•
Rinner Air
I
Lautaro Nitrate
"
414
Mactadden Publications_ _•
Preferred
• 474
alto,weld Corp
•
74
Mexican Oil& Coal
5
1
Manufacturers Trust _ _ _25
Milne:Mt International_ _ _.
54
Range Since Jan. 1.
Low.
H Oh.
g
8
40
254
24
g
33.4
1734
404
6
54
65
5
Oct
3
Oct 263.4
Oct 7254
Jan
934
44
Oct
151
Oct
Oct 1034
Oct 27
July 4734
Oct 114
5
Sept
Oct 154
6
Oct
Feb
Mar
Mar
Apr
Sept
Mar
Apr
Feb
Oct
July
June
Mat
Oct
4
751
5-16
62
7
1.25
6
6
.30
251
551.4
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Sent
2
1854
334
75
1014
5.50
134
8
.65
84
4n
Sept
Allp
Jun(
Sept
AM
Jar
Jar
Oct
Juni
AM
gent
Stocks (Concluded) Par
Radio Securities
5
Railroad Shares warr
Seaboard Fire Ins
10
Seaboard Utilities warr__
Shamrock 011 & Gas
•
Shepard Stores
•
Sherrit t-Clord on al I nes _ _ 1
Super Corp of Amer B.__
Swedish Ball Bearing 100 kr
Sylvestre Utilities
•
Trent Process
Union Cigar
10
USA Brit Int'y
•
U S El l.t Pr Tr etf A
Utilities trydr & Rails ww •
Warrants
Ventures Ltd
1
Vipond Consol Mines_
•
Vortex Cup
Williams Alloy Products...
267.
5
Prides
Sales
Laid Week's Range for
of Prices.
Sale
Week
Price. Low. High. Shares
12
34
714
24
114
.50
1.05
Bonds
Seaboard Cont'l A 613_1940 100
14
4
12
54
94
51
.95
754
48
234
14
1-32
4
314
551
1%
34
12
54
12
II
1.00
74
48
24
4
134
4
314
5%
.50 .50
1.05 1.05
184 184
74 734
100
100
100
500
100
1.000
500
1.200
700
100
900
1,300
600
100
100
200
600
500
200
100
100
Range Since Jan. 1.
Low.
High.
14 Jan
Mar
5
34 July
Oct 20% Apr
1% Apr
11951 Oct 38
4
et
Apr
' Oct
" et
51
3
Jan
.95 Oct
3.12 Jan
74 Oct
934 May
48
Oct 64
ADC
1
Aug
3% Apr
Jan
34 Feb
1t
1 Oct
2
14 Jan
34 July 13
334
May
Oct 424 Apr
31
554 Oct 114 May
• 2
Apr
1.91 Feb
c
.0 0 t
5 °
%
1.28 June
1.00 May
18% Oct 2534 Sept
7
Sept 15
Aug
net 1004 (let
10014 820 000 100
•No par value.
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.18) and ending the present Friday (Oct.24). 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.
Fridag
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Oct. 24.
Stocks-
Indus. & Miscellaneous.
Acetol Prod ColIV cl A. •
Aeolian Co 7% pref _ _ .100
Aero Supply Mfg cl a- •
•
Class 13
Amt. u ee Corp-'
(mm Mn(
Affiliated Prod Inc
•
Ainsworth Mfg com____11,
Air rovestors, corn a t c. •
Warrants
Ala tit Igirir RR ordinary 40
All Amer ((ell 1 Corp._ .20
Allecheny Coro warr
Allied Internet Inc pref_.'
A 4...r• nil" I... . ...
•
Allison Drug Stores Cl A_ •
Aiwa mon, 1. 0 cow__ . •
aet or•fcrreel
. 10(1
Aluminum Goods Mfg....•
Aluminum Ltd 6% pref 11141
10
3134
164%
10934
154
Amer Beverage Corp....*
434
Au. tin..II 1MS err 1.1 COrl
Founder: vharrs,
Amer Capital Corp corn A•
Common B
•
5
$3 preferred
• 30
•
65.60 prior pref
Amex Clear Co emit _100 6534
.
Amer Cyanamid oom B_.• 113.4
Amer Dept.[Puree Llorp. •
American Eoulties corn..'
9
6%
Amer Inveetors al Scorn •
Warrants.
Amer I mind Mitch corn •
Amer Pneu Serv corn_ _25
Amer Potash & Chem..... 2334
,
An trIll A tit, F y r a - •
634
2
Amer Yvette Co corn...-.
AillAtUr Post Fence ruti...-•
64
Atari.'("II N1trate COr0..• 1534
Apex Eleo Mfg
•
Aret,vue saw.'rube•
Art Metal Works
•
Assoc riv eine 6 Print
•
Certificates of deposit_
AM' Litt. lialustrice,
A •• er del. r.l. , rd Qint.ir
634
•
Associated Laundries
Associated Rayon corn_ •
6% cum cony pref _100
Atlantic Coast Fbill corn. •
Aliaalw I rot, A root
1
'
Atlantic Stour Corp corn
Atho PivAmai curP
'
Atlas Utilities Corp oom __•
554
134
Warrants
Automat Music %intro A •
Automatic Vot Mach corn •
Cony prior partic atk. •
AvItaltm ,',n1. of it,. A IIIer•
Agton-FIsher Tob corn A 10
34 6
32
32
1534 1534
434 534
734 8
14
15
10
11
2
214
51
%
90
9014
13
1334
2% 234
3134 3134
634 64
ft
34
160 1644
1094 109%
154 1534
984 98%
2
251
434 64
Range Since Jan. 1.
Low.
200
34
50 30
100 14
500
434
400
74
600 i4
1,100
6
200
2
500
54
150 90
600 :3
700
2
300 3134
2110
634
100
34
1.600 150
800 ma 4
700 1534
600 97
5,600
2
500
3
134
25
60
a%
Oct 13
Apr
Aug 45
Feb
Sept 1934 June
Oct
1334 Apr
oc, 22 v. Nita
Oct 2034 Bela.
3334 Apr
Oct
Om
914 4 or
254 May
Oct
Oct 132 s. Nilo
Oct 23411May
Oct
574 Joh(
Oct 3934 Apr
(1.4
15% Feb
July
14 Apr
0c, 316
Apr
Feb 10 % Seot
Oct 2434 Apr
July 9934 Sept
(,,.
7 sv • 115
Sept 104 Apr
7
15
5
30
65
6534
104
23.4
84
534
254
604
294
23
5
14
554
141.4
12
64
534
134
54
71.4
300
41)0
1634
6
6,200
30
700
300
66
351
65)4
1114 31.400
3
300
94 5,601
634 7,400
800
254
25
5
04
24
100
2434
400
534 21,40.
2
600
1.900
6%
16(4
1.700
12
100
400
634
531
800
200
194
200
ft
54 Oct
15
Oct
6
Oct
30
July
6054 June
Au.'
10
Oct
254 Oct
83.4 Oct
54 Oct
24 Oct
49
Oct
2
Oct
Oct
23
5
(ie.
I% Aug
534 Oct
1434 Oct
12
Oct
5
Oct
5
Oct
% Sept
54 Oct
13
26
134
40
80
11054
37
6
22
1634
734
75
814
33
154
734
1454
4334
16
234
2734
314
%
Apr
July
Apr
Mar
Mar
Mar
Mar
Feb
mar
Apr
Mar
Mar
Jan
July
Ai.
Jan
Feu
May
May
Mar
Feb
Mar
Oct
5
1
151
45
8
3-16
11%
154
534
1
1
2
8
28
40
514
1
154
4834
8
14
1134
164
54
24
134
2
8
34
41
434
el
134
384
8
Ni
1154
10
IS%
1
1
2
8
2434
36
Oet
Feb
Oct
June
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Jai
Jan
8
134
634
604
2834
II it
26
26
1434
5
154
834
1734
55
493.4
Ain
Sept
Mar
Apr
Feb
Apr
Apr
Mar
May
May
Feb
Feb
Feb
Ate
Mar
Oct 141
Oct
74
leb
64
Oct 5
054
Ja,
. 18%
Jan 21
Oct 3034
Oct 154
Oct 4414
Oct 4434
Oct
84
J.,
ti•.
Oct 1434
Oct
534
Mar
July
mar
Feb
May
Mar
Feb
Mar
Apr
Feb
Apr
Jan,
Feb
Mar
4,000
100
700
1,200
200
901
600
1.200
3.900
1.900
40(
100
1.000
2,000
300
114 118
Babcock & Wilcox Co...100
150 114
•
234
2
Bahia Carom:fa
234 1,41)0
2
Ctimulative preferred 25
24 24
100
14
•
Vancomit Corp
434 4334
100 434
Beloloca Aker COM e IC..'
654 654
10
64,
•
17
Bickforcls, the, coin
17
100 1434
• 15
144 153.4 2,700 133.4
Bliss(b. W)Co coin
5
54 8.900
Blue Ridge Corp oom..--•
434
34
Opt a% cony prat...MI 3534 8334 3534 15.000 3234
Blumenthal(S)& Co cora•
17
17,
100 1534
•
BourJois, Inc
334 9
1,000
34
bri,,ee, ..ri ',cell cum _..•
2%
254 2%
2(a
24
•
6
Brill Corp class A
5
900
534
5
•
Clara 13
114 2
1,600
114
Briusu Amer TobaccoAmer Sep rets ord hear.fl
2494 25
2,000 2344
Am dep rata ord reg..fl
243( 24%
100 2454
British Celanese I.td234 24
Ant Sep rcts ord reg.__
400
14
Brown Co 6% pref. __11141
67
67
50 87
,
uo.ova afro 4.4 • • pfrl •
3034 31
400 3034
c. ,..,. ,,..
Burro P«
5
5
100
5
6% pref with warr__51
35
300 35
36
.1
Warrants
34
400
1
34
Burma l.,..11, A ili del, rta
.254 294
ano
254
Iltdier I•r...
2,
7
600
8
7
corn....'
Buzza Clark Inc
4
100
34
ft
Ca 1 ue "mile'*0.1, ( ''
"
Canadian Geo Elm prol.50
Clal..11.1. I e. • c,.. 1. 1.1.
( I.)„, ,...,. I ', ri • ;q.t. pr 17)1
Celluloid Cur, corn
•
Leatrinoial Plot v yro. . •
ClItilI• liti,11•P Is,el cor, •
High.
141
60
60
25
2434
52
60
13
13
64 64
3
434
34
600
10
1,100
275
100
2.000
200
34
Aug
Aug
254 Jan
2834 Mar
Sept
sg Apr
Oct 80
Jan
Octttl
Niai
OctiOat Aid
Oct41
Jan
Octe4
Jan
('I'
434 Jan
(le
17 kg .1,1,
Aug
3
Apr
Octa4
60
Oct 60%
25
Oct4.,
48
(....
m
12
July 20
14 ....
5%
I • ,•
t
4,
,
51a f
July
N.a,
i- et.
Feb
Ao.
Mar
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week
Stocks (Coltinued) Par. Price. Low. High Shares.
Range Rinse Jan. 1.
Low.
High.
8
Cain Store Stocks Inc, _•
10
500
8
Oct
17
83-4
Mar
Nona , 4 Plovers Ariferf• 1634
.
1534 164 11.700 154 II -I
264 July
514 54
Chicago (The) Corp coin •
100
534 Oct 1734 Apr
100
11034 1104
10 10634 Jan 114
Childs Co pref
May
Atka :ler v iis, uoutecon-.• 2434 2334 2434 154.700 2234 Oct
4414 Afle
• 0034 901.4 914 2.700 88
Preferrol
Jan 9314 ADS
TI• 834
200
84 R4
734 Jur...
1
Apr
rr"'"r'l
•
83
83
Preferred BB
100 82
Jan 8934 June
300
934 9.4
751 ,Sept 3,. Apr
Cie,e I no tor con,
316
3-10
3 16
(Inlomhla qyndicatc
500
4 Sept
% Isn
22
23
500 22
Colt's Pat Fire Arms M fg25
Oct 32
Mar
Columbia Pict cornet os_.... 284 28
30
2,000 274 Oct 54% Apr
13
12
• 13
Cuusol Aircraft cow
400 10
Oct
2734 Apr
Como' Automatic
% 1.800
ft
% Jan
4
1
Merchandising cora v f e
Mar
•
7
814
Consol Dairy Prod corn_ •
600
7
Oct 19
Jan
3.900 10
Conaol Laundries nom__ • 124 114 13
43
Jan
Mar
54 534
Consol Retail Stores corn_•
400
534 Oct 13
Feb
251 251
Conaol Theatres .on, v I c •
100
1(4 Aue
5
Sept
934 1014
Cont. Chicago Corp corn •
400
.
93.4 Oct 1934 May
* 4134 4134 4134
100 4354 July 50
Cony preference
Oct
Continental Shares pre 100 5334 5094 60
475 5014 Oct 80
July
Qum,ISt.,44•1111•1 1 "IV GO/1.• 25
25
26
700 e5
Oct 67
May
40
4034
$3 prof A with warr__100 40
400 3734 Oct 53
APe
Copeletoi Pnaluets cl A...
Without warrants
4
4
100
•
4
1234 May
Sept
6
44
44 434 4,300
Cord Corti
44 Oct
1754 API
Corporation See of Chlo •
1634 1734
800 1654 Oct 274 MAY
554 64 2.300
Corroon & Reynolds corn •
534 Oct 2054 Apr
preferred class A. •
55
5034
300 5
$6
Apr
034 Oct 92
Courtaulds Ltd
200
Amer dep rets ord reg-E1
1054 1034 1054
944 Oct 1334 Feb
Crocker Wheeler ecru...-.
834 94 5,000
834
84 Oct 84
ADS
Crosse & Blackwell
20
27
1,300 10
$3.50 pref with warr.-' 27
Oct 3934 Jan
Crown Cork faterna1 el A.
•
754
754 9% 1,000
73.4 Oct
129.4 May
Cuban Cane Prod warr___ ...... 5 16
5-16
100
34 July
I
API
23
Cu',-' Prevv i e. e
234
400 16
Foot 514 .
10ile
64% pref with warr_100
85
100 85
85
May 95 June
Cimino Mint ...Asp w,
-4
34
4 1,000
34
-.
ft Oct
434 API
Davenport Hosiery Mills.'
134
334
Dayton Airplane Eng corn
Deere & Co oom
• 57
234
De Forest Radio corn...-.
De HavItand Aircraft
Am deo rets on reg__£1
7
Detroit Aircraft Porn
•
24
Dueteche Bank & Discount
Amer dep rights bear shs
Dlauaa,u .51st.-. oew con.
1634
New partie pref
25 244
Doehler Die-Casting oom •
Douglas Aircraft Inc
• 14
Dow Chemical corn
•
Dresser(8 It) Mfg Co el A • 374
Class B
• 28
DrIt er-Harrle Co corn__ _10 37
Dubllier Condenser Corp
' 334
•
Durant Motors Ina
Duval Texas Sulphur.. .•
FAO rtil fIlVeIrt corn A..'
5
Ediaon Bros Stores corn..'
934
Educational Pictures8% pref with warr___100
Elsie, c..1etarte cum
651
•
Elea Power Associatee com• 1634
/
• 1654
Class A
Eleo Shareholdings cm...* 1534
56 nref with warr .. _ • 844
Electrle Vacuum Cleaner-- ......
Emerson Bromo Seltzer A • 31
• III trill. 4 41I1/411.4f4.1, ••IIIII.•
Empire Fire Insurance..10
Empire Steel Corp corn_ ..•
Effipioy ern Relit...or Corp
-10 23
Europ El Corp class A.-10 10
Warranta
234
Fabrics Finishing corn...-.
%
Faso)) Motors cum
10
Fairchild Avlation corn..
•
2
Pairey Aviation Amer she
214
Vshir,,,, I•III•rw•
„ Ilk' 42
Fandango Corp corn
•
4
Fanny Furor Candy Shops'
Farttenindustrle (1 0)Amer dep rcts corn bear
•
Fedder Nits class A
Federated Capital corn..6
6% cum preferred__25
I ......,rt.
•••
Ferro Enamel claw A . •
.
Finance Co Amer Bait A..•
Fire Assn of Phlia
in
12)4
224
13
1334
400
234 34 3,100
54
58
5,000
24 334 13,600
7
2
27
144
2434
8
134
61
36(4
27
3354
3
194
23.4
44
934
7
234
300
9,4(10
27
100
164 8,100
25
5,100
8
100
15
2,800
53
600
3
1.600
934
284
1,000
37
1,100
394
600
114 24,800
3
600
54
934
11
June 2234 Feb
2134 June
834 Feb
534 Oct16234 All
234 sept
834 API
634 Feb
2
Oct
27
14
2454
8
1234
49
31
27
334
2
134
2
Oct26
Se. t
2434
Bern
274
Oct 23
2334
Jan
Oct 100
Jan 5654
Oct 4414
Oct 10834
Sept . 1334
7
Oct
Oct 2034
Oct
Oct
1,000
100
4
93.4
154
53.4
1534
144
1254
82%
56
31
3
64
44
23
851
2
34
1.
2
294
40
34
10
5
20
100
64 6,300
1734 6.400
164 6,800
1,800
1534
,
400
8434
200
564
31
zoo
3(5
334
100
1334
900
6
23
700
2.000
10
24 2.300
34 17,700
1
100
2
900
234 2.100
42
90
4 1.400
10
101
6
70)
12
644
1534
1434
12
82
56
sox
3
5
354
224
84
2
4
si
9
2
3914
34
10
434
34
6
3
4
1214
114
34
II 34
12
22%
34
634
344
4
13
113,
34
12 4
12
2244
34
Oct
534 Om
Oct
3
4
Oct
1214 Oct
1(4 II,'
34
Oct
oct
ii
114 July
2234 Oct
100
30)
1.000
100
201
10)
100
700
100
200
84 May
9
Juni
001
Sepi
SeP1
All
Api
Api
API
June
API
Jag
Jag
API
1854 ADS
Feb
18
July 30
Mai
Oct 23
Mal
Oct $934 API
Oct 37
At.
Oct
3214 Mal
is( 105
API
Oct 6634 ON
Jan 3334 Mal
Oct
loll
a
Oct 15% Fel
Oct 13% Jai
30
Jai
Mal
Oct 23
MN
9
Sept
Ma
Oct
934 Mal
Oct
54 Fel
Oct 11
AP:
Oct
34 Mal
I'''. 54, '.1*
Mar
234 Ap
Oct 1934 Ap
11,1
i3
1.1.1
34
Oc
114 Jut
.,
114 Jun
174 Jun
44
v el
61.434 Ap
1234 Sep
42
At,
2676
Fireman's Fund Insur__100
Filetkete r0 corn A
Foltls Fisher Inc com____•
Ford Motor Co LtdAmer dep rote ord rag..£1
Ford Motor of Can el A-•
Class It
•
Ford of France Am dep rcts
Foremost Fabrics com__-•
Foundation Co
Foreign stare.4 Cl A. •
Fox Theatres class A corn.•
83
85
11
12
2% 3
434
15%
la%
25%
956
3
655
2%
654
1656
204
200
400
700
17
19,000
204 5,000
30
300
400
10%
44 1.100
900
6,200
Range Since Jan. 1.
Low.
83
954
254
104 Jan
184 Oct
25% Oct
6% Jan
Oct
3
Oct
Jan
Garlock Parking com____• 16
700 15%
1556 16%
General Aviation Corp......
104 7,200
854
2
Gen flaking corp
l'4 24 17,900
151
• 34
33
344 7,800 27
Preferred
General Alloys Co
654
934
100
9% 9%
General Cable Corn warr-,
14
800
1%
General Capital Corp corn •
100 36%
3655 364
Gen Elise Coo! tit Britain
11
American deposit rcts_ El
164 114 6,900
Gen'l Fireproofing corn_ _.• 25
24% 2914 3,700 244
General Parts cony Pref4
4
4
3
•
100
Gen Theatres Equip com_• 16% 124 17% 4,500 12%
• 3
$3 cum cony pref
68% 3554 36% 2.300 354
Gilbert (A C) Co pref__ •
30
32% 1,200 30
Gleaner Comb Harvester •
21
21
100 21
Glen Alden Coat
• 71
70% 734 1.600 70%
Globe Underwrit Exch. •
854 9
2,400
854
Goldman-Sachs Trading_ _• 1156 104 12
33,800
94
Gold Seal Elet.trlcsl CO. •
154
1% el% 1.300
154
rham Inc $3 pf w-werr_•
30
31
1.200 30
Gorham Mfg corn v t o___• 24
600 24
24
27
Gotham linitbar !Mach_ _•
54
1,100
56
Gramophone CoAtn net, rets ord rec LI _
13
1255 13
500 10%
Grand Rapids Varnish__'
5
5
5
5
100
Gray tour orp
254 264 2,200 25
Gt All & Pac Tea
• 193
Non vol corn etock
11 1 1934
3
120 180
7% first preferred__ 100
10 114%
119 119
Grocery Store, Prod v t c_•
54
5% 04 2,600
551
Guardian Fire Assur
10 24% 20% 241
4
900 20%
Guenther(Mid) Russ Law5
18
200 18
1951
Oct
Oct
Oct
June
Mar
Oct
Oct
2%
656
2354
384
58
12%
24%
Aug
Aix
Jan
May
Jan
7%
17%
Jan
Apr
3356 Apr
124 Oct
454 Jan
544 ten
1454 May
14% Jan
Apr
59
Oct 14
Apr
Oct 374 Apr
June
5 June
Oct 184 Oct
Oct 37% Oct
Oct 434 Feb
Apr
Jan 36
Oct 121% Jan
Oct 16% Feb
Oct 46% AD'
Oct
Apr
Jan 39% May
Mar
Oct e43
Oct
34 Feb
Oct
Oct
Oct
264 May
954 Mar
Mar
49
June 260
Jan 122
Oct
144
Oct 49
Oct 294
Mar
Jan
Feb
Apr
Apr
29
12%
45%
554
8%
356
33%
2%
15
2%
13
30%
3
15
3554
14
504
29%
454
500
300
400
500
100
3.200
400
200
700
100
2,600
4.100
1.000
1
13%
1%
11%
24
254
15
33
14
50
25%
254
Aug
Oct
Oct
Oct
Sept
1441,
July
Oct
Oct
Oct
Oct
(let
Sept
el 34
15
35
751
23
32%
7
2654
411
30
85
55
15
Jar.
Jan
May
Mar
Jan
ma,
Jan
Jan
N1:11
.
Mar
Jan
Au
May
454
3051
2
13%
2%
13
2856
3
15
33
14
50
25%
4
4%
500
454
Oct
7
Feb
22%
11%
43%
85
55%
754
10
48
3%
354
134
5
334
54
10
154
11
224
12%
454
85
57%
300
900
1,700
50
1,800
3.300
200
100
1.200
600
1.200
1,800
1,400
100
500
500
27
21%
10
4354
82%
54
74
10
48
33
4
254
94
5
334
5
914
151
10
Oct
Oct
Oct
Jan
Oct
Oct
Amt.
Oct
Oct
June
Sept
Oct
Aug
Sept
Sent
Sept
Oct
25%
2354
71
9855
8*534
23
23 14
60
84
754
14%
14%
46
10%
254
955
25
Feb
Apr
Feb
Mar
Mar
Mar
Apr
Oct
Apr
Mar
Oct
Mai
Am
Star
Are
Apr
Sept
10%
48
3%
34
14%
54
36
555
104
2
11
Johnson Motor Co corn....'
10% 11%
200
Klein I I I E1t4111 CA, eon._ _•
12%
12
200
Klein (ILL.)& Co pref__20
754 73-4
100
Kleinert (1 B) Rubb
10
10
100
Roister-Wanda, Ltd
El
American shares
300
34 7-16
Koppers Gas & Coke pf 100 101% 101% 102
425
Leek/0,511os Securitlec---• 38
37% 38%
900
L'Air 1.1quide55
A mer dep rots bear shit__
450
53
Lakey Fdy dr Mach com_ •
354 354
200
Landay Bros Inc cl A____•
2
2
2
600
Letenurt liealtY corn
400
1154 12%
22
Preferred
400
21
Lehigh Coal & Nay
• 29% 28% 304 3,600
Lerner Storm Corp com_.•
334 36
600
100
Ley (Fred T)& Co Inc_ •
3054 3114
Libby McNeil dr Libby.... II) 12
700
11% 12
19
400
19
1.11y Tulip Corp c.1111
1 600
6
7
614
Loew's Inc stock purchwarr
151
1
Louisiana Land rt ExPlor-•
154 11,100
•
AlaeMarr Stores Inc
Manning Bowm & Co A..•
•
Mapes Consol Mfg
Mavis Bottling Cu of Am.•
Ithivflower Associates Inc •
McCord Rad & Mfg el B_•
..41.1. • 71%
Mean 1.1,111...1.
Mercantile Storm Co corn •
14,
Merritt
64% pref series A-100
•
Simeni iron t 0 •
Iklesta Machine corn ___5
1
Meta;& Mln Shares corn _•
Metropol Malt) Stores_ •
174
Midland [Wyatt 42 pref_
Midland Steel Prod 2nd Pr•
15
Midland United warrants_
• 60
Midvale Co
Miller (It & Sous corn...„• 24%
Mies Riv Fuel Corp warr.
Montecnt 7.! In dr Agri warr
Moore Drop Forg el A.._'
10% Oct
Oct
10
654 Oct
Oct
10
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
June
174 Feb
354 Jan
Oct
1
53
3;4
2
11
19
28%
3314
30%
43
9
74%
35
16%
80
154
24%
255
%
454 45
1756 17%
194
16
54
60
60
24%
21
12
10
51
54
28
3051
1054 Oct
Oct
3
Feb
37
Sept
41
Oct
4
Oct
5554 Pon
35
Oct
145i (let
July
80
i34 Oct
244 Oct
Oct
4
Aug
13% Jan
15% June
Oct
504 Feb
Oct
21
Oct
10
51 June
28
Oct
11
11
Nachmann-SDringf'd Corn* 11
6% 7
64
Na. Allmrlettn CO
4% 5%
•
Na, Aviation cort)
554
4% 434
National Baking corn_
•
314 324
Nail Mond .* sitar, I 0nt •
15
15
Nat Container Corp pref..'
106 106
Nut Dairy Prod pref A_100 106
54 64
6
Na; Yawn, cnureticom--_•
54 734
Nal inveetora corn .____ •
6%
1
1
Nat Leather Co corn. _10
8
8
8
Nat Mfrs & Storm Corp,.,
64
5% a%
Nat Rubber 3itsca'y CUID.•
21
20
• 21
Nat Screen Service
Nat Short Term Sec A......• 15% 154 154
3256
32
Nat Steel Car Ltd
•
274 28
National Stnuff Refg_
ii
S
Nallonal T le Co
•
100
4,600
2.100
500
500
100
200
1,200
8,600
300
600
1.400
200
1.100
100
1,000
100
108% Aug
AtIJ
454 Oct
4
Jan
3154 Oct
134 Oct
10%
3
37
54
41
654
71%
35
1454
80
1%
244
1056
3
3756
44
Mar
1074 Jon
204 Mar
25% Jan
2
Apr
X Sept
July 010254 June
95
43% keb
354 Jan
600
100
300
2,900
300
900
400
100
500
600
1.000
100
5,400
200
200
2.600
100
1,300
900
200
300
200
High.
Oct 11531 Apr
Oct 27.. Jan
Oct
ON Apr
2%
24
Happiness Candy Stores •
10
Hartman Tobacc0
Hazeltine Corp
Helena Rubenstein Inc •
Heyden Chemical Corp.. •
1-11r, it hart.' I.. ni A__ •
Horn (A C) Co com
.
50
7% first preferred
•
Born & liar,, rt corn
Houdaille-Hershey pf A_ •
Iluyler's of Del pref_ _100
•
Hydro-F.1(w see corn
Ilyeraile Food Prod coin.•
Imperial Chem Industries
Am dep rem ord reg_._El
Imperial Tob of Gt BrItAlre
Amer dep rots ord sits El
Indio 1•114/1111•0 1-4044 I I e.
Instill FUMY Inceetm
•
4311pref 2d ser with warr_•
Ineur Co of North Ames _11.)
Insurance Securities_ ___10
Inter..mt Trat11111 eon, •
Internet Cigar Mach (tom •
Internal Hold & Inv
_
Internet Products
cornIntermit Safety Razor c111.
Interstste Equities own_ •
Convertible preferred__•
Interdate Hosiery Mills_ •
•
Irvine Air Chute COM
Warrants
Isotta Fraschinl warr
[Vol, 131.
FINANCIAL CHRONICLE
Priaay
Sales
Li Week's Range for
Saie
02 Prices.
Wee*.
Stocks (Cont(nued) Par. Prit-e. Low. filch Shares.
5
5%
1
7
xl%
124
12
32
2614
8
Oct
(let
Oct
Oct
Sept
Oct
Man
Oct
Sept
Oct
84
12
6
254
37%
50%
58
4554
27
3O1
201
Jan
Feb
June
Mar
Jan
Mar
Apr
Mar
APT
Friday
Sales
Lot Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. Nigh. Shares.
Nal cnion Radio corn. •
Nauheim Pharmacies corn •
Cum cony pref
2
•
Nehi I'orporste441
•
First preferred
•
Nelsner Bros Inc 7% p1100
WI I 'ori.
Newberry(JJ)Co 7% pf100
Newt,
.10.
• 1756
New Haven Clock Co.._ •
New Mexico & Ariz Land 1
256
N Y Auction corn
•
N Y Hamburg Corp__ _50
N Y Merchandise
103*
Niagara:Share of MC__ 10
Nlies-Bentl-Pond com_• 2234
Noma Flee Corp corn......
7
Norden Corp Ltd
5
Northam Warren Corp pf •
156
No Amer Aviation warr A.
No & So Amer Corp A_ •
Northwest Engineering- -" 16
vovadel liven. Corp corn •
Ohio Brass class B
•
rilstoclin l.tO class A
6
•
Outboard MotOorp corn B•
Cony pref class A
•
Overseas Securities Co_ •
33-5
1
2
13
74
815
,g
13
95
1655
12
2
54
19
10%
856
22
654
54
30
1%
113
16
33%
64
6
24
5
6
354
1
254
14
74
82
-14
95
17%
12
24
5'4
2755
11%
9%
23%
7
51
30
133
10
16
3451
66
634
254
5
6
114 114
Partite Commercial cora. •
4%
4
Paramount Cab Mfg corn_*
Parke Davis dr.Co
• 3055 29% 30%
Pennroad Corp corn v 50 •
8
7% 84
Pepperell Mfg Co
854
85
100 85
Perfect Circle Co
26
26
•
Philio Morris Cons corn_ •
34
51
Class A
114 1156
25
3133
Pie liakerlestd Ainer Cl A _ • 3154 23
Pllot Radio & Tube cl A__•
451
4
4
Mary Bowes Postage
•
Meter Co
6%
6
7
Pittsburg Forgings
14
144
14
Pii
& II i ir
10354 1044
40
40
Pittsburgh Plate Glaes__25
\He
34 34
•
33
Powdrell & Alexander Inc •
34%
38
Pratt & Lambert
38
•
154
PrI140e &wititely Tend corn*
1
2%
$3 cony pref A
1454 1954
• 15
Propper McCallum Hosiery
Common
•
555 654
Prudence Co 71) pref _ _100
9556 95%
Prudential investors com.• 14
124 14%
Public Utility Holding Corn
854 10
Corn with warrants
•
8%
warrants
116
14 2%
Pyrene alanufacturing__10
7
7
Range Since Jan. 1.
Low,
High.
May
2,000
3
10 1
4 Apr
1
Oct
254 Mar
300
400
2
Oct
655 Apr
500 13
Oct 26
Apr
100 74
Jan
Jan 74
125 8154 Oct 125% Apr
300
(lit
514 Feb
500 95
Jan 101
Feb
2.300 164 orr
42
Mar
100 12
Oct 224 Feb
2,000
2
Oct
74 Feb
300
5% Oct
954 Jan
1,000 154 Jan
May
37
300 z1051 Oct 2454 Jan
6,900
854 Oct 21% AN
2,200 22
Oct 4534 Mar
200
551 Oct 214 Mar
2.000
Oct
14 Sept
600 30
Sept 38
Apr
2,200
Apr
6
55 Oct
200 10
Oct 24
May
100 16
Oct 314 Apr
600 22% Jan 30% Sept
100 64
Oct 76
Feb
1,200
a
1154 Apr
Oct
100
2
Oct 13
Mar
100
5
Oct 18% Mar
200
54 Oct 1954 Apr
100
10,600
400
44.300
60
200
1,800
100
2,700
400
114
34
294
7%
804
26
34
554
20%
4
June 14%
se.t
1354
Oct 424
(ret 16%
July 105
Oct 44
Jan
2
Jan 12
Jun
35%
Oct
1554
Jan
Jan
Jan
Feb
Feb
Apr
Ayr
Aug
Jan
Am
2,600
6
Oct 20%
200 13
Jan 25
300 1034 (let 130
100 40
Oct 59%
Set t
100
400 33
Oat 63%
100 36
Oct 5754
73,700
% Oct 164
7,900 12
Oct 44
Apr
May
Apr
Apr
Apr
Jan
Jan
AIN
AM
400
10
9.000
15,800
16,100
100
Oct 20
5
Jim 102
03
1254 June 28
Oct
14 Oct
Oct
7
2734
9
10
Radio Products Corp_
354 344
•
100
Oct 27
3
Rimmed 'Shares corn _ _•
4
4
454
1,200
Oct
954
4
Raymond Coner Pile peel •
47
47
100 47
Oct 53
Raytheon Mfg corn v t 0_ •
10
10
400 10
Oct 35
• 214 2151 234
limy es iltaillelt Inc
80(
2151 ((et 30
•
Itellable Stores corn
10
10
200
71j Sept 2054
Reliance Internet corn A.
4 1,10
34 45
331
354 Oct 16
•
Common class B
300
1
354
54 Oet
Rellanre Mauagetnent_ __•
8
3,500
,s6
631
54 Sent 2654
Repettl Inn
5
300
%
% Jan
Rey barn Co
2%
2% 314 6,700
10
2241
2
(let
Reynolds Investing corn. _•
2
14 256 2,20
154 Oct
Rice-Stix Dry Goods corn_'
40
951 9%
Oct
•
Roosevelt Held, Inc
2% 234
500
Jan
54
hosda International
35k 3% 2,000
,
•
33-5 Oct 1614
Royal Typewriter
39
39
100 35
39
Oct 644
•
414 4351
Ruberoid Co
80
3951 July 644
Safety Car Heat & Ltg_100
106 107%
20 106
(ret 147
Safeway Stores 2r1 ser Warr
10
73-4 754
754 Oct 210
St Regis Paper Co(tom_ _10 16% 1635 174 12,500 1654 Oct 34
20( 106
10854 10854
7% cum pref
100
Jan 11171
100 70
70
Savannah Sug Ref corn.....
70
Oct 87
tuari
•
12% 134 1,000 '24 ((It
Schiff Co corn
20
•
100 20
20
Oct 34
2
2
100
2
&Mei ter '/.,under v t c *
,
1,
4
124
1055 1055
.
Cum cony pref_
•
100 1054 '
Oct 25
200
Selodte 10441 I -tote Co. •
554 54
()et
14%
254 254 2,500
Schulte-United Seto $1 St•
234
254 Oct
454
400 154 Oct 25
1054 1011
7% Cony pref
100
454
4
Seaboard Utll Shares____•
44 4,200
Ott
4
1054
Securities Corp General__• 25% 22454 254
900 x2454 Oct 75%
554
454
Sewer Lock & Hardware__•
554 14,500
9
431 Slept
4
4
Selberling Rubber corn_ •
100
Oct 1754
3,56 n4
deleetea industries corn..,'
5,400
3%
34 Oct
12%
• 63
62
65
$554 prior stock
3,300 5454 Aug 71%
Allot We lot & 2nd paid 6651 65
5,300 57
68
Oct 8494%
Sentry Safety Control._.
2
14
1
2,800
Oct
1
Sheaffer (NV A)Pen
48
48
•
7
Slenandoab Corp com
7
6
•
a% norm prof
60 374 354 3754
May
75
75
a
NIy Sherw.Wma Co Can cm.*
rmi(NMI
v t e • 10% 104 1151
Jan
Silver (Isaac) Bros p1__100
7654 77
375 385
Singer Mfg
5
2451
101) 375
Jan Smith (A 01 Corp com......• 14554 138 14556
17
5%
A3,
h,
ni
5
534
4934 June South Amer Air Linea__
Souttiern Corp oom
454 554
•
71% Slay Sotithwest Dairy Prod corn'
254 254
20% Feb Spanish & (ten Corp LtdAnts
Amer dep rots bear abs Ll
00
54
54
25
251
6
594 Feb Spleuel.Slay-Srern Pref-100
20
Feb Stahl-Meyer Inc cont....*
1654 1654
3354 3354
May Stand Cap & Seal com_ •
88
15
16
2% Jan zttaittlitr(1 Wilding el A. •
64
63
33% Apr Standard Inventing pref. •
151 1%
16% May Stand Motor Constr.__100
11
Jan Starrett Corp corn
11
80
•
314
244 May
6% cum preferreel_50 3054 30
•
Afar Stein (A)& Co corn
14
14
22
85
4 May
85
654% Preferred
100
Sept Sten, 'tannatimmim
44 4%
62
•
55
3354 Mar Stetson (John 13) Co com •
55
27% Mar Strauss (Nathan) Inc coin'
534 554
8
84
552%
titraues-Roth Storm cum •
854
FebJan Str44444•14 cis w I 'n Inc
12
14
•
15
Struthers Wells Titusville • 15
15
156
Jan Si,,,, VloSor • 'cc
1
154
27
•
1254 Jae Sullivan Niachlnery
35
35
214 Are
corn
854 84
•
551 May
33%
33
$3 cony pref
•
Swift a Co
SIw ALM
2854 2856
25
20
Feb Swift Internatlorutl
30% 32
15 32
554 655
Syracuse Wash Mach el B •
20
Ma.
Feb Taggart Corp corn
16
80
• 1554 15
rechnloolor Inc corn
144
24 Apr
• 1234 12
251 2%
154 Feb Thateher Securities
1
Thermold Co pref
5051 60
2714 Ate
100 60
103 104
32'i June Timken Detroit Axle pi 100
T1.1.,,An
39
'on•or •
164 Sent
39
52% Sept Tobacco & Allied Stocks..• 2354 23% 234
3
, el ay 1:00(1,111pyttru,4'orp..._• 484 48
484
244 Mar roneigiet kir Trani') . •
6% 6.4
654
May
June
Mar
Apr4
Apr
Apr
Mar
Apr
June
Apr
Feb
May
Apr
May
Apr
MayAAug
pr
FA::
Mar
Mar
Apr
Apr
Jan
Apr
July
Mar
Sept34
Mar
Jan
Jan
Mar
Apr
Apr
Apr
Apr
May
Feb
AP!
Apr
Mar
100 48
Oct 59 56 Feb
4,000
Apr
54 Oct 20
4,000 33
Jan 484 Apr
50 74
Apr
Aug 85
2,200 1056 sent 3454 Mar
350 764 Oct 95
30 375
Apr
Oct
270 1371
4 Jan 2 10
58
(
5
MarAA1)9r
500
355 Oct
7(10
Oct
44 June
6% Ire b
200
Mar
254 Oct 13
300
;.4 Oct
51) 25
((it
100 1655 Oct
100 33 June
600 15
Oct
100 63
Oct
1,600
54 Jan
2.000 1054 Oct
1,100 110
June
40(
Aug
10
50 81
Feb
200
454 June
50 55
Oct
100
3
Oct
1,000
Oct
7
1,000 12
Oct
100 12 June
6,600
I
Sent
25 34
Oct
1(8
814 Oet
400 33
Oct
700 18
June
2,601 e2851 JI119
700
3% Sept
1,800 13
4,400 11
1,600
2
150 5954
40 103
100 39
100 24
900 444
1,600
4.4
155
8254
28
3654
22%
824
254
37%
68%
2
87
234
72
218
Jan
Feb
Jan
Apr
Apr
A
Apr
ma
Mar
Mar
June
Mar
Mar
May
2434
0
5
Apr
55221
AprAAp,'r
.la y
344 m rtn
884
Mar
9
Oct 2951
Sept 8894
5
Oct 87
Oct
Oct 110
3
Oct 4554
Jan
Jan 634
41
lune
Apr
l''ar
A pe
lpr
API'
m itil
.lay
Julie
OCT. 25 1930.]
FINANCIAL CHRONICLE
Friday
Sales
Last Weeks. Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price Low
High. Shares.
Trans-Lus Pict Screen—
Class A common
•
7
Tri-Continental Corp wart
3%
TM-Utilities Corp corn . 35
'rune Park Stores
• 16
Tubize ChatMon Corp.—
Cron mnstivte
•
455
Tung Sol Lamp Wits oom_*
Range Since Jan. 1.
Low.
High.
614 715
315 351
34
35
16
16%
3,200
700
400
1,100
431
355
34
16
Jan
Oct
Oct
Oct
13% Am
9
Apr
58% Apr
26
Jan
414
2,840
4
3% Oct
Oct
z9
22.1 Apr
284 Mar
44
all zwq
lingerieitier Moan
24
21% 24
3,900 13
Oct 86% Feb
Union Amer Invest coin •
500 20
Oct 42
Apr
20% 21
Helen Tobacco flora_
•
Jan
800
51 Sent
14
31
United Carbon pref__ _100
10655 10655
200 101
Jan 110 May
Iliated-t at, I-(etener emu.
5
1,300
1814 Julie
5
4
Oct
4
United Chemicals pref.. •
100 21
Oct 44
Feb
2654 26%
United Corp warrant,
9
94
931 Oct 31)% APT
10% 7.100
Vatted Dry Docka coin
•
355 351
600
3% Oct
834 Jan
United Founders coin___ • 11
Mar
9% 114 91,500
9% Oct 44
United Milk Prod corn...*
3
6
Aug
3
255 July
200
3
Preferred
55% 55%
50 44 June 65
Oct
United 5101a.ses Ltd—
Am dep rets ord reg__£1
5
5
5
100
654 Oct 2931 San
United Prorit-Shering_ _ •
‘, buoy
235
251 into
234 24 1,900
United Retail Chem A vi c•
4 Mar
Feb
1
100
iii
Ii.
Preferred
•
7
7
64 Oct
955 May
100
United st...res Corp corn_ _•
3%
115 355
800
14 Oct
651 Jan
U S Dairy Prod class A • 60
Jon
1,000 52
62
60
724 Apr
Class B
•
100 13
13
13
Oct 264 Apr
US Finishing corn
•
745
800
Apr
634 745
64 Oct 30
II Foil class B
•
Oct 264 May
834 9% 1,90
8
US & Internet Sec corn..
5
1%
10
155
Apr
14 Oct
8
First pref with warrants* 49
2,40
53
49
49
Oct 75
Mar
S Lines pre(
•
Sept 20% Mar
841
851 954 2.300
8
& Overseas with warr• 1494 14% 1455
1,60
Oct 23
May
13
Certificates of deposit._ _
1455 1451 1454 2,000 1156 Oet
16
Oct
U 8 Playing Card com__10 60
59% 62
250 58
May
Oct 84
U S Radiator common_ •
28
100 28
28
Oct 55
Apr
U 8 Shares Financial Corp
With warrants
155 155
155 Oct 13% Apr
500
Universal Insurance Co_25
25
150 25
321-4
Apr
Oct 70
Utility Equities Corp..._
8
2,600
751 9
655 Oct 22
Ate
Utility dt Ind Corp oom___•
2.400
74
755 9
755 Oct 2344 Feb
Preferred
• 2094 19
2055 1,300 19
Oct 20% Feb
Van Camp Packing corn_ •
Vic); Financial Corp _ ___10
Waltt & Bond class A_
•
Waigreen La 00/12111011.---•
Warrants
Water(Hiram)Oooderbam
& worts common. . _ _•
Watson (Jno Warren) Co.*
Wayne Pump Co
Western Air Express_ _10
Western Auto Sup (ore A _•
West Va Coal & Coke
•
Wheatsworth Inc com_ *
(R
Co Inc •
Wil-low Cafeterias corn. _•
W11.nn Jones en
•
Worth Inc cony class A •
Youngstown Sh dr Tube p
Zoutte Products Corp cow •
Rights—
Associated 0 & El deb rts__
Stock rights
Commonwealth Edison WI.
Creole Petroleum w
Loewe Inc den rights
New York Steam
Peoples Gas Light dr Coke_
651
2355
8
655
3%
30
0
1351
22
1014
Public Utilities—
Ala Power $7 pref
$6 preferred
Alkatieuy utts Corp corn.'
Amer Cities Pow & L CIA •
Class II
99-4
Am Com'w'Ith P coin A..* 1855
Common class it
•
Amer Dist Tel of NJ p1100
..met & Foreign Pow wart. 24
Amer Gas & Elec
9155
Preferred
• 106 55
Amer LA Tr corn
25 5051
Amer Nat Oas corn vi o__•
754
Ann Sts Pub Sere cl A.---• 20
Amer Superpower CorD—
Corn, new
• 154
First Preferred
9651
$6 cum preferred
9155
Appalachian Gas oom
•
7%
A11300 Cite & El earn
• 274
Class A .
23%
lint hear allot ctis
$8
88
$5 preferred
•
Assoc Telco Utilities
• 2054
Bell Telep of Canada..100
Brasillian Tr La'4 Pow ord•
Surf Nilaa & Fast Pe of 25
Cables & Wireless Ltd—
Am dep rota A ord she £1
Am dep rcts ii ord sin £1
_
Amer dep re
Caro Power & Light pref.'
. •
Cem
Cent Ilud 0 E com v to*
Cent Pub tiers class A___.
Cent SIM& Flee eonn____•
Cony preferred new
6% prof without wurr 100
.
Cent & $n,iIitSW I (II ‘ 010 •
Cities Serv P & L $6 pref_*
Cies eland Elec III cum..*
Coin'watli Edison CO_ _100
oomm'wealtb & Son CorpSt ermine
Community Water Serv__
Cons')0 El& P Balt nom _•
Coicad Gas rtii mass A__•
Class B vot tr ctfs
pr pref100
Conti0& E
1,81
Pule -rowel' Co
DUCuense Gas Corp cern.•
Ears Gas & V Associates_•
East States Pow 15 nom __•
East Utll AssCe cony fak__•
Edison Elec Ilium (Boa)100
Mee 55000 Ida Cu euru__•
Preferred
•
$5 sum nref w
Elec Pow & Lt 2d pref A_.
Warrants
Empire (1 a F 7% mei 100
100
8% preferred
Empire Pow Corp part stk •
Empire Pub Ser. norm el a•
(ten Clas k Elec 46 pf B__•
•
(ton Pub fiery $6 Pref---GOOMILL Power $6 pref . •
514 54
651 6%
1551 154
23
27
8
855
100
1.400
200
9.200
500
44 Sent
651 Oct
15
Jan
Oct
23
Aug
8
May
16
9)4 Jan
Mar
21
Jan
61
35
Jan
551
14
755
20
15
194
29
10%
351
304
3-4
99%
8
654
151
755
21
16
1%
29
10%
34
3255
%
994
9
9,400
200
100
3(10
5,700
200
100
100
1,200
600
200
200
2,10
54
151
751
18 94
15
151
29
10,
4
3
3055
34
9951
8
Oct
Oct
Sept
Jai,
Oct
Oct
Sept
Oct
Oct
Oct
July
Sept
Oct
134 Apr
6
Mar
19
Juno
46% Apr
36% Feb
2% Suns
3414 Aug
20
Jan
154 May
Jan
55
354 Apr
99% Oct
21
Apr
2% 3
8
3%
114 13%
is,
1i
184 22
84 84
10
104
1,20
300
1.000
6.30
301
100
2,000
2%
3
11%
1-32
12)4
8%
10
Oct
Oct
Oct
Oct
Jan
Oct
Oct
1114
4%
14
1-10
64%
8%
10%
Mar
Sept
Oct
Oct
May
Oct
Oct
115 115
101% 102
255 3
34% 35
851 10%
16
18%
3055 394
110 11055
20
241-4
854 9451
106 10655
4955 5155
635 8
20
21
100
150
90
500
12,800
13.100
5.000
50
21.50
27,00
1,500
8.100
5,100
800
111
100
2%
34%
834
1515
30%
110
20
8554
104
4915
634
16
Jan
June
Orr
Oct
Oct
Oct
Oct
July
Oct
Oct
July
Orr
Oct
Sept
1154
1044
V%
49
28%
284
50'1
11255
76%
157
10958
8954
1944
26
June
Mar
Mar
Mar
AM
Mar
June
Apr
Feb
Am
Mar
Apr
Apr
Feb
14
94
91
6%
224
2241
87
90
204
15% 120.2(10
974 1,200
1,100
9231
7% 6,00
264 2,000
2556 15.20
89
1,50
914
140
100
204
Oct 39% Apr
14
94
Oct 10234 Sept
87% Jan
97
June
8
Oct 144 May
22
Oct 5155 Max
21% Oct 4655 Jan
87
Oct 14751 Apr
89
Sept 954 Oct
19 June 2855 Mar
1474 148
275 145
June 1574 Feb
274 214 2755 32,600 2031 Oct 554 Ate
2655 265.1
1,100 2454 Jan 284 Sept
135
56
1
1% 4.500
%
55
%
14 2,000
2% 251
400
291
107
107 107
25 107
600
1%
135 3
18
18
200 18
20
19% 21
8.900 19
134 1255 1456 33,200 12
7755 77%
300 74
67
67
704
300 67
18% 1645 1751
500 16%
89% 8931
100 87%
474 4755 48
1,400 474
245
238 254
850 234
255
103.4
9435
1834
103
13654
20
8%
5a5/
5
10455
29
8
8%
10051
32
:1334
683-4
9
65i
255 2% 64,900
955 1014
2,100
904 9555 4,700
1755 184
500
4% 43-4
300
103 105
225
128 14011
475
655 1,200
6
20
224 1,209
19
3,1()(1
21
8
400
8%
252 252
20
50
554 499.700
104 105% 2,100
924 9351
400
200
99 100%
25% 29
1,80(
8835 8935
300
10051 1014
800
314 3394
500
700
124 14%
5655 70
2,050
884 884
10
300
98%
98
Aug
355
July
2
Oct
451
Oct Ill
104
Oct
Oct 36%
Oct 434
Oct 1194$
Oct 105
Oct 83%
Oct 31 %
Mar 91
Oct 93
Jan 3354
256 Oct
84 Oct
9051 Jan
17
Oct
455 Oct
101% Feb
128
Oct
6
Oct
19 Sept
18% ,In
Oet
8
252
Oct
50
Oct
10355 June
9151 Oct
99
Oct
2538 Oct
8n54 Mar
99
Feb
3135 Oct
12% Oct
564 Oct
80
Jan
98
Oct
654
1954
1.3834
30);
14%
108%
AA/
17
42
44
17%
275
1174
10955
98
107
78%
(11
104
fin
Jan
Jan
Jan
Mar
Jan
Apr
AK
Arm
Apr
Apr
Feb
May
Apr
Apr
Apr
Apr
May
Ala!
Mar
June
Apo
May
Am
Ara
Mar
June
at
May
Sept
Mar
Aug
Apr
Apr
Frh
25
Pub
07%
94% June
103% May
Public Utilities—
(Concluded)—
2677
yriaay
Sales
Last Week's Range for
Sale
of Prices.
Week
Par. Price. Low. High. Shares.
Illinois Pow dr Lt 30 pref.' 91
Indianan P & L 634% pf100 10(3
Inter Hydro El $3.50 pref. 504
internal Superpower
• 264
Internet Util class A
• 3756
r'la..
Partic preferred
orants tor tu it stock_
(tallith Super Power d A...
43-i
warrant,
___
1%
-• .
Jer Cent P,k L 7% Pfd-100
Gong /bland Ltg corn.- • 344
160
7% Preferred.
La Pow & Light $6 Dret •
Marconi Internet MarIne—
Coinrruun Am dep refs_
11/faronn1 wirel T or flan -----33.4
I
Marconi Wireless Tel, Ltd
Bearer shares
Ma&-, Util ANO/C•t C
Memphis Nat Orte
• 11%
Met Edison $6 Prof C__ •
• 21%
Middle West Utiloom
A warrants
1
36 cony pref A
Mlalond Nat Gas cla A. •
Nilo wee; stares Util el A •
21%
_100
51Iss River Power pref.
Mohawk & Bud Pr lit pf_• 1064
26 preferred
Monongahela West Penn
25
Pub Serv 7% pref_
Municipal Service
•
544
N•t Elec Pow class A....*
• 1014
Nat Pow & Lt 58 Di
bhlt P(lb .ere eonn A
• 1934
•
53.50 cony pref
Nevada Calif Elea com_100
$7 preferred
•
New Eng Pow 6% pref 100 83-1
NY Pr & Lt 7% pref...100 1104
N 5 Teen)635'7. vrel —100
Nlag & Hod Pt (new Corp
Common
10 1256
255
Class A opt warrants__
WarriOtH- -- Warrants class C
No Am URI Sec 1st pf.---* 9314
pf 100
No Ind Put) tiers
Nor Statee P Corr;oem-100 135
8% cum preferred_ _100
1110
7.; preferredOhio Bell Tel 7% pt___100
l_11111) PI wer 6%4 'ref __ lull 105%
Pacific Gas & El let pre!
.2e
Pamnt• P.m Seer 01 A corn.' 25%
Peninsula Telep corn_
•
Pa Gas & Elec claw A—. 13
Pa Pow & Lt $7 pref..- •
a,cr & Power
•
Pa Ohio P & L 7% pre/_1(10
Ptilis elee 85 ore(
Puget Sd Pr & T.t 6% p110 994
Ry & Light Smut coin_
•
P"W__ III
So Calif Edison pref A__25
Preferred class B
25
5 ,-upref class C
2,
Southwest Oas URI com__•
Standar,' Pow & Lt coin..'
Common class B
•
Preferred
•
Swiss
-Amer Elea pref
Tampa Electric Co
Toledo Edison 7% pref 100
Twin Strata Nat Oaa cl A•
Colon Nat Gas of Can___•
United El Serv Am shs__-PLIfe112.0 Warr:VIVI
United Gas new com.____*
Peel non-voting
Warrants
United Lt & Pow coin A_-•
Common class B
6% corn let pref
S Flee Pow with ware.'
Stock purch warrants___
Utah Pow dr Lt $7 pref___*
tJul Pow & Lt ouzo
•
Choc( 11 e t c_ _
•
Western Mass Cos corn_ •
Range Since Jan. 1.
Low.
200 90%
90% 01
106 106
200 98
275 5055
5034 5
04
26
2731 1,300 2555
3651 3755
500 3454
04
635 855 15,000
9854
98
200 7951
24 3
1,400
255
4
4
5% 1,800
154 255
600
115
10651 10631
100 10055
3355 344 4,700 334
110 110
20 107 ••
150 97%
9851 9935
831
255
1,200
855
351 28,100
754
2%
Oct
Oct
25% 2555
5
6
50
900
24
24
10055 1014
19% 20%
4255 424
118 118
10554 108
89
904
10954 110%
114 11551
100
750
1,900
100
30
175
190
50
275
2255 Feb
Oct
5
9)5
9454
314
3051
755
255
1255
264.1
2054 234
1255 12%
3-16 3-16
811 935
91% 95
355 451
2734 3054
71%
70
10055 10355
655 755
234 255
1084 1084
11% 12%
25
27
55
55
Oct
Sept
Oct
Mat
Apr
Apr
Sept
May
Apr
Feb
June
Apr
Sept
Sent
13
Feb
9% AM
4
100
4
Oct 1234
4
104
6% 6%
300
654 Oct
11
11% 2,200 ink's Jan 22 5-i
100 94 101%
125 100% Oct 105%
2155 24
10,400 21% Oct .18
"i%
2
100
2
A lig
Jan 10951
99 100
400 97
10
Oft
300 10
1131
Oct
20% 23
1,000 2054 Oct 29%
11055 1103-4
100 103
July 111
10654 10655
75 104
Jan 1084
106 10654
125 102
June ell0
Jan
API
Ate
May
Ayr
Apr
Apr
July
July
Oct
Oct
Feb
264 Oct
1655 Apr
24
Oct 3655 Feb
10055 Oct 1044 Oct
July
19
Oct 25
4255 Oct 4735 Sept
Jan 14955 Juno .
60
May
104
Apr 121
89
Oct 9355 Sept
1054 Jan 117% Sept
11355 June (174 June
12
1255 57,400 12
Oct
254 Oct
255 355 12.000
300
6'') Oct
654 7%
1.300
354 4
3;4 Oct
9355 9355
100 9238 Jan
100 100
110 95% Mar
June
13351 136
1,500 130
20 95% Mar
9755 9755
200 05% Jan
107 109
Feb
11254 1124
30 111
1054 10531
700 104% July
June
28% 28% 1.700 26
24% 26
2355 June
1.20
Oct
100 20
20
204
10
13
13
Oct
13
100 108
June
110 110
59
1.90
61
Oct
59
Feb
108% 108%
50 105
(114Fel
10
104% 104%
30
9955 99%
9854 Sept
50 55
55
55
Oct
1.700 1815 Oct
19
20
200 2854 Jan
29
29
29
100 2454 July
264 2655
25
2555 2.200 22 -1 Jai
635 754 3,700
6% Oct
7.51
404 45
42
700 4055 Oct
900 424 Oct
4256 424 47
100 994 Jan
1024 10235
100 90
94
94
Jan
514 57% 4,300 5115 Oct
55
10 10755 Feb
1094 10954 10954
900 10
Oct
10
10%
21
1255
High.
Oct 91
Jan 10651
Oct 02
Oct
%
Jan 50%
1934
Oct
Jan 101
Oct 10
Oct 18
044
Oct
Jan e109
Oct ,t3
Jan 113)5
Apr 102
1,901) 20%
200 1254
100
92,900
8%
8,900 9)t,
7.600
3%
33.300 2745
700 70
2,000 9715
10,500
6
100
214
25 1064
13,700 9)4
12,09
21
100 55
2455
054
1548
745
98
n3
183)4
102%
III
118%
11
2955
594
2855
1455
111
95%
10835
iii6
101%
90%
21(5
30%
2855
26%
20%
80%
80
107
984
9$1
110%
154
Apr
MAY
Apr
July
Aug
Sept
Feb
Sept
May
Sept
Oct
Sept
Arrt
Mar
Oct
May
afar
Oct
Oct
Apr
Apr
Apr
Sept
Sept
Mar
Apr
Apr
Apr
Apr
Slay
.tat
Aug
May
May
Oct 37
Oct 17% Feb
Feb
oct
Oct 2854 Mar
June 9954 Sent
Oct 11% Mar
StaY
Jan 58
Oct 9945 Mar
Jan 119% Ace
Oct 2214 VIM
6% June
Oct
July
Jan 110
Mat
Oct 18
Oct 6851 Apr
Oct 68
ADC
Former Standard 011
Subsidiary—
Threkere Pipe Line
50
Si
20
51
Chesbrough Mfg
25
200
1194 1194
Eureka Pipe Line
100
10
35
35
Rumble 011 & Rfinfing__25 7355 7251 73% 7,90
Imperial 011 (Can) Corp..' 17
15% 17
14,70
Registered
•
40
154 1654
Indium, Pipe Line
10
40
2731 274
National Transit ____12.51) 144 144 1431
80
New York Transit
600
10 13
12
13
Northern Pipe Line
50
100
31
31
111110 Pi ,
'wet_ _
2.200
1054 10535 10556
Penn Mex Fuel
400
25
184 1855
2
400
94 94
Southern Pipe Line
10
100
9
9
s.,mo
2,800
2594 254 28
So West Pa Pipe Line___50
50
40
40
Standard 011 itnalana)__25 40% 404 414 62,300
Standard 011(Ky)
24
10 25
25% 18.800
Standard 011 (Neb.).
„O
4255 4555
,
25
Standard OU (0) ciom.--25 534 5235 (3156
1,400
Preferred _____
470
11654 116% 116%
5% cumulative prof...100 103
1.100
103 103
Vacuum Oh
25 6454 5955 6455 38,800
51
119%
34
7211
15
1554
27
134
104
304
1114
17
935
9
2554
40
4054
24
4234
62%
115%
103
59%
Other 011 Stocks—
Amer Maracaibo Co
A titans Nat Gas Corp corn •
75.1
Class A
•
755
Preferred
ill
Atlantic Lobos pref
50
,ario Syndicate own
Colon 011 Corp. corn
3
•
Colum 011 & (lewd v
8
Consol Royalty 011
2%
Conies Oil common
•
651
Dreole Syndicate
•
434
Crown Cent Petrol Co...
4
Darby Petroleum corn
•
756
l)Pe*tvOtt& Res oom
•
5
Preferred
• 42
Gulf Ohl Corp UI Penna__25 83%
Roust 011(Tex) new corn 25
Indian Ter III 011 al A____
2254
Cie, II
•
intere.ontthental Petrol__10
55
Internet Petroleum
• 1555
Oct
1
654 May
745 Oct 10% Apr
71i Oct 16% Apr
Apr
745 Oct
134 Mar
3.6 Oct
2% Apr
ti Jan
244 Oct
Ii.' Feb
5% Aug 21
Apr
24 Oct
5% Jan
51-4
Oct 7434 Jan
714 June
3M Oct
Mar
1
14 Jan
654 Sept 21% May
4)4 Mar
11
Apr
30
Jan 60
Apr
8054 Oct 168% Apr
10% Oct 2755 Apr
22% Oct 47% Apr
22% Oct 53(4 Apr
1% M At.
34 Oct
,
'4
Au.
5
1
754
734
,
755
55
1
3
755
2%
5%
334
51
74
5
42
8035
104
22%
2295
94
13%
1%
7%
7%
34
1%
394
8
2%
754
455
96
7)4
5
42
86%
124
25
25
55
154
3.700
3,800
28.200
700
500
3.300
3,800
9,400
400
2.900
15.700
1.100
500
900
100
12.300
6.600
5,800
1,400
9,800
21 am
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
June
Oct
Feb
June
Oct
Oct
Oct
Oct
Oct
Oct
Oct
Oct
June
Oct
Oct
69
184%
5451
119
30
28
41
22%
21%
54
1118
32
33
20%
Abel
04
59%
40%
484
10834
122
10354
97%
Jan
Apr
Jan
Apr
Aro
Apr
Jan
Jan
May
Feb
May
Apr
Jan
May
Star
Jan
Apr
Apr
Mar
Mar
mar
Oct
Aar
'""Up
sagas
for
Lasl Week's Range
of Prices.
Week
Sale
Other 011 Stocks
Par. Price. Low. High. Shares.
(Concluded)
Leonard Oil Develop__ _26
•
Lion ()Il Refining
oneStas n.
core
Margay Oil Corp
Mimee state) Pet CIA o10•
•
Class Bate
5
lido Kansas Pipe Line
CI H vat front et19. .1
1
Mountain & Gulf 011
liounguu Prod CorD___10
1
10%
27%
Nat Fuel Gee
New Bradford 011 Co_ -6
•
,
N V Petro. ;To, nit)
Nor Cent Tex Oil Co
North European 011
•
Paeltle Western 011
•
Panden Oil Coro
Pantepee 011 of Venezuela •
Petrol Corp of Amer warr. _
5
Plymouth 011 Co
Prodtiver, Royalty Co_ _
Pm")0 cr.0% met _100
11
•
Red Bank Oil
/sorter roster Oil Corn- •
Itletiftegl 01101 Calif 1/1_25
264
Salt Creek Consol 011...10
1u
Ban urees Producers
Southland Royalty 00-- •
5
Sunray Oil
Texan 011 & 1.and Co-_ •
-5
00 Msoelates. 2
Union
Venezuela Petroleum_ _5
\Towne) Petroleum
.
'Y'Oil& Gas Co
MIntno StocksArizona Com'l Mining_ _5
Arizona Globe Copper__ _1
Bunker Hill& Sullivan_ _10
CotDol...A I till a;ram ine
000501 Copper Minns- --5
1
Cies Nt warning lining_
10
East Butte Copper
Engineer.
Evans Wallower Lead corn•
Gold Coln Mines, new...
Golden Centre 611nes---5
Gold f Mid Cons Mines. _I
4
14
1055
654
144
12%
--2294
434
90
6
7.4
354
1094
58%
36
96
134
25e
Recta Mining CO
liollingur Cons :old
5
Find Bay Min A Smelt-. •
10
Iron Cap Copper
5
34
Kerr Lake Mines
44
Si 0,11,0
Nevirtioul MAW Corp.10 60
25 50
New Jersey Zino
1
NipissIng Miner
• 15
Noranda Mines Ltd
1
34
Ohio Copper
.
4
i
Ps•relcr OcIA
25
Quincy Mining
Roan Antelope Copper____ ......
18).sttuek peon M lona). •
Sou Amer cold & Plat__
1
Tech RUabert
,
7%
United verde Extension 511c
5
Utah Apex Mining
I
Utah Metal & Tunnel_
Wendel, Copper Mining...)
Bonds-Abbotts Dariles 88
For.. 131.
FINANCIAL CHRONICLE
2678
14 5,200
1
1.000
1014 11
234 28% 19,700
6
100
6
1,200
4
4
200
194
754 104 20.500
5.800
34
200
7-16 7-16
634 6% 3,800
.....1940
Calif Pack deb 55
C89841189 Nat By 4445 '65
1935
7s
1955
Can Nat SS 58
deb 5s A _195.)
Capita; Auto
1 ithout warrants
3
Carolina PTA Lt 58___1956
Caterpillar Tractor 68_1935
Cent States Vier 5s_ .1948
Deb 548--Sept 16 1954
Cent Staten P & Lt 548 '6?
Chit Dist Else Gen 4 , 70
5
; 1 1.1:9;
Chic Pneum Tool 5448 1942
I I 1Cl,
Claw Stores Realty__ 14441.
54- aertro 4
Cincinnati St Ry1 1 11 A '52
zees
Clio.) oast,os
1950
Con% 0.9,
Cities Service Gas 55441942
Cities Seen Clas Pipe L 6843
1 a 44.ott185
P
904
1
94
234
6
4
14
74
4
%
64
High.
Feb
Oct
Oct
Oct
Oct
Oct
Oct
Sept
May
Oct
444
29
5554
16
11%
8
3654
6
%
124
Apr
Apr
A Or
Apr
Aot
Apr
June
May
Mar
Apt
254 Jan
2
Oct
(let
4
Oct
4
134 oct
124 Oct
94 Sept
154 Ain;
14 Oct
2054 May
Oct
(let
88
6
Oct
Sept
2
Oct
41%
334
16 1
4
11%
44
194
244
434
634
2734
8
99
104
oft
23%
Ma,
Mat
Jar
,
Apr
May
Apr
Mar
Mar
Apt
Feb
Sept
oar);
May
AN
Jan
144
134
7
8
754
7.51
355
4
10% 11%
27
294
134
1%
234
334
34
54
400
2,700
3.700
1.200
2,100
1,600
1,700
1,100
800
1%
7
7%
34
5 54
27
144
23
4
34
June
Oct
Oct
Oct
t
Oct
Oct
Feb
Jan
24
Ion.
17
10
19)4
4734
45,4
is
234
Mar
A is
ACK
Apt
Sept
Apr
Mar
time
Apr
1% Mar
1-16 Jan
58% Oct
1%
)4
954
1
814
2
1%
2%
5
554
7
54
Feb
Jan
Jan
Fri
Feb
Feb
Jan
1.0;
Mar
June
Fri
July
800
5154
15.4
34
1-16
4,500
100
58% 58%
600
34
48
234
3,500
244
600
54
54
100
1
1
4,400
36
A
1.000
134
134
400
34
%
'A 14,000
A
1,000
31
600
94 94
200
5X, 5%
7,700
5%
5
100
134 14
600
A
34
1,100
A
4,000
58% 604
4.800
48
52
1
1.300
1
15,400
1354 15
7,700
54
34
900
11 16
100
84
800
1534 1554
1,400
234
396
1,200
14
134
300
5% 6
2,200
7%
7
200
14
144
100
Si
1,200
34 3-16
99
984
9834
1956 101% 1014
let & ref 55
1968
10334
5s_
Aluminum ("Os f deb 5s '52 103(4 1034
I94e 99% 99%
Aluminum Ltd Is
924 z86
1944
Amer Coru'Ith Pr 13e
99
Amer 0& El deb Egs.- _2028 99
92
Amer Gas & Power 66.1939 94
American Power & Light-107%
13s. without warr. _2010 108
984
Amer Radiator deb 444s '47
97%
8714
Amer Roll Mil deb 58_1948
65
Amer Seating Corp (is 1930 65
00014
Appalachlau El Pr 64_1956
85
Appalachian Gas 64_1946 85
1941
77%
77.4
Cony deb (is B
106
99%
Low.
1,800
1,400
200
100
3.400
1,700
2,700
1,200
200
3.000
900
230
400
1,100
100
_1942
Appalachian Pr deb 622024
Arkansas Pr & Li 58..1956
Armstrong Cork 54... _1941)
'4;
Arnold Print 111...) is?
Assoc'd Dyeing & Printing
Os with warrants_ _1938
Au Anat.' Lire 4 45. 1140.3
Misrelated Gas & Electric
Deb 44s with wart..1944
1949
444 series C
19.50
1968
a.
1938
645
1977
545
Mooed Sim Hard 63.481933
,5
Assoc T & T deb 5 1 A '55
Aimee Telet) VIII 5344.1944
Bates Valve Bag Corn
68 with warrants_ _1942
with warr .10
Beatoin oil
Bell Tel of Canada 58_1957
lst M be series A_ _1955
68 series C Slay 1 1960
Boston Consol Gas 55_1947
Boston & Maine ItIt 68'33
Range 6ince Jars. 1.
26%
2
8
4
1%
1254
%
2%
n2
2234
4%
9354
7
2%
124
2534
2
7
4
1%
124
3-1
2
134
2234
44
88
6
2
1234
2
Sept
4 Aug
.5 June
.
4
34 Oct
14 Oct
44 Oct
Oct96
34 Oct
Feb
14
854 July
Apr
7
Jan
5
(ten
14% Fen
5
Jan
3
134 June
1-16 Jan
A Apr
3. eu
3
4 Oct
58% Oct 141% Apt
()et 914 Mar
48
Mar
15 16 Oct
134 4" 454 Man
194 Ja1
34 Oct
ill
. 049
154 Iro
Apr
834 Oct 45
Jan
Oct 33
15
94 Jall
24 Oct
Feb
I
July
414 Jar.
754 Junt
634 Oct
16% Ma.
34 Apr
154 Oct
94 Jan
Si Oct
1.i Oct
Ii Jar.
99
994
101%
104
11144
100%
92%
100
94
May 100% Sept
5.000 97
0;1
tea 100
61.000 93
2.00(1 100
Jan 104
Aug
Jail 1044 Oct
8.000 99
30,000 1014 Feb 10454 Sept
Sept
53,000 9794 Feb 102
24,000 .87% Oct
9934 Mar
76,000 97% Jan 10114 Sept
17,000 90
Oct 9654 Jan
1084
984
984
65%
101%
92
82
Jan
76,000 105
10.000 9694 May
89.000 964 Jan
5.000 634 Sept
56.000 954 Jae
87,000 85
Sept
33.000 774 Oct
109
100
101
81
1024
146
101
Mu
Sept
Ma.
Feb
Sept
May
May
1,000 1054 June 108
106
106
Oct
99%00114 77.000 934 Jan 10154 Sept
11,000 95
95
96
Oct 9854 Aug
5.000 88
88
88
Feb
Oct 94
22
22
1,000
9054 91% 81,000
79
80
814 5784
483
87
8234
83
82%
7954
96
96
88
86
94
944
90
90.4
80%
82
8754
834
83
97%
86
9413
92%
20
May
82% June
15,000
79
520.000 714
478,000 z83
163,000 7834
59.000 75
15,000 90
13.000 86
40.000 94
133,000 90
Oct
22
924 Sept
Oct 124
June 87
Oet 88
Mar 884
Aug
87
June 105
Mar 8654
Oct
9444
Oet 108
Jan
Mar
Sept
Sept
Mai
Mar
Fel
SW
FM
106%
98
103
103
1034 103
104
104
103
1024 1024
6.000 102
107
Apr
Jan 110
5,000 97
98
Oct 108
Apr
104% 42,000 100
Feb 1(1614 Sept
10434 63,000 100
Jan 10554 Oct
June 11.54 Or
1044 13.000 102
3)101) 1004 Feb 104% Sept
103
1024 4,000 1004 Jan 10334 Aug
s934
101
10854
103%
99% 60.000 9844 Oct 102% Sept
J91.- 103% Oct
102% 123.000 59
Apr 110
109% 20.000 107
Sent
3.000 99% Mar 104% Sept
103%
984
1014
774
1024 102
994
100
67
67
70
70
88
8834
9314 93%
1004 1004
9814
70%
72
804
83 4
9234
85
92
8634
804
86%
82%
90
81 4
1
9114
85%
80
103
101%
72%
7334
89
95
100%
99
7294
Jan
821
%
18.000 74
36,000 9844 Jar. 104
00.000 99% Oct 1054
34,000 684 Oct 80
65.000 704 Oct 89)4
11.000 88
9254
91,000 9354 Oct 964
Ovi 1(11%
37.0110 110
Jan 102
5,000 97
1.0; 844
11.000 68
8134 19 (1(4)
6,000
87
4.11110
83%
9334 3133000
90% 32.000
9294 41.000
8714 37 000
Friday
Last Week's Range Sales
or
of Prices
Sale
Price, Low. High. Week.
A2 14.
86% Oct
82
8834 Oct
82% July
90
•i
,
Apr
Oct
May
MW
Mo
Oe.
Sea'
Feb
JI11)
14.•
Jan
97
.
.58 4 5
126
Ma)
92% °et
97 % Oct
94% Mar
Bonds (Contintsrd)
Clev Flee III deb 7s. _ _1041
Sc series A
1954
Cleve 1 ern; Bldg 6s.Commander Larahee 6s '41
Comment und Private
11)37
Bank 53411
Com'weaith Edison 414s'57
44s scrim E when Ns '60
Collect) 0 EL&P (Balt),
1.52
5 1 s eerie) E
1965
58 series F
197,
44a seems H
Consul Publishers 6140 '36
CooSal Te‘tlio 1st 8s_ _1941
Consumers Power 448-'5
8
When issued
1958
Cent') & El Se
0
Continental 011 5%a_ _ 1937
1940
Crane Co 10 yr 5a
1940
Crucible Steel Se
Cuban Teleph 79 I'8_1941
Cudahy Pack deb 55481937
Is
1946
Det City Gas (is tier A.1947
1950
1st 5s set Ft
Detroit Int Beige 644_1952
1952
25-yr filch 75
(Axle Gulf Gas 848_1937
With warrants
Duquesne lias 68
1945
East Utilities Inv Is
1954
With warrants
Edison El (Boston) 50_1933
Elec Power & Light 611_2030
New
El Paso Natural Gas
1934
6 ..,5
614s Series A _ .._ _1943
Empire Oil & Rehr 34*'42
European Elee 19345 1965
Without warrants.
Ear Mtge & Inv 7s C_1967
Fairbanks Morse Co 651942
Federal Water Ben 646 64
Finland Residential Mtgr
1961
Bank 11s
Firestone Cot Mills 58_194s
Plro9tone T & R Cal 45 I 042
First Bohemian Glass Who-'
78 without warrants 1957
1935
Fisk Flu bber 54s
Florida Power & Lt 58_1954
Gatineau Power 5,1___19.51
,
1941
Deb gold 65
1941
13s aeries B
Gen Brom Corp eons 6s '411
1949
Gen Rayon 6s
Gen Vending Corp
6s with warr Aug 15 1937
Gen Water MLR Gas & 1.3
1941
68 series B
Georgia & Fla RR 6s..1946
11.
,..1 10,
Gesfuerel rleb (is
1953
Without warrants
With warrants
1935
0116deo Co., yin
Gobel (Adolf) Inc 648 '57
With warrant
Grand (PAW) Properties
Cony deb itallec 15_19411
(IF II Da Trunk Ttv A .4. "VW
Green Mountain Pow 58 '48
1534
0011011ot Ha on
Sinking fund deb 58.1947
Gulf States CBI fie_ __ _1956
Hamburg Electric 7s_ _193'.
Hamburg El & Und 54538
went lost, 68 "I'
Hood Rubber 5549-1936
1936
7s
Houston Gull Ohs 54s 43
11441
.
Hungar Ital Bank 714s '63
,
Itygrade 1.041,1 Its A.- OW
1949
6s series B
Ill Pow & Lt 534. ser ft '54
May'57
Sink Ine 011915
Indep Oil& Gas deb 6.41939
Indiana S'west, Gas uthJane 1 1940
Cony Os
Ind'poils P & L Is ser A '57
Inland Utilities 68_ _ _ _1934
Insull Utility investment
Cs ser B without warr '40
IntercontInenta Pow 681940
With warrants
New
Int Pow Sec Ts set E..1957
International Stilt 5s_ _1951
Irtzprnot 14.0r0r1t1•44 Fa 1947
Inter-State Nat Oas 6s 1936
Without warrants
Interam‘e Power 66_1957
1952
Deb 68
Invest Co of Am 55 A.194i
Without warranta.- Investors Equity 5s...._1947
Without warrants
lowa-Neb L & P 64_1957
6sorr9. Hydro F.1 78_1957
ISOttn Fritsch Ini 78_ __ _1942
With warrants
Without warrants
Banal)Superpower 01 DelDeb 84 without warr '63
Jer•ey C P 1.544 A 194.5
1947
1st dr ref 5s B
Kansas Power 58 A
1947
1936
Kelvinator Co 88
Without warrants
Kentucky Utli 5s___ 1969
KotipersU & C deb 54 11147
1950
5544
88
10654
10534
88
52
Range Since Jan. 1.
Low,
9,000 1013
107
9.000 101
1059-4
91% 11,000 88
9.000 42
5334
High.
Ian
09
Jain
Jan 10544 Sept
Sept
Oct 99
Sept 691-4 Jan
8434 83% 844 18,000
101% 102
102
15.000
99% 1004 27,000
9954
85
97%
10194
100
102 94
9534
10234
107%
1054
102
974
50
100 4
10096
83
9754
1019-4
100
z10134
9514
102%
106
103
3934
1174
106
10234
394
1096
102
98
50
10034
93
84
77
90
81%
Feb
Fell
Oct
Oet
91
9334 26.000
824 87
27,000
68
824
Jon 99% June
Oct 1094 May
66
Oct
8744
8654
Oct
Or
107
2,000
103
5.000
8814 63,000
98
Jan
98
Jan
8296 July
733-4 77
104,000
84
8494 15,000
73
Oct
804 Aug
8144 Se9t
Apr
91
9734 OS34 18.000
90
9244 27.000
113
90
Jan
Oct
99% Sept
97
ADi
754 7734 29.000
5,000
815-4 834
9,000
91
914
75
Oct
815-4 Oct
904 July
88
Mar
96
Apt
9644 Mar
11.000
21.000
57,000
54.000
13,000
3.000
2.000
38,000
Oct
78
Oct
21
824 Jan
91
Feb
943,4 Jan
July
97
83
Aug
57
Jan
104
103
86
80
21
84%
95
96
97
85
65
80
26
87
964
9794
9734
894
66
20
4,000 520
80
6,000
100%
18
18
2,000
10054 10154 66.000
81%
7914
91%
3.000
8054 8154
7034 8334 13.000
42.000
934 95
83
814 83
101%
101
99
994
83(4
75
93
5214
102
93
101
1074 JulY
104% Oct
89
Mar
75
Mar
7234 75.000
13.000
102
903-4 70.000
74,000
90
20
86
108
Sept
Sept
Sept
May
Jan
Sept
Sept
Mar
Mat
Sept
Aug
Mar
Mar
Oct
10444
9744
3934
104
78
80
84%
9514
97
97
Mar
Oct
Oct
1064 52,000
1034 12.000
4154 26,000
1444 15,000
66
66
102
102
87% 8754
8654
87%
103
81% Jan,
91
934 Feb 1024
9754 July 101%
Jan 11)834
10854
6.000 Ina
10514
1.000 10131 Feb 10544
25.000 100
Seb '0434
10294
99
35.000 964 Fel; 101
50
4.000 50
7?
Get
1005
4 52 000 9194 Feb 102%
101
109.000 le034 Oct 102%
865 370.000 83
4
Oct 54
9714 33.000 84
Pet; 94
10134 59.000 10094 July 102%
7.000
164 LA May 102
10054
104
14.000 r10134 Oct 1011
9734 19.000 96
Jo,. 99
10254 11.000 9894 Jan 102%
5.000
78
May
87
102%
t• 4
e92%
Mar
Sept
•.4,1.
Sept
120
117
90
May
Sept
Sept
84
7254
02
99
101
994
99%
80
34
Oct e98
Jan
Fell
Mar
Oct
Mar
Sept
May
Mar
Feb
Ma)
Mar
18
Sept 26
5554 Joe 102% Sept
8034
794
9314
OM
Oct
Oen
92% June
9434 May
100% July
80
Oct
994 May
86
108
101
101
101
99
5.000 834 Aug
88
An
,
,
1084 31.000 ft
1,1310 994 Mar
101
71.000
)4 240.
102
Ja;
32.000 100
103
25.000 9214 Jat
100
92
10
9
1024
193
104
102
May
Sept
Sept
Apt
Aug
Oct
9834
38034
94
75
82
90)4
91
80
5234
514
102
93
10034
8.000 9534
89(4
8314 14,000 79
ott 4
9414 12.000
5.000 75
78
2.600 82
84
22.000 64
94
11.000 674
95
76
4,000
82
3.000 50
55
53
4,000 51
10254 280)1(1 974
96
13.100 38 3-6
10194 121,009 100
Oct
Oct
.11,;
Oct
Oct
Ja,
Jar
Jan
Se
Oct
Pm
Fel,
Feb
1034
50
1004
91
98
100
904
92
.494
664
44
974
111)%
Sept
Mu
June
Apr
Mar
Julie
Sept
Mar
ocr
Apr
Heil
Oct
94% Sept
9834 July
9034 Jan 101% Sept
95
AP,
Oct 126
98%
100
984 9854 11,000
1014 172,000
100
95
98
37,000
944
9354 96% 174,000
9354
63%
62
C8
9451
85
7954
Slay
62
Oct .911
68
Oct 9754 June
9334 Jan 10114 June
Oct
Oct 88
84
884 Jan
7854 July
9411
85
79%
64
16.000
70
4,000
9654 40.000
86% 11.000
8034 67,000
103 103
1,000 1004
874 9034 26.000 *3
84
85
16,000 804
Oct 1124 Mal
Aug
Jan 104
lel/ 9354 Mar
9354 Mar
Jan
82
MU
794 794 17,000
95
82
78
764
7434 7414
1.000
9414 9834 52,000
8134 844 15,000
70
Jan
11134 mar
81
Oct
Mar
80
9854 Oct
9434 Mar
72
78
7144 71%
72
7154
92% May
Apr
89
5,000
1,000
Jan
Oct
Oct
08
1024
100
66
10254
994
99
Mar
RO
694 78,000 z(3544 Oct
Sept
103% 14.0110 1024 Jul, 104
100
3.000 98
May 10154 Sept
Sept
99
1,000 954 June 99
97 4
9954
87
9734
99%
102(4
87
3,000
974
3.000
1009-4 21.0101
103
55,000
0074
9794
115 1
4
994
Laelede Gas 594e._._.1935
C
ch Coal & Nav 4
Lehigh Pow Occur 6.. 2026
ihby 441eN & Libby Is 42
Lone Star One 801, Is 1947
Lome !anted I ic Cm. 194'.
Lotilniana Pow A Li 58 1957 100%
Male Oas CDR 5544
1114e 103 54
1955 994
5N * 941 64
AleCnril- Ball Mftr Its
93
m14rt.
Melbourne El Sup 7545 '411
9034
98 4
10494
94 4
094
106
100 SA
103
9954
63
92
100
10034
394
106
9594
MI%
106
101
104
100%
67
01154
100
10 000
33.000
12 i300
22,000
13 000
1.000
197 000
35.000
147,000
21 (00)
53.000
4,000
9734
984
10294
wu
964
1031
4
"2
1014
97
594
92
100
-104 4
934
99
i4
10344
Sept
Oct
sent
July
1(13(4
100%
,I17
June 97
Mar 100
Jail 1118 44
JIM 1014
Jo,
June 10154
.7
Oct 974
Seitt 101
Mar
Oct
mar
Aug
Oct
Sept
SeInt
Apr
Oct
Mar
1\1ov
July
Jan
Oct
10
Jar
Jan
0,..
Bonds (Continued)
2679
FINANCIAL CHRONICLE
OCT. 25 1930.]
Friday
Last Week's Range Sales
Jot'
Sale
of Prices.
Price. Low. High Week.
Range Since Jan. 1.
Iligh.
Low.
Memphi3P&L58.lO4S
Mid States Pet 630-1945
Middle West Uti143.58 1931
Cony 5% notes _ _ 1932
Cone 5% notes___ -1933
Cony 5% notes_ _1934
Cone 5% notes_ __ _1935
Midland Nat Gas 6s.._1935
Milw Gas Light 4)0_1967
Minn Gas Light 430_1950
Minn Pow & Lt 45351978
Miss Power & Lt 5s__ _1957
Miss River Fuel 6•Aug15'41
With warrants
Without warrants
Miss River Pow deb 58 '51
Montreal L II& P 001 5851
1970
5s series 13
100% 100% 3,000 1004 Oct
Oct
55
55
5735 0,000 55
100% 100% 10031 20,000 100 June
100% 100% 101% 43,000 98% July
30,000 98
984 9831 99
Oct
z9735 98% 53,000 z97
Oct
27,000 05
96
Oct
9635 95
9835 98% 19,000 98% Oct
102 102% 25,000 95 , Jan
9334 93
Oct
94% 204,000 93
94% 944 9531 27,000 8935 Jan
0735 97
984 88,000 9534 Sept
Narragansett Elea 5s A '57
2026
Nat Pow & Lt (is A
2030
5s series II
Nat Public Service 58_1978
National Tea Co 5. _1035
Nebraska Power 6s A.2022
NE Gas & El Aasn 58.1947
-1948
5s
1950
5s
N Y &Foreign Invest
530 A with warr1948
N P& L Corp let 4345'67
Niagara Falls Pow 68_1950
Nippon Elea Pow 6%5 1953
A1948
Nor Cont UM 5
North Ind Pub Serv 58 1966
1969
&aeries D
No Sta Pow am% notes 33
'
1940
5355
Nor Texas Utilities 7s_103.
With warrants
Without warrants
Northwest Power tts A 1060
102% 10234 10235
105
105 107
9035 89
914
75
7335 75
99
9935
108% 108%
92
91
92
01% 914 92%
90% s89
91
48,000 97
16,000 104
116,000 89
83,000 73%
4,000 98
6,000 104
142,000 85
38,000 85
265,000 88
Jan
Jan
Oct
Oct
July
Jan
Jan
Feb
Oct
85
8634
96% 9735
105% 106
89
89%
85
85
85
1024 103%
1024 1024 1034
1024 10135 102%
101 1014
15,000 79
156,000 91
15,000 105
47,000 88%
25,000 72
10,000 9734
52,000 9734
5,000 10034
7,000 101
Jan
Feb
Jan
Feb
Aug
Jan
Jan
Feb
Oct
Ohio Edison lot 55_ __.1960
1952
Ohio Power 58 B
1956
4345 series D
Okla Gas & Elea 5s_ _ _1950
1950
New
Ontario Power 5 355-1950
Osgood Co with wiu-r (is '38
Oswego Riv Pow 68..._1931
Pao Gas & El let 4346_1957
let .4 ref 4%s F____1960
Pacific Invest deb 55._1948
Pac Pow & Light 5s_1955
Pacific Western Oil 6345'43
Penn Cent LA P 4%8_1977
Penn-Ohio Edison 6a...1950
Without warrants
1959
113411
Penn Dock & W 85 w w '49
Penn Pr & Lt let ref 5a B'52
lat & ref fas ser D__ _1953
Peoples Lt & Pow 541_1979
Philadelphia Elec 55_ _1960
1947
She
Phu. Mee Pow 5 kifl ion
Phila Rap Transit 65.1962
Phila & Suburban Counties
es.E let & ref 4348 1957
Piedmont Hydro-El Co
1960
635s class A
Putts c c& St L 4358-1977
Pittsburgh Coal(Ie.__ _1940
Pitts Screw es Bolt 530'47
Pittsburgh Steel 113_ 1948
1939
Poor & Co 65
Portland Geh El 4%8_1960
10035
102%
97%
101%
1004
92
113
113
l005( 1004
102%
103
103
103
113% 74,000 102
Jan
101% 46,000 9235 Feb
103
2,000 10034 July
1034 10,000 98% Jan
1,000 100
May
103
86%
97
113 115
2.000
9934 9935 18,000
984 9935 11,00
100% 1014 274,000
102% 1024
800
9734 97% 7,000
101% 101%
3,700
10034 101% 10,000
92
9334 79,000
57
57
3,000
101 101
2,000
974 97
984 52,000
07
964 98 104,000
75
75
76
19,000
99
99
99% 134,000
88
387
904 49,000
95
96
60,000
101% 101% 10435
101 1014
88
88
9235
103 10335
103
103 103%
78% 7835 804
1044 10435
1074 107%
106
106 106%
70
67% 71%
1014 10134
824
09
92
8134
100%
99
9835
102%
99
91
84
101%
9931
98%
102%
100%
93%
Potomac Edison 55-_1950
102% 102%
Potrero Sugar 78
1947 59
60
59
Power Corp of Can 4%8'59
88
89%
Deb 5sserlea A
1957
101 101
Pow Corp (N Y) 530 194e 99
100%
99
Procter & Gamble 430
100% 101
Pub Ser of N Ill 430-1980 0651 9634 9735
PugetSound P & L 5345'49 10251 102 103
1st As ref 1551 C._ .___1950
99 10034
Queens Borough 0 & E-1952
5518 series A
102 102
Reliance Management
Ss with wiuyant8.__1954 7935 75
83
Remington Arms 534s 1930
97
97
Roohester Cent Pow 58- '55 6951 694 7335
Ruhr Chemical (is A__1048
73
74
Runr Gas 648
1953 81
83%
78
Ruhr Hous's Corp 0}4s '58
73
70
Ryerson (Joe I').1 dons 1toi
1943
15
-year deb 58
96 s96.4
St L Gas & Coke 65_1947
San Antonio Pub Serv5e'58
Saxon Pub Wks 5s_ 193's
Sextet Co let cony 66 A '45
Schulte Real Estate 68 1935
Without warrants
SOMPPel(E Wi 5345.._..1943
1948
Servel Inc Se
Shawinigan W & P4345 '67
1968
4345 series B
let 5s ser C when %sued
1970
let 451s ser D
Onawstieen Milla 7a.._1031
Sheffield Steel 5'(8.._1t)48
Silica Gel Corp 6518.1932
With warrants
Snider Packing 6s____1932
Sou Carolina Power 513 1957
Southeast P & L 6s202b
Without warrants
Sou iJailf Edison 5s-_1951
Refunding 55
1952
1944
Gen & ref 55
1937
Sou Cal Gas 55
Southern Natural Gas 6844
With privilege
Without privilege
So'west Dairy Prod 63411'38
Southwest 0 & E 58 A 1057
Southwest Lt & Pr 58 A '57
So'west Nat Gas 60_1945
So'wess Pow & Lt 6s__2022
Staley Mfg Co let(93_1942
Stand Gas & Elec 65_ _193o
Debenture Os
1951
Debenture 68 Deo 1 1066
Stand Invest 530__19311
Stand Pow & Lt 6a__--1957
Stinnes(Hugo) Corti
7a Oct 1 '36 without warr
7e without warr. _ _ _1946
Strawbridge & Cloth 58 '48
6134
934
9834
81
9635
10151
97
100%
1034
51
30,000
28,000
0,000
7,000
5,000
18,000
6,000
1,000
24,000
7,000
4,000
97
Feb
994 Oct
18
June
98
98%
91
9934
99%
92
57
90
9335
9635
75
964
81
92
Aug
Jan
Jan
July
Aug
Oct
Oct
Jan
Feb
July
Oct
July
Jan
July
99
90
88
9934
9951
e74%
10235
10534
1044
65
Jan
Jan
Oct
Feb
Feb
Feb
Feb
Jan
Fel
Sep
9635 Ma
90,000 80
Oct
77,000 100% Oct
Aug
11,000 99
2,000 9835 Mar
6,000 101 35 Jan
15,000 99
Oct
Oct
1067000 91
8,000 005
3,000 69
7,000 81
1,000 101
3,000 9535
22,000 9535
48,000 94
70,000 99)4
71,000 95%
.Tsr
Oct
Feb
July
July
Feb
July
Jan
May
10,000 10034
Jan
75,000
1,000
52,000
26,000
75,000
9,000
70 Jun
Apr
97
6935 Oct
6934 Oct
73
Oct
70
Oct
13,000
92
Jan
57
61%
994 100
91
94
9735 99
31,000
16,000
118,000
61,000
57
91
8935
9735
Oct
Jan
Oct
Oct
81%
81
88
89
70
70
96
974
9634 97%
10134 104
97
07%
10034 10035
1034 103%
10,000
17,000
14,000
128,000
11,000
45,000
1273000
91,000
6,000
53
82
64
90%
90
98
97
9634
9735
June
Oct
Feb
Feb
Feb
Feb
Oct
Jan
Feb
96
50
97
98% 5,000
5231 42.000
97
2,000
96
Oct
5()
Oct
9235 July
0194
88%
8735 85
714
79
86
62
62
65
98% 074 9934
9731 97
9851
79
79
84
109 s10835 1094
98
074 98
10251 102 102%
10151 101 101%
10134 101 1024
83
84
9934 NH 10031
Apr
Sept
Jan
Oct
Sept
June
Sept
Ave
Aug
Sept
Sent
Apr
Sept
75
70
75
7735 65,000
15,000
68
70
5,000
9634 97
Oct
Sept
Oct
Jan
Feb
Oct
Jan
Jan
Aug
Aug
Aug
Jan
Jan
72
68
96
Oct
Oct
June
Low.
High.
17,000 19 June 50
35
Jan
33
Stutz Motor Car 7348.1037
101
25,000 100
Jan 10235 Mar
1)331( 101% 10135 102
duo on 6355
7614
44,000 9931 Oct 10035 Oct
1940 99.4 9934 100
Sun Pipe Line 50
101
102% 10231 6,000 100% July 103
Aug
Swift & Co let m s f 5s 1944
10135
Sept
1040 100% s100 10133 125,000 07% Aug 103
Is (9 nen issued
100
Tenn Public Service 56 1970 963.1 9634 9731 189,000 9531 Oct 9835 Oct
10034
Oct 87
May
Tend Hydro-Elec 635e -ea 7935 7931 8034 32,000 77
9935
18,000 7435 Oct 8634 Apr
78
75
Texas Cities Gas 5,5_1948
98%
0931 50.000 87
Oct 10035 Aug
Texas Elec Service 0.1969 97% 97
104
10,000 82
Oct i0735 Apr
82
86
Texas Gas UCH ea _ _ _ _1945 82
95%
Jan 102 34 Oct
Texas Power & Lt es__1956 100% 100% 10134 60,000 .45
97
Mar 10835 July
107 107% 6,000 106
2022
6s
99%
82 34 5,000 112
Oct 08% Mar
82
Thermoid Co 6s a' W--1954 82
Mar
z704 76 187,000 57034 Oct 100
Fri Utilities Corp deb 54•71( 74
122
Mar
9831 9834 9,000 981% Sent 98% Sept
101% Oct Twin States Nat Gas 138 '33
29,000 611
Jan
1434
85
86
1941 85
10435 Sept Ulan Co es
84
16,000 80 June 98
Apr
10.18
s82
10434 Sept Union Amer Inv 6s
104 104% 4,000 9935 Jan 10434 Oct
104% Sept Union El L & P 58 B__1967 104
Union Gull Corp be Jul 164) 10135 101% 10134 195,000 99 June 10235 Aug
10294 Sept United Elec Service 78
12,000 84
Oct 103% Apr
86
90
With warrants
10834 Sept
Oct 97% Apr
8535 85% 2,000 81
Without warrants. 1956
95
Sept
7,000 79
Oct 92'-4 Apr
6518 '41
79
81
8614 Mar United Indus Corp
95
Oct 97% Oct
9635 11,000 95
9934 Oct United Lt & Pow 68_ _1975 95
1,000 10035 Oct 100% Oct
1974
100% 10034
Deb 6358
11135 Oct
83% 8835 86,000 83% Oet 94% Sept
United Lt de Rya 635a-1952 85
May
118
20,000 99
July 104% Sept
1952 10151 10035 102
Galleries A
9441 May
4
June
101 101% 2,000 100, Jan 107
'36
Oct United Rys (Hay) 7
8,000 8035 Oct 88% May
8034 81
1:1 S Radiator 55 A____1938
U d Rubber-90
Apr
8,000 9654 Jan 101
98
98
Mar
Serial 634 notes_ -1931
98% Oct
May
7735 8134 64,000 7734 Oct 100
-year 6% notes__ -1933 80
3
(07 June
4,000 55
Oct 81
55
55
Feb
Mar Van Camp Packing 681948 55
94
92 542,000 75
Oct 100% APr
Oct van eweringen Corp 6s_'35 8634 75
86
103% 10335 6,000 9735 Jan 10434 Oct
Virginia Elec Pow 5s .1945
Aug
105
9934 9934 3,000 9935 Oct 9935 Oct
Aug Va Public Serv 5355 A _1946
105
Waldorf-Astor% eorp104% Oct
71% Oct 10334 Jan
let 78 with warr_ -1954 79
713.4 8435 61,00
Oct
10234
102 10335 15,00
98% Jan 105
Sept
Wash Was Pow 55 w1_1960 102
95% 9535 10,00
8534 Jan 9744 Apr
6 %a_ .1033
Oct Webster
115
June 93% Mar
West Penn Mee deb 582030 90% 90% 9134 11,000 88
101% Aug
9535 75,00
89)4 Feb 97
Sept
10335 Sept West Texas Utll Se A.1957 9334 92
Western Newspaper Union
7235 7,00
68
68
Oct 92% Mar
1944
Cony deb 6s
102% Sent
Sept Wisconsin P & L 5s E..1956 10135 10135 10134 7,000 99 June 103% Aug
104
Oct
99
Foreign Government
10235 Aug
and Municipaiities103% Aug
6635 Oct 9535 July
6634 6635 2,00
Agile Mtge Bk 75.A&O '46
Sept
97
79% 81% 7,000 7935 Oct 9835 June
Feb Baden (Germany) 7s...1951
82
93
June
93
6.00
Oct 97
93
101% Sept Idesbane (City) 6a_ _1950
95
33,000 89
Oct 102
Age
9835 Sept Buenos Alrea(Prov) 7345'47 94% 92
15,000 85
Oct 10054 Apr
1952 89
88535 89
75
9935 Sept
Oct 9594 Oct
8535 Apr Canada 30-yr 45.0ct 1 1960 9535 9535 9535 194,000 95
101
Sept Cauca Valley (Dept) 1853 0)
Apr
55
71
21,000 55
Oct 89
Colombia exti s f 75.1943 80
97
Aug
Cent Bk of German State &
9644 Oct
74
19,000 73
Oct 8034 Mar
73
Prey Banks 61( B_ _1951
73
75
9,000 72
Oct 86% Mar
1952
let 6s aeries A
105% Apr
98 100
23,000 in 14 Jan 101% Aug
104% July Danish Cana Munk:5355'513
95
Oct
9735 13,000 904 Jan 100
1053
5s
98% Mar
83
84
46,090 83
Oct s834 Max
104
Sept German COOS Munk:. 73 '47 84
71% 75
45,000 66% Oct 91
Mar
1947 72
68
1043-4 Sept
86
88
15,000 85% Jan 95
Apr
9334 Mar Hanover (Prov)6 3<s_ _1949 86
July luaus Mtge of Finland
105
95
97
35,000 93% Oct 101% Sept
let Wife coils f 75 1954
June
108
60
60
Apr
9,000 50
Oct 85
10641 m ar Maranhao (State) 78_1958
93% Jan Mendoza (Prov) Argentine
8035 8635 60,000 6635 Oct 9434 Mar
External 730 Sf g _ _1951 82
102
Oct Mortgage Bank (Bogota)
73
77
18,000 70
Jan 83 May
70 Issue of '27(MAN)'47 77
71% 7735 49,000 65% Jan 84
July
7s issue 06 1927 new_1947 77
May
92
Aug
Oct 101
Mtge Sank of Chile 6.5_1931 97% 963.5 9734 23,000 0e
10234 Sept
10244 Mar Mtge Bk of Denmark 56'72 9944 9935 100% 29,000 95% Jan 100% Oct
10334 10434 3,000 10335 Mar 10735 Aug
10034 Oct Netherlands (Kingd)65_12
Oct 9234 Max
Prussia (Fee State) 65_1952 75% 7435 77 101,000 74
104
May
8135 50,000 77% Oct 9734 Mar
Exti 6343(of'26)SeD 15'51 7834 78
1104 Feb
93% Sept Russian Government
Jan
3
351 9,000
1919
Orn
8
6348
Jan
234 334 42,000
_1919
2% Oct
7
634s certificates
102% Oct
33.4 17,000
Jan
192)
3
Oct
3
8
7844 Apr
98% 5,000 93
Apr
Jan 101
92% Oct Saar Basin (Counties) 75'35 9735 97
Feb Sante Fe (City) Argentina
105
Mar
80
10,00
78
1945 79% 78
Oct 94
External 7s
101
Oct
8,00
8035 Oct 97 June
10134 Sept Santiago (Chile) 75_ _1961 8034 80% 83
Sydney (City of) New
98
Oct
80
8034 17,00
Routh Wale. 54s-191te
80
Oct 9034 Mat
loot Sept
101% Sept
•No par value. I Correction. as Listed on the Stook Exchange this week, where
10434 Oct additional transactions will be found. is Sold under (ha rule. c Sold for caati.
s Option Bales. I Ex-rights and bonus. to When issued. s Ex-(11v. r Ex-rights
Mar
95
•"Under the rule" sales as follows:
9935 Feb
84
Mar Amer. Commonwealth 68, 1949, Jan. 22, 53,000 at 106,4107.
83
July
8914 Mar Associated Laundries. Feb. 17, 100 at 14.
84% Aug Blew-Knox Co., Jan, 2, 58 shares at 31.
Buroo Co., Jan. 25, 50 warrants at 5%.
Oct Central States Elec., Feb. 0. 8,300 shares 0% pref. at 70.
98
Mar Coon(W.II.) Co., Oct. 9, 100 at 74.
83
10134 Oct Donner Steel Feb. 27. 50 shares common at 33,
July Electric Power & Light 5s, 2030 new, Sept. 18, 530,000 at 9234(693.
08
100
July
General WM. Wks Gag & Flee. Os. 1944, Jan. 29. 51,000 al Um
8515 Sept Gerrard (S. A.) Co., Jan. 2. 105 shares coca. at 24.
9335 Aug Gorham Mfg corn etc. AprIl 23, 1 at 4334.
72 34 Sept
98% Sept Happiness Candy Stores corn., Feb. 3, 100 at 1 34 ,
9835 Sept Houston Gulf Gas, Mar. 3, 2 shares at 19.
105
Sept Jersey Central Power & Light 7% preferred, Sept. 11, 50 at 10931
97% Oct Kopper Gas
dr Coke pref., May 6, 25 at 10234.
10334 Aug
.
1(11
Sept Mohawk St Hudson Power, Feb. 6, 75 shares 2d pref. as 112
Neve Drug Stores, May 16, 20 shares at 2
107
Mar Russian Govt. 53'4s, 1921 ctfa.. Feb. 7, 56.000 a17.
75
Apr
97
Oct Singer Mfg., Ltd., Feb. 18, 100(shares at 8.
Sept
Sept
Sept
Sept
Sept
85
74
9915
91
90%
79
103
9734
101%
10034
101
8155
9739
Range Since Jan. 1.
Oct
May
June
Oct
Sept
July
Sept
July
Sept
Oct
Sept
Sept
1054 104% 1064 79,00 103
Feb lossi
104
103% 101% 21,00
99% Jan 105
104
1034 104% 16,000 99% Feb 104%
1024 102% 8,000 10034 Jan 103%
94% 94
94% 23,00 :91
Jan 96
43,00
4,000
9,000
72,00
13,00
25,00
31,00
9,00
43,00
23,000
15,000
8,000
83,000
Bonds (Concluded)
Friday
Last Week's Range Sales
of Prices.
Sale
for
Price Low. High Week.
105
8635
91
100
99%
99
10934
9932
10351
1034
10334
9335
102%
9034 June
86% July
97
Apr
s "Optional" sale as follows:
Amer. Commonwealths Power 6s, 1940, Oct. 23, 52,000 at 88.
Associated Gas & Elec. 58, 1950. Oct. 21, 51,000 at 8234.
American Aggregates deb. 6a, 1943, Oct. 11, $1,000 at 70.
Cuban Telephone 734s, 1941, Oct. 15, $1,000 at 10134.
Del Elec. Pow. 634s. 1959, Feb. 19. 51,000 as 9234.
General Vending 6s, 1937, Oct. 15, 51,000 at 19.
Intercontinents Power deb. 6.3. 1948, with war., July 11, 55,000 at 97
Italian Superpower 6s, 1943, without warn., Oct. 18, $1,000 at 6531.
Leonard Tietz 730 1946 with 'warrants, May 12, 83.000 at 115
Middle West Utilities 5s, 1934, Oct. 20, 510,000 at 9734.
Montreal Lt., Rt. dg Pow.Cons., Feb. 10. 100 shares at 438
Morris & Co. 735s, 1930, June 30, 52,000 at 10151
Patterson-Sargent Corn., corn.. Jan. 16, 100 at 2235.
Peoples L.& Pow.5s, 1979, Feb.28, 52,000 at 7434.
Sou. Calif. Gas 54.1937, Feb. 15, 51.000 at 9034
Swift & Co. 5s. Oct. 15 1932, Jan. 16. 55,000 at 9931.
Swift International. (Iona.. July 10, 100 at 2834.
Tri Utilities Corp. 5a, 1979, Oct. 22,$7,000 at 704672.
2680
FINANCIAL CHRONICLE
[VOL. 131.
Quotations of Sundry Securities
All bond pricer are **end interest ereept where marked 'f''
.
Public Utiiltbse
?sr BM. sat./
Appalachian El Pr pref.. A00 10712 10812I
Arizona Power 7% pre1-100 86
Associated Gas & Eleot 90
9112
115 Preferred
Cave e
56
111 core
(t)
6% ereferred
10(1 109 11112
Col E1& Pow 7% pf
100 .113 _--Icemen DUI Assoc! com---t .31
re
Convertible Mock
Gen Public Util $7 pref
8712
t .86
Mississippi Rly Pow pf ._100 •I08 110
First Ictge be 1951___J&J 102 103
Deb be 1947
MAN 98 100
National Pow & Lt
t *10012 10112
56 Preferred
Northern States Power
100 108 108
7% preferred
Ohio Pub Serv 7% pref-100 107 10812
97
99
6% preferred
2812
Pacific Gas & El lot pref_ _25 nd
Puget Sound Pr & Lt $6 pf-t .9912 101
.83
55 preferred
90
lot & ref 534s 1949_.I&D 102 103
Say El & Pow 6% Pf---100 90 93
Sierra Pac El Co 6% Pf-100 93 95
Stand Gas & El $7 pr 0_0')•108 109
$6 prior prof
(t) *99 100
Tenn Elee Pow let pref 7%_ 1094 110
100 99 101
6% Preferred
,
Wed° Edison 5% Pref.- 97 98 2
104 106
6% preferred
100 109 111
7% Preferred
Utilities Pr & Lt
1)1_100 9612 98
Short Term Securities
*ilia Coal Mfg Se May 1937
Alum Co of Amer be May '82
Am Meta)530'34_ A&O
Amer find deb 430 May la
A•13 ROli Mill deb be_Jan '68
Amer Wat Wks be'34_440
B Tel of Cans.A_ Mar '65
•aldwin Loco 530'33 M&S
C PM deb 630_001 1937
EliPOO El III ROOlf,003U,% note Noyl'31 515rN
4% notes Nov 1 '32 M&N
b% not Jan 15 '33_ _J&J
Fisk Rubber 534e_ _Jan 1931
Gummi Motors Accept
.1% see notes___ Mar 1931
6% am notes_ Mar 1932
5% ser notes-_Mar 1932
5% ser notes___Mar 1934
5% eer notee___Mar 1936
5% Mr notes-Mar 1936
Gulf Oil Corp of Pa
Debenture be-Dee 1937
Debenture Se___Feb 1947
Koppers Gas &Coke
Debenture be_June 1947
Meg Pet 43-0.Feb lb '30-35
Saarland Oil
Serial 5% notes J'ne 15'31
Serial 5% notee J'ise 15'32
Mass Gee Coe 534e Jan 1946
Peoples Gas L & Coke
. Dec 1930
430
Prot) & Gamb 630 July '47
I 434_1931
Moss
-Sher S
Uilon Oil be 1936____Fer.4
United Drug Si 1932_440
Debenture Si. 1933-4.40
Tobacco Stocks
102 1023
8
10414 10412
9414 954
9812 100
9712 08
10214 1023
4
104 106
10112 102
97
973
4
I
---- 10012
003
8
102
02 2
,
20 25
10012 f
ey10011
10012 101
100 8 101
5
10038101
100 100 4
3
10114 1017
8
10112 1023
4
9912 10014
99 10012
100 8
3
100 101
53
10312 104
100
10014 101
100 10038
100 8 101
3
10012 101
10012 101
Par
American Cigar pref____100
British-Amer Tobae ord_ _21
dearer
El •24
Imperial Tob of GB & Irel'd 22
Tin Foil & Met-100 40
Johnson
Onion Cigar
ninon Tobacco Co Claes A _
Young (J 8) Co com____100 98
100 101
Preferred
85
26
26
24
50
14
4
-------
ttaliroad Equip.
(Concla.)
Kanawha & Michigan
Kansas City Southern 534sLosisville A Nashville 62.Equipment 630
Michigan Central 5.
Equipment ale
ds P & SS M
& be
Equipment 630 & 7s
Missouri Pacific 630
Equipment Os
Mobile & Ohio 55
New York Central 630 & be
Equipment 6e
Equipment 75
Norfolk & Western 4 He_
Northern Pacific 75
Pacific Fruit Express 7ePennsylvania RR equip bs
Pietist) & Lake Erie 6
Reading Co 430 & 58
St Louie & Ban Francisco bs
Seaboard Air Line 530 & ds
Southern Pacific Co 440
Equipment 7s
Southern fly 430 & be
Equipment (is
Toledo A Ohio Central(la_
Union Pacific 7s
Ns.
4.80 4.50
5.00 4.60
4.80 4.50
4.40 4.20
4.25 3.75
4.50 460
4 75 4.50
5.00 4.60
4.60 4.45
490 4.60
4.50 4.25
4.30, 4.15
4.90 4.60
4.40 6.10
4.30 4.10
4.40 6.00
6.35 6.20
4.30 4.15
4.40; 4.20
4.20 4.10
6.45 4.25
5.75 6.20
4.30 4.15
4.35 4.20
4.50; 4.25
4.80! 4.50
4.80 4.50
4.30 6.20
Aeronautical Securities
AeronauticalInd without war
Warrante
Air Investors common
Alexander Indus corn
8% Participating pref____
American Airports Corn
Aviation Sec of New Eng.
Salience Aircraft Corp
Central Airport
Cessna Aircraft new corn
Consolidated Aircraft
Consolidated Instrument-_t
Curtiss Flying Service....
Curtiss Reid corn
Dayton Airpi Engine
Detroit Aircraft
Fairchild Aviation elms AFederal Aviation
Fokker Aircraft 1st Pi
General Aviation 1st
Rimer Airpl & Motor
Lockheed Aircraft
Madder Air Lines arm
National Aviation
New Standard Aircraft.. .
Sky Specialties
Southern Air Transport....
Swallow Airplane
Warner Aircraft Engine
whirsamy Mfg
5
8
I
_ 60
114
12
212 412
6
612
n1
5
1
4
12
13
2
3
2
512
1
2
2 4 21
3
4
2
28
7
112 3
3
5
17 Ili_
14
•1
11212 54
_
12
b
n3
10
3
5
55
10
n1
4
1
3
1
3
Chain Store Stocks Par BM. Ask.
Reeves (1)aniebpreferred100 88
93
Rogers Peet Co eons ___100 a95 120
1120
Schiff Co corn
24
Cum eons! pref 7% -100
45
Silver (Isaac) & Broe oom-t .
50
7% cum cony pref._ _100 80
88
40
Southern Stores6 unite
IJ S Storm
5
First preferred 7%___100 35
45
Young(Edwin H)Drug units
Standard Oil Stocks
Atlantic Ref corn
25 .22 2214
Borne Serymeer Co
20
25 .10
61
Buckeye Pipe Line Co_ _50 *47
Cheeebrough Mfg Cons _25 •100 125
314 2
5
13
034
Continental 011(Me) v I c 10
Continental OP (Del)
414
Creole Petroleum
(t) .4
35
Cumberland Pipe Line 100 25
40
Eureka Pipe Line Co_ .100 30
4
Galena Oil oom
(t) .3
30
General Petroleum wi
Humble Oil& Refining___25 *7314 7412
Illinois Pipe Line
100 305 325
Imperial Oil
•1681 17
31
Indiana Pipe Line Co----10 •z25
International Petroleum- _t 1514 15,2
1412
National Transit Co_ _12.50 .14
New York Transit Co___100 1112 14
Northern Pipe Line Co__100
.2 14 232334
3
2
0
Preferred
10(' 105 10512
Penn Mex Fuel Co
26 .1812 20
Prairie Oil & Gas
26
227
8
Prairie Pipe Line
25 .2712 273
4
Solar Refitting
93
4
26 '9
Southern Pipe Line Co__ _50 .8
912
South Penn 011
25 .2512 264
Southwest Pa Pipe Line-50
• 0 2 42
*9
5 , 40
4
3
Standard 011 (California)__ t .114 5138
Standard 011(Indiana)-25
211z
Standard 011 (Kansas)
-26 *21
Standard 011(Kentecky)_10 .25
254
Standard 011 (Nebraska)_26 *42
45
Standard 011 of N. J
25
112
5% 2
Standard 011 of N Y
25 *3 2 3334
6
Standard Oil (Ohio)
55
26 •52
4
Preferred
100 1163 117
Standard 011 Export
104 4 10412
,
Swan &Finch
25 .418 10
Union Tank Car Co----(t)
2512
63 8
Vacuum 011
25 . 5 64
4
.2238
'
25
Investment Trust Stock,
and Bonds (Cana.) Par Bid. 441
18
20
Greenway Corp corn
Preferred ex warrants -- _
Warrants
.
20
23
Guardian Investment
22
26
Cony preterred
rerrea
18 1 22
Pre
Guardian Investor.
36 units
$3 unite
$7 preferred
13
17
Incorporated Equities
41
88
Incorporated Investors
5
512
Independence Trust Shares_
Industrial Collateral Assn..
Industrial & Pow See Co_- /1 1 14
6
81
83
Insuranshares Ctfe Inc
Inter Germanic Trust
34
37
Inc .LC n 8 Am corn A
tS
o
o rp of
o
53 _--.
4
Allotment certificates_ --..
r% Preferred
----I ....:
93
634% Preferred
-_
8934
d% preferrare
fieterstatebIhed Corp_ __ invest Co of Amer am.... 181 -- 2
2
80 1 85
InvZet preierref N I
7
lrund ed
Investment Trust of N I'_
es
8718'
98 2
4
4
1014
Invest Trust Associates _ _ _
Joint Investors class A.. _ _
15
2
0
Convertible preferred. _50 3712 474
Keystone Inv Corp class A. -_-- --1Clas
-7
8 8 98
Leader: of Industry
5
Massachusetts Investors- - _
35
4841
Mohawk Invest Cori,
63
4 814
Mutual Invest
NatlentvIde See Co tr ett B
714 73
4
Nat Re-Inv Corn
6
7
North Amer Util See
28::
7
Northrerredr 'Tr Shame_ ___.
Pre A me
712
1
3
North & South Am B cone_ .
011 Shares units
tO
12
Old Colony thyme Ti' corn.
44% bonds
0OvIderColony Ti'
Ae"clate548- ' 88
" 88Peetrie Iev l °
Fif st prererrer
r eem --00 ::::
1 Second preferred
t
42
Power & Light See. Trust
Public Utility Holding
Common with warrants__
8813 83
4
Corn without warrants _ _ _
--.--.
1
-514
-3
17 111 nts
.
V1 :
7
26 1
Reactant) Inv Corp nom -_ _
82
741013
Royalties Management_ _ _ _
Cent CorpSeabd
unite-Common
Second Financial Invest....
21 4'- HT
Second Internal Sec Corp._ -----3--.
34
3
Common B
43 4
3
SecondpN ferr
d% reat 17:lesion,
Select Trust Shares
Shawmut Assn corn
10 84
2
15
Shawnee* Bank Inv Trust51 8
8
434,
82 87
58
fle
1952 135 -(35831,..
Southern Bond &
Common A
Common B
Preferred
Standard Collateral Trust
Standard Corporations ___ _
Standard Inveeting Corp.--
47
Investment Trust Stocks
and Bonds
Admstr Ruseareh A_
_All America Investors A _
-- -3ii - 6 4
9
1- 3
Amer dr Continental
1312 17
Amer & For Sh Corp unite_ ---- -- -Common
534% cony dabs
1938
Water Bonds.
64 74
Amer Founders Corp corn__
Cony preferred
90 1
Ark Wet let be A '56-440 97
6% preferred
443 483
4
4
2
Birm WW let 6304'54440 101, 1-024
7 tho
11preferred
.
4911'
les M 51119545er B__J&D 9812
1301 162
101 103City W (Chat)54/14 54 SAD
1-70th.
.
8o1 Ile
SAD 95
let Id 51 1954
Warrants
City of New Castle Water
Amer & General See 6% pre! 433
4
93 .--J&D
be Dec 2 1941
Clam A
15 i
Clinton WW let 5a'39_F&A 92 ---Class B
Com'w'th Wat lel 53404'47 100
Amer Insurance Stock Corp_
13
£4
614 64,
1
Amer Invest Trust Shares__
Con'llav W Se 0M2'39 AM) 93 E St L & Int Wat 5.'42 J&J 9612 98
Amer fly Tr Shares
100 102
J&J
lit M 6e 1942
Astor Financial
Huntington let 6. '1511_MAS 102 ---- Atlantic Securities corn
be
1964 95
lI
Mown Con W IstSeld J&D 9212
42
Preferred
712
45
StaAaidpOll Tr h twerr 4....
3
ref wite She--..
,
71f
Monm Val W 5340 '60_J&J 97 2 99
--__
Baneebares Invest Inc A._
Clam It
Muncie WW 5e0M2'39 4.40 93 __-Class B
Standard Utilities_ _ _ . __ St Joe Wat is 1941_A&O 97
45
Bankers See Tr of Am corn
6-8 51 .
Straits (T. W.) Inv. Unto . --5- -12
Shenango Val W fes'be_A&O 90 93
Bankinstocke Holding
Super Corp of Amer 4-....
814 :
738 8
7
South Pittsburgh Wfttef CO
Bankshares Corp of U S el A
711 8
Clam II
Corp.95
let be 1960 mutes A _J&J
Banketocks Corp of Md 01 A
658 _vs Trustee Stand Oil She A__.
D
let Se 1960 eerie, B__ J&J 05
Class B
FAA 99
let M be 1965
Preferred
Trustee Transportation _ _ _ _
Terre H WW 6s '49 A_JAD 101
Bade Industry Shares-At)
-If; -Err
let M 58 1956 ser B.F&D 94
British Type Investors--(t) 305 355 United Founder. Corp .
68 7 s
;OM
Wichita Wat 1st Os'49.MAS 100'...
Cent Nat Corp A
lit M 681956 ser B_F&A 9512 9612
Class B
10
15
United Trust Shares A 2
----* ---Chelsea Exchange Mass A
3
6
II S Elee Pow Corp
Class B
I
3 0 13 Shares clam A
Chain Store Stocks.
Colonial Investor Shares_
213 223
4
4
Class A 1
Commonweelth Share Corp_
---838 91
Claes A 2
Bohm* (II C)Inc.
Consol Trust Shame (Mo)_.
Class C 1
7% let preferred
100 102 105
Continent'! Metropol Corp_
216 _ _
Class C 2
al
3
Butler(James) common__
Continental Shares corn.
143 157
8
;
Class C 3-..
35
Preferred
100 n16
Continental Scour Corp-(t)
Clam D
30134
Diamond Shoe oommon
30
Preferred
66
4
70
7
11%2 121
834
Clam F
Preferred with ware
91 - 9-8
Cop ferred
Cap Corp units.
171 1914
4
Clara H
Edison Brce Stores Corn
93 15
4
Deferred Mock
(t)
U c4 BA Internet Wass B..
131,488 rit
33 ---•
4
Preferred
95
Credit Alliance A
15
Fan Farmer Candy Sh Pf-t 27
32
Corporate Trust Shares_
43 '
63
11 710
Preferred
Fishman (H M) Stores oorn
20
Crum & Forster Insurnsh B 44
46
U S Elee Lt & Pow tr ett A
323 -344
4
Preferred
103
7% preferred
100 10112
84 Ws
Trust Ws sec B
.
Ot All & PAO Tea prof.. 100 111 121
8% preferred
Howorth-Snyder Co A
13
Crum dr Forster Inc B
143 Cie-°
4
Knox Hat
50 60
Deem B'kshares ear N Y.1
83
100 41
43
4' 94 Fa1ardoSuSgurrearrS4"ke
Kobeeker Stores corn
28
Series B-1
15
03 1 9 5 Godchaux Sugars Inc A.... 14
.1,
7
Cum pref 7%
100
-- Devonshire Investing corn
317
2
9
39
1.1
934 Kress (S H) 6% pref
1012 Diversified Trustee She A1912 2014
100 50 52
Preferred
Lerner Stores 6.3S % PI w w.
95
Shares B
1641 167 Hayden Corp Amer
.3
6
a
.
Lord & Taylor
100 niii 275
Series C
22
63
47
14 HoIlyferredr Corp oorn----1.18
pre Suga
First preferred 6%_-.100 n95
_
Eastern Bankers Corp men_
60
100 60
Second preferred 8%.100 n98 106
Units
11
8
7
1813
iletioNk4ueroar Re
Na na1 Elug sugak::: 100 2 4 28
00
MaeMarr Store. 7% pf w w
75
82
EQUii Investing Corp units_
Melville Shoe Corp
Equity Invest Corp oorn
23 __-- Savannah Sugar corn
len pref
90
with watt-100
Units
60
10. 561
Preferred
Metropolitan Chain Stores
Federated Capital Corp.... 10
4 9
15
Sugar Estates Oriente 1.4_100
100
New unite
New preferred
26
Vertientes Sugar pref._ _100 20
Miller (I) & Sone oom____t 22
26
First Amer Corp
814
100
Preferred 634%
- :first Holding & 'Fred
- Rubber Stock. (Cleselase)
Mock Judson & Voeringer pf
Fixed Trust 011 shares
63
4 74 Aetna Rubber men
Murphy (CI C) Co com-t
Fixed Trust Shame el 4.-(t) 163
4
Falls Rubber corn
t•
100 ;(-)(-)- 110
8% cum-pref
Class B
4
Preferred
(t) 143 _
26 •
4
Nat Family Storm Inc wart
Foundation Sec oom
Faultless Rubber
t•
n10
14
Nat Shirt Shope nem
Preferred
Gen'l Tire & Rub com-25
100 n78
85
Preferred 8%
Founders See 'Tr pref
Preferred
100
13
Wafflers Inc corn
612 Founders Sharer!'
Goody'r T & R of Can pf.100 r - 93
Nelener Bros Inc Pref 7%100 78
General Equities A
412 512 IndlaTireA Rubber
• -98
Newberry (I) Co 7% PI 100 n92
Gen Pub Sere 6% pref
93
95
Monawk Rubber
100
14
NY Merchandise oom-t *10
General Trustee oommon_Preferred
100
New units
First preferred 7%---100 __
Selberling Tire & Rubber -3 *414
05
P10112-WigglY Corp
5% bonds
Preferred
100
14" 1413
3;
1012
:I 7
-ii; -i§;
Indus. & Miscellaneous
100
AeCillan
prof
Aeolian Weber P & P
100
25
American Hardware
100
Babcock & Wilcox
(E W) Co
Preferred
100
Childs Corp pref
Dixon !Joe) Crucible__ _100
100
Safety Car Ht & Ltg
Singer Manufacturing-100
Al
Singer Mfg Ltd
34
40
8
lb
.
53 56
115 120
•
15
16
•57
108 113
140 155
106 110
360 400
.34 44
liechroed Equipments
Ailansie Coast Line 641_100
Equipment 630
Baltimore & Ohio be
Equipment 4348 & 58
Buff Roth & Pitts equip Si.
CanadianPacific 430 & ea_
Central RR of N J 6s
ChesaPeake & Ohio 60_-_-.
EQuIpment 64s
Equipment 58
CAleago & North Weet 6.
Equipment 6341
ChM RI & Pao A30 & 5.-Equipment Ile
Colorado & Southern
Delaware & Hudson 6.
Erie 430 & bs
F.quipment 6.
0.
-eat Northern (le
Equipment ft
Hocking Valley Se
Equipment Se
Illinois Central 430 & 5.Equipment 65
Equipment 71
•Per share
4.85
4.34)
4.90
425
4.50
4.60
4.75
4.80
4.30
4.30
4.80
4.35
4.40
4.70
4.90
4.80
4.60
4.80
4.90
4.30
4.35
4.80
4.30
4.80
.
4 40
4.50
4.15
4.60
4.15
4.25
4.25
4.50
4.50
4.20
4.15
4.50
4.20
4.20
4.50
4.60
4.50
4.40
4.60
4.60
4.15
4.20
4.50
4.15
4.50
4 20
.
yd
13
e%
If
3 No oar value. I Ba is. I Perch. also pays seer, die. elect sale.
n Nominal. a Es-div.
y Ha-rights
r Canadian Quotations.
0 Sale IMO.
Current Carning5
ftiontbip,
uartertp anb
!
pearl ).
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
whether monthly,
Below will be found all returns of earnings, income and profits for current periods,
half-yearly,that have appeared the present week. It covers all classes of corporate entities, whether
quarterly or
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however,is not confined to the returns which have come to hand the present week.
to supplement the inforIt includes also some returns published by us on October 18. The object of this index is
mation contained in our "Monthly Earnings Record" which has been enlarged so as to embrace quarterly and
semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely complete
which was
up to the date of its issue, Oct. 17, embracing every monthly, semi-annual and quarterly report
available at the time of going to press.
The
The index now given shows the statements that have become available in the interval since then.
figures in most cases are merely for a month later, but there are also not a few instances of additions to the list,
representing companies which had not yet made up their returns when the October number of the "Monthly
Earnings Record" was issued.
We mean to continue giving this current index in the "Chronicle" each week, furnishing a reference to
every return that has appeared since the last preceding number of the "Monthly Earnings Record." The latter
Is complete in and by itself, and for most persons will answer all purposes. But to those persons who are desirous
of seeing the record brought down to date every week,this further and supplementary index in the "Chronicle"
will furnish an invaluable addition. The "Chronicle" index in conjunction with the"Monthly Earnings Record"
will enable any one at a glance to find the very latest figures of current earnings and income,furnishing a cumulative record brought down to date each and every week—an absolutely unique service. A further valuable
feature is that at the end of every return, both in the "Chronicle" and the "Monthly Earnings Record," there
Is a reference line showing by date and page number the issue of the "Chronicle" where the latest complete
annual report of the company was published.
Issue of Chronicle
Issue of Chronicle
When Published Page
When Published Pt406
Name of Company-Name of Corn pang—
Oct. 25-2684
Oct.
Eastern Texas Elec. Co. (Del.)
Air Reduction Co..Inc
4
Oct. 25-268
Oct. 25_2681 Eastern Utilities Associates
Alabama Power Co
Oct. 35..2684
Oct. 25_2682 Eaton Axle & Spring Co
Allis Chalmers bus. Co
Oct. 25_2634
Oct. 18_2526 El Paso Electric Co.(Del.)
Alpha Portland Cement
Oct. 25..2684
Amer. Commonwealths Power Corp_Oct. 25_2681 Electric Ferries, Inc
Oct. 18..2527
Oct. 25..2681 Federal Water Service Corp
Amer. Community Power Co
Oct. 25..2654
Oct. 15..2526 First Nat. Corp. of Portland
American Hide & Leather Co
Oct. 25_2682 Gabriel Company..,Oct. 25..2634
Amer. International Corp
Oct. 18...2528
Oct. 25..2631 Gardner Denver Co
American Reinsurance Co
Oct. 25_2684
Oct. 25..2681 General Foods Corp
American Republics Corp
Oct. 25..2684
Oct. 18..2526 General Printing Ink Corp
Edison Co
Arizona
Oct. 25-2684
Oct. 25_2682 General Railway Signal Co
Associated Gas & Electric Co
Oct. 25..2684
Oct. 18..2526 Georgia Power Co
Associates Investment Co
Oct. 25_2635
Oct. 18_2526 Gould Coupler Co
Co
Atlantic Refining
Oct. 25..2632 Granby Con. Mfg.,Sm.& Pr.Co.,Ltd.Oct. 25..2684
Atlas Powder Co
Oct. 18..2528
Oct. 25..2632 Green Mountain Power Corp
Barker Bros. Corp
Oct. 25..2688
Oct. 25..2632 Gulf Coast Lines
Bastian-Blessing co
Oct. 25_2632 Gulf States Steel Co
Beatrice Creamery Co
- 51:
.1 (
SC:. 3
Oct. 25..26$2 (M. A.) Hanna Co
Beech Nut Packing Co
Bessemer Limestone & Cement Co Oct. 25..2682 Harbison-Walker Refractories Co......Oct. 18..2528
Oct. 25_2685
Oct. 18_2527 Hercules Powder Co
Bing & Bing, Inc
Oct. 25-2685
Oct. 18..2527 Honolulu It. T. Co., Ltd
Bickford's, Inc
Oct. 18..2528
Oct. 25..2632 Household Finance Corp
Blackstone Valley Gas & Elec
Oct. 25_2685
Blumenthal (Sidney) & Co., Inc....Oct. 25_2632 Houston Oil Co. of Texas
Oct. 25.2685
Oct. 25..2633 Howe Sound Co
Bohn Aluminum & Brass Corp
Oct. 25_2685
Oct. 25_2632 Hudson & Manhattan RR, Co
Bon Ami Co
Oct. 25..2685
Oct. 25..2632 Hupp Motor Car Corp
Boston Elevated fly
Oct. 25_2685
Oct. 25..2683 Interlake Iron Corp
Boston Herald Traveler
Oct. 25..2689
Brazilian Tree.. Lt. & Pow. Co.,Ltd_Oct. 25..2683 International Great Northern
Oct. 25..2689
Oct. 25..2683 Internat. Rys. of Cent. Amer
Briggs & Stratton Corp
Oct. 18...2529
Iowa Public Service
Brooklyn-Manhattan Transit (Incl.
Oct. 18_2529
Bklyn.& Queens Transit Systems) Oct. 25_2683 Island Creek Coat Co
Oct. 25..2685
Brooklyn & Queens Transit System_Oct. 25..2683 Kansas City Power & Light Co
Oct. 25..2689
Oct. 25_2688 Kansas City Southern EY
Buffalo & Susquehanna
Oct. 18...2529
Campbell,Wyant & Cannon Fdy.Co.Oct. 25..2683 Kimberly-Clark Co
Oct. 18..2529
Oct. 25..2683 (D. Emil) Klein Co., Inc
Gape Breton Electric Co., Ltd
Oct. 25..2683 Kresge Department Stores, Inc_ -Oct, 25_2685
(A. M.) Castle Co
25,2685
Oct. 18_2532 Lehigh Valley Coal Corp
Central Vermont fly., Inc
Oct.
Oct. 25_2683 Link Belt Co
Chicago Pneumatic Tool Co
Oct. 25_2683 Loblaw Groceterlas, Ltd
Chicago Surface Lines
Oct. 25_ _2685
Oct. 25..2683 Loose Wiles Biscuit Co
City Ice & Fuel Co
Oct. 25..2686
Oct. 25_2683 Los Angeles Gas & Elec. Corp
Clark Equipment Co
25-2683 McGraw Hill Publishing Co.,Inc- _Oct. 25..2686
Corp
Oct.
Commercial Solvents
Oct. 18_2529
Oct. 25.-2683 McIntyre Porcupine Mines, Ltd
Commonwealth 8c Southern Corp
Oct. 18_2529
Oct. 18..2527 Magma Copper Co
Community Power & Light Co
Oct. 25_2686
Consolidated Chemical Industries...Oct. 25_2683 Market Street fly. Co
Oct. 18_2529
Consumers Power Co
Oct. 25-2683 Mathieson Alkali, Inc
Continental Steel Corp
Merchants & Mfrs. Securities Co. _Oct. 25-2686
Oct. 25-2656
Oct. 25..2633 Mid-Continent Petroleum Corp
Corn Products Refining Co
Oct. 25__26h6
Oct. 25..2683 Midland Steel Products Co
Cream of Wheat Corp
Oct. 25..2689
Oct. 18..2527 Missouri Pacific
Crystallte Products Corp
Oct. 26..2686
Oct. 25..2683 Monighan Mfg. Co
Curtis Publishing Co
Oct. 25..2686
Oct. 25_2684 Montgomery Ward & Co
Dome Mines, Ltd
Oct. 25..2636
Dominion Stores, Ltd
Oct. 25-2684 Murray Corp. of America
Oct. 25..2686
Oct. 25..2684 National Biscuit Co
S. R. Dresser Mfg. Co
(E. I.) du Pont de Nemours & Co
Oct. 25..2684
Issue of Chronicle
When Published Page
Name of Company—
Oct. 25_2636
National Cash Register Co
Oct. 25_2636
Nevada California Elec. Co
Oct. 25..2636
New England Tel. & Tel. Co
Oct. 25..2639
New York Ontario & Western Ry
Oct. 25_2636
Otis Steel Co
Oct. 25..2686
Pacific Power & Light Co
Oct. 25-2636
Packard Motor Car Co
Oct. 18_2536
Paramount Public Corp
Oct. 25_2636
Pennick & Ford, Inc
Oct. 25..2636
Pennsylvania Gas & Electric
Oct. 25_2686
Pennsylvania Power & Light Co
Oct. 18_2534
Peoples Gas Light & Coke Co
Oct. 25..2686
Perfect Circle Co
Oct. 25..2687
Philadelphia & Western Ay
Oct. 25_2686
Philip Morris & Co.. Ltd., Inc
Oct 25..2686
Phillips Petroleum Co
Pierce Arrow Motor Car Co.,& Subs_Oct. 25..2687
Oct. 25..2637
Portland Gas & Coke Co
Oct. 25..2687
Public Service Corp. of N..1
Oct. 25-2687
Railway & Utilities Invest. Corp
Oct. 18_2531
Ross Gear ft Tool Co
St. Louis-San Francisco Ry
Oct. 25_2689
Oct. 18-2531
Scott Paper Co
Seagrave Corp
Oct. 18-3331
Oct. 25_2687
Serve!,Inc
Oct. 25_2687
Sioux City Gas & Electric
Oct. 25..2689
Soo Line System
So. California Edison Co., Ltd
Oct. 18..2531
Oct. 18..2531
Southern Canada Power Co
Oct. 25_2687
Southern Ice Co
Southern Pacific Lines
Oct. 25_2689
Oct. 18_2531
State Street Investment Corp
Sterling Securities Corp
Oct. 25..2687
Oct. 18__2531
(S. W.) Straus Investing Co
Oct. 25..2687
Superior Steel Corp
Sweets Co. of America
Oct. 25..2687
Symington Company
Oct. 25_2687
Oct. 25..2687
Telautograph Corp
Oct. 25..2687
Tennessee Elec. Power Co
Oct. 25..2687
Texas Gulf Sulphur Co
Oct. 18__2531
Texas Power & Light Co
Transue & Williams St'l Forg. Corp_Oct. 25..2687
Trico Products Corp
Oct. 25..2637
Trues Pork Stores,Inc
Oct. 25..2687
Oct. 18..2531
Ungerleider Financial Corp
Union Pacific System
Oct. 25..2689
Oct. 25..2688
U. S. Distributing Corp
U. S. Hoffman Machinery Corp
Oct. 25_2618
United States Leather Co
Oct. 25-2687
Virginia Iron, Coal & Coke Co
Oct. 25..2688
Oct. 25..2688
Waldorf System
Warner Quinlan Co
Oct. 25..2683
Oct. 25..2689
Western Maryland Ry
Oct. 25-2688
Westinghouse Elec. & Mfg. Co_
Oct. 18-2533
Wisconsin Hydro-Electric Co
Oct. 18-2532
(William) Wrigley Jr. Co
American Commonwealths Power Corp.
American Community Power Co.
(And Affiliated Companies.)
1930.
12 Months Ended Sept. 30—
1929.
Gross revenues, all sources
$27,675,679 $22,987.488
Oper.exps., incl. maintenance & general taxes.... 14,730,848 13.063,370
4.621,505
Int. charges—funded debt of sub. companies
3,828.935
1929.
1930.
12 Months Ended Sept. 30—
$9.860,127 $9,421.753
Gross earnings—all sources
5,182.544
Operating expenses, Incl. maint. and local taxes.... 5.382,678
Balance
Dividends & pref. stocks of sub. companies
$8.323,326
1.735,286
$6,095.183
1.627.916
Balance avail., Amer. Corn. Power & for reserves 66,588.040
Int. charges of Amer. Commonwealths Pow.Corp_ 1,136,311
34,467.267
742.940
$4.477.449
Net earnings
1.728,315
Interest charges on funded debt of sub. co's
736,420
Dividends on pref. stocks of subsidiary companies
34,239.209
1,590,625
702,857
Balance available for A.C.P. Co. & for reserves 32,012,714
Annual interest requirements of 35,000.000 secured
275,000
gold debentures. 5;4% series, due 1953
$1,945,728
275,000
Balance avail, for diva, and reserves
$5.451,729 $3,724,327
Balance available for dividends and reserves-- 31.737,714 $1.670,728
Ann.div. charges,1st pfd.stock, Amer.Corn.Pow.
722,383
180,000
180.000
534,996 Annual diva. on 30,000 shs. 1st pref. stk., $6 series
Ann.div. charges,2d pfd. stock. Amer. Com,Pow.
95.977
95,977
$1,557,714 $1,490,728
Balance
Balance avail, for res., Fed. taxes & surplus- —x34,633,369 $3,093.354
x Balance of earnings, on the average amount of A and B cora, stocks
outstanding for the period ended Sept. 30 1930 is at the rate of $2.67 per
Alabama Power Co.
share before deprec. and $1.77 per share, after deduct, for deprec. reserves.
(And Subsidiary Companies)
Note.—The above statements reflect the earnings for 12 months periods
—Month of Sept.— —12 Mos.End.Sept.30of properties owned at the respective dates.
1929.
1930.
1929.
1930.
Last complete annual report in Financial Chronicle May 24 1930,
I"
31.507,592 31,569,946 $17.972,897 1114270.266
Gross earnings
Feb. 8 1930, p. 969.
p. 3702, and
Oper. erns., incl, taxes
663.353
8.914,851
7.587,704
608,136
and maintenance
American Republics Corp.(& Subs.).
1930-9 Mos.-1929.
Period End. Sept. 30— 1930-3 Mos.-1929.
$6,399,231 37,796,733 $19,590,328 $25,098.663
Sales
6,551,892 17,155.114 21.550,965
5.555.197
Cost ofsales
663,356
682,178
1,991,279
Gen. adm. & misc. exp.
2,235.981
294,839
501,390
Other inc. charges (net) 265,887
860,356
Net Inc. (after deduct.
$286,646 def$57,454
res.for Fed.inc.tax)def$104,031
$451.358
f
• r I'Last complete annual report in Financial Chronicle Feb. 18'30, p. 1108.
Gross income
Fixed charges
$899,456
3906.593 110,385,192 111,355,414
4,052,325
4.204.774
6,332.867
7.150,840
Net income
1,956,970
Dividends on preferred stock
1.879.978
914.920
Provision for retirement reserve
980.000
Balance
33.460,976 0.200.661
Mast complete annual report in Financial Chronicle Apr.19'30, p. 2761.
rif
FINANCIAL CHRONICLE
Air Reduction Co., Inc.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Gross income
$5.047,388 $5,718,343 $15,706,660 $15,982,068
Operating expenses
3,086,643
3,423,909
9,493,095
9,661.302
Operating income
Reserves
Federal taxes (est.)
31,960.744 $2,294,434 56,213,564 56,320.766
582,359
518,908
1,601,875
1,444,196
134,027
212,903
463.485
583,613
Net profit
$1,264,357 $1,562,622 $4,148,202 $4,292,956
Shs.stk. outst.(no par)_
825,597
761,863
761,863
825.597
Earnings per share
$1.53
$2.05
$5.00
$5.63
W'Dast complete annual report in Financial Chronicle Feb. 13'30, p. 1117.
Allis-Chalmers Mfg. Co.
Period End. Sept. 30- 1930-3 Mos.-19291930-9 Mos.-1929.
Bookings
56.867,349 29,979.548 636,348,300 638,002,546
Net profit after Fed.
taxes & depreciation
682.982
1,200,252
3,034,522
3,379,340
Earns, per shr. on 1,258,400 shs, corn. stk. (no
par)
$0.54
$0.95
$2.41
$2.68
Unfilled orders Sept. 30 1930 aggregated 215.545,567 as against 212,872,876 at the close of 1929, an increase of 12%, on Sept. 30 last year
unfilled orders were $13.390,833.
arLast complete annual report in Financial Chronicle Mar. 22'30, p.2014.
American International Corp.
Period End. Sept. 30- 1930-3 Mos.-1929. 1930-9 Mos.-1929.
Interest revenue
$137,743
$313,263
$421.193
274,079
Divs, on stocks owned_
415.443
1.313,030
1,377,462
470,683
Prof. on sale of securities
403,452
3.069,168
1,145,727
3,282.793
Profits on syndicate and
or participations
6,026
11.933
42,657
Miscellaneous income
7.772
14.794
1,695
4,267
Total income
Expenses
Interest
Taxes
$958,335 51,706.690 $4,881.622 84,966,538
111,527
273.420
332,348
82.588
343.627
953,763
1,096,866
343,802
90,000
89,761
370.000
12,184
Operating income_ __ - $413,180 $1,268,114 53,082.408 $3,649,594
Shares capital stock outstanding (no par).,,
1,019,757
1,040,052
1,019,757
1,040.052
Earns. per share
$3.58
$1.24
$0.39
$2.96
a"Last complete annual report in Financial Chronicle March 1'30, p. 1495.
American La France & Foamite Corp.
Period End.Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Operating profit
$244,310
$118,082 def.$5,378
332,780
Interest received
79,730
27,293
8,169
16,620
Total income
$324,010
$21,915
5134,702
540,949
Interest paid
165,000
138,401
45,830
55,000
Profit
3159,040
$79.702 def$116.486
def.$4.881
OrLast complete annual report in Financial Chronicle Apr. 5 '30, p. 2395.
Associated Gas & Electric Co.
-System.
(Consolidated Statement of Earnings and Expenses of Properties Since Dates
of Acquisition.)
-Increase12 Mos. Ended .Sept. 30%
Amount.
1930.
1929.
Gross earns.& other income____$110,114.628 575,406.500 $34,708,128 46
Oper.exps., maint., all taxes,&c. 56.187.853 39,770,027 16,417,826 41
Prov.for retire, offixed cap., &c_ 6.115,076
2,355,739 63
3,759,337
Net earnings
847,811,699 831,877,136 315,934,563 50
Underlying dividends and int_ _ 11.224,012 8,741,888
2.482,124 28
Interest
17,837,898 12,466,515
5,371,383 43
Balance
518,749,789 $10.668,733 88,081,056 76
rgirDast complete annual report in Financial Chronicle May 3 '30, p. 3186.
Atlas Powder Co.
9 Months Ended Sept. 30-1930.
1928.
1929.
Net sales
512,867,878 817,212.357 515,492.346
Cost ofgoodssold,deity. az other exps. 11,894,063 15,217,192 13,892,889
Net operating profit
Other income
$973,814 $1,995.165 $1,599,457
229,362
234,171
313.579
Gross income
Federal income tax
$1,203,177 $2,308,744 61,833,628
128,077
229,289
259,688
Net income
Surplus beginning of year
[VOL. 13L
Beatrice Creamery Co.
6 Months Ended Aug. 311930.
Net sales
$40,517.311
Cost of sales_
32,502,273
Selling and administration expenses
4.845,919
Operating income
33,169,119
Other income
104.229
Total Income
$3,273.348
Depreciation
813.103
Provision for Federal income tax
293.290
Minority Interest
749
Net income
Subsidiary pref. dividends
Beatrice pref. dividends
1929.
$30,390,245
25.343,885
3.145,133
$1,901,227
212,208
$2,113,435
597.125
179,662
8,460
$2,166,206 $1,328,188
18,870
21,748
266,696
232,159
Balance, surplus_
$1,880.639 $1,074,283
Shs. corn, stock outstanding (par $50)
298,868
195.864
Earned per share
$6.29
$5.48
Earnings of the three large Eastern properties acquired by Beatrice this
year-Liberty Dairy Products Corp. of Pittsburgh, Carry Ice Cream Co.
of Washington, and Maryland Creamery Co. of
cluded in the 6 months' report, as stock covering Baltimore-are not inthese
not issued until after the close of the semi-annual period.acquisitions was
-Last complete annual report in Financial Chronicle Apr.26'30, p.2967.
10
Beech-Nut Packing Co.
9 Mos. End. Sept.30-- 1930.
1929.
1928.
1927.
Net profits
$2,288,852 $2,427,139 $2,306,442 $1,857,559
Previous surplus
6,387.563
5,331,272 4,945,916
3,954,503
Adjustments
Cr.1,838
Dr.2,083
Dr.8,994
Cr.642
Total surplus
$8.678,253 57,756,327 57.243,364 65,812;704
Dividend (cash)
1,004,298
956,487
765,238
727,500
Profit & loss surplus
27,673.954 $6,799,841 $6,478,128 $5,085,204
Shs.com.outst.
(par $20).
446.250
425,000
425,000
375,000
Earnings per share
$5.13
$5.03
$4.79
$4.16
1215"Last complete annual report in Financial Chronicle Apr. 19,'30, p.3776.
Bessemer Limestone & Cement Co.
9 Months Ended Sept. 301930.
Net profit after depreciation and Federal taxes-- $316,542
Earns, per sh. on 100,000 ohs. class B stock (no par)
62.04
1929.
5332 468
$2.19
Blackstone Valley Gas & Electric Co.
(And Subsidiary Companies.)
-Month of August- -12 Mos.End. Aug.311930.
1929.
1930.
1929.
Gross earnings
2455,075
2496.940 $6,482,995 $8,472,400
i yeration
l
249,592
261.813 3,127.378
3,106.792
aintenance
17,558
18.716
253,582
259,205
Taxes
40,142
35,874
443,541
402,387
Net oper. revenue__
$147,781
$180,536 $2.658,493 $2.704,015
Income from other sources
1.728
Net income
$2.658.493 $2,705.741
Deductions-y
105,500
105.500
Balance
$2,552,993 $2,600,241
Interest and amortization
548.275
566,179
Balance
22.004,717 52.034,062
x Interest on funds advanced to Montaup Electric Co.
y Interest charges on bonds and dividends on outstanding preferred
stock of The Pawtucket Gas Co. of New Jersey.
la"Last complete annual report in Financial Chronicle Apr. 26 '30, p. 2959.
(Sidney) Blumenthal & Co., Inc.
(And Subsidiary Companies, Including Saltes Looms Inc.)
Period End. Sept. 30- 1930-3 MO3.-1929.
1930-9 M03.-1929.
Net profit after deprec.,
&e., but before Federal
taxes
Y$142.160 41,367,669
$130,028 :S2,562,099
x Excluding Saltex Looms and after Federal taxes. y Depreciation
charged for the Sept. 1930 quarter, 575,861 as compared with $80,757 for
the third quarter of 1929.
IOL
"Last complete annual report in Financial Chronicle Feb. 22'30, p. 1280.
$1,075.099 $2,049.056 $1,604,339
8,704,229 8,008,712 6.254,788
Bon Am! Co.
(And Subsidiaries)
9 Mos. End. Sept.30-- 1930.
1929.
1928.
1927.
Gross profit on sales- --- $2,095,951 $2,086.180 21,939.073 21,769.744
Total surplus
$9,779.328 $10,057,768 $7,859,127 Profit before
1,331.414 1,137,018
1,076.646
Preferred dividends
405,000
405,000 Depreciation deprec., &c. 1,228,784
405,000
51.856
54,978
54.238
51,276
Common dividends
784,305
784,305
784,305 Federal taxes
132,339
149,930
134,907
127,271
Surplus Sept. 30
38,590,024 $8,868,463 $6,669,822
Profit
81.044,589 81,126.505
8890.463
3955,509
Earned per share on corn, stock
$2.56
$4.59 Proportion appllcable
$6.29
to
'Last complete annual report in Financial Chronicle Feb. 8 '30, p. 977.
minority interests
82
122
91
143
Net profit
Barker Bros Corp.
31,044,507 51,126,414
$890,341
5955,366
Earns, per sh.on 100,000
(And Subsidiaries)
shs. class A stock
$10.44
$11.26
$8.90
$9.55
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Ic "Last complete annual report in Financial Chronicle Feb.22'30, p. 1280.
53,050,069 $3,894,262 $9,528,573 $10,951,949
Net sales
3,037,277
Costs & expenses
3,746.777
9,438,927 10,639,956
Boston Elevated Railway.
Operating profit
$12,792
$147,485
$89,645
2311,993
-Month of September
30.500
10,803
104.648
Other Income
101,261
Receipts
1929.
1930.
From
82,390,968 82,488,127
$43,290
Total income
8158.288
$194,293
$413,254 From fares
operation of special cars, mail pouch service
5,408
18,994
23,818
Federal taxes
49,590
and service cars
1.674
5,383
From Advertising in cars, on transfers, privileges
537.882
8139,294
5170.475
Net profit
8363,664
at stations, &c
62,225
61,710
Earns, per abr. on 159,From other railway companies for their use of
000 shs. corn. stk. (no
tracks and
4,125
5.201
Nil
$0.61
$0.20
$1.49 From rent of facilities
par)
buildings and other property
5,428
4,479
tarLast complete annual report in Financial Chronicle May 8 '30, p. 3165. From sale of power and other revenue
3,301
6,360
Bastian-Blessing Co.
Earnings for 10 Months Ended Sept. 30 1930.
Net profit based on estimated Inventory after depreciation, but
2454,986
before Federal taxes
larLast complete annual report in Financial Chronicle Jan. 18 '30, p. 470.
Bayuk Cigars, Inc.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$393.105
$215,548
$658.318 $1,083.507
•Net earnings
20.607
69,300
47,433
OtherI
$413,713
$727,618 21,130.940
$239:648
Total income
275.079
78.113
239.463
94,777
Reserves
$335,600
$452,53
9
$144.871
$891.477
Net income
212.280
73.444
224.952
70.081
Preferred dividends__ -49,425
210.165
148.275
69,537
Common dividends
530.093
$212,729
6518,250
Surplus
$5,253
Shares of common out92,716
98,851
98.851
standing (no par)_ _
92.718
$2.65
$2.59
$6.74
60.80
Earns, per sh. on corn.,
maintenance and repairs of plants and
• After deducting charges for
estimated Federal taxes. &c.
Igi'Last complete annual report in Financial Chronicle Feb. 8 '30, p. 978.
Total receipts from direct operation of the road
Interest on deposits,Income from securities, &c
$2,470,918 32,568,068
5,145
5,503
Total receipts
52,476.063 52,573.572
Cost of Service-.
Maintaining track, line equipment and buildings
$352,829
$324.143
Maintaining cars,shop equipment, &c
345,861
361,911
Power
167,629
176.981
Transportation expenses (including wages of car
service men)
863,424
855.565
Salaries and expenses of general officers
7.685
7,963
Law expenses, injuries and damages,and insurance
118.741
104.872
Other general operating expenses
105.219
105,936
Federal, State and municipal tax accruals
143,482
130,327
Rent for leased roads
261,328
260,679
Subway, tunnel and rapid transit lines rentals to be
paid to the City of Boston
187,588
198,409
(Eambridge subway rental to be paid to the Commonwealth of Massachusetts
33.310
33,256
Interest on bonds and notes
204.182
205,645
Miscellaneous items
2,669
4,109
Total cost of service
52.792.360 $2,771,397
Excess of cost of service over receipts
2316,296
2197.825
larLast complete annual report in Financial Chronicle Mar. 1 '30, p.1449s
OCT. 25 1930.]
2683
FINANCIAL CHRONICLE
Bohn Aluminum & Brass Corp.
1930-9 Mos.-1929.
Period End, Sept. 30- 1930-3 Mos.-1929.
Net profit after charges,
$692,736 $2,474,906
$693,327
$3.970
deprec. & Federal tax.
Shares common stock
352,198
352,418
352.198
352 418
outstanding (no par)_
$7.03
$1.96
$1.97
sb.ot
Earnings per share
KN"Last complete annual report in Financial Chronicle May 3 '30, p. 3165
Boston Herald Traveler Corp.
3 Months. 9 Months.
Period Ended Sept. 30 1930$552,380
$67,654
Net earnings after charges
$1.38
$0.17
Earns, per sh. on 400,000 shs. cap.stock (no Par)
.
26 '30, p.2968
KarLast complete annual report in Financial Chronicle Apr.
Brazilian Traction, Light & Power Co., Ltd.
-Month of September- -9 Mos. Ended Sept. 301929.
1930.
1929.
1930.
Gross earns,from oper-- $3,906,162 $4,225,416 $36,066,347 $36,931,796
1,524.852
Operating expenses
1,803,361 14,897,884 15,862,227
Net earnings
$2,381,310 $2,422,055 $21,168,463 $21,069,569
"Lost complete annual report in Financial Chronicle June 7'30, p. 4045.
Briggs & Stratton Corp.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after deprec..
$822,466 $1,254,912
Federal taxes, &c_ • __
$199,621
$441,241
Earns. per sh.00 300,000
$4.18
$2.74
$1.47
(no par)
$0.67
she, corn. stk.
ligrLast complete annual report in Financial Chronicle May 3'30, p. 3165.
Brooklyn-Manhattan Transit System.
Chicago Surface Lines.
Month of SeptemberGross earnings
Operating expenses, renewals and taxes
1930.
1929.
$4,568,564 $5,048,005
3.789.472 4.011,031
$779,092 $1,036,973
23,110
43.725
42,658
173,971
Residue receipts
Joint account expenses. Federal taxes, &c
City's 55%
$819,277
$713,323
Balance
IOPLast complete annual report in Financial Chronicle Mar. 15 '30, p. 1825.
Clark Equipment Company.
(And Subsidiaries)
Earnings for Nine Months Ended Sept. 30 1930.
Gross profit
Miscellaneous income
$1,365,895
102,042
Total income
Administrative and selling expense
Cash discount given
Interest and exchange paid
Depreciation
Federal tax
Frost minority interest
$1.467.937
431.860
60,338
6.485
474,511
57,946
327
Net profit
Surplus at Dec. 31 1929
Refund of tax
Adjustment of surplus in respect of acquisition of capital stock
of Frost Gear & Forge Co
$436.469
1,688,741
335
1.179
$2,126.725
19.664
60,720
555,899
78
Total surplus
Past royalties
Preferred dividends
Common dividends
Dividends to minority interest
(Including Brooklyn and Queens Transit System.)
-Month of September- -3 Mos.End.Sept.3081,490,365
Final surplus and undivided profit Sept. 30
1929.
1929.
1930.
1930.
$1.50
Total oper.revenues_ _ _ $4,834,251 $4,957,833 $14.575,451 $15,053,385 Earnings per share on 249.838 sits. common stock (no par)- Total oper. expenses_ _ __ 3,113,255 3,265,942 9.620.058 10,286,538
Last complete annual repor- in Financial Chronicle May 3 '30, p.3167.
KWNet rev. from oper___ $1,720,996 $1,691.891 $4,955,393 $4,766,847
350,716
340,176
1,000,955
982,859
Taxes on oper. prop_ _ _ _
Operating income__ _ $1.380,820 $1,341,175 83.954,438 $3,783,988
59,744
213,526
65,849
207,001
Net non-oper.Income._ _
$1,440,564 $1,407,024 $4,167,964 $3,990,989
773.241
778.572
2,315,195 2,350,379
Gross income
Total income deduct_
$628,452 $1,852,769 $1,640,610
x Net income ______- $667,323
x Of which sums there
accrues to minor.lots.
102,046
92.181
240,202
264.486
of B.& Q. T. Corp.-"Last complete annual report in Financial Chronicle Sept.6'30, p. 1562.
Commercial Solvents Corp.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Oper. profit after deprec. $661.556 $1,208,238 $2,517,927 $3.529.118
279,103
167,024
115,552
40.976
Other income
Total income
Interest, discount, &c
Federal taxes
8634,772 $1,011,738 $2.132,289 $2,809,662
Net profit
S12.40
80.84
$0.25
$4.46
Earnings per share
She, of corn. stk. outst.
226,517
2,528,999
226,517
2,528,999
(no par)
12irLast complete annual report in Financial Chronicle Feb. 15'30, p. 1121.
Brooklyn & Queens Transit System.
-Month of September- -3 Mos.End. Sept.301929.
1930.
1930.
1929.
Total oper.revenues_ _ _ _ 81,887,499 $1,979,804 85,631,856 85,975,977
1,533.161
4,428,135 4,757,860
Total oper. expenses_ _ _ _ 1,446.803
$702,532 $1.323,790 $2,684,951 $3.808,221
361.486
77,678
115,456
23.409
637.073
474.984
196,596
44,351
Commonwealth & Southern Corp.
Net rev, from oper_ _ _
Taxes on oper. prop_ __ _
8440.696
117,468
$446,643 81,203.721 81.218.117
125,086
335.285
344,138
(And Subsidiary Companies)
-Month of Sept.- -12 Mos.End. Sept. 301929.
1930.
1929.
1930.
811,334,811 812.190,504 8144206.405 8146338.037
Gross earnings
Oper. exps., incl. taxes
6.018,288 70.688,567 71,540.049
5,459,236
and maintenance
Operating income_ _ _ _
Net non-oper.income_ _ _
$323,228
14,590
$321,557
21.610
$868.436
43,206
8873,979
63,929
$5,875,574 $6,172,215 $73,517,837 $74,797,988
Gross income
34.716,152
Fixed charges (see note)
Gross income
Total income deduct_ _ _ _
$337.818
124,090
$343,167
123,578
$911,642
373,616
$937,908
373,808
$538,026
$564,100
8219,589
Net income
$213,728
P
IZ Last complete annual report in Financial Chronicle Sept. 6 '30, p. 1563.
Campbell, Wyant & Cannon Foundry Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net income after deprec.,
$550,681 $1,238,880
$177,052
int., Fed'I taxes, &c__loss$32,815
Earns, per sh. on 348,000
$1.58
$3.56
$0.51
Nil
shs, no par stock
1:25'Last complete annual report in Financial Chronicle Apr. 26'30, p. 2969.
Cape Breton Electric Co., Ltd.
$38,801,685
Net income
Dividends on preferred stocks
Provision for retirement reserve
7,608,402
9.301.509
$21,891,772
Balance
-Including interest, amortization of debt discount and expense,
Note.
accruing on stock of subsidiaries not owned by the Commonand earnings
wealth & Southern Corp.
larLast complete annual report in Financial Chronicle June 28'30, p. 4605.
Consolidated Chemical Industries, Inc.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$454.754
$513,526
$156,221
$200,185
Net profit after charges_
East complete annual report in Financial Chronicle Mar. 22 '30, p. 2035.
(Including Leased Property.)
Consumers Power Co.
-Month of August- -12 Mos.End. Aug.311929.
(Commonwealth & Southern Corp. System)
1929
1930
1930
Gross earnings
$51.140
$681,974.
8659,472
841.650
-Month of Sept.- -12 Mos.End, Sept.3026,500
Operation
31.956
396,462
395,195
1930.
1929.
1929.
1930.
Maintenance
89,624
9.464
88,091 Gross earnings
5,568
$2,573,936 $2,742.039 $32,819,320 $33,161,726
2,150
1,968
Taxes
33,367 Oper. exps., incl. taxes
29,688
1.352,904 15,217,373 16,318,216
.
1,121,075
Net oper. revenue_ _ _
87,568
87,613
and maintenance
8144,964
$164,053
68.419
Interest charges
69.057
Gross income
81.452,860 81,389,135 817.601.947 816,843,509
2,865,878
2,990,215
Balance
876.544
894,996 Fixed charges
(A. M. )Castle & Co.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after deprec.,
$81,111
8237.645
$352,204
Federal taxes, &c_ _ _ _
8666,402
Earns,per sh.on 120.000
$0.67
$1.98
$2.93
shs. cap.stk.(par $10)
$5.55
.-L
IZ ast complete annual report in Financial Chronicle Feb.8'30, p. 979
Caterpillar Tractor Co.
9 Months Ended Sept. 30
Net sales
Costs and expenses
Depreciation
Interest
Federal taxes
1930.
1929.
$37,319,910 $38,346,300
28,665,525 28,452,843
1,297,242
1,052,994
461,299
259,946
758,543
1,029,662
$6,137.301 $7,550.855
Net profit
$3.26
$4.01
Earns, per sh. on 1,882,240 she. no par stock_ _ _ _
Last complete annual report in Financial Chronicle Feb.15'30, p. 1121.
g"
Chicago Pneumatic Tool Co.
Period End. Sept. 30- 1930-3 Mos.-1929. 1930-9 Mos.-1929.
Profit after deprec., int.
$258,761
$363,709
$862,663
amortiz. & Fed. taxes_ $117,593
85,141
84.814
______
194,849
43,158
Other income_
$343,902
$448,523 81,057.512
$160,751
Net profit
493,500
164,500
164.500
493,500
Preferred dividends_ _ _ _
$44.977 sur.$364,012
$3,749 sur.$179,402
Deficit
Earns. per sh.00 199,469
Nil
$0.90
Nil
$2.83
ohs. corn. stock
garLast complete annual report in Financial Chronicle May 3'30, p. 8166,
City Ice & Fuel Co.
1930-9 Mos.-1929.
-Month-1929.
Period End, Sept. 30- 1930
Net profit after interest,
$823,690 $5,717,667 $5,063.542
$980,591
deprec. & Fed. taxes
a'Last complete annual report in Financial Chronicle Mar. 1 '30, p. 1465.
$14,611,731 $13,977,631
Net income
Dividends on preferred stock
Provision for retirement reserve
3.840,158
2.652.500
3.717,580
2.225.000
Balance
$8,119.073 $8.035,050
arEast complete annual report in Financial Chronicle June 14'30, p.4235.
Continental Steel Corp.
(And Subsidiaires.)
Earnings for 6 Months Ended June 30 1930.
Net profit after charges, depreciation and taxes
$179 133
Earns, per share on 179,762 shares common stock (no Par)
0.40
'Last complete annual report in Financial Chronicle April 19'30, p. 2779.
Corn Products Refining Co.
Period End. Sept. 30-- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net income after charges,
deprec. & Fed'I taxes_ $3.529.081 $4,002,927 810,130,342 810,869,182
ItZeLast complete annual report in Financial Chronicle Mar.8'30, p. 1644.
Cream of Wheat Corp.
Period End. Sept. 30- 1930- 3 Mos-1929.
19:s0-9 Mos.-1929
Net profit after all charges
including taxes
8415,332 $1,283,652 81,275,56
8391.728
Earns. per sh. on 600,000
shs. corn.stock(no Par)
$2.14
$0.65
$0.69
$2.12
-E
CR ast complete annual report in Financial Chronicle May 3'30, p. 3168.
Curtis Publishing Co.
Period End. Sept. 30- 1930-3 Mos.-1929,
1930-9 Mos.-1929.
Net profit after deduct..
deprec. and reserve for
all taxes
$3,936.141 $4,682,582 816,227,769 816,530.417
Earns, per share on 1,800,000 shs. common
stock (no par)
$1.31
$1.73
$6.39
36.56
a'Lost complete annual report in Financial Chronicle Feb. 8 '30, p.979.
2684
[vol.. 131.
FINANCIAL CHRONICLE
Domes Mines, Ltd.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Total recovery
$939.787
$377.875 $3,114,454
$32,967
Operating, gen. costs
1.600.970
635,421
555,279
172.661
Dominion inc. tax, est23.519
80.137
Net income
Miscell. earnings
df.$139,694
87,254
$360.989 dt$257,546 21,433,347
240,303
254,030
103,765
x Total Income
df.$52,440
$464,754 def.$3,515 $1,673.650
x Before depreciation and depletion.
rirLast complete annual report in Knanc'al Chronicle Apr. 19'30, p. 2779.
Dominion Stores, Ltd.
Period Ended Sept. 30 19303 Months.
Net profit after depreciation, Federal taxes, &c_.- $103,544
Earns, per share on 277,715 shs, cap.stock (no par)
$0.37
9 Months.
$348,000
$1.25
(S. R.) Dresser Manufacturing Co.
Period End. Sept. 30-- 1930-3 Mos.-1929.
1930-9 Mos.--1929.
Net profit after deprec.
Federal taxes, &c_-- $336.690
$768,301
$365,513
$751,381
Earns. per sh. on /00,690
she. cl. A stk. (no par)
$1.00
$1.00
$3.00
$3.00
Earns. per sh.on 100,0100
abs. el. B stk. (no par)
$2.37
$4.51
$2.57
$4.68
1211
-Last complete annual report in Financial Chronicle May 17 '30, p. 3548.
(E. I.) du Pont de Nemours & Co.
Period End.Sept.30Income from oper
Income from invest. in
Gen'l Motors
Income from miscell. &
Corp_market. seam, &c_
1930-3 Mos.-1029.
1930-9 Mos.-1929.
34,834,721 39,569,517 $19,540,038 $26,354,416
Eaton Axle & Spring Co.
(Including Wilcox Rich Corp.)
Quarter Ended
9 Mos.E'rid.
PeriodMar.31 '30. June 30'30. Sept.30'30. Sept.30'30.
Consol. net profit after
charges,deprec.& tax. $625,747
$759,883
840.906 31,426.536
Earns, per sh.on 597.677shs.(sifter provid.ter Wilcox cl. A div.)
.
$2.19
Net profit of Eaton Axle & Spring Co. only for the quarter ended Sept.
30 1930 was $10,674 after taxes and charges, comparing with a profit of
$300,698 after charges, but before Federal taxes in the Sept. 1929 quarter.
Wilcox-Rich Corp. for the quarter ended Sept. 30 1930 reports net
profit of $30,232, after charges and Federal taxes.
'Last complete annual report in Financial Chronicle Apr.26'30, p.2973.
Electric Ferries, Inc.
Earnings for 9 Months Ended Sept. 30 1930.
Total traffic (vehicles)
al.064,046
Net income
68164,188
a Compared with an average of $150,967 for the similar periods of 1929,
1928 and 1927. b Compared with an average of 886.430 for the corresponding periods of the three previous years.
Ki'Last complete annual report in Financial Chronicle May 31'30, p.3885.
El Paso Electric Co.(Delaware).
Grossearnings
I
peration
aintenance
Taxes
(And Constituent Companies)
-Month of August- -12 Mos.End. Aug.311930.
1929.
1929.
1930.
$295,258
$284,474 $3,648,987 $3,402,130
8127,953
16,350
23.020
$134,695 81.550,672 $1,502,232
18,025
189,582
196.231
25,428
305,688
284,540
Net operating revenue $127,934
$106.324 $1,603,042 $1,419,124
7,487,465 x10,505,322 x25,452,530 x35.455,453 Income
from other sources..a
132,440
29,321
1,199,367
1,119,821 3,224,740 3,120,150
Balance
$1.735,483 $1,448.446
Total income
452,281
246,542
$13,521,553 $21,194,660 $48,217,308 $64,930,019 Deductions
Prov.for Fed'l inc. tax-470,057 1,145,746 2,178,120 3,303,296
Balance
Int. on bonds ofsub. cos.
31,283,201 31,201,904
18,151
19,083
60,480 Interest and amortization
54,529
10,988
4,794
Net income
$13,033,345 820.029,831 $45,984,659 $61,566,243
Balance
$1,278,406 31.190,922
Divs. on deb. stock_
1,493,028
1.489,138 4,478,985 4,350.581
a Interest on funds for construction purposes. x Interest, amortization
Amount earn, on com_211,540,317 $18,540,693 841.505,674 $57,215,662 charges and dividends on securities of constituent companies held by the
public.
Aver. No. of shs. corn.
stk. outstand.(par $20) 11,009.774 10,322,481 10,700.970 10,153.014
13rLast complete annual report in Financial Chronicle May 1'30, p. 1457.
Amount earned per share
$1.05
$3.88
$1.80
$5.64
Gabriel Company.
Consolidated Surplus Account at Sept. 30.
Period End.Sept.30- 1930-3 Mos.-I929.
1930-9 Mos.-1929.
1929.
1930.
Surplus at beginning of year
$144,920,215 $105.710,319 Net loss after charges,
depreciation, &c
$31,252
$16,680
$104.068
Net income for 9 months
$105,094
45,984,659 61,566.243
Surplus resulting from revaluation of investment
lerLast complete annual report in Financial Chronicle Mar. 1 '30, p.1469.
in General Motors Corp
b22,457,145 b24.953.050
Surplus resulting from issue of corn, stock sold
General Foods Corp.
under executives' trust & bonus plans
7,767,060
(And Subsidiary Companies)
Premium (excess over par value) received for
common stock issued under subscription offer 18.249,540
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Surplus resulting from acquisition of Roessler &
Sales to customers
$28,825,851 $32,378,695 391461,613 $95,557.490
Hnsslacher Chemical Co
Cost of sales incl. all
6,340,559
Surplus resulting from acquis. of minority hits. in
manufg. expenses_--a14,116.139 18.379,236 b45,414,765 53,222,957
Du Pont Rayon Co.,Du Pont Cellophane Co.,
Inc..& Du Pont Ammonia Corp..& entire int.
Gross profits
314,709.712 313.999,459 346,246.848 842.334,533
In Krebs Pigment & Chemical Co
5,146,743 Miscellaneous income.._
229,378
546.038
619.203 1.591.014
Total surplus
$245.719,778 $197,376,355
Total income
$14,939,090 $14,545,497 346,866.051 843,925.547
Dividends on debenture stock
4,478,985
4,350.581 Sell., distributing, adm.
Dividends on common stock
35,076,146 45,608.894
and gen. expenses
9,396,274 8,908,528 29.249.767 27,099,940
Surplus Sept. 30
3206.164,647 $147,416,880
x Extra dividends received from the investment in General Motors
Corp.$s.3rdquarlabove; 1st fgteair.$2.993,600:
, 41 follows, azv included
:
i
600
1929
none;
b the value of du Pont company's investment in General Motors Corp.
common stock, equivalent to 9,981.220 shares, was adjusted on the books
of the company in March 1929, to $164,690.130, and in March 1930. to
3187347.875, which closely corresponded to its net asset value as shown
by the balance sheets of the General Motors Corp. at Dec. 31 1928. and
Dec. 31 1929, respectively. These shares are now valued at 218.75. the
previous valuation having been $16.50 a share.
tg"Last complete annual report in Financial Chronicle Feb. 1 '30, p. 792.
Balance
Income taxes
$5,542,816 35,636.969 317,616.284 $16,825,607
657,252
644,774 2.101,004
1,985,355
Net profits
34,885,564 84,992.195 $15,515,280 $14,840,252
Shs, corn. stk. outstdg.
(no par)
5,288.795 5,248,624 5.288,795 5.248 624
Earnings per share
80.92
10.95
$2.93
$2.83
a Includes depreciation of $387,496. b Includes depreciation of $1,115,355.
MrLast complete annual repor tin Financial Chronicle Mar. 22'30, p.2012.
General Printing Ink Corp.
(And Subsidiary Corporation.)
Quarter Ended-- 9 Mos.End.
(And Constituent Companies)
Sept. 30'30. June 30'30. Mar.31 '30. Sept.30'30.
-Month of August- -12 Mos.End. Aug
.31- Net sales
62,385,457 32,419.581 $2,557,797 $7,362,836
1930.
1929.
1930.
Costs and expenses
1929.
2,117,801
2,191,340 2.308.375 6,617,517
Gross earnings
81,018.994
3992.302 310.208,448 69.319,906
Operating profit
$267,656
$228.241
$249,422
$745,319
Operation
$4,291,262 Other income
$481,602
$454,775 $4,728,785
24,907
29.482
33,999
88,389
Maintenance
46,562
520,789
524,119
51,049
Taxes
614,865' Total income
63,383
709,800
55,264
$292,563
$257.723
$833,709
$283,421
Other deductions
47,515
35,919
37,842
121,277
Net operating revnue_ $427.446
$431,213 $4,245.743 $3,892,988 Federal taxes
29,500
26,100
28,122
83,722
Income from other sources_ a
45,472
53.417
Net profit
$215,548
$628,710
$195.704
$217,457
Balance
$4,291,215 $3,946,405 Earns, per share on 185,Deductions
1,617,649 1,298,744
000 shs. com.(no Par)30.81
80.71
$2.34
$0.82
rarLast complete annual report in Financial Chronicle June 7'30, p. 4059.
Balance
$2,673,566 $2,647,660
Interest and amortization
541,299
443.418
General Railway Signal Co.
Balance
$2.230.147 $2.106,361
Period End. Sept.30
1930-3 Mos.-1929.
1930-9 Mos.-1929.
a Interest on funds for construction purposes. x Interest, amortization Net income after deprec.,
Fed, taxes, int., &c_ _ $876.017 $1,05d,082 $2,046,259 $2,105,207
charges and dividends on securities of constituent companies held by the
Earns, per sh.on 357,500
public.
shs. corn. stk.(no par)
$2.33
85.53
$5.36
rarLast complete annual report in Financial Chronicle May 1 '30, p. 1456.
$2.83
r "Last complete annual report in Financial Chronicle Feb. 8 '30, p. 982.
:ff
Eastern Texas Electric Co.(Delaware).
Period-
Eastern Utilities Associates.
Gross earnings
(And Constituent Companies)
-Month of August- -12 Mos.End. Aug.311930.
1929.
1929.
1930.
8723,550 39,330,183 $9,095,727
$676,960
Operation
Maintenance
Taxes
$352,516
26,833
72,171
Net operating revenue
Income from oth.sources
Balance
Interest and amortization
Georgia Power Co.
(And Subsidiary Companies)
-Month of Sept.- -12Mos.End.Sept.301930.
1929.
1929.
1930.
Gross earnings
$2,168,109 31,899.353 $24,038,838 $24,001,145
Oper. exps. incl. taxes
and maintenance..__ - 1,114,994
877,900 11,867473 11,258,805
$225.438
68,769
$156,669
$371,154 84.358,270 $4,354.051
29,586
377,669
397,930
67,752
766.486
810,701
Gross income
81,053.115 $1,021,452 $12,171,264 212.742.339
3255,056 $3,783,541 $3,577,259 Fixed charges
3,997,806 4.104,172
76.129
11,204
5,054
Net income
$8,173,458 $8,638,167
$178,926 33,794.745 $3,582,314
890,637
708,899 Dividiends on first preferred stock
2,861,450 2.225,577
Dividends on second preferred stock
2,400,000
2,403,071
32.904,107 $4873,414 Provision for retirement
Balance
reserve
1,152,828 1,060,846
127,152
127,152
Dividends on pref. stock of constituent companies
Balance
$1,756,107 $2,951,743
$2,776,955 $2,746,262
Balance
VZF'Last complete annual report in Financial Chronicle Apr. 19'30, p. 2769.
Amount applicable to common stock ofconstituent
93,889
132,622 Granby Consol, Mng.,
companies in hands of public
Smelting & Power Co., Ltd.
Balance applic. to reserves and Eastern Utilities
32.683.066 $2,613,640
Associates
10"Last complete annual report in Financial Chronicle Apr. 26'30, p. 2961.
First National Corp. of Portland.
Earnings for 6 Months Ended June 30 1930.
Net profits
Earnings per share on 70,000 shares class A stock
Earnings per share on 83.333 shares comb.ciassA & B stock
$86,032
$1.23
$1.03
Period End. Sept. 30- 1930-3 Mos.-1929. 1930-9 Mos.-1929.
Operating income
$90,354
$981.490
$958,879 $2,947,209
Miscellaneous income - _
81,663
90.318
229,777
319,623
x Net
---- -- $172,018 $1,071,808 31.278,502 $3.176,986
Earns. per sh.on 450,000
income-shs, capital stock (par
$100)
$0.38
$7.06
$2.38
$2.84
x Before depreciation, depletion and Fedecal 38
2 taxes.
'
complete annual report in Financial Chronicle May 24 10. p.2728.
Hudson & Manhattan RR. Co.
Gould Coupler Company.
Period End. Sept. 30- 1930-3 Mos.-1929.
$94.913
x Net profit
def.$53,353
10,670
21,079
Other income
Net Income
Interest charges
2685
FINANCIAL CHRONICLE
OCT. 25 1930.]
def.$32,274
51,375
1930-9 2%tos.-1929.
$245,198
$284,116
62.184
98.677
$382,793
156,399
$105,583
53,238
$307.382
176,238
$131.144
$226,394
$52,345
Net profit
def.$83,649
Earns, per sh.on 175,000
shs. (no par) class A
$0.75
$1.29
Nil
stock outstanding_ _ _
$0.30
x After depreciation, selling and general expenses, provision for reserves
and for State and Federal taxes.
-The above figures are subject to adjustment at end of fiscal
Note.
year.
Gulf States Steel Co.
Period End. Sept. 30- 1930-3 Mos.-1929.
$578,296
$42,726
Net operating profit___
Int., taxes, deprec., icc..
251,321
240.477
1930--9 Mos.-1929.
$487,106 $1,855.437
768.577
688,394
-Month of September- -9 Mos.End. Sept.301929.
1929.
1930.
1930.
$974,433 $1,002,525 $9.115,430 $9.284,632
505,112 4,614,701 4,698.250
506,845
Gross revenues
Oper. expenses & taxes....
Bal. applic. to charges
Charges
$467.588
335,258
$497,413 $4,500,728 $44,566.381
334,681 3,014.835 3,022,377
$162,731 $1,485,893 *1,544,004
Balance
$132,332
1:2rLast complete annual report in Financial Chronicle Mar. 29'30, p.2198.
Hupp Motor Car Corp.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$4.389.191 $15.042.314 $21,847,838 $48.686.419
Net sales
4.699,657 14,790,600 21,317,488 40.803,125
Costs and expenses
Operating profit
Other income
df.$310.466
115,768
$251,714
338.460
$530,350 $2.883.294
451.179 1,173,987
$981,529 $4,057.281
$590.174
Total income
df.$194,698
378,371
861,448
128,744
263,690
Depreciation
441.469
14,410
55.372
Net income
$326,975 df.$201.288 $1,086,860 Federal taxes
def.$197.751
outShs. common stock
$105,671 $3,237,441
$406,058
Net profit
standing (no par)
dr$458.388
192 869
00
197,500
192,869
Om Sbs. com.outst.(par $10) 1.512.092 1,440,319 1,512,092 1,440,319
Nil
197git
Earnings per share
$1.51
V.25
Nil
$0.07
$0.28
Last complete annual report in Financial Chronicle Mar.22'30, p.9037. Earnings per share
I"
Ica"Last complete annual report in Financial Chronicle Mar.22'30, p. 2038.
Hercules Powder Co.
9 Months Ended Sept. 30Gross receipts
Net earnings from all sources x
Federal income tax (estimated)
1928.
1930.
1929.
$20,418,664 $25,612,546 $22,321,887
2,444.275 3,738,657 3,288,940
468,828
502,466
284.015
Net profit for period
$2.160.260 $3,236,190 $2,820,112
Proceeds from sale of capital stock in
177,765
350,000
excess of stated value
13,380.596 12,863,378 11,682,085
Surplus at beginning of year
Total
Dividends on preferred stock
Dividends on common stock
$15.718,621 $16,449,569 $14,502,197
599,765
599,765
599,765
1,353,118
1,345,500
882,000
$13,765,737 $14,504,304 $13,020,432
Surplus at Sept. 30
(no par)_
603.079
y147,000
598.000
Shares corn, stock outstand.
$2.59
$4.41
$15.10
Earnings per share
x After deducting all expenses incident to manufacture and sale, ordinary
maintenance of plants accidents, depreciation.
and extraordinary repairs,
&c. y Par $100 per share.
rirLast complete annual report in Financial Chronicle Feb. 1 '30, P.809.
Hershey Chocolate Corp.
(And Affiliated Companies)
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$9,198,583 $10,626,813 $29,851,069 $31,168,011
Sales
6,227,083 7,373,691 20.573,808 21,591,956
xCost of goods sold
621.233
672,778 1.896,879 2.043,376
Expenses
Operating Profits-- $2,350,267 $2.580,344 $7;380,382 37,532,679
52,412
77,926
330.282
Other income
341,376
Gross income
Cash discount,&c
Federal taxes
$2,428,193 $2,832,756 $7,710,664 $7.874.055
243.745
702,467
• 199.451
684.056
288,681
793,190
267,449
882.800
Net income
$1.961,293 $2,102,330 $8,215,007 $6,327,199
78,985
313,402
Prior preferred dive.-4
293,4801
Cony, preferred dive83,1421 y1,227,620). 1,481.864
600,016
883,150
2,
Common dividends
Interlake Iron Corp.
1930-9 Mos.-1929
Period End, Sept. 30- 1930-3 Mos.-1929.
Net profit after int.,
$543.134 $1,649.850 $1,641,234
deprec., Fed. taxes,&c $352,112
shr.
Earns. per.on 2,000.000 shs. cap. stk. (no
$0.82
$0.82
$0.27
$0.17
par)
rarEast complete annual report in Financial Chronicle Feb.22'SO, p. 1289.
Kansas City Power & Light Corp.
-Month of September- 12 Mos. End. Sept. 31)
1929.
1930.
1929.
1930.
Gross earn.(all sources)_ $1.160,541 $1,142,315 $14,688,074 $14,449,413
599,975 7,196,229 7.350,236
581,273
Oper.exp.(incl. taxes)
$542,339 $7,491,844 $7,099.176
$579,268
Net earnings
1,199.472
105,906 1,279,857
111,296
Interest charges
Balance
Amort. of disc, and prem
$467,972
15,797
$436,433 36,211.986 85,899,703
185,149
185,517
15,429
Balance
Depredation
$452.175
172,885
$421,004 $6,026,468 $5,714,553
1,937,268 1,771,096
156,806
$264,198 $4,089,199 $3,943 457
$279,289
Balance
$98.59
$102.23
$6.60
$6.98
Earnings per share, prof
$7.51
$7.79
$0.50
$0.53
Earnings per share,com_
tarLast complete annual report in Financial Chronicle Mar.29'30,p.2198.
Keystone Telephone Co. System.
1930-12 Mos.-1929.
1930-9 Mos.-1929.
Period End. Sept.30
$1,644.274 $1,638.954 $2,198,680 $2,182,662
Gross earnings
1,103411
1,077,061
824,520
803,344
Oper.exps., maint.& tax
585.450
608.820
439.822
459.390
Interest on bonds
31.871
25,174
26,689
18.042
Other Interest charges_ _
Bal. avail. for res.. Fed.
$461,930
$349,438
$4486.110
tax, diva. & surp--- $363,498
-E
10 ast complete annual report in Financial Chronicle May 17, 30, p. 8538.
Surplus
$705,678 $1,619,188 $2,073.969 $4.845,335
Shares corn, stock outKresge Department Stores, Inc.
standing (no par)_-650,000
706.520
706,520
650,000
(And Wholly Owned Subsidiaries.)
$6.61
$2.24
Earnings per share
$2.25
$6.74
Earnings for 6 Months Ended July 31 1930.
x Includes reserve for adjustment of inventory fluctuations. y Includes
$2,202,400
Sales
$1 extra dividend.
139,079
larLast complete annual report in Financial Chronicle Mar.29'30, p.2221. Profit for period
x389,245
Net loss
Sales of Kresge Department Stores Corp.(Newark store) were $5,673,625
for the six months as compared with $5,695,446 in the same period of 1929.
Honolulu Rapid Transit Co., Ltd.
x After deducting $528,325 as proportionate share of loss of Kresge
-Month of Sept.- -9 Mos. End. Sept. 30- Department Store Corp.(Newark store 50% owned).
1929.
1930.
1929.
1930.
ra 'Last complete annual report in Financial Chronicle May 24,'30, p.3728.
$790,028
$777.205
$86,253
$83,394
Gross rev,from transp_ _
452,433
458.684
49.266
50.641
Operating expenses
Lehigh Valley Coal Corp.
Net rev, from transp_
Rev. other than transp_
$32,753
1,144
$36.987
1,254
$318,521
11,185
$337,594
9,927
Net rev, from oper_ _ _
$33,897
$38,241
$347.521
$329,706
Taxes assignable to railway operations9,149
80.604
7,843
82.079
Interest
550
550
4.950
4.950
Depreciation
96.620
10,561
94,321
10,480
Profit and loss
192
1,782
2,803
Replacements
1.207
1,207
Total deductions from
revenue
$21,468
$19,066
$186,186
$183,133
12,429
Net revenue
19,174
143,520
164,388
i'Last complete annual report in Financial Chronicle Mar. 15'30, p. 1827.
K
Houston Oil Co. of Texas.
(Including Houston Pipe Line Co.)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
$3,151,270 $2,968,638 $9,982,555 $8,199,582
Gross earnings
Exp. & ordinary taxes
1,902.449
1,759,385 6.194,279 4,716,279
Operating Income--- $1,248,821 $1,209.253 $3.788.276 $3,483.303
46.414
30,117
Other income
162,017
132,958
31.295,234 $1,239,370 $3,950,293 $3,618,261
Total income
Aban.leases,int.,amort.
423,713
183,959
974,929
& Fed. taxes, &c
645,353
583,203 1,668,321
578,898
Deprec.& deplet
1,719,278
$292,625
Net income
$472,207 $1.307.043 $1,251,630
Earns, per sh.on 249,686
$1.35
$0.64
$3.62
shares oom.stook__ _
$33.40
tarLast complete annual report in Financial Chronicle Mar.8'30, p. 1661.
Howe Sound Company.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Production
3,541
3,605
9,165
Gold (ounces)
10,678
837,002 2,573,834
1,085,396
Silver (ounces)
1,561,121
11,656,379 10,722,368 34,803,818 31.841,859
Copper (pounds)
Lead (pounds)
27.032,163 19.656,418 62,559,858 40,067,547
18,827,915 12,905,413 39,124.330 32,840,197
Zinc (pounds)
Earnings
Value of metals produced $3,444,088 34.073.497 $10,033,224 $12,958,511
2,866,161 3,010.749 8,035.282 9,623,780
Operating costs
Operating income
$577,927 $1,062,748 $1.997,942 $3.334.731
137.478
328.527
114,738
Other income
364,331
Total income
$692,665 $1,200,226 $2,326,469 $3,699,062
260,192
235,800
Depreciation
687.314
740.062
$940,034 $1,639,155 $2,959,000
Net income
$4456.865
Earns, per sh.on 496.038
$1.89
$33.30
$0.92
$5.96
shares (no par)
'Last complete annual report in Financial Chronicle Apr.26'30, p. 2976.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
x Income from mining &
$762,585 $1,001,546 $1,542,398 $2,317,878
selling coal
64.470
49,344
19,321
14.748
x Deficit from other oper
$982,225 $1.493.054 $2.253.208
$747,838
x Total income
1,848,290 1,511.999
576.854
605,715
Other income
x Gross income
$1,353,553 $1,559,080 $3,341.344 $3,765,206
Int.. carrying charges on
reserve coal lands, Fed.
1.423.557
592,002 1,881,226
601,946
taxes & miscell. deduc.
Net income before de$967,078 $1,460,118 32,341,649
$751,607
preciation & &Wet_
1,662,030
1,566.741
600,205
565,051
Deprec. and depletion
Income applicable to
15.110
Dr1,613
8.189
3.048
minority interests
Net income applic. to
Lehigh Valley Coal
$664.509
$358,684 def$105,010
Corp
$183,508
223,973
225,930
223.973
225,930
Preferred shs. outstand'g
$2.97
Nil
$1.60
10.81
Earns, per share pref__ 1,201,037 1.196,341
Common shs. outstand'g 1,201,037 1.196,341
Earns, per share common
(after providing for
$0.13
N11
$0.16
$0.01
preferred dividends)...
x Excludes depreciation and depletion.
Chronicle Mar.29'30, p.2222.
1:2 "Last complete annual report in Financial
Link Belt Co.
1930--9 Mos.-1929.
Period End. Sept.30- 1930-3 Mos.-1929.
$44.718.957 $6,743,685 $16,357,300 320.325,210
Sales
Net profit after deprec.
2.431,322
1,802,111
915,391
495,912
Federal taxes, &c._ _ _
Earns.per sh. on 709.177
$33.15
$2.26
$1.19
$0.60
shs. corn. stk.(no par)
September net profit was $134,446, against $209,805 in Sept. 1929.
'Last complete annual reptrt in Financial Chronicle Feb. 22'30, p. 1291.
Loblaw Groceterias, Ltd.
-1929.
-1929. 1930-16 Weeks
Period End.Sept.20- 1930-4 Weeks
$1.266.808 $1,339.922 $5,105.903 $5.390,978
Sales
288.819
276,727
64,024
76,454
Net profits
arLast complete annual report in Financial Chronicle July 5'30. p. 124.
Loose-Wiles Biscuit Co.
1929.
1930.
9 Months Ended Sept. 30Net profit after int. Fed. taxes, & deprec.. but
before approp.for sinking fund requirements-- 31,576.924 31,791 582
$2.73
$A.15
Earnings, per share on common stock
Those figures do not include any earnings of the recently acquired properties of Tru-Blu Biscuit Co., in Spokane. Seattle and Portland.
rirLast complete annual report in Financial Chronicle, Mar.15'30, p.1840.
2686
FINANCIAL CHRONICLE
Los Angeles Gas & Electric Corp.
12 Months Ended Sept. 30Gross earnings
Operating expenses and taxes
(The) Nevada-California Electric Corp.
1930.
1929.
$23.707,066 $24.149,987
13,122,575 12,679.191
Net earnings
Reserve for depreciation and amortization
$10.584,491 $11,470.796
5,870,752 5.499,882
Balance available for dividends and surplus____ $4,713,739 $5,970,914
Eft'Last complete annual report in Financial Chronicle Feb. 1 '30, p. 798.
McGraw-Hill Publishing Co., Inc.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profits after all chgs.
including taxes
$470,512
1614,877 $1,572,847 51,742.955
Barium per sh. on 600,000 shs. com, stock
outstanding
$0.78
$2.90
$2.62
$1.02
tarLast complete annual report in Financial Chronicle Feb.22'30, p. 1291.
Market Street Railway Co.
-Month of September- 12 Mos. Ended Sept. 30
1930.
1929.
1929.
1930.
Gross earnings
1745,298
8787,449 19.365,644 $9,570,846
Net earnings, incl. other
inc. before prov. for
retirement
118,528
136,291
1,461,235
1,431,069
Income charges
720,694
667,922
53,797
58,913
Balance
$793.312
164,731
$710,375
$77,378
a'Last complete annual report in Financial Chronicle Apr. 12'30, p.2579.
Merchants & Manufacturers Securities Co.
0 Months Ended Sept. 301930.
1928.
.1929.
Net profits after all charges incl. reserves and taxes
$271,183
5338,703
$140,971
larLast complete annual report in Financial Chronicle June 28'30, p.4619.
Mid-Continent Petroleum Corp.
(And Subsidiaries)
Period End. Sept.3- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Operating profit
$2,781,314 $5,224,293 $8,431,417 $11,873,598
Leaseholds aband., &c
1,249,432
426,080
331,231
897,055
Int.& amen.of bd. disc.
96,896
814
Deprec. and deplet. and
Federal taxes
1,064,847
3.194,539
Surplus
$1,290,387 $4,892,248 13,987,446 110,879,647
The net profit for the 9 months of 1930 is equivalent to $2.14 a share
on 1,857.912 shares outstanding.
J"
Last complete annual report in Financial Chronicle May 3 '30, p. 3177.
Midland Steel Products Co.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos -1929.
Net profit after int. &
deprec. but bef. Fed.
taxes
$123,675
3881,087 $1,391,671 33,229,275
laPLast complete annual report in Financial Chronicle Mar.22'30, p. 2040.
Monighan Manufacturing Corp.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net profit after deprec.
and Federal taxes_
$190,529
$88,723
176,219
$113,790
Earns, per sh. on 40.000
shs. cony. class A stk_
11.22$2.72
$1.06
$1.76
Earns, per sh. on 40.000
shs. cony. class B stk_
2.04
.84
1.08
.99
arLast complete annual report in Financial Chronicle May 24'30, p.3728.
Montgomery Ward & Co.
Period Ended Sept. 30 1930-Quarter.
9 Months.
Loss on operations (approximate)
4345,000 52,848.000
x Compares with loss of $185,000 in preceding quarter and loss of $2,318,000 in first quarter of this year.
r"
Last complete annual report in Financial Chronicle Feb. 1 '30, p. 784.
(Phillip) Morris & Co., Ltd., Inc.
6 Months Ended Sept. 301930.
1929.
1928.
Net income after charges, but before
Federal taxes
5195,396
5223.237
3263,339
Shares capital stock outstanding..
415,465
415,465
413,583
Earnings per share
$0.63
ta"Last complete annual report in Financial Chronicle June 21 '30, p.4411.
4;° 54
Murray Corp. of America.
(And Subsidiaries)
Period Ended Sept. 30 19303 Mos.
9 Mos.
Net profit after deprec., hat. and Federal taxes__
116,215
$750,258
Earns. per sh. on 769.073 shs. corn. stk. (no par)..10.96
fat'
Last complete annual report in Financial Chronicle Apr 06'30, p. 2981.
$;
0 22
National Biscuit Co.
(Vox. 131.
(And Subsidiary Companies)
-Month of September- 12 Mos. Ended Sept. 30
1930
1929.
1929.
1930.
Gross operating earnings 1408,920
5390.862 $5,638,721 15,589,084
Maintenance
18,777
23.803
250,003
227,410
Taxes
37,289
34.934
398,933
472.883
Other oper. & gen. exps_
122,480
142,708
1,941,821
2,110,354
Total oper, and gerel
expenses and taxes..
Operating profits
Non-oper. earns. (net).-
$178.546
230.373
4,883
3201,446 12,736,698 $2,664,707
189,415
2,924,377
2,902,023
14,354
159,042
147,415
Total income
Interest
1235,257
121,686
5203,769 33,019.438 $3,083,419
124,799
1,474,281
1.479.684
Balance
Depreciation
1113.570
50,601
378,970 $1,575,156 51,603,734
48,748
652,511
624.847
Balance
Disct.& exp.on secs. sold
Misc. add'ils and deductions (net gr.)
Surplus available for
redemp. of bonds,
dividends, &c
$62,968
8,432
130,221
7,963
3922.645
96,550
$978.887
97,337
Dr.542
9,959
72,726
86.721
$53,993
532,217
1898,821
1968,272
Otis Steel Co.
9 Months Ended Sept. 301930.
1929.
1928.
Net profit after deprec. & Fed. taxes-x$1,649,712 $3.891.774 12,693,852
Shares common stock outstanding841,002
841,002
805,858
Earnings per share
x$1.24
$3.89
12.58
x Before depreciation and Federal taxes.
1:37
-Last complete annual report in Financial Chronicle Apr. 5 '30, p. 2406.
Pacific Power & Light Co.
(American Power & Light Co. Subsidiary)
-Month of August- -12 Mos. End. Aug. 311930.
1929.
1930.
1929.
Gross earns,from oper__
5346,203
5395.602 $4,517,529 14,787.422
Oper. expenses & taxes189,567
194.328
2,300.079
2,479,877
Net earns,from taper_ 5156.636
$201,274 12,217,450 $2,307,545
Other income
18.621
570
36,708
52.528
Total income
Interest on bonds
Other int. & deductions_
1175,257
70,833
-5,181
3201.844 52.254,158 52,360,073
37,996
488,787
455,950
88,410
539,876
803,911
Balance
$109.605
Dividends on preferred stock
195.438 $1,225,495 $1,100,212
405,320
406,302
Balance
$820.175
$693,910
Packard Motor Car Co.
Period End. Sept.30- 1930-3 Mos.-1929.
19.i0-9 Mos.-1929.
Net prof. after chgs.&tax.$1,153,771 $1,694.699 36,680,193 116,369,840
Earns. per sh. on 15,000,000shs.cap.stk.
(no par)
10.08
$0.11
$0.44
$1.09
tarLast complete annual report in Financial Chrcrnicle Nov. 9 '29, p. 3023.
Penick & Ford, Ltd., Inc.
(Including Subsidiaries)
Period End. Sept.30-- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Gross earnings
$1,218,305 $1,389,193 $3,779,909 $4,075,318
Expenses
y858,884
2,094,759
758,669 y1,894.969
Depreciation
172,449
158.417
480,703
522,162
Interest
50,003
x Profit
$403,204
5458.075 51,404,237 51,408.392
x Before Federal taxes. y Includes premium paid on pref. stock purchased for retirement amounting to $91,300 for September quarter and
$195.000 for the nine months.
tarLast complete annual report in Financial Chronicle May 3'30, p. 3179.
Pennsylvania Gas & Electric Co.
(Controlled by American Electric Power Corp.)
-Month of September- 12 Mos. End. Sept. 30.
1929.
1930.
1930.
1929.
Gross earnings
$131,287
5135.396 $1,562,169 $1,557,274
Oper. expenses & taxes_
75,732
73,876
942,177
956,391
Net earnings
159,664
157.411
Subsidiary company charges &preferred dividends
Bond interest
Other deductions
$619,992
13.650
259.756
20.179
1600,883
17.462
282,309
16,738
Balance
Preferred dividends
5326,407
104,991
5304.374
105,000
Balance*
1221,416
5199.374
* Before provision for retirement reserve.
tarLast complete annual report in Financial Chronicle Feb. 15 '30, p. 1116.
Period End. Sept. 30- x1930-3 Mos.-y1929. x1930-9 Mos.-y1929.
Pennsylvania Power & Light Co.
Net prof. after taxes, &c. $6,732,017 $5,791,645 $16:768.774 $15,973,225
(Lehigh Power Securities Corp. Subsidiary)
Earns, per sh. on 6,206.-Month of August- -12 Mos. End. Allg. 31775 shs. corn, stock
1930.
1929.
$1.01
(par $10)
1930.
1929.
12.49
$2.36
Includes Pacific Coast Biscuit Co. y Excludes Pacific Coast Biscuit Co. Gross earns,from oper__ $2,381,762 $2,304,133 $30,842,410 $29,851,077
x
1,249,789 15.217,605 15,042,978
a'Last complete annual report in Financial Chronicle Jan. 25 '30, 1). 615. Oper. expenses & taxes_ 1,258,590
Net earns, from oper_ $1,123,172 $1,054,344 $15,624,805 $14,808,099
National Cash Register Co.
Other income
28,215
45,091
461.154
560,213
1930-3 Mos.-1929.
Period End. Sept. 30
1930-9 Mos.-1929.
Total income
11,151.387 11,099.435 116,085,959 115.368.312
Net profit after deprec.,
Federal taxes, &c
5508.976 32,030,708 $2,194,681 $6,437,379 Interest on bonds__ - _
424,555
425,212
5.098.923
5,106.627
Other int. & deductions_
18,370
Earns. per sh. on 1,190,15,219
266,596
306,737
$0.43
$1.71
$1.84
000
Balance
1708,462
$659,004 $10,720,440 39,954,948
P"Last complete annual report in Financial Chronicle Mar. 29 '30. p. 2%641
1
5 . Dividends on preferred
stock
3,247,252
3,483.667
New England Telephone & Telegraph Co.
Balance
17.236.773 18,707,696
1929.
1930.
9 Mos. End. Sept. 30-1928.
1927.
Perfect Circle Co.
$56,063,884 154.452.870 351,579,179 148.483.981
Operating revenue
38,788.473 37,232,714 35,858,335 33,494,576
Operating expenses
Period End. Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
4,481.244
4,263,836
Taxes
4,014,294
3.945.612 Net prof.after chgs.&tax. $160,458
$265,385
$761,089
1528,515
246,462
Uncollectible
254.182
339,218
370,731 Earns. per sh.on 162,500
shs. common stock__
$1.63
$3.25
Total oper. income...112,539,985 112,709,858 111,367,332 $10,673,063
Net profit for Sept. 1930 was $45,657
with 352.838.6
$4 1
358,848
412,031
246.197
318,723 August and $80,001 in September 1929.
Net non-operating rev
"Last complete annual report in Financial Chronicle May 24 '30, p. 8730.
Total gross income---$12.952,017 513.068,707 111,613,528 110.991,786
3,147,102
Int. on funded debt_ _
3,146.563
3,099,787
3,099,789
Phillips Petroleum Co.
165,866
504,763
40,849
Other interest
562,163
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
460.101
487,207
Rent, &c
608,324
417.288 Gross
517,211,394 115,194.029 343,793.648 534,937,108
124,730
124,729
Debt,discount & expense
124,728 Exp. & cost of prod.
124,730
sold 11,048.258
8,675,248 27,429,986 19,907,520
Deprec., deple., retire.
Net income
$8.510,237 $8,804.904 $7,763.043 37,309.133
& other amortization_ 3,136,767
8,698,894
6.639.058
6,640,688
6,638,800
Dividend appropriation- 7,290.347
Profit
- -026.369 $6.518.781 $7,664,768 115.029,585
13. The earnings per share on 2,942,992 average no par shares outstanding
Balance, surplus
3670,333
$1,219.890 $2,164,216 11,123,985
were equivalent to 32.60 for the 0 months ended Sept. 30 1930.
Shares capital stock out1,106,463
1,106.610
1,106,463
standing (par 3100)-- 1.320.981
-No figures of any character of Independent Oil & Gas Co. are
Note.
$7.01
36.61 Included in the above earnings.
$7,96
$6.44
Earnings Per share
rO'Last complete annual report in Financial Chronicle Mar.8 '80, p. 1645.
1ZPLast complete annual report in Financial Chronicle Mar. 1 '30, p. 1448.
2687
FINANCIAL CHRONICLE
OCT. 25 19301
Sterling Securities Corp.
Philadelphia & Western Ry.
-Month of Sept.- -9 Mos. End. Sept. 301929.
1930.
1929.
1930.
$586,239
8506,200
865,444
$55,413
revenue
Gross
Net income after deduc103.699
46.777
13.851
8.901
tion for interest
Earnings for Nine Months Ended Sept. 30 1930.
Pierce-Arrow Motor Car Co.
Total income
Expenses (net)
Federal taxes accrued
$1,511,398
146,602
58,447
Net profit
Preferred and preference dividends
41.306,349
1.118.662
(And Subsidiaries)
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3Mos.-1929.
$4.132,464 $7,265,154 $16.644.312 $24,041.262
Sales (net)
6.514,361 15,215.756 21,636,705
3.821,730
Costs and expenses
179.914
179,532
59,269
59.865
Depreciation
$691,524 $1,249,024 $2,224,643
$250,869
Operating profit
694.369
89,170
338,872
27.201
Other income
Profit
Interest. &c
$278,070 $1,030.396 81,338,194 $2,919,012
462,339
29,446
310,898
Net profit_
Preferred dividends_ _ _ _
$278,070
112,500
$1,945.547
Total surplus
$0.31
Earns, per share on 603,802 shares class A stock (no par)
annual report in Financial Chronicle Feb. 1'30, p. 817.
arLast complete
$719,498 $1,308,748 $2,456,673
240.000
337,500
120,000
Superior Steel Corp.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net sales, less discounts_ $865,576 $1,730,731 $3,429.309 $6,053,860
adm.
Mfg. costs, selling,
5.681,047
3,498.099
1,654,747
901,550
& general expenses__ _
$68,790 sur372.813
$35,974 sur$75,984
Balance, deficit
64,926
59,594
22,712
19,615
Other income
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary.)
-Month of August- 12 Mos. End. Aug. 31
1929.
1930.
1929.
1930.
$383,092 $4,450,013 44,605,511
Gross earns,from oper__ $330.812
2,978,754
2,864,296
222.104
and taxes
214.385
Oper.expenses
$116.427 $160.988 $1,585,717 $1,626,757
Net earns. from oper_
64,401
25,271
4,054
1,899
Other income
$118,326
40,604
9,205
Total deficit
Res.for Fed., &c., taxes.
int., amortiz., &c
$119,118 $1,060,467 $1,149,178
381.685
380.798
4679,669
Balance
$767,493
Public Service Corp. of New Jersey.
-Month of September- -12 Mos. End. Sept. 301929.
1930.
1929.
1930.
$11,223,651 411,321,918E138,734,7023134,078,719
Gross earnings
Oper.exp., maintenance,
8,001.210 96,000,348 93,320.342
taxes and depreciation 7,961,474
Net income from oper. $3,262,177 $3,320,708 $42,734,354 $40,758,377
2,590,392
3,615,774
1,024,182
649,672
Other net income
$3.911,850 $4,344,890 $45,324,747 $44.374,151
Total
1,259,491 15,703,889 15.404,975
1,347,127
Income deductions
Bal. for dive. & surp- $2,564,722 $3,085,398 $29,620,857 $28,969,176
OrLast complete annual report in Financial Chronicle Mar. 1 '30, p. 1481.
Railway & Utilities Investing Corp.
Earnings for 3 Months Ended Sept. 30 1930.
Profits on securities sold
Dividends (not including stock dividends)
Interest received
$21,420
26,176
733
Total income
General expenses
Taxes, including reserve
$48,329
7,003
1,072
Net income available for preferred dividends
Preferred dividends paid
$40,254
37,338
Surplus for period
Surplus June 30 1930
$2,915
506,845
$509,760
Surplus Sept. 30 1930
larLast complete annual report in Financial Chronicle Aug. 9 '30, p. 958.
Serve! Incorporated
9 Mos End.
3 Months Ended
Mar.31 '30. June 30'30. Sept.30'30. Sept.30'30.
PeriodNet profit after deprec,
$176.813
$203,233
$15,810
$10,610
int., taxes, &c
rirLast complete annual report in Financial Chronicle Apr. 19'30, p. 2788.
Sioux City Gas & Electric Co.
(Controlled by American Electric Power Corp.)
-Month of September- 12 Mos. End. Sept. 30.
1929.
1929.
1930.
1930.
$311,927 43,450,691 43,186,319
8325.765
Gross earnings
1.610,566
1.551,223
126.321
125,224
Oper. expenses & taxes
Net earnings
Bond interest
Other deductions
$200,541
Balance
Preferred dividends
$9,196 sur$437.739
$16,359 sur$98.696
79,903
269,425
85,623
243,289
$278.621 sur$194,450
$96,262 sur$13,073
Balance, deficit
115.000
115,000
115.000
115,000
Shs, cap. stk. outstand'g
$1.69
Nil
$0.11
Nil
Earnings per share
Chronicle May 17 '30, p. 3563
Icff-Last complete annual report in Financial
$165.042 81,610.988 $1,691,158
487,250
487,250
40.604
54,730
63.271
5,320
$68.517
Balance
Dividends on preferred stock
4187,687
1.757.860
Surplus
Earned surplus Dec.31 1929
$971,248 $2,216,673
$599,498
$165,570
Surplus
Earns. per sh.on 197.250
$11.23
$4.92
$3.04
$0.84
abs. cl. A stk. (no par)
IZF'Last complete annual report in Financial Chronicle Mar.8 '30, p. 1645.
Total income
Interest on bonds
Other int.& deductions-
$817,339
121,573
572,486
Dividends
Interest
Profit on sale of securities
$185,606 $1,840.125 $1,635,096
520,452
485,995
34,593
27,935
81,285,080 81.121,166
338,709
338.709
Sweets Co. of America, Inc.
1930-9 Mos.-1929.
-Month-1929,
Period End. Sept. 30- 1930
4105.819
$101.347
$26.610
$25,674
Net profit beforelred.tax
'Last complete annual report in Financial Chronicle Mar. 15'30, p. 1845.
Symington Co.
1930-9 Mos.-1929.
Period End. Sept.30-- 1930-3 Mos.-1929.
$141,395
$145,423
428.693
def$72.237
&Operating profit
51,099
62.997
7.759
4.047
income
Other
5192,494
$208,420
436,452
def368,190
Net income
Earns, per sh.00 200.000
$0.96
4
$1.0
Nil
no par she. cl. A stock_
provision
1
$ 8
a After depreciation of plant, all selling a 1general expenses,
Federal and State taxes.
for reserves and
year.
The above figures are subject to adjustment at end of fiscal
28'30, p.2988.
"Last complete annual report in Financial Chronicle April
Telautograph Corp.
1930-9 Mos.-1929.
Period End. Sept.30- 1930-3 Mos.-1929.
Net profit after deprec..
$243.375
$262.891
$84,831
Federal taxes, &c____$90,882
Earns. per eh.on 228,760
$1.15
$0.37
$0.40
(no par)
shs.com.stock
0
$126
Feb. 15'30, p.11.9
Kff Last complete annual report in Financial Chronicle
Tennessee Electric Power Co.
(And Subsidiary Companies)
1 29
-Month of Sept.- -12 Mos.End. Sep1. 30--1929.
1930.
0
196 956 $14,262,571
$1,176.563 41,219,198 $15,223,3
Gross earnings
Oper. exps., incl. taxes
7,309.242
665,040 7,873,366
673,079
and maintenance
$554,157 87.352,989 46,953,329
4503,483
Gross income
2,140,894
2,202,561
Fixed charges
5,150,428
Net income
Dividends on preferred stock
Provision for retirement reserve
4.812,435
1,369.383
1,243,503
1,336,890
1,097,024
$2,537,541 $2,378,519
Balance
p. 2030.
1:2V-Last complete annual report in Financial Chronicle Mar. 22'30,
Texas Gulf Sulphur Co.
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
$3,341,753 $4,028,959 810,793.799 411.480,489
Net earnings
2,540,000
•
Dividends
2,540,0007,620,000•
4801.753 41,488,959 $3,173,799 $3,860,489
Balance
Prof. & loss surp., incl.
24,562,360 19,161,572
reserve for depletion_
Earns, per sh. on 2,540,000 she, cap. stk. (no
$4.52
$4.25
$1.58
$1.31
Par)
p. 985.
tarLast complete annual report in Financial Chronicle Feb.8 '30,
Transue & Williams Steel Forging Corp.
Period EndedGross loans
Expenses
9 Mos. End.
Quarter
Mar. 31 '30. Jun 30 '30. Sept. 30'30. Sept. 30 '30.
426,170 4147.947
483,928
x$90.189
149,596
40,854
54,357
54.385
51.649
$67,024
429,571
x$35.804
18.882
6,237
6.160
6.485
3782.457
9946.371
Balance*
Oper. loss
• Before provision for retirement reserve.
Other charges
orLast complete annual report in Financial Chronicle Jan. 26 '30, p. 623. Net loss
$73.261
y$23.411
3429,319
Southern Ice Co.
x Profit. y Profit before Federal taxes.
Chronicle Feb. 22
1930.
"Last complete annual report in Financial
1929.
12 Months Ended Aug. 31
$1,250.733 $1,362,315
Gross sales and earnings
$20,531
30, p. 1299.
Trico Products Corp.
Net sales, ice
Net sales, coal
4667,030
74,964
$784,122
69,758
Net sales, ice and coal
Delivery,selling and general expenses
Taxes
$741,994
460,399
58,206
$853.881
451,140
63,522
Operating income
Non-operating income, net
$223,389
7.644
$339,218
8,745
Gross income
Interest charges
$231.034
66,939
$317,962
66,556
Balance
Prior earned surplus
$164,094
414,702
$281,046
298,943
Total surplus
Retirement reserve
$578,796
105,000
$580,349
95.000
473,796
21,481
485.943
7,124
United States Leather Co.
Balance
Preferred dividends
5495,277
71,467
8492,563
77,861
Earned surplus
$423,810
$414,702
1930-9 Mos.-1929.
Period End. Sept. 30- 1930-3 Mos.-l929.
$1,820,829
$376.842 pf.$148,609 $180,654
x Net loss
x After provision for depreciation, taxes, repairs and maintenance.
KirLast complete annual report in Financial Chronicle May 3'30, p.3184.
Balance
Net direct credits
1930-9 Alos.-1929.
Period End. Sept. 30- 1930-3 Mos.-1929.
Net profit after charges
$564,557 31,573,005 41,813,984
$414.224
and Fed. taxes.
Shares corn, stock out337.506
374.991
337,500
374,991
standing (no par)_.
$5.37
$4.19
$1.67
$1.10
Earnings per share
Chronicle Apr. 12'30, p. 2603.
Vi'Lost complete annual report in Financial
Trunz Pork Stores, Inc.
1930-9 Mos.-1929.
Period End. Sept.30-- 1930-3 Mos.-1929.
81,120,433 $1,183,064 $3,695,570 83,679.871
Sales
charges
Net profit after
215,994
151,784
47.401
40,946
and Federal taxes
Earns, per sh.on 100,000
$2.16
$1.52
$0.47
$0.41
she. no par stockFeb. 15 '30, p. 1130.
tarLast complete annual report in Financia Chronicle
2688
FINANCIAL CHRONICLE
U. S. Hoffman Machinery Corp.
$32.614
44.161
$295.401
49,798
$325,370
141,196
Total income
Depreciation
Other charges
Federal taxes
Amortization
$76,775
41.463
38,110
Cr.233
56,233
$345,199
37,366
54,676
24.970
56.219
$466,566 $1,117.189
109,632
124,156
168.484
124,178
80,226
5.037
168,480
168,700
loss$58,798
111.101
$171,968
222.203
Net profit
Dividends
Loss sale plants, &c_
$44,495
333,305
78,965
$971,677
145,512
$590,367
666,610
31.396
Deficit
$169,899
$107,639
$50,235
$367,765
Profit & loss surplus
2.981,762
2,413,833
Earns. per sh. on 222,203
abs.com.stock (no par)
Nil
$0.77
$2.65
$0.20
"Last complete annual report in Financial Chronicle Feb. 15 '30, p. 1131.
1929.
trebruary
March
April
May _ _
June
July
August
0AI:umber
October
November
December
August
Virginia Iron, Coal & Coke Co.
1930-3 Mos.-1929.
1930-9 Mos.-1929.
$487,075 $1,162,186 $1,647.176
$316.691
1,633,781
328,623
1,215,729
489,999
loss$11,932
83.340
Total income
Int., deprec.& taxes____
$71.408
71,691
loss$2,924 loss$53.543
161,215
50,477
$13.395
133,796
$107.672
218,174
$147,190
187.083
$47,553
59,482
Dee.(-)
Net loss
$39,893
$283
$110.502
$11.929
Note.
-The above shows results of operations for 9 months of 1930 after
having made allowances for depreciation and depletion amounting to
$118,420.
"Last complete annual report in Financial Chronicle Mar. 22 '30, p. 2019.
Waldorf System, Inc.
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Total sales
$3,804,661 $3,925,612 $11,813,933 $11,811,843
Net profit after deprec.,
amortLation and taxes
811,529
856.251
263,853
264,150
Preferred dividends_...,..
37.524
30,788
9,572
11,961
Balance for corn. stk_ $254,578
$774,005
$825,463
$251.892
Earned per share on 461,610 shares corn. stock
(no par)
$1.68
$1.78
$0.55
$0.54
igrLast complete annual report in Financial Chronicle Apr. 26 '30, p.2991.
Warner Company.
Quarter Ended Sept. 301930.
1929.
Gross sales
$3,809,430 $3,715,789
Net profit after all charges, incl. depreciation, depletion, interest, pref. dividends and Fed. taxes_
370,000
303,000
Shares common stock outstanding (no par)
203,000
234.000
Earnings per share
$1.82
$1.29
Profit in Sept. 1930 was $64,000 as compared with $71,000 in Sept. 1929.
Warner Quinlan Company
(And Subsidiary Companies)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Net loss after all fixed
charges and reserves__ $114,689prof$749,687 loss$285.060prof1822,559
Shares common stock
standing (no par)__..,.
759.538
x564,936
759.538
632,948
Earnings per share
Nil
Nil
$3.23
$1.18
x Average amount outstanding.
Last complete annual report in Financial Chronicle May 17'30, p. 3565.
Westinghouse Electric & Manufacturing Co.
Period End. Sept.30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Orders received
$37.377,134 $64,440.5893132,715.293$185.625,135
Sales billed
44,424,872 59,617,988 137,446,908 159.545,778
Net income after deprec.
and Federal taxes
2,996,007
6,413,955 11,355.619 19.796.819
Interest charges
1,125
1,125
3,375
252.608
Net profit
$2,994,882 86,412.830 $11.352,244 $19.544,211
Shs. comb. pref. & corn.
stk. outedg. (Par $50) 2.666.315
2,666.315 2,666,315
2,666,315
$1.12
Earnings per share
$2.40
$4.25
$7.32
Orders received and sales billed this year do not include radio receiving
sets and tubes, the manufacture of which was transferred as of Jan. 1 1930
to the Radio Corp. of America. The income from gales of receiving sets
and tubes now being distributed under the Westinghouse name will be
included in net income.
For products other than radio, orders received during the nine months
period of 1930, compared with the corresponding periods of 1929 and 1928,
show a decrease of 17% from 1929 and an increase of 8% over 1928.
For last complete annual report see Financial Chronicle Mar.15'30.p. 1817
IC -
Noma.
1929.
$
126.368.848
139.639.086
136,821,660
146.798.792
150,174,332
168,428,748
190.957,504
181,413,185
204,335,941
127,163,307
106.315.167
1930.
94,759,394
97.448.899
101.494.027
107,123.770
111,387.758
110 244,607
125,495,422
139,134,203
February
March
',prll
May
June
iuly
August
4epternber
October
November
11ecernber
January
February.,
March
April
May
tune
July
August
1929.
456,387,931
+18.292.685
505,249.550
+10,884,477
474.784,902
+ 38.291,124
510.543.213
+26.120.817
502.455.883
+28.577.315
512.821.937
+43,884.198
537.803,468
+ 27.835.272
556.003.668
+9,812.988
617.475,011
-9.890.014
531.122,999 -32.806,074
495.950,821
-27.787.999
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
531.650.472 -87.518.647
557,522,607 -101,152.687
586,397,704 -120,696,915
Net Earnings.
(And Subsidiary Companies)
Period End. Sept. 30- 1930-3 Mos.-1929.
1930-9 Mos.-1929.
Consol. net profit, after
deprec., depict.. int.
and Federal taxes_ _ _ - $121,182
$750,791
$349,827
$211,924
Earns. per sh. on 387.434
sits. corn. stk. (no par)
Nil
Nil
$0.49
$0.06
airLast complete annual report in Financial Chronicle May 17 '30, p. 3564.
Operating profit
Other income
Length of Road.
Inc.(+1 or
1928.
47C:80,516
506,134.027
513,070,026
536,723.030
531,033.198
556.706,135
585.638,740
585.816,654
607,584,997
498,316,925
458,182,822
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
January
February
March
April
May
tune
Itily
United States Distributing Corp.
Period End.Sept.30Gross
Expenses
Gross Earnings.
cmth.
(And Subsidiaries)
Period End. Sept.30
-1930-3 Mos.-1929.
1930-9 Mos.-1929.
Gross profit on sales- ___ $445,503
$733,761 $1,579,373 $2,278,437
Expenses
412.889
438.360
1,254,003
1.306.760
Operating profit
Other income
[Vol. 131.
1928,
,1
$
108,987,455
,132.122,686
. 110,884.575
129,017.791
127,614.775
,137,625,367
174.198.544
- 178,800,939
216,519,313
157,192,289
138,301.238
1929.
117,764.670
125,577,866
139.756.091
1141.939,648
.A147.099,034
150,199 509
169,249.159
191.197,599
1928.
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
212,348
242.325
242,375
242.156
242,320
235,049
241.546
Miles.
242.868
240.427
240,816
240.798
241,243
241.183
241,263
241.447
241.451
241.326
240,773
1929.
242,175
242,113
241,964
242,181
241,769
241,349
242.979
242,444
Inc.(4 )Or Dec.(-).
Amount.
Per Cent.
a
+17.381.398
+7,516.400
+25,937,085
+17.754,091
+22.659.557
+30.793,381
+16.758,860
+2.612,246
-12,183,372
-30,028,952
-32.186.071
+15.95
+6.68
+23.39
+12.09
+17.77
+22.37
+9.62
+1.46
-5.63
-19.11
-23.12
-23.005.176
-28,128,967
-38.202.064
-34.815,878
-35,711,276
-39.954.902
-43.753.737
-52,063,396
-19.55
-22.40
-27.46
-24.54
-24.22
-26.58
-25.85
-27.21
Net Earnings Monthly to Latest Dates.
-The table
following shows the gross, net earnings and net after taxes
for STEAM railroads reported this week to the Inter-State
Commerce Commission:
-Grossfrom Railway
--Net from Railway- -Net after Taxes
-1930.
1929.
1929.
1929.
1930.
1030.
$
$
Buffalo & Susquehanna
September _
160,115
138,795
20,129
53,220
From Jan 1_ 1,363,100 1,299,986
237,509
321,489
Central Vermont
September _ 622,010
761,198
148,507
187,023
132,348
155,170
From Jan 1_ 5,834,803 6,865,476
981,340 1,584,094
836,974 1,425,197
Chesapeake & Ohio Lines
September _12,138,012 13,504,189 5,114,035 5,285,646 4,186,723 4,449,373
From Jan 1103539,021 111905,953 37,069,321 38,720,946 29,535,726 31,270,253
Conemaugh Black Lick
September _
98,883
206,881
42,830
10,922
63,830
11,922
From Jan 1_ 1,152,863 1,665,826
312,985
156,782
147,782
341,985
Delaware Lackawanna & Western
September _ 5,649,598 7,120,054
*951,508 *1,854,803
From Jan 1_52,395,740 61,106,465
*8,247,7764.12,522,330
International Great Northern
September 1,505,356 1,584,083
*149,686 *266,420
From Jan 1_11,537,610 13,708,437
*592,835 *1,654,734
Lehigh Valley
September 4,922,923 6,740,783
966,052 2,159,964
723,440 1,731,690
From Jan 1_45,924,661 53,878,212 9,434,892 13,790,694 6,801,857 10,855,097
Missouri Pacific
September _10.579,057 12.946,883
*2,057,878 *2,711.985
From Jan 1_92,205,417 104440,279
•15,550,714*18,031,622
Montour
September. 224,036
228,604
87,888
85,916
86,111
84.044
From Jan 1_ 1,898,983 1,797,918
637,161
628,414
621,184
613,056
New York Chicago & St Louis
September. 3,924.542 5,076,451
*695,577 *1,171,797
From Jan L35,929,068 43,108,889
*4,853,856 *8,599,667
N Y Ontario & Western
September
961,188
1,114,241
*188,991 *122,910
From Jan 1- 8,320,948 9,483,614
*845,249 *900,986
Pere Marquette
September. 3,223,997 4,444,232
*556,313 *857,029
From Jan 1_29,212,887 37,001,369
*3.900,388 *8,224,911
-San Francisco
St Louis
September. 6.334,193 8,184,245
*1,588,996 *2,299,288
From Jan 1_57,045,978 66,437.697
•12,354,993.15,671,537
Western Maryland
September. 1,502,016 1.660,210
*480,092 *605,544
From Jan 1-13.508,655 13,930,576
*3,997,144 *4,098,706
*Net after rents.
Other Monthly Steam Railroad Reports.
-In the following we show the monthly reports of STEAM railroad
companies received this week as issued by the companies
themselves, where they embrace more facts than are re-We give below the quired in the reports to the Inter-State Commerce ComLatest Gross Earnings by Weeks.
mission, such as fixed charges, &c., or where they differ in
latest weekly returns of earnings for all roads making such some other respect
from the reports to the Commission.
reports:
Name-Canadian National
Canadian Pacific
Georgia & Florid
Minneapolis & St Louts
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Period
Covered.
3rd wk of Oct.
2nd wk of Oct.
2nd wk of Oct.
2nd wk of Oct.
2nd wk of Oct.
2nd wk of Oct.
2nd wk of Oct.
2nd wk of Oct.
Current
Year
4,734,345
3,978,000
34,050
338,283
254.427
2,911,672
395.500
684,060
Previous
Year
Inc.(+)or
Dec.(-)
5,830,796 -1,096,451
4,638,000 -660.000
27.700
+6.350
375.219
-36.936
396.745 -142.318
3,910.447 -998,775
601.117 -205,617
811,743 -127,683
We also give the following comparisons of the monthly
totals of railroad earnings, both gross and net (the net before
the deduction of taxes), both being very comprehensive.
They include all the Class 1 roads in the country.
Buffalo & Susquehanna RR. Corp.
Period End. Sept.30- 1030-3 Mos.-1929.
1930-9 Mos.-1929.
Operating revenues
$470,491
$399,390 $1,363,101 $1,299,986
Net ry. oper. income_ _ _
131.026
36,613
321,489
237,509
Net income
$124.597
$29,788
$301,445
$189.511
tarLast complete annual report in Financial Chronicle Apr.19'30,p. 2761.
Gulf Coast Lines.
-Month of September--9 Mos. End. Sept. 301930.
1929.
1930.
1929.
Operating revenues
$1,089,411 $1,125,414 812.295,47.0 $11.575,072
Railway oper. income205,207
247,949
2.323,899
2,832,507
FINANCIAL CHRONICLE
OCT. 25 1930.]
International Great Northern.
2689
-San Francisco Ry.
St. Louis
-Month of September--9 Mos. End. Sept. 301929.
1930.
1929.
1930.
21.505.356 21,584,083 811,537,610 213.708.437 Operated mileage
Operating revenues
592.835 1,654.734 Freight revenue
266,420
149.686
oper. Income_
Railway
p. 3149. Passenger revenue
pirLast complete annual report in Financial Chronicle may 8'80,
Other revenue
(Including Subsidiary Lines)
-Month of Sept.- -9 Mos. End. Sept. 301929.
1930.
1929.
1930.
5,819
5.821
5,819
5,883
$5.174,736 $6.650.938 245.657.912 852,219.258
8,241.190
936.637 6,592.631
609,008
596.669 4.795.434 5.977.248
550,448
Total oper. revenue- $6,334,193 28.184.245 257,045,977 366.437.696
way and struc. $890,388 $1.127,215 87,493,886 89,128.171
-Month of September- 9 Mos. End. Sept. 30. Maint. of equipment__
982.552 1,496,916 10.505.622 13.154.675
Mahn. of
1929.
1930.
1929.
1930.
expenses 2,101,640 2,448,939 19.913.340 21.630.906
$5,646,828 $6,747,772 Transportation
341,883 3.294.435 2.991.033
$497,470
378.830
$399.772
Other expenses
Gross earnings
410,723 3,294.137 3,915.271
302.074
Operating expenses
expenses.. $4,353,412 $5.414,954 $41,207,284 246.904.787
Total oper.
$86,747 $2.352.691 $2,832.501 Net railway oper.income 1,588,996 2,299,288 12,354.993 15,671.537
$97.698
Int. appl. to fixed chgs
10'30, p. 3343.
10 Last complete annual report in Financial Chronicle May
Balance avail. for int- $1.708,147 $2.440,224 213.740,479 216.920.136
1.398,682 4,260.235 7,522.319
631,242
Surplus after all charges
15'30, p. 1818,
'Last complete annual report in Financial Chronicle Mar.
IZ
International Rys. of Central America.
Kansas City Southern Ry.
Union Pacific System.
Texarkana and Ft. Smith Ry. Co.
-Month of September- -9 Mos.End.Sept.31-Month of September- -9 Mos.End. Sept.30
1929.
1930.
1929.
1929.
1930.
1930.
Revenues1929.
Operating
1930.
217.323,501 2109118,180 8124547.930
216,256,580
Railway oper. revenues_ $1,566,010 $1.974,729 $15,099,007 $16,523.624 Freight
1,815,127 2,443.311 16.846,209 20.725.526
Railway oper. expenses_ 1,054,410 1,188.207 10.116,595 10,668.902 Passenger
411.013 3,695,711 3.763.412
381.760
Mail
378.035 2,893,400 3.071.522
289,855
$786,521 $4,982,412 $5,854,722 Express
Netfrom operations__ $511.599
507,820 3.826.494 4,131,032
406,954
134,250 1.038.725 1,208.257 All other transportation87.636
accruals_ __
Railway tax
11.136 Incidental
402,225 2.382,184 3,119.984
279,161
2,591
123
334
Uncollectible ry. revs_ _ _
$652.936 $3,941,095 $4.635.327
Railway oper. rev_ _-$19.429.437 $21,465,905 8138762,178 5159362.408
Railway open Income_ $423.839
Operating Ex ensestgrLast complete annual report in Financial Chronicle May 3'30, p. 3202.
Ma t.of way & struct__ 1,997,937 2,583,016 18,380,491 22,855.491
Maint. of equipment.--- 2,948,212 3,326.911 26,096.962 28,961.913
389.769 3,634.952 3.695.216
344.836
Traffic
5,244,860 5.837,313 42.674,682 46,081.093
Transportation
Missouri Pacific RR.
436,092 2,638.451 3.476.345
295,688
Miscell. operations
708.686 6,012.967 6,252.380
668,832
-Month of September--9 Mos. End. Sept. 30- General
1.185
423
-1,460
423
Invest-Cr
1929.
Transp.for
1930.
1929.
1930.
810,579.057 $12,946,883 $92.205,417$104.440.279
Operating revenues
18,031,622
Railway oper. elms---$11,499.922 $13,283.247 $99,438,082 $111321,253
2.057.878 2.711,985 15,550.714
Railway oper. income
Income Items
Last complete annual report in Financial Chronicle May 3'30, p. 3206 Net rev,from ry. oper_- 7.929,515 8,182.858 39.324.096 48,041,153
9"
12.796,598
Railway tax accruals-- 1,248.515 1.632,939 11,777.337
8.929
6,156
685
639
Uncoil, railway revs_ _ _
235.235.626
York Ontario & Western Ry.
income.. $6,680,361 $6,549.034 227,540.603 -4.577.373
New
Railway oper.
-1.145.657 -1,075.572 -4,886.714
-Month of September--9 Mos. End. Sept. 30- Equipment rents
-80.895 -457.416 -701.665
-57,178
Joint facility rents
1930.
1929.
1929.
1930.
$961.185 $1,114.241 18.320,947 $9,483,614
15.477.526 25,392,567 822.198.473 $29.956.588
Operating revenues
Net income
9.866
9.876
9,878
886.986 6.677,045 7,665,045 Aver. miles of road oper_
9,859
675,869
Operating expenses
69.85%
71.66%
61.88%
59.19%
Ratio of expo.. to revs
$227,255 $1,643,902 $1,818.568
Net rev,from ry. oper. $285.316
-Deficit.
382.500
405,000
45.000
42,500
Apr.26'30, p.3002.
Railway tax accruals-tarLast complete annual report in Financial Chronicle
316
699
5
115
Uncollect. ry. revenues..
Total ry. oper. Income
Eq.& jt. fac. rents(net)-
$242,701
-53,710
$182.249 $1,260,702 $1.413.252
-59.339 -415,454 -512.265
Western Maryland Ry.
-Month of September- -9 Mos.End.Sept.301929.
1930.
1929.
1930.
$122,910 $ 845,248
8900,986 Operating revenues
$1,502,016 11,660,210 $13,508,655 213.930,578
Net oper. Income____ $188,990
932.590 1.028.435 8,799.498 9,459.712
complete annual report in Financial Chronicle Mar. 22'30, p.2020, Total oper.expenses_ _ _ _
Last
$631,775 $4,709,157 24,470,864
Net oper. revenue_ __ _ $569.426
760.000
800,000
100,000
90,000
Taxes
Soo Line System.
$531,775 $3.909,157 $3.710.864
Operating income_ - $479.426
544.817
235.136
94,296
16,631
(Minneapolis St. Paul & Sault Ste. Marie Ry.)
Equipment rents
-20,527 --147,149 -156.975
-Dr.. -15,965
-Month of Sept.- -9 Mos. to Sept. 30- Joint facility rents
1930.
1929.
1929.
1930.
$605,544 $3,997,144 24.098,706
- $480.092
Net ry.over.
149.047
$3.983,725 $4,113,228 $25.419,767 $29.928,855 Other income income_
128,112
19.578
Freight revenue
14,752
438,028 2.758,340 3.689.737
306,805
Passenger revenue
393.181 2,599.135 3,254,490
316,952
84,125,256 54,247.753
$625,122
All other revenue
$494,844
Gross income
249.500 2.602,444 2.247.021
287,159
Ise
24.607.483 $4,944,439 $30.777.243 $36,873.083 Fixed charges
Total revenues
619,065 4,607,399 4,977,314
629,624
$375,622 $1,522,812 $2,000,732
Maint. of way & struc
$207,685
Net income
738,184 6.001,827 6,731,023
639,144
Maint. of equipment_ _ _
733,707
733,715
reLast complete annual report in Financial Chronicle May 17 '30, p.3529.
80.430
74,421
Traffic expenses
Transportation expenses 1,298,013 1,505.713 11,487.742 13.040,771
149,984 1,321,633 1,305,316
146.552
General expenses
$2,687,757 $3.093,377 $24,152,309 826.788.140
Total expenses
1,919,726 1,851,061 6.624,933 10,084.943
Net railway revenues_ _
366,644 2,108,242 2,313.168
Taxes and uncoil. ry.rev. 264.255
Net after taxes-Cr_ $1.655,470 81.484,417 $4,516,691 $7.771.774
705,304
680.680
156,787
- 92,693
-Dr_
Hire of equipment
587,873
646.690
65.454
71.231
-Dr.
Rental of terminals
Net after rents-Cr__ $1,491.545 $1,262,176 83.189,321 $6,478.596
72,582
155,007
13.207
24,791
-Dr
Other income
547.125 5,045,183 5.006.007
565,272
-Dr.
Int.on funded debt
$901,480
8701,843Dr$2,010.869 $1,400,007
Net profit
Division of net profit or deficit between:
Cr$966,366 Cr$653.144 Dr$478,081Cr$1.271,470
Soo Line
Cr48.698 Dr1.532,787 Cr128.636
Dr134,886
W. C. Ry. Co
Cr$901,480 Cr$701,843Dr$2.010,869Cr$1,400.007
System
07 Last complete annual report in Financial Chronicle May 17 '30, p.3527.
Southern Pacific Lines.
-Month of September- -9 Mos.End.Sept.301929.
1930.
1929.
1930.
13,80a
13,842
13 843
13.631
Aver. miles of rd.oper-$
$
$
Revenues
18,352,674 21.143.807 146,674,999 173,192,982
Freight
3,402,280 4,260,669 33,960,431 38.647,274
Passenger
681,941 3,649.229 5,072,682
401.009
Mail
570,084 4,878,340 5.688,954
546.542
Express
496,478
538,270 3,854,910 5,654,085
Allother transportation.
663,637 4,962,106 6,126,615
525,938
Incidental
35,433
217.715
24.012
278,617
Joint facility-Cr
104,018 -950,670 1.048.813
-75,107
Joint facility-Dr
Railway oper. revs--ExpensesMaint.of way and struct
Maint. of equipment_ -Traffic
Transportation
Miscellaneous
General
Trans. for invest.-Cr--
23,673,828 27,789,827 197,247,061 233.612,297
2,505,763
3,330,330
529.194
7,421.174
351,783
907,095
-124,458
3,347.637
4,463,390
602,196
8.773,879
373.186
940,383
157,771
25.766,715 29,682.038
35,342.264 40,549,549
5,550,177
5,650.850
67,542.890 76,915.448
3,642,267 4,310.637
8,610.676 8,604,855
-1,299,800 1.124,238
By.open expenses-- 14.920,882 18.342,901 145,155.191 164,569.141
Income
Net rev,from ry. oper- 8,752,945 9,446,925 52,091,869 69,043,155
1,804.067 2,102,868 14,607,909 17,205.057
By.tax accruals_ _ _ _ 60,422
3,224
60.120
5,291
-Uncoil, railway revenues
999,191 6,260,243 6,554,812
-Dr_
822.448
Equip. rents (net)
61,051
71,530
113,988
51,795
-Dr
Joint fac.rents(net)
i; Net ry. oper. income- 6.069,342 6,280.588 31,049,304 45.151,635
larLast complete annual report in Financial Chronicel Apr.26'30, p.2952.
•
FINANCIAL REPORTS
-An annex to annual reports of steam
Financial Reports.
railroads, public utility and miscellaneous companies which
have been published during the preceding month will be given
on the first Saturday of each month. This index will not
include reports in the issue of the "Chronicle" in which it is
published. The latest index will be found in the issue of
Oct. 4. The next will appear in that of Nov. I.
Third Avenue Railway Co.
-Year Ended June 30 1930.)
(Annual Report
President S. W. Huff Oct. 15 1930 reports in substance:
The companies comprising the System are as follows:
New York, Westchester & Connecticat
Third Ave By.
Traction Co.
42nd St. Manhattanville & St. Nicholas
Yonkers RR.
Ave. By.
Hastings By. Co.. Inc.
Belt Line By. Corp.
Dry Dock, E. Broadway & Battery RR. Kingsbridge By.
Bronx Traction Co.
Mid Crosstown By. Co., Inc.
North Street Transportation Corp.
Third Avenue Bridge Co.
Surface Transportation Corp. of N. Y.
Union Railway Co. of N. Y. City.
Eastcbester Transportation Corp.
Southern Boulevard RR.
Inc.
N. Y. City Interborough By. Co.,Inc. Westchester Motor Transfer Co.. Co.,
Pelham Park & City Island By.Co.. Inc. Westchester Street Transportation
Inc.
Westchester Electric RR.
Heretofore bus operation has been comparatively small and for the most
part unprofitable so that the results of such operation have been shown
statement.
merely as a net figure affecting only the net of the consolidatedproportions
Now, however, since bus operation has become of substantial advisable
place as an earner in the System it has seemed railway
and has taken its
the
to submit a consolidated income statement showing all ofand all of the
eliminated,
companies consolidated with inter-company itemsitems eliminated, and all
with inter-company
bus companies consolidated
of the bus companies consolidated with inter-company items eliminated.
of railway
so that the statement below shows a complete statement combined. operathe two
tion segregated, bus operations egregated, and the fiscal year ending June
From this statement it will be seen that for
lines of
30 1930. the operating revenue from the railwaycomparedthe system was
with the fiscal
315,118.748, a decrease of $514,534 or 3.29% asexpense was $11.560.729,
year ending June 30 1929; while the operating
3.45%. We were able to decrease our operating
or a decrease of $412,729 or
revenue.
expense by a slightly larger percent than the decrease in operating occurred
The decrease in revenue of approximately half a million dollars
latter months of the fiscal year and correto a very large extent during the
that has prevailed
sponded with the general business depressiona whole has sufferedthroughout
as a result
the country. The street railway industry as
your system
of this depression but in comparison, the companies ofexpenses werehave
also
shown up very favorably. The decreases in operating operating expenses
largely in the latter months of the fiscal year. In fact,
during the last three months of the year showed such a decrease over the
2690
FINANCIAL CHRONICLE
[VOL. 131.
previous year that notwithstanding the heavy losses in revenue, the net
of railway and bus operation combined showed a substantial increase over
American Window Glass Co.
the corresponding period of the previous year. The increasing number of
(Annual Report
one-man cars in operation (reducing platform expenses) materially assisted
-Year Ended Aug. 29 1930.)
In attaining this result.
COMPARATIVE INCOME ACCOUNT STATEMENT.
During the year 11.361,151 car miles were operated by one-man cars as
against 7.781,237 miles for the fiscal year ending June 30 1929, from which
YearsAug. 29 '30. Aug. 30'29.
It will be seen that the operation is rapidly changing from two-man to one- Net profit from oper. before prov.
man cars. Cars are going through the shops for re-equipment for one-man Other income, interest, royalties, for deprecia'n_ - 5709,852 4481,910
&c
109,571
90,427
operation at the rate of one a day. This is about as rapidly as the cash
resources will permit and about as rapidly as operating conditions can be
Net profit before depreciation
$819,423
3572,337
readjusted without special hardship upon the employees who are being Provision for depreciation
291,887
567,957
taken from the rear end of the cars, most of whom are being utilized as Adminis., selling, devel. & shut
-down expense... 1,132.728
(see x)
one-man car operators. It will probably require another year to complete
the one-man car conversion but the financial strain upon the company
Profit for year
loss$605,190
$4,380
should become less as more of these cars go into operation. The cost of Previous surplus
2.627,032 7,582,546
this conversion of cars is at the present time being more than met by the
Credits to surplus resulting from the consummasaving effected by the increase In one-man car operation.
tion of the agreement dated May 31 1929 with
It will also be seen from the bus income statement that for fiscal year the
the Am. Wind. Glass Mach. Co.: Royalties acoperation revenue from bus lines of the System was $2,499,832, an increase
crued prior to Sept. 1 1928
of $250.264 or 11.12% as compared with 1929: while the bus operating ex1,092,699
pense was $2.535.738, an increase of $54,429 or 2.19%,showing a substantial Miscellaneous
30,505
increase in bus receipts for the fiscal year without a corresponding increase in
Total
operating expenses. Although the bus operation for the year as a whole did
$2,021,842 38,710,131
not show a net profit, the last few months of the year did show a profit. Assets discarded and expenses in connection
with
There may be individual months in which this bus operation will not show
dismantling of cylinder process
288,386
803.449
a profit but it is believed that in the future on an average bus operation Reserve for obsolescence of plants and
equipment
will make a contribution to the net earnings of the system.
due to Installation of Fourcault process
5,000,000
The loss from railway receipts in Manhattan (there is no bus operation Dividends on 7% cumulative preferred
stock
279,650
of the system in Manhattan) which has prevailed for several years due to
the loss of population, Congestion and readjustment of living conditions in
Surplus at end of year
$1.733.456 $2,627,032
that Borough has continued and is being emphasized by the present inx After deducting administrative, selling, development, &c., expenses.
dustrial depression.
In the Bronx although the railway receipts are showing a decrease, this
decrease is to a very large extent the reflection of the industrial depression
COMPARATIVE CONSOLIDATED BALANCE SHEET.
and under normal conditions they would be showing an increase. The
[American Window Glass Co., American Photo Glass & Export Co., and
same condition prevails in Westchester as that which prevails in the Bronx Western
Pennsylvania Natural Gas Co.(
except that in Westchester a certain amount of operation has been converted
from trolley to bus operation thereby exaggerating the decrease in receipts
Aug. 2930, Aug. 3029,
Aug. 29'30, Aug. 30'29.
from trolley lines in that territory. Even under normal industrial conditions
Assets$
$
Liabilities$
an Increase in railway receipts in Manhattan could hardly be expected Cash
666,869
81,880 Acets payable.... 197,294
241,740
but the Bronx and Westchester County present large possibilities for the U. S. Treas. Mts.
Pref. stock div.
future and under normal industrial conditions the receipts should show a
de bonds & accr.
payable
140,000
steady increase. Bus operation, as shown in the reports, has experienced a
int. thereon__
30,398 1,358,340 Reserve for taxes,
steady increase in receipts in the Bronx and in Westchester regardless of Notes & accts. rec.,
&c
2,679.926 2,824,152
the present industrial depression.
less reserve for
7% preferred stock 4,000,000 4,000,000
In the report of the previous year, you were advised of the substitution of
doubtful noels. 294,414
314,524 7% cum. class A
bus operation on practically the whole of the extreme northern trolley lines Inventories
3,222,530 4,119,804
stock
7,000,000 7,000,000
of the system: that is, those operating out of White Plains. We have re- Other Investments
15,344
15,344 Common stock.,..x8,000.000 6,000,000
cently been confronted with a very large amount of rebuilding and repaving Plants, real est. &
Surplus
1,733,456 2,627.032
of lines in the southern portion of Westchester County. This cost in Mount
g'd-will, leas res.
Vernon, New Rochelle and the Pelhams would probably amount to half a
for deprec'n and
million dollars in the next three or four years. Those communities were
obsolescence _ _ A7,277,141 16,808,110
anxious to substitute bus operation rather than have these lines rebuilt Deterred charges__
86,095
117,184
and we have agreed with them to such substitution for a large part of the Treas, cap. stock_
17,884
17,738
lines, this consent to bus substitution to be under the terms of the trolley
franchises and for the life of the trolley franchises with the right to return
Total
21,610,677 22,832,925
Total
21,610,676 22,832,925
to trolley operation after 10 years but with the privilege of charging a tenNote.
-Dividends have accumulated on the pref. stock from Sept. 1
cent fare. This substitution will involve a substantial expenditure for buses
but no more than would be required for the rebuilding of track and repaving. 1929 and on the class A capital stock from Oct. 11927.-V. 130, p. 1657.
These particular trolley lines have been in operation for a great many years
and have never paid. It is hoped that by the substitution of the buses at
Atlantic Coast Line Co.
an increased fare the lines may not only become self-sustaining but may be
(Annual Report-Year Ended June 30 1930.)
contributors to the earnings of the system.
The properties of the company are in good physical condition and are
INCOME ACCOUNT FOR YEARS ENDED JUNE 30.
adequate for operating requirements. The operating economies that have
been effected in both railway and bus operation seem at the present time
Interest Received on1929-30.
1928-29.
1927-28.
1926-27.
to be more than taking care of the loss in receipts which we are forced to
$62.000
expect at a time like this. Company's net does not seem to be jeopardized A.C.L.RR.Co. of S.C.4s
$63,000
562.000
$62,000
A.C.L.RE.Co. cons. 4s
in any way by the present depression and under normal industrial condi50.160
50,160
50.160
50,160
A.C.L.RR.Co.gen. unitions should show steady gains.
fying 43.5s
135,360
135,360
135,360
135.360
CONSOLIDATED STATEMENT OF'INCOME YEARS ENDED JUNE 30. Amalgam. Phos. Co. 5s
11.150
Internat, Agric. Corp
(Third Avenus Railway Company c% Controlled Companies.)
78,375
78,375
78.375
78,375
Miscellaneous
Increase -.
113,169
109.680
117,212
98.442
Decrease-,
1929.
1930.
Dividends on StocksOperating revenue:
9.072
Railway
9.072
9,072
8.788
$15,118,748 $15,633,283 -$514,535 West'h'se Air Brake Co_
Bus
2,230.880
2,230,880
2,044.970
2.499,832
2,249,568
+250,264 A.C.L.RR.Co.corn. & A 2,230.880
Other dividends
82,135
81.675
84,427
84,975
Total operating revenue
$17,618,581 $17,882,851 -264,271
Total credits
$2,761.151 82,757.203 82.748.433 52,593,273
Operating expenses
20.904
Railway
20,792
27,603
20,072
11,560,729 11,973.459 -412,729 Expenses
22,669
17.880
13.073
30.348
Bus
2,535,739
2.481.309
+54,429 Taxes
Int. on 5% certificates
250,000
250.000
250,000
250,000
Int.
2,472
2,472
2,472
Total operating expenses
2,501
$14,096,468 $14.454,768 -$358,301 Int. on 4% certifs. B
on notes and adv.35,227
39,282
Net operating revenue
Railway
3,558.019
3,659,824 -101.805
Net income
Bus
def35,907 def231,742
+195,835 Prey,surplus forward.. $2,465,106 52.466.057 82.420,029 52,251.100
17,516,249 17,379,253 17.369.406 16,988,115
Sundry credits
22,938
Total net operating revenue618
70.592
$3.522,113 $33,428,083
+594,030
Taxes
Total surplus
$19,981,355 319.868.249 519,790,053 1519,309,806
Railway
1,074.891
1.085,296
-10,405 Dividends
paid
2,352,000
2,352,000
2,410,800
Bus
1.940 A00
80.549
+11,048 Rate per cent
69.501
(20%)
(24%)
(20%)
(22%)
Add. U. S. Income taxes
Total taxes
$1,155,441 $1,154.798
+5643
and int, paid for 1927323
Operating Income
Railway
2,483,128
2.574,528
-91,399
Profit and loss surplus$17,629,032 517.516.249 517.379,253 517,369,406
Bus
def116.456 def301.243
+184,787 Shares capital stock outstanding (par 350).
235,200
Total operating income
235.200
235,200
176,400
$2.366,672 52,273,285
+893,387 Earnings per share
310.48
Non-operating income
510.48
512.89
$12.76
Railway
289.256
269,124
+20.133
BALANCE SHEET JUNE 30.
Bus
9,581
7,776
+1,804
Assets1930.
1929.
1928.
1927.
Total non-operating income
$298,837
$276,900
+521,937 aSecs.dep.with Safe Dep.
Gross income
& Trust Co. of Balt
55,136,960 55,136.960 55,136,960 55.136.960
Railway
2,772,384
2,843.652
--71.267 bRallroad bonds
1.070,475
1.070,475
1.070,475
1.070.475
def106,874 def293,466
Bus
+186.592 cOt her bonds
1,097.250
1,097.250
1,097,250
1,097.250
dRallroad stocks
24,797.554 24,797.554 24.797,554 24,797,554
Total gross income
$2,665,509 $2,550,185 +5115,324 e0ther stocks
390.505
390.505
400,505
390,505
Deductions
feertifs, of indebtedness
1.563
1,563
1,562
1,563
2,663,986
Railway
2,682,992
-19.006 Other securities
90,278
85,057
89.792
87,099
197.542
154,263
Bus
+43.279 Polk Phosph. Co. (advs.)
95,500
21,000
69,500
46,500
Total deductions
52,861.528 $2,837,255
+24,273 Deposited for int. diva.
& income tax retained
3,642
Net income or loss
4,398
3,051
6,522
Dividends accrued
' 1,115,440
108,398
Railway
1,115,440
160,659
-52,262 Fund
1,115.440
1,115,440
for retirem't of 4%
def304,416 def447.729
Bus
+143,313
deb, certifs, of indebt.
Total combined net income or loss
-Safe Dep. & Trust
def$196,019 def$287,069
-Railway & bus
+591,051
Co. of Baltimore
100
100
Cash on deposit
CONSOLIDATED BALANCE SHEET JUNE 30.
668,643
577,951
464.191
1929.
1930.
1929.
Total
•
$34,465,809 534,350,040 834,214,158 833.730,301
Liabilities
Assets$
$
$
Liabilities
Railroad & equip. 84,420,620 83,728,904 Third Av. Ry.stk.16,590,000 16,590,000
346,152 Control, co.'s stk- 231,800
Sinking funds_ ___ 377,018
275,300 Capital stock
511,760.000
Fund. dt. (bdsaCertifs, of indebt.(5%). 5,000.000 $11,760,000 311,760,000 $8,820,000
Dept. for matured
5,000,000
5,000.000
5,000,000
682,985 3d Av.Ily. Co. x49,526,500 49,526.500 Certifs, of indebt.(4%)coupon interest_ 655,760
61,800
61,810000
61,800
61,800
100
.
Controlled cos_ - 6,411,361 6 577,361 Deb. ctfs.of indebt.(4%)
194,253
Misc. special depts. 247,646
Borrowed
2,290,987 Accts.& wages pay. 637,326
rr.
nso
Deprec. & coming. 2,290,987
B iov
636,603 Do
2,459,597
Int. matured and
Dep. with State
stock and int.
money
unpaid
409,859
655,760
Indust. Comm'r 444,747
682,986
certifs. unpaid
3,642
0
3,0501
4,398
1
5,022
1,006.403 1,574,406 Interest accrued.- 202,578
Cash
178.231 Income tax retained
1
990,829
639.280 Tax liability
Accts. receivable
966,361 Federal taxes
626,688
15,000
Interest unpaid
958,195 Int. on adjustment
Materials & snap. 1,080.171
1,499
mtge. bonds.... 8,157,640 7,594,240 Reserve for income taxes
42,700
U.S.Lib. Ln. bds_
42,700
11.335
8,940
6,483
Profit and loss surplus.- 17,629.032 17.516.249 17,379,253 17,369,406
13,028 Res, for deprec.
Unexp. ins. prem.. 104,161
other reserves- 9,755,581 9.360,475
Unamort. debt dis. 996,605 1,016,374
Total
Miscellaneous.. _ _
125.741 Excess of book val.
140,984
534.465,809 534,350,040 $34,214,159 533,730.301
over cost of contr.
Deficit
2,687,810 2,412,744
No provision
cos. sec. owned- 1,962.925 2,047,555 Is included in for Federal tax for the period from Jan. 1 to June 30 1930
the above statement.
95,122,300 94,435.613
Total
95,122,300 94,435,613
Total
SECURITIES OWNED JUNE 30 1930.
xIncludes 1st mtge. 5% bonds, $5.000,000: 1st ref. mtge. 4% bonds,
a Securities deposited with Safe Deposit & Trust Co. of Baltimore to
$21,990,500; adj. mtge. 5% bonds, 522,536,000.-V. 131, P. 2225.
secure 5% and class B 4% certificates of indebtedness, viz.:
FINANCIAL CHRONICLE
OCT. 25 1930.]
Book Value.
Par.
Atl. Coast Line RR.cons. 4% bonds_ -$1,250.000 $1,250,000
4% bonds.. 1.550.000 1.395,000
Atl. Coast Line RR.of S. C.
5,136,060
Au. Coast Line RR.4%% unit. bonds- 3,008,000 2,616,960-8
b Other railroad bonds:
Oolum. Newb. & Laur. RR. Co. 3%..- $318,000 $100,800
228,i00
North Western RR.Co. 1st cons. 47 -- 285,000
67.500
75.000
North Western RR. Co. let cons. e
3.600
4.000
Atlantic Coast Line RR. consol. 4%105,975
140,000
A. C. L. RR. Co. L & N. coll. tr. 4s__
Si West Carolina Ry. 1st
Charleston
474,600-81,070,475
791,000
cons. mtge. bonds series A 5%
C Other bonds.
1.097,250-S1,097.250
1,567.500
International Agricultural Corp. 5%
2691
Shares.
d Railroad stocks:
$55,000
550
North Western RR. Co
1.100
11
Atlantic & North Carolina RR_
468.200
4.682
Atlantic Coast Line RR. corn. A
218.406 23.180.897
Atlantic Coast Line RR. Co. common
88,751
1.046
South Carolina Pacific By. preferred
960,000
12.000
Charleston & West Carolina By _ _43.606-824,797,554
768
Nashville Chattanooga & St. Louis Ry.
e Other Stocks*
5.000 $348,442
Polk Phosphate Co..
42,063- $390,505
4.536
Westinghouse Air Brake Co
Par.
f Other assets.
I 272
127,200
Colum. Newb. & Laur. 5% califs
$1,563
91294
Atlantic Coast Line RR.4% certifs__-V. 129, P. 2676.
mend Corporate anb 3nbeament Aeb35.
;
ljr
to
without jurisdiction by mandamus or otherwise to require the applicantinconstruct and operate the line; that our jurisdiction over all questions the
of Inter-State lines of railroad by
unions of the volving construction or operation
applicant, under the
Rail Unions Ask Six-Hour Workdau.-Seven railroad labor
organized labor applicant is paramount and exclusive; and that theauthority from us for
United States and Canada on Oct. 22 took leadership of
of law, may not obey the mandate of the court without
movement seeking a six-hour working day without reduction
the applicant seeks an order
In the
construction of the line. Thus, in reality,
pay. "Sun" Oct. 22. page 3.
for a certificate of convenience and necessity.
-A petition has been filed with the denying Its application Commission it is maintained that the court already
Northern Roads Ask Rate Change.
On behalf of the State
reconsideration of recent order reducing grain has assumed jurisdiction; that the court's jurisdiction in the matter is
-S. C. Commission asking
I.
Great Northern, the
rates in Western territory by the Northern Pacific, Co. "Wall Street judicial and exclusive; that the proceeding has to do with an illegal abandonMilwaukee and the Oregon-Washington RR. & Nay.
ment; that Section 1(18) of the Act confers no jurisdiction on us in the
Journal" Oct. 18. p.8.
that the judgment of the court is res adiudicata.
-The trunk line and New England premises: and (18) to (22) of Section 1 were enacted as amendments of the
Shippers Protest in Rail Rate Case.
Paragraphs
0.
protest to the
shippers' rate committee made public on Oct. 19 a to reopen the Eastern Inter-State Commerce Act in Section 402 of the Transportation Act. 1920.
Commission against the petition of the railroads and sixth class rates. These amendments made illegal changes from the status of lines of railroad
authorized
class rate case with a view to increasing the fifth
and operations at the time they became effective, except as to our adN. Y. "Times" Oct. 20, p. 35.
in Paragraph (22). and thus entrusted
had 157,141 by us or as provided
-Class I railroads on Oct. I according to ministrative discretion thereafter changes from such legal status of lines
Freight Cars in Need of Repairs.
freight cars in need of repairs, or 7.1% of the number on line, This was a and operations.
Upon consideration of the language of the statute it seems apparent
the car service division of the American Railway Association. Sept. 15. at
repair
track and resumption of operation which have
decrease of 1,879 cars below the number in need of cars inon
need of heavy that the restoration of the
which time there were 159,020, or 7.17. Freight
been Illegally abandoned without our authority are not the construction
compared
existing
or extension of
repairs on Oct. 1 totaled 111,192, or 57 an increase of 1,371
and operation of an additional line of railroad well settled that an
of light repairs line within the meaning thereof.
changes) n
While It is
with the number on Sept. 15, while frefht cars in need Sept. 15.
with
the action of the
totaled 45,949, or 2.1%, a decrease of 3,250 compared of this country on administrative status are committed exclusively to us,the administrative
-Class I railroads
a substitution of its judgment for that of
Locomotives in Need of Repairs.
court's writ of
repairs, or 8.6% of the court is not
Oct. 1 had 4,765 locomotives in need of classifiedthe carriers with the car authority. On the contrary, the purpose and effect of the
administrative jurisnumber on line, according to reports just filed by
mandamus are to preserve and protect our exclusivet undertaken without
decrease
of the American Railway Association. This was aSept. 15, diction by preventing continuation of an abandonmen
service division
such repair on
of 167 locomotives below the number in need of I railroads on Oct. 1 had our authorization.
from
at which time there were 4,932, or 8.9%. Class with 7.961 on Sept. 15
Certainly the Act does not intend that certificates shall be secured
That proviin storage compared
7,997 serviceable locomotives
us before court suits can be instituted under section 1(20). , operation.
Any construction
-Class I railroads on Oct. 8 had 389,399 surplus sion reads, in part, as follows:" . .
Surplus Freight Cars.
the car or abandonment contrary to the provisions of this paragraph or of paragraph
freight cars in good repair and immediately available for service,
This
by any court of competent
service division of the American Railway Association announced. there (18) or (19) of this section may be enjoined the Commission, any comjurisdication at the suit of the United States,
a decrease of 4,633 cars compared with Sept. 30, at which time
was
Surplus coal cars on Oct. 8 totaled mission or regulating body of the State or States affected, or any party in
were 394,032 surplus freight cars.
a week, while surplus
'
135.844, a decrease of 3.572 within approximately same period. Reports interest, . . .
each case a
It scarcely could have been tho intention of Congress that in us, or by
box cars totaled 203.321. an increase of 923 for the of 280 cars below the
a decrease
formal proceeding before us must precede the bringing of suit by
also showed 21.873 surplus stock cars,
number reported on Sept. 30. while surplus refrigerator cars totaled 9,807, any other party entitled to sue under that section.
has been filed
While the application herein is under section 1(18). itauthority under
a decrease of 2,048 for the same period.
If the court has
net earnings
Matters Covered in the "Chronicle" of Oct. 18.-(1) Gross and (2) Bonds of because of the writ issued by the court.
authority from
a writ,
section 1(20) or other legal sanction to issue suchhas beenno
for the month of August, p. 2438.
of United States Railroads
contemplated by
no such authority
11 railroads face ban as legal investment for New York savings banks, us Is required, and evidently enforceable in itself and without any action
either
according to Moody's Investors' Service; earnings drop responsible, p.2481. the court. The writ is
can
our part, or it is invalid. As to the latter alternative, no expression
on
been resolved
until the
-Changes in Collateral Security of be undertaken by us. Unless and think therequestion haswarrant or jusAllegheny Corp.
is no legal
against the court's jurisdiction, we
•
in the
Collateral Trust 5s of 1929.tification for any complementary or supplementary action by us
-year coll, trust cony. 5% bonds, series of 1929, of which $31,591,- premises. It follows that the application must be
The 15
000 are presently outstanding, are secured through pledge of:
Commissioner Eastman, dissenting, says:
756,000 shares Chesapeake Corp. common stock. common.
CommisThere have been several proceedings before the courts and this
75.000 shares Now York Chicago & St. Louis RR.
tribunal has
sion relating to this Yuste-Monticello segment, but as yet noand necesslY
32,600 shares Erie RR.common stock.
upon the question of whether public convenience
RR. common stock.
passed
50,000 shares Missouri Pacific
branch line less than five miles long. In
The collateral formerly deposited as security consisted of 743,000 shares require the operation of this little
l questions there is danger that this question
York Chicago 8s
Chesapeake Corp. common stock, 75,000 shares New & Onio By. com- the confusion of jurisdictiona too late. If the line is rebuilt and operation
Chesapeake
unanswered until
will remain
St. Louis RR. common stock. 17.000 shares
applicant can then seek a certificate from us permon stock and 32,400 snares Erie RR.common stock. of which $22.332,- restored, undoubtedly and if it supplies the necessary proof of lack of
mitting abandonment,
-year trust cony. 5% bonds, series of 1929.
But
The 20
public convenience and necessity, such a certificate will be granted.
consid000 are presently outstandin t are secured through pledge of:
in that event a wholly unnecessary and wasteful expenditure of a for the
'
449,000 shares Chesapeake Corp. common stock.
stock.
sum of money will have taken place. If there is no real need before
erable
• 300,000 shares Pittston Co. common
line, surely it is highly desirable that this question be determined
180,800 shares Erie RR. common stock.
of 483,000 shares the expenditure is made.
because
The collateral formerly deposited as security consisted
Chesapeake & Ohio By.
Applicant has itself to blame for its present lagal difficulties,
Chesapeake Corp. common stock. 15,000 snares
-V. 131, P• of its carelessness in falling to ask for a certificate permitting the abandonof
common stock and 180,000 shares Erie RR. common stock.
ment of this segment at the time when we authorized the construction a
2533, 472.
the extension to Perry. But the unnecessary expenditure of capital by
its own prias to
-S.
-J. C. Commission Dismisses railroad company is opposed to the public interest as wellan application for
Atlantic Coast Line. RR.
vate interest. In 162 I. C.0.497 we refused to entertain
Application of Company for Authority To Build 4.8 Miles of a certificate of abandonment, upon the ground that the segment had already
exist both In fact and in law. If we
had ceased
Road Formerly Abandoned Without Its Permission and been abandoned andfinding, thento is difficult to see how we Can properly
it
were correct in that
ground
Ordered Rebuilt by Florida Supreme Court.
refuse to entertain the application now before us. The only sound
that
-S. C. Commission Oct. 11 dismissed the company's application upon which we could disclaim jurisdiction. It seems to me, would be only
The I.
to construct a line of railroad extending from a connection the construction of a new line or extension is not contemplated but
for authority
operate
point
with its existing line at Yuste in a general southerly direction to a Com- the restoration of service on a line which has unlawfully ceased to decision
Fla., the
in the town of Monticello, 4.8 miles, in Jefferson County, necessity under and is still legally existent. But we rejected that theory in our
mission holding that a certificate of public convenience and
In the former case.
in 162
Section 1(18) of the InterBtate Commerce Act Is not necessary for the
Upon reflection. I am not sure that we were right in our decision
construction by the company of the line of road in dbedience to mandate I. C. C. 497. But having made that decision, it logically follows that we
exclusive and
have
of the Supreme Court of Florida.
ought to entertain this application, for certainly we extensions. GrantThe report of the Commission says in part:
plenary authority over the construction of new lines or
The Railroad Commissioners of the State of Florida intervened and filed ing that the question Is not free from doubt, we ought to resolve the doubt
public conhad,solely upon the question
a motion to dismiss. Oral argument has been
In favor of a course which will permit the important question of
This
of our jurisdiction to entertain the application.under issue of law arises venience and necessity to be passed upon before an expenditure of capital
somewhat different
heretofore considered by us,
from a situation
is made for which there may be no public need.
circumstances, in our report in Atlantic Coast Line RR. Co. Abandonment,
New Treasurer.
162 I.C.C. 497.
27 1930, with
had a line of railroad, sometimes called the
The applicant formerly
Pomeroy Nichols has been elected Treasurer, effective Oct.
Thomasville branch. from Thomasville. Ga., through Yuste. to Monticello. headquarters at Wilmington, N. C., to succeed the late John T. Reid.
proceedings under Section 1(18), a new line from a point at or near V.431, p.780, 1094.
In
Monticello to a point at or near Perry. Fla.. was authorized by certificate
of this line proIssued by us under date of Dec. 14 1925.
-Car-building Program.
Baltimore & Ohio RR.
ceeded from Yuste to Perry through a point about 1 mile west of the MontiPresident F. X. Milholiand, Asst. to Senior Vice-President, Oct. 17. sari:
August 1927. Thereupon
cello town limits, and was finally completed in Yuste and
at its recent meeting, the comBy the authority of the board of directors
Monticello was
future rethat part of the Thomasville branch between
pany is undertaking a car-building program in anticipation of
taken up and removed, without a certificate therefor having been sought quirements and with the desire to provide employment for men whose
' or obtained from us. This omission led to the following consequences: seg- service would not otherwise be required during the fall and winter.
Proceedings seeking to compel restoration of the Yuste-Monticello
,
The program calls for construction of 1,000 steel box cars and 1,000 limn
ment and operation thereover were promptly instituted In the Supreme
at a total cost estimated at $4.000.000.
Baltimore & Ohio
Court of Florida on relation of the attorney general and the State Com- service gondola cars
It is understood that the work will be done in the & Ohio employees.
the court awarded a peremptory writ of mandamus
mission. Eventually
by manufacturers who will engage Baltimore
, requiring the applicant to restore, and resume operation, of the'llne. A shops or of the work will be done at Baltimore and the other half at shops
petition by the applicant for writ of certiorari was denied by the Supreme One-half line of railroad. It is estimated that in the erection shops alone
along the
12 1930.
This
Court of the United States on March
give some 60,000 or 70.000 man-days employment.
Meanwhile, on July 10 1929. the applicant filed with us an application this work willprovide work for Baltimore & Ohio employees, but a large
will not only
for a certificate authorizing abandonment of the Yuste-MontIcelle segment. amount of steel and other material used in the construction of these 2,000
dated April 28 1930, in Atlantic
After due hearing and argument, by order
to employment in other industries. present time and
Coast Line RR Co. Abandonment, supra. we dismissed this application upon cars will contribute
In view of the general decllne of freight traffic at the
the ground that we were without jurisdiction to ratify an abandonment the fact that the Baltimore & Ohio, as well as other carriers, has a large
the Baltiwhich had already taken place; an later a petition for reconsideration of
equipment, this action on the part of the directors of
in this
of 2,000 additional cars,
this action was denied by us. Pending our decisionreasons matter the court surplus of
of comity. On more & Ohio in now undertaking the construction p. 2219.
had stayed Issuance of the peremptory writ for
-V. 131.
confidence in the future.
their
the writ Issue.
June 2 1930, the court directed thatbefore us Is to the effect that a certifi- evidences
-Earnings.
RR.
The prayer of the application now
Buffalo & Susquehanna monthsCorp.
ended Sept. 30 see "Earnings
cate authorizing construction and operation of the line be issued, if, in our
For income statement for 3 and 9
opinion, public convenience and necessity require the line to he constructed. Department" on a preceding page.
-V. 131. p. 2060.
that neither present nor
as required by the court. The applicant contends
future public convenience and necessity require such construction and
Caney Valley Ry.-Extension of Bonds Authorized. Oct. 1
that the new line, and new situation facilities near Monticello
operation;
-S. C. Commission authorized the company to extend from
The I.
provide adequate service for the town; that reconstruction and operation 1930. to July 1 1936, the maturity of $100,000 of first-mortgage sink000120111iC waste; that the court is
of the Yuste-Monticello segment would be
STEAM RAILROADS.
2692
FINANCIAL CHRONICLE
hag fund 5% gold bonds. Authority was granted also to the Ohio & Kentucky Railway to assume obligation and liability as guarantor of the payment of the principal of and interest on the bonds.
-V. 126, p. 1806.
Chicago & Illinois Western RR.
-Final Valuation.
-
The I.
-S. C. Commksion recently placed a final valuation of $1.111.607
on the owned and used property of the company, as of June 30 1918.V. 128, P. 3822.
Chicago & North Western Ry.-Bonds Authorized.
-
The I.
-S. C. Commission Oct. 10 authorized the company to issue not
exceeding $12,000,000 1st & ref. mtge. gold bonds, series C, heretofore
authorized to be authenticated and delivered, the bonds to be sold at not
less than 97Si and int., and the proceeds used to reimburse the treasury
for expenditures made for capital purposes.
-V. 131. v. 2534. 1706.
Georgia & Florida RR.
-Abandonment of 22 Miles.
-
[VOL. 131.
Maryland & Pennsylvania RR.
-$2 Dividend.
-
The directors recently declared an initial dividend of $2 a share, payable
Oct. 10 to holders of record Sept. 30. An initial dividend of $4 a share was
paid on April 10 last.
-V. 130. p- 3705.
Middletown & Unionville RR.
-3% Interest Payment.
-
The company on Nov. 1 next will make an interest
3% on
the 6% non-cum. adjustment mtge. bonds. On Maypayment ofinterest
1 last an
payment 0(2% was made, as compared with 1% on Nov. 1 1929 and semiannual distributions of 3% from Nov. 1 1919 to May 1 1929 incl.-V. 130,
p. 2955.
Minneapolis St. Paul & Saute Ste. Marie Ry.-Listing
of $12,106,000 1st Refunding Mortgage 53/% Bonds, Series
B, Authorized.
-
The New York Stock Exchange has authorized the listing of
The I.
-S. C. Commission Oct. 8 issued a certificate authorizing the re112,106.000
ceivers to abandon the parts of a line of railroad, called the Millen branch, 1st ref. mtge. 534% bonds, series B, due July 1 1978. The proceeds of
extending (a) from Millen in a general southwesterly direction to Garfield. 88.000.000 of the issue have been used to reimburse the company's treasury
14.1 miles, and (b) from Graymont in a general southwesterly direction to in part for $8,000,000 in cash expended from income or surplus in acquiring
Pendleton, 22.5 miles, in Jenkins, Emanuel and Toombs Counties, Ga. 810.000.000 1st & ref. mtge. 5% gold bonds of the Wisconsin Central Ry..
which are now deposited with the trustee of the 1st ref. mtge. of
-V. 131, p. 1563, 472.
the Soo
Co. subject to the lien thereof. The proceeds of the remaining 84,106,000
of this issue have been used to reimburse the company's treasury in
Great Northern Ry.-Great Northern and Northern for $4,106.977 in cash expended from income
part
or surplus In
Pacific Withdraw Requestfor Construction of Line in Montana. betterments or improvements of the company's railroad making additions,
between May 17
1921 and Dec. 31 1928. (Compare offering in V. 131, p. 781.)
The Great Northern and Northern Pacific railways have withdrawn
from the L-S. C. Commission their applications for authority to construct
Comparative Balance Sheet.
about 249 miles of new line in Montana. Withdrawal was with the conJuly31 '30. Dee.3129.
July 31 '30. Dec. 31 '29.
sent to the commission and was prompted by the reduced earnings of the
Assets$
$
Liabilities$
$
two roads this year, it is said. When the intention to abandon the pro- Road & equip -138,979,990 126,225,229 Common stock_
25,204.800 25,206,800
posed construction was announced it was stated that a substitute plan Sinking funds__
498
478 Preferred stock. 12,603,400 12,603,400
for building some short extensions of present lines would be offered.
Scour. of prop'y
Prem.on cadent
12.336
ann.&e.,
Proposed Unification of Northwest Lines Ordered Reopened by Time draftscos.y29,004,533 21,973,063 Funded debt-101,948,200 95,077,200
and
Govt. grants..
3,225
3,225
Commission.
deposits
898,016 M.St.P.& S. Ei.
_.
The proposal of the Great Northern and Northern Pacific roads to Depos. in lieu of
Marie Ry.4%
mtg.prop.sold
3,789
3.789 leased line ate 11,249,500 11,249,500
merge into one company to be called the Great Northern Pacific RR.,
has been reopened by the I.
-S. C. Commission upon consideration of Misc. phys. prop 3,033,300 3,055,780 Non-negot. debt
numerous petitions of interested parties requesting reconsideration of the Other investzrets 2,101,612 2,658,762 to aril cos.__ (513,238 1,531,472
Wisc. Cent. By.
issues involved. it was announced Oct. 17.
Traffic,&c.,baLs.
706.198
547,165
pref. stock
11,249,500 11,249,500 Vouch.& wages- 2,374,355 2,292,134
In its original decision in the case, the Commission approved the pro1,378,851 2,768,991 Tax liability _ _ _ _
posed unification of the Northern Lines upon the express condition that Cash
954,907 1,406,370
121,371
1,681,413 Prem. unfunded
they would divorce themselves of all ownership in the Chicago Burlington Special depo its
230
debt
60
& Quincy RR.. which is jointly controlled by the two roads. The Burling- Loans & bills rec
1,157
1,157
Int., Sto.. due_
ton was made the nucleus of another system contemplated by the Com- Unmatured divi1,859,707
dends,&a_
52.660 Unamtsents so_
mission in its consolidation plan.
13,555
6,816
Traffic, &a., baLs
461,572 Int. accrued, &o
8ince the publication of its decision in the case, the Commission has
870,882
452,375
559,812
648,271 Misc. accounts_
118.406
been in receipt of petitions from the various States through which the Bal. from agents
136,599
Material & s pp 3,964.567 3,835,105 Other curr liabs
182.778
two roads pass, as well as industrial, commercial and business organiza- 0th.
169,030
curr. assets
246,878
Insur. & °as. res
73,243
143.025
tions, asking that the matter be reopened for further hearing.
143,982
Misc. accounts_
568,496
678,284 0th. unadi. cred 13.473.823 1,835,432
The full text of the Commission's order follows:
306,968
374,373 Deferred items_ 2,194.073 1,285,832
The Commission having under consideration the record in the above- Def. debt Items_
'
entitled proceedings, and the petitions of the Railroad and Warehouse UnadJust. detXts 2,601.286 1,384,649
'
thr. Inc. & sur
Commission of the State of Minnesota, the Nebraska State Railway Com253,403
250,886
Fund, debt ret.
mission. the Public Service Commission of Wyoming, the Railroad Comthr. inc. & eur
mission of Wisconsin. the Board of Railroad Commissioners of the State
221,000
198,000
Sink, fund res__
of North Dakota. the Board of Railroad Commissioners of the State of
478
478
Tot.(ea. M6)194,181,682 178,001,248 Profit and loss_ 20,136,947 21,943,689
Montana, the Department of Public Works of the State of Washington,
y Securities of affiliated, &c. companies include as of July 311930:stocks.
the Board of Railroad Commissioners of the State of Iowa, the Public
Utilities Commission of the State of Idaho, the Board of Railroad Com- $12.383,304; bonds.$8,000,000; W. Ry.Co.equip.contracts.$2,054,767:
0
missioners of the State of South Dakota, the Illinois Commerce Commis- other advances, $2,123,119: W. Cent. By. Co. advances, $4,443,343.
sion, and the Chamber of Commerce of Auburn, Wash., for reopening. -V. 131. P. 1417.
further hearing and argument:
National Rys. of Mexico.
It is ordered that said proceedings be, and they are hereby, reopened
-New Director.
Javier Sanchez Mejorada has been elected a director, succeeding Benjafor further hearing at a time and place to be hereafter set.
min Mendez, Jr.
-V. 131, p. 932.
Proposed Expenditures.
The budget of the company for maintenance and improvements in 1931
New York Chicago & St. Louis RR.
-Bonds Called.
will approximate $33.000,000, exclusive of the 84.000,000 to be spent Ion
All of the outstanding ref. mtge 555% gold bonds. series B, due July 1
the Klamath Falls extension, according to President Ralph Budd. Re 1975, have been
stated that this represented the normal expenditure of the road without any at the Guaranty called for redemption as of Jan. 1 next at 10734 and int.
Trust Co., trustee, 140 Broadway, N. Y. City.
-V.131.
reductions.
P. 2220.
Mr. Budd said he expected better business next year. with definite improvement by mid-year and an approach to normal conditions by 1932.
Northern Pacific Ry.-Withdraws Petition to Construct
-V. 131. p. 2219. 1416.
Kansas Oklahoma & Gulf Ry.-Dividends.-
Montana Road.
-See Great Northern Ry. above.
September Earnings Off.
-Charles Donnelly, President, is
quoted as follows:
The directors have declared the regular semi-annual dividend of3% on the
6% cumul series A pref. stock, on the 6% non-cumul,series B pref.stock and
Gross revenues in September were off about 81.400.000 from the
on the 6% non-cumul.series 0 pref. stock, all payable Dec. 1 to holders of .935.206 shown in September 1929. Loadings on the Northern Pacific in$9,the
record Nov. 20. An initial semi-annual dividend of like amount was paid first two weeks of October were off from 12% to 15% from the correspondthe series B and 0 pref. stocks on June 1 last.
-V.130, p.3705.
on
ing period last year. Loadings of grain showed a somewhat smaller Proportionate decrease
of all
no
Lake Providence Texarkana & Western RR.
- evidence as yet of than the loadings general commodities. There is the
a change in the
business situation in
Abandonment of 8 Miles Authorized.
Northwest.
The deposit committee in connection with the proposed Great NorthernThe I.
Commission Oct. 7 issued a certificate authorizing the com-S. C.
pany to abandon a line of railroad extending from Sondheimer to Dark Northern Pacific merger retains substantially more than a majority of the
shares of both the Great Northern and Northern Pacific stocks. The
Swamp, a distance of 8 miles, all in East Carroll Parish, La.
withdrawals, following decision of the committee to permit shame to be
The report of the Commission says in part:
The line in question is a logging road extending from a connection with taken out, have been only moderate.
the Missouri Pacific at or near Sondheimer, through a sparsely settled
Proposed Unification of Northwest Lines Ordered Reopened.
woodland region to a point called Dark Swamp, its terminus. It was
constructed in 1911-12 and has since been utilized for the sole purpose of -See Great Northern Ry. above.
-V. 131, p. 932, 782.
transporting forest products from adjacent timberlands owned by the
Pennsylvania Co.
-Tenders.
E. Sondheimer Co.. a lumber manufacturing concern.
The Girard Trust Co., trustee, Philadelphia. Pa., will until Oct. 31
The timber in the tributary territory has become entirely exhausted.
The last shipment of forest products was made about Jan. 15 1930. Since receive bids for the sale to it of 40
-year guaranteed gold trust certificates,
series It, due 1952, to an amount sufficient to exhaust $100.000 at a price
that time no commodities whatever have moved over the line.
The proposed abandonment, however, does not cover the entire mileage not exceeding par and interest.
-V.130, p. 3699: V. 129, p. 3348. 2800. 2797.
now owned and operated by the applicant. The applicant proposes to
Pennsylvania RR.
-Number of Stockholders Increases.
continue to operate certain yard tracks, sidings and other terminal faciiities
The number of stockholders of this company established a new peak
at the east end of the line, at or near Sondheimer, for the purpose of ser% log
-V.122. p. 3602. on (let. 1 at 212,311, which compares with 208.154 on Sept. 1 1930, an
the lumber manufacturing concern previously mentioned.
Increase of
and with 184.997 on Oct. 11929. an increase of
-Control of Company By The gain of 4.157,for September compares with a gain of 285 shown27,314.
Lansing Manufacturers RR.
4,157
during
July and August.
-V. 131, v. 2534.
Michigan Central and New York Central Approved.
The 1.-S. C. Commission Oct. 10 approved the acquisition by the MichiPort Reading RR.
-Directorship Sought.
gan Central RR. and the New York Central RR. of control by lease of the
Arthur C. Dorrance, Camden, N. J. has applied to the I.
-S. C. Comrailroad and properties of the Lansing Manufacturers' RR.
-V.127.9.819.
Lansing's capital stock consists of 1.000 shares of the par value of mission for permission to becomes director of this company.
The
$100 each, and the entire capital stock is owned by the two roads in equal
Seaboard Air Line Ry.-Abandonment.shares. Since July 1 1905 the roads have been in exclusive possession and
The 1..S. C. Commission Oct. 11 issued a
control of the railroad and have operated it under an agreement that company to abandon its so-called Columbus certificate authorizing the
-Albany branch, extending
expired by limitation on July 1 1930.
from milepost 39.50. near Richland, to milepost 45.33,
now proposed by the roads to lease the Lansing for a further period 5.8 miles, all in Stewart and Webster counties, Georgia. near Kimbrough,
It Is
-V. 131, v. 2060.
of 30 years'from July 1 1930. The form of lease submitted provides that 783.
the lease shall continue during the term that the Michigan Central's railheld and operated under the lease to the New York
road shall continue to be
South American Rys.(Del.).
-New Buenos Aires Subway
Central dated Jan. 2 1930. As annual rental the lessees would pay 86 a
share on the Lansing's capital stock from time to time outstanding, with Officially Inaugurated-First Section Constructed.
obligated to make such payments on
The Lacroze Subway, providing a new link in the transportation system
the proviso that they shall not be
shares of stock hereafter issued unless the same shall have been issued with of Buenos Aires and Argentina. was officially inaugurated on Oct. 17
their consent and that no such payment shall be made with respect to with impressive ceremonies. The project. work upon which was begun
capital stock registered in the names of the lessees, or either of them. In 20 months ago, was financed by this company, a subsidiary of the Public
addition, the lessees are to pay all taxes, assessments other than those Utility Bolding Corp. of America.
The concession for the supway granted by the National Government In
properly chargeable to capital account, and all other governmental charges
accruing during the term on the properties, franchises, or upon the income 1913 in accordance with the terms of the Mitre Law provided primarily
necessarily incurred by the lessor in main- for a terminal in the business center of the City of Buenos Aires for that
or profits therefrom; the costs
taining its corporate existence and performing its necessary corporate series of medium gauge railways which reach Buenos Aires over the rails
functions: and interest, other than interest chargeable to capital account. of the Lacroze System. This system of' railways comprises the Central
-V. 124. p. 369. of Buenos Aires. the Entre Bins By.. the North Eastern Argentine Ry.,
accruing during the term on the indebtedness of the lessor.
. .
.
.
and the Central By. of Paraguay. The entire railway system included
-To Sell Equipment Trusts. In the four companies mentioned comprises lines more than 3.000 kiloLehigh & New England RR.
The company will receive bids up to Nov. 5 for the purchase of $400.000 meters in length in Argentina and Paraguay. Trains of these companies
4ti% equipment trust certificates. series G, to be dated Nov. 15 1930. will be pros Med with a passenger terminal at the intersection of Carlos.
Bids must be sent to office of the President, 1421 Chestnut Street, Phi's- Pellegrini and Corrientes Sta. In the heart of the business district of'Buenos
Aires. Subsequently under the terms of the concession the general traffie
delphia.-V. 131. p. 2534.
of the companies sill be given access to the port of Buenos Aires. with its
enormous export and import traffic. Only the first section, five miles in
-New Chairman of Board.
Magma Arizona RR.
Mrs. William Boyce Thompson of Yonkers. widow of Col. William length of the new subway was officially Inaugurated on Oct. 17. The
construction has been made by Dwight P. Robinson & Co. of Argentina.
Boyce Thompson, has been elected Chairman of the board of directors
a subsidiary of United Engineers & Constructors, Inc.. of Philadelphia.
V. 122. p. 92.
OCT. 25 1930.]
FINANCIAL CHRONICLE
2693
for the acceptance of deposits of the bonds has been extended to and hid.
Nov. 8 1930, after which date deposits will be received only in the discretion of the committee and subject to any penalties that may at that timo
be imposed.
Deposits of bonds may be made with either the depositary, the Bank of
-Texas (Pc Pacific and Missouri
Southern Pacific Co.
subAmerica National Association, 44 Wall St., New York City, or theIll.
Alternative to Cotton Belt Acquisition.
Pacific to Offer
depositary, Chicago Trust Co., 81 West Monroe St., Chicago,
.
-S. C. ComI.
for Texas & Pacific and Missouri Pacific at the protest against V. 131, p. 1892, 1419
Counsel
would file formal
mission hearing have announced that they
-To Change Name.
Basic Utilities Corp.
Southern Pacific Co. of
the proposed acquisition of the stock control by would ask that if control
The corporation is planning to change its name to the Public Telephone db
the St. Louis Southwestern, and as an alternative,
rates be exacted from Telegraph Co., Inc., following a meeting of directors to be held on Oct. 27.
be allowed, a guarantee of existing through routes and
-Kansas-Texas. Its officials believe the proposed name will better identify the operations
the Southern Pacific by the Commission. The Missouri asking that if of the company, which Is a holding and management concern for telephone
Burlington, Rock Island and Frisco roads have intervened,
-V. 131. P.
routings and rates properties, and avoid confusing it with investment trusts.
control is permitted, the Commission order that present
933, 1564.
-V. 131, p. 2534, 1418.
be maintained.
be inaugurated
The second section is now under construction and willextending to the
early in the coming year. In due time the third section 131. p. 1418.
-V.
limits of the port, will be placed under construction.
-Stock
Brazilian Traction, Light & Power Co., Ltd.
-Abandonment of Operation
Texas & New Orleans RR.
- Dividend.
Under Trackage Rights Over Jasper & Eastern Ry. Approved.
The directors have declared a 2% stock dividend on the oalinary shares of no
the
•
paid shares
The 1.-S. C. Commission Oct. 13 Issued a certificate authorizing
RR. to aban- par value, at the rate of one fully paid share for each 50 fully such stock
Texas & New Orleans RR. and the Lake Charles & Northern
& Eastern held by shareholders of record Oct. 31. The shares comprising
don operation under trackage rights over the railroad of the Jasper Ridder, dividend will rank for dividend as from Dec. 11930. but no dividend will
De
Railway between De Ricider and Nitram, but not including
a share. When such fractions
-V.128, P. 4318. be paid in respect of a fractional part of will then rank for all dividends
20.70 miles, all in Beauregard and Vernon Parishes, La.
are converted into whole shares the latter
(or)
payable after the date of such conversion. Definite certificates andDec.
-New President.
Tonopah & Goldfield RR.
certificates will be forwarded to shareholders on or about
succeedW. L. Haehnlen, Vice-President. has been elected President, esident fractional
1 1930.
elected Vice-Pr
ing M. B. Cutter. R. W. Cattermole has been
Secretary A. W. Adams, Oct. 13. also says:
-V. 130, p. 2768.
and General Manager.
Holders of fractions can either sell the same or purchase sufficient addiarrange for such
tional fractions to make up a whole share, and should as possible after'
-Directorship Sought.
Union Pacific RR.
tate adjustments through their bankers or brokers as soon
David K. E. Bruce of Syosset, N. Y., on Oct. 22 asked the Inter-S
necessary fractional certifia director of the Union receipt of the fractional certificates. Where and to facilitate distribution
Commerce Commission to permit him to become
cates may be split into smaller denominations
-V. 131, p. 2536.
Pacific RR. and subsidiaries.
whole shares may be split into fractions, but no splits of whole shares
Applications
Requirements for 1930 will be allowed after Jan. 31 1931.National Trustfor splits must be made
Wabash Ry.-Preferred Dividend
Co., Ltd.. Toronto or
to the company's transfer agent,
Montreal, Canada, but for the convenience of European sharehloders
to Be Covered, Says Chairman Williams.
of the company
preferred dividend requirements applications may be sent through the London agents from the agents.
The company is expected to cover its
of which may be obtained
coupled with failure of
for 1930 despite the drastic slackening of industry,H. Williams, Chairman under conditions particulars above stock dividend cannot be combined
Fractions arising under the
to statement by William
the corn crop. according
earnings for with fractional certificates of the company at present outstanding. See
of the Board Commenting upon the prospects of company's
also V. 131. p. 2535.
1930, Mr. Williams states:
belief the Wabash would earn not less
"In the spring I stated it was our
-Sixth Unit in Operation.
in the corn
Brooklyn Edison Co.
than our preferred dividend. Notwithstanding the reduction
our earnings
President Matthew S. Sloan on Oct. 20 announced that the 145.000
Crop which subsequently developed, we continue confident the amount
and more than
sixth unit of the company's Hudson Avenue generating station had
h.p.
will be in excess of 1% times the fixed charges
the margin will not just been placed in operation, bringing the total capacity of the station
of our preferred dividends for the current year, although
-V.131. to over 600.000 h.p. The entire unit, including the steam turbine. concrop."
be as high as we had expected before the failure of the corn
densing equipment, and electric generator. installed with all its electric
p. 2061, 1418.
$7,000,000.
and steam auxiliaries, cost approximately similar in its main features and
This unit is of the same capacity and
was placed in operequipment to the fifth unit in the same station, whichby the Westinghouse
PUBLIC UTILITIES.
ation in September 1928. Both generators were built
of Oct. 18.-(a) Public utility earnings Electric & Manufacturing Co.
Matters Covered in the "Chronicle"
station
eight months.
Mr. Sloan said that the remaining space in the Hudson Avenueordered
during August, p. 2442. (b) G88 utility sales slower in first
would be occupied by two 215,000 h.p. units, which were recently capit
v. 2448.
Electric Co. When these units are installed, the
from the General
horsepower, making a
-Organized.
Ailed Water & Utilities Corp.engineer, finance and manage city of the station will be more than one millionworld.
-V.130. p. 3536.
The corporation has been organized to Madison Avenue, N. Y. City. the greatest concentration of power anywhere in the
public utilities. Its offices will be at 342
C. Canfield,
-Bonds OfIts board of directors includes Herbert N. Bradley. William S. Stoepel,
Canadian American Public Service Corp.
L. Edward Herrmann. D. It. McLain. A. W. Porter. Frederick
fered.-Hambleton & Co. recently offered $700,000 1-year
Edward L. Stokes, E. Rogers Underwood and Kenneth T. Young.
-Earnings.
American Community Power Co.
6% cony, secured gold notes at 99% and int.
Dated July 15 1930; due July 15 1931. Interest payable J. & J., withannum.
in excess
out deduction for normal Federal income tax notwhole or of 2% per lot on
in part by
.
Denom. 81,000 and $500 c5 Redeemable in
day of any month prior to maturity on 30 days' notice at 101 and
the 15th
-Merger.
American Public Utilities Co.
Principal and int. payable at office of Union Trust Co. of Maryland.
Co. will be int.
refund to holders of these
A proposal to merge this company into the Midland Unitedmeetings on Baltimore, trustee. Company has agreed to and Calif. personal property
of the two companies at special
notes, upon proper application, Penna., Conn.
submitted to stockholders
personal property
taxes not exceeding 4 mills per annum each, Dist. of Col. tax not exceeding
Nov. 19 and 20, it is announced.
Public
The Central Indiana Power Co., now controlled by the American
tax not exceeding 5 mills per ann., Maryland securities
directly controlled subsidiary of the Midland 4 si mills per annum, and Mass. income tax not exceeding 6% per annum
Utilities Co., will become a
oper- on the interest.
United Co. if the merger is approved. It controls utility companies
Conrertible at the option of the holder at any time prior to maturity or
ating in central and western Indlana.-V. 131. p. 2535.
10
-year 6% convertible gold bonds
-Telephone redemption into (a) ffrst lien collateral amount of bonds; or into (b) parAmerican Telephone & Telegraph Co.
on the basis of a note for a like principal
rate of
official announce- ticipating class A stock, $1.75 optional dividend series, at the in cash 40
-An
of
Service to Australia Opens Oct. 27.
I shares for each $1,000 of notes, with respective adjustmentfor redempment says:
accrued int. and dividends. In the event the notes are called
inaugurated by this com- tion, the conversion privilege will terminate on the redemption date.
Regular commercial telephone service will be Oct. 27. The circuit to
Letter of Charles H. Smith, President of the Company.
pany between North America and Australia on
ever established for regular Data from
be employed by this service is by far the longest of two radio links, one i
-A Delaware corporation organized in August 1929 with
Company.
subsidiary companies,
commercial telephony. It consists principally
and Australia. With powers permitting it to acquire. directly or through
and other public
across the Atlantic and the other between England
between New York telephone, electric light and power, gas, waterworks
the wire lines involved in the connection the circuit
utility properties. Company at present controls, through stock ownerAustralia. Is more than 14.000 miles long. States and Cuba ship, a system of telephone properties serving, without competition, a total
and Sydney.
United
The service will be available to all points in the it will cover the States population in excess of 30,000 in the Province of British Columbia. Can.
and to the principal cities of Mexico. In Australia the City of Adelaide. The system operates nine exchanges with 5.127 telephone stations or conoperation
New South Wales and Victoria and
of Queensland,
population of some nections. The subsidiaries have been in continuous successful telephone
serving
inter-connections with other
This adds nearly half a million telephones, reach a
Bell System stations. for many years. By means of with an international service.
6% millions, to the network now within the by theof
are provided
American Telephone & systems, subscribers
The Australian service has been arranged
Authorized. Outstanding.
CapitalizationBritish and Australian post offices
Telegraph Co. in co-operation with the Australia. The circuits across the let lien coll. 10
y$700.000
x
-year 6% cony,gold bonds.ser. A_
the Amalgamated Wireless Co. of
and
700.000
x$1,500,000
employed in the telephone service connecting 1-year cony, secured gold notes
Atlantic are the same as those
250.000 shs.
England-Australia Serial class A stock (no par value)
North America sith England and the Continent. The
z14.044 shs.
ng.
operated by stations near London and Sydney. which estab- $1.75 optional dividend series-participati
link will be
100.000 shs. 100,000 shs.
The two Class 11 stock (no par value)
lished commercial service between the two countries last April.
which
x The issuance of additional bonds and notes Is restricted by provisions
radio circuits will be linked through the London Trunk Exchange,
calls between America and Europe. The circuit between of the indenture securing these bonds and notes.
now handles all
All of the presently outstanding series A bonds are pledged under the
Australian point will be
The cost of a call between New York and any additional minute. For indenture securing this issue of notes.
the bonds
minutes and $15 for each
z 28,000 additional shares are to be reserved for conversion ofin class A
$45 for the first three
charge
for dividends payable
calls involving more distant points in North America an additional trans- or notes and 13.958 shares are reservedcompany agreeing to make further
stock on class A stock of this series, the
made, corresponding to the present zone charge for the
will be
-V. 131„p. 2535.
reservations from time to time for the payment of such stock dividends.of
atlantic service.
-Pro forma consolidated earnings (in Canadian dollars)
Earnings.
-Earnings.
American Commonwealths Power Corp. "Earnings - the company and its operating subsidiaries for the six months and the year
De- ended Dec. 311929. and for the year ended Dec. 31 1928 (after adjustment
ended Sept. 30 see
months
For income statement for 12 -V. 131. p. 2220.
1 be eliminate certain non-recurring charges approximating $1,127, $4,902
partment" on a preceding page.
of
and $7.070 for the respective periods, and to give effect to the issuance
American Water Works and Electric Co., Inc.- the capital securities of the company presently to be outstanding and the
application of the proceeds) were as follows:
Output.
6 Mos.End. Year End. Year End.
for the
The power output of the electric subsidiaries of this company
Dec. 31 '29. Dec. 31 '29. Dec. 31 '28.
of 6% from the
$176.704
month of September totaled 149.495,912k w h..a decrease of 1929.
8187.972
899.381
Gross revenues
g month
61,704
output of 158.743.743 k w h. for the correspondin output totaled 1,408,- Oper. exp. & taxes other than Dom
66,118
34,972
15.546
For the nine months ended Sept. 30 1930, power
20.175
10.301
9 k w.h. for the Maintenance
885.215 k w h.. 1% less than the output of 1,425.485.75
-V. 131, p. 2061. 1263.
$99.453
same period last year.
$101.678
$54,107
Balance
1.050
1,503
902
Allowance for outst'g minority int
-Earnings.
Associated Gas & Electric Co.
For Income statement for 12 months ended Sept. 30, see "Earnings Net avail, for int., depr.& inc. taxes..
898.403
8100.174
$53,205
Department" on a preceding Page.
of
-Notes are secured by deposit and pledge with the trustee A.
Security.
Stockholders Increase.
-year 6% convertible gold bonds, series
$700.000 1st lien collat. 10
Gas & Electric System reports a total of 215.000 Individual Such bonds are to be dated July 15 1930 and are to be due .luly 15 1940,
The Associated
The latest detailed and are to be secured by deposit and pledge with the trustee of all the outstockholders, a gain of about 3,000 for the past month.
206.007
statement of stockholders shows 214,741 separate names, of whichin South standing capital stock (except directors' qualifying shares) of Solar Teleits possessions. 6.263 in Europe. 6
phones. Ltd.. and over 97% of the outstanding capital stock of Okanagan
reside in the United States or
the Philippine Islands. Telephone Co.and Summerland Telephone Co.(except directors' qualifying
America.2 in Africa and 813 in ANia. including 808 in
shares lu each case). Both the indenture securing the 10-year gold bonds
-V. 131. p. 2535.
will provide that upon completion of
-74% of amid that securing this issue of notes have no indebtedness other than inAtlantic Public Service Associates, Inc.
ON financing said subsidiaries will
De- debtedness pledged with the trustee as security for such bonds, or current
-Time for
Bonds Deposited with Bondholders' Committee
indebtedness not in excess of current assets.
8.
Purpose.-Proeeeds will be used to retire the existing debt of the company
posit Extended to Nov. of- lit lien and secured 54% gold bonds,
-V.129. p. 3960, 1733.
the
and for other corporate purposes.
In a letter to the holders
Inc. (formerly AtlanTic
Associates,
series A. of Atlantic Public Service 1930, the bondholders committee,
Central Indiana Power Co.-Eight Small Operating SubCorp.). dated Oct. 22
Public Service
Spencer Trask & Co. is Chairman, anCorp.
of which James T. Woodward of
the bonds more than $3436,000, sidiaries Sought by Indiana Electric
nounces that out of a total of$4,938,000 of
-V. 130, p. 4048.
See Indiana Electric Corp. below.
deposited with the committee and that, the time
or about 74%, have been
For income statement for 12 months ended Sept. 30 see "Earnings
-V. 131, p. 2220.
Department" on a preceding page.
1
2694
FINANCIAL CHRONICLE
Central Public Service Corp.
-To Acquire Southern
Cities Utilities Co.
The sale of the Southern Cities Utilities Co., a Philadelphia corporation
operating gas plants in Lynchburg. Va., and 11 other cities, to the Central
Public Service Corp. of Chicago was announced recently. The purchase
is to become effective Nov. 1. following confirmation at a stockholders'
meeting in Philadelphia on Oct. 28. Other holdings of the Southern Cities
group are in Asheville, Raleigh, Durham, N. C.,• Salem, N. J.; Manila,
P. I.; Salisbury, Md.; San Juan. P. R.; Santo Domingo, Haiti, Palma
(Mediterranean Sea), and Canary Islands.
-V. 131, p. 2535.
Chicago City Ry.-New Directors.
Melvin A. Traylor, (President of the First National Bank of Chicago),
James Winston and Harry I' Weber have been elected directors to fill
vacancies caused by the deaths of Frank 0. Wetmore and Leonard A.
Busby and the resignation of Frank W. Thomas.
-V. 131, p. 2082.
Chicago Local Transportation Co.
-Traction Plan
Ready To Be Promulgated-Extension Recommended.
-
[VOL 131
The company Is completing the acquisition of a half interest in the
Panhandle Eastern Pipe Line Co., which will be held by the Columbia
Oil & Gasoline Corp., formed recently to segregate the oil and gasoline
activities of the Columbia system. It is understood that the system will
make a substantial investment in the development and extension of the
Panhandle Eastern natural gas pipe lines as well as in wholly owned natural
gas properties of the system.
The natural gas system of the Columbia Gas & Electric Corp. which
operates in Indiana, Pennsylvania. western New
ns
West Virginia
Kentucky and Ohio.l being
s
extended eastward intoYork,
New Jersey,
and the District of Columbia and may enter Maryland and Delaware as
well. By acquiring a half interest in Panhandle Eastern, the system will
extend its operations to other sections of Indiana, to Illinois, and into
States west of the Mississippi River, where it will appear for the first time.
Drawing natural gas from the West Virginia-Pennsylvania basin, the
Columbia pipe line network is the most extensive in the entire world under
single managemen
Wins Gas Rate Suit.
-
The Ohio Supreme Court has dismissed an appeal by the City of Cincinnati (0.) from a
The Chicago traction consolidation plan will be promulgated immediately, enforcing a gas rate lower court decision which enjoined the City from
Harry L. Stuart. of Halsey, Stuart & Co. Inc. reorganization managers, Union Gas & Electric ordinance passed in 1928 prescribing rates for the
Co., a subsidiary.
declared Oct. 20 before the Chicago City council committee on local transThe
portation. The committee voted to recommend an extension of time until set by latter-named company brought action to free itself from the rate ,
the
Jan. 31 for acceptance by the companies of the franchise ordinance author- up by the City on the grounds that they were confiscatory. Rates set
city ordinance
izing merging of toe elevated and surface line companies. The council at revenues on an investmentallowed approximately $7,500,000 in annual
of
a special meeting Oct. 22 approved the extension. The companies had asked 1928-53 schedule would result in833,300,000. The company alleged the
an annual deficit of 8250,000 if allowed
for a delay until March 15 which was proposed by Attorney Walter L. to stand.
-V. 131, p. 2063, 1255.
Fisher as necessary to permit the financial derails to be perfected.
Traffic and Earnings of Proposed Constituents.
-
Community Water Service Co.
-Acquisition.
-
Wm. Hughes Clarke of Chicago has issued a statement covering the
surface lines current earnings and traffic, quoted in part as follows:
"Those holders of traction bonds who will be able to keep their investments until just and reasonable settlements shall be arranged, can realize
some comfort from the operating results of the surface lines during the
eight months from Feb. 1 to Sept. 30. which show:
Net earnings
$5.799.229
Lees first mortgage interest
2,928.845
Balance
Less city compensation
$2,870,384
187,277
Surplus retained by companies
$2,683,106
"Net earnings were nearly twice first mortgage interest.
"The companies' $2,683,106 share of the earnings after providing for
first mortgage Interest and city compensation, was more than 8-12ths of
the annual requirements for the 5% interest accrued but not paid on the
$59,595,296 total of 2d lien and 3d lien purchase money. consolidated A,
connecting trust, consolidated B and income bonds and for dividends
accrued but not paid at the former rates of 6% on 8.999 shares of City
Railway stock and of 8% on 30.800 shares of Railways series I certificates.
"The surface cash position is strong. The first mortgages were reduced
to 882,818.950 by 812,294.050 cash payments Aug. 1 1929 and this year.
If net earnings continue at the present rate through October to January,
then the companies will have on Feb. 1 1931 a total of about 88.600,000
free cash from surplus earnings alone available for further installment payments on the first mortgages. There is also about 817.500,000 cash in idle
reserve funds pledged under the mortgages for payment of the bonds.
"The net first mortgages are less than half the proven values of the
properties as established by the 1907 franchises and confirmed by the May 19
ordinance and ratified by the July 1 referendum vote of confidence, and all
-V,131,
the junior bonds are covered dollar for dollar by property or cash."
a. 2536, 1892. '
Chicago North Shore & Milwaukee RR.
-Government
Acts Against Road-Seeks to Enjoin Company from Issuing
Securities Without Authority of 1.-S. C. Commission.
The Department of Justice at the instigation of the Inter-State Commerce Commission has petitioned the Federal District Court for the western
district of Illinois. at Chicago. to enjoin the company from issuing securities
without authority of the Commission.
The suit against the company is latest move in the long fought dispute
between the common stockholders protective committee and the preferred
stockholders, bondholders, and other securities senior to common stock
over alleged dilution of the common stockholders equity by the issuance of
around $47.000,000 in securities, including notes guaranteed, without approval of 1.-S.C. Commission.
The security issues were approved by the Illinois and Wisconsin Commissions to which the road applied since it holds it is an electric interurban
line within exceptions of the Inter-State Commerce Act..
The case was before the commission several years ago on complaint of
common stockholders, but the Commission then declined to act, holding
that the relief sought was affirmative in nature which would have entailed
an expression of a judicial opinion.
The minority view in the Commission at that time was that the Commission should have taken jurisdiction of the case since the road is operated virtually as a steam railroad and participates in inter-State traffic
movements. tariffs, &c.
Holding that the road is subject to the Transportation Act raises the
possibility that securities issued without the Commission's authorization
may be cancelled as void for this reason and reissuance required as pro-V. 131, p. 2221, 268.
vided in such circumstances under Section 20A.
Cincinnati Street Ry.-Increase in Number of Passen-Earnings for September.
gers.
The following is taken from the Cincinnati "Enquirer" of Oct. 16:
Declines in tne number of revenue passengers carried by the Cincinnati
Street Ry.system have been checked and an upward turn in September over
August is noted in the report of President Walter A. Draper submitted on
Oct. 15 to the Department of Public Utilities.
However, the company was compelled to withdraw $24,702 from the fare
control fund to meet its operating costs. In a letter explaining the report,
Mr. Draper says that it is not "exactly proper" to compare the September
withdrawal from the Fare Control Fund with the withdrawal in August,
which was $40,878 and apply the smaller amount as a measure of improved
conditions in September because of the fact that there is a seasonal improvement In September over August. However, there is apparently a slight
comparative inprovement in the number of passengers carried, which totaled
7,458.406 as compared with 8,119.68410 September 1929, or a falling off of
661.278. This shows a slowing up in the decrease in passengers carried because it can be compared with a reduction of over 900,000 for the month of
August 1930. under August 1929.
"A slight recession in business had begun to be experienced in September
last year although it was not particularly noticeable, and therefore it is well
September 1928.
business was
to compare September 1930. with comparison shows whenthe
that
decrease in
normal," says Mr. Draper "Such
passengers carried between those two months is 200,000 less than the depassengers in August 1930. under August 1928. From all of this it
crease in
is apparent not only that the decline was checked, but that our business of
carrying passengers showed an upward turn in September over August,even
allowing for the seasonal increase.
'The amount in the fare control fund on Aug. 311930, was $297,894.10,
which, by reason of the withdrawal in the month of September. Is now reduced to $273,192.04. In view of this slight improvement I am of the
opinion that no preliminut:y action should be taken at this time looking to a
change In the rate of fare.'
The result of operations for September follows:
Operating revenue. 8644,206; operating expenses, $436.728; net operating
revenue, $207.477; taxes. $57,867; operating income, 8149.619; non-operatinterest, sinking fund
ing income. $11.722; Toss income, $161.332; rental,control fund.
$24.702;
and return on capital, $186,034; withdrawn from fare in fare control fund
total in fare control fund Aug.:31 1930. 8297,894; total transfer passengers.
Sept. 30 1930. 8273.192; revenue passengers, 7,458,406;
2,532,113; free passengers, 99,891; total passengers carried, 10,090,410.
-V. 13J, p. 2388.
The company on Oct. 19 announced the acquisition through its subsidiary.
the Pennsylvania State Water Corp., of the Glendale Water Co., which
serves the town of Glendale, W. Va.-V. 131. p. 1709.
Consumers' Natural Gas Co.
-Proposed Merger.
-
The formation of this company was announced on Oct. 22 by A. T.
Woods, who will become President.
The company is to acquire control of the Pecos Valley Gas Co. in New
Mexico, the Gas Co. of New Mexico, the Oklahoma General Gas Co. and
the Pioneer Gas Utilities Co.
As a result the Consumers' Natural Gas Co. will own all outstanding
stocks and other securities of the four subsidiary companies except a $475,000 1st mtge. bond issue of the Pecos Valley Gas Co. a 3441,000 1st mtge.
bond issue of the Gas Co. of New Mexico and small minority interests in
'
the Pecos Valley, Oklahoma General and Pioneer companies.
The Southern Union Gas Co., which has a substantial stock interest
in the new company, will exercise management supervision.
Capitalization of the new company will consist of 50,000 shares of class A
cum, preference stock and 250,000 shares of no par common stock, all to
be presently outstanding, as well as an issue of one-year gold notes.
According to T. F. Murchison, head of Peabody & Co. of Chicago, who
acted as bankers in effecting the merger, financing in behalf of the consumers company will be undertaken shortly.
Duquesne Gas Corp.
-New Well.
-
The corporation announces that an additional natural gas well with an
open flow of more than 1.100,000 Cubic feet came in last week in Fayette
County, Pa. This well brings the total of producing wells in the Duquesne
Gas group to 166.-V. 131, p. 2221, 2377.
Duquesne Light Co.
-New Station Dedicated.
Marking 50 years of service in the Greater Pittsburgh district, the
James H. Reed power station of the Duquesne Light Co. located on
Brunet Island, one mile from the city's downtown district, vies dedicated
on Oct. 16. The new plant was designed for an ultimate capacity of
240,000 kilowatts, the first installation consisting of one 60,000
-kilowatt
generating unit and three boilers. See also V. 131, p. 1893.
Federal Water Service Corp.
-To Pay Cash Dividends.
-
The directors on Oct. 21 decided that, beginning with the Dec. 1 1930
payment, dividends on the class A stock, at the present rate of $2.40 per
annum will be paid entirely in cash.
"From the standpoint of both the company and its stockholders," the
announcement stated, "the change is desirable. Continuous improvement
in the company's position has made It possible to secure the funds needed to
meet the large annual requirements for addtitions to the company's properties more economically through the issuance of other types of securities.
Consequently, the change will result in a considerable saving in the cost of
obtaining new capital."
Quarterly dividends on the class A stock have been paid regularly since
the corporation was organized. The dividend rate was $2 per annum
through the June 1 1929 dividend, but, effective with the Sept. 1 1929,
dividend payment, the rate was Increased to $2.40 per annum, or at the
quarterly rate of 60e. a share. The class A stockholders were given the option of receiving the quarterly dividend in cash, or 10c. in cash and 1-54th
of a share of class A stock; in other words, they had the option of applying
50c. of the 60e. quarterly dividend to the purchase of additional shares of
class A stock. This option will be discontinued with the Dec. 1 1930.
payment.
The directors declared the regular quarterly dividend of 60c, a share on
the class A stock, payable in cash Dec. 1 1930, to holders of record Nov. 3.
-V. 131. p. 2377.
Fifth Avenue Coach Co., N. Y.
-Stock Increased.
The company has filed a certificate at Albany. N. Y.. Increasing the
authorized no-par capital stock from 50,000 shares to 1.000.000 shares.
V. 127, p. 545.
Gardner Electric Light Co.
-Stock Authorized.
-
The Massachusetts Department of Public Utilities has authorized the
company to issue 2.500 additional shares of 8100 par capital stock at
$133.33 a share. The proceeds are to be used to pay off promissory notes
outstanding June 30 1930 amounting to $309,043, and the balance to be
applied to the payment of liabilities incurred for additions and extensions
o plant and property.
-V. 131. P. 935.
Gas Company of New Mexico.
-Proposed Merger.
-
See Consumers' Natural Gas Co. above.
-V.130. p. 2768.
Indiana Electric Corp.-Acquisition of Properties of
Eight Subsidiaries of Central Indiana Power Co. Proposed.
-
Purchase of the properties of eight of the small operating subsidiaries
of the Central Indiana Power Co. by the Indiana Electric Corp. Is proposed
In a petition filed with the Indiana P. S. Commission.
The companies at present are all under the same general management,
and the petition points out that they serve the same general territory In
central and western Indiana and are interconnected with each other.
Improved service can be rendered and the extension'of electrical service
to rural communities can be further developed by eliminating the various
corporate identities and operating as one company, the petition states.
The companies which the Indiana F.lectric Corp. asks authority to purchase serve either single towns or small groups of towns and rural communities. These companies are: Colfax Electric Co.. Indiana Gas Light Co.,
Moran Electric Light & Power Co.. Mulberry Light & Power Co., Nobesvilla Water & Light Co., Stilesville Electric Co., The West Lebanon Electric Light, Heat & Power Co. and Zionsville Water & Electric Light Co.
The Indiana Electric Corp. proposes to pay $854,019 for the properties
and assume the funded indebtedness of the companies and their current
liabilities. The Indiana Electric Corp. asks for authority to issue additional common stock to provide funds for the acquisition of the properties.
'Petitioners In a large measure furnish a like service to the public," the
petition states. "They do business in the same general locality In the
central and western part of Indiana: their electric properties are physically
interconnected, either directly or through the properties of associated
companies and the public interest would be served by an inclusion of the
plants and properties of all of the petitioners In the system of the Indiana
-Company Reported Electric Corp.company a further interconnection of petitioners' properties
Columbia Gas & Electric Corp.
'Under one
-To Invest in
can be made with
and
in increased
Planning $60,000,000 Bond Issue. offerings of the Gas Pipe Line. efficiency and a minimum of difficulty the delay resulting economy of
year is expected
dependability of service;
advantage in
One of the largest public utility bond
debentures to be offered publicly centralized generation of electrical energy can be more fully utilized and
soon in the form of S60.000.000 435%
the extension of electrical service to rural communities further developed.':
by a syndicate headed by the Guaranty Co., it was reported in financial -V.
130. p. 3877.
circles this week. Details of the proposed issue have not been arranged.
FINANCIAL CHRONICLE
OCT. 25 1930.]
2695
from -Albany to New York City was 90 cents, but the charge for the same
sort of call to Newark, N. J. from Albany was 75 cents: the former an
Intrastate call and the latter an interstate call. For only 10 cents more than
'
-V. 130, the Albany-New York call, one could talk to Philadelphia from Albany.
See Terre Haute, Indianapolis & Eastern Traction Co. below.
"The charge for a call between Albany and Buffalo was $1.70, but beP. 1457.
tween Albany and Cleveland. Ohio, only $1 80, and a citizen of Albany
-To could talk with Erie, Pa., for 15 cents less than he could with Buffalo.
Indianapolis & Martinsville Rapid Transit Co.
The charge to Pittsburgh. Pa., was leas than to Buffalo. The charge beAbandon Operation of Line.
tween Albany and Washington was $1.45, whereas the call to 'Rochester
-V. 130, was $1.35."-V. 131, p. 2380.
See Terre Haute, Indianapolis & Eastern Traction Co. below.
D. 1457.
Indianapolis Crawfordsville & Danville Electric Ry.To Abandon Operation of Line.
Indianapolis & Northwestern
Abandon Operation of Line.
-
Traction
Co.
---To
-V. 130.
Bee Terre Haute, Indianapolis & Eastern Traction Co. below.
P. 1457.
Joplin & Pittsburgh Ry.-Bonds 'Worthless.
The final chapter in the history of the company was written June 15
1929, when the Court entered its order confirming the sale of the property
for $115,000, which was just about enough to pay the taxes and receiver's
debts and the fees of counsel, with nothing for the bondholders. The
company had outstanding $1,750,000 1st mtge. 5% gold bonds due 1936,
$1,050,000 7% bonds due 1930, $800,000 6% pref. rights and $3,300,000
common stock.
-V. 128, p. 2461.
Kansas Gas & Electric Co.
-Earnings.
-
The income account for the month and 12 months ended Aug. 31 appearing in last week's "Chronicle," page 2529, under "Kansas Gas & Light Co.,"
shouldhave been given under the above heading.
-V. 131, p. 1256.
Keystone Public Service Co.
-To Lease Bridge.
New York Water Service Corp.
-Merger.
-
On Sept. 25 1930 there was filed in the office of the Secretary of State
of the State of New York certificates merging the Hempstead & Oyster Bay
Water Co. and the Sumpwams Water Works Co. with the New York
Water Service Corp.
-V. 131, p. 1565.
North American Co.
-Regular Dividends.
-
The directors have declared the regular quarterly dividends of 23. % in
common stock (at the rate of 1-40th a share for each share held) on the
common stock, and 134 7,in cash (at the rate of 75c. a share) on the 6%
pref. stock, both payable Jan. 2 to holders of record Dec. 5. Like amounts
were paid on Jan. 2, April 1, July 1 and Oct. 1 last.
-V. 131, p. 2380.
Northampton (Mass.) Gas Light Co.
-To Issue Stock.
This company, controlled by the Massachusetts Utilities Associates, has
petitioned the Massachusetts Department of Public Utilities for authority
to issue 6,551 additional shares of $25 par stock at $55 a share. The proceeds would be used to pay floating indebtedness incurred in making additions to plant and equipment.
-V. 111, P. 300.
Northern Indiana Public Service Co.
-To Issue Bonds.
The company in a petition filed with the Indiana Commission seeks
authority to issue and sell $14,000,000 of bonds for financing the extensive
construction program which it is carrying on in northern Indiana.
The petition proposes to issue $14,000,000 of 1st & ref, mtge. gold bonds
to mature in not more than 40 years and to bear annual interest of 45i%.
Funds obtained from the issue will be used to reimburse the company's
treasury for capital expenditures already made, to aid in the financing of
Keystone Telephone Co. System.-Earnings.
additions and extensions to plant and property during the balance of 1930
For income statement for 3 and 12 months ended Sept. 30 see "Earnings and 1931, and for other corporate purposes
Department" on a preceding page.
-V.131, p. 1712.
The largest single project in the company's expansion program for the
balance of this year and next year is completion of a large electric generating
Manhattan Ry.-New Directors.
station now under construction at Michigan City. Construction of this
Nathan L. Amster, Charles Hayden and E. N. Brown (Chairman of the station which will have an initial capacity of 64,000 kilowatts, or approxiboard of the St. Louis-San Francisco Ry.) have been elected directors to mately 85,300 h.p., was commenced late last year. It Is to be placed in
succeed John Nordhouse, E. V. Trainque and James F. Hughes. Mr. operation in 1931. Previous financing provided a portion of the funds
Amster will also serve as a member of the executive committee of the co.
necessary in construction of the station, while the balance is sought through
The three new directors represent the interest in the company controlled the proposed bond Issue.
-V. 131. p. 2538.
by the Manhattan stockholders' protective committee formed by Mr.
Amster a year ago. At the annual meeting last year the Amster group
-Bonds Called.
Northern New York Utilities, Inc.
failed in its effort to elect directors of the company representing the cornThe corporation annomices that it has elected to redeem and pay off
mittee.-V. 130, p. 4606.
on Dec. 15 1930, $13,700 of series C 1st lien and ref. 6% gold bonds, due
int. Drawn bonds should
1 1943
-Begins Deliveries Through MayMay 1 at 105 andsubsequent attached at thebe presented with coupons
Memphis Natural Gas Co.
Chase National Bank of
1931 and
due
New Mississippi Pipeline.
New York on Dec. 15, after which date interest on such bonds will cease.
Natural gas was turned into the new pipeline extending from Greenville V. 130, p. 4239.
to Greenwood, Miss., for the first time this week, according to statement
of D. C. Shaffer, General Manager.
Northwestern Public Service Co.-Output Gains.
Work on the new line, through which the company expects to market
The kilowatt-hour output of this company for the first eight months of
approximately a billion cubic feet of natural gas annually, was started 1930 showed an increase of 17% over the corresponding period last year.
-inch pipeline extending from
Aug. 20. Tapping the company's main 18
Merchandise sales of the company also showed an increase of 11.2%
the Monroe field of Louisiana to Memphis, Tenn., 210 miles away, the during the first eight months of 1930 over the corresponding period last year.
new lateral will supply gas to the towns of Leland, Ihdianola, Morehead,
This increase is attributed to extensions in service to new customers
Ittabons, Greenwood and North Greenwood, Miss.
and communities, and addition of new industries to the company's lines.
Actual building operations were carried out by Phoenix Utility Co., con- -V. 131, p. 2380.
struction unit of the Mississippi Power & Light Co. Part of the cost of
the line was borne by the Memphis Natural Gas Co., and part by the
-Royal Se-Bonds Offered.
Ottawa Valley Power Co.
Mississippi Power & Light Co. Distribution systems in the various communities will be constructed and operated by Mississippi Power & Light curities Corp. and Nesbitt, Thomson & Co., Ltd., are
Co.which is one of the companies operated under supervision of Electric offering $9,000,000 554% 1st (closed) mtge. 40-year sinking
Bond & Share Co.
-V.131, p. 2064.
fund gold
and int., to yield over 5.80%.
The Federal Bridge Co. has agreed to lease for 20 years the Reno Toll
Bridge at Oil City Pa., owned by the Keystone Public Service Co.. a
subsidiary of the Middle West Utilities Co. Operation of the bridge will be
taken over on Nov. 1. The Federal Bridge Co. now owns or has under lease
four highway toll bridges.
-V. 131, p. 1097.
bonds at 95X
-Acquisition.
Midland United Co.
;
-V.131. P. 2064.
See American Public Utilities Co. above.
Nashville Ry. & Light
Dissolve.
-
Co.
-Proposed Merger-To
A special meeting of the stockholders will be held on Nov. 25 for the
purpose of (a) considering and acting upon the offer or proposal of the
Tennessee Electric Power Co. to acquire this company's property and
franchises, and in consideration therefor, to surrender for cancellation to
this company, certificates for 40,000 shares of common stock and 24,891
shares of the 5% pref. stock of this company (being all of the outstanding capital stock of this company except 109 shares of 5% pref. stock),
to pay or deposit subject to the order of this oimpany in some bank or
trust company in Nashville, Tenn., a sum in cash sufficient to pay the
holders of the remaining len shares of rref. stock outstanding tne par
value thereof, $100 each, and any dividends accrued and unpaid thereon,
and to assume and pay all dents and liabilities of this company;(b) authorizing the sale, transfer and conveyance of all of this company's property
and franchisee to toe Tennessee Electric Power Co's. property; and (c)
authorizing the liquidation or dissolution of this company and the surrender of its charter of incorporation in the manner and form provided
by law. See also V. 131, p.2537.
-Earnings.
New England Telephone & Telegraph Co.
For income statement for nine months ended Sept. 30 see "Earnings
-V. 131. P• 1894.
Department" on a preceding page.
-Split-up, ctc., Ratified.
New York Steam Corp.
The stockholders on Oct. 20 ratified a proposal to increase the common
stock from 30,000 to 500,000 shares; to offer holders of record Oct. 25
seven additional shares of stock for each share held, and also the privilege
to subscribe pro rata at $50 a share for 120,000 shares of common stock.
-V. 131, p. 2380.
-Decrease in Intrastate Rates
New York Telephone Co.
Ordered.
A reduction in long distance telephone rates within New York State
has been ordered by the New York P. S. Commission, it was announced
on Oct. 23. The period during which night rates are effective will be put
forward an hour and a half in one case and three and a half hours in another.
The action of the Commission comes as the result of an investigation which
revealed that the intrastate rates charged by the New York Telephone Co.
were frequently in excess of the interstate rates for the same distance
charged by the American Telephone & Telegraph Co. The new rates
ordered by the Commission will be effective Nov. 11930.
The reduced evening rates for toll calls will be effective at 7 o'clock
inatead of at 8'30 o'clock as formerly and the greater reduced rates for
evening toll calls at 8:30 o'clock instead of as formerly at midnight. One
of the features of the new order will make it possible to reverse charges on
station to station calls. Formerly a person to person rate was charged if
the subscriber desired to send a collect message.
The Commission's order brings about one of the most substantial reductions in telephone toll charges promulgated in this State. The Commission recommended that the New York Telephone Co. make its rates
conform with those of the American Telephone Sz Telegraph Co. The new
order, however, holds only for rates for service between points more than
40 miles apart.
In a memorandum approved by the Commission, Chairman Milo R.
Maltbie pointed out various inconsistencies existing between the toll
rates of the New York Telephone Co. and the American Telephone &
Telegraph Co.
The memorandum roads in part as follows:
"In the complaints received by the Commission it was pointed out that a
person telephoning to New York City from Buffalo was charged $1.90 for
the same call for which he would be charged $1.30 if he were to talk with
some one in Newark, N. J. The charge for similar service from Buffalo to
Philadelphia was $1.30 and to Washington, D. C., $1.35. A person in
Buffalo could call Portland, Me., or Indianapolis, Ind., for practically the
same charge made for telephone service between Buffalo and New York.
"These Inconsistencies were not confined to Buffalo calls. It was pointed
out that the same Inconsistencies existed for long distance calls from practically every point in the State of New York. For example, the rate for a call
Dated Oct. 1 1930; maturing Oct. 11970. Principal and int. (A. & 0.)
Payable in Canadian gold coin at any branch of the Bank of Montreal in
Canada; or, at the holder's option, in 'baited States gold coin at the agency
of the Bank of Montreal, New York, or in sterling at the Bank of Montreal,
London; Eng., at the fixed rate of $4.86 2-3 to £1. Red. at any time on
30 days notice, as a whole or in part, at a premium of 5% up to and incl.
Oct. 1 1931, the premium thereafter decreasing ji of 1% each two-year
period up to and incl. Oct. 1 1969, and thereafter at par until maturity;
In each case with accrued interest. Denom. $1,000 and $500 c*. Trustee.
Royal Trust Co.
Authorized. Outstanding,
Capitalizationttalization$9,000.000
1st (closed) mtge. 40-ye gold bonds--$9.000.000
535
-year debentures
3,000.000
60 o 40
3,000.000
Common stock (no par)
50,000 abs.
50.000 abs.
Company.
-Incorporated under the laws of the Province of Quebec.
Owns in fee or holds under a lease from the Government of the Province
of Quebec extending for 75 3rears from March 1 1926, all the water power
rights in the Province of Quebec at Chats Falls, on the Ottawa River.
The Hydro-Electric Power Commission of Ontario, through lease from
the Government of the Province of Ontario, holds all the water power
rights in the Province of Ontario at the same site. Company and the
Commission have agreed that each is entitled to one-half of the water available for power, and under agreement have in course of construction a joint
development of the entire site.
The Ottawa River, which forms the boundary between the Provinces of
Quebec and Ontario, has at Chats Falls a drainage area of approximately
34,000 square miles. Chats Lake, which has an area of approximately
35 square miles, will serve as a regulating basin and permit the most effective
use of the flow of the river under an average head of about 53 feet. The
total initial installation, under the plan of joint development, will be
224,000 horsepower.
The company's power house containing four units of 28,000 horsepower
each, a total of 112,000 horsepower, or onehalf of the total installed capacity.
will be located on the Quebec side of the inter-Provincial boundary and
the Commission's power house will be similar and located on the Ontario
side. The dam will be owned on the Quebec side by the company and
on the Ontario side by the Commission, and will be used jointly for the
purposes of this development, under agreement extending for 75 Years
from March 1 1926.
Joint Executive and Engineering Boards.
-Executive and engineering
boards have been constituted, each consisting of two appointees of the
Hydro-Electric Power Commission of Ontario and two of the company,
and construction and installation are being carried out under their supervision.
Power Contract.
-The power contract between the company and the
Hydro-Electric Power Commission of Ontario provides for the delivery
to the Commission of all primary power generated at the company's
development at Chats Falls except that which the company may.from time
to time, require for use in the Province of Quebec. The contract Is for
40 Years from Oct. 1 1931 and calls for the delivery of 48,000 electrical
horsepower from that date, and of a further 48.000 electrical horpseower
from Oct. 1 1932. Provision is made in the contract for the developmen
jointly of additional power as the stream flow and other conditions permit.
and that any such additional power will be purchased by the Commission
on similar terms.
Security.
-The bonds will be limited in amount to $9,000,000 and will
be issued under a trust deed in favor of the Royal Trust Co., as trustee,
constituting, in the opinion of counsel, a first (closed) mortgage and hypothec
on the water power rights, plant, dam and other fixed assets of the company, a specific charge on the company's interest in the joint, development agreement and on the 40
-year contract for the sale of power, as
herein mentioned, subject, however, to obligations on the part of the
company and of any purchaser under the trust deed to complete and
maintain the undertaking and deliveries of power under and otherwise
to comply with the said agreements; and a first floating charge on all
other assets. Pending completion o the initial development, proceeds
from the sale of the bonds will be deposited with the trustee, and may
be released from time to time to be applied on the company's proportion
of the cost of the joint development upon receipt of certified requisitions,
the whole as provided in the trust deed.
-It is estimated that from delivery of 96,000 electrical
Estimated Earnings.
horsepower contracted for by the Hydro-Electric Power Commission of
Ontario, average annual net earnings, available for interest and reserves,
2696 '
FINANCIAL CHRONICLE
[voL. 131.
'will exceed 51,017,000, or more than twice the interest requirements of
Public Service Corp. of New Jersey.
-New Director.
the 1st mtge. bonds. This does not include any revenue from the sale
Edward Hopkinson Jr. of Drexel & Co. has been elected a director of
of surplus power which will be available from time to time, from which
various underlying companies of this corporation, of which Thomas S.
additional earnings are expected.
Sinking Fund.
-The trust deed will provide for an annual sinking fund, Gates was a director, and has been also elected a director of the parent
commencing Oct. 1 1936 of $45,000 plus annual interest on bonds re- company to succeed Mr. Gates, who resigned to become President of the
-V. 131, p. 1895.
deemed payable in cash or by delivery of bonds at or under the prevailing University of Pennsylvania.
redemption price. The sinking fund moneys are to be used for the rePublic Telephone & Telegraph Co., Inc.
-New Name.
demption of bonds by the trustee by purchase at or under the prevailing
See Basic Utilities Corp. above.
redemption price, or, failing such purchase, by drawings at the prevailing
redemption price. It is estimated that this sinking fund will be sufficient
Public Utilities Securities Corp.
-Preferred Dividend.
to redeem approximately one-half of the bonds at par by maturity.
The directors have declared the regular quarterly dividend for the period
Pacific Gas & Electric Co.
-Seeks To Acquire Additional ending Oct. 31 1930 of $1.75 per share on the outstanding pref. stock,
payable Nov. 1 to holders of record Oct. 24 1930.
Stock of Subsidiaries.
Under the resolution of the directors, the holders of the pref. stock have
The company has applied to the California RR.Commission for authority the right and option to take and receive, in lieu of their cash dividend,
to acquire stocks of the Great Western Power Co. of California and the shares of the common stock of the Utilities Power & Light Corp. at the rate
Feather River Power Co. now outstanding through an exchange of its own of 1-20th of a share of such common stock for each share of pref. stock
pref. stock par for par, on the following basis.
standing of record in their respective names at the close of business on
Two shares of Pacific Gas 525 par 5,Si % 1st pref. and two shares of $25 par Oct. 24 1930.
6% pref. for each $100 par share of Great Western Power Co. pref.; and
A similar distribution was made on Aug. 1 last.
-V. 131, p. 630.
four shares of Pacific Gas & Electric 525 535% pref. for each $100 par share
,
Public Utility Holding Corp. of America.
of class A pref. stock of the Feather River Power Co..
-New
There is now outstanding in the hands of the public 512,927,800 par value Secretary.
of 7% pref. stock and $4.896.500 of 6% pref. stock of the Great Western
George D. Woods, formerly Secretary and Treasurer has been elected
company and $986,000 of 7% pref. stock of the Feather River Power Co.
Vice-President and Treasurer, and George Ramsay has been elected
Secretary.
-V. 131, P. 2538.
Pipe Line Completed.
P. M. Downing, Vice-President and General Manager of the Pacific
Radio Corp. of America.
-Dividend Outlook.
Gas & Electric Co., announces the completion of the main natural gas
Discussing the outlook of the corporation prior to his departure for
transmission system of 750 miles, at a cost of about $27,000,000. The Europe, Chairman
James G. Harbord stated that the prospects for an
company is extending its 6,000
distribution system.
-mile
upturn in
On Sept. 1 the company had 14,614 employees, against 11,577 on the extremely the company's business during the fall and winter season was
good.
Fall buying already has shown some improvement."
same date in 1929.-V. 131, p. 2380.
he said, "and we anticipate a very good holiday demand. Although no
definite prediction can be made at this time, earnings of the Radio Corp.
Pecos Valley Gas Co.
-Proposed Merger.
for the year should, in my judgment, amply cover the preferred dividend
See Consumers' Natural Gas Co. above.
-V. 128, p. 3685.
and should be sufficient to assure the safety of the dividend on the B stock.
-$100,000,000 Bond Generally, I am satisfied with the outlook at this time, and all indication!s
Pennsylvania Power & Light Co.
point to improvement in
Issue Reported on Way-Acquires Power Properties of Phila- -V. 131, p. 1714, 1257. our business for the last six months of 1930.
delphia & Reading Coal & Iron Co.
-
Rhine-Westphalia Electric Power Corp. (RheinischNew financing for the company is believed to be imminent, according to
reports in the financial district. Following the announcement that the Westfalisches Elektrizitatswerk Aktien-Gesellschaft).
company has acquired the power generating facilities of the Philadelphia -Listing of $20,000,000 Consol. Mtge. Gold Bonds, 6%
& Reading Coal & Iron Co. (see that company under "Industrials" below),
it was reported that the company would shortly come into the market Series of 1930, Authorized:
with a $100,000,000 bond issue, part of the proceeds of which would be
The New York Stock Exchange has authorized the listing of $20.000,000
used to build a new steam generating station at Herndon, Pa.
consol. mtge. gold bonds, 6% series of 1930, due April 1 1955 (with stock
However, it is understood that the extent of present new financing by the purchase warrants for American shares attached). For complete descripcompany is largely to be determined by the coedition of the bond market. tion see V. 130, p. 2028.
The company is believed to be averse to selling bonds bearing any or
more than 5%. it It held to be for this reason that company has underSanta Monica Bay Telephone Co.
-Bonds Called.
taken no new bond financing since 1925. Proceeds of any new financing
All of the outstanding 1st & ref. mtge. 6% gold bonds, due Sept. 1 1944
undertaken by the company at the present time would be in considerable were recently called for redemption Sept. 1 1930 at 105 and int. at the
-V. 131, 13• 1895.
part devoted to refunding purposes, it was stated.
Citizens National Trust & Savings Bank, trustee, Los Angeles, Calif.
V. 129, p. 474.
-Expansion.
Pennsylvania State Water Corp.
-V. 131, p. 1257.
See Community Water Service Co. above.
Southern Berkshire Power & Electric Co. (Mass.).
-
Extra Dividend.
Philadelphia Co.
-To Create New Preference Stock.
The directors have declared an extra dividend of $1.25 per share and
The stockholders will meet Dec. 23 and vote upon the following matters:
1. To create, out of the 150.000 shares of preference stock, without par the regular quarterly dividend of 75 Cents per share, both payable Oct. 10
value provided for at the special meeting of stockholders held Sept. 4 1930, to holders of record Sept. 15.-V. 124, p. 1068.
and now remaining unissued, a new class of preference stock to consist of
Southern California Edison Co., Ltd.
-Time Extended.
150,000 shares without par value.
The company has been authorized by the California RR. Commission
2. To fix the designation of said class of preference stock.
to extend the time for selling the 120,000 shares of series C
3. To fix the stated capital thereof.
% pref.
4. To provide for and fix the rights, privileges, limitations, preferences, stock to Dec.31 1931. See also V. 131, p. 2381.
and voting powers, or prohibitions, restrictions, or qualifications of the
Southern Cities Utilities Co.
-Sale.
voting and other rights and powers and terms as to redemption thereof.
See Central Public Service Corp. above.
5. To authorize the directors to issue said 150,000 shares of new preference
-V. 131, p. 2538.
stock at such times, or from time to time, and for such considerations as
Southern Union Gas Co.
-To Own a Substantial Stock
-V. 131, p. 2065.
the board may fix and determine.
-Expects to Complete $26,- Interest in Consumers' Natural Gas Co.
Philadelphia Electric Co.
See that company above.
-V.131, p. 2538.
400,000 Construction Program This Year-1931 Budget to
Southwestern Bell Telephone Co.
-Acquisition.
--President William H. Taylor says:
Be Substantial.
With approximately $20,000,000 in construction projects already completed or in the process of completion, and large-scale expansion activities
definitely scheduled for the last quarter of the year. this company bids
fair to match, dollar for dollar, its confident prediction made a year ago
-that the company would carry out, without material modification, the full
-526.400,000.
quota of its 1930 budget
Although the company's 1930 construction budget was set up well in
advance of the 1929 slump in the financial market, and there was at that
time at least a surface Justification for a policy of retrenchment in the
electric and gas industries as a whole, the Philadelphia Electric Co. joined
with other utilities in promising President Hoover full speed ahead in its
construction projects as originally planned.
The company has gone ahead in its building program as originally planned,
with the result that a large part of the budget monies provided for have
already gone into new substations, new transmission lines, new district
office buildings and various other avenues calling for large expenditures
and correspondingly increased needs for both skilled and unskilled labor.
New substations have been erected in the Frankford-Torresdale district,
Upper Darby. Morrisville and Wayne. while extensive reconstruction
operations have been carried on at our substation plants in Philadelphia,
Chester, Doylestown, West Chester, Hatboro, Phoenixville, Plymouth
Meeting. Pottstown, Barbadoes island and other points. Additional
facilities and equipment have been installed in our Chester and Delaware
generating stations. Erection of the Plymouth Meeting-Roseland transmission line, making possible tie-in with the energy resources of the Public
Service Electric and Gas Co. of New Jersey, the completion of a third
Plymouth Meeting-Westmoreland line and additional Chester-Lamokin
and Schuylkill-Powelton lines were outstanding projects in a program of
system expansion which has made 1930 stand out as one of our record
construction years.
New district office buildings have been erected in South Philadelphia
and Frankford, and demolition has been completed looking to the early
erection of a new office building in our Northwest district.
While our construction budget for the coming year has not been definitely
set up. we believe that our construction year 1931 will be a large contributing factor In general business of the community. Major projects are being
constantly studied with a view of getting them actively under way without
-V. 131, p. 1713.
delay.
The I.
-S. C. Commission Oct. 7 approved the acquisition by the company
of the telephone properties of J. T. McLin, doing business as the Clinton
Mutual Telephone Co.
By a contract made March 7 1930, the Bell company undertakes to
purchase all the physical telephone properties of the vendor, free from all
liens and encumbrances,for $22,500, payable in cash.
-V.131, p.2381.1714.
Tennessee Electric Power Co.
-Proposed Acquisition.
See Nashville R.& Light Co. above.
-V. 131, p. 2538.
Terre Haute, Indianapolis & Eastern Traction Co.
-
Abandonment of Operation of Lines.
The Indiana P. S. Commission on Oct. 17 issued orders authorizing the
abandonment on Oct. 31 of service on the Indianapolis & Northwestern,
the Indianapolis & Marthuyville and the Indianapolis, Crawfordsville &
Danville traction lines of the former T. H., I. & E. traction system, on a
showing by attorneys for Elmer W. Stout, IndianapIlls, receiver for the
T. H., I. & E. Traction Co. and the three affiliated companies that cost
of operation were In excess of revenues received for interurban services.
The receiver obtained authority of the Marion County Superior Court,
Judge Joseph M. Wither presiding, to petition for abandonment of the three
leased lines.
Abandonment proceedings were started on the three leased lines after
the proposition had been presented by the receiver in Superior Court on
whether or not deficits from continued operation should be charged against
the property in the form of a lien ahead of first mortgage rights. (Indianapolis "News.")
-V. 131, p. 2066.
Texas Electric Service Co.
-Coupon Paying.Agent.
The Bankers Trust Co. has been appointed agent for the payment of
1st mtge. 5% coupons. See also V. 131. p. 630. 1567.
Texas Public Service Co.- To Acquire Add'l Properties.
The company has contracted to purchase the gas distribution properties
now serving San Angelo, Tex., and the near-by towns of Rowena, Ballinger
and Miles, Tex.
The territory supplied by this system has a combined population of
approximately 35,000 In addition to domestic consumers, natural gas
is being served for electric generating purposes to the West Texas Utilities
Co.. which is a part of the Middle West Utilities Co. system.
-V. 131,
p. 1714.
-Rights.
Public Service Co. of Northern Illinois.
At a meeting of the board of directors held Oct. 14 it was voted to apply
to the Illinois Commerce Commission for authority to issue additional
Union Traction Co. of Indiana.
-Final Payment to
no par common stock to the extent of 16 2-3% of the company's outstanding stock of all classes. If the issue is authorized by the Commission, Bondholders of Various Issues of System.
the stock will be offered at $100 per share to the stockholders of record
The receiver of the Union Traction Co. of Indiana deposited funds with
Dec. 15 1930. first payment to be made on or before Feb. 2 1931. Stock- the Indianapolis Trust Co. of Indiana to pay the distribution ordered by
holders will have the privilege of making payment in full or in quarterly the Court on various issues of Union Traction Co. of Indiana bonds. A
payments.
-V. 131, p. 629, 115.
or ten monthly
list of the bonds showing the amount of the distribution on the various
-To Restore issues follows:
Public Service Co-ordinated Transport.
1. Union Traction Co. of Indiana 5% (extended 6s) dated July 1 1899,
with Jan. 1 1925 to July 1 1930 coupons inclusive+, $230 per bond and
Straight Five-Cent Fare.
Announcement was made on Oct. 23 of the return of bus and trolley fares coupons. For each coupon missing $5.07 is deducted.
2. Indianapolis Northern Traction Co. 5%, dated July 1 1902, with
In New Jersey to 5 cents as soon as the mechanical changes can be made
The announcement was made
1 1925 to July 1 1930 coupons inclusive,
in the turnstiles necessary to such revision.letter to Joseph F. Autenreith, Jan.each coupon missing $2.69 Is deducted. $140 per bond and coupons.
For
by Vice-President Thomas McCarter in a Utility Commissioners.
3. Indiana Union Traction Co. 5%. dated July 1 1903, with April 1
Chairman of the New Jersey Board of Public
The cash fare is now 10 cents, with 10 tokens sold for 50 cents. Under 1925 to April 1 1930 coupons inclusive, $170 per bond and coupons, also
carried.
the present tariffs fewer passengers have been a higher fare, requesting at $1.70 out of sinking fund. Total $171.70. For each coupon missing $3.33
is deducted.
A year ago the company began a drive for
4.
first a 10c. cash fare or 20 tokens for a dollar. The Commission granted 1925 Indiana Northern Traction Co. 5%, dated Oct. 1 1903, with April 1
to April
the first part of the request and revised the latter demand to selling ten proportionate 1 1930 coupons inclusive, $44 per $1,000 bond and coupons,
amounts on $100 and 3500 bonds. For each coupon missing
single rides for 50 cents.
$1,600 bond, $.86
,
Subsequently the company continued its drive requesting permission to on5. Muncie & UnionIs deducted, other bonds proportionately .
City Traction Co. 5%, bonds dated June 30 1906,
tokens for 25 cents. It contended that since its latter request with
sell four
Jan. 1 1925 to July
inclusive,
for ten tokens for 50 cents its revenue has fallen off considerably.-V. 131. coupons. For each coupon 1 1930 coupons deducted, $44 per bond and
missing e0.8e is
p. 2380.
OCT. 25 1930.]
FINANCIAL CHEONICLE
i3. Indianapolis New Castle & Eastern Traction Co. 6% bonds dated
June 11912, with June 1 1925 to June 1 1930 coupons inclusive. $290 per
bond and coupons. For each coupon missing $6.54 is deducted.
7. Muncie, Hartford Az Ft. Wayne Railway Co. 5% bonds, dated Dec.
311904. with Jan. 1 1925 to July 1 1930 coupons Inclusive, $290 per bond
and coupons. For each coupon missing $5.58 is deducted.
Notice has also been given that coupons payable on or before July 1
1924. of Union Traction Co. of Indiana bonds dated July 1 1899, and of
Indianapolis Northern Traction Co. bonds dated July 1 1902, should be
-V.
presented for payment to Anderson Baking Co., Anderson. Indiana.
131, p. 939, 272
-Continental Shares, Inc.,
United Light & Power Co.
-See
Reported to Control 40% of Class "B" Voting Shares.
Continental Shares, Inc., under "Industrials" below.
V. 131, p. 2226, 1715.
-Starts Construction.
Utilities Gas & Electric Co.
Construction of 12 new butane gas plants in as many cities at a cost of
around 31,200,000 was started this week by the company, according to
an announcement made by President Byron T. Gifford. The work will
give employment to about 1,600 men.
Ten of the 12 plants will be completed and in operation before the end
of the year. The cities in which the new work is being done are Tomah,
Wis.; Waupaca, Wis.; Hastings, Minn.; Eldorado, Ill.; Metropolis. Ill.;
Vendetta, Ill.; Fulton, Ky.; Murfreesboro, Tenn.; Union City, Tenn.;
Shelbyville, Tenn.; Gaffney, S. C., and Gainesville, Ga.
Plans for the construction of plants at New London, Wis., and Harrodsburg. Ky., have been completed and work in these towns is expected to
get under way at an early date. The company's program calls for the
construction of plants at Prairie du Chien, Viroqua and Richland Centre,
-V. 131, p. 2381.
Wis., on which work will start next spring.
-A. C.
-Bonds Offered.
Washington Gas & Electric Co.
Allyn & Co., Inc., recently offered an additional issue of
$500,000 1st lien & gen. mtge. gold bonds, 6% series due
1960 (to be accompanied by stock purchase warrants).
Bonds are dated Feb. 1 1930; due Feb. 1 1960. See original
offering and description in V. 130, p. 1655.
-Each bond of this issue will be accompanied
Stock Purchase Warrants.
by a stock purchase warrant, non-detachable except when exercised.
evidencing the right of the holder to purchase, subject to the provisions
thereof, at any time on or before Feb. 2 1935 (or if these bonds are called
or the Company dissolved prior to such date, then on or before but not
after such redemption or dissolution date) two shares of the class A stock,
$1.60 dividend series, of North American Gas & Electric Co. (Del.) for
each $100 principal amount of the accompanying bond at the following
prices: to and including Feb. 2 1932 at 120 per share, thereafter to and
including Feb. 2 1934 at $22 per share and thereafter to and including
Feb. 2 1935 at $25 per share.
Listed.-These bonds are listed on the Chicago Stock Exchange.
Data from Letter of Leo Loeb. Vice-Pres. of the Company.
Company.
-Owns or controls through subsidiaries a group of properties
supplying electric light and power, manufactured gas or water in the States
of Washington, Utah and Oregon, and in the Province of Saskatchewan,
Can. Total population served estimated to exceed 270,000 and number
of gas, electric and water customers is in excess of 31,000. The properties
directly owned supply at retail electric light and power in Longview and
Morton, Wash, and adjacent territory, water in Longview, and manufactured gas in Tacoma, Everett, Olympia, Aberdeen and other communities
In the State of Washington. Through subsidiaries electric light and
power is supplied in Vernonia. Ore., in 18 communities in Utah and in
25 communities in the Southern part of the Province of Saskatchewan.
Security.
-Bonds are secured by pledge with the trustee of all common
capital stock of Oregon Gas & Electric Co.. and more than 993'i% of the
common capital stock of Dominion Electric Power Co. and of Dixie Power
Co. Benda are further secured by a direct mortgage on all of the fixed
property owned by company, subject to bonds which may be secured by
any prior lien now or hereafter created or existing on the property, and of
which $3,596,000 principal amount of first mortgage bonds are outstanding
with the public.
Earnings.
-For the 12 months ended July 31 1930 the consolidated
earnings of company and its present subsidiaries were as follows:
$1,887,044
Gross earnings, all sources
1,206.011
Operating expenses, maintenance and local taxes
Net available for interest and depreciation
Annual interest requirements on 1st mtge.gold bonds
2697
East Hamburg, Clarence and Alden, and the villages of Blasdell, Sloan,
Depew, Lancaster. Williamsville and Kenmore. Company also serves
in this territory many large railroads and industries, including the New
York Central, Pennsylvania, West Shore and Lehigh Valley railroads:
Bethlehem Steel Co., Dunlop Tire & Rubber Co., Wood & Brooks Co.,
and Gould Coupler Co. In addition, certain water districts are served at
wholesale.
The physical properties of the company have been carefully inspected
and favorably reported upon as to general operating conditions by engineers. The water supply is taken from Lake Erie at Woodlawn,about 2%
miles south of Buffalo, N. Y. The maximum daily pumping Capacity of
approximately 20,000,000 gallons is comparable with the average daily
consumption of approximately 14,500,000 gallons. The total storage
capacity is about 15,600,000 gallons. As of Aug. 31 1930 transmission
and distribution systems comprised 274 miles of mains, and the company
was supplying 12.200 consumers and affording fire protection through
1.309 hydrants.
Capitalization (as of Aug. 31 1930, upon Completion of Present Financing).
Authorized. Outstanding.
$2,146,000
*
-5H% series A,due 1950-1st mtge. gold bonds
57 series B,due 1950
704,000
do
1.050,000
do
59 series of 1951 (this issue)
977,000
10
-year 6% convertible debs.,due Nov. 1 1935_ _ _ Closed
50,000 shs. 10,306 shs.
Preferred stock (no Par)
Common stock (no par)
50,000 ells. 50,000 shs.
* Limited by restrictions contained in the mortgage.
-The bonds, series A,series B and series of 1951, now and presSecurity.
ently to be outstanding, will constitute the only mortgage indebtedness of
the company, will rank equally and will be secured, in the opinion of counsel, by a direct first mortgage on all the physical properties now owned by
the company.
The value of the properties as appraised by engineers on the basis of reproduction cost new, less depreciation, and including at cast additions and
betterments to Aug. 31 1930, is in excess of 57,160.000. Bonds may be
issued against approximately $58,000 of additions and betterments included therein.
Earnings Years Ended Aug.31.
Aug. 31 '29. Aug. 31 '30.
Gross revenues
$731.712
$821,585
Operating expenses, maintenance and taxes, other
than Federal tax
370,813
403,556
Balance
$360,899
$418,029
Ann.int, requirements on entire mtge.debt presently to be outstanding, including this issue
$205,730
Conversion.
-In addition to the right of the company to redeem bonds
of the series of 1951, at its option, in whole or in part, for cash, at prices
and on terms stated, bonds of the series of 1951 are convertible, at the
option of the company, in whole or in part, at any time prior to maturity,
upon at least 30 days' notice, published in Buffalo, N. Y., and New York
City, in the manner to be provided in the bonds of the series of 1951, into
an equal principal amount of 1st mtge. 5% gold bonds,series A,due Nov. 1
1951. of Now York Water Service Corp. There are now outstanding in
the hands of the public, including prior lien obligations, $15,226,200 .principal amount of mortgage bonds on the properties comprising the New York
Water Service Corp. system.
Purpose -Proceeds from the sale of these bonds will be used to reimburse
the company in part for additions and betterments and for the retirement
-V. 131, p. 2381.
of funded indebtedness, and for other corporate purposes.
Western Union Telegraph Co.
-To Acquire New York
-The latter company,
Ticker Service of United Telegram Co.
in a notice to subscribers to its New York stock ticker, says:
The United Telegram Co., which for many years has served you with
ticker service for both New York and Boston quotations, has spent a large
portion of its available funds during the past few months in an attempt to
develop a high speed ticker to furnish service comparable with what has
been developed by Western Union tickers, and which is so essential to all
brokerage firms in an active market.
We regret to advise you that the results were not satisfactory. We
have therefore arranged for the sale of the New York service to the Western
Union Telegraph Co., which now has available the best high speed service
ticker and which we believe is to the interests of all brokers to have.
The Western Union did not solicit this purchase and are only willing to
go ahead with it provided the Boston brokers having New York tickers
are willing to express that they prefer the modern high speed ticker to the
old slow ticker of United Telegram Co.
In view of that, we unhesitatingly recommend that you authorize us
to advise the Western Union of your willingness to become a subscriber to
$681,033 their service. Telegram Co. will continue to supply
its
The United
197.780 service of Boston Stock Exchange quotations in accordance present ticker
with its contract
$483,253 with the Boston Stock Exchange.
Balance
Annual interest requirements on 1st lien & gen. mtge. gold bonds
180.000
(incl. this issue)
The balance of net earnings as shown above is more than 2.68 times
annual interest requirements on the 1st lien & gen. mtge. gold bonds.
Net earnings as shown above are more than 1.80 times total annual interest
requirements on all funded debt of the company outstanding with the
public, including this issue.
Capitalization (Outstanding with the Public upon Completion of Present
Financing).
53,596,000
•
1st mtge. gold bonds
1st lien & gen. mtge. gold bonds, 6% series due 1960 (incl. this
3,000.000
issue)
995.000
7% cumulative preferred stock
80,000 shs.
Common stock (no par value)
-In addition to the above,5 shares of common stock of a subsidiary
Note.
company are outstanding with the public. $1,000,000 principal amount
of non-interest bearing notes of the company are held by North American
Gas and Electric Co., which owns all outstanding common stock of Washington Gas & Electric Co.
tdanagement.-General supervision of the company's properties is under
-V. 130, p. 1655.
the direction of Loeb & Shaw, Inc.
Press Rate Cut.-
The company announced on Oct. 20 a reduction in the cable press rate
between France and New York from 53-i to Sc. a word, effective on Oct. 25.
This will give France the same cable press rate as Great Britain has. The
5
-cent rate is 2 cents less than the rate to Germany and 3cents less than the
rate to Italy. Corresponding reductions in rates to points in the ifnited
States other than New York also will become effective on Oct. 25.-V. 131.
P. 2539.
INDUSTRIAL AND MISCELLANEOUS.
-Copper metal prices were reCopper Sales Made at 9% Cents a Pound.
duced to 9% cents a pound on Oct. 23 by custom smelters, although leading Producers still quote at 10 cents a pound. N. Y. "Times" Oct. 24.
p. 41.
Matters Covered in the "Chronicle" of Oct. 18.-(1) Goodyear Tire & Rubber Co. on 24-hour week, p. 2455. (2) Fisher Body reopens assembly line
idle since spring, p. 2455. (3) Kellogg Co. at Battle Creek, Mich., adopts
5
-day week. p. 2455. (4) Suspension of copper mining by Shattuck Denn
Mining Co. at Bisbee. Ariz., p. 2466. (5) Mills to maintain steel wage scale;
T. L. Girdler of Republic Steel Corp. says pay will be kept at steady level,
-Offering of $1,050,000 P. 2467. (6) Prince & Whitely failure creditors form committee to seek
Western New York Water Co.
receivers for the firm appointed in Chicago.
-G. L. Ohrstrom & Co., Inc, Spencer Trask speedy settlement; ancillary
1st Mtge. 5s.
Philadelphia and Boston; investigation into the failure started, p. 2478.
board of directors and officers appointed for Prince &
& Co., New York and Baker, Putnam & Co Inc., of (7) New Corp.; Philip De Ronde new Presidcet of concern, p. 2479. 'Whitely
&
(8)
Buffalo, are offering at 93 and int. to yield 5.57%,$1,050,000 Trading firm of 0. L. Vaughan & Co.. Providence, R. I., fails. CharlesInB.
vestment
Coppen named temporary receiver. p. 2479. (9) J. Pitblado &
1st mtge. 5% gold bonds, series of 1951. Convertible at the real, in liquidation; liabilities approximate 51.150.000 and total Co.. Montassets may
option of the company into 1st mtge. 5% gold bonds, series be $700,000, p. 2479. (10) Court denies application for injunction to restrain Harvey Fisk & Sons from use of that name, p. 2479. (II) Woody &
A of New York Water Service Corp.
Ryder, former
Dated Nov. 11930; due Nov. 11951. Principal payable at the office of Co. failure: Charles RussellGeneral Sessions partner in failed firm, to be
placed on trial in Court of
Oct. 27. p.
(12) Repthe trustee. Semi-annual int.(M. & N.) payable at office of the trustee in resentative McFadden elected Chairman of Board of 2479.
Transcontinental
Y., or the offices of G. L. Ohrstrom & Co. in N. Y. City and
Buffalo, N.
sponsor of fixed
Chicago. Denom. 51.000 and $500 c*. Red. in whole or in part on Shares Corp., opening this field investment trust Mr. McFadden looks for
to national banks, p. 2481.
in law
any int. date upon 30 days' notice, to and incl. Nov. 11931, at 103: there- change
after, to and incl. Nov. 11938. at 102; thereafter, to and incl. Nov. 11950.
Abraham & Straus, Inc.
-New Vice-Presidents:St 101; and thereafter at 100; in each case with accrued int. to date fixed for
Kenneth C. Richmond, controller, and
redemption. Interest payable without deduction for normal Federal in- rector, have been elected Vice-Presidents. Robert E. Blum, publicity di---V. 130, p. 2583.
come tax not in excess of 2% per annum which may be required or permitted to be deducted at the source. Refund of Minn., Pa., Conn., Ian.
Administrative & Research Corp.
-Extra Dividend, &c.
taxes, not to exceed 4 mills, Maryland taxes not to exceed 4%
and Calif.
The directors have declared an extra dividend of 10 cents per share and
mills. Kentucky, Mich., W. Va. and Dist. of Col. taxes not to exceed 5 a quarterly dividend of 25 cents per share, both payable Dec. 14 to holders
mills, Va. taxes not to exceed 5% mills and Mass. income tax not to exceed of record Dec. 5. The quarterly dividend places the stock on a $1 annuai
6% to resident holders upon written application within 60 days after pay- basis, against 50 cents previously.
-V. 130, p. 2032.
ment, all as will be provided in a supplementary indenture to be dated
Nov. 1 1930. M & lc Trust Co.. Buffalo, N. Y., trustee.
-Earnings.Air Reduction Co., Inc.
-Company, incorporated in New York in 1902. is controlled
Business.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
by Federal Water Service Corp., which controls the largest group of pri- Department."
-V. 131, P. 1715
.
water works systems in the United States. This company
vately-owned
will be managed and operated in conjunction with New York Water Ser-Allis-Chalmers Mfg. Co. Earnings.
vice Corp., the entire common stock of which is owned by Federal Water
For income statement for 3 and 9 months ended Sept. 30 see "Earning
Service Corp.
-V.131. P. 2539.
Western New York Water Co. supplies water, without competition, for Department" on a preceding page.
domestic and industrial purposes to numerous communities in the suburban
territory immediately adjacent to Buffalo, N. Y. The population of the
-Plan of Reorganization
American Bond & Mortgage Co.
territory served is estimated to be in excess of 120.000. The communities
tweed include the City of Lackawanna, the towns of West Seneca, Tone- for Dwight Manor Apartments.
-V. 131, p. 1715. 1422.
See Dwight Manor Apartments below.
wands'. Amherst and Cheektowaga, portions of the towns of Hamburg,
1
2698
FINANCIAL CHRONICLE
American Colortype Co.
-Sales Decrease.
-
Nine Months Ended Sept. 30Gross sales
-V. 131, p. 2382.
(Vex.. 181.
American International Corp.
-Earnings.
-
1930.
1929.
$8,216,700 $8,963,817
For income statement for three and nine
"Earnings Department" on a preceding page months ended Sept.',30..See
-V .131, p. 1423.
American Department Stores Corp.
-Inventories Reduced.-
-Earnings.
For income statement for 3 and 9 months ended
Sept. 30, see "Earnings
Department" on a preceding Page.
-V. 131, p. 478.
American La France & Foamite Corp.
s
Present inventories of this corporation, operators of retail department
American Re-Insurance Co.
stores throughout the country, are 50% less than a year ago, according
-Earnings.
Company reports that gross premium income for the
to a statement just issued by President Frank 11. Anderson.
"This situation is naturally reacting to our advantage," he said. "Net Sept. 30 1930 amounted to $1,816,986. as compared withnine months ended
$1.353,395 for the
profits for the six months ended Aug. 1 were ten times greater than the first nine months of 1929. In the nine months'period
actual operations in our stores a year ago. This net profit was realized expenses and dividends, increased from $8,368,391 toassets,after all losses,
$9,112,548.-1/. 131.
in spite of the very sharp decline in commodity prices,and was only possible p. 631.
because of a rigid control over expenditures.
"Since Aug. 1929 every item of expense in the individual stores has been
American Republics Corp.
-Earnings.
under a strict budget, and a constant effort made to reduce the peaks.
For income statement for three and nine
We also made a careful analysis of all controllable expense items made "Earnings Department" on a preceding page. months ended Sept. 30 see
-V. 131, p. 631.
which resulted in the transferring of some employees, the elimination of
others, but more particularly the fitting of each employee into the position
American Rolling Mill Co.
-Notes Offered.
-A group
where he could accomplish the most for the company. All of these developheaded by Guaranty Co. of New York and including Chase
ments have contributed to the above mentioned net results.
"Most price lines in ready-to-wear are holding their former levels with Securities Corp.; the National
City Co.; W. E. Hutton &
very much improved merchandise in each price line. In the general range
of merchandise many new lower price levels have been established or the Co.; the Union Trust Co. of Pittsburgh; Kidder, Peabody
former low price levels have shown increased volume. We are handling & Co., and Field, Glore & Co., offered
Oct. 20 $15,000,000
more merchandise and selling more items.
"Advertising expenses on the whole are not decreasing, but many of our 3-year 43.% gold notes at 99% and interest.
Dated Nov. 1 1930; due Nov. 1 1933. Denom.
ndirect advertising expenses have been eliminated.'-V.131, p.2382,2068.
$1,000c*.
payable A.S
without deduction for any Fe eral income tax upInterest
to 25.ci1aud
American Equities Co.
at
-Value of Common Stock Based
New
trustee. Wibie
.ts whole or I°fri°°fuaraeTof time on30 deys
fcllelg n pa. at any
Upon Holdings as at Sept. 30.
notice at 101% and interest to and including Nov. 1
1931: thereafter to and
In a letter to stockholders Oct. 16, President Burton A. Howe says:
including Nov. 1 1932. at 1005i% and interest, and
thereafter at 100%
At a time such as the present market prices may or may not truly reflect and interest. Pennsylvania 4 mills tax
refundable.
the intrinsic worth of stocks find other securities, and accordingly it seems
Data from Letter of Pres. Chas. R. Hook, Middletown,
fitting to your officers to advise you as to the condition of American Equities
0., Oct. 17.
Company.
-Is a reincorporation in Ohio in 1917 of a New Jersey
Co. not only on a company basis but on a per share basis.
corporaIn the statement you will find an item entitled "investments in corpora- tion a the same name founded over 30years ago and is the largest manufacturer in the world specializing in high grade iron and
tions in the formulation of whose policies this company participates"
steel sheets. Its
amounting as per books of the company to $14.28 per share. This item products, which include a highly diversified line of specialty sheets, are
Is made up in the main of common stocks of controlled or affiliated com- used In the manufacture of a wide variety of products. including transpanies which have been acquired and are being held from a long range formers and other electrical equipment, culverts, tanks, railroad cars,
standpoint and with the expectation ofenhanced values through the develop- airplanes, automobile bodies and accessories, furniture, stove parts,
radiators, refrigerators, kitchenware, metal doors and general
ment of such companies over a period of time.
sheet metal
The remaining net assets amount to $10.43 per share, and in addition work. Directly or through subsidiaries the company also manufactures
to cash and other quick assets include securities of subsidiary and affiliated culverts, bolts and nuts, reinforcing rods, bars, forged steel wheels and
companies which can be sold without affecting the control of subsidiary wire products.
Company has developed and patented a method for the
companies or the percentage of interest held by the company in the common
iron and steel sheets and light plates by a continuous rollingproduction of
stocks of affiliated companies.
process from
the ingot to the finished product which has been in successful
The sum of these two items amounts to $24.71 per share.
operation
From the statement it will be apparent that the company's position is for over six years and has revolutionized the sheet industry. General
licenses for the use of this patented process have been issued to
well adapted to aiding subsidiary and affiliated companies or to taking
advantage of opportunities to acquire interests in other situations on a Weirton Steel Co.
Otis Steel Co.
Wheeling Steel Corp.
favorable basis if such opportunities occur.
Youngstown Sheet & Tube Co.
As heretofore, company proposes to confine its activities in the main to U. S. Steel Corp.
Gulf States Steel Co.
the public utility field, and it is tending more and more to become a public Republic Steel Corp.
Great Lakes Steel Corp.
utility holding company with substantial other interests and a comparatively
The lat:gest part of the company's output has as a base special
analysis
large amount of quick assets, rather than an investment company.
steels or Armco" ingot iron, a metal of exceptional chemical purity
and
Statement Concerning Value of Common Stock Based Upon Holdings as at rust-resisting properties, welding qualities and electrical conductivity.
-Armco" products are favorably known and widely used throughout
Sept. 30 1930, with Market Prices of Securities at the Close of Business
the
world. Sales branches are maintained in the principal cities of the
Oct. 16 1930.
Total Value Average States and export branches are operated by a subsidiary, The United
of
International Corp., with branches in New York, London Paris, Armco
Value
Cologne,
Tokyo, Rio de Janeiro, Sao Paulo, Havana, Buenos Aires, Melbourne,
1,455,000 Shs. per
Outstanding. Share. Lahore and San Juan.
Cash in banks
$1,643,791
Properties.
-The principal plants of the company and its
$1.13
Secured and short term loans and securities sold or
located at Middletown. Columbus and Zanesville, 0., subsidiaries are
Ashland. Ky.,
under contract for sale (after deducting notes payButler, Pa., and Kansas City, Mo.. and consist of 4 blast furnaces having
able of $1.500.000)
1.621,300
1.12 a total pig iron capacity of 581.400 gross tons per annum, 31 open-hearth
Marketable securities at prices at close of business
furnaces and one electric furnace with a combined annual ingot capacity
1,775,000 gross tons, and a finishing capacity of 1.402,188 net tons of
Oct. 16 1930:
per
Common stocks
3,347,416
2.30 annum of which 1,114,524 net tons is in sheets and light plates.
Preferred stocks_
The plants at Ashland and Butler are using the continuous rolling process
1,051,946
.72
Bonds and notes
from the ingot to the finished product. The plant at Middletown has
1,223.150
.85
Subsidiary Or affiliated company securities(other than
recently been enlarged and rearranged to use this process.
com. stocks) at market prices at close of business
In June 1928, the company acquired a half interest in the Hamilton
Oct. 16 1930, held for temporary investment
3,907,591
2.68 Coke & Iron Co. of Hamilton, 0., from whose blast furnace the hot metal
Syndicate participation and miscellaneous investments
Is transported over a specially constructed track and used in its molten
at market prices at close of business Oct. 16 1930_ - _ 2,113.199
1.45 state in the open-hearth furnaces at Middletown at a substantial saving.
Other assets(net)(at cost)
In June 1930, the company acquired through an exchange of stock the
262,739
.18
properties of the Sheffield Steel Corp. at Kansas City, Mo. which offered
,
$15,171.135 $10.43 exceptional opportunity for diversification of the company's finished
Investments in corporations in the formulation of
products.
whose policies this company participates
The company also owns about 30,000 acres of coal and timber lands
20,780,722
14.28
near Ashland, Ky., and Nellis, W. Va., having large coal reserves. In
$35,951,857 $24.71 addition it has substantial interests in companies owning iron ore properties
and steamship lines on the Great Lakes. The ore properties in which the
-V.131,p.1898,1717.
company has a stock interest have large reserve supplies of ore which
should be adequate for its requirements for many years to come.
American Glue Co.
-Notes Called.,
-The proceeds of the sale a these notes will be used
Purpose of Issue.
The company has called for redemption on Jan. 1 1931 its entire outstanding issue of serial 53 % notes amounting to $1,310,000. The notes to retire indebtedness incurred in connection with the company's recently
completed expansion program and will provide additional working capital.
will be redeemed according to maturity dates at prices ranging from 100©
Provisions of Issue.. °tea are to be the direct obligation of the company
-N
-V.131. p. 2539.
1O33, plus accrued interest.
and are to be issued under a trust agreement which will provide, among
company will not (I)
other things,
American Metal Co. (Ltd.).
-Listing of Additional any lien uponthat the its property or assets mortgage or pledge or create
any of
without securing these notes
Common Stock Authorized-Acguisitions.equally and ratably with any obligation secured by such mortgage or
The New York Stock Exchange has authorized for the listing of 350,000 pledge or lien, or (2) permit any subsidiary to mortgage, pledge or create
additional shares of common stock (no par value) on official notice of any lien upon any of its property or assets unless the company or another
Issuance, in exchange share for share, for a similar number of unlisted subsidiary shall acquire all obligations so secured; provided, however, that
shares of common stock having all of the rights of listed common stock nothing shall prevent the company or its subsidiariesfrom acquiring property
excepting that such unlisted stock has dividend rights only from and subject to existing liens or to the creation of purchase money mortgages
pledn
beginning Dec. 1 1932, which fact is duly evidenced by a stamp printed not exceeding 75% of the cost of the property acquired, nor from mortgagacross the face of the certificates for the unlisted common stock, making ing or in toe g materials to secure indebtedness for not more than 12
months
ordinary course of business.
the total amount applied for 1.369.105 shares.
Capitalization (Upon Completion of Present Financing).
The shares of unlisted stamped stock will be issued pursuant to resolu-year
% gold notes, due Nov. 1 1933 his issue)
the board of directors adopted on Oct. 14 1930. These resolu- 3
tions of
$15.000,000
tions authorize the issuance of the 350,000 shares of stamped stock in 5% sinMng fund gold debentures, due 1948
23,971,000
part payment for certain shares of stock of two mining companies in which Serial 5% notes, maturing 1931-1932
1.750,000
Mortgage debt of subsidiary companies
3.570,300
the company already owns a substantial minority interest. The acquisi88.400
tion of the shares of stock will not give the company a majority interest. 6% cumulative preferred stock ($100 par)
2,500.000.
in the companies. Since the 350,000 shares of stamped common stock 6% cumulative preferred stock, series B ($100 Par)
will be issued for property, the present stockholders of the company will Common stock ($25 par)
*40.719.000
* In addition $14,455 common stock scrip outstanding.
have no preemptive rights in respect of said shares.
Earnings.
-Consolidated earnings of the company and its subsidiaries
The company is acquiring 1,000.000 ordinary shares of Rhodesian Selection Trust, Ltd., an English corporation. at $4.55% per share on market (not including Sheffield Steel Corp. which was acquired in 1930) for the
value as quoted on the London Exchange at the date of purchase, and years 1925 to 1929 inclusive, as certified to by Haskins & Sells, have been
800.000 ordinary shares of Roan Antelope Copper Mines, Ltd.. an English as fpilows:
Net before
corporation. at $3888 per share based on market value as quoted on the fl
-Net before
•
Deprec. &
Interest &
Depl'ec. ct
Lotidon Exchange at the date of purchase, for a cash payment of $1.000.Yr.
Depletion.
Depletion. Federal Tax.
000 and 350,000 common shares of the company restricted as to dividends 1925 End,Dec.31- Net Sales.
$34,257,812 $4.990,640
,
$1,283,162 $3,707,478
1 1932. (See further details in V. 131. p. 2539.)
until Dec.
1926
34,958,643
5,034,135
6339.143
1,405.008
Consolidated Balance Sheet.
1927
4.648,780.
39,087,519
6.106.158
1,457.378
June 30'30. Dec. 3129 1928x
June 30'30. Dec.3129
61,867,914
y6,185.097
y8.676.967
2,491,870
Liabilities$
3
$
$
Assets1929x
70,434,212
8,307.239
11.304,897
2
,997,658
Preferred stock- _ _ 6,844,100 6.844.100
Mines, smelters,
x Earnings of Columbia Steel Co. and Norton Iron Works, Inc., included
x21,371,241 21,504,989 Common stock_y34,465,520 34,465.520 in 1928 and 1929
ships. ilte
only. y Excludes profit of $2.785,917 realized from the
Bankers accept-_ 1.100.000 13,175.000
Invest. In foreign
sale of capital assets not required in the operations of the company.
affiliated cos ___ 1,364.988 1,448,750 Accts. payable__ 5.348,662 4.167,434
In
years
1929,
5,509.505 2,014,449 Notes payable.-- 4,000,000 1,500,000 Steel 1928 andNortonthe first two were in which earnings of the Columbia
Cash
Co. and
Iron Works
included, net income after depreciaDeposits. officers
Accts.& notes rec.11,549,859 8,214.620
tion and depletion but before ineerest and Federal income tax amounted.
& employees-- 972.411 2,016.027 to more than
24,219 597 23,057.467
Inventories
2.8
331.473 requirements on times and 3.8 times, respectively, the annual interest
22,251,467 17,576,309 Accr. liabilities-- 350,512
Investments
290,000 of this financing.the total funded debt to be outstanding upon completion.
Advances,&c
870.641 2,763,933 Mtge.,&c., bonds_ 285,000
4-yr. 554% gold
530.200
Deterred charges
For the six months ended June 30 1930, such net income (including
notes due Apr. 1
472,086
Deferred expenses_ 493,448
earnings of Sheffield Steel Corp.), as reported by the company, amounted
20.000.000
1934
to $2,70,504 or at the rate of more than 25.5 times such interest requireContingent reserve 2,617.405 1,993.024 ments.
Min. Int. sub. stk. 1.135.586 1,194.478
The unsatisfactory
10.841,750 11,075.549 be further reflected inindustrial situation now prevailing will undoubtedly
Total(each side)87.960.946 77,052,606 Surplus
the current earnings of the company, but there lagxMines, smelters, real estate, machinery and equipment,A33,564.020, recently been a substantial increase in the volume of bookings which, it is•
es
less reserve for depletion. depreciation and obsolescence, 12,192.779. hoped, marks a definite improvement in the demand for the company'S
-V.131,P.2 9,941.
y Represented by 86,185 shares of no-par value.
products.
OCT. 25 1930.1
FINANCIAL CHRONICLE
Consolidated Balance Sheet June 30 1930.
(Adjusted to give effect to this financing.]
r Assets
Real est., bldgs., Mach., &c$100.856.807
Inv. In Mill. cos. not contr.. 4,715.799
10,607.921
Cash & U.S.securities
763,866
Marketable securities
Accts.& notes rec. (less res.) 7,695,734
Due from empl, on sale of
2,573,153
stock and houses
22,919,131
Inventories
Sec. In hands of trustees for
guarantee of 2 yrs. dive. &
red. of6% pref. stock (old
66,400
issue)
1,528,946
Unamort. debt disc. & exp__
384,796
Other deferred charges
Capital Stock:
388.400
6% pref. stk.(old issue)__
2,500,000
6% pref. stk., series B___
40,719,000
Common stock
14,455
Common stock scrip
94,920
Minority stks. of subsid
44,291,300
Funded debt
781,518
Accounts payable
819.640
Dividends payable
1,560,028
Acer. sal., wages, tax., &c
Serial 5% note due August 1
250,000
(paid off)
Reserve for depreciation and
depletion of property____ 27,724,602
721.227
Current operating reserves__
243,889
Fire insurance res.(funded).
12,864.699
Earned surplus
a19.238,672
Other surplus
2699
shares being purchased from the Fairchild Aviation Corp., which, to
provide Itself with funds, sold the majority of its aoldings In Aviation
Corp., which it had in its treasury.
The directors on Oct. 22 approved and recommended to the stockholders
that the remaining 67,490 shares be purchased at not exceeding $6.50 a
share. When the proposed retirement of capital stock takes place, this
stock will be carried in the company's capital account at $10 a share.
At the time of the organization of the company last year. the stock
was issued at $17.50 a share, of which $10 was allocated to paid-in capital
and the balance to paid-in surplus. However, in the meantime, operating losses. inventory write-offs, &c., have reduced the surplus to a capital
deficit. The reduction in the nominal value of the capital stock from
$10 to $5 a share will make it possible for the company to make further
purchases of its own stock, by creating a surplus of about $13,000.000.
As of Sept. 15, the company had call loans, time deposits. Liberty bonds.
and general market securities, not including investments in aeronautical
companies aggregating $19,000,000,or in excess of $6 a sh.
September Business of Subsidiary.
During the month of September, planes of American Airways, Inc..
operating subsidiary of the Aviation Corp., flew a total of 601,683 miles
110,446
In regular mail and passenger schedule. During this period,over the
pounds of mail were carried and 5,179 passengers transported
3151,912,352 company's various lines, bringing the totals for the year to 5,320,971 miles
Total
3151,912,352
Total
transported.
a Arising from premium on sales of capital stock, revaluation of property flown; 884,971 pounds of mail carried. and 52.627 passengers
-17.
With the inauguration of the new Southern transcontinental route, from
and residual amount of surplus of subsidiaries at date of acquisition.
Atlanta. Ga. to Los Angeles, Calif., the total scheduled mileage of Ameri131, p. 1717. 1259.
-V. 131, p. 2540.
'
can Airways is 22,499 daily.
American Sash & Door Co., Kansas City, Mo.-Bonds
-Further Details of
AutoStrop Safety Razor Co., Inc.
Offered.-Fidelity National Corp., Kansas City, Mo., re-To Dissolve.
Co.
cently offered at 100 and int. $350,000 1st (closed) mtge. Proposed Merger with Gillette Safety Razoron Nov. 18 primarily for
A special meeting of stockholders will be held
Safety Razor Co. for
6% sinking fund gold bonds.
the purpose of approving arrangements with Gillette
Dated Sept. 1 1930; due Sept. 1 1940. Prin. and hit.(M.& S.) payable a union of the business and properties of the two companies through the
at Fidelity National Bank bc Trust Co., Kansas City, Mo., trustee, without acquisition by Gillette of all the properties and assets of the AutoStrop
deduction for normal Federal income tax up to 2%. Missouri income tax Company in exchange for 310,000 shares of a new $5 div. cony, preference
.
up to 2% refunded. Denoms. 81,000. $500 and 5100c5 Red. all or part stock of Gillette. Such preference stock will be entitled to preferential
on 30 days' notice at 102% and int. to Sept. 1 1936; 102 thereafter and prior dividends at the rate of $5 per share per annum cumulative from Nov. 1
in whole or in part
to Sept. 1 1937; 101% thereafter and prior to Sept. 1 1938; 101 thereafter 1930, will be redeemable at any time after Nov. 1 1935 share ratably with
at 105 and dirs., will carry the right to one vote per
and prior to Sept. 11939; 100% thereafter and prior to March 11940.
the common stock, will upon liquidation or dissolution share in assets
Data from Letter of Frank J. Moss. Pres. of the Company.
Company.
-Organized in 1905. Company is engaged in the manufacture ratably with the common stock share for share (after payment of all accrued
of high grade tnill work, including interior and exterior wood finish, dividends on the preference stork), and will be convertible into common
date) on a
cabinet work, panels, doors. mouldings and bank and office fixtures. stock at any time (in case of redemption up to the redemption conversion
Company's business is basic and essential and its customers include lumber share-for-share basis, with provisions for the protection of the
States privilege in case of split-ups and stock dividends. 12,500 shares:of Gillette
dealers, builders and banks in greater Kansas City and surrounding
Of Missouri, Kansas, Oklahoma, Texas. Colorado and Nebraska. During common stock are to be delivered to A. G. Becker & Co. in compensation
plan contemits entire history the company has shown a profit each year with the excep- for their services in connection with the negotiations. The respect of the
plates that the 310,000 shares of preference stock issued in stockholders
tion of 1910 when there was a largo shrinkage in inventory values.
wholly owned subsidiaries are American Sash & Door properties and assets of AutoStrop will be distributed to the
The company's
preference stock
Realty Co. and American Industrial & Warehouse Co. The company's of the AutoStrop company on the basis of one share of such 13 stock held by
-story brick and mill constructed buildings, for each share of cony. class A stock and each share of class
main plant consists of modern. 4
one-half acres and containing prac- them. The management is advised that the receipt by the stockholders
sprinkler equipped, covering four and
stockholders to
tically 300,000 square feet of floor space and served by ample yardage, of the shares so to be distributed will not subject such
switches and storage sheds. Every facility for the economical production liability for Federal Income tax. and permit the immediate delivery or
kilns and mechanical equipment
to carry out this plan
In order
of mill work is employed, including drying
necessary to authorize
of the highest and most improved character. In addition the company also distribution of Gillette preference stock, it will beshares of the AutoStrop
owns four acres located at Independence Road and White Ave. which in- the reclassification of all the issued and outstanding
equipped, with company, both cony. class A and class B shares, into 3,100 shares of comcludes largo, modern and substantial buildings, sprinkler
of the capital
extensive yards, switches and sheds. The buildings are four stories of mon stock without par value, all ofone class, and the reduction
not, of course.
brick and heavy mill construction. They contain more than 200,000 square of the company to a nominal amount. This reduction will
ware- affect the right of each stockholder to receive one share of Gillette preference
feet of floor space and are being profitably operated as an industrial
stock for each share of his present cony. class A stock or class B stock.
house.
the
Security -These bonds will be the direct, joint and several obligations of The consent to the sale and conveyance of the properties and assets of the
but
the American Sash & Door Co.. American Sash & Door Realty Co.. and the AutoStrop company requires a two-thirds vote of all of the shares,of twoAmerican industrial & Warehouse Co. and will be specifically secured by reclassification above mentioned requires the affirmative vote
first closed mortgage on all of the fixed assets of the companies which have thirds of each class of stock.
Since the Gillette preference stock is to carry dividends from Nov. 1 1930
been independently appraised at more than $1,200,003. Fixed assets
and dividends on the cony. class A stock of the company have been paid to
amount to more than 63,430 per $1,000 bond.
subsidiary company Oct. 1 1930, if the transactions are approved and consummated, a dividend
Purpose.-Procoods will be used to retire mortgage of
of 25 cents per share on the cony. class A stock for the month of October
and to pay bank indebtedness.
-The mortgage provides for a sinking fund equal to 40% 1930 will be paid to holders of such stock of record Nov. 8 1930. is to
Sinking Fund.
When the transactions are consummated, the AutoStrop company
of the net earnings of the companies, with a minimum annual retirement
be dissolved and action necessary to accomplish this is also proposed to
sufficient to retire $175,000 of this issue before maturity.
this financing:
Capitalization-Upon completion of
be taken at the meeting. If the above mentioned reclassification should
$350.000 not be authorized by the required two-thirds vote of each class of stock.
-year first closed mortgage 8% bonds
10
200.000 then, upon the dissolution of the company, the holders of the class A stock
Preferred stock
750,000 then outstanding will be entitled to $55 per share and accrued dividends
Common stock
and the preference stock remaining after making provision for such payment
-For the 10 years ending Dec. 31 1929, net earnings before will be distributed to the holders of the class B stock.
Earnings.
depreciation and Federal taxes available for interest and debt retirement,
The consolidated net profits of Gillette and AutoStrop and their rewere as follows:
spective subsidiaries for the 5 years and 8 months ended Aug. 31 1930.
$130,252 available for dividends (as certified by Patterson, Teele & Dennis, certified
$169,604 1925
1920
124,953 public accountants, after adjustment to eliminate the minority interest
143,236 1926
1921
76,202 In the earnings of AutoStrop Safety Razor Co., Ltd., of London), were
242,457 1927
1922
28,385 as follows:
302,468 1928
1923
44,588
169.799 1929
311,427,131
313,723.56411929
1924
112.262,89711927
1925
have averaged $142,295 per anum or over 6% times 1926
(8
The above earnings
13,611,46311930 mos.) x6,518,233
11,686,66811928
Maximum interest charges on this issue. Earnings for the first six months
development and a portion of advertising expense
:Without deduction of
Of 1930 were considerably in excess of those for the same period of 1929.
in relation to the new Gillette razor and blade.
Consolidated Balance Sheet Sept. 1 1930.
The above net earnings for the five years ended Dec. 31 1929 average
[After giving effect to this financing.]
$12.542,345, which, after deducting interest of $1,000,000 on the new
Liabilities-debentures, is over 7.4 times the annual dividend requirements on the
Assets
353.939 Accts. payable & accrued exp. $30,015 310,000 shares of preference stock.
Cash
182,291
Upon the consummation of the transactions the total outstanding capital
Accts.& notes reedy., less res. 288.864 Notes Payable
333.925 10-yr.6% sink, fund bonds__ 350,000 stock of Gillette will consist of the above mentioned 310,000 shares of prefMerchandise,supplies &c
200,000 erence stock and 2,018,769 shares of common stock, of which a fraction
1,202,975 Preferred stock
Fixed assets
750,000 over 20,000 shares of common stock will be held in the treasury.
Miscell. receivables, secured_ 100,235 Common stock
9
.
564,967
51,185 Surplus
In connection with the foregoing, Gillette is to issue publicly 320,000.00
Securities, market value
48,149
-year 5% convertible gold debentures. (See last week's 'Chronicle.
of 10
Deferred claws. & prepaid exp_
page 2544.)
32,077,274 Consolidated Balance Sheet Aug. 31 1930 of AutoStrop Safety Razor Co., Inc.,
Total
52.077,274
Total
New York City, and Subsidiary Companies.a
-New Chairman.
Sumatra Tobacco Corp..
American
LialrUitiesAssetsSamuel 0. Dobbs of Atlanta, Ga., has been elected Chairman,succeeding Cash
f$850,000
$416,118 Notes payable
-V. 131.
382,876
Beton Porter of New York. Mr. Porter remains as President.
Accounts payable
Trade accts. & notes rec. ('ess
p.2227.
Reserve for management and
res.for doubttitem, $29,925) 1,135,397
90,000
17,714
-Balance Sheet Sept. 30.- Adv. to officers & emp'oyees_ 21,600 employees' bonuses
Surety Co. of N. Y.
American
g211,576
Accrued income taxes
Due from affi lated compan rs
1930.
1929.
1929.
1930.
Fed. inc. tax_ h384.179
Prey, for addl
b Marke'ab e securities and
Liabilities3
$
$
$
Assetsaccrued Interest thereon____ 1,646,492 Reserve for special allowances
7,500.000 7,500,000
8,331,089 8,431,089 Capital
50,181
Real estate
to customers
1,209,159
Burp. & undiv.prof 7,593,115 9,100,193 Inventories (at cost)
65,625
Securities at marDivs. payable on cl. A stock__
16,534,448 17,314,901 Voluntary spec.res 1,000,000 1,800.000 c Treasury stock el."A"stk. 88.553
168.875
ket value
On class B stock
Equity in 2.225 ells,
Rea. for unearned
Prams. In course
75,920 Accrued payrolls, legal exp.,&c. 51,068
held for employees
6,993,479 7,016.278
premiums
2,449,073 2,199,016
of collection
Minority stockho'dere interest
Inv. In Trophy Blade Corp
2,084,006 3,355,360 Res,for contingent
1257.797
Cash
and LuckyStrokeSladeCorp d34,500 in controlled company
4,518,342 4,078,168
claims
Reinsur. and other
1437,500
106,371 Cony. class A stock
Deferred charges
39,595 Res. for outstand'g
reedy. 157,272
accounts
k1.112,500
Capital assets (book value)___e2,671,327 C'ass B stock
premiums
750,000
650,000
Accrued interest &
2,095,299
Earned surplus
3 .0
9 187
90,533 Res. for exp. & tax 1,041,159 1,046 0 6
93,552
rents receivable_
11,265,677
Capital surplus
--N. Y. Cas. Co_ __ _
Reirsur. and other
$7,421,158
Total
$7,421,156
Total
233,324
200,640
Total(each side)_29,829,421 31,430,474 accts. payable
a Above consolidation is based on closing dates as follows: AutoStrop
-V. 131, p. 478.
Safety Razor, Inc., New York, Aug. 31 1930; AutoStrop Safety Razor Co..
-Special Dividend.
Ltd., of Canada. Aug. 311930; AutoStrop Safety Razor Co., Ltd., of LonApex Electrical Mfg. Co.
Brazil. July 31 1930.
Razor Co.
The directors have declared a special dividend of 75 cents per share on don, Aug. 31 1930; AutoStrop Safetyapproximateof
market value, $761,000
common stock payable Nov. 15 to holders of record Oct. 31.-V. 130. and Asco, Inc., Aug. 311930. b At
the
pledged as security for notes payable (see contra). c 2,175 shares of
p,4420.
AutoStrop class A stock at cost. d At cost. e Land at Newark, N. J.,
-September Gross Sales.
and Toronto, Canada, $119,263; buildings at Newark and Toronto (less
A. P. W. Paper Co., Inc.
1930-9 Mos.-1929.
Increase. $36,974 res. for deprec.), $264,395; machinery & equip., furniture & fix-September-1929. Increase.
1930
122.675 tures, &c. at New York, Newark, Toronto, London (Eng.) and Rio de
$37,9531$3,263,922 13.241.247
$377.589
$415442
Janeiro, Brazil (less $807,384 res, for deprec.). $1.888,599; machinery in
-V. 131, p. 2540.
process of construction, $81,424; leasehold property at London, Eng., at
-To Decrease Capitalization.
cost, $317,646: total. $2,671,328. f Time loans to bankers, $200,000:
Aviation Corp. (Del.).
pledge of marketable securities
The stockholders will vote Nov. 24 on approving the retirement of demand loans to director (secured by elapsed portion of 1930. h For
400.000 shares of capital stock and the reduction of the stated value of see contra). 3650.000. ir For 1929 and counsel fees. I Minority Interand outstanding stock of the company from $10 to 85 a share. 1927 and 1928, plus accrued interest and
all the issued
stock and 8.34% of ordinary stock of English
Of the total 400.000 shares, 332.510 have been purchased by the com- est consists of 44.9% of pref. issued. 87,500 no par shares. k Authorized.
and
pany at a cost of $2.675.461, or slightly in excess of $8 a share. Some company. j Authorized
open market and the remainder was acquired 310,000 no par shares; issued. 222.500 shares; balance, 87.500 shares reof this was purchased in the
conversion of class A stock. 1 Arising from appreciation of book
In connection with the acquisition of other Companies last year, 179,360 served for
2700
FINANCIAL CHRONICLE
value of machinery, capital contributions at reorganization and the
writing
up to par value of capital stocks of subsidiaries acquired at less than par val.
Note.
-Contingent liabilities, none reported or fflsclosed.-V. 131. p.2540.
Atlas Powder Co.
-Earnings.
-
For income statement for 9 months ended Sept. 30, see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet Sept. 30.
1930.
1929.
1930.
1929.
Assets5
LiabilgtesCash
2,409,591 1,467,869 Accounts payable. 566,707
734.418
Collateral loans
600,000 4,100,000 Fed. income taxes
U. B. Govt. see
1,250,000
accrued
240,411
471,673
Accts.& notes rec. 3,429,279 4,065,472 Dividend accrued
Inventories
3,150,893 3,752,359
on pref. stock__
90,000
90,000
Marketable aecur. 2,718,506 1,343,289 Pur. money notes_
50,000
100,000
Pet prop.& equip_15,167,458 15,163,741 Res. for deprec.,
G'd-w111. pat., &c_ 2,875,259 2,875,239
uncollectibie acSecur. of MM.cos.
counts & coating 6,669,985 6,894,366
at cost
2,092,817 1,849,022 Preferred stock__ 9,000,000 9.000,000
Deferred items
227,950
256,555 Common stock___:8,714,625 8,714,625
Surplus
8,590,024 8,868.463
Total
33,921,753 34,873,546
Total
33,921,753 34,873,546
:Represented by 201.43900 par shares.
-V. 131, p. 632.
Barker Bros. Corp.
-Earnings.
-
For income statement for 3 months ended Sept. 30 see "Earnings Department" on a preceding page.
The balance sheet as of Sept. 30 1930, shows total assets of $11,278,214
comparing with 512,889.076 in Doc.331929. and earned surplus of $453.580
against $648,700. Current assets on Sept. 30, amounted to 59,163.992
and current liabilities $2,334,816 comparing with $10,659,910 and $3.689,199, respectively at close of 1929.-V. 131. p. 942.
Bastian-Blessing Co.
-Earnings.
-
For income statement for 10 months ended Sept. 30 1930 see "Earnings
Department" on a preceding page.
As of Sept. 30 1930 current assets were $844,889 and current liabilities
$90,035, as compared with $1,764,513 and $316.124. respectively on
Nov. 30 1929.-V. 130. p. 470.
Bayuk Cigars, Inc.
-Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 131, p. 632.
Beatrice Creamery Co.
-Earnings
--Listing of 5,000
AdditionaZ Shares of 7% Cumulative Preferred Stock and
14,725 Additional Shares of Common Stock Approved.
For income statement for 6 months ended Juno 30 1930 see "Earnings
Department" on a preceding page.
President C. II. Haskell says. "The improvement was accomplished in
the face of lower average prices for all of the company's products than
prevailed in the first six months of the 1929 period, by reason of economies
effected in the operation of properties acquired in previous years and lower
operating costs resulting from larger volume handled."
Butter production was below last year due to drouth conditions prevailing during July and August, but unit sales of all products increased.
Commenting on the company's prospects for the last half of the year,
Mr. Haskell said: "While the first six months are normally the most profitable on account of the summer ice cream business, indications are that
the company will have a favorable showing in last six months of the year."
The rate of the company's growth is shown by the fact that it now has
159 plants and distributing branches located in 135 cities compared with
135 plants and distributing branches in 94 cities at the time of the last
annual report.
[vol.. 131.
Berry McAlester Corp.
-Bonds Offered.-MercantileCommerce Co., St. Louis, Mo., is offering 8500,000 6%
1st mtge. coll, trust serial gold bonds, series D. Prices:
April 1 1931 to Oct. 1 1933 maturities at 100.75 and int.;
April 1 1934 to Oct. 1 1940 maturities at 100 and int.
Dated Oct. 1 1930; due serially April 1 1931, through Oct.
1 1940.
Denom. $500 and $1,000 c*. Principal and int. payable at MercantileCommerce Bank & Trust Co.. St. Louis, Mo., trustee.
Business.
-To design and build college fraternity and sorority houses.
known as chapter houses, and to finance their construction, the business
is
of the corporation.
The organization has made It a policy to build chapter homes only for
national Greek letter fraternities and sororities,
universities
located in comparatively small towns whore mostly at State
for the students attending the university and the houses serve as homes
help to solve the problem
of housing those from out of town. The chapter houses, therefore, are of
considerable assistance to the university, as very few State universities
have dormitories. and the non-fraternity and non-soror
obliged to live in boarding houses. In most of these ity students are
State universities
over half of the student body lives in the chapter houses, each
of which
accommodates approximately 40 students.
The security consists of first mortgages and deeds of trust on chapter
houses of national college fraternities and sororities pledged with the
trustee.
The conservative value of the mortgaged properties is
of the total amount of the bonds issued or outstanding more than 160%
Ti.le to the ground and chapter house erected thereon is held by a local
corporation formed for such purpose, and composed
the
alumni, who supervise the financial affairs incidentof members of
the ownership
and operation of the house. The lot or parcel of groundto first purchased
is
outright by the local chapter house corporation, which then executes a
mortgage or deed of trust, the building is erected, and these securities.
mortgage on the lot and completed structure, notes, &e., are pledged with
the Mercantile-Commerce Bank & Trust Co.. as trustee, for the bonds
Issued pursuant to the terrns of the indencure between The Berry McAlester
Corp. and the trustee.
-V. 130, pt. 2967.
Bessemer Limestone & Cement Co.
-Earnings.
--
For income statement for nine months ended Sept. 30 see "Earnings Department" on a preceding page.
-V. 131, p. 632.
Bigelow-Sanford Carpet Co., Inc.
-Omits Common Div.
The directors have voted to omit the common dividend ordinarily payable
Nov. 1. The company had been paying at the rate of $6 per share on the
common stock, which rate was established in May 1924 following the payment of a 50% stock dividend in March of that year.
President Sweetser, in a letter to the stockholders advising them that
no action was taken on the dividend on the conunon stock usually paid
Nov. 1, stated that this was done in spite of the fact that the company
has shown operating profits for the first nine months.
"The condition of the carpet industry as a whole," he says, "has continued at levels well below normal for the past several months. In view
of this situation, with consequent decreased sales and earnings, the directors
deemed it advisable to temporarily suspend the payment of dividends on
the common stock, in spite of the strong financial position evidenced by
the following facts:
"Since Jan. 1 cash has been increased by $2,132,207; total liabilities have
been reduced by $3,440,018 and inventory reduced $5,407,363. On Oct. 1
the current accounts payable were $198,244, and cash on hand 52.633.483
the payment of serial notes due Nov. 30 1930,1931, 1932 and 1933 having
been anticipated.
"The boolc value of the common stock on Oct. 1 1930, after deduction
of the amount of outstanding pref. stock and serial notes. was $82.36
Per
share, of which $31.66 was represented by net current assets.
"The acquisition of the plants of Stephen Sanford & Sons, Inc., has
made it possible for us now to offer the trade a complete range of Axminster
and velvet rugs, which formerly was not possible, and your company is now
in a position to take advantage of the first improvement in business conditions. -V. 131, p. 633.
The New York Stock Exchange has authorized the listing of: (a) 5.000
additional shares of 7% cum. pref. stock (par $100), on official notice of
Issue, as part consideration for acquisitions, making the total amount
applied for 103,996 shares, and (b) 14,725 additional shares of common
stock (par $50) on official notice of issue as part consideration for acquisi(Sidney) Blumenthal & Co., Inc.
-Earnings.
tions, making the total amount applied for 372,241 shares.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Authority For and Purpose of Issue.
The directors authorized the issuance of the shares of pref. and common
New Director.
stock Oct. 6 1930. The 5,000 additional shares of pref. stock applied for
13. Edmond David has been elected a director to succeed F. E. Storer
are to be Issued for:
of Hambieton & Co.
-V. 131, p. 942.
(1) Part consideration assets of Ice Cream Service, Inc.
5,000 shs.
The 14,725 add'1 abs. of corn,stock applied for are to be issued for:
Bohn Aluminum & Brass Corp.
-Sales Decline.
(1) Remaining consideration assets of ice Cream Service, Inc--13.000 shs.
(2) Assets of ilazel-Glen Milk Co
Nine Months Ended Sept. 301930.
1929.
1,550 she.
(3) Assets of Albion Milk Co
511.985.254
529,000.818
175 shs. Sales
For income statement for three and nine months ended Sept. 30 see
Total
"Earnings Department" on a preceding page.
-V. 131, p. 1569.
14,725 slut.
Subsidiary Companies Dissolved.
-Since Sept. 30 1930. the following
subsidiary companies have been dissolved: Windsor Farm Dairy Co.(Colo.).
Bon Ami Co.(& Subs.).
-Earnings.
City Park Dairy Co. (Colo.), Northern Creamery Co. (Mont.), Helena
For income statement for 9 months ended Sept. 30 see "Earnings DeCreamery Co. (Mont.), and Yellowstone Creamery (Mont.).
partment" on a preceding page.
-V. 131, p. 1101.
Subsidiary Companies Organized.
-The following companies have been
Boston Chamber of Commerce Realty Trust.-Divs.Incorporated under the laws of the states indicated: Wright and Wagner
Dairy Co. (Wis.) and Meadow Gold Dairies, Inc. (Mont.).
The trustees have declared the usual quarterly dividend of $1.25 per
-V. 131,
P. 2540, 2383.
share on the prior preference stock and a dividend of I of 1% plus an
additional dividend of 1% on the 1st pref. stock, all payable Nov. 1 to
holders of record Oct. 27. The declaration on the 1st pref. stock brings
Beech-Nut Packing Co.
-Earnings.
For income statement for 9 months ended Sept. 30 see "Earnings De- total payments for 1930 to $4 per share.
-V. 126, p. 3123.
partment" on a preceding page.
Boston Herald Traveler Corp.
-Earnings.
Balance Sheet, Sept. 30.
For income statement for three and nine months ended Sept. 30 1930 see
1930.
1929.
"Earnings Department" on a preceding page.
1930.
1929.
-V. 131, p.479.
Assets-$
Liabilities
Real estate, bldgs.,
Boston Woven Hose & Rubber Co.
Common stock___ 8,925,000 8,500,000
-Earnings.
dee
6,328,723 5,740.930 Pref.stk. class A__
Years End. Aug. 314,500
4,500
1930.
1929.
1927.
1928.
Mtges.& sec.loans
88,676
94,922 Fairmont Box Co_
100.000
100,000 Gross sales
$9.007.925 $10,306,714 $9,441,994 $9,939,426
Pats., tr.-mks., att,
61,610
1 Accts. payable___
162,110
228,719 Cost ofsales
8,455,704
9,019,195
8,749,173
9,312,509
Securities owned._ 1.804,139 1.627,400 Dividends payable
318,829
Cash
1,596,908 1,727,692 Expenses & taxes. 204,621
Operating profit
238,889
$552,221
$920,231
$692,821
$994,206
Cash for red. notes
2,612
7,294 Reserves
3,380,847 3,547,000 Other income
46.998
53.270
66,177
56,391
Bank & tr co. stks
64,934
64,934 Surplus paid in... 1,450,700 1,450,700
Accts. & notes rec. 1,748,145 1,973,429 Earned surplus
Profit for year
7,673,954 6,799.842
$599,219
$973,501
5740,212
Inventories (coat). 9,028,143 8,748,279
Surplus previous year_ _ _ 2,399,194 51,060,383
1.924,67'7
2,112,096
2,187,164
Due from sub. cos_ 332,989
321,080
Deferred assets_ .._ 846,855
882,517
Total surplus
Tot.(each alde)_21,901,734 21,188,479
$2,998.413 $3,247,548 $2.861,308 $2,898,178
Inventory & res. adjust_
-V. 131, p. 1425, 632.
102.563
45,431
19,794
2,854
l'referred dividends_ __ _
45.000
45,000
45,000
45,000
516,000
Belfont Steel Wire Co., Ironton, Ohio.
516,000
516,000
516,000
-Banks Seeks Common dividends and
Res. for extra div.
Foreclosure.
bonus to employees_
179,650
184,500
93,350
In the receivership suit of Hickman, Williams & Co against the company. Plymouth Plant spec.res.
100,000
the Fifth-Third Union Trust Co., Cincinnati, as trustee under the first
Profit & loss surplus__ $2,334,850 $2,399,194
mortgage trust deed of the Belfont company securing a gold note issue of
52,187.164 52,112,096
$475,000 executed Sept. 15 1926, Oct. 17 filed its answer and cross-complaint Earns, per sh. on 86,000
shs. of no par common
in the U. S. District Court at Cincinnati.
stock outstanding_ _ _ _
The bank admits the defendant owes and has outstanding this note Issue
$6.44
$11.33
$11.80
$8.19
of 8475,000 and that these notes and interest are past due, and that the
Balance Sheet Sept. 1.
defendant also is indebted to numerous bank and trust companies on proAssets1930.
1929,
Llabllittes1929.
1930.
missory notes. &c. It also is admitted that but for this action creditors Land, bidgs., maPreferred stock... $750,000 $750,000
would have clbsed in on the company and thus prevented an equitable
chinery, &c._.$53,784,303 $3,808,802 Common stock.
._s4,300,000 4,300,000
marshalling and distribution of the company's properties for the benefit of Cash
385,035
558,201 Acc'ts, &c., pay__
147,626
138,362
all creditors.
Demand, coll. In.
300,000 Reserve for extra
In its cross complaint, the Fifth-Third Union Trust Co. seeks fore- U. S. Treas. Ws_ 843,724
env, and bonus_
184,500
closure of the mortgage trust deed given by the Belfont Company as security Acc'ts receivable
y786,174 1,165,152 Plymouth Plant,
for its gold note issue and asks that a sale of the property be ordered and Notes receivable
:149,793
90,169
special reserve__
100,000
the proceeds be applied to the payment of the notes and interest due -V. Common stock (B.
Dividend declared
129, p. 3803.
W.H.& It. Co.)
4,365
6,548
payable Sept. 15 129,000
129,000
Inventory
1,715,594 2,245,974 Reserve for taxes_
241,734
157,789
Beneficial industrial Loan Corp.
-Loans Increase.
Prepaid items
141,012
77,207 Surplus
2,334,850 2,399,194
The corporation reports volume of business for September of $4,787,982, Patents
1
1
an increase of $543.852 or 13% over Sept. 1992. For the first nine months
of 1930 loans totaled $45,994.059 compared with $40,095,852 for the
Total
$7,810.001 58.252,055
Tota
$7,810,001 $8,252,055
corresponding period of 1929. a gain of more tnan 15%. For the third
a Represented
quarter loans aggregated $15,396,745 against 513,580.141, or more than $1.963,010 reserveby 86,000 shares of no par value. x After deducting
for depreciation. y After deducting $22,741 for reserve.
13% in addition.-V. 131. p. 2069.
z After deducting $37,500 for reserve.
-V. 129. p. 2686.
OCT. 25 1930.]
FINANCIAL CHRONICLE
-Earnings.
Briggs & Stratton Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 131, P. 633.
Department" on a preceding page.
-Jerome A. Newman
Bristol Mfg. Corp., New Bedford.
of New York Bids $39 per Share for Stock.
The Boston "News Bureau" Oct. 18 had the following:
Jerome A. Newman of New York, presumably on behalf of interests for
whom he has previously acted, is offering $39 per share for stock of the
corporation. Recently this stock has been selling at $25. but now the open
market bid is $35. The offer is conditional upon deposit of two-thirds of
the capital stock.
Bristol manufactures plain and fancy cotton and silk goods in a plant
equipped with 67,000 spindles and 1,886 looms. The company is capitalized
at 10,000 shares of $100 par. As of Sept. 28 1929 company had "net quick"
of $36.64 per share, not including investments carried at a value of $24.12
per share of Britol stock. Bristol was formerly a payer of liberal dividends,
but no disbursement has been made since March 1929.-V. 128, 11• 3355.
-Offer to Debenture
British Bemberg, Ltd., England.
Holders.
A notice dated Oct.20 1930 to the holders ofcertificates for 6% debentures
says:
Holders of outstanding certificates for 6% debentures may surrender such
certificates up to a maximum of certificates representing £350.000 (and with
a minimum of £150,000) nominal amount of such debentures and will receive in exchange £70 in casn plus £30 in fully paid ordinary shares of 5s.
nominal each (namely 120 ordinary shares) plus a sum equivalent to the accrued interest on the denentures from July 1 until Nov.3 1930. In respect of
each £100 nominal amount of such debentures represented by certificates.
All debentures represented by certificates exchanged as the result of this
offer will ye subsequently redeemed by British Bemoerg, Ltd., upon terms
which have been agreed with them.
Holders of certificates who are willing to avail themselves of this offer are
ter
acceptance on or bforeyb vTt
egraea
requested papotthercertificates by w
l
atefee theen
dereigned, 221
together with forms which are obtainable at C. A. Spin & Zoon in Amsterdam. The right is reserved to withdraw at any time this offer and to return
the deposited certificates.
If the total amount of' debentures represented by certificates deposited
under this offer does not reach £150,000 on or before Nov. 3 1930, or this
offer is withdrawn before such date toe undersigned will immediately notify
the depositors that their certificates are again placed at their disposal without cost to them and the proposed exchange will not be made.
If the total amount of debentures represented by certificates deposited under this offer should exceed £350,000 then as far as possible a
Proportionate reduction to the nearest unit of £100 will be made in the
amount accepted from each depositor and the undersigned will notify the
depositors that the excess amount of certificates is held at their disposal.
After the closing of this offer the cash payable in exchange will be paid at
our office on Nov.7 1930, and the depositors will be advised by letter when
the shares can be delivered. If the shares are desired in the form of English
certificates registered in the name of the depositors the English transfer
duty of'1% ad valorem will be charged. If the shares are desired in the form
of Dutch certificates there will be charged for stamp and Issuing fees Fl. 5.35
Per certificate representing 100 shares and Fl. 3.55 per certificate representing 50 shares.
[Signed by N. V. Het Administrattekantoor van Gebroeders Beissevain
en Gebroeders Teixeira de Mattos, gevestigd te Amsterdam.)
2701
Bunker Hill & Sullivan Mining & Concentrating
-Extra Dividend.
Co.
The directors have declared the usual extra of 25 cents per share and the
regular monthly dividend of 25 cents per share on the common stock, both
payable Nov. 5 to holders of record Oct. 23. Like amounts were paid on
-V. 131, p. 2384. 2069.
Oct. 5 last.
-Receivership
(E. T.) Burrowes Co., Portland, Me.
Sought.
A petition for appointment of receiver for the company has been filed
In the Supreme Judicial Court at Portland, Me., by the Diamond Rubber
Co. of Akron. 0. The rubber company alleges it is a creditor for $2,751
on account of merchandise sold to the Burrowes company. The petition
also alleges that although the assets of the Portland company are more
than $1,000.000, its liabilities total $452,902, and that there are insuffi-V. 130, p. 1120.
cient funds to meet its Indebtedness.
-Sub. Company Expansion.
Butler Brothers Chicago.
Four more stores have teen opened by Scott Stores, Inc., a wholly owned
subsidiary of Butler Brothers. The stores are located at Chicago, Jackson, Miss., Iowa City, Ia and Carbondale, Ill. There are now 82 stores
-V. 131. p. 2541.
In operation, making a total of 102 locations leased.
-Opens New Plant.
(A. M.) Byers Co., Pittsburgh, Pa.
The company officially opened its new $12,000,000 plant near Ambridge.
Pa. Oct. 8. The company gradually has been consolidating its manufacture of genuine wrought iron in the Pittsburgh district, anticipating the
'
opening of the now mill, which has an ultimate capacity of 45,000 tons a
month. Genuine wrought iron will be produced by the Byers process under
the Aston patents. The new Byers plant affords facilities for producing
skelp for the manufacture of pipe. also plates, rolled forging billets, sheet
bar, rounds, bar iron and shapes, though the principal finished product of
the Byers company is genuine wrought Iron pipe, and it is expected that the
major portion of the output of the new plant will be confined initially to
semi-finished material for the manufacture of this product. The Girard,0.,
band-puddle mill of this company was closed Aug. 15. It had a capacity
-V. 131. p. 1260.
of 5,000 tons a month.
-Earnings.
Campbell, Wyant & Cannon Foundry Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 131. P. CM.
Department" on a preceding page.
-Estimated Sales, &c.
Canada Dry Ginger Ale, Inc.
President P. D. Saylor said: "With the close of our fiscal year on
Sept. 30 the directors are gratified that under conditions far different from
those of the previous fiscal year period indications point to a year's sales
record only 2% below those of one of the country's most prosperous business
years and the annual profit that will reach within 4 to 5% of those of the
-V. 131, p. 1719.
preceding year."
-Rights.
(Philip) Carey Mfg. Co., Lockland, 0.
At a meeting of the directors held on Oct.7 1930, a resolution was adopted
authorizing the officers of the company to issue and dispose of 7,140 shares
improveof additional common stock for the purpose of making necessary that said
ments and additions to the plant of the company, and directing
be first offered to stockholders of record Nov. 15 1930, at $200
7,140 shares
per share, on the basis of one new share for each 10 shares held. The
amount, if any, not taken by the stockholders may be sold in the discretion
of the officers of the company at not less than $200 per share. The resolution also provided that 1,460 shares of additional common stock be sold to
-Omits Common Dividend.
(E. L.) Bruce Co.
employees at $200 per share. No subscriptions for fractional shares will
The directors have voted to omit the quarterly dividend of 62% cents
be received, but any stockholder entitled to subscribe for a fractional share
ordinarily payable about Nov. 1 on the common stock.
a full share in place thereof. Payment of subscription
The directors have declared the regular quarterly dividend of $1.75 per may subscribe forbefore Dec. 15 1930.-V. 130, p. 4055.
share on the pref.stock,payable Jan. 1 to holders ofrecord Dec.21.-V.131, will be due on or
p. 2228.
-Merger.
Carling Breweries, Ltd.
Following extensive negotiations, the company will be merged with
-Transfer Agent.Budd International Corp.
the Brewing Corp. of Canada, Ltd.. Charles Burns, Harry Low and Marco
J. Henry Schroder Trust Co. has been appointed transfer agent for
with the firm and are said to have been
80,000 shares of no par preferred and 600.000 shares of no par common stock, Leon have severed all connection
replaced on the board of directors by E. P. Taylor, K. S. Barnes and
C. S. Jennison. It is understood that an offer will go forward to share--President Issues State- holders in the near future for an exchange of shares in the new company.
(Edward G.) Budd Mfg. Co.
-V. 131. p. 2229.
("Monetary Times" of Toronto.).
ment in Connection with Omission of Common Dividend.
In connection with the omission of the common dividend, President
-Registrar.
Caro Process Corp.
Edward 0. Budd says:
The City Bank Farmers Trust Co. has been appointed registrar for
"While the recent reduced business shows some earnings, the quarterly
dividend on the common stock was not declared as these earnings were not 1,000,000 shares of common stock (no par value).
sufficient to meet the dividend on the common stock. The company has a
(A. M.) Castle & Co.- Earnings.
large volume of orders on its books which will require substantial cash
For Income statement for 3 and 9 months ended Sept. 30 see "Earnings
outlay upon the revival of business.
-V. 131, p. 2384.
"The present cash position of company is strong, there being no bank Department" on a preceding page.
indebtedness. Cash on hand, after providing for all current accounts
-Extra Dividend.
Caterpillar Tractor Co.
payable, is in excess of $2,000,000.
The directors have declared an extra dividend of 25c. per share in addi"The company is amply provided with working capital, the ratio of
quarterly dividend of 75c. per share, both payable on
liabilities being over 13 to 1.
Current assets to current
tion to the regular
"Shipping schedules are curtailed in line with conservative building or before Nov. 29 to holders of record Nov. 15. Like amounts were paid
schedules throughout the automobile industry. Our company has taken on March 15, May 31 and Aug. 31 last. During 1929 four quarterly
methods, with dividends of 75c. per share were paid.
advantage of this situation to improve manufacturing
result that the general efficiency of our organization is on a higher basis
For income statement for 9 months ended Sept. 30 see "Earnings Dethan ever before.
-V. 131, p. 1425.
partment" on a preceding page.
"Inventory has been substantially liquidated, and we believe that prospects for improved business in the near future are excellent.
-No Action on Div.
Chain Store Investment Corp.
has never been in a better position to take advantage of
"Our company
The directors on Oct. 20 took no action on the regular quarterly preferred
such an increased demand." See V. 131, p. 2540.
-V.131, 13.243.
dividend of $1.6234 a share due to be declared atlthis time.
-Bonds Offered.
Buffalo Distributing Terminals, Inc.
-The Peoples State Bank, Indianapolis, is offering at par
and int. $235,000 6% 1st (closed) mtge. bonds.
-Extra Dividend.
Charis Corp.
The directors have declared the regular quarterly dividend of 50 cents per
share and an extra dividend of 25 cents per share on the common meek, no
par value, both payable Nov. 1 to holders of record Oct. 23. Like amounts
-V. 131, p. 793, 480.
were paid in each of the eight preceding quarters.
Dated Oct. 15 1930; maturing Aug. 15 1931 to Aug. 15 1941. Interest
payable F. & A. at Peoples State Bank, Indianapolis. trustee. Callable
-Earnings.
Chicago Pneumatic Tool Co.
at 101 and int, on any int. date on and after Aug. 15 1932.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Buffalo Distributing Terminals, Inc., owns in foe simple 1.12 acres of
-V. 130. p. 4247.
ground in Buffalo. N.Y. This property lies on the main lines of the West Department" on a preceding page.
Shore. New York Central and Pennsylvania roads.
-The directors have
-Smaller Dividend.
Chile Copper Co.
On this property the company has completed a fire-proof, reinforced
concrete building of two stories and partial basement designed and con- declared a quarterly dividend of 50c. a share on the capital
structed according to plans and specifications prepared by the Great
This
Atlantic and Pacific Tea Co. This building is 168x133 feet, exclusive of stock, payable Dec. 29 to holders of record Dec. 3.
loading platforms. Cubical content is in excess of 700,000 feet and total compares with a quarterly distribution of 623zc. a share
floor space exceeds 43,000 square feet.
paid quarterly
This building is one of many similar properties located at strategic made on Sept. 30. Previously the company
-V. 131, p. 634.
points in the United States and Canada to meet the requirements of the dividends of 750. a share.
Great Atlantic and Pacific Tea Cc in serving its 15,000 or more retail stores.
-Earnings.
City Ice & Fuel Co.
These bonds are secured by a direct first (closed) mortgage on the above
property which is owned in fee simple and which has been independently
For income statement for month and nine months ended Sept. 30 see
appraised as follows: Ground by Chalres C. Groin and Spencer S. Kingsley, "Earnings Department" on a preceding page.
-V. 131, p. 2070.
building by Lawrence W. George,
leading realtors of Buffalo, at $140.000;
-Earnings.
of the firm of George & Zimmerman, and Lynn 0. Knowlton. of Bishop,
Clark Equipment Co.(& Subs.).
Knowlton & Carson at $200,000, making a total valuation for the comFor income statement for nine months ended Sept. 30 1930 see "Earnings
pleted property of $340,000.
Department" on a preceding page.
The Peoples State Bank, trustee, holds trust assignment to 51% of the
Consolidated Balance Sheet Sept. 20 1930.
Common stock of the company, giving control of the company and of the
Liabilities
Assetsproperty in event of default.
$1,162,660 Current accounts payable and
entire income for this property is in the form of a fixed rental payable Cash
The
$280,908
payrolls
250,000
monthly in advance by the Great Atlantic and Pacific Tea Co. of New Certificates of deposit
160,013
948,401 Taxes, royalties, he., accrued
Jersey. Rental is $25,000 per annum in addition to which the "A. & P." Marketable securities
Minority Interest in capital &
for light, heat, water and all intedor upkeep Cash surrender value life
company pays all charges
33,803 surplus of Frost Gear &
Insurance policies
charges including maintenance of boilers, elevators. interior repairs, &c.
1,158
Forge Co
43,229
The rental payments, in opinion of counsel, constitute a direct operating Notes receivable
1,214,900
405.724 Preferred stock
charge of the Great Atlantic and Pacific Tea Co. of New Jersey preceding Accounts receivable
58,052,814
3,847 Common stock
Accrued interest
all dividends on capital stock of that corporation.
1,490.865
2,187,293 Surplus
Monthly deposits must be made with the People; State Bank, trustee, Inventories
125.788
equal to 1-12th of the istereet and retirements for the ensuing year. These Investment in subsidiaries_ _
payments, with semi-annual retirements, will reduce the issue at maturity Capital stock of company • 168,670
held In treasury
to $135,000 or lees than the present appraised value of the ground.
The company is owned by National Distributing Properties, Inc., of Real estate, buildings, ma- x5,840,760
chinery,&o
formerly R. D. Brown Properties, Inc. This corporation
Maryland,
$11,199,858
Total (each side)
29,682
controls many similar properties in Chicago, Milwaukee, Montreal, Toronto, Deferred charges & prep. exps.
After reserve for depreciation of $2,784,779. y Represented by
Louisville; Springfield, Mass.; Garden City, Long Island; Indianapolis;
-V. 131, p. 634.
Ind.; and many other points.
no par shares.
249,838
Atlanta, Ga.; Terre Haute,
2702
FINANCIAL CHRONICLE
Chrysler Corp.
-To Retire Maxwell Bonds.
-
This corporation, as successor to the rights and obligations of the Maxwell
Motor Corp., announces that all outstanding series G, H. I and J, first
mtge. 5,5i % serial gold bonds of the Maxwell corporation, will be redeemed
on Dec. 22 1930 at 102 and int. Such bonds, with coupons due June
15
1931 attached, are required to be presented for payment at the Central
Hanover Bank & Trust Co.. 70 Broadway. N. 1. City, on Dec. 22, on
which date interest will cease.
-V. 131. p.2541.
Claude Neon Lights, Inc.
-Wins Another Injunction.
-
This company and its subsidiary, the New Jersey Claude Neon Corp.,
have been granted a perpetual injunction against the DeLuxe Sign Sales
Colp. by Federal Judge Runyon in the U. S. District Court of New Jersey.
The Claude companies were allowed to recover such damages as shall
be determined by Charles F. Lynch, special master of the U. S. District
Court, who will take an accounting of the defendant's profits involved
in the suit.
-Y. 131. p. 1901. 1719.
Colonial Stages, Cincinnati.
-Acquires Atlantic &
Pacific Stages.
The acquisition of the Atlantic & Pacific Stages, operating bus lines
between St. Louis and Los Angeles, was announced on Oct. 17 by Colonial
Stages, Cincinnati owned bus transportation system. The acquisition of
the Atlantic & Pacific Stages, one of the larger Western lines, will give
Colonial direct routes from East and West coasts, and from the
the gulf, according to Thomas L. Tallentyre, Vice-President andlakes to
counsel
of the company.
_ The deal, involving about $1,000,000. was negotiated by C. S. Warner,
President, and Mr. Tallentyre, of Colonial stages, and 0. W. Townsend,
President, and R. F. Black, Treasurer, of Atlantic & Pacific
latter will become officials of the combined system and willStages. The
have charge
of Western operations.
Announcement was also IT ade that new equipment, including
car coaches, will be purchased, the cost of which will approximate29 parlorAccording to Mr. Tallentyre, Colonial Stages will become the $500,000.
first and
only company to own and operate a complete transcontinental bus system.
The north and south line, which goes through Cincinnati, offers service
from Detroit. Cleveland and Chicago through Indianapolis, Lexington,
Louisville, Nashville, Knoxville, Chattanooga, Atlanta, Jacksonville and
while a.,e,,her nee from New t ork touched Puilacielphia, Washington,Richeiond and Savannah to Florida points.(Cincinnati "Enquirer.")
Columbia Pictures Corp.
-Contracts with Warner Bros.
Pictures, Inc.
-See latter,company below.
-V. 131, p. 1426.
Combined Holdings Corp.
-Receives Offer to Exchange
Trust Shares.
-
[Vol.. 131.
FOR-1 COMBINED TRUST SHARE -5TH. SHARE FIRST OR SECOND
-4
CUSTODIAN SHARE, PLUS 50 CENTS IN CASH.
No. of
No. of
Cash
Cash
If Shrlddr. Elects to Parch. Total No.
Combined Custodian Receio'ble. Value of
Full Custodian Ctfs.
of CustoTrust
Shares (50 Ceti/3 Fractional
titan She.
Shares
Rec'able
Per
Custodian Total Cash 'Remittance
Then
Offered, In Exch, Share).
Cfts.'
Receivable,
Necessary. Seeable.
5
0
52.50
533.00
535.50
10
547.00
10
0
5.00
66.00
10
71.00
11.50
15
10
7.50
16.50
20
24.00
58.50
20
10
10.00
49.50
59.50
20
23.00
25
20
12.5012.50
25
28.75
30
20
15.00
3
3:65
48.00
30
34.50
35
25
17.50
24.75
42.25
35
40.25
40
30
20.00
16.50
36.50
4.75
35
45
35
22.50
8.25
30.75
40
10.50
50
40
25.00
25.00
16.25
45
55
40
27.50
3165
60.50
22.00
50
60
45
30.00
24.75
54.75
55
27.75
65
50
32.50
16.50
49.00
60
33.50
70
55
35.00
8.25
43.25
65
39.25
75
60
37.50
65
3.75
80
60
40.00
37.50-33..56
73.00
70
9.50
85
65
42.50
24.75
67.25
75
15.25
90
70
45.00
16.50
61.50
21.00
80
95
75
47.50
8.25
55.75
26.75
85
100
80
50.00
___
50.00
32.50
90
500
400
250.00
____
250.00
435
38.75
1,000
800
500 00
Ann nn
____
55.25
865
* Make remittance payable to First Trust Co. of Philadelphia.
For example, a Combined Trust shareholder owning 45 shares of Combined Trust Shares will receive the following through this exchange:
35
shares of First and (or) Second Custodian Shares. $22.50 in
senting the 50c. per share exchange offer, $8.25 in additional cash, reprecash, representing the value of 1 First or Second Custodian Share.
If the shareholder desires to use the cash received towards purchasing
additional shares of First and (or) Second Custodian Shares, he may do so.
In the above illustrated case an additional amount of $10.50 will purchase
for him 5 additional shares of First or Second Custodian Shares and he will
then have a total of 40 shares of First and (or) Second ruetodian Shares in
exchange for his original 45 shares of Combined Trust Shares.
Due to the fact that the smallest denomination of First or Second Custodian Shares represents a 10
-share certificate, it is necessary to dispose of all
shares aggregating less than this amount.
-V.130, p. 2969.
Commercial Solvents Corp.
-Earnings.
-
For income statement for three and nine months ended Sept. 30 see
Combined Holdings Corp, in a letter. Oct. 9. to holders of interim re-.
-V.,131, p. 2070, 1426, 1261.
ceipts and (or) certificates for trust shares of Combined Trust Shares (of "Earnings Department" on a preceding page.
Standard Oil Group) announces that shareholders of Combined Trust
Consolidated Chemical Industries Inc.
-Earnings.
Shares (of Standard Oil Group) have received an offer to exchange their
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
shares for First Custodian Shares and (or) Second Custodian Shares,
-V. 130, p. 2035.
issued under investment trusts, respectively, of the capital accumulation Department" on a preceding page.
and maximum distribution types in accordance with the terms of an agreeConstitution Indemnity Co., Phila.-Stock Allotment.
ment entered into upon Oct. 7 by and between Insuranshares Corp., ComThe company has given notice in line with action taken at the special
bined Holdings Corp., and the First Trust Co. of Philadelphia. The letter
stockholders' meeting on Oct. 19 that stockholders of record Oct. 13 1930
ears:
First Custodian Shares and (or) Second Custodian Shares are issued have the right to subscribe on or before Nov. 13 to new capital stock (par 25)
against deposit with the Guaranty Trust Co. of New York of a well diversi- in the proportion of one new share at $12.50 for each share of old stock held.
fied list if the leadiag investment issues all listed on the New York Stock See also V. 131, p. 2384.
Exchange, including a reasonable proportion of Standard Oil stocks.
Continental Shares, Inc.
Due to factors and conditions beyond its control, together with an in-Increases Holdings in United
creased objection on the part of investors to purchase investment trust Light dc Power Co.
securities in a specialized field, the depositor has been unable to sell shares
The company, according to Cleveland dispatches, recently added to its
of your trust in a volume sufficient to justify continued sales effort and to holdings, including 394,987
shares of class B common stock of United
provide a proper secondary market for its present shareholders.
Light & Power Co.
The
ingly, listing of Combined Trust Shares (of Standard Oil Group)Accord- acquisition IncreasesThe class B stock carries exclusive voting rights.
on the
Chicago Board of Trade was discontinued effective as of Sept. 24 1930 and Light & Power Co. tothe holdings of Continental Shares in the United
416.212 shares or roughly 40% of the voting stock.
the depositor discontinued quoting a market on the shares as of the same
In addition to this increase in holdings, the company, it is said, also
date.
purchased substantially in International Paper & Power, Youngstown
The depositor recognizes fully the co-operation of investors in its trust Sheet & Tube Co.,
Cliffs
shares and therefore the necessity to formulate and recommend a plan to Goodrich Co. and United Corp., Firestone Tire & Rubber Co., B. F.
States Rubber Co.
their interest under existing circumstances. Such a plan is represented
At
In the offer of exchange made by Insuranshares Corp (of New York), Trustthe same time its holdings in the Bank of Nova Scotia, the Cleveland
Co., and the Union Trust Co. of Cleveland has been enlarged and
which has the approval of and will be accepted by all the dealers
has acquired 3,500 shares of Canadian Bank of Commerce.
holders whom the depositor has been able to consult. The officersand sharePayment for the United
and directors of the depositor corporation will exchange their individual holdings of made partially in cash and Light & Power stock, according to reports, was
partially in stock of Continental Shares. since
Combined Trust Shares, and they recommend that shareholders accept Sept. 30 Continental Shares has received
final payment on utility stocks
the offer and make the exchange in accordance with the terms outlined.
sold by it early in the spring to the Insull group amounting to approxiInsuranshares Corp. (of New York) is the executive and sales agency of mately $25,000,000.
the Insuranshares Group which occupies a leading position among indeContinental will apply to list an
pendent investment trusts. The corporation is the originator and distribu- common stock, bringing amount additional 990.000 shares of its no-par
outstanding to 3.409.665 shares.
tor of First Custodian Shares and Second Custodies Shares and
V. 131, p. 1570, 1261.
sponsoring and underwriting agency for Insuranshares Certificatesis the
Inc.,
Sterling Securities Corp.. and Insuranshares Corp. of
Continental Steel Corp.
-Earnings.
securities are listed on the New York Stock Exchange andDelaware, whose
For income statement for
June 30
combined
paid-in assets approximate $60,000,000. The sponsorshipwhosepolicies of Department" on a preceding6 months ended p. 2779. 1930 see "Earnings
and
page.
-V. 130.
the Insuranshares Group are outstanding.
Shareholders not accepting this exchange
Corn Products Refining Co.
-Earnings.
certificates
to the disadvantages of the discontinuanceretain their and of the subject
For income statement for three and nine
of market
lack of
daily quotations by the depositor on the Chicago Board of Trade, the effect "Earnings Department" on a preceding page. months ended Sept 30 see
-V. 131, p. 794.
of which will result in an impairment of the availability of the shares
for
collateral or ready cash purposes.
Cream of Wheat Corp.
-Earnings.
While the security back of
For income statement for 3 and 6
is ample, and
income assured, nevertheless,Combined Trust Shares that holders oftheir Department" on a preceding page. months ended Sept. 30, see "Earnings
it must be considered
-V. 131, p. 482.
less
than 1,000 shares may not be able to dispose of them until the termination
of the trust, March 25 1949.
Cuban Cane Products Co., Inc.
-Definitive Debentures.
As there are comparatively few holders of 1,000 shares of trust
Temporary debentures, dated Jan. 1 1930,
certificates,
it has seemed peculiarly an obligation of the depositor to provide a plan after Oct. 27 at the Guaranty Trust Co., 140 may be exchanged on and
Broadway, N. Y. City, for
whereby holders of less than 1,000 shares may be put in a position to obtain definitive 20
-year gold debentures with coupons due Jan. 1 1931 and subsea more available security enjoying a current ready market and suitable for quently attached.
-V. 130, p. 1467.
collateral and other purposes.
The offer of exchange by Insuranshares Corp. (of New
Curtis Publishing Co.
-Earnings.
Nov. 10 1930. Accordingly, the shareholders of Combined York) expires
For income statement for 3 and 9 months ended Sept. 30, see "Earnings
Trust Shares
(of Standard Oil Group)are recommended to send their certificates promptly Department" on a preceding page.
-V. 131, p. 1720.
to the First Trust Co. of Philadelphia, to be exchanged in accordance with
the following terms:
Dayton Rubber Mfg. Co.
-Exchange of Patents.
Terms of Exchange.
The company has completed negotiations with the Rudolph Roderwald
Insuranshares Corp. will exchange 4
-5th of a share of First Custodian Co. of Germany for the exchange of patents of the V-shaped flexible belts
Second Custodian Shares Corp., plus 50 cents cash for each Com- on which the two companies control world output.
and (or)
A new generator drive which Rudolph Roderwaid developed for lighting
bined Trust Share held, on the following terms and conditions:
(a) The shareholders of Combined Trust Shares are to deposit their of Pullman cars is also involved. The Dayton company will begin proCombined Trust Shares with the First Trust Co. of Philadelphia under duction of the new drive within 60 days. ("Wall Street Journal.")
terms of a certain agreement entered into Oct. 7 1930, as depositary ofsuch V. 130, p. 2971.
shares, upon negotiable receipt to be held for exchange by said Trust comDetroit Aircraft Corp.
-Record Sales.
pany. This offer will expire Nov. 10 1930.
The corporation announces sales pf 15 airplanes having a gross value of
(b) The stocks and (or) other assets underlying each unit deposited
will be sold,and after the final sale an audit will be made by certified public $104.050 for the ten-day period from Oct. 1 to Oct. 10. This total is 11%
accountants to determine the actual amount per Combined Trust Share above the previous record ten-day period for sales of the company, which
realized on the sale of the stocks underlying such units. Insuranshares occurred in September of this year. No comparative figures are available
Corp. will then pay to the Combined Trust shareholders, pro rata, the for 1929.
Sales included three Lockheeds, two Eastman AMphiblans, an Eastman
amount over and above the price of First and Second Custodian Shares
fixed as hereinafter set forth, less 10 cents per Combined Trust Share to Flying Yacht, four Parks training planes, two Ryan cabin planes, a Ryan
cover the expenses ofsuch exchange,and will also issue or cause to be issued, Speedster and a Blackburn Bluebird. Deliveries of 10 planes having a
to each Combined Trust shareholder, First Custodian and (or) Second gross value of $81,000 for which orders had been placed previously were
Custodian Shares in the proportion above set forth: also 50 cents for each made in the same period.
The corporation received gross orders totaling over $50,000 for shipment
Combined Trust Share so exchanged in accordance with the agreement.
-V. 131. p. 2071, 1427.
(c) In the event that the number of Combined Trust Shares offered by a to foreign countries in the lsat 30 days.
single shareholder results in fractional certificates of First and (or) Second
Detroit & Canada Tunnel Co.
-To Open Nov. 1.
Custodian Shares, such shareholder may elect to receive the cash value of
President Hoover is scheduled to
such fractional certificates, or, he may remit, at the time of deposit, a sum that will officially open the new press a button on Saturday noon, Nov. 1.
$25,000,000 Detroit & Canada Tunnel,
sufficient to cover the difference between the amount to which he is entitled linking Detroit and Windsor, Ontario,
it was announced this week. The
in cash and the purchase price of sufficient First and (or) Second Custodian tunnel will cut 20 minutes from the
time it takes to cross in an automobile
Share to make up a full certificate, as in either case may be determined by from the centre of Detroit's business
district to the centre of Windsor.
Schedule of Exchange Offer attached hereto.
Originally planned for a 36
-month construction job, the tunnel has actu(d) The price of the First Custodian and (or) Second Custodian Shares ally been
in 29 months.
as the basis of said exchange is fixed at $8.25 per share, and the price of the 10% less completed provided for in The actual cost has proved to be about
than that
the contracts.
Combined Trust Share is fixed at $7.78.
Traffic across
(e) The exchange and payment above set forth will be made on or about gaining steadily the Detroit River between Detroit and Windsor has been
for years, and according to engineers 1930 traffic is ap30 days from the end of the period limit for such exchange.
proximately 60% greater than their
A schedule of the exchange rates based upon the deposit of Combined are based upon official check of the estimates for this year. The figures
U. S. Customs and the Immigration
Trust Shares in amounts varying from five shares up to 1,000 shares follows: departments of the United States
and Canada. The increase in the first
OCT. 25 1930.]
FINANCIAL CHRONICLE
half of 1930 was 26%% over the same period of last year; In 1929 the inCrease over 1928 was 28% and in 1928 over 1927, 18%.-V.131,p. 1427.
-Tenders.
Devoe & Reynolds, Inc.
The Chase National Bank of New York, as trustee, is notifying holders
of 1st pref. stock that $38,802 in cash is now available for sinking fund
purchases of so many of these preferred shares as shall be tendered and
accepted at a price not exceeding 115 and diva. Tenders of stock should
be delivered at the Chase National Bank, 11 Broad St., N. Y. City on
or before Nov. 20 1930.-V. 131. D. 1262.
-Extends Time for Deposit of Stock
Diamond Match Co.
Under Recapitalization Plan.
A letter to the stockholders dated Oct. 22 says:
With reference to the plan and agreement ofreincorporation and recapitalization of this company, dated Sept. 6 1930, the committee (see below)
hereby announces that a sufficient amount of stock has been deposited
to warrant its declaring the plan operative. However,for the accommodation of those stockholders who for various reasons have not as yet been able
to deposit their shares, the committee is not at this time officially declaring
the plan operative, but is extending the time for the deposit of stock under
said plan and agreement until the close of business on Nov. 10 1930. after
which date deposits will not be received except upon such terms and conditions as may be determined by the committee (see V. 131. p. 1720)•
The directors earnestly recommend to those who have not yet deposited
their stock that they indicate their approval of the plan and thereby Participate in the benefits to be derived thereunder by promptly depositing
their stock with the Bank of America National Association. 44 Wall St..
N. Y. City, depositary, or with the Continental Illinois Bank & Trust Co..
Chicago, Ill., agent of the depositary.
Charles M. Walton Jr. has been appointed a member of the committee
under the plan and agreement to fill the vacancy caused by the death of
William R. Begg. Mr. Walton is a member of the firm of Hornblower,
Miller & Garrison of N. Y. City, and was associated with Mr. Begg in
preparing the legal requirements of the plan.
Committee consists of E. M.Stevens, R.P. Grant and C.M.Walton Jr.,
with H. F. Holman,30 Church St., N.Y. City, as Secretary.J-V. 131. P.
2542.
2703
missions and expenses in connection with the obtaining of the new loan,
which should not exceed 4% of the amount thereof, and the reservation
of a reasonable sum for working capital, the balance of the proceeds of
the new loan will be distributed to depositors.
Depositors will also receive a voting trust certificate representing the
ownership of one share of stock, (par $10) for each $10 of the difference
between the amount of cash so distributed and the pro rata share which
the principal amount of bonds and coupons held by the respective depositors
bears to the total amount of debt of bonds and coupons secured by the lien
of the trust deed on the date of the foreclosure sale. No voting trust certificate representing fractional shares will be issued, but warrants for the
fractions to which depositors may be entitled will be issued and such
fractional warrants may be combined with other warrants for voting trust
certificates representing integral shares at any time before Pub 1 1932.
Any shares of stock not required to carry out the terms of this plan are
-V. 125. p. 1587.
to remain unissued.
Eastern Equities Corp. (formerly American Glue
-Further Litigation Dividend of $25.
Co.).
The directors have declared a second dividend out of surplus sallow:tang
to $25 per share, payable Oct. 24 to holders of record Oct. 21. The flat
dividend out of surplus was $30 per share which was paid Oct. 15.
(See American Glue Co., in last week's "Chronicle," page 2539.)-V.
131,9. 2230.
--Earnings.
Eaton Axle & Spring Co.(& Subs.).
For income statement for 3 and 9 months ended Sept. 30, see "Earnings
-V.131, p. 2071.
Department" on a preceding page.
-Earnings.
Electric Ferries, Inc..
For income statement for 9 months ended Sept. 30 1930 see "Earnings
-V. 130, p. 3885.
Department" on a preceding page.
-Board Reorganized-Interest AcEmpire Steel Corp.
-To Form Voting Trust.
quired by Pickands, Mather & Co.
At the directors' meeting held this week, a reorganization of the board
was affected and changes made in the management. Paul Llewellyn
(former President of the Interlake Iron & Steel Co.) was elected Chairman
of the Board, while Frank Armstrong (of Pickands, Mather & Co.) was
-Changes Name.
Diversified Investments, Inc.
and J. D. 'Waddell will remain.
The company on Oct. 11 filed a certificate at Dover, Del., changing its elected Vice-President. C. H. Henkel
respectively, as President and Secretary-Treasurer.
-V. 131. p. 2071.
to Telephone Bond & Share Co.
name
The Board as reorganized consists of Frank Armstrong and S. E. Bool
of Pickands, Mather & Co., Geo. A. Coulton, Fayette Brown of H. H.
-Earnings:
Dome Mines, Ltd.
Brown Co., of Cleveland. C. F. Ackerman, of the Mansfield Savings Bank
For income statement for 3 and 9 months ended Sept. 30 see "Earnings & Trust Co., and C. H. Henckel, of Mansfield, Ohio. Paul Wick, W. A.
-V. 131. p. 635.
Department" on a preceding page.
Thomas and C. S. Thomas of Youngstown, C. D. Caldwell. President of the
Interlake Iron Corp., and Paul Llewellyn of Chicago, J. D. Waddell, Niles,
-Earnings.
Dominion Stores Ltd.
Ohio, A. W. Whoatly of Lima. Ohio, and James A. Garfield of Now York.
For income statement for 3 and 9 months ended Sept. 30 1930 see "EarnThe W.H. Davey holdings in the Empire Steel Corp. have been acquired
-V.131,p. 2071.
ngs Department" on a preceding page.
by Pickands, Mather & Co., of Cleveland. After the meeting of directors
it was disclosed that Pickands, Mather & Co.,and other large stockholders
-New President.
Dow Chemical Co.
have arranged to place their holdings in the hands of voting trustees. Smaller
Willard H. Dow has been elected President and General Manager to stockholders will be invited to join in the arrangement, according to the
-V. 131, p. 1427.
directors. It was said that the new organization will develop and promote
succeed Dr. Herbert H. Dow, deceased.
Empire Steel's properties in Mansfield, Niles, Ashtabula and Cleveland.
--Earnings.
(S. R.) Dresser Mfg. Co.
. 131, p. 635.
For income statement for three and nine months ended Sept. 30 see
-Dividend Outlook.
Endicott Johnson Corp.
"Earnings Department" on a preceding page.
of Sept. 30 1930, shows current assets, including
The balance sheet as
President George F. Johnson states that the company's surplus is avail$810,000 cash. of $2,644,479 against current liabilities of $383,240. V. able to Pay usual dividends of $5 per share on the common stock even
though earnings might at times fall below such dividend payments.
131,9, 945.
The statement follows, in part:
-Earnings.
(E. I.) du Pont de Nemours & Co.
"As the atm ements of the compay clearly show,there is a surplus of several
For income statement for three and nine months ended Sept. 30. see million dollars available for dividends. The company is more than holding
-V.131, p. 635, 623.
"Earnings Department" on a preceding page.
its own in competition for business,and is running at about 75% at present,
and hopes to improve.
-Plan
Dwight Manor Apartments, Englewood, N. J.
"We are earning a fair profit considering the whole situation, including
the demand for lower priced products, which we are striving to meet.
of Reorganization.
In units of pairs and cases, the company is not very far behind last year's
The committee for the protection of the holders of 1st mtge. bonds sold
through American Bond & Mortgage Co., pursuant to the provisions of business.
"We have made several changes which have very materially strengthened
the deposit agreement dated Oct. 24 1929. has approved and adopted a
plan for the reorganization of the Dwight Manor Apartments property the organization as a whole.
"So far we have successfully endeavored to maintain our high standard of
on behalf of the holders of the 1st mtge. 133i% gold bonds issued under a
improvements.
trust mortgage dated Aug. 1 1927 made by Northern Valley Building Corp. wages. Economies put in effect have been real and genuinehave taken the
(N. J.),to Chatham Phenix National Bank & Trust Co. as corporate trustee We have not taken the 'easiest way,' but we believe we
securing an issue of bonds best way to meet conditions. We have done everything humanly possible
and Charles C. Moore, as individual trustee,
to protect labor and still maintain our ability to compete.
aggregating $585,000 of which $580.000 is outstanding.
"In all the tests of the real strength and stability of our industry, the
Status of the Property.
Past two years have been the greatest and to us who know the inside,
The property and assets owned by Northern Valley Building Corp. the most satisfactory as to results."
-V'. 131, p. 795.
penthouse and English basement, semi-fireproof
-story
comprise the 5
apartment building located at No. 84 East Palisade Ave., Englewood,
-Protective Committee for Bonds.
Fabrics Finishing Corp.
N. J.. containing 96 houskeeping apartments, or in all about 325 rooms
Christopher S. Adams and Carlyle Garrison having been appointed by
and the land on which the apartment building is located,containing approxi- the U. S. District Court for the District of New Jersey as receivers of
mately 52,704 square feet and having a frontage on Palisade Ave. of approxi- the properties on Oct. 10 1930, the following, at the request of the holders
mately 217.21 feet and an average depth of approximately 253.27 feet.
-year sinking fund cony. 6% gold
of a large amount of the 1st mtge. 10
Default has been made under the trust mortgage in the payment of the bonds, series A, have consented to act as a committee for the protection
instalments of interest and principal maturities due Aug. 1 1929, Feb. 1 of the interest of all of the holders of such bonds, who shall become parties
1930 and Aug. 1 1930.
to a deposit agreement to be dated Oct. 20 1930. which is now in course of
A statement of the revenue and expense of the property from Dec. 31 preparation.
1928 to Jan. 1 1929 shows that the net revenue was entirely inadequate
The committee consists of Paul Heinzelmann, Thompson Ross and G.
to pay principal and interest on the 1st mtge. and real estate taxes. The Lyle Fischer, with Herbert F. July. Sec., 15 Broad St., N. Y. City and
building is at present about 64% occupied.
Hornblower, Miller & Garrison, counsel, 15 Broad St., N. Y. City.
date of Dec. 31 1929 the committee requested all holders of
Under
Bondholders are requested to deposit their bonds, with the coupon
the 1st mtge. bonds to deposit said bonds with the depositaries of the com- maturing Jan. 1 1931, and all subsequent coupons attached, either with
mittee. A substantial majority of the bonds is now on deposit.
Chase National Bank, 11 Broad St., N. Y. City, or with Central Trust
Corp. Co. of Illinois, 208 South La Salle St., Chicago, Ill., depositaries. A
During August 1928 various creditors of Northern Valley Building
'
obtained the appointment of a receiver of the corporation. The building circular signed by the committee says:
at the time was substantially complete with the exception of decorat
Corporation owns five plants located in the northern part of New Jersey,
of apartments and installation of electric refrigeration, which was comple
engaged in the service of dyeing, printing, weighting and finishing rayon,
by the receiver. On Aug. 29 1929 the trustees, because of defaults then ceianese and silk for manufacturers and dealers therein. The business of
existing, caused a bill for the foreclosure of the first mortgage to be filed the compnay has recently been operated at a considerable loss resulting
in the Chancery Court of New Jersey and the final decree of foreclosure in a very serious diminution of its working capital and a re:ultant curtailwas entered April 10 1930. The sale of the Dwight Manor property will ment in the credit of the company. This made it impossible for the combe had promptly after the time for the deposit of bonds under the plan of pany to continue operations.
reorganization has expired. It is possible that no sufficient bid at the
The committee is advised that the receivers, for lack of funds with which
foreclosure sale will be made by any other prospective purchaser and unless to continue operations, have closed all of the plants of the company. It
such a bid is received the committee will bid the property for the benefit is obvious that this will cause a very serious and rapid deterioration in the
of depositors,thus eliminating the possibility of the purchase of the property value of these plants which constitute the security for the bonds.
by outside interests at a wholly inadequate price. The plan is conditioned
It is the opinion of the committee that the best interests of the bondholdupon the acquisition of tho property by the committee at the sale.
ers require a speedy sale of the properties. The nature of the company's
The committee has succeeded in having the receivership extended for the business is
By far the largest part of the annual business is done
benefit of 1st mtge. bondholders so that the net income received from the during theseasonal. of Dec.,
months
Jan., Feb.. March and April. There is a
mortgaged premises until title to the property is taken by the purchaser possibility of obtaining purchasers for these 'mints at the present time if a
at the foreclosure sale, less the compensation of the receiver and the re- sale can be accomplished within time to enable the purchaser to obtain this
ceiver's expenses as allowed by court, will be distributed among all the Year's seasonal business with the present organization largely intact. If
holders of bonds of the issue.
this opportunity is
will be destroyed, the good-A now corporation will be organized in New Jersey will will be entirelymissed, the organization idle, will deteriorate and the
New Company.
lost, the plants, being
and will acquire the mortgaged land and the building formerly owned by committee feels that only a mere fraction of the present value will then be
the Northern Valley Building Corp. Authorized capital stock will consist recovered. In the meantime the receivers will have been put to a very
of 35,000 shares (or less) of common stcck (par $10).
considerable expense in maintaining the plants, the burden of which will
-'The stock will be placed in a voting trust of 10 years' be a charge on the proceeds of the sale of the property.
Voting Trust.
duration. The three voting trustees are to be selected by the committee.
It is therefore imperative that
should deposit their bonds
-Committee has reasonable assurance of procuring at the earliest possible moment. bondholders
New Mortgage.
-V. 131, p. 2542; V. 130, P. 2973.
for the now company, on usual terms, a loan of approximately $325,000
secured by a first mortgage on the property of the now
First American Bancorporation, Inc.
-New Directors.
to $350.000 to.be
company, such mortgage to bear interest at the rate of 6% per annum
Henry C. Nichols of Harris, Forbes & Co. and Rex N. Young have been
and to mature in from five to ten years.
elected directors.
-V. 131, p. 1572.
-The following 8111114
Distribution of Cash and Voting Trust Certificates.
will be disbursed out of the proceeds of the new loan:
First National Corp. of Portland.
-Earnings.
1) Costs of the foteclosure action, approximately $2,000.
For income statement for 6 months ended June 30 1930, see "Earnings
2) Moneys advanced by American Bond & Mortgage Co. on account
Lurance premiums and Federal and State tax payments, approximately Department" on a preceding page.
of
AssetsJ'ne 30'30. Dec. 31 '29. Liabilities- J'ne 30 '30. Dec.31 '29.
,50.
$20
$170 Class A stock_ __ _x$3,150,000 $3,150.000
$1,636
(3) The amount of the fees and expenses of the trustees and their counsel, Cash
400.000
y400,000
Bank stocks
2,483,405 2,418,555 Class B stock
approximately $15,000.
233,317
233,317
(4) Fees of the sheriff who will conduct the foreclosure sale, 1% of the Other investments 1,302,461 1,367,480 Paid-in surplus
13,381
16.167
Earned surplus
Accr. int. & diva.
foreclosure price.
5.300
8,994
46,564 Reserved for taxes
on investments_
49,911
purchase price (bid in behalf
(5) Such proportion of the remainder of the
2,041
162
889 Unearned discount
889
of the committee) as may equal the participation therein of the bond and Office equipment_
41,618
41,661
12,000 Dividends payable
12,000
coupon holders who have not deposited their bonds and (or) coupons Organization exp.
with the depositaries of the committee.
53,850,303 $3,845,658
Total
Total
$3.850,303 $3,845,658
The expenses of the committee, including counsel fees, depositaries' fees
x Represented by 70,000 shares. y Represented by 13,333 shares.
and the actual committee expenses, will amount to approximately $29.000.
After payment of the foregoing, together with incorporation fees, coin- V. 131, p. 2072.
2704
FINANCIAL CHRONICLE
Fashion Park Associates, Ipc.-Net Sales.
Net sales for
September were $2,407.391. This total is after elimination
SC sales between companies reporting and does not include sales of
those
companies controlled out not entirely owned.
Net sales for nine months ended Sept. 30 1930 on the above basis, totaled
819.363.565.-V. 131, p. 2230, 1902.
[vox,. 131.
owing sections. with a total storage capacity of
10 proprietary feed mills, for the manufacture 11,759,000 bushels,
d) 2 cereal food products mills, (e) 69 branch officesof commercial feeds,
and warehouses engaged In sales and distribution.
In addition to its domestic business, General Mills, Inc., is
exporting
an increasing amount of flour, its shipments going to
practically every
flour-importing foreign country.
-V. 131, p. 796, 636.
First National Pictures, Inc.
-First Suit Taken to
General Motors Corp.
Supreme Court
-September Sales Lower.
-Federal Government Makes Appeal from
-During
the month of September General Motors dealers in the
District Court Decision.
United•States delivered to consumers 75,805 cars, according
Alleging that the company
Anti-Trust
e credit committee rules, thehas violated the Justice has Act by the use to an announcement made by President Alfred
Department of
P. Sloan Jr.
the U. S. Supreme Court appealing from the decision of thefiled a brief in
District Court This compares with 124,723 in
for the Southern District of New York, which decided otherwise.
the month of September 1929.
The Department, in its brief, asserts that the lower Court erred in Sales by General Motors manufacturing
divisions to dealers
not holding that the Pictures corporation has "engaged in an unlawful
conspiracy to coerce and require exhibitors of motion pictures in the United in the United States amounted to 69,901 cars, as compared
states acquiring a motion picture theatre by purchase or transfer to assume with 127,220 in September 1929. Total
sales to dealers,
and to perform the uncompleted contracts for the exhibition of motion including Canadian
sales and overseas shipments, amounted
pictures in such theatre existing at the time of such purchase or transfer
between the former owner or operator of said theatre
any appellee to 78,792 cars, or over 3,400 cars per day, as compared with
distributer and any other principal of any member of and appellee Film 146,483 cars in September
an
1929.
Board of Trade."
The following table shows sales to consumers of General
It also asserted that the Court erred in not holding that the pictures
corporation has "engaged in an unlawful conspiracy to deprive exhibitors of Motors cars in continental
United States, sales by the
motion pictures in the United States acquiring a motion
by purchase or transfer of the right to have any Court of picture theatre manufacturing divisions of General Motors to their dealers
diction determine whether such purchase or transfer has competent juris- in Continental United States, and
total sales to dealers,
and for the purpose of avoiding contractual obligations." been fraudulent
-V. 131. P. 1428 including Canadian sales and overseas
shipments:
Fisher Body Corp.
-Plant to Operate on Full Time.
Total Sales to Dealers
Ten plants of the
corporation located outside of Detroit
time operations on Oct. 27,H.J. C. Henderson, manager ofwill resume fullsales and advertising, announced. These automobile body plants have been operating on
a three-days-a-week schedule and will return to the regular week of five
and a half days.
No new employees will be hired at any of the plants, but
ule will affect between 6,000 and 7.000 employees. Those the new schedplants affected
are in Flint, Mich., Buffalo and Tarrytown, N. Y., Janesville, Wis., Norwood, Ohio, Atlanta, Ga., Kansas City and St. Louis, Mo., Cleveland,
Ohio. and Oakland, Calif.
"There will be no change in the Detroit production." Mr. Henderson
said. "Here we have been operating on our normal schedule of business
less the difference due to the depression."
-V. 131, p. 636.
(S. B. & B. W.) Fleisher, Inc.
-Over 84% of Bonds
Deposited-Property Being Liquidated.
Over 84% of the outstanding first mortgage 6% sinking fund gold bonds
have been deposited with the protective committee formed last May,
according to a report just made by the committee. Deposited bonds total
81.110.500 out of a total outstanding of $1,311,500. The committee
announces that no bonds will be accepted for deposit after Dec 1.
With the consent and approval of the committee, the receivers of the
company have been and are now engaged in liquidating the company's
personal property, consisting of machinery, equipment, mill supplies. &c.,
the report of the committee states. This liquidation is being carried on
through private sales, the receivers and the conunittee believing that much
better prices could be realized in this manner than by public sale.
receivers are also making efforts to effect a sale of the corporation's The
real
estate.
The company,formerly a well-known manufacturer of yarn with a plant
in Philadelphia, was placed in receivership June 17 1930 following a suit
in the U. S. District Court. The receivers for the company are John
FIsler and Arthur A. Fleisher.
-V. 131. p. 1103.
Fitz Simons & Connell Dredge & Dock Co.-Divs.-
The directors have declared the regular quarterly dividends of 50c. in
cash and 1-40th of a share in stock on the common stock, both payable
Dec. 1 to holders of record Nov. 20. Like amounts were paid on this
Issue in March, June and September last.
-V. 130. p. 2973.
Follansbee Bros. Co.
-Smaller Quarterly Dividend.
-
The directors have declared a quarterly dividend of 25c. a share on
the common stock, payable Dec. 15 to holders of record Nov. 29. Three
months ago the dividend was reduced to 50 cents from 75 cents per share
quarterly.
-V. 131. p. 636. 795.
Fort Pitt Bridge Works Co., Pittsburgh.-Merger.-
United States-- tnel. Canadian Sales
Sales to Consumers. Sales to Dealers. & Overseas Shipm'ts.
1930.
1929.
1930.
1929.
1930. 1929.
January
74,167
73.989
94.458
95,441
106.509 127,580
February-88,742 110,148
110,904 141,222
126,196 175.148
March
123.781 166.942
118,081 176,510
135.930 220,391
April
142,004 173,201
132.365 176.634
150,661 227,718
May
131,817 169,034
136,169 175,873
147,483 220,277
June
97,318 154,437
87,595 163.704.
97.440 200,754
July
80,147 147.079
70,716 157.111
79.976 189.428
August
86.426 151,722
76.140 147.351
85.610 168.185
September
75,805 124,723
69.901 127.220
78,792 146,483
Note.
-Unit sales of Chevrolet, Pontiac, Oldsmobile, Marquette,
land, Viking, Buick, LaSalle and Cadillac passenger and commercial Oakcars
are Included in the above figures.
Dividend Assured.
-The following is taken from the "Wall
Street Journal":
Assurances that the General Motors Corp. would declare the regular
quarterly dividend of 75 cents on the common stock at the next meeting
to be held around the middle of November were contained in a statement
made by President Alfred P. Sloan Jr., to a representative of Dow, Jones
& Co.
Having his attention called to the rumors circulated in the
district, Mr. Sloan dismissed these reports. saying: "There is financial
no basis
for concern over the safety of the General Motors common dividend.
There has been no discussion within the corporation concerning
dend, and no reason for such discussion in advance of the directors' the divimeeting.
Speaking for myself and associates in the management, we are confident
that the regular dividend will be declared in November.
-V. 131, p. 2543.
Subsidiaries Form Sales Alliance.
-
Stabilized employment, lower cost of distribution and increased dealer
profits is the object of a sales alliance formed by the Frigidaire Corp. and
General Motors Radio Corp., both subsidiaries of General Motors, with
plants in Dayton, 0.
The following announcement of the arrangement which became effective
Oct. 20 has been issued jointly by E. G. Blechler, President of Frigidaire
Corp. and R. J. Emmert, President of General Motors Radio Corp.:
"These two corporations have formed an alliance which makes it possible
in many instances for the General Motors radio and electric refrigerator
to be sold by the same dealer.
"This does not mean that all General Motors radio dealers will at
time have an opportunity to sell Frigidaire, nor does it mean thatthis
all
Frigidaire dealers will be permitted to sell General Motors radio. The
plan, however, does contemplate the same dealers receiving franchisee for
both commodities where such an arrangement can be made, consistent
with the policies of both organizations."
-V. 131. v. 2543.
Consolldaiion of the Massillon Bridge & Structural Co. of Massillon,
Ohio, and the Fort Pitt Bridge Co. of Pittsburgh, Pa., under the name of
the Fort Pitt Bridge Works Co., with assets aggregating $4.000,000. was
General Printing Ink Corp.
-Earnings.
announced on Oct. 22. The companies, officials said, have an annual
For income statement for 3 and 9 months ended Sept. 30, see "Earnings
capacity of 125,000 tons of structural bridge steel.
Department" on a preceding page.
-V. 131. p. 946.
Negotiations for the merger have been pending several months. The
consolidation was carried out without public aid, the stockholders of both
General Railway Signal Co.
-Earnings.
companies absorbing 300.000 shares of no par capital stock issued under a
For income statement for three and nine months ended Sept. 30 see
charter issued in Pennsylvania.
"Earnings Department" on a preceding page.
Theodore A. Straub is President of the new company; H. R. Bllckle,
It is also stated that the Company has in hand a substantial amount of
Vice-President. and P. B. Straub. Secretary-Treasurer.
unfinshied orders upon which it is now working and that pending prospects
for new business are above normal.
-V. 131, p. 796.
Fox Film Corp.
-Noteholders Deposit Agreement Terminated, All Notes Having Been Paid Off.-
The committee, acting for the holders of 6% gold notes. due April 1
1930. deposited under deposit agreement dated Jan. 29 1930, have been
notified by Central Hanover Bank & Trust Co., and Central Trust Co.
of Illinois, depositaries, that all certificates of deposit for the notes nave
been returned and cancelled, and that all of the notes deposited have been
paid in full with Interest.
Pursuant to the terms of the deposit agreement the committee terminated the agreement as of Oct. 9 1930.-V. 131, p. 2543. 2230.
Gabriel Company.
-Earnings.
-
For income statement for three and nine months ended Sot. 30 see
"Earnings Department" on a preceding page.
-V. 131, p. 1572.
General Reduction & Chemical Co. of Utah.Receivership.
-
Collection of $273,500 for capital stock without actual manufacturing
operations, in five years, is charged to the company with offices at 25
Murray St., Newark, in an equity receivership suit filed in Federal Court
in Newark Oct. 20 by Albert H. Thomas of Newark, a stockholder and
employee.
One of the announced objects for which the company was formed, It is
charged, was the manufacture of paint of various colors. The company
is said to be insolvent. Its assets, it is charged, consist entirely of the
Murray St. plant, worth about $25,000. Judge William N. Runyon
issued an order to show cause Nov.3 why a receiver should not be appointed.
General Theatres Equipment, Inc.
-Reclassification
General American Tank Car Corp.
-Forms New Co.
- Plan of Stock Approved.
-
The Pfaulder Co.and the General American Tank Car Corp. have formed
company to be known as the General American-Pfaulder Corp.of Delaware
to handle railway refrigerator tank cars, each to share in it on an equal
basis. Their contract calls for the building of car bodies by General American Tank Car, while Pfaulder will furnish the glass-lined tanks and other
equipment. The finished car is to be owned and operated by the new
Company,
-V. 131, P. 2386.
General Foods Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30, see "Earnings
Department" on a loreceding page.
President Colby M. Chester Jr. states:
"The increase in operating revenues of the corporation for the first nine
months of this year is the result of intensive stimulation of sales throughout the corporation's many lines, increased distribution efficiency, and
improved purchasing and manufacturing conditions. Volume of production and sales for the nine months has 13een maintained in practically all
lines, to a degree comparable with the same period of 1929.
"The corporation's business at the end of the nine months shows a distinct improvement, with the volume of sales for September exceeding those
for September 1929. The low point in sales for the nine months was
reached in July, since which time the curve has been upward.
"The Jell-O division is operating on the largest production basis in Its
history. Walter Baker & Co. plants recently have added extra shifts.
"Amalgamation of the companies merged into General Foods in the last
few years and application of the advantages which a merger can provide
have been advanced materially by the corporation this year. Some phases
of this unification have been closer control of inventories and warehousing
methods, development of important purchasing economies, and readjustments in accounting, transportation and production."
-V. 131. p. 2386.
General Mills Inc.
-Property Holdings Announced.Figures just released by this corporation covering their property holdings reveal the nation-wide extent of its activities.
Included in the company's property holdings are: (a) 21 flour mills, with
a daily capacity of 85,850 barrels and storage capacity for 30.292,000
bushels of grain, (b) 255 country elevators, located in important wheat
-
The stockholders on Oct.S20 approved the plan to reclassify authorized
capitalization from 5.000,000 shares of common stock to 2.000.000 shares of
$3 cony. pref. stock of no-par value and 4.000.000 shares common stock of
no-par value, each outstanding share to be exchanged for 1-3 share of pref.
stock and 2-3 share of common stock. See also V. 131, p. 2544
Gilchrist Co.
-Listing of Additional Common Stock.
There have been added to the Boston Stock Exchange list 2,282 additional shares (no par value) common stock upon notice of issuance on or
before Nov. 1 1930 as a stock dividend. These shares were authorized
at a meeting of the directors Sept. 25 1930 to be issued as a 2% stock dividend payable Oct. 31 to holders of record Oct. 15. There are already
listed 115,414 shares of common stock. With the addition of 2,282 shares.
the total authorized for the list is 117.696 shares. Authorized capital
consists of 200,000 shares common stock.
-V. 131, p. 2072.
Gillette Safety Razor Co.
-To Acquire AutoStrop Safety
Razor Co., Inc.-Debentures to Be Issued-Dividend Rate on
Common Stock to Be Decreased.
-The stockholders will vote
Nov. 18 on approving the acquisition of all the properties
of AutoStrop Safety Razor Co., Inc., an issue of debentures
of this company and the restatement of the accounts of the
company for the past five years. Under an agreement
dated Oct. 15 1930, approved by the directors, all the
properties, including patents and patent rights, of AutoStrop
Safety Razor Co., Inc., will be acquired by this company,
and all liabilities of AutoStrop Safety Razor Co., Inc., ylll
be assumed by this company. The cost of this acquisition
will be 310,000 shares of a new $5 dividend preference stook
convertible share-for-share into common stock, and 12,500
shares of common stock.
Om. 26 1980.1
2705
FINANCIAL CHRONICLE
In connection with the proposed issue of its preference
stock for the assets of AutoStrop it was provided that the
dividend payment dates for the common 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. 1 1930) to holders
of record on Dec. 1 1930. Previously Gillette paid quarterly
dividends of $1.25 per share, the last distribution at this
rate having been made on Sept. 2 1930. A 5% stock dividend was also paid on Dec. 2 1929, and on Dec. 1 1928.
See also AutoStrop Safety Razor Co., Inc., above.-V.
131, p. 2544.
-Earnings.
Gould Coupler Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-y. 131, p. 637.
Department" on a preceding page.
-Earns.
Granby Consol. Min.,Smelting & Pr. Co., Ltd.
-Earnings.
Hupp Motor Car Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department"on a preceding page.
Consolidated Balance Sheet Sept. 30.
1929.
1930.
1929,
1930.
$
$
AssetsCommon stook-15,120,915 14,352,526
Land, bidge., ma1,264,368 6,352,093
chinery, &o .._15,833,268 15,311,351 Acc'ta pay., &c
4,818,699 7,333,580 Accr. bit„tax„Ste.11,941,258 12,371,280
Cash
1 787,469
U.S. certificates
6,227,239 8,546,208 Fed'i tax reserve_
717,188
Drafts & accts. rec. 758,282 3,305,006 Res've corn. dive_
410,747
Res've stock illy.
6,685,251 9,289,738
Inventories
495,232 Res've for conting. 1,506,184 1,153,249
2,017,786
Investments
150.515
714,839 Dealers' depos.,&c. 145,520
78,965
Deferred charges
16,441,246 18,700,883
Surplus
Good-will, trade1
1
marks, &o
36,419,491 44,995,955
Total
-V.131, p.2388,
36,419,491 44.995.955
Total
-Initial Dividend.
Illinois Pacific Coast Co.
The directors have declared an initial quarterly dividend of 75 canto
Per share on the $3 mini, no par value on the pref. stock, payable Nov. 1
to bidders of record Oct. 28.-V. 131, p. 1904.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Copper produced during the quarter ended Sept. 30 1930 was 13,458.264
pounds. an average of 4,486.088 per month. Net cost per pound. including
all operating and general charges, after allowing credits for precious metal
values and miscellaneous income. was 9.19 cents, against 9.95 cents similarly
computed for the second quarter and 12.07 cents for first quarter. These
-V. 131.
costs are exclusive of depreciation, depletion and income taxes.
p. 1903.
(W.T.) Grant Co.
-Listing of 10,000 additional shares of
Common Stock Authorized.
-Distributor Appointed.
Independence Shares Corp.
Security Distributors of New England, through President Keith C.
Brown, announces it has taken over the wholesale distribution in New
England and Canada of Independence Trust Shares, a fixed trust sponsored
by Smith, Graham and Rockwell, members of the New York Stock Exchange. Security Distributors of New England is a recently organized
corporation and has already secured participation in the issues of houses of
o.
origin in New York. Chime. on the Pacific Coast. and in Canada. offering
a new machinery for distribution of high grade securities to lesser dealers
heretofore denied adequate contracts with the source of supply -V. 131,
P. 947, 1723.
The New York Stock Exchange has authorized the listing of 10.000
-Correction.
Indian Motocycle Co.
additional shares of common stock (no par value) on official notice of
The heading for item appearing in last week's "Chronicle," page 2545,
Issuance in connection with the acquisition of certain assets of the Haworthshould have read "No Action Taken on Debenture Issue" instead of
Snyder Co., making the total amount applied for 1.195.580 shares.
-V. 131, p. 2545.
At a meeting of the directors held Sept. 15 1930 an amount of not exceed- "Debentures Approved."
were
ing 10.000 shares of the common stock of W. T. Grant Co. (Del.)
-Plants Operating at Capacity.
I,ndustrial Rayon Corp.
authorized for issuance in order to comply with a contract entered into
between the W.T. Grant Co.(Mass.) and the II oworth-Snyder Co.(N. Y.)
President Hiram S. Rivitz says: "We have been running both plants at
for the purchase of certain assets of the latter company subject to liabilities full capacity Id the present and expect to continue. Orders on hand will
of not more than $50.000. The net asset value to be received for the W. T. keep our plants running many months. September was the largest shipping
Grant Co.'s stock will not be less than $30 per share and stock so issued will month in our history. Shipping schedules for October and November will
be capitalized at the net asset value received, giving due regard for the de- average close to September.
cash.
preciated value of furniture and fixtures and alterations to leased premises
"Cash position, including certificates of deposit, secured loans and book
and current market value of merchandise.
Is equal to $26 a share; net quick assets equal $43 a share; conservative
The acquisition of these assets will give the W. T. Grant Co. (of Mass.) value of tangible assets Oct. 1 audit over $72 a share; ratio of quick assets
stores in Port Chester, N. Y. Maiden. Allston, Boston, Dorchester, Bos- to current liabilities 17 to 1; no borrowings and only nominal current
ton, Roslindale, Boston, and Watertown. Mass., Danbury, Conn., Woon- payables."-V. 131, p. 2545.
socket, R. I., Somerville, N. J., and Williamsport. Pa. (see further details
-The directors
in V. 131, p. 2072.)-V. 131. p. 2387.
-Extra Dividend of$1.
Ingersoll-Rand Co.
-Extra Dividend.
Gray Processes Corp.
The directors have declared an extra dividend of 50c. a share, and the
regular semi-annual dividend of 50c. a share, both payable Jan. 2 to holders
of record Dec. 18. Like amounts were paid on Jan. 2 and on July I last.
-V. 130. p. 4616.
-Patent Suit.
Grigsby-Grunow Co.
With reference to published reports as to the decision in the radio loud
speaker patent suit involving Magnavox Co. of San Francisco and GrigsbyGrunow Co. of Chicago, B. J. Grigsby, Chairman of the board of the latter
company, said: "This is a formal decree handed down by Judge St. Sure
in the District Federal Court of San Francisco based upon the decision made
by him last May in the case against Frederick H. Thompson Co. the
'
Origsby-Grunow distributor in that city. The decision refers to certain
earlier models
types of loud speaker used in product of ourof the Majestic radio seta and
company. The case is being
does not refer to the present
-V. 131, p. 2545.
carried to a higher court." See also Magnavox Co., Ltd.
-Earnings.
Gulf States Steel Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 131. p. 1722.
Department" on a preceding page.
-Defers Dividend.
Harris-Seybolci-Potter Co.
The directors have voted to defer the quarterly dividend of $1.75 per
-V. 129. p. 2866.
share due Nov. 1 on the pref. stock.
-Tenders.
Havana Docks Corp.
The Old Colony Trust Co., Boston, trustee, will until Oct. 27 receive
bids for the sale to it of tat coll. lien 7% bonds. series A. to an amount
interest.
sufficient to exhaust $113,320. at a price not exceeding par and
--V. 128, p. 2641.
Hercules Powder Co.-Earnings.
For income statement for nine months ended Sept. 30 see "Earnings
Department" on a preceding page.
Balance Sheet Sept. 30.
1929.
1930.
1929.
1930.
$
S
AssetsCommon stook_ _:15,076,975 14,950,000
Plants & property.20,362.736 28,026,771
5,000,000 5,006.865 Preferred stock_ __11,424,100 11,424,100
Good-will
672,442
498,379
1,923,190 1,342,700 Accounts payable_
Cash
99,961
99,961
4,338,052 5,148,393 Fret. dividend _
Awls receivable
467,825
266,598
Collateral loans_ _ 1,200,000 3,200,000 Deferred credits__
638,226
419,352
469,639 Fed'!taxes (est.)__
1,100,352
investment eecur_
3,134,955 9.382,963
4,137,912 2,349,200 Reserves
Liberty bonds
3.547,735 3,482,057 Profit and loss_ _ 13,765,738 14,504,303
Materials &
Finished products. 2,870,150 3,031,769
82,227
Deferred charges.. 205,930
Total
44,688,058 52,139,622
_ 44,686,058 52,139,622
Total _.
a Represented by 603,079 no par shares -V.131. p. 637.
--Earnings.
Hershey Chocolate Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
Consolidated Balance Sheet Sept. 30.
1930.
1929.
1929.
1930.
Assets
/And, bldfoi., arc-16,455,215 15,635,999 6% prior pref. stk_ 3,658,100 14,100,000
350,000
1,298,377 1,419,923 34 pref. stock_ ___ :293,480
Cara
Common stock._ _ y708.520
650,000
250,000
Time loans
567,385
2,128,542 2,659,762 Accts. payable-- 571,340
Accts. receivable
5,700,000
8,334,172 16,810,798 Notes & loans pay_
Inventories
5,613,762 Accrued Fed. tax_ 1,089,387 1,024,432
Treasury stook__
240.284
337,560 Accrued dividends 174.176
369,845
Deferred assets._
Accrued exp.,other
taxes, &c
808,683
809.027
Depreciation ree- 7.510,075 7,076,364
,
at organla. _
2,389,826
11,654,564 9,570,486
Total(each side)-28,836,151 42,477,804 Earned surplus
293,480 no par shares. y Represented by 706,520 no
x Represented by
-V. 131, p. 2545.
par shares.
--Earnings.
Houston Oil Co. of Texas.
For income statement for three and nine months ended Sept. 30 see
-V.131, p. 2387.
"Earnings Department" on a preceding page.
-Earnings.
Howe Sound Co.
For income statement for 3 and 9 months ended Sept. 30 1930 see "Earn-V. 131, p. 638.
ings Department" on a preceding page.
-Resignation.
Hudson Motor Car Co.
Joseph H. Whittaker has resigned as 1st Vice-President and Asst. Gen
Manager. He has been connected with the company for over 21 years
serving in the rapacity of chief Inannetnr. Production manager, factory
-V.131.P.2545.
manager,assistant general manager and first vice-president.
on Oct. 22 declared an extra dividend of $1 per share, and
the regular quarterly dividend of $1 per share on the common
stock, no par value, both payable Dec. 1 to holders of record
Nov. 3. An extra cash distribution of $1 per share was
also made on this stock on June 2 last and on Dec. 2 and
Dec. 31 1929.-V. 130, p. 3174.
-Earnings.
Interlake Iron Corp.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
-V. 131, p. 2074.
Department" on a preceding page.
-Status.
International Business Machines Corp.
President Thomas J. Watson says: "This is the best year we have ever
had. Our earnings are running ahead of the like period of 1929. Our
cash position is stronger than a year ago and inventories are approximately
the same. The increase in our business recently made it necessary to
-V.131, p. 2074.
enlarge substantially our factory at Endicott, N. Y."
-Completes Third
International Paper & Power Co.
Aluminum Transmission Line in Last 12 Months.
The new 220,000 volt aluminum transmission lino 126 miles long con-mile falls hydro-electric plant
necting the recently completed 200.000 hp. 15
of New England Power Association with its Tewksbury, Mass., substation,
is the third important aluminum line placed in operation by International
Paper & Power Co. in the past 12 months. The other two lines are the
104 mile 132,000 volt line from its Grand Falls, New Brunswick, hydroelectric plant to its Dalhousie newsprint mill, and the 230 mile 220,000 volt
line connecting its Paugan. Quebec, hydro-electric development with
Toronto, the first 25 miles of which are owned by the company and the
balance by the Hydro-Electric Power Commission of Ontario.
In addition to these three aluminum lines, Gatineau Power Go, in the
last few years has completed eight 140.000 volt aluminum lines of an aggregate of 1C0 circuit miles. These eight lines interconnect its Gatineau and
-electric generating stations and also run to the Gatineau
Ottawa River hydro
-V.131.
and Hawkesbury paper mills of International Paper & Power Co.
p. 2388, 1106; V. 130, p. 4252.
-Dividend Outlook.
International Petroleum Co., Ltd.
President G. Harrison Smith, is quoted in the "Financial Times,"
Montreal, as saying: "The dividend policy of the company has always been
conservative and so far as can be seen at present there is no reason for reducing the rate. As to the company itself its business and outlook are quite
-V. 131.
as satisfactory as when the stock was selling at $25 a share."
p. 2074. 1429.
-Acquisition.
Interstate Bakeries Corp.
-V. 131, p. 1904.
See Schulze Baking Co. below.
-Sales.
Iron Fireman Mfg. Co., Portland, Ore.
This company (manufacturer of automatic stokers) reports an Increase
In unit sales for the eight months ended Aug. 31, of 13.7% over the corresponding period 1929. Compared with like period of 1928 the unit sales
gain amounts to 99.3%.-V. 130. p. 1447.
-To Increase Stock.
Jantzen Knitting Mills (Ore.).
The stockholders will vote Nov. 12 on increasing the common (no par)
stock from 100.000 shares to 300,000 shares. A stock div. of 100% has
been declared subject to the approval of the stockholders.
Income Account Years Ended Aug. 31.
1927.
1930.1928.
$3,075.726 $2,490.524
6301
$4,753,203 $41,295249,
Sales
1,376,726
1,461,7
2,092,405
les
2,272.720
793,915
1,015.823
1,384,261
1,604.378
Operating expenses
Net profit
Other income
$876.105
• 40,740
$777,347
43,176
$598,266
5,096
$319.883
.12,782
Pf
Total income
Interest
Depreciation
Federal income tax
$916,845
79,679
45,345
92,665
$820,522
44,178
33,321
93.219
$603,362
15.293
18,596
73.847
$307,100
• 30.319
17,125
37,513
Net profit
Dividends paid
$699.156
291.664
$649,804
191.051
$495,626
285,032
$222,143
61.188
$458.753
$407,492
Balance carried to KV912.233
870,310
Surplus at first of year
Prams,on sale of stock_ _ Dr.25,273
Dr.497,700
Amt. placed in cap.acc't
Dr.2.976
Cr.2,976
Minority interest
$210.594
568,316
Cr.133.323
$160.955
407,362
$870,310
$912.233
$568.316
$6.10
$4.65
$1.92
$1,255.505
Total surplus
Earned per sh. on corn.
$6.57
stk, after pref. diva..
2706
FINANCIAL CHRONICLE
ConsolidatedlBalance Sheet.
r Assets
1930.
1929.
Liatttiktes1930.
1929.
Cash
$238,832 $228,873 Notes payable....
$25,000
Oust's' receivables 567,741
569.033 Tr. awls payable $155,242
320,031
Inventories
1,369,675 1,184,043 MIN). accruals__
98,130
66,916
Prepaid insur..supFederal income tax
99,300
112.982
Dllefl, &c
46,163
40,806 Dividends payable
Sundry accla and
Other obligations_
10,963
17,151
notes receivable
17.724
23,728 Land numb. mtge.
Inv.stk. MM.cos_
79,304
136,605 due after 1931__
30.000
30,000
Miscell. invest'ts_
68,459
Stk. subser., JantAdv.to & cash held
sen (Australia),
for new plant at
Ltd
13,397
14,581
London, Eng.__ 389,952
Min. int.. Jantsen
Plant and equip._ 609,022
543,119
Spin. Mills stk_
18.776
Pats. &
1
1 Preferred stock___ 973.000
508,900
Common stock___ x750,000
750,000
Totaheach side) $3,386,874 $2,726,207 Surplus
y1,255,505
870,310
x Represented by 100,000 no par shares. y Includes capital surplus
of
$108,050.-V. 131. p. 2231.
004 1.31.
7
This pack has been contracted for sale to our various
distributors whose
performance of contract has been fully established.
to pack a reasonable surplus as we consider this We hope to be able
necensvy protection
to our customers.
Our business in lines other than
facilities fully at the Terre Hautetomato products is pressing production
plant.
Operating conditions are satisfactory and the plant improvements have
justified themselves. Very substantial economies have resulted
from both
phases of the business.
Earnings plainly indicated to date will
dividend on Jan. 1 1931 and for the fiscal permit the payment of usual
year the earnings
stantially In excess of those for the fiscal year ended April will be sub30 1930. V131. p. 1905.
Louisiana Oil Refining Corp.
-Sale of
We have been advised that the Arkansas Natural Stock.
Gas Corp. bought its
stock in the Louisiana Oil Refining Corp. from Clifford
M. Leonard.
Chairman, who was the largest stockholder in the
latter corporation. es
V. 131, p. 2232.
McGraw Hill Publishing Co., Inc.
-Earnings.
For income statement for 3 and 9 months ended
Jewel Tea Co. Inc.
-Sales Decline.Sept. 30 see "Earnings
Department" on a preceding page.
Period Ended Oct. 4!-•
-V. 131, p. 950.
1930-4 Wks.
-1929, 1930-40 Wks.
-1929.
Sales
$1,169,936 $1,309.120 $11,879,190 $12,667.998
Magnavox Co., Ltd.
-Patent Case.
No.of sales routes
1,257
1,189
1.237
1,173
A decision holding the Grigsby-Grunow Co. of
-V. 131, p. 2075.
above) to
the terms of a patent infringement decision given inChicago (see Magnavox
favor
Co. Ltd. was handed down by U. S. District Judge of the
(R. F.) Johnston Paint Co.
-Receivership.
Damages will be fixed by Harry M. Wright, special A. A. St. Sure.
'
r The company was placed in the hands of a receiver, Oct. 15, by order of investigation. The decision, mailed
master, after an
from New York, where Judge St.
Judge Robert R. Nevin, of the United States
Sure is
The order was issued on the application of District Court, at Cincinnati. against sitting, supplements an earlier proceeding the Magnavox Co. won
the Spencer Kellogg & Sons
the Frederick M. Thompson Co., which Judge St. Sure held had
Sales Corp.. Buffalo, N. Y. creditor firm. The Johnston company con- violated
patent restrictions on amplifying equipment and electro-dynami
sented to the receivership. Its indebtedness admittedly amounts to about receivers.
c
-V. 131, p. 2232.
$600000.
William A. Dail, manager for the National Lead Co. at Cincinnati, was
Martin-Parry Corp.
-Approves Sale.
appointed receiver.
The stockholders on Oct. 21 approved the plan
plant and equipment to the General Motors Corp. to sell the Indianapolis
Kresge Department Stores, Inc.
The company received
-Earnings.
S900,000
For income statement for 6 months ended July 31 1930 see "Earnings for the cash for the plant and equipment. The -amount to be received
inventories of materials and manufactured goods cannot be deterDepartment" on a preceding page.
-V. 130, p. 3726.
mined until inventories have been checked and discounts figured.
V. 131, p. 2546.
Kroger Grocery & Baking Co.
-Sales Increase.
Col. Clarence 0. Sherrill. Vice-President. says: "The company showed
Massey-Harris Co. Ltd.
-Explains Passing of Corn. Div.
the first definite upturn in sales this year during September, when average
President
sales per store were $11 more than during the same month a year ago. the recent Thomas Bradshaw, in a letter to the stockholders explaining
discontinuance of the common dividend, says:
Our business has perhaps been more pronouncedly affected by the de"For more than a year agricultural conditions the world over have not
pression than that of competing chains because of the fact that most of
our stores are located in the drouth area and also in large automobile been prosperous, due. in the main, to unsatisfactory crops and low prices.
centres such as Detroit, Cleveland, and Flint, where consumer buying has Last year 13 crop in several of the important grain producing countries of the
world, especially in Canada, Argentina and Australia, was greatly under the
been severely affected.
"During the first eight months of this year sales per store have been average. The situation was aggravated by relatively low prices for pracall
about 4% below those during the same 1929 period. Notwithstanding tically theclasses offarm produce.
"In
the current business situation,sales per store are holding their own reasonably made this hope that yields and prices might improve, every effort has been
year to increase sales, and better the company's position. Unwell and steady improvement has been noted since August, when the first fortunately, however,
these expectations have not been realized. Instead,
slight upturn for this year was made. Because of the location of our grain prices have
further declined, with the result that not only has the purstores, I believe the improvement in our business reflects a slight im- chasing power of the
farmer been reduced, but his ability to pay his current
provement in business generally throughout the country."
obligations has been impaired."
Mr. Bradshaw points out that during the past year the decline in grain
Forms New Subsidiary.
This company has formed a subsidiary, they Wesco Foods Co., to act as prices has ranged from 52% to 66%, according to various kinds of grain.
purchasing agent and consignment agency for produce and other perishable Regarding the outlook, Mr. Bradshaw says:
"The view is that the conditions through which we have been and still are
goods sold by Kroger stores. The new company has an Ohio charter and
succeeds the O. Batchelor Hall Co.. which the Kroger company acquired passing, are sub-normal and that they will in due time give way to a more
recently and which was a purchasing company dealing In fruits and produce profitable and stabilized situation. In the meantime, however, it is believed to be in the best interests of the shareholders that the company should
grown in California.
The produce department of Kroger has been moved from Cincinnati to conserve its resources, maintain its affairs in a sound position and prepare
follow..
Chicago where it will operate as a division of Weeco. Field operators to take advantage of the better times which are certain to
'
The letter refers to the recent change in the Canadian tariff laws,
will work out of that office in the purchase of foodstuffs. In addition,
which
the Chicago office will inspect car consignments of perishables passing will benefit the company substantially, and the recent amalgamation of
company's Australian business, which had been seriously affected by praothrough to points in the various Kroger districts. Purchases can
from spot stocks at Chicago and rolled to points throughout thebe made tically prohibitive tariffs, with the H. V. McKay Proprietary, Ltd., largest
Middle
West after inspection, diversions being made without additional costs to and the most important agricultural implement manufacturers in that country. The Massey-Harris Co., Ltd., has become a substantial stockholder
shippers or buyers, as freight traffic permits.
The Wesco Co. also will represent shippers and will offer their produce in the Australian company, yet will continue to simply certain of its own
to buyers other than Kroger in the Central States area.
-V. 131. P. 1724.
-V. 131, p. 2389. Products in the Australian market.
Lake Superior Corp.
-Proposed Agreement Will Free
Company from Guaranty of Subs. Bonds.
-
Maxwell Motor Corp.
-Bonds Called.
-
See Chrysler Corp. above.
-V.121. p. 848.
President Frank B. Common has gone to England to prepare
Merchants & Manufacturers Securities Co.
-Stock
counsel for representatives of Algoma Central and Algoma Central with
Terminals bondholders, a new agreement which would free the parent com- Increased.
The stockholders on Oct. 18 increased the authorized prior pref. stock
pany from its guaranty of subsidiaries' bonds. A general understanding
as to terms of the new agreement was reached at a conference between from 40,000 shares of 7% $100 par stock to 160,000 shares of $3.50 no-par
company officials and bondholders' representatives in Montreal recently. stock. There are outstanding 20,000 shares of 7% stock, which will be
exchanged for 40,000 shares of $3.50 stock, leaving 120,000 shares in the
("Wall Street Journal.")
-V. 131, 13. 2231.
treasury.
Earnings.
Laura Secord Candy Shops, Ltd.-Sales.
-For income statement for 6 months ended Sept. 30 see
"Earnings Department" on a preceding page.
-V.131, p. 2076.
Sales for Month and 12 Months Ended Sept. 30.
1930
-Month-1629.
Decrease.' 1930-12 Mos.-1929. Decrease.
Merritt-Chapman & Scott Corp.
-1930 Record Year.
$158,878
3172,926
$14.048152,166,650 82,298,909
$132,259
Present indications are that 1930 will be a record year in volume of busi-V.130, p. 3726.
ness for this corporation, its volume for the first nine months having been
in excess of $8.000,000," President William H. Baker said. This compares
Lehigh Coal & Navigation Co.
-Notes Called.
with $6,148.000 for the first nine months of 1929 and with $9,245,000 for
All of the outstanding $4,000,000 5,54% secured gold notes, dated Dec. the calendar
year 1929, the previous record year. Unfinished construction
23 1929 have been called for payment Dec. 23 next at 100M and int. at contracts
on the company's books at the present time aggregate approxithe office of the Treasurer of the company, 1421 Chestnut St.. Philadelmately $5,000,000. Preliminary figures indicate that profits for the first
phia,Pa.
nine months of 1930 were more than 10% ahead of those for the first nine
months of 1929."-V. 130, P. 3890.
New Director.
In connection with the resignation of Cyrus S. Eaton as a member of
Michigan Steel Corp.
-Increases Production.
the board of managers and the election in his place of Ferdinand S. EberThe corporation has steadily increased its production from the low point of
stadt, it is stated that the change is without significance from a
standpoint. Mr. Eberstadt is a partner of Mr. Eaton in Otis & company the first week in September, and compared with the average weekly proCo., in- duction for 1929, the first week in October this
vestment bankers, and no change is indicated in the stock holdings In the
year was up to
1929 average. Production at the company's plant at Ecorse,85% of the
Lehigh Coal & Navigation Co. by the Otis
Mich. for
-Eaton group.
-V.131, p. 2232.
the first half of October, showed an increase of 16% over that for the last
half of September.
Lehigh Valley Coal Corp.
-V. 131, p. 2546.
-Earnings.
For income statement for nine months ended Sept. 30 1930 see "Earnings
Mid-Continent Petroleum Corp.
-Earnings.
Department" on a preceding page.
-V. 131. p. 2546, 639.
For income statement for 3 and 9 months ended Sept. 30 1930 see "Earnings Department" on a preceding page.
-Earnings.
Link Belt Co.
-V. 131, p. 2076, 1905.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Midland Steel Products Co.-Earnings.Department" on a preceding page.
Hor income statement for 3 and 9 months ended Sept. 30, see "Earnings
Current assets on Sept. 30 last were $15,669,095 and current liabilities
-V. 131; p. 2076.
$1.389,753, contrasted with $15.518.716 and $2.004,732, respectively. Department" on a preceding page.
-V. 131, p. 799.
on same date a year ago.
Monighan Manufacturing Co.
-Earnings.
For income statement for three and nine months ended Sept. 30
Loblaw Groceterias Co., Ltd.
-Earnings.
1930.
-V. 131, p. 1575.
Nor income statement for 4 and 16 weeks ended Sept. 20, see "Earnings see "Earnings Department" on a preceding page.
-V.131,p. 1107.
Department" on a preceding page.
Montgomery Ward & Co.
-Omits
Common Dividend.
The directors on Oct. 24, voted to omit the quarterly div.
of 75 cents per share, which ordinarily would have been
paid about Nov. 15 on common stock. This
Lord & Taylor, New York.
-Declares Extra Dividend of paid from Nov. 1929 to and incl. Aug. 1930. rate had been
-The directors have declared an extra
5% on Common Stock.
Earnings.
-For income statement for quarter and nine months ended
30 1930, see
distribution of 5% on the outstanding $2,998,000 common Sept.commenting "Earnings Department" on a preceding page.
In
on the earnings. President George B. Everett
stock, par $100, payable Dec. 10 to holders of record Nov. 17.
"As with most merchandising lousiness the fourth quarter has said:
An extra distribution of like amount was paid on Dec. 10 our best, and it appears that profits for the remainder of the always been
year will be
sufficient to wipe out
1926, 1927, 1928, and 1929. Regular quarterly dividends more thanit has heretofore been the losses to Sept. 30.
"While
the policy to issue only annual
our directors have decided that in the future the company will statements
are also being paid on this issue at the rate of 10% per annum.
issue quarThe directors also declared the usual quarterly dividend terly statements of earnings. seasonable weather has
"During the past few days
improved our sales.
of 13/3% on the 1st pref. stock, payable Dec. 2 to holders and October will make a more favorable showing than August and September."
of record Nov. 17.-V. 129, p. 3334.
The regular quarterly dividend of 51.75 per share on
has been declared, payable Jan. 1 to holders of recordthe class "A" stock
Dec. 20.-V. 131.
Loudon Packing Co. Terre Haute, Ind.
-Earning
p. 2233.
Dividend.
-President Stewart Rose, Oct. 14 says:
(Phillip) Morris & Co., Ltd., Inc.
-Earnings.
The recently favorable weather has assured our tomato crop and our
For income
-Earnings.
Loose-Wiles Biscuit Co.
-
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Department" on a preceding page.
-V. 131, p. 2389.
pack of tomato products for 1930 should be 190% of the pack of 1929.
statement for 6 months ended Sept. 30 see "Earnings Depart
ment" on a preceding page.
-V, 130. p. 4431.
OCT. 25 1930.]
r
FINANCIAL CHRONICLE
-Time Extended.
Mountain & Gulf Oil Corp.
The time limit for the exchange of the company's stock for stock of the
New Bradford Oil Co. on the basis of one share of New Bradford Oil for
six shares of Mountain & Gulf has been extended to Dec. 31 1930, it is
announced.
-V. 130. P. 2224.
Murray Corp. of America.
-Earnings.
For income statement for three and nine months ended Sept. 30 1930
ZOO "Earnings Department" on a preceding page.
-V. 131, p. 2546.
National Air Transport, Inc.
-New President.
-
2707
7M:directors also declaredrtheTregular quarterly dividend of $1.75 per
share on the pref. stock, payable Jan. 1 1931. to holders of record Dec. 15.
The company will recall all of the outstanding preferred stock consisting
of 8.571 shares, on Jan. 1 at $110 a share.
Earnings.
-For income statement for three and nine months ended Sept.
30j1930, see "Earnings Department" on a preceding page.
-V.131. P• 641-
Pennsylvania-Dixie Cement Corp.
-New Directors.
Percy II. Johnston, President of the Chemical Bank & Trust Co. and
Victor N. Roadstrum. Attorney, have been elected directors.
-V. 131.
p. 2547.
Col. Paul Henderson, Vice-President of this company has been elected
Perfect Circle Co.
-Earnings.
President. He succeeds F. B. Rentschler who is also President of the
Balance sheet as of Sept. 30, last, shows current assets of $1,762.520 and
United Aircraft and Transport Corp., of which N. A. T. is a division.
current liabilities of $199,378. Cash and U. S. Government securities
V. 131, p. 1906.
amounted to $558.201 after payment of the third quarter dividend.
National Biscuit Co.
-Earnings.
President C. N. Teetor, Oct. 1, in a letter to the stockholders, says;
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
Cash on hand, together with Liberty bonds, after the payment of the
Department" on a preceding page.
-V. 131. p. 1906.
dividend for the third quarter of this year amounts to $562,629. This is
an exceptionally strong cash position, and the largest In the history of the
National Cash Register Co.
company for this period of the year.
-Earnings.
Replacement sales through automotive equipment jobbers, for the first
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
nine months, continue at record breaking levels and show an increase of
Department" on a preceding page.
-V. 131. p. 1906.
6% over the same period last year.
Three new products have been Introduced this year to the replacement
National Dairy Products Corp.
-Listing of 7,220 Addi- trade (automotive
supply Jobbers and dealers). They are the Tungtite
,tional Shares of Common Stock Authorized.
compression ring, the Perfect Circle ring installation tool, and the type 85
The New York Stock Exchange has authorized the listing of 7,220 oil-regulating ring. The tungtite ring and the ring tool have been used for
additional shares of common stock (no par value) upon official notice of several years by car manufacturers, but the type 85 oil ring is absolutely
Issuance in connection with the acquisition by the company of substantially new.
Already Studebaker and Nash have adopted the 85 as standard equipall of the property and assets of Ft. G. Miller & Sons, Inc., making the total
ment and more of the motor car manufacturers are sure to follow. This
amount applied for 6,124,295 shares.
ring is absolutely phenomenal in its performance and has set an entirely
Authority for and Purpose of Issue.
Pursuant to resolutions of board of directors passed Aug. 7 1930. the new conception of oil economy in to-day's high speed motors. An immense
company was authorized to issue 7,220 additional shares of its common amount of advertising is being released on this ring and stocks are being
-V. 131, p. 1907.
stock as part consideration for substantially all of the property and assets shipped to jobbers as rapidly as possible.
of R. G. Miller & Sons, Inc., (Conn.), the remaining consideration being
Phelps Dodge Corp.
-Listing of 600,000 Additional
la) the assumption by the company of certain disclosed liabilities of R. G.
Miller & Sons, Inc. and (b) the delivery of $180.500 aggregate principal Shares of Capital Stock Authorized.
amount ofits 5j gold debentures due 1948. The 7.220 shares of common
%
The New York Stock Exchange has authorized the listing of 600.000
stock to be issued for the above acquisition will be capitalized at the rate
of $8 per share: the excess of the net worth over the consideration, viz., additional shares of capital stock (par $25) on official notice of issuance and
common stock at $8 per share, and debentures at par, will be treated as delivery in exchange for 300,000 shares of National Electric Products Corp..
making the amount applied for 2,822,912 shares. (Details of the acquisition
capital surplus.
-V. 131. p.2076, 408.
are given in V.131, p. 2078).-V. 131, p. 2234.
National Food Shares Corp.
-Listing.
Trustee Food Shares have been approved for listing on the Chicago Curb
Exchange, it was announced by L. S. Carter & Co.,sponsors of the trust.
See also V. 131, p. 1725.
Phillips Petroleum Co.
-Listing of 1,168,284 Additional
Shares of Capital Stock Authorized.
The New York Stock Exchange has authorized the listing of 1,168.284
additional shares of capital stock (no par value) as follows: (a) 3,378 shares
National Pumps Corp.
-Omits Common Dividend.
for certain properties of
The directors have voted to omit the regular quarterly dividend of 75 on official notice of issuance and payment in full on official notice of issu33,299 shares
cents per share on the com. stock, which ordinarily would be payable Gilliland Oil Co. of New Mexico:(b) stock purchase warrants of the Indeance in the exercise of outstanding
about Nov. 1.
-year 634%
pendent Oil & Gas Co., issued in connection with company's 5
R.B. Mundy has been elected director to succeed A. B. Hilton. resigned. gold notes; (c) 74,064 shares on official notice of Issuance, upon conversion
-V.131. p. 125. 1725.
of 12-year 6 convertible debentures of the Independent 011 & Gas Co.;
7
(d) 1,057.543shares on official notice of issuance for the full payment of
'
New Bradford Oil Co.
-Exchange of Stock.
the properties and assets, subject to its liabilities of the Independent Oil
See Mountain & Gulf Oil Corp. above.
-V. 130, p. 2224.
& Gas Co., including commissions to bankers, making the total amount
applied for 4,547,106 shares.
New Era Construction Corp.
-Stock Offergd.Purpose of Issue.
On and after Nov. 1 1930, this corporation will offer its units, Consisting
The purpose of the Issuance of additional shares applied for Is:
of one share class A and one share class B,at $25 per unit, it is announced.
(a) To enable the company to make full payment of 3,378 shares of its
New River Co.
-61.50 Back Dividend.
capital stock to Gilliland Oil Co. of New Mexico for certain properties.
The directors have declared a quarterly pref. dividend of $1.50 on account The value of the stock as determined by the board of directors in acquiring
of accumulations, payable Nov. 1 to holders of record Oct. 22. This above properties will be credited to capital stock account and no adjustment will be made to surplus account.
represents the dividend due May 1 1923.
(5) To enable the company to have reserved 33,299 shares of its capital
A quarterly distribution of $1.50 per share was also made on Aug. 1 last.
V.131, p. 125.
stock for exchange for outstanding warrants of Independent 011 & Gas Co..
under the provisions of Independent Oil & Gas Co.'s issue of 5
-year
%
Noranda Mines, Ltd.
-Dividend Outlook.
gold notes, dated Jan. 15 1926. Prior to the purchase of Independent
The following is taken from the Wall Street Journal":
Oil & Gas Co. holders of stock purchase warrants were entitled to subscribe
The directors are not considering the omission or reduction of the dividend to the shares of the capital stock of Independent Oil & Gas Co. at $34.74
n view of the present price of copper, according to N. A. Timmins, a on or before Jan. 15 1931. As the purchase of the Independent Oil & Gas
director.
Co. was on a basis to its stockholders upon liquidation of 76 shares of
With copper at 10c. a pound, there has been condiserable speculation in Phillips Petroleum Co. stock for cacti 100 shares of Independent 011 &
various quarters, as to whether Noranda would maintain its present divi- Gas Co. stock held, it increased the subscription price to which holders of
dend, now en a $2 annual basis. If copper should continue to decline, then stock purchase warrants are entitled to subscribe to the shares of capital
in Mr.Timmins' opinion, Noranda directors would be unwise in maintaining stock of the Phillips Petroleum Co. to $45.71 on or before Jan. 15 1931.
the present dividend. In this connection he would make no prediction on After Jan. 15 1931 all such outstanding warrants will be wholly void. The
the future trend of the metal price. "No one knows what it will do, but as stock if and when issued will be credited to capital stock acocunt at the
long as it does not sink much below 10c., I believe Noranda's dividend will subscription price as above stated.
not be disturbed.
(c) To enable the company to have reserved 74.064 shares of its capital
-V.131, p.1432.
stock for conversion of convertible debentures of Independent Oil & Gas Co.,
North Central Texas Oil Co. Inc.-Omits Dividend.- under the provisions of Independent Oil & Gas Co.'s issue of 12-year 6%
Secretary Charles S. Matthews, Oct. 21, says;
convertible debentures dated March 15 1927. 'The principal amount of
'
Inasmuch as a total of 45c. per share has been paid to date in 1930, the 83.193,500 6% convertible debentures are now outstanding and convertible
directors, after due consideration of the fact that estimated profits from oil at the prices per share and at the time as follows:
for the current year will be curtailed to approximately 50c. per share, have
Into Capital Stock of
Into Capital Stock 0
deemed it advisable to omit any further dividend payments on the common
Independent Oil
Phillips Petroleum
stock for the balance of the year.
-V. 131. p. 1432.
& Gas Co.
Co.
Prior to Purchase.
After the Purchase.
North Star Insurance Co.
-New Director, &c.
-To March 15 1931
$32.77
$43.12
H. H. Boles, President of the General Alliance Corp., has been elected To March 15 1932
33.34
43.87
President of North Star Insurance Co.. a subsidiary of General Alliance, To March 15 1933
33.90
44.61
Jesse E. White has been el,,ctr.d Vice-President.
-V.131, p. 952.
To March 15 1934
34.46
45.34
To March 15 1935
35.02
46.08
Ohio Shares, Inc.
-Defers Preferred Dividend.
To March 15 1936
35.59
46.83
The directors have voted to defer the quarterly dividend of $1.50 per share To March 15 1937
36.15
47.57
due Nov. 1 on the series A 6% cum. pref. stock.
-V.128, p. 2822.
To March 15 1939
36.71
48.30
The conversion prices of the convertible debentures into capital stock of
Otis Steel Co.
-Earnings.
Phillips Petroleum Co. are increased as the purchase of the Independent
For income statement for 9 months ended Sept. 30 see "Earnings DeOil & Gas Co. was on the basis to its stockholders upon liquidation of 76
partment" on a preceding page.
-V. 131. p. 2391.
shares of Phillips Petroleum Co. stock for each 100 shares of Independent
Oil & Gas Co. stock held. At time of conversions, adjustments will be
Ottawa Dairy, Ltd.
-Capitalization Decreased.
Supplementary letters patent have been Issued under the Seal of the made in cash as no fractional shares of stock will be issued. The stock. if
of Canada. dated Oct. 6 1930. decreasing the authorized and when issued, will be milted to capital stock account at the conversion
Secretary of State
capital stock from $3,000,000 to $1,934.300, such decrease being effected prices as above stated.
(d) To enable the company to make full payment to the Independent
by the cancellation of 72 Issued first preference shares and 21.242 issued
second preference shares, all par $50 each, which have been surrendered Oil & Gas Co. and to bankers of 1,057,513 shares of its capital stock, for
the transfer of
properties and assets of the independent Oil & Gas Co..
for redemption and redeemed.
subject to its liabilities, including commissions to bankers. Under the
terms of the purchase agreement the Independent Oil & Gas Co. will rePacific Car & Foundry Co.
-Defers Dividends.
The directors have decided to defer the quarterly dividends of 1 % ceive the stock for distribution and upon liquidation of the Independent
on the 707 pref. stock and 134% on the 6% pref. stock which were due on Oil & Gas Co. Its stockholders will receive Phillips l'etroleum Co. stock
on a basis of 76 shares of Phillips Petroleum Co. stock for each 100 shares
Oct. 1.-V. 120. p.2411.
of Independent Oil & Gas Co. stock held. The value of the stock as determined by the directors in acquiring the above properties will be credited
Packard Motor Car Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings to capital stock account and no adjustment will be made to surplus account.
Department" on a preceding page.
-V. 131. p. 1576.
Earnings.
-For income statement for 3 and 9 months ended Sept. 30 1930
see "Earnings Department" on a preceding Page.
Paragon Refining Co.
-Stockholder Sues to Prevent Pro Forma Balance Sheet as of Jail/ 31 1930(After Giving Effect to Acquisition).
Transfer of Majority Stock in Valvoline to President.
Assets
Liabilities
William R. Collins. who holds 800 shares of Paragon stock, has filed snit
ash
$13,607,961 Accounts payable
$4.306.897
In Hamilton County (Ohio) Court of Common Pleas seeking a temporary Marketable securities
a4,251,272 Notes & acceptances payable 1,253,150
injunction which would prevent the transfer of majority stock in Valvoline Notes, accept.& aecr. int. rec. 1,598.201 Accruals, incl. Federal taxes. 2,637,167
Oil Co. to E. W Edwards. President, who has offered to buy the Valvoline Acels receivable (less reserve
514% sink fund gold debs__ 33,627.000
block formerly held by Paragon at $200 a share. The suit alleges that sale
for bad debts)
6.484,165 6% convertible debentures__ 3,193.500
of the Valvoline stock to Mr. Edwards is illegal and not for the best interests Inventories
22.277.773 Deferred purchase obligations 1,722.000
of the Paragon Co.
Employees' stock pur. contr. 3,419.691 Deferred credits
482.911
A Cincinnati dispatch states that the foregoing suit will not affect the Capital stock of & invest. In
Reserve for insurance
360,914
status of the sale of the Paragon properties to Gulf Oil Corp. Interests.
other cos. (at cost)
1,102.747 Common stock
c128.982.712
The properties of Paragon were turned over Sept. 15 to Union Trust Co. of Capital assets (at cost)____b157,913.181 Earned surplus
38.777,028
Pittsburgh, who bought the Paragon company for Gulf 011 Corp. Sale of Prepaid and deferred Items_ 2,688,288
Paragon did not include 32,227 shares, or 83°? of Valvoline, which was
purchased by Paragon late in I929.
$213,343,278
Total
-V. 131. p. 2391, 2234.
Total
$213,343,278
a Including 90,582 shares
purchased In
Penick 8c Ford, Ltd., Inc.
-Extra Div.
-To Retire Pref.- the open market at cost. b of Phill pa Petroleum Co. stock of $103,225,After depreciation and depletion
The directors have declared an extra dividend of 50c. a share in addi- 589. c Auth.. 5,000.000 sirs. (no par): outstanding. 3.367.546 slur., $89,tion to the regular quarterly dividend of 25c. per share on the common 770.485:less shs. held In treasury and for stock purchase'warrants, 402.340.
stock, both payable Dec. 15 to holders of record Dec. 1.
689.368.145: to be presently issued. 1,057,543 sirs., $39,614,567.
2708
FINANCIAL CHRONICLE
Phillips Pipe Line Co. Acquires 288-Acre Tract for East- , the following information with
, liabilities as of Oct. 16 1930:
ern Terminal.
l
(1) Cash in bank was
[vol.. 181.
respect to the corporation's assets and
1977,368.
The Phillips Pipe Line Co. has acquired a 288
-acre tract in the Cahokia
(2) Securities in the
district, opposite St. Louis on the Illinois side of the Mississippi River. Exchanges had a totalpossession of the corporation quoted on various Stock
market value of $4,641,909.
Tnis will serve as the $3,000,000 eastern terminal for the 8
(3) Securities in the possession of the corporation whose market value
-inch pipe line
for the Phillips company.
is not immediately ascertainable are
The new line, through which Phillips gasoline will be piped from Borger, these securities on the corporation's enumerated below. The total cost of
books is $3.711,661.
Texas, to Wichita. Kansas City anal St. Louis. and to intermediate dis(4) The corporation holds a promissory note for $1.500.000 of J. M.
tribution points, will be 800 mike long and will cost about 115,000,000. Hoyt & Co.endorsed by each of the partners of the firm
of Prince & Whitely,
Nearly 150 miles of the line is completed and work is going forward at the and in addition has notes and other
miscellaneous
carried on the
rate of ten miles a day.
-V. 131. p. 2235, 1907.
books at an aggregate of $1,098.589. The valueaccounts assets is not
of these
immediately ascertainable.
Philadelphia & Reading Coal & Iron Co.
-Sells Power
(5) The firm of Prince & Whitely held certain securities
account of
the corporation, which, in the opinion of counsel, may be for
Properties.
recoverable In
P. E. Sawyer,Chairman of the board of Pennsylvania Power & Light Co., kind. If they are not so recoverable, the corporation will have a claim
and A. J. Maloney, President of the Philadelphia & Reading Coal & Iron against the firm for their value. The market value of such of these securiCo., on Oct. 21 announced that agreements had been signed under which ties as are quoted on various Stock Exchanges totaled $262,545, and these
the latter company sold to the former company its electric generating securities are itemized below. The balance of these securities, whose
plants at Locust Gap and Good Springs, Pa., and transmission and dis- . market value is not immediately ascertainable, had a total cost on the cortribution lines, rights-of
-way and other facilities in Northumberland, poration's books of 11.483,992 and are listed below. The above figures
Columbia and Schuylkill Counties, Pa. The property includes a power do not include shares of the corporation's own pref. stock so held by the firm.
(6) As of Oct. 9 1930 (the date on which a receiver was appointed for
site at Hearndon, Pa., adjacent to the Susquehanna River. In payment
for the properties the Philadelphia company will receive share* of the the firm) the corporation owed the firm approximately $3,600.000 for securities purchased and to secure such indebtedness the firm held securities
sipital stock of the National Power & Light Co.
The agreements, it wax stated, include a contract under which the (exclusive of certain shares of the corporation's own pref. stock) having a
Pennsylvania Power & Light Co. will purchase Reading anthracite from market value as of Oct. 9 1930 of approximately 15.550,000. The differthe Philadelphia & Reading Coal & Iron Co. and the latter will purchase ence of approximately $1,950,000 between these two amounts constitutes
its electricity from the former. An extensive electric power development I a claim of the corporation against the firm.
' (7) Apart from the above, known liabilities of the corporation are estien the Susquehanna is contemplated.
-V. 129, p. 1927.
mated not to exceed $250.000.
(8)
of pref. stock
par
Pierce-Arrow Motor Car Co.
-Initial Dividend.
-The ferred'rho number of sharesis 186,610, the outstanding (no beenvalue, preas to $50 per share)
balance
retired or
directors on Oct. 21 declared an initial quarterly diVidend of purchased for retirement. Such figure is subject to having with respect
reduction
to 8,210 shares which were held by the firm in part for account of the
50c. per share on the class A common stock, and the regular corporation and in part as
collateral, as
quarterly dividend of $1.50 per share on the preferred stock, (9) The number of shares of commonabove set forth. is 856,000.
stock outstanding
As and
both payable Dec. 1 to holders of record Nov. 10.-V. 131, poration's when further information is obtained with respect to the corsituation, it will be promptly transmitted to stockholders.
p. 2078.
Securities in Possession of the Corporation Haring Quoted Market Values.
For income statement for 3 and 9 months ended Sept. 30 1930 see "EarnSecurityNo. of Shs. of Stock.: SecurityNo. of Shs. of Stock.z
ing Department" on a preceding page.
Allan Stores common
19,220
Kelvinator Corp., common.... 4,700
Baltimore & Ohio,common..._
500
Louisville Gas & Elec.. A corn_ 1,000
Balance Sheet. Sept. 30.
Brockway Motor Truck, pref.._ 1,030
Bank of Manhattan, corn
412
1929.
1930.
1929.
1930.
Chase National Bank, common
294
National City Bank, corn
892
AssetsLiabilities$
$
National Dairy Products, corn. 5,41334
800
xProPerty account 7,039,878 8,788.495 Cum. pref.stock__ 7,500,000 7,500,000 Chicago Pneu.Tool,$3.50 pf-25 Phillips Petroleum, corn
800
Cash
197,250 Continental Ill. Bk. & Tr. Co_
1,632,460 1,153,210 y Class A stock__ 197,250
200 Texas Corp., corn
600
Sight drafts outatg. 554,680
230,125 Fairbanks-Morse, oommon_
404,121 a Class B stock _ __ 230,125
Gen. American Tank Car,corn.
448
Texas Gulf Sulphur, corn
700
Miscell.invest_
65,869
81,887
47,460 Deposits on oontr_
General Cables Corp., pref.....
700
Union Carbide & Car. Co.. corn. 400
Notes & accts. rec. 592,804
651,842 Sun. ored. & ree__ 501.327
Glidden Co.,
1,730
U.S. Realty & ImPt., corn..
400
Inventories
346.000 Grand Union7% pref
4,009,381 4,862.806 Fur, money °Miff_ 332,500
Co.,
300 1J. S. Steel Corp., corn
600
Deferred charges
153,120 Current liabilities_ 925,430 2,476.106 Hahn Departmentcommon_
119,171
Stores, corn_ 30,600
L. A. Young Spring & Wire
Pats., trade-marks,
4,277,761 3,309.574
Surplus
Preferred
38,900
Co.,common
10,400
1
good-will,
1
Internat. Nickel of Can.. Ltd... 2,000
Greenf. Tap dr Die Corp., corn. 46,077
Internat. Tel. & Tel., corn.... 1,500 City of Brigantine 510, 1931-$24,000
14,030,262 14,059,055 Irving
14,030,262 14,059,055
Total
Total
Trust Co., common....
401
Fox Film Corp. Os, 1931
$50,000
x After depreciation. y Represented by 197,250 no par shares. x RepreSecurities in Possession of Corp. Not Having Readily Ascertainable Market Vats.
sented by 230,125 no-par shares -V.131,9. 2078,641.
Security-No. of She. of Stock.x
SecurityNo. of Shs. of Stock.x
Pipe Line Statistics.
-Total Oil Deliveries (in Barrels).
- Lindsay Nunn Publishing Co., pi.. 2,000 W. C. Foster Co.:
448
1st lien C trust notes, FM--5300,000
C. H.Pforzbeimer & Co..New York,specialists in Standard 011 securities, Milgrem Bros., Inc., pref
The Autoear Co.,corn
79,818 6)4s, Dec. 31 1930
1294,000
have prepared the following statistics:
Whitefield Citrus Corp., corn.
..A07,438 Lindsay Nunn Pub. Co.63, 1944 $131,000
1930-9 Mos.-1929.
Period End. Sept. 30- 1930
-Month-1929.
Preferred
5,400 So. Utilities Service fiSis. 1933_ $21,000
xBuckeye Pipe Line Co. 2,683,037
3,161,478 23,042,973 25.972,562
Cumberland Pipe Co_ _ _
1.650,201
208.727
1,734.203 Securities Held for Account of Corporation by Prince ct. Whitely Having
178.000
Quoted Market Values.
Eureka Pipe Line Co__ _
642,615 6,322.553 6,529.087
715.241
yIllinois Pipe Line Oo_ _ _
Security1,004.835 7,364,122 9.133.795
No. 01 883. of Stock.
568,983
SecurityNo. of Shs. of Stock.
Indiana Pipe Line Co...- 2.388.248
2,999,262 24.827.504 23,405.389 Chesapeake & Ohio,corn
200 International Nickel Co. of CanNational Transit Co- _ _ 1,017.510
908.318 9,457,000 9.919.799 Glidden Co.,7% pref
100
ads, Ltd
1,580
New York Transit Co__
1,990,202 2,145,960 Grand Union Co. corn
285,993
191,567
3,200 Kelvinator Corp
100
Northern Pipe Line Co__
3.712.802 3.962.831 Hahn Department Stores, corn.. 8,100 L. A. Young Spring & Wire
469,491
385,225
5,000
Prairie Pipe Line0o _
_ 4,246,591
6.552,482 49,010.569 56,062.559 Securities Held for Account of Corporation by Prince ct Whitely Not Having
Southern Pipe Line Co_ _
1,933,881
1,897.161
159,769
227,702
Readily Ascertainable Market Values.
Southwest Penn. Pipe
Security
No. 01 883. of Stock.x I Security
No. of Ms. of vieek.x.
Lines
805.225 6,232,758 8,823,361 Atlas
558.468
Stores, $3 cumulative preLindsay Nunn Pub. Co.6s, 1944.110,000
x Includr-company transfers. y Figures for Eastern division
ing inter-company
ferred
45,000 So. Utilities Service 614s, 1933.322,000
Lit, P. 954
.
x Or principal amount of bonds.
-V. 131, p. 2547, 2391.
Plaza Office Building Co., Pittaburgh.-Int. Payment.
The Atlantic National Bank. of Boston, trustee under indenture of
mortgage securing the 1st mtge. 6%% sinking fund gold bonds, gives
notice that, by reason of certain defaults on the part of the mortgagor
under the indentures, a sale of the property covered thereby, has been made
at Sheriff's Sale, in Pittsburgh, at which sale the bid of the trustee for such
property was accepted, and that thereafter, on payment of the bid price,
the mortgaged property was conveyed by Sheriff's deed to Elmer E. Beeck,
the co-trustee under the indentures. From the moneys received by the
Atlantic National Bank of Boston as trustee from the operation and management of the mortgaged property so purchased, the sum of $26,618 is now
available for distribution among the holders of the outstanding bonds and
the interest coupons thereunto appertaining, as provided in the indenture
dated Nov. 1 1926. pro rata, without any priority of interest over principal
or of principal over interest, except as provided with regard to coupons
which have been extended or funded. Upon presentation of the bonds,
accompanied by interest coupons maturing May j 1929, and subsequently,
to the trustee at its office, 10 Post Office Square, Boston, Mass.,for proper
endorsement, the trustee will pay to the prospective owners or registered
holders of such bonds and interest coupons, amounts equal to those of the
interest coupons maturing May 1 1929: namely, $3.25 for each $100,
-V. 124,
principal amount of bonds accompanied by interest coupons.
P.
Prudential Investors, Inc.
-$6 Pref. Stock Certifs. Ready.
J. Henry Schroder Trust Co. is prepared to deliver $6 pref. stock in
exchange for its deposit receipts issued in accordance with the terms of the
plan and agreement dated Sept. 5 1930, whereby not more than 225,000
shares of common stock are to be exchanged for 50,000 shares of pref.
stock. See also V. 131, p. 2548, 1726.
-Omits Common Dividend.
Pure Oil Co.
-The directors
on Oct. 21 decided to omit the quarterly dividend ordinarily
payable about Dec. 1 on the $25 par value common stock.
From June 1 1929 to and including Sept. 1 1930 quarterly
distributions of 373'c. per share were made on this issue.
President H. M. Dawes, in discussing the passing of the
common dividend says:
The adjustment that has taken place in the oil business is acute. It is
dealing in a basic commodity which cannot be curtailed to the same extent
as other commodities. The difficulty is obviously not of temporary overproduction. The costa of producing this excess oil, it should be remembered,
are not materially greater than would be the cost of producing a lesser
amount. There is no industry to which this applies with equal force.
believe,
admitted.
-The Baltimore These facts, I in which are generally living must be considered as one of
-Bonds Offered.
Potomac Mortgage Co.
The period
we are now
Co. in September last offered $750,000 1st mtge. coll, trust readjustment, which cannot be indefinite in duration, although of course
the earnings
be disappointing this year. The
bonds, bearing interest at 53'%. Price: 1935 maturity, situation withof most oil companies will has been obliged to carrion develthe Pure Oil Co. is that it
100 and int., yielding 5.50%; 1940 maturity, 993. and int., opment work in the Van Zandt County field, which is an almost completely
unitized operation and of which it Owns approximately 80%.
yielding over 5.55%.
The Pure Oil Co. could produce from its own interest in this
Bonds are dated Sept. 1 1930 and are due $100.000 Sept. 1 1935 and from 400,000 to 500,000 barrels per day, but on account of theproperty
require1650,000 Sept. 1 1940. Denoms. of $LOW and $500c*. Principal and ments of the Texas Pipe Line Law it is only producing approximately for
& S.) payable at main office of Baltimore Trust Co., Baltimore. Its own account 21.000 barrels at the present time. Lease requirements,
corporate trustee. Callable as a whole or in part by lot on any int, date which have necessitated this drilling, are being complied with at such
on 30 days' notice at 101 and int. Interest payable without deduction rate that the capital expense on this account is being reduced and will be
of any Federal income tax not exceeding 2%. Company agrees to refund at a low figure early in the spring. In addition to that of Van Zandt
annually any State, city or county securities or personal property taxes County, the other production of the company has been materially renot exceeding 5 mills on each dollar of the principal amount a bonds stricted.
held, or in lieu thereof any State income taxes not in excess of 6% of the
The company has during the past year put into operation its pipe line
interest thereon, if request is made within 6 months after any such tax from the Van Zandt field to the Gulf of Mexico, a short line in Michigan
becomes due and payable.
to Lake Huron, and, with the Standard 011 Co. of New Jersey, has an ownThese bonds are the direct obligation of company and are at all times ership in the Ajax Pipe Line from the Mid-Continent to the refining and
secured by deposit with the trustees of first mortgages and (or) instruments marketing districts of Ohio. In the last year, through the construction of
of like legal effect, United States bonds. or United States certificates of Its own lines and the acquisition of interest in other pipe lines, it has built
indebtedness and (or) cash in principal amount at least equal to the principal a transportation system which will result in its retaining for itself the profits
amount of all bonds outstanding.
derived from this phase of the business to an extent that is only equalled
All mortgages are first mortgages on improved real estate and are guaran- by a few of the very large units in the industry. This means annual
.
teed as to payment of both principal and interest by the Maryland Casualty savings of many millions of dollars.
unconditional and is for the full life of the loan
Co. This grarantee is
The company is now one of the very large producers of oil and gas and
-V. 130. p. 2984.
and not subject to cancellation.
has adequate refineries and controlled outlets for a large proportion of its
output. With exceedingly large reserves of crude which are immediately
•
-Defers Dividend.Prairie Cities Oil Co., Ltd.
available, a transportation system which accomplishes the ultimate econThe directors have voted to defer the quarterly dividend of 25c. per omy, and sufficient controlled outlets, it would seem obvious that it should
share which was due Aug. 1 last on the $1 cum. class A stock, no par value. not only maintain its position in the industry but materially improve it.
This rate had been paid since and including Aug. 11929.-V. 129, p. 1927.
It is unfortunate only in the fact that the development expenses which
producing this situation were concentrated in a
wore
-New President.
Pratt & Whitney Aircraft Corp.of manufacturing, has been when necessitated in and the price of its products were at a low ebb. year
The
both the volume
charge
Don L. Brown. Vice-President in Rentschler, who becomes Chairman temporary suspension of dividends on Its common stock is necessitated
F. B.
by this combination of circumstances. As a self-contained unit in the
elected President, succeeding
-V. 131. p. 285.
industry, equipped to handle its products economically and efficiently from
of the Board, a newly created office.
well to the consumer. I believe, however. it
-Philip to weather the temporary adverse conditionsis an unusually good position
-Report.
Prince & Whitely Trading Corp.
and to realize to the utmost
the possibilities when conditions in the industry improve.
-V. 131. P.
De Ronde,President,in a letter to stookholders,Oct. 21,says: 2678. 1907.
The Price. Waterhouse & Co. audit, which 10 now in progress. discloses
OCT. 25 1930.]
2709
FINANCIAL CHRONICLE
Q.R.S.-De Vry Corp.
-Record Neon Tube Output.
October production in the Neon tube division will be the largest in the
history of the company, Pres. T. M. Pletcher stated. The number of
employees in this division is larger than at any time during the past year
and orders now on hand will require 30 days' maximum production.
The Q. It. S. Neon Corp., Ltd., recent merger of Western manufacturers
of Neon tubing, who operate under Q. It. S. patents, and in which Q. It. S.DeVry Corp. has a substantial interest, has reported August sales and
profits this year well ahead of 1929, and September sales and profits exceeding August by 25%.
Unfilled orders on the books of Q. R. S.-DeVry Corp. for musical toys
are five times the bookings at this time last year, Mr. Pletcher said. Quantity shipments are now being made to dealers for the Christmas trade.
-V. 131. p. 2548.
Railway & Utilities Investing Corp.
-Earnings.
-
Sherwin-Williams Co., Cleveland.
-Extra Div. of 123s.
An extra dividend of M of 1% has been declared on theoutstanding
$15,876.975 common stock, par $25, in addition to the regular quarterly
dividend of 4%, both payable Nov. 15 to holders of record Oct. 31. Lilts
amounts were paid on the common stock on Nov. 15 1929 and on Feb. 15,
May 15, and Aug. 15 last. On Nov. 15 1928 and on Feb. 15, May 15,
and Aug. 15 1029 extras of 1% each and regular quarterly dividendsod
3% each were paid. An extra dividend of 34 of I% and a regular of 3%
were paid on Nov. 15 1927, and on Feb. 15, May 15. and Aug. 15 1928.
From November 1925 to August 1927 inclusive, the company paid an extra
dividend of 1% and a regular dividend of 2% each quarter.
The directors have also declared the regular quarterly dividend of 134%
On the pref. stock, payable Dec. 1 to holders of record Nov. 15.
T. G. Murphey has been elected Secretary and L. Reese as Comptroller
-V. 131. p. 802.
-Changes Name...
Sinclair Crude Oil Purchasing Co.
For income statement for three months ended Sept. 30 see "Earnings
Department" on a preceding page.
The company on Oct. 6 filed a certificate at Dover. Del., changing Its
name to Standolind Crude Oil Purchasing Co.
Comparative Balance Sheet
R. S. Ellison, Casper, Wyo., has been elected President of the Stanolind
AssetsSept.30'30. Dec.31'29,
Sept. 30'30. Dec.31 '29.
LiabilitiesCrude Oil Purchasing Co., and a
Line Co. to
Investasts at oostx34,418,530 $4,100,249 Provision for tax.- $41,812
$41 556 serve the latter in an executive director of the Stanolind Pipe
.
capacity to be announced later. That'll
Cash
82,060
1,225
316,303 amounts payable_
Dividends reedy
484,450 companies are subsidiaries of the Standard Oil Co.of Indiana. Mr.Ellison's
6,700
26,972 Cony. 6% pf. stk_ 484,350
offices will be in Tulsa. Okla.
-V. 131, P. 643. 1909.
Treasury stock
34,588
Cony. 7% pf. stk.
Interest accrued
1,741,850 1,741,860
3,667
serlA
Southern Ice Co.
-Earnings.
Bal. due on sale of
Class A corn, stock 1,469.390 1,459.330
For income statement for 12 months ended August 31 see "Earnings
securities
100.000
75,245
Class B corn stock 100,000
277,600 Department" on a preceding page.
-V. 131, p. 1578.
on cap. stk _ 278.735
Prem.
Tot.(each side)_S4,617.123 $4,446.191 Earned surplus.... 509,761
341,405
South Porto Rico Sugar Co.
-Calls Bonds.
x Approximate market value. $3,311,380.
The directors have called the $2,345,000 20
Note.
-There are outstanding option warrants, entitling subscription to
-year 1st mtge. 7% bonds
50.000 shares of class A common stock at $10 per share up to June 30 1934. on Dec. 1 next at 105 and int. The payment of these bonds Is to be made
plus $1 per share for each 12 months or fraction thereof thereafter.
-V.131. out of current funds, no new financing being contemplated. After the
redemption of these bonds the company will be free of debt other than
P. 955.
moderate current liabilities incurred in the usual course of business.
Payment will be made at the Bankers Trust Co., trustee, 14 Wall St.,
(Robert) Reis & Co.
-Sales Decrease.
N. Y. City.
-V. 130, p. 3897.
Gross Sales for Three and Nine Months Ended Sept. 30.
Decrease.
1930-3 Mos.-1929.
Decrease.I 1930-0 Mos.-1929.
Standard Brands Inc.
-Sales Increase.$1,099,311 $1,592,268
8893,404
$492,957184,683,326 85,576,730
Sales of Chase & Sanborn coffee for September achieved the greatest
-V. 131. p. 488.
volume for any month in the company's history, according to President
Joseph Wilshire.
Reliance Mfg. Co. Chicago, Ill.-Obituary.trend of other Standard Brands products, MT,
Discussing
Px-sident Milton F. Goodman died at Chicago on Oct. 20.-V. 131, Wilshire said: the sales over statistics on sales for the first nine months of
"Looking
I). 1577,
1930, I find that our old line products, such as Fleischmann's Yeast, Royal
Baking Powder and Malt l'roducts, show a very substantial and gratifying
Republic Steel Corp.-Books Export Order.
increase over the same period of last year. The increased sale of our coffee
The corporation has booked a kage order for enduro stainless steel for reflects very favorably the soundness of the basic idea behind our campaign,
export to Prance for the manufacture of automobile lamp shells in that which is fresh coffee, and more than justifies the expense incidental to
country. This is the first important export order to be placed for enduro establishing national distribution of this product."
-V. 131. p. 2392.
In this country since its production was begun on a large commercial basis
some months ago, it Is announced. The material is manufactured by
Standard Commercial Tobacco Co., Inc.(& Subs.).
Republic under license from Krupp of Germany at its Central Alloy plant
1927.
1928.
1929.
Earnings for Calendar Yearsat Massillon.
$4,508,507 $3,901,532 $6,017,415
Net sales
According to officials of the corporation, current sales of stainless and Cost of sales
5,244.626
3,853,761
4,651,025
other alloy steels are showing definite improvement.
290,825
218.539
457,052
Admin. and general expenses
Contract.
-
The corporation has received an order from the Biggs Boiler Works Co.,
Akron, Ohio, for toucan iron to provide one mile of water pipe for the
City of Detroit. The pipe will be produced by the Biggs Co., by the electric
welded process. This is the first pipe made of Republic toucan iron, a
rust resisting material, to be used in Detroit -V. 131. p. 2235.
(Hartley) Rogers Trading Corp.
-Omits Dividend.
The directors have voted to omit the quarterly dividend of 20 cents per
share which ordinarily would have been payable about Oct. 15 on the
class A stock. Quarterly distributions at this rate were made in April
and July last.
-V. 130, p. 1842.
Rossia Insurance Co. of America.
-New Director.
Leon P. Broadhurst, President of the Phoenix State Bank, Hartford,
Conn., has been elected a director. succeeding Stephen Baker of the Man-V. 130, p. 4067.
hattan Bank 3: Trust Co. of New York, resigned.
Ruberoid Co.
-Plans $300,000 Advertising Campaign.
The company has announced that its directors are sufficiently optimistic
as to a prospective upward turn in building construction to warrant an
000fcrrLy
advertising purposes `,rn
appropriation of t30p;
inaarenowigculatecatelroiBponfclTai
-cement shingles, asbestos lumber,
asphalt shingles, built-up roofs, asbestos
pipe covering, felts, &c. in national media and local newspapers throughout
the country.
This represents a considerable increase over the amount appropriated
for this year.
-V.131. p. 1577.
gQ'
e
-Time Extended.
Schulze Baking Co.
Secretary G. A. Torrence, Oct. 10, says:
At Oct. 1 1930, 97.54% of the $3 cony, preference stock and 98.43%
of the common stock of this company had been exchanged for the stocks
of Interstate Bakeries Corp. The rate of exchange is 2 1-5 shares of Schulze
cony, preference stock for one share of Interstate $6.50 cum. preferred
and two shares of the non-dividend paying Schulze common stock for one
share of Interstate common stock, which is currently on a dividend basis
of $1 per year.
The directors have authorized the extension of time for such exchanges,
and the holders of unexchanged Schulze stock of these classes are requested
to send their certificates in for immediate exchange, either to the Secretary
of the corporation at its office in Kansas City, Mo., or direct to the Bankers
Trust Co., 10 Wall St., N. Y. City.-V. 130, p. 2043.
Securities Corporation General.
-Dividends.
-
$599.570
Net loss
Other income;
Divs, received from investments_
Int. reed principally from rec'bles _
Miscellaneous
Gross income
Interest
Federal income tax
$170,758surp$481,964
17,225
234,232
243
123,060
235.852
5.652
306.580
130,608
def$347,870
391.744
$193,806
171,299
$919,152
97.513
46,026
6739,614
388,615
$22,607
357.390
$775.614
302.770
Net loss
Common and preferred dividends
def$1.128,229 def$334,883
$472,844
Balance
Shs, com,stock outstanding (no par)_
283,191
28.3,191
253,870
Nil
Nil
Earnings per share
V.73
Surplus Account.-Surplust Jan. 1 1929, $3,178,335; miscellaneous credits,
$31,021: gloss surplus, $3,209,356. Charges; Net loss as shown above,
$1,128,229; miscellaneous charges, $16,329; provision for depreciation of
inventory, taxes and contingencies, $1,075,670; depreciation of securities
to market value, $214,570; surplus, Dec. 31 1929, $774,559.
Balance Sheet Dec. 31.
1928.
1929.
1923.
1929.
Liat31tiles$
S
Assets
947,878 7% preferred stock 1,508.500 1,506,506
300,533
Cash
Common stock_ _ _x2,468,035 2,456.035
2,349,718
Special deposit
4,182,548 5,230,841 Bank loans and
Receivables
2.216,756 6,312,901
accept
Inventories
5.300,000 5,750,000
873,000 Other payables_ _ _ 513,539 1,072,406
Securities owned_ 1,194,790
Res, for taxes and
Claims rec'ble, less
390,067
327,360
contingencies_
reserve_ _ _ _
500,000
60,699 Surplus
70,757
investrifts
774.650 5,178,335
Laud, warehouses,
111,148
&c., ices res've_ _ 333,630
Prepaid int., Insur84,535
46,940
Total(each side)11,060.633 13,973,375
ance, &c
x Represented by 283,192 no par ares.-V. 130, p. 1968.
Stanolind Crude Oil Purchasing Co.
-Nets Nam.
-See Sinclair Crude Oil l'urchasing Co. above.
Sterling Securities Corp.
-Earnings.
-
For income statement for 9 months ended Sept. 30 1930 see Horning'
Department" on a preceding page.
Comparatire Balance Sheet.
Sept. 30'30. Dec.31 '29.
Sept. 30'SO. Dee, SI '23.
Assets
31.451
Cash& canteens__ 2,829,540 5,626,004 Accts. pay. & secy. 271,418
524,021
Accrued dive. and
Fed. Income tax__
188,451
-New Product.
Segal Lock & Hardware Co., Inc.
int. receivable__
139.448
159,374 Reserve for divt.
Universal Safety Razor Co., a subsidiary, will shortly introduce a
The
on pref. stocks__ 134,355
135.009
now product in the form of a new single unit razor, President Louis Segal Investm'ta at oost_32,748,097 29,740,786
836
567 Reserved for depree
of the parent company announced. The introduction of the new product, Prepaid expenses_
51,350
elation of afters. 1,000,000 1,009.000
the demand for company's razor blades, both of which are Sec. sold not delis.
together with
Cony. lst pref.stk.
low-priced products, continues large. Mr. Segal said, and the company
14,873.250 14,173,250
(Par $50)
expects to increase its capacity by 100% in the near future.
5St% preference
sufficient to take care of present production the
Orders on hand are
stock (par $20)_10,000.000 10.000.000
balance of the year without any new business Mr. Segal added. Plants
Corn class A stk. x 3.622.315 5,622.818
-hour basis with a full force of labor
aro being worked on practically a 24
Com.class B stk.__
9
employed. Mr. Segal declined to discuss recent reports that negotiations
Capital surplua___ 3,792.326 3.794,325
were being conducted for the acquisition of new properties or that any
Total(each side)85,769,171 35,526,730 Profits & loss sum_ 1,944,547 1.757.861
contemplated with another leading blade manufacturer.
merger was
-V.
x Represented by 603,80234 no par shares. y There are outstanding
131, p. 2236.
298,297 shams class B corn. stock (no par), but are given no value in balance
-Earnings Servel Inc.
sheet.
-V. 131. P. 1113.
Per income statement for three and nine months ended Sept. 30 Um
-V. 131, p. 1111.
Stout-D & C Air Lines, Inc.
-Voting Trust Agreensont
see "Earnings Department" on a preceding page.
The directors have declared quarterly dividends of $1.75 per share on
the preferred stock. $7 series; $1.50 per share on the preferred stock, $6
series; and 10 cents per share on the common stock; all payable Nov. 1
to holders of record Oct. 22 1930. Initial quarterly dividends of like amounts
-V. 131, p. 127.
were paid on August 1 last.
-All Copper Production
Shattuck-Dann Mining Corp.
To Be Suspended Oct. 31.
All copper production at mines of this corporation at Bisbee, Ariz., will
be suspended on or before Oct. 31. pending improvement in metal market
conditions, it was announced. Development work, however, will continue.
The management deems it more is the interest of its stockholders to refrain
from depleting the properties during a period like the present when the
metal is commanding a price so little above its average cost. Despite recent
curtailment of output by many copper mining companies, no improvement
in conditions of the industry has been apparent, and curtailment with its
attendant higher cost has been rejected by the Shattuck Denn companS,
it states, in favor of suspension of all production for the time being. reap_
arations necessary for such suspension of output have been in progress for
several months past and mine workings are soon to be in such physical
condition, the statement adds, that activities can be confined to develop-V. 130. p. 3372.
ment work only.
Terminated-Proposed Sale.
The voting trust agreement has been terminated. It Is announced.
The stockholders will vote on whether it is feasible to continue the air
transportation project or to dispose of the assets.
It is understood that the directors will submit to the stockholders a
proposal made by one of the larger aviation companies to acquire the stock
of Stout D & C Air Lines, Inc., through an exchange of stock.
The voting trust agreement was signed March 21 1929 to assure continuity of management and all stock was deposited under this voting trust
to continue until Feb. 1 1939 unless terminated.
The stockholders have been directed by the trustees to deposit the voting
trust certificates with the Marine Trust Co.. depositary, Buffalo, N. Y.,
in exchange for stock In the company. Transfer books will be closed
Oct. 23 and stock certificates are now ready for delivery.
The company's operating plans have been blocked by reason of the fact
that flying boats, which were purchased abroad, did not come up to Government standards for passenger Ucenseo.-V. 130, p. 480.
2710
FINANCIAL CHRONICLE
. Sun Oil Co., Philadelphia.
-9% Stock Dividend.
-
In addition to the regular quarterly cash dividend of 25c. per share on the
common stock, the directors have declared a 9% stock dividend, both payable Dec. 15 1930 to common stockholders of record Nov. 25 1930. The
directors also declared the regular quarterly dividend of 1%% on the outstanding pref. stock, payable out of surplus account on Dec. 1 1930 to
holders of record Nov. 10 1930.
On Dec. 16 1929, a 9% stock distribution was also made on the common
stock,as compared with one of6% on Dec. 15 1928.
Completes New Well.
-An official statement says:
The company's well No. 6 Chambers County Agricultural, at Barber's
Hill, Tex., is flowing at the rate of 1,300 barrels daily at 4,620 feet. The
Texas Co. secured a freak well which it will probably pump, in its No. 1
Winifree at 3,584 feet. It is on the west flank, located about 1.600 feet
south of production, and is yielding heavy oil found considerably higher up
on the structure than that in previous wells on this flank.
Some of the wells in the Humble field, west side production have quit
flowing where intensive drilling has been done, but this is usual under these
conditions. The present production in this vicinity is probably about 8,000
barrels, of which Sun 011 Co., has about 6,000 barrels.
There is nothing whatever to condemn the area, and certainly nothing to
make it any less promising than it has been at any time. The development
has been more or less intensive because of small lot drilling on the southeast
side of the filed. The drilling has been very restricted on the west side,and
the drilling has shown up some of the best production.
-V. 131. p. 1910.
[VOL. 131.
Trico Products Corp.
-Earnings.
-
For income statement for three and nine months ended Sept. 30 see
"Earnings Department" on a preceding page.
J. R. OLshei, President, in a statement to stockholders, says the company
has secured patents on a new principle for the production of sound for use
in warning signals on motor cars.
The corporation has closed a contract with Lucas,
the largest
manufacturer of motor car accessories in England, under which manufacture
Ltd.,
of' windshield cleaners will be carried on under license on a royalty basis.
This is in addition to Trico's own manufacturing and selling activities in
England.
-V. 131, p. 644.
Trinity Buildings Corp.
-Tenders.
-
The Guaranty Trust Co., 140 Broadway, N. Y. City, will until Dec. 4
receive bids for the sale to it of 1st mtge. 20
-year 5 % s. f. gold loan
certificates, due June 1 1939. to an amount sufficient to exhaust 82,406
at prices not exceeding 102 and int.-V. 130, p. 2989.
Tru-Lax Products Co., Newark, N. J.
-Injunction.
-
The company on Oct. 23 was ordered by Federal Judge Runyon in
Newark, N. J., to show cause next Thursday (Oct. 30) why it should not
be restrained from using boxes similar to those used by the Ex-Lax Mfg. Co.
of New York. Judge Runyon issued a temporary restraint against the
practice.
Charles J. Stamler. attorney for the Ex-Lax concern, charged that the
Newark company and its President, Saul J. Blackstone, and its VicePresident, Alex Blackstone, had violated an agreement made last March 28
Super-Corporations of America Depositors, Inc.
- to change the colors and lettering used on its boxes. The agreement, it
was said, was entered into in settlement of a suit brought by the Ex-Lax
Initial Semi-Annual Distribution.
company
The first semi-annual distribution to holders of Super-Corporations of -V. 129.against Tru-Lax charging infringement and unfair competition.
p. 494.
America trust shares will be made on Nov. 1 by S. W. Straus & Co. at the
rate of $.4322 a share on the A series and $.1965 on the B series. Holders
Trunz Pork Stores, Inc.
-Earnings.
of the series A shares will receive rights to reinvest under the company's
For income statement for 3 and 9 months ended Sept. 30 see "Earnings
plan.
-V. 130. p. 3562.
Department" on a preceding page.
-V. 131, p. 958.
Superior Steel Corp.
-Earnings.
-
Truscon Steel Co.
-To Increase
Capitalization.
For income statement for 3 and 9 months ended Sept. 30 1930 see "EarnThe New York Stock Exchange has announced that notice has been
ings Department" on a preceding page.
received from the above company that it proposes to increase its authorized
Balance Sheet Sept. 30.
common stock (par $10) from 700,000 shares to 1,000,000 shares.
Assets1929.
1930.
Liabilities1930.
1929.
Dividend Date Correction.
x Land, buildings,
Common stock _y4,754,223 84,754.223
The regular quarterly dividend
mach.& equip__34,206,347 $4,082,624 Surplus
393.292
793.447 week on the common stock, par of 3% (30 cents per share) declared last
$10. IS payable Jan. 15 (not Jan. 18 as
Cash
764,450 1,023,419 Mortgage bonds__ 1,850.000 2.006.000 previously
reported) to holders of record Dec. 26. See also V. 131. p. 2549.
Bills dr accts. red._ 297,268
535,661 Other liabilities_ _ _ 146,041
286,024
202.650
Gov't bonds
Trustee Standard Shares Inc.
-Trustee.Co.'s bonds purch. 406.616
Empire Trust Co. has been appointed trustee under trust agreement of
1,149.852 1,895,972
Inventories
Trustee Standard Shares, Inc.
(each side)_$7,143,556 $7,839,694 Shares series 0 and Serls D. securing an issue of Standard Investment
Deterred charges
116,373
502,018 Tot.
x After deducting reserve for depreciation. y Represented by 115.000
shs. par $100.
Twentieth Century Depositor Corp.
-New Distributors.
Morrison & Co., of Minneapolis, Minn., have been appointed wholesale
Tenders.
distributors
Trust for the State of Iowa. it is
P The Union Trust Co. of Pittsburgh, trustee, will until noon, Nov. 7. announced. of 20th Century Fixedare distributors of
Morrison & Co. also
the trust in Minreceive bids for the sale to it of 1st mtge.6% s. C. gold'bonds, dated Dec. 15 nesota and North and South Dakota -V.
131, P. 2549.
1923 to an amount sufficient to exhaust $150,060 at prices not exceeding
105 and int.-V. 131. p. 1271. 1113.
Underwood Elliott Fisher Co.
-Completes Addition.
An addition to the Burlington, N. J. plant of the Neidich l'rocess Co..
-Earnings.
Sweets Co. of America, Inc.
its subsidiary, producing typewriter rib one. carbon paper and similar
IF For income statement for month and 9 months ended Sept. 30 see "Earn- supplies, has been completed. The enlargement of this plant, which
-V.131, p. 2081.
ings Department" on a preceding page.
doubles the company's capacity, was made necessary by an increased
demand for typewriter supplies, sales of which are little affected by subSymington Co.
-Earnings.
-business conditions.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings normalnew plant,
The
one of the most complete of its kind, will be in full operaDepartment" on a preceding page.
-V. 131. p. 643.
tion in the near future, according to officials of the company.
The Underwood Elliott Fisher Co. acquired by purchase last month
Telautograph Corp.
-Earnings.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings business of Waters & Waters Manufacturing Co., a large distributor of
typewriter accessories, to provide an additional outlet for its increased
-V. 131. p. 2081.
Department" on a preceding page.
production in this related field.
-V. 131, p. 2549. 2393.
F
r
-New Financing.
Telephone Bond & Share Co. (Del.).
Stutz Motor Car Co. of America, Inc.
-To Recapitalize
1 In connection with the installation of new automatic equipment in cez1"
tral stations and the acquisition of new telephone company holdings, this -Plans New Financing.
company will kale next week 15,000 additional shares of 7% pref. stock.
The stockholders will vote Oct. 30 on approving resolutions authorizing
The offering will be made through Telephone Securities Co. at 105 and int., and directing the proper officers of the corporation to execute and file a
to yield 6.67%.
certificate providing (1) that the 296.741 outstanding shares of the corSee Diversified Investments, Inc. above.
poration, without par value, shall be changed into 29,674.1 common
shares without par value, and that, upon the filing of said certificate, each
-Earnings.
Texas Gulf Sulphur Co.
holder of outstanding shares shall be entitled, upon the surrender
For income statement for 3 and 9 months ended Sept. 30 see "Earnings cellation of the certificates representing the same, to receive newfor cancertifiDepartment" on a preceding page.
repreJ. Knoblock. Treasurer, in remarks to stockholders, said in part: cates for a number of shares equal to 1-10th the number of sharesissuing
lieu of
provided,
"During these three months the company also increased its reserves for sented by the certificates so surrendered; share the that in
corporation may issue
part of a
any
Federal taxes (accrued), &c., by $322.617, making scripcertificate for a fractional bearer, upon surrender thereof with other
depreciation, &c.,and for
certificates entitling the
the total of these reserves $13,227,661 at Sept. 30 1930."-V. 131,IL 643.
scrip certificates aggregating one or more full shares, to receive a certificate
shares represented by the scrip certificates so sur-To Build Oil Refinery.
- for the full number of total number of shares, including those previously
Texas Pacific Coal & Oil Co.
rendered; (2) that the
The company has purchased land at Temple, Tex., on which it proposes authorized. which the corporation may henceforth have, shall be 400.000
to erect a 2,000-barrel refining plant in the near future. The plant will be shares, all of which shall be common shares of the same class, without par
designed to skim crude oil, chiefly from west Texas, and to supply the re- value: and (3) that the capital of the corporation shall be reduced to
cently acquired string of stations in central Texas with gasoline and kerosene. Fuel oil will be marketed to local industries. The new plant will be $148.370.50.
President E. S. Gorrell, Oct. 15, in a letter to the stocksufficiently near to major pipe lines to utilize them for delivery of crude.
V. 131, p. 957.
holders, says in part:
Transcontinental Air Transport, Inc.
-Coast-to-Coast
Service Starts.
-Earnings.
-Transue & Williams Steel Forging Corp.
Since the present management took over control of this company in
January of last year, the company has reduced its former current Indebtedness by approximately $2,500,000, and has been freed of contingent liabilities in exCESR of $3,800,000.
Its 1931 model is now ready for introduction to the public.
In order to insure the growth of the company on a sound business basis,
and to carry out the program laid out for next year, additional capital Is
now required, and the directors have accordingly approved a plan for
obtaining additional working capital and retiring the company's shortterm notes by the issuance of additional shares of stock.
The issuance of the number of additional shares required for this financing
at approximately the price at which our shares are now selling would involve both the company and the purchasers in such heavy additional taxes
and other expenses as to make this plan impracticable.
In order to accomplish the same purpose at a minimum of expense, the
directors accordingly recommend to the stockholders that the number of
outstanding shares be reduced by 9-10ths, that the total number of authorized shares be left at 400,000, and that certain of the unissued shares be
sold at a price equal to 10 times the price which could have been obtained
for such shares under the present corporate set-up. [The company now
has outstanding 296,741 shares. Upon the amendment recommended
by the board, the company will have outstanding only 29.674 shares.
Thereafter, the company will be in a position to obtain additional capital
by the sale of the 81.974 shares hereafter mentioned at a very substantial
saving in taxes.] This plan has already been submitted to several of the
larger stockholders, and meets with their approval.
The contract for the sale of these shares, which is subject to the action
of the stockholders on the proposed corporate changes, provides, among
other things, that the number of outstanding shares be reduced from 296.741
to 29,674, and that, after such reduction, 81,974 shares be sold to the
bankers, who are to have the privilege of turning In short-term notes of
the company in part payment, and who are given an option on certain
additional shares-the contract further providing, however, that not less
than 6600.000 is to be paid into the company in cash.
The contract also grants to the company the right to give to each stockholder of record Oct. 15 1930. a warrant authorizing him to purchase at
$27.50 a share, at any time between July 1 1931 and Dec. 31 1931, Incl.,
a number of shares of stock equal to his holdings on the reduced basis,
fractional warrants to be exercisable only when combined so as to represent
a full share or shares.
-V. 131. p. 286.
Liquidating Dividend.
Tremont & Suffolk Mills.-Finaland final dividend in liqui-
The directors have voted to defer the semi-annual dividends of $3.50
per share on the 1st pref. stock and $2.50 per share on the 2nd pref. stock.
-V. 117, p. 1899.
-hour coast-to-coast service, Transcontinental & Western Air, Inc.
The 36
the first line to carry both passengers and mail on an all-air schedule between New York and Los Angeles, will begin on Oct. 25, officials of the
company announced.
The new service, reducing the faster previous coast-to-coast passenger
service by 12 hours, will start simultaneously from both the Atlantic and
Pacific coast terminals, when the first planes take off from Newark airport
at 8 o'clock a. m., eastern time, and from Alhambra, Los Angeles at 5
o'clock a. tn., Pacific time. Service from the intermediate terminals at
Kansas City and Amerillo will also start on Oct. 25.
Transcontinental mail and passengers on the all-air line will remain overnight in Kansas City, leaving Kansas City the next morning at 6.35 o'clock
eastbound and 8.30 o'clock westbound, and arriving in New York at 6.18
o'clock and Los Angeles at 8 o'clock the same evening.
A second transcontinental service by air and rail will be in effect with
passengers using trains of the Pennsylvania RR. between New York and
Columbus. Passengers exercising this air-rail option will fly from Columbus via St. Louis, Springfield, Mo., Tulsa and Oklahoma City, remaining
overnight In Amarillo. Tex. Mail will be carried on this line between Amarillo and St. Louis.
Other air-rail options for passengers will be in effect by way of Chicago
with a plane connection at Kansas City.
The flying equipment of the line, which is an operating subsidiary of
Western Air Express and Transcontinental Alr Transport, will consist of
a fleet of Fords and Fokker tri-motored planes, each with a capacity of 10
masengers and mail, and capable of an average speed of 125 miles an hour.
Two of the famous Fokker F-32 planes will be in service between Los Angeles
and San Francisco. V. 131, p. 2237.
-Chairman Elected.
Transcontinental Shares Corp.
Louis T. McFadden, Chairman of the Committee on Banking and
Currency of the House of Representatives and author of the McFadden
Banking Act which was signed during the Coolidge Administration, has
been chosen Chairman of the board of directors of Transcontinental Shares
-V. 131, P. 957.
Corp., it is announced.
For income statement for 3 and 9 months ended Sept. 30 1930.see "Earn-V. 131. p. 958. 491.
ngs Department" on a preceding page.
The directors on Oct. 16 declared a second
dation of $6.10 Per share payable in cash on Nov. 5 1930 at the First
National Bank of Boston. 17 Court St., Boston, Mass., to stockholders
-V. 126, p. 1213.
of record Oct. 31 I930.
-New Name.
Trenton Oil Co.
See White Star Refining Co. below.
-Defers Dividends.
Union Buffalo Mills.
-Gets $1,000,000 Order.
Unit Corp. of America.
The forgings division of this corporation has received an order form
the Oliver Farm Equipment Co. amounting to $100,000 for forgings to
be used in tractors being manufactured by Oliver for the Russian Soviet
Oovernment.-V. 131. p. 2393.
OCT. 25 1930.]
FINANCIAL CHRONICLE
-Earnings.
United States Distributing Corp.
For income statement for three and nine months ended Sept. 30, see
-V. 131. p. 645.
"Earnings Department" on a preceding page.
-Omits DiviUnited States Hoffman Machinery Co.
dend.
-The directors on Oct. 22 voted to omit the quarterly
dividend of 50 cents per share which ordinarily would be
payable about Dec. 1 on the outstanding 222,263 shares of
capital stock, no par vaue. This rate had been paid since
and including Dec. 2 1929.
Earnings.
-
For income statement for 3 and 9 months ended Sept. 30 1930 see "Earn-V. 131, p. 645, 492.
ign Department" on a preceding page.
United States Leather Co.-Earninqs.---
For income statement for 3 and 6 months ended Sept. 30 see "Earnings
-V. 131, p. 1434.
Department" on a preceding page.
-New Director.
United States Pipe & Foundry Co.
James 0. Brady has been elected a director, succeeding Nicholas F.
Brady, deceased.
-V. 131, p. 2393.
•
-Preferred Dividend No. 2.
United Stores Corp.
2711
The change of name to Trenton Oil Co. will become effective at the time
the White Star company's assets are transferred to the Vacuum Oil Co.
and is necessary in order that the latter may acquire the right to use the
White Star name. Under its new name, the White Star company will
continue in existence merely for the purpose of carrying out certain engagements with respect to rights which may not in terms be assignable, and
insuring an orderly dissolution of the company.
New class B stock (of which 10) shares. par $10, has been authorized).
will be sold to such persons as the directors may determine and is being
issued in order that the White Star company, under the name of Trenton
Oil Co., may continue in existence for the purposes set forth.
The merger of these two companies will become effective Nov. 10.
-V. 131, p. 1274.
(M. J.) Whittall Associates, Ltd., Worcester, Mass.Tenders.
The Lee, Higginson Trust Co., trustee, 50 Federal St., Boston, Mass..
-year 5% sinking
until Oct. 22 last were to receive bids for the sale to it of 10
fund gold debentures, due Dec. 1 1937 to an amount sufficient to absorb
$213,733 at prices not exceeding 104 and int.-V. 125, p. 3655.
-Defers Dividend.
Wil-Low Cafeterias, Inc.
The directors have voted to omit the quarterly dividend of Si per share
-V. 131, p. 646. 1435.
due Nov. 1 on the $4 cum. cony. pref. stock.
-Merger Briefs Filed.
Youngstown Sheet & Tube Co.
The directors have declared a dividend of 621 cents per share on the
Attorneys for Bethleham.Steel Corp. and Youngstown Sheet & Tube Co.
pref. stock, payable Dec. 15 to holders of record Nov. 25. An initial div.
is entitled to filed briefs in the merger suit Oct. 20 in the Court of Common Pleas before
of the same amount was paid on Sept. 5 last. The pref. stock
Judge S. Jenkins. "Reduced to its simplest terms," the Bethlehem Steel
. 131, p. 1435.
cumulative dividends at the rate of $6 annually
brief states. "this case presents an attempt by a dissenting stockholder
-See to use the court to give him a remedy which will result in an overflow of
Vacuum Oil Co.
-Acquires White Star Refining Co.
the decision of a statutory majority of stockholders in order that the minlatter company below.
-V. 131, p. 2550.
ority may use the corporation as a pawn in a financial game."
Referring to Cyrus S. Eaton
- "The real interest Mr. Eaton as the "real party plaintiff," the brief states:
-New President.
-Rights
Van Camp Packing Co., Inc.
is seeking to protect by this litigation is a
Following affirmative action taken at a meeting of the board of directors combination of syndicates, investment trusts, investment banking houses
held Oct. 16, additional common stock was issued at $7.50 per share, to and financial groups organized by Mr. Eaton and controlled by him for
by the purpose of imposing his will upon the steel industry of the Middle
provide additional working capital, such stock being accompanied
rights entitling the holder to purchase one additional share of common West."
stock for each such share so purchased at any time on or before Dec. 31
The Eaton-Otis brief, of 474 pages, set forth six reasons for the attack
1934 at $10 per share. As a result of such issue the company has received on the alleged illegality. The brief charges that: (1) Fraud and breach of
in excess of $1,250,000.
duty was committed by Sheet & Tube directors in negotiating and apthe Chairmanship proving the contract, in withholding information from shareholders and
Wm. D. Campbell, formerly President, was elected to
of the board and Benjamin Titman was elected to the Presidency, in In giving stockholders false and misleading information.
which capacity he will assume complete executive authority in the manage- • (2) The contract was affected by undisclosed adverse interests and
ment of the business, which later changed its corporate title to The Titman fraudulent conduct of dominating and participating directors, with whom
Egg Corporation. The business of this company was national in scope. Bethlehem conspired. (3) The consideration, 1 1-3 shares of Bethlehem
its products being shipped to every State in the Union. In 1928, Mr. for one of Sheet & Tube, is grossly inadequate.
Titman became President of The Central Distributors, an organization
(4) The contract was not authorized by Sheet & Tube shareholders in
which acquired this company as well as seven others in the dairy product the manner provided by Ohio law. (5) contract contains certain illegal
line and had sales amounting to approximately $60,000,000 a year. Sub- provisions and thus is void. (6) The plaintiffs had no adequate remedy
sequently this company was taken over by The Borden Company as a at la01.
arguments of both sides are expected to be completed this week.
wholly-owned subsidiary under the title of The Borden Produce Co. of
which Mr. Titman became Vice-President and General Manager, which -Nr. 131, p. 2395, 2239
title and position he has held until his recent affiliation with Van Camp.
V. 131. p. 2394.
CURRENT NOTICES
-Additional Securities Deposited in
Van Sweringen Corp.
Order to Meet Provisions of Note Indenture.
-Payments to living policyholders and to beneficiaries by the New
York Life Insurance Co. in the first nine months of this year amounted
to more than $147,000,000. Of the total, over $98.000.000 was paid to
living policyholders while more than $49,000,000, including over $2,100000 double indemnity for accidental deaths, was paid to the beneficiaries •
11286 deceased policyholders Included within these totals wag
of .
daddend-Faiments amounting to over $53,000,000. In the same nine
months the company declined 18,060 applications for more than $74,000,000 insurance on the lives of persons who proved to be uninsurable. The
total insurance in force carried in the New York Life is now over $7,630.•
000.000.
-An unusual series of biographies of pioneer personalities in industry has
been prepared in folder form by American Trustee Share Corp., depositor
and distributor company for the country's oldest fixed investment trust.
-Earnings.
-Diversified Trustee Shares. Leaders and founders of the companies repreVirginia Iron, Coal & Coke Co.
For income statement for 3 and 9 months ended Sept. 30 see "Earnings sented in the trust's portfolio are discussed, as well as their respective
-V. 131, p. 645.
Department" on a preceding page.
business organizations. The first folder in the series tolls the story of
Andrew Carnegie and Elbert H. Gary, Alexander Graham Bell, Commodore
Walford System, Ine.-Earnings.For income statement for three and nine months ended Sept. 30 see Cornelius Vanderbilt, Gall Borden and Edward H. Harriman, are also
-V. 131, p. 2394.
"Earnings Department" on a preceding page.
discussed.
Eastman, Dillon & Co. announce that Laurence B. Leonard has
Warner Bros. Pictures, Inc.-Pref. Div. Increased.
have declared a quarterly dividend of 96% cents per share become associated with their investment department and will represent
The directors
on the preferred stock, payable Dec. 1 1930. to holders of record Nov. 10. the firm in Boston, with headquarters in the Shawmut Bank Building at
Previously the company paid quarterly dividends of 55 cents per share
82 Devonshire St. Mr. Leonard was formerly sales manager for Brown
on this issue.
In accordance with the terms of the company's charter, on Sept. 1 1930, Brothers, and is a trustee of the Lynn Five Cents Savings Bank. This is
the preferred stock, of which 103.107 shares are outstanding, ceased to be the first representation which Eastman, Dillon & Co. have had in Boston.
convertible into common stock and the dividend basis was automatically They are members of the New York. Philadelphia, Chicago and Pitts.
increased from $2.20 per annum to $3.85 per annum.
frExchans and of the New York Curb Exchange:
Stoc
argh - -Warner Bros. Pictures, Inc., and Columbia Pictures Corp.
-William C.Orton,formerly of William C.Orton & Co.and more recently
Contract for $4,000,000 in Bookings.
partner of the New York Stock Exchange firm of Orton, Kent & Co.
Warner Bros. Pictures and the Columbia Pictures Corp. have closed senior
contracts involving approximately $3,000,000 in bookings. Under the announces the opening of offices at 43 Exchange Place, N. J., to conduct
the agreement the Warner company has contracted for the 1930-31 a general trading business in inactive and unlisted securities. Mr. Orton
terms of
Columbia product of 20 audible features, to be exhibited in all the theatres who was the first President of the Unlisted Securities Dealers Association
of the Warner Brothers' circuit. The transaction also involves the Colum- has been regarded as an authority on the ultimate value of the
securities oi
bia's short subjects amounting to an additional $1,000,000.
The Columbia corporation now is assured an outlet in every key city and companies undergoing reorganization or about to be reorganized for nearly
important community in the United States through the Warner Brothers twenty years..
circuit of playhouses. The contract provides that in addition to the
George W.Rossetter, C.P.A., has withdrawn from the firm of Haskins
theatres now owned or controlled by the Warner circuit, representation will
be given Columbia's product in any additional theatres, control of which & Sells, and has formed a partnership to be known as George W. Rossetter
-V. 131. p. & co., certified public accountants, with offices at 33 No. La Salle St..
shall be acquired, where Columbia service is available.
2550, 1911.
Chicago. The executive staff consists of Fred J. Duncombe. Gilbert H.
-Earnings.
Warner Co.
Finch, John D. Filson, Leo P. Gallagher, Bruce C. Hightower, Kenneth
For income statement for three months ended Sept. 30, see "Earnings R. King, William 0 Lawrence, Bernard Meyer and Russell H. Morrison.
-V. 131. p. 1579.
Department" on a preceding page.
-The Chase National Bank of the City of New York announces that
-Earnings.
Warner-Quinlan Co.
it is prepared to deliver at the Corporate Trust Division, 11 Broad St.,
For income statement for three and nine months ended Sept. 30 1930, defiiiitiiie bOrdirof the --Hepublic of Cuba. Public Works 5%% sinking /Turd
-V.131. p. 2394.
see "Earnings Department" on a preceding page.
gold bonds, due June 30 1945,in exchange for outstanding temporary bonds.
Western Canada Flour Mills Co., Ltd.-Acquis., &c.
- -A. Iselin & Co., 40 Wall St.. New York, announce that G. Butler
Announcement is made by Secretary R. G. 0. Thomson that the shareholders have ratified the acquisition of all the capital stock of the Purity Sherwell, formerly chief of the Latin American Finance & Investment
Flour Mills and the Purity Baking Co., former subsidiaries, wholly owned Section of the United States Department of Commerce, has become associated with them.
by the Western Canada company.
Clarence Bahret, formerly with the Fall= National Bank & Truett
A resolution was also endorsed respecting the acquisition of the Dominion
Salt Co., Ltd., which becomes a partially-owned subsidiary of the Western Co. of Poughkeepsie, announces the opening of his new office at 11 Cannon
Canada company, which has acquired its common stock.
St., Poughkeepsie, N. Y., to deal in investment securities.
-V. 131. p. 2551.
J. H. Gundy has been appointed to the directorate.
-R.B. Herter, recently with F. A. Brewer & Co., has joined the Municipal Utility Investment Co., investment affiliate of Municipal Telephone &
Westinghouse Electric & Mfg. Co.
-Earnings.
For income statement for 3 and 9 months ended Sept. 31) 1930 see "Earn- Utilities Co., Chicago.
-V.131. p. 1579, 1274.
ings Department" on a preceding page.
-Theodore Prince & Co. have prepared a list of 100 common stocks
which are currently
Westvaco Chlorine Products Corp.
-Debentures Called. full year of 1930. selling at about ten times estimated earnings for the
Nov. 24 next at 103 and int.
There have been called for redemption on
-James Talcott, Inc., has been appointed factor for the Rockledge
-year 5%% 5. C. gold debentures, due March 1 1937. Pay$28,500 of 10
ment will be made at the Guaranty Trust Co., 140 Broadway, N. Y. City. Mills, Inc., of Paterson, N. J., manufacturers of drapery and upholstery
fabrics.
-Nr. 131, p. 804.
James Talcott, Inc. has been appointed factor for Hickory Weavers.
-Change in Corporate Name to Inc.. Hickory, N. C., manufacturers of upholstery fabrics.
White Star Refining Co.
Trenton Oil Co. and Merger Approved.
-Keane, Higbie & Co., announce the removal of their
The stockholders on Oct. 22 voted to change the corporate name of this 1930, to the Penobscot Building, 645 Griswold St., Detroit. offices, Oct. 1
company to Trenton Oil Co. and approved the proposed merger with the
-Mark Hayes has been elected a Vice-President of Pierson, Young &
Vacuum Q11 Co. on the basis of 92% shares of Vacuum for 100 shares of
Co., Inc., New York.
White St* stock.
To cover a deficiency in the corporation's portfolio resulting from a
decline in market value of Allegheny Corp. common stock, additional
securities have been deposited with the corporation. The amount and
description of the securities were not disclosed.
The indenture of the corporation requires that securities of the corporation's portfolio be maintained to a marketable value of at least 50% of the
-year notes, offered last April.
outstanding $30,000,000 6% 5
The corporation originally held 500,000 shares of Allegheny Corp. corn.
and when the notes were offered the stock was selling in the market above
30. This week it sold down to 103i, a new low. If the stock had recovered
to as high as 20, it would have been unnecessary to post the additional
collateral. An additional 50,000 shares of Allegheny Corp. corn, shares were
posted several weeks ago to maintain the 50% margin, bringing the corporation's total holdings of Allegheny shares at that time to 750,000. but the
-V. 131,
continued decline of the stock market again left a deficiency.
p. 2394.
2712
FINANCIAL CHRONICLE
[VOL. 131.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE-GRAIN-PROVISIONS
PETROLEUM-RUBBER-HIDES
-METALS
-DRY GOODS
-WOOL
-ETC.
COMMERCIAL EPITOME
The introductory remarks formerly appearing here will now be
found in an earlier part of this paper immediately following the
editorial matt.r, in a department headed INDICATIONS OF
BUSINESS ACTIVITY.
low grades which heretofore have been extremely scarce.
For prompt shipment, Santos Bourbon 2s were here at 15c.;
3s at 12.70 to 13.700.; 2-3s at 133 to 14.05c.; 3-4s at 12.30
to 13.40c.; 3-5s at 11.85 to 130.; 4-5s at 12 to 123 0.; 5-6s at
4
11.55c.; 6s at 11.20 to 11.95c.; 6-7s at 10.80c.; 7s at 10.55e.;
7-8s at 10.10 to 10.30e.; Peaberry 3-4s at 1234 to 123 0.;
4
4s at 123'2c.; 4-5s at 1234c.; 5s at 12c.; Santos rain-damaged
3
6-7s at 10.80c.; 7-8s at 9%c.; Rio 7-8s for immediate shipment at 8.05c.; Rio 7s for immediate shipment to New Orleans were offered at 8.30c.; for Victoria 7-8s for Nov. shipment to New York at 7c., while Rio 3-4s for Nov.
-Jan. were
offered at 9.10c., and 7s for the same shipment at 7.55c.
On the 22d inst. cost-and-freights seemed steadier. The supply was fairly large and contained more of the lower sorts.
The prompt shipment offers included Santos Bourbon 2-3s
at 130. to 13.10c.; 3s at 12.70 to 13.45c.; 3-4s at 12% to
13.150.; 3-5s at 11.85 to 13%c.; 4-5s at 11.80 to 1234c.; 5s
at 11% to 12%c.; 5-6s at 11.55c.; 6s at 11.20 to 11 Mc.;
3
7s at 10.5504 7-8s at 10.10 to 10.80c.; Peaberry 3-4s at
123c.; 48 at 113 to 1234c.; 4-5s at 123/0.; 5s at 12c.; Rio
%
%
7s at 8.20 to 83c.; 7-8s at 8 to 8.05c. On the 23d inst.
prices were irregular; Rio closed 6 to 45 points up; sales,
28,500 bags. Santos closed 2 to 16 higher with sales of
26,000 bags.
On the 23rd inst. there was a good supply of cost and
freight offers, although they were slow in coming out at
first. Prices were generally lower by 15 to 25 points. The
prompt shipment offers included Santos Bourbon 2-3s at
13.00c. to 13.80c.; 2-4s at 1234c.; 3s at 12.70c. to 13.450.;
3-4s at 123c. to 13.15c.; 3-5s at 12.05c. to 1240.; 4-5s at
11.80c. to 1234e.; 5s at 113 e. to 123.(o.; 6s at 10.90c. to
%
11.30c.; 6-7s at 10.80c. to 11c.; 7s at 10.55c. to 11.30c.;
7-8s at 9.60c. to 11%c.; part Bourbon 2-3s at 133 c.; 3-58
%
at 11.65c. to 12.30c.; Peaberry 3-4s at 123 c.; 4s at 1234c.;
%
4-5s at 123je.; 5s at 12c.; Santos rain-damaged, 6-7s at 11e.;
7-8s at 9%c.; Rio 7s at 8.20c.; 7-8s at 7.95c. to 8.05c. Rio
7s for prompt shipment sold on Wednesday at 83e. and
7-8s at 8c. and yesterday, both grades sold at 5 points less.
London cabled to -day. "News of the success of the Brazilian
revolution was the signal for a sharp rise in values of Brazilian securities of all kinds on the stock exchange." To-day
the news that the President of Brazil had resigned and that
the government was in the hands of the revolutionists caused
big selling and a bad break in prices reaching 30 to over 100
points early. Rio futures ended 33 to 104 points lower for
the day with sales of 51,000 bags and Santos futures closed
26 to 102 lower with sales of 82,000 bags. Final prices
show a decline for the week of 39 to 65 points on Rio and
64 to 143 on Santos. Rio coffee prices closed as follows:
Friday Night, Oct. 24 1930.
COFFEE on the spot was quiet and possibly a trifle
lower with a large supply of cost and freight coffee; Santos 48
nominally 133 to 143-ic.; Rio 7s, 83 to 9c. Later prices
%
broke over 100 points on futures owing to the downfall of
the Brazilian Government and the success of the revolutionists. Rio de Janeiro cabled:"Washington Luiz resigned
after the garrison of the Copacabana fortress, a strong coast
artillery defense post, revolted, with the support of the third
regiment. The Government was taken over by a revolutionary committee, headed by General Liete de Castro,
who had gone over to the revolution to save needless bloodshed and fighting between brothers. General Liete de
Castro was scheduled to become provisional President.
The first step of the Government was expected to be dissolution of Congress and dismissal of the entire Cabinet,
which would be replaced by a Ministry to be named by the
revolutionary committee or junta." Commenting upon
. the Brazilian news, a New York importer who for many
years has annually spent many weeks in that country
said: "There will, of course, be changes in policies, but in
my opinion revolutionary leaders are not going to do anything desperate as a result of their overturn of the 'Luiz
Administration. All those who have had a finger in the
defense pie will undoubtedly be turned out, but it is probable
that the new Government will not repudiate obligations
involved in the international loan on coffee controlled by
the Institute. They will have available, if they desire, to
sell, as no doubt they will, 5,000,000 bags of free coffee of
previous crops and 9,000,000 bags probably of the 1930-31
crop." The Brazilian Government decree authorizing the
Bank of Brazil to issue 300,000 centes, equivalent to $35,000,000, some think was a rather bearish factor than otherwise.
Rio cabled Oct. 18th. "6,000 bags of Santos spot coffee
were purchased by unofficial buyers at 23$000." On the
20th inst. futures declined 15 to 29 points on Santos with
Rio ending unchanged to 21 points lower; sales of Rio were
26,500 bags and of Santos 15,500. A decree of the Brazilian
government authorizing the emission by the banks of
Brazil of 300,000 centes, equal to $35,000,000 in paper
money was interpreted as bearish that is reduce the rate of
Exchange. Rio cabled Oct. 20th. "Rio receipts from Oct. 16
to 31, according to official advices will be at the rate of
15,000 bags daily." Another Rio cable said. "Government Spot (unofficial)
8% ©nom.I May
55
. 5@
6.850nom. July
5.45 nom.
decree authorizes a Bank of Brazil emission of 300 000 December
March
5.680nom. September
,
5.30 --centes." Futures on the 21st inst. were 5 to 14 points
Santos coffee
lower early for Rio and 11 to 16 lower for Santos, but Spot (unofficial) prices closed as follows:
May
9.05-the loss was mostly regained later on covering. Santos ended December
I July
-10.800
8.861 8.87
September
9.600
8.71 nom.
3 to 4 points higher in some cases. Rio cabled Oct. 21. March
COCOA to-day closed 15 to 24 points lower with sales of
"23,000 bags of Santos spot coffee were purchased by
unofficial buyers at 231E000." On the 21st inst. futures 132 lots. December closed at 6.27 to 6.28c.; January 6.370.;
declined 6 to 11 points on Santos and 5 to 14 on Rio closing March, 6.60c.; May, 6.79c.; July, 6.97c. Final prices are
unchanged to 5 points lower on Santos and 1 to 3 lower on 15 to 20 points lower than a week ago.
Rio with total sales of 41,000 bags of both. Brazilian unSUGAR.
-Spot saws late last week were 1.35 to 3.350.
certainties hamper business if they tend to hold prices. with refined 4.55e. Later 1.45 to 3.45c. total of 1,325,01
On the 22d inst. Rio was 2 to 22 points higher and Santos 8 bags of sugar of the total of 1,500,000 tons to be segregated
points lower to 2 higher with sales of 37,000 bags of Santos from the present Cuban stocks of about 2,000,000 tons in
and 21,000 Rio.
accordance with the plans for betterment of the sugar market
Spot coffee on the 22nd inst. was quiet with Santos at formulated by the Chadbourne committee already has been
133 to 13%e.; Rio 7s, 8% to 9c. Early private advices shipped to the Carryover Association which will handle and
stated that the holiday in Brazil had been extended until care for the distribution of the sugar over a period of five
the end of November. A Comtelburo cable to the exchange years. The mills making the shipments follows: Carmita,
stated: "Official bank holiday prorogued to Nov. 13th 28,426 bags; Adelaide, 79,101 bags; Patria, 38,218 bags;
during which period purchase export bills limited exclusively Andreita, 40,769 bags; Manuelita, 32,695 bags; Punta
Bank Brazil. Other banks allowed certain operations obtain- Alegre, Florida, Baragua Ba;uanos and Tacajo, 290,778
ing cover from and remittance rates to be fixed by Bank bags. Sangerman, 164,657 bags; Trinidad, 18,350 bags;
Brazil to limit of thousand pounds per bank daily. With- Espana, 136,016 bags and Santa Lutgarda, 50,220 bags.
drawals from current account limited to 25% fortnightly." The total sugar melt of 15 United States refiners for the year
Cables to the Exchange said that ordinary Santos stocks to Oct. 11, as reported by the Sugar Institute amounts to
have been reduced 30,000 bags. Rio cabled on the 22nd inst. 3,810,000 long tons as compared to 4,050,000 for the same
that 22,000 bags of Santos spot were purchased by unofficial period in 1929. Deliveries for the same period this year
buyers at 23$000. On the 20th inst. cost and freight offers amounted to 3,600,000 long tons and for the same period
were more general and in larger supply than on any day for last year to 3,800,000 long tons. Refined closed at generally
the past two weeks. The tone was easier with prices un- 4.75e. to-night. Cuban spot raws were quoted at 1.50c.
changed to 25 points lower. For prompt shipment, Santos c. & f. Receipts at Cuban ports for the week were 22,345
Bourbon 2-3s were offered at 13.70c. to 14.05c.; 3s at 123I tons against 24,759 in the same week last year; exports
to 13.70c.• 3-4s at 13 to 13.40c.; 3-5s at 12% to 133c.; 72,837 tons against 54,195 in the same week last year;
4
4-5s at 12.15 to 1230.; 6s at 113'c.; 7s at 11 to 123"2c.; 7-8s stock (consumption deducted) 1,038,255 against 408,579
at 10.60e.; past Bourbon 3s at 13.60c.; 3-4s at 12.80c.; last year. Destination of exports: "Atlantic ports 41,573
3-5s at 12.15 to 12%c.; Peaberry 3s at 12340.; Rain-damaged tons; New Orleans, 2,394; Interior United States, 27; Galves3-5s at 13c.; 6-7s at 110.; 7s minus, 15, at 10.15e.; 7-8s at I ton_, 3,256; Savannah, 5,513; Europe, 20,047; So. America,27.
United States Atlantic port receipts for the week were
%
93c.; Rio, 7s at 73 c.
On the 21st inst. cost-and-freight offers were more plenti- 25,180 tons against 46,915 in the previous week and 49,800
ful and the assortments were wider, including more of the in the same week last year; meltings, 58,573 against 50,963
OCT. 25 1930.1
PINANCIAL CHRONICLE
2713
Havana
In previous week and 46,934 last year; importers' stocks, Senate to 'the plan." Later cables from private passed
126,405 against 128,905 in previous week and 441,159 in sources asserted that the Cuban Senate has not yet
to
again
the same week last year; refiners' stocks, 105,156 against the bill and that both Houses will meet closed to-morrow
3 to 5 points
in previous week and 223,665 last year; total stocks, act upon the measure. To-day futures
136,549
an ad231,561 against 264,954 in previous week and 667,824 last lower with sales of 84,500 tons. Final prices showfollows:
year. Rumor said that the Single Seller, which was sup- vance for the week of 8 to 10 points. Prices were,as
1.59(41.60
1.45 May
posed to have gone entirely out of existence, is soliciting bids Spot (unofficial)
1.66@nom.
July
1.421
December
i.72@i.73
September
on 90,000 bags of Cuban raws which were left over -when January
1.45
1.53
that body ceased to function. Rumor said that on the 20th March
LARD on the spot was lower at one time with prime Westinst. at least 100,000 bags of Cuban raw were sold, chiefly
/
if not entirely to operators, but the only sale confirmed was ern 11.95 to 12.05e.; refined Continent, 125sc.; South Amerof a cargo for first half Nov.loading to an operator at 1.230. ica, 12/0.; Brazil, 133/s03. Futures on the 18th inst. closed
f.o.b. Cuba. On the 21st inst. 30,000 bags of Cubas for 3 to 13 points lower owing to some weakness in grain and the
-early Nov. shipment sold to an operator at 1.35e. failure of hogs to advance. Total Western hog receipts
late Oct.
cost-and-freight. Evidently tnore than this was sold. Of- were 29,200 against 32,500 a year ago. Liverpool lard was
ferings were small at 1.37c. for prompt Ctiba and 1.38c. for unchanged to 6d. lower. Futures on the 20th inst. advanced
Nov., while duty-free Was held at 3.38e. Later Cuban 33 points on Dec. at one time, closing, however, 5 points
for prompt shipment was to be had at 1.35o. and duty-free lower to 8 points higher. The cause of the reaction was a
at 3.35c. One firm said: "the carrying ad of the Chad- decline in hogs of 250. Total Western receipts of hogs wen
botirne Committee's plans, on Whith certainly a good start 124,200 against 144,600 a year ago. Exports last week
has been made, will mean an adjtistraent of the simply and from New York of lard were 4,677,000 lbs., against 4,168,000
demand situation which this commodity has needed for a the week previously. On the 20th inst. prime Western
number of years. Hence it will place the market in an al- was 11.90 to 12c. On the 21st inst. futures closed unchanged
togethcr different prospective. We doubt whether reces- to 3 points higher. At one time on that day futures were up
sions will be other than temporary." Havana cabled: 5 to 7 points. Hogs ended 40 to 50c. lower at Chicago.
"Additional Cuba sugar mills to send sugar for the 1,500,000 Receipts of hogs at Chicago were 33,000 and at all Western
tons to be handled by the Carryover Association include points 101,000 against 109,300 a year ago. Cash lard and
Union Soledad, 47,575 bags; Tanama, 90,143; Biagara, ribs were steady. Exports of lard from New York were
13,000; San Augustin and Pastora, 23,639; Zorilla, 18,005; 1,395,000 lbs., mostly to English and Continental ports.
Gomez Mena, Mercedita and Amistad, 145,000. Total On the 22d inst. futures advanced 10 to 13 points with no
received to Oct. 21, at noon, was 1,937,860 bags."
pressure to sell, and hogs 10c. higher. Receipts of hogs
Refined was 4.55c. early with good withdrawals, but fell off sharply. They were 76,900 against 95,700 a year
little new business. The Javan crop, harvesting of which ago. Cash lard and ribs were firm. Prime Western lard,
is practically over, is estimated in one case at 2,901,000 long 12 to 12.10e.- refined Continent, 12%c.; South America,
'/
tons against 2,895,000 tons produced last year. On Oct. 1 12%; Brazil, 137 0. On the 23d inst. futures closed unthere were still available for export from Java 1,849,000 changed to 7 points higher with the exception of Oct. which
tons. Last year on the same date there were available for was 15 points lower. Hogs advanced 10 to 20e. Western
export 1,375,000 tons. One firm said: "From the record receipts were 64,800 against 87,000 last year. Liverpool
low of le. reached on Sept. 30 the futures market has had lard was up 3d. to 6d. Cash prices were weaker with prime
an advance of approximately 35 points, but in the meantime Western 11.85 to 11.950.; refined Continent, 12%c.; South
/
has fluctuated, sometimes widely, in response to varying America, 1240.; Brazil, 133 0. To-day futures closed 2
reports concerning the progress of the stabilization plan, points lower to 2 higher. Final prices for the week are
profit-taking and hedging operations. At present it is 20 points lower to 2 points higher.
hesitating and its future course is uncertain, the probabilities DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO.
Fri.
Thors.
Wed
Mon. TVPI
Sol.
being, however, that it will remain in the neighborhood of October
11.15 11.12
11.17 11.20 11.30
11.20
10.62 10.65
present quotations until some new development of major December
10.62
10.42 10.50 10.50
10.47
10.50
10.37 10.50
10.37
10.42
importance occurs to move it out of the rut. There is not January
PORK quiet; mess, $32.50; family, $34.50; fat back, $23
a little scepticism in some quarters concerning the ultimate
result of Cuba's effort to extricate herself from a deplorable to $27.50. Ribsi 14.50e. Beef steady; mess, $19; packet,
situation. It is pointed out that previous attempts, backed $16 to $18; family, $18 to $19; extra India mess, $34 to
by Government authority, have made a bad situation worse $36; No. 1 canned corned beef $3.10; No. 2, $5.50; six
in the long run." On the 20th inst. futures closed un- pounds, South America, $16.7g; pickled tongues, $70 to
changed to one point higher, despite the withdrawal of $75. Cut meats steady; pickled hams, 10 to 16 lbs., 185O.;
/
support by Cuban interests with the technical position pickled bellies, 6 to 12 lbs 1830.; bellies, clear, dry salted,
better. Germany and Poland may agree to the Cuban boxed, 18 to 20 lbs., 173'e.; 14 to 16 lbs., 18c. Butter,
proposal of restricted shipments, but it seems that Java will lower grade to high scoring, 293 to 41c. Cheese, flats, 18%
not. The beet crop of Europe is said to be exceeding ex- to 26e. daisies, 183' to 20e. Eggs, medium to extra, 20 to
pectations. Prompt Cuban was dull at 1.32 to 3.32e. 3604 closely selected heavy, 37 to 38c.; premium marks,
On the 21st inst. futures advanced 1 to 3 points with hedge 383' to 410.
selling readily taken. Prompt ra:ws sold on the 21st inst.,
-Linseed prices remained fairly steady, but busiOILS.
It is -believed, to the amount of 140,000 bags. London ness is still rather quiet. Crushers quoted 9.8e. for raw
.cables said that the general opinion was that Java was oil carlots, cooperage basis. Yet it was reported in some
willing to co-operate with the Chadbourne Committee. quarters that on a firm bid 9.6e. would be accepted. Most
This statement is in direct contradiction to one of the pre- of the large consumers not already covered by contracts
vious day. The sales of futures were 39,000 tons. On are holding aloof awaiting new developments. Cocoanut,
the 22d inst. futures advanced 4 to 6 points with sales of Manila coast tanks, 47 to 50.; spot New York tanks, 53
A
40,000 tons. Cuban raws were 1.35 to 3.35e. with sales of to 5%c.; corn, crude, tanks, f.o.b. mills, 7e.; Chinawood,
31,500 bags for November shipment at 1.350. c.&f. and New York drums, carlots, spot, 734c.; tanks, 63 c.; Pacific
%
,000 Porto Rico prompt at 3.35e. c.i.f. London was Coast tanks, prompt, 6 to 634c; soya bean drums, 9.6e.;
firm. The Java Trust sold 25,000 tons at equal to 1.550. tanks, Edgewater, 8 to 9e.; domestic, tank cars, f.o.b.
f.o.b. Cuba;500 tons of Peru for December sold at 6s. 23Id. Middle Western mills, 73/ic.; edible olive, 1.65 to 2e. Lard,
On the 23rd inst. futures advanced 5 to 7 points with prime 13%c.; extra strained winter, New York, 10%c.
prospects pointing to an adoption of the Chadbourne pro- Cod, 'Newfoundland, 54e. Turpentine, 403/i to 463e.
gram. Raw advanced 10 points; quite a decisive rise for Cottonseed oil sales to-day, including switches, old 400
these times. It is a good while since any such advance took bbls.; new 9 contracts. Crude S.E., 63'o. bid. Prices
place in a single day. Raws were 1.45c. c. & f. and duty free closed as follows:
NEW.
3.45e. There were rumors that 1.46c. had been paid.
OLD.
7.15(57.50
Nov l
uir iember
Early sales included 168,000 bags at 1.40 to 1.43c. c. & f. Spot
7.25 7 35
7 65 R.00 December
October
-Feb. at 3.510. delivered November
7 30(57.45
and 1,500 tons of Philippines for Jan.
7 55 7.70 January
7.35157.50
7.70 February
7.63
and 2,000 tons of the same Feb. and March at 3.55c. On December
52
.
.
750 760
7 50 7.
March
the 23rd inst. 60,000 bags of Cuba first half November
7.59(57.62
shipment sold at 1.40e. and there were more buyers at this
-Kerosene demand showed some imPETROLEUM.
price with sellers at 1.45c. In a session lasting until 3 o'clock
Thursday morning, a committee of the Cuban Senate and provement recently owing to the cool weather. Few large
/
House drafted a bill authorizing President Machado to issue refiners would consider bids under 63 0. for 41-43 water
bonds for $42,000.000 and other details of financing the white in tank cars at refineries. There were some rumors of
1,500,000 tons to be set aside for marketing over the period price shading, but these were believed to be attempts by
of five years through the National Sugar Export Corp. com- buyers to keep prices down. Stocks of kerosene are not
posed of nine members, all Cuban, to be appointed by the large. Fuel oils were in better demand, but there were still
President. The full details of the bill which will be sub- reports of price cutting. Grade "C" bunker fuel oil was still
mitted to the House to-day and to the Senate to-morrow $1.05 refinery, and Diesel oil was $2 same basis. Gasoline
/
have not yet been received here, the document being very prices have been generally maintained at 73/i to 73 0. The
trade is marking time. Consumption is holding up well, but
lengthy and going into a mass of details.
Havana cabled: "In view of the delay in enacting the law, export demand has fallen off. Pennsylvania lubricating
President Machado will sign a decree confiscating 1,500,000 oils were moving rather freely. Technical oils were in better
tons of sugar." A United Press dispatch from Havana demand. Textile oils were firm and large quantities were
stated:"A special session of Congress met late to-day(Wednes- being delivered against contracts. Pennsylvania crude oil
day) to consider President Gerardo Machado's message ask- was lowered 15e. a barrel by the Tide Water Pipe Co., Ltd.,
Joseph Seep
ing for authority to issue $42,000,000 in gold Government and theof prices usually Purchasing Agency. on an earlier page in
appearing here will be found
Tables
bonds to finance a sugar holding company provided for in our department of "Business Indications," in an article entitled "Petroleum
the Chadbourne plan. Opposition developed early in the and Its Products."
2714
FINANCIAL CHRONICLE
[Vous 181.
.RUBBER.
-On the 18th inst. prices closed°20 points native steers, 130.;
December
higher with sales of 160 tons of new contracts and 12 tons of closed on that daybutts, 1304 Colorado, 123/2c. September
old. London advanced 1-16d. to 3 15-16d. Rubber prices at 12.75c. On the at 10.1004 May at 11.750.;
23d
are declared to be far below the cost of production. New 20 points lower with sales inst. prices ended unchanged to
contracts closed on that day with Oct., 8c.; March, 8.55c.; at 10.10 to 10.1204 May of 2,000,000 lbs. December ended
.
at 11.65c.; September at 12.60 to
May, 8.80e4 July, 8.95 to 9. Old contract Oct., 7.90c4 12.68e. To-day
Dec.,8.100..; March,8.30 to 8.40e. Outside prices: Spot and with sales of 43prices closed unchanged to 9 points higher
lots; December,
Oct., 73/i to 834c.; Nov., 8 to 830.; Dec., 83. to 89'c.; September, 12.65 to 12.70c. Final 10.1904 Ma3r, 11.65e4
prices show a decline for
spot, first latex thick, 8 to 83.4e.; thin pale latex, 83 to the week, however, of 36
%
to 65 points.
834c.; clean thin brown No. 2, 7 to 73jc.; specky crepe,
OCEAN FREIGHTS.
6% to 63/sc.; rolled brown crepe, 63/i to 63c.; No.2 amber,
-Trading was light. Later there
%
79/i to 75gc.; No. 3, 73 to 79/gc.; No. 4, 67 to 73'c. On was a little more grain business.
/
%
CHARTERS included coal, Hampton Roads, November, to Santos,
the 20th inst. prices advanced 20 to 40 points with sales
Rio. November. $3.05. Crain booked includes
of 560 tons of new contract and 355 of old. New contract $3.40: Hampton Roads toberth Includes four
10 loads, London. is. 9d.:
loads, Philadelphia-Liverpool,
on the 20th inst. closed at 8.28c4 Dec.
November, Is. 9d.•, two loads, Baltimore
'at 8.45 to 8.48c.; loads,
-Antwerp, November, 8c.: four
Baltimore-London, November, Is. 9c1.• five loads, New YorkMarch at 8.84c.; May at 9.05c.; JulY at 9.23 to 9.25e.; old Hamburg, October, 7c.: round
'Hatteras, prompt, West
contract Oct., 8.20c.; Dec., 8.400.; March, 8.700.; May, Indies, round. 85c.. Time, latetrip, North of November. West Indies.
October-early
8.90 to 9c.; and July, 9.200. Outside prices: Spot, Oct. and round, North of Hatteras, 75c.; Prince Edward Island, 65c.: prompt delivery, St. John, trip down. $1.45. Grain,
Nov., 83 to 83/20.; Dec.,8% to 85 c.; Jan.
%
-March,8% to Kingdom, Is. 6d., October. Tankers, 30,000 qrs., Montreal to United
November, Black Sea
83c.; April-June, 83/g to 934c.; spot first latex thick, 83 French Atlantic or North Africa, us.; clean, Black Sea, November, to
clean
% United Kingdom. 8s. 3d.
to 89'c.; thin pale latex,85 to 83'c.;clean thin brown No.2,
%
COAL.
-With colder weather the demand increased from
73. to 73/304 spooky crepe, 7 to 73.4e.; rolled brown crepe,
7 to 734e.; No. 2 amber, 79/3 to 7ye.; No. 3, 732 to 79.c.; the domestic trade here, also in the Lakes and in Ohio. A
No. 4, 734 to 79/gc. London 1-16d. higher at 4d. for Nov. fair shipping business was done. Last week the tendency
Singapore, Nov. still 39'd. On the 21st inst. prices fell 20 was towards unusually small tidewater shipments. Small
to 50 points with sales of 650 tons of new contract and 397 arrivals indicated a sluggishness in the New England trade.
of old. New Dec. closed at 8.32c.; March at 8.68c.; May at Anthracite later on was more active in recognition of the
8.85c.; July at 9.04c.; old contract ended with Dec. at 8.200.; coldest Oct. 20 since 1876.
March,8.50c.; May,8.70e.; July,8.80 to 9c. Outside prices:
TOBACCO has remained quiet here. Hartford, Conn.,
Plantation spot, Oct.
-Nov., 834 to 83 c.; Dec., 83j to wired the U. S. Tobacco Journal. "With work on the first
%
83/20.; Jan.
-March, 83/i to 83c.; April-June, 8% to 9c.; primings of the new shade crop now in full swing, the tobacco
%
spot first latex thick, 83 to 834e.; thin pale latex, 834 to is showing up beautifully. Good yield, burn and color are
83jc.; clean thin brown No. 2, 734 to 79/3e.; specky crepe, shown in a crop that, it is expected, will be well liked by
63/3 to 734c.; rolled brown crepe, 69/3 to 7c.; No. 2 amber, manufacturers. Warehouses here will be starting work on
3
734 to 73c.; No.3,7% to 79;No. 4,7 to 73‘e. In London the second primings within the next week or so. Richmond,
%
Nov., 4 1-16d. In Singapore there was a holiday. On the Va., wired the same Journal: "The four warehouses of the
22d inst. prices were irregular ending unchanged to 27 South Hill, Va., tobacco market have been operated for
points lower with sales of 560 tons of new contract. New Nov. the past two weeks with small breaks but the farmers and
ended at 8c.; Dec. at 8.12e.; March, 8.41 to 8.43c4 May, others are satisfied with the prices for the quality that is
8.62c.; July, 8.81 to 8.83e4 old Oct., 7.80 to 7.90e4 Nov., being brought to the sales. It is believed that the breaks
7.9004 Dec., 8c.; Outside spot, Oct. and Nov., 8 to 83404 are small because of the unseasonable weather the tobacco
Dec., 8 to 83(0. London declined 1-16d. to 4d. for Nov., had during the growing period. Smoking types are selling
and 4 1-16d.for Dec. Singapore Nov. was up 1-16d. to 35/3d. better than a year ago. As the better grades are soon to
,
On the 23d inst. prices advanced 30 to 40 points with total be brought to the market, it is expected breaks will be
sales 520 tons. Much of the trading was in switching. larger and the prices increased. The Danville, Va., tobacco
Actual rubber was stronger. Standard grades were up, in market has sold less than 1,000,000 lbs. of tobacco since it
fact, % to %c. New contract ended at 8.45c. for Decem- opened Oct. 2. The official figures Saturday showed that
ber, 8.80 to 8.85c. for March, 9 to 9.040. for May, 9.20c. 881,268 lbs. were marketed for 4,529.62, the average price
for July; old contract 8.200. for November, 8.30 to 8.40c. being $9.59 per 100 lbs. Sales for the week totaled 475,598
for December, 8.50 to 8.60e. for January, 8.70 to 8.80e. for sold at an average of $9.31. The farmers are hampered by
March. Outside spot and October, 83. to 89/304 Novem- lack of rain and until a favorable stripping season
%
ber,83 to 834c4 first latex thick, 83 to 8340. London on the receipts are expected to be low. Monday saw theis seen
initiathe 23d inst., November 4 1-16d., a rise of 1-16d. Singa- tion of four sales in the expectation of heavier receipts."
pore, November, off 1-16d. to 35gd. One firm said: "The At Oxford, N. C., sales for the week ended Friday were
/
consumption report for September was 25,288 tons and 1,224,770 lbs. at an average of $14.89. This brings the
arrivals 39,467 tons, thus adding to the stock on hand. total sales to date up to 2,038,442 lbs. at an average of
These figures were in line with expectations and had no $13.62. Considering the continued dry weather the amount
effect on the market. In fact, the general attitude of the sold last week has exceeded expectations as there has not
trade is to take it for granted that consumption statistics been any rain in that section for the past four weeks. Prices
will compare unfavorably with production for the next two remain practically unchanged. At Wendell, N. C., sales
months, but a turn for the better is expected after the first increased noticeably in a week. Last Monday's sales were
of the year." An unofficial estimate of stocks shows a de- 73,000 lbs. at an average of $17.04. Sales for the week
crease in London of 800 tons for the week and an increase totaled 279,628 lbs. at an average of $15.20, bringing the in Liverpool of 1,100 tons; net increase 300 tons. To-day sales for the season up to 1,560,914 lbs. at an average of
a rise was due, largely a rise of %id. in London. Wire $11.73. Industrial conditions show a marked improvement
houses and Japanese bought. London closed with October throughout New England.
430.;November,4 3-16 to 43id.; December,43 to 4 5-16d.;
COPPER it was reported was freely offered at 93 e. on
4
January-March, 43% to 4 7-16d4 April-June, 434d4 JulySeptember, 4 11-16 to 48 d.; October-December, 47% to the 22nd inst. In fact it was said thatspotcopper could be%
bought at
4 15-16d. Singapore closed dull and 1-16 to 34d. higher; obtainableas low as 93/20. delivered and that Jan. metal was
5
November, 3 11-16d.; January-March, 3 15-16d.; April- one custom at 9%c. Later on it was stated that at least
smelter was selling at as low-as 93/30. despite the
June, 434d4 No. 3 amber crepe spot, 3 5-16d., unchanged. efforts by large
Here to-day prices ended 20 to 30 points higher on the old officially below producers to keep the price from going
10c. for home delivery and 10.300. for
contract with sales of 159 lots and 20 to 30 up on the new export. In
with sales of 140 lots. Final prices show an advance for 18s. 9d. to London on the 23rd inst. spot standard dropped
£41 15s.; futures off 16s. 6d. to £41- 16s. 3d.;
the week of 60 to 70 points.
sales 100 tons spot and 1,100 futures. Electrolytic was
-On the 18th inst. trading even on a Saturday down 15s. to £45 bid and £5s. lower at £47 asked. Standard
HIDES.
was up to 600,000 lbs. at a net decline of 5 to 20 points. copper in London at the second session that day advanced
October closed at 8.75c.; December at 10.65 to 10.75c.; 2s. 6d. on sales of 50 tons spot and 350 futures. On the
May at 12.18 to 12.20c.; September, 13.20 to r3.300. On Exchange here on the 23rd inst. 8 lots or 200 tons new
the 20th inst. trading was active at lower prices. They contract were sold half in the March position at 90. and the
fell 3 to 5 points with sales of 2,280,000 lbs. December remainder in the May option at 9.10e. Closing prices were
closed at 10.620.; May at 12.15 to to 12.20c., and September, Oct. and Nov. 9e. nominal;Dec.,8.75 to 9e.; Jan. and Feb.,.
13.15 to 13.30e. Of River Plate frigorifico hides sales last 90. nominal;March and April, 9.10c. nominal;May, 9.2004
week included 8,000 Argentine steers at 13c. and 2,500 June, 9.30e.; July and later 9.40e. all nominal. To-day new
-Nov, ended at 90.; Dec., 8.75 to 9e.; Jan.
Uruguayan steers at 13 13-16c. Stocks now amount to contract Oct.
17,000 Argentine and 7,000 Montevideo steers. City packer Feb., 90.
native and branded steers are offered
hides dull. October
TIN of late has been rather quiet and weaker. Early on
it seems at 13c. and Colomdos at 123/3c. Country hides were the 23d inst. holders were trying to sell at 263/ge. but later;
quiet. Common dry hides were slow. On the 21st inst. they were willing to do business at 268 c. On the Exchange
4
prices fell 2 to 7 points with sales of 1,840,000lbs. December here 35 tons sold on the 23d inst. and prices declined 25 to
,
closed at 10.60 to 10.650.; May 12.0804 September, 13.10 30 points. London on that day declined £3 5s. on all deto 13.150. River Plate was dull. Common dry, Cucutas, scriptions;standard ended at £115 5s. for spot and £117 5s.
15c.; Orinocos, 13c.; Maracaibo, ece., 12e. Native packer for futures; sales 350 tons futures; spot Straits ended at
steers, 1434c.; butt brands, 14c.; Colorados, 133404 Chicago, £121 5s.; Eastern c.i.f. London closed at £123 15s. on sales
light native cows, September, 1034e4 New York City calf- of 225 tons. At the second London session spot standard
skins, 5-7s, 1.55 to 1.600.; 7-9s, 1.95 to 2.1004 9-12s, 2.70 advanced 5s. and futures were up 15s.; sales 130 tons futures.
to 2.80e. On the 22d inst. prices declined 33 to 50 points Futures to-day closed with Oct., 26.35e.;
6.3504with sales of over 4,000,000 lbs. Some outside sales included Dec. 26.4504 Jan., 26.600.; Feb., 26.7004 sales
Nov.,a2 lots or4,500 light native cows. September and October at 1034c4 210'
tons.
2715
FINANCIAL CHRONICLE
OCT. 251930.]
pi.
LEAD wasin fair demand and steady at 5.10c. New York
and 4.95c. East St. Louis. In London spot fell 7s. 6d. to
£15 10s.;futures off 5s. to £15 8s. 9d.; sales 100 tons spot and
750futures. At the second session in London prices dropped
Is. 3d. on sales of 300 tons of futures.
Receipts at-
Sat.
Mon.
12,092 14,106
Galveston
Texas City
18,396 36.434
Houston
1,356 2,002
Corpus Christi
Beaumont
New Orleans.... 11,847 11,227
1,168 4,653
Mobile
Pensacola
4,630 6,254
Savannah
1,279 3,561
Charleston
772
642
Wilmington
1,369 1,760
Norfolk
New York50
Baltimore
Tues.
Wed.
Thurs.
Fri.
Total.
6.760 88,360
8,793 8,793
15,722 47,626 146,002
1.119
701 8,451
---150 1,725
20,662 6,914 86,240
746 3,389 24,447
--------1,400
3.822 5,368 31,137
4,188 5,231 28,924
748 1.388 4.743
1.185 3,438 10,419
50
922
922
28,924 14,142 12.336
14,085 13,739
1,847 1,426
100 1,475
19,124 16,466
2,481 12.010
200 1.200
7,439 3,624
6.405 8,260
444
749
1,155 1,512
ZINC was steady at 3.95 to 4c. East St. Louis. The
steadiness is attributed to the disinclination of sellers to
part with the the metal at that price rather than to any
supporting demand. In London on the 23d inst. prices
dropped 6s. 3d. to E14 2s. 6d. for spot and £14 10s. for
futures; sales 800 tons futures.
STEEL has still been quiet. Birmingham is producing Totals this week- 52,779 80,819 82,509 74,298 60,528 90,680 441,613
at 50%. Here the business in structural steel has been duller
The following table shows the week's total receipts, the
than ever. Washington reports a big shrinkage in steel total since Aug. 1 1930 and stocks to-night, compared with
orders for building purposes. Railroad buying is said to
last year:
be a little larger. Within the last ten days inquiries have
Stock.
1929.
appeared for 100,000 tons of rails. Purchases of freight
1930.
Receipts to
cars are the largest since last March. Nevertheless operaThis Since Aug This Since Aug
Oct. 24.
1929.
1930.
tions in the steel industry have fallen off 2% within a week.
Week. 1 1930. Week. 1 1929.
The average is slightly under 53% of capacity. At Chicago
88,360 558,617 124,884 782,063 489.955 444,018
Galveston
operations have increased somewhat owing to a better de- Texas City
42.670
39,281
75,158
49.678 9.209
8,793
146,002 1,539,738 183,273 1,275,992 1,324,870 878,569
mand from railroads. Nevertheless trade as a whole is so Houston*
58,587
519,940 4,845 345,509 183,864
Corpus Christi- 8,451
quiet that prices are inclined to be weak. Sheets and other Beaumont
4,475
8,134
1,725
86,240 431,843 101,133 583,975 558,650 353,694
light forms of steel show less steadiness than the heavier New Orleans
Gulfport
product.
59,952
81,403
24,447 153,517 23,676 152,289
Mobile
8,349
39,479
1,400
PIG IRON remained quiet. Last week the sales here were Pensacola
729
1,099
615
232
20
still $15.50. At Birmingham trade Jacksonville
7,000 tons. Buffalo was
31.137 380,041 22,704 291,740 262.177 101.398
Savannah
7.094
39.616 was slow at $14 in the home district. Iron and steel scrap is Brunswick
37,305
85,581 143,488
28,924 154.331 22.583
dull. Heavy melting steel is said to be under $12. Later in the Charleston
4,883
16,404 3,168
____
Lake Charles_ _
30,566
11.380
31,776
16.510 7,239
4,743
week there was no change for the better. The composite Wilmington
34.639
77,011
30.377
65,612 14.477
10,419
price is 16.29c. or $2.09 under that of a year ago. Birming- Norfolk
N port News, &c_
97.012
395 229,626
301
50
50
ham says that surplus stocks of iron are being reduced. The New York
1,989
1,042
619
117
100
sum and substance of the situation is that no new features Boston
944
907
8,790
6,311 1,438
922
Baltimore
5,176
4,509
4
have developed.
Philadelphia
WOOL. Boston wired a Government report as follows:
441,613 3,980,421 518.799 3.689.684 3.410,876 2.145.644
Totals
"Small quantities of both fleece and territory 56s and 48-50s
In order that comparison may be made with other years,
wools are being moved at a slightly lower level of prices than
give below the totals at leading ports for six seasons:
recently prevailed. Ohio and similar strictly combing wools we
of 56s quality bring 290. to 30c. in the grease or 53 to 570.
1925.
1926.
1927.
1928.
1929.
1930.
Receipts atscoured basis and the 40-50s wools out of similar lines sell
88.360 124,884 158.128 121,567 140,205 146,707
Galveston_ _ _ _
at the same range of prices in the grease, with scoured basis
27,679
Houston *. _ _ _ 146,002 183,273 199,796 147,365 148,605
68,721 127,346 105,384
70,647
86,240 101,133
values in the range of 50 to 53c. Strictly combing territory New Orleans_
8,552
21,483
14,998
14,802
23,676
24,447
56s bring 59 to 61e scoured basis and 48-50s sell at 55 to Mobile
33,206
40.797
29,108
22.790
22,704
31,137
Savannah _ _ _ ..
57e. scoured basis." At Sydney on Oct. 20th sales were Brunswick
100
13.862
22,364
19,219
18.332
22,583
28,924
resumed with prices hardly changed and generally steady Charleston _ _ _
9,867
4,202
11,453
5.009
7,239
4.743
Wilmington
on the basis of the closing at the end of last week, when Norfolk
25.927
20,280
15.399
19.103
14,477
10.419
superior warp wools were priced on the basis of about 85c., N port N. &c.
,
4,777
27,444
9,949
11,151
18,830
21,341
All others
clean landed duty paid for 64-70s.• 80c. for 64s and 75c. for
'
60s. For good combing 64-70s. the clean landed cost in Total this wk_ 441,613 518,799 550.877 424,130 535,376 376.061
bond is around 45c. with some quoting 47c. and for average canon Atm • 1 2 GM 421 1.RW604 2.5.111.150 R.575.627 4 574 201 2 510 554
topmaking Ms wools about 40c. or roughly 80c. and 74c
*Beginning with the season of 1926, Houston figures include movement
clean basis, duty paid for these respective qualities. The of cotton previously reported by Houston as an interior town. The disthe offerings tinction between port and town has been abandoned.
Australian brokers have decided to further limit
The exports for the week ending this evening reach a
in Sydney beginning Nov. 10, when they will cut the quanti199,892 bales, of which 56,493 were to Great Britain,
ties from 11,400 to 10,500 bales daily in order to stabilize total of
to France,42,910 to Germany,11,229 to Italy, 13,320
prices if possible. The sales in Sydney will finish it is 23,407
to Russia, 37,739 to Japan and China and 14,794 to other
believed about the middle of May.
In the corresponding week last year total
Bradford cabled: "A comparison with prices early in destinations.
were 195,550 bales. For the season to date aggreOctober just before the turning point last autumn is instruc- exports
exports have been 1,959,166 bales, against 1,816,885
tive. The .better merinos such as 70s average, have declined gate
in the same period of the previous season. Below
16% in the Bradford top market, while 648 average have bales
exports for the week.
fallen 20%. The best merinos are by no means too plentiful are the
Exported to:
and prices keep remarkably steady. Crossbreds, which
Week Ended
Japan&
GetGreat
during the greater part of thisbrear have been relatively dear in
Oct. 24 1930.
Exports from- Britain France. many. Italy. Russia. China. Other. Total.
comparison with merinos are now coming into line. The
decline on 56s tops as compared with a year ago is 28% Galveston
___-___ 6,547 3,639 46,910
22,615 6,783 7,326
1,875 4,938 37,451
-___
10.625 12,006 6,014 1,993
Houston
while 50s are down 34% and 40s prepared 38%.
1,173
Texas City
At Melbourne, Oct. 22. 7,800 bales were offered and 6,200 Corpus Christi
____ 11,996
--------10,632
____ 1,5iii
____
1,725
___ 1,475
___
250___
sold; selection mostly poor, but some superior included. Beaumont
5 2,541 15,794 5:984 13,320 8,043 1,985 47,672
New Orleans_ _ _
Competition for best wool sharp; prices were fully main------------100 21,842
13,849 1,854 6,039
Mobile
tained. Faulty and inferior merinos and comeback greasy Pensacola
1,200
__ Lasa
a".iiii
were cheaper and often difficult to sell. All grades of cross- Savannah
------------1,032 5,676
23 4,621
Charleston
---------1,400 6,114
breds were lower, with Continent the chief buyer and fair Wilmington
1,462 3252
____
8.174
-----------------1,156
fill§
Norfolk
Japan was less keen.
Boston
support from Yorkshire.
273
------------25
ii
8
New York
quotations. Ohio & Penn. fine delaine, 30 to 31c.; 3i-blood,
..... 2,000
2,000
-8
29 to 30c.• 3 -blood, 29 to 30c.• 3i-blood, 30 to 31c.• terri- Seattle
'
tory clean basis, fine staple, 72 to 740.; fine, medium, Prench
56,493 23,407 42.910 11,229 13,320 37,739 14,794 199,892
Total
____ 54.350 7,475 195.550
;
34,865 8,386 75,234 15,240
combing, 65 to 70c.• fine medium clothing, 62 to 65c.; Total 1929
____ 52,677 13,100 161,733
27,869 14,587 39.461 14,039
Total 1928
3 -blood, 57 to 60c.; 3i-blood,
-blood staple, 65 to 70c.; 4
3i
Exported to
From
52 to 550.; Texas clean basis, fine 12 months, 70 to 72c.• Aug. 1 193010
,
Jayan&I
Get- 1
Oct. 24 1930. Great
fine 8 months, 65 to 68c.; fall, 62 to 65c.; Pulled, scoured
- Britain. 'France. many. Italy. Russia. China. Other. Total.
basis,"A" super, 63 to 68c.;"B," 50 to 55c.;"C" 43 to 45c.; Exportsfrom
___ 35,965 44,943 236,503
domestic mohair original Texas, 35 to 360.
48,4341 41,840 53,223 12,103
Galveston.._
71,799 162,329 182,481 68,695 3.435116.637 79,551 674.927
Houston
SILK to-day closed 1 to 5 points higher with sales of 111 Texas City._ _
8.756
97
-__
____
3,062___
2,294 3,303
____ 80,185 33,117 339,966
9
41,200 92,092 79,923 13,44
lots. October ended at 2.40; December at 2.30; January at Corpus Christi
8,306
____ 2,075
____
__
2,984
2,500
747
2.30; February at 2.28; March and April, 2.30, and May at Beaumont _ _ _
540 16.544
3.350 10,141 2,513_
Lake Charles_
2.28. Final prices show an advance for the week of 9 to 11 New Orleans_
12,235 20,727 35,838 17,229 25,Ki 50,ii7 15,100 177,860
794 63,931
::........
7_5(1_
07
3 . 20
28,780 2,883 30774
Mobile
points.
200 39,610
-Ili
__
8.509
Pensacola_ _
__:_ 21,7152 1,990 213,510
____ 125,992 6,U9
58,887
Savannah_
39,616
____
__
33,819
__ii
5,797
Brunswick _
73,503
53,7751
2
16.661
Charleston. _
6,114
1,400
1,4621 3,252
Wilmington_
Friday Night, Oct. 24 1930.
..
1
.,!! 2:6i 24,631
3.868
18,142 1,465
Norfolk
7,331
O.i5
aa 1,Zia
1,508
1,065 2,094
OF THE CROP, as indicated by our New York.._
THE MOVEMENT
481
21
300
117
Boston
telegrams from the South to-night, is given below. For the Baltimore__
1
11,228
9,327
350
ao
ending this evening the total receipts have reached Los Angeles..
week
6,359
9
6,300
San Francisco
441,613 bales, against 423,079 bales last week and 509,927 Seattle
10,000
10,000
previous week, making the total receipts since
bales the
312.717333.501 651,143 115,838/ 29.279 332,395 184,2951,959,166
Total
Aug. 1 1930 3,980,421 bales, against 3,689,684 bales for
showing an increase since Aug. 1 Total 1929_ _ _ 325,295 224,316 585,413 167,275 50.635 275,162 188,789'1,816,885
the same period of 1929,
Total 1928_ _ _ 323,723 208,295 566.221.141,9211117,600 377,965 189,3251,925,050
1930 of 290,737 bales.
I
COTTON
1
2716
FINANCIAL CHRONICLE
(Vol:. 121.
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not for the week of 61 to 65 points. October went out to-day.
Spot cotton was 20 points higher at 11c, for middling, making
cleared, at the ports named:
a net rise for the week of 80 points.
The official quotations for middling upland cotton in the
On Sh pboard Not Cleared for
New York market each day for the past week has been:
Oct. 24 ClGreat
GetOther
Britain. France. many. Foreign
Galveston
New Orleans
Savannah
Mobile
Norfolk
Other ports '
4
6.000
5.282
5.000
Coastwise.
Total.
Leaving
Stock.
5.500 15.000 2,000 34.300 455.655
4.724 19.472
500 32.493 526.157
3.000
--------8.000 254.177
350 143.138
350
---7.810
--------10.248
-_-- 18,058
63.345
------------------------77.011
2,000 3,000 7.000 37,000 1.566 50,660 1.748.192
5.800
2.515
__--
Total 1930
26,092 11.315 20.224 81.720
Total 1929....
28,170 16.394 33,778 116.822
Total 1928-25.758 18.181 49.827 66.182
•Estimated.
3.850 143.201 3.267.675
6,889202,053 1.943.591
8.652 168.600 1.842.099
Oct. 18 to Oct. 24
Middling upland
Sat. Mon. Tues. Wad. Thurs. Fri.
10.25 10.45 10.50 10.50 10.80 11.00
NEW YORK QUOTATIONS FOR 32 YEARS.
1930
1929
1928
1927
1926
1925
1924
1923
11.00c.
18.40c.
20.10c.
, 9.90c.
12.60c.
21.806.
23.35c.
30.85c.
1922
1921
1920
1919
1918
1917
1916
1915
24.10c.
18.80c.
21.50c.
37.20c.
31.554.
29.90c.
19.30c.
12.45c.
1914
1913
1912
1911
1910
1909
1908
1907
14.50c.
11.05c.
9.35c.
14.30c.
14.20c.
9.35c.
11.10c.
1906
1905
1904
1903
1902
1901
1900
1899
11.250.
10.650.
9.950.
10.20c.
8.700.
8.380.
9.440.
7.310.
MARKET AND SALES AT NEW YORK.
Spot
Futures
Speculation in cotton for future delivery was more active
SALES.
Market
Market
at sharply rising prices, largely because of the sold-out,
Closed.
Closed.
Spot. Confect Total.
if not oversold, condition of the market, and very heavy Saturday--- Quiet, 5 pts. adv-._ Barely
covering attributed to both domestic and foreign interests. Monday ___ Steady, 20 pts. adv.. Steadysteady....
3:i56
Quiet. 5 pts. adv- On the 18th inst. prices ended 2 points lower to 3 points Tuesday --- Steady. unchanged_ Steady
4.700 4.700
Wednesday_
Very steady
700 1.300 2.000 '
higher, with a colorless speculation, little hedge selling, Thursday -- Steady,30 pts. adv.. Steady
500 1.800 2.300
Friday
Steady. 20 pts. adv.. Steady
800
and, on the other hand, stocks were irregular and dull.
800
Cotton goods reports were favorable and light to heavy Total week..
2,000 10,900 12.900
9.S46 68.400 78.246
frost was forecast. The Lancashire Corp. has decided to Since Aug. 1
FUTURES.
reopen six more mills, making 20 in the last six months.
-The highest, lowest and elos ng prices at
On the 20th inst. prices advanced 12 to 20 points, with New York for the past week have been as follows:
stocks and grain higher, favorable textile reports, better
Saturday, Monday, Tuesday, Wednesday, Thursday, Friday,
cables than due, and continued buying by the trade. Also
Oct. 18.
Oct. 20.
Oct. 21.
Oct. 22.
Oct. 23. Oct. 24.
to cap the climax hedge selling was anything but pressing.
Oct.(old)
Temperatures of 30 to 33 degrees prevailed in Texas, ArkanRange__
10.28-10.30 10.32-10.34 10.18-10.36 10.42-10.43 10.80-10.85
Closing- 10.1710.3010.35sas, Georgia, and North Carolina. Rains in some parts Oct.
10.3610.68
(new)
were said to be lowering the grade or bet.ting out cotton.
Range__ 10.10-10.15 10.19-10.26 10.25-10.31 0.24-10.41 10.37-10.82
10.75-10.90
Closing..
Spot markets were 10 to 20 points higher, but the total Nov. (old) 10.13 -10.20-10.30-10.31 10.41 10.8610.70- sales lagged behind those of a year ago. On the 21st inst.
Range__
10.38
Closing.
10.3610.37prices advanced 10 to 13 points, with little hedge selling, Woe.(new) 10.2310,3610.6410.76 ---and the trade, the West, Wall Street, and local shorts
Range__
10.28
10.45
Closing _ 10.2110.31 covering. It was said that in the week ended Oct. 17 the Dec.
10.32 10.3610.6410.76(old)
gross margin of profit on domestic cotton mill business
Range__ 10.30-10.34 10.39-10.45 10.49-10.55 0.44-10.55 10.57-10.88 10.95-11.00
Closing_ 10.31 10.42was 73.5%, or the highest since 1921, against 66 a year ago
10.50-10.55 10.5510.85-10.88 10.95-10.98
and a high of 71.7 in 1926-27. Print cloths were In some Dec.(new) 10.28-10 3510.38-10.48 10.42-10.5110.41-10.57 10.58-10.92 10.89-11.01
Range__
Closing_ 10.32-10.33 0.42-10.43 10.50-10.51 10.55-10.56 10.84-10.87 10.94-10.96
cases in fair demand and firm. Fine and fancy goods
have recently been active and firm The "buy now" cam- Ian. tow 10.42-10.48 0.50-10.55 10.60-10.65 10.55-10.6410.71-11.00
Range__
1.05-11.17
Closing_ 10.43 ---- 10.55 --- 10.65paign is said to be spreading over the United States east
10.6910.99-11.00 11.07the Mississippi River. The cold weather in the United Ian.(new) 10.41-10.47 0.50-10.57 10.60-10.64 10.56-10.69
of
Range__
10.70-11.05 1.02-11.17
Closing.. 10.43-10.44 10.55States was helping the retail trade and disclosing the fact
10.6410.6910.97-10.98 1.07-11.09
that retail stocks were abnormally low. The mill position Sob.
Range__
Closing_ 10.55 _ 0,67as to stocks of goods has been strengthened by prolonged
10.80 _ mpg _ 1.18 -.
10.74curtailment. Manchester reported a fair demand for cloths Ifarch- 0.64-10.72 0.74-10.83 10.84-10.88 10.77-10.95 10.92-11.27
Range__
1.24-11.38
Closing_ 10.68-10.69 10.79from India and China.
10.8510.92-10.95 11.19-11.20 11.29On the 2nd inst. prices ended about a dozen points higher IprtlRange
Closing. 10.78 -10.90 -10.97 -11.05 -11.30on trade buying for home and foreign account, some invest- itatr11.40ment demand, and considerable covering. Also the offerRange__ 10.83-10.93 10.95-11.06 11.05-11.11 11.02-11.18 11.19-11.49 11.45-11.60
Closing_ 10.88-10.89 11.01-11.02 11.09-11.10 11.18 -11.42ings were small. Hedge selling was not a depressing fea11.51-11.52
ture. Some look for a bullish ginning report so far as the tune
Range_
Closing. 10.97 -11.11 -11.19latest period is concerned. Ginning up to the 18th inst. was bay-11.27 -11.51 -11.60 -estimated at 2,965,000 bales against 3,200,000 for the same
Range__ 11.03-11.11 11.13-11.25 11.25-11.30 11.23-11.37 11.36-11.67 11.65-11.80
Closing_ 11.07-11.10 11.21-11.24 11.29-11.30 11.36-11.37 11.60-11.62 11.70-11.71
time last year, though the total for the season was put at lug.
9,270,000 bales aga'nst 9,100.000 for the like period last
Range__
Closing_ 11.07 -11.21 -11.39- 11.48
11.70 -11.82
season. Retail trade at the West is helped by cold weather.
-1ePt.
The weekly Government report was in the main favorable
11.48-11.49
11.98Closing
11.49Range--11.56except for the Western belt, where picking was delayed
11.8011.95by rather frequent rains. Temperatures prevailed of 28
Range of future prices at New York for week ending
to 33 degrees in some parts of the belt. But, there is evi- Oct. 24 1930 and since trading began on each option:
dently a strong technical position that was giving the
opoon for
Range for Week.
Range Since Beginning of Option.
strength to the market.
On the 23rd inst. came a sudden outburst of activity that Sept. 1930
10.90 Aug. 25 1930 16.20 Apr. 2 1930
Oct. 1930_ 10.18 Oct. 22 10.85 Oct. 24 9.90 Sept.30 1930 18.56 Nov. 20 1929
sent prices up some 30 to 40 points in a market that was
New
10.10 Oct. 18
Oct. 24 9.85 Oct.
1930 15.87 Apr. 4 1930
plainly oversold both for home and foreign account. Wall Nov. 1930_ 10.38 Oct. 23 10.90 Oct. 23 10.17 Oct. 8 1930 17.78 Dec. 16 1929
10.38
7
New
10.28 Oct.
Street, the West, uptown, Liverpool, and the Continent were Dec. 1930._ 10.30 Oct. 21 10.45 Oct. 23 10.28 Oct. 21 1930 14.90 Apr. 15 1930
18 11.00 Oct. 24 10.18 Oct.
1930 18.06 Jan. 13 19315
New
all buying. The concentrated purchases for both sides of the
10.28 Oct. 18 11.01 Oct. 24 10.13 Oct.
1930116.28 Apr. 4 1930
10.42 Oct. 18 11.17
Atlantic were estimated at anywhere from 50.000 to 60,000 Jan. 1931_ 10.41 Oct. 18 11.17 Oct. 24 10.32 Oct. 1930117 18 F. 1 1930
New
1930'16.03 Apr. 4 1930
Oct. 24 10.26 Oct.
largely December. A follow-through demand on Feb. 1931_
bales,
16.09 Feb. 2 1930 16.65 Feb. 15 1930
Mar. 1931_
speculation was one of the features that excited general Apr. 1931_ 10.64 Oct. 18 11.36 Oct. 24 10.45 Oct. 1930 16 20 Apr. 1 1930
11.23 Sept.2 1930 13.34 June 18 1930
remark as something which had not occurred for a long May 1931_ 10.83 Oct. 18 11.60 Oct. 24 10.65 Oct. 1930 15.00 June 2 1930
June 1931_
time. Heavy rains prevailed in the Southwest, and not July 1931._ 11.03 Oct. 18 11.80 Oct. 24 1 10.81 Sept.30 19301 13.82 Aug. 7 1930
everybody ignored them. The United States Chamber of Aug. 1931_
10.82 Sept. 30 1930 11.45 Sept.25 1930
Commerce had advices from all over the country in which Sept.1931__ 11.46 Oct. 21 11.98 Oct. 2,11.46 Oct. 21 1930,11.98 Oct. 24 1930
a very large majority of business men express their apTHE VISIBLE SUPPLY OF COTTON to-night, as made
proval of futures exchanges as an essential method in mar- up by cable and telegraph, is as follows. Foreign stocks as
keting agricultural products. Not a little stress was laid
as afloat are this week's returns, and consequently
on this fact.
all foreign figures are brought down to Thursday evening.
To-day prices advanced 10 points net, though at one time But to make the total the complete figures for to-night
the rise was greater. Profit-taking accounted for the reac- (Friday) we add the item of exports from the United States,
tion, and also some increase in the hedge selling in the including in it the exports of Friday only.
Oct. 241930.
1929.
1928.
1927.
afternoon. The cables were rather better than due. The Stock at
bales.. 603.000 642.000 507.000 942,000
weather in the Southwest and parts of the central belt was Stock at Liverpool
London
Stock at Manchester
121,000
64.000
rainy. Killing frost occurred in Arkansas. The weather
41,000
78.000
forecast was not favorable. One statement of the spinners'
Total Great Britain
724.000 706.000 548,000 1,020.000
Stock at Hamburg
takings was bullish. The quantity brought into sight was Stock at Bremen
338.000 270,000 329,000 470,000
smaller than a year ago, and the increase, according to one Stock at Havre
202.000 138.000 145.000 203,000
Stock at Rotterdam
8.000
6,000
Computation of the world's stocks of American cotton, was Stock at Barcelona
9,000
8,000
75.000
54.000
83,000
73.000
smaller for the first time th's season than in the same week Stock at Genoa
30.000
33.000
17.000
18.000
Stock at
last year. A reaction was due, but a net advance occurred Stock at Ghent
Antwerp
for all that and the undertone seemed firm. There is an
Total Continental stocks
653.000 501,000 573.000 782,000
Idea that the market has been much oversold, and is still
to a certain extent short. Final prices show a net advance
Total European stocks
1,377,000 1,207,000 1,121.000 1,802,000
1927.
1928.
1929.
1930.
70,000
82,000
90.000
55.000
India cotton afloat for Europe___
afloat for Europe 627.000 581.000 610.000 508,000
American cotton
94,000
Egypt,Brazil,&c.,afloatforEurope 93.000 110,000 122,000
557.000 313.000 312.000 379.000
Stock in Alexandria, Egypt
662.000 647.000 242,000
446.000
Stock in Bombay, India
3.410.876 2,145,644 2.010.699 2,281,335
Stock in U. S. ports
1,395.237 1.185.728 953,520 1,101.815
Stock in U. S. interior towns
350
3,037
U. S. exports to-day
The foregoing shows the week's net Overland movement
this year has been 19,437 bales, against 25,643 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 7,399 bales.
7,964.150 6,294.372 5.858,219 6,478.500
Total visible supply
Of the above, totals of American and other descriptions are as follows;
American
207,000 216,000 251.000 608,000
Liverpool stock
66,000
25.000
42,000
47.000
Manchester stock
533.000 410,000 605.000 731,000
Continental stock
627.000 581.000 610.000 508,000
American afloat for Europe
3,410.876 2,145.644 2.010,699 2,281,335
U.S. ports stocks
1.395.237 1,185.728 953,520 1,101.815
U.S. interior stocks
350
3.037
U.S. exports to-day
6,223,150 4.580,372 4,355.219 5,296,500
396.000 426.000 256,000 334,000
Total American
East Indian, Brazil, ac.
Liverpool stock
London stock
Manchester stock
Continental stock
Ind an afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
74.000
120.000
55.000
93.000
557.000
446.000
22.000
91.000
90.000
110.000
313.000
662.000
16.000
68.000
82,000
122,000
312.000
647,000
12.000
51,000
70,000
94.000
379,000
242,000
1,741.000 1,714.000 1,503,000 1,182,000
6.223.150 4.580.372 4,355,219 5.296.500
Total visible supply
7.964,150 6,294,372 5,858,219 6,478.500
9.960. 10.51d. 11.66d.
Middling upland, Liverpool
6.05d.
20.50c.
19.40c.
18.40c.
11.00c.
Middling uplands, New York
Egypt, good Sakel, Liverpool_.. 10.75d. 16.350. 19.300. 20.000.
14.000, 13.000.
14.250
Peruvian, rough good, Liverpool_
8.90d. 10.30d.
8.30d.
4.600.
Broach, fine, Liverpool
9.450. 10.100. 10.800.
5.750.
Tinnevelly, good, Liverpool
Total East India, dm
Total American
Continental imports for past week have been 206,000 bales.
The above figures for 1930 show an increase over last
week of 450,505 bales, a gain of 1,669,778 over 1929, an
increase of 2,105,931 bales over 1928, and a gain of
1,485,650 bales over 1927.
-that is,
AT THE INTERIOR TOWNS the movement
the receipts for the week and since Aug. 1, the shipments for
the week and the stocks to-night, and the same items for the
corresponding periods of the previous year, is set out in
detail below:
Movement to Oct. 24 1930.
Towns.
Receipts.
Week. Season.
Ala., Birm'ham
Eufaula
Montgomery.
Selma
Ark.,BlythevIlle
Forest City_ _
Helena
Hope
Jonesboro_ _ _
Little Rock_ _
Newport_ Pine Bluff....
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
ColumbusMacon
Rome
La., Shreveport
Miss., Cl'Icsdale
Columbus_ _ _
Greenwood_ _
Meridian_ _
Natchez
Vicksburg- -Yazoo City__
Mo., St. Louts_
N.C.,Greenab'o
Oklahoma
15 towns*.
S.C., Greenville
Tenn.,Memphls
Texas. Abilene_
Austin
Brenham
Dallas
Paris
Robstown
San Antonlo_
Texarkana
Waco
5,803
1,254
6.004
9,799
7,651,
1,306
4,143
3,346
2,992
10,379
3,294
8.782,
3,026
410
4.840
35,225'
16,137,
3,500
4.755'
1,975
7,615
10.5201
2,532;
13,159,
4,2611
760,
3,199,
3,016'
8,6411
292,
2717
FINANCIAL CHRONICLE
OCT. 25 1930.]
Ship- Stocks
ments.1 Oct.
Week. 24.
23.424'
21.542
33,727
53,924
50,9861
6.6371
20,288
16,528,
13,368
33,228
11,792
32.490
8,098
6,497
26,018
52,662
162,620
17.566
63,388
4,921
68.973
64,156
12.407
81,547
28,650
5,760
17.989
16.539
38,414
1,363
4,846 14,337
1,646 15,584
1,678 44,121
174 81,537
4,234 37,392
733 8,792
442 24,071
1,671 8,055
3.490 4,284
4,431 24,433
1,462 7,800
5,248 26,835
1,349 7.081
383 4,701
2.200 27,077
2,174 84.312
7,528 127.064
3,000 6.062
2,507 39,327
500 5,287
3.753 73,713
4.623 64,171
589 12,450
5,730 96,680
1,825 18,145
270 7.463
1,796 16,203
783 18.913
8,587 2,016
197 7.514
Movement to Oct. 25 1929.
Week. Season.
Ship- Stocks
ments Oct.
Week. 25.
11,8661
1.5211
4,665
5,7351
11,710
3,915
5,227
3,623
3,702
10,217
7,280
17,961
7,064
225
3.147
9,590
21.900
1,416
6,397
1,785
11.600
16.602
2,654
18,723
4,526
427
3,000
3,622
10,571
939
7,567 19,165
1,156 5,877
2.198 35,361
3.346 43,998
5.699 28,164
1,196 11,041
2.757 15,337
4.647 12,007
3.633 3.776
6,304 34,071
4.490 11,225
11,435 43,880
3,454 14,608
318 2.825
950 5,291
1,367 25,583
11,275 87,927
2.312 1,064
2.098 15.851
825 4.396
6,996 60,306
8.555 81,095
1,396 14,165
9.585
3,835 12,148
774 7,769
2.000 9,831
1.113 20,699
11,332 2.686
35
6,319
Receipts.
42,727
13.051
42,850
57,984
47.132
15,392
27.477
41,136
14.045
72,158
23.978
100.777
24,114
6,130
6,754
29.030
149,037
11,374
42.341
4.216
94,538
123.313
19,84
131,27
39,53
15.90
18,83
27,02
53,49
2,98
1920
1930-Since
Since
InSight and Spinners
Week.
Aug. 1.
Aug. 1.
Week.
Takings.
441.613 3.980.421 518,799 3,689,684
Receipts at ports to Oct. 24
25.643
97.958
105.357
19.437
Net overland to Oct. 24
975.000 120.000 1.358,000
Southern consumption to Oct. 24_ 75.000
536.050 5,060,778 664.442 5,145,642
Total marketed
976,809
833,542 144,106
169.517
Interior stocks in excess
Excess of Southern mill takings
*195,463
•107.271
over consumption to Oct. I_
Came into sight during week_ _705.567
Total in sight Oct. 24
North,spinn's'takings to Oct. 24_ 28,244
*Decrease.
shVirgt,
218.190
5,926,988
329,777
38,258
Movement into sight in previous years:
Bales.
5.395,865
5.577,276
6.551.784
Bales I Smce Aug. 1766.R:1711928
681,811 1927
783.358 1926
Week-Oct. 26
1928
-Oct. 27
1927
-Oct. 28
1926
QUOTATIONS FOR MIDDLING COTTON AT OTHER
MARKETS.
Closing Quotations for Middling Cotton onWeek Ended
oct. 25
Galveston
New Orleans .-_
Mobile
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock
Dallas
Fort Worth
saturaay. mown?). Tuesaay. ii ea- aay. / masa y. rrtaay.
10.30
10.20
9.60
9.83
10.00
10.25
9.69
9.05
10.15
9.00
9.55
9.55
10.20
10.10
9.50
9.72
9.94
10.15
9.56
9.00
10.05
8.92
9.45
__-_
10.35
10.25
9.65
9.91
10.13
10.35
9.75
9.15
10.20
9.10
9.65
9.65
10.40
10.31
9.70
9.96
10.19
10.40
9.81
9.20
10.28
9.15
9.70
9.70
10.70
10.59
10.00
10.24
10.50
10.50
10.13
9.50
10.55
9.45
10.00
10.00
10.80
10.68
10.10
10.34
10.56
10.80
10.19
9.60
10.65
9.55
10.10
10.10
NEW ORLEANS CONTRACT MARKET
Saturday,
Oct. 18.
ondag,
Oct. 20.
Tuesday, 1 Wednesday, Thursday,
Oct. 23.
Oct. 22.
Oct. 21.
Friday,
Oct. 24.
10.72-10.7910.74 -10.23 Bk1.110.29 --10.37 October.. 10.11 - --1November,10.92-10.93.
10.49-10.50 10.5640.57 1(1.84
10.35 -10.45December_
-11.06
January.. 10.45-10.46 10.56-10.57 10.62 -10.70 -10.96 --1_ February.
10.80-10.82 10.84-10.85 10.93-10.94 10.19-11.20 11.2910.70hiarch.
April
11.50-11.51
10.90- -10.91 11.01-11.02 11.05-11.08 11.16 -11.41 May
June
11.06-11.08 11.20-11.21 11.25 -11.34 -11.61 -11.72July
August
September
October
-Tone
Steady
Steady.
Steady.
Steady.
Steady.
Steady.
Spot
Steady
Steady.
Steady.
Steady.
Steady.
Options_ _ Steady.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening indicate that rains delayed
picking somewhat in the western portion of the cotton belt,
but elsewhere this week made good progress. Late bolls are
opening fast in the northern portion of the cotton belt.
Frost has been reported in some sections, but they have been
light.
-Cotton picking is nearly over in southern
Mobile, Ala.
districts but considerable amount remains to be ginned.
-Light frost this (Friday) morning. There
Memphis, Tenn.
have also been reports of killing frost from numerous points
in the Memphis district. The week has been cold and
cloudy with showers which have been unfavorable for gathering cotton.
59.043 69,383 Galveston, Tex
4.098 33.289 Abilene, Tex
72,959 295.242 Brenham. Tex
2,417 1,384 Brownsville, Tex
1,716 Corpus Christi. Tex
525 3,904 Dallas, Tex
7,322 7,984 Henrietta, Tex
5,099 10,323 Kerrville, Tex
748 6,824 Lampasas, Tex
4971 1,582 Luling, Tex
4.7071 14,641 Nacogdoches, Tex
4,218 14,903 Palestine, Tex
Paris, Tex
Total, 56 towns 352,7981,962,572182,5241395237 428.852 2,574,105 285,0971185728 San Antonio. Tex
Taylor, Tex
•Includes the combined totals of 15 towns in Oklahoma.
Weatherford, Tex
above total shows that the interior stocks have Ardmore, Okla
The
during the week 169 517 bales and are to-night Altus, OklaOkla
increased
Muskogee,
209,509 bales more than at the same time last year. The Oklahoma City, Okla
Brinkley,
at all towns have been 76,054 bales less than the Eldorado,Ark
receipts
Ark
Little Rock, Ark
same week last year.
Pine Bluff, Ark
Alexandria, La
OVERLAND MOVEMENT FOR THE WEEK AND Amite
SINCE AUG. 1.
New Orleans, La
1930----- Shreveport, La
1929
Since
Columbus, Miss
Since
Week. Aug. 1.
Greenwood, Miss
Week. Aug. 1.
Oct. 24Vicksburg, Miss
8,587
43.863
Louis
11,332
59,934 Mobile, Ala
1,064
7.304
2,160
13,112 Decatur, Ala
Via Mounds, &c
423
185
153
670 Montgomery, Ala
Via Rock Island
916
3.246
1,343
7,428 Selma. Ala
Via Louisville
4.230
46.385
4.909
47.070 Gainesville, Fla
Via Virginia points
69.181
9.400
14.670
97,377 Madison, Fla
Via other routes. &c
Savannah, Ga
24,382 170,402
34,567 225.591 Athens. Ga
Total gross overland
Augusta. Ga
Deduct Shipments
6.729
972
1,588
Overland to N. Y., Boston, &c
9.808 Columbus. Ga
401
3.257
237
4,164 Charleston, S. C
Between interior towns
55.059
3,736
6.935 113,661 Greenwood, S. 0
Inland. &c.,from South
Columbia, S. 0
8,924 127,633 Conway, S.0
65.045
4,945
Total to be deducted
Charlotte. N.0
25,643
19.437 105,357
97,958I Newborn. N.0
Leaving total net overland *
Weldon N. C
Memphis, Tenn
•Including movement by rail to Canada.
36.7251 211,486 35.191 57,463 61.470 278,55
10,501' 43,126 2.274 43,902 13.072 46,11
83.654 394,988 47,153311,460 114.374 637,63
2,524 15,84
48
1,554 13.890 1,538
49
678 2.60
874 19.739'
8.09
488 7.174
7,14
658
938 l6.47l
12.689 95,348, 4,3(14 26.609 9,501 65,657
44,146
6,635 45,930 4,539 8,228 6,28
372 53,440 1,179 15,124
31.868
18
696 1.60
586 16.240
17.588
53
4,34
34,837
4,285 13,088 2,020 8,54
3,90
84,167
5,369 43,334 4,715 16,63
808,548
5,787.049
Rain. Rainfall.
3 days 0.32 in.
4 days 1.32 in.
2 days 0.17 in.
4 days 2.74 in.
3 days 0.95 in.
4 days 1.96 in.
2 days 0.80 in.
4 days 1.76 in.
2 days 1.00 in.
3 days 0.96 in.
2 days 0.56 in.
2 days 0.98 in.
2 days 1.55 in.
2 days 1.06 in.
2 days 0.86 in.
4 days 2.34 in.
2 days 0.90 In.
1 day 0.60 in.
2 days 0.57 in.
3 days 1.04 in.
2 days 0.63 in.
1 day 0 67 in.
2 days 0.46 in.
2 days 0.70 in.
2.20 in.
1 day
dry
1 day 0.97 in.
2 days 1.33 in.
dry
1 day 0.24 in.
1 day 0.39 in.
1 day 0.02 in.
1 day 0.20 in.
dry
dry
1 day 0.01 in.
dry
dry
dry
dry
dry
dry
dry
dry
1 day 0.03 in.
1 day 0.08 In.
dry
1 day 0.03 in.
3 days 0.81 in.
Thermometer
high 80 low 60 mean 70
hl.h 76 low 40 mean 58
high 82 low 48 mean 65
high 84 low 60 mean 72
high 80 low 56 mean 68
-,11
ht 78 low 44 mean 61
high 76 low 40 mean 58
high 78 low 40 mean 59
high 78 low 42 mean 60
high 82 low 46 mean 64
high 76 low 44 mean 60
high 78 low 46 mean 62
high 72 low 40 mean 56
high 82 low 48 mean 65
high 80 low 44 mean 62
high 76 low 40 mean 58
high 76 low 38 mean 57
high 73 low 39 mean 56
high 69 low 33 mean 51
high 68 low 36 mean 52
high 75 low 35 mean 58
high 80 low 42 mean 61
high 70 low 38 mean 54
ithh 76 low 40 mean 58
high 78 low 45 mean 62
high 78 low 43 mean 61
high __ low __ mean 68
high 79 low 44 mean 62
high 75 low 37 mean 58
hi li 78 low 38 mean 58
hi rh 74 low 46 mean 60
high 83 low 49 mean 64
high 67 low 37 mean 52
high 78 low 44 mean 61
high 80 low 42 mean 61
hi it 90 low 50 mean 70
high 77 low 46 mean 62
high 87 low 45 mean 62
high 83 low 38 mean 61
high 85 low 40 mean 63
high 86 low 42 mean 64
high 85 low 46 mean 66
high 84 low 34 mean 59
high 84 low 38 mean 61
high 87 low 34 mean 61
high 83 low 34 mean 54
high 89 low 36 mean 63
high 87 low 28 mean 58
high 66 low 41 mean 51
2718
FINANCIAL CHRONICLE
• ACTIVITY IN THE COTTON-SPINNING INDUSTRY FOR SEPTEMBER.
-Persons interested in this
report will find it in our department headed "Indications
of Business Activity," on earlier pages.
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 Forts.
1930.
1929.
Stocks at Interior Towns.
1930.
July
11.. 10.899 30.368 27,419
13.098 13.203 19.932
28.. 12,297 15.609 18.771
Aug
1_ 34,308 38,730 28,393
8-- 62.509 49,834 21,074
15_ 117,847 65,894 26 280
22__ 203,157108.086 53,671
29_ _ 250,299 183,758 129.694
Sept
5__ 277.852254,338222,173
12.. 362.547281,579242.040
19._ 389,481 318.746338.659
28.. 385,693 168,53L 417,651
1930. I 1929.
1
1928.
619.981 252,555
j386,332
599.179 234,392 356,443
579,770 224,7
328,47
tsfromPlantations.
1930. p 1929.
6,200
Nil
6.007
N11-NU
1930.
6.025
NU
560.254
548.78
541.959
543.948
559,024
197,552
196,207
184.245
183.802
194.262
591.795,
648.873
714,784
818,124
239,407 251,324310,623299,483227.926
312,297 275.133419.625354,469 265.849
422,984 348,050455.392427,433409,582
573,923 1.012,624489,0;3319.474543,853
3__ 655.848437.422 332,796 949.334 726,959
10_ _ 509.9275i2.98: 321,837 1.098.865 881.858
,
17_- 423.079569,510558,699 1.225,7201,041,622
24__ 441,613518,799550,877 1,395,2371,185,728
302,33 14,792 11,492 2,253
286,255 51.039 48.489 4,999
266.345111.022 53,842 6.370
258,303205.146 107.643 50.719
245,571265,37 194,218 116,872
602.945687.(V8 590,458661,488
706,536659 458 67,882 625,428
847,112549,934729.274696.281
953,520611,130662,905657,285
[VOL. 131.
Alexandria. Egypt,
Oct. 22.
1930.
1929.
1928.
310,000
1,377.606
Receipts (canto,,)
This week
Since Aug. 1
450,000
1,767.915
480.000
1.987.665
Since
Since
Since
Week. Aug. 1. Week. Aug. 1. Week. Aug. 1.
Export (bates)To Liverpool
To Manchester,&c
To Continent and India
To America
8,000 19,502 6.000 19,385 7,000 25,462
16.891
____ 24,157 11,750 40,654
13,000 77,036 14.000 92.161 8,250 84,088
440 1,000 17,190 13,250 33,672
Total exports
21.000 113,869 21.000 152,893 39,250 183,816
Note.
-A cantar is 99 lbs. Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Oct. 22 were
310,000 cantars and the foreign shipments 21,000 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is steady and in cloths is firm. Demand for China
is improving. We give prices to-day below and leave
those of previous weeks of this and last year for Comparison.
1930.
32s Coy
Twist.
July-
Aug.-
1929.
84 Lb,. Shirt Cotton
Gags, Common IfMa
to Finest.
Upt'ds.
d. d. s. d.
11540124 95
11 012
95
11 012
95
103401134 95
s. d
010 1
010 1
010 1
010 1
10%011% 95 010 1
10%011% 93 1810 1
0.
7 63
7 73
7 68
7 47
32.1 COD
Twist.
d.
d
1440154
1440154
1454015%
145401554
334 Lbs. Shill- Cotton
ings, Common Micid70
to Finest.
UpIct.
-. .
d.
1. ti 013 0
2
10.28
12 6 013 0
10.21
12 7 3.413 1
10.54
12 7 Q13 1
10.58
7.22 1440154 12 7 013 1
7.54
10.65
1434181534 12 7 013 1
10.10
The above statement shows: (1) That the total receipts
10%011% 94 QI0 0
8.89 145401534 12 7 013 1
10.10
6.44 143161015% 12 7 013 1
10%0114 93 0 9 7
10.32
from the plantations since Aug. 1 1930 are 4,814,835 bales;
10%011% 93 0 9 7
6.64 141401534 12 7 013 1
10.58
in 1929 were 4,656,201 bales, and in 1928 were 4,266,652 Sept.104 01154 92 0 9 6
8.48 141401514 13 0 013 2
10.46
bales. (2) That, although the receipts at the outports the
0 011
92 6896
8.30 143,015 13 0 (413 2
10.32
past week were 441,613 bales, the actual movement from
914010% 92 0 9 6
8.26 1440154 13 0 013 2
10.31
9%010% 92 0 9 6
5.89 1434181534 13 0 013 2
10 20
plantations was 611,130 bales, stocks at interior towns Oct.
having increased 169,517 bales during the week. Last year
95501054 90 @04
5.76 14%0154 13 0 013 2
9140 1034 87 @93 6.54 144015% 13 0 013 0 10.28
receipts from the plantations for the week were 662,905
10.28
9 010
87 @93
•5.73 14%015% 13 0 013 2
9.94
bales and for 1928 they were 657,285 bales.
9340104 86 @92
6.05 14%015% 13 0 013 2
9.96
WORLD'S SUPPLY AND TAKINGS OF COTTON.
SHIPPING NEWS.
-As shown on a previous page, the
The following brief but comprehensive statement indicates exports
at a glance the world's supply of cotton for the week and reached of cotton from the United States the past week have
since Aug. 1 for the last two season from all sources from up from 109,892 bales. The shipments in detail, as made
mail and telegraphic reports, are as follows:
which statistics are obtainable; also the takings or amounts
Bales.
GALVESTON-To Liverpool
gone out of sight for the like period:
-Minnie de Larrinaga,
-Oct. 15
9,577; Elmsport,
Cotton Takings.
Week and Season.
1929.
1930.
Week.
Season.
Week.
Season.
Visible supply Oct. 17
5.763,032
7.513,645
Visible supply Aug. 1
5,302,014
3,735,957
American in sight to Oct. 24--- 705.567 5,787.049 808.548 5.926,988
Bombay receipts to Oct. 23..
7.000
16,000
152,000
187.000
OtherIndia ship ts to Oct. 23....
8,000
4,000
98.000
167.000
Alexandriareceipts to Oct. 22_ _
62,000
90,000
274.900
354,200
Other supply to Oct. 22 *6
18.000
25,000
156,000
232,000
Total supply
8.314,212 11.769,983 6,706.580 10,603;145
Deduct
Visible supply Oct. 24
7.964,150 7.964,150 6.294,372 6.294,372
Total takings to Oct. 24_a
350,062 3.805.813 412,208 4,308.773
Of which American
227.062 2,552.913 270,208 3,110,573
Of which other
123,000 1.252.900 142,000 1,198,200
•Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 975,000 bales in 1930 and 1,358,000 bales in 1929
takings not being available
-and the aggregate amounts taken by Northern
and foreign spinners. 2,830,813 bales in 1930 and 2,950,773 bales in 1929,
of which 1.577,913 bales and.1.752,573 bales American.
S 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.
October 23.
Receipts at
Week.
Bombay
7,000
Since
Aug. 1.
1929.
1928.
Since
Week.1Aug. 1.
Since
Week.1Aug 1.
.
152,000 16,000
Forth. Week.
Exports
from
187.000 13.000
Great COISti- .Japan&
Great
Britain. nent. 'China. Total. Britain.
Conti- Japan st
nest.
China.
Bombay
3,000 55.
58,000
1930
22,000
7,000, 14.
1:5(
1929
19,000; 18,000 37,000
1928
Other India
1
8,000
8,000,
1930
4,000
1929
1,000 3,0001
1928
13,00
85,000
22,000 145,000
84.111
13
Total all
1930
1929
1928
27,
30,
20,
11,0001 55,000 66,
2,0001 10.000; 14,111, 26,111,
1 19.000 18,000: 37,000
83.000
Since Aug. 1.
Total.
14.006 148.000 411,000 573,000
8.000 146,00 202,000 356,000
7,
146,000 290,111 443,000
98,000
167,000
97,000
233,000 411,000 671,000
291.000 202,000 523,000
230,
290,000 540,000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
9,000 bales. Exports from all India ports record an increase
of 40,000 bales during the week, and since Aug. 1 show a
Increase of 148,000 bales.
-We
ALEXANDRIA RECEIPTS AND SHIPMENTS.
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years:
2,716__-Oct. 16
-West Cohas, 1,285__
Oct. 21-Planter, 6,267
19,845
To Manchester-Oct. 15
-Minnie de Larrinaga, 2,041; Elmsport, 388.. Oct. 16
-West Cohas, 50_ -Oct. 21-Planter.
311
2,770
To Havre
-Oct. 16-Middleham Castle, 1,063; Youngstown,
700-- _Oct. 20-Jevington Court, 3,476
5,239
To ht.)unkl m
lm. b:k-Oct. 16
-Youngstown, 100-....Oct. 20
-Vasa1,544
To Antwerp-Oct. 16
-Youngstown, 101
101
To Bremen-Oct. 16-Harburg, 2,306___Oct. 21
-Western
Queen, 3.969___Rio Panuco. 1.051
To Ghent
-Oct. 16-Middieham Castle. 1,188
1. 8
7 12
38
6
To Japan-Oct. 17
-Havana Mara, 75_ Oct. 18
-Glasgow
Maru, 4,945; Montevideo Marti, 261
5,281
To China-Oct. 17
-Havana Marti, 1,100--Oct. 18
-Montevideo Maru, 166
1,220606
To Oslo
-Oct. 20-Yasaholm, 200
To Gothenburg-Oct. 20-Vasaholm, 1,200
1.200
To Copenhagen-Oct. 20-Vasaholm, 950
950
NEW ORLEANS
-To Trieste-Oct. 15
-Ida, 550
To Venice-Oct. 15
-Ida, 1.400
1,4 0
6 0
6
0
To Bremen-Oct. 16
-West Gambo, 4.641;Induna. 7,169:
Heddenheim, 3,712
15.953252
To Rotterdam-Oct. 16
-West Gambo, 935
To Murmansk-Oct. 17
-Marie Leonhardt. 13,320
13.320
To Liverpool
-Oct. 18-Ninian, 5
5
To Havre
-Oct. 16--Tynebridge, 2,191--Oct. 20
-Vermont,
150
2,341
To Hamburg-Oct. 15-Induna, 77_ Oct. 16-Heddenhelm,
195
272
To Warberg-Oct. 16-Heddenheim,50
50
To Gothenburg-Oct. 16-Heddenheim, 350--Oct. 17Svanhild, 150
500
To Genoa-Oct. 18-Cardonia, 4,034
4,034
To Oporto
-Oct. 18
-Cody, 150
150
To Japan-Oct. 16
-Montevideo Maru, 7.693
7,693
To Dunkirk
-Oct. 20-Vermont, 200
200
To Antwerp-Oct. 20
-Vermont, 150
150
To China-Oct. 20
--Liberator, 350
350
To Porto Colombia-Oct. 18-Tela, 100100
To Lapaz-Oct. 18-Tela, 100
100
MOBILE-To Liverpool-Oct. 15-Afoundria. 4.547 --Oct. 16-Magician,3,857: additional 590- 11,830
Ninian, 2,836 __Oct. 17
To Manchester
-Oct. 15-Afoundria, 834 -Oct. 16-Ninian,
250 _Oct. 17
-Magician, 935
2,019
To Havre
-Oct. 17-Loutsiana, 1.854
1,854
To Barcelona-Oct. 17-Sahale, 100
100
-West Hika, 5,839 -Oct. 18-Induna,
To Bremen-Oct. 15
200
6,039
NORFOLK
-To Liverpool-Oct. 18-Bellhaven, 3.142... Oct. 24
-Novian, 2,449
5,591
To Manchester-Oct. 18-Bellhaven,839- -Oct. 24-Novian,
588
11:412567
To China-Oct. 21-Steel Exporter, 1,156
-Glasgow Maru, 1,875
HOUSTON-To Japan-Oct. 16
1,875
To Oporto
-Oct. 23
-Cody, 2.348
2,348
-West Cohas, 4,427.-Oct. 20Liverpool-Oct. 16
5,29
To Planter,
Uyer
9,716
To Manchester-Oct.16
-West Cohas,92_ _ _Oct. 20
-Planter,
817
909
To Dunkirk-Oct.17-Vasaholm, 2,507
2,507
To Malmo
-Oct. 17-Vasaholm, 950
950
To Norrkoping-Oct. 17-Vasaholm,275
275
To Veile--Ort, 17-Vasaholm. 150
150
To Gothenburg
-Oct. 17-Vasaholm, 250
250
To Copenhagen-Oct. 17-Vasaholm, 100
100
To Nykoping-Oct. 17-Vasaholm, 50
50
To Uddevalla-Oct. 17-Vasahohn. 50
50
To Havre
-Oct. 18-Jevington Court, 9,499
To Bremen-Oct. 20
-Rio Panne°, 6,014
691:'014
49
540435
9
To Rotterdam-Oct.20
-Rio Panuco, 540
To Venice-Oct. 20
-Ida, 1,435
To Trieste-Oct. 20
-Ida, 558
558
To Warb Tg-Oct. 17-Vasaholm,225
225
SAVANNAH
-To Japan-Oct. 18--Silversandal. 2.168
2,168
To China-Oct. 18-Silversandal, 3.518
31:45,218
WILMINGTON
-To Bremen-Oct. 18-Wildwood, 1,462
To Genoa-Oct. 23-Montello, 3,252
3.252
1:524200
To Ghent
-Oct.18-Wildwood, 1,400
FINANCIAL CHRONICLE
OCT. 25 1930.1
Bales.
s
-To Liverpool
-Oct. 17
-Laconia,8NEW YORK
40
-New York. 40
To Hamburg-Oct.22
25
To Lisbon-Oct. 17-Augvald.25
200
To Havre-Oct.22-Sarcoxie, 200
23
-Adolph Leonhardt, 23
CHARLESTON-To Havre-Oct. 18
3,300
To Bremen-Oct. 22-Wildwood, 3,300
921
To Ghent-Oct. 18
-Adolph Leonhardt, 921
1110
To Antwerp-Oct. 22-Wildwood, 100
1,321
-Oct. 18
-Adolph Leonhardt, 1,321
'To Hamburg
11
-Adolph Leonhardt, 11
To Rotterdana-Oct. 18
200
PENSACOLA-To Barcelona-Oct. 20-Sahale, 200
1,150
To Liverpool-Oct.21-Auditor, 1,150
50
To Manchester-Oct.21-Auditor,50
BEAUMONT-To Bremen-Oct. 20-Otterpool, 100--_Oct. 23
250
Endicott, 150
1,475
To Barcelona-Oct. 22-Aldecoa, 1.475
.
LOS ANGELES
-To Japan-Oct. 17-Asama Maru, 700; City of
1,200
Roubaix, 500
600
To China-Oct. 17-Asarna Maru,500; City of Roubaix, 100
CORPUS CHRISTI
-To Japan-Oct. 20-Havana Maru, 200;
2,300
Fernbank, 2,100
8,332
To China-Oct. 20
-Havana Maru, 3,752; Fernbank, 4,580
1,364
To Bremen-Oct. 21-Bochenheim, 1,364
TEXAS CITY
-To Liverpool-Oct. 16-Elmsport, 298; Minnie de
804
Larrinaga, 506
To Manchester
-Oct.16-Elmsport, 132; Minnie de Larrinaga,
369
237
SEATTLE
-To Japan-Oct. 13-Africa Maru, 1,000--Oct.142,000
Shidzuoka Marti, 1,000
1:19,892
Total
LIVERPOOL.
-By cable from Liverpool we have the following statement of the week's sales, stocks, ez,c., at that port:
Oct. 10. Oct. 17. Oct. 24.
Oct. 3.
35,000
32,000
30,000
41,000
15.000
11,000
13,000
12,000
1.000
1,000
1,000
1,000
48,000
39,000
41,000
37,000
614,000 594,000 599,000 603,000
211,000 197,000 201,000 207,000
51,000
60,000
21,000
31,000
25,000
32,000
5,000
23,000
168,000 176,000 182,000 213,000
90,000 106,000 122,000 153,000
Sales of the week
Of which American
Sales for export
Forwarded
Total stocks
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Spot.
Monday.
Saturday.
Market, { A fair
12:15
business
P.M.
doing.
M1d.UP1'ds
Sales
Tuesday, Wednesday. Thursday.
Good
Inquiry.
Quiet.
5.79d.
5.75d
6,000
6,000
Quiet.
5.84d.
5.87d.
5,000
5.000
Quiet.
5.92d.
5,000
Friday.
Quiet.
6.008.
4,000
Steady
/Nauru.r St'dy, un- Quiet but Quiet but Quiet but Steady.
Market { ch'ad to 1 st'dy, un- st'dy,2to 3 at'dy, 1 pt.8 to 9 pts. 4 to 5 pts.
opened (Pt.decline. ch'gd to 1 advance. dec. to 1 lit advance, advance.
Pt.advance
Pt. decline
Pt.advance
Steady,
Quiet, Very st'dy, Barely at'y
Market, I Quiet but Quiet but
4
st'dy,2to 3st'dy, 1 to 38 to 9 pPs. 2 to 4 pts. 17 to 19 pts 5 to 7 pts.
decline, advance. advance.
I._ M
fits. adv
fits. adv. advance,
Prices of futures at Liverpool for each day are given below:
Sat.
Oct. 18
to
Oct. 24.
I
Mon. I
Tues. I
Wed.
Thurs. I
Fri.
12.1512.3012.15 4.0012.15 4.0012.15 4.00 12.15 4.0012.15 4.00
m.p. m.P. m.p. m.P. m.P. m.
m.p.
m.p.
p. m p.
New Contract
- d.
October
November
-December
January ()931)
February
March
April
May
June
July
August
September
October
5.
51
d*
5.52
5.59
5.66
5.70
5.77
5.81
5.86
5.89
5.95
5.98
6.00
6.03
5.
d.
5.
5.61
5.68
5.72
5.79
5.83
5.88
5.91
5.96
5.99
6.01
6.
d. I
5.54
5.54
5.61
5.67
5.71
5.78
5.82
5.88
5.91
5.97
6.00
6.02
6.05
d.
5.59
5.59
5.6
5.72
5.76
5.8
5.88
5.93
5.96
6.02
6.05
6.07
6.10
d. I
5.63
5.62
5.69
5.75
5.79
5.86
5.90
5.96
5.99
6.05
6.08
6.10
6.13
d.
5.62
5.63
5.68
5.74
5.78
5.86
5.90
5.96
6.00
6.051
6.081
6.111
6.141
d.
5.59
5.59
5.65
5.71
5.7
5.82
5.86
5.92
5.96
6.01
6.04
6.07
6.11
5.
I
5.67
5.67
5.73
5.78
5.82
5.90
5.94
6.00
6.04
6.09
6.12
6.15
6.18
d. I
5.76
5.77
5.84
5.89
5.93
6.00
6.04
6.10
6.14
6.20
6.23
6.26
6.30
d.
5.80
5.82
5.89
5.94
5.98
6.06
6.10
6.1.,
6.20
6.26
6.29
6.32
6.36
d.
5.83
5.83
5.89
5.94
5.98
6.06
6.10
6.16
6.20
6.26
6.29
6.32
6.36
BREADSTUFFS
_Friday Night, Oct. 24 1930.
Flour was steady but quiet. Export business was slow.
Later flour advanced 10c., but buyers were not Inclined to
follow it. Trade, indeed, was quiet as ever. Exports from
New York on the 18th inst. were only 1,000 barrels, with
none from other ports. The total last week from New York
was 103,000 barrels, against 139,000 in the previous week.
Still later, soft wheat flour was repOrted firm. Some mills
later reported a pretty good home demand. This was more
noticeable at the Northwest. Apparently export trade is
slow. New York cleared, however, 28,873 sacks, of which
21,190 went to Copenhagen, and the rest to other parts of
the world.
Wheat prices advanced with the lack of hedging pressure, firmness for the most part of Liverpool, where stocks
of tenderable wheat are small, and finally unfavorable
weather in the Canadian Northwest. This offset the favorable crop advices from the Southern Hemisphere and the
lack of any large export trade. On the 18th inst., after
Irregular changes up or down, prices ended % to %c. net
higher. Canadian and Argentine prices were up. The
scarcity of contract grades at Liverpool neutralized the
pressure of Russian offerings. Indications were for moderate world's shipments this week. The estimate of
4,470,544,000 bushels for the world's supply for the 1930-31
season leaving an estimated exportable surplus of 1,272,000,000 bushels excited bearish comment. Canada was figured to have an export surplus of 264,000,000 bushels and
Russia 48,000,000 bushels. The world's import requirements
were 752,000,000 bushels, or 58% of the surplus. The South-
2719
ern Hemisphere this year will have a crop of 175,000,000
bushels larger than last year's.
Prices in this market, according to reports from Chicago
on Oct. 18, are 52 to 59c. lower than a year ago. A decline
of more than 50% in wheat prices as compared with last
year is considered by traders as sufficient to discount all
bearish conditions. At the same time confidence has been
undermined owing to severe losses in the last six months.
Winter wheat States have had fair to good rains, in many
sections, and the winter wheat crop has benefited, particularly in the Southwest, where wheat that was up made
fair growth and grain in the ground has germinated. Depression in business the world over, with prices of grains,
foods, and commodities the lowest in recent years, has instilled a certain hesitation among buyers of general merchandise, said Chicago reports. Weakness and declines in
stocks, combined with large supplies of wheat, both present
and prospective, plact1 the market in an unsatisfactory
position, with trading confined mostly to professionals. A
three-day blizzard left one-third of the Saskatchewan and
Alberta wheat crop under the snow unthreshed, and the
situation facing farmers in Western Canada is serious,
according to Georiga P. Williams, President of the United
Farmers of Saskatchewan, who telegraphed to Manitoba
and Alberta farm organization officials to meet in a conference to deal with the crisis.
On the 20th inst. prices advanced 1 to 134c., with the
cables higher, the weather at the Northwest cold, Winnipeg
strong, the technical position in Chicago better, and shorts
covering. Liverpool closed 1% to 1%d. higher on the smallness of the stocks of contract wheat for delivery on future
contracts. The total stock in Liverpool was 2,000,000
bushels against 7,250,000 a year ago. Russian wheat is
not deliverable on Liverpool future contracts. That told.
There were some private reports that Russian wheat was
offered by resellers at a low basis, but apparently the consumption is large, as even with the fairly large world's
shipments of the past few weeks on passage supplies showed
a decrease last week of 1,250,000 bushels, and the total
Is about the same as last year. Reports indicate that tliere
is as much as 100,000,000 bushels of wheat in Northern and
Western Canada unthreshed under snow. The grade, it is
believed, will be reduced. The Canadian country marketings were small, and there was no pressure on the Winnipeg futures in the way of hedges. Receipts at United States
markets were very light, and premiums on cash wheat were
strong. A rise in the stock market helped wheat. The
United States visible supply decreased 1,030,000 bushels
against an increase last year of 229,000. The total visible
supply is now 202,042,000 bushels against 192,000,000 a
year ago.
On the 21st inst. prices declined % to %c., after an early
advance of 1 to 114c. A decline in the stock market largely
/
accounted for the later decline in wheat. Winnipeg was
firmer than Chicago. Export sales were estimated at
1,000,000 to 2,000,000 bushels, apparently 1,000,000 was
nearer the mark. Russian offerings were small to Europe,
and the quality was reported to be poor. In the Unfted
States premiums were firm. The country movement is not
expected to increase. Bradstreet's world's visible supply
increased 9,987,000 bushels for the week against an increase last year of 13,619,000, and the total in sight was
given at 443,030,000 bushels against 461,000,000 a year ago.
The Kansas State report was bearish. It was privately
estimated that the United States now had remaining for
export 188,000,000 bushels out of a probable export surplus
of 248,000,000 bushels, and Canada 240,000,000 out of an
estimated surplus of 320,000,000 bushels.
On the 22nd inst. prices ended 1 to 2c. higher, on a moderate speculation. Wheat showed itself independent of
stocks by advancing in spite of lower prices for stocks.
Western flour mills are said to have done a good business
recently for domestic account, especially at the Northwest.
Chicago stocks fell off 216,000 bushels. Canada, it is said,
has 65,000,000 bushels unthreshed under snow. The fact
that wheat would not follow stocks woke up the shorts.
A Chicago Board of Trade membership sold at $12,750 net
to the buyer. On the 23rd inst., after fluctuations of about
2c., prices ended %c. lower to 1
4c. higher. Eastern interests
were buying freely, and have been for three or four days.
Much of the business was in old December contracts. Liverpool cables were disappointing. Russian shipments for
the week were 5,808,000 bushels. Russia shipped from
Aug. 1 to the present time close to 33,000,000 bushels. Many
look for smaller world's shipments, however, for the present week. Good rains fell in the Southwest. There Was
a report that Secretary Wickersham had recommended that
the Government authorize a 4% alcoholic content in beer,
or other modifications of the Volstead Act, which would
inure to the benefit of the grain trade.
Winnipeg wired on the 23rd inst. that "Out of the Vancouver port there is an increasingly large movement of
grain to the Orient." A wheat pool official statement said:
"With the appreciation of the silver market we were able
to sell China large quantities of wheat; in fact, we sold
over 3,000,000 bushels in September, or more than in all the
preceding 12 months. Arrangements were made to fill an-
2720
FINANCIAL CHRONICLE
other larger order of about 1,000,000 bushels when the silver
market declined, affecting the price to the extent of 7 to Sc.
per bushel. The order had to be cancelled." Copenhagen
cables, Oct. 23, that Russia was offering to Europe, wheat,
oats, and rye at the lowest levels of the season. Chicago
wired: "With 200,000,000 bushels of cash wheat in the
visible supply in this country and a lack of foreign demand
the situation in the wheat market at the present time is
regarded as unusual and suggests to some operators that
higher prices are in order. There is a tendency also to
look for a marked increase in general speculative interest
in grains."
To-day prices closed / lower, with Winnipeg off 1%
1e.
2
to 1%c. The cables were lower than due, the export demand
was poor, the weather in Canada was good, and Argentina
markets were weaker. It is intimated that estimates of
Europe's requirements will have to be raised. Final prices
show an advance for the week of 23 to Sc.
[you
131.
DAILY CLOSING PRIOR OF OATS IN NEW YORK.
Sat. Mom Tues. Wed. Thurs. Fri.
No.2 white
47
47
47
473.4 4754 4735
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
December
361 36R 361 37q 3611 36$
March
38
38
38
38
39
38
May
39
39
39
39
40
39
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3154$
33
34
33
35R 3411 32
December
3I
31 H 32
32
32
31
May
34
3534 3634 35H 36
36
Rye has reflected to some extent the firmness of wheat,
but not very markedly so because trading has been light.
On the 18th inst. prices ended unchanged to %c. higher.
At one time on that day there were % to %c. higher. On
the 20th inst. prices advanced 154 to 1%c., in company with
wheat. The United States visible supply increased last
week 4,000 bushels against 314,000 in the same week last
year; the total is now 16,544,000 bushels against 10,548,000
a year ago. On the 21st inst. prices declined % to %c.,
DAILY CLOSING PRICESh::ilt?
F
with wheat off. On the 22nd inst prices advanced 1 to
Tees.
No. 2 hard
/
88H
so3 91,‘
913 9034 124c. in answer to the higher quotations for wheat and
ut
r
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO. some covering of shorts. On the 23rd inst. prices ended
Sat. Man. Tees. Wed. Thurs. Fri.
%c. lower to 14c. higher, taking its irregularity partly from
/
December
7754 7954 79
801 80H 79
1 the initiative of wheat. To-day
prices closed % to lc. lower,
March
81
83
81
82K 84
83
83
with very little business and the market a mere echo for the
84
85
8434 85
86
Ma
l
DAILY CLOSING PRICES OF WHEAT FUTURES IN WINNIPEG. most part of wheat. Final prices show a rise for the week
Sat. Mon. Tees. Wed. Thurs. Fri.
of % to 1%c.
October
73g 72g
70H 72}1 72R 74
December
May
72
77H
73
79
73
79
75
81
74
80
73H
79
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
48
4954 49
5214
525.4 53
5354 54
5434
December
March
May
IN CHICAGO.
Wed. Thurs. Fri.
4911
49H
53
53
53
55
555-4 54.14
Indian corn has been largely under the influence of
wheat. Moreover, the husking returns continue to be poor
Closing quotations were as follows:
and recent liquidation has given the technical position a
better appearance. On the 18th inst. prices closed 34c.
/
GRAIN.
Oats. New York
lower to %c. higher, after irregular fluctuations governed Wheat. New YorkNo.2 red,f.o.b., sew
4
No. 2 white
1.01 V
4734
largely by those for wheat. According to reports from
No.2 hard winter,f.o.b____ 9034
No.3 white
45
Rye
-No.2 f.o.b New York
Chicago on the 18th inst. corn was 1414 to 18c. lower than a
/
49%
Chicago, No 2
54
year ago. Husking returns over a large portion of the Corn, New York-rail
No.2 yellow, all
995.4 Barley.
No.3 yellow all rail
9834
corn belt are disappointing, with yields ranging from 25
No.2 c.i.f. New York,dom. 63
Chicago. cash
46(866
to 45 bushels on the acre. The quality was fair to good,
FLOUR.
but the ears are irregular.
Spring pat. high
Rye flour, patents „....$4 00(854.40
/
On the 20th inst. prices advanced 112 to 214c. on cover- Spring patents protein.$5.10(455 45 Seminola, No. 2, med_ 2%ft 3c
4.80(8 500
4 50i 4.70 Oats goods
ing of shorts in response to the rise in wheat. The weather Clears,first spring
2:25150,2.30
Soft
20
2.60142.65
was very favorable for husking, but country offerings of Hardwinter straights-- 4 50 4 60 Corn flour winter straights-- 4
4.75 Barley goods
cash corn were small and at prices much above the market. Hard winter patents- -_ 4 75(8 5 10 Coarse
3.25
Hard
Fancy pearl. Nos. 1,
420(4 4.50
Outside points were overbidding Chicago. Receipts were Fancywinter clears
Minn. patents- _ 615(8 6.65
2.3 and 4
6.15@ 6.50
small, and while the cash basis at times was a little lower City mills
640(8 7.10
For other tables usually given here. see page 2647.
arrivals were well taken. The United States visible supply
Increased 43,000 bushels and is now 4,612,000 bushels against
WEATHER REPORT FOR THE WEEK ENDED
3,894,000 a year ago. On the 21st inst. prices declined 1 to OCT. 15.
-The general summary of the weather bulletin
12 net, with wheat lower. Early in the day there was an issued by the Department of Agriculture, indicating the in/
1c.
advance of % to 114c. The cash demand was good. The fluence of the weather for the week ended Oct. 22, follows:
Warm weather prevailed over the Central and Eastern portions of the
receipts were small. Husking returns are mostly bad or
week, but at the same
lower
disappointing. Later came a decline in futures, with little country at the beginning of the far Northwest, with thetime much an extemperatures had overspread the
advent of
tensive high pressure area from the western Canadian Provinces. The
buying except by local traders.
cool weather advanced southeastward, as the week progressed, and reached
On the 22nd inst. prices advanced 1% to 2 c., with the Atlantic coast toward its close, bringing frost and freezing temperatures
/
1
2
local bulls buying freely. Outsiders bought to some extent. well to the South-Central portions of the country.
Chart 1 shows that
a
Bad husking returns are still part of the daily news. Most slightly above normal the temperature, for the week asthewhole, averaged
farSouthwest,
in most Atlantic districts and
of the receipts were new corn, and the industries were less and moderately subnormal in the Southern States. From the Ohio and
central Mississippi Valleys norwestward. however, the week was decidedly
buyers. The market acted short. On the 23rd inst. prices cold, with some unusually low temperatures prevailing; several stations
ended % to / lower for both contracts on moderate trad- reported the lowest of record for so early in the season. The greatest
1c.
2
minus departures
northing. Country offerings to arrive were not large, but con- ern Missouri, andof temporatures from normal occurred from Iowa,weekly
Kansas northwestward to Montana, where the
signments increased a little. Shipping demand fell off. means showed deficiencies ranging from 12 deg. to as much as 22 deg. The
of freezing weather, as reported
About 50% of the receipts was new corn. Outside buying lineChart 1, extended as far south from first-order stations, and indicated
on
as western North Carolina, Southern
power was lacking, and bad husking returns were ignored. Kentucky, south-central Missouri, and southeastern Kansas, but callciding, approximately, with
limit of the normal killing frost
To-day prices declined % to lc., in sympathy with wheat line at this date. The lowestthe southern reported from first-order stations
temperature
and because of general liquidation. One factor against was 10 deg. above zero at several points in the far Northwest.
Chart 2
widely distributed during
futures was the weakness in cash corn. It was dull. The the week, shows that precipitation was ratherin character. There were
but was mostly light to moderate
2c. lower. On the other hand, country some heavy falls in places largely In the form of snow, in the interior
basis was about Y
of the
Lake region, and some local areas of the
offerings were not large despite the favorable weather. The InteriorNortheast, parta of the the weekly amounts were mostly less than
valleys, but otherwise
half
inch. A considerable area of the Southeast and most sections
cash trade may largely govern the course of prices for west an the
of
Rocky Mountains had practically no rain.
futures. Final prices show a rise for the week of 1 to 1%c.
The abnormally cold weather, with hard freezes in much of the North,
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sal. Man. Tees. Wed. Thurs. Fri.
10034 10051 9934 10134 9934 9934
No.2 YelloW
DAILY. CLOSING PRICES OF CORN. FUTURES IN CHICAGO.
Sat. 11 r(m. Tues. Wed. Thurs. Fri.
,
7754 7854
79q 78
78
December
78
80
79
81
80
791
March
82
84
83
May
8234
815.4 83
Oats were not freely offered and have shown little change
for the week. But the undertone was very steady. On the
4c. lower, with corn
18th inst. prices ended unchanged to 1
weaker. At one time on that day they were % to
/
1
4c. higher on December. At another they were 14 to
%c. lower. No interesting features developed. On the
20th inst. prices advanced % to %c., with other grain
-especially corn. The United States visible supply increased last week 588.000 bushels against 1,467,000 last year.
The total is now 31,612,000 bushels against 29,890,000 a
year ago. On the 21st inst. prices declined % to %c.,
with corn lower and more or less 1:quidation. On the 22nd
inst. prices advanced % to %c., in response to higher prices
for other grain. On the 23rd inst. prices .nded % to %c.
lower, in sympathy with other grain. To-day prices ended
34c. lower, with corn depressed. Yet country offerings
/
were small, the cash demand pretty good. and the undertone
was steady. That fact was the case in all grain. Final
prices were unchanged to 1
4c. higher for the week.
did more or less damage to late gardens and truck over the Northern half
of the country, but staple crops were generally matured and out of danger.
Considerable loss of undug potatoes was reported from the northern Great
Plains, as well as some damage to apples in the upper Mississippi Valley.
Light frost occurred as far south as the central portions of the east Gulf
States, but in these more Southern districts there was no damage of consequence. Plowing was effectively stopped by frozen ground in northcentral sections. while wintry weather was unfavorable for outside work
in the interior of the Northeast; otherwise, seasonal farm operations made
fairly good progress.
In the still dry Eastern States generous rains largely relieved conditions
in New Jersey and southeastern Pennsylvania, while beneficial amounts
were helpful in New York and New England, with moderate falls in parts
of Virginia and eastern Northern Carolina. In general, however, drouthY
conditions continue over the middle Atlantic area and more rain is needed
in the Northeast. In the Ohio Valley showers were helpful in maintaining surface moisture for fall grain crops, but in the absence of heavy rains
and a supply of subsoil moisture, water Mr livestock and domestic purposes
is still scarce, and is a serious problem In many places, especially in parts
of Kentucky and Ohio. In the trans-Mississippi States and from the
Rocky Mountains westward, the weather continued generally favorable,
though more moisture is needed in the Pacific Northwest for plowing and
for pastures. Fall grazing conditions continue to improve in the SouthCentral portions of the country.
SMALL GRAINS.
-Dryness persists in the Middle Atlantic States, with
some winter grains seeded and up to fair to good stands, but over the greater
Part of this area rains are needed for germination. Moisture conditions
are still unsatisfactory in Kentucky, but throughout the remainder of the
Winter Wheat Belt the crop Is in mostly good to excellent shape. Seeding
late grains was somewhat delayed in Texas, but growth of those already
sown is very good: sowing continues in Oklahoma, with progress and
condition of the early crop good to excellent. In Kansas winter wheat is
mostly in very good to excellent condition, with sufficient soil moisture to
carry the crop well into the winter. Low temperatures stopped plowing
in the Northwest.
CORN AND COTTON.
-High winds blew down considerable corn in
Iowa.and there wassome delay to husking by unfavorable weather in much of
the western Corn Belt but the freezes were generally beneficial. The
first general freeze of the season occurred over the Corn Belt States but
P
OCT. 25 1930.]
FINANCIAL CHRONICLE
2721
chances in anticipating what will prove consistently salable
to the public.
DOMESTIC COTTON GOODS.—Broad and fairly heavy
buying in the gray goods markets, centering in print cloths,
late last week, sufficed to make the volume for the whole
of seven days considerably in excess of production, according
The Weather Bureau furnishes the following resume
to estimates current in the trade. In the interim the market
the conditions in the different States:
heavy. has quieted, and a tendency to quote on a slightly easier
Nora' Carolina.—Raleigh: Rather warm, with rainfall light to
Freezing in mountain basis has been noted in some quarters during the current
at begtiming of week; fair and colder latter part.
Some inregion at close of week, but little damage as crops matured.
week. However, in the large majority of cases mills refused
to cotton picking, but bulk of crop gathered in South.
terruption
Practically rainless; week-end cold, with to make concessions, and tentative advances on narrow
South CaroHna.—Columbia:
some early-planted
light frosts in interior. Oat sowing continues and harvest continued. sheetings and 80x80's constructions of gray goods were
germinating: wheat and rye sowing begun. Corn picked and ginned
features of what may be termed a generally firm market.
oNei
grnVi rs needed to facilitate Fall plowing. Cotton being
rapidly.
, drills, and a variety of fine goods and rayonDry weather; moderately cold last half, with first Broadcloths
Georgia.—Atlanta:
considerable
Week very favorlight frost as far South as Macon, but without damage. cotton continues, cotton mixtures were reported to be drawing
able for harvesting operations. Picking and ginning
quarters an encouraging volume of
expected over northern division. Rice har- inquiry, and in some
with condition better than
continue.
in the past two
vest begun and grinding sugar cane and seeding winter cereals lower east orders. While such goods were less active
Florida.—Jacksonville: Showers in south-central and rain onin extreme or three days recent sales of staples such as lawns and
but some lowlands
coast and in South beneficial for truck,
nights other sheers, and also in combed broadcloths, with priceSouth too wet; rain needed generally over rest of section. Cool
favorable for truck and improved citrus fruits.
instances, have been
cool thereafter. Light frost advances registered in a number of
Alabama.—Montgomery: Warm first part;
considered safe
while
locally in central and north. Corn mostly matured and some localities. In increased volume. Meanwhile the price situation,
locally. Sowing oats in
source of
from frost; harvesting progressing
excellent progress; picking preserving its improved undertone, continues a
Cotton opening rapidly and picking and ginningCentral and well advanced
dissatisfaction, and the fine goods division as a whole
practically finishkel in many areas of South and
In extreme North.
by cool appears to be definitely committed to the continuance of
Mississippi.—Vicksburg: Generally light showers, followed
and Central; no curtailment. Much hope is entertained for the success of
nights with light frost on scattered lowlands of North
in housing
damage. Fair progress in picking and ginning cotton. Progress
the new plan for permanent regulation of production to
corn generally poor.
Mostly dry, except light showers, favored actual demand, which, with the mooted "General Ootton
Loutriana.—New Orleans:
fair to good progathering cotton, corn, and potatoes and threshing rice;
cane; cutting Corp.," designed to consolidate the position of the weaker
gress. Coolness after Thursday favored ripening of sugar
of the industry through processes of mergers or
and grinding beginning in several localities.
cold, with frequent units
Texas.—Houston: Week opened warm, but closed Fall truck, and late liquidation on a constructive basis, is now getting under
of pastures. Winter grains,
rain In interior. Progress
somewhat delayed
minor crops continued very good. Sowing late grains of week; more dry way. A general expansion of buying interest in heavier
latter half
by rain in North. Rice threshing resumedof cotton picking and ginning goods is one of the most encouraging features of recent
Progress
weather needed for this work.
crop; now largely developments. During the past fortnight a measurably inonly fair accoant of rain, which slightly damaged open
scrapping, except in Northwest; top crop unimportant.
part of week cold, with frost, but creased movement of some constructions has been proceedOklahoma.—Oklahoma City: Latter
in East. Picking ing, with tire-fabrics, ducks and blankets among these.
no damage; light to moderate rain in West, but none
portion by armn
and ginning cotton delayed and staple damaged in West
light top crop. Harvesting Sales of the latter have been accelerated by colder weather.
and wet fields, but good progress in East;
-planted Winter
corn nearing completion. Progress and condition of early good stands; Print cloths 27-inch 64x60's constructions are quoted at
to
wheat very good to excellent; late-planted coming up
1c. Gray goods 39-inch
/
-inch 64x60's at 42
/
414c., and 28
still planting.
-inch
Arkansas.—Uttle Rock: Cotton picking and ginning delayed by rains 68x72's construction are quoted at 6%c., and 39
frost in North, latter portion. Rice harvest
first of week. Colder, with
completed, except in North; threshing progressing. Weather very favor- 80x80's at Sc.
able for wheat, oats, meadows, pastures, and hardy Fall truck. farm work:
WOOLEN GOODS.—A pronounced and sudden drop in
Tennesser.—Nashville: Week favorable for seeding and
much land prepared for Winter wheat. Winter oats above ground in some temperatures in various sections of the country resulted
Early corn about dried, while much late safe from frosts. Picking
sections.
in a sharp revival of demand for overcoatings, and, accordand ginning cotton progressing rapidly.
Ohto.—Columbus: Warm first part; unseasonably cold latter part, ing to reports, efforts on the part of buyers to get their
frost generally, but damage very slight. Germinawith heavy to killing
tion and growth of Vinter wheat generally satisfactory. Corn husking orders filled at concessions met with little success. While
progressing rapidly.
substantial proportion of the new
Indiana.—Indianapolis: Warm at beginning; killing frosts and freez- top-coats constituted a
ing temperatures general at close. Wheat continues good progress: mostly business, it is thought that, with winter in the immediate
to good stands and some covering ground; sowing practically finished.
up
offing, total volume is unlikely to be as large as was previ.
Tomatoes have made unusually god crop.
ht to moderately heavy rainfall; turn- ously hoped, owing to the probability that consumers in
illirwis.—Springfield: Very
daily frosts, killing n North and Central and parts of South.
ing cold, with
directions will tend to dispense with the lighter outerCorn all safe; husking delayed by rain, but now general. Winter wheat many
covering and use one coat for the remander of the cold
good fermination and stand.
wet until 16th; first general freeze on
Iowa—Des Moines: Warm and
Heavy buying of part and all-wool blankets was
stations in
17th and daily thereafter. Low record for season equaled at ruined and weather.
Truck crops
Northeast. Ground frozen as much as 4 inches.husking, potato digging, also in evidence as a result of the same stimulant. Prof*.
Corn
apples on trees damaged considerably.
R
corn picking. - ains pects in this connection for the next two months are for
and beet lifting made fair progress; cold wave will aid
substantially greater than that experihelped plowing.
moderate rains and business on a scale
Missouri.—Columbia: Mostly cloudy and cold; freeze on 20th, ex- enced in corresponding periods of previous recent years.
flurries. First killing frost on Dith, with
some snow
amount of sorghums Meanwhile activity lb woolens and worsteds generally recept in extreme Southeast. Late gardens and small
only damage. Wheat making fine growth, with ample moisture. Much mains rather slow, particularly in the men's wear division,
cribbed.
corn in shock; little
temperatures
Kansas.—Topeka: Week cold, with slightly below freezingSouth-Central where fall suitings are being sold only in small quantities.
except some
on one or two nights in almost every part, Northern half. Corn prac- A brisk call for women's worsted dress goods is the brightest
Killing frosts in
and Southeastern counties.
be in
tically all matured before frost; cribbing delayed, but expected to wheat spot in the market, though rather more business is now
Winter
full swing within a week or two if conditions improve.soil moisture to being placed on both men's and women's wear for the spring
all sown; sufficient
very good to excellent; practically
carry crop well into Winter.
season. Buyers remain generally very cautious, awaiting
Nebraska.—Lincoln: Light rain in East; moderate rain and snow In
beWest.
West; several nights freezing, with slight damage to potatoes in wheat developments on which to base anticipations for spring
Corn benefited; husking begun. Progress and condition of Winter
fore committing themselves to generous orders. The Wool
way good.
Institute's monthly figures gave further proof of the maintenance of a constructive statistical position in the trade.
September production in all departments taken together
THE DRY GOODS TRADE
proved to have been some 10% below that of August, while
Oct. 24 1930.
New York, Friday Night,
surplus stocks were reduced nearly 17%. It is estimated
The rather sudden appearance of weather of a distinctly that scarcely 30 days' supply of goods is on hand in mills
colder turn over wide areas, with the snow and ice of actual in both men's and women's wear divisions.
winter in evidence in some parts of the country, was reFOREIGN DRY GOODS.—With a considerable accumuflected in an immediate stimulation of retail sales in most
quarters. With several weeks still remaining before the lation of household lines being carried in linen markets,
unsatisadvent of the holiday season, it is considered probable by for which demand over the past few weeks has been
reducmany factors that business will be maintained in its pres- factory, sellers have lately made substantial price
reent expanded volume during that time, and thus result tions in an effort to move the surpluses. Accordingly,
themselves
in a satisfactory total for the remainder of the year. The tailers who have had the confidence to commit
effects of such an improvement in retail business during for large orders have been able to fill their shelves at
curthe next few months, in cleaning out supplies of fall and prices ranging between 25 and 50% lower than those
winter goods, is most emphasized in its prospective influ- rent last year, the new levels being considerably below
inquiry
ence on the sentiment of buyers, who might be expected to production costs. While an encouraging volume of
display much more confidence in ordering for the spring, is being received for dress linens, in solid shades, as well
is now
with a good fall season behind them. Reports from some as the anticipated interest in men's suitings which
centers, notably Chicago, show that retailers' persistent being manifested, actual business has not yet approxiadherance to a policy of holding only the smallest possible mated the volume hoped for in many quarters. However,
inventories in hand has left them at a disadvantage in prices are very steady, and there is a growing tendency, it
dealing with a sudden sharp upturn in public buying. They Is reported, to anticipate requirements, traceable to the
as occurred last July when
are experiencing considerable difficulty in securing prompt desire to avoid shortages such
shipment of adequate supplies of merchandise which they a suddenly developing consumer-demand found retailers
stocks. A brisk demand for theatrical
now need badly. One of the outstanding characteristics without sufficient
perhaps the most favorable feature
of current textile business is the distinct preference, and gauze for draperies is Burlaps declined during the week,
in some cases the almost exclusive demand, for standard of current business.
at Calcutta, where heavy accumulines. They are what the public are asking for, and con- reflecting a weak market
exercis;ng a depressing influence.
stitute, at the same time, the "surest bets" for retailers lations of stocks are
are quoted at 4.20c., and heavies at 5.30c.
who are under greater necessity than ever to avoid taking Light weights
Husking made
did practically no damage, as the crop had matured.
good progress in the Ohio Valley.
rains In the
Cotton picking was delayed somewhat by rather frequent Oklahoma,
and western
western portion of the belt, especially in Texas and picking and ginning
but, otherwise, the week was mostly favorable
fast in the northmade good progress. Late bolls are reported as opening than expected in
better
ern portion of the eastern belt, with condition
northern Georgia.
2722
FINANCIAL CHRONICLE
ffitatt and. Txtg pepartuunt
NEWS ITEMS
18L
Reasons for Appeal.
The trial court denied the present appellant's motions for temperery
injunctions and sustained present appellees' demurrers to the bills of
complaint. The bills were dismissed by the Court for
want of equity and
appeals to the Supreme Court were prayed and allowed because
they directly involved,appellant's briefsets forth,
of the statutes purporting to authorize the the validity and constitutionality
several bond issues sought to be
enjoined.
Appellant alleges that she is an owner of property in the City of
Chicago
and subject to taxes levied thereon.
The bills of complaint refer to Acts of the Special Session of the
General Assembly in 1930, authorizing the bond issue. Appellant's 56th
brief
sets forth that these three acts of the Legislature are
unconstitutional.
inoperative and void for the following reasons:
(1) The acts of the Legislature purporting to authorize these
working
cash fund bond issues are unconstitutional as being
lation under Section 22 of Article IV of our Statelocal and special legisConstitution
relating to school districts also violates Section 1 of Article VIII; the act
(2) All ofsaid acts violate Section 2 of Article II of the
requiring all funds raised by taxes to be expended for State Constitution
a public
Section 9 of Article IX requiring such moneys to be expended for a purpose.
corporate
purpose, and Section 1, Article IX, requiring all taxes to be "needful";
(3) All of said acts are inoperative and void for uncertainty as to the
total amount which may be accumulated in said working cash funds;
(4) Section 1344 of the school act is inoperative and void for uncertainty
In that it is impossible to determine whether the bonds provided for are
to be obligations of the City of Chicago or of the Board of Education of the
City of Chicago.
Colorado County (P. 0. Columbus), Tex.—Injunction
Granted Against Sale of Bonds.—Acting on a petition presented by local taxpayers, District Judge Lester Holt recently
handed down a temporary injunction restraining the county
officials from issuing or selling any of the $425,000 bonds
voted on Nov. 9 1929 in Road District No. 3—V. 129,
p. 3198—according to a special dispatch from Columbus
to the Houston "Post" of Oct. 17. A total of $725,000
bonds was voted at that time, the Road District approving
$425,000 for roads and the County favored the issuance of
$300,000 for bridges. It was reported that the District
had sold their 5% road bonds on April 15 1930 to Garrett &
Co. of Dallas, but no further information was available—
V. 130, p. 3032. Judge Holt set Oct. 21 as the date on
which a hearing would be held in Columbus when the petitioners present their application for a permanent injunction
Massachusetts.—Additions
against the bonds on the ground that the County Com- The following were added to to List of Legal Investments.—
missioners had needlessly excluded from the District allot- ered legal for savings banks the list of investments considand trust funds in a bulletin
ment the $75,000 bridge bond issue.
issued by Roy A. Hovey, State Bank Commissioner, under
Florida.—Supreme Court Orders Two Cities to Meet Obliga- date of Oct. 18:
Public Funds:
tions.—On Oct. 14 the State Supreme Court issued peremp- Montgomery, Alabama.
tory writs of mandamus directing the cities of West Palm
Springfield, Illinois.
Public Utility Bonds:
Beach and Hastings to levy sufficient taxes in the fiscal year Naragansett Electric Co..
1st mtge.
which began on Oct. 1 to meet the millions in bond obliga- New Jersey Power & Light Co. 1st 5s, 1957. 1960.
mtge. 4Hs,
tions maturing throughout the fiscal year. This action was Pacific Gas & Electric Co., Series F, 1st & ref. mtge. 4s,1960.
•
the result of suits instituted by the attorneys for numerous
Missouri.—Governor Suspends State Treasurer.—On Oct.
bondholders on Sept. 2 against West Palm Beach, Sanford 14 Governor Henry S.
Caulfield suspended from office
and Sarasota County (V. 131, p. 1591). The Court tem- Larry Brunk, State
Treasurer,
porarily disposed of the Sarasota County suit on the same him of alleged irregularities upon charges brought against
disclosed by auditors employed
day by granting the writs of mandamus as petitioned. The in investigating the affairs of
ease of the City of Sanford was not acted on by the Court. depository, which failed somethe Bank of Aurora, a State
time ago. Governor Caul- ,
The "United States Daily" of Oct. 16 in reporting the de- field named S. L. Cantley,
present State Finance Commiscisions said:
sioner, to act as State Treasurer until proceedings in the
The cities of West Palm Beach and Hastings were ordered to meet
bonded indebtedness falling due during the current fiscal year in peremptory Supreme Court are concluded regarding the status of Mr.
writs of mandamus issued Oct. 14 by the Supreme Court of Florida on Brunk.
petition of bondholders. A similar petition directed at the City of Sanford
was not acted on by the Court.
New York City.—United States Supreme Court Terminates
"Both municipalities were ordered to revise their budgets and levy
sufficient taxes during the coming fiscal year, which began Oct. 1, to meet Litigation Over Multiple Dwelling Law.—By refusing to review
their bonded obligations. The West Palm Beach indebtedness for the the unanimous decision handed down by the
Court of Appeals
year is said to be $4,356,526, in the petition, while the amount owed by at
Albany on June 3 upholding Section 300 of the multiple
Hastings is not stated.
The Supreme Court also refused to quash similar action against Sarasota dwelling law in the case of Oscar Goldschlag against William
County, in which 10 cases have been brought by bondholders bolding
$472,000 worth of bonds. Sarasota County Commissioners, however, F. Deegan, Tenement House Commissioner—V. 130, p. 4095
were given 10 days in which to file answers to the petitions for alternative —the United States Supreme Court recently brought to a
writs of mandamus already granted by the Supreme Court.
"When the cases were orally argued before the Supreme Court, the conclusion the litigation which had long been in progress—
City of West Palm Beach claimed it had made every effort to meet the V. 128, p. 4355—according to a statement made on Oct. 21
obligation, but that the inability to ;pay was brought about by causes by Harold Riegelman,.
Special Assistant Attorney General,
beyond control of the officials. Bondholders brought out that the total
city indebtedness was $17,000,000 and only $296,000 had been budgeted to who represented New York State in the disputes over the
meet the debt."
dwelling law. The New York "Times" of Oct. 22 carried
the following on the action.
Georgia.—Amendment of Income Tax to Be Voted Upon.—
"The United States
has refused to
of
Thirteen constitutional amendments will be up for public the Court of Appeals Supreme Court sustaining the review the action of
of New York
constitutionality
Section 300 of the multiple dwelling law, according to an announcement
approval at the November election, 12 of which deal with
here yesterday by Harold Riegelman, Special Assistant Attorney General.
matters of local importance, the only proposed amendment who represented the State in all cases involving the housing statute. The
Court of Appeals was upheld through denial by the highest court of a writ
of outside significance being one relating to the modification of
certiorari
of the present income tax, the reduction of ad valorem taxes, Commissionerin the case of Oscar Goldschlag against Tenement House
Deegan.
"Mr. Riegelman said the decision terminated the last of a series of
and the granting of such exemptions as the General Assembly
unsuccessful attacks upon the multiple dwelling law.
shall deem proper. Although all the proposed constitutional
"Last June,in a unanimous decision, the Court of Appeals upheld Section
amendments were approved by the 1929 Legislature, Gover- 300 of the law which requires that plans for alterations of dwellings involving
or more must be filed
nor Hardeman is said to have pointed out that if the above expenditures of $10,000 a registered architect. with the city authorities
by either the owner or
Goldschlag
tax amendment is approved by the people such a tax cannot tempted to upset the constitutionality of the law onMr. ground that had atthe
Section
300 constituted an invasion of his
be levied without a special legislative enactment fixing the in violation of the 'due process' rights, as it deprived him of his livelihood
principle.
rate and designating the exemptions mentioned above. It
"The Supreme Court's decision also ends the long struggle between
was explained that if this amendment is adopted the new engineering and architectural societies over this section of the law. Engineering societies had contended, as in the case of
income tax would replace the present one, which became the law endangered their livelihood as engineers." Mr. Goldschlag, that
effective on Oct. 1 1929, and which amounts to one-third of
New York City.—Revised Budget for 1931 Totaling 8621,the Federal tax. The text of the amendment reads as follows:
108,709.87 Received by Board of Estimate.—On Oct. 20
General Assembly shall also have authority to levy taxes upon in
The
comes for State purposes only, which tax may be graduated, the rate in no Budget Director Charles L. Kohler sent to the Board of
case to exceed 5%, and to provide further for such exemptions as may Estimate and Apportionment the revised report
of the 1931
appear to the General Assembly to be reasonable.
The ad valorem tax for State purposes on all classes of property shall budget, which now calls for expenditures of $621,108,709.87,
not exceed 4 mills for the first year an income tax is collected, and shall not or a further increase of $5,239,671.57 over the tentative
exceed 3 mills for the second year an income tax is collected, and shall not
exceed 2 mills for any subsequent year thereafter that an income tax is figure of $615,869,038.30, unanimously adopted by the
collected; except that the State s right to levy ad valorem tax for the purpose Board on Oct. 10—V. 131, p. 2563. The present total is
of paying the int. and prin. of the present outstanding, recognized, valid 851,338,881.54 higher than that for
the current year and is
and legal bonded indebtedness of the State shall not be hereby abridged.
The Stato's right to tax persons and subjects of taxation in case of war, the largest budget in the history of the city. This proposed
invasion, insurrection, and to defend the State in time of war, shall remain figure for 1931 entails a basic tax rate of about
$2.67 for
unlimited."
each $100 of assessed valuation, should the budget not be
Illinois.—Suit Brought in State Supreme Court to Enjoin amended, which is an increase of 14 cents over the present
Sale of Chicago Relief Bonds.—The Supreme Court of Illinois rate. These figures do not include the cost of local improvehas recently taken under advisement a consolidated equity ment, assessed variously in the five boroughs. An increase
suit brought on appeal by a property owner of Chicago of $1,000,000 over the tentative budget was included to
attacking the validity of some of the legislative acts passed relieve unemployment, the money to be expended by the
at the special session last June—V. 131, p. 145—which heads of city departments for emergency employees on
authorized the issuance of financial relief bonds by the City projects which would not otherwise be undertaken. Nothing
of Chicago, Cook County, and the City Board of Education can be added to the budget as it now stands, which must
on the ground that the enabling acts in question are uncon- be completed by Oct. 31, but it can be cut by the Board of
stitutional. A Springfield dispatch to the "United States Aldermen in the interim if they so choose, precedent showing
that this is seldom done. Hearings were again held on the
Daily" of Oct. 23 reported as follows.
maximum figures for 1931 on Oct. 22 and 23, at which heated
Oral argument has been presented to the Supreme Court of Illinois in the
Consolidated case of Erminnie C. Mathews, appellant, v. the City of protests against the tremendous total were registered by
Chicago, the County of Cook, and the Board of Education of the City of various civic associations without
avail.
Chicago, asking the court to enjoin the issuance and sale of certain bonds,
the proceeds of whch are to be used for creating three so-called "working
cash funds" by the three Government units. The Court took the case
under advisement.
The equity suits were originally brought as three separate actions but
a motion to consolidate was granted by the Supreme Cohrt Oct. 9. Each
case presents an issue of law only, according to the brief, as to the validity
of the Legislative Act authorizing the issuance of the bonds.
BOND PROPOSALS AND NEGOTIATIONS.
ADAMS COUNTY SCHOOL DISTRICT NO. 33 (P. 0. Brighton),
Colo.—PRE-ELECTION SALE.—A $12,000 issue of 5% refundingibonds
is reported to have been purchasedAby Peck, Brown & Co. of Denver.
OcT. 25 1930.]
FINANCIAL CHRONICLE
2723
Each Issue is dated Nov. 1 1930. Principal and semi-annual interest
subject to an election to be held in December. Dated April 1 1931. Due ' (April and October) are payable at the County Treasurer's office. Bids
nfrom 1 to 12 years.
for the bonds to bear interest at a rate other than 5% will also be considered;
-E. C. Galle- provided, however, that where a fractional rate is bid such fraction shall
-BOND OFFERING.
AKRON, Summit County., Ohio.
her, Director of Finance, will receive sealed bids until 12 m. on Nov. 10 be j4 of 1% or a multiple thereof. A certified check in the sum of $500
for the purchase of $500.000 5% water works improvement bonds. Dated for each issue, payable to the order of the Board of County Commissioners,
Nov. 11930. Denom. $1,000. Due $20,000 on Oct. 1 from 1932 to 1956. must accompany each proposal. Legal opinion must be furnished by the
Incl. Bids for the bonds to bear interest at a rate other than 5% will also purchaser.
Financial Statement.
be considered, provided, however, that where a fractional rate is bid such
8146.000,000
fraction shall be % of 1% or a multiple thereof. Principal and semi-annual True valuation, approximate
140,000,000
Interest (A. & 0.) are payable at the Chase National Bank, New York Assessed valuation
49,520
City. These bonds are part of an authorized issue of $6,000,000 voted Current issues
at the general election on Nov. 6 1928. Bonds will be furnished by the Total bonded debt, including township's portion and general
2.435.715
assessments, bonds now offered Included
City. 131ds must be for "all or none"; no formal bidding blank required.
5.000
A certified check for 2% of the amount bid for, payable to the order of Sinking fund
Population. 68,000. Tax rate, 5.282 mills.
the Director of Finance, must accompany each proposal. Bids to be made
subject to approval of bonds by purchaser's attorney, such opinion to be
-PROPOSED BOND OFFERING.
paid for by the purchaser.
AUBURN, Cayuga County, N. Y.
$700,000
of an issue
-The following issues The city council is considering the offering shortly in 1950. of
-BOND SALE.
AKRON,Summit County, Ohio.
% coupon school improvement bonds, to mature
Oct. 20
of coupon or registered bonds aggregating $331,000 offered on
V. 131, p. 2253-were awarded as 4
to M. M.Freeman & Co., Inc., of
-The $23,350
-BOND SALE.
AURORA, Portage County, Ohio.
New York, at a price of 100.958, a basis of about 4.15%:
Oct. 1 from coupon special assessment street impt. bonds offered on Oct. 13-V. 131,
$150,000 street widening and extension bonds. Due $6,000 on
-were awarded as 431s to the Well, Roth & Irving Co. of Cincin1932 to 1956 incl. The bonds are part of an issue of $2,140,000 p. 2094
nati, at par plus a premium of $50, equal to 100.21. a basis of about 4.70%.
voted at the general election in November 1926.
$2,000 in
140,000 impt. bonds. Due on Oct. 1 as follows: $5,000 from 1932 to 1941 Dated July 1 1930. Due on Sept. 1 as follows: $2,500 in 1931;
82.500
$2,000 in
incl., and $6,000 from 1942 to 1956 incl. Approved at the 1932; 82.500 in 1933: 82.000 in 1934; 12.500 in 1935; in 1940. 1936;for the
Bids
in 1937; $2,000 in 1938; 82,500 in 1939, and $2.850
general election held in Nov. 1928.
were as follows:
35.000 street widening bonds. Due on Oct. 1 as follows: $3,000 from Issue
Int. Rate. Premium.
Bidder1932 to 1936 incl., and $4,000 from 1937 to 1941 incl.
$50.00
%
6,000 impt. bonds. Due on Oct. 1 as follows: $1,000 from 1932 to 1935 Well, Roth & Irving Co.(purchaser)
26.00
Co., Toledo
Spitzer, Rorick &
incl. and $2,000 in 1936.
21.00
Ryan,Sutherland & Co., Toledo
Each issue is dated Nov. 1 1930.
62.10
BancOhio Securities Corp., Columbus
B. C. Galleher, Director of Finance, has obliged us with the following: Guardian Trust Co., Cleveland
71.00
%
Financial Statement.
$422,099,180.00
Assessed valuation of taxable property
-The following
-BOND SALE.
LAKE, Lorain County, Ohio.
AVON
500,000,000.00
Real value of all property (estimated)
$55,398.58 offered on Oct. 13-V. 131.
$500.000.00 48,573,036.41 Issues of coupon bonds aggregating Ryan, Sutherland & Co. of Toledo at
Total debt including this issue of
-were awarded as 431s to
p. 2408
Total floating debt
par plus a premium of $343, equal to 100.61, a basis of about 4.60%•
Special assessment debt included in above-- 813,069.777.87
$32.614.60 special assessment storm sewer improvement bonds. One bond
11.977.000.00
Water works debt included in above
for $1,614.60. others for $1.000. Due on Oct. 1 as follows:
566,075.82 25,612,853.69
Sinking fund general debt
86.000 in 1932. 87.000 in 1933. 86,000 in 1934, $7,000 in 1935
1.299,849.14
Sinking fund water debt
and $6,614.60 in 1936.
822,960:182.72
22,783.98 special assessment water supply improvement bonds. One
Net debt
bond for $783.98, others for $1,000. Due on Oct. 1 as follows:
City incorporated March 12 1836.. Tax rate $28.30 per thousand.
$2,000 from 1932 to 1934 incl., $3,000 in 1935. $2,000 from 1936
Population,census of 1930,256,398.
to 1938 incl., $3,000 in 1939, $2.000 in 1940 and $2.783.98
-BOND OFFERING.'
ALLEN COUNTY (P. 0. Fort Wayne), Ind.
in Is1041.
Kent Sweet, County Treasurer, will receive sealed bids until 10 a. m. on
dated Oct. 1 1930. The following is a list of the bids
Each issue
Oct. 28 for the purchase of the following issues of 43i% bonds, aggregating received;
Premium.
Ira. Rate.
:
$35,500
Lidder
431%$343.00
618,500 Wayne Township road improvement bonds. Denom. $925. Ryan, Sutherland & Co. (purchasers)
Due $1,850 on July 15 1932; $1.850 on Jan. and July 15 from Braun, Bosworth & Co.. Toledo
451
128.00
4 •
1933 to 1936, inclusive, and $1,850 on Jan. 15 1937.
Davies-Bertram Co., Cincinnati
85.87
4
17,000 Wayne Township road improvement bonds. Denom. $850. Due Stranahan, Harris & Co., Toledo
72.00
431%
$1,700 on July 15 1932; 81,700 on Jan. and July 15 from 1933 to Guardian Trust Co., Cincinnati
304.68
5%
1936, inclusive, and $1,700 on Jan. 15 1937.
Otis & Co., Cleveland
Each issue is dated Nov. 1 1930. Interest is payable semi-annually on
Jan. and July 15. Unconditional bids only will be considered. Transcript
BABYLON UNION FREE SCHOOL DISTRICT NO. 5 (P. 0.
of proceedings will be on file in the County Auditor's office for inspection.
-The $37,000
-BOND SALE.
Copiague), Suffolk County, N. Y.
- coupon or registered school bonds offered on Oct. 22-V. 131, p. 2408
County, Ohio.
AMERICAN RURAL SCHOOL DISTRICT, Allen
-One of the questions to be considered by the voters were awarded as 4.403 to the Manufacturers & Traders Trust Co. of
BOND ELECTION.
at the general election to be held on Nov. 4 deals with the proposed sale Buffalo at 100.659. a basis of about 4.35%. Dated Nov. 1 1930. Due
of 5124.000 in bonds to finance the construction and equipment of a modern on Nov. 1 as follows: $1,000 from 1935 to 1947 incl., and $2,000 from
school building. Maturity of issue has been placed at 20 years.
1948 to 1959 inclusive.
-BOND OFFERING.
-BOND
AMSTERDAM, Montgomery County, N. Y.
BAY HEAD SCHOOL DISTRICT, Ocean County, N. J.
will receive sealed bids until 10 a. m. on SALE.
E, 0. Bartlett, City Treasurer,
-Mary B. Foster. District Clerk, reports that an issue of $60.000
Oct. 29 for the purchase of the following issues of not to exceed 5% interest 431% school bonds was recently purchased by the State Teachers' Annuity
coupon or registered bonds aggregating $865.000;
Fund. Due $2,000 on Aug. 1 from 1931 to 1960 incl.
$700,000 series A school bonds. Due on Sept. 1 as follows; $14,000 from
-John
-BIDS REJECTED.
1931 to 1940 incl.,• $16,000 from 1941 to 1961 incl., and $24.000
BELLEVILLE, Essex County, N. J.
from 1961 to 1970 incl.
Daly, Town Clerk, informs us that the bids submitted on Oct. 14 by a
165,000 series B school bonds. Due on Sept. 1 as follows; $1,000 from group headed by J. S. Rippel & Co.of Newark,for the purchase of $830.000
1931 to 1935 incl.; $2,000 from 1936 to 1940 incl.; $4,000 from general impt. bonds and $268,000 water bonds were finally rejected. The
1941 to 1960 incl.; $7,000 from 1961 to 1970 incl.
offers had been taken under consideration and were outlined in our issue
Each Issue is dated Sept. 1 1930. Denom. $1,000. Rate of interest of Oct. 18-V. 131. p. 2564. Mr. Daly states that the bonds will be re
to be expressed in a multiple of X or 1-10 of 1% and must be the same for offered for award in the future.
all of the bonds. Principal and semi-annual interest (March and SeptemBENNINGTON, Bennington County, Vt.-BOND OFFERING.
ber) payable at the First National Bank in Amsterdam or at the Guaranty
Trust Co. New York City, at the holder's option. A certified check for Fred C. Martin, Village President, will receive sealed bids until 8 p. m.
payable to the order of the City Treasurer, must accompany each on Oct. 30 for the purchase of $100,000 4% refunding bonds. Elated
$17,000, '
proposal. The approving opinion of Clay Dillon & Vandewater of New Nov. 15 1930. Denom. $1,000. Due on Nov. 15 as follows: $34,000
in 1934 and $33,000 in 1935 and 1936. Prin,and semi-ann.int.(M.& N.15)
York will be furnished to the purchaser without charge.
Financial Statement.
are payable at the office of the Old Colony Trust Co.. Boston, which will
$30,145,300.00 supervise the engraving of the bonds and certify as to their genuineness.
-Real estate
1930
Assessed valuation,
571,746.00 The Trust Company will further certify that the legality of the issue has
Special franchises
304,050.00 been approved by Ropes, Gray, Boyden & Perkins of Boston, a copy of
Personal property
57,900.00 whose opinion will accompany the bonds when delivered, without charge.
Pension real estate
Financial Statement, Oct. 18 1930.
$31.088,996.00 Grand List, 1930
Total assessed valuation
$4,079,219.00
$1,859,850.00 *Total outstanding debt
-Bonded debt outstanding
235,000.00
Bonded debt
865,000.00 Water debt (included in total debt)
These issues
19,000.00
None
Sinking funds
$2.724,850.00
Total bonded debt
Population: Approximately, 8.500.
$146,027.41
Sinking funds
of these bonds to be used to refund $100.000 in outstanding
*Proceeds
78,000.00
Water bonds, included above
orders,included in total debt.
224,027.41 selectmen's
-The
-BONDS REOFFERED.
BEREA, Cuyahoga County, Ohio.
$2.500,822.59 $31,918.26
debt
• Net bonded
% property owners' portion bonds originally scheduled to
Population, 1930 Federal Census, 34.794.
-are reported to have been
have been awarded on Oct. 20-V. 131. p. 2408
ANTHONY SCHOOL DISTRICT (P.O. Americus),Sumter County, reoffered for sale at 12 m. on Nov. 17. The bonds are being issued for
-We are now informed that a $6.000 block of the $15,- sanitary sewer construction purposes, not for bridges as originally reported.
Ga.-BOND SALE.
-V. 131. p. 972
The bonds are dated May 1 1930. One bond for $918.26,others for $500.
000 issue of 5% school bonds that was voted in August
has been purchased by local investors. Denom. $1,000. Dated Aug. 1 Due semi-ann. as follows: $1,500 on May and Nov. 1 from 1931 to 1934
from July 11938 to 1940 incl. Principal and interest tad,;$2,000 on May 1 and $1,500 on Nov. 1 1935;11,50000 May and Nov.1
1930. Due $1.000
from 1936 to 1938 incl.; $2,000 on May 1 and $1,500 on Nov. 1 1939,
payable at the Bank of Commerce In Americus.
based upon a
-BOND OFFERING.- 11.50000 May land $2,418.26 on Nov. 1 in 1940. Only bids in May and
ARLINGTON, Middlesex County, Mass.
rate will be considered. Int, is payable semi-ann.
A. Hardy, Town Treasurer, will receive sealed bids until 3 _p. m. 531% coupon
Charles
Nov. A certified check for $320, payable to the order of the Village, must
on Oct. 29 for the purchase of $260.000 4% coupon school bonds. Dated accompany each proposal. The unconditional approving opinion of Squire,
Nov. 1 1930. Denom. $1,000. Due on Nov. 1 as follows: $18,000 from Sanders & Dempsey of Cleveland, will be furnished without expense to the
1931 to 1935 incl. and $17.000 from 1936 to 1945 incl. Prin. and semi-ann. purchaser, if desired.
int.(M.& N.) are payable at the First National Bank of Boston. This
(The above bonds were registered by the State Comptroller on Oct. 14
Trust Company wilt supervise the engraving of the bonds and certify as
to their genuineness. Legality will be approved by Ropes Gray, Boyden & and were also approved by the Attorney-General on that day.)
Perkins of Boston, whose approving opinion will be furnished to the pur-A 1340.000
-BOND SALE.
BLACKFOOT, Bingham County, Ida.
chaser.
issue of refunding water bonds is reported to have recently been purchased
Financial Statement, Oct. 16 1930.
of the Central Trust Co., Edward L. Burton &
357.780.450.00 by a syndicate composed & Co. of Salt Lake City, and the First Securities
Net valuation for year 1929
1,662,143.17 Co.. and Snow, Goodart
Debt limit
Co.of Ogden.at par, follows: $50.000 431s,$50,000 as 54,and $240,000
2.088,500.00 as 5315. Due in from asto 20 years on theas
Total gross debt,including this issue
amortization plan.
2
Deductions
$28,076.79
Sinking funds
-At a
-BONDS VOTED.
BLISSFIELD, Lenawee County, Mich.
300,000.00
Water bonds
22 the voters authorized the sale of $10,000
special election held on Oct.
100.000.00
Sewer bonds
in bonds,the proceeds of which will be used to finance the completion of the
15,000.00
Park and playground bonds
plant now under construction. The measure was approved by a
443.076.79 filtration
vote of 107 to 26.
$1,645.423.21
Net debt
-M.M.Freeman
-BOND SALE.
BLOOMFIELD,Essex County, N. J.
16,719.96 & Co. of Philadelphia, bidding for $1,356,000 bonds of the 11,360,000431%
Borrowing caPacity
77.541.79 coupon or registered water issue offered on Oct. 20-V. 131, p. 2408-were
Sinking funds for aebts outside debt limit
-BOND OFFER- awarded the securities, paying $1,370,188.88, equal to 100.308.a basis of
ASHTABULA COUNTY (P. 0. Jefferson), Ohio.
. W. Howes. Clerk of the Board of County Commissioners, will about 4.23%. Bonds are dated Dec. 15 1930 and mature on Dec. 15 as
bids until 1 p. m. (Eastern standard time) on Nov. 10 for follows: $30.000 from 1931 to 1950 incl.; $35,000 from 1951 to 1955 incl.;
receive sealed
0.000 from 1956 to 1964 incl.* $45,000 from 1965 to 1968 incl.. and
the purchase of the following issues of 5% bonds aggregating $49,520:
1,000 in 1969. A group composed of the First National Old Colony
$26.000 road improvement bonds. Denom. $1.000. Due semi-annually
April and Oct. 1 from 1932 to 1938 incl.; Corp,orp., New York; J. S. Rippel & Co., Newark, and H. L. Allen & Co. of
as follows; $1,000 on
k
New York, submitting the only other bid received, offered to pay $1,360,82.000 on April and Oct. 1 from 1939 to 1941 incl.
123,520 road improvement bonds. One bond for $520, others for $1,000. 528.20 for $1,357.000 bonds.
Due semi-annually as follows; 81.520 on April 1 and 51.000 Oct. 1
BLUFFTON-RICHLAND VILLAGE SCHOOL DISTRICT, Allen
1932; 81,000 on April and Oct. 1 from 1933 to 1939 incl.; $1.000
-Notice of the intention of the
-BOND ELECTION.
April 1 and $2.000 Oct. 1 1940. and 82,000 on April and Oct. 1 County, Ohio.
Board of Education to submit the question of the proposed sale of $148.000
in 1941.
•
2724
FINANCIAL CHRONICLE
[vol.. 131.
school building construction and equipment bonds to the voters at the
general election to be held on Nov. 4 has been received. Maturity of issue
has been placed at 20 years.
•
$18,000 in 1931, $19,000 in 1932. $20,000 in 1933, $21.000 in 1934, 122,000
in 1935, $23,000 in 1936, $24,000 In 1937. 525.000 in 1938. 526,000 in 1939,
527,000 in 1940, $30,000 in 1941. 532,000 in 1942, 533.000 in 1943, 534,000
in 1944:536,000 in 1945; $37,000 in 1946;139.000 in 1947;$42,000 in 1948;
BOONE COUNTY (P. 0. Boone), lowa.-LIST OF BIDDERS.
-The $45.000 in 1949, and $47,000 in 1950. Int. is payable semi-annually. A.
following is a list of the other bids received for the $165,000 coupon ann. certified check for 2% of the amount bid for, payable to the order of the
primary road bonds awarded on Oct. 15 to Glaspell, Vieth & Duncan of County Commissioners, must accompany each proposal. The bonds are
Davenport, as 4s at par.
-V. 131, p. 2564:
issued subject to the favorable opinion of Townsend, Elliott & Munson
Names of Other BiddersRate Bid. Premium. of Philadelphia as to their legality.
Iewa-Des eines Co., Des Moines
52.000
43l
Carleton D.Beh Co., Des Moines
1.880
CAMDEN COUNTY (P. 0. Camden), N. J.
-BOND SALE.
-A
Boone Banks, Boone
4
1,875 cate composed of the First National Bank; Phelps, Fenn & Co., andsyndle
B. J
Chatham Phoenix Corp., Chicago
1,855 Van Ingen & Co., all of New York, bidding for $807,000 bonds of the
Geo. M.Bechtel & Co., Davenport
1,800 $815,000 coupon or registered county building and impt. bonds offered
4Ji •
for sale on Oct. 23-V. 131, p. 2409
-was awarded the securities as 4Xs,
BOSTON, Suffolk County, Mass.
-BOND OFFERING.
-E. L. Paying $815,779.10, equal to 101.089,
basis of about 4.16%. Dated
Dolan, City Treasurer, will receive sealed bids until 12 m. on Oct. 29 for Nov. 1 1930. Due on Nov. 1 as follosw:a $20,000 from 1932 to 1942
Ind.;
the purchase of $6,480,000 314% improvement bonds, dated Nov. 1 1930 $25,000 in 1943; 530.000 from 1944 to 1961 incl., and $22,000 in 1962.
and maturing annually as follows: 5527,000 from 1931 to 1935 incl.:5325.000
from 1936 to 1940 incl.; $279,000 from 1941 to 1945 incl., and $165,000 from
CAMERON COUNTY (P. 0. Brownsville), Tex.
-BOND OFFERING.
1946 to 1950 inclusive.
-Sealed bids will be received until 10 a. In. on Oct. 30, by Oscar C. Dana,
County Judge, for the purchase of an Issue of $1,000,000 5% coupon road,
BRAZORIA COUNTY ROAD DISTRICTS (P. 0. Angleton) Tex.
- series E bonds. Denom. 51,000. Dated Dec. 16
BOND OFFERING.
-Sealed bids will be received until Nov. 10, by W. R. from Feb. 1 1935 to 1959. inclusive. Prin. and Int.1929. Due 540.000
(F. & A.)
Bretton, County Clerk, for the purchase of two issues of 53i% bonds at the Seaboard National Bank In New York City. The approvingPayable
opinion
aggregating $1,241,500, as follows:
of the State's Attorney General and Clay, Dillon & Vandewater, of New
$175.000 Road District No. 25 bonds. Denom. $1,000. Dated June 10 York City, will be furnished. A $10,000 certified check, payable to the
1930. Due on June 10, as follows: $5,000, 1931 to 1940: $6.000, Commissioner's Court, must accompany the bid.
1941 to 1955, and $7,000, 1956 to 1960, all incl. Legality
approved by Chapman & Cutler, of Chicago.
CANTON, Stark County, Ohio.
-BOND OFFERING.
-Samuel E.
1,066,500 Road District No.29 bonds. Denoms. $1,000 and $500. Dated Barr, City Auditor, will receive sealed bids until 1 p. in. on Nov. 6
for
Aug. 10 1930. Due on Aug. 10, as follows: 56,000. 1931 to purchase of the following issues of 5% bonds aggregating $149,204.34: the
1934; $7,000, 1935 to 1937; $8,000, 1938; $9,000, 1939; 510,000
bonds. Dated Oct. 1 1930. Denom. $1.000.
1940;$12,000, 1941;$14,000, 1942:515,000, 1943; 535,000, 1944, $50,000.00 fire station 1 as follows:
Due on Oct.
$3,000 in 1932; $4.000 in 1933; $3.000
and 1945: $37,000. 1946 and 1947; $42.000. 1948; $47,000, 1949
In 1934; $4,000 in 1935; 53,000 in 1936; $44,000 in 1937: 53,000 In
and 1950: $50,000, 1951: 552,000 in 1952: /156,000, 1953:
1938; $44,000 in 1939: $3,000 in 1940; $4,000 in 1941; and $3,000
560.000, 1954: 565,000, 1955: $70,000, 1956; $75,000, 1957:
from 1942 to 1946 incl.
580.000, 1958; 582,000, 1959, and $84,500 in 1960. (This
74,204.34 city's portion street impt. bonds. Dated Nov. 1 1930. One
maturity totals to $1,067,500.)
bond for $204.34, all others for 51,000. Due on Nov. 1 as
Prin. and semi-annual int. payable at the Central Hanover Bank & Trust
follows: $4,204.34 in 1932;$4,000 in 1933:15.000 in 1934;$4,000
Co. in New York City. A certified check for 5% must accompany the bid.
in 1935; $5,000 in 1936, and $4,000 from 1937 to 1949 incl.
25,000.00 city's portion street impt. bonds. Dated March 1 1926. DeBREWSTER VILLAGE SCHOOL DISTRICT, Stark County, Ohio.
nom. $1.000. Due on Sept. 11935.
-BOND ELECTION.
-At the general election to be held on Nov. 4 the
Bids for the bonds to bear interest at a lesser
voters will consider a uroposition calling for the sale of $9,000 in bonds that mentioned above will also be considered. or higher rate of interest than
Prin. and semi-ann. Interest
or school purposes. Maturity of issue has been set at 15 years.
are payable at the office of the City Treasurer. Bids to be submitted on
Auditor.
-BOND blanks furnished by the Citythe amount Each offer must be accompanied
BRIGHTON (P. 0. Rochester), Monroe County, N. Y.
of bonds bid for.
by a certified check for 5% of
OFFERING.
-F. Porter Surgener, Town Clerk, will receive sealed bids until
Official Financial Statement.
5.15 p. m.on Oct. 29for the purchase of the following issues of not to exceed 1930 valuations
$50,617.000.00
6% interest coupon or registered bonds aggregating 5228,500:
Of which real estate Is
43,908,520.00
$89.000 street impt. bones. Due on Nov. 1 as follows: $1,000 in 1931 and Gross debt, including $1,374.000 protection bonds secured by
incl.
1932; $3,000 in 1933, and 57,000 from 1934 to 1945
Cask ie dinkinon ofd
Statn s onatig fun taxes and this issue
7,554 0 0
39
: 04;7
0
8
81.000 street impt. bonds. Due on Nov. 1 as follows: $1,000 in 1931:
52.000 in 1932, and 56,000 from 1933 to 1945 incl.
fund
212,500.00
53,000 in Securities in sinking census, 36.662, 1930 census
31,500 sewer bonds. Due on Nov. 1 as follows: $500 in 1933:
Population: 1920
77.299.
1934: $1,000 from 1935 to 1957 incl. and $5,000 in 1958.
27,000 sewer bonds. Due on Nov. 1 as follows: $2,000 in 1934: $1.000
CARROLL, Carroll County, Iowa.
-ADDITIONAL DETAILS.
from 1935 to 1957 incl., and $2,000 in 1958.
Each issue is dated Nov. 1 1930. Denoms. $1,000 and $500. Rate of The $30,000 issue of sewer bends thatawas purchased by the White-Phillips
Co., Inc., of Davenport, as 4148, at price of 101.62-V. 131, p. 2564int. to be expressed in a multiple of X of 1% and must be the same for all of is more
the bonds. Prin. and semi-ann. int. (M. & N.) payable at the Guaranty 1 1930. fully described as follows: Denoms. $500 and $1.000. Dated Nov.
Due on May and Nov. 1 from 1931 to 1950, inclusive. Optional
Trust Co., New York, or at the Genessee Valley Trust Co., Rochester.
A certified check for 2% of the amount of bonds bid for, payable to the order after 10 years. Int. payable on May and Nov. 1. Basis of about 4.31%.
of the Town, must accompany each proposal. The approving opinion of
CHAMPION TOWNSHIP RURAL SCHOOL DISTRICT, Trumbull
Reed, Hoyt & Washburn of New York, will be furnished to the successful
-BOND ELECTION.
-One of the measures to be conCounty, Ohio.
bidder
sidered by the voters at the general election to be held on Nov. 4 deals
BRISCOE CONSOLIDATED SCHOOL DISTRICT (P. 0. Wheeler), with the proposed sale of $45.000 in bonds for school building construcWheeler County, Tex.
-BONDS NOT SOLD.
-The 535.000 issue of tion purposes. Maturity of issue has been set at 23 years.
5% semi-annual school bonds offered on Oct. 6-V. 131, p. 2254
-was not
sold. Due as follows: $500. 1931 to 1940. and $1,000. 1941 to 1970,
-BOND OFFERING.
CHARDON, Geauga County, Ohio.
-D. A.
all inclusive.
Austin, Village Clerk, will receive.sealed bids until 12 m. on Nov. 6 for the
purchase of $7.500 5% sanitary sewer construction bonds. Dated Oct. 1
BROOKLYN, Cuyahoga County, Ohio.
- 1930. Denom. $500. Due semi-ann. as follows: 5500 on April and Oct. 1
-BOND OFFERING.
Charles L. Rogers, Village Clerk, will receive sealed bids until 1 p.m. from 1932 to 1938 incl., and $500 on April 1 1939. Int. is payable semi(Eastern standard time) on Nov. 9 for the purchase of the following issues annually In April and Oct. Bids for the bonds to bear interest at a rate other
than 5% will also be considered, provided, however, that where a fractional
of 6% bonds aggregating $66,311:
$38,155 special assessment sewer bonds. One bond for $155, others for rate is bid, such fraction shall be X of 1% or a multiple thereof. A cer$1.000 and $500. Due on Oct. 1 as follows: $3,155 in 1932: $4,000 tified check for $500, payable to the order of the Village, must accompany
from 1933 to 1935 incl.: $3,500 in 1936: $4,000 from 1937 to 1939 eac h proposal.
inclusive, and 33.500 in*1940.
28,156 special assessment sewer bonds. One bond for $156, others for
CHATFIELD SCHOOL DISTRICT (P. 0. Corsicana), Navarro
$1,000 and $500. Due on Oct. 1 as follows: $2,156 in 1932: $3,000 County, Tex.
-PRICE PAID.
-The $6.000 issue of 5% semi-annual
from 1933 to 1935 inclusive; $2,500 in 1936; $33.000 from 1937 to school bonds that was purchased by the State Department of Education
1939 inclusive, and $2,500 in 1940.
-was awarded at par. Due in 20 years.
V. 131, p. 2564
Each issue is dated Nov. I 1930. Principal and semi-annual interest
(April and Oct.) are payable at the Cleveland Trust Co., in Cleveland.
CHEROKEE COUNTY ROAD DISTRICT NO.2(P.O. Rusk),Tex.
Bids for the bonds to bear interest at a rate other than 6% will also be
-The $125.000 issue of5% coupon road. series 1930 bonds
considered, provided, however, that where a fractional rate is bid such BOND SALE.
sale on Oct. 13-V. 131, p. 2409
fraction shall be X of 1% or a multiple thereof. A certified check for 5% offered for Brown-Crummer Co., of Wichita, -was jointly purchased at
and Garrett & Co.. of Dallas.
of the amount of bonds bid for, payable to the order of the Village Treasurer par by the
Dated Sept. 1 1930. Due from Sept. 1 1934 to 1953.
must accompany each proposal.
-M. J.
BROWNSVILLE, Fayette County, Pa.
-BOND OFFERING.
Laponsky, Borough Secretary, will receive sealed bids until 3 p. m. on
Nov. 10 for the purchase of $12,000 43.i% coupon series No.6 impt. bonds
Dated Oct. 1 1930. Denom $1,000. Due on Oct. 1 as follows: $2,000
In 1950, and $5,000 in 1955 and 1960. Int. is payable semi-annually.
A certified check for $250, payable to the order of the Borough Treasurer,
must accompany each proposal. These bonds have been approved by
the Department of Internal Affairs.
BROWN TOWNSHIP RURAL SCHOOL DISTRICT, Franklin
-BOND ELECTION.-NotIce of the intention of the
County, Ohio.
Board of Education to submit the question of the proposed issuance of
525.000 school bonds for consideration of the voters at the general election
to be held on Nov. 4 has been received. Maturity of hale placed at
20 Years.
CHESNEE MILL SCHOOL DISTRICT NO. 16 (P. 0. Chesnee)
Spartanburg County, S. C.
-BOND SALE.
-A 515,000 issue of 5(%
school bonds has recently been purchased by J. H. Fineman & Co., Inc..
of Atlanta. Denom. $1,000. Dated Oct. 11930. Due 51,000 from Oct. 1
1935 to 1949 incl. Prin. and Int.(A. & 0.) payable In New York. Legality
approved by Storey. Thorndike, Palmer & Dodge, of Boston.
CHICKASAW COUNTY (P. 0. New Hampton), Iowa.
-BOND
SALE.
-The 58,000 issue of coupon annual primary road bonds offered
for sale on Oct 20-V. 131, p. 2409
-was pur.hased by the First National
Bank of New Hampton as 4qs, paying a premium of $25, equal to 100.31.
a basis of about 4.20%. Due on May 1 1945, optional after May 11936.
Other bidders and their bids were:
BidderPrice Bid.
Geo. M. Bechtel & Co
4
and $56 prom.
$73
White-Phillips Co
Gaspell, Vieth & Duncan..
4
and $30 prem.
Carleton D. Beh Co
4 • and par
BRUNSWICK, Chariton County, Mo.-BOND ELECTION.
-On
Nov.3 a special election will be held to pass upon a proposed $15,000 bond
CINCINNATI CITY SCHOOL DISTRICT, Hamilton County, Ohio.
issue to finance the part of Brunswick Township in the county road system,
-BOND OFFERING.
-R. W. Shafer, lerk of the Board of Education.
by special grant of the County Court.
will receive sealed bids until 3 p.m. on N
Nov. 10 for the purchase of 1500,000
-BONDS REGISTERED.
-The $100.- 43% school bonds. Dated Nov. 1 1930. Denom. 51,000. Due on
BRYAN, Brazos County, Tex.
Sept. 1 as
000 issue of 5% semi-ann. public school No. 4 bonds that was sold recently Prin. and follows: $24,000 from 1932 to 1951 incl. and $20,000 in 1952.
semi-ann. int. (M. & S.) payable at the Irving Trust Co.. New
-v. 131, p. 2564
-was registered by the State Comptroller on Oct. 14.
York. Bids for the bonds to bear int. at a rate other than 4X % will also
Denom. $1,000. Due from Feb. 1 1931 to 1960 incl.
(These bonds were approved on the same day by the Attorney General.) be considered, provided, however, that where a fractional rate is bid such
fraction shall be X
We are now informed that the above bonds were purchased by the City upon forms furnishedof 1% or a multiple thereof. All bids must be made
by the Clerk. A certified check for 3% of the amount
National Bank of Bryan, for a premium of $575, equal to 100.575, a basis a bonds bid for must accompany each
proposal. These bonds are part
of about 4.95%.
of an issue of $8,500,000 authorized at the general election held in Nov.1924.
-BOND ELECTION.
BUTLER COUNTY (P. 0. Hamilton), Ohio.
CLARK COUNTY (P. 0.
-BOND ELECTION.
Qualified voters of the county will be asked to approve of the proposed A proposed $50.000 bond issueArkadelphia), Ark.
will be submitted
general
sale of 5101.000 in bonds for jail construction purposes, at the general election on Nov.4 for the construction of a jail. to the voters at the
Maturity of issue has been placed at 10 years.
election to be held on Nov.4.
CLAY COUNTY (P. 0. Brazil), Ind.
-BOND OFFERING.
-G. Win.
-BOND OFFERING.
-John F. Bor- Baumgartner, County Treasurer, will receive sealed bids until 10 a. In.
BUTLER, Morris County, N. J.
muth, Borough Clerk, will receive sealed bids until 8 p. m. on Nov. 10 for on Nov. 6 for the purchase of $6,900 414% Posey Township road conthe purchase of 560,000 41.i% coupon or registered sewer impt. bonds. struction bonds. Dated Oct. 7 1930. Due $345 on July 15 19:12; 5345
Dated Oct. 11930. Denom. $1,000. Due 53,000 on Oct. 1 from 1931 to on Jan. and July 15 from 1933 to 1941. Inclusive. and $345 on Jan. 15
1950 Incl. Prin. and semi-ann. Int. (A. & O.) are payable at the First 1942. Principal and semi-annual interest (Jan. and July 15) payable at
National Bank, in Butler. No more bonds are to be awarded than will the office of the County Treasurer.
Produce a premium of 51,000 over 560.000. A certified check for 2% of the
CLEVELAND INDEPENDENT SCHOOL DISTRICT (P. 0. Cleve.
amount of bonds bid for must accompany each proposal. The approving
-BONDS REOISTERED.-On Oct. 17
*pinion of Reed, Hoyt & Washburn of New York, will be furnished to the land), Liberty County, Tex.
thenS m $Looo troller registered a $45,000 Issue of 5% serial school bonds.
u e utath Com p
.
purchaser.
-BOND OFFERING.
CAMBRIA COUNTY (P. 0. Ebensburg), Pa.
Henry L.Cannon,County Comptroller, will receive sealed bids until 11 a.m.
COLE COUNTY (P. 0. Jefferson City), Mo.-BOND ELECTION.
-on Nov. 3 for the purchase of $600,000 4X % coupon or registered county At the general election to be held on Nov. 4 the voters will page upon the
bonds. Dated Nov. 1 1930. Denem. $1,000. Due on Nov. 1 as follows: proposed issuance of $85,000 in bonds for the construction of a Jail.
OCT. 25 1930.]
FINANCIAL CHRONICLE
2725 '
-ADCounty,
DOYLESTOWN SCHOOL DISTRICT, Buck* County Pa.
-It is reported
-BOND ELECTION.
COLFAX, Grant Parish, La.
and
-The $8,000 434% school
DITIONAL INFORMATION.
that a special election will be held on Nov. 18 in order to have the voters equipment bonds purchased at a price of par by the Doylestown Trust Co.
follows:
pass upon the proposed issuance of $65,000 in bonds divided as water -v.131. LI. 2410
-were sold on Oct. 1 and are dated July 1 1930. Coupon
power plant and electric light extension bonds, and $25,000
$40,000
or registered in $1,000 denoms. Due serially. Interest is payable semiworks bonds.
annually in Jan. and July.
-Samuel
-BOND OFFERING.
COLUMBUS, Franklin County, Ohio.
-BOND OFFERING.-Elealed bid=
Clark County, Ida.
J. Willis, City Clerk, will receive sealed bids until 12 m.(Eastern standard beDU BOIS,
Allen, County Clerk, untll 1 p. m. on Nov. 7, for the
received
time) on Nov. 6 for the purchase of the following issues of 4%% bonds purchase of by G. B. Issue of water bonds. Int. rate Is not to exceed 6%.
a $15,000
$430,400:
aggregating
Due in 20 years.
$401,600 street impt. bonds. Due on March 1 as follows: $41,600 in 1933.
-BOND
and $40,000 from 1934 to 1942 incl.
EAST LYME (P. 0. Niantic), New London County, Conn.
in 1933: OFFERING.
18.300 alley impt. bonds. Due on March 1 as follows: $1,300
-F. A. Beckwith, First Selectman, will receive sealed bids
$2.600 from 1934 to 1941 incl., and $1,000 in 1942.
until 5 p. m. on Oct. 29, for the purchase of $40,000 454% coupon school
10,500 sanitary sewer bonds. Due on March 1 as follows: $2,500 in. 1933: bonds. Dated Oct. I 1930. Denom. $1,000: Due $5,000 on Oct. 1 from
and $2,000 from 1934 to 1937 incl.
1931 to 1938, incl. Principal and semi-annual interest (April and Oct.)
Each issue is dated Nov. 15 1930. Bonds are to be in coupon form but are payable at the First National Bank, of Boston. under whose supervision
may be registered as provided by law. Prin. and semi-ann. int.(M.& S.) the bonds will be engraved and which will certify as to their genuineness.
A certified check for 2% of the par value of the bonds, payable to John
payable at the agency of the City of Columbus in N. Y. City. Bids for
the bonds to bear interest at a rate other than 451% will also be considered, F. Luce, Town Treasurer, must accompany each proposal. Legality will
provided, however, that where a fractional rate is bid,such fraction shall be be approved by Ropes, Gray, Boyden & Perkins, of Boston, whose approv% of 1% or a multiple thereof. Blank bidding forms furnished upon ing opinion will be furnished the purchaser.
appllcation to the City Clerk. A certified check for 1% of the amount of
Financial Statement.
$4,991,008
bonds bid for, payable to the order of the City Treasurer, must accompany Grand list (1929)
87.500
each proposal. Transcripts of proceedings will be furnished successful Total debt (not including present issue)
bidders and sufficient time allowed within 15 days from the time of said
EBENEZER RURAL SCHOOL DISTRICT, Montgomery County,
award for the examination of such transcripts by bidder's attorney, and bids
-The Board of Education has caused to be
-BOND ELECTION.
Ohio.
may be made subject to approval of same.
placed on the ballot for consideration of the voters at the general election
-BONDS DkFEATED.- to be held on Nov. 4 the question of the proposed sale of $175,000 school
CORPUS CHRISTI, Nueces County, Tex.
on Oct. 14-V. 131. 13• building bonds. Maturity of issue has been placed at 22 years.
We are informed that at the special election held
-the voters defeated the proposed issue up to $1.650,000 in bay
1745
-A special election
ELDON, Miller County, Mo.-BOND ELECTION.
front improvement bonds.
will be held on Nov. 1 in order that the voters may pass upon the proposed
-An issue Issuance of $15,000 in city hall bonds.
-BOND SALE.
COUNCIL GROVE, Morris County, Kan.
of $100,000 456% flood control bonds is reported to have been purchased
-The
-BOND SALE.
ELKHART COUNTY (P. 0. Goshen), Ind.
by the Central Trust Co. of Topeka.
$44,000 454% coupon highway improvement bonds offered on Oct. 22COWLITZ COUNTY SCHOOL DISTRICT NO. 122 (P. 0. Kelso), V. 131. p. 2566
-were awarded to the Fletcher Savings & Trust Co. of
Wash.
-We are informed in connection with Indianapolis, at par plus, a premium of $1,808. equal to 104.10, a basis
-OFFERING DETAILS.
the sale scheduled for Oct. 8 of the $236,000 Issue of not to exceed 6% of about 3.7%. Dated Oct. 15 1930. Due $2,200 on May and Nov. 15
-V. 131, p. 2565
-that the principal and semi-annual interest from 1932 to 1941, incl. Bids for the issue were as follows:
school bonds
Premium.
are payable at the office of the County Treasurer. Due in from 1 to 20
Bidder$1.808.00
years. A certified check for 5% must accompany the bid. (The offering Fletcher Savings & Trust Co. (Purchaser)
975.17
notice was originally given under "Cowlitz County.")
Marion National Bank, Marion
824.40
Brazil Trust Co., Brazil
-BOND OFFERING.
DARKE COUNTY (P. 0. Greenville), Ohio.
1.575.50
Inland Iniwtment Co., Indianapolis
Goubeaux, County Clerk, will be received until Breed, ElliMt & Harrison, Indianapolis
Sealed bids addressed to E.
1.450.00
12 m. on Nov. 1 for the purchase of $40,000 53i% highway improvement First National Bank, Elkhart
1.548.80
bonds. Dated Sept. 1 1930. Denom. $1,000. Due $5,000 on March and
Interest is payable semi-annually. Bids
-The State
-BONDS REGISTERED.
Sept. 1 from 1931 to 1934 incl.
EL PASO, El Paso County, Tex.
for the bonds to bear interest at a rate other than 5;6% will also be con- Comptroller registered a $32,000 issue of 5% water works, series B bonds
sidered, provided, however that where a fractional rate is bid such fraction on Oct. 17. Denom. $1,000. Due serially.
for $800, payable
shall be % of I% or a multiple thereof. A certified check
to the order of the Board of County Commissioners must accompany each
EL PASO COUNTY COMMON SCHOOL DISTRICT NO. W3(P. 0.
-The $50,000 issue of 5% school building
-BOND SALE.
proposal.
El Paso), Tex.
bonds offered for sale on Oct. 10-V. 131. p. 2101-was purchased by
-E. E. Bosworth, Chanute, Loughridge & Co. of Denver. at a price of 100.52.
-BOND OFFERING.
DAYTON, Montgomery County, Ohio.
Hagerman, Director of Finance and City Accountant, will receive sealed a basis of about 4.96%. Denom. $500. Dated April 10 1930. Due
bids until 12 m.(Eastern standard time) on Nov.6 for the purchase of the from April 10 1931 to 1970 incl. Prin. and int. (A. & 0. 10) payable in
following issues of coupon bonds aggregating $550,000:
N. Y. City. Legality approved by Chapman & Cutler of Chicago.
$500,000 4%% series D 1930. grade crossing elimination bonds. Due on
(The offering of these bonds was reported under "Smelter School District,
Sept. 1 as follows: $16,000 from 1932 to 1941 incl., and $17,000 Texas.")
Financial Statement (As Officially Reported.)
1942 to 1961 incl.
from
$3,080,566
50,000 456% bridge improvement bonds of 1930. Due on Oct. 1 as Assessed valuation. 1930
follows: $2,000 from 1932 to 1941 incl., and $3,000 from 1942 to Total bonded debt (including this issue)
9.156
1951 inclusive.
Sinking funds on hand
65,844
Each issue is dated Nov. 1 1930. Denom. $1,000. Prin. and semi- Net debt
annual interest (March and September) payable at the office of the fiscal
census, 1,058.
School
agent of the City of Dayton in New York City. Bids for the bonds to bear
-BOND OFFERING.
interest at a rate other than those indicated will also be considered, provided,
ERIE COUNTY (P. 0. Sandusky) Ohio.
however, that where a fractional rate is bid such fraction shall be % of 1% Lester E. Curtis, Cleric of the Board of County Conunissioners, will receive
or a multiple thereof. Split rate bids on any one issue will not be considered. sealed bids until 1 p.m. (Sandusky time) on Oct. 30 for the purchase of
The offering notice states that the grade crossing elimination bonds were $26,100 5% road improvement bonds. Dated Sept. 1 1930. Denoms.
authorized by the electors at the Nov. 1926 election and are payable from $1,000. $700 and $600. Due on Sept. 1 as follows: $2,700 in 1931, and
taxes levied outside of the tax limitations but the bridge bonds are payable $2.600 from 1932 to 1940 incl. Interest is payable semi-annually in March
from ample taxes levied within the tax limitations. .A certified check for and September. Bids for the bonds to bear interest at a rate other than 5%
3% of the par value of the bonds bid for, payable to the orctAr of the City will also be considered, provided, however, that where a fractional rate is
Accountant, must accompany each proposal. The successfial bidder will bid such fraction shall be % of 1% or a multiple thereof. A certified check
be furnished upon request and without expense with the opinion of Squire. for 5% of the amount of bonds bid for must accompany each proposal.
Sanders and Dempsey of Cleveland, Ohio, that the bonds are binding and
-BOND OFFERING.-Ilarvey M.
ERIE COUNTY (P. 0. Erie), Pa.
legal obligations of the City of Dayton.
Willis, County Controller, will receive sealed bids until 10 a. m. (Eastern
-The standard time) on Nov. 17 for the purchase of $90,000 456% coupon (regis.0hio.-BOND SALE.
DAYTON, Montgomery County,
sewerage disposal bonds offered on Oct. terable as to prin.) court house construction bonds. Dated Dec. 1 1930.
$240,000 4%% coupon series
Dec.
-were awarded to the First Union Trust & Savings Denom. $1,000. Due $30,000 on and 1 in 1943. 1944 and 1945. Int.
23-V. 131, p. 2409
in
Dec. A certified check for $900.
Bank, of Chicago, at par plus a premium of $7,697, equal to 103.205, a is payable semi-annually the June
Controller, must accompany each proposal.
basis of about 4.15%. Dated Aug. 15 1903. Due $10,000 annually on payable to the order of
Legal opinion to be obtained by the purchaser. Bonds are issued under
June 1 from 1931 to 1954. Incl.
authority of a resolution passed by the County Commissioners.
Official Financial Statement.
-BOND SALE.
DECATUR PARK DISTRICT, Macon County, III.
$400.000.000.00
The $150,000% improvement bonds offered on Oct. 16-V. 131, P• Real values, estimate
122.201,828.00
-were awarded Jointly to the Mississippi Valley Co. and the First Assessed values 1929
2409
National Co., both of St. Louis, at par plus a premium of $1.108.35, Total bonded debt(including thisissue)
3,990.000.00
equal to 100.738, a basis of about 4.19%. Purchasers also agreed to Amount in sinking fund
600.956 19
furnish bonds. Dated Oct. 15 1930. Due on July 1 as follows: $10.000 Total floating debt
10,000.00
in 1945: $20.000 in 1946 and 1947: $30.000 in 1948. and $35,000 in 1949
Population: Present, estimated, 175,900.
and 1950. The following is a complete list of the bids submitted for the
-The $54,000
FAIRFIELD, Jefferson County, Ala.-130ND SALE.
Issue, all of which, with the exception of Otis, Boyne & Co.. Inc.. also
agreed to furnish the bonds:
Issue of 534 °7 semi-annual refunding bonds offered for sale at public auction
-was purchased by Steiner Bros., of BirmingPremium, on Oct. 20-V. 131, p. 1746
Bidder$1,108.35 ham, at a price of 105.16, a basis of about 5.27%. Dated Nov. 1 1930.
Mississippi Valley Trust Co. (purchasers)
Continental Illinois Co., Chicago
647.00 Due from Nov. 1 1933 to 1960 incl.
Otis & Co., Cleveland
454.65
-BOND SALE.
FAIRFIELD (Town of) Fairfield County, Conn.
Foreman State Corp., Chicago
37.00
% coupon school bonds offered on Oct. 17-V. 131. 1).
Halsey, Stuart & Co., Chicago
135.00 The $320,000
-were awarded to the National City Co. of Boston, at par plus a
2255
R. E. ilerczel & Co., Chicago
107.00
A. B. Leach & Co., Chicago
842.00 premium of $8,384, equal to 103.245, a basis of about 3.99%. Dated Aug. 1
White-Phillips Co.. Davenport
348.00 1930. Due on Aug. 1 as follows: $8,000 from 1931 to 1965 incl.: $9,000 from
are reOtis, Iloyne & Co., Inc., Chicago
795.00 1966 to 1969 incl., and $4,000 in 1970. The successful bidders 3.00 to
Millikin National Bank, Decatur
Par offering the bonds for public investment at prices to yield from invest3.95%, according to maturity. The securities are said to be legal
The successful bidders are reofferi ng the bnods for public investment ment for saving.s banks and trust funds in New York, Massachusetts,
priced to yield 4.10%. The reoffering notice says: These bonds are Connecticut and other States. The following is a list of the bids submitted
direct obligations of the Decatur Park District, which Includes the entire for the issue:
city of Decatur. They are issued to purchase additional land for parks
Rate Bid.
Bidderand boulevards and are payable from ad valorem taxes levied against all
103 245
National City Co. (purchaser)
,
taxable property within the boundaries of the district.
102.62
Eldredge & Co
Financial Statement (As Officially Reported Oct. 3 1930.)
101.889
Assessed valuation. 1929
$45,542,973 H. M. Byllesby & Co., and M. F. Schlater & Co., jointly
& Co.jointly
8;
Total bonded debt, including this issue
528,000 H.L. Allen& Co.and Darb dward M.Bradley & Co., New Haven;101.64
R. L. Da
Co., Boston;
Population, 57.500.
•
and Bridgeport;City Co., jointly
100.709
-BOND REDEMPTION.
DENVER (City and County), Colo.
-On Estab rook & Co., and Putnam & Co., jointly
Nov. 1 the Denver water board will redeem $774,000 in water bonds held
The other bids received were as follows:
by tne State Treasurer for the State School Fund. These bonds, bearing
Price Bid.
Bidder
454% interest, were issued in 1918. The State Board of Land Commis105.15
American National Bank
can
sioners, which administers the school fund, will reinvest the money received Ward, Sterne & Co
104.55
from the bonds.
103.90
Caldwell & Co
104.30
General Securities Corp
-BOND OFFERING.
DETROIT, Wayne County, Mich.
-11. C. Wade,
-Sealed
-BONDS OFFERED.
FAIRMONT, Martin County, Minn.
City Comptroller, has served official notice of the intention of the city to
receive sealed bids until Nov. 21, for the purchase of $19.692,000 bonds. bids were received by Geo. Ansteth, City Clerk, until 3 p.m. on Oct. 22,
for the purchase of a 315,000 issue of refunding bonds. Denom. $1,000.
divided as follows:
Dated Oct. 11930. Due $1.000 from Oct. 1 1933 to 1947. incl.
$8,000.000 water bonds. Due in 30 years.
7.000.000 school bonds. Due serially in 15 years.
-M TURFALLS COUNTY ROAD DISTRICTS(P.O. Marlin) Tex.
1.887.000 public lighting bonds. Due serially in 30 years.
ITY.-The two issues of 5% semi-annual bonds aggregating $165,000,
1,530,000 fire department bonds. Due serially in 30 years.
Co. of Dallas
-V. 131, p. 1593at par by
general public improvement bonds. Due serially in 30 years. that were purchased years. TheGarrett & as follows: $120,000 Road District
1,275.000
mature serially in 30
issues are
DE WITT, JAMESVILLE WATER DISTRICT (P.O.East Syracuse), No. 3, and $45.000 Road District No.8 bonds.
-BOND SALE.
-The S50,000 coupon or regOnondaga County, N. Y.
-BOND ELECTION-At the general
Mich.
FLINT, Genesee County
istered water bonds offered on Oct. 23-V. 131, p. 2565-were awarded as election to be held on Nov 4 the voters will be asked to approve of the sale
'
4.405 to the Lincoln Equities, Inc.. of Syracuse. at 100.089, a basis of about of $843,000 In bonds, of which $643,000 would be used for sewage disposal
4.39%. Dated Oct. 311930. Due on Oct.31 as fellows: $3,000 from 1935 plant purposes and the remaining $195,000 to finance the construction of an
Isolation building at Hurley Hospital for treatment of contagioua diseases.
to 1949 incl., and $5,000 in 1950.
2726
FINANCIAL CHRONICLE
(Vox- 181
FOND DU LAC Fond Du Lac County, Wis.-BOND SALE.
-The 4.09%, Dated Oct. 1 1930. Due en Oct. 1 1955. The following is an
two issues of 434; coupon ann. bonds aggregating $50,000 offered for official list of the bids submitted for the issue:
sale on Oct. 22-V. 131, p. 2566
-were purchased by H. M. ByllesbY &
Bidder
Rate Bid.
Co. of Chicago, for a premium of $855. equal to 101.71, a basis of about Arthur Perry & Co.(purchasers)
98.533
4.28%. The issues are as follows:
Eastern Trust & Banking Co., Bangor
98.52
$25,000 river impt. bonds. Due from March 1 1931 to 1950 incl.
Fidelity-Ireland Corp
98.279
25,000 sewer and drain bonds. Due from March 1 1931 to 1950 incl.
Harris, Forbes & Co., Boston
98.08
Other bids received were as follows:
Augusta Savings Bank
97.142
Premium. E. H. Rollins & SODS. Boston
Bidder
96.15
R.E. Herczel Co., Chicago
$637.20
First Fond du Lac National Bank
610.00
HAMILTON, Butler County, Ohio.
-BOND SALE.
-The following
issues of bonds aggregating
-BOND were awarded as 431s to the $70,100 offered on Oct. 20-V. 131, p. 2410
FRANKLIN SCHOOL DISTRICT, Cambria County, Pa.
Davies-Bertram Co. of
OFFERING.
-Harry D. McGough, District Treasurer, will receive sealed a premium of $69, equal to 100.09, a basis of about Cincinnati, at par plus
4.23%:
bids until 7 p. m. on Nov. 10 for the purchase of $155,000 434% school
boulevard street impt. bonds. Due $2,500 on Oct. 1 from 1932
bonds. Dated Oct. 1 1930. Denom. $1,000. Due on Oct. 1 as follows: $25,000 to 1941 incl.
$30,000 in 1945: $50,000 in 1950; $50,000 in 1955, and $25,000 in 1958.
21,600 sanitary sewer and street impt. bonds. Due on Oct. 1 as follows:
Interest is payable semi-ann. A certified check for $500, payable to the
$2.600 in 1932: $2.000 from 1933 to 1940 incl., and $3.000 in 1941.
order of the District, must accompany each proposal. A statement re16,000 street paving bonds. Due on Oct. 1 as follows: $2,000 from 1932
lating to the bonds may be obtained from Roman C. Widmann, Solicitor.
to 1937 incl., and $1,000 from 1938 to 1941 incl.
1105 United States National Bank Bldg., Johnstown.
5,000 sidewalk impt. bonds. Due $1,000 on Oct. 1 from 1932 to 1936 incl.
2,500 sanitary sewer bonds. Due $250 on Oct. 1 from 1932 to 1941 incl.
-BOND
FRANKLIN SCHOOL DISTRICT, Warren County, Ohio.
Each issue is dated Oct. 1 1930.
ELECTION.
-We have been informed of the intention of the Board of
The following is an official list of the bids submitted for the bonds:
Education to submit the question of the proposed sale of $125,000 school
BidderInt. Rate. Premium.
a vote of the people at the general election to be held on Nov. 4.
bonds to
Davies-Bertram Co. (purchasers)
$69.00
%
FREEBORN COUNTY (P. 0. Albert Lea), Minn.
-BOND OFFER- Breed, Elliott & Harrison, Indianapolis
431%
46.60
ING.
-Sealed bids will be received until 10 a. m. on Nov. 13, by Cleon F. First Detroit Co., Detroit
4%
Holway, County Auditor, for the purchase of a $20.000 issue of drainage Well, Roth & Irving Co., Cincinnati
43/
38.00
refunding bonds. Int. rate is not to exceed 57o. payable semi-annually. BancOhlo Securities Corp.. Columbus
431%21.00
Denom. $1,000. Dated Dec. 1 1930. Due on Dec. 1 1940. A certified Ran,Sutherland & Co., Toledo
763.00
434
W". L. Slayton & Co., Toledo
check for $1,000 must accompany the bid.
731.85
434%
Mitchell, Herrick & Co., Cleveland
434%
634.00
GALLATIN COUNTY (P. 0. Bozeman), Mont.
-BOND OFFERING. Taylor, Wilson & Co.,Inc., Cincinnati
434%
513.15
-We are informed that sealed bids will be received until Nov. 6, by the
County Clerk, for the purchase of an issue of $100.000 refunding bonds.
HAMILTON COUNTY(P.O. Cincinnati), Ohio.
-BOND OFFERING.
-E. J, Dreihs, Clerk of the Board of County Commissioners, will receive
GATES MILLS, Cuyahoga County, Ohio.
-BOND SALE.
-The $49,- sealed bids until 12 M. on Nov. 7 for the purchase of $312,339.84
%
000 special assessment road improvement bonds offered on Oct. 18--V. sanitary sewer improvement bonds. Dated Nov. 1 1930. One bond for
131. p. 2097
-were awarded as 4345 to the Guardian Trust Co. of Cleve- $339.84, others for 81,000. Due on Nov. 1 as follows: $15,339.84 in 1932:
land, at par plus a premium of $90,equal to 100.18. a basis of about 4.47%. $16,000 from 1933 to 1944. inclusive; $15,000 from 1945 to 1951, inclusive.
Dated Oct. 11930. Due on Oct. 1, as follows: $4,000 in 1933, and $5,000 Principal and semi-annual interest(May and Nov.) are payable at the office
from 1934 to 1941, incl. Bids for the issue were as follows:
of the County Treasurer. Bids for the bonds to bear interest at a rate
Bidder
Int. Rate. Premium. other than 434% will also be considered, provided, however, that where a
Guardian Trust Co.(purchaser)
$90 fractional rate is bid such fraction shall be 3,f, of 1% or a multiple thereof.
632 A certified check for $3,124, payable to the order of the County Treasurer,
Spitzer, Rorick & Co., Toledo
4
79 must accompany each proposal. A complete transcript of the proceedings
Merrill, Hawley & Co., Cleveland
434%
584 with reference to the issuance of the bonds will be furnished the purchaser.
Otis & Co., Cleveland
5%
Hayden, Mlller & Co., Cleveland
559 Bids to be made on blank bidding form to be obtained from the County
5%
Commissioners.
GEAUGA COUNTY (P. 0. Chardon) Ohio.
-BOND OFFERING.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
-BOND OFFERING.
Ethel L. Thrasher, Clerk of the Board of County Commissioners, will
receive sealed bids until 1 p.m. (Eastern standard time) on Oct. 30 for the G. R. Morehart, County Auditor, will receive sealed bids until 12 M. on
purchase of $4,714.50 5% special assessment improvement bonds. To be Nov. 10 for the purchase of $17,660 5% bridge bonds. Dated Sept. 1 1930.
dated as of the day of sale. Due on Oct. 1 as follows: $214.50 in 1932, and One bond for 8660. others for $1,000. Due as follows: $1,660 in 1933,
$500 from 1933 to 1941 incl. Interest is payable semi-annually in April and and $2,000 from 1934 to 1941. inclusive. Principal and semi-annual int.
October. Bids for the bonds to bear interest at a rate other than 5% will (March and Sept.) are payable at the office of the County Treasurer.
also be considered, provided, however, that where a fractional rate is bid Bids for the bonds to bear interest at a rate other than 5% will also be
such fraction shall be 31 of 1% or a multiple thereof. A certified check for considered, provided, however, that where a fractional rate is bid such
5% of the amount of bonds bid for, payable to the order of the County fraction shall be % of 1% or a multiple thereof. A certified check 'for
Treasurer, must accompany each proposal.
$500 must accompany each proposal. The approving opinion of Squire,
Sanders & Dempsey, of Cleveland, will be furnished to the purchaser.
GLADSTONE, Clackamas County, Ore.
-ADDITIONAL DETAILS.
--The $21,414.50 issue of sewer improvement bonds that was purchased
-An issue of $148.HASTINGS, Adams County, Neb.-BOND SALE.
by the Bank of Commerce, of Oregon City as 6s, at par-V.131, p. 2566- 000 refunding bonds is reported to have been purchased by the United
Is dated Jan. 15 1929. Coupon bonds in oienoms. of $500, one for $414.50. States Trust Co. of Omaha.
Due on Jan. 15 1939, optional after one year. Interest payable on January
-BOND OFFERING.
HENRY COUNTY (P. 0. Newcastle), Ind.
and July 15.
Joe R. Leakey, County Auditor, will receive sealed bids until 2 p. m.
GLEN RIDGE, Essex County, N. J.
-BOND OFFERING.
-John A. on Oct. 31 for the purchase of the following issues of 6% bonds aggregating
Brown, Borough Clerk, will receive sealed bids until 8 p. m. on Nov. 10 $9,585.37:
for the purchase of the following issues of 431 or 434% coupon or registered $6,768.75 drain bonds. One bond for $243.75, others for $225. Due on
bonds totaling $435,000:
Nov. 15 as follows: $693.75 in 1931. and $675 from 1932 to 1940
incl. A certified check for $200 must accompany each proposal.
$225,000 municipal building bonds. Due on Aug. 1 as follows: $4.000 from
1,504.99 drain bonds. One bond for $154.99, others for $150. Due on
1932 to 1935 incl.,85.000in 1936 and $6,000 from 1937 to 1970 incl.
Nov. 15 as follows: $154.99 in 1931 and $150 from 1932 to 1940
121,000 water bonds. Due on Aug.1 as follows: $3,000 from 1931 to 1965
incl. and $4,000 from 1966 to 1969 incl.
incl. A certified check for $100 must accompany each proposal.
1,311.63 drain bonds. One bond for $141.63, others for 8130. Due on
89,000 playground bonds. Due on Aug. 1 as follows: $2,000 in 1931
Nov. 15 as follows: $141.63 in 1931. and $130 from 1932 to 1940
and $3.000 from 1932 to 1960 incl.
Each issue Is dated Aug. 1 1930. Denom. $1,000. Prin. and semi-ann.
incl. A certified check for $100 must accompany each proposal.
Each issue is dated Oct. 15 1930. Int, is payable semi-annually on May
Int. (F. & A.) payable at the Glen Ridge Trust Co. in Glen Ridge. No
more bonds are to be awarded than will produce a premium of $1,000 and Nov. 15.
over the amount of each issue. A certified check for 2%, payable to the
-BONDS NOT SOLD.
HOT SPRINGS, Sanders County, Mont.
order of the Borough, must accompany each proposal, separate check
required for each issue. The approving opinion of Hawkins, Delafield & The 815,000 issue of not to exceed 6% water bonds offered on Sept. 25V. 131, p. 1292
-was not sold as there were no bids, received.
Longfellow of New York, will be furnished to the successful bidder.
B INDS RE tFFERED-We are now informed that Nellie Hood, Town
-LIST OF BIDS.
-The Clerk, will receive sealed bids until Oct. 27 for the purchase of $15,000
GREENE COUNTY (P. 0. Snow Hill) N. C.
following is an official list of the other bids received for the 8350,000 5% not to exceed 6% interest water bonds. Dated July 11930. The folcoupon or registered refunding bonds that were awarded Jointly to the First lowing information regarding the issue is taken from the offering notice:
,Detroit Co. of Detroit and the First Securities Corp. of Chicago, at 101.62, Said bonds shall be of two classes or kinds; the first choice of the Town
Council being amortization bonds wherein a part of the principal is rea basis of about 4.79%-V. 131, p. 2566:
quired to be paid each time interest becomes due and payable, and which
Premium
W. L. Slayton & Co
$4.978.85 part payment on the principal increases at each succeeding installment
Caldwell & Co
4,760.00 in the same amount that the interest payment decreases: the second choice
4,690.00 of the Town Council being serial bonds, which serial bonds shall be in the
Stranahan. Harris & Co
-year period at the
M. M. Freeman, Inc
3,808.00 denomination of $350 ach payable during the 20
3,217.00 rate of $700 each year, $350 on the first day of Jan. and $350 on the first
Ryan. Sutherland & Co
Walter, Woody & Heimerdinger
1,880.00 day of July each year. In considering bids for various classes of bonds,
Seasongood & Mayer
1,058.00 the Town CounCil shall take into account the interest offered or demanded,
also interest on the sinking fund for the payment of serial bonds, together
-BOND SALE.
-The with every Circumstance affecting the total cost of the bonds when paid in
GREENE COUNTY (P. 0. Bloomfield), Ind.
$4,800 434% coupon Wright Township gravel road construction bonds full. Principal and interest payable at the Town Treasurer's office, or at
-were awarded to the Fletcher Savings some place designated by the purchaser. Enclose a certified check for 3%
offered on Oct. 21-V. 131, p. 2566
& Trust Co.of Indianapolis,at par plus a premium of $116,equal to 102.41, of the amount bid, payable to the Town Treasurer.
about 4.00%. Dated Oct. 11030. Due $240 on July 15 1932:
a basis of
HOLCOMB CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. 0.
$240 on Jan. and July 15 from 1933 to 1941 incl. and $240 on Jan. 15 1942. Holcomb), Dunklin
County, Mo.-BOND DESCRIPTION-The 810.000
The following is a complete list of the bids submitted for the issue:
Issue of 6% school bonds that was purchased by the Peoples Bank of HolPremium. comb
Bidder-V.
awarded at par. Denoms. $250 and $500.
$52.00 Dated July131, D. 821-wasfrom 1
Letsinger, Bloomfield
Reed
11930. Due
to 20 years. Optional after 10 years.
116.00 Coupon bonds, payable onin
Fletcher Saving's & Trust Co.,Indianapolis
Jan. and July 1.
95.60
The Brazil Trust Co.,Brazil, Ind
113.76
Co., Indianapolis
American
Fletcher Am
HOLLAND, Ottawa
-BOND OFFERING.
-Oscar
143:0500 Peterson. City Clerk. willCounty, Mich.
Inland Investment Co., Indianapolis
receive sealed bids until 7.30 p. m. (Central
City Security Corp.,Indianapol4
standard time) on Nov. 5 for the purchase.of $25,000 5% street lighting
-ADDITIONAL system bonds. Dated Aug. 1 1930. Denoins. $1,000 and $500. Due
GUERNSEY COUNTY (P. 0. Cambridge), Ohio.
Aug.
-Regarding the $79.929.69 road impt. bonds recently $2.500 on Aug. 1 from 1931 to 1940 incl. Int. Is payable semi-ann. in
INFORMATION.
Feb. and
Proposals to be conditioned
System, Columbus
-V. 131, furnishing printed bonds ready for execution. upon the successful bidder
purchased by the State Teachers' Retirement
A certified check for $500
-we learn that the bonds bear interest at 43.4% and were sold at par must accompany each bid.
p. 2410
$564.21, equal to 100.70, a basis of about 4.38%. Due
plus a premium of
serially from 1932 to 1941 incl.
HOUSTON COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
71 (P. 0. Crockett), Tex.
-BONDS REGISTERED.
-Two issues of 5%
-BOND SALE. serial school bonds
GUTHRIE COUNTY (P. 0. Guthrie Center), Iowa.
ag,gregating $20.000, were registered by the State Comp-The $400,000 issue of coupon annual primary road bonds offered for sale troller on Oct. 14. Denom. $100.
-was awarded to Geo. M. Bechtel & Co. of
on Oct. 16-V. 131, p. 2416
Davenport,as 431s, paying a premium of $119. equal to 100.0297. a basis
IBERVILLE PARISH SCHOOL DISTRICT NO. 2 (P. 0. Plaqueof about 4.24%. Due $40,000 from May 1 1936 to 1945, incl. Optional mine), La.
-BOND ELECTION.
-We are informed that a special election
after May 1 1936. The other bidders and their bids were as follows:
will be held on Oct. 18 in order to
Rate Bid Premium. Issue $175,000 in 6% school bonds. have the voters pass on a proposal to
niaaer44%81058...008
4y
Iowa-Des Moines Co
4
INDEPENDENCE VILLAGE SCHOOL DISTRICT. Cuyahoga
Glaspell, Vieth & Duncan
4
County,Ohio.
-BOND OFFERING.
-Arthur J. Goudy,Clerk of the Board
Carleton D. Beh Co
4
4,265.00 of Edcuation, will receive sealed bids until 12 m. on Nov. 12 for the pm
Chatham-Phenix Corp
,
Financial Statement (As officially reported by the State Highway Commission)• chase of $150,000 5% school building construction and equipment bonds.
$34,771,197 Dated Oct. 11930. Denom. 81,000. Due on Oct. 1 as follows: $7,000 in
•Value of taxable property
1,232,000 1932; 86.000 in 1933; $7,000 in 1934; 86.000 in 1935; 87.000 in 1936; 86.000
Total debt (this issue included)
In 1937,• $7,000 in 1938; $6,000 In 1939; $7,000 In 1940; $6.000 in 1941:
Population, 1930 census, 17.322, 1920 census. 17.596.
* The constitutional debt limit Is 5% of the value of taxable property. 87.000 In 1942; 86.000 in 1943; 87.000 In 1944; 86.000 in 1945: $7.000 in
1946; 86.000 in 1947; $7,000 in 1948: 86.000 in 1949: 87,000 in 1950; $6,000
The Supreme Court of Iowa defined this to be 5% of the actual value of in 1951;
$7,000 In 1952: 96,000 in 1953. and $7,000 in 1954. Int. Is payable
taxable property as returned by the assessor and as equalized.
semi-ann. in April and Oct. Bids for the bonds to bear int, at a rate other
HALLOWELL WATER DISTRICT (P. 0. Hallowell) Kennebec than 5% will also be considered, provided, however, that where a fractional
-The $35.000 4% coupon extension and rate Is bid such fraction shall be 34 of 1% or a multiple thereof. A cer-BOND SALE.
County, Me.
-were awarded tified check for 1% of the amount of bonds bid for, payable to the order of
Improvement bonds offered on Oct. 21-V. 131, p 2566
to Arthur Perry & Co., of Boston, at a price of 98'433, a basis of about the above-mentioned clerk, must accompany each proposal.
4
4
OCT. 251930.]
2727
FINANCIAL CHRONICLE
-It is
-BOND ELECTION.
IOWA, State of (P. 0. Des Moines).
reported that the following issues of primary road bonds will be voted on
by the electors at the general election on Nov. 4: $1,400,000 Madison
County; $300,000 Floyd County; $707.000 Winnebago County: $450,000
Warren County;$867,000 OsceIola County, and $1,500,000 Lyon County
these bonds being defeated at an election held on Aug. 20-V. 131, p. 1453.
Monroe
1RONDEQUOIT (P. 0. Rochester, Beachwood Station),
-ISSUES RE-BOND SALE NOT CONSUMMATED.
County, N. Y.
-The award on Oct.9 of two issues of bonds aggregating $38,500
OFFERED.
as 5s to Rapp & Lockwood of New York at 100.139. a basis of about
-was not consummated as it was decided that the
5.23%-V. 131, p. 2567
maturities of the $30,000 issue had to be revised. The bonds are being
reoffered for award at 7.30 p. m.on Oct.28. Sealed bids should be addressed
to Earl A. Partridge, Town Clerk, Rate of int. is not to exceed 6% and
must be expressed in a multiple of 1-20th of 1%. The bonds are described
as follows:
$30,000 sewer. Due on Oct. 1 as follows: $1,000 from 1931 to 1942 Incl.
and $1,500 from 1943 to 1954 incl.
8.500 water. Due on Oct. 1 as follows: $500 in 1931 and $1,000 from
1932 to 1939 incl.
Each issue is dated Oct. 1 1930. Single rate of hat, to apply for all of
the bonds. Prin. and semi-ann. int. (A. & 0.) payable at the Union Trust
Co. Rochester, or at the Marine Midland Trust Co., New York. 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
Reed. Hoyt & Washburn of New York will be furnished the successful
bidder.
JACKSON RURAL SCHOOL DISTRICT, Allen County, Ohio.
-The approval of the voters regarding a proposal to
BOND ELECTION.
sell $80,500 in bonds, the proceeds of which would be used for school
purposes, will be sought at the general election to be held on Nov. 4.
Maturity of issue has been fixed at 20 years.
-The
-BOND SALE.
JASPER COUNTY (P. 0. Newton), Iowa.
$105,000 issue of coupon annual primary road bonds offered for sale on
Oct. 17-V. 131, p. 2411-was purchased by the Iowa-Des Moines Co.
of Des Moines, as 41,1s, paying a premium of $127, equal to 100.1209, a
basis of about 4.23%. Due from 1941 to 1945, and optional after 1936.
The other bids were as follows:
Rate Bid. Premium.
Bidder$126.00
4X%
-Geo. M. Bechtel & Co
1,300.00
415%
Glaspell, Vieth & Duncan
a basis of about 5.17%. Due annually as follows: $15,000 from 1933 to
1936 Wel ; $20,000 from 1937 to 1942 incl.; $25,000 from 1943 to 1952 incl.;
$30,000 from 1953 to 1956 incl., and 335.000 from 1957 to 1960 incl.
-One of the
-BOND ELECTION.
LOGAN, Hocking County, Ohio.
questions to be voted upon at the general election to be held on Nov. 4
Is the proposed sale of $59,000 in bonds to finance the installation of a
water softening and purification plant. Maturity of issue has been placed
at 25 years.
-The
-BOND SALE.
LONG BEACH, Los Angeles County, Calif.
$250.000 issue of coupon water works bonds offered for sale on Oct. 7-was jointly purchased by the American Securities Co.. and
V. 131,p. 2257
the First Detroit Co., both of San Francisco, as 4s, and 4hs, paying a
premium of $378, equal to 100.15. Due from June 1 1936 to 1940 incl.
The other bidders were as follows: Bancamerica-Blair Corp., California
Securities Co., Dean Witter & Co.. R. H. Moulton & Co., William R.
Boats Co., National Bankitaly Co.. Citizens National Co. of Los Angeles,
Heller Bruce & Co.. Weeden & Co., and First National Trust & Savings
Bank of San Diego.
-The following
-BOND SALE.
LONG BEACH, Nassau County, N. Y.
issues of coupon or registered special assessment impt. bonds aggregating
-were awarded as Os to Fair$90,000 offered on Oct. 21-V. 131, p. 2568
servis & Co. of New York, at 100.02, a basis of about 5.99%:
$85.000 series A, bulkheading canals of Lido bonds. Denoms. $1,000 and
$500. Due $8.500 on Oct. 1 from 1931 to 1940 hod.
5,000 series A, parkways bonds. Denom.$1,000. Due $1,000 on Oct.1
from 1931 to 1935 incl.
Each issue is dated Oct. 1 1930.
LORAIN, Lorain County Ohio.-FINANCIAL STATEMENT.In connection with the notice in our issue of Oct. 11-V. 131, p. 2411
relative to the scheduled sale on Oct. 25 of $29.601 5% city's portion street
paving bonds, we have received the following:
Financial Statement.
$135,000,000.00
Real valuation (estimated)
85.605,510.00
Assessed valuation (1929)
2,765,483.60
Total bonded debt (including this issue)
903.967.00
Floating debt
-BOND OFFERING.
PrJEFFERSON COUNTY (P. 0. Madison), Ind.
William E. Carr, County Treasurer, will receive sealed bids until 2 p. m.on
Nov.3 for the purchase of $5,000 4 % township road impt. bonds. Dated
Oct. 311930. Denom. $250. Due $250 on Jan. and July 15 from 1932
to 1941 incl.
-BOND
JEFFERSONVILLE SCHOOL CITY, Clark County, Ind.
-Sealed bids addressed to the Board of School Trustees will
OFFERING.
be received until 11 a. m. on Oct. 30 for the purchase of $155,000 415%
school bonds. Dated July 1 1930. Denom. $500. Due semi-annually
as follows: $3,500 on July 1 1933: $3,500 on Jan. and July 1 from 1934 to
1954 incl. and $4,500 on Jan. 1 1955. Prin. and semi-annual interest
'
(Jan. and July) payable at the First National Bank, in Jeffersonville. A
-certified check for $500. payable to the order of the School City, must
accompany each proposal. The School Board reserves the right to reduce
the amount of bonds to be awarded.
(This notice corrects that given in our issue of Oct. 18 under the heading,
Jeffersonville. Ky.-V. 131, p. 2567.)
-Nov.
-BOND ELECTION.
KERR COUNTY (P. 0. Kerrville), Tex.
15 has been designated as the day on which a special election will be held
to have the voters pass on a proposed $450,000 bond issue for hard
In order
surfacing roads. It is reported the bonds will bear 5% interest and mature
In 30 years. It is stated that State and Federal aid will amount to more than
$1,000,000.
-BOND SALE.
KLICK1TAT COUNTY (P. 0. Goldendale), Wash.
The $30,375 issue of general obligation bonds offered for sale on Oct. 7
-v. 131, p. 2256
-was purchased by the State of Washington, as 6s, at
var. Dated Nov. 111930.
Total debt
Less special assessment debt
Less water debt
Less sinking fund
Less legal deductions
$3,669,450.60
$1,825,474.60
493,000.00
318,259.37
228,000.00
2,864,733.97
3804.716.93
Net debt
Population: 1920, 37,000; present, 44,471.
-The following is
-LIST OF BIDS.
LORAIN, Lorain County, Ohio.
an official list of the bids received on Oct. 3 for the purchase of the $253,135.51 paving bonds which were awarded as4s to Otis & Co. of Cleveland,
at par plus a premium of $962, equal to 100.38, a basis of about 4.18%.
-V. 131. p. 2411.
Int. Rate. Premium.
Bidder
$962.00
434%
Otis & Co.,Cleveland
961.00
E. H. Rollins & Sons, Chicago
434Y
885.97
Stranahan Harris & Co., Toledo
434
809.00
Chatham Phenix Corp., Chicago
708.78
The Provident Savings Bank & Trust Co.,Cincinnati- 4
4q07
658.00
Halsey. Stuart & Co., Chicago
561.96
4
Lawrence Stern & Co.. Chicago
480.00
4
First Detroit Co., Detroit
4
437.00
Mitchell, Herrick & Co., Cleveland
4
368.00
Braun, Bosworth & Co., Toledo
335.00
4
A. C. Allyn & Co., Chicago
307.00
4
McDonold-Callahan & Co., Cleveland
4
154.96
L.Slayton & Co.,Toledo
W.
4
2,864.00
Guardian Trust Co., Cleveland
4
2,329.00
The Title Guarantee & Trust Co., Cincinnati
4
2,177.00
Ryan, Sutherland & Co., Toledo
* Successful bidders.
-A
-BOND SALE.
LOS ANGELES, Los Angeles County, Calif.
KNOX COUNTY SCHOOL DISTRICT NO. 90 (P. 0. Verdil), Neb. $737,039.59 issue of funding series 6 bonds was offered and sold on Oct. 22
-A $20.000 issue of 5% semi-annual school bonds has
-BOND SALE.
to the Continental Illinois Co. of Chicago and the American Securities Co.
been purchased by Wachob, Bender & Co. of Omaha. Due in from 2 to of Los Angeles, as 434o, on their joint bid of 101.12. a basis of about 4.10%.
20 years. (These bonds were voted on Aug. 29.)
Denom. $1,000, one for $500, and one for $539.59. Dated Oct. 1 1930.
-The $900,000 Due on Oct. 1, as follows: $38,000, 1931 to 1948; $26,500, 1949, and $36,-BOND SALE.
KNOXVILLE, Knox Cciunty, Tenn.
Prin. and int. (A. & 0.) payable at the Bank of America,
registered semi-ann. bridge bonds offered for sale 539.59 in 1950.
Issue of 41i% coupon or
National Association in New 'York, or at the City Treasurer's office.
on Oct. 21-V. 131,p. 2567-was jointly purchased by M. M.Freeman & Legality approved by Thomson, Wood & Hoffman of New York.
Co., Inc., of New York, and W. H. Newbold's Son & Co. of Philadelphia.
-BOND SALE.
for a premium of $21.762. equal to 102.418, a basis of about 4.36%. Dated
LOWELL (P. 0. Bisbee) Cochise County, Ariz.
Oct. 1 1930. Due from Oct. 1 1936 to 1978.
A $210,000 issue of 5% school building bonds is reported to have been
-The successful bidders are awarded to the Bank of Bisbee, of Bisbee, for a premium of $3,250, equal
BONDS OFFERED FOR INVESTMENT.
now offering the above bonds for public subscription at prices to yield to 101.59.
from 4.20 to 4.30%. according to maturity. They are reported to he
-We
-BOND SALE.
LUBBOCK COUNTY (P. 0. Lubbock), Tex.
direct and general obligations of the entire city and are exempt from all are informed that a $300,1100 issue of 5% semi-annual road bonds has
Federal income taxes.
recently been purchased by A. C. Wheeger of Austin, for a premium of
The official list of the other bids is as follows:
$5,700. equal to 101.90.
Price Bid.
Bidders-A $30,000
LUDLOW, Kenton County, Ky.-BOND ELECTION.
City National Bank, Knoxville, for Eldredge & Co., New York_ _$921,600
916,821 issue of incinerator bonds will be balloted upon by the voters at the general
Guaranty Co. of New York, and associates
912,689 election to be held on Nov. 4.
East Tenn. National Bank, Knoxville, and associates
910,531
Ifinnicutt & Co., and Kountze Bros., New York
Halsey, Stuart & Co., Chicago, and E. H. Rollins & Sons, Phila. 903.618
McCOOK SCHOOL DISTRICT (P. 0. McCook) Redwillow County,
Trust & Say. Dank, Chicago, and The Continental Ill. Co_ 901,026 Neb.-BOND SALE.
Harris
-A $75,000 issue of 5% school bonds has been purDue in
PARISH SCHOOL DISTRICT NO. 9 (P. 0. chased by the U. S. National Co. of Omaha. Dated April 1 1930. election LAFOURCHE
and optional after 10 years. (These bonds were voted at an
-The $50,000 issue of semi-ann, school 1950
-BOND SALE.
Thibodaux), La.
bonds offered for sale on Oct. 20-V. 131, p. 2411-was purchased by held on Jan. 14.)
Caldwell & Co., of Nashville, as 6s. Dated Sept. 1 1930. Due from
-BOND ELECTION.
MADISON COUNTY(P.O. Winterset), Iowa.
1931 to 1955 incl.
At the regular election to be held on Nov. 4 it is reported that the voters
-BOND OFFERING. will be asked to ballot on a proposed $1,400,000 road bond issue.
COUNTY (P.O. La Grange), Ind.
LA GRANGE
-Harry liaglind, County Treasurer, will receive sealed bids until 2 p. m.
MAGNOLIA RURAL SCHOOL DISTRICT, Carroll County, Ohio.on Nov. 12 for the purchase of $3,200 5% Bloomfield Township road im-At the general election to be held on Nov.4 the voters
provement bonds. Dated Oct. 15 1930. Denom. $160. Due $160 on BOND ELECTION.
school buildto
on July 15 1932; $160 on Jan. and July 15 from 1933on 1941 incl., and $160 will be asked to authorize the issuance of $70,000 in bonds for at 20 years.
Jan. and July 15.
ing construction and equipment purposes. Maturity of issue set
Interest is payable semi-annually
on Jan. 15 1942.
-BOND SALE.
-The 325.000
-The
LAKE COUNTY (P. 0. Crown Point), Ind.
-BONDS NOT SOLD.
MALIN, Klamath County, Ore.
168,000 5% coupon F. S. McLaughlin et al.. North Township road im- Issue of 69' coupon water bonds offered on Sept. 2-V. 131, p. 1454
provement bonds offered on Oct. 13-V. 131, p. 2411-were awarded to was not sold as there were no bids received. Dated Sept. 1 1930. Due
the First National Bank, of Crown Point, at par plus a Premium of $3,050, on Sept. 1 1950.
equal to 104.48, a basis of about 4.08%. Dated Sept. 15 1930. Due semiannually as follows: $3,400 on July 15 1931; $3,400 on Jan. and July 15
-At a special
-BONDS VOTED.
MANGUM, Greer County, Okla.
from 1932 to 1940 incl., and $3,400 on Jan. 15 1941. The Commercial election held recently, the voters authorized the issuance of $108,000 in
Bank, of Crown Point, also bid for the issue.
improvement bonds. It is reported that these bonds will shortly be offered
-CERTIFICATES OFFERED. for sale.
LAKEFIELD, Jackson County, Minn.
-Sealed bids were received until So. m.on Oct. 24, by C. C.Eder, Village
MANLIUS, EAST GENESSEE WATER DISTRICT (P. 0. FayetteRecorder, for the purchase of a $50,000 issue of not to exceed 515% semi- ville), Onondaga County N. Y.
-The $70,000 coupon or
-BOND SALE.
annual certificates of indebtedness. Denoms. $1,000 and $500. Dated registered water bonds offered on Oct. 21-V. 131, p. 2568
-were awarded
Nov. 1 1930.
as 4s to Lincoln Equities, Inc., of Syracuse, at 100.77, a basis of about
Oct. 1 1930. Due as follows: $4,000 from 1934 to 1949
-$40,000 IN SHORT- 4.42%. Dated
LENAWEE COUNTY (P. 0. Adrian), Mich.
-The Toledo "Blade" of Oct. 20 said: incl., and 36,000 in 1950.
TERM LOANS AUTHORIZED.
"The Lenawee County Board of Supervisors has authorized Harry
-The $47,000 %ale of
-BOND SALE.
MARLIN, Falls County, Tex.
Osgood, County Treasurer, to make short loans up to $40,000 to carry 5% coupon street impt. bonds offered for sale on Oct. 14-V. 131, p. 2257
on the County's business until the December tax money becomes available. was awarded at par to the First National Bank, of' Marlin. Denom.
The County Treasury, duo to about $40,000 in delinquent taxes, now is $1.000. Dated Aug. 1 1929. Due on Aug. 1 1969 and optional after
empty. The loans will be used to pay County officers and other 10 years. Int, payable on Feb. and Aug. 1.
ractifally
bills.'
MARIVEZ HIGH SCHOOL DISTRICT NO. 6 (P. 0. Marquez).
-BOND SALE.
-The First
• LEXINGTON, Middlesex County, Mass.
-A $15,000 issue of 59
-BONDS REGISTERED.
Tex.
Leon
National Old Colony Corp. of Boston. on Oct. 21 was awarded an issue of school County, registered by the State Comptroller on Oct. 3. Denom.
$50,000 4% coupon water main bonds at 101.63, a basis of about 3.66%. $375. bonds was
1930. Denom. $1,000. Due annually on Nov. 1 from 1931
Dated Nov. 1
to 1910 incl.
MAURICEVILLE INDEPENDENT SCHOOL DISTRICT (P. 0.
-BONDS REGISTERED.
-The
-BOND SALE.
-The Mauriceville), Orange County, Tex.
LINCOLN PARK, Wayne County, Mich.
-were State Comptroller on Oct. 18, registered a $40,000 issue of 5% serial school
3690,000 coupon school bonds offered on Oct. 17-V. 131. P. 2567
as 51.1,8 to Stranahan, Harris & Co., Inc. of Toledo at 100.95. bonds. Denom. $1,000.
awarded
g
2728
FINANCIAL CHRONICLE
MECKLENBURG COUNTY (P. 0. Charlotte), N. C.
-NOTE SALE.
-The two issues of notes aggregating $100.000, offered for sale on Oct. 20
-V. 131, P. 2568
-were awarded to the American Trust Co., of Charlotte,
at 3%. phis a premium of $35, giving a net interest cost of 2S6%. Due in
three months.
MENARD COUNTY (P. 0. Menard), Tex.
-BOND SALE.
-An $80,000 issue of court house and jail bonds is reported to have recently been
purchased by J. E. W. Thomas & Co., of Dallas.
MERCER COUNTY (P. 0. Celina), Ohio.
-BOND SALE.
-The
following issues of 5% bonds aggregating $11,000 offered on Oct.3-V. 131.
p.2098
-were awarded to the Commercial Bank Co. and the First National
Bank, both of Celina, jointly, at par plus a premium of $55, equal to 100.50,
a bais of about 4.82%:
$6,000 Fox Road bonds. Due on Sept. 1 as follows: $1,000 from 1931 to
1933 incl., and $1,500 in 1934 and 1935.
3,000 Krough Road bonds. Due on Sept. 1 as follows: $500 from 1931
to 1934 Incl. and $1.000 in 1935.
2,000 Hoenie Road bonds. Due $500 on Sept. 1 from 1931 to 1934 incl.
Each issue is dated Oct. 11930.
riroL. 181.
MINSTER VILLAGE SCHOOL DISTRICT, Auglaize County, Ohio.
-BOND ELECTION.
-Notice of the intention of the Board of Education
to secure the passage of a proposed $88,000 bond issue at the general election
to be held on Nov. 4 has been published in the local newspapers. Proceeds
of the issue would be used for school building purposes and the bonds would
mature in 22 years.
MOBILE COUNTY (P. 0. Mobile), Ala.
-BOND OFFERING.
-Sealed
bids will be received by E. C. Doody, Clerk of the Board of Revenue and
Road Commissioners, until 10.30 a. in. on Nov. 10, for the purchase of a
$660.000 issue of road and bridge bonds. Int. rate is not to exceed 5%
payable semi-annually. Said bonds to be sold at not less than 95% of
their face value and with maximum interest at 5%. Denom. $1,000.
Dated June 1 1930. Due on June 1 as follows: $13,000, 1933 to 1936:
$18,000, 1937 and 1938, and $26,000. 1939 to 1960, all incl. Payable at a
bank or trust company to be selected by the purchaser. The approvng
opinion of Chapman & Cutler, of Chicago, will be furnished. Purchaser
is to furnish the blank bonds. Authority for issuance: Local Act 246 of
1927 and State Constitutional Amendment. Voted at an election in Sept.
1929. A certified check for $11,000 must accompany the bid.
MOGADORE,Summit County,Ohio.
-BOND SALE.
-The$23,178.03
coupon special assessment improvement bonds offered on Oct. 13-V. 131,
p. 2412
-were awarded as 43.is to Spitzer, Rorick & Co., of Toledo, at par
plus a premium of $77 equal to 100.33, a basis of about 4.44%. Dated
Nov. 11930. Due on Oct. 1 as follows: $2178.03 in 1932: $3,000 in 1933;
82.000 from 1934 to 1939 incl., and $3,000 in 1940 and 1941. Bids for the
issue were as follows:
BidderInt. Rate.
Premium.
Spitzer, Bolick & Co. (purchasers)
4 %
$77.00
Mogadore Savings Bank
507
23.17
Ryan, Sutherland & Co., Toledo
7
4,20 209.00
W. L. Slayton & Co. Toledo
4
42.85
07
Banc Ohio Securities Co., Columbus
'
4I
80.50
Davies-Bertram Co., Cincinnati
4 %
181.00
MONAHANS, Ward County, Tex.
-BOND SALE.
-The $25,000 188118
of 6% coupon (A. & 0.) water works bonds offered for sale on Sept. 29
-V. 121, p. 1928
-was taken over at par by the J. B. McCrary Co., of
Dallas, the contractors. Due $1,000 from April 1 1932 to 1956, inclusive.
MERRILL, Lincoln County, Wis.-BOND SALE.
-The $40,000 issue
of 4M % coupon semi-ann. bridge and viaduct bonds offered for sale on
Oct. 21-V. 131, p. 2568
-was awarded to the Citizens Investment Corp.
of Merrill,for a premium of $525, equal to 101.31, a basis of about 4.26%.
Due $5,000 from 1933 to 1940.
The other bidders and their bids were as follows:
BiddersPrice Bid.
Citizens National Bank
$40,512.50
Lincoln County Bank
40,292.00
John Nuveen & Co
40,228.00
The Milwaukee Co
40,202.00
H. M. Byllesby & Co
40,150.00
The Hanchett Bond Co
40,126.00
Marshall & Ilsley Bank
40,043.83
White-Phillips Co
40,043.00
H.E. Herczel & Co
40,041.00
MIDDLEBURG HEIGHTS,Cuyahoga County, Ohio.
-BOND ELECTION.
-On the ballot to be considered by the voters at the general election
to be held on Nov. 4 there will appear the question of the proposed sale of
MONROE COUNTY (P. 0. Monroe,) Mich.
-BOND SALE.
$53,000 in bonds,the proceeds of which would be used to finance the erection The First Detroit Co..of Detroit. on Oct. 13 was awarded an issue of
hall..
$68,400
of a building to be known as the "village
coupon road construction bonds as 4s at a price of 100.645, a basis of
0
MIDDLETOWN, Middlesex County, Conn.
--BOND SALE -The about 4.377. Dated Oct. 1 1930. Denorns. $1,000 and $100. Due
First National Old Colony Corp., of Boston, recently purchased an issue of serially on May 1 from 1931 to 1940 incl. Interest is payable semi-annually
$445,000 4% coupon or registered refunding bonds and is re-offering them in May and Nov. Purchaser agreed to pay cost of legal opinion and Printing
for public investment at prices to yield from 2.757 to 2.90%, according to of the bonds.
0
maturity. Dated July 11930. Denom. $1.000. Due on July 1 as follows:
MONROE COUNTY (P. 0. Monroe), Mich.
-BOND SALE.
-Three
$20,000 from 1931 to 1952 inclusive, and $5,000 in 1953. Principal and
semi-annual interest (April and Oct.) are payable at the Old Colony Trust issues of highway improvement bonds aggregating $78,000 were recently
Co., Boston. Legality to be approved by Ropes, Gray, Boyden & Perkins, awarded as follows:
$44,000 District No. 1140 bends sold to the Guardian Detroit Co., of
of Boston. To be certified by Old Colony Trust Co., Boston.
Detroit, at a price of 100.32. The First Detroit Co.and Stranahan.
Financial Statement (Officially Reported).
Harris & Co., bid 100.26 and 100.19, respectively.
$34,865,911
Assessed valuation (1929)
26,000 District No.483 bonds sold to Gray, Mc awn & Co.. of Cleveland. .
xTotal bonded debt(2.8%)
993,000
at a price of 100.61. Other bids were as follows: Stranahan, Harris
Population (1930), 24,422
& Co.. 100.47; Braun, Bosworth & Co., 100.27; First Detroit
x The debt of the city school district, a separate incorporated district,
Co., 100.16.
amounting to $257.500, Is not included in the above figure.
8,000 District No. 1139 bonds sold as 4s to Cray, McIrawn & Co., of
Cleveland, at 100.05. First Detroit Co., only other bidder, offered
MIDLAND, Midland County, Mich.
-BONDS DEFEATED FOR
100.36 for the bonds as 5s.
SEGOND TIME.
-At a special election held on Oct. 8, the voters for the
second time defeated a proposed $108,000,bond issue for water works
MONROE COUNTY (P. 0. Albia), Iowa.
-BOND SALE.
-The $103,construction purposes. The measure was defeated previously at an elec000 issue of annual primary road bonds offered for sale on Oct. 20-V.
tion held on Sept. 9-V. 131, p. 1928.
131, p. 2412
-was purchased by Geo. M. Bechtel & Co., of Davenport,
as 4 Ms, paying a premium of $80, equal to 100.07, a basis of about 4.24%.
MILLER COUNTY (P. 0. Texarkana), Ark.
-BOND ELECTION.We are informed that an issue of $125,000 jail bonds will be submitted to Due from May 1 1936 to 1945, incl. Optional after May 11936.
the votersfor approval at the general election in November.
MORRIS COUNTY (P. 0. Daingerfield), Tex.
-BOND SALE.
-The
MILTON (P. 0. Troy), Miami County, Ohio.
-The $65,000 issue of road bonds offered for sale on Sept. 13-V. 131, 1749
-BOND SALE.
-is
$6,000 coupon fire department apparatus purchase bonds offered on Oct. 17 reported to have been purchased by H. C. Burt & Co.,of Houston. as 5s.
-V. 131, p. 2412
-were awarded as 43s at a price of par to the Davies
MOUNT EPHRAIM, Camden County, N. J.
-OFFER $187,000 6%
Bertram Co. of Cincinnati. The bonds are dated Oct. 1 1930 and mature
BONDS.
-A.C. Allyn & Co. of New York are offering an issue of $187.000
$1,000 on Oct. 1 from 1931 to 1936 incl.
6% coupon or registered bonds for public investment priced to yield 5.25%.
MILWAUKEE COUNTY(P.O. Milwaukee) Wis.-BOND OFFERING. Dated March 1 1930. Denom. $1,000. Due on March 1 from 1936 to
-Sealed bids will be received by Patrick McManus. County Treasurer, 1940 incl. Prin. and semi-ann. in (M. & S.) payable at the Mount
until 11 a.m. (Central standard time) on Nov. 12, for the purchase of a Ephraim National Bank, Mount Ephraim. Legality approved by Caldwell
$2.600,000 issue of 4M % coupon court house bonds. Denom. $1,000. & Raymond of New York. The bonds are said to be legal investment for
Dated Nov. 151930. Due 8130,000 from Nov. 15 1931 to 1950, incl. Prin. savings banks and trust funds in New Jersey.
and int. (M. & N.) payable at the office of the County Treasurer. Any
Financiat Statement.
opinion desired as to the legality and lawful execution of the bonds must be Actual valuation
$5,000,000
paid for by the purchaser. These bonds are issued under authority of Assessed valuation, 1930
2,357,807
Chapter 67 of the Wisconsin Statutes for the year 1929,and Acts amendatory Net debt
81,01&
thereof and supplementary thereto, pursuant to resolutions presented to
Population: 1930 census, 2,318.
and adopted by the County Board of Supervisors of Milwaukee County,
MUSKEGON, Muskegon County, Mich.
-BONDS OFFERED.
-Ida
and are officially designated as Milwaukee County Court House bonds of
L. Christiansen, City Clerk, received sealed bids until 2 p. m. on Oct. 24.
1930. No deposits required with bids.
for the purchase of $35,000 not to exceed 4M % interest special improve(This report supplements that given in V. 131, D.2568.)
ment bonds. Dated Nov. 11930. Denom. $1,0100. Due as follows: $3,000
It is reported that Milwaukee County bonds now outstanding total from 1931 to 1938. Incl.: 85,000 in 1939. and $6,000 in 1940. Principal
$26,219,800, bulk of which consists of 43(% to 5% metropolitan sewerage and semi-annual interest (May and Nov.) are payable at the office of the
district bonds, due 1933 to 1950. Sinking fund on hand Oct. 1 totaled City Treasurer. Legality approved by Miller. Canfield, Paddock & Stone,
3288.479, leaving net debt of $25,931,321.
of Detroit.
Bonded debt limit to be computed on the value of all real estate and
NEWBERG, Yamhill County, Ore.
personal property in the county as last fixed by the Wisconsin Tax Com-BONDS VOTED.
-Three issues
$1.803,146,710 totals $90,157,335. Gross margin for of bonds aggregating $154,000, were voted at an election held on Sept. 30.
mission for 1930 at
1930-31 issues therefore aggregates 864,226,014. Deducting from that The issues are divided as follows: $75,000 refunding bonds approved by'
122 to 35: $14,000 paving and sidewalk bonds by a count of 116 to 41,
figure the $2,600.000 courthouse bonds to be issued, leaves net margin o
and $65,000 refunding street assessment (Bancroft Act) bonds were voted
$61,626,014 for further issues in 1930-31.
by 119 "for" to 38 "against."
MINNEAPOLIS, Hennepin County, Minn.
-BOND SALE.
-The two
NEW CASTLE (P. 0. Chappaqua), Westchester County N.Y.issues of bonds aggregating $169,250, offered for sale on Oct. 21-V. 131.
-were purchased by the First Securities Corp. of Minneapolis as BOND SALE.
-Leroy Potter, Town Clerk, reports that the following issues
p. 2412
4Ms, paying a premium of $1,475, equal to 100.871,a oasis of about 4.07%. of coupon or registered bonds aggregating $110,000 were awarded on Oct. 21
as 4.308 to Lehman Bros. of New York, and the Manufacturers & Traders
The issues are divided as follows:
$165,500 special park, parkway acquisition and impt. bonds. Due $16,550 Trust Co. of Buffalo. jointly, at par plus a premium of $208.89, equal to
100.189, a basis of about 4.28%:
from Nov. 1 1931 to 1940 incl.
3,750 special park, parkway acquisition and impt. bonds. Due $760 $98,000 highway impt. bonds (1930). Due on Oct. 1 as follows. $4,000
from Nov. 1 1931 to 1935 incl.
from 1931 to 1940 incl.; $5,000 In 1941 and 1942, and $6,000 from
1943 to 1950 incl.
-BOND SALE.
-The $9,000,MINNESOTA,State of(P.O. St. Paul).
12,000 land purchase bonds (1930). Due $1,000 on Oct. 1 from 1931 to
000 issue of coupon trunk highway bonds offered for sale on Oct. 22-V.
1942 incl.
awarded to a syndicate composed of the Chase Securitis
-was
131. p. 2568
Each issue is dated Oct. 1 1930. Denom.
semi-ann.
Corp. of New York, the Continental Illinois Co. and the Harris Trust & int.(A. & 0.) payable at the Mount Pleasant $1,000. Prin. and PleasantBank
Savings Bank, both of Chicago; the BancNorthwest Co. of Minneapolis; ville, or at the Chase National Bank, New York. & Trust Co.,
Legality approved by
It. W.Pressprich & Co.,all of Clay,
Barr Bros.& Co.; L. F. Rothschild & Co.and
Dillon & Vandewater of New York.
New York; the First Union Trust & Savings Bank, of Chicago; KeanFinancial Statement.
Taylor & Co.; Emanuel & Co.; R. H. Moulton & Co.,and Wallace, Sander- Valuations.
Real estate & special franchise. 1930
$27,571.039'
son & Co_ all of New York, as 43s. at a price of 101.921, a basis of about
Actual valuation, 1930 (estimated)
35,000,000
Dated Nov. 151930. Due $1,500,000 from May 15 1942 to 1947. Debt.
4.07%.
*Total bonded indebtedness, incl. this issue
1,425.300
incl.
Water district, bonds included above
467,000
were reported as follows:
Other bids for the bonds
Population, 1920 Federal census, 3,639: 1930 Federal census, 6,749.
Syndicate headed by Guaranty Co., bidding 101.889,Included the follow* The net bonded indebtedness will be about 33% of the assessed valuhouses: Bankers Co. National City Co., First National Old Colony ation upon the issuance of these bonds.
ing
,
Corp., Edredge & Co., list Securities Corp. of Minnesota, Ames, Emerich
& Co., Wells-Dickey Co., Hannahs, Bailin & Lee. and Lane, Piper &
NEW MARKET TOWNSHIP RURAL SCHOOL DISTRICT, HighJaffrey, Inc.
land County, Ohio.
-BOND ELECTION.
-At the general election to be
First National Bank group bid 101.734. Other in that syndicate were: held on Nov.4 the voters will decide the fate of a proposed $8,000 bond issue,
Hallgarten & Co., B. J. Van Ingen & Co. Phelps, Fenn & Co., Salomon the proceeds of which would be used for school purposes. Maturity of
Co., First Bank Stock Corp., Redmond issue has been set at 10 years.
Bros. & Hutzler, Northern Trust
& Co., H. L. Allen & Co., Lawrence Stern & Co., Rogers Caldwell & Co.,
NEWPORT, Campbell County, Ky.-BOND DESCRIPTION.
-The
Inc., Schaumburg, Rebhann & Osborne. and Smith, Moore & Co.
Lehman Bros. syndicate, which bid 101.719 for the issue, included $500,000 issue of refunding bonds that was purchased by a group of local.
Foreman-State banks, as 4)s,at a price of 100.50-V. 131, p. 2569
Estabrook & Co., First Detroit Co., Inc., Kountze
-is dated. Jan. 1 1931.
Co.. Milwaukee Co.. Denom. 81,000. Due on Jan. 1, as follows: $10,000, 1937 to 1941; $15,000,
S. Moseley &Bros..
Corp., Otis & Co., R. L. Day & Co., F.
Kalman & Co., Boatmen's National Co., Mercantile-Commerce Co.. 1942 to 1946; $20,000, 1947 to 1951; 825.000, 1952 to 1956 and $30,000,
1957 to 1961, all incl., giving a basis of about 4.46%.
Mississippi Valley Co. and Stern Bros. & Co.
•
Halsey. Stuart & Co.. nc., headed a group which bid 101.511, and
NEWTON, Harvey County, Kan.
-BOND OFFERING.
-Sealed bids
included these houses: Bancamerica-Blair Corp.. E. H. Rollins & Sow. will be
received by Adella Martin, City Clerk, until 10 a. m. on Oct. 28,
and Darby & Co.
Roosevelt & Son. Dewey, Bacon & Co.,
for the purchase of a $70.000 issue of4M% semi-ann. internal improvement
-The successful syndicate announced on Oct. bonds. Denom. $1,000. Dated Aug. 1 1930. Due $7,000 from Aug. 1
BONDS SUBSCRIBED.
,
24 that all of the bonds offered for investment had been sold. Up to that 1931 to 1940, incl. The bonds are ready for delivery subject to the approval
time the bonds had been re-offered at prices to yield 4% on all maturities, of the bond transcripts by the attorney for the purchaser. A certified check
for 2% must accompany the bid.
accrued interest to be added.
OCT. 25 1930.]
FINANCIAL CHRONICLE
2729
-S. N.
-TEMPORARY LOAN.
PATERSON, Passaic County, N. J.
NEW YORK, N. Y.-$50,000,000 CORPORATE STOCK SOLD.
purchased a $200,000 temporary loan
COMPTROLLER WITHDRAWS $25,000,000 FROM ORIGINAL OFFER- Bond & Co. of New York, on Oct. 9of
$6. The loan matures on Dec. 10
-City Comptroller Charles W. Berry on Oct. 21 at 2.45% discount, plus a premium
ING OF $75,000,000.
opened the bids submitted for the purchase of $50,000,000 49" gold cor- 1930.
-The
porate stock and awarded the entire issue to a syndicate headed by the
-BOND SALE.
PAWTUCKET, Providence County, R. I.
Chase Securities Corp. of New York, which submitted the only "all or following issues of 44% coupon or registered bonds aggregating $700,000
none" offer for the stock, that of 100.03, the int. cost of the financing to offered on Oct. 22-V. 131, p. 2569
-were awarded to H. M. Blylesby &
the city being 3.9986%. It was the original intention of the city to sell Co., Inc., and E. J. Coulon & Co., both of New York, jointly, at 100.0699.
-but in a statement a basis of about 4.24%:
$75,000,000 of 4% corporate stock-V. 131, p. 2413
Issued on Oct. 20 Comptroller Berry announced that because of the un- $175,000 school funding bonds. Dated Sept. 1 1930. Due on Sept. 1 as
settled condition of the municipal bond market he had decided to withdraw
follows: $5,000 from 1931 to 1935 incl., and $10,000 from 1936
325,000.000 of rapid transit stock from the impending sale. The total
to 1950 inclusive.
of $50,000,000 Is composed of the following issues:
150,000 sewer bonds. Dated Aug. 1 1930. Due $5.000 on Aug. 1 from
1931 to 1960 inductive.
$27,000,000 corporate stock for rapid transit construction (original amount
was $52,000,000).
150,000 highway funding bonds. Dated Sept. 1 1930. Due $10,000 on
Sept. 1 from 1931 to 1945 inclusive.
16,000,000 corporate stock for the supply of water.
150,000 school bonds. Dated Aug. 1 1930. Due $5,000 on Aug. 1 from
7,000,000 corporate stock for construction of docks.
1931 to 1960 inclusive.
All of the above stock is dated Oct. 1 1930, matures on Oct. 1 1980.
successfui
75,000 water works funding bonds. Dated Sept. 1 1930. Due $5,000 On
and is being re-offered for general investment by members of the
Sept. 1 from 1931 to 1945 inclusive.
syndicate, names of which are shown below, priced at 101 and int., yielding
The following is a list of the bids submitted for the bonds:
about 3.95%. The bankers' advertisement, which will be found on • iv.
Rate Bid.
of this issue, states that the securities are legal investment under New York
BidderState law for savings banks and for executors, administrators,guardians H. M. Byllesby' & Co., Inc., and E. J. Coulon & Co. jointly
100.0699
and others holding trust funds. The Chase Securities group, in addition
(purchasers)
99.631
to the accepted tender, offered 100 for all or any part of the offering. The Rhode Island Hospital Trust Co
99.128
only other bids received at the current sale were as follows. Kings County E. H. Rollins & Sons
98.250
Trust Co., Brooklyn, for $500,000 at 100.25; Liberty National Bank & Industrial Trust Co.(R.I.) and Phelps, Fenn & Co.,jointly
96.090
Trust Co. New York, for $500,000 at 100 and William A. Phillips, of Harris, Forbes & Co
Dillon, Read & Co., for $100.000 at 100.125.
The present award of 4% obligations is the third of its kind bearing that
-BOND
RUkAL SCHOOL DISTRICT, Lake County, Ohio.
PERRY
coupon rate conducted by the city since 1917. On Feb. 29 1928 an award ELECTION.
-A proposed $100.000 bond issue, the proceeds of which would
-year corporate stock was made at an interest cost of be devoted for school construction and improvement purposes, will appear
of $52,000,000, 4
-year corporate stock on the ballot at the general election to be held on Nov. 4. Maturity of
3.866%-V. 126, p. 1396. A total of $60,000,000 50
-year serial bonds was sold on May 11 1927 at an int, cost to the city issue has been placed at 20 years.
and 40
of about 3.936%-V. 124, p. 2952. At the conclusion of the sale on Oct. 21
it was stated at the Comptroller's office that the saving in int. charges
-BOND SALE.
-The four WWII
PHOENIX, Marieopa County, Ariz.
%
over the life of the bonds as a result of the award of 4% instead of
of coupon or registered bonds aggregating $3,422,000, the award of which
obligations would be $6,250,000.
to a
on Oct.
The text of the statement issued by Comptroller Berry on Oct. 20, had been postponed-V. 131, p. 2570-was definitely sold Phoenix17
Corp.,
Chatham
of the National
announcing the withdrawal of $25,000,000 corporate stock from the pro- syndicate composed Co., Inc., all ofCity Co.. the
New York, and the First Union Trust
and A. B. Leach &
posed sale follows.
& Savings Bank,of Chicago, as 4;4s, at a price of 101.589, a basis of about
NOTICE TO THE MUNICIPAL BOND MARKET.
4.36%. The issues are as follows:
October 20 1930.
bonds. Due from July 2 1935 to 1960 incl.
greatly $2,364,000 water bonds. Due from July 2 1935 to 1959 incl.
"Owing to the present condition of the bond market, which has
817.000 sewer
-year
changed since I announced the purpose to sell 375,000,000 of 4% 50
200,000 Verde loan funding bonds. Due from July 2 1935 to 1959 incl.
to withdraw $25,000.000 of the rapid transit
corporate stock, I have decided
41,000 town ditch loan funding bonds. Due from July 2 1935 to 1954
bonds from public offering to-morrow. This will leave $27,000,000 of the
inclusive.
rapid transit corporate stock for sale. $7,000,000 for construction of docks
-The successful syndicate is now offerBONDS OFFERED TO PUBLIC.
of fixed-term
and $16,000,000 for water supply, making in all $50,000,000
ing the above bonds for general investment at prices to yield from 4.10 to
bonds redeemable on Oct. 1 1980, with int. at 4% per annum, payable 4.30%, according to maturity. They are reported to be direct obligations
semi-annually on Aprll 1 and Oct. 1.
entire city and payable from unlimited taxes on all taxable property.
"As stated in the circular letter relating to the sale of these bonds, they of the
Financial Statement (As officially reported).
will not add one dollar to the debt of the City. The sale is for the purpose
7 5 :0
8 940 5 9
$8 :2 1 9
"corporate stock notes" and thereby funding them Assessed valuation, 1930
of taking up short-term
into 50-year corporate stock, the latter being the Charter title or name of the Total bonded debt, including this Issue
$4,687,000
bond. These bonds, like all securities issued by the City of New York, Water debt
131,375
whether in the form of corporate stock notes, serial bonds, revenue bills or Sinking fund
3,432,129
other short-term securities, are backed by the full faith, credit, and taxing Net bonded debt
1930 census, 47,950.
power of the City, and because of the non-taxable features of the bond
Population,
they are a very desirable investment.
-At a specie
"The withdrawal of this $25,000,000 from the sale is because of the present
PIERRE, Hughes County, S. Dak.-BONDS VOTED.
unsettled condition of the bond market, and as the City can borrow when- election held recently the voters approved the issuance of $90,000 in bonds
ever required whatever funds it needs by short-term notes at rates decidedly for municipal public utilities impts. by a count of328"for"to 114 "against.'
advantageous, the lessened amount of bonds, viz.. $50,000,000'which will
be offered in the sale may be helpful in aiding the bond market to a more
-BOND SALE.
POCAHONTAS COUNTY (P.O. Pocahontas), Iowa.
speedy return to a better condition."
house
-We are informed that a $250,000 issue of court Co.ofrefunding bonds
CHARLES W. BERRY. Comptroller.
Des Moines, as
has recently been awarded to the Carleton D. Bell
.The members of the successful group which is now re-offering the corporate 43s. for a premium of $1,740 equal to 100.69, a basis of about 4.19%.
stock are as follows:
Due on Nov. 1 1945.
Chase Securities Corp., New York Wood,Gundy & Co., Inc., New York
Batchelder & Co., New York
(manager)
PORTLAND WATER DISTRICT (P. 0. Portland), Cumberland
Wells-Dickey Co., Minneapolis
Harris, Forbes & Co., New York
-The 3400,000 4% coupon water bonds
-BOND SALE.
It. W. Pressprich & Co., New York Schaumburg, Rebhann & Osborne, County, Me. 20-V. 131, p. 2414
-were awarded to Harris, Forbes &
offered on Oct.
I New York
,New York
BarrBros. & Co., Inc.
Boston, at a price of 99.69, a basis of about 4.02%. The bonds are
Co. of
Manufacturers Trust Co., New York Mississippi Valley Co., St. Louis
dated April 1 1930 and mature on April 1 1950. Bids submitted for the
The Milwaukee Co., Milwaukee
Buffalo
Marine Trust
Co.,
American Express Bank & Trust Co., Eastern Eaxchange Bank, New York issue were as follows:
Rate Bid.
BidderJ. H. Holmes & Co., Pittsburgh
New York
99.69
Green, Ellis & Anderson, New York Harris, Forbes & Co.(purchasers)
F. S. Moseley & Co., New York
99.609
Fidelity-Ireland Corp
A. B. Leach & Co., Inc., New York
99.561
Chase Securities Corp
Otis & Co., New York
99.32
E. H.Rollins & Sons
American Securities Co., San Fran99.68
Co
Eldredge &
cisco.
08.50
Canal National Bank of Portland
99.07
- Atlantic Corp.of Boston
-BOND ELECTION.
NORTH BALTIMORE, Wood County, Ohio.
One of the questions the voters will consider at the general election to take
-BOND OFFERING.
POSEY COUNTY (P. 0. Mount Vernon), Ind.
$73,000 in bonds, the proplace on Nov. 4 deals with the proposed sale of
J. Martin, County Treasurer, will receive sealed bids until 2 p.m.
ceeds of which would be expended to install an electric distribution system. --Casey 25 (to-day) for the purchase of $12.000 4)4% John Strickland
on Oct.
Maturity of issue has been set for 10 years.
et al., highway improvement bonds. Dated Nov. 1 1930. Denom. $600.
as follows: $600 on July 15 1932. $600 on Jan. and July
NORTH LIMA RURAL SCHOOL DISTRICT, Mahoning County, Due semi-annually
and $600 on Jan. 15 1942.
-At the general election to be held on Nov. 4 15 from 1933 to 1941. incl.,
-BOND ELECTION.
Ohio.
the voters will be asked to sanction the sale of $70.000 in bonds to provide
-BOND SALE.
-The $25,000
POTTSVILLE, Schuykill County, Pa.
school purposes. Maturity of issue has been set at 20 years.
funds for
Oct. 22-V. 131. p. 2570
434% coupon street paving bonds offered on of
Philadelphia. at par plus a
-BOND OFFERING.- were awarded to Edward Lowber Stokes & Co.about 4.17%. Dated June!
OAK HARBOR, Paulding County, Ohio.
sealed bids until 12 in. on Nov. 11 premium of$672.50.equal to 102.69,a basis of Bids for the issue were as
rt, F. Gratop, Village Clerk, will receive
years; optional in 10 years.
for the purchase of the following issues of 5% street paving bonds aggregat- 1930. Due in 20
follows:
ing $10,775:
Rate Bid.
$8,375 property owners portion bonds. Due on April 1 as follows: $1,000
102.69
e
Edward Lowber Stokes & Co. (purchaser)
from 1932 to 1938 incl.; $775 in 1939 and $600 in 1940.
102.67
portion bonds. Due $600 on Apr. 1 from 1937 to 1940 incl. C. C. Collings & Co., Philadelphia
2,400 village
100.799
Each issue is dated Apr. 1 1930. One bond for $275, others for $600 Manufacturers & Traders Trust Co.. Buffalo
and $500. Interest payable semi-annually in April and October. Bids for
other than 5% will also be considered,
the bonds to bear interest at a rate
PUEBLO WATER WORKS DISTRICT NO.2(P.O. Pueblo) Pueblo
-The 3700.000 issue of4%% coupon
jiovided, however, that where a fractional rate is bid such fraction shall be County, Colo.
-BONDS NOT SOLD.
of 1% or a multiple thereof. A certifiedcheck for 5% of the amount refunding bonds offered on Oct. 22-V. 131, p. 2259
-was not sold as all
o bonds bid for, payable to the order of the Village Treasurer, must accom- the bids were rejected. Due on Dec. 1 1955 and optional after Dec. 1 1940.
pany each proposal.
-BOND OFFERING7PULASKI COUNTY (P. 0. Winamac), Ind.
ORANGE COUNTY IRRIGATION DISTRICT (P. 0. Santa Ana),
-We are informed that a $400,000 issue of Santiago L. E. Campbell, County Treasurer, will receive sealed bids until 10 a.m.
-BOND SALE.
Calif.
project bonds has recently been jointly purchased at par by the First on Nov. 24,for the purchase of $4,299.756% drainage improvement bonds.
Creek
Dated Nov. 1 1930. Denom. $477.75. Due $477.75 on Dec. 1 from 1931
National Bank of Santa Ana, and the First National Bank of Orange.
to 1939, Incl. Interest is payable semi-annually in June and December.
-BOND OFFERING -Jesse
COUNTY (P. 0. Paoli), Ind.
ORANGE
L. Wells, County Treasurer, will receive sealed bids until 2 p. in. on Nov.3
QUEENSBURY UNION FREE SCHOOL DISTRICT NO. 1 (IP. 0.
-The $400,000
-BOND SALE.
for the purchase of $40,000 4)j% highway improvement bonds. Dated Glens Falls), Warren County, N. Y.
Nov.3 1930. Denom. $2,000. Due $2,000 on May and Nov. 15 from 1931 43i% coupon or registered school bonds offered on Oct. 17-V. 131, p. 2414
1940 inclusive. Interest is payable semi-annually on May and Nov. 15. -were awarded to Roosevelt Sc Son of New York. at a price of 104.108, a
to
basis of about 4.22%. Dated July 1 1930. Due oil July 1 as follows:
ORANGE COUNTY WATER WORKS DISTRICT' NO. 4 (P. O. 37.500 from 1933 to 1940 incl.: $5,000 from 1941 to 1956 hid.; $10,000 in
-Sealed bids will be received
-BOND OFFERING.
Santa Ana), Calif.
1957; 325,000 in 1958 and 1959, and 3200,000 in 1960. The successful
until 11 a. in. on Oct. 28 by J. M.Backs, County Clerk, for the purchase of bidders are reoffering the bonds for general Investment at prices to yield
a $5,250 issue of 69" water bonds. Denom. $750. Dated Feb. 1
maturity; 3.85% for the 1934 and 1935 maturities;
Prin. 3.75% for the 1933
Due on Feb. 1, as follows: $750 in 1949 and $2,250 in 1950 and 1951. 1930' 3.95% for the 1936 and 1937 maturities;4.00% for the 1938 and 1939 maturand semi-ann. hit, payable at the office of the County Treasurer. A cer- ities; 4.05% for the 1940 and 1941 maturities, and 4.10% for the bonds
tified check for 3% payable to the Chairman of the Board of Supervisors, maturing from 1952 to 1960 hid. The securities are said to be legal investmust accompany the bid.
ment for savings banks and trust funds in New York State and exempt from
The following statement accompanies the official offering notice:
all Federal and New York State income taxes. The following is a complete
herein advertised to be sold are the last portion of the first list of the bids submitted for the issue:
The bonds
Rate Bid.
Bidderbonds issued by said County Waterworks District.
104.108
The total bonded indebtedness of said District is $45,000 and was author- Roosevelt & Son (purchasers)
103.90
ized at an election in said District held on Jan. 18 1930. There is no other First Detroit Co., Inc., New York
103.78
bonded or other indebtedness of said District and the bonds herein advertised Hoffman & Co., New York
102.319
last bonds to be sold of said $45,000 issue, authorized at said election Stranahan, Harris & Co.. New York
are the
102.08
as aforesaid. The purposes for which said bonds were voted were and are Batchelder & Co., New York
101.7899
for the purpose of raising money to supply the inhabitants of said Orange Manufacturers & Traders Trust Co., Buffalo
101.5399
Waterworks District No.4 with water.
New York
Rapp & Lockwood,
County
101.39
PARMA VILLAGE SCHOOL DISTRICT, Cuyahoga County, Ohio. Dewey, Bacon & Co., New York
Financial Statement.
of the questions to be considered by the voters
-BOND ELECTION -One
$27,229,815
with the proposed sale Assessed valuation, 1930
at the general election to take place on Nov.4 dealsequipment of
895,000
additional Total bonded debt
of$425,000 in bonds to finance the construction and
Population 1930 (estimated) 18,000.
school buildings. Maturity of issue has been placed at about 24 years.
2730
FINANCIAL CHRONICLE
[voL. 131.
Bidder
-Discount.
F. S. Moseley & Co. (purchasers)
2.22
Merchants National Blank
2.23
Atlantic Corp
2.24
RHINELANDER, Oneida County, Wis.-BOND OFFERING.
-We Grafton Co
2.28
are informed that sealed bids will be received by Mable Carr, City Clerk, First National Old Colony Corp
2.34
until 7:30 p.m. on Oct. 27. for the purchase of a $60,000 issue of street Shawmut Corp
2.46 0
Improvement bonds. All bids are to include the furnishing of printed bonds
SELLERSBURG, Clark County, Ind.
-BOND SALE.
-The $9,500
legal opinion.
and
5% coupon water works plant and system bonds offered on Oct. 14-were awarded to J. F. Flynn of Logansport at a price of
RICHLAND PARISH SUB-ROAD DISTRICT NO.8(P.O. Rayville), V. 131. p. 2259
La.
-BONDS VOTED -At a special election held recently it is reported that par. Dated Oct. 1 1930. Due semi-annually as follows: $500 on July 1
1952: $500 on Jan. 1 and $1,000 on July 1 from 1953 to 1956 incl., $1,000
the voters approve the issuance of $50,000 in road bonds.
on Jan. and July 1 in 1957 and $1,000 on Jan. 1 1958.
r RICHLAND PARISH SCHOOL DISTRICT (P. 0. Rayville), La.
SHAWANO COUNTY (P. 0. Shawano), Wis.-BOND SALE.
-The
-The $25,000 issue of coupon semi-ann. school building
PRICE PAID.
two issues of 5% coupon semi-ann. municipal highway bonds offered for
bonds that were purchased by the Weil, Roth & Irving Co. of Cincinnati, sale on
Oct. 10-V. 131, p. 2415
-were purchased by A. C. Allyn & Co. of
-was awarded for a premium of $50, equal to
5*is-V. 131. p. 2570
as
Chicago. The issues are divided as follows:
100.20.
$138,000 Series B bonds. Due on May 1 1937,
-The
RICHMOND, Contra Costa County, Calif.-L1ST OF BIDS.
136,000 Series C bonds. Due on May 1 1938.
following is a list of the other bids received for the $86,250, 5% coupon
SHERIDAN COUNTY SCHOOL DISTRICT NO.1(P.O. Big Horn),
harbor bonds purchased jointly by the National City Co. of California, Wyo.-PRE-ELECTION SALE.
-A $30,000 issue of school building bonds
- is reported to have been purchased by
and the Mechanics Bank of Richmond, at 113.82. a basis of about 4.25%
Geo. W. Vallery & Co. of Denver,
2570.
V. 131, p.
I
Premium. subject to an election to be held in the near future.
Is Name of Other Bidders$11,751.00
.II. Moulton & Co
SIKESTON, Scott County, Mo.-BONDS OFFERED FOR SUB11,502.35 SCRIPTION.
Co.,Inc
First Detroit
-The $150,000 issue of 5349' municipal light plant bonds
11,413.00 that was sold on May 15-V. 130, p. 3763
National Bankitaly Co
-and was approved by the
10,838.00 Supreme Court on Sept. 11-V. 131, p. 1924
American Securities Co
-is
10,530.00 Prescott, Wright, Snider Co.,and Stix & Co., bothnow being offered by the
Weeden & Co
of St. Louis, the success10,459.00 ful bidders, for general investment at prices to yield from 4.75% to 5.00%
Haller. Bruce & Co
-BONDS according to maturity. Dated June 1 1930. Due from June 1 1935 t 1950,
RICHMOND SCHOOL DISTRICT,Macomb County, Mich.
-At an election incl. Legality approved by B. H. Charles, of St. Louis.
DEFEATED-RESUBMISSION OF ISSUE EXPECTED.
Financial Statement (As Officially Reported.)
recently the voters rejected a proposed $75,000 school building bond issue.
$5,500,000
Petition for resubmission of the measure has been filed and it is expected Estimated actual value of taxable property
Assessed valuation of taxable property, 1928
2,713,540
that another vote on the question may take place shortly.
Total bonded debt,including this issue
273,000
-The $183,- Less waterworks bonds
-BOND SALE.
RIVER ROUGE, Wayne County, Mich.
$15,000
- Less light plant bonds
000 public sewer extension bonds offered on Oct. 20-V. 131, p. 2259
150,000
Detroit Co. of Detroit, at par plus Net bonded debt
were awarded as 4'is to the Guardian
108,000
a premium of $1,061, equal to 100.57, a basis of about 4.19%. Dated Population, 1930 census
5,688
Nov. 1 1930. Due on Nov. 1 as follows: $5,000 from 1932 to 1934 incl., Population, 1920 census
3,613
$8,000 from 1935 to 1937 incl., $10,000from 1938 to 1943 incl., and $12,000
SIOUX CITY, Woodbury County, Iowa.
-BOND OFFERING.from 1944 to 1950 incl.
-The Sealed bids will be received by C. A. Carlson, City Treasurer, until 2
-BONDS REGISTERED.
ROBERT LEE, Coke County, Tex.
p. m.
that was sold gating on Oct. 29, for the purchase of two issues of coupon bonds aggre$30,000 issue of 5% coupon semi-ann. water works bonds
$100,000, divided as follows:
-was registered by the State Comptroller
on Sept. 30-V. 131 p. 2570
$50,000 4 % sewer bonds. Due on Nov. 1, as follows: $3,000, 1935
on Oct. 18. Due serially in 40 years.
to 1939, and $5,000, 1940 to 1946, all inclusive.
-NOTE OFFERING.
ROBESON COUNTY (P. 0. Lumberton), N. C.
50,000 4% bridge bonds. Due on Nov. 1, as follows: $3,000, 1935 to
1939, and $5,000, 1940 to 1946, all inclusive.
-Sealed bids will be received until noon on Nov. 3, by Eva W.Floyd, Clerk
Denom. $1,000. Dated Nov. 1 1930. Bonds are registerable as to
of the Board of County Commissioners, for the purchase of a $30,000 issue
ofschool building notes. Int. rate is not to exceed 6%,stated in a multiple principal. Princ. and semi-annual int. payable at the Central Hanover
of ki of 1%. Denom. $10,000. Dated Nov. 1 1930. Due on Nov. 1 Bank & Trust Co. in New York City. The City will furnish the printed
1932. Prin. and int.(M. & N.) payable in gold in N. Y. City. The ap- bonds and the legal approval of Chapman & Cutler, of New York. Bids
proving opinion of Storey, Thorndike, Palmer & Dodge of Boston, will be will be received for all or any single issue but no award will be made on
furnished. The right to reject all bids is reserved. Preparation of the notes any bid of less than par and accrued interest. A certified check for 2%
by McDaniel Lewis of Greensboro. A certified check for 2% face value of of the bonds bid for is required.
(This report amplifies that given in V. 131. p. 2571.)
the notes bid for, payable to the County is required.
-BOND OFFERING.
ROCKLAND COUNTY (P. 0. New City), N. Y.
SIGOURNEY, Keokuk County, Iowa.
-BOND SALE.
-The $35,000
Board of Supervisors, will receive sealed bids issue of coupon or registered refunding bonds offered for sale on Oct. 17-John Ducey, Clerk of the
until 3 p. m. on Oct. 28, for the purchase of $100,000 not to exceed 4)% V. 131, p. 2415
-was purchased by the White-Phillips Co., of Davenport,
coupon or registered County Welfare Home bonds. Dated Sept. 1 1930. as 4
paying a premium of $868, equal to 102.48, a basis of about 4.23%.
Denom. $1,000. Due on Sept. 1 as follows: $12,000 from 1931 to 1934. Due from Nov. 1 1933 to 1950. inclusive. The other bids (all for 4;0)
incl., $10,000 in 1935 and 1936. and $16,000 in 1937 and 1938. Rate of were as follows:
Premium.
interest to be expressed in a multiple of 1-20th of 1% and must be the
Biddersame for all of the bonds. A certified check for $2,000, payable to the Geo. M. Bechtel & Co
$867
order of the County, must accompany each proposal. The approving Iowa-Des Moines Co
725
Clay, Dillon & Vandewater of New York, will be furnished to the Glaspell, Vieth & Duncan
opinion of
690
successful bidder.
-OFFER $125,000 BONDS.
SLOATSBURG, Rockland County, N. Y.
Financial Statement.
-Batchelder & Co. of New York, are offering an issue of $125,000 4.40%
Valuations
$103,000.000 coupon or registered water bonds for public investment priced to yield from
Actual valuation of real property, estimated
51,654,850 4.20 to 4.25%. The bonds are dated Oct. 1 1930 and mature serially on
Assessed valuation of real property. 1929
1,673.369 Oct. 1 from•1933 to 1970 incl. They are said to be legal investment for
Assessed valuation of special franchises, 1929
53.328,219 savings banks and trust funds in New 'York State and direct general obligaTotal assessed valuation
tions of the Village, which reports an assessed valuation for 1930 of $1,089.Debt
$1,457,000 661; the bonds now offered constitute its only funded indebtedness. Award
Bonded debt outstanding
100,000 was made on Oct. 10 at 100.34.a basis of about 4.37%.-V. 131. p. 2571.
This issue
1.557,000
*Total bonded debt
SOUTH ESSEX SEWERAGE DISTRICT (P. 0. Salem), Essex
lz
.,nulation 1920 Federal Census, 45.548: 1930 Federal Census. 59.529.
-George F. Ashton, Treasurer and
County, Mass.
-BOND OFFERING.
The bonded debt will be less than 3;i% of the assessed valuation upon Clerk, will receive sealed bids until 1.30 p. m. on Oct. 29, for the purthe issuance of these bonds.
chase of $90,000 4% coupon construction bonds. Dated Nov. 15 1930.
-The Due $5,000 on Nov. 15 from 1931 to 1948, inclusive. Prin. and semiST. LOUIS COUNTY (P. 0. Clayton), Mo.-LIST OF BIDS.
Colony
following is a detailed official list of the bids received for the 81,500,000 annual int. (May and Nov. 15) payable at the OldengravedTrust Co.,
and which
the Continental Boston, under whose supervision the bonds will be
road bonds purchased on Oct. 14, by a syndicate headed by
issue will be examined
Illinois Co. of Chicago, as &kis, at 100.95. a basis of about 4.16%.-V. will certify as to their genuineness. Legality of thecopy of whose opinion
by Ropes, Gray, Boyden & Perkins, of Boston, a
2570:
131. p.
will accompany the bonds when delivered. The offering notice says:
434%
4)(%
4%
BidderThe South Essex Sewerage District was established by Acts of 1925,
Continental Illinois Co., Harris Trust
Chapter 339, for the purpose of building, maintaining and operating a
& Savings Bank, First Union Trust
system of sewage disposal for the Cities of Salem, Beverly and Peabody
& Savings Bank, First National Co.
and the Town of Danvers and for certain State and County institutions.
of St. Louis, Boatmen's National
$1,479,450 $1,514,250 *81,549,500
Co.,and Mississippi Valley Co
-BOND OFFERING.SOUTH EUCLID, Cuyahoga County, Ohio.
Bankers Co. of New York, National
Jessie M. Klumph, Village Clerk, will receive sealed bids until 12 m.
City Co., New York, First Detroit
(Eastern standard time) on Nov. 3 for the purchase of the following issues
Co., Detroit, Mich., and Smith,
of 6% special assessment bonds aggregating $321,439:
1,512,285
Moore & Co.. St. Louis. Mo
$249,339 road improvement bonds. Due on Oct. 1 as follows: $24,339 in
Guaranty Co. of New York, Stone &
1932, and $25,000 from 1933 to 1941, inclusive.
Webster and Blodget, Mercantile
72,100 road improvement bonds. Due on Oct. 1 as follows: $7,100 in
Commerce Co., Stern Brothers &
1932:87.000from 1933 to 1939,incl., and $8,000 in 1940 and 1941.
1,502.685
1,468,800
Co., and First Wisconsin Co
Each issue is dated Oct. 1 1930. Prin. and semi-annual int. (April and
Chatham-Phenix Corp., North'n Trust
Oct.) are payable at the Cleveland Trust Co., in Cleveland. Bids for the
Emerich & Co., Fidelity
Co., Ames,
bonds to bear interest at a rate other than 6% will also be considered.
National Cori., Stifel, Nicolaus &
1,531,882 provided, however, that where a fractional rate is bid, such fraction shall
1,470,759
1,505,187
be
of 1% or a multiple thereof. A certified check for 5% of the amount
BanHalsey, Stuart & Co., Inc.,
of bonds bid for, payable to the order of the Village Treasurer, must accamerica Blair Corp., E. H. Rollins
company each proposal.
1,503,570
A. B. Leach & Co
& Sons and
-BOND OFFERING.
* Successful bid.
-Forest
SPRINGFIELD, Clark County, Ohio.
SALINA, CITY VIEW WATER DISTRICT (P. 0. Liverpool), Onon- E. Counts, City Auditor, will receive sealed bids until 12 m. on Oct. 30
-The $28.000 coupon or registered for the purchase of $200,000 4% coupon or registered sewage disposal
-BOND SALE.
County, N. Y.
• daga
-were awarded as 434s to the plant construction bonds. Dated Sept. 1 1930. Denom. $1.000. Due
bonds offered on Oct. 21-V. 131. p. 2414
1932 to 1956 inclusive. Prin. and
par plus a
of $172.30.
First Trust & Deposit Co. of Syracuse, at Dated Oct. premium Due $2,000 $8,000 on Sept. 1 from are payable at the fiscal agency of semi-annual
the City of
1 1930.
int. (March and Sept.)
of about 4.43%.
equal to 100.615. a basis
Springfield in the City of New York. Bids for the bonds to bear int. at
on Oct. 1 from 1935 to 1948 incl. The following is a complete list of the a
rate other than 4% will also be considered. provided, however, that
submitted for the issue:
bids
,
1
Int. Rate.
Rate Bid. where a fractional rate is bid such fraction shall be 3 of 1% or a multiple
Bidder100.615 thereof. Successful bidder for the bonds is to be decided at a regular
First Trust & Deposit Co.(purchaser)_ _ ________4 %
meeting of the City Commission to be held at 7.30 p. m. on Nov. 3. No
434
Manufacturers & Traders Trust Co., Buffalo
434
100.332 special form of bidding blank is required, but all proposals must be accomLincoln Equities, Inc., Syracuse
4;4
100.28 panied by a certified check for 5% of the amount bid for, payable to the
Batchelder & Co.New York
4.60
100.469 order of the City Treasurer. The approving opinion of Squire, Sanders
Marine Trust Co.,'Buffalo
& Dempsey, of Cleveland, will be furnished the purchaser.
4.60
100.18
New York
Dewey, Bacon & Co.,
,
George B. Gibbons & Co., Inc., New York100379
-BOND SALE.
-The
STARK COUNTY (P. 0. Canton), Ohio.
4.754,
100.449 following
Rapp & Lockwood, New York
issues of bonds aggregating $226,220 offered on Oct. 17-V. 131,
-were awarded as 434s to Mitchell, Herrick & Co. of Cleveland,
INDEPENDENT SCHOOL DISTRICT (P. 0. San p. 2260
• SAN BENITO
-The State at par plus a premium of $1,253, equal to 100.55, a basis of about 4.12%:
-BONDS REGISTERED.
Benito), Cameron County, Tex.
Comptroller registered a $240,000 issue of 5% school building bonds on $161,508 highway impt. bonds. Due on Sept. 1 as follows: $18,000 from
incl. This is a portion of the $320,000
1931 to 1938 incl. and $17,500 in 1939.
Oct. 14. Due from 1931 to 1970
39,600 highway impt. bonds. Due on Sept. 1 as follows: $5,000 from
Issue that was recently sold-V. 131, 1)• 2570.department approved the
1931 to 1934 incl.; $4,000 from 1935 to 1938 incl., and $3,600
the Attorney General's
(On the same day
In 1939.
above bonds.)
25,100 highway impt. bonds. Due on Sept. 1 as follows: $3,000 from
-BONDS REGISTERED.
-The
SAN SABA, San Saba County, Tex.
1931 to 193'7 incl., $2,000 in 1938 and $2,100 in 1939.
that was sold recently
$75,000 issue of 534% bridge and paving bonds Comptroller on Oct. 16.
Each issue is dated Sept. 1 1930.
V. 131. p. 1751-was registered by the State
Denom. $1,000. Due serially.
STICKNEY, Aurora County, S. Dak.-BOND SALE POSTPONED.
We are informed by M. Oetmans, Town Clerk, that the sale of the $5,000
(On Oct. 14 these bonds were approved by the Attorney General.)
-F. S. Mose- 5% semi-ann. water works bonds previously scheduled for Oct. 14-V. 131.
-TEMPORARY LOAN.
Mass.
SAUGUS, Essex County,
p. 2415
-has been pc.stponed until Nov. 3. Dated Oct. 14 1930. Due
ley & Co. of Boston, on Oct. 21 Purchased a 1640,000 temporary loan at in from
1 to 5 years. Bids below
2.22% discount. The loan is due on April 29 1931. Bids submitted were check for 10% must accompany the par are not acceptable. A certified
bid.
as follows:
RHEA COUNTY (P. 0. Dayton), Tenn.
-BOND OFFERING.
-It
is reported that sealed bids will be received until Oct. 27, by the County
Clerk, for the purchase of an $85,000 issue of 5% highway bonds.
OCT. 25 1930.]
-BOND OFFERING.
SUMMIT COUNTY (P. 0. Akron), Ohio.
J. P. Riddle, Clerk of the Board of County Commissioners, will receive
sealed bids until 1 p. m. (Eastern standard time) on Oct. 27 for the purchase of the following issues of 5% bonds aggregating $288,616:
$122.000 road improvement bonds. Denom. $1,000. Due on Oct. 1 as
follows: $13,000 in 1931; $12,000 in 1932: $13,000 in 1933, and
$12,000 from 1934 to 1940, inclusive.
80,150 road improvement bonds. One bond for $150, others for $1,000.
Due on Oct. 1 as follows: $8,000 from 1931 to 1939, inclusive.
and $8,150 in 1940.
28,000 bridge construction bonds. Denom. $1,000. Due on Oct. 1
as follows: $3,000 from 1931 to 1937, inclusive; $2,000 in 1938:
$3,000 in 1939. and $2,000 in 1940.
19,000 road improvement bonds. Denom. $1,000. Due on Oct. 1 as
follows: $2,006 from 1931 to 1939, incl., and 31,000 in 1940.
11,866 road improvement bonds. One bond for $866. others for $1,000.
Due on Oct. 1 as follows: $2,000 from 1931 to 1935 inclusive, and
$1,866 in 1936.
10,500 bridge construction bonds. One bond for $500. others for $1,030.
Due on Oct. 1 as follows: $2,000 from 1931 to 1934, inclusive,
and $2,500 in 1935.
10,200 sewer improvement bonds. One bond for $200, others for $1,000.
Due on Oct. 1 as follows: $2,200 in 1932, and $2,000 from 1933
to 1936, inclusive.
3,600 bridge construction bonds. One bond for $800. others for $700.
Due on Oct. 1 as follows: $800 in 1931, and $700 from 1932 to
1935, inclusive.
3,300 bridge construction bonds. Denorns. $700 and $600. Due on
Oct. 1 as follows: $700 in 1931. $600 in 1932, $700 In 1933, $600
In 1934, and $700 in 1935.
2,100 sewer improvement bonds. One bond for $100, two bonds in
denoms. of $1,000. Due on Oct. 1 as follows: $100 in 1931.
and $1,000 in 1932 and 1933.
Each of the above issues is dated Nov. 1 1930. Prin, and semi-annual
int. (April and Oct.) are payable at the office of the County Treasurer.
Bids for the bonds to bear interest at a rate other than 5% will also be
considered, provided, however, that where a fractional rate is bid, such a
fraction shall be 31 of 1% or a multiple thereof. A certified check for 2%
of the amount of bonds bid for, payable to the order of the Board of
County Commissioners, must accompany each proposal.
TAYLOR, Williamson County, Tex.
-Sealed
-BOND OFFERING.
bids will be received until Oct. 28, by A. V. Hyde, City Manager, for the
purchase of an issue of $100,000 5% sewer bonds. Denom.$1,000.
TEXAS, State of (P. 0. Austin).
-The
-BONDS REGISTERED.
following minor issues of bonds were registered by the State Comptroller
during the week ending Oct. 18:
$1,000 5 4%•Tatum Independent School District bonds. Denom. $1,000.
Due on April 10 1944.
800 5% Cherokee County Consolidated School District No. 61 bonds.
Denom. $40. Due serially.
1,200 5% Eli Independent School District bonds (Hall County). Denom.
$100. Dueserially.
3,000 5% Petty Independent School District bonds (Lynn County).
Denom. $300. Due serially.
7,0005% Pickett Rural High School District bonds. (Navarro Co.).
Denom. $350. Serial.
8,000 5% Onalaska Independent School District bonds, series 1930.
Denom. $400. Due serially.
(Most of the above issues were approved on Oct. 14 by the Attorney
General.)
THIEF RIVER FALLS,Pennington County, Minn.
-BOND OFFERING.
-Sealed bids will be received until 8 p. m. on Nov. 5, by P. G.
Pederson, City Clerk, for the purchase of two issues of bonds aggregating
$123,000, as follows:
$80,000 electric llght plant bonds. Due $8,000 from Sept. 1 1392 to
1941, inclusive.
43,000 funding bonds. Due on Sept. 1, as follows: $4,000. 1932 to 1938.
and $5,000, 1939 to 1941, all inclusive.
Denom. $1,000. Dated Sept. 1 1930. Interest rate is not to exceed
5%, payable on March and Sept. 1. The approving opinion of Junell,
Oakley, Driscoll & Fletcher. of Minneapolis, will be furnished. A certified check for 2% of the bonds bid for, payable to the City Treasurer,
Is required.
THORNDALE, Milan County, Tex.
-Sealed
-BOND OFFERING.
bids will be received by W. B. Elliott. Mayor, until 7 p. m. on Nov. 3.
for the purchase of a $40,000 issue of water system bonds. Interest rate
is not to exceed 53. %, payable semi-annually. Due serially in 40 years.
(These bonds were voted at an election held on Oct. 9.)
TIPPECANOE COUNTY (P. 0. Lafayette), Ind.
-BIDS REJECTED
-BONDS REOFFERED.
-Cora M. Davis, County Auditor, Informs us
all of the bids received on Oct. 13 for the purchase of the $334,000
%
court house repair bonds offered for sale
-were rejected.
-V. 131, p. 2102
The bonds are being reoffered for award on Nov. 10.
TONAWANDA, Erie County, N. Y.
-The $25,000
-BOND SALE.
coupon sewer bonds offered on Oct. 20-V. 131, p. 2415
-were awarded
as 43 s to the First Trust Co. of Tonawanda at a price of 101.397, a basis
4
of about 4.63%. Dated July 1 1930. Due $1,000 on July 1 from 1936
to 1960 bid. Bids for the issue were as follows:
BidderRate Bid.
lo
Int. Rate.
First Trust Co.(purchaser)
ur
4 %
A.C.Allyn & Co.
101.58
5
Rapp & Lockwood
5
100.399
TOPEKA SCHOOL DISTRICT (P. 0. Topeka), Shawnee County,
Kan.
-BOND SALE.
-The $625.000 issue of 4%% semi-ann. school bonds
offered for sale on Oct.22-(V. 131, p. 2260)
-was purchased as follows:
$55,000 school bonds to the Harris Trust & Savings Bank of Chicago and
the Central Trust Co. of Topeka. jointly, at a price of 100.35,
a basis of about 3.09%. Due on Feb. 1 1931.
570,000 school bonds to the Continental Illinois Co. of Chicago at a Price
of 102.61, a basis of about 4.18%. Due from Feb. 1 1932 to
1950,inclusive.
The following is a complete official list of all the bid.sreceived:
Proposal
Proposal
Proposal
Name of BidderNo.l.
-No. 2.
No. 3.
Phelps, Fenn Sy Co., N. Y. City; Mississippi Valley Co., St. Louis; and
Milwaukee Company,Milwaukee _
$636,687.50
Fidelity National Corp., Kansas City,
Mo
638.187.50
First Detroit Co.,Boatmen's National
Co.and Lawrence Stern & Co
581.155.50 636,287.50
Co., Kansas City, Mo.;
Stern Bros. &
A. B. Leach & Co., Chicago, and
Mercantile Commerce Co.,St.L _
582,501.00 636,975.00
Northern Trust Co., Chicago; Chatham Phenix Corp., Chicago, and
City Bank & Trust Co.,IC. C.,Mo
636.931.25
Forman-State Corp., Chicago; Ames.
Emerich & Co., Chicago, and PresSnider Co
cott, Wright,
583,167.00 638.129.00
Central Trust Co.. Topeka, and Harris Trust & Savings Bank,Chicago_*$55,207.00 584,649.00 639.856.00
National Bank of Topeka., Topeka,
and Continental Illinois Co.. Chic_
*584,880.00 639.510.00
Guaranty Co. of N. Y. and Colum55,005.60 578,253.90 633,259.50
bian Securities Corp
Shawnee Investment Co
638.112.50
National City Co., Chicago,and Commerce Trust Co., Kanssa City
639,456.25
Halsey, Stuart & Co. and E. II. Rollins & Sons
583,452.00 637,938.00
* Successful bids.
TRUMBULL COUNTY (P.O. Warren), Ohio.
-BOND OFFERING,_
David H. Thomas, Clerk of the Board of County Commissioners, will
receive sealed bids until 2 p. m.on Nov.3 for the purchase of $72,000 434%
road bonds. Dated Nov. 1 1930. Denom. $1,000. Due semi-annually
as follows: $4,000 on April and Oct. 1 from 1932 to 1937 incl., and $3,000
on April and Oct. 1 from 1938 to 1941 incl. Prin. and semi-ann. int.
(A. & 0.) are payable at the office of the County Treasurer. 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
M of 1% or a multiple thereof. A certified check for $1,000, payable
to T. 13. Harkelrode, County Treasurer, must accompany each proposal.
2731
FINANCIAL CHRONICLE
Purchaser to pay for legal opinion. The amount of bonds to be awarded
may be reduced proportionately to compare with the cost of the improvement for which they are issued.
TYLER COUNTY ROAD DISTRICT NO.2(P.O. Woodville),Tex.
-We are informed that the $3300,000 issue
BOND SALE CORRECTION.
of 534% semi-ann.road bonds purchased by II. C.Burt & Co.. of Houston,
was awarded at par, not 95.00, as reported in V. 131, p. 2415. Due from
March 1 1932 to 1960 incl.
-It is reported
-BOND SALE.
TWIN FALLS,Twin Falls County,Ida.
that a $218,500 issue of various refunding bonds has been purchased
recently by the Central Trust Co.of Topeka.
-One of the
-BOND ELECTION.
VERMILION, Erie County, Ohio.
questions to be considered by the voters at the general election to take place
on Nov. 4 deals with the proposed sale of $23,000 in bonds, the proceeds of
which would be used for park purposes. Maturity of issue has been set at
10 years.
-On
-BONDS REGISTERED.
VICTORIA, Victoria County, Tex.
Oct. 17 the State Comptroller registered a $250,000 issue of 5% serial street
impt. bonds. Denom. $1,000.
-We are now informed
VIENNA, Dooly County, Ga.-BOND SALE.
that the two issues of 5% semi-ann. bonds aggregating $15,000, offered for
-were purchased by Bell, Speas & Co.of
Aug. 11-(V. 131, p. 671)
sale on
Atlanta. The issues are as follows: $8,000 sewer bonds, due from 1934
to 1949, and $7,000 water works extension bonds, due from 1934 to 1947.
Prin. and int. payable at the Central Hanover Bank & Trust Co. in New
York. Legality approved by Storey, Thorndike, Palmer & Dodge of
Boston.
-Della
-BOND OFFERING.
WARREN, Trumbull County, Ohio.
B. King, City Auditor, will receive sealed bids until 1 p. m. on Oct. 31 for
the purchase of the following issues of 434% bonds aggregating $52,428.98:
$20,500.00 property share paving bonds. Dated Oct. 1 1930. Due on
Oct. 1 as follows: $2,500 in 1932, and $2,000 from 1933 to 1941
inclusive.
19,950.00 police signal system bonds. Dated July 1 1930. Due semiannually as follows: $1,950 on April 1 and $2,000 on Oct. 1
1932.and $2,000 on April and Oct. 1 from 1933 to 1936 inclusive.
5,045.92 property share sewer bonds. Dated Oct. 1 1930. Due on Oct.
I as follows; $2,045.92 in 1932 and $3,000 in 1933.
3,783.06 property share water main bonds. 'Dated Oct. 1 1930. Due
on Oct. 1 as follows: $283.06 in 1932,and $500from 1933 to 1939
Inclusive.
3,150.00 fire station land purchase bonds. Dated July 1 1930. Due on
Oct. 1 as follows: $1,150 in 1932 and $1,000 in 1933 and 1934.
Principal and semi-annual interest of each of the above issues (April and
Oct.) are payable at the office of the Sinking Fund Trustees. Bids for the
bonds to bear interest at a rate other than 434% will also be considered,
wovided, however, that where a fractional rate is bid such fraction shall be
for $500, payablelto
% of 1% or a multiple thereof. A certified check
the order of the City must accompany each proposal.
Financial Statement.
Total assessed valuation for 1930 (estimated) real estate-- _$58,165,960.00
20,739,650.00
Personal property
$78,905,610.00
Indebtedness
1,961,352.68
General bonded debt
881,397.56
Special assessment debt
extension incl. this issue (self
Water works bonds and
1,098,400.00
sustaining)
718.44. population
Cash balance and investments in sinking fun $295,
1930 census. 41.054.
OFFERING.
-Charles W.
-BOND
WARREN, Bristol County, R. I.
m. on
Greene, Town Treasurer, will receive sealed bids until 2 p.bonds. Oct. 28
Dated
coupon sewer extension
for the purchase of $34,000 434%
from
Nov. 1 1930. Denom. $1.000. Due $2,000 annually on Nov. 1at the1931
Old
Prin. and semi-ann. int. (M. & N.) are payable
to 1947 incl.
Colony Trust Co., Boston. This trust company will supervise the engraving
bonds
of the bonds and certify as to their genuineness. The legality of the whose
will be examined by Ropes, Gray. Boyden & Perkins of Boston,
favorable opinion will be furnished the purchaser.
Financial Statement Oct. 1 1930.
$233.000
The present bonded indebtedness of the town is
The assessor's valuation for taxation for the year 193 ••
$8,251,830
estate,land and buildings
Real
3,129,825
Tangible personal property
2,373.950
Intangible personal property
13.755,605
Population,census 1920,7,841: present 1930,7,973.
WARREN CONSOLIDATED VILLAGE SCHOOL DISTRICT,
-At the general election
-BOND ELECTION.
Jefferson County, Ohio.
to be held on Nov. 4 the voters will be asked to approve of the proposed
sale of $140,000 in bonds for school building construction purposes. Maturity of issue has been placed at 25 years.
-BOND ELECTION.
WARREN COUNTY (P.O. Indianola), Iowa.
A $450,000 road bond issue will be up for approval by the voters at the general election to be held in November.
WARREN TOWNSHIP RURAL SCHOOL DISTRICT, Trumbull
-At the general election to be held
-BOND ELECTION.
County, Ohio.
on Nov. 4 the voters will decide the fate of a proposed $90.000 bond issue,
the proceeds of which would be used to finance the construction of a new
school building. Maturity of issue has been placed at 20 years.
WASHINGTON TOWNSHIP RURAL SCHOOL DISTRICT, Mercer
-The fate of a proposed $75,000
-BOND ELECTION.
County, Ohio.
school building bond issue will be decided by the voters on the date of the
general election, Nov.4. Maturity of issue has been set at 25 years.
-J. Wes.
-BOND OFFERING.
WAVERLY, Pike County, Ohio.
Downing, Village Clerk, will receive sealed bids until 12 m. on Oct. 31 for
the purchase of $12,000 6% water tower construction bonds. Dated Dec. 1
1930. Denom. $1,000. Due $1,000 on Dec. 1 from 1935 to 1946 incl.
Interest is payable semi-annually in June and Dec. A certified check for
10% of the amount of bonds bid for, payable to the order of the Village
Treasurer, must accompany each proposal.
WAYNE SCHOOL TOWNSHIP (P. 0. Richmond), Wayne County,
-Charles Hodge, Township Trustee, will reInd.
-BOND OFFERING.
ceive sealed bids until 2 p. m.on Nov.22 for the purchase of $50,000 4
school building construction bonds. Dated Dec. 1 1930. Denom. $500.
Due semi-annually as follows: $2,000 on July 1 1932: $2,000 on Jan. and
July 1 from 1933 to 1941, inclusive: $2,000 on Jan. 1 and $2,500 on July 1
1942; $2,500 on Jan. and July 1 in 1943. and 32.500 on Jan. 1 1944. Principal and semi-annual interest (Jan. and July) payable at the Second National Bank, Richmond. Transcript of record of issuance will be available
to bidder or bidders without additional charge.
WESTFIELD, Hampden County, Mass.
-BOND OFFERING.-R1chard P. McCarthy, City Treasurer, will receive sealed bids until 11 a.m.
on Oct. 29 for the purchase of $25,000 4% coupon trade school bonds.
Dated Oct. 1 1930. Denom. $1,000 and 3500. Due $2,500 on Oct. 1
from 1931 to 1940, inclusive. Principal and semi-annual interest (April
and Oct.) are payable at the First National Bank, Boston. The bonds
will be engraved under the supervision of the aforementioned bank which
will certify as to their genuineness. Legality will be approved by Ropes,
Gray, Boyden & Perkins, of Boston, whose opinion will be furnished the
purchaser.
Financial Statement Sept. 27 1930.
$22.990,108.60
Net valuation for year 1929
546,099.
Debt limit
1.551,200.00
Total gross debt (including this issue)
ill
Exempted Debt:
$97,000.00
Memorial Bridge bonds
49,000.00
Gas and electric light debt
562,000.00
Water bonds
420,000.00
New high school bonds
1.128,000.00
Net debt
Borrowing capacity Sept. 27 1930
$423,200.00
$122,899.67
2732
FINANCIAL CHRONICLE
-BOND
WEST ORANGE SCHOOL DISTRICT, Essex County, N. J.
-J. S. Rippel & Co. of Newark, bidding for 574,000 bonds of the
SALE.
$75,000 coupon or registered school issue offered on Oct. 20-V. 131,
p. 2415-were awarded the securities as 434s, paying 375,036. equal to
101.43, a basis of about 4.38%. Dated Oct. 1 1930. Due on Oct. 1 as
follows: $2,000 from 1932 to 1968 incl.
The following is an official list of the bids submitted for the Issue:
No. Bonds
BidderAmount Bid.
Bid For, Int. Rate.
$75.036.00
74
4
J.S.Rippel & Co.(purchasers)
75.006.40
74
4
H.L. Allen & Co. New York
75,111.11
75
4
M.M.Freeman &Co.,Philadelphia
75,026.00
74
0.A.Preim & Co., New York
74,527.59
74
C. W.McNear & Co., New York
75,397.43
4%
74
Rapp & Lockwood, New York
WEST PERKIN SPECIAL RURAL SCHOOL DISTRICT, Erie
-One of the questions to be con-BOND ELECTION.
County, Ohio.
sidered by the voters at the general election to be hold on Nov. 4 deals
with the proposed issuance of $50.000 In bonds for school purposes. Maturity of issue has been placed at 20 Years.
-BOND SALE.
WEST SENECA (P.O. Ebenezer), Erie County, N. Y.
-The $62,500 coupon or registered paving bonds offered on Oct.20-V.131.
p. 2416-were awarded as 4341; to the Manufacturers & Traders Trust Co.
of Buffalo at 100.189, a basis of about 4.46%. Dated Oct. 11930. Due
on Oct. 1 as follows: 36.500 in 1931 and 87,000 from 1932 to 1939, Incl.
The following is a list of the bids submitted for the bonds:
Int. Rate. Rate Bid.
Bidder100.189
4.50%
Manufacturers & Traders Trust Co. (purchaser)
100.539
5.00%
Rapp & Lockwood, New York
100.33
4.75%
Batchelder & Co., New York
100.789
4.75%
Marine Trust Co., Buffalo
-The $160.-BOND SALE.
WHITTIER,Los Angeles County., Calif.
p.2416
000 Issue of water works bonds offered for sale on Oct.20-V. 131,
was awarded to the Anglo-London-Paris Co. of Los Angeles, paying a
premium of $7.00. equal to 100.004, a basis of about 4.18%, on the bonds
divided as follows: $65,000 as 434s, maturing from June 1 1949 to 1957
and $95,000 as 4s, due from June 1 1957 to 1968.
The following bids for the entire issue as 434s were received: American
Security
37,678, Dean Witter & Co., $4,449, William R. Staats Co.
and William R. Cavalier & Co. $4,687 and Weeden & Co., $2,785. The
Co.,
latter also offered a $10 premium for $114,000 bonds as 434s and $446,000
as 4s.
Securities Division National Bankitaly Co. bid $733 for 431s, First
Detroit Co., $19 and R. H. Moulton & Co., $420.
-BANKERS REOFFER BONDS.
WICHITA, Sedgwick County, Kan.
-The two Issues of 4H% coupon internal improvement bonds aggregating
3376,040.34, that were jointly purchased by the Central Trust CO. of
Topeka, and the Harris Trust & Savings Bank of Chicago. at 100.76, a
-are being offered by the purbasis of about 4.11%-V. 131, p. 2416
chasers for public subscription at prices to yield from 3.25 to 4.00%,according to maturity. Dated Sept. 1 1930. Diouf, from Sept. 1 1931 to 1950,
Inclusive. Principal and interest (M. & 8.) payable at the office of the
State Treasurer in Topeka. Principal of bonds may be registered. They
are reported to be legal investments for savings banks in New York, Massachusetts, Connecticut and other States.
Financial Statement (as Officially Reported).
$147,944,872
Assessed valuation for taxation, 1930
7.765.842
Total debt (this issue included)
Population, 1930 census, 111,039: 1920 census, 72,217.
WILLOUGHBY VILLAGE SCHOOL DISTRICT, Lake County,
-BOND ELECTION.
Ohio.
-One of the measures to be considered by the
voters at the general election to be held on Nov. 4 Is the question of the
proposed sale of $85,000 in bonds for school construction purposes. Maturity of issue has been placed at 14 years.
WOODLAND CONSLIDATED SCHOOL DISTRICT (P. 0. Wood-We are informed that at
land), Talbot County, Ga.-BONDS VOTED.
a recent election the voters approved the issuance of $25,000 in bonds for
school building purposes.
-BIDS REJECTED.-CorWOOD-RIDGE, Bergen County, N. J.
nellus J. Gwinn, Borough Clerk, reports that the bids received on Oct. 22
purchase of the 3279.000 temporary bonds and the 379,000 general
for the
-were
-V. 131. p. 2416
impt. bonds, totaling $358,000. offered for sale
rejected. Only two offeres were submitted for the issues, both of which
specified a 5 % interest rate. These bonds were previously unseccessfully
offered on Oct.8.
WYOMING TOWNSHIP (P. 0. Wyoming Park), Kent County,
-Fred N. Blake. Township Clerk, will receive
-BOND OFFERING.
Mich.
sealed bids until 2 p. na. (Central standard time) on Nov. 1 for the purchase
of the following issues of not to exceed 6% int. bonds aggregating $90,350:
$79,350 special assessment (water main extension) general obligation bonds.
Due annually on Dec. 31 from 1931 to 1935 incl.
11,000 special assessment (fire protection apparatus) general obligation
bonds. Due annually on Dec. 31 from 1931 to 1935 incl.
Each issue Is dated Dec.31 1930. Prin. and semi-ann. int. will be payable
at such bank or trust company as shall be named by the purchaser. The
cost of the printing of the bonds and of the legal opinion in regard to same
must be borne by the purchaser. A certified check for 5% of the amount
bid, payable to the order of the Tonwship Clerk, must accompany each
proposal.
YORK TOWNSHIP RURAL SCHOOL DISTRICT,Morgan County,
-One of the questions to be voted on at the
Ohlo.-BOND ELECTION.
general election to be held on Nov. 4 deals with the proposed issuance of
$45.000 in bonds for school purposes. Maturity of issue has been placed
at 24 years.
-VOTERS TO CONSIDER
YOUNGSTOWN,Mahoning County,Ohio.
-At the general election to be held on Nov. 4
$200,000 BOND ISSUE.
the voters will render an opinion on the question of the proposed sale of
$200,000 in bonds for park improvement and equipment purposes. Maturity of issue has been set at 10 years.
ZWOLLE SCHOOL DISTRICT NO. 61 (P.0. Many), Sabine Parish,
-Sealed bids will be received, according to report,
-BOND OFFERING.
La.
until Nov. 12 by G.0. Reeves, Secretary of the School Board, for the purchase of a $25,000 issue of school bonds. A $50 certified check must
accompany the bid.
(These are the bonds that were previously offered for sale on Oct. 8.
-V.131,p. 2103.)
tg
CANADA its Provinces and Municipalities.
-BIDS REJECTED.
of (P. 0. Edmonton).
ALBERTA, Provinceon Oct. 21 for the purchase of either 86,068.000
received
All of the bids
4% refunding bonds, due Oct. 1 1935 ,or $6.450,00 4% refunding bonds,
-V. 131. p. 2572.
due Oct. 1 1960. were rejected.
-After announcing the rejection
55,935,000 TREASURY BILLS SOLD.
of all of the bids which were submitted on Oct. 21, for the purchase of the
provincial officials stated that bids would be received on
long-term bonds,
bills. The successful
Oct. 22 for the purchase of 35.935.000334% Treasury First National Bank,
composed
bidder for this issue was a syndicate Montreal, of the
Salomon Bros. & Hutzler,
New York, Bank of Montreal, of
New York, the
First Detroit Co., Inc.. and R. W. Pressprich & Co., all ofof Minneapolis,
Northern Trust Co., Chicago, and the First Securities Corp. about
basis of
3.28%.
which paid 100.11 (New York funds) for the bills, a
bills
They are dated Oct. 15 1930 and mature on April 15 1931. Coupon Int.
and $5.000. Principal and
In denoros. of 3100,000. 325.000, $10,000
are issued for refunding
payable in New York City and Canada. The billsthe successful group for
purposes and are being reoffered by members of be
approved bY E• 0.
public investment priced to yield 3%. Legality to
Long of Toronto.
Oct. 23 summarized the bids which were
The New York "Times" of
follows: For
rejected as unsatisfactory for the long-term obligations as
Stuart &
five-year bonds. 97.68 by the Bancamerica-Blair Corp.; Halsey,
the Bank of Nova Scotia and
Co., Hountze Brothers, R. A. Daly & Co.,
Montreal:
the Dominion Bank of Toronto, jointly; 97.21 by the Bank of Dominion
97.14 by the Canadian Bank of Commerce and 97.03 by the
Securities Corp.; for 30 year bonds, 89.30 by the Canadian Dank of Cornmerce, 88.58 by the Chase Securities Corp.:and New York associates. and
Fol. 131.
87.99 by a group composed of the National City Co., the Guaranty Co.,the
Bankers Co., E. II. Rollins & Sons, and Stone & Webster and Blodgett,Inc.
-H. M. Turner & Co. of Regina, on
ANEROID, Sask.-BOND SALE.
Aug. 6 purchased an issue of $5,000 634%, coupon cement sidewalk bonds
at par plus a premium of $21, equal to 100.42, a basis of about 6.70%.
Int. is payable annually in Feb. Bonds mature on Feb. 11941.,
-The following issues of 5% bonds,
-BOND SALE.
CALGARY, Alta.
-were awarded
aggregating $1,675,000, offered on Oct.22-V. 131, p. 2416
to the Bank of Nova Scotia, Halifax, McLeod, Young, Weir & Co., and
Fry, Mills, Spence & Co., both of Toronto, at 100.55 (for bonds payable
In Canada and New York), a basis of about 4.97%:
31.500.000 water works reservoir bonds. Due April 11970.
175.000 water works extension bonds. Due June 1 1960.
-McLeod, Young,
HALDIMAND COUNTY, Ont.-BOND SALE.
Weir & Co. of Toronto recently purchased an issue of $100,000 5% bonds
at a price of 100.58,a basis of about 4.87%. Due In 10 installments. Bids
for the issue were as follows;
Rate Bid.
Rate Bid.
BidderBidder100.377
McLeod, Young, Weir & Co. 100.58 J. L. Graham & Co
100.34
100.537 C. H. Burgess & Co
R. A. Daly & Co
100.17
Fry, Mills, Spence & Co.._....100.45 A.E. Ames & Co
100.071
100.40 Matthews & Co
Wood, Gundy & Co
Dominion Securities Corp-100.391
-L.P.Courturier, SecretaryLA MALBAIE,Que.-BONDS OFFERED.
Treasurer, received sealed bids until 7p. m. on Oct. 24 for the purchase of
$81,800 5% bonds. Dated Nov. 11930. Due serially in 20 years. Payable at La Malble, Quebec and Montreal.
LANARK COUNTY (P. 0. Perth), Ont.-BONDS OFFERED.
Sealed bids were received until 4 p. m. on Oct. 24 for the purchase of an
issue of 399,500 5% bonds. Due in 15 instalments.
McGILLIVRAY TOWNSHIP(P.O. Parkhill), Ont.-BOND SALE.Dyment. Anderson & Co. of Toronto on Oct. 16 were awarded an issue of
$32,285 534% coupon drainage bonds at a price of 102.59, a basis of about
4.9657. Dated Dec. 15 1930. Denom. to suit purchaser. Due in 10
Installments. In our notice of the proposed sale the amount was erroneously reported as being $31,285. V. 131, p. 2572.
NORTH YORK TOWNSHIP (P. 0. Willowdale), Ont.-BOND
-H. D. Good, Township Clerk, will receive sealed bids until
OFFERING.
12 m. on Oct. 27 for the purchase of the following issues of 5% bonds
e5 bonds. Due in
oi
anta tpnagvern0nr0:bonds. Due 10 Instalments.
in 20 instalments.
85,000 water mains
45,000 pavement bonds. Due in 5 instalments.
s.
'
45,000 School Section No. 20 bonds. Due in 20 instalment
35.000 high school bonds. Due in 30 instalments.
Bids submitted for the bonds should state the price for each issue and for
the total amount offered. The legal opinion of Long & Daly of Toronto
will be obtained by the Township and the cost of the printing of the bonds
will be borne by the Township.
-ADDITIONAL INFORMATION.
NOVA SCOTIA, Province of.
In connection with the notice In our issue of Oct. 18 (V. 131, p. 2572) relative to the proposed sale on Oct. 29 of 34,300.000 434% bonds, we learn
that of the proceeds of the issue 32,500,000 will be used towards paying
and retiring a like amount of bonds and Treasury bills maturing on Nov. 15
1930, and the remaining $1.800,000 will be expended for various improvement projects. Bonds are dated Nov. 15 1930 and mature on Nov. 15 1960.
-The Canadian Bank of ComPALMERSTON, Ont.-BOND SALE.
merce of Toronto recently purchased an Issue of $15,190 5% bonds at a
from 1940 to 1942, inclusive, and from 1944
price of 99.534. Due serially
to 1949, inclusive. Bonds are part of an issue of $25,000, the remainder
having been disposed of at local sales. Due In 20 installments. Bids at
the current sale were as follows;
Rate had.
Bidder
99.534
Canadian Bank of Commerce (purchasers)
McLeod, Young, Weir & Co
9..09
9913
J. L. Graham & Co
-Andrew Leslie, City ComSASKATOON, Sask.-BOND OFFERING.
for the purchase
missioner, will receive sealed bids until 12 m. on Oct. 27
of 3643,500 sinking fund bonds, payable In Montreal, Toronto, Winnipeg,
Vancouver, and Saskatoon at the option of the holder. Alternative bids
will be considered for bonds to bear interest at 43457 or 5%,and for bonds
to be payable as to both principal and interest at the agency of the Bank
of Montreal in New York City as well as at the Bank of Montreal in the
cities mentioned above. Bonds will be dated Nov. 1 1930 and mature in
10, 15, 20, and 30 years. Regtsterable as to principal only. The entire
issue is a direct obligation of the city at large.
-II. R. Grant, City Treasurer,
SUDBURY, Ont.-BOND OFFERING.
will rec.cive sealed bids until 12 m. on Nov. 3 for the purchase of 3173.000
3120,000 HMI and Technical School Board issue
5% bonds, compriAng a
and a $53,000 Public School Board issue. Dated Nov. 1 1930. Due in
20 installments. Principal and semi-annual interest (May and Nov.)
payable at the Royal Bank of Canada in Toronto, Montreal or Sudbury.
Financial Statistics.
8
2:31 1: 10
$2 034 47
Total debenture debt at Oct. 1 1930
Value of building permits, 1929
1,721,895
building permits to Sept. 1 1930
Value of
15,701,309
Total assessment for 1931
-The following issues of 5%
-BOND SALE.
VANCOUVER, B. C.
bonds aggregating $2,544,588.27 offered on Oct. 21-V. 131, p. 2572were,awarded to a syndicate composed of the Chase Securities Corp.,
New York. Wood, Gundy & Co.. and the Royal Bank of Canada, both of
Toronto, Pemberton & Son, Vancouver, Canadian Bank of Commerce,
Fry, Mills, Spence & Co., Bell, Goulnlock & Co., McLeod, Young, Weir &
Co., all of Toronto. Victor W.Odium, Brown & Co., and Gillespie, Hart &
Co., both of Vancouver. at a price of 101.63 (for bonds payable in Canada
and New York), a basis of about 4.89%:
$750,000.00 general obligation sewer bonds. Due Jun. 15 1970.
529,455.90 gen. oblige. sewer and water main bonds. Due Aug. 12 1960.
350,000.00 gen. Wigs.fire alarm headquarters bonds. Due Jan. 15 1970.
300,000.00 general Obligation airport bonds. Due Jan. 15 1950.
296,338.49 property owners' share cement walks and lighting bonds.
Due June 30 1945.
188,208.69 property owners'share cement walks bonds. Duo June 30'40.
73.054.96 property owners' share ornamental lighting bonds. Due
Sept. 22 1940.
54,219.63 property owners'share cement walks bonds. Due June 30 '40.
3,310.80 property owners' share ornamental lighting bonds. Due
June 30 1945.
The general bonds are a direct obligation of the city at large, the property
owners' share bonds are secured by local special rates on the properties
benefited, and are guaranteed by the city at large.
BONDS.
SYNDICATE REOFFES
-Members of the purchasing
syndicate are reoffering the bonds for public investment priced to yield
4.65% for the 1940 bonds; 4.70% for the 1945 bonds; and 4.75% for the
bonds due in 1950, 1960 and 1970. An unusual situation developed at the
sale when upon the opening of the bids submitted it was discovered that two
Individual bidding groups, headed respectively by the Chase Securities
Corp., and the Canadian Bank of Commerce, had offered the same price
of 101.63 for the obligations. Members of each group decided to combine
forces and the award was made on the joint bid of 101.63.
-Pemberton & Son of
WEST VANCOUVER, B. C.
-BOND SALE.
Vancouver, are reported to have purchased an issue of 3165000 5% imPt.
bonds at a price of 101.06, a basis of about 4.93%. Securities mature in
1961.
WOOLWICH TOWNSHIP (P. 0. Heidelbure, Ont.-BOND SALE.
-Dyment, Anderson & Co. of Toronto on Oct. - purchased an issue of
7
322 000 5% coupon public school purpose bonds at a price of 101.511, a
basis of about 4.86%. Due in 30 equal annual installments. Interest Is
payable annually. Bids for the issue were as follows:
Rate Bid.
Bidder101.511
Dyment, Anderson & Co. (purchasers)
101.34
C. H. Burgess & Co
100.53
R. A. Daly & Co
100.27
Gairdner & Co
100.075
A. E. Ames & Co
99.523
J. L. Graham & Co
99.261
Matthews & Co
@FedFRASER