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fittandul
The
animatiat
11EG. U. S.
VOL. 131.
SATURDAY,SEPTEMBER 20 1930.
financial Chronicle
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The Financial Situation.
The action of our Government at Washington in
extending wholesale recognition to the new political
regimes in the Argentine Republic, and in Peru and
Bolivia, challenges attention. The question which
arises is whether such action is conducive to the
establishment of orderly government, according to
ordained methods, conducive also to the protection
of property rights and to investments in those countries upon the part of the outside world, and whether
the action is calculated to secure for those countries
and for Latin America generally the supplies o:
foreign capital which all the countries of South and
Central America so sorely need for their proper
growth and development.
The new regimes, or "provisional" governments, as
Secretary of State Stimson chooses to call them,
came into being not by orderly methods and as prescribed by the laws of the respective countries, but
by force and violence, and they unseated governments that had come into power by strictly legal
means and had every claim to their offices. These
NO. 3404.
former governments had long been recognized by
the people of the different countries as the authoritative government functioning in strict accord with
legal requirements and sanctioned by the rank and
file, there is every reason to believe, of the people
themselves. In each of the three countries the
uprising was the work of a military junta, who all
of a sudden determined no longer to give adherence to the existing government, but establish a
government of their own. Is this a kind of thing
that our Government wants to encourage or ought
to encourage? Of course charges of various kinds
have been made against the former heads, but these
charges, whether well founded or not, do not change
the situation in any degree or give tenability to the
claims of those who have now established themselves
in control and ask recognition by friendly nations.
If wrongs have been committed they ought to be
redressed by orderly means, which has not been done
in this instance. And the fact that there is in this
case wholesale recognition of the three new regimes
goes to show that merit or right have played little
or no part in determining the action of our Government.
And how are those who now hold the reins of
power conducting themselves? As one illustration.
note that at the very time that recognition was being
granted by the United States, Associated Press advices from Lima, Peru, dated Sept. 18, gave the following account of what was going on:
"Augusto B. Leguia, who lost the Presidency of
Peru last month through a revolt headed by Lieut.Col. Luis M. Sanchez Cerro, will go on trial Saturday charged with peculation. At the same time the
sanctions court, newly formed under the provisional
military government, announced proceedings against
Benjamin Huaman de los Heros, former Premier,
and it is understood that actions will be opened
against 18 other former officials who are now refugees in foreign embassies and legations. The former
Premier is himself a refugee and will be summoned
to trial by posted notices. If he does not surrender.
he will be sentenced by default.
"Former President Leguia now lies ill in Lima
Penitentiary, to which he was transferred this week
from the political prison on San Lorenzo Isle. To
open the case his deposition will be taken in the penitentiary. Legal counsel will be provided for him by
the Government if he does not make his own arrangements. Justice Manuel Felipe Umeres will take the
deposition Saturday, and it is underdtood that all
matters connected with the Leguia trial will be
handled with the former President still inside the
penitentiary. All of Senor Leguia's property will
be taken over—including books, private papers and
correspondence—for the trial, and all persons in
possession of anything owned by Senor Leguia must
deliver them to the court. In addition, all payments
made in Senor Leguia's behalf or in his favor will
be considered as not having been made, while his
1756
FINANCIAL CHRONICLE
[VoL. 131.
creditors must present their statements within 15 That agreement we shall keep, but in the case of the
days."
Argentine we are bound only by the usages of interConsider what all this means: A military clique national law. According to custom, any country
overthrows the existing Government, deposes th2. has a right to determine its own form of governoccupants—no pretense has ever been made in the ment, provided it does not violate the rights of
case of any of the three countries that the deposed foreign citizens or governments."
This is precisely the stand taken by Secretary
officials were not the rightful occupants—imprisona
them, brings them to farce trial, even though they Stimson when he gives as a reason for the wholesale
are sick, and then undertakes to pass judgment upon recognition of the three new regimes, that they are
them and their acts, becoming prosecuting attorney, in de facto control and that there is no active resistjury and judge. Is not this revolting to every sense ance to their rule. But active resistance on the part
of equity and justice? Imagine a parallel—if such of the people is nearly always lacking; they are ina thing can at all be conceived—in a section of the clined to acquiesce in change whether they like it or
army or the navy of the United States going to Wash- not, since that is the easiest way to avoid trouble
ington, seizing the President and the members of for themselves. But it signifies nothing as to their
the Cabinet, and then proceeding to condemn them— real wishes or desires.
Secretary Stimson mentions one other considerasetting themselves up as the judges.
Revolutionary uprisings have long been the bane tion that influenced him in his course, namely, that
of the Latin American countries and have prevented it was deemed "wise to act promptly in this matter
the development of these countries in the way they in the present economic situation." But that is
ought to be developed. Where it is possible for a simply a policy of expediency, which, unfortunately,
military clique to set up a Government of its own, may defeat itself in the end. Mr. Stimson doubtless
or a dictator to displace another dictator no longer had in mind the fact that some large loans have been
able to enforce his authority, there can be neither floated in the United States for some of these counsecurity for life nor protection for property and capi- tries which ought to be protected at all hazards, ani
tal. And investment cannot be attracted towards that stability of government might be helpful to that
such countries. If orderly methods for establishing end. But temporary stability is not sufficient for
government on safe and sound basis do not exist, the permanent welfare of these countries and will
they ought to be provided, and attempts to seize the not furnish the assurances needful for attracting
reins of power should not be tolerated. The United investment capital.
If hasty action in these instances shall invite a
States should not lend the weight of its great influrepetition of other similar occurences, it will have
ence to enable a clique to establish a government of
the effect of doing what it was sought to avoid in
its own.
Secretary of State Stimson, in explaining th3 the treaty made by the five Central American Reaction of our Government in these cases, issued a publics in 1923 in which the United States joined,
statement in which he said that "in reaching the con- and hence will have done more harm than good.
clusion to accord recognition to these three govern- Protestations of a desire to maintain friendly relaments the evidence had satisfied him that these pro- tions with foreign countries, so volubly made in this
visional governments are de facto in control of their instance by each of the three military regimes,
respective countries, and that there is no active re- should not be taken too seriously. In the long run
sistance to their rule. Each of the present govern- it will be well to let military uprisings abide by
ments has also made it clear that it is its intention the consequences of their own acts.
to fulfill its resriective international obligations and
Brokers' loans, according to the Federal Reserve
to hold in due course elections to regularize its
status." Secretary Stimson added that he had statement of the present week, have further in"deemed it wise to act promptly in this matter in creased in amount of $79,000,000. This follows
order that in the present economic situation our $33,000,000 increase the previous week and $8,delay may not embarrass the people of these friendly 000,000 increase in the week preceding, before which
countries in re-establishing their normal intercourse time, however, there was a huge contraction in the
grand total of these loans. The total now, at $3,222,with the rest of the world."
Thus it is made clear that the governing considera- 000,000,compares with $6,569,000,000 12 months ago,
tion in determining that these new regimes should on Sept. 18 1929, when speculation on the Stock Exbe accorded recognition has been simply that they change was still rampant, that having been the flush
are "de facto in control of their respective countries period just before the collapse which came in October
and that there is no active resistance to their rule." and November of last year. The changes in the difBut this is simply to encourage other cliques to re- ferent categories of loaning the past week possess
peat the same thing when opportunity offers. For- no special significance, except that they are along
mer President Coolidge, in his daily talks in the the same lines as the changes in most of the precedNew York "Herald Tribune," who anticipated the ing weeks. In other words, the loans made by the
action of the administration at Washington by 24 reporting member banks in New York City for their
hours, in speaking in favor of the recognition of the account increased during the week from $1,614,new Argentine regime made incidental allusion to 000,000 Sept. 10 to $1,649,000,000 Sept. 17, and the
the country's agreement not to recognize military loans for out-of-town banks from $770,000,000 to
uprisings in the Central American States. He said: $826,000,000, while, on the other hand, the loans "for
"General Uriburu is seeking recognition by our Gov- account of others" fell from $759,000,0,00 to $746,ernment. It is well known that we have little sym- 000,000. At the latter figure these loans "for acpathy with revolution. At the instigation and count of others" compare with no less than $3,626,urgent solicitation of the Central American repub- 000,000 on Sept. 18 a year ago, which shows where
lies we joined them in a treaty agreeing not to recog- the bulk of the contraction in these brokers' loans
nize revolutionary governments in those countries. has occurred.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
In the returns of the Federal Reserve Banks them.
selves, the feature is the further reduction in mem.
ber bank borrowing, but attended by increasing
resort to the Federal Reserve institutions on the part
of dealers in bankers' acceptances. The discount
holdings of the 12 Reserve institutions, which reflect
member bank borrowing, after having been reduced
last week from $231,260,000 to $183,195,000, have
been further reduced the present week to $163,149,000. On the other hand, holdings_ of bankers'
acceptances, after having risen last week to $193,120,000 from $170,395,000 the preceding week, and
from $130,762,000 July 30, have further increased
the present week to $208,801,000. Holdings of
United States Government securities show no very
great change as far as the total of all such securities
is concerned. This stands at $610,383,000 the present week against $602,033,000 last week, but there
are some large changes in the individual items
which go to make the grand total. The holdings of
United States bonds have been reduced during the
week from $58,074,000 to $38,085,000, and the hold.
ings of Treasury notes from $317,380,000 to $295,261,000. Holdings of certificates and bills, however,
have risen during the week from $226,579,000 to
$277,037,000. This last reflects temporary borrowing by the United States Government pending the
collection by the Federal Government of the September installment of the Federal income tax. The
amount of these temporary one-day certificates of
indebtedness at the date of the return, we are told
amounted to $45,000,000. The final result of these
different changes is that aggregate bill and security
holdings, which are the measure of Reserve credit
outstanding, stand at $989,415,000 the present week
against $985,120,000 last week, thus showing an increase of $4,295,000. Federal Reserve notes iu
actual circulation, however, have been reduced dur
ing the week from $1,351,250,000 to $1,349,329,000,
while gold reserves have risen from $2,959,600,000
to $2,975,640,000.
The foreign trade statement for the month of August is quite as unsatisfactory as the reports for each
of the earlier months of this year. The value of merchandise exports from the United States for last
month, shows a heavy loss in comparison with last
year, while imports are still further reduced. The
preliminary figures for August, estimate the value
of exports at $300,000,000 and of imports at $217,000,000. Exports for July were valued at $266,628,000 and for August of last year at $380,564,000,
while imports for July amounted to $220,444,000 and
for August a year ago at $369,358,000. The increase
in exports last month over the preceding month, in
some measure reflected heavier movement of cotton.
Shipments of cotton abroad for the past year have
been considerably smaller than for many years past.
There has been practically a constant decrease in cotton exports for each month since October last. August exports of cotton, however, were 366,036 bales
and exceeded the movement abroad a year ago by
140,018 bales, an increase of 63.7 per cent. But in
value cotton exports last month were only a little
higher than for the corresponding period a year ago,
owing to the lower price this year. Cotton exports
last month were valued at $27,622,421 and exceeded
the amount for August of last year by $3,741,000, the
gain this year being 15.7 per cent. against an increase
in quantity of 64.4 per cent.
1757
Total merchandise exports for August this year
were $80,564,000 less than those of a year ago, the
decline being 26.8 per cent. Except for the larger
movement in cotton, the loss this year would have
been greater than these figures show. Since the
opening of the year, an almost constant decline in
both exports and imports has appeared and there is
not at this time any indication of a permanent
change for the better. It is necessary to go back
eight or nine years for lower valuations for foreign
shipments than those of this year—for merchandise
exports to 1922 and for imports to 1921. The balance of trade for August continues heavily on the
export side, amounting for that month to $83,000,000; for July it was $46,184,000, while for August
1929 it was only $11,206,000.
For the eight months of the current calendar year
the value of merchandise exports has been $2,642,789,000 and of imports $2,173,429,000. In the corresponding period of 1929 exports amounted to
$3,406,513,000 and imports to $3,008,713,000. The
decrease in exports for the eight months from a year
ago of$763,724,000 is equivalent to a decline this year
of 22.4 per cent.; for August the decrease from a year
ago was $80,564,000 equal to 26.8 per cent., while for
July, exports were reduced from those of last year
by $136,233,000 or 33.8 per cent. Cotton contributed
heavily to this loss in exports for the current year.
.
Much the same showing appears for merchandise
imports. The total value for the eight months this
year was $2,173,429,000 against $3,008,713,000 for
the same period in 1929, a decrease this year of
$835,284,000, or 27.8 per cent. The excess value of
exports for the eight months this year over last
year's was $469,360,000, while a year ago,for the corresponding period, exports exceeded imports by
$397,800,000.
Exports of gold last month again moved to the
front, amounting to $39,332,000, while gold imports
in August were $19,714,000. This was something of
a reversal of conditions as they have existed for the
earlier months this year. For the eight months of
1930 the value of gold exports has been $90,523,000
and imports $273,802,000, the latter exceeding exports by $183,279,000. For the first eight months of
the previous calendar year, gold exports were $8,738,000 and imports $236,302,000, the latter in that year
also being in excess of exports, the amount being
$227,564,000. The silver movement last month was
again reduced, exports amounting to only $4,543,000 and imports to $2,982,000.
There are very few items in the foreign trade statement of the United States for this year to date but
that show a decline in the movement, and for many
of them the loss is very heavy. This applies to both
exports and imports. Preliminary figures for the
eight months of 1930 to Aug. 31 are reviewed in the
foregoing, but the complete detailed record is as yet
available only •for the seven months ending with
July.
For the eight months the reduction in exports
from last year amount to $763,724,000, or 22.4 per
cent., and for imports $835,284,000, or 27.8 per cent.
For the seven months the decline in exports was
$683,009,000 or 25.9 per cent, and for imports $683,033,000 or 26.8 per cent. The relatively better showing in exports for the eight months compared with
the seven months statement reflects the larger movement of cotton in August.
1758
FINANCIAL CHRONICLE
The heaviest decline in exports for the seven
months this year was in motor cars, amounting in
value to $186,008,000 or 42.8 per cent. Next was
cotton, where the reduction for the seven months was
no less than $106,960,000 or 31.5 per cent. The reduction in cotton exports as to quantity was relatively less than that indicated by the value. In the
metal class there was a decline in exports for the
seven months this year of $98,630,000 or 29.5 per
cent., one item of the metal division, copper, showing a loss in value of $47,461,000 or 41.4 per cent.;
in quantity the reduction in copper exports was 32.8
per cent. For grain, vegetables and fruits, exports
this year were lower by $87,669,000 or 31.7 per cent.
Wheat exports this year have been 44,327,000 bushels, compared with 39,038,000 bushels for the seven
months in 1929. The value, too, was higher this
year, but for corn, and other cereals, fruits, meats,
and dairy products, exports have been considerably
lower. There has also been a much smaller movement in tobacco, cotton manufactures, wood and
paper, and chemicals. In the machinery division a
small increase appears for electrical lines, but agricultural machinery and industrial machinery show
a trifling loss.
As for imports the reduction for the seven months
this year is quite as heavy as in exports. Imports
of raw silk show a loss of $84,253,000 so far this
year; for wool it is $31,706,000 and for other classes
in the textile division $90,546,000. Imports of sugar
are lower by $58,656,000 this year and of coffee $55,125,000. The receipts as to quantity are quite as
much reduced for these articles as the loss in value
indicates, except for coffee, for which commodity
much larger imports are shown, although the value
shows a reduction of 30 per cent. This situation as
to coffee is a reflection of conditions in the coffee
market, which have been steadily developing for a
number of years. Imports of crude rubber show a
heavy loss this year, both in value and quantity, the
decline in value amounting to $57,160,000 or 36.6 per
cent. Large reductions also appear in all of the
other classifications under imports, notably for furs;
petroleums and oils; in the metal division, including
copper; also for wood and paper stock; in machinery
lines, chemicals and miscellaneous. There is also
a large reduction for imports of hides and leather as
to the value, but for hides the quantity imported this
year was slightly higher than it was a year ago.
Some attempt has been made at Washington to put
a favorable construction on these foreign trade figures, but it is difficult to see where any one can
get any comfort out of this year's foreign trade results, since it is so plainly apparent that quite apart
from the decline in prices there has been a severe
shrinkage in the volume of the trade.
[Vor... 131.
on Sunday, with their radical tendencies. German
bonds suffered a severe break as a consequence. A
more temperate view of these elections, together with
the announcement that the existing Cabinet was
likely to retain control by means of a combination
among the Central parties against the two radical
extremes led subsequently to some recovery in the
German Government issues, but on Friday there
was still another break in these German bonds.
There were other unfavorable developments during
the week. On Monday the price of wheat took another sharp downward plunge to a still lower level
than before, in fact the lowest level since 1914. Then
no tangible evidence developed of any improvement
in general trade, while some of the copper companies
either reduced or suspended their dividends. As
instances, Copper Range omitted dividends alto:
gether, while Granby Consolidated Mining & Smelting reduced to 50c. against 75c. Aug. 1 and $2 paid
May 1, and Magma Copper declared only 75c. against
$1.00 July 15 and $1.25 April 15. Calumet & Hecla
omitted dividends the previous week. On Friday
unfounded rumors of political troubles in Germany
did duty in bringing about a serious break. Money
rates have continued to rule low, and call loans on
/
the Stock Exchange moved down from 212 to 2%.
The volume of trading kept small until the violent
break on Friday. At the half-day session on Saturday the dealings on the New York Stock Exchange
aggregated 1,021,750 shares; on Monday they were
1,562,960 shares; on Tuesday, 1,767,910 shares; on
Wednesday,1,188,580 shares; on Thursday, 1,376,990
shares, and on Friday,2,947,780 shares. On the New
York Curb Exchange the sales last Saturday were
253,500 shares; on Monday, 335,600 shares; on Tuesday, 349,600 shares; on Wednesday, 304,100 shares;
on Thursday, 315,500 shares, and on Friday, 535,800
shares. No less than 82 stocks have recorded new
low figures for the year, but 29 also established new highs for the year. Both are shown
below:
STOCKS MAKING NEW HIGHS.
Industrial & Miscall.(Conduded)—
Railroada—
Exchange Buffet
Atch. Topeka & Santa Fe pref.
General Motors 85 preferred
Induatrial & Miscellaneous—
Amer. Brown Boveri El. Corp. pref. Household Finance panic. pref.
Loew's Inc. pref. ex-warrants
Amer.Power & Light pref. A.
National Biscuit preferred
Preferred A stamped
National Lead preferred 13
American Snuff preferred
Public Service Corp. of N. J. 7% pf:
Colgate-Pahnolive-Peet preferred
Tr -Continental Corp. preferred
Corn Products Refining preferred
U. S.'teel preferred
Duquesne Light 1st preferred
E. I. du Pont de Nemours 6% non- Virginia Elec. & Power pref.(8)
West Penn Electric pref.
voting debentures
STOCKS MAKING NEW LOWS.
Railroads—
Induatrial & Miscall.(Concluded)—
Atlantic Coast Line
Madison Square Garden
& North Western
Chicago
McCrory Stores Class A
Peoria & Eastern
Michigan Steel
Industrial & Miscellaneous—
Minneapolis-Honeywell Regulator
Alpha Portland Cement
Minneapolis-Moline Power Imp].
American Agricultural Chemical
National Radiator
Amer. Hawaiian Steamship Co.
Oliver Farm Equipment
American Metal Co.
Owens-Tllinois Glass Co.
American Rolling Mill
Petroleum Corp.of America
American Tobacco new w. I.
Prairie Oil & Gas
Anaconda Copper Mining
Pure Oil (The)
Anaconda Wire & Cable
Producers & Refiners
Artloom Corp.
Republic Steel Corp.
Calumet & Hecht
Reynolds Metal
Continental Diamond Fibre
Rio Grande 011
Continental Oil
Skelly 011
Crown Zellerbach
Spencer Kellogg & Sons
Standard 011 of Kansas
Follansbee Bros.
Superior Steel
Curtiss-Wright
Fashion Park Associates
U. S. Express
U.S. Leather class A
Grigsby-Grunow
U. S. Rubber
General Realty & Utilities •
International Paper & Power class B Western Dairy Products class A
Wilcox-Rich class A
Kelly-Springfield Tire
Wright Aeronautical
Lehigh Portland Cement
Youngstown Sheet & Tube
Libby-Owens Glass
The stock market the present week has taken a
downward turn again. It was quite weak both at
the half-day SOSSIOD last Saturday and again on
Monday and Tuesday, with an upward reaction of a
temporary nature on Wednesday, but with renewed
weakness on Thursday and a violent break on Friday. Transactions were-on a small scale until the
collapse on Friday, when the day's turnover reached
almost 3,000,000 shares. There seem to be a complete absence of buying power on any extensive scale.
At the same time unfavorable news constituted a
As compared with Friday of last week, prices are
depressing feature. On Monday the market suffered lower nearly all around. Fox Film A closed yesterseverely owing to the result of the German elections day at 47 against 49% on Friday of last week;
2
1
/
SEPT.20 1930.]
FINANCIAL CHRONICLE
General Electric at 68% ex-div. against 7214; War/
ner Bros. Pictures at 28% against 2858; Electric
/
Power & Light at 69 against 7434; United Corp. at
/
32 against 34; Brooklyn Union Gas at 126% against
/
130%; American Water Works at 9514 against 9578;
/
North American at 102% against 1061 4; Pacific
/
Gas & Elec. at 58% against 60; Standard Gas
& Elec. at 99% against 105%; Consolidated Gas
of N. Y. at 106% against 110; Columbia Gas & Elec.
at 62% against63%;International Harvester at7414
/
ex-div. against 78%;J.I. Case Threshing Machine at
/
16234 against 177; Sears, Roebuck & Co. at 67%
against 73%; Montgomery Ward & Co. at 34%
against 37%; Woolworth at 64 against 66%; Safeway Stores at 70% against 73; Western Union Telegraph at 164/ against 171%; American Tel. & Tel.
78
at 210 ex-div. against 216; Int. Tel. & Tel. at 4078 ex/
div. against 43%; American Can at 122% against
131; United States Industrial Alcohol at 68%
against 72%; Commercial Solvents at 25 against
26%;Corn Products at 87% against 91%; Shattuck
& Co. at 3578 ex-div. against 39, and Columbia
/
Graphophone at 16% against 183 .
/
4
Allied Chemical & Dye closed yesterday at 263
against 280 on Friday of last week; Davison Chemical at 26 against 27%; E. I. du Pont de Nemours
at 115 against 12034; National Cash Register at 45
/
against 47; International Nickel at 2438 against
/
25/; A. M.Byers at 69% against 76; Simmons & Co.
78
at 25% against 27%; Timken Roller Bearing at 66
against 69; Mack Trucks at 54% against 61; Yellow
Truck & Coach at 20 against 22; Johns-Manville at
85% against 91%; Gillette Safety Razor at 64
against 67%; National Dairy Products at 5278
/
against 54%; National Bellas Hess at 8% against
91 4; Associated Dry Goods at 33% against 37; Texas
/
Gulf Sulphur at 58 against 58/, and Kolster Radio
78
at 2% against 3.
The steel shares have been weak. United States
Steel closed yesterday at 16318 against 170% on
/
Friday of last week; Bethlehem Steel at 86 against
88%,and Republic Iron & Steel at 32% against 35%.
The motor stocks have also tended lower. General
Motors closed yesterday at 4278 against 44% on
/
Friday of last week; Nash Motors at 33% against
3438; Chrysler at 27 against 281 2; Auburn Auto at
/
/
114 ex-div against 127½; Packard Motors at 125/
s
against 13%; Hudson Motor Car at 2914
/ against
30, and Hupp Motors at 12 against 13%. The
rubbee
stocks held up well. Goodyear Rubber & Tire
closed
yesterday at 54 against 5334; B. F. Goodrich
/
at 23%
against 22%; United States Rubber at 18
against
19%, and the preferred at 361 against 37%.
/s
The railroad stocks have again held up
well, as a
rule. Pennsylvania RR. closed yesterday
at 72%
against 73% on Friday of last week; Erie
RR. at
39% against 411 8; New York Central at
/
161%
against 161%; Baltimore & Ohio at 99%
against
9914; New Haven at 104% against 107;
/
Union Pacific at 216% against 21818; Southern
/
Pacific at
117 against 118%; Missouri-Kansas-Texas
at 383
%
against 41%; St. Louis-San Francisco
at 87%
against 89 bid; Southern Railway at 83%
against
85y ; Rock Island at 94 against 98;
8
Northern Pa
cific at 702 against 72, and Great
/
1
Northern at 78
against 77%.
The oil shares have followed the
course of the
general market. Standard Oil of N. J.
closed yesterday at 67% against 70 on Friday of
last week;
Standard Oil of Cal. at 59% against
60%; Simms
1759
Petroleum at 19 bid against 2114; Skelly Oil at 26/
/
78
against 26/ ; Atlantic Refining at 32 against 33%;
78
Texas Corp. at 50% against 5178; Pan American B
/
at 53% against 54 bid; Richfield Oil at 15% against
1634; Phillips Petroleum at 32% against 33; Stand/
ard Oil of N. Y. at 30% against 31, and Pure Oil at
19% against 19%.
The copper stocks have not been Weaker than the
general market list, notwithstanding the further
decline in the price of the metal and the further
dividend reductions and suspensions. Anaconda
4
Copper closed yesterday at 443 against 46/ on
78
Friday of last week; Kennecott Copper at 341 8
/
against 35%; Calumet & Hecla at 12/ against 131 j;
/
78
Calumet & Arizona at 4814 against 49/ ; Granby
/
78
Consolidated Copper at 21 against 22; American
Smelting & Refining at 6434 against 68%, and U. S.
/
Smelting & Refining at 21% against 22 .
/
1
2
Stock exchanges in the important European financial centers moved with much irregularity this week,
owing to the unsettling influence of the German general elections and the continued unsatisfactory state
of trade. The London market followed a fairly
steady course, but share prices in Berlin and Paris
showed some wide variations. All three markets refleeted selling by nervous holders early in the week
when the Reich election returns showed heavy gains
by the Fascists and Communists in that country.
Later sessions were more cheerful, as the Berlin
Boerse proved more resistant than was expected.
European industrial reports, meanwhile, show little
definite change. The total of unemployed was officially reported in Great Britain this week at 2,139,
500, as compared with 2,017,900 a month ago and
1,478,000 at the beginning of the year. British railways announced as a measure of economy that they
would close 90 railway stations throughout the country to passenger traffic, this step being due partly to
trade depression and partly to the growth of motor.
bus transportation. A further search for means to
restore Britain's prosperity was announced in London Thursday by Sir William Morris, automobile
manufacturer, who aims to establish a national council of prominent men for this purpose. "The depth
and persistence of Britain's industrial depression
demands immediate action," Sir William said. Paris
dispatches indicate that the trade outlook in France
is somewhat more clouded than formerly. Depression is not severe in France, it is said, but the usual
autumn expansion is lacking. In Germany, on the
other hand, there were some faint signs of improvement, due mainly to better export demand for basic
products. A measure of hopefulness was gained in
all markets from the relative stability of commodity
prices and the continued extreme ease of money.
Volatile issues on the London Stock Exchange
were heavy at the start of trading, Monday. British
industrials and international issues were alike weak,
and losses also were heavy in German bonds listed
at London. African copper stocks joined the down.
ward procession on the unfavorable statistical reports from New York. British funds showed little
movement with trading virtually at a standstill.
Tuesday's session at London was extremely dull, but
a better tone was apparent toward the close. Geeman issues again dropped, while further unsettlement appeared also in the copper stocks. British
funds were dull but steady. A steadier tendency
set in at London Wednesday, most issues showing
1760
FINANCIAL CHRONICLE
slight gains with the exception of British funds,
which were soft. Anglo-American stocks were much
improved, and some gains also were registered in
African copper issues. The stock market was again
fairly cheerful Thursday, under the influence of some
good features among gramophone and artificial silk
stocks. Industrial issues improved until just before
the close, when some recessions were noted. British
funds were well supported and foreign government
bonds also held steady. In a dull session yesterday
prices were almost unchanged, with the exception
of the gilt-edged list. Weakness appeared in this
/
group, with German International 512s off sharply.
Trading on the Paris Bourse was much affected
Monday by the results of the German election and
the reports of weakness on the Berlin market. Disappointment and uneasiness were felt at Paris and
the price structure turned irregular and finally
weak. Virtually all foreign stocks were heavy, while
French bank and utility issues also dropped heavily.
Marked improvement took place on the Bourse Tuesday, however, and the majority of stocks recovered
at least part of the ground previously lost. Buying
was not on a large scale, but it was concentrated
largely in the issues that showed greatest weakness
Monday. Copper stocks were an exception to the
general improvement, these issues losing additional
ground on reports of further declines in the price
of the metal. Substantial progress was made on th..!
Bourse Wednesday as the trend was optimistic from
the opening. Although the volume of business was
not very large, buying was sufficient to push most
of the list to higher levels. After a further firm
opening Thursday, prices began to decline again in
Paris and most stocks lost ground during the session.
The market remained thin and a little selling was
sufficient to start a downward movement. A further quiet session at Paris yesterday produced few
changes of any consequence.
Offerings were fairly heavy on the Berlin Boerse
when that market opened Monday after the national
elections. A trend toward the extremist parties was
looked for in the voting, but the extent of this drift
was much beyond expectations and there were appre.
hensions of a severe stock market reaction. The
market opened very weak and remained soft most
of the day, notwithstanding some support by the
Berlin banks. Losses of 10 to 12 points were numerous, while some stocks lost as much as 23 points. The
nervousness was overcome Tuesday, however, and a
substantial recovery in prices took place. Most of
the leading stocks rallied, but the gains did not
wholly compensate for the losses of the previous
session. Further improvement took place on the
Boerse Wednesday, notwithstanding the uneasiness
over the political situation. The buying was not
sustained, however, and prices at the close were
somewhit under the best levels for the day. A weak
and nervous session followed Thursday, with prices
tumbling in all directions. Numerous rumors were
circulated regarding pernicious effects abroad of the
German elections and the selling thus induced
reached large proportions. A decline in the price of
rye in Berlin also contributed to the unsettlement.
Selling again appeared on a substantial scale at
Berlin yesterday, and prices were marked off
sharply.
[Vol,. 131.
a special committee of the Privy Council decided to
recommend unconditional approval of the agreement. This action was viewed in Tokio as a forerunner of ratification, as the Privy Council as a
whole has never failed in the past to confirm a decision of the committee. A report is to be drafted by
the special committee and submitted to a plenary
session of.the Council on Oct. 1, and speedy ratification thereafter is now considered assured. Only
Japanese action is lacking to bring the treaty into
force, as Great Britain and the United States ratified the instrument several months ago. According
to the terms of the treaty, it will come into effect
among the three chief naval powers of the world
immediately upon ratification by the three governments concerned. Favorable Japanese action has
not been considered in doubt, however, and both
Britain and the United States have proceeded with
their naval plans on the presumption that the treaty
would shortly be given effect. Delay in Japan was
occasioned mainly by differences between the Hamaguchi Government and the Supreme Military Command. It was believed for a time that the Cabinet
might fall as a result of this split, notwithstanding
great popular support for the treaty. Although the
entire matter was considered by the special Council
committee, no further developments have appeared
and this is considered a distinct victory for Premier
Hamaguchi.
Much importance also attaches to further exchanges on the question of naval limitation which
took place in Europe this week among representatives of Great Britain, France and Italy. It was
assumed that these conversations relate to possible
fuller participation of the two Mediterranean countries in the London treaty. When the document was
signed on April 20, France and Italy subscribed to
certain provisions and agreed to continued negotiations in an attempt to arrive at full agreement
in accordance with the terms adopted by Britain,
the United States and Japan. Exchanges have since
been continued in desultory fashion, largely through
the medium of the respective Ambassadors in Rome
and Paris. Reports from the French capital indicated, late last week, that A. V. Alexander, First
Lord of the British Admiralty, had discussed the
matter with both Admiral Sirianni, Italian Minister
of Marine, and J. F. Dumesnil, French Minister of
Marine, in the course of a visit to the two capitals.
A brief official communication was issued in Paris
stating simply that naval questions had been considered in a "large spirit of understanding." Conversations on this subject are also believed to have
proceeded in Geneva between the French and Italian
Foreign Ministers, in connection with the gathering
of the League Assembly and Council. It was on this
basis that the hasty departure of Foreign Minister
Grandi for Rome was "explained," observers assuming that proposals had been made by Foreign Minister Briand which required consultation between
Premier Mussolini and his Foreign Minister. That
the two governments remain far apart on questions
of principle was authoritatively indicated, however,
both in Geneva and Rome on Thursday. It was
said that efforts are being directed toward securing
an agreement on actual construction between 1930
and 1936.
The eleventh annual meeting of the League of NaJapanese ratification of the London naval treaty
of 1930 was brought a step nearer Wednesday when tions Assembly swung into full stride this week, with
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1761
-•
most of the formal addresses devoted to a halting organization. Cautious approval of the abstract
and uncertain discussion of disarmament and the idea of a European federation was successively
Briand plan for a system of federal union in Europe. voiced by Chancellor Schober of Austria, Foreign
Although much was expected in Europe from the Minister Beelaerts van Blokland of Holland, Paul
current sessions, little progress has so far been made Hymans of Belgium, Peter Muench of Denmark,
in any direction. M. Briand's scheme was closely Baron Ramel of Sweden, Quinones de Leon of Spain,
considered by both European and non-European and others. The addresses were interspersed in
representatives in the Assembly, but the opinions every instance with severe criticisms of the League's
expressed differed widely, due largely, no doubt, to work during the past year. "One after another the
the contrasting views placed before the gathering speakers reviewed the year and listed failure after
last week by the French and British Foreign Min- failure," a dispatch to the New York "Times" said.
An address of some importance was made last
isters. The only important step so far taken in the
meeting nevertheless relates to the Briand plan. Saturday by William Graham, President of the
A resolution was adopted by the Assembly Wednes- British Board of Trade, who spoke in rather pessiday authorizing representatives of 27 European na- mistic vein of the present economic state of the
tions to conduct a wide inquiry into the possibilities world. The tendency toward higher tariffs was
of a federal union and to prepare concrete proposals viewed with perturbation by the British official,
for the consideration of the Assembly meeting in who declared that protectionism can only aggravate
September 1931. By this means M. Briand's scheme the present ills. As one'step toward improvement
was considered to have been moved forward another he urged the 24 signatories of the Geneva tariff truce
step, but it was frankly stated in numerous dis- of last March to ratify the agreement, adding that
patches from Geneva that it will really result in a Britain would do so before Nov. 1. Turning more
specifically to the current business depression, Mr.
further delay of a year.
Assembly by the dele- Graham said that while European dislocation had
Formal speeches before the
gates of the 52 nations represented followed closely been aggravated by unrest in the markets of India
the tone set in their opening addresses by the French and China, the leading problem consists of the
Foreign Minister, Aristide Briand, and the British marked fall of commodity prices. He recommended
Foreign Secretary, Arthur Henderson. M. Briand that the League of Nations take steps for the quick
carried his plea for European union into the Assem- but scientific study of the causes and possible solubly, having been unsuccessful in his attempt to tions of the "tragic depression." When the flow of
secure special consideration of the plan in the oratory was resumed Monday, most of the discusspecial meeting of 27 European nations which pre- sion again centered around the federation plan of
ceded the Assembly gathering last week. Owing M. Briand. Foreign Minister Marinkovich of Yugoto British insistence only the question of procedure slavia made a suggestion that the proposal be handed
was considered in the special meeting, and the entire over to a European committee within the League
project was referred to the League, M. Briand being for study, and this suggestion gave point to the
delegated to bring it up in the Assembly. The further addresses. Nicolas Politis of Greece and
French statesman linked his project with a plea for Count Apponyi of Hungary gave approval to the
peace, declaring that it was his greatest work in idea, but mentioned some difficulties in the way of
that direction. Mr. Henderson, who followed, made its adoption. The Australian and Japanese deleonly passing reference to the Briand plan, and de- gates joined with a number of South American
voted most of his address to a call for disarmament speakers in giving the proposal their benediction.
and the early conclusion of a disarmament agree- Some interest was occasioned by a private discusment. In direct contrast with French principles, sion Monday between Mr. Henderson and M. Briand,
Mr. Henderson pleaded that disarmament must pre- at which, it was understood, a course of action on
cede security. The obvious differences between the the federation project that would be acceptable to
British and French leaders produced much uncer- both countries was considered.
Dr. Curtius of Germany finally addressed the
tainty in the League gathering, and this was accentuated when the Italian Foreign Minister, Dino Assembly Tuesday, and he was followed by Senator
Grandi, suddenly departed for Rome. In addition, Scialoja of Italy. The Foreign Minister of the
Dr. Julius Curtius, Foreign Minister of Germany, Reich spoke, according to press reports, under the
preferred to postpone his address until after the obvious influence of the German elections of last
national elections in the Reich which were held last Sunday, which showed a pronounced trend toward
Sunday.
the extremist parties.. "Although a policy of
After the opening addresses had been made by the patience has been carried on during long years at the
British and French Foreign Ministers, the series price of many sacrifices, Germany is still in a
of speeches was continued last Saturday by Dr. position which fills her government with serious
Giuseppe Motta of Switzerland. Co-operation in concern," he said. "That would not have been the
Europe was regarded by Dr. Motta as rather a state case if there had been during these years interof mind than an autonomous structure. Those who national co-operation in the true sense of the word."
have proposed definite schemes of European organ- The widest possible co-operation among all the
ization may perhaps have done a disservice rather States of Europe was urged by Dr. Curtius, owing
than a service to the idea, he remarked. He criti- to its possibilities for mitigation of "the dangers and
cized the failure of the League to settle on concerted difficulties of the present crisis." Germany's
economic action and also spoke disparagingly of position was especially delicate, he added, owing to
the failure to codify international law and establish the burden placed on the industry and agriculture
uniform regulations for treatment of foreigners. of the land by the payment of reparations. ReferDr. Orestes Ferrara of Cuba gave warm support to ring to German foreign policy, he declared that his
the Briand plan, declaring that American countries Government will continue to follow the lines laid
could only benefit by the creation of a Pan-European down by the late Dr. Stresemann. Senator Scialoja
1762
FINANCIAL CHRONICLE
[VOL. 131.
avoided controversial subjects, reports said, and under war is outlawed as an instrument of national
devoted his address to a cautious approval of the policy. His nomination by the United States group
federation scheme of M: Briand, which he described was warmly welcomed in Geneva, and his election
as a natural issue of the history of Europe.
took place in both the Assembly and the Council
A resolution for the formation of a European on the first ballots presented in either body. The
inquiry committee on the federation idea was circu- term for which Mr. Kellogg was elected expires on
lated Tuesday among the delegates to the Assembly, Jan. 1, but it is considered assured that he will be
and 49 signatures were affixed to the document. re-elected for the full nine-year term when the whole
Formal consideration was given the resolution Wed- Court'bench is selected later this month. Announcenesday by the full Assembly, and it was adopted ment had already been made by Mr. Kellogg that he
unanimously. Under its terms the 52 nations repre- would accept the judgeship if chosen. Foreign Minsented in the Assembly give their approval to the ister Briand of France was especially gratified at the
plan of the 27 European member States to seek election of the American statesman whose name is
closer collaboration. At their own request these linked with his own in the negotiation of the general
European States were directed to form themselves treaty outlawing war. "I consider him fitted by
into a committee which is to act in concert with the the personal prestige attached to his name to play
Secretariat of the League and prepare before next an altogether exceptional role in case of a grave
September concrete proposals for such collaboration. conflict coming before the World Court," M. Briand
The draft of the resolution, as first circulated, would said. Secretary of State Stimson also expressed
have limited consultation to the European member gratification over the choice of Mr. Kellogg to fill
and non-member States of the League, but the word- the unexpired term of Mr. Hughes.
ing was changed so that no country is excluded from
such possible consultation. Further steps will now
National elections in Germany last Sunday
be taken by M. Briand, it is said, in his capacity of resulted in startling gains for the extremist parties
reporter for the European countries. He is expected of the Right and Left, with a consequent diminution
to call a meeting of the 27 European representatives of the Reichstag strength of the Center or moderate
in order to decide the form of the committee and parties. A drift toward Fascism on the one hand
other matters.
and Communism on the other was well recognized
A number of minor questions and others of routine in advance of the balloting, but the extent of the
interest also were considered in the Assembly ses- gains registered by the parties opposed to republisions of the current week. Some interest was occa- canism far exceeded all expectations and provided
sioned by a criticism of the United States with spe- an international as well as a national sensation.
cific reference to the Monroe Doctrine, offered by Within the Reich this result was considered a sharp
the Haytian delegate, Dantes Bellegarde. The ques rebuff to the coalition of Center parties, headed by
tion of representation on the League Council aroused Chancellor Heinrich Bruening, which came into
some discussion, chiefly because of a determined power last Spring after a defeat of a coalition organstand in the Assembly by Dr. C. C. Wu of China for ized •by the Socialist, Herman Mueller. The new
such a position. It was intimated that China was Reichstag will assemble Oct. 14, and, in the meanprepared to withdraw from the League unless a time, according to Berlin reports, Chancellor BrueCouncil seat was allotted to Nanking. The Assembly ning will endeavor to form a coalition of all' Gervoted on the matter of Council representation Wed- man parties that adhere to the democratic prinnesday, defeating China's bid for a seat. Guatemala, ciple. A grouping of this nature would have to
Ireland, and Norway were elected as non-permanent include the Socialists, who form the largest single
members of the Council to replace Finland, Cuba, group in the German Parliament, but no anxiety
and Canada. A heated encounter occurred in the is felt on this score as the Socialists have held
Assembly Thursday between Dr. Ferrara of Cuba power on several occasions in Germany. The sugand M. Politis of Greece, after the latter accused gested Socialist-Center coalition would have a total
Cuba of blocking application of the protocol for of 301 votes, or a majority of the 573 votes which are
revision of the World Court statutes. Dr. Ferrara to be cast in the next national assembly. The need
objected to the "dictation" of M. Politis und firmly for an effort of this kind is indicated by a gain in
upheld the rights of his country as a sovereign and Fascist representation from 12 members in the old
independent State within the League. Cuban oppo- Reichstag to 107 in the new, and an advance in the
sition to the protocol is now the sole obstacle to number of the Communists from 54 to 76. To these
American adherence to the World Court, provision extremist elements are commonly added the monhaving been made for placing it in effect this month archistic Nationalists who, despite a bad party split,
if no objections are made. The objections of Cuba managed to retain 43 of their former 73 seats.
relate chiefly to increases in expenses and the numThese results of the German election will make
ber of judges, it is said, and Dr. Ferrara hinted that even more complex an already highly involved politihis country might also ratify the protocol if all cal situation in the Reich. The balloting resulted
other countries did so.
directly from the refusal of the old Reichstag to
support the moderate coalition of Chancellor BrueIn separate meetings of the League of Nations ning in its efforts to force financial reform bills
Council and Assembly, held in Geneva Wednesday, through the Parliament. When the test on the bills
Frank B. Kellogg was elected a judge of the Perma- came in July the Socialists joined with the extreme
nent Court of International Justice to fill the un- Right and Left groups in voting against the reforms
completed term of Charles Evans Hughes, who and the Chancellor was faced by an adverse majoray.
resigned to become Chief Justice of the United Rather than resign and leave the necessary program
States Supreme Court. As Secretary of State of unfulfilled, Chancellor Bruening appealed to Presithe United States, Mr. Kellogg took the lead in the dent Paul von Hindenburg and received from him
negotiations of the Kellogg-Briand treaty where- authority under Article 48 of the Weimar Constitu-
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1763
representation in the Reichstag will be increased
tion to place the reforms in effect by Presidential
The new Parliament is to have approxidecree. To this expedient the Reichstag again sharply.
Deputies, as against 491 in the last
refused its consent, and Dr. Bruening, once more mately 573
More than 35,000,000 votes were cast in
invoking the extraordinary powers conferred by Reichstag.
of these about 13,000,000 were given
Article 48, declared the Reichstag dissolved on the election, and
to the Monarchist, Fascist, and Communistic
July 18. The reform measures remain tentative and
figures on the election are as
are now subject to the approval of the Reichstag groups. Official
has yet been follows:
elected last Sunday. No indication
Previous
Seats Next
Popular
Reichstag.
given of the attitude of the Socialists toward the Party—
Reichstag.
Vote.
153
143
8,572,016
financial bills in the present changed political situa- Socialists
12
107
6,401,210
Fascists
54
76
4,587,708
The election of last Sunday automatically fol- Communists
tion.
62
68
4,128,929
lowed the dissolution of the old Reichstag. It was Centrists
73
43
2,458,497
Nationalists
45
29
1,576,149
the first event of the kind since the Reichstag elec- People's Party
23
23
1,360,585
Economic Party
25
20
tions of May 1928.
1,322,608
State Party
16
19
1,058,556
Party
Under the very liberal German electoral system Bavarian People's Union
13
18
1,104,000
German Farmers'
14
be Christian Socialists
867,377
representation in the national Parliament may
5
313,000
sought by any group of voters numbering 500 or People's Conservatives
External repercussions of the German elections
more. There were, accordingly, 24 parties which
qualified for a place on the official ballot in this were most pronounced, naturally, in France, where
election, but of these less than a dozen were con- the success of the Fascists and Communists caused
sidered major units. Because of the severe busi- a certain anxiety. The nine-fold increase of Fascist
ness depression in Germany and the total of close representation was especially unwelcome in Paris,
to 3,000,000 unemployed, it was apparent from the where it was considered, a dispatch to the New York
outset that the extremist parties would benefit from "Times" said, that "a very large and aggressive porthe redistribution of seats. Adolph Hitler, leader tion of the German electorate has served notice upon
of the National Socialist-Labor or Fascist party. France and the rest of the world that it unalterably
appealed in his campaign particularly to the middle opposes the treaties of peace and will support all
classes, which have suffered great privations in the efforts to effect a reconsideration." It was carelast decade, and to the discontented labor groups. fully noted that the German Fascists had expressed
The Communists also made the most of the restless- open opposition in their campaign to the Versailles
ness occasioned by the economic distress and the treaty, the treaty of Locarno, the Young plan, and
huge volume of unemployment. "In the immense the proposed European federation. The semipopular vote given to the German extremist parties, official Paris'"Temps," discussing the results, said:
there was an expression of the growing popular dis- "Difficult days are now in store for Berlin. They
content in the country," a Berlin dispatch to the will be difficult for the foreign as well as for the
New York "Herald Tribune" said. "It is a discon- home policies of the Reich. The new fact will hencetent fanned by the war burdens placed on the Ger- forth have to be taken into consideration in foreign
man people as a result of the Young plan. The affairs." The Fascist journals of Italy confined
election marked a political revolt of the German their comments chiefly, it was said, to the changed
middle classes. Thousands of citizens in that cate- internal situation in Germany. Gains made by the
gory, after having lost their property in the infla- German Fascists were welcomed, however, as a suption days and after having looked in vain for a port of the Italian Fascist theory that parliamentarreturn of prosperity through the Locarno policy ism is unable to solve the problems of the modera
inaugurated by Dr. Gustav Stresemann, threw off State.
political apathy in this election, registering their
votes for the Fascist party. But the German Reds
A tentative and preliminary increase in Canadian
also made tremendous gains, largely at the expense import duties was announced in Ottawa, Tuesday,
of the Socialists. The fact was a demonstration by Premier R. B. Bennett, who was recently elected
that the social discontent and distress in the Reich by an overwhelming majority after a campaign in
extended from the middle classes down to the lowest which the drastic tariff increases of the United
levels socially."
States played an important part. Countervailing
Particularly significant were the heavy losses suf- duties had already been introduced by the previous
fered by practically all the parties that supported Liberal Government, but Mr. Bennett urged still
the Bruening Cabinet. The Chancellor's own party, higher tariff rates, and much of the popular support
the Catholic Center, showed a slight increase, but given his Conservative party was due to this plank
even this gain was turned into a relative loss of in his platform. In a bill presented Tuesday and
strength owing to a heavy increase in the Reichstag placed in effect Wednesday, the rates in the counterrepresentation. The People's party, which was vailing schedule are raised sharply in almost every
headed by the late Dr. Stresemann, was a conspicu- instance, a total of 130 items being affected. Mr.
ous loser in the balloting. Dr. Alfred Hugenberg, Bennett announced that the measure is an emerwho opposed the Young plan with great vigor as gency one of a protectionist nature, designed to rethe leader of the Nationalists, was considered to lieve unemployment in Canada and afford equal
have suffered a major political defeat, as many of opportunities for the upbuilding of the country such
his former followers flocked to the standard of the as other governments afforded their people. The
more moderate Nationalist, Count Kuno Westarp. new rates are contingent upon formal approval of
Virtually all political leaders were re-elected, as the Canadian Parliament, but no difficulty is looked
under the German system every 60,000 votes east for on that score, as the Conservative party is in
for a party enables that party to name a Reichstag firm control. A thoroughgoing revision of the entire
member. Since the balloting was exceptionally Canadian schedule is to be effected at the coming
heavy, this provision of the law means that the total regular session of Parliament, it was announced.
1764
FINANCIAL CHRONICLE
The increased rates now announced will be higher
on imports from the United States and other nations
which do not have reciprocal trade agreements with
Canada than on imports from favored nations and
from other parts of the British Empire. There are,
accordingly, three series of rates, which apply
respectively to British Empire products on which
duties are lowest, to products from countries with
which Canada maintains reciprocal agreements, and
to products from other countries such as the United
States, rates in the last class being the highest. The
changes were made chiefly, it was announced, in
the products of industries that will be able to react
most favorably from the employment standpoint.
Mr. Bennett declared that he had the assurance of
manufacturers that the increased rates would mean
the absorption of at least 25,000 workers in industrial plants. Steps to prevent increased prices to
Canadian consumers also were taken by the Premier.
[Vol. 131.
visional government," he said, "is the upholding of
reciprocal international interests, the traditional
friendship with all other countries in the world, and
brotherhood with the nations of America." Conditions in other South and Central American countries also remained quiet this week, notwithstanding
numerous early rumors of further revolutionary
activities. There was, however, one untoward incident affecting Uruguay and Peru. The Montevideo
Government announced Wednesday that diplomatic
relations with Lima had been severed, owing to an
alleged violation by the Peruvian regime of a treaty
covering the asylum of political refugees in
legations. Of interest also are legal proceedings
which were started in Peru Thursday against the
deposed President, Augusto B. Leguia. The National Sanctions Court of Peru took action against
Senor Leguia and the former Premier Huaman de
los Heros, on charges of financial irregularities
which, it is alleged, occurred during the former
As indicated in the early portion of this article, regime. The former President is now in a Lima
formal recognition by the United States of the pro- prison.
visional governments established recently in Argentina, Bolivia, and Peru was announced in WashingThere have been no changes this week in the diston, Wednesday, and normal diplomatic relations count rates of any of the central banks during the
with all three governments were resumed Thursday. week. Rates remain at 6% in Spain; at 5 % in
/
1
2
In announcing these steps, Secretary of State Stim- Austria, Hungary, and Italy; at 4 % in Norway;
/
1
2
son declared his conviction that "these provisional at 4% in Germany, Denmark, and Ireland; at 3 %
/
1
2
governments are de facto in control of their respec- in Sweden; at 3% in England and Holland, and at
tive countries and there is no active resistance to 2 % in France, Belgium, and Switzerland. In the
/
1
2
their rule." Each of the governments has made it London open market discounts for short bills yesterclear, he added, that it is its intention to fulfill its day were 2 1/16%, the same as on Friday of last
respective international obligations and to hold in week, while three months bills were 2@2 1/16%
due course elections to regularize its status. "ThP against 2 1 16@2I/
/
8%, also the same as on the preaction ofthe United States Government in thus recog- vious Friday. Money on call in London yesterday
nizing the present Argentinian, Peruvian and Bo- was 118%. At Paris the open market rate continues
/
livian governments does not represent any new at 212%, but in Switzerland there has been a reduc/
policy or change of policy by the United States tion from 1 9/16% to 112%.
/
toward the nations of South America or the rest of
the world," Mr. Stimson continued. "I have deemed
The Bank of England statement for the week
it wise to act promptly in this matter in order that ended Sept. 17 discloses gain of £937,010 in bullion
a
in the present economic situation our delay may not and as this was attended
by a contraction of £3,558,embarrass the people of these friendly countries in 000 in circulation, the increase in reserves amounted
re-establishing their normal intercourse with the to £4,495,000. The Bank's gold holdings now aggrerest of the world." Recognition of the new Uriburu gate £157,510,761 as compared with £136,921,000
a
regime in Argentina was also extended Wednesday year ago. Public deposits fell off £80,000 and other
'by France, Germany, Austria, Denmark, and Nor- deposits £2,209,700. Other deposits include
bankway, while Great Britain followed on the next day ers' accounts and other accounts. The
former dewith recognition of both Argentina and Peru. Spain creased £1,858,594 and the latter £351,106.
Due to
recognized all three new governments, while a num- the sharp increase in reserves and the general falling
ber of South American States also announced off in deposits,
the reserve ratio rose from 50.07% a
similar action.
week ago to 55.30% now. A year ago the ratio
No further developments have been reported from was only 29.70%.
Loans on Government securities
Argentina since the military junta organized by showed a decrease of £7,145,000
and those on other
General Uriburu overturned the Yrigoyen Govern- security an increase of £374,706.
The latter inment on Sept. 6. Buenos Aires dispatches indicate cludes discounts and advances,
which fell off £393,that trading on the Stock Exchange and in the vari- 163, and securities, which rose
£767,869. The disous markets of the country is proceeding with brisk- count rate is unchanged at 3%.
Below we give a
ness and confidence, sharp improvement taking comparison of the various items
for five years:
place in the quotations for government securities
DANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1926.
1929.
1928.
1927.
and those of many private corporations. "There was
Sept. 17.
Sept. 18.
Sept. 22.
Sept. 19.
Sept. 21.
none of that indecision and stagnation of trading Circulation
5357,768,000 361,859,000 133.773.000 135,628,870 138,974,855
Public deposits
8,933,000 18,588,000 15,887,000 21,894,220 18,348,124
which usually follows a violent change of govern- Other deposits
99,093,531 99,442,201
Bankers' accounts 65,307,729 63,344.434 100,801,000 100,643,959 102,887,734
Other accounts_ _ _ 33,785,802 36.097,767
ment," a report to the New York "Times" said. In
Government secur 38,788,247 73,781.8.55 28,064,000
56,439,626 34,290,473
an address delivered in Buenos Aires last Sunday, Other securities
27,785,787 27,431,309
Dint. Se advances 5,376,536 3,298.964 44,898,000 49,799.769 68,578,023
Securities
and broadcast throughout the United States, Gen- Reserve notes & coin 22,409,251 24,182,345
59,742,000 35,064,000 62,097,000 34.577,145 36.705,596
Coin and
eral Uriburu described the revolution in the Argen- Proportionbullion_ _157,510,761 136,921,000 176,080,248 150,456,015 155,930,451
of reserve
to
55.30%
29.70%
53.18%
tine Republic as a spontaneous uprising of the Bankliabilities
28.22%
30.27%
rate
3%
5%
516%
,
4'4%
411%
whole people against a regime of graft, incompetence a On Nov.29 1928 the fiduciary currency was amalgamated with Bank England
of
note Issue, adding at that time 1234.199,000 to the amount of Bank of England
and sensuality. "The inflexible purpose of the pro- notes outstanding.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
The statement of the Bank of France for the week
ended Sept. 13 shows an increase in gold holdings
of 65,117,012 francs. Owing to this gain the total
of gold now stands at 47,542,834,197 francs, the
highest figure ever recorded in the history of the
Bank. Credit balances abroad rose 7,000,000 francs,
while bills bought abroad remain unchanged at
18,742,005,024 francs. Notes in circulation contracted 578,000,000 francs, reducing the total of the
item to 71,094,564,155 francs. The total of circulation a year ago was 65,469,527,610 francs.
French commercial bills discounted and advances
against securities declined 49,000,000 francs and
32,000,000 francs, while creditor current accounts
increased 443,000,000 francs. Below we furnish a
comparison of the various items for the past three
years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
Sept. 13 1930. Sept. 14 1929. Sept. 15 1928.
Francs.
Francs.
Francs.
Francs.
Ino. 65,117,012 47,542,834,197 39,830,518.118 30.497,163,334
Gold holdings_
Credit bale. abed_Ine. 7,000,000 6,839,704,279 7.220,849,039 13,350.009,899
French commercial
bills dLscounted_Deo. 49,000,000 4,837,075,990 7,793,398,795 3.067,869,903
18,742.005,024 18,580,194.016 18,315,528,897
Bills bought abr'd_ Unchanged
Adv.agst.securs__Deo. 32,000,000 2,803.482,535 2,447,812.092 2,008,266,813
Note circulation...Dee. 578.000,000 71,094,564,155 65,469,527,610 61,321,775,730
Cred. curr. accts.—Inc. 443,000,000 17,364,166,880 19,181.041,946 16.071,680,131
The Bank of Germany, in its statement for the
second week of September, reveals a decline in note
circulation of 240,600,000 marks, reducing the total
of notes outstanding to 4,245,610,000 marks. The
same item last year stood at 4,411,720,000 marks,
and in 1928 at 4,256,380,000 marks. Other daily
maturing obligations decreased 16,152,000 marks,
while other liabilities went up 1,416,000 marks. The
asset side of the account records decreases in gold
and bullion of 155,000 marks, in reserve in foreign
currency of 71,635,000 marks, in bills of exchange
and checks of 206,180,000 marks, and in other
assets of 2,965,000 marks, while deposits abroad
remain unchanged. The Bank's gold now amounts
to 2,618,748,000 marks, compared with 2,186,351,000
marks last year and 2,310,133,000 marks two years
ago. An increase appears in silver and other coin
of 16,605,000 marks, in notes on other German banks
of 3,375,000 marks and in advances of 5,630,000
marks, while the item of investments shows a loss
of 11,000 marks. Below we furnish a comparison of
the various items back to 1928:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Sept. 15 1930. Sept. 15 1929. Sept. 15 1928.
Assets—
Reichstnarks.
Reichsmarks. Reichsmarks. Reichstnarks.
Gold and bullion
Dec.
155,000 2,618,748,000 2.186,351,000 2,310,133,000
Of which depos. abr'd _ Unchanged
149,788,000 149,788,000
85,626,000
Ree've In for'n curr
Dec. 71,635,000 320,473,000 322,757,000 191,247,000
Bills of each.& checks.Dec. 206,180,000 1,365,626,000 2,256,818.000 2,116.391,000
Silver and other coin Inc. 16,605.000 165,044,000 120,186,000
94,957,000
Notes on oth Ger.bks.Inc. 3,375,000
17,289.000
18,268,000
22,934,000
Inc. 5,630,000
Advances
62,637,000
55,150,000
69,235,000
Dec.
Investments
11,000 102,666,000
92,755,000
93,819,000
Dec. 2,965,000 665,132,000 583,111.000 515,659,000
Other assets
Lfsbuttfer —
Notes In circulation. Dec. 240.600,000 4,245,610,000 4,411,720,000 4,256,380,000
Oth.dally matur.oblIg.Dec. 16,152,000 352,244,000 426,104,000 498,213,000
Inc.
1,416.000 226,439,000 354,576,000 252,788,000
Other liabilities
Funds were in heavy supply but poor demand in
the New York money market this week, and rates
for call loans showed an easier tendency under the
pressure of offerings. This trend has been repeatedly noted in the mid-month money market sessions
recently, only the increased demands of the monthend periods occasioning a slight advance in call loan
levels from the extremely low rates prevalent all
/
1
2
this year. The 2 % official rate for call money
that was quoted all last week was carried over into
1765
the dealings Monday, when renewals were fixed at
that figure, but new loans were arranged at 2%,
while in the unofficial outside market funds were
/
available at 134%. After further renewals on the
/
1
2
Stock Exchange at 2 % Tuesday, the official rate
again declined to 2%, and remained at that figure
all the rest of the week. In the outside market offer/
ings were reported at 134% Tuesday, 1 % Wed/
1
2
nesday,114% Thursday, and 1 % yesterday. Time
/
/
1
2
money quotations were not greatly changed. Brokers' loans against stock and bond collateral showed
the unexpectedly heavy increase of $79,000,000 in
the statement issued by the Federal Reserve Bank
of New York for the week ended Wednesday night.
Gold movements at New York for the same period
consisted of imports of $1,588,000, all of which was
received from Latin American countries, and exports
of $1,000,000, with Canada the recipient.
Dealing in detail with the call loan rate on the
Stock Exchange from day to day, the renewal rate
on both Monday and Tuesday was 2 %,with a drop
/
1
2
to 2% each day in the rate for new loans. The rest
of the week all loans have been at 2%, including
renewals. The demand for time money has continued moderate. Rates were marked down fractionally on Thursday and are now 2(4)2%% for 30
/ 34
1
2
1
2
days; 21 4@2 % for 60 days; 2 @2/% for 90
/ /
days; 234@3% for four months, and also for five
/
and six months. The demand for prime commercial
paper has continued undiminished, but satisfactory
paper has been scarce and business has been greatly
restricted on that account. Rates are unchanged,
extra choice names of four to six months' maturity
being quoted at 3%, while names less well known
/ 12%.
are offered at 314@3/
:here 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
Plow York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City
Dallas
San Francisco
Rate In
Wert on
Sept. 19.
Data
Established.
Previews
Rate.
3
2%
34
3%
3%
34
3%
3%
34
314
34
34
July 3 1930
June 20 1930
July 3 1930
June 7 1930
July 18 1930
July 12 1930
June 21 1930
Aug. 7 1930
Sept. 12 1930
Aug. 15 1930
Sept. 9 1930
Aug. 8 1930
8%
3
4
4
4
4
4
4
4
4
4
4
The market for prime bank acceptances continued
active, and the offerings gradually increased as the
week advanced. The 12 Reserve Banks further increased their holdings of acceptances during the
week from $193,120,000 to $208,861,000. Their holdings of acceptances for foreign correspondents further declined from $458,450,000 to $433,843,000. The
posted rates of the American Acceptance Council
continue at 2% bid and 178% asked for bills running
/
30 days, and also for 60 and 90 days; 218% bid and
/
2% asked for 120 days, and 238% bid and 2 4%
/
1
/
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:
1766
Prime eligible bine
Prime eligible bills
FINANCIAL CHRONICLE
SPOT DELIVERY'
—180 Days— —130 Days— —120 Dags—
Bid. Asked.
Bid. Asked.
Bid. Asked.
2
21
2%
25(
2%
2g
—30Days—
—90Days— —60Days—
Bid. Asked.
Bid. Asked.
Bid. Asked.
1%
2
2
2
1%
114
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non member banks
214 btd
2% bid
Firm 131.
the balance absorbed by the trade and India at the
price of 85s. Y
id. Next week, owing to the Jewish
holiday, the usual Tuesday go'd market will be held
on Monday, when £511,000 will be available. Of
this amount it is understood that £250,000 has already been purchased for French account. On Wednesday the Bank of England sold £8,741 in gold bars,
exported £5,000 in sovereigns and set aside £20,835
in sovereigns. On Friday the Bank bought £11 in
foreign gold coin, received in £23,000 in sovereigns
from abroad, released in £350,000 in sovereigns, sold
£27,768 in gold bars and exported £7,000in sovereigns.
At the Port of New York the gold movement for
the week Sept. 11-Sept. 17, inclusive, as reported
by the Federal Reserve Bank of New York, consisted
of imports of $1,588,000, of which $1,000,000 came
from Uruguay, $252,000 from Brazil, $167,000 from
Argentina and $169,000 chiefly from other Latin
American countries. Exports totaled $1,000,000 to
Canada. In tabular form the gold movement for
the week ended Sept. 17, as reported by the Federal
Reserve Bank of New York, was as follows:
Sterling exchange, while irregular under seasonal
pressure, has nevertheless been in more active demand on several occasions in the past few days than
at any time in some weeks. The range this week
has been from 4.85% to 4.86 for bankers' sight
bills, compared with 4.85 22-32 to 4.86 3-16 last
week. The range for cable transfers has been from
4.85 15-16 to 4.86 3-16, compared with 4.85 29-32
to 4.86 11-32 a week ago. Sterling is now ruling
definitely below dollar parity, due largely to the
beginning of seasonal pressure. According to wellinformed bankers, a large part of the activity and
demand for sterling this week was due to buying
by Spain, Switzerland, Berlin, and Holland. Some
of this buying was the result of transfers from the
German market owing to dissatisfaction of financial GOLD MOVEMENT AT NEW YORK, SEPT. 11-SEPT. 17, INCL.
Exports.
Imports.
interests over the outcome of the German elections. $1,000,000 from Uruguay
$1,000,000 to Canada
252,000 from Brazil
The Spanish buying was done by the Madrid ex167,000 from Argentina
change control office, the object of whose opera169,000 chiefly from other Latin
American countries
tions is . hard for foreign exchange operators to
$1,000,000 total
understand, while Swiss buying appears to have $1,588,000 total
Net Change in Cold Earmarked for Foreign Account.
been organized by the Swiss banking authorities
None
as a central banking operation to support sterling
Yesterday, Friday, the Federal Reserve Bank
and to arrest further movement of gold from London
to Switzerland by private banking interests. France reported a shipment of $3,000,000 gold to Italy.
continues to take gold from the London open mar- During the week $1,213,000 gold was received at
ket, although at present the margin of profit on San Francisco, of which $850,000 came from Japan
such transactions is, to say the least, extremely and $363,000 from China.
Correction.—The Federal Reserve Bank's weekly
narrow.
statement of the gold movement is always issued as
It is confidently believed in London that the heavy
takings of gold by the Continent will cease presently of up to 3 p. m. on Wednesday. Any gold moveand an optimistic tone prevails there as to the Bank ment which may take place on the two succeeding
of England's abili y to weather the autumn drain. days, Thursday and Friday, is noted here in an
It is pointed out that the Bank's position is much appended paragraph. In our issue of Aug. 30 we
stronger than it was a year ago. Despite the fact stated that on Friday (Aug. 29) the Federal Rethat trade depression exists in England as well as serve Bank of New York reported that $3,500,000
elsewhere and that the Bank of England's rate of gold had been withdrawn for shipment to France.
rediscount when last reduced to the present 3% According to rule this shipment should have been
basis was so marked for the purpose of encouraging included in the Federal Reserve Bank's following
trade, there are rather strong rumors to the effect weekly statement of gold movement, that for the
that the Bank will soon increase its rate to 332%. week Aug. 28-Sept. 3 inclusive. Through a clerical
The rates and tone of the London bill market do not error in a department of the Federal Reserve Bank,
point to such an increase, but the advisability of the this shipment to France was not accounted for in
change is urged in important quarters. It is under- the official weekly statement of exports of gold as
stood that the central bank authorities of Switzer- of the week ended Sept. 3, and we failed to notice
land, and by inference other central bank authori- the omission. The amount withdrawn for shipties, have recommended the advisability of marking ment to France on Aug. 29 was $3,498,000. The
up the London rate. This week the Bank of England total gold exports for the week ended Sept. 3 were
shows an increase in gold holdings of £937,010, the therefore $5,498,000, of which $2,000,000 was shipped
total standing at £157,510,761, which compares to Canada and $3,498,000 to France.
Canadian exchange continues firm, ruling at a
with £136,921,000 a year ago. The Bank's proportion of reserves to liabilities stands at 55.30%, premium. This week the Federal Reserve Bank of
compared with 50.07% on Sept. 11 and with 29.70% New York reports a shipment of $1,000,000 gold
a year ago. On Saturday the Bank of Engl nd ex- to Canada, which brings the total of these shipported £2,000 in sovereigns. On Monday the Bank ments to $22,500,000 since the beginning of the
sold £137,976 in gold bars and exported £2,000 in movement on July 22. Bankers expect further
sovereigns. On Tuesday the Bank sold £1,748 in small shipments to be made within the next few
gold bars and exported £4,000 in sovereigns. Lon- days.
Referring to day-to-day rates, sterling exchange on
don bullion brokers made it known that the £137,976
gold bars sold by the Bank on Monday was taken Saturday last was steady and slightly firm. Bankers'
for shipment to Switzerland. Of £812,000 South sight was 4.859@4.85 29-32; cable transfers 4.86@
African gold available in the open market on Tues- 4.86 1-16. On Monday the market was irregular and
day, £729,000 was taken for shipment to France and easier. The range was 4.85%@4.85 27-32 for
SEPT. 20 19301
FINANCIAL CHRONICLE
bankers' sight, and 4.85 15-16@4.86 for cable transfers. On Tuesday sterling was firmer and in demand.
The range was 4.85 25-32@4.86 for bankers' sight,
and 4.86 1-32@4.86 3-16 for cable transfers. On
Wednesday sterling continued relatively firm and in
demand. Bankers' sight was 4.85 27-32@4.86; cable
transfers 4.86 3-32@4.86 3-16. On Thursday the
market was steady. The range was 4.85 15-16@
4.86 for bankers' sight and 4.86 13-32@4.86 3-16
for cable transfers. On Friday sterling was easier;
the range was 4.85 25-32@4.85% for bankers' sight,
and 4.86@4.86 1-16 for cable transfers. Closing
quotations on Friday were 4.85 27-32 for demand
and 4.86 1-32 for cable transfers. Commercial sight
bills finished at 4.853 , 60
%
-day bills at 4.83 15-16.
90-day bills at 4.831 , documents for payment,
A
(60 days) at 4.83 15-16, and seven day grain bills
at 4.859/8. Cotton and grain for payment closed
at 4.85%.
1767
shows a larger import surplus than in spring and
summer, and this year a deficit will be greater than
in previous years since the poor French harvest will
necessitate larger imports of wheat than a year ago.
This week the Bank of France shows an increase in
gold holdings of 65,117,000 francs; the total standing
at 47,542,000,000 francs on Sept. 13, which compares
with 39,030,000,000 francs a year ago and with
28,935,000,000 francs reported in June 1928 following stabilization. The Bank's ratio is at record
high of 52.69%, compared with 46.11% a year ago
and with legal requirements of 35%.
The London check rate on Paris closed at 123.68
on Friday of this week, against 123.76 on Friday of
last week. In New York sight bills on the French
centre finished at 3.92 8, against 3.93 on Friday of
last week; cable transfers at 3.92%,against 3.92 11-16
and commercial sight bills at 3.92%, against 3.92%.
Antwerp be-gas f nished 13.933 for checks and at
13.943/i for cable transfers, against 13.933/2 and
13.943/. Final quotations for Berlin marks were
2
23.82 for bankers' sight bills and 23.83 for cable
transfers, in comparison with 23.81 and 23.82.
Italian lire closed at 5.23% for bankers' sight bills
and at 5.239 for cable transfers, against 5.23%
and 5.23%. Austrian schillings closed at 14.113/,
2
against 14.12; exchange on Czechoslovakia finished
at 2.06%, against 2.969(; on Bucharest at 0.593/,
2
2
against 0.599; on Poland at 11.22, against 11.223/,
4
and on Finland at 2.513 , against 2.513 . Greek
4
exchange closed at 1.299/i for bankers' sight bills
and at 1.29% for cable transfers, against 1.299/i
and 1.29%.
Exchange on the Continental countries in all
essentials is unchanged from the past few weeks.
The undertone of the Continentals is in the main
easier, partly as a result of the lower sterling rates,
and all the units are under the influence of seasonal
pressure and show the marked effect of the sharp
decline in tourist requirements. In banking circles
it is considered surprising that German marks are
as steady as they are in view of the radical change in
the complexion of the Reichstag. While mark
exchange has been steady, German bonds in this
market have been subject to rather wide fluctuation.
The American investor evidently does not yet feel
easy over the result of the German election. Despite
reassuring statements from well informed quarters
Exchange on the countries neutral during the
there is a disposition to fear that parliamentary rule war is irregular, with the Scandinavian currencies
in Germany is threatened and the economic future showing conspicuous steadiness for this season.
cloudy. The Reichstag does not reconvene until Spanish pesetas continue to fluctuate widely, Swiss
Oct. 13. Political observers continue to express con- francs are firm. Holland guilders have been in
fidence that a satisfactory coalition will be formed and active demand both here and abroad, and moved
that a capable Government will be given the country. up sharply this week. The upturn in guilders, acConsiderable interest is attached to the announce- cording to well-informed banking circles, is due
ment that the German Government has decreed the largely to withdrawals of funds from Berlin to
abolition of the 10%coupon tax on bonds and Reichs- Amsterdam owing to uncertainty resulting from the
bahn preferred shares as of Jan. 3. One of Germany's complexion of the new German Reichstag. The
great needs is said to be long-term capital, which is steadiness in Scandinavian currencies, especially in
extremely scarce, although there has been a plethora exchange on Stockholm, is also attributed partly
of available short-term funds. New York bankers to this cause. It is understood that there are large
state that the abolition of this coupon tax should go supplies of foreign exchange in Oslo, Copenhagen,
a long way toward making internal bond issues and Stockholm, due in part to the fact that the
possible. Banking circles state that there has been trade balance of the Scandinavian countries has
some movement of capital out of Germany as a result continued to develop favorably all through the past
of the elections, but that this movement has been year. Swiss francs continue relatively firm. Great
covered by sales of foreign exchange by the Reichs- liquidity has characterized the Swiss money market
bank, which acted promptly to assist the German during the last few weeks and this condition is shown
credit position. The sales of German marks seem to in the Swiss National Bank statement of Aug. 30.
have taken place mostly on the other side. Berlin The gold reserves of the Bank stand at 639,200,000
dispatches on Sept. 17 said that the Reichbank is no francs, compared with 506,800,000 francs on Aug. 30
longer intervening in the foreign exchange market. 1929; while holdings of gold exchange stand at
Its chief purpose in intervening following the election 241,600,000 francs, as against 210,100,000 francs.
was to prevent heavy shipments of gold from Ger- Despite considerable increase in note circulation
many to France in view of the fact that francs were from 890,000,000 francs in January to 942,600,000
quoted around the gold export point at the time the francs, the gold cover is 67.81% and gold and gold
result of the polling was announced. French francs exchange cover 104.05%. The volume of capital
continue relatively steady, although according to deposited on sight with the central bank
indicates
Paris dispatches the tendency of the franc is likely that the private banks have large funds for which
to be downward, first because foreign tourists traffic it is hard to find employment. The first reason
will cease, and second because the seasonal purchases for this condition is the diminution of the
needs
abroad of raw materials will begin. During the first of industry and commerce and the second
is the
few months of the year French foreign trade usually influx of foreign capital seekindshelter, especially
1768
FINANCIAL CHRONICLE
(VOL. 131.
German and Spanish. Swiss francs now command rency commission to study Argentina's need of a
a premium on all exchanges. Sterling is at a dis- more modern monetary system. The present syscount of 33 %,so that Switzerland has been buying tem is extremely inelastic. The paper peso which
4
gold in the London open market. The amount is in circulation has a fixed relationship with gold
bought to date this year is about 89,000,000 francs, at 44% of the value of the gold peso. Paper money
against net imports of only 50,000,000 francs for can be issued only by a deposit of gold and withthe entire year 1929. The Swiss bank is endeavoring drawals of gold for export result in a fixed contraction
to support sterling exchange and has made known of the currency regardless of business needs. It was
to private bankers that further gold imports are this inflexible system which led to the closing of the
Caja de Conversion last December, since which time
undesirable.
continue to fluctuate erratically Argentina has been off the gold standard. A reopenSpanish pesetas
and to puzzle the market. In Tuesday's trading ing of the conversion office now without alteration
peseta cables were driven down to close to record of the currency law would probably result in a heavy
levels when the rate was quoted at 10.67, but a re- loss of gold and a tightening of credit, so that the
covery followed later and for the rest of the week country would probably return rapidly to the same
the peseta was apparently pegged around 10.71. condition with which it was faced last December.
According to a recent Paris dispatch hope for a Trading on the Buenos Aires stock exchange and the
strong monetary policy in Spain is fading, although various produce markets of Argentina has presented
it is reported that the National Bank of Spain is an anomolous appearance of briskness and confidence
ready to utilize gold. Since starting operations the during the first two weeks after the revolution.
exchaege control office has tried to meet excessive Quotations of all Government securities and of many
demands over offers for the exchange by selling private corporations rose sharply and the exchange
pesetas against sterling, thus reversing the usual position of the Argentine paper peso shows great
practice and further depressing the peseta. Should steadiness, if not notable improvement. There
the exchange control office buy pesetas actively, it is seems to be none of the indecision and stagnation of
believed that the exchange would improve quickly, trade which usually follows a violent change in govowing to the extended short interest in the currency. ernment such as that which overthrew Hipolito
In the opinion of New York traders, also, selling by Yrigoyen on Sept. 6. Brazilian nilreis are relatively
the Government at this time presents a disturbing steady, although the undertone of the unit is rather
situation. For a few days after the opening of the weak as a result of the coffee situation. A recent
exchange office on Sept. 11 the rate was compara- Rio de Janeiro cable to the New York Coffee and
tively steady around 10.90 for cable transfers. As Sugar Exchange gave the Rio regulating warehouse
stated above, the effect of the Government's opera- stocks of coffee as of Aug. 30 as 2,463,000 bags.
tion was to drive the quotation as low as 10.67, and This shows an increase of more than 50% over the
the rate varies substantially every few minutes. July 31 total of 1,609,000 bags. The Peruvian sol
What the market fears at the moment is the building continues to display an undertone of weakness,
up of another large short interest. When these sales although current quotations are considerably better
are covered, a rapid appreciation would be in order. than a week ago. The Peruvian pound, with parity
General uncertainty as to what the next move of the of $4.8665, wa the currency until a few months ago,
Spanish Government will be has left the market in a when the sol was adopted with nominal parity of
highly nervous state, resulting in wide fluctuations $.40. The pound declined appreciably in recent
years and the par of $4.00 has been accepted for
in both directions.
sight on Amsterdam finished on Fri- some time. The currency remained fairly stable at
Bankers'
day at 40.28%, against 40.233/i on Friday of last that level for a good many months, but in June the
%
week; cable transfers at 40.30, against 40.243 ,and sol declined to $.37, staying at that level until the
2
commercial sight bills at 40.253/2, against 40.203/. middle of August. Since then the decline has been
Swiss francs closed at 19.40 for bankers' sight bills precipitous and the sol went to $.323.. This week
and at 19.41 for cable transfers, against 19.39 and Peruvian cables closed at 34.00 against 34.25 last
19.40. Copenhagen checks finished at 26.753 and week. Argentine paper pesos closed at 36 5-16 for
cable transfers at 26.763/2, against 26.75% and 26.77. checks, as compared with 36 13-16 on Friday of
Checks on Sweden closed at 26.85% and cable last week and at 363g for cable transfers, against
/
transfers at 26.87, against 26.85% and 26.87; while 36%. Brazilian milreis finished at 10.07 for bankers'
checks on Norway finished at 26.74% and cable sight bills and at 10.10 for cable transfers, against
2
transfers at 26.76, against 26.75% and 26.763/. 10.12 and 10.15. Chilean exchange closed at 12.15
Spanish pesetas closed at 10.69 for bankers' sight for checks and at 12.20 for cable transfers, against
bills and at 10.70 for cable transfers, which compares 12 3-16 and 123; Peru at 34.00, against 34.25.
with 10.88 and 10.89.
Exchange on the Far Eastern countries presents no
Exchange on the South American countries, while new features from those which have characterized the
irregular and dull, is nevertheless relatively firm, situation in the past few months. The steadier
considering the radical changes which have taken prices of silver have helped the Chinese units and
place in the political set-up of Argentina and Peru. have been a factor in supporting the yen in recent
On Oct. 1 the $50,000,000 six-months credit ad- weeks, as the improved silver prices have helped
vanced to Argentina in New York falls due. Accord- Japanese trade with China to some extent. During
ing to dispatches from Buenos Aires, Enrique Perez, August Japanese exports to China amounted to
Minister of Finance in the new Uriburu provisional 28,000,000 yen and imports to 10,000,000 yen, giving
Government, says that the banks are aware of the an export surplus of 18,000,000 yen for the month.
coming maturity but that it appears that an exten- However, although silver prices have been steadier
sion of credit will be necessary. It is also reported since July they are nevertheless extremely low and
that the new regime favors the formation of a cur- Japan feels the sharp decline in Chinese purchasing
SEPT. 20 19301
FINANCIAL CHRONICLE
power which is of course further aggravated by the
demoralized political condition on. the Asiatic continent. Japan normally runs a heavy export surplus
against China, but for the first eight months of this
year the balance in favor of Japan amounted to
about 50,000,000 yen, compared with 53,000,000 yen
in the corresponding period last year. Generally
depressed conditions throughout the world have of
course played a part in causing this reduction, but
it is safe to say that the primary cause is depreciation
in silver. Detailed figures on Japanese trade for
the first half of the year show that exports to the
United States amounted to 227,000,000 yen, a
decrease of 190,000,000 yen from the first six months
of 1929. Imports from the United States amounted
to 291,000,000 yen, leaving an import surplus of
64,000,000 yen. Exports to China amounted to
207,000,000 yen, with an export surplus of 18,000,000
yen. Most of the improvement in Japan's trade
position with China came during July and August,
when silver was steady and tending toward higher
levels. According to a recent Tokio dispatch Governor Hijikata of the Bank of Japan told the Tokio
correspondent of Dow, Jones & Co. that Japan does
not intend to renew the 100,000,000 yen exchange
credit which was established last November in
preparation for the restoration of the gold standard,
since it is not needed. Closing quotations for Japanese
yen yesterday were 49.39®49, against 49.35®
2
4932; Hong Kong closed at 323/®32 11-16, against
323/s®32 5-16; Shanghai at 40%®40%, against
39%®40%; Manila at 49 8, against 49 8; Singapore
at 5634®56 11-16, against 56.25@56 7-16; Bombay
at 3634, against 3634, and Calcutta at 3634, against
3634.
Pursuant to the requirements of Section 522 of the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the
buying rate for cable transfers in the different countries of the world. We give below a record for the
week just passed:
FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
SEPT. 13 1930 TO SEPT. 19 1930, INCLUSIVE.
Country and Monetary
Noon Buying Rate for Cable 7'ransfers In New York.
Value in United States Money.
Sept. 13. Sept. 15. Sept. Is. Sept. 17. Sept. 18. Sept.
19.
-$
$
$
$
$
.141059 .141076 .141086 .141144
.141052
.139416 .139435 .139441 .139465
.007219 .007231 .007211 .007208 .139428
.029670 .029673 .02967) .029675 .007229
.267594 .267603 .267623 .267640 .029672
.267601
4.858985 4.860761 4.861065 4.861318
.025170 .025180 .025174 .025174 4.859730
.039266 .039279 .039283 .039290 .025178
.238150 .238229 .238257 .238298 .039293
.012963 .012958 .012956 .012956 .238316
.402563 .402753 .402831 .402967 .012955
.175162 .175104 .175139 .175137 .402913
.052370 .052373 .052377 .052374 .175120
.267509 .267552 .267550 .267573 .052371
.112040 .112080 .112040 .112063 .267631
.044914 .045000 .044900 .044960 .112055
.005959 .005962 .005959 .005960 .044933
.108602 .106592 .107023 .106985 .005964
.268647 .268668 .268673 .268683 .106897
.193983 .194014 .194033 .194038 .268653
.194060
.017714 .017702 .017712
.017717 .017712
.410833 .410833 .413125 .416875
.407500 .407500 .409218 .413906 .415833
.412500
.397678 .398035 .400089
.416250 .416250 .418541 .403660 .402857
.318285 .319464 .320035 .422291 .421250
.322785 .323392
.286666 .287500 .291562
.294062 .290312
.289583 .289583 .293750 .295416
.286250 .286250 .290416 .292083 .292083
.359003 .359714 .359732 .359889 .288750
.493775 .493843 .493693 .493843 .359803
.559608 .560150 .660625 .560333 .403984
.560833
1.001378 1.001318 1.001185 1.001273
.999012 .993625 .999550 .999518 1.001130
.473687 .473562 .473562 .473200 .999518
.997936 .998437 .993470 .998581 .473437
.993376
.831278 .828911 .824757 .825628
.100850 .101347 .100872 .100835 .826292
.121635 .121525 .121244 .121247 .100950
.121200
.836944 .835857 .832955 .833580 .834583
.965300 .965300 .965300 .965300
.965300
EUROPE$
.141169
Austria,schilliug
.139416
Belgium, belga
.007229
Bulgaria, lev
Czechoslovakia krone .029874
267578
Denmark, krone
England, pound
4 860340
sterling
025180
Finland, markka
039272
France, franc
Germany. reichsmark 238204
012958
Greece, drachma
402505
Holland, guilder
175200
Hungary, pengo
052373
Italy. ilra
267514
Norway, krone
112060
Poland, zloty
.044960
Portugal, escudo
.005960
Rumania.len
109155
Spain. peseta
.268036
Sweden, krona
Vugasltterialayntad, tram- .193983
.017724
dinar
ASIAmaa-Chefoo tael. _ .411041
406093
Hankow tadl
.306160
Shanghai tael
415208
Tientsin tael
Hong Kong dollar- .317321
.286562
Mxican dollar-.
Tientsin or Peiyang
.289583
dollar
.286250
Yuan dollar
.359757
India. rupee
.493656
Japan, yen
Singapore (8.5.) dollar .559666
NORTH AMER.1 001407
Canada, dollar
999843
Cuba. Peso
473800
Mexico. Peso
Newfoundland, dollar .998592
SOUTH AM ER.Argentina, peso (goldl .830947
100580
Bend, milrels
121780
Mlle, IMS0
836430
091
17ruguaY. 9
.965300
Colombia, Paso
1769
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations
in the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Tuesday, 1Vednesday Thursday.
Sept. 16. Sept. 17. Sept. 18.
Saturday,
Sept. 13.
Monday,
Sept. 15.
154,000,000
$
139,000,000 281,000,000 200,000,000 150,000,000
5
Friday.
Sept. 10.
Aggregate
for Week.
147,000,000 Cr. 1,051,000,000
Note.
-The foregoing heavy credits reflect the huge mess of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. Them large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
in the daily balances. The large volume of 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
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of
bullion in the principal European banks:
Sept. 18 1930.
Sept. 19 1929.
Banks of
Gold.
Silver.
Total.
£
i
£
Gold.
£
SOtan.
.
TOW1.
i
£
England__ 157,510.761
157,510.761 136,921,000
136.921.000
France 8.j380,342,673
d
380,342,673312,244,144
d
12.244.144
Germany b1123.448,000
.24,442,600 0.81.8.150
c994,
994,.''102,822,7W
Spain
98,968,000 28,555,000127,523,050.02.594,000 28,523 . 1 i 131,117,000
Italy
56,503,000
„...
55,797,000
I 86 503,000
Netheri'dsl 32.551,000 2,014,000 34,565,000 36,929,000 1,643,''' 3E4,572,030
34,564.''' 29,171,000 1.270,''' 30,441,000
Nat. lseig.I 34,564,000
8Witzerl dl 25,585,000
'
25,685,000 20,273,000 1.313,. 1. 21,586,000
13,467,000 13,455,000
Sweden .1 13,467,000
13,465.000
9,566,000 9,586,000409,''' 9,995,000
Denmark ,I 9,566,000
8,141.000 8,153,000
Norway - _ 8,141,000
8,153,000
-..I
Total week 40,646,434 31,563,600 172,210.034826,951,294 34,152,600 1,103,894
Prey. week 39,185,238 31.854.600 171,039.838834,367,529 34,855.600:88.923,129
a These are the gold holdings of the Bank of France as reported in the new form
Of statement. 1) Gold holdings of the Bank o Germany are exclusive of gold held
abroad, the amount of which the present year is £7.489.000. c As of Oct. 7 1924.
d Silver Is now reported at only a trifling sum
The German Election and the Outlook for
Parliamentary Government.
It was natural that the first reaction in other
countries to the German election of last Sunday
should have been everywhere surprise, and in some
quarters anxiety. The unexpected capture by the
National Socialists, or Fascists as they are popularly
called, of 107 seats in the new Reichstag against only
12 in the old one, an increase in the Communist representation from 54 to 76, the decline in the representation of the German Nationalists, led by Dr.
Alfred Hugenberg with his formidable array of newspapers, from 73 to 43, and the failure of the Socialists, the largest single party in the Chamber, to
maintain their party strength notwithstanding that
their vote fell off only 10, from 153 to 143, combined
to make the result confusing and to lead some correspondents to predict that the German parliamentary system had received a serious blow. The popular vote is as significant as are the figures of members elected, since in Germany, under the system of
proportional representation, every candidate who
polls 60,000 votes or over is elected, and a popular
vote of 6,401,210 for the Fascist candidates, 4,587,708
for the Communists, and 8,572,016 for the Socialists
is an impressive indication of the strength of those
parties. Altogether, about 13,500,000 votes out of a
total of nearly 36,000,000 were cast for thla candidates of extreme radical parties.
On the other hand, while it was clear that the radical elements in the Reichstag showed an impressive
increase, it is also clear that they do not command a
majority of votes in that body. Because of the fixed
ratio of proportional representation of one member
to every 60,000 of the votes cast, the natural increase
of the voting population, joined to the fact that the
percentage of voters actually voting was unusually
large, has raised the membership of the new Reich.
1770
FINANCIAL CHRONICLE
[VoL. 131.
This is not the whole story, however. Hitler has
stag to about 576 against a former membership of
sup.
491. Of this total the three parties of Fascists, been represented as on the one hand a staunch
in opposition to his bitter enemCommunists and Nationalists have 226, or 62 less porter of capitalism
the
than a majority. As neither of these three parties ies, the Communists, and on the other hand as
champion of a political dictatorship after the manhas been on cordial terms with either of the others,
parliaand as the Communists have shown themselves as ner of Mussolini in opposition to the present
they are to the mentary system of the Reich. It is not clear that
bitterly opposed to the Fascists as
Socialists and other moderate groups, anything like he is either. The campaign platform of the Fascists,
"Times"
united action by the three extreme radical parties as summarized in an article in the New York
other demands,
seems out of the question. They can be very effec- on Monday, enumerates, among the
tive for disturbance or attack, but they are not likely the nationalization of land without compensation
to act together. The absolute majority held by the and its exploitation for the common good, the death
other twelve parties (there will be fifteen party penalty for usurers and "persons who have made
groups in the new Reichstag) is, on the other hand, large profits out of their fellow men," the denial of
merely an arithmetical fact as far as government is food to those who do not work, the abolition of unconcerned, for the reason that no government can earned income, and the confiscation of all depart•
hope to command the support of all twelve of these ment stores and their division into small shops to
groups, and the Socialists, the largest of them, are be rented at nominal prices to small shopkeepers.
not represented in the Bruening Cabinet at all. The This sounds far more like Communism than like
fate of a new Ministry, accordingly, depends upon its capitalism, and Hitler has in fact appealed during
ability to obtain the co-operation either of the Na- the past year for the support of radicals of the extionalists or Fascists, the largest party of the ex- treme Left as well as for the allegiance of voters of
treme Left, or of the Socialists who hitherto have the Right who might be expected to favor a dictatorheld aloof. Either of these groups, added to the sup- ship. As for a dictatorship under Hitler's lead, a
port which might presumably be obtained from the Berlin dispatch of Wednesday to the New York
Centre, People's party, Economic Party, Bavarian "Times" represents Hitler as declaring at a great
People's party, and others, would give a Government post-election rally at Munich that the German Fasa working majority. If Socialists, Fascists and cists were "not plotting revolution" •but proposed
Communists alike abstained, any Government only to capture "the German soul." "Ours is not a
physical revolution," he is reported as saying, "but
would be defeated from the start.
that the Bruening a revolution of the intellect, and for us Parliament
The announcement on Tuesday
Cabinet had unanimously decided to remain in of- is only a means to an end. Ours is not a Pernaflee has been taken to indicate Chancellor Bruen- mentary party by choice but through compulsion."
ing's intention to seek such a combination of party One would perhaps not be far wrong in inferring
support as would give him a working majority in from such statements that Hitler is a political opporthe Reichstag and allow his Government to go on. tunist, ready enough to throw the weight of his magAt the moment the outlook for success in such an netic personality and his enthusiastic following
effort shows rather serious complications. The against any Government in which he is not duly
most natural combination, on the basis of the elec. represented, but nevertheless waiting, like Mr. Mition returns, would seem to be a coalition of the cawber, for something to turn up before deciding
moderate bourgeois parties (Centre, People's and exactly what he will try to do.
Under the circumstances, it seems reasonable to
others) and the Socialists; but the Socialists, while
as strongly opposed to the Fascists and Communists conclude that parliamentary government in Ger.
as are the bourgeois groups, have persistently re. many is not in danger of immediate overthrow, and
fused to join a bourgeois Government, and have that a dictatorship such as Mussolini has set up in
been unwilling thus far to support the financial Italy will not presently supersede the constitutional
reforms to which the Bruening Government is corn- system of the Reich. It cannot be denied, however,
mitted. They have not, however, invariably inter that the parliamentary system has been badly jolted,
posed to prevent the Government from carrying and that a failure of Chancellor Bruening or some
through its measures, mainly, it would seem, because other leader to form a party coalition under which
they themselves are not a majority party and could the necessary financial reforms can be carried
not certainly command effective support from other through and the legislative needs of the Reich regugroups, and hence are not anxious to turn out a larly met, might face the country with the possibility
of revolutionary change. Experienced observers ara
Government and take over the task themselves,
Socialists or agreed that the political overturn on Sunday voiced
The exact position of the National
Fascists, especially now that they have so greatly the sentiments not only of the reactionaries of the
increased their numerical strength in the Reichstag, extreme Right, but also of huge numbers of the midis not easy to determine. Adolf Hitler, the Austrian. die classes and of wage earners. In both of these
born resident of Munich who enjoys neither Austrian latter classes there has developed a deep and ineradinor German citizenship, and the founder and inspir. cable resentment at the treatment of Germany by
ation of the party, has been outspoken in his opposi. the former Allies, the grudging temper in which,
tion to the Young Plan and the treaties of Versailles after long delay, concessions have been accorded,
and St. Germain, and has proclaimed a policy of and the heavy financial burden of reparations payPan-Germanism and "Germany for the Germans" mentsA new generation of young men and women
which includes the immediate union of Germany and
Austria, the repudiation of reparations obligation; who were children when the armistice was conthe annulment of the peace treaties affecting Ger. eluded, but who are voters now, is coming to the
many and Austria, the restoration of former German front in Germany, and to such the position of Gerterritory, and the establishment of an army equal to many and the financial obligations imposed upon it
appear not only unjust, but intolerable.
that of any European country.
SEPT.20 1930.]
FINANCIAL CHRONICLE
The feeling of the working classes at these points
does not differ from that of the bourgeoisie, and both
classes alike have felt the hardships of vast and continuing unemployment. No Government which, like
that of Chancellor Bruening, rests upon acquiescence, compromise and conciliation can hope to
withstand the growing pressure from all sides for
more,positive and aggressive assertion of German
rights, and while 4,500,000 of the more radical extremists have thrown their strength to the Communists, who would destroy the existing political
and social order root and branch, nearly 8,000,000
followers of Hitler and Hugenberg have rallied to
the support of programs which, while not perhaps involving an actual dictatorship, would make the Reich
a very different affair from what it now is.
It may very well be, accordingly, that the experience of Germany during the next few months will
show whether parliamentary government in Europe
is capable of dealing with the intricate problems
which everywhere press for solution, or whether the
obvious trend toward dictatorship is to be intensified. One can well understand that the League of
Nations should have felt that it was no time to push
forward any plan for a United States of Europe, and
should have shelved that question for the time being
by referring it to a commission; and that France,
more and more isolated politically from Italy and
Germany on the one side and Great Britain on the
other, should see in the German election a complete
justification of its policy of military preparedness
and political alliances with Eastern Europe. It is
hardly conceivable that Germany, with the example
of Russia before it, would jeopardize the high credit
standing which it has attained by tearing up the
Young plan and tilting against two-thirds of Europe
by repudiating the peace treaties. We are not likely
to see any such revolutionary action as that. More
and more sharply, however, the issue of national
freedom and independence is being drawn, and
Chancellor Bruening will need all the wisdom and
strength he can command to hold to peaceful and
moderate courses a nation more than one-third of
whose electorate has just voiced its sympathy for
positive action Dere and now.
Are We to Have Another Monetary
Discussion?
We have often spoken of the "Gold Standard"—
of its naturalness, its usefulness, and its indispensability. Let us lay the main argument aside to consider its relation to the present business of the
world. The gold standard, to some extent thwarted
in its operation, though, as we believe, still regnant
in the world during the war—there must always be
somewhere a "standard," real or imagined--is now
practically re-established in all the principal countries. But three great facts present themselves for
consideration: First, there is some diminution in
the annual production of gold; second, there is a
rapid variation in the movement of gold between
some of the leading financial powers; third, there
is an admitted depression in industry and business
throughout the world.
At once, certain scheolmen and a few economists
leap to the conclusion that the scarcity of gold and
its erratic movement are the cause of the depression.
And it is but another step to say that the diminish-
1771
ing dollars are the cause of falling prices and "hard
times." Therefore, they argue, we must have a new
and heavier gold dollar, or an index-number dollar,
that can rise and fall to meet the exigencies of
trade, and preserve the "purchasing power" of the
workers of the world. To them the logic is invincible!
Now, this question is an all-inclusive one, and we
cannot follow all its implications and ramifications.
But how easy it is to bring these tremendous facts
together and reach an inevitable conclusion that the
cause of "hard times" (depression) is the lack of
sufficient gold (money) to do the business of the
world. A lack of gold production (admitting that
for the sake of the comparison) lowers prices because, forsooth, there is not enough gold to lubricate
trade. How is this conclusion arrived at? What
has the loss of these millions of gold in a production
scattered over the world to do with the varying
prices and purchases and wages in the billions on
billions of transactions in trade and its volume, that
make up the universal production, distribution and
consumption constituting the whole of "business"?
The very mathematics of spreading the possible Loss
in gold stock over the vast volume in world trade
shows the futility of the endeavor. It is impossible
to estimate such an effect. In fact, the business of
flue world, subject to other and imperative natural
laws, goes on as before. Nor would an increase in
gold production have an appreciable effect.
At once the principle is applied to this cry of loss
of gold and loss of prosperity that gold does not
really circulate in business. Then it is averred if
it does not and only credit circulates then gold is
the basis of credit—especially banking credits or
bank-note money. Now, to show the fallacy of this
also in its relation to prices and prosperity, we may
revert to an illustration once made concerning the
Bank of England, which was in this wise: Supposing the Bank in existence and operation with its
gold reserve on hand, no matter what amount—if,
then, all customers would write checks in their transactions and deposit checks, all the gold reserve
might be removed and bank business go on, provided,
only, that one gold dollar (or pound) be left in the
bank vault to measure and denominate the meaning
of the checks. Gold is the basis of bank credit, but
the base, larger or smaller, as the case may be
(though it limit bank-note issues), does not limit
or frustrate trade transactions done to the extent
of 90 to 95% of all transactions by checks. Again
mathematics denies that loss of gold production or
gold bank reserves can materially affect prices
and/or prosperity.
No, the gold standard, dollar or pound, because a
commercially accepted measure, standard and denominator of value the world over, containing in
weight and fineness an unchangeable amount of the
god metal,and translatable into all coinages, suffices
for use in the multiplied billions of trade, to an overwhelming extent, even if not quite entirely, for the
money of the world—though the total amount of
the gold stock vary somewhat and the movement
be
somewhat erratic. The exception lies in the governmental restrictions thrown around bank
reserves,
sometimes curtailing the amount of commercial
credits available. We think it is safe to
leave this
by declaring that the present loss of
gold in the
United States has not affected the commercial
credit
available through the banks to industry
and trade,
1772
FINANCIAL CHRONICLE
and has not contributed to our depression. It is so
easy to throw these tremendous facts together and
say the lack or loss of gold contributes to our
depression without analysis of the way gold and
gold credits operate. In prosperity or in adversity
gold under the gold standard serves the varying conditions of trade, an impartial servant and not a master. We must look elsewhere for causes of "hard
times."
Eighteen months ago in the United States there
was a boast that our "prosperity" was unlimited
and eternal. Then came a "stock smash" w'hich
called a halt to vainglorious boosting. The inflation of balloon stock prices collapsed. Men began
to study credit relations in a more serious way. And
now few will deny a trough of depression, however
shallow or deep! The passage from one extreme to
the other has been far more rapid than the corresponding time-loss in gold stock and gold transport.
Did the operation of the gold standard (not the gold
dollar, which remained the same) have anything to
do with this sudden deflation? Not directly. But
Reserve Banks, quasi-governmental agencies, having
at one time about half the gold of the world, floated
gold notes in open market transactions in ways not
originally intended, and did not retire reserve notes
on the retirement of credits as originally intended,
and thus by virtue of an enormous gold stock contributed to an(unnatural inflation which eventuated in a
dangerous stock speculation which seemed to bear
out and up a "prosperity" that, in fact, was fic,titious. We are now feeling the effect of this disaster. But by no reason can the fall now going on in
commodity prices, or our unemployment, or our
lethargy in business, be attributable as a cause to
even this misuse of the gold stock, though in a period
of inflation all things, to some extent, go up
together! But if gold plethora in dollars and dollar
credits really made prices, why was not the price
of farm products lifted during the period?
Neither a changeable gold-content dollar nor an
index-number dollar can be made to apply to the
prices of products that go up or down under the law
of supply and demand. Try to fit it to the world's
needs, and how signally it fails. As we have shown
heretofore, "purchasing power" of the dollar is a
misnomer, as the gold standard gold dollar, unchanging in fact, buys in prosperity or adversity,
for every man alike—according to the price-relations
established by supply and demand. They tread a
tangled path who think otherwise. A changing gold
dollar or an index-number dollar, if attempted,
would throw the world into hopeless confusion. Relations of things to each other, and of wages to all
things, establish prices which unchanging gold dollars name and denominate.
Perhaps it was inevitable that a period of comparative depression should bring up again the quantitative dollar theory. But the qualitative dollar,
as servant, not master, continues to serve the world
and every man alike. Take wheat. There is a surplus all over the world, and the price is low compared to other years. We had not our swollen stock
of gold at the time wheat brought $2.20 per bushel.
These things will not gibe. France has gained in
gold stock; England lost. How can prices, industry
and unemployment be attributed to the varying
movements of gold while so many other pressing conditions exist? If we do have a money question again
it will turn out a mare's nest.
[VoL. 131.
And even if the "purchasing power" of wages
could be lifted up by making more gold dollars, how
could the wage-earner get more of them save by
greater sales and higher prices for the manufactured
articles he works in? The equation runs into difficulties at once. We have had so much discussion
in the past that more is useless. What must now
be done is to relate things to each other as they are,
not as they might be under another kind of money.
Depression is not due to lack of money or to its
movement. A hundred causes have brought us all
down to the hard facts of life. We cannot escape the
consequences of evil ways by saying nothing is the
matter. We have the energies and resources to defy
the world. In the end all trade reduces to mutual
benefit. We must give what we have in plenty for
what others need in scarcity. We must buy where
we sell. We must allow business that general flexibility which supplies the people's wants and needs.
We cannot peg wages on fallong prices. We cannot
feed the idle by hopes and forecasts and piratical
dollars.
The Turn of the Tide.
Thousands are asking:"When will this depression
end ?" The newspapers are doing their part towards
satisfying the public interest in the matter. Thus
the New York "Times," one day last week, carried
the following news item: "James Speyer, the
banker, returned yesterday on the White Star liner
Olympic from his annual business visit to Europe
and gave his opinion that the recent depression is
world-wide. Asked when he thought there might
be an improvement, Mr. Speyer said the bankers he
had talked with in Europe and those from the United
States were of the opinion that there was not likely
to be any change for the better for a year. He
visited England, France, Germany, and Hungary,
and found business and financial conditions suffering from depression." While this "opinion" is not
directed toward the United States, we must all ask
ourselves whether or not the depression in Europe
will retard our own recovery. Yet there are many
here who feel that the worst is past, that the tide has
turned, and that we may expect a marked revival in
business in the fall. Some seem to feel even now
that the uplift has begun.
It is unquestionably true that the depression in
trade has world-wide ramifications. Other considerations also enter into the matter. The wild speculation in the stock market, which is now a thing of
the past, had a close parallel in the abnormal
activity in the business world. Both were augmented by inflation, by artificial suggestions of
"perpetual prosperity." The country passed through
an era of "high living." The artificial character of
the trade boom was hidden from the people by the
loudly proclaimed "prosperity."
By comparison we may not know when the revival
is under way; we may not know the exact point
when it begins, and the causes will be cumulative
as they were before. If we look now at conditions
we find the causal elements mixed in a way we can
scarcely untangle. We have to think of foreign
trade and the commercial and industrial situation
in Europe, normally our best customer. We have
to look at the domestic recuperation after the war.
We cannot ignore the state of our agriculture. We
must take account of the artificial stimulants of
laws, boards, and commissions. We must try to dis-
SEPT. 20 1930.]
FINANCIAL CHRONICLE
cover the change, if there be one, in the habits, customs and thoughts of the masses. We cannot derive
comfort from the political unsettlement of South
American States. All these are elements which
affect our trade relations. The curve may be now
changing its course to upward. But it is hard to
determine.
Some look for a turn in the immediate fall months.
But it will be remarkable if in the political charge
and countercharge of a political campaign we can
discover the gold threads of renewal. Politics and
economics are naturally antagonistic. And yet,
judging from the apathy of voters in the primaries
just held, the people are not looking for deliverance
through political promises. Nor, we think, are they
longer concerned over the indications of the stock
market. The people are concerned principally in
looking after their individual businesses. And from
this we may take hope. After all, it is our individual
initiatives, enterprises, and energies that shall by
competition and coalescence life us out of our slough
of despond. We have had other depressions, and
have recovered. We shall recover from this one.
But how and when, by specific cures, we feel that
few are able to say.
As it is, there is nothing to do but to go on as
best we may. Intensive study of our respective
tasks is the best cure we know. For when all are
living according to their incomes, are proceeding
with care and caution, are braving the depression
with confidence of an ultimate relief—then our
resources, our ingenuities, our various labors, will
develop naturally our resources and energize our
industries. It is not a time for despondency, but
for work. Not a time for dependence on government, but on self. Not a time for listening to patent
cures, but for relating trade to conditions. We can
do much by economies in our lives. If consumption
once outran production to be followed by a reversal,
when men hold their spending in check, turn from
luxuries to necessities, they will do much to bring
an equality to production and consumption.
United States Steel and the European Cartel.
Difficulties encountered by the steel cartel in
Europe, which during the past week have threatened
its life, may carry a lesson for advocates of a United
States of Europe to consider carefully. If it is impossible to hold together in agreement capitalists
of various nations having a common interest in the
stabilization of an important industry, how will it be
possible to harmonize the conflicting trade, monetary and political interests of European nations
which it is proposed to join in the United States of
Europe?
Centuries of strife among the peoples of the European continent, among whom conquests of war and
appropriations of territory first by one country and
then re-appropriations when might would permit,
have long kept Europe in turmoil. Jealousies long
nourished, and a difference in languages, would seem
to make harmony of thcught and action impossible
no matter how much it may be desired.
The great contrast between results accomplished
in the United States and in Europe when efforts are
made to establish harmony and to work upon lines
mutually agreed upon as advisable, carries a message
which should not be overlooked. When, in 1901,
the U. S. Steel Corp. was organized by the amalgamation of the then leading producers of iron, steel,
1773
and their heavy products, the trade had at intervals
for many years suffered severe and prolonged slumps
until it became a common saying that steel was
either "prince or pauper."
In times of depression, particularly in the Mahoning and Shenango valleys, and in and about Pittsburgh, before the West became so great a producer,
idle furnaces would become dismantled and rolling
mills would simply rust away. But all that distressing picture was changed with the formation of
the U. S. Steel Corp. 29 years ago. The industry
was stabilized and fresh capital was easily obtained,
with the restoration of confidence not only in the
trade, but among investors and bankers.
This most remarkable change had a wide and
beneficial influence upon business of the whole country. Additional mergers followed in steel and many
other industries. Restrained within reasonable
bounds by Federal supervision, most of the huge
corporations have not only flourished but have continued to grow up to the present, the latest example
of a merger being the Republic Steel Corp.
What has made this policy successful in the United
States, whereas its application in a modified form
in Europe is proving to be unsuccessful? One might
think the possibility of success in America would be
smaller than in Europe, as there are 48 States in
the Union, each of which, in a way, is a kingdom,
and some of them being larger in area or greater in
population than some countries on the continent of
Europe.
Yankee success is largely due to the old slogan,
"In union there is strength." But back of the Union
there is a great body of people practically of one
mind, and what is perhaps of even greater importance, of one language. With the same ideals,
the same ambitions, a chain of public schools, the
real melting pot all over the country teaching the
same doctrines, there is a unity here which is impossible to create abroad.
Equally important, however, is the fact that the
United States Steel Corp., under the dominance of
the Morgan interests, has from the first pursued a
far-sighted and enlightened policy in its attitude
towards the public and the solicitude and consideration it has shown for the welfare of its employees,
setting an example in that respect which other large
corporate industrial undertakings have been obliged
to follow. Thus it is that at a time when the European steel cartel is in danger of crumbling, the U. S.
Steel Corp., having passed through the trying ordeal
of trade recession, is now girding its loins for new
triumphs in the expansion of industry.
If the European cartel cannot endure, backed as
it is by personal and patriotic motives, pecuniary
and otherwise, how would it be possible for a confederation of European countries to fare any better?
Old animosities and jealousies would for a time be
permitted to slumber, but embers might be fanned
into a blaze by the first strong breeze of dissension.
The Peruvian Foreign Debt—A Correction.
J. & W. Seligman & Co. of New York courteously call our
attention to an error which crept into an editorial article
on the South American political situation, in the "Chronicle"
of Sept. 6, regarding the amount of the Peruvian foreign
debt. The firm writes:
On .Tune 30 1930, according to official figures, the total
external debt of the Republic of Peru amounted to £3.551,000
and $39,215.140, or a total of $106.500,461, converting the
sterling portion into dollars at par of exchange. Included
FINANCIAL CHRONICLE
1774
In this total are 7% Tobacco Loan bonds, with a par value
of $5,688,500, owned by the Government, having been purchased with part of the proceeds of the Peruvian National
Loan. Excluding the latter bonds, the net outstanding external debt of Peru as of June 30 1930 was $100,811,901.
The present service charges on the external debt amount to
slightly more than 14% of the ordinary revenues of the
Republic for the year 1929, and less than 6% of the value of
Its total exports for the same year. It is estimated that
approximately 83% of the external debt is held in the United
States and the balance in Europe, chiefly in Great Britain.
The Tobacco Loan, issued in 1927, of which $8,785,000 is
outstanding in the hands of the public, is secured by a pledge
of the gross revenues of the Government tobacco monopoly.
This is the only external loan at present outstanding in
the United States secured by a direct pledge of government
revenues. The Peruvian National Loan, of which $73,287,000
and £1,969,100 is outstanding, is not secured by a pledge
of revenues. The Republic, however, provided for the collection by or deposit with the Caja de Depositos y Con-
[VoL. 131.
signaciones of a substantial part of its revenues and the
'Cain covenanted to apply the available revenues received
each month to the service of outstanding Peruvian National
Loan bonds before paying any sums to the Republic. The
customs, post and telegraph revenues were specifically
exempted from this agreement, and the Government collects them directly.
The CaJa is a Peruvian corporation formed in 1905 as a
trustee and depositary for government administrative and
judicial funds and the deposits of public institutions. All
of its stock is owned by local banks in Peru, and its directorate, with the exception of a representative of the Republic and one for the fiscal agents of the National Loan,
is composed of representatives of such banks.
The firm also points out that under a law of Dec. 23 1922
the Peruvian budget is prepared by the Minister of Finance
in co-operation with the Council of Ministers, and that the
fiscal agents for the National Loan have never been consulted in the matter.
Gross and Net Earnings of United States Railroads for the
Month of July
The July exhibit of the earnings of United States
railroads is of the same character as the exhibits
for the months preceding, and is absolutely devoid
of encouraging features of any kind. The falling
off from the corresponding month of the preceding
year is heavy in gross and net earnings alike, and
the record is one of losses from one end of the country to the other, with no section of the country and
no class or group of roads exempt from the general
shrinkage. In a word, the returns are uniformly
bad and entirely lacking in exceptions of any consequence. In the general collapse of railroad traffic
and railroad revenues, no escape was open to any
railroad system of importance anywhere in the
country.
Latterly, the comparisons have been growing
worse with each succeeding month, at least as far
as the absolute amount of falling off in gross and
net earnings is concerned, if not in every case showing also a progressive ratio of decline, and the figures for the month of July in that respect may be
said to be the poorest in the whole series of unfavorable statements that have been coming steadily to
hand since the acute crisis in the stock market last
autumn. As compared with July last year, operating revenues register a falling off of $101,152,657,
or 18.16%. To meet this big shrinkage in revenues,
operating expenses were reduced in amount of $50,056,573, or 14.72%; but even after the cutting down
of expenses in this drastic fashion there still remained a decrease in the net earnings in the large
sum of $51,096,084, or 23.61%. Let the reader well
ponder that the loss of $101,152,657 in the gross revenues for the month is at the rate of over $1,200,000,000 a year, and even the loss in the net of $51,096,084 for July is at the rate of over $600,000,000 a
year. Just think what it means for the railroads of
the country to be falling behind at the rate of
$600,000,000 a year in their net revenues. In the
following we show the comparative totals for the
month for the two years:
Month of July—
Inc.(+) or Dec. (—).
1929.
1930.
Miles of road (170 roads)- --—7,930 3.22%
242,979
235 049
.
Gross earnings
5456.369,950 5557,522,607 —8101,152,657 18.16
—50,056,573 14.72
Operating expenses
340,846,254
290.789,681
Ratio of earnings to expenses_
—2.57%
61.12%
63.69%
Net earnings
5165.580,269 $216,676,353 —$51,096,084 23.61
Of course business depression of an extremely
severe character lies at the bottom of the unfavorable results disclosed. And the contrast as compared with last year is made all the more noteworthy
because in 1929 industrial activity was the dis-
tinctive feature of the times, and this was reflected
in the revenue returns of the roads, though candor
compels the statement that the gains
earnings
then were not at all proportioned to the growth in
business activity, one reason for this being the fact
that Southern roads did not then share in the general prosperity—not a few of them actually reporting larger or smaller losses, on top of very heavy
losses in the two years preceding, this resulting, in
the main, from the collapse of the speculative boom
in real estate at the winter resorts—and a further
contributing factor being the loss of passenger business by reason of the competition of the automobile,
the bus, and other similar means for the transportation of passengers.
Our compilation for July 1929 showed a gain, as
compared with July 1928, of $43,884,198, or 8.55%,
but the rail carriers then had the advantage of an
extra working clay, July 1929 having contained only
four Sundays, whereas July 1928 had five. And
this is an advantage which they retained the present
year, July 1930 also having had only four Sundays.
In the net earnings at that time the improvement
was much more satisfactory, due, however, entirely
to the greater efficiency with which operations were
conducted by the managers of the roads. With a
gain in gross, as just stated, of 3,884,198, or 8.55%,
the augmentation in expenses was only $13,090,817,
or 3.48%, hence leaving a gain in net earnings in
the sum of $30,793,381, or 22.37%. It is true these
gains in July 1929 followed gains also in July 1928
over July 1927, the country then being in the initial
stages of that great trade revival which continued
uninterruptedly in progress until the stock market
panic of the autumn of 1929, and yet these gains in
July 1928 were exceedingly light (no more than
$3,333,445 in the gross and $11,711,856 in the net),
and these very moderate additions at that time constituted merely a recovery, and only a partial recovery at that, of the very heavy losses sustained
by the roads in July 1927, when our compilations
recorded no less than $48,297,061 falling off in the
gross earnings and $35,436,548 shrinkage in the net.
It is almost needless to relate, the fact being so
perfectly obvious, that the railroads the present year
suffered losses in traffic from every source and in
every direction. Yet the facts are very interesting,
and as it is part of the history of the times, some
of the more striking statistics confirmatory of the
statement deserve to be brought to notice if for no
SEPT.20 1930.]
FINANCIAL CHRONICLE
1775
other reason than to impress the popular mind, even figures relate to the New York Central
lines as
though the record does not differ in that respect recently merged. If, in this instance
, we should
from the corresponding records for the months pre- include the operations also of the Pittsburgh
& Lake
ceding. In the automobile trade the depression has Erie and the Indiana Harbor Belt, both
still sepaunquestionably been more intense than in any other rately operated, the loss the
in
gross would be raised
line of manufacturing. The statistics show that the to *12,387,704 and the loss in the net
to $5,122,733..
July production of motor vehicles in the United Mention might also be made of the Baltimo
re & Ohio
States the present year was only 262,363, as against in Eastern trunk line territor
y; this system reports.
500,840 in July 1929 and 392,086 in July 1928. In a falling off of $4,855,352 in gross
and of $1,818,442
the case of steel production, the contrast between in net. In the South, the Southwe
st and the Norththe two years is only a little less striking. In other west the shrinkage has been proporti
onately just as
words, the output of steel ingots in the United States heavy, even if somewh
at smaller in amount. Thus
in July 1930 aggregated only 2,933,399 tons, against the Chicago
& North Western reports a decrease of
4,850,583 tonsin July 1929. In pig iron the story is the $3,887,186
in gross and of $3,052919 in net; the Milsame, the make of iron in the United States in July waukee
& St. Paul a decrease of $3,320,444 in gross
1930, according to the figures of the "Iron Age," and of $1,146,4
94 in net; the Great Northern a dehaving been only 2,639,537 tons, as against 3,785,120 crease
of $2,429,354 in gross and of $977,801 rn net;
tons in July 1929 and 3,071,824 tons in July 1928. the
Union Pacific of $1,320,967 in gross and of
Coal production also was on a greatly lessened scale,
$288,880 in net; the Southern Pacific of $4,935,110 in
the July production of bituminous coal having gross and
of $2,237,400 in net, and the Atchison of
reached only 34,715,000 tons against 41,175,000 tons $2,977,7
09 in gross and of $657,831 in net. In the
in July 1929, though, on the other hand, the output South
the Louisville & Nashville has sustained a loss
of Pennsylvania anthracite was a little larger, at of $1,982,9
03 in gross and of $703,980 in net, and
5,658,000 tons against 4,993,000 tons in July 1929.
the Southern Railway of $2,029,648 in gross and of
In another direction, lumber production in this $325,101
in net. And these illustrations might be
country week after week was on a scale 30% less extende
d almost indefinitely. In the table which
than in the corresponding period of the preceding
follows we Show all changes for the separate roads
year. And the reason for this appears perfectly
and systems for amounts in excess of $100,000,
clear when we observe that the construction conwhether increases of decreases, and in both gross and
tracts awarded during July 1930 in the 37 Eastern
net. It will be seen that in the list of increases, there
States, according to statistics compiled by the P. W.
are only two roads which have to their credit a gain
Dodge Corp., represented a money outlay of only
amounting to $100,000 in gross and also only one
$367,528,400 as against $652,436,100 in July
1929. road distinguished in that way in the net.
The farming communities, as is well known, have
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
been suffering dire distress because of the low marOF JULY 1930.
ket values for grain and cotton among a large num- Staten Isl. Rapid Trans_ Increase. Lehigh
Decrease.
$221,735
Valley
484,531
Lehigh & New England
108.070 Chic StP Minn & Om__
ber of other agricultural products, though, as it
427,060
Yazoo & Miss Valley_ _ _ _
hap415,794
Total (2 roads)
$329,805 Denver & Rio Gr Weet'n
pens, the shipments of grain from the Western
394.667
Central RR of NJ
pri389,878
Decrease. Intern & Gt Northern_ _ _
383,539
mary markets very closely appoached the
Pennsylvania
$12,309,939 Chicago & Great Western
heavy
380,355
St Louis Southwestern
377.648
movement in the same period of the preceding year, New York Central ---a11,654,705 Los Angeles & Salt Lake_ 373,075
Southern Pacific (2).
4,935,110
4,855,352 Cinc New Orl & Tex Pac
373,057
these shipments having reached 102,069,000 bushels Baltimore & Ohio
Chic.& North Western.... 3.887,186 Atlantic Coast Line
363,405
Chic
StP Ss
Delaware & Hudson_ _ _ _
for the four weeks ending July 26, as against 106,- Atch Mllw& SantePac(3) 3,320,444 Bessemer & Lake Erie.._ _ 355,039
Top
Fe
2,977.709
347,338
Missouri Pacific
2,592,809 Central of Georgia
319,279
454,000 bushels in the corresponding four weeks of Great Northern
2,429,354 Virginian
314.871
Chic Rock Isl Lines (2)..- 2,411,460 Central Vermont
295,625
2,311,838 Burlington Rock Island..
the previous year. The details of the Western grain Illinois Central
277,113
NY New Haven & Hart- 2.187,762 Chic Ind &
267,456
2,029.648 Term RR Assn of St L.
movement are particularized further along in this Southern Railway
259.411
Wabash
1,985,939 Mobile & Ohio
253,790
Louisville & Nashville
1.982,903 Nashv Chatt & St Louis_
article. The general shrinkage of railroad
251.562
Northern-Pacific
1,651.225 Union
traffic Chic
236,983
Burl & Quincy
1.628,969 Long Island
is perhaps best indicated in the figures showing
231.501
1.583,378 Alabama Great Southern
the Erie (3) & Western
224,463
Norfolk
1.497,611 Indiana Harbor Belt_ __ _
car loadings of railroad revenue freight. From
219,748
Grand Trunk
- 1,495,490
these Chesapeake & Western.- 1.418,761 Florida East Coast
210,770
Ohio ByNY Ont & Western
it appears that in the four weeks ending July
193.682
Pere Marquette
1,350,476 Buff Roch & Pittsburgh..
26 the Union Pacific (4)
185,067
1,320,967 Gulf Mobile & Northern..
present year the loading of railroad revenue
175,569
Minn St
1,272,242 Atlantic City
freight St L-SanP & El 8 Marie 1,177,889 Belt By of Chicago
163,014
Fran (3)
aggregated only 3,555,731 cars, as against
148,539
1,163.753
Portl &
4,160,078 NY Chic & St Louis---- 1,057,732 SpokaneSt Louis Seattle_ 147.998
Texas & Pacific
Minn &
139.805
cars in the corresponding four weeks of
Boston & Maine
1,008.150 Ann Arbor
1929 and Reading Co
133.342
980,927 Det & Tol Shore Line_ _ _
128,169
3,944,041 cars in the four weeks of 1928.
Duluth Missabe & No -803,596 New On & North East_ _
120,189
Detroit Toledo & Iront
794,716 Detroit Terminal
117.973
With the loss so extremely heavy for the
Chicago & Eastern Ill 745.656 Gulf & Ship Island
117.837
rail- Seaboard Air Line
732,329 Western Pacific
116.778
road system as a whole, it follows that
Del Lacks & Western--715.200 Akron Canton & Yngstwn
112.690
the losses Missouri-Kans-Tex
712,647 Maine Central
111.752
Elgin-Joliet & Eastern
on many of the separate systems must have
678,404 Monongahela
109.063
been Colo & Southern (2)
631,191 Dui South Sh & Atl
101,823
correspondingly heavy. As a matter of
Chicago & Alton
536.632 Norfolk Southern
100,668
fact, the Pittsburgh & Lake Erie
513,251
Wheeling & Lake Erie..
losses in revenues on all the larger systems
510,403
Total (94 roads)
$98.705.696
of the a These figures cover the
operations of the New York Central and merged
country were of really great magnitude.
lines--Cleveland Cincinnati Chicago & St. Louis, Michigan Central, CinAnd the cinnati Northern and Evansville
Indianapolis Rz Terre Haute. Including
remark holds good with reference to the
Pittsburgh & Lake Erie
principal crease of $12,387,704. and the Indiana Harbor Belt, the result is a desystems in all the different sections of the
country. PRINCIPAL CHANGES IN NET EARNINGS
FOR THE MONTH
A few illustrations must suffice for the
OF JULY 1930.
purpose.
Those two great railroad systems in Eastern
Increase.
Decrease,
trunk Staten Isl Rapid Transit_ 168,465 Northern Pacific
767,508
line territory, namely, the Pennsylvania RR.
Reading Co
752,752
Total (1 road)
and the
$168,465 Duluth Missabe & No.....
739.536
Decrease. Louisville & Nashville_ _
New York Central, naturally stand foremos
703.980
ia
$5,854,621 Minn St P & S S Marie_ _
t for PennsylvanCentral
693,839
New York
a5.075,251 Atch Top & SF (3)
extent of their losses in earnings. The Pennsyl Chic & North Western- 3.052,919
657,831
Wabash
595.395
vania RR. suffered a decrease for this single month Southern Pacific (2).._ -- 2,237,400 NY Chic & St Louis_
586,853
Baltimore & Ohio
1,818.442 Texas Ss Pacific
564,749
Missouri Pacific
1,562.133 Det Toledo &
of no less than $12,309,939 in gross and of $5,854,621 Chic Milw St P Ss Pac__ - 1,146,494 Elgin Joliet & Irontown_ 558,633
Eastern......
552,672
in net, and the New York Central a decrease of $11,- NY New Hay & Hartf 1.053,127 Seaboard Air Line
529,326
Great Northern
977,801 Chicago & Eastern Ill......
500.853
Norfolk & Western
966.333 Chic Burlington Quincy
654,705 in gross and of $5,075,251 in net. The latter Grand Trunk Western-- 910,382 Erie (3)
460,512
_
440,400
Pere Marquette
791,924
Chicago Ss Alton
439.959
Chic Rock Isi Lines (2)__
Chesapeake St Ohio
St Louis
-San Fran (3)
Boston & Maine
Inter &(it Northern_ _ _ _
Southern Railway
Illinois Central
Vnion Pacific (4)
Chic St Paul Minn & Om
,
'
.Delaware Lack & West_ _
Minn & St Louis
Florida East Coast
°Colorado & Southern (2)..
Burlington Rock IslandVirginian
Central Vermont
Decrease.
417.777
395.566
374,208
350,335
334,197
325,101
303,241
288,880
283,749
257.012
245.247
239,006
236,297
229,310
211,753
197,695
Nashv Chatt & St LTerm RR Assn of St L.._
Wheeling & Lake Erie_Alabama (it Southern.... _
Atlantic City
Chic Ind & Louisville
Bessemer & Lake Erie..
ChicagoGreat Western.- _
Long Island
Union RR
Gulf Mobile & Northern..
Centralof Georgia
Delaware & Hudson_ Mobile & Ohio
Decrease.
172,804
162,439
157.006
150,560
147,960
135,975
133.973
126.702
126.011
123,314
108,575
103.767
102.304
100,459
$41.532,848
Total (69 roads)
Central and merged
t
a °Vona ld'i3he
ias ii
le
Theseaf cover tht
Central,
lines-C
Haute,
cinnati Northern and EvansvillecajnodianrIPolisu&
Harbor Belt, the result is a
the Pittsburgh & Lake Erie and the Indiana
decrease of $5,122,733.
lev&Y
L rit
Louis, Michigan
When the roads are arranged in groups or geothe
graphical divisions,.according to their location,
ze what has been said
result is necessarily to emphasi
.above with reference to the magnitude and general
as
nature of the falling off in earnings, inasmuch
found to extend to all the different
the losses are
districts as well as all the different regions grouped
under each of these districts. And the remark applies to net earnings and gross earnings alike, decreases appearing everywhere. Our summary by
groups appears immediately below. As previously
explained, we group the roads to conform with the
classification of the Inter-State Commerce Commission. The boundaries of the different groups and
regions are indicated in the footnote to the table.
District and Region.
1930.
Month of JulyEastern District
England region(10roads). _ _ 19,036,019
New
Great Lakes region (31 roads)---- 85,953,590
Central Eastern region (23 roads) 95,738,248
Total (64 roads)
Southern District
Southern region (30 roads)
Pocahontas region (4 roads)____.
Total (34 roads)
Gross Earnings
Inc.(+) or Dec.(-)
1929.
%
$
$
22,968.759 -3.932.740 17.13
108,605,916 -22,652,326 30.87
118,611,262 -22,873,014 29.28
200,727,857 250.185.937 -49,458,080 19.76
49,244,932
21.808,909
59,736,018 -10,491,086 17.58
25.136,384 -3,327,475 13.28
71,053,841
84,872,402 -13,818,561
16.29
Western District
56,322,814 71,703.318 -15,380.504 21.46
Northwestern region (17 roads)
84,032.378 98.127,366 -14.094,988 14.35
Central Western region (25 roads).. 44,233,060 52,633,584 -8.400,524 15.97
region (30 roads)
Southwestern
184,589,252 222.464,268 -37.876,016 17.05
Total(72 roads)
456,369,950 557,022,607 -101.152,657 18.16
Total (all districts(170 roads)
Net Earning*
Region.
District and
1929. Inc.(+)or Dec.(-)
1930.
Month of July. -Mileage--$
%
$
$
1930. 1929.
Eastern District6,700,804 -1,887,378 28.17
7,335 7,280 4,813,427 28,657,518 -9,135,320 31.87
New England rion__
19,522,198
Great Lakes region__ 27,940 27,914 26,675,943 37,685,222 -10989,279 29.19
Central Eastern region 24,227 24.175
-22011,977 25.63
59,502 59,369 51,011,567 73,023,544
Total
Southern District
17.55
40,102 40,120 49,244,932 59,736,018 -10491,086 18.55
Southern region
1,636.615
6,007 5,984 8,393,832 10,030.447
Pocahontas region_
--12127,701 17.40
46,109 46,104 57.638,764 69,768.465
Total
Western District
15,018,384
Northwestern region_ 41,002 48,978 27,982,658
Central Western reg'n 52,724 52,672 13,928,898
35,712 35.858
Southwestern region
129,438 137,506 56.929,938
Total
23.602,131 --8.583.747 36.40
32,773.398 --4,790,742 14.83
17,510.815 --3.581,917 20.45
73.886.344-16956.406 23.01
216,676,353 -51096,084 23.61
Total all districts_ - _235,049 242,979 165,580,269
to conform to the classifi-We have changed our grouping of the roadsthe following indicates the
NOTE.
and
cation of the Inter-State Commerce Commission,
regions:
confines of the different groups and
EASTERN DISTRICT.
-This region comprises the New England States.
New England Region.
section on the Canadian boundary
Great Lakes Regton.-ThIs region comprises the
shore of Lake Michigan to Chicago. and
between New England and the westerly
New York.
north of a line from Chicago via Pittsburgh to
the section south of the Great
Central Eastern Region.-Tb)s region comprises
through Peoria to St. Louis and the
Lakes Region, east of a line from Chicago
River, and north of the Ohio River to
Mississippi River to the mouth of the Ohio
southwestern corner of Maryland
Parkersburg. W. Va., and a One thence to the
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
section east of the Mississippi River
Southern Region.-Thls region comprises the
near Kenova, W. Va.. and a line thence
and south of the Ohio River to a point
the southern boundary of Virginia
following the eastern boundary of Kentucky and
to the Atlantic.
north of the southern
-This region comprises the section
Pocahontas Region.
River north to Parkersburg.
boundary of Virginia, east of Kentucky and the Ohio
corner of Maryland
W.Va.. and south of a line from Parkersburg to the southwestern
and thence by the Potomac River to its niouth.
WESTERN DISTRICT.
Canada lying
-This region comprises the section adjoining
Northwestern Region.
Omaha and thence
west of the Great Laker region, north of a line from Chicago to
to Portland and by the Columbia River to the Pacific.
of the NorthCentral Western Region.-Thia region comprises the section south St. Louis, and
to
western region, west of a line from Chicago to Peoria and thence Paso and by the
line from St. Louis to Kansas City and thence to El
north of a
Mexican boundary to the Pacific.
the MisSouthwestern Region.-Thla region comprises the section lying between
City and thence
sissippi River south of St. Louis and a line from St. Louis to Kansas
to ElPaso and by the Rio Grande to the Gulf of Mexico.
[VoL, 131.
FINANCIAL CHRONICLE
1776
We have already pointed out that Western roads,
taking them collectively, had a somewhat smaller
grain movement in July the present year than in
the month a year ago. While the volume of wheat
moved to the Western primary markets in July 1930
was larger than in 1929, chiefly, however, at Western
markets, the movement of all the other cereals was
on a greatly reduced scale. For the four weeks
ending July 26 1930 the receipts of wheat at the
Western primary markets were 80,071,000 bushels,
as compared with 75,867,000 bushels in the same
four weeks of 1929; the receipts of corn only 13,710,000 bushels as against 18,549,000 bushels; of
oats only 6,154,000 bushels against 8,455,000 bushels;
of barley but 1,672,000 against 3,006,000, and .of
rye only 462,000 bushels against 577,000 bushels.
Altogether the receipts at the Western primary markets of the five cereals, wheat, corn, oats, barley, and
rye, for the four weeks of July 1930 reached 102,069,000 'bushels, as compared with 106,454,000
bushels in the corresponding four weeks of July
1929. The details of the Western grain movement in
our usual form are shown in the following table:
WESTERN FLOUR
4 Wks.Ended
Wheat,
Flour,
July 26.
(bush.)
Chicago(Ibis,)
1930
876,000 7,819,000
1929
850,000 4,478,000
Minneapolis
4.130,000
1930
6,645,000
1929
Duluth
2,163,000
1930
5,446,000
1929
Milwaukee
1930
84,000 1,282,000
157,000 1,745,000
1929
Toledo
2,359,000
1930
1,265,000
1929
Detroit
158,000
1930
105,000
1929
ndianapolis and Omaha
8.827,000
1930
6,487,000
1929
St. Louie
887,000 10,327.000
1930
444,000 5,924.000
1929
Peoria
500.000
157,000
1931)
185,000
174,000
1929
Kansas City
28,554.000
1930
29,975,000
1929
St. Joseph
3,729,000
1930
3,581,000
1929
Wichita
9,846,000
1930
9,808,000
1929
Stour City
'377.000
1930
223,000
1929
AND GRAIN RECEIPTS.
Oats.
Corn.
(bush.)
(bush.)
3.801.000 1.455,000
5,451,000 2,112,000
Barley.
(bush.)
109,000
451,000
Rye.
(bush.)
21,000
30,000
393,000
828,000
1,073,000 1,609,000
457,000
932,000
350,000
319,000
98,000
378,000
56,000
100,000
135,000
748,000
8,000
206,000
576,000
1,336,000
496.000
506,000
588,000
519,000
39,000
9,000
72,000 1,005,000
575,000
89,000
3,000
13,000
3,000
4,000
10,000
24,000
3,000
4,000
30,000
65,000
756,000
2,949,000
3,139,000 1,363,000
2,000
7,000
1,649,000 1,048,000
2.510,000 1,000,000
97,000
39,000
5,000
3,000
1,602,000
1,928,000
547,000
547,000
271,000
292,000
26,000
2,000
1,415,000
1,448,000
184,000
270,000
285,000
810,000
90,000
50,000
21,000
51,000
4,000
4,000
404,000
612,000
90,000
254,000
10,000
14,000
Total all
462,000
1,984,000 80,071,000 13.710,000 6.154.000 1,672,000
1930
577,000
1929
1,825,000 75,867,000 18,549,000 8,455,000 3,006,000
Jan. 1 to
Rye,
Barley,
Oats,
Corn,
Wheat,
July 26,
Flour.
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
Chicago
-(bbls.)
1930
6 553,000 11,707,000 46,036,000 13,924,000 2,414,000 1,049.000
1929
6897,000 12,681,000 47,809,000 16,609,000 4,021,000 1,552,000
Milwaukee
1930
802,000 1,790,000 7427,000 2,224,000 5,359,000 334,000
1 185,000 2,900,000 7,840,000 2,862,000 4,581,000 258,000
1929
St. Louis
22,000
501,000
1930
4,331,000 24,104,000 17.080,000 11,324,000
12,000
830,000
1929
3,748,000 21,403,000 22,207,000 13,048,000
Toledo
15,000
13,000
791,000 3,170,000
8,989,000
1930
39,000
83,000
1929
937,000 3,758,000
8,821,000
Detroit
21,000 112,000
352,000
271,000
1930
897,000
76,000 122,000
888,000
1929
394,000
899,000
Peoria
39.000
1930
1,235,000 14,582,000 3,317,000 2,280,000
1,333,000
90,000
1929
1,023,000 14,389,000 3,592,000 2,123,000
1,714,000
Duluth
784.000 1,400,000 1,021,000 1,441.000
1930
19.499,000
992,000 4,644.000 1.913,000
1929
23.329,000 1,101,000
Minneapolis
1930
31,294.000 7,398,000 5,880,000 6,596.000 2,474,000
1929
43,803,000 6,199,000 9,286,000 8,472,000 2,792,000
Kansas City
1930
51,856,000 19,836,000 3,805,000
45,000
1929
56,312,000 23,707,000 2,620,000
Omaha ab Indianapolis
11,000
8,000
1930
16,078,000 32,736,000 10,587,000
2,000
1929
16,086,000 23,286,000 9,549,000
Sioux City
2,000
81.000
811,000 4,343,000 1.428,000
1930
1,000
54,000
1929
1,034.000 3,651,000 1,656.000
St. Joseph
5,819.000 7,342.000 1,006,000
1930
770.000
6.416,000 6,898.000
1929
Wichita
163,000
14,630.000 3,202,000
1930
226,000
16,939,000 2.868.000
1929
Total
1930
1929
5,502.000
12,819,000 186.479,000 161.828.000 58.580.000 18.294.000 8,777,000
13,524,000 209.848,000 181.088,000 85,834,000 24,891,000
SEPT.20 1930.]
• FINANCIAL CHRONICLE
1777
of $19,960,589 in the gross, with $1,964,485 increase (1.95%)
that year
in the net. The reason for the poor showing in
of the
was that the strike at the unionized coal mines
had been such a disturbing factor in the
country, which
months preceding, not only continued, but that its adverse
on July 1
effects were greatly emphasized by the fact that
and that this
the railroad shopmen had also gone on strike
quit
led to acts of violence on the part of the men who
from taking
work, or their sympathizers, to prevent others
ng railroad
the abandoned jobs, with the result of interrupti
the moveoperations, and in some instances even preventing
coal from the non-union mines. It should not be
ment of
year that
forgotten, either, that it was on July 1 of that
horizontal reduction in freight rates promulgated
the 10%
into effect.
by the Inter-State Commerce Commission went
at the same time a reduction of about 7@8%
There was
the maintein the wages of the shop crafts employees and
of way men, but the benefit that might have accrued
nance
strike,
from this was, of course, vitiated by the shopmen's
increased expenses rather than decreased them. The
which
of 12%
previous year there had been a reduction in wages
July 1 1921, but this in turn followed 20% increase
effective
1 1920
in wages put in effect by the Labor Board on July
ly after its advent to power.
immediate
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JULY AND FROM
Not only did the 1923 gain of $91,678,679 in gross earnings
JAN. 1 TO JULY 31 1930, 1929 AND 1928_
follow $19,960,589 loss in July 1922, but this latter in turn
Since Jan. 1.
July.
followed an antecedent loss of no less than $66,407,116 in
Ports.
1928.
1930.
1929.
1928.
1929.
July 1921, as compared with July 1920. On the other hand,
1930.
by an enormous saving in
27,596 288,021 601.404 415,342 the loss in 1921 was attended
27,182
9.222
Galveston
1
19,994 380,121 555,884 455,902
865
8.130
Texas City, .4c
expenses, with the result of bringing a gain of $84,615,72
34,941 474,397 546.178 577,049
14,491
15,944
New Orleans
81.987
97,220
91,722
1,624
1,318
1,361
that time. The contraction in expenses
Mobile
1,658 In the net at
4,998
1,748
700
281
Pensacola,.50
81,876 180,163 amounted to no less than $151,022,837, and while due in
4,128 126,767
5,058
10,332
Savannah
87,419
88,294
9,486
42.939
9,664
9,686
to
Charleston
54,411
15,206
22,602
677
211
11
part to the shrinkage in the volume of traffic owing
Wilmington
59.972
47,366
47.759
5,097
2,791
1,748
, it was in no
Norfolk
19,166 the intense business depression prevailing
47,444
38,529
11,609
14,904
24,833
Corpus Christi
1,763
5,109
110
739
railroads
110
140
Lake Charles
small degree the outgrowth of dire necessity, the
961
172
Beaumont
to
being obliged to practice the utmost saving and economy
77.294 115,861 1,566,989 2,039.666 1.934,832
81,860
Total
bankruptcy after the enormous additions to expenses
avert
forced upon them in the year preceding, during the period
RESULTS FOR EARLIER YEARS.
of Government control.
It has already been indicated that the very heavy shrinkThe truth is, prior to 1921 expenses had been mounting
age in revenues the present year, amounting to $101,152,657
up in such a prodigious way that in 1920 net earnings had
in gross and to $51,096,084 in net, comes after $43,884,198
got down to a point where some of the best managed propergain in gross and $30,793,381 gain in net in July 1929
ties were barely able to meet ordinary running expenses,
(which was before the advent of the stock market panic
not to mention taxes and fixed charges. And it is the
In that year), dnd also follovis moderate improvement in
Inflated expense accounts of these earlier years that have
July 1028 when our compilation showed $3,333,445 increase
furnished the basis for the savings and economies effected
In gross and $11,711,856 increase in net. It has also already
since then. As an indication of how expenses had risen
been pointed out that in July 1927, on the other hand, there
in 1920 and prior years, we may note that in July 1920,
was a heavy shrinkage in gross and net alike, and that the
though our tables showed $65,975,059 gain in gross, they
moderate increase in July 1928 was merely a recovery of
in net, while in July 1919
only a partial recovery registered $69,121,669 decrease
what had been lost in 1927, and
-$14,658,220
there was a falling off in both gross and net
at that. The loss In gross in July 1927 reached no less
$55,352,408 in the latter. In the following
the loss in the net $35,- in the former and
than $48,297,061, or 8.67%, and
we furnish the July comparisons back to 1906. For 1910,
436,548, or 22.03%. At the same time the fact must not be
the Inter-State Commerce Commiscame after very substantial 1009 and 1908 we use
overlooked that these 1927 losses
sion's totals, since in those years they included all the
gains in both gross and net in each of the two preceding
minor Toads and were more comprehensive than our own
years. In July 1926 our compilation showed $33,875,085
figures, but for the preceding years (before the Commerce
gain in gross and $21,435,011 gain in net, while in July 1925
Commission began to require returns) we give the results
our tabulation registered $40,595,601 increase in gross and
just as registered by our own tables each year.
$27,819,865 in net. On the other hand, however, It is equally
important to bear in mind that in July 1925 comparison was
Na Earnings.
Gross Earnings.
Year.
with heavily diminished earnings in 1924. The latter, it
Inc. (+) or
Year
Year
Inc. (1-)
Year
Year
Preceding. Dec.(-)
Given.
Preceding. Dec.(-)
Given.
may be recalled, was the year of the Presidential election,
when such a very decided slump in business occurred, and
July.
129,386,4 114,556,367 +14,380,073 42.808,250 36,718,41 +6,089.834
this was reflected in heavily diminished traffic over the 1906-137,212,522 118.666,092 +18.546,430 41,891,837 39,448.771 +2.443.066
1907_ 195.246,134228,672,250 33,426.116 67,194,321 75,679,80 -8,485.484
country's transportation lines, large and small. So decided 1908 _ 0 19 964 739 195 245 655 +24,719,084 '78.350.772 67.267.352 +11,083.420
was the slump in business at that time, and so great the 1910 _ _ 0 30,615,776 217,803,354 +12,812,422 73,157,547 77,643,305 -4.485,758.
+31,411
1911 ___ 24,751,083226,306,735 -1,555.652 72,423,469 72,392,058
70,536,97 +8,890,588
falling off in railroad traffic, that our July compilation 1912 __ 0 45,595.532 222,587,872 +23.007,660 79,427,565 67.620,157 -3,265.787
1913 _035,849.764223,813,526 +12,036,238 64,354,37
recorded a falling off in gross earnings of $53,517,158, or 1914 ___ 52,231,248261,803,011 -9,571,763 75,349,466 76,358.377
0,624,'1 I+2.234.118 87 684 98 77 833 74 +9.851.240
10.02%, and a falling off in net of $9,601,754, or 7.86%, as 1915 _ ".;2,048,11526
1916 ___ 1.040,791 263.944.649+44,096,142 08,709.496 88.421,559 +20.287,937
1.424.842108.293.945 +3,130,597
1917 _ _ 53,219,982306,891,957
compared with the year preceding (1923). This last, 1918 ___ 63,684,172346,022,857 +46.328.0281144.348,682109,882,551 +34,466.131
+117661 318
,246,733 14,688.220 96,727,014 152.079,422 55,352,408
54,588,513469
though, was a year of very active business, when the rail- 1919
9,121,669
0 _-- 67,351,544401.376,485 +65,975,059 18,827,733 87.949,402
6,407,116 99,807,935 15.192,214 +84,615,721
_ 460,989,697527,396,813
roads enjoyed-at least in the great manufacturing dis.736,3971462.696,986 19,960.589 102,258.414 100.293,929 +1.964,485
1922 ___
-the very largest traffic movement in 1923 _-_ 34,634.552,442,955,873 +91,678,679 121,044,77 102,652,493 +18,392.282
tricts of the Bast
0,704,944'834.222,102 53,517,158 112,626,696 122.228,45 -0,601,754
their entire history. Our tables for July 1923 recorded the 1924 ___ 521,538,604480.943,003 +40595,601 139,606,752 111.786,887 +27.819.865
1925 ___
.471,276,521.596,191
61,079.612139,644.601 +21,435,011
1926 __
9 in gross and of $18,392,
prodigious gain of $91,678,67
282 1927 _ _ _ 508,413,874 556,710,935 +33,875,085 125,438,334 160,874,882_35,456,
8,297,061
1928 ___ 02,148,3311808,811,786 +3,333,448 137,412,487 125,700,631 +11.711,856
in net.
56,706,135512.821,937 +43.884.198168,428,748137,635.367 +30.793,381
1929 _
However, if we go still further •back we find that the 1930 _ 86.369,9c0 557,522,607 101152657 165,580,269216.676.353-51,096,084
was 90;
-In 1906 the number of roads included for the month
Note.
1923 gain in gross itself followed losses In both 1922 and 82;in 1908 the returns were based on 231,8.36 miles of road;Inof July234,500;In 1907,
1909,
in 1920.
in net were continuous, extending 238.169:10 1911. 230,076; in 1912, 230,712; in 1913, 206,084; In 1914. 235.407: in
1921, though the gains
in 1917, 245,699; in 1918, 231.700: In 1919.226,684:
1915, 243,042; in 1916, 244,249;
through 1921 and 1922, even while the gross earnings were In 1920. 220,459: In 1921. 230.991; In 1922, 235,082; in 1923. 235,477: in 1924,
35,145; In 1925, 236,762; In 1926. 236,885; in 1927. 238,316; in 1928. 240,433; in
declining. Our tabulations for July 1922 showed a decrease 1929. 241.450 and in 1930, 235.049.
The Western livestock movement also appears to
have bean smaller the present year than in July
1929. At Chicago the receipts comprised only 16,150
carloads against 18,736 carloads in July last year;
at Omaha only 6,276 carloads against 6,653 carloads,
and at Kansas City but 5,618 carloads against
7,522 cars.
As to the cotton movement in the South, this is
never very large in July, it being the tail end of
the crop season, but the present year it was exceptionally small. Gross shipments overland reached
only 18,912 bales against 60,918 bales in July 1929;
29,323 bales in July 1928; 71,434 bales in 1927;
59,015 bales in 1926; 19,111 bales in 1925, and 57,757
bales in 1924. At the Southern outports the receipts
of cotton aggregated only 81,860 bales in July the
present year as against 77,294 bales in July 1929;
115,861 bales in 1928; 147,755 bales in 1927, and
200,650 bales in 1926. The details of the cotton
movement are given in the table we now introduce:
1778
FINANCIAL CHRONICLE'
"Reorganizing" the Federal Reserve Board.
[Editorial Article in New York "Journal of Commerce," Sept. 6 am)
[VOL. 131.
Reserve Act. Even if the President is now being driven by
the best of impulses, and even though he shows unusual
wisdom in his choice of Board members, and indirectly of
Board policy, this domination by him of a presumably independent semi-Government organization is fraught with
serious danger both to him and to the general public.
Unless virtually all of the experienced press correspondents in Washington are mistaken, the process of Presidential
"reorganization" of the Federal Reserve Board is now under
way. Former Governor Young has already retired to head
one of the Reserve Banks with a substantially larger salary,
but with far less influence in the formulation and execution Geo.
Clarke Cox on "What an Investor Would
of Federal Reserve policy. Deputy Governor Platt now
Like to Know About Gas and Electric Comannounces that he is retiring from the Reserve Board to
panies."
accept a remunerative position as the head of a privately
Taking the point of view of the investor—and, for that
owned banking organization. Now comes the appointment
of Eugene Meyer, Jr., to the governorship of the Federal matter, of anybody who buys securities—without partisanReserve Board. This still leaves, of course, a membership ship of any kind, Geo. Clarke Cox, of Cox & Jordan, in
in the Board to be filled. Reports that still other members speaking yesterday before the Empire State Gas & Electric
are to retire and be replaced have, as yet, hardly more than Association at the Saranac Inn, New York, said that the
reached the rumor stage, but retirement of the Governor general public had become actively interested in all corporaand Deputy Governor of the System and their replacement tions and more particularly of recent years in public utilities
with officials of Presidential choosing, particularly when, as a partner. In spite of the limited character of this partall pro forma statements to the contrary notwithstanding, nership, partnership has been stressed by the public utilities
these changes have been forced, seems to give ample warrant themselves and cannot be avoided.
Aside from the difficulty inherent in understanding balfor the statements that are being made to the effect that the
President is now engaged in "reorganizing" the Federal ance sheets and income statements when given with the most
exemplary frankness, there are further difficulties in the
Reserve Board.
Presumably the President desires to effect a change in imperfection of accounting methods. He pointed out that
Federal Reserve policy, or, at the very least, a change in for many years (although this fact is not generally known
the vigor with which that body performs its functions. to the public) there has been a uniform accounting system
Dispatches from Washington assert that the President is throughout the United States for operating companies. This
choosing new appointees who are in accord with his ideas accounting system has been devised by the Association of
of proper Reserve banking policy. The correspondents who Public Service Commissions in collaboration with utilities
write the dispatches fail to enlighten the public as to the themselves. Very full information is so given. Yet, there
nature of the President's ideas on this subject. It has been are very few, if any, straight operating companies whose
generally believed, and with substantial evidence to warrant common stocks are in the hands of the public. Consolidated
it, that the President has felt himself so engrossed in other balance sheets and consolidated income statements are a
pressing problems that he has not had an opportunity to necessity. These are not uniform, and one of the pressing
formulate definite opinions and views as to the nature of needs of the investor is a system of accounting which will
the banking policy that we ought to adopt. Is it now to tell him what he wants to know without hiring expensive
prove that the public has all along been mistaken in this experts to unravel things for him. He wants to know the
supposition? Or is it true that the President has at kind of thing that he would wish to know if he were an
length arrived at the conclusion that the urgency of reform actual partner in the relatively small concern. More frein connection with banking policy is no less great than quent accounting is one of the great needs, many companies
that of a good many of the other problems that he has been still making only annual reports. Above all else there should
be comparable accounting; and a statement of facts capable
forced to face in his stormy administration?
At any rate, thoughtful elements in the population would of being understood by the public is not an unreasonable
feel well served if the President would now come forward demand.
There should be a judicial attitude, he well says, in makwith a definite, explicit statement of his view covering
these questions. It has often been said that he had defi- ing these reports and not the attitude of the apologist.
nitely decided to leave these financial problems very largely Propaganda is hateful in word and in fact. Holding comIn the hands of the Secretary of the Treasury. Now that panies have their uses and many of them are frank and
Mr. Meyer is to head the Federal Reserve System, are we open in their methods. Others are not. It is quite imto conclude that he finds himself in full accord with the possible to compare the statistics of different holding combanking views of Secretary Mellon? Of course, there is panies and the suspicion that many of them offer stocks
probably no one outside of a small group in Washington which are largely water leads to doubt and hesitancy on the
who oan answer this question with authority, but it may part of the investor. Water is not objectionable in itself
be said that there is, or there was, considerable evidence provided the public knows that It is paying for water.
tending to throw doubt upon any such supposition. Pre- Suspicions again that management fees are excessive are
sumably the President is well informed as to Mr. Meyer's a fatal flaw in securities of holding companies.
For the investor, companies holding public
opinions and has selected him because these opinions are
utilities are
in accord with those of the President himself. Until further public utilities. If the law at present does not so treat
and clearer light has been thrown upon some of these ques- them or cannot so treat them, then the duty of the holding
tions, it will be utterly impossible to determine with any company to give information without compulsion is all the
degree of confidence just what the current'"reorganization" more plain. So long as information is withheld, suspicion
will attach to holding companies. As further
of the Federal Reserve Board, in fact, implies.
outlining
his views, we furnish the following digest
But there is, as thoughtful people are sure to realize,
of his remarks:
an
Criticism
even mare basic question involved in this whole matter. politicians, of these companies comes chiefly from two sources, viz.:
honest and dishonest, and also from certain economists.
The Federal Reserve Board is presumably an independen
These criticisms are of importance to the investor, whichever
t
side he
takes, because the investor is interested in just one thing, namely, whether
body, free, except so far as the Secretary of the Treasury
his dollar has been profitably spent.
and the Ccanptroller. of the Currency are members of the
Political attacks cannot be waved aside, whether they are soundly based
Board, of political influence; free, moreover, from control or are the mere product of a desire for bribes. In either ease they will
have an effect upon the rates, charges for services, and consequently upon
by the administrative officials who happen to be in office
the return upon capital. Public utility officials cannot afford to despise
at Washington, even if that control is motivated by purely the challenger and
their refutation of the challenger (if they think they
non-political considerations. Of course, this ideal has never can refute him) must be made with the same dramatic effectiveness used
been fully realized in practice. Except, however, when by the politician himself if their arguments are to reassure the investor.
Governor Roosevelt, in
recent date, in
President Harding rather reluctantly surrendered to the questions about what he, a letter to me of like to know reply to my
as Governor, would
about power
agrarians to the extent of giving dirt farmers extended companies in New York State, raises questions about the difficulty of
analyzizng the statement of power companies so as to tell whether rates
representation on the Board, there has never been quite are just or
not. He points out that in order to estimate proper rates a
such an extended, direct and vigorous interference on
the cumbersome and expensive process must be pursued.
Ile asks for cost keeping systems of utilities so clearly presented that
part of the Chief Executive with Federal Reserve matters
the cost of operations in various localities may be determined. He further
as seems now to be in process. Certainly the results of wishes information
which will permit allocation of cost to different classes
President Harding's extreme measures offer little to war- of consumers.
This issue is squarely presented. The investor, as such, may be on the
rant strong-arm violation of the spirit of the Federal
side of the Governor or on the side of the utilities. In either case, like
SEPT.20 19301
FINANCIAL CHRONICLE
the Japanese school boy, he "asks to know." If the utilities are able to
reply to these questions and criticisms, the investor would like to see them
answered so as to lay to rest for all Mine the suspicion that he, the investor,
is being bamboozled. The mere suspicion has a depressing effect on the
value of his securities.
Large public use has been made of comparison between the Ontario
Hydro-Electric System, owned by the Province, and the workings of power
companies across the border in New York State, owned by private interests.
Ambassador Sackett said in Berlin some time ago certain things about the
exaggerated cost to the consumer of power produced at the source very
cheaPly. .His statement has been used with great skill by the enemies of
the utilities. If the utilities are able to answer such questions to their
own satisfaction and to the satisfaction of the investor, then it is their
duty to see that the answer is given in such a fashion that it will carry
over to the public. If Mr. Sackett's words are foolishness, they must be
made to seem foolish to the public.
Not only has the investor the right of a partner to facts of this kind,
and to the more ordinary information which insiders are sometimes accused
of having used to their own profit in the stock market, but the investor
has become, in the modern days of a common-stock•holding-public, a great
1779
natural force. The individual investor is one drop in the mighty stream
which will sweep away all attempts at improper concealment. The individual investor cannot do much. Investors, as a great bady, will obtain
this information.
Again let it be noted that it is not a question of whether the public
ought to be given information. It will get it. Those corporations which
have nothing to conceal can face this situation with equanimity. Many of
them are doing so. Many of them invite scrutiny from any quarter—public
or private—provided it is not the nuisance kind or blackguard type or
blackmail. Those utilities which have something to conceal and which
are guilty of padding or falsifying returns may as well set their house
in order.
The investor is the Nemesis of secrecy. There is something to fear from
scoundrels—not much. There is something to fear from theorists and
advocates of public ownership—a fair challenge which utilities ought not
to shirk. Secrecy and obfuscation of statement will not be tolerated by
the investor who is no foe of utilities or of private ownership, but only
a foe of what threatens his savings or his possible earnings. He is not
ill-intentioned—but he is a great natural force which will break down the
mystery which surrounds many public utility ways.
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME. effects on prices. Lard advanced 20 to 25 points with hogs
higher on continued small receipts. Sugar was 2 points
Friday Night, Sept. 19 1930.
on
The fall demand for merchandise has again shown a net higher on September for the week and 2 to 3 lower
predicts that
moderate increase. Better things have been reported now for other months. President Machado of Cuba
1,000,000
the fourth week in succession. There is nothing spectacular the next Cuban crop will be 6,000,000 tons or over
tons larger than that of last year. Yet spot raws are 3
about the improvement; it is only gradual. It would have
ago, for the market
no doubt been taken on greater impetus but for the hot points higher at 1.180 c.&f. than a week
strange year. But the fact remains acts sold out or in other words in a better technical position.
weather of late in a very
plans looking to the stabilizthat the feeling in the business world cf the United States No progress was made with the
on the visit of
rather more cheerful. It would be easy to exaggerate, ation of the price. They appear to wait
is
the tone is less pessimistic; Cuban and American representatives of the trade to Europe.
but it is none the less true that
lower
some think they see daylight ahead. A concrete item in the Coffee was a bit irregular, but on the whole slightly
has
business news is the fact that collections are a little better. on most months, though at times Brazilian exchange
better. But speculation here has been light and
It is only a little, but any change for the better is naturally acted
welcome. And it is noticed that industries which began to stocks, visible and invisible, are believed to be large, perimprove some weeks ago hold whatever gain they made. It haps larger in Brazil than has been generally suspected.
is even said that there is a little more business in pig iron At any rate whether rightly or wrongly that is the idea of
at firmer prices. Here again the increase is slight, but some of the trade. Rubber continues to decline, the loss
there is no disposition to "look a gift horse in the mouth." during the week being Yi to Me. with the factory demand
Anything better than the prolonged dullness and depression anything but sharp and speculative sentiment for the most
is quickly noticed and made the most of. But the steel trade part bearish in the presence of good supplies and sluggish
is for the most part still quiet. Some of the big industries are trade. Hides after the recent very rapid advance have
very cautious in their buying of steel. This applies particu- declined 100 to 125 points under profit taking and better
larly to the automobile and agricultural implement trades. political news from South America. Cocoa declined 60 to
Copper has been dull and depressed at 103/2c. There is some 65 points. Silk fell 6 to 10 points.
Cotton has on the whole been pretty steady, though the
increase in activity in the Pacific Coast lumber trade, and
with output and production in closer rela- week shows a small net decline, with October off 12 points as
the tone is better,
tion. More life is noticed in the shoe manufacturing busi- there was more or less evening up for the notices due next
ness. Cotton yarns sell rather better, though they are not Thursday on which the guesses are some 50,000 to 60,000
active. In print cotton cloths there is a pretty good business bales. Foreign interests are buying the actual cotton steadily
in small lots reported, with 383/2 inch 64 x 60s at 53,4c. Some but domestic mills hold aloof. One fact has attracted atlines of finished cotton goods have met with a readier sale tention. That is the smallness of the hedge selling. For
though others were not so fortunate. In general cotton some weeks people have been predicting a decline in prices
goods are in no more than fair demand, but the buying has when the crop movement should increase and also hedge
taken in a wider range of cloths and prices have been steady. selling increase with it as a matter of cause and effect. But
The demand for fine and fancy goods has slackened. The the actual hedge selling continues to be small. There is a
radio manufacturing business is still active. A large trade widely prevalent holding back of cotton at the South enis being done in the canning of vegetables and fruits and this couraged by Government loans of 90% on the current price.
activity has been reflected in larger specifications for tin The co-operative associations expect to handle this season
plate.
about 3,000,000 bales or treble the amount handled last seaWheat declined 1 to 1340. in most months owing to the son. Meanwhile Japanese interests have been buying futures
dullness of export trade, German political rumors, large here steadily, taking 10,000 bales or more to-day. December
American, Canadian and Russian supplies hanging over cotton showed resistance at 11 cents and it has more than
the market and Russia it was said accepting very low prices. once recently. In Liverpool, Bombay and the Continent
Yet the technical position was evidently better, flour mills have been steady buyers, so that the hedges in Liverpool
were buying more freely at the West and some are expecting have had small effect. Manchester mills are said to be conis of b hying their su straw in tw orpehree
a better foreign demand this year. Moreover, the feeding sideringtheidea a ratuer signeioantpplies for theoreo tning
consumption is likely to be abnormally large. Corn dropped years ahead at the present relatively low prices. The Con23' to 33/2c., partly owing to some weakness in wheat and tinent within the past few weeks it appears has bought more
a falling off in the eastern demand. On the other hand or less for delivery as far ahead as 1932. Meanwhile the
country offerings continued to be small, stocks are also feeling in the cotton textile world is growing somewhat more
small and food industries buy freely at Chicago. Oats cheerful. It is nothing marked. But there is a disposition
declined only moderately on the later months and September to think that the turn in the long lane may not be far off.
ended at a trifling net rise for oats are considered cheap Possibly there
and may compete sharply with corn as feed this season. to-day of the Jefferson Mill of the Amoskeag Co. at ManRye declined 3 to 4c. but is attracting attention by its chester, N. H. after it had been closed for some little time.
cheapness and availability as feed. Meanwhile old corn is The textile news from Lowell, Mass, is slightly more cheerheld by farmers at $1, and the offerings are none too large ful; certainly one of the big hosiery mills there is said to be
even at that price. It is noticed that the premiums on cash running at capacity.
The stook market on the 16th inst. declined but rallied
corn, oats and rye, continue to be above the price level of
futures. It is evident that there is going to be a scarcity of 2 to 6 points later as wheat ran up 30. to 4o. from the
forage for animals this season, which may have curious early low and shorts covered in what looked like an oversold
1780
FINANCIAL CHRONICLE
[VOL. 131
market turning on the shorts. Stocks on the 18th inst. city departments as well as many firms in the business
declined with wheat and corn and a little reaction in cotton. district released their emplOyees an hour earlier than usual.
The declines were most noticeable in United States Steel, In Boston it was 74 to 90, Chicago 60 to 80, Cincinnati
American Can, Auburn Auto, J. I. Case, General Electric, 68 to 76, Detroit 62 to 72, Kansas City 62 to 78, Milwaukee
Worthington Pump and Standard Gas. The sales reached 60 to 76, Minneapolis 54 to 66, Montreal 60 to 68, New
the very modest total of 1,376,990 shares. High grade York 71 to 89, Omaha 62 to 72, Philadelphia 74
to 90,
railroad bonds were in excellent demand and so were some of Phoenix 64 to 102, Portland, Me., 68 to 80, Portland, Ore.,
the public utility issues. Legal investment bonds, appro- 58 to 80, San Francisco 58 to 66, Seattle 56 to 72, St. Louis
priate for savings banks and trust funds in the State have 60 to 76 and Winnipeg 46 to 54.
been selling at new high prices for 1930 thus far. Today
Here on the 18th inst. it was 64 to 73 with humidity howstocks gave way 2 to 6 points and the sales jumped to close ever 60 to 70 at certain hours. Boston had 64 to 76 degrees,
3,000,000 shares or more than double those of Thursday Chicago 52 to 82, Cincinnati 50 to 78, Cleveland 56 to 72,
with rumors of an imminent revolution in Germany and Detroit 52 to 78, Kansas City 66 to
86, Milwaukee 54 to 72,
lower prices for grain. German international 5% bonds St. Paul 48 to 86, Montreal 54 to 64, Omaha 62 to 88,
fell over 2% and have shown the most weakness of late of Philadelphia 66 to 72, Phoenix 72 to 100, Portland, Me. 62
any of the German issues. They dropped to a new low to 74, Portland, Ore. 60 to 76, San Francisco 60 to 72, Seattle
under 82; 7s declined somewhat and there was a fall of 1 to 62 to 68, St. Louis 60 to 82, Winnipeg 48 to 78. Today the
2 points on Berlins, Berlin City Electrics, German Bank temperatures here were 65 to 74 and the forecast was inissues, Harpen Mining 6s, Rhinelbe, Rhone Main, Rhine creasing cloudiness and warmer tonight and showers tomorRuhr and Rhine Westphalia. German marks were steady. row. Boston had 56 to 76 degrees over-night and Chicago
As to stocks the technical position was weaker. Money on 62 to 82.
call was 2% and plentiful outside at 13/2. It was still
largely a professional market, a little sensitive to foreign
political news and rumors after the revolution in Argentina The Department of Commerce's Weekly Statement of
and recent rumors of political unrest in Brazil, Cuba, &c.
Business Conditions in the United States
-Increase in Business Activity as Measured by Volume
French francs which have been rising of late continued to
of Checks.
advance to-day. American railroad bonds advanced noticeably under the spur of an excellent demand.
According to the weekly statement of the Department of
A stopping of the recent downward trend of wholesale Commerce at Washington, business activity during the
prices is shown for August by the index number computed by week ended Sept. 13 1930, as measured by bank debits,
the Bureau of Labor Statistics of the United States Depart- outside New York City, registered an increase of 6% over
ment of Labor. The Bureau's general index based on 550 the preceding period, but declined from the corresponding
commodities price series in 1926, stands at 84.0 for August, week in 1929.
compared with the same figure for July. The purchasing
Wholesale prices in general showed slight change from the
power of the 1920 dollar remained at $1.19. The index of level of the previous week, but fell off 13% from the prices
84.00 for August 1930 compares with 97.7 for August 1929. that ruled at the end of the period of Sept. 13 1929. Prices
Fall River, Mass., advises that fine goods and fancies for iron and steel as measured by the composite index declined
have continued in demand in the local cloth market through- from both the preceding week and the corresponding week
out the week and a fair volume of business resulted, although in 1929. Middling cotton at New York declined from both
sales were below those of the previous week. Print cloths comparative periods. Number 2 red winter wheat, at Kansas
were dull. Prices as a rule showed little or no change and City, although showing a fractional change from the preare being referred to as too low to allow any profit margin ceding period was considerably lower than a year ago.
In most instances. At Lowell, Mass., the re-establishment
Bank loans and discounts of Federal Reserve member
of the Lawrence Manufacturing Co. is an interesting event. banks while recording only a fractional change from a week
Five years ago the plant went through liquidation. Now ago declined from the week ended Sept. 14 1929. The average
It is operating at peak capacity and is one of the brightest prices for representative stocks, although increasing over
spots in Lowell industry. Four concerns occupy the plant. the previous week, were lower than last year. Bond prices
They are: The Lawrence Manufacturing Co., Royal Worsted during the past week were 5% higher than during the
Co., Hub Hosiery Co. and the Lowell Mills Co. A full corresponding week, a year ago. Interest rates for both call
production schedule is being maintained with day and night and time money were higher during the week of Sept. 13,
work. Employment is afforded to 1,000 or 1,100 operatives than during the preceding week. Both rates were lower than
and the present peak production is expected to continue for in 1929.
the next two months. Manchester, N. H., wired to-day:
For the week ended Sept. 6 1930 increases occurred in the
"The Amoskeag Manufacturing Co. has re-opened its Jeffer- receipts of wheat and cattle at primary markets over the
son Mill, which was closed for a number of weeks." The preceding period, while the activity of steel mills, bituminous
Berkshire Fine Spinning Associates states that totaling the coal production, freight car loadings, and the value of
largest volume since the last week in February, their sales building contracts awarded declined.
were greater than capacity production for the past week
Bank loans and discounts, cotton receipts at principal
and form the strongest evidence of an actual upturn in fine centres and the prices of leading bonds and stocks recorded
goods trading. The movement was on a broad scale com- increases when compared with the week ended Sept. 15
prising virtually every group of fabrics with no particular 1928, two years ago.
outstanding classification.
WEEKLY BUSINESS INDICATORS.
At Spray, N. C., a reduction of from 10 to 11% was put
(Weeks Ended Saturday. Average 1923-5=100.1
In effect at the Carolina mill here last week. The workers
apparently accepted the cut with good grace. A slight but
1930.
1929.
1928.
noticeable seasonable improvement in the current demand
Sept. Sept. Aug. Aug. Sept. Sept. Sept. Sept.
for hardware throughout the country was evident during
13. 6. 30. 23.
14.
7.
15. s.
the past week, "Hardware Age" says. The advancing fall Steel operations
73.7 176.3 76.3 113.2 115.8 105.0 101.0
season has been the principal influence lending impetus to Bituminous coal production
82.7 92.9 87.2 111.5 x97.1 104.8 91.7
Petroleum
117.0 118.1 118.6 142.3 141.9 120.3 119.7
trade activity. The unemployment situation throughout Freight oarprodue'n (daily avge.)
loadings
89.3 102.7 98.1 120.3 106.2 118.7 103.4
59.7 68.5 69.0
93.6
the country showed a little change for the better during the a Lumber production 37 States
Building contracts,
average)
month of August as compared with July, the Employment (dailyreceipts
54.6 63.7 110.7 128.0 97.9 123.9 96.7
Wheat
224.9 169.8 222.3 146.8 151.3 222.4 189.2
Service of the Department of Labor announced in a monthly Cotton receipts
165.0 136.5 119.6 93.8 x172.1 136.9 137.3 122.3
97.5 96.5 76.0 100.0 94.0 120.3 95.9
survey yesterday. Slight improvement was noted in the Cattle receipts
Hog receipts
51.8 58.7 58.1 69.2 63.8 58.7 53.0
Price No.2 wheat
62.0 61.2 63.6 62.0 97.7 96.9 81.4 82.2
shoe industry of New England, but operations in the textile Price cotton
middling
40.8 43.0 41.9 41.2 69.9 70.6 65.4 71.3
industry as a whole remained unsatisfactory. Operations in Price Iron & steel composite
78.9 79.2 79.4 79.7 88.2 88.2 84.9 84.8
Copper, electrolytic price.......
76.8 77.5 77.5 129.0 129.0 106.5 105.1
the automobile, steel and iron industry continued on a cur- Fisher's index (1926=100)
83.4 83.5 83.3 82.8 96.3 96.3 100.3 99.7
debits outside N. Y.
tailed basis with a small improvement being shown in the Bank loans and discounts City 99.8 94.1 93.8 110.0 136.9 121.6 125.9 111.0
Bank
134.5 134.7 134.4 134.4 137.2 137.2 126.5 126.8
Interest rates. call money
latter at the close of the month.
60.6 58.2 48.5 56.5 197.9 187.9 178.8 181.8
Business failures
113.8 82.6 115.7 107.1 07.5 73.7 99.5 78.9
The weather here most of the week was abnormally warm Stook Prices
210.5 208.0 206.2 202.5 308.0 312.8 209.9 209.1
108.6 108.6 108.3 108.0 103.1 103.1 107.8 107.7
and sultry and on the 16th inst. the temperature reached 89 Bond Prises time money
Interest rates,
75.4 74.3 74.3 74.3 205.7 205.7 160.0 148.8
retieral reserve ratio
104.9 104.3 105.7 105.7 95.1 94.4 87.7 88.5
degrees, but just after nightfall a big thundershower sud- Composite index-N.Y.
"Times"
. 87.4 88.1 103.6 104.2
- _denly struck the city and the vicinity and temperatures Composite index-business week_ _ _
83.5 86.8 89.0 106.1 100.6
dropped to 80 by 8 p. m. and to 70 by 10 o'clock. Many
Revised. 5 Relative to weekly average 1927-1929 per week shown.
Changes in Retail Prises of Food by Cities.
During the month from July 15 1930, to Aug. 15 1930, there was a decrease in the average cost of food in 34 cities, as follows: Butte,5%;Seattle,
3%; Denver, Indianapolis, and Portland (Oreg.), 2%; Atlanta, Baltimore,
Boston, Bridgeport, Chicago, Columbus. Dallas, Fall River, Manchester,
Norfolk, Peoria, Philadelphia, Providence, Salt Lake City, San Francisco.
Savannah and Washington, 1%; and Birmingham, Detroit, Houston,
Jacksonville, Los Angeles, Milwaukee, Minneapolis, Newark, New Haven,
Pittsburgh, Scranton and Springfield (III.), less than five-tenths of 1%.
Seventeen cities showed increases: Kansas City, and Louisville, 2%;
Buffalo, Charleston (Z. C.), Little Rock, Richmond, St. Louis, and St.
Paul, 1%; and Cincinnati, Cleveland, Memphis, Mobile, New Orleans,
New York, Omaha. Portland (Me.), and Rochester. less than five-tenths of
1%.
For the year period Aug. 15 1929, to Aug. 15 1930, all of the 51 cities
showed decreases: Detroit, 14%; Butte and Washington. 13%; Atlanta,
Baltimore, Cleveland. Denver, Fall River, Kansas City, Los Angeles,
Milwaukee, Philadelphia, Pittsburgh, Portland (Oreg.), Providence, Rochester, and Seattle, 12%; Bridgeport, Buffalo, Indianapolis, Manchester,
Norfolk. Portland (Me.), St. Louis, St. Paul, and Salt Lake City, 11%;
Boston, Chicago, Columbus. Dallas, Memphis, Minneapolis, Newark,
New Haven, New Orleans, New York, Peoria, Savannah, Scranton, and
Springfield (Ill.). 10%;Louisville, Mobile,and San Francisco,9%;Birmingham, Houston, Jacksonville, Little Rock, Omaha and Richmond. 8%;
Charleston (S. C.), and Cincinnati, 7%.
As compared with the average cost in the year 1913,food on Aug.15 1930.
was 55% higher in Chicago; 53% in Cincinnati; 51% in Charleston (S. C.),
and Scranton; 50% in Richmond; 49% in Birmingham, and Washington;
48% in Buffalo;47% in Baltimore. Boston, Detroit, and New York;46% in
St. Louis;45% in Milwaukee, New Haven and Providence;44% in Atlanta;
43% in Manchester. Minneapolis, New Orleans, Philadelphia, Pittsburgh,
and San Francisco; 42% in Cleveland, Dallas, Indianapolis and Louisville;
41% in Fall River and Little Rock; 39% in Kansas City, Memphis and
Newark; 37% in Jacksonville; 36% in Omaha;34% in Seattle; 31% in Los
Angeles;28% in Denver,and Portland (Oreg.); and 24% 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 no comparison for the 17-year period can
be given for these cities.
Wholesale Prices in August About on Level With July
According to United States Department of Labor,
Bureau of Labor Statistics.
Arrest of the recent downward trend of wholesale prices is
shown for August by the index number computed by the
Bureau of Labor Statistics of the U.S. Department of Labor.
The Bureau's general index, based on 550 commodities or
price series in 1926, stands at 84.0 for August compared with
the same figure for July. The purchasing power of the 1926
dollar remained at $1.19, says the Bureau, which under date
of Sept. 18 adds:
Prices of farm products on an average increased over 2% from July to
August, with advances shown for barley,corn,oats,rye,winter wheat,hogs,
eggs, and alfalfa and clover hay. Beef steers, lambs,sheep, and cotton, on
the other hand, averaged lower than in July.
Foods as a whole were slightly higher than in the month before,due mainly
to increases for butter, cheese, fresh pork, hominy grits, corn meal and
canned corn. Fresh beef,lamb, wheat flour,coffee and sugar, were cheaper
than in July.
Hides and skins were downward, with leather, boots and shoes and other
leather products also showing minor decreases.
Textile products averaged lower, with cotton goods,silk and rayon, woolen
and worsted goods, and other textiles all participating in
the decline.
In the group of fuel and lighting materials a slight advance in anthracite
coal was offset by small declines in bituminous coal and coke, leaving the
group level unchanged from the month before.
Metals and metal products again averaged lower, with small declines in
most iron and steel products, also copper and zinc in the group of nonferrous
metals.
Building materials continued to decline, lumber, brick, and paint materials averaging lower than in July.
Prices of chemicals, drugs and pharmaceuticals, fertilizer materials, and
mixed fertilizers all were somewhat below those of the month before.
House furnishing.goods showed a slight drop in the price level, while in
the group designated as miscellaneous there was a considerable increase in
prices of cattle feed,and a further decrease in prices ofrubber and lubricating
and cylinder oils.
An increase from the July level is shown for the group of raw materials,
while decreases are shown for the groups of semimanufactured articles,
finished products, nonagricultural commodities, and the group of all commodities less farm products and foods.
Of the 550 commodities or price series for which comparable information
or July and August was collected, increases were shown in 109 instances
Groups and Sub-Groups.
All commodities
Farm products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Hides and leather products
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Silk and rayon
Woolen and worsted goods .
Other textile products
Fuel and lighting materials
Anthracite coal
Bituminous coal
Coke
Gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
House-furnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
Paper and pulp
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles.- - _
Non-agricultural commodities
Finished products
All commodities law farm pro(firers and roods
Purchasing
Power of
the Dollar.
Aug. 1930.
August
1929.
July
1930.
August
1930.
97.7
107.1
99.3
112.8
105.8
103.1
104.4
116.0
94.8
109.7
117.2
111.5
106.1
106.0
93.1
98.7
79.9
96.5
84.5
80.9
90.0
9.5
84.6
94.3
70.3
104.3
97.6
105.1
98.3
110.7
98.5
96.7
94.2
89.6
92.0
99.6
92.8
105.4
93.7
99.3
70.1
90.5
98.2
97.1
96.7
97.3
81.3
124.7
88.2
42.6
55.3
108.6
98.9
96.2
94.3
97.3
mm-;m0meomm-ammtommmoomvmmommoomom-mommmmm..ummecwoogmgmmomm-amM
034.m.sitommo...mmoom.ocammawmws.c.mmommmwma.mo.wmco.o.m.
144•14;-.MMMMMMMMliMMMMMMMk.ipMMk.MbbioMi..bl4WiDMMMbl
During the month from July 15 1930 to Aug. 15 1930,24 articles on which
monthly prices were seoured decreased as follows: Onions, 10%; plate beef,
7%,chuck roast, leg of lamb and potatoes,6%;rib roast, 5%;sirloin steak
and round steak, 4%; hens, oleomargarine, flour, cabbage, prunes and
bananas, 2%; sliced bacon, sliced ham, cheese, bread, macaroni, pork and
beans, canned peas and coffee, 1%; and tea and oranges less than fivetenths of 1%. Five articles increased: strictly fresh eggs, 11%; butter.8%;
canned red salmon,2%;pork chops and lard, 1%. The following 13 articles
showed no change in the month: Fresh milk, evaporated milk, vegetable
lard substitute, cornmeal, rolled oats, cornflakes, wheat cereal, rice, navy
beans, canned corn, canned tomatoes, sr gar and raisins.
and decreases in 184 instances. In 257 instances no change in price was
reported.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1926=100.0).
84.0
84.9
80.4
84.6
86.7
87.1
97.9
93.1
79.4
98.9
91.2
99.9
100.6
104.9
77.7
85.0
57.6
86.6
63.5
75.4
87.8
88.6
83.8
*
60.9
92.7
90.1
72.7
94.9
102.5
98.4
87.4
81.1
82.5
91.7
84.3
83.7
98.7
87.3
92.1
66.8
83.3
92.7
95.9
96.5
95.8
71.2
104.8
83.8
20.3
52.0
94.5
81.8
78.1
83.8
86.4
$1.190
1.178
1.244
1.182
1.153
1.148
1.021
1.074
1.259
1.011
1.096
1.001
994
953
1.287
1.176
1.736
1.155
1.575
1.326
1.139
1.129
1.193
83.3
1.200
92.5
M
Slight Decline in Retail Food Prices in Month to Aug.15
-Decrease of Over 10% in Year.
Retail food prices in the United States as reported to the
Bureau of Labor Statistics of the United States Department
of Labor showed a decrease of slightly less than five-tenths
of 1% on Aug. 15 1930, when compared with July 15 1930,
and a decrease of a little more than 10% since Aug. 15 1929
The Bureau's weighted index numbers, with average prices
in 1913 as 100.0, were 160.2 for Aug. 15 1929, 144.0 for
July 15 1930 and 143.7 for Aug. 15 1930. The Bureau
further reports as follows:
. 1781
FINANCIAL CHRONICLE
m
SEPT. 20 1930.]
1.642
1.079
1.110
1.376
1.054
.976
1.016
1.144
1.233
1.212
1.091
1.186
1.195
1.013
1.145
1.086
1.497
1.200
1.079
1.043
1.036
1.049
1.40.1
.954
1.193
4.926
1.923
1.055
1.222
1.280
1.193
1.157
*Data not yet available.
Decrease of 1.4% in Employment During August
Shown by 13 Industrial Groups According to U. S.
-Wages Drop 2.6%.
Department of Labor
Bureau of Labor Statistics of the United States
The
Department of Labor reports the changes in employment
and payroll totals in August as compared with July, based
on returns made by 39,828 establishments, in 13 major
industrial groups, having in August 4,721,968 employees,
whose combined earnings in one week were $117,979,212.
The Bureau states that the combined total of these 13
industrial groups shows a decrease of 1.4% in employment
from July to August and a decrease of 2.6% in _employees'
earnings. Excluding manufacturing, the remaining 12
industrial groups show a gain in employment of 0.2%, with
a decrease of 1% in payroll totals. Manufacturing industries
alone showed a decrease of 2.1% in employment and a
decrease of 2.6% in payroll totals. The Bureau's survey
continues:
Increased employment in August was shown in 4 of the 13 industrial
groups: Canning and preserving showed a seasonal increase of 47%, bituminous coal mining began its autumn season with an increase of 1.4%. the
continued summer resort hotel season increased hotel employment 0.2%.
and power, light, and water plants reported an increase of 0.5%. Decreased employment was shown in each of the remaining 9 industrial
groups, as follows: Anthracite mining, 12.5%; metalliferous mining, 1.9%;
quarrying, 0.7%; crude petroleum production, 2.4%; telephone and
telegraph, 1.2%; electric railroads, 2.5%; wholesale trade, 1%;retail trade.
3.8%, and manufacturing, 2.1%. The figures of the several groups are
not weighted according to the relative importance of each group and
.
therefore they represent only the employees in the establishments reporting
Manufacturing Industries.
Changes in employment and payroll totals in manufacturing industries
in August reported above are based upon returns made by 13,055 establishments in 54 of the chief manufacturing industries of the United States.
These establishments in August had 2,935,550 employees, whose combined
earnings in one week were $71,741,492.
The leather group of industries showed increased employment of 0.9%
in August and there were smaller increases in the textile and chemical
groups. Among the decreases in the remaining 9 groups the largest were
4.5% in the tobacco group. 4.2% in the iron and steel group, and 4% in the
vehicle group; the smallest decreases were 0.7% each in the paper and
stone-clay-glass groups.
Twenty of the 54 separate industries reported increased employment in
August, these being largely such seasonal industries as millinery and lace
goods, women's clothing, carpets, boots and shoes,furniture,steam fittings,
stoves, paper boxes, rubber boots and shoes and fertilizers. Woolen and
worsted goods increased 1.3%, shipbuilding increased 0.9%, and pottery
4.8%.
1782
FINANCIAL CHRONICLE
The outstanding decreases in employment from July to August were
13.6% in machine tools, 13% in agricultural implements, 7.2%
in cane
sugar refining, 5.9% in automobiles, 5.3% in cigars and cigarettes,
5.2%
In foundry and machine-shop products, and about
4% each in cotton goods,
hardware, sawmills, and structural ironwork; the iron and steel industry
reported a decrease of 3.6%, and automobile tires a decrease
of 3.4%.
Four of the six industries
-rayon, radio, aircraft, jewelry, paint and
varnish, and miscellaneous rubber goods-data for which are not
yet
included in the Bureau's indexes,showed decreased employment
in August,
the two increases having been 25.8% in radio and
0.5% in Jewelry.
Each of the nine geographic divisions reported fewer employees
in August
than in July, although the East South Central and Pacific divisions
;eported increased payroll totals of more than 1% for the same period.each
The outstanding decrease in both items was in the
East North Central
division, which is most affected by changes in the automobile industry.
Per capita earnings in manufacturing industrles,in
August 1930, were
0.5% lower than in July'1930.
In August 1930, 10,370 establishments reported an average
of 78% of a
full normal force of employees, who were working
an average of 91% of
full time.
INDEX NUMBERS OF EMPLOYMENT AND PAYROLL TOTALS IN
MANUFACTURING INDUSTRIES.
(Monthly Average 192(100).
Employment.
Manufacturing Industries.
Aug.
1929.
Aug.
1930.
81.6
79.9
Payroll Totals
Aug.
1929.
July
1030.
102.1
75.9
Aug.
1930.
73.9
102.2
97.6
101.1 100.7
88.6
73.7
107.4 102.4
110.5
99.5
103.9
99.8
104.8 103.6
95.0
67.3
88.4
64.8
101.0
'70.8
101.3
67.7
96.9
72.7
98.5
50.6
97.4 '72.8
95.1
70.2
89.6
65.2
97.6
65.6
87.4
55.3
104.5
74.5
103.4
74.4
83.3
67.6
110.5
88.5
109.0
77.5
90.9
61.3
137.6
84.0
76.2
53.0
85.8
58.9
62.1
93.1
91.2
64.7
88.2
59.5
100.1
58.7
101.3
76.0
97.6
82.2
102.4
74.2
104.4
99.4
98.7
84.0
100.7
90.4
103.6 102.6
110.4 109.8
102.0
91.8
105.2
89.6
78.2
71.0
103.1
97.4
89.4
64.5
87.8
77.2
84.6
57.5
88.6
62.1
97.9
68.3
0000.0=Cot ,ACt...MCC
,
78.4
77.3
78.9
90.2
86.6
90.7
77.0
82.9
56.8
76.3
75.1
76.9
86.1
87.4
85.9
73.9
78.0
14.8
102.1
92.9
105.8
95.7
87.6
96.7
109.1
124.6
94.5
68.9
64.9
70.5
86.7
84.8
86.9
70.3
70.4
63.7
WCOZWOOW0.0
86.5
86.0
93.9
86.3
71.1
90.9
79.4
69.4
88.5
69.1
94.3
113.4
119.7
89.1
87.9
63.8
aC.00,
0
97.9
42.7
72.4
80.1
112.7
95.2
42.8
74.6
77.4
113.7
126.3
53.1
102.8
100.9
104.5
96.5
35.2
65.3
75.8
113.3
COMCc..-1
^'N,
VtqctN'tiol .
"a!t7"0
94.7
92.6
96.8
94.3
76.6
75.4
102.8 101.1
97.7
97.5
98.1
96.1
99.8
92.6
77.6
77.8
75.9
72.9
80.9
79.6
78.6
78.0
77.4
78.4
68.7
73.5
84.2
86.6
79.7
79.7
76.1
74.3
77.9
85.0
70.1
80.2
84.0
80.5
83.9
80.8
70.3
68.5
95.6
92.0
87.2
82.7
76.1
73.1
95.6
82.6
60.4
62.0
69.7
73.0
68.1
66.3
68.1
85.4
63.6
61.7
70.7
71.6
85.7
86.5
84.4
84.6
86.0
87.0
97.6
96.9
89.9
90.0
87.4
89.0
100.3
98.3
107.8 106.5
89.3
89.7
91.6
92.4
6.5.6
70.1
94.1
92.9
72.8
72.3
80.3
80.5
67.4
66.1
76.3
80.0
74.8
72.9
140,40N ,
eqq.R-"":m.P4qmt-'1q.!-:'-' 000,
, 0
-cr-
COOC. 047,=CODIWOr..900.
.
Wavc04
,
"qN
Ovan
General index
98.6
Food and kindred products.
99.4
Slaughtering and meat Packing- 99.9
Confectionery
85.7
Ice Cream
108.0
Flour
104.9
Baking
102.3
Sugar refining. cane
99.2
Textiles and their products
95.1
Cotton goods
91.6
Hosiery and knit goods
97.2
Silk goods
98.3
Woolen and worsted goods_...... 98.8
Carpets and rugs
105.0
Dyeing and finishing textiles
98.0
Clothing. men's
95.7
Shirta and collars
91.1
Clothing, women's
97.2
Millinery and lace goods
Iron and steel and their products 90.4
100.4
Iron and steel
97.5
Cast-iron pipe
81.7
Structural Ironwork
Foundry A machine-shop Prod° 106.8
105.3
Hardware
89.4
Machine tools
131.2
Steam fittings
76.6
Stoves
91.5
Lumber and Its products
92.0
Lumber, sawmills
90.8
Lumber, millwork
86.9
Furniture
98.2
Leather and ita produCts
97.1
Leather
94.2
Boots and shoed
97.8
Paper and printing
101.1
Paper and pull)
96.0
Paper boxes_
95.1
Printing, book a ni Job
103.1
Printing, newspapers
Chemicals and allied products_ _ _ 107.1
98.1
Chemicals
102.2
Fertilizers
73.8
Petroleum refining
101.0
Stone, clay and glass products
90.6
Cement
85.8
Brick, tile and terra cotta
88.6
Pottery
91.9
Glass
Metal products, other than iron 95.6
and steel
97.1
Stamped and enameled ware_
Brass, bronze and copper prods 90.4
100.3
Tobacco products
Chewing and smoking tobacco 64.9
84.4
and snuff
96.3
Cigars and cigarettes
100.8
Vehieles for land transportation
117.6
Automobiles
87.9
Carriages and wagons
Car building and repairing,
92.9
electric railroad
Car building and repairing.
88.3
steam railroad
Miscellaneous industries
115.2
Agricultural implements
116.2
Electrical machinery, apparatus
and supplies
126.9
Pianos and orghns
.57.9
Rubber boots and shoes
100.2
Automobile Ores
107.2
Shipbuilding
105.0
July
1930.
"It is clear now and will be increasingly clear that what started us back
was the prompt action of President Hoover in calling financial, industrial
and labor leaders to united action for economic stabilization and a
vast
program of public construction. In this move President Hoover has set
a precedent for all time."
Increased Construction Activities Aids Business According to Secretary of Commerce Lamont.
Increased construction activities offer one of the best and
most far-reaching means for restoring more active business
and employment, it was held on Sept. 11 by Secretary of
Commerce Lamont,in a telegram to A. E. Horst, President
of the Associated General Contractors of America,commending the organization's plan for regional studies of specific
problems facing the construction industry. The New York
"Journal of Commerce" in its advices from Washington
making this known, adds:
"I hope that many needed projects, both public and private, may
be
commenced and put under way as a result of consideration of local needs
and resources and other relevant factors," the Secretary said.
Headed by Mr. Horst, a group of construction leaders will visit New
England points, where intensive studies will be made of the field of residential construction, which is now at the lowest point of recent years.
It is planned also to make studies designed to eliminate loose credit conditions in the industry, establish programs for the prequalification of bidders
on public work and the improvement of practices in writing surety bonds.
Loading of Railroad Revenue Freight Continues Small.
Loading of revenue freight for the week ended on Sept. 6
totaled 856,637 cars, the Car Service Division of the‘American
Railway Association announced on Sept. 16. Due to the
Labor Day holiday this was a decrease of 127,867 cars below the preceding week this year. It also was a reduction
of 161,844 cars compared with the same week last year and
a decrease of 134,748 cars below the same week in 1928.
Further particulars follow:
Miscellaneous freight loading for the week of Sept. 6 totaled 339,402
curs, 72,008 cars under the same week in 1929 and 49,259 cars under the
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 211,276
cars, a decrease of 23,348 cars below the corresponding week last year and
19,634 cars below the same week two years ago.
Coal loading amounted to 138,127 cars, a decrease of 21,592 cars below
the same week in 1929 and 18,181 cars under the same week two years ago.
Forest products loading amounted to 37,101 cars, 23,567 cars under the
corresponding week in 1929 and 21.142 cars under the same week two years
ago.
Ore loading amounted to 47,451 cars, a reduction of 19.735 cars below
the same week in 1929 and 13,124 cars below the same week in 1928.
Coke loading amounted to 8,537 cars, a decrease of 3,310 cars below the
corresponding week last year and 1,305 under the same week in 1928.
Grain and grain products loading for the week totaled 50,029 cars, an
increase of 4.279 cars over the corresponding week in 1929 but 7,844 cars
below the same week in 1928. In the Western districts alone, grain and
grain products loading amounted to 38,080 cars, an increase of 5,062 cars
above the same week in 1929.
Live stock loading totaled 24,714 cars, 2,563 cars under the same week
In 1929 and 4,259 cars under the corresponding week in 1928. In the Western districts alone, live stock loading amounted to 19.143 cars, a decrease
of 1.325 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:
1929.
1928.
1930.
Four weeks in January
3,349,424
3.571,455
3,448,895
Four weeks in February
3,505,962
3,766,136
3,590,742
Five weeks in March
4,414,625
4.815,937
4,752,559
Four weeks in April
3,619,293
3,989,142
4,730,307
Five weeks in May
4,939,828
4,598.555
5.182,402
Four weeks in June
3,719,447
4,291.881
3,989,442
Four weeks in July
3,555,731
4.160.078
3,944,041
Five weeks in August
4,670,368
5,600,706
5.348,407
Week ended Sept. 6
1.018,481
856,637
991.385
Total
Secretary of Labor Davis Sees Indications of Improved
Business and Employment Conditions.
Secretary of Labor James J. Davis stated at a luncheon
in Pittsburgh on Sept. 11 of the American Institute of Mining and Metallurgical Engineers that there were many indications of improvement in business and employment conditions, for which he gave credit to President Hoover. Associated Press accounts reports Secretary Davis as saying:
"We have all been carried away to such a depth of pessimism that when
any one ventured to say that good times would return, he was labeled a
'Pollyanna.' I am sincere in stating that there are many indications that
business is picking up and going on.
"Agreements have been reached recently that guarantee peaceful relations in an industry employing 150,000 workers. The pact signed is to
run for five and one-half years, with a pay roll that will run to nearly
$2.000,000,000, based on normal work during that period.
"Just before I left for Pittsburgh a big Eastern concern added a thousand new employees to its pay roll, and at the latter part of this month I
am to officiate in another of our industrial cities where another 21,000
employees will be given employment.
"The genius of America has practically put out of existence such things
as famine and pestilence, evils that we once thought beyond the power of
man to control. I am sure that unemployment will soon be in the same
category.
[Vol.. 131.
32,290.042
36.396,218
34,745,606
President Hoover Finds Foreign Trade of United States
Increasing.
President Hoover says Associated Press accounts from
Washington, Sept. 16 has been informed by the Commerce
Department that American foreign trade for August is
running at between 80 and 85% in quantity of like foreign
trade last year and has registered some gain over early
months of 1930. The dispatches continue:
"I have received from the Department of Commerce preliminary figures
on foreign trade for the month of August," the President said to-day.
"They show total imports of $217,000,000 and total exports of about $300,000,000. The exports show and increase of about $38,000,000 over July.
"The Department has made a study as to how far imports and exports
have been affected by the fall in prices as distinguished from actual quantity.
During the first seven months of this year our exports have decreased about
30% in quantity and our imports have decreased about 5%,indicating that
our buying power has held up much better than that of foreign countries."
Since wholesale prices on world markets have fallen about 15% during
the last year on the average covering all commodities, the Departmental
studies indicate quantities in foreign trade of the United States are not much
below 1929 figures.
The counts, however, having been kept in values, have shown a greater
decline in dollars than they actually would in unit quantity.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
Life Insurance Sales in United States Decrease in
August—Year-to-Date Figures Show Small Gain.
The life insurance business was one of the last to be effected by the general economic depression. Ordinary life
insurance sales continued to gain up to and including April.
In May records of sales showed a slight decrease which was
also felt in June and July. Figures which have just been
compiled for August show a much more pronounced decrease.
According to the Life Insurance Sales Research Bureau at
Hartford, Conn., the country as a whole averaged a 10.4%
loss; this large average decrease, it is stated, was not influenced by any particular section but was the result of a
general decline throughout the country. Every section, it
is noted, except the Pacific states which showed a monthly
increase of 1%, contributed to the general decline. Only
four states showed increased sales when compared to August
1929, these four in order of percentage increase were the
District of Columbia and the states of Florida, Maine and
California. The Bureau under date of September 17 adds.
1783
Twenty-five Leading Cities.
The group of 25 cities reporting the largest volume of permits issued in
August revealed a total for the month of $92,193,147, a loss of 24% from
August last year, when the volume was $120,627,682, and of 10% from
July, when the total was $102,625,020. New York lost 33% from August
1929, and Chicago 58%.
The Labor Situation.
Unemployment in the building trades for the month of August, as
reported by the American Federation of Labor, was 39%. Although there
have been no reductions in published wage rates, a trade journal reported
that in one city contractors are able to employ building workers at rates
considerably below the union scale. Reports of increased efficiency are
widespread. This condition is due to increasing unemployment in the
building trades.
Building Materials.
Though few price changes were reported for building materials in the
month of August the situation is not good from the standpoint of inost
manufacturers. For example, 28% of the plants reporting to the !Common
Brick Manufacturers' Association are not operating. The lumber situation
continues unfavorable due to difficulty in adjusting production to demand;
this situation is reflected in numerous price declines for this commodity.
Building, as reflected by the Straus Index of Building Permits, has been
on the downward trend since 1926. Some of the factors working against
improvement in this important branch of industry have now altered in
favor of building. Interest rates have been declining since late 1929.
Funds formerly diverted to the Stock Exchanges are now looking for
employment elsewhere. Building costs have been reduced, and the steady
decline in building activity has already done much to eleminate an oversupply of certain types of construction.
When we consider the first eight months of the year, ordinary life insurance shows an increase. The volume of insurance sold in, the first eight
months of this year is larger by 1% than the volume paid for in the same
period last year. The Pacific states still continue to show the largest gain
but the West North Central and Middle and South Atlantic also show a
gain during this period. In contrast to only four states for the month
Commodities and Building Material.
of August, for the eight-month period, 23 states are ahead of their 1929
All-commodity prices and building material prices are continuing the
volume and three states just equal what they paid for in the first eight
decline begun in the latter part of 1929. How long this decline will
months of 1929.
The Research Bureau at Hartford, Conn., studies life insurance condi- continue is impossible to ascertain; there are evidences, however, that certions throughout the country and issues a monthly report on sales of ordi- tain commodity prices have reached resistance levels. The declines in
nary life insurance. The following figures show the monthly and year-to- material prices, and, consequently, in building costs, should act as a
date status of ordinary life insurance when compared to the corresponding stimulant to building activity.
period last year. The Research Bureau's figures are based on the experi- TWENTY-FIVE CITIES REPORTING LARGEST VOLUME OF PERMITS
ence of 78 insurance companies which have in force 88% of the total legal
FOR AUGUST 1930, WITH COMPARISONS.
August 1930. August 1929. August 1928. July 1930.
reserve ordinary life insurance outstanding in the United States.
$28,371,352 $42,130,349 $80,577,179 852,318,451
New York (P.F.)
Sales of Ordinary Life Insurance in 1930 Compared to 1929.
7,634,700 18,131,000
5,002,300
8.033.350
Chicago
5,511,772
8,584,613
6,494,577
5,841,626
1st 8 Mos. August
1st 8 Mos. August Los Angeles
1,742,265
5,586,084
3.166,673
1,080,497
Pittsburgh
Sales.
Sales.
Sales.
Sales.
5,314,958
453,508
367.193
398,411
New England
91% East South Central_ 97%
New Haven
99%
86% Detroit
9,823,611
3,770,956
10,889,394
Middle Atlantic__ _ _ 102
3.625,963
West South Central_ 92
92
82
4,511,975
3,305,325
4,194,705
East North Central- 98
3.318,615
Cincinnati
86
Mountain
98
86
427,731
3,207,431
229,374
777,329
West North Central_ 105
Ft. Worth
87
Pacific
--- 108
101
2,857,475
2,883,250
6,825,300
South Atlantic
1.120,425
102
Cleveland
91
3,053,135 11.943,540
2,507,145
2,806,915
United States total 101%
90% Philadelphia
2,272,880
2,396,620
2,402,430
2.356,570
Washington
In addition to the above figures, the Research Bureau has figures for Baltimore
2,350,640
3,576,360
2,398,0110
2.558,760
2,010,400
2.105,500
1,256,477
the 12
-month period which ended Aug. 31 1930. This period shows a Oklahoma City
1.588.340
8,083,052
1,754.309
4,387,087
2.756.897
Boston(P.F.)
gain of 3% over the preceding year. Only one section, the West
South
3,055,553
5,085,190
1,599,000
4,984,689
Central, failed to equal their production in the preceding twelve months. Milwaukee
1,922,295
1,567,225
1,972,770
1,315,530
Seattle
The New England and East South Central just equalled their production Yonkers
1,424,362
1,020,131
5,379,060
784,825
233,605
1,351,368
964,035
1,003,865
of the preceding year, while the other sections recorded increases.
Cambridge, Mass
2,369,429
1,342,092
2,258,131
1,874 90
126 29
:
Houston
2,309,698
1,287,001
2,934,99a
1,408,999
St. Louts
1,242,128
3,095,638
1,881,987
1,086,836
San Francesco
131,344
1,217,021
404,98S
Sales of Ordinary Life Insurance in Canada Continue Scranton
840,910
1,201,535
1,042,427
867,195
Long Beach, Cant
827,225
481,200
1,194,400
To Decrease.
418,850
Shaker Heights,0
573,581
1,179,268
1,390,929
718,818
Albany
At the close of eight months of 1930, sales of ordinary
$92,193,147 $120,627,682 5176,978.553 $102.625,020
life insurance in Canada show a decline. Figures just com(P. F.) Indicates plans filed.
piled for the month of August continue to show a decrease.
The volume of business paid for during the past month Indiana Limestone Co. Reports New Construction in
was 13% smaller than in August last year. Prince Edward
During
States
Present
Year
of
United
Island showed an increase of 18% for the month; this was
$3,710,000,000
.
the only Province to record an increase, the other Provinces
New construction in the United States for two-thirds of
all shares the general decline in volume.
year approximated $3,710,000,000, according to a
The Life Insurance Sales Research Bureau at Hartford, the
nationwide strvey on Sept. 9 by the Indiana Limestone Co.
Conn., also says:
These figures, it is stated, are based on reports from several
At the close of the eight-month period, the records for the Dominion as a
hundred cities and towns. "While business in general is
whole snow a 5% decrease in sales. Prince Edward Island shows the
largest
increase for the period, 24%. British Columbia, New Brunswick
and still marking time," says President A. E. Dickinson, "the
Quebec show slight gains; the other Provinces fell below their
production approach of autumn has improved sentiment". He adds.
In 1929. For the 12-month
period which ended Aug. 311930, Canada shows
a general decrease of 3% when compared to the preceding 12
It is generally conceded that demand is gradually overtaking supply
months. Only
and that production will have to be speeded up to meet normal requireProvinces show a decline when these two periods of sales are
four
compared. ments. The increase in public and private bond issues is expected to be
Montreal is the only city among those for which figures are
reported reflected in a much more active building program during the fall months.
that showed an increase in August.
Public works and utilities construction has not been sufficient to offset
the heavy drop in residential building and the slowing up of commercial
and industrial building. But it has nevertheless been a strong factor in
S. W. Straus & Co. in August Statement Say
Decline somewhat easing the general period of depression.
in Building Operations Has Not Yet
Run Its
For August metropolitan New York and vicinity showed an increase in
Full Course.
the value of contracts awarded compared with a year ago, as did also upState New York. The New England States fell off slightly. Increases
Official reports made to S. W. Straus & Co. from 585 were recorded in the Northwest. Western coast building showed a gain
leading cities and towns in all parts of the United States in commitments. Business sentiment there is better than it has been for
indicate that the decline in building operations has not yet some time. The Southern States, particularly Texas, are in a measure
solving the employment problem by active public and private construcrun its full course. Building reports issued in these places tion programs.
The Chicago district is slightly under August of last year, although it
in August totaled $160,790,888, compared with $188,937,year.
decided improvement
604 in July and $255,082,378 in August last year. The shows ayet reveals no real signsover July this Several Residential building
utility, railroad and,
of an upturn.
here as
from the preceding month was 15% and from the cor- street construction Jobs have raised the district's totals, however.
loss
responding month of the preceding year was 37%. The
statement goes on to say. •
Martin J. Insult Cites Increasing Sales of Electrical
It is to be borne in mind that these reports cover
Merchandise Throughout Middle West System—
only such types of
construction as those for which municipal building permits
are required.
Gain Is 26% in First Six Months of This Year.
The bulk of this work, therefore, is represented by private buildings in
Merchandise sales of Middle West Utilities System for
urban centers.
The Straus Index.
the first six months of 1930 were approximately 28% ahead
The Straus index of building permits, after adjustments for seasonal of last year, according to a compilation
published by the
and trend factors, declined to 18.4% below normal in August. This com- company this week. "It
is especially significant," Martin
pares unfavorably with the July index, which was 13.1% below normal.
The August 1929 index was only 3.4% below normal. Since April the J. Insull, Presidea, said, "to note the steady increase in
Straus index has been tending upward, except for a slight decline in June, the heavier consuming appliances which have a marked
and the present somewhat more substantial decline indicated for August.
effect in increasing the output and improving operating
[VOL. 131.
FINANCIAL CHRONICLE
1784
efficiency. Sales of electric refrigerators are 14% ahead Berlin Institute Predicts 10 Years More of Downward
Trend in Prices.
of last year and sales of electric ranges have shown approximately the same gain. The sales of electric water heaters
The Institute for Studying Trade Fluctuations declares,
in the first half of 1930 was more than three times the sales (according to Berlin advices Sept.5 to the New York"Times")
in the first half of 1929." Mr. Insull added.
that the present fall in world prices is merely resumption of
Indications are that approximately $2,000,000 annual service revenue the downward movement of 1920. The message continues:
portion
will result from this year's merchandising activities. A substantial
On the basis of observations in the past, it asserts, the general downward
of the investment to serve these customers is already being carried. Since
-year movegas is not universally available in small communities the electric range movement may be expected to continue until 1940. This 20
ment, it considers, will constitute a "major cyclical reduction of prices"
competes with coal and wood stoves to a large extent, which has a favorable
analogous to those which followed the Napoleonic and Franco-Prussian
effect on sales in the territories served by the Middle West Utilities System.
A similar condition prevails with respect to electric refrigerators as a great Wars.
The decline will be interrupted, however, the Institute admits, by tempart of the territory is not served by established ice delivery routes. The
porary recovery in prices whenever trade is active. Business circles incline
development of satisfactory water-heating devices and the establishment
recovery in
of attractive rates for electric water heating have opened up a fertile new to believe that such a trade revival, with the accompanying
prices, is not now far off.
field, of electric consumption.
Gas Utility Sales Declined in June--Slight Increase
"Annalist" Index of Business Activity Shows Further
Shown for First Six Months
-Preliminary Figures
Decline.
for July Show a Decrease Also.
Tho "Annalist" Index of Business Activity for August
Mixed trends characterized the gas industry during the
shows a further decline, the preliminary figure for that month
first six months of the current year. Reports received by
being 82.1, as compared with a revised figure of 84.6 for
the statistical department of the American Gas Association
July. The "Annalist" continues:
from companies representing 90% of the manufactured gas
The index is now at the lowest point since March, 1921, when it got
down to 81.6. The snarp decline in steel buying which occurred in August, industry indicate an increase of 2% in manufactured gas
es reflected in a heavy decrease in the unfilled orders of the United States sales and 1.4% in revenue in the first half year as compared
Steel Corp., indic..tes that unless present tendencies reverse themselves
with the corresponding period of 1929, while reports from
with unusual rapidity there is little hope for any appreciable upturn in
companies representing 70% of the natural gas utility in
the business index before the end of the year.
The tendency toward slackened activity reflected in the August drop dustry show a decline of 4.8% in natural gas sales and a drop
in the business index was fairly general, only two of the component series
association,
- of 3.2% in revenue ofr the same period. The
of the combined index-steel ingot production and zinc production
showing any gain over July. These gains were small, whereas there were in its report, further states:
further sweeping declines in the adjusted indexes of cotton consumption
and of freight car loadings. A further sharp decline in the adjusted index
of automobile production, together with smaller declines in the adjusted
indexes of electric power production and of pig iron production, also contributed to the August decrease in the combined index.
Table I shows for the last three months the movements of the combined
index and of the component series, each of which is adjusted for seasonal
variation and long-time trend. Table II gives the combined index by
months back to the beginning of 1925.
TABLE I. THE ANNALIST INDEX OF BUSINEt313 ACTIVITIY BY
COMPONENT GIROUPS.
August.
July,
June.
84.3
77.1
84.9
.92.8
75.4
*59.6
67.9
Pig iron production
Steel ingot production
Freight ear loadings
Electric power production
Bituminous coal production
Automobile production
Cotton consumption
Wool consumption
Boot and shoe production
Zinc production
Combined Index
87.3
74.3
86.6
93.5
78.7
71.7
75.2
85.2
87.8
73.3
84.6
95.9
87.5
87.7
92.9
81.2
88.0
76.7
80.0
93.8
79.6
87.3
74.8
582A
TABLE II. THE COMBINED INDEX SINCE JANUARY 1925.
1930.
January
February
March
April
May
June
July
August
September
October
November
December
1929.
1928.
1927.
1926.
1925.
93.3
92.7
89.6
93.3
88.3
87.3
x84.6
.82.1
104.1
104.9
103.0
107.5
97.0
98.9
98.6
99.0
100.4
97.8
99.7
101.3
101.3
103.6
101.5
99.1
100.2
103.6
107.0
103.6
104.0
102.8
100.7
101.9
101.1
97.5
94.4
92.3
102.3
103.2
104.7
103.7
101.6
103.2
102.8
105.0
107.1
105.0
103.7
103.2
102.4
102.9
102.6
108.4
101.4
98.5
101.1
100.7
100.8
102.1
104.0
105.8
108.8
107.5
108.5
106.8
105.8
103.6
94.2
89.6
• Subject to revision. x Revised.
"Annalist"Weekly Index ofWholesale Commodity Prices
Advances made during the last three weeks in the commodity index were canceled this week when the "Annalist
Index of Wholesale Commodity Prices" dropped to 124.3
from the revised index of 124.8 for last week. In its further
comments the "Annalist" says:
Depressed conditions in industry and general business have retarded the
rate of growth of the gas utility industry. This is clearly shown by comparing the growth registered in previous years. For the year 1929 menufactsred gas sales were 8% above 1928, while natural gas production showed
an unusually large increase of approximately 20%.
In both manufactured and natural gas divisions of the industry substantial
declines were registered in industrial-commercial sales. However, manufactured gas companies offset the decline in this class of business by substantial increases in house heating sales.
The relatively "depression proof" characteristics of the gas industry is
indicated by operating results during the first six months of the present
year. While manufactured gas sales showed an increase of 2% and natural
gas sales showed a decrease of less than 5%, bituminous coal production
decreased 9%, coke production dropped 10%, crude petroleum output
decreased 5%, pig iron production decreased 16%; steel ingot production.
21%; automobile production 32% and freight car loadings 9%. Electric
power production showed practically the same gain as manufactured gas.
namely, 1.7%.
During the first half year substantial progress was shown by gas companies in New England, the West North Central States, and the South
Central and Mountain States. In New England, despite a drop of 7.7%
in industrial-commercial sales, total sales increased 4.6% due to an increase
in domestic sales and a 37.9% gain in house heating sales.
In Michigan, where gas sales are considerably affected by the rate of
activity in the automobile industry, sales for the first six months registered
a decline of 2.3% due to a decrease of 9.3% in industrial-commercial sales
which offsett a 21.9% increase in house heating sales.
Both manufactured and natural gas divisions showed very slight improvement in June as compared with May.
COMPARATIVE STATISTICS OF 148 MANUFACTURED GAS COMPANIES
IN UNITED STATES.
% Inc.
or Dec.
1929.
Month of June1930.
___________________________
8,725,453 +1.1
Customers
8,818,685
Gas1 sales (cubic feet)
29,079,613,000 29,116,667,000 -0.1
$31,227,199 +0.4
Revenue (dollars)
$31,367,000
Gas produced (cubic feet):
Water gas
12,493,877,000 13,209,661,000 -5.4
2,527,367,000 -4.7
Retort coal gas
2,407.351.000
504,973,000 +2.8
Oil gas
519,074,000
3,740,089,000 +5.6
Coke oven gas
3,949,922,000
Reformed oil still gas
130,921,000
Total gas produced
Gas purchased (cubic feet):
Coke oven gas
011 still and natural gas
Total gas purchased
Total gas produced and purchased
Sty Months Ended June 30Custou ere
Gas sales (cubic feet)
Revenue (dollars)
Gas produced (cubic feet):
V. ater gas
Retort COM gas
Oil gas
Coke Men gas
Reformed oil still gas
19,501,145,000
19,982,090,000 -2.4
8,901,071,000
169,7i6,000
8,795,596,000 +1.2
208,378,000 -18.5
9,003,974,000 +0.7
28,986,064,000 -1.4
+ Inc.
or Dec.
1929.
1930.
See June
187,882,663,000 184,188,509,000 +2.0
$194,866,694 +1.4
$197,565,095
9,070,787,000
28,571,932,000
Of the eight groups comprising the index only food products and chemicals held their own, all other groups showing declines. Led by a decline
of 5 cents in corn prices, all grains showed losses and there were sym97,070,398,000 102,184,721,000 -5.0
15,103,831,000 15,862,499,000 -2.3
pathetic declines in live stock. Hogs especially went lower as corn prices
4,373,743,000 -3.6
4,217,397,000
receded. Although wheat for September delivery at Chicago on Monday
23,898,765,000 22,539,854,000 +6.0
went below 80 cents a bushel, there was sufficient recovery on Tuesday
871,362,000
to bring the New York price back to that of last week. Cotton touched
141,561,753,000 144,960,817,000 -2.3
a new low for the year on the news of an unfavorable consumption report. Gas Total gas produced
purchased (cubic feet)
Hides, considered by many a sensitive barometer of business activity,
Coke oven gas
56,903.035,000 51,309,759,000 +10.9
1,545,930,000 -17.3
Oil still and natural gas
advanced again. Potatoes have been advancing for three weeks because
1,277,884,000
of a small crop.
Total gas purchased
1019 00J 52,855,689,000 +10.1
9
:7 2:672:
and this week touched a new low
The textile index continues to decline
Total gas produced and purchased...1599
197,816,50/3,000 +1.0
8
at 111.0, a drop of 25% for the year. Declines in worsted yarns and a
.
The preliminary statement for the month of July, just
sharp decline in raw silk prices account for this week's decline.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
(1913=100)
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
A I/ ne.rnrnnoliffaa
*Revised.
released, follows.
The generally depressed condition of trede and industry during July was
reflected in the operating results of both manufactured and natural gas
Sept. 16 1930, Sept. 9 1930. Sept. 17 1929. utilities for the month. Reports received by the statistical department of
the American Gas Association from companies representing 90% of the
145.6
118.2
117.3
manufactured gas industry indicate July sales of 25,537,171,000 cubic feet,
154.4
132.1
132.2
a decline of 1.2% from July 1929. A group of the larger natural gas utili147.9
•111.4
111.0
160.1
154.3
154.2
ties, comprising about 80% of the public utility distribution of natural
127.8
107.7
108.0
gas, report July sales of 25,681,229.000 cubic feet, a decrease of 9.6% in
152.6
131.2
128.4
natural gas sales from the same month of the preceding year. The Associa134.0
126.5
126.6
tion further states:
127.4
.96.897.3
I 9A 9
.19.1 4 ' 1A7 V
This sales decline in both branches of the industry was the result in the
main of marked decreases in sales of gas for industrial and commercial uses.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
This was particularly true of the natural gas companies, where the proportion of industrial and commercial business is relatively much greater. For
this group commercial sales for July, that is sales to hotels, restaurants,
small shops, &c. were down 8.7% from a year ago; industrial sales decreased
14%, while main line sales to large scale or wholesale industrial customers
registered a decrease of nearly 18% for the month.
In consequence of the fact that industrial and commercial business, in
which the sales decline was most pronounced, is sold at less than average
rates, owing to the lower costs to the companies of handling this business,
the decline in revenues was materially less than indicated by the sales
figures. The July revenues for the natural gas companies declined only 6%
for the year, as contrasted with a 9.6% drop in sales, while for the manufactured gas group, revenues were substantially unchanged, aggregating
about 828,000,000 in July of both years.
While natural gas distributed by public utility systems comprises less
than 25% of the entire production, the same general tendencies seemed to
have characterized other uses of this product, such as carbon black manufacture and field operations, as the total production of natural gas for
July is provisionally estimated at 153,060,000,000 cubic feet, a decrease of
4.2% froma year ago. In marked contrast to these factors however is the
rapid increase in the use of natural gas for the generation of electric power.
In July the quantity of natural gas consumed in electric power plants aggregated 10,424,248,000 cubic feet, an increase of nearly 18% from a year ago,
and this despite the fact that the total production of electric power during
that month was 3% below July 1929.
Secretary of Labor Davis Warns on Pay Cuts—Urges
Coal Engineers to Curb "Unfair Competition."
Declaring that business was showing a definite upward
trend, Secretary of Labor James J. Davis warned 200 members of the American Institute of Mining and Metallurgical
Engineers, coal division, in session at Pittsburgh on Sept. 11,
that unfair competition which cut payrolls should be avoided.
A dispatch to the New York "Times" reporting this, added:
1785
the extent to which we are able to better conditions more than seasonally.
At a critical period such as this the best evidence is supplied by the movements of commodity prices because they are for the most part independent
of these seasonal factors and reveal the underlying tone of demand in
relation to supply. It is of special significance, therefore, that the index of
commodity prices has during the last few weeks shown more strength and
resistance to further declines than at any time since the business recession
started in the middle of last year. The temporary steadiness of the commodity index for several months last Winter was no indication of an approaching upturn because current industrial activity was still in process of
drastic curtailment and our forecasting Teleometer, based on credit conditions, still pointed downward. Now, however, commodities are showing
signs of strength, with the Teleometer showing not only an upward direction
but extending into the early Spring of 1931 with a sharply rising inclination .
It appears, then, that reviving demand is about to result in sufficient
bidding for supplies to raise the average level of prices materially. This
will go hand in hand with better employment, higher buying-power, and
general business improvement. As we have already suggested, the first
signs of price stabilization are likely to be the main factors on which buyers
will base decisions to reenter markets in which they have been inactive
during the extended interval when the major problem has been the disposal
of excessive stocks.
The first definite strength in the business situation will develop in lines
closest to the consumer. This explains the decidedly better position of
textile prices. While there are still It rge supplies of raw materials, supplies
of finished goods are low and orders placed to make up these deficiencies
will provide the immediate stimulus for general revival. The heavy equipment industries will lag in the process. as they were vastly overstimulated
last year by the security boom: but hundreds of lines of trade will now begin
to make up for depleted supplies and larger orders will be placed. As a
result the general mass of manufacturing est4 blistments, the railroads, and
these
the power companies will quickly feel the effects. Sooner or later
in turn will transmit the stimulus to the equipment lines. Finally, as foreign
markets improve sufficiently, the industries supplying the export market
will experience better demand.
In short, we are directly in line for better business, somewhat higher
commodity prices, and restoration of at least a level of modest prosperity
which from present indications will extend well into 1931,
Asserting that the engineers could do much for the good of the steel
industry as a whole, Secretary Davis said:
"If' you can stop what we call unfair competition, that sort which is
ruining business of the country and forcing men to sell below the cost of
production, you will be doing something eminently worth while. After
all, the purchasing power of the nation is wrapped up in the pay envelope
and the salary check of millions of men and women who work.
"Our economic body is showing unquestionable signs of life. I am not
making light of the losses and discouragements that we have all had to
endure oflate, but I repeat that we have hit bottom and are on the upswing."
Commodity Price Index Shows Slight Improvement
According to National Fertilizer Association.
The wholesale price index of the National Fertilizer
.
Association for the week ended Sept. 13 showed an increase
of two fractional points. The index number now stands at,
85.3 as compared with 85.1 for the previous week, Of the
14 groups in the index four advanced, two declined and the
Business and Agricultural Conditions in Minneapolis remaining eight showed no change. Prices of 18 commodities
Federal Reserve District—Income from August advanced and 27 declined. A year ago the index stood at 97.6.
Marketings of Crops 21% Below Same Month'
Last Year.
Southwest Business Conditions as Viewed by Los
Angeles Chamber of Commerce—Increased BuildIn its preliminary summary of agricultural and business
ing Activity.
conditions during August in its District the Federal Reserve
"August showed a steady trend toward increased activity
Bank of Minneapolis says:
The volume of business in the District in August continued to be smaller for Fall," says the Los Angeles Chamber of Commerce,
than a year ago, but recovered somewhat from the extremely low level
which in its comments as to local business conditions in
of July when business men assumed a waiting attitude until the effects of
and hot weather could be ascertained. The daily average of August states:
the drouth
debits to individual accounts was 22% smaller in August than in the
Employment in practically all industries remained the same as in July,
corresponding month a year ago, but rose above the 1928 level for the first or increased slightly, the seasonal slowing up of food packing being reof debits to individual accounts, adjusted to sponsible for a drop of 2 points in the industrial employment index.
time since April. The index
remove seasonal variations, rose from 99 in July to 111 in August, but was
Building permits exceeded both July 1930, and last August, by. 18%
materially lower than the index for August 1929, which was the peak for the and 17% respectively; postal receipts fell slightly below the previous
post-war period. The adjusted country check clearings index also increased month for the first time this year; stock exchange transactions were lower
from 94 in July to 98 in August, but was lower than the index for August than in July by over 19%, and were below last August by 73%; bank
last year. Decreases, as compared with the volume a year ago, occurred in debits were lower than in July, due undoubtedly to the slow financial
freight carloadings, building permits, flour and linseed product shipments, markets.
department store sales and copper and iron ore output. Electric power conAmong the important industries construction showed a generally steady
sumption in the eastern part of the District increased in the latest month, livening, during the month, with prices of building materials holding firm
same month last year. The employment situation at or increasing slightly; motion pictures are busy with large production
as compared with the
Minneapolis became less satisfactory during August.
programs entailing big expenditures and increasing employment; wearing
The estimated cash income from August marketings of cash crops, dairy apparel and millinery both reflect a return to volume buying among the
products and hogs was 21% smaller than the income from marketings in retailers, and most factories were working near capacity. Furniture is
August last year. All estimated items decreased, with the exception of picking up in production with factories busy; petroleum is holding steady
flax. Prices of all of the major farm products of the district were lower in on the reduced production program. Wholesale volume was about the
August than a year ago. However, butter prices recovered notably in same as in July; retail sales were lower than during previous months.
August to an average of 38 cents per pound, which was 5 X cents higher than
Agriculture showed good returns for about normal crops throughout
the average price paid in July, whereas the average seasonal increase is the state. Water commerce returned low figures in all branches. Neigh_
1 cent per pound between July and August. In August, butter prices were boring states report business slow but agriculture and livestock favorable
.
only 2 A cents lower than In August last year.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED
IN THE NINTH FEDERAL RESERVE DISTRICT.
% Au.1930
g
Aug. 1930. Aug. 1929. over Aug. 1929.
Bread wheat
825,106.000 $37,359,000
67
8,155,000
Durum wheat
8,620,000
95Rye 3
00
4
50 00
6
206
5;149„000
Flax
1,140,000
Potatoes
1.281,000
89
19,328,000 24,374,000
Dairy products
79
4,905,000
Hogs
5,900,000
83
Total of 7 Items
$66.024.000 883,606,000
79
Regarding the building situation, the Chamber says:
Building Permits.
Showing a greater activity than had been expected, building permits
during August exceeded both July (by 18%) and August 1929 (by 17%)
This was due, not to one big job, but to a series of good-sized projects
which kept the daily figures up to new levels. For the eight months of
the year to date, permits are 22% behind the same period of 1929.
The following are the comparative figures:
Number.
Value.
Value. I
Number.
August 1930---- 2.698 S6,494,57718 mos., 1930-- -20,508 52,049,104
5,511,77218 mos.,1929_ _ _ _21.263 67,525,504
August 1929---- 2,767
8.584,61318 mos.,1928_ _ --23,092 68.885.594
August 1928____ 3,096
Outlook for National Business as Viewed by Silberling
Research Corporation—Signs of Recovery Seen.
Analysis of Business Conditions by Industrial Comm.
Under date of Sept. 13 the Silberling Research Corporation
mittees of New England Council—Advocates Better
thus views the outlook for National business.
Merchandising on Part of Producers.
Despite unsettled conditions abroad and a continued feeling of unThe issuance to 5,000 business men in New England of the
certainty and doubt as to the future at home, there are beginning to be
signs that recovery is imminent in our general business and industrial sixth and last bulletin of a series issued by the Industrial
activity. The clearest evidence is furnished by the behavior of commodity Committee of the New England Council analysing the present
prices and by the more constructive tone which has appeared in the security
business situation and the methods found most effective in
markets.
During the next few months the current facts regarding production and the dealing with it was announced Sept. 8. The Committee feels
flow of commerce must be interpreted with care to allow correctly for the that under present conditions better merchandising on the
purely seasonal influences which are important in the Autumn and early
part of producers is the key to net profits without which
Winter period. We shall presently hear of increases over the preceding
month in many directions; but the really significant information concerns business and employment can not long be maintained.
1786
FINANCIAL CHRONICLE
[VOL. 131.
Commenting on the Committee's educational campaign,
J. W. Hook, President of the Geometric Tool Co., New
Haven, Connecticut member, declares.
Employment in the stone, clay and glass group continued to decline in
August though less rapidly than in July. Losses were reported in the
miscellaneous stones and minerals, in lime, cement and plaster, and in
the brick, tile and pottery industries. The general tendency in New
One thing we have to lezrn from the present period of readjustment in York City brick
and tile firms, however, was toward increased forces.
liasiness is I ly:t profits are in no small measure the sum total of savings The glass industry
recovered somewhat from its 16% slump of last month.
effected :a ny possible point. Present conditions are a challenge to each
Wood manufacturers reported irregular changes. There were gains in
business to increase the efficiency of its operations. Margins are narrow, furniture and cabinet work,
especially in New York City. Makers of
the buyer is king, and there are no "easy profits" such as sometimes are pianos and other
musical instruments reported a slight net increase in
possible in boom times.
forces following their drastic decreases of past months. Saw and planing
Inflexible production systems, meaning those in the hands of inflexible mill forces were generally cut.
management, impose handicaps that absorb profits which in other hands
Among the up-State cities. Rochester manufacturers reported no net
waild have been saved.
change in employment and Syracuse, a small gain. Reduced employment
Failure to apply the latest findings ofresearch and to utlize current known in some of the metal industries
and in the cotton industry caused decreases
best methods of manufacturing in the reduction of costs are responsible of from 2 to 3%
in
far the apparent inability of some to make profits in the present situation. Troy, Buffalo and manufacturing employment in Albany-SchenectadyUtica. The Binghamton district reported a decrease
Although in various lines, volume Is smaller this year than last, the firms of 1%.
that are working hard to stop, at their source, all those unnecessary deductions from gross profits are the firms for whom the depression is already
FACTORY EMPLOYMENT IN NEW YORK STATE.
over.
(Preliminary.)
Mr.
Hook shares the opinion of other members of the
Council's Industrial Committee that those firms who will
follow the example of the more progressive manufacturers
and put their houses in order now will come out of the depression stronger than they were a year ago and ready to take
full advantages of the opportunities ahead.
1% Drop in Factory Employment in New York State
in August.
The index number of factory employment in New York
State dropped in August about 1% below the July figure
which was 83.4, Industrial Commissioner Frances Perkins
announced on Sept. 12. The monthly survey of Commissioner Perkins continued:
Industry.
Percentage Change
July-August 1930.
Total State.
Stone, clay and glass
Miscellaneous stone and minerals
Lime, cement and plaster
Brick, tile and pottery
Glass
Metals and machinery
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Structural and architectural iron
Sheet metal and hardware
Firearms, tools and Cutlery
Cooking, heating, ventilating apparatus
Machinery and electrical apparatus
Automobiles, airplanes, &c
Railroad equipment and repair shops
Boat and ship building
Instruments and appliances
Wood manufactures
Saw and planing mills
Furniture and cabinet work
Pianos and other musical instruments
Miscellaneous wood, &a
Furs, leather and rubber goods
Leather
Furs and fur goods
Shoes
Gloves, bags, canvas goods
Rubber and Cults percha
Pearl, horn, bone, &c
,
Chemicals, oils, paints, &c
Drugs and industrial chemicals
Paints and colors
Oil products
Photographic and miscellaneous chemicals
Pulp and paper
Printing and paper goods
Paper boxes and tubes
Miscellaneous Paper goods
Printing and bookmaking
Textiles
Silk and silk goods
Woolens, carpets, felts
Cotton goods
Knit goods, except silk
Other textiles
Clothing and millinery
Men's clothing
Men's furnishings
Women's clothing
Women's underwear
Women's headwear
Miscellaneous sewing
Laundering and cleaning
Food and tobacco
Flour, feed and cereals
Canning and preserving
Sugar and other groceries
Meat and dairy products
Bakery Products
Candy
Beverages
Tobacco
Water, light and power
N. Y. City.
-0.9
-2.1
-1.2
-9.2
+11.7
-1.3
-10.4
+6.1
-0.5
-4.0
-3.7
-3.5
-7.2
-0.3
-0.3
-2.3
+7.8
-6.3
+12.2
-0.8
+0.5
-6.4
+5.3
+0.7
+0.7
+2.0
+0.2
-3.1
.L.
3.5
-3.8
+16.9
-6.6
-1.3
-4.7
+13.4
-3.9
+2.0
August is generally included in the midsummer dull season, but in the
-8.8
past six years it has shown a small gain over July. Although regular fall
+10.5
business does not usually begin until September, the clothing trades ordi+5.5
narily pick up in August and firms engaged in other manufacturing rarely
+7.0
cut their forces much below the July figure.
The percentage gains in the clothing trades in August compared favor-3:1
-0.1
ably with those of other years, although the general level of employment
+21.7
+46.2
in these trades is still at a comparatively low level. Increases in employ+3.2
-2.4
ment in the New York City clothing houses were sufficient to cause a rise
-4.0
-2.6
of more than 1% in total employment there from July to August. In the
+0.2
+2.0
State as a whole, however, losses in the metal and machinery industries,
-0.5
-7.4
-8.0
In canning, printing, and power production more than balanced the cloth+1.4
+1.0
ing trade gains. The total decline in employment from October 1929,
-0.4
+0.4
which represents the height of the 1929 fall season as well as the peak of
+0.3
-0.4
-3.0
-3.3
1929 prosperity, to August 1930 was about 18%•
+0.8
-0.2
These statements are based on reports from a fixed list of more than
-•4.9
-2.1
1800 factories which report regularly to the New York State Department
-3.1
-3.7
of Labor. The list of reporting factories includes concerns in all lines of
-1.9
+2.7
+1.1
+5.0
manufacturing and located in all parts of the State.
+1.4
-3.9
Only two of the metal industries reported increased forces in August.
-47.7
Automobiles, airplanes, 3tc.. had recovered 8% after a 19% cut in forces
+5.3
+15:i
-in July. Some factories which had greatly reduced forces in July were
-1.6
+5.9
+9.1
employing a more nearly normal number of workers, but others were cur+2.7
+5.3
tailing their forces still more in August. The boat and shipbuilding in-6.4
dustry, due largely to one firm, increased forces by more than 12%.
+20.7
+22.2
-1.1
-2.3
Iron and steel mills followed last month's 13% cut in forces with another
+29.4
+29.4
decrease of nearly 3%. Although a few producers of structural and areal-3.4
-4.6
tectural iron reported gains this month, the total forces employed in these
-3.2
-9.1
industries decreased by more than tneir increase of the previous month.
-2.5
+2.2
-5.9
Railroad equipment and repair houses reported general reductions in
-37.6
-7.2
employment with, however, some increase in plant hours worked. Mid-4.0
summer dullness in the machinery and electrical apparatus industries some-1.1
-1.2
times carries over into August. and there was noted this year a small but
+4.7
+3.7
general decline from mid-July to mid-August. Most other metal indus+0.8
+2.7
tries reported some downward tendency in employment.
-5.3
-2.5
Textile firms reported a small net loss in employment in August. Cotton
-2.5
-0.7
goods firms continued to report drastic cuts in employment and were reTotal
-1.1
+1.6
sponsible for most of the decrease for the textile group. There were
good gains in silk and in woolens, carpets, felts. Sze. The total number
of knitting mIll employees was increased by 5% following the 19% drop
in July. This recovery was more marked in New York City than elsewhere. The mircellaneous textiles reported a net decrease in employment. President Proctor of New England Council
Sees That
Several men's clothing houses reported fewer employees or shortened
Section of Country Emerging from Depression
hours in August, but most of them continued to add workers. tnough less
Warns on Government Interference with Econontic
rapidly than in July. The most marked advances of the montn were
made in the women's clothing and headwear trades following the heavy
Laws.
seasonal cuts of July. The recovery in clothing was irregular, however.
With Governor John E. Weeks of Vermont and other
Although several establishments which were not working in July had
resumed operations in August, some houses remained closed, and a few dignitaries as guests, the New England
Council at its opening
which had kept going in July were closed in August. The nct change in sessions at
Middlebury, Vt., on Sept. 12 heard President
the underwear and furnisnings industries and in laundering was downward.
Redfield Proctor, former Governor of the State, declare
There was a small net gain in the furs, leather and rubber goods group,
that
caused mainly by the recovery, especially in New York City, of gloves, New England was emerging from the
business depression,
bags and canvas goods. Employment in these industries had decreased at least as well
as the rest of the country, if not better.
from June to July by nearly 22%. In August several plants which had
been closed were reopened, and although others cut their forces the net Noting this a dispatch to the New York "Times" added.
There are statistical indications at least that
gain for the month was more than 20%.
the purchasing power is
The chemical, oil and paint group reported a small net increase of em- holding up better in New England than elsewhere, he
said.
Warning against the increased "preaching
ployment in August in the State as a whole. Heavy losses in paint were
of economic heresies" as a
offset by gains in drugs and industrial chemicals and in oil products.
result of the business situation Mr. Proctor said that
proposals for GovernThe wane of the canning season caused a 38% drop in employment in mental interference with economic laws may be
expected to multiply, and
that industry in August as compared to the 167% increase in July. Some that the situation offers "a challenge to the
business leaders and business
candy factories were still laying off workers and shortening hours, but organizations."
the net change in employment was upward. Beverage manufacturers
At this evening's session Alfred H. Haag declared that
New England's
tended fairly regularly to take on more workers. Employment in tobacco and the nation's water-borne commerce is
steadily increasing to the point
establishments had decreased more than in July, although some firms where the restoration of America's merchant
marine is "encouraging."
were taking on workers.
He asserted that never before in the history of the country,
with the
Paper mills were employing more workers in August than in July in exception of the war period, were the shipyards
busier and that the shipspite of severe cuts in forces and in hours of work in a few establishments. yards of New England are sharing proportionately
in this activity.
Producers of paper boxes and tubes did not cut their forces so severely as
Colonel J. A. Coates, Vice-President of
the Eastern Steamship Co. of
in July. Shorter hours as well as reduced forces were reported by manu- New York,asserted that the shippers must watch
the resultsfrom the recent
facturers of miscellaneous paper goods. Although many printing firms, Eastern class rate decision, to insure the
preservation of the water carriers
.especially those up-State, were employing more workers in August than in as essential to New England's development and
industry. J. Rowland
July, printing activity throughout the State suffered a net decrease.
, Gardner,President of the NewEngland Steamship Co., was another speaker.
FINANCIAL CHRONICLE
New England farmers are rapidly adopting modern merchandising
methods, the council was told by Harry R. Lewis, Commissioner of Agriculture of Rhode Island,
New England firms which are coming through the business depression
in the best condition are those which are doing the most efficient merchandising, Ray M.Hudson,Secretary of the council's industrial committee,
reported.
The Council. made up of 112 men, representing each of the six New
England States, was formed in 1925 by the six Governors to promote New
England economic development.
Governor Weeks welcomed the delegates and urged a cOntinuance of their
"constructive efforts."
Review of the Illinois Building Situation During
August and for First Eight Months
-Slight Increase Over July But Below August Last Year.
A very slight increase over July in the total estimated
valuation of building permits was registered for August by
the 45 reporting Illinois cities. Permits were issued to
cover building work costing $12,396,020, two-tenths of 1%
more than the total for July. This amount, however, was
only 48.8% of the value of building work authorized in
August 1929. Tile increase in permit valuation in August
this year is considerably below the normal seasonal increase
for the month. Howard B. Myers, Chief of the Bureau of
Statistics and Research of the Illinois Department of Labor,
reports this in his review of the building situation during
August and for the first eight months of the year, and in
his further survey says:
Decreases from July in Chicago and the suburbs were almost entirely
offset by a marked increase in projected building work in cities outside
the metropolitan area.
Chicago reported a decrease of 6.5% in the valuation of permits Issued
in August. Non-residential building and additions, alterations, repairs and
installations registered a decrease from the figure of the preceding month,
while residential building increased. The total expenditure authorized during August 1930 was 57.0% less than it was last year.
The total for the 21 reporting suburban cities dropped 43.7% from July
and 60.5% from August a year ago. Only seven suburban cities
-Blue Island,
Forest Park, Glencoe, Glen Ellyn, Kenilworth, Park Ridge and West
Chicago-reported gains over July, and most of these were moderate.
Only three suburban cities-Kenilworth, Lake Forest and Lombard- reported increases over August 1929.
The 23 reporting cities outside the metropolitan area registered a marked
increase-74.2%--over the valuation figure for July. Fourteen cities in
this classification reported increases-Alton, Aurora, Batavia, Centralia,
Decatur, East St. Louis, Elgin, Joliet, Ottawa, Peoria, Rockford, Rock
Island, Springfield and Waukegan. Non-residential building was responsible
for most of the gain. Permits were issued for a Y. W. C. A. and an
auditorium in Alton, a hospital in Aurora, a large factory in Decatur, a
school in Joliet, a church in Ottawa, and an office building at Springfield.
Compared with August 1929 permit valuations decreased 13.3% in the
group as a whole, and exceeded those of last year in only seven cities
Alton, Aurora, Batavia, Canton, Decatur, Joliet and Ottawa,
Of the total estimated expenditure for all reporting cities, 25.7% was
for residential building, 65.4% for non-residential building, and 8.9% for
additions, alterations, repairs and installations. In Chicago the corresponding percentages were 20.6, 72,9, and 6.5; in the suburbs 49.8, 27,7, and
22.5; and in the cities outside the metropolitan area, 31,3, 58.2, and 10.5.
Three hundred and seventeen permits for residential buildings were
Issued during August, to cost $3,183,248 and to provide for 360 families.
Chicago is to have 111 of these buildings, which will cost $1,701,700 and
house 141 families. Forty dwellings, to cost $517,753 and provide for 41
families, will be erected in the suburbs. Cities outside the metropolitan
area have authorized the remainder, 166, which will cost $983,795 and
be occupied by 178 families.
Nine hundred and forty permits for non-residential buildings, with a
total estimated cost of $8,113,123, were issued in the 45 reporting cities.
Chicago is to expend 74.3% of this amount, the 21 reporting suburban
cities 3.6%, and the 23 reporting cities outside the metropolitan area, 22.1%.
Of the $1,099,849 authorized for additions, alterations, repairs and
installations, 49.2% will be used to improve buildings in Chicago, 21.2%
in the suburban group, and 29.8% in the other cities.
During the first eight months of 1930 the 45 reporting cities have issued
permits covering work on 17,919 buildings, with an estimated cost of
$92,653,391. These figures are, respectively, 31.0% and 57.4% below
those for the corresponding period last year.
Chicago registered a decline in volume of building work from the first
eight months of 1929 as measured by estimated cost of 81.4%; the
suburban cities, 83.5%, and the cities outside the metropolitan area, 27.6%.
Comparing the cumulative cost figures month after month in 1930 with
those of the corresponding periods last year, it is found that the lag reached
Its maximum in April when the decrease for all reporting cities was
60.7%.
In April the lag for Chicago was 64.9%, and for the suburban cities 65.7%.
Since April the decrease from last year's figures in these classifications has
tended to become slightly less pronounced.
For the reporting cities outside the metropolitan area, the maximum
decrease from last year's cumulative cost figures occurred in July, when
It was 29.7%. Increased activity in August reduced the loss to 27.6%.
The cities in this group continue to be in a better relative position than
Chicago or the suburban cities. Five of them-Alton, Batavia, Moline,
Peoria and Springfield-report a larger volume of building authorized in
the first eight months of 1930 than was authorized during the same period
last year. No suburban city reports as large an amount of building activity
as last year.
Total estimated expenditure for all reporting cities during the first eight
months of 1930 is divided as follows: 30.9% for residential building,
57.3% for non-residential building, and 11.8% for additions, alterations,
repairs and installations. Of the total estimated expenditure for Chicago,
26.2% was for residential building, 64.6% for non-residential building,
and 9.2% for additions, alterations, repairs and installations. The corresponding figures for the suburban cities were 46.4%, 37.2%, and 18.4%,
and for the cities outside the metropolitan area they were 35.5%, 47.9%,
and 16.6%.
1787
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
TABLE 1.
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN AUGUST
1930, BY CITIES.
Aug. 1930.
Cities.
July 1930.
Aug. 1929.
No. of Estimated No. of Estimated No. of Estimated
Bides.
Cost.
Bldg,.
Cost.
Bides.'
Cost.
8
'ota1 all cities
$
$
2,318 12,396,020 2,364 12,369,450 a3,624 a25,405,685
Eetropolitan area
1,453
9,314,515 1,455 10,600,767 2,181 21,852,595
ThIcago
1,079
8,275,785 1,101
8,756,070 1,601 19,221.145
374
1,038.730
354
1,844,697
49
42
27
44
23
5
11
16
5
4
2
14
15
20
25
24
6
6
19
9
55,850
25,696
72,838
208,500
6,200
78,000
58,644
12,420
65,703
74,700
1,000
79,361
46.182
37.340
33,700
39,166
45,600
6,835
14,500
62,385
14,140
35
28
26
45
16
7
10
21
16
2
10
15
6
21
32
18
5
4
7
18
12
62,750
21,682
89,348
319,750
6,025
48,500
3,940
59,160
90,997
19,500
51,500
199,700
74,355
291,705
171,865
19,520
52,400
6,250
30,700
103,400
121,350
865
3,081.505
909
31
77
4
10
6
3
15
45
71
54
14
1
21
8
71
239,610
329,195
0,775
56,000
7,750
37,500
20,625
708,770
109,500
72,096
28,140
3,000
490,100
16,412
57,419
49
68
vletropolitan area, excluding Chicago
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
F.ast St. Louis
Elgin
s
580
2.631.450
wab30.0tbz4
ob.•.ICACO.,1,1•11.0,4,03..C41....00tna,CA
SEPT. 20 19301
439,550
59,202
191,245
216,500
49,315
102.881
111,795
138.334
360.430
27,700
65,700
36,575
15,775
79,850
181.100
172,498
76,400
15,175
43,900
126,725
120,800
1,768.683 1,443
3,553,090
63
70
70,626
129,412
7,260
64.500
6,470
158.300
73,840
180,750
301,401
109,29C
144,722
101,50f.
230,202
25,541
126,491
59,046
67,207
s
73,000
13
17
5
87,950
8
3
11,000
5
11
24,150
18
31
65,850
94
62
54,401
134
62
82
68,180
21
67,750
30
Freeport
10
11
19,200
Granite City
38
305,380
66
Joliet
33,900
6
8
Kankakee
110
122,115
128
Moline
2,000
1
Murphysboro
7
73,600
6
30.800
13
Ottawa
23,20(
106
242,900
86
203.925
136
Peoria
247,17:
12,250
19
21
16,360
Quincy
28
25,171
98
194,340
81
Rockfotd
145,535
556,851
169
109
129,248
105
96,789
210
Rock Island
510,721
68
146,685
90
144,815
86
Springfield
222,461
27
96.500
30
69,330
59
Waukegan
237.16.
a These revised totals nclude the figures or Kankakee, not reported heretofore,
and corrections in the figures for Ottawa.
-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
TABLE 2.
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES FROM JANUARY THROUGH AUGUST 1930, BY CITIES.
Jan:Aug 1930.
.
No. of
Bides.
Estimated
Cost.
Jan -Avg. 1929.
No. of
Bldgs.
Estimated
Cost.
Total all cities
17,919 $92,653,391 a25,967 aS217259178
Metropolitan area
10,708
72,279,314 16,288 189,105,202
Chicago
7,944
59,877,772 12,059 155,172,590
Metropolitan area excluding Chicago....
2,764
12,401.542
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
resat outside metropolitan area
Alton
Aurora_
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite City
Joliet
Kankakee
Moline
Murphysboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
318
201
188
354
146
61
64
149
119
28
71
125
52
164
220
177
50
3
4
11
8
558,145
203,117
955,859
2,571,450
152,345
551,380
360,097
271,017
502,000
264.578
697,250
1,306,523
223,711
554,128
1,131,470
435,670
309.21
49,26
209.400
508,895
586,035
7,211 $20,374,077
325
454
25
83
67
25
96
343
461
448
130
5
30
6
69
6
85
16
750
810
744
237
938,712
821,032
40,200
400,200
165,473
90,350
249,758
1,607,115
1,069,974
531,221
510.205
290,500
1,826,955
182,90
1,105,16
4,80
201,800
2,438,930
510.649
2,036,740
1,052,003
2,860,601
1.438,755
4,229
33,932,612
510
220
414
505
187
110
100
270
221
45
120
152
103
210
39
21
78
41
47
165
128
3,044,650
814,085
2,597,117
6,932.150
920,189
1,139,147
796.753
969,093
1,634,450
656,910
375,385
1,631.168
307,223
953,880
5,073,325
1,522,672
829.744
75,802
393.600
1,433,624
1,331,625
9,679 $28,153,976
366
595
25
126
42
28
163
626
857
571
167
68
445
95
745
3
121
830
209
1,178
1,140
82
459
772,474
1,749.018
39,560
692,500
267,005
332,500
786.489
2,858,750
1,585,137
1,056,352
817.238
311,150
2,037,177
451,643
1,057,679
11,500
395,600
2,027,235
598,525
4,093,062
1,947,105
2,603,887
1,664.390
a These revised totals include the figures for Kankakee. not reported heretofore,
and corrections In the figures for Ottawa.
Hardwood Lumber Orders Exceed Curtailed Production.
Combined new business received at hardwood and softwood lumber mills during the week ended Sept. 13 1930 was
within 2% of total production, it is indicated in reports
1788
FINANCIAL CHRONICLE
from 875 leading lumber mills to the National Lumber
Manufacturers Association. Operating on a radically curtailed production basis, orders at reporting hardwood mills
exceeded the cut by 9%, the best ratio shown in some
months. Reports showed softwood orders 97% of softwood cut. Combined production of the reporting mills
totaled 273,844,000 feet. Combined shipments were 95%
thereof. A week earlier 901 mills gave shipments as 93%
and orders as 97% of a total production of 248,311,000
feet. The extent of curtailment in cut is indicated in
the fact that 670 identical mills for the latest week and
661 identical mills for the week prior thereto reported
production respectively 65% and 66% of the cut for corresponding weeks a year ago.
Lumber orders reported for the week ended Sept. 13 1930
by 621 softwood mills totaled 241,116,000 feet, or 3%,
below the production of the same mills. Shipments as
reported for the same week were 231,658,000 feet, or 7%,
below production. Production was 247,880,000 feet.
Reports from 273 hardwood mills give new business as
28,263,000 feet, or 9%, above production. Shipments as
reported for the same week were 28,475,000 feet, or 10%
above production. Production was 25,964,000 feet.
Unfilled Orders.
Reports from 496 softwood mills give unfilled orders of 758,956,000 feet
on Sept. 13 1930, or the equivalent of 15 days production. This is based
-day year-and may be
upon production of latest calendar year-300
compared with unfilled orders of 517 softwood mills on Sept. 6 1930 of
754,705,000 feet, the equivalent of 15 days' production.
The 378 identical softwood mills report unfilled orders as 706,800,000
feet on Sept. 13 1930 as compared with 1,010,872,000 feet for the same
week a year ago. Last week's production of 488 identical softwood mills
was 230,668,000 feet, and a year ago it was 342,375,000; shipments were
respectively 211,474,000 feet and 321,788,000; and orders received 224,093,000 feet and 298,563,000. In the case of hardwoods, 200 identical
mills reported production last week and a year ago 21,755,000 feet and
43,272,000;shipments 23,473,000 feet and 35,619,000;and orders 23,365,000
feet and 35,606,000.
West Coast Movement.
The West Coast Lumbermen's Association wired from Seattle that new
business for the 227 mills reporting for the week ended Sept. 13 totaled
122,902,000 feet, of which 45,316,000 feet was for domestic cargo delivery
and 14,405,000 feet export. New business by rail amounted to 53,451,000
feet. Shipments totaled 115,023,000 feet, of which 41,764,000 feet moved
coastwise and intercoastal, and 15,362,000 feet export. Rail shipments
totaled 48,167,000 feet, and local deliveries 9,730,000 feet. Unshipped
orders totaled 402,648,000 feet, of which domestic cargo orders totaled
203,423,000 feet, foreign 96,558,000 feet and rail trade 102,668,000 feet.
Weekly capacity of these mills is 251,927,000 feet. For the 36 weeks
ended Sept. 6 139 identical mills reported orders 4.9% below production,
and shipments were 0.1% below production. The same mills showed
an increase in inventories of 1.9% on Sept.6 as compared with Jan. 1.
(Vor.. 131.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED SEPT. 13 1930 AND FOR 37
WEEKS TO DATE.
Association.
ProducShip- P. C.
P. C.
lion
menu.
of
Orders
of
(M. Ft.) (M. Ft.) Prod. (M. Ft.) Prod.
Southern Pine:
Week-151 mill reports
43,648
49,917 101
37 weeks-5,225 mill reports
2,066,524 1,927,065 93
West Coast Lumberrnens:
Week-228 mill reports
120,549
115,596 96
37 weeks-8,072 mill reports
5,443,066 5,328,909 98
Western Pine Mfrs.:
Week-87 mill reports
39,713
34,543 87
37 weeks-3,363 mill reports
1,547,707 1,351,800 87
California White & Sugar Pine:
Week-19 mill reports
20,607
13,685 66
37 weeks-922 mill reports
715,471
749,580 105
Northern Pine Mfrs.:
Week-7 mill reports
4,988
2,860 57
37 weeks-284 mill reports
177,008
147,619 83
No.Hemlock&Hardwood(softwoods):
Week-19 mill reports
1,129
1,106 98
37 weeks-1,138 mill reports
116,879
81,733 70
North Carolina Pine:
Week-98 mill reports
6,352
7,186 113
37 weeks-4,039 mill reports
322,204
321,194 100
California Redwood:
Week-12 mill recoils
4,894
6,765 138
37 weeks-536 mill reports
251,498
231,974 92
Softwood total:
Week-621 mill reports
37 weeks-23,579 mill reports
Hardwood Mfrs. Institute:
Week-254 mill reports
37 weeks-9,546 in111 reports
Northern Hemlock & Hardwood:
Week-19 mill reports
37 weeks-1,138 mill reports
Hardwood total:
Week-273 mill reports
37 weeks-10,624 mill reports
231,658
247,880
10,640,357 10,139,874
93
95
24,600
26,195 106
1,228,085 1,104,984 90
1,364
259,222
2,280 167
162,287 63
25,964
28,475 110
1,487,307 1,267,271 85
Grand total:
273,844
260,133
Week-875 mill reports
37 weeks-33.125 mill renorta___. 12,127,664 11.407.145
50,295 101
1,888,836 91
123,443 102
5,287,745 97
39,847 100
1,304,966 84
12,340 60
748,393 105
2,569
141,226
52
80
902
73,633
80
63
6,636 104
260,196 81
5,084 104
221,973 92
241,116
9,936,968
97
93
27,366 111
1,062,625 87
897
130,942
66
51
28,263 109
1,193,567 80
95
269,379
94 11,130,535
98
92
Industrial Employment Conditions in Ohio and Ohio
Cities-Decline Carries Index to Lowest Point
Since February 1923.
The Bureau of Business Research of the Ohio State
University reports that "the decline in employment in Ohio
which has been in progress for the past 13 months continued
in August when the 3% decline from July carried the index
to a point lower than has been reached in any month since
February 1923, and to a point lower than has been reached
in any August since August 1922." The Bureau in its
account of employment conditions in Ohio and Ohio cities
during August goes on to say:
State of Ohio.
The decline in employment in August from July is all the more significant
when it is contrasted with the five-year average July-to-August increase
Southern Pine Reports.
of 1%. The total volume of employment in Ohio in August was 21% less
Association reported from New Orleans that for than in August of last year, and the average for the first eight months of
The Southern Pine
151 mills reporting, shipments were 1% above production, and orders 1930 was 15% behind the average for the corresponding period of 1929.
1% above production and 1% above shipments. New business taken Five-hundred and ten of the 882 concerns reporting to the Bureau of
during the week amounted to 50,295,000 feet (previous week 38,157,000 Business Research reported further employment decreases in August, 301
at 143 mills); shipments, 49,917,000 feet (previous week 42,273,000); and reported increases, and 71 reported no change from July.
Manufacturing employment, which largely dominates the figure for total
production 49,648,000 feet (previous week 46,868,000). The three-year
average production of these 151 mills is 72,451,000 feet. Orders on hand industrial employment in Ohio, also declined 3% in August from July,
identical while the average July-to-August change for the past five-year period
at the end of the week at 132 mills were 115,164,000 feet. The 137
mills reported a decrease in production of 26%, and in new business a shows that manufacturing employment in this State has usually increased
1% in August from July. Manufacturing employment in August was 22%
decrease of 28%, as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland, Ore.,reported less than in the same month of last year. and averaged 17% less for the
new first eight months of 1930 than for the corresponding period in 1929. The
production from 87 mills as 39,713,000 feet. shipments 34,543,000 and
business 39,847,000. Sixty-six identical mills reported a decrease of 24% decrease in manufacturing employment in Ohio in August from July was
in production, with new business the same as that reported for the cor- due to employment declines in all of the major manufacturing industries
of the State. It is significant that in both July and August no one of the
responding week of 1929.
The California White & Sugar Pine Manufacturers Association of San major manufacturing groups of industries of the State reported employment
20,607,000 fet, shipments increases from the previous month, and that the 4% decline in July from
Francisco reported production from 19 mills as
13,685,000 and orders 12,340,000. The same number of mills reported June was greater than the average seasonal decline, while the continued
a decrease in production of 18%, and a decrease in orders of 31%, when decline from July to August was in contrast to a usual seasonal gain.
The 1% decline in employment in the non-manufacturing industries of
compared with last year.
The Northern Pine Manufacturers Association of Minneapolis. Minn., the State is also in contrast to the usual seasonal movement. Employment
4,988.000 feet, shipments 2,860,000 in the non-manufacturing industries of the State in August was 13% less
reported production from seven mills as
and new business 2,569,000. The same number of mills reported a de- than in August of last year, and for the first eight months of this year was
crease of 40% in both production and new business, in comparison with 6% behind the first eight months of last year. The July-to-August decrease
of 6% in the construction industry of Ohio is in sharp contrast with the
•
a year ago.
The Northern Hemlock & Hardwood Manufacturers Association of five-year average July-to-August increase of 5%. The volume of construcfrom 19 mills as 1,129,000 feet, ship- tion employment in August was 23% less than in August 1929, and 11% less
Oshkosh, Wis., reported production
ments 1,106,000 and orders 902,000. Eighteen identical mills reported for the first eight months of 1930 than for the corresponding period of last
a decrease of 68% in production and a decrease of 50% in orders when year.
Employment in the automobile and automobile parts industries of the
compared with 1929.
The North Carolina Pine Association of Norfolk, Va., reported pro- State in August was 7% less than in July, which contrasts sharply with the
duction from 98 mills as 6,352,000 feet, shipments 7,186,000 and new condition of relative stability from July to August that has been maintained
business 6,636,000. Forty-six identical mills reported production 40% during the past five years. The actual volume of employment in the
less, and new business 18% less, than that reported for the same period automobile industries in August was 27% less than in the same month of
last year, while the volume for the first eight months of 1930 was 34%
of last year.
The California Redwood Association of San Francisco reported pro- behind the volume for the same period of last year.
In the metal products group of industries, the 3% decline in August from
duction from 12 mills as 4.894,000 feet, shipments 6,765,000 and orders
5,084,000. The same number of mills reported a decrease of 36% in July was greater than the average decline for the past five years. Ninetycompared with a year ago. nine of the 165 concerns reporting in the metal products group reported
production and a decrease of 3% in orders, when
employment decreases in August from July, 11 reported no change in
Hardwood Reports.
employment from July, and 54 reported increases.
Employment in the machinery industries showed a decrease of 3% in
The Hardwood Manufacturers Institute of Memphis, Tenn., reported
production from 254 mills as 24,600,000 feet, shipments 26,105,000 and August from July, and a decline of 24% from August 1929. The July-to
new business 27,366.000. Reports from 182 identical mills showed pro- August decline in the machinery group is in contrast to a five-year average
-August increase of 1%.
duction 49% less, and new business 30% less than that reported for the July-to
In the rubber products group of industries, of which tire and tube manusame week of 1929.
Association of facturing is the principal industry, there was a decrease of 3% in employThe Northern Hemlock & Hardwood Manufacturers
August from July, which is in contrast to a five-year average
Oslakosh. Wis., reported production from 19 mills as 1,364,000 feet, ship- ment in
-August increase of 2%. The total volume of employment in tired;
ments 2,280,000. and orders 897,000. Eighteen identical mills reported July-to
tubes in August was 28% less than in August 1929. and the average
a 60% decrease in production, and a 75% decrease in orders, when com- and
for the first eight months of this year was 22% less than the average for the
pared with last year.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
same period of last year. The 3% decline in the stone, clay and glass products group is in contrast to a five-year average July-to-August increase
of 4%, while the volume of employment in August was 22% less than in
August 1929, and the first eight months of 1930 was 15% behind the first
eight months of 1929.
In the lumber products industries, employment in August showed no
change from July, although there is usually a seasonal increase of 2%.
August employment in the lumber products industries was 19% less than
In August 1929, and the average for the first eight months of this year was
8% behind the average for the same period of last year.
All of the chief cities of the State except Cincinnati and Youngstown
reported a further decrease in total industrial employment in August from
July; Cincinnati reported no change, and Youngstown, an increase of 4%•
The decreases ranged from 3% in Akron and Toledo to 6% in Columbus,
with Cleveland and Dayton reporting declines of 4 and 5%, respectively.
In Akron, Cleveland, Columbus, and Youngstown the decrease in August
from July was either in contrast to an average July-to-August increase over
the past five-year period, or to an unchanged condition, while in Dayton
and Toledo the decline was greater than the usual seasonal decline.
As compared with August 1929, all the chief cities of the State reported
declines in employment in August, ranging from 15% in Youngstown to
27% in Toledo, with Cleveland and Dayton both showing declines of 21%.
Likewise, all the chief cities of the State showed a decline in total industrial
employment for the first eight months of 1930 as compared with the first
eight months of 1929, the decline from the first eight months of last year
amounting to 6% in Columbus, 9% in Dayton, Youngstown, and Cincinnati, 13% in Cleveland, 20% in Akron, and 38% in Toledo,
Construction employment in August, after the brief upward spurt in
July. declined in all the chief cities of the State except Youngstown and
Toledo. In Columbus, Akron, Cincinnati. Cleveland, and Dayton, the
August decrease was in contrast to an average July-to-August increase for
the past five years, and the increase of 7% in Toledo was less than the
five-year average July-to-August increase of 12%. As compared with
July of last year, construction employment declined in all the cities except
Columbus and in Stark County, and for the first eight months of 1930, in
all the cities except Dayton which reported an increase of8%,and Columbus
which reported no change.
INDUSTRIAL EMPLOYMENT IN OHIO.
lb Each Series Average Month 1926 Equals 100.1
(Based on the number of persons on the payroll on the 15th of the month or nearest representative day as reported by co-operating firms).
Industry.
Change Avg.Chg Change Average
No. of
Report- Index from Aug. fr. from Jan-Aug.
Aug.
July
July
Aug.
Change
tag
Firms. 1930. 1930. 1925-29 1929.
1929.
Chemicals
Food products
Lumber products
Machinery
Metal products
Paper and printing
Rubber products
Stone, clay & glass products_
Textile
Vehicles
Miscellaneous manufacturing
24
47
28
104
165
41
24
54
42
58
37
80
117
84
90
79
104
83
76
89
83
94
—1%
—3
0
—3
—3
—1
—3
—3
—4
—5
+1
Total manufacturing
Service
Trade
Transportation & pub. nth
624
12
30
17
83
111
93
111
—3
—1
—1
—1
+1
—1
—1
+1
—22
—3
—8
—10
—17
+1
—5
—2
59
199
882
100
93
87
—1
—6
—3
0
+5
+1
—13
—23
—21
—6
—11
---t IC
Total non-manufacturing _
Construction
All industry
0% — 11%
+a
—9
+2
—19
+1
—24
—1
—23
+1
—4
+2
—28
+4
—22
+1
—18
0
—24
+2
—11
—13%
—2
—8
—13
—16
+1
—22
—15
—9
—31
—7
1789
Shipments and Production of Pneumatic Casings in
July Below Figures for Corresponding Month Last
Year—Inventories at Lowest Level Since Nov. 30
1928.
Inventories of pneumatic casings on hand July 31 were at
the lowest levels since Nov. 30 1928, according to statistics
issued by the Rubber Manufacturers Association, Inc. This
organization reports 12,599,091 casings on hand July 31, a
decrease of 11% under June 30 of this year and 21% below
July 31 a year ago.
Shipments of pneumatic casings for the month of July
amounted to 5,810,448 and represents an increase of 2.9%
over June, although 26% under July 1929 and 26.4% under
July 1928. Production of pneumatic casings for July 1930
is placed at 4,257,409, a decrease of 22% under June, 34%
under July a year ago and 34.5% below July 1928.
Production of pneumatic casings for the first seven months
of 1% as comof 1930 exceeded shipments by less than
pared with a 6% excess the same period a year ago and a 3%
excess in 1928. Shipments of pneumatic casings for the
same period of 1930 were 24% below the same period in
1929 and 16% under 1928.
Estimated Consumption of Crude Rubber. by Manufacturers in the United States in August Below
That of a Year Ago—Imports Also Lower—Inventories Continue To Increase.
Consumption of crude rubber by manufacturers in the
United States for the month of August is estimated at 30,575
long tons by the Rubber Manufacturers Association in its
monthly statistical compilation, issued Sept. 15. This is
an increase of 4.6% over the July consumption of 29,245
ong tons and compares with 38,274 long tons in August
1929 and 42,927 long tons in August 1928.
Imports of crude rubber into the United States during the
month of August total 34,558 long tons as compared with
34,084 long tons in July, 38,292 long tons in August 1929
and 29,805 long tons in August 1928.
The Association estimates total domestic stocks of crude
rubber on hand and in transit overland Aug. 31 1930 at
158,178 long tons as compared with 152,001 long tons as
of July 31 and 90,769 long tons as of Aug. 31 1929. Crude
rubber afloat for United States ports is estimated at 61,168
long tons as against 58,326 long tons on July 31 and 49,423
long tons the same date a year ago.
New York Board of Trade Appoints Edward Plaut to
Tire Men to End Price Cutting—Leading ManufacHead Committee to Survey Price-Cutting in Metroturers Reported as Planning to Abolish Practice
politan Area.
of Giving Larger Discounts.
In the campaign of Lehn & Fink, Inc., in behalf of better
The following is from the "Wall Street Journal" of Sept. 19: methods of retail pricing, announcement is made of the apAt conferences held by the leading factors in the tire industry during the pointment of Edward Plant, President of the company, as
past few days, an understanding has been reached to settle a conflict which
committee, named by W. J. Banham, Preshas disrupted trade practices and resulted in slashed tire prices since around Chairman of a
July 1. While no formal agreement has been made as a result of these ident of the New York Board of Trade, to study indiscriminate
meetings, some of the misunderstanding which has agitated the industry price-cutting in New York City. The announcement of his
in recent months has been cleared away, and the former trade and discount
appointment was made to Mr.Plant by cablegram to Europe,
practices will be restored.
The price war which began in a small way and was carried on secretly, where he is concluding a study of European retailing methods.
without public change in tire lists, had spread rapidly and raised havoc In naming Mr. Plant Chairman of this committee, Mr.
with tire companies' operations during recent months, particularly among
would study the entire subject
some of the larger participants The competition was too severe for smaller Banham said that the group
makers even to attempt to follow it.
of indiscriminate price-slashing on the part of retailers.
The conflict started originally when one of the largest companies took an Mr. Banham is quoted as saying:
important Southwestern dealership away from another large company,
which the unwritten law of trade practices in the industry considers a
violation of all ethics, rules and regulations. Since both companies were
important suppliers to so-called national and commercial accounts, 1. e.,
operators of large fleets of motor vehicles, nationally and locally, the
retaliatory step taken by the company, which lost the dealer, was to lower
the trade allowance to such accounts and to try to take the other maker's
business.
It has been the practice in the industry for many years to allow these
accounts, which are large buyers of tires in bulk, a trade discount of 10%
and 10%. Or the "two-ten" discount. This made prices to them somewhat above the regular dealers' net, but below the established list or retail
price. The practice was designed to protect dealers who had control of
such large accounts from factory competition, and to enable them to make
a more favorable price on large lots and still make a profit above the net
factory price of the tires sold. When the price-cutting campaign by way
of larger discounts started, the discount was placed at 10% plus 10%
plus 10%. By stages it was increased until as much as six 10% discounts
were common, and on the Pacific Coast as many as eight such discounts
were allowed.
Although it was thought that price cutting would be confined to prices
on such large accounts, it spread in other directions. Some manufacturers,
in danger of losing dealers whose business with the large accounts was
affected, had to make concessions to hold their dealers. This was followed by such severe consequences in recent weeks that some of the more
conservative intereists in the industry undertook to rectify the situation.
These steps were followed by conferences which have been held during the
past several days. As a result of these conferences, it is likely that the
old-established "two-ten" discount and former trade practices again will
be resumed.
The indiscriminate slashing of retail prices constitutes a modern business
problem of the first magnitude. We are anxious to determine just how
serious this problem is, how economically unsound or economically sound
it is, just what moves the average retailer to slash prices indiscriminately,
how the consumer fares in the matter, how many retailers are able to maintain fair retail prices with no disturbance of volume and whether or not
price-cutting benefits or hurts trade in general.
Mr.Banham said that to date no comprehensive effort has
been made to answer these questions and he believes the
results of the study by the Board of Trade will be not only
of interest to business men in general but of material aid to
merchants, manufacturers and distributors in the metropolitan area. The first meeting of the committee will be held
in New York City shortly after Mr. Plant returns from
Europe,at which time the names of the other members of the
committee will be made public. The committee is expected
to avail itself of the information on European methods of
retail pricing which had been gathered by Mr. Plant.
The campaign, according to one interested observer, may
be said to have had several distinct phases, the most recent
of which had to do with Mr.Plaut's unequivocal advocacy of
the Capper-Kelly Bill. "First, the consumer was urged to
deal only at fair price, full value stores," said this authority,
who is credited with the following:
1790
FINANCIAL CHRONICLE
This phase of the work interested both consumer and retailer. Secondly
the retailer was subtly convinced that the consumer is willing to pay fair
prices and get full value on all goods rather than to get cut prices on some
items, only to be forced to pay exorbitantly for other goods. This fortified
him in his conviction that he owed it to himself to maintain retail prices.
Then, the endorsement of the Capper-Kelly Bill convinced the retailers of
the fact that this manufacturer was sincere in his efforts to bring about a
solution to the price-cutting evil.
EroL. 131.
This money, he explained, will be used to pay the overhead expenses,
the salesmen, while the "surplus will be disposed of in a way that will help
the market." Another of the plans of the new corporation will be to keep
prices on commission weaving on a basis that will be competitive.
Financial Plan Given.
"All we want is for each loom to put up $15, for which the owner will get
one share of stock. This money will be payable in three instalments, the
first in cash, the others in notes 60 and 90 days later." This latter suggestion was somewhat of a contradiction to his advice earlier in the evening
when he told the commission weavers not to give notes or mortgages to
anyone who offers them work.
"Don't give notes or mortgages," he admonished his followers, "if a man
hasn't confidence in you don't give him a note or mortgage. It is against
any logical idea to ask a man who only represents labor to give a note or
mortgage." This admonition was delivered while Worf was discussing
the practice of some jobbers who give out work to commission plants.
Worf's plans for the formation of this commission weaving plant are very
similar to the plan he advanced here earlier in the year for uniting the
legitimate manufacturers, a plan which it seems never materialized.
Yosemite Holding Co. Believes Sharp Falling Off of
Value of Retail Trade Marks End of Decline.
The sharp falling off in the dollar value of retail trade in
relation to 1929 which has occurred in the last three months
does not point to a continuance of declining business but
rather marks the end of such decline. In the opinion of the
Research Department of the Yosemite Holding Corp., this
development marks the final stages of major business depressions, and occurs just prior to a turn for the better. It Nebraska
Attorney-General to Inquire into Operations
further says under date of Sept. 14:
of Chain Stores Following Charges of Unfair Trade
Retail trade is the last of the major business factors to turn radically
upward or downward in business movements. In the depression of 1920-21
Practices.
retail trade held consistently above the figures of the preceding year until
Lincoln, Neb., press advices, Sept. 13, said:
January 1921, and did not break radically below such figures until May of
that year, when business as a whole was just on the point of turning upward.
Conversely, retail trade did not rise above the figures of the preceding year
until the fall of 1922. At that time, general business had been increasing
for over a year.
A similar course of retail trade is being witnessed at the present time.
General business started down in July 1929. Retail trade did not drop below
the amount of the preceding year until January 1930. and it was not until
June of this year that it showed any radical decline from last year's volumes
For the first five months of 1930, it was less than 3% below the same
period of 1929. In the last three months, it has been running more than
10% below last year's levels.
To the extent that this decline represents the translation of lower raw
material prices into the prices of consumers goods, the development is
directly favorable. Its unfavorable indication of decreased consumer
buying power must be read in connection with the trend of production.
Consumption never falls as rapidly or as far as production. Even at this
low point of consumption, the output of goods is even lower, and stocks
of goods in merchandising hands are decreasing.
The first upward movement of business arises from the resultant necessity
of filling in depleted stocks. This in turn gives rise to increased primary
employment, to increasing purchasing power of workers, and by consequence to increase consumption. The process gradually accelerates the
upward movement of general business which started merely to fill replacement demand.
-Loom CommisFormation in Paterson, N. J., of 1,000
sion Weaving Organization.
Claiming a nucleus of 250 looms, 0. C. Worf, Executive
Secretary of the Commission Manufacturers' League of
America, Inc., on Sept. 12 advanced plans for the formation
of a 1,000-loom commission weaving organization, said
Paterson, N. J., advices to the New York "Journal of Commerce," which added:
The announcement followed a strong criticism of the legitimate manufacturer, firms which give out their commission weaving and some of the
commission weavers themselves, at a meeting of the league, attended by
scarcely 100 men, in Modern Woodmen's Hall here.
Seeks Strong Combination.
After inquiring into how many of those present were members of the
organization, to which most of those present arose, and then ascertaining
those not members, and lastly those who had not paid their initiation fees.
Mr Worf said:
"Some of you men have been asking for real action, and to-night I am
going to give you real action, but it will take 100% co-operation. We
will form one corporation with about 1,000 looms. This means it will be
the largest commission weaving company in the country. This corporation will have one or two, if necessary more. 100% salesmen or representatives in New York. They will be the best men we can find to get work for
-loom corporation." Here Mr. Worf went on to explain that the
the 1,000
commission weaving plant owners themselves will be saved the necessity
under the present system of visiting New York or the "Curb," Washington
Street,this city, for the purpose of finding work for their respective plants.
As a result of the formation of this corporation, Mr. Wort' pointed out,
the man with "thirty or forty looms will have no standing; he will be too
small compared with this concern."
Industry's Present Status "Bad."
The firm will be known as the Allied Silk Manufacturing Organization.
and the allied plant owners will have to be members of the Commission
Manufacturers' League of America, which Worf organized here several
months ago. After pointing out a good business future for the concern,
with great powers, Mr. Worf declared that tp-day the commission weaving
business "is all down," but that through an organization such as he plans
"and firmly established on a 100% basis" the business can be made better
In outlining the workings of the organization, Mr. Wort said that "for
the time being anyway" the plants will remain where they are now located
-loom plant only
and the work will be pieced out, according to loomage. a 40
receiving sufficient warps to cloth that many looms. The work will be
given out. he said, according to rotation, providing the manufacturer is
capable of manufacturing that particular type of merchandise. In the
event this is impossible the manufacturer will have to wait until the next
order is received.
The assets of the individual firms will remain in the possession of those
firms, but if one concern "needs a certain kind of reed that soother firm
has and is not using, the first firm will be able to borrow that reed," according to the plans under way.
Co-operative Buying Planned.
All buying will be done on a corporate basis, and all work will be received at a central office which will eke it out to the individual manufacturers. according to Mr. Worf's plans. When the work is finished it will be
returned to this office and from there will either be sent to the owner or
shipped to dyers at his request. The manufacturer will then send his shipping order to the central office and will be paid by the corporation, "less lc.
a yard, or perhaps less."
The Attorney-General of Nebraska has cited chain store operators to
appear at a public hearing here Sept. 29, at which he will take testimony
that may be used to revoke authority to do business in the State.
This action, he says, follows complaints by merchants' associations and
individual dealers that chain store systems, for purpose of eliminating
competition, are charging less for certain articles in some cities and towns
than in others, contrary to the anti-discriminatory price laws. The Supreme
Court recently held that this could be done in order to meet competition
in one community without reducing rates in others. The law authorizes
the Attorney-General to hold hearings and call for books and records.
Tax on Chain Stores Held Valid by Court—North
Carolina Ruling May be Taken to Highest Court.
North Carolina "chain store" tax of $50 a year on all
stores under the same ownership, operation and management, excluding one, was declared constitutional, not arbitrary,'and a reasonable classification, in an opinion handed
down by the North Carolina Supreme Court on Sept. 17,
according to Raleigh, N. C., advices to the "United States
Daily," which went on to say:
The opinion affirms the Superior Court decision in the case of the Great
Atlantic & Pacific Tea Co. et al. v. Allen J. Maxwell, Commissioner of
Revenue of North Carolina, and is the first "chain store" tax that has
been held constitutional in a Superior Court and a State Supreme Court,
according to Attorney-General D. 0, Brummitt.
The case is expected to be appealed to the United States Supreme Court
at once, possibly reaching that tribunal in October.
Between $12,000 and $13,000 is involved in taxes already collected for
the fiscal year 1929-30 from about 2,600 chain stores, paid under protest
and followed by action for refund. About 25 chain store organizations,
most of them national in operation, a few confined to the State, are
included in the joint action.
Minature Golf Increasing Use of Cotton Fabrics—
More Than 1,500,000 Yards Said to Be Used for
Awnings, Folding Chairs, &c.
The rapid increase in the popularity of minature golf has
resulted in the use of 1,500,000 yards of cotton textile
fabrics on the various midget links throughout the country,
it was stated orally on behalf of the New Uses for Cotton
Section of the Department of Commerce, Sept. 15. The
advices to this effect contained in the "United States Daily,"
also said.
This estimate was made in connection with a nation-wide survey that the
Department has conducted to determine the demand for cotton created by
this latest phase of American industry, It was said. The following information was furnished by the section:
The estimated total of 1,500,000 yards during the past 12 months is
based on returns from 15 key sections of the United States, and on an estimated number of 25,000 courses, throughout the country, Startling variations were found in the quantities used per course, the amount varyingfrom
10 yards to more than 1,000 yards per course. in the same city.
California Demand.
In a section of greatest cotton use, Southern California. an actual check of
the cloth used on I() representative courses showed the high average of 600
yards of cotton goods per course. A conservative estimate of the number of
courses in South California would be 1,000, and using the above average
yardage this would place the total at about 600,000 yards in this section of
one State alone. Outside of this Southern California area, the average
of the cotton yardage per course would have to be computed from figures
that vary widely, though within narrower limits
In the Chicago area, the average cotton yardage used approximated an
average of 135 yards per course, whereas in San Francisco it was 144 yards
and in one Eastern district, it was as low as five yards per course. The more
than 20,000 courses thus to be averaged at 50 yards per course yield a total
of 1.000.000 yards of cotton textile fabrics already consumed in miniature
golf tents, awnings, folding chairs, umbrellas, illusion scenery, driving
games and tarpaulins.
Reports from various sections surveyed stress the importance of these
canvas specialties as advertising media. A galaxy of attractive umbrellas
of the various orange-peel type. the canvas back reclining chairs, bright
awnings around refreshment booths, scenery and pennants, create an
Illusion that is reported to be favorably reflected in gate receipts.
Cotton tarpaulin and roof gardens awnings now protect pony golf courses
in Atlanta and New York: the "bull's-eye" driving practice game has been
recently fabricated to capitalize the golfers' impulse to sock the ball in good
and ancient style on scores of pee-wee courses;scenic canvas trees and semi-
SEPT,20 1930.]
FINANCIAL CHRONICLE
tropic backgrounds arrest the casual passerby in Southern California, and
in some locations cotton terry-cloth grass flourishes consistently where none
would grow before.
Inter-American Conference in Washington Seeks Cooperation of Pan-American Governments in Limiting Output of Coffee, Sugar, &c.
At the Inter-American Conference on Agriculture, Forestry and Animal Industry, at Washington, on Sept. 15,
Luis Marino Perez, Commercial Attache of the Cuban Embassy and delegate to the conference, proposed the curtailment of the production of coffee as well as sugar, cotton,
meats and any other agricultural commodities wherein a
surplus exists, and on Sept. 16 introduced to the conference
another resolution of similar character. This is learned
from the New York "Journal of Commerce," which in its
Sept. 16 reports from Washington said that an international
conference to devise some means by which the depressed
conditions prevailing in the coffee industry of Latin America might be relieved appeared imminent as an outcome of
the discussions of the problems affecting the industry being
participated in by the delegates to the conference. We quote
further from that day's (Sept. 16) account to the paper
Indicated:
The first move to put such a confernce in effect was instituted to-day
when an invitation was extended to all delegates of coffee producing nations
to attend an informal conference at the Costa Rican Legation Sunday
morning. The Inter-American Conference closes its session Saturday.
The problems which would be discussed at the conference would pertain
to the production of coffee, consumption, the cost of production, and the
prevailing low prices. A resolution calling upon the Latin American countries to curtail future production by not increasing the size of the plantations was presented to the conference yesterday. Likewise, the suggestion
was made at that time that a world-wide advertising program, to educate
the people to coffee, be put into effect.
The resolution proposed that in such case the Governments might either
purchase the lands through issue of long-term bonds, or exempt them from
taxation so that their owners could afford to use them for other purposes.
Senor Perez asserted that the problem of overproduction "must be faced
squarely and promptly in order to avoid further world-wide disaster of
an economic, social and political order," adding that overproduction "has
encouraged the adoption of extreme protectionism by nearly all countries,
thereby aggravating the economic difficulties."
Suggestions ;rode by Cuban.
The suggestions outlined in the resolution of Senor Perez follow:
"That the restoration of the proper balance between world supplies and consumption can be achieved (a) by international agreement to stabilize the exports
Of each country, for a limited period of time, on the basis of the present normal
exports of each country so as to give an opportunity for increased consumption
to absorb the existing surpluses; (b) by not stimulating further than it is already,
by measures ninny kind, the production of that commodity, until the world surplus
shall have disappeared; (r) by bringing about the greatest possible consumption of
the commodity in all countries and especially in those parts of the world where a
considerable expansion of consumption Is considered possible; this campaign to be
undertaken internationally on a co-operative basis as far as possible.
"That both Governments and private organizations should carry out a systematic
campaign of an educational character to convince land owners and farmers of the
economic waste and disadvantage which result directly to them, sooner or later,
from the cultivation of inferior or unsuitable lands, which contribute to the Production of surpluses.
"That Governments, In co-operation with private organizations, should work
out in each country systematic plans for agricultural diversification, in consultation
with technical agriculturists and economists, giving a foremost place In the national
Policy to such plans.
Prompt. Complete Statistics.
"That prompt and complete statistics for each world-wide commodity should be
made available through the concerted action of Government and national industrial
organization, with the co-operation of existing private statistical agencies, in order
that such information might serve as a guide and an assistance both to governments
and producers in promoting the stability of the industry, current statistics of stocks.
consumption, production and trade for many important agricultural products
being at present irregular. Incomplete and confusing, thereby contributing to harmful price fluctuations and depressions of the centralized markets. (The author
believes that current agricultural statistics can only be placed on a more
satisfactory
basis through close international co-operation by governments)."
The following suggestions dealing with the problem of overproduction
were outlined by Senor Perez:
"That the problem must be faced squarely and promptly, In order to avoid
further
world-wide disaster of an economic, social and political order.
"That overproduction cannot be remedied by reducing costs of production or
by increased agricultural or industrial efficiency, or by better methods of marketing
or financing, which may alleviate the situation to some extent, but only
that the real remedy (of course reluctantly accepted in practice) consiststransitorily;
in bringing
about a rational balance between world supplies and consumption of the commodity in question, or in other words economic stability to the industry,
"Teat overproduction by greatly lowering the prices of the
principal agricultural
commodities and raw materials of international trade, resulting in destructive competition, has encouraged the adoption of extreme protectionism by nearly
all countries, thereby aggravating the economic difficulties; since, in the language of a British
economist, thereby the agricultural community In all parts of the
world is being
and is likely to he ground between the millstones of low prices for foodstuffs and
high prices, or relatively high prices, for manufactured articles."
The resolution introduced by Senor Perez on Sept, 15
follows:
"The delegation of Cuba Is of the opinion that this conference would
render a most important service to the welfare of all the American republics
by contributing with its firm support to the solution of the vast agroeconomic problem of overproduction that affects the principal agricultural
crops and raw materials produced by the countries of America, such as
sugar, coffee, cereals, cotton, meats, &c.
"It has been evident in practice that the problem of overproduction
cannot be solved by the individual action of a single country, although it
may be the principal producer, but that it requires concerted international
action.
Action in Three Forms Proposed.
"Therefore, each of the American industries, individually, in which an
unbalanced situation between world supplies and consumption has been
created and persists with grave consequences for the present and future of
that industry, should endeavor to reach, as soon as possible, a better readjustment between those factors, commonly known as supply and demand,
by means of a concerted international action.
1791
"This action should take three forma: First, to agree to a stabilization
of the exports of each country for a short period of time in order that the
surplus may be gradually absorbed, basing such stabilization upon the
figures of the normal exports attained by each country; secondly, not
to stimulate further than it is already, by any means, the production of
that commodity until the world surplus shall have disappeared, and, thirdly,
to try to bring about the greatest possible consumption of the commodity
in all countries and especially in those parts of the world as in the Far
East, where a considerable expansion of consumption is possible, this
campaign being carried on co-operatively."
E. N. Robaina, Representative of El Pais, Calls Sugar
Curb in Cuba a Failure—Says Government Move
Aided Other Countries—Opposed by Mill Owners.
Governmental restriction of sugar production in Cuba has
not worked well but has really worked to the advantage of
other sugar raising countries, according to a statement on
Sept. 16 by E. N. Robaina of Havana, special representative
in the United States of "Dl Pais," Cuban newspaper. The
New York "Times" reports this, and adds:
Mr. Robaina said that when other sugar raising countries learned of
the restrictions imposed on Cuban producers they increased their acreage
and benefited by the situation.
"The restriction of crops was enforced against the better judgment of
the majority of American and Cub.m sugar mill owners," declared Mr.
Robaina. "Although this interference was not openly opposed by the
Americans as confiscatory, many important representatives of the industry
in this country disclosed their feeling through the press.
"However, the fair prices prevailing at the time when the restrictions
went into effect were instrumental in maintaining a hopeful spirit. Then
came the establishment of the 'Single Seller Agency,' which was another
example of interference with the industry and which evoked the bitter
opposition of many sugar producers who had the foresight to grasd the lack
of financial basis for the new plan which was designed to have one sales
agency for the entire crop.
"The single selling agency was formed for the purpose of eliminating
competition among sugar producers. It did not take into consideration
the fact that the banks would not lend money on the crop because control
of the sugar was vested entirely in the hands of the selling agency which
operated very slowly. This scheme broke down under the heavy fire of
the producers, especially the Santa Clara mill owners.
"The agency was dissolved by President Machado when all the sugar
exporting countries had sold their product at a fair figure, a price which
was an inducement to replant their lields, maintain overproduction and
leave the Cuban industry and the American banks in a quandary with
more than 2,000,000 tons of sugar on their hands without a market."
Freight Rates Lowered for Cotton Goods—New England
-Cent Reduction.
Mills Gain by 20
A substantial reduction in freight rates on cotton piece
goods from New England mill points to destinations in
central freight territory and which amounts to 20 cents per
100 pounds on shipments to Chicago, will go into effect
Oct. 15, said Boston advices Sept. 14 to the New York
"Journal of Commerce," which added:
The reduction, which is expected to result in the purchase of,more New
England goods on the part of buyers in the Middle West, because it equalizes freight charges from New England points and those from Southern
mill points, was announced through the New England Freight Association.
which represents the railroads in this section of the country.
The decrease follows more than a year of effort on the part of the Textile
Traffic Conference, composed of textile traffic men, the National Association of Cotton Manufacturers and the Arkwright Club. Representatives
of tnese organizations have expressed their appreciation of the co-operation
given by the roads in obtaining "a fairer freight rate for New England mills"
to the central freight territory.
"The closing of some cotton mills in New England during the past eight
years and the growth of the industry in the South gave rise to the belief
that the very much higher freight rates from the East than those given
tne South to the markets in the West was an influencing cause." according
to D. L Taylor, Chairman of the rates and transportation committee of
the National Association of Cotton Manufacturers.
"More than a year ago the railroads became interested in a plan of the
Textile Traffic Conference to reduce the rates on cotton piece goods front
New England to the Middle West in order to meet the situation." he said.
"After many conferences it was decided that the cotton Industry of New
England needed freight rate protection and the present reduction is the
result."
Examples of the decreases for the more important points are: New England mill points to Chicago.from $1.06 per 100 pounds to 86c.;to St. Louis.
from $1.23;§ per 100 pounds to $1.005.
First Inter-American Conference on Agriculture—
Representatives of 21 Nations Meeting in Washington Adopt Resolutions Asking Governments
to Co-operate.
The Inter-American Conference on Agriculture, Forestry
and Animal Industry, meeting in Washington, D. C., reached
the stage of practical accomplishment on Sept. 13, when 10
resolutions we..e adopted which, it is said, assure permanent
co-operation between agricultural technicians of the 21 republics and 'ay the ground work for a continuing series of
national and international conferences. This is learned
from United Press advices, Sept. 13, to the New York "Herald Tribune," which also said:
Ask for Next Conference in Five Years.
The conference to-day also dealt with the difficult problem of plant
quarantines and insect control, with indications of general support for a
1792
FINANCIAL CHRONICLE
proposed conference of entomological authorities, suggested by Dr. C. L.
Marlatt, chief of the United States Bureau of Entomology.
The resolutions approved to-day made the following requests and recommendations:
That national congresses on agriculture, forestry and animal industry be
held in the interval between the present and the next Inter-American
conference;
That governments of the republics appoint agricultural co-operative committees to arrange national congresses on agriculture, in preparation for
the next Inter-American conference;
That research workers be interchanged among experiment stations, in
accordance with a plan to be outlined by the governing board of the PanAmerican Union;
Would Hold Regional Conferences.
That a second Inter-American Conference be held within the next five
years, at a place and time to be determined by the governing board of the
Pan-American Agricultural Conference, representation of private organizations as well as government to be Invited;
That the governing board of the Pan-American Union makes survey of
problems in which several nations have a onnmon interest, such as coffee
production, cocoa, sugar, dyestuffs, livestock, etc., and make a consistent
endeavor to promote community of interest in all affected by any one
problem, and encourage the holding of regional conferences for the purpose
of co-operating in the technical study and possible solution of problems
common to the group;
That co-operation on agricultural bibliography by maintained through
the agency of the office of agricultural co-operation of the Pan-American
Union;
That the work of the Department of Agriculture of Porto Rico and the
experiment station at Barra Colorado, in the Canal Zone, which have been
conducting investigations along special lines of tropical agriculture and
forestry and making results available to several Latin-American countries,
be further expanded and that closer co-operation be established with other
experiment stations and agencies of scientific research in the countries of
America.
That governments of American republics give special consideration to
the appointment of agricultural attaches at the embassies and legations
in the countries of America.
That a permanent Inter-American Committee be established for the
preparation of the next Inter-American Conference, members to be designated by the governing board of the Pan-American Union in consultation
with the respective governments.
That the establishment of private associations interested in agriculture,
forestry and animal industry be encouraged, together with co-operation of
all such organizations in the American republics.
Augusto Bonazzi, of the Cuban delegation, and Carlos J. Quinteros, of
Panama, expressed thanks for the aid of the United States. Alberto GrafMann, of the Chilean delegation, and Dr. Julio Riquelme Inda, of Mexico,
discussed the problems of plant quarantines.
Lee A. Strong, chief of administration for plant quarantines, of the Department of Agriculture, estimated that losses to principal crops of the
United States from insects and plant diseases amount to $3,000,000,000
annually.
[VOL. 131.
Russia, as against 92,363,000 last year; but the Russian figures are a mittedly problematical.
The total estimate for North, Central and South America is 190,421,000
quarters, compared with an estimated 163,280,000 last year. The United
States crop is placed at 102,500,000, against 100,814,000, the crop of India
at 48,314,000, against 40,100,000.
Sells Curtis Magazines—Kroger Grocery & Baking Co.
Wraps Publications Under Its Own Labels.
In its issue of Sept. 2 the "Wall Street Journal" carried the
following from Cincinnati:
Kroeger Grocery & Baking Co. is selling the "Saturday Evening Post"
and "Ladles Home Journal," Curtis Publishing Co. publications, in its
stores in Cincinnati, Pittsburgh, Cleveland and Detroit. Kroeger wraps
these magazines under its own labels and reports that large sales have been
shown in each of the cities in which these popular magazines are sold.
Statistician Says French Wheat Crop Will Be Disastrously Inadequate.
From Paris Sept. 16 a cablegram to the New York "Times"
said:
The wheat crop of France this season will be so poor as to constitute a
disaster, according to estimates made by Delphin d'Estombe, statistician
of the Bourse de Commerce, who places the total crop at 56,500,000 quintals
(A quintal is about 220 pounds.)
Should this estimate prove accurate France will be obliged to import 30,000,000 quintals to supply her needs.
At the Ministry of Agriculture, however, it was asserted to-night that
all estimates were premature. Threshing has just begun and it will be
several weeks before any reliable figures are available, it was declared.
The Ministry regards M.d'Estombe's estimate as pessimistic.
If the wheat crop is bad, the same cannot be said of sugar beets, which
promise an unprecedented harvest. Producers expect a yield of 9,500.000
quintals, as compared to 8,200,000 last year, though the highest yield
recorded is under 9,000,000.
Russia Flooding Europe with Wheat—Many Ships
Being Chartered by Soviet for Transporting Grain.
The following account from London, Sept. 13 is taken
from the New York "Times":
There will be no comfort for American or Canadian farmers in the avalanche of Russian wheat and barley now pouring into European markets.
Consternation was caused in the British grain market yesterday by the
heavy sales of cheap Russian grain, while the Atlantic freight market has
been disorganized by a sudden boom in Black Sea freight rates.
Quantities of Russian grain amounting to 200.000 tons will soon be on
their way to Italy, while similar quantities are believed to be destined for
British ports. Wheat prices in the Liverpool option market plunged
new low record yesterday, and everywhere
The following regarding the Conference is from the New another 12 cents per quarter to a samestory
In Britain the grain trade told the
of utter depression. Argentine
York "Times" of Sept. 7:
Canadian and American wheat is the hardest hit.
It is recalled here that whereas a few weeks ago there was talk of the
The first assembly of nations of the Western Hemisphere to devote itself
exclusively to agricultural problems will open at Washington to-morrow, United States organizing food relief for Russian cities, grain is now pouring
Sept. 20. It will be called the First Inter-American Con- in out of South Russian ports and glutting the European markets.
and continue to
The grain freight rate from the River Plate to Britain declined yesterference on Agriculture, Forestry and Animal Industry. It was created by
a resolution adopted by the Sixth International Conference on American day about 37 cents a tons, and the rates are about 50 cents lower than a
States at Havana in 1928, and will seek effective co-operation in marketing week ago. The demand for North American charterings has been almost
negligible lately. In the Black Sea, on the contrary, rates of from $3 to
and production.
Representatives of national associations and research institutions as 83.15 are being quoted, which represents a rise of about 37 cents a ton
well as governments of 21 countries will participate. Officials of the within the last month for the short voyage. On Thursday several vessels
Pan-American Union and of the United States Department of Agriculture were chartered to load grain at Black Sea ports, and yesterday a further
batch of steamers was chartered.
have assisted in arranging the conference.
Greek and Italian steamers whicn before the war carried a large share
The study in common of all the problems involved and the efficacy of
of the South Russian grain are again being chartered freely with options
the formulae of co-operation which the conference is expected to suggest for
discharging the cargoes at Mediterranean or North European ports
will depend in large part, it is believed, on the collaboration between It was reported in shipping circles
yesterday that the owners are being
official and private initiative and governmental organs and associations of urged by Russia to send ships to the Black Sea in ballast as there
would
agriculturists and stock raisers. A comprehensive survey will be under- be plenty of cargoes available for all.
taken of agricultural problems, educational, scientific, economic and
The unrestrained exporting of Russian grain this month may throw
commercial.
light on the efforts of Soviet business men to place $25,000,000 worth
Research work through established and new institutions and co-operation of contracts for new shipping with Clydeside snipyards. A group of Mosamong nations interested in common problems will be planned by the con- cow business men in Glasgow are trying to arrange ostensibly for coal
ference. Collection and distribution of reliable agricultural statistics cutters.
among the nations will also be discussed.
It is believed grain ships also are wanted and that Soviet Russia may
The governing board of the Pan-American Union recently adopted a in a year or two have her own fleet of grain ships with which to flood foreign
provision for the markets.
resolution recommending that the conference make
recurrence of such international group gatherings at intervals of not
more than five years, and that the various nations establish national con- Argentina's Wheat an Issue in
Britain—Question Is
ferences to clarify national points of view, examine results of the InterLikely to Come Up in the Approaching Imperial
American Conferences and adapt them to national conditions.
As a result of a recommendation by the Havana Congress, a permanent
Parley—United States Concerned.
committee and a division for agricultural co-operation has been organized
The New York "Times" correspondent writing from
by the Pan American Union. National committees have been formed in
each of the countries concerned to aid in gathering data for the Washington London, Sept. 12, said:
conference, and to start investigation of agricultural problems.
Wheat promises to be a big economic factor in British politics in the near
It has been recommended that the delegates of the different governments future, and it is shaping itself at the present moment along lines not at all
with representa- favorable to the interests of the United States grain growers. The matter is
and of private organizations at the conference, together
tives of such other agricultural organizations as can render effective collab- now in an embryonic stage of investigation by a committee of experts which
oration, be included as members of the national committees, and that has been set to work by Stanley Baldwin and Neville Chamberlain, leaders
Immediately after the close of the conference subcommittees be organized of the Conservative party, to devise some "system by which Great Britain's
purchases of wheat may be satisfactorily divided among foreign countries,
by 21, national committees to begin preparations for the next conference.
the British Dominions and wheat growers here in England."
Neville Chamberlain is making his first major effort in his new capacity as
Chairman of
Beerbohm's Estimate on Wheat Production—Places backing fromthe Conservative party and he is receiving nearty and hopeful
Stanley Baldwin, who is very much in need of a new economic
Europe's Yield 60,264,000 Bushels Below 1929, policy of his own with which to forestall Lord Beaverbrook's Empire free
trade plan with its adjunct of a nigh protective tariff against food and
America's 217,128,000 Higher.
of Sept. 13 everything else from all foreign countries.
Supplementing the item given in our issue
(page 1638) with regard to Beerbohm's estimate of the world's
wheat yield, we quote from the New York "Times" the
following London cablegram Sept. 13:
Baldwin Already Pledged
Mr. Baldwin already has given a pledge to the agricultural interests of
Great Britain to establish a guaranteed price for English-grown wheat as
soon as he is returned to power and it is his opinion that such a guarantee
The details of Beerbohm's preliminary wheat crop estimate are as follows could be carried out in connection with the quota system more readily than
The world's total production, as previously cabled to the "Times" is 558,- in any other manner. That would take care of the British farmers, who can
818,000 quarters of eight bushels, compared with 525,603,000 estimated produce only a small percentage of the grain needed and leave the country
last year. For Europe Beerbohm's estimate is 269,845,000 quarters, free to distribute the bulk of its purchases between the dominions and
against 277,378,000 a year ago. This includes 100,000,000 allotted to foreign countries in such proportions as to increase economic good wll
SEPT. 20 1930.1
FINANCIAL CHRONICLE
between Great Britain and other parts of the Empire without offending other
nations to which England wants to export a greater volume of manufactured
goods.
Furthermore advocates of the quota plan assert it would take the wind
out of the sails of the United Empire party with its food tax policy and that
is the chief political objective of the scheme, for the result of the recent
parliamentary election in Bromley was unpleasantly convincing that the
new organization is making serious inroads on the electoral strength of the
Conservatives. It is also claimed for the quota system, which would be
worked unofficially by the milling interests, that it would be much less
cumbersome than buying through the agency of official import boards set
up by the Government itself to make the bulk of its purchases.
Regime Considering Scheme.
The import board scheme is what the Labor Government is now considering as one of its probable suggestions to the dominions at the Imperial
Conference but the Government is by no means committed to it and J. H.
Thomas, Minister of Dominions in the MacDonald Cabinet, is himself
greatly interested in the quota suggestion. So there is a political possibility
that the policy which Mr. Baldwin and Mr.Chamberlain are now perfecting
as the offering of their own party at the next election may,in the meantime,
be adopted by the present Government.
However, Mr. Baldwin or Mr. Chamberlain may be expected to make
some public announcement on the matter before or during the sessions of
the Imperial Conference.
Entirely aside from the economic and political possibilities of the situation
here in Great Britain and throughout the empire, there are interesting
international implications. When the advocates of the scheme talk about
buying a certain proportion of the total wneat imports from "foreign Countries" they should use the singular instead of the plural. They do not have
in mind the grain-growing countries of Europe, against which Great Britain
has a grievance because of the dumping process of the bounty-fed cereal
trade. They do not mean the United States, where the tariff is such that it
seems hardly worth while for Englishmen to try to increase their export
trade by enlarging their grain purchases from the United States. The one
place in the world above all others they do have in mind when they talk
about buying foreign wheat is Argentina.
Grain import statistics for the last three years show that that country
already is getting the bulk of the British wheat trade, even without any
Government regulation or system whatever.
In
the United States shipped almost twice as much wheat to Great
Britain as Argentina did. In
the two countries were just about even
in this respect but last year Argentina shipped practically twice as much as
the United States.
Substantially the same reversal has happened in those three years with
reference to Canada and Argentina, and Australia also has lost much of her
former grain trade with England to this South American country.
British millers, who are free to buy wherever they like, were responsible
for these proportions. It is evident that if these same millers, acting in
voluntary unofficial co-operation with the Government to work a quota
system in a manner satisfactory to the dominions, they will have to show
more consideration for Canada and Australia without going so far in that
direction as to hurt trade relations with Argentina.
That can hardly be done without diminishing still further wheat purchases in the United States.
1927
1928
1793
Census Report on Cotton Consumed in August.
Under date of Sept. 13 1930 the Census Bureau issued its
report showing cotton consumed in the United States, cotton
on hand, active cotton spindles, and imports and exports of
cotton for the month of August 1930 and 1929. Cotton
consumed amounted to 352,335 bales of lint and 57,010
bales of linters, compared with 378,835 bales of lint and
58,581 bales of linters in July 1930 and 558,754 bales of lint
and 83,643 bales of linters in August 1929. It will be seen
that there is a decrease under August 1929 in the total lint
and linters combined of 233,052 bales, or 36.3%. The following is the complete official statement.
AUGUST REPORT OF COTTON CONSUMED,ON HAND,IMPORTED AND
EXPORTED, AND ACTIVE COTTON SPINDLES.
Cotton In running bales, counting round as half bales, except foreign, which is
in 500
-pound bales.)
Year
United States
Cotton
Twelve In Con- In Public Spindles
Months stoning
Active
Storage
Ended Establish- & at Coin- During
August July EC melds. presses.
August
(bales) (MIN)
(bales) (bales) (Number)
I 1930 352,335 6,113,932 1,011.661 3,464,699 25.873,978
1 1929 558,754 7,091,065 800,989 1,382,226 30,230.386
Cotton-growing States.- 1930 283,731 4,757,356
1929 428,771 5,392,265
New England States
1930 56,728 1,142.663
1929 109,033 1,447,451
All other States
1930 11,876 213,913
1929 20,950 251,349
included Above
Egyptian cotton
1930 7,673 206.061
1929 20,285 232,392
Other foreign cotton
1930 5,458
96,450
1929 8,030
80,474
-Egyptian cotton... 1930
Amer.
576
12,181
1929 1,395
13,455
Not Included Above
Linters
11930 57,010 804,395
1 1929 83.643 879,269
Protesting against the preferential method in the recent movement of
500,000 sacks of coffee from the State of Minas Geraes through regulatory
de Janeiro coffee brokers petitioned the
warehouses,
de Janeiro
Coffee Bolsa yesterday asking that steps be taken to prevent a recurrence
of such a movement, which they allege caused heavy losses to a number
de Janeiro coffee handlers.
of
In protest the brokers assert that the sudden release of such an amount
not only is prejudicial to the Coffee Institute but also causes an unfavorable fluctuation of prices which could be avoided by normalization of coffee
shipments.
31 Rio
Rio
Rio
Cuba Raises Coffee Duty from $18.72 to $25 a 100
Kilograms on Imports from United States.
A Washington dispatch Sept.8 to the New York "Times"
said:
4 1930,
$18.72
A Cuban Presidential decree, published and effective Sept.
but
not applying to shipments ordered prior to and shipped on or before
that
date, increases the rate of duty on green coffee from
to $25 per
100 kilograms about 220 pounds when imported from the United States,
Assistant Commercial Attache A. F. Nufer, Havana, has cabled
to the
Department of Commerce.
In addition to this basic rate of duty, there is a surtax of
of the duty
.
3%
World's Coffee Supply Sept. 1 at 5,528,978 Bags Exceeds
Previous Months' Figures.
The world's visible supply of coffee on Sept. 1 totaled
5,528,978 bags, against 5,377,915 bags Aug. 1 and 5,269,061
bags Sept. 1 1929, according to figures compiled by the
New York Coffee & Sugar Exchange.
Country of FroductiOn.
The Coffee Defense convention adjourned Thursday after the delegates
had extended the previous marketing agreement to June
This
agreement includes Sao Paulo, Santa Catherina, Minas
Geraes, Pernambuco, Esperito, libantos, Bahia, Parana, Rio de Janeiro and Goyaz, and
in no way conflicts with the terms of the recent
coffee loan to
the first-named State. Secretary of the Treasury Salles of Sao Paulo
addressed the convention and stated that the credit would serve to clear
up the surplus stocks now on hand. The agreement ratified is merely
one of marketing.
30 1931.
$97,330,000
87,027
91.687
38,091
31.043
5,764
5,422
48,551
34,811
25,249
20.635
3,371
604
221,379
156,290
81,221
42,658
---- 1
12 Mos. End. July 31.
August.
1929.
1930.
1930,
1929.
296.286
17,353
34,857
52.009
54.424
2,875
457,804
1,025
17.279
2.577
405
4,828
26
4,368
164
215.181
19,427
44,033
39,324
58.449
1,693
5.901
24,793
378,107
22
EtrYitt
Peru
China
Mexico
British India
411 other
Exports of Domestic Cotton Excludine Linters
(Running Bales-See Note for Linters).
Cowan, to Wkia Exported.
August.
1930.
United Kingdom
France
Italy
Germany
Other Europe
Japan
ell other
12 Mos. End. July 31.
1929.
1930.
1929.
55,444
66,773
21,707
125,405
51.615
37,119
17,973
366.036
Total-
25.559 1,256,042 1,830,846
774,574
35,552
811,520
652.430
21,003
716,802
66,381 1,687,366 1,796,798
832,688 1,092,588
49,989
14,072 1,020.016 1,309.183
13,462
429,734
522.797
226.018 6.689.796 8,043.588
Note.
-Linters exported, not included above, were 5,599 bales during August in
1930 and 9,896 bales in 1929; 117,955 bales for the 12 months ended July 31 in 1930
and 186,211 bales in 1929. The distribution for August 1930 follows: United Kingdom, 1,011; Netherlands, 525; Belgium, 2; France, 1,404; Germany, 1,731; Spain;
180; Canada, 744; Mexico, 1; Guatemala, 1.
WORLD STATISTICS.
The estimated world's production of commercial cotton, exclusive of linters,
grown in 1929. as compiled from various sources, is 26,125,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while the consumptlon of cotton (exclusive of linters in the United States) for the year ended
July 31 1929 was approximately 25,782,000 bales. The total number of spinInng
cotton spindles, both active and Idle, is about 164,000,000.
Cottonseed Oil Production During August.
On Sept. 12 the Bureau of the Census issued the following
statement showing cottonseed received, crushed and on hand
and cottonseed products manufactured, shipped out, on hand
and exports during the month of August 1930 and 1929.
COTTONSEED PRODUCTS MANUFACTURED, SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 110
Aug. 31.
Shipped Out
Aug. 1 to
Aug. 31,
On Hand
Aug. 31.
Crude oil, lbs__. 1930-31
*8,110,407
49,321,710
37,982,418 *25,606,230
19,181,886
1929-30
35,217.974
28,823.404
26,025,680
1930-31 a299,933,070 b26,524,533
a200,273,468
1929-30 338,619,933
22,876,555
230,682,631
Cake and meal. 1930-31
54,308
76,440
85,408
45,340
tons
1929-30
76,667
56.303
84,076
48,894
Hulls, tons
1930-31
27,318
45,878
43,606
29,590
1929-30
63,017
32,064
39,262
56,719
Linters, mining 1930-31
136,463
28,578
29,553
135,488
bales
1929-30
70,854
23,310
40,334
52.830
Hull fiber, 500- 1930-31
2,659
45
2,704
lb. bales
1929-30
1,848
2,751
3,003
1,596
Grabbots,motes, 1930-31
12.967
000
1,726
12,141
Ac., 500 - lb,
bales
1929-30
8.453
1,043
2,737
6.759
* Includes 1,946,590 and 2,894,541 pounds held by refining and manufacturing
establishments and 3,558.420 and 8,767,000 pounds in transit to refiners and consumers Aug. 1 1930 and Aug. 31 1930, respectively.
a Includes 6,088,528 and 3,440,103 pounds held by refiners, brokers, agents and
warehousemen at places other than refineries and manufacturing establishments and
5,859,277 and 3,770,031 pounds in transit to manufacturers of lard substitute,
oleomargarine. soap, d(c.. Aug. 1 1930 and Aug. 31 1930, respectively.
b Produced from 28,949,347 pounds of crude oil.
Refined oil, 1b5_
Coffee Pact Extended in Brazil-Previous Marketing
Agreement Now Runs to June 30 1931.
The following United Press advices from Sao Paulo,
Brazil, are taken from the "Wall Street Journal" of Sept. 19:
647,900 3,116.353 17,127,926
496,388 1,194,941 17.948,408
310.279
98.822 7,714,884
254,559
68,141 11,009,790
53.482 249,524 1,031.168
50,042 119,144 1,272,188
Imports of Foreign Cotton (500-10. Bales).
Total
Rio de Janeiro Brokers Protest Against Sudden Release
of Coffee from Warehouses in State of Minas Geraes.
From Sao Paulo, Brazil, Sept. 10 a cablegram to the
New York "Times" stated:
Cotton on Hand
Aug. 31
Cotton Consumed
During-
FINANCIAL CHRONICLE
1794
EXPORTS OF COTTONSEED PRODUCTS FOR 12 MONTHS ENDED
JULY 31.
1929.
1930.
Item20.627.975
24,744.505
011-Crude, pounds
8,428.951
7,177,456
Refined. pounds
298.232
158.422
Cake and meal, tons of 2.000 pounds
186,211
118.124
Linters, running bales
COTTON SEED RECEIVED, CRUSHED. AND ON HAND (TONS).
State.
Alabama
Georgia
Louisiana
Mississippi
Texas
Another States
On Hand at Mills
Crushed
Received at Mills.*
Aug. 31.
Aug. 1 to Aug. 31. Aug. 1 to Aug. 31.
1929.
1930.
1930. 1929.
1929.
1930.
29,661
59.241
23,938
12.262
199.229
11.798
14,800
26.680
23.870
23.681
146.113
3.925
12.093
27.616
9,063
13,746
90.719
12.533
8,012
15.186
12.854
10.805
71,249
1.917
17,804
32,355
15.545
8,507
124.508
16.246
7,979
12,091
16.084
20.032
94.979
9,487
United Staten
356120 230066 165 770 120 023 214.065 160.652
•Includes seed destroyed at mills but not 44.606 tons and 41.606 tons on hand
Aug.1, nor 762 tons and 2,847 tons reshipped for 1930 and 1929, respectively.
Bookbinders' Hours Cut-Employers Agree to Shorten
Week by Four to Ten Hours.
An agreement reducing the work week of 1,800 bookbinders
employed in Greater New York by four to ten hours a week
was signed this week between the International Brotherhood
of Bookbinders' Unions and the bookbinding employers of
this city, it became known on Sept. 11, says the New York
"Times" which further said:
It was predicted that the entire industry soon would be on a uniform
-hour week.
44
The agreement was reached.It was declared yesterday in a joint statement
Issued by Richard Shoemaker Jr.. President of the Bookbinders' Trade
Association, and John B. Haggerty, international union President, in order
to relieve the unemployment situation and to stabilize the industry.
It was pointed out that the agreement was entered into voluntarily by
the employers who had been maintaining open-shop conditions. The
agreement was sanctioned at a union convention held last week in Toronto.
Alexander Schwartz. managing director of the employers association
declared:
"It is now universally recognized that fair wages and reasonable hours
which provide for time in which to spend these wages have played an
important part in the prosperity of our country in the past."
International Typographical Union in Convention at
Houston,Tex., Adopts Discipline Rule.
From Houston, Tex., Sept. 10, Associated Press advices
said:
The International Typographical Union in annual convention here to-day
passed a by-law providing that a member disciplined for unbecoming conduct shall not seek redress in the civil courts under penalty of summary
expulsion.
Mississippi State Highway Department Reduces Salaries of Employees to Permit Engaging of Additional
Workers to Aid Unemployment Situation.
The following, from Jackson (Miss.), Sept. 16, is from
the "United States Daily":
The State Highway Department has announced a reduction of 10% in
the salaries of all employees of the Department.
The action was taken, it was announced, in the hope that it will "permit
the employment of a larger number of workers throughout the State where
these can be used economically, and thus extend some relief to the class
which is in greatest need of relief."
At the same time the Department directed that the meximum day labor
scale be fixed at $1.50, and that employees not necessary for the work
now at hand be laid off Oct. 1.
The Department stated that "the present crisis with regard to unemployment demands that every action possible be taken that will furnish any
measure of relief."
City Employes in New Britain, Conn. to Be Taxed on
Salaries to Provide Christmas Fund for Needy.
Associated Press accounts from New Britain, Conn., Sept.
4, stated:
City employees here will be taxed 2% of their salaries for the next three
months to provide a Christmas fund for needy families, it was announced
to-day after a meeting of city department heads. It is estimated about
$9,000 will be collected.
-Employment Conditions
Valley Steel Pay Rolls Up 10%
in Youngstown, Ohio.
Payrolls in August by Valley iron and steel companies,
totaling $6,655,228, represents a 10% gain over July and
reflects moderately improved employment conditions. It is
about $600,000 higher than the July disbursement. This was
noted In a Youngstown dispatch, Sept. 10, to the New York
"Journal of Commerce," which said:
The August distribution compares with a payroll of $7,857,883 in
August 1929.
It was in September 1929 that new business started to slump with Valley
steel mills. J. Howard Parker, President of tht combined First NationalDollar banks, points out that payroll figures offer encouragement to business men, showing that the January 1930 distribution was $5,670,000 and
the July payroll aggregated $6,058,000.
Mr. Parker states that with one exception Youngstown has the lowest
record of unemployment of any city in Ohio. It is expected by industrial
leaders that September will show a payroll gain over August.
(VOL. 131.
-Another Attack ThreatPetroleum and Its Products
ens Oklahoma Conservation Plan-Pennsylvania
Crude Oil Prices Advance-Crude Oil Production
Off-California Draws Up New Proration Schedule.
The petroleum market has been marked by conflicting
developments in differents parts of the country this week.
Crude oil prices in the Pennsylvania fields were again raised
as were prices in the Alleghany section of New York. At
the same time there has been another legal attack started
against the Oklahoma proration schedule. Crude oil production again showed a sharp drop which was reflected in a
more optimistic attitude toward the situation than has been
held recently. The consensus of operators is that the future
of the industry rests upon the retail price of gasoline more
than on any further curtailment of refinery operations. With
California going on a proration schedule that will cut approximately 60,000 barrels daily, the refinery end of the
field is considered as doing its share.
The proration schedule recently drawn up by operators
in the Pennsylvania fields has demonstrated its effectiveness
with the second price advance in recent weeks. An advance
of Sc. a barrel in the Bradford district and a similar increase
in the price of crude oil in the Alleghany district of New
York has been posted. An advance of 15c. a barrel on crude
oil in Buckeye pipelines in Pennsylvania has also been
announced.
This is in decided contrast with the general trend of prices
throughout the industry. Demand for the various lubricating products made from the Eastern crudes has strengthened considerably lately and further general price advances
are expected.
Another attack on the Oklahoma Corporation Commission's prorating orders has been carried to the Federal Court
in that State. Attorneys for the Champlain Refining Company, which was allied with the Julian Oil & Royalties
Company in its unsuccessful effort to have the proration
schedule set aside, applied to Federal District Judge Edgar
S. Vaught for an interlocutory injunction to set aside orders
of the Commission which approve proration of oil runs.
Judge Vaught refused to issue a temporary injunction but
set a hearing for Sept. 29. Two other Federal judges will
sit with Judge Vaught because the trial involves a constitutional question. The Champlain company set forth their
case on the same basis as the Julian interests, that as they
are an independent unit, operating their own wells, pipelines
and retail outlets the Corporation Commission has no right
to limit their putput. The petition claims that proration
orders violate the Fourteenth amendment to the Constitution.
Production of crude oil last week dropped to 2,419,750
barrels daily as compared with production of 2,965,400 barrels daily for the same period last year. These figures show
a drop in production of 17,300 barrels daily from the previous
week. All curtailment was East of California, however,
this State again showing a gain, production increasing 7,400
barrels to a total of 613,700 barrels daily.
Curtailment of production from the present allowable
output of 596,000 barrels to a new allowable level of 550,000
barrels is provided for in the new schedule planned for
California operators, which takes effect immediately. As
this region is the only one that has been showing an increase
lately, the reduction will have a marked affect on the daily
production of the country.
Following protests of independent operators in that State,
Standard Oil of California raised the price of gasoline one
cent and lowered the price for refinable crudes from 8 to 12
cents a barrel. This move has straightened out the situation
there and has stopped rumors of operators being forced to
break proration schedules in order to make any profit under
former price levels.
Prices of Typical Crudes per Barrel at Welts.
(All gravities where A. P. I. degrees are not shown.)
Bradford, Pa
$3.55 Smackover. Ark 24 and over
Smackover. Ark.. below 2
vo
E aberg h s
cbrn i.
1.35 Eldorado, Ark 84
ilUnola
1 65 Urania. La
Western
1.50 Bait Creek, Wyo.,82
1.23 Sunburst, Mont
Mideontinent, Okla.. 37
.80 Artesia. N Max
Corsicana, Texas. heavy
.87 Santa Fe Springs, Calif., 33
Hutchinson, Texas 35
Luling. Texas
.85 Midway-Sunset Calif 22
1.15 Huntington Calif., 26
epindletop, Texas, grade A
1.00 Ventura Calif.. 30
spindietoP, Texas, below 25
.65 Petrolia. Canada
Winkler, Texas
$1.05
.75
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.84
1.18
1.90
-IRREGULAR TREND MARKS WEEK
REFINED PRODUCTS
-GASOLINE
PRICE CUTTING TACTICS WEAKEN MARKET
STOCKS AT NEW LOW FOR YEAR-BUNKER OIL REDUCED.
The Eastern gasoline market has been marked by considerable irregularity in the past week. Pricecutting tactics
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1795
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
pursued by several operators have undermined the con- Week EndedSept. 1330. Sept.630. Aug. 30 '30. Sept. 14'29.
fidence of the market. Gasoline stocks again showed a de- Oklahoma
549.100
565,000
574,200
748,700
crease from the preceding week's total. Uneasiness was also Kansas
118,550
113,550
115,600
129.000
85.050
97,450
102,500
128,650
caused by the efforts of the Champlain Refining Co. to have Panhandle Texas
North Texas
67,450
71,200
72,100
97,400
61,950
52,000
52,350
57,800
the proration schedule in Oklahoma set aside. If this is West Central Texas
West Texas
268,150
275,950
277.650
365,050
accomplished it will probably result in the complete break- East Central Texas
42,000
40,150
39,900
17,450
Southwest Texas
88.400
95,850
93,950
74.450
down of the curtailment plan and will do the oil industry a North Louisiana
39,850
40,450
35,150
40,800
Arkansas
53,550
53,500
54,700
65,900
great deal of harm.
Coastal Texas
179,200
170,600
180,350
135,850
24,250
24,600
25,850
20,500
Although consumption has held up very strong, due to Coastal Louisiana
Eastern (not Including Michigan)
113,500
113,000
114,500
119,500
the fine weather prevailing at the present, the gasoline Michigan
8.150
9,350
10,150
18,000
Wyoming
53.150
45.550
49,700
57.000
market is very unsettled. While the posted price of U. S. Montana
9,050
9,100
9,400
11,800
4,200
4,500
4,450
6.000
Motor gasoline remains at 8 to 10c. a gallon, in tank cars Colorado
New Mexico
46,900
43.450
40,200
3,400
613,700
606,300
at the refinery, considerable business is being carried out California
603,000
873,800
/0. a gallon, with some deals reported lower
around 8 to 81
Total
2,410,750
2,437,050
2,461,350
2,965,400
than this. The feeling prevalent among the trade here is
The estimated daily average gross production for the Mid-Continent
that bulk prices have gone low enough and attempts to stimu- Field, including Oklahoma. Kansas, Panhandle, North, West Central,
Southwest
West, East Central
and Arkansas,
late consumption by price cutting methods will meet with for the week endedand 13, wasTexas, North Louisianacompared with
1,371,500 barrels, as
Sept.
failure.
1,397,650 barrels, for the preceding week, a decrease of 26,150 barrels.
The
With practically the same conditions prevailing in the oil, Mid-Continent production, excluding Smackover (Arkansas) heavy
was 1,334,800 barrels, as compared with 1,360,900 barrels, a decrease
tank wagon market, price levels in this field are very irregu- 07 26,100 barrels.
lar. With increasing competition has come reports that
The production figures of certain pools in the various districts for the
price shading is being resorted to extensively. These con- current week, compared with the previous week, in barrels of 42 gallons,
follow:
ditions have weakened the market and the outlook is not
-Week Ended-Week Ended
OklahomaSouthwest TexasSept. 13, Sept. 6.
Sept. 13. Sept. 6.
very promising.
Bowlegs
13,700 14,850 Darst Creek
42,300 42,300
Bristow-Slic
15,150 15,200 Luling
9,000
9,000
Standard Oil of New Jersey has reduced the price of Burbank k
15,500 15,500 Salt Flat
16,500 16.500
6,150 8,400 Chapmann-Abbot
Grade C bunker oil 10c. a barrel at New York, Baltimore, Carr City
10,950
3,650
Earlsboro
North Louisiana22,950 19,650
Norfolk and Charlestown. This brings the price down to East Earlsboro
17,950 14,800 Sareota-Carterville
2,650
2,700
10,400 10,850 Zweite
4,150
4,300
$1.05 a barrel. Price shading tactics used in this market South EarLsboro
Arkansas
Konawa
15,700 21,300
24,950 22,650 Smackover, light
River
5,050
5,050
have made necessary reduction. Although the Winter season LittleLittle River
East
11,300 14,150 Smackover. heavy
36,700 36,750
Coastal.Texas
2,500
3,150
of heavy fuel oil consumption is on hand, stocks of fuel Maud
Mission
17,800 18,900
7,350 6,400 Barbera Hill
oil are very heavy and distributors want to clear out some Oklahoma City
92.650 105,350 Racoon Bend
11,850 12,300
St. Louis
22,900 23,650 Refugio County
29,500 28,150
of the stocks. Owing to this condition, an increasing Searight
7,550 Sugarland
12,600 11,900
7,500
Coastal Louisiana
14,350 14,000
tendency to make concessions has been reported among Seminole
East Seminole
2,400
2,250 East Hackberry
2,300
2,400
Old Hackberry
local operators.
1,050
1,050
1VcomenoKansasGasoline stocks dropped to a new low for the year, present Sedgwick County
21,450 20,150 Salt Creek
31,500 24,850
Montana
12,250 8,200
stocks being 37,832,000 barrels, a drop of 741,000 barrels Voshell
Kevin-Sunburst
5,850
5,850
Nev MexicoPanhandle Texas
from the total of the previous week. However refinery Gray
58,700 67,100 Hobbe High
33.800 36,900
County
operations showed a gain, operating at 69.4% of capacity Hutchinson County-. 17,800 20,800 Bal. Lea County
6,900
7,300
Califernia--.
against 67% for the previous week.
Elwood-Goleta
North Texas
38,500 40,000
Archer County
14,450 15,150 Huntington Beach
28,300 27.800
Moderate improvement in both the domestic and foreign Wilbarger County
17,500 17,000
18,350 20,800 Inglewood
Kettleman Hills
West Central Texas
22,500 16,000
kerosene market has been noted lately. Stimulated by the
Young County
103,500 101,000
17,150 16,800 Long Beach
approach of the fall season, when many people use kerosene
Midway-Sunset
1Vest Texas
63,500 64,000
Santa Fe Springs
106,000 106,000
& Upton
heating units to warm their homes until the approach of CraneCounty Counties 35,200 39,150 Seal Beach
6,100
7,500
Ector
18,700 113,500
22,250 22,700 venture Avenue
46,700 47,000
County
furnace weather, dealers are reported moving fairly heavy Howard County
22,250 22,400 Playa del Rey
Reagan
19,000 19,000
Pennsylvania Grade
65,600 68,200
orders in this field. The expected price advance failed to Winkler County
6,150 6,750
101,700 103,800 Allegany
Yates
materialize this week and indications are that it will not be Bal. Pecos County
3,250 Bradford
20,850 20,450
3,400
Southeastern Ohio
-East Central Texas
6,550
6,500
made for some time.
27,500 25,400 Southwest Pennsylvania_ 2,450
Van Zandt County
2,600
stocks in the hands of the European distributors,
With low
the export market is showing signs of improvement. With
Weekly Refinery Statistics for the United States.
the hand to mouth buying policy recently followed by the
According to the American Petroleum Institute, companies
foreign distributors resulting in low stocks on hand,inquiries aggregating 3,525,400 barrels, or 95.6% of the 3,686,400
in increasing volumes have been noted.
barrel estimated daily potential refining capacity of the
Gasoline. U. S. Motor, Tank Car Lots. F.O.B. Refinery.
plants operating in the United States during the week ended
N.Y.(Bayon'e)$.08 %41).10 N.Y.
-Sinclair Ref.. .0834 California
Sept. 13 1930, report that the crude runs to stills for the week
.08%
Stand. 011, N. J__ .09
Colonial-Beacon__ .09
Los Angeles, export_ .0734
Stand. Oil, N. Y_ .08
Carson Pet
Gulf Coast, export__ .08
.08
show that these companies operated to 69.4% of their total
Tide Water Oil Co. .083(
Crew Levick
North Louisiana
.09
07% capacity. Figures published last week show that companies
Richfield 011 Co__ .0914 West Texas
.0614 North Texas_....05% .06
Warner-QuinFnCo
Chicago
.0914 Oklahoma
aggregating 3,525,400 barrels, or 95.6% of the 3,686,400
0
514 .06
Pan-Am.Pet. Co_ .09
New Orleans
.0714 Pennsylvania
.0834 barrel estimated daily potential refining capacity of all plants
Shen Eastern Pet_ .10
Arkansas
.0634
operating in the United States during that week, but which
Gasoline. Service Station, Tax Included.
operated to only 67% of their total capacity, contributed to
New York
$.163 Cincinnati
$.2t
Minneapolis
5.222
that report. The report for the week ended Sept. 13 1930,
Atlanta
.25
Denver
.20
New Orleans
.195
Baltimore
.192 Detroit
.143 Philadelphia
follows:
.22
Boston
.185 Houston
Buffalo
Chicago
.198
.19
Jacksonville
Kansas City
.22
.25
.179
San Francisco
Spokane
St. Louis
.21
.275
.192
Kerosene. 41-43 Water White. Tank Car Lots. F.O.B. Refinery,
N.Y.(Bayonne)
$ 07 1Chlcago
5.0534!New Orleans
$
.07%
North Texas...0334= 0334 1Los Angeles. export_ .0534'Tulsa
_08%
Fuel 011, 18-22 Degrees, F.O.B. Refinery or Terminal.
York (Bayonne)$1 05 Los Angeles
New
8.85 Gulf Coast
5.73
Diesel
2.00 Now Orleans
.95[Chicago
.55
Gas Oil, 32-34 Degrees, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)---$.0554 !Chicago
I
5.03 Tulsa
$.08
-GASOLINE AND GAS AND FUEL OIL STOCEE
CRUDE RUNS TO STILLS
WEEK ENDED SEPT. 13 1930.
(Figures in Barre s of 42 Gallons)
District.
Per Cent
Postat(al
Capacity
Reportlag.
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 99.6
Okla., Kansas, Missouri 89.3
Texas
90.4
Louisiana-Arkansas_ __ _
96.8
Rocky Mountain
93.6
California
99.3
Crude
Runs
to
falls.
Per Cent
OPer.
of Total
Capacity
Report.
3,313.000
589,000
2,098.000
1,887,000
3,994.000
1,088,000
391.000
3,764,000
77.8
71.5
78.7
65.3
80.1
59.3
40.1
60.3
Gaserfas
Stoat.
Gas
and
Fuel
Oil
5,428,000
1,140.000
5.635,000
2,553,000
5,674,000
1,308.1)00
1.889.000
14,205,000
11,192,000
1,105,000
4,460.000
4,828.000
10,662,000
2,006,000
1,203,000
105,419,000
ssocts,
Crude Oil Production in United States Again Lower.
The American Petroleum Institute estimates that the daily
Total wk.Sept. 13'30 95.6
17,124,000
37,832,000 140,875,000
69.4
2,446,300
average gross crude oil production in the United States, for Daily average
the week ended Sept. 13 1930, was 2,419,750 barrels, as
Total wk.Sept.6'30- 95.6
16,537,000
67.0
38,573.000 140,330,000
2,362,400
compared with 2,437,050 barrels for the preceding week, a Daily average
yTotal wk. Sept.
decrease of 17,300 barrels. Compared with the output for Daily average 14'29 93.9 18,476.000 83.5 31,714,000 v142,145,000
2,639,400
the week ended Sept. 14 1929, of 2,965,400 barrels per day,
a 100.0
Texas Gulf Coast
3,073,000
83.4
4,474,000
7 866 000
the current figure shows a decrease of 545,650 barrels daily rnIdainno rztlif nnsagr: 1110 11
75)non
,
73.5
I Ofil nnn
i.
0,...rtnn
The daily average production east of California for the week • Final revised. x Included above in the to als for week ended Sept. 13 1930, of
their respective districts. v
ended Sept. 13 1930, was 1,806,050 barrels, as compared are not comparable with thisThe United States total figures for last year shown above
year's totals because of the difference in the
percentage
with 1,830,750 barrels for the preceding week, a decrease of capacity reporting.runs stills
Note.
-All crude
and stocks figures follow exactly the present Bureau
to
24,700 barrels. The following are estimates of daily average of Mines definitions. In California, stocks of heavy crude and all grades of fuel
i oil are included under the heading of "Gas and Fuel Oil Stocks." Crude oil
runs
gross production, by districts:
to stills Include both foreign and domestic crude.
1796
FINANCIAL CHRONICLE
[Vol.. 131.
Gasoline Cut in Ohio.
Standard Oil Co. of San Francisco Raises Price of
The development of pronounced weakness in retail gasoline markets in
Pacific Groat Lakes States in the last few days has been communicated to Ohio,
Gasoline to 21 Cents—Other Dealers on
according to Cleveland and Cincinnati dispatches yesterday. The Standard
Coast Hold to 20 Cents.
field, reduced gasoline 2 cents a gallon at its
Oil Co. of Ohio,
The move initiated by the Standard Oil Co. of California service stations. leader in the
Paragon Refining, subsidiary of the Gulf 011 Corp., and
to bring about a general increase in retail gasoline prices to the Pure Oil Co. announced they would meet the new prices.
The following bearing on the price changes in Cleveland
21 cents a gallon in Pacific Coast territory struck a snag on
Sept. 17 when independent dealers in the San Francisco and Cincinnati are from the "Wall Street Journal" of
market, at a formal meeting, voted to retain the old price of Sept. 18:
Standard 011 of Ohio has reduced the price of gasoline 2 cents a gallon
20 cents. This is learned from the New York "Herald
In Onto.
Tribune" of Sept. 18, from which the following is also taken:
The new
Solite, service stations, 22 cents, tank wagons 21
prices follow:
As result of the meeting, gasoline will sell at service stations in the San cents; Red Crown,service station 19 cents, and tank wagon 18 cents.
Francisco area at two prices, with the leading companies holding to the
Following the reduction by Standard 011 of Ohio, other companies
21-cent quotation, according to Pacific Coast dispatches.
operating in this territory have cut gasoline prices two cents.
The Texas Co. and Associated Oil. California companies wnich sold
Paragon Refining Co., subsidiary of Gulf Oil Corp., and the Pure Oil
at the 20
-cent-a-gallon price for some days after Standard. Union and Co. have reduced gasoline prices two cents a gallon.
Shell oil interests had raised the price, yesterday fell in line by posting a
21-cent quotation at their service stations in the Pacific Coast area.
Awaits
White Star Refining Co., representing Vacuum 011 interests in Detroit, Definite Action on Oklahoma Oil Proration
yesterday followed the Standard Oil Co. of Indiana and Sinclair Refining
Court Decision.
Co. in reducing the price of gasoline in the Detroit area by 2% cents a
In its Sept. 17 issue the "Wall Street Journal" reported
gallon to a new price of 14.3 cents, which includes the 3-cent State tax.
The reduction announced yesterday follows a cut of 3 cents a gallon last the following from Oklahoma City:
week as the first move on the part of the larger companies to combat a
At State-wide meeting of oil operators in Tulsa on Tuesday it was decided
price-cutting Campaign by small independents.
that definite action on proration schedules for the final quarter of the year
the price of gasoline ought to await the decision of the State Supreme Court in the case testing
Announcement of the increase in
It was the opinion, however,
constitutionality of the
was made as follows at San Francisco on Sept. 12 by the that production in the oil conservation laws.schedules should not go above
State under the new
Oil Co. of California:
Standard
550.000 barrels daily, which was the previous maximum.
Operators in Oklahoma City field presented a request that allowable
The Standard 011 Co. of California announces, effective at the opening
of business Monday, Sept. 15 1930, an advance in its price of gasoline of flow from this field be increased to 123i% of capacity from the present
total of about 5;4%. A larger flow for Okl.homa City would be fair in
one cent per gallon.
Effective Sept. 15 1930, at 7 a. m., the prices offered by the company view of its enormous potential compared with other State fields, operators
from Sc. to 12c. pointed out.
for the average grade of refinable crude oil are reduced
per barrel. The detailed schedule of the new prices will be issued later.
We also quote the following Associated Press advices from
STANDARD OIL CO. OF CALIFORNIA.
City Sept. 18:
Oklahoma
Along with its announcement of price adjustments effective Sept. 15 the Standard Oil Co. of California issued the
following statement Sept. 12.:
Statements have been made by independent refiners to Government
officials, to the public and to this company that present prices for gasoline
and prevailing prices for crude oil do not permit refiners in California to
operate at a profit, and that there must be either a decrease in the cost of
the raw material, or an increase in the price of the refined product, or a
decrease in labor costs. This last suggestion, even though it might be
partially effective should not be considered in view of existing general
conditions.
The statements referred to are believed to be supported by the facts.
The condition is the result of an incompleted program which was begun
last Spring. In March 1930, as a result of the successful conclusion of the
conservation program by California producers, the price offered by this
company for the average grade of refinable crude oil was advanced 20 to
25 cents per barrel. It was contemplated that this should be followed by a
corresponding increase in the company's price for refined products. Before
this advance could be made effective unsettled marketing conditions for
refined products developed and culminated in the recent disastrous price
war. All refiners have, therefore, found themselves in the predicament
pointed out by the independent refiners. Conditions to-day do not permit
the advance in the price of refined products contemplated at the time of the
advance in the price of crude oil referred to.
It is apparent that the burden of maintaining the conservation of our
crude oil resources cannot be thrown wholly on the producer. California
producers, who to-day are restricting their production to prevent waste,
are receiving some compensation for their reduced output in the shape of a
higher price. If relief comes to the refiners entirely at the expense of the
producer, the present conservation of California oils would be placed in
jeopardy. If relief is not afforded to refiners from their present difficulty,
some who control shut-in production will undoubtedly discontinue their
purchases of crude oil and open up their own production, thus destroying
the conservation program; for the conservation program requires for its
successful operation that its burdens be shared by all operators in any one
field, and that a market be provided for such oil as is produced.
The public, as well as the industry, is interested in the conservation of our
petroleum resources. The burden of conservation should not be thrown
wholly on the public nor on the refiner nor on the producer. The theory
of conservation is that our natural resources shall be utilized only to the
extent of a reasonable demand. The result will be a stabilized value and
price over a long period of years, rather than low prices during the periods
of excessive production, with high prices when the time of snortage arrives.
As President Coolidge pointed out in his letter to the Federal Oil Conservation Board on Dec.19 1924:"Overproduction in itself encourages cheapness.
which in turn leads to wastefulness and disregard of essential values."
The Shell Oil Co. of San Francisco, and the Union Oil Co.
and Rio Grande Oil Co. are understood to have followed the
action of the Standard Oil Co. in advancing gasoline price
to 21 cents.
Gasoline Sells at 12 Cents in Detroit War—Surplus
Dumped in Michigan to Depress Prices—Weakness
Spreads to Ohio.
The following is from the New York "Herald Tribune"
of Sept. 19:
The gasoline price war which broke out in Michigan, centring in the
Detroit area in the last week, yesterday assumed serious proportions when
gasoline sold as low as 12 cents at some service stations. This is a drop of
about 8 cents a gallon in four days.
Standard Oil Co. of Indiana, White Star Refining Co. and other leading
marketing companies announced on Wednesday that they had reduced their
prices to 14.3 cents, having been forced to take this action because of price
cutting by independent marketing interests. Prior to this leading companies
had charged 18.3 cents a gallon in Detroit and adjoining territory, including
-cent-a-gallon State gasoline tax.
the 3
According to Associated Press dispatches, officials of the leading companies said large quantities of surplus gasoline were being dumped in
Michigan.
A Federal Court has been asked to decide the status of State limitation
of oil production. The Champlin Refining Co. of Enid, Okla., in a suit
filed yesterday, asked an Interlocutory injunction against the State Corporation Commission's proration of the company's production of oil in
the Oklahoma City and Seminole fields.
The suit attacks the whole scheme of proration, although it refers specifically to the last three orders of the Commission holding production of
Oklahoma oil to 555,000 barrels a day. The petition alleges proration violates the Fourteenth Amendment to the Constitution.
California Oil Output Curb—Committee Fixes Allowable Production of Crude at 550,000 Barrels Daily.
The following from Los Angeles is from the "Wall Street
Journal" of Sept. 17:
A new State-wide crude oil curtailment plan limiting the daily allowable
production to 550,000 barrels as compared with the previous allowable
of 596,000 barrels as been adopted at meeting of the operators' general
committee. The new order became effective to-day.
P. N. Boggs, Chairman, in opening the meeting, asked for co-operation
of all operators in efforts necessary to make the new plan effective. The
co-operative spirit of the meeting was exemplified, be said, by the action
of the Elwood operators, who under the new plan will be forced to take
cuts in production in excess of those of other fields.
New proration schedules are to continue in effect until Jan. 1 1931.
subject to change by the committee.
Fair Copper Call at Lower Prices—Lead Holds Steady—
Zinc in Better Demand—Tin Dull.
Interest in the market for non-ferrous metals during the
past week centered chiefly in copper and a fair tonnage was
sold at reduced prices, reports "Metal and Mineral Markets."
Despite the fact that those in close touch with the copper
situation looked for a gain in copper stocks, actual publication
of the unfavorable August statistics brought out a feeling of
unsettlement which was soon followed by lower prices. The
red metal sold in the domestic market at 10M cents, delivered
in the East, the lowest price since January 1902. The
report continues as follows:
In order to dispose of copper a number of sellers found that they had to
Include both January and February shipments. On the other hand, quite
a few operators felt that copper at prevailing prices was just as good on
their books as on those of fabricators, notwithstanding the bearish nature
of the statistics. Export copper sales since the first of the month totaled
close to 16,000 long tons, a slightly better showing than in the same period
last month.
August lead statistics revealed a gain in stocks and a moderate decline
in shipments, but this had no influence on sellers, for the tone remained
steady up to the close. Demand for zinc improved and sales for the week
were ahead of any week since early August. The outlook in tin appears
somewhat better on reports that production in the important producing
centers is now definitely downward and that statistics for the current month
may even show a slight decline in the visible supply of the metal.
Platinum and quicksilver were reduced in price during the week
Output and Shipments of Portland Cement in August
1930 Below Figures for Same Month Last Year.
The Portland cement industry in August 1930 produced
17,821,000 barrels, shipped 20,299,000 barrels from the
mills, and had in stock at the end of the month 23,810,000
barrels, according to the United States Bureau of Mines,
Department of Commerce. The production of Portland
cement in August 1930 showed a decrease of 4.1% and
shipments a decrease of 11.9% as compared with August
SEPT.20 1930.]
FINANCIAL CHRONICLE
1797
Export Copper Price Reduced Once More.
1929. Portland cement stocks at the mills were 18.7%
higher than a year ago.
The New York "Sun" of last night (Sept. 19) stated:
In the following statement of relation of production to
A further downward revision of the price of copper for export was made
trade organization of the
the
Exporters,
to-day
capacity the total output of finished cement is compared leading by Coppercompanies. Inc., new foreign price is 10.80 cents c. I. f.
export
The
producing
with the estimated capacity of 166 plants at the close of London, Havre and Hamburg. That is a reduction of one-quarter of a
August 1930 and of 164 plants at the close of August 1929. cent and brings the export market into line with the domestic market,
1034 cents a pound.
In addition to the capacity of the new plants which began which is domestic consumers are said to be bidding 10 cents a pound for
Large
operating during the 12 months ended Aug. 31 1930, the copper.
estimates include increased capacity due to extensions and
Earlier action this week by the Copper Exporters was
improvements at old plants during the period.
noted as follows in the "Wall Street Journal" of Sept. 16:
RELATION OF PRODUCTION TO CAPACITY.
Copper Exporters,Inc., has reduced the export price of copper one-quarter
cent a pound to 11.05 cents. c. I. f. Hamburg. London and Havre.
Aug. 1929. Aug. 1930. July 1930. June 1930, May 1930.
The month
The 12 months ended_..-
86.1%
68.2%
81.0%
65.6%
81.4%
66.4%
77.8%
66.1%
78.9%
66.2%
PRODUCTION, SHIPMENTS, AND STOCKS OF FINISHED PORTLAND
CEMENT, BY DISTRICTS IN AUGUST 1929 AND 1930 (IN THOUSANDS OF BARRELS).
Produdion.
August.
District.
Shipments.
August.
Stocks at End
of Mont/I.
1929.
Eaatern Pa., N.J.&Mil
New York and Maine
Ohio. Western Pa.& W.Vs
Michigan
Wia., III., Ind. h Ky
Va., Tenn., Ala.. Ga., Fla. h La..
East. Mo.,Ia., Minn.dt S. Dak-West. Mo., Neb.„ Kans., Okla h
*Arkansas
Texas
Colo., Mont.,Utah. Wyo h Ida_
California
Oregon and Washington
1930.
1929.
1930.
1929.
1930.
3,941
1,449
2,180
1.582
2,425
1,450
1,578
3,876
1,396
2,009
1.426
2,409
1,232
1,933
4,584
1,747
2,464
2,290
3,275
1,644
2,589
4.161
1,560
2,338
1,627
3,045
1,328
2,491
4,777
1,467
3,152
1,238
2,318
1,623
2,081
5.506
1.298
3,194
2.418
3.295
1,794
1,937
1,430
707
357
1,128
358
1,361
697
302
922
458
1,773
786
368
1,123
409
1,412
634
292
961
450
926
466
518
997
493
1,637
627
510
1,104
490
18.585 17,821 23,052 20,299 20.056 23.810
Total
PRODUCTION, SHIPMENTS AND STOCKS OF F NISHED PORTLAND
CEMENT BY MONTHS,IN 1929 AND 1930(IN THOUS. OF BARRELS).
Production.
57dpments.
Month.
Total
'
acnow000
.-^co-lop,
.
l030030-140030
...v.w..00co0300
aw-woo.w....o,,w,-
1929.
January
February
Marsh
April
May
June
July
August
September
October
November
December
170,198
1930.
1929.
8,498
5.162
11,225
13,621
17.249
17,239
917.078
17,821
5,707
5,448
10,113
13,325
16,706
18.949
20,3I9
23,052
19,950
18,695
11,222
5,951
Stocks at End of
Month.
1980.
1929.
1930.
4,955
7,012
8,826
13,340
17,224
18.781
820,153
20.299
26,797
29,870
29,724
30,151
29,624
27.505
24.525
20,056
17,325
15.381
18,213
23,550
27,081
28,249
30.648
30,867
30,891
29,364
826.289
23,810
I
Wire Prices Cut W Cent a Pound.
In its Sept. 18 issue the "Wall Street Journal" stated:
Due to quiet cutting of prices earlier In the week Anaconda Wire & Cable
cent a pound, bringing
Co. has reduced prices of copper wire products
them to basis of 1034 cents delivered for copper. It is understood that the
surreptitious cutting of wire prices has been going on since Monday.
Calumet & Hecla Consolidated Copper Co. Operating
on Five-Day Week.
The Boston "News Bureau" of Sept. 16 says:
Calumet & Hecia Consolidated Copper Co. has placed operations on a
five-day schedule, effective September 20. Mines, mills and smelters are
affected. Operations are on a six-day-week basis at present.
Low Zinc Prices Cause Closing of Research Laboratory
in Germany.
The following cablegram from Frankfurt Sept. 11 is from
the New York "Journal of Commerce":
Sachtleben A. G. Fuer Bergbau & Chemischeindustrie is closing Its
large zinc research laboratory at Stucrzelberg on account of low market
Prices on zinc. This concern has also shut down its lithopone plant at
the Marion mines, near Goslar.
Mills of American Sheet and Tin Plate Company Resume Full Schedule.
A Washington (Pa.) dispatch to the New York "Times"
stated:
That the Monessen plant of the American Sheet and Tin Plate Co.
will put all its 25 mills into operation from Sunday night, was announced
today by Charles Williams, superintendent. The plant has been operating during the Summer at 50 to 75% of capacity, but orders received
force will be put to work.
Justify full operation. A large additional
169,437
Steel Output Continues at Same Rate-Prices
Unchanged.
Scattered evidences of a breaking away from hand-tomouth buying, the first deviations from that policy in many
the feature of the week's news in iron
Copper Cut Again-Now 1O3/2c. a Pound-Level Lowest months, constitute "Iron Age" of
Sept. 18. No sweeping
and steel, reports the
Since 1897.
attitude of the trade has yet developed, but
From the New York "Journal of Commerce" of Sept. 16 change in the
the fact that any sizable forward commitments should be
we take the following:
negotiated or even considered is sufficient to give the market
Sales of copper were made yesterday at 10 cents a pound for domestic
the "Age," which also goes
delivery, establishing the lowest level for the metal since 1897. A general a more buoyant tone, continues
shading of prices took place, the producers breaking the 11-cent level, at on to say:
weeks to make the
a Revised.
-The statistics above Presented are comp led from reports for August,
Note.
from all manufacturing plants except two for which estimates have been included in
lieu of actual returns.
price IOU cents,
which they had remained for several
and the custom smelters selling small tonnages at 1034 cents.
the export association of the American producers,
Copper Exporters. Inc.,
was scheduled to meet late yesterday and was expected to reduce the export
quotation from 11.30 cents a pound,c. I. f. foreign base ports, corresponding
to the previous level of 11 cents for domestic deliveries. A reduction to
11.05 cents was regarded as almost a certainty by copper men, while a large
cut to 10.80 cents was foreseen in some quarters. It was felt that the reduction at the present time might be the first of another series of cuts and
that a larger slash in prices could be made now.
Indications that further reductions in copper prices might be passed on to
consumers were seen in trade circles in an announcement by the American
Brass Co. that it would reduce prices on copper, brass and bronze products
U. cent a pound, effective Saturday. The company is controlled by the
Anaconda Copper Mining Co., one of the largest producers of copper.
It was noted in the "Wall Street Journal" of Sept. 18 that
large producers have reduced the price of copper for domestic
A
shipments to 101 cents a pound, delivered, to the end of
the year. Customs smelters were also reported at the same
price.
Reduction in Brass Prices.
Tho Boston "News Bureau" of Sept. 15 announced that the
American Brass Co. had reduced all brass and copper products, including scrap and seamless tubes, X cent a pound.
From Chicago advices to the "Wall Street Journal" of
Sept. 16 stated:
Ingot brass manufacturers in the Chicago district have reduced prices
cents a
one-quarter cent a pound. The 85-5-5-5 grade is quoted 10
weed. the 80-10-10 grade 11
cents and the yellow ingot grade 8X' cents
a pound.
We likewise quote from the same paper, Sept. 18, the
following:
Chase Metal Co. and Revere Copper & Brass, Inc., have reduced prices
of copper and brass products one-quarter cent a pound, making them
equivalent to 10 cents a pound delivered for copper.
Willingness to contract ahead has thus far been most notable among
pig iron buyers, with a number oflarge consumers coveringfor the remainder
of the year and in a few eases through the first half of 1931. Details of
transactions are being closely guarded, but recent sales are known to include three of 4,000 to 10,000 tons, while inquiries in various parts ofthe
country embrace nine of 2,500 to 10,000 tons, the larger ones caning for
steel-making iron.
Since no marked increase in the flow of iron and steel to major consuming
outlets appears imminent, the broadening of demand is attributed to the
belief that prices have struck bottom and that liberal purchases at the
present level will prove a good investment.
A manifestation of the same conviction is seen in the efforts of some of
the motor car makers to place contracts covering their requirements in
automobile parts through the first six months of next year.
Greater conservatism rules among buyers of finished steel. More than
half of September has passed without bringing an appreciable gain in
aggregate bookings. The steel industry's operations, as measured by
ingot output, remain unchanged at 58% of capacity.
The chief source of encouragement is an increase in demand for sheets
and strip. Thus far in September, specifications for strip steel have been
10 to 20% larger than in the first half of August, while the leading sheet
producer's volume of orders last week was the best since April. A fair
amount of contracting is reported also, especially in sheets.
Scarcely any of this gain In business is attributable to the automobile
industry; it is accounted flr mainly by the reentry into the market of jobbers
and miscellaneous manufacturing consumers who have been rigidly restricting their inventories in recent months. Among the various lines represented are makers of steel barrels and drums, builders of office and store
equipment, manufacturers of radios, typewriters and cash registers, and
fabricators of farm equipment. An interesting new, although not yet large,
outlet for strip steel is the manufacture of equipment and fittings for
miniature golf courses, which are also taking considerable pipe.
Tin plate specifications are undiminished and are frequently of an urgent
character. Can companies in drought areas find that they overestimated
the damage to crops and are pressing tin mills for deliveries.
The "Iron Age" composite prices remain unchanged, pig iron at $16.88
a gross ton and finished steel at 2.142c. a lb., as the following table shows
According to the "Wall Street Journal" of Sept. 17, an
increase of about 2% occurred in the steel ingot output for
the week ended last Sept. 15, due primarily to the fact that
7 1798
FINANCIAL CHRONICLE
[Vol.. 131.
the preceding week included the curtailment which was in Bituminous
Coal and Pennsylvania Anthracite Proeffect over Labor Day. The output is estimated at 58%
duction Falls Off, Due Largely to Observance of
of capacity, compared with 56% in the holiday week and
Labor Day, Sept. 1.
about 5732% in the previous week. The "Journal" further
According to the United States Bureau of Mines, Departstates:
ment of Commerce, output of bituminous coal and PennsylOutput of the United States Steel Corp. is placed at nearly 65% of theovania anthracite fell off 11% and 45% respectively, during
retical capacity, as contrasted with a shade under 63% in the Labor
Day
week and a fraction under 65% in the final week of August.
the week ended Sept. 6 1930, due in a large measure to the
Leading independent steel companies are estimated at above 52%,
against under 51% in the preceding week and a shade over 51% in the observance of the Labor Day holiday, Sept.l. The figures
.
for this week were also under those of the corresponding
last week of August.
At this time last year the United States Steel Corp. reported a drop of period last year. During
the week under review a total of
3% to 88%. while independents were down 1% to 81%, and the average
8,057,000 net tons of bituminous coal, 1,060,000 tons of Pennwas at 84%,off nearly 2%.
In the second week of Sept. 1928, the Steel Corp. was running at 79%. sylvania anthracite and 33,100 tons of beehive coke were
with independents at 61%. and the average was above 80%.
produced, as compared with 9,462,000 tons of bituminous
Those steel market reports which do not record slight coal, 1,218,000 tons of Pennsylvania anthracite and 121,400
improvement in demand this week reveal no worse than a tons of beehive coke in the week
ended Sept. 7 1929 and
static condition, says "Steel," formerly "Iron Trade Review," in its issue of Sept. 18. Superficially at least, the 9,053,000 tons of bituminous coal, 1,929,000 tons of Pennbetterment of the past few weeks is maintained and there sylvania anthracite and 36,200 tons of beehive coke in the
still is a unanimity of opinion that the corner has been turned, week ended Aug. 30 1930.
although concerning the extent and rapidity of recovery
For the calendar year to Sept. 6 1930 there were produced
reservations continue. "Steel" further goes on to say.
309,066,000 net tons of bituminous coal as against 349,797,000
Many discern in the price situation, which is spotty and somewhat tons in
the calendar year to Sept. 7 1929. The Bureau's
contradictory, a slow accretion of strength. There are numerous indications that large consumers of steel appraise present levels as the bottom. statement shows:
Some automotive interests, for example, seek contracts for the first half
of 1931. while an electric refrigerator manufacturer would cover first
quarter requirements. Producers vacillate in pricing current and fourth
quarter needs, but refuse such long-time commitments.
Eastern plate mills are endeavoring to eliminate concessions under 1.70c.,
Coatesville. In the East there is talk of a $2 per ton rise in structural steel
and concrete bars, though at Chicago these products are weaker. Pittsburgh district makers of heavy steel are endeavoring to stabilize at 1.60c.
to 1.65c. In some quarters recent advances in sheets are not observed.
Producers note that some users who recently pressed for concessions are
now willing to continue current levels into the fourth quarter.
In point of production, steel is almost passive this week. Operations
at Cleveland have advanced from 41% to 50, and at Buffalo from 48%
to
53. Birmingham and Pittsburgh hold at 55%. Chicago mills are down
two points to 55% and Youngstown one point to 58. Steel Corporation
subsidiaries this week average about 68%, maintaining the entire industry
at about 60.
Bridge work dominates an active structural market. Two New Jersey
bridges being placed call for 15,900 tons. West Virginia has ordered
3,500 tons and Kentucky 3,190 tons, the latter having 8,000 tons pending.
A bridge at Milwaukee requires 5,000 tons and one at St Rose,
Que.,
3,000 tons. At New York new inquiry is lighter. Structural awards this
week, at 27,288 tons, compare with 47,615 tons last week and 45,855 tons
a year ago. One of the largest and most modern structural mills in
the
country is breaking production records.
Specifying and contracting for sheets at Pittsburgh is much improved
despite light automotive coverage, one maker having the best week since
April.
Tin plate mills are finding drouth damage exaggerated, and rush
orders maintain operations averaging 70% and promise to make 1930
output 90% of record 1929. Strip steel demand at Pittsburgh is a shade
better. Wire products are moving better at Worcester, Cleveland and
Chicago. Cold-finished bar specifying is more active.
Alloy steel bar releases are broader at Detroit, but bars generally are
handicapped by slack automotive buying. Plates are more active at
Cleveland, New York and Chicago, pipe-mill requirements sustaining 85%
mill operations at Chicago. Some letdown is noted in line pipe manufacture at Youngstown.
With the withdrawal of the Illinois Central inquiry for 2,300 freight cars
only 110 cars are in the market-the least in ten years. Track material
buying, however, is approaching. Chesapeake & Ohio is inquiring for
8.000 tons of angle bars, spikes and bolts.
There are signs of improvement, too, in raw materials. Pig iron is more
active at Chicago, Cleveland and New York, automotive shipments expanding and more interest being evident in forward requirements. The
week's sales at Cleveland totaled 16,000 tons, at New York 10,000 tons
Releases on coke are freer at Chicago. Scrap is in a mixed market, with
large accumulations by consumers a deterrent to activity and a stronger
price situation.
An adjustment in the steel bar price at Pittsburgh lowers "Steel's"
composite of iron and steel pries 4 cents this week to 832.64. which compares with an average of $32.99 for August.
Finished Steel.
Sept. 16 1930. 2.1420. a Lb.
I Based on steel bars, beams, tank pietas,
One week ago
2 142o. wire, ralls, black pipe and sheets.
One month ago
2 156c. These products make 87% of the
One year ago
2.3980. United States output.
1930
1929
1928
1927
1926
1925
HISS.
2.382e. Jan. 7
2.4120. Apr. 2
2.391c. Deo. 11
2.453o. Jan. 4
2.4530. Jan, 5
2.5600. Jan. 8
Low.
2 142o. Aug. 26
2 3620 Oct 29
2.314.3. Jan. 3
2.293e. Oct 25
2.4030. May 18
2.398e. Aug. 18
Pig Iron.
Sept. 16 1930. $16.88 a Gross Ton. i Based on average of testa Iron at Valley
One week ago
$I6.88 furnace and foundry Irons at Chicago,
One month ago
16.881 PhIladelphht. Buffalo. Valley and SirOne year ago
18.29 miugton.
Low.
$16.88 Aug. 12
18 21 Dee. 17
17 04 July 24
17.54 Nov. I
19.46 July 13
18.98 July 7
BITUMINOUS COAL.
The total production of soft coal during the week ended Sept. 6 1930.
Including lignite and coal coked at the mines, is estimated at 8,057,000 net
tons. The decrease, 996,000 tons, or 11%, was due largely to the Labor
Day holiday on Sept. 1. Production during the holiday week in 1929
amounted to 9.462,000 net tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1930-1929
Cal. Year
Cal. Year
Week EndedWeek.
to Date.
Week.
to Date.
Aug. 23
8,494.000 291,956.000
10.104,000 329,503.000
Daily average__ -- 1.416.000
1,463.000
1.684,000
1,652,000
30-b
9.053.000 301.009.000
10.832.000 340.335,000
Au.
Daily average__ __ 1,509,000
1,805.000
1.465.000
1.657,000
Sept 6-c
8.057,000 309,066,000
9,462,000 349,797,000
Daily average_ - 1,520.000
1.785,000
1,466,000
1.660.000
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.
Labor Day wighted as 0.3 of a normal working day.
The total production of soft coal during the present calendar year to
firept. 6 (approximately 211 working days) amounts to 309.066,000 net tons.
Figures for corresponding periods in other recent years are given below:
1929
349,797,000 net tons 11927
357.271.000 net tons
1928
323.184.000 net tons 11926
367,406,000 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 Aug. 30 Is
estimated at 9,053,000 net tons. Compared with the output in the preceding week,this shows an increase of559.000 tons,or 6.6%. The following
table 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
Aug. 30
Aug. 23
Aug. 31
Sept. 1 Aug. '23
State1930.
Average.a
1930,
1928.
1929.
Alabama
278,000
397,000
264.000
347.000 „ 335.000
Arkansas
32.000
26,000
45,000
27,000
35.000
Colorado
125.000
173.000
217,000
98,000
177,000
Illinois
1,013,000
954,000 1,363,000
907,000 1.172,000
Indiana
440.000
273.000
312,000
347.000
273,000
Iowa
100,000
62.000
67,000
69,000
51.000
Kansas
34.000
84,000
64,000
41,000
33,000
Kentucky: East_
765.000
958,000
993.000
849,000
824,000
Western
281.000
217.000
282.000
206,000
184.000
Maryland
50.000
44.000
45.000
40.000
43,000
Michigan
21.000
12.000
16.000
4,000
7,000
Missouri
80,000
61.000
61,000
66.000
71.000
Montana
77.000
50,000
44,000
71.000
50,000
New Mexico_
52,000
56,000
28,000
32,000
49.000
North Dakota_ -17.000
16.000
19,000
15,000
20,000
Ohio
502.000
478,000
339,000
440,000
871.000
Oklahoma
61,000
43,000
51.000
75.000
55,000
l'enna. (bitum.). 2,333,000 2,269.000 2.848.000 2,436.000 3,743,000
Tennessee
105,000
97.000
98.000
118.000
111.000
Texas
15,000
11.000
24.000
25.000
29,000
Utah
86.000
71,000
108,000
55,000
83,000
Virginia
213.000
200,000
266,000
222,000
248,000
Washington'
37,000
35.000
47,000
47.000
60.000
West Virginia
Southern_ b_
1,926.000 1,812,000 2,260.000 1,890.000 1.515.000
Northern c_ - _ 567.000
875.000
567.000
747.000
759.000
Wyoming
154,000
111,000
104,000
119.000
127,000
Other States- _ 1.000
4,000
6,000
1.000
4.000
Total bit. coal. 9,053.000 8,494,000 10,832.000 9.589,000 11,538,000
Penna.anthracite 1.929,000 1.704.000 1,613.000 1,697,000 1,926,000
Total all coal_ -10,982.000 10,198,000 12.445.000 11.286,000 13.464.000
a Average weekly rate for the entire month. b Includes operations on
the N. & W.,0. & 0.. Virginia, and K. & M. c Rest of State, including
Panhandle.
BEEHIVE COKE.
The total production of beehive coke during the week ended Sept. 6
is estimated at 33,100 net tons. This is in comparison with 36,200 tons
In the preceding week and 121,400 tons during the week in 1929 corresponding with that of Sept. 6.
Estimated Production of Beehive Coke (Net Tons).
Week Ended
1929
1930
Sept. 6 Aug. 30 Sept. 7
to
to
Region.
Date.a
1930.6 1930.c
1929.
Date.
Pa., Ohio and W.Va__
29.300 32,300 107.300 1.891,200 3,962,200
Ga., Tenn. and Va_ _
251,600
2,500
2.800
9.500
176,700
Colo., Utah and Wash_
179.400
1.300
1,100
4.600
78.100
United States total- 33.100 36,200 121.400 2,146.000 4.393,200
Steel Scrap.
Sept. 16 1930. $13.75 a Gross Ton.
average
20.625
5,517
Based on heavy melting steel quo- Daily
6.033 20,233
10.075
One week ago
a Minus toe day's production first week in January to equalize number
313 75 tatlons at Pittsburgh. Philadelphia
One month ago
13.25 and Chicago.
of days In the two years. b Revised since last report. c Subject to revision.
One year ago
18.58
PENNSYLVANIA ANTHRACITE.
Low.
1930
The tot-1 production of anthracite In the State of Pennsylvania during the
$13.08 July 1
$15.00 Feb. 18
1929
14.08 Dec. 3 week ended Sept. 6 is estimated at 1.060.000 net tons. Labor Day,falling
17.58 Jan. 29
1928
13.08 July 2 this year on Sept. 1
16.50 Dec. 31
is a full holiday in the anthracite fields. The average
1927
13.08 Nov. 22
15.25 Jan, 11
1926
17.25 Jan, 5
14.00 June 1 daily rate for the five worldng days amounted to 212.000 tons in comparison
20.83 Jan. 13
1925
with 321,000 for the six days in the preceding week
15.08 May A
1930
1929
1928
1927
1926
1925
HISS.
$18.21 Jan. 7
18.71 May 14
18.89 Nov. 27
19 71 Jan. 4
21.54 Jan. 5
22.50 Jan. 13
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929
1930
DougDaily
Average
Veek.
Average
Week.
Week Ended—
240,800
1.487.000
284,000
1.704.000
Aug. 23
269,000
1,613,000
321,500
1.929.000
Aug. 30-a
1.218.000
244,000
212.000
1.060.000
Sept. 6
a Revised since last report.
Anthracite Shipments Increase.
Shipments of anthracite for the month of August 1930, as
reported to the Anthracite Bureau of Information, Philadelphia, amounted to 4,821,790 gross tons. This is an
Increase as compared with shipments during the preceding
month of July of 475,949 tons, and when compared with the
month of August 1929, shows an increase of 257,364 tons.
Shipments by originating carriers (in tons) are as follows.
Month of—
Aug. 1930.
Reading Company
932,584
Lehigh Valley RR
745,772
Central RR.of New Jersey
452,289
722.329
Bela.. Lackawanna & West. P.R.
Delaware & Hudson P.R. Corp
669,419
Pennsylvania RR
506,320
Erie RR
489,939
86.128
N. Y.. Ontario & Western RY
Lehigh & New England RR
217.010
Total
1799
FINANCIAL CHRONICLE
SEPT. 20 1930.]
4,821,790
July 1930. Aug. 1929.
901,502
847.625
820.564
835,825
359,188
377.590
643,755
745,570
564,190
587.592
396,435
443,313
422,165
408.737
80,815
113,093
157,227
205,081
4,345,841
4,564,426
July 1929.
726,867
540.007
291,276
752.245
506.238
409.439
324,786
86.802
49,926
3,687,586
Production of Bituminous Coal in August Lower Than
in Same Month Last Year—Anthracite Output
Higher.
The United States Bureau of Mines has released the following revised data. The production of bituminous coal
during the month of August totaled 35,661,000 net tons as
compared with 44,475,000 tons in the corresponding month
in 1929 and 34,715,000 tons in July 1930. The output of
anthracite increased from 5,658,000 tons in the latter month
to 6,190,000 tons in August 1930. The last mentioned figure
also compares with 5,735,000 tons in August last year. The
Bureau's statement follows:
MONTHLY PRODUCTION OF BITUMINOUS COAL AND ANTHRACITE
IN AUGUST (NET TONS).
Anthracite.
Bituminous.
Month.
No. of Average
No. of Average
Total
Working per WorkTotal
Working per WorkDag.
Day. Production Days.
Productin. Days.
1930—June
July
August a-
33,714,000
34.715,000
35,661,000
25
26
26
1.349.000 5,183.000
1,335.000 5,658,000
1,372,000 6,190,000
25
26
26
207.300
217,600
238.000
1929—August
44.475.000
27
1,647,000 b5,735,000
27
212,400
a 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 Sept. 17, as reported by
the 12 Federal Reserve Banks, was $1,008,000,000, a decrease of 821,000,000 compared with preceding week, and
of $436,000,000 compared with the corresponding week of
1929. After noting these facts, the Federal Reserve Board
proceeds as follows.
On Sept. 17 total Reserve Bank credit amounted to $1,008,000,000.
the same amount as was outstanding a week ago. Increases of $28,000.000 in member bank reserve balances and $4,000,000 in unexpended capital
funds, &c., were offset by increases of $22,000,000 in Treasury currency
and $4,000,000 in monetary gold stock and a decrease of $6,000,000 in the
amount of money in circulation.
Holdings of discounted bills declined $20,000,000 during the week, the
principal changes being decreases of $6,000,000 at the Federal Reserve
Bank of Atlanta, $5.000.000 at New York and $3,000,000 at Philadelphia.
The System's holdings of bills bought in open market increased $16,000.000 and of Treasury certificates and bills $50.000,000, while holdings of
H. S. bonds declined $20,000,000 and of Treasury notes $22,000,000.
Holdings of Treasury certificates and bills included a $45,000.000 temporary certificate issued by the Treasury to the Federal Reserve Bank of
New York pending the collection of the quarterly tax payments.
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 statem(Int in full for the week ended Sept. 17, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages—namely,
pages 1856 and 1857.
Changes in the amount of Reserve Bank credit outstanding and in related items during the week and the year ended
Sept. 17 1930 were as follows.
Increase 1+) or Decrease (—)
Since
Sept. 171930. Sept. 10 1930, Sept. 18 1929.
Bills discounted
Bills bought
United States securities
Other reserve bank credit
163,000,000 —20,000,000
209.000,000 +16,000.000
610.000,000
+8.000,000
26,000,000
—4,000,000
TOTAL IIES. BANK CREDIT__ _1,008,000.000
4,508,000,000
Monetary gold stock
1,816,000,000
Treasury currency adjusted
+4,000.000
+22,000,000
4,459,000,000
—6.000,000
Money in circulation_ .
2,456,000,000 +28,000,000
Member bank reserve balances
Unexpended capital funds, non-mem417,000,000
ber deposits. &.0
+4.000,000
—771.000,000
—32,000.000
+432,000.000
—34,000,000
—405,000.000
+139,000,000
+31,000,000
—305.000,000
+75,000.000
—4,000,000
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 an increase of
$79,000,000, the total of these loans on Sept. 17 standing at
$3,222,000,000. The loans "for own account" increased
during the week from $1,614,000,000 to $1,649,000,000 and
loans "for account of out-of-town banks" from $770,000,000
to $826,000,000 but loans "for account of others" are somewhat lower, the total standing at $746,000,000 as against
$759,000,000 a week ago.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
—
New York.
Sept. 17 1930. Sept. 10 1930. Sept. 18 1929.
Loans and investments—total
8.058,000,000 8,041,000,000 7,542,000,000
5,970,000.000 5.933.000,000 5,814,000,000
Loans-total
3.541.000.000 3,523,000,000 2.894,000.000
2.429.000.000 2,409.000,000 2,920,000.000
On securities
All other
2.088.000.000 2.109,000,000 1,729.000,000
Investments—total
U.S. Government securities
Other securities
1,069,000.000 1.083,000.000
1,018,000,000 1,026,000,000
Reserve with Federal Reserve Bank
Cash in vault
809,000,000
43,000,000
750,000,000
50,000,000
Net demand deposits.
Time deposits
Government deposits
5.526,000.000 5,554.000.000 5,193.000.000
1,403.000,000 1.443,000.000 1,223.000,000
46,000,000
65,000,000
Due from banks
Due to banks
101,000.000
85,000,000
1,109,000,000 1,017,000,000
Borrowings from Federal Reserve Bank_
115,000,000
885.000,000
142,000,000
Loans on secur. to brokers & dealers,
1 649,000,000 1,614,000,000 1,046,000.000
For own account
For account of out-of-town banks.... -826.000.000 770.000,000 1,897.000.000
For account of others
746,000.000
759,000,000 3,626,000.000
Total
3,222,000,000 3,143,000,000 6,569,000.000
On demand
On time
Loans and investments—total
2.631,000.000 2,542.000.000 6,210,000,000
591,000,000 602,000,000 359,000,000
Chicago.
2,028,000,000 2,031,000,000 1.912,000.000
Loans—totalOn securities
All other
Investments—total
Returns of Member Banks for New York and Chicago
Federal Reserve Districts—Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of the
member banks in the New York Federal Reserve District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until the
ollowing Monday, before which time the statistics covering
800,000,000
46,000,000
950.000.000
779,000,000
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 Reserv Bank_
*Revised.
1.584.000.000 1,559,000,000 1,554,000.000
966,000.000
618,000.000
940.000.000
619,000,000
853.000.000
701,000.000
444.000.000 .471,000.000
358.000,000
165,000.000
280,000.000
193.000.000
278,000.000
160.000.000
198,000,000
191,000,000
12,000.000
184.000.000
13,000.000
168.000.00
15,000,000
1,265,000,000 1,285,000,000 1,225,000.000
669.000,000 669,000.000 548.000,000
6.000,000
16.000.000
187,000,000 165,000,000
366,000.000 *363,000,000
1,000,000
1,000,000
130,000.000
324.000.000
37,000.000
1800
FINANCIAL CHRONICLE
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
cities cannot be got ready.
In the following will be found the commentsof 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 Sept. 10.
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Sept. 10 shows reductions of 83,000.000
In loans and Investments,of$40.000.000 in borrowingsfrom Federal Reserve
banks, and of $16.000.600 In Government deposits, of which none are
shown for September 10, and increases of $71.000.000 in net demand
deposits and $7,000,000 in time deposits.
Loans on securities, which at all reporting banks were $32,000.000 below
the previous week's total. declined $112,000,000 in the New York district
and increased $21,000.000 in the Chicago district. $16,000,000 in the
Philadelphia district. $11.000,000 in the Cleveland district and $7.000.000
each in the St Louis and Kansas City districts. "All other" loans increased $9,000,000 each in the New York and Philadelphia districts.
$8,000,000 in the Minneapolis district and $16,000,000 at all reporting banks
and declined $11,000,000 in the Chicago district.
Holdings of United States Government securities increased $8.000,000 in
the New York district and declined $6,000.000 in the Chicago district, all
reporting banks showing a net increase of $5,000,000. Holdings of other
securities Increased $6,000.000 in the Philadelphia district and $10,000.000
at all reporting banks.
The principal change in borrowings from the Federal Reserve banks for
the week was a decline of $37,000,000 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
Sept. 10 1930 follows:
Increase (+) or Decrease (--)
Since
Sept. 10 1930. Sept. 3 1930. Sept. 11 1929.
Loans and investments—total-- _23,185,000,000
—3,000.000
+595.000,000
18.812,000.000
—18,000.000
—330,000,000
Loans—total
On securities
All other
8,351,000,000
8,482,000,000
—32,000,000 +773.000,000
+18,000.000 —1,102.000.000
8.353.000,000
+15.000.000
+924.000,000
U.S. Government seeurities---- 2,915.000,000
3,438,000,000
Other securities
+5,000,000
+10.000,000
+221.000.000
+703.000.000
Reserve with Federal Res've banks 1,817,000,000
218,000,000
Cash in vault
4.31,000,000
+9,000,000
+110,000,000
—30,000,000
Investmente—total
[Vol,. 131.
the customs tariff. The government crop report issued Sept. 10 contains
preliminary estimates of 1930 yields of grain crops. The Fall wheat crop
Is estimated at 20.288,000 bushels, practically the same as last year, and
the Spring wheat crop at 364,481,000 bushels. 80.000.000 bushels more than
last year's short crop. The oat crop is large and estimated at 438.675,000
bushels: barley is estimated at 137.594.000 bushels, rye at 23,767.000
bushels and flaxseed at 4,847,000 bushels. The quality of wheat
Is reported to be even better than last year's and a very high percentage
of the crop Is expected to be of contract grades. Deliveries to country
elevators during August set up a new record for crop movement in that
month, but exports continued much the same as in July and not much
improvement is looked for in the near future.
Winnipeg wheat prices were erratic during the week, the market closing
on Sept. 12 with No. 1 Northern cash wheat at 80 cents. Business conditions in Eastern Canada are marked by increased optimism with manufacturing and retail trade slightly improved although wholesale business
shows practically no change. In the Prairie Provinces the prices prevailing
for grain are responsible for a material curtailment in farmer's credit which
has resulted in a partial stagnation of trade and some decline In manufacturing. British Columbia reports that retail trade is increasing and a
further improvement is expected In October and November, this however
largely dependent on conditions in the lumber Industry. Collections continue fair in Halifax. Montreal and Toronto, fair to slow in Vancouver, and
slow in Saint John (N. B.), Winnipeg and Regina. Shoe factories and cotton
textile mills in the Maritime Provinces and Quebec are operating on a more
satisfactory basis as the result of increased demand. Winter demand for
coal has set In at somewhat lower prices and Maritimes output Is Increasing
slightly on that account. No new business on a substantial scale has been
booked by the iron and steel plants and structural steel companies. Newsprint production continues about 3% below last year. Sales of new automobiles and trucks in the Prairie Provinces market continue to decline but
used cars and accessories are moving fairly well. Machinery sales are
unimproved but most electrical lines are moving satisfactorily and the
demand for lighting fixtures is good. Textiles are experiencing a slightly
increased demand and stocks of rubber goods are increasing slightly in
anticipation of fall activity. The approach of the hunting season is responsible for a fair business in fire arms and ammunition. Office appliances are
enjoing a steady demand although volume Is below last year. The local
demand for foodstuffs is largely unchanged with the market steady and the
prices down from last year, canned goods showing reductions of 10%•
Local egg production is declining and prices rising. A text shipment of
100 pounds of local butter has been made to Hongkong. The salmon pack
to Sept. 6 Is over 885,000 case; higher than last year. Stocks of creamery
butter in cold storage in Canada on Sept. 1 were 39,133,713 pounds, an
Increase of 38% over the previous five-year average for that date. Cheese
stocks (30.943,058 pounds) fell off by nearly 9% in the same comparison
and eggs (16,290,521 dozen) increased more than 5%. Statistics of commercial failures in July now available show a total 169 with liabilities of
$2.540,478. This compared with 178 failures in June involving $2,405,794
and 149 failures a year ago involving $2,138,924. In We last comparison
Quebec is the only province to register a decrease. Canadian Production
of metals, non-metals and fuels during the first six months of this year is
valued at $116,360,000. representing a decrease from 1929 of 6%.accounted
for by a lower coal and asbestos production and lower metal prices.
CHINA.
Excepting for Imports of cotton piece goods and the export of raw silk,
Shanghai's foreign trade is exceedingly dull for this season. Reports of
the Chinese Maritime Customs for the six months ending June 30. and
+71.000.000 +424,000,000 compared with the similar
Net demand deposits
13,707,000,000
period of last year, show the following decreases
+7.000.000 +879,000.000
Time deposits
7,478,000,000
In Imports from the countries named for the whole of China, including
+18,000.000
Goverement deposits
Kwangtung and Hong Kong; Great Britain, 35%; Germany, 26%; United
—10.000.000 +453.000,000 States, 25%; Japan, 22%. Several Chinese river
Due from banks
1.589,000,000
steamers have been
3,438,000,000
—58,000.000 +728.000,000 released
Due to banks
by the military authorities and have resumed regular operation.
Large quantities of Hunan and Klangsu rice are arriving at Shanghai. and
from Fed. Res. banks_
Borrowings
—40,000,000 —885,000,000
37,000,000
1,000 tons of foreign rice are being re-exported. Three ocean-going steamships are reported inaugurating direct operations between Shanghai and
Australia. The first report of the recently established statistical branch of
Summary of Conditions in World Markets, According
the Hong Kong
to Cablegrams and Other Reports to the Depart- quarter ending Government was released on Sept. 3. Imports for the second
June 30 totaled 131,000,000 Hong Kong dollars, and
ment of Commerce.
exports 106.000,000 Hong Kong dollars, representing a substantial decrease
compared with that
in 1924, the
The Department of Commerce at Washington releases (Hong Kong dollar isquarter approximatelylast compiled figures available.
worth
80.315.) Hong Kong's foreign
publication Sept. 20 the following summary of market trade Is now compiled and published in great detail Trade in Manchuria Is
generally more stable, with, however, practically no increase. While no
conditions abroad, based on advices by cable and radio.
detailed estimates of the damage to Manchurian crops are available, it Is
ARGENTINA.
reported that bean and wheat crops are poor, and will be 20% below those
The outstanding developments of the week ended Sept. 12 were the wide- of last year. A settlement has been reached regulating navigation on the
spread public confidence in the prominent and experienced business men T.Issuri and Amur Rivers, the Chinese Government agreeing to annually
. and financiers who were appointed to Important positions in the provisional pay 40,000 Mexican dollars toward the maintenance of river lights and
government: the facility and promptness with which local banks voluntarily buoys. (Mexican dollar worth approximately $0.28.)
subscribed to a 100.000.000 paper peso 6
-month, 534% government loan;
GREECE.
the extraordinary recovery in peso exchange: and the strength and firmness
Gross receipts from mortgaged revenues during the first six months of
of government and corporate securities quoted on the local stock exchange.
August bankruptcy liabilities approximated 12,500,000 paper pesos, as 1930 amounted to 1,877.000,000 drachmae (drachma equals 30.0013) ma
against 16,500,000 paper pesos during July. Labor conditions, especially compared with 2,047,000,000 drachmas in the same period of 1929,showing
In Buenos Aires and ports of the Parana Tiver, were decidedly better. a decrease of 170,000,000 drachmas. This decrease is chiefly due to
There is some stringency in commercial credits which, owing to economic smaller returns of customs receipts, as result of a large reduction in imports.
conditions, is likely to contineu, but the feeling in all business and banking
INDIA.
circles is that the outlook is better than a month ago.
Current reports indicate a further shrinkage in India's import and export
business of all lines of merchandise. Reduced sales of motor vehicles are
AUSTRALIA.
very noticeable and all trades are at a standstill awaiting developments.
The opening of the new wool season at Perth during the past week The
outlook has not improved from last week.
developed a strong demand for good quality wools and clearances were
excellent at prices equal to those of last June. Returns from finer types of
JAPAN.
wool were slightly better than in June, with Continental buyers active.
Some improvement in Japan's foreign trade is indicated by returns for
The lumber market is stagnant except for occasional inquiries for heavy the first 10 days of September, which showed an
export excess of 15.200,000
douglas fir clears and logs. Federal and State accounts for July aid August yen. This reduces the unfavorable trade balance
so far this year to 164.Indicate that expenditures are exceeding receipts to a considerable extent. 300.000 yen. (1 yen equals $0.493 at current
rate of exchange). Cotton
but the position Is expected to Improve when new taxes become available spinners have increased restriction on production to 30% for three months
The Queensland Air Navigation Co. is commencing a tri-weekly air service beginning Oct. 1. Business results of spinning companies for the first
between Brisbane and Lisbon).
half of 1930 show that 24 of 60 companies suffered losses totaling over
3,000.000 yen. Average dividends of all companies suffered losses totaling
BRAZIL.
over
Business conditions continue unfavorable. Exchange was steady at since3.000.000 yen. Average dividends of all companies are 9%,the lowest
1910. Estimates made by the Department of Agriculture of barley,
9.90 to the dollar. Coffee prices improved somewhat but shipments have naked
barley, and wheat crops, excluding Hokkaido and eight prefectures,
been light. Commercial failures have increased. Money Is plentiful at low indicate a
decline of 8.6% from last year and 11.4% from the five Year
rates.
average. The Bank of Japan note issue on Sept. 10 totaled 1.048.700,000
CANADA.
yen, with specie reserves of 680.700,000 yen, the lowest since 1919. The
The first session of the 17th Parliament of Canada opened Sept. 8. Osaka Shosen Kaisha has
extended its Australian service to New Zealand.
Legislation given first reading in the House of Commons on Sept. 11 ap- making the first direct
shipping connection with New Zealand under the
propriates 220,000,000 for the relief of unemployment by constructing, Japanese flag.
extending or improving public works and undertakings, including railways
•
NETHERLAND EAST INDIES.
and highways. An amendment to the Customs Act In respect to the valuaThe past week's bazaar markets show slight improvement, with lower
tion of imports for duty purposes is proposed by a resolution introduced the stocks. The official Java rice crop Is estimated roughly at 3,400.000 tons.
same day. The government has also announced its intention of increasing The sugar crop estimate Is raised to 2,676.466 tons.
for
FINANCIAL CHRONICLE
SEPT. 20 1930.]
NEW ZEALAND.
A slightly better tone has been noted in most lines of business in New
Zealand during August. but general conditions continue far below normal.
A spirit of caution prevails. The outlook for a very heavy production of
wool and butter is good. Overseas prices for New Zealand products remain
at low levels and holdover stocks of both butter and wool are large. It is
estimated that there are more than 240,000 bales of old stock wool in New
Zealand at present. While wheat yields will probably be lower this year
by 1.400.000 bushels, it is thought that sales of power farming equipment
will be maintained. Top-dressing of soil is increasing throughout the
country and it is anticipated that imports of superphosphates will increase.
Unemployment is increasing and the Government is active in finding work
for the unemployed. Bank deposits have declined £2,000,000 during the
past seven weeks. Money is tight and gold edged securities are required
for loans. Compared with 1929, however, bankruptcies have declined.
PERU.
Business conditions in Peru continue subnormal with little prospects for
any immediate improvement. The Reserve Bank statement as of Aug. 31
placed the gold reserve at 8.53,637,516, the note circulation as 8.56.523.975
and bank clearings as S.66,528.110. Official trade statistics for the year
1929, which have just become available, give exports totaling Lp.33,508.146
and imports amounting to Lp.18,985,246 as compared with Lp.31,508,776
and Lp.17,626,644, respectively, in 1928. Exports of sugar, copper bars
and petroleum were greater in quantity than in 1928 but shipments of
cotton, wool, hides and rubber were below those of the previous year.
POLAND.
The following changes in the condition of the principal accoutns of the
Bank of Poland have occurred during the month of July, according to the
Bank's balance sheet of July 31: Reserves of gold and stable foreign exchange values, representing cover against all demand obligations outstanding at the end of the month, decreased by 19,290.000 zlotys (1 zloty equals
$0.1122) to a total of 924,967.000 zlotys. As in the preceding months,
the decrease occurred only in foreign currency and bills, the metal reserve
showing a further small increase, amounting to 380,000 zlotys. The
amount of discounted paper in the Bank's portfolio rose to 610,681.000
zlotys, with an increase of 29,329.000 zlotys. Loans against securities
collateral also increased by 1,339.000 zlotys to 74,359,000 zlotys. Note
circulation, after declining during the month by about 100.000,000 zlotys.
closed at 1,321,000,000 zlotys, practically at the same level as at the end of
June. The total of demand obligations, including note circulation and
deposits, increased by 8.900.000 zlotys to 1,563,407,000 zlotys. Cover
against all demand obligationstions, as well as the gold cover against banknotes in circulation remained practically unchanged at 59.2 and 53.2%,
respectively, as against the legal minimum of 40 and 30%. Foreign trade
for July closed with a favorable balance of 2,468,000 zlotys, with both imports and exports showing increases over June by 17.940,000 zlotys and
28.502,000 zlotys, respectively. State finances for July closed with a small
balance of 704,000 zlotys, both revenues and expenditures showing decreases, amounting to 9.919,000 and 9,787,000 zlotys. Practically the
entire shrinkage in revenues is accounted for by the decline in collections
of customs duties (7,486,000 zlotys) and stamp tax (2,478,000 zlotys).
YUGOSLAV IA.
Preliminary data on foreign trade for the first half of 1930 show an
Improvement over the same period of 1929, with the adverse balance
totaling 115,800,000 dinars (dinar equals $0.00177) as against 689,700,000
dinars. Imports were valued at 3.478,100,000 dinars and exports at 3,362.300.000 dinars; the respective figures for the first half of 1929 were 3,678.700,000 and 2,989,000.000 dinars. Improvement in exports is accounted
for chiefly by increased shipments of corn and wheat.
UNITED KINGDOM.
The Board of Trade index of British industrial production in the second
quarter of 1930 shows a decline of 6.8% as compared with that for the first
quarter, and a decline of 7.7% as compared with the Index for such production in the second quarter of 1929. Based on the quarterly average
for 1924 as 100, the indexes for the three separate quarters were 112 for
April-June 1929, 110.9 for January-March 1930 and 103.4 for April-June
1930. For manufacturing activity alone (that is, industrial production
as comprehended above less mining and quarrying) the indexes were 116.9.
113.2 and 107.5, respectively.
The indexes for the industrial groups which were calculated in the general
index were as follows (for those which could be stated): Mines and quarries. 92.6 for the second quarter of 1929 and 87.4 for the second quarter of
1930: iron and steel. 117.8 and 95.5; non-ferrous metals, 128.7 and 123.7:
engineering and shipbuilding. 124.7 and 124.3; textiles, 99.8 and 78.4;
chemical and allied trades, 114.6 and 104.9; leather and boots and shoes,
100.7 and 104.5, and food, drink and tobacco, 109 and 104.9. According
to declared values, British overseas commerce in August as compared with
that of August 1929 showed declines of 20.9% in imports, 32.2% in exports
and 29.7% In re-exports. The totals were as follows: Imports, £79,920,000. exports, £42,770,000, and re-exports, .C6,341,000. The totals for July
were, respectively. £85.231.000. £50,746,000 and £6.663.000.
1801
Mr. Kellogg's name was suggested by the American panel (composed of
Mr. Root, Chairman; Dr. John Bassett Moore, Newton Baker and Roland
Boyden). Mr. Kellogg was in no sense an official candidate of this Government, but we may, nevertheless, express our pleasure at the high regard
which the American people hold for Mr. Kellogg's legal abilities, his work
for peace, and for this tribute from the nations of the world, which shows
that they share our confidence.
A Geneva cablegram Sept. 17 to the New York "Times"
reporting Mr. Kellogg's election said in part:
Frank B. Kellogg, co-author of the Kellogg-Briand pact, which often is
described from the League Assembly platform as "the great contract
between the members of the League and the United States" supplementing
and strengthening the League covenant, was elected this morning as a
judge of the World Court to fill the vacancy caused by the resignation of
Charles Evans Hughes. He was elected on the first ballot by the Assembly
and Council sitting separately.
Foreign Minister Briand of France said to-night in warmly welcoming the
result that it would be of great importance to have Mr. Kellogg on the
World Court bench in case a grave conflict came before it
.1111
Mr. Kellogg got 30 votes in the Assembly out of 31. including four
vote was not larger was due to the fact
spoiled ballots. The fact that the
that 11 American candidates had been nominated for the place by 33 national groups, and a number of countries, realizing that Mr. Kellogg's
election was certain, felt in honor bound to vote on the first ballot for the
other Americans their countries had nominated before the American group
had put up Mr. Kellogg.
Only the number of votes for the winner is given out in such elections,
but it is known that the 17 other votes were divided largely among James
Brown Scott, George W. Wickersham and Dean Wigmore of Northwestern
University in the order named. The vote in the Council on World Court
judges is never given out.
Secretary General Drummond immediately cabled to Mr. Kellogg that
he had been elected. Mr. Kellogg already had announced that he would
accept the judgeship if chosen. His election for the rest of the Hughes
term ending on Jan. 1 had been considered as certain as his election for the
full nine-year term when the Assembly and Council toward the end of the
month elect the whole court bench for the period beginning on Jan. 1.
The vacancy was filled to-day without waiting for the full court election
to make sure that Mr. Kellogg would be on the bench when the tribunal
begins its hearing on Oct. 20 of the important Franco-Swiss case regarding
the customs zones around Geneva. It is strongly hoped here that Mr. Kellogg will be able to reach "The Hague" in time for consideration of this
question, which is considered to involve far-reaching legal issues.
Dwight W. Morrow Ambassador to Mexico Returning
to United States.
Dwight W. Morrow, American Ambassador to Mexico, is
en route to the United States, having left Mexico City on
Sept. 17; an Associated Press dispatch from Mexico City on
Sept. 16, said:
Ambassador Morrow said to-night he would wind up his affairs here and
leave for the United States to-morrow night, with his first stop an unannounced place in New Mexico for a week's vacation.
Later he will go to Washington to resign an Ambassador and then to
his home State of New Jersey, where he is the Republican candidate for
United States Senator.
From a Mexico City cablegram to the New York "Times"
Sept. 17 we take the following:
A statement over the signature of President Ortiz Rubio was issued
this afternoon from Chapultepec Castle eulogizing Ambassador Morrowle
work in Mexico. The statement says:
The work of Dwight W. Morrow as Ambassador of the United States of
America in Mexico has been exceptionally significant. The good intentions
toilet, animated him in all his acts contributed immensely to the betterment
of international relations, which have reached the peak of cordiality.
The Ambassador's work in favor of tourists to Mexico also shows what
a great friend he has been.
ORTIZ RUBIO, President.
Manchester Chamber of Commerce Asks New Money
Basis-Tells British Premier Gold System is Barrier
to Recovery and Urges Expert Study-Business
Men Say Unemployment Problem Can Be Met Only
by Monetary Readjustment.
Premier MacDonald of Great Britain, received on Sept.
16 from the Manchester Chamber of Commerce a memorandum to the effect that the British monetary system was one
of the chief barriers to trade recovery and suggesting that
The Department's summary also includes the following the government and Bank of England experts devise adequate
remedies. The New York "Times," in its advices from
with regard to the Island Possessions of the United States:
London reporting this, went on to say:
PHILIPPINE ISLANDS.
By coincidence there also was received in London today reports that
Senator King of Utan bad asked President Hoover to bring about an
Anglo-American conference to increase the value and use of silver. No
word of such a proposal has reached the Foreign Office.
In a resolution passed by the directors of the Manchester Chamber Of
Commerce, which accompanies the letter sent to Premier MacDonald. the
opinion was expressed that the present depressed state of British industry
is attributable in a very large degree to handicaps resulting from national
and international policies and that England's restoration of the gold standard created numerous difficulties of the gravest character.
Cotton Trade Particularly Hit.
"It is becoming increasingly evident," says tne memorandum, "that
Frank B. Kellogg Named as Member of Court of Interthere is not likely to be a yearly increase in the production of gold adequate
national Justice Succeeding Charles E. Hughes
to sustain the full volume of world productive capacity and maintain a
Resigned.
profitable price level for commodities. Whether this is due to the virtual
of so much gold in certain countries or to a check on
Announcement of the election of Frank B. Kellogg as a sterilizationgold production is beside the point. The fact is thatthe annual
the moneincrease in
member of the Permanent Court of International Justice. tary position at the present moment is one of the greatest barriers to tin
Charles E. Hughes, resigned, was made at recovery of trade in general and the cotton trade in particular.
succeeding
"The gold standard has not operated internationally during the last
Washington as follows on Sept. 17 by Secretary of State few years as merchants always have been told it would operate. Ordinary
business men have been led to suppose that if prices fell too far the gold
Stimson.
system would act to minimize the fall by the provision of cneaper
The State Department is gratified that Secretary Kellogg has been ..tandard
But toe present depression is largely due to a persistent fall ha
chosen to fill the unexpired term of Mr. Hughes as a judge of the interna- money.
prices which the present monetary system failed entirely to oorrectIl
tional court at The Hague.
Philippine business conditions continue on a low level, with no rise in
prices of raw materials. No improvement is expected in the Southern
Islands until the beginning of the sugar cane cutting and milling seasons
Credit remains greatly restricted and collections are difficult. Freight
carried by the Manila railroad during the period Aug.10 to Aug. 23 totaled
1,600 metric tons compared with 2.300 metric tons for the corresponding
period last year. The ahem market remains weak with practically no
demand from New York and London. The copra market also continues
weak and featureless.
1802
FINANCIAL CHRONICLE
So the Chamber urges the government to act without delay on the ground
that it is essential to the solution of toe unemployment problem and that
the well-being of British industry is more vital than any financial consideration.
The indictments brought against the gold standard by the chamber
are that it has automatically increased the cost of wages and fixed charges
and likewise increased for the State the real cost of the national debt,
thus adding seriously to the direct and indirect burdens of industry, especially of the export trade.
[voL. 131.
M. Dernis said that while the unemployment situation in France is
not so pressing, there is some unemployment, particularly in the luxury
industries, including automobiles, and in textiles.
Included in the party which visited the New York "Times" plant. in
addition to M. Dernis, were Mme. Dernis, Yves de Boisanger, Georges
Dernis, Roger Dernis, Marcel Dupont, Henri Esteve, Emile Heringfeld,
Georges Leon, Stephane Leven, Louis Simmler. Yves Simmier, Edouard
Sitri and Charles Vieu. The party will sail for France on the Lafayette
on Thursday, after a stay of about three weeks in this country.
Regarding the visit here of the French bankers, the
British Chamber of Commerce Finds Local Chambers "Times" of Sept. 12 stated:
A
Favor Economy in National and Local Expen- Yvesgroup of 19 French bankers, inanciers and economists, including
de Boisanger, Inspector of Public Finance, and Gabriel Dayras,
ditures.
President of the Commission Financiers de la Conference des AmbasAmerican
According to an Associated Press cablegram from London sadeurs, will be guests at a luncheon given by the arrive thisFounders
morning
Corp. to-day at the Lawyers Club. The group will
dated Sept. 11, the Association of British Chambers of after having visited Washington, Chicago, Detroit, Rochester, Niagara
Commerce, after analyzing replies to a questionnaire sent to Falls, Buffalo and Boston.
New York
Next
group will visit
local chambers throughout the country, finds sentiment Clearingweek the the New York the New York "Times," theYork Curb
Stock Exchange, the New
House,
for the complete overhauling of National and local systems of Exchange, and the Federal Reserve Bank. The group will be luncheon
:
taxation in Great Britain Virtually all the chambers agreed guests of the Guaranty Trust Co. and of Prince & Whitely. The party
that the country's expenditure is excessive and that the will sail for France on Sept. 18 on the Lafayette
cumulative effect of taxation is especially serious in a time
of industrial depression and falling prices. They suggested Canadian Gold Production in 1929 at 1,928,038 Ounces
Sets New Record.
economies in expenditure on labor exchanges, social services,
Ottawa advices (Associated Press) Sept. 16 said:
conversion loan rates of interest, education, police forces,
Canada's gold production in 1929 again established a record with a
unemployment insurance and in the general administrative
total of 1,928,038 fine ounces worth, at current rates. $39,861,663.
costs of the country.
Figures of the Dominion Bureau of Statistics showed the total today.
"The present rate of expenditure," declares a summarized The 1928 output was 1,890,592 ounces, worth $39,082,005. Ontario proversion of the reports, "has a most serious effect on our duced 1,622,267 fine ounces. worth $33,535,234.
export trade. It leaves less money available for business,
Increases the cost of borrowing and the cost of production Record in Gold Output—Transvaal Production in
August Surpassed all Monthly Figures.
generally and makes every one afraid to endeavor to expand
From the New York "Times" we take the following from
the volume of exports."
London Sept. 13:
broke all records In the district's
Transvaal
French Offer Francs on British Debt—Britons Face history. Its gold production in August
output of gold for the month was £3,914,594. compared
$115,000,000 Loss.
with £3.878,771 in July and with £3.780,804 in August of last year.
Until last month,
From London,Sept. 12, advices to the New York "Times" 905 of last May. the high record for Transvaal output was the £3.893,said:
British investors were dismayed to-day to learn that France is preparing to
Silver Market Comes to Dead Halt.
repay the 5% rentes war loan of 1915 In the franc, which is now valued at
The silver market came to a dead halt locally yesterday
only 4 cents, as against the pre-war 19.
More than $160,000.000 was subscribed in Britain, and repayment in (Sept. 19), says the New York "Sun" of last night, due
francs will mean a loss to British investors of more than $115.000.000. to the non-receipt of any cable orders from the Far East.
The French Ministry of Finance has intimated that 25% of the loan will be
The paper quoted added:
repaid in January.
The British Government has protested to M. Tardieu, it Is understood
here, but so far no reply has been received from the French Premier or his
colleagues.
Dealers were nonplussed and afraid to quote definite prices up to a
late hour. The official price, usually announced about 11 o'clock, was
nearly four hours late.
.4.4 &AEA
French Mills to Reopen—Employers Accept Com- Silver Output Drops in Three Countries—United
States and Canada Show August Shrinkage—
promise to End Six Weeks' Textile Strike.
Mexico Reports for June.
the New York "Times" we take the following Paris
From
The following is from the New York "Times" of Sept. 18:
cablegram, Sept. 11:
Production of silver in the United States in August amounted to 3,749.000
The Textile Employers' Syndicate voted to-night to accept toe comfine ounces against 3.551,000 ounces in July and 5,006,000 ounces in August
promise proposal of Pierre Laval. Mini.ter of Labor, which is expected to
1929, according to the American Bureau of Metal Statistics. Canadian
bring an end to the strike which has paralyzed work in the Roubaix-Tour- silver
production in August was 2,685,000 ounces compared with 2.100.000
coing industrial district of France for nearly six weeks.
ounces In July and 2.744,000 ounces in August 1929. Mexican production
The workers two days ago agreed to accept the terms embodied in this
would open the doors of their of silver In June, the latest month for which figures are available. was
proposal, and the employers announced they
10,276.000 ounces, compared with 9.080.000 ounces in May and 8.386,000
factories to-morrow. Although there is some dissention in the ranks of the
ounces in June a year ago.
workers, it is believed the majority will hold to the agreement and that
World output of silver for June, the latest month for which complete
production will be resumed virtually on a normal basis.
figures are available, was 18.607.000 ounces, compared with 18,237,000
Under the new agreement, the employers undertake to assume the entire ounces
in May and 17,802,000 ounces in June last year.
payments under the social insurance laws for all employees 12 months or
Stocks of silver in the United States Sept. 1 were 677,000 ounces, against
more in their service.
459.000 ounces Aug. 1 and 1.074.000 ounces Sept I 1929. Canadian
stocks were 410,060 ounces Sept. 1, 312,000 ounces Aug. 1 and 880.000
ounces Sept. 1 1929.
French Bankers Decry Gold Flow—Accumulation at
Stocks of silver at Shanghai,in equivalent of fine ounces, were 223.762,000
Economic by Group Visiting United on Aug. 23, compared with 226,116.000 ounces July 26 and 192,388,000
Paris Held
ounces Jan. 1.
States.
Stocks of silver in India, in equivalent of fine ounces, were 409,922,000
The accumulation of gold in the vaults of the Bank of on Aug. 22, compared with 396,206,000 on July 22 and 371,422,000 on
Jan. 1.
France is
result of a set policy of the Bank or of the
not the
French Government, but is due to the working of economic Mexico to Withdraw 10,000,000
Silver Pesos to Effect
and financial conditions, according to a group of French
Stabilization.
bankers now in the United States. They visited the plant
Mexico City Associated Press advices Sept. 18 said:
of the New York "Times" on Sept. 15 at the conclusion of
The Government has decided to take drastic steps to
Mexican
a tour of Eastern States devoted to the study of American silver money and to improve the international exchangestabilize Mexican
rate of
organization, and that paper, in its gold.
financial and business
Luis
Sept. 16 issue, in further indicating the views of the vistors, MexicoMontes de Oca, Secretary of the Treasury, has instructed the Bank of
to withdraw from circulation 10,000,000 silver pesso (a bout $5,000.said:
000) and to-day he advised the press that he was studying advisability of
Speaking for the group of 15 bankers. M. George Dernis pointed out restriction of imports of luxuries and articles that can be produced in
that it was unjust to accuse the French Government of responsibility for Mexico to the value of 50.000.000 pesos (about $25.000.000) annually.
the heavy accumulation of gold in France. and declared that measures
Referring to the above, the "Wall Street Journal" of
are now being taken to counteract the process.
has not been due to any deliberate inten- Sept. 19 reported the following from Mexico City:
This process, M. Dernis said,
The announcement follows a series of conferences held by a commission
tion on the part of the French Government or of the Bank of France,
but has been tne result of natural developments facilitating the flow of of financial experts named by the Government to seek a remedy for the
slumping value of the silver peso. The withdrawal of silver pesos will
gold into the country.
begin Immediately.
M. Dernis denied there has been any political motive behind it.
The exchange rate reacted slightly favorably here during the forenoon
Among the causes of the gold accumulation enumerated by M. Dernis
were English Investments abroad, particularly in France, the flow of but lost Its gains during the afternoon. Most bankers said they expected
Invest- the announcement to be a favorable factor In equalizing the exchange rate
French capital abroad back Into the country, and other foreign
ments in France. To stop the gold accumulation, held responsible by between gold and silver and also between the peso and the dollar. Most
some economists for the Increase in the price of gold and the consequent bankers believe it will require several days before a favorable reaction is
international depression of commodity prices, M. Dernis said, the French noticed.
According to the announcement, the withdrawal of silver will be made as
Government Is lowering taxes on foreign Investments and has created a
rapidly as possible and the money will be held in reserve by the Government.
special bank permitting international acceptances.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1803
Some of the financial experts who have been working on Mexico's silver
The war reduced France's manpower by a million and a half. To replace
problem felt than an oversupply of silver pesos has been coined during the this loss great numbers of immi-rant laborers were admitted under tempast three years, making it highly advisable for the withdrawal. The porary Minister of Labor licenses. Now when unemployment threatens,
silver slump has caused many perople here to withhold money exchanging the Ministry merely stopped labor immigration.
_
until the exchange rate became more favorable. This attitude has been a
Tactor in keeping the exchange rate down, and latest announcement, should
it bring about the probable reaction, is likely to encourage money ex- Unemployed in Great Britain Reported as 2,139,500.
changing, thus strengthening the exchange rate.
London Associated Press advices Sept. 16 said:
The Government also announced that more vigilant watch is to be kept
More than 2,100,000 men and women are now unemployed in Great
along the Mexican border to halt the illegal exportation of Mexican gold
into the United States. Many officials have felt that this exportation of Britain, and even the most optimistic can see little signs of any brightening
gold, which is prohibited by law, has been a strong factor in the slump in this dark cloud that hangs over the economic, social and political life of
of the silver exchange rate which has at times reached 8% discount against the country.
For the past nine months the condition has been growing steadily worse,
gold peso rate.
The announcement also stated that the Government is considering a the unemployment total since January last being in round figures as follows:
plan to require mining companies exporting products containing gold to January
1,478,8001June
1,775,100
return to Mexico the value of tne gold exported in New York drafts payable February
1,520,000 July
2,011,400
at par. Likewise, the Government is considering placing a limitation of March
1,547.2001August
2,017,900
50,000,000 pesos annually on importations of articles considered to be April
1,676.4001September
2,139,500
luxuries and which could be produced in Mexico. This plan, the Govern- May
1,712,0001
ment experts believe, would help reduce the outgoing flow of pesos for
The percentage of unemployed in all industries for August. the latest
importations and at the same time encourage Mexican industry.
figures to be worked out, was 17.5. The industries chiefly affected during
the present year have been iron and steel manufacturing, engineeting. shipbuilding, the metal trades. textiles, building and dock and harbor services.
Mexico's Gold Output Rises, Silver Holds—First Half Coal mining has stayed much in the same plight as for many months.
Production of Lead, Copper and Zinc Lower— The industries showing improvement have been the jute industry and candy
manufacturing.
Mercury Increased.
From the "Wall Street Journal" of Sept. 18 we take the German Reichsbank Halts Sales of Exchange—Interfollowing from Mexico City:
vention Prevents Panic, is Berlin View—Pressure
Production of gold in Mexico increased during the first half of 1930, while
on Mark in Germany Lifts.
silver production was approximately at the same rate as last year, acFrom its Berlin correspondent Sept. 17 the New York
cording to the Secretary of Industry. Production of gold during the first
six months averaged 1,748 kilograms a month,compared with 1929 monthly "Journal of Commerce" reported the following:
average of 1,689 kilograms. Despite the heavy decline in silver prices and
The position of the mark improved to-day as a result of the fact that
shutting down of many mines,silver maintained its monthly average of last
forward purchases of foreign exchange by German banks and importers
year. For the first half year the average monthly silver output was 281.538
ceased. The exchange market returned to a normal status.
kilograms, compared with 1929 monthly average of 281.753 kilograms.
The Reichsbank is no longer intervening in the foreign exchange market,
Production of lead, copper and zinc declined in the average monthly
after Paving made substantial sales of foreign bills following the elections of
production for the first six months of this year compared with last year's
last Sunday. Its chief purpose was to prevent heavy shipments of gold from
monthly average, while arsenic and graphite showed increases.
Germany to France, in view of the fact that francs were quoted around the
Copper output averaged 6.420,006 kilograms monthly compared with
gold export point at the time the results of the polling was announced.
7,212,806 kilograms monthly year ago. Lead averaged monthly this
The Reichsbank statement of Sept. 15 reveals a decline in reported
year 19,182,334 kilograms, compared with 20.700,076 kilograms in 1929.
foreign exchange holdings of 72,000.000 reichsmarks. Tills does not yet
Zinc averaged 10,685,467 kilograms monthly, with 1929 montnly average
reflect the heavy sales made following the announcement of the election
14,504,139 kilograms.
results and clearly indicates that the operations of the institution were on a
The monthly average production of mercury for the first six months was
11,765 kilograms as against 6,886 kilograms. White arsenic averaged large scale.
Prevent Panic Repetition.
1,040,483 kilograms monthly against 805,383 kilograms. Graphite output
The intervention of the Reicnsbank in selling exchange and keeping up
averaged 708,488 kilograms monthly, against 1929 monthly average of
the mark prevented a repetition of the panic engendered in the exchange
476,728 kilograms.
market in May of 1929. when the Paris reparations conference was in
session and a breakdown appeared imminent.
The political situation continues critical and the chance of the establishBank of England Reports Profits for Year at £679,651.
ment of a stable government able to carry out a strong policy on a ParliaThe Bank of England announced on Sept. 18 that profits mentary basis appear slim.
for the year ended Aug. 31 amounted to £679,651, following
allowances for all contingencies. The dividend of 6%, less German Bank Reported as Denying that Trade Deprestax, was declated for the half year, making a dividend of
sion Imperils Reparation Payments.
12% for the entire year.
The following from Berlin, Sept. 12, is from the New
York "Times":
foreshadow diffiThe rumor,
Few are Jobless in Cuba—Government's Building Pro- culty in regard circulated abroad, that trade conditionsthat the relatively
to impending reparation payments, and
gram is Minimizing Unemployment.
low price of the German reparation loan is due to that fact, is pronounced
German
Berlin
baseless by
According to Havana advices Sept. 2 to the New York commission the inquirybanks. On the contrary, thepaymentsGovernment's
into the balance of foreign
expresses the
of
"Times" the unemployment situation does not present as view that Germany is already on the way toward a period of permanent
serious a problem in Cuba as it does in many other nations, export surpluses. which will provide sufficient exchange both for reparations
says a statement issued by Dr. Carlos Miguel de Cespedes, and for interest on foreign loans.
Germany's borrowings from abroad, says tile commission, have merely
Secretary of Public Works. From the "Times" advices we had the effect of reducing economic pressure in Germany itself during the
transition from unfavorable to favorable foreign trade balances. Even if
quote also the following:
Due to the fact that Cuba is in the midst of a tremendous building program, the bulk of it being public works, labor has found a fair market, the
Secretary said. More than 14.000 men are employed In the building of the
new 8100,001,000 central highway, said to be the longest single stretch of
modern road in the world, while additional thousands are employed in other
Government activities.
These projects Include the co struction of the Avenue of the Port, which
Is being built on the 110.000 square meters of land reclaimed from the sea;
a series of lateral streets into the new Avenue of the Port, a marble and
granite stairway to the Avenue of Missions, a new Lawyers' Association
Building and a new Palace of Public instruction. Thousands of other men
are engaged in build' ,g and repairing schools which are to be finished in
time for the f,d1 term.
foreign loans to Germany were to cease, the shift to export surpluses will
nevertheless take place, though it would then, in the opinion of the commission, involve more severe pressure on German wages and on employers'
profits.
President Hoover Receives Dr.Simon, Former President
of German Reich—Election in Germany Said Not
to Alter Foreign Policy.
Dr. Walter Simon, former President of the German
Reich and former Chief Justice and Foreign Minister, was
received at the White House on Sept. 16 by President
Hoover. The "United States Daily," from which we quote,
Few Unemployed in France—Export Trade Falls Off adds:
Following the conference with the President, Dr. Simon, in discussing
Slightly.
German political developments as affected by the recent election, preAccording to Associated Press advices from Paris Sept. 13, dicted that the results will not alter the conciliation keystone of the StreseFrance is proud that she has no unemployment although her mann foreign policy.
Internal changes
will
Dr. Simon. he
business suffers from the world-wide depression. Continuing follow constitutionalare looked for by government thatsaid, but they told
lines. Any new
is formed, he
the President. will find itself bound by treaties and agreements to pursue
the cablegram said:
Paul Reynaud. Minister of Finance, told the American Club that France
is better off than her neighbors. He estimated French reduction in trade
at 10%.
Premier Andre Tardieu, In another address, admitted he was an incorrigible optimist and said he had reason for being so.
"Shake off the load of dead ideas that burden the living," he urged
"Beware of the epidemic of grumbling that seems to be attacking individuals.
classes and peoples. Be faithful to the Joy of work well done. expressed in
France in a song of centuries."
Just how France is traveling with reasonable comfort over the slough of
despond is explained by economists as a situation of many factors.
Unemployment rarely has bothered the French. they say, because
France's system of work is based on the full order book. Men aren't laid
off often because a business firm seldom takes on men for ii rush period but
keeps the old staff busy all the time, advance orders carrying over any slack
months. As employment Is constant, buying keeps up fairly well.
the present foreign policy. Much will depend, he said, upon steps taken
by Chancellor Heinrich Bruening to form a coalition government.
Dr. Simon. who has been in this country attending the roundtable at
Williamstown. Mass., and the meeting of the International Law Mao
cat ion in New York City, and who is about to make a trip West to deliver
some speeches, was presented to the President by the German Charge
d'Affaires, 0. C. Kiep
Bulgarian Relief Pushed-20,000 Acres Cleared for
Refugees Use Under League Auspices.
Sept. 5 advices from Geneva to the New York "Times"
state:
Reconstruction work in Bulgaria is proceeding in an extremely satisfactory manner, the League of Nations Financial Committee heard to-day.
1804
FINANCIAL CHRONICLE
The annual report says about 20,000 acres have been cleared for the establishment of refugees who have raised excellent crops on the reclaimed land.
General budget expenditures proved far less than had been estimated.
Bulgarian finances were stated to be on a sound basis now.
Jeremiah Smith of Boston. who is in charge of the League's reconstruction
loan to Hungary, is attending the financial committee session as an American member.
[VOL. 131.
peseta were merely preliminary, but that further steps would
not to be taken until the situation developed sufficiently.
The cablegram further says:
For instance, he said, it would not be decided whether to open credits
abroad until the peseta had found its natural economic level.
"It seems to be the desire abroad to burry us," said the Minister,"but
it must be realized that we are taking the same steps every government
proceeding toward stabilization has taken. It took M. Poincare a year to
Spain Warns Its Press—Declares any Abuse of Removal
prepare the franc for stabilization."
of Censorship Will Be Punished.
Senor Wais admitted that the peseta probably would improve after the
political situation had settled, and his attitude left small doubt of the
From Madrid Sept. 13 a cablegram to the New York
government's intention to defer final action until the Cortes (Parliament)
"Times" said:
meets.
The Spanish Government, preparing to lift the press censorshiP as the
Remarking that no extra bank notes would be issued to pay the recent
first step in complete liberty before the elections, late to-night issued a dictatorship's expenses, that the budget had improved and that he was
forceful warning to the press that attempts to stir up disorder would be well satisfied with the functioning of the new foreign exchange control
severely dealt with. Orders to the courts warn the prosecutors not to board, the Finance Minister made two statements that might be regarded
allow the breaking of the press law protecting the King and Army.
as significant:
"The Government is protecting public order and wants to grant liberty.
"We must redeem pesetas held abroad in technical actions. We have
but if there are any serious infractions by the press we shall forget the free or surplus 700,000,000 pesetas in gold and 450,000,000 In silver."
courts and exercise our full powers," says the warning.
The removal of press restrictions by Spain was noted in
our issue of a week ago, page 1649.
Japan Not to Seek Renewal of $50,000,000 Credit.
Under date of Sept. 18 Associated Press advices from
Eases Press Censorship—Belgrade Allows "Jugoslav Tokio stated:
State Party" as Name for Movement.
Kyocho Hijikata, Governor of the Bank of Japan, to-day announced
Japan would not seek a
The following from Belgrade Sept. 11 appeared in the $50,000,000) established renewal of a credit of 100,000.000 yen (about
in London and New York last November to
New York "Times":
strengthen the Empire's monetary position preparatory to lifting the gold
For the first time to-day the censorship permits mention of the words
"Jugoslav State Party" as a description for the movement foreshadowed
recently as likely to follow the speech of Premier Zhivkocitch on Sept. 5.
The newspaper "PoMika" declares thrt this speech means that a group
Is about to be formed of those convinced Jugoslays who are prepared
to work together for the fulfilment of the program announced in the proclamation of the dictatorsnip by King Alexander on Jan. 6, under the
leadership of the present Government.
California State Commissioner Warns Against Sale of
Repudiated Russian Bonds.
The State Corporation Commissioner of California has
announced that he has sent orders to every broker in California not to offer or sell repudiated Russian bonds. The
banned securities are named Russian Ruble bonds, Kerensky
bonds, Soviet Government Bonds and other securities of
Imperial Russian Government. Explanation is that the
sale of these securities is unfair, unjust and inequitable.
Revenues of the Kingdom of Roumania Monopolies
Institute.
It is announced that the fifth report of the Technical
Advisor to the National Bank of Roumania shows gross
receipts of the Monopolies Institute for the year 1929 to
have been 6,909,479,705 lei ($41,329,580) and net receipts
after deduction of operating expenses 4,737,093,903 lei
($28,335,291). Annual interest and sinking fund charges on
the bonds of the Institute secured on its gross receipts amount
to approximately $8,097,900. It is also stated:
For the first four months of 1930. preliminary figures give gross receipts
as 2,155,148.000 lei ($12.891.181) and net receipts as 1.337.730.000 lei
($8.001.734). For the same period of 1929,gross receipts of the Monopolies
Institute and the predecessor Monopolies Administration were 2,015,693,000 lei ($12.057.025) and net receipts 1.398.848,000 lel ($8,367,317)•
Stabilizing Loans Sought in Europe—Spain, Rumania,
Bulgaria and Jugoslavia Said at Bank for International Settlements To Be in Market.
The following Associated Press account from Basle, Switzerland, Sept. 17, is from the New York "Evening Post":
Spain, Rumania, Bulgaria and Jugoslavia. It is understood here, will
negotiate loans to stabilize their currencies before long.
The Bank for International Settlements, officials said, will act as trustee
if the plans go throu.th. but nothing Is expected to be done before November
because the money m.rkets of Europe and New York are now unfavorable.
Long time stabilization loans, It was said, will be made by private bankers,
probably Ivar Kreuger, the Swedish match king, through his financial
organizations and by the mortgage bank of Amsterdam. Pierre Quesnay,
General Manager of the International Bank, recently went to Stockholm to
talk things over with Kreuger. Quesnay now is In Belgrade discussing a
Stabilization loan for Jugoslavia.
Besides these currency loans which merely will be handled by the International Dank, it was said short time advances may be made by the bank on
its own account to aid Austria, Hungary and other countries in handling
their crops.
The "Post" in its comments says:
Dispatches from Madrid last night quoted members of the Spanish Government as denying reports that the Bank for International Settlements had
approved plans for stabilization of the Spanish peseta and would make the
necessary loan. Officials of the Ministry of Finance said that Spain neither
had solicited foreign loans nor had submitted any plan for stabilization
of the peseta beyond the domestic schemes recently announced.
Peseta Moves To Be Slow—Spanish Finance Minister
Says it Took Year To Stabilize the Franc.
A cablegram from Madrid, Sept. 16, to the New York
"Times," reports Julio Wais, Minister of Finance, as stating
on Sept. 15 that steps so far taken toward stabilization of the
embargo on Jan. 111930.
The credit, established in equal parts in London and New York, will
expire on Nov. 20. No part of it has been used, and the credit now is
unnecessary.
HillIcata's statement was interpreted as meaning the Government would
not restore the gold embargo despite considerable agitation in some commercial circles favoring such a course.
From the New York "Times" of Sept. 19 we take the
following:
At the offices of J. P. Morgan & Co., the bankers who arranged the
New York portion of the 100,000,000 yen credit advanced to the Yokohama Specie Bank, Ltd., last winter by London and New York bankers
as a preparatory step to the removal of the Japanese gold embargo, U was
said yesterday that no word had yet been received to indicate whether
the Japanese Government would allow the credit to lapse or would renew it.
The credit was arranged last November, one-half being provided by
a group of bankers in London and the otner by an American group comprising J. P. Morgan & Co.. Kuhn, Loeb & Co., the National City Bank and
the First National Bank. The credit was In favor of the Yokohama
Specie Bank. Ltd., fiscal agent of the Japanese Government and was to
run One year. It amounted to approximately $50,000.000. The Japanese
embargo on gold shipments was formally lifted on Jan. 11, last.
American to Head Cuban Finance Study—Grosvenor
Jones is Appointed—Cuban and American Banks
Offer $20,000,000 Advance.
According to a cablegram from Havana, Sept. 18 to the
New York "Times," Grosvenor Jones, American financial
expert, attached to the Department of Commerce at Washington, will head a Cuban economic and financial commission to study the immediate reconstruction of Cuba's
economic structure, it was announced at the Presidential
Palace to-day. The cablegram likewise said:
Representative of Cuban and American banking Interests called upon
President Machado to-day and through Jose Obregon of the Chase National
Bank of New York, offered to advance $20,000,000 to the government at
once as well as other financial assistance. Various banks also notified the
government they would co-operate with the financial commission.
Associated Press accounts in the matter, Sept. 18 stated:
Reports that the Republic of Cuba would negotiate with the Chase
National Bank of New York for the sale of bonds worth $40,000,000 in
order to continue its public works program were current to-night. Two
representatives of the bank have arrived here.
No confirmation of the reports could be obtained, but they received
support from the presence of W. H. Eddy. Vice-President of the Chase
Securities Corp., a subsidiary of the Chase National, and Alfred E.
Mudge
of the bank's legal counsel.
It was reported that the two would make a flat offer for $40,000,000 In
government bonds now held in the Treasury as security for a loan of
320.000.000 advanced by the Chase National Bank last Feb 26.
The sale of the bonds, Cuban financiers said, would enable Cuba to
eliminate this last 820,000,000 of indebtedness and would make possible
the continuance of the public works plan, which had been outlined but
was postponed because of lack of funds.
Regarding the commission of financial experts the following was reported by the "Times" as from Havana,
Sept. 17:
A commission of financial experts, composed of five Cubans and one
American financial and business expert of international reputation, will
study the present economic position of Cuba and its fiscal business structure
at an early date, President Machado announced to his Cabinet to-day.
The Executive and his 11 secretaries discussed for two hours a suggestion
made by mill owners and planters of Cuba that the administration appoint
commission at once in order to save the nation from bankruptcy.
a
A vote of confidence was given by the Cabinet to the President in any
steps he may take to bring about results He announced that he would
immediately open negotiations to procure a prominent American economist
to head the commission.
A study will be made of possible revision of custom house law,the present
method of government internal taxation, and imposts placed on business,
commerce, agriculture and industry by the National, municipal and provincial governments.
It is admitted both by the administration and business that the critical
financial situation of the country demands immediate action.
SEPT. 201930.]
FINANCIAL CHRONICLE
New Loans Looked for for New Latin American Governments—Argentina Seeks $50,000,000 Loan.
According to press advices from Washington, indications
of an increasing financial relationship with Argentina,
Bolivia and Peru were given on Sept. 18 at the State Department as diplomatic moves were made to complete formal recognition by the United States of the three new provisional governments. The edifices (as contained in the
New York "Times") continued:
Secretary Stinson said he had heard informally that a number of United
States concerns probably would be bidding for loans to the new South
American regimes.
The Secretary of State had announced previously that speedy recognition had been granted the three "in order that in the present economic
situation our delay may not emlrirrass the people,of these friendly countries
in re-establishing their normal intercourse with the rest of the world."
He said to-day be did not believe new loans to the three countries had
been awarded as yet, explaining, however, that the State Department
usually is not formally notified until such transactions are virtually agreed
upon. At that time policy dictates that the Department be asked if it
has objections.
1805
His published figures show for the first six months of last year exports
to the value of $222,000,000 and imports of $218,000,000, while for the
first six months of this year exports totaled $181,000,000 and imports
$147,000,000,representing a total decrease of $112,000,000 in foreign trade.
The fourth annual meeting of the Coffee Institute, which is a semiofficial body controlling the movement of coffee, came to a close to-day
after a three-day session. The most important measure adopted provided
for the reproportioning of each State's quota passing through the various
authorized seaports for export, the State of Sao Paulo receiving a quota
of 8% of the total entries into Rio de Janeiro instead of its former 2)%
and obtaining an increase from 91 to 93% of all coffee entries into Santos.
Other measures adopted provided for maximum stocks at ports, daily
quotas and subdivisions permissible, the length of time stocks can be retained, and so forth. A resolution was also adopted calling on the Federal
Government to co-operate more fully with the States for the successful
operation of the coffee defense plan.
To the same paper a cablegram from Buenos Aires (Argentina) Sept. 18 stated:
Negotiating a New Loan.
The Minister of Finance is negotiating for a new loan to take up $50,000,000 due in New York on Oct. 1 and has asked for definite bids tomorrow from Baring Brothers of London and from J. P. Morgan & Co.,
the Chatham Phenix National Bank and Trust Co., Blair & Co.,the Bankers
Trust Co. and Harriman & Co.
As it is customary to place renewals with the original lenders unless
more attractive conditions are offered, the competition of so many bankers
leads to the belief that they are offering better terms than those under
which the loan was issued six months ago and that they are bidding for
favor in forthcoming larger operations.
The following further item is taken from the "Times"
of Sept. 19:
Formal announcement of new financing for the Argentine Government.
to take care of an issue of $50,000,000 six months' 5% notes held there
and which matures on Oct. 1, is expected within the next few days. The
Argentine Government also has an issue of $25,000,000 of notes held in
London which must be repaid shortly. The $50,000,000 issue was marketed here in April by a syndicate headed by the Chatham Phenix Corp.,
the security affiliate of the Chatham Phenix National Bank & Trust Co.
This loan was offered to the public at par and was quickly oversubscribed.
Under the terms of the loan the Argentine Government has the privilege
of renewing the loan for a period of six months from Oct. 1 1930. The
issue held in London, however, is not renewable.
The note issue floated in April represented the first piece of Argentine
Government financing here in more than two years, although Buenos Aires
and various Argentine provinces have been in the market. In view of
the fact that the market for foreign loans has not been very active this
year. the Argentine Government and its various political subdivisions have
resorted to short-term borrowings until such time as they can be converted
into long-term bond issues.
In May a syndicate headed by the First National Old Colony Corp.
marketed an issue of $6,000,000 Province of Cordoba (Argentina) 5).i%
notes, due on Nov. 10 1930, at par, and later in the month a group headed
by the Chatham Phenix Corp. sold an issue of $4,000,000 Province of
Santa Fe (Argentina) 6% notes, due on March 2 1931, at par. In July
the Chatham Phenix Corp. and associates marketed an issue of $16,100,000
City of Buenos Aires 5% notes, due on Jan. 1 1931, at par.
At the time of the offering of the $50,000.000 note issue of the Argentine Government the Finance Minister said that "proceeds of this issue
are to be available for the general purposes of the government."
Possibility that Costa Rica May Borrow $8,000,000
from New York Banks.
New York "Times" we quote the following.
From the
from San Jose, Costa Rica, Sept. 13:
With the contract with the United Fruit Co., providing for two cents a
bunch export tax on bananas, approved by Congress and the assurance of
increased acreage being planted, Costa Rica is considering a foreign loan
for the purpose of meeting the present financial stringency and continuing
public works, principally road construction.
A $1.000,000 loan from the First National Bank of Boston has been paid
with money borrowed for three months from the National City Bank of
New York. Now the Government is discussing a larger long-term loan
with the National City Bank, probably to aggregate $8,000,000, The
Hanover Bank & Trust Co. also is reported to be interested in the same
loan.
The repayment of the above loan was noted in our issue
of Sept. 6, page 1501.
Brazilian State Fails to Meet Bond Interest--Santa
Catharina Defaults Again on Payment Due on
Issue of 84,621,500.
The following is from the New York "Herald Tribune"
of Sept. 18:
The State of Santa Catharine, Brazil, has defaulted on the interest due
Aug. 1, on the 25-year 8% external sinking fund gold bonds, 1922-1947,
the bondholders have been advised by Halsey, Stuart & Co., head of the
syndicate which originally offered the obligation here. The amount of interest due on Aug. 1, the semi-annual interest date, was approximately
$200,000. The total amount of the issue is 65,000,000, of which 64,621,500
is outstanding.
As yet no steps have been taken to bring about another readjustment of
this obligation, which has been defaulted several times and rearranged,
although it has been understood for some days that negotiations are pending
between the bankers and officials of the State. It was authoritatively
indicated yesterday, however, that bankers here are momentarily expecting
advices from Brazil regarding the possibilities of a coupon payment, in
full or in part, at an early date. Nothing definite could be learned relative
to the current conditions which have placed the interest again in arrears.
although the depressed trade conditions in South America have undoubtedly
been a contributing cause.
Milreis Depressed.
The chief reason for the inability of the Santa Catharina Government to
meet this interest payment immediately is to be found in the adverse movement of Brazilian foreign exchange. The depression of the milreis in recent
weeks, it is understood, have made it more difficult than usual for Santa
Catharine to pay the coupon now overdue.
Irregularity has figured in the payment of interest on this obligation
since 1925. The bonds were issued for the retirement of 85,000,000 of 6%
secured external gold bonds of 1919 and for the purchase in the United States
of materials for the construction of public works. The offering price was
101 and interest, to yield about 7.90%.
The coupon due on Feb. 1 1925, was not paid on that date, but in the
following November it was announced that the State proposed to pay
$125,000 on interest due for the year; $300,000 for 1926, and $400,000 for
1927. The payments were to be increased from then on and were to be
applied to the liquidation of interest then due and overdue. Any remaining
balance was to be used for sinking fund purposes and the interest on arrears
of interest was to be paid at a rate of8% yearly.
Interest Paid Irregularly.
Interest due since that time has been paid irregularly and is in arrears.
The coupon due Aug. 1 1925, was paid a year later, with interest at 8%.
The coupon due Feb. 1 1926. was not paid a year later, contrary to the
arrangement with the bankers, but was paid on April 27 1927. The interest
due on Aug.1 1926, was paid Sept. 15 1927. but interest due on Feb. 1 1927.
was not paid on Feb. 1 1928, in accordance with the agreement.
Announcement was made in May. 1928, that a new agreement had been
arranged with the bankers for a revised schedule of remittances to cover
interest only. In February, 1928, $220,000 was to be paid; in August of
the same year $200,000, in February, 1929, $200,000 was to be paid, and
from August, 1929, there was to be paid 6250.000 in each semi-annual
period until August, 1933.
It was further provided that amortization was to be suspended until
August, 1933, and that subsequent interest and amortization would be carried out in accordance with the original loan contract. In February of this
year, however,the $200,000 due was not paid. Payment was deferred until
April.
Readjustment Expected.
Until further information is received from Santa Catharine concerning
the fiscal position of the State and the prospects for early interest payments,
the status of the current coupon will not be definitely known. It is held
among financial interests who are posted on the South American situation to be not all unlikely that another readjustment of this obligation will
take place before interest payments are resumed.
The current trade depression somewhat enhances the uncertainty concerning current prospects for this obligation, in view of the fact that difficulty has been encountered in the past, when there was no general trade
slack, in meeting interest payments.
Santa Catharine is a southern maritime State of Brazil, whose principal
products are livestock. Brazilian tea, rice, corn, lumber and sugar. The
district also manufactures textiles, shoes, cement and leather.
Brazil Estimates $2,000,000 Surplus—Federal Revenues
for 1931 Put at $152,000,000, with Year's Expenditures $150,000,000—Government's Co-operation in
Coffee Defense Plan Asked.
Measures Adopted tp Aid Porto Rico.
Brazil's Federal revenues from all sources for 1931 were
The following is from the "United States Daily" of Sept.
$152,000,000 by Deputy Annibal Friere in a
estimated at
report made to the Chamber of Deputies by its Finance 18:
Steps being taken by the insular Government
Committee at Rio de Janeiro on Sept. 17, said a Sao Paulo problems oppressing Porto Rico, poverty, disease to solve the three major
and insufficient revenue,
to the New York "Times" which likewise are outlined by Governor Theodore Roosevelt in his annual report to the
(Brazil) cablegram
Secretary of War, made public Sept. 14 by the War Department.
stated:
of
Expenditures for the coming year were estimated at $150,000,000,
leaving an estimated surplus of about $2,000,000. ,
Stressing the fact that the world is undergoing a great crisis, Senhor
Frier° declared that the budgeted expenditures for all Federal departments
were being reduced to a working minimum to the extent that "the legitimate
expansion and progress of the Republic would be impaired," adding that
while the balance of trade had been favorable to Brazil for the past nine
years the balance for the first six months of this year had fallen off and did
not compare favorably with the corresponding period last year. This he
interpreted as a sign of the times calling for strict retrenchment.
the island GovernThe basic economic plan receiving the attention
ment is the establishment of more small farmers on the theory, according to
Governor Roosevelt's report. that "it is axiomatic that the small farm holder
is the basis of society." Supplementing this general scheme is the dissemination of agricultural information, the operation of a homestead commission,
the creation of a bureau of commerce and industry.
The floating debt of the island was funded during the last fiscal year by
an issue of 64,000,000 worth of 43i% 10-year serial bonds, according to
the report.
A plan to establish 20 health units is outlined by Governor Roosevelt.
1806
FINANCIAL CHRONICLE
[VoL. 131.
Santo Domingo Reported as Seeking $3,000,000 Loan
Commander Johnson pointed out to President Rafael L. Trujillo that
To Carry Out Reconstruction Work Following the true number might never become known. He added that of the 6,000
Injured, 2,500 are in need of hospitalization.
Devastation Through Hurricane—Pres. Hoover
The American officer also told the President that the relief work now
was so well in hand that it could be carried on by a willing and competent
Says United States Will Co-operate.
personnel here and that he would return to his post in Haiti shortly.
Plans of the Dominican Republic to float a loan in the
United States for rehabilitation work following the recent
hurricane, will receive the co-operation of the United Swiss Bank Corporation's Booklet Portraying the
States, President Hoover said orally Sept. 12, according to
Workings of the London Commodity Markets,
the"United States Daily" of Sept. 13, from which we quote
Manchester Cotton Exchange, and Liverpool Royal
further as follows:
Exchange.
Replying to a question on his attitude toward the proposed Dominican
In a booklet recently compiled by the Swiss Bank Corp.
loan, the President said:
"We will not in any way obstruct Santo Domingo in making any loan of London there is presented a series of brief studies on the
necessary for their purposes and will be glad to co-operate with them." principal commodity
markets in London, to which—in
While the government at Santo Domingo has not served formal notice view of the
international importance of these markets—
on the State Department of its intention to float such a loan, the United
States Minister there, Charles B. Curtis, has advised Washington that have been added sketches of the Manchester Cotton Exsuch a proposal is under consideration.
change and the Liverpool Royal Exchange.
In making available the booklet, the Bank says:
Associated Press advices from Santo Domingo Sept. 11
The slump in the prices of all the principal raw materials, which is so
regarding the loan to be sought are taken as follows from
prominent a feature in the general economic conditions of the present
the New York "Herald Tribune":
time and which plays so important a
After a conference with President Rafael L. Trujillo today, the survey
committee appointed to estimate the property loss in the recent hurricane
made preliminary plans to seek an emergency loan of about $3,000,000
in the United States.
The President had a definite report that the American Red Cross was
feeding 18,000 in one section of the city, and considered it necessary to
provide for 30,000 shelterless refugees, and find work for many more.
While details of the proposed loan to be sought were undecided, it was
suggested that $1,000,000 would be asked for governmental public works,
and probably $2,000,000 for limited loans to private persons at small
Interest, secured by first mortgages. Speakers proposed that banks
represented here, including the National City Bank of New York, should
co-operate with the government by acting as agents for the disbursements
and collect ions.
President Trujillo today ordered that the collection of internal revenue.
heretofore supervised by Dominican officials, should be turned over to an
American customs receivership for supervision. The order was effective
in the capital today and in outlying points Sept. 15.
part in the existing economic depression, has incidentally stirred up a considerable degree of public interest
In the means by which commodities of universal use and importance are
bought and sold. It is with this interest In view that we have compiled
our booklet at the present juncture.
The descriptions we give of the various markets must of necessity be
incomplete, owing to the mass of detail which at once emerges when inquiry
is made into the methods and scope of individual exchanges, but our
booklet will, we trust, at least serve to give a certain comprehensive view
of the markets and of the style and type of their dealings, which is not
always readily obtainable.
The data supplied concern the following: Metal Exchange;
Iron & Steel Exchange; London Coal Exchange; Wool Exchange; London Rubber Exchange;Fur & Fur-Skins; London
Commercial Salesrooms—Cocoa, Coffee, Hides & Skins,
Ivory, &c., Sugar, and Tea; Corn Exchange; Baltic Mercantile & Shipping Exchange; Manchester Royal Exchange;
Further Associated Press accounts from Santo Domingo Liverpool
Cotton Exchange, together with a comparative
(Sept. 12) stated:
•
table of prices.
This
republic's need for a loan to meet the emergency created by last
week's hurricane will be put squarely up to President Hoover, who will
say finally whether or not the amount needed may be floated.
Under an agreement more than twenty-five years old, the Dominican
Republic may not increase its exterior indebtedness without consent of
the United States, the treaty dating back to the time when Uncle Sam,
requested to intervene, arranged for consolidation and refunding of the
entire Dominican debt with a customs receivership to guarantee payment.
Financially for more than a quarter of a century the arrangement has
worked well. Service payments have been met regularly on the Dominican exterior indebtedness of $20,000,000, and President Trujillo has assured
the United States Government that the next service fee, due Sept. 20,
will be met as usual.
Bonds of Belgium Stabilization Loan Drawn for
Redemption.
J. P. Morgan & Co., and Guaranty Trust Co. of New
York, as sinking fund administrators, have notified holders
of Kingdom of Belgium Stabilization Loan 1926, external
sinking fund 7% gold bonds, due Nov. 1 1956, and issued
under contract dated Oct. 23 1926, that $541,500 principal
amount of the bonds have been drawn by lot for redemption
on Nov.1 1930, at 105 out of moneys in the sinking fund.
Bonds so drawn will be paid upon presentation and surrender,
with subsequent coupons attached, on and after Nov. 1 1930,
at the office of J. P. Morgan & Co., 23 Wall Street, or the
principal office of Guaranty Trust Co. of New York, 140
Broadway, after which time interest on the drawn bonds
will cease.
Dominicans Pledge Payment of Debts—President Trujillo Rejects Our Customs Receiver's Proposal a
Moratorium Be Declared.
President Rafael L. Trujillo of the Dominican Republic
telegraphed that country's legation at Washington on Sept.
10 that the international debt obligations of the republic
would "be fulfilled with strict punctuality," despite the
hurricane which devastated Santo Domingo. This is made Bonds of Province of Buenos Aires (Argentina)
Drawn
known in an Associated Press dispatch Sept. 10 from WashFor Redemption.
ington to the New York "Times," from which the following
The Chase National Bank of New York and The Bank of
is also taken:
America N. A., as fiscal agents, have issued a notice to
The President said he had heard that Norman L. Ormes, the Acting
Receiver General of Customs under the United States-Dominican treaty, holders of Province of Buenos Aires, Argentine Republic,
was planning to suggest to the State Department in Washington that it external
73'% secured sinking fund gold bonds, due Nov. 1
consider the necessity of a moratorium in favor of the Dominican Govern- 1947,
announcing that $106,400 principal amount of these
ment because of the possibility of reduced customs receipts.
"I had an interview with Mr. ()mos," said the President, "and stated bonds have been drawn by lot for redemption at par and
to him as follows: That I have the firmest intention of seeing that the accrued interest on Nov. 1 1930.
Bonds so drawn, together
service of our debt be fulfilled with strict punctuality and assured him
that, whatever may be the obstacles, this service shall not suffer the with coupons maturing after the redemption date, should be
presented and surrendered at the principal office of The Chase
slightest disturbance."
The republic's debt is about $20,000,000.
National Bank or at the principal office of The Bank of
Mr. Ormes today told President Trujillo that the flow of customs collections indicated that the government would be able to meet as usual its America N. A. where they will be paid and redeemed on and
monthly payments of interest and principal amounting to $260,000 due after Nov. 1.
Sept. 20.
Missouri Drouth Relief Board Speeds Formation of
Haiti Votes $20,000 Fund for Relief Work in
Farm Credit Associations.
Santo Domingo.
According to the St. Louis "Globe-Democrat" of Sept. 7
The government of Haiti voted a first credit of $20,000
on Sept. 3 to aid in relief work in the Dominican Republic, the Missouri Drouth Relief Board met Sept. 6 in the offices
of L. W.Baldwin, President of the Missouri Pacific Railroad
according to United Press advices from Port au Prince.
and Chairman of the Relief Board, and voted to speed
organization of agricultural credit associations through
Number of Dead in Santo Domingo Hurricane Placed which farmers
may raise a minimum of $25,000 capital and
at 2,000.
secure loans from the Federal Intermediate Credit Bank.
Under date of Sept. 15 Associated Press advices from
It was voted by the Board to have the banker members of
Santo Domingo said:
of the Board, Walter*S. MoLucas of Kansas City and Arnold
The casualties from the hurricane which wrecked Santo Domingo more
than a week and a half ago were placed today at 2,000 dead and 6.000 G. Stifel and John G. Lonsdale of St. Louis, meet with Wood
Injured by Commander L. W. Johnson of the United States Navy, Chair- Netherland, President of the
Federal Intermediate Credit
man of the committee on Red Crass and medical relief.
Bank of St. Louis and to formulate the groundwork upon
This figure, contrasting with the 4,000 dead estimated shortly after the
storm, was reached by physicians as probably the nearest approach to an which the super-structure may be built. In part the paper
accurate estimate in view of the fact that no early records were kept.
quoted also said:
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1807
Application for loans on farm land In the drouth-stricken counties of
Although limited in amount, the first bit of relief in sight is a fund available to farmers for the purchase of seed for 1930 pasture crops, it was re- Oklahoma will be given priority, under a policy fixed by resolution of the
ported by Dean Mumford. A lien on the crops,generally required when such State School Land Commission, Governor Holloway announced recently.
The Governor proposed that the policy be adopted, saying he believed
loans are granted could be of little value in the current emergency,he stated,
In as much as the forage will have been consumed by stock before the loan it was the duty of State officials to do everything possible to aid the counties
suffering most from the drouth. He said about 18 of the 77 counties of the
matures.
In light of these circumstances the loans will be made almost entirely State were most affected by the dry weather.
"The resolution will not change the standard of security required on loans
on a basis of character, and county extension agents will be required to
made by the School Land Department, but it will give the farmers in those
sanction the loan before it is consummated.
localities preference," the Governor said.
Seek to Expedite Action.
Walter L. Hart, Secretary of the Commission, said about $500,000 of
The Board voted to request Secretary of Agriculture Hyde to allow school land funds were available each month to be loaned to farmers on land.
the loans to be made through a St. Louis office of the Department of Agriculture, rather than through Washington, in order to expedite the relief
measure. Approximately $100.000 will be available for Missouri, it was
Banks to Handle Commercial Credits for Cotton
reported.
Upon the suggestion of Governor Caulfield, the Board passed a resolution
Stabilization Corporation.
asking all railroads operating in Missouri to purchase ties and timber in
With an outlay of probably $150,000,000 in cash, financial
by the drouth.
counties most affected
Senator Dearmont outlined to members of the Board projected drouth transactions by the Federal Farm Board running into the
relief work of the Red Cross organization. The Board voted to send the
disclosed on Sept. 15
Midwestern Area Red Cross headquarters here a list of county committees hundreds of millions of dollars were
and a recommendation that in all cases where there are no Red Cross by negotiations completed in New Ydrk City through bankchapters steps be immediately taken to form them, in order to care for
ing institutions for the handling of $35,000,000 in commerurgent cases.
J. J. Pauterbaugh of McAlester, Okla., Chairman of the Oklahoma cial credit paper of the Cotton Stabilization Corp. The
Drouth Commission, met with the Missouri Board. He expressed belief Washington advices to the New York "Journal of Comthe plan of financial relief through agricultural credit organizations and
Intermediate Credit banks and Red Cross work constituted the two major merce," from which we quote, went on to say:
sources of relief in sight.
Vice-Chairman J. C. Stone of the Federal Farm Board said that similar
Of the 62 counties in Missouri affected by the drouth, 54 have set up arrangements to handle. about $30,000,000 of paper held by the Grain Stalocal relief committees membered by from five to ton business, industrial bilization Corp. have been completed with a syndicate of banks headed
or agricultural leaders.
by the National City Bank of New York, the Chase National Bank of
The personnel of seventeen additional committees was announced at New York, and the Continental Illinois Bank & Trust Co. According to
the meeting by Dean Mumford.
Mr. Stone, the Cotton Stabilization Corp. has taken over about 1,250,000
bales of the 1929 crop. In each case, he explanied, the Government's loan
of
Republic of Salvador Customs Collections and Debt is secondary and any losses to the Stabilization Corp. will be paid out or
the Farm Board's revolving fund, which to this time is $250,000,000,
Service.
by Congress.
one-half that authorized
The Farm Board has funds, not committed, amounting to between
As reported by the fiscal representative, collections of
$8,000,000 and $10,000,000, which will be increased to the extent of the
the Republic of Salvador for August are as follows:
Chicago negotiations, according to Mr. Stone. He said that the body has
1930.
1929.
$337,962 $517,373 committed in the handling of various crops $70,000,000 which has not
August collections
80,964
82,957 been used.
Service on A and B bonds
256,998 434,416
Available for series 0 bonds
"The amount et the Government's funds out on cotton amounts to about
70,000
70,000
Interest and sinking fund requirements on series C bds_
which is to the Stabilization Corp,"
4,896,478 5,849,158 $60,000,000, the largest part of
January-August collections
647,712 663,656 he said.
January-August service on A and B bonds
for series C bonds
4,248,766 5,185,502
Available
Mr. Stone explained that the situation as to co-operative handling of this
Interest and sinking fund requirements on series C bonds 560.000 560,000
year's cotton crop was very encouraging, with reports received by the
F. J. Lisman & Co., in making available the above, state: Board that the co-operatives in Texas to the end of last week had handled
Collections for the first eight months of 1930, after deducting service slightly in excess of 106,000 bales, compared with 9,000 up to the same
requirements for the period on the A and B bonds, were equal to over time last year. He said that it was estimated that all cotton co-operatives
seven times interest and sinking fund requirements on the series C bonds.
this year would handle about 3,000,000 bales, comThe bankers' representative collects 100% of the import and export under the Board's set-up
duties, all of which is available for bond service, if needed, and 70% of pared with 1,000,000 bales handled in 1929, which is more than one-,third
which Is specifically pledged for that purpose.
of the prospective crop as indicated as of Sept. 1.
Oklahoma Drouth Relief Committee Studies Means to
Extend Farmers Credit—Recommends Organizing
Special Corporations in Various Counties.
The Oklahoma Drouth Relief Committee, following a
meeting Sept. 10, reported to Governor Holloway that it
recommended the organization of farm credit corporations in
counties where banks are unable to lend funds to drouthstricken farmers, but was unable to agree on a feasible
means of organizing to lend money to farmers unable to
furnish security acceptable to banks, Oklahoma City advices
Sept. 15 to the "United States Daily" indicating this added:
The Chairman of the Committee, J. G. Puterbaugh, informed the
Governor that the committee was unable to determine a method of aiding
farmers who would have to seek loans on character and crop prospects, but
the finance committee of the general drouth committee would be asked to
consider all phases of the subject and report at the next committee meeting.
Mr. Puterbaugh pointed out that farmers with ample security were able
to get loans, and the credit organizations in counties could supplement the
loans where banks were unable to carry them all; that the American Red
Cross drive, with Oklahoma contributing its quota and sharing in the relief,
would relieve the destitute families.
He said the big problem was that presented by some estimated 25,000
farmers who would not accept charity, but did not have ample security to
borrow money from banks to carry them through the Winter and until
another crop could be made.
The committee, the chairman reported to the Governor, discussed the
feasibility of organizing a State credit corporation to attempt to finance
that type of farmer, but was unable to find a method, because of the large
amount of money to be raised if the farmers were given relief.
Syndicate of Banks to Handle $30,000,000 of Paper of
Grain Stabilization Corporation to Aid Grain
Movement and Storage.
A syndicate of important banks, including the ContinentalIllinois Bank & Trust Co. of Chicago, and the Chase National
and National City of New York, have arranged to handle
$30,000,000 of the Grain Stabilization Corp.'s paper for the
movement and storage of grain. The Chicago "Journal of
Commerce" of Sept. 15, in giving the announcement in the
matter, said:
The paper will be in the form of bankers' acceptances under the agreement reached, according to George S. Milner, President of the Corporation,
thus providing adequate commercial financing for the grain movement
sponsored by the stabilization group of the Federal Farm Board.
80% of Value.
The agreement provides that the corporation may borrow 80% of the
value of the grain. Each series of acceptances will be issued for a period
of 90 days, and the credit will be available for the crop year ending
July 31 1931.
The Continental Illinois Bank has been named as the general custodian
of the collateral to be held for the account of accepting banks.
Mr. Milner issued this statement:
"Execution of the acceptance agreement is in line with the announced policy
of the Federal Farm Board to apply the provisions of the agricultural marketing
act for the benefit of agriculture without disturbance to Industry or banking.
Banks Asked to Aid.
"While heretofore the Crain Stabilization Corp. has handled Its operations without availing itself of commercial banking credit, bankers had requested, In view
their funds
been used
Nebraska Farmers Urged to Keep Feed Price Fair— of tile fact that in previous years much ofto Join with had corporationIn financing
in carrying
the
grain, that the banks have an opportunity
State Secretary Opens Drive Against Profiteering its grain stocks.
'This being in accord with the policy of the corporation and of the Federal Farm
in,Drouth.
Board, which finances and supervises the operations of the corporation, the bankers'
The following Associated Press dispatch from Lincoln acceptance agreement was executed.
Grain Paid for in Cash.
Sept. 11 is from the New York "Evening Post":
''All the grain owned by the Crain Stabilization Corp. was paid for In cash and
Secretary H. J. McLaughlin of the State Department of Agriculture, the corporation is entirely free of bank indebtedness, making the grain collateral
to-day urged Nebraska farmers who are fortunate enough to have a surplus owned by the corporation available to secure the bankers' acceptances. The amount
In excess of the amount to
of feed to ask only a fair margin of profit for the portion of their products of credit offered by the accepting banks was greatly
be borrowed."
they sell in the drouth-stricken States.
the credits to be made available are more liberal
It was pointed out that
,we are not going to profiteer at the expense of Eastern States and I'm
which advance to the Canadian wheat
certain Nebraskans will agree that a fair price only should be asked for our than the policy of Canadian banks,
grains," McLaughlin said. lie added, however, that he pool only 600. a bushel.
surplus hay and
had not been advised of any attempt to hold up'prices.
York "Times" observes that the action of the
The New
Corporation in thus borrowing from New York and Chicago
Oklahoma School Land Fund Loans Go First to Drouth banks represents an innovation in its program of bolstering
up grain prices, and thus helping the farmer, since, hereVictims.
Sept. 17, Oklahoma City advices published tofore, the operations of the Corporation have been financed
Under date of
by Government funds drawn from the Treasury.
in the "United States Daily" said:
1808
FINANCIAL CHRONICLE
Federal Farm Board Has Loaned $170,000,000—Greatest
Portion of $250,000,000 Fund Taken by Grains and
Cotton.
The greatest portion of the outstanding money of the
Federal Farm Board's revolving fund of $250,000,000 has
been taken by grains and cotton,and of the grains, principally
wheat, according to an unofficial compilation made in
Washington, says adviees to the "Wall Street Journal" of
Sept. 18 which continued:
Of the quarter billion, approximately $170,000,000 Is outstanding, while
$70.000,000 is committed to various co-operatives, and $10,000,000 is
available for taking care of such demands as may arise between now and
the time the next appropriation is made by Congress.
Included in the $170,000,000 is $30,000,000. which will be paid back to
the Government as a result of the loan negotiated with New York and
Chicago banks by the Grain Stabilization Corp. on its holdings. When
this money is returned it will be made available for the use of the Board
and be added to the $10,000,000 uncommitted now on band.
There is outstanding on all grains, chiefly wheat, approximately $80.000.000, not taking account of the $30,000,000 just loaned to the Stabilization
Corp. by banks,and including also advances made so far on the 1930 crops,
Its Wheat Commitments.
Around $30,000.000 of this $80,000.000 outstanding on grains was lent
to co-operative marketing associations on the 1929 crop either individually
or through the Farmers National Grain Corp., the National grain sales
agency of co-operatives. In addition to this there is the stabilization operation. Some 60,000.000 to 65,000,000 bushels of wheat were purchased
by the stabilization corporation, partly through open market purchases made
in an effort to hold up the price of wheat, and partly through acquisition
from co-operatives.
The Board will not make public detailed figures on its financing, particularly stabilization operations, so it cannot be estimated how much of the
$80.000,000 outstanding on grains Is due to the stabilization operations.
The wheat holdings were taken up at prices rangingfrom $1 to $1.25 a bushel.
Where purchases were made from co-operatives, the money spent by the
stabilization corporation,which consisted of Farm Board funds was probably
used to pay such loans as co-operatives owned to the Board as these loans
came due. Thus, some of the money paid for wheat stabilization found
Its way back to the Treasury, but it cannot be learned how much. Cooperatives usually carry only supplemental loans from the Board.
[VOL. 131.
Coast, where he helped the Control Board formulate its
plans of operations, according to the New York "Journal
of Commerce" Washington advices, from which we quote,
and from which the following is also taken.
The newly organized Control Board was created under a plan adopted
by the Co-operative Grape Growers of California, who represent 85% of
the total production of grapes In that State, Mr. Teague stated. He said
that a fund was set up which is to be furnished by the growers that sign
the contract. The sum is estimated to amount to 32,000,000 a year and
is to be used in dealing with surpluses that they have in their commodity.
he asserted.
The plan finally approved by the Control Board, according to Mr.
Teague, was to purchase the surplus that existed in the white varieties
of grapes, the raisin grapes, which are the varieties that usually make so
much trouble in the fresh market because they are convertible from one
form to another. With the purchase of the 375,000 tons of grapes, for
which the Control Board will pay $7 to $8 a ton on the vine, they expect
to reduce the surplus of raisins to 165,000 tons, an amount that the market
can take. Mr. Teague stated. With this surplus removed the growers
think that they should have a reasonably good market, according to Mr.
Teague. At this point Mr. Teague explained that the 375,000 tons of
grapes would get rid of only 100,000 tons of raisins, as it takes 3.75 tons
of fresh grapes to make one ton of raisins.
Has Co-operatives' Support.
This plan, the Farm Board member stated, has the support of the cooperatives and the packers who expect to buy raisins from the raisin pool,
which is estimated to control about 85% of the raisins produced in California. According to Mr. Teague, the packers will buy on the same basis
as the Sun-Maid Packers, which is a co-operative.
"Three co-operatives in the fresh shipping end of the industry, the California Vineyardists' Association, tne California Fruit Exchange and the
Joaquin Growers-Shippers' Co-operative, together with a lot of commercial
shippers, have agreed to hold shipments down and have regulated control
of fresh grapes—theoretically, at least—and raisins," Mr. Teague continued. "They have the power to maintain and operate the market on a
stable basis, but it all depends on how they operate. It is one thing to
set up an organization and another thing to work it."
Some of the surplus, according to Mr. Teague, will be used in by-products
and part will be taken by the fruit industries.
"There is no market for a lot of this surplus," he said. "The shippers can
ship any grapes they can later in the season, but they wouldn't get anything
but 'red ink' if they tried to market all of these grapes."
The yearly surplus of grapes in California, according to Mr. Teague, is
Holdings of Cotton 1.250.000 Bales.
-ton crop. This year the growers will
In the case of the cotton stabilization operation, all the takings of this 300,000 tons, or 15% of a 2,000,000
to dump a greater surplus than ever, he said. He said that the 20
staple were purchased from co-operative marketing associations which have
or 25 by-products that will take only a small percentage of the surplus may
used money thus obtained to pay off their loans to the Farm Board when it
experimental stages at present.
became necessary as cotton dropped below the loan value of 16 cents set be developed in time as they are in the
Questioned as to whether any aid had been given Eastern grape colast year. It has been reported that cotton stabilization holdings run as
operatives, the Farm Board member replied that a loan had been advanced
high as 1,250.000 bales. The Government has not spent the total amount
York State.
of money loaned from all sources on this cotton, since only supplementary to the Catawba Co-operative of New
loans were made by the Board and the bulk of financing was furnished outside the Government.
In scanning the list of approximate Farm Board figures outstanding on Farm Union Plan Urged at Geneva—Eight Proponents
various commodities, two ideas regarding the financial arrangements of the
Insist It Would Be Step Toward Pan-Europe
Board must be borne in mind:
Scheme—League of Nations Puts It on Agenda.
(1) The stabilization operation, conducted so far only in regard to wheat
and cotton and only last year, is made with Federal funds, but the aggregate
Moves of agricultural countries in Eastern Europe to
sum of such money spent in the operation is reduced by the amount of
by co-operatives where the latter, solve their farm-relief problem by preferential tariffs for
primary financing obtained privately
and not the open market, are the suppliers of the commodity; and in the case the exchange of their products with manufacturers of
of the Grain Stabilization Corp., the negotiation of the loan from private
neighboring European industrial States took an important
bankers will further reduce the Federal outlay on this commodity.
(2) Where loans are made to a co-operative marketing association, these step forward when the Geneva Assembly at 11:30 p. m.
loans are only supplemental to those obtained by such associations from on Sept. 16 adopted their motion to put the subject on the
the Intermediate Credit and the private banks. The purpose of the Agricommission. A cablegram from
cultural Marketing Act Is to supplement the loans obtained privately, agenda of the second
and to bring them,In some cases, up to 90% of the market value of the com- Geneva Sept. 16 to the New York "Times" is authority for
modity.
the foregoing; the cablegram adds:
IViii Ask Additional Appropriation.
This means the question will be debated and possibly action taken by
The Board has stated that it will request an additional appropriation the commission dealing with economic affairs during the present Assembly.
out of the $500,000,000 authorized for its use when Congress meets next
The motion results from an agricultural conference held in Warsaw
winter. It cannot now be stated for how large an amount the request will be. by Poland, Estonia, Latvia, Lithuania, Hungary, Jugoslavia, Rumania,
Drouth loans as such do not come within the jurisdiction of the Board. and Bulgaria, the results of which they submitted to the Assembly this
While farmers' co-operatives have requested feeding loans as a result of morning. The
detailed questions they put before the Assembly may
drouth, these are considered primarily as feeding and not as emergency be thus
summarized:
drouth loans, and loans for feeding are considered to come within the purFirst. In view of the "catastrophic fall" of agricultural prices, due to
poses of the Agricultural Marketing Act.
excessive production, what practical solution can be adopted to assure
The following table lists the approximate sums which the Board has the farmers of
secure and adequate remuneration for their labor? Is it
supplied, either in loans, as in most cases, or for purchases through stabiliza- not possible to
discover a solution by European and overseas co-operation
tion operations, for the various agricultural commodities:
of agricultural States?
$80,000,000
Second. In view of the "mischievous consequences of direct and inGrains
60,000,000 direct bounties" on agricultural exports, is not the time ripe for their
Cotton
8,250,000
Wool and mohair
8,500.000 abolition by international convention?
Raisins, grapes
Third. In view of the difficulties of the livestock trade due to adminis1,500,000
Livestock
5,500,000 trative veterinary measures, is it not desirable to expedite the work of
Dairy products
500,000 the League's committee of veterinary experts?
Tobacco
2,000,000
Florida citrus
Fourth. Since the eight countries of the Warsaw conference decided
400,000
Cherries _______________________________________________
3,350;000 in favor of preferential treatment being granted by importing European
Miscellaneous*
countries of cereals and agricultural products of European origin, should
$170,000,000 not this solution be studied in order to prepare the ground for concerted
Total
70,000,000
Committed funds
10,000,000 action at a conference to be held in 1931?
Uncommitted
Throughout the day, as in previous days,the speakers from the countries
$250,000,000 represented at Warsaw showed the strong interest they have in this question
Appropriated to use of the board
1,000,000 by urging it both for its intrinsic value and as a stepping stone to a larger
from borrowers
Interest
$251,000,000 European federation. The impression grows that practical results are
Total
• Miscellaneous includes small loans made to co-operatives handling more likely sooner from this move than from any other before the Assembly,
especially in view of the pressure resulting from Russian grain exports.
beans, pecans, honey, grass seed, dried fruits, poultry, figs and rice.
Considerable interest is shown in the corridors as to what the attitude
of the United States will be. The proponents of the plan argue that
California Grape Control Board Acts to Reduce it will not adversely affect American grain exports, saying the Eastern
European States can
Surplus—Will Buy 375,000 Tons of Raisin Variety products industrial furnish, at best, only a sixth of the agricultural
Western Europe requires, leaving a big margin for
—Co-operatives Agree.
the United States, Canada, and Argentina.
They think that if any overseas countries are affected they will be
In an effort to reduce the surplus in raisin grapes that
latter two instead of the United States.
has amassed in California, the newly organized grape the
With zeal unabated by the almost empty assembly, the delegates of
Control Board will purchase 375,000 tons of raisin grapes the smaller countries continued until nearly midnight delivering speeches
night session,
for record
on the vines, it was announced at Washington on Sept. 11 discussion and home constituencies. Thanks to themembers and ageneral
judge
ended, and after the elections of Council
Charles C. Teague, member of the Federal Farm Board. to fill the Hughes vacancy to-morrow the Assembly will get down to
by
The Farm Board member has just returned from the Pacific detailed business in the commissions.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1809
co-operative market-
the crop to bring every possible dollar, and that the
Federal Farm Board Names A. Willardson as Marketing ing under the Government's plan would enable both banker and planter
in Division of Co-Operative Marketing— to handle a large portion of the present loans and obtain benefits from any
Specialist
To Assist in Organization of Turkey Producers' rise in the market.
0. F. Bledsoe, President of the Staple Cotton Co-operative Association,
Co-Operative Association.
offered to planters and bankers the facilities of the association, explaining
The Federal Farm Board announced on Sept. 15 the ap- that this crop would be slow in liquidation into cash as buyers were putchasing cotton only as they needed, and that business depression had repointment of Albertus Willardson as Marketing Specialist stricted the needs.
Division of Co-Operain charge of the Poultry Section of the
Senator Roberts declared the association plan offered the only way
tive Marketing, effective Sept. 15. Mr. Willardson is a for immediate relief in the Delta and stated that he would urge his customtheir cotton into the association.
native of Utah, and for the past seven years has been con- ers to put R. Henderson of the Bank of Commerce, Greenwood, spoke to
Dr. T.
nected with the Utah Poultry Producers Association, first similar effect. Morris Lewis. Lexington, declared that his bank was not
as Vice-President of the organization and, from 1926, as calling loans on cotton customers where receipts were delivered to the bank
and that he believed 15 cents would ultimtaely be derived from the 1930
Assistant General Manager. In the latter capacity he had crop.
charge of the receiving, grading, packing and marketing of
The meeting adjourned at noon following the adoption of the resolution
turkeys and live poultry handled by the association and also to hold cotton and take advantage of the facilities offered for doing so.
the field work carried on by the association. Mr. Willardson's first work for the Farm Board will be to assist in the Federal Reserve Bank of Dallas Offers Aid in Moving
organization of an overhead association of turkey producers'
Crops, in Statement Issued to Member Banks.
co-operative associations in the Intermountain States.
Expressing its desire to be helpful to the full extent of its
ability in facilitating the movement of crops and live stock
Mid-South Growers' Association to Advance 90% on to market, the Board of Directors of the Federal Reserve
1930 Cotton.
' Bank of Dallas on Sept. 9 issued a statement to member
C. G. Henry, Manager of the Mid-South Cotton Growers banks emphasizing its desire to co-operate in making availAssociation, which is affiliated with the Federal Farm Board, able its resources for such purposes. The statement, signed
announced at Memphis on Sept. 6 that the association is by C. C. Walsh, Chairman of the Board, is given as follows
ready to receive 1930 cotton and will advance 90% of the in the Dallas "News" (from which the foregoing is also
market value on No. 1 options for the seasonal pool. This taken).
is learned from Associated Press accounts from Memphis,
At its meeting our board of directors discussed at some length the matter
of movement of crops to market in this district and expressed a desire to
which also said:
felt that at this time it would be proper to again remind
Eighty per cent will be advanced on options 2, 3,4 and 5.
Mr. Henry said an initial advance of $40 would be made on bales of
500 pounds or more for No. 1 options. For bales less than 500 in this
option an initial advance of 8 cents a pound is planned. Later remittances to be made when the samples are classed will bring the advance to
90%, he said.
-pound bales
For options 2, 3, 4 and 5 an initial advance of $35 for 500
and 7 cents a pound for lesser bales was announced.
The action of the American Cotton Co-Operative Association in advancing to co-operatives 90% of cotton value
was noted in our issue of Aug. 30, page 1349.
It was
be helpful.
our member banks that credit facilities of this institution are available
for this seasonal purpose and resolution was accordingly adopted directing
the bank's officers to issue an appropriate circular on this subject and to
give it prominence through the press.
The extension of credit to facilitate the orderly marketing of crops and
live stock is a normal and proper function of a Federal Reserve Bank.
This institution therefore now wishes to reiterate statements made in previous years, that it stands ready and willing to render its services to its
member banks in any legitimate and proper manner consistent with law
and sound banking practices.
Notes, drafts and bills of exchange secured by warehouse receipts, shipping documents or other evidences of title to agricultural products; notes
secured by chattel mortgage on cotton or grain stored on the maker's farm,
properly covered by insurance and protected from the weather, and notes
secured by chattel mortgage on live stock are eligible for rediscount with
the Federal Reserve Bank. It is, of course, understood that all paper offered must be acceptable from a credit standpoint and unsecured paper is
equally acceptable where it possesses the inherent qualities of eligibility
and credit acceptability.
It is believed that the majority of our member banks are already thoroughly familiar with our own requirements and those laid down in the law;
however, it will be a pleasure to inform those who are not, and their inquiries are solicited accordingly.
The purpose of this circular is merely to emphasize our desire to co-operate to the fullest extent in making available the resources of this institution
in any proper manner to permit the orderly marketing of crops and live
Delta Growers Vote to Withhold Cotton—Will Not
Market Product at Prevailing Prices—Banks Will
Co-Operate.
That the 1930 crop of Delta cotton will not be marketed at
prevailing prices, that funds are available for the advancing
of a substantial percentage of the present price in order to
facilitate holding of the cotton and that banks will co-operate with the Staple Co-operative Cotton Association and
other agencies in protecting the farmer and themselves, was
manifest at a meeting of bankers and cotton growers at stock.
Greenwood, Miss., on Sept. 11, says a dispatch from that
city to the Memphis "Commercial Appeal," from which we Not to Force Banks to Aid Wheat Pool, Declares
also take the following:
Prime Minister Bennett of Canada—Question in
The meeting was called by the Greenwood members of the Leflore
Commons.
House Association and was attended by representatives
County Clearing
The Government of Canada does not propose to force the
from virtually every bank in the Mississippi Delta, and a number from
Arkansas. Planters were represented as was the Staple Cotton Asdociation. banks to do anything in connection with the marketing of
Duty to Withhold.
the wheat crop which those responsible for their administraA resolution adopted unanimously declared it the duty of the banker tion think they should not do. This (says a Canadian Press
and cotton grower to withhold all cotton from the market as long as possible.
to the Toronto "Globe") was inThe resolution prepared by Senator W. B. Roberts, I'resident of the dispatch from Ottawa
Valley Bank of Rosedale, was:
timated to the House of Commons on Sept. 12 during the
"Resolved, by the conference of bankers and cotton growers in Greenthe bill which provides $20,000,000 for unemwood. Sept. 10 1930, that it is the duty of every banker and cotton grower discussion h
in the Delta to withhold all cotton possible from the market as long as ployment relief. John Valiance (Liberal, South Battleford)
possible and that all bankers and cotton growers are urged to borrow all
needed funds necessary to enable him to withhold cotton from the market raised the question of wheat marketing. He said that it
from such source as may be available to him, including the Staple Cotton
pool
Co-operative Association at Greenwood, and the Staple Cotton Discount was well known that the banks demand of the wheat
corporation.
a margin of 15 cents a bushel security. The dispatch
"Resolved further, That a meeting of all Delta cutton growers and others
interested is hereby called to meet in Cleveland on Monday, Oct. 27 1930, continued.
,
at 11 o'clock in the morning, to consider the matter of reducion of cot"If the Government would give some assurance to the banks," he said.
ton acreage for the year 1931.
"I believe that they could be induced to demand a smaller margin. When
This resolution followed two hours of discussion devoted to present
wheat was selling for over $1 per bushel it was a simple matter for the
conditions in the Delta as a result of short crop and low price, viewed from
pool to take the 15 cents a bushel from the contract signer, but when
the standpoint of taking care of indebtedness owing by planters on the wheat gets down to as low a figure as it has reached during this crop year
present crop and in anticipation of financing the production of next year's
it is a different matter entirely, and it seems to me that the greatest measure
cotton crop.
of relief that could be given to the farmer could be afforded in that way.
Congressman William Whittington explained that the Federal GovernIt would not only help the farmer, but it would put into circulation about
ment passed a marketing relief Act but that the farmers must avail them- 25% more money if the banks would be content with a margin of, say.
selves of it. He explained that every agency in the production, financing five cents per bushel instead of 15 cents."
and marketing of the cotton crop must co-operate in the present emergency
Mr. Valiance asked if it was the intention of the Government to use a
to prevent great loss to the Delta.
portion of the $20.000,000 voted to assist in the marketing of the crop
Mr. Wnittington laid the Government's plan of relief for the cotton this year.
farmer before the meeting, explaining that the growers of Delta staples
Hon. Richard B. Bennett, Prime Minister, said that the marketing of
can now obtain advances of80% of the present market price without further the crop did not come within the purview of the bill, except for relieving
liability in the event of a decrease in price and with the assurance that he unemployment.
will get any benefit in the event that the price advances.
"I did receive one representation asking that the Dominion assume
This is obtained, Mr. Whittington explained, through primary loans of the responsibility for the payment of part of the freight rates," continued
from the cotton association, the present rate of interest on which is Mr. Bennett. "No consideration has yet been given to the matter, because
65%
3%. This amount is supplemented through association by the Federal there has been no indication as to what might be involved.
Farm Board to make the total advance 80%. The interest on the addi"With respect to action taken by the banks," he went on, "as Minister
tional funds from tne Federal Farm Board is 1.6 per annum. The loans of Finance I certainly decline to force the banks to do something which
two years.
will continue for
in the judgment of those responsibile for their administration they could
Local Banker Key Man.
not do; for 1, in common with every other member, realize that the deThroughout the meeting it was emphasized that the local banker is the posits in the banks are moneys lent to the banks by the people of this
that it will be to the interest of the banker for and other countries. If I undertook to say how they shall administe
key man. It was declared
1810
FINANCIAL CHRONICLE
[Vol.. 131.
the moneys lent them I would be assuming a responsibility for which
the Minister of Finance has no statutory authority."
Wheat Men Ignore Federal Farm Board's Plea—Answer
Reduced Acreage Demand by Greater Planting
and More Elevators.
Saskatchewan Growers to Hold Referendum on CanaFrom its correspondent at Dodge City, Kans., Sept. 11,
dian Wheat
-Pool Plan—Will Vote on Proposal
the New York "Times" reports the following:
to Make the System Compulsory.
The
From Ottawa Sept. 10 the New York "Times" reports Board'sreply of wheat raisers in Southwest Kansas to the Federal Farm
reduced acreage plea is larger acreage, more elevators and improved
the following.
production methods. The reply is becoming articulate as the wheat sowing
The question of a compulsory wheat pool, long a matter of academic
discussion in Saskatchewan, has become a lively topic in its political and
economic aspects, and the way seems clear for a referendum early next
year which will decide whether the pool shall continue to operate on a
voluntary contract basis or whether by law all wheat grown in the Proviace
must be sold co-operatively.
Members of the wheat pool, voting unofficially on a proposal for 100%
pooling of wheat, cast 48,545 ballots, of which 32,653 were affirmative. As
a result the Provincial Government has announced that at its session in
a few months it will make provision for a referendum of all growers of wheat,
pool and non-pool, and compulsory pooling will be put into effect if twothirds of the producers favor that radical step. Alberta and Manitoba
might be expected to follow the example of Saskatchewan, although in all
the Provinces there is powerful opposition to any marketing system which
will deprive non-pool producers of the power of voluntary action.
The case of compulsory pool advocates is that growers must stand or
fall together. The pools for the new crop are making an initial payment
of 60 cents a bushel for wheat, which is admittedly below the cost of pro-.
duction, and is 40 cents a bushel lower than the correspodning payment
a year ago. It is a figure which eliminates all hope of profit from thousands
of farmers, and causes a leading Western newspaper to appeal to "creditor
interests" for the display of "discretion, patience and sympathy" in dealing
with their customers in Canada's great wheat belt, because they will have
Little money for fixed charges and accrued debts.
Canada Wheat Pool Plan—United Farmers Oppose
Any Permanent Governmental Board.
Canadian Press advices from Saskatoon (Sask.) to the
New York "Times" said:
The movement toward compulsory pooling of wheat in Western Canada
has not ended, despite the failure of the proposal to set up a wheat board
to handle the 1930 crop of the Dominion Prairie district. This was indicated in a statement from the offices of the United Farmers of Canada,
Saskatchewan Section.
"We would not be satisfied with a Government
-appointed wheat board
as a permanent institution," says the organization's statement,"as a wheat
board appointed by the Government means putting our business into
politics, and that is what we object to. The farmers must retain control.
The U. F. C. considers that the part played by the Government should
be only to grant the growers an opportunity of saying how their products
should be sold."
The body will continue to press for legislation to permit the farmers by
referendum to determine how their products shall be marketed. A recent
wheat pool ballot in Saskatchewan was heavily in favor of the 100% pool,
pool headquarters announced.
Canada Grain to Colombia—Wheat Sold to Southern
Republic as Export Movement Rises.
The following Canadian Press advices from Ottawa,
Ont., Sept. 5 appeared in the New York "Times".
Canadian wheat has found a market in Colombia. On taking over
the portfolio of Minister of Trade and Commerce, H. II. Stevens instructed
all Canadian trade commissioners to do their utmost to increase tne sale
of Canadian wheat because of the large surplus in the Dominion. To-day
he received advice by cable that a new connection had been found through
sales in the last few days in Colombia and that these might lead to large
developments.
While grain shipments from Canadian ports this year have been smaller
than last year, the outward movement at Montreal is reported to be increasing. On Sept. 3 shipments totaled 1,302.000 bushels, against an
average there of about 400,000 bushels a day in August. The total this
year to Sept.3 was 51,945,000 bushels, against 63,380,000 bushels to Sept.3
1929.
begins in the high plains country. Sowing has begun already in many
parts of Southwest Kansas, Oklahoma, Southwestern Colorado, and New
Mexico, in spite of advice from agricultural experts that the practice of
early planting should not be followed.
The date of planting, however, is dependent on rains. Especially in the
prairie region, where every drop'of moisture must be conserved to carry
the grain through the winter period, wheat raisers do not go by the
calendar. If there is a heavy fall of rain on their seed bed early in
September, in a few days the wheat will be going in. Heavy rains this
week over the hard wheat belt have speeded up planting and thousands of
acres will have been sown by the time this dispatch is published.
New Land Planted.
The 24 counties in Southwest Kansas, Baca County, Col., the Oklahoma
Panhandle, and a few counties in Texas and New Mexico are regarded as
the low cost hard wheat area of the United States. The farms range in
size from a single section to 20,000 acres. There are thousands of acres
of virgin sod, and this year it is estimated that 500,000 acres were broken
in this Southwest area which will be sown to wheat this fall. This land,
purchased at from $5 to $20 an acre, will return profits of 12 to 18% with
an overage yield. The development of new wheat areas and the influx of
farmers from Eastern States, attracted by cheaper land, accounts for the
increase in acreage rather than the desire of the wheat men to make a
gesture of annoyance at the Federal Farm Board. Increased acreage has
been the rule ever since the combine and tractor came into the Southwest
wheat picture.
This increase in acreage, too, is in the face of the lowest market the
grower has had in years. In the Southwest the low price for the most
part has fallen on producers who could stand it. A farmer who raises
50,000 to 100,000 bushels of wheat a year usually has his operations so
well financed that he can stand the market drop. These men are the lowcost-production experts, and growers who are staying in the game are
following their formula.
German Experts Praise Methods,
Dr. Max Sering and Dr. C. von Dietze, German economists, toured the
hard wheat belt of Kansas a few days ago to learn what could be expected
in the way of further reduction in production costs. At the 2,000-acre farm
of W. A. Long they found a cost system as practical as that used in any
industry. They were amazed to find that wheat could be produced on this
farm so economically that it would return a profit at a market price of
50c. a bushel. Mr. Long practices diversification more than the average
wheat farmer, which may account for his adaptability to market
fluctuations.
"The country west from Dodge City will be the world's greatest wheatproducing area," Dr. Sering said, "because the farmers here are without
equal in adapting their farming operations,to the newest developments in
machinery."
The organization of co-operative elevator companies for the marketing
of wheat and the construction of interior and terminal elevators, the
purchase of more tractors and combines, the closer attention to soil treatment and methods to conserve moisture, and the sale of sod lands forecast
a tremendous wheat output in 1931 if conditions are at all favorable.
In spite of the depressed market the farmers have not lost their faith In
wheat. They have been told that they can produce high protein wheat
more economically than any other group, and they are going ahead on that
theory. It is no gamble, however, because on this off-year farms with an
average of 12 bushels to the acre returned a profit of 10%.
Farmers who are increasing their wheat production are taking no chances
with a low market next year. They have built elevators and granaries to
store the 1931 wheat if that becomes necessary.
F. L. Newburger, President of Philadelphia Stock
Exchange Back—Europe is Hopeful of Trade Recovery.
A growing feeling of optimism among the financial leaders
Brazil Buys Canadian Wheat.
of Europe, accompanied by a general hope that America
From Montreal, Que., Sept. 12 the New York "Times" soon would point the way to world economic stabilization,
was noted by Frank L. Newburger, President of the Philareports the following Canadian Press advices.
Shipment of 206,532 bushels of No. 1 and No.2 Northern wheat to Brazil delphia Stock Exchange, who returned after an extended
has aroused considerable interest in grain circles here, as it was the first visit to the principal continental financial centers. Mr.
time that that Republic had Imported Canadian wheat, according to available records. The shipment went out on the Ascot for Rio de Janeiro. Newburger said:
It is believed here that it will be used for blending for flour.
Americans Buy Canadian Barley.
A Winnipeg (Man.) Canadian Press dispatch Sept. 17
to the New York "Times" stated:
Activity in barley featured the coarse grain section in the trading here
to-day. Exporters reported good sales to the United States despite the
20
-cents
-a-bushel tariff. This export, it is believed, is due to the acute
feed shortage across the border.
"There is an ever increasing tendency throughout Europe, to look to us
for economic and financial guidance. Bankers I met abroad expressed confidence in the early restoration of world business on a sound footing, and to
that end they are keeping a watchful eye on the progress we are making in
putting the depression behind us.
"The ill-feeling which we feared had been aroused by the enactment of
the tariff law appeared to me to have been greatly overestimated.
Mr. Newburger is senior partner of the firm of Newburger, Henderson
& Loeb. During his absence he was elected President of the Philadelphia
Stock Exchange.
Changes in Ticker Symbols Announced by New York
Stock Exchange.
Wheat Pool Actions—Manitoba Organization InstiThe following announcement was made by Secretary
tuted 29 Suits Against Members—Ten Settled.
The Boston News Bureau of Sept. 13 carried the following Green of the New York Stock Exchange:
NEW YORK STOCK EXCHANGE
Winnipeg item.
"Facing the great volume of non-deliveries since it commenced business
the Manitoba Wheat Pool has instituted 29 actions against its members to
compel them to carry out the terms of the five-year ageement under which
they contracted to sell their grain to the co-operative organization.
In each case the writ has been accompanied by an application for interim
Injunction, which, in most cases, has been granted and which restrains
the defendant farmer from selling to any other company. Ten cases have
already been settled by a consent order, making the injunction permanent
during the term of contract. The others are awaiting argument.
Committee of Arrangemetns.
To the Members of the Exchange:
Sept. 10 1930.
The Committee of Arrangements directs that the stock of the following
Company, as listed, will be located at the Post mentioned:
Quotation
PlaidkariittrIbrn.
Code No.
Posl•
Federal Screw Works
FRW
Also, that the following changes in abbreviations be made, effective
at the opening on Sept. 11 1930:
A. G. Spalding & Bros
from SDG to AGS
Alabama Great Southern RR. Co.(Bond)
from AGS to AGT
SEPT. 20 1930.]
FINANCIAL CHRONICLE
Also, that the following change in location be made, effective at the
opening on Sept. 15 1930:
From Post
To Post
Bloomingdale Bros., Inc. (Corn) (BBL) (new
Quotation Code Number 82)
8
30
ASHBEL GREEN. Secretary.
Margin Ruling of New York Stock Exchange Directed
Against "When-Issued" Deals.
Noting that indiscriminate trading in unissued securities
on a when-issued basis is forbidden by the New York Stock
Exchange under a ruling made public this week, the New
York "Times" states that this action closes to speculators
an avenue of profit that was used to a large extent before
the collapse of the bull market last autumn. The ruling
follows:
1811
foreign difficulties, plarticularly between England and France, and a corresponding growth in the available investment and speculative capital of those
two countries. Due to the high state of American credit, by reason of the
liquidation of the national debt, large amounts of this English and French
money sought an outlet in the United States. True, in 1834, a crisis was
precipitated by the withdrawal of Government fundsfrom the United States
Bank and a constriction of credit followed, but by the end of the year,
when the local exchange was launched, this adverse factor had been well
discounted, and the country was preparing for the years 1835 and 1936.
long known as the "golden age of borrowing."
Continuity of•Membership.
Available securities when the Exchange started were,
according to the booklet, very limited, consisting largely of
stocks of banks and insurance companies, local mill and
canal projects, small mining enterprises and various types of
public debts. Starting with 13 members, the Boston Stock
Exchange in 10 years had grown to 36, and within the followNEW YORK STOCK EXCHANGE.
ing decade to 75 members. The long continued business
.t•
Committee on Business Conduct.
boom of 1879 created such a demand for memberships that
Sept. 8 1930.
the Exchange then voted to sell enough additional ones to
To the Members of the Exchange:
It has been drawn to the attention of the Committee on Business Conduct bring the membership to 150, where it remained for many
that transactions on a "when issued" basis have been accepted by members
purchase and cancellawithout margin for a certain class of clients upon written acknowledgments years, later being reduced to 139 by
of the contracts. In the opinion of the Committee, any such practice is tion of 11 memberships. Continuity in this membership has
not permissible under Section 1 of Chapter XII of toe Rules, which reads been one of the features of the history of this Exchange.
as follows:
"The acceptance and carrying of an account for a customer, whether a Although within four years of its centenary, the men who
member or a non-member, without proper and adequate margin, may have at any time been members have scarcely exceeded
constitute an act detrimental to the interest or welfare of the Exchange."
850 in number,and the sons of two of the founders are active
ASHBEL GREEN, Secretary.
In addition to its comments further above, the "Times" members at present.
As evidencing the marked growth of the Boston Stock
said:
July 1 1930 there were
committee any such practice is not permissible Exchange, it may be cited that as of
In the opinion of the
under the section of the rules which stipulates that "the acceptance and listed upon the Exchange the bonds of 265 different corpora,
carrying of an account for a customer, whether a member or non-member, tions, representing 363 separate issues and having a face
without proper and adequate margin, may constitute an act detrimental
value of $3,074,637,600. On the same date there were listed
to the interest or welfare of the Exchange."
This means that traders may no longer deal in securities on a when- the shares of 313 corporations, representing 55 mining enterissued basis, except on the same terms under which their usual margin prises (largely copper)
,24 railroads,60 manufacturing plants,
business is handled. In the past a customer in good standing could trade,
utilities,
almost without a limit, in when-issued contracts simply by complying with and 172 miscellaneous enterprises, including public
a formality that meant no more than signing his name. In other words, holding companies, and investment corporations. Of the
he needed no capital to buy or sell and there were no carrying charges. 313 corporations,96 are essentially New England in property,
The reason was that the broker was buying or selling for his customers a
ownership and management, and 29 others, now of national
security that was non-existent.
The practice was general among brokers. Funds were not required interest and importance, had their origin and direction from
until the securities were issued and,in the event of a hitch in the recapitalizaBoston efforts and capital, and local ownership and influence
tion plan of the company involved, the transactions might be voided.
Stocks were widely dealt in on a when-issued basis during the big bull are still great in their affairs.
market in anticipation of capital reconstruction plans, particularly split-ups.
On Jan. 18 1892 a Stock Exchange Clearing House was
The fact that no capital was required and carrying charges were eliminated
the country.
particularly attractive to speculators. Frequently, organized in Boston, the second of its kind in
made such dealings
however, much confusion resulted where split-ups and new stock issues
The book is illustrated by a reproduction of an early print
were rescinded after trading had taken place in when-issued contracts.
of the Merchants Exchange Building in 1842, the first home
of the Boston Stock Exchange, together with original drawCocoa Exchange Suspends United Africa Sales Co. and ings of the exterior of the present quarters, a corner of the
present trading room and board room, and members' smokThree Officers.
book also contains a list of the Governing
The following is from the New York "Sun" of last night ing room. The
Committee, Officers, and a complete list of the memberships.
(Sept. 19):
The Cocoa Exchange to-day announced the suspension for one year
of the United Africa Sales Co., Inc., and three members of the Exchange
who are said to be officers of the United Africa Co. The individuals suspended are J. H. Redding. R. G. Morris and H. W. King. The suspension
was ordered by the Exchange for a violation of Article 30, which requires
members to report the exact amount of cocoa carried in warehouse. The
Exchange also suspended the license of the warehouse involved to carry
cocoa for Exchange delivery.
The United Africa Co. is a cocoa trading and importing company and is
said to be affiliated with British interests.
Boston Stock Exchange Nearly Century Old—Organized Oct.13 1834—Brochure Indicates Its Contribution Toward New England Financial and Investment Development.
Boston has had a stock exchange for almost 100 years
96 to be exact, the Boston Stock Exchange having been
organized on Oct. 13 1834. Its operations have been continuous, except for one break, that resulting from the chaos
created at the beginning of the world war, or from July 30
to Dec. 10 1914. Even in the panic of 1837, when many of
the other exchanges were obliged to suspend activities for a
time, the Boston Stock Exchange continued to operate. The
Boston Stock Exchange had its beginning through the foresight of a small group of local men who realized the important
part which an organized securities market might play in the
business and industrial upbuilding of New England, and of
the country as a whole.
These and many other facts are presented in a 32
-page
brochure, "The Boston Stock Exchange" which has been
ssued by the Exchange through the office of its secretary,
George A. Rich. A glimpse into the period when the Stock
Exchange was founded, as given in this book shows that:
Dedication of New Quarters of Cleveland Stock
Exchange.
The new quarters of the Cleveland Stock Exchange,
located on the 20th and 21st floors of the Union Trust Building, Cleveland, were formally dedicated on the morning of
Sept. 18th, when M.C. Harvey, President, opened the trading for that day by using the gavel which originally opened
the Exchange on April 16 1900. The new quarters consist of
a large two story trading room, Governors' and Secretary's
.
offices, Executive offices, Visitor's Gallery, members Lounging room and lunch room, Press Gallery and Foyer. The
new Exchange, handsome in its appointments, is equipped
with every modern device for rapid and efficient conduct of
business, and is large enough in area to take care of a much
greater business volume.
C. B. Whitcomb, Secretary of the Exchange, supplies the
following information bearing on the development of the
Exchange.
The new quarters are the fifth home occupied by the Cleveland Stock
Exchange since its founding. The original and temporary quarters were
in the Cuyahoga Building and the first permanent home of the Cleveland
Exchange was in the Williamson Building. Later the Exchange moved to
the top floor of the Hippodrome Building and subsequently to the 19th
floor of the Union Trust Building.
There are 225 issues ofstocks and bondslisted on the Cleveland Exchange
and these represent companies in 26 different classifications. In fact, the
securities listed on the local Board are a fair cross-section of the industry
and commerce of the district.
The growth of business on the Cleveland Exchange has never been
spectacular, but has always been satisfactorily steady. From a total for
the year of 82,199 shares in 1900, trading increased so that by 1905 there
were 432,569 shares traded. Following the depression of 1907, the total for
several years decreased but the figure for 1920 was 943,257 shares. Last
year the total of shares traded was 2,007,110 and the value of the stocks was
Few periods could have been more auspicious for the starting of a stock $98.50.280.
years between 1830 and 1837. This was the period which
One evidence of increasing interest on the part of industry in the Cleveexchange than the
saw the birth of the American railroads. It was the period, too, which land Stock Exchange is the large number of new listings which have been
witnessed the extinguishment of the Government debt and the return to admitted to trading during the past year and a half. During 1929 there were
the various States, by the United States treasury, of more than 30 millions 7,839,199 shares and so far this year there have been 5,947.225 new shares
of surplus revenues. It was also the period of settlement for a number of listed.
1812
[vol.. 131.
FINANCIAL CHRONICLE
Sanaerson & Co., Honolulu Brokers Suspended.
Associated Press advices from Honolulu, Sept. 17 stated:
Sanderson & Co., stock and bond broker members of the Honolulu Stock
Exchange, suspended business yesterday, announcing its inability to meet
obligations of an undisclosed amount. Earl J. Sanderson, President of tile
company,is in the United States and is thought to be arranging new (inane
hag arrangements.
Creditors of Harold R. Ryder Delay Settlement of
Approximately $1,000,000 With Woody & Co.
Creditors—Receivers of Failed Firm Plan Action
to Recover Some of the $2,000,000 Deposited by
Ryder in His Personal Bank Account.
With reference to the affairs of the bankrupt Stock Exchange house of Woody & Co. (the failure of which was
noted in our issue of June 21, page 4338/and its affairs referred to in several subsequent issues), the expected final
confirmation of the agreement between the creditors of the
failed firm and Frank Bailey, Brooklyn financier, for the
payment of more than $825,000 by Mr. Bailey in settlement
of claims against him, struck a snag on Sept. 10 in Federal
Court when counsel for creditors of Harold R. Ryder, one
of the partners in Woody & Co., objected that the agreement
provided for no payments to his clients. The New York
"Times" of Sept. 11, from which we have quoted above,
went on to say in part.
Extremely easy money conditions, delayed orders for commodities due
to the business depression throughout the world, and greatly reduced commodity prices are the more important causes of the present drag in the acceptance credit demand.
The only gains in the present report are those covering acceptances against
domestic warehoused credits which increased $8,000,000, dollar exchange
credits which increased $5,400,000 and those based on goods stored in or
shipped between foreign countries which showed a further advance of $6,500,000 and which have now passed the $500,000,000 total.
Import acceptances declined $65,000,000. domestic shipment acceptances
were off $3,200,000 and export acceptances, showing the greatest change,
were off $22,000,000.
As an indication of the influence the adverse conditions of the current
year have had on the acceptance business it is to be noted that bank credits
for imports and exports alone are now $87,500.000 below the volume in
use a year ago. The gains to account for the present grand total increase
over 1929 figures have come principally in warehouse credits and in foreign
transactions.
Information now available, covering the first half of September, point
to a considerable volume of new bills in the current month.
Notable in these advices is the $30.000.000 grain credit syndicate that
has just been arranged with the Grain Stabilization Corp. These bills
will make their appearance shortly through a group of the large accepting
banks and should favorable affect the total reported as of the end of the
month.
A real scarcity of bills has been felt in the acceptance market for some time
and the dealers could easily take care of a considerable increase in offerings.
There has however, been no desire to disturb the situation by any readjustment of rates, the belief prevailing that within a short period a sufficient
new supply will be available for all market demands.
Mr. Bean's survey for the month follows:
TOTAL OF BANKERS' DOLLAR ACCEPTANCES OUTSTANDING FOR
ENTIRE COUNTRY BY FEDERAL RESERVE DISTRICTS.
Thomas Garrett, who said he represented three creditors of Ryder
holding claims of $447,000 against Ryder individually, made no objection
to the amount of the settlement, but solely to the form of toe agreement,
1
which, he said, presupposed that only creditors of Woody & Co. would
2
receive payment. Mr. Garrett contended that the rights of his clients
3
4
were legally superior to those of the firm's creditors.
111
5
Mr. Garrett said he represented Mrs. Mary Handley of Smithtown, 6
L. I., with claims for $330,000; Robert Handley, $60,000. and Mrs. Mary
7
E. Woodward of Louisville, KY., $60,000. These moneys, he said, had
8
9
been turned over to Ryder by his clients for investment.
10
11
At the resumption on Sept. 4 of.the hearings before Ref- 12
eree Henry K. Davis on the bankruptcy of the Wall Street
firm, an investigation of deposits of more than $2,000,000
made by Harold R. Ryder in his personal account at the
Bankers Trust Co. from last December until the failure of
the firm in June was begun. The "Times" of Sept. 5, in
reporting the meeting, said in part.
This was the first hearing following the announcement of the agree-
Federal Reserve District.
August 30 1930. July 31 1930.
$128,741,380
980,887,228
21,811,180
22,834.596
7,052,954
9,682.442
92,036,009
2,449,907
3,761,941
5,898.518
64,227,610
Grand Total
Decrease
Increase
$134,411,750
987,550,019
/0,687,126
23,770,021
8,069,339
11,721,262
86,373,400
1,802,603
3,082,647
200,000
3,250,244
68,776,895
Aug. 311929.
$117.059,460
980,773,367
17,254,009
18,479,834
7,302,904
12,475,003
74,314.261
1,922,672
5,019.452
700,810
5,066,620
50,167,754
$1,339,383,765 $1,349,695,306 $1,200,536,146
10,311,541
138.847,619
CLASSIFIED ACCORDING TO NATURE OF CREDIT.
Aug. 30 1930.
Imports
Exports
Domestic shipments
Domestic warehouse credits
Dollar Exchange
Based on goods stored in or shipped
between foretell enentrie9
July 31 1930. Aug. 311929.
$254,941,580
357.470,655
26,251,847
145,286.491
63,818,660
$330,202,880
$259,987,262
369,746,509
379,666,187
ment by which Frank Bailey, Brooklyn financier, agreed to turn over
15.843,385
29,414,788
cash and assets valued at approximately $825.000 in settlement of claims
107,074,689
137,098.167
63,081,303
48,487,014
against him by the receivers of the company.
Attorneys for the receivers are now seeking to determine whether the
501.614 532
495 041 11511
314.587.380
Bankers Trust Co. cannot be held liable for at least a part of the money
deposited there by Ryder. The receivers hold this money was illegally AVERAGE MARKET QUOTATIONS ON PRIME BANKERS ACCEPTANCES
converted by Ryder to his own use. Samuel H. Kaufman, attorney for
AUGUST 16 TO SEPTEMBER 16.
the Irving Trust Co., temporary receivers, said that as soon as a trustee
is appointed suit will be brought to determine the legal liability of the bank,
Dealers'
Dealers'
Dealers'
Dealers'
Days—
Buying kale. Selling Rate.
provided there is no settlement before that.
Days—
Buying Rate. Selling Rate.
At the request of Mr. Kaufman, Louis S. Brady, Vice-President of the 30
2.000
2.000
1.875 . 120
2.125
Bankers Trust Co., produced 23 checks. totaling 32.137,261, deposited 60
2.000
2.250
1.875
150
2.375
in Ryder's account between Dec.9 1929 and June 13 1930. All were checks 90
2.000
1_875
2.375
180
2.250
of Gilchrist, Bliss & Co., through which Woody & Co. cleared its transactions, and all were drawn on the Bank of America to the order of Woody
Eugene Meyer Jr. Assumes Office as Governor of Federal
& Co.
Another similar check dated May 7 1930 was not identified by Mr.
Reserve Board.
Brady as having been deposited in Ryder's account, although he testified
Eugene Meyer Jr. recently appointed Governor of the
that Ryder's account had been credited with $25,000 on that date. Transcripts of the accounts of both Ryder and Woody & Co. at the bank were Federal Reserve Board succeeding Roy A. Young, resigned,
produced.
Mr. Kaufman then asked whether the bank had made any inquiry as assumed his new duties on Sept. 16. The administering of
to why Ryder should endorse to his own account checks payable to the the oath to Mr. Meyer was without ceremony, it being witorder of Woody & Co., Mr. Brady replied, "We did not." The deposits, nessed by several
members of the board and a few of his old
he said, were made in the ordinary course of business over the counter
associates on the War Finance Corporation and the Federal
and were not questioned.
Pressed by Mr. Kaufman, Mr. Brady agreed that the proceeds of the Farm Loan Board. The "Times" in noting this added that
23 checks represented "substantially all of the money deposited in Ryder's Mr. Meyer
declined to make any announcement of policy
account between Dec. 9 1929 and June 13 1930." He refused to admit.
howveer, that the bank knew that Woody & Co. cleared through Gilchrist, or procedure at this time.
Bliss & Co.
Items regarding Mr. Meyer's appointment as Governor
It is understood that the bank will contend that there was no cause to of the
Reserve Board appeared in these columns Sept. 6,
investigate the transactions as Woody & Co. was a partnership.
Our last reference to the affairs of Woody & Co. appeared
in the "Chronicle" of Aug. 30, p. 1351.
Volume of Bankers Acceptances Aug. 31, $1,339,383,765
—Reduction of $10,311,541 in Month—Seasonal Demand Not Yet in Evidence.
The American Acceptance Council reports that the volume
of bankers acceptances as of Aug. 31 was less by $10,311,541
than the total outstanding at the end of July. The Council's
survey of acceptance business shows the total to be $1,339,383,765, which is still $138,847,619, greater than the amount
reported on Aug. 31 1929, notwithstanding the effects of the
business depression of the current year.
Robert H. Bean, Executive Secretary, of the American
Acceptance Council in noting this goes on to say:
The change in the amount outstanding at the end of August compared
with that on July 31 is without any serious importance except as indicating
that the normal seasonal financing of commodities has not yet tapped the
acceptance facilities of the great accepting banks. In the same period in
1929 the volume of bills increased 173,000.000.
page 1507 and Sept. 13, page 1654.
Edmund Platt, Vice-Governor of the Federal Reserve
Board,in Letter of Resignation to President Hoover,
Indicates Approval of Branch Banking Extension.
The letter of resignation of Edmund Platt, as ViceGovernor of the Federal Reserve Board, was made public
by President Hoover on Sept. 12. It was addressed to the
President under date of Sept. 11 and reads as follows:
"Dear Mr.President:In submitting my resignation as a member of the
Federal Reserve Board effective Sept. 15 and of the Vice-Governorship
which I have had the honor to hold under four Presidents, may I say that
it is not easy to sever the pleasant relationships that have continued for
more than ten years. While it is true that the salary of members of the
Reserve Board is not In purchasing power as much as was expected when
the 63d Congress, of which I was a member, passed the Federal Reserve
Act, and probably should be increased, there are compensations which
to some of us have more than made up the deficiency.
"The participations in conferences and in important decisions on matters
of credit policy, the study of banking and economic problems, of domestic
and world-wide business conditions and of the policies of the central banks
of other countries, involved in the Board's work, have been to me most
interesting and inspiring. Since my reappointment about two years ago
by President Coolidge I have not given much consideration to propositions
SEPT.20 1930.]
FINANCIAL CHRONICLE
1813
Total Allotted
Total Received.
that involved resignation from the Board; but comes now an offer to take Boston
$24,502,000
$56,950,000
108,557,000
574,087,000
some part in the development of a system of banking in which I have been New York
25,939,500
107,711,500
greatly interested, a system which gives promise of solving some of our Philadelphia
23,531,000
61,028,000
Cleveland
most serious banking problems.
26,137,000
52,321,000
reference Richmond
29,753,000
"I have long studied branch and group banking with special
60,320,500
Atlanta
44,409,000
160,184,500
to preventing bank failures, believing that only by some extension of Chicago
8,447,000
18,779,000
branches beyond city limits from strong institutions, or by some grouping St. Louis
2,214,500
4,137,060
together or consolidation of small banks in rural communities so as to form Minneapolis
5,573,000
20,662,000
giving Kansas City
larger corporate entities, can anything substantial be done towards
21,200,000
50,072,000
Dallas
13,605,500
71,233,500
safe service to the smaller centers.
adequate and
Fan Francisco
12,500
16,500
"The offer of a Vice-Presidency of the Marine-Midland Corp.. one of the Treasury
largest and strongest of the recently formed group systems, appealed
3334,211,000
$1,237,502,500
Total
practical operation of branch
to me as an opportunity for usefulservice in the
and group banking. and I have accordingly accepted it, having received
assurances that you are prepared to appoint my successor and that my State Department at Washington Still Declines To
resignation following so closely upon that of Governor Young will not cause
Recognize Soviet—Oral Statement Discloses Posiyou embarrassment."
President Hoover's reply, accepting Mr. Platt's resignation, follows:
tion of Refusing Diplomatic Intercourse with
Russia Is Unchanged.
The following is from the "United States Daily" of
Sept. 6:
THE WHITE HOUSE, WASHINGTON.
September 11 1930.
Hon. Edmund Platt, Federal Reserve Board, Washington, D. C.
The position of the United States in regard to recognition of Soviet
in
My dear Mr. Platt:
Russia remains unchanged, the Department of State stated orally
I have received your letter of resignation in confirmation of information reply to question Sept. 5 as to whetner or not the views of Members of
previously conveyed to me.
Congress recently returning from Russia would cause any change in the
In accepting it I should like to express the appreciation I hold, and I Department's attitude.
know the whole business community holds, for the service you have so long
Senator Wheeler (Dem.) of Montana, returning from a visit in Russia,
performed as a member of the Federal Reserve Board and in other was recently quoted as being vigorously in favor of Soviet recognition.
Board has rendered great public service, to which
public activities. The
The policy of the Department of State, it was stated orally, remained
you have contributed in large measure.
exactly as outlined by the former Secretaries of State, Charles Evans
I trust you will find success in your new occupation, and with kind re- Hughes and Frank B. Kellogg.
gards, I am.
Policy of Mr. Hughes.
Yours faithfully.
Mr. Hughes' policy was outlined on Dec. 18 1923, in reply to a telegram
HERBERT HOOVER.
from Foreign Minister Tchitcherin regarding Russian recognition. Mr.
Mr. Platt's resignation was referred to in our issues of Hughes's statement follows in full text:
1654.
"There would seem to be at this time no reason for negotiations. The
Sept. 6, page 1513, and Sept. 13, page
American Government, as the President said in his message to Congress,
is not proposing to barter away its principles. If the Soviet authorities
are ready to restore the confiscated property of American citizens or
Meeting of Federal Advisory Council of Federal Reserve make effective compensation, they can do so. If the Soviet authorities
Board—B. A. McKinney Elected President of are ready to repeal their decree repudiating Russia's obligations to this
do so.
Council, Succeeding Late F. 0. Wetmore—Levi L. country and appropriately recognize them, they can
these results
"It requires no conference or negotiations to accomplish
Rue Resigns—Other Changes.
achieved at Moscow as evidence of good faith.
which can and should be
At the regular quarterly session of the Federal Advisory The American Government has not incurred liabilities to Russia or reMost serious is the continued propaganda to
Council of the Federal Reserve Board, held in Washington pudiated obligations.
enter
overthrow the institutions of this country. This Government can
Sept. 16, B. A. McKinney of Dallas, previously Vice- into no negotiations until these efforts directed from Moscow are abandoned.
President of the Council, was elected President, succeeding
the late Frank 0. Wetmore of Chicago. It was also an- President Hoover Names Lee Coulter, Edgar Brossard
nounced that Levi L. Rue of Philadelphia has resigned from
and Alfred P. Dennis as Members of New Tariff
the Council and has been succeeded by Howard A. Loeb
Commission.
of Philadelphia. Walter W. Smith of St. Louis is the
In announcing on Sept. 16 the appointment of three addiof the Council. The changes in the
new Vice-President
tional members to the new Tariff Commission, President
Council are indicated in the following announcement by
Hoover said.
the Federal Reserve Board:
members of the Tariff Cemmission have already been
The Federal Advisory Council at its meeting to-day (Sept. 16) made
certain changes in its organization as a result of the recent death of Frank
0. Wetmore of Chicago and the resignation from the Council of Levi L.
Rue of Philadelphia.
Melvin A. Traylor of the First National Bank of Chicago succeeds Mr.
Wetmore as representative of the Seventh District, and Howard A. Loeb
of the Tradesmen's National Bank & Trust Co. of Philadelphia succeeds
Mr. Rue,
B. A. McKinney of Dallas, former Vice-President of' the Council, has
been elected President to fill the vacancy caused by Mr. Wetmore's death,
and Walter W. Smith Of St. Louis has been elected Vice-President. These
officers as ex-officio members and William C. Potter of New York, Harris
Creecn of Cleveland, Mr. Loeb and Mr. Traylor will comprise the Executive Committee of the Council. Walter Lichtenstein of Chicago will continue as Secretary.
The following
Thomas
announced: Former Ambassador Henry P. Fletcher, Chairman;
Walker Page, of Virginia.
Economist
The President has today appointed John Lee Coulter, Chief
also reof the Commission, as one of the Republican members, and has
P. Dennis.
Alfred
appointed Edgar Brossard, present Chairman, and Dr.
Commission.
present Vice-Chairman of the old
Their
Chairman Brossard and Vice-Chairman Dennis will continue.
hitherto
Inclusion lathe new Commission assures it the benefit of experience
cases now pending and
gained and especially will tend to expedite the
be appointed within
partially completed. The remaining member will
the next 10 days or two weeks.
The appointment of Henry P. Fletcher and T. W. Page
as members of the Commission was referred to in our issue
of Aug. 30, page 1357.
The following is from the Washington dispatch Sept. 16
to the New York "Journal of Commerce":
Canada Increases Tariff on Basis of Aid for Jobless—
Secretary Mellon did not attend the meeting of the Advisory Council,
New Prime Minister Tells Commons Dominion
which was in session for only a short time. Officials said that there was
Industry Will Produce for Canadians—Temporary
no important program before the Council at this time with the exception
of the reorganization, owing to the fact that conditions in the credit market
Rates Made Effective—Countervailing Duties Abolare easy and there seemed to be no indication of any change in the near
ished—Washington Sees Reprisal.
future.
As a measure to stimulate industry, increase output, decrease unemployment and conserve the Canadian markets
Total Subscriptions of $1,237,502,500 Received to
Offering of $325,000,000 2 8% Treasury Cer- for Canadian producers, an emergency tariff revision affecting 130 items was presented to the Canadian Parliament on
tificates—Allotments $334,211,000.
Bennett, who also is Finance
The total subscriptions to the offering of $325,000,000, "or Sept. 16 by Premier R. B.
Minister. The new rates were made effective Sept. 17, but
thereabouts," of Treasury certificates of indebtedness bearis postponed until next session.
.ing interest at 2%%, reached $1,237,502,500, according to an the general tariff revision
The changes made Sept. 16, it was said, were in industries
announcement by Secretary Mellon on Sept. 12. On that
and absorb the
date Mr. Mellon made known that the allotments were which will most readily react to them
unemployed. A dispatch from Ottawa, Sept. 16, to the New
$334,211,000. The offering was referred to in these columns
which we take the foregoing, reported
a week ago, page 1655. The certificates, which are desig- York "Times," from
further in the matter as follows:
nated Series TS-1931, will be dated and bear interest from
The tariff proposals were protectionist, the Prime Minister said, only
Sept. 15 1930, and will mature Sept. 15 1931. Secretary in the sense that they were designed to afford to Canadians equality of
opportunity in the upbuilding of their own country, such as other nations
Mellon's announcement as to the allotments follows:
this,
Secretary Mellon on Sept. 12 announced that the total amount of subscriptions received for the offering of 2%% Treasury certificates of indebtedness of Series TS-1931, dated Sept. 15 1930, maturing Sept. 15 1931,
was $1,237,502,500, and that the total of subscriptions alloted was
$334,211,000. As previously announced, subscriptions in payment for
which Treasury certificates and Treasury bills maturing Sept. 15 1930
were tendered were not given preferred allotment but were treated as
cash subscriptions. The subscriptions and allotments were divided among
the several Federal Reserve districts and the Treasury as follows:
afforded to their people. The Government had a mandate to do
he added.
Mr. Bennett distinctly laid down the principle that the increased tariff
would not be permitted to increase costs to the consumer. From leading
industries receiving additional protection, written pledges had been taken
that there would be no increases in prices. Further, the Government
embodied in the legislation the following clause:
"In the event of the producers of goods In Canada increasing prices in consequence
of the imposition of any duties under the provisions of this act, the Governor in
cot mil may reduce or remove such duty."
1814
FINANCIAL CHRONICLE
May Make Price Comparisons.
There is still another precaution under consideration by the Government.
it has been proposed and may be adopted that those receiving increased
protection will be required to file their present price list with the Finance
Department, and before there is any increase in prices they must notify
the Department and justify such an increase.
Mr. Bennett informed Parliament that he had the assurance of manufacturers that the adoption of the tariff proposals would mean the hnmediate absorption of at least 25,000 men and women into the industrial
plants affected. This, he said, was the minimum estimate, and it was
believed that many thousands more would be afforded employment directly,
and several other thousands indirectly in other lines of business through
the extension of industry.
In addition to the relief to be afforded the unemployed, the Prime
Minister justified the increases because of the development of industrial
facilities in Canada, equal, he said, to any in the world. These facilities
were adequate to supply the Canadian market, he said, as well as to enter
Canada's products in the world's trade, while removing unfair competition
and unequal competition for Canadian industry and labor.
In conclusion he said:
"We have taken those that are hey Industries, those where activity may be stimulated and employment given on a larger scale. W e have secured the consumer
against exploitation, and the result will do much to meet the emergent conditions
for which this Parliament was called together."
Farm Machinery Rates Up.
During the last seven years there has been an enormous increase in the
importation of agricultural implements. The tariff proposals submitted
to-day made increases ranging from 10 to 15%.
Before the Government agreed to the agricultural implement rates the
leading concerns placed in the hands of the Finance Minister a signed statement in which it was stated there would be no increase in price consequent
on the increase in duty.
Three classes of duties are provided: British, preference, which is the
lowest; the intermediate, and the general rates, which, as the highest,
apply to countries including the United States, which have no reciprocal
trade agreements with Canada.
The duty on gasoline under the British preference is 11 per gallon,
/
2c.
and the change proposed is to 2c. per gallon, with the intermediate and
general tariff remaining as now at 2% and 2%c., respectively. Here again
the large refining companies have entered into an agreement with the
Government not to increase the price to the consumer. British gasoline
companies now have no refineries in Canada, and the new schedule may
lead to the establishment of one.
Automobile Duties Stand.
There is no change in the automobile duties. Any protection afforded
this industry will be in the anti-dumping regulation, or in valuation for
customs duty. Provision is made for a duty on automobile engines as Boon
as the Governor in council is convinced that a sufficient number are
produced in Canada to meet the demand.
There were increases in duties on textiles. The rate on yarn was increased
beyond that when it was abolished three years ago. The increase on
textiles is expected to afford a market for Canadian wool and stimulate the
sheep industry. Raw silk and artificial silk from Italy and hosiery from
Japan were severe competitors to Canadian products.
Increases in rates of duty were made for footwear, aimed especially
against men's shoes from Great Britain and women's shoes from the
United States.
There are many changes In iron and steel schedules, but chiefly in the
intermediate class. The increase in such intermediate duties is directed
against products coming into Canada from Continental Europe. There is
little change, if any, in the duties on iron and steel products coming from
Great Britain and, except on iron pipe, from the United States. The
duty on iron pipe is increased from $10 to $14 a ton.
Countervailing Duties Dropped.
During the last election Mr. Bennett severely criticized the countervailing
duties as placing the making of the Canadian tariff on the commodities
affected in the hands of the United States Government.
The countervailing duties are abolished and are replaced by specific
duties almost equivalent to those imposed on like commodities by the
United States, as for instance, the duty on butter is placed at 14c. per
pound and eggs at 10e. per dozen. The duty on wheat and wheat flour
is increased considerably, but not to the same height as that imposed by
the United States.
To the tariff reduction and instability under the late Government, the
Conservatives attributed the decline of the glass and fertilizer industries
of Canada. The Government placed a 10% general duty on fertilizer, and
a 5% British preferential, while the duty on common and colorless window
glass ranges from 1%c. a pound to 4%c. a pound.
For Embargo os Russian Coal.
While it was not specifically mentioned in the tariff, the Government
takes authority to place an embargo on the importation into Canada of
any goods exported, directly or indirectly, from any country not a contracting party to the Treaty of Versailles. Under this authority it is
proposed to place an embargo on Russian coal, which during the last year
has been coming into Canada in large quantities.
While there is no doubt here that there will be considerable opposition
to the tariff schedules, the Government feels that with the guarantee that
there will be no price increases, the opposition will not be so determined
as to prevent an early prorogation.
In Associated Press accounts from Ottawa, Sept. 16, it
was noted that the present special session was called to deal
with unemployment, and the Government has already presented a bill authorizing expenditure of $20,000,000 on public
works. In the New York "Journal of Commerce" Premier
Bennett is quoted as commenting as follows on the effect of
the new tariff rates:
Will Provide Employment for 25,000.
"We have assurances that these tariff changes will give employment
within a few weeks to more than 25,000 people. We propose to provide so
that the requirements of 10,000,000 people living in Canada shall, as
far as possible, be provided by Canadian producers. Instead of living in a
clouclland of conjecture and doubt, we have definitely stated in schedules,
rates that will apply. Ample duties are imposed that will be effective,
and for them we offer no apology."
Bennett announced important modifications affecting Lancashire cotton
goods. It had been amply demonstrated that Lancashire spinners were
[Vol,. 131.
unable to comply with the stipulation of the customs regulations, requiring
50% British content; approximately 33% will be required now.
"We have definite and positive assurance from manufacturers that tariff
increases will involve no increase of prices for the consumer, and the Government has the right to reduce duties in the event of profiteering. Manufacturers have given assurances that there will be a reduction of prices
as their plants reach their maximum output."
The Ottawa dispatch to the paper quoted also said:
Examination of proposed amendments shows that the general tariff on
agricultural implements has been raised from 10 to 25% against the
United States.
Fear Trade Harm in Tariff Rivalry—Washington Observers Point to High Rates iniUnited,States as
Well as New Canadian Imposts.
From Washington, Sept. 16, the New York "Times" correspondent had the following to say:
Despite Canadian denials of reciprocal action aimed at the United States
in the new Dominion tariff schedules and the same expressed belief here,
the impression appeared to be rather general to-night that Canada had
made the only answer possible to the American tariff bill, and in a form
which might affect an international trade situation that has already shown
alarming symptoms.
Canada is the best foreign customer of the United States; conversely,
Canada is the greatest individual seller of goods to the United States. The
United States sells the Dominion almost $1,000,000,000 worth of goods a
year and imports from it goods to the value af about $500,000,000.
Recently announced figures for the first seven months of the year showed
that generally depressed conditions had cut the exports in that period
to $427,000,000, as compared with $582,000,000 a year ago, while imports
from Canada had dropped from $292,000,000 to $250,000,000.
In the polite terminology of international dealings no hint of a "trade
war" has been or will be dropped, but the fear has been expressed that if
the United States, through an unchanged tariff act, and Canada, through
a new one with high rates, proceed into a state amounting to that, both
will suffer immeasurably.
An unbiased student of international trade to-night stated that in all
fairness to Canada, while considering her new tariff rates, the upward
revisions, sometimes of a drastic nature, in the American schedules should
be considered.
It is thought not unlikely that eventually some of these may come before
the tariff commission for study with a view to ironing out alleged inequalities incorporated in the bill.
During the recasting of the tariff bill, its framers figuratively marched
across Canada, placing fairly substantial duties on virtually all of her
important exports to the United States, with the exception of pulpwood.
The great product of Canada's Atlantic seacoast, halibut from her fisheries, was placed under a high impost, and such staples as potatoes, mlik,
cream, butter and cheese may be found on the dutiable lists. Her lumber
is taxed and so are maple sugar and maple syrup. However, spruce, hemlock, fir and cedar logs are admitted free.
Other duties on Canadian products were classed unofficially as "picayune," in that they yield small revenue while raising a feeling of antagonism. As instances of these, lean cattle and lard were named.
Lean rattle, which are exactly as described under that heading, have
been raised by Canadian farmers on the Middle Western border for many
years. These farmers, unable to fatten their live stock to the extent
required in beef markets, have driven them over the border into Wisconsin
and as far south as Iowa, where they were purchased by American farmers
and fattened on the rich alfalfa lands, to be sold at prices that eventually
profited both the Canadian and American farmers. Now these lean cattle
must have duty paid on them.
_
—
Canada Puts Fruit TariffiinFffect.
Under date of Sept. 4, advices from Washington to the
New York "Times" said:
The Canadian Commissioner of Customs has declared the fixed valuations
for specified fruits and vegetables, established by the Minister of National
Revenue, to be effective as from Aug. 28 1930, according to a telegram
received at the Department of Commerce. The fixed valuation of 10c, a
pound applied also to tomatoes from Mexico, and of 4c. a pound to onions
from any source imported under the intermediate and general tariffs.
New Canadian Tariff Schedules.
From the Toronto "Globe" of September 17 we take the
following from its correspondent at Ottawa, Sept. 16, summarizing the changes in the new tariff schedules.
Following is a summary of the principal changes brought about by the
new Bennett tariff proposals:
One hundred and seventy items repealed; 134 items enacted. All effective to-morrow.
Substantial increases announced in customs duties on iron and steel, textiles, boots and shoes, farm implements and paper.
General tariff on agricultural implements raised from 10 to 25%, to
curtail imports from United States and foster Canadian industry.
Duties on textiles, clothing, carpets, rugs and the like substantially increased both against Great Britain and United States. In one instance
the general tariff is raised from 37% to 50%. This is on item 587A,
covering clothing, wearing apparel and other articles of which the chief
component is artificial silk. Japan, Czechoslovakia and United States
especially affected.
New feature of textiles schedules is enactment of specific, in addition to
ad valorem duties on many lines imported from United Kingdom and United
States.
Knitted goods of all kinds subjected to higher duties.
Tariff increases on boots, shoes and slippers will hit United States on
leather footwear and United Kingdom on felt slippers. General tariff on
boots and shoes, pegged or wire fastened, is raised to 35%, and on other
boots and shoes, slippers and insoles of any matrial to 40%, while British
duties are increased to 25% on the latter class and are unchanged on the
former.
Paper duties are jacked up, while drawback on paper used in maga.
sines is struck out.
Duty on hops is increased by a00%, from 4, 6 and 7 cents per pound
SEPT. 20 1930.]
FINANCIAL CHRONICLE
under the British preferential, intermediate and general tariffs, respectively, to 12, 20 and 24 cents per pound.
All dumping duty provisions are brought into conformity with the
Ryckman act now before Parliament to stop dumping of goods in Canada
at slaughtered prices. This is aimed particularly at American goods which
are foisted upon the Canadian market at distress prices.
Customs tariffs are aimed to prohibit importation of goods from any
country not a contracting party to the Treaty of Versailles. This is to
exclude Russian anthracite, shipments of which have been coming into
Canada during the past year.
Countervailing duties against United States imposed by the Dunning
Budget are repealed and spesial duties are imposed against the commodities
and animals which were covered by the countervailings. These include
horses, living animals such as cattle, sheep and lambs, live hogs, fresh
meats, prepared or preserved meats; eggs, butter, peanut butter, hops,
oats, oatmeal and rolled oats, rye, wheat, wheat flour and semolina, cut
flowers, potatoes, soups.
Duty is increased on gasoline, petroleum, &c., from British Empire countries from 1% to 2 cents per gallon, but it remains unchanged from other
countries. This is aimed at one British company which has no refinery in
Canada. Other companies have undertaken not to increase price to consumers.
Duties on common window glass substantially increased. This effects
$1,000,000 annual imports from Belgium.
Provision is made for a duty on tractors to foster Canadian industry.
1815
Paper Duties.
Canadian paper maufacturers will benefit by the increases in paper
duties and by cancellation of the drawback provision respecting paper used
in magazines. There is an increase of one-half cent per gallon on distiled, refined and purified petroleum oils, coal oil and kerosene, gasoline
and allied products when imported under the British preference, which has
been raised from 1% cents to 2 cents per gallon. The intermediate and
general tariffs on gasoline and kindred products are undisturbed, being
2% and 2% cents per gallon, respectively. It is understood the Canadian
oil companies have given an undertaking that they will not raise prices
to the consumers and that the object of the change is to compel British oil
companies to establish refineries in Canada.
The duty on hops is increased by 300%, the new rates being 12, 20
and 24 cents per pound under the British preferential, intermediate and
general tariffs, respectively, as against the former rates of 4, 6 and 7
cents. The purpose of this is to foster the Canadian hop industry; but
it is claimed by the brewers that there are only two hopyards in Canada,
both in British Columbia, and that they cannot begin to supply the demand.
Moreover, it is stated, foreign hops are essential for blending.
Russian Coal Embargo.
Another important provision announced by the Prime Minister implements his pre-election promise to stop imports of Russian anthracite. The
Government is taking authority tp place an embargo on the importation of
goods exported, directly or indirectly, from any country that is not a contracting party to the Treaty of Versailles, executed at Paris on June 28,
From the same paper we likewise quote the following 1919.
The countervailing
the
from Ottawa, Sept. 16, further indicating some of the Conservative Party on duties, longthat subject of bitter attack from the
the ground
the Canadian tariff was being made
changes in the new schedules.
in Washington, are abolished, and new duties equivalent in most cases to
those imposed by the United States against Canadian farm products are
With the administration in possession of "definite and positive assursubstituted. For example, the duty on American eggs in the shell is inance" from manufacturers concerned that they will not increase prices to
Canadian consumers, the new Bennett Government today instituted 170 creased to 10 cents per dozen, the duty on American butter to 14 cents
per pound, the duty on United States cattle to 3 cents per pound, on sheep,
tariff increases, the most sweeping upward tariff revision in Canadian
lambs and goats to $3 per head, on live hogs to 2 cents per pound, while
history.
on fresh meats they now range from 3 cents in the case of pork to 6 cents
Drastic Increases.
per pound in the cases of beef, veal, lamb and mutton.
Agricultural implement imposts were jumped from 10 to 25%; major
To rehabilitate the glass and fertilizer industries, which failed to prosIncreases went into effect on iron and steel, textiles, boots and shoes, per under the old tariff, the Government is increasing the duties. Canada
machinery and paper; and the Ring Government's countervailing duties imports $1,000,000 worth of glass annually from Belgium, and an effort
were thrown overboard, to be replaced by rigid tariff imposts of about the is being made to restrict the volume by imposing duties ranging from I%
same proportion. Rates of duty are raised in some instances to 40 and 50%, to 4% cents per pound against the common and colorless window glass
the highest in Canadian history.
imported from that country. Under the British preferential the rates will
Not only United States imports, against which the Bennett tariff policy range from 15 to 3% cents per pound, while the general tariff is the
4
principally is directed, are affected by to-day's drastic enactments, but same as the intermediate. The old rates were on an ad valorem basis.
imports from Britain, British Empire units, Japan, Czechoslovakia, and The fertilizr industry is protected by a 5% duty on British and a 10%
the world in general are curtailed. It is all prescribed as one of Premier duty on foreign fertilizers.
Bennett's "Big Three" measures to cure unemployment, and he said in his
Full-Time Operation.
Budget speech to the Commons to-day that it should provide work for
Generally speaking, the purpose of the Government has been to stimu25,000 persons.
late Canadian industries which are operating at less than maximum capaCountervailing Duties Cancelled.
city and in which unemployment is very serious. The textile industry,
Countervailing duties against the United States imposed by the Dunning for example, is operating at only 40% of
its capacity and thousands of
Budget earlier in the year are cancelled, and "instead of living in the hands are idle. It is believed the new schedules will
benefit Canadian
cloudland of conjecture and doubt," as Mr. Bennett put it, "we have defi- producers without injuring consumers, and, as already
mentioned, the
nitely stated in the schedule the rates that shall apply against horses, Government has obtained written pledges from several
industries that
cattle, sheep and lambs, live hogs, meats, eggs, butter, cerals, cut flowers, the public will not be exploited. Moreover, Mr. Benunett
announced to-day
potatoes and soups which the United States by prohibitive duties excludes that if undue advantage is taken of the tariff the Government
will immefrom her markets."
diately reduce the rates affecting industries guilty of extortion. If upward
The tariff against farm implements and machinery from the United revision of selling prices results from the changes made
to the tariff, the
States is increased from 10 to 25% to shut out the large volume of imports Government plans to require adequate reasons from
those resposible for
from that conntry, and to stimulate produotion in Canadian factories. In the enhancement of their prices. Mr. Bennett estimates
from 25,000 to
this connection it is understood all the leading Canadian concerns, like 30,000 employees will be taken on immediately by the
industries assisted
Massey-liarris Company and the Oockshutt Plow Company, have given the by the tariff revisions, and that many thousands more will
be benefited
Prime Minister a written undertaking that they will not exploit the farmers. either directly or indirectly in the near future.
No estimate is available as to the amount of trade that will be diverted
High Textile Tariffs.
The duties on textiles have been sunjected to sweeping revisions, and from foreign to domestic channels by the new provisions. Tariff experts
here again it is stated the manufacturers have pledged themselves to refrain of the Government stated to-night they had not had time to make any
from increasing prices. Probably never in the fiscal history of Canada has analysis or even a rough estimate of the volume of trade that will be
such protection been accorded the textile industry, which has suffered affected.
severely in recent years from Britain and foreign competition. Japan,
Czechoslovakia and the United States will be particularly affected by in- The New Canadian Duties—Washington Experts Note
creases amounting to 50%, in the textiles schedules, especially such
the Heavy Increases on Gasoline, Iron and Steel—
items
as No. 567, covering clothing, wearing apparel and articles made
from
Scoff at Reprisal Idea—But Admit Some of the Ncw
woven fabrics of which the chief component is artificial silk.
Levies May Affect Our Exports to Dominion.
British textiles also will be affected by the revisions announced
to-day,
but there is a silver lining to the cloud for the Lancashire
spinners, inasThe new Canadian tariff rates, which became operative
much as the stipulation requiring that British goods entering
Canada at on Sept. 17, were said by Government
preferential tariff rates must contain 50% British Empire
experts at Washingmaterial or
labor has been modified, so that they may now enjoy the
preferential if ton to be lower, in general, than had been expected •in the
they contain 33 1-3% Empire material. A new feature of the
textile light of reports current prior to the adoption of the law.
schedules is that specified duties in addition to the existing
ad valorem
This statement is made in a Washington dispatch, Sept. 17,
duties are imposed on many lines, such as rovings, yarns
and warps,
woven fabrics wholly of cotton, embroideries, lace, nets,
nettings, clothing to the New York "Times," which continues:
and fabrics wholly of cotton and yarns, felt and blankets.
Nevertheless, those who analyze the schedules, while holding untenable
Footwear.
the theory that Canada was raising a tariff wall in a trade war with the
The duties on boots and shoes and slippers is jacked up, thus adequately United States, admitted that the higher imports might have a deterrent
effect on the exchange of goods between the United States and the
safeguarding the Canadian industry, which has been calling for
more proDominion.
tection, particularly on leather footwear from the United States, and
felt
The new rate on gasoline and on certain shapes of iron and steel, the
slippers from the British Isles. The new duties are expected
to restore
experts stated, were outstanding examples of increases in imposts which
Canadian industry to normal.
the
No mention is made of any change in the duties on completed automo- might affect United States exporters.
biles, although increased protection was sought by leading Canadian manuHeavy Impost on Gasoline.
facturers during the past few weeks. The dumping duties will protect
The new Canadian Act does not include in the provisions published here
them to some extent. There are, however, important upward revisions to any new specifications concerning internal combustion engines
or autofoster the Canadian iron and steel industry and to protect it against the motive machinery, which is one of the largest class of United
States
heavy importations from Continental Europe. The intermediate rate is exports to the Dominion.
Increased on ingots of iron and steel by 50 cents per ton, while a similar
Gasoline has a heavy impost under the interpretation placed on the law
increase is mades in the intermediate tariff on blooms, slabs, billets and here. Under the old schedules this product was listed
independently for
sheet bars from Europe, and a dollar is added to the duty on European free admission, while under the new it is classed with
numerous other
bars and rods. The duties on plates of iron and steel, hot or cold rolled, petroleum and coal oil distillates, which, when imported from
the United
are increased from all countries, the British rate now being $4.25, as States, pay a general duty of 2%c. a gallon.
against $2 per ton previously, the intermediate rate being $6, RS against
The general duty on rolled plates of iron or steel, not more than 40
inches
$4 formerly, and the American rate being $7, as against $6 before.
in width and not otherwise provided for, jumped from $6 to $7 a ton.
Iron
Intermediate rates on iron or steel shapes are raised from $5.50 to $8 or steel angles, beams, channels, columns, girders, joists,
piling, tees, sees
per ton, while all other iron and steel products must pay proportionally and other shapes and sections, not punched, drilled or further
manufachigher duties. One of the largest increases affects cast iron or steel pipe. tured than hot rolled or cast, are assessed at 40% instead of 35%.
British pipe must now pay $7 Instead of $5 per ton, as formerly, while the
In the same group of manufactures cast iron or steel pipe is raised from
United States products must pay $14 instead of $10, and all other coun- $10 to $14 a ton, although this difference is believed already to have been
provided for in an ad valorem duty allowance of 25%.
tries pay $12 instead of $9 per ton.
1816
FINANCIAL CHRONICLE
Canadian imports of iron and steel products comprise about one-fourth
of the $1,000,000,000 of purchases annually from the United States. Of
this total, rolled iron and steel account for about $22,000,000.
Canada purchased from the United States last year 169,000,000 gallons
of gasoline of a wholesale value of $19,000,000.
[Vol... 131.
consonant with the provisions of Article II thereof, which stipulates that
the contracting parties "will not recognize any other government which
may come into power in any of the five republics through a coup d'etat or a
revolution against a recognized government, so long as the freely elected
representatives of the people thereof have not constitutionally reorganized
the country. And even in such a case they obligate themselves not to
acknowledge the recognition, if any, of the persons eleeted as President,
Vice-President, or Chief of State designate should fall under any of the
following heads:
" "1. If he should be the leader or one of the leaders of a coup d'etat
'
or revolution, or through blood relationship or marriage be an ascendant or
descendant or brother of such leader of leaders.
" "2. If he should have been a Secretary Sf State or should have held
'
some high military command during the accomplishment of .the coup d'etat
or revolution, or while the election was being carried on, or if he should
have held this office or command within the six months preceding the
coup d'etat, revolution, or the election.'
"
"Those were very stringent restrictions which the different countries
entered into by treaty between themselves with the object evidently of
discouraging a revolution or coup d'etat within the five republics, and we
indorsed that policy so far as those five countries are concerned. It is
quite different from the general policy of this country and of the general
policy of international law towards the recognition of governments in the
world at large. There are also other exceptions based on treaties, although
I am not going to go into them in detail. Of course, we have a special
treaty with Cuba which also changes the general rule of international law
and imposes on this country greater obligations in regard to Cuba than we
have toward other nations, and we have treaties with other nations like
Hayti and there may be others. I am not trying to give you an exclusive
list, but those are all exceptions to the general policy which we are
carrying out with regard to the three governments in South America."
Increases in Food Stuffs.
There are marked increases in food stuffs exported by the United States
but similar rates, according to the experts here, have been in effect since
May 2 without results that could not be traced to general business depression. The trade in food stuffs with Canada is said to be small in comparison with the grand total of the exports to the Dominion.
Under the previous tariff law, whenever a foreign country raised the
Import on a commodity exported by Canada, the Canadian duties on imports of that commodity from the other country were raised to the same
figure. This countervailing duty, it is understood here, was stricken from
the new law and flat rates were substituted.
Thus eggs in the shell from the United States, which formerly bore a
duty of Sc. a dozen, are taxed 10c. a dozen under the new law. But it
was stated that they also have been taxed at that rate by Canada since
May 2, when the Dominion duties were revised to meet the American rate
of 10. a dozen, which went into effect last June. Beef, bacon, butter
and potatoes, on which the rates have been raised considerably, are similarly
affected.
Countervailing Rates Equaled.
The opinion was expressed that under the new duties countries having
a "favored nation" treaty with Canada would find themselves at a disadvantage. In the classification of iron and steel manufactures the intermediate rate of many types of products was raised to the same level as
that assessed against American products, and this, tariff experts stated,
might work to the advantage pf American manufacturers, due to their
proximity to the Canadian market.
All of the three new governments assumed power within
When the Bennett Ministry came into power it found that the countervailing duties enacted by the Liberal party had raised many rates. These the last 90 days through military coups d'etat, it was noted
rates, automatically set to meet the competition of the United States, have
in the Washington dispatch, Sept. 17, to the New York
not 1-ecome permanent statutes. The principal disadvantage to the United
States in this arrangement is seen here in the fact that Canadian rates "Herald Tribune," which further stated:
will not now drop automatically with the lowering of any American rates
The United States now enjoys full diplomatic relations with all the
but will continue in effect until they are changed through due repeal of Latin American republics.
the law itself and the adoption of new schedules.
While the President's action does not constitute a precedent, American
The State Department let it be known to-day that it will make no repre- recognition was unusually swift in view of the fact that the new governsentations to Canada looking toward lower rates on United States products, ments were put into office by a military revolution. The Peruvian junta
since it considers the new schedules represent a domestic Canadian question, was established on Aug. 27, General Jose Francisco Uriburu was proInto which factors not generally understood in this country have entered.
claimed Provisional President of Argentina on Sept. 8, and the Bolivian
junta assumed control on June 28.
Other Nations Act Speedily.
United States to Resume Diplomatic Relations With
Despite the speed with which the United States recognized the Uriburu
Argentina, Peru and Bolivia—Secretary Stimson's Government in Argentina, several European and South American governAnnouncement.
ments had extended formal recognition or announced their intention to do
announced that it did not
this country acted.
Recognition by the United States of the provisional gov- so beforethat its relations with Great Britainhad been interrupted by the
consider
the country
ernments of Argentina, Peru, and Bolivia was made known change of governments. France, Germany, Italy, Spain, the Scandinavian
on Sedt. 17 in an announcement by Secretary of State Stim- countrim, and the Holy See, as well as Chile and Paraguay, have accorded
recognition.
son, which stated that diplomatic relations would be resumed
with the three South American countries. The statement Federal Reserve Board in Review of Money Market
issued by Secretary Stimson follows:
Reports Increased Demand for Reserve Bank Credit
"I ha e directed Mr. Bliss, our Ambassador to Argentina, to resume nor—Decline in Production and Employment.
mal dip omatic relations with the provisional Argentine Government, and
In its review of the money market during August the
have directed Mr. Dearing, our Ambassador to Peru, to resume normal
diplomatic relations with the provisional Peruvian Government, and Federal Reserve Board states that "the volume of Reserve
have dir eted Mr. Feely, our Minister accredited to Bolivia, to present his Bank credit outstanding, after having declined toward the
letters of credence and resume normal diplomatic relations with the proend of July to about $950,000,000, increased in August,
visional Bolivian Government. This is to be done to-morrow, Sept. 18.
"In reaching the conclusion to accord recognition to these three govern- chiefly in response to a seasonal increase in the demand for
ments, the evidence has satisfied me that these provisional governments currency but also in part on account of some further exports of
are de facto in control of their respective countries and that there is no
gold." The Board adds that "the increased demand for
active resistance to their rule. Each of the present governments has also
growth in
made it clear that it is its intention to fulfill its respective international Reserve Bank credit was met entirely through
obligations and to hold in due course elections to regularize its status.
Reserve Bank holdings of acceptances and Government
"The action of the United States in thus recognizing the present Argensecurities, purchased in the open market, and there was contine, Peruvian and Bolivian governments does not represent any new policy
indebtedness at the
or change of policy by the United States toward the nations of South sequently no increase in member-bank
Reserve banks and no tightening in money rates." The
America or the rest of the world.
"I have deemed it wise to act promptly in this matter in order that Board likewise says that "the volume of member-bank credit
in the present economic situation our delay may not embarrass the people
investments of
of these friendly countries in re-establishing their normal intercourse with outstanding, as measured by the loans and
reporting member banks in leading cities, fluctuated somethe rest of the world."
The New York "Herald Tribune," in its Washington ad- what during the month and was at the end of August at about
the same level as a month earlier, and about $700,000,000
vices, Sept. 17, said:
larger than a year ago." The Board's review,issued Sept. 18,
Secretary Stimson was asked later to clarify his declaration that the
Government's action toward Argentina, Peru, and Bolivia did not constitute continues as follows according to the "United States Daily."
a change in policy. In response, he issued the following supplementary
statement, which was accepted everywhere in Washington as tantamount
to an informal assertion of the present Administration's Latin-American
policy:
"In acting toward these three governments, which we are recognizing
to-morrow, we are following the regular rules of international law, and
the regular policy which has characterized this country ever since the
first Secretary of Slate announced it—Mr. Jefferson, in the administration
of President Washington. But with Central American governments as
fol (I') made by treaty either with us or between each other. For example,
the five Central American countries have entered into a treaty between
themselves in which they agreed not to recognize any governmnt which came
Into office by virtue of a coup d'etat or a revolution. That was done in
1923, and although we were not a party to the treaty, we were in hearty
accord with it and we agreed on our part that we would follow the same
policy with respect to the five republics who had agreed upon it.
Cites Hughes's Statement.
"'I think, in order that you may get this clear, I will give you a statement Mr. Hughes made in June 1923, and which represents the present
policy of this Government. Mr. Hughes stated the attitude of our Government in regard to these five Central American governments as follows:
"'The attitude of the Government of the United States with respect to
the recognition of new governments in the five Central American republics
whose representatives signed at Washington, on Feb. 7 1923, a general
treaty of peace and amity, to which the United States was not a party,
but with the provisions of which it is in the most hearty accord, will be
The growth in demand for currency during August, amounting to
$52,000,000 as measured by the weekly averages of daily figures, was of
about the same proportions as in other recent years. The growth of circulation at this season reflects the need for cash to be used for Paying
wages in harvesting early crops and to meet seasonally larger factory
payrolls as well as an increase arising from the holiday need for cash at
the time of Labor Day.
Since this holiday demand is temporary, a part of the currency drawn
Into circulation before Labor Day does not remain in circulation throughout
the whole month of September, but the August increase in currency demand represents, nevertheless, the beginning of the characteristic autumn
expansion of the circulation. The increase from the end of July to some
time in September, furthermore, usually represents the larger part of
the autumn increase, as there is commonly little growth in currency demand
during October and November.
Decrease in Circulation.
The decrease in circulation early In 1930 was of more than the usual
seasonal proportions. The downward tendency continued until the end
of July, and even after the seasonal increase in August there was $300.000.000 less money in circulation than the August average of the preceding seven years. The decrease in currency from a year ago has reflected
primarily the influence of the business recession, particularly a substantial
decline in payroll requirements and a lessened dollar volume of retail
trade.
This large inflow of currency from circulation has been one of the important factors in enabling member banks to reduce the amount of their
borrowings at the Reserve banks by about $800,000,000 during the year
SEPT. 20 1930.]
FINANCIAL CHRONICLE
and at the same time to expand the volume of their credit operations with
a consequent substantial increase in the amount of their reserve balances.
The return flow of currency has accordingly contributed substantially to
the prevailing ease in the credit situation and to the current low level of
money rates.
Member bank borrowings at the Reserve banks showed little change
In August, continuing at the low level of about $200,000,000 that has
now prevailed for several months. Their total loans and investments
also, as indicated by the reports of member banks in leading cities, have
shown little change during recent weeks, remaining throughout July and
August close to the average of $23,115,000,000 for the period.
Loans on securities, however, decreased by about $240,000,000 from the
high level of June 18 to $8,375,000,000 on Aug. 27, while the banks' investments increased further in August and at about $6,335,000,000 in the
last half of the month were somewhat higher than at any previous time.
"All other" loans, averaging about $8,460,000,000 in August, were slightly
less than in July and $925,000,000 below the level of a year ago.
Low Level of "All Other" Loans.
The relatively low level of "all other" loans during recent months, like
the low level of the public demand for currency, has reflected primarily
the relatively inactive condition of business that has characterized the period.
This condition, which has been evident in many lines for as long as a year,
became more pronounced in July, the latest month for which comprehensive
data are available.
This was true of production, at factories and mines and in agriculture;
of employment; of the construction industry; and of both domestic and
foreign trade. The course of commodity prices, both wholesale and retail,
also continued downward in July.
.Production of goods at American factories and mines in July was 23%
less than in the same month a year ago, when production was near its high
eat level; almost all industries shared in this decline, with automobiles,
steel, and textiles experiencing the most pronounced recession. The decline
during the month of July was especially large, and reports for the first three
weeks in August indicated little change in the situation. Accompanying
the decline in production and trade in July there was also a decrease in the
volume of employment.
It is estimated that the number of workers employed in factories and mince
and on the railroads decreased altogether by 1,500,000 during the year
ending July 1930, or by about 14%, and with the greater prevalence of
part-time operations this year the decrease in pay-roll disbursements was
greater than the decrease in employment.
to maintain the gold standard and to meet a tight money
situation is concerned, Benjamin M. Anderson, Jr., Economist of the Chase National Bank of New York, contends
that the System's gold is inadequate to permit an extension,
or even a continuance, of the cheap money policy which
manifests itself in large holdings of Government securities
by the Federal Reserve Banks, unless the Federal Reserve
System is willing to face the necessity of a drastic reversal
of policy and a sharp rise in interest rates when trade
revival begins. Dr. Anderson's views on the subject of
"The Free Gold" of the Federal Reserve System were indicated in an address before the Indiana Bankers' Association
at Fort Wayne, Ind., on Sept. 11. A summarized account
of his remarks follows: •
The reserve ratio of the 12 Federal Reserve Banks combined stood, on
Aug. 27 1930, at 81.9%. This looks impressive. But the fact is that
this so-called reserve ratio is unofficial and misleading. It is the ratio of
the total reserves of all the Federal Reserve Banks to their combined note
and deposit liabilities. Such a ratio is unknown to the law.
The law prescribes a minimum reserve of gold and lawful money of 35%
against deposits, and the only legal requirement for gold in connection
with Federal Reserve notes is commonly supposed to be 40% of gold for
the notes in circulation. But on Aug. 27 the legal requirement was actually
in excess of 100% of the notes in circulation, which stood at $1,337,000,000.
Gold segregated to secure Federal Reserve notes stood, on that date, at
$1,575,000,000, and the gold actually required to be held by law behind
the Federal Reserve notes was $1,402,000,000, which is 104.9% of the
Federal Reserve notes in actual circulation.
There are two points to consider in this connection. The first is that
notes can be issued by the Federal Reserve agents to the Federal Reserve
Banks only in exchange for 100% collateral, and that the Federal Reserve
Banks regularly receive from 300 to 500 million dollars more notes from
the Federal Reserve agents than they issue for circulation, this excess of
notes being regarded by the Federal Reserve Banks as till inon y or
,
counter cash necessary for current operations.
The second point is that while the collateral thus turned over to the
Construction Contracts.
Federal Reserve agents may consist either of gold or of eligible psimr, if
In the construction industry the value of contracts awarded in the first the Federal Reserve System has the eligible paper it must consist o. gold,
seven months of this year was 18% smaller than in 1929, notwithstanding dollar for dollar, to the extent that the System does not hold
eligibe paper
the large awards this year for the construction of public works and public in sufficient amount. Eligible paper consists of
rediscounts and a( ceptances
utilities. On farms a protracted drouth, which was not broken until mid- bought in
the open market. But the cheap money policy of th: Federal
August, reduced prospective feed and late food crops and also damaged Reserve
System has manifested itself in the extension of credit through the
pasturage. Railroad freight traffic continued to decline in response to
purchase of Government securities on a vast scale, and the member banks
these conditions in industry and trade, and in July car loadings were 15%
have used this credit, in large measure, in paying off their rediscounts at
smaller than a year ago.
At the same time, the value of American goods shipped abroad has been the Federal Reserve Banks. The result is that the volume of eligible paper
greatly reduced and in July was at about the low level reached in the Sum- in the Federal Reserve System is very low, and that most ot the Federal
mer of 1924. This reduction in the dollar volume of foreign trade reflected Reserve notes issued to the Federal Reserve Banks by the Federal Reserve
both a smaller phyiscal volume of exports and the decline in wholesale agents are secured by gold, dollar for dollar.
The law contemplates an elastic Federal Reserve note issue, automatically
prices.
The outward movement of gold from the United States that started.in adjusted to the needs of trade through being linked with the holdings of
commercial paper by the Federal Reserve System. The strict commercial
July, when exchange rates on Franco and Canada reached the gold export
points, continued at intervals in August Total gold exports for the two paper principle is modified since rediscounts secured by Government maid.
months approximated $80,000,000, of which $65,000,000 went to France, ties are included in the eligible paper. But the law very properly refuses
but there were at the same time further gold imports from Latin America to allow Federal Reserve notes to be issued against Government securities
and the Orient amounting to about $40,000,000. The loss of gold was with- purchased by the Federal Reserve Banks, which have no relation to the
out effect on money market conditions in the United States, either in July needs of trade.
A figure much more significant than The Federal Reserve ratio, in
or in August, as it was offset in July by the inflow of currency from circulation and in August by open-market operations of the Federal Reserve banks. considering the position of the Federal Reserve System, is the figure for
"free gold," though even this is a theoretical figure which needs interpretaDemand for Reserre Credit.
tion and whittling down, and a figure which must be considered in the
To meet the increased demand for Reserve Bank credit during August light
of the state of trade and the season of the year before it becomes a
the Reserve Banks purchased $30,000,000 of Government securities, all of significant
index.
which were bought early in the month, and increased their holdings of
The "free gold" is the gold held by the System in excess of the legal
acceptances by $30,000,000, while their discounts for member banks showed
little change. The growth in acceptance holdings reflected in part the fact requirements for Federal Reserve notes and deposits. The figure stood, on
that, with Reserve Bank buying rates for acceptances at 17 %, member Aug. 27, at 836 millions, which again seems to give the Federal Reserve
4
banks could obtain Reserve Bank credit through the bill market at consid- System a very substantial margin with which to operate in making whatever policy it chooses. But this figure is not yet an official figure, since
erably less cost than through rediscounting.
Official buying rates on acceptances are usually lower than the rediscount the law concerns itself with the gold requirements of each Federal Reserve
rates of the Reserve Banks, and in August of this year the differential of Bank separately, and not with the 12 Federal Reserve Banks in combina% between the acceptance rate of the New York Reserve bank and that tion. Excess gold in the Federal Reserve Bank of Boston does not make
up for a deficiency in the Federal Reserve Bank of Chicago. The practical
bank's rediscount rate, though it was smaller by a quarter of 1%
than in
the last three weeks of August, 1929, was somewhat larger than at the same difference made by our regional Federal Reserve System, in contrast with
time in 1928 or 1927. The volume of dollar acceptances outstanding, the central bank system, upon this point has been estimated by one very
already relatively large, has been increasing in recent weeks, both
in re- well informed student within the System as normally about 400 million
sponse to seasonal influences and to the favorable terms upon
which ac- dollars. Accepting this figure, we should be obliged to estimate the
ceptance credit is now obtainable by the borrowing public.
"effective free gold" of the Federal Reserve System on Aug. 27 1930, not
At the end of July, the latest date for which figures are available, there at 836 million dollars, but rather at 436 million dollars.
were $1,350,000,000 of dollar acceptances outstanding, or
The actual minimum of "free gold" since the Great War was 201 million
about $225,000,000 more than at this time last year and about $370,000,000 more than dollars, on May 14 of 1920, at a time when the
System was under very
two years ago. The course of acceptance credit outstanding is shown on the heavy pressure, when it was greatly concerned
about its gold, and when
accompanying chart, (this we omit.—Ed) which covers the
period since money market tension was extreme. The System has had more "free gold"
the end of 1925 and brings out the fact that it is about this
season of the that this at times when the Federal Reserve Board was taking active
year that the seasonal increase in acceptance credit usually begins and
that steps to supplement the gold deficiencies of one bank by compelling other
this increase, which commonly continues until at least the end of
the year, banks to rediscount for it, a phenomenon which occurs only in times of
amounted to more than $300,000,000 in 1927 and 1928 and
to about $600.- monetary tension and as an emergency measure, and which calls for an
000,000 in 1929.
extraordinary majority of the Board.
The most rapid growth since 1928 has been in the employment
of dollar
In ordinary times there is, of course, a considerable leeway within which
acceptances to finance various products in process of
distribution abroad. pressure on one Federal Reserve Bank may be
relieved without this extraorThe increase of $45,000,000 during July, 1930,furthermore, was on account
dinary majority, through the sale of Government securities or the sale
of
of acceptances based on goods stored abroad or moving from one
foreign acceptances to other Federal Reserve Banks, and this is,
of course, done
country to another. This increased use of dollar acceptances abroad has
from time to time. But the student above referred to had this in mind
reflected in part the fact that during recent weeks open
in
-market rates on
acceptances have been slightly lower at New York than at London, Paris, or making his 400 million dollar estimate. It seems reasonable to suppose
that a figure of less than 400 million dollars of "free gold" for the
Amsterdam, and considerably lower than at Berlin. It has
Pedal&
been partly Reserve System is not
consistent with an easy money market.
through the acceptance market,therefore,that pronounced ease
in the AmerIs this assumed 436 million dollars of "free gold"
ican credit situation has been a factor of ease in the international
adequate, or is the
three billions of gold in the Federal Reserve System already
situation.
so largely used
up that we must give the matter concern? The answer
is that, from the
standpoint of the ability of the Federal Reserve System
to meet a tight
ree Gold" of Federal Reserve System Discussed b
money situation and to maintain the gold standard in
integrity,
B. M. Anderson Jr. of Chase National Bank— the position is impregnable. Higher money rates, and,its full all, tight
above
Urges Reversal of Systems Policy to Prevent Radical money, would bring a great volume of rediscounts, which could be substituted for the major part of the gold behind the
Federal Reserve notes,
Changes in Money Market.
setting that gold free. A tight money situation would, moreover, produce
a liquidation of bank credit to the securities
Conceding that the gold position of the Federal Reserve
market which would reduce
the deposit liabilities of
System is Impregnable so far as the ability of the System reserve balances with the the member banks and so lessen their need for
Federal Reserve Banks. This would lessen the
7
/
1817
,5
r 1818
FINANCIAL CHRONICLE
[VoL. 131.
needs of the Federal Reserve Banks for gold against their deposits. With
In cases of combined shipments the bills of lading are submitted to the
its existing gold the Federal Reserve System could extend its credit greatly customs and extracts guaranteed by the nominal consignee in duplicate are
In the form of rediscounts. But this means sharply rising money rates, indorsed. The originals are then used on entry and the second copies
not easy money. The further answer is that, from the standpoint of an surrendered to the steamship lines for delivery of the goods.
In the past bank guarantees or surety bonds for the later production of
extension or even a continuance of the cheap money policy which manifests
itself in the purchase and holding of United States securities by the Federal bills of lading were accepted by the customs officials. They are now acReserve Banks, the existing volume of gold is inadequate when compared cepted by the steamship companies and certificates are issued for use on
making entry.
with the needs of a period of active trade.
The adequacy of our present volume of "free gold" must be judged, not
with respect to the existing trade depression and a season of the year when Cuban Rail Workers Refuse Cut—Send Ultimatum
money in circulation is normally low even in good years. We must judge
to Two Roads, Threatening Strike Action.
our "free gold" rather with respect to the needs of a period of normal
From Havana, Sept. 10, a cablegram to the New York
activity, and with respect to the peak needs of the year, and we must judge
monetary policy in the use of this "free gold" from the same point of view. "Times" stated.
If the Federal Reserve authorities should try to meet a trade revival by
Determined to bring about a general strike on all lines and workshops
increasing their purchases of Government securities to such an extent as of the United Railways of Havana
and the Consolidated Railways of Cuba
would hold money easy, their "free gold" would suffer depletion from the rather than to accept further reduction in wages, employees of the Cuban
following causes: (1) A loss to money in circulation of 300 million dollars railroads who are affiliated with the Railroad Brotherhood held a mammoth
as between the present period of depressed trade and the same period of a meeting here to-night.
normal year, and of over 700 million dollars as between the low point of
An ultimatum was sent to the management of the railroads that, unless
August 1930 and the peak of a normal December; (2) a loss of some gold present wages and working conditions are continued, a motion to call
to the outside world, since the outside world would certainly be obliged to a strike will be considered at the brotherhood meeting Sept. 16.
tighten interest rates in a trade revival, having much less "free gold" than
we have; (3) increased deposit reserve requirements of substantial amount
as member banks increased their commercial loans with corresponding Attorney General Webb of California Rules that
increase of their deposits and so needed larger reserve balances with the
Thrift Companies Are Subject to Same SuperFederal Reserve Banks; (4) incrased deposit reserve requirements when the
vision as Building and Loan Associations—Combanks of the country experienced a greatly increased dmand for money for
stock market purposes, as the stock market, with the combination of cheap
ments by H. M. Bodfish of U. S. Building and
money and reviving trade, began another great speculative rise.
Loan League.
The practical conclusion from the foregoing considerations is that the
"effective free gold" would not last long, and that before trade revival
The recent ruling of the California Attorney-General that
had gone very far the Federal Reserve authorities would be selling Govern- thrift
companies and similar savings organizations must
ment securities, forcing the banks to rediscount, and tightening the money
market very sharply. The effect of this upon the securities market would submit to the same legal supervision governing building and
be more important than upon trade revival. A trade revival might go on, loan associations in that State, constitutes a most imporit soundly based, in the face of a reaction in securities. Bankers would
tant step taken to protect public savings, said H. Morton
give the mercantile, manufacturing and agricultural interests of the country
first claim upon the loan funds, and the securities market would have to Bodfish, Executive Manager of the United States Building
take what was left. But it would seem a wiser policy to avoid the dangers and Loan League, at Chicago, on Sept. 13. In commenting
which such a situation would involve, to take up slack now, to make a
moderate reversal of policy now, and to be in a position to prevent early on the ruling made on Aug. 13 by Attorney-General U. S.
Webb, Mr. Bodfish predicted that similar legislation was
radical changes in the money market when trade begins to revive.
Back to. the Pre-War Situation.
Is it, then, a serious matter if we no longer have enough "free gold" to
enable the Federal Reserve System to make money artificially cheap indefinitely? Is it a serious matter that the central banks of the world must
consider the protection of their gold reserves in deciding upon their credit
policy? Since the beginning of the war, in 1914, bank credit has
expanded so rapidly that a school of thought has arisen which looks with
horror upon the suggestion of anything else, and which believes that the
only possibility of good business is to be found in new arrangements which
will permit the banking authorities to ignore their reserve positions
(euphemistically, "to economize gold"), and to manufacture new reserve
credit without the check which their gold reserve position would impose.
But it must be definitely understood that the gold standard is a
restrictive standard, which does impose limitations upon credit expansion,
and upon the waste and abuse of credit. That is one of its greatest merits.
The gold standard is restrictive, but it is flexible. The flexibility is in
the play of interest rates. If not enough credit can be supplied at 4%,
a rise in rates to 5% will check demand and increase supply, bringing
about equilibrium. If 5% will not do it, 6% or 7% will. If the rate
gets too high, liquidation takes place, the volume of credit is reduced,
and the reserves become adequate once more. Investors, rather than banks,
should be the main reliance of the stock market, and the bond market, and
other capital markets, in any case. No one who believes in the essential
soundness of the gold standard need be alarmed by the fact that there is
not enough "free gold" to justify artificially cheap money.
Uniformity Sought in Rail Certificates—Customs
Brokers Ask Roads to Confer on Improvement
of Present System.
At the request of the New York Customs Brokers' Association representatives of the railroads entering New York
are arranging a conference for the purpose of devising a
uniform practice in the issuing of carriers' certificates covering in bond shipments from abroad for customs clearance.
We quote from the New York "Journal of Commerce" of
Sept. 19, which went on to say.
Since the new tariff regulations became effective requiring entry on a
certificate issued by the carrier rather than the bill of lading, the railroads
have followed different courses in handling releases. In a few cases certificates have been issued at freight offices maintained near the Custom House,
but most of the roads require consignees and brokers to apply at the different
piers along the Hudson and East rivers where freight arrives. There also
Is a variance in the requirements of proof of ownership for the granting of
certificates.
The Brokers' Association has asked that the railroads agree on the issuing
of certificates at the downtown offices in order to save the delay and expense
of sending messengers to distant points. They also ask that the notice
of arrival sent to the consignee serve as authority for obtaining a certificate
and that the bill of lading shall be accepted for delivery.
Most of the importations from Canada and the Far East reach New York
by railroad after transshipment at the Canadian border or one of the ports
on the Pacific Coast. The customs officials will accept a through bill of
lading only if it is indorsed by the railroad bringing the goods here, and
otherwise require a certificate assuming responsibility for delivery to the
right consignee.
The railroads transporting inbound shipments to inland points. after
arrival at New York are now indorsing their bills of lading to the effect that
customs release at destination may be made after payment of duty to the
consignee named. This complies with the new tariff provision putting
responsibility for delivery up to the carrier.
There has been general confusion in the clearing of imports under the
change in the tariff designed to relieve the customs of obligation for delivery.
On direct shipments the steamship companies have united in issuing certificates to be used on entry and accepting bills of lading for delivery.
probable In other States, which would bring the unsupervised savings organizations under the rigorous scrutiny of
public officials. Mr. Bodfish said:
"Mr. Webb's decision that California thrift contract or investment contract companies conduct a class of business not only similar but identical
with some of the business transacted by building and loan companies and
thus under the civil code are properly subject to the jurisdiction of the
Building and Loan Commissioner, is a good thing for the building and
loan business.
"There is no reason why the building and loan associations should have
to submit to the strict supervision that is over them in most States while
other organizations who claim to do a similar business should be able to
operate with no questions asked.
"Section 646 of the Civil Code of California, dealing with building and
loan associations, is broad in its language as to the character of institutions
which it covers. Mr. Webb said in his decision that the fact that in most
building and loan associations the investors, purchasers, or savers share
alike in the earnings of the enterprise, is not sufficient diffeience to hold
that thrift companies are 'not conducting similar business.'
"The building and loan interests stand clearly in opposition to nationally
promoted unsupervised forms of savings institutions, especially where their
sales department represent that they to a business 'similar to building and
loan' associations. Their penalizing clauses generally result in a very large
entrance membership or withdrawal fee, which in the earlier years confiscates all payments received."
Election of Officers of Michigan Group of Investment
Bankers' Association.
The Michigan group of the Investment Bankers' Association of America elected the following officers at its annual
meeting on Sept. 12: Chairman, E. F. Connely, First Detroit
Co.; Vice-Chairman, Seabourne R. Livingstone, S. R. Livingstone & Co.; Secretary and Treasurer, Cloud L. Croy,
Watling, Lerchen & Hayes; Executive Committee, Sidney R.
Small, Harris, Small & Co.; Ralph Fordon, Guardian Detroit
Co.; C. H. Donnelly, Joel Stockard; Harry S. Wagner, First
Securities Corp. of Grand Rapids.
Railroads Contest "Prevailing Wage"—Six Lines Sue
to Enjoin State Boards from Enforcing Law in
Grade-Crossing Work—Doubt Constitutionality.
Six railroads carrying on grade crossing elimination in
New York State have taken action to test the constitutionality of the "prevailing wage" law as it relates to that
work,it became known here at Albany, Sept. 11 according to
Associated Press advices in the New York "Times," which
likewise said:
Under this law, Chapter 804 of the Laws of 1930, railroads eliminating
crossings or contractors doing such work for them are required to pay the
prevailing wage in the locality where the work is being carried on, and can
permit their help to work only eight hours a day. The position of the railroads is understood to be that their employees are bound by prior agreement.
The State Public Service Commission, one of the respondents in the railroads'action, was served to-day with notice of application for an injunction
to restrain the commission and other, State officials from enforcing the
prevailing wage law.
The notice is returnable in Supreme Court here Sept. 27. The applicants
are the New York Central, the Pennsylvania, the Long Island, the Dela-
SEPT. 20 1930.]
FINANCIAL CHRONICLE
ware, Lackawanna & Western, the Erie and the New York, New Haven &
Hartford Railroads.
At the Commission's offices it was said that the railroads' collective action
was designed to cover every county in the State where elimination work is
In progress, and that to this end the District Attorney in each such county
would be or has been served with an order similar to that served on the
Commission.
It was said further that other respondents would be the State Industrial
Commissioner, the State Labor Department and the State Attorney
General, besides the Transit Commission of New York City and the Grade
Crossing Commissions of the cities of Syracuse and Buffalo.
Whether any of these have been served could not be learned here. It
was felt at the Commission's headquarters that the whole effect might be to
hold up all elimination work pending outcome of the controversy.
In a particular case, District Attorney James H. Greene of Herkimer
County, where eight removal projects were being carried on, was served
to-day with an order similar to that served on the commission and returnable
on the same day. The applicants in Mr. Greene's case are the New York
Central and the Delaware, Lackawanna & Western Railroads, whose lines
run through the county.
1819
Halsey, Stuart & Co. See Factors Operating to Improve
Bond Market.
Many factors are operating to bring about further improvement in the bond market as the trend toward conservative
investment continues, Halsey, Stuart & Co. declare in their
quarterly review, issued Sept. 15. In support of their
theory it is pointed out that the supply of the highest
grade bonds has at no time quite overtaken the demand.
Interest of individual investors has been increasingly in
evidence, and the market has been making progress in the
face of an unusually heavy volume of new offerings. Less
widely known issues have not been in such great demand,
the review points out, and the natural consequence is that
this class of securities still remains to benefit by the overwhelming preference that has arisen for investment over
any form of speculation. In their comment on current conditions, the review says.
Many factors which should contribute to the demand for bonds have
continued to strengthen during the present Summer. Money rates have
remained low. The long slump in commodity prices has served to enhance
the value of the dollar, and hence the attractiveness of bonds and the
interest derived from them. Moreover, the last vestiges of speculative
fever have seemingly disappeared, and have been replaced by a growing
sentiment for conservatism.
A fact that should be remembered is that the bond market of 1930 has
been making progress in the face of an unusually heavy volume of new
offerings. While the demand has been excellent, the supply has at times
been so abundant that there has been serious question whether it was not
about to outrun the absorptive capacity of the market. If coming months
show that the accumulation of issues held up from last year is now quite
well out of the way, there seems every reason to anticipate a gradual
broadening in the demand for all classes of good bonds.
The heaviest demand for bonds so far this year has come from institutions, including banks in the leading metropolitan centres. The interest
of individual investors, however, has been in increasing evidence. On
Aug. 20, the security holdings of reporting banks in the Federal Reserve
System totalled $6,340,000,000. This is the highest total on record, being
considerably above the previous record level attained in the Summer of
1928.
The heavy volume of new bond issues which appeared in the market
1. Provisions for the registration of brokers and companies dealing in during the early months of 1930 consisted for the most part of public
securities.
utility, municipal, railroad, and foreign issues. Public utility financing
2. Provisions exempting from the act certain classes of securities.
during the first seven months of 1930 reached the enormous total of $1,368,3. Provisions for the registration of securities which are not exempted 000,000. Of this total $83,000,000 was for refunding purposes. Municipal
from the operation of the law, which registration is usually done in one of issues during this period amounted to $871,000,000. The railroads brought
two ways—either by notification, in which case it is only necessary for the out bond issues aggregating $616,000,000. Foreign issues, including
broker or dealer to give the required notice of his intention to sell the scour. Canadian, totalled about $869,000,000. Industrial and real estate bond
ities, or by qualification, in which case the securities to be sold or dealt in financing, on the other hand, reached the lowest levels seen in some time.
must measure up to the requirements of the law.
Mortgage and Finance Division of National Association
of Real Estate Boards Furnishes Digest of Blue
Sky Law Requirements on Bond and Stock Issues
on Real Estate Projects.
A digest of the requirements of the blue sky commissions
in 46 States with respect to appraisals and determination of
values on bond and stock issues on real estate projects on
those 46 States has been made available by the Mortgage and
Finance Division of the National Association of Real Estate
Boards. The digest was prepared by Nathan William
MacChesney, General Counsel for the National Association
of Real Estate Boards, and includes statements of the blue
sky law requirements covering real estate projects in each
of the 46 States. In issuing the digest attention is called
to the following provisions which are generally found in blue
sky laws:
With respect to notes or bonds secured by mortgage on
Gov. Roosevelt of New York in Letter to Senator
real estate the digest makes the following observations:
Wagner_Declares for Repeal of Prohibition Amend1. In many instances such securities are held to be exempt. They usually
ment—Favors State Control of Intoxicants.
are exempt where the notes or bonds, together with the mortgage, are sold
to s single purchaser at a single sale. They sometimes are exempt when the
In the following letter, addressed to United States Senface value of the notes or bonds does not exceed a fixed percentage (usually
ator Wagner, prospective temporary Chairman of the Demo70%) of the fair market value of the property mortgaged.
2. Under many of the laws notes and bonds secured by first mortgage on cratic State Convention, Gov. Franklin D. Roosevelt of New
real estate, where the face value of the securities does not exceed a certain York sets out the Governor's views of the prohibition issue.
percentage of the fair market value of the property mortgaged, may be
He declares therein that the "control of any sale of any
registered by notification.
under these securities laws, bonds and notes secured by first intoxicants should be wholly`in the hands of the States or
3. Generally
mortgage on real estate where the face value of the securities exceeds a given of State agencies."
percentage of the fair market value of the mortgaged property would have
to be registered by qualification.
"Most of the provisions with respect to inventories,
appraisals and audits are given in connection with securities
which are to be registered by qualifications," Mr. MacChesney states in presenting the digest to the National Association. He adds:
"However, it may become necessary to apply these provisions with
respect to securities based upon real estate mortgages whether those securities are to be registered by notification or by qualification. Where such
securities are to be registered by notification, it may become necessary to
determine whether or not the face value ofsuch securities exceeds the specified percentage of the value of the mortgaged premises."
Opposing Views on Six-Hour Day at Session in Syracuse
of State Board of Railway Trainmen.
Proposals to reduce the working day below eight hours
were opposed by one former Lieutenant Governor and advocated by another former Lieutenant Governor in speeches at
the closing session at Syracuse, N.Y.on Sept. 11 of the New
York State Board of the Brotherhood of Railway Trainmen.
A dispatch to the New York "Times" from which we quote
added:
Edward Schoeneck voiced disapproval of legislation to establish the
six-hour workday for public employees on the ground that it would place a
heavier burden on taxpayers.
George R. Lunn,Public Service Commissioner,favored a shorter workday
as a means of relieving unemployment due to increasing mechanization of
industry.
Officers elected by the board were: J. P. Ogden, Watervliet, Chairman;
C.E. Foley, Buffalo, Vice-President; J. P. J. Rorke, Albany, Secretary,and
John F. Fitzgibbons, Oswego, legislative representative.
Hyde Park, Sept. 9 1930.
Hon. Robert F. Wagner,
United States Senator,
120 Broadway, New York City.
Dear Bob: I want to tell you how very happy I am that you are slated
to be the temporary Chairman of the Democratic State Convention, and
further to tell you of some of the matters which I think should be stressed
at the convention.
On the matter of the serious unemployment situation, I regret to say
that my trips to practically every part of the State this summer confirm
the fear that the depression exists not only in a few of the larger cities
but extends to all of the smaller cities and even to the villages and rural
districts.
You know this situation so thoroughly through your excellent work
in the Senate that I will not attempt to point out to you the primary
causes of this depression, or that it is nation-wide as well as State-wide.
I will, however, send you data showing the very important practical steps
which have been taken by the State Government to improve conditions in
our State, and also my suggestions for an immediate study of the broad
subject of unemployment relief by a contributory system and not dole
methods.
Also, I will send you a brief outline showing the very important steps
which have been taken during the past two years for social welfare, notably
the prison and hospital programs, the organization of the parole system, &c.
You are also familiar with the great strides which have been taken this
year in relation to the development of State-owned water power and a closer
control over public utilities in general, both with the purpose of securing
for the consumer snore equitable rates.
The very notable achievements in farm relief and in the development of a
permanent farm policy are described in my various messages to the
Legislature, and I hope that you will read them, The farm population has
been relieved of paying approximately $30,000,000 a year of highway tax,
real estate tax and school burden, and we are definitely working out a
State program for dirt road improvement.
Old-age security against want is provided for by the first measure along
this line ever adopted by the State. It goes into effect on Jan. 1 next,
and applications are now actually being received.
These are only a few of the high points, and it is worth while to note
that all this progress has been made only after determined opposition by
the Republican legislative leaders.
1820
FINANCIAL CHRONICLE
tVot. 131.
Finally, but of very great importance, is the subject of prohibition, which pays the bill. Save for old age is another standby which may produoe
is of great moment in every part of the State. I am convinced that this more for the life-underwriter than the bank when the savings tie-up dangles.
is true not only in the large cities but also in the smaller communities These are merely specific illustrations which may well apply to a great
and in the agricultural districts. It is my belief that in the State of New deal of savings advertising. There is a considerable amount of altruism in
York an overwhelming public opinion is opposed to the Eighteenth savings banking, but every bank advertiser is certainly justified in making
his copy as individual as possible, so that any business produced accrues
Amendment.
The crux of the matter is that the Eighteenth Amendment has not to the bank for which the advertising is done. There is nothing new in
furthered the cause of a greater temperance in our population, but, on this phase of the subject. It is one of the many aspects of savings adverthe other hand, quoting from language used in a resolution adopted tising which occur and recur as often as the subject is discussed, but I
by the American Legion, it has "fostered excessive drinking of strong feel strongly that if there is no adequate return, present or potential, from
Intoxicants" and has "led to corruption and hypocrisy," has brought about advertising, money had best not be spent. It is upon the return from
"disregard for law and order," and has "flooded the country with untaxed copy in which the competitive form predominates that the decision must
be made.
and illicit liquor."
Co-operative savings advertising upon any considerable scale is of comI personally share this opinion.
Literally dozens of schemes have been proposed by well-meaning citizens paratively recent date. A group of mutual savings banks in a large
seeking means and methods of improving the existing situation, while at Eastern city have run some excellent copy during the last few months,
the same time leaving the Eighteenth Amendment in full force and effect. and while it is yet too soon to determine even the results or how long
The language of the Eighteenth Amendment is so direct and so clear that the campaign can be tarried on, it is evidence of a trend. Christmas
It seems to me the time has come when these people should no longer try Savings Clubs have been advertised successfully upon a co-operative basis.
to beat about the bush. It is not merely a matter of the Volstead Act Incidentally, it might be stated that the cost of Christmas Club advertising
or the Jones Act or any other pieces of mere legislation, Federal or State, might well be paid for by the merchants who benefit most from the club
money, since profit to the bank is a minus quantity where interest is paid.
under the Eighteenth Amendment—it is the Amendment itself.
The force and effect of the Eighteenth Amendment can be eliminated, of The vise of copy, the apportionment of cost, and the selection of media have
course, only by a new Constitutional Amendment. This would supersede and proved unsurmountable in some projected co-operative campaigns, but such
abrogate the Eighteenth Amendment and substitute therefor a new constitu- advertising is certain to have consideration during this decade, and there
may be development of the idea. . . .
tional provision. That is clear.
Savings advertising, the most universal in its appeal of any branch of
The fundamental of a new amendment must be the restoration of real
intoxicants financial advertising, may well become, in its characteristics, less and less
control over intoxicants to the several States. The sale of the
through State agencies should be made lawful in any State of the Union like typical financial advertising and more and more like the best in
where the people of that State desire it, and conversely the people of any commercial advertising. It may yet be proved that advertisements urging
State should have the right to prohibit the sale of intoxicants, If they so the saving of money can be made as attractive, dynamic, and resultful
as any copy which urges the reader to spend money. With fewer limitawish, within its own borders.
This recognizes the undoubted fact that in a nation of such wide extent tions than other branches of financial advertising, savings copy has a
and with such diversity of social conditions public opinion and practical wonderful opportunity to blaze new and profitable trails through the
administration in regard to methods of seeking a greater temperance differ advertising pages of the future.
Through this decade, and the decades that are to come, on and on until
very greatly in different parts of the country, and even in different parts
we reach the millennium or communism, savings advertising will help men
of the same State.
and women to meet adversity hopefully, to enjoy prosperity more, to live
There is no doubt that in many States the actual sale of intoxicants
would continue to be prohibited, at least by statute, whereas in many other fuller, happier, more successful lives.
States a reasonable sale of intoxicants through State agencies would, In the
opinion of the great majority of citizens of these States, do much to bring
about less intoxication, less corruption and bribery and more regard and
Chairman of Transamerica Corporation Returns from
respect for law and order. This latter applies definitely to the State of
Inspection of the Company's Pacific Coast Holdings.
New York.
It is therefore clear to me that it must remain not only the right but
Elisha Walker, Chairman of Transamerica, and Jean
the duty of the Federal Government to protect States which continue to
Monnet, Vice-Chairman, returned to New York Thursday,
prohibit the sale of intoxicants.
Furthermore, I am positive in saying that there must be some definite Sept. 18, from a month's absence on the Pacific Coast,
assurance that by no possibility, at any time or in any place, can the old during which the California holdings of Transamerica were
saloon come back. Therefore, the control of any sale of any intoxicants
inspected and arrangements made for the merger of the
should be wholly in the bands of the States or of State agencies.
Finally, there should be definite recognition of the extension of home Bank of America of California with the Bank of Italy to
rule to the lower subdivisions of government--in other words, a recognition form the Bank of America National Trust and Savings
of the right of cities, villages or towns by popular vote to prohibit the
Association, which will rank fourth in size among the counsale of intoxicants within their own borders, even though intoxicants
try's banking institutions. Meetings of officials of companies
may be sold in other parts of the State through State agencies.
So widespread in this State is the resentment against the results of affiliated with Transamerica were held at San Francisco,
the Eighteenth Amendment that the time has come to stop talking and
Sacramento, Fresno, Del Monte, Los Angeles and San Diego.
to seek action.
During the latter part of Mr. Walker's stay in the West
Very sincerely yours,
a series of conferences was held looking toward the revision
FRANKLIN D. ROOSEVELT.
GuyW.Cooke of First National Bank of Chicago Visions
Savings Advertising Copy in this Decade as Constructive and Competitive.
In an address under the title of "This Decade of Savings
Advertising," delivered on Sept. 19 at the Convention of the
Financial Advertisers' Association at Louisville, Ky., Guy
W. Cooke, Assistant Cashier of the First National Bank of
Chicago, stated that "savings copy in this decade will be
creative, constructive, competitive, and perhaps co-operative." In part, he continued:
The first has to do with non-savers, which the advertiser hopes to
bring into the fold: the youth, through the various school savings plans;
the new worker, who, for the first time is in receipt of a definite individual income; and those older, who should have, but who have not, accepted
the dictum that only by saving is success possible. The creative function
of savings copy is both primary and elemental. Its appeal is confined
largely to those for whom the savings pass book tells no story.
The constructive function of saving is, in my opinion, much broader.
Balance is its keynote. Balance between saving and spending. Balance
between money in the bank and other forms of investment. .
.
Constructive savings advertising will picture the savings account as a
desirable investment, assuring a fair rate of return. Safe and always par,
picture it as immediately available, and as a means of buying to advantage.
A recent press report stated that more than three-fifths of all the passenger
automobiles sold last year were purchased on the installment plan, and less
than 4% were repossessed for failure to maintain payments. These figures,
submitted to the Census Bureau, showed the average deferred payment
on each car to have been $44.30. Installment purchased cars number
3,478,373, of which 1,820,435 were new, and the remainder second-hand.
Doesn't this situation offer a splendid opportunity for constructive savings
advertising? People who buy motor cars on deferred payments find some
way to meet these payments, which include interest charges. Isn't it
reasonable and feasible to presume that these same people could be induced
to put the amount of the installments monthly in a savings account after
their first car is paid for, in order to assure money for the cash purchase
of the second car? The net return on such savings would probably run
from 12 to 15%.
All advertising, except death and legal notices, is, in a sense, competitive.
But the term competitive in savings advertising applies specifically to
that which presents the advantages of a savings account in contrast,
implied, or expressed, with those afforded by other institutions. Save
for a home has long been a standard theme in savings advertising. Unless
it is skilfully done, profit therefrom is just as likely to accrue to some
building and loan association or some other bank as to the bank which
and simplification of Transamerica's corporate structure.
The form of organization under consideration contemplates
Transamerica's creation of a series of 100% owned holding
companies—one for bank stocks, another for foreign holdings and investments, a third for commercial and industrial
investments and others for stocks of Joint Stock Land Banks,
insurance companies, mortgage companies,securities corporations, Sze. While in San Francisco, announcement was made
of the completion of negotiations for the merger of the
Banco Italo Britannica, with headquarters in Milan, with
Banca d'America e d'Italia, an institution controlled by
Transamerica and having branch banks in 29 Italian communities. Discussing the situation, Mr. Walker said:
During the past five weeks while my associates and I have been visiting
the main branches of the Bank of Italy and the Bank of America of California, and meeting their officers, my previously held convictions as to the
intrinsic value and potentialities of these institutions controlled by Transamerica have been fully confirmed. The growth of the Bank of Italy in
166 cities and the development of the Bank of America of California in 97
cities naturally gave rise to some degree of overlapping which will be
rectified by the merging of these two great banks in the Bank of America
H. T. and S. A.
Such observations as we were able to make were in harmony with the
statistical indications that now begin to show definitely discernible improvement in freight loadings, bituminous production, building construction,
automobile manufacturing, and steel output.
With the recovery in general conditions that appears to be starting, I
am persuaded that the subsidiaries of Transamerica will find themselves in
a particularly fortunate position with respect to the development of ample
and sustained earning capacity.
In a previous cablegram from Berlin (Sept. 15) the same
paper stated:
German business looks upon the results of the Reichstag elections of last
Sunday, with the sharp gains in the National Socialist representation to
107 members, as the greatest test the country had had to face since the
mark was stabilized in 1924.
Quotations on the boerse declined an average of7 % in a day of moderate
turnover.
Reichsbank Intervenes.
The Reichsbank intervened in the situation by selling several millions of
dollars of foreign exchange in order to maintain the quotation of the mark
and so prevent any serious uneasiness in banking circles. However,several
factors make the future course of mark exchange difficult to forecast, since
Reichsbank intervention is recognized as being necessarily of a temporary
character.
SEPT. 20 1930.]
FINANCIAL CHRONICL.
the enormous
The most serious aspect of the situation is presented by
studies
short-term private indebtedness of Germany abroad. Statistical
deposits of more than six billion
have estimated that German banks have
marks
marks due foreigners. Against these they nave about 2,300,000,000
marks
in foreign securities, and the Reichsbank has more than three billion
in visible and invisible balances of gold and foreign exchange.
1821
mitted on Sept. 3 by the Chamber of Commerce of the United
States to its more than 1,600 member organizations. Balloting will close Oct. 18.
of the ChamThe referendum, based on the report of a special committee
Vice-President of
ber, under the Chairmanship of William F. Gephart,
the Bankers Associathe First National Bank of St. Louis and president of
Huge Foreign Balances.
upon in the form
tion for Foreign Trade, presents the questions to be passed
Germany, coming at the same time as with- of four recommendations. These are:
Any outflow of capital from
supported.
drawal of short-term foreign balances from within the country, would
1. That commodity exchange trading should be
be supported.
make a difficult exchange situation. Strength in Dutch guilders and Swiss
2. That trading in futures on commodity exchanges should
buying and selling
funds into these two countries.
francs to-day indicated a continued outflow of
3. That intelligent and wisely regulated speculative
problem facing the, runtry is recognized as being an on commodity exchanges should be supported as a necessary factor in the
The chief immediate
intensive effort to create a Government al. a to carry out its decisions and economic distribution of agricultural products.
changes in their rules
with far-reaching administrative powere.. The broadest possible basis
4. That commodity exchanges should adopt such
for a new coalition is 302 votes out of the total Reichstag membersnip of and regulations as will promote not only the interest of the producer.
but also
party and
575. This can be achieved only on the theory that the Peoples
merchant and the manufacturer of agricultural commodities
the the
the Economic party will co-operate with the Social Democrats within
the general welfare of the public.
Government, something which has not been achieved consistently before.
Stronger Bankruptcy Legislation Sought in Alabama.
Conference for Clearing House Officials in Connection
The following from Birmingham Ala., Aug. 29 appeared
with Annual Convention of A. B. A. at Cleveland.
others in- in the New York "Journal of Commerce": asked in resolutions
A conference for clearing house officials and
Less liberal exemption laws in bankruptcy cases are
terested in that type of banking relationship has been called adopted at the annual convention of the Alabama Merchants' Association
t Commission, American Bankers held here the last few days,following talks by men who have made a study
by the Bank Managemen
the Merof the bankruptcy laws and operation thereof. E. L. Murphy of
Association, for Wednesday, Oct. 1, at 2 p. m., at the chants' Credit Association, appeared before the body and called attention
Cleveland, Cleveland, Ohio, in connection with the to the large number of bankruptcy cases filed in the northern district of
Hotel
annual convention of the Association which will be held Alabama, his figures showing that 2,566 out of a total of 2.615 were voltotal amount of liabilities was 81,214,000.
there Sept. 29 to Oct. 2. "This round table conference will untary, and the recently appointed by President Hoover is studying the
A committee
for clearing house officials and others bankruptcy law with a view to recommending amendments which will
afford an opportunity
merchants in
interested in such activities to discuss informally many eliminate many abuses, he told the merchants. He said that an improvethe State, not only in the larger cities, would feel
problems of common interest," says Chairman Hal Y. Lemon all portions of
ment in the present laws and predicted early consideration on the subject
of the Commission, in announcing the meeting. C. A. by the Government.
Chapman,President First National Bank, Rochester, Mimi.,
and Chairman of the Committee on Clearing Houses and ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Clearing House Functions of the Bank Management ComArrangements were reported made this week for the sale
mission, will preside. The topics to be discussed are:
of a New York Stock Exchange membership for $325,000.
House Activities.
Clearing
Substitution of Bank Debits in Lieu of Clearings as an Index of Business The last preceding sale was fOr $350,000.
Activity.
Co-operative Bank Advertising.
Salient Features of Regional Clearing House Associations.
The Credit Bureau, an Effective Safeguard Against Over-extended
Duplicate Borrowing.
Clearing House Co-operation in Installing Uniform Service Charges.
Fundamentals of Clearing House Examinations.
Simultaneous Examination of Affiliated Institutions.
Clearing house officers, managers, examiners and all
all others interested in clearing house projects are invited
to attend the conference and take part in its discussions.
It will be held in private dining rooms 32-34 of the Hotel
Cleveland.
United States Chamber of Commerce to Conduct
Referendum Among Members on Branch and Chain
Banking at Request of Representative McFadden.
The attitude of the United States Chamber of Commerce
toward branch, chain and group banking will depend upon a
referendum of its membership between now and the forthcoming session of Congress, Chairman McFadden of the
House Banking and Currency Committee has been informed
by the Chamber. The New York "Journal of Commerce"
in making this known in a Washington dispatch said:
This procedure for determing the National Chamber's position as to
future banking legislation was disclosed to-day in a letter replying to a
request from Chairman McFadden for an expression on the question.
"That this subject is of much interest to the business men's organizations
which constitute our membership we are aware through correspondence'.
the Chamber wrote. "Of this interest cognizance has been taken by our
board of directors, which has requested the finance department of the
Chamber to enter upon a study of present active trends in ownership and
operation of banks, with primary reference to branch, group and chain
banking. Upon the results of this study will depend further steps in the
Chamber's procedure,such as a committee study for the purpOse of developing a report and recommendations to be considered by the membership
through referendum.
"Meanwhile the formal declarations of the Chamber, made through
referendum vote of the organization membership,remain in the form which
they took when the proposals of the McFadden-Popper Bill were brought
forward," the letter stated.
"As you may recall, the declaration then made by a very large vote was
in favor of legislation permitting National banks, subject to the regulation
of the Comptroller of the Currency, to have branches within their metropolitan areas constituting single commercial communities, if State banks
In the same cities were permitted to have branches. The point of view prevalling among our organization members with respect to this question would
seem to appear in the heavy vote cast in favor of so-called intracity branches
for National banks under competitive conditions. 2,161 votes being cast in
favor and 105 votes in opposition."
Mr. McFadden's request for the views of the Chamber with respect to
branch, chain and group banking is in keeping with the procedure which
the committee authorized at the conclusion of hearings held on the subject
at the last session of Congress.
U. S. Chamber of Commerce Seeks Views of Members
on Commodity Exchange Trading.
The place of commodity exchange trading in the economic
structure of the country as a facility for the marketing of
agricultural products is the subject of a referendum sub-
The New York Cotton Exchange membership of William
D. Martin was sold at public auction this week to Frank
Hartcom for $18,100. The last preceding sale was for
$20,000.
The New York Coffee & Sugar Exchange membership
of John S. Lawson of Milwaukee was sold this week to
Louis Seitz, New York coffee importer for $12,500, an
increase of $1,480 over the last preceding sale.
A membership on the Rubber Exchange was sold this
week at auction for $2,750.
James Dodd, Vice-President of the New Yorl Trust Co.
died at his home in Plainfield, N. J. on Sept. 12. Mr. Dodd
had been associated with the New York Trust Co. for the
past 31 years; starting as a junior clerk and had worked up
successively through the offices of Assistant Secretary and
Treasurer to a Vice-Presidency of the company which
position he held for 18 years. Mr. Dodd was born Dec. 28
1874 in New York City.
A new branch of the Chase National Bank of the City
of New York opened on Sept. 15 at the northwest corner
of Fifth Ave. and 14th St. This is the 46th branch of the
Chase in Greater New York. It will offer that bank's
complete range of facilities. The official staff of the West
Fourteenth Branch includes: George A. Hudson, Assistant Cashier and Manager, and A. W.Schmid, Assistant
Manager.
It was announced this week by Harry A. Kahler, Chairman of the.Board of Directors of the New York Title &
Mortgage Co., that Robert M. Catharine has been elected
a Vice-President of the New York Title & Mortgage Co. and
the American Trust Co. to have charge of their business in
Brooklyn. Mr. Catharine has been a Vice-President of the
Bank of Manhattan Trust Co. in charge of the Bank's
uptown division covering 13 offices about 72nd St. Mr.
Catharine is a Director and Vice-President of the Bronx
Borough Safe Deposit Co. and the Washington Heights Safe
Deposit Co., a member of the Bronx Board of Trade, Washington Heights Chamber op Commerce, and the Executive
Committee of the Bank of Manhattan Trust Co.—Uptown
Division.
Frank A. Gallagher, President of the Port Morris Bank,
at Willis Ave. and 138th St., Bronx Borough, was fatally
injured on Sept 17 with the skidding of his automobile
while on his way to his home. He died soon after he was
taken to the hospital. Mr. Gallagher was 48 years of age.
1822
FINANCIAL CHRONICLE
At its last meeting the Board of Directors of Bancomit
Corp. of New York, declared a dividend of $0.40 per share
on common stock and of $0.40 per share on common A stock,
payable on Oct. 1, to stockholders of record as of Sept. 22,
for the third quarter of the current year.
[VOL. 131.
Vineland business men who applied yesterday afternoon (Sept. 9) for a
charter to re-open the insolvent Vineland Trust Co., were informed by
Frank H. Smith, Commissioner of Banking and Insurance, they must raise
$400,000 and obtain guarantee that $800,000 now on deposit will be retained
In the proposed new institution for a number of years.
The old bank has been taken over by the department and is now in
process of liquidation. Commissioner Smith indicated if his conditions
were not compiled with he would be obliged to reject the application which
must be decided, under the law, within a month. The situation as presented by the prospective incorporators, Smith said, did not justify approval of the application at this time.
Smith expressed the conviction Robert F. Minch, special Assistant
Deputy Commissioner, should be permitted to continue the liquidation
until he could determine the extent of the liabilities collectable. If a
pending receivership application is granted by the Court of Chancery, the
Commissioner believed it would result in additional financial losses for
depositors.
Application for the charter was made by Mayor Samuel Gasel, H. V.
MacDonald,Jacob Rubinoff, John Joseph, Stewart Taylor,John H. Weed,
Sanford Fox and George Thorne.
MacDonald informed Commissioner Smith he believed $200,000 in cash
could be raised through the sale of stock at $50 a share. He could not,
however, give assurance the depositors would allow $800,000 to remain in
the new bank. The remaining $200,000. MacDonald pointed out, has
been raised by liquidation.
Following the meeting of the stockholders of the Lefeourt
National Bank & Trust Co. of New York, held on Sept. 15
it was announced that the name of the bank will be changed
to the National Safety Bank & Trust Co. of New York.
Joseph J. Bach, formerly Executive Vice-President of the
Public National Bank & Trust Co., has been elected President to succeed A. E. Lefcourt who has resigned. Mr.
Lefcourt's resignation was noted in the issue of the "Chronicle" of Aug. 9, page 886. A. S. Bernstein, former VicePresident of the Public National Bank & Trust Co. will become Executive Vice-President and Director of the National
Safety Bank & Trust Co. The Comptroller of the Currency
duly approved the change in title from Lefcourt National
Bank & Trust Co. to the National Safety Bank & Trust
The Philadelphia "Ledger" of Sept. 17 stated that the
Co. on Sept. 16. Abner Jackson, Vice-President, resigned
on Sept. 17, and Charles Richter, former Assistant Vice- Merlon Title & Trust Co. of Bala-Cynwyd, Pa., had absorbed
President of Public National Bank succeeds Mr. Jackson the Bala-Cynwyd National Bank of that place, according to
an announcement made by the Comptroller of the Currency
as Vice-President and Director.
Abner Jackson,'a Vice-President of the Lefcourt National
Bank & Trust Co. since its organization, has been named a
Vice-President of the Bank of United States with headquarters at its Seventh Ave. at 39th St. Branch. He assumes his new duties on Sept. 17. Before becoming a
Vice-President of the Lefcourt Bank, Mr. Jackson had been
for a number of years with the Chatham Phenix Bank at
their Fifth Ave. and 30th St. Branch. He is an active member of the New York Credit Men's Association and one
of the founders of the National Institute of Credit.
at Washington Sept. 16. The Bala-Cynwyd National Bank,
it was stated, had been voluntarily liquidated.
A union of the Federal-American National Bank and the
Merchants Bank & Trust Co., both of Washington, D. C.,
has been approved by the directors of both institutions, according to the Philadelphia "Ledger" of Sept. 18. The new
institution, with total resources in excess of $25,000,000, will
be operated under the name of the Federal-American National Bank and Trust Co. with John Poole, President of
the Federal-American National Bank, as its President, it
That two Portland, Me., banks—the Casco Mercantile was stated. A dispatch from Washington on Sept. 17,
Trust Co., and the Chapman Bank & Trust Co.—will be printed in the New York "Evening Post" of the same date,
formally merged Oct. 1, under the name of the Casco Mer- gave the following additional information:
The
cantile Trust Co., creating one of the largest banking institu- and new merger is a forerunner of another merger with one of the oldest
largest trust companies of the capital, it was
tions in Maine, was reported in advices from that city on templated combination would create a banking believed here. This conhouse with resources of
Sept. 9 to the Boston "Herald." Directors of both banks approximately $50,000,000.
have approved the terms of the union, it was divulged, and
Charles A. Nyman has been made Vice-President of the
stockholders are expected to take similar action soon. The
Equitable & Central Trust Co.of Detroit. He entered upon
dispatch went on to say:
his
new duties Sept. 2, according to the "Michigan Investor"
The Cumberland Share Corp. bought control of both banks last May,
and the merger is being promoted by that organization. The enlarged of Sept. 6, from which we quote as follows:
institution will have capital, surplus, undivided profits and reserves of
Mr. Nyman is well known in bond and investment circles
throughout the
nearly $2,000,000 and deposits of more than $19,000,000.
Middle West. Prior to the time that the First Detroit
Co. was organized
The present banking offices of both institutions will be continued, provid- several months ago, Mr. Nyman was one of the chief officials
of the First
ing a main office and three branches in Portland and branches in Bridgton, National Co.. first as its Chicago representative and
during the ensuing
eight years as its Sales Manager with residence in Detroit. When
Buxton and South Berwick.
the First
Detroit Co. was organized, he became its Assistant Vice-President, which
The handsome banking home of the Bloomfield Bank & position he has just resigned.
In his new connection, Mr.
Trust Co., Bloomfield, N. J., in the newly-erected seven-story well as investment matters. Nyman will devote his time to banking as
Besides being Vice-President of tho Trust
bank and office building of the institution at Broad and Co., he will serve as Vice-President of the Equitable Detroit Co., its investment and securities division. Here his services will be available as investBloomfield Avenue, was opened for public inspection from ment counsel
both for estates and individuals.
4 to 9 p. m. Sept. 12, according to the Newark "News" of
the following day. Thousands of persons attended the openThe Brotherhood of Railway Clerks' National Bank of
ing and large quantities of flowers received, the gifts of Cincinnati, Ohio, capitalized at $400,000,
was placed in
other banks and financial organizations in Bloomfield, Mont- voluntary liquidation on Aug. 22. The institution
was abclair, Glen Ridge, Newark, and New York. Among the New sorbed by the Central Trust Co. of
Cincinnati. Reference
York institutions sending flowers were the National City to the affairs of the defunct bank was
made in our issue of
Bank, National City Co., and the Marine Midland Trust Co. June 28 and July 12, pages 4550 and
222, respectively.
We quote below, in part, from the paper mentioned:
The building, containing 108 offices in addition to the banking quarters,
Further referring to the affairs of the closed Buckeyereprosents, with the land, an investmnt of more than $1,000,000. It will
Commercial Savings Bank of Findlay, Ohio, references
open for business Monday.
to
Two institutions, the Bloomfield National Bank, and the Bloomfield Trust which appeared in the "Chronicle"
of May 10 and Aug. 16,
0o., merged in April 1929 to make possible the new structure and to
pages 3298 and 1052, respectively, a press dispatch
bring resources of more than $20,000,000 to the consolidation with its
from
affiliated institution, the Watsessing Bank. The new building is on the site Findlay, on May 13, printed in the Cleveland "Plain Dealer"
of the former Bloomfield National Bank.
of Sept. 14, contained the following:
Steel, granite, marble and bronze have gone into the construction.
Officers of the Bloomfield Bank & Trust Co. are as follows: Lewis K. Dodd, Chairman of the Board; Allison
Dodd, President; Robert M. Boyd, Jr., Frederic R. Pilch,
Alfred B. VanLiew, Denis F. O'Brien, Francis A. Schilling
(and Secretary-Treasurer), and William A. Ellis (and Trust
Officer), Vice-Presidents; Raymond Edgerley, Assistant to
the President, and Harry J. Schneider, Assistant SecretaryTreasurer.
With reference to the affairs of the defunct Vineland
Trust Co., Vineland, N. J. (referred to in the "Chronicle"
of June 21 and 28, pages 4179 and 4550, respectively), a
dispatch from Trenton Sept. 10 to the Jersey City "Jersey
Observer" contained the following.
Judge Hamilton Hoge of Renton, Ohio, sitting here by assignment
to-day
(Sept. 13) approved sale of assets of the Buckeye-Commercial Savings
Bank
to the American First National Bank for $1,860,476.
The Buckeye Bank closed May 6 bcause of "frozen" assets.
Buckeye
depositors will receive an initial dividend of 60% of their claims Sept.
30
in connection with the sale.
The American Bank is buying the Buckeye's building for $200,000.
R. J.
Berry, Vice-President of the Ohio Oil Co., had been elected President
of
the American Bank, succeeding Arthur E. Hoff, deceased. 0. •D.
Donnell,
President of the Ohio Oil Co., is Chairman of the bank's Board.
Bucyrus, Ohio, advices, Sept. 12, printed in the Toledo
"Blade" of the same date, contained the following with
reference to the affairs of the closed Citizens' National
Bank of Galion, Ohio (the closing of which and the arrest
of its former President, J. E. Casey, in connection with a
deficit of over $200,000 in the bank's funds, were referred
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1823
to in our issues of Aug. 2 and Aug. 16, pages 735 and 1052, includingidistribution of sound bond issues and analysis
respectively):
of security holdings of investors.
A resolution authorizing the sale of assets of the Citizens' National Bank
at Galion, closed by Federal bank examiners and its directors July 29,
when large shortages were discovered, was adopted at a conference of
representatives of depositors and stockholders with William Taylor, Chief
Federal Bank Examiner of the Cleveland Federal Reserve District; A. E.
Evenson, Federal Receiver in charge of the bank, and G. R. Gaskell,
Federal Bank Examiner, who discovered the shortages.
E. T. Prideaux, formerly Cashier of the First National
Bank of Hillsdale, Mich., was promoted to the presidency
of the institution on Sept. 11, to succeed E. A. Dibble, Sr.,
who resigned, according to a press dispatch from that place
on Sept. 12, appearing in the Toledo (Ohio) "Blade" of the
same date. Mr. Prideaux entered the institution 32 years
ago as a messenger boy. Dr. B. F. Green was appointed a
Vice-President of the institution. Olin F. Freed, heretofore
an Assistant Cashier of the bank, was promoted to the
Cashiership to succeed Mr. Prideaux, while Herman Harwood was made an Assistant Cashier. The dispatch further•
more said, in part:
The Dibble holdings have been purchased by interests headed by Edwin B.
Lincoln of Battle Creek. . . .
Mr.• Dibble will devote his time to the interests of the Hillsdale Grocery
Co., of which he is President.
The Merchants Trust 4k Savings Bank of Cleveland, Ohio,
was closed by 0. C. Gray, State Superintendent of Banks,
on Sept. 15, according to the Cleveland "Plain Dealer" of
the following day. Investigation of the bank's condition, it
was said, was begun by State bank examiners a week previously, the day after Maurice Gunman, President of the
institution, had been found overcome in the double garage
of•his home by carbon monoxide gas. "At that time Cleveland Heights firemen worked over him for an hour before
he was revived, after which he was taken to St. Luke's Hospital. His friends said last night (Sept. 15) that he had
not been well since." Mr. Gray's official statement announcing the closing of the bank was as follows:
Herbert R. Wilkin, Executive Vice-President of the Union
Industrial Bank, Flint, Mich., was made a director of the
Guardian Detroit Union Group, Inc., at a meeting of the
Board held Sept. 15. Mr. Wilkin was Cashier of the
Griswold-First State Bank, Detroit, at the time that it
merged with the National Bank of Commerce of that city,
when he was elected Vice-President and Cashier of that institution and had charge of all branches until he became
affiliated with the Union Industrial Bank at Flint as its
operating head. The Union Industrial Bank is one of the 25
banks and trust companies which compose the Guardian
Detroit Union Group.
At a special meeting of the stockholders of the Ford State
Bank, Wyandotte, Mich., it was voted to change the name
of the institution to the American State Bank of Wyandotte,
according to the "Michigan Investor" of Aug. 30. It also
was voted to increase the capital from $50,000 to $100,000,
giving the bank a capital of $100,000 and a surplus of $35,000.
The bank's new main office, it is stated, is rapidly nearing
completion and will open shortly, after which the present
bank quarters will be operated as a branch. The Wyandotte
Bank was recently acquired by the American State Bank of
Detroit. William P. Littlewood, the present Cashier, will
have charge of the main office and A. G. Bauer, Assistant
Cashier, will be in charge of the branch, it was said.
•
Gordon Fearnley, Vice-Pre- sident of the American State
Bank, Detroit, has been appointed President of the American
State Bank of Ferndale, Mich., succeeding Fred W. Dalby,
who was made Chairman of the Board of Directors, as reported in the "Michigan Investor" of Sept. 6. Mr. Dalby
will continue in active control of the bank's affairs. It was
furthermore stated that the American State Bank of Detroit
recently acquired an interest in the Ferndale institution.
The Continental Illinois Ba- nk & Trust Co. of Chicago on
Sept. 10 announced the appointment of Arch W. Anderson
as a Vice-President. He assumed his new duties Sept. 15,
having resigned from the Security First National Bank of
Los Angeles, where he was a Vice-President during the past
Following the closing of the bank, County Prosecutor nine years. The announcement by the Chicago bank said.
"The Merchants Trust & Savings Bank was closed Monday, Sept. 15, by
the State Banking Department owing to its inability to make collections of
loans, many of which are predicated upon real estate. This act was deemed
necessary to conserve the bank's assets in the interests of the depositors.
The department will proceed immediately either to sell or liquidate the
bank."
Ray T. Miller announced that an investigation of the affairs
of the institution leading up to the closing would be begun
the next day (Sept. 16) by Assistant County Prosecutor
P. L. A. Lieghly. The investigation, Mr. Miller said, is
aimed at the protection of the county's interests, the county
having had $280,000 deposited in the bank when it closed
its doors. We quote further in part below from the paper
mentioned:
The Merchants Bank is a small financial institution, having had deposits
of only $1,902,600.33 at the time it was closed. Its maximum resources—
$2,472,397.29—were recorded in 1927. The bank grew cut of a chattel
loan business. It was not a member of the Cleveland Clearing House Association. . . .
Public money constituted a large part of the bank's deposits at the time
of its closing. The county had $280,000 on deposit; the city had $100,000
of sinking fund money and $200,000 treasury department funds, the Board
of Education had $300,000, and other public bodies had smaller amounts.
The county funds are all secured by a bonding company, while the city's
share is secured by $340,000 surety bonds on deposit at other banks. The
Board of Education fund is similarly secured.
Gusman, head of the closed bank, came to the United States as a poor
immigrant boy from Kiev Russia. When he arrived in Cleveland after
the financial panic of 190; he lacked 3 cents to pay his car fare, he afterward said. A few years later he had risen to the presidency of the $200,000 Drug Specialties Co. He left the drug business to found the Merchants Bank.
Cleveland advices on Sept. 16 to the New York "Journal
of Commerce" stated that application for a receiver for the
Institution was filed in Common Pleas Court on that day
by Bert D. Glick, a depositor. The dispatch said in part:
The petition names as defendants all of the officers and directors of the
bank and its branch, as well as the stockholders. The court is requested
to determine the assets and liabilities of the bank, as well as the rights of
depositors and creditors.
It recites that unsecured loans amounting to more than $1,000,000 have
been made, as well as loans secured by real estate which will not sell for
the amount of the loans. The court is asked to discover who the stockholders are and to determine their liability.
Carl F. Spaeth, will be President of the new Genesee
National Co., investment affiliate of the Genesee County
Savings Bank of Flint, Mich.,and the First National Bank—&
Trust Co. at Flint, according to the "Michigan Investor" of
Aug.30. Mr.Spaeth is now Executive Vice-President of the
two institutions. The new concern, the "Investor" stated,
will be equipped to furnish an all-round investment service,
Mr. Anderson until recently was Chairman of Group Five of the California Bankers Association and also a member and Chairman of the Executive Committee of the National Bank Division of the American Bankers
Association. His banking career began in Kansas and Oklahoma. In the
latter State he served as State bank examiner, as Cashier of tile Central
Reserve Bank of Oklahoma City and as Secretary of the Oklahoma State
Bankers Association. Previously he had been Cashier of the First National
Bank of Norman, Okla.; Cashier of the Old Bank of Lawton, and a VicePresident of the Tradesmen's State Bank of Oklahoma City.
From Oklahoma City, Mr. Anderson went to Kansas City as VicePresident of the Stockyards National Bank, later becoming Secretary
Cashier of the Tenth District of the Federal Reserve Bank,the position he
held at the time he was elected a Vice-President of the Security-First National Bank of Los Angeles.
Another office has been added to the nation-wide investment securities organization of the Central-Illinois Co. of
Chicago, a unit of the Central Group, a branch having been
opened in Duluth, Minn., this month. 0.J. Jorgenson, for
several years associated with the bond department of the
Central Trust Co. of Illinois, Chicago, has been appointed
Manager. This branch is under the supervision of Sidney C.
Nelson, who is in charge of the Minnesota territory of the
Central-Illinois Co.
Alfred Brittain Jr., has been appointed Assistant VicePresident of the Central Trust Co. of Illinois, Chicago.
Mr. Brittain came to the bank from the Steel & Tube Co. of
America in March 1923. He was appointed Manager of the
credit department in June 1929. Lloyd Smith becomes
Manager of the credit department.
The Milwaukee "Sentinel" of Sept. 13 stated that William
F. Style, Treasurer of the First Wisconsin Co., was appointed Comptroller of the Wisconsin Bankshares Corporation (holding company of the First Wisconsin National
Group of banks) at a meeting of the directdrs the previous
day. Other appointments at the meeting were that of Robert W. Baird, President of the First Wisconsin Co., as a
Vice-President of the corporation, in charge of investment
securities, and that of George B. Luhman, President of the
First Wisconsin Trust Co., as Vice-President of the corporation, in charge of trusts.
1824
FINANCIAL CHRONICLE
[Vol.. 131.
A small Minnesota bank, the Farmers' State Bank of
The deposits amounted to $91,000. The bank was organized in 1907 and
Rosemont, Minn., with combined capital and surplus of had a capital of $15,000 and a surplus of $3,000.
•
$18,000 and deposits of $59,700, was closed by its directors
The Montgomery (Ala.) "Advertiser" of Sept. 3 stated
on Sept. 9, according to an announcement by A. J. Veigel,
State Commissioner of Banks, the Minneapolis "Journal" that two Alabama banks, which closed this year, namely the
of Sept. 9 stated. We quote in part from the paper men- Planters' Bank of Pine Hill, which closed May 2 following
the discovery of a shortage in its accounts, and the Clio
tioned:
C. W. Boyle, the Cashier, was arrested by County authorities following Banking Co., Clio, which closed Feb. 3 because of "frozen"
questioning by Mr. Veigel and E. W. Swanson, Deputy State Bank Com- assets, are expected to be re-opened at the close of the harmissioner. Boyle is alleged to have confessed taking money for his personal vesting
season, according to an announcement by D. F.
use from the bank's funds. He has been charged with grand larceny in
the first degree. The specific charge says he appropriated $4,000 paid to Green,State Superintendent of Banks. The paper mentioned
him to settle a mortgage.
contining said:
According to Mr. Veigel, Boyle said that he first appropriated money
Through an agreement between the two bonding companies who furnished
last December, but most of his speculations had been in recent weeks. The surety for
A.E. Yow,President of the Planters' Bank,it is probable that the
total involved was about $6,000. He has been cashier of the bank since Pine Hill
Bank may be re-opened, Mr. Green said. Yow has expressed a
January 1926.
willingness to turn over his property to the bank, which, an audit of his
r
accounts showed, was short more than $22,000.
Mr. Veigel attempted to have some other institution take over the bank,
Business leaders of Barbour County are interested in the re-opening ofthe
but was unsuccessful.
Clio Bank, Mr. Green said, and he expects the negotiations to be completed
within a few weeks. The Clio Bank was capitalized at $50,000.
Directors of the Northwest Bancorporation met in Minneapolis Sept. 11 for the third quarterly meeting of the year.
The regular quarterly dividend of 45 cents a share payable
Oct. 1 to stockholders of record Sept. 20 was declared. This
is at the rate of $1.80 a share per annum. An announcement in the matter goes on to say:
The financial report showed that the annual dividend requirements had
been earned in the first six months of the year. For the first nine months
of 1930 with September estimated, earnings of the 127 banking institutions affiliated in the Northwest Bancorporation group will exceed $3.00
a share on 1,664,967 shares of $50.00 par value stock outstanding.
Report was made on the acquisition of 28 banks or at the rate of one
every week, that became affiliated with the Northwest Bancorporation
group since January 1, 1930. Eight are in Minnesota, nine in South Dakota, one in Washington, four in North Dakota, two in Nebraska and four
in Montana. In addition the Montana Livestock Loan Co. of Helena was
organized to finance the live stock industry in that State.
Reports of the directors from the eight States represented in the group
were optimistic with the general opinion expressed that conditions will
turn better and that the Northwest and Middlewest States are in particularly
favorable position this year as compared with conditions In the country
as a whole.
Jay E. Decker, President of Jacob E. Decker & Sons, Mason City, Iowa
and William Chamberlin from Chicago, President of the United Light &
Power Co., of Chicago, which has large interests in Mason City, were
elected members of the Board of Directors.
At a meeting of the stockholder's of the Bank of Commerce, Burlington, N. C.; a proposed sale of the institution
to the Greensboro Bank & Trust Co., Greensboro, N. C., was
unanimously approved, according to a press dispatch from
Burlington on Sept. 10, printed in the Raleigh "News and
Observer" of the following day. The advices continuing
said:
This change will become effective shortly. Hereafter, the institution is
to be known as the Bank of Commerce branch of the Greensboro Bank
Trust Co. Some of the leading business men of the city will continue to
be identified with the management ,of the bank.
The Bank of Commerce is well and favorably known. It has capital of
$40,000, with surplus and undivided profits aggregating approximately
$40,000, and deposits totaling about $700,000. By becoming a branch of
the Greensboro Bank & Trust Co., widely known as one of the leading financial institutions in this part of the country, its position will be even
stronger, it is said.
The Greensboro Bank & Trust Co. already has a branch at
Sanford, N. a
Incident to the closing on July 23 of the California Savings
& Commercial Bank of San Diego and the arrest of its
President, I. Isaac Irwin, a press dispatch from that city on
Sept. 11, appearing in the Los Angeles "Times" of the next
day, contained the following:
The First National Bank of Howard, S. D., with capital
Facing
of $25,000, went into voluntary liquidation on May 12 1930. Aot, and twelve counts asserting violation of the State Bank and Securities
grand theft of $100,105.04 from the California Savings & ComIt was absorbed by the Miner County Bank of Howard.
mercial Bank, I. Isaac Irwin was arraigned before Township
Justice Arthur
Mundo to-day and bail set at $75,000.
In the complaint Irwin is charged
Closing of the Basehor State Bank of Basehor, Kan., was self, commencing Feb. 29 1928, with with having made six loans to him$25,000; July 5 1929, $5,000; Aureported in the following advices from that place on Sept. 2 gust 1929, $15,105.04; November 1929, $32,000; Dec. 31 1929, $1,000,
and January 1930, $22,000.
to the Kansas City "Star:"
The complaint also charges that in making these loans
Irwin violated
Within an hour after the posting of a notice of the closing of the Basehor
the State Bank and Securities Act, which prohibits any officer
in a bank
State Bank here to-day (Sept. 2) 91 farmers and townspeople had subto make or procure a loan for himself, and that in making and accepting
scribed-315,000 to a fund for re-organization and re-opening of the instituthese loans he committed grand theft. The preliminary hearing
tion. A mass meeting will be held to-night in the Woodman hall here to
was set
Sept. 24.
complete the re-organization plans, according to Joseph Cohen, Kansas for
John P. Mills, real estate dealer, and Frank Schiefer signed
City, Kan., lawyer, adviser to the re-organization.
as sureties
The directors of the bank, which has been in charge of R. L. Pether- for Irwin. A joint hearing for the -twelve counts filed against Irwin to-day
bridge, Cashier,decided to close the institution and tut nit over to the State (Sept. 11) and also a previous charge in which he was accused of the misBanking Department because of "low paper," which could not be collected use of $50,000 of the bank's funds will be held the 24th inst.
Immediately due to conditions resulting from the drouth and the milk strike
Our last reference to the affairs of this bank appeared
in Kansas City.
The Basehor State Bank was established 28 years ago. E. G. Truskey. in the Aug. 23 "Chronicle" page 1213.
Cashier of the Piper State Bank. Piper. Kan.,is President of the institution.
The building and fixtures are valued at about $6,000. Basehor is 20 miles
The Raleigh Banking & Trust Co., Raleigh, N. C.,
West of Kansas City.
said
to have been the oldest banking house inrirake
County,
failed to open for business Tuesday morning, Sept. 16.
Instead its banking rooms were in charge of the Page
Trust
Co. (head office, Aberdeen, N. C.), which the State Corporation Commission four hours earlierhad selected asliquidation agent for the defunct bank, and which was also opening
a banking business of its own in Raleigh, making the tenth
Both banks had the same difficulty,"frozen"farm paper on which neither
branch of the Page Trust Co. chain. The Raleigh "News
bank could make sufficient collections to maintain their reserves.
R. M. Petherbridge is President of the Piper Bank and E. G. Truskey and Observer"of Sept. 17,
from which the above information
was Cashier. Both men were officers of the Basehor Bank. The Piper
is obtained, stated that within two weeks the liquidating
Bank had a capital of $10,000 surplus of $1,000, deposits of $40,000, reagents would pay depositors of the Raleigh Banking & Trust
discounts of $8,900 and loans of $42,800.
The Farmers' State Bank of Stockdale, in Riley County, also was closed Co. 50 cents on the
dollar if the audit now in process reveals
to-day (Sept. 2). It had a capital of $10.000, surplus of $7,000, deposits
$32,600,re-discounts $8,179 and loans of $47,900. G.W.Price is President conditions as they were pictured to the Page officials during
the all-night conference which preceded the closing of one
and F. 0. Brown Cashier.
--4-bank and the opening of another. In announcing the
A small Kentucky bank, the Vine Grove State Bank of liquidation plans, V.-Pres. J. G. Nichols of the Page Trust
Vine Grove, closed its doors on Sept. 13 on the advice of Co. and W. B. Drake Jr., former President of the Raleigh
%V. A. Dickens, Deputy State Banking Commissioner, who Banking & Trust Co., issued the following statement:
Subsequently (Sept. 6) a dispatch from Topeka, Kan.,
to the same paper reported that two more banks were closed
on that date by order of their directors, one being the Piper
State Bank, an affiliated institution of the Basehor State
Bank, and the other the Farmers' State Bank of Stockdale,
Kan. This dispatch said in part:
had begun an examination of the institution's books the
previous day, according to Vine Grove advices Sept. 13 to
the Cincinnati "Enquirer," which went on to say:
The directors voted to liquidate. Frozen loans and withdrawal of more
than $20,000 in deposits in the last two months were given by Dickens
as the cause of the bank's difficulties.
Hope was expressed by the Deputy Banking Commissioner that depositors would be paid in full, while E. L. Crumes, President, said there was
a probability that something would be left for stockholders.
The Raleigh Banking & Trust Co. is concluding arrangements
with the
Page Trust Co. whereby the Page Trust Co. will open for
business in the
banking house of Raleigh Banking & Trust Co. to-day.
By authority of the Corporation Commission of North
Carolina, the
Page Trust Co. will liquidate the Raleigh Banking & Trust
Co., and
has made arrangements to make available for the depositors of the
Raleigh
Banking & Trust Co. 50% of their deposits as soon as the
necessary legal
and clerical details can be concluded. It is expected that
depositors
be paid in full and a substantial amount realized for the stockholders. will
The Page Trust Co. Is now operating nine banks and its coming
to Raleigh
will give it the tenth bank.
SEPT. 20 1930.]
The paper mentioned said in part:
1825
FINANCIAL CHRONICLE
came after
The decision to liquidate the Raleigh Banking & Trust Co.
and an orderly,
several flurries of withdrawals throughout the pastfew weeks
on June 30
but nevertheless steady run on Monday (Sept. 15). Whereas
of business
the bank had deposits totalling $2,167,180.28, at the close
Over
Monday the deposits were down to approximately $1,592,000.
Monday.
100 accounts, many of them large, were withdrawn on
Fearful, almost certain, of a disastrous run if the Raleigh Banking
had been
& Trust Co. opened its own doors yesterday, negotiations which
of the
started before were pushed with fervor by officers and directors
avoid a
bank in question as well as by officers of other banks, anxious to
night
complete collapse. Conference followed conference and Monday
not
negotiations narrowed down to the Page Trust Co. However, it was
had seemed for
until five o'clock yesterday (Tuesday) morning, after it
for
a while that an agreement could not be reached, that the arrangement
liquidation and the establishment of the new bank here were completed...
there will be rows of
ing plant. Where radiators would normally be placed
neat bookcases or files.
As to the bank itself and its development we quote the
following made available by the bank.
Kingdom and
Lloyds Bank Lim., one of the best known in the United
banks in the country, was
the representative of some of the oldest private
1865 by the amalgaestablished, in Birmingham, as a joint stock bank in
1765) and Messrs. Moilliet
mation of Messrs. Lloyds & Co. (established in
of the putting of the Lim& Sons. This arrangement was a direct outcome
were the foundation of
ited Liability Act of 1862. The two firms which
prospectus which was isthe new business had a high reputation, and the
Thus Lloyds Banking Co.,
sued met with a ready response from the public.
and its importance was
Lim., as it was then called, came into existence,
addition of the busiincreased some few months after its formation by the
of Wednesbury.
ness of the private banking firm of P. & H. Williams,
a continuous inDuring the whole of the bank's history there bee been
branch of the Raleigh Banking & Trust Co. at
The
natural growth, but the policy of amalgamation
on Sept. 16 and its liquidation crease in its resources from to do with its expansion. In the early days of
Apex, N. C., was also closed
has had a very great deal
will be a part of the liquidation of the parent concern, it its history, the bank absorbed, among others, the Warwick & Leamington
Coventry & Warwickshire
Banking Co., the Shropshire Banking Co. and the
was stated.
the counties of Ware stated that the Me- Banking Co., and had spread its operations well over
The paper mentioned furthermor
wickshire, Staffordshire and Shropshire.
when it was announced
chanics Savings Bank of Raleigh, of which W.B. Drake Jr.,
In 1884 a very important step was undertaken
Messrs. BosanPresident of the defunct bank was also President, opened that the businesses of Messrs. Barnette, Hoares & Co. and had offices in
been taken over. Both these firms
as usual on ,Sept. 16, but with a new President, former quet, Salt & Co. hadboth were connected by family ties and business relaLombard Street, and
Cashier Walter Durham,at its head, Mr. Drake's resignation tions of long standing with Lloyds Bank. This accession to its business was
and Mr. Durham appointed in his very considerable, and opportunities for expansion were greatly increased
having been accepted
place at a call meeting of the directors at 7 o'clock the by the advent to London.
which the combina• After a period of rest for about four years, during
same morning,
in 1888 recomtion of town and country business was solidified, the bank
absorption, and hardly a year passed for a long
the
An application to organize the Gulf National Bank of St. menced whichprocess of
that Lloyds had abdid not bring with it the annauncement
period
Petersburg, Fla., with capital of $250,000, was received by sorbed one or more of the private or joint stock banks of the country.
been taken over,
10.
Altogether about 38 private and 15 joint stock banks have
the Comptroller of the Currency on Sept.
being the Birmingham
amongst the most important of them since 1888
Worcester City & County, the Burton Union, the Liverpool
J. E. Webster, active in the iron and steel industry for Joint Stock, theHodgkin Barnett & Co., Messrs. Lambton & Co., the Devon
Union, Messrs.
the past 30 years, has been made a director of the Central & Cornwall, the Wilts & Dorset, and more recently the Capital & Counties.
of
in 1923 when the
National Bank in Los Angeles, according to an announce- The most recent amalgamation took placebankers, and Messrs.businesses
II. S. King
well-known army
ment on Sept. 10 by Frank C. Mortimer, President of the Messrs. Cox & Co., the a consequence Lloyds Bank now has several branches
& Co. were acquired. As
Institution. Mr. Mortimer said:
in India and Burma.
Street firms, the bank
of
Mr. Webster is General Manager of the Ducommun Corp., Chairman
After the amalgamation with the two Lombard
Allied Industries for the State of California, and was known for a few years as Lloyds, Barnette & Bosanquets Bank, Ltd.,
the Iron and Steel and
President of the Wholesale Metal Dealers' Association, which office he has but in 1889 this somewhat lengthy name was out down to the present
occupied for the past six years. He has been a resident of Los Angeles for crisp title of Lloyds Bank Ltd.
where the internal
the past 15 years, and has taken an active part in the civic and business
The first head office of the bank was in Birmingham
for the sake of conlife of the city.
administration was carried on for many years until,
venience, it was moved to London.
shown by quoting the folThe growth of the bank can perhaps best be
According to the San Francisco "Chronicle" of Sept. 14,
end of 1865 the offices of the bank numbered 14,
Will C. Wood, State Superintendent of Banks for California, lowing figures. At the
capital was £2,900,Its staff 50, and its shareholders 865; the authorized
announced the previous day that the Elsinore State Bank at 000, the amount paid up £143,415, and the reserve fund £18,415; the
advances to customers to £556,000, and
Elsinore, Calif., was closed by action of the Board of Direc- deposits amounted to £1,166,000,
sheet to just over £1,346,000. To-day the bank
tors Sept. 13 and turned over to the Superintendent of Banks the total of the balance In England and Wales, its staff number over 12,offices.
with the law governing such has nearly 1,900
capital is £74,000,
to be handled in accordance
000, and the shareholders about 65,000. The authorized
eases. The bank was capitalized at $50,000 and had total 000, the paid-up capital is £15,810,252, and the reserve fund £10,000,to £353,145,981, advances
31 last, deposits amounted
assets of about $250,000. Established in 1926 it has been 000. At the Dec. 4191,752,253 and the total of the balance sheet to
to
unable to make a profit, Mr. Wood was reported as saying. to customers
E431,182,518.
James T. McCall, of Montreal, was elected a director of
The annual report of the London & Eastern Trade Bank,
the Royal Trust Co. of that city a ta meeting of the directors
Ltd., London, covering the fiscal year ended June 30 1930
held Sept. 9. The Montreal "Gazette" of Sept. 10 said:
has just come to hand. It shows net profits for the period,
Mr. McCall is President of Drununond, McCall & Co., Ltd., iron and
doubtful debts, income
which ne founded in 1881, with the late George E. Drum- after making provision for bad and
steel merchants,
mond. He is also a director of the Canada Iron Foundries. Ltd.,and of the tax, expenses of management, and all other charges, and
MacKinnon Steel Corp., Ltd.
£32,595, the balance to profit and loss brought
He is Treasurer of the Monteal General Hospital and a member of the including
Montreal Broard of Trade.
forward from the preceding year, of £58,237. Out of this
recommended a dividend of 4%, less inThe new head office building of Lloyds Bank, Ltd., of sum the directors
£18,003, and the placing of
London, described by Professor C. H. Reilly, the great come tax, be paid, absorbing
of Liverpool, as £20,000 to the credit of inner reserve account, leaving a
architectural authority of the University
carried forward to the ensuing
"the most monumental of our English banks, not excepting balance of £19,637 to be
is situated in the heart of the year's profit and loss account. The directors, the report
the Bank of England itself,"
owing to the adverse conCity of London, with imposing facades to Cornhill and said, desired to point out that
A description of the new structure is ditions prevailing during the last 12 months a very conLombard Streets.
servative policy was followed, which resulted in a diminugiven, in part, herewith:
Both fronts are of Portland stone on a granite base, and rise from the tion of turnover and profit. The average amount of the
pavement level to a height of 80 feet to the top of the main cornice, bank's acceptances for the year was considerably less than
which, in the case of the Cornhill front, crowns a magnificent range of
previous year. It was only towards the end of
Corinthian columns. The whole design of the building has been treated that of the
the period under review that the figure exceeded the amount
in a classic manner to harmonize with the surrounding buildings.
The center portion of the building on the ground and mezzanine floor outstanding on June 30 1929 (£1,357,8113).
Is devoted to the great banking hall, a lofty, dignified chamber flanked
A comparison of the principal items from the balance
on all sides by monolithic marble columns. Incorporated in the design
of the rubber floor is a fine mosaic medallion by Mr. Gilbert Bayes, R.A., sheet as of June 30 1930 with the same items as of June 30
showing the "Black Horse" sign of Lloyds Bank.
1929 and 1928 follows:
public counters are of marble surmounted by a bronze grille. A
The
marble staircase at the west end of the hall connects all the floors of
the bank. There are 21 lifts in the building, 11 being for the use of
customers.
All the strongrooms are in the three basements of the building, which
also contain certain office accommodation and rooms for heating and
mechanical services.
Seventeen massive doors built of the finest steel guard the entrances to
the strongrooms. They each weigh fifteen tons, but they are so finely balanced that they can be moved with ease at a touch.
On the fourth and fifth floors are handsome suites of rooms for the
Chairman, the Board of Directors and the General Managers. The rooms on
the fourth floor, are executed in pine panelling after the manner of English Renaissance work of the 18th century.
There are no radiators or fireplaces in the building, which is heated
on the latest improved panel system emanating from a smokeless oil heat-
1930.
Liabilities—
and other accounts__ 1,218,035
Current deposit
Acceptances for customers (per contra) 1,586.529
600,C00
Paid-up capital
58.237
Profit and loss account
Assets—
bankers, money
Cash in hand and at
973.787
at call and treasury bills
95.093
Bills discounted
78,421
Sundry securities
balances_
728,971
Loans, overdrafts and other
Total figures
£3,462,801
1929.
1928.
1,125,432
1,357.816
800,000
81.795
1,150.451
1,712.851
600.000
37.408
928.422
76.658
89.527
692,618
883.284
72,984
82,773
748.818
.C3,145,043
33,501.510
is?;
FINANCIAL CHRONICLE
[VOL. 131.
Cotton Movement and Crop - of 1929-30.
Our statement of the commercial cotton crop of the United
States for the year ended July 31 1930 will be found below.
The crop was smaller than in the previous year and very
much smaller than the record crop raised three years ago.
It reached 14,630,742 bales, against 15,858,313 bales
last
year, 14,372,877 bales three years ago, but compares with
19,281,999 bales the record crop raised in 1926-27. Exports
from the United States were 6,840,636 bales, against 8,249,527 bales in 1928-29 and 7,835,691 bales in 1927-28. U. S.
spinners' takings were 6,750,665 bales, against 7,637,487
bales. The whole movement for the 12 months is given in
the following pages, with such suggestions and explanations
as the peculiar features of the year appear to require. The
first table shows the export movement for the past year
(1929-30) in detail, and the totals for each year back to
1920-21. The second table indicates the stock at each port
July 31 1930, 1929, 1928 and 1927, and the receipts at the
ports for each of the past four years.
From
Ports of-
NORTHERN AND SOUTHERN SPINNERS' TAKINGS in 1929-30 have been as follows.
Total crop of the 'United States,
as before stated
Stock on hand at commencement of
year (Aug. 1 1929)
At Northern ports
At Southern ports
bales_14,630,742
148,449
385.129-
533,578
Total supply during year ended July
31 1930
15,164,320
Of this supply there has been exported
to foreign ports during
the year
06,659,789
Sent to Canada direct from the West
189.847
Burnt, North and South (c)
25,000
Stock on hand end of year (July 31
1930)
At Northern ports
257.854
At Southern ports
1,290,165- 1,548,019- 8,413,655
Total takings by spinners in the United
States for year ended July 31 1930_ 6.750.665
Consumption by Southern spinners(Included
In above total)_ 5,005,412
Excess of Southern mill takings over consumptio
n
149,336-.5,154,748
Total taken by Northern spinners
a Not Including Canada by rail. c This is an estimate
of the census.
of foreign cotton. * These are United States Census figures.
Exports for Year Ended July 31 1930 to
Great
GetBritain. France. many.
The result of these figures is a total
crop of 14,630,742
&les (weighing 7,638,942,456 pounds)
for the year ended
July 31 1930, against a crop of 15,858,
313 bales (weighing
8,250,547,617 pounds) for the year ended July
31 1929.
d1,595,917
d Exclusive
Japan &
Daly. Russia. China.
Other.
1929-30.
Total.
1928-29.
1927-28.
Takings on Consumption
Bales.
Bales.
Bales.
947,360411,036 62,46. 703,717 560,541 3,955.108 North
-Takings
1,595,917
1,936,347 1,831,645
247,10. 187.856 68,5
215,427 108,082 1.177,178 South-Consump
tion
210,115 5,580
5,005,412
___
13,800
5.936 395,948
178,283 9,090
___
21,487
6,810 317,379 Excess of takings over consumption 149,336- 5,154.748 5,701,140 5,351.654
26,159
200
____
1,110
32,091
5
1,308
Total
67,810
a6,750,665 e7,637,487 d7,183,299
420 40,405 14.527 183,058
12,271 44,910
2,000 72,168
Erports__- 374 87,531
600
26.678 6.067
31,647_
2,497
10,171 58,373 Total, except to Canada by rail
6,650,789 7,984,824
7,617,457
482
50
5,513
7,027 To Canada by rail
189,847
264.703
235.798
122
1,262
157
229
Total exports
ii
3,610
6.840,636 8.249,527 7,853,255
52,086
541 65,853
47,269 1,460
____ 160,716
2.794 267,794
------- c28 482
.
c28,482 Burnt during year
25,000
17,600
22,000
_-__
____
d189,847 d189.847
TotaL _. 1,271,921 826,34• 1,799.068
Total distributed
,819129.021 1,240,267 907,1916.840.635
13,616,301
15.904.514 15.058,55
For'n cot.
4
Add-Stock increase (+) or decrease
t exported
(-),
10,205
together with cotton Imported
10,205
+1.014,441
-46,201 --685,677
Total all__ 1,271,921:
26,349 1,799,068666,819129,021 1,240.267 917.3966,850,841
Total in
Total crop
14.630,742 15,858,313 14,372,877
1928
-29_ 1,856,617801,7901,941,793724,406339,4571,516,355 1,085,180
.265,598
1927-28_ 1,446,849 96.5542,169,612697,98 13,2101,085.656
a Exclusive of 86,017 bales of foreign cotton consumed
1,143,3857,853,255
in tho South and 216,494
1926-27_ 2,582.439 10247622,952,846787,056506,958 1.835.3871
,550.95611,240404 bales in rest of country.
d Exclusive of 77,938 bales of foreign cotton consumed in
1925 26_ 2,290,989917,268 1,736,812745.868245,588
1924-25_ 2,546.272900,759 1,887,316733.824241,598 1,199,151 1,110,3408,246.016 the South and 219,506 bales in rest of country. e Exclusive of 69,069 bales of for
,
1923-24_ 1,719,135720,028 1,309,782553,061 184,711 573,780 1,032,7678,263,584 elgn cotton consumed in the South and 241.944 bales in the
rest of the country.
774,983 5,835,480
1922-23_ 1,285,92632,938 995,693 88.380
____ 647,835 817.1594.867,831
1921-22. 1,778,885771,794 1,471,717517,34
___ _ 913,479 884.5496,337,769
1920-21_ 1.751.784584.390 1.346.722 • 10.258
____ 737.317 875.854 5.806.325 COTTON PRODUCTION AND CONSUMPTION IN
THE UNITED STATES AND IN EUROPE.
a Includes 10,130 bales exported from Lake Charles, La. S Includes
exports
from San Diego and San Pedro. c Includes 4,237 bales exported from
Portland.
United States.
-In any analysis or study of the cotton
Ore., to Japan. d These are shipments by rail to Canada; In addition,
5,467 bales
went to Canada by water, making total takings of the Dominion 195,314
bales. crop statistics for the past season three points stand out
Texas _ _
.
.
Louis'na_a
Georgia,. Alabama_
Florida__
Mississippi
So.Caro_ _
No. Caro_
Virginia__
New York
Boston_ _ _
Baltimore
Philadera.
San Fran_
Los Angb_
Seattle_ _
.
ToCanada
567,009712,980
265,14. 87.007
159,470 1,047
93,422 8,287
4,732
____
1,253
59,713
183
12,987
___
54,810
100
4.219 8,741
882
100
1,140
72
8,916
•s I
49,291 6,264
---____
MIMI
1
Receipts for Year Ending
Pons
illof- i July 31 July 31 July 31
July 31
1 1930.
1929.
1928.
1927.
Texas_-4.957.1576,157,841 5,123.024 7,278.958
Loulsra _11,713,918 1,587,904 1,559,841 2,513,572
Georgia .. 534 5261 382,153 663.4311,205,603
,
Alabama.; 410,612 290,216 298,285 387,705
Florida__
32.157 14,190
11,693
16.625
Miss'iPpi
1,308
598
So. Caro.1 253,015 181,681 278,070 615,340
No. Carok 95,484 135,123 154,634 231,484
Virginia! 159,454 227,284 204,890
370,015
N. Y'k_a• 59,380 51,4
8.253
31.696
Boston _a1
2,193
3,906
8,547
41,852
Baltim're 33,063 63.917 73,824
90,231
PhIlala a
753
10
186
4,748
San Fran)
Los Ang_,
Seattle i
.
Tacoma _1
Port.,Ord
To Can
ID1-••••,..,
.2002 (Ittil n no0 00*0 201 *2010 207 0001
July 31 July 31 July 31 July 31
1930. 1929. 1928. 1927.
731,902258,844 280,798331.975
326,316 46.542 150,483 259.603
103,815 21,119 17,362 43.983
9,881 10,858' 3,635I 4,109
1,0981 1.0741
684 1,016
63,555 15,930
4,398 3,682
49,200 27,100
239,215141,154
5,917 1,142
500
500
5,176 4,350
98 6,948 1,3I38
-
16,211 20,878
11.8744,336
28,2001 32,000
58,642213,071
3,265 2,389
500
500
4,432 5,159
1.696 s".iii
..
-------
.
----
FAQ nt0 522 A70070 770927 900
a These figures are only the portion of the receipts at these ports
which arrived
by railLoverland from Tennessee. dm
If we now add the shipments from Tennessee and elsewhere direct to manufacturers, and Southern consumption,
we have the following as the crop statement for the four
years:
Year Ended July 311929-30. 192829. 1927-28. 1926-27
Receipts aftorts
bales_
Shipments from Tennessee, &c., direct 8,253,050 9,096,256 8,384,678 12,787,829
to mills
a1,372,280 1,060,917
636,545 1,061,059
v Total
9.625,330 10,157,173 9,021,223 13,848,888
Manufactured South: not incl. above_ 5,005,412
5,701.140 5,351,654 5.433.111
Total cotton crop for year-- bales 14.630.742 15.858.313 14.372.877
19.281.999
alIncludes 149,336 bales for excess of Southern mill takings over consumpti
on.
very prominently and demand consideration: (1) The size
of the crop and the distinction between the commercial
crop
(which forms the basis of all the statistics and tabulations
In this report and also the basis of all other compilations
for
the crop season), the distinction between the
size of this
commercial crop and the actual yield and production of
cotton as measured by the ginning returns of the
United
States Census; (2) the great shrinkage in the consumption
of cotton by the mills of the United States, and (3)
the
tremendous falling off in the exports of the staple from the
United States. Of the three factors this last is the consideration of greatest importance in its bearing on the
future, and is hence the feature demanding closest study
and the most careful analysis, especially since it is a point
in the situation with reference to which erroneous conclusions are most likely.
As a preliminary, however, it will be helpful to deal
with the first two of the three points enumerated, namely,
the size of the crop as far as the season's actual growth
Is concerned, as distinguished from the commercial crop
(which latter, as stated, consists of cotton reaching the
market or coming into sight at the marketing centers where
It can be counted), and the great shrinkage which occurred
In the consumption of the staple by American mills; that is
the home consumption of cotton. Our compilations make
1
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1827
the
slowly, then at a progressive rate, until at the end of
amazing extent and
season it had dropped to a perfectly
In August
in a way to furnish occasion for real concern.
g of the crop season) the Census
of last year (the beginnin
by the
returns showed 558,113 bales of cotton consumed
the United States as against 526,340 bales in August
mils of
ion was
of the previous year; in September the consumpt
in the same month
545,649 bales as against 492,307 bales
616,238
of 1928, and in October it was 640,798 bales against
will be seen, everything was going
bales. Up to this time, it
particularly
along well, and consumption in October was of
e. In November, however, production
gratifying magnitud
same month
fell to 544,150 bales against 611,173 bales in the
453,892 bales
the previous year, and in December to only
of
r the comagainst 533,301 bales. Each month thereafte
more unfavorable, until
parison 'with the previous year grow
nificance.
fell to only 378,835 bales
less In July the consumption in 1930
That the commercial crop of cotton proved so much
in July 1929, a shrinkage for that
against 547,165 bales
than the actual production is merely a reflection of the
bales, or over 30%.
is noteworthy. It arises out month alone of 168,330
conditions for which the year
and
reason for the falling off was perfectly plain,
The
of the fact that both the domestic consumption and the
trade
lay on the surface. The entire country was suffering
foreign exports of the staple were heavily diminished. As
consumpprostration of the most pronounced type, and the
the commercial crop represents the quantity of cotton comn shrank as a consetion of cotton goods by the populatio
ing to market or reaching the ports where it becomes visible
enormously
quence. The buying power of the people was
and can be counted, and as the demand for cotton both
losses were sustained by the drop in
reduced. Gigantic
on domestic and on foreign account was so greatly reduced
and those who suffered in that way natuinevitable that the amount of the stock market,
it was natural, and, indeed,
a
to curtail their expenditures accordingly. As
rally had
cotton coming to market should fall off. These variations
numbers of
result of the lessened industrial activity large
between the commercial crop and the actual growth or
army of
others were thrown out of employment; and the
.
production are nearly always in evidence, and only on
an inordinate degree. Profits
Idle workers was swelled to
occasions is there a close correspondence 'between the two.
sly declined or were wiped
year In all lines of business prodigiou
As it happens, one of those occasions was the crop
Everybody was poorer and of necessity was
out altogether.
immediately preceding, namely, 1928-29, when the commerhis outlays. The cotton goods industry
running bales and including linters, obliged to curtail
cial crop, stated in
even
the same as all other industries, and perhaps
suffered
reached 15,858,313 bales, and the actual growth, according
and factories
more so. The latter part of the season mills
to the ginning returns, re-enforced by the production of
production
undertook to restrict output in order to bring
linters, made a total of 15,563,640 bales of 500 pounds.
the lessened consumptive requiremore nearly in accord with
Because of this lack of any great variation in the figures
shut down
ments. Mills in the North, nearly everywhere,
for the previous season, it seems desirable to state again
shorter periods, until in July restriction
for longer and
what has been so many times pointed out by us in our
before—
was practiced to a larger extent than perhaps ever
reviews of the crop movements for previous years, that
ent
even then bringing about any marked improvem
without
market conditions and the course of prices, whether high
further
in the goods trade as indicated in our remarks
or low, and the demand for cotton on either domestic or
below on the goods trade for the season.
foreign account, or both, are important factors affecting
probable conThe point of importance now is as to the
and determining the size of the commercial crop, entirely
new season. The Census figures for Ausumption for the
apart from the actual growth, and it is conceivable that
have just been
gust 1930, the first month of the new season,
on occasions they may be far more important elements than
and are far from being of an auspicious charannounced
the actual growth itself. Speaking generally, however, In a
making the consumption for that month the present
n, attended by low levels of acter,
year of very heavy productio
August
year only 352,335 bales against 558,113 bales in
values, some cotton is likely to be held in reserve and a
for July. If we com1929—an even worse showing than
certain other amount of cotton is apt to be added to stocks,
bine these figures for August of the new season with those
while, on the contrary, in a year of short yield stocks and
for June and July of the season just passed, we find that
reserves are likely to 'be drawn upon, and by being thus
was
the consumption for three months combined in 1930
released and coming into view are calculated to swell the
donly 1,136,351 bales against 1,674,692 bales in the correspon
amount of the commercial crop which really means, as
showing a decline of 538,341
ing three months of 1929,
already indicated, the crop coming to market. In the season
bales. The contraction is of startling proportions, such as
under review reserves both as represented by visible stocks to furnish grave cause for uneasiness if the decline at that
and those commonly denominated invisible, were greatly rate is to continue. Fortunately, there seems no reason,
enlarged, as would 'be expected in a period of such adverse no sound, substantial reason, for thinking that the shrinkage
conditions as marked the course of the season—as will can continue at the same rate, or even that cotton consumpappear from our computation of the cotton carryover pre- tion for the remaining months of the season will be as low
sented in tabular form further along in this article.
as it was during the three months under discussion. Even
As concerns the great contraction in the domestic con- if there should be no early revival of general trade activity.
sumption of cotton, this was one of the unfortunate features upon which it will be well not to count with any great
of the year, and a very serious one. It came as a sudden confidence, the ordinary requirements of a population of
development, immediately succeeding the collapse of the 122,000,000 of people, even when lessened by trade depresgigantic speculation on the Stock Exchange in October of sion, are necessarily large, and there is a point in the
last year. The collapse caused a complete breakdown in downward turn beyond which the downward movement is not
industrial activity throughout the length and breadth of likely to go—in fact, cannot go—unless complete paralysis of
and the
the land. With this breakdown of the industrial machinery, the industrial machinery of the entire country occurs
ion immediately began to dwindle—at first whole population becomes destitute, which is unthinkable.
cotton consumpt
2
the commercial crop for the season of 1.929-30 14,630,74
lint cotton),
running bales (including linters as well as
which compares with 15,858,313 bales as the commercial
of
crop for the season preceding, thus showing a decrease
On the other hand, the actual growth of
1,227,571 bales.
cotton for the season of 1929-30, as determined by the
United States Census ginning returns, including in this case
-pound
also the production of linters, was 15,862,073 500
production in the
bales, which compares with an actual
-pound bales, showing in
previous season of 15,563,640 500
in the size of the crop of 298,433 500this case an increase
pound bales. In the one instance it will be observed we
have apparently a diminished production to deal with; in
the other a somewhat enlarged production. The difference
Is easily explained and is really devoid of any special sig-
1828
FINANCIAL CHRONICLE
(vol. 131.
For the whole of the cotton season 1929-1930 the con- has just made public its prelimina
ry report of the consumpsumption of cotton in the United States was 6,918,327 bales, tion of cotton throughout the world for the half-year ending
including linters, which compares with 7,970,334 bales in July 31 1930, and for the full 12 months of the season end1928-29, 7,614,292 bales in 1927-28, and 7,995,668 bales in ing on the same date, and these statistics serve to throw
1926-27. It will be seen that the falling off the past season a revealing light on the true facts of the situation. In the
first place—and this will come as a revelation to most
from the preceding season was a full million bales, and that
people, not excepting a good many economists and statisprior to 1929-30 the consumption ran close to 8,000,000 bales ticians—there
has been no shrinkage at all in the cotton
a year for three successive years. It does not seem likely consumption of the outside world,
notwithstanding the trade
that in the immediate future the country can again count depression of which we hear so much.
In truth, the world's consumption of all kinds of cotton
upon consumptive requirements in the neighborhood of
8,000,000 bales a year. During the whole of that period in recent years has remained remarkably steady in face of
the past season's big falling off in our home consumption
we were living in an era of reckless and extravagant exof cotton. According to the compilations of the Interpenditures, fostered by the unbridled speculation on the national
Federation, the world's cotton mill consumption
Stock Exchange, which has now become a thing of the past. for the 12 months ending
July 31 1930 (including, of course,
During all this time there was unquestionably overcon- the cotton consumption of the United States)
was 25,209,000
sumption in all classes of goods, and this overconsumption bales against 25,882,000 bales in 1928-29, 25,540,000 bales
induced production on a scale commensurate with the over- in 1927-28, and 25,881,000 bales in 1926-27. This shows, it
stimulated industrial requirements. It apparently did not will be noticed, surprisingly little variation in the total consumption of cotton by the entire world (including the United
cause overproduction, as measured by the scale of consumpStates) through the whole of the four years. The past
tion in that period—speaking of the country's industries season's
consumption was 673,000 bales less than that of
as a whole—since inventories never grew excessive.
the previous season, but this was in face of the decrease of
On the other hand, consumption now—we mean con- 1,052,007 bales in the consumption of the mills in the United
sumption for legitimate needs—even on a normal basis would States. It follows that outside the United States cotton
be inadequate to absorb the overstimulated production of consumption the past season, notwithstanding trade depresthe period referred to, and inventories would quickly in- sion, actually increased in amount of 379,000 bales.
That is an important truth that should be driven home
erease if any such scale of production were attempted.
everywhere—a truth full of significance and meaning in its
These are self-evident truths. But the fact is the country bearing upon
the export movement of the new or current
has now passed to the other extreme. Instead of over- season. Obviously as the consumpti
on of cotton outside
consumption, it seems safe to affirm that we are now having, the United States suffered no decrease from that of the
and for some time have had, underconsumption. This last previous season, but actually showed an increase of 379,000
Is the state of things which, for the reasons already stated, bales, the falling off in our exports during the 12 months
of 1,408,891 bales cannot be ascribed to diminished cotton
cannot continue indefnitely, even though trade revival be
consumption on the part of these outside countries. What
long deferred. As just shown, cotton consumption for June.
does account for the huge contraction in our export moveJuly and August was down to only 1,136,351 bales for the ment of the
staple? The explanation is very simple. Other
quarter, which is at the rate of only 4,545,000 bales f3r sources of supply were used in substitution
for American
a year. It seems not over-confident to say that any such cotton. The story is an interesting one, and the part it
low consumptive requirements for the country's population played in the past year's cotton situation should not pass
of 122,000,000 represents subnormal consumption, which without emphasis nor the lesson which it teaches be overlooked. As a graphic way of revealing the changes which
must soon give way for at least normal requirements, even
occurred in the sources of cotton supply, we introduce here
though these normal requirements do not measure anywhere a four-year
comparison of the sources of supply, the figures
near up to the requirements of the ante-panic period. It is being taken from the
compilation of the International Fedthis latter fact that carries the certainty of increased cotton eration for the present and previous years:
consumption in this country, over and above the extremely WORLD CONSUMPTION OF COTTON OF ALL KINDS AS COMPILED BY INTERNATIONAL FEDERATION AT MANCHESTER.
low figures recently reached, in the near future.
The really bright spot in the cotton situation at the
1929-30.
1928-9.
1927-8.
1926-7.
. Bales Irrespective
moment is the promise, the definite assured promise,
of Weight.
it
Bales.
Bales.
Bales.
Bales.
would seem, of a revival of the export demand for our American cotton
13.023,000 15,076.000 15.407,000 15,780,000
East Indian cotton6,087,000
5.178.000
4,623,000
cotton. The export shipments of cotton from the United Egyptian cotton
5.196.000
937,000
989,000
956.000
1,005,000
Sundries
5,162,000
4.639.000
4,654,000
3,900.000
States the past season were only 6,840,636 bales against
All kinds ofcotton
25.208 non 25.882.000 25.540.000 25.881.000
8,249,527 bales in the previous season, showing a falling off
Note.—The figures in this table relate to lint cotton only
and do not
Include linters
of no less than 1,408,891 bales. Even as compared
with
The foregoing is in the highest degree illuminating and
1927-28, when the exports suffered a sharp reduction and
convincing. The world's consumption of American cotton
were no more than 7,835,691 bales, the past season's exports
the past season (including that consumed within
the United
show a loss of almost a million bales, while as compared
States) was only 13,023,000 bales against 15,076,000 bales
with the extraordinarily heavy export movement of 1926-27,
in 1928-29, 15,407,000 in 1927-28, and 15,780,000
bales In
when no less than 11,223,439 bales of cotton went out,
the 1926-27. On the other hand, the consumption of
East Infalling off in the past season's export shipments is
over dian cotton the past season, according to
the Federation
4 1/3 million bales.
,
statistics, was 6,087,000 bales against 5,178,000 in the previOn their face such comparisons apparently bespeak a very ous
season, and 4,523,000 bales in 1927-28. In other words,
low level of cotton consumption abroad, and as the story is
during the last two years the consumption of American
constantly being dinned into our ears that trade depression cotton
was diminished in amount of 2,384,000 bales, while,
is not confined to the United States, but is world-wid
e, a on the other hand, the consumption of East Indian cotton
hasty conclusion from these unfavorable comparative figures
increased in amount of 1,564,000 bales and there was, at the
would be that the heavy losses thus disclosed in our export same
time, an increase of 508,000 bales in the consumption
movement of cotton must be ascribed merely to poor trade of sundry
other kinds of cotton.
in the consuming countries of the outside
world, and hence
It is well known that this great diminution in the foreign
that we shall have to await restoration
of trade activity consumption occurred in face of a steady decline
in the
abroad before we can hope for the old-time demand
for our market price of cotton, which finally dropped to
inordicotton. That, however, is a conclusion not
warranted by nately low figures—the lowest, if we take the
spot price
the actual facts of the situation, and, indeed,
may be char- of cotton in the New York market as a basis,
since 1915,
acterized as an absolutely erroneous deduction
, in sharp fully a dozen years ago. East Indian cotton is
cotton of
conflict with the real truth. The Internati
onal Federation the cheaper and lower grades. American
cotton is imof Master Cotton Spinners' and Manufacturers'
Associations mensely superior to it. Why should American
cotton, in
SEPT. 20 1930.]
FINANCIAL CHRONICLE
every way to be preferred over East Indian cotton, have to
yield place to the latter with the price of American cotton
dropping lower and still lower? If the market price had been
maintained unchanged it might not have been deemed
strange that the cheaper grade of Indian cotton had been
bought in substitution for American cotton. As it was,
however, the price of American cotton kept constantly going
down, and towards the close of the season descended at a
swiftly accelerating pace. Why, in these circumstances,
should American cotton have lost the market to Indian
cotton? "Thereby hangs a tale," it might well be said
in answer.
The answer is very simple, too. The market price of
cotton declined with great rapidity the latter part of the
season, but the decline came too late to be of help in the
export movement. It came after foreign consumers had
made their purchases of the greater part of the year's supplies. The Federal Farm Board, projected into the arena
during the summer of 1929, became very active in the
autumn of that year, and in the endeavor to aid the Southern
cotton planter, agreed to make advances on his cotton up to
16c. a pound at designated Southern points through the
cotton co-operative associations. The Southern planter was
quick to accept the offer. The Farm Board was very
Insistent that cotton planters should not throw their cotton
upon the market at the then prevailing prices, which were
about 6c. a bale higher than the prices reached towards
the close of the season. Here is the very assuring statement issued by the Board under date of Oct. 21 1929. It
Is placed on record at this point because it was decidedly
the most important event of the whole season, and its effects
were far-reaching. It is well enough to remember that at
the time this statement was promulgated the country was
already in the throes of the stock market panic, though it
may be doubted that the Board had any conception of the
serious consequences that were to flow from that catastrophic event:
"The total supply of American cotton is less than last
year, consumption continues at a world rate equal to that
of last year, unfilled orders and actual sales of cotton goods
are more and stocks are smaller than last year, yet the
price of the raw product is less. The Board believes that
this unsatisfactory price level is chiefly due to the open
fall weather, which in most of the Southern States has
led to exceptionally rapid marketing by producers in
amounts much greater than the markets of the world can
temporarily absorb. This, in turn, has led to lack of
confidence in cotton values.
"The Board believes that the remedy lies in more orderly
marketing. In order to assist cotton farmers to hold back
their crop and at the same time have money with which to
pay their obligations, the Board proposes to lend to cotton
co-operatives qualified as borrowers under the Capper-Volstead Act sums sufficient to bring the total amount borrowed from all sources by such associations to 16c. per
pound on graded and classified cotton, basis middling %-inch
staple, less proper deductions to cover freight to port concentration points.
"With respect to the 10 designated Southern spot markets,
the loan per pound will be approximately as follows: Norfolk, Va., 16.54c.; Augusta, Ga., 16.35c.; Savannah, Ga.,
16.28c.; Montgomery, Ala., 15.64c.; New Orleans, La.,
16.59c.; Memphis, Tenn., 15.39c.; Little Rock, Ark., 15.41c.;
Dallas, Tex., 15.34c.; Houston, Tex., 16.19c.; Galveston, Tex.,
16.39c., and at all other concentration points on the same
basis, less proper freight and other expense adjustments.
"The cotton co-operatives are now borrowing certain sums
for advances to members from commercial banks, the Federal Intermediate Credit banks and the Federal Farm Board.
The Board will make supplemental loans to the co-operatives in amounts sufficient to make the average total loan,
with differentials as stated, 16c. a pound for the entire
cotton belt."
The foregoing statement left no doubt of the purpose and
attitude of the Farm Board, and unquestionably strengthened the market price of the staple, though the effort to
sustain price proved futile in the end, as it was bound to be.
The important point is that in holding up the price at the
height of the export season It undoubtedly deterred purchasers of American cotton for foreign account. The spot
1829
price of cotton in the New York market on July 31 1930,
the last day of the past crop season, was down to 12.55c.,
but through the whole of August, September and October
of last year the price ranged between 18 and 19c. a pound,
lower
and even in the middle of January it was quoted no
2
/
than 171c., which was 5c. a pound higher than the price
opening
at the end of the season. The time between the
middle, or the end of January, conof the season and the
of
stitutes the period of the heaviest export movement
been allowed to take their natural
the staple, and had prices
course during this period the export movement of cotton
would also have taken a natural course and proceeded in a
free and untrammeled way. Doubtlesssome concession in price
have
would have been necessary, but the concession would
later
been small alongside the huge decline which occurred
when support from the Farm Board virtually disappeared.
The cotton planter implicitly followed the advice of the
Farm Board in not pressing his cotton for sale. Instead,
of the
he accepted in a very accommodating spirit the offer
make advances on his cotton up to 16c. a
Farm Board to
time
pound. The result was that in a very short space of
4
/
found itself with 13 million bales of cotthe Farm Board
ton on its hands. This it is still withholding from market,
and, indeed, is obliged to withhold, since any attempt to
dispose of such a large stock of cotton at a time when the
new crop is coming to market could not fail to eventuate
in disaster. Suppose, now, this 1% million bales had been
allowed to find its way to the foreign markets in the usual
course, at whatever concession in price might have been
necessary, how different the outcome of the season in
every way!
It did not take very long for the Farm Board to lose
faith in its own reassuring utterances of Oct. 21. Only a
little over two months later, that is, on Jan. 6 1930, the
Board shifted its position and issued a warning against
overproduction of cotton for the new season. It no longer
thought that the only requirement was more orderly marketing, but now insisted that the planter must do something himself in his own behalf in effecting his salvation,
by reducing his plantings for the new season, that is, by
cutting down the acreage devoted to cotton. The planter,
however, had a mind of his own, and did not acquiesce
in the injunction to .reduce acreage in the accommodating
spirit in which he turned his cotton over to the Farm Cooperatives at 16c. a pound. In its warning of Jan. 6 the
Board spoke without reserve, saying to the cotton growers•
"Some cotton farmers think that because the Federal Farm
Board has been lending to Co-operatives at an average of
16c. a pound on middling %-inch staple of the 1929 crop,
the Board means to see to it that the price will be at least
that much for the crop of 1930. This is not so. The Federal Farm Board cannot protect farmers when they deliberately overplant. What the Board will do to help in
marketing next year's crop will depend upon what farmers
do at planting time." As it appeared that the injunctiou
to make a substantial cut in the acreage for the new season
would not be heeded, the Farm Board may be said to have
virtually withdrawn, and, in this state of things, with foreign exports tapering very rapidly, and home consumption
fast dwindling, the price fell with great rapidity, though
the biggest break did not occur until the final two months
of the season, namely, June and July, and then the damage
to the export movement had been irretrievably done.
It does not follow, however, that because the export movement the past season was so small, owing to the absence
of the necessary price inducement, that the export shipments in the new season will be equally low, now that the
price at the beginning of the export season is highly attractive and such as to induce foreign purchases on a large
scale. Virtually every leading country took less cotton
from the United States the past season than in the preceding
season, and most of them less than in any other recent year.
To show how general the falling off was, we may note that
Germany, which, as in all other recent years, took more
cotton from the United States than any other country in
the world, took only 1,799,068 bales, against 1,941,793 bales
In 1928-29; 2,169,612 bales in 1927-28, and 2,952,846 bales
in 1926-27. Great Britain took 1,271,921 bales as against
1,856,617 bales; 1,446,849 bales, and 2,582,439 bales in the
three years, respectively, preceding. Japan took 1,0
91,107
bales against 1,288,619 bales, 957,983 bales, and 1,560,840
1830
FINANCIAL CHRONICLE
[VOL. 131.
bales. France took 826,349 bales against 801,790 bales,
In the prospect that the experience of 1926-27 will be
896,554 bales, and 1,024,762 bales. Italy took 666,819 bales repeated during 1930-31,
there lies the greatest promise
against 724,40d bales; 697,989 bales, and 787,056 bales. And for the immediate
future to the American cotton planter.
these comparisons might be extended through the list of all The East Indian
crop will move out on a correspondingly
the other countries.
reduced scale, as it did on the former occasion, not being
It seems quite certain that during the new season the able to compete
with American cotton at such low levels of
exports will again increase and not unlikely increase in a values, besides which
India apparently has had cotton to
very spectacular fashion. Spot cotton in New York is spare. Later
on during the current season business in
now selling well below 12c. a pound, and at that figure it the United
States may be expected to revive, even if there
may be said to be on the bargain counter. The foreign is no probability
of its getting back to the state of activity
consumer knows this, and is sure to act accordingly. At the prevailing before
the panic. The holdings of the Farm
proper price level no other cotton can compete with Amer- Board will in the
meantime, we may suppose, remain intact,
ican cotton, least of all Indian cotton, which is the source since the Farm Board
will have no alternative but to hold
of the cheaper grades of the staple. As was pointed out on, awaiting the
return of permanently better times in the
in our "Cotton Acreage" report issued June 28, foreign ".otton market.
consumers are the shrewdest buyers in the world, often
As having an intimate bearing on the export movement
ready to buy in advance of immediate needs when oppor- of American
cotton, the shipments from other leading cottontunity offers-all the time eager for bargains, and ready growing countries
are of decided interest. Of these other
to avail of them with the greatest avidity when obtainable. cotton-producing countries,
India stands foremost. From
This was conclusively shown following the enormous crop the returns of the
Manchester Federation of Cotton Spinraised in 1926, when the product proved the largest on ners it appears
that the mills of the world consumed
record, falling only a little short of reaching 18,000,000 6,087,000 bales of
East Indian cotton in 1929-30, against
bales (exclusive of linters), and when prices slumped so 5,178,000 bales
in 1928-29; 4,523,000 bales in 1927-28, and
badly, reaching an extremely low level, and yet not as low 5,196,000 bales in
1926-27. Our own returns with respect
as on the present occasion. The whole cotton trade was in to the commercial
movement of East Indian cotton conutter despair at the time, and it. seemed as if the country firm these figures
in showing increased shipments of East
would not be able to get rid of its burdensome supply for Indian cotton
during the period under consideration. The
years to come. But the foreign consumer came to the rescue, table we now
introduce indicates the exports from all India
and took cotton on a scale never before witnessed.
for each of the past nine seasons:
It is not too much to expect that the experience on this
EXPORTS FROM ALL INDIA TO
former occasion will 'be repeated during the current season,
Great
ContiJapan &
Season Ended July 31and cotton once more flow out in prodigious volume. The
Britain.
neat.
China.
Total.
1929-30
balm of 400 lbs_ 270,951
1,549,591
2,113,234
3,933,778
export movement is already running well ahead of that for 1928-29
229,969
1,482.678
2,204,636
3,917,268
the early part of last season, the export shipments from 1927-28
220,757
1,298,943
1,605,542
3,125.242
72,301
840,620
Aug. 1 to Sept. 12 the present year having been 644,265 1926-27
1,924,037
2.838,958
1925-26
172,517
1,089,707
2.512,877
3,775.101
bales against 478,666 bales in the corresponding period of 1924-26
199.618
1,245,005
2,455.157
3,899.780
the previous year and 526,731 bales in the same period of 1923-24
287,345
1,531,490
1.623.759
3,442,584
1922-23
223.948
1,077.873
2,278.858
3,680.679
1928. As indicating with what freedom foreign mills indulge 1921-22
70.629
899,222
2,280,688
3,250,539
in the buying of American cotton when aroused to the
The foregoing reveals some facts of decided interest. It
opportunity it is only necessary to note what happened in
will be observed that in 1926-27, when the United States
1926-27, when, as already stated, prices dropped to such excrop was of such prodigious size and prices fell to such
ceedingly low levels and yet levels not quite as low as those
ridiculously low figures, the export from India dropped
now prevailing. From 8,251,459 bales in the season of
from 3,775,701 bales in 1925-26 and 3,899,780 bales in 1924-25
1924-25, and 8,234,705 bales in the year 1925-26, the exports
to only 2,836,958 bales in 1926-27. This shows that in such
ran up to 11,223,439 bales in 1926-27. This was an increase,
a state of things India cotton was unable to hold its own
it will be seen, of, roughly, 3,000,000 bales in a single year.
and was supplanted by American cotton. After that, howEvery leading country increased its takings of cotton in a
ever, the exports from India again increased, rising first
most notable fashion, the shipments to Germany running
to 3,125,242 :bales in 1927-28, and then to 3,917,263 bales in
up from 1,736,812 bales in 1925-26 to 2,952,846 bales in
1928-29, and 3,933,776 bales in 1929-30. It may seem strange
1926-27; the exports to Great Britain from 2,290,989 bales
that there was little further increase in the cotton exports
to 2,582,439 bales; to Japan from 1,083,912 bales to 1,560,840
from India in the latest season, seeing that the consumption
bales; to France from 917,268 bales to 1,024,762 bales; to
of East Indian cotton showed such a large further addition,
Russia from 245,588 bales to 506,958 bales, and so on all
but that simply serves to reveal another very interesting
through the list. Even India, such a large exporter of its
feature, namely, that the increased consumption was in
own cotton, but cotton far inferior, as already said, to
considerable measure at the expense of stocks, both mill
that of the United States, took 299,170 bales in 1926-27
stocks and port stocks of Indian cotton being smaller than
against next to nothing in preceding years, the shipments a year
ago.
to India in 1924-25 having been only 2,291 bales, and in
While the bulk of the exports of East Indian cotton
1925-26 17,463 bales. The Orient alone-Japan, China and
always goes to Japan and China, and more especially to
India-took considerably in excess of 2.000,000 bales of
Japan, it should not escape notice that the exports to the
American cotton in that year; in fact, actually took 2.134,577
Continent of Europe have been steadily increasing, rising
bales. To show at a glance the small size of the export shipfrom 840,620 bales in 1926-27 to 1,298,943 bales in 1927-28,
ments of the late season and the very large size of the 1926to 1,482,678 bales in 1928-29, and Ut 1,549,591 bales in 1929-30.
1927 shipments we introduce here the following table:
The exports of East Indian cotton to Japan and China,
COTTON EXPORTED FROM THE UNITED STATES.
after having increased from 1,605,542 bales in 1927-28 to
2,204,636 bales in 1928-29, were somewhat lower in 1929-30
To1929-30.
1928-29.
1927-28.
1928-27,
1925-26.
at 2,113,234 bales. It will be of interest, however, to go a
Bales.
Bales.
Bales.
ROM
Bales,
Germany
1,799,068
1.941,793 2.169.612 2.052,848 1.736.812 step further and analyze the returns of the imports of
Great Britain
1,271,921
1,856,617 1.446,849 2,582.439 2,290.989
Japan
1,021,107 1,288.619
957,983 1,560.810 1,083.912 cotton into Japan, which has become such an important
France
801.790
828,349
806,554 1,024.762
917,268 consumer of cotton in recent years, with .the view to seeing
Italy
666,819
724.406
697,989
787.056
745)369
Rumla
129,021
339,457
413,210
506.058
245.588 from what other sources Japan obtained her cotton. The
Canada
270.464
195,314
230,435
270.063
259.957
Spain
269.439
254,198
309,495
338,880
31)3.776 figures are not available for the same period, but cover the
China
219.160
227.736
127,673
274,547
115.239
Belgium
months ending June 30, which, though, is close enough
182,802
222,596
228,512
316,830
228,038 12
Holland
137,595
168,869
149,442
1473,414
124.400 for the purpose of
Portugal
a general survey, which is all that it is
48,905
42,809
30,917
41.711
27,010
Sweden
43.917
41.401
43,117
57.780 . 49.470 intended to make here. The East India
Mexico
movement above
10,957
20,790
15,212
2.035
40.130
Denmark
19,107
14,872
41,496
was stated in bales of 400 pounds. The Japanese import
35.979
:35.302
India
100
5,975
209,170
66.700
17.463
Norway
5,858
3,462
3.350
3,170
3.590 figures are in piculs of 133 pounds, a picul being, roughly,
Greece
225
827
4.400
6,191
1.505 one-third
New Zealand
the size of an East Indian bale. We have added a
358
462
9
14
kfrica
568
448
269 line at the end in which the total
kustralla
imports are given also in
15
280
10
225
400
3ther countries
7,274
6.425
2.540
4,812
8,777
bales of 500 pounds, which is the basis for so many of the
Pm.;darn...
69441 ARA
9940 R97
9 050 an, II 00, Agn
0 954 7nn
American statistics:
Years Ended June 30Imported Into Japan from:
India
United States
China
All other countries
1929-30.
Pietas.
4,935,510
4,089,367
753.949
482,308
1928-29.
Pietas.
4,962.445
5,607,667
709,864
374,187
1927-28.
Pietas.
3,880,767
3,940,603
1,269,736
108,557
1928-27
PicuIs,
5,416,968
5,352,969
803,459
360,603
Total imports into Japan
10,261,134
11,654,143
9,199,663
11.933,999
500-lb.Bales. 500-1b.Bales. 500-1b.Bales. 500-lb.Bales.
3.173.936
2.456.310
3,100,002
2,739,723
Equivalent In 500-1b. bales__
The most striking fact in the foregoing is that it shows
that Japan, in contracting her imports from all sources
from 11,654,143 picuis in 1928-29 to 10,261,134 piculs in
1929-30, took nearly the same amount as in the preceding
year from India and somewhat larger amounts from China
and other countries, but reduced her importations from the
United States from 5,607,667 piculs in 1928-29 to 4,089,367
piculs in 1929-30.
Another important source of supply is Egypt. The contributions from that country the past season were somewhat
reduced. In other words, the exports from Egypt, after
having fallen from 1,026,286 bales in 1926-27 to 903,496 bales
in 1927-28, and then increased to 1,081,293 bales in 1928-29,
fell back to 864,072 bales in 1929-30, as is shown in the following table giving the details of the Egyptian movement
for the past four seasons. Egyptian bales are of large size
and weigh about 750 pounds.
ANNUAL STATEMENT OF THE EGYPTIAN COTTON CROP.
(Interior
Season
1928-29.
Season
1929-30.
Years Ending Julie 31.
Total receipts
weight)
1831
FINANCIAL CHRONICLE
SEPT. 20 1930.]
Season
1927-28.
Season
1929-27.
gross
cantors *8,397,396 *8,034,943 4.091,204
8,680,237
Bales.
143,501
151.832
ExportsTo Liverpool
To Manchester
Bales.
187,143
188,465
Bales.
168,787
177,802
Bales.
241,249
200,405
295,333
375.878
346.589
441,854
To France
To Spain
To Portugal
To Italy
To Switzerland
To Austria
To Czechoslovakia
To Poland
To Germany
To Holland
To Belgium
To Greece
To R1L93114
To Turkey and Sweden
126,868
34,186
1,306
58,032
42,376
7,9'24
22,444
7,557
66,421
1.090
4,704
791
50,972
788
146,320
28,063
1,138
74,214
44,766
7,907
24,604
9,508
64,918
2,594
6,737
662
56,344
243
112,431
22,873
636
44.461
47.082
5.477
43,011
4,680
• 38,238
4,946
2,958
1,456
69.030
792
116.852
23,985
1.051
47,187
52,927
8.932
54,690
6.659
48.354
5,132
4.553
2,325
11,961
556
Total to Continent
425,459
466,018
398.071
383.164
To United States of America
102,052
193,402
123.133
158,761
41,228
45.995
35.703
42,707
864,072
1,081,293
903,496
1.026,286
6,480,539
7.961,020
Total to Great Britain
To India and China
Total to all Port,
Equal to cantars
6.655.754 7.803.737
This season's and the two previous seasons receipts are net weight.
must obviously also be taken into account. Such stocks
constitute a supply additional to the carryover of American cotton. From the statistics compiled by the International Federation of Master Cotton Spinners' and Manufacturers' Associations it appears that the mill stocks of
foreign cotton during the late season were reduced somewhat. We bring the figures together in the following table,
and they show that there were 2,513,000 bales of foreign
cotton on hand in the mills throughout the world on July 31
1930, against 2,784,000 bales on July 31 1929, and 2,675,000
bales on July 31 1928.
STOCKS OF FOREIGN COTTON AT MILLS.
July 31
1930.
Effil Stocks.
July 31
1929.
July 31
1928.
July 31
1927,
July 31
1928.
Bales.
Bales.
Bales.
Bales.
Bales.
East Indian Cotton242,000
179,000
290.000
342,000
418,000
European mills
1,429,000 1,329,000 1,329,000
1,192,000 1,395.000
Asiatic mills
10,000
4,000
5,000
14,000
21,000
Canada,United States,&r
8.000
3,000
4,000
10,000
36,000
Elsewhere
Egyptian Cotton
124,000
139,000
116,000
143,000
153,000
European mills
30,000
27,000
19,000
19.000
15,000
Asiatic mills
45,000
41,000
33,000
62,000
65,000
Canada,United States,&c.
2,000
3,000
2.000
4.000
4,000
Elsewhere
Sundry Cotton
341.000
278.000
340,000
299,000
203,000
European mills
212,000
137,000
262,000
241,000
281,000
Asiatic mills
156,000
180,000
132,000
145,000
92,000
Canada. United States.do.
30,000
31.000
43.000
60,000
33,000
Elsewhere
2 513(100 2.734.000 2.675.000 2.351.000 2.529.000
flvonft *Mal
In addition, however, to the mill stocks of foreign cotton
there are also considerable stocks of foreign cotton at the
different ports in Europe, Asia and Africa. And here there
has been some further increase the past season. Figures
regarding these stocks of foreign cotton at the different
ports in Europe, Asia and Africa are furnished every week
by us in our weekly statement of the Visible Supply of
Cotton throughout the world, and from that statement for
the end of July we reproduce the following comparative
table concerning these stocks for the last five years. It will
be observed that the port stocks of foreign cotton altogether
were 2,313,000 bales July 31 1930 against 1,972,000 bales
July 31 1929, and 1.934,000 bales July 31 1928,
STOCKS OF FOREIGN COTTON AT PORTS.
July 1930. July 1929. July 1928. July 1927. July 1926.
East Indtan,Brazil.rte.Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, Ac.. afloat_
Stock In Alexandria, Egypt
Stock in Bombay.India...
Tm.sf tr.,» TorlIn krt
Bales.
247,000
Bales.
334.000
Bales.
379,000
17,000
30,000
66,000
55,000
80.000
124,000
114.000
128,000
142,000
104,000
120.000
86,000
215.000
223.000
476,000
958,000 1.000,000 1,182.000
15.000
58.000
98,000
127.000
319.000
621,000
14,000
73.000
62,000
144,000
205,000
525,000
Bales.
461,000
Boles.
391,000
_ 2.313.000 1.972.000
1.934.000 1.572.000 1.402.000
CARRY-OVER OF COTTON INCREASED.
Owing to the greatly reduced home consumption and the
prodigious falling off in the exports, the carryover of American cotton at the end of the season is found to be much
larger than at the end of the previous season. Including
linters, the carryover July 31 1930 stands at 6,888,584 bales,
against 4,918,523 bales on July 31 1929, and 5,526,486 bales
on July 31 1928. Even after the late season's increase, however, the total is far below that on July 31 1927, when the
carryover aggregated no less than 8,163,588 bales. And
that is a fact that should be borne in mind. Full details
appear in the table which we now append:
It thus appears that in addition to the carryover of
6,388,584 bales of American cotton on July 31 1930 there
were 2,513,000 bales of foreign cotton at the mills throughout the world and 2,313,000 bales of foreign cotton at the
ports, making the grand total of the carryover of cotton of
all kinds 11,714,584 bales. This compares with 9,624,523
bales on July 31 1929 and 10,135,486 bales on July 31 1928,
but 12,086,588 bales on July 31 1927. In tabular form the
comparisons are as follows:
CARRY-OVER OF AMERICAN COTTON AT END OF SEASON.
Bales.
Bales.
Bales.
Bales.
Bales.
SummaryDarrY-over of American .._ 6,888,584 4,9:8,52-3 5,526,486 8,163,588 5,869,973
Carry-over of foreiga2,513,000 2,734.000 2,675,000 2,3.51.000 2,529,000
At mills
2,31.3,000 1,972,000 1.934,000 1.572.000 1,402,000
At ports, &r
Lint.
In U.S. consuming establishments
In U.S. public storage, ac
At Liverpool
At Manchester
At Continental Ports
Afloat for Europe
Mills other than In United States (6)
Japan and China ports and afloat•
Elsewhere In United States (a)
Total lint cotton
Linters
In U. B. consuming establishments
In U.S. public storage, &e
Elsewhere in United states (a)
Total linters
July 31
1930.
July 31
1929.
July 31
19'28.
July 31
1927.
Bales.
Bales,
Bales,
Bales.
1,047,946 932,311 934,653 1,325,215
2,803,80k 922,489 1,155,855 1,802.797
245,000 375,000 452.000 884.000
44,000
47.000
46,000 111.000
432,000 428,000 658,000 853,000
123,000 160.000 185,000 240,000
937.000 1,197,090 1.181.000 1.731.000
300,000 250.000 325,000 375,000
470,000 275.000 335,000 535.000
8,402,747 4,587.893 5.272,508 7.857,012
238.747
87,090
160,000
187,204
58,422
85,000
159,409
44.569
50,000
198,745
52,831
55.000
485,837
330,630
253,978
306.576
Grand total
6,888,684 4,918,523 5,526,488 8.163.1E8
a As estimated by United States Census. • Estimated. b Taken from the
of the International Federation of Master Cotton Spinners and Manucompilations
facturers' Associations.
The foregoing figures deal solely with American-grown
cotton. But there are also considerable stocks of foreign
cotton-East Indian, Egyptian, Peruvian, &c. To make
the survey entirely complete these stocks of foreign cotton
CARRY-OVER OF COTTON OF ALL KINDS
July 31
1930.
July 31
1929.
Job/ 31
1928.
July 31
1927.
JUlf 31
1926.
Grand total of alL--. 11.714,•84 9,624,623 10,135,486 12.086.588 9.800.973
Treated in this way, that is, by including within our inquiry foreign cotton as well as American cotton, the showing is much the same as in the other case-that is, while
the carryover is larger than in either 1929 or 1928, it falls
well below that for July 31 1927.
THE COTTON TRADE OF THE UNITED STATES.
The past cotton season has seen two extremes In the
textile business. At the end of August 1929 there was a
prospect that was more promising than any which had been
seen for a long time. Mills had been able to establish a
certain amount of stability, which bred greater confidence
on the part of the buyers. It seemed that, after many years,
the impossible had been achleved-that cotton mill executives had come to their senses both with regard to merchandising and with regard to general disposition toward each
other. However, that little feeling of confidence probably
1832
FINANCIAL CHRONICLE
[Vol,. 131.
was the direct result for much of the suffering and disaster duction going on. Business during
the month of July
which has marked the current calendar year thus far, par- dropped to a further new low level. The
month of August
ticularly during the past several months.
probably saw the low point in prices on a great many goods,
Production of cotton fabrics continued heavy right to the principally the print cloths. The prices reached, in most
end of 1929—and even to the early part of 1930. This excep- instances, were below the bottom
of the big decline in 1921;
tional pace was maintained even though it was obvious to as a matter of fact, most of
the prices reached during the
the layman that the time had passed when good judgment month of August, in print
cloths, had not been seen since
would permit such volume of output.
1914-1915. It is not difficult to understand the predicament
It is estimated that, in yardage, production of cotton fab- in which many mills to-day find
themselves. Having bought
rics, or rather production of cloth by cotton mills in the considerable cotton at 16 to 17c.—and
also probably higher—
United States during 1929, exceeded that of any previous and awning sizable stocks of cloth made of
this cotton, mills
year on record, including the famous twelve months' period saw the cotton market drop 5 and
6c. a pound, and they
of 1927. During 1927 the tremendous production was con- saw cloth prices drop to
levels which it had not been
sidered justified, on the basis of the low price at which mills believed possible that we would see
in this age. Prices on
had been able to buy their cotton. However, the history some cloths, at times, got several cents a pound below
cost
of 1929 will not show any such basic reason.
of production, based on the current cotton market. So it
By the early spring of 1930 it became evident that a can be seen what this condition has meant to mills which
serious situation was ahead, and that something drastic owned cotton bought at least several cents
a pound above
would have to be done in order to prevent stocks from the current market.
piling up too much. This decision was not reached, howThe past year has played havoc among cotton mills
ever, until after the accumulations of merchandise in the throughout the South, with almost
the same devastation
hands of the mills had reached proportions which were stag- which was experienced In New England
during the several
gering, under the conditions. Comparisons were made with years previously. New England
had seen a slaughter that
previous periods of depression, when mills carried huge was stupendous. In
the spring, before the situation had
stocks on hand, but the situation this time was decidedly reached its worst, many of
the important cotton machinecy
different. Buyers had learned new ways of operating, they houses made it clear that for
the first time in their careers
had learned methods of carrying on their business with they were not willing
to grant credit to a great many mills,
much less stocks than was ever true before. They knew in connection with new machinery. Also, that there
were
that the mills were carrying tremendous quantities of many other plants to whom they would not give even parts
merchandise, and therefore, with the splendid transporta- of equipment without being paid cash first. Several of the
tion facilities of to-day, it was not necessary to do anything large and important Southern mill organizations were known
else but merely notify the seller at a moment's notice when to be financially embarrassed, and had to seek the assistance
a few more goods were wanted.
of banks to extend the period of their indebtedness, and
We have heard a great deal about "hand-to-mouth" buy- thereby avoid complete annihilation.
ing since the war, but not in all this time has anyone ever
For the first time in history a number of these smaller
seen this policy carried out to such an extreme as has been cotton mills were
offered at auction sales, without anyone
done during the year 1930 to the present time.
making any bids at all. The stage was reached in the mill
The entrance of the Federal Farm Board into the picture, business, during the past year,
where it seemed almost
this season, undoubtedly has cost the cotton mills consider- impossible to interest money for
mill investment in any
able money. Possibly some of the mills which to-day find sort whatsoever. This picture, as
just presented, is an
themselves in precarious or hopeless financial condition can extremely important one, and it explains,
probably in more
trace a good deal of their plight to the impression gained than small measure, why, when cotton dropped to
11c., that
early in the season, that when the Government endorsed the many mills which might have wanted to
do a fair amount
loaning of 16c. a pound on cotton, this represented the lowest of buying were unable to do so. They
had become so
price which cotton could reach for that period. So generally financially embarrassed that their
existence had been somewas this accepted among mill men, as well as among others what of a day-to-day affair.
In the cotton trade, that the 16c. price would be the bottom
At this writing it is safe to say that the distress among
—inasmuch as the Government was loaning money on that the mills, if it has not yet been fully seen must be approachbasis, that when cotton dropped to 17c. early in the spring ing its end, especially as the market has improved. Neverthere was considerable buying by mills, and this kept on, theless, a few mills are still in the position when nothing
when cotton dropped further to 16c. It seemed as though can help them, and where it is merely a matter of running
this was the thing to do. For some years the mill that could along as well as they can for the time being.
buy its cotton "right" was able to make some money, inasFor many years there had been a conviction on the part of
much as it seemed so difficult, and often impossible, to a great many that mills in the South would not be afflicted
make any profit on the manufacturing. And now the oppor- by the financial troubles that had visited New England,
tunity seemed propitious for buying cotton.
and it was a bitter pill to swallow with the awakening
But as the spring came to a close the business conditions of the new condition that ability in management
counted
of the country began to show the effects of the depression, for more than anything else, and that locations had
advanand as the summer started these effects became more and tages which depend entirely on the management.
more pronounced. Everything seemed to retard the cloth
New Bedford has felt the pinch this year, In a way that
market, and, at the same time, raw cotton also tumbled. many thought, even up to a year ago, was not possible.
A
We had fallen deep into a buyers' market. Prices kept number of the mills which had been regarded for
ages as
sliding right along. The month of May brought a startling sound and able to withstand any period of difficulty
closed
revelation, from the point of view of decline in the amount their doors, and liquidated. Fall River had been
for the
of current business, and also increase in the amount of last few years the center of all eyes in New England,
bestocks on hand. It was then that the mills realized fully cause of the mortality rate in that section,
but, relatively,
there was no longer any alternative, but they would have New Bedford now has suffered as much, if not more. It
is
to take the most drastic step they had ever taken—to cut strange to write this record of New Bedford's mortality
down production. A great many mills closed down two rate during a year which was considered one of the most
weeks during May, and this kept on through June, and on bnportant for cotton dress fabrics, which have always been
through July, and then on into August. Never in the history New Bedford's specialty. However, there
is this to be
of this country has a movement been so widespread in considered: For the last several
years the cotton dress
the cotton textile industry, nor so seriously taken. There fabrics business has changed by reason of
the tremendous
seems to have been a new sense of duty and obligation that demand for printed fabrics. The
use of prints had made
has been absorbed by many of those mill executives who it possible for converters to use
carded cloths instead of
during all of the years past had played a "lone" game. combed cloths. It was no longer
necessary to go to New
The stocks of goods seemed mountain high; it looked as Bedford far dress fabrics. Print
cloth mills were able to
though they might never be reduced. The fact is that, based make many items that would fit into
the converters' wash
upon the amount of day-to-day business, it probably would fabric lines. For a while heavier goods, such as piques.
have taken a long while to make any impression on the were in demand, and this also took a great deal of business
stocks as long as there was a fair amount of current pro- away from New Bedford. Incidentally, while on the sus--
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1833
going
ject of piques, this is one of the early favorites in cotton a certain amount of the price-cutting which has been
which cost the converters, as well as the mills, on. A few mergers did take place, but, considering the
dress fabrics
a great deal of money. The change in the style scared many entire picture, these did not form any significant indication.
It seemed that the greatest amount of attention in the
of the converters, and they started cutting prices on piques
before the goods had a chance, and ruined a perfectly good efforts to bring about mill mergers was in the fine goods
division. Several plans were on foot, particularly in New
fabric as well as a very promising market.
At all events, New Bedford had been feeling the trend Bedford, to get a great many of the mills there under one
caused by the printed fabrics for the past several years, head. Numerous ways were attempted, but they did not
and the mills had been reaching a point where it was a seem to make any concrete headway. Several times when
question whether they should liquidate and conserve their it was thought that some of these mergers were about
present assets or go on and liquidate later on for much less. completed something happened and the whole thing was
The fact that rayons were so big this year, as they had upset. The most important organization that has been
been in New Bedford even last year, has also had a harmful worked out in the fine goods division is the Berkshire Fine
effect. All of these big New England mills have their own Cotton Spinning Associates, which expanded during the
cotton spinning, which in some instances was idle, or running past year to take in additional mills. Fine goods executives
only to a small extent, because the mills used so much have felt that their problems were so keen that they had
to do something either to get production down materially
rayon yarn.
Whereas this has been a fatal year for fine goods mills or to bring about some unified control for the general good.
and fine goods converters, the retailers have had a harvest. To give an idea as to how serious fine goods people regard
Throughout the season the mills and the converters were their position it is necessary to state that they are discussing
constantly dumping goods, so that the retailers, who were the wisdom of drastic curtailment schedules for the whole
having a good business, merely came into the market and of next year, and maybe longer than that.
This has been a fairly hard year for mills making work
picked up what they wanted at their own prices, without
clothing fabrics, such as denims for overalls, and khakis
having to change their quotations to the public materially.
There will probably be some financial statements at the for overalls and other kinds of work garments, and for
end of this fiscal year which will show up well, but these chambrays for shirts. The shutting down of factories, and
with many industrial plants going on part time, this resulted
are not going to be very numerous.
Early in the year the sheet and pillow case situation in tremendous unemployment among laborers and hit the
attracted a great deal of interest. Mills made low prices work clothing business very hard. Denim mills cut their
-but an unexpected com- production heavily, because of this condition, and for a
-to stimulate trade
on these goods
petition developed, in the course of which mills started to while, even though prices dropped to the lowest levels in a
increase their discounts on these goods, and, for a while, great many years, the amount of interest was very limited.
there was a real panic in this branch of the market. Of The situation in work shirts was probably even worse.
all the stupid merchandising which the cloth market has Those shirt manufacturers having prison labor contracts
ever witnessed it is doubted whether there was ever any- found it necessary to keep on turning out a certain amount
thing to beat that just mentioned, in sheets and pillow cases. of daily production, by reason of their prison contracts,
It was all because some mills had more stock than they regardless of the fact that the market did not need the
could carry, and in the effort to force sales, and thus merchandise, and, in order to move these goods, prices were
cut severely, to the general handicap of all.
relieve themselves, they went to extremes.
The mills making blankets have not had a good year,
pretty hard to look forward to the end of this year,
It is
but the present prospects for the entire market are that but their average perhaps has been better than that of
stocks of goods among the mills by the end of the calendar many others. Most of these mills have kept their production
-lower than we have down from the very first of the year, so as not to have any
year will be at a pretty low point
known in a great many years. This is likely because mills surpluses, and they have handled their merchandising in a
are determined to operate on a very small basis during very sensible way. On the other hand, buyers of blankets
September and October, and, starting with November, night have been more cautious than usual, and the buying has
shifts in many plants will be eliminated for an indefinite been carried on in extremely close fashion ever since the
period. It maybe that we have seen the first big move lines were opened.
Another very interesting observation is the fact that this
in the direction of probably cutting out night work in the
South. The tendency has been in this direction for some is probably the first year that the selling houses, repretime, and the extreme exigency of the situation this year senting the mills, have suffered severely. In the past it has
has compelled many who could not previously see this always been the mills who •stood the brunt alone. But
during the past year, with prices dropping so low, and
kind of reasoning to get a new view.
With all of this curtailed production following the short- with the volume of business off considerably, those houses
ening of output during the months of May, June, July and depending upon commissions found their gross income reAugust, and also "considering the fact that 'business is on duced greatly. Efforts were pretty general to lower overthe increase, it is reasonable to assume that the point will head by eliminating part of their organization, or by cutting
be reached where prices on cloth will be stimulated some- salaries, but this only relieved a little, and did not cure the
trying position in which the selling houses have been
what by reason of the position thereby created.
Looking forward into the year 1930, from 1929, the expec- this year.
As indicating the course of values of cotton goods from
tation had been that the organization work by the labor
unions would be a very important factor in the South. The week to week during the season, we introduce here the
fact is that many of the important mills, where it had been Fairchild index numbers, which show for each week (1) the
known the union organizers were concentrating, had looked weekly average Price of middling upland spot cotton in New
for trouble. However, while the union workers have been York; (2) the weekly average price of gray goods; (3) the
busy, their activities have had no significance so far as weekly average price of finished goods, and (4) the weekly
the market was concerned, or so far as the general develop- composite price of cotton goods:
ments in the South were concerned. With so many mills
running only half time, and quite a few operating on smaller FAIRCHILD COTTON AND COTTON GOODS INDEX PRICES.
schedules than that, workers considered themselves lucky
Average
Average Composite
to have jobs, and any thought of going on strike was
Date.
Gray
Spot
Finished
Cotton
Cotton.
Goods.
Goods.
eliminated. Toward the middle of summer a number of
Goods.
1999.
mills shut do tvn completely, issuing statements that until
Week Ended
conditions changed to make it profitable to operate, they July 5
18.31
9.160
19.308
12.825
18.46
12
9.162
19.221
12.795
would not reopen.
18.59
19
9.159
19.173
12.775
18.88 9.252
19.135
12.821
A great deal has been said during the past year about Aug. 26
18.93
2
9.331
19.115
12.865
18.72 9.398
9
mergers of commission houses and of mills, but the progress
19.115
12.907
18.12
16
9.420
19.038
12.894
direction has been comparatively small. It
18.63
23
made in this
9.421
19.010
12.884
18.88
30
18.933
12.863
Is known that very serious efforts were made to get a Sept. 6
19.29 9.433
9.454
18.952
12.884
13
19.00
9.465
18.919
12.879
great many of the commission houses together with the
20
18.67
9.498
18.833
12.869
27
18.61
9.524
18.756
12.858
Idea of cutting down overhead, and of being able to eliminate
1834
FINANCIAL CHRONICLE
Date.
192" .
Week Ended
Oct. 4
11
18
-----------
Nov. 1
1.
Dec
2g
6
13
20
27
1910.
Jan. 3
10
17
24
31
Feb. 7
14
11
Mar. 7
14
21
28
Apr. 4
11
18
25
May 2
9
16
213
29
June 6
13
20
27
July 3
11
18
25
Aug. 1
8
15
22
29
Sept. 5
=012
Spot
Colton.
Average
Gray
Goods.
Average
Finished
Good.
Composite
Cotton
Goods.
9.549
9.567
9.564
3.549
12.887
12.899
12.897
12.888
12.891
12.889
12.810
12.750
12.670
12.555
12.452
12.346
12.308
12.332
12.286
12.258
12.248
12.210
12.122
12.086
12.084
11.906
11.540
11.257
11.126
11.140
11.159
11.161
11.136
11.094
11.070
11.065
11.047
11.040
11.010
10.945
10.851
10.747
10.656
10.627
10.543
10.419
10.410
10.335
10.262
10.165
10.005
9.931
9.965
9.938
18.92
18.75
18.19
18.25
18.22
17.64
17.30
17.68
17.45
17.43
17.29
17.08
17.31
9.551
9.438
9.350
9.219
9.061
8.962
8.852
8.792
18.795
18.795
18.795
18.795
18.795
18.795
18.776
18.766
18.776
18.737
18.628
18.529
18.529
17.32
17.20
17.47
17.36
16.81
15.98
15.74
15.55
15.16
14.71
14.35
15.38
15.91
16.53
16.65
16.28
16.18
16.43
16.52
16.43
16.43
16.24
15.98
15.09
13.78
13.55
13.62
13.21
13.20
13.04
12.69
12.91
12.28
11.25
11.54
11.45
11.29
8.829
8.790
8.746
8.720
8.661
8.544
8.488
8.485
8.416
8.285
8.157
8.147
8.169
8.178
8.181
8.143
8.076
8.103
8.096
8.068
8.058
8.044
7.089
7.912
7.760
7.618
7.583
7.555
7.484
7.469
7.415
7.309
7.169
6.972
6.921
6.986
6.968
18.529
18.471
18.471
18.490
18.490
18.452
18.452
18.452
18.082
17.298
16.742
16.395
16.395
16.433
16.433
18.433
16.433
16.318
16.318
16.318
16.318
16.259
16.175
16.050
16.031
16.031
16.011
15.829
15.613
15.613
15.501
15.486
15.467
15.371
15.255
15.216
15.192
The Decline in Prices the Past Season.
A feature in the foregoing table is the big decline shown
in the price of the raw material, cotton. As against an
average price of 18.31c. for the week ending July 5 1929,
at the beginning of the season, the average for the week
ending Aug. 1 1930, the end of the season, was only 12.69c.,
and in the new season thus far still lower prices have been
reached. The history of the cotton market reveals few
instances of such a severe collapse in market values as this.
It is worth noting, however, that the really serious break
did not begin until the latter part of January, after the
Federal Farm Board, reversing its policy, began to show
its lack of faith in the future of cotton values, by insisting
that planters must cut down their acreage for the new crop.
The decline in the raw material, of course, carried goods
prices also, as the above table shows. In the following we
show the New York price of spot cotton for each day of the
season of 1929-30, compiled from the records of the New
York Cotton Exchange:
PRICES OF MIDDLING UPLAND SPOT COTTON IN NEW YORK,DAILY
FOR SEASON OF 1929-30.
Month
AU/. Sept. Oct. Moo. Dec. Jan. Feb. Meo. Ayr. May June July
and Pear. 1929. 1929. 1929. 1929. 1929 1930. 1930. 1930. 1930. 1930. 1930. 1930.
Days.
1
2
3
'4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
c.
c.
e.
c.
c.
c.
c.
e.
c. c.
e.
e.
19.20 Sun. 19.15 18.10 Sun. Hol. 16.50 15.10 16.65 16.70 Sun. 13.65
18.85 Ho!, 18.95 18.05 17.30 17.45 Sun. Sun. 16.55 16.60 16.15 13.60
19.00 19.55 18.90 Sun. 17.55 17.30 16.10 15.00 16.80 16.40 16.00 13.60
Sun. 19.25 18.90 17.90 17.50 17.30 16.20 14.90 16.60 Sun. 15.90 Hol.
18.90 19.10 18.90 Hol. 17.35 Sun. 16.15 14.60 16.70 16.65 16.90 13.60
18.95 19.20 Sun. 17.30 17.50 17.05 15.75 14.50 Sun. 16.55 15.85 Sun.
18.95 19.16 19.00 17.35 17.40 17.05 15.20 14.15 16.75 16.45 15.70 13.30
18.35 Sun 18.65 17.60 Sun. 17.15 15.40 14.05 16.65 16.60 Sun. 13.15
18.10 19.35 18.65 17.50 17.20 17.45 Sun. Sun. 16.60 16.55 15.20 13.20
17.95 18.95 18.75 Sun. 17.35 17.35 15.75 14.00 16.65 16.55 15.25 13.30
Sun. 18.75 18.75 17.30 17.30 17.50 15.90 14.30 16.55 Sun. 15.10 13.10
18.10 18.80 Hol. 17.00 17.25 Sun. Hol. 14.55 16.56 16.30 14.80 13.20
18.30 19.00 Bun. 17.20 17.25 17.55 15.80 14.50 Sun. 16.55 14.50 Sun.
18.15 18.70 18.35 17.30 17.25 17.45 15.85 14.70 16.35 16.35 13.95 13.10
18.00 Sun. 18.35 17.50 Sun. 17.45 15.90 14.85 16.00 16.35 Sun. 13.20
18.20 18.70 18.25 17.75 17.00 17.40 Sun Sun. 16.30 16.50 13.45 13.15
18.35 18.70 18.00 Sun. 17.05 17.45 15.65 15.05 16.20 16.50 13.55 13.15
Sun 18.60 18.00 17.50 17.15 17.25 15.65 15.55 Hol. Sun. 13.70 13.40
18.75 18.65 18.00 17.75 17.10 Sun. 15.40 15.45 Hol. 16.30 13.95 13.65
18.85 18.65 Sun. 17.80 17.00 17.55 15.40 15.50 Sun. 18.40 14.05 Sun.
18.50 18.55 18.05 17.70 17.25 17.40 15.30 15.85 16.00 16.50 13.70 13.15
18.65 Bun. 18.50 17.55 Sun. 17.45 Hol. 15.95 15.85 16.45 Sun. 13.15
18.65 18.40 18.15 17.60 17.25 17.30 Sun. Bun. 16.30 16.40 13.50 12.90
18.70 18.45 18.40 Sun. 17.25 17.30 14.90 15.95 16.50 16.30 13.25 12.65
Sun. 18.85 18.40 17.55 Hol. 17.30 15.10 15.80 16.25 Sun. 13.45 12.75
18.65 18.70 18.40 17.40 17.40 Sun 15.15 16.00 16.20 16.20 13.80 12.95
18.70 18.70 Sun. 17.30 17.40 17.20 15.35 16.00 Bun. 16.20 13.60 Sun.
18.90 18.70 18.25 Ho!. 17.30 17.20 15.30 16.00 16.20 16.20
19.05 Sun. 18.10 17.40 Sun 16.65 ____ 16.10 16.30 16.30 13.70 12.75
Bun. 12.65
19.25 18.75 18.35 17.35 17.30 16.25 _.... Sun. 16.60 Hol. 13.55 12.45
19.35
1510
17 25 IR R1S
15.45
Ilnl
12 FA
High.
C
.
1929-30
19.55
1928-29
21.65
1927-28
23.90
1926-27
19.20
1925-26
24.75
1924-25 -----33.60
1923-24
87.65
1922-23
31.30
1921-22 ..-_23.75
1920-21
40.00
1919-20
43.75
1918--10
38.20
1917-18
36.00
1916-17
27.65
1915-16
13.45
1914-15 -----10.60
1913-14
14.50
1912-13
13.40
1911-12
13.40
1910-11
19.75
1909-10
16.45
Dow
C.
12.45
17.65
17.00
12.15
17.85
22.15
23.50
20.35
12.z,u
10.85
28.85
25.00
21.20
13.35
9.20
7.25
11.90
10.75
9.20
12.30
12.40
[VOL. 131.
Average
High.
C.
C.
16.60 1908-09
13.15
19.73 1907-08
13.55
20.42 1906-07
13.60
15.15 1905-06
12.60
20 38 1904-05
11.65
'24.74 1903-01 .____17.25
31.11 1902-03 ___-_13.50
26.30 1901-02
934
18.92 1900-01
12
17.95 1899-1900 -1034
38.25 1898-99
6%
31.04 1897-98
834
29.65 1896-97
8%
19.12 1895-96
9%
11.98 1894-95
751
8.97 1893-94
899
13.30 1892-93
10
12.30 1891-92
81.1.
10.83 1890-91
1234
15.50 1859-90
1234
15.37 1885-89
Hsu
Low
C.
9.00
9.90
9.60
9.85
6.85
9.50
8.30
71.i.
81ta
634
5s,.
533).
711e
7314
599
611.4
The
6111,
8
1034
934
Average.
C.
10.42
11.30
11.48
11.20
9.13
12.58
10.26
9.1.
934
OH
631.
65;.
711,.
834
tThe
7114
8 14
,
794
934
1The
10 16
,
In the following table we also show the price of printing
cloth, 28-inch, 64 x 60, at Fall River each day of the season.
DAILY PRICES OF PRINTING CLOTHS(28 INCH,64 x60) AT FALL RIVER
FOR SEASOI, OF 1929-30.
Month
Aug. Rut. Oct. Nov. Dec. Jan. Feb. Mar. Apr. May June July
and Year. 1929. 1929. 1929. 1929. 1929. 1930. 1930. 1930. 1930. 1930. 1930. 1930.
Days.
I
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
28
27
28
29
30
31
C.
C.
C. C.
C.
C.
C.
C.
C. C.
C.
C.
5% Sun. 534 534 Sun. Hol. 5
454 4% 4% Sun. 434
5% Hol. 534 5% 594 5
Sun. Sun. 434 434 41: 434
534 534 534 Sun. 534 5
5
4% 4% 454 454 434
Sun. 514. 534 5% 5% 5
454 434 4% Sun. 434 Hol.
534 534 554 Hol. 534 Sun. 4% 4% 4% 434 4% 434
534 5% Sun. 514 5
5
434 434 Sun. 434 434 Sun.
53, 5% 534 5% 5
5
4% 434 4% 4% 4% 434
5% Bun. 534 534 Sun. 5
4% 4% 4% 434 Sun 434
534 5% 534 5
5%
5
Sun. Bun. 4% 494 4% 4%
5% 534 534 Sun. 5
5
43.4 4% 494 4% 434 4%
Sun. 5.34 534 534 5
5
434 434 454 Sun. 434 4%
534 534 Hol. 514 5
Sun. 43.4 414 4% 4% 434 434
534 5% Sun. 534 5
5
4% 414 Sun. 4% 434 Sun.
5% 5% 534 5% 5
5
4% 434 4% 454 434 434
5% Sun. 534 534 Sun. 5
5
434 434 434 Sun 4%
534 53
Sun. Sun. 4% 4% 4% 434
5% 534 5
5
534 534 534 Sun. 5
5
4% 4% 434 414 4%
5
Sun. 5% 5% 534 5
5
5
434 434 Sun. 434 4%
5% 534 534 5% 5
Sun. 5
435 4% 4% 434 4%
534 534 Sun. 5% 5
5
4% 434 Sun. 494 434 Sun.
5.14 5% 534 534 5
434 414 4% 4% 434 4%
5
514 Sun. 514 534 Sun. 5
Hol. 434 4.34 4% Sun. 4%
514 534 534 534 5
Sun. Sun. 434 434 414 4%
5
534 514 554 Sun. 5
5
4% 434 434 4% 4% 4%
Sun. 514 534 5% Hol. 5
434 4% 454 Sun 434 4%
514 5% 534 5% 5
Sun. 434 434 434 434 434 4%
534 534 Sun. 534 5
5
431 434 Sun. 414 414 Sun.
5% 534 534 Hol. 5
6
434 434 4% 414 434 434
53.4 Bun. 514 534 Sun. 5
____ 454 454 4% Sun. 4%
534 5% 5'4 554 5
5
__-- Sun. 434 Ho] 414 4%
534 --__ 514 ...„ 5
5
____ 434 ____ 41
, --_ 4%
We likewise subjoin the following compilation to show the
range of prices of printing cloths for a series of years. Like
the table above it sets out the highest and lowest quotations
for 64 squares 28-inch printing cloths at Fall River and covers
each of the last 34 seasons
-1895-96 to 1929-30, inclusive.
High. Low.
High.
Cts.
Cu.
1929-30-- 5% 434 1917-18---14.00
1928-29._ __ 594 5
§ 1916-17-- 8.00
1927-28....
5
1915-16-- 4.25
1926-27._ 634 53 1914-15-- 3.50
1925-26._ 7.05 5.00 1913-14.... 4.00
1924-25-- 7.75 6.75 1912-13.... 4.06
1923-24._ 8.75 6.88 1911-12.... 4.00
1022-23.....,. 8.75 6.88 1910-11-- 3.88
1921-22-- 7.12 4.75 1909-10-- 4.25
1920-21---14.00 4.82 1908-09.... 3.62
1919-20-17.50 11.00 1907-08-- 5.25
1918 19--13.00 6.75 1906-07-- 5.25
-
73(
Low.
High
Cu.
Cts.
7.25 1905-06._ A.81
4.25 1904-05.- 3.50
3.25 1903-04._ 4.12
2.88 1902-03._ 3.37
3.62 1901-02____ 3.25
3.75 1900-01.... 3.25
3.12 1899-00.- 3.50
3.62 1898-99.... 2.75
3.62 1897-98- 2.62
3.00 1896-97.... 2.62
3.00 1895-96-- 3.06
3.38
Record of Middling Upland Spot Prices
of
Cotton
Low.
Cu.
3.37
2.62
3.00
3.00
2.37
2.37
2.75
1.94
1.94
2.44
2.44
in
Liverpool.
The following table shows the prices of middling upland
spot cotton in Liverpool for each day of the past season:
DAILY CLOSING PRICE OF MIDDLING UPLAND IN LIVERPOOL.
THE COTTON TRADE IN EUROPE.
Very unfavorable conditions continued to prevail in the
To indicate how the prices for 1929-30 compare with those
for earlier years, we have compiled from our records the fol- cotton trade throughout Europe during the 12 months
lowing, which shows the highest, lowest and average prices of ending with July. In most countries there has
been a tenmiddling uplands in the New York market for each season.
dency for mill curtailment to increase and unemployment
4
Month
Aug. Sept. Oct. Nov. Dec. Jan. Feb.
and Year. 1929. 1929. 1929. 1929. 1929. 1930. 1930 Mar. Apr. May June July
1930. 1930. 1930. 1930. 1930.
Days.
a,
d.
d,
d.
d.
d.
d. d.
d.
d.
d.
d.
1
10.66 Sun. 10.29 9.88 Sun. Hol 8.87 8.51 8.73 8.78 Sun. 7.60
2
10.65 10.54 10.49 9.89 9.60 9.46 Sun. Sun. 8.80 8.65 8.58 7.57
3
Hol- 10.64 10.32 Sun. 9.56 9.53 8.92 8.38 8.74 8.60 8.54 7.61
4
Sun. 10.68 10.28 9.86 9.67 9.46 8.67 8.33 8.85 Sun. 8.43 7.63
a
Hol. 10.47 10.35 ____ 9.64 Bun. 8.76 8.28 8.76 8.45 8.27 7.64
6
10.59 10.46 Sun. 9.65 9.58 9.45 8.70 8.14 Bun. 8.53 8.34
7
10.55 10.51 10.36 9.47 9.67 9.43 8.60 8.18 8.81 8.51 Hol- Sun.
7.66
8
10.52 Sun. 10.37 9.58 Sun. 9.42 8.37 7.98 8.74 8.49 Sun. 7.57
9
10.16 10.47 10.23 9.59 9.64 9.44 Sun. Sun. 8.66 8.63
7.59
10
10.12 10.49 10.22 Sun 9.51 9.58 8.43 7.90 8.77 8.59 Hol. 7.60
8.06
11
Sun. 10,32 10.28 9.50 9.59 9.50 8.54 7.88 8.76 Sun. 8.04 7.73
12
10.10 10.27 10.20 9.46 9.53 Sun. 8.62 8.06 8.68 8.56 7.98 7.62
13
10.17 10.32 Sun 9.22 9.47 9.60 8.57 8.02 Sun 8.65
14
10.24 10.83 10.18 9.39 9.47 9.60 8.69 8.05 8.66 8.62 Hol. Bun.
Hol. 7.56
lb
10.15 Sun. 10.07 9.56 Sun. 9.56 8.78 8.21 8.51 8.52 Sun. 7.58
16
10.10 10.22 10.08 9.67 9.42 9.50 Sun. Sun. 8.43 8.54 7.61 7.65
17
10.15 10.28 10.06 Bun. 9.31 9.49 8.68 8.15 8.61 8.60 7.50 7.64
18
Sun. 10.31 9.94 9.71 9.37 9.48 8.0.4 8.23 Bo!. Sun. 7.55 7.68
19
10.21 10.22 9.89 9.60 9.41 Sun. 8.57 8.39 110f. 8.63 7.71 7.87
30
10.41 10.31 Sun. 9.81 9.38 9.43 8.40 4.37 Sim. 8.52 7.81 Sun.
11
10.38 10.31 9.93 9.83 9.54 9.45 8.47 4.54 TIM 8.57 7.76 7.83
12
10.28 Sun. 10.04 9.76 Sun. 9.47 8.40 4 7, 7.o3 8.60 Sun. 7.68
I3
10.32 10.24 10.13 9.71 9.45 9.48 Sun. bun 8.48 8.67 7.57 7.78
3
10.36 10.29 9.98 Sun. 9.45 9.40 8.34 8.50 8.70 8.63 7.64 7.58
;5
Sun. 10.24 9.96 9.76 Hol. 9.37 8.31 8.51 8.74 Sun. 7.47 7.47
16
10.37 10.32 10.00 9.71 Hol. Sun. 8.44 8.43 0.64 8.49 7.64 7.55
17
10.38 10.20 Sun. 9.65 9.51 9.36 8.40 8.45 Bub. 8.49 7.74 Sun.
;8
10.39 10.16 9.99 9.63 9.51 9.25 8.49 8.44 8.60 8.54
9
10.44 Sun, 9.90 9.59 Sun. 9.23 ____ 8.53 8.73 8.59 7.72 7.63
;0
10.58 10.14 9.87 9.62 9.50 9.07 --__ Sun. 8.62 8.58 Sun. 7.48
7.58 7.45
11.
10.50 ____ 9.88 ____ 9.42 8.85 ---- 8.57 -___ 8.59 ____ 7.27
of.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1835
foreign rivals in world trade
among the work people has been on a larger scale. The Century, but her successful
organization.
of the world has undoubtedly been affected have adopted a very different method of
purchasing power
especially Their system is based on the establishment of the closest
by the further fall in prices for all commodities and
marketing. There are
agricultural produce. Consumers' therefore, have been relations between production and
The
quantities of manufactured goods three possible ways by which relief can be obtained: (a)
unable to absorb sufficient
technical improvement of the spinning and manufacturing
to meet the requirements of producers. The acute situament; (b) the fortion has caused much anxiety and in numerous directions sections, involving considerable re-equip
the industry by mation of larger units within each section of the industry;
attempts have been made to rationalize
on the lines initiated
finding means of effecting economies in production. In (c) the extension of co-operative effort
Organizations."
circumstances there has been severe competition for the by the Joint Committee of Cotton Trade
the
For the manufacture of cheap standard lines in which
majority
business available, and owing to prices being cut the
British goods have been so largely ousted from the Eastern
of firms have had to report serious losses.
a year ago there has not been the markets extensive use has been made of the short-stapled
Great Britain.—Since
but little used in
slightest indication of spinners and manufacturers in Great Indian cotton. This has hitherto been
more expensive AmeriBritain obtaining any relief from the depressed condition of Lancashire where the longer staple or
Other
affairs which has prevailed for nearly ten years. On the can cotton has been almost exclusively preferred.
Lancashire
whole the position has become worse as latterly restriction countries use ring spindles to a greater extent than
where
of output has been on a bigger scale than ever and unem- and this method of spinning is of especial importance
larger than Indian and other short stapled cotton is to be used. High
ployment among the operatives is now probably
machinery
ever known before. It is significant that the depression draft spinning machinery and high speed winding
spread to a definite extent to the finer end of the have also been found to offer the possibility of valuable
has now
important
industry, and spinners and manufacturers using Egyptian economies. In the manufacturing section the most
cotton and similar types are very little better off than users development abroad has been the introduction of automatic
cloths.
of the American staple. Taking the year as a whole, output and semi-automatic looms for the weaving of standard
extent of
in the American spinning section and in the weaving branch The initial cost of automatic looms and to a less
and we
has only been 65 to 70% of full capacity and the mills en- automatic attachments to ordinary looms is high
run more than 75 to 80% received important evidence that automatic looms could not
gaged on Egyptian cotton have not
The formaof full production. During the last couple of months, be worked economically on a single shift per day.
output has been smaller than the aver- tion of larger units in the spinning and manufacturing sechowever, the general
great purposes:—
age for the year. Naturally there has been considerable tions of the industry would serve three
to be taken of any
discussion in trade circles as to ways and means whereby (a) They would permit full advantage
and would secure
the industry can be restored to prosperity. One of the possibilities of technical improvement
(b) They would enable a commost important events of the year has been the report of the economies in production costs;
within
Government committee on the cotton industry. On Aug. 1 mon policy to be formulated and carried into effect
each of these sections; (c) They would provide a firm basis
1929 the Prime Minister, J. Ramsay MacDonald, appointed
a committee "to consider and report upon the present con- for such a measure of co-ordination between those engaged
dition and prospects of the cotton industry and to make in the various processes of production and marketing as will
in the
recommendations as to any action which may appear de- enable Lancashire once more to take the initiative
fresh capital
sirable and practicable in order to improve the position of markets of the world. Considerable sums of
that industry in the markets of the world." Originally the may be required in connection with amalgamations for such
Chairman of the committee was William Graham, M. P., purposes as reconditioning and re-equipping mills and for
any comprehensive
the President of the Board of Trade, but later the Home development. We are assured that for
this and satisfactory rationalization scheme having for its object
Secretary, J. R. Clynes, M. P., was appointed to
position. The other members of the committee were A. B. the reduction of production costs and improved marketing
Alexander, M. P., First Lord of the Admiralty Sir Alan the necesssary finance will be forthcoming."
Naturally this Government Report had a mixed reception.
Anderson, Joseph Jones and Sir William McLintock. The
report of the committee was published early in July, 1930. Most of the recommendations have already been considered
The committee in their report review the position of the by different branches of the industry. It was recognized,
of the Government
industry in 1914 and compare that with the conditions pre- however, that the Report had the backing
in 1930, with imrtieular reference to the increase of and the several trade organizations are now considering the
vailing
the different
foreign competition. Attention is centred on the present matter very carefully. It is probable when
organization of the industry, details being given of the raw Committees have examined the Report and drawn up their
held in Manchester of reprecotton branch, the spinning and manufacturing sections, conclusions a conference will be
the merchanting section, the finishing section and the bank- sentatives of all the sections affected.
Further progress has been made by the Lancashire Cotton
ing section. Reference is then made to the technical reCorporation Ltd., and many more mills are being absorbed.
equipment of the trade, special points being the larger use
of Indian cotton, improvements in spinning processes and The capital of the corporation has been increased from time
the advantages of automatic and semi-automatic looms. to time according to requirements and now stands at £3,553,In the conclusions it is pointed out that "since the European 741, consisting of 190.619 preference shares, 2,834,000
War of 1914-18 the world consumption of cotton piece goods ordinary shares and 10,574,440 deferred shares. The corporahas risen, but the yardage of such goods exported from tion has now under its control about.5,500,000 spindles and
Great Britain is now less than two-thirds of what it was 40,000 looms. According to an official statement recently
in 1910-13. By far the most serious losses of trade are made the corporation is effecting considerable savings in the
those in the export of coarse standard lines. Losses in the mills taken over and further savings are fore-shadowed.
export trade have not been confined to the coarse standard Progress has been made in the very complicated and difficult
lines and there are increasing indications that competition task of standardizing yarns. Where complete specifications
is becoming keener in all classes of goods, including the have been worked out and the necessary reconditioning of
finer and more varied lines. The markets in which Lanca- mills has been arranged very marked reductions in costs have
shire has suffered the most serious losses are those in the been achieved and important orders have been the result. It
Far East, particularly India, China and Japan. As regards is pointed out that after years of neglect a great deal of
India, the large falling off of cotton goods exported from reconditioning of the mills has been necessary. In the meanLancashire is in the main due to an increase in the produc- time the directors are refusing to sell yarn except at reasonation of cotton goods in India, but also partly to Japanese ble prices. It is admitted, however, that owing to this policy
competition. Outside India the most formidable compe- and to the world wide conditions of trade only about onetition is from Japan. The Japanese cotton industry has third of the spindles owned by the corporation have run
grown sufficiently powerful not only to supply its home mar- recently. It is understood that the object of the corporation
ket, but also to develop a formidable export business largely is to secure mills containing 10,000,000 spindles, and the
at the expense of Lancashire. Until far-reaching improve- directors will not be satisfied for the corporation to be
ments are introduced into the British industry, there is no simply a spinning and manufacturing combine as it is their
likelihood that Lancashire will be able to arrest the decline intention to develop the merchanting side of the business and
in her export trade, still less that she will recover the trade ultimately to market their own goods in outlets abroad.
Firms engaged in the Egyptian spinning branch have
which she has lost. The organization of the Lancashire
cotton industry with the exception of the finishing section made a definite attempt to rationalize that section. A
is substantially the same as that which existed in the 19th scheme is now receiving consideration which provides for
1836
FINANCIAL CHRONICLE
For,. 131.
the regulation of prices and production. The proposals are over. In order to reduce standing charges and overhead
more scientific than any previously put forward. It is sug- costs it has been necessary for several firms to amalgamate
gested that there should be formed an Egyptian Spinners' and quite a number of small houses have gone out of business.
Convention. The committee will decide upon marginal With regard to weaving employers firms that have been a
rates for different counts of yarn on clean cotton. It will household name in Lancashire and been in existence for over
then be the business of individual spinners to fix their prices 100 years have been compelled to go into liquidation.
on such a basis. It is estimated that an arrangement of Thousands of looms have been scrapped and a good deal of
this kind will prevent losses. The scheme provides for a this secondhand machinery has been shipped abroad.
pool to be formed into which spinning employers will pay
One of the chief reasons for the decline in export trade in
who run a longer number of hours than the average and piece goods has been the unsatisfactory position of affairs in
members of the Convention will receive payment from the India. The boycott of foreign goods which has now been in
funds when their output is less than the average. In a force for several months has brought trade to a standstill
scheme of this kind it is most important that it should be practically. The position has been particularly acute in
supported by a big majority of the firms affected, and the Bombay and Calcutta. In those ports the dealers have been
regulations will not be put into force until the Committee intimidated by political agitators and it has been quite
of the Convention has secured the definite support of the impossible for trade to be done in the bazaars. Apart from
owners of 90% of the spindles engaged on Egyptian and no new contracts being arranged it has been difficult to diskindred types of cotton. It is recognized that whereas in tribute goods throughout India and the embargo has prethe American spinning section the depression is largely due vented a reduction in stocks in the chief centres. It is underto increased foreign competition, the bad trade in the stood, however, that supplies have recently been considerEgyptian branch is a result of internal competition, as it is ably reduced in the up-country districts. The effect of the
estimated that two-thirds of the spindles throughout the boycott is shown in the Government returns in that shipworld using Egyptian cotton are in Lancashire.
ments of cloth from the United Kingdom to India show a
The experiment at Burnley of weavers being in charge of decline of 130,000,000 square yardS during the first half of
eight looms instead of the usual four has attracted consider- 1930 compared with the same period of 1929. There is still
able attention. The trial run by a number of firms came to nervousness with regard. to developments in the political
an end last March. A joint conference was then held situation, but it is now recognized that the policy of the
between the employers and the trade union officials, but the extremists in India is hurting the natives themselves and the
weavers' organizations opposed an extension of the scheme. Bombay millowners are suffering as a result of the numerous
The workers objected to a further development on the hartels. The outlook is uncertain, but leading authorities
grounds that it would throw many of the present operatives are of opinion that when the political position is easier there
out of employment. On the other hand, the manufacturers will be a big buy for India of Lancashire goods. It is not
contended that by cheapening production the industry would anticipated, however, that favorable developments will
be busier and more profitable and ultimately the displaced take place before the last three months of this year. An
operatives would find employment. The trade union took outstanding event in connection with India trade has been
a ballot of its members on this question, which resulted in the Budget of March last when the import duty on all cotton
21,101 votes being against the system compared with 1,113 piece goods was raised from 11 to 15%. It was later arranged
in favor. As a result of this decision, the Weavers' Amalga- that an additional protective duty of 5% should be imposed
mation decided to resist the continuance of the system where for three years on non-British goods, but also a minimum
it existed and its introduction elsewhere. Since then further specific duty of 33/i annas per lb., on plain grey goods. In
conferences have taken place, and a few weeks ago as a the discussions on the Budget there was strong objection
result of pressure from the employers the representatives of to the British preference, and ultimately an amendment was
the work people asked that a decision on the matter should agreed to which provided for plain grey goods of British
be deferred until after the publication of the Government make to be on the same level as those from other countries,
report. It is understood that further consideration of this but the preference of 5% has been maintained for bleached,
matter will be given during the next few weeks. The em- printed and colored goods, thus making the duty on these
ployers are determined to establish this system as in their fabrics 15% as against 20% on non-British goods. These
opinion it would mean a saving of 18M% on wages.
changes have complicated matters to a considerable extent,
In February last the Joint Committee of Cotton Trade but the development in the political situation and the
Organizations, which includes representatives of all sections boycott have prevented any accurate knowledge of the effect
of the industry, including the operatives, issued a report on of the new duties on British and Japanese trade in India.
the general position of the trade. The opinion was expressed
The general conditions in China have again been against
that amalgamations were a first step towards the elimination trade activity. One very adverse factor has been the further
of Tosses, but attention was directed to the importance of a decline in the price of silver. Owing to the low exchange it
concerted policy with regard to greater unity of all sections. has been exceedingly difficult to arrange transactions. DurThe report contended that rapid progress was more likely hag the last few months the quantities sold at the auctions in
to be made by the encouragement of horizontal amalga- Shanghai have steadily declined and latterly the sales have
mations in spinning, weaving and merchanting rather than become decidedly small. Merchants have complained of
by vertical combines covering all sections. A week or two severe losses and owing to the poor offtake there has only
later, under the auspices of the Joint Committee, there was been a limited amount of fresh buying. Although the
registered the British Cotton Textile Association. It was prospects are very unsettled an increased demand has been
not intended that this organization should engage in trade, experienced in Manchester during the last few weeks for
but it proposes to organize mass production in particular Shanghai and Hong Kong. Most of the bids have been a
lines. The committee included representatives of all sec- long way out, but rather more activity has shown itself in
tions of the trade,
fancy goods. The English Government is conscious of the
In May last the Directors of the Liverpool Cotton Associa- importance of China from a trade point of view and it has
tion widened its membership by deciding to admit companies been decided to send a Trade Mission to the Far East. This
which are registered under the Limited Liabilities Acts, and Mission will have a cotton section and will consist of leading
it was also resolved to admit to membership firms engaged Lancashire men. The Mission will leave this country for
in the raw cotton trade whether in this country or abroad. China before the end of September.
The Liverpool Cotton Association also considered the
An irregular trade has been done for what are known as
question of longer hours for trading and it has been decided the minor outlets of the world. It cannot be said there has
that from Sept. 1st next the market shall remain open until been persistent buying for any market and shipments show
5 o'clock each day instead of closing at 4 o'clock as at present. a decline compared with the previous year. With regard to
The experience of cloth manufacturers has been worse South America operations have been patchy. Merchants and
than in any year since the boom period of 1919-20. The manufacturers have been adversely affected by the financial
demand has been on a smaller scale than ever and it has been crisis in Brazil and two or three big Manchester firms have
necessary for practically all firms to allow looms to stand failed as a result of that development. On the other hand a
idle whilst many employers have closed down for an fair amount of business has been done for Chile and the
indefinite period. The wretched state of affairs is reflected Argentine. As an outlet for Lancashire goods the West
in the falling off in export trade, the shipments of cloth dur- Coast of Africa has tended to improve and a fairly encouraging the past 12 months being 17% smaller than in the previous lag business has been done, especially in printing and finishyear. Owing to the reduced volume of trade Manchester lag styles. There has not been any general activity for
merchant houses have been vitally affected in their turn- Egypt and the Near East. In those markets Lancashire is
SEPT. 20 1930.1
FINANCIAL CHRONICLE
feeling increased competition from Japan and Italy. Now
and again quite a good trade has been reported for European
countries, but buying has been rather irregular. With
regard to the British Dominions the offtake for Canada and
New Zealand has kept up well, but during the last few months
the unfavorable developments in Australia have had an
effect upon business.
The home demand for cotton fabrics has not given general
satisfaction. The retail establishments have done better
than the wholesale houses. The consumption has again
been adversely affected by fashions and the offtake has not
come up to the expectations of makers. A decline has
shown itself in the artificial silk goods section and less
favorable results have been reported by producers. Latterly
manufacturers have complained of the wholesale houses not
taking deliveries very freely and distributors generally have
felt the falling tendency of prices, which, of course, has
resulted in depreciation in the value of stocks.
The following table gives particulars of British foreign
trade in yarn and cloth for the 12 months ended June 30th,
in comparison with preceding years:
1837
Sudan has not given general satisfaction, but it is believed
that.within the next few years much larger supplies of long
stapled cotton will be available. Favorable advices have
been received, on the whole, from most of the producing
centres in Africa. A point of interest is that the British
Government report on the industry recommends strongly
the larger use of Indian cotton, and numerous attempts are
being made to improve the quality of that growth. Some
progress has been made in South Africa, but growers are
continually battling against the climate. A feature of the
year.has been the increased consumption in England of outside growths or foreign cottons, but the bulk of these supplies
has been Brazilian and Peruvian.
The cotton mill share market throughout the year has been
in a very depressed state. Brokers have complained of
buying orders being decidedly scarce and the quotations in the
weekly lists are very little to go by as to the actual value of
shares. During 1929 41 companies called up additional share
capital amounting to £1,492,707, whilst during the six
months ended June 30 last calls were made by 56 companies,
which are expected to realize £1,935,470. An analysis of the
BRITISH EXPORTS.
stocktaking reports of cotton companies for 1929 shows that
1929-30.
1928-29.
1927-28.
1926-27.
Yarn, pounds__.
153,722.500 167,737,900 180,822,800 187,396,400 the average dividend on ordinary share capital for 310
Cloth, square yards
3,225,443,900 3,868,121,400 3.974,583.300 3,870,078,900
companies was 1.91% against 2.20% in the previous year.
Trading conditions for spinners of yarn from American In 243 cases
no dividend was declared. Dividends absorbing
cotton have become worse during the year. The owners of £661,958 were paid
by the remaining 67 companies. In a
more mills have been compelled to close down for an indefinite table giving particulars
of 195 companies 44 made profits
period. In other factories there has been a tendency for totalling £411,406 and 151
losses of £1,062,360. According
short time to increase and the average output has been to the balance sheets of
286 companies at the end of 1929,
smaller than at any period since the slump began in 1920. 93 had credit balances
amounting to £1,969,868 and 193
Despite the big mill curtailment supplies have been generally debit balances of £10,140,090.
plentiful and owing to the competition for orders prices have
At the end of last season spinning and weaving employers
been cut to a point which has meant serious losses. In in Great Britain were pressing for a
reduction in the wages of
December the Master Spinners' Federation considered the the operatives, the demand being
for 25% off list rates equal
state of trade and it was decided to recommend all members to 12.82% off current earnings.
Extensive negotiations took
engaged on American cotton to close their mills for a full place, but the notices to cease
work terminated without any
week at Christmas. This recommendation was carried out settlement, and there was a stoppage
for three weeks. It was
rather irregularly and there were no indications of any ultimately agreed to
submit the dispute to arbitration and
distinct benefit by a reduction of stocks. The question of the
award provided for a reduction of half the amount
output was again considered by the Masters' Federation in claimed.
There was considerable dissatisfaction among
February, when it was resolved that a ballot should be taken the workpeople
in the weaving branch at this decision and a
of the members using American cotton on the question of little later a demand was made
for a wages advance, but the
curtailing production to the extent of 13 hours per week for employers
turned down very promptly this application. The
eight weeks commencing on March 3rd. The proposal, operatives then took ballot on
a
the question, "Are you prehowever, received very poor support as the voting papers pared
to cease work to enforce our claim for a 25% increase
showed that less than 60% of the firms affected were prepared
on the piece price lists?" The vote showed that 92,142
to carry out the scheme, whereas according to the rules of were in
favor of strike action and 43,531 against. It may be
the Federation it was necessary that the majority should be pointed out that the trade
union leaders were against this
80%. The result of the ballot caused some surprise, but for agitation and the result of the
ballot put them in a rather
some time back it was well-known that the members of the awkward position. The
Central Committee of the Weavers'
Federation preferred to make their own arrangements as to Amalgamation, however,
decided that the vote was not
curtailment rather than join in any concerted action.
decisive and refused to act on it.
It has not been possible during the year for spinners of
The number of spinning spindles in Great Britain is reEgyptian yarns to obtain any relief. There has not been any ported by the Internation
al Federation of Master Cotton
organized short time in this branch of the industry, but irreg- Spinners' Associations
at 55,207,000. Consumption of
ular curtailment has tended to increase and during the last American
cotton in Great Britain during the past season is
six months numerous mills have worked only alternate weeks. estimated
at 1,474,000 bales and mill stocks on July 31
It is recognized that the depression in this section is not due
at 57,000 bales.
primarily to increased foreign competition, but is rather
European Continent.—With the exception of France the
owing to a change in fashions. Owing to the limited demand
past year has been a very unsatisfactory period for spinners
for fine yarns there has been increased internal competition
and manufacturers in countries on the European Continent.
and it has been difficult for most employers to prevent serious There
have been complaints of the home demand being poor
losses. The mills in this branch are very differently situated
and increased competition for export contracts has made
with regard to finance and naturally those companies that
are business unremunerative. Reports have been received of
free from debt have had a much more favorable experience
machinery standing idle and spinning mills and weaving sheds
than those concerns that have to meet heavy interest
charges running short time.
on borrowed money.
Reports of depression have been received from Germany,
The demand in yarns suitable for shipment abroad has been
and from month to month industrial conditions have been
disappointing and exports show a decline of 8%
compared unfavorable. There was a little improvement in the Spring,
with the previous twelve months. Producers of qualities for
but spinners and
India have complained of the paucity of practicable demand definite relief. manufacturers were not able to obtain any
In June last it was stated that 11.4% of the
business from month to month has been of a hand
and
to operatives were wholly unemployed and 36.9% were on short
mouth character. Now alid again there has been fairly time. It
was decided by the Rhenish-Westphalian Spinning
active buying in fine numbers for the Continent, but some mills to reduce
production by 33% from the beginning of
difficulties have arisen with regard to finance in some
August. Spinning spindles are given as 11,070,000.
European countries.
According to an official report yarn production in Austria
The annual reports have just been published of the British during 1929
was reduced by about 12% compared with
the
Cotton Growing Association and the Empire Cotton Growing previous year.
A further decline in output occurred
during
Corporation, and the committees of these organizations
have the first three months of 1930. Spinners stated that
it was
been able to record steady progress, although extensions of not possible to sell the
limited output except at a loss. With
cotton growing in the British Dominions have been somewhat regard to the
weaving branch it was reported in the Sp
•
checked by the relatively low prices for American cotton. that 20%
of the looms were completely stopped. According
Climatic conditions in many countries provide difficulties to another
advice the index of yarn production expressed
as a
which are not easily overcome. The progress obtained in the percentage of normal full
time output was 71.7 in April last
1838
compared with 77.1 in March and 77.7 in Dec. 1929. Spinning spindles are 817,000.
During the latter part of 1929 there was fair trade activity in Belgium, but more recently the position of the industry has become worse and production has been reduced.
It is stated, however, that the owners of mills have been
reluctant to discharge operatives in view of the shortage
of skilled labor. Unsatisfactory conditions have also existed in the weaving branch recently. Manufacturers have
become less fully employed and the mills at Ghent which
have hitherto been least affected have now shared in the
general decline. Spinning spindles are 2,172,000.
During the last three months of 1929 there was an improvement in the industry in France. Most of the activity,
however, was seasonal and since then it has not been maintained. During the first quarter of 1930 demand eased off
and spinners were not able to sell the production, and there
were indications of increasing stocks at the mills. Owing to
the reduced demand prices gave way and margins were less
favorable. A falling off in demand has also occurred during the past half year in piece goods and many weaving
concerns have been compelled to reduce output. Spinning
spindles are 10,250,000.
During the 12 months there has been a decline in activity
in Italy and according to one report the industry this spring
was in a worse condition than at any time since 1927. According to statistics obtained in May last, the percentage of
full time worked in the spinning mills was 77.6 as compared
with 95.5 in December 1929. During the same period there
was a decline in weaving activity from 90.6 to 78.1%. Spinners and manufacturers have been adversely affected by the
fall in cotton prices. Spinning spindles are 5,342,000.
Unfavorable reports have been received from Switzerland.
During the last few months there has been a tendency for
production to be curtailed on a larger scale and this movement has been general in spinning and weaving sections.
More difficulty has been experienced in clearing the restricted
output and lower prices have not in any way stimulated
demand. Buyers appear to have held aloof owing to the
fear of a further decline in values. .Spinning spindles are
1,446,000.
Rather varied reports have been received from Hungary.
Export business has been at a low ebb, but on he whole the
production of yarn and piece goods has been absorbed by the
home demand. It is on record, however, that the prices
ruling have given no satisfaction whatever, and there are
indications of some decline in activity at an early date.
Spinning spindles are 199,000.
Several months ago spinners and manufacturers in Poland
began to restrict output on a considerable scale and this
curtailment resulted in stocks of yarn and cloth being reduced. There was a little improvement in employment in
the spring of this year, but even at that time it was stated
that 73% of the operatives were working only four days or
less each week. Spinning spindles 1,554,000.
It has been difficult to obtain reliable information with
regard to conditions in Russia. Despite many difficulties,
however, some progress has been made and the Government
has made desperate efforts to carry out a scheme of extension and development. Results are not yet available,
but the mills have been more fully employed than in recent
years. The authorities are paying considerable attention
to an extension of cotton production. According to a report received by the International Federation at the beginning of 1930, 7,200,000 spindles were active out of 7,624,000.
Duting the second half of 1929 activity was fairly well
maintained in Holland, but since the beginning of this year
trade has fallen off and less satisfactory reports have been
received as to the business done and employment for the
operatives. Complaints have been received of export trade
being exceedingly difficult. Most firms are now feeling the
effects of the world depression and falling prices. Spinning
spindles are 1,167,000.
Irregular conditions have prevailed in Czechoslovakia.
The industry is somewhat scattered and it is not an easy
matter to obtain reliable reports. On the whole the home
demand has fallen off and much difficulty has been experienced in arranging export trade. Buyers have adopted a
policy of purchasing from hand to mouth and this tendency
has been accentuated by bearish sentiment with regard to
cotton prices. During the last few months there has been
more irregularity in the working of the mills and comparatively few concerns have been able to run full time. Spinning spindles are 3,636,000.
[voL.
FINANCIAT CHRONICLE
131.
Varied conditions have existed in Spain. On the whole,
however, spinners and manufacturers have done rather better than in some adjacent countries. Trade generally,
though, has been somewhat adversely affected by the uncertain political situation and there has been a disposition on
the part of buyers to act with caution. Order lists, therefore, of spinners and manufacturers are light and the outlook is somewhat uncertain. Spinning spindles are 1,875,000.
There has not been much activity in Denmark during the
year. Business has been patchy and producers have complained of there being no general flow of orders. Production has been irregular and it has been difficult for many
firms to run full time. Spinning spindles are 99,000.
Conditions in Sweden have been anything but bright, and
spinners and manufacturers have complained of prices being
very poor. Practically all the demand, of course, is for
home consumption and it has been very difficult to secure
export business. Spinning spindles are 617,000.
We are indebted to a special and well-informed European
correspondent for the foregoing review of the spinning industry in Great Britain and on the Continent in 1929-30.
Taken in conjunction with our remarks on the situation in
the United States, presented further above, it covers quite
fully the countries of the world that take chief rank in cotton
manufacturing.
World Consumption and Production.
To complete our narrative of the world's progress in cotton
production and manufacture, we now add our customary
tables running back for a long series of years. Official data
are used wherever possible. The compilation appended embraces substantially the entire distribution or consumption
(expressed in bales of 500 lbs. each net) of the commercial
cotton crops of the world, and the portion taken by each
country. The figures include linters as well as lint cotton.
THE WORLD'S ANNUAL COTTON CONSUMPTION.
Countries.
Bales of 500 Lbs.—Net
Great Britain
Continent
1929-30.
1928-29.
1927 28.
1926-27.
1925-26.
2,578,000 2 945,000 2,960,000 3.080,000 3,000,000
7,822,000 8,083,000 7,750,000 7,000,000 6,600,000
Tota Europe
10,400,000 11.028,000 10,710,000 10,080,000 9,600.600
1,827,000 2,200,000 2,160,000 x2,500,000 2,496,000
United States—North-South.._ _ _ 5.091,000 5,770,000 5,430,600:5,500,000 4.683,000
Total United States- --- 6.918,000 7,970,000 7,590,000 8,000,000 7,179,000
East Indies
1,975,000 1,622,000 1,700,000 2,100,000 1,750,000
Japan
2,679,000 2,488,000 2,275,000 2,450,000 2,400,000
220,000
220,000
200,000
233,000
Canada
206,000
200.000
150,000
150,000
164,000
Mexico
215,000
Total India. ecti
Other countries
Total world
5,075,000 4,507,000 4,325,000 4,920,000 4.570,000
2,868,000 2,702,000 2,400,000 2,200,000 2,200,000
OM Oa, nnn 9A on7 nnn 9A n9n nnn 25 20n 000 23.549.000
X As the weight of the bales in the United States has been Increasing and the gross
weight In 1926-27 averaged 516.44, we began in that year to take that as the exact
equivalent of 500 lbs. net, and have continued this practice since then, though the
bales have increased in weight since then.
WORLD'S COMMERCIAL CROPS OF COTTON (IN BALES OF 500 LBS. NET)
1928-29. 1927-28. 1926-27. 1925-26.
1929-30.
Countries—
Bales.
Bales.
Bales.
Baks.
(Anunan corningforward.) Bales.
14,631,000 15,858,000 14.373,000 19,282,000 15,112,000
United States
4,570,000
East Indies_ a
5,017,000 4.804,000 4,475,000 3.840,000
1,676,000 1,622,000 1.200.000 1,700,000 1,600,000
Egitit
4,450,000 3,527,000 3,750,000 3,000,000 3,000,000
Brazil, &c d
Total
25,774,000 25.811,000 23,798,000 27,822,000 24,282,000
Consumption 52 weeks__ _25,261,000 26,207,000 25,025,000 25,200,000 23,549.000
733,000
Surplus from year's crop 513,000 5396,000 51,227,000 2,622,000
Visible and invisible stock:
6.931,000
Aug. 1, beginning year 8,663,000 9,059,000 10,286,000 7,664.000
Aug. 1, ending year
9,176,000 8,663,000 9,059,000 10,286,000 7.664,000
a Includes India's exports to Europe, America and Japan and mill consumption
in India, increased or decreased by excess or loss of stock at Bombay.
if Receipts into Europe, he.. from Brasil, Smyrna, Peru, West Indies. &c., and
Japan and China cotton used in Japanese and Chinese mills.
S Deficiency in the year's new supply.
The above statement indicates, in compact form, the
world's supply of cotton in each of the five years, the amount
consumed and also the extent to which visible and invisible
stocks were augmented or diminished. It should be pointed
out that as our figures show the commercial crops (that is,
the portion of the season's crop coming to market), and the
commercial crop of the United States in the late season fell
considerably short of the actual production as explained in
the early portion of this review, the full extent of the increase
in the year's carry-over is not reflected in the total of the
visible and invisible stocks at the end of the year.
We now give a compilation which covers the figures of
consumption in detail for each of the principal countries
embraced in the statement of the world's annual oonsump-
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1839
tion already presented, and the total of all. These figures shows the number of spindles in all the countries
of the
are not the takings of the mills, but are meant to show the world for each of the last five years:
actual consumption, and are in all cases expressed in bales
NUMBER OF SPINDLES IN THE WORLD
of 500 lbs. net. The figures in the table cover the years from
1930.
1929.
1928.
1927
1926.
1908-09 to 1929-30, inclusive, and are given in thousands of Orem Britain
55,207,000 55,917.000 57,136,000 57,325,000 57.400,000
d'Intinent
48,693,000 48.388,000 47.768,000 46,267.000 45.000.000
bales. The figures for 1913-14 to 1929-0, inclusive, cover
the 12 months ended July 31; all earlier years are for the
Total Europe
103.900.000 101,305.000 104.904.000 103,592.000 102,400,000
United States
period Sept. 1 to Aug. 31:
North
South
WORLD'S COTTON CONSUMPTION
Europe
Una.: Spues.
-lb. bates
500
East
AU
0008 omitted Great ContiIndies Japan Others
Brit'n 'sent. Total North South Total
1908-09 1909-10
1910-11
1911-12
1912-13 1913-14
Av.6 31
'
3.720
3.175
3.776
4.160
4,400
4.300
5,720
5.460
5,460
5,720
6,000
8.000
9.440
8,635
9.236
9,880
10.400
10.300
2.448
2.266
2,230
2.500
2.682
2.701
2.464
2,267
2.255
2.620
2.849
2.979
1,653
1,517
1.494
1,s07
1,643
1.880
3.922 5.727 9,649 2,486 2,572 5,058 1.599
1914-15 __. 3.900 5,000 8.900 2,769 3.037
1915-10
_ 4.000 5,000 9,000 3,239 3,871
1916-17
3.000 4.000 7.000 3.194 4,237
1917-18 _
2,900 3,000 5.900 2.991 4.183
1918-19
2.500 3,400 5.900 2,519 3,393
1919-20
3.200 3,800 7,000 2.935 3,627
Ay.6 y'
4,912
4,533
4,485
5,210
5,531
5.680
5.806
7,110
7.431
7.174
5.912
6.562
1.549
1,723
1,723
1.631
1.602
1,530
881
1,055
1,057
1,357
1.882
1.522
Tom,
278 17,164
449 16.189
448 16,756
512 18,561
618 19,544
679 19.858
854 1.8.747
764 20,344
990 18.925
745 17.108
575 1.''
922 17.7.':
3.250 4.033 7.283 2.941 3,725 0.666 1.643 1.696
2,100
2.1100
2,750
2,750
3.150
3,000
4,400
4,800
5,0011
5.301)
5.950
6.600
6,500
7,00
7.750
8,050
9.100
9,650
2.091
2.328
2,689
2.098
2,330
2.408
3,117
3,898
4,379
3.922
4.362
4.683
5,208
6,226
7,068
6.020
6.692
7.179
1,800
1,800
1,700
1.500
1.800
1.600
1,705
1,965
2,100
1,300
2.040
2,400
1,430 18,te.
2.090 19,681
2.341 20.958
2,270 19.64(
2,215 21.841
2.600 28.371
Av.6 y'
1928-27-1927-28
1928-29
1929-30 --
2.758
3,080
2.960
2,945
2.578
5.341 8.100
7.000 10,082
7,750 10,710
8,08.1 11,028
7.822 10.400
2,339
2,500
2,160
2,200
1.827
4,060
5.500
5.430
5,770
5.091
6,39:1
8,000
7,590
7,970
6,918
1,700
2,100
1,700
1,622
1,975
2,002
2.450
2.275
2,488
2,679
2,157 211.351
2,570 25,201
2.750 25.021
3,099 25.201
3,289 25.26:
•Flgures are subject to correction.
Another general table which we have compiled of late
years is needed in connection with the foregoing to furnish
a comprehensive idea of the extent and the expansion of this
industry. It discloses the world's cotton supply and the
sources of it. The special points we have sought to illustrate by the statements are, first, the relative contribution
to the world's raw material by the United States and by
other sources, and,second, to follow its distribution. Figures
for 1908-09 to 1912-13 are for the year ending Aug. 31; since
then for the years ending July 31. The figures are allintended to be in bales of 500 pounds net.
United
States.
AU
Others.
Total.
Total
Actual
Conrump
lion.
Balance cf Supply
End of Year.
Visible,
Invisible
1908-09_ 4,855.093 (3,496.751 4,489,169 17,985,920 17,164,487 1,875.140 3.801,380
1909-10- 5,676,526 10,224,923 5.021,605 15,246,528 16,188,563 1,367,624
1910-11- 4.732.491 11,004.741) 5.057,988 1.11,862,737 16,750.484 1,537,249 3.364.867
1911-12_ 4,844.744 15,683,945 4,845.970 20.529,915 18.565.732 2,095,478 3.307,495
.713,449
1912-13_ 6,808,927 13,943,220 5,254,759 19,197.979 19.544.007 2,015,211 1
.447.688
1913-14_ 6,462,899 14,494,762 8.419,898 20,914,660 19,858,176 2.877,300 4
1,642.083
Average
6 years
13.274.725 5.181.565 18.456.290 18,011.908
1914-15_ 7,519.383 14,766,467 1.812,487 19,578,954 18,746.669 4,496,284
1915-16_ 8,351.668 12,633,960 4.737.207 17,371.166 20.343,752 3,045.485 3,855,384
1916-17- 5,379.082 12,670.099 5.353,239 18,023,337 18,924.923 2,585,490 2.333.597
1.892,008
1917-18_ 4,477,496 11,547.650 5.238.010 16,785,660 1,7099,678
1918-19. 4,163,478 11,410,192 5.551,767 16,961,959 15,689.107 2.795.980 1.367.496
4,277,017 1.049.313
1919-20- 5.336.330 11.814.4W 6,396.919 18.211.372 17,777.6024,53
0,450 1,239.590
Average
6 years
12,473,804 5.348,271 17,822,075 18,096,965
1920-21- 5,770,040 11.173.918 6.680.000 17.853.918 16,643.830
1921-22_ 6,980,048 11.152.720 8,650.000 19,802,720 19,680,976 5,795,209 1,184,839
1922-23_ 7.101,792 10,960,777 9,000,000 19,960,777 20,959,774 3,600,000 3,501 792
1923-24_ 6,102,795 10,964.000 8.710,000 19.674,000 19,640,000 1,953,000 4,149'795
1924-25_ 6,138,795 14.392.000 8.250,000 22.642.000 21,847,000 1,990,000 4,146'792
1925-26- 6.931,795 15,112,000 9,000,000 24,112.000 23,379,000 2,150,000 4.781:795
2.850,000 4,814.795
Average
6 years
12,292,569 8.381,666 20.674,235 20,358,430
1926-27_ 7,664,000 19.282,000 8,540,000 27,822,000
1927-28- 10288000 14,373.000 9,425,000 23,798,000 25.200.000 4.593,000 5,693 000
25,025.000
.
1928-29_ 9,059,000 15.858,000 9,753.000 25,811,000 26,207.000 3.860,980 5.298 020
'
450
1929-30_ 8,663,000 14,631,000 11,143,000 25.774.000 25.261.000 3.470,344
4.734 297 4 445 7ng
5,192,
To illustrate the preceding, take the last season, 1929-30, and
the 'vaults would
be as follows:
Supply-Vhdble and invisible stock beginning of year
bales_ 8,663,000
Total crop during year
25,774,000
Total supply-bales of 500 pounds
Distrinutton-Total consumption, &c
Leaving visible stock
Leaving invisible stock
34,437,000
25,261,000
4,734,297
4,441,703
Total visible and invisible stock at end of year
9,176,000
There has been some slight further decrease the past
season in the world's spindleage owing to the dismantling
of plant and machinery in New England, which has served
to reduce the number of live spindles in the United States,
notwithstanding the addition of new spindles in the South,
while in Great Britain a similar process has been going on.
Elsewhere, growth has been general. The following table
Total India, &c
19,808,000 18,836.000
Canada
1,277,000
1,240,000
Mex.. Bo. Am., &e. 5,104,000
5,001,000
18,479,000
1,154,000
5,024,000
Total other
6,381,000
6,241,000
6,178,000
18,234,000 18,100,000
1,153,000 1,200,000
4,890.000
3.200,000
6,043,000
4,400,009
164,120,000 164,201,000 165,101,000 164,565,000 162.484.000
In the above all figures except those for the United States
have in the more recent years been taken from the returns
compiled by the International Federation of Master Cotton
Spinners' and Manufacturers' Associations.
UNITED STATES COTTON STATISTICS IN DETAIL.
In dealing now with details of the cotton crop of the
United States we wish again to repeat what we have said
on many previous occasions that our own compilations relate entirely to what is known as the commercial crop, that
is the cotton which reaches the markets, or comes directly
into view so as to be included in current commercial statistics, as distinguished from the cotton grown or harvested.
The distinction is an important one to bear in mind, inasmuch as in short crop years the left over growth of previous years is usually drawn upon to make good the shortage
in part at least, while on the other hand in years of large
yield (or of slack consumption and diminished exports, as
was the case in the season under review) a part of the
current crop may remain to swell the left over supply from
previous seasons. In the following we show the actual
production in each season back to 1900:
YEARLY PRODUCTION OF COTTON IN UNITED STATES.
WORLD'S SUPPLY AND DISTRIBUTION OF COTTON.
Commercial Crops.
19.707,000
17,877,000
809 18.011
1920-21
1921-221922-23
1923-24
1924-25
1925-26
Visible
and
500-1b. /no
-fatale
Bales.
Supply
Beginfling of
Year.
17,032 000 18,527,000
18.510.000 18,169,000
25,540.000 36.696.000 37.584.000
8,703.000 8.714.000 8.500,000
6,272,000
5,952,000 6,100,000
3,504.000
3.568,000 2.5)0.000
197 18,012
1,538
1,747
1,775
1,650
1,700
1.763
15.971.000
18,848,000
Total U.S
34,031,000 34,819,000
East Indies
8,907,000
8,704.000
Japan
7,072,000
6,130.000
China. Egypt, &c... 3,829,000
3.602.000
total world
1,209
14,907,000
19,124,000
Growth
Year.
1929
1928
1927
1926
1925
1924
1923
1922
1921
1920
1919
1918
1917
1916
1915
1914
1913
1912 .
1911
1910
1909
1908
1907
1906
1905
1904
1903
1902
1901
ionn
Running Bales
counting Round
as Half Bales.
Equivalent
5 45
00 .
Bales.
Linters
Equivalent
500-1b.
Bales.
Total AU
Equivalent
500-lb.
Bala,
14,547.791
14,296,549
12,783,112
17,755,070
16,122.516
13,639,399
10,170.694
9,729,306
7.977,778
13,270.970
11,325.532
11,908.480
11,248,242
11,363,915
11,068,173
15,905,840
13,982,811
13,488,539
15,553,073
11,568,334
10,072,731
13,086,005
11,057,822
12,083,201
10.495,105
13,451,337
9.819,969
10,588.250
9,582,520
10.102.102
14,824,861
14,477,874
12,956,043
17,977,374
16.103,679
13,627,936
10,139,671
9,762,069
7,953,641
13,439,603
11,420,763
12,040,532
11,302,375
11,449,930
11,191,820
16,134,930
14.156,486
13,703.421
15,632,701
11,608,816
10,004,949
13.241,799
11,107,179
13.273.809
10.575,017
13.438,012
9,851,129
10,630,945
9,509,745
10.123.027
1,037.212
1,085,766
1,016,375
1.157,861
1,114,877
897,375
668,600
607,779
397,752
440.313
607.969
929,516
1,125,719
1,330,714
931,141
856,900
638,881
609.594
557.575
397.072
310,433
345,507
268,282
321,689
229,539
241,942
194,486
196,223
166,026
143.800
15,882,073
15,563,640
13.972,418
19.135,235
17,218,556
14,525,311
10,808,271
10,369,839
8.351,393
13.879,916
12,028,732
12.970,048
'12,428,094
12,780,644
12,122,961
16,991,838
14,795,367
14,313,015
16,250,276
12,005,688
10.315.382
13,587.30e
11,375.461
13,595,498
10,804,556
13,679,954
10,045,611
10,827.16)
9,675,771
10 260 52;
The following table shows the growth of lint cotton in
each of the different States of the Cotton Belt for the past
seven years:
PRODUCTION OF LINT COTTON BY STATES
-UNITED STATES
CENSUS GINNING RETURNS
Gross Bales of
1929-30.11928-29. 1927-23. 1928-27. 1925-26 1924-25. 1923-24.
500 Lbs.
Alabama
1 341,550,109,126 1.192,3921.497,821 1,356,7191 985,601 586,724
Arizona
152,8391 149.458
91,6561 122.902 118,5881 107,608
77,520
Arkan6as___ _ 1,434,6601,245.982 999,9831,547.932 1.604,628 1,097,985 627,535
California_ _ _. 258,559 172,230
91.177 131.211 121,7951 77.8231 54.373
28,5781 19,203
Florida
16,496
31,954
38.1821 18.9611 12,345
fleorgut
1,342,611,029,499 1,100,0411,496.105 1.163,88 1.003,77
Louisiana
808,82 690.958 548.026 829,407 910.4681 492,6541 588.236
Missiwippi _ _ 1,915,4301,474.876 1,355,2521,887,787 1.990,537,1,098,634 367,882
603.808
219.9321 146,909
8.1iseourl
5
.
.
294,2621189,115 120.894
New M exico_ _
65,294
71.000
88.4501 83.544
64,4441 55,243 27,657
North Caroline 747,208 836.474 861,4881.212.819 1.101,7991
825,3241.020,139
Oklahoma _. 1,142,666 1,204.625 1 037,1411.772.784 . .
.
3outh Carolina 830,0551 726.039 730,0131,008,068 888,06511,510.5701 655.558
rermessee
. 515,7741 429,284 359,059 451,533 517.2761 806,594: 770.165
Texas
3,941,626 5,109.939 4,356,2775,630,831 4.185,374 356.1891 227.041
4,951,0594,342298
Virginia
47,52
43.711
30.609 51,329
52,535
38,746
60,581
8.35'
6.018
All otherStatw
6.576
16.032
23.521
12.0621
8.015
Total
14824861 14477874 12956043!17977371j16103n7a112A97112A.i ni ea/1,1
[VOL. 131.
FINANCIAL CHRONICLE
1840
The past season's cotton consumption in the United States
as already noted at length in the earlier part of this review,
shows a large falling off. We have compiled the following
tables from the Census returns showing the consumption
of lint cotton for each month of the last six years and also
the consumption of linters for the entire season in each of
the same periods for six years. We give the cotton growing
States distinct from the rest of the country. The figures
include foreign cotton, as well as American cotton, and
accordingly differ somewhat from those used in the earlier
part of this review.
Through the courtesy of the Census Office, we are again
able to present the following table, showing separately the
quantity of linters and of foreign cotton consumed in each
of the Southern States during the last two seasons in running bales:
-RUNNING BALES
COTTON CONSUMED IN COTTON-GROWING STATES
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton States
1929.
January
February
March
April
May
June
July
1928.*
1927!
1926.*
1925.*
1924.*
428,382
423,058
489,897
427,264
353,971
1930.
451,519
382,099
394,847
413,039
370,676
320,043
302,561
August
September ____
October
November
December
403,431
381,012
471,357
469,503
404,807
1929.
508,221
451,562
479.328
477,940
504,513
431.450
409.141
464,530
462.378
449,297
469,252
401.633
1928.
442,330
428,741
431,812
396,510
442,583
392,052
332,724
359,494
411.213
404,196
428.129
438,511
1927.
437,779
425,164
497,058
447.127
455,448
475,958
415,423
305,024
329,772
366.222
382,438
400.590
1926.
411,652
396,640
439,838
404,864
362,987
365,782
334,434
245,779
305,255
373,339
347.823
355,262
1925.
404,888
372.560
392,027
399.279
359,010
337,768
327,040
4,757,358 5,392,285 5,113,842 5,193,500 4,500,243 4,220.010
239,946
295,291
300,429
315,593
369,254
334,073
Total
Linters
Grand total_ 5.091.429 5.761.519 5.429.435 5.493.929 4.795.534 4.459.956
•Includes revisions made subsequent to the publication of the monthly figures.
-YEARS ENDING
COTTON CONSUMPTION IN SOUTHERN STATES
JULY 31.
.
)
American Cotton. (Running Bales Foreign Cotton.
(500-1b. Bales.)
Linters.
Lint.
1929-30. 1928-29. 1929-30 1928-29 1929-30 1928-29
207
987
582,351 617,042 3,933 5,246
1,082,525 1,246,857 17,831 18,669 15,171 22,721
1,383,717 1,592,870 13,549 10,664 56,840 38,573
1,115,302 1,297,864 1,147 1,480 9,747 3,832
489
250
189,378 175,803 94,508 99,644
120,447 106,424 84,341 103,099
237,821 286,531 115,924 130,452 3:Ea 3,452
4871,339 5,323,191 331,233 389,254 88.017 69.074
Total
As supplementing what has already been said regarding
the dominance of the South in cotton manufacturing, as in
cotton raising, we add the following table showing the
number of cotton spindles in each of the leading Southern
States with the amount of cotton consumed by the mills
therein. We no longer make an independent investigation
of cotton consumption in the South, as was our practice up
to the season of 1921-22, but now adapt the Census returns
to our requirements. The table referred to is as follows:
-RUNNING BALES.
COTTON CONSUMED IN OTHER STATES
January
February
March
April
May
June
July
1928!
1927!
1926.*
129,731
122,591
150,901
106,886
99,921
1930.
125,716
113,105
113,729
119,343
103,241
85,138
76,274
August
September
October
November
December
122,909
111,295
145,871
141,670
128,494
1929.
160,065
143,158
152,341
153,862
164,137
137,964
138,024
169,990
165,406
164,223
157,490
137,153
1928.
143.812
144,134
149,513
128,255
134.801
118,347
107.097
140,759
159,357
164,165
157.617
164,475
1927.
165.463
164,349
196,023
171,152
174,500
183,883
154,342
1925.*
146,212
153,310
177,875
161,050
175,626
1926.
170.663
168,478
196.058
172.814
153,389
152,825
127,309
1924.•
111,601
133,118
160,944
147,359
178.527
1925.
189.142
178,215
191,380
197.262
172,658
156,315
156.886
1,356,576 1,698.800 1,720.221 1,996,085 1,955,609 1,973,407
508,475
418.902
505,654
464.636
510,015
470,322
Grand total_ 1 826 ROA 2 205 515 2.184 R57 2.501.739 2.464.084 2.392.309
Total
Linters
• Includes revisions made subsequent to the publication of the monthly figures.
COTTON CONSUMED IN WHOLE UNITED STATES
RUNNING BALES.
1929.
January
February
March
April
May
Suite
hay
Total
Linters
etranfl total
1928.*
1927.*
1926!
1925.*
1924.*
558,113
545,649
640,798
544,150
453,892
1930.
577.235
495,204
508,576
532,382
473,917
405,181
378,835
August
September
October
November
December
526,340
492,307
616,238
611,173
533,301
1929.
668,286
594,720
631,669
631.802
668.650
569,414
547,165
634,520
627,784
613,520
626,742
538,786
1928.
586.142
572,875
581.325
524.765
577,384
510,399
439,821
500,253
570,570
568.361
583.746
602,986
1927.
603.242
589,513
693.081
618,279
629,948
659,841
569,765
451,238
483,082
544,097
543.488
576,216
1926.
582.315
565,118
635,896
577.678
516,376
518,607
461,743
357,380
438,373
534.283
495,182
533,789
1925.
594.010
550,775
583.407
596,541
531.668
494,083
483,926
8,113,932 7,091,065 8,834.083 7,189,585 6,455,852 6,193,417
658,848
803.768
806,083
780.229
879,269
804,395
a 015 297 7 070 324 7.914.292 7.995.668 7.259.618 6.852.265
•Includes revisions made subsequent to the publication of the monthly figures.
will be observed that the consumption for the United
States as a whole the past year was 6,918,327 bales, as
against 7,970,334 bales in 1928-29, 7,614,292 bales in
1927-28, and comparing with 7,995,668 bales in 1926-27,
which latter surpassed all previous records, the best totals
prior to that having been 7,685,329 bales in 1917-18 and
7,658,207 bales in 1916-17. The feature of most importance,
however, is the uninterrupted growth of cotton consumption
in the South. The New England States keep lagging behind,
and though in the season under review the South's consumption, like that of the North, was sharply reduced,
the Cotton States maintain a decided lead. This latter
point is strikingly brought out in the little table we now
subjoin:
It
COTTON CONSUMPTION NORTH AND SOUTH
LINT AND LINTERS.
Running Bales.
South
North
Excess of South..
1929-30. 1928-29. 1927-28. 1926-27. 1925-28. 1924-25.
5,091,429 5,761,519 5,429,435 5.493,929 4,795.534 4,459,956
1826,898 2,208,815 2,184.857 2,501,739 2,464,084 2.392.309
3,264,531 3,552,704 3,244,578 2,992,190 2,331,450 2,067,647
It will be seen that the South in 1929-30 had a lead of
3,264,531 bales and in 1928-29 of 3,552,704 bales over
the rest of the country. Only seven years ago, in 1922-23,
the leadership of the South was no more than 1,666,099
bales.
Number of Spindles.
Southern States.
Consumption,
Alive.
1929.
Alabama
Georgia
North Carolina
South Carolina
Tennessee
Virginia
All other cotton-growing States
Totals 1929-30
1928-29
1927-28
1926-27
1925-26
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
1917-18
1918-17
1914-15
1907-08
1902-03
1407-02
Running
in July.
Bales.
1,861,784
3,242,088
6,229,382
5,678,388
813,220
888,326
813,308
1,697,676
2,905,394
5,452,872
5,379,598
583,704
659,094
608,734
587,251
1,115.527
1,434,106
1,126,196
264,134
204.788
358,587
19,124,498
18,848,216
18,508,322
18,169,028
17,874,750
17,834,948
17,226,118
16,458,116
16,074,981
15,380,693
14,990,736
14,639,688
14,369,599
14,040,676
13,017,969
10,451,910
7,039.633
ft 1170 200
17,267,072
18,004.436
17.682,480
17.655.378
16,920,526
18,577,760
15,469,884
15,872,395
15,580,000
15,130,755
14,792,436
14,243.813
14,111.621
13,937,167
12,737,498
9,864,198
6,714,589
5574.754
5,088,589
5,761,519
5,429,435
5,493,929
4.795.534
4,459.958
4,050.844
4,489,150
3,977,847
3,168,105
3,724,222
3,504,191
4,323,826
4,378,298
3,164,896
2,234,395
2,049,902
1.227.939
The following indicates the aggregate number of spindle
in the North and the South separately for each of the last
six annual dates:
Spindles.
North
South
Total
1925.
1926.
1927.
1928.
1929.
1930.
19,711,416 20,293,844
14,908,210 15,971,318 17,031,634 18,526.490 17.874,750 17,634,948
19,124,496 18,848,216 18,508.322 18,169,026
37,586,166 37,928,792
34,030,706 34,819,534 35,542,122 36,695.518
Details of Crop of the United States.
We now proceed to give the details of thee rop of the United
States for two years.
TEXAS.
-29
1929 1929-30-Exported from Houston (Port):
75
To Mexico
2,299.438
1,876.413
Other foreign ports
571,623
Coastwise and inland ports- 385,369
11,118
10,127
Local consumption
280
Burnt
Exported from Galveston:
To Mexico
2,570,029
1.600,467
Other foreign ports
450,438
Coastwise and inland ports- 211,140
173
591
Local consumption
6
Burnt
Exported from Texas City:
To Mexico
112,083
95,379
Other foreign ports
72,113
Coastwise and inland ports- 49,884
Exported from Corpus Christi:
1
To Mexico
294.411
To other foreign ports
367,738
47,257
Coastwise and inland
Exported from Beaumont,
El Paso, Eagle Pass, &c:
3
To Mexico
17,304
To other foreign ports
15,111
2,870
Coastwise and inland
4,387
Stock at close of year:
152,044
At Houston
515,271
75,595
At Galveston
185,252
29,940
At Corpus Christi
28,037
1,265
At Texas City
3,170
-6,660,523
At Beaumont
172-5,396.051
Deduct
Received at Houston from
1,426
other ports
5,949
Received at Galveston from
218,585
other ports
164.168
Received at Texas City from
1.878
other ports
9,933
Stock at beginning of year:
163.659
At Houston
152,044
30,400
At Corpus Christi
29,940
86,736-- 502,682
At Galveston & Texas City- 76,860- 438,894
8,157.841
4,957,157
Movement for year----balea-
SEPT. 20 1930.]
LOUISIANA.
1929-30--__
1920 --29
Exported from New Orleans:
*1,177,178
*1,348,039
To foreign ports
141,363
125,391
To coastwide ports
331,250
796,024
Inland by rail, &c
43,014
Manufactured
30,174
9,401
Burnt
a326,316-2,015,682
a46,542-2.359,010
Stock at close of year
Deduct:
Received from Mobile
57,339
15,887
212,315
Received from Galveston_ - 47,107
137,687
373,661
Received from Houston- 3,985
12,549
Received from Texas City_ 6604
84,261
Received from Los Angeles_
1,312
Received from Corp. Christi
c6,993
Received from San Diego _ _
c1,450
100
Received from San Fran__ _
Received from Germany
500
95
Received from New York _ _
a46,542 -301,764
Stock. beginning of year
150,483 -771,106
ALABAMA.
---1929-30
Exported from Mobile:
To foreign ports
317,379
Coastwise,inland, &e
87,292
Local consumption
8,569
Stock at close of year
9,881 -423,121
Deduct:
Receipts from New Orleans,
Pacific Coast, &c
1,651
12,509
Stock beginning of year _ _ _ _
10,858
1928-29
207,297
69,824
9,727
10,858
3,855
3,635
410,612
Movement for year_ _bales _
297,706
7,490
290,216
MISSISSIPPI.
1929-30-1,308
598
1,308
Exports
598
Movement for year_bales_
Exported from Pensacola and
Jacksonv.11e:
To foreign ports_ - To coastwise ports
Stock at close of year
Deduct
Received at Jacksonville from
Savannah
Stock beginning of year
1928-29
306,815
74,211
370
21,119- 399,515
534,526
17,362
382,153
32,091
217
1,098-
33.406
13,800
131
1,074-
175
1,074-
1,249
131
684-
32,157
bales..
815
14,190
928-29-----147,505
8,487
0,137
5,713
15,930- 197,772
16,211
253.015
181,561
NORTH CAROLINA.
1929 30------ ------1928-29-----Exported from Wilmington:
72,168
To foreign ports
106,192
14.373
To coastwise ports
14.374
2,916
Inland by rail
11,463
2,449
Localconsumption
3.360
Coastwisefrom Wash.. &c_
3.250
7,946
Stocks at close of year _ _ _
4,398--99,554
3,662
146,997
Deduct 408
Received from oth..r ports_ _
3,662
4,070
Stocks at beginning of year. _ _
11,874
Movement for year_ _bales_ _ _
95.484
135,123
VIRGINIA.
1929-30-Exported from Norfolk:
To foreign ports
To coactwise ports
Shipriod inland*
Loco- consumption
Expo, ed from Newport News:
& . t foreign ports
Stock cnd of year, Norfolk__ _
1, aut.!
Re -ivied from Wilmington, &c
Received from other No. Caro.
Stock beginning of year
Movement for year.. _bales..-
87,531
43,200
10,257
360
134,189
84,493
22,396
970
49,200- 190,548
129
27,100- 269,277
964
3.000
27.100-
5.847
7.946
28,200
31,064
159.484
Movement of Cotton at Interior Towns.
The following table shows the movement to the interior
towns of the South during the last two seasons:
Year Eliding July 31 1930.
Year Ending July 31 1929.
Towns.
Receipts,
Ala.. Birmingham___
Ship-
ShiPmeats.
meats.
Stocks. Receipts.
106,260
16,859
53,607
62,756
121,614
27,444
55,191
56,338
39,090
126,729
50,644
178,805
53,748
4,681
33,328
145,068
304,775
32,615
86,135
24,365
119,173
182,193
26,930
200,170
51,151
23,891
28,750
38.114
379,148
23,100
6,433
4,511
16,494
13,555
10,102
4,975
8,902
768
1,505
6,481
1,016
14,190
2,362
2,494
11,159
47,439
47,899
1.147
10,840
1,866
35,125
15,015
2.361
40,521
3,359
3,363
4,729
4,419
7,465
7,683
65.564
15,649
60,751
55.808
88,056
28.735
57.729
57,676
33,298
119,470
47,802
142,412
39,122
3,807
29,604
138,478
251,966
53,682
54,749
35,946
145,989
146,772
31,376
190,691
50,150
35,037
24.997
39,347
516.318
27.437
&mks.
66,490
19.003
60,956
57,366
87,533
29,958
59,344
58,825
33,451
120,894
48.521
145,633
39,357
4.691
28.454
143,673
245,111
46.523
55,234
41,475
148,260
156,110
31,629
208,704
50,269
44,258
26,096
43,130
509,362
525,710
112.264
20,167
F.ufaula
64,009
Montgomery
•
Selma
73,962
Ark., Blytheville_ _ _ _
127,896
31,100
Forest City
Helena
62,003
56,759
Hope
Jonesboro
39,869
Little Rock
129.291
51,454
Newport
I lee Bluff
189,536
55,904
`A, lent Ridge_ _ _ _
Ga.,'
6.482
lbany
42,408
Athens
185,753
Atlanta
320,804
Augusta
26,003
Columbus
95,687
Macon
23,376
Rome
147,398
La.. Shreveport
193,021
Miss., Clarksdale
29,206
Columbus
234,236
Greenwood
53,955
Meridian
25,674
Natchez__ _ ____
33,190
Vicksburg
41,850
Yazoo City
Mo., St. Louis
377,484
22,587
N. C., Greensboro
Oklahoma........-___ _
726,998 28,791
772,981
779.921
751,929
Fifteen (15) towns.
191,081 22,204
248,895
S. C.. Greenville,._,...
193,515
244.248
Tenn.. Memphis.. _
1,994,716 1,893,895 149,454 1,822.921 1.856.060
54,666
313
54,845
29,311
29,465
Texas, Abilene
11,169
517
98,873
48.884
Austin
11,511
43,910
11,272 2,420
35.674
Brenham
11,548
110,904 10,512
144,846
157,914
119,012
Dallas
92.299
91,737
76,135
74,525 1,654
Paris
23,824
16.266
33,277
41,069 1,215
Robstown
504
43,229
43,993
San Antonio
24,071
24,783
66,30
0
66,329
61,688
60,540 1,933
Texarkana
146,977
149,136
106,961
102,936 5.811
Waco
•Includes the combined totals of fifteen towns n Oklahoma.
Overland Crop Movement.
The following shows the details of the overland movement
for the past three years
Amount Shipped-
15,005
* These figures represent this year, as heretofore, only the shipments
torn the Florida outports. Florida cotton has also gone inland to Savannah,
&c., but we have followed our usual custom e counting that cotton at the
outports where it first appears.
SOUTH CAROLINA.
1929 30
Exported from Charleston, &c.:
To foreign ports
183,058
To coastwise ports, ml.. &c :
Coastwise
7.804
Inland & local consumption:
10,667
Local consumption
3.861
Stock at close of year
63,555- 268,945
Deduct
Stock beginning of year
15,930
Total crop for United States for year ended July 31 1930_bales 14,630.742
a Includes 149,336 bales for excess of Southern mill takings over consumption.
Total, 56 towns__ _ 6,287,002 5,931,909 563,506 6.019,610 6,189,636 208.413
17,362--
*FLORIDA.
1929-30
-- -1928 29--
Movement for year_bales_
Total marketed from Ten1,180,303
1.467,669
nessee, &c
Total product detailed in foregoing States for year ended July 31
9.625,330
1930
6,005,412
Consumed in South, not included
Cntr.herG.W.Q...WW
GEORGIA.
1929-30-----Exported from Savannah:
388,854
To foreign ports
To coastwise ports, inland,
&c
66,564
Local consumption
576
Exports from Brunswick:
To foreign ports_ _ _
7,094
To coastwise ports
Stock at close of year:
At Brunswick
103.815- 566,903
At Savannah
Deduct
Received from Houston, New
Orleans &c
11,258
Stock beginning of year:
At Brunswick
At Savannah
21,119- 32,377
TENNESSEE. ETC.
1928-29
-1929-30To manufacturers drect, net
1,060,017
overland
al,372,280
To New York, Boston. &c.,
119,386
by rail
95,389
00.0Cb0M0gOMMOQ!-OvW2OMMO.
OMNOOMV,
C-NC0,
00X000WWXN0
N00,0N.
VCIRMXV/gOt..CANVNOOMM!..N000.
Movement for year_ _ _ _bales _ _
1,713,918
1,587,904
•Includes 10,130 bales exported from Lake Charles, La., in 1929-30
and 6,077 bales in 1928-29. a Includes 60 bales stock at Lake Charles.
La., on July 31 1929, and 140 bales on July 31 1930. 8 Of which 2.300
bales Mexican in 1928-29 and 400 bales in 1929-30. c All Mexican cotton.
Movement for year
1841
FINANCIAL CHRONICLE
41,993
227.284
1929-30
Via St. Louis
Via Mounds, 8,c
Via Rock Island
Via Louisville
Via Cincinnati
Via Virginia points
Via other routes East
Via other mutes West
379.148
324,405
3.923
37,183
3,686
297,449
65.021
600,831
1928-29.
509.362
380,051
5,580
47,845
1,021
266.795
86,822
681.379
1927-28.
413,953
251,779
13,967
18,870
5,702
231,198
16,470
331,123
Total grass overland
Deduct Shipments-
1,711,646
1,978,855
1,283,067
95,389
67,964
81,013
171,333
10.974
31,358
14.528
6,365
10,617
161
119,386
106,292
103,282
476,604
12,925
35,404
25,859
14,823
23,366
6
90,810
70.766
90,428
331,234
12,097
10.568
14,511
15,987
10,098
23
Over'ond to New York, Boston, Ace
11 twcen Interior towns
Texas inland and local mills
New Orleans inland and local mills
Mobile inland and local mills
Savannah inland and local mills
Charleston inland and loca mills
North Carolina ports inland and local mills__
Virginia ports inland and local mills
Jacksonville inland and local consumption
Total to be deducted
488,702
917,938
646,522
1,222,944
1,060,917
636,545
• This total includes shipments to Canada by rail, which in 1929-30 amounted to
189,847 bales.
Leaving total net overland*
Below we give the total crop each year since 1895-96. All
years prior to 1913-14 cover the period Sept. 1 to Aug. 31.
The year 1912-13 consequently includes August 1913, which
is also a part of 1913-14.
Bales
Years
Years.
1929-30
14.630,742 1917-1R
1928-29
15,858,313 1916-17
1927-28
14.372.877 1915-16
1926-27
19,281.990 1014-15
1925-26
15.452.267 1913-14
1924-25
14,715.639 1912-13
1923-24
11.326.790 1911-12
11.248.224 1910-11
1922-23
1921-22_ _ _ 1 1.494.720 1909-10
11.355.180 1908-09
1920 21
1919-20_ _ _12.217.552 1907-08
1918 19
11.602.634
Bales.
Years.
11.911.896 1908-07
12.975.569
12.9.53.450
1.5.067.247
14.884.801
14.128.002
16.04.3.316
12.132.332
10.1,50.061
13.828.846
11.581.820
1906-06
1904-0.5
1903-01
1902-03
1901-02
1900-01
1899-00_ ... _
1898-99_ _ _ _
1897-98 _ _ _
1896-97
Pales.
13.550.760
11.319.860
13.556.841
10.123,686
10,758,326
10.701.453
10.425.141
9.439..559
11.235.383
11.180.960
8.714,011
Weight of Bales.
The weight of bales keeps growing heavier, the average
for the season 1029-30 having been 522.14 pounds per bale,
against 520.26 pounds per bale in 1928-29, 516.44 pounds in
1927-28, 514.71 pounds in 1926-27 and 511.95 in 1925-26.
1842
FINANCIAL CHRONICLE
Fol.. 131.
The grade of the crop was the same as that of the previous
The relation of the gross weights this year to previous
season, having averaged Strict Low Middling to Middling. years may be seen from the following comparison:
The average weight of bales and the gross weight of the crop
we have made up as follows for this year, and give last year
Average
Crop.
for comparison:
Season of
Weight.
No. of Bales.
Year Ended July 31 1930.
Movement
7'hroughTexas
Louisiana
Alabama a_
Georgia b..
So. Carolina
Virginia
No Carolina
Tenn., ,4c
Number of
Bales.
Weight in
Pounds.
4.957,157 2,645,981.692
1,713,918 906,062,751
411,120 2:6,072,636
566,683 291,076,723
253,011 123,242,423
159.484
79,942,000
95,411
46,691,676
6,487,081 3,327,872,553
Year Ended July 311921.
Aver. Number of
Bales.
Weight.
533.77
528.65
524.55
513.65
495.00
500.00
489.00
513.00
Weight in
Pounds.
6,157.841 3,290,072.867
1,587.904 833,935,422
290.814 152,851,562
396.393 201.667.245
181,561
90,054.256
227,284 113,642,000
65,669,778
135,123
6.881,443 3,502.654,487
A rer.
Weight.
534.29
525.18
525.63
508.32
496.00
500.00
486.00
509.00
Total crop 14,630,742 7,638,942.456 522.14 15,858,313 8,250,547.617 520.26
a Including Mtsslselppl.
b Includ ng Florida.
1929-30
1928-29
1927.- 28
1926-27
1925-26
1924-25
1923-24
1922-23
1921-22
1920-21
1919-20
1918-19
1917-18
1916-17
1915-16
1914-15
1913-14
14,630,742
15,858.313
14.372.877
19.281.999
15.452.267
14.715.639
11,326.790
11.248.224
11.494.720
11.355.180
12.217.552
11.602.634
11.911.896
12.975.569
12.953.450
15.067.247
14.884.801
Weight, Pounds. per Bale.
7,638.942.456
8.250,547.617
,418.414.991
9,924.773.826
7.910.892.917
7.523.144.619
5,735.826.695
5.741.884,193
5.831.095.010
5.836.947.956
6.210.271,328
5.925.386.182
6.073.419.502
6.654.058.545
6.640.472.269
7.771.592.194
7.660.449.2-15
522.14
520.26
516.14
514.71
511.95
511.23
506.39
510.47
507.28
514.08
508.33
510.69
509.86
512.82
512.64
515.79
514.65.
COMPLETE DETAILED STATEMENT SHOWING EXPORTS OF COTTON FROM THE UNITED STATES
,
BY PORTS AND COUNTRIES OF DESTINATION.
Exports from
Season of 1929-30.
Country and Port of
Destination.
Galveston.
(c) Lake
Charles
(b)
and
New
Corpus Other
Houston. Christi. Texas. Orleans.
(i)
Mobile.
(e)
(d)
Jack'n Brunsutile .1 wick &
WitPena- Saran- Charles- ming- Nornab,
cola.
ton,
ton. folk.
New
York.
Booton,
(a) San 10 Se-i
(I)
Phila.
Diego attic ‘4
,
San & Los Portand
Bala- Fran- An- land.
more. cisco. pries. Ore.
Petal.
England-Hull
18---------------- -------------------------------1,118.
Liverpool
138,533 163,479 80,939 23,376 215,039 76.
4,1 114(
30 - 121
23
353
756
72 1,650 37,352 ____ 926.886.
Manchester
49,874 18,500
62,650 21,282 26,693
59.881
8 45,463 29,135 ---- 30.839
5
00
126 --------9,047 ---- 834 3
"
London
8566
Other English
51
--------6,217
6,16i
Scotland-Glasgow410
Ireland-Belfast
50
Franee-Bordeaux.
--------1,966
59
185
Dunkirk
37.926
44,972 5555 2020
11,054
209 ____
-------- ---1.011i
441
100 --------1,400 ____ 104.685.
avre
234,259 304,516 66,376 17,171
70.497 8.019 ____
39
100 8.300 ____ 1,140 ____ 4,864 -- 715,464
193 ---_
arseilles
many-Danzig--------1,200---------------- -------------------- 2,610
19
3,829
_-_-Bremen
358,697 482,770 57360 39273 228,532 173,11 2415 204.511 55,025 10,160 31,647 25,838
482
122 1,000 47,i69 -_ 1,740.105
Hamburg
__
9,241__.
17.373 5,079 1.944 5,604 12,785 2,111 -___
840
157 ------------55,134
Holland-Rotterdam.,..
39,480 5,015 ____
0
33,273
41,882 8,202 4,42
3,068 1,517 ____
138
300
125 --------175 ____ 137,595
Belgium-Antwerp.
50
9,253
1,939
34
200 ____
4,339
1.304 12,716___
32,471
236
400 ------------2,000 -___
Ghent
24,633
52,444
650 ____
51.108 12,926 5.283
497
294 2,000 _--319
177 ----------------150,331
Denmark-Aalborg500500
__
---- ---Copenhagen
10,938
4,489
Velle
-- -___ ---- --- _------ ---Norway-Bergen
846
Drammen
332
--------784
Oslo
3,156
680
..
Sweden-Gothenburg____
0,900
200
15,834
-___
7,484
Malmo
2,766
------------------------------------------2.766.
Norrkoping
2.807
2.807
---- ---- ---- ---- ----_
NykopIng
------- ---- ---- ---- ---- ---- ---321
---- ---Stockholm
-._ ____ ____
885
__ .... ____--_
Uddevala
922---------------------------- -------- -------------------92
Warberg
Harishamn
281
-Barcelona.--- ---- ---- ---- ---- ---281
---- -Spain
7,153 1,000 ____
88.463 7,867 5.506
132.705
200
------------3,642 ------------100 ____ 246,636.
Gijon
300
300--------------Bilboa
--------------------------------946
Corunna
____
200
1,888
1,062
50
Malaga
----------------Passages
---- ------------------- ---- -------- -----------1,530
2,109
----Santander
200
__Vigo
750
Cadiz
57
-Lisbon
Portugal
1,175
50
14,591
Oporto
30.017
1.128
---------------------6,836
New Zeeland
263
Auckland95
95
---- ---- ---- --------------------------- --------------------200
88
Italy-Ancona
288
Genoa
140.386 156.317 30,867 3,547 142,805 9,090
200 5,580
420 21210 ---- 5 176 ------------1,400 ____ 517.058
3,218
Leghorn
------------------------ -------- -----------------------80
-.3.298
...
5,050 1,100
____
17,400
3,150
---------------- -------Naples
27, 17
2
557 -------------------4,621
406
---------------------------23.-------9,476
---..-3,750
Trieste
184 ---------------------8,437
____
19,634 4,144
Venire
28,952
23,901
700 --150 -------------------- .00,481
Russia-Reval
2i
Murmansk
---------------------------- ----------------------------300
Abo
Greece-Piraeus
50
225
- ---- ---- ---- ------- ---Africa--Capetown_
566
.
____ ...._
_ .
Japan
264,897 294,920 25,212 3,151 166,107 7,600 1,000 6.300 33,280 ____
.
200 1,197
56 _--- 44 i16 145,695 27,282 1,021,107
__
82,245 2,519
49,320 12.987 ---- 7,500 7,125 ____
China
30,773
400 1,300 --------7,870 15.021 1,200 218,260
Shanghai900 --------------------------------------------900
Canada
____ al95,310
168
8 5,211 ____
____
Halifax
----- ....„ ____
4
Mexico
Buena Ventura
120
Vera Cruz
----------------------------------7,093
Lama
1.675
--__ ____ ____ ____ _-_- ------- ---India-Bombay
100
Australia
15
Chile
---55
Arica
Uruguay-San Felipe_
500
VenezuelaPuerta Cabello
---- --- ---- ---- ---La Guayra
--GuatemalaPorto Colombia_
760
Honduras-Tela
2
------- ---- ---- ---- ------- ---22
Port Cortez
5
Cuba-Havana
60
Colombia-Cartagena.
---300
Porto Bareos
Colon
Ecuador110 _--110
..------ ------------- ---- ---120
Guayaquile
---
-------------------------
---------3,000
Total
1 600,467 1.876,413 367,738 110.490 1.177.178 318 687 32.091 395.948 183,058 72,16c 17,53' 511,377 7.027 1,491 65.853 267.794 28,482 6,840,635
a Includes 189,847 bales shipped by rail.
b Includes from Texas City to Ghent, 4,483; to Havre, 13418; to Bremen, 35,552; to Japan. 3,151; Rotterdam, 3.888
to Dunkirk, 1,820; to Barcelona, 3.697; to Liverpool. 20,310: to Manchester 6.427; to Genoa. 2,533. From Beaumont to Ghent,800: to Havre, 3,653; to Bremen. 1.721
to Rotterdam, 532; to Barcelona, 1,809; to Liverpool. 3.065: to Genoa, 1,014; to Manchester. 266; to Antwerp. 50:10 Dunkirk. 200. c Includes from Lake Charles to
Liverpool, 383: to Antwerp. 400; to Ghent. 377; to Bremen. 4.977 to Genoa, 3.645: to Rotterdam. 50; to Havre, 318. d Includes from Jacksonville to Liverpool, 291.
:
e Includes from Brunswick to Liverpool, 7,094. f Includes from Philadelphia to Hamburg, 157; to Liverpool, 72.
p Includes from San Diego to London,2.892:10 Japan.
5,088: to Mexico. 300: to Liverpool. 900. 14 Includes from Portland. Ore.. toy span. 4,237. 1 Ineludor from thIlfoort to Great Britain, 1.253:10 Rotterdam, 55.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
THE WEEK ON THE NEW YORK STOCK EXCHANGE.
The trend of the New York Stock Market has been downward this week with a violent break yesterday. Certain
pivotal industrials like United States Steel, American Can,
General Electric and Westinghouse Electric gave ground
rather easily. The weekly statement of the Federal Reserve
Bank made public after the close of business on Thursday
showed an increase of $79,000,000 in brokers' loans. Call
money renewed at 23/a% on Monday, dropped to 2% in the
afternoon, and fluctuated between 23' and 2% during the
rest of the week.
The stock market, as a whole, pushed lower during the
brief period of trading on Saturday and for a short time the
list appeared to be on the verge of a severe break. As the
day advanced prices stiffened, but the recovery was limited
to a few of the more active speculative offerings, and most
of the gains were fractional. On the other hand, many
prominent stocks were down from 1 to 4 or more points.
United States Steel sold off and at one time was down to
167 8 or more than 2 points below the previous close.
,
American Water Works & Electric continued strong and
improved 3% points to 99%. The sharpest recessions of
the day included United Aircraft 2 points, American Tobacco "B" 6 points, International Business Machine 6%
points, and Columbian Carbon 3 points.
The stock market was again severely depressed on Monday, and a goodly number of stocks declined from 1 to 3
or more points under the previous close. United States
Steel sold in large volume, and it finally dipped below 1673
%
where it was off about 2% points on the day. Numerous
other important issues also suffered severe losses, including
such active stocks as Westinghouse Electric 3% points at
its low for the day, Allied Chemical & Dye, which was down
at one time more than 6 points from its early high, American Tobacco 7 points, Diamond Match 5 points, J. I.
Case 6 points. In the late afternoon occasional bursts
of strength occurred in some special issue, but the gains
were not particularly noteworthy. On Tuesday the
market again moved within a narrow range with rallies and
reactions alternating throughout the session. In the early
trading the market was weak and new lows on the reaction
were recorded by such important stocks as United States
Steel, Westinghouse Electric and Consolidated Gas. Other
active issues selling down from 2 to 4 or more points were
Sears-Roebuck, Woolworth, United States Industrial Alcohol, Eastman Kodak, Auburn Auto, Johns-Manville, Western Union, and International Harvester. Railroad stocks
on the side of the decline included New York Central, and
Delaware & Hudson, while Norfolk & Western, and Union
Pacific showed gains of a point or more. This was true
also of Diamond Match which was boosted up about
3 points. Prices worked somewhat higher on Wednesday, though the advances were extremely moderate
all along the line. Public utilities were the leaders of the
upward swing, Brooklyn Union Gas shooting ahead about 2
points to 131 followed by such issues as American Power &
Light, Standard Gas & Electric, Public Service of New Jersey, Western Union Telegraph, and American Tel. and Tel.
Industrial stocks were slightly higher, United States Steel
crossing 170 at one time during the day and Allied Chemical
& Dye gained 2 points to 2713 . Railroad stocks were
%
somewhat mixed and declines of a point or more were recorded
by Del.& Hud., L.& N., St. Louis-Southwestern. Atlantic
Coast Line was off two or more points, but made it up before
the close. Copper stocks were still down, and so were the
motor shares, the specialties and most of the railroad equipment issues.
On Thursday prices were down all along the line,some of the
popular speculative favorites falling back from one to five or
more points. Prominent in the late declines were such issues
as United States Steel, American Can, Standard Gas &
Electric, Auburn Auto, General Electric, J. I. Case Threshing Machine, Worthington Pump,and Air Reduction. Other
active issues suffering losses included Eastman Kodak,
Columbian Carbon, Woolworth, Vanadium Steel, JohnsManville, Amer. Tel. & Tel., Brooklyn Union Gas Co., and
American Power & Light. Railroad stocks generally were
down, sharp declines being registered by Southern Railway,
Canadian Pacific, Chesapeake & Ohio, Erie, Atchison, and
Wabash.
On Friday many prominent speculative stocks registered
new lows as the.market closed. United States Steel was
3
down at one time to 162%, but recovered to 163% where it
elosed with a loss of 3% points on the day. Numerous other
1843
popular market favorites made new lows for the year or
longer. There were occasional half-hearted rallies, but these
were generally followed by further declines and prices moved
further downward. Among the noteworthy losses were Allied Chemical & Dye 64 points, Air Reduction 3 points,
Worthington Pump 3 points, New York & Harlem 7 points,
Republic Steel 3 points, International Business 934 points,
Columbian Carbon 534 points, and J. I. Case Threshing
Machine 8 points. Public utilities were hard hit and decli b
of 3 to 5 or more points were registered by many active issu •
in this group. Railroad stocks and amusement shares also
felt the pressure and slipped back from 2 to 6 or more points.
The final tone was weak.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY. WEEKLY AND YEARLY.
Week Ended
Sept. 19 1930.
Stocks.
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Mtn!
Railroad.
Ste.,
Bonds.
Siam,
Municipal &
Poen Bonds.
1.021.7Z0
1,562,960
1,767,910
1,188,580
1,376,990
2,947,780
33.172,000
4,479,000
5,516.000
6,398.000
5,772,000
6.428.000
51,296,500
2,593,000
2,412,000
2,419,500
2,121,030
2.397.000
non
SA1 7AA AAA
cal LSR COO
United
States
Bonds.
0 ROC
Sale.s at
Nee York Stock
Eselsange.
• Week Ended Sept. 19.
1939.
Stocks
-No. of shares_
1929.
Total
Fond
Sales.
$119,000 34,387,500
391.000 7,463.000
397,000 8.323.000
470,500 9,288,000
222,000 8.115.000
243,000 9.268,000
II R42 snn 547040
Ton
Jan. Ito Sett. 19.
1930.
1929.
9,865.970
23,553,350
601,118,670
797.175.640
$1,842,500
13,439,000
31,763,000
$1,335,400
11,299,509
47,019,000
379,181,900
477,952,900
1.392,061,400
$92,339,100
446.621.650
1,471,904,300
Bonds.
Government bonds_ _ _
State & foreign bonds_
Railroad & misc. bonds
'Total bonds
347.046.500 359,653,900 31,949,196.200 32.010.865,050
DAILY TRANSACTIONS AT THE BOSTON. PHILADELPHIA AND
BALTIMORE EXCHANGES.
Philadelphia.
Boston.
Week Ended
Sept. 19 1930.
Saturday
Monday
Tuesday
Wednesday
Thum/lay
Friday
Baltimore.
Shares. Bond Sales. Shares. Bond Sales. Shares. Bond Sales.
.13,984
19,993
18,368
9,375
17,093
8,518
83,050
4,000
13,000
16,000
8,010
8,000
a30,415
a40,893
a38,810
a33,305
a31.568
29,050
31,000'
4.300
6,000
4,000
4,000
1,297
1,954
906
1,093
547
876
311,000
7,500
23,600
4,200
13,100
8.000
87,331
Total
Prey, week revised
332,100
204.043
$19,300
6,673
167,400
121.485
364.000
266,288
$57.500
4,703
$69,800
• In addition, se es of righ s were: Saturday, 100.
a In addition, sales of rights were: Saturday, 2,200: Monday, 6,900: Tuesday.
4,200: Wednesday. 7,100: Thursday, 4,100. Sales of warrants were: Saturday,
600: Monday, 300; Tuesday. 700: Wednesday. 600.
COURSE OF BANK CLEARINGS.
Bank clearings this week will again show a decrease as compared with a year ago. Preliminary figures compiled by us
based upon telegraphic advices from the chief cities of the
country indicate that for the week ended to-day (Saturday,
Sept.20)bank exchanges for all the cities of the United States
from which it is possible to obtain weekly returns will be
31.7% below those for the corresponding week last year.
Our preliminary total stands at $10,307,609,969, against
$14,893,481,798 for thd same week in 1929. At this centre
there is a loss for the five days ended Friday of 33.5%. Our
comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ending Sept. 20.
1929.
Per
Cent.
88,245,000,000
602,522,282
514,000,000
466,000,000
140,270,468
133,100,000
253,427,000
-33.5
-28.6
-22.2
-33.3
-17.9
-19.6
-28.8
189,197,487
252,050,401
158,373,847
95,536,826
58,984,128
-18.7
-39.3
-22.8
-12.0
-27.2
Twelve cities, 5 days
Other cities, 5 days
$7,586,001,169 $11,110,462,439
1,003,673,805
1.140,266,530
-31.8
-12.0
Total all cities, 5 days
All cities. 1 day
53,589.874,974 312,250,728,969
1,717,934,995
2,642,752,829
-29.9
-35.0
510307.608.869 314.893.481.798
-31.7
1930.
$5,483,000,000
New York
430,374,735
Chicago
Philadelphia
400,000,000
311,000,000
Boston
Kansas City
*115,000,000
110,600,000
St. Louis
180,573,000
San Francisco
Los Angeles-Will no longer report clear 115g&
153,819,695
Pittsburgh
152,905,257
Detroit
122,294,762
Cleveland
84,085,342
Baltimore
42,948,378
New Orleans
mnto
all cities tor work
•Estimated.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week had to be in all cases estimated.
In the elaborate detailed statement, however, which we
present further below we are able to give final and complete
results for the week previous-the week ended Sept. 13. For
that week there is a decrease .of 35.8%, the aggregate of
clearings for the whole country being $8,836,958,336, against
1844
$13,761,683,368 in the same week of 1929. Outside of this
city there is a decrease of 33.7%, while the bank clearings at
this centre record a loss of 41.7%. We group the cities now
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York Reserve District, including this city, the totals show a diminution of 41.5%, in the Boston Reserve District of 28.3%
and in the Philadelphia Reserve District of 26.9%. In the
Cleveland Reserve District clearings are smaller by 24.5%,
in the Richmond Reserve District by 19.8% and in the
Atlanta Reserve District by 28.2%. The Chicago Reserve
District has suffered a loss of 35.4%, the St. Louis Reserve
District of 29.9%, and the Minneapolis Reserve District of
20.6%. In the Kansas City Reserve District there is a
shrinkage of 18.1%, in the Dallas Reserve District of 42.7%
and in the San Francisco Reserve District of 24.3%.
In the following we furnish a summary of Federal Reserve
districts:
617M8ARY OF HANK CLEARINGS.
1929.
1930.
Week end. Sept. 13 1929
Ine.or
Dec.
Total
126 cities
Pula& N. Y. City
1927.
$
637,566,378
6,882,395,084
631,899,478
473,585,284
205,467,245
244.282,718
1.132.803,372
247,372.962
177,413,681
224,155,612
95,449,348
441,113,728
8,836,953,336 13,761,683,368 -35.8 11,539,413,508 11,393,505.131
3,282,937,910 4,239,182,705 -33.7 4,317,582,747 4,686.988,543
31 Mtios
370.122346
488.405.681 -23.9
423.185.834
378.837.218
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended September 13.
Clearings at
1930.
1929.
First Federal Reserve Dist rict-Boston
Me.--Hangor__ _ _
752,553
739.079
Portland
4,736,304
3,858,654
Mass.
-Boston _ _ 369,299,058 512,000,000
Fall River_ -871,718
1,363,823
Lowell
458,006
1,230,297
New Bedford1,074,049
1,320,990
Springfield _ _
4,067,524 '6,080,300
Worcester
3,077,857
3,910,189
Conn.-Hartford
12,920,882
24,751,485
New Haven _ _
6,409.809
11,530,807
R.I.-Providence
11,253,800
17,134,000
753,567
N.H.-Manches'r
673,898
Total(12 cities)
414,7(14.332
Inc. or
Dec.
1928.
1927.
--17.3
--18.5
--27.9
--35.1
--62.8
--18.8
--33.1
---21.3
---47.8
--44.5
---34.3
--10.6
636,403
3.867,725
478,000,000
1,354,811
1,208,975
1,047,302
5,216,078
3,873,025
15,522,904
8,420,345
15,115,100
760,461
1,532,030
4,043,332
572,000,000
2,122,703
2,695,676
1,421,735
5,700,610
3.534,213
20,084,553
8.253,228
15,264,500
913,798
585,564,315 -28.3
535,023,129
637,566,378
Second Feder al Reserve D istriet-New
N. Y.
-Albany _ _
6,109,829
5,898,325
Binghamton_
1,302,928
1, 87,688
2
Butfalo
43,839,911
50,722,535
Elmira
815,069
1,663,579
Jamestown_ _
1,732,295
960.747
New York ...._ _ 5,554,120,426 9,522,500,663
9,816,740
18,6)97,687
Rochester
4,786,361
7,231,760
Syracuse
Conn.
3,389,516
3,975.623
-Stamford
N. .7.
600,887
545,588
-Montclair
38.352,472
Newark
30.026.930
Northern N. J.
39,704,071
53,446,417
York
7,129,818
+3.5
6,840,869
1,335,156
-1.2
1,296,200
58,390,719
-23.7
64,838,081
1,089,253
-51.0
032,858
1,545,777
-44.6
1,619,523
-41.7 7,221,830,761 6,706,516,588
15,232,026
-47.5
16,729,445
6,475,080
-33.8
6,741,298
3,973,862
-14.7
3.833,821
1,383,393
+10.1
1,125,760
28,479,699
-21.7
28,020,823
37,561,521
-25.7
44,100,018
Total(12 cities) 5,695,458.173 9,736,069,872 -41.5 7.384,427,065 6,882,395,284
Third Federal Reserve Dist rict-Philad elphra
Pa.
1,689,902 --28.6
-Altoona __ -1,206,470
Bethlehem _
7,782,293 --42.9
4,444,836
1,061,271
+4.6
Chester
1,110,879
1,710.721
1,987,005 --13.9
Lancaster
Philadelphia_ - 467,000,000 558,000,000 --16.3
23.1
Reading
4,099,239
3,151,209
Scranton
6,144,487 --18.8
4,989,070
3,774,701 --24.0
2,870,087
Wilkes-Barre_ _
York
19.9
1,915,080
2,149,506
N. J.
5,485,169 --37.6
-Trenton
3,420,000
Week Ended September 13.
Clearings at
1930.
Seventh Feder al Reserve D
Mich.-Adrian_
.
212,858
Ann Arbor_
796,541
Detroit
131.462,398
Grand Rapids_
5,773,732
Lansing
2,717,059
Ind.
-Ft. Wayne
3,109,386
Indianapolis_ _
19,964,000
South Bend
2,481,123
Terre Haute_ _
4,535,533
Wis.-Milwaukee
27,501,406
Iowa-Ced. Rap_
3,209,251
Des Moines _ _
7,889,356
Sioux City._
6,052,838
Waterloo
1,333,883
Ill.-Bloomingt'n
1,704,646
Chicago
482,250,381
Decatur
1,184,457
Peoria
4,003,341
Rockford
2,611,601
Springfield_
2,521,677
Total(20 cities)
1928.
$
$
$
Federal Reserve Diets.
%
414,704,332
585,584,315 -28.3
535,023,129
in Beaton_ _ _ _12 tittles
5,695,458,173 9,736,069,872 -41.5 7,384,427,065
203 New York_12 •
491,818,352
592,173,693 -26.9
590,850,435
RBI Milled& '14_10 "
373,420,201
494,655,564 -24.5
459,164,098
WI Cleveland__ 8 "
140.655.182
173,568,584 -19.8
168,909,294
5811 Richmead _ 6 "
141,489,593
197,050,335 -28.2
181,896,665
5411 Atlanta_-_12 "
711,715,465 1.100,831,738 -35.4 1,087,416,077
7th Chicago _....20 "
180,228,639
221,877,103 -29.9 .228,336,540
8Ih 0*. Louls___ 8 "
129,551,771
163,222.923 -20.6
167,678,939
Dth Minneapolle 7 "
188.229,374
229,637,610 -18.1
249,488.971
10t11 KansaeCity 10 "
11t11 Della
60,738,092
88,660,134 -42.7
99,218,004
408,109,137 -24.3
417.104,291
308,929,152
12t11 San Fran..,.16 "
Canada
[VOL. 131.
FINANCIAL CHRONICLE
1,747,613
5,242,742
1,189,314
1,936,202
558,000,000
4,228,636
5,886.558
4,849,617
2,149,181
5,620,572
1,726,478
4,657,000
1,630,753
2,325,438
598,000,000
4,507,612
6.399,929
4.229,918
2,045,587
6,376,763
592,173,663 -26.9
590,850,435
831,899,478
Fourth Feder al Reserve D istrict--Clev eland
Ohio-Akron__
7,008,000 -31.4
4.805.000
Canton
6,692,907 -36.6
4,246,991
Cincinnati_ _ _
76,326,882 -28.8
55,592,157
Cleveland
28.4
122,583,983 171,089,852
Columbus
29.2
14,403.700
20,358,700
Mansfield
24.3
1,749,776
2,040,337
Youngstown__
7,256.102 -46.4
4,697,801
Pa.
-Pittsburgh _ 165,337,793 203,782,784 -18.9
7,445,000
5,868,113
77.361.594
153,417,323
19,592,600
2,254,451
6,885,111
186,439,906
7,777,000
5,362,000
89.119,883
151,273,082
19,674.800
2,532,291
6,132,161
191,714,067
494,555,564 -24.5
459,064,008
473,585,284
Fifth Federal Reserve Dist rict-Richm ond945,113
1,174.630 -19.5
W.Va.-Hunt'g'n
3.491,658
4,161,664 -16.9
Va.-Norfolk__ 40,398.000
45,407,000 -11.0
Richmond _ _ - S.C.-Charleston
2,144,305
2,276,394 -5.8
90,824,632 -22.5
70,475,249
Md.-Baltimore _
29,724,264 -21.9
D.C.-Washing'n
23,210,857
1,173,372
4,829,236
44,917,000
1,849,248
88,287,042
27,853.398
1,286,918
5,355,370
55,136,000
2,666,377
114,828,982
26,193,638
173,568,584 -19.0
168,909.294
205,467,285
Sixth Federal Reserve Diet rict-Atiant a-Tenn.
-Knoxville
3,365,076 +4.6
3,520,970
Nashville
19,630,365
24,722,588 --20.8
63,307,220 --33.5
42,092,792
Augusta
25.1
1.936,560
2.586,890
Macon
33.6
1,295,190
1,949,575
Fla.-Jack'nville.
10,367,857
11,949,318 --13.2
Miami
1,356,000
2,212,000 --37.7
Ala.-Birming'm.
16,268,705
26,784,721 --39.3
Mobile
1,942,427
3,232,034
39.9
-Jackson_
Miss.
1,779.000
2,255,000 --21.1
Vicksburg
208,950
330,855 --37.0
La.-NewOrleans
41.090,777
54,355,058 --24.4
3,500,000
24,344,825
.50,702,867
1,733,746
2,390.818
14,677,176
1,936,000
25,325.637
1,687,013
2,254,544
466,870
52,877,167
4.000,000
26,424,322
64,280,705
3,607,302
3,189,961
18,825,649
3,260,000
32.209.648
2,090.224
2.768.000
475,564
83,151,343
181,896,665
1929.
Inc. or
Dec:
Total(Settles)_
Total(6 cities)
Total(12 cities)
491,818,352
373,420,201
140,665,182
141,489.593
197,050335 -28.2
1927.
300,458
1,349,194
204,107,907
7,911.401
3,387,806
2,943,820
25,709,000
3,331,300
5,481,045
50,257,063
2,992,144
10,020,582
6,608,751
1,233,221
1,818,643
792,302,869
1,436,122
5,353,713
3,854,574
2,403,759
711,715,465 1,100,831,738 -35.4 1,087,416,077 1,132,803,372
Eighth Fedora I Reserve 131s trict-St.to ulsInd.-Evansville
4,886,744
5,319,260 ---8.2
Mo.-St. Louis_ _ 107,800,000 132,700,000 --I8.8
Ky. Louisville_
37,912,885
39,405.758 --3.8
Owensboro.,_
377,768
443,258 --14.9
Tenn.
-Memphis
23,217,002 --35.0
15,098,302
Ark.-LittleRock
12,789,859
18,804,390 --30.1
Ill.-Jacksonville
160,137
375,128 ---57.3
Quincy
1,202,944
1,612,307 --25.4
6,279,878
143,900,000
38,425,311
361,107
20,256,397
17,234,114
365,460
1,514,273
6,489,317
157,100,000
41,043,566
354,021
24,006,574
16,389,776
373,221
1,616,487
228,336.540
247,372,962
Ninth Federal Reserve Dis trict-Minn eapolisMinn.
-Duluth_ _
7,561,199
10,659,854
7.775,088 -2.8
Minneapolis
90,869,053 116,818,877 -22.3 112,381.661
St. Paul
35,504,257
23,649,362
29,809,327 -20.6
N. D.
-Fargo.
2,295,779
2,247,594
2,363,930 -4.9
S.28.
-Aberdeen.,
1,990.191
1,184,439
1,518,933 -4.9
Mont.-13111113gs _
762,124
995,197
924,768 -17.5
Helena
3,852,000
• 3,288,000
4,012.000 -18.1
14,022,727
119,890,338
34,792,835
2,030,937
2,022,747
892,097
3,762,000
Total(8 cities)-
Total(7titles).
180,228,639
221,877,103 -29.9
163,222,923 -20.6
167.678,939
177.413,681
Tenth Federal Reserve Die trict-Kane as City
Neb.-Fremont.
260,032
403,987 --35.5
Hastings
561,785
582,313 --3.7
Lincoln
3,825,252 --5.6
3,613,327
Omaha
44,451,037
48,520,532 ---8.4
Kan.
-Topeka.2,993,640
3.776.033 --20.8
Wichita
6,887,113
8,447,751 --18.5
Mo.-Kan. City_ 121,104,210 153,085,114 --81.2
St. Joseph-- 5,389,531
7,342,238 --26.7
Colo.
-Col. Sege.
1,393,921
1,657,019 --15.9
Denver
a
a
a
Pueblo
1,574,778
1,997,371 --21.2
480,650
613,773
5,243,214
53.815,285
4,309,945
9,862,686
183,747,136
8,130,929
1,557,152
a
1,728,201
420,483
536,703
5,351,633
45,474,931
3,284.990
8.779.299
150,578.470
6,793,611
1,334,440
a
1,601.052
229,637,610 -18.1
249,488,971
224,155,812
Eleventh Fede ml Reserve District
-Da HasTexas-Austin,...
1,711,560
1,908,603 -11.8
Dallas
42,119,985
61,022,380 -31.0
Fort Worth...
9,164,646
13,516,725 -32.2
Galveston
3,137,000
5,928,000 -47.1
La. Shreveport6,284,426 -26.7
4,604.901
2,666,923
64,720,332
15,125,447
9,545.000
7,160,302
2,855,551
64,078,411
13,218,249
8,166,000
7,131,137
99,218,004
95,449,348
Total(11 cities)
Total(5cities)
129,561,771
188,229,374
60,738.092
88.660,134 -42.7
Twelfth Feder al Reserve
istrict-San Franci sco-Wash -Seattle..
38,826,649
58,827,469 -34.3
54,141,270
Spokane
12,436,000
16,427,000
16,113,000 -22.8
Yakima
1,198,026
2,112,878
2,059,126 -41.8
Ore.
-Portland45,381,345
35,272,109
48,684,559 -27.6
Utah-S. L. CIO)
19,797,848
16,685,868
23,026,516 -27.8
Calif.
4,564,337
-Fresno.
2,624,803
4,466,333 -41.2
Long Beach__ 8,739,945
6,521,156
8,326,780 -21.7
Los Angeles- -- No longer will report clearin gs
20,209.840
Oakland
18,860,214 -30.3
13,179.602
6,549,444
Pasadena
6,303,920 -20.1
5,033,657
7,671,382
7,683.798 -8.8
Sacramento
7,018,806
5,041,979
San Diego_ _ _ _
6,900,460 -24.2
5,231,693
San Francisco,. 155,690,737 196,155,975 -20.7 218,007,141
3,569,424
San Jose
3,681,010 -18.2
3,011,908
2,211,223 +3.2
1,883,997
Santa Barbara.,
2,281,676
2,298,261
Santa Monica.,
2,300,954 -2.5
2,243,683
2,708,200
2,507,800 -25.3
Stockton
1,872,800
244,282,718
Total(10 cities)
1928.
$
strict-Chi capo245,530
300,035 --29.3
964,243 --17.4
851,595
246,766,413 --46.7 228,388,868
9,773,042
7,439,385 --22.4
4.293,281
4,504,766 --39.7
3,339,219
4,437.560 --40.0
24,140,000
28,398,000 --29.8
3,244,360
3,507,902 --29.3
5,099,486
5,785,873 --21.7
47,357,680
40,509,581 --21.6
3,731,126 --14.0
3,001,004
10,458,599
9,897,048 --20.3
8,033,941
7,167,275 --15.6
1,542,495
1,803,392 --26.1
1.891,810
2,347,999 --28.4
718,482,296 --32.9 722,180,819
1,411,421
1,545,859 --23.5
6.069,889 --34.0
5.730,030
4,248,988 --38.7
3,768,733
2.924,108 --7.5
2.664,149
57,363,130
16,010,000
1,459,321
46,060,719
18,864,923
5,699,219
8,198,950
20,734,303
7,373,716
8,659.185
8,522,067
233,174,000
3,455,610
1,986,566
2,757,720
2,796,300
Total(17 cities) 308,929,182 408,109,137 -24.3 417,104,291 441,113,729
Grand total (126
cities)
8,836,958,336 13761.683,368 -35.8 11539,413,508 11393,505,131
Outside N. Y _ _ _ _ 3,282,837,910 4,239,182,705 --33.7 4,317,582,747 4,686,988,543
Week Ended September 11.
Cleartnes at
1930.
1929.
Inc. or
Dec.
1928.
1927.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec__ __ , -Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William.,_.,_
New Westmlnster
Medicine Hat_ _ ..
Peterborough.,.,..
Sherbrooke
Kitchener
Windsor
,
Prince Albert. _ _
Moncton
Kingston
Chatham
Sarnia
$
113,430,000
117,157.342
53,919,459
17,987,899
6,898,079
6,921,714
3,862,377
5,481,974
8,378,113
2,541,755
2,293,918
2,917,217
5,489,977
5,307,235
486,476
603,295
2,424,249
991,646
953,888
854,190
757,807
371,055
1.211,490
803.868
1,149,764
3,441,588
411,206
*900,000
919,541
590,020
667,203
$
159,021,224
151,500,820
69,281,937
21,090,130
8,084,756
7,599,546
3,296,019
7,067,125
11,811,942
2,710,621
3,009,558
4,337,906
6,917,397
7,175,027
678,939
762,027
2,963,156
1,407.154
1,321,141
1.318,873
1.083,891
531,001
1.185,939
1,070,299
1,332,208
5,846,331
514,815
1,062,987
850.510
695,901
871,503
%
-28.7
-22.7
-22.7
-15.8
-14.5
-8.9
+17.2
-22.4
-29.1
-6.2
-23.8
-32.7
-20.6
-26.0
-28.3
-23.3
-18.2
-29.8
-28.3
-35.1
-30.1
. -30.1
4
+12.2
-35.9
-13.7
-41.1
-20.0
-15.3
+8.1
-15.1
-23:4
$
131,027,023
140,672,228
51,415,727
19,386,850
7,655,710
7,809.537
3.409,157
6,191,723
10,712,652
2,655.914
2,578,393
3,253,162
6,763,745
6,657,909
858,563
097,476
2,847,395
1,436,810
1,226,400
1,195,640
912.112
649,162
1,217,500
999,846
1,166,648
5,540,246
481,170
934,193
838,548
942,368
750,026
$
122,361,680
128,352,003
41,385,784
17,500,742
8,768,623
6,498,339
2,945,176
5,978,215
7,922,799
2,663.418
2,463,413
2,884,577
5,146,959
4,985.166
645,915
650,609
2,472,980
1,308,309
1,394,750
1,985,685
877,894
331,924
963,245
931,662
1,138,440
4,705,533
325,146
951.999
. 882,009
776,587
637.657
Total(31 cities)
370,122,345
486,405,681 -23.9
423,185,834
378,837.218
a No longer reports weekly clearings. * Estimated.
SEPT. 20 1930.1
FINANCIAL CHRONICLE
1845
THE CURB EXCHANGE.
PRICES ON PARIS BOURSE.
Curb prices show a steady decline this week with to-day's
Quotations of representative stocks on the Paris Bourse
market registering decided weakness and the heaviest trading as received by cable each day of the past week have been
in some time. Utilities were the most active and the weak- as follows:
Sept.13 Seld.13 Sept.16 Sept.17 Sept.18 Sept.19
est issues. Elect. Bond & Share corn. dropped from 833' to
1930. 1930.
1930.
1930.
1930.
1930.
763, with the close to-day at 77%. Duke Power after
Francs. Francs. Francs. Francs. Francs. Francs.
89.75 89.25 89.75
fluctuating between 164% and 1683 during the week, to- French Rentes 3% Perpetual__
89.35 89.45
103.45 103.60 103.65 103.55 103.55
neaten 4% 1917
day broke to 163, with the final figure 164. Amer.& Foreign French Rentes 5% 1915-16
French
101.55 101.55 101.60 101.85 102.30
Power warrants weakened from 503. to 453 , the close toBanks
,
Banque de France
22,020 22,200 22,450 22,400 22,445
day being at 46. Amer. Gas & Elec. com. on small business Banque de Paris et des Pays Bea_
2,635
2,675
2,705 2,720
2,710
lost about three points to 126 though it recovered finally to Credit Lyonnais
3,045
3,010
3,060
3,060 3,055
1,350
1,350
1,350
1,340
1.340
128. Commomwealth Edison was down from 287 to 280 on Unton des Mines
Canal
few transactions. United Light & Power, corn. was off from Camel Maritime de Sues
17,250 17,350 17.610 17,605 17,550
Railroad40% to 37%. Oils show few changes of importance. Humble Chemin de ter du Nord
2,360
2,345
2,390 2,395
2,370
Oil & Ref. ranged between 873 and 8834 until to-day when
%
Mines
1,348
1.341
1,375
Hollit declined to 863%. Vacuum Oil eased off from 783% to Mines des Courrieres
1.378
1,358
Mines des Lens
1,164
1,160
1,184 1,189
1,177
763%, the close to-day being at 77. Gulf Oil was down from Soc. Minter° et Metallurgique de day
120 to 116. Industrial and miscellaneous issues show few
Penarroya
787
786
795
772
782
Public
changes of moment. Deere & Co. advanced from 733% ex- Cie. General d'Electricite
3.400
2,325
3,295
3,370
3,390
dividend to 807 and sold finally at 75. Electric Power Soo. Lyonnalse des Eau:
%
2.955 3,020
2,980
3,005 2,980
Associates after improving from 243 to 263, fell to-day to Cie. Francatse des Precedes
%
Thomson-Houston
818
814
831
841
846
23%. Glen Alden Coal weakened from 85 to 813%. Techni- Union d'Electricite
1,290
1,230
1,245
1,245
1,228
Industriatscolor, corn. was off from 263 to 203 ,the close to-day being
%
Trefilerics & Larninoirs du Havre
2,210
2,180 2,205
2,140
2,180
at 20%.
Societe Andre Citroen
840
848
821
787
835
317
299
295
A complete record of Curb Exchange transactions for the Ste. Francalse Ford
299
310
Coty. B. A
926
919
935
940
935
week will be found on page 1876.
Peehiney
2,835
2,825
2,880
2,890
2,920
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Wed Ended
Sept. 19.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number of
Shares).
253,500
335,600
349,600
304,100
315,500
535,800
2.094,100
Bonds (Par Value).
Rights.
1,900
6.000
5,500
15,301
23,300
21,700
Foreign
Domestic. Government.
1,706,000
1,322,000
3,291,000
3,088,000
3,284.000
3,380,000
97,000
243,000
216,000
170.000
209,000
335,000
Total.
1,803,000
2,565,000
3,507,000
3,258,000
3,493,000
3,715,000
73,700 $17,071,000 $1,270.000 $18,341,000
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Sept. 3 1930:
GOLD.
The Bank ofEngland gold reserve against notes amounted to
/154,839,601
on the 27th ultimo (as compared with 1154,333,732 on the previous
day), and represents an increase of £8,879,517 since Jan. 1 last. WednesGold from South Africa to the value of 61,169.000 was offered in
the
open market yesterday. The demand from France was keen and
£960,000
was secured for that country at the fixed price of 85s. ;id. per fine
Home and Continental trade requirements amounted to 115,000 and ounce.
$20,000
respectively. The balance of £174,000 was to-day bought for
France, the
price remaining unchanged.
Movements of gold at the Bank of England during the week show
efflux of £381,398. Of the receipts £250,000 was in sovereigns from a net
Australia,and of the withdrawals, totalling £657,786, £400,000 was in
sovereigns
"set aside" and about 1200,000 in bar gold for Switzerland.
The following were the United Kingdom imports and exports of
registered from midday on the 25th ultimo to midday on the 1st inst.:gold
Imports.
Exports.
Australia
1500,000 Germany
£73,880
Brazil
184,270 France
369,644
British South Africa
803,852 Switzerland
292,908
Other countries
3,619 Austria
17,750
British India
24,327
Other countries
3,960
£1,491,741
•
/782,469
The South Rhodesian gold output for the month of July last amounted
to 45.810 ounces,as compared with £45,208 ounces for June 1930 and
46,369
ounces for July 1929.
SILVER.
A steady tone has been maintained during the past week. Sellers
some reluctance, and demand from China was sufficient to cause showed
an improvement in prices, not, however, without attracting some selling from
the same quarter. Until yesterday, America had not offered so freely
small bear sales have been made on account of the Indian Bazaars. but
The
rise from 16 7-16d. to 1644d. yesterday was mainly due to absence
of
selling, and at this level the market proved overstrained. America
being a
willing seller in the afternoon. There was a reaction of
3-164. to-day,
prices again being quoted at 16 7-I6d.
The following were the United Kingdom imports and exports
registered from midday on the 25th ultimo to midday on the 1st of silver
inst.:
Imports.
Exports.
United States of America-- £8,059 Germany
,300
Australia
3,000 Greece
83,600
Canada
5,144 Hong Kong
68,000
Other countries
1,014 British India
25,746
New Zealand
26,500
Other countries
13,333
117,217
£224,479
INDIAN CURRENCY RETURNS.
(In tars of rupees.)
Aug. 31.
Aug. 22.
Aug. 15.
Notes in circulation
16887
17237
17062
Silver coin and bullion in India
12067
11925
11923
coin and bullion out of India
Silver
Gold coin and bullion in India
3228
fiH§
3227
Gold coin and bullion out of India
Securities (Indian Government)
1469
iti8
iAiii
Securities (British Government)
123
127
73
The stocks in Shanghai on the 30th ultimo consisted of about
102,800,000
ounces in sycee, 147,900,000 dollars, 1,300,000 Saigon dollars and
3,820
silver bars, as compared with about 102,800,000 ounces in sycee,
dollars, 2.500,000 Saigon dollars and 3,820 silver bars on the 147,000,000
23d ultimo.
Statistics for the month of August last are appended:
-Bar Silver per Or. Sid.
Cash
2 Mos.
Bar Gold
Delivery.
Delivery.
per Oz. Fine
Highest price
16 Hd.
1634d.
85s. Vid.
Lowest price
15Vd.
15 13-164.
84s. 1144d.
Average price
16.282d.
16.267d.
848.11.96d.
Quotations during the week:
-Bar Silver per Or. Std.Bar Gold
Cash.
2 Mos.
Per O. Fine.
Aug. 28
16 5-16d.
16 5-16d.
85s.
Aug. 29.
167-164.
16716d.
85s.
1634d.
Aug. 30
1634d.
85s.
167-164.
Sept. 1
18-16d.
85s.
1644d.
Sept. 2
1644d.
858. 44d.
Sept. 3.
16 7-16d.
16 7-16d.
853, Hd.
Average
16.458d.
16.458d.
85s
The silver quotations to-day for cash and two months' delivery .0.16d.
are each
Md. above those fixed a week ago.
http://fraser.stlouisfed.org/
/MEW
Federal Reserve Bank of St. Louis
l'Air Liquid°
Etablissernents Kuhlmann
Gaierles Lafayette
04
Royal Dutch
1,705
843
165
1,699
847
184
1,733
874
165
1,746
876
184
1.726
871
185
3,755
3,770
3,765
3,780
3,725
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
Albs. Deutsche Credit(Adca)(8)
Berlin. Handels Gee.(12)
Commert-und-Privat-Bank (10
Darrestadter u. Nationalbank (12)
Deutsche Bank U. Memento Gee.(10)
Dreedner Bank (10)
Reichsbank (12)
Algermeene KunstsiBle Unie (Aku) (0)
Mtg.Elektr. Gee.(A.E.G.)(9)
Ford Motor Co.. Berlin (10)
Gelsenkirchen Bergwerk (8)
Oesfuerel (10)
Hamburg-American Lines (HaPag)(7)
Hamburg Electric Co.(10)
Heyden Chemical (5)
Harpener Bergbau (6)
Hotelbetrieb (12)
LG. Farben Indus.(Dye Trust)(14)
Hall Chemie (7)
Karstadt (12)
Mannesmann Tubes (7)
North German Lloyd (8)
Phoenix Bergbau (64)
PolYPhonwerke (20)
Rhein. West!. Elektr.(R.W.E.)(10)
Sacheenwerk Licht U. Kraft (734)
Siemens & Halske (14)
Stoehr & Co. Kammgarn spinneret(5)
Leonhard Tide (10)
Per. Staihwerke (United Steel Works)(6)
Sept. Sept. Sept.
13. 15.
16.
Per Cent
106
108
106
144
139
139
126
130
127
182
175
178
121
124
121
122
124
122
249 239 239
81
84
81
133
134
213 2114 211
106
110
107
136
143
138
88
91
88
135
132
101
124
153
129
102
86
92
78
185
170
90
198
83
135
78
98
123
145
130
97
81
88
75
174
168
88
187
80
132
75
98
123
147
130
97
81
88
75
178
168
88
189
80
131
75
Sept. Sept. Sept.
18.
17.
19.
of Par
106
107
106
140
138
136
128
126
123
174
177
171
121
120
119
122
120
120
239 238
235
80
79
74
135
133
130
2114 211
2104
106
104
103
139
132
88
87
85
132 130
_
97
98
95
123
123
121
147
149
144
130
129
129
99
98
95
82
79
81
89
87
85
75
75
74
178
175
170
168
170
168
88
88
88
191
185
182
80
79
78
130
131
128
75
75
74
CommercialandRatscellanconsnexus
-Record of transactions at
Pittsburgh Stock Exchange.
Pittsburgh Stock Exchange, Sept. 13 to Sept. 19, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
Week.
of Prices.
Par. Price. Low. Nigh. Shares.
Range Since Jan. 1.
Low.
Nigh.
434 5
460
Sept
American Austin Car.
4
.°
734 Jan
12
Sept 154 Apr
12
Amer Virtified Prod_ _50
50 12
Arkansas Nat Gas Corp. •
94 10
9
80
Jan 614 Mar
Preferred
74 74
74 June 1 8
Feb
10
350
8
Sept 82
Armstrong Cork Co
Jan
280 37
374 s39
Blaw-Knox Co
215 21)( Jan 414 Apr
344
• 33
33
Carnegie Metals Co
Jan
634 7
5
10
8
Mar
500
790 i234 Sept 1934 Apr
Clark (M1 Candy
• 124 124 144
Devonian Oil
10
84 84
84
84 Sept 144 Apr
100
Follansbee Bros pref.- _100
10 87
Sept 93
87
Feb
87
Independent Brewing - _ _50
710
Jan
3
3
1
334
44 Feb
Preferred
196
4
5
134 Jan
50
5
5
Feb
Koppers Gas & Coke p1100 101
101 102
75 994 Jan 102)4 June
•
Liberty Dairy Prod
300 20 June 324 Apr
2234 224
Lone Star Gas
1.945 34
3834 394
• 3815
Jan 5615 Apr
Mesta Machine
264
28
5
90 824 June 3234 Apr
National Erie al A
25
21
21
50 19
Sept 254 Apr
Nat Fireproofing pret_ _ _50 37
37
38
55 35
Jan 45
Feb
Phoenix Oil corn
25c 50c
45c 50c
2,500 130c Mar 50e Apr
Pittsburgh Brewing
50
175
6
5
6
Sept
24 Jan
6
Pittsburgh Forging
• 18
18
Jan 25
Mar
400 12
18
Pittsburgh Plate Glass_ _25 474 47
48
324 45 June 5934 Jan
Pitts Screw & Bolt Corp.* 18
Jan
18
Jan 23
1,170 18
1834
Plymouth Oil Co
5 2434 2434 25
400 214 Slay 274 Feb
San Toy Mining
1
40 Feb
3e
2c July
1,200
30
Shamrock Oil & Gas
• 16
July 2794 Apr
16
1,251 813
174
Standard Steel Springs _ _ .• 34
34
Aug 08
375 34
36
Apr
United Engine & Fdy___ _• 40
121 3634 June 4934 Apr
40
40
Waverly Oil Wks, ci A _ _.• - -__-- 21 Si 2134
Mar 22
50 18
July
Westinghouse Air Brake_ •
394 394
50 38 June 504 Feb
Unlisted
Copper Welding Steel
44
44
146 40 June 00
Ape
Intern Rustiess Iron
134
2,821
134
134
3
134 June
Feb
Leonard Oil Development_
134
100
1
June
134
4)4 Ape
106 106
Lone Star Gas pref
200 1044 Jan 110
Ape
Penna Industries units.
84
84
10 84
Aug
8594 June
Welt Public Service v t c__
184 194 3.120 1834 Sept 33
19
Ape
RiehtsWegtern Public Service_ _ _ _
(
1
54 11.137
4 Sort
1 1.i Jul)
• No par value. k Includes also record tcr period when in Unlisted Department.
Auction Sales.
-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
•
1846
By Adrian H.Muller & Son, New York:
Shares. Stocks.
$ Per Sh.
500 Beausite Corp.
(Del.) no par_3100 lot
10 Campo Bond Corp
$2 lot
25 Astorla Mahogany Co., Inc.,
Preferred
$3 lot
850 J. A. de Camp & Co., Inc.,
$160 lot
preferred
100 Amer. Plano Corp. B, no par__ 2
$ per Sh.
Shares. Stocks.
235 Seabrook Engineer. Co., corn..
2
DO par
Percent
Bonds.
$25,700 Northern Timberlands &
Pulpwood Co., coll. tr. 7s, 1948,
$300 lot
July 1930 coup. attached
$1,000 American Plano Corp. deb.
50
6s, 1935
By Barnes & Lofland, Philadelphia:
Shares. Stocks.
$ per Sh.
25 First Nat'l Bank. par $20_ _102 ex-div.
6 Boston National Bank
105
30 Berkshire Fine Spinning Asso72
elates, Inc., pref
85
5 Naurnkeag Steam Cotton Co
9 Berkshire Fine Spinning Asso72
elates, Inc.. pref
Associated Textile Co.'s as follows:
Sat 35; Sat 35: Sat IS; Sat 33;
Sat 35; Sat 35: Sat 35; 5 at 35;
Oat 35; Sat 3634
118 Pepperell Mfg. Co
88 ex-div.
43
2 Otis Company
$1 lot
25 Lancaster Mills, coin
5 Naurnkeag Steam Cotton Co_ _ _ _ 8534
4614
5 Merrimack Mfg. Co.. corn
5 Naumkeag Steam Cotton Co_-_ 88
$ Per Sh.
Shares. Stocks.
32 Mess. Utilities Associates, pref.,
37-3734
par $50
251e
25 State Street Exchange
2834
5 Collyer Insulated Wire Co
40 Atlantic Gas & Elec. Corp., el. A 2
20 Maytag Co.$3 pref. ex-warr„.... 25
178
12 St. Croix Paper Co
14534
15 Amer. Glue Co., corn
20 Gt. North. Paper Co., par 325_ _ 4515
5 Fall River Gas Works, Par $25_ 5434
14734
20 Amer. Glue Co., corn
10 New England Power Association
9314 ex-dlv.
6% pref
Per Cent.
Bonds$10,000 St. Petersburg. Fla,gen. &
imp. 6s. Dec. 1926; June 1 1930
25 flat
coup. & sub. coup. on
By R. L. Day & Co., Boston:
$ per Sh.
Shares. Stocks.
52534
10 Merchants National Bank
25 Atlantic Nat.Bank, par 525,
95 ex-div.
145
1 Second Nat. Bank, par $25
Boston Nat. Bank as follows: 7 at
105; 8 at 105; 4 at 80; 6 at 105.
96
25 U. S. Trust Co., par $25
$3 lot
93 Lancaster Mills Co., corn
70
20 Farr Alpaca Co
12 Berkshire Fine Spinning Assoc.,
75
Inc., preferred
5 Mass. Bdg. & Ins. Co., par $25_ _105
12 Mass. UHL Assoc., pref, par $50_ 3734
3
5special units First Peoples Trust
Shares. Stocks.
$ Per Sh.
31 Suburban Elec. Seem. Co., corn_ 50
16 United Chemical dr Industrial
Si lot
Co., pref.: 8 common
35 Gt. Nor. Paper Co., par $25_ _ 4634
25 Nor. Bost. Ltg. Prop., corn. v.I.c 9834
1934
100 George P. Cox Last Co
9334
7 New Eng. Pr. Assn., pref
50 Mass. Bonding & Insurance Co.,
104H-105
par 525
73
32 Plymouth Cordage Co
2 regular units First Peoples Trust_ 2634
Percent.
Bonds.
$500 Thomas G. Plant Corp. 61,
83& int.
July 153937
By Wise, Hobbs & Arnold, Boston:
$ Per Sh.
Shares. Stocks.
100 National Bank of Germantown
80
dr Trust Co., par $10
15 Integrity Trust Co., par $10.- -106
10 Penna. Co.for Insur. on Lives &
Granting Annuities, par $10_ _ 98
3 Phila. Bourse. pref., par $25_
2434
4 Phila. Bourse, corn., par $50 _ _ _ 22
25 Franklin Trust
5234
7034
50 Bankers Trust
Per Cent.
Bonds.
$1,000 Calvert Mtge. Co., 1st real
mt. coll. 6s, April 1 1937. (Guar.
by Maryland Casualty Co.).-- - 9534
$1,000 Marge Township Sell. Dist.
9534
4 s, 1944
$4,000 Phila.& Garrettford St. Ry.„
38
lot mtge. 58, Aug. 1955
51,000 Rockh111Coal & Iron Co., 1st
& coll. tr. sink. fund 6s, 1940
534
(certificate of deposit)
$1,000 Webster Coal & Coke Co.,
7434
lot consol. 5s, Mar. 1 1942
By A.j. Wright & Co., Buffalo:
Bahres. Stocks.
$ Per Sh.
278 Youngstown Cold Storage Co.
5
Inc
$1 lot
50 Niagara Dehydrating Corp
5 Cataract Development Corp.._
corn., no par
81.25101
1 Cataract Development Corp.. pref
500 Creighton Fairbanks Mines,
500. lot
Ltd., par $1
Spec Sh.
Shares. Stocks.
100 Marine Midland Corp.. peal° 30
8
115 Wilson Cold Storage Co
4 Niagara Falls Hotel Corp.. pref. 10
1000 Bidgood Cons. Mines., par SL
2 Niagara Falls Hotel Corp.. com.,
2105
no par
10
5 Niagara Building Corp
4340
DIVIDENDS.
Dividends are grouped in two separate tables. In the
first we bring together all the dividends announced the
current week. Then we follow with a second table, in
which we show the dividends previously announced, but
which have not yet been paid.
The dividends announced this week are:
Name of Company.
When
Per
Cent. Payed le.
Books Closed.
Days Inclusive.
Railroads (Steam).
Baltimore & Ohio corn.(guar.)
134 Dec. 1 Holders of roe. Oct. 110
Dec. 1 Holders of ree. Oct. 110
Preferred (guar.)
1
Belt RR.& Stock Yards, Indianapolis
Oct. 1 Holders of rec. Sept. 20
$1
Common (guar.)
75c Oct. 1 Holders of rec. Sept.20
Preferred (guar.)
Oct. 10 *Holders of rec. Sept. 30
Carolina Clinchfield & Ohio, corn.(qu.). *1
Stamped certificates(guar.)
•134 Oct. 1 'Holders of rec. Sept.30
Cleve. Cin. Chicago &St. Louts, pf.(nu.) 134 Oct. 31 Holders of rec. Oct. 21a
1% Oct. 6 Holders of rec. Sept.260
Joliet & Chicago (guar.)
Kansas City Southern, coin.(qu.)
134 Nov. 1 Holders ot rec. Sept. 30
Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
1
Meadville Conneaut Lake & Linesville. _ "$1 Oct. 1 *Holders of rec. Sept. 15
$1.25 Oct. 15 Holders of roe. Sept. 30
Midland Valley, corn
Oct. 1 Holders of rec. Sept.20a
2
Minn.St.P.& 8.8. Marie. leased lines- _
New London Northern (guar.)
4.234 Oct. 1 *Holders of rec. Sept. 15
Northern Pacific (guar.)
134 Nov. 1 Holders of rec. Sept.30
*2)4 Sept.30 *Holders of rec. Sept. 10
Provident & Worcester(guar.)
Sharon Ry
*$1.2S Oct. 1 'Holders of rec. Sept. 15
Public Utilities.
Am. Com'wealths Pow.,corn. A&B (qu.) aa2 H Oct. 25 Holders of rec. Sept. 30
First pref.series A (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 15
First pref. $6.50series(guar.)
$1.63 Nov. 1 Hollers of rec. Oct. 15
First pref.$6 series(guar.)
81.50 Nov. 1 Holders of rec. Oct. 15
Second pref. series A (guar.)
$1.75 Nov. 1 Holders of rect. Oar 15
Amer. Community Power, 1st p1. (qu.)_ $1.50 Oct. 1 Holders of rec. Sept. 19
Preference (guar.)
$1.10 Oct. 1 Holders of rec. Sept. 19
American & Foreign Power Co.
*5140 Oct. 1 'Holders of rm. Sent. 13
Allot. CBs. 80% paid (guar.)
Amer. Natural Gas, 26 pref.(guar.) - - 17 He Oct. 1 Holders of rec. Sept.22
81.625 Oct. 1 *Holders of rm. Sent. 15
Arizona Edison, pref. (guar.)
Arkansas Natural Gas, pref.(guar.)- - - •15c Oct. 1 *Holders of rec. Sept. 20
Arkansas Power & Light, $7 pref.(MO - $1.75 Oct. 1 Holders of rec. Sept. 15
$1.50 Oct. 1 Holders of rec. Sept. 15
$6 preferred (guar.)
- bb50e. Nov. I Holders of rec. Sept. 30
Associated Gas & Elec., class A(quar.)
•40c. Oct. 15 *Holders of rec. Oct. 1
Bridgeport Hydraulic Co. (guar.)
Brooklyn Borough GU, corn. (guar.).- - *$1.50 Oct. 10 *Holders of rec. Sent. 30
•75c. Oct. 1 *Holders of rec. Sept. 15
Participating Prof.(guar.)
•1334c Oct. 1 *Holders of rec. Sett. 15
Participating pref.(extra)
Oct. 11 Holders of roe. Oct. 1
Brooklyn-Manhattan Transit, com.(qu.) 31
Brooklyn & Queens Transit, pref. (qu.)- 81.25 Oct. 1 Holders of rec. Sept. 25
Central III. Light Co.. 6% pref. (g11.)
'134 Oct. 1 *Holders of rec. Sept. 15
7% preferred (guar.)
'134 Oct. 1 'Holders of rec. Sept. 15
Central & S. W. Utilities, corn.(guar.) '11)4 Oct. 15 *Holders of rec. Sept. 30
Central Vermont Pub. Serv.(guar.).
*31.50 Sept. 30 *Holders of rec. Sept. 15
Cine. Newp.& Coy. L.& Tr., corn.(qu.) *134 Oct. 15 'Holders of roe. Sept.30
Preferred (guar.)
'i34 Oct. 15 *Holders Of ree. Sept.30
Cincinnati Street Sty., coin. (guar.).- - "75e. Oct. 1 *Holders of rec. Sent. 24
Cities Serv.Pow.& Lt.$7 pref.(mthly.)* 581-Sc Oct. 15 *Holders of roe. Oct. 1
$6 preferred (monthly)
*50o. Oct. 15 *Holders of roe. Oct. 1
•412-30 Oct. 15 "Holders of rm. Oct. 1
$5 preferred (monthly)
Passenger Sty., Philadelphia_ _ _ *33.50 Oct. 1 *Holders of rec. Sept. 2(1
Citizens
•400. Oct. 1 *Holders of rec. Sept.20
Cleveland Elec. Ill., corn.(guar.)
Preferred (guar.)
'134 Dee. 1 *Holders of rec. Nov. 15
[VOL., 131.
FINANCIAL CHRONICLE
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Public Utilities (Concluded).
Columbus Del. & Marlon Mee., pt.(qu.) *51.75 Oct. 1 *Holders of rec. Sept. 20
Columbus Sty., Pow.& It., 1st pf.A(qu.) *1)4 Oct. 1 *Holders of rec. Sept. 19
Community Power de Light $6 pref.(qtr.) •31.50 Oct. 1 *Holders of rec. Sept.19
Oct. 1 *Holders of rec. Sept. 15
Consumers Gas, Toronto (quar.)
*2
Dayton Power & Li•ht, Prof.(monthly). *50c. Oct. 1 *Holders of rec. Sept. 20
Oct. 1 *Holders of rec. Sept. 15
Eastern N.J. Power,8% pref.(guar.)
*2
"1'4 Oct. 1 *Holders of rec. Sept. 15
7% Preferred (guar.)
1134% preferred (guar.)
*1% Oct. 1 *Holders of rec. Sept. 15
6% preferred (guar.)
"114 Oct. 1 *Holders of rec. Sept. 15
Elec. Power & Light, allot. ctfs. 7% Pd. 834c Nov. 1 Holders of rec. Oct. 11
Allotment certificates (full paid)
1214c Nov. 1 Holders of rec. Oct. 11
Federal Public Service, pref.(guar.)
'134 Oct. 15 *Holders of rec. Sept. 30
Florida Power & Light, $6 pref.(guar.)- *$1.50 Oct. 1 *Holders of rec. Sept. 20
Foreign Light & Pow., $6 let Prof. (qu.) $1.50 Oct. 1 Holders of rec. Sept. 20
Hartford Gas Co., corn, and pref. (qu.)- *50c Sept.30 *Holders of rec. Sept. 15
Haverhill Gas Light (guar.)
56e Oct. 1 Holders of rec. Sept. 190
Internat. Hydro-Elec. System, cl A (qu.) cc
Oct. 15 Holders of rm. Sept. 25
$3.50 preferred (guar.)
873cc Oct. 15 Holders of rec. Sept.25
Interstate Pub. Serv., prior lien (quar.)- •134 Oct. 15 *Holders of rec. Sept.30
Internat. Utilities, class A (qu.)
8734c Oct. 15 Holders of rec. Sept. 28
Interstate Utilities 7% pref.(qu.)
*1% Oct. 1 *Holders of rm. Sept. 20
Iowa Southern Utilities, 7% Pref. (Oil.). •1% Oct. 1 *Holders of rec. Sept. 13
•1% Oct. 1 *Holders of rec. Sept. 13
834% preferred (guar.)
6% preferred (guar.)
*1H Oct. 1 *Holders of rec. Sept. 13
Jamaica Public Service, common (guar.) 25e Oct. I Holders of rec. Sept. 19
13.1 Oct. 1 Holders of rec. Sept. 19
Preference (guar.)
Kansas Gas & Elec., pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 17
Kings County Lighting, common (qu.). •$1.50 Oct. 1 *Holders of rec. Sept. 18
*1% Oct. 1 *Holders of rec. Sept. 18
%
7 Preferred (quad.)
*1H Oct. 1 *Holders of rec. Sept. 18
5% Preferred (guar.)
Lawrence Gas & Elec. Co.(guar.)
*65c Nov. 1 'Holders of rec. Oct. 15
Maritime Tel. & Tel.. pref.(guar.)
*17He Oct. 1 *Holders of rec. Sept. 15
Memphis National Gas, pref.(guar.).
- *31.75 Oct. 1 *Holders of roe. Sept. 20
Memphis Pow.& Lt.,$7 pref.(qu.)
81.75 Oct. 1 Holders of roe. Sept. SP
$6 preferred (guar.)
$1.50 Oct. 1 Holders of ree. Sept. 15
'Sc. Oct. 1 *Holders of rec. Sept. IS
Metropolitan Gas & Elec., corn. (ao.).Minnesota Northern Power, tom.(qu.). *I5c. Oct. 1 *Holders of rec. Sept. 15
$7 preferred (guar.)
*31.75 Oct. 1 *Holders of rec. Sept. 15
Mississippi Power Co. $7 pref.(quar.)- 31.75 Oct. 1 *Holders of rec. Sept. 20
$6 preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 20
Montreal Light, Heat& Power (guar.).- •37e. Oct. 31 *Holders of rec. Sept. 30
Montreal Tramway (guar.)
•214 Oct. 15 'Holders of rec. Oct. 6
•1% Oct. 10 *Holders of rec. Sept. 30
Newark Telephone, pref.(guar.)
Oct. 1 "Holders of rec. Sept. 15
- •2
New Hampshire Power, pref.(guar.).
1% Oct. 1 Holders of rec. Sept. 15
New Orleans Pub. Serv., pref. (quar.)
N.Y.dr Richmond Gas, pref.(qu.)
*1% Oct. 1 "Holders of roe. Sept. 15
Nor. Indiana Pub. Serv., 7% p1. (qu.). *1% Oct. 14 *Holders of rec. Sept.30
•1% Oct. 14 *Holders of rm.Sept.30
6% preferred (guar.)
Oct. 14 "Holders of rec. Sept.30
534% preferred (guar.)
Northern Mexico Pow.& Dev., pf.(qu.) 1% Oct. 1 Holders of rec. Sept. 28
Northern N. Y. Teter... cora• (quar. - •
) • 82.50 Oct. 15 "Holders of rec. Sept. 30
$1.625 Oct. 15 *Holders of rec. Sept. 30
Preferred (guar.)
Northwestern Bell Telep., pref. (quar.)_ "194 Oct. 15 'Holders of rec. Sept. 20
Oct. 10 *Holders of rec. Sept. 15
Norwood Gas Co.(guar.)
•1
Old Colony Lt.& Pow.Assoc., com.(qu.) 410e. Oct. 1 *Holders of rec. Sept. 15
51(0 Oct. 1 *Holders of roe. Sent. 15
Preferred (guar.)
Pacific Gas& Elec., corn.(guar.)
*50e. Oct. 15 *Holders of rec. Sept.80
Penna. Pow. Co., $6.60 pf. (mthly.)_
*55c. Oct. 1 'Holders of rec. Sept. 20
Phila. Rapid Trail. common (quar.)---- $1
Oct. 31 Holders of rec. Oct. lb
Preferred
$1.75 Nov. 1 Holders of rec. Oct. 1
Plymouth Elec. Light Co. coin. (guar.)- '234 Sent. 30 *Holders of rec. Sept.15
Public Serv. Co.of N.5.6% Pf•(mthly.) .50e. Oct. 31 *Holders of rm. Oct. 1
Quebec Power,corn.(guar.)
'8234c Oct. 15 *Holders of roe. Sept.25
Queensboro Gas & Elec. pref. (rillarJ
*1% Oct. 1 "Holders of coo. Sept.16
Randolph & Holbrook Pow.& El.(qu.)_ •5634e Oct. 10 'Holders of rec. Sept.15
Ridge Ave.Pass. Sty., Phila.(guar.). - *$3
Oct. 1 *Holders of rec. Sept. 16
Shawinigan water & pow., corn.(qu.).- 6214e Oct. 10 Holders of rec. Sept. 23
Southern & Atlantic Telegraph
'82)4c Oct. 1 *Holders of rec. Sept. 16
Southern Berkshire Power & Elec.(qu.)_ "75c. Oct. 10 "Holders of Tee. Sept.15
Extra
"81.50 Oct. 10 "Holders of roe. Sept.15
Oct. 15 *Holders of rec. Sept. 30
Southern N.E. Telephone(guar.)
*2
Toledo Tr.Light.4 Power,6% pf.(qu.)- *1% Oct. 1 "Holders of rec. Sept.15
Twin State Gas & Elec., corn.(guar.)... *2
Sept.30 *Holders of rec. Sept. 16
Prior lien stock (guar.)
*I% Oct. 1 *Holders of rec. Sept. 15
'134 Sept. 30 'Holders of rec. Sept. 15
5% Preferred (guar.)
United Pub. Util.$5.75 pref.(guar.)-- 81.43% Oct. 1 'Holders of rec. Sept. 15
West Va. Water Service, $6 pref.(gu.)0
31.50 Oct. 1 Holders of rec. Sent. 3
Weymouth Water Power, pref.(quar.)
*1H Oct. 1 'Holders of rec. Sept. 15
- *1H Oct. 1 *Holders of rec. Sept. 15
Wisconsin Hydro-Elee., pref.(guar.)
Oct. 10 "Holders of rec. Sept. 15
Worcester Suburban Elec.(guar.)
"$1
*$1.50 Oct. 10 *Holders of rec. Sept. 15
Extra
Banks.
Oct. 1 Holders of rec. Sept. 20a
1
American Union (guar.)
50e. Oct. 1 Holders of rec. Sept. 29a
Bryant Park (guar.)
Eastern Exchange (guar.)
•114 Sept.30 *Holders of rec. Sept.20
Oct. 1 Holders of rec. Sept.30a
Fifth Avenue (quad.)
75e. Sept. 30 Holders of rec. Sept.220
Flatbush National(Bldyn.)(guar.)
"31.50 Sept. 30 *Holders of rec. Sept.20
Jamaica National (guar.)
Oct. 1 Holders of rec. Sept. 9
Peoples Nat. Bank (Bklyn.) (guar.) -- 3
Trust Companies.
Oct. 1 Holders of rm. Sept.25
Brooklyn (guar.)
Central Hanover Bank & Trust(qu.)_. $1.50 Oct. 1 Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 24a
2
County (guar.)
60e. Sept. 30 Holders of rec. Sept. iga
Empire (quan)
3
Sept.30 Holders of rec. Sept. 30a
Federation Bank at Trust(guar.)
3
Oct. 1 Holders of refs. Sept. 22
Fulton (guar.)
Globe Bank & Trust(BklYn.)(quar.)-- 41.50 Oct. 1 *Holders of rec. Sept.20
234
Marine Midland Trust CO.(guar.)
Sept.20 to Sept.25
31.25 Sept. 30 Holders of rec. Sept.20a
Ne'w York (quad.)
Title Guarantee & Trust Co.((luar.) - - $1.20 Sept. 30 Holders of rm. Sept.20
60e. Sept. 30 Holders of rec. Sept.20
Extra
Fire Insurance,
*40c. Oct. 1 *Holders of rec. Sept. 19
Hanover (quar.)
'37He Nov. 1 *Holders of rec. Oct. 20
Kn'skerbocker, COM.(guar.)
*14( Oct. 15 'Holders of rec. Oct. 14
Preferred (guar.)
Miscellaneous.
*6234c Oct. 1 *Holders of rec. Sept. 22
Acme Steel (guar.)
Affiliated investors, Inc., pref. (guar.) _ *31.50 Oct. 1 *Holders of rec. Sept. 20
Albemarle Paper Mfg., Prof.(quad.)
- *1% Oct. 1 *Holders of rec. Sept. 25
Albert Wood Prmervinr. Ltd., pf.(qu.). •131 Oct. 1 *Holders of rm. Sent. 20
*15o. Oct. 18 *Holders of rec. Sept. 30
Allegheny Steel(monthly)
Extra
*250. Oct. 18 'Holders of reo. Sept. 30
*15c. Nov. 18 'Holders of reo. Oct. 31
Monthly
Monthly
•15e. Dee. 18 "Holders of roe. Nov.29
Alliance Investment Corp., corn.(qu.)
20c. Oct. 1 Holders of rec. Sept. 15
Preferred
83 Oct. 1 Holders of rec. Sept. 15
-dividend deferred
Allied Mills, corn.
Allied Motor Industries, pref.(guar.) _ _ _ *SI
Oct. 1 *Holders of rec. Sept.23
Aloe(A. S.) Co.,corn.(guar.)
62c. Oct. 1 Holders of rec. Sept. 19
Preferred (guar.)
134 Oct. 1 Holders of rec. Sent. 19
Alpha Portland Cement, corn.(qu.). _ _ _ *50c. Oct. 25 *Holders of ree. Oct. 1
Altorfer Bros., pref.(guar.)
"75c. Nov. 1 *Holders of rec. Oct. 15
Amalgamated Launds., pf. (mthly
8 1-3e. Oct. 1 *Holders of roe. Sept. 15
Amer. Brake Shoe & }Ay., corn.(guar.).
60c. Sept. 30 Holders of rec. Sept. 24s
Preferred (guar.)
134 Sept. 30 Holders of rec. Sept. 24a
Amer. Capital Corn., 83 Tref.(guar.)
`75c. Oct. 1 *Holders of rec. sent. 15
Amer. Credit Indemnity (St.Louis)(qu.) 51
Oct. 1 Holders of rm. Sept. 25
American Felt Co., pref.(guar.)
114 Oct. 1 Holders of rec. Sept. 18
American Hair & Felt, corn.& pfd.(qu.) *2 Oct. 1 *Holders of rec. Sept.20
Amer. Insurance Stocks,8% pf.(qu.)- -- *225c Oct. 1 'Holders of rec. Sept.22
Amer. Lace Mfg.(guar.)
*50c. Sept. 30 *Holders of rec. Sept. 20
Amer. Pneumatic Service, 1st pf.(qu.). _ *78 He Sept. 30 *Holders of rec. Sept.20
Second preferred-No action taken
Amer.Potash & Chemical(guar.)
*25e. Sept. 30 *Holders of rec. Sept. 22
American Products Co.,com.-dividend Passed
Preferred (guar.)
•501. Oct. 1 *Holders of rm. Sept. 15
Amer.Zinc. Lead & Smelt., Prof.(qu.)_ _ $1.50 Oct. 1 Holders of rec. Sept. 22
.1% Oct. 2 *Holders of roe. Sept.30
Andale Co., pref.(guar.)
Anglo National Corp.,corn. A (quar.)
50c. Oct. 15 Holders of rec. Oct. 4
Artlootn Corp., com.-dividend passed
SEPT. 20 1930.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Conarmed).
Arrow-Hart & Llegemfm Elec., com.(qu.) *75c. Oct. 1 'Holders of rec. Sept.24
Preferred (quar.)
• $1.625 Oct. 1 *Holders of rec. Sept.24
Arundel Corp.(quar.)
*75e. Oct. 1 *Holders of rec. Sept.=
Associated Breweries of Can.,com.(qu.)
50e. Sept. 30 Holders of rec. Sept. 15
Preferred (quar.)
1K Oct. 1 Holders of rec. Sept. 15
Assoc. Security Investors, coin.(qu.)
40c. Oct. 1 Holders of rec. Sept. 19
Atlantic Coast Fisheries, corn -dividend passed
Atlas Plywood Corp.(quar.)
*50c. Oct. 15 Holders of rec. Oct. 1
Austin, Nichols & Co., inc., prior A(qu.)
75e. Nov. 1 Holders of rec. Oct. 15
Automobile Finance (quar.)
"25e. Oct. 15 'Holders of rec. Sept. 30
Automatic asher, pref.(quar.)
"25c. Oct. 1 *Holders of rec. Sept. 15
Auto-Strop Safety Razor of Toronto_ -- •8
Stock dividend
*e100 Subject to inc. capital.
Avery(B. F.) & Sons-dividend omitted.
Baer,Sternberg & Cohen, lot. pf. 04110
13‘ Oct. 1 Holders of rec. Sept.20
Second preferred (guar.)
13 Oct. 1 Holders of rec. Sept.20
Bakers Share Corp.(quar.)
Oct. 1 *Holders of rec. Sept. 20
Bancomit Corp., corn.& corn. A (quar.)_
40c. Oct. 1 Holders of rec. Sept. 22
Baxter Laundries, pref.-Dividend passe d.
Bayuk Cigars, Inc., corn. (quar.)
*75e. Oct. 15'Holders of rec. Sept. 30
•1
First preferred (quar.)
Oct. 15 *Holders of rec. Sept.30
Bearings Co. of America, pref. (guar.)-1M Sept. 30 Holders of rec. Sept. 12
Benson & Hedges, 7% pref. (quar.)
l
Oct. 1 *Holders of rec. Sept. 20
Bethlehem Fdy.& Mach., pref.(quar.)_ *87jtc Oct. I *Holders of rec. Sept. 20
B.
-G. Sandwich Shops, pref. (quar.)
•11 Oct. 1 'Holders of rec. Sept. 20
Milks Manufacturing, pref. A.-Dividen d pass ed.
Bird & Sons, Inc. (quar.)
*25c. Sept.30 *Holders of rec. Sept.25
Preferred (guar.)
•60c. Sept. 30 *Holders of rec. Sept. 19
Black & Decker Mtg., corn.(quar.)
•40e. Sept. 30'Holders of rec. Sept. In
Bliss (E. W.) Co., corn.(quar.)
2.50. Oct. I Holders of rec. Sept. 17
First preferred (quar.)
Oct. 1 Holders of rec. Sept. 17
$1
Second preferred class A (quar.)
875dc Oct. 1 Holders of rec. Sept. 17
Second preferred class B (quar.)
15e Oct. 1 Holders of rec. Sept. 17
Blue Ribbon Corp.(Toronto), com.(qu.)
50c Oct. 1 Holders of rec. Sept. 15
Booth (F. E.) Co., Inc., class A (guar.). *750 Sept.30'Holders of rec. Sept. 15
Boston Herald-Traveler (quay.)
*400 Oct. 1 Holders of rec. Sept. 20
Bourbon Stock Yards (quar.)
Oct. 1 *Holders of rec. Sept. 24
Brantford Cordage, 1st pref
•5043. Oct. 15 *Holders of rec. Sept.20
Bridgeport Machine, Prof.(guar.)
1 %, Oct. 1 Holders of rec. Sept. 20
*1% Oct. 1 "Holders of rec. Sept.
Bristol Brass, pref.(guar.)
15
British Aluminum, Ltd
Am.dep. rots, for ord. reg. shares*re4
Oct. 6 *Holders of rec. Sept. 16
British Columbia Packers, prof. ((Max.) •1% Oct. 1 "Holders of rec. Sept. 15
Brompton Pulp d& Paper (guar.)
50c Oct. 15 Holders of rec. Sept. 30
Buffalo National Corp., corn. (eu.)
- •25c Sept.30 *Holders of rec. Sept.25
Preferred (quar.)
*1% Sept. 30 "Holders of rec. Sept. 25
Bulkley Bldg.(Cleveland) pref.(qu.)- - - $1.25 Oct.
Holders of rec. Sept.23
Burden Holden, Ltd.
(No.1)
•40e. Nov. 1 *Holders of rec. Oct. 15
Burger Bros. (quar.)
•250. Oct. 1 *Holders of rec. Sept. 15
Burns & Co., Ltd., pref. (quar.)
"134 Oct. 1 *Holders of rec. Sept. 20
Burt (F. N.) Co., corn. (guar.)
•75e. Oct. 1 *Holders ot rec. Sept. 15
Preferred (quar.)
4,154 Oct. 1 *Holders of rec. Sept. 15
California Consumers. pref.(quar.)
31.75 Oct. 1 'Holders of rot. Sept. 15
California Group Corp.. pref.(quar.)- - - •31.50 Oct. 1 'Holders of rec. Sept. 30
Canada Bread, pref. A & B.(quar.)
"1% Ocr. I "Holders of rec. Sept. 15
Canada Bud Breweries cons. (quar.).- - 25e. Oct. 15 Holders of rec. Sept. 30
Canada Dry Ginger Ale (quar.)
*31.75 Oct. 15 *Holders of rec. Sept. 15
Canadian Brewing Corp.. man• (quar.) •25o. Oct. 15 *Holders of roe. Sept.25
Canadian Canners, Ltd., corn. (quar.)- - •25e. Oct.
*Holders of rec. Sept. 15
First preferred (quar.)
"1% Oct.
*Holders of rec. Sept. 15
Convertible preferred (quar.)
•25c. Oct.
"Holders of rec. Sept. 15
Canadian Packer,Prof.(quar.)
.
41% Oct.
'Holders of rec. Sept. 15
Canadian WestInghouse, Ltd.(quar.)--- •50c. Oct.
*Holders of rec. Sept. 19
Canal Construction, pref.(quar.)
•37Ke Oct.
*Holders of rec. Sept. 20
Cavanagh-Dobbs,Inc., pref.(quar.)___.
1•4 Oct.
Holders of rec. Sept. 26
CeCo Manufacturing-No action taken.
Central Invest. Corp.(guar.)
4
.1% Oct.
*Holders of rec. Sept. 20
Chic. June. Rys. & Un. Stk. Yds.Common (quar.)
'254 Oct.
*Holders of rec. Sept. 15
Preferred (quar.)
•11i Oct.
*Holders of rec. Sept. 15
Chicago Railway Equip.,corn.(qu.)- -•25c. Oct.
*Holders of rec. Sept. 20
Preferred (quar.)
'4354c Oct.
*Holders of rec. Sept. 20
Cincinnati Advertising Prod. (quer.)
*75c. 14.1.
"Holders of rec. Sept. 20
Cities Service common (monthly)
234c. Nov.
Holders of rec. Oct. 150
Common (Payable in corn.stork)
154 Nov.
Holders of rec. Oct. 15a
Preference and pref. BB (monthly)50c. Nov.
Holders of rec. Oct. I5a
Preference B (monthly)
Sc. Nov.
Holders of rec. Oct. 15a
City Investing Co., Prof.(quar.)
1% Oct.
Holders of rec. Sept. 26
Claude Neon El. Prod. corn.& pref.(411.) "25e. Oct.
*Holders of rec. Sept. 20
Cleveland AutomanNfach.,Ist pret.(ent.) $1.75 Sept. 30 Holders of rec.
Sept. 18
Cleveland Dairy Products, pref.(qu.).
$1.75 Oct. 1 *Holders of rec. Sept. 26
Clinton Title & Mtge. Guar.(Oar.)
*100. Oct. 1 *Holders of reo. Sept. 20
Extra
•10o. Oct. 1 *Holders of roe. Sept.20
Clover Splint Coal, pref. (quar.)
'$2
Oct. 1 'Holders of rec. Sept. 20
Cocksbutt Plow. common (quar.)
3734c Nov. 1 Holders of rec. Oct. 15
Cohen(Dan)Co.(quar.)
"40e. Oct. 1 *Holders of rec. Sept. 15
Coit's Patent Fire Arms Mfg.
50c. Sept.30 Holders of rec. Sept. 12a
-Conduits Co., Ltd.,corn.(quar.)
*25c. Oct. 1 *Holders of rec. Sept. 16
Preferred (guar.)
'I% Oct. 1 *Holders of rec. Sept. 16
Conn. Gas& Coke Secur. pref.(qn.)- - - - *75c. Oct. 1 *Holders of rec.
Sept. 16
Consolidated Car Heat.(guar.)
•134 Oct. 1 *Holders of rec. Sept. 30
Consolidated Steel Corp.. Pref.(qu.)
"43 Mc Oct. 1 *Holders of rec. Sept. 15
Constitution Indemnity of Phila.-Divid end om Med.
Constructive Credit Service, Inc., pren. 4
Oct. 1 Sept. 21 to Sept. 30
Continental Gin,corn.(guar.)
*$1 Oct. 1 'Holders of rec. Sept. 15
Preferred (guar.)
•31.50 Oct. 1 *Holders of rec. Sept. 15
-Dividend passed.
Copper Range Co.
Corroon & Reynolds Corp.,M3pret.A(qu.) $1.50 Oct. 1 Holders of rec.
Sept. 19
Courier Post Co., Pref.(quar.)
"1% Oct. 1 *Holders of rec. Sept. 15
Crucible Steel of Amer., corn.(guar.).
Oct. 31 Holders of rec. Oct. 15a
Crystal Tissue Co.(quar.)
*37Sic Oct. 1 *Holders of roe. Sept. 20
• )1 Sept.
Crystalite Products, pref.(guar.)
30 *Holders of roe. Sept. 20
Cudahy Packing, corn.(quar.)
*SI
Oct. 15 *Holders of roe. Oct. 3
*3
7% Preferred ((Mar.)
Nov. 1 *Holders of roe. Oct. 20
*3
6% preferred (guar.)
Nov. 1 *Holders of roe. Oct. 20
Davenport Hosiery Mills,corn.(quay.)
50c. Oct. 15 Holders of rec. Oct. 1
Preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 20
Detroit Bankers Co.(guar.)
•85c. Sept.30 'Holders of rec. Sept. 20
Devonshire Investing Corp., corn.(qu.) _
50e. Oct. 15 Holders of rec. Oct. 1
Diamond Shoe Corp.. corn.(quay.)
5043. Oct. 1 Holders of roe. Sept.19
Preferred ((Man)
1K Oct. 1 Holders of rec. Sept.19
Diversified Investments, cl. A (qu.)
*50c. Oct. 15 *Holders of rec. Sept. 25
First preferred (quar.)
4
.1ji Oct. 15 *Holders of rec. Sept. 25
Participating, Preferred (quar.)
Oct. 15 *Holders of rec. Sept. 25
Class C (guar.)
031 Oct. 15 *Holders of rec. Sept. 25
Paint & Varnish. el. A (qu.)
Dolphin
_
- •500. Oct. 15 "Holders of rec. Oct.
1
Dow Drug,corn.(quar.)
*25c. Oct. 1 'Holders of rec. Sept. 20
*134 Oct. 1
Preferred (quar.)
'Holders of rec. Sept. 20
Dutferhi Paving & Crushed Stone
154 Oct. I Holders of rec. Sept. 22
First preferred (guar.)
Dunean Mills. pref.(quar.)
'I'd Oct. 1 *Holders of rec.
Dunhill Internat. (guar.)
•2543. Oct. 15 *Holders of rec. Sept. 20
Oct. 1
Eagle Whse.&Storage(quar.)
'1'4 Oct. 1 *Holders of rec.
Eastern Utll. Invest., Prior pref.(qui -- "31.25 'n.2'31 "Holders of rec. Sept. 25
Nov. 28
Economic Invest. Tr.,Toronto
$1.25 Oct. 1 Holders of rec.
Edison Bros Stores(quay.)
•25e. Oct. 20 'Holders of rec. Sept. 20
Sept. 30
4.I id
Edmonton City Dairy. prof.((Man)
Oct. 1 *Holders of rec. Sept. 15
Edwards (Win.) Co., pref. (quar.)
Oct. 1 Holders of roe. Sept. 19
Eisler Elec. Corp.-Dividend omitted.
Eider mfg., common (quar.)
250 Oct. 1 Holders of rec.
Sept. 20
Class A (guar.)
154 Oct. 1 Holders of rec. Sept. 20
2
First Preferred (oust%)
Oct. 1 Holders of rec. Sent. 20
Equitable Trust (Detroit) (quar.)
•100 Oct. 1 'Holders of rec. Sept. 25
Eller Co., pref. (guar.)
"131 Sept. 15 *Holders of rec. Sept. 5
Eureka Standard Cons. Mining (quar.)_
*3e Sept.30 *Holders of rec. Sept. 16
Ek-Cello Aircraft & Tool.
-Dividend om tted.
Farmers Loan & Mtge.(Hartford).
-Div dend deferred
Federal Compress & W'house. prof. (eu.) *134 Oct. 1 ;Holders of rec. Sept. 24
*3 xl Oct. 1
Federal Fidelity Co., Inc., prof
•1
Ferro Enameling, class A (quar.)
Sept. 30 *Holders of rec. Sept. 29
-Dividend omitted.
Class B.
Name of Company.
184-1
.
Per
When
Cent. Payable.
Books Closed.
Days Inclustre.
Miscellaneous (Continued).
Federal Surety Co
*30e. Oct. 15 *Holders of rec. Sept. 30
Fidelity & Deoosit (Bait.) (quar.)
412.25 Sept. 30 *Holders of rec. Sept. 17
Fink (A.) & Sons, pref
Sept. 2 "Holders of rec. Aug. 23
Fifth Ave. Invest. Corp., el. A (quer.)
Oct. 1 *Holders of rec. Sept. 25
Class 13 (guar.)
"$1 Oct. 1 *Holders of rec. Sept. 25
Preferred (quilt.)
*2
Oct. 1 *Holders of rec. Sept. 25
First American Corp.(quar.)
'Sc. Oct. 1 *Holders of rec. Sept. 16
First Bank Stock Corp.(quar.)
.25e. Oct. 1 *Holders of rec. Sept. 16
First Invest. Corp., New Haven (qu.).._ *75c. Oct. 1 *Holders of rec. Sept. 30
551 Fifth Ave., Inc., pref
3
Oct. 15 Sept. 26 to Oct. 15
Flour Mills of America. pref. (guar.) - $2 Oct. 1 Holders of rec. Sept. 16
Fostoria Pressed Steel (quar.)
50c. Sept.30 Holders of rec. Sept.24
Fox Film Corp. corn, A & B (quer.) -- $1
Oct. 15 Holders of rec. Sept. 30
Franklin Process common (quar.)
.50c. Oct. 1 *Holders of rec. Sept. 24
Freiman (A. J.), Ltd., pref. ((Man)-- 134 Oct. 1 Holders of rec. Sept. 15
Freeport Texas Co.(quar.)
"31
Nov. 1 *Holders of rec. Oct. 15
Fruehauf Trailer. pref. (quar.)
'87 Mc Oct. 1 'Holders of rec. Sept. 20
Galveston Wharf Co. (monthly)
*50c. Sept. 15 *Holders of rec. Sept. 14
General Fireproofing, common (quay.)
*50e. Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
Oct. 1 *Holders of rec. Sept. 20
General Paint Co.. class A-Dividend Pa ssed.
General Trust Co., Canada (quar.) _ - - *41.50 Oct. 1 *Holders of rec. Sept. 20
Gilbert (A. C.) Co., pref. (quer.)
'87 He Ott. 1 *Holders of rec. Sept. 20
Globe-Wernicke, corn. (quar.)
154 Oct. 1 Holders of rec. Sept.20
Goderich Elev. & Trans. (quar.)
"35c. Oct. 1 *Holders of rec. Sept. 15
Gooch Mill & Elev., Prof. B (quar.)_
*87SIc Oct. 1 *Holders of rec. Sept. 25
si
Goodyear Textile Mills, pref. (quan)Oct. 1 *Holders of roe. Sept.20
Gotham Silk Hosiery, pref.(guar.)
1% Nov. 1 Holders of rec. Oct. 11
Gottfried Baking, Prof. (quar.)
134 Oct. I Holders of rec. Sept. 20
Graham-Paige Motors, 1st pref. (Var.) *1% Oct. 1 *Holders of rec. Sept. 15
Granby Cons. Min. Smelt. & Pow.(qu.)
50c Nov. 1 Holders of rec. Oct. 170
Great Lakes Transit, pref. (quar.)
'154 Oct. 1 *Holders of rec. Sept. 20
Great Western Elec.-Chem., lot pt.(qu.) •I34 Oct. 1 *Holders of roe. sept.20
Green (Daniel) Co., pref. (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 15
Greif(L.) & Bros., Prof.(guar.)
•1% Oct. 1 'Holders of rec. Sept- 20
Greyhound Corp.. Prof. A (quar.)
"$1.75 Oct. 1 *Holders of rec. Sept. 20
Participating pref.-No action taken.
Guarantee Co.of No. Amer.(qu.)
"31.50 Oct. 15 *Holders of rec. Sept. 30
Extra
*32.50 Oct. 15 'Holders of rec. Sept. 30
Guardian Detroit Union Group (quay.)- - *50c Sept.30'Holders of rec. Sept. 25
Extra
'300. Sept. 30 *Holders of rec. Sept.25
Guardian Investors Corp.,$7 lst pf.(qu.) *31.75 Oct. 1 *Holders of roe. Sept. 12
$6 lot preferred (quay.)
*31.50 Oct. 1 'Holders of rec. Sept. 12
53 2d preferred (guar.)
075e. Oct. 1 *Holders of rec. Sept.12
Hamilton Cotton Co., Ltd.. prof.(War.) 50c. Oct. 1 Holders of rec. Sept. 15
Harbauer Co.(quar.)
*45e. Oct. 1 *Holders of rec. Sept.20
Preferred (quar.)
'134 Oct. 1 *Holders of rec. Sept.20
Hawley Pulp & Paper, let pref. (qu.)--- •$1.75 Oct. 1 *Holders of rec. Sept. 25
Hayes Wheel & Forging. pref. ((luar.)-- '134 Oct. 1 *Holders of rec. Sept. 20
Hibbard, Spencer, Bartlett&Co..(mtillY)
25e. Oct. 31 Holders of rec. Oct. 24
Monthly
25e. Nov. 28 Holders of rec. Nov.21
Monthly
250. Dec. 26 Holders of rec. Dec. 114
Hibernia Securities Co.. pref. (quar.)--- "151 Oct. 1 'Holders of rec. Sept. 26
Hollinger Consol. Gold Mines (monthly) 'Sc. Oct. 7 *Holders of red. Sept. 23
Holmes(D. H.) Co., Ltd.(quar.)
254 Oct. 1 Holders of rec. Sept. 19
,04 Oct. 1 Holders of rec. Sept. 25
Holt Renfrew & Co., oom.(guar.)
Preferred (quay.)
1% Oct. 1 Holders of rec. Sept. 25
Honey Dew, I.td., pref. A (quar.)
"31.75 Oct. 1 'Holders of rec. Sept. 15
Hoover Steel Ball (guar.)
*30c. Oct. 1 'Holders of rec. Sept. 26
Horn dr Hardart Baking (quar.)
•31.75 Oct. 1 *Holders of rec. Sept. 20
Household Finance, corn. A & B (quay.) •90c. Oct. 15'Holders of rec. Oct. 1
"al
Participating preferred (guar.)
Oct. 15'Holders of roe. Oct. 1
Humphrey's Mtg., corn.-DIvidend pas sod
Preferred (quar.)
•50c Sept. 30 *Holders of rec. Sept. 15
Huyler's of Del., pref. (oust.)
Oct. 1 *Holders of rec. Sept. 20
Ideal Cement (quar.)
•75c Oct. 1 'Holders of rec. Sept. 12
Imperial Sugar, pref. (quar.)
.31.75 Oct. 1 'Holders of rec. Sept. 10
Incorporated Investors (guar.)
•25c Oct. 15
Indiana Pipe Line (quar.)
50c Nov. 15 Holders of rec. Oct. 24
Extra
250. Nov. 15 Holders of rec. Oct. 24
Insult Utility Invest., $5.50 pref. Orli
*31.38 Oct. 1 *Holders of rec. Sept. 15
Oct. 1 "Molders of rec. Sept. 17
Interlake Steamship (quar.)
$1
International Elevator, core. ((Man) - *$1.50 Oct. 1 *Holders of rec. Sept. 20
Internat. Equities Corp., class A (guar.) 87%0 Oct. 1 Holders of rec. Sept. 20
Interstate Bakeries, corn.(quar.)
25e. Oct. 11 Holders of rec. Sept. 15
81.825 Oct. 1 *Holders of rec. Sept. 15
$6.50 Preferred (quar.)
Interstate Petroleum, pref.A(qui(No.1) •50c. -Investors of America, Ltd.
•54c. Oct. 1 *Holders of rec. Sept. 25
654% preferred (monthly)
Jefferson Union Co., 1st pref.-Div. Pee sod.
Kalamazoo Stove. corn.(guar.)
* 31.125 Oct. 1 *Holders of rec. Sept.20
Common (in stock)
-Dividend ondtte
Kaufman (Chas. A.) Co., Ltd.((luar.).114 Oct. 1 Holders of rec. Sept. 11
62% e. Oct. 15 Holders of rec. Sept. 30
Kawneer Co. (guar.)
Kaynce Co., corn.(quan)
6234c. Oct. 1 Holders of rec. Sept. 19
1% Oct. 1 Holders of rec. Sept. 19
Preferred (guar.)
Kelley Island Lime & Transport (qu.). *621 e Oct. 1 'Holders of rec. Sept. 19
,
KentGarage Invest, Corp.. pref. (qu.). $1.75 Oct. 1 Holders of rec. Sept. 15
Cl. A ($2 per ann. from date of Issue)
Oct. 1 Holders of rec. Sept. 15
Kentucky Rock Asphalt (quar.)
'40c. Oct. 1 *Holders of rec. Sept. 15
King Royalty Co.. pref. (quar.)
2
Sept. 30 Holders of rec. Sept. 15
Kirsh Company (quar.)
.30e. Oct. 1 *Holders of rec. Sept. 19
.45e. let. I 'Holders of rec. Sept. 19
Preferred (quar.)
Knox Corp. (guar.)
•400. payable In cash or stook
Kroger Grocery & Baking, 1st pf.(qu.). "154 Oct
1 'Holders of rec. Sept. 20
Second preferred (quar.)
•134 Nov. 1 *Holders of rec. Oct. 20
Kutz Canyon 011 (stock dividend)
•e50e. Sept.15'Holders of rec. Sept. 1
Lane Cotton Mills (quar.)
3754e. Oct. 1 Holders of rec. Sept. 10
La Salle Extension University. Pf.(qu.)134 Oct. 1 Holders of rec. Sept.20
Lawyers Westchester Mtge. & Title
Oct. 1 Holders of rec. Sept. 17
$2
Lehigh Portland Cement, corn. (quar.)- nbc. Nov. 1 *Holders of rec. Oct. 14
Leich (C.) & Co., pref. (quar.)
*31.75 Oct. 1 *Holders of rec. Sept. 20
Leland Electric Co. (guar.)
50e. Sept. 30 Holders of rec. Sept.19
Lenolt Nat.Secur., A and B
•250 Oct. 1 *Holders of rec. Sept. 15
Preferred (Quer.)
•35e. Oct. 1 'Holders of rec. Sept. 15
Link-Belt Co., corn. (quar.)
"650. Dec. 1 'Holders of rec. Nov. 15
Preferred (guar.)
81.625 Oct. 1 *Holders of rec. Sept. 16
Lion Oil Refining (guar.)
50e. Oct. 27 Holders of rec. Sept. 29
Usk Mfg. (guar.)
*2
Oct. 1 'Holders of rec. Sept. 15
Locomotive Firebox (quay.)
•50c Oct. 1 *Holders of rec. Sept. IS
Lord & Taylor. 20 Prof. (quar.)
2
Nov. 1 Holders of rec. Oct. 17
Louisiana 011 Ref., pref. (quar.)
+.154 Nov.15 *Holders of reo. Nov. 1
Ludlow Typograph Co., corn. (quar.)., 50c Oct. 1 Holders of rec. Sept.20
Preferred ((Mar.)
134 Oct. 1 Holders of rec. Sept.20
Lynch Corporation (quar.)
'50c Nov. 15 *Holders of rec. Nov. 5
Stock dividend
"el
Nov. 15 *Holders of rec. Nov. 5
MacAndrews & Forbes. cons. (quar.)
65c Oct. 15 Holders of rec. Sept. 30a
Preferred (guar.)
134 Oct. 15 Holders of rec. Sept. 30a
MacMarr Stores. Inc., Prof. (quar.)
131 Oct. I Holders of rec. Sept. 15
Macy (R. II.) & Co.(quar.)
*50c Nov. 15 *Holders of rec. Oct. 24
Madison Square Garden Corp.(quar.)- *25c Oct. 14 *Holders of rec. Oct.. 4
/dogma Copper Co. (guar.)
•750 Oct. 15 *Holders of rec. Sept.30
Manufactures Finance, pref.(guar.)-- *43Mc Sept.30'Holders of rec. Sept. 16
Marathon Paper Mills, Prof. (quar.)__ _ *31.50 Oct. 1
Marine Bancorporation, partic. stk.
(qu.) '450 Oct. 1 "Holders of rec. Sept. 13
Marlon Steam Shovel, pref.--dnidend o mitted
Maryland Commercial, Bankers pref_ _- .35c Oct. 15'Holders of rec. Sept. 30
Mascot 011 Co. (quay.)
sl sic Sept.2 'Holders of rec. Sept. 15
McColl-Frontenac 011, pref. (quay.)_ 14
4 Oct. 15 Holders of rec. Sept. 30
McCord Radiator & Mfg., cl A (luar.)
•75c. Oct. 1 *Holders of rec. Sept. 26
McGraw-Hill Publishing (quar.)
•50e. Oct. I *Holders of rec. Sept.23
McKee(A. G.) & Co., class B (qu.)
8734c Oct. I Holders of rec. Sept. 19
Class B (extra)
1214c Oct. 1 Holders of rec. Sept. 19
McQuay-Norris Mfg.(quay.)
50e. Oct. 1 Holders of rec. Sept. 20
Stock dividend
Cl
Oct. 1 Holders of rec. Sept. 20
Mead Corp.. $6 pref. (guar.)
*31.50 Dec. 1 'Holders of rec. Nov. 20
Merchants & Mfrs. Securities, cl A (qu.) '37(4c Oct. 1 'Holders of rec. Sept. 15
Metal & Mining Shares, corn. (quay.)..
30c. Oct. 1 Holders of rec. Sept. 20
Metal Package Corp., corn. ((Mar.)- - - - $1
Oct. 1 Holders of rec. Sept. 24
Metal Be Tbermit, pref. (guar.)
•I) Oct. 1 'Molders of rec. Sept. 20
,,
f
Metropolitan Coal. pref. (cmar.)
"$1.75 Sent. 30 *Holders of roe. Se•t. 23
1848
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Si X Oct. 1 Holders of rec. Sept. 15
Metropolitan Ice, pref. (guar.)
•30c. Oct. 1 *Holders of rec. Sept. 15
Preferred (extra)
Metrop. Indus. Bankers corn.(special)-- *e10 Oct. 1 *Holders of rec. Sept.25
*171.5c Oct. 1 *Holders of rec. Sept. 25
Preferred (guar.)
•
Michigan Steel Tube (guar.)
3734c Oct. 1 *Holders of rec. Sept. 22
*50c. Nov. 15 *Holders of rec. Oct. 15
Mid-Continent Petroleum (guar.)
40e. Oct. 1 Holders of rec. Sept. 19
Miller Drug (quar.)
*40e. Oct. 1 'Holders of rec. Sept.22
Miller Wholesale Drug (guar.)
Mitchell(J. S.) & Co.. Ltd.. pref.(au.). *I X Oct. 1 *Holders of rec. Sept. 16
Oct. 15 *Holders of rec. Sept. 16
*El
Moloney Electric, class A (guar.)
Oct. 15 *Holders of rec. Sept. 30
Monarch Mtge. dr Investments, pf.(qu.) 4.2
*250. Oct. 1 *Holders of rec. Sept. 15
Moore Corp., common (guar.)
Preferred A Sc B (guar.)
*1% Oct. 1 *Holders of rec. Sept. 15
Moores-Coney Corp., pref. A (quar.)- *5614 c Oct. 1 *Holders of rec. Sept. 20
Morris (Philip) & Co., Ltd.,(guar.).
25e. Oct. 15 Holders of rec. Oct. 2
'62 qc Oct. 1 *Holders of rec. Sept. 25
Morris Plan Bank of Va.(guar.)
Morris Plan Bank of Hartford (guar.).- *32 Oct. 1 *Holders of rec. Sept. 27
•12 Oct. 1 *Holders of rec. Sept. 25
Mortgage Guar. Co.(Calif.) (quar.)
Oct. I *Holders of rec. Sept. 25
Mortgage Guarantee (Los Angeles) (au.) *2
*2e. Oct. 1 Molder of rec. Sept. 30
Mountain & Gulf Oil (quar.)
*40c. Oct. 1 *Holders of rec. Sept. 20
Motor Finance Corp. (quar.)
Oct. 1 *Holders of rec. Sept. 20
Murray (J. W.) Mfg, Pref. (guar.) _ _ _ _ *2
400. Oct. 1 Holders of rec. Sept. 19
Murray Ohio Mfg. (quar.)
1% Oct. 1 Holders of ree. Sept. 24
Nashua Mfg., pref.(guar.)
'12 Nov. 15 *Holders of rec. Oct. 31
National Casket, common (guar.)
•51 75 Sept. 30 *Holders of rec. Sept. 17
Preferred (guar.)
*50e. Nov. 15 *Holders of rec. Oct. 20
National Biscuit, common (extra)
Nat. Com'i Title & Mtge.(Newark)(gu.) *20c. Oct. 1 *Holders of rec. Sept. 15
250. Oct. 15 Holders of rec. Sept. 30
National Fuel Gas (guar.)
•25e. Oct. 1 *Holders of rec. Sept. 15
National Oxygen, common (guar.)
*56 kic Oct. I *Holders of rec. Sept. 15
Class A (guar.)
*25c. Oct. 15 *Holders of rec. Oct. 1
Nat. Rubber Machinery, corn. (guar.)
National Securities Corp.,6% pref.(qu.) "75c. Oct. 1 *Holders of rec. Sept. 15
*50c. Sept. 15
National Sewer Pipe, corn
.60e. Sept. 15
$2.40 preferred (guar.)
*433 c Oct. 1 "Holders of rec. Sept. 20
4
Newman Mfg.(guar.)
Newmont Mining Corp.(guar.)
Si Oct. 15 Holders of rec. Sept. 30
New Bradford 011 (guar.)
.12(40 Oct. 1.! *Holders of rec. Sept. 30
New Orleans Cold Stor. dv Wareh.(qu.) *$2.25 Sept. 30 *Holders of rec. Sept. 18
New York Air Brake, corn. (guar.).
90e. Nov. 1 Holders of rec. Oct. 7
*50e. Sept. 30 *Holders of rec. Sept. 19
N. Y.Title & Mortgage (guar.)
Niagara Falls Smelt. & Ref., cl. A (4U.)- *50e. Oct. 1 *Holders of rec. Sept. 25
*25c. Oct. 1 *Holders of rec. Sept. 25
Nis lass W 1ge Weaving, COM. (quar.)_ _ _ 37140. Oct. 1 Holders of rec. Sept. 18
CgaraB (
r
75c. Oct. 1 Holders of rec. Sept. 18
$3 preferred (guar.)
Oct. 20 "Holders of rec. Sept. 30
Nipissing Mines Co.(guar.)
North Amer. Car Corp., corn. (quar.) 6214o. Oct. 1 Holders of rec. Sept. 26
$1.50 Oct. 1 Holders of rec. Sept.26
Preferred (guar.)
North Amer. Invest.,6% pref. (quar.)- •115 Oct. 20 'Holders of rec. Sept. 30
*I
Oct. 20 *Holders of rec. Sept. 30
511% Preferred (quar.)
North Star Oil & Refining, pref.(quar.)_
Oct. 1 Holders of rec. Sept. 15
Norwich Pharmacal (guar.)
Oct. 1 *Holders of rec. Sept. 20
Occidental Petroleum (guar.)
Sept.30 *Holders of rec. Sent. 20
Ohio Brass. class A & B (guar.)
Oct. 15 Holders of rec. Sept. 30
Class A & it (extra)
Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
Oct. 15 Holders of rec. Sept. 30
Ohio Seamless Tube, pref.(quar.)
Oct. 1 Sept. 16 to Sept. 30
Onondaga Silk (guar.)
Sept. 30 'Holders of rec. Sept. 20
Orange Crush, Ltd., pref. A (quar.)
Oct. 1 Holders of rec. Sept. 16
Otis Elevator, corn. (guar.)- Oct. 15 Holders of rec. Sept. 30
Preferred (quar.)
Oct. 15 Holders of rec. Sept. 30
Pacific. Southwest Disc., A & B (guar.)...
Sept. 15 *Holders of rec. Sept. 1
Sept. 4 *Holders of rec. Sent. 1
Preferred (guar.)
Page-Hershey Tubes, Ltd.. corn. (qu.)-Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
Oct. 1 *Holders of rec. Sept.20
Oct. 1
Paragon Refining. pref. A (quar.)
Oct. 1 Sept. 20 to
Park & Tilford, Inc.
-Dividends omitted
Peerless Egyptian Cement, pref. (quar.) *I% Oct. 1 *Holders of rec. Sept. 20
Penn Federal Corp., pref. (guar.)
*$1.75 Oct. 1 *Holders of rec. Sept. 20
$1.25 Oct. 15 Holders of rec. Sept. 30
Pennsylvania Salt Mfg.(guar.)
2
Ott. 1 Holders of rec. Sept. 16
Pepperell Mtg. Misr./
Peter Paul Candy (guar.)
*$1.50 Oct. 1 *Holders of rec. Sept. 16
*lc. Oct. 1 "Holders of rec. Sept. 25
Petroleum Royalties, pref.(monthly).
•tec. Oct. 1 *Holders of rec. Sept. 25
Preferred (extra)
*1% Oct. 1
Pfaudler Co.. corn. (guar.)
Philadelphia Co.for Guaranteeing Mort*600. Sept. 30 "Holders of rec. Sept. 15
gages (guar.)
•50e. Oct. 10 *Holders of rec. Sept. 30
Phoenix Finance. pref.(quar.)
•
200. Oct. 1 "Holders of rec. Sept. 20
Pickrel Walnut Co.(guar.)
"400. Oct. 25 *Holders of rec. Oct. .15
Pittsburgh Forging (guar.)
*350. Oct. 15 *Holders of rec. Sept. 26
Pittsburgh Screw & Bolt (quar.)
Port Huron Sulph. & Pap., Pref. MO-- •1 34 Oct. 1 *Holders of rec. Sept. 17
*250. Oct. 1 *Holders of rec. Sept. 26
Potter Co., corn. (guar.)
6e. Oct. 4 Holders of rec. Sept. 16
Premier Gold Mining (guar.)
Pressed Metals of Amer.. corn.(guar.)-- *1214c Oct. 1 *Holders of rec. Sept. 15
Public Utility Holding Corp.
12%c Nov. 30 Holders of rec. Nov. 10
Common (guar.)(No. 1)
1214c Nov. 30 Holders of roe. Nov. 10
Class A (guar.)(No. 1
)
•50c. Oct. 1 *Holders of rec. Sept. 2
Rath Packing (ouar.)
0
.
6
Oct. 1 *Holders of rec. Sept. 25
Realty Shares (No. 1)
•1X Oct. 1 *Holders of rec. Sept. 30
Regal Shoe, pref.(guar.)
•25c. Sept.30 "Holders of rec. Sept. 15
Republic Finance & Inv., cl. A (guar.).
*1714c Sept. 30 *Holders of rec. Sent. 15
Preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 20
Retail Properties, Inc.. $3 Pref.(gbars)3734c. Nov. 1 Holders of rec. Oct. 15
Ilice.Stix Dry Goods, corn. (quar.)
- 134 Oct. 1 Holders of rec. Sept. 15
First and second preferred (guar.)Richfield 011 of Calif.. pref. (guar.).
- *43 yi c Nov. 1 *Holders of rec. Oct. 4
75c. Oct. 1 Holders of rec. Sept. 10
Richman Bros.(guar.)
Ritter Dental Mfg. (Oust'.)
82150. Oct. 1 Holders of rec. Sept. 20
*114 Oct. 1 'Holders of rec. Sept. 20
Preferred (guar.)
*50e. Oct. 1 *Holders of rec. Sept. 17
Riverside Silk Mills, class A (guar.)
Oct. 1 *Holders of rec. Sept. 20
*2
Rockwood & Co., pref. (guar.)
Oct. 1 *Holders of rec. Sent. 15
*2
Rumford Printing (quar.)
250. Oct. 1 Holders of roe. Sept. 20
St. Louis Bank Bldg. & Equip.(gaol%)
Oct. 1 *Holders of rec. Sept. 26
St. Louis National Stock Yards (quar.)- *2
134 Oct. 1 Holders of rec. Sept. 15
Schoenemann (5.) Inc., 1st pref. (4110
Schulze Baking, pref. (guar.)
*1% Oct. 1 *Holders of rec. Sept. 15
•750. Oct. 1 'Holders of rec. Sept. 15
Convertible preferred (guar.)
75e. Oct. 15 Holders of rec. Sept. 30
Scullin Steel, Prof. (guar.)
Seaboard Dairy Credit,(min, and pref.- Divide nds pas sod
*30e. Oct. 15 *Holders of rec. Sept. 30
Seagrove Corp., corn. (guar.)
Secord (Laura) Candy Shops, pref. (411.) *1% Sept. 30 *Holders of rec. Sept. 15
*3714c Oct.
Seaboard National Securities (guar.)
*Holders of rec. Sept. 20
*Holders of rec. Sept. 30
' Oct.
134
Securities Co. of N. H., lot pref.(qu.)-75c. Nov.
Seeman Bros. corn. (quar.)
Holders of rec. Oct. 15
•
25e. Oct.
Shaffer Stores, common (guar.)
*Holders of rec. Sept. 23
*50e. Oct,
Shafer Co.. class A (oar.)
*Holders of rec. Sept. 21
*10c. Oct.
*Holders of rec. Sept. 21
Shareholders Corp.(quar.)
520c. Oct.
Shawmut Association (guar.)
*Holders of rec. Sept. 17
30e. Oct.
Sleloff Packing (guar.)
Holders of rec. Sept. 20
*4
Oct.
Silent Automatic Corp., pref
*Holders of rec. Sept.25
•
15c. Oct.
Silver King Coalition Mines (guar.).
'Holders of rec. Sept. 20
Slattery (E. T.) Co.. pref. (guar.)
*Holders of rec. Sept. 20
Oct.
Smith (L. C.) dr Corona Typewriter,Inc.,
*25e. Oct.
Common (quarterly)
*Holders of rec. Sept. 20
*1% Oct.
Preferred (quarterly)
*Holders of rec. Sept. 20
Soden(0. A.) & Co., 2nd pref.(guar.) _ *2
Oct.
Southern Dairies, Inc., class A (guar.) '37340 Oct.
'Holders of rec. Sept. 29
Southern Ice, pref. A (guar.)
1% Oct.
Holders of rec. Sept. 195
Southwest Dairy Prod., pref.-Dividend Passed
Stahl
-Meyer, Inc., corn. (guar.)
*300. Oct.
*Holders of rec. Sept. 23
Preferred (guar.)
*Holders of rec. Sept. 20
' Oct.
154
Standard-Coosa Thatcher (ouar.)
*Holders of rec. Sept. 20
•50c. Oct.
Standard Dredging, cony. pref. (au.).
*Holders of rec. Sept. 15
*50c. Oct.
Standard Steel-Spring. oom. (guar.)._ _ "$1
Sept. 30 'Holders of rec. Sept.20
Stanley Works (quar.)
'6254c Oct. 1 "Holders of rec. Sept. 15
Preferred (guar.)
*373cc Nov. 15 'Holders of rec. Nov. 1
Stearns (Frederick) Co.. pref. (quar.).. 81.75 Sept. 30 *Holders of roe .Sept. 20
Steneek Title dr Mtge. Guar. (guar.)... "100. Oct. 1 *Holders of rec. Sept. 15
Extra
•5e. Oct. 1 *Holders of rec. Sent. 15
Stock vsehange aeroultles. class k (qm.) *3714e Oct. 1 *Holders of rec. Sept. 131
(VOL. 131.
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable,
Books Closed.
Days Inclusive.
Miscellaneous iCancluded).
Straus (S. W.) Sc Co.(quar.)
•
50e. Oct. 1 *Holders of rec. Sept. 25
Sunray Oil Corp.(guar.)
*100. Oct. 15 *Holders of rec. Sept. 24
*
6214c Oct. 15 'Holders of rec. Oct. 4
Superheater Co. (guar.)
Superior Portland Cement, class B (qu.) •250. Sept.20 *Holders of rec. Sept. 15
Superior Underwear, pref. (guar.)
' Oct. 1
131
Sutherland Paper, corn. (guar.)
2214e. Oct. 31 Holders of rec. Oct. 20
Swartwout Co. (guar.)
20c. Oct. 1 Holders of rec. Sept. 19
25e. Nov. 1 Holders of rec. Oct. 15
Sweets Co. of America (guar.)
Tamblyn (G.), Ltd., Prof.(guar.)
*$1.75 Oct. 1 *Holders of roe. Sept.23
Taylor Colquitt Co.(guar.)
'5654c Sept.30 *Holders of rec. Sept. 15.
Textile Banking (guar.)
*50c. Oct. 1 *Holders of rec. Sept.24
Thayers Limited, pref. (guar.)
8714e. Oct. 1 Holders of roe. Sept. 17
Thomas Allec Corp., class A (guar.).
- *3714c Oct. 1 *Holders of rec. Sept. 16
Tito Roofing, corn. (guar.)
•17%c Oct. 1 *Holders of rec. Sept.20
Preferred A (guar.)
*50c. Oct. 1 'Holders of rec. Sept. 20
Time-O-Stat Control, pref. (ouar.)
*50c. Oct. 1 *Holders of rec. Sept. 20
Tip Top Tailors, pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 150
Transue Sc Wms.Steel Forging (quar.)
•25e. Oct. 15 *Holders of rec. Sept. 30
Transamerica Corp., corn. (guar.)
*25e. Oct. 25 *Holders of rec. Oct. 4
Twin Disc Clutch (guar.)
*75e. Oct. 1 *Holders of rec. Sept. 20
Union Metal Mfg., corn. (guar.)
*60e Oct. I *Holders of rec. Sept. 23
Common (extra)
*25c. Oct. 1 *Holders of rec. Sept. 23
Oct. I *Holders of roe. Sept.20
*2
Preferred (quar.)
Union Twist Drill, corn, (guar.)
*250. Sept. 30 *Holders of rec. Sept. 20
Sept.30 Holders of rec. Sept. 20
Preferred (guar.)
'131
United Bond Sc Share(Montreal).PL(qu) *75e. Sept. 30 *Holders of rec. Sept. 15
United Fuel Invest., pref.(quar.)
'Holders of rec. Sept. 16
*1 14 Oct.
United Milk Products, pref. (guar.).
*Holders of rec. Sept. 15
- "I% Oct.
*Holders of rec. Sept. 20 ,
United Paper Box (guar.)
*40c. Oct.
United Porto Rican Sugar. prof.
*Holders of rec. Sept. 23.
*8714c Oct.
*Holders of rec. Sept. 22
United Printers & Publish., corn.(guar.) *30c. Oct.
*Holders of rec. Sept. 22
Preferred (guar.)
*50e. Oct.
U.S. Sc British Intermit. Co., Ltd.
Holders of rec. Oct. 15
12340. Nov.
Common A (guar.) (No. 1)
Holders of rec. Oct. 15
$3 preferred (guar.)
76c. Nov.
*Holders of rec. Sept. 20
U. S. Cold Storage Corp., corn. (qu.)
*500. Oct.
*Holders of rec. Sept. 20
Preferred (Oust.)
*1% Oct.
U. S. Lumber-Dividend passed.
Holders of rec. Oct. 20
75e. Nov.
Universal Leaf Tobacco, corn. (quar.)Holders of rec. Sept. 23
Oct.
2
Preferred (guar.)
Holders of rec. Sept. 200
Oct.
2
Universal Pictures, Inc., 1st pref. (qu.)_
*Holders of rec. Sept. 15
Valve Bag Co., pref. (quar.)
"114 Oct.
Van de Kamp's Holland Dutch Bakers
*Holders of rec. Sept. 10
*37140 Oct.
Common (quar.)
'Holders of rec. Sept. 10
"1214c Oct.
Common (extra)
*Holders of rec. Sept. IP
$1.625 Oct.
Preferred (guar.)
*Holders of rec. Sept. 20
Van Dusen-Harrington, Inc., pref. ((1u.) '134 Oct.
Holders of rec. Sept. 20
Vlau Biscuit Corp., Ltd., pref. (quar.)-- 1% Oct.
*Holders of rec. Sept. 20
*50c. Oct.
Vortex Cup Co., corn. (guar.)
"Holders of rec. Sept. 20
*6214c Oct.
Class A (quay.)
Holders of rec. Sept. 20
134 Oct.
Wabash Telep.'Securitles. pref. (qu.)
'Holders of rec. Sept. 20
Oct.
Wagner Electric, pref. (guar.)
*Holders of rec. Sept. 20
'
6254c Oct.
Walker Sc Co., class A (guar.)
*Holders of rec. Sept. 20
Waltham Watch. prior pref. (guar.)'134 Oct.
*75c. Sept.2 *Holders of rec. Sept. 16
Washington 011 (guar.)
*Holders of rec. Sept.27
Washingtorr Title Ins., corn. Sc pref.(qu.) *$1.50 Oct.
*Holders of rec. Sept. 20
*314 Oct.
Webster-Eisenlohr Sc Co., prof
Wooden Sc Co. (guar.)
*600. Sept.3 *Holders of rec. Sept. 20
Holders of rec. Sept. 19
Wellman Engineering, pref. (guar.).
114 Oct.
"Holders of rec. Sept. 15
Western Insurance Secur., Prof. (qui
*31.50 Oct.
Western N. Y. Securities
*25c. Sept.3 *Holders of rec. Sept. 16
Holders of rec. Sept. 15
West Point Mfg.(guar.)
Oct.
2
"Holders of rec. Sept. 20
West Va. Pulp & Paper (guar.)
•500. Oct.
*Holders of rec. Oct. 20
Western Grocer, corn. (guar.)
*37% c Nov.
*314 Jan 13 *Holders of rec. Dec. 20
Preferred
*Holders of rec. Sept. 15
*111'.50 Oct.
Western Ins. Sec.. pref. (guar.)
*Holders of rec. Sept.20
West. Maryland Dairy Prod.. pf. (qu.). "$1.50 Oct.
*Holders of rec. Sept. 12
Oct.
*2
Wheeling Steel, pref. A (guar.)
*Holders of rec. Sept. 12
*214 Oct.
Preferred B (guar.)
'$1.50 Oct.
Whitaker Paper, corn. (guar.)
*Holders of rec. Sept. 20
*Holders of rec. Sent. 26
•
114 Oct.
Preferred (guar.)
50e. Sept.30 Holders of rec. Sept. 20
Wilcox-Rich Corp., class B (guar.)
•5e. Sept.30 *Holders of rec. Sept. 24
Wisconsin Bank Shares (guar.)
Wolverine Tube, corn. (guar.) --- •16e. Oct. 1 *Holders of rec. Sept. 15
Wood Chemical Products, corn. A-Div friend Passed
Woodruff Sc Edwards, Inc., Cl. A (guar.) *60c. Oct. 1 *Holders of rec. Sept. 20
Zinke Renewing Shoe, corn. (quar.)___ _ *1140. Oct. 1 *Holders of rec. Sept. 15
'3e. Oct. 2 *Holders of rec. Sept.15
Preferred (guar.)
Zoller (Wm.) Co., corn. (guar.)
*50c. Sept. 30 *Holders of rec. Sept. 20
Common (payable in common stock)_ *11 Sept.30 *Holders of rec. Sept. 20
'134 Sept.30 *Holders of rec. Sept. 20
Preferred (guar.)
Below we give the dividends announced in previous weeks
and not yet paid. This list does not include dividends announced this week, these being given in the preceding table.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Railroads (Sream)•
.
Oct. 1 *Holders Of roe. Sept. 15
Akron Canton Sc Youngstown (guar.) - *4
3
Oct. I Holders of rec. Sept. 80
Alabama Sc Vicksburg
Oct. 1 Holders of rec. Aug. 30a
Bangor Sc Aroostook common (Oust.).-.
Oct. 1 Holders of rec. Aug. 300
(guar.)
Preferred
Oct. 1 Holders of rec. Sept. 15a
Beech Creek (guar.)
Sept.30 Holders of rec. Aug. 30
Boston & Albany (guar.)
Oct.
Holders of rec. Sept. 13a
Boston Sc Maine. common (quar.)
Oct.
Holders of rev. Sept. 13
Prior preference (guar.)
Oct.
Holders of rec. Sept. 13
Preferred (guar.)
8
%
Oct.
Holders of rec. Sept. 13
First preferred, class A (guar.)
Oct.
Holders of rec. Sept. 13
First preferred, class B (guar.)
Oct.
Holders of rec. Sept. 13
First preferred, class C (guar.)
Oct.
Holders of rec. Sept. 13
First preferred. class D (guar.)
Oct.
First preferred. class F.(guar.)
Holders of rec. Sept. 13
Boston Sc Providence (guar.)
Oct.
Holders of rec. Sept. 20
Canadian Pacific. corn. (guar.)
Oct.
Holders of rec. Sept. 20
Oct.
Preference
Holders of rec. Sept. 2
Chesapeake Corp. common (guar.)
Oct.
Holders of rec. Sept. Oa
Chesapeake Sc Ohio
6214c Oct.
New $25 par corn.(guar.)(No. 1)__
Holders of rec. Sept. 80
3% Janl'3 Holders of rec. Dec. 8a
Preferred (guar.)
eferred( uh Western com.(guar.).- 134 Sept.30 Holders of rec. Sept.160
o
ChAago & Nort arj
134 Sept.30 Holders of roe. Sept.150
(qua?.)
Chic R.I.Sc Pao.. COM.
134 Sept.30 Holders of roe. Sept. 6a
Cincinnati Union Term., pref. (qu.)._.... 1% Oct. 1 Holders of rec. Sept.20
Consolidated IIRs. of Cuba Prof. (guar.) 114 Oct. 1 Holders of rec. Sept. 100
Cuba RR. common (guar.)
$1.20 Sept. 29 Holders of rec. Sept. 290
Preferred
3
Feb2'81 Bold. of ree. Jan.15'810
Dayton Sc Michigan common
*8734‘) Oct. 1 *Holders of roe. Sept. 16
Preferred (quar.)
*$1
Oct. 1 *Holders of reef. Sept 18
Delaware Sc Hudson Co. (guar.)
234 Sept.20 Holders of rec. Aug. 28a
Esla RR.. 151 and 2nd preferred
Dec. 31 Holder's of roe. Dec. 180
2
Gulf Mobile & Northern. peel.(allaCJ- 1% Oct. 1 Holders of roe. Sept.160
Laokawanna RR.of N. J.(guar.)
Oct. 1 *Holders of rec. Sept. 9
Lehigh Valley, Corn. (guar.)
87%c Oct. 1 Holders of rec. Sept. 130
Preferred (guar.)
$1.25 Oct. 1 Holders of rev. Sept. 130
MahonIng Coal RR.common (gust.)..' $12.50 Nov. 1 *Holders of ree. Oct. 15
Maine Central common (guar.)
114 Oct. 1 Holders of ree. Sept. 15
Mo.-Kansas-Texas, Common (guar.)
Sept. 30 Holders of rec. Sept. 60
- Si
Preferred A (guar.)
1% Sept.80 Holders of re0. Sept. 80
Preferred A (Ouar.)
Dec. 31 Holders of rec. Dee. fill
Missouri Pacific. pref. (quar.)
1% net
1 Holders of rev. Sept. 16a
New York Central RR.(guar.)
2
Nov. 1 Holders of rec. Sept. 280
N.Y.Chlo. &St. Louis. oom.Sc pfd.(au)
Oct. 1 Holders of reo. Aug. 150
N. Y. Lackawanna Sc West. (quar.)---Oct. 1 Holders of rec. Sept. 150
N V V.H.Sc Hartford, corn.(quar.)-- 1% Oct. 1 Holders of rec. Sept. So
Preferred (guar.)
1% Oct. 1 Holders of roe. Sept. Sit
SEPT. 20 1930.]
Name of Company.
Railroads (Steam)(Concluded).
northern RR.of New Hampshire(guar.)
Old Colony (guar.)
Pere Marquette, corn.(guar.)
Prior preference and pref. (guar.)- Pittsb. Bessemer & Lake Erie commonPlush., Ft. Wayne & Chic., corn.(qu.)
Preferred (guar.)
Pittsburgh & West Virginia, corn.(guar.)
Reading Co. 2d pref. tquar.)
Rutland RR. preferred
-San Francisco. corn.(guar.).
St.Louis
.
Preferred (guar.)
Bt. LOMB Southwestern. pref. ouar.)___
Southern Pacific Co. (guar./
Southern fly., corn.(guar.)
Preferred (guar.)
Southern fly. M.& 0.stock tr. Mrs
Texas & Pacific. corn. & Pref. (qine.)-.
Union Pacific common (guar.)
Preferred
United N. J. RR. & Canal Coe.(an.)..
Quarterly
Vermont & Massachusetts
Vicksburg Shrew.. & Par. common
Preferred
Wabash fly.. pref. A (guar.)
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed
Days Inclustre.
*1% Oct. 1 'Holders of rec. Sept. 8
•1 Str Ott. 1 +Holders of rec. Sept. 13
134 Sept.30 Holders of rec. Sept. 8a
1 if Nov. 1 Holders of rec. Oct. 30
750. Oct. 1 Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 100
1% Oct. 7 Holders of rec. Sept. 106
1
Oct. 31 Holders of rec. Oct. 154
500 Ott. 9 Holders of rec. Sept. 186
*2
Nov. I *Holders of reo. Oct. 15
2
Oct. 1 Holders of roe. Sept. 20
13.4 Nov. I Holders of rec. Oct. Ia
134 Rem 30 Holders of rec. Sept.13a
13.4 Oct. 1 Holders of roe. Aug. 25o
2
Nov. 1 Holders of rec. Oct. I a
13.4 Oct. 15 Holders of rec. Sept.226
2
Oct. 1 Holders of rec. Sept. 15
13.4 slept.30 Holders of roe. Sept. 150
234 Oct. 1 Holders of rec. Sept. 2a
2
Oct. 1 Holders of rec. Sept. 2a
23.4 Oct. 1 "Holders of two. Sept. 20
2)4 Jan I'81 *Holders of reo. Dec.20480
*3
Oct. 7 Holders of rec. Sept. 9
234 Oct. 1 Holders of rec. Sept. 8a
24 Oct. 1 Holders of rec. Sept. An
Ili Nov.25 Holders of rec. Oct. 25a
Public Utilities.
Alabama Power, $7 pref. (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
58 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. lb
$5 preferred (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15
Allegheny Traction, Pittsburgh (guar.).•
$2.50 Oct. 1 *Holders of rec. Sept. 30
Amer. Cities Pow. & Lt., class A ((In.).- 175c. Nov. 1 Holders of rec. Oct. 4
Class B (payable in class B stock)
- 1234 Nov. 1 Holders of rec. Oct. 4
Amer. Dist. Teleg. of N.J. corn.(qu.) •81
Oct. 1 *Holders of rec. Sept.15
Preferred (guar.)
'13.4 Oct. 1 *Holders of rec. Sept. 15
Amer.& Foreign Power 87 pt.(qu.)
$1.75 Oct. 1 Holders of rec. Sept. 13a
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 136
Seeond pref. A (acct. accurn. divs.)_- h$1 75 Oct. 1 Holders of rec. Sept. 130
Amer. Gas & Elec. common (guar.).
- 250 Oct. 1 Holders of rec. Sept.15
Preferred (guar.)
$1.50 Nov. 1 Holders of rec. Oct. 8
Amer. Power & Light. $13 pref. (guar.)- - $1.50 Oct. 1 Holders of rec. Sept.136
$5 preferred (guar.)
8714e. Oct. I Holders of ree. Sept. 136
Amer.Public Service pref.(guar.)
13.4 Oct. 1 Holders of rec. Sept.15
Amer. Public Utilities, pr. pref.(guar.)
134 Oct. 1 Holders of roe. Sept.15
Participating preferred (guar.)
1% Oct. 1 Holders of rec. Sept.15
Amer. States Pub. gory., com. A (qu.)-- +1400. Oct. 1 *Holders of rec. Sept. 20
Amer. Superpower, let pref.(guar.)-- $1.50 Oct. 1 Holders of rec. Sept.15
$6 preference (guar.)
$1.50 Oct. I Holders of rec. Sept. 15
Amer. Telep. & Teleg.(quer.)
2% Oct. 15 Holders of rec. Sept. 20a
Amer. Water Work. & Eno.. pref.(qu.) $1.50 Oct. 1 Holders of rec. Sept. ha
Appalachian Elec.Power.$7 pref.(qu.)_ •$1.75 Oct. 1 *Holders of rec. Sept. 8
$6 preferred (guar.)
+11.60 Oct. 1 *Holders of rec. Sept. 8
Arizona Power,8% pref. (guar.)
"2
Oct. 1 *Holders of rec. Sept. 24
7% preferred (guar.)
•13.4 Oct. 1 *Holders of rec. Sept. 24
Associated Gas az EL.orig. pref.(qual.). •87340 Oct. 1 *Holders of rect. Sept. 29
$7 preferred (Quer.)
$1.75 Oct. 1 *Holders of rec. Sept. 29
•
Associated Telep a & Teleg., cl. A (guar ) 31
Oct. 1 Holders of rec. Sept. 16
Class A (extra)
.$1
Nov. 1 *Holders of rec. Oct. 17
Class 13 (guar.)
$1
Oct. 1 Holders of rec. Sept. 16
7% first preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 18
$6 first preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 16
Associated Teiep. Utilities corn. (guar.). /2
Oct. 15 Holders of rec. Sept. 30
$6 convertible preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept.15
Bangor Hydro-El. Co.8% pref.(qu.)
'13.4 Oct. 1 *Holders of rec. Sept. 10
7% preferred (quer.)
*1% Oct. 1 *Holders of rec. Sept. 10
Bell Telephone of Canada (guar.)
2
Oct. 15 Holders of rec. Sept.23
Bell Telep of Pa BPI% pref.(qu.)
1)4 Oct. 15 Holders of rec.
Binghamton Lt. lit. & Pow., $13 pf.(qu.) "$1.50 Oct. 1 *Holders of rec. Sept.206
Sept. 29
$5 Preferred (guar.)
+21.25 Oct. 1 *Holders of rec. Sept. 29
Birmingham Elec. Co.,$7 pref.(guar.)
$1.75 Oct. 1 Holders of rec. Sept. 12
$8 preferred (qual.)
$1.613 Oct. 1 Holders of rec. Sept. 12
Boston Elevated Es ., corn.(guar.)
I% Oct. 1 Holders of rec. Sept. 10
,
Second preferred (guar.)
334 Oct. 1 Holders of rec. Sept. 10
Brazilian Tr L & Pow., pref.(quar.)...- 1% Oct. 1 Holders of reo.
Sept.15
British Columbia Pow.. CIA (guar.).
- 500. Oct. 15 Holders of roe.
Brooklyn-Manhattan Transit. pf. A (au.) $1.60 Oct. 16 Holders of rea. Sept.80
Oct. la
Preferred, series A (qUar.)
$1.50 Jy 15'31 Holders of rec. Dec. 31a
Preferred, series A (guar.)
$1.50 Ap15'31 Hold.of reo. Apr. 1
1931a
Brooklyn Union Gas Co.(guar.)
$1.25 Oct. 1 Holders of rec. Sept.
26
Buff. Niagara & East Pow., corn.(qu.)
a40c. Sept.30 *Holders of rec. Aug. 31)
Class A (guar.)
•40e. Sept.30 *Holders of rec. Aug.
30
Preferred (guar.)
*40c. Oct. 1 *Holders of rec. Sept.15
$5 first preferred (guar.)
'21.25 Nov. I *Holders of rec. Oct. 15
Cable & Wireless, Ltd.
•6234 Oct. 6 *Holders of rec. Aug. 29
Amer.dep. rcts. 54% pref
Calgary Power, Ltd., corn.(guar.)
134 Oct. 1 Holders of rec. Sept.15
Calif. Elec. Generating, pref. (guar.)... *134 Oct. 1 *Holders of rec. Sept.
5
California-Oregon Pow.7% Pref.(O11.)
13.4 Oct. 15 Holders of rec. Sept. 30
6% preferred (guar.)
14 Oct. 15 Holders of rec. Sept. 30
Canada Northern Power common (qua.
15o. Oct. 25 Holders of reo. Sept. 30
Preferred (guar.)
lfi Oct. 16 Holders of rec. Sept.80
Canadian Western Natural
Gas, Light. Heat & Pow., pref. tuner •250. Doe. 1 *Holders of rec.
Nov. 15
Preferred (extra)
*25c. Mr.21 "Hold,of reo. Feb. 1431
Preferred (extra)
.25c. Junl'3 *Hold. of reo. May 15'31
Capital Traction, Wash., D. C.(qu.)
1
Oct. 1 Holders of rec. Sept. I
Carolina Power & Light,$7 Pref.(qu.).. $1.75 Oct. 1 Holders of
rec. Sept. 1
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec.
Central 111. Pub. Service, pref. (guar.)._ '13.4 Oct. 1 *Holders of rec. Sept. 1
Sept.3
Central Maine Power. 7% pref.(guar.). •
134 Oct. 1 'Holders of rec.
6% preferred (guar.)
*1% Oct. 1 *Holders of rec. Sept. I
Sept.
$6 preferred (guar.)
"$1.50 Oct. 1 'Holders of rec. Sept. 1
1
Central Public Sexy. Corp..;? pref.(qu.) $1.75 Oct. 1 Holders of
rec. Sept.
$6 preferred (guar.)
$1.50 Oct. 1 Holders of roe. Sept.1
I
$4 preferred (guar.)
$1 Oct. 1 Holders of rec.
Central States Elec. Corp., corn.(qtr.)._
100. Oct. 1 Holden of rec. Sept.1
Sept.
Common (payable In corn.stook)
f23.4 Oct. 1 Holders of reo. Sept.
7% pref. (Issue of 1912)(guar.)
1)4 Oct. 1 Holders of roe.
Sept.
8% preferred (guar.)
134 Oct. 1 Holders of rec. Sept.
Cony. pref.(series of 1928, (guar.)
(m) Oct. 1 Holders of rec. Sept.
Cony. pref.(series of 1929)(guar.) - (m) Oct. 1 Holders
Central States Pow.& Lt.,$7 pf.(gu.)._ $1.75 Oct. 1 Holders of rec. Sept.
of
Central States Utilities Corp.,$7 pf.(qu.) $1.75 Oct. 1 Holders of roe. Sept. 1
Chic. No.Shore & Milw. RR.,pr. In(QUO *13( Oct. 1 *Holders of rec. Sept. 1
rec.
Chicago Rap.Tran., pr. pf. A (mthly.)._ *850. Oct. 1 *Holders of tee. Sept.)
Sept. 1
Prior preferred B (monthly)
111300. Oct. 1 *Holders
Cincinnati Gas & Elec., pref. A (quar.)__ *134 Oct. 1 *Holders of rec. Sept. 1
Cincinnati & Suburban Bell Tel.(quar.)_ $1.13 Oct. 1 Holders of rec. Sept. 1
of
Citizens Water of Wash..Pa., pref.(qu.) 134 Oct. 1 Holders of rec. Sept.2
rec. Sept. 2
Cleveland Railway (qual.)
134 Oct. 1 Holders of rec.
Sept.2
Commonwealth Sr South.Corp.
26 preferred (guar.)
$1.50 Oct. 1 Holders of rec.
Consumers Power Co.. $5 Pref.
*51.25 Oct. 1 *Holders of ree. Sept. So
8% preferred (quer.)
•134 Oct. 1 *Holders of rec. Sept. 15
Sept. 15
ex% preferred (guar.)
*1.85 Oct. I *Holders of
rec. Sept.15
preferred (guar.)
7%
4
.134 Oct. 1 *Holders of
a% preferred (monthly)
•500. Oct. 1 *Holders of reo. Sept.15
reo.
8.8% preferred (monthly)
•550. Oct. 1 *Holders of rec. Sept. 15
$5 preferred (guar.)
$1.25 Jan2'31 Holders of roe. Sept. 15
Dec.
6% preferred (guar.)
134 Jana'31 Holders of rec. Doe. 15
15
8.8% preferred (guar.)
$1.65 Jana'31 Holders of rec.
7% preferred (qual.)
134 Jan2'31 Holders of rec. Doe. 15
8% preferred (monthly)
50c. Nov. I Holders of rec. Dec. 15
8% preferred (monthly)
50o. Dee. I Holders of rec. Oct. 15
8% preferred (monthly)
500. Jana'31 Holders of rec. Nov. 15
6,8% preferred (monthly)
550. Nov. 1 Holders of rec. Dee. 15
8.8% preferred (monthly)
550. Doe. 1 Holders of rec. Ott. 15
6.8% preferred (monthly)
55c. Jana 31 Holders of rec. Nov.15
Dec. 15
Name of Company.
1849
Per
When
Cent. Payable.
Books Closes
Days Inclustoe4
Public Utilities (Continued).
Commonwealth Utilities, corn. A.(qu.). .374c Sept.30 'Holders of rec. Sept.20
Common 13 (qual.)
"374c Sept. 30 "Holders of rec. Sept. 20
Preferred A (guar.)
'31.75 Oct. 1 *Holders of rec. Sept. 20
Preferred B (guar.)
$1.50 Oct. 1 *Holders of MO.Sept. 20
•
Community Telep.. partic. pref.(qual.). •50c. Oct. I *Holders of rec. Sept. 20
Connecticut Electric Slay.. corn. (guar.) *75c. Oct. 1 *Holders of rm. Sept. 15
Coosal. Gas. El. L.& P..Balt.,com.(qu.) •900. Oct. I *Holders of reo. Sept. 15
5% preferred series A (guar.)
'134 Oct. 1 "Holders of roe. Sept.15
6% preferred series D (guar.)
.
134 Oct. 1 'Holders of rec. Sept.15
54% preferred series E (guar.)
•13.i Oct. 1 'Holders of rec. Sept.15
Consolidated Gas of N. Y., pref.(guar.) $1.25 Nov. 1 Holders of rec. Sept.306
Continental Gas & Elec., corn.(guar.)_ _ $1.10 Oct. 1 Holders of rec. Sept. 12a
Prior preferred (guar.)
13.4 Oct. I Holders of rec. Sept. 12a
Continental Telephone,834% pf.(qu.).. 4
.1% Oct. 1 *Holders of rec. Sept.15
'134 Oct. 1 *Holders of roe. Sept.15
7% preferred (guar.)
Cuban Telephone, oota. (guar.)
Sept.30 Holders of rec. Sept.154
2
Preferred (guar.)
114 Sept.30 Holders of rec. Sept.15a
374c Oct. 1 Holders of rec. Sept. 150
Denver Tramway, pref. (guar.)
Oct. 15 Holders of rec. Sept. 200
Detroit Edison (guar.)
Diamond State Telep.. Pref. (quar.)- - •1% Oct. 1 *Holders of rec. Sept. 20
Duke Power common (guar.)
Holders of rec. Sept.15
134 Oct.
Holders of reo. Sept.15
Preferred (guar.)
13.4 Oct.
Duquesne Light, lot pref. (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 22a
Eastern Cas & Fuel Associates
Holders of rec. Sept. 15
44% prior preference (guar.)
134 Oct.
Holders of rec. seo,. 15
14 Oct.
6% Preferred (guar.)
Eastern Texas Elec. Co., pref.(qual.).. '13.4 Oct.
'Holders of rec. Sept. 2
Electric Bond & Share. corn.(qual.).... f1% Oct. 1 Holders of rec. Sept. 5
Holders of rec. Oct. 8
$6 preferred (guar.)
$1.50 Nov.
Holders of rec. Oct. 8
$5 preferred (guar.)
$1.25 Nov.
Electric Power .5, Light, corn. (qual.)..
Holders of rec. Oct. 116
250. Nov.
Holders of rec. Sept. 13a
Allotment MI, full pd.(qu.)
134 Oct.
Allotment ctfs. 70% paid (guar.) --$ 1.22% Oct.
Holders of rec. Sept. 136
$13 preferred (guar.)
Holders of rec. Sept. 130
$1.50 Oct.
$7 preferred (guar.)
Holders of rec. Sept. 13a
11.75 Oct.
Empire Gas & Fuel,8% pref.(mIhly.)-- *50c. Oct.
*Holders of rec. Sept. 15
• 54 1-11e Oct.
8 % preferred (monthly)
'Holders of rec. Sept. 15
• 58 1-3c Oct.
7% preferred (monthly)
*Holders of rec. Sept. 15
•86 2-3c Oct.
8% preferred (monthly)
"Holders of rec. Sept. 15
Emplre Power Corp.$6 Pref•(qual.)
$1.50 Oct.
Holders of roe. Sept. 16
Participating stock (guar.)
560. Oct.
Holders of reo. Sept. 16
110e. Oct.
Engineers Public Service, corn. (guar.).
Holders of rec. Sept. 170
$5.50 preferred (guar.)
51.375 Oct.
Holders of rec. Sept. 17a
Holders of rec. Sept. 17a
$5 preferred (guar.)
$1.25 Oct.
Feather River Power, pref. A (qual.)... "154 Oct.
*Holders of rec. Sept. 5
Federal Light & Tract., eon/.(qual.)... 87340. Oct.
Holders of rec. Sept.136
Common (payable In common stook). fl Oct.
Holders of rec. Sept.1 4
3
Federal Water Service, $13 pref.(qual.).. 21.50 Oct.
Holders of rec. Sept. 15
$6.50 preferred (guar.)
$1.825 Oct.
Holders of rec. Sept. 15
$1.75 Oct.
Holders of rec. Sept. 15
37 preferred (guar.)
Florida Power & Lt. $7 pref.(quer.)
Holders of rec. Sept. 20
$1.75 Oct.
Frankford & Southwark Pass. fly.(qu.) *24.50 Oct.
'Holders of rec. Aug. 30
Gas& Elec. Securities,corn.(monthly).. 1150e. Oct.
*Holders of rec. Sept. 15
• 58 I-3c Oct.
'Holders of rec. Sept.15
Preferred (monthly)
*50c. Oct.
Gas Securities Co.,corn.(monthly)
*Holders of rec. Sept. 15
Common (payable In corn, stock)---- •
fl% Oct.
*Holders of rec. Sept 15
,
•50c. Oct.
Preferred (guar.)
*Holders of rec. Sept. 16
General Gas& Elec. coin. A &B U'
2734o.
Holders of reo. Aug. 291
.
( .)
1
$8 preferred (ouan)
Oct.
amen; of rec. Aug. 290
52
$7 preferred (guar.)
$1.76 Oct.
Holders of re°. Aug. 296
General Public Util.,$7 pf.(qu.)
Holders of rec. Sept. 150
$1.75 Oct.
50c. Oct.
Gen'l Water Wks.& Else., cam.A Wu./Holders of rec. Sept. 15
Holders of rec. Sept. 15
$1.75 Oct.
$7 Preferred (guar.)
81.625 Oct.
Holders of rec. Sept. 15
$6.50 preferred (quar.)
$1.50 Oct.
Georgia Power Co.,$6 pref.(guar.)
Holders of rec. Sept.15
$1.25 Oct.
$5 preferred (qual.)
Holders of rec. Sept.15
1.3134 Oct.
Germantown Pass. fly. (Phila.)(qu.)
'Holders of rec. Sept. 17
134 Oct.
Gold & Stock Telegraph (qual.)
Holders of rec. Sept. 300
Great Western Power, 7% pref. (qual.). •13( Oct.
'Holders of rec. Sept. 5
'134 Oct.
*Holders of rec. Sept. 5
6% preferred (guar.)
Greenwich Wat.& Gas. Sys.,8% pf.(qu) 134 Oct.
Holders of rec. Sept. 20
4340 Sept.30 Holders of roe. Sept. 18.2
Hackensack Water, pref. A (qaar.)
*15c. Sept.2 *Holders of rec. Sept.15
Hawaiian Electric (monthly)
14 Oct.
Illinois Power Co.,8% pref.(Quar.)
Holders of rec. Sept.15
134 Oct.
Holders of no. Sept. 15
7% preferred (qual.)
134 Oct.
Illinois Power & Light pref. (guar.)
Holders of rec. Sept. 10
Indiana General Service Pref.(War. - "$1.50 Oct.
*Holders of rec. Sept. 8
)
01% Oct.
Indiana & Mich. Elec. 7% pref. (qual.)- .
*Holders of rec. Sept. 8
•14 Oct.
1
6% preferred (guar.)
*Holders of rec. Sept. 8
Indianapolis Power & Light pref.(qu.).. 1% Oct.
Holders of rec. Sept. 5
Indianapolis Water Co., pref. A (Quit.). 134 Oct.
Holders of rec. Sept. 12a
Inland Power & Light, pref. (guar.). - 134 Oct.
Holders of rec. Sept. 15
Inland Utilities panic. pref. A (guar.).- '42%c Oct.
*Holders of rec. Sept. 15
International Power 7% prof.(quar. -- 1% Oct.
Holders of rec. Sept.15
)
International Superpower corp.(guar.)250. Oct.
Holders of rec. Sept. 15
(guar.)
Internat. Telep. & Teleg.
50c. Oct. 1 Holders of rec. Sept. 196
International Utilities Corp. class A (qu.) 8734c Oct. 1 Holders of rec. Sept. 250
$7 preferred (guar.)
Holders of rec. Oct. 17a
$1.75 Nov.
Interstate Power Co. $7 pref.(qual.)... $1.75 Oct.
Holders of rec. Sept. 10
Holders of rec. Sept. 10
$1.50 Oct.
$6 preferred (guar.)
•15.4 Sept.30 'Holders of rec. Sept.15
Iowa Electric Co. pref. A (guar.)
Preferred B (guar.)
*14 Sept.3 *Holders of rec. Sept.15
Iowa Power & Light,8% pref.(qual.).. •134 Sept.3 'Holders of rec. Sept.15
Iowa Ry. & Light, 7% pref. A (guar.).- •134 Oct.
*Holders of rec. Sept.15
8 % pref. B (guar.)
*Holders of rec. Sept.15
'13.4 Oct.
6% pref. C (guar.)
*Holders of rec. Sept.15
'134 Oct.
Jamestown Telephone, corn.(qual.)... *$2.50 Nov.
*Holders of rec. Oct. 15
Preferred (guar.)
•134 Oct.
'Holders of rec. Sept. 30
Jersey Cent.Power & Light,7% pf.(qu.) 13.4 Oct.
Holders of rec. Sept. 15
6% preferred (guar.)
14 Oct.
Holders of rec. Sept. 15
Kansas City Power & Light, pfd. B (411.) 21.50 Oct.
Holders of rec. Sept. 156
Kentucky Securities Co.,corn.(guar.).
Holders of rec. Sept.200
11.25 Oct.
Preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 206
Keystone Public Service. pref. (guar.)._
70c, Oct.
Holders of rec. Sept. 15
Lone Star a&B,00M.(hi COM.BBL)
Hold.of roe. Feb.21931
(S)
Quarterly
•25e. Sept.30 *Holders of rec. Sept.15
Long Island Lighting 7% pref. A (qual.). 134 Oct. 1 Holders of ree. Sept. 16
13% prof. series 13 (guar.)
134 Oct. 1 Holders of roe. Sept. 113
Louisville Gas & Flee., corn. A & B (qu) 434e Sept.25 Holders of rec. Aug. 300
Mackay Companies. common (qual.)
154 Oct. 1 Holders of ree. Sept. 120
Preferred (qual.)
1
Oct. 1 Holders of rec. Sept. 126
Manhattan fly., guar. (qual.)
134 Oct. 1 Holders of rec. Sept. 196
Metropolitan Edison, aim.(guar.)
*El Oct. 1 'Holders of rec. Aug. 29
$5 Preferred (guar.)
.$1.25 Oct. 1 "Holders of rec. Aug. 29
$6 Preferred (qual.)
*$1.50 Oct. 1 'Holders of rec. Aug. 29
$7 preferred (guar.)
+41.75 Sept.30 'Holders of rec. Aug. 29
Michigan Mee.Power Co.,7% pref.(qu) 134 Oct. 1 Holders of rec. Sept. 15
6% preferred (guar.)
14 Oct. 1 Holders of rec. Sept. 15
Middle Western Telep.. corn. te
48340 Dec. 1 *Holders of rec. Dec. 8
Midland United Co.. corn.(guar.)
fl4 Sept.24 Holders of rec. Aug. 30
Convertible pref.. series A (guar.).
P75c. Sept.24 Holders of rec. Aug. 30
Midland Utilities Co., 7% pr. lien (qu.) 134 Oct. 6 Holders of rec. Sept. 22
a% prior lien (guar.)
14 Oct. 6 Holders of rec. Sept. 22
7% preferred A (guar.)
154 Oct. 6 Holders of rec. Sept. 22
8% preferred A (qual.)
14 Oct. 6 Holders of rec. Sept. 22
Milwaukee Elec. fly.& Light, pref.(qu.) 1% Oct. 31 Holders of rec.
Minnesota Power & Light, 7% pf.(qu.). 13.4 Oct. 1 Holders of rec. Oct. 290
Sept. 15
26 preferred (guar.)
$1.50 Oct. 1 Holedrs of rec. Sept. 15
Mississippi River Power. pref.(quar.)•134 Oct. 1 *Holders of rec. Sept.15
Miss. Valley Public Service, pref.(q11.)
•134 Oct. 1 *Holders of rec. Sept. 22
Mohawk & Hudson Pow.. $7 pref.(qu.). $1.75 Nov. 1 Holders of
rec. Oct. 15
$7 second preferred (guar.)
$1.75 Oct. 1 Holders
Monongahela Val. Water. pref.(qual.).. "I% Oct. 15 *Holders of rec. Sept.15
of rec. Oct. I
Monongahela West Penn Public Service
7% preferred (guar.)
433(0. Oct. 1 Holders of too.
Montana Power, corn. (quer.)
*25c. Oct. I 'Holders of rec. Sept. 15
Sept. 15
Mountain States Power, pref. (guar.)_
13.4 Oct. 20 Holders of rec. Sept. 30
Municipal Service Co., corn. (guar.)_...
38c, Oct. 1 Holders of rec. Sept.
16
Municipal Teleph. 1%11., cl. A (extra)... •250. Nov. 15 *Holders
of rec. Oct. 15
Mutual Tel.(Hawaii)(monthly)
'Sc. Sept. 30 *Holders of rec. Sept.18
1850
Name of Company.
When
Per
Cent. Payable.
Books Closed,
Days Inclusive.
Public Utilities (Continued).
Oct. I Holders of rec. Sept. 16
Nassau dr Suffolk Lighting, pref. (quar.)
Sept.30 Holders of rec. Sept. 20
National Electric Power, class B (quar.)
Oct. 1 Holders of rec. Sept. 15
7% Preferred (quar.)
Oct. 1 Holders of rec. Sept. 15
6% preferred (guar.)
Oct. I *Holders of rec. Sept. 20
5
National Gas & Elea., pref.(quar.)-.
Oct. I Holders of rec. Sept. 17
National Public Service. pref. A (Qual.)
Deo, 10 "Holders of roe. Nov 30
Newark Telephone (attar.)
Oct. 1 "Holders of rec. Sept. 15
Newport Electric Corp.. Pref. (quar.)- Newcastle-upon-Tyne Elec. Supply
Amer. dep. ?TOL ord. reg. (Interim)-- 1415 Oct. 7 Holders of rec. Sept. 15
New England Gas dc Elm. pref.(qu.)--- $1.375 Oa. I Holders of tee. Aug. 29
500. Oct. 15 Holders of roe. Sept. 300
New England Power Assn.corn.(qu.)
50c Oct. 1 Sept. 11 to Sept.30
New $2 preferred (quar.)(No. 1)
134 Oct. 1 Sept. 11 to Sept. 30
8% preferred (guar.)
New England Power Co., pref.(guar.)
- *1St Oct. 1 *Holders of rec. Sept. 12
250. Sept.30 Holders of rec. Sept. 15
New England Pub. Serv., corn. ((iu.)
Common (payable In common stk.) _ 1134 Sept.30 Holders of rec. Sept. 15
Sept.30 Holders of rec. Sept. 10
New England Telep.& Teleg.(quar.)_. 2
31.50 Oct. 1 Holders of rec. Aug. 29
•
N. J. Power & Light $6 Pref.(quar.)
•$1.25 Oct. 1 Holders of rec. Aug. 29
$5 preferred (guar.)
New Jersey Water Co.. 7% prof.(qu.).. IX Oct. 1 Holders of rec. Sept. 20
New York Central Elec. Corp.. pf.(an.)- "154 Oct. 1 Holders of rec. Sept.30
N. Y. Power & Light 7% pref. (quar.)._ '131 Oct. 1 Holders of rec. Sept. 16
*51.50 Oct. 1 Holders of rec. Sept. le
$6 preferred (guar.)
New York Steam Co., $6 pref.(guar.).- 31.50 Oct. 1 Holders of roe. Sept. lea
$1.7; Oct. 1 Holders of rec. Sept. 150
$7 preferred (quar.)
154 Oct. 15 Holders of rec. Sept. 20
New York Telephone pref.(qual.)
100. Sept. 30 Holders of rec. Sept. 80
cons.(qua?.)_
Niagara & Hudson Pow.,
0214 Oct. 1 Holders of rec. Sept. 541
North American Co ,corn. (quar.)
750. Oct. 1 Holders of rec. Sept. 5a
Preferred (quar.)
North American Edison Co., pref.(qu.) _ $1.50 Dec. 1 Holders of rec. Nov. 154
No. American U.& Pow.,$11 pref.(t1n.) 11.50 Oct. 1 Holders of roe Sept. 20
North Continent Utilities, pref.(guar.)- '134 Oct. 1 Holders of rec. Sept. 15
• n Oct. 1 Holders of rec. Sept. 10
North Shore Gas. pref. (quar.)
North West Utilities Co., pr. lien, pf.(qu) 114 Oct. 1 Holders of rec. Sept. 15
500. Oct. 25 Holders of roe. Sept.30
oom.(qual.)..
Northern Ontario Power.
154 Oct. 25 Holders of roe. Sept.30
Preferred (guar.)
Nov. 1 Holders of rec. Sept.3
Northern States Pow.(Del.),com.A (qu) 2
*20c. Nov. 1 'Holders of rec. Sept. 3
Common B (guar.)
111 Oct. 20 Holders of rec. Sept.3
7% Preferred (qua?.)
13-4 Oct. 20 Holders of rec. Sept.3
6% preferred (guar.)
Holders of rec. Sept.)
14 Oct.
Northport Water Wks., pref. (qu.)
*Holders of rec. Sept.2
'31 Oct.
Nova Scotia Light & Power (quar.)
Holders of rec. Sept. 1
131 Oct.
Ohio Bell Telephone. pref.(qual.)
Holders of rec. Sept.
$1.25 Oct.
Ohio Edison Co.$5 pref.(guar.)
Holders of rec. Sept.
51.50 Oct.
$8 Preferred (guar.)
Holders of rec. Sept,
$1.65 Oct.
$6.60 preferred (quar.)
Holders of rec. Sept.
$1.75 Oct.
$7 Preferred (guar.)
Holders of rec. Sept.
$1.80 Oct.
$7.20 preferred (quar.)
Holders of rec. Sept. 1
Ohio Electric Power,7% pref.(guar.)--- 154 Oct.
Holders of rec. Sept. 1
115 Oct.
Preferred (quar.)
6%
*Holders of rec. Sept. 1
Ohio Public Service, 7% pref. (monthly) *58 1-3 Oct.
*Holders of rec. Sept. 1
*50c. Oct.
8% preferred (monthly)
*Holders of rec. Sept. 15
041 2-3 Oct.
5% preferred (monthly)
Sept.69 'Holders of roe. Sept 23
- .154
Ohio Telephone Service, pref.(guar.).
•154 Dee. 3 *Holders of roe. Dec 24
Preferred (guar.)
"Holders of tee. Sept. 25
Orange & Rockland Elec., pref.(quar). *154Oct.
1 A Sept. 30 Holders of rec. Sept. 15
Ottawa L.. II. & Power, corn.(guar.) - 114 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
*IA Oct. 1 *Holders of rec. Sept. 15
Otter Tail Power Co.,6% pref.(quer.)
*115 Oct. 1 *Holders of rec. Sept. 15
5 I.% preferred (quar.)
•115 Oct. 15 *Holders of rec. Sept. 30
Pacific Lighting, pref. (qua?.)
Pacific Northwest Pub.Sere. Pr.PL(q.) "$1.75 Oct. 1 *Holders of rec. Sept. 15
*31.50 Oct. 1 *Holders of rec. Sept. 15
6% first preferred (quar-)
Pacific Telep. Teleg., corn.(guar.)--- 154 Sept.30 Holders of rec. Sept.204
114 Oct. 15 Holders of rec. Sept.300
Preferred (quar.)
lea
Peninsular Telephone. corn.(guar.).-• *350. Oct. I *Holders of roe. Sept.
.350. Jan 111 "Hold, of roe. Dee. 15'30
1
Common (guar ).
15a
Penn Central Lt.& Pow.,$5 pf.(quar.). $1.25 Oct. 1 Holders of rec. Sept.
700. Oct. 1 Holders of rec. Sept. 15
$2.80 preferred (lust.)
Pennsylvania Gas& El.Corp..$7 pf.(qu.) *$1.75 Oct. 1 *Holders of roe. Sept. 20
•144 Oct. 1 *Holders of rec. Sept. 20
Preferred (guar.)
%
7
Pennsylvania Pow.az Lt.Co.,$7 pf.(qu.) $1.73 Oct. 1 Holders of rec. Sept. 15
$1.e0 Oct. 1 Holders o free. Sept. 15
$6 preferred (quar.)
$1.25 Oct. 1 Holders of rec. Sept. 15
$5 preferred (qua?.)
75c. Oct. 1 Holders of rec. Sept. 19
Pennsylvania Water & Power (guar.).
Oct. 17 Holders of rec. Oct. 3a
2
Peoples Gas Lt. & Coke (quar.)
Glob t & Power, torn. A (guar.)-- qe0c. Oct. 1 Holders of rec. Sept. 8
Peoples
154 Oct. 1 Holders of rec. Sept. 20
Peoria Water Works, pref.(quar.)
20e. Oct. 31 Holders of rec. Oct. 1
Philadelphia Co., new corn.(qu.)(No. 1)
15c. Oct. 31 Holders of rec. Oct. 1
New common (extra)
51.50 Nov. 1 Holders of rec. Oct. la
6% rreferred
50o. Oct. 1 Holders of roe. Sept. 10a
Philadelphia Elec. Power. pref.(quar.)._
Oct. 1 Holders of rec. Sept. 100
$2
Philadelphia Traction CO
•114 Oct. 1 *Holders of rec. Sept. 15
Ponce Electric Co. pref. (qual.)
11.4 Oct. 1 Holders of rec. Sept. 15
(qual.)
Porto Rico Railways, pref.
Oct. 1 Galled for red. Oct. 1
$4
Porto Rico Telephone. prof
Sept. 12a
Postal Telegraph & Cable pref. (quar.)_. 134 Oct. 1 Holders of reo. Sept. 30
Power Corp. of Camo.:a. 1st prof.(quan) 154 Oct. 15 Holders of reo.
750. Oct. 15 Holders of roe. Sept.30
Second preferred Iduar.)
30c. Oct. 1 Holders of rec. Aug. 15
Providence Gas Co..(quar.)
15
Public Service Co.. Colorado,7% Pf.(0) "154 Oct. 1 *Holders or roe. Sept. 15
*50e. Oct. 1 *Holders of reo. Sept.
6% preferred (guar.)
420. Oct. 1 *Holders of tee. Sept. 15
•
5% preferred (Qum-)
850, Sept.30 Holders of rec. Sept: 2a
Public Barr. Corp.of N.J.. corn.(qua-Sept.30 Holders of roe. Sept. 2a
2
% Preferred (quar.)
154 Sept. 30 Holden of rec. Sept. 2a
7% Preferred (guar.)
$1.25 Sept.30 Holders of rem. Sept. 2a
15 Preferred (guar.)
500. Sept.30 Holders of rec. Sept. 2a
fl% preferred (month' )
2 Oct. 1 Sept. 21 to Oct. 1
Public Serv. Co.of Oklaooma, corn .(qu.)
154 Oct. 1 Sept. 21 to Oct. 1
7% prior lien (quar.)
114 Oct. 1 Sept. 21 to Oct. 1
6% Prior lien (quar.)
20
Pub. Serv. Elec. & Gas 7% prof. (guar.) 154 Sept. 30 Holders of rec. Sept. 2a
'Ili Sept.30 Holders of roe. Sept.
6% Preferred (qua?.)
'Holders of rec Sept. 19
Puget Sound Power dr Light.$5 pf.(qu.) •61.25 Oct. 15
"31.50 Oct. 15 *Holders of roe. Sept. 19
$68 preferred (guar.)
30
Rochester Central Power pref. (qual.).. '154 Oct. 1 'Holders of rec. Aug.
*$1.25 Oct. 1 "Holders of rec. Sept 13
Rochester Telep. Corp., corn.(guar.).
13
'134 Oct. 1 Holders of tee. Sept. 15
654% preferred (guar.)
Sept.
Rockville-Williamantic Ltg.,7% pf.(qu.) •111 Oct. 1 'Holders of rec. Sept. 15
•
6% Preferred (quar.)
154 Oct. 1 Holders of rec.
*3715c Oct. 1 *Holders of rec. SePt. 15
Saranac River Power,corn.(quar.)
15
'154 Oct. 1 "Holders of rec. Sept. 10
Preferred (quar.)
Oct. 1 Holders of rec. Sept.
2
Savannah Elec. Sr Pow.deb. A (quar.). *
"1% Oct. 1 Holders of rec. Sept. 10
Debenture stock series B (quar.)
.114 Oct. 1 Holders of rec. Sept. 10
Debenture stock series C (quar.)
•3
1 Holders of rec. Sept. 10
Oct
6% preferred
*$1.50 Oct. 1 *Holders of rec. Sept. 10
Scranton Elec. Co.. pref.(guar.)
33
Oct. 1 *Holders of rec. Sept.
Second & 3d Sts. Pass. Ry.. Phila.(qu.)-.
500. Oct. 15 Holders of roe. Sept.20
Southern Calif. Edison. orig. pref. (qu../
Sept. 20
534% preferred, series C (quar.)- 34540. Oct. 15 Holders of rec.
20
Southern Canada Power. prof.(qua?.).. 154 Oct. 15 Holders of rec. Sept. 20
114 Oct. 1 Holders of rec. Sept.
Southwestern Bell Telma. pref. (guar.).Southwestern Light & Pow., pref.(wt.). *$1.50 Oct. 1 'Holders of roe. Sept. 15
Oct. 1 'Holders of rec. Sept. 15
Southwest Gas & Elec.,8% pref.(quar.' *2
•154 Oct. 1 *Holders of reo. Sept. 15
%
7 Preferred (qua?.)
Springfield(Mo.) Gas & Elec.. pref.(qu.) $1.75 Oct. 1 Holders of roe. Sept. 15
871.5c Oct. 25 Holders of rec. Sept. 30
Standard Gas a, Elec., corn. (quar.)-$1.50 Oct. 25 Holders of rec. Sept. 30
56 prior preferred (quar.)
31.75 Oct. 25 Holders of rec. Sept. 30
$7 prier preferred (quar.)
Standard Pow.& Lt.,com.& com.B(qu.)
50c. Dec. 1 Holders of rec. Nov. 12
Preferred (User.)
$1.75 Nov. 1 Holders of rec. Oct. 16
Tacony-Palmyra Bridge
0
Common and claw A (No. I)
The. Sept.30 Holders of rec. Sept.15
*500. Oct. 1 'Holders of Teo Sept. 10
Tampa Electric Co.(car.)
Tennessee Elec. Power 5% 1st Of.(au.). 1% Oct. 1 Holders of rec. Sept. 15
6% first preferred (qual.)
114 Oct. 1 Holders of rec. Sept. 15
7% Met preferred (quar.)
154 Oct. 1 Holders of rec. Sept. 15
1.80 Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (qual.)
500. Oct. 1 Holders of rec. Sept. 15
8% first Preferred (monthly)
80c. Oct. 1 Holders of roe. Sept. 15
first Preferred (monthly)
7.2%
For.. 13/.
• FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Public Utilities (Concluded).
Texas-Louisiana Pow.. 7% pf. (qua?.) _ 131 Oct. 1 Holders of rec. Sept. 15
'Fri-State Telep. et Teleg., corn.(guar.)- *$1.50 Oct. 1 *Holders of roe. Sept. 15
8% preferred (quar.)
•15c Dec. 1 *Holders of rec. Nov.15
Twin City Rapid Transit. Minneapolis,
134 Oct. 1 Holders of roe. Sept. 120
Preferred (guar.)
Holders of rec. Sept. 18
Twin States Natural Gas, cl A (qual.)_. re25e. Oct.
United Corporation, corn.(No. 1)
50o. Oct. 1 Holders of rec. Aug. 25.
750. Oct. 1 Holders of roe. Sept. lite
Preference (guar.)
0134 Oct. 1 *Holders ofrec. Sept. 15
United Gm A Elec. Corp.. prof.(au.).30a
United Gas Improvement corn.(quar.)..
30c. Sept 30 Holders of
$5 preferred (guar.)
$1.25 Sept. 30 Holders of rec. Aug. 30a
United Light & Power
25c. Nov. 1 Holders of rec. Oct. 15a
Common A & B new (quar.)
51.25 Nov. 1 Holders of rec. Oct. 150
Common A ar B old (quar.)
$8 first preferred (guar.)
31.50 Oct. 1 Holders of rec. Sept. 150
United Public Service. 57 of.(qual.).
$1.71 Oct. 1 Holders of rec. Sept.15
$8 preferred (quar.)
111.50 Oct. 1 Holders of rec. Sept. 15
United Public Utilities, $6 pf.(qua!,)
"11.50 Oct. 1 Holders of rec. Sept. 15
Utah Gas A Coke, first pref.(guar.)411.75 Oct. 1 *Holders of rec. Sept. 15
*$1.75 Oct. I *Holdeeh of rec. Sept. 15
Participating preferred (guar.)
Utah Power Sr Light. $7 pref.(quar.).... 81.75 Oct. 1 Holders of rec. Sept. 5
$6 preferred (guar-)
$1.50 Oct. I Holders of roe. Sept. 5
Utilities Power & Light, corn.(guar)- tab°. Oct. 1 Holders of roe. Sept. 5
Class A (guar.)
t450o. Oct. 1 Holders of rec. Sept. 545
Class B (quar.)
u25o. Oct. I Holders of roe. Sept. 5
t4154 Oct. 1 Holders of tee. Sept. 5
(quar.)
Preferred
Virginia Elec. ar Power,8% pref.(guar)
134 Sept. 20 Holders of rec. Aug. 300
Virginia Pub. Service, 7% pf.(guar.)
1% Oct. 1 Holders of rec. Sept. 15
6% preferred (qua?.)
4 Oct. 1 Holders of rec. Sept. 15
11
Wabash Telephone Securities pf.(guar.) *31.75 Oct. 1 *Holders of rec. Sept. 20
Western Mass. COL (guar.)
8854o Sept.80 Holders of roe. Sept.113
Western Power Corp.. prof.(guar.)
114 Oct. 16 Holders of rec. Sept.30
Western Pow., Lt. ar Telep.. pref. A (qu) 111.75 Oct. 1 *Holders of rec. Sept. 15
2
Oct. 15 Holders of rec. Sept. 25a
WesternaInlon Telegraph (quar,)
West Kootenay Power & Light. pf.(qu ) 134 Oct. 1 Holders of rec. Sept.22
went Penn Elec. Co., class A (qual.)
$1.75 Sept.30 Holders of roe. Sept. 170
West Penn Power Co..7% prof.(guar.)
144 Nov. 1 Holders of rec. Oct. 30
,
11 7 nreferred (quar.)
Nov. 1 Holders of rec. Oct. 30
1
West Texas Utilities, $6 pref. (quar.)411.50 Oct. 1 *Holders of rec. Sept. 15
Holders of roe. Sept. 20
Westmoreland Water Co.. $6 pref. (qu.) $1.50 Oct.
154 Oct. 1 Holders of rec. Sept. 8
Winnipeg Electric Co. pref. (guar.)
Wisconsin Public Serv., 7% pref. (qu.).
154 Sept.20 Holders of rec. Aug. 30
154 Sept.20 Holders of rec. Aug. 30
654% preferred (qual.)
114 Sept.20 Holders of rec. Aug. 30
6% preferred (qual.)
roe.Aug.
Books.
Bank of America Nat'l Assn.(qual.).. 61.125 Oct.
Bancamerlos-Blair Corp.(guar.)
Oct.
Chase National (quar.)
}$1
Chase Securities Corp.(qual.)
Oct.
Chatham Phenix Nat'll3ank ar Yr.(qu.)
First National (guar.)
5 Oct.
First Security Co.(quar.)
20 Oct.
Oct.
$1
Manhattan (The) Co.(quar.)
National City Bank (quar.)
Oct.
National City Company (quar.)
11
4
City Bank Farmers Trust (guar.)
Publle National Bank & Trust (qua!'.)..
Oct.
Trade (quar.)
114 Oct.
United States (Bank of) (aunt.)
*500. Oct.
1 Holders of zoo. Sept 20
I
Holders of roe. Sept. 10a
1
1
1
1
Holders of rec. Sept. 15
Holders of rec. Sept. 25a
Holders of rec. Sept. 250
Holders of rec. Sept. 15a
1 Holders of roe. Sept. 6
I 'Holders of rec. Sept. 20
4 Holders of rec. Sept. 240
1 *Holders of rec. Sept. 18
Trust Companies.
Banat Commerciale Italians Trust (q11.) 254 Oct. 1 Holders of rec. Sept. 15
75c. Oct. 1 Holders of rec. Sept. 12
Bankers (quar.)
Bank of Europe Trust Co (quar.)
75c. Oct. 1 Holders of rec. Sept. 20
Extra
25c. Oct. 1 Holders of rec. Sept. 20
Bank of New York & Trust Co.(quar.).- 41,4 Oct. 1 Holders of rec. Sept. 19a
Bronx County (oust.)
40c. Oct. 1 Holders of rec. Sept. 200
Chelsea Bank & Trust (quar.)
82",c. Oct. 1 Holders 01 rev. Sept. I20
Chemical Bank & Trust (guar.)
45c. Oct. I Holders of rec. Sept. 11
Guaranty (qua?.)
5
Sept.30 Holders of rec. Sept. 12
Irving (oliar-)
40c. et. 1 Holders of rec. Sept. 2
Sept.30 *Holders of roe. Sept. 25
Lawyers (quar.)
Oct. 1 "Holders of rec. Sept. 15
11
1
Manufacturers (qual.)
United States (quar.)
Oct. 1 Holders of rec. Sept. 19a
15
4
Westchester(Yonkers)(guar.)
Oct. 1 Sept. 28 to Sept. 30
Fire Insurance.
Brooklyn Fire (quar.)
City of New York Ins. Co.(quar.)
Stock dividend
Home Insurance Co.(qua?.)
Rossia (quar.)
United States Fire Ins. (quar.)
300
4
*e50
50c
55c
60c
Oct. 1 Holders of rec. Sept.20
Oct. 1 *Holders of rec. Sept. 15
Subject to stkhold. meeting Oct.15
Oct. 1 Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept. lea
Nov. 1 Holders of reo. Oct. 22
Misconaneou•
6214c Oct. I Holders of rec. Sept.18
Abbott Laboratories, corn. (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 20
Abercomble & Fitch Co.. pref.(quar.)
Abitibi Power dr Paper,6% pref.(qual) 134 Oct. 20 Holders of roe. Oct. 104
154 Oct. 1 Holders of roe. Sept.20
7% preferred (quar.)
40e. Sept.30 Holders of rec. Sept. 150
Adams Express common (quar.)
131 Sept. 30 Holders of rec. Sept. 15a
Preferred (qua!'.)
3714c Oct. 10 Holders of rec. Sept. 220
Addressograph Internat. (quar.)
•1% Sept.30 Holders of rec. Sept. 20
Aeolian Company. pref.(quar.)
1% Oct. 1 Holders of rec. Sept. 15
Aetna Rubber, Prof.(quar.)
114 Oct. 1 Holders of tee. SePt.15
Agnew Surpass Shoe Sts.. prof.
750. Oct. 15 Holders of rec. Sept. 30a
Air Reduction, com.(quar.)
$1.50 Oct. 15 Holders of rec. Sept. 300
Common (extra)
Airway Electric Appliance,com.(quar.)_ 3114c Oct. 1 Holders of rec. Sept.20a
114 Oct. 1 Holders of rec. Sent.20
Preferred (quar.)
Alaska Et 5., pref.(quar.)
41.50 Sept.30 Holders of rec. Sept. 10
•154 Dee. 1 Holders of roe. Nov 15
Allegheny Steel. pref. (QUM%)
20e. Oct. 1 Holders of rec. Sept. 15
Alliance Investment Corp., COM.(qua?,)
$3
Oct. 1 Holders of rec. Sept. 15
Preferred
Alliance Realty, prof (quar.)
134 Dee. 1 Holders of roe. Nov. 20
Allied Chemical ar Dye, pref. (guar.)._
134 Oct. I Holders of rec. Sept. 110
Allied Laboratories pref. (quar.)
*8714c Oct. 1 Holders of rec. Sept. 15
Allied Products Corp., class A (guar.).- '9736e Oct. 1 Holders of roe. Sept. 16
Aluminum Co. of Amer., Prof.(qual.)
'154 Oct. 1 Holders of rec. Sept. 15
Aluminum Goods Mfg
30c. Oct. 1 Sept. 21 to Sept. 30
Aluminum Mfrs.. Inc.. corn. (qual.)... *50c. Sept.30 Holders of rec. Sept. 15
Common (quar.)
*50c Dec. 31 Holder. of rec. Dec. 15
•13i Sept. 30 *Holders of rec. Sent.15
Preferred(qual.)
•1,4 Dee. 31 'Holders of roe. Dec. 15
Preferred 03=3
American Art Works, Prof. (guar.)
*1;5 Oct. 15 'Holders of rec. Sept. 30
American Bakeries, class A (guar.)
*75c. Oct. 1 'Holders of rec. Sept. 16
Preferred (guar.)
*154 Oct. 1 *Holders of rec. Sept, 16
American Bank Note, corn.(guar.)
50c. Oct. 1 Holders of rec. Sept. 10a
Preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 10a
Amer.Brown Boyer!Elec. Co. pt.(qu.)_
154 Oct. 1 Holders of rec. Sept. 20a
American Can, Prof. (aunt.)
144 Oct. 1 Holders of rec. Sept. 15a
American Car A Foundry, corn. (qu.) _ _ $1.50 Oct. 1 Holders of rec. Sept. lea
Preferred (quar.)
13-i Oct. 1 Holders of rec. Sept. 160
American Chain corn. (qua!,)
75c. Oct 20 Holders of rec. Oct. 100
Preferred (qunn)
114 Sept.30 Holders of rec. Sept.200
Amer. Chicle common (guar.)
50c. Oct. 1 Holders of rec. Sept. 12a
Common (extra)
250. Oct. 1 Holders of rec. Sept. 120
American Cigar, pref. (guar.)
114 Oct. 1 .Holders of rec. Sept. 15
Amer. Cplortype Co., corn. faltar.)..... •800. Sept. 30 'Holders of rec. Sept. 12
American (The) Corp. corn.(No. I).....
15c. Sept.20 Holders of rec. Sept. 54
Amer. Encaustic Tiling, corn.(quer.)250. Sept. 30 Holders of rec. Sept. lea
American Express, common (qua!,)
$1.50 Oct. 1 Holders of rec. Sept. 230
Amer. Fork & Hoe, corn. (qua?.)
•371•5c Oct. 10 *Holders of rec. Oct. 5
Preferred (period Aug. 1 to Oct. 15)..
Oct. 15 *Holders of rec. Oct. 5
Amer. Fruit Growers, Inc., pref. (qu.).. 154 Oct. 1 Holders of rec. Sept.25
Amer. Furniture Mart Building (qua!',). 134 Oct. 1 Holders of rec. Sent.20
American Hard Rubber. Prof.(qual.)... *
Oct. 1 *Holders of rec. Sept. 15
2
American Hardware (guar.)
Oct. 1
Si
'
Quarterly
Jan 1'31
"51
Amer.Home Produeta(monthly)
35e. Oct. 1 Holders ofreo. sePt• 160
Amer. Investment Trust pref. (quar.)
154 Dee. 1 Holders of rem. Nov 15
SUPT. 20 1930.]
Name of Company.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Amer. International Corp.. corn
Oct. 1 Holders of rec. Sept, 12a
$1
Common (payable in common stook).- 12
oot. 1 Holders of rec. Sept. 12
American Locomotive, corn. (quar.).
Sept.30 Holders of rec. Sept. 120
$1
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 120
Amer. Maize Products,corn.(guar.).--50c. Sept. 30 Holders of rec. Sept.d18a
Preferred (guar.)
14( Sept.30 Holders of rec. Sept dl8a
American Manufacturing. oom.(guar.). I
Oct. 1 Sept. 16 to Sept.30
Common (quar.)
1
Dec. 31 Dec. 16 to Dec. 30
Preferred (guar.)
134 Oct. 1 Sept. 16 to Sept.30
Preferred (guar.)
14 Dec. 31 Dec. 18 to Dec. 30
American National Co.(No. 1)(guar) .20e. Oct. 1
_
Amer. Radiator dc Standard Sanitary
Corp., common (qar.)
8744e Sept.30 Holders of roe. Sept. la
Amer. Rolling Mill. Corn. (guar.)
.50c. Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
•13i Oct. 1 *Holders of rec. Sept. 15
American Safety Razor (guar.)
$1.25 Sept.30 Holders of rec. Sept. 10n
Amer. Salamandra Corp.(guar.)
75e Oct. 1 Holders of rec. Sept.20
American Service Co., pref.(quar.)
•144 Oct. 1 *Holders of rec. Sept. 20
Amer.Shipbuilding common (guar.)
- 31.25 Nov. I Holders of rec. Oct. 150
Preferred (guar.)
134 Nov. I Holders of rec. Oct. 15
American Snuff, common (guar.)
3
Oct. I Holders of ree. Sept. 110
Preferred (guar.)
1 M Oct. 1 Holders of rec. Sept. ha
American Steel Foundries, corn.(quar.)_
750 Oct. 15 Holders of rec. Oct. 10
Preferred (Qllar.)
134 Sept.30 Holders of rec. Sept. 150
American Stores (Var.)
50c (Jct. 1 Holders of roe.
American Sugar Refining. corn. (qua?.). 134 Oct. 2 Holders of rec. Sept. 150
Sept. ba
Preferred ((uar.)
141 Oct. 2 Holders of rec. Sept. 54
American Surety (guar.)
$1.50 Sept.30 Holders of rec. Sept.13a
Amer. Thermos Bottle. pref. (quar.)__._ *875dc Oct. 1 *Holders of rec. Sept. 20
American Tobacco. pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 100
Amer. Type Founders, corn.(quar.). _ 2
Oct. 15 Holders of rec. Oct. 40
Preferred (guar.)
13( Oct. 15 Holders of rec. Oct. 40
American Wringer corn. (guar.)
750 Oct. 1 Holders of rec. Sept.15
American Writing Paper, pref. (quar.)
$1 Sept.30 Holders of roe. Sept.200
American Yvette Co.(quar.)
*50c Oct. 1 *Holders of rec. Sept. 150
Amoskeag Mfg., common (clear.)
250 Oct. 2 Holders of roe. Sept. 13
Anchor Cap Corp., corn.(guar.)
60e Oct. 1 Holders of rec. Sept. 190
Preferred (clear.)
11.625 Oct. 1 Holders of rec. Sept. 190
Anchor Post Fence (qu.) (in stock).-- .
0e251 Oct. 1 *Holders of rec. Sept. 15
Angle Steel Stool (guar.)
*200 Oct, 15 'Holders of rec. Oct. 5
Apex Electrical Mfg., pr. pfd.(quar.).51.75 Oct. 1 Holders of rec. Sept.d19
Apponaug Co., common (guar.)
"50c Oct. 1 *Holders of rec. Sept. 15
•134 Oct. 1 *Holders of rec. Sept. 15
6I% preferred (guar.)
Armour az Co.of Delaware, Prof.(guar.) IH Oct. 1 Holders of rec. Sept. 100
Armour & Co.(Illinois), Pref.(gear.)
134 Oct. 1 Holders of rec. Sept. 100
Armstrong Cork (gear.)
*Mo. Oct. 1 "Holders of rec. Sept.17
Art Metal Construction (quar.)
50e. Sept.30 Holders of rec. Sept. 170
Associated Apparel Industries
Common (guar.)
$1
Oct. 1 Holders of rec. Sept. 190
Associated Bankers Title & Mtge.(qu.) *374c Oct. 1 "Holders of rec. Sept. 20
Associated 011, corn.(guar.)
50c. Sept.30 Holders of rec. Sept. 130
Atlantic, Gulf& W.I.SS.Lines. ilf.(411) 134 Seta. 30 Holders of roe. Sept. 104
Preferred (mar.)
134 Dec. 31 Holders of roe. Dec. 11
Atlas Stores Corp.
Corn.(payable in corn. stook)
.f134 Dee. 1 Holders of roe. Nov.174
Corn.(payable In corn. stock)
/134 Mar 23 1 Hold. of roe. Feb.16'310
Preferred (guar.)
•75e. Oct. l *Holders of rec. Sept. 15
Auburn Automobile (guar.)
51 Oct. 1 Holders of rec. Sept. 20a
Stock dividend
e2
Oct. 1 Holders of
Autostrop Safety Razor, class A (qu.)... •75e. Oct. 8 *Holders of rec. Sept. 200
rec. Sept. 10
Class B (guar.)
*750. Nov. I *Holders of rec. Oct. 10
Axton Fisher Co., com.A (guar.)
80c. Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
1 ts Oct. 1 Holders of rec. Sept. 15
Babcock dr Wilcox Co.(guar.)
*154 Oct. 1 *Holders of roe. Sept.20
Backstay Welt Co.(mar.)
*50c. Oct. 1
Balaban & Katz, corn.(guar.)
•750. Sept.27 *Holders of roe. Sept 15
Preferred (guars)
•144 Sept 27 *Holders of tee. Sept. 15
Baldwin Rubber, class A (guar.)
*373cm Sept.30 *Holders of rec. Sept.20
Baltimore Brick, let pref
53
Sept. 27 Holders of roe. Sept. 18
Bancroft(Joseph)& BOOS CO.
Common (guar.)
30c. Sept.30 Holders of tee.
Bankers Invest. Tr. of Amer., deb.(au ) •lbc. Sept.30 *Holders of rec. Sept. lba
Bankers Securities Corp., common (qu ) 750. Oct. 15 Holders of rec. Sept. 15
Sept. 30
Participating preferred (guar.)
75c. Oct. 15 Holders of rec. Sept. 30
Barker Bros., COM. tquar.)
50e. Oct.
Holders of rec. Sept. I30
Preferred (guar.)
146 Oct.
Holders of rec. Sept. 13a
Beaton & Caldwell Mtg.(monthly)
"25c. Oct.
•Holders of rec. Sept. 30
Beatrice Creamery,corn.(guar.)
$1 Oct.
Holders of rec. Sept. 160
Preferred (guar.)
1k Oct.
Holders of rec. Sept. 15a
Beatty Bros., corn.(quar.)
*50e. Oct.
*Holders of rec. Sept. 15
Beech-Nut Packing (Cltrar3
750. Sept.30 Holders of reo. Sept.12a
Belgo Canadian Paper. prof. (guar.).
- 134 Oct.
Holders of rec. Sept. 2
Bandit Aviation(guar.)
500 Oct.
Holders of roe. Sept. 113es
Bethlehem Steel, common (qua?.)
31.50 Nov. 15 Holders of rev. Oct. 170
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. Sc
Bickford's, Inc., corn. (guar.)
25c. Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
62 tm Oct. 1 Holders of roe. Sept. 20
Bigelow-Sanford Carp.& Rug. pr. (qu.). 01.44 Nov. 1 *Holders of req. Oct. 17
Bishop 011 Corp
Sr. Sept.30 Holders of rec. Sept. 16
Bissell(Y. E.) Co., corn. (guar.)
*tee. Oct. I *Holders of rec. Sept. 20
Preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept. 20
Bloch Bros.. common (mar.)
'3734c Nov. 15 *Holders of rect. Nov. 10
Preferred (guar.)
1
.1M Sept. 30 *Holders of rem Sept. 25
Preferred (guar.)
*154 Dec. 31 *Holders of roe.
Blumenthal(Sidney)& Co., pref.(qu.).. 144 Oct. I Holders of reo. Dee 28
Sept. 155
Bohn Aluminum & Brass
3734e Oct. 1 Holders of roc. Sept. 150
Bon Aml Co., class A (guar.)
Oct. 30 Holders of rec. Oct. 150
$1
Class B (guar.)
50c. Oct. 1 Holders of rec. Sept. 24
Bonner (The) Co., class A (guar.)
37Me. Sept.30 Holders of rec. Sept.
15
Borg Warner Corp., corn.(guar.)
75e. Oct. 1 Holders of rec. Sept. 150
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Borne Scrymser Co
Oct. 15 Sept. 27 to Oct. 14
$1
Boston Personal Property Trust (r111.)2.5e. Sept.30 Holders of rec. Sept. 15
13randram-Henderson, Ltd., corn.. (au.)
. Nov. 1 Holders of tee. Oct.
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 1
1
Brewing Corp. of Ontario, pref.(guar.)_ 62 t4c Oct. 1 Holders
of rec.
15
Briggs & Stratton corp.:common (quar.)
50c. Sept.30 Holders of rec. Sept. 200
Sept.
BrIllo Mfg. Co.. Inc., class A (qu.)
50e. Oct. 1 Holders of rec. Sept. 150
(guar.)
British Amer.011 rug.
200. Oct. 1 Sept. 14 to Sept.30
Coupon shares (guar.)
20c. Oct. I Holders of coup. No.
2
British-Amerlean Tobacco
Ordinary bearer shares(Interim)
(0 Sept.30 Hold. of coup. No. 136
Ordinary registered Shares
(r) Sept.30
See note (r)
Preference
2)4 Sept.30 Holders of coup. No. 54
British 'Film Investors (hi-monthly)
90 Ort. 1 Holders of rec. Sept.
l
Broad Street Invest. Co.(guar.)
30c. Oct. 1 Holders of ree. Sept. 15
Brockaway Motor Truck. pref.(guar.). 144 Oct. 1
Holders
Brompton Pulp & Paper. corn.(go.). _ *50c. Oct. 1 *Holders of rec. Sept. 10a
Brooklyn Mtge. Guar. de Title (guar.)._ "11.50 Oct. 1 *Holders of roe. Sept. 30
of rec.
BrunswIck-13alke-Collender. pref. (qu.)_
14 Oct. t Holders of rec. Sept.25
Buckeye Union 011
•10. Oct. 1 *Holders of rec. Sept.30
Bucyrus-Erie Co.,corn.(anal.)
250. Oct. 1 Holders of roe. SePt.15
Aug.
Preferred (guar.)
144 Oct. 1 Holders of roe. Aug. 28
Convertible pref. (guar.)
6234c Oct. 1 Holders of rec. Aug. 28a
Budd Wheel. corn.(guar.)
25e. Sept. 30 Homers of rec. Sept.280
10a
Preferred (guar.)
14 Sept.30 Holders of rec.
Sept.
Preferred (extra)
75e. Sept.10 Holders of rec. Sept. 10a
10a
Buffalo General Laund., pref.(go.)
*58 He Oct. 1 *Holders of rec. Sept.
20
Building Products, Ltd., cl. A dr B (go.)
50e. Oct. I IIolders of rec.
Burco, Inc., pref. (quar.)
75c. Oct. 2 Holders of rec. Sept. 18
Sept.20
miner Bros., pref. (guar.)
- *2
Oct. 1 'Holders of rec. Sept. 15
Burnham Trading Corp., pref. A ((l.)_
"75c. Oct. 1 *Holders of rec. Sept.
BUIOS Bros. pref. (guar.)
134 Oct. I Holders of rec. Sept. 19
155
Bush Terminal Bldgs., pref.(guar.)._
144 Oct. 1 Holders of rec. Sept.
120
Bush Terminal Co.. corn.(guar.)
823do Nov. 1 Holders of rec. Sept. 245
7% debenture(qu%)
Oct. 15 Holders of roe. Sept.260
Byers(A. M.) Co.. prof.(guar.)
Nov. 1 *Holders of roil. Oct. 15
Byllesby (H. M.)& Co.. el. A (guar.) _
50c. Sept.30 Holders of rec. Sept. 15
Clain B (mar.)
50c. Sept.30 Holders of rec. Sept.
Preferred (guar.)
50c. Sept.30 Holders of rec. Sept. 15
15
134
'1k
Now of Coseimiso.
1851
Po
Mos
Cs*. Payola.
Books Cl0806
Dap InCitION.
Miscellaneous (Continued).
Calamba Sugar Estates. COM.(quar.)._. •40o. Oct. 1 *Holders of reo. Sept. 12
Preferred (quar.)
*35c. Oct. 1 *Holders of rec. Sept.12
California Ink, class A & B (guar.)
•500. Oct. 1 'Holders of rec..Sept. 20
Cambria Iron
$1
Oct. I Holders of rec. Sept. 150
Canape Corporation (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Canada Cement, preferred (qua?.)
134 Sept.30 Holders of rec. Aug. 30
Canada Permanent Mtge. Corp.(guar.)
3
Oct. 1 Hoidens of rco. Sept. 15
Canada Wire & Cable. class A (guar.).- $I
Dec. 15 Holders of rec. Nov. 30
Class B (No. 1)
4334e. Dec. 15 Holders of rec. Nov. 30
Canadian Car de Foundry. Prof. (guar.)- 43340 Oct. 10 Holders of rec. Sept. 25
Canadian Cottons. Ltd.. pref. ((mar.).. 134 Oct. 4 Holders of rem Sept. 20
Canadian General Electric
Common (guar)
75c. Oct. I Holders of roc. Sept. 13
Preferred (guar.)
87)4e Oct. 1 Holders of rec. Sept. 13
Canadian OH, pref.(friar.)
*32
Oct. 1 *Holders of rec. Bept.20
Canadian Vilrebound Boxes, class A (q11) *37 Mc Oct. 1 'Holders of rec. Sept. 15
Canfield Oil, corn. & pref. (guar.)
144 Sept.30 Sept.20 to Sept.24
Cannon Mills (guar.)
40c. Oct. 1 Holders of rec. Sept. lea
Capital Administr., pref.(guar.)
750. Oct. 1 Holders of rec. Sept. 150
'1(4 Sept.30 *Holders of rev. Sept.20
Carey (Philip) Mfg.. pref.(guar.)
.
Carman & Co.. class A and B (qua?.)... •50o. Nov.29 *Holders of tee. Nov. 15
Class B (500.cash or 1-40th eh.B stk.) *50o. Oct. 25 'Holders of roe. Oct. 15
Carnation Co.(extra In stock)
*el
Jan2'31 "Holders of reo. Dec. 20
a
•134 Oct. 1 *Holders of rec. Sept. 10
Preferred (guar.)
Case (.1. 1.) Co., corn.(guar.)
1)4 Oct. 1 Holders of roe. Sept. 120
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept. 120
Celanese Corp. of Amer.. prior pf.(qu.)
144 Oct. 1 Holders of roe. Sept. 18
Centro Aguirre Associates(guar.)
37 4c Oct. 1 Holders of rec. Sept.220
Centrifugal Pipe Corp.(quOM)
150 Nov. 16 Holders of roe. Nov. 5
Century Electric Co. (guar.)
$1 Oct. I Holders of rec. Sept. 150
Chamber of Commerce Bldg.(Ind.)
Preferred (guar.)
31.375 Oct. 1 *Holders of rec. Sept.20
Champion Coated Paper. Pref.(qu.)
"134 Oct. 1 'Holders of rec. Sept.20
Special preferred (qunn)
"144 Oct. 1 'Holders of rec. Sept.20
Champion Fibre, 1st pref. (guar.)
"144 Oct. I 'Holders of rec. Sept.20
Champion Shoe Mach.. pref. (qM.)
*134 Oct. 1 *Holders of rec. Sept.25
Channon (II.) Co. let pref.(guar.)
*134 Oct. 1 *Holders of roe. Sept.20
Second preferred (guar.)
"2
Oct. 1 'Holders of rec. Sept.20
Chase Brass & copper, pref. (guar.).114 Sept.30 Holders of rec. Sept. 19
Checker Cab Mfg.(monthly)
Mc. Oct. I Holders of rec. Sept. 15a
.
Chesebrough Mtg.Corea (qu.)
..... - •SI. Sept.30 "Holders of roe. Sept. 10
•50c. Sept.30 *Holders of rec. Sept. 10
Extra
Chicago Flexible Shaft, corn. (guar.)... •30e. Oct. 1 'Holders of ree. Sept.90
Chicago Pneumatic Tool, pref.(qua?.).. 87)40 Oct. I Holders of rec. Sept.200
Chicago Towel, corn. (guar.)
..$1.25 Oct. 1 'Holders of rec. Sept.20
"31
Oct. 15 *Holders of rec. Oct. 6
Common (extra)
•31.75 (Iet. 1 *Holders of rec. Sept.20
Preferred (guar.)
Mr. Oct. I Holders of rec. Sept. 190
Chicago Yellow Cab(monthly)
250. Nov. 1 Holders of roc. Oct. 200
Monthly
250. Dec. 1 Holders of rec. Nov.20a
Monthly
Chile Copper Co.(guar.)
6234c Sept.30 Holders of rec. Sept. 10a
75e. Sept.30 Holders of roe. Sept. 2e
Chrysler Corp., corn.(guar.)
Cincinnati Ball Crank • partio. pfd. (an.) "580. Sept. 30 *Holders of rec. Sept. 15
Cincinnati Union Stock Yards (guar.).- •40c. Sept.30 *Holders of rec. Sept.20
*$1.75 Oct. 1 "Holders of rec. Sept.20
Circle Theatre Corp. (quar.)
2tie Oct. 1 Holders of rec. Sept. 154
Sties Service common (monthly)
M Oct. 1 Holders of rec. Sept. 156
Common (payable in corn. stock)
Preference and pref. BB (monthIS)--50c. Oct. 1 Holders of rec. Sept. 15a
Sc. Oct. I Holders of rec. Sept. 110
Preference B (monthly)
Cities Service Bankers Shares(monthly)* 33.46e Oct. 1 *Holders of rec. Sept.15
12.0. Oct. 15 Holders of rec. Sept. 300
1
City Stores Co., corn.(quar.)
87,
4e. Nov. 1 HoPlers of rec. Oct. 150
Class A (guar.)
'31340 Oct.. 1 *Holders of rev. Sept. 15
Clark (D. L.) & CO. (guar.)
Cleveland Cliffs Iron, corn.(guar.)
Sept. 20 Holders of rec. Sept. 10
SI
Cliffs Corp.. corn. (guar.)
Sept. 20 Holders of rec. Sept. 10
51
144 Oct. 1 Holders of rec. Sept. 200
Cluett Peabody & Co., pref. (guar.)- -Coats (.1. P.), Ltd.
Oct. 6 *Holders of rec. Aug. 27
Amer. dep. refs. ord. rep,.. 9 pence...
Coca Cola Bottling (CM.) Class A (guar.) *62 tic Oct. l 'Holders of rec. Sept. 15
•26*. Oct. lb
Lora Cola Bottling See (guar.)
$1.50 Oct. 1 Holders of roe. Sept. 120
Coca Cols Co.,cam.(qua?.)
Oct. I Holders of ITO. Sept. 120
Coca-Cola International, corn.(guar.).- 11.3
*50c. Oct. I *liois.rrs of roe. Seot. IS
Coleman Lamp ,& Stove (guar.)
Colgate-Palmolive-Peet Co..00m.(CU.). 82140. Oct. 15 Holders of reo. Sept. 200
134 Oct. I Holders of rec. Sept. Illa
Preferred (guars)
'43340 Oct. 1 *Holders of rec. Sept. 15
Colonial Chair preferred (guar.)
47c. Sept.20 Holders of rec. Sept. 150
Columbia Graphophone. Amer. shares
Columbia Pictures Corp.. corn. (guar.-) 3734c Oct. 2 Holdert of rec. Sept. 190
2 Holders of reo Sept Is
COMMOO (payable in common ernes). f24.4 Oct
500. Sept.30 Holders of ree. Sept. 103
Commercial Credit Co.. corn.(guar.)...
134 Sept.30 Holders of me. Sept. 101
8)4% first preferred (quar.)
7% first preferred (guar.)
43340. Sept.30 Holders of reo. Sept.103
500. Sept.30 Holders of roe. Sept.104
8% class B preferred(quar)
750. Sept. 30 Holders of roe. Sept. 105
13 class A cony. stock (quar).
2 Sept.30 Holders of rec. Sod. 19
Commercial Credit(N.00 pref. (qu.)
"fte Sept.30 "Holders of rec. Beet.20
Commercial Discount (1.. A) fin stook).
40c Oct. I Holders of rec. Sept. 54
Commercial Investment Trust, corn•(gu)
.
Common (payable In common stock) 11)4 Oct. 1 Holders of rec. Sept. ba
134 Oct. 1 Holders of reo. Sept. 150
7% first preferred (guar.)
194 Oct. 1 Holders of rec. Sept. 50
634% first preferred ((uar.)
ri ti Oct. 1 Holders of rec. Sept. 50
Cony. pref. series of 1920 ((tuar.) _
250 Sept.30 Holders of rep. Sept. 10a
Commercial Solvents,corn.((Var.)
f2 Sept.30 Holders of rec. •sept. 10a
Corn.(payable In corn. stock)
Commonwealth Secur., cone. pref. (nu ).51.0 Oct.1 *Holders of rev. Sept. 15
smenualty State Corp.. ego* A (gum 'l2 34i "Sept. Si)'Holders of re0. Befit 26
'12 or Dee. 31 *Holders of roe. Dee 20
Class A (guar.). _
•i 2'se 5)31131 *Hold. of me. Mar. 2631
Clams B (qua )
..... ....• •12 cs, Sept 80 *Holders of roe. Sept. 28
.....
Class B (guar )
.
'lase B (guise
is, Dec 31,
'folders of tee. Dee. 24
.
'TO
Conde Nast Publ)cations. con,
50c. :et. I Holders of rec. Sept. 170
s 'engross Cigar (guar./
ept. 30 Holders of rec. Sept. 150
SI
*2
Cord). Tank Car. 1 ref. ((uar.)
-e. t. 30 *Holders of rec. Sent.Su
Consolidated Bakeries of Canada
25e. Oct.
Holders of rec. Sept. 15
Consolidated Cigar Corp.. cont.(quar.t
31.25 Oct.
Holders of reg. Sept.150
C,onsolldated Film Indostrles,(ctn. pie!
50c. od.
Holders of rec. Sept. 17a
Preferred (guar.).
50, Oct.
Holders of rec. Sept. 170
Consolidated Laundries. common
250. Oct.
Holders of reo. Sept. 15
Consnlidated (mop & Macli. Pinar.) _
*10r. Oct.
*Holders of rec. Sept. 20
Consumers C.o., prior met (qua?.).-'134 Oct.
"Holders of roe. Sept.
Container Corp.. claim A (qua r.)
30e.(let.
Holders of rec. Sept. lid
Preferred (clear.)
51.75 Oct.
.
Holders of roc. Sept. 11
Continental Baking, Inc., pref.(gear.)..
2 Oct.
Holders of rec. Sept. 15a
Continental Casualty (guar.)
"SO.!. Oct.
*Holders of rec. Sept.16
Continental-Diamond Fibre (num.)
25c. Sept.30 Holders of rec. Sept.200
Continental Shares. Inc.. corn.(gear.).- 25e. Oct. I Holders of rec. Sept. 1811
Continental Steel. pref.(u ear.)
*114 Oct. 1 *Holders of rec. Sept. 18
Cooper-Bessemer Corp., cote.(guar.) _ _
See, Oct. 1 Holders of rec. Sept. 10
pretesseri ((buar.)
75e. Oct. I Holders of rec. Sept. 10
Corodet Phosphate
$1.10 Oct. 1 Holders of rec. Sept. 15
0
Corporation Securities Co. of Chicasto(
COM. I)4% or 3-200 sh. corn. stock).
Sept.20 Holders of rec. Aug. 21
Cream of Wheat (guar.)
Oct. 1 Holders of rec. Sept. 22
50e.
Cresson Con.Gold MM.& 61.(quar.)
*10. Oct. 10 *Holders of roe. Sept.30
Crowell Publishing (guar.)
•75e. Sept.24 'Holders of rec. Sept. 15
Milner & Co., corn.(guar.)
Crowley
*E0c. Sept.30 *Holders of rec. Sept. 10
Crown Cork International Corp., A (en.)
25e. Oct. 1 Holders of rec. Sept. 180
Crown Cork & Seal
Common (payable In common stook). 110 Oct. 14 Holders of rem Sept. 29
Preferred (guar.)
417340 Oct. 1 'Holders of rem Sept. 15
Crown Willamette Paper, tilt pref.(qui.)- 31.75(Jet. 1 Holders of rec. Sept. 13a
Sesond preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 13
Crown Zellerbach Corp.,com.(guar.)--2.50. Oct. 16 Holders of roe. Sept.30a
Crucible Steel of Amer., pref. (guar.).
- 1st Sept.30 Holders of roe. Sept. 15a
Crum & Forster, corn. A & B (guar.)
25e. Oct. 15 Holders of rec. Oct. 4
Preferred (quar.)
2
Sept.30 Holders of rec. Setit.20
Preferred (guar.)
2
Dec. 31 Holders ef rec. Dec. 20
Crum & Forster Ina.Shares. prof.(guar.) 144 Nov.29 Holders of roe. Nov. 19
Cuneo Press, common (guar.)
'62)4c Nov. 1 "Holders of rec. Oct. 15
Preferred (guar.)
•62tdm Dec. 15 Holders of rec. Dec. 1
Curtis Mfg.,corn.(guar.)
6234c Oct. 1 Holders of roe. Sept. 16
1852
Name of Compass/.
(Vol,. 131.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Daps Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Confinuert)•
500 Oct. 1 Holders of rec. Sept.17
-50e Oct. 2 Holders ot rec. Sept. 20a Godchaux Sugars, Inc.. el. A (ouar.)
Curtis Publishing, corn.(monthly)
$1.75 Oct. 1 Holders of reo. Sept. 17
Preferred (guar.)
50c. Oct. 2 Holders of rec. Sept. 20a
Extra
• n37 340 Oct
1 'Holders of reo. Sept. 10
Oct. 1 Holders of rec. Sept. 20a Goldblatt Bros. (guar.)
Hi
Preferred (guar.)
$1.5( Sept.30 Holders of reo. Sept. 176
Gold Dust Corp.. pref. (quar.)
*25c. Oct. 15 'Holders gt rec. Sept. 30
Darby Petroleum
Goodrich (B. F.) Co., pref.(guar.)
134 Oct. 1 Holders of rec. Sept.10a
34 Oct. 1 Sept. 18 to Oct. 1
Dayfleld Realty Corp., preferred
Goodyear Tire & Rubber, coin. (quar.)_ $1.25 Nov. 1 Holders of rec. Oct. la
nee Oct. 1 *Holders of ree Sept. 20
Davidson Company. pref. (guar.)
First preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. la
$1.75 Oct. 25 Holders of rec. Sept. 30
Deep Rock Oil. $7 pref. (quar.)
30o. Oct. 1 Holders of rec. Sept. 150 Goodyear Tire & Rub.(Calif.) pf.(qu.)- *tei Oct. 1 *Holders of rec. Sept.20
Deere & CO..new corn.(qua?.)
Goodyear Tire & Rub.(Can.),corn.(qtr ) 411.25 Oct. 1 'Holders of reo. Sept. 15
f13 Oct. 15 Holders of reo. Sept. 15
(Payable in corn.stook)
New cam.
412.50 Oct. 1 *Holders of reo. Sept. 15
Common (extra)
1.54 Oct. 1 Holders of reo. Sept. 15
Old $100 par common (qua?.)
15( Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
4
11 Oct. 1 *Holders of rec. 8eDt. 20
Denver Union Stook Yards.corn. MS
*75o. Oct. 1 Holders of reo. Sept.20
(lorton-Pew Fieheries
.
81 Jan 111 "Hold. of rec. Dec. 20'80
Common (guar.)
Oct. 1 Holders of reo. Sept.20
2
*81 ap.1 31 *Hold. of rec. Mar. 20 33 Goulds Pumps, Inc., corn. tquar.)
Common (qua?.)
Preferred (guar.)
134 Oct. 1 Holders of reo. Sept.20
•1!( Dec. 1 *Holders of rec. Nov. 20
Preferred (guar.)
.
Grand Rapids Stores Equip. pf.(qu.)... 1740 Nov. 1 *Holders of rec. Oct. 21
200 Oct. 1 Holders of rec. Sept. 15
Detroit & Cleveland Nay.(guar.)
4150. Oct. 1 'Holders of rec. Sept.20
'52)40 Oct. 1 'Holders of rec. Sept. 20 Grand Rapids Varnish (guar.)
Detroit Electric Co.. pref. (guar.)
40c. Sept.22 Holders of rec. Sept. 15
Granger Trading
530c. Oct. 1 *Holders of rec. Sept. 20
Detroit Gasket & Mfg. (guar.)
1 Sept.30 Holders of rec. Sept. 150
Granite City Steel(guar.)
Detroit Steel Products, corn. (guar.) -- *35c. Oct. 1 *Holders of rec. Sept.20
25o. Oct. 1 Holders of reo. Sept.120
Oct. 1 Holders of rec. Sept. 206 Grant(W.T.) Co., corn.(guar.)
30e.
Devoe & Reynolds, class A is B (guar.)-.
244 Oct. 1 Holders of reA . Sept. 20
1( Oct. 1 Holders of rec. Sept. 206 Great Britain & Canada inveetment, pf
First and second pref. (guar.)
134 Oct. 1 Holders of rec. Sept. 15
Great Lakes Towing, corn.(guar.)
*150. Oct. 1 *Holders of rec. Sept. 15
Devonian 011(guar.)
154 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
.8744e Oct. 1 *Holders of rec. Sept. 20
Doehler Die-Casting 7% Pref.(guar.)
Groat Northern Bd.& Share, corn.(gu.). $1. Oct. 1 Holders of rec. Sept. 25
*$1.75 Oct. 1 'Holders of rec. Sept. 20
$7 preferred (quar.)
lee Oct. 1 Holdesr of rec. Sept. 26
Preferred (guar.)
25c. Oct. 20 Holders of rec. Sept. 30
Dome Mines (guar.)
Gt. Northern Investing Co., cl. A (qu.). o6234c Oct. 1 Holders of rec. Sept. 10
Dominion Glass, Ltd., corn.& pref.(qu.) 1 R Oct. 1 Holders of rec. Sept. 15
lje Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
300. Oct. 1 Holders of rec. Sept. 150
Dominion Stores(guar.)
35a. Oct. 2 Holders of rec. Sept. 15a
Great Western Sugar, corn. (quar.)...144 Nov. 1 Holders of rec. Oct. 8
Dominion Tar & Chemical, pref.(00.)-.
0
lei Oct. 2 Holders of reo. Sept. 15
Dominion Textile, common (quer.)-.- 81.25 Oct. 1 Holders of rec. Sept. 15
Preferred (quar.)
Holders of reo. Sept. 16
Greenfield Tap & Die Corp.6% pf.(qu.) 14 Oct.
1$i Oct. 15 Holders of rec. Sept. 30
Preferred (guar.)
Holders of rec. Sept. 16
Oct.
8% Preferred (quar.)
2
4.200. Sept.30 'Holders of reo. Sept.22
Dominguez Oil Fields(extra)
Holders of rec. Sept.15
800. Oct.
Greif Bros. Cooperage, class A (guar.)
"25e. Sept. 30 "Holders of rec. Sept. 20
Donahoe. Inc., class A (guar.)
*Holders of rec. Nov 4b
*1)4 Sept.:10 'Holders of rec. Sept.20
kiruen %Satoh, common emu.)
*50e. Deo.
Preferred (guar.)
Common (guar.)
'We. Marl8 *Hold,of reo. Feb. 20'31
•500. Oct. 20 *Holders of rec. Sept. 10
Douglas Aircraft
•13,t
Nov. 'Holders of roe. Oct. 20
Preferred (guar.)
154 Oct. 1 Holders of rec. Sept. 15
Douglas(W.L.) Shoe, Pref.(guar.)
Preferred (guar.)'154 Feb 1 3 '11015.01 ree. Jan 20 31
$1 Oct. 1 Holders of rec. Aug. 30
Draper Corporation(guar.)
*Holders of rec. Sept. 15
Guardian Bank Sh. Inv. Tr., ser. I (qu )*18el c Oct.
Driver-Harris Co.. 7% pref.(guar.).-- •1 ee Oct. 1 *Holders of rec. Sept.20
"37 tee Oct.
'Holders of rec. Sept. 15
Preferred certificates (guar.)
Dunham (J. H.) dr Co., common (guar.) *14 Oct. 1 *Holders of ree. Sept. 20
*1
Nov. 'Holders of rec. Sept. 20
Common (guar.)
•14 Oct. 1 'Holders of rec. Sept. 20
First preferred (guar.)
"Holders of rec. Sept. 15
Guardian Invest. Trust.(Hartford)(qu.) "374sc Oct.
*14 Oct. 1 *Holders of rec. Sept. 20
Second preferred (guar.)
'Holders of rec. Sept. 15
32 Oct. 1 Holders of rec. Sept. 15a Guardian Pub, UM. Inv. Tr., pf. (qtr.). •25c. Oct.
Duplan Silk Corp., prof.(guar.)
'(holders of rec. Sept. 15
Guardian Ry.Shares Inv. Tr., pref.(qu.) '31 4Ic Oct.
Du Pont (F.. I.) de Nem.& Co.
Holders of rec. Sept. 20
50e. Oct.
14 Oct. 25 Holders of rec. Oct. 10a Guenther (Rud.)-Russell Law, Inc.(au.)
Debenture stock (guar.)
'Holders of rec. Sept.20
'3740 Oct.
Gulf 011 Corp. (guar.)
20c. Oct. 1 Holders of rec. Sept. 10
Durant Motors of Canada
'3744o Janl 8 'Hold. of rec. Dec. 20 '80
Quarterly
Eastern Manufacturing, pref.(guar.).- "874ec Oct. 1 *Holders of rec. Sept. 10
Holders of rec. Sept. 150
154 Oct.
374e. Oct. 1 Holders of rec. Sept.200 Gulf States Steel, let Pref.(quar.)
Eastern Rolling Mill (quar.)
134 .lan2'3 Holders of rec. Dee. 15a
First preferred (guar.)
Eastern Utilities Investing Corp.
Holders of rec. Sept. 15
b0c. Oct.
Gurd (Charles) & Co.. Ltd., pref. (qu.)
$1.25 Oct. 1 Holders of rec. Aug. 30
$5 prior preferred (guar.)
Holders of rec. Sept. 15
1,4 Oct.
Preferred (quar.)
$1.25 Oct. 1 Holders of rec. Aug. 30
Eastman Kodak,common (guar.)
Holders of rec. Sept. 15
37440 Oct.
75e, Oct. 1 Holders of rec. Aug. 30,, Gypsum Line & Alabastbse (guar.)
Common (extra)
Holders of rec. Sept. la
25c. Oct.
liabirshaw Cable & Wire (qu.)
-14 Oct. 1 Holders of rec. Aug. 30
Preferred (qua?.)
'Holders of rec. Sept. 15
"$1.50 Oct.
25c. Oct. 15 Holden of roe. Oct. 1
Hachmeister-Lind, pref. (guar.)
Economy Grocery Storm (guar.)
Holders of rec. Sept.522
Hahn Dept. Stores, pref. (guar.)
60. Oct. 1 Holders of rec. Sept.10
-- 1(4 Oct.
Eequadorian Corp.. Ltd.(guar.)
'Holders of reo. Sept. 15
"25c. Oct.
Retold Co., common
50e. Oct. 1 Holders of rec. Sept. 20
Eastern Steamship Lines, corn.(quar.)._
4.1%
'Holders of rec. Sept. 15
Oct.
Holders of rec. Sept.20
Preferred (guar.)154 Oct. 1
First preferred (guar.)
Hamilton United Theatres, Prof.(Mi.)-- *154 Sept. 30 'Holders of rec. Aug. 30
8744e Oct. 1 Holders of rec. Sept. 20
Preferred (guar.)
15c. Sept.30 Holders of roe. Sept.104
Hamilton Watch, new corn. (monthly)
Eastern Util. Investing, part of. (qu.)-- $1.75 Nov. 1 Holders of rec. Sept.d30
r 1 y2 Oa.
'holders of rec. Sept. 20
Harnmermill Paper, pref. (guar.)
$1.75 Dec. 1 'Holders of rec. Oct. 31
$7 preferred (guar.)
*Holders of rec. Sept.20
Hanes(P. H.) Knitting, pref.(guar.) - •13i Oct.
$1.50 Dec. 1 Holders of rec. Oct, 31
$C preferred (quar.)
Oct. 1 Holders of rec. Sept. 200 Hanna(M.A.) Co.. new $7 Prof.(au ) - 81.75 Sept. 20 Holders of rec. Sept. 5a
51.50
Electric Auto-Lite Co., COM.(guar.)
Old 7% preferred (guar.)
134 Sept. 20 Holders of rec. Sept. 5
$1.75 Oct. 1 Holders of rec. Sept.206
Preferred (guar.)
Flarbison-Walk. Refract., pref. (guar.)
1% Oct. 2 Holders of rec. Oct. 10a
$1.25 001. 1 Holders of reo. Sept. 19
Electric Controller & Mfg.(guar.)
Holders of rec. Sept. 15
45o. Oct.
Electric Storage Batt. cow.& pf.(qu.)-- $1.25 Oct. 1 Holders of rec. Sept. 90 Harnischfeger Corp., corn.(guar-)
Holders of reo. Sept. 15
134 Oct.
Preferred (guar.)
•100 Sept. 30 'Holders of rec. Sept. 30
Elgin Sweeper. pref. (guar.)
'Holders of rec. Sept. 17
Hazel-Atlas Glass (quar.)
•
50c. Oct.
Seltzer,class A dr B(qu) *500. Oot. 1 *Holders of reo. Sept. 15
Emerson Bromo
'Holders of rec. SePt. 17
.25c. Oct.
Extra
*50o Oct. 1 "Holders of rec. Sept. 15
Preferred (guar.)
Heath (D. C.) & Co., pref.(guar.)
154 Sept.30 Holders of rec. Sept. 27
1 ee Oct. 1 Holders of rec. Sept. 20
Emerson Elec. Mfg., prof. (quar.)
•124e Nov. 1 'Holders of rec. Nov. 1
Sept. 29 Holders of rec. Sept.22a Health Aircraft, common (guar.)
3
Empire Safe Deposit (guar.)
*854c Nov. I 'Holders of rec. Nov. 1
Class A (guar.)
250. Sept. 24 Holders of rec. Aug. 30a
Emporium Capwell Corp.. corn. (quar.)
Holders of reo. Sept. 100
$1.25 Oct.
Endicott-Johnson Corp.. core (guar.).- - $1.25 Oct. 1 Holders of rec. Sept. 180 Helme(George W.)Co..COM.(guar.)
Holders of reo. Sept. 106
Preferred guar.)
(
13( 001.
134 Oct. 1 Holders of rec. Sept. 180
Preferred (guar.)
Holden' of rec. Sept. 200
45e. Oct.
750. Oct. 1 Holders of rec. Sept. 150 Hereules Motors,corn.(guar.)
Equitable Office Bldg., corn.(qu.)
750. Sept.25 Holders of rec. Sept. 130
Hercules Powder, corn. (guar.)
154 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
350. Sept:2 Holders of rec. Sept. 19
Hibbard,Spencer. Barlett & Co.(mthly.)
75c. Oct. 1 Holders of rec. Sept. 15
Equity Investors Corp. pref. (eller.).
*Holders of roe, 001. 19
Higbee & Co., first preferred (quar.)... *IA Nov.
"600. Nov. 15 *Holders of rec. Nov. 5
Ewa Plantation (guar.)
*Holders of rec. Nov. 21
Dec.
Second preferred (guar.)
*
2
'Sc. Sept.20 *Holders of rec. Aug. 20
Exeter Oil Co.,el. A (guar.)
1,1 Oct. 1 Holders of reo. Sept. 30
Hillereet Collieries preferred (quar.)-.
75e. Sept.80 Holders of rec. Sept,12
Fairbanks. Morse& Co.common (guar.)
Holders of rec. Nov. 15
50o. Deo.
Hires(Charles E.) Co..oom.A (quar.)
50o. Sept.27 Holders of reo. Sept. 12
Famous Players Can. Corp., corn.(qu.).
Holders of reo. Sept.150
62)0 Oct.
Holland Furnace, 'sem.(guar.)
"25c. Oct. 1 *Holders of rec. Sept. 15
Fanny Farmer Candy Shops,corn.(qu.)
'Holders of rec. Sept. 1
"50e. Oct.
Holophane Co., common
410c. Oct. 1 'Holders of rec. Sept. 15
Preferred (quar.)
'Holders of rec. Sept. 1
411.05 Oct.
Preferred
Sent.30 *Holders of roe. Sept. 20
*2
Farr Alpaca (guar.)
.25c. Sopt.30 'Holders of reo. Sept. 16
Holly 011 (guar.)
Sept. 18
62440 Oct. 1
Faultless Rubber. corn. (guar.)
*50e. Oct. I *Holders of rec. Sept. 20
Home Dairies, class A (guar.)
'154 Oct. 1 "Holders of rec. Sept. 8
Federal Bake Shops(guar.)
500. Sept.25 Holders of rec. Sept. 200
Homestake Mining (monthly)
Oct. 1 *Holders of rec. Sept. 15
*300.
Federal-Mogul Corp., corn.(guar.)
*75e. Sept. 30 'Holders of rec. Sept. 15
200. Oct. 1 Holders of rec. Sept.20a Hoskins Mfg. (guar.)
Federal Motor Truck (guar.)
750. Oct. 1 Holders of rec. Sept. 150 Hotel Sherwood (Chicago) pref. (au.)--- 411.75 Ott. I *Holders of rec. Sept. 15
Federal Screw Works (guar.)
411.25 Sept.30 *Holden, of rec. Sept. 16
Hotel Statler, common (quar.)
lee Oct. 1 Holders of rec. Sept. I
Feltman & Curme Shoe Ste, pref.(qu.)*37%e Sept.30 *Holders of rec. Sept. 15
Preferred ($125 par) (guar.)
Fidelity Union Title,Mtge.&Gitar.(guar.) 4150. Sept.20 'Holders of rec. Sept. 15
'154 Sept. 30 'Holders of rec. Sept. 15
Preferred ($100 Par) (quar.)
16c. Sept.29 Holders of rec. Sept. 150
(guar.)
Fifth Ave. Bus Securities
1.44 Oct. 1 Holders of rec. Sept.180 Houdaille-Hershey Co., class A(quar.)-- 8240 Oct. 1 Holders of rec. Sent.20
Filene's(Wm.)& Sons. pref.(qua?.).
250. Sept.30 'Holders of rec. Sept. 15
Howell Electric Motors, class A (guar.) •
Finance Co. of Amer. of Bait.
Finance
•150. Sept.30 *Holders of rec. Sept. 15
Class B (guar.)
200. Oct. 15 Holders of rec. Oct. 60
Common A & B (qoat%)
Oct. 15 Holders of reo. Sept. 306
SI.
4314c. Oct. 15 Holders of rec. Oct. ea Howe Sound Co.(guar.)
7% ',referred (guar.)
'lee Sept.30 'Holders of rec. Sept.20
First National Stores, Inc., corn.(guar.) 6240 Oct. 1 Holden' of reo. Sept.186 Howes Bros. 7% first pref. (guar.)
*14 Sept. 30 *Holders of rec. Sept.20
6% first preferred (quar.)
Holders of reo. Sept.18
*lee Oct. 1
Preferred (guar.)
•lee Sept.30 'Holders of rec. Sept. 20
7% second preferred (guar.)
First Ohio Investment. pref.(guar.).-- "14 Oct. 1 Holders of reo. Sept.15
75e. Oct. 1 Holders of roe. Sept. MI
Hudson Motor Car (qua?.)
' Oct. 1 Holders of ree. Sept. 20
$2
First Security Corp.(guar.)
50c. Oct. 1 Holders of rec. Aug. 30
Humble 011 dr Refining (guar.)
' Sept.30 Holders of rec. Sept.20
154
First State Pawners Society (guar.)
Hunts, Ltd., class A and 13 (guar.)
'25c. Oct. 1 'Holders of roe. Sept. 15
"$1.75 Oct. 1 Holders of rec. Sept. 15
Maher Flour Mills. pref.(quar.)
Huron & Erie Mortgage (quar.)
•
2
Oct. 1 *Holders of rec. Sept. 16
Fitz Simons & Connel Dredge & Dock.
250. Oct. 1 Holders of rec. Sept. 10
Negrade Lamp Co., corn.(guar.)
•lfe Oct. 1 Holders of rec. Sept.20
preferred (guar.)
31.625 Oct. 1 Holders of roe. Sept. 10
Preferred (guar.)
11.50'Wt.30'holders of rec. Sept. 20
4
Flarbush Inc. Corp. (guar.)
4
.1240 Oct. 1 *Holders of reo. Sept. 15
14 Oct. 1 Holders of ree. Sept. 150 Ideal Finest. Assn., Class A (guar.)
Flontheim Shoe Co.. pref. (guar.)
Oet. 1 *Holders of reo. Sept. 15
4
12
Preferred (guar.)
4
12 Oct. 1 'Holders of rec. Sept.20
Foote Bros. Gear & Meat.,COM.(qu.)
4100. Oct. 1 *Holders of refs Sept. 15
1 *Holders of rec. Sept. 20
Convertible preferred (guar.)
'154 Oct
Preferred (guar.)
flertois Brick (quar:)
4
.60o. Oct. 16 *Holders of reo Oct. 3
4,500. Oct. 1 *Holders of roe. Sept 16
Formica Insulation (quar.)
Imperial Chemical Industries
4
10e. Jan1'31 "Holders of rem Deo 15
Quarterly
Oct. 15 "Holders of rec. Aug. 26
Am. den. rcta. ord. reg. (interim).... w3
•10. Oct. 1 'Holders of reo. Sept.15
Fort Collins Consol. Royalty (QUI
50e. Oct. 1 Holders of rec. Sept. 120 Imperial Royalties, Prof. (monthly).... 1140. Sept.30 Holders of rec. Sept.25
Foster Wheeler Corp.. corn.(guar.)
itse. Sept.30 Holders of rec. Sept.25
Preferred A (monthly)
$1.75 Oct. 1 Holders of rec. Sept. 126
Preferred (guar.)
8540. Sept. 30 Holders of rec. Sept. 3
Imperial Tobacco of Canada, corn
nee Oct. 1*Holders of rec. Sept. 1$
Frank (A. B.) Co.. pref. (guar.)
Sept.30 Holders of rec. Sept. 3
3
Preferred (quar.)
*Holders of rec. Sept. 15
410e. Oct.
Formica Insulation, corn.(guar.)
Oct. I "Holders of roe. Sept. 20
*Si
Independent Pneumatic Tool (guar.)
1 Sept. 16 to Oct. I
Construction. pref_.,
Oct.354
French (Fred. F.)
37)40. Oct. 2 Holders of roe. Sept.156
Fuller (George A.) Co.. prior pf. (qu.).. $1.50 Oct. 1 Holders of rec. Sept. 100 Independent 011 & Gas (adjust. die.)Oct. 1 'Holders of res. Sept. 25
$1.50 Oct. I Holders of rec. Sept. 10a Indian Refining, 7% old pref. (qua?.)..
Partic. second Pref. (guar.)
Industrial Finance Corr.
•
75o. Oct. 1 'Holders of rec. Sept.20
-Gardner Denver Co.(guar.)
Common (payable in common stock).. 124 Nov. 1 Holden' of rec. Apr. 18
30o. Oct. 1 Holders of rec. Sept. 15
Garlock Packing. eorn•(guar.)
200. Oct. 1 Holders of rec. Sept.20
Common (Payable in common stook) 1234 FebP81 Hold,of rec. Apr. 18'30
Co.,corn.(guar.)
General Alloys
lter Insult Utility Invest.. eons. (In s)nah)
V1% Oct. 16 'Holders of reo. Oct. 1
General Amensan Investors. prof.(qu.). $1.50 Oct. 1 Holders of rec. Sept.
•10c. Sept. 30 *Holders of rec. Sept.20
Oct. 1 Holders of reo. Sept. 136 Interban Invest. (guar.)
General Amer.Tank Car. COLL(qua?).. $1
•
25c. Oct. 1 'Holders of rec. Sept. 15
Oct. 1 Holders Of rec. Sept. 130 Intereoast Trading (guar.)
e1
Stock dividend
•100. Sept.30 "Holders of reo. Sept.24
(mthly.)
el
Jan 111 Holders of rec. Dec. 130 Inter-Island Steam Nev.
Stock dividend (guar.)
250. Sept.25 Holders of rec. Sept. 106
$2
Sept.30 Holders of rec. Sept.20a Interlake Iron (guar.)
(quar.)
General Baking Co., pref.
Internat. Business Machines (guar.).- 144 Oct. 10 Holders of tee. Sept.220
750. Oct. 1 Holders of rec. Sept. 17
General Hakim;Corp.. Pref.(quar.)
.20c. Oct. I Holders of rec. Sept. 15
0 Int. Button Hole Sew. Mach.(Oil.)
40c. Oct. 25 Holders of rec. Sept. 19
General Electric (altar.)
Sept. 30 Holders of rec. Sept. ha
SI
150. Oct. 26 Holders of rec. Sept. 190 International Cement, corn. (quar.)Special stock (quar.)
8244e Oct. 15 Holders of rec. Sept. 200
1 44 Oct. 1 Holders of reo. Sept. 150 internatl. Harvester. corn.(guar.)
General Mills. pref. (guar.)
$1 Oct. 15 Holders of rec. Sept.25a
$1.25 Nov. 1 Holders of rec. Oct. ea Internatl. Match Corp., corn. (guar.)
General Motors $5 pref.(attar.)
$1 Oct. 15 Holders of rec. Sept.250
Participating pref.(guar.)
62440 Oct. 1 Holders of rec. Sept. 190
Gen.Printing Ink,cons.(guar.)
250. Sept.30 Holders of rec. Sept. 2a
31.50 Oct. 1 Holders of rec. Sept. 190 Internet!. Nickel, common (guar.)
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 100 Internat. Nickel of Canada, Prof.(guar.) 154 Nov. 1 Holders of rec. Oct. 26
General Railway Signal, corn.(quar.)-.. $1.25
lee Oct. 15 Holders of rec. Sept. 25a
pref. (guar.)
144 Oct. 1 Holders of rec. Sept. 10a Internat. Paper Co.,7%
Preferred (guar.)
1(4 Oct. 15 Holders of rec. Sept. 25
13% preferred (guar.)
(k) Oct.(15 Holders of reo. Sept.200
General Realty & UtilIties, pf.
General Steel Castings, pref.(guar.)- - $1.50 Oct. 1 Holders of rec. Sept. 180 Internat. Paper & Power. 7% Pref.(eu.) let Oct. 15 Holders of rec. Sept. 25e
14 Oct. 15 Holders of rec. Sept. 25
6% Pref. (guar.)
General Tire Sr Rubber, pref.(quar.).... 14 Sept.30 Holders of reo. Sept.19
750. Oat. 1 Holders of Teo. Sept. 15a
-International Salt, new corn.(No.D.
650. Dec. 1 *Holders of rec. Nov. 21,
Gibson Art, 130ELLIUM (QUM%)
•
750. Oct. 1 Holders of reo. Sept. 156
International Shoe, corn.(guar.)
COMMIM (guar.)
"85e. Aprl'31 *Hold, of reo. Mar 20 '33
500. Oct. 1 Holders of reo. Sept. 15
Preferred (monthly)
Gleaner Combine Harvester, corn.(qu.)
500 Oct. 1 Holders of rec. Sept. 18
"500. Nov. 1 *Holders of rec. Oct. 15
Preferred (monthly)
Sept.20 *Holders of rec. Sept. 10
Coal(guar.)
4
12
Glen Alden
•500. Doe. 1 *Holders of rec. Nov. 15
Preferred (monthly)
300 Oct. 1 Holders of rec. Sept. 180
Glidden Co., corn. (guar.)
13.4 Oct. I Holders of rec. Sept. 12a
134 Oct. 1 Holders of ree. Sept. 180 International Silver. pref. (guar.)
Preferred (guar.)
ri
SEPT. 20 1930.]
Name of Company.
When
Per
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Cont(nued).
750. Oct. 1 Holders of rec. Sept. 10
International Textbook
50c. Oct. 1 Holders of rec. Sept. 190
Interstate Dept. Stores, corn. (guar.).Oct. 1 Holders of rec. Soot. 25
2
Intertype Corp., let pref.(Ohara
.400. Oct. I *Holders of rec. Sept. 20
Investors Corp. of R. L. corn
First, second & cony. pref. (quar.)_ "51.50 Oct. 1 'Holders of rec. Sept. 20
Invest. Co. of Amer.. pref. A (guar.).-- •1% Oct. 1 'Holders of rec. Sept. 15
4g, si Oct. 1 'Holders of rec. Sept. 15
Preferred B (guar.)
50c. Oct. 1 Holders of rec. Sept. 220
Investors Equity Co., corn. (guar.)
•25c. Oct. 2 "Holders of rec. Sept. 20
Irving Air Chute (guar.)
Oct. 1 Holders of rec. Sept. 22a
$1
Island Creek Coal, cons. (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 22a
Preferred (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Jefferson Electric (guar.)
75c. Oct. 15 Holders of rec. Oct. la
Jewel Tea, Inc., corn. (guar.)
75c. Oct. 15 Holders of rec. Sept. 24a
-Manville Corp., corn.(quar.)_.
Johns
1% Oct. 1 Holders of rec. Sept. 10a
Preferred (quar.)
1)4 Oct. 1 Holders of rec. Sept. 12a
Jones & Laughlin Steel. pref.(quar.)
•115c. Sept.30'Holders of rec. Sept.20
Kalamazoo Veg. Parchment (quar.)
•150 Dec. 31 *Holders of rec. Dec. 22
Quarterly
* 51.625 Oct. 1 *Holders of rec. Sept. 15
Katz Drug. pref. (guar.)
37c. 1e1. 28 Holders of rec. Oct. 10a
Kaufmann Dept. Stores, coin. (guar.)
1)4 OM. 1 Holders of reo. wept.10
Preferred ,quar.)
15e. Oct. 15 Holders of roe. Oct. 1
Kaybee Stores, Inc., corn.(guar.)
*43%c Oct. 1 "Holders of rec. Sept. 15
Class A (guar.)
1% Oct. 1 Holders of rec. Sept. lea
Keith-Albee-Orpheum, pref.(guar.) _ •1 It Oct. 1 'Holders of rec. Sept. 15
Keith (Geo. E.) Co., 1st pref. (quar.)
500. Oct. 1 Holders of rec. Sept. Hia
Kelsey-Hayes Wheel, corn. (guar.)
c. Oct. 1 Holders of rec. Sept. 13a
Kennecott Copper Co.(guar.)
•$1.25 Oat. 1 Holder, of roe. Sept.20
Keystone Cold Storage
Kidder Participation No. 2, pref.(extra) •250. Oet. 1
Kimberly Clark Corp.. corn.(guar)_. 62 %I)Oct. 1 Holders of rec. Sept 12a
•154 Oct. 1 *Holders of roe. Sept.12
Preferred (guar.)
25c. Oct. 1 Holders of rec. Sept. 15a
Kinney (G. R..) Co., corn.(guar.)
Si Dee. 10 *Holders of rec. Nov. 29
Kirby Lumber (guar.)
•25c. Oct. 1 *Holders of rec. Sept.20
Klein (D. Emil) Co.,corn.(guar.)
81 sic Oct. 1 Holders of rec. Sept. 20
Knapp-Monarch Co. pref. (guar.)
.$1.50 Oct. 1 *Holders of rec. Sept. 11
Koppers Gas & Coke, pref. (guar.)
400. Sept.30 Holders of rec. Sept. 110
Kresge (S. S.) Co., corn.(guar.)
1)4 Sept. 30 Holders of rec. Sept. tie
Preferred (guar.)
•e3 Oct. 15'Holders of rec. Sept.20
Laboratory Products (guar.)
Oct. 1 Holders of rec. Sept. 170
32
Lambert Co.. corn.(guar.)
*52 50 Oct. 1 *Holders of rec. Sept. 15
Landed Banking & Loan (quer.)
"75e. Nov. 15 *Holders of roe. Nov. 5
Landis Machine, common Puma
$1
Sept.30 Holders of rec. Sept. 10
Land Title Bldg. Corp. (Phila.)
Dec. 31 Holders of rec. Dec. 10
$1
Land Title Bldg. Corp. (Phila.)
50e. Oct. 1 Holders of rec. Sept. 15
Lane Bryant, Inc., corn. (guar.)
Langendorf United Bak.el A &B(0.).- •500. Oct. 15'Holders of rec. Sept.30
700. Sept. 30 Holders of roe. Sept. 19
Lawyers Mortgage Co (quar.)
Oct. 1 Holders of Teo. Sept. 200
3
Lawyers Title& Guaranty (guar.)
•250. Sept.30 *Holders of roe. Sept. 20
common (guar.)
Leath &
.137%e Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
Co.,
1 Holders of roe Sept. 130
Oct.1)4
Lehigh Portland Cement. prof.(guar-)-75e. Oct. 1 Holders of rec. Sept. lla
Lehigh Valley Coal Corp. pref.(WO
90e. Sept.30 Sept. 12 to Sept. 30
'
Lehigh Valley Coal Sales Bluer.)
750. Oct. 3 Holders of rec. Sept.22a
Lehman Corp.(guar.)
35o. Sept.30 Holders of roe. Sept.11
Lessing's. Inc.(guar.)
•750. Oct. 1 'Holders of rec. Sept. 16
Ley (F. T.) Co., Inc.(guar.)
25e. Sept.30 Holders of rec. Sept. 10
Liberty Share Corp. (guar.)
el Sept.30 Holders of rec. Sept. 10
Stock dividend (see note dd)
Liggett & Myers'Fob., preferred (qua?.) 1K Oct. 1 Holders of ree. Sept. 100
1% Sept.30 Holders ot roe. Sept. 2
Lily-Tullp Cup Corp. Prof.(guar.)
•1
et. I *Holders of rec. Sept. 19
Linde Air Products. pref.(guar.)
*17 Sic Sept.20 *Holders of rec. Sept. 10
Lindsay Light. pref.(guar.)
75c. Sept.30 Holders of rec. Sept. 130
Loew's, Inc., common (guar.)
1% Oct. 1 Holders of reo. Sept. 186
Loose-Wiles Biscuit. 151 prof. (quar.)_
2)4 Oct. 1 Holders of res. Sept.17
Lord & Taylor common (guar.)
Lorillard (P.) Co., pref. (guar.)
135 Oct. 1 Holders of rec. Sept. 156
750. Oct. 1 Holders of rec. Sept. 15
Loudon Packing (guar.)
Lucky Tiger Comb. Gold MM.(mthly.) .2‘yc Sept.20'Holders of rec. Sept. 10
51.625 Oct. 1 Holders of rec. Sept. 1ga
Steel. pref.(guar.)
Ludlum
•1% Oct. 1 *Holden of roe. Sept.20
Lunkenheimer Co., pref.(quar.)
51% Jan 1'31
Preferred (guar.)
_ *I% Oct. l *Holders of rec. Sept. 13
Luptons(D.)Sons Co., pref.(guar.)
Mack Trucks, Inc., common (guar.).-- $1.50 Sept.30 Holders of rec. Sept. 150
*37 %c Oct. 15 'Holders of rec. Sept.30
Magnin (I.) & Co.. corn.(guar.)
•1% Nov. 15 *Holders of roe. Nov. 5
Preferred (quar.)
4 1% Sept.30 *Holders of rec. Sept. 23
.
Magor Car. Corp.. ire!.(guar.)
1 Holders of rec. Sept. 204
Oct.1)4
Mallinson(H.P..) Co. pref.(guar.)
1.1M Oct.
1 *Holders of rec. Sept. 15
Manhattan Shirt. pref.(guar.)
Manufacturers Casualty Co.,Phila..... 60c. Oct. 1 Sept. 21 to Oct. 1
400. Oct. 1 Sept. 21 to Oct. 1
Extra
75e Oct. 1 Holders of roe. Sept.15
Mapes Consol. Mfg.(guar.)
30c. Sept.30 Holders of rec. Sept. 4a
Midland Co.(guar.)
Marine
50e. Oct. 1 Holders of rec. Sept.20a
Marlin-Rockwell Corp.(quar.)
50c. Oct. 1 Holders of rec. Sept. 20a
Extra
1) *5654c Sept.30 *Holders of rec. Sept. 11
Maryland Casualty Co., new stk.(No..
$1.125 Sept.30 *Holders of rec. Sept. 11
Old $25 par stock (guar.)
50c. Oct. 1 Holders of rec. Sept. 12a
Mathieson Alkali Works, corn.(guar.).1% Oct. 1 Holders of rec. Sept. 12a
Preferred (guar.)
'-1)4 Nov.15
Matson Navigation (guar.)
25c. Oct. 1 Holder, of rec. Sept. 15
Maud Muller Candy Co.(guar.)
110c. Oct. 15 Holders of rec. Oct. 1
Maxweld Corp.(quar.)
I5c. Oct. 15 Holders of roe. Oct. 1
6% preferred (guar.)
May Department Stores
Common (payable in common stook). flIS Dee, 1 Holders of res. Nov. 150
25c. Oct. 1 Holders of rec. Sept. 15a
Maytag Co., corn. (guar.)
Oct. 1 'Holders of rec. Sept. 20
"37
McAleer Mtg.,corn.(guar.)
8240 Nov. 1 Holders of rec. Oct. 20a
McCall Corp.(guar.)
50c. Oct. 1 Holders of rec. Sept. 20
McGraw Elec. Co.,coin.(guar.)
Oct. 1 Holders of rec. Sept. 1130
51
McKeesport 'Fin Plate (guar.)
50c. Oct. 1 Holders of rec. Sept. 160
Extra
- $1.50 Oct. 1 Holders of rec. Sept. 200
McLellan Storm. pref. A & B (guar.).
•750. Oct. 1 'Holders of rec. Sent. 15
M end. Johnson At Co.. corn.(guar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Common (extra)
50c. Oct. 1 Holders of ree Aug. 30a
Mengel Co.. common (quar.)
Mercantile Discount. pref. A (quar.). - *50e. Oct. I *Holders of rec. Sept. 15
Merchants & Miners Transportation (qu) "62 i‘c Sept.30 *Holders of rec. Sept. 15
•50c. Sept. 30 *Holders of rec. Sept. 26
Merchants Refrigerating (N.Y.) (qu.)
2
Oct. 1 Holders of rec. Sept. 17
Merck Corp., Prof. (guar.)
2
Jan2'31 Holders of rec. Dec. 17
Preferred (guar.)
$1.50 Sept.30 Holders of tee. Sept So
Mergenthaler Linotype (guar.)__
*50e. Oct. 1 'Holders of rec. Sept. IS
Mesta Machine. corn.(guar.)
• ;.4. Sept.30 •Holders of rec. Sept. 23
1
Metropolitan Coal, pref. (guar.)
Metropolitan Paving Brick, pref.(guar.) 1% Oet. 1 Sept.16 to Sept.so
3 Oct. 20 Holders of rec. Sept. 30a
Mexican Petroleum. corn.(guar.)
2 Oct. 20 Holders of rec. Sept. 300
Preferred (guar.)
s1
Oct. 20 Holders of rec.Sept. 300
Michigan Steel. stook dividend
750. Oct. 1 Holders of rec. Sept. 22a
Nilelland Steel Products, corn.(guar.). _
2 Oct. 1 Holders of rec. Sept.22a
8% preferred (guar.)
*50e. Oct. 1 'Holders of rec. Sept.22
$2 preferred (guar.)
SI Oct. 1 Holders of rec. Sept. 13
Midvale Co.(guar.)
51.75 Oct. 1 Holders of xec. Sept. 16
Milgrim (II.) & Bros.. Prof. (guar.)
Hart, pref. (guar.)
'87'4c Oct. 1 *Holders of rec. Sept.20
Miller &
50c. Oct. 1 Holders of rec. Sept. 19
Miller (I.) & Sons. Inc., corn.(guar.)
•I5c. Oct. 1 'Holders of rec. Sept. 20
Minnnesota Mining & Mfg.(guar.)- Mock Judson & Voehringer, pref. (quar.) 114 Oct. 1 Holders of rec. Sept. 15
•45e. Oct.1 *Holders of roe. Sept.20
Monlghan mtg..clam A (guar.)
*8714c Oct. 1 *Holders of rec. Sept. 15
Monroe Chemical, preference (emir.)_
31 Sic. Oct. 1 Holders of rec. Sept. 10a
Monsanto Chemical Works
Cl 4 Oct 1 Holders of roe. Sept. 10a
Stock dividend
Montgomery Ward & Co., cl. A (guar.). 41.75 Oct. 1 *Holders of rec. Sept.20
Moody's Investors' Service
75o. Nov. 1 Holders of ree. Nov. 1
Participating preference (guar.)
•15c. Sept.3 *Holders of rec. Sept. 15
Moreland 011. class B (guar.)
'Sc. Sept.3 'Holders of rec. Sept. 15
Class B (extra)
25c. Oct.
Holders of rec. Sept. 15
Morristown Securities Corp. (guar.). _
1
Sept.2 Holders of rec. Sept. 20
Mortgage-Bond Co. of N. Y.(guar.)._ _
15c. Sept.3 Holders of rec. Sept. 20
Mortgage-Bond & Title Corp., com.....
Motor Bankers Corp., common (guar.) •35c. Oct. 1 *Holders of rec. Sept. 20
50c. Oct. 1 Holders of rec. Sept. 200
Motor Products Corp. corn. (guar.)_
40c, Oct. 1 Holders of rec. Sept. 150
Mountain Producers Corp. (quar.)
Municipal Tel. & Utilities, Corn. A (qu.) •25e. Nov. 15 *Holders of roe. Oct. 15
1853
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Cloaca.
Daps Inclustte.
Miscellaneous (Continued).
*I% Oct. 1 *Holders of rec. Sept. 18
MunsIngwear Corp., pref. (guar.)
Oct. 2 Holders of rec. Sept. 22
2
Murphy (G. C.) Co., pref. (guar.)
*Holders of rec. Sept. 15
- *75c Oct.
Muskegon Piston Ring, corn. (guar.).
Myers(F. E.)& Bros. Co., Corn.(guar.) 50o Sept.3 Holders of roe. Sept. 15a
1% Sept.30 Holders of tee. Sept. 15
Preferred (guar.)
'Hollers of rec. Sept. 24
Nashua Gummed&Coated Paper,PL(qII) "135 Oct.
Holders of rec. Sept. 170
- 55e Oct.
National Battery Co., Prof. (guar.).
70c Oct. 1 Holders of rec Sept. 19a
%rational Blsoutt.common ((mar.)
Holders of rec. Sept. 15
40e. Oct.
National Breweries, common (quar.)
Holders of ree. Sept. 15
44c. Oct.
Preferred (guar.)
Holders of roe. Sept. 12
50c. Oct.
Candy.cam.(guar.)
National
Holders of rec. Sept. 12
135 Oct.
1st & 2d preferred (guar.)
Holders of rec. Sept. 11
20c Oct.
Nat. Cash Credit AM.,corn.(guar.)
Holders of rec. Sept. 11
3-100ths share). (.1) Oct.
Common (stock dlv.
Holders of rec. Sept. 11
I 5c Oct.
Preferred ((uar.)
Holders of roe. Sept. 11
20c Oct.
Preferred (want)
Holders of rec. Sept. 11 a
Ch Oct.
Pref. (stock div. 3-100ths share)
750 Oct. 1. Holders of rec. Sept. 30a
Nat. Cash Register, class A (guar.)
Holders of rec. Sept. act
500. Oct.
National Dairy Products, eorn•(guar.)Holders of rec. Sept. Sn
Oct.
Com.(payable in own.stock) (qua!,). 11
*Holders of roe. Sept. 3
34 Oct.
Preferred A & B (quar.)
Holders of rec. Sept. 150
25e. Oct.
National Department Stores, cum.(qua
*Holders of tee. Sept. 20
*I% Oct.
Nat. Fruit Products. pref. (War.)
Holders of rec. Sept. 15
Oct.
2
Nat. Grocers, Ltd., let pref. (guar.)Sept.30Holders of roe. Sept. 120
115
National Lead. corn. (quar.)
114 Nov. 1 Holders of ree. Oct. 17a
Preferred B (guar.)
1(4 Sept.30Holders of rec. Sept. 15
National Licorice, pref. (guar.)
Oct. 1 *Holders of roe. Sept. 21
Nat. Lumber & Creosoting, pref.(qu.)._ "2
Nat. Mfrs. & Stores, class A (guar.).
- .135 Oct. 1 'Holders of rec. Sept. 15
*135 Oct. 1 *Holders of rec. Sept. 15
First preferred (guar.)
Oct. 1 Holders of rec. Sept. 15
2
National Relining pref. (cuar.)
*50e. Oct. 1 *Holders of rec. Sept. 20
(guar.)
National Screen Service
Nat.Short Term Securities.
Dec. 15 Holders of rec. Nov.110
13
Common A (payable in stock)
•75o. Sept 30 "Holders oh roe. Sept.19
National Standard Co.(guar.)
500. Oct. 1 Holders pf tee. Sept.17
National Steel Car (quar.)
50c. Oct. 1 Holders of rec. Sept. 2
National Sugar Refg. (qust%)
135 Sept. 30 Holders of rec. Sept. 20a
National Supply. pref.(guar.)
$1.25 Oct. 1 Holders of rec. Sept. 170
National Surety (quar.)
250. Oct. 1 Holders of rec. Sept. 130
common (guar.)
National Tea,
National Theatre Supply. prof. (qua?.). *$1.75 Oct. 1 *Holders of rec. Sept.15
*33.50 Oct. 1 *Holders of rec. Sept. 20
National Trust (Toronto) (guar.)
Nehl Corporation,first pref.(guar.)---- 31.3135 Oct. 1 Holders of reo. Sept. 15
600 Oct. 1 Holders of rec. Sept 151
Helmer Bros., Inc.. common (guar.)
40e Jan1'31 Holden of roe. Dec.155
Oommon (guar.)
250 Oct. 1 Holders of rec. Sept. 18
Nelson (Herman) Corp. (guar.)
25e Sept.30 Holders of rec. Sept. 130
Nevada Consol. Copper Co.(quar.)---_ '27i4c Oct. 1 'Holders of rec. Sept. 16
Co.. corn.(guar.)
Newberry (J. J.)
Newberry (J. J.) Realty, pref. A (qu.)__ *1% Nov. 1 'Holders of rec. Oct. 16
'11-1 Nov. 1 'Holder, of rec. Oct. 16
6% Preferred B (guar.)
"$2 Oct. 1 'Holders of tee. Sept.15
New England Equity, pf.(qu.)
25c Oct. 1 Holders of rec. Sept. 24
New Haven Clock, common (quar.)
*14 Sept.27 "Holders of rec. Sept. 13
N. Y. Realty & Impt.. pref. (quar.)
400 Oct. 15 Holders of res. Sept. 19
New York Transit (guar.)
•
50c. Sept.27 *Holders of rec. Sept. 15
New York Transportation (quar.)
$1.75 Nov. 1 Holders of rec. Oct. 10
New York Utilities, Inc., pref. (qua?.)
10c. Oct. 15 Holders of rec. Sept. 25
Niagara Share Corp., common (quar.)
$1.50 Oct. 1 Holders of rec. Sept.20
$6 preferred (guar.)
750. Oct. 1 Holders of rec. Sept. 8
Nichols Copper class A & B
Niles-Bement-Pond. common RillarJ--- *50e. Sept.80 *Holders of roe. Sept.20
*25c. Sept.30 *Holders of rec. Sept. 20
Common (extra)
•50e. Dee. 31 *Holders of reo. Dee. 20
Common (guar.)
*750. Oct. 1 *Holders of rec. Sept.30
Noblitt-Sparks Industries. corn. (qu.)
*el% Oct. 1 'Holders of roe. Sept. 20
Stock dividend
"1 Oct. 1 *Holders of rec. Sept. 20
Preferred (qua?.)
50c. Oct. 1 Holders of rec. Sept. 103
Noranda Mines. Ltd.(gum.)
A (guar.) •35c. Oct. 1 *Holders of rec. Sept. 16
North Amer. Creamery, class
- •10c. Oct. 1 *Holders of rec. Sept. 20
North American Oil Cons.(monthly).
North American Securities (in stock).-- eli Oct. 1 Holders of rec. Sept. I
North Central Texas Oil pref. (guar.).- 135 Oct. 1 Holders of rec. Sept. 10
*50c. Oct. 1 *Holders of rec. Sept. 15
Northern Discount (guar.)
•662-3 Oct. 1 "Holders of tee. Sept. 15
Preferred A (monthly)
•662-30 Nov. 1 "Holders of roe. Oct. 15
Preferred A (monthly)
•662-3c Dec. 1 *Holders of tee. Nov.15
Preferred A (monthly)
•
Northland Greyhound Lines, pf.(q11.)- $1.625 Oct. 1 *Holders of rec. Sept. 20
*45c. Oct. 1 'Holders of rec. Sept. 20
Northwest Bancorporation (quar.)
75c, Oct. 1 Holders of rec. Sept. 20
Novadel-Agene Corp.. corn- (quar.)_
25e. Oct. 1 Holders of rec. Sept. 20
Common (extra)
135 Oct. 1 Holders of rec. Sept. 20
Preferred (quar.)
'Sc, Sept.25 'Holders of rec. Sept. 16
Oceanic Oil (bl-monthly)
*51.50 Nov. 1 *Holders of ree. Oct. 20
Oggleeby Paper, preferred ((Nara
Oct. 1 Holders of rec. Sept. 18
52
Ogilvie Flour Mills, tom. (guar.)
Oct. 1 Holders of rec. Sept. 18
$5
Common (bonus)
•50c. Oct. 1 'Holders of rec. Sept. 10
Ohlo Finance (guar.)
Oct. 1 "Holders of rec. Sept. 10
'Cl
Stock dividend
Ohio Mid Cities Corp., prof. A (NO. 1). •10c. Oct. 25 'Holders of rec. Oct. 20
1% Oct. 1 Sept. 16 to Sept.30
Ohio Seamless Tube. pref. (guar.)
'Holders of rec. Sept. 2
.135
Ohio Steel Foundry 1st. & 2d pf.
'12)50 Nov. 1 *Holders of rec. Nov. 10
Ohmer Fare Register, com.(gUara
*Holders of rec. Sept.25
'14 Oct.
Preferred tenon/
'Hollers of rec. Sept. 15
- *50c Oct.
Old Colony Trust Associates (guar.).
Holders of rec. Sept. 100
51.50 Oct.
Oliver Farm Equip., pr. pref. (guar.)
"Holders of rec. Sept. 19
Oliver United Filters, class B (guar.)._ *50c Oct.
Holders of rec. Sept.15a
Oct.
2
Omnibus Corp., Pref.(guar.)
*20e. Sept.2 "Holders of rec. Sept. 10
Onomert Sugar (monthly)
*Holders of rec. Sept. 15
"51.50 Oct.
Ontario Loan & Deb.(guar.)
'Holders of rec. Sept.20
.141 Oct.
Ontario Mfg., pref. (guar.)
"Holders of rec. Sept. 20
'l'% Oct.
(guar.)
Open Stair Dwellings
*Holders of rec. Sept.le
*51.75 Oct.
Orange-Crush, ltd., 01. A (111.)
Holders of rec. Sept. lea
$2 Oct.
Orpheum Circuit, pref.(qua?.)
14 Oct. 1 Holders of roe. Sept. 300
Otls Elevator, pref. (guar.)
1445 an15'3 Hold, of roe. Dee.31'30a
Preferred (guar.)
Holders of rec. Sept. 10a
62lie Oct.
Otis Steel, corn. (guar.)
Holders of rec. Sept. 19a
135 Oct.
Prior preferred (guar.)
Holders of tee. Sept. 15
134 Oct.
Owens-Lninols Glass. pref.(guar.)
'Holders of rec. Sept. 15
•35e. Oct.
Pacific Indemnity (quar.)
"Holders of rec. Sept. 15
Pacific Invest. Corp., let & 2nd pt.(qua *111.50 Oct.
Sept.2 Holders of roe. Sept.17
$1
Paraffine Cos., Inc (guar.)
Paramount Publlx Corp.. cont. (quar.)- $1 Sept.2 Holders of rec. Sept. 5a
*250. Sept.30 *Holders of roe. Sept.19
Parke,Davis & Co.(guar.)
•100. Sept.30 'Holders of roe. Sept. 19
Extra
13rd Oct. 1 Holders of rec. Sept. 124
Penick & Ford, pref.(guar.)
750. Sept.30 Holders of rec. Sept. 204
_
Penney (J.C.) Co.,common (guar.)
I% Sept.30 Holders of rec. Sept.200
Preferred (quar.)
*1% Oct. 1 'Holders of rec. Sept. 15
Pennsylvania Glass Sand, pref.(quar.)
250. Oct. 1 Holders of rec. Sept. 80
Peoples Drug Stores, Inc.. coin.(111.)*50c. Oct. 1 *Holders of rec. Sept. 20
Perfect Circle (guar.)
3734c. Oct. 1 Holders of rec. Sept. 106
Pet Milk Co.,corn.(guar.)
135 Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
37c Sept.30 Holders of rec. Sept. 220
Petroleum Corp. of Amer.(guar.)
750. Oct. 1 Holders of rec. Sept. 5a
Phelps Dodge Corp.(guar.)
Philadelphia Dairy Prod.. pr. pf. (qu.)_ 51.625 Oct. 1 Holders of rec. Sent, 19
75e. Oct. 1 Holders of rec. Sept. 20a
Philadelphia Inquirer pref. (guar.)
50c. Oct. 12 Holders of rec. Sept. 16
Phillips Petroleum (quar.)
500, Oct. I Holders of rec. Sept. 15
Pie Bakeries of Amer., class A (guar.)._
142 Oet. i Holders of rec. Sept. 15
Preferred (guar.)
*50c. Oct. 1 "Holders of rec. Sept. 10
Pittsburgh Plate Glass (quar.)
Pittsburgh Steel Foundry. Pref.(guar.)- iii134 Oct. 1 *Holders of roe Sept.24
*17 sic Sept.30 'Holders of rec. Sept. 10
Pitts Thrift Corp.(guar.)
37 tee. Oct. 1 Holders of rec. Sept. 200
Pittston Co.. common (quar.)
*500. Sept. 30 *Holders of reo. Sept. 16
Plymouth Oil (guar.)
*ei Oct. I "Holders of rec. Sept. 20
Polymet Mfg.(payable in stock)
Porto Rico-Amer. Tobacco. Cl. A (qua_ 87)4c Oct. 10 Holders of roe. Sept. 200
Powdrell & Alexander. pref. (guar.)._ ._ 145 Oct. 1 Holders of rec. Sept 15
50o. Sept.30 Holders of rec. Aug. 30a
Prairie Oil& GM (guar.)
750. Sept.30 Holders of rec. Aug. 300
Prairie Pipe Line (guar.)
50c. Sept.30 Holders of rec. Aug. 30a
Extra
oct. I *Holders of rec. Sept. 15
Pratt A Lambert (quar.)
1% Sept.30 Holders of reo. Sept. 24
Pressed Steel Car pref.(guar.)_
50c. Oct. 1 Holders of rec. Sept. 15
Price Bros., Ltd., common (guar.)
1% Oct. 3 Holders of roe. Sept 15
Preferred (guar.)
1854
lvame of Company.
[Vol., 131.
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
Procter & Gamble Co., pref. (guar.).-- 2
Oct. 15 Holders of rec. Sept. 250 Thatcher Mfg., COM.(quar.)
40c. Oct. 1 Holders of rec. Sept. 20a
Provident Ad). and Inv., Pref. (quar.)7.- •I 55 Sept.30 *Holders of rec. Sept. 22
Thompson (John It.) Co.(goar.)
750. Oct. 1 'folders of ree. Sept. 230
Pure Oil Co., 535 % pref.(qu.)
131 Oct. 1 Holders of rec. Sept. 10
Thompson Products, Inc., corn.(au.)---60e. Oct. 1 Holders of rec. Sept.20a
6% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 10
Thompson's Spa, Inc., pref. (quar.)
'1.50 Oct. I *Holders of rec. Sept. 10
8% preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 10a Thompson-Starrett Co. pref.(quar.)- - 873-5e Oct. 1 Holders of reo. Sept. lie
-Quaker Oats. corn. (guar.)
Tide Water Associated Oil, pref. (quar.) 61.50 Oct. 1 Holders of rec. Sept. 90
.
151.
Oct. 15 *Holders of tee. Oct. 1
Tide Water Oil, corn.(guar.)
Preferred (guar.)
*134 Nov.29 "Holders of reo. Nov. 1
20e. Sept. 30 Holders of rec. Sept. 9a
Radio Corp. of Amer. pf. A (quar.)__ 87 Mc. Oct. 1 Holders of rec. Sept. 20 Timken-Detroit Axle, corn.(guar.)
20c. Oct. 1 Holders of rec. Sept.20a
Preferred B (guar.)
31.25 Oct. 1 Holders of rec. Sept. 2a Tintle Standard Mining (guar.)
.200. Sept.10 *Holders of rec. Sept. 16
:Real Silk Hosiery, corn. (quar.)
61.25 Oct. 1 Holders of rec. Sept. 12a Todd Shipyards (guar.)
Sept. 20 *Holders of rec. Sept. 5
*V
Preferred (guar.)
135 Oct. 1 Holders of rec. Sept. 12a Toronto Mortgage (guar.)
*51.50 Oct. I *Holders of rec. Sept. 15
Reece Button Hole Mach. (quar.)
Torrington Co. (guar.)
35e Oct. 1 Holders of rec. Sept. 15
75c. Oct. 1 Holders of rec. Sept. 18
Reece Folding Machine (guar.)
Traung Label & Lithograph, ol. A fou.). .3754c Dec. 15 'Holders of reo. Deo. I
50 Oct. 1 Holders of rec. Sept. 15
Reliance Mfg.(111.) pref. (guar.)
Traylor Eng. & Mtg.. pref. (quar.)....-- *2
Oct. 1 *Holders of rec. Sept.25
l5( Oct. 1 *Horner, of reo. Sept. 19
Trice. Products Corp.(guar.)
Reliance Mfg.(Ohio),common (guar.)
-St Oct. 1 Holders of reo. Sept. 15
6214c Oct. 1 Holders of rec. Sept. 86
*151 Oct. 1 *Holders of rec. Sept. 20
Renting ton Arms. 1st pref. (guar.)
TM-Continental Corp., pref. (guar.)
-13.5 Oct. 1 Holders of rec. Sept. 15a
• Remington-Rand, common (guar.)
400. Oct. 1 Holders of reo. Sept. 80 TM-National Trading, pref. (guar.).31.50 Oct. 8 Holders of rec. Sept.22
First preferred (guar.)
1
Oct. 1 Holders of reo. Sept. 8a Tristate Royalty Corp., corn.(monthly) 8 1-3e Oct.
Holders of rec. Sept.15
Second preferred (aunt.)
Preferred A (monthly)
2
Oct. 1 Holders of rec. Sept. 8a
Holders of rec. Sept.15
.
10e, Oct.
.Reo Motor Car (guar.)
20o. Oct. 1 Holders of reo. Sept. 10a TrI-Utilities Corp., corn.(guar.)
Holders of rec. Sept. 15
30c. Oct.
Republic Investing Corp., pref.(guar.). "350. Oct. 1 *Holders of reo. Sept. 15
Common (payable in corn.stock)
Holders of rec. Sept. 15
ft
Oct.
_Republic steel Corp., pref.(guar.)
$1.50 Oct. I Holders of rec. Sept. 120
Preferred (guar.)
Holders of rec. Sept. 15
75c. Oct.
Republic Supply (guar.)
*750. Oct. 15 *Holders of reo. Oct
I
*Holders of rec. Sept.20
*50c. Oct.
Tro y transhade("an)
Ex Su
Research Investment Corp. pref.(guar.)
75e Oct. 1 Holders of reo. Sept.15
*Holders of rec. Sept.20
"503. Oct.
Revere Copper & Brass class A (quar.). $1
Oct. 1 Holders of me. Sept. 100 Trumbull-Cliffs Furnace, pref. (guar.)._
Holders of rec. Sept.d19
133 Oct.
Preferred (quar.)
$1.75 Nov. 1 Holders of reo. Oct. 10a Tniscon Steel, corn. (guar.)
30c. Oct. 1 Holders of rec. Sept. 260
_Reynolds(R.J.)Tob.,com.& com.B(au) 750. Oct. I Holders of tee. Sept. 180 Ulen & Co., corn. (guar.)
400. Oct. 15 Holders of ree. Oct. la
lUch Ice Cream Co., corn. (guar.)
.600. Nov. 1 Holders of rec. Oct. 15
Underw.-Elliott-Fisher Co., oom.(q11.)-$1.25 Sept.30 Holders of roe. Sept. 120
Rich's. Inc.. pref. (guar.)
•151 Oct. 1 'Holders of rec. Sept. 15
Preferred (guar.)
151 Sept.30 Holders of reo. Sept.12a
Union Carbide & Carbon (qua?.)
Rike.Kurnier Co., corn. (guar.)
*55c. Oct. 1 *Holders of rec. Sept. 15
Holders of rec. Sept. 4a
65e. Oct.
Union Storage Co. (guar.)
Preferred (guar.)
*135 Oct. 1 'Holders of rec. Sept. 15
•6251c Nov. I *Holders of reo. Nov.1
:Robbins(Sabin) Paper, Prof.(guar.) _ _ .61.75 Oct. 1 'Holders of roe. Sept. 25
Unit Corporation, pref. (guar.)
50e. Oct.
Holders of rec. Sept.20
United Aircraft Corp., pref. (guar.).
:Robinson(Dwight P.)Se Co.,let pt.(qu.) '21.75 Oct. 1 *Holders of tee. Sept. 20
Holders of rec. Sept. 100
- 75c. Oct.
R088 Gear & Tool (guar.)
*50c. Oct. I "Holders of rec. Sept. 20
United Madness Publishers, ore.(qu.).
*Holders of ree. Sept. 21
Oct.
:Royal Baking Powder, corn.(quar.)____
United Carbon, corn. aunt.)
25e. Oct. I Holders of reo. Sept. 8
Oct.
Holders of reo. Sept.130
50o
Preferred (guar.)
United Dyewood Corp., pref. (goat.).... 151 Oct.
134 Oct. 1 Holders of reo. Sept. 8
Holders of reo. Sept. 12a
;Russ Mfg., class A
United Elastic Corp
*51.75 Nov. 1
40o Sept.2 Holders of rem Sept.10
*13,1 Oct.
First preferred (guar.)
United Elec. Lt. & Pow.,7% pf.
*51.75 Oct. I
*Holders of rec. Sept.15
_Rood Mfg.common (guar.)
6% preferred (quar.)
*650. Nov. 1 *Holders of reo. Oct. 15
*Holders of rec. Sept.15
Oct.
:Safety Cur limit
Ltg. (guar.)
*2 Oct. 1 *Holders of rec. Sept. IS
United Founders Corp., corn. (guar.)
;Safeway Stores, Inc.. common (guar.)._ $1.25 Oct. 1 Holders of reo. Sept. I20
Holders of reo Sept. 2
q, om mon stock
c )
iar
(I) Oct.
7% preferred (guar.)
Holders of rec. Sept. 2a
131 Oct. 1 Holders of reo. Sept. 120 Unlit-Z(11d
Oct.
SI
(
e
6% preferred (guar.)
'Holders of rec. Sept. 6
151 Oct. I Holders of me. Sept. au United Hellenic Bank Shares, corn. (qu.) *100. Oct.
*St. Joseph Lead Co.(guar.)
*Holders of rec. Sept. 6
500 Sept. 20 Sept. 10 to Sept. 21
Preferred (guar.)
*10c Oct.0
50
Extra
250 Sept. 20 Sept. 10 to Sept. 21
'Holders of rec. Sept. 20
United Loan Corp. (guar.)
*$1.25 Oct.
Quarterly
Nov.
Holders Of reo. Oct. 15.
500 Deo. 20 Deo. 10 to Dee. 21
Unii,tedeferPrIed (qua?.)ecoDyeorks. Corn.(guar.).Extra
Holders of tee. Sept. 20e
250. Deo. 20 Dec. 10 to Dee. 21
134 Oct.
Preferred Omar.)
tSt. Lawrence Corp., class A (guar.)
134 Jan2'3 Holders of reo. Dee. 20.
50c. Oct. 15 Holders of rec. Sept. 30
:St. Lawrence Paper Mills, of.(qu.)
1 l5 Oct. 15 Holders of rec. Sept. 30
United Profit Sharing, pre(
50c. Oct. 3 Holders of rec. Sept. 300
iSt.L Rocky Mts.& Pao.Co.,com.(qu.)
"Holders of reo. Sept. 20
500. Sept.30 Holders of reo. Sept. 150 United Publishers, corn.(quar.)
7 .25()
1
14( Oil
*Holders of rec. Sept.20
Preferred (guar.)
134 Sept.30 Holders of tee. Sept. 150
Preferred (guar.)
•'St. Maurice Valley Corp., pref.(qu.)--- 131 Oct. 1 Holders of rec. Sept. 12
t
United Shoe Machinery, corn. (guar.).- 62; se t 3 Holders of rec. Sept. 16
*31 ce Oep.
7
:St. Regis Paper, coin.(guar.)
Holders of rec. Sept. 16
25e. Oct. 1 Holders or rec. Sept. 10
Common (extra)
d$1
Oct.
Preferred (quar.)
I 35 Oct. 1 Holders of rem Sept. 10
Holders of rec. Sept. 16
Oct.
Preferred (quar.)
aalt Creek Consul. 011 (guar.)
U. S. Bobbin & Shuttle, pref.(guar.).
•100. Oct. 1 Holders of reo. Sept. 15
*Holders of rec. Sept. 20
ISitogamo Electric Co..corn.(guar.)
50o. Oct. 1 Holders of reo. Sept. 1
U. S. Foil, corn. A. & B (guar.)
.
Holders of rec. Sept. 150
12%5e
Preferred (quar.)
Holders of rec. Sept. 150
131 Oct. 1 Holders of rec. Sept. 1
Preferred (guar.)
Oct.
•1A Nov. 15 Holders of rec. Nov. 1
:Savage Arms. second pref. (guar.)
U.S. errrd (uuar (gust.)
ypitu m,corn).
*400. Sept. 3 *Holders of reo. Sept. 15
_Schlesinger (B. F.) & Sons, pref. (guar.) •13,/ Oct. 1 Holders of rec. Sept. 15
*134 Sept.3 *Holders of reo. Sept.15
rim Jan l'31 Holders of reo. Dec. 15
Preferred (guar.)
United States Leather, pr. pref.(guar.) 1% Oct.
Holders of rec. Sept. 10a
-.Schulte Retail Stores, pref.(guar.)
2
Oct. I 'Polders of rec. Sept. 120 U. S. Pipe & Foundry. corn. (gust.)...234 Oct. 2 Holders of rec. Sept. 200
-Scott Paper common (guar.)
Holders of reo Dec. Sb
35e. Sept.30 Holders of reo. Sept.160
Common (guar.)
0
a 0
23: 7 7 :
3u0 Ja 2 3
-Scoville Mfg. (guar.)
First preferred (guar.)
*75o. Oct. 1 *Holders of reo. Sept.15
30o Oct. 2 Holders of tee. Sept. 800
Seaboard Utilities Shares Corp.(guar.).-123-50 Oct. 1 Holders of rec. Sept. 2a
Holders of reo. Dee. 310
First preferred (guar.)
Sears
-Roebuck,stock rib:.(quar.)
'Holders of rec. Sept. 20
Oct.
el
Nov. 1 Holders of roe. Oct. 15a U. S. Playing Card (guar.)
*El
:Second Intern. Securities, corn. A (qu.)__
U.S. Print.& Lithographing, corn.(qu.) *50c. Oct.
'Holders of rec. Sept. 20
50c. Oct. 1 Holders of rec. Sept. 15
6% first preferred (guar.)
Preferred (guar.)
75e. Oct. 1 Holders of rec. Sept. 15
u Oct.
'750. s .2 *Holders of rec. Sept. 20
6% second preferred (guar.)
Holders of rec. Aug. 304
United States Steel Corp. corn.(quar,)....
75e Ort, 1 Holders of rec. Sept. 15
:Second National Invest.. pref. Mara_ _ $1.25 Oct. 1 Holders of roe. Sept. ISO U. S. Tobacco, commonar
Holders of rec. Sept. 150
rrear
oi
(qua?,)
$1
Oct.
Cony. pref.(guar.)
Preferred
Holders of rec. Sept. 150
31.25 Oct. 1 Holders of reo. Sept. 100
151 Oct.
'Selected Industries allot.ctfs.75% pd....$ 1 .0334 Oct. 1 Holders of rec. Sept. 15
23 *Holders of rec. Sept. 15
e0r.
Universal Products (guar.)
*50c Oct.
2
Utah Copper Co.(war.)
Prior Stock (guar.)
Holders of rec. Sept. I30
$1.375 Oct. 1 Holders of rec. Sept. IS
„Service Stations, ltd.. class A & B (qu.)Utilities Hydro ,k Rail Shares, common_
Holders of rec. Sept. 2
65e. oct. I Holders of rec. Sept. 15
14e.
:Shattuck (Frank G.) Co.(guar.)
Sept.2 Holders of rec. Aug. 30
250. Oct, 10 Holders of rec. Sept. 200 Vacuum Oil (guar.)
$1
:Shell Union Oil, pref.(guar.)
Oct.
*Holders of rec. Sept. 17
*2
151 Oct. 1 Holders of reo. Sept. So Valvoline Oil, pref. (guar.)
Sherwin-Williams Co., Can., corn.(qu.)
Vanadium Alloy Steel (quar.)
Sept.3
a.
D1 *Holders of tee. Sept.20
d40e. Sept. 30 Holders of rec. Sept. 15
*Holders of reo. Dee, 1
Common (bonus)
Vapor Car Heating Pref.(guar.)
Pe. Sept. 30 Holders of rec. Sept. 15
Vogt Manufacturing, common (goar.)_
Preferred (guar.)
135 Sept. 30 Holders of rec. Sept.15
500. Oct 20 Holders of rec. Sept. 15
.
.
1
Holders of reo. Oct. 40
Vulcan Detinning, Common (quar.)--Oct
.Sirumons-Boardman Pub., corn. (quar.) .50c Oct. 1 *Holders of rec. Sept. 22
Common (extra)
1.34 Oct. 20 Holders of me. Oct. 4.0
*50e. Oct. 1 'Holders of rec. Sept. 22
Preferred (War.)
.Sinclair Consol. Oil, corn. (qua?.)
50c. Oct. 15 Holders of rec. Sept. Ita Want & Bond, Inc., class 13 (guar.) - "30c. Sept. 30 "Holders of rec. Sept.15
Singer Mfg. ((mar.)
2.5 Oct. 1 *Holders of rec. Sept. 10
Waldorf System, Inc., corn.(guar.)
37 Mc Oct. 1 Holders of rec. Sept. 20a
14 Oct. 1 Holders of rec. Sept.20
20c.
Extra
Preferred (guar.)
"2 t Oct. 1 *Holders of rec. Sept. 10
Skelly Oil Co., pref.(guar.)
Walg,reen Co., pref. (guar.)
.750. Oct. 1 Holders of rec. Sept. 200
•1 M Nov. 1 "Holders of rec. Oct. 1
Holders of reo. Sept. 20
-Sloss-Sheffield Steel & Iron, of.(quar.)_ _
Waltham Watch pref. (guar.)
1, Oct. 1 Holders of rec. Sept. 19a
5
114 Oepi.30 'Holders of ree. Sept. 20
Se t
.Southern Bond dr Share, pref. (guar.)... •,oc. Oct. 1 *Holders of rec. Sept. 15
1
Walworth Co., Pref.(guar.)
2 3. Oct. 1 Holders of rec. Sept. 176
1e
55
South Penn Oil (auar.)
Ward Baking Corp., pref.(guar.)
*50e. Sept. 30 *Holders of rec. Sept. 16
-South Porto Rico Sugar. corn. (guar.) _ _
15 Holders of rec. Sept. 30a
5
50c.
350. Oct. 1 Holders of rec. Sept. lila Warner Company,common (guar.)
Holders of rec. Sept. 30
Oct.
Preferred (guar.)
Common (extra)
2
Oct. 1 Holders of rec. Sept. 100
135 Oct. 1 Holders of rec. Sept. 150
First and second pref.(guar.)
Southwest Pa. Pima Lines (ouan)
41
Oct. 1 Holders of reo. Sept.15
7 50.
2 0 Oct.1 Holders of rec. Sept. 16e
5.
.
'Spalding (A. 0.) & Bros., corn.(guar.).
Oct. 15 Holders of tee. Sept. 300 Warren Bros. Co. common (auar.)
500Oct. 1 Holders of reo. Sept. 160
Spang. Chalfant de Co., pref. (guar.)._ $1.50 Oct. I Holders of reo. Sept. 15
First preferred (guar.)
2
Holders of rec. Sept. 16
Sparks-Withington Co., corn.(quar.)
25e. Sept. 30 Holders of rec. Sept. 130
Second preferred (guar.)
71 Oct. 1 Holders of reo. Sept. 16a
Oc1.
91
Sparta Foundry (guar.)
Cony. Prof. new (guar.)
.
3750. Sept.30 *Holders of reo. Sept. 15
50c Oct. 1 Holders of rec. Sept. 150
Spencer Kellogg & Sons, Inc., corn.(qu.)
20c. Sept.30 Holders of rec. Sept. 150 Warren Foundry & Pipe (quar.)
*75c Oct. 1 *Holders of rec. Sept. 15
Spencer Trask Fund. Inc.(guar.)
Waukesha motor(goan)
25e. Sept. 30 Holders of rec. Sept. 10
Holders of rec. Sept. 150
50c. Oct.
Spicer Mfg., pref.(guar.)
75c. Oct. 15 Holders of rec. Oct. la Wesson Oil& Snowdrift, corn.(quar.)
413.6 Oct. 6 *Holders of rec. Sept. 26
West Coast 011, pref. (guar.)
Square D Co.,cont. A.(quar.)
35e. Sept. 30 Holders of roc. Sept.20
*Holders of rec. Sept. 2
"x40
Common El (guar.)
Preferred (distribution of assets)
Sept.30 Holders of rec. Sept.20
50e.
Standard Brands, core. (guar.)
3731c Oct. 1 Holders of rec. Sept. 80 West Va. Pulp & Paper. pref.(quar.)... *1)4 Nov. 15 *Holders of rec. Nov. 5
Preferred A (guar.)
'$1
Sept. 30 "Holders of rec. Sept. 25
21.75 Oct. 1 Holders of rec. Sept. 80 Western Electric (guar.)
.
3234.e Sept.20 *Holders of rec. Sept. 15
Standard Dredging, pref. (guar.)
Western Exploration (guar.)
*50c. Oct. 1 *Holders of rec. Sept. 15
Standard Oil (Kentucky)(guar.)
Western Grocers, Ltd., pref. (quar.)- 135 Oct. 15 Holders of rec. Sept. 20
*400. Sept. 30 *Holders of rec. Sept. 15
*25e. Sept. 30 *Holders of rec. Sept. 16
Standard Oil (Nebraska)(guar.)
Western N. Y. Sec. (goar.)
6231c Sept.20 Aug. 24 to Sept. 20
Extra
Wegern Royalty Corp., el. A (monthly) **111315c. Oct. 6 *Holders of rec. Sept.15
250. Sept.20 Aug. 24 to Sept.20
Oct.
*Holders of rec. Sept. 19
Standard Oil(Ohio)corn. (quar.)_
Western Tablet & Stationery, of. (go.)02510. Oct. 1 Holders of roe. Sept. 12
Mc. Oct. 3 Holders of rec. Sept. 30
Standard Steel Construction. al. A (qu.) *75o. Oct. 1 *Holders of reo. Sept. 10
Westinghouse Air Brake (guar.)
-Starrett(L.S.) Co., corn.(quer.)
Westinghouse Elec. de Mfg., corn. (qu.)_ $1.25 Oct. 3 Holders of rec. Sept. 30a
50e. Sept. 30 Holders of rec. Sept. 20a
$1.25 Oct. 3 Holders of rem Sept. 30a
Preferred (guar.)
Participating pref (gnar.)
"51.50 Sept. 30 *Holders of rec. Sept. 20
30e. Oct.
Holders of reo. Sept. 15a
Starrett Corp., $30 par pref.(quar.)
Westmoreland, Inc.(guar.)
.75e. Oct. 1 *Holders of rec. Sept. 15
25c. Oct.
Holders of rec. Sept. 1ga
State Theatre (Boston) prat. (guar.).- .2
Weston Electrical Instrument, corn.(qu)
Oct. 1 *Holders of rec. Sept. 20
Holder, of rec. Sept. 194
50c. Oct.
_State Title & Mortgage (goar.)
Class A (guar.)
Sept. 15
'31.50 Oct. 1 *Holders of rec.
*Holders of ree. Sept. 20
"25c. Oct.
Stearns (F.)& Co.(monthly)
Wheatsworth, Inc. (extra)
' 2-3e Sept.30'Holders of rec. Sept. 20
id
*25c. Oct.
'Holders of rec. Sept.20
114, Oct.
uarterly Cu.(guar.)
Steel Se Tubes,class A (guar.)
whlte
1 *Holders of roe. Sept. 20
50c. Sept. 30 Holders of rec. Sept. 121
Stein (A.) & Co., pref. (guar.)
Motor
I % Oct. 1 Holders of rec. Sept. 15
Sterling Motor Truck, pref.(qu.)
White Motor Securities. Pref. (guar.)
- $1.75 Sept. 30 Holders of rec. Sept. 12
*50e. Oct. I *Holders of rec. Setif. 20
Oct. 1 Holders of rec. Sept. 154
White Rock Mineral Springs, com.(qu.) $1
Stlx, Baer A Fuller, common (guar.).- *3710 Dee. I *Holders of tee. Nov. 15
55
135 Oct. 1 Holders of rec. Sept. 15
First preferred (guar.)
Preferred (guar.)
.433:c Sept. 30 *Holders of rec. Sept. 15
Oct. 1 Holders of rec. Sept.15
Second preferred
Stone & Webster, Inc.(guar.)
$I Oct. 15 Holders of rec. Sept. 170
*62 tie Oct. 1 *Holders of rec. Sept. 20
White Star Refining (guar.)
Sunshine Biscuit, 1st pref.(guar.)
$1.75 Oct. 1 Holders of reo. Sept. 18
'135 Oct. 1 *Holders of rec. Sept. 24
Vi'hittenton Mfg., pref. (guar.)
Superheater Co.(gnarl
6234c Oct. 15 Holders of rec. Oct. 4a
6233c Sept. 30 Holders of rec. Sept.200
Wilcox-Rich Corp. class A (guar.)
Superior Portland Cement. part A (go.). '2735e Oct. I *Holders of rec. Sept. 23
623-1c Dec. 31 Holden; of rec. Dee. 20a
Class A (guar.)
Supertest Petroleum Corp.
10c. Nov. 15 Holders of rec. Nov. 1
Will & Dimmer Candle,corn.(guar.).
Common and ordinary stock (au.).
20e. Oct. 1 Holders of rec. Sept. 13
10c. Nov. 15 Holders of rec. Nov. 1
4.1% Oct.
Common (extra)
Preferred A (guar.)
1 *Holders of rec. Sept. 13
2
Oct. t Holders of rec. Sept. 15
Preferred (quar.)
Preferred IS (guar.)
'155 Oct. 1 *Holders of rec. Sept. 13
134 Oct. 1 Holders of rec. Sept.220
Willys-Overland Co., pref.(quar.)
Swift Se Co. (guar.)
Mc. Oct. 1 Holders of rec. Sept. 10
Wilson & Co., pref.(acct, accum. diva.). 5135 Oct. I Holders of roc, Sept.22
Taggart Corp., corn.(guar.)
25c. Oct. 1 Holders of rec. Sept. 15
0214 Nov. 1 *Holders of reo. Oct. 15
Wizened HoiderY (quar.)
Si preferred (guar.)
31.75 Oct. I Holders of rec. Sept. 15
*50e Nov. I *Holders of reo. Oct. 15
Extra
Claes A (quar.)
50c. Oct. 1 Holders of rec. Sept. 15
"25c Oct. 1 *Holders of rec. Sept. 10
•'Taylor Milling Corp., corn.(guar.)
Wiser Oil (guar.)
6231c Oct. 1 Holders of rec. Sept. 10
Wood (Alan) Steel, prof.(quar.).
151 Oct. 1 Holders of tee. Sept.120
Telephone Corporation (monthly)
*20o. Oct. I *Holders of rec. Sergi. 20
Worthington Pump .11: Mach., pf. A (qu.) 151 Oct. 1 Holders of rec. Sept. 100
Monthly
*20o. Nov. 1 *Holders of reo. Oct. 20
Prof. A Wet accumulated dive.)
135 Oct. 1 Holders of rec. Sept. 100
Monthly
.20o. Deo. 1 *Holders of reo. Nov. 20
Pref. B (guar.)
13i Oct. 1 Holders of rec. Sept. 100
'Tennessee Products Corp.. corn. (guar.) *250. Oct. 10 *Holders of roe. Sept. 30
Prof. B (seal accumulated diva.)
5134 Oct. 1 Holders of rec. Sept. 10a
Common (guar.)
*250.Is 1031 *Holders of roe. Dec. 31
Wright (0.) Co., class A (mthly.)
Common (guar.)
*25c. Sept.20 *Holders of rec. Aug. 10
*25e. 4-10-31 *Holders of reo. Mar.31
-Texas Corporation (quar.)
250. Oct. 1 Holders of reo. Sept.20
750. Oct. 1 Holders of rec. Sept. 5
0 Wrigley (Wm.)Jr. Co.(monthly)
Monthly
"'Peyton 011 & Land, corn. (quar.)
25e. Nov. I Holders of ree. Oct. 20
25e, Oct. 1 Holders of rec. Sept. 10
Common (extra)
Monthly
500. Dee. I Holders of ten Nov. 20
$3
Oct. 1 Holders of rec. Sept. 10
1855
FINANCIAL CHRONICLE
EPT. 20 19301
Name of Company.
Miscellaneous (Concluded).
iiVurlitser (Rudolph) coin. (monthly).
Common (monthly)
Common (monthly)
Common (monthly)
Preferred (guar.)
Preferred (quar.)
Preferred (guar.)
Preferred (quer.)
Tale & Towne Mfg.(quar.)
'Yosemite Holding Corp.. pref.(guar.) _ _
'Youngstown Sheet & Tube, corn.(Cu.)-Preferred (guar.)
Tonne (L. A.) Spring & Wire (guar.)
Per
Cent
When
Payable.
Books Closed.
Days Inclusive.
•50c. Sept. 2$ *Holders of roe. Sept. 24
'
11500 Oct. 25 *Holders of rec. Oct. 24
*500. Nov. 25'
,
Holders of rec. Nov. 24
•541e. Dec. 25 *Holders of roe. Dee. 24
alto Oct. 1 •Holders of rec. Sept. 20
el ti Jan 1'31 *Holders of rec. Doe. 20
•1
Aprl'31 •Hold.of rec. Mar 2031
*14 Jul 131 *Hold. of roe. June 20'31
$05. Oct. 1 Holders of rec. Sept. 101
87 1 Se Oct. I Holders of rec. Sept. 15
$1.25 Oct. 1 Holders of rec. Sept. 140
1 3.4 Oct. 1 Holders of rec. Sept. 14
75c. Oct. 1 Holders of rec. Sept. 150
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the New York Clearing House. The following are the figures for the week ended Sept. 11:
•From unofficlal sources. t The New York Stock Exchange has ruled that
Stock will not be quoted ex-dividend on Ms date and not until further notice.
t The New York Curb Exchange Aasoclatlon has ruled that stock will not be quoted
ox-dividend on this date and not until further notice.
a Transfer books not closed for Bats dividend.
O General Gas & Electric 7345. dividend on common stock is payable in class A
dommou stock unlees stockholder gives written notlee by Sept 20 of Ms eleotton
to take cash.
O Correction. e Payable In stock,
f Payable In common stock. g Payable In scrip. h On account of accumulate!
'dividends. I Payable In preferred stock.
4 American States Public Service common A dividend will be paid in class A
atock, 1-40th eta share. If cash Is desired notice to that effect must be received by
company on or before Sept. 23.
k General Realty & Utilities pref. dividend is payable In common stock at rate
of 75-1000 share for each share pref., or at option of holder $1.50 per share.
4 Dividend on Amer. Cities Power dc Light class A stock Is payable 1-32(1 share in
alass B stock, unless stockholder notifies the company on or before Oct. 14 of his
desire to take cash. Class B dividend Is payable In class B stock.
as Central States Electric Corp. cony. pref. dividend is payable In common stock
as follows: Series of 1928, 3-32 share or, at option of holder, $1.50 cash; series or
1929. 3-164 share or, at option of holder, $1.50 cash.
n Goldblatt Bros. dividend is payable In cash on 134% stock at option of holder.
o Great Northern Investing class A dividend payable either in cash or 234% in
Hock.
p Midland United Co. pref dividend payable In cash or one-fortieth shar common
stock, company to be notified 15 business days before Sept. 24.
g Peoples Light & Power may apply dividend to purchase of class A common
stock at rate of one-fiftieth share for each share held.
r British American Tobacco dividend Is 10 pence per share. All transfers received
In London on or before Sept. 3 will he in time for payment of dividend to transferees.
a North American Co. dividend Is payable In common stock at rate of one-fortieth
share for each share held.
I Maxweld Corp. common dividend optional, payable either in cash or 2% in
stock.
Unless holders notify company of their desire to take cash, Utilltle.3 Power &
Light dividends will be paid as follows: class A stock, 1-10th Share class A stock:
.01515 11 stock, 1-40111 share common stock:common stock, 1-40th share common stock.
e Commercial Inveat. Trust cony. pref. dividend will be paid In common stock
at rate of 1-52d share common for each share pref, unless stockholder notifies
company on or before Sept. 16 of his desire to take cash.
o Lem deduction for expenses of depositary.
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY, SEPT. 11 1930.
NATIONAL AND STATE BANKS-Average Figures
Loans
Disc. and
Incest.
Manhattan
Bank of U.S_ 210,444,000
2,684,900
Bryant Park 13k_
Grace National__ 20,969,419
3,170,000
Port Morris
Public National. 52,757,000
Brooklyn
9,678,700
Brooklyn Nat'l
7,200,000
Peoples Nat'l_ _ _
OtherCash Res. Dep., Dep. Other
Including V. Y. and Banks and
Bk.Notes. Elsewhere. Trust Cos.
Got&
Gress
Deposits
15,000 3,561,000 27,152,000 1,964,000 200,955,000
2,194,000
341,400
111,200
97,700
53.763 1,925,592 1,584,677 18,890,420
1,000
2,864,400
265,600
88,000
7,400
28,000 1,740,000 11,112,000 28,612,000 165,811,000
17,000
5,000
123,100
114,000
617,000
519,000
514,100
133,000
7,047,100
7,200.000
-Average Figures.
TRUST COMPANIES
Loans,
Disc. and
Invest.
ManhattanAmerican
Bank of Europe & Tr
Bronx County
Chelsea
Empire
Federation
Fulton
Manufacturers
United States
Brooklyn
Brooklyn
Kings County
Bayonne, N. J.
Meehan leta
Cash.
ges. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Trust Cos.
Gross
Deposits.
$
$
$
803,500
50,508,200 7,615,400
124,464
732,124
14,966,400
728,033 1,973,840
24,795,536
19,870,000 1,117,000 2,201,000
74,469,400 *4,125,400 6,746,100
1,293,343
111,351
17,142,142
19,540,900 *2,195.400
360,226,000 2,799.000 41,707.000
76,534,378 3,966,667 7,580,071
S
$
20,900 48,565,70(
14,408,881
25,544,28:
18.635,00(
3,266,100 72,S75,90(
220,461 17,029,871
16,956,30(
3,004,000 330,344,001
58,866,44-
2,216,600 23,398,030
2,291,247 1,752,138
982,000 133,336,90(
26,978.611
133,852,500
29,571,696
8.642.639
325,569
831,134
318,612
8,765,991
.
* Includes amount with Federal Reserve Bank as follows: Empire, $2,711,500
Fulton, 62,078,600.
-In the
Boston Clearing House Weekly Returns.
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
z Wee Coast Oil 40% dividend subject to approval of California Corporation
Commission.
y Lone Star Gas dividend Is one share for each seven held.
O Twin States Natural Gas payable in cash or 1-40th share class A stock at
option of holder.
Sept.17
1930.
Changes from
Precious Week.
Sept. 10
1930.
Sept. 3
1030
$
a
$
$
94,700.000
94,700,000
91,700,000 Unchanged
Capital
100,487,000 Unchanged
100,487,000 100.487,008
Surplus and profits
as American Commonwealths Power corn. A & 11 dividends payable In Class A
Loans.(Beets & Invest'ts. 1,065,788,000 -8,297.000 1,074,035,000 1,063,037,008
stock at rate of 1-40th share.
636,018,000 +7,814,000 628,204.000 625.898.008
Individual depeelts
153,228,000 -5,742,000 158,970,000 145,525,00(
bb Payment of Associated Gas & Elec. class A div, will be made In class A stock
- Due to banks
+815,000 294,541,000 294,716,008
295,356,000
1-40th share-unless stockholder notifies company on or before Oct. 15 of his Time deposits.
+6,648,000
3.564,008
818,000
7,466,000
desire to take cash.
United States ilePoets
19.257,008
18,160,000 -8,979,000
27,139.000
House
Exchanges for Chi.
Cc Internat. Hydro-Elec. class A dividend is payable in class A stock at rate of Due from other banks_ _ _
98,913,000 +11,897,000
84.733.008
87,016,000
share for each share held. Shareholders having option of taking cash
1-50th
81,420,000
+161,000
79,856,008
81,581,00
Reeve in legal deposit'les
.50 cents per share.
-197,000
6,146,008
6,488,000
6,291,00
Cash In batik
633.001
1,564,000
1,743,000
+179,000
ddLiberty Share Corp. stock dividend of 1% reported in previous issues as payable Res've in camas in F.R.Bk
Dec. 31 was an error. No dividend payable Dec. 31 has been declared.
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 neusE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, SEPT 13.
Clearing House
Members.
*Capital.
Bank uf N Y es Trust Co
Sank of Manhattan Tr Co
Bank of Amer Nat Assn
National City Bank__
Chen) Hank & Trust Co_
Guaranty Trust Co
Chat Phen N B & 'Pr Co
Cent Hanover Bk&Tr Co
Corn Exeh Bank Tr Co.
Find National Bank
Irving Trust Co
Coutleental Ilk & Tr Co
Chase National Bank_
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine MidlandTrust Co
Lawyera Trust Co
New York Trust Co._
Cornm'l Nat 13k & Tr Co
SIearlinan N Bk & Tr Co
$6,000,000
22,250.000
36,775,300
110,000,000
e21,000,000
90,000,000
16,200,000
21,000,000
f15,000,000
10,000.000
50,000,000
(1,000,000
148,000,000
500,000
25,000,000
10.000,000
10,000,000
3,000.000
12,000.000
7.000.000
2,000,000
Clearing Non-Members
City St Fanners 'Pr Co_
Meehan Tr Co. Bayonne
100,000,000
500,000
Totals
•Surplus and
Undivided
Profits.
Net Demand
Deposits
Aceraoe.
Time
Deposits
Average.
$
614,698,800
$60,982,000 $14,270,000
43,499,200
204,625,000
45,967,000
40,453,500
170,527,000
63,909,000
132,973,100 01,010,017,000 215,422.000
e43,772,400
222,859,000
25,602,000
206,385,000 b910,431,000
112,603,000
19,703,300
165,221,000
39,017,000
84,136,100
343,361,000
69,660,000
604.314,400
168,490,000
38,696,000
108.599,600
236,955,000
38,284,000
84,814,300
376,962,000
57,101,0(10
11,3.04,200
10,041,000
418,000
211,318,000 c1,278,043,000 207,164,000
3,706,800
24,962,000
2,036,000
8)3,321,400 d439,713,000
78.537,000
24,599,200
34,321,000
1,195,000
11,400,600
48,373,000
3,204,000
4.76(3,900
21,9E0.000
2,020,090
35,688,400
167,523,000
40,731,000
9,452,800
54.697,000
6,713,000
2,725,000
30,108,000
7,083,000
13,777,900
899,400
4,347,000
3,000,000
5,390,000
632.725,300 1,229,361,100 5,987,628,000 1.077,047,000
• As per official reports: National, June 30 1930; State, June :30 1930; Trust COMDailies, Juno 30 1930. e As of July 10 1930. (As of Sept. 13 1930.
Includes deposits in foreign branches,(a) 315,762,000:(b) 3172,822,000;(c) $143,a77,000;.(d) $59,291,000.
-The Philadelphia Clearing House
Philadelphia Banks.
return for the week ending Sept.13, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with 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 ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended September 13 1931).
Two Ciphers (00)
omitted.
Members of
Trust
A.R.System. Companies.
60.071,0
Capital_
215,1119,0
Surplus and profits
Loans, dIscts. & Invest. 1,167,984;0
31,868,0
Exch. for Clear. House
113,729,1)
Due from banks
209,997,0
Bank deposits
Individual deposits.... 630,105,0
276,963,0
Time deposits)
1,117,065,0
Total deposits
79,008,0
Res, with legal(hams
Res. with F. R Bank_
9,397,0
Cash In vault*
Total rat. & cash held_
88.405,0
Reserve required
1'
Excess reserve and cash
In vault ______
Sept. 6
1930,
Aug.30
1930
Total.
8,800,0
68,871,0
68,871,0
68,871,0
21,085,0 237,004,0 237.004,0 237,00.1,0
92,590,0 1,260,974,0 1,241,093,0 1,235.057,0
247,0
32,115,0
34,065.0
29,389,0
24,0 113,753,0 127,165.0 122,534.0
3,059,0 213,056.0 213,693,0 204,892,0
34,999,0 661,104,0 660,348,0 654,361.0
32,646,0 309,609,0 308,610,0 309,243,0
70,704,0 1,187,769,0 1,182,651,0 1,168,501,0
79,008,0
76,693,0
77.752,0
6,093,0
6,693,0
7,234,0
,
2,351,0
11,748,0
10,971,0
10,804,0
9,044,0
97,449,0
94,898,0
94,280,0
• Cash in vault not Counted as reaerve for Federal lieeerve members.
1856
FINANCIAL CHRONICLE
[VOL. 131.
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Sept. 18 and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding
weeks and with those of the corresponding week last year
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 1799, he-in q the first item in our department of "Current Events and Discussions."
COMBINED RESOURCF.3 AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS SEPT. 17 1933.
1
Sept. 17 1930.1Serd. 10 1930. Sept. 3 1930..4u5. 27 1930. Aua.20 1930.1Aup. 13 1930. Aug. 6 1930.
July 30 1930.1SePr.18 1929
.
RESOURCES.
5
8
$
6
I
$
I
S
3
$
Gold with Federal Reserve agents
1,548,956,000.1,550,956.000 1,564,956,000 1,575.256,000 1.537.714,000-1,546,7i4.000 1,551.714.000 1,553,214,00011,546,535,
000
Gold redemption fund with U. S. Trees_
35,875,000! 35.375,000
35,391.000
35,919,000
35,819,0001 36,352,000i 36,816,000
67,195,000
36.814,000
,
Gold held exclusively east.F. R. notes 1,584,831,000'1,586,331,000 1,600.347,020 1,611.175.00011,573,533,000,1,583,0(36,000
1,588,530,000 1,590,028.000 1,613,750,000
Gold settlement fund with F. R.Board
580,999.0001 576,970,000 570,584,000 508,304,0001 558,821,000' 551.212,000 555,602,000 589,700,000 730.013,000
Gold and gold certificates held by banks_ 809,810,000 796,299,000 763.657,000 770.453.000
806.043,0001 811.022,000 817.046,000 825.254,000 645,637,000
Total gold reserves
Reserves other than gold
2,975,640.00012,959.600,000 2.934.583,000 2.955,932,000,2.938,997.000 2,945,300,000 2.961,178,000 3,004,982,000 2,989,400,000
151,828.000' 152,890,000 151.650.000 163,721.000' 163,060.0001 169.702,000 165,631,000 173.206,0001 166,731,000
Total reserves
Ffon-reserve cash
Bills discounted:
Secured by U. S. Govt. obligations
Other bills discounted
3,127,468,000 3.112,490,000 3,086,238.000 3.119.653.000 3,107,057,0003,115,902,000 3,126,809.000
000
3,178,188,00013,156,1 31,
66,471,000
72,412,000
61,683,000
70,310,000
67,042,0001 66,856,000
69,423,000
63.436,000
68,210.000
45.582,000
57,368,000
76,510,000
62.197,000
63.876,0004 62,200,000
65,599,000
68.676.000 438,358,000
117,567,000 125,827.000 154,750,000 131.078,000 132,303 0001 128,306.000 140,324,000
130,425,000 495,558,000
Total bills discounted
Bills bought In open market
U. S. Government securities:
Bonds
Treasury notes
Certificates and bills
163.149 030
208,861,003
183.195,000
193,120,000
231.260,000
170,395.000
193,275,000
163.274.000
196,179,0001 190,515,000
158.922,000' 154,328,000
205,923.000
133,571,000
197.101.000
130,762,000
933,916,000
241,103,000
38,085,000
295.201.000
277.037.000
58,074.000
317,380,000
226,579,000
64,056,000
75,827,000
315,868.000 302,045.000
222,120,000224,041.000
75.882.0001 59,608,000
304.678,0001 291,617,000
221,580,000' 255.112,000
49,650,000
278.307.000
248,2673300
49.714,000
276,897,000
249,757.000
42,658,000
94,983,000
39,968,000
Total U.S. Government seeuritleo_ _
Other securitlee (see note)
Foreign loans on gold
610,383.000
7,022,000
602,033,000
6,772,000
602,044,000
8.572,000
601.013,0001 601,940,0001 606,337.000
8,571.000,
7.922,0001
8,472,000
576.224.000
7,272,000
576.368.000
7,323,000
177,609,000
15,050,000
Total bills and securities (see note). Gold held abroad
Due from foreign banks(see note)
Uncollected Items
Federal Reserve notes of other banks_ _
Bank premises
All other resources
989,415,000
985,120,000 1,012,271,000
967,034.000
922,990,000
911,554,000 1,367,678,000
701,000
722,305.000
23,939,000
59,642,000
11,442.000
704,000
533,643,000
20.409,000
59,642,000
16,957.000
702.000,
702.000
505.962,000 548,404,000
19,240,000, 18,527.000
59,609.000
59.606,000
16,733 000
16 518 000
705,000
503,728,000
19,064.000
59.584,000
14,442,000
706,000
510.430,000
18,912,000
59.584.0410
14.037,000
1
704,000
566,693,000
18,330,000
59,609,000
16.752,000
1
964,963.000: 959.652.000
703.000
579,832,000
19.639.000
59.585,000
15,617.000
727,000
885,916,000
23,046,000
58,890,000
10,079,000
Total resources
Li.IBILITIES.
F.R. notes in actual circulation
Deposits:
Member banks—reserve account
Government
Foreign banks(us note)
Other deposits
2,456,282.000 2.428,290,000 ,393,357,000 2,418.875,000 2,413,559,000 2,399.616.000 ,363.852,000 2,415,285,000 2,381,364,000
21.176,000
34,050,000
3,706,000
25.988,000
30.093,000
29,563,000
31,519,000
13,449,000
26,148.000
6,498.000
5,774,000
6,528,000
5.549.000
5,54(3.000
8,149,01)0
7,658,000
5,755.000
(1.434 000
20.639,000
20,082,000
19,784,000
19,657,000
19,852,000
26,450,000
25.979,000
22,280.000
21.008,000
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,485.546,000 2,476,633,000 2.453.996.000 2.470.069.000 2,409,067,9002,463,778,000 2.423,406,000 2.468,871.000 2,428,450,000
704.476,000 516.391,000i 538.919,000 489,781,000 528,326,000i 558,011.000 487.054.000 495,807,000 841,196,000
169,872,000 169,830,000' 169.786.000 169,765.000 169,783,000' 169,769.000 169,680,000 169.716,0001 166.716.000
276,936.000 276,936,001 270,936,000 276.936,000 276,9311,000 276,936,000 276,936,000 276,9363)00 254,398,000
15,024,000
15,337.000
15,224,000
15,444,000
15,029,0001
15,201.000
14,908,000
15,150.0001 35,703,000
5,001,383,000 4,806,377,000 4,822,280,000 4.759,243,000 4.782 840.000 4,818.686,000 4,710,758,000 4.761,621.000 5,573,890,000
1,349.329,000 1,351,250,000 .367,619,000 1.337,248,0001.323,705,000 1.332,991,000 1,333,774.000 1,335,141,000 1,847,427,000
Total liabilities
5,001,383,000 4,806,377,00014.822.280.000 4,759,243,000 5.782,840,000 4,816,686,000 4,710,758,000 4,761,621,000 5,573,890,000
Ratio of gold reserves to deposit... and
F. R. note liabilities combined
76.9%
77.3%
77,5%
77.6%
77.4%
77.5%
69.9%
78.7%
78.9%
Ratio of total reserves to deposits and
F. R. note liabilities combined
80.8%
81.3%
81.9%
81,6%
81.9%
82.0%
73.8%
83.1%
8/ 5%
Contingent liability nu bills Purchased
for foreign corrx.pondents
433,843.000 458,450,000 459.830,000 471,522,000 478,315,000 480,094.000 483,454,000 478,027.000 448,503,000
1
DtstriDution by .1P:turf:les1-15 day bills bought In open market....
1-15 days bills discou ted
1-15 days U. S. certif. of Indebtedness_
1-15 days municipal warrants
16 30 days bills bought In open market__
16-30 days bills discounted
16 30 days U. S. certif. of Indebtedness
16-30 days municipal warrants
31410 days bills bought in open market.
ill 60 days hills discounted
81-60 days U. S. certif. of indebtedness.
31-60 days municipal warrants
61-90 days bills bought in open market
Si 90 days bills discounted
II 1/0 days Ti. S. certif. of Indebtedness_
61-00 days municipal warrants
Over 90 days bills bought in open market
Over 90 days bills discounted.
Over Si) days certlf. of indebtedness _ _
Over 90 days municipal warrants
8
60.828,000
105,806.000
$
116,023,000
693,117,000
23.245,000
17,497,000
19,021,000
51.010
19,938,000
18.141,000
31.527,000
29,202,000
65,234,000
58.391,000
33,054,000
63.435.000
43.651.000
34.083,000
78.765,000
32.458.000
28.111,000
82.265,000
7,425,000
24,259.000
6.214,000
5,240,000
20,860,000
6,836.000
26,503,000
16.368.000
30,414.0110
48,410,000
57.991,000
540,000
120.000;
21.000,
435.000
5,052,000!
6,537.000,
7.517.000
170,130.000 165,660.000' 161.149,000
22,0004_
22,000
22,000
284,000
9,314.000
153,150,000
22,000
128,000
10.259,000
139.925.000
22.000
1.140,000
14,629.000
135,965.000
22,000
2,033,000
5,539,000
14.183,000
83,508,000
93,117,000
45,000,000
54.173.000, 62,775,000
99,775,000' 144,447,000
34,201.000
34,769.000
73,576,000
20,545,000
74,508,000
24.294,000
5,000
41,058.000
29,955,000
53.960,000
107.399,000
41,413.000
108,988.000
45.000
57,564.000
103.502,000
38,527.000
65,459,000
115.967,000
29,577,000
53.417.000,
23,612.00W
566.000,
33,575.000
16.853,000
41,167.000
33,015.000
17,726,000
54,172.000
32,849,000
17,785.000
51,686.000
36,421.000
50,948.000
33,511,000'
71,621,000
39,215,000
76,034,000
37,689,000
10.546,000
15,380,000
96,539,000
12.750,000
17.942.000
17,214,000
3,135.000,
24,635.000,
17,214,0001
4,097.000
23,271.000
17.214,000
1
173.000
4,088.000
135,498,000
22.000
23,000
4.763,000
174,591,000
22,000
P. R.notes received from Com ptroller _
F. R.notes held by F.11. Agent
300,000
45,435,000
112,035,000
3,781,086,000
1,453,369,000
lestied to Federal Reserve Banks
00011.
736, , 001 1,716.691,000 1.696,121,000 1.607,223,000 1.701.744,000 2,327,717.000
1,764,965,0001,736,973,00011.
736.582,
772 0
How Secured—
By gold and gold certificates
Gold redemption fund
Gold fund—Federal Reserve Board_ _
By eligible paper
1,099,006,000 1,101.006,000 1,115.006,000 1,125,306,00011,134.806.000 1,143.806.000 1,148,306,000 1.150.300,000 1.130,936,000
351,695,0004 366,095,000 381,935.000! 335.241,000 338,948,000 322,231,0001 315,909,000 310,785,000 1,091,297,000
449,950,0001 449,950,000
449.050,0001 449.950,0001 402,908,000
402,908,000
402,908.000
402,008,000
415,619,000
Total
1,900,651,000 1,917,051,000 1,946,891,000 1.910,497,0001,870,662,000 1,8118.945,000 1,867.713.000 1.863.999.000 2,637,852,000
NOTE.—BeglunIng with the statement of Oct. 7 1925, two new terns were added In order to show separately the amount of balances held abroad and amounts a,
to foreign correspondents. In addition, the caption. "All other earn Lig assets." previously made up or Foreign Intermediate Credit Bank debentures, was
changed to
'Other securities." am)the caption, "Total earning assets" to "Total bills and securities." The latter Beni was adopted as a more accurate description
tote MI
the discounts, acceptances and securitim acquired under the Provision of Sections 13 and 14 of the Federal Reserve Act, which, It was stated, are the only of theinclude:
items
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINLSS
SEPT 17 1930
Two Ciphers (00) omitted.
Federal Reserve Bank of—
Phila. Cleveland. Richmond Atlanta, Chicago. Ss. Louis Minneap Kan.Clty. Dallas, Sou From.
Total.
New York
Boston
RESOURCES.
$
$
3016 with Federal Reserve Agents 1,548,956.0 154,917,0
3016 redo fund with U.S. Treas,
35,875,0
824,0
3
$
$
$
$
$
$
$
$
$
$
305,636.0 140,000,0 200,550,0 57,000,0 100,200,0 184,000.0 53,045.0 45.545,0 70,000.0 23,300,0 214,763,0
14,539,0 2,164,0 1,789,0 1,779,0 2,115,0 1,298,0 1,697.0
850,0 1,512,0 1,141,0 6,167,0
Gold held excl.agst.F.R. notes 1,584,831,0 155,741,0
;old settle't fund with F.R.Board 580.
999,0 26. .
681 0
Iold and gold cifs.hald by Dante- 809 810, 31, ,
816 0
,
0
320,175,0 142,164,0 202,339,0 58,779,0 102,315,0 185,298,0 54,742,0 46,395,0 71,512,0 24,441,0 220,930,0
183,864.0 58,205,0 61,476,0 10,911,0 9,555,0 111,135,0 25,665,0 14,173,0 25,421,0 13,668.0 40,242.0
492,372,0 30,607,0 58,086,0 9,453,0 6.025,0 123,031,0 9,975,0 4,964,0 7,388,0 10.093,0 26,000,0
Total gold reserves
teserve other than gold
996,411,0 230,976,0 321,901.0 79,143,0 117,895,0 419,464,0 90,382,0 65,532,0 104,321,0 48,202,0 287,172,0
36,858,0 8,246,0 6,858,0 8,498,0 12,916,0 23,352,0 11,171,0 4.713,0 6,052,0 6,685,0 13,071,0
2,975,040.0214,241,0
151,828,0 13,408,0
Total reserves
3 127,468,0 227,649,0 1,033,269.0 239,222,0 328,759,0 87,641,0 130,811,0 442,816,0 101,553,0 70,245,0
von-reserve cash
66,471,0 6,005,0
18,875,0 3,610,0 4,495,0 3,826,0 4,553,0 9,630,0 4.072,0 1,592,0
tills discounted:
See. by U.S. Govt. obligations
8,902,0 7,746,0 6,562,0 3,213,0
45,582,0 4,630,0
830,0 5,066,0 2,538,0
355,0
Other bills discounted
117,567,0 5,336,0
12,701,0 6,924,0 5,248,0 15,734,0 23,886,0 6,031,0 15,320,0 3,882,0
Total bills discounted
163,149,0 9,966,0
21,603,0 14,670.0 11,810,0 18,947,0 24,716,0 11,097.0 17,858,0 4,237,0
Illbs bought In open market
208.861,0 21,821,0
104,0 21,762,0 11,186,0 13,045,0 21.208,0 10,389,0 7,893.0
59,599,0
I. S. Government securities
.
Bonds
237,0 1,176,0
38,085,0
2,187,0
640,0
756,0
34,0 20,017,0
523,0 4,588,0
'reentry notes
295,261,0 25,314,0
68,550.0 28,123,0 36,533,0 8,808,0 8,168,0 34,991,0 16,623,0 13,299,0
Iertificates arid bills
277,037,0 20,106,0 124,653.0 23,489,0 21,085,0 6,998,0 4,501,0 27,190,0 6,753,0 8,067,0
'Mal II. S. Gov't 4ecutitle8.._.._ _ 810.383.0 4/1 175 (1 195.300.0 52.252.0 57.855.0 18.082,0 12.703.0 82.198.0 23.899.0 25.954.0
110,373,0 54,887,0 300,243,0
2,111,0
2,821,0 4,881,0
1,970,0 1,889,0
6,865,0 10.897,0
1,881,0
4,743,0
8,835,0 12,786,0 6,624,0
13.002,0 9,020,0 19,832.0
42,0 7,842,0
43,0
15,990.0 12,880,0 25,982,0
12,704,0 8,507,0 12,084,0
28.736.0 29.229.0 39.009.0
S.1 WOnat aetn
Alt'WV KCI
, Two Pivhers MO) omitted.
1857
FINANCIAL CHRONICLE
SEPT.20 1930.]
Cleveland. Richmond Atlanta. Chicago
Phila.
$
5,000,0
3
1,000,0
$
7,022,0
Other securities
Foreign loans on gold
New York.
Boston.
Total.
$
8_
1,000,0
3
St. Louts. Minneap. Kats.City. Dallas. SanFran.
3
22,0
$
$
$
$
8
8
51.035,0 65.465,0
281,592,0 68,026,0 91,427,0 47,115,0 50,464,0 114,503,0 52,146,0 38,106,0 50,573,0
49,0
21,0
21.0
16,0
25,0
94,0
25,0
30,0
71,0
68,0
229,0
102,046,0 27,656,0 14,503,0 38,184.0 27,944,0 38,672.0
189,514,0 63,651,0 73,538,0 52,290,0 19,989,0
364.0 2.241,0
837.0 2,705,0 1,097,0 1.032,0 2,269,0
413,0 1,320,0 2,083,0
9,330,0
1,876,0 4,847,0
15,664,0 2,614,0 7.060,0 3,245,0 2,660,0 8,295,0 3,811,0 2,018,0 3,972,0
331,0
593,0
237,0
485.0
312,0
714,0
531,0 3,035,0
208,0 1,111,0
3,789,0
212.374,0 680,803,0 190,671,0 127,997.0 207,740,0 139,541,0 416,729.0
5,001,383,0 390,912,0 1,552,262,0 377,812,0 507,781,0 196,761,0
Total resources
LIABILITIES.
52,108,0 68.022,0 34,833,0 158,063,0
F. R. notes in actual circulation_ 1,349,329,0 132,219,0 190,021,0 123,499,0 188,341,0 63,763,0 112,049,0 162,188,0 64,423,0
Deposits:
50,947.0 87,731,0 61,043,0 180,608,0
Member bank-reserve &Wt.._ 2,456,282,0 150,140,0 1,022,204,0 145,514.0 201,620,0 63,321,0 59,900,0358,292,0 76,962,0
276,0 1,406,0
70,0
211,0
208,0
247,0
482,0
278,0
97,0
181,0
167,0
83,0
3,706,0
Government
369,0
160,0
160,0
123,0
193,0
717,0
193,0
225,0
535,0
519,0
2,184,0
396.0
5,774,0
Foreign bank
49,0 8,169,0
896,0
198,0
299,0
600,0
159,0
114,0
7,759,0
57,0 1,451,0
33,0
19,784,0
Other deposits
190,552,0
2,485,546,0 150,652,0 1,032,328,0 146,257,0 203,703,0 63,938,0 60,734,0 357,856,0 77,662,0 51,479,0 88,857,0 61,528,0 37,156,0
Total dePosIta
29,389,0
704,476,0 74,413,0 179,010,0 63,842,0 69,461,0 49,918,0 21,273,0 98,391.0 31,050,0 13,376,0 37,197,0 4,355,0 11.359,0
Deferred availability Items
20,165,0 5,251,0 3,054,0 4,328,0
189,872,0 11,807,0
65.568,0 16,798,0 15,952,0 5.880,0 5,357,0
Capital paid In
19,514,0
80.001,0 26,965,0 29,141,0 12,496,0 10,857.0 40,094.0 10,877,0 7,143.0 9,162,0 8,935,0
276,936,0 21,751,0
Surplus
85,0
701,0
174,0
837,0
766,0 2,104,0 2,109,0 1,408,0
451,0 1,183,0
5,336,0
70,0
15,224,0
All other liabilities
139,541,0 416,729,0
5,001,383,0 390,912,0 1,552,262,0 377,812,0 507,781,0 196,761,0 212,374,0 680,803.0 190,671,0 127,997,0207,740.0
Total liabilities
Memoranda.
86.1
57.1
70.4
67.8
71.5
85.1
84.5
75.7
80.5
88.7
83.9
68.6
81.6
Reserve ratio (per cent)
Contingent liability on bills purothaemil Inv. In..114•• ...........r.....42.. 422 WAS A 29 ccn n 12R 047 n 49 57.1 n AR 002 A 15 477 n 1 A 52R n Os 051.0 15.833.0 10.119.0 13.198,0 13.198,0 30,355,0
Total bills and securities
Due from foreign banks
Uncollected items
F. R. notes of other banks
Bank premises
All other resources
989,415,0 78,963,0
52,0
701,0
722,305,0 74,319,0
248,0
23,939,0
59,642,0 3,580,0
96,0
11,442,0
FEDERAL RESERVE NOTE STATEMENT.
Patera! Reserve Agent at-
Total.
Boston.
New York.
Dallas. SanFran.
Cleveland. Richmond Atlanta. Chicago. St. Louts. Mimeos Ran.ette
$
3
$
$
$
$
3
$
$
$
334.999,0 144.512,0 222,752,0 83,253,0 136,093,0 190,446,0 79,087,0 56,775,0 80.584,0 42,056,0 225,506,0
144,978,0 21,013,0 34,411,0 19,490,0 24,044,0 28,258,0 14,664,0 4,667,0 12,562,0 7,423,0 67,443,0
190,021,0 123,499,0 188,341,0 63,763,0 112,049,0 162,188,0 64,423,0 52,108,0 68.022,0 34,833,0158,083.0
In actual circulation
1,349,329,0 132,219,0
Collateral held by Agt. as security
for notes Issued to bank:
Gold and gold certificates
449,950,0 35,300,0
1,099.006,0119,617.0
Gold fund-F.R.Board
351.695,0 31,708,0
E2Igible paper
14,300,0 35,000,0
8,945,0 11,845.0
277,010,0 39,900,0 15,550,0 5,000,0 7,100,0
28.626,0100,100.0 185,000,0 52,000,0 93,100,0184,000,0 44,100,0 33,700,0 70,000,0 9,000,0 179,763,0
32,141,0 28,110.0 11,961,0 21,749,0 21,691,0 26,348,0
65,468,0 13,486,0 31,788,0 29.602,0 37,643,0
371,104,0 153.486.0 232.338.0 86.602.0 137.843,0 216,141,0 81,155,0 57,506.0 91,749.0 44,991,0 241,111,0
1.900.651.0 186.625,0
Total collateral
Phila.
$
Two Ciphers (001 omitted5
3
Federal Reserve notes:
Issued to F.R. bk by F.R.Agt. 1,764,965,0 168,902,0
Held by Federal Reserve bank. 415,636,0 36,683,0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement wore given in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1800,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 lean figures exclude "Acceptances of other banks and bills of exchange or drafts sold with endorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were included with loans, and some of the banks included mortgages in investments. Loans secured by U.S.Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted: in its place the number of cities included (then 101) was for a time given, but beginning Oct. 9 1929 even this has been emitted.
The figures have also been revised to exclude a bank In the San Francisco district with loans and investments of 8125.000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given in round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS SEPT. 10 1930 (In millions of dollars).
Loa1h! and investments--total
5
23,165
$
1,520
$
9,311
-total
Loans
16.812
1,145
6,828
8,351
8,462
502
643
3,966
2,862
6,353
375
2,484
Dallas. San Fran.
Cleveland. Richmond Atianta. Chicago. St. Louis. Minneap. Kan.Cily.
_
$
S
$
$
8
S
3
$
$
1,968
437
663
372
671
3,394
590
2,289
650
1,345
332
427
246
513
2,607
451
944
467
1,508
99
446
133
79
236
1,306
151
511
178
743
899
233
166
293
276
1,300
300
289
434
765
623
105
236
127
159
787
139
183
354
782
2,915
3,438
150
225
1,209
1,274
85
269
1,817
216
98
15
863
59
86
13
13,707
7,478
887
527
6,153
2,00'
776
334
1,185
1.027
353
256
1,509
3,438
70
132
146
1.100
80
224
134
367
85
III
37
1
5
3
Federal Reserve District-
Total,
On Neuritis)
All other
Investments-total
U.S. Government securitke ..-Other securities
Reserve with F. R. Bank
Cash In vault
Net demand deposits
Time deposits
Government depcsitc
Due from banks
Due to banks
Borrowings from F. R.. Bank
Boston. New York
Philo
3
1,298
77
106
380
402
353
434
34
125
71
56
100
137
60
45
333
290
268
33
45
6
26
5
56
11
35
7
113
18
315
241
1,929
1,341
377
239
234
133
488
209
279
149
751
1.016
81
103
278
524
68
125
78
90
210
247
101
105
24(
31(
11
1
4
2
1
65
74
14739
9
'
il
l
29
14
Condition of the Federal Reserve Bank of New York.
The following shows the condition of the Federal Reserve Bank of New York at the close of business Sept.17 1930
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U.S. Treasury-
Sept. 17 1930. Sept. 101930.Sept.18 1929.
$
305,636 000 305,636,000 274,330,000
14,539,000
14,539,000
16,552,000
Gold held exeluelvety eget. F.B.. notes
Gold settlement fund with F. R.Board
Gold and gold certificates held by Dank
320,175,000
183,864,000
492,372,000
320.175,000
177,590,00()
484.431.000
290,882,000
240,850,000
398,978,000
Total gold reserves
Reserves other than gold
938,t1/
. 51
3,0gg
9gt,1z?..32
.
930.710,000
63,621,000
1,033,269,000 1.020,477.000
Total reserves
18,875,000
cash
22,159,000
Bills discounted
8,902,000
Secured by U.S. Govt. obligations-11,811,000
12,701,000
Other bills discounted
14,311,000
994,331,000
22,072,000
Total bills discounted
Bills bought in open market
U. S. Government securltieeBonds
Treasury notes
Certificates and bills
N00-1"001SVe
Total U.B. Government securities._
Other securities (see note)
Foreign loans on gold
137,098,000
83,045,000
21,603,000
59,599,000
26,122,000
51.296.000
220,143,000
102,147,000
2,188.000
68,550,000
124,652,000
12,233,000
112,193,000
83,520,000
4,009,000
29,129,000
31,192,000
195,390,000
5,000,000
187,946,000
4,750,000
64,330,000
11,000,000
Resources (Concluded)Gold held abroad
Due from foreign banks Ma Note)
......
Uncollected items
Federal Reserve notes of other banks.-Bank premises
Ah other resources
Sept. 17 1930. Sept. 10 1930. Sept.18 1929.
$
$
Total resources
229,000
189,514,000
9,330,000
15,664,000
3,789,000
232,000
135.647,000
4.290,000
15,664,000
9,098,000
222,000
235,019,000
7,965,000
16,087,000
1,040,000
1,552,262,000 1,477,881,000 1.674,356,000
Ma/MitesFed'I Reserve notes In actual circulation. 190,021,000 177.893.000
Deposles Member bank, reserve acot... 1,022,204,000 1,005,362,000
181,000
3,551.000
Government
2,184,000
2,938,000
Foreign bank (See Note)
7.759,000
8,710.000
Other deposits
321,669,000
965,416.000
11,102,000
4,065,000
6,584,000
1,032,328,000 1,020,581.000
179,010,000 128.386,000
65,566,000
65,580,000
80.001,000
80,001,000
5.336,000
5,260.000
987,167,000
219,389,000
64,075,000
71,282,000
10,774,000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Total ltabuittes
Ratio of total reserves to deposit and
Fedi Res ve note liabilities combined.
Contingent liability on bills purchased
for foreign correspondence
1,552,262.000 1,477,681,000 1,674,356,000
84.5%
85.2%
76.0%
138,647.000 150,488,000 132,752,000
270.114.000 397,620,000
NOTE -Ina:inning with the statement of Oct. 7 1925, two new items were added in order to show separately the amount 01 balances held abroad and amounts due to
prevlodsly made up of Federal Intermediate Credit Bank debentures, was changed to
foreign correspondents. In addition, the caption -All other earning assets,"
"Other securities.- nod the caption "Total earning assets" to "Total bills and securities" rue latter term was adopted as a more accurate description of tue total of the
.
lieeount acceptances and secaritied anniced under the Provisions or Sections 13 and 1401 the Federal Reserve Ace. which, It was stated. are the only Itema Included them,
Total bills and securities (See Noun
281,592,000
1858
FINANCIAL CHRONICLE
[VOL. 131.
New York City Realty and Surety Companies.
Vankers' Gazeitt.
(All prices dollars Per
Pal Bid
Ask I
Par
Bond & Mtgo Guar _ _20 98 102 IlLarryers Title & Guar_ .1001
Bioe Title trimaran e__ _25 52
m
58 1,Lawyers Westchest M&T1001
Lawyers Mortgage
20. 4912 5012 'Westchester Title & TI....
BM I Ask
275 285
200 250
Wall Street Friday Night, Sept. 19 1930.
120 140
Railroad and Miscellaneous Stocks.
-The review of the
Stock Market is given this week on page 1742.
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c..
The following are sales made at the Stock Exchange this
/al.
Jut.
week of shares not represented in our detailed list on the
Mawrity
Rate
Bid. Asked.
Maturity.
Rona.
Bid. 41100.
pages which follow:
Dec. 15 1930... 334% 100",, 1001"n Sept. 15
UticAndrews & F p1100
1IcLellan Stores 01_100
WetroGoldwynPlc pf 27
Ylexlean Petroleum _100
111chigan Steel rights
Sat Dept Stores p1.100
Nat Supply pref____100
Neiszier Bros
Newport Co class A 50
3ppenhelm,collins&Co"
Penick & Ford pref_100
Peoples Drug Stores Pf"
Pitts Terminal Coal 100
Prod & Ref Corp pf_50
leo Motor Car etts__10
Rhine Westphal El pow
3kelly Oil pref
100
3pear & Co
Preferred
100
(tend Gas&E1 p1(7) "
Jnited Dyewood _ _ _100
Preferred
100
re Iron, Coal & CL 100
Varner Eros Piet rts__
s No par value.
8
„
Lowest.
.0G,000.000.0000.
„ „
N.
N
10•N
Elk Horn Coal pref. _56
Empor Capwell Corp.'
Fashion Pk Assoc p1100
Federal Screw Works."
General Cigar pref_100
Gen Gas & El pf A(7).'
Preferred A (8)
Goth Silk Hos pf x-w100
Indian Motoeyele pf 100
Int Combus Eng pf etV
Internet Nickel pre( 100
Internet Silver pref_100
Kolster Radio Ms
Kresge Dept Stores_ --•
Kresge (88) Co pf_100
Liggett-MyersCo p1100
Range for Week.
$ per share.
41% Sept 16
64 Sept 18
4534 Sept 19
96 Sept 18
30 Sept 17
80 Sept 11
1 Sept 16
48 Sept 16
8136 Sept la
63 Sept ll
,
214 Sept 16
1% Sept 11
20 Sept 16
29% Sept 11
41% Sept 16
highest.
Lowest.
Highest.
49 Sept 18 4914 Sept 19 49
'20 Sept 17 20 Sept 17 1834
9934 Sept 13 100 Sept 13 7534
83% Sept 13 8334 Sept 18 78
142 Sept 17 145 Sept 13 126%
107 Sept 16 107 Sept 16 102
91 Sept 19 91 Sept 19 85
23 Sept 11 23 Sept 15 19
2% Sept 11 2% Sept 15 2%
118 Sept 17 118 Sept 17 113%
54 Sept 18 54 Sept 18 54
22% Sept 13 22% Sept 13 20
Sept 15
Sept 161
Sept 15
Sept 1.5
Sept 72
Aug 2634
Jar 101
July 8734
Jai 145
July 115%
Jai 10016
July 30
Feb 734
Jar 119
Sept 68
Apr
Feb
Mar
Jan
July
Apr
Apr
May
Arr
Mar
Apr
June 4534 Mar
77% Jar 95
89
Jar 101
91
Sept 98%
10
Sept 14
Sept
Sept
Apr
Aug
5 Sept It 6 Sept 15 4% Aug 14
Jan
12% Sept 11 12% Sept 15 12% Sept 20% Mar
40% Sept 19 41 Sept 19 40
Sept 80
Mar
23 Sept 18 25% Sept 15 23
Sept 25% Sept
115 Sept 19 115 Sept 19 112% Jan 120
July
05% Sept 1: 106 Sept 16 100
July 111
Apr
116 Sept 18 116 Sept 18 115
Mar 122
Apr
70 Sept If 70 Sept 15 65
Jar 79
May
20 Sept 11 22 Sept 13 20
Sept 87% Mar
65 Sept 17 6834 Sept 17 50% July 69% July
121 Sept 11 121 Sept 15 116
Feb 127
Apr
01% Sept 11 103 Sept 19 101% Sept 112% Feb
2 Sept 16 2 Sept 16 1% Sept 3
July
8% Sept 16 8% Sept 16 734 Apr9% July
113 Sept 15 113 Sept 15 10834 June 115 June
.
40% Sept 15 141% Sept 19 138
Jan 143
Sept
100 Sept 13 100 Sept 13 93
78 Sept 18 80 Sept 13 78
26 Sept 11 26% Sept 16 23%
175 Sept 15 175 Sept 15 174
16 Sept 19 1 Sept 13
%
82% Sept 18 8234 Sept 18 82%
09% Sept 16111 ' 19 106%
opt
,
36% Sept 11 36.16 Sept 15 3514
55 Sept 13 56 Sept 17 4916
36% Sept 19 36% Sept 19 36
110 Sept 18 110 Sept IS 107
100 Sept 19 100 Sept 19 100
7 Sept 17 7 Sept 17 4
29 Sept 19 31 Sept 18 29
13% Sept It 14 Sept 16 6
39 Sept 1£ 3934 Sept 16 39
85 Sept 19 86 Sept 16 83
534, Sept lf 5% Sept 15 5
79 Sept 13 85 Sept 19 78%
113% Sept 18114% Sept 13 110%
4 Sept 19 414 Sept 13 4
41 Sept 13 42 Sept 16 41
30 Sept 16 32 Sept 16 12
1% Sept 13 2% Sept 13
4
7
Feb 100
Sept 87
Jan 26%
June 182
Sept 134
Sept 90
Awl116
June 54
Aug 85
June 56
Janj110
e
Jun 107%
Aug 15%
Sept 40
June 14
June 45%
Aug 9934
Sept 10%
Aug 85
May 114%
Sept 11
Aug 58
Jar 34
Atig 3
Mar
Apr
May
Sept
Sept
Jan
July
Apr
Mar
Apr
Jan
May
Jan
Mar
Sept
Jan
June
Feb
Sept
Sept
Feb
June
Sept
Sept
New York City Banks and Trust Companies.
(All prices dollars per share.)
Banks.
New YorkPar Bid
America
25 96
American Union*
100 100
Broadway Nat Ilk & Tr_L.0 95
Bryant Park'
20 38
Chase
20 140
Chat Phenix Nat Bk dr Tr 21 106
Commercial Nat Ilk &Tr 100 420
Fifth Avenue"
100 2900
First
100 5000
Grace
100 6,10
Harriman Nat Bk & Tr_100 1500
Industrial_
100 150
Lefoourt Nat Bk & Tr- 100 65
Liberty Nat Bk & Tr......100 90
National City
20 153
Penn Exchange •
100 94
Port Morris'
10 25
Public Nat Bk & Tr
25 102
Seward Nat Bank & Tr_100 80
Sterling Nat Bk & Tr__ _25 40
Strauss Nat Bk & Tr___100 235
United States"
'
40
Yorkville
100 130
Yorktown*
100
13rooklytiBrooklyn
50 92
Peoples
100 400
Trust Companies.
Ask
New York (Cone)..)- Par Bid
Bank of N Y h Trust___100 640 650
50
Bankers
10 148
66
Bronx Co Trust
20 60
Cent Hanover Bk & Tr_ -20 342 317
36
Chelsea Bank & Trust...25 30
Chemical Bank & 'Trust._10 6412 6612
Continental Bk & Tr.
10 2712 29
Corn Etch Bk & Trust
76
20 173
County
50
100 240
Empire
81
20 78
1600 Fulton
60
100 530
170 Guaranty
100 628 134
75 Hibernia
75
100 165
100 International
39
20 30
15.5 Intermit Mad Bk & 'Tr__ 25 30
38
104 Irving
_10 50 5012
35 Lawyers
100
105 Manhattan
(2
20 111
88 Manufacturers_
25 88
90
45
Mutual (Westchester)-100 350 425
250 N Y Trust
25 246 253
41
Plaza
lou 87
97
145 Time,Square
2012
100 119
140 Title Guar dr Trust
_20 154
59
United Status
100 3950 4150
97 Westchester
100 900 1050
500
Ask
93
110
105
45
142
109
435
3100
5125
Trust Companies.
New YorkPar
American
100
Amer Expre.ms
24(1 iio
Bence Commerciale Hal_ 100 314 324
•State banks.
!Begonias
Brooklyn
100 720 735
Globe Bank & Trust __AO() 165 175
Kings Co
IP() 2900 3100
Mid wood
100 165 185
t New stock. 2 Ex-dividend. a Ex-stock div. p Ex-rights.
1930-32
tune 15 1931.. 234% 100un 100"s, Mar. 15 1930-32 315% 100.on 100;in
Sept. 15 1931._ 234% 1001ss 100'13 Dee. 15 1930-32 364% 100w,, 100"n
,
314% 100"ss 100"n
Range Since Jan. I.
5 per share. S per share. I per sahe.
41% Sept 16 35
Feb 4134 Sept
65 Sept IS 56
Mar 65
Sept
4634 Sept 15 4034 Aug 5234 May
96 Sept 18 8634 Apr 96
Sept
30 Sept 17 30
Sept 45
Jan
80 Sept 15 7434 Fel 80
Sept
1 Sept 9 1
July 3
Jan
48 Sept 16 48
Aug 72
Jan
8334 Sept 16 7134 Jar 8334 Sept
63 Sept 1 4614 Sept 6834 Apr
234 Sept 16 1% Apr 3% Feb
1% Sept 13
16 Aug 3% Feb
20 Sept 16, 14
Jul 2934 Mar
29% Sept lb 29% Sept 36% Apr
41% Sept 16 40
Sept 67% Mar
93 Sept If 93
10034 Sept 13 101
91 Sept If 91
10 Sept 11 10
..DNO..O.
Indus. & Miscell.Allegheny Steel
Amalg Leather pf __10(
Amer Chain pref.. __10(
American Ice pref. _106
Am Rad&Std San p1106
Anchor Cap Corp pref.'
Assoc Dry Gds 2d pf 106
Austin Nichols prior A'
Barnet Leather
"
Brown Shoe pref___10f.
Budd (E G) pref. __IOC
Certain-Teed Products1st preferred
106
Commercial Credit
1st pref ex-warr 10C
Comm Inv Tr p0634)."
Crown-Wiliam 1st pi."
De Beers Consol Mines_
CON
RailroadsPar.
Beech Creek
5C
Canada Southern_ __106
Canadian Pac new_ 2:
Caro Clinch & Oldo_10(,
Chic St I'M &Oinahl0(
Cleve & Pittsburgh_10(
Duluth S S& Atl_ _101
Havana Elec fly pf_10(
III Cent leased line_ _10(
Manhat Kiev guar_ _1011
Nat Rysof Mem 1st pf 10(
NY State Rys pref_10(
Pacific Coast let 01_10(
Phil Rapid Transit pf 5(
Rutland RR pref___10(
Sales
for
it'eek.
NW
88888888888°8"88888888°- 8'88RT88'"*-c"'8''°8 "w8- 0
4-0-°0'°°(Dg
oon000noon
STOCKS
Week Ended Sept. 19.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.
Below we furnish a daily record of the transactions in Liberty Loan Bonds and Treasury certificates on the New York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Sept. 13 Sept.15 Sept. 10 Sept. 17 Sept.
!
18 Sept.19
First Liberty LonaHigh 101'n 101"u
101'as 101
101
314% bonds of 1923-47....{Low- 101'as 101.0
101'n 101
101
(First 334)
Close 101'n 1011tn
101"as 101
101
Total sales in 31,000 units_ -4
1
2
124
30
Converted 4% bonds ollligh
1932-47 (First 4s)
1.0wClose
Total sales in 51,000 units...Converted 434 % bondsfIligb 1024; 102"n 1024; 102"as 102 ;; 102
7-- -,
- -7;;
of 1932-47 (First 414s)i Low- 102'n 102in 102'n 102.as 102'as 102
,
st
(Close 102'm 102"u 102;” 102'n 102 as 10273,
,
Total sales in 31,000 units _ _ 37
8
41
119
1
73
Second converted 434%(High
_
bonds 01 19:12-47(Min(LowSecond 4145)
"Close
Total sales in 31,000 units...
Fourth Liberty Loan
{High
101c
103 ; 10370,
.
434% bonds of 1933-38_ low- 103'n 103'm 103.” 103'n 103"as 103.as
(Fourth 414s)
Close 103'n 103'n 103
103 as 103'n 103.31
,
Total sales in $1,000 units...
68
145
73
261
50
15
Treasury
I High
f
112"as 112"as 112""t 11224a 112H3s
4).,, 1947-52
low.
112"as 112"as 112", 112"as 112"ss
Close
112Has 112"3: 1121's 112"
Total sales in $1,000 units...
58
26
26
51
4
IIIgli 108"as 108"ss 108on 108,,n1 108"as
45. 1944-1954
Low_ 1081
'n 10813s 108"ss 1081"n 108"as
Close 108"n 108"3, 108"ss 108"a I 108"as
Total sales in $1,000 units_ 10
30
55
27
52
. Iligh
106H3s 106'n 10614as 10611 ss
31(9. 1946-1956
Low_
,
106"31 106 as 106.3s 106.31
(Close
,
106"st 108 at 106912 106"0
Total tales in 51.000 units-25
134
26
1
102133 102,
12 102'n
102'ss
3e,1943-1947
,4
Low.
102 3s 1021as 102'n
102 41
,
(Close
102'n 102,
1 021112
as 102'n
Total sales in $1,000 units_ -51
25
5
50
illigh 101;;; 1131",,
101"n
101 1"n
She, 1940-1943
Low_ 101"as 101"as
1012"ts
101"as
Close 101"0 101"as
1012
"ss
101"as
Total sales in $1,000 units...
1
1
Note.
-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
1st 4%s
20 4th 4%s____ _
102
103
to 102
to 103"ss
Foreign Exchange.
To-day's (Friday's) actual rates for sterling exchange
were 4.85 25-32®
4.85% for checks and 4.86®4.86 1-16 for cables. Commercial on banks.
sight, 4.85 17-32@4.85'%; sixty days.
4.83%@4.83 15-16; ninety days.
4.82q © 4 8314; and documents for payment. 4.8314(4)4.83 15-16. Cotton
.
for payment. 4.853. and grain for payment
4.85% •
To-day's (Fridays) actual rates for Paris bankers' francs were
3.92 13-16
©3.9234 for short. Amsterdam bankers' guilders were 40.286840.29 for
short.
anEx 236
d 3ehan8getrfaonrcs
.on London, 123.68; week's range, 123.76 francs high
low.
sihe ng A cituinge for exchange rates follows:
T erliwe!k's ra l5%
Checks.
Cables.
High for the week
4.86 3-16
Low for the week
4.85 15-10
Paris Bankers' Francs
High for the week
.93
3.93
Low for the week
wk
3.92%
3.92%
Germany Bankers' MarksHigh for the week
23.83
23.8336
Low for the week
23.79
23.8136
Amsterdam Bankers GuildersHigh for the week
40.2936
40.3034
Low for the week
40.22
40.25
The Curb Exchange.
-The review of the Curb Exchange
given this week on page 1845.
A complete record of Curb Exchange transactions for the
week will be found on page 1876.
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.,
Sept. 13. Sept. 15. Sept. 16. Sept. 17.
Silver, p. oz. d_ 16 13-16d. 16 13-16d. 16 13-16d, 1634d.
Gold. p.fine on. 85s. 14d. 850. lid. 85s. %d. 85s. 16d.
1
Consols, 234% _
55%
5514
5531
British 5% _ _ _ _
103%
103
103%
British 434%__
100%
10034
10034
French Rentes
(In Paris)_fr_
89.65
89.10
89.45
French War L'n
(in Parls)_fr_
101.50
101.55
101.60
Thurs.,
Sept. 18.
17,1.
85s. %d.
55%
103%
10014
Fri.,
Sept. 19.
16 15-16d.
85s. 54d.
5534
10334
100%
89.35
89.40
101.80
102.40
The price of silver in New York on the same days has been:
eilver in N. Y., per on. (cts.):
Foreign
3634
36%
3634
3634
37
3634
Report of Stock Sales New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding page
-PER SHARE. NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
Wednesday
Sept. 17.
Thursday
Sept. 18.
Friday
Sept. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share Icis.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for PreZ10111
Year 1929,
Lowest.
Highest.
Par $ per share $ per share $ Per share S Per share
Railroads
$ Per Share $ per share $ per share $ per share $ per share $ per share Shares
3
21758 219
21614 219
4,300 Atch Topeka & Santa Fe-100 194 June 25 24212Mar 29 19518 Mar 298 5 Aug
218 4 22012 21912 22012 220 22014 319 220
3
8
99 May 1047 Dec
8
100 1025 Jan 3 10812Sept 15
1,100 Preferred
4
__
4
8
8
8
8
__ 10712 10812 1073 1073 10738 1075 1073 1077 *1073
*10712
RR.__100 138 Sept 18 17512Mar 18 161 Nov 20912 July
140 141
142 143
13813 12812 1,100 Atlantic Coast Line
138 138
*143 117 *143 147
8
100 9614 Aug 22 1223 Mar 31 10514 Nov 14518 Sept
987 100
8
993 100
8
9914 9938 100 101
9814 99
9818 99
14,600 Baltimore & Ohio
75 June 81 Dec
8July 25
100 7814 Feb 10 845
4
2,300 Preferred
8
8
8212 8212 815 8214 8112 814 8112 8134 815 813 *8112 84
55 Oct904 Sept
72
74
50 63 Jan 3 8412Mar 29
500 Bangor & Aroostook
76 .74 , 77
*75
777 *7414 76
8
*76
*75
76
100 109 Feb 28 11614June 4 810314 Oct 115 Sept
10 Preferred
*1083 11212 *110 11212 *110 11212 *110 11212 *110 11212 110 110
8
85 Apr 145 July
*78
85
Boston & Maine
100 79 June 24 112 Feb 8
*78
85
*80
85
85
*80
85
*80
*80
85
7 Nov 15 Dec
7
*1338 135 *134 133
8
Brooklyn & Queens Tr_No par 10 Jan 11 15 836ay 22
*1338 14
8
*1338 14
*1338 14
*1314 14
44 Nov65 Sept
62 62
*62
65
64
100 Preferred
No par 53 May 3 6612M88 29
643 *62
4
*60
65
*60
6214 *60
8
40 Oct817 Feb
8Mar 18
8 664 6814 664 6712 66
583
sJunel8 783
69
6534 677
11,300 Bkiyn-Manh Tran v t c No par
6814
67 674 68
14
5
7612 Nov92 8 Feb
•9014 92
92
8
700 Preferred v t c
No par 847 Jan 6 94 May 29
92 9212 92
91
9214 91
9218 9218 *91
412 Oct4418 Jan
913 101
4 10
*938 978
*912 10
65
8July 10 335g Apr 23
2,000 Brunswick Term & Ry Sec_100
10
12
93
92 9
3
8 98
3
8
4
4
100 1653 Aug 14 2263 Feb 10 185 Dec 2697 Feb
4
185 8 1863 18518 18612 184 18558 9,900 Canadian Pacific
3
4
18518 1863 18412 186
185 187
8 4818 49 34714 4818 15,800 Chesapeake & Ohio new__ __25 4413 Aug 13 513
4912 4918 495
8Scpt 9 ___- - -- ---- 8 4914 4978 49
491g 497
4 Feb
4 Nov 193 100
3
3
3 14
2 8Sept 8 10 Apr 2
7
3
*27
8 3
1,100 Chicago & Alton
8 314
27
8 3
2 3 2 8 .27
7
7
3
312 Nov 25 4 Feb
284 234
8
218 Aug 8 106 Apr 11
24 278
100
900 Preferred
2 8 278
7
8
25
8 25
8 3
2 8 25
5
8 *27
15 Dec 43 Feb
28 Mar 26
Chic a( East Illinois RR-100 1414 Jan
• . 18 * . 18 * . 18 • _ 18 *- _ 18 *- - 18
8
363 Dec 667 Fet
4
42i
35
*28
35 .
100 32 Aug 8 524 Mar 26
;Hi
35
35
Preferred
;2
.
8
35
35 ;28
.ii
-4
7 Nov 2378 Fet
4Mar 31
812June 24 173
914 10
10
3,400 Chicago Great Western_ _10
12 1018 1014 10
1012 1012 1018 1012 *1018 10
17 Nov 63 8 Jac
12
8 334 35
5
100 27 June 24 5238May 16
*36
3614 3518 353
2,600 Weferred
36
3612 36
36
35 4 36
3
16 Nov 447 Aug
8
1514 1414 147
8
8 2,800 Chicago Milw St Paul & Pete_
1212Ju1se 25 263 Feb 7
1434 1434 1478 154 15
143 15
4
14' 15
8
2812 Nov 685 Sept
1912 Aug 11 4614 Feb 10
8
4 2213 2234 215 2214 3,300 Preferred new
42213 223
4 2218 2212 2213 223
2212 23 .
75 Nov 10812 Aug
8
3
66
*66
68
66
67
1,500 Chicago & North Western_100 65 48ept 15 897 Feb 8
4
4
4 653 6612 *66
68 68 :653 653
4June 3 134 Apr 145 Fel
100 13014June 25 1403
Preferred
.130 141 *125 141 *130 141 *130 141
•134 141 *120 141 4
2,200 Chicago Rock Isi & Pacifie_100 90 Aug 12 12518 Feb 14 101 Nov 14312 Sep
9512 9513 9312 95
97 97
8
967 98
98
*9812 9912 98
8Mar 20 100 Nov 109 Oci
100 105 June 16 1103
8
8
700 7% preferred
1074 10712 *108 1084 *10712 1084 108 10814 10818 10818 1077 1077
947 Nov 10314 Not
8
4,
100 s98 June 6 108 Feb 7
400 6% preferred
.102 10238 •1013 10212
102 10212 4
4
.102 10212 *102 10212 *102 103
8614 Dec 135 Jul]
74
*64
47
*64
100 65 June 18 95 Feb 13
100 Colorado & Southern
66
66
*64
74
*64
74
74
*64
654 Oct 80 Jaz
,
4
100 683 Jai: 3 80 June 19
*7713 773
4 774 773
10 First preferred
*7712 78
4
*7712 78
*774 78
*7712 78
64 Apr 7212 Ma:
100 60 July 11 75 Apr 23
*65
69
*65
69
69
Second preferred
*65
69
*65
*65
69
*65 69
45 Nov 7038 Jaz
49 •-___ 49
493 •
4
Congo'RR of Cuba pref._ -100 49 Jan 2 62 Apr 10
53 *__ 52 *___ _ 511 *44
100 146 June 25 181 Feb 8 14112 Oct226 Jul]
16514 16514 •162 165 •160 165
700 Delaware & Hudson
165 167
168 168
*169 170
113 11312 11312 11312 1134 11314 2,200 Delaware Lack & Westen3_100 11014June 18 153 Feb 8 12014 June 16958 Sept
*115 1164 113 115 *113 115
591 *5514 591 *55
49 Oct7718 Fel
5912 *55
*6514 59
5912
594 *55
*55
Deny & Rio Gr West pref _100 45 June 27 80 Mar 28
4112 Nov 93 Sep
12
3
40
41
393 401
8
41
100 3518June 18 63 4 Feb 14
4012 401 *39
5,400 Erie
383 40
4
41
*40
5754 563 57
5512 Nov 6614 Jull
8
.563 563
4
4 5613 561
4
100 5312June 25 673 Feb 19
574 *57
700 First preferred
573 *57
*57
52 Nov 63 8 Jul:
7
12
55
5614 55
5612 *55
100 50 June 25 62 Feb 19
561 *55
5
5612 *55
100 Second preferred
*55
5758 4. 5
85 Nov 12814 Jul;
14
4June 25 102 Mar 29
79
.100 718
78
7812 787
8 79
79
78'3 4,100 Great Northern preferred..
3
774 79 4 79
78
78
18 Nov 59 Fel
*2858 30
*283 30
8
*283 30 •284 30
8
*283 30
8
Gulf Mobile & Northern_ _ _100 2612 Mfg 23 464 Feb 17
*28 8 30
1
70 Nov 103 Jai
9112 914 *9118 9112
100 90 June 21 9814 Mar 10
*914 93
*913 93
8
900 Preferred
927 93
8
7
*9212 92
34'zMai 5838 Jai
3
46
8
100 41 June 25 53 8Mar 25
45
4614 465 *45
45
47
700 Hudson & Manhattan
4
4
481a 467
3 461 463 *46
4
8
100 109 Aug 22 1363 Apr 22 116 Nov 15312 Jul;
8
1157 1157 115 11578 115 11512 1147 ll4le 113 11478 1,600 Illinois Central
8
116
4
*1143
18
70 Nov80 Fel
72
73
*72 4 73
8
73
73
*72
73
*7214 74
50 RR Sec stock certificates- 70 Jan 5 77 May 13
73 73
3
15 Oct58 8 Fel
2938 3012 2914 30
3
29
30
4
5,500 Interboro Rapid Tran v t.3_100 20 s Jan 3 3912Mar 18
2913 29 4 293 3014 2914 30
3
8Mar 29
60 Oct1087 Jul:
8
853
4June 2
'6714 6834 6714 6714 *6714 6812
100 583
6818 6818 684 4
200 Kansas City Southern
*67
*671
63 Nov7012 Jai
6712 *67
6713 *67
6712 *65
6712 6712 *65
*6712 4681
100 65 June 25 70 Apr 16
674
100 Preferred
65 Nov10214 Fel
83une 25 8478 Mar 31
60
*63
65
50 575
6012 1,200 Lehigh Valley
*6012 65
84
3
60 4 60 4 64
3
65
*6012
3
119 120
/ 118 118
1
4
100 116 Aug 8 13812 Apr 4 110 Oct154 Sep
4
11914 1193 11814 119
3
1,700 Louisville &Nashville
*119 11984 1197 120
24 Oct 574 Jo
8
333
8 313 3318 5,100 mamma Elio* modified guar100 24 June 28 4012Mar 18
8 33
3312 345
33
33
33
34
33
33
1412 Nov 3912 ja,
21
21
*21
23
21
7
2012 2012 20 8 21
900 market St Ry prior pref_100 17 Jan 16 2512 Feb 13
201 •19
*19
384 Ja
114 Nov
218 Apr 5
5 Aug 19
8
h
5
*3 1
4
4
*34 1
400 Minneapolis & St Louis_ 100
*5
4 1
"4 1
7
8
7
8
35 May 6112 Sep
*17
20
20
20 •17
20 •17
*17
20
*17
20
*17
Minn St Paul & SS Marie_100 15 Aug 13 35 Feb 7
Ja
51 Dec 66
8
*5013 563 *5012 563 *5012 5458 *50
8
.51
564 35012 5012
5638 4
100 50 July 31 5912 Feb 21
10 Leased lines
2718 Nov 66 4 Jul
5
8
85une 25 665 Apr 14
3938 404 3834 404 5,100 Mo-Kan-Texas R11
4018 4014 3958 40
4118 4114 4012 41
--No par 327
9378 Nov 10712 Ay
9734 97
97
100 92 Aug 26 10838Mar 27
97
97
961 9652 *97
4
97
97
97
700 Preferred
97
48 Nov 1018 Jul
8
65
68
*66
68 .66
68
100 57 June 25 9882 Mar 6
6534
*66
66
66
400 Missouri Pacific
*66
70
120 120
120 120
12 120 120
5
100 115 8June 26 14512Mar 6 105 Nov 149 Oe
1,300 Preferred
12112 122 s120 1201 *120 120
7538 Oct 865 Ja
8
87
•86
*86
87
*86
87
4
*8312 87
50 813 Jan 29 8612July 26
87
*86
Morris & Essex
87
*86
96
9512 95
12 *95
*9512 97
95
964 967 *9512 97
8
951
210 Nash Chatt & St Lemis.._A00 941813ept 5 132 Mar 25 173 Nov 240 Au
*7
8 1
1 Oct
1
*7
8 ii
3 8 Ja
5
1
*78
*7
8
11
112July 29
34 Feb 25
118
*7
8 118
100 Nat Rys of Mexico 2d pref _100
/
4
4
4
3
100 150 4Ju0e 25 1923 Feb 14 160 Nov 25612 Au
4 9,700 New York Central
1631 16112 1623 16178 16212 1611 16234 15914 1613
162 16212 16118
8
.10014 105 *100 105 *100 105 *10014 105 *100 105
N Y Chic & St Louis Co_ 100 94 June 25 144 Feb 10 110 Nov 1923 Au
*10014 105 4
4May 14 100 May 110 De
100 105 July 3 1103
400 Preferred
10514 1054 106 106 *10512 106 .10512 106 510512 106
*10514 106
203 205
196 2013
3
50 174 4 Aug 13 324 Feb 3 155 Oct 379 Ja
205 205 212 212
210 NY & Harlem
208 210 4206 215
807 Jan 13212 01
e
10312 lO41z 2,400 NY NH & Hartford
106 10614 106 106
100 9714June 24 12818 Mar 29
*105 4 10612 10434 106 *105 106
3
11953 1195 '11958120
8
116 June 18 13512Mar 21 11458 Jan 1344 Au
119 8 120
1,000 Preferred
1204 1204 *11712 12018 120 120
8 Nov 32 Fe
94 912 *918 10
*918 10
*94 104 *912 104
812June 18 1714 Mar 31
94 94
300 NY Ontario & Western_100
112 Dec9 8 Fe
7
418 Jan 16
112June 24
2
*13
4 2
2
2
2
*14 2
300 N Y Railways pref._ _No par
*112 3
4 4 2
.13
*14 1
*14
1
*14
1
*14 1
1
Oct1414 Ms
22 Feb 6
*14 1
18 Aug 27
100
*
14 1
N Y State Rys
1412 Dec 4812 Fe
8
4 *958 113
9 4 Aug 12 3312 Feb 14
3
8
100
4
1
*1014 10 8 1014 1014 1014 10 8 *107 118 4.107 113
3
600 Norfolk Southern
Jan 290 Set
22912 230
23014 231
231 231
100 21314June 26 265 Feb 18 191
225 2273 228 230
4
4
.224 228
1,200 Norfolk & Western
82 Nov8714 Ms
_ _
- *88
. *88
_ *88
100 83 Feb 3 8814May 29
4.873 -- 8818 8818 *88
20 Preferred
7518 Nov11878 Jul
2114 7018 7612 3,500 Northern Pacific
4 71
43une 25 97 Feb 21
72
100 663
724 72 -- -58 71 21
71
714 72
847 Dec 43 Fe
8
4July 22 1978 Apr 9
93
4 93
*8
10
*9
10
*9
10
9
4 *8
10
63
100
*9
100 Pacific Coast
74
734 7312 7314 734 73 8 73 8 7312 7312 • 73
7212 Mar 110 At
7218 73
3
7
8June 25 8638Mar 31
50 697
11,200 Pennsylvania
17 Dec 35 Jul
*8
10
*8
10
8
*8
8
8
8
12
8 Sept 15 241zMar 31
100
14
*8
300 Peoria & Eastern
131 131 *127 132 •127 132 *127 132
'127_-_ *127
100 12912 Aug 9 16412 Apr 10 140 Nov260 At
100 pose Marquette
974 *97
8
7
8
977
8
94 Nov101 M1
•97 - -- 977 977s 97 4 97 11 •97
98
4
974
100 943 Jan 31 101 May 17
*97
150 Prior preferred
9712 98
*974 98
90 Nov97 Js
*9712 98
*9712 98
12 98
*97
4 72 98
97
100 96 Jan 7 99 Apr 15
Preferred
*8012 95
*8012 95
*8012 85
*8012 87
90 Nov1483 Js
*8012 87
4
*8012 95
4
Pittsburgh & West Virginia 100 84 Sept 5 1213 Feb 11
'10614 115 *10614 115 *10614 115
'10614 115 4
10712 10712 4
4
*10512 120
50 100 June 25 14112 Feb 6 10112Ma 1473 Se]
6,000 Reading
*47
*47
50
60
50
*47
50
4112 Apr 50 So
*47
*47
50
50
*47
50 444 Mar 11 53 Feb 21
First preferred
*4812 50
.
44812 49
*4812 49
*4812 49
4338 May 604 Se]
*4818 49
*4812 49
50 4714 Aug 12 57 Feb 6
Second preferred
88'4 88
88
89
sMar 27 101 Nov 1333 At
88
9012 88
4
*89
901 *89
874 8814 1,800 St Louis-San Francisco____100 8512J1,ly 7 1187
9512 9514 9514 9512 9512 9512 9512
9512 *95
495
87 Nov 9612 Fe
96 .
*95
100 92 Jan 2 101 Apr 2
600 First preferred
.46412 6812 6412 644
64 64
67
.
50 Nov
665 6653 6612 661 *66
8
154 FE
600 St Louis Southwestern_ _ _ _100 5218June 25 7634May 16
100 65 may 7 9434July 24
*9053 93
*905 94
8
4
92
5
*90 8 943 *90 8 943 *9053 94
5
84
Oct 94 Al
92
100 Preferred
44 4 8
5
44 412
43
s 5
43
4 43
4
434 434
918 Dec 2134 M,
412 41. 1,900 Seaboard Air Line
4 Aug 20 1212 Feb 15
12
100
*8
11
*8
11
*912 10
11
*8
*8
11
1614 June 4138 0
8 Sept 11 28 Feb 7
100
11
*8
Preferred
11714 1174 117 117
11812 11812 11714 118
11612 1174 1,800 Southern Pacific Co
*117 119
100 108 June 25 127 Feb 10 105 Nov 15712 So
84118 85
4
4 8512 8814 8514 86
'100 75 Aug 21 1363 Jan 13 109 Nov 1621g So
8514 8714 853 863
4
828 84
4
3,700 Southern Railway
*91
951 *914 94
4
91
91
93
*934 94
92
*92
93 June 100 D
100 90 Aug 12 101 Mar 20
953
4
500 Preferred
100 110 June 26 145 Apr 24 115 Nov 181 Ms
*125 140 *125 140 *125 140 *125 140 *125 140 *125 140
Texas & Pacific
4
108
4 101 11. *11
1112 *10
1114 *10
*11
64 Nov 39 FI
612June 18 1512Mar 20
100
1013
*1012 11
200 Third Avenue
11
114 *1114 1112 *1114 12
*1114 12
11
1114
12
2014 Dec 5814 J1
4111
400 Twin City Rapid Tranaft_100 10 July 10 3112 Jan 29
*40
60
*40
63
*40
60
* .. 63 *___ 63
75 Dec 100 • -Ts
*413
Preferred
100 63 Sept 3 79 Feb 3
60
216ls 2173* 216 2163
100 200 June 25 24234Mar 29 200 Nov 2973* As
Ea 218'4 21712 21912 217 21812 217 217
4 3,200 Union Pacific
873 *86
3
8
3
864 863 863 *80
*gals 8718 86
12
8788 8614 8614 1,400 Preferred
80 Nov 85 Be
100 8214 Jan 17 874 Aug 28
32
32
32
32
324 3214 3012 3178 1,200 Wabash
*3212 34
40 Nov 813 51
8
100 28 Aug 8 6738 Apr 1
32
32
75
*70
75
*70
75
*70
73
*70
75
82 Nov 1047 Ji
*70
8
100 66 Aug 13 894 Apr 8
73
Preferred A
*10
2312 23 4 2312 24
8
24
2312 231z 22
24
10 Oct 54 Fi
100 1838June 18 36 Mar 29
2312 4,000 Western Maryland
2318 24
26
*22
*22
26
*22
1438 Nov 5312 Fi
*2312 26
26
100 19 June 25 38 Mar 28
26
*22
Second preferred
20
*23
1812 *18
15
Oct 417 M
1812 18
8
100 17 June 19 3012Mar 29
*1812 191 *1812 1914 1812 1812 *18
18
200 Western Pacific
3912 398
41
41
42
*40
100 38 Aug 12 5312 Mar 19
8 39 8 395* 384 3912 1,900 Preferred
3712 Nov 67 4 Ju
5
41
41
3
2
2
*2118 23
4/54 757 *7514
*471
/
4
*4818 55
*108*108
8
-7
2712 27 s265
4
*923
. 12 94
492
42612
4
.2612 27
.3212 33 •3212
9
/
1
4
912 91
4
.25
26
*24
224
22
758 75
*4714
55
____ *108
2714 2618
*923
4
94
4.2612
27
*32
33
9
914
26
26
2218 *2114
*7412
75
4912
58
_ _ *108
- -5
26 8 2618
*923
4
94
*2612
27
3212 32
94
918
26
26
224 22
7512 *74
4912 *47
- *108
--27
2638
934 *923
4
42612
27
3213 317
8
918 *811
26 •25
22
21
754 75
/
1
53
•45
- *108
-- - 255
267
g
s
9314 *923
4
27
*2612
317
8 317s
9
812
26
*25
Industrial & Miscellaneous
2114
600 Abitibi Power & Paper_No par 21 Jan 29 424 Apr 9
8
100 647 Jan 17 8612 Apr 8
75
200 Preferred
49
100 Abraham & Strauss_ _ __No pox 42 June 25 66 Apr 21
100 104 Jan 11 11012 Aug 25
Preferred
- -- _
8June 18 373
8Mar 31
No par 217
i612 13,300 Adams Express
100 854 Feb 4 94 Sept 10
Preferred
934
No par 23 Jan 23 32 Mar 31
27___._ _ Adams Millis
45une 27 343
4June 13
317
8
400 Addressograph Int Corp No par 293
8 June 17 234 Jan 24
100
1,000 Advance Rumely
9
85une 24 4114 Jan 29
100 157
600 Preferred
26
• Bid and asked prices; no sales on this day. c 60% stock dividend paid. z Ex-dividend. y Ex-rights. a Ex-dividend and ex-rights.
344 Dec
69 Nov
43 Dec
10012 Nov
20 Nov
84 Nov
19 Nov
-_-- --__
7
Oct,
15 Oetl
574 Ai
8838 ji
15912 51
11212 0
34 NI
96
Ji
357 Ji
8
____
1047 MI
8
119 Mt
1860
New York Stock Record-Continued-Page 2
For sales during the week of stocks not recorded here. see second page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE. NOT PER CENT
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
Wednesday
Sept. 17.
Thursday
Sept. 18.
Friday
Sept. 19.
Bates
for
Ike
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
PER SHARE
Range for Previous
Year 1929.
Highest.
Latest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share 8 per share $ per share Shares indus.& Miscall.(Con.) Par $ per share $ per share $ per share $ per share
300 Ahumada Lead
5
8
*12
*1
: 5
*12
12
8
52
12
5
8
4
1
*12
12
4 Jan 4
47 Feb
8
15 Mar 28
8
3 Dec
8
124 12614 123 12413 1203 12312 123 12434 1214 1234 11714 1207 24,100 Air Reduction Ino
8
4
No par 10314July 10 1563
8
8June 2
77 Nov 2233 Oct
17
17
*1612 17
1614 1612 1612 173
4
4 163 174 51618 1614 2,800 Air-Way Elec ApplianceNo par 16 June 23 36 Mar 24
1818 Dec 487 May
8
1
1
1
2,300 Ajax Rubber Inc
1
1
1
1
1
1
*1
1
118
No par
1 June 18
212 Jan 9
1 Dec 1114 Jan
58 5
5
53
514 54
514 514
538 5 8
8 512
53
8 54 5,500 Alaska Juneau Gold Min_ _ _10
3
53
412June 18
918 Jan 7
414 Nov
1014 Jan
500 A P W Paper Co
*
918 104 1012 11
4 *918 912
1012 1034 10 4 1012 103
*10
3
No par
612 Aug 13 1512 Feb 17
5 Oct 25 Jan
214 22
22,000 Allegbany Corp
21
2118 2134 2158 2238 2118 213
22
4 2014 21
No par 18 June 18 3514 Mar 31
17 Nov 5612 Sept
*9312 94
400 Pref A with 330 warr____100 87 June 23 10713 Feb 11
94
94
94 94
94
94
94
*9312 9618 94
4
90 Nov 1183 July
*90
9134 *90
200 Pref A with 840 warr__ _J00 89 June 30 993 Apr 11 ---- ---- ---- --913 *90
4
913
4 9014 9014 "9014 913 *90
4
913
4
4
100 Pref A without warr___100 84s July9 9614 Feb 24 _--- -__ --- - * 8 86
*847 8612
847
8
8
8614 8614 *847 8612 *847 8612 *847 86
8
8
27513 276
7,500 Allied Chemical & Dye_No par 232 June 25 343 Apr 17 197 Nov 3543 Aug
261 271
26714 274
4
2693 271
2654 269 4 2713 272
4
3
4
*12334 126 *1233 126 *1233 126 *123 4 126
100 Preferred
4
126 126 *12412 12614
4
3
100 121 Jan 2 1264.Apr 1 11812 Nov 125 Apr
5334 5412 5234 54
5338 525 533
525 5314 53
8
8
8
8
8 513 527 12,800 Allis-Chalmers Mfg_ _ _ _No par 4818June 25 68 Mar 11
3518 Nov 7512 Sept
*2418 25 "2418 25
900 Alpha Portland Cement No par 23 Sept 17 4214 Mar 27
2414
*2418 25
2418 2314 2314 24
23
23 Nov 23 Nov
2312 2312 23 8 24
2414 2212 2312 9.600 Amerada Corp
2412 2412 2414 24 4 24
3
3
5
No par 18 Jan 16 3112June 3
1712 Oct 42 8 Jan
35
8 414 5.400 Amer Agricultural Chem__100
8
*53
8 512
54 54
514 54
512 512
37
8 51
3 8Sept 19 1038Mar 31
5
5
4 Oct 23 8 Jan
3514 3514 *35
377 11,000 Preferred
4 36
8
35
3512 3412 35
3512 413
35
4
100 23 June 26 3958 Aug 16
18 Nov 733 Jan
*79 83
81
803 803
*80
4
300 American Bank Note
86
4
823 823 *80
4
8412 81
4
10 68 June 18 973
886ar 27
65 Nov 157 Oct
64
64
190 Preferred
*6314 66
*63 63 4 63 4 63 4 65
*6314 66
3
65
3
3
50 61 Feb 3 663 Jan 31
3
57 July 65 4 June
4
American Beet Sugar __No par
634 *5
63
4 *5
63
63
4 *5
4
4 *5
6 4 *5
*47
5
8 63
5 Aug 7 12 Jan 16
514 Dec 2012 Jan
32
32
*32
323
305* 304 294 2912 1,600 Amer Bosch Magneto_ _No par 27 June 25 547 Feb 14
4 3111 313
31
4 31
8
27 Nov 7612 Sept
*43 44
444 43
43
*43
434 4318 *43
400 Am Brake Shoe & Fdy_No par 413
43
43 8 43
7
8July 10 5458 Mar 20
4012 Nov 62 Feb
*1217 12438 *1217 1243 12112 1217 *12214 12438 *1223 12438 *1223 1243
8
8
8
8
50 Preferred
8
4
8
100 118 July 17 128 Feb 13 113 Nov 1264 Mar
13,800 Amer Brown Boverl El_No par
1818 18 8 1818 1814 1734 1814 183 1834 187 194 1713 19
5
8
4
8s Jan 16 213 Apr 25
4
4
418 Oct 343 June
781
*77
793 84
80
4
7714 78
1,140 Preferred
80
773 80
4
773 78
4
100 6012 Jan 3 84 Sept 18
493 Jan 104 June
4
1295 13214 12812 13138 12718 129 4 12918 1313 12618 12912 12112 12,35 249,000 American Can
8
4
3
8
25 10814June 25 15612 Apr 16
86 Nov 18412 Aug
*148 8 150 *147 150 *1464 150
5
14738 14738 *149 1493 *14814 1493
4
200 Preferred
4
100 14014 Jan 27 1487
85ept 11 13318 Nov 145 Dec
53
*52
5078 52
z4812 4812 4812 50
4812 47
48
2,100 American Car & Fdy__No par 42 June 23 8212 Feb 6
47
75 Nov 10612 Jan
.92
*90
94
z94
94
96
94
*92
96
*90
9414 94
300 Preferred
100 94 Sept 16 116 Jan 4 11012 Oct 120 Jan
57
57
57
573 5734 5713 5712 553 553
574 56
4 1,900 American Chain
4
58
4
10-No par 39 June 25 6978 Apr
45
454 4318 444 43 43
43 4 4114 43
3
3
4,100 American Chicle
43 4 4414 43
No par 365 Jan 2 5114 Apr 3
8
8
27 Nov 815 Sept
1518 16
1514 154 147 15
15
1512 144 154 3,700 Am Comm'i Alcohol__ _No par
1514 16
8
914June 30 33 Jan 16
20 Oct 55 MaY
*1512 19
*1513 19
*1514 1712 17
8
17 "153 1712 *1512 1712 1,000 Amer Encaustic Tiling_No par 15 June 24 3078Mar 31
1814 Nov 473 Feb
4
38
513 384 384 387 *38 8 3912 3914 394 39
8
5
84 1,500 Amer European Sec'sNo par 3318Jure 19 5912Mar 31
4 3
394 38
23 Nov 9812 Sept
7014 73
695 723
8
8 6913 714 714 7218 6918 71
6714 69
99.100 Amer & Porn Power__ No par 5614June 18 10134 Apr 16
50 Oct 19914 Sept
*10813 109 4 *109 109 4 *109 1093 10912 10912 1093 1093 10912 1093
3
4
4
4
4
3
700 Preferred
No par 1064June 19 11112 Apr 29 10112 Nov 10812 Feb
*97 100
31 7 100
9
*97
99
*9714 9914 9734 9734 9714 9812
700 2d preferred
No par 9212June 23 100 4June 11
3
8614 Oct 103 Feb
*98
99
*98
9812 98
99
99
99
9813
9814 9814 *98
130 86 preferred
No par 95 Jan 31 101 May 17
94 Dec 100 Feb
*14
143 *14
4
1434 *1312 14
13
1312 1312 1314 1314 13
Am Hawaiian S S Co
600
10 13 Sept 19 33 8 Mar 19
1712 Dec 42 Apr
5
*34 4
*3
4
4 4
*318 4
318 *23
*318 4
3
300 American Hide & Leather_100
313 Dec 10 Jan
212 Aug 29
7 Apr 10
*17
20
*17
20
20
20 .17
19 4 19 4 *17
'20
3
*19
3
100 Preferred
100 17 Sept 4 347 Apr 11
8
2314 Nov 5214 Aug
*6014 61
560
6014 60
1,400 Amer Home Products-No par 55 June 26 693 Mar 20
604 61
60
614 *60
614 60
4
5
40 Nov 85 8 Jan
*3214 3313 32 8 33
3214 3112 314 2,100 American Ice
7
313 3212 3213 3213 32
4
8
29 Oct 5312 Aug
No par 31 June 18 417 Mar 27
3818 377
4
8 3612 374 343 3612 36
37
3514 3612 334 354 42,700 Amer Internat Corp__ _No par 2834June 21 55 8 Apr 2
4
3
294 Nov 963 Sept
*112 13
4 *112 134 3
*113 2
*113 2
"112 2
Amer La France & Foamite_10
'112 2
24 Oct
138 Aug 6
84 Jan
4 Apr 2
*15
221 *15
2212 *15
20 .15
50 Preferred
20
2213 15
15 .15
100 15 Aug 13 35 Feb 14
2712 Nov 75 Feb
42
42
42
41
3912 4014 3978 40
41
40
40
2,900 American Locomotive_No par 39 Aug 13 105 Jan 6
40
90 Nov 136 July
*9112 9214 92
9214 9114 92
9112 *9012 91
91
904 905s 1,600 Preferred
100 90 July 15 11812Mar 1 11114 Nov 120 Dec
434 44
4212 4318 4218 4212 4234 423
4 4212 423
4 4012 424 6,700 Amer Mach & Fdy new _No par 3514 Aug 8 45 Sept 6 ___. ---- ---- ---912 *9
9
8 8 87
7
94 9
812 812
3
800 Amer Mach & Metals- _ No par
4
3
93
912 *9
6 Aug 22 1412July 3
30
30
1130
294 2814 2813 2,600 Amer Metal Co Ltd__No par 2814Se1t 19 5112 Feb 7
31
8 29
'
*2914 294 '2914 297
1
Feb
3111 Nov 8118 *106 108 *106 108 *106 108
*95 10434 *95 10434
200 Preferred (6%)
10512 106
100 10512Sept 17 116 Feb 18 106 Nov 135 Feb
75
75 8 75
3
*75
75
75
78
75
75
75
230 Amer Nat Gas pref._ _ _No par 65 Jan 23 95 Mar 27
75
75
58 Nov 984 Jan
83 85 4 82
3
8 7918 82515 10,200 Am Power & Light____No par 72 Aug 13 1193 Apr 1
84
8214 853
81
834 8314 85
4
8
6414 Nov 1753 Sept
*10534 10614 106 10614 106, 1061a 106 10618 10614 1063 106 10614 1,700 Preferred
8
8
No par 99 June 25 107 Mar 24
9214 Oct 106 Feb
*84
8612 85
87
85
877 877
8612 87
,
85
86
8 2.500 Preferred A
86
No par 75 Jan 8 877
8Sept 19
70 May 80 Feb
*87 108
53
88
88
87 4 8818 885 8914 884 8914 *884 894 1.800 Prof A stamped
3
8
No par 80 Jan 6 894 Sept 17
727 Nov 8418 Feb
8
26 4 2712 265 274 2612 27
3
2814 2638 2512 283 23,200 Am Rad 02 Stand San'y _No par 23 8June 25 39 4 Apr 7
8
8
8
265 27
5
3
3
28 Oct 55 8 Sept
*1613 1712 *1613 1812 *1612 1812 164 164 164 16
1.100 American Republics
4 154 164
No par 154June 17 37 Mar 25
1212 Nov 6434 Jan
50 4 5114 485 504 49
3
8
5018 494 50
64 55,000 American Rolling Mill
454 4918 454 4
8
25 45's Sept19 1004 Feb 17
60 Nov 1445 Sept
14 65,
*6413 65 4 6514 6514 *624 66
3
65 8 664 653 66
5
65
4
4 1,800 American Safety Razor_No par 5212June 18 6758 Apr 26
44 Nov 74 4 Jan
3
*912 107
107
8 *9
10 8 *9
8 *9
7
107
107
8 *9
107
8 *9
Amer Seating v to
8
No par
714July 12 2612 Feb 18
17 Dec 4178 Mar
*13
4 17
8
134
13
4
15
8 15
8
13
13
4 13
4 1,500 Amer Ship & Comm_ No par
4 *13
14
4
14
118 Feb 25
4 Oct
7 Feb
3 8May 6
3
*47
49 4 *47
3
49 4 *47
3
4934 *47
49 4 47
3
49 4 *47
3
10 Amer Shipbuilding new_No par 4678May 22 5412June 5 __-- --- ---- -- 47
67
683
4 65
673
4 64
6514 644 65 3 6 4 654 634 644 25,000 Amer Smelting Ec Rehr _No par 53 June 24 7912 Apr 2
7
4
62 Nov 13014 Sept
3113912 140 *13912 140
1393 140
800 Preferred
13912 13912 *1384 13918 *13818 1394
4
100 13312 Feb 6 141 Apr 8 12318 Nov 138 Jan
102 10213 *10212 1023 10218 10218 102 102
102 1023 1023 1023
4
4
4
4 1,500 6% cum 2d pref
100 100 Aug 16 1033 Aug 14 ____ ---- ---- --8
*4114 4112 4112 4112 *41
4 4113 4178
42
400 Anerican Snuff
*4114 4158 4134 413
25 38 June 18 437 Jan 27
8
38 Oct 49 July
*104 112 31104 112 41104 112 *104 112
112 112 *110 112
10 Preferred
100 1004 Jan 3 112 Sept 18
98 Nov 112 Jan
73
8
*7
74 7 4
712 713
3
3
4 *7
8
74 73
500 Amer Solvents & Chem_No par
78
65
8July 1 2212 Mar 7 ---- ---- ---- -- - *____ 17
*15
18
*14
*14
*10
18
18
18 *---- 18
Preferred
No par 173 Aug 15 3314 Mar 5 -- ---- -,,, ..,- 4
39 8 397
7
8 39
394 *38
39
39
3914 38
3
84 3 , 38
72
2, 0 Amer Steel Foundries_ _No par 3518June 25 5214 Mar 20
40
363 Oct 227 4
8 Feb
___ z115 115 *11312 ___ *11034 11312 11034 110 4 *11012 11312
3
30 Preferred
100 11012 Jan 7 116 Feb 25 110 June 114 Mar
*11212*474 48
*4738 48
48 48
4812 48 48
48
*4712 50
500 American Stores
No par 42 Aug 18 5512 Apr 16
40 Oct 85 Apr
*50
5214 5113 5112 *5012 51
507 5114 5118 5112 51
8
900 Amer Sugar Refining
51
4
100 47 June 25 6978Mar 26
56 Nov 943 Jan
31105 106
106 106
10612 10612 106 106
106 10612 *105 106
500 Preferred
100 10314June 28 110 Apr 24
99 Nov 111 Feb
8 1114 124
117 117
8
13
*12
13
*12
*1212 13
*1212 13
500 Am Sumatra Tobacco_ _No par
()triune 18 26 4 Feb 10
18 Nov 60 Jan
3
*2014 2212 *2014 2212 2212 2212 •2014 2212 *2014 2212 *2014 2212
10 Amer Teleg & Cable Co..100 16 June 14 2712 Feb 8
17 Jan 324 Feb
213 8 21614 21314 2157 21314 21514 215 2163 2144 2164 520918 21312 58,700 Amer Telep & Teieg
5
8
4
100 2004June 23 27414 Apr 17 19314 Jan 3104 Sept
*245 250 245 245 "237 242 *238 243 *23612 243 .2364 243
500 American Tobacco com____50 197 Jan 8 26414May 23 160 Mar 23212 Oct
12114 123
121 122
11914 12012 117 11912 10,200 New w 1
119 12014 120 121
25 117 Sent 19 127 Sept 10 -_-- ---- --,- -- -251 251
3
24814 24814 *24814 250
2497 250 245 4 250 250 250
8
1,300 Common class B
50 197 Jan 8 26912May 23 160 Oct 235 Oct
12514 126 8 12313 1264 123 124 4 123 4 1253 12211 124
11834 1224 61,000 Class B new WI
8
7
3
3
25 117 Aug 13 1304Sept 10 ---. --- -- -- -- -4-__
'1263
12614 12612 126 126 *1253 1274 126 126
4
12614 12612 1,100 Preferred
8
100 120 Feb 3 127 Sept 9 1145 Nov 1214 Jan
*121 125 *121 130 •12114 130 *12114 130 •122 130
12114 125
American Type Founders_100 113 June 19 1413 Apr 1 115 Nov 181 Sept
4
112 112 *111 113
4
113 113
112 1141 *112 1143 112 1143
50 Preferred
4
4July 24 103 Nov 112 Apr
100 106 Feb 5 1143
9314 0755 86,800 Am Water Wks & E1eo_No par 784June 23 1247 Apr 23
96 1003
4
8 9814 1007
8 9611 1003 100 10238 97 100
8
50 Nov 199 Sept
*10413 105 *10412 105
10614 ____
800 let preferred
105 105
105 10514 106 106
97 Jan 104
9912 Jan 4 10612 Aor 15
Jan
41114 12
12
*11
11
114 1114 *11
400 American Woolen
11
12
12
91
712 Jan 2 2014 Feb 17
100
57 Oct 27 8 Jan
8
7
"2712 29
2612 284 2,200 Preferred
28
28
*2714 27's 27
284 *2713 29
100 193 Jan 2 4412 Feb 18
Nov 5838 Jan
4
1512
300 Am Writing Paper ctfe_No par
5
54
5 4 54 *5
3
5
54 5 4 *518 54 *518 534
54 *
3
1618 July
5 Jan 20
9 May 29
4 Nov
38
38
838
38
37
37
*38
38t
3812 1,100 Preferred certificates
374 374 z35
4
100 2912 Jan 17 443 Feb 27
28 Nov 46 Mar
9
12 94 *9 8 105
1,100 Amer Zinc Lead dr Smelt_ _25
3
8
914 *9
9
*9
812 is
10
912
612June 19 177 Feb 3
8
7 Nov 4914 Mar
*59
74
*59
66
*59
74
3 59
'
74
*59
*59
86
74
Preferred
25 50 June 19 797 Jan 20
493 Nov 11114 Mar
4
8
4614 47
46
4678 4558 4618 4514
4418
5 0 Anaconda Copper Mining...50 44l Sept 19
0
Apr 2
674 Dec
Mar
no 2612 *26 2612 26 26 26 46 4412 4538 *2512 4478 54.800 Anaconda Wire& Cable No par 2518Sept 18 8113 Feb 6 46 Dec 140 4 Sept
26
2518 26
26
5314
893
*4034 415
4 41
4013 4055 4014 4014 5383 3914 1,200 Anchor Cap
394 41
41
8
No par 3478June
25 Oct 80 Oct
4 Apr 21
104 1012
20 8 20 8 *20
5
700 Andes Copper Mining_No par 18 June 18 513 Apr
3
2212 2018 204 *20
22'2 1918 20
18 3714
2
30 Oct 6838 Mar
*2114 213
2112 2112 2114 2114 3,300 Archer Daniels Midrd-NO
8
8 213 33
8
4 2112 2158 213 213
184 Nov 4912 Mar
Par 1918June 23 2914 Apr 5
*73
7618 *72
100 Armour & Co (Del) pref__100 73 Sept 17 8278June 5
*713 73
7412 *72
4
73
73
*713 73
75
4
Jan
75 Oct 95
* 14 5 11
5
47
8 618 4,700 Armour of Illinois cliu3s A_ __25
3
54 54
514 54
514 514
514 555
43
518 Oct 1818 Jan
sJune 19
818 Mar 26
3
3
3
318
3
3
3
3
3
6,800 Class B
3
3 18
3
25
258 Jan 20
234 Nov
43 Mar 26
8
1014 Jan
*534 57
585 *5612 5812 *534 57
*534 59
8
*55
*5314 58
Preferred
100 55 May 5 65 June 4
57 Nov 86 Jan
*5
8 4 923
814 814
812 9
1,200 Arnold constable Corp_No par
912
814 8 4
9
3
9
9
614 Dec 407 Jan
5 Aug 18 13 4 Apr 21
3
8
'IO
11
*1014 103
400 Artioom Corp
4 10
*9
9
91
912
9
104 *9
No par
9 Sept 19 2018 Apr 28
165 Nov 30 Feb
8
*3313 34
34
34
*33
324 1.900 Associated APParel Ind_No par 3112June 18 4618 Mar 10
8
34
35
34
3.155 347 532
34 Nov 583 June
4
367 367
8
8 3514 363
3512 35
4 35
353
4 3314 3454 8,600 Assoc Dry Goods
363
8 35
No par 28 Jan 4 5012 Apr 15
25 Nov 70 4 Jan
3
*4014 4112 *39 4 45
3
*40
*3913 45
*3913 45 .394 45
Associated Oil
45
25 3212 Feb 27 51 June 2
3412 Dec 474 Apr
*56
574 *5413 60
Atl 03 & WI88 Line.
*52
*52
*52 .58
*52
58
58
58
..No par 495
8June 26 803 Jan 30
3218 Feb 8612 Oct
8
*
5412 5812 *5413 5812 *5412 60
*544 60
*5412 60
*5412 60
Preferred
100 50 June 27 6514 Feb 26
8
4534 Feb 627 Sept
3358 3418 33
4
34
3
3
325 33 8 325 33 8 3214 324 32
323 20,800 Atlantic Refining
4
8
25 3018June 18 513 Apr 7
8
8
30 Oct 777 July
*7014 7414 *70
7112 704 71
800 Atlas Powder
*71
74
7014 7218 71
71
No par 62 June 17 104 4Mar 21
3
67 Nov 140 Sent
*10114 10212 *10114 10212 *10114 10212 10114 1021 *10114 10212 10212 10212
10 Preferred
100 101 Jan 20 106 Mar 22
90 Nov 10612 Jan
31 .3114 30 4 31
3
31)
13 30 4 3014 3058 2912 304 285 2914 7,700 Atlas Stores Corp
3
8
No par 2512June 18 37 May 15
- ---, --:*4
5
*4
5
54
*4
*4
Atlas Tack
*4
5
5
5
5
No par
4 Aug 7
177 July
8
812 Mar 5
5 Nov
12312 12634 122 126
120 12312 124 125 4 117 2 12312 xl1Il4 1153 34,600 Auburn Automobile
4
,
,
No par 91 June 23 263 4 Apr 1 120 Oct 514 Sept
3
312 312 *312 412
*34 434 *313 4
4
100 Austin Nichols
4 *312 43
*312 43
No par
3 2 Aug 28
,
7 May 14
*25
4 3
*234 3
100 Autosales Corp
*23
*23
4 3
4 3
23
4 24 *212 234
No par
2 Aug 6 103
Dec 3512 Aug
8Mar 3
4 "7
10
*612 10
*618 10
*7
*7
Preferred
10
10
*618 10
50
6 Aug 18 25 Mar 4
13 Dec 4578 Aug
72
733
8 7378 7812 75 4 78
23,100 Autostrap Sat Razor A_No par 37 Jan 2 813
3
7518 7612 723 745
8
8 1318 75
Jan
4July 31
34 Nov 50
5 8 54
5
53
8 57
55
8 534
558 578
55
8 53
7
513 54 1,070 Aviation Corp
No par
434 Jan 20
978 Apr 15
5412 Dec 20 Aug
323 3378 3212 335
8
8 32
33
34
324 3412 33
8
3012 327 59,600 Baldwin Loco Works_.No par 193
8June 17 38 Feb 18
15 Oct 664 Aug
107 107
107 4 1073 108 108 *1084 109
3
630 Preferred
10812 1094 10813 10912
4
100 10412June 25 116 Jan 21 10912 Nov 125 Apr
*10813 10912 *10812 10914 *10872 10914 10812 10812 *10812 109
50 Bamberger(L) dr Co pref 100 1087 Aug 15 11012 Feb 4
10812 109
2
9312 Nov 11012 Feb
*1312 1438 *134 1438 *1312 1478 137 137 •137 15
120 Barker Brothers
1312 1313
8
8
8
No par 1212 Aug 19 203 Mar 5
4
16 Dec 3334 Jan
*877 75
8
*694 75
*6778 75
Preferred
*67711 75 •_ _
_-_- 75
75
100 72 June 25 91 Mar 31
70 Nov 97 Jan
2212 2212 2218 2238 2218 2238 2214 22 8 224 224 214 224 10,400 Barnsdall Corp class A
3
25 2012 Feb 15 34 Mar 28
20 Oct 494 May
*49 4 50
3
*49 4 50
3
Bayuk Cigars Inc
*493 50
4
*493 50
4
*494 50
4
*493 50
No par 483
4July 23 68 Feb 4
55 Nov 1134 Jan
*97
99
97
97
*97
20 First preferred
99
*97
99
*97
99
100 97 Mar 3 101 July 24
*97
99
95 Oct 1063 Jan
4
85 2823 84
85
4
3,900 Beatrice Creamery
*823 84
4
83 4 83
84
3
80
85
85
50 6712 Jan 18 92 Apr 14
69 Dec 131
Oct
*1074 108 21043 106 *105 10712 *10718 1073 *1064 10712 10614 109
4
400 Preferred
4
100 1014Mar 20 10814Sept 10 100 Dec 10612 Aug
*57
59
*573 583 .5512 58
4
4
Beech-Nut Packing Co_ _ _ _20 493
*5518 5812 *5512 5818 *5512 56
8June 25 7018 Jan 28
Jan
45 Nov 101
*4
414 *4
414
200 Belding Hem'way Co__No par
4
4
*4
414 *4
414 414
414
212 Aug 5
412 Dec 175 Apr
6 8 Jan 17
3
4
*78
79
*7712 79
*78
79 "783 79
300 Belgian Nat Rys part pref___
8
*784 79
78
78 Sent 19 8512Mar 19
78
75 Nov 8478 Jan
* Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-rights.
1861
New York Stock Record-Continued-Page 3
For sales during the week of stocks not recorded here, see third page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Sales
for
Saturday
Sept. 13.
Monday
Sept. 15,
Tuesday
Sept. 16.
TVednesday
Sept. 17.
Thursday
Sept. 18.
Friday
Sept. 19.
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
Oa hasis of 100
Highest.
Lamest.
PER SHARE
Range for PrertOUS
year 1929.
Lowest.
Highest.
$ rer share $ per share $ per share 8 rmr share 8 rer share $ nor share Shares Indus. &Miscell.(Con.) Par $ per share S Per Share $ per share 3 per share
25 Nov 10438 July
No par 2758June 25 574 Apr 7
3114 2938 307 12,100 Bendix Aviation
31
8
32
3112 31121 32
325
8 3114 32
31
25 Nov 12312 Sept
No par 314 Jan 8 5614 Aor 25
494 12,200 Best &CO
4912 5114 493 503
4
4 4812 498 493 5112 4918 5012 48
4
7814 Nov 1043 Aug
8
8 883 8914 8712 888 844 8712 92,000 Bethlehem Steel Corp____100 75 Aug 13 11014 Apr 1
8714 885
8741 894 8814 89
100 12214 Jan 13 134 Mar 22 11658May 128 Sept
8
*12834 12978 1284 1283 '
12934 129 1293 12812 12912 1,900 Preferred(7%)
8
4 31283 129
12838
No par 31 Jure 25 4112 Apr 24
*3312 3824 *33
/ 3514 *3312 3514 *334 3412 3312 3312 *3212 3312
1
4
200 Blaw-Knox Co
Apr
22 4 3 Dec 61% 10 Bloomingdale Brothers_No par 1712June 23 294 Apr 24
284 283 *2712 28
8
*26
31
*26
*284 30
*28
30
30
Jan
100 99 May 12 103 Mar 8 100 Oct 111
Preferred
_
_ *10012 ___ *10012 ___ •10012 ___ *10012
*10012
7018 Dec 118 Jan
74 Feb 7 90 Apr 7
*8212 tif
*10012Blumenthal & Co pref...._100
*8212 87
*8212 87
87
*8412 *8213 If *8212 87
4
37 Nov 1363 Mar
28
2812 1,800 Bohn Aluminum &Br__No par 24 Aug 27 69 Apr 7
2812 29
*27
2812 z2838 29
*2814 29
28 28
70 Oct 8912 Jan
No par 70 Mar 7 78 Apr 5
400 Bon Ansi class A
71
718 71
8
717 717 *68
8
*7112 717
72
8
8 717 71% 72
4
3 Dec 113 Jan
5 Mar 26
2 June 21
No par
4 34 *234 312
100 Booth Fisheries
338 338 *23
•254 312 *234 312 *23
4 314
18 Dec 884 Jan
3
100 18 June 23 334 Jan 3
1st preferred
*18
23
23
23 .18
*20
23
*18
*18
23
*18
24
53 Oct 10012 July
8May 29
25 6018 Jan 8 903
7712 18,900 Borden Co
4 7714 7812 75
7818 787
7758 7838 7758 783
8 7714 79
26 Nov 143% May
5
10 23 83u0e 27 5012 Mar 27
2814 263 275
4
8 2,300 Borg-Warner Corp
2914 2914 32814 29
2812 2812 28
28
28
212 Dec 1512 Feb
5 Mar 27
8Sept 3
17
100 Botany Cons Mills class A_ _50
*212 3
3
3
*212 3
14 *212 314 *212 314 *212 314
1
84 Nov 63 8 Jan
8July 23
s
18% 197
187 1912 1834 1912 1712 1812 32,400 Briggs Manufacturing _No par 1312Mar 6 253
183 193
4
8 1812 19
12
174 Dec 43 July
No par 21 June 19 3512 Apr 4
Briggs & Stratton
*2112 25
*21
25
*2312 25
*2312 2412 *234 23 4 *2312 25
3
7
14 Nov 73 Jan
Truck.. No par 1212June 26 2214May 19
19
1812 1918 19
1838 18 8 173 185
4
7
4
8 174 18% 173 184 10,900 Brockway Mot
7114 Dec 145 Jan
100 60 Sept 18 85 Apr 24
220 Preferred 7%
6212 "6012 6212
*6814 72
64
6814 6314 6314 60
*6814 71
99 Nov 24812 Aug
129 130
126 12614 2,700 Brooklyn Union Ga8_-_No par 115 June 25 17814 Mar 3
/
1
4
*130 132
128 1295 1273 12912 130 131
4
36 Oct5112 Sept
No par 3712June 30 42 Feb 18
Brown Shoe Co
*3814 394 *3814 3914 *3814 3914 *3814 3914 *3812 3914 *3812 3914
1614 Nov 5514 Jan
8Mar 31
1,300 Bruns-Balke-Collendar_No par 1318 Jan 15 305
16
16
16
16
16
16
1612 16
1614 1618 1.64 16
3
14 Oct42 4 Jan
8Mar 24
2312 *22
2313 2312 23
10 1918June 18 317
23
2214 2214 *22
1.100 Bucyrus-Erie Co
2234 23
23
7 357
26.2 Oct50 Feb
10 3318 Jan 7 43 Mar 25
*354 36
8 35
1.300 Preferred
35
3538 355
354 *3512 36
35
8 35
4
*11512 115 4 *11514 1153 *11514 11512 *11514 11513 11512 11512 *11512 116
4
100 1073 Jan 3 117 Sept 11 1073 Dec 117 Apt
3
60 Preferred (7)
4
8
818 Dec 227 Oel
738June 18 16% Apr 15
814 814
No par
84 812
8
8
8
8
818 858 3,100 Budd(E G) Mfg
838
858
7 4 Dec 1212 Dec
3
818 Jan 2 145 Feb 6
8
1112 103 103
10 4 104 10 4 11
3
8
No par
10 4 1114 11
3
*1012 11
3
4 2,700 Budd Wheel
2114 Nov 34 Dec
2718 2718 27 2714 27
2,100 Bulova Watch
*27
2712 27
27
27
No par 2618 Jan 17 43 Mar 31
27
27
8
25 Nov 545 July
274 277
No par 2018 Aug 12 74 Apr 2
2814 293
4 2714 2812 19,400 Bullard Co
2714 30
8 2612 274 2614 27
88 Nov 127 Jan
9912 *953 983
Burns Bros new clA corn No par 90 June 18 11018 Apr 2
*99 100 *99
*99 10014 1599 100
*99 100
4
4
22 June 39 Jar
5s
2214 2214 1,000 New class B com_ _ No par 1514June 18 35 Apr 2
*2214 24
223 2234 2312 233 *2212 24
4
*2214 24
8
88 Nov 10514 Jar
100 8914June 17 100 Feb 19
10 Preferred
*9612 97
9712 *9612 97
*96
9712 *95
9712 9712 9712 *95
3
29 Oct329 4 Jar
35
3458 3314 3312 6,000 Burroughs Add Mach__No par 2914June 25 517 Mar 1
3318 3458 34 3412 34
3538 347 357
3312 3312 337, 3812 387, *3511 36
3313 *38
*38
387, *33
3114 Nov894 Fel
No par 2918June 18 4812Mar 5
600 Bush Terminal
9118 Nov 11012Ma3
100 99 June 30 110 Mar 15
10912 10912
110 110
10912 10912 *10912 110
190 Debenture
110 110
1093 110
4
3
100 1094 Feb 10 118 Apr 7 105 Nov11812 Pet
11512 11512 *11512 117
*11612 117
150 Bush Term Bldgs pref
115 11612 115 11512 *11512 117
112 112
8
Vs Dec 123 Jar
514 Jan 6
112 Aug 23
112 112
400 Butte & Superior Mining _10
112 112 *112 14
112 112
*112 13
4
2lsJune3O
12
2 Oct9 Jar
414 Feb 20
5
8 213 '28
23500 Butte Copper & Zinc
24 212 *23
212
212
24 212
*23
8 212
1712 Dec 41 Jar
8
100 1314June 18 293 Feb 24
4
1512 1512 1612 17
*1512 17
1612 1612 1618 1618 153 1612 1,200 Butterick Co
1
50 Nov192 Jar
8
7
7412 6814 71
No par 6018 Aug 9 1123 Apr 26
72
25,500 Byers & Co(AM)
3
7318 7614 727 757
72
7458 73 4 74
100 10812 Aug 4 114 Jan 25 105 Apr12114 Jag
_ _
*110
_ *110
10 Preferred
__ 11012 11012 *110 _
_ *11012
2
63 Oct84% Aug
12
6
i
600 California Packing
No par 6014Ju11 17 7712Mar 5
6312 62
7
62 -*6112 --64
63 81
; 6312 --7
63 63
6
2
4 Jar
Oct
218 Feb 3
1
78 Aug 23
10
*7
8
118 1,400 Callahan Zinc
1
118
1
-Lead
1
1
1
1
1
*1
118
4
7312 Nov 1363 Aug
8
4814 48'2 1,500 Calumet & Arizona MinIng_20 4738 Aug 28 897 Jan 9
49
49
49
49
4834 483
5012 49 49
50
8
25 Oct 617 Mal
3
4Sept 19 33 8 Jan 7
25 123
8
4
8 7,400 Calumet & Heels
1313 1312 134 1312 13
1314 124 1314 127 1318 123 127
19 Dec 4912 Aug
_No par 17 June 18 30 Mar 25
3 19
*18
19
500 Campbell W & C FdrY
18
18
*1814 19
1712 1814 *17
*18
19
4
45 Oct 983 July
8
64
64% 6212 6338 3,100 Canada Dry Ginger Ale No par 56 June 18 753 Mar 10
643 65
4
64
64
6412 6514 6414 65
27 Dec 483 Berc
4
No par 20 June 18 3414 Mar 18
2114 2158 1,300 Cannon Mills
4
23
23 •211 23
*2278 23
23
*22
23 *22
17 Nov 6518 Oe
200 Capital Adminis cl A_No par 13 June 19 2834 Apr 4
no ars *1934 2034 *ars 2078 20 2078 *19 2034
*20
21
8
29 Nov 397 Oc
50 31 Jan 2 42 Mar 19
Preferred A
*3312 3712 *3312 3712 *3312 371, *3338 3712 *3312 3712 *3312 37'1
173 178t 17012 1753 1673 17414 17314 17612 17012 17414 16212 169
4
4
79,900 Case Thresh Machine etts_100 150 Aug 13 36234 Apr 23 130 Nov 467 Seri
123 123 *123 12313
60 Preferred certificatas___100 115 Jan 16 132 Mar 25 113 Nov 12312 Del
*123 12313 13123 126 *123 12312 123 123
3
5014 Dec 61 Del
4 54
5612 5512 563
.
56
8
5612 555 56
5612 56% 56
551s 4,100 Caterpillar Tractor_ __No par 53 Aug 15 79 Apr 28
614 Dec 4218 Fel
5 June 16 138 Jan 11
Cavannagh-Dobbs Inc_No par
*7
*7
9
*7
9
*7
9
75
8
7 e *612 712*5
7
68 Dec 10512 Ma
100 50 Aug 5 75 Jan 18
__-- 53 *____ 50
•____ 55 '---- 54 *_ _ _ 55 *___ _ 50
Preferred
1218 Aug 27 20 July 3
1412 *1312 1412
*13
100 Celanese Corp of Am_ _No par
13
1412 13
1412 *13
*13
141 *13
8
Oct 793 Fel
31
9 July 3 60 Mar 10
No par
8 1212 124 5,200 Celotex Corp
123
8 1218 133
*1314 137 *134 133
1214 1314 12
21 Oct 4834 Jai
2412 *23
*23
28
2412 *23
24
24
100 Central Aguirre AssoNo par 23 Sept 12 3012May 31
24
*23
2412 *23
3 Oct 204 Jai
614 6
814 Mar 27
612 63
34 Feb 4
518 534
4
Mills_No par
514 512 *413 57
558 53
8
1,900 Century Ribbon
5014 Dec 82 Jai
8July 16
100 51 Feb 27 697
*6212 697 *6212 697 *6212 697 *6212 694 *6212 697o
Preferred
*8212 69
52 Nov 120 Ma
/
1
4
44
45 • 43
45 45
*4312 45
45
4812 4713 45
1,300 Cerro de Pasco Copper_No par 4018 Sept 4 6538 Jan 6
43
104 Dec 32 Jul;
8
518June 24 15, Feb 6
par
638 688
638
638
618 618
*434 6
638 638 *614 634
500 Certain-Teed Produets_No
394 Dec 62% Jai
No par 38 July 3 49 Feb 4
8
3912 *3812 3912 *385 40
38% 38% 39
3812 38z 3812 387
700 City Ice de Fuel
96 Sept 10514 Jai
100 81 Sept 11 98% Feb 11
83
83
83
83
82
83
8312 8212 83
*82
83
8218
290 Preferred
3
18 Oct 80 4 Sep
8
No par 195 Aug 13 67% Mar 27
3012 311 10,600 Checker Cab
8 3114 32
30 8 3112 3118 315
5
30 8 313 z303 313
5
8
/
4
8
4218 Nov 112 JUI:
No par 5112June 28 8212Mar 29
61
/ 61
1
4
64
*66
88
68
1,500 Chesapeake Corp
*6314 65 8 6314 63
3
65
*67
217 Oct 474 Sep
8
19
163 1814 4,900 Chicago Pneumat Tool_No par 1114June 19 37 Mar 31
4
1914 19
1712 17
1712 1814 *17
187
8 18
47 Nov 61 Sep
7
No par 4114 Aug 21 55 8Mar 14
4612 .44
4612 *44
4612 *44
*4413 461 *44
Preferred
4612 *44
4
612
g
217 Oct 36 Jai
4
*25
27
*25
27
25
25
*25
27
NV
28
*2512 28
20 Chleago Yellow Cab_ No par 163 Feb 1 32 Mar 20
25 Dec 50 Jai
10 17 Aug 22 3212 Apr 10
174 17
1714 *17
171, 1714 1714 1714 *17
*173 18
8
1714
400 Chickasha Cotton Oil
4412 Nov 757 Sep
No par 48 Aug 13 674June 6
52
50
52
525
8 52
5312 5312 5118 53
*5312 54
514 4,400 Childs Co
26 Nov 135 Jai
No par 24 June 23 43 Apr 11
4 253 273 45,100 Chrysler Corp
2714 2712 2714 273
2712 28
2734 281
8
2714 28
7 Oct27 Fel
14
/
1
57
8July 11 134 Apr 25
No par
714 714
612 718 2,200 City Stores new
7
7
714 73
8
74 718
7
/ 714
1
4
25 Nov 6178 Oc
No par 29 Aug 13 444 Apr 21
*30
35
29
30
*30
35
*29
35
35 *_ ___ 35
200 Clark Equipment
3
34 2 Dec 72 4 Jai
,
3634 36
36
3634 *36
3634 *36
*3412 3612
363 *36
200 Cluett Peabody & Co_ No par 30 Feb 1 60 Apr 5
*36
90 Dec 119 Jai
12
100 9114 Jan 2 105 Apr 8
Preferred
*101 102 *101 102 *101 102 *101 102 *101 102 *101 102
sJure 4 101 Nov 15412„ Aui
No par 13314 Jan 8 1913
4
8
1834 l84s 18312 18514 18312 1853 18514 18612 18418 18618 1828 18412 12,300 Coca Cola Co
445 Oct50 Fel
4
No par 4812 Jan 8 53 Mar 21
5258 52
5238 *52
52
52 8 5214 5214 5238 528 *52
3
500 Class A
*52
8May 2-5914 59
59
594 59
/
1
59
2584 5814 1,600 Colgate-Palmolive-Peet No par 50 June 23 647
/
1
594 61
/
1
*593 60
4
100 97 Mar 13 103 Sept 16
10234 103
10214 10214 "1024 103
103 103
500 6% preferred
10214 1021 "10258 103
10 Nov 7214 Ma
4
8
No par 145 Jan 2 353 Feb 13
20
21 22 21 21
20
223
2118 2118 *21
2138 213
700 Collins & Aiktnan
65 Dec 10312 Fe'
*8114 87
*8114 87
Preferred non-voting._ .A00 73 Jan 3 92 May 24
*82
8512 *8114 87
*8114 87
*8114 87
144 2,100 Colonial Beacon Oil Co_No par 1214June 12 2058 Apr 28
144 1418 1418 1418 *1418 1412 1418 144 14
1418 141
2734 Nov 7812 Ma
100 3612 Jan 2 77 Apr 8
46
4612 3,400 Colorado Fuel & Iron
4812 475* 4812 4714 48
4818 4818 47
*48.2 50
12014 128
128 1293 125 128
4
13318 136
1254 132
131 134
20,200 Columbian Carbon v t e No par 108 Jure23 199 Mar 11 105 Nov 344 Oc
par 55 Aug 13 87 Apr 10 ---- --- ---- -4 6138 64
6218 643
63 64
61
6212 6212 638
79,700 Columbia Gas & Elea_ _No
6218 635
994 Nov 109 Jul
/
4
100 1041 Jan 31 110 Apr 11
1097 1098 *10918 10938 10938 1094 10912 10912 10914 10912 .1094 10912 1,100 Preferred
8
164 Nov 8834 Ja
8
1218 Aug 18 373 Apr 28
8
1778 1834 21718 18
8
1638 175s 1718 17121 1612 1714 153 165 44,500 Columbia Graphophone
8
18 Nov 625 Ja
243 2518 24
4
4
2814 243 23
8
2512 2512 2514 2512 28
243
4 6,600 Commercial Ctedit____No par 233 Jan 2 40% Apr 1
M3 Ser
s
375 38
28 Nov
Apr 1
8
50 317o Jan 2 443
*37
3814 3718 374 3712 3712 *3718 38
700 Class A
38
38
20 8 Nov 28 Jun
3
25 22 Jan 6 28 Apr 29
'
'2514 2512 *2514 2512 *2514 2512 3 2514 2512 *2514 2512
.2514 254 5
Preferred B
3
70 Oct 105 4 Ja
95
94 •94
_100 7614 Jan 18 9512Sept 11
*94
94
*93
95
*93
93
*93
95
95
110 let preferred (6 Yi%)_
284 Nov 79 04
3514 3412 3514 34
8 34
No par 2812June 25 55 Mar 6
31
3
3538 3538 3414 35 8 3312 343
6,300 Corn Invest Trust
*8412 8812 *8412 8612
84
No par 80 June 18 87 Mar 28
*83
8612 84
86
86
*86
87
200 Cony preferred
7
81, 3i2 *9
9 Dec 6912 BM
*412 8
4 June 18 2314 Mar 5
*412 512 *412 6
6
6
100
500 Warrants
204 Oct 63 Oc
8 2538 2614 2412 2512 59.700 Comm Solvents
4
254 2612 253 2614 2512 2638 2618 265
No par 2014June 18 38 Apr 11
134 14
10 Oct 2434 06
1334 14
8
137 1414 137 1414 1334 14
8
1314 133 59,200 Commonw'Ith &Sou'rn No par 125sJune 18 2014 Apr 7
4
10212 10312 1023 1028 10212 1023
8
4June 6
4
No par 99 Feb 20 1043
10212 1023 10212 10278 10238 103
4 8,100 $6 preferred series
3913 *38
35 Nov 93 -Ja
*3812 3923 *3812 391 *38,2 3938 *3812 3912 *38
Conde Nast Publics_ _ _No par x3812June 20 57 Mar 27
394
3
11
1115 107 1112 11
Oct 35 4 Ja
4
8
115 115
8
8 1112
11
1114 11
103 11
8
12,500 Congolcum-Nairn Inc_ _No par 101sJune 18 193 Mar 24
8
43 Nov 925 Fe
z2414 244 25
8
24
24'8 *2418 25
*25
26
25
*2612 28
No par 2378 Aug 13 567 Mar 11
500 Congress Cigar
40 Oct 9614 Ja
8Mar 17
36
*36
37
*36
38
*37
38
*3612 38
36
*36
Consolidated Cigar__ No par 36 June 27 593
37
100
63 Nov 96 Ja
*7012 71
*70 8 71
3
3
70 8 703 *70 8 71
3
8
*7012 71
100 67 Jan 22 80 Mar 25
7012 7012
20 Prior preferred
10 Oct 254 Bei
z19
207
1912 19
2018 203
4 20
e 197 20
No par 154June 18 274Mar 11
194 1738 1812 2,900 Consul Film Indus
1518 Oct 30% Ar
2113 *21
/
1
2114 2112 z21
22
22
217 22
8
No par 18 Jan 3 284 Jan 10
213
4 2012 2084 2,509 Preferred
804 Nov 18314 sel
8
8
Nopar 965 Jan 2 1367 Apr 26
Ion 10978 1074 10914 10614 10834 10812 1094 107 109 10514 10712 84,800 Consol Gas(N Y)
9212 Nov 10012 DE
loos Jove love 1045s love love 10412 10434 1044 103 105 105 4,200 Preferred
No par 9912 Jan 28 105 Sept 11
7
g
6 Ja
5
58 Dec
2 Jan 27
34 Aug 18
*4
1
7
8
7
8
78
78
7
8
4
7
8
7
8
7
8 2,300 Consolidated Textile_ No par
12 May 2312 Ja
8June 19 2212 Feb 24
16
1612 1612 1612 1618 1612 1612 1714 1678 1714 163 163
4 3,000 Container Corp A vot _No par 115
4
34 Nov 114 Ja
812 Feb 20
33
4June 18
No par
4 512
Class B voting
44 438 *43
5
51
8 54
43
4 518
*44 53
518 1,500
4
2514 Oct 90 Jul
14,350 continental Bali'g, 01A_N0 par 1812Juoe 18 5212 Feb 17
29
4
4 28
272 2812 2712 2812 284 3014 283 291
28
28
45 Oct 15 Jul
14
338June 19
4
4
4
35
8 4
7 Feb 17
No par
418
414
4
4
4
4
4
6,700 Clam 13
7912 Nov 100 Jur
78
80
*77
78
80
100 6638June25 944 Feb 17
784 78's 78
*79
81
80
900 Preferred
78
5 5312 56
40.2 Oct 92 Sel
Aug 13 715 Mar 31
8
584 587
8 57
57-8 58
59
5812 58
5712 16,000 Continental Can Inc_ _ _No par 50
58
4
203 Nov 3312 De
4Sept 18 373 Apr 21
1638 14
3 164 164 16
1612 16
1858 163
1514 6,300 Cont'l Diamond Fibre_No par 143
4 164 15
4618 Nov 11014 Set
10 50 June 25 7758Mar 31
5718 5712 574 5712 574 5718 *5714 5712 5812 574 1,500 Continental Ins
59
59
618 Dec 2858 Ja
814 Feb 19
312 Aug 13
33
4 37
34 33
3
7
31
4 33
338 34 2,400 Continental Motors__ _No par
4
334
334
315 4
4
18 Nov 373 At
1910 193
8 19
18 8 1914 181 19
7
1914 184 19
No par 1814Seot 19 3012 Apr 24
181 1 185 15,200 Continental Oil
8
2632 Dec 454 De
8
1618 Aug 13 407 Apr 1
No par
19
193 z1812 1918 184 1934 1814 18'8 170 1834 16,800 Continental Shares
4
194 20
4
70 Nov 12658 04
8
8912 9018 90
91
904 893 9312 8758 8912 9,800 Corn Products 1leflning_-25 831s Aug 13 1113 Apr 23
4
90 4 9112 90
3
100 140 Feb 10 151 Sept 15 137 Nov 14434
14912 14912 15014 15014 14912 150 •14912 150
151 151
120 Preferred
.14914
18 Dec 8214 is
No par 1512June 18 33 Feb 3
4
1712 163 17
174 -- 5
17 8 1712 1712 17
1684 1714
1638 17
5,330 Coty Inc
.
24 Nov 31 11c
8Mar 20
3
No par 2513 Jan 6 353
32
32
*3119 32
32
32
*32
520 Cream of Wheat
3112 31-s *3112 32
3218
*1311 195 *15
8
15 Dec 57 Ai
9 Jan 22 2918 Mar 5
100
51513 194 •15
1958 *1512 195* '
Crex Carpet
20
*14
195
8
15 Dec 125 Fe
16
134 1314 16
15
*14
16
*1512 1612 15
14
590 Crosley Radio Corp_ _ _No par 1014 Jan 17 22 Jan 2
14
8
374 Nov 79 At
*47
*47
50
4912 *47
*48
50
49
49
4912 *41
300 Crown Cork & Seed_ __No par 38 June 18 595 Apr 7
45
*117 12
*gm 13
sSept 19 1812 Feb 19
12
12
12
No par 117
1214 *117 12
3
17 Oct 25 4 J8
8
8
500 Crown Zellereach
114 114
5
*74
•72
76
74
4
71 Nov 1213 At
76
74
*73
76
76
*74
400 Crucible Steel of America.100 7012June 18 93 8 Mar 25
72
73
100 101 June 26 117 Mar 13 103 Nov 1163 Fe
113 114 *11114 11414 112 114 .11212 11412
4
*113 11412 *112 113
40 Preferred
9 Jan 2 1912May 29
No par
11
9
11
5 Nov 2412 .18
11
11
1212
*104 11
*1212 14
10
1038 1,700 Cuba Co
2 June 21
7 Mar 3
23
4 23
2
4 "212 27
4 3
212 *2
8
.23
1.900 Cuba Cane Products__ _No par
3
*25
4 3
4 Aug 27
9 Feb 4
43
8 *4
44 *
*4
67 bee 17 ,18
8
4
4
4
800 Cuban-American Sugar_ _ __10
4
4
4
44 ''4
412
100 3218Sept-15 655 Feb 11
34 4 *30
3
343 *30
4
56 Dec 95 J8
8
3218 3218 *30
34
*30
•3218 35
30 Preferred
34
50 384June 25 48 Jan 2
8
43
43
4212 4212 4112 4112 43
36 Nov 677 .78
4312 434 4312
42 42
990 Cudahy Packing
•Bid and asked prices; no sales on this day. z Ex-dividend. VEX-dividend and ex-rights.
1862
New York Stock Record-Continued-Page 4
For sales during the week of stm_ks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
PER SHARE
PER SHARE
&ilea
STOCKS
Range Since Jan. 1
Range for Previous
for
NEW YORK STOCK
On basis of 100
-share lots.
Year 1929.
the
EXCHANGE.
Week.
Lowest.
Highest.
Highest.
Lowest.
$ Per share 8 per share $ Per share $ per share 8 per share S per share Shares Indus. &Miscell.(con.)
Par 8 per share S Per share 8 per share $ per share
.11434 11612 1143 1143 1144 116
1,000 Curtis Publishing Co___No par 10514June 23 1211sMay
4
1157 115 8 115 116 2115 115
7
4
8
1261
29 100 Nov 132 Oct
*11912 120
120 120
11912 120
121 121 211914 11912
121 121
800 Preferred
No par 1147 Jan 29
8
8Mar 19 11218 Nov 1213
4May
65
8 63
4
612 6 4
3
612 6 4
3
612 64
64 653 21.300 Curtiss-Wright
612 6521
No par
63
8Sept 19 147 Apr 7
8
638 Dec 3018 Aug
83
8 88
4 84
814 83
85
7
838 853
4
814 812
814 84 7.800
Class A
100
778 Aug 13 1934 Apr 2
1314 Dec 377 Aug
8
*63
6412 6231 62 4 62 62
3
*62
62
6312 62
6014
60
700 Cutler-Hammer Mfg___No par 55 June 25 9012Alar 31
2713 2712 2958 27
2612 2612 *2612 28
2614
1,000 Davison Chemical
2714 26
27
No par 2438 Aug 14 4358Mar 31
2114 -Oct 6918 -Jan
*17
2212 *17
2218 *15
2212 .15
2212 •15
2212 *15
2212
Debenham Securities
53 17 Sept 10 30 Apr 14
20 Dec 1678 Jan
*2312 2334 *2313 233
4 2312 2312 *223 2312 2312 2312 *2212 2312
200 Deere & Co pref new
4
20 20 June 18 2412May 21
.21112 215
211 2 21112 *210 215 *211.2 215 *21113 215 x210 21014
300 Detroit Edison
100 1953 Jan 3 2553 Apr 23 151 Nov 385 Aug
8
4
*26
28
. 26
'
1
273 *26
2712 0243 26
273 *25
273 *25
4
4
4
Devoe & Raynolds A.
.No par 213
42uly 9 423
4Mar 4
24 Nov 647 Feb
8
2383 24114 235 237
4
234 241 12 239 24112 237 237
3,500 Diamond Match
234 234
100 139 Jan 13 25412Sept 8 117 Nov 16412 Jan
87
8 9
9
9
9
9
9
94 *9
9
9
914 1,800 Dome Mines Ltd
No par
63 Jan 3 103
4
8Sept 10
1114 Aug
6 Nov
193 193 •19
4
4
20
*19 a 21 2 *10 21
20
.185 2112
20
200 Dominion Stores
.3
No par 18 June 23 305 Apr 5
8
12 Oct 5414 July
814 82
8013 8214 81
82
8
813 11,700 Drug Inc
8112 8214 8112 823
8 80
No par
31Mar 10
69 Nov 12618 Feb
21
24
1818 1912 1614 1814 183 20
1912 1638 1738 34,900 Dunhill International_ No par 67 June 25 873
17
8
1512June 18 4313 Apr 7
25 Oct 92 Jan
*18
19
*18
19
*18
19
1812 *18
*18
19
18
18
100 Duplan Silk
No par 1412Jurc
10 Nov 287 Jan
8
*105 106 *105 106 *105 10512 105 105 *10514 106
__
100 Duquesne Light 1st pref_ __100 100 Jan 17 19 Sept 9
7 105 Sept 17
41112 Jan 1007 Mar
8
*12
15
*10
15
*10
.10
*10
*10
15
15 *10514- 15
15
Eastern Rolling A1111_ _No par 14 June 25 251 Jan 31
.
Oct 3912 Sept
19
2
21312 21612 21114 21612 21014 214
214 216
212 21412 2074 21112 22,700 Eastman Kodak Co
No par 1753 Jan 9 25514 Apr 25 150 Nov 2644 Oct
4
.12814
•12814
_ *12812
__ •130
_ _ 1283 1283 .130
4
4
20 6% cornpref
_--_
100 12078 Feb 14 130 Aug 4 117 Nov 128 Mar
2418 2418 23 if
2278 1314 23 2318 223 23
4
2218 221 2 3.800 Eaton Axle & Spring_No par 1918June 25 374 Feb 20
18 Nov 763 Feb
4
11758 12012 1165 120
8
117-4 1193 1163 1177 113 11612 50,000 El du Pont de Nem
1153 119
8
4
8
8
20 953
4July 8 14514 Apr 10
80 Oct 231 Sept
1204 1203 12014 12014 12012 12012 1205 121
8
8
121 122
12112 1213
4 1,800 6% non-vot deb
100 11413 Feb 4 122 Sell 18 10712 Nov 1193 Aug
4
*514 5!
*514
512 *514 512 *514 512 *514 512 *514
512
Eitingon Schild
No par
5 Ju- e 23 1078 Feb 1'
4 Dec 393 Jan
s
40
40
40
40
40
40
40
40
40
40
40
40
1,800 Preferred 635%
100 38 June 25 62 Feb 5
39 Dec 113 Jan
63 4 653
3
8 647 65
8
63 6412 64
8 63
647 250
647
8
623 10,500 Electric Antonio
4
No par 5518Junc 28 11478 Mar 29
50 Oct 174 July
10914 10914 *10914 110 *10914 110 *10914 110 *108 110 *108 110
10 Preferred
100 10614 Jan 6 1103 Jan 7 1023 Nov 115 Apr
4
4
414 414
4
44
4
4
414 412
3 4 438
3
4
4
4,700 Electric Boat
934 Mar 31
No par
314 Aug 2
8
314 Oct 183 Mar
7212 7412 715 74
8
705 7318 723 7514 7212 7414 687 7112 214,200 Electric Power & Lt__ _No par
8
4
8
4914 Jar 2 103 Apr 23
2918 Nov 8653 Sept
110 110 *109 11014 *109 11014 10834 1083 10912 10912 *109 1094
4
610 Preferred
No par 105 June 18 112 Apr 25
98 Nov 10914 Feb
noo 10014 100 10014 loo 10014 10018 10018 10014 10012 10014 10012 2,600 Preferred (6)
No par 97% Aug 14 1007 Aug 1 ______ ---- ---8
674 6714 674 673 *65
8
*65
67
•65
67
67
65
65
600 Elec Storage Battery.
.No par 6112June 23 7914 Feb 10
64 Nov 10413 Oct
*214 4
*214 4
*214 4
*24 4
23
3 23
100 Elk Horn Coal Corp_ No par
8 *214
258
214July I
512Mar 24
34 June 1012 Oct
*212 3
*213 3
*212 3
*212 3
.212 3
*24 3
Emerson-Brant CIA._ _No par
214 Aug 12
7 8 Jan 24
5
314 Oct 2212 Feb
*47
49
*47
48
4718 4718 *48
*4618 48
*4612 49
50
100 Endicott-Johnson Corp__ _ _50 44 June 18 595 Jan 22
4914 Nov 833 Jan
8
8
*11214 115 *11212 115 *11212 115 *11213 115 *1103 115 *1103 115
4
4
Preferred
100 10713 Jan 7 113 Apr 23
Sept 12114 Feb
*54
59
*54
57
5718 5718 2547 547
g
5614
4
8 533 5412 .51
600 Engineers Public Serv_No par 3914 Jan 2 6713 Apr 7 10814 Oct 7958 Aug
31
*97 100
*97 100
100 100
*953 100
9713 973 *973 100
4
4
4
300 Preferred $5
No par 9458 Jan 8 10718May 26
80 Nov 12314 Aug
*101 10212 10212 10212 102 102 *1013 102 *10112 102 *1013 102
8
8
300 Preferred (53i)
No par 9412 Jan 2 10478 Apr 21
843 Ort 109 Oct
4
*457 46
8
*4538 4512 4518 4518 4518 454 45
45
45
45
1,200 Equitable Office Bldg. No par 3934 Jan 3 5034June 4
3114 Jan 41 May
*1058 1178 *11
1112 *11
1112 *11
1114 1114 1112 *11
1112
200 Eureka Vacuum Clean_No par
912 Aug 15 43 8Mar 5
5
3612 Dec 54 Feb
*7
8
8
8
712 712 *7
8
*714
712 *714 8
300 Evans Auto Loading
5
612June 19 303 Feb 18
15 Nov 733 Mar
4
4
26
264 25
2678 2614 27
264 2712 26
1,890 Exchange Buffet Corp_No par 22 Jan 2 27125ept 17
2
64 2512 20
2214 Jan 2712July
*23
3 4
.238 4
23
8 23
*238 3
3 *23
3 3
8 3
*23
100 Fairbanks Co
25
4J111y 31
13
978 Jan 6
133 Dec
33 Nov
4
4
*1312 143 *1358 1412 1312 135 *1318 1412 *1318 1412 *1318 1412
4
8
20 Preferred
100
7 June 18 3934 Jan 20
Apr 35 Jan
11
373 373 *36
4
4
3712 *36
*353 38
38
37'z 363 373 •36
4
4
4
600 Fairbanks Morse
No par 3414June 25 5012Al5y 17
293 Oct 544 Sept
4
*110
*110
_ *110
_ •110
_ __ •110
_ •110
__ ___
Preferred
100 102 Jan 7 11112May 16 11)112 Dec 1107 Jan
8
*11
13
*113 - 3
4 128 1114 -- -34 .1.112 13 8 .11
137s
94 --- 11
11
-7
800 Fashion Park Assoc__ __No par
918Sept 19 274 Feb 27
22 Dec 7258 Mar
- *6412 70
*6412 70 .6412 70 .6411 70
*6412 70
*6413 70
Federal Light & Trac
15 5958 Feb 6 9014Mar 18
604 Nov 109 June
*9612 97
*9612 97
*9412 05
9412 9412 *9412 95
*9412 05
10 Preferred
No par 91 Jan 13 983 Apr 22
90 Nov 104 Feb
4
*8
812 *8
812 .8
812 .8
812 *8
814
73
4 74
Federal Motor Truck _No par
712June 19 1214 Feb 26
5 Oct 223 Feb
8
3413 3412 343 343
8
8 3353 3418 3418 344 337 34
3312 34
8
2,500 Fedl Water Serv A__ .No par 30 June 18 43 Mar 19
28 Nov 5614 Sept
29 29
29
29
2812 2812 .20
29
32
29
27
27
800 Federated Dept Stores_No par 2512June 16 38 Apr 16
2512 Dec 33 Dec
*6614 69
6838 6838 6634 663 *663 69
4
4
*663 69
663 663
4
4
300 Fidel Phen Fire Ins N Y..._..10 56 June 18 893
4
4Mar 31
4712 Nov 123 Sept
*73
3 812 *753 812
4 812 *75
8 81z 5753 812 *75
8 812 *75
Fifth Ave Bus
No par
7 Feb 11
1012 Apr 4
6 Oct 133 Mar
4
.
35*..
35 *____ 35 ._
35 *____ 35
35 •___
Filene's Sons
No par 31 June 10 4012 Jan 22
30 Dec 9812 Feb
.139C3. 103
6613 9915 *9534 100 .983 100 x971- 974 9712 9712
.
5
4
120 Preferred
100 92 Mar 1' 10014Sept 6
84 Dec 107 Jan
*195 20
8
195 1958
8
1958 20
20
20
2014 2014 2014 2014 2.000 Firestone Tire & Rubber_ _ _10 19 8Sept 4 3318 Jan 7
5
2412 Dec 37 Dec
*695 693
8
4 693 693
8
4 69
69
694 *683 69
69
6912 6912 1,900 Preferred
4
100 69 Sept 16 8778Mar 24
834 Dec 895 Dec
8
*56
567
8 543i 564 555 555
8
5512 54
8 5512 5512 x55
5412 3,700 First National Stores_ No par 46 June 23 613 Jan 30
4412 Nov 90 Sept
8
13
.1
17
8
134
17
8
13
4 17
112
8
8 2
4 2
17 14.500 Fisk Rubber
17
13
3
112 Aug 1
No par
512 Apr 2
218 Dec 20s Jan
8 58
514
53
3
514
5 4 57
3
8
512 57
8
1,590 1st preferred
5 8 54
5
514 54
100
5 Sept 5 21 Apr 2
8 Dec 724 Jar
63
74 74
4 712 *684 912 *63
200 1st pref convertible
,
4 912 *63
4 9 2 *63
4 94
100
6 Sept 5 213 Apr 11
4
8 Dec 8212 Jar
*45
46
*45
46
*45
*4413 45
46
•44
*44
45
45
Florshelm Shoe class A_No par 40 June 25 527
8AIar 21
38 Nov 54 Jar
*100 103 *100 103
*99 103
*993 103 *100 103
*9912 103
4
Preferred 6%
100 9513 Apr 12 10014 Aug 29
9018 Oct 1024 Jar
*23
2412 '23
2412 *23
22
24
2014 2014 *20
23
23
200 Follansbee Bros
No par 2014 Sept 18 507 Mar 25
324 Nov 823 Au,
8
4
91
93
8912 915
8 883 9118 91
4
42,400 Foster-Wheeler
8512 88
924 8812 91
No par 6012 Jan 3 10412200e 4
33 Nov 95 SePg
*1113 1312 1113 1112 11
1112 1113 1,300 Foundation Co
1114 13
*1112 12
11
No par
10 Aug 22 283 Apr 14
8
4
4
124 Nov 695 Ap
3414 353
8 3312 34
3312 3414 3414 343
34
33
3,200 Fourth Nat Invest w w_No par 2812Jure 25 50 Apr 12 _ __-_-_
4 344 35
, •
-4814 497
8 484 503
8 4812 5018 49
5014 48
464 487 99,600 Fox Film class A
50
8
No par 1618 Jan 3
8 Apr
1918 Nov 10553 Sepl
4514 457
8 4512 4614 45, 46
11,900 Freeport Texas Co_ __ _No par 37 June 17 573 Apr 25 454 4418 45
464 45
46
4
5512
11
8
233 Nov 547 Jar
4
*893 91
4
*893 91
4
91
4
*893 91
91
*893 91
*893 91
4
4
10 Fuller Co prior pref__ _No par 85 Feb 14 95121 Mar 6
10712Ma3
8212 Nov
*614 7
614 614 *614 7
1,100 Gabriel Co (The) cl A_No par
614
614 64
6
*614 7
5I8June 23 113 Apr 9
4
5 Oct 3378 Feb
.6334 69
*65
69
*63 4 69
3
*67
*66
69
69
*653 69
4
Gaznewell Co
No par 67 June 30 80 Mar 28
6518 Nov 8312 July
.218 212
214
214
218
218 .218 212 *218
23*
500 Gardner Motor
24 218
5
2 Aug 23
3 Dec 25 Jar
73 Feb 18
4
*9
914
9
9
814 8s
85
8 87
8 4 8 4 2,000 Gen Amer Investors_ No par
,
,
8 *812 84
7 July 8 1612 Feb 18 _--- -- -- ---- *9512 993 *9512 9713 *9512 9712 *9512 9712 9712 9712 *9114 993
4
100 Preferred
4
Apr 25-_-- -8714 88
87
8718 8618 867
8614 9,100 Gen Amer Tank Car__ _No 100 8812June 25 105 Apr
8 82
8 87
875
8 8718 875
par 78'* July8 11178
1234 Oct
75 Nov 4
42
42
.4113 42
4138 42
4212 4212 4234 423
42
4 42
800 General Asphalt
100 385
8Jure 25 7112 Apr 7
4
4214 Nov 943 Aug
2138 2212 22
2114 1914 207
22
21
22'z 213 2218 21
3 3,000 General Bronze
3
No par 1414 Aug 13 3813 Feb 15
4Jum
24 Nov 693
1478 15 .15
17
1518 154 15
*147 17
147 147
800 General Cable
8
8
8
15
1312July 7 341234ar 7
No par
23 Nov 61 Fet
3434 35
341 .345 31312 1,100 Class A
*3434 37
343 344 3412 343
8
4
4 3412
• No par 32 June 27 743 Feb 5
634 Dec 12012 Feb
4
*85
85
585
8512 85
85
*82
*82
85
85
85
85
160 7% cum Prof
100 79 Aug 13 1093 Apr 7 102 Nov 10712 Jar
4
*4514 4512 .15
4512 45
455 4512 4512
454 4514 4514 *45
900 General Cigar Inc
4June 25 61 Mar 7
No par 403
42 Oct 74 Feb
7118 73
704 7214 7018 72
8
715 7212 703 713* 2674 7018 294.000 General Electric
8
No par 603* Jan 2 9538 Apr 10 16818 Nov 403 Aug
*117 12
8
117 12
8
1171; 117
8 117 117
2117 12
12
8 12
8
8
5,400 Special
10 114 Jan 2 12 Aug 27
11
Jan
113 Feb
4
574 567 577
57
8
s 57
8
573
8 594 577
8 555 567 25,500 General Foods
8
4 574 577
No par 4618 Jan 17 6114May 1
35 Oct 777 July
8
93 10
4
012 9'2
912 912
9 8 10
5
87
87
8 914 7,000 Gen'l Gas dc Elec A_No par
s 93*
8 June 17 185 Apr 10 ____ ___ __ ___.
8
*75
SO
*7513 80
*751* 80
6 75
75
75
1,600 Cony pref ser A
75
74
75
No par 74 Sept 18 10612 Apr 16 ____ ___ ____ ---.
03518 3714 353 35 4 *353- 36
4
3
.35
*3514 36
100 Gen Hal Edison Elea Corp.__
8
*35
36
36
3412Jure 18 444 Feb 10
---- ---- -4614 4714 4912 4612 4618 47
473 473
465 4814 475 481
8
4
8
4 5,900 General Mills
No par 4018June 25 593 Apr 12 -__- Oct 8918 far
8
50
*92
9214 *9034 913
4 91
*92
924 ____
92
*92
9212
200 Preferred
100 89 June 30 95 Mar 22
8734 Dec 100 Jar
44
4434 4418 4478 4334 443
3 444 443
4 433 -- - 8 425 433 226,600 General Motors Corp
4 445
8
4
10 3712 Jan 16 544 Apr 10
3313 Oct 9184 Mal
100 100
100 100
100 10014 1003 1003 1004 1007 1004 1007
8
8
8
3 2,700 $5 preferred
No par 925
8June 23 1007
8Sept18--•2518 26
26
26
*2612 27
*2612 27
400 Gen Outdoor Adv A __ _No par 247
*2613 27
264 2612
8July 8 4118 Apr 14
30 Oct 52 Jar
*9
912 *9
912
0
*612 9
*613 9
9
87s 8,
200 Common
8
No par
815July 10 213 Apr 3 __
4
----38
3614 3558 3612 35
351 *35
36
344 357
3 33
3418 2,300 Gen Public Service_
. No par 3018June 18 527 Apr 7
8
20 Nov ---- Au)
_98
8014 8014 80 80
80
79 4 80
3
81
80 .79
78
SOO Gen Ry Signal
79
No par 7314 Aug 9 1067
8Mar
70 Oct 12612 Aug
*1112 1178 *1112 117
8
8 1114 111
107 107 *1012 11
8
104 107
800 Gen Realty & Utilitles_No par 1018Sei,t 19 193 Apr 28
8
8
10 ____ --- -- ---•
83 83
*8212 84
84
84
*83
8512 *8312 8512 28018 82
400 56 preferred
No par 793 Aug 19 100 Apr 14 ___
4
___ ____ --•
708 76
75
7734 76
7758 7634 7758 7512 767
8 735 7514 23,100 General Refractories_ .,.,No par 6514.1une 18 90 Mar 28
8
54 Oct 8812 AuS
_- *99
___ 99
*99 10112 *98 100
99
400 Gen Steel Cast $6 pref_No par 98 June 14 101 Mar 12 ____ ___ ___ 9812 993
4
---•
*99-333 3412 3314 - 8 324 34
4
345
33 333
4 323 333* 31 13 3212 19,400 Gen Theatres Equip_ _ _No par 27 Aug 18 5114 Apr 10
4
-6618 683
4 6712 70
6512 59
654 683
8 643 664 6313 6412 90,600 Gillette Safety Razor_ _No par 58 July 8 10613 Jan 16 ___-- 143 -00
4
80 Nov - 12
12
115 115
8
8 1134 12
113 124 1112 12
4
1138 114 2,900 Gimbel Bros
No par 10 Aug 19 207 Apr 14
8
1012 Nov 4818 Jar
•70
7312 •70
7312 7014 703 *70
8
600 Preferred
7312 *70
7312 *70
7312
100 667 Jan 30 8212 Apr 25
8
56 Dec 94 00
•1713 173
4 1718 18
17
2,300 Glidden Co
1712 *17
17,
8 17
1714 1612 17
No par
145 Aug 13 38 Mar 20
8
Oct 6418 Jul)
26
95 95
95 8 953 .96
3
8
9512 *9314 9712 *9314 9712
96
95
Prior preferred
90
100 9018Sept 2 10518 Mar 27
95 Nov 10618 Aor
83
84 83
83
4
4
4
818 812
814
81
818 818
8
814 1,700 Gobel (Adolf)
No par
758 Aug 9 19
918 Nov 66 Fel
4114 42
413 42
8
4118 424 414 42 8 10313 424 393 407 23,900 Gold Dust Corp v t c No par 3412June 18 477 Feb 7
8
,
4
8 Apr 28
3112 Oct 82 Jar
2212 2212 2213 227
8 22 2 234 227 2
,
8 3
4
224 223
4 215 233 12,500 Goodrich Co (11 F)
8
No par 21 Aug 13 5812Mar 25
4
384 Dec 1053 Jar
*81
*8113 85
85
*81
84
*83
84
*83
84
81
6001 Preferred
83
100 78 June 30 104" Afar 28
9512 Dec 11518 Fel
53 533
8 523 53
8
5212 5312 533* 533* 53
10,400 Goodyear Tire & Rub_ _No par 50 Sept 5 967 Afar 31
5412 5112 54
8
60 Oct 15412 Mal
92
92
.93
94
*9314 04
9314 9314 93
400 lot preferred
93
94
93
No par 90 Jan 3 10214 Apr 30
3
87 Nov 1047 Fel
1212 13
127 127
8
4 123 1234 127 127
8 123 123
4
4
8
8 12
123
4 2,000 Gotham Silk Hos
No par
812June 18 287 Mar 8
14 Nov 60 Ap
8
•70
*70
75
75
70
70
70
70
70
120 Preferred
*70
70
75
100 68 Aug 13 8212 Apr 4
68 Dec 10114 Jai
*7
*7
8
.7
8
8
*7
8
Gould Coupler A
*7
*7
8
8
No par
6 June 19 15 3 Apr 23
3
4 Oct 14 Mal
*53
4 57
8
55
8 6
8 6
534 57
54 5
57
7
512 578 3.700 Graham-Paige Motors_ No par
8
5 8June 19 1338 Apr 1
3
Jar
73 Oct 54
8
*6
612 *6
614 *5 4 6
3
*6
Certificates
.512 6
61
*53
4 578
No pa
512Jure 24 103 Apr 1
4
7 Nov 4912 Jaz
.2118 22
2113 2114 .214 '227 *215 221
8
8
217
2112 213
8 1,500 Granby Cons M Sm & Pr_100 18 June 28 597 Apr 2
4 21
8
4614 Nov 1027 Ma
8
394 391
3953 40
383 39
4
2,300 Grand Silver Stores.,.
39 8 4
5
3912 4018 x3812 40
0
.No par 30 June 25 52 Apr 2
8
3212 Dec 447 Do
.157 16
8
16
163
8 15 8 16
7
16
16
16
1512 153
4 1,300 Grand Union Co
19's
No par 10 June 17 205 Feb 13
8
918 Nov 3278 JO!
*43
433 *43
4
437j 4314 433
41
*43
433 *43
.1
600 Preferred
4 113 4318
4
No par 343
4June 18 44 Aug 4
8
30 Oct 543 Jo,
3414 3414 *33
38 .33
38
*334 37
400 Granite City Steel
*33
34
3318
33
No par 3112 Aug 15 503 Apr 3
3
32 Nov 63 8 Sep
3
35 4 3612 354 363
3
13 35 8 35 4 354 36
3
3
3414 355
3514 36
8 8,700 Grant(W T)
No par 29 June 18 43 Jan 9
8
3212 Dec 1445 Fel
2118 2114 2114 21
21
8
214 213 214 *21 4 214 207 2114 6,500 Gt Nor Iron Ore Prop_No par
,
s
18 June 23 253 -Mar 25
81
19 Oct 3914 Fel
*197 20
8
*1914 20
1978 1978 131g 1312 177 187
1.200 Great Western Sugar_ _No par 17 Aug 1,3 3412 Jan 16
8
3 18
18
28 Nov 44 Jai
*112 115 *11014 115 *11012 115 *11012 113
Preferred
112 112 .1104 113
10 Prefe
100 110582s1ay 27 120 Mar 14 105 Nov 11912 Fel
1214 127
8 105 125
8
8
63 10
4
858 91
74 87
at 74 288.700 Grigsby-Grunow
8
624 Sept 16 28 June 2
No par
1414 Nov 70 Sep
*12
*12
3
4
5
4
*12
Guantanamo Sugar_
54
*12
*12
2
"2
54
34
No par
12 Afar 7
54 Ja•
4 Feb 4
1 Nov
43612 39
363 363
8
8 35 8 36
5
.36
363
40
1,400 Gulf States Steel
4 37
37
35
No par 35 Aug 12 80 Feb 19
42 Nov 79 Ma
971 r97
97
*96
*9414 96
*9414 95
59414 95
*9414 95
10 Preferred
100 97 Sept 10 109 Apr 30
4
993 Dec 109 Ire
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
Wednesday
Sept. 17.
Thursday
Sept. 18.
Friday
Sept. 19.
* Bid and asked prices: no sales on this day. x Ex-dividend. b Ex-dividend, ex-rights.
y Three additional shares for each share held.
1863
New York Stock Record-Continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOW SALE PRICES
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
Wednesday
Sept. 17.
Thursday
Sept. 18.
Friday
Sept. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
-share lots.
On basis of 100
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Latest.
Highest.
$ per share $ Per share $ per share 5 per share 5 per share 5 per share Shares Indus. &Nlistell.(Con.) Par 5 per share $ per share $ per share 5 per share
2312 Nov 35 Aug
25 26 Jan 4 38 July 29
140 Hackensack Water
34
34
*34
35
3412 3413 34
35
34
/ 35
1
4
*3412 35
26 Jan 30 Aug
25 26 Jan 6 30 Aug 27
40 Preferred A
30
*28
*28
30
28
28
*2712 28
*28
30
•28
30
12 Oct Nag Jan
8
No par 125 Jan 2 2314 Apr 17
8 153 1614 11,900 Hahn Dept Stores
4
165 16
8
/ 1618 163
1
4
167 17
8
8 1614 167
4 1614 173
4
713 Dec 115 Jan
100 7118 Jan 3 8612 Apr 17
100 Preferred
/ 8314 8338
1
4
8
*83
/ 83 4 *833 83
1
4
3
8
8
14 *833 84
•84
8414 *835 84
8
27 Dec 297 Dec
4
10 21 June 17 313 Mar 25
22
*2112 22
22
*2214 24
8
22
23
100 Hall Printing
*214 23
/
1
*22
23
/
1
4
99 Nov 105 Jan
100 99 Jan 7 105 July 8
50 Hamilton Watch pref
_ _- 105 105 *---- 105
__- *105
--- *105
-- *105
. _ ___
____
No par 85 Jan 16 98 Apr 14 ---------------9118
350 Hanna pref new
91
911 91
/
4
91 91
91
91
*91 92
•105-90
90
87 8
54 Jan __- 7 Oct
100 Harbison-Walk Refrac_No par 50 June 27 7214 Apr 21
*50
52
*50
52
*50
52
52
5212 5212 *50
*50
52
/
1
13 Oct 414 Aug
758 Aug 26 20 Feb 5
9
*812 9
*812 9
8
/ 83
1
4
9
*8
/ 9
1
4
12 *812 9
600 Hartman Corp class B_No par
4
g
167 Oct 31 Sept
No par 1718 Aug 22 2314May 24
/ 1812
1
4
81712 1812 *1712 1812 *1712 1812 *1712 1812 *1712 1812 *17
Class A
s
5 Nov 682 May
/
1
4
4
5 8Jure 18 173 Apr 4
5
No par
618 6
/ 1,300 Hayes Body Corp
1
4
612 612
614 63
612 612
4
8 *612 63
6'g 614
84 Nov 11812 Jan
8
25 7712June 19 925 Feb 19
*827 84
8
*8234 81
*823 84
4
*823 84
4
*83
84
300 Helme(a W)
8112 82
/
1
4
2112 Dec 3312 Oct
No par 2012june 23 31 Apr 11
2512 *2112 22
251 *22
*22
2512 *22
*22
26
*23
26
Hercules Motors
Oct
4June 4 11218 Dec 121
4
•120 12112 *120 12112 *120 1213 *120 12112 120 120 *120 12111
20 Hercules Powder $7 cum pt 100 117 Jan 28 1233
/
1
4
45 Nov 143 Oct
/ 9712 9612 9714 9612 961 *9712 99
1
4
9612 9612 97
96
9712 1,500 Hershey Chocolate__ No par 70 Jan 2 109 May 28
/
1
4
605 Nov 143 Oct
8
4June 3
10012 10012 100 100
No par 8312 Jan 2 1083
*99 102
/
1
4
101 101 *10012 101
99
/ 99
1
4
800 Preferred
/
1
4
8
Jan 1063 Oct
100 10414 Feb 21 10812July 21 104
1073 1073 1073 1073 *1073 109 *1073 109
4
4
4
4
nora 109 *1073 109
4
4
300 Prior preferred
4
123 Dec 33 Aug
4
*12
15
*12
15
*12
15
•12
15
*12
*12
15
No par 1112 Aug 28 2514 Feb 27
15
Hoe(R) & Co
21 Nov 51 Mat
3518 34
35
/ 35 235
1
4
/
1
4
3412 3413 343 3412 3,400 Holland Furnace
345
8 3418 35
No par 2614 Jan 14 4114 Mar 28
8
*714 712
1312 May 24 8 Aug
5
712 712
8
5 June 18 123 Jan 29
7
/ 8
1
4
8
/ 83
1
4
s
8
8
7
/ 77
1
4
8 1,800 Hollander & Sons (A)._No par
65 Nov 93 Aug
80 80
*79
847 *7812 847
a
80
*79
*77
/ 80
1
4
100 72 July 12 80 Feb 1
80
80
300 Homestake Mining
8
4May
13 Nov 523
9
9
/
1
4
83
4 8
/
1
4
738 Sept 6 29 Feb 5
9
918
9
914
8
/ 9
1
4
812 85
8 3,400 Houclaille-Hershey el B No par
45 Aug 5214 Sept
6714 6712 6712 675
*67
8 6712 6712 6712 6712 68 68
673
900 Household Finance part pf _50 49 Mar 5 68 Sept 18
4
28 Oct 109 Apr
73 8 76
5
76
76
17 11678 Apr 25
7512 7312 75
7212 7414 75
703 73
4
19,600 Houston 011of Tex tem ohs 100 5214 Jan
12
4
31
31
343 Nov 82 Mat
3014 303
3018 2918 2912 29
3018 30
4 30
8
No par 2518 June 18 417 Feb 7
2914 2,200 Howe Sound
/
1
4
2912 297
8 2918 2914 2918 29
38 Nov 93 Mat
8
4 2914 2912 3,600 Hudson Motor Car -NO par 253
3
4 295 293
/ 28 4 293
1
4
7
8June 25 62 8 Jan 6
1312 13
/ 1318 1312 1318 1314 13
1
4
18 Nov 82 Jan
1134 1212 6,000 Hupp Motor Car Corp
1318 1234 13
8
4Sept 19 265 Apr 11
10 113
1784 Oct 39 May
24 8 245
3
8 23 8 243
/
1
4
7
/ 2418 19,100 Independent 011& Gas_No par 193
1
4
8 23
8June 25 32 Apr 7
8
/ 24
1
4
/ 24
1
4
2418 235 2414 23
45
5
5
/
1
4
412 412
412 45g
8 5
3 Oct 3212 Jan
12
*45
8 4
/
1
4
4 Aug 25 17 Mar 4
/
1
4
No par
412 412 1,700 Indian Motocycle
13
1418 1214 1318 13
1234 14
/ 1214 123 67,300 Indian Refining
1
4
1358 1234 13
1318 Oct 53 Aug
4June 18 2838Mar 22
83
10
4
8518 *81
78
83
*83
86
85
*81
86 86
68 Nov 135 Jan
12
8012 81
No par 73 June 30 124 Jan 10
700 Industrial Rayon
196 196
11
197 197
197 200
199 19914 200 200
197 198
No par 15414 Jan 8 239 Apr 24 120 Jar 223 Oct
1,100 Ingersoll Rand
*7612 7812 *7612 7812- 7814 7814 *7612 7812 *7612 78
*7612 82
71 Dec 113 Aug
No par 68 June 25 98 Mar 11
300 Inland Steel
g
14
/ 14
1
4
144 147 14
/
1
14
/ 143
1
4
4 14
134 1312 2,100 inspiration Cons copper_ _20 1212June 18 30 Feb 7
/
1
14
14
22 Oct66 Mal
/
1
4
/
1
4
1112 1112 1112 1112 1158 114 *113 12
113 113 *111 12
4
4
__..
___
4
/
1
91aJune 26 1312Ju1y 31 _ _
/
4
400 Insuranshares Ctfs Inc_No par
111 113 *113 1112 1,300 Insuranshares Corp__ No par 10 July 11 173 Mar 10
/
4
8
1134 113
4 114 117 *1112
4
*11
/ 12
1
4
/
1
16
Dec ___- Nov
12 8
8
*212 314 *212 3
*212 3
*212 3 '
*23
4 3
2 Nov 1414 JILE
7 Apr 1
/
1
4
8Sept 11
25
InterconVI Rubber- No par
21 3
/
4
•18
19
8June 23 287 Apr 2
/ 1714 2,700 Interlake Iron
1
4
*18
8
4 1718 1712 1714 1714 17
1812 173 173
4
No par 153
512
512 *5
*3
512 *5
*5
5
5
4 Oct1773 Jar
812 Apr 7
412 Jan 2
No par
4
/ 5
1
4
512
1,100 Internet Agrieul
40 Nov 8812 Jar
*57
*56
59
59
59
*59
63
*5714 63
*59
63
63
100 5214June 23 6714 Apr 9
100 Prior preferred
173 176
16612 17512 4,700 Int Business Maehines_No par 15212 Jan 18 19712May 28 109 Nov 255 Oct
1753 176
4
17312 17414 17312 175 *170 178
/
1
8 1214 123
125 1318 125 125
8
4Mar 29
11 June 18 193
3
8 123 1258 124 123
8
8 1218 125
8 3,000 Internet Carriers Ltd_No par
4
48 Nov 1023 Tel
3
/
1
65
/ 657 *135
1
4
8
6412 6412
*651 6612 6512 6512 *644 65
/
4
66
300 International Cement_No par 5534 Mar 6 75 8 Apr 2
612 7
/
1
4
4 Dec 10312 Tel
/
1
4
6
/ 6
1
4
678 758
5 Jan 2 1412Mar 26
/ 12,800 Inter Comb Eng Corp_ No par
1
4
63
8 67
8
67g 714
7
71
1812 Dec 121 Fet
7014 66
100 30 Jan 2 78 Apr 1
6912 68
*6412 65
*67
12 677 *6412 65
67
a
68
7,300 Preferred
65 Nov 142 Aug
4
/
4
/ 2737 744 22,400 Internet Harvester_1
4
7714 7934 77
8
763 773
4
8 751 76
7912 7412 78
/
1
No par 72 Aug 13 1153 Apr 16
/
1
1441 1444 *145 14512 2,800 Preferred
/
4
14412 14412 14438 14438 14414 14412 145 145
_100 14012 Feb 10 145 Sept 8 137 Aug 145 Jan
23 Nov 5912 Sept
3718 38
375 3814 365 3712 375a 3814 37
8
8
_No par 3118June 18 54 Apr 11
3513 37
3
8
8,500 Int Hydro-El Sys el A
7812 7834 77
78
/ 7712 *78
1
4
7812 7812 78
7812 79
47 Nov 10212 Jan
781 1,300 International Match pref___35 6512 Jan 3 92 Apr 24
/
4
214 217
/
1
1818 Nov 3918 Oct
8 2112 2112 2138 2112 32112 2134 2112 2112 21
2114
1,500 Int Mercantile Msdnectfs_100 19 June 18 33 Apr 17
2618 244 2614 23 4 245 382,800 Int Nickel of Canada No par 2018 Aug 18 4438 Apr 4
/
1
/
1
4 244 2514 25
2518 257
8 244 253
4
25 Nov 723 Jan
3
8
70
7014 69
*7014 71
*70
71
•70
72
/
1
4
77 Nov 94 Jan
70
67
68
1,200 Internet Paper pref(7%)..100 67 Sept 19 86 Apr 29
1714 1612 1612 1612 1612 16
20 Nov 44 Oct
16
*17
•16
/ 17
1
4
8
/
1
4
1518 1512 2,400 Inter Pap & Pow Cl ANo par 145 Aug 14 3118 Mar 22
8
12 Nov 33 Oct
4
12 912 *914 1012
/
1
4
4Sept 19 223 Apr 14
9
83
87
2 914
913 9 2
*93 1112
4
No par
83
4 8
/ 1,300 Class B
1
4
7
7
7
/ 77
1
4
8
9 Nov 2618 Oct
618Sept 19 18 Apr 14
612 7
*67
8 7
7
7
No par
618 614
340 Class C
867 4 6912 6914 69 8 683 6918 *68
3
77 Nov 95 Oct
/ 673
1
4
6812 67
4
3
4 65
/ 67
1
4
1zSept 19 86 Mar 26
100 65
11,200 Preferred
28
2812 283 29
4
40 Nov 68 Oct
*283 29
4
/ 29
1
4
287 293 *28
8
4
/
1
4
/
1
4
24 Sept 5 58 Apr 5
283 283
4
4 1,100 Int Printing Ink Corp_No par
*75
92
*75
92
*75
92
88 88
917 Nov 106 Max
8
*75
92
*75
100 871zSept 10 101 Apr 12
92
10 Preferred
4018 4118 2394 40
/
1
3812 3914 3914 393
4 39
100 36 July 8 4534June 20
373 383
4
4 5,000 International Salt new.
39
54
54
54 8 543 254
3
8
*5312 55
*5312 55
54
- - Oct 7712 Sept
54
*5312 54
300 International Shoe_ __ _No par 5314 Aug 20 62 Jan 15
*72
77
*72
77
*72
75
*72
*72
77
95 Nov 15912 Aug
75
*72
100 69 July 8 119 Feb 1
75
International Silver
4212 43 8 4214 43
3
4112 4212 417 4.212 413 42
4
/ 24014 4114 44,800 Inter Telep & Teleg_ __No Par 394 Aug 28 773 Apr 24
1
4
8
53 Nov 14914 Sept
8
8
2738 2818 273 2814
29
28
2918 28
27
2518 Oct93 Jar
12
2818 12
614 273 12,400 Interstate Dept Stores_No par 18 June 17 40 Feb 4
4
79 4 *72
3
*72
79
/ *72
1
4
7934 *67
74 Dec 97 Mal
*72
793 *72
4
95
793
4
Preferred ex-warrants_ _ _100 60 Aug 16 80 Aug 29
8
25
277 *25
g
25
278 25
17 Nov 38 July
*24
277 *24
/
1
4
27
/ *24
1
4
s
No par 23 Jan 2 32 Apr 9
277
200 Intertype Corp
8
1634 167
8 1612 1612 15
1612 1518 1512 *1518 16
/
1
4
1212 Nov 72 Aug
1414 15
No par 1312 Aug 22 29 Feb 19
2,100 Investors Equity
•3338 34
/ *33
1
4
/ 3418 3418 3418 *333 3412 *333 3412 *3314 3414
1
4
8
8
1 3112July 8 43 Mar 19 • 39 Oct69 Mal
100 Island Creek Coal
5018 52
51
52
5212 50
39 Nov 16214 Feb
523
8 5014 51
/ 5212 5212 *52
1
4
No par 43 Jar 20 6612 Apr 30
2,800 Jewel Tea Inc
914 881s 90
/
1
908 9212 90
/
1
4
90 Nov 242 Fel
8
3
/ 90 8 9112 88
1
4
/
1
893
4 834 8814 26,600 Johns-Manville
No par 70 July 10 1483 Feb 5
*12112
_ *12112 _ .*12112 _ _ *12112
•12112 _
_
- *12112
100 11814 Feb 24 123 Mar 21 118 Nov 123 May
_ ___
Preferred
121 121 120 121
- 12 12112 12112
-- -12 122 12 - *12112 122
Oct
---' 12112 121
-2
350 Jones & Laugh Steel pref 100 11812 Jan 6 12312 Apr 11 117 June 126
*112 13
112 15g
4
112 112
112 13
4
112 112
112 Oct1612 Jar
112 Aug 28 512 Apr 9
No par
112 158 2,000 Jordan Motor Car
*912 97
8 *94 912 *914 912 *914 93
914 984
914
914
8 Aug 7 13 Jan 16
/
1
4
4
/
1
4
10 8 Nov 13 NON
7
/
1
4
300 Karstadt (Rudolph)
*1812 1912 *1812 1912 *1812 1912 *1812 1912 *1812 1912 183 1812
1714 Dec 37 Feb
/
1
4
8
600 Kaufmann Dept Stores_$12.50 1612June 25 201z Mar 7
2512 *2434 2512 2334 2412
2434 2434 25
25
25
25
25
30 Nov 5812 July
'
900 Kayser (J) Co v t e_ _ No par 23 Aug 25 4112 Jan 2
• _ 48 *
48 *
_ 47 *
48 *
Jar
1512 Nov 46
48 *
No par 21 Jan 8 45 Apr 23
Keith-Albee-Orpheum.
48
*Hi 120 *Hi no *iiif2 120 *liii2 120 *iiii2 120 *iiii2 no
70 Nov 138 Jar
100 85 Jan 7 150 Apr 24
Preferred 7%
33
8 313
318 33
8
178 3
2
/ 34
1
4
3
3 Dec 23 Jar
314 314
/
1
4
618 Apr 10
8Sept 16
17
23
4 3
20,800 Kelly-Springfield Tire_No par
2512 25
2512 2512 25
25
28
2512 2512 *22
16 Dec 944 Jar
/
1
25
/
1
100 204 Jan 3 42 Jan 24
2512
350 8% preferred
45
*35
535
38
39 '
45
39
39
40
40
26 Dec 100 Tel
38
100 29 Jan 2 55 Jan 25
38
100 6% preferred
/ *2914 30
1
4
291 293 228
2938 2978 2914 29
30
30
8
185 Nov 593 May
8
4
4
2914 2,500 Kelsey Hayes Wheel___No par 2218 Jan 3 3912 Apr 11
4
4
1512 153
4 143 1512 1312 145 16,600 Kelvinator Corp
153
4 143 1514 143 153
4 15
5 Oct1914 Feb
8
4
712 Jan 2 265 Apr 25
8
No par
*6618 74
•66
*6618 74
70
75 Nov 96 Feb
*661 74
/
4
*6618 74
66
66
No par 66 Sept 15 89 Mar 21
10 Kendall Co pref
/ 34
1
4
/ 34
1
4
/ 33
1
4
493 Nov 1041 Mal
/ 3358 31
1
4
8
3
344 335 345 34,200 Kennecott Copper
343 3512 341a 34
1
/
4
8
/
1
No par 33'8 Sept 3 62 4 Feb 7
8
.4938 52
5
*491 513 *4912 5134 *4912 513 *4912 51
/
4
4
4
45'i May ' 57 8 Oct
*4912 5112
3
No par 4814June 21 59 Mar 31
Kimberley-Clark
42212 2514 *2214 2514 *2312 2514 2412 2412 *243 2514 *244 2514
4
2112 Nov 4412 Jul)
/
1
No par 20 Jan 29 4012June 4
100 Kinney Co
.80
80
7818 7818 78
*80
80 Oct1093 Mal
80 80
80
80
81
4
100 78 Aug 25 97 Apr 17
78
110 Preferred
23
4 3
25
212 23
8 28
7
4
312 Dec 7811 Jai
812 Apr 14
8
25
8 27
/
4
212 2
2
/ 25
1
4
8
14 Jan 18
/
1
/ 7,000 Holster Radio Corp. - _No par
1
4
307 31
8
30
/ 31
1
4
303 31
8
3014 303
8
4 307 31
28 Nov 57 Me
2
12
4
10 2614June 17 363 Jan
303 31
8
3,500 Kresge(86) Co
•5412 5714 *5412 55
*54
554 5512 5512 *5412 59 "
/
1
Jaz
5314 Nov 114
No par 50 June 24 70 Jan 24
Imo Kres.s Co
/
4
3413 591
275 27
8
/ 2714 2758 27
1
4
2712 2714 27
273
8 263 2718 63,800 Kreuger & Toll
/ 27
1
4
3
4
s
2218 Nov 468 Me
23 Jan 2 35 8 Apr 10
/
1
4
281g 2912 2834 29
/ 283 327
1
4
3118 2814 291 68,800 Kroger Groe & Bak__ _No par 21 June 18 484 Jan 23
323
8 30
8
8 31
3814 Nov 12212 Jai
/
1
/
4
port No par 2114 Jan 11 2912July 17 1612 Nov 3838 Juin
8 *434 5 *434 917- 3424 5 *434 9
- - -- -3 -58r4 liiff -58i8 iirf- iiiii - 5 8 -55it ii- "6i- -- 12 5.000 Lambert & Trans
fila 9 1
6
-No par 7612June 18 113 Apr 1 8018 Nov 15714 Mai
Co
5
5
513 510
5
Oct 25 Sax
412Sept 2 11 Mar 25
400 Lee Rubber & Tire_ __ _No par
*2812 30
•2812 30
28
*25
30
28
*25
30
*25
30 Nov 65 Yet
29
' 100 Lehigh Portland Cement__ _50 28 Sept 16 42 Apr 1
•10518 107 *1051a 107 *10518 107 •10518 107
1054 10518 *10518 107
/
1
100 104 Aug 4 10812May 24 100 Nov 110 4Ma3
3
20 Preferred 7%
121 1112 1112 12
/
4
1218 *11
811
1214 12
12
12
10 Oct32 0c
12
714June 18 1712Mar 17
12,200 Lehigh Valley Coal__ __No par
4
2414 2414 *23
283 *2212 27
*20
2634 *20
28
*20
31 Dec 4434 lull
50 2218June 26 371zMar 19
28
100 Preferred
751a 7614 75
3
74
7614 75 4 764 745a 7611 72
76
/
1
___ ____ ___.
/
1
75
8,800 Lehman Corp (The)... No par 664June 25 9714 Apr 15
2718 2718 28
28
2812 2812 •27
28
28
28
27
28ov 6812 Fel
No par 2214Jure 25 36 Apr 14 ___- k
27
700 Lehn & Fink
1914 1914 19
1914 *1812 19
183 181 *1814 1812 1818 1818 1,600 Libby Owens Glass__ No par 1818Sept 19 3112Mar 29
8
17 Oct43 Atli
•99 10012 *97 101
10014 10014 *99 1003 *98 101
*97
4
99
8014 Nov106 Oe
500 Liggett & Myers Tobacco._25 85 June 18 1133 Apr 1
100 10114 99 10014 99 1014 1003 1013
4
/
1
995 101
8
9712 9712 14,800 Series B
8
80 Nov106 Oc
25 85 June 25 1143 Apr 1
14
*25
27
*25
27
*25
26
25
25
*2312 263 *2312 27
4
30 Nov57 Jul3
/
1
4
200 Lima Locomot Works...No par 20 June 18 4914 Feb 15
38
/ 383 *383 40
1
4
4
4
40
40
*39
40
40
40
*40
374 Nov61 Fel
8
41
/
1
No par 37 June 25 453 Feb 21
400 Link Belt Co
*6912 70
*6912 70
6912 6912 6918 6918 69
69
67
40 Oct 113 8 Jai
8
4
7
No par 523 Jan 3 817 Mar 28
67
400 Liquid Carbonic
79
774 7912 77
7612 787
4
8 773 7918 7612 77
/ 73
1
4
32
Oct 8412 Fel
4May 14
75
/ 49,300 Loew's Incorporated_No par 4218 Jan 2 953
1
4
12
109 109 *107 10834 *10712 1083 *10712 1083 *10712 1083 *10712 1084
4
4
4
8June 3
8
No par 855 Jan 17 1123
/
1
80 Oct 11034 Jai
100 Preferred
98 98
*97
98
98
*9512 98 *97
*98
933
4 9814 983
80 4 Nov 95 Ma
3
4Sept 19
8May 5 983
300 Fret ex warrants__ No par 785
4
414 412
44 4
/
1
4
4
12 411
414 43
8
414 414
44 412 4,800 Loft Incorporated
/
1
No par
3 June 18
3 Dec 1112 Ap
/
1
4
63 Feb 19
s
r *7l, 8 *712 8
2
8 *714 8
*714 8
*714 8
12 Dec 3212 Jaz
4Mar 22
74 Aug 4 153
/
1
1 OlLong Bell Lumber A_ _No par
62
6212 62 627
/ 6114 63
8 6114 6212 58
/ 637
1
4
r 62
/ 6114 7,700 Loose-Wiles Biscuit
1
4
/
1
4
394 Nov 87 Sep
/
1
25 5012 Jan 4 7014 Apr 2
5
8 2112 2214 20 8 2112 213 217
8
5
8 20
, 215 223
/ 2113 204 21
1
4
144 Oct 3112Ma3
25 1618 Jan 2 2818Mar 8
75,300 Lorillard
9
/ 912
1
4
912 9 4
3
*912 93
4
912 912
94 912
9
7 Oct 18 Jaz
8 Feb 28 12 Apr 28
No par
912 7,600 Louisiana 011
8838 88
8712 8712 *8038 884 *803 883
88
884 *88
/
1
*88
/
1
80 Nov 10014 Feb
100 80I8June 18 90 Sept 4
8
20 Preferred
8
/ 373
1
4
4 37
/ 37
1
4
3712 37
373 37
4
37
/ 3734 3638 3
1
4
/ 38
1
4
28 Oct 72 Sep
/
1
4
33 June 23 5114 Apr 25
712 3,100 Louisville G & El A__ _No par
2112 2112 21
2112 2112 22
214 22
/
1
211 211 203 21
/
4
4
/
4
No par 20 8Sept 5 447 Mar 12
22 Nov 1087 Jul3
3
s
3
2,800 Ludlum Steel
*66
75
*66
75
*66
75
75
*66
*66
75
*66
76 Nov 18 JUDI
4Mar 18
Preferred
No par 72 Sept 4 993
75
*2912 31
*2912 34
*2911 3
4
*30
34
31
31
30
3014 Oct 46 Jaz
4
/ 3118
1
4
400 MacAndrews & Forbes_No par 24145une 19 393 Apr 3
5812 5812 59
60 603 25812 5812 58
4
573 58
4
5518 Nov 11434 Fel
No par 4614June 18 8812Mar 27
5412 5712 4,200 Mack Trucks Inc
4
12612 1283 125 12814 128 12878 126 1283 12314 12412 11,700 Macy Co
12814 130
a
No par 109 June 25 15914 Feb 3 110 Nov 25512 set)
4
/
4
1212 113 12
*1111 111 1112 1112 *11
*12
1112 1012 1114
114 Nov 24 Fel
/
1
3
1,200 Madison Sq Garden_ No par 10I2Sept 19 15 8June 6
/
4
/
1
8 314 3158 311 3112 3112 315
8
315 315
314 3
2
8 30
4
4June 19 523 Jan 7
No par 283
35 Nov 8212M23
/ 3118 1,900 Magma Copper
1
4
7
7
/
4
6
/ 63
1
4
4 *61 812
6
/ 63
1
4
4
61 May 5 13 July 3
:
*Os 714 .6
/ 812
1
4
6 Nov 39 Sal
300 Maillson (H R) & Co No par
/
1
4
*234 4
*23
4 4
*23
4 4
*/ 4
2
1
4
115 July 8
*23
4 3
100
*234 3
8 Jan 29
Manatl Sugar
3 Dec 26 Jai
*15
24
*15
24
24
*15
23
•15
*15
23 .15
/
1
100 114July 14 50 Jan 28
Preferred
23
197 Dec 5012 Sal
g
*7
14
14
*7
*7
14
*7
14
*7
14
No par 10 Aug 27 15 Jan 14
*7
Mandel Bros
14
14 ' Oct 38 8 Ma
3
*1212 14
13
1314 *124 14
813
13
*13
14
25 111sJune 25 24 8 Jan 10
5
900 Manhattan Shirt
*13
14
1914 Dec 35 8 Jaz
5
5
514 *5
5
514
514 *5
54 514 *5
512
*5
4122une 30 10 8Mar 18
3
400 Maracaibo Oil Explor__No par
5 Dec 1812 AP
/
1
4
5
/ 303
1
4
30 8 303
5
4 3012 30 8 3014 3012 29
8 30
30
10 2912 Aug 29 3212 Aug 6 ___
29
/ 3
1 05* 8.600 Marine Midland Corp
4
__
--_
2fI
95
*35
911
36
3614 *3512 36
No par 3014June 26 55 Feb 28
35
3
612 *34
200 Marlin-Rockwell
3612
- *-- - "
30 -Oct -89 Mal
/
1
4
2
8 *95 103
8
8 *95 113
8 5 113
98
*9 8 11
5
4 *95 103
8
83
Marmon Motor Car__ _No par
4 *9
8June 28 307 Apr 9
g
/ 1018
1
4
19 Nov 104 Mal
r
•Bld and asked prices; no sales on this day. y Ex-dividend, ex-rights.
1861
New York Stock Record-Continued-Page
For sales during the week of stocks not recorded here, see sixth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
Wednesday
Sept. 17.
Thursday
Sept. 18.
Friday
Sept. 19.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Per share
PER SHARE
Range Since Jan. 1
On basis of 100-share lots.
Lowest.
Highest.
PER SHARE
Range for Previous
Year 1929.
Lowest.
Highest.
o.rshare $ per share $ ner share 3 Per share S per share Shares Indus.&Miscelt.(Con.) Par $ Per share $ rer share $ per share $ per share
4012 414 403 41
8
40% 40
/ 41
1
4
4012 401
/ 40
1
4
393 4012 6,500 Marshall Field & Co.
..No par 3514July 12 48% Apr 24
4l4
4
4
2 43
100 Martin-Parry Corp_ _ __No par
4% *4
4% *4
4 *3% 4%
3 Jan 6
6 May 19
212 Nov "ii- Jan
4212 4432 *4313 43 2 423 4312 41% 43% 415 4213 3918 413± 7,800 Mathieson Alkali Workallo par 323
8
7
8
8June 25 5138Mar 28
29 Oct 218 Feb
*13012
*13012 134 *13012 134 *13012 134 *1301 134
*1304
/
1
Preferred
/
4
100 115 Jan 24 132 Sept 2 120 Jan 125 Jan
43% 15
/ 4513
1
4
4312 44
4414 4475 4312 4312 4218 4312 3,000 May Dept Stores
40%July 3 61% Jan 31
25
4512 Dec 108.2 Jan
*Ws 113 21114 1114 *1012 11
/
1
10 .1014 11
500 Maytag Co
4
1014 104 10
No par 10 Aug 18 23 Mar 26
1538 Oct 2912 Aug
2538 25 8 *25
3
2512 *25
2512 *25
200 Preferred
2512 *25
2512 25
25
No par 2112June 28 4012 Apr 7
/
1
4
2814 Dec 49 July
*71
7218 *71
741:3 *71
100 Prior preferred
*71
7212 *71
71
74
73
71
No par 71 Sept 8 8412 Mar 26
7512 Nov 901s Jan
3712 37' *38
39 39
2
38% 387
8
1,300 McCall Corp
39
39
3712 3712 38
No par 37 July 17 50 Apr 1
3914 Dec 108 Oct
*53 5912 *53
58
53
53
100 McCrory Stores class A No par 53 Sept 16 74 Jan 2
*53
5912 *53
5912 *53
5912
3
74 Dec 113 4 Feb
*57% 67
*57% 67
58
58
60
100 Class B
60
*56
*57% 60 .56
No par 5612 Aug 20 70 Jan 16
70 Dec 11512 Feb
*85
94 *85
94
94
*87
90
*87
*87
Preferred
8812 *87
8812
100 8912May 7 97 Mar 24
8612 Nov 120 Feb
*3213 34
*3212 34
*3212 34
*3212 34
*3212 34
*3212 34
McGraw-Hill Publica's No par 3012June 23 44 Apr 7
30 Oct 48 Feb
19
1913 19
19
2,100 McIntyre Porcupine Mines_ _5 143 Jan 2 1912 Apr 23
19
19
191s *19
1914 19
19% 19
4
1212 Nov 2312 Jan
85% 87
861s 88 2833 85% 84% 85% 833 8514 80% 83
32,500 McKeesport Tin Plate_No par 61 Jan 2 8912June 4
4
2
54 Nov 82 Jan
.173 18
1
8
17% 17% 17% 173
16% 173
2 163± 163
4 4,100 McKesson & Robbins_No par 1412 Aug 13 37% Apr 12
4 1712 18
2173 Oct 59 Mar
•39
41
3912 3912 *39
41
300 Preferred
•39% 41
39% 393± *3912 40
50 35 June 24 49% Apr 8
40 Oct 63 July
17
17
16
17
5,200 McLellan Stores
16
151
163
4 1614 16% 1512 1614 14
No par 12 June 30 2014 Jan 7
181 Dec 5912 Aug
/
4
*35
3512 *35
3512 3412 35
341
500 Melville Shoe
3412 3412 3415 3412 *34
No par 2614 Feb 8 42 Apr 16
26% Dec 72 Jan
•12
12% .12
111
11
11
700 Mengel Co(The)
*1114 1212 • 11
128± 1112 12
No par 10 June 18 234Maill0
3
8
9 Oct 347 Jan
2314 24% 2314 2414 2278 24
23
57.500 Mexican Seaboard 011-No par 1618 Jan 18 37 Apr; 7
233 2414 22% 23% 22
8
914 Oct 69 3 Jan
3
7 147
15
15
14
1512 15
15
1412 141 1.400 Miami Copper
3 1412 1412 15
/
4
5 1312Sept 5 33% Feb 6
20 Oct 5412 Mar
3
55
5512 •5312 56
5.300 Michigan Steel
523
53
/ 5312 5112 5314 51
1
4
5l
4 50
No par 50 Sept 19 77 May 13
44 Dec 122% July
2318 2314 2315 2314 23
/ 2312 2314 2352 231s 234 228± 2314 8,500 Mid-Cont Petrol
1
4
/
1
No par 2213June 18 33 Apr 7
2212 Nov 39% Jan
7
8
7
8
7
7
8
2
7
8
7
8
7
8
7
2
7
8
7
8
7
8
7
8 3,400 Middle-States 011 Corp ctfs_ _
78 Mar 4
3% July
212Mar 17
h Nov
•3012 31
3112 3018 30 ± 30 3 3
31
4 2912 3014 2,100 Midland Steel Prod__..No par 2138June 25 53 Feb 28
30
7
303
7
1
4
9212 923
7 92 8 .9213 95
95
*93
7
92
*9213 95 •9212 95
300 8% cum lst pref
100 84 Juno 21 110 Feb 28
*4812 50
*4812 51
*4815 51
48 4 48 4 48 4812 48
3
400 Minn-Honeywell Regu_No par 48 Sept 18 763
48
3
4Mar 19
69 Nov 1231* Sept
*1112 12
*1114 1112 *1112 1112 1118 113
1112
4 11
93 107
4
3 3,800 Minn-Mollne Pow Impl No par
9 4Sept 19 2875 Mar 17
3
10 Oct 43% July
70 •68
*68
70
4168
69 4 *68
70 •68
3
70
70
*68
Preferred
No par 70 Aug 9 92141s,lay 28
65 Nov 102 July
19
18
1812 18% *181 20
/
4
19
19
*1812 19
18
1812 2.100 Mohawk Carpet Mills_No par 1618 Aug 19 40 Jan 27
35 Nov 8014 Mar
4312 44% 4313 437
4278 4112 423
42
43
42
8 40
40% 3,500 Monsanto Chem Wks_ _No par 35 June 25 63 4 Apr 21
3
47 Nov 9012 Oct
3612 38
368± 3712 37
/ 37
1
4
351 388± 3415 3538 93,400 Mont Ward Co III Corp No par 29% Aug 13 49% Jan 2
/
4
/ 3614 37
1
4
8
42% Dec 1567 Jan
612 612 *614 612
6
63
al 64
6
8
6
.6
6
800 Moon Motor Car new No par
3 4 Jan 22 1612 Apr 2
3
112 Oct
5 Oct
*57
5912 *57
5812 .357
5912 *57
57
67
57
*55
60
300 Morrell (J) dr Co
No par 51 Aug 15 72 Feb 5
42 Oct 813 Oct
s
1
I18
*1
118
its 2,500 Mother Lode Coalition_No par
1
1
113
1
1
1
1
612 Mar
1 Sept 3
2 Jan 2
112 Oct
*3% 4
33
8 31 *313 3 4
7
3
/ 3 3 .312 4
1
4
312 31
3
400 MotoMeter GaugedrEq No par
3
8
312July 12 113 Apr 10
/
1
4
3 Oct 3134 Aug
44% 44% *43
444 *42
/
1
4312 *42
4312 *4212 4313 24112 411
300 Motor Products Corp_.No par 3412June 21 81 Apr 7
36 Nov 206 Mar
213 2214 2112 213. 213± 2134 22% 2214 2214 2214 21
4
2214 2,400 Motor Wheel
No par 21 Juno 17 34 Mar 19
21 Nov 5513 Aug
*1112 1212 *Ills 1212 *1012 1212 *1012 1212 •1012 12
/
4
Moline Mfg Co
*101 121
No par
8 Jure 18 2034 Feb 14
8
10 Oct 817 Jan
.50
*50
*50
54
54
*50
54
54
*50
54
54
•50
Preferred
No par 40 July 2 64% Jan 31
55 Dec 10214 Jan
38
/ 38% 39
1
4
39
39
39
40 .38
40
*38
300 Munsingwear Ino
•3813 40
No par 36 Aug 13 5312 Feb 10
38 Nov 6184 May
1713 17
/ 17
1
4
1712 1612 1713 163 1714 1612 1612 153± 1638 6,400 Murray Body
4
No par 1212Jure 17 2514 Apr 11
8
8
147 Nov 1007 June
.38
*3812 42
413 *38
4
4112 4138
42
/
4
/ *381 44
1
4
*3812 43
Myers & E Bros
No par 35% Jan 2 4912Mar 25
30 Oct 6712 Oct
34
3418 34% 34% 34
3412 3212 34
3414 *3414 3412 34
6.000 Nash Motors Co
No par 301sJune 24 5812 Jan 6
7
40 Oct 118 8 Jan
13
117 1212 1,700 National Acme stamped_ ___10 10 8June 24 2614 Feb 14
13% *1212 1312 *1212 1314 *1212 13 •1212 13
3
3
14 3 Nov 41% July
•20
22
*19
22
•19
100 Nat Air Transport
*2018 22
/ 22
1
4
1912 1912 *15
19
No par 11 Jan 13 3938 Apr 14
/
1
10 Dec 484 May
*912 914
9
9
9
9
87
8 9
9
812 812 1,200 Nat Bellas Hess
9
No par
8 Aug 18 20 Apr 7
918 Dec 71 Mar
84
843
4 8314 8514 82 4 843
28214 83% 17,000 National Biscuit new
3
3
4 8418 84 4 841s 85
10 71 Jan 2 93 May 29
6514 Dec 73 Dee
*14913
*14912 151
14912 1491 *14912 151 *1494 151
15012 15012
/
1
/
4
200 7% cum pre!
100 14212 Jan 23 15012Sept 18 140 Aug 146 Oct
46 4 4712 4614 47% 4614 4612 47
3
11.500 Nat Cash Register A w1No par 41 Aug 9 8312 Feb 3
4712 4512 4612 447 46
59 Nov 148% Mar
54
525 531 33,300 Nat Dairy Prod
54% 53% 54% 53% 64% 5372 54% 531 54
No par 4514 Jan 20 62 June 2
/
4
36 Oct 861 Aug
*1412 15 •14% 15
14
14
*1334 14
1414 1414 *13% 14
200 Nat Department Stores No par 1314Sept 5 2412 Feb 27
4
20 Dec 373 Mar
*3118 34
*30
/ 33
1
4
600 Nat Distil Prod Mkt_ No par 2412Jure 25 3912 Feb 6
3012 3112 *2912 32
*3213 33
*30% 33
15 Oct 58 June
*22
/ 24
1
4
*22
24
.20
24
*22
24
*2312 30
26
100 Nat Enarn & Stamping_ _100 1714June 14 3312 Mar 1
2512 Dec 6214 Jan
133 133
133 133
12812 12812
12813 1281 *128 134
130 130
700 National Lead
4
100 1243 Aug 12 18912 Feb 7 12914 Nov 210 Oct
*14114 144 .1413 144
4
142 142 *14134 145
40 Preferred A
142 142
100 13818 Jan 3 144 Sept 5 138 Nov 14112 Feb
•118 11812 118 118
160 Preferred B
1197 11978 -- s
/ 118 120 10118 120 •118 120
1
4
100 116 Jan 17 1197sSept 19 115 Oct 123 4 Apr
3
47% 4282 4718 49
/
4
46% 48
4713 48% 4813 4712 441 4614 96,300 National Pr & Lt
No par 32 Jan 2 58% Apr 24
23 Nov 71% Aug
112 112 *112 2
31.12 2
•112 2
*11 2
/
4
200 National Radiator
*112 2
No par
112 Dec 17 Jan
112Sept 15
412 Jan 15
*23
• Preferred
4 514 *23
.2% 514 .314 514 *314 514 *314 514
4 514 11
No par
3 June 25 11 Jan 15
112 Dec 41 Jan
5712 55
56
53 537
4,400 Nat Steel Corp
563
4 58
55% 5512 5614 541 55
No par 513
4Sept 6 62 July 28
*10512 107 *10914 109 4 10514 10514 *10434 107 •1043 10512 1047 1047
300 National Supply
4
3
s
5
50 1007
sJune 27 12434 Apr 7
Nov 144 Jan
*763 79
8
77
77
7514 1,400 National Surety
761 787 z75% 7815 7512 7512 75
/
4
3
50 30 Jan 7 98 2Mar 22
12
3
7014 Dec 155 Feb
*23
2312 *23
2312 23
233 23% 2314 2312 3,100 National Tea Co
/ 24.
1
4
243
4 23
No par 2112 Aug 20 41% Feb 4
31% Nov 91% Mar
137 1413 14
14% 1514 1414 1478 14
8
137 14
143±
7,800 Nevada Consol Copper_No par 13% Aug 15 32% Jan 7
1414
7
2314 Nov 62 8 Mar
3812 391. 39
3812 39
8.700 Newton Steel
37
38
4014 3814 40
3912 40
No par 27 Sept 5 58 Apr 14
35 Dec 113 July
•39
40
40
40
*3812 39% 39% 39% 40
40
500 N Y Air Brake
40
40
No par 3714 Aug 4 47 Feb 19
3513 Oct 49% Mar
351 36
.35
37
36
600 New York Dock
361
37
36
36
363 36% *35
4
8
100 28 June 26 48 Apr 25
33 Nov 583 Feb
*84
85
84 84
200 Preferred
85
*83
85
*83
85
•83
85
*83
100 80 Feb 8 88% Apr 24
4
823 July 90 Apr
•20
20 4 20
900 N Y Investors Inc
20
3
1914 1912
1978 19% •1914 2012 193± 192
No par 1718June 23 32 Apr 24
106 106 21053 105 4 1053 105 4 1053 105 4 10512 106
1054 1053
/
1
720 NY Steam pref(6)
4
3
4
4
4
3
3
1
No par 100 Jan 2 10612Sept 3
9312 Nov 103 -1;1*115 8 117 z116 116
3
90 1st preferred (7)
116 116 *116 11612 •116 11612 *116 11612
No par 110 Feb 5 117 Aug 28 107 Nov 115 Aug
10518 10712 10418 1063 103% 1053 105 10814 10312 1053 1003 104% 31,900 North American Co.. No par 8712July 8 1327 Apr 11
3
5
4
5
8
6612 Nov 186% Sent
400 Preferred
4
3
55 4 553 *55
3
/ 55 *5514 55 4 *55% 5534 5514 5514 •554 551
1
4
/
1
3
50 51 Jan 13 57 June 4
48 Nov 54% Jan
912 912
9
/
1
4
91
8% 9
83. 88 7.900 North Amer Aviation.
8 s 913
7
84 9
3
.No par
712June 18 14% Apr 10
105 105 *1043 1053 •1043 10512 1043 105
500 No Amer Edison prof. No par 1001 Jan 23 105 May 22
8
104% 104% •10412 10 4
4
43
98 Nov jai& Jan
*
43
/ 43
1
4
400 North German Lloyd
/ *4014 42
1
4
*42
42% *413 42 3 *4134 42
4114 4114
4
7
4112 Dec 6414 Jan
40 Aug 8 55 4June 11
3
*48
50
*48
*48
50
50
1048
50
Northwestern Telegraph.._50 42 Jan 2 8018 Mar 14
*48
*48
50
50
4012 Dec 50 Mar
114 •1
*1
114 *1
100 Norwalk Tire & Rubber....AO
11
*1
114
114
1
1
614 Feb
4 Mar 26
4
3 Oct
% Jan 9
3012 30% 30 8 30 8 30% 30
3
3
/ 3012 30 3015 9,200 Ohio Oil Co
1
4
1
303 30% 30
s
-32 Aug 21
No par 30 Sept
2214 2212 2212 221
22
22% 8,7110 011 Well Supply
2238 2212 2212 2212 '23
22
778 Dec 32 Jan
2434Sept 9
25
91s Jan
107% 108
108 10814 108 108
4
4 1,830 Preferred
10712 107
12 10712 1073 1073± 1073
88 4 Dec 10612 Jan
3
100 86 Mar 10 110 Sept 12
12
5,400 Oliver Farm Equip__ __No par
12
93 11
11% 12% 1112 12
5
1112
1112 11% 11
34% Apr 17
8 Oct 644 Apr
/
1
93Seet 1
3
17
17
17
4 1812 167
4
*1714 173
17
5 1,600 Cony participating_No par 16 Sept
17
4 17
12 163 163
4612 Apr 17
17 Oct 693 Apr
s
*6112 6612 *6112 6612 *6112 6612 *6112 6612 6318 6318 *63
100 Preferred A
633
4
4May 13
903
6412 Dec 9912 May
No par 631s Sept 1
5
400 Omnibus Corp
•47
3 5
*4%
*41 5
/
4
412 412
*47
8 5
412 4%
No par
23 Jan
4
83 Mar 31
8
215 Oct 107 Feb
5
10 Orpheum Circuit Inc pref_100 63 Jan
*87
89
91
*87
87 87
91
*87
91
91
*87
99% Apr 24
*87
5013 Oct 95 4 Jan
3
69
5,000 OtLs Elevator new
69 4 68 8 69% 68
3
3
No par 55 June 18 808Mar 13
688± 691s 6713 68
6914 *6814 69
3
*1273 - - *12738
s
Preferred
4
•1273 -- -- *1273 --- ...
4
/
1
4
.127% - - *127
100 11815 Jan 23 128 June 12 1187 Oct iii" -.
11;21
s
*25
/ 2712 .26
1
4
300 Otis Steel
2712 22473 253
27
3
/ *26
1
4
27
/ *26
1
2 -1 *28
4
-/
74
No par 2412 Aug 14 38% Mar 31
2214 Nov 55 Oct
*92
94
Prior preferred
*92
98
94
*92
*92
98
93
*92
98 .92
100 89 July 2 99 Apr 29
893 Nov 108 Feb
4
46
3,900 Owens-Illinois Glass Co.. _25 43 Sept 17 60 8 Feb 7
46
4512 45% 45% 45% 43
43
/
1
4318 434 43
45
Ms Sept
7
43 Nov
59 3 60
3
6,700 Pacific Gas & Electric)
5913 60
6012 5813 587
583 5912 5912 61
4
59
25 621s Jan 2 7475 Mar 31
42 Nov 98 4 Sept
3
8 79% 80
80
12 813
823
3
3 78
80
/ 79% 80
1
4
No par 713 Aug 12 1077 Mar 28
82
80
7912 5,500 Pacific Ltg Corp
5813 Nov 14612 Sept
2212 *22
*22
90 Pacific Mills
2212 22
22
2212 •22
2134 2134 *22
100 2014July 8 30 Feb 8
2212
1712 Nov 37 Apr
141 141
60 Pacific Telep & Teleg
140 14012 *14014 14112 *141 142 *14012 141 z140 140
100 130 June 18 178 Feb 19 131 Nov 220 July
*128 131 *128 131 *128 131 *128 131 .128 131 •128 131
Preferred
100 11612 Jan 6 145 Feb 21 1163 Jan 138 Oct
4
13% 1314 13
12 8 1313 123 1318 12% 127 35.900 Packard Motor Car _ _.No par 1214 Aug 29 233 Mar 18
.
13% 12% 13
7
4
s
13 Nov 3212 Sept
.53
56
Pan-Amer Petr & Trans___50 51% Feb 21 6414May 14
*53
55
*53
56
55
*53
*53
5612 *53
55
4014 Feb 69 Aug
*54% 56
700 Class 13
53
54
54
*53
54
5312
53
53
54
53
50 5013 Jan 25 6712May 14
,
4018 Feb 66 4 Aug
*123 14
4
400 Park & Tliford Inc.
*123 1314 *123 143
3
4
1214 123
4
...No par
4
4
104 Aug 6 35 Apr 7
/
1
4
4 123 123 •123 131
4
5
24 Nov 877 Jan
9
9
812 8 4
3
6 Aug 22 28% Mar 10
81s 811
8% 814
8% 8 4
73
3
8% 2,400 Parmelee Transporta'n_No par
1512 Dec 21 Dec
*5
512 *512 53
4
500 Panhandle Prod & ref.
__No par
418 Feb 14 123
5% 518
5
518
5
5
5
4May 14
5
3 .Nov 151.1 Jan
*45
4145
60
Preferred
*25
60
60
*25
60
*25
100 471t Jan 14 80 May 14
*25
50
60
Jan
4712 Feb 76
60 61
/
1
4
No par 485± Jan 2 771 Mar 31
5913 607
4
3 5912 60% 5814 6013 581 5914 57 . 583 77,300 Paramount Publix
/
4
/
4
/
1
4
36 Oct 75 Oct
2
1,200 Park Utah C M
2
2
2
Braun° 17
1
.17
8 2
17
*172 2
8 2
17
8 2
43 Apr 7
3
3 Dec 1378 Feb
4% 412
414 414
4%
4% 4 8
4
4
4% 412
414 4,200 Pathe Exchange
No par
3
25 Jan 3
9 Apr 25
212 Dec 147 Jan
8
8% 9
8% 10
*9% 914
No par
10
5 Jan 2 193± Apr 25
83± 914 2,500 Class A
9
97
8 10
4 Dec 30 Jan
/
1
4
•1614 161
1,700 Patine Mines dr Enterer__ __20 16 Aug 22 3278 Feb 5
5
163 163
3
3 16
16
16
16
1614 *16
1612 16
247 Oct 478 Mar
2
3412
*413 5
100 Peerless Motor Car
413 4 2 *4% 43
4 Aug 12 14 Feb 3
*41 6
/
4
,
50
*4% 412
512 Oct. 2212 Jan
42% 4112 423
4214 4315 42
No par 267 Jan 7 55% Apr 10
8 423 43
/ 4213 4318 4018 4218 7,000 Penick & Ford
1
4
8
7
22 Nov 60 2 Sept
1.900 Penney (J C)
53
54
53% 5318 5315 5318 5313 5314 *53
252
No par 48 June 18 80 Jan 3
5314
53%
66 Nov 10514 Oct
100 100
500 Preferred
*99% 100% 100 8 1008± *100 1004 •10018 102 2100 100
100 93 Jan 7 1003. Apr 26
3
/
1
33 Oct 97 Dec
7
500 Penn-Dixie Cement-No ear
7
638 838
61s Jan 4 12 Mar 8
*812 7
612 612 *612 7
*612 714
312 Nov 27 Jan
•42
300 Preferred
46
*42
*42
40
46
*42
46
*42
100 3018 Jan 2 5512 Mar 13
40
46
45
2012 Nov 94 Jan
*283 268 *260 270 *260 270 *260 270
800 People's G L & C(Chle)_ _ _100 230 Jan 17 325 May 27 208 Jan 404 Aug
280 230
250 262
.194 20
1 /
1
100 Pet Milk
*1918 20
No par 1713July 17 2212 Aug 11
*1918 20
*1918 20
MCI% 20
19% 19%
1818 Dec 4512 Jan
17 2 18
7
18
1778 1814 173 177
18% 1734 18
1718 17% 6.600 Petroleum Corp of Am_No par 17%Sept 19 2714June 10
30
-Dodge Corp
3012 3012 30
25 29,
31
2June 18 44% Apr 7 -ii Nov
*3012 31
30% 31
/ *30
1
4
29% 3012 2,100 Phelps
May
*199 210 *190 210 41190 210 *190 210 *190 210 *190 210
Philadelphia Co (Plttsb)_ _50 200 June 18 248 Apr 15 157 Apr 285 Oct
.
/
1
4
•513% 5612 *6612 6612 6612 6612 56% 5612 5813 5618 56
800 6% preferred
50 5013 Jan 15 561sSept 9
56
4712 Nov 54 Mar
18% 19
18% 191 18% 19
/
4
183 1918 18
17% 25,100 Phila & Read C & I_ __No par 113 Jan 17 25 sMay 23
8
2
181± 17
7
9% Nov 34 Jan
*1112 117
•ilts 1112
5 11
500 Phillip Morris & Co Ltd__ _10
1114 *1112 12
.
12
3
12 •113 12
814 Jan 8 1512 Mar 11
5% Oct 2314 Feb
.15
*15
16
Phillips Jones Corp_ _ __No par 16 Sept 12 27% Feb 18
16
*15
16
*15
19
*15
*15
16
22
1912 Nov 78 Mar
*60
70
•60
70
Phillips Jones pref
*60
100 223 Aug 21 75 Feb 11
64
70
70 .60
4
64 .60
*80
65 Nov 96 May
32% 3278 2313 3212 31 12 323± 314 3214 3112 3213 21,000 Phillips Petroleum..__No par 29% Feb 17 443 Apr 30
3212 33
4
Jan
2
8
244 Nov 47
/
1
*1014 13
*1014 13
Phoenix Hosiery
*1014 13
*1014 13 .10% 13
*1014 13
3
5 10 4Mar 4 20% Apr 30
1038 Oct 37% Jan
*187 211 *18
3
/ 21
1
4
20% 20 5 *204 21
300 Pleree-Arrow class A.__No par
23
19 June 25 33 Apr 3
3
/ 2112 211 *21
1
4
/
1
4
18 Nov 377 Jan
*1
1
Vs
1
2,600 Pierce Oil Corp
1
1
1
1
1
1
1 Jan 4
1
25
3 2 May
3
1
212Mar 17
1 Oct
273 4126
*25
27% •26
400 Preferred
27 3 2514 26
100 2012 Jan 10 52 May 1
25
3
*2514 273
4 25
20 Oct 5112 Mar
4
/ 434
1
4
43
41
43
4% 47
47
3
4 4 4%
3
No par
44 4% 7,400 Pierce Petroleum
2% Jan 3
/
1
7% Apr 24
h Oct 512 Jan
'Bid and asked prices; no sales on this day. b Ex-dividend and ex-rights. z Ex-dividend. y Es
-rights.
1865
New York Stock Kecord-Continued--Page 7
For sales during the week of stocks not recorded here, see seventh page preceding.
-PER SHARE, NOT PER CENT
HIGH AND LOIV SALE PRICES
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
Wednesday
Sept. 17.
Thursday
Sept. 18.
Pride!!
Sept. 19.
Sales
for
the
Wee*
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1
On basis of 100
-share lots.
Lowest.
Highest.
PER SHARE
Range for Precious
Year 1929.
Lowest.
Highest.
$ per share II per share 5 per Share $ per share $ per share 5 Per share Shares Indus.& Miscelt.(Con.) Par $ Per share $ per share $ per share $ per share
8
7
33
3314 2,200 Pillsbury Flour Mills
30 Oct 63 Jan
-No par 27 June 25 37 Apr 11
3314 *3212 35
33
/ 33
1
4
33
33 33
334 33
7
39 4June 25 50 2 Feb 27
3
4314 Oct 68 Aug
*40
41
340
41
*4012 41
*4014 41 .
*4012 41
'4014 41
Pirelli Co of Italy
3 *3714 488 *3714 483
3
3514 Aug 13 7812 Jan 7
3
54 Nov 83 4 Jan
100
100 Pittsburgh Coal of Pa
*374 48
/
1
45
45
48
*46
48% *45
8312 June 110 Oct
85
Preferred
100 83 Aug 19 110 Jan 7
*80
*80
85
*80
85
*80
85
*80
85
*80 86
17 Dec 2712 Aug
2
52
1812
1812 *18
*18
1812 *18
700 Pittsb Screw & Bolt-_No par 17 Jan 22 227 Feb 18
18
18
18
18
18
18
9214 Feb 110 Oct
*97% 98
95
210 Pitts Steel 7% cum pref _ _100 9312June 24 103 Jan 7
95
95 95 *____ 95 *___- 90
978 98
21
21
2134 21
21
*21
2112 *21
No par 2012 Feb 28 2272 Apr 8
7,300 Pittston Co
21
21
*21
22
7
20 Nov 43 Aug
2Mar 18
2512 2614 2412 2532 4,600 Poor & Co class B
4.1111Y 9 343
No par 203
2513 2512 258 257
*2512 25 2 254 257
3
s
24
2
2412 2412 *237 2514 *2312 2414 *2312 2414 2312 233, *23
500 PortoRican-AmTob cL4No par 21 Aug 12 303 JuIV 3
97
9
9
4
8 Nov 503 Jan
8 Aug 12 2714 Mar 10
No par
84 83
9
9
9
9
700 Class B
4
*94 9 4 *9
3
8214 84
8314 8314 834 84
93 Nov 105 Jan
*8314 85
1,700 Postal Tel & Cable 7% pf__100 82145ept 19 103 Jan 21
84
84
*8314 86
35
52
4012 Oct 65 Jan
3
25 33 4 Aug 25 54 Apr 1
34
34
800 Prairie Oil & Gas
3412 3412 341 3412 3412 3412 3412 3412 *34
45 Oct 65 Aug
7
25 43 25ept 19 6012 Feb 7
4412 448 4412 4452 *441 443, 437 447
*447 45
3,000 Prairie Pipe Line
*447 45
2
612 Nov 2588 Max
612June 18 1652 Feb 18
74 718 *73, 7
*74 8
712 71
No pa
63
4 68 1,200 Pressed Steel Car
7
74
52
50 Dec 81 Mat
*573 62
4
*573 62
4
*573 62
4
4
*573 5812 *573 62
4
*573 62
4
100 50 June 24 7612 Feb 14
Preferred
43 Nov 98 Aug
7
723 7312 7214 73
4
74
7312 7312 74
74
No par 523, Jan 3 78 2June 2
2,700 Procter Gamble
73
*73
74
«612 7
,
4 Oct 257 Jan
2Mar 17
612 612
*652 7
612 612
*612 7
613Sept 19 117
500 Producers &Refiners Corp__50
68 7
9014 9212 40,600 Pub Ser Corp of N J
924 94
2
9412 9088 9212 923 94
54 Nov 13734 Sept
4
923 9412 92
4
No par 8112 Jan 2 1233 Apr 11
4June 18 9812May 1
9814 9814 9814 *975, 9812 9712 974 9714 973, 97
98
1
'98
2.400 $5 preferred
No par 913
11514 11514 1154 1154 115 11514 115 11512 2.400 6% preferred
115 11512 115 115
98 Nov 10812 Fet
100 10612 Jan 3 11512Sept 8
13212 13212 *132 134 *132 134
*132 ____ *13218 13514 *13212 134
100 121 Jan 10 13212Sept 17 105 Nov 1248 Jam
100 7% Preferred
*15412 ---- *15412 ---- *15412 ____ *15412 ____ *15412 -- *15414 155
8% preferred
100 143 Jan 2 158 June 7 13912 Nov 151 Sept
g
52
7
*11014 1107 *11014 1107 *11014 1108 *11014 110 2 11014 1104 *11014 1105
3
4
100 Pub Serv Mee & Gas pref_ _10 10714 Feb 5 112 May 21 10412 Nov 109 Jar
6612 653 66
4
6714 6714 6712 6712 668 6714 6614 668 66
73 Nov 9914 &pi
3
4,100 Pullman Inc
No par 62 June 25 893 Jan 3
13
135
11
112
13,
112 112
132 *13, 15s
*112 13,
6 Dec 2112 July
8.2 Jan 17
500 Punta Alegre Sugar
114June 26
50
2
4 193 1912 8,300 Pure Oil (The)
3
4 1912 19 4 1912 1912 1912 193, 195 193
20 Nov 3034Mag
195, 193
25 1912Sept 17 2714 Apr 7
110 111
11012 11012 *111 113 *110 113 11012 112 3.110 112
160 8% preferred
100 110 Sent.19 11414 Apr 8 108 Nov 116 Pet
643, 65 4 6412 65
3
*6512 674 643, 6514 6314 64
65 4 67
3
5
2,700 Purity Bakeries
55 Oct 148 8 Aug
52 June 21 8872 Feb 15
4 3612 383 444,200 Radio Corp of Amer_ _ _No par 3212June 23 693 Apr 24
3912 414 39
4
40 3 383, 4013 3912 4012 3852 393
3
26 Oct 1143, Sol
2
4 5514 56
*543 55
4
*554 553 *5514 553
4
55
55
*543 55
4
600 Preferred
50 Nov 57 Jaz
50 53 Feb 4 57 Apr 21
*69
693
4 68
70
6912 6912 69
69
693
4 70
6912 70
1,300 Preferred B
62 Nov 8212 Api
No par 68 Jan 24 85 Apr 2
7 3514 3314 35
341 3512 33
3414 351
3314 343
4 313, 33 236,400 Radio-Keith-Orp clA_No par 19 Jan 2 50 Apr 24
12 Oct 4672 Jat
Ms 302
29
2 2914 3032 28
2912 29
2912 2912 29
29
7,900 Raybestos Manhattan_No par 28 June 18 588 Apr 17
28 Nov 5812 Sep.
423, 47
43% 46
461
4612 4714 50% 42
4455 463, 66,300 Real Silk Hosiery
46
10 3452June 19 647 Mar 26
3614 Nov 84% Ma
90
91
91
8714 91
*8714 95
*89
90
90
*89
95
210 Preferred
100 8714Sept 17 100 Mar 29
864 Dec 10212 Fel
/
1
184
*112 13
4 .11
13
4 13
4 *112 24 *112 2
*13
4 2%
33, Dec 1614 Fel
200 Reis (Robt) & Co
55 Feb 3
1 Aug 29
No par
*15
37
*15
37
*15
37
*15
37
*15
37
*15
35
First preferred
40 Dec 10812 Fel
100 14 Aug 28 37 Jan 28
2912 27
2912 29 4 29
287 16,900 Remington-Rand
3
283 291
4
29
30
2914 30
5734 Oc
203 Nov
2
s
No par 23 June 25 4613 Apr 14
99% *98
9912 *98
9812 9812 *98
*98 100
2Mar 23
100 First preferred
991
*98 100
81 Nov 9612 Oc
100 92 Jan 3 1007
.
3102 10212 *102 10212 *102 10212 *102 10212 *102 10212 *102 10212
93 Mar 101 AP
Second preferred
100 95 Jan 4 104 July 15
127 133, 33,700 Reo Motor Car
s
14
8
8Mar 24
1312 1414 133, 1412 128
8
1312 133
4 137 14
1012 Oct318 Jai
812June 17 147
10
3
3688 31% 35
3412 3712 35
343 3514 3412 34
16_35,600 Republic Steel Corp___No par 3112Sept 19 7912 Apr
348 35
8214 8112 82
8014 81
4,100 Preferred cony 6%___ _100 80 Aug 15 9512May 5
824 8218 8213 8212 8212 8212 82
4
1314 *123 131 *1234 1314
1412 *12
1412 *12
25 Dec 3112 No.
*12
141 *12
Revere Copper & Brass No par 1353Sept 2 30 Jan 3
*5214 54
*5214 54
*5214 54
*5214 54
*5214 54
70 Dec 78 No.
Class A_
No par 531sSept 12 72 Jan 24
*5214 54
211 2212 2,200 Reynolds metal co
4
3. 3 2312 231 2312 2314 2314 2252 23
2
*2312 24
No par 2112Sept 19 343 Apr 14
35 Nov 1214 Jai
3.212 3
*234 3
3
3
3
3
3
3
*3
712 Jan 29
3 June 18
1,300 Reynolds Spring
3'8
No par
5214 53
5214 53
5212 53
39 Nov 66 Jai
523, 527 g502 5212 503, 5134 29,800 Reynolds(R J)'Fob claw B-10 4514June 18 5852 Mar 11
7484 743 743
75
75
75
75 x75
75
4
4 75 75
70 Apr 8912 Oc
*71
Class A
10 70 June 3 80 Jan 2
70
7 1612 15
5 163, 153 l8ls 1514 153 21,300 Richfield Oil of Californla 25 141
1612 167
15
1612 17
223, Dec 493, Jai
4
2
4June 17 2814 Mar 14
lSls 1314 14% 22,900 Rio Grande Oil
15% 155, 157 158 1512 155, 158s 1511 14
8
3
:
15 Oct 421 Ma
No par 134Sept 19 25 4 Apr 7
*38
40
338
40
3.38
40 .
39
39
*38
40
*39
40 Nov 70 Jun,
40
100 Ritter Dental Mfg
No par 38 Aug 12 598 Feb 5
41413 348
4 34
4
347 z3312 33% 323 33 *3112 33'z 30 4 314 2,000 Roasts Insurance Co
3
28 Nov 96 Mal
10 2714June 18 4834 Mar 3
48z 4812 4888 4734 48
4812 4813 477 4812 48
48% 481
4312 Oct 64 Sep
4
18,200 Royal Dutch Co (N Y shares) 453 Aug 26 5612 Apr 7
3 38% 393
3914 393
4 383, 393
40
3814 383, 37
*39
3814 4,200 St. Joseph Lead
38 Nov 94 Jai
12
10 3314June 18 574 Feb 6
7 74'2 703, 72
745* 73
70
717
2 72
72
No par 5714 Aug 13 1223 Jan 23
3
7012 72
.
370
9012 Nov 19514 Jai
6,800 Safeway Stores
3.90
94
94
*90
94
94
94
*90
94
92
94
85
Oct 101 Set.
2
92
100 87 Aug 9 997 Feb 7
50 Preferred (6)
3_
._
._
.
3____ 103 *_-_ 103 3 _ _ _ 103 4 _ _ _ 103 . _ _ 103
8Mar 26 100 Oct 10912 De
100 100
100 100 Sept 19 1097
30 Preferred (7)
2118 1,000 Savage Arms Corp _ _ _ _No par 16 June 18 313 Apr 2
*194 194 20
*191 20
3
.1912 20
4
21
2012 Nov 517 Jai
227s 2112 22
818 8%
73, 712 1,600 Schulte Retail Stores_ _No par
7 4 7 4 *74 8
3
3
84 84
74 74
34 Dec 4112 Jai
4 Jan 2 1312 Jan 23
/
1
4
70
70
70
70
70
70
701
70
70
70
70
30 Dec 11812 Jai
70
100 36 Jan 2 75 Jan 21
160 Preferred
*818 872 *sla 8 2
77 Aug 22 1414 Mar 11
*8
87
9
9
912
.
38
94 *8
10 Dec 2214 Ap
7
No par
100 Seagrave Corp
7112 71
70% 7214 68
6814 7014 653, 69% 44,800 Sears, Roebuck de Co No par 56 Aug 12 10052 Jan 31
713
704 73
80 Nov 181 Jai
97
97
12 *914 97
94 914
*94 9
*97 10
9
9
9 Dec 1512 No.
7 June 25 23 Feb 17
500 Second Nat Investors-No par
*6512 70
*643 70
4
*643 66
4
*644 70
*67
70
14
*67
45 Nov 63 No'
4Mar 18
70
Preferred
No par 5812 Jan 3 823
212 234
214 2 4
3
212 21s
24 212
24
3
23
2 212 6,700 Seneca Copper
2
14
34 Jan 29
2Jure 26
2 Nov 1012 Ma
13
No par
613 71s
7
714 .612 7
612 7
63, 7
672 74
7 Nov 213, All
14
534 Aug 13 1312 Apr 25
18,900 Servel Inc
No par
2
373 383
4
4 375 3814 3812 38's 3714 377 2355 37
3852 39
2512 Oct 194 Au
7,800 Shattuck (F G)
No par 3112June 23 52 Apr 21
191
3
1812 1834 *18
*1712 1912 *1612 191 *167 1912 *17
29 Nov 53 4 Jul'
3
2Ju1y 7 32 4 Feb 13
1912
3
100 Sharon Steel Hoop--No par 163
19 4 193 2014 2014 207
3
2012 213
4
3
.17
19 4 *17
3
4Mar 10
s 2014 204 9,600 Sharp & Dohme
167 Nov 22 No
3
No par 1614 Aug 8 273
«5912 5912 *5812 60
5912 5912 *5912 60
5912 594
60
60
3
50 Nov 65 s Au,
No par 54 Jan 2 63 4 mar 10
300 Preferred
7
/
1
413
4 414 4112 *418 431 *413 4312 *4132 43% 1,130 Shell Transp & Trad Co Ltd a 40 Aug 21 483 Apr 23
*4112 4312 41
s
43 Jan 55 4 Ja:
2
3
2 1414 1484 1414 1412 1412 1414 8,400 Shell Union 011
4 1414 1452 1412 143
14 2 143
3
12
19
Oct 313 AP
4
No par 14 Aug 26 25 Apr 7
9114 9155 9134 913
91
913 *____ 9134 91
913 *-4
4
100 91 Sept 17 10614 Apr 21
300 Preferred
17
15
153
4 141 145, 9,100 Shubert Theatre C,orp_No par
s 145s 1732 *16
1788 1753 1612 173
8 Dec 7412 Ja
83, Jan 2 35 Apr 25
2712 277 287
2
28
2 26
27'2 27
247 257 27,600 Simmons Co
2 27
263 277
4
8
59.2 Nov 188 Sep
No par 21 July 8 947 Jan 2
1914 1914 *19
1912 191
*1912 20
20
2014 20
15 Nov 4012 Au
20
10 18 June 18 37 Mar 24
20
1,000 Simms Petroleum__..
2111 2112 2114 21% 213, 2034 2114 208 207s 33,100 Sinclair Cons Oil Corp-No par 20 June 23 32 Apr 7
21 Nov 45 Ja
207 2112 al
2
2
3
4
4
1111 *11032 1105s *1103 110 4 1103 1103 1103 1103,
3
3
*1103 1107 *110 2
2
2
100 108 June 10 11214 Apr 24 103 Oct 111 Ja
600 Preferred
4
4
4
2 263 263 *263 27
263 27
4
267 26s 268 267
3
28 Oct 4612Ma
4Sept 17 42 Apr 9
27
27
25 263
1,200 Skelly Oil Co
4% 412
*412 555 *412 51
*44 5
*412 51
3% Nov 1614 Fe
8 Jan 9
3% Aug 18
*44 51
No par
200 Snider Packing
5 *1712 20
4 1712 171
175 17
*174 203
*174 203, *1712 20
14 Nov 4412 Jul
No par 15 June 25 364 Feb 24
200 Preferred
2
4
0116 1173 116 116 *114 116 *11412 11512 1143 1143 11412 1141
4
85 Nov 111 Set
900 Solvay Am Inv Trust pref _100 95.2 Jan 6 12111 Apr 3
s
2
17% 1713 167 16s 1672 167 *1612 1652 1534 1612 *151 16
3
2255 Dec 45 Ma
No par 15 Aug 19 30 4 Jan 16
1,000 So Porto Rico Sug
581 59% 5834 595 5714 5814 4,100 Southern Calif Edison
58
5814 5812 58
584 58
45% Nov 9314 Set
2June 25 72 Apr 14
25 523
6
6
74
*6
712 *6
36
71
71 '
*6
712 *6
9 Mar 3
312 Jan 4
212 Nov 1532 Ja
100 Southern Dairies Cl 13__No par
*4212 44
.3434 44
45
4312 43'2 431 431 *42
*4312 44
30 Nov 63.2 Mg
No par 33 Jan 8 45 Mar 17
300 Spalding Bros
3114 115 *114 115 *114 115 *114 115
115 115 *114 115 .
100 Spalding Bros sat pref____100 108 Jan 13 115 Aug 27 107 Nov 117 Fe
3412 3513 *34
3412 *34
35
4
333 333 *34
4
*34
35
35
4June 14
15 Oct52 is
14
1,600 Spang Chalfant&CoInc No par 197 Jan 2 373
96
593i2 96 .93
*93
96
96
*9412 9514 29514 9514 *93
100 92 Jan 20 96 Jan 2
89 Mar 98 0(
10 Preferred
4
204 2088 193 20% 194 197
/
1
1812 19% 1852 1834 9,300 Sparks Withington_ _ _ _No par 1312 Jan 18 304 AM 10
20
20
1312 Nov 73 Au
«14
1514 .314
1412 *14
14
*14
1612 *14
lO's 14
1412
100 spencer Kellogg & Sons No par 14 Sept 16 25 Apr 15
20 Nov 45 Au
17
17
17
18
18
s
*1712 177 *1712 173 *17
*16
1714
4June 25 3612 Feb 4
2013 Dec 663 Mg
4
No par 143
400 Spicer Mfg Co
*38
40
*38
40
3.38
*38
40
40
40
*38
*38
40
38 Nov 557 Mg
Preferred A
No par 3714July 8 4513 Mar 31
183
4 1714 183 .
1714 16
5 317
183 *16
4
*16
17
17
173
34 Dec 1177 Fe
-May-Stern Co_No par 1012July 8 52 Feb 3
1,400 Spiegel
2
20
203
4 203 203
2014 207
2
4 2014 203
4 1914 2014 50
204 21
20 Oct 443 Set
No par 17 June 18 2914 Feb 8
'300 Standard Brands
4
.121 12112 121 121 *121 121%
*121 12112 *121 12112 *121 12112 3
300 Preferred
No par 117 July 7 12114Sept 4 11414 Nov 1183 Set
4
*412 51
414 41
3
4 3 4 2 *44 51
3
*414 5 4
3
*414 5
312June 17
313 Dec 435 Ja
714 Feb 11
300 Stand Comm Tobacco_No par
2
3
1015, 1037 103 10412 10114 104
103% 1058 1034 106
97 1097 32.400 Standard Cgs & El Co-No par 8413June 25 12912 Apr 15
2
7312 Nov 24334 Set
«6612 67
*6612 67
2
2 665 667
663 667
2
3 664 667
668 65% 1 100 Preferred
2June 19 67 May 26
50 613
5812 Nov 67 Fe
10234 10234 *102. 104
2
2 104 *102%104
3
.1023 1033 *1023
2
4
1023 1025, '
2
200 $6 cum prior pref_ __No par 9612July 10 104 Sept 12
63
4 63
65
8 63
2
612 612
64 612
63
4 (1%
4
612 612 1,000 Stand Investing Corp __No par
5 June 23 1512Mar 27
4 Dec -48- Sei
104 10414 *104 10414 10312 10313 10312 10414 101 10432 10414 10414 1,400 Standard Oil Export pref__100 98 Feb 8 106 Sept 5
2 6014 603
4 6012 6012 5912 6038 16,200 Standard Oil of Cal_ __.No par 5512 Feb 20 75 Apr 25
2 6014 605
60
6055 6014 607
5112 Oct 81% Ms
*2812 297 *2812 293 *255* 29
30
4
*2912 304 30
27% 2812
25 2712Sept 19 49 Apr 21
900 Stand OHM Kansas
2
3 685 6914 6838 6934 67
6812 693
6914 70
4 68 687
69
48 Feb 83 Set
97,000 Standard 011 of New Jersey_25 58 Feb 20 848 Apr 30
3053 31
2
305 31
3052 31
3088 3072 305* 307
3012 307 18,000 Standard 011 01 New York 25 30 Jure 23 403 Apr 28
2
613 Nov 48% Sel
4
3312 3412 33 33
35
3234 33 .32
3414 344 *34
33
4
800 Starrett Co(The) L S_No par 27'siure23 473 Am 23
3012 Oct 478 0,
11
1114 11
*1012 11
1112 *11
11
11
11
1014 1014
952July 8 2012 Mar 31
900 Sterling Securities Cl A_No par
8 Nov 38 Set
/
1
4
1112 12
*1152 113 *115 113 *103 113 *1112 113 .31034 113
8
4
4
4
4
4
4
11 June 30 14%Mar 31
20
600 Preferred
2
812 Nov 157 Jul
/
1
4
4 39
4
3912 39
394 3912 *374 393 *3712 393 *3912 393
39
600 Convertible preferred..._50 36 June 23 48 Mar 18
31
Oct 5512 Set
/
1
267
2 26
26
*2652 2712 Ms 2712 264 2638 26
25
-Warn Sp Corp
253
2 6,400 Stewart
10 1914June 25 47 Apr 5
30 Oct 77 Ms
7852 7912 764 7812 z7814 803
2 7812 6912 75
78% 80
No par 70I2June 18 1133s Apr 8
7712 13.700 Stone & Webster
64 Nov 20112 At
012 308 3038 31
3012 317
8 3014 314 9,600 Studeb'r corp (Ttie)
303 314 3
4
3012 31
No par 2514June 18 4714 Feb 6 384 Nov 98 Ja
/
1
122 122 *122 123 *12212 125
*122 123 *12212 123
123 123
100 116 Jan 21 125 Mar 18 115 Nov 126 Jut
20 Preferred
12
3
3
12
12
12
41 Mt
12
*3
8
3
2
%
12
132Mar 31
3 Jan 4
2
No par
3 Oct
2
%
12 1,800 Submarine Boat
59
59
*59
60
60
*59
*58% 60
60
*59
5338 59
No par 50 June 18 70 Apr 7
2
55 Dec 853 0,
300 Sun Oil
107 10712 10712 1071« *107 10712
4
1074 1073 107 107
107 107
100 10212 Jan 13 108 Aug 2 100 Jan 10512 Jg
170 Preferred
43
4212 4212 42
43
4314 437
*437 44
43
*41
43
1.200 Superheater Co(The)_ _No par 38 June 23 4514July 29
212 3
.214 238
23
214 212
212 212
23
2 21*
23
9 2May 12
3
2 July 3
514 Nov 24 Ai
No par
212 2,490 Superior Oil
2
127 127 . 4 1312 *1212 12% *1213 127 *12
3 3123
1212 1112 1238
2
100 1112 Sept 19 293 Mar 27
15 Nov 73 4 Al
400 Superior Steel
3
11
12
*1012 11
*1012 11
*1112 12
*1112 12
*2012 11
s
612 Jan 24 157 Mar 28
50
512 Nov 2212 Al
400 Sweets Co of America
t.3% 355 *3
312
3
34
31s 312 *3
312
3% 3%
7 Apr 23,
23 Jan 3
4
No par
500 Symington
21 Dec
9 Me
83
4 84 .
814 9
814 84
*83
4 912 *812 912
818 813
714June 25 173, Apr 23
Class A
No par
614 Nov 1952 Ma
400
2.195 20-3 *20
4
2012 19
193 *19
4
1912 19
No par 1538 Jan 25 2614 Apr 7
1912 193 193
147 Dec 2512581
4
4 1.300 Telautograph Corp
1112 11
/
4
4 1112 1112 11
4
4
1112 11% 113 113 *111 113
11%
lOSsJuno2S 17 Apr 10
912 Nov 207 Al
1,900 Tenn Copp & Chem_ No par
2
5184 52
5112 5172 5132 5134 5114 5138 5114 515* 5013 513, 13.100 Texas Corporation
25 50.2June 18 60121sIay 1
5012 Nov 517 Sei
8
583
4 58
5812 5812 581
2 573 583 10,600 Texas Gulf Sulphur._ _ _No par 48.2Juise 25 67% Mar 24
583 594 5814 5912 58
4
2
2
4212 Nov 8514 Al
7
8% 8
84 84 *
84 812
812 812
512 9
812 852 2,600 Texas Pacific Coal & 011_ _ 10
(Panne 18 1412Mar 18
2
913 Nov 237 m,
4 2214 227
2318 217 223
2 213 2213 2012 217 58:500 Texas Pam Land Trust
53 22
4
2213 23
1
135* Jan 2 3238 Mar 22
8 1
64 Oct 4412 .11
2214 *2112 23
*2113 23
2212 2212 2212 21
22
No par 1752June 28 36% Apr 4
*2112 23
500 Thatcher Mfg
1612 Mar 35 Sel
*43
*43
44
41
*4314 44
44
44
44
*43
par 40 June 18 48 Mar 31
*437 44
2
No
100 Preferred
35 Mar 497 Se]
* Bid and asked prices; no sales on this day. s Ex-dividend. 11 Ex-rights.
1866
New York Stock Record-Concluded--Page 8
For sales during the week of stocks not recorded here, see eighth page preceding.
HIGH AND LOW SALE PRICES
-PER SHARE, NOT PER CENT
Saturday
Sept. 13.
Monday
Sept. 15.
Tuesday
Sept. 16.
Wednesday
Sept. 17.
Thursday
Sept. 18.
Friday
Sept. 19.
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 Previous
Year 1929.
Lowest.
Highest.
$ Per share $ per share $ ner share $ Per share $ per share S per share Shares laaaS.& Miscell.(Con.) Par S per share $ per share $ per share $ per share
*25
28
100 The Fair
*2412 2911
25
*2434 25
25
*2434 25
*243 25
4
8
No par 24125uly 25 32 Jan 18
2512 Dec 517 Jam
*10514 10612 *10514 10614 *10514 10612 *10514 10612 *10514 10612 10612 10612
10 Preferred 7%
100 102 Jan 21 110 Feb 13 102 Nov 11014 Oct
12
1278 12
1112 115
8 6.000 Thermoid Co
12
121* 12 2 1212 113 12
127
4
,
No par 11 July 9 267
oMay 19 ---- ---- ---- -3018 3012 29
30
2912 30 4 3012 30 4 *3012 303
3012 2,100 Third Nat 1nvestors
4 30
3
No par 2412 Aug 9 4634 Apr 14
3
*30
36
Thompson (J R) Co
*35
3512 *35
3512 *35
25 3512Sept 10 4712hlar 12
3512 *35
353 *35
4
35 2
30 Oct 62 Jan
*2118 231. *2112 231 2 *2112 2312 207 2112 20
800 Thompson Products IncNo par 19 8Sept 10 393 Apr 10 ___- ------ -21
*187 203
8
4
3
,
s
. 11
'
1
113; *1012 1114 1012 1012 11
1018 1012 1,500 Thompson-Starrett Co_No par
115
8 105 11
8
9 June 25 187 Mar 28 _--- ---- ---- ---8
*40 4 42
3
$3.50 cum pref
*403 42
4
4214 *41
*41
4214 *41
42
*41
No par 40 Jan 23 495 Mar 25
4212
8
13
13
13
1313 123 13
8 1212 1231 10,700 Tidewater Assoc 011
1318 12% 127
4
13
No par 103 Feb 15 1734 Apr 7
4
10 Nov 2313 June
*8112 85
100 Preferred
*8112 85
,
*8112 84
8
*8112 8312 815 815 *8112 8311
100 78 Feb 13 8934 Mar 25
7418 Nov 90% Aug
*22
25
2,000 Tide Water Oil
*22
25
25
2114 2114 *21
*21
*21
25
25
100 1912 Jan 31 31 Apr 23
14 Nov 40 June
*87
300 Preferred
8
9012 *87
90
898 897
90
89% 90
90
*87
*87
100 83 July 15 947 Apr 16
8518 Nov 9712 Jan
*1234 1314 123 123
700 Timken Detroit Axle
4
4
4 123 1234 *123 13% 123 123 x123 123
4
4
8
4
8
4
10 1214June 25 2114 Apr 11
1112 Oct 343 Sept
69
69
5,600 Tinken Roller Bearing_No par 5512July 8 894 Apr 11
68
6914 6712 6734 68 68
63
66
6712 68
5812 Nov 150 Jan
43
43
412 434
412 434
7,800 Tobacco Products Corp___ _20
438
458
4
412 48
4
Oct 2218 Mar
1
214 Jan 3
612 Jan 23
•1212 1278 1212 1212 *12
1,300 Class A
1212 1214 1212 *1214 1212 117u 121 1
20
75 Jan 2 1314July 9
8
514 Nov 22% Mai
23% 243
4 2312 243
8 2214 2312 92,800 Transamerica Corp
233 2412 2314 243
8 2314 24
4
25 19 Aug 9 253
4Sept 8 _-_- ---- ---Transcont'l Oil Co__ _ _No par
____
___ ________ ___
24-1614 Mar 10 24 Apr
1 4 14
1414 1414 133 138 1312 1312 1318 1312 14
13,
2 1,700 Transue& Williams SVI No par 117
8
14
13
8June 19 283 Jan 31
15 8 Dec 533 Apr
5
8
4 1218 1212 7,000 Tri-Continental Corp_No par
1212 123
13 13
13
1234 13
1212 127
8 13
958June 18 2014 Apr 10 ____ ---- ---- -9518
9512 95
1.600 6% preferred
595
957 9612 *95
8
95
95
95
953
8 95
100 8914 Apr 10 9612Sept 13 ____ --- ---- - 3512 3475 35
1,700 Trice Products Corp__ _No par 3012June 20 4134Mar 1
*35
*3418 3438 3438 35
323 33
4
35
35
Dec 63 July
30 15
2,700 Truax Trier Coal
15
15
*13
8 1518 1518 *14
14
14
*13
153
14
No par
1312 Dec 311 Jan
101, Aug 27 22 Mar 18
5
8
200 Truscon Steel
*265 281* *26, 2812 28
8
23 *26% 2812 *267 2812 *267 28
10 25 June 25 373
8Mar 251
3018 Nov 615 Jan
2213
23
Ulen & CO
*23
223 2234 x22
2318 23
4
*223 23
4
800
233
4 2318
No par 21 Aug 14 24 Sept5_7
495
96
97
93
95
93
93 9312 92
92
86
9012 4,000 Under Elliott Fisher Co No par 83 June 18 138 Mar 21
82 Nov 1813 Oct
4
*1712 18
700 Union Bag & Paper Corp _ _100
1714 1714 1712 1712 *1714 173 *1538 18
1614 1612
4
7 Nov 43 Jan
8June 24 1914Sept 12
93
85,000 Union Carbide & Carb_No par 6018June 23 1063
7212 75
7638 70
763 784 7512 7838 7638 78 4 745 77
8
8
,
81)Iar 31
59 Nov 140 SeP1
, *3912 40
2,600 Union Oil California
3
*393 4012 39% 39
8
3913 393 3318 39
398 40
25 37 June 18 50 Apr 7
4218 Nov 57 Sept
18
*2612 27
4 1.600 Union Tank Car
4 2618 263
20: 2012 2612 2612 263 263
4
4
4 263 263
10-No par 2518Sept 5 3812 Apr
6012 6215 593 6138 583 6015 6014 617
4
4
5 5814 6038 547 5814 204.900 United Aircraft & Tran_No par 4312 Jan 31 99 Apr 8
8
31 Nov 162 May
65
63
*63
64
65
67
63
6512 6512 64
6412 63
1,200 Preferred
50 56 Jan 31 773 Apr 7
448 Nov 10912May
4413 45
*4612 4712 *4612 4712 46
457 457
45 8 457
7
1,300 United Biscuit
46
4May 28
3313 Dec 60 Oct
No par 36 Jan 7 583
•123 140 *123 1391 *123 13913 *123 13922 *123 13912 *123 13912
Preferred
Oct
100 117 July 12 142 May 28 11412June 136
50
50
5118 4312 4038 48% 4938 48
4312 4512 4718 9,100 United Carbon
51
4012 Nov 1113 Sept
.3
No par 4018June 18 84 Apr 24
714 73
718
4
7
714 73
6713
71s 7,300 United Cigar Stores.. No par
4
71t 714
714 73
8
812Junc 5 ____ _-- ---- ---512 Aug 8
*5512 633 *5512 61
4
*553 601s
4
3
4
5538 5538 *553 60 8 *553 64
100 Preferred
Jan
197 bee 104
100 26 Jan 2 63 Jure 5
333 34
8
8
327 337
33 3 311 1 32% 3334 3112 327 267,900 United Corp
,
323 337
8
19 Nov 75127'laY
8June 18 52 Apr 23
No par 283
5012 503
4 503 513
8
4 50 4 503
8
3
8 507 5118 5118 5112 5118 517 15,100 Preferred
4212 Nov 497 July
No par 4638 Jan 6 5312 Apr 23
7
*712 7
712 1,300 United Electric Coal
8
818 *7% 8
*738 8
738 73
6 Dec 8118 Feb
7 July 8 19% Feb 19
No par
843
4 81
3.900 United Fruit
8134 8115 343
99 Oct 15812 Jan
8
6
803
4 8431 8514 84
8
6
85
No par 83 June 16 105 Jar 13
36% 3714 3614 37
3618 364 36% 37
3618 364 3538 363 31,200 United Gas & Improve_No par 3114June 18 493
22
8May 1
Oct 595 July
100 Preferred
*103 10318 10318 10318 *103 104 *103 104 *103 104 *103 104
9014 Oct 9814 Dr0
8Sept 8
No par 97 Jan 13 1035
6
*5
*5
8
5
8
300 United Paperboard
*5
Nov 263 Jan
5
8
*5
*5
8
7
8
14 Mar 14
100
5 June 11
2518 1,700 United Piece Dye Wks_No par 22 June 18 327 Apr 7
2514 2614 25
2538 25
1514 Nov 48% Aug
25 4 25
3
2512 *2512 2638 *25
1014 105
1118 117
8 1112 1218 10 4 1138 1114 1114 103 11
318 Dec 14 Oct
4
* 6,800 United Stores el A
3
418 Jan 2 147,June 7
No par
*4712 48,
2 4713 4713 *463 48
4 4612 4612 1,000 Preferred class A _ .. _No par
5
1414 Dec 407 Oct
4
8 463 463
4July 18
4
463 467
4
1512 Jan 2 503
.
2814 2812 3014 3014 3014 3014 *3014 317 *3014 318 *3012 3178
300 Universal Leaf Tobacco No par 1075 Aug 13 39 Mar 15
5
2518 Nov 85* May
*50
5612 *51
Universal Pictures lot pfd_100 30 Jan 3 76 May 9
5618 *53
28 Dec 93 Jan
5618 *5312 5618 *535* 5618 *535 5612
8
4
4
4
4
38 4
7
8
4
8 2,800 Universal Pipe & Rath.No par
37
4
8 37
215 Dec 2214 Jan
37
8 37
9 Apr 10
215 Jan 9
3434 3212 333 17,500 11.5. Pipe & Fdy
35
3538 3412 3518 332 34 4 3434 3514 34
12
3
Oct 557 Mar
5
20 18.2 Jan 2 3814 Apr 10
*1912 20
*1912 20
*19 20
14
20
*1934 20
200 1s1 preferred
20
20
20
Jan
15 Oct 19
No par 153 Jan 7 21 May 27
*1018 1012 *1018 1012 .10
10
1,200 US Distrib Corp
10
1018 10
10
10
10
9 Oct 23 Sept
3
4May 28 20 8 Jan 17
No par
93
•112 15
8 *113 1%
112
112
112
300 U S Express
112 *114 I% *112 I%
45 Apr 14
10 Apr
2 Jan
100
112Sept 16
45
*4114
300 U S Freight
*4114 45
4
*43
4 4318 4318
45
4413 4412 443 443
8614 Nov 13412 Sept
No par 4018June 16 103 Apr 7
4,800 U S & Foreign Secur No par 155 Aug 15 327 Mar 30
1715 1815 1718 1818 17
8 1614 17
1738 173
173 177
4
g
17
1718 Nov 72 Aug
*9112 9213 *9112 9212 *9112 9212 *9112 9212 9212 9238 *94
95
300 Preferred
8
82 Nov 927 Aug
No par 8512 Jan 8 101 Mar 21
1512
600 U SHoff Mach Corp
1512 *14
*14
17
1413 1418 14
14
1312 1313 .14
1712 Dec 497 Jan
8Mar 12
No par 13 Sept 4 303
7218 7212 72
74
7114 7214 7212 7212 *7112 7212 68
7112 7,000 U S Industrial Alcohol.
95 Nov 2435 Oct
100 59 Aug 14 139 8 Jan 2
3
*912 10
*9
*8
U.S. Leather
93
9
8 *9
200
912 *9
812 9
91,3
5 Nov 3512 Jan
No par
713 Jan 2 1512 Apr 21
*1512 1712 *1512 17
8
1512 1512 *147 17
700 Class A
148 15 *____ 18
5
1414 Dec 017 Jan
3Sept 18 26 Apr 21
147
No par
*7914 80
80 80
7714 7814 *7514 80
7914 7914 *7814 80
700 Prior preferred
8114 Dee 107 Feb
100 7714Sept 18 94 June 23
*46
467
4475 4712 44% 45
5 45 8 48
3
44
4412 44
44
6,200 US Realty Se Impt___ _No par 41 Aug 18 7513 Mar 25
5012 Nov 11912 Feb
193 1912 19
1914 187 1914 19
5
5
4 178 183
193
5
8 183 183
8 7.800 United States Rubber
15 Oct 65 Mar
10 173
4Sept 19 35 Apr 10
37
3718 3618 3612 305 36% 3714 3738 3612 3612 3615 3615 3,000 181 preferred
8
4018 Nov 9212 Jan
100 3618Sept 15 6378 Apr 4
*2114 22
2114 2114 2114 2114 21
U S Smelting Ref .Sz Min__50 1712July 10 3612 Jai. 6, 297 Oct 727 Mar
20% 2038 21
2112 1,500
8
21
8
*46
46
47
*42
46
46
46
42
416
.42
46
200 Preferred
*42
50 42 July 17 5312 Jan 7 48 Nov 58 Jan
3
1678 170 8 16738 170
4
16812 17014 1663 16914 16234 16612 359,700 United States Steel Corp__100 1513
1663 169
3
4
8June 25 1983 Apr 7 150 Nov 2613, Sept
148% 149% 14918 14912 3,800 Preferred
143 14812 14812 1487 1483 14912 149 149
8
8Sept 18 137 Nov 14414 Mar
100 141 Jan 4 1497
63
6112 62
*64
6512 *63 65
1,100 U S Tobacco
63
*63
63
4
6414 61
5513 Nov 713 Nov
No par 5912June 18 68 Feb 10
3513 365* 21,300 Utilities Pow & IA A
5
8
35
3512 347 3.538 35
3538 3638 3638 363 38
2418 Nov 5812 Aug
No par 30 June 23 45 4 Apr 10
3
23
5 28
212
3
214 2 2
2
2
2
3
214 214
23
800 Vadsco Sales
2 22
3
1312 Jan
3 Nov
71s Mar 12
13 Sept 4
4
No par
8 81
8512 8814 853 88
8412 286,000 Vanadium Corp
84
4
4
8738 863 8838 85% 873
3712 Nov 11613. Feb
No par 497 Jan 2 14314 Apr 26
4
4
4
4
900 Virginia-Caro Chem
418
4
43
8 •4
418 414
41.3 *4
313 Oct 244 Jan
4 June 25
No par
88 Apr 1
*25
2538 25
26
26
25
*25
25
25
*25
•25
26
600 6% Preferred
Oct 6512 Jan
15
100 22 July 17 3414 Apr 1
*784 81
*7814 31
*7714 81
7% preferred
*774 81
*7814 81
*7724 81
100 75 June 19 8238 Aur 9 69 Nov 9712 Feb
10512 10512 *1053 106
80 Virginia El &Pow p1(6)No par 101 July 14 10614Sept 16 -_-- --- ---- ---8
10614 10614 *10614 1067 10614 10614 1064 10614
8
Virg Iron Coal & Coke pf 100 38 May 1 61 Sept 5
*60
.60
75
75
75
*60
*60
Dec 48 Jan
75
*GO
70
753 *60
8
39 76
81
7312
82
81
80
8
82
680 Vulcan Detinning
81
80
38 Nov 1497 Aug
8238 8118 82
100 60 June 18 156 Star 24
*9412 97
*9412 97
*9412 97
*9412 97
*9112 97
*9412 97
81 Nov 110 Apr
Preferred
100 85 Jan 24 100 Mar 24
27 27
4 1,600 Waldorf System
27% 2263 263
27
s
27
2612 267
20 Nov 3612 Oct
8 27
8 263 '267
6 314 Apr 11
No par 2414 Jan
*25
4
4 2414 2412 233 2412 2,200 Walworth Co
27
5
25
22 Nov 497 Oct
25 4 26
25 4 243 243
3
3
4
No par 2018 Aug 9 423 Apr 2
29
32
3312 3712 33
30
*30
*30
2914 3013 1.150 Ward Bakeries class A No par 2112 Jan 7 54 Mar 24
32
33
20 Dec 81 4 Jan
3,700 Class 13
112 Oct 2114 Jan
914 914
9
914 9.8
9
3
914 103
912
9
8
155 Apr 1
93
8
3
93
3
4% Jan 2
No par
*61
66
100 Preferred
62
66
*61
62
*60
6712 *61
.61
66
50 Nov 8712 Jan
66
100 58 Jan 2 7718 Apr 3
297
2 27 8 29 294,700 Warner Bros Pictures, No par 2415 Aug 22 8014 Mar 28
29
2734 284 277 301g 287 303
30 Nov 6412 Aug
4 29 2 31
3
*47
473 *47
4
473 *47
4
473 *47
4
471 *47
2514 Oct 5914 Jan
473 *47
4
Preferred
473
4
No par 3612 Jan 2 7014 Mar 28
6,800 Warner Quinlan
•1113 113
11
8 1118 1118 11
11
11
11
11
15 Oct 427 Jan
1118 11
No par 11 Aug 20 27 Apr 12
50% 51
8
5114 4912 4912 477 4914 3,500 Warren Bros. new
51
517 x5012 5012 *51
No par 40%Jure 2' 6313 April
5414 56
200 Cony pref
5412 5214 54
54
5412
54
*5412 59
*5312 51
No par 50 July 10 56 Sept 12
34 4
400 Warren Fdy &Pipe
*3034 32
*303 32
3
*3014 3112 30% 3014
32
32
*3012 32
1E13 Mar . 1 Jan
No par 2314 Jan 2 4312MaY 19
1.800 Webster Elsenlohr
51
6
4 Oct 1133* Feb
8
512 653 *534 6
3 53
912hIar 31
553 55's 53, *51
25
414Sept 5
*5
*2612 263 *26
2612 263* 2638 28
267
8 2634 271s 267 27% 2,500 Wesson Oil & Snowdrift No par 2212 Jan 23 297 Mar 27
Oct 48 Mar
20
400 Preferred
5612 56 8 *57
5
5712 57
5712 5712 5712 *57
57
*57
5712
49% Nov 7212 Mar
No par 5012 Jan 15 5912 Apr 7
'16938171
172 172
169 170
17012 17012 1643 16712 3,100 Western Union Telegraph.100 15031Ju11e 25 2193 Feb 19 160 Nov 27214 Oct
4
170 172
3
3812 40
8,000 Westingh'se Air Brake_No par 365
3914 40
385* 393
39
393
4 3912 4038 3912 40
3612 Oct 674 Aug
82une 25 52 Feb 27
15014 15312 14914 15212 14713 15118 14934 15258 1473* 14938 14118 1467 212,300 Westinghouse El & Mfg____50 12414June 23 20112 Apr 15 100 Oct 2923 Aug
8
8
*1474 150
270 151 preferred
147 147
145 15012 14312 146
145 14514 151 151
4
50 126 June 18 1973 Apr 15 103 Nov 284 Aug
34
34' *34
500 Weston Elea Instrum't_No par 293 Jan 18 48 5 Mar 31
36
5333 34
34
4
*333 31
4
2317 33
*33
2
1938 Nov 6438 Sept
7
4
*34
35
*34
Class A
3413 *34
36
36
*34
30
*34
*34
36
3212 Aug 3612 Apr
No par 33 June 23 36 Jan 28
*10812 109 *10812 109 *108 109 *107 109
20 West Penn Elec class A_No par 98 Jan 3 110 Apr 16
107 107 *107 108 2
,
90 Nov 110 Feb
1113 1117 1113 112
4
8
210 Preferred
4
112 1123 1113 1113 112 11212 11212 11212
8
4
4
97 Nov 11114 Jan
100 10512June 25 11212Sept 18
1023 1023 102 102
8
8
280 Preferred (6)
Jan
101 10118 10114 1013 10114 10114 1013 1013
4
8
4
8812 Nov 102
100 9714 Jan 2 104 July 31
11618 1167 116 11614 116 11714 11612 11612 116 11618 *116 11612
490 West Penn Power pref
s
100 11313 Jan 3 11812June 17 110 Nov 117 Mar
110 11018 *110 111
110 110
440 6% preferred
110 110 *110 III
11018 11018
100 1043, Jao 23 11112,5ept 12 102 Sept 11012 Jan
38
38 *---_ 37 *____ 3675 *2018 35
600 West Dairy Prod el A.
3518 3518
34
34
3612 Nov 60 Sept
.No par 34 Sept 18 50 Mar 10
911 012 10
Class 13
1014 10
12
1012 3,400
113 123
11
4
*10
4 11
7 Nov 40 Sept
9 Aug 13 2418 Apr 11
No par
*2312 397 *3812 397 *3812 40
12 40
2
800 Westvaco Chlorine ProdNo par 30 June 24 5912 Feb 17
12 3812
30 Oct 941k May
*3812 40
38
*38
200 Wexmark Radio Stores_No par
*8
*8
11
11
88 9
*818 501s *818
Oct 75 Sept
10
Ws *8
19
7 July 9 21 Jan 7
*323 3314 *32
4
*33
400 White Motor
34
33
31
34
*33
34
325 33
8
2714 Nov 5313 Mar
No par 2718June 25 43 Apr 4
*483 4914 *48
4
4
48,
8 48
48
8Mar 20
472 48
8 1,100 White Rock MM Spring ctf_50 3613 Jan 21 547
7
*
27 Nov 553 Sept
4714 477
4714 477
43
1
.
200 White Sewing Machine..No par
4 8 *418 413 . 418 412 *415 412 544 412 *415 412
3
Oct 48 Jan
1
8
414 Aug 20 137 Mar 4
Preferred
l*Hiz 1212 •1112 1212 *1112 1212 *1112 1212 *1112 1212 *1112 1212
2
27 Dec 577 Jag
No par 12 Sept 3 398 Apr 3
,
*1414 15
4
600 Wilcox Oil 4 Gas
1414 1414 *14
1418 14
293 Feb
14
14
*1312 14
14
12% Nov
No par
1112 Feb 26 21 Apr 25
i *27
28
500 Wilcox-R ch class A_ _No par 25 Sept 17 3414 Jan 29
*27
28
26
26
27
*25
Oct 6114 Slay
25
27
*25
27
19
*____ 2638.,.. 2638'._.. 2613 *--- 2612 *____ 2612 •___ 2612
Class B
8
No par 1918May 5 273
123 Oct 62 May
4Mar 31
64 64
61 1
512 Aug 26 11% Feb 6
618 67
6
5
8
612 63
8
5% Oct 35 Jan
614 63
612 612 13,400 Willys-Overland (The)
67 6712 *6712 72
12
200 Preferred
6712 6712 •66% 72
*6614 72
72
*66
100 62 June 18 85 Apr 3
65 Dec 103 Jan
5
7
200 Wilson & Co.Inc
*33
4 3 8 *334 3
7
*3 4 4
3
No par
3 Dec 1312 Jan
734 Mar 27
315June 25
4 4
*3 4 3 13 *33
7
33
4 33
4
912 912 *83
Jan
300 Class A
912
4 912 *8
93
3 932
No par
872 87
9
2 *8
718 Jan 13 13 Mar 27
638 Nov 27
*46
49
*45
50
4678 47
400 Preferred
*4612 50
*4612 50
4612 4612
100 42 Jan 13 5412Mar 31
353 Nov 79 Jan
4
651s 667
5 6112 6614 63 4 6638 653 6612 6415 60
3
5
10 5153June 23 723 Jan 2
63
6414 37,400 Woolworth (F W) Co
5214 Nov 112 Sept
125 12734 123 126
31,900 Worthing P dr M
8
123 125
122 125
125 128
100 6714 Jun 17 169 Apr 29
43 Mar 1373 Sept
11318 121
*99 102
*99 102
100 Preterred A
*99 102
*99 102
100 88 Jan 17 107 Apr 25
75 Nov 10012 Sept
99
*99 102
99
91
4.872, 91
*89
*8814 897
8 897 89% *877a 92 8 *8778 93
100 Preferred B
s
7
100 78 Jan 3 93 Mar 29
66 Apr 9012 Sept
*27
31
31
40
*27
100 Wright Aeronautical..,No par 31 Sept 13 5912Mar 5
40
•27
49
49
30 Nov 299 Feb
*27
*27
49
*7314 7412 7314 7314 723 73
4.200 Wrigley(Wm)Jr (Del)_No par 678 Apr 7 80 July 26
4
65 Nov 80% Jan
73
73 4 743
3
x73
4 733 75
*40
4012 4038 4038 40
1,700 Yale & Towne
40
*40
4012 40
25 38 Aug 13 77 Mar 1
613 Feb 88 Aug
40
4
40
40
2112 2214 2112 22
7 Nov 6114 Apr
12
21
4
4
8 2014 2112 193 20% 68.100 Yellow Truck & Coach cl B.10 123 Jan 16 323 Apr 23
213
4 213* 217
*8512 90
Preferred
*8512 90
*8512 90
100 72 Jan 27 105 Apr 2
80 Mar 9612May
*8512 90
*8512 90
*8512 90
8
4
*3918 3914 r3S7 38% 38 8 387
3
3312 Oct 593 Aug
5 3.338 39
2
3812 40
38, 391g 20.300 Young Spring & Wire_No par 3214June 19 47 Mar 7
P
... 114 *--- 114 *____ 114
91 Nov 175 Sept
110 110 *105 114
200 Youngstown Sheet itr T-No par 105 Sept 19 152 Apr 7
105 105
734
4
738 712
4June 2
612 Doc 523 July
8
8
654 73
572j 712 *714
64 711 6,600 Zenith Radio Corp_ --No par
538 Jan 17 163
* Old and asked prices; no sales on this day. z Ex-dividend. y Ex.
-rights.
New York Stock Exchange—Bond Record, Friday. Weekly and Yearly
1867
Jan. 1 1909 the Exchange method of quoted bonds was changed and prizes are now '"and interesr—except for income and defaulted bonds
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 19.
(173
Price
Friday
Sept. 19.
Week's
Range or
Last Sale.
U. S Government.
Ask Low
Bid
High
First Liberty Loan
354% of 1932-47
3D 101
Sale 101
101.3t
Cony 4% of 1932-47
J
100.3o Aug'30
Cony 452% of 1932-47
• D 102i44 Sale 102344 102344
.
25 cony 112% of 1932-47
D
993,4217eb'30
Fourth Liberty Loan
451% of 1933-38
AO 103 33 Sale 1031n 1087n
,
Treasury 4425
1947-1952 AO 11214:3 Sale 112334411217n
Treasury 4s
1944 1954 J o 108 311081341 10383, 1081132
,
Treasury 3128
1946-11)561W . 106.31 10653/ 1061,32 1061.31
Treasury 3k s
1943-1947 J El 102'13 Sale 1021as 102h,
Treasury 3350 June 15 1940-1943 1 D 1012042 Sale 101.
1311011332
Panan_a Canal "ts
1(161 Q SI 9914 ---- 9312 Sept'30
State and City Securities.
NYC 334% Corp st_Nov 1954 SIN
8538 Oct'29
334% Corporate st klay 1954 M N
8514 Aug'29
48 registered
1956 51 N
94 Feb'30
4% corporate stock
1957 ki N
100 2 975 June'30
8
,
432 corporate stock
1957 M N
104 Mar'30
_
434% corporate stock
1957 MN
105 Mar'30
4% corporate stock
1958 1.1 N
1
9414 Nov'29
4% corporate stock
1059 M N _
93 June'30
434% corporate stock
1931 A 0
100 July'30
452% corporate stock
1960 111 $ 55ig
973 June'30
4
432% corporate stock
1964 M 8
99 Mar'29
451% corporate 8tock
1966 A 0
101 Mar'29
452% corporate stock
1972 A 0
9912 Oct'29
432% corporate stock
1971 J D
1003, Sept'29
432% corporate stock
1963 1W S
1 2 107 Aug'30
0
4k% corporate stock
1965 J D
1105 106 June'30
8
4k% corporate stock July 1967.7 J
---- 10134 June'30
New York State Canal 4s_1960
10114 Mar'29
---48 Canal
Mar 1958
10414 June'29
Canal inapt 4s
1961 .1 J
101 June'30
450
19643
109 June'30
Foreign Govt. & Munictra,
Foreign
s
Acne Mtge Bank s f 6s
1947 F A 6812 Sale 6812
6812
Sinking fund 68 A_ _Apr 15 1948 A 0 6112 70
6812
6812
Akershus (Dept) ext 5s
1963 M N 97 Sale 97
9714
Antioquia (Dept) col 78 A 1945 J J
7512
79
72
7614
External a I 7e ser B
1945 J J
75
74 Sale 74
External a t 7s ser C
1945 3J
7414 Sept'30
7112 77
External a 1 78 scr D
1915 J
74 Sale 721 1
75
External a 1 7s 1st ser
1957 A 0 7114 73
7412 Sept'30
External lig a I 7s 25 5cr_1957 A 0 70
4
75
7318 723
External sees I 7835 ser_1957 A 0 7114 75
7318
73,
8
Antwerp (City) external 58_1958 J D 983 Sale 9818
4
99
Argentine Govt Pub Wks 68_1960 A 0 973 Sale 06
4
977
s
Argentine Nation (Govt of)—
Sink fund 118 01 June 1925-1959 3 D 965s Sale 9512
9718
Extl s I 88 of Oct 1925 1959 A 0 9712 Sale 9534
973
8
Sink fund Os series A....1957 SI S 9812 Sale 963
4
9812
External 6s series B_Dee 1958 J D 963 Sale 96
4
9738
Est! s 1 6a of Stay 1928..1960 131 N
9714 Sale 96
9714
External 816s (State lty).l960M S 9634 Sale 96
9714
Esti 6s Sanitary Works_ _1961 F A
97 Sale 95514
973
8
Extl 6s pub wks(May'27)_1961 MN 9718 Sale 955
8
9714
Public Works extl 550_1962 F A
90 Sale 90
9112
Argentine Treasury 58 £
1945 M S 8912 Sale 8814
91
Australia 30-yr.58—July 15 1055 .1 J 877 Sale 8712
8
89
External 54 of 1927_ _Sept 1957 M S 875s Sale 87511
8 8
87
External g 430 of 1928.19561W N
7814 Sale 7814
81
Austrian (Govt) a 1 78
1043 J D 10.112 Sale 10414 10514
International B f 70
1957 J .1 0318 Sale 931 u
9312
Bacarla (Free State) 610. _.1114.7 F A 8918 Sale 8918
94
Belgium 20-yr a 1 8s
1941 F A 10812 Sale 10812 109
25-year external 650
1919 51 S 10912 Sale 10912 10978
External 5 1 fis
1055 J J 10512 Sale 10472 10512
External 30-year a f 78_ _1955 J D 1143 Sale 11412 115
4
Stabilization loan 78
1956 MN 110 Sale 110
11014
Bergen (Norway) a f 88
1945 M N 11012 Sale 11012 1105
8
25-year sinking fund 6s
1949 A 0 101 Sale 101
1013
4
Ext1 s t 24
1960 M S 97
9712 967
8
9712
Berlin (Germany) 8 f 6;0..1950 A 0 9312 Sale 93
953
4
External sink fund Os....1958 J D 85 Sale 85
8934
Bogota (City) extl 83 8s___ _1945 A 0 9514 96 96
96
Bolivia (Republic of) extl 88_1947 1W N 8712 Sale 87
88
External securities 7s
1958 J J 6714 Sale 6714
691 2
External a f 75
1969 M
66 Sale 65
673
4
Bordeaux City of) 15-yr 68_1934 MN 10512 Sale 10512 1055
8
Brazil (U 8 of)external 88. _1941 J D 953 Sale 953
4
4
9734
External of 640 If 193(L.1957 A 0 735 Sale 723
8
4
75
Extl 8 f 650 of 1927
1957 A 0 73 Sale 723
4
7138
76 (Central Railway)
1952 J
8512 Sale 8512
855
8
750 (coffee seur) £ (flat) 1952 A 0 10214 Sale 10214 103
Bremen (State of) extl 7s...1935 54 S 10112 Sale 10112 10212
Brisbane (City) of 53
1957 M S 81 Sale 81.
8212
Sinking fund gold 59
1958 F A
8212
8118 Sale 8118
Budapest(City) extl Sf 68 1962 J D
75 Sale 75
7614
Buenos Aires(City)650 2 B 1955.3 J 063 Sale 063
4
4
9714
External s f Os ser C-2___1960 A 0 08 Sale 9612
98
External a f 68 ser C-3___ A960 A 0 9312 9612 9214 Sept'30
Buenos Aires (Prov) extl 68_1961 M
81 Sale 8014
817
8
Exti S I 610
_1961. F A
84 8412 8312
8418
Bulgaria (Kingdom) at Is.
.1907 .1 J 80 Sale 80
81
Stabil'n a 1 750 Nov 15 '68
8318 Sale 8318
86
Caldas Dept of(Colombla)7 34546 .3 J
81
84
85
853
4
Canada (Dominion of) 58___1931'A 0 101 10118 10078
101
513
1952 M N 10.5 4 Sale 10512 106
3
450
1936 F A 1007 10112 101
8
10114
Calsbad (City) s f 8s
1954 J J 10512 1073 107
4
107
Cauca Val (Dept) Colorn 750'46 A 0 89 Sale 89
91
Central Agile Bank (Germany)—
Farm Loan 81 78 Sept. 15 1950 M S 8834 Sale 8814
9112
Farm Loan s 1 Os July 15 1960 J J 7812 Sale 7712
807
8
Farm Loan a f 65 Oct 15 1960 A 0 773 Sale 7712
4
8034
Farm 1.04* 88 ser A Apr 15 1938 A 0 87 Sale 8514
90
Chile (Ilep)—extl s I 7s
1942 51 N 102 Sale 100
102
External sinking fund 68_1960 A 0 893 Sale 8912
4
9014
External a I 63
1961 F A
8914 Sale 89
8912
Ry ref mai I 6s
101.313 J
8912 Sale 89
9012
Esti sinking fund 68
1961 M S 9012 Sale 883
4
903
4
Extl sinking fund 6s
1962 M
8958 Sale 8912
8958
Extl sinking fund Os
1063 M N
8812 Sale 8812
8914
Chile Mtge Ilk 650 June 30 1957 J D 95 Sale 93
95
S I6525 of 1926_ _June 30 1961 3 D 97 Sale 9612
9734
Apr 30 1961 A 0 8712 Sale 8634
Guar s f 60
883
4
6s
1962 M N
Guar
87 Sale 86
87
Chilean Cone Mimic Is
1960 M
9218 Sale 02 8
,
93343
Chinese (11ukuang Ity) 5a_1951 J D 22 Sale 22
22
Christiania (Oslo) 30-yr a I (is '54 M S 10118 10312 10312
1033
4
Cologne(City)Germany 640 1950 M
923 Sale 91
8
9314
Colombia (Republic) 66-1961 J J
703 Sale 7034
4
72
External a f 68 of 1928_1961 A 0 7114 Sale 71
7212
Colombia Mtg Bank 650 of 1947 A 0 723 Sale 7234
4
73
Sinking fund 75 of 1926...1946 M N 8014 85
81
82
fund 78 of 1027.1947 F A
Sinking
8114 Sale 8114
82
Copenhagen (City) 58
1052 J 1) 100 Sale 903
4 100 4
,
1953 MN 937 9418 9334
25-year e 434s
8
0418
Cordoba (City) mai s f 78_1957 F A
7812 SO
80 Sept'30
External 5 I 7s_ __Nov 15 1937 kl N 8714 90
90
90
Cordoba (Prov) Argentina 781942 J
01 Sale 91
93
Coate Rica (Repub) extl 78_1951 M N
87 Sale 8612
87
Cuba (Republic) Is of 1904_1914 U S 993 100
8
9912 100
External 514 of 1011 ser A_1919 F A 10112 ___ 10112 10112
External loan 450 see C 1919 F A 94
9712 95
9512
Sinking fund 550 Jan 15 1953.3 J 10018 10012 100 4
,
10114
Public wka 540 June 30 19453
9214 Sale 9214
9314
c Cash sale. e On the basis of $5 to the £ ste ling.
•
Range
Since
Jan. 1.
No. Low
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 19.
Price
Friday
Sept. 19.
Week's
Range or
Last Sale.
ma
High
Ask Low
High No.
Cundinamarca (Dept)Colombia.
264 9813441011n
External s I 650
1959 MN 6612 Sale 6612
68
16
_ 9874i4 101
Czechoslovakia (Rep of) 88_1951 AU 11018 Sale 11018 11014 10
281 1021042192044
Sinking fund 8s ser B
1952 A0 11018 110-34 110
111
3
9571
/
4
499,144 Danish Cons Municip 8s A_1946 F A 10814 Sale 108
10814 22
s 88 Series 13
1946 FA 109 Sale 10713 109
16
612 10031u 1031044 Denmark 20
-year esti 65_1942 J J 10534 Sale 10558 106
30
165 1022.44111 .41
,
External g 550
1955 8* 1013 Sale 101
4
1012
4 20
174 1051.44109'n
External g 450__Apr 15 1962 AO 9438 Sale 9418
9412 123
176 103 1061744 Deutsche Bk Am part ctf 68_1932 MS 1003 Sale 10034
4
145
101
131 0918 102
Dominican Rep Curt Ad 550'42 M
913 9414 9414 Sept'30
4
_
4 983344102
1st ser 550 01 )926
1940 AO
90
897
4
8
90
9812 98 2
2d series sinking fund 550 1940 A0
9312 935 Sept'30
,
8
Dresden (City) external 78_1945 MN 993 Sale 993
4 100
4
21
Dutch East Indies extl 6s 1917 33 1027 Sale 10218 1027
8
8 20
40
-year external Os
10218 10212 10218 10212 12
1962
-51 W. 30-year external 5 ka 1953 11 10218 ---- 10218 10212 3
97' 975
,
8
8
30
-year external 550
1953 MN 10212 104 10212 10212
2
10214 104
El Salvador (Republic) 88_1948 33 10912 Sale 109
110
28
103 105
Estonia (Republic of) 78_1967 J J 7514 Sale 75
4
7514
Finland (Republic) extl 68..1945 MS 9312 94
9312
3
93 8
7
-5i- 98
External sinking fund 75_1950 M
993 Sale 993
4
4 1002 94
/
1
100 100
External sinking fund 650 1956 54 S 97 Sale 97
98
23
95
9934
External sinking fund 550 1958 FA 8412 8612 857
8
8712 20
Finnish Stun Loan 650 A..1954 A0 96
9714 9612
9613 13
External 650 series B. 1954 AO 97 Sale 9612
3
97
Frankfort (Cltyof)sfl334s..1953 MN 9212 Sale 9212
9312 15
French Republic ext 734s._.1941 3D 12512 Sale 125
1257s 180
9734 107
External 78 of 1924
120 Sale 119 4 12012 217
1942 J
3
106 106
German Government International-35 yr 550 of 1930-1965 3D 8218 Sale 8134
865 1758
8
German Republic esti 78_1949 AO 10518 Sale 105
10618 508
Graz (Municipality) 8s
1951 • N 98 Sale 98
9912
6
99 101
Gt Brit & Irel (UK of) 540_1937 FA 106 Sale 10512 106
103
109 109
Registered
FA
104 Apr'30
e4% fund loan E opt 1960_1990
N e88
881 e8812
8314
3
6312 86
5
e5% War Loan £ opt 1929_1947• D c9914 101 el00 Sept'30
---1
63,2 8012 Greater Prague (City) 750_1052 MN 10414 105 104
105
9
87
45
9714 Greek Government 81 sec 78 1964 MN 993 Sale 99 4
4
3
997
8
6
71
6
873:
Sinking fund see as
1968 FA 86 Sale 86
873
4 36
7012 8712 HMO (Republic) s 1 68
6
1952 AO 95 4 Sale 95
3
96
15
70
$712 Hamburg (State) 68
8
1946 A0 925 Sale 9212
9112 22
70
88
6
Heidelberg(Germany)extl 710'50 ▪ 11 102 Sale 102
103
3
6912 8712 Helsingfors (City) ext 634s..l960 V 0 93 Sale 93
9412 27
67
2
89
Hungarian Mimic Loan 7 ks 1945 ii
9234 22
90
67
88
10
Externals I 7s
Sept 1 1946 .3.3 85 Sale 85
87
13
9214c100
31
Hungarian Land M Inst 730'61 MN 9212 95
9212
9212
2
94 100
28
Sinking fund 750 ser 11_1961 MN 93 Sale 9212
93
5
Hungary (KIngd of) a 750 1914 FA 997 1001 9978 10012 73
8
9438 100
105
Irish Free State calls a t 53_1960 • N 9912 10014 100
100 2 31
,
94l2 99 x Italy (Kingdom of) extl 75_ _1951 J o 973 Sale 973
76
4
4
983 270
4
9422,c ItA1
67
Italian Cred Consortium 75 A1937 MS 9512 Sale 95
955
8, 10
9412 100
82
External see 51 7s ser 11._1947 MS 94
955 94
8
95 81 37
7
94 10018 Italian Public Utility extl 78 1952 33 9514 96
27
9514
96
52
94 0100
5
94
Japanese Govt £ loan 4s___1931 • J 9712 973 9712
4
c987
8 31
95
1103
51
4
30-year s 2 650
1951 FA 1053 Sale 10514 10512 131
8
94 1003
26
s
EMI sinking fund 550_.-.196S M
933 Sale 9312
4
94
153
89 c97
49
Jugoslavia (State 51345 Bank)—
85
93
20
Secured s1 g 7s
8518 28
4
1987 At) 843 85
85
8412 9414 Leipzig (Germany) a 78_1947 FA
68
9812 Sale 9814
987
8 26
84
9414 Lower Austria (Prov) 7 50_1950 J O 96 Sale 96
45
38
97
771s 8554 Lyons (City of) 15
145
-year 6s 1934 SON 10512 Sale 10512 105
513 76
48 10214 108
921/1 9518 Marseilles (City of) 15-yr6s 1934 MN 10512 Sale 10512 105% 68
345
8918 9812 Medellin (Colombia) 6)0_1954 J o 67 Sale 67
16
6712
3
4
20 1073 11112 Mexican IrrIgat Asstng 450 1943
1512 17
1534
163
4 21
401012 Mexico(US)will 58 of 1899£.'45 J J
30 1053
_ 26 Apr'30
75 101 18 106
Assenting 55 of 1899
2118 2214 2258
1945
23
30
64 10914 1155
Assenting 55 large
8
2314 24, 24 Sept'30
4
65 107 1103
4
Assenting 44 01 1904
1514 16
151g
16
19
110 11212
Assenting 48 of 1910 large
19
19
1
99 10258
7
Assenting 48 01 1910 small
18-34 Sale 18341
55
19
9
96 8 9712
,
Tress 6s of'13 assent(large)'33 1-i
223
4
2414 15
9212 c99,2
80
Small
Sale 23
23
25
61
85
21
9434 Milan (City. Italy) extl 640 '52 A-O 88 Sale 88
90
32
9212 9912 Minas Genies (State) Brazil—
2
811s 100
19
10581W
Externals I 650
69 Sale 69
705
8 23
64
25
8534
Extl sec 650 series A___ _1959 5 S 70 SLVe 6934
,1
5
70
6218 84
36
Montevideo (City of) 70_1952 I D 9612 99 100
11
100
71 10214 1065
8
External s f 6s series A...1959 MN 9434 Sale 93
943
5
91 10212 Netherlands Os (flat prtces).1972 1W 9 10412 Sale 101
71
1041
12
712 88,g New So Wales (State) extl 59 1957 F A
4
73
90
86
7212 g8812
104
External s 1
Sl
F O 8112 Sale 84
A A 54
863
34
53%13
80
12
9312 Norway 20
10175 Sale 1047g
58_119943
-year extl Os..
1051
5sA
23
95 10518
9
20-year external 68
1914 F A 105 Sale 105
1051
56
0812 104
61
30
-year external 6.9
1952 A 0 103 Sale 10214 103
23
80
39
40-years 550
1) 10212 Sale 10214
90
103
12
80
883
4
10
External a 5s_ _ _ _Mar 15 1063 Mj E1 10014 Sale 99
9 5
6
1003 122
22
73
8512
Municipal Bank extl sf58 1967 J D 993 Sale 99
8
993
s 46
05 10012
Municipal Bank extl s 24 1970 J El 1001s Sale 9934 1001
5 91 98t, Nuremburg (City) extl 6s...1952 F A 8014 Sale 8014 883s 97
7
90 983 Oslo (City) 30-year
4
2
68_..1955M N 1027 10312 103
103
6
62
80
91
Sinking fund 550
1946 F A 10012 Sale 100 2 1003
,
4
8212 862 Panama (Rep) estl 550_ IA53 J D 10212 103 10212 103
35
11
7
763 853
4
Ext191 5s ser A __May 15 1963 MN
Sale
4
96
22
28
80
901 1 Pernambuco (State of) extl 78'47 M
9112 Sale 9514
751
72
71
5
81
93,2 Peru (Rep of) external 7s-1959 M S 697112 Salelo 67
92
9 ,2
1
92
16
11
993 101,
4
Nat Loan ext.'s 135 1st scr 1960 J D 6814 Sale 675
2
683
60
8
30 10214 106
Nat Loan extl 81 68 2d ser 1961 A 0
694 32
24
973 1023 Poland (Rep of) golds 6s
4
s
1940 A 0 72
723 7218
4
73
7
1 103 1097
Stabilization loan tif 75_1947 A 0 847 Sale 84
8
8
85
158
2
External sink fund g 88_1950 J J
8312 95
92 Sale 92
933
4 45
1
Porto Alegre (City of) 88._ _1961 J D 89 Sale 89
90
5
8814 0812
53
Esti guar sink fund 750_1966 J
8214
81
8612 81
2
7714 MIN Queensland (State) esti a 175 1941 A 0 10312 104 :1033
63
4 104 8 26
,
136' 7712 90
25-year external tis
1947 F A 1003 Sale 1003s
4
1003
4 30
133
8418 94
Rio Grande do Sul extl 8188 1946 A 0 91 Sale 9312
9412 10
31
External sinking fund Os. 1068 J D 61 Sale 6012
9912 10314
6134 51
178
88
945
8
External s I 78 of 19213
196(1 M N
70 Sale 70
74
13
29
88 c9412
External af 78 munic loan 1967 3 D 70 Sale 67 • 70
2
88
13
94
-years f 88_1946 A 0 91 Sale 94
Rio de Janeiro 25
94
11
26
88
94
External a f 650
1958 F A
69 Sale 6812
69741 39
2
88
941, Rome (City) extl 650
1952 A 0 8812 Sale 8812
91
50
8812 913 Rotterdam (City) en! 64_1904 M N 1051s 1053 105
39
4
4
105 8
3
,
17
92
Roumania (Monopolim) 7s..1959 F A
99
81 Sale 81
8112 18
94 1003 Saarbruecken (City) 6s___ _1953 J J 9012 Sale 9012
38
4
1
9012
31
8812 94
Sao Paulo (City) s f 8s
.Mar 1952 IN N 10052 Sale 10052 10012
2
55
86
External at 050 of 1927_1957 MN 6912 Sale 687
91
8
703
4
7
15
110 c98
San Paulo (State) extl 51 813_1936 J J 03 Sale 9212
91
11
1
21
External sec s f Es
30
1950 J J 88 Sale 88
90
34
3 100 1033
External a I is Water L'n 1956 M S 8014 82
4
8012
7914
9
125
9018 03 4
External s 1 fls
19683 J 6218 Sale 615
3
8
63 41 32
,
49
Secured s f 7s
667 c83
8
1910 A 0 8812 Sale 88
893
4 67
68
38
8178 Santa Fe (Prov Arg Rep) 78 1912 11.8 S 92 Sale 9012
9'2
15
4
6514 8214 Saxon State Mtge fast 75..1915 J D 9512 Sale 9512
9612 20
5
Shaking fund g 610_ _Dec 104113 D 8312 90
71
87
88
9018
8
20
70
Seine. Dept of (France)extl 7s '42 J J 108 , e 10 38
86
ale
6
8
9633 Sai ,
10814 51
42
953 10012 Serbs Croats & Slovenes 85 '62 PA N
9712 97
4
26
External see is ser ii....1962 PA N 85 Sale 8.812
8812 9412
86
67
Silesia (Prov of) eat! 7s.... _1958 1
7614 93
3
7112 Sale 70 4
7112 11
1
82
4
985 Silesian Landowners Assn 65 1947 F A
8
793 Sale 78
80
26
25
Soissorts (City of) exti Os...I936 IM N 10512 Sale 10512 1053
91 100
4 21
4
8314 91
923 Sale 923
Styria (Prov) external 78_1946 F A
4
4
93 1 15
26
Sweden external loan 550..1954 MN 1053 Sale 105 4
98 101
4
,
1053
4 23
24
Swiss Coldecre 20-yr a t 84._1940 .1
9618 103
.1 1063 Sale 10612 10718
4
Switzerland Govt extl 550.1946 A 0 105 10514 105
16
9012 97
10514 18
25
99 10212 Tokyo City 59 loan of 1912_1952 M S 8112 Sale 8118
8112 12
Exwriial a f 550 guar
58
1961 A 0 023 Sale 925
9214.'9112
4
8
9314 55
Range
Strve
Jan. I.
Low
High
81
65
10914 1113
4
10814 11124
108 111
10712c1I2
10312c107
9912 1017
8
9012 9112
07 10218
9312 99
893 9612
4
90, 96
8
96 2104
1013 103
8
10112 10312
1015 104
8
1015 104
8
1033 110
4
75
88
913 972
4
4
9714 10114
9112 9812
8418 92
927 99
8
923 98 2
4
,
9112 95
1175 126
8
11218 1203
4
813 9114
4
8
105 1097
94 102
10212 106
104 104
c8218 90
c9714 101
1021a 10712
97 10314
81
883
4
9212 100,
4
91 0812
10012 1041s
9212 9U2
90 c9814
91
85
91 100
9018 9812
993 104541
4
96 100 8
5
9414 101
1)3
9812
923 985s
4
92
987
a
913 4)87
4
8
10112 1057
8
8912 94 8
3
7714 88
947 10114
8
9312 100
10212 1065
8
10212 10618
64
80
103 18
8
26
2(S
15
25
1612 24
1014 173
8
103 213
4
4
1012 2112
2712
18
123 27
8
85
95
65
83
8212
68
983 103
4
90
967
3
103 1073,
4
80
90
80
90
101 10512
10214 106
1013 104
8
10018 10314
96 4 10114
3
943 10014
4
973 10014
8
8014 921p
100 104
983 10212
8
10018 10312
8012 96
70
90
83 4:10112
3
615 81
8
nth 8414
7218 81
79
8838
92
98
89 100
9112
80
1023 110
4
9518 10414
90 103
6018 803
8
70
93 4
,
67
8912
9212 10514
65
85
4
87
942
103 1051z
85
81
805 01
8
95 107
6412 84
9212 10214
83 101
785 94,
4
t
5924 81
87
961s
87
954
4
93 100
86
97
10658c10912
87
98
753 88
4
66
82
72
8478
1015 107
8
86
931s
10314 10714
106 c10912
10212 106
7.1 8 82
,
8714 9312
1868
New York Bond Record-Continued-Page Z
11
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 19.
Price
Friday
Sept. 19.
Week's
Range or
Last Sale.
4
5
2
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 19,
h
a.
Price
Friday
Sept. 19.
Range
Since
Jan. 1.
Week's
Range or
Last Sale.
Hi".
Ask Low
High No.
Bid
Chic & Erie 1st gold 58
10738 1073
8
3
1982 MN 10814 _
6712 87
Chicago Great West 1st 48_1951 MS 7412 Sale 74
2
7412 233
7312
Chic Ind & Loulsv-Ref 68..1947 J J 1153 Sale 1143
42
9312 100
8
100
4
8 1153
4
55
9812 38
923 985
4
8
Refunding gold
1947 I, 10358 ___ 105 Sept'30
8114 9113
Refunding 43 series C
9118 11
1947 3, 92's._._ 924 Sept'30 -let d, gen 58 series A
4
10512 23 1043 10914
8
10312 14
1966 MN 1027 10314 103
1st & gen 6s ser 73_ __May 1966
36
9238 c9912
94
.• 1 1077 1083 108 Sept'30
8
4
9212 9814 Chic Ind & Sou 50-yr 4s
96
92 July'30 -933
4 35
1956 33 95
Chic L S & East 1st 43461969 J O 10012 102 101
88 c98
33
101
9
96
Ch M&StP gen els A_May 1989
82 c95
' 863 Sale 863
3
8714 40
8
8
8712 31
7014 83%
4
833
4
Registered
7212
833
4
7
Q
Gen g 310 ser B__ __May 1989 J J -. 44 95
9914
7
7"2 735 Aug'30
8
987
8 75
Gen 414s series C _ _ _ _May 1989• J 9618 10312 9512 Sept'30
1
4
Gen 412s series E_ _ _ _May 1989 J J 9714 Sale 9512
10312 May'30 _ --- 1003 10312
9714 27
92
9412
Gen 414s series F_ _ _May 1989 J J 10012 Sale 10012 10112 267
8
9412
- 943 Aug'30
8338 9012 Chic Milw St P & Pac 58_1975 FA 88 Sale 88
1
887 486
8
9012 gale 9012
9012
87
85
Cony tun 58
5412 384
87 July'30
883
8
Jan 1 2000•0 53 Sale 53
9212 9812 Chic & No West sung 3348-1987 MN 784 ____ 8134 Sept'30
3
981s
973 - . 4 98
4 6
8376
8918
Q F 7438.... 77 June'30
16
86
4
Registered
855 Sale 843
8
9734 gale 967
914 9814
General 4s
973 129
4
8
1987 MN 9318 9514 93 Sept'30
90
9514
Stud 45 non-p Fed Inc tax '87 MN 9214 9514 9112 July'30
9514 Aug'30
4
Gen 4348 stpd Fed Inc tax..1987 MN 107 1073 1073
8718 94
4
1
9312 973 94 Aug'30
4
4 1073
Gen 58 stpd Fed Inc tax_ _1987 MN 1113 ____ 11138 Sept'30
877 95
8
5
9334
94
8
9334 94
853 9018
8
MN 108 -___ 10512 July'30
9018 Aug'30
Reglatered
9412
5
87
9412
Sinking fund deb 5s
4
4 1021
4 24
9412 Sale 9338
1933 MN 1023 ___ 1023
94
88
6
933
4
MN 10012.... 99 Feb'30 _
Registered
4
933 Sale 9318
15
8914 9214
-year secured g 634e...1936 MS 1094 1093 1095
9214 Aug'30 - 4
8 1097
8 18
9112
1st ref g 5s
12712 sale 12712 13012 41 12012 14112
4 1083
4
6
May 2037 J D 109 10912 1083
6
88
1st & ref 410
9514
9612
4
95 Sale 943
D 993 Sale 993
4
4
993
4 41
May 2037
9012 9612
Cony 434s series A
9618 963 9615
8
9
4 10012 352
618
5
1949 MN 10014 Sale 993
10
97 10314
4
4 1023
1023 Sale 1023
4
10214 104
Chic RI& P Railway gen 48 1988 J J 933 Sale 933
94
10412 -- 10158 Apr'30
3
4
4
95 100
_
9918 -- 100 Sept'30
8
91 Aug'30
' 915 94
3
Registered
10012 1043
4
Refunding gold 48
1044
- 104 Sept'30
9914 142
1934 *0 99 Sale 99
87
92
93 96
92 Aug'30
95 Jan'30
A0
Registered
4
90
974
9614
Secured 434s series A_ __ _1952 MS 973 Sale 967
9614 Sale 96
4
s
973
4 79
_
9212 9212
Cony g 4348
9212 May'30
4
8
9914 194
1960 MN 983 Sale 985
13
151. Sale 10134
-3
4
9618 10312 Ch St L & N 0 5s_June 15 1951 3D 1045 ____ 104 July'30
102
8
9312
8812
9312 70
9258 9412 9258
102 Mar'30
•D
Registered
59
5918
8
58
7312
Gold 3348
5818 59
8
June 15 1951 • D 865 ____ 81 July'29
_
5212 6212
5212 54
5212 Sept'30
3D 893
4
9012 Mar'30
Memphis Div 1st g421.
1951 AO 10013 ____ 1003
8218 8814 Ch St L & P 1st cons g bs___1932
3
4
1003
4
85 87 Sep.'30 _
99 101
8
AO 10038.... 1003 Aug'30
10112
101 July'30
Registered
Chic T 11 & So East 1st 5s_ _1960 J o 93
7
93
94
95
9112 98
8612 15
963
4 54
In° gu 58
Bait & Ohio 1st g 48-- _July 1948 A 0 9612 Sale 96
Dec 1 1960 MS 8614 Sale 8614
4
90
96
Chic Un Sta'n let gu
8
8
96 Aug'30
Registered
July 1948 Q J
4348 A.1963 31 1025 Sale 1024 1025
8
983 10112
8
1st 5s series B
10114 123
8
10518
e
20
-year cony 4146
1933 M S 10114 g;l-- 101
1963 3, 1055 Sale 10514
7
1053
8
9818 10014
10014 Aug.30
M S
Guaranteed g 55
Registered
1944 J O 10514 Sale 10478
1st guar 610 series C
115 8 116 11512 115% 11
5
4 70 101 c10512
s
Refund & gen 58 series A1995 J D 10412 1047 10418 1043
1963 j
_
102 1023 Chic & West Ind gen 6s_Dec 1932 QM 10112 ___ 1025 July'30
4
8
4
1023 Aug'30
J D
Registered
8
6;ie 10634 10718 11 10118 10712 Consol 50-year 43
923
8 17
let gold 58
July 1948 A 0
1952 3, 923 Sale 9214
43 10812c111
let ref 134s series A
8 1057
8 13
8
Ref & gen (is series C---. 1995 J D 11012 Sale 17012 111
1962 MS 1053 Sale 1053
91
965 Choc Okla & Gulf cons 58_1952 MN 10218
8
102 Aug'30
8
965
8 32
P L E & W Va Sys ref 48_ _1941 MN 965 Sale 9618
4
9812
4 10518 47 10012 1061s Cm H & D 2d gold 434s
8
9812
Southw Div 1st 58
1950 J 1 1047 Sale 1043
1937 33 973 100
84
8912 C 1St L & c 1st e
Sept'30
8912 27
Tol & Cin Div 1st ref 48 A_1959 J .1 8912 Sale 884
48-Aug 2 1936 Q F 974 -___ 9812
Registered
95 Feb'30
4
8
Ref et gen 53 series D
2000 m S 1045 1043 10414 10412 19 10114 105
Aug 2 1936 Q F
1015 282
8
9812 1043 Cin Leb dr Nor 1st con gu 48.19
4
973- 9418 July'30
4
4969 F A 10112 Sale 101
Cony 434s
42 MN 95
1 10158 105
100 July'28
10418 10418
Clearfield M Mali 1st gu be_ _1943 .1 .1
Bargor & Aroostook let 56..1943 J J 10418 _ _
40
93
84
6
9512 95
953
4
Cleve Cin Ch & St L gen 45_1993
D 95
93
Con ref 4s
1951 1 .1 9212 Sale 92
625
8
2
625
8
_ 625
62
20
8
-year deb 415s
Battle Crk dr Stur let gu 38_1989 1 D 5312
1931 33 10014 10012 10014 10014
9513 9812
4
4 110
General 58 series B
2
1
Beech Creek let gu g 43_1938 J 11 9812 19 9812 Sept'30
1993• D 11118 1123 1093
Jan'30
_
Ref dr Rapt 6s 8er C
100 100
4
2d guar g bs
1936J 1 10012 -- 100
1941 J J 1033 105 10514 Aug'30
84
5
Ref dr impt ser D
78
1043
8
8
Beech Crk ext let g 3344-1951 A 0 8512 --- 84 July'30
1963 3, 1045 105 10438
Ref dr !mot 410 ser E
3, 10114 Sale 10012 10114 128
Belvidere Del core gu 3348.1943 J J 88
1977
-80T2 96
8
Cairo Div 1st gold 43
8
96 Aug'30
9812 10
Big Sandy 1st 48 guar
1944 1 D 937 96
1939 J J 9712 985 9814
98
96 104
9212 Sale 915
Cin W& M Div 1st g 4s 1991 J
8
9212 12
4 104
8
Boston & Maine let 58 A C.1967 M S 1035 Sale 1013
323
987 103
8
3
St L Div 1st coil tr g 4s_ _1990 MN 92 Sale 92
92
3
Isles 58 eeries 2
1955M N 103 Sale 100 4 103
87
81
Spr & Col Div let g 43___ _1940 MS 9412 ____ 93 Apr'30
87 Sept'30
Boston & N Y Air Line 1st 4e1955 F A 8612 89
W W Val Div 1st g
8
927 97
___ 93
Jan'30
941
J
4
Bruns & West 1st gu g 417_1938 1 J 9714 973 97 Sept'30
417
1940
1
10214
991s 103
24
CCC&I gen cells g 6171934 ▪ J 10418 105 1033 Sept'30
Buff Roch & Pitts gene 58_1937 M S 10212 103 10214
9614
90
964 78
4
953
Consul 410
1957 MN 9514 96
5
9912 10112 Clev Lor & W con 1st e 58
1013
4 1013
4
* 0 10218
Burl C R & Nor 1st & co1154.1934 A 0 10112 ---- 10112 10112
-1933
10012 -- 9912 Apr'30
Cleve & Mahon Val g 58
1938 1
5 10212 108
108
100 Mar'30
Cl dr Mar 1st gu g 434s....1935 MN 10018
Canada Sou cons gu be A
1962 A 0 108 109 108
9318 100
28
3
Cleve & P gen gu 434s ser B_1942 A0 10118 --_ 100 4 Mar'28
8 100
Canadian Nat 410_13ePt 15 1954 M S 100 Sale 997
9214 997
993 143
4
8
883 ---- 87 Mar'29
4
Series B 3348
4
30
-year gold 4348
1957 J 3 993 Sale 9912
1942 A
44
9214 100
Series A 410
4
Gold 434s
1968 J D 993 Sale 9912 100
1942 13 1014 -- 9512 Nov'29
9914 1053
4
1053
4 38
4
Series C 310
8
Guaranteed g bs____July 1989 1 J 1055 Sale 105
1948 MN 883 _ -- 8614 June'30
8918 May'30
_
Series D 334s
Guaranteed g 5s____Oct 1969 A 0 10514 Sale 10518 1054 57 10114 10512
1950 P A 88
4
1
103
1053
4 29 10312 1053 Cleve Shor Line let gu 4348_1961 *0 103 10312 103
1970 F A 106 Sale 105
Guaranteed 569
33
4
8
'Sale 1117
8 11214 22 1093 11212 Cleve Union Term 1st 510_1972 A0 1097 Sale 10958 110
Canadian North deb s f 78_1940 J D 11218
10712 10
1st s f 53 series B
11812 18 113 11812
25
-year a 1 deb 6348
19464 1 11812 Sale 118
1973 * 0 10712 Sale 107
25
8 103
let St guar 4343 ser C....197? A0 1023 103 1023
11314 11314
8
11314 Jan'30
Registered
1
9818 10158 Coal River Ry 1st gu
525
8
10114 97
ID 9258 _ _ 9258
10-yr gold 434s_. .Feb 16 1935 F A ioo78 Sale 10018
411-1945 MN 101 10114 1007
8312 9012 Colo & South ref dr ext 4146_1935
8 10114 19
- 9018 41
Canadian Pat Ry 4% deb stock _ _ J J 89 Sale 89
5
8
4
994 117
965 101
MN 9918 Sale 983
Gen! m 434s ser A
1004 10014 10012 101
Col tr 43417
1946 M 5
1980
3
10514 10 100 4 10512 Col & H V 1st ext g 4s
511 °unto tr earl
J 10614 10714 105
1943.
•
1948 A0 9314 9514 91 July'30
4
8
55 10112 104
Col & Tol 1st ext 48
104
Coll tr g bs
Dec 11054 J D 104 Sale 103
1955 P A 917 -- 913 Sept'30
95
- 8612 Feb'30
4 9914 Conn & Passum Riv let 48_1943 * 0 8912
983
9914
Sale 983
4
1960 J J
Collateral trust 4149
1
987 987 Consol Ry non-conv
8
73
73
75
_ 987 Sept'30
8
8
'
3 73
Carbondale dr Shaw 1st g 49_1932 M 8 981,
71 Aug'30
8512
3
80
74
Non-cony deb 48
80
8 -1
2
Caro Cent let cons g 4e.....1949 J .1 80 -. 2
1955 j J 7214 73
1
10214
9912 10212
Non-cony deb 4s
_ 10214
Caro Clinch &0Ist 30-yr 63_1938 J D 102
1955 A0 6838..-- 7318 June'30
703 Aug'30
4
72
75
Non-cony debenture 417_1958
10912 24 106 11012
8
.▪ 1
187 & con g 68 ser A Dee lb '52 J I) 1077 109 109
5112 26
8
5
8534 905 Cuba t!or Ry 18t 534e
8
904
965
8012
8
8612
9%
0
Cart & Ad let gu g 4s
1942 3D 50 8 Sale 505
198111 D 865 _
70
25
6912 Sale 6912
87
82
Cuba RR 1st 50
Cent Branch U P 1st g 4
-year bs g__ _1952 J
8-19 1 D
48
14
73
8
7312 717
1015 105
8
1st ref 734s series A
-12
Central of Ga late 59...Nov 1945 F A 10538 195 105 June'30
1936 • D 72
62 61 Sept'30
1007 104
8
let lien Sr ref (is ser B.__ _1936 • D 61
4
4
COnsol gold 56
1945 M N 1023 10412 1023 Sept'30
100 100
-_ 100 Feb'30
Registered.
MN
4
1004 Aug'30
4_
5 104 1053 Day & Mich 1st cons 43471_1931
10
-5 105
105
.1 993
Ref & gen 5tis series B....1959 A 0
9638 gale 9512
963
8 72
Del & Hudson 1st & ref 40_1943
1024 73
98% 103
N
Ref & ger (is series C
1959 A 0 102 Sale 102
1
101
30
8412 89
-year cony Ss
Chatt Div our money g 48_1951 J 0 8918 ____ 8818 July'30
1935 AD 101 104 101
21
105
15
100 10314
-year 530
Mac & Nor Div 1st g 5s_ _1946 J .1 1033 ____ 10314 Aug'30
4
1937 MN 105 Sale 105
2
9712
974
975
8
3
98 10318 D RR & Bridge 1st gu g 48-193 , A
1
1034
Mid Ga & Atl Div pur m 5s'47 1 J 10112 ____ 10318
A
97 Sale 965
8
4
9714 58
100 1033 Den & It G lot cons g
J
8
Mobile Div 1st g ea
1946 J J 1037 ____ 10334 Sept'30
811s 89
Corm! gold 430
1
J 100 10014 10012 Sept'30
Cent New Eng 1st gu 48_ _1961 J J 88 Sale 88
88
1936
95' 102
2
149
96
Den & R G West gen 5s.Aug 1955 1.1 N 96 Sale 9512
9812 Sept'30
Cent RR & Bkg of Ga coil 58 1937 MN 993 102
4
70
93
Ref & impt 5s ser B_Apr 1978 MN 92 Sale 92
11418 11 1073 114's
4
Central of NJ gen gold 58._.1987 J J 1133 1147
811418
4
50
27
5
50
107 113 Des M & Ft D 1st gu 4s_ _ _1935
113 Sept'30
J 25
Registered
1987 Q J
_
8
247 247
8
247
8
963 9712 965 Sept'30
8414 9714
Certificates of deposit
8
General 48
1987 J J
9114 9712 Des Plaines Val 1st geu 4348_1947 M S 993
- 97 May'30
967 108
8
Cent Pao 1st ref gu g 49_ _ _ _1949 F A 967 Sale 96
8
_
66 6314 June'30
9312 Det & Mac 1st lien g 48
90
1
1955 3 D 50 Registered
9313
F A 9312 Sale 9312
903 ,
8 ;9412
11
50
Gold 4s
9412
9412
1
1995 3 D 45 Sale 45
Through Short L let gu els 1954 A 0 9412 95
Detroit River Tunnel 4343_1961 M N 103 _ _- 102 Sept'30
4
106 1003 106
Guaranteed g bs
1960 F A 10538 Sale 10514 106
Dul Missabe & Nor gen 53_1911 J .1 10312 --- 10318 Sept'30
4 1023
8 _ Dui & Iron Range 1st 55_
6
4
8
1937 A 0 1025 105 1023
Charleston & Sav'h let 7s._1936 1 J 1117 _- 108 Dec'29
793 76
4
2
76
4
8 14 102 l053 Dul Sou Shore & At! g 5s
1043
1937 J J 75
Cbes & Ohio 1st con g 55_ __ _1939 M N 10438 Sale 10418
0614
9
9614
East Ry Minn Nor Div 1st 45'48 A 0 9618 _
10112 104
Registered
M N 10318 -- 104 July'30
1939
8
2
8
9714 10412 East T \Ts & Ga Div 1st 55_1956 M N 1067 Sale 10518 1067
General gold 440
.1992 M S 10412 Sale 10334 10412 41
,
_ 104 Sept'30
_
96 10212 Elgin Joliet & East 1st g 5s._1941 M N 10138
Registered
M 8 10114 -- 10212 Sept'30
1033 Sept'30
4
94 10118 El Paso Sr S W 1st 5s
1003 Sept'30
8
A 0 10318
8 - 8
1965
Ref & impt 434s
1993 A 0 1005 1007
934 1013
3
8
101
73
Ref & Mut 4 Iis ser B._ _ _1995 J J 10012 1013 1007
8
23
90
Erle 1st cons g 4s prior
965 102
8
1996 J I 90 Sale 8814
Craig Valley IM 53. May 1940 J J 10112 -- 102 July'30
1
8514
Registered
1996 J .1 8514 Sale 8514
8612 954
9014 Sept'30
Potts Creek Branch 1st 40_1946 J J 934 _
8414 102
lit consul gen lien g 48
1990 1 J 8414 Sale 8338
95 945
8
945
8
8614 9513
1
R & A Div 1st con g 4s_ _1989 J .1 9412 79 Sept'30
Registered
1996 1 .1
8312 92
2d consul gold 4s
9012 9312 92 Sept'30
1989 J J
3
101
2
Penn coil trust gold 48_1951 F A 101 Sale 101
1007 July'30
97 101,
Warm Spring V 1st e 58-1941 M S 102
8
_
.,
4
8712 16
50-year cony 48 series A 1953 A () 861 8714 863
Cheap Corp cony 59.5lay 15 '47 MN 102 Sale 10934 102 144 98 102
8
8612
8814 45
Series B
7312 7412 74
7412
1953 A 0 865 87
6514
Chic dr Alton RR ref g 38..1949 A 0
743
8 10
20
854
87
Gen cony 4s series D
7312 74
1953 A 0 8618 87
Ctf Sep awl Apr 1930 Int
74
74
2
63 s 74
7
Ref & Rapt 5s
95 4 134
,
4
793
1967 M N 95 Sale 9414
Railway first lien 334s _ _1950 J 1 793 80
59
4
7934
2
.
793
.1
9412 182
Ref & impt 5s 9,/ 1930
1975 A 0 9414 Sale OM
Certificates of deposit.......... 793 - - -- 78 Aug'30
6112 78
4
5
113
8
Erie & Jersey Mt s f 63_1955 J J 1125 11314 113
Chic Burl & Q-111Iv 3349_1949 .i
8
907
8 13
8518 907
904 Sale 893
4
1125 11318 11212 Aug'30
8
Genesee River 1st f 58..1957
Registered
j j
_
8118 91
91 Aug'30
Erie & Pitts gu g 3
93 Aug'30
Illinois Division 45
ser B_1940 3 J 9218
97
1
924 08
,
1949 .1 .1 963 9712 97
8
Series C 3
General Is
- 857 Oct'29
074
89
19401 J 9218
4
1958 M S 963 Sale 961s
974 42
1053
8 27
8
1st dr ref 434s ser 17
8 10212 12
96 111212 Est lilt extl s f 78
1954 MN 1053 Sale 10,538
1977 F A 10218 1024 1023
8
987 087 Aug'30
8
181 & ref 5s series A
109
9 10412 1104 Fla Cent & Pen lot cons g 5s '43
J
1971 F A 1083 Sale 1083
4
4
8
10
89
8
Florida East Coast 1st 4 Yis_1959 J D 885 Sale 885
Chicago & East III let 68.-1934 A 0 1037 -- 1037 Aug'30
_ 100582105
8
8
2
46
4512 Sale 4512
1st & ref Is series A
84
1974 M
C & E Ill Sty (new co) con 55_195! M N
7012 Sale 7012
59
713
8 54
Rid
Foreign Govt. &Municipals.
Tolima (Dept of) extl 7s....1947 MN
Trondhjem (City) 1st 5348_1957 MN
D
Upper Austria (Prov) 73-___1945
External at 6 As_June 15 1957 3D
Uruguay (Republic) extl 83_1946 PA
External a 1 68
1960 MN
EMI s f fis
May 1 1964 MN
Venetian Prey Mtge Bank is '52 AO
Vienna (City of) extl s f 63_1952 MN
Warsaw (City) external 78_1958 FA
Yokohama (City) eat) 63_1981 JD
Railroad
Ala Gt Sou 1st cons A 58____1043 JO
lst cons 45 ser B
1943 JO
Alb st Susq 1st guar 3343_1946 AO
Alleg dr West 1st g gu 48
1998 AO
Alleg Val gen guar g 48
1942 MS
Ann Arbor 1st g 4s..__July 1995 Q J
A tch Top dr S Fe
-Gen g 48_1995 AO
AO
Registered
Adjustment gold 48_ _July 1995 Nov
Stamped
July 1995 MN
MN
Registered
Cony gold 48 of 1909
1955 ID
Cony 4s of 1905
1955 ID
Cony g 48 Issue of 1910
1960 3D
Cony deb 4348
1948 JD
Rocky Mtn Div 1st 46_1965 J J
Trans
-Con Short L 1st 43_1958 J
Cal-Ariz 1st & ref 4148 A_1962 M
At) Knoxv & Nor 1st g 5s 1946 JO
Atl & Charl A L 1st 4348 A 1944 j J
1944 J J
1st 30
-year 5s series B
Atlantic City 1st cons 4s
1951 3,
Atl Coast Line 1st coas els July'52 M
MS
Reg'stered
General unified 41471
1964 3D
I. & N coli goM 417___ _Oct 1952 MN
AU dr Dan 1st g 48
1948 ii
3d 4s
1948 3,
Atl & 'lad 1st guar 48_ ___ _1949 *0
Austin & N W 1st gu g 58
1941 ii
Ast Low
High No. Low
74
8
72
733
993 Sale 993
4
4
4
9734 Sale 973
9118 Sale 9034
1043 Sale 10434
4
4
8
943 Sale 923
4
9314 Sale 923
96 Sale 95
4
8714 8712 863
8
713 Sale 7138
9812 Sale 9814
-
__-
High
Low
102 10758
7412
84
112 11534
4
1013 105
927
8
92
99 105
310412 10918
92
89
933 10112
4
8418 877
8
813 85
4
7218 79
923 07
8
923 9812
8
9712 10111
84
963
4
4912 7812
774 8172
77
75
877 934
8
881s 93
100 108
107 112
105 10812
100 s 10234
5
99
99
1073 1104
4
4
4
1043 1083
95 101
9712 10514
88
95
8512 91
9512 994
95 95
923 99
8
9512 1013
4
10318 10412
102 102
-0014
997
100 8
3
93
823
4
97
403
1013
4
114
10038
8512
103
997
8
9512
9514
94
885
8
92
1003
4
100 8
3
10014
9414
10338
106
105
1167
8
1025
8
93
1057
8
102
9812
98.2
9418
9414
1
;
8811 14
9914 1003
4
105 110
103 1065
8
100 10514
9312 1013
2
92
9812
8412 9212
8418 92
94
93
93
90
8
103 1043
993 1013
8
4
98
9912
100 100
__-
__-
__-
___
s Cub sale
-
"i5F8
861s
9718
10018
10212
96
88
97
9514
8818
88
8612
70
70
7318
68
50
60
7018
61
881*
861s
10352
1105s
10711
103
93
10314
9912
94
913
4
8612
76
76
734
76
75
84
9914
92
9912 1004
9114 9612
9618 107
4
1007 1053
s
9758100
9258 9712
955 10013
8
887 994
8
8712 95
2314 50
2478 31
97
96
7412
63
61
45
953 1021s
4
101 10418
10014 103
843
4
72
9212 9614
100 107
102 104
10114 103 4
3
84
8218
79
7618
101
8
827
824
8012
904
90
110 4
3
109
8658
00
8514
8414
831s
101
8712
8814
87
98
953
4
11414
114
93
10434c1- 63
0 8
97
9912
7912 90
40
61
1869
New York Bond Record—Continued—Page 3
BONDS
N. Y. STOCK EXC'FIANgE.
Week Ended Sept. 19."
-
t
t
Price
Friday
Sept. 19.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
4
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 19.
t
Price
Friday
Sept. 19.
Week's
Range of
Last Sale,
Range
Since
Jan. 1.
High
Bid
Low
Ask LOW
High
High
High We Low
Bid
Ask Low
61 25
412 11N
6 July'30
Me:Internet let 441 asstd.-1977 M
20
35
27
2812 17
28
30
100 101
10014 ____ 10014 Sept'30
9413 971i Mich Cent Det &Bay Chy Ss-- M
9618 Aug'30
96 100
100 100
QM
100
Registered
10512 107
107 Aug'30
Jan'30
10713 9418 97
965e 975 97 Aug'30
1940 1
8
Mich Air Line le
10218 105
104 105 104 Sept'30
89
92
79 May'26
Jack Laos & Sag 310—A951 M
99 10114
101
101 Sale 101
91
89
let gold 3 Ms
1952 MN 89
1 -iirs 89
89
99% 1003
4
3
10012 10114 1003 Sept'30
9912 1023
4
0213 1023
1979 .1 2 10212 103
Ref & impt 4i-4s ser C
943 100
4
4 20
100 10012 100 Aug'30
937 963
8
95
1940 A0 94
4
94
94
Mid of N J 1st ext. bs
20
8118 85
84 June'30
9614 9912
2
99
Mil & Nor let ext 414s(1880)1034 ID 99 Sale 99
993 997
4
2
2
99
Cone ext 414e (1884)_1934• D 99 Bale 99
983 10214
4
8
981 99
:
987
8
99
9512 53
90
8
6512 75
9512
Mil Spar & NW lat gu 48_ 1947 MS 945 Sale 94
75 Sept'30
74
78
Apr'28
Milw & State Line Int 354s_ .1941 J J 8618 ____ 90
4
10212
983 Feb'24
411s
30
-9613 i0 2 Minn & St Louis 181 cons 513.1934 MN 26
275
s
273 Sept'30
8
6
10012 - - 10012 Aug'30
2514 4155
,
Temp etfs of deposIt_1934 51 N ---- 36 2 2514 Sept'30
8
3 19 10912 11212
112 1123 11134 1123
718 16
6
7
8
718
8
let & refunding gold 4s__ 1949 MS
15 104 1071.
8 107
1063 Sale 1065
4
1113 1518
8
20
15 Aug'30
9552 98
Ref A ext 50-yr 5s ser A.1962 Q F
98 Aug'30
9714 100
12N 15
15 13
June'30
4
certificates of deposit......
104 1093 113
1113 Sale 11112 112
4
873 92
8
92
108
8
11012 11034 M St P & SS M con g 4s int gu '38 Ji -913 9112 9014
11034 July'30
9112 98%
9218
9212
3
9418 1004
1938 33 9314 91
1st cons be
9914 Sept'30
9412 9912
99
20
983 Sale 9834
4
1938 J J
let cons be gu 89 to int
11112 25 1073. 112
1113 112 11114
8
99 101N
101% 45
*
.
10 year coil trust 8343.-1931 MS 1013 Sale 101
8 10314 108,
4
1065 106% 10612 1063
8
92 100
9578 Aug'30
95 1005
1st & ref 6s series A
1946 J J
8
9
10014
100 Sale 100
81
91
11
84
95 100
__1949 MS 84 Sale 84
25-year 594*
110
100 Sale 9938 100
91
95
o
N 943 ---_ 95 Aug'30
80
lot Chicago Term,f 4s___1941
8014
8014 ---- 8014 Sept'30
95
9912
97
3
99
97
23
323 Mississippi Central let 55_1949 J J 95
4
26 Sept'30
257,3 29
75
793
4
4
913 9.15. 5.10 111 RR 1st be ser A
4
7914 793 79 Sept'30
1959 .1 J
9618 __ 9458 Aug'30
8512 92
90,
8 35
98 10512 Mo Kan & Tex tot gold 45_1990 3D 90% Sale 8955
5
10408
1045 Sale 10458
8
9912 1047
8
96 101
Mo-KT Rit or lien 54 sec A.1962 J 1 10418 Sale 10418 104% 42
1003
8 53
100 8 Sale 9978
,
8512 93 3
3
9212 31
103 10512
923 9314 90
8
40-year 45 aeries B
1962• J
1043 - - 105 Sept'30
4
9213 991/4
4
993
4 20
9614 102
Prior ilen 494s ser D____ 1978 J J 9918 993 9914
102 Sale 10158 102
18
98 10812
76
937 97,,
8
.
Corn adjust 59 ser A Jan 1967 40 101 Sale 9934 101
9712 Apr'30
9914 103
16
97 10014 Mo Pac lot & ref 58 eer A
103
1965 FA 10212 10312 102
166"
100
100
7414 82
147
8
82
993 102
4
General 43
1975 MS 817 Sale 80%
1007 10514 101 Aug'30
8
97 103
287
4 103
953 10034
•S 10214 Sale 1013
let & ref 5s series F
4
1977
100 4 -- 10012 Sept'30
,
963 10212
4
8 10212 87
,
1st & ref g bs ser
9912 IOC.
1978 MN 102 Sale 1015
9912 June'30
1013
8
4
993 102%
61 10614 1133
4
Cons gold 514s
1949 51 N 10812 Sale 10812 109
10218 Sale 102
10213 28
196 101N 103
93 101 12
lot ref g 5s series H
1980 * 0 102 Sale 10I8 103
10113 Sale 10013 10113 66
91
94
9412 ____ 9334 Aug'30
7614 8512 Mo Par 3d 7s ext at 4% July 1938 MN
85 Sale 833
4
8512 301
100 100
97 —__ 100 Mar'30
Mob & Blr prior lien g 5s___1945 J
Illinois Central 1st gold 45 1951 .1 I
91
95
9612 --_- 9612 June'30
9612
Small
9812
1
9818
3
981s
1951
81
let gold 3148
9218
9218
87
86 'N
let 151 gold 4s
1945 Ii 9218 ____ 9218
8458 June'30
8514
Registered
8712
8712 Sept'30
823 821
4
,
80
Ii 87
Small
8234 June'30
JJ
83
Extended let gold 3148-1951 * 0 8811 88'* 8613
925 96
8
9512 9534 Sept'30
8612 Mobile & Ohio gen gold 4s _ _1938 MS 95
8612
68
let gold 31) sterling
1951
8
8
96 8 103
,
1
102%
73
Montgomery Div let g 5)1_1947 FA 1023 106 1023
•S
73 Mar'30
945 Sale 945*
8
895 94,2
8
Collateral trust gold 48_1952 A I
9414 98
9614 31
Ref & Impt 440
1977 51
9412 10
93'J 9512 9412
Registered
8614 90%
96 Aug'30
8712 8712 Mob & Mal lot gu gold 441_1991 MS
51 N
- 8712 Mar'30
95
105 106%
90
let refunding 48
901s Aug'30
1955 MN 933 Sale 9312
Mont C let gu 65
1937 ii 91214
94
48
4
89
82
95 100 4
8
s
Purchased lines 3 Me
1952 J J 8412
3
let guar gold Si
1937 33 1027 104 12 1067 July'30
12
87
8634
87% 9312 Morris & Essex list gu 3540_2000 JO 83
Collateral trust gold 4a
1953 MN 90 Sale 90
77
84
84
8313
83 4
,
8 65
905
8712 90.4
4
1 10314 1083
Registered
Coruitr 51 5s ser A wi
1955 MN 108M 10912 10813 10812
90 Aug'30
MN
8
Refunding fie
96% 10212
*
8
1955 MN jai"
Constr M 414e ser B w 1_1955 MN 1017 1023 10112 102% 35
5 104, 111712
4
1063
4 1063
15
-year secured 6345 g. _1936 J 1 10914 1101 109
8 10712 11034
1103
4
9412
Aug 1 1966 FA 10112 Sale 101
8
40
-year 411•
90
947
a
3
,
97 102, Nash Chatt & St L 4s set •_1978 F • 9412 945 9412
1013
4 44
Cairo Bridge gold 4$
1950
100 10212
102 July'30
8812 1;11 14 Si FIaAB let iru g be 4 me_1,3 3 A 103
957 F 3
4
0 913 941 9114 July'30
Litchfield Div let gold 36.1951 J
18 July'28
747 77
8
__Nat fly of Mex
lien
77 July'30
775 -3
Louisv Div & Term g 334s 11153 J
4
____
723 July'28
8212 88
• J
863 881 8714
4
July 1914 coupon on
8714 10
Omaha Div let gold 3s. .1951 FA
812 Sale
7412 SO
812
812 10
7818 831 80 Sept'30
Arent cash war rct No. 3 on
6
912
7614 7712
8718 Aug'29
St Louis Div•Term g 3s_1951 J J
82
Guar 70 year f 4s
7712 June'30
78
1951 .1
Gold 3145
9
9 3
3
9 Bale
82% SPA
6
7
10
863 871 875 Sept'30
4
9
8
Assent cash war rct No. Son
Springfield DIv let g 3148 1951 ii 845 ___
3512 July'28
_
72 Sept'29 _ —
8
J
Nat RR Mex pr lien 4145 Oct'26
3484 14N
1414
Western Lines let 5 48-1951 11* 93 4 --- 9318 Sept'30
12
4
14
89 183
4
Assent case war rot No 3 on
9312
,
Registered
22 Apr'28
1)212 92,2
FA ____
9212 Apr'30
1915
let cousol 43
7
14 --5, 88,
7 Sale
ID Cent and Chic St L & N 0—
Assent cash war rct No. 3 on
A__ _1963 J
Joint 1st ref Si series
8512 881 88 Aug'30
8514 8912
10512 1061 10533 107
43 10214 10712 Naugatuck RR let g 43_ _ _1954
let & ref 414,series C._ _ _1963 Jo 99 Sale 9811
8
95 100
Mt 101
9912 55
New England RR cons 5e 1945 J .1 997 105 101 Aug'30
Ind Bloom & West let eat 45 1940 * 0 9111
8614 93
9234 20
8914 89,
8914 June'30
Conoco guar 46
1945 J J 9112 923 92N
Ind Ill & Iowa let g 48-----11150 JJ 9612 971 97 Sept'30
85
88% --- 90 July'30
90
90
9714 N J June RR guar let 48....1986 F A
Ind & Louisville let go 48_1956 ii 877 88 2 87 8 Sept'30
92N 97
84
88
3
O&NE let ref &(mot 4148 A'52 J J 9512 ___ 97 Aug'30
,
7
Ind Union fly gen 58 ser A _ .1965 JJ 103344 1033 104 Sept'30
8714 93 4
100 104
935 15
4
3
New Orleans Term let 45_1983 3 J 9312 Sale 9312
1965 J J 1033 ____ 10014 Feb'30
100 101
Gen ref be series B
•
955 100
8
5
100
3
NO Texas & Mex n-o Ina 6,1915 A 0 100 Sale 100
997e 106
927 10052
10012 52
Sit & Or% Nor 1st user A..1962
8
1037 Sale 104
s
1041
12
let Is series B
1954 A 0 100N Sale 100
lIe ser•July 1952
Adjustment
7212 9212
96 1003
4
88 Sale 873
4
1956 F A 100 1001 1001s 10012 26
88 4 36
,
let be aeries C
1956 .194
94
let Si series 13
89
94N 95
91
94
11
9712
9712 Sale 961
: 971
9
1st 4148 eerie), D
1956
let g Si aeries C
1033
1033 Sale 103
4
90 100
4 35 101 10512
97
983 9512 Sept'30
4
ist 5 Me eerie* A
lilt Rya Cent Amer lit 58_1972 MN
95
597 81,,, N & C Bdge gen guar 410_195 J 0A
8
71
73
72
7
71
974
9946 AF J 9818 ___ 9714 June'30
1
11141 MN 8612 Sale 8612
let coil tr 6% notes
827 9412 NYB&MB lateongbe 1(135 A 0 100 -- 100 May'30
8
983 100
4
861
1
.1947 FA
8412 981, N Y Cent RR,cons deb 8e-1935 MN 10713 Sale 1063
let lien & ref 634s
4 1071
921
8912 Sale 891e
4
13 105 1073
1938• I
2014 35
8
9518 23
95 Sale 945
Iowa Central let gold 53
2014 22
2014 Sept'30
8813 953
4
111911 F A
CoYleol 43 series A
Certificates of deposit
2012 34 2
1021
97 103 8
1914 25
2012 Aug'30
7
,
3
Ref & imp 414s sertes A__201/1 A 0 10812 1083 10214
1951 MS
Refunding gold 4s
5
10
512 6
5 Aug'30
Bel & Mint NI eeriee C__ 2013 A 0 10812 Sale 10812 108N 51 105 109
James Frank & Clear let 4e.1959 JD 9818 Bale 9618
8 8758 964
96 8
,
1938 JJ 1023 ____ 10114 Apr'28
1st gu g be_
7814 86
85 3 39
8
Kan A &
3
N YCent&HudRiyM3l4e19973 I 8514 Sale 84N
gm
961.
1990 AO 89
75
8012 Aug'30
9012 8912
Kan & M 1st gu g 4a
81
7 -83Ts - 2
Reslatemd
19973 J
9412 98
1936 A0 9712 977 9712
97 1001
10014 27
8
977
KC Ft BA M Fly ref g 45
32
%
4
M
3
193t 31 lOO'e Sale 100
Debenture gold 48
7412 gm,
1950 *0 7953 8018 7912
93
Kan City Sou let gold 35
9812 9712 978 Sept'30
973
4
80 4 33
,
3O-year debenture 4s
99 104
Eel & impt Se
Apr 1951 J J 1033 Sale 10212 1031
84
7
8
7514 84
8312 84 84
Lake Shore coil gold 3Me_1992 F A
1 48
9
7618 8614
8818 9458
945 . 6
8 16
81,
8
81
9418
Kansas City Term 1st 4e _1460 ii 9414 95
8118
83
1948 F A
Regletered
8712 921
Kentucky Central gold 46_1987 Ji 92
82
,
2
8
:
92 Sept'30
94
7612 83 s
7
Mich Cent coil gold 3148_1908 F • 823 8311 '8214
85 4 89
7812 Apr'30
,
89
Kentucky•Ind Term 4145_1961 J
78
27
893 89
4
,
89
8012
Registered
1998 F A 80 4 84
88
1961 .1
Stamped
94
98
18
9414 N Y Chit. & St L 1st g 413„-1937 A 0 975 983 978k
9912
8
4
935 953 93 Sept'30
8
4
9314 9314
89
1961 .1
89
Plain
9314 Mar'30 _
89 Apr'30
95
A O
Registered
1937 m N
6 8
4
io838 1- 65- 10012 1005* 4 97 1003
25-year debenture 4,3
1931
Dike Erie & Welt 1st g 5e___1937 J
1 100 10238
8 1023
8
10'214 10 100 10233
1023 103 1023
3
26 613 series A B C
1931 MN 10214 Sale 10218
99 103
26 gold ba
1941 J J 1023 Sale 10234 1023
1
4
4 1021
, 37 1013 103N
4
6% gold notes
1193 A 0 10218 Sale 1013
9742
7914 85 4
Lake Sh & Micb So g Me_ 1997 J D 843 8518 8514
85
3
4
14 10512 108
4
3
4
A 0 1073 108 10734 108
Refunding 5146 aeries A
,
Registered
77% 783
1997 J D
783 July'30
4
4
108
10 10512 108N
Refunding 634s aeries B_1975 3 J 108 Sale 108
98713c101%
1931 MN 1001* (311 e- 1003
25
-year gold 48
.
.13 1005
8 30
93
511 9914
98
178
98 Bale 9712
Ref 454a aeries C
Registered
9912 100, N Y Connect let gu 410 A-1951 F A 1021s ---. 102 Sept'30
- 10014 June'30
MN
961s 102
4
,
19 M S
Leb Val Harbor Term gu 54_1954 FA
106 10453 105
18
4
2 103 1063
100 10512
105 4 ---- 10514 Sept'30
,
let guar 58 series B
963 103
4
3
8
Leh Val NY lot fiu g 4145. _194() J J 100 4 101 1007
100's
1
9418 July'30
89
N Y
4
9418
Erie lit ext gold 48_1157 F N 923
43 M A
Lehigh Val (Pa) cone g 48._21103 MN 921s Sale 9158
865 9312
8
923
4 97
100 June'30
100 100
3d ext gold 414e
1933 M N
Registered__
88
_
88 Aug'30
88
MN
100 Sept'30
100 10018
4th ext gold Si
1930 A 0
2003 MN ioi 10138 loco, 101
9612 1(i214
. General 0011A 4146
3
-11013 1101
1 106 111)34 N Y & Greenw L gu g 5a__1948 M N
Lehigh Val RR gen As aeries.2003 MN 11014...
95
9612 June'301____
9812
10158 103,2 N Y & Harlem gold 3146_2000 MN
Lab V Term RI let gu 5 85_ .1941 40 1035e 10414 10234 Aug'30
82 June'301 ____
80N 82
86% 9404 N Y Lark & W let & ref gu 68 73 M N
4
Lab & NY let guar gold 4e. _1945 MS 95,,, 943 Aug'30
971s Oct'29
10414 1091
- 4
4
Len & East lit 50-yr Is gu _1966 * 0 10953 1103 1093 Sept'30
4
102 Sept'30
let & ref gu 4 Me ser 13__1973 M N
98 102
8712 90ii. N Y & Jersey let ba
Little Miami gen 48 series A _1962 MN 9014 --- PO Sept'30
991j lova
6
101
101
1932 F A
1935 40 1043 1061 1061 Aug'30
: :
103% 107
4
Long Dock consol g 6e
N Y & Long Branch 4s
8853 Aug'30
8612 8852
1941 M 13 ggis
9914 101
10012 ---- 10012 Sept'30
Long Illd lot con g be July 1931 Q
N Y&NE Bost Term 43_1939 A 0 9314
7514 July'28
9858 Mar'30
98% 98, NYNH& 4111-e deb 48_ _1947 M S 887
let coneol gold 41____July 1031 Q J
8914
90
13
837 - 0
e
9.
1938 11 13 965 98
: 961
8812 9612
8
961
General gold 48
Non-eons debenture 3148.1947 M
83
83
78
10
8318
8311
1932
09 Sept'30
99 99
D
Gold le
Non-eons debenture 3148.1954 A 0 80% 811 80 Sept'30
735 80
8
191 M
923
937 9412 9234
8
87, 923
8
4
Holfle I gold 411
,
Non-cony debenture 4s._ _1955 J J 863 871 87 Sept'30
4
811s 87
1934 • I) 1003
9914 10118
4
- 1011s Aug'30
Debenture gold Si
Non-cons debenture 4s
8814 Sept'30 ____
79
3712
1956 MN 8612 87
1937 M N 10112 Sale 101
9712 101 12
10113 16
Si
-year p m
Cons debenture 334s
20
1
7412 8044
79
791s 811 79
1958
3
3
_
_ _1949 Ml) 95 8 Bale 95 8
87
nfl
96
6
Cons debenture Os
Guar red gold 4s
123 Sale 123
1948 J
l241s 35 12014 135
9914 10.414
3
2
5 100 8
Registered
.1
Nor Sb B 1st con tru 5e Oct '32( J 100 10212 1003
12114 Sept'30
120 131
81
84 Bale 84
84 4 46
87
3
Collateral trust Os
LOUIslans & Ark let be ser A 1969 J J
.4
4
1940 A 0 106 Sale 106
lOO'e 14 1043 1063
8912 94,
8
9418 10
943 _-._ 9455
3
Debenture 44
Louis & Jeff Bdge f '0 gd g 4e 11145 M
818
8112
1957 M N 81's 83
77
9
8155
101 103.2
1937 MN 1027 1033 103 Sept'30
4
8
1st & ref 4448 ser of 1927 1967 J D 9614 Sale 957
Louisville & Nashville
90
9612
s
9855 73
1940 J 1 9814 9812 983
9414 99
8
987
s 21
Harlem BA Pt('bee let 481954 SA N 92% 9312 92 Sept'30
Unified gold 48
873 9218
s
933 94‘2 N 0,8 W ref let g 4s_June 1992 M
4
9412 Mar'30
J
Registered.
50
91
45, 654
s
50
51
8
993 1(11
4
101 mum,
General 45
Collateral trust gold 5,._.1931 MN
54
1955 J D 38
38
40
38
38
1
N Y Providence & Boston 4s 1942 A 0 9112
10312 1(18
2,4)3 A I, 10834 Salelom4 106
9
1st rebind 5445 5erles A _
901 June'30,
:
90 3 90 1
,
,
9912 1.061 2 N V & Putnam let con gu 45 1933 A 0
8
2003 A 0 106 1085 106 Sept'30
__
lit & ref be series B
927s Aug'30 - 7
8512 92 s
95 1(1212 N V S 19,4 A West lot ref 58_1937 J
,
4
4
10214
8
145 series C___ 2003 A 0 1013 10218 1013
81
94- ; 8053
827
lit & ref 4
8612
81 I 12
80
2.1 gold 4 444
943 9),
4
98 Mar'30
7312
_ 75
• ()
When Mimed
1937 F A
75
75
Mar'30
91 1s 9412
General gold 53
9455
1
9412 9512 9455
73 Sept 30 -1040 F A
73 Padueal: & Mem Div 4s1946 FA
fiC
79
71
Terminal let gold roi
66
70
1943 M h 100 4 ---- 10014 seuvao
9418 10014
St Joule 1)10 26 goid 38..1980 MB 6713 691s 70 Sept'30
973 9734 N Y Welles & I) Int ser I 434e'46
8
4
_ _ 973 July'30
1915 MS 9914
9154 168
g 414s
92 Sale I 91
9234
Mob A Monte
86
Nord fly ext'l sink fund 614s 1950 A 0 106 Sale 1051
89
98
14
98
93 Sale 93
: 106 I 50 10212 10614
fly Joint MOROI, 48.1952 J
South
91, 97
Norfolk South lot & ref A 55 1961 F A
4
955 97
8
9613
97
6
5614 59
57 Sept'30,
79
AU Knorr & (It, 1).s 48 1955 M N
50
9812 100,4 Norfolk & South 151 gold 5,4.1941 M N 9714 ---- 9714
10014 Sept'30
Si)
9712
Louis" Cie A 1.ex Div g 4 Ms 31 M 14 10012
,
99
4
695a 1t)
Norfolk & West gen gold 88_1931 M N 1013
4
1934 j j 102 .._ ._ 1013 Aug'30
8
- 1017 Sept'30
8
Mahon Coal RR let 6s. _
1003 10212
4
Improvement & ext 69_1934 F A 105
7312 7612
751 Sept'30
:
7513 78
____ 10414 Aug'30
10314 104N
Manila RR (douse 1-Ineel 48 1939 M N
70
New River let gold 6s
60
66 Aug'30
66
88
19`9 M
,
10214 June'30
1932 A 0
8
1(1214 1025
let ext 45
s
4
97
N A W By let eons it 4a 1996 A 0 967 9714 953
98 2 10f)
,
4
:
,
20
9012 9774
Manito ha S W Colonisivn 5) 1934 J 1) 991 1013 100 July'30 -Reglet,ered
87
90
90
90 Aug'30
925 July'30
8
1996 A 0 9512
927a
Islati 0 14 & NW let 3 Ms. 1941 .1 I 88
Fonda Jobna & Glov let 414.1952 MN
Yen St D Co 1st g 4%5_1941 J J
Fl W & Dee C 1st g 5 Ms-- -1961 JD
Freze Elk & Mo Val let 68._1933 40
GH&SAM &P Istbs__1931
N
1931 j
2d extant) bs guar
1933 A 0
Gals Noun & Bend let 58
1945 J
Galli Ale Ry lit eons 5a
Oa Caro & Nor let gu g be '29—
Extend,.(1 at 6% to July 1 1934 J J
Georgia Midland let 28_1946 * 0
Cour & Oswego 1st be
.1942
D
Gr R & I ext let gu g 4 34e_194I J J
Grand Trunk of Can deb 7e_1940 A0
15
-year s f as
1936 MS
Grays Point Term let 58__1947 J
Great Nor gee 78 &erica A
1936 JJ
Registered
J D
lit & ref 414e series A_-__1981 J
General 534s series B___1952 J J
General 5s eerier C
1973 J J
General 434s series D
1976 J J
General 434s series E__1977 J J
Green Bay & West deb We A__ Feb
Debentures ctfis B
Feb
Greenbrier Ry 1st gu 4s _ ___1940 MN
Gulf Mob & Nor let 514.___1950 A0
let M be series C
1950 40
Gulf & S I let ref & ter 58_6_1952
J
Hocking Val let cons g 4148_1999 J
Registered
1999 2 J
Housatonic Sty cone g 5a
1937 MN
H & T C let g be lot guar
1937 J J
Houston Belt & Term let 58.1937 J J
Houston E & W Tex let g 54_1933 MN
let guar Si redeemable_._1933 MN
Hud & Manhat It Si ser A.1957 FA
Adjustment income be Feb 1957 40
•Caab sale
Due Benruarl.
5
-55, -66-4
1870
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 19.
New York Bond Record—Continued—Page 4
:114
*1
Price
Friday
Sept. 19.
Week's
Range or
Last Sale.
Rid
Ask Low
High
Norfolk & West(Conctsdecn—
DWI let lien & gen g 48_A944 ii 9718 9712 963
4
97
Pocah C & C Joint 4s
1941
D 9614 96 4 9514 Sept'30
,
North Cent gen & ref 55 A 1974 MS 10614
4
1053 Sept'30
Gen A ref 414e ser A
1974 MS 10014
104
- 103
North Ohio let guar g 5a_ 1945 40 98 -- -1z 99 Sept'30
8
9
North Pacific prior lien 49_1997 Q
95 Sale 9412
95
Registered
92
933 92 Sept'30
Q
4
Gen lien ry & Ida 3e_Jan 2047 Q F 6914 Sale 6918
70
Registered
Jan 2047 Q F 68 6812 67 Aug'30
Ref & imin 4 Ms series A __2047
J 101% Sale 1003
8 1013
8
Ref & inlet 69 series B__2047 Ji 113% Sale 11334
114
Ref & impt 65 series C____2047 J J 106 Sale 106
106
Ref di tmpt 58 series D__2047 J J 106 107% 106 Sept'30
Nor Pac Term Co let g 6s__1933
104
J 1033 -- 104
4
Nor Ry of Calif guar g 59_1938 A0 1033
4
4 1043
- 1043
4
Oak L Cham let gu g 49_1948
8212 81%
82
J 82
Ohio Connecting Ry 1st 49._1943 M
9414 -- 9215 Mar'30
Ohio River RR let g 59
1936 ID 10214
_- 10112 Aug'30
General gold 55
1937 AO 10214 10318 102 Aug'30
-Oregon RR & Nay con g 45_1946
96
D 96 Sale 96
Ore Short Line let cons g 59_1946 J J 1063 Sale 1063
4
4 1063
4
Guar stpd cons 51
10711 Sale 10712 10712
1946
Oregon-Wash let dc ref 4s___1961'3 9412 Sale 9414
943
4
Pacific Coast Co let g 63-1946 3D 6012 62
6012
6012
Pee RR of Mo 1st ext g 49-1938 FA
9612 Sept'30
2d extended gold fet
1938 J J 10012
1003
4
- 10034
Paducah & Ills let et g 4 Ms..1955 J J 1005 111
8
-14 99 July'30
Paris-Lyons-Med RR exti is 1958 FA 104 Sale 104
10412
Sinking fund external 79_1958 MS 10512 Sale 10512 106
Paris-Orleans RR ext 550...1968 MS 103 Sale 103
103
Paulleta Ry 1st & ref s f 79..1942 MS 100 4 103 1003
3
4 1003
4
Pennsylvania RR cone g 45.1943 MN 9818
9812 Sept'30
Consol gold 4e
1948 MN 07% 91 97%
973
12
4
do sterl styl dollar_May 1 1948 MN 97 9712 97 Sept'30
Registered
9314 May'30
Consul sink fund 454s____1960 FA 10434 Sale 1(5414 105
General 434s serial A____1965 3D 1023 Sale 10211 1023
4
4
General 5e series B
1968 JO 111% Sale 111
1113
8
15
-year secured 654e
1936 FA 110 Sale 109% 11014
Registered
PA
109 Sept'30
40
-year secured gold 59___1964 MN 10434 gide 1043
4 10514
Deb g 454e
1970 40 984 Sale 9812
987
8
Pa Co gu 3549 coll tr A reg..1937 MS 91%
_- 95 Sept'30
Guar 3 Me coil trust ser B.1941 F A
91
1112 91 Sept'30
Guar 354e trust Ws C__.1942 JO 87
8358 Sept'28
90
Guar 354e Vest etre D
1944
D 8712 89% 89 Aug'30
Guar 16-25
-year golds 49..1931 AO 100% Sole 100 8 10038
3
Guar 45 see E trust ette.....1952 MN 9412 9612 95
95
Secured gold 449
8
1963 MN 1023 Sale 10158 1023
8
Pa Ohio & Oct 181k ref 4 MsA'77 *0 1003 Sale 10012 100 4
4
3
Peoria & Eastern let cons 46_1940 *0 88% 90 4 89
89%
,
Income 49
April 1990 Apr. 25
26 Aug'30
35
Peoria & Pekin On let 5549_1974 VA 1033
10312 10312
4
Pere Marquette 1st eer A 69_1966 .1 1 10518 11512 105
10514
1st 45 series B
933
1966 J J 933 Sale 9312
4
4
let g 451e series C
198f1 MS 10114 Sale 101
10114
Phlia Bait & Wash 1st g 49_1943 MN 9714 98
963
2
9714
General 58 series B
1974 VA 109 ---- 109 Aug'30
Range
Since
Jan. 1.
No
17
3
66
14
30
123
5
1
4
1
4
28
1
10
219
39
17
6
22
20
71
14
64
21
252
—
6
1
98
9
3
1
24
18
14
12
High
9134 9712
923 96
4
4
100 1053
98 104
90:8
93
8812 96%
86% 93%
63 8 705
7
8
67
62
9512 102
11112 11512
10312 107
10312 10612
104 10512
101 1093
4
83
77
9218 9218
100 102
99 102
96
91
10418 106%
1037 10712
8
4
8812 943
55
6212
9214 9612
973 1003
4
4
9914
98
102 10512
10314c107
98 4 1054
3
95 103
923 984
4
925 98
8
9214 9814
9212 9312
98 4 105
3
974 103%
106 11112
108 c110%
10814 109
10214 105%
9414 98%
90
95
87
9118
-644
Phillippine Ry Is; 30-yr s f 49'37 J
2612 27'12 2612
2
26 2
,
Pine Creek reg let 69
1932 JO 10314 -- 10312 Sept'30
Pitta & WV. ist 44e der A-1958
_ 94 Aug'30
D 964
let M 43.4e series B
1959 AO 9558 --- 9514 Sept'30
9614
lat M 4518 aeries C
1960 AO 96 Sale 95
96
72
P C C& St L gu 4 Ms A
1940 40 1003
4
- 10018 Aug'30
Series B 4548 guar
1942 *0 um
101 Sept'30
Series C 44. guar
1942
N 10012 -- 9712 1Dee'29
Series D 48 guar
1945 MN 9814
9814 Sept'30
Series E 354. guar gold_1949 FA 973 -- 95 June'30
4
Serie/ F 4, guar gold.__1953 JO 984 -- 963 May'29
4
Series 0 4s guar
1957 MN 9814 -- 97 Aug'30
Series If cone guar 4s___ A960 VA 9814
4
98 4
,
- 983
Series 1 cone guar 4 Ms_ _1963 PA 102 10312 10234 Sept'30
Series J cons guar 448_1964 MN 10212 10312 1023
4 1023
4
General M Si series A
1970
1
D 11018 III 109 4 11012
8
Registered
10734 Mar'30
D
Gen rutge guar 55 ser B..1975 *0 1100 13;1; 110
111
4
27
Otte eleK &
tel gu 69___1932 J J 102 _- 10212 July'30
2d guar Se
1934 J J 102
10412 May'30
Pitte Sh & LE let g 5a
1940 40 1024 ---- 10214 Sept'30
lit consol gold 59
1943 2
103 -- 1003 Aug'29
4
Pitts Va & Char let 49
1943 MN 943
4
- — 923 Mar'30
Pitts Y & Ash 1st 45 ser A. _1948
967
4
98
D 97 4963
4
5
1st gen 59 series 13
1962 VA 105 -- 105 June'30
lot gen fte series C
1974 ID 105 -Providence Secur deb 49.___1957 MN 783 -- 78-1. Aug'30
4
Providence Term lot 49_ _1956 MS 8712— - 863 July'30
4
Reading Co Jereey Cen coil 4s '61 *0
9512
9512
5
I913: .
8
Gen 8 rd t 451e series A_ _1997 JJ I 0434 91e 10114
a: .
.6
102
33
Gen & ref 4548
B__ 1997 J J 1017 10214 1013
4 102
8
27
Rensselaer & Saratoga 65___1941 MN
10014 May'21
Rich & Meek let g 45
1948 MN
7912
7912
RIchm Term Ity ist gu 59_1952 .1
.1 10214 103 10214 Aug'30
Rio Grande June let gu 59_1939 JO 9814 10
4 100 Sept'30
Rio Grande Sou let gold 49_1949 J J
7 May'28
1
8
Guar 4e Gen 1922 coupon) '40 J J
1
- 712 Apr'28
Rio Grande West let gold 45.1939 .1 .1 94
9412
045
95
8 18
let con & coil inlet de A _1949 AO 00 Sale 8914
90
16
R I Ark dc Louie 19C 4544_1034 MS 100% Sale 10012 1003
4 30
Rut-Canada let gu g 4e____1949 J
80
78 Sept'30
78
Rutland 1st con g 434s..._1941 1 J 93
9312 9214 Sept'30
St Joe & Grand tel 154 49_1947 J
St Lawr & Adir 1st g 69____1996 1 J
2d gold 69
1996 A 0
St L & Cairo guar g 40
1031 3J
St L Ir t & gen coo g 59.1931 A 0
Stamped guar 5.
1931 A 0
Rlv &
Div ietg4s
1933 M N
St L M Bridge Ter gu g 58._11430 A 0
St L-San Fran or hen 4s A-1950 J J
Con /51 4 Ms series A
1978 81 8
Ci hen'sued
,
_
Prior lien S. aeries B
1950 j J
St Louis & Sae Fr Ry gen 68_1931 J J
Geaeral gold 5e
1931 J
St L Peor & N W let gu 5e_ _1948 J J
St Louis Sou 1st fru g 4s
1931 M S
St L S W let. g 45 bond ctfe_1989 M N
2d g 4. Inc bond ette Nov 19149
Coneol gold 45
1932 j D
lit terminal & unifying fee _1952 .11 J
St Paul A K C Sh I. let 430_1941 F A
St Paul & Duluth let &L
1931 F A
1 let consul told 49
1968 J D
St Paul E Gr Tire Is, 4 Me _1947 1 J
St Paul Minn A Man con 0_1933 I J
151 coneol g 68
1933 J .1
65 reduced to gold 4 Me
1933 J
Registered
Mont ext 1st gold 49
1937 3 D
Pacific ext. guar 48 (eterlIng)'40 J
St Paul On Dep let A ref 59_1972 J J
Ar Pass lot gu 414e _ _1043 1 .1
SA A
Santa Fe Pres & then let 54.1942 M 5
Bay Fla & West 1st g 68__1934 A 0
let gold 6s
1934 A 0
Scioto & N E 1st gu g 49_ _1989
Low
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Sept. 19.
Seaboard Air Line Mt g 44_1950 *0
Gold 4e stamped
1950 A0
Adjustment 55
Oct 1949 FA
Refunding 48
1950 40
let & cone (le series A
1945 MS
All & Birm 30-yr 1st g 4s_d1933 MS
Aeaboard All Fla let gu 68 A1935 FA
Series B
1935 PA
Seaboard & Roan let 5sextd 1931 33
& N Ala cons gu g 5s
1036 VA
Gen eons guar 50-yr 59_ _ _ 1963 40
So Pac coil 40(Cent Pac coil)449 JD
151 414,(Oregon Lines) A.1977 MS
20-year cony 58
1934 3D
Gold 4 3.4s
1968 MS
Gold 454e with war
1969 MN
San Fran Term 1st 49_1950 AO
*0
Registered
So Pac of Cal 1st eon gu g 55_1937 MN
So Pan Coast let gu g 49-1937 JJ
So Pac RR let ref 45
'3
1955
33
Registered
Stamped (Federal tax)-1955 2
Week's
Rwe or
Lair Sale.
89
987 10012
8
8914 95
97 10238
944 10112
84
9014
213
37%
101 10412
1023 106
4
94
90
957 1013
8
4
9311 9714 Ulster & Del 1st Cow g 513--1928 3D
Stpd as to Dec'28 & J'nel101ot
106% 1091s
let cons 55 ette of dep
let refunding g 4e
32
24
1952 A0
102 10312 Union Pae let RR & Id gr 43_1947 33
02
97
Registered
J
1st lien & ref 42____Juns 2008 MS
92
96
Gold 4549
92
9612
J
1967
1st lien & ref 5s___June 2008 MS
9714 10018
40
-year gold 45
9612 101
1968 3D
U N J RR & Can gen 4e
1944 M
94ig 9814 Utah & Nor let ext 49
1933 J J
Vandalla cons gds series A._1955 PA
93% 95
Cerise f 4s series B
1957 MN
Vera Crud & P assent 4545_1934
964 97
94% 983 Virginia Mid 5s series F
4
1931 MS
General 158
97 10234
1936 MN
994 1023 Va A Southw'n 1st gu 5s
4
2003 J J
let cone 60-year rui
10614 112
1958 AO
1073 1074 Virginia Ry let 60 eerie. A.1962 MN
4
let Si 4 s verbs B
10618 112
1962 MN
1014 10212 Wabash RR 1st gold 59.......1939
N
1044 1044
2d gold 58
1939 PA
Ref & gen e f 5 Me ger A
100% 10218
1975 MS
Deb Os series it registered.1939 J
let lien 50-yr g term 49...._1954 J J
92g 92s
Dec he Chic ext let 55
914 964
1941 3,
Dee Mollie* Div let g 49..1939 J J
10214 105
Omaha Div 1st g 3549
1941 AO
"ii" 16- Tol & Chic Div g 48
1941 048
863 Wabash Ry ref & gen is B 1976 PA
4
86
Ref & gen 454,series C
9512
0
90
1978
9714 102: %Yemen let ref gu g 314s..,_.2000 PA
9944 1022, Wish Cent let gold 4s
1948 QM
Wash Term let gu 334s____1945 PA
let 40-year guar 4s
- 771 s
1945 PA
101 10214 West'n Maryland lot 4s
1952 £0
let & ref 5-4. series A
04 100
1977
2
West N Y& Pa 1st 5
9
1931
Gen gold 4e
1943 *0
17 2
1946 MS
91 - -1- Western Pac lot 158 sec A
MS
Registered
8112 90
West Shore let 4e guar
2361 32
953 101
4
2361
Registered
75
78
88
924 Wheel & L E ref 4 Ms ser A-1966 MS
1966 Si
Refunding 5e series B
RR lt consol 4e
8914
1949 MS
85
WIlk & East let gu g 5s
D
1942
98
98
D
1938
101 10112 Will & S F let gold 51
984 10012 Winston-Salem SB 1st 49-1960
J
Wis Cent 50-Cr let gen 40
1949 23
100 102
Sup & Dui die & term Mt 49'36 MN
953g tOO
Wor & Conn East let 450-1943
'3
Range
Since
Jan. 1.
Ask how
Bid
Mgt No. Low
High
5712 80
56 Sept 30
56
70
/
1
4
5712 58
573
21
4
58
5512 71
26
52
28
52
5
28
80 4
4
39 Sale 39
41
19
39
80
/
1
4
46 Sale 46
481s 93
45
79
76
82% 76 Sept'30
723 89
e
40 Sale 40
4012 69
40
72
37
47
43 Aug'30
42
72
94
98
98 July'30
94
9812
102%
100 4 1027
3
- 10212 Sept'30
8
1093 1 103- 1087 Aug'30
8
8 -- 4
1055 1087
8
8
94% 0478 943
8
947
5
4
8918 95
2 10114 262
100% Sale 1902
94% 1027
8
10214 1023 10212 Sept'30
4
100 10212
9912 Sale 99
993
4 36
OA 10014
100 4 Sale 100
3
1003 126
4
9614 101%
9612 _--_ 95
95
12
89
' 95
_
87. Feb'30
87 87
103
103 July'30
100 103
963
4
Jan'30
96
96
96
96 Sale 95%
91
0614 35
97
94 July'30
91
94
9212 May'30
9212 100
Southern Ry let cone a 59_1994 3, 11012 Sale 11012 111
23
Registered
10814 Sept'30
Devel & gen 45 series A-1956 AO
g;fe 90
9012
Devel & gee 69
11614
1956 *0 11614 Sale 116
Develop & gen 6549
1956 AO 12212 12314 1234
12314
Mem Div 1st g 5e
4
1996 2J 10638 1073 1064 Sept'30
St Louis Div 1st g 421----1951 3' 9112
92
9214
East Tenn reorg lien g 5s__1938 MS 101
10012 July'30
Mob & Ohio coil tr 45...-1938 MS 943 1512 943
4
4
943
4
Spokane Internet 1st g 59-1955 J J 6114 6212 6114 Sept'30
Ataten Island Ry let 4549_1943 3D 853 ---_ 85 Feb'30
4
Sunbury & Lewiston Igt 4s__1936 J J 94 8
3
_ 95 Apr'28
Tenn Cent let 6e A or B___1947 £0 96% grde 96
963
s
Term Assn of St L let g 430.1939 A0 10012 10014 10014 Aug'30
let cone gold 59
1944 VA 10452 10612 10412 Aug'30
Gen refund s f g 4e
9312
'3 9312 94
93 2
,
1953
Texarkana & Ft S let 534. A 1950 VA 10614 1002 10612 1063
4
Tex & NO corn gold 5s_Aug 1943 J
99, -- -- 101 July'30
4
Texas & Pac let gold 5...2000 3 D 112 Sale 111
112
2d inc6a(Mar'28ep on)Dec2000, Mar 98
95 Mar'29
Gen & ref 59 serles B
1977$ A 0 10312 sale 10314
1033
4
Gen & ref 54 series C
1979 A 0 10318 Sale 103
1033
4
La Div 13 L 1st g 69
J 100% 10012 10012 10012
1931
Tex Pac-Mo Pac Ter 5349..1964 MS 108 ---- 1073
4 1073
4
Tel & Ohio Cent let gu 54-1935 J J 101%
101 Aug'30
Western Div 1st g Ces
3 1935 A0 100 4 I0i 10014 July'30
Gen gold 1543
8
1935 3D 1007 10112 101 Sept'30
Tol St L& W 50.yr g 49
1960 AO 9314 9512 9312 July'30
Tol W V & 0 gu 4 Me A
100 Aug'30
1931 3, 19018
let guar 414e series B
9912
9914 Mar'30
1933 J
let guar 49 series C
9212 Mar'30
94
1942 M
Toronto Ham & Buff ling 45 1948 3D 9112 IE 91 Aug'30
8914 __-- 894
894
2
98
98
1
10112 Feb'30
Sale 100
100
5
Sale 100%
101 18 49
_ 1013 Dee'20
4
997 Sale 993
8
4
997
32
4
9934 lows
99% 100% 993 July'30 ____
874 924
INDUSTRIALS.
8
915 Sale 9114
111% 77
931, Sale 923
8812 953 Abitibi Pow & Pap let Ed. —1953 3D
4
4
9314 150
93
92% 934 Abraham & Straw, deb 5549_1943
9314 76
933 WA
4
A0
With warranta
1023 10312 1023
4
10318 16 101) c10412
4
Adriatic Elec Co extl 79.-1952 AU
10018 102
10112 1013 10134 Sept'30
4
101 Sale 01
101
24 100 1111 12 Adams Express coil tr g 48.- _1948 M
054 Sept'30
105 8 106
5
10214 1051 2 501x Rubber let 15-yr 8189_1936 JO
4
993 Sale 993
4
944 993 Alaska Gold M deb Its A....1925 M
4
993
4
8
Cone dab Os series B
1924
S
913 Sale 9012
4
85
91%
913
4 20
Albany Peter Wrap Pap 6._19414 *0
79% 83
8214 8412 8212 Sept'30
4
4
9714 100s Atlegliany Corp col tr 59-1944 VA
997
14
993 Sale 993
Coll & cony 55
1949 ID
96 103
102 10212 02
103
4
Coll & cone 58
1950 *0
9912 Sale 98%
9418 99
9912 24
4
1003 -- -- 00% Aug'30
1004 10 4 Allis Chalmers Mfg deb 59..1937 MN
4
0
9112 9512 Alelne-Montan Steel let 71_ _1955 M
9312 9412 9512 Aug'30
99:2 9914 Am Aerie Chem let ref e f 754e 41 FA
100, -- 99,8 Aug'30 _4
Amer Beet Sue cony deb 69_1935 VA
96 100
993
4
100
5
993
4
4
104 10412 04
104
1 103 1053 Americas Chain deb 81135_1933 *0
Am Cot Oil debenture 55
97% 104
1931 MN
101 Sale 0012 101
5
Am Cynamld deb 5s
98
1942 A 0
98
98 Feb'30
9814 Am & Foreign Pow deb 544_203.1 MS
-654
963 Aug'30
4
92
Amer tee, I deb Ets
1053
917 9214 913
8
893 97
4
4
913
4
I
0912 109% 17 104% 109% Amer 1') Chem cony 550_1949 MN
1095
8
4
95 IS1- 9514
905 9612 Ain Internet Corp cony 550_1949
9514 14
8
.1
9912 101 14 An) Mach & Fdy s f 69
1024
1939 *0
01 July'30
10414
103 10414 Amer Metal 554 05 notes
0414 Aug'30
1934 40
1025
8
013
4
1013
4
1
983 10134 Am Nat Gas 614s(with war)1942 A0
4
9512 Sept'30
9512 97
8814 9512 Am Sin Se R let 30-yr Ai ser A'47 *0
Cash sale. 6 Due May. k Due August. e Due June:
e
103
100
101
.Price
Frioav
Sept. 19,
8118
7114
71 18
3818
983
4
32
66
19
19
5
3
13
28
31
8
27
17
10
1
1061491123
9
10512 1084
8812 93
1144 120
120 1264
10618 108
8718 92 2
7
96 1004
9018 953
9
72
61
8211 8612
51 -9914
97 10014
c993 104%
4
8714 933,
1033 1063
4
4
98% 101
10612 1124
-384 10 -14 -- 2
4
98 e 1044
7
9938 101%
104 107%
98 103
98 100 8
3
9718 101
90 8 9312
3
9812 100
984 994
924 9212
91
88
90
79
75
55
Sale
00 July'30
79
9012
70 July'30
70
87
14
7014 June'30
7014 7015
40 Aug'30
40
55
99
9814
80
93% 99%
9512 July'30 ____
9114 96
953
4 24
8
95¼ Sale 945
887 9814
s
10118 Sale 100%
101
89
98 10111
11112 Sale 111
11112 11 10612 112
923 Sale 9214
4
923
88
8714 92 4
1
954 July'30
9312 96
100
_ 96 Nov'29
9512 98 9534 9534
93 1115;
9412
8212 MaY'28
9 gife 9
11 12 15
-- -311 4
10018 -- 100 Apr'30
9815 101
10114 Aug'30
10114
100 10112
09 1111112 100 Sept'30 - 95 10112
8912 Sale 8912
8912 10
4
8314 923
10818 Sale 07 4 10814 73 10218 1084
,
01 Sept'30
100 4 10112
3
ioi; 1- A- 10414 10414 25 101 104%
6 3
10212 10312 0212
1023
4 13
9912 10414
10512
2 1015 10512
10514
- 0514
4
100
-- 9814 May'29
147
5 -34- --187
86 18
813 2
.
10312 -- 10312 Sept'30
100 10312
9312 -- 9312 Sept'30
934
92
87 894 87 Sept'30
814 87
_
9314
- 9012 July'30
884 90s4
1017
4 52
10174 Sale 10112
972 10214
4
943 Sale 9414
4
044 86
8814 9512
8014 Aug'30
7212 80 4
,
8312 ---- 87 Mar'30
83% 90
4
8P%-- 893
89 4
,
7
8414 8934
9512 - 14 933 Aug:301_ _
4
95
831 933
‘
2
8814 Sale 88
8812' 126
80
8112
10218 Sale 102
10212 69
94% 10212
10312 Sale 103
10312
4
98 10312
94% ___ 043 Sept'30
8
884 94%
99 Sale 983
4
9914 39
9513 993
4
97
Feb'30
97
97
4
923 Sale 923
4
93
2
85 4 9312
3
93
91
92 Sept'30
853 93
8
95
9914 95 Aug'30
87% 95
10118 10314 1007 Sept'30
8
98% 101
904
-- 9012
9012
2
874 904
583 15 60 Sept'30
8
71
60
102%- _ 10212 Sept'30
102 10212
86
9212 8614 Apr'30
8614 8614
76
7714 76
7714
4
724 8314
85 8 8612 85 Sept'3(
5
85
9152
85% ---- 903 June'30
4
90
/ 90 4
1
4
8
873 Sale
4
86%
873
4
83
8214 884
101% Sale 0014
1013
4 19
97 Sale 97
9812 16
91 Sale 91
91 12 24
4512 Sale 4512
6
504
7
9
7 Aug'30
514
8
8
1
94:4 Sale 93%
943
8 12
9934 Sale 0912 10014 05
99 Sale 99
125
100
963 Sale 9614
4
126
97
10218 103
02
1023
4 12
9514 Sale 954
96
14
10414 Sale 0414
10514 10
041
6312 64
63
10
10212 Sale 02
102%
5
11105 Sale 00% 1005
8
1
8
99 Sale 97%
9914 34
8952 Sale 89
893 236
4
____ 84% 86 Sept:3
107 Sale 107
10814 "inti
100 Sale 9914
10014 33
104
04 Sept'30
9711 Sale 97
971
74
791
19
7714 7712 77
1031
102% Sale 02%
67
97 10312
/
1
98 1004
9112
82
454 60
514 9
514 8
9614
85
97 10414
97 10411
994
92
99 4 103
3
91 100
10218 10512
6312 87%
97 102%
99 101
94, 1001e
2
884 90
/
1
/
1
4
84
90
ioo 10812
93 10114
1033 106
4
9614 99 4
2
70
92 8
1
994 104
/
1
1871
New York Bond Record-Continued-Page 5
So
BONDS
N. Y. STOCK EXCHANGE.
t
Week Ended Sept. 19.
Price
Friday
Sept. 19.
1Veek's
Range or
Last Sale.
Eu
Range
Siire
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Sept. 19.
31 •
"
z
Price
Friday
Sept. 19.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Ask Low
High No Una
Bid
Rid
Ask Low
RigS
High
Nigh No Low
83
6
79 Sale 79
79
98
e
Amer Sugar Ref 5-yr 6s.___1937 J J 10312 Sale 10312 10414 40 1017 1054 Elk Horn Coal 1st & ref 6 Hs 1931 3 D
52 Aug'30
60
51
52
75
Deb 7% notes (with warn) 1931 .1 D
943, 10012
8
994 27
Am Teleu & Teleg cony 45.__1936 MS 997 Sale 99
1003 10114 10114 Sept'30
S 10114 102 10114 102
4
99 4 10114
3
Etna Gas Light let cor 5s...1932 M
2
1933
9918 105
30
-year cony 4 Ms
8 53 103 1063 Ernesto Breda Co 1st in 724_1954
80
-year coil tr 55
1946 J o 10512 Sale 10512 1057
4
7712 Sale 7612
7712 13
F A
75
84
JO
With stk porch warrants
_ 10312 May'30 _
Registered
103 10312
99
24
94
99
8 10714 75 10018 10714 Federal Light & Tr let 5s...-1942 M B 99 Sale 9838
85-yr a I deb Ea
1960 22 107 Sale 1063
99
22
99 Sale 983
92
8
99
let lien s t As stamped____ 1942 M
8 109
59 10434 109
20
-year a t 5348
1943 MN 109 Sale 1085
10234 10312 103 Sept'30
1003 105
3
1942 fel
1st lien 6.2 stamped
130 13714 19312
Cony deb 4348
1939 22 15814 Sale 15812 161
9914 16
9214 1001s
1954 J D 99 Sale 96
30
-year deb 65 aeries B
35-yr deb 5s
1965 P A 10712 Sale 10634 10712 420 10018 10712
98
7
9518 102
1939 .1 D 98 Sale 98
1051
10 103 107
Federated Metals a f 75
Am Type Found deb 68._ 1940 40 105 Sale 105
9412 Aug'30
94
9414 107
1946 3 2 87
8
Am Wet Wks& El col tr bs 1934 * 0 1017 Bale 10112 10214 64
Flat deb is (with warr)
9912 103
3
91
89
90
90
883 947
4
4 l07e 24 104 10812
Deb g 65 series A
s
Without stock purch warrants.
1975 MN 10714 Sale 1063
7812 24
75
74
85
5918 89
Fisk Rubber 1st a t 88
1941
79
80
12
Am Writ Pap let g 63
1947 .1 2 7912 81
69
84
4 30 10312 109
95
Anglo-Chilean at deb 7a
7
1945 MN 95 Sale 9434
8312 981z Framerican Ind Dev 20-yr 7 Ms'42 J J 10812 Sale 10812 1083
80
79 Sept'30
78
28
25 Aug'3
97
AMID& (Comp Azuc) 7 Ms_.1939 22 24
Francisco Sugar 1st t Ms.-1942 r N 79
21
55
11
1037
8 25 1023 1041
4
4
1027 Sept'3
8
Ark & Mem Bridge dr Ter 55.1964 MS 10318
1
9814 10312 French Nat Mall SS Lines 781949 J D 10338 1033 10338
90
23
82
9272
1943 F A 88 Sale 88
Armour de. Co let 434s
1939 D 9312 Sale 93
Gannett Co deb 65
873 94
8
93e 79
10212 June'30
997 10212
82
2
70
Armour & Coot Del b348...1943 22 8112 Sale 81
8012 863 Gas & El of Berg Cocoas g 581949 J D 10412
4
954 55
M 23 9314 Sale 934
9318 WA
13 102 1045 Gelsenkirchen Mining 6s.
Aseoctated 0116% gold notes 1935 MS 10312 104 10312 104
8
86
1
3
8012 92
4
Atlanta Gas L let be
1947 • D 104 10712 10318 June'30
1013 10318 Geol Amer Investors deb 58.1952 F A 85 4 863 86
4
99
78
125 May'28
96
8
Atlantic Fruit 78 ars dep.__1934 JO
99
Gen Baking deb a f 5 Ms....„1940 A 0 99 Sale 9778
96%
97
38
JO
1
123 May'29
95 103st
12
8
Stamped ctts of deposit
1947 J .1 9612 97
Gun able 181 s t 5)45 A
(
3
Atl Gulf & WI SS L col tr bs 1959 22 7412 Sale 7418
94
96
7214 16"
743
4
9
5.45 F 2
19
EEllecectri(Gec drEnebangy348.2.a_n_1_42 1 A 9518 953 9514 Aug'30
52
1033
10318 Sale 101
Atlantic Refg deb be
9914 105
20 100 10312 Gen
1937 J J 103 Sale 10212 103
Gen
_ 105 124
13aldw Loco Works let 58-1940 MN 107 10712 107
107
4 105 10712
S t deb 634s with warr
1940 J D 98 102 107 July'30
4
833 72
4
Baragua (Comp Az) 7 Ms....1937 ii 72
943 101
4
72
6
998 12
72
91
Without warrts attach'd_1940 J D 9512 Sale 943
9218 97
9412 Sale 94
s
955
Batavian Pete gen deb 430_1942 JJ 953 Sale 9512
957e 47
8 52
14
20
-year is f deb 65
92
955
8
33 10012 104112
Belding-Hemingway 6s.- _1936
85
4
8514 85
85
6
Gen Mot Accept deb 88_1 48 M N 1033 Sale 10312 104
937 F A
67
85
10714 43 102 10744 Gaol Petrol 181 et As
Bell Telep ot Pa ba series B _ _1948 32 10714 Sale 107
9972 1023
4
5;45_11930 2i 10212 Sale 10212 10211 11
949 F A
0912 9914 9934 100
let & ref be series C
28
9312 103
1960 40 11112 Sale 1104 11112 22 1035 1115 Gen Pub Sem/ deb
8
8
Berlin City Elec Co deb 634e 1951 JO 87 Sale 87
103% 30 101 10614
10312 Sale 103
9018 58
87. c973 Gen'l Steel Cast 5 Ms with war'49 J
4
Deb sink fund 6248
92 4 10014
3
95 s 93
3
89
26
1959 FA 85 Sale 85
Gen Theatres Equip deb 81.1940 A 0 94 Sale 9312
843 98
4
833
4 41
Deb Ss
9414 47
92 c103
1955 AO 82 Sale 82
82
833 Good Hope Steel & I sec 76 1945 A 0 92 Sale 92
4
8
Berlin Elec El& Undg 8341...1958 40 855 Bale 85 8
5
90
31 105 107 s
18
8 106
7
Goodrich (B F)Co let 6545_1947 J .1 10612 Sale 1053
85 8 98
5
Beth Steel let dr ref ba guar A '42 MN 104 Sale 10318 104
92% 157
9 10112c105
90
96
Goodyear Tire & Rub let 5s_1957 MN 9212 Bale 9113
.1 1025 Sale 1025
8
8 10234 12
80-yr p m & Imp a t 55._ 1938
89
5
901 89
Gotham Silk Hosiery deb 621_1938 I D 89
87
9712
4
993 104
Bing dr Bing deb 634s
90
11
8
1950 MS 90 Sale 90
72
1
Gould Coupler lets t 65.-1940 F A 723 731 72
66 8 84 2
7
88
91
7
354 35 Sept'30
Botany Cons Mills 6 Ms
8
1934 * 0 35
8 1003
Gt etona
iC &
4
8
97 10112
14
3415 47
Power(
2apan) 751944 F A 1003 101 1003
s
10312 Sale 102
Bowman-Slit Hotels 7s
1934 M
9512 24
95 Sale 95
105
5 100 105
19502
901A 98
gEeni
8
10
918
10
22
Irway & 7th Av let cons 5s_ J943 3D
97
5
97
712 4412 Gulf States Steel deb 5M8-1942 D 9712 98
94 100 2
7
8314 16
8314 Sale 8012
Brooklyn City RR let 5s_194 J
78
87
108
8 10312 1063 Hackensack Water let 48-.1952 J
itklyn Edison Inc gen bs A_.194
9012 911 917 Aug'30
J 106 Sale 106
8
917$
83
2
lOOlz 298
Bklyn-Mao It T sec 85
Harpin Mining 68 with stk numb
9412 101
198 J J 10014 Sale 100
_ 73
73
73
8818 18
85 Sale 85
1
Bklyn Qu Co dr Sub con gtd bs'41 MN
war for corn stock or Am she '49
85
94
68
77
85
89 8312 Dec'2 -4
let 58 stamped
83 4 92
1
Harem SS Lines es with warr_1939 A 0 8412 Sale 8412
1941 J J 73
9212 June'2
Brooklyn R Tr let cony g 46.2002 ii
66
Havana Elea consol g 5s
1952 F A 674 70 66 Aug'30
8412
105 --- 10614 Nov'2
47
6
M S 47 Sale 47
43
Deb 510 series of 1926.-1951
3-yr 7% secured notes_ 1921
6612
85
8312
84
10
93
19
Hoe (It) & Co let 834sser A.1934 A 0 84
76
90
Bklyn Un El 1st g 4-5s
82
1950 FA 93 Sale 9212
93
801 75
1
75
75
9218
Stamped guar 4-5s
1950 P A 10734 ---- 833 Mar'30
83 4 891t Holland-Amer Line (is Wal)_1947 M N
4
3
Sale 97
97
18
10734
108
2 103 108
Bklyo Un Gas let cons g 55_1946 MN
97
97
14
Houston 011eink f und 5543..1940 MN 97
6611 18
5
118 Sept'30
let lien & ref Os series A_.1947 MN 11812 119
5712 73
114 118
Hudson Coal let at bs ser A.1962 I D 6614 Sale 65 8
I 10118 1063
(
Cony deb g 564e
Hudson Co Gas 1st g 68---1910 . N. 10512 107 10512 105'±
1936 32 250 ---- - 06 May'30
4
306 308
M
i 93 101 1023
10412 Sale 10418
1043
8 87 1023 10814 Humble 011.1. R,Mining 5M8-1932
Cony deb As
1950
4
4
3 10212 Sale 10238 1023
Jan'30
8
4
96
10214 10
D
Buff & Siam Iron lot a f 5s _1932
99 4 103
3
Deb gold be
1937 A 0 1023 1023 10218
96
96
i 15 103 1081s
4
Bush Terminal 1st 48
D 1053 Sale 10512 1052
9312
1952 * 0 9312 Sale 93
5
8714 9312 Illinois Bell l'elephone 52-1950 J
102
22
4
1013
4 12
C00801 be
1955 12 101 Sale 101
1940 A 0 1013 Sale 10134
97 102
Illinois Steel deb 43.4s
94 102
4
Bush Term Ridge be gu tax-ex '60 AG 1043 Sale 10414
85°i 29
1043
4
3
92
82
99 1043 ileeder Steel Corp mtge 693._1948 Fr A 8512 Sale 854
4
By-Prod Coke let 530 A
731e 48
10412
1945 MN 104 Sale 104
7 10014 10412 Indiana Limestone let sf 133_1941 M N 72 Sale 70
68
85 1
1
_- 10012 June'30
Ind Nat Gas & 011 ba
100 101
434s1936
N 101
4
983 149
8
1033
4 1033
4
Cal 13& E Corp unit & ret 55_1937 MN 10312
2 1003 104
91
inland Steel 1st
1978 A 0 9814 Sale 973
98
/
1
4
8
Cal Petroleum cony deb 51551939 FA 100 gale 993
101
10 10012 1011s
8
4 100
26
94 10012 inspiration Con copper 63is 1931 M 8 1007 101 1007g
912 20
Cony deb a t g 5 Ms
818
10
S's
1938 MN 10214 Sale 10112 10212 81
_
818 9
11
9812 10212 Interboro Metrop 4 Ms.__1958 A 0
41
8
Camaguey Sug let at g 75
741 286
40 Sept'30
1942 AO 40
61
7412
Interboro Rap Fran let 55-1966 I J 737 Sale 7234
33
60
7912 11
Canada EIS L tat & gen 138.__1941 40 8012 8112 7912
747 462
7478
8
1 .1 733 Sale 73
61
Stamped
7912 97
8
8 1047
8
Cent Dist Tel let 30-yr 5s..A 943 Jo 1047 106 1047
67 Sept'30 -6034 6734
2 10218 105
Registered
8014 87
Cent Foundry late 165 May 1931 FA
61
18
5912 6912
8014 Aug'30
1932• 0 _
s
4
10
447 661
7914 8112
-year 6s
9411 142
Cent Hud G & E 58_ __Jan 1957 MS 10518 1053 106 Aug'30
.
4
84
94 4
3
10-year cony 7% notes-1932 MS 54T4 Sale 8314
10214 106
9713
8
1
- 9712
Central Steel let get 85
1941 • N 1173 120 11912 120
4 11178 125
9312 9758
Int AgrIc Corp let 20-yr 50_1932 MN 9712
Certain-teed Prod 514w A._ _1948 MS 4558 Sale 4558
79
2
4614 78
7214 7912
3712 81
Stamped extended to 1942--. MN 78 VII 79
8
62
60
Cespedes Sugar Co let at 7 Ms'39 MS 60 Sale 50
8
91 10338
1948 MN 1007 Sale 1004 1013
60
7814 lot Cement cony deb 5.9..
10111 82
633 Mar'30
4
Chic City & Conn Rye SaJan1927 40
98 104
5312 5312 internal Hydro El deb 83..1944 * 0 10014 Sale 10014
10278 163 10314 Sept'30
-12
Ch G L & Coke 1st gu g 5s„ _ _1937
97 10118
100 10512 internal Match s I deb 58_1947 MN 10115 Sale 10038 1014 85
8
Chicago Rye let be stud ret 15%
9814 1013
4
Inter Mercan Marine at 6s_ _1941 40 1013 Sale 10138 1014 12
A
793 Sale 7934
4
88214 19
8218
8412 30
Principal ard Aug 1930 Int_ __
2
81
9212
I uteri:um' Paper baser A dr B.1947
69
85
8
841 Sale 8518 87 20 85 94
92
Childs Co deb fis
1943 AU 915 Sale 9158
22
1955 M
Ref s f 65 series A
883 92
2
983 Sale 9612
4
Chile Copper Co Co deb 55_1947
97
4
90
63
80
8838 94
94
9814 lot Toler.& Teleg deb g4 Ms 1952 ii 8912 Sale 883
CM & E 1st m 45 A
1063 357 105 129 4
4
1968 AG 9214 Sale 9138
9214 103
1939 32 105 Sale 105
3
Cone deb 434e
861s 9214
72 Aug'30
Clearfield Bit Coal let 48„ 1940 JJ 7214 74
9612 140
95
1955 P A 9612 Sale 9512
12 997
Deb bs
63
74
11
6512 68
P A
68
67
Colon 011 cony deb 65
1938
25
5912 8914
100
1053
s 313 103 105 s
Colo F & I Co gen is f 5s
1943 J J 99 100 100
2
95 100, Kansas City Pow Ar Lt 58_1952 MS 10518 Bale 105
7
8
8
971
4
Col Indus let & coil be gu
1934 P A 973 Sale 973
8
9512 10218
tat gold 41-4' series B_.__1957 1 .1 10212 1023 102 Sept'30
9212 98
8 10314 62
8
Columbia CI& E deb 5a May 1952 raiN 10314 Sale 1025
9518 96
957
8 75
14
0
9858 10314 Kansas Gas & Electric 4128.-08 J D 957 Sale 9514
103
7412 10
Debentures ba... _ _A pr 15 1952 40 103 Sale 10234
32
6912 83
983 1035 Karnadt (Rudolph) 68___1943 hI N 704 Sale 7018
4
8
%
1011
85
5
2
Columbus Gas let gold Ss_ _11132 J 1 100 10112 100
74
91
95 10112 Keith (LI F) Corp Bit 8s____1948 MS 8312 84 8414
9712
767 Sept'3
8
98
78
Columbus rty & L let 4)4e 1957 J J 9712 98
74
92 4
3
Kendall Co 5)4e with warr__1948 MS 74
90
98
921
92
12
9212 90
8
Commercial Credit s t 6s._ A934 MN 100 10012 10014 1003
1
75
9212
93 4 10012 Keystone Telep Co list 513_1935 .1
3
1033
8
98
993 9712
4
971
2 10014 10414
Col tr 5 f 5122 notes
1935 J
5
Kings County El & P g fei -1937 40 10314 ___- 10338
85 100
Commq Inveat Tr deb 8s._ 1948 MS 10012 Sale 9972 1008 131
125 1361s
1997 A0 134 137 135 Sept'30
Purchase money 88
86 10055
97 Sale 96
98
863
52
Cony deb 6
139
1949 FA
7512 86
Kings County Kiev 1st g 4s._1949 FA 8812 Sale 8512
83
98
108
8014 May'30
_
2 10312 10818
Computing-Tab-Rec a t Gs. 11141 J J 106 Sale 106
7512 84
1949 P A
Stamped guar 48
993
j 10711 108 105 Aug'30
993
4
Conn Ry & L let & ref g 4Ms 1951 .12 9918 100
3
1954
10012 105
Kings County Lighting 58
9512 100
100
11738 11912 11712 Aug'30
997 10014 100
8
Stamped guar 412s
11412 1191s
1954 J
10
1951 J J
First & re( 6(-4s
9312 100
1002 10714
8
831
Conaol A grlcul Loan 6)4s.. _1985 J O 82 Sale 82
52
Kinney (OR)& Co 7 M%notes'38 Jo 10312 104 10212 Sept'30
7612 90
Consolidated Hydro-Elec Works
9 10214 105
Kresge Found'n coil tr 65-1938 ID 104 Bale 10312 104
3 28
of Upper Wuertemberg 7a_ 1956 12 9112 92
9112
933
9714 Sale 9714
981 570
92 100 4
89 e953 Kreuger & loll 58 with war 1959 M
3
8
471
Cons Coal of Md Ist&ret 58_1950• 0 4714 Sale 47
104
9 100 104
104 Sale 104
18
42
Lackawanna Steel let As A-1950 M
63
4
107
CODS01 G89(NY) deb 5 Ms_ 1945 FA 1063 Sale 106
10355 11
98 105 108
99 1033
2
Lac! Gas of St L refiext 55.1934 *0 10312 104 10311
103
Consumers Gas of Chic gu 58 1938 JO 10212 Sale 103
32 1003 10514
1041
1
4
9812 103
Col 38 ret 53-4e serlee C-1953 P A 104 Sale 103
1051
Consumers Power let 58.......1952 MN 10514 Sale 10514
21 102 10412
13 10214 108
1960 P A 104 Sale 10312 1041
doll & ref 514a ser D
,
Container Corp let 68
931
1946 • D 9312 9412 9318
4
8918 953 Lautaro Nitrate Co cony 65_1954
4
15-yr deb Sc with warr___.1943 ID 70
7312 72
73
771
48
13
'I 7712 Sale 7534
74
Without warrant.,
72
87
8712
go
907 go%
8
997
Copenhager Telco be Feb 15 1954 P A
2
99
1
9418 99
Lehigh C & Nay 5 I 4348 A._1954 13 99 Sale 99
913 100
4
Corn Prod Retie let 25-yr at ba'34 MN 103 Sale 103
103
101
1011
9 9912 1011s
2
9712 10312 Lehigh Valley Coal lat g Ss __1933 1 j 101
Crown Cork A Seal a I 63_ _ _1947 JO 101 102 101
1011
4
J 99_ _ 9712 May'30
9512 973
let 40-yr gu int red 1o4%.1933
94 1112
4
Crown Willamette Pap 611„ _1951 1 .1 103 Sale 101
103
973 101 9812 July'3
4
1934 FA
39
8112 100
1st & ref a I be
9912 10412
Crown Zellerbach deb Se ww 1940 MS 9712 Sale 97
973
77
81
7712 io
70
1944 FA 76
let & ret a 1 58
97
77
83
98
Cuba Cane Sugar cony 79_1930 • J
---- 41 Mar'30
66 Aug'30
1954 FA
74
let & ref s t be
60
3512 4118
30
41 Mar'30
Cony deben Humped 8% 1930
J
70 May'30
1964 PA
3818 4312
70
let & ref 5 t 55
761
4
9012
Cuban Am Sugar let eon 881931 MS -9512 Sale 9418
70 June'30
65
8
9174 PA
let & ref S f 5a
9212 10014
70
76
16 Sale 16
Cuban Cane Prod deb 66_11)50 J J
1718 18
12214
6 11712 12312
18
38'N Liggett & Myers Tobacco 71.1944 AO l2218 12318 12218
_ 1955 20 Aug'30
Cuban Dom Sug 1st 7 Ms_ _ _1944 MN
1057
8 33
4
1951 PA 1057 Sale 10512
Se
20
993 1063
4
4
47
22
18
Stud with purch war attached_
20 Sept'30
120
3 10112 130
_
20
404 Loew's Inc deb 138 with warr.1941 *0 119 Sale 119
Cumb T & T let & gen Ss... 1937 ii 10314 10312 103
10312
42
1001
4 10014 105
Without stocks uurch warrants *0 10018 Sale 10015
4
913 101
4
Cuyamei Fruit lets f as A.
.1940 AC) 10412 1043 10414
10478 15 10214 105
944 18
941 94
93
Lombard Elec let is with war '52 • D
9912
_ 76 Dee'29
Denver Cons Tramw tat bs_ _1933 so
Without warrants
93
99
D 90s 941 95 Sept'30
Den Gee dr EL let & ret et Vaal MN 10134 gale 10112 10134 11 1123f2 10312 Lorillard (P) Co 75
11112 23 1047 11112
1944 40 11112 Sale 11034
8
Stamped as to Paltax_.1951 MN 101 12 102 101
101
1
91 14 19
787 9114
s
Se
1951 PA 91 Sale 90
9812 104
61
Deny Corp (D G) Is; a I 78_.1942 MS 1012 20
Oct'29
9714 113
84
Deb 548
1937 ii 9812 Sale 9614
9712
7
12
10
Secord stamped
10
4 100 10513
105
2
Louisville Gas & El (Ky)5E1952
N 105 10512 105
10
47
1027 Sale 10212 103
8
,
Detroit Edison let eoll tr 51.1933 .1
34 10014 1033 Lower Austria Hydro El Pow-._
4
10518 12 101 1051 4
let & ret be series A_July 19411 • S 1043 Sale 10434
84
2
84
4
80
1944 PA 833 84
91
late!6 As
4
10512 18 1013 10612
8
Oen & ref As series A..._1949 40 106 10612 1057
4
let & ref 6w series 11_ _July 1940 MS 10714 Sale 107
9912 20
10738 14 105 10812 !McCrory Stores Corp deb 5)45'41 3D 9912 Sale 9814
9612 10012
D 10634_
1955
1063
4 1067
ref be series B
Gen &
89
265
8
'McKesson & Robbins deb 548 60 MN 884 Sale 8814
86
8 102 107
93
8
1962 'CA 107 11175 107
Series C
107
45
11
4 1023 1073 Menet' Sugar Isle f 7)4s_ _.1942 *0 45 Sale 45
37
86
,
4
4
9834
Det Urited let co. g 4 Ms„.1932• J 983 99
9834
4
543 523
4
5414 36
2
44
80
96
9978 Manhat Ry (N VI cons g 48.1990 *0 54
95
8
1940 MN 945 Sale (9414
Dodge Bros deb 65
46
4912 46
1
2013 ID 45
86
2d 45
45
54
91
987
8
Dold (Jacob) Pack let 65_ ...1942 MN 63 Sale 58
63
90 July'30
Manila Elea Ry Lt s I 511 1953 MS 98 103
3
90
58
75
991
4
Dominion Iron & Steel 58..1939 MS
101
Apr'30
Mire Ti' co ctte of panic In
10012 101
4_ 1033
Donner Steel let ref 78
1942 J J 1033
4
9812 983 9812 Sept'30
104
4
A I Nam= & Son 1st 65_1913
8 10112(10412
961±190
4
Duke-Price Pow Int(is ser A _1966 MN 1053 Rig 1053
2 106
563
4
54
68
5634
19 10318 10612 Marlon Steam Shovel if 6s_1947 A
2
50
8834
Duquesne Light le 4 Ma A _1967 * 0 103 Salo 103
1031
96
31
15
9614 10312 Nlerket St Ry 7s ser A _April 1940 0.1 944 9512 954
8912 9714
.37 • S 54 Sale 54
East Cuba Sue 15- yr s g 7
5414
I957 A0 9712 10012 9812
Merldionale Elec let 75.
9812
52
4
87
9434 102
8
4
Ed El III liklu 1st eon g 4s...1939 J J 977 9812 973 Sept'30
be set C_1953 13 105 10512 10512 10512
945 9734 Metr En 1st & ref
8
5 101 10512
8
8
Ed Elec(N Y )1st eons g 58_1995 .1 .2 1125 ____ 110 July'30
1st g 41-48 ser 13
1968 1.68 1007 10114 1003
4
101
109 111
9
973 10132
4
Edith Rockefeller McCormick_
Metr Went Side E (Chic) 45 1938 FA 81 Sale 8014
82
22
8612 831a
10214 Sale 1013
Trust coil tr 6% notes...1943 J
4 10238 19 10038 1023 hi lag Mill Mach 75 with war.1958
8014 Aug'30
D
4
8012 97
9312
Elec Pow Coru(0ermany)814s'50IM 8 91 Sale 91
7712 80
Without warrants
8912 9712
9
767
8
767
8
1
767 90
8
9212 9212
19531A 0 85
1s1 5 I 6 Ms
9212
10212 Sale 1013
3
4
8718 9412 Midvale St &0cony s t 55_1938 M
10212 34
993 1025s
4
c Cash sale.
1872
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Sept. 19.
New York Bond Record -Concluded-Page 6
Price
Friday
Sept. 19.
Week's
Range or
Last Sale.
1.1
2C1 1,
1
BPI
Ask Low
High No
1)111w El Ry & Lt ref & ext 4118'31 .1 .1 10018 1003 1004 1004 11
8
General & ref 5e series A 1951 J D 10514 110 10518
10514 10
let & ref 5s series B
1961 .1 D 10318 10312 10318 104
28
lat & ref 66 ser 15 temp_ ..1961 1 11
_ 9912 Jan'30
Montana Power let 541 A_-_1943 .1 .1 103' 104 1035. 104
44
Deb 58 /mace A
1962.1 D 1033 Bale 1034 1034
7
4
MontecatIni Mir & AgrioDeb is with warrants
4
1937 J
10212 Sale 10212 10212
Without warrants
.1 .1 9912 Sale 994
3
9912
Montreal Tram let & ref 58_1941 1 .1 10014 Sale 10014
8
1003
4
Gen & ref a f 54series A__ _1955 A 0
__ 944 Aug'30
Gen & ref s f 5s ser 13
1955 A 0 965 . 9174 Jan'30
96588 98
Gen & ref 6141468er C_1955 A 0 8814 92
8614 Aug'30
Gen & ref e f 5a ser D
1955 A 0 965 --- 9512 Sept'30
8
Morrie & Co let e I 4 As....1939 1 .1 85 Bale 85
85 12 22
Mortgage-Bond Co 4s see 2_1966 A 0 734 90
73 June'30
10-25 year 55 series 3
1932.1 .1 98
9
9814 98
9818
Murray Body let 648
1934 .1 D 100 Bale 9934 100
63
Mutual Fuel Gas let du g 58.1947 M N 1041s
1045 Aug'30
8
Mut Un Tel gt(164 ext at 5% 1941 MN 1033 -- 9853 Jan'30
6 ---Namm (A I) & Son_ _See Mire Tr
Nassau Else guar gold 48- _1951
J
4
62
563 Bale 54
57
Nat Acme 1st s f 6a
1942.1 D
101 10214 Sept'30
Nat Dairy Prod deb 5(i_.1948 F A 166E8 Sale 10014
1003 526
4
Nat Radiator deb 6%s
1947 F A
22
21
21
21
Newberry (J J) Co 54% notes'40 A 0 9814 9812 9814
984 13
Newark C0111301 Gas cons 56_1948 3 D 1054 108 10558 1051,
2
New Engl Tel & Tel Sc A-1952
D 1084
20
-- 10853 109
lat g 4516 series B
1961 MN 1037 10C414 102
8 1033
4 14
New Orl Pub Serv let Ed A .._1952 A 0 9518 Sale 931,
9514 55
First & ref 56 series B___ _1955 J D 943 9514 9318
4
41
95
NY Dock 50-year let g 43_ -1951 F A 844 853 85
4
1
85
Serial 5% notes
1938 A 0 78 Sale 78
20
79
NY Edison Ist & ref 645 A 1941 A 0 1144 1143 11418 11412 14
4
let lien & ref fis series B_ _1944 A 0 10518 10512 105
9
1053
4
NYGasEILtH&Prgbe.A948i D
24
-- 10834 109
Purchase moos. old 45. 1949 F A 10949718 98 974
98
27
NY LE& W Coal & R11548'42 kiN 1003 -- 102 Sept'30
8
N Y LE& W Dock & Imp 68'43 J J 1003
- - 99 July'30
Y Rya let R E & ref 45_ _1942 J .1 4344. 4318 Mar'30
85Certificates of deposit
434
4338 Aug'30
30-year ad) Inc 111. __Jan 1942 t 0
- ; 434 Sept'30
47
Certificated of deposit
1 July'29
N Y Rye Corp Inc 65__Jan 1965 AP
51 dile" 512
11
6
,
Prior lien 68 series A
1965.1 J
4
6054 Sale 60
604
N Y & !Balm Gas 1st 68 A _ _1951 M
-- 10814 Sept'30
N Y State Rye Ist cons 4146_1962 MN 108912 10
94 Sept'30
Regtstered
II S. ---- -- 17
Jan'30
Certificated of depOelt
14 June'30
814 13
50-yr 18t eons 64s series B1962 MN
1012 14
814 Sept'30
NY Steam let 25-yr Os ser A 1947 M
29
10712 Sale 10714 108
NY Telep let & gen if 44e.1939 MN 1023 Sale 102
4
1034 38
30
-year deben 5 f 6s_ _Feb 1949 F A 111 1114 1114 1113
7
3
30
-year ref gold 65
1941 A 0 107 Sale 107
10712 39
NT Trap Rock let 6a
1946
17
D 102 102 4 0218 1021
,
Niagara Fella Power let 58.1932 JJ 10418 1043 0418 10418
8
4
Ref & gen 65
Jan 1932 A 4, 10418 Sale 044
2
10418
Slag Lock & 0 Pr letbgA.A955a 1, 10418 Sale 0418
17
105
Niagara Shares deb 5 He_ ..1950 M N 10258 Sale 0258 10314 78
Norddeutsche Lloyd 20-yr a 16.47 .m N 8614 Bale 8534
32
87
Nor Amer ('em deb 64sA_ .1940 M S 57
6
59
80
5912
No Am Edleon deb 5e ser A .1957 M 1- 1037 10412 0414 10412 eo
8
Deb 54s ger B___ _Aug 15 1963 F A 104 Bale 034 1044 85
Deb 56 aeries CNov 15 1969 MN 1013 Bale 01
4
1014 107
Nor Ohio Tree & Light 114_ .1947 M 8 1085 Bale 0612 108
57
8
Nor Statee Pow 25-yr 5a A._1941 A () 10318 10312 0318 10313 14
let & ref 5-yr 69 ser B _ _. _1941 A 0 106 108 06
7
156
North NV T 1st fd g 4 Ael
10014 -- 0018 Sept'30
AC#34
Norweg Hydro-El Nit 510_1957 MN 944 Bale 944
943
4 42
Ohio Public Barytes 7 Hs A _.1946 A 0
1st & ref 78 series B
1947 F A
Ohio River Edison let 6a__.1948 .1 1
Old Ben Coal let 68
1944 F A
Ontario Power N F let 58_1943 F A
Ontario Transmission let 55_1945 M N
Oriental Bevel guar 6s
1953 M S
Esti deb 54e
1958 M N
Oslo Gaa & Fl Wls esti 5e_ _1963 M 8
Otis Steel let M 65 ser A _1941 M 8
Pacific) Gas & El gen & ref 58 1942.1 .1
Pacific Tel & Tel let
_ _1937 J .1
Re1mtge5eeerleeA_ ___ 1952 M N
Pan-Amer P & T Cony.1 68_1934 MN
Pan-Am Pet Co(ofCal)conves '40 J 0
Paramount-Wway 1st 5 Hs _1951 .1 J
Paramount-Fam's-Lasky 68.1947.1 0
Paramount Publix Corp 5146 1950 F V
Park-Lea Ist leasehold 8i48- 1953 J 1
Parmelee Trans deb (le
1944 A 0
Pat & Passaic & El eons 5a 1949 M 8
Paths Exch deb 7s with wart 1937 M N
Penn-Dixie Cement 68 A....1941 M S
Peop Gas & C let cons g 86_1943 A 0
Refunding gold 66
1947 M S
Registered
MS
PhllacosecbsserA
1987 JO
Pails Else Co let 441
1967 MS
Phila & Reading C & I ref 5.1 1973'.1
Cony deb as
1949 M
Phillips Petrol deb 54s_1939 3D
Pierce 011 deb at 8s_ _Dec 15 1931 J
Pillsbury Fl MIlls 20-yr (Se_.1943 AO
Pirelli Co (Italy) coon 7e___1952 MN
Pocah Con Collieries let s f 541'57 33
Port Arthur Can & Dit 611 A _1953 FA
Set M Os series B
1953 FA
Portland Elm Pow let (is B_1947 MN
Portland Gen Else let fie_ _1935 .1 3
Portland Ry 1st & ref be.
1930 MN
Portland Ry L & P let ref 56_1942 FA
let lien & ref 6s aeries B..1947 MN
let lien & tel 73.4e set A..1946 MN
Porto Rican Am Tub cony 681942
Postal Teleg & Cable colt 58.1953 J J
Pressed Steel Car cony g 56. 1933 1 .1
Pub Serv Corp N J deb 4 45 1948 FA
Pub Bert/ El & Gas let & ref 5e'85
D
1967 JO
let & ref 4 14.
1st & ref 4 Hs
1970 FA
Punta Alegre Sugar deb 7s. _1937 1
Certificates of deposit-Pure 0116 f 554% notes
1937 PA
Sf 54% notes
1940 MS
Purity Bakelite a I deb 55_ _1948 J J
Remington Arms as
1937 M N
Rem Rand deb 548 with war '47 MN
Repub I & 8 10-30-yr bee f 19411 40
Ref & gen 54e 5erlee A
1953 J J
Revere Cop & Br Os...July 1948 M
Rheinelbe Union 7s with war1946
J
Without stk dwell warr .1946
3
Rhine-hlaln.Danube 78 A .1950 MS
Rbtha-westphalla El Pow 7. 1950 MN
Direct mute 68
1952 MN
Cone M 6s 01 28 with war _1953 PA
Without warrants
A
880 1931) sith war 1058 A'
,
Con m
a Cash sale.
7
112
112 11212 12
7
11413 1143 1412 115
4
10814 30
108 Sale 08
2
6012
61
60
62
5
10312 -,-- 031: 10312
1
10312 Bale 0313 10312
99 4 44
9912 Sale 904
3
114
8
93
925 Bale 924
9812 54
98 Sale 9758
5
4
10212 1023 021: 1023
4
1034 Sale 024 10312 27
13
104 Sale 0312 104
9
1063
10612 Sale 0618
s
: 23
1041
10414 Bale 04
13
9212 Bale 924
93
10
102 103 014 103
42
8 101
1004 Sale 1005
9458 52
944 Bale 944
7
804
81
804 81
2
61
57
8012 604
105 107 1013 July'30
4
3
58
56 Bale fie
11
85
84
8514 85
1141: Sale 11412 11514 10
7
105 Bale 1044 105
1004 Mara°
i0238 Sale" 102 10212 129
"
10312 Bale 1021: 10312 18
88 Sale 87
8853 37
9914 Sale 994
10114 302
97 Bale 963
9714 152
4
106 107 108 Sept'30
10514 108 105 Sept'30
10012 103 101
2
101
93 Bale 93
1
93
10514 108 10514 10514
1043
4
105 June'30
105 Bale 105
1054 14
102 103 102
102
1
100 10014 100
100
105 8 Sale 10538 1053
3
s 37
1
105 Bale 105
10512 17
10918 Sale 10878 10912 57
834 Sale 8
4
8312
34
93 Sale 9114
9312 124
895 Bale 89
4
893
4 39
_
190
Jan'30 -.
10514 Sale 1054
10514
8
1023 Sale 101% 1024 34
4
1023 Sale 102
4
1024 43
204 4212 25 July'30
2312 Sale 2312
234
2
10014 Sale 10014 10012 28
9912 Bale 9914
993
4 78
961: sale 981
: 9714 25
97 Sale 96
97
27
997 Bale 995
8
8 10012 146
102 Bale 102
102
20
103 Sale 103
1031
8 78
10418 10414 10412 Sept'30 ____
3
9812
95 4 Sale 95 4
3
2
8
95
924 Sale 925
28
8
1014
100 Sale 100
10014 20
100 Sale 100
884 Sale 8712
894 13
55
90
883 Sale 87
4
12
90
87
9012 884
87 Bale 88
90
81
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended Sept. 19.
t
Price
Friday
Sept. 19.
High
Low
9712 101
997 10514
8
9654 104
9712 9912
100 10412
98, 104
4
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
4 xi' Lo-c
Btd
High No Low
High
Rhine-Ruhr Wat Ser 68-1953 J J 82 Bale 82
82
791a 89
3
Richfield 011 of Calif 65____1944 MN 87 Sale 834
80
9814
8714 30
Rims Steel let sf78
1955 FA
9312 96
93 Sept'30
884 9714
Rochester Oas di El 7s eer B_1946 MS 10712 Sale 10712
s
4
10712 93 1053 1085
Gen rntge 5118 series C
I948 MS 1067 Sale 1067
8
:
8
1067
8 13 1041 108
Gen n)tge 44s series D._1977
S 1014 1015 100 Aug'30
8
97 100
itoch & PUG]C& I pm 541._1946 MN 85
92
85
85
10012 10812 Royal Dutch 45 with warr_1945 AO 904 Bale 85 May'30
874 92
9053
147
91
95 102
95 101
St Jos Ry Lt H & Pr let 55_1937 MN
9814 Sale 984
99
94
9814
1
9114 96
St L Rork Mt & P58 stmpd_1955
52
64
4
57
917 917 St Paul City Cable cons 55__1937 .1 .1 57 Sale 55
8
8
J 87
92
87
87
80 c92
5
8412 9914
Guaranteed 5s
J 87
1937
8714 86 Sept'30 _86
86
911: 9512 San Antonio Pub Serv 1st 65_1952 .1 .1
8
5 102 1084
8512 Saxon Pub Wks (Germany) 75'45 PA 1085 Sale 10858 1084
80
95 Sale 95
923 1004
4
973
4 72
734
73
Gen ref guar 6%.
1951 MN 904 Sale 894
86 c99
92
119
9612 100
Schulco Co guar 0%e
1946 33 78 Sale 78
45
80
80
3
89 100
(Tier s f 64i series B____1946 A0 90 Sale
45 e9312
9212 56
997 1045 Sharon Steel Hoop sf 549_1948 MN ___. 963 90
8
8
95 100
8 98
9612 20
8
985 985 Such Pipe Line e I deb 58___1952 MN
8
9212 c974
9712 Sale 9714
4
973 216
Shell Union 0116 f deb 5s_1947 MN 963 Sale 9613
9312 9914
967
8 68
4
4958 57
Deb 55 with wart
1949 40 975 Sale 9712
9614 10212
98
8
88
4
10012 1023 Shloyetsu El Pow 1s0 8 14a 1952 JO 8412 88
94
85
85 Sept'30
95 c10112 Shubert Theatre 68,June 15 1942 3D 4314 47
41
45
47
8912
3
21
40
Siemens & Betake s f 7s___ 1935 J J 1003 Sale 994 1003
951
99 104
4
4 42
9814 99
Deb f 6 Sis
MS 10018 Sale 10014
10112 42 100 108
102 10718 Slerm & San Fran Power 511_1949 PA 1024 103 103 Sept'30
964 10314.
_
10312 109
Silesia Else Corp s f 6%
1916
A 8012 88
8012 901s
88
883
4 18
4
9818 1033 Silesian-Am Exp coll tr 75_1941 FA 8734 881 873
86 c97
873
4
4
1
9514 Sinclair Cons Oil 15-yr 78__-1937 M
82
4
8
1043 Sale 10438 1043 110 1003 105
4
95
83
1st lien 6%.series D
1938 3D 10312 Sale 10312 104
995 10413
8
19
8014 85 4 Sinclair Crude OS 54s ear A.1938 33 10218 Sale 102
3
944 1025
10214 122
4
86
70
Sinclair Pipe Line e 1 5s
AO 1023 Sale 102
9412 10213
10212 42
8
11112 1143 Skelly 011 deb 5%s
4
1932 MS 984 Sale 964
99
4
91
97
967
s 22
4
1023 106
Smith (A 0) Corp let 610-1933 MN 1033 Sale 10318 1034 20 10112 104
8
1043
4c11012 Solvay Am Invest 5s
93 8 9914
1942 MS 99 Sale 99
7
994 24
9234 98
South Porto Rico Sugar 78. _1941 JO 10312 104 10312 10312
1 103 107
99 112
South Bell Tel & Tel 1st s 1 58'41 33 1043 Sale 1044 105
8
4
62 1015 1054
9818 99
S'west Bell Tel let & ref 56._1954 FA
Bale
23 102 10612
8 108
4318 4318 Southern Colo Power 138 A..1947 .1 .1 108 Sale 1055 r107
1043
10454
4
5 10112c107
8
434 433 Spring VII Water let g 5a...1943 MN
993 1003
8
4
993 .-.- 9934 July'30 -4
4 4 4 4 Stand Milling let & ref 551e 1945 M
3
3
100 1044
10018 10039 10014 July'30
Stand 011 of NJ deb 5s Deo 15'46 FA 104 Sale 104
1041* 129 10034 10434.
4
9
Stand Oil of N Y deb 445_1951 JO 99 4 Bale 903
4
95 10012
3
1004 34
7214 Stevens Hotel let(is ser A _ _1945 33 80 Bale 80
59
74
90
80
3
104 1053 Sugar Estates (Oriente) 76-1942 MS 27
4
28
48
2912 28
28
8 c25
Syracuse Lighting 1st g 58_1951
D 1074 ---- 104 Sept'30
10312 108
53.
17
17
14
20
reno Coal Iron & RI!.gen 5s_1951
J 104 10412 10412 Aug'30
102 10411
8 c2414 renn Cop & Chem deb tls B.1944 MS 102 Sale 10112 1023
9711 1024
8 10
10518 1081z Tenn Else Power let 6s__--1947 3D 10714 Bale 107
10712 53 10412 108
983 10312 Texas Corp cony deb 66--1944 A0 1027 Bale 1027
8
8
2 10312 310 10038 108
11016 112
Third Ave let ref 48
1960 3.1 54 Bale 52
45
541
:
544 133
1057 10812
8
Aill Inc fis tax-es N Y Jan 193 40 34 Sale 33
967
0
22
3513
344 152
94 10-'12 Third Ave Ry 1st g 58
33 961 98
92 100
:
984
9814
10014 10412 rob° Elec Power let 78
M
1955
1004 Sale 10014 1004
9 984 1007a
10012 1044
33 10014 10012 100
6% gold notes
983 1004
4
10012 64
10158 105
Tokyo Else1.1ght Co. Ltd 1932
10258 104
1st 611 dollar series
1953 3D 8912 Bale 883
85% 921a
4
8953 78
853 9312
4
mrtscort 011648 with war_1938 J J 1097 Sale 1097
96 110 4.
8
3
4 1094 48
504 70
Without warrants
10012 Bale 10012 101
874 10113
12
994 1044 Trenton 0 & El let g 6a____1949 M
1041:-102 1031
3
10318 Aug'30
997 10414 Truax-Traer coal cony 6113.1943 MN 7712 89
8
9413
78
- 60
RI)
954 1013 Trumbull Steel let 6 I 83.___1940 MN
4
_ 10318 103 8 21 102 1047
3
,
98 108
Twenty-third St RI ref 5e_ .1962 3J 1034--293 33
23
4
497a
30 Sept'30
993 106
4
Tyrol Hydro-Eleo Post 7%e.1955 MN 100 4 1047 101
94 10112
)
4
1014
3
1023
8c11012
Guar sec st 7s
1952 PA 9314 Sale 934
85
95
0314
1
98 1004 Uilgawa Else Pow a f 79-.1945 M
101 Sale 1003
974 1011e
4 101,
4 13
88 8 95
5
Union Else Lt & Pr(Mo)59.1932 MS 10114 ---- 10114
100 102
101 14
Ref es ext 58
1933 MN 1017
8
1017
8 10 100 102
s,,, 1017
110 11212 Un EL&P( II) latg 5I18 A 1954 3
10312 1044 10313 1034
7 101 105
110 115
Union Elev Sty (I'Mc) fie_-- -1945 A0
70
8312
80
81 Sent'30
105 c109
Union 011 let Rep elSe
1931 J
9912 10154
597 8039
8
30-yr Miseries A.
106 110
. '8 ul1 °
May 1942 VA 109 1093 170 itepY:330
9914 10414
let lien t 6.ser C__ _Feb 1935 AO 10112 Sale 1014 10111 23
98 102
98 10312
Deb 5, with warr. __Apr 1945 3D 10014 Sale 994
9914 10112
10112 65
96 100
United Biscuit of Am deb65_1942 MN 10414 105 10434
99 1043
4
4
1043
4
863 9314 United Drug 25-yr 5s
4
1953 M
924 10015
10018 Sale 9934 1004 225
9812 United Rye St L let g 49
90
1934 33 665 67
663 74
4
8
683
4
68
10014 104
United SS Co 15-yr 65
1937 MN 101
101
101
3 9612 101,
1004 104
fru Steel Works Corp 649 A.1951 3D 84
92
85
4
4 18
853 85
853
100 RN
Sec f tia series C
D
1951
854 92
1
1
87
87
1014 107,2
f deb 6 45 ser A
.1 861 Sale 861:
1947
861z 914
:
8812 34
10114 1073 United Steel Wks of Burbacb4
9812
88
Esch-Diidelange II 79-_ _1951 A
13.
10414 Bale 104
10412 28 102 107
99 103,4 US Rubber let & ref User A 1947
80
8814
833
83 Sale 823
8 85
4
98 10314
944 944 Universal Pipe & Rad deb 681938
65
61
61
80
61
03
4
8618 (Jnterelbe Pow & Lt 64
66
1953 A
84
85
91
81
8412
20
86
.
5612 913 Utah Lt & Trac let & ref 58_1944 A
977 98 4 974
2
,
924 9814.
9814 21
4
101 1013 Utah Power & Lt let 5s. .1944
A 102 Sale 1014 1024 49
9712 102 2
,
80
36
Utica Flee L & P tel e f 318 1950
1027 --- 10314 June'30
4
99 10315
554 85
Utica Gas & Else ref & ext5e1957 .1
10814
107
107
1 10214 1073
4.
1144 11514 Pill Power.'. Light 54s_
1947
913 Sale , 90
4
9112 41
86
95
101 c1054
Deb 58 with or without war '59
A 86 Bale 844
88
8014 92
80
8
6
1007 1007
96 10212 Vertientes Sugar 1st ref 76....1942
40 Sale 40
414
34
6119
97 10312 Victor Fuel let a I 55
1953
23
24
21
30
80
884 Va Iron Coal & Coke Ist g 55 1949
a 724 90 23 June'30 _
7218 Aug'30
73
70
91 110
Va Ry & Pow 1,t& ref 561-1934
102 Bale 1014 102
99 4 10211
3
4
97.4
90
104 107
Walworth deb 614' with war 1935 AO 954 98
9558
955
8
3 934 10912
10212 10514
Without warrants
947 9512 July'30
8
87
984
4
100 1133
let mink fund as series A..1945 A0 883 8912 8814
s
83
934
8914
Warner Bros Pict deb 68._1939 MS 894 Sale 88
8911 116
87 113
14
95
93
Warner Co !stets with warr.1944 A 0 974 100
96 Sept'30
95 1004
10212 106
Without warrants
*0
96 Sept'30
98
89
102 105
Warner Sugar Rain 1st 78_1941 3D i1714i4 Sale 104
10414 10 10212 107
5
9612 1053 Warner Sugar Corp 1st 78-1939 3J 424 50
424 Aug'30
4214 5611
103
9814
Stamped
424 45
424
4214
4214 5113
2
6
97 i0i
96 12, Warner-Quinlan deb 118._1939 M
80
82
80
80
95
80
10
Wash Water Power s I 5a-1939 33 10211 104 10334
104
3 10012 108
984 105,2 Westchester Ltd he !Med gt.4:1_1950 3D 109 Bale 10638 c109
1034 109
1044 10912 West Penn Power eer A 69_1948 M
1047 105 10178
8
1043
4
7 10134 1061a
98
83
1st 56 series E
1963 MS 108 1004 106
106
102 1084
9812
91
he: 514e series F
1953 AO 10512 .... 10513 1053
104 108
4
7712 94
ltsee6s8Prle50
1950 3D 1055 Sale 1054 10554
8
8
3 1017 108
181 194
Welitere Electric deb 66_ _1944 AO 1044 Sale 1044 105
20 10112 105
102ie 105,t Western Union coil tnint 513_1938 J J 103 4 1044 105
)
105
1 1004 1051,
1023
4
954
Fund & real eet g 410_1950 MN 100 10014 100
95 102
10014 14
954 102.,
15-year 614e
1930 FA 1095 Sale 1094 110
8
19 108 110
55
25
45-year gold 58
1951 3D 105 Sale 1044
1115
24 10018 105
30-year 5.5
2312 55
1960 MS 105 Sale 10412 105
8
47 1023 10514
9712 10012 Westphalia Un El Pow fis .1953 33 80 Sue 30
91
78
11112 43
9714 100
Wheeling Steel Corp let 544 1948 33 10312 Sale 1034 104
8
37 1005 104
1st & ref 43-4s series R_....1953 AO 934 Sale 921
9712
92
934
87
4
931 298
9314 974 White Earle 1)11 & Ref deb54s37
9111 101
With stock porch warranta.... MS 10412 Sale 104
1041
13 10214 1084
101 14 103,4 White Sew Mach 65 with wart'36 33
60
81
81
90
3 81
8
Without warrants
1004 1047
4112 Bale 414
88
46
38
10
102 1054
Pattie sf deb 6s
1940
N 40
41
38
433 40
804
2
4
944 10712 Wickwire Seen St'l let 73. _1935 J J 18
1814 40
25
20 Sept'30
92
Ctt doe Chase Nat Bank._
99
17 Sept30
17
394
100 1034
.Jan 1935 MN
1113
174 20
41
17
18
2
(41 dee Chase Nat Bank_
4
973 104
1912 Bale 18
4
1912
135 394
s
86
9512 Willy's-Overland e f 6%. ,.J933 MS 1014 Sale 10114
98 c105
101 12 25
9412 Wilson & Co let 25-yr s f 68.1941 A 0 101 16 Sale 101 18
83
102
99 c1027
513
1.
85
Wipehreter Repeat Arms 73.4,'41 *0 103 106 1113
94
2 100 104
103
93' Vounirarnwo -Moe( a Tube Is •78
86
Inv: 1o434 147 1004 lova
104e, S
,
SEPT. 20 1930.]
1873
FINANCIAL CHRONICLE
Outside Stock Exchanges
-Record of transactions at
Boston Stock Exchange.
the Boston Stock Exchange, Sept.13 to Sept. 19, both inclusive, compiled from official sales lists:
Stocks-
Pride g
Sales
Last Week's Range for
Week.
Sale
of Prices.
Par. Price. Low. High Shares.
Railroads
100
Boston & AlbanY
100
Boston Elevated
90
Preferred
100 105
First preferred
100 90
Second preferred
Boston & Maine
100
Pr. pref. stpd
100
Sec. C.stpd
100
Class A pref
Chic Jct Ry & U S Y pf _100 109
Conn & Pass River pref 100
100
Maine Central
100
Preferred
N 'Y N 11 & Hartford_100
50 73
Pennsylvania RR
100
Vermont & Mass
19151
764
90
105
90
193
7755
904
105%
91
109 110
1034 10334
754 784
109 111
1034 10334
77
77
854 8534
10434 106
7234 74
122 122
Miscellaneous
951 934
94
American Founders Corp_
17
17
18
Amer & Conti Corp
Amer Pneumatic Service
59
44
44
1st preferred
25
4
44
Common
100 2094 2094 217
Amer Tel & Tel
11
1134
11
Amoskeag Mfg Co
Bigelow Sanford Carpet.• 504 5034 52
234 2334
Beaton Personal Prop Trust
7551 7555
Brown Co pref
164 1834
Columbia Graphophone_.- __ _ __
40
40
40
Cent Sec Corp
851 94
851
Credit Alliance Corp ol A
Crown Cork Internal Corp 114 1034 1134
2834 2851 294
East Gas & Fuel Assn
824 8334
100
44% preferred
9434 96
100 96
6% preferred
25
25
Eastern SS Lines Ino___25
2654 268
100 268
Edison Elec Illum
2434 2454 25
Empl Group Assoc T C.__
10
10
Galveston Houston Elec pf
12
124
12
General Alloys
43
42
43
General Capital Corp
34 351
Georgian Inc
German Credit Inv lot pref
1734 174
951 10
Gilchrist
65
6934
Gillette Safety Razor
19
20
Hathaway Bakeries cl B.-- ______
8
8
______
Int'l Button Hole Mach
1234 1234
Int'l Carriers Ltd
7
734
Common
3754 377%
Intl Hydro-Elec cl A
354 34
Jenkins Television
Kidder Peabody Accept
Corp class A pref__ -_100 894 8934 8934
144 144
Libby McNeil & Libby-10
934 934
Loew's Theatres
74 741
751
Maas Utilities Assoc v t 41
97
Mergenthaler Linotype . ______ 97
10
16
4
National Leather
151
44
.
4
451
Nat Service Co corn•I a_
31
31
New England Equity Corp
85
85
Preferred
New Engl Tel & Tel-100 14434 1444 145
214 22
100
Pacific Mills
1551 17
Tublio CHI Holding oom_. 16
69
70
Railway Lt & Eery Co corn
15
15
Reece Button Hole
Isis 151
Reece Folding Mach_ _ _10
16
16
17
Shawmut Asen PC
9
9
Southern New Hug Ice Co_
764 8034
Stone & Webst Ine cap stk.
304
• 294 29
Swift & Co. new
57
55
• 55
Torrington Co new
154
151 1
Tower Mfg Co
24
24
Union Twist Drill
751 734
United Carr Fastener Corp
1534 1534 1651
United Founders Corp oom
6651
United Shoe Mach Corp_25 6534 65
31
31
US Shoe Mach Corp pf_25 31
1134 1251 1251
U S Mee Power Corp
19
19
U S & Overseas corp
77
7834
Utilities Equities Corp pref
451 451
451
Venezuelan Me:Oil Cor_10
Mining
134
5
Arizona Commercial
25
Calumet & Hecla
25
Copper Range
Ili,
East Butte Copper Mine__
6
25
Isle Royal Copper
25 750
La Salle Copper Co
2434
Mohawk
1N
Niplssing
15
151
North Butte
25
Old Dominion Co
PC Pooehontas
Co. 12%
25
Quincy
St Mary's Mineral Land_25
5
Utah Apex Min Co
Utah Metal & Tunnel
151
1254
851
1
6
700
244
134
134
5
19
1254
13
154
40
Bonds78
Amoskear Mfg Co 68_1948
89
Canad Intl Paper 6s _ _1949
Chica Jet Ry & Union Ste
102
Yds 5s 1940
35
E Mass St Ry ser A 4%8'48
Encino Breda Co 7s_ _ _1954 7654 7651
City Memp
Kansas
9751
1934
A Him Ry 4s
Lincoln-Forty-Second St
90
1953
Corp 55*"
New Engl Tel & Tel 58.'32 10254 10254
120
P C Poc.ahantas deb 7s '35
101
101
Western T & T 5s
17
;
134
934
1si
6
75e
2434
134
154
5
19
1354
134
14
41
78
89
90
10234
120
101
Low.
High.
86 175
238 67
124 21
361 103
149 8851
Feb 19451 Aug
Jan 8434 Mar
June 94
Apr
Feb
July 110
July 9951 Mar
115
5
62
150
130
40
8
41
729
5
Jan
July
July
Jan
Jan
Aug
Jan
June
June
Jan
2.459
265
104
103
66
101
101
76
82
9754
6934
116
94 Sept
164 June
1114
114
784
11151
10334
86
88
1274
8734
125
50 88
25 124
20
734
2,325
64
15 9434
14
10
871
34
5 25
•
10 83
518 141
40 20
685 15
150 64
40 15
ISis
625
1,659 15
5
9
439 70
344 28
140 53
310
I
165 24
300
7
1,462 1551
1,683 584
25 30
317 11
5 124
100 70
555
8
1,530
222
685
220
10
140
100
50
6,140
100
40
450
75
50
350
31.000
1,000
5,000
Apr
Apr
Sept
may
Sept
Jan
Apr
Apr
Apr
Aug
3234 Jan
3134 Apr
May 62
60 43
4 June
510
9
3,050 19951 June 27434
330 1054 JUne 184
150 49
Sept 80
165 21
June 28
50 72
July 85
Aug 3751
339 12
100 40
Sept 63
7 June 20
345
9 June 1234
325
185 26
Jan 41
83 76
Jan 8934
Jan 99
239 92
635 234 Sept 36
Jan 276
905 i 37
308 2134 Feb 2751
10
2 June 10
8
July 144
72
140 40 June 60
1
200
Mar
6
100 10
Jan
1034
9
110
July
19
1,395 5854 July 10534
200 154 Mar 2334
8
15
Aug
1534
100 1154 Aug
1934
35
534 July
1434
125 3251 Aug 53
150
251 Jan
954
102
1,000
3551 29,000
7634 10,000
973,4
Range Since Jan. 1.
mar
Jan
Apr
Feb
Jan
Apr
Jan
Apr
Mar
Apr
Mar
Apr
Sept
may
Apr
Mar
Apr
Sept
May
Apr
July
May
Jan
Jan
May
Apr
Mar
Apr
Apr
Apr
Jan 91
API
June 2651 Apr
Jan
1234 Apr
Aug 12
Mar
July 10854 Feb
Feb
251 Feb
June
8 June
June 3751 Jan
June 95
Jan
July 16034 Apr
June 80
Feb
July 2734 Apr
June 9
034 Apr
Jan
1634 Apr
sett
134 Jan
June 2134 Mu
Sept
9
Sept
June 11334 Apr
June 3434 Jan
June 67
Jan
Jan
3
Mar
Sept 51
Jar
July
1634 Jan
July 4494 Mar
June 6894 May
Jan 32
Max
July
23
Jar
Sept 23
May
Jan 9134 Apr
July 1854 Jan
114
1234
851
90e
6
70e
2234
1
1
Jan
Sept
Sept
Aug
June
Sept
Aug
July
Sept
ax June
10
Jan
11
June
12
July
14 Mar
32c Aug
14
8251
1651
134
124
2
52
151
554
1051
19
444
28
34
90c
78
89
84
95
July
Sept
Jar
Jar
Jar
Jan
Jan
Juns
Feb
Jar
Jar
Jar
Aug
Apr
Jar
Aug
Apr
Feb
Jar
9851 Jan 10251 July
35
Aug 49
Mar
6654 Jan 7734 Jar
9551 May
9834 July
1,000 90
Aug 97
Mal
3,000 9934 Jan 10234 Sept
2,000 100
Jan 120
Sept
8,000 9934 Feb 101% July
•No par value. x Ex-dividend.
-Record of transactions at
Chicago Stock Exchange.
Chicago Stock Exchange,Sept. 13 to Sept. 19, both inclusive,
official sales lists:
compiled from
Stocks-
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Par, Price. Low. High. Shares.
25
Acme Steel Co
Adams (.1 D) Mfg cony....
All-Amer Mohawk Corp AS
Allied Motor Ind Inc corn •
49%
30
14
8
49
51
30
30
151 1%
8
955
1,800
300
200
600
Range Since Jan. 1.
Low.
49
28
1
8
Sept
Feb
Jan
Sept
High.
99
Jan
37
May
451 Apr
1934 Feb
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sate
Stocks (Continued) Par. Price. Lew. High. Shares
250
Am Commw Pow A com__• 1951 19% 204
50
14
14
Amer Equities Co com_ *
21
9851 9855
Amer Pub Serv Co PI-100
Amer Pub CHI
24
100 100
100
Panic preferred
10
1004 100%
Prior lien preferred_ _100
250
14
131 151
Amer Radio & Tel St Corp"
150
855 855
855
Amer Service Co com----•
251 24
200
Amer Yvette Co Inc corn.*
450
104 10%
Appalach Gas Corp com_*
550
9
9
951
Art Metal Wks Inc com--•
ito
60
60
Associated Investment Co•
660
• 694 68% 70
Assoc Tel & Tel cl A
86 prof (w
20
90% 90 4
,
23% 24% 1,700
Aaset Tel UM! Co com___• 24
400
Atlas Stores Corp com___* 28% 28% 30
10,250
112 126
Auburn Auto Co com____• 113
350
1611 17
Baneoky Co (The) com-10
800
313-4 3334
Bastian-Blessing corn __• 32
4
50
4
Baxter Laundries Inc A-*
4
100
84% 844
Beatrice Creamery com.50
2951 324 11,550
Bendix Aviation tom---• 30
150
Binks Mfg Co A cony pref• 16
16
16
2651 29% 5,650
Vsors-Vearner Corp corn _10 27
1,050
6
6
Bonin Vivitone Corp pref •
300
16
16
Brach & Sons(E J) corn._*
Bright Star Elec Co B_ •
100
51
51
Brown Fence & Wire
2155 22
150
•
Class A
• 28
28
28
50
Bruce Co(E L) corn
451 6
1,000
Burnham Trad Corp com_•
41-1
21
950
25
Convertible preferred • x21
9% 10% 2,600
ao 10
Butler Brothers
Campbell Wyant & C FdY*
Canal Constr Con cony pf *
Cent Illinois See Co Ws-•
Central Ill P 8 pref
Central Ind Pow pref_ _100
Cent Pub Seri class A---•
,
•
Common
Cent S W Util corn new__'
Prior lien preferred- •
•
Preferred
Central States Pow & Light
Corp pref
•
Chain Belt Co corn
Cherry Burrell Corp tom *
Chic City & Conn Re
Part share eom
Part preferred
Chicago Corp corn
Convertible preferred •
Chic Investors Corp corn_'
•
Preferred
Chic N S & MIlw pr l'n_100
100
Common
Chic Towel cony pref- •
Cities Service Co com---•
Club Aluminum Uten Co_*
CommenwealthEdIson _100
Community Tel cum pt pf•
Constru Material Coro_ --•
•
Preferred
-5
Consumers CO common.
100
67 Prior pref A
Cent Chicage Corn
•
Common
•
Preferred
a
Cord Corp
Corp See of Chic allot ctf_.
Common
25
Crane en cam
100
Preferred
5
Curtis Mfg Co corn
De Meta Inc pref w w_ *
Dexter.Co (The) cam- -5
Diversif'd by Inc "A" •
Duquesne Gas Corp corn-•
El Household Uttl Corp.10
Elea Research Lab Ino_.-•
Emp Gas & Fuel
100
6% preferred
100
% preferred
100
7% preferred
Fabrics Finishing corn_ •
•
Fed Elec Co Inc com
$6 cumul. prior pf
•
$7 cumul prior pf
Foote Bros 0& M Co---5
Gardner-Denver Co corn...
Gen Parts Corp cony pf_.•
Gen Theatre Equip v t c-•
Gen Water Wire Corp 01A
(Meaner Corn Ear corn__ _*
Goidblatt Bros Inc com_ *
Great Lakes Aircraft A.
•
D
Great Lakes D
•
Greyhound Corp tom_
Grigsby-Grunow Co com_•
Hall Printing Co oom_ _10
Harnischfeger Corp com_ •
eara.c:artar Co cony P9.1.5
Hibbard. Spencer, Bartlett
25
& Co com
•
Hormel] & Co A
Bondable-Hershey CorpA•
•
Class B
25
Illinois Brick Co
Illinois Nor Util pref-_ _100
Indep Pneurn Tool v t c_*
Indian Tern Ilium Oil
•
Non-voting A
Inland DIU Ins clase A-__•
insuU 0111 bnyMI Inc___'
Rights
•
Prior preferred
Preferred rights
•
26 Preferred
Investment Co of Am corn'
Iron Fireman Mfg Co v t e•
Kalamazoo Stove com___•
1
fats Drug Co corn
Kellogg Sivitchb'd corn_ _10
100
Preferred
Ky Radio Tube At.comA•
Kentucky ULU 1r & pref.50
Lane Drug corn v t c____*
Libby McNeill & Libby_10
Lincoln Printing COM ---•
50
7% preferred
Lindsay Nunn Pub Co
52 convertible preferred*
Ltiyonneh Corpn Ra comoom._ _ _•
Oo
McGraw Etec corn
•
iosso-tur Honse.h ITtU oom •
18%
851
27
9355
90
25
25
31
2151 21
10434
9851 9851
1834
84
2755
9455
90
26.4
31
22%
10455
9854
30
76
650
211
20
1,750
100
1,900
100
150
8551 88
4154 414
28
28
10
50
49
18%
x851
27
Range Since Jan. 1.
Loo.
High.
19% Sept 27% Mar
Mar
13% July 22
Apr
9551 June 100
90
88
14
5
2
9
8%
55
58
863-4
194
17%
92
16
2951
4
70
28
16
24
451
14%
54
Apr 103% JULY
Jan 108% Aug
351 June
Aug
May
Jan 12
5% June
Aug
June 14k; May
Sept
June 6251 Mar
Sept
Jan 70
May
Jan 97
June 29% Feb
Jan 3611 May
June 2544 Apr
Mm
Aug 26
Sept 66)4 Ape
Jan
June 12
Jan 9155 Apr
June 574 Ape
Sept 3051 Mar
June 50% Mar
June 17% Jan
Jan
18
July
151 Apr
Aug
17%
25
4%
19%
334
Jan
Aug
Aug
Sept
June
28%
59%
17%
3655
17%
Mar
Apr
Apr
Apr
1851
7
23
914
8651
25
22
20
98
9351
Aug 30
Apr 11%
June 83
July 97
Apr 95
Sept 42%
Feb 4034
June 81
Jan 105
May 100
Mar
Apr
Feb
Mas
Jan
ADS
May
Mat
Apr
Mar
8951 Sept
4151 June
27 June
Jan
Mar
96
48% Apr
Jan
40
2%
51 Aug
1,700
55
34
914 Feb 20
10% 1155
150
June 17%
11% 1251 62,850 10
9,750 WM July 43
424 44
51.4 July
4,700
1034
751 8
374 38% 3,000 1234 Jan 41
Sept 98
33 64
6551
64
9
3
Sent
3
100
3
Feb 90
119 84
38% 90
2751 2851 30,290 2451 June 4451
28
7
3
Aug
351 4%
4
1,600
1,400 23551 Jan 838
282
278 290
100 17
Aug 30
x18
18
18
Jan 24
14
200 14
14
1455
800 3651 Jan 10
4151 40% 41%
394 July
8
600
5
5
554
100 55
Aug 64
58
58
June
Mar
ADS
Mar
ADS
Am
Jan
Feb
July
Apt
Apr
Ape
Apr
ADC
AIN
Feb
Aug
Sept 25
Aug 49
Sept 1754
Jan 7254
June 8354
Sept 4454
June 118
June 28
May 22
Aug
16
Jan 544
June 16%
Aug 17%
Aug
254
AD?
JUIY
Mar
Apr
Aug
Mar
Aug
Mar
May
Jan
Aug
May
Apr
AM
10%
12
4354
755
3755
134 1651 24,800 13
2,750 42
44
47
54
535 7% 8,950
63%
350 54
62
214 2151 22% 13,650 19%
692 40
40
40
40
37 113
115
115 115
224
224
50 1951
15
15
9.
15%
133.6 1355
50 134
20 4855
5455 5451
10
40
10% 104 11
7,250 8951
41
404 45
%
550
51
94
51
154
46
7%
91
9
5051
7
32
274
5
2751
751
30
19
851
20
2194
5351
91
244
49
214
15
23
174
20%
20
8651
8955
97%
954
45
70
76
22
6451
114
6134
33%
*636
2651
854
3154
13
27%
3154
8054
27%
May
49
4
27
20
194
16
4
28
5%
651
21
20
1554
Mar
Apr
Mar
Sept
Sept
Sept
Sept
Aug
Sept
Sept
Aug
Jew
Jan
Sept
Feb
July
Sept
Sept
Aug
Aug
Aug
20
65
1,00
3,250
25
4
3
45
25%
1751
751
19
95
49
57
Sep
3655
May
Aug 31
Sept 264
July 27
Jan 101
Feb 56
Apr
Jan
Feb
Apr
Jan
June
May
2894
2151
53
34
83
is
90
344
24
49
21
5
50
5
50
1
1455
2255
474
2951
100
2255 4,55
5751 64,30
154 42,90
250
83
55 6,800
95
914
200
3551
90
26
54
1,40
2851 2,10
5% 1,000
50
50
6
500
50
393
15.
4
350
15% 2,900
23%
450
4755
100
27
21
51%
51
80
54
81
27
22
4851
21
451
50
July
July
June
Sept
Jan
Sep
Jar
Aug
Jon
Aug
Sept
Jan
July
Sett
50
Jan
1
Au
11% Jun
19
Jan
4151 May
47%
2434
7034
154
83
1)
4
99)4
5654
29
8414
6251
84
83
1551
52
6
2
734
294
4751
Feb
Aug
Sept
Aug
Mar
June
June
Apr
Feb
ADC
July
Apr
July
Jan
20
1754
18
20%
184
22
155
184
1,100
20
350
21%
200
4451 347.850
19
1751
14
19
184
28
29%
3151
274
74
May
APT
Apr
Feb
AD
8151
864
9054
24
43
70
75
8%
50
5
3151
2731
264
16
5
27
555
64
21%
2051
164
45
29
1851
851
20
100
50
150
81%
50
864
91
150
300
251
86
45
8
70
13
76
94 2,750
300
504
250
7
3351 1,050
750
2854
2834 2,150
70
17
551 1,700
28% 2,600
250
6%
125-4 216.400
450
2255
21
100
100
164
46
30
2051
951
204
100
50
76
80e,
8554
251
43
70
75
Au
Sept
Jan
Jun
Sep
may
Apr
May
Sept
Sept
Sept
Apr
Feb
Mar
AM
June
AM
Jan
Feb
July
Feb
Jane
Mar
Apr
Feb
Apr
Apr
Apr
Apr
Aug
1874
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par Price. Low. High .Shares
Marks Bros Thee cony pf_•
Mennen Flea] Si Co item •
Manhattan-Dearborn corn'
Meadow Mfg Co com. •
Mer & Mira Bee Co A corn •
Middle West Tel Co corn...
Middle Went Utilities new •
$8 Onm Preferred
•
Warrants A
Warrants B
Midland Nat Gm part A_•
Midland United Go eom--•
Preferred
•
Warrants
•
Midland 171117% prior lien
100
6% Prior Hen_
100
Miller & Hart Inc cony pf.•
Miss Val MR-Prior lien preferred- - •
7% preferred
•
Mo-Kan Pipe Line corn-5
Moline Mfg corn
•
Mohawk Rubber Co corn.'
Monroe Chemical Co
Common
•
Preferred
•
Morgan Lithograph corn.'
Mower Leather Corp corn.
Muskegon M Spec cony A •
84
3934
Range Since Jan. 1.
High.
34
14%
25
4444
14
974
1844
46
11
8%
1534
Nachman 43pringlilled corn* 124
Nat Battery Co pref
•
Nat Elec Power A oars •
Nat Family Stores Inc corn'
Nat Pub Sery $334 cony pie
Nat Se= Invent Co corn.•
Certificates
• 89
Nail Standard corn
• 284
Nat Term Corp part pref •
Nat On Radio Corp oom-•
Noblitt-Sparks Ind com •
North Amealcan Car corn.' 35
Nor Amer Gas & Elec A-• 164
No Am Lt & Pr Co corn.. •
N & B Am Corp A com.-• 14
Northwest Bancorp oom_50 424(
Northwest Eng Co corn.-.
Northw't Utli7' preferred
100
Prior lien pref
100
Oshkosh Overall cony pf-•
Penn Gas & Elec A corn... 14
Pines Winterfront corn__ _5 264
Polymet Mfg Corp cam..
•
Process Corp common.....'
9
Pub Sere of Nor III cam_ • 270
Common
160
6% preferred
100 12844
7% Preferred
100 131
9
-R-S De Vry corn
•
Quaker Oats Co
Preferred
100
Railroad Shares Corp eorn •
544
Rath Packing Co corn_ __10 22
Raytheon Mfg corn vie.• 12
Reliance Internal t'OM A.
•
7
Reliance Mfg Co com_ _10
Rollins Hoe Mills cone Si.'
Ryerson & Son Inc com_ •
Seaboard 0111 Shane Con.'
534
Sangamo Electric Co
• 33
Preferred
100
Saxet Co common
• 17
Seaboard Pub Serv cony pf•
Signode Steel Strap corn_ •
Purchase warrants
Slvyer Steel Casting com.
•
South Colo Pow A com_25
Southern Union Gas corn.'
Southw Gas & El 7% pf 100
Southwest Gas Utli cora_ •
Standard Dredge com_ _ _ _• 14
Stelnite Radio Co
1
•
Blow & Ce (II 0)corn - -3
•
StorkIlne Fur cony pref_25
Super Maid Corp com
9
•
Swift International
15 334
Swift & Co Ws.
25 30
Time-O-Stat Controls A _.• 24
Transform Corp of Am corn' 12
Twin states Nat Gas in A • 124
United Am Util Inc corn_ •
United Corp of Amer Pi- -• 11
United Public Utll 56 pf •
20 43
ti OYPsum
U S Radio & Taloa corn..' 2654
Utah Radio Prod corn...'
534
Uttl & Ind Corp corn. _ __• 13
Convertible preferred •
0111 Pow & Le Corp A___• 364
Common non-voting- • 18
Viking Pump Co pref- -*
Common
•
•
Vortex Cup Co
Claas A
•
Wahl Co corn
•
Western Pr Lt & Tel A_ •
Wextark Radio Stores corn*
Whiconsin Bank She corn 10
734
Yates Amer Mach part pf •
Yedlow Cab Co Ine(Chlo).•
744
Zenith Radio Corp com •
Aug
7
164 Feb
3534 June 5354 Feb
284 Aug 404 Mar
11 June
,
,
4% Feb
1741 Jan 38
May
2114 July 264; Jan
2514 June 884 APT
Jan 1084 Mar
98
144 Aug
5% AIN
Jan
3
Feb
8
June 1844 May
13
2144 Jan 2954 Feb
42 June 4944 Aug
Sept
May
1
5
100 10534
95
92
274 274
2744
274
84 12
975
3914 41
5,100
294 3044 1,350
14 144
350
27
283.4 2,100
224 23%
400
2634 2834 48,500
10134
101
100
24 3%
1,900
434 434
600
1434 154 1.300
24% 2544
3,150
43% 45
4,000
1
134 2,250
944 Jan 113
Jan 102
81
20
Aug 40
Mar
APT
Mar
91
9534
14
64
8
Feb
Apr
Sept
Aug
May
96
98%
884
7244
16
Jan
May
June
APT
MaY
10
136
750
13
150
73
%
194
7
6
14
Sept
Sept
June
Jan
June
Jan
15
Feb
35
Apr
22
Jan
10
244 Apr
124
234
28
114
484
1334
90
304
11%
534
494
384
17
65
1444
424
22%
200
1,210
250
200
845
1,050
250
500
50
400
300
600
200
250
1,250
100
104
20
18
11
43
1244
75
27
11
34
41
32
1644
62%
124
4034
21
June 28% Jan
June 31
Jan
Jan 3844 Feb
Apr
Sept 20
July 50
Mar
June 2834 Mar
Jan 1014 Mar
June 44
Age
Apr 16
Jan
Jan
Apr
10
June 59
Mar
Aug 5534 Apr
Sept 2844 Apr
Aug 84% Apr
Sept 254 Apr
Aug 5544 Jan
Jan 31
Mar
95
95
95
9534
19% 19%
14
154
26%
23
534 6
9
944
270 275
274 274
12634 128
131 133
12
11
10
15
20
400
2,500
250
1,000
285
180
53
40
1,050
91
924
18
1234
21
54
54
213
215%
115
120
11
94
9634
14
48
8
94
50
98
750
21% 83,450
50
700
8
160
744 7%
1934 20
11
1234
84 834
154 154
12
21%
2734
11
47
1234
89
2854
11%
43.4
49
36
16%
64
14
42%
2234
70
60
100
11
119 119
600
53.4 531
200
214 22
250
1244
12
100
7
7
100
744 74
150
34
32
500
30%
30
1.850
544 6
1,050
33
35
100
100 100
250
1644 17
47
300
4744
100
84
8
100
34
50
29
314
23
500
23
224 23% 1,550
41
97
984
1344 13%
700
14
230
15
1
144
700
24 3
800
134 1344
50
9
114
550
3334 3444 2,500
294 3044 1,350
24
150
254
11
1,450
1844
124 134 3,450
124 1234
550
10
550
124
75
40
75
43
4444
1,900
254 3054 15.350
544 7
4,250
1244 14
3,030
224 23
900
38
35
2,300
1744 184
850
29
60
2944
10
12%
288
244 25
500
274 28
150
4
444
200
26
27
125
9
100
9
8
7
4,850
6% 6%
50
26% 27
450
634 8
4,850
Mar
Aug
Jan
July
Aug
Aug
Feb
Jan
Jan
Jan
Aug
Sept
Feb
110
534 Sept
July
19
1144 Sept
July
7
74 June
Sept
32
2934 June
June
5
Jan
30
May
96
14 June
Sept
47
Sept
8
4 Jan
Sept
29
224 June
224 Sept
93
Jan
114 Aug
Sept
14
1
Aug
244 Sept
July
10
Sept
9
June
29
June
28
214 June
11
Sept
June
11
11
Sept
Sept
10
674 Feb
874 June
Jan
8
44 Jan
12
June
June
21
June
30
June
14
25
Jan
Sept
9
20% Jan
254 July
Aug
4
24% Jan
9
July
7
Sept
5
Aug
254 Aug
5
Jan
984
101
20
194
45
184
15
838
3324
13544
140
22
Feb
Mar
Feb
Mar
Jan
Apr
Jan
Apr
Apr
Apr
Apr
Feb
[you 131.
Friday
Sates
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Bornot Inc
Budd (E 0) Mfg Co
•
Preferred
Budd Wheel Co
Preferred
Cambria Iron
50
Camden Fire Insurance--Central Airport
6
84
8
60
10%
104
106
414
224 22%
44
6
9
60
114
106
414
22%
434
100
3,500
50
1.800
Range Sines Jan. 1.
Low.
High.
6
74
58
84
90
384
204
334
Aug 10
June 164
July 70
Jan 144
Feb 106
Jan 42
June 284
Feb
7
Jan
Apr
Feb
Feb
July
Aug
Apr
Apr
200 6134
67%
534
300
534
184
1,700 14%
28
1,500 26
1624
30 145
37% 1,100 35%
63% 3,900 61
2% 23.400
24
12
6,700
844
384 4.200 304
33
125 30
14
200 14
15
1,800 15
90
14 85
June 7844
Aug
14
Aug 194
Aug 434
Jan 189
July 484
Aug 8534
44
July
June 1544
June 4944
June 42
Aug 20
Aug 20
Mar 90
Feb
Feb
Feb
Mar
Apr
Feb
Mar
May
Feb
Mar
Apr
Jan
Jan
Apr
Penn Cent L & P cum pf__.
7834 78%
50 754 Jan 79
Pennroad Corp
10%
1044 10% 15,000 1044 June 184
Pennsylvania RR
prTi
74
73
4,600 6934 June 8544
Phlia Electric of Pa $5
103% 10334
150 9834 Feb. 1034
Phil& Elec Pow pref____25 33
32% 33
1,120 30
Aug 3334
Ph Ha Rap Trans 7% pref 50 3034 30
304
800 294 Aug 44
Mina dr Rd Coal &Iron_
-----1834 1934
500 14
June 254
Pitila & Western Ry_ _-50
2% 24
200
1
Jan
344
Railroad Shares Corp
534
534 6
1.600
54( June
934
Seaboard Utilities Corp-----5% 64 2,100
934
54 June
Scott Paper
4734 47%
5 42 June 59
Shreve El Dorado Pipe L 25
5
6
534
800
Aug 1554
5
Sentry Safety Control
334 34
100
24 Aug
944
Apr
Feb
Mar
Aug
May
Jan
May
Mar
Apr
Apr
Apr
Mar
Mar
Elec Storage Battery--100
67%
Empire Corporation
534
Exide Secur
1734
Fire Association
10
274
Horn & Hard (Phi%) corn.'
160
Horn & Hard(NY)com__" 37%
3734
Insurance Co of N A _ _ _10 63
63
Ins Co of North Amer....
2%
LateSuperior Corp ___100 --11-934
Lehigh CaNn w 1
354 354
Manufaet Cas Ins
33
Mitten Bank Sec Corp....
14
Preferred
--15-- 15
Northern Penne By
90
ao
20
414
100
Tacony-Palmyra Bridge..'
44% 4444
34
Telephone Security Corp
-----234
234
100
2
Tono-Belmont Devel__ _1
1,600 1-16
34
34
Tonopah Mining
1
100 1-16
44
34
Union Traction
264 26%
500 254
United Gas Imp corn new.' 3544 3534 373.4 25,500 3134
50
Preferred new
10334 10354
•
800 9654
US Dairy Prod corn el B-•
1634 16%
200 14
Jan 534 Mar
June
244 Jan
July
44 Feb
July
24 Jan
3144 Apr
Jan
Jan 4934 Apr
Jan 10334 Aug
Jan 264 Apr
Victory Ins Co
Warner Co
•
West Jersey & Seash RR 50
Westmoreland Coal
50
Westmoreland Corp
12
40
60%
834
1334
Aug
July
May
Aug
Aug
Bonds
Electric & Peoples
Trust certificates 4s 1945
Penns Co 45
1931
Pinta Elec (Pa) lit 5s_1966
Warner Co 1st 68 with war
York Railways lit 5s_1937
• No par value.
36
1004
10734
100
974
12
414
6034
10
14%
200
400
73
600
500
12
3331
554
844
12
174
42
81
13
20
Apr
Aug
Jan
Jan
Feb
38
51,000 34
Mar
Jan 44
100% 4,000 1004 Aug 1004 Aug
108% 9.300 10311 Jan 10836 Aug
100
3.000 91
Aug
Jan 100
974
1,000 91
Jan 9734 Apr
122 May
954 Jan
Baltimore Stock Exchange.
-Record of transactions at
Mar
28
35
Apr Baltimore Stock Exchange,
Sept. 13 to Sept. 19, both in1644 Ant
1944 Apr clusive, compiled from official sales lists:
454 Mar
3844 Jan
Friday
Sales
10
Ain
Last Week's Range for
Range Since Jan. 1.
Feb
40
Sale
of Prices.
Week.
100
Sept
StocksPar. Price. Low. High. Shares.
High.
Low.
Sept
17
4734 Sept Appalachian Corp
34 33.1
380
24 Jan
5
Jan
154 Apr Arundel Corporation
• 44
4334 44
916 40 June 474 Mar
Jan Atlantic Coast I.(Conn)_50
1
143 143
25 143
Sept 175
Mar
Feb Baltimore Tr Co
35
10 364 364 3644
345 35 June 4454 Apr
26% Apr Baltimore Tube
100
12% 1254
29 11
Mar 1734 Apr
25% July
Preferred
100
60
50
35 49
July 55
Apr
100 June Black & Decker corn
'
3
2534 264
Mar
335 25
July 56
1344 Sept
32,, Mar Ches & Po Tel of Bait p1100 117
117 117
14 11344 Jan 1194 Aug
3% Apr Con.sol Gas,E L de Pow_ •
117 120
145 93
Jan 136
May
33% Max
6% preferred ser D__100
1104 11034
15 109
Mar 11114 May
Jan
18
5%% pref w I ser E__100
1084 10934
26 10544 Jan 10944 Sept
Mar
54
5% preferred
100 1044 10344 10454
128 994 Feb 1044 Sept
8814 May Consolidation Coal....100
5
5
54
90
5 June 15
Feb
3344 Fen Eastern Rolling Mill
14
•
14
2' 14
Aug 254 Jan
324 Ain Emerson Pro Selt A w I.
30
5 30
3054
Jan 334 Feb
2644 June Equitable Trust Co
25
145 145
10 140
July 161
Mar
114 May Fidelity & Guar F Corp_10
56
3654
36 354 Aug 49
Feb
AK Fidelity & Depolst
20
60 16754 16731 1694
36 165
July 190
Apr
2334 A Pr Finance Co of Amer A_
•
1234 124
44
854 Aug
Feb
15
July
81
Preferred
10
834 834
90
7
Jan
945 Apr
AM First Nat Bank W I
58
455-7 48
344 455-7 Sent 5154 May
314 Sent
1014 May Houston 011 pref v t ctfs100
81
80
23 77
Apr
Mar 93
23% Feb Mfrs Finance corny t...25
1734 18
94 15
Feb 274 Apr
Feb
29
28 preferred
25
13
13
Apr
20 13
Jan
17
ea% Apr Md Cas Co new when las 25
3834 384 39
659 3634 June 46
MaY
Mar kfaryland Tr Co new w I •
28
3444
33
344
586 33
Sept 344 Sept
Apr Mort Bond & Title
29%
w1
1214 1344
Jan
190 1134 Aug 20
14% Jan New A m.stercr m Cas Ina.-3834
38
39
205 36 June 43
Apr
2944 AV
Northern Central
894 8934
55 8534 Feb 894 Sept
Apr
34
Feb Park Bank
14
10
29% 2934
Jan
50 29
Jan 30
Aug Penne Water & Power- .
31
74% 744
10 70
Aug 954 Apr
Jan Southern Bank Sec Corp_ •
24
85
24 82
85
Apr 86 June
114 Jan Un Porto Rican Sug corn.,.'
15
17
July 40
Feb
80 15
1731 Feb
Preferred
•
25
Jan
2674
106 25
Sept 43
Mai Union Trust Co
81
8444
Aug 744 Feb
173 60
June United Rys & Electric_ 50 8434 84
164
_50
714
734
45
Sept 1374 Feb
7
US Fidelity & Guar new_10
3944 41
1,065
Bonds
Wash Bait & Annapolis. 50
7
7
74 July
10
7
Jan
Chicago City By
W Md Dairy Inc pr pref_50 5234 52
53
Certificates of deposit_
Jan 544 MaY
140 48
$4,000 6934 Feb 844 July
79
79
Chicago By 58 etts___1927
80% 26,000 70
80
July
Feb 83
Bonds
1927 8044 8
5s
July Baltimore City bonds
0% 814 16,000 70
Feb 83
9834 984 5.000 9834 July 9834 July
Cont Roll & Steel 88 A 1940
43 Sewer loan
1981
1004 1004
5400 9544 Feb 1004 Sept
194o 1014 101 103 145,000 98
Instill Utll Inv 65
June 11244 Mar
45 Annex front
1954
100% 100%
Jan 10044 Sept
1,000 97
75
Sou United Gas 6s A 1937 73
1,000 75
75
June
Sept 81
45 Paving loan
1951
Apr 1004 Sept
1,000 98
1003410044
102% 10254
3.000 100% Feb 102% Aug
Swift & Co 1st s f .5s 1044
4s Sec Water series_1943
100 10034
Sept 10044 Sept
900 100
Consol Gas gen 4448_1954
• No par value. g Ex-d vidend g Ex-rights.
1.000 97% Jan 100% Sept
054 10044
10
Finance Coot Am 6548 '34
100 100
Feb 100
July
1.000 97
George Washington Stone
Philadelphia Stock Exchange.
-Record of transactions
644s
45
45
2.000 45
Sept 45
Sept
Traction 1st 58
Sept
100 100
Sept 100
1,000 100
at Philadelphia Stock Exchange, Sept.13 to Sept.19, both KnoxvilleBy 64s____1962
Md Cleo
85
65
Sept 8534 Feb
2,000 65
Monon Valley Tree 55 '42
Sept
Jan 92
92
92
2.000 87
Inclusive, compiled from official sales lists:
United By ei E 1st 4s 1949
Jan
5234 524 10,000 5144 Sept 65
Income 4s
1949 3334
15.000 324 Sept 4934 Feb
35
33
rtday
Sales
Funding 5s
Apr
1936
52
5231 6.100 4934 Jan 65
Range Since Jan. 1.
Last Week's Range far
lit 85
Jan
1949
Sept 84
6134 824 8.000 61
Sale
Week.
of Prices.
Wash Balt & Annap 55 '41
Apr
Sept 68
8.000 47
48
47
StocksPar. Price. Low. High. Shares.
Low.
High.
* No par value.
•
2
144 Aug
24 1,700
2
Alma? Stores
44 Feb
7034 7034
100 584 June 99% Feb
Amer Foreign Securities...
e --4731 474 48
Apr
American Stores
2,100 42
Aug 49
Pittsburgh Stock Exchange.
-For this week's record
.50
Jan 49
4044 4034
100 36
Apr
Bankers Securities pref.
825 11334 Jan 118
Aug of transactions on the Pittsburgh Exchange, see page 1845.
Bell Tel Co of Pa pref-l00 1184 116% 118
673-4 823,000
9434 9434
88
88
95
95
1,000
1,000
1,000
35%
42
119
98
607-4
27
11
50
95
2934
234
11
23
63
108
40
64
68
3534
51
101
2734
18
16
3134
3334
17%
123
2634
95
60
3634
Feb
May
May
Apr
July
Mar
Mar
June
Apr
Apr
Aug
Mar
Jan
Jan
Sept
Apr
Jan
Mar
Mar
Apr
Apr
Mar
Feb
Feb
Jan
Apr
May
Aug
Apr
Mar
Jan
Apr
66% Sept
74
Jan
92
88
92
9534 Mar
95
Mar
95
Sept
Jan
Sept
Jan
Bonds—
No Ohlo Trac & Lt 5s _1933
Steel & Tubes s f debs 6s'43
99% 9974
99
99
9974 Sep
95% Jan
.
.
High.
gnEln171g24.2,471Eg2,g4V,Vrgggita2144qi4a4g40T44SVA.
67
Miscellaneous Bonds—
Moloney Electric 5345 1943
Scullin Steel as
1941
St Louis Chain Store 69.'43
May
July
Jan
Sept
Jan
June
Sept
Apr
July
Sept
Sept
Sept
Mar
Aug
Jan
Mar
June
Jan
Sept
Mar
Sept
June
July
Sept
Sept
Sept
Sept
Jan
June
Feb
Sept
June
Low.
753-4 Sent
23-4 July
385
Aug
Sept
9
134 Jan
Aug
65
Feb
103
5734 June
6934 Sept
120
Sept
83% June
Sept
35
350 June
Mar
90
17
Aug
May
101
834 Jar
Sept
66
20
Aug
20 June
Mar
44
22 June
Jan
100
Sept
300
Ma
22
8
May
Sept
26
10
Aug
Feb
110
65 Jun
Jan
101
25
Sep
Jan
7
734 Fe
23
Jan
31
Sep
75 Jun
3
Aug
8
Sept
.534 Au
343-4 Sep
Jun
11
Au
71
105
Jan
32
Ma
100
Sept
75 Jun
July
6
10
Sep
9734 Jul
,121
Street Railway Bonds
United Hallways 4s._ _1934
10 31 3-4
10 3734
10 114
10 85
251 3834
260 20
100
9
62 27%
60 88
70 25
450
1
58
1%
90
9
575 5335
2 10434
469 30
3S 30
167 52
175 29
25 41
25 99
320 2
034
5 10
60 13
40 17
240 29
30 17
384 11634
10 19
60
10 39%
345 20
Aug 29734 Feb
Sept 300
Jan
Sept 565
May
Range Since Jars. 1.
-g 0
8,0 .00.00.00.00.,,00.0.0.0...000...00....0.0.00.-.0
.0
s
ss sg
ss ss ss
ss
gs g
sg sx
sgs
Miscellaneous Stocks.
20
32
A S Aloe Co,com
32
100
39
Brown Shoe corn
39
100
1 1834 11834
Preferred
100
Bruce (E L) pref
85
85
51
50
51
Coca-Cola Bottling, Sec.-1
5 2234
Curtis Mfg corn
2234 23
Commonwealth Investors •
9
9
*
40
Dr. Pepper corn
40
Emerson Electric pref. _100 9234 92
92
Ely & Walk Dry Gds com25
25
26
Fulton Iron Works, coin_ *
1
134
Hamilton-Brown Shoe25
234 3
•
Hussmann Refr, corn
10
10
International Shoe, com_.• 54
5334 5534
100 107% 10734 10734
Preferred
*
Key Balu Equipt
32
3374
Landis Machine own_ _25
36
36%
Moloney Electric A
*
56
57
Mo Portland Cement__ _25
2934 30
Nat Bearing Metals com.*
4434 4434
100
99
Preferred
99
Nat Candy corn
*
23
25
*
Pedigo-Lake Shoe.
11
11
Rice-Stlx Dry Gds, corn_ *
13
13
Scullin Steel pref
17
18
* 18
*
Securities Inv, corn
30
3034
Sieloff Packing corn
*
17
17
Southw Bell Tel pref._ _100 121
12034 12234
Stlx, Baer & Fuller corn..*
20
20
St Louis Cot
_100
75
75
Compr_St Louis Pub Serv pfd A._* 40
40
41I
Wagner Electric corn__ _15 22
22
23
7 220
29 255
19 501
Apr
Jan
.
230% 230%
260 261
501 510
Aug 90
June 301
...
Trust Co.Stocks—
Franklin-Amer Trust _ _100
100 260
Miss Valley Trust
St Louis Union Trust..100
202 74
63 245
High.
. ..* .
...*..
76
78
247% 249
Low.
753-4 78
234 3
385 395
8
8
2% 23-4
6934 69%
10534 106
70
70
6934 69%
120 120
88
88
35
36%
366 366
90
90
20
20
10534 10534
1134
11
66
6734
24
25
20
2034
56
56%
263-4 2634
100 102
305 305
2834 283-4
8
834
26
2634
11
11
11334 114%
68
70
108 10635
25
25
894 834
14% 14.15
2534 26
31
31
75
76
4
4%
8
8
5% 5%
3434 39
1334 133-4
78% 7834
10634 106%
39
39
100 100
7734 79
6
6
10
10
99
99
0-20000000 000. -.400
.
00.
000.
w0000000.0000-...n0 -40.00000.40M.
Bank Stocks—
First National Bank____20 76
100 248
Mere Commerce
Range Since Jan. 1.
Cleve Railway etre dep.100 77
Cleve Securs FL pref...."
Cleveland Trust
100 385
Cleve Worn Milts corn...100
Cleve & Sandusky Brew 100
.
Dow Chemical Coin
100
Preferred
Elec Contr & Mfg com_ *
Firestone T dc B. 6% p1100
Gen Tire & Rubber com _25 120
Gen T & R 6% pfd ser A100
Greif Bros Cooperage, cl A_
Guardian Trust Co_
100
Hanna M A 17 cum pfd.*
Harris-Seybold-Pot corn.*
Higbee 1st pref
100
India T & Rub corn
*
Interlake Steamship, corn • 66
Jaeger Machine, corn_ ___*
*
Lamson Sessions
McKee A G & Co cl B*
Metrop Paving Brick corn •
Preferred
100
Midland Bank Indorsed 100
Miller Whsale Drug corn.*
Mohawk Rubber coin .._ _-•
8
National Refining com _ _25
National Tile corn
*
Ohio Bell Telephone, p1100 114%
Ohio Brass B
* 70
Preferred
100 106
Ohio Seamless Tube, corn.* 25
•
Packer Corp., corn
83-4
Paragon Refining el B com*
*
Patterson Sargent
*
Reliance Mfg corn
Richman Brothers corn...* 75
Robbins & Myers vtc ser 1 *
25
Preferred
Selberling Rubber corn...*
515
,
100 39
Preferred
*
Selby Shoe, corn
Sherwin-Williams corn_ _25 783-4
A preferred
100
Union Metal Mfg corn....5
Union Savings & Loan_100
Union Trust
25 76
Van Dorn Iron Wks corn.*
* 10
Vichek Tool
Youngstown S & T pref 100
.0
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Sales
Friday
Las: Week's Range for
Week.
Sale
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
m
to
b
St. Louis Stock Exchange.—Record of transactions at
St. Louis Stock Exchange,Sept.13 to Sept.19,both inclusive
compiled from official sales lists:
Stocks—
1875
FINANCIAL CHRONICLE
SEPT. 20 1930.]
* No par value.
• No par value.
Los Angeles Stock Exchange.—Record of transactions
Cincinnati Stock Exchange.—Record of transactions at at the Los Angeles Stock Exchange, Sept. 13 to Sept. 19,
Cincinnati Stock Exchange, Sept. 13 to Sept. 19, both in- both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
sates
Friday
109%
41
28
28%
102%
1434
72%
63-4
68
• No par value.
Cleveland Stock Exchange.—Record of transactions at
Cleveland Stock Exchange?, Sept. 13 to Sept. 19, both inclusive, compiled from official sales lists:
Stocks—
rtday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price, Low. High. Shares.
Aetna Rubber, corn
Air-Way Elec. Appli. p1100
Allen Industries, com__ •
100
Amer.Fork At Hoe
Amer Multigraph corn •
Apex Electrical Mfg
Chase Br & Cop pf sec A100
City Ice & Fuel
Cleve-Cliffs Iron pref. •
Cleve Elec III 6% pref _ _100
5
75
7
150
34
13
103%
39
94%
110%
5
75
7%
150
34
13
103%
39%
95
111
Range Since Jan. 1.
Low.
200
5
40 75
362
5
25 125
20 33
50 12
20 101
265 38
335 91%
87 110
High.
June
8%
Sept 95
Feb 14%
Feb 160
Aug 41
Feb 16%
Mar 104
July 47
Mar 96
Jan 113%
Feb
Apr
May
July
Mar
July
Apr
Apr
July
July
in
10 •
38
1034
583.-i
78
10534
2831
153-4
1534
133-4
123
123
105
41
1023-4
231-4
5774 57%
293.4
2774 273-4
2534
2574
25%
2634
102
100%
593-4
593-4
2434
32
223-4
2234
373-4 37%
38% 3814
23
103
55
m. .
124
105
43
104%
24
593-4
30
2774
253-4
253-4
263-4
102
6134
25
32
2434
391
%
40
23
.
15
100
23%
53
27%
2434
2234
2434
2434
9634
56
12%
243-4
1874
353-4
36%
21
22
to
m...10
,-.
to
5
110%
Low.
28%
20
12%
13
21
93
9334
12
201-4
37
20c.
5
101
16
20%
10
4
165
38
10
8
52%
74
100%
23
13
3%
2.10
14%
1614
13%
.W...mi.b m
95%
9334
12
22
3836
ND&
3334
36
29
,..
2'
!'''
8%
2234
113-4
..40.c.. m..ww
.
3834
14
3034 Feb
75
Jan
10034 Feb
20
Apr
52
may
280
Feb
23
Apr
2
May
334 Sept
103
Sept
90
Apr
45% Apr
119
Jan
30
Jan
49
Feb
27
Apr
106
Jan
5634 June
18
Jan
15
Apr
34
Jan
320
Apr
420
Jan
53
Jan
50
Jan
42% Jan
113% Apr
50
Mar
47
Apr
30
Feb
47
Jan
102% Aug
45
Mar
234 Sept
115
Jan
36
Jan
1534 May
78% June
180 Mar
110 Mar
100
Feb
5
Jan
60
Apr
26
Feb
19
Mar
11
Mar
218
Feb
91
Jar
33
Jar
3% Jar
10% As*,
Range Since Jan. 1.
00M=0
CO
. 0000000.000.0000004-4.0.0..0000,
000 000000000000000000,.000,,000000-400000
42
17
July
4734 June
46
Sept
1034 Sept
48
Aug
225
Aug
15
Mar
34 Jan
134 Jan
95
Jan
81
Mar
4034 July
91
July
193-4 Aug
38
July
1134 Jan
103
Aug
5634 Sent
10
Aug
73-4 July
22
July
290
Aug
398
Aug
2914 Jan
35
July
35
July
10934 Aug
40
Aug
27
Sept
2134 July
2334 June
101
Feb
37 June
234 Sept
947-4 Sept
19
Sept
7% Feb
5234 Jan
160 1 JulY
10434 June
93
Aug
4% Sept
39 7.4 Jan
16
Mar
13% Jan
5
Jan
200
July
68
Sent
25
July
1% July
434 July
22
2234
1134 1174
9334 96
100% 100%
29
333-4
26% 2734
19
19
19
19
23
23
9534 97
93.31 9334
12
1334
22
22
3834 393-4
20e. 20c.
5
5
108% 1103-4
16
16
201-4 21%
11%
10
4
4
170 170
40
38
1034 1034
8
8
58% 5834
78
8134
105 105%
2794 29%
157-4 16
3% 3.80
2.45
2%
15% 163-4
1734 18
1334 1534
.. W
1%
10134
145
880
754
10
82
35
89
22
50
769
3
110
374
100
62
100
12
60
25
495
70
17
36
10
100
4
25
133
20
30
910
48
30
500
85
15
1,035
491
4
91
106
42
39
50
10
95
2
175
310
14
93
Stocks—
25
Bransdall Oil A
10
Boise Chica Oil A
Central Investment Co_100
Citizens National Bank_20
Claude Neon Elec Prod...
Comm Discount corn...25
•
Douglas Aircraft Inc
.
Gilmore 011 Co
Globe Gr At Milling com _25
Goodyear T & R pref._ _100
Goodyear Textile pref _ _100
25
Hancock Oil corn A
Home Service 8% pref 25
.
Intl Re-insurance Corp _10
*
Lincoln Mtge corn
*
Preferred
Los Angeles G & El pref 100
Los Angeles Invest Co_ _ _10
Los Angeles Inv Sec Corp25
25
MacMillan Pet Co
Monolith Port Cem corn.. *
Mortgage Guarantee Co100
Pacific Amer Fire Ins Co 10
Pacific Finance pref ser A 10
10
Series C
.
Pacific Gas & El coin _ _25
Pacific Lighting corn_ __ .*
*
6% preferred
Pacific Pub Serv A corn...*
Pacific Western Oil Co-- _*
10
Pickwick Corp corn
Republic Petroleum Co_10
Richfield Oil Co corn_ __25
25
Preferred
Rio Grande 011 corn__ _ _25
San Joaquin Lt. & Pow —
7% prior preferred _ _100
6% prior preferred_ _100
Seaboard Natl Bank _ _ __25
Security First Natl Bank
25
of I. A
25
Signal 011 & Gas A
So Calif Edison com___ _25
25
7% preferred
25
6% preferred
25
5t4% preferred
So Calif Gas see A pref 25
25
6% preferred
So Counties Gas6% pref 25
*
Standard 011 of Calif
25
Superior Oil COM
*
Taylor Milling Corp
'I rans-America Corp_ _...25
Union Oil Associates_ _25
25
Union Oil of Calif
Weber Showcase & Fix pf •
0
4934
225
19
20
52
54
46
52
1034 13
49% 50
225 225
17
1734
134
134
3% 3%
10034 102
90
90
42
4234
100 1007-4
23
23
3834 38%
14
16
103 103
5634 56%
11% 12
8
83.1
2234 233.4
300 305
398 400
3334 33%
36
3734
40
40
10934 109%
4074 41
30
30
27
28
2834 3274
10134 102%
37
37%
234
27-4
9434 947-4
19
19
1434 1434
7234 74
166 166
107 108
95
96
47-4 474
42
433.4
18
18
16
16
634 634
200 200
68
70
25
25
1%
13-4
5
5%
High.
04..
5234
46
Law.
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
-000000
0-.900000.0,
000000000000000000
Aluminum Industries Inc •
Am Laundry Mach com.20
Amer Rolling MIII com_ _25
Amer Thermos Bottle A...*
Preferred
50
Carey.(Philip) com __ _ _100
Churngold Corp
*
Cinti Car B
*
20
Preferred
Cinti Gas & Elec pref__100
C N & C Lt & Treac pf_100
Clint Street Sty
50
50
Cinti & Sub Tel
Cinti Union Stock Yards.*
City Ice & Fuel
•
Crosby Radio A
5
Crown Overall pref. __100
Dixie Ice Cream
50
Dow Drug common
•
Eagle-Picher Lead corn_ _20
Early Ac Daniel corn
5
Fifth-Third-Union Tr....100
First National
100
Formica Insulation
•
Gibson Art corn
5
Gruen Watch corn
•
Preferred
100
Hobart Mfg
*
lilt Print Ink
•
Kahn participating
40
Kroger common
•
Little Miami guar
50
Mantschewitz corn
*
Magnavox
Nash (A)
100
Nat Recording Pump_...*
Paragon Refining B
*
Procter&Gamble corn new•
Pro° & Gamble8% pref 100
Proc & Gamble 5% pref 100
Pure Oil6% pref
100
Putnam Candy corn
*
Rapid Electrotype
•
Richardson Coin
Randall A
B
Second National
100
10
U S Playing Card
US PR & Litho corn __100
*
U S Shoe com
*
Waco Aircraft
Range Si, cc Jan. 1.
.
WM4.. 'm .
blomt.
Stocks—
malts
Sales
Last Week's Range for
of Prices.
Sale
Week.
Par. Prices. Low. High. Shares.
22
6
Jan
June
June
Apr
Jan
Jan
July
Jan
Sept
Sept
Apr
June
Sept
Sept
Feb
June
Sept
Sept
July
Feb
Sept
May
Sept
Jan
June
Mar
June
Jan
Sept
Jan
Aug
Sept
Sept
High.
33% Mar
14% Mar
45
27%
227-4
20
2634
98
98
1434
2474
493-4
32c.
634
11034
2
034
25%
31
10
180
5774
11%
9
73%
1053-4
10334
3974
193-4
834
4
2534
2234
2534
Feb
Sept
Apr
Aug
Jan
Mar
Apr
Aug
May
Mar
Mar
Mar
Sept
Jan
Jan
Apr
Jan
June
Apr
Apr
Apr
Mar
Mar
Mar
Feb
Apr
Jan
Feb
Apr
Jan
Apr
Sept
111% Mar 124
Sept
Jan 107
100
41
Sept 543-4 Jan
June 11834 Mar
Sept 3834 Apr
June 71% Apr
30% Max
Jan
Jan 27% SePt
2574 Sept
Jan
June
Jan 27
Feb 2834 Sept
API
Feb 102
Jan 7434 Apt
Sept
Sept 25
Jan 3334 June
Aug 477-4 Feb
June 483-4 API
June 493-4 Apt
Jan 2434 Apt
Apt
Jan 46
* No par value.
San Francisco Stock Exchange.—Record of transactions at San Francisco Stock Exol,ange,Sept 13 to Sept.19
both inclusive, compiled from official sales lists:
Friday
Sales
Last IVeek's Range for
Sale
of Prices.
1Veek.
Stocks—Par. Price. tow. High. Shares.
205 205
Anglo& London Paris Nat'l
4% 5
Assoc Insur Fund Inc
18
Atlas Imp Diesel Eng A.... 18
18%
275 278
278
Bank of Calif N A
11
Bond & Share Co Ltd
11%
1134
Range since Jan. 1.
Low.
High.
52 197% July 233% Jan
774 Apr
460
4% Sept
Feb
290 18
Aug 34
65 260
July 300 ' Jan
770 10 June 15% AM'
1876
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
WeeA.
Stocks (Concluded) Far. Pries. DAD. HiOlt• Shares.
Byron Jackson Co
1074 11
1074
Calif Copper
54
51
Calif Packing Corp
6234
62
62
Caterpillar Tractor
5455 54
5655
Clorox Chem Co A
20
20
Consol Chem Indus A_ - - 2655 2634 264
Crown Zellerbach pref A_ 7855 784
Preferred B
7855 7854
Vot trust certificates _ _ _ II%
1151 12
Emporium Capwell Corp- 13
13
134
Fageol Motors 7% pref_
6
8
Fireman's Fund Insur- - 96
96
96
Foster & Kleiser corn
64 64
634
Golden State Milk Prod.........18
1834
Gt West Power 8% pref__. 105
105 105
10534 10555 105%
7% Preferred
Haiku Pine Co Ltd pref
______
17% 1734
Hawaiian C & S Ltd
4331 4455
Honolulu 011 Corp Ltd___- 3351 33
3334
Honolulu Plantation
5255 5234 55
Hutch Sugar Plantation
814
834 815
Rohner Radio Corp core255 3
Langendorf Unit Bak A_ -234 2334
B
17
17
Leslie Calif Salt Co
144 1455
L A Gas &Elec Corp pref__ 110
1084 110
Magnavox Co
2
234
184 184
Magnin (I) & Co corn
Merchant Cal Mach com -- -----13
13
91
No Amer Invest 515% pref
91
No Amer 011 Cons
1434 1434
Occidental Insur Co
22
Oliver United Filters A___. -----Pacific Gas & Elec nom
5855
2855
6% 1st preferred
254
555% preferred
Pacific Light Corp corn-- - 784
6% preferred
10534
Pacific Public Service A.-- 28
Pacific Tel & Tel corn
6% preferred
130
Paraffine Cos corn
Rainier Pulp & Paper Co
Richfield Oil corn
1534
7% preferred
174
Roos Bros corn
SJ Lt & Pow 7% pr pref. _ 123
SchlesInger(B F)& &mem
Preferred
Shell Union 011 corn
14
Sherman Clay & Co pr pref 4755
Sierra Pacific Elec 6% prof 9555
Sou Pacific Golden Gate B_
13
Spring Valley Co Ltd
1055
Stand 011 of Calif
594
Stand 011 of N Y
Tide Water Assoc 011 corn
1234
6% preferred
Transamerica Corp
2255
Union Oil Associates
3751
Union Oil of Calif
3834
Wells Fargo Bank & Un Tr
Yellow Checker Cab Co A_
184
High.
967 1034 June 2351
355
200
54 Sept
389 614 July 77
5,450 53
Aug 79
545 174 June 384
330 23 June 3355
218 764 July 85
190 77 June 8455
2,273 1155 Aug
1834
Aug 2051
2,275 13
755
554 Aug
100
35 86 June 116
7,610
554 Aug
10
315 18 June 3154
50 99
Jan 10551
161 10355 June 10751
25 17
Aug 19
133 42
Aug 51
929 3234 Aug 404
50 5234 Sept 63
84 Sept 1255
25
2
400
755
Jan
100 21
July 29
100 17
July 254
135 134 Aug 234
179 10034 Feb 110
970
2
Sept
8
100 184 Sept 2434
213 1255 Sept 25
5 90
Mar 9234
596 14
Feb
1974
22
22
155 21
June
25A 2514
100 23 June
58
604 9.036 514 Jan
284 2834 3,854 26
Feb
2555 254
1,009 2434 Aug
78
8155
1,895 7155 Aug
105 10574
339 100
Jan
2734 2934 9,085 23 June
140 14134
115 12854 June
1284 130
30 120
Jan
66
66
160 54 June
20
20
20
Sept
154 1655
2,918 144 Aug
1755 18
1,096 17
Sept
1934 1934
100 1934 Sept
123 124
729 11034 Mar
5
5
355 July
255
4755 4755
10 47 June
14
1,887 14
Sept
1434
45
40 3834 July
4751
40 89
Jan
934 9554
13
142 1134 Sept
13
100 1154 Sept
1034 11
11,635 5534 Feb
594 61
304 304
113 304 Sept
1,427 104 Feb
1234 134
84
83
70 78
Feb
224 244 60,507 184 Aug
3754 394 2,772 35 June
1,017 3655 June
3854 393-4
30451 304%
10 295
July
496 16
1854 1955
Apr
Feb
Mar
Mar
Apr
Feb
Feb
Mar
Apr
Feb
Feb
May
Apr
Mar
Jan
Sept
Sept
Jan
Jan
Apr
Mar
Jan
Apr
Mar
Jan
May
Sept
Apr
Apr
Jan
Apr
Mar
2655 Apr
Jan
31
734 Mar
2855 June
25% Sept
10634 Apr
10575 Sept
39
Feb
180
Feb
144
Feb
78
Jan
2934 Jan
2734 Mar
2234 Jan
274 Jan
124
Sept
104 June
70
Jan
2534 Apr
64
Jan
9534 Sept
June
16
1055 Aug
7475 Apr
Apr
40
174 May
90
Mar
4755 Feb
4855 Apr
Apr
50
Mar
335
Jan
35
New York Produce Exchange Securities Market.
Following is the record of transactions at the New York
Produce Exchange Securities Market, Sept. 13 to Sept. 19,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Week
Sale
of Prices.
Par. Price. Low. If
Shares.
Aero Klemm
Aetna Life
Alco Tool A
Amer Aerie new w I
5
10
•
•
18
Si
%
8314 84%
17
18
41
4155
400
200
1.500
300
Friday
Sales
Last Weeks. Range for
Sale
Week.
of Prices.
Stocks (Concluded) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
Range Since Jan. 1.
Low.
Aug
8054 Aug
1234 July
41
Sept
High.
2
8535
18
41,
4
Feb
Aug
Sept
Sent
[VOL.. 131.
American Corp
751
•
Warrants
151
American Eagle
*
Andes Copper
.45
•
Appalachian Gas warrants274
Allot ctfs units w 1
10151
Assoc GdeE 1930 rts ext '36
Optional stk purch rts_. ______
Atlas Utll $3 pref
•
Auto Stand
4
•
Bagdad
1.35
1
British Can w I
13
Brunner Winkle
•
But Meg & East $1 pref..'
Claude Neon
1
751
Color Pictures
•
Comml Cred Condi war w I
Cons
A Chromium.
25
Corp Trust Shares
751
Credit Alliance A
•
834
Det & Can Tunnel
631
*
Div Trust Shares C_
Dixton
•
Exide Sec
''
First Am Bancorp pref_ •
Hamilton Gas
1
Voting trust aft
H Rubenstein prof
*
Internat Rustless Iron_ _1
.
I%
Irving Trust
10 50
5
Internet Nat Gas
Ironrite
*
Jenkins
*
KInner
1
%
4,
8
Lautaro
Lessings
5 1155
Lloyds Gas
10
Macfadden pref
•
Majestic House
• 20
Manufacturers Trust.. _25
Mar Radio
151
•
Maxweld
854
"
New York Rio warrants55
Nor. Am Trust Shares_ - __
851
North Butte
2.50
Pet Conversion
5
Phantom 011w 1
• 2055
Photo Color new w 1
•
5
Pub CHI Hold new pref w 1* 4035
Units w 1
184
Radio Sec
251
5
Railways Corp
*
Hoovers pref
5
Saranac River Power- •
Seaboard Fire
25 16
Seaboard P S pref w w wi_•
Seaboard Surety
10
Seaboard CHI warrants-Shamrock 011
•
Sherritt Gordon
1
Splitdorf Bethlehem
•
251
Super Corp A
934
Sylvestre UM
234
•
r
0
Taylor Wharton
Times Sq Tr new w I__ _20
Trent Process
•
151
Union Cigar
10
CHI Hydro w w
•
Zenda Gold
1
4
Range Since Jan. 1.
Low.
High.
751
Aug
934 July
755
6
300
235 May
155 June
151 14
700
5, 3,100
34 Aug
lir
151 June
.83 May
.25 July
.30
.45 3,000
755 Apr
234 3
255 Aug
1,100
1004 10134
1,100 10054 Sept 1017-4 Sept
455 455
34 Aug 2055 Mar
300
634 Apr
155 14
155 Aug
500
40
4034
600 33 June 4054 Sept
454 Mar
100
54
54 Aug
54
3.00 Jan
1.15 1.40 9,800
1.00 July
1251 1355
1,400 114 Aug 144 Sept
2
2% Sept
2
100
51 June
5
100% 100%
25 994 Sept 100% Sept
651 Sept 1934 Feb
755 8
1,500
355 Sept 144 Feb
100
335 355
Aug
2
155
14 Sept
500
155
1055 1034
200 10% Aug 124 June
3054 304
100 3055 Aug 324 May
755 75
5
94 June
755 Aug
800
Apr
85-4 851
7 June 20
200
84 Apr
Jan
651 7
3,200
4
8% Sent
734 July
500
74 855
355 551
331 Sept 1334 June
300
18
Sept
18
18
200 1455 July
1234 1274
July
July 13
8
200
5
Feb
751 JULIO
534
4
700
100
531 534
554 Sept
554 Sept
1451 144
200 1355 June 2434 Mar
Feb
5,700
134 Sept
3
13-4
134
4955 5251
900 4231 June 72% Mar
2455 2434
Mar
100 18% June 32
255 255
200
155 Aug
635 MaY
955 Apr
600
234 Jan
334 334
•ni 2,000
A Sept
14 Mar
%
1051 Apr
534 7
4,300
451 June
1155 1155
100 1151 Jan 17 June
1455 1454
100 1455 Sept 1454 Sept
4554 4574
100 404 July 4555 Sept
19
Sept 724 May
7,300 19
44
50 7954 Aug 154
Mar
88
88
Apr
3
154 1% 1,100
5
55 Mar
1,500
834
651 Sept 1134 July
7
54
y, 1,300
351 June
55 Aug
1,000
754 Aug 1055 Apr
734 834
1.50 1.50
5.50 Feb
1.50 Sept
100
934 975 1,100
64 Aug 134 Jan
204 2055
Apr 2234 May
1,600 20
Sept
651
4
600
4
8% Aug
404 4234 3,500 39
Sept
Sept 46
Sept 225
184 198
120 184
Sept
234 24
Mar
5
154 Jan
300
1455 15
7
200
Sept 164 July
455 Apr
455 455
351 Feb
100
2474 2555
Apr 32 JUDO
300 20
16
16
100 15 June 204 Apr
47
Sept
Sept 47
47
200 47
May
2455 2455
Mar 28
100 21
14 Apr
100
4
55 Jan
4
Apr
17
17
200 1255 July 28
1.75 1.75
3.12 Jan
500
1.35 Aug
554 Mar
25, July
251 231
600
834 Aug
1051 may
934 0531,000
1,100
251
2
Aug
355 Apr
1
9
9
Sept
Sept
9
9
100
1851 18.41
100 1834 Sept 194 Sept
154
351 Feb
134 2,600
34 Jan
200
'It
lis Sept
'11
% Jan
854 834
400
Sept 114 May
8
.25 .28 2,600
.22 Aug
1.75 Feb
Bonds
Assoc Gas de Elec 5s__1950 8854 8755 89 $30,000 82
Sept
Aug 89
Cleve & Pitts A 4413 w 1'77 102
10151 10251 191,000 10155 Sept 10254 Sept
Kelsey Hayes 455s...._1931
994 994 3,000 9954 Sept 994 Sept
91
New Eng 0 & E deb 58 1950
92
5,000 91
Sept
Sept 92
San Joaquin L & P 5s_1957
10351 10334
1,000 10354 Sept 10331 Sept
Sou Cities P S 6s
93
1949
93
3,000 8954 Aug 93
Sept
Ward Baking 6s
1937 1024 10251 1024
1,000 1014 Apr 103
Sept
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 (Sept.13) and ending the present Friday(Sept. 19). It is compiled entirely from the daily
reports of the Curb Exchange itself, and is intended to include every security, whether stock or bonds, in which any dealings
occurred during the week covered.
Friday
Salad
Last Week's Range for
Sole
of Prices.
Week.
Par. Price. Low. High. Shares.
Week Ended Sept. 19.
Stocks-
Indus.& Miscellaneous
Aero Supply Mfg clue R.
*
Aeronautical Ind warr
Affiliated Prod Inc
•
Agfa Ansco Corp corn____•
Preferred
*I
Ainsworth Mfg com
_10
AR Investors com v t c._ _•
Cony preference
Ala Cit Sou ordinary_ _ _ _50
All Amer Gen'l Corp__ _20
Allegheny Corp warn
Allied Aviation Industries
With stock porch warn.
.
Allied Mills Inc
•
Allison Drug Sts el II_
•
Aluminum Co corn
•
a% Preferred
100
Aluminum Goods 501g...'
Aluminum Ltd pref___ _100
Amer Agri Chem new w 1._
Amer Austin Car corn.. •
Amer Bakeries class A- •
Amer Beverages Corn- •
Am Brown Boverl El Corp
Founders shares
Amer Capital Corp com B •
$3 preferred
•
Amer Colortype common..
Amer Cyanamid coin A_ •
Common B
•
Amer Dept. Stores Corp..
•
First preferred
10
American Equities com__ •
Amer Hard Rubber com100
Amer Investors el B Com.•
Warrants
Amer Laund Mach corn. •
Amer Maize Prod coin_ •
Amer MM Co common_ 100
Amer Phenix Corn
SO
16
80
4
104
751
14
2051
16
80
19
4
12
104
164
351
.%
9
751
134
2051
17
81
19
451
12
105
1634
4
Si
A'
854 951
55
54
231 23551
10951 1091
4
18
184
0054 994 9954
37
37
373-4
44 534
294 2934
3
3
651
3155
2751
1574
451
1351
831
9
651
3155
2751
1934
1554
451
4554
1351
50
8
34
52
z32
45
23
Range Since Jan. 1.
Low.
High.
100
54
400
151
100 1634
300 16
2:0 80
100 16
200
351
100 1155
150 100
2,400 z16
200
33.4
June 1374 Apr
34 Mar
Sept
July 2051 Sept
Apr
Sept 34
Sept 8555 May
June 3354 Apr
955 Apr
Jan
Apr
Feb 24
Aug 13234 Mar
Jan 2351 May
54 July
July
100
A
2,400
834
200
31
400 210
900 10514
300 18
800 97
200 37
1,800
351
100 26
3
100
Jan
3
Aug 1634
55
June
June $56
Feb 11154
June 2451
July 0934
Sept374
Sept734
July 44
Sept 1055
9
200
7
5,300
3254
800
300
27%
1955
100
173-4 42,100
4%
400
4955
25
1434 1,600
50
50
84 2.400
34
100
54
275
34
200
45
125
23
100
754
y6
30
2055
19
1534
3
4954
124
50
751
251
50
2955
45
23
Apr
Feb
Apr
Apr
Sept
Apr
Sept
Sept
Aug
Jan
Apr
Apr
June 13
1351 Apr
July
Mar
July 40
Jan 331 AN
May
Sept 38
Mar
Sept 37
lab
6
Jan
Sept 1114 Jan
mar
June 22
Apr
Sept 81
June 1654 AM
June
755 Mar
Mar
June 75
July 404 Apr
Jan 6051 Star
Sent 48
Jan
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Pat. Price. Low. High. Shares.
Amer Potash & Chew....'
Amer Transformer com_ •
Am UM Sr Oen B•t 0..---•
Amer Yvette Co corn....•
Anchor Post Fence corn...*
Anglo Chit Nitrate Corn•
Anglo-Norwegian Hold_ •
Arcturus Radio Tube_
*
Assoc Dyeing gi Print-. •
Assoc Else Industries
-Amer dep Ms ord sha_Ll
Assoc Laundries
•
Associated Rayon pref.100
Atlantic Fruit & Sugar-.
Atlantic Secur. Corp com •
Atlas Plywood Corp
*
Atlas Utilities Corp com--•
Warrants
Austin Motor Car Ltd
Amer dep rights re,,
automat Music Instru A•
Automatic Vol Mach corn •
Cony prior panic stk. •
Aviation Carp of the Amer.
Aviation Credit Corp_
•
Babcock & Wilcox Co__100
Bahia Corp corn
*
Banoomit Corp
•
Bancroft (Jos)di Sons pt100
Bellanca A ircr com v t c--•
Benson & Hedges com_ •
Bickford's Inc corn
*
$2.50 cum cony pref_ •
Blise(E NV) Co com
•
Blue Ridge Corp coro.___.
Opt 6% cony pre--50
*
Bounds Inc
Bower Roller Bearing_
•
Bridgepor 1 Mach coin_ •
Brit Amer Tobacco-Am deli re t.9 ord reg___£1
854
751
26
534
Si
184
854
84
251
355
4531
10
1834
754
3951
6
2534
Range Since Jan. 1.
Low.
High.
2451
15
851
134
74
26
251
11
1
2434
15
954
155
751
27
'
251
11
1
200 2451
160 13
6.400
754
500
155
100
6
1,300 154
200
254
300
8
100 11-16
Sept
Aug
June
Aug
June
Jan
Jan
June
Aug
574
151
5034
51
1334
184
851
34
574
151
52
5-16
15
1854
951
34
1.700
100
1,100
470
700
100
2,900
500
534
el
38%
H
1155
15
8
251
June
8
Ave
Jan
Feb
2
June 6055 Apr
Feb 11-18 Apr
Apr
Aug 26
Mar
June 26
1451 May
Aug
May
Aug
5
100
400
551
251
334
93-4
2454
124
120
251
4554
8654
54
334
144
28
18
651
834
5,4
1154
24
855 84
251 234
4
4
104 11
48
5034
2254 2234
123 123
351 434
4534 4551
8634 8634
8
10
5
5
18H 1851
30
30
1854 19
74 834
3951 4051
6
6
1354 14
4
4
2534 255.4
zoo
700
2,800
600
125
2,500
400
10
700
100
200
100
1,000
2,900
5,300
100
200
200
100
33
20
1554
754
1454
4334
4
2355
354
Aug
83-4
1554
Sept
June
84
1754
July
Jan 55
Jan 2234
Aug 141
Feb
74
Aille 504
Sept 864
Jan 184
June
64
Jan 21
Jan 33
June 3034
June 154
June 1414
855
July
June 20
654
Jan
2514 June
July
Apr
Ape
Jan
Feb
May
Mar
Mar
Mar
Sept
Feb
Feb
Feb
Apt
Sept
Mar
July
Feb
Sept
MaY
APr
Mar
Fell
Feb
Max
Ala
Apr
APT
July
2834 Mar
•
SEPT. 20 1930.]
1877
FINANCIAL CHRONICLE
Sales
I Friday
' Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Sha es.
Sales
Range Since Jan. 1.
Low.
High.
F 1day
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High Shares
30%
30
4 16
151
3834 3834
9% 9%
200
200
200
.500
Range Since Jan. 1.
Low.
2454
In
3131
834
Feb
May
Aug
June
High.
3254 May
21
Feb
AM
55
15
May
Hires (Charles E) cl A_...°
British Celanese Ltd
14 Aug
514 Apr Holt (Henry) & Co el A_20
500
214
2
•
Am dep rec for ord reg _ _ -----Mar Hydro-Elec See corn
300 31% Aug 46
3354
32
Watch $354 Did_ •
Bulova
300
7 June 1034, Apr Hygrade Food Prod cons_•
7
7
•
Burco Inc common
Jan Imp Tol of Or Brit & Ire
300 39 June 41
39
39
100 2254 Feb 2534 Feb
23% 2354
6% pref. with wart_ _50
Amer dep rcts ord sirs LI
Jan
134 Aug e4
Jan
100
2934 API
4
11
1%
600 17
1854 18%
Warrants
334 Jan Indus Finance corn v t 0_10 54
1,000 z254 Aug
Feb
2% 234
2%
54
5754 3,400 5334 June 71
Burma Corp Am dep rts__ _
•
(mull Utility Investrn
8% June 1734 Jan
100
10
10
20
Butler Bros
0 62% 6254 63% 2,100 613E Sept 8534 Mu
Apr insur Co of North Amer-1
3
% Aug
200
Mar
154
134
1234 1,300 11% Aug 23
•
12
12
Buzza Clark Inc corn
14 Sept
300
954 Mar Insurance Securities---10
3
3
Aug 234 Apr
400 10
1234 13
Cable Radio Tuber to, *
Jan Intercoast Trading corn_ •
100 30
July 44
42
84 Apr
42
434 Aug
100
•
414 454
Carrier Eng corn A
Feb Internat Holding & Inc.. *
July 20
100 12
20
20
6% Aug 14% Mar
800
•
634 754
634
Celluloid Corp corn
Interstate Equities oom •
934 Aug
454 Jan
Apr
734 84 2,000
800 83% Aug 46
40
39
39
Centrifugal Pill. Corti- •
Convertible preferred..'
1,600
2% Mar
834 Mar
44 5
1554 1,800 1234 Jan 2534 Apr
Chain Stores Bevel corn- •
Mar Irving Air Chute corn....' 144 141.4 434
900
934 June 17
136 Sept
934 AM'
* 124 124 13
600
14
Chain Store Stocks Inc
Warrants
100 22% Jan
3254 Mar
27
27
*
Charms Corp common_
Apr
3,600
Jun
2534 July Isotta Fraschini Co
6% Sept 10
500
61i 6%
634
Chatham & Phenix Allied* 19% 19% 20% 2,100 17% Jun
Amer dep rcts----- -10%
174 Apr
Mar
1154 12%
44
200 124 Sept
* 12
124 12% 13
Chic (The) Corp com
100 ill
Sept 015
Sept Johnson Motor Co com_.
2% Jan
z15 xI5
34 July
100
Ity Equip Co corn_ _25
%
Chic
54
May Jonas & Naumburg com- •
20 10654 Jan 114
107 107
9 June 20% mar
200
100
11
10
Childs Co prof
20
pief
27% 284 100,800 3454 June 443E Apr Klein (H
500 1854 Aug. 304 Mar
25
24
Cities Service common-• 28
•
800 88
Jan 9331 Aix Knott Corp corn
• 91% x91 x91%
Preferred
Kolster-Brandes, Ltd
Apr
2
54 Jan
500
44
City Sava Bank (Budapest)
44
LI
34
American shares
Apr
100 43% June 46
44% 444
600 3554 Jan 4331 Feb
38% 3834
American shares
400 11
Feb
Aug 35% Apr Lackawanna Securities,_.*
1434 15%
354 June 12
300
454 434
Cleve Tractor corn
454
3 June
500
6% Apr Lakey Fdy & Mach corn.*
334 454
4%
2134 Mar 36% Apr
1,000
•
28
Club Alum Utensil com _ _*
27
May 20
May Lane Bryant Inc
200 19
194
Sept 254 mar
19
400 13
1334
Cockshutt Plow common_* 19
13
hi Feb
Si Jae Letcourt Realty corn
34 2,200
34
2354 Sept 3734 Jan
100
2354 2354
Colombia Syndicate
Preferred
Jan 5554 Apr
/
200 24
42
Aug 504 Mar
41
*
100 30
37
Columbia Pictures corn
37
37
Aug 54% Apr Lehigh Coal & Nay
Apr
1.400 31
414
39
100 1154 June 27
15
Common vot trust ctfs_. 395e
15
25 6651 Sept 66% Sept Libby McNeil & Libby_10 15
66% 66%
% 1,200 1754 Feb 3035 May
247
Com'wealth Secure pre( 100
24
24
Lily Tulip Corp corn
100 14% Sept 27% Apr
1434 14%
•
334 Jan 20% May
934 1134 1.200
Consol Aircraft corn
9'54
Loew's Inc stock PurollivalT
Jan
5
131 Sept
600
134 2
Consol Automatic
2
Mar Louisiana Land & Explor-•
1
34 Jan
54 7-16 1,000
July
2434 Jan
13% 1454 1,000 13
Merchandising oom v t o•
• 14
Sept 19
Jan Machlarr Stores Inc
9
1154 2,000
9
500 2834 Aug 3154 Sept
3034
30
Control Dairy Prod cam-. 10%
Max Manhattn Dearborn Corp•
Jan 16
600 10
1454 1454
Aug 27% Apr
18
20
Conrail Laundries com--_-• 1436
18
18
534 Aug 13
Feb Manufact Finance v t c_25 18
200
6
6
17% Apr
531 July
100
Consol Retail Sts Inc corn •
634 65(
Feb Marion Steam Shovel com•
10 z88 June 93
88
88
334 May
Jan
1
5,200
with warr__ 10
1%
8% pref
1
1
47
71
June 80
Jul, Mavis Bottling Coot Ani-*
7834
78
Aug
Feb 90
Contin't She cony pf-100
Johnson & Co coin.' 81% 8134 8654 1,900 5554
100 20
Jan 25% Feb Mead
21
21
•
Coon(W B) Co corn
7454 Sept 7734 July Merritt, Chapman & Scott
20
Feb
744 75
1614 July 20
10
7% pre( with warr_ _100
1734 1734
1734
Common
Jan 57
28
50
May
36%
36
214 Jan
114 Jan
600
14 2
Coop-Bessemer Corp corn'
•
Jan 53
Mesabi Iron Co
38
30
831 Jan 16% May
11% 1234 3,100
pref A with warr_ _100 4034 4034 4044
12
$3
Metal & Min Shares coin.*
Jan
Aug 80
4
500
7
(I
Copeland Products Cl A
6
43( Sept 1234 May
40
Metropol Chain Stores---•
Jan
434 434
134 Sept 29
4%
•
Without warrants
I% 5% 3,200
5%
June 1734 Apr Metrop 5 to 50c Sts pref 100
6
754 854 3,80
74
200 1336 Jan 24% May
5
204 2134
Cora Corp
40
1954 June 2731 May Midland Royalt $2 pref..•
Sept
50% Feb 62
20
62
62
Corporation See of Chlo • 21% 21% 22%
•
834 Sept 2034 Apr Midvale Co
800
834 934
25
Aug 3334 Mar
40
834
25
25
Corroon & Reynolds corn •
Sent 44
May Miller (I) & Sons corn__ •
100 39
39
Sept 2354 May
39
280 18
25
1814
18
Crane Co corn
700 15 June 34
Apt Moore Corp Ltd com___ •
Au
1234 Jan
6
654 1.60
6
634
Crocker Wheeler corn ' 1631 16% 18
200 23% Sept 3234 Apr Nat Amer101111 CO
24 x25
836 Jan 2134 Apr
9% 1054 2,20
Crowley Milner & Co__ •
951
300
Nat Aviation Corp
954 June 12% May
114
11
400 33% June 51% Apr
Crown Cork Internat el A.5
: 3934 3954 3954
Feb 39% Sept Net Bond & Share Corp..
250 30
3454 35
Sept
10 10514 Mar 111
111 111
Crown Cork & Beal pref •
•
1,400
'is Mar
1
Apr Nat Casket Co pref
54
34
Feb
Si
300 1414 June 20
Cuban Cane Products warr
15
1534
Mar 5154 June Nat Container Corp pref-*
35% 1,100 34
35
May
May 108
100 104
Cuneo Press Inc coin__,* 35
Prod pref A.100 10636 106% 10654
4
100
Aug
434 4%
11% Apr Nat Dairy
Mu
700
834 Aug 20
1034 18
Curtiss Flying Service__ •
•
1% Aug
1% 1% 4,100
4% Apr Nat Family Storm oom--134
Feb
11
June 30
-Wright Corp warr_
Curtis.
• 12% 1254 1334 2,70
Nat Inveetors corn
93E Aug 2731 Apr
60
11%
11
11
.
400 11
June
224 Feb Nat Rubber 15 1ach'y corn,' 25% 2554 2635
1234 12%
Jan
60
16
3214 June
Davenport Hosiery Mills.*
100
Aug Nat Screen Service
1
34 Sept
14
12
34
May
34
1634 Sept
Davis Drug Storm corn _ _ _•
* 16% 1634 16% 1.60
234 June
2,200
8% Feb Nat Short Term See A •
334 5
600 5154 Sept 5234 Sept
Dayton Airplane Rug corn'
5154 5234
x734 804 2,300 65% Aug 16231 Apr Nat Steel Car Ltd
• 75
May
Aug 35
100 28
Deere & Co ooin
294
2914
2% Jae
24 34 9,000
8% Apr National Sugar Refg--- •
234
•
3 May 1031 Ape
44 534 1,300
De Forest Radio com
431
200 1531 Sept 2234 May Nat Union Radio corn...'
2% May
13E Jan
200
Del.sel-Weminer-Gilbert * 1554 15% 1534
13(
Sept
3
June Nauhelm Pharmacies corn •
3
9
3
334 8,200
Aug 14% Apr
5
400
Detroit Aircraft Corp....'
5.4
5
•
Co coin_
100 13 June 26% Apr
Diamond Match new corn • 214 21% 22% 6,300 21% Sept 244 Sept Nebel(Oscar) A
204 2034
•
24% 25% 6,400 24% Sept 27% Sept Nest Inc clans
25
200 11414 Sept 3154 Feb
New panic pre(
z14% x14%
100 344 Sept 344 Sept Nelson (Herman) Corp-5 25
344 344
Mar
2534 3,800 19% Aug 42
Diamond Shoe Corprom_ •
25
9% Mar 11% Feb Newport Co corn
100
10
10
6,4 May
9% Jan
300
Distillers Corp-Seagrams *
634 7
6%
8% July 28
Apr N Y Auction corn
Sept 244 Jan
200 14
14
Doehler Die-Casting oom_• 1255 104 1254 5,100
14
•
500 1236 Jun 2336 Apr N Y Merchandise
184 18%
•
May
June 18
7
Douglas Aircraft Inc
736
751 8% 1,400
200 60 June 65
Mar N Y Rio Buenos Aires AL' 1231 1254 1234
61
60
• 60
Jan 2154 Ape
SOO
12
Draper Corp
1.300 31
Jan 56% Apr Niagara Share of Md... 10 2836 284 29%
47
46
600 25% Juit 4.5% Mu
R) Mfg Co al A• 47
Dresser(8
1,000 3134 June 4434 June Nilee-Beml-Pond
• 3634 3634 38%
6.4 Seig 2131 Mar
200
,
1
Class B
634 63
63E
Jan 108% Apr Noma Elec Corp corn.... -•
100 41
136 Sept
nit Salt
Driver-Harris Co com _ __i0 6034 604 6234
5 15-16 15-16 134 4.800
400
4 June 1331 Jan Nordon Corp Ltd
4
4
Apr
Mar
2
5
Dubliter Condenser Corp *
234 234 2,500
2%
Aviation warr A.
236 July
33( 34 3,400
336
Jan No Amer
May
•
7
400 13)4 Sept 24
1454
14
Durant Motors Inc
14
No & So Amer Corp A •
300 2234 Jan 3934 Sept
Duplex Razor
Durham
3531 3534 37
July 20
100 11
11
11
Mar Novadel Agene COW COM •
$4 prior pf with warr__ •
100
1
June
134 1%
554 June
Feb
100 654 June 76
Durham Hon Mills corn B•
67% 68
•
400
534 June 21
534 555
Anr Oblo Brass class LI A...*
700
Sulphur____*
736 Sept 1134 Apr
,
734 754
Duval Texas
73,4
400
7
Sept 184 Apr 011stocks Ltd class
7% 734
3
300
Sept 18
Mal
3
3
a
East Util Invest coin A_ •
B•
854 4,800
•
7
Sept 23
7
Mar Outboard hiotCorp oorn
7
Sept 1954 Apr
100 10
10
10
Eisler Electric corn
•
June
23% 2734 2,400 19
9% Apr Overseas Securities Co_ -10
Sept 2714 June
200 19
19
1951
Elect Power Associatee corn• 23% 22% 26% 7,200 1634 June 3
• 22%
Apr Pacific Finance corn__
37
354 Sept 13% Jan
334 4% 8,100
4%
Claes A
1934 1,500 15% Jan 8234 Max Paramount Cab Mfg corn-•
18
Julie 4231 Jan
•
300 31
:3334 3454
Eleo Shareholdings com • 18
20
82
Jan 108
Apr Park Davis & Co
9.534
9514
•
200 z2214 Jan 29% Apr
2511 26
$6 cum pref w-warr_
3,400
454 Sept
454 6
531 July Patterson-Sargent Co corn • 1031 10% 1054 18,000 1054 June 1654 Feb
44
Empire Corporation corn.*
corn v t e-•
Mar
500
Sept 12
41
354
Empire Fire Insurance_ _10 1154 1154 114 1,000 1154 Sept 15% Feb Pennroad Corti Co com__•
3
4 June 13% Jan Perryman Elec
100
5
5
Apr
2
5
•
154 2,200
34 Jan
Empire Steel coin
1
•
200 22% Jan 30
25% 2534
May Philip Morris Cons corn-25
12
Aug
554 Jan
10
Employers Reinsur Corp 10
12
12
400 12% Aug 23
Class A
Mar
12% 13
7
1234 Max
100
Europ El Corp class A__10 1234
Sept
7
7
•
Governor Co
354 June
44 1,600
Mar Pierce
4
9
4
454 June 15% SW
Warrants
600
634 7
636
700
831 Sept 22
Feb Pilot Radio & Tube al A-.
8% 8%
Mar
Ex-cello Air & Tool com •
Sept 45
200 24
24
2434
Jan
2
234 3,100
234
936 May Pines W int erfront Co_ _ _ _5 2434
234
Fabrics Finishing corn- __•
Postage
1% Aug
200
4
,
n25 n254
10
54 Feb Pitney Bowes
Jan 20% Apr
Fageol Motors corn
10
1034 1,300 10
10
1
Meter Co
45
July 6854 Mar
47
47
100 47
1854 Apr
Fajardo Sugar
Sept
5
800
54 6
300
34
% Mar
34
254 Apr Polymet Mfg
Feb
10
Fandango Corp corn
•
654 Jan
500
7
7
20
7
Jan
8
7
13
Feb Potrero Sugar Co
•
5734 Jan
Fansteel Products Inc _
100 4554 Aug
49
49
834 June 11% July Pratt Sr Lambert Co
100
954 954
•
Fedders Mfg Inc cl A_
834 Jan 15% Apr
94 1054 3,400
931
&Whitely Trad corn'
100
534
Apr Prince
534 June
534
9
Federal Bake Shops corn _•
Apr
June 44
• 36% 3634 37% 1,000 35
10
19
$3 Cony pref A
21
21
Aug 224 July
Sept
Federal Compress & Whse•
8
Sept
8
100
8
8
8
15
10
15
15
July 2414 Feb Producers Royalty
June
Federated Metals Corp_ •
Jan 102
75 93
4
99% 991
pref_ _100
10
214 251
•
N Mar
554 Apr Prudence Co 7%
Mar
Film Inspect Mach
17% 1734 18% 7,800 1234 June 23
1234 1231
100 11% July
1214 Sept Prudential Investors corn..
Finance Co (Bait) corn A_•
Corp
100
2% 2%
134 July
•
6
Jan Public Utility Holding
Financial Invest Corp_
21,000 15 June 27% Apr
• 16
1534 17
20
13
13
corn with warrants
12
•
Sept 2754 Jan
Flintkote Co corn A
234 Sept
934 Apr
5,500
334 4
331
Warrants
16% 17% 2.900 13% Jan 8431 Mar
Apr
Fokker Alter Corp of Am.' 16%
10
754 July
100
10
714 751
100
454 July
434 44
94 Apr Pyrene MN cornCorp _ ___•
Mar
Foltis Fisher Inc com _ _*
300
Sept 27
5
534 554
536
Radio Products
Ford Motor Co Ltd
9% Apr
200 ,554 June
554 554
531
21% 49,000 1036 Jae 2354 Aug Railroad Shares Corp.---•
19;1 19
Amer dap rota ord reg.El
June 14% Sept
6
1234 144 29,700
29
1,600 28
28
Feb 3833 Apr RahabowLumlnoua Prot&• 1331
_• 28
Ford Motor of Can el
7% Feb
•
2% July
5% 7,00
5
5%
40
Common class B
2
40
• 40
Jan 58
36
Jan
Feb
Class fl
July 30
10
24
26% 26%
(Daniel) Inc corn.*
12% 2,900
11%
634 Jan 12% May Reeves
Ford of France Am dep crts 1134
20% May
30
754 Sep
10% 11%
•
3
100
3
3
Aug 10% Mar Reliable Stores corn
3
Foremost Dairy Prod corn •
951 June 2634 Apr
70
931
93.4 10
Reliance Nfanagement---*
6
100
6
534 Aug
18
Jan
Preferred
2% Apr
34
100
5
34
OH 1034 4,300
94
•
2% Jae 17% AM Repetti Inc corn
Fox Theatres class A corn.
u
6% Aug
i
454 j g
' A an
5% 554 1,200
53E
10
25 50
July
54% 51.80
Feb Reybarn Co
Franklin (II II) Mfg PI- 100
8% May
Aug
3
1,200
354 454
436
19% 19% 21% 1,200 1954 Aug 3354 Apr Reynolds Investing com_.•
_
Jan
Garlock Parking corn_
3
1
Sept
500
1
1
1
12%
800
12
6% Mar 144 May Richmond Radiator corn....
• 12
General Alloys Co
5
12
July
Jan
100
5
5
5
Preferred
234 24 7.300
214
2% Aug
4% Jan Rike-Kumler Co corn____•
200 2634 Mar 3054 Feb
Gen Baking Corn oom •
29% 3034
5,600 27
• 364 36 x38
June 5434 Jan
Jan
554 Mar
Preferred
800
2% 24
•
Inc
100
354 351
31:1
334 Sept 14% Jan Roosevelt Field
General Cable warr
11% Apr
2
5
51.4 SeptS n
534 64 2,700
536
•
Rossla International
634 Aug 17% Mar
Gen Else Co of Gt Britain
100
9
9
•
11% 1154
1,500 10% May 14
Apr Russeks Fifth Ave
American deposit rota_ £1
25
147
Apr
116 116
Safety Car Heat & Ltg 100
(Germany)
General Electric
220
Jan
Sent 210
1334 20
15
600 30% Sept 43
30,54 30% 3034
Apr Safeway Storm 2d ser warr 2131 2134 224 5,700 10
Amer dep rcts reg
11098: JulyJune 34
Apr
corn, 11)
19
19
100 184 Aug 2934 Mar St Regis Paper Co
•
Gen'l Empire Corp
200 106
Jan 111
July
7% cumulative pref_100 11036 11054 110%
20 110
Mar
corn_ _2; ------ 120 12(1
Sept 160
Gen Tire & Rubb
16% 1734 2,000 14% June 1731 Sept
• 17
Suet Co corn
z15 x15
100 1234 Aug 21
Jan
Gilbert (A C) Co corn._ _ _•
24
200 2015 June 34
24
Mar
• 24
900 75
• 81% 81% 85
June 12154 Jan Schiff Co
Glen Alden Coal
234 254
500
2% July
431 Apr
St•
9
1654 Feb Schulte-United Sc to $1 100 15
July
Globe Underwrit Etch__ • 1014 10% 10 34 2,500
100 15 June 25
15
15
Apr
prof
7% cony
17% 19% 14,100 1554 Aug 4631 Apr
Goldman-Sachs Trading..' 18
400 3434 JunJunest 10% Apr
514 6
e%
6
5
934
2% 1,800
2
254
Apr Seaboard Util Shares.,,.'
6
134 June
Gold Seal Electrical Co-.._•
41% 41 34
100
•
43% Aug
Seeman Bros common_
Gil Ali& Pao Tea
454 534 5,600
531
May
9
40 180 June 260
210 217
Mar Segal Lock & Hardware..'
Non vol corn stock
500
5% 6
534 June 1231 Apr
150 1141
118% 119%
4 Jan 122
Jan Selected industries com__•
7% first preferred- 100
64
65
1,100 54% Aug 7136 Apr
• 65
Prior stock
400
$534
94 931
94
9% Sent 144 Feb
Grocery Storm Prod v t c.•
69
69
600 63% Aug 8431 Mu
Allot Ufa let Sr 2nd ruild
30
100 28
30
July 49
Apr
Guardian Fire Amur.- -10
% n131 1,600
34 Aug el 5( Jan Selfridge Provincial Storm
Happiness Candy Stores..
214 2'4,
24
1 Jan
23
700
ord shs Li
254 July
Am den rights
100
3
3
3
Aug
711 Mar
Helena Rubenstein Inc_ •
1878
FINANCIAL CHRONICLE
[VoL. 131.
Friday
Sales
Friday
Sales
Last Week's Range for
Range Since Jan. 1.
Last Week's Range for
Range Since Jan. 1.
Sale
of Prices.
Week.
Public Utilitiesof Prices.
Sale
Stocks (Concluded) Per. Price. Low. High. Shares.
Week
Low.
High.
(Concluded)Par. Price. Low. High. Shares
Low.
High.
Sentry Safety Control____•
234
254 34
800
2
Aug
9% Mar Dixie Gas & Uri' corn......' 24% 20
241
4 1,900 10
Sheaffer(W A) Pen
July 244 Sept
•
50
50
200 50 June 594 Feb Dube Power Co
183 16844 1.200 140 June 209
100 164
Shenandoah Corp oom__.•
951
Apr
954 1011 3.100
834 Jan 20
Apr Duquense Gas Corp corn_• 10
954 1111 8,800
6% cone pref
7
Aug 17 May
50 414 41
414 1.500
Jan 4834 Apr
East Gas & P Associates,' 29
29
294
Silica Gel Corp corn v t c_• 144 1414 1534 1.200 33
900 254 Jan 42
Are
144 Sept 344 Mar East States Pow B
30% 29
31% 16.200 1841 Jan 44
Simmons Board Pub pfd.• 394 3814 3954
Apr
300 36
July 3954 Sept Eastern Util Assoc
3944 39%
•
Singer Mfg
100 384 June 4341 Apr
100
425 425
10 r425
Sept 500
Apr
Cony stork
12% 13
Singer Mfg Ltd Am dep rcts
200
31
4
334 4
1,300
64 Apr Elec Bond & Sb Co Corn..,' 774 76% 834 227,200 12 June 17% Mar
34‘ Sept
Smith (A 0) Corp eom---• 180
704 June 117% ACC
180 187
240 13751 Jan 250
Apr
Preferred
• 109
108% 109% 3.600 103>4 June 109% May
Southern Corp aim
•
634 634
400
44 June
834 Feb
85 gum pref w
9745 97
9731 2,000 92% June 98
Sou'west Dairy Prod com_*
Sept
3
3
3% 1,700
Sept 13
3
Mar Elec Pow & Lt 2nd pref A *
10354 1034
Spanish & Gen Corp Ltd200 994 Jan 107
Mar
Warrants
49
514
Amer dep rcts ord rag El
200 2854 Jar
7854 Apr
400
Ti 1
% June
234 Apr Empire (1 & F8% pee!.. 100
104 104
Spiegel-May-Stern pref 100 35% 3534 35%
100 99
Felt 104
Apr
,
75 35
Sep
824 Feb Empire Pub Sere corn ol A• 16% 18% 16%
Stahl Meyer corn
700 16
Aug 25
•
Feb
20
20
100 19>4 Sept 28
Jan Florida P & L 57 pref..
•
100 100
100 100
Stand Motor Conatr___100
Jar 105
Apr
2%
236 334 30,200
44 Jan
354 AM Gen Gas & Elec 56 pf B...• 72
72
75
500 72
Starrett Corp oorn
Sept 9734 Apr
• 18% 18
18%
600 14 June 374 Mar Gen Water Wks dr El A-•
2734 23
600 20
Feb 3041 June
6% gum preferred__ ._50 39
3834 3956 1,000 30 Jun
4814 Mar Georgia Power 56 pref.....' 101% 100% 101%
400 0834 Pet 10335 May
Stein Cosmetics oom
•
7
7
44 Jun
100
23% A or Diternat Superpower
• 39
38
Stelithe Radio
3934 1,900 3034 July 4634 Mat
1
1
1
Feb
200
334 Apr Internet Util class A
• 43
43
44
700 34% Jan 5041 Apr
Stinnes(Hugo) Corp
634
100
64 Aug 10
Jan
CIIISS B
13
1435 4,300
Strauss(Nathan) Inc corn •
811 Jan
1934 Apr
854 10
6% Aug l654 Mar
1,100
Panic peel
•
9854 101
Strauss-Roth Stores com.• 13% 1334 144 3,600
200 79% Jan 101
Sept
934 Feb 2234 May
Warrants for cl B stock -6
7
Strom Carlson Tel Mfg. •
1,100
5% Aug
10 May
2855 28%
200 26'- Ma
Apr Italian Super Power ol A--•
30
85-4
8% 8%
400
Sluts Motor Car
74 Aug 18
151
14 Aug
Apr
300
•
4% Jan
Warrants
34 3%
100
Sun Investing $3 pref.- *
3 Sept
951 Feb
4034 4034
100 39
Jan 51
Apr Kentucky Utilities
49% 49'.4
Swift & Co
2' 49% Sept 494 Sept
25 29% 2941 30
1.000 28 June 344 Jan Long Island Ltg peel.. 50
40
40
cornIN 371.1 July 56
Swift International
*
Iii 334 33% 3434 2.700 42854 July 3834 May
Apr
7% Preferred
100 11054 11054 11334
Syrac Wash Mach corn B.•
100 1074 Jan 113% Sept
4
4
4
100
3% Sep
Mar
9
6% Peelseries II
100
10655 106%
100 105% Aug 107
Sept
La Pow
Technicolor Inc corn
700 9745 Apr 102
• 2031 20% 2611 9,200 2054 Sept 8614 Mar Marconi& Light 56 pref.._. 100% 99 102
Aug
Internal MarineThatcher Securities
1
24A,
200
2% June
5% Apr
Commun Am
84 814 1,100
834
Tishman Realty & Constr •
8 June 13
45% 4545
Feb
200 4354 Apr 454 Jan Maroon' WIrel dep rctsT of Can__1
4
4
Tobacco Products Exports*
445 17,800
394 Jan
_
1
1
9% APT
100
24 Apr Mass UM Assoc
34 Jan
73-1
Todd Shipyards Corp _ _ _• 4956 4944 5034
7% 7% 1,400
634 Sept 104 Apr
500 444 Jan 63 June Memphis Net V t c
• 14% 14% 1634 3,600 10% Jan
Gas
Transoont Air Tramp
_•
734
2234 AIN
75-4 841
900
434 June 1014 Apr Middle West Ursa oom
'Transformer Corp cony_ •
• 27
27
2876 4.900 24% June 38
13
Ayr
13%
200 13 Sept 2334 July
A warrants
1
Trans
24 234
-Lux Pies Screen100
154 Jan
og Apr
B warrants
• 94
4% 434
Claes A common
300
24 Aug
Feb
8
934 1034 7,200
4% Jan 1354 AM Midland Nat Gas cla
Tel-Continental Corp warr
A__• 1451 1434 15% 1,200 1354 June 1641 JulY
5
700
54
Jan
4
9
Apr Mid-Weet
Tel-Utilities Corp corn___• 4334 434 44
Aug 29% July
200 36 June 58% Apr Mohawk rkStates QUI el A• 2334 224 243.4 1.300 22
Hud Pow
$3 pref
• 45
r0 102 June ell0
45
Feb
45
300 45
Mar 58% Mar Municipal Service 2d pf• 10534 10554 105%
•
Trunz Park Stores
8
8
8
400
•
2044 21
6% Jan 1654 Apr
500 174 Aug 26
Jan
TublzeChatillon Corp.Net Pow & Lt $6 Pf
• 1034 1034 104
1.300 100% Jan 104
Commonn vtc
6
•
6
Sept
1,400
8
Sept 22% Apr Nat Pub Serv corn A
6
•
22% 23
Ungerleider Phan Corp.-' 28% 28% 283.4
300 2154 June 25
July
200 21% June 8694 Feb
7% Pref
100
Union Tobacco corn
9555 9654
75 954 Sept 9614 Sept
•
600
54
34
34
34 June
1
Jan
$3.50 preferred
United-Carr Fastener corn*
4734 47%
100 4654 June 47% Sept
7% 7
300
6% July 16% June Nevada Calif Elec com_100
129% 129% 132
United Chemicals pref_--• 31% 31% 314
80 60
Jan 1494 June
400 30 June 44
Feb New Eng Pow
93%
90
United Corp warrants
260 8914 Aug 93% Sept
16
16
1,600 1241 June 804 Apr New EnglPow6% pref_100
17
Ass'n corn..'
Untied Dry Docks oom_ •
937 9354
4
50 89% Aug 100 May
434 434
200
4
July
8% Jan NY Pr & Lt 7% pref__100
11436 11455
25 10536 Jan 1174 Sept
United Founders corn- • 15% 154 17
34,400 1544 Sept 44
Max N Y Telep 534% prat _100
United Milk Prod com___*
11654 11654
225 113% June 11731 Jane
54 53-4
5%
400
2% July
6
Aug Niap & Bud Pr (new Corp.
United Retail Chem pref •
851 84
100
7
Aug
94 May
Common
10 15% 154 164 16.800 154 Aug 2444 Apr
United Shoe Mach com_25 65
65 x6545
300 60
Jan 68% May
Class A opt warrants
3%
34 4
-11,300
344 Sept
841 May
No Amer Lt & Pow peel....
United Wall Paper Fact. •
90
90
25 85
Mar 91
Sept
84 84 1,000
741 Aug 18
Apr Nor Amer Util Inc corn.._"
175 Drug Prod class B...'
54 64
500
3% Aug 1034 Apr
100 1355 Jan 2634 Apr No Ind Pub Serv
1634 167(
p1100 1024 100% 10214
US Foil class B
240 03% Mar 10234 Sent
• 15% 1551 16% 3,500 15% Sept 2654 May Nor
States P Corp oom_100 155
US & Internet Sec corn_ •
155 157
1,500 130 June 18555 Feb
3
3
2% Jan
200
8
Apr
6% cum preferred___100 1014 101 101%
First pref with warrants*
240 9544 Mar 102
61
July
62
200 52 June 75
Mar Ohio Bell Tel
US Line, Pre?
114 114
• 11
10 111
11
11%
Feb 11534 May
600 11
June 20% Max Ohio Power 7% pref_.100
6% pref-100
& Overesas with warr• 1751 1754 19% 12,300 13% July 23
107 108
30 10431 July 108
Sept
May Ohio Pub Serv let pfd A100
U S Radiator corn
107% 107 14
10 10035 Jan 108
• 36
38
Aug
36
300 36
Sept 55
Apr Okla Gas & Else 7% p1100
1144 11414
Universal Insurance_ _25
100 1084 Jan 11434 May
40
40
50 40 Sept 70
Apr
Utility Equities Corp....' 11
11
11% 1,700 10% Jan 22
Apr Pacific Gee & El lit pref_25
234 284 1,100 28 June 2894 Sept
Utility & Ind Corp cam• 13% 1334 1334
700 1241 June 2354 Feb Pacific Pub Sent
• 22% 22
Preferred
22%
400 20% June 2934 Feb Peninsular TelepCl A cora_• 284 274 294 1,700 23% June 3944 Apr
pref._100
107 107
10 107
Mar 109
May
Pa Gas & Elec class A.---• 14% 144 144
Veeder-Root Inc
200 1434 Sept 187 Mar
• 35
35
36
200 34% Jan 43
%
Mar Pa Pow & Lt $7 pref
Vick Financial CorD..-10
1104 1104
100 108 June 111
*
734 7%
600 64 June
May
94 Jan
$6 preferred
Waltt & Bond class A....'
104% 104
25 101
Jan 106% Aug
15% 15%
100 15
Jan 21
Mar Penn Water & Power
73
73
Class B
75% 1,100 70
Aug 95% Mar
z7
11
•
100 x7
Sept 14
Feb Peoples Lt & Pow class A_• 3044 3096 31
Walgreen Co common---• 32
200 254 June 46
3034 32
Mar
300 2841 Aug 61
Jan Philadelphia Co new
Walker(Hiram) Gooderbem
414 43
200 41% Sept 43 Sept
PhIla
103 10445
& Wortscommon
•
200 99% Feb 10444 Sept
84 8%
•
831
8
500
Aug 134 Apr PowerElec 55 pref
Corp of Can corn...'
Western Air Express....10 33
69
60
100 69 Sept 86
34
33
Apr
300 1854 Jan 46% Apr Power Securities
Western Auto Sup corn A.*
3254 33
corn...-. 33
700 1435 Jan 3434 July
2044 2034
100 20
July 394 Feb
Second preferred
• 99% 99
West Va Coal & Coke-- _•
99%
300 38
14 1%
Jan 994 Sept
100
154 July
2% June
Pref ctfs of dep
West Mcl Ry 1st pref_ _100 109
200 99 Sept 99% Sept
9941 99%
109 110
20 90
Feb 125
Mar Puget Sound P dr
Wheatsworth Inc Corn.. _ _• 30% 29
n914 n9134
10 8754 Aug 91
May
31
400 29
Sept 3434 Aug Ry & Light SecurL $5 pfd'
Williams(R C1 & Co inc..' 13% 1334 1334
com
6744 68
100 63 June 9034 Apr
•
100 12% June 20
Jan
WIl-low Cafeterias
54
544 631 2,000
•
54 Sept 1514 May Rockland Light
& Pow__10
Worth Inc cony el A
2314
1
•
1
100
55 July
334 Apr Shawinigan Wet & Pow--• 234 6714 24% 1,700 194 Jan 29% Apr
Bonita Products Corp tom• 10
67
6714
100 66 June 704 Jan
931 10% 1,100
834 Aug 21
Ant So Calif Edison pre! A__25 30% 30
3051
500 2814 Jan 30% Sept
6% peel class B
Rights
25
27% 2735 1,400 2431 July
274 Sept
534% peer class
27% 25%
100 22% Jan 26%
Associated 0& El deb eta_ _
344 3%
100
334 Sept 1144 Max Sou Cob Pow Cl AC......25
Mar
23
Stock Rights
200 22
2354
25
Aug 26
Mar
434 4%
100
34 Aug
434 Sept Southwest Gas IRO corn...' 1151 1151 144 3,100
Flat
734 Jan 20% Apr
200
34 Aug
3% Feb Stand Pow & Lt pref
1034 10314
100 9934 Jan 107
Ineur Co of No America
•
2% 9,500
2%
Apr
23
234 Sept
454 May Tampa
•
70
714
300 544 Jan 98
Loew's
3811 3974
Mar
300 124 *Jan 6434 May Tenn El Electric Co
Pow 7%
100 106% Jan 111% Sept
Newport Co
34 19,100 1-32 Sept
4 Sept Twin States Nat let Pf-100 12% 110 110
Gas cl A•
1231 13%
800 11% June 154 May
Southern N E TeleP
844
831
100
8
Aug
834 Aug Union Nat Gas of Can...* 27
White Eagle Oil & Ref
27
700 25
284
Jan 35. May
234
500
234 234
234 Sept
6
May Un Elec Serv Amer she-Zonite Products
III
34 33,700
Ili Sept
814 Sept
Purchase warrants
400
41
41
1
Feb
44 Aug
United Gas new corn.--• 15% 1544 1641 46.800
Public Utilities
12 June 28% Mar
Peet non-voting
Alabama Power $6 pref. _* 103 4 103 10354
97% 971 99
4.500 914 June 9934 Sept
4
,
125 100 June 104% Mar
Warrants
87.4
Allegheny Gas Corp oom-•
6.100
64 7
331 334
5 June 114 Mar
400
351 Sept
954 Mar United Lt &Pow ooM
Amer Cities Pow & L cl A • 4055 404 41
374 3734 40% 45,500 2744 Jan 58
400 35% June 49
May
Mar
Common class B
Class B
80
80
600 80
1551 15% 16
Mar 99% Mar
5,900 12% June 2854 Apr
6% corn lst
•
Am Com'w'Ith P tom A--• 1956
3,600 9744 Jan 11944 Mir
19
2034 24,100 19
Sept 2814 Mar U S Elec Pow Ore warr....' 108% 10854 110
with
11% 11% 12% 8.800 10% July 2214 Feb
Common class B
• 43% 434 44
200 3434 Jan 50% June
Stock purchase ware_
Amer & Foreign Pow wart.. 46
4
100
4
4534 50% 8,500 38% June 7814 Feb UM
Aug
3
631 June
Pow & Lt coin
• -Amer Gas & Eleo corn.__ _• 128
1734 19
126 129% 3,600 104 June 157
5.000 1434 Jan 28
Mu
Apr
ClassB etc
Preferred
•
404 4094
100 34
109 10934
• 109
Jan 68% Air
500 104
Mar
July 10931
Amer L & Tr corn
125 6034 604 6214 2.200 52% June 89% Apr
Former Standard 011
Amer Nat OW corn v4 e_.• 11
11%
11
500
74 Jan 1954 Apr
Subsidiary
Amer Superpower Corp
Buckeye Pipe
50
Corn, new
54
55
200 54 Sept 69
• 2254 2241 24% 52,500 2044 Aug 3994 Apr Humble Oil & Line
Jan
First preferred
• 101% 101 10214 2.300 901 Jan 10254 Sept Imperial 011 FtfInfIng--25 864 8634 884 3.300 78
Jan 119
Arc
(Can) Corp..' 224 22
2334 13,000 1834 June Bo
$6 cum preferred
• 93% 92
93%
Apr
300
Jan
Registered
•
Appalachian Gas gem_ .• 10% 104 107.4 22,600 8734 June 97% June
2234 23
300 1834 Aug 28
Apr
834
144 May Indiana Pipe Line
3131 32
10
Arkansas Pow & Lt $7 pfd • 108
200 3154 Aug 41
Jan
108 108
10 102
Mar National Transit_
Jan 109
Aiwa Gas & El oom
1634 1654
300 1554 June 2254 Jan
• 29% 294 30% 5.700 2934 Sept 51% Mar Ohio 011 6% cum ......12.50
pref__100
Class
106 106
100 103
3014 304 30% 6,900 304 June 4634 Jan Penn Mex Fuel
Feb 108 May
25 2414 24% 2135
88 Int bear allot Mfg ..- 97
500 17 June 32
97 100
Apr
125 97 June 147% Apr Solar Refining
25
1154 1134
$5 preferred
200 1034 Aug 33
• 9141 90
Jan
9331
170 90 Sept 9151 Sept South Penn 011
Bell Telep of Canada___ 100
25 3644 3634 37
400 38 June 45% Mar
154 156
275 146 June 1574 Feb Southern Pipe Line
BrainIllan Tr Lt & Pow ord' 35
10
l0'4
100 104 Sept 20% May
3434 37% 10,700 29% Aug 554 Apr Standard OH (Indiana) 10
-25 484 48% 494 25,300 474 June 5934 Ayr
Buff Niag & East Pr pf-25
2634 2654
500 2441 Jan 26% Sept Standard 011(KY)
10 304 29% 31
Cables & wireless
8,800 2944 Sept 404 Apr
Standard Oil (Neb.)._ _25
Am dep rots B ord she_ 81
300 44
Jan 484 Mar
17.4 134 1,000
44 July
Jan Standard 011(0) corn-28 75% 474 47%
2
Am dep rcts A ord shs EI
75% 77
150 7441 Sent 108% Mar
600
41
34
Aug
334 Jan
34
Preferred
100
Am dep rcts pref shs El _
11845 118%
40 115% June 122
Mar
344 355
200
3% Aug
Jan Vacuum 00
Carolina Pr & Lt $7 pref_ •
26 77
76% 7841 10,700 78% June 97% Ape
10754 1074
50 1074 Sept 111
Mar
Cent Atl States Serv v t c_•
3
3
400
3
Other 011 Stocks
3
July
654 Jan
Cent Pub Serv corn
•
30
30
200 25% Feb 404 May Amer Maracaibo Co
Class A
5 1% 1% 2
1,000
• 25
134 Jan
414 May
25
26% 5,300 25
Aug 4354 Apr Sabana Nat Gas Corp corn •
Cent States Elec com
97-4
94 97.6 2,400
854 Jan i654 Apr
• 2254 214 24
10.200 19
Jan 394 Apr
Clam A
•
6% pref without warr 100
934
9
994 15,400
84 Aug 18% APT
77
77
200 e72
Preferred
Feb 8334 Apr
Cent & Southw Util com_•
10
7% z734 7%
7% Feb
300
856 Apr
22
22
100 20% June 31% Feb Carib Syndicate corn
Cleveland El Ilium com._• 57
134 156
800
54 Jan
57
2% AM
58
200 504 June 93
Apr Colon 011 Corp, corn
Corn'w'Ith EdLson Co..100 280
•
351
351 334
800
334 June
84 Feb
280 287
110 234
Jan 3354 Apr Colum 011 & Owl v 11 o_.•
Comm'wealth & Son Corp
7% 944 13,400
544 Aug 21
AM
Consol Royalty 011
1
Warrants
334
334 3%
300
3, June
3%
4
534 Jan
334 35-4
344 Aug
834 APT Oosden Oil common
• 2854 273.4 30
Community Water Sem.* 1454 12% 154 46,300
1,100 2754 Sept 74)( Jan
18,000 1134 June 1934 AM Creole Syndicate
•
Cons'l0El & P Salt corn..'
541
5% 541 21,100
534 Aug
118 11941
734 June
800 904 Jan 13614 Mar Darby Petroleum cony. •
Consol Gas Util class A_ _• 22
10
10
500
854 Sept 21% May
22
23
600 21% Sept 3034 Mar Derby Oil& Ref corn
•
Cont'l 0& E 7% Pr Pfd 100
694
634 644 1,000
4(4 Mar 11
Apr
105 105
25 101% Feb 10854 June Gulf 011 Coro of Penna._25 116
116 120
3,400 115% Aug 16614 Apr
---
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks
Other 011
Par. Price Low. High. Shares.
(Concluded)
Houst 0111(Tex) new corn 25
Indian Ter III 011 el
Intercontinental Petrol__10
•
Internet Petroleum
Leonard Oil Develop....__25
•
Lion Oil Refining
•
Lone Star Gas Corp
Middle States Pet CIA vtc•
•
Class Byte
5
Mo Kamm Pipe Line
1
CI B, tot trust otts
Mountain & Gulf 011
10
Mountain Prod Coro
•
Nat Fuel Gas
New Bradford 011 Co -5
•
N Y Petrol Royalty
North European 011
Pacific Western 011
•
Pentium 011 Corp
Pantepee 011 of Venezuela•
Petrol Corp of Amer warr _
5
Plymouth 011 Co
Pure 011 Co 6% pref _100
•
1879
FINANCIAL CHRONICLE
SEPT. 20 1930]
Range Since Jan.
June
BM 1734 3.700 13
1,800 26% July
28% 2934
A Sept
800
44
34
18% 1934 5,900 17 34 Aug
Feb
1
1.000
134
1%
•100 1834 Sept
HO) 18%
1,400 844 June
384 39
1,900
434 June
633
6
2% June
900
234 23.4
118.400 1434 Sept
184 144 2134
8,500
33 Sept
• 1
13
100
• May
Jan
700
8
•
94 94
9%
2,500 25% Jan
3134 33
31%
100
2% May
2% 233
100
83.4 Sept
9
9
134 Sept
133 2.200
133
1%
2,700 12% Jan
15% 15% 16
33 Aug
34
54 9,800
34
134 Aug
24 333 5,000
4
27
233 July
700
24 236
2%
25
25
254 1.400 20% May
150 93% Aug
95
96%
95
16%
28%
34
18%
154
19
3851
Red Bank Oil
Reuter Foster 011 Corp_ •
Richfield Oil of Calif p/ 25
•
Ryan Como!Petrol
SaltCreek Producers_-10
Southland Royalty Co •
6
Sunray 011
•
Texan 011 & Land Co_
Oil Associates_ .25
Union
5
Venezuela Petroleum
•
White Star Refining
1
Woodley Petroleum
Mining Stocks
5
Arizona Commercial
Arizona Globe Copper_ I
IYWana SI'Kublva COP Ni
Amer charm
10
Carnegie Metals
Comstock Tun & Drain 10c
Consol Copper Minee_-__5
25
Copper Range Co
1
Cresson Consol0 M
Cusi Mexicana Mining_ _1
Evans Wallower Lead oom•
Falcon Lead Mines
Gold Coin Mines, new....
Golden Centre Mines„....5
25
Heels Mining Co
5
Hollinger Cons 0 M
Bud Bay MlnA Smolt
*
Iron Cap Copper Co_ _10
Newmont Mining Corp_10
25
New Jersey Zino
5
NipissIng Mines
•
Emends Mines Ltd
1
Ohio Copper
Premier Gold Mining_ _1
1
Red Warrior Mining
St Anthony Gold Ltd.
Shattuck Henn Mining_.*
Sou Amer Gold & Plat.. _1
Standard Silver Lead....)
1
Tack Hughes
United Verde Extension 50c
5
Utah Apex Mining
1
Walker Mining
Wenden Copper Mining-1
5
Yukon Gold Co
Bonds_1942
Abbotts Dairies
Alabama Power 1130-1967
1956
56
Aluminum Co s I deb 59'52
1948
Ltd M
Aluminum
Amer Aggregates(1s.._ _1943
With stock purch warrts
Amer Comith Pr 6,...i940
Amer0& El deb Os.._2028
Amer Gas & Power 6s _ 1939
American Power & Light
68. without ware_ _ _2016
Amer Radiator deb 433s'47
Amer Roll MB deb 5.1.1948
Amer Seating Corp 6s_1036
2%
8
3
18
3%
1033
834
4
57
1431
394
234
71%
4
400
800
100
200
2,200
2,200
1,300
500
1,600
3.500
100
300
8
234
1736
2%
84
8
4
47
833
38
2
7133
2
4
17
7
600
1,500
134 Mar
1-16 Jan
3
7
5
3%
2,100
1,000
1,500
1,300
200
1,400
800
2,700
200
600
1,300
400
2,800
1,800
100
34
91
3%
83.4
34
3.4
2
8%
6,
2
ill
251
10
64
734
84%
65
2131
34
27% Apr
4734 Apr
13( Mar
Apr
24
4% Apr
Apr
29
55% Apr
1134 Apr
Apr
6
3634 June
May
6
94 Mar
1234 Apr
41% May
334 Mar
16% Jan
34 May
19 34 Apr
23.4 Mar
4% Mar
533 Apr
27)4 Feb
June
99
Sep
Mar
Jun
Sept
JURe
Sept
Aug
Feb
Sept
June
Sept
Mar
8
3
18
3%
104
8
6
124
39
233
714
4
134
he
1051
4
2% 27
4
236 27
104
10
633
6
73.4
1% 134
844 864
6533
65
14 14
21% 24
34
33
33 1
54
Ito
11
4
1%
%
834
133
2
31
34
434
1%
8%
8%
1%
233
71
31
2%
5
31
333
8%
A
34
134
1-16
234
254
834
5
7
1
Aug
Jan
Jan
Sept
Sept
July
Aug
June
June
Sept
July
July
Jan
June
June
104
5%
23%
84
15%
17
10
1934
4734
4 se
7433
5
Cities Service Gas5As 1942
Cities Serv Gm Pipe L 6643
Cities eery P & L 53.4a1952
ciev Elec 111 deb 78_1941
Cleve Term Bldg 6s_ __1941
Commander Larabee 6.9 '41
Oommers und Private
1937
Bank 534e
Com'wealth Edison 43.48'67
,
434 series E when las '60
Consol GEL&P
1952
536s series E
1965
55 series F
1970
4%n series 14
Consumers Power 4338-'58
1958
Conti0& Hits
Continental Oil 551e..1937
Crane Co 10-yr 55._1940
1946
Crucible Steel 5s
Cuban Teleph 7365_1941
Cudahy Pack deb 53461937
1948
5e
May
Apr
Jan
May
Apr
Ave
Apr
Sept
Apr
Mar
July
June
1% Feb
34 Jan
534
833
1
8%
1634
33
2
6
3-16
5%
7
14
7
14%
3
Jan
Apr
Feb
Feb
Jan
Jan
Feb
Mar
Tan
June
Feb
Feb
Apr
Feb
Jan
100% 3.000 97
994 99.00
93
1034 8,00 100
1044 51.00 10133
3.00
101
973(
82
924 s923.4
100
101
944 9433
2,00
82
04% 87.00
101 619,00
944 11,00
May
Feb
Jan
Feb
Feb
Sept
Sept
Aug
Sept
Sept
82
Sep
88
May
Sep
90
994 Mar
9754 Jan 101
Sept
91
July 9634 Jan
Jan
108% 10834 108% 79.000 105
3,00
9633 May
99% 9934 100
1004 3100 1004 74,000 964 Jan
6534 2.000 6334 Sep
65
Appalachian El Pr 58_1956 10254 102 1024 54.000
105 1084 40.000
Annals:MI= Gas 64-1945 105
45,000
93
1945 92% 092
Cony deb 68 B
1,000
107% 107%
Appalachian Power 63_2024
Arkansas Pr & Lt 54._1950 101% 100% 101% 60.000
Armstrong Cork 59_1940 97% 9733 98st 11,000
Assoc Dyeing & Printing20
9.000
20
6s with warrants_ ..1938
804 91 186.000
Associated Elec 4%8..1953 91
Associated Gas & Electric
4,000
82% 85
Deb 4s with warr-1948 84
1949 8251 82 r183 390.000
4342 series0
87% 372.000
1968 1)7% 85
5s
85% 88% 85,000
1938 R6
53411
9834 98% 41.000
1977 97
5345
24.000
86
86
Sim Hard 634s 1933 86
Assoo'd
94% 944 6.000
Assoc T & T deb 54s A '55
Assoc Telep OBI 531e_1944 98% 96% 99% 87.000
3
8,000
2
Atlantic Fruit & Sug 85 '49
073 34 76% 6,000
Atlas Plywood 536s_.1943
Bates Valve Bag Corp
108% 108% 10,000
6s with warrants_ _ _ 1942
104)4 104% 14,000
Bell Tel of Canada 58_1957
104% 104% 39.000
M 55 series A__ _1955
lst
Os series C May 1 1960 104% s104% 104% 14.000
9833 98% 13,000
Birmingham Gas 55_ _ _1959
103% 103%
1,000
Boston Consol Gas 51_1947
3,000
10234 103
1301/ton es Maine RR 68 '33
10,000
Gen Elec 5s_ _1956 10434 10433 105
Buffalo
Burmeister& Wain (Copen)
100% 10033 3,000
1940
15-year 65
1940 1023.1 101% 10233 109,000
Calif Pack deb 55
Canadian Nat Ry 4348 '55 1024 102 1024 53.00
1094 110
38.000
1935
7s
Capital Adm deb 55 A.1953
884 90
3.000
90
With warrants
804 81
5.000
Without warrants
1034 1034 28,000
Carolina Pr & Lt 53._ _1956
102 10234 32.000
Caterpillar Tractor 58_1935 102
Si
Cent States Eleo 5s-1948 80% 8034 834 26,000
49.000
Deb 530--Sept. 15 1954 82% 8234
88
91
59,000
States P & Lt 6348 '53 90
Cent
99% 991( 40.000
Chic & N W Ry 434(1_2037
80% 8.000
79
Chic Rys 55 ctfs dep_1927 79
Cigar Storm Realty
17,000
86
1949 8533 85
5345 serial A
02%
1,000
92
Cincinnati St By 5545 A '52
844 831.4 84% 59,000
1966
Cities Service 58
1950 100% 10033 10133 205000
Cony deb 56
1004
9933
104
10433
101
109
100
101
81
May
Sept
Mar
Feb
Range Since Jan. 1.
101%
93
10133
10133
1074
9831
99
Fairbanks Morse Co 561942
Federal Water Sem 534e'64
Finland Residential Mtge
1961
Bank 6e
Firestone Cot Mills 58_1948
Firestone T & R Cal 581942
First Bohemian Glass Wks
7e without warrants 1957
Flak Rubber 5345
1931
Florida Power & Lt 58-1054
Garlock Packing deb Os '39
Gatineau Power 58-1956
1941
Deb gold Os
1041
6s series B
Gen Bronz Corp cony On '40
Gen Pub Utllitien 6s..1931
1948
Gen Rayon 6s.
Gen Vending Combs with warr Aug 15 1937
Gen Water Wks Gas& El1944
fis series B
Georgia Power ref Os._1967
1935
Glidden Co 533s
Goodrich (B F) Co 88.1945
Goodyear T & Ft 5 Hs_1931
Grand (F&W) Properties
Cony deb &Dec 15_1948
Grand Trunk Ry 643.1936
Ground Gripper Shoe 68'44
1937
Gulf 011of Pa Os
Sinking fund deb 5s_1947
States titU M..._1968
Gulf
106
1014
100
1114
144%
94
100%
98%
107
954
9833
83
74
84
9
99%
71
7234
86
99%
68
Jan
Mar
Sent
June
Jan
Sept
1023.4
145
101
4
107,
101%
984
93%
81
87
98% 30.000
898
944 9533 114.000
83
88% 52,000
76
7834
102 10234
924 92%
92% 993
110
112
86
52.000
21.000
179.000
21.000
49.000
112
11534 19,000
8635 9,000
80
8054
Jan 944 Apr
Jan 82% Apr
Jan 10334 Sept
Apr 10536 Mar
Jan 84
Mar
Jan 89% Mar
July 91
Feb
Sept 99% Sept
Feb 844 July
624 Jan 89
,
Ma
Jan
91
July 97
82% Aug 8834 Mat
May
97
Aug 128
Sept
July
Sept
Sept
Mar
Mar
Sept
Aug
Mar
Mar
Aug
Sept
Feb 97
Feb 1073.4 July
Feb 1041-4 Sept
Mar
89
Aug
Mar
Sent 75
Jan 99% June
68
Aug 109)4 May
83
8134 Sept 1053.4 May
69
994
89
924
Mar
June 87
Jai 102% Sept
June 943.4 Mar
Sent
Sept 993
98
Jan
'
jat
98
8234 July
2.00
78
120
117
89
May
Sept
Mar
87
Apr
Feb
July
79
80% Aug
81% Sept
91
Ayr
984 984 39,000
934 93% 9,000
Jan
93
0094 Jan
9854 Sept
ADS
97
35.000
81
87% 13.000
8.000
92
7591 Jan
Sept
87
9034 July
Mar
88
AIN
96
96% Mar
Feb
80
30% Aug
82% Jan
Jan
84
72% Yet
Mar
92
80
87
92
2.00
83
83
14,00
393.' 40
89% 90% 90.00
07%
99
9934
92
97
60
99 100
9634 073.1
9833 99
9933
99
6914 92
97
97
85934 60
16.00
71,00
6.00
9.000
20.000
2 1100
30,000
9434
91
944
97
83
95
57
Jan 110
Feb 973(
Jan 101
July 99%
Aug 99%
June 9833
Jan 80
Apr
Mar
Mar
Sept
May
May
Mar
Feb
20
May
84
95%
99%
821,
9914
Sept
Jan
Sept
Sept
Jan
e96
Hug
100%
87
101
May
Sept
July
Sept
Mar
4,000 834
844 86
1084 108% 4.000 105
5.0n(
45
45
45
6,000 9931
1024 103
1034 103% 8.000 100
100 101% 19,000 923(
Aug
Aor
Sept
Jan
Jan
Jan
92
108%
70
103
104
101%
May
July
Apr
Apr
Aug
Sept
Jan
9.000 100
38,000 8433 Jan
Jan
5 000 97
8.000 9634 Jan
Jan
14.000 84
6,900 674 Jan
67.000 100 34 July
Jan
14.000 78
12 000 5236 Sept
1,000 52 vs Aug
10333
90
100
100
100
9834
108
92
7133
6634
Sept
Mar
June
June
June
Sept
June
Mar
Apr
Apr
20
84
84
101% 100%
30933
8333
84
100% 10031
Hamburg Electric 75.-193r 103
Hamburg El & Und 5345 38 86%
Hanna (NI A) Co 65_ _1934
Hanover Credit Inst 68.'31 9934
HoU84011 Gulf Gm 6345 '43 98
1943 9754
Fe
Bud Bay Min &8m 63.1935 10252
Hungarian Hal Bk 7335 '63
Hygrade Food 8e A-1949 56
1949
Os series 13
1935
Laclede Gas 5338
Lehigh Pow %cur 6/1-2028
Leonard Tietz 74s-1946
Without warrants
Libby, MoN & Libby 54'42
Lone Star Gas deb 59_1942
Long Island Ltg 65_ _1945
Louisiana Pow & Lt bit 1957
Manitoba Power 645-1951
liga81 Gas Cos 5345...i946
1955
bs
McCord Bad Mfg 68.-1943
Mead Corp 66 with ware'45
1083(
10:3H
1044
102%
94.
95
10234
102
109
99
10254
804 81% 45,000
15,000
88
87
90
Sept
May
May
Sept
Sept
Aug
Jar
Feb
Feb
Fel.
Feb
Fet
July
May
June
.la,
Jan
2.000 z93
97
97
107 107% 2,000 1044
14.000 97%
104 10433
58.000 42
44
42
38,000 1934
19% 21
20
1,000
3,000
85
4
7
101, 95.000
99% 60.000
24.400
87
100% 8,000
102% 103
8631 8733
100 100
0954 100
98
984
9731 98%
102 1034
83
s79
68
56
,
52% 523.
1034 10334 104% 13.000
111 Pow & Lt 5345 set B
13.00
954 97
Sinking fund5 Hs Slay'57 96
s103 10333 14.000
Indeo Oil & Gas deb 6e 1939 10334
2,000
97
97
Indiana Hydro-El 5s A1958
Indiana S'west Gas Util16.000
Cony (is_ _June 1 1940 98% 98% 98% 156.000
Ind'polls P & L fe ear A '57 10133 1014:10133 92,000
20
May 20 Slay Inland Utilities On.._1934 9833 9833 98%
82% June 91
Sept Instill Utility Investtnent 101% 10134 103 133,000
M ear B without wart '60
80
Aug 124
Jan Intercontinents Pow 681948
1,000
80% SO
58 ith warrants
7134 June 87
Mar
9633 9633 1.000
New
7834 Mar 88
Jan
9933 29,00
99
75
Aug 87
lot Pow Sec 7s set E_1957 99
Mar
8034 83 126.00
90
June 105
Mar Internal Securities 68_1947 82
64.00
Mar 86% Feb Interstate Power 5s-1957 92% 9133 93
86
0031 3.0(1
90
1952
6s
Deb
944 July 94% July
9334 12,000
93
92 Jane 108
Fen Int-State Pub Serv 44s'58
Apr
2
Apr invest Co of Am 53 A_1947
6
:9034 892% 12.00
With warrants
65 June 86
Mar
7934 803-4 21,00
Without warrants
36.000
9734 98
102
Iowa-Nab L & P 58-1957 98
Jan 110
Apr
Lt 44s A 1958 9433 94% 95% 4.000
100
Feb 104% Sept Iowa Pow &
18,000
Jan 1044 Aug Isareo Hydro El 78......1952 904 89% 91
100
June 104% Aug Isotta Frashchinl 78 1942
102
5,000
86
86
With warrants
96% Aug 9834 July
100% Feb 104% Sept Italian Superpower of Del
38.000
72% 74
68 without wart '63 73
Dabs
031 Jan 1034 Aug
10
11.000
103% 104
10034 Jan 105
July Jersey C P & L 534s A.1945
101% 101% 5,000
1947
1st & ref 58 B
3.000
107 107
El 63_..2022
98
Jan 101
Jan Kansas Gas &
1936
July 1024 Sept Keivinator Co On
100
11,000
91% 92
Without warrants
99 June 102% Sept
100% 100% 101;i 18,000
107
Apr 110
Sept Koppers0de0deb 58-1947 1034 103% 103% 54,000
1950
5335
9534
99%
89
1054
93%
9754
Jul) 88% Mac
AM
95
Jai
Jai
9434 Max
Jan
Jan 108
Apr
Aug 98
Sept 89% Jan
Mai
91
81% Jai
934 Fet 100% Sept
97% Jul) 10034 Sept
8934 119.000
87
87
100% 10034 100% 15.000
100 100% 66.000
10736 107% 10,000
1084 108., 1:..0410
101% 1024 8.000
10134 10171 110 000
:914 93% 109.000
38 000
9736 98
73 000
101% 102
101% 10133 32 000
10731 10733 3.000
27,000
98% 99
99 10234 19.000
High.
Low.
4.000 8234
864 87
9333 8.000 90
s92
91% 9133 9234 6.700 Si
1074 10733 22.000 108
6.000 894
96
96
5234 50% 5814 27.000 42
Delaware Elec Pow 54859 97
Det City Gm Os ear A_1947 1074
1950 1044
let 59 ser B
Detroit Int Bdge 6%5_1952 42
1952 1933
25-yr t deb 7s
Dixie Gulf Gas 83411-1937
With warrants
1945 95%
Duquesne Gas 84
o
6.4 w notes Mar 15 1935 864
East Utilities Inv fa
1954 76
With warrants
Edison El(Boston)58.1933 102%
Eleo Power & Light 63_2030 82
92%
New.
El Paso Natural Ges1938 110
836s
1943 113
634s Series A
Empire Oil& Refs 5345'42 86
Ercole Slarelli El Mfg
65
63 with warrants _1953 80
European Elec 6348 1965
80%
Without warrants
Ear Mtge & Inv 7s C.1967
1,300 79
June 14114 AM
300 62% Aug 91% Mar
1
1,100
7
14 Mar
June
4,700 20% Rise 4634 Mar
1,500
% Aug
134 Jan
300
54 Mar
154 Jan
'is Mar
8,80
Si Apr
20
'ii June
31 Feb
4
1,40
Sept
933 Jan
10
July
1
236 Feb
1,20 1-16
Feb 3-16 May
20
4% Jan
7% June
80
833 Sept 16% Mar
1% Aug
30
3% Mar
136 June
100
434 Jan
5.80
3( May
14 Jan
10
St Aug
33 Feb
100%
98%
99
103
103
10433 104
101
101
Bonds (Continued)
High.
Low.
Friday
Last Wee.t's Range Sates
for
of Prices
Sale
Price. Low. High. Week.
34
97% Feb 1043( Sept
Sept
88% Feb 87
ion
Feb 110% Apr
Sept
Sept 97
97
9834 July
9634 Jan
July
98
964 Sept
101% Sept
128
App
983.4 Jun. 112% MO
80
9634
934
78%
83
80%
88
8854
7654
914
92
83
80
Aug z96
Aug 9734
Jan
10134
July 88%
Feb 93%
Jan 9254
Jan 9331
May
June
June
Jan
MAI.
Mar
Sept
Jan 103% Apr
Mar
Jan 52
Sept
Mar 98
Aug 0534 Sept
Jan 9433 May
Jan
9214 May
66% July RO
102% July 104
Slay 101%
98
1004 Jan 10734
89%
95%
993.4
101% 101% 8,000 9734
10634 106% 106% 36,000 1024
Jan
Jan
Jan
Mar
Sept
Sept
June
92
Sept
10134 Sept
10354 July
Jan 10334 Mar
Jan 107% Mar
54,000 98
96
95
Feb
95
9534 954 9533 87,000 904 June
99% 38.000 9633 Mar
9933 09
1,000 10331 Jan
1064 10634 10634
10033 99% l00% 135.000 92
Jan
1014 101 10113 11,000 1)634 Feb
104% 105
6.000 10133 Jan
105
10036 99% 1004 141,000 97
June
75
73
8,000 5954 June
97
97% .50.000 97
97
May
105
97
993.4
106 34
1003.6
101%
1,16
10034
87%
9734
Aug
Aug
Mar
Sept
Sept
Sept
Age
Sept
Mar
May
1880
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High. Shares.
Bonds (Continued)
Range Since Jan. 1.
Low.
Mid States Pet 655s_ _1945 63
63
63
1,000 58%
Middle West CUL 4558 1931
1004 10034 6,000 100
Cony 5% notes _ _. 1932 100)4 10035 100% 44,000 087
4
Cony 5% notes____1933 9955 98
9915 60,000 98%
Cony 5% notee____1934 98% 5984 99
37,000 98
Cony 5% notes .__1935 98% 39756 98% 104,000 9651
Midland Nat Gas 68....1935 9834 9854 9855 21,000 98%
141.15y Gas Light 4355_1967
1024 1024 9,000 95
Minn Pow & Lt 4834..1978 96
93% 96
50,000 8934
Miss Power & Lt 5s_ _ _1957 97% 9635 98 113,000 95%
Mies River Fuel 5sAug15'44
With warrants
114 114% 25,000 102
Without warrants
9935 9951 9935 38,000 92%
Montreal LU & P col 58,
51 10351 103% 103% 21,000 98%
Narragansett Elec 56 A '57 102% 102 102% 35,000 97
Nat Pow & Lt 136 A......2026
56 series B
2030
Nat Public: Serviee 65_1978
National Tea Co 58_..1935
Nat'l Trade Journal fis 1938
Nebraska Power 6s A_2022
Neisner Bros cony 6s...1948
NE Gas& El Assn 59_1947
56
-1948
Newton Steel cony 68_1931
NY Chic & St L 4155 C '78
N Y & Foreign Invest
554s A with Warr_ _1948
NYP&LCorplst434e'67
Niagara Falls Pow 6e.1950
Nippon Elee Pow 634s 1953
Nor Cont Util 51-58 A1948
North Ind Pub Serv 56 1966
Eateries D
1969
No Ste Pow 634% notes 33
'
Northern Texas Util 75 '35
Without warrants
Northwest Power 68 A 1960
76%
101
100%
99%
10014
99
9851
102%
96
98
May
June
June
Pt Se
July
Aug
July
Sept
Sept
Sept
Jan
Feb
Jan
Jan
122
1)0
103%
102%
Mar
June
Sept
Sept
Jan 10851 Sept
July 9455 Sept
Jan 86% Met
July 99% June
Aug 42
Mar
Jan 10951 Sept
Sept 95
Mar
Jan 98
May
Feb 94% May
June 9935 June
Aug 9831 Aug
85
85
97% $9631 9735
106 106
93
9334
85
81
8515
103% 104
1044 10351 104%
103
102% 103
113 113
10055 100'5
102 10315
Jan
Feb
Jan
Feb
Aug
Jan
Jan
Feb
Feb
Aug
June
90
97%
107
94
8515
105
106
104%
113%
101%
103%
Apr
Sept
June
Mar
Sept
Aug
Aug
July
Sept
Aug
Sept
98
91
9834
98%
9935
9951
93%
60
pg
Aug
Jan
Jan
Feb
JulY
Aug
Sent
June
Jan
101%
98
1034
105%
102%
102%
97
82
1014
Sept
Sept
Sept
Aug
Aug
Aug
Sept
Feb
Sept
9334
9631
9634
81
92
Feb 98%
July 9831
July 100
Jan 97
July 9535
Sept
Sept
Sept
Aug
Aug
10351 103% 10435 31,000 99
Jan 105%
10211 102% 103% 68,000 90
Jan 10431
9555 9515 1,000 9331 Jan 984
103% 103% 8,000 9931 Feb 10431
10234 10354 2,000 0955 Feb 103%
834 81% 834 43,000 074% Feb 934
107% 107'; 1,000 105% Jan 108
10634 108 106% 37,000 10431 Feb 10651
67
85
67
4,000 65
Sept 93%
Apr
Jul:
Mat
Sept
Aug
Mar
June
Mar
Jan
Aug 92
8755 8335 5.000 85
10111 136 101% 780,000 10035 Sept 10135
99
9915 9,000 99
99
Aug 1024
99
90
5,000 98% Mar 99
103
1024 103% 7,000 101% Aug 110%
93% 9351 9354 61,000 9351 Sept 93%
10031 1014 16,000 944 Jon 1014
May
Sept
Mar
June
Feb
Sept
Sept
Apr
Sept
Sept
Aug
Aug
Aug
Sept
Sept
984
9951
0634
95%
4.000 79
136,000 91
2,000 105
35,000 88%
79,000 72
5,000 9751
72,000 9754
8,000 1004
2,000 97
4,000 100
8,000 98
08
98% 141,000
39754 984 88,000
9911 100 233,000
96
06% 52,000
95
9551 18,000
103% 104
7955
81
73
07
78
80
8251
5,000
8,000
28,000
10.000
21,000
1,000
24,000
8,000
95% 9654 15,000
ilbswaheen Mills 78_1931
10055 101
Sheffield Steel 535s__ _1948 1034 103% 104
Snider Packing 65_.__1932 6011 60
60%
Southeast P & L
Without warrants
107% 10751 108%
Son sialif Edison 5s___1951 105
102% 105
Refunding 56
1952
104 10434
Gen & ref 58
1944
103% 103%
Sou Cal Gas 611
1937 9535 9514 9
555
Is
102 102
1957
Sou Gas 634s with warr '35
3109 112
Southern Natural Gas 61'44
With privilege
9415 97
97
Without privilege
84% 86
86
Sou New Engl Tel 58_ _1970
1064 10635
So'west Dairy Prod 648'38 77
77
71
Southwest 0 & E 53 A 1957 98
97
9835
Southwest Lt dr Pr 5s A '57
9755 9734
So'west Nat Gm M___1945 9535 95
0655
10851
98
102%
102%
103%
91
90%
102
1074 10914
98
99
102 10235
102% 103
103 103%
91
92
90
90%
101% 10235
81
82
7955 8215
58
58
102
102 10251
100% 10054 101
102% 1024
101 010034 101
8015
70
81
9514
9551
94
99%
9934
9694
12,000 100%
74
4,000
9731 0,000
7915 127,000
85% 44,000
82% 5,000
St L Gas & Coke 68_1947 64
64
66%
Ban Antonio Pub Serv5iY5S 9954 99
9951
Saxon Pub Wks -----1932
9735 98
Sextet Co lit oonv 56 A '45 99
09
9935
Schulte Real Estate 6e 1035
Without warrants
85
85
Scripps(E WI 555 93
93
, 1043
Servel Inc Is
69
72%
1948
Shawinigan W & P 431s 67 9851 97% 98%
431s aeries B
1966 98% 98
98%
lat 15e sec C when issued- 10451 104 104%
July
June
July
July
Aug
July
July
Jan
Jan
Sept
70
70
9055 9035 90%
100
9951 100
100% 101
101
97
97
100% 10034
104
103% 104
10151 100% 101%
Pae Gas & El let 4348_1941
Pee Gas & Elee 1st 4548.'60
Pao Pow dr Light 58_1855
Paeitie Western 011 634s'43
Penn Cent L & P445.1077
Penn-Ohio Edison 6e-1950
Without warrants
534.
1959
Penn Dock & W 6s w w '49
Penn Pr & L lot ref 58 D'53
let ref Is ser B
1952
Peoples Lt & Pow 5e_ _1979
Phila Electric 53-4s...1947
Phila Elec Pow 535s._1972
Phila Rapid Transit 65 1962
Piedmont Hydro-El Co
6558 class A
1960
Pitts C C& St L 448_1977
Pittsburgh Coal6s____1941.
Pitts Screw & B 5118_1947
Poor & Co 63
19311
Portland Geh El 4355_1960
Potomac Edison
So'west Pow & Lt 56_ _2022
Staley Mfg Co let
_1942
Stand Gas & Elea 65...1930
Debenture 6s
1951
Debenture 68 Dec 1 1968
Stand Invest 55
45.....1939
Se without warr.......1937
Stand Pow & Li els.--1957
Stinnes(Hugo) Corn
75 Oct 1 '36 without warr
7s without warr.....1946
Strauss (Nathan) 68_ _1938
Bun Oil 5315
1939
Swift & Co 55 Oct 15 1932
lstMefIs
1944
6s when Issued
1944,
Bonds (Concluded)
10851 107% 10851 28,000 104
9451 9355 9455 153,000 90%
80% 79% 8035 115,000 74
984 98% 20,000 98
2915 2915 1,000 11
109% 109% 109% 2,000 104
884 914 19,000 83
93
32,000 86
93
92
9214 s9155 92% 22,000 85
9955 994 11,000 99
57,000 9751
98
9751 98
Ohlo Edison Ss
1960 10134 1014 101% 238.000
Ohio Power 231s see D_'56 97% 97% 98
75,000
5e series 13
1952
103 1035.4 5,000
Ohio River Edison 58_1951
10555 10555 1,000
Okla Gas & Elec 63. 1050
10115 102
18,000
New
1950
10115 102
18,000
Ontario Power 5348_1950 96
9455 97 150.000
Osgood Co with warr 63 '38
70
3,000
70
Oswego Ely Pow 69.....1931
10155 101% 15,000
Potrero Sugar 75
1947
Power Corp of Can 434.8'50
Pow Corp (N Y) 5145 1947
Procter &(Amble 455e '47
Pub Ser of N 111 430-1980
5s
1931
PugetSound P & L 531s'49
1st & ref fst C
1950
Queens Borough G &
Darien A
1952
Reliance Management
Se with warrants _ _ _1954
Remington Arms 5355 1930
Rochester Coat Pew Is.'93
Ruhr Oas 631e
1953
Ruhr Elous'g Corp 614s '58
Ryerson (Joe T)& Sons In,
15
1943
-year deb Is
High.
26,000
41,000
8,000
21,000
70
97
73
80
8234
92
June
Feb
July
Feb
July
Feb
Jan
May
7835
90%
100
101
97%
1014
10455
101%
Jan 104
June
Apr
Aug
Jan
Sept
Jan
95
99%
84
8932
89%
Sept
Mar
Feb
Mar
Mar
Apr
9634 Sept
69 June 83
91
Jan 99%
9755 Aug 98
99 June 100
Mar
Sept
July
July
[VoL., 131.
Friday
Last Week's Range Sales
Sate
of Prices.
for
Price. Low. High. Week.
Range Since Jan. 1.
Low.
High.
Terni Hydro-Elea 648 '53 83
82% 84
67,000
May
Texas Cities Gas 5e_ _1948 8034 795/ 8814 91,000 V3151 Aug 87
Aug 8635 Apr
Texas Elec Service 55.1960 9934 98% 99% 352,000 79
9754 July
Term Gas UM Os_ _1945 94
94
95
16.000 91
Aug 10794 Apr
Texas Power & Lt 56-1956 10134 100% 100% 87,000 95
Jan 101% Sept
Thermoul Co 6s w w _ _1934 9()
90
9055 12,000 8234 Jan 9835 Mar
Tr,Utilities Corp deb 58'79 83
s81
83
54,000 78
Jan 100
Mar
65
2022
107 107
May 108% July
1,000 106
Twin States Nat Gas 6s '33 9834 98%
9854 11,000 9834 Sept 9854 Sept
Ulan Co ee
9154 91% 5,000 83
1944
Jan 943( Mar
Union Amer Inv 68_1948
86
85
1,000 80 June 08
Apr
Union El L & P 55B new'67
104% 104% 21,000 102
Apr 10455 Sept
Union Gulf Corp 55 Jul 150 102% 10135 102% 61,000
09 June 10231 Aug
United Elec Service 78
With warrants
93
9334 6.000 03
93
Sept 1034 Apr
Without warrants__1956 9115 9155 92
1,900 89% Jan 9731 Apr
United Indus Corp 6155 '41 85
85
85
5.000 84
Jan
United LI & Rye 5312_1952 9355 9355 9451 69,000 83% Jan 92% Apr
94 34 Mar
tie stiles A
1952 10351 103 103% 21,000 99
July 104
Mar
United Rys (Hay) 715s '36 10114 10134 102
4,000 100% Jan 107 Pun°
U S Rubber
•
41
Serial 635% notes__1933
94
94% 6,000 924 Aug 100
Apr
Serial 634% notes_.1935 9135 90
9135
600 90
Sept 100
Apr
Serial 634% notes__1937
91% 92
2,000 90
Aug 98357May
Serial 635% notes__1938 92
92
2,000 90 Sept 964 Apr
92
Serial 635% notes_ _1939 92
,
92
92
6,000 90
Sept 96% Apr
Serial 615% notes...1940 93
92
93
6,000 9034 Sept 9735 3 Apr
3
-year 6% notes_ -1933 93
93
95
23,000 93
Sept 100 'May
Utah Pow & Lt 5s___ _1044
9611 965.1 2,000 9431 Aug 9631-Sept
Valspar Corp 6e
1340 87
8515 89
6,000 85% Sept 100 rApr
Valvoline Oil 75
1937 102
102 103
6.000 101
June 10334 Mar
Van Sweringen Corp 65.'35 98
97
98 216,000 05
July 10031 Apr
Virginia Elec Pow 58..1955
10254 102% 3.000
Wabash Ry Si sec D__1980 10211 10151 10251 114,000 97% Jan 10334 Sept
99 June 10231 Mar
Waldorf-Astoria Corp
1st 75 with warr___1954 8935 8934 90
17,000 86
Jan 1034 Jan
Wash Wat Pow 55w 1_1960
8104% 104% 26,000 9834 Jan 104% Sept
Webster Mills 6158_1933
97
97
5,000 8511 Jan 9754 Apr
Western Newspaper Union
Cony deb 65
1944
78
80
4.000 78
Sept 9234 Mat
West Penn Elec deb 582030
9235 9334 29,000 88 June 9351 Mar
West Texas lJtil 54 A.1957 96
9511 9655 56.000 89% Feb 9631 Sept
Wisconsin Pow & Lt 581956
102% 10231 1,000 09 June 10334 Sept
Foreign Government
and MunicipalitiesAgricul Mtge Bk Rep of Co
20
-year 78 A & Et.._ _1946
7s
J & J 1947
Baden (Germany) 70.-1951
Brisbane (City) 65....1950
Buenas Aires(Prov) 7312'27
75
1952
Cauca Valley (Dept) Rep of
Colombia extl s f 78_1948
Cent Bk of German State &
Prey Banks as B__1951
let 433 series A
1952
86
7831
92%
9531
974
9555
88
78%
9334
9611
09
954
71
71
72
8034
80% 8155 21,000
824 83
24,000
9234
95%
9734
Danish Cons Monte 545'55 1014 101 10155
Is
1953 97% 9711 98
German Cone Munlo 7s '47 92
92
9415
6s
1947 8215 824 8511
Hanover (City) 7s w 1 1939
9651 97
Hanover(Prov) 6149_ _1949
9015 9335
Indus Mtge of Finland
let mtge dolls f 7s__19
100
100 10031
Maranhao (State) 75..1958
Medellin (Columbia) 7s '51
Mendoza (Prey) Argentine
External 71585 g_ _1951
at
Mortgage Bank (Bogota)
78 issue of 1927
(M-N)'47
7s issue of '27 new..
_1947
Mtge Bank of Chile 68_1931
Mtge Bk of Denmark:5a '72
70
77
8734
82
11,000 z82
1,000 7235
14,000 91
21,000 05
57,000 97%
1.000 9416
6,000
Mar 9534
Jan 8934
Jan 98
Aug 97
Sept 102
Jan 10034
68
Feb
gg
76%
7734
Jan
Jan
86% Mar
863-4 Mar
17,000
8,000
79,000
28,000
4,000
39,000
97% Jan
9056 Jan
91
Jan
794 Jan
9534 Jan
8534 Jan
10,000
97
70
79
1,000
4,000
70
Sept
7431 July
86
8735
3,000
85
Newfoundland Is
1952
10054 10055 1,000
parana(State)Brastl 7s1958
69
6935 10,000
Prussia (Fee State) 69_1952 82% 8255 8735 76,000
Hill 6312(of'213)Sep 15'51 8635 8635 92% 40.000
Rio de Janerio 83.4e..1959
67
12,000
69
Russian Government
635s certifs
431
1919
43.1 451 6,000
5158
1921
455 454 10.000
43-4
Saar Basin (Counties) 79'35 100
/198 100
9,000
Santiago (Chile) 711_1949
92
92% 11,000
78
1961 92
92
9355 6.000
Sydney (City of) New
South Wales 549_1955 87
87
8755 12,000
101A
Aug
989981;4 SeptMI ara
9814 Mar
Apr
05
Jan
85
Mar
85
97
Jan
ar
81% Jan
8634 Sep
66
Au
May
July
Aug
Sept
1980221%4
SeptidMara
Mar
978554
Jun
7
Slay
J
8
Jan 101
Sep
99
July 97
11531 July
Apr
May
92 414
94
71
Jan 83
6555 Jan 84
9651 Jan 101
95)1( Jan 100
334
4
93
89%
9155
Apr
Jan 101% Sept
70
77
81
81
2,000
82
82
1,000
9954 9934 36,000
99 100
37,000
July
Ain
June
June
Apr
AM
Jan
Jan
Apr
Apr
June
9031 Mar
•No par value. 1 Correction. en Listed
on the Stock Exchange this week. wha
additional transactions will be found. n Sold under
the rule, •Sold for cub.
s Option Galen. t Ex-rights and bonus.
as When Issued. s Ex-Cilvo g Ex-right.
18,000 53 June 85
Sept
•"Under the rule" sales as follows:
3.000 85
Jan 9355 Aug
25,000 64
Feb 724 Sept Amer.
Commonwealth 13s, 1949. Jan. 22, 53,000 at 106©107,
26,000 9034 Feb 984 Sept
Associated Laundries, Feb 17. 100
10,000 90
Feb 9814 Sept
at H.
Blsw-Knox Co.. Jan. 2. 58 shares at 31.
10,000 98
Feb 104% Sept
Burco Co., Jan. 26, 60 warrants at
434. 28,000 964 Jan 10311 Aug Central
States Else., Feb. 6. 3.300 shares 6% pref. at 70.
3,000 974 Feb 104
Sept
16,000 59
Jan 75
Apr Donner Steel Feb. 27, 50 shares common at 33.
General Water Works & Elec. Os. 1944,
Jan. 29, 31.112)0 at 964
62,000 103
Feb 108% Sept Gerrard (S. A.) Co.. Jan.
2, 105 sharee corn. at 24.
68,000 99% Jan 106
Sept Gorham
Mfg corn v. to. AMU 23, 1 at 431-A.
32.000 9951 Feb 10434 Sept
27.000 10054 Jan 10554 Sept Happiness Candy Stores corn., Feb. 3, 100 at 114.
14,000 s91
Jan 954 Sept Houston Miff Gas, Mar, 3, 2 shares at
19.
10,000 9831 Apr 1024 Sept Jersey
Central Power & Light 7% preferred, Sept. 11,50
7,000 97
at 10931.
Jan 112
Sept Hopper
Gas & Coke pref., May 6, 25 at 10234.
52.000 87
Jan 105
Apr Mohawk & Hudson Power, Feb. 6, 75 shares 20 pref. at 112.
32,000 74
Sept 86
Sept Neve Drug Storm. May 16, 20
shares at 2
3,000 10335 June 107
Aug Russian Govt.
5344. 1921 infs.. Feb. 7, 96.000
27,000 6534 June 91
Jan
at 7.
42,000 91
Jan 9814 Sept Singer Mfg., Ltd., Feb. 18. 100 shares at 8.
1,000 90% Feb 97% Apr United Elec. Service Amer. shares. Aug.
27, 100 at 15.
26,000 95
June 99 June
a "Optional" sale as follows:
25,000 103
Jan 1094 Sept Agricultural Mtge. Bk. of
Colombia 7e, 1945, $50,000 at 77078.
11.000 9734 Jan 99% AM All Amer.
General Corp. Aug. 20, 250 at 15.
27,000 10154 Aug 103% Aug
56,000 10015 Aug 103
Sept Burma Corp., American deposit receipts Aug. 2 100 at 24.
7,000 101
Aug 10355 Sept Del Else. Pow. 534s, 1959. Feb. 19.
91,0008592)4.
30,000 8115 Jan 933 Apr Intercontinents Power
5
deb. (is. 1948, with war., July II, $5,000 at 97.
5,000 83
July 9051 Sept Leonard Tiets
7155 1946 with warrants, May 12. $3,000 at 115.
95.000 9734 Jan 102g Sept
Montreal Li., Ht.& Pow. Cons., Feb. 10,
100 @bares st 338
8,000 8014 July 9034 June Morrie & Co. 731s, 1030, June 30,
32,000 at 1011-4
17,000 75
Feb 8604 July Patterson-Sargent Corn.,
corn,, Jan. 16. 100 at 2234.
1,000 58
July 81
Mar
45.000 100
Jan 10254 Met Railroad Shares Corp., common, June 26. 800 at 534
&tea SOU. Calif. Glas 55.1937. Feb 15. 21,000 at
18.000 z100
Jan 101
904
3.000 100% July 103
Aug Swift & Co. 55, Oct. 15 1932. Jan. 16, 35.000
at 9934.
97,000 9754 Aug 101% Sept !
Tern' Hydro-Elec. 6155, 1953, Aug. 25, 39,000 at 8154.
1881
FINANCIAL CHRONICLE
SEPT. 20 1930.]
Quotations of Sundry Securities
All bond price. are "and intermit" except where marked "1".
Investment Trust Stocks
Ask.
and Bonds (Cana.) Par
18 , 20
Oreenway Corp corn
45
Preferred ex warrants
Warrants
23
20
Guardian Investment
26
22
Cony preferred
20
22
Preferred
Guardian Investors
70
60
56 units
40
30
53 units
90
57 Preferred
24
20
Incorporated Equities
4913 52
Incorporated Investors
Standard Oil Stocks
612
6
Independence Trust Shares_
032
3218 Industrial Collateral Amu25
Atlantic Ref corn
12i 2 26
20
Industrial & Pow Sec Co
25 •16
Borne etcrymser Co
1138 1112
56
Insuransharee Otis One
50 *52
Buckeye Pipe Line Co
38
35
Inter Germanic Trust
Chasebrougb Mfg Cons_25 •140 160
8
10 •183 1812 lot Sec Corp of Am cora A.... 40
Continental Oil(Me)v
10
20
*5
Common B
Continental 011 (Del)
,
5s4
Allotment certificates_
(1) •512
Creole Petroleum
35
7% Preferred
Cumberland Pipe Line 100 32
9314
41
64% Preferred
Eureka Pipe Line Co_ _100 35
8912
534
8% preferred
Galena Oil corn
(1) *4
*3014 313 Interstate Share Corp
4
General Petroleum wl
35
32
Invest Co of Amer corn
Humble Oil & RefinIng___25 *8014 87
ge
90
7% Preferred
100 305 325
Illinois Pipe Line
718 814
*22
of N
2212 Invest Fund
Imperial Oil
912 1012
32
Investment Trust of N Y
Indiana Pipe Line Co___-10 *31
1534
Invest Trust Assoclatea
t *183 19
International Petroleum
SO
National Tranalt Co__12.50 *1612 1714 Joint Investors claim A
"
100 166
15
Convertible preferredSlew York Transit C,o100 z12
35
Keystone Inv Corp clam A Northern Pipe Line Co-100 33
Aeronautical Securities
s
Clams B
26 *301 303
Ohio 011
1015 1138
Leaden! of Industry
100 lOS'z 107
Aero nau BeaI Intl without war
Preferred
8
26
Massachusetts Investor,.... 423 4513
2
-11- Penn Mex Fuel Co
25 *23
Warranta
3
5812 60 4
Mohawk Invest Corp
4
25 5337 34
412 Prairie Oil & Gee
Air Investors common
912
8
1
Mutual Invent
corn
26 *4a3 44
Alexander Indus
4
13 Prairie Pipe Line
Short Term Securities
8 91s
83
15
Nationwide Sec Co tr cif B
25 *11
60
Solar Refining
8% participating pref____
8
7
9 s 107
15
Nat Ite-Inv Corp
50 •10
114 Southern Pipe Line Co
American Airports Corp___
Alibi Chal Mfg be May 1937 10218 103
37
912 10
North Amer Util See
26 •36
South Penn 011
Alum Co of Amor 521May '52 10414 10412 Bellanca Aircraft Corp
50
Preferred
04
s
6
Southwest Pa Pipe Line_50 .40
Am Metal 54s '34___ _A&O 973 1/712 Central Airport
8;
5
7 8 - -1
8
North Amer Tr Shares
1
4
Standard 011 (California)-1 •595 60
Catena Aircraft new com_..
Amer Rad deb 440 May '117 9912 100
3
1
48 4
s
1412 17
Standard Oil(Indiana) 25 . , 987 North & South Am B corn,,,, 44 4 4918
Am Roll Mill deb 5s_Jan '48 10014 10012 Consolidated Aircraft
3
Oil Shama units
2
3 Standard 011 (Kansas) 26 *2711 28
8
Consolidated Inatrutrient-t
Wks 58'34_ _Adt0 1017 102
Amer Wat
Id Colony !naiad Tr torn,,,, 1012 1212
4
10412 105
(Kentucky)_10 *2912 31
6
Standard 011
Curtiss Flying Service
Bell Tel of Can 50 A _Mar '55
88
85
1
2
458% bonds
8
Standard 011 (Nebraska)25 *4612 98
Curtiss Reid corn
Baldwin Loco 558* '33 M&S 1015 102
42
39
Id Colony Tr Aasoolates
4
4
414 Standard 01101 N. J
25 *6312 673
Dayton Airpl Engine
Cud Fag deb 64s_001 1937 9812 99
*3012 307 Overseas 50
8
1948
3'8 3,4 Standard 01101 N Y
25
Detroit Aircraft
Edison El Ill Boston
75
Pacific Invest Corp corn.....
312 4,8 Standard Oil (Ohio)
25 *74
Fairchild Aviation clam A.._
45j% notea__-Nov 1930 100 100
First preferred
4
100 118 119
s
Preferred
5% notes Jan la '33..J&J 1021s 1023 Federal Aviation
10414 105
Second preferred
19
22
40
Standard 011 Export prefFokker Aircraft let pi
Pink Rubber 54a__Jan 1931 39
52
10
Power & Light Seca Trust__
25 *5
1
Swan & Finch
Kinner Airpl & Motor
General Motors Accept
27
Public Utility Holding
0212 512 Union Tank Car Co„ (t) *26
Lockheed Aircraft
5% ser notem___Mar 1931 100°8
1614
16
*77
773
.3
Common with warrants__
8
1005 25
12
Vacuum 011
6% sot notes___Mar 1932 100t Id- Maddox Air Lines corn
s
3
3 4 37
Warrants
04
-- 3- 10
National Aviation
5% ser notes-Mar 1932 im% 101
26
23
Research Inv Corp com
1003 101
8
n3
New Standard Aircraft
10
6% eer notes___Mar 1934
08
62
Unite
6
Sky Specialtise
712 Investment Trust Stocks
6% iter notes___Mar 1935 10014 101
712 1012
Royalties Management._
05
Southern Air Transport
10
and Bonds
5% ser notea___Mar 1930 100
Seaboard Coot Corp unite_
n2
Swallow Airplane
5
Oalf Oil Corp of Pa
Common
n2
4
Admstr & Research A
Warner Aircraft Engine
Debenture 5a___Deo 1937 10212 103
18
Second Financial Invest
4
1
Amer & Continental
3
Debenture 56___Feb 1947 10312 1033 Whittelisoa Mfg
Second Internal See CorD..Amor & For Sh Corp units.._
Koppers Gas & Coke-6
Common B
Common
Debenture be...June 1067 10012 101
z431s
6% preferred
1938
54% cony deha
hag Pet 44a_ Feb 15'30-'36 99 10012
912 1012 Second Nat Investors
Water Bonds.
Amer Founders Corp corn-Altsrland Oil
91
Select Trust Shares
COnv preferred
Serial 5% notes Joe 15'31 1005s
4
163
4512 4912 Shawmut Assn corn
4
3
6% preferred
Serial 5% notes J'ne 1532 10014 106- Ark Wet let 5a A '56-A&O 96
2012 22
4912
Shawinut Bank Inv Trust
Blrm WW let 54114'54 A&O 101 103
7% Preferred
aglaa Gas Cos 5585 Jan 1940 10414 105
20c 23e
1942 80 85
6S-is
Coke
let M 5a 1954 set B_J&D 98
1-40the
Peoples Gan L &
120 160
1952 63 88
55
Dee 1930 100
City W (Chat)540A54J&I) 101 103
1-70ths
448
1952 161
ea
- --J&D 96
Warrants
let M 51 1964
Proo & (lamb Cis July '47 10012 101
_ Southern Bond & Share
9912 100
pre/ 44
City of New Caatle Water
Amer dr General Sec 6%
Sloss-abet S ds I 44_1931
15
Common A
JAI) 93
Clam A
6s Dec 2 1941
Swift & C0
314
Common B
84
.
Clinton WW lot 55 39_F&A 92
Class B
8% notea_-_Oct 16 1932 100 101
15,2
Preferred
Com'veth Wat let 54sa.'47 100
Amer Insurance Stock Corp. 13
Union Oil 56 1935_F&A 10114 102
2
12
-- -12 131712 Standard Collateral Trust
7
Con'lleas W S. Oct2'39 A&O 92
Amer Invest Trust Shares_
United Drug Sc 1933_ Ack0 101 102
10
3
10 4
Standard Corporation
E St L dr Int \Vat 5e '42 J.St..1 94 96
Amer Ry Tr Shares
Debenture 5s 1933_ A.40 101 102
Standard Investing Corp
Jas., 100 102
lot M Oa 1942
Astor Financial
76
85 54% pref with warr,,,,
Huntington lot 60 '54_51&S 102
Atlantic Securities corn
914
SOc
Standard Oil Trust Shs-Si
Warrants
1954 94
43 4512 Standard lJtilitlin
Moore Con W 1it15e'56 J&D 91
Par
Preferred
Tobacco Stocks
50
- - -10
8
Straus (T. W.) Inv. Units
Moora Val W 540 '50_2&.1 97
Bancshares Invest Inc A.
9 9,2
3 ____ Super Corp of Amer A--85
Muncie WW LsOct2'39 A&O 93
Class B
American Cigar prof..,.. 100
Class II
;241 2 261 2 St Jos Wat 5a 1941
A&O 95
Bankers See Tr of Am corn...
BrItleh-Amer Tobac ord__
9--,,.2412 2612 Shenango Vol W 5s'58_A&O 89
Trustee Stand 011 She A-CorDLi
Bank instocke Holding
Bearer
914 -is
Class B
2212 2412 South Pittsburgh Water Co
Bankshares Corp of U S el A
Imperial lob of GB & Irel'd
vi six
Trustee Transportation _ _ _
55
1st 5s 1160 series A_._J&J 9513
Bankatocks Corp of Md el A
Johnson Tin Foil de Met_100 45
812 9
14
United Prod She ser Y
let 5s 1960 series B._ MI 9512
Clam B
Caton Cigar
United Founders Corp corn
4
FAA 99
Preferred
let M 5s 1956
Union Tobacco Co Class A _ .1
22.3 250
7s 8ts
1-70tha
Basic Industry Shares-(t)
Terre 1.1 WW Os '49 A _J&D 10012
fe) Co com--100 97
Toung
8
9'4 103 United Trust Shares A 2
let M 55 1956 ser B.F&D 93
100 100 ____
Preferred
Britlah Type Investors,,.(1)
S Elea Pow Corti
30
35
Wichita Wat let Os '49_M&13 10012
Cent Nat Corp A
10
16
U S Shares clam A
93
1st M 5a 1956 ger 13.1T&A
Class B
6
4
Class A 1
Chelsea Exchange (Masa A
TO- 11
5
3
Class A 2
Indus. & Miscellaneous
Class B
4
233 243
Class C 1
Chain Store Stocks.
4
Colonial Inventor Shares
C18518 C 2
100 34 _ _
Aeolian Co pref
Commonwealth Share Corp_
19
15
100 10
Class C 3
Bohack (H C)Inc.
Aeolian Weber P & P
Consol Trust Shares (alo)- 25 •57 (30
7
Clam D
7% let preferred
American Hardware
100 101 105
Continent'! Metropol Corp.
8
153 17
100 123 128
Class F
at
Butler (James) common..
Baboock & Wilcox
Continental Shares corn_
4
101s 1118
4
45
Preferred
1 •183 1912
Clam II
Continental Secur Corp -(1) 40
100 015
35
Blies (E W) Co
4
70
50 *56
U S & Brit Internal class B.
Diamond Shoe common___
75
z35
Preferred
Preferred
15
100 107 111
Preferred with warr
Class A
295
Chi/do Corp pref
Corporate Cap Corp units- 1714 1914
4312
168 165
Bros Stores corn,.,,.. 10
Preferred
Edison
Dixon (Jos) Crucible- -100
Deferred stock
(1)
16
37
100 113 122
Preferred
U S Elec Lt & Pow tr cot A
n_
Eafety Car Ht & Ltg
Credit Alliance A
95
s
97
Fan Farmer Candy Sh pf..t
714 8
Trust ctfs aer B
28
Binger Manufacturing--100 415 430
Corporate Trust Shares......
33
4 414 Fishman (H M) Storm corn
*33
Li
Singer Mfg Ltd
20
Crum & Forster Insur53
57
Preferred
ance shares coal
103
63
CM All & Pao Tea Pref.-100 118 121
57
Sugar Stocks
Class B
48
100 103
Fajardo Huger
100 47
Howorth-Snyder Co A
13
7% Preferred
18
104
Knox Hat
Godchaux Sugars Inc
1 •14
Railroad Equipments
8% prate'red
50
60
72
,
10 4 1112
Kobacker Stores corn
100 67
Preferred
25
36
Delve B'kshares ser N Y.1
•4,
9
95s 10 4 Haytlan Corp Amer
Cum pref 7%
3
Atlantic Coaat Line 69_100 4.85 4.50
Series B-1
100
23
440 4.20 Kress (8 H)
4
223 2312 Holly Sugar Corp oom---8 •19
912 10 2 Diversified Trustee Sits A..
Equipment 64a
prof
165
4.90 4.60 Lerner Stores 64% pf w w. 90
4
3183 1913
Baltimore & Ohio Oa
100 60
Preferred
Share.B
96
3
30 4
4.40 4.15 Lord & Taylor
73
4 814 National Sugar Ref. _100 29
& So
Equipment
Series C
100 0250 300
15
New NIquero sugar __ -100 10
First preferred 6%
BuffRoth & Pitts equip 8o_ 4.70 4.40
Eastern Bankers Corp com_
100 0115
83
t 577
Second preferred 8%100 n98 166
Savannah Sugar cona
Canadian Pacific 44s & 62_ 4.60 4.25
Units
95
16
4.80 6.50 MaoMarr Stores 7% of w w
100 85
20
Preferred
Equit Investing Corp units_
75
Central RR Of N J So
14
22
4.90 4.60 Melville Shoe Corp
26
Sugar Estates Oriente pf _100
Equity Invest Corp corn
Chesapeake & Ohio Os
26
62 63
4.45 4.30
1st pref 6% with warr_100 91
Vertientea Sugar Pref.-100 20
Units
Equipment6 As
94
4.40 4.20 Metropolitan Chain Storm
15
Federated Capital Corp,,,,..,, 10
Equipment Si
4.90 4.60
Nowunits
New Preferred
Chicago & North West 65
100
913 10
4 40 4.20 Miller (I) & Sons corn__} 25 -E! First Amer Corp
Rubber Stocks (Cleveland)
Equipment64
2
4 50 4.30
P.O 458s & 5._
Preferred 64%
?Inn Holding& Trad
ChM RI &
100
_
77
a
a 858 Aetna Rubber corn
5.00 4.70 Mock Judson dr Voeringer Pi
1 •5
Equipment 65
Fixed Trust 011 shame
5.00 4.75 Murphy (0 C) Co com__t 50 Falls Rubber corn
1•
Colorado & Southern ea
Ei Fixed Trust Shares el A --(1) 1918
4
163 _
Preferred
4.80 4.50
10
25
8% cum pref
(1)
Class 13
Delaware & Hudson 6a
100 100 110
Faultless Rubber
37
4.75 4.40 Nat Family Stores boo warr
Foundation See corn
1 53
6
4
Erie Cis & 5a
Gen'l Tire & Rub eora-25 *-- 120
5.10 4.75 Nat Shirt Shops coin
Preferred
Equipment (is
n10
14
Preferred
4.90 4.60
89
100 88
Preferred 8%
Founders Sec 'Tr pref
88
Great Northern fie
100 n78
Goody'r TAR of Can pf.100 r107
4.40 4.20 Nedick's Inc corn
Equipment 5a
4 6, Founders Shares
*53
4
6
India Tire & Rubber
7
4.50 4.26 Nelsner Woe Inc Prof 7%100 100 115
13
General Equities A
t
Hocking Valley as
•13
93
Moilawk Rubber
95
4.90 4.60 Newberry (2) Co 7% p1100 094 100
Gen Pub Sera 5% pref
Equipment Cts
100
7
Preferred
AO
General Trustee common
1 •14
100 --1111noin Central 649 & 5s.._ 4.40 4.15 N Y Merchandise corn
16
51
4.90 4.50
Selberling Tire & Rubber-t •
First preferred 7%_-_100
New units
3
54
Equipment Co
6% bonds
4.45 4.25 PigglY-Wiggly Corp
Preferred
Equipment is & Oils
Igo 35
15
t 05
Public Utlildes
Par Bid. Ask.
Appalachian El Pr prof--100 109 10934
83
Arizona Power 7% prol_100 85
Amoalatest Gas & Cleo
4
1 90 903
55 Preferred
(1) *57 59
Cleve Flee 111 corn
__100 112
preferred
6%
0
Col El & Pow 7% Df----10 *118
Eastern Utll Aesoa cons_t •3712 39
•1212 13
Convertible stock
86
88
1 •
flan Public Util $7 prat
Uiulislppi UM Pow D1__100 •10812 -1951__J&J 10312 104
First mtge 55
MAN 98
Delo Iss 1947
National Pow &LI
1 *10314 10412
56 Preferred
Northern States Power
100 108 109
preferred
7%
Ohio Pub Sera 7% pref_100 10712 109
97
98
6% preferred
Pacific Gas & El let prof.. _25 *2814 2812
Puget Sound Pr dr Lt 56 Df_t *98,2 100
2.89
91
55 preferred
lot & ref 545 1942__J&D 10312 104
Pay El & Pow 6% pf-100 93
Sierra Pao El Co 6% t1-100 93
-(t) •113 11412
gland Gas dr El $7 pr
(1) *102 10312
e6 prior pref
Elee Pow lat pref 7%- 109 110
Tenn
100 101 103
6% preferred
94
05
Toledo EdisOn 5% pref____
105 106
6% preferred
100 11012 11112
7% preferred
Utilities Pr & Lt 7% pf_100 10014 101
(Coiseid.)I
Railroad Equip.
1 Bid I Ask
ICanawha & Michigan 6e___ 4.90 4.60
54s_ 6.00, 4.50
Kamm City Southern
.
Louisville & Naahville 6,1__ 4 90i 4.60
4.45 4.25
Equipment 640
4.25 3.75
Michigan Central be
4.50 4.10
Equipment Oa
Minn St P & SS M 44a & as 5.00 4.5
6.00 4.50
Equipment 6580.4 7s
4.85 4.60
Missouri Pacific Bils
6.00 4.65
Equipment 611
4.50 4.25
Mobile & Ohio 5s
New York Central 443 & 5.a 4.40 4.15
4.90 460
Equrnment ea
4.45 4.25
Equipment 7s
Norfolk & Western 4548...._.4.35 4.10
4.40 COO
Northern Pacific 7s
4.50 4.25
Pacific Fruit Express 7s_
4.40 4.20
Pennsylvania RR equip rat
4.75 4.40
Pittab & Lake Erie 64s_
4.40 4.20
Reading Co 44s & 5e
St Louie & San Franclaco 5s 4.55 4.35
Seaboard Air Line 546 & 643 5.75 5.20
4.40 4.20
Southern Pacific Co tale
4.60 4.41)
Equipment 721
4.50 4.25
Southern Ry 44s & 58
4.90 4.65
Equipment 63
4.90 4.60
Toledo & Onto Central as_
4.35 4.20
Union Pacific 7a
Chain Store Stocks Par BM, Ask.1
_
Reevea (Daniel)preferred100
100-Rogers Peet (to com____100 n110 130 1
t n23
2638
Schiff Co corn
Cum oonv pref 7%__..100
Silver (Immo) & Bros coin _ t 1E- 50
88
7% cum cony pref. --100 80
40
Southern Stores 8 units
7
'6
U S Stores
First Preferred 7%---100 58
68
Young(Edwin H)Drug units 100 105
'
(
• Per share. 8 No Par value,
is Buie. I Parch, also pays accr. dlr.
k Last sale. 0 Nominal. z Ex-div,
y Fe-rights
r Canadian ridotationli,
Sale Pam,
Abut*,
Current Camino
uartertp anb 30alf
pearly.
CUMULATIVE INDEX COVERING RETURNS IN PRESENT AND PREVIOUS ISSUE.
Below will be found all returns of earnings, income and profits for current periods, whether monthly,
quarterly or half-yearly, that have appeared the present week. It covers all classes of corporate entities, whether
railroads, public utilities, industrial concerns or any other class and character of enterprise or undertaking.
It is all inclusive in that respect, and hence constitutes an invaluable record.
The accompanying index, however, is not confined to the returns which have come to hand the present
week. It includes also some returns published by us on Sept. 13. The object of this index is to supplement the
information contained in our "Monthly Earnings Record," which has been enlarged so as to embrace quarterly
and semi-annual statements as well as monthly reports. The "Monthly Earnings Record" was absolutely
complete up to the date of its issuance, September 12, embracing every monthly, semi-annual and quarterly
report which was available at the time of going to press.
The index now given shows the statements that have become available in the interval since then. The
figures in most cases are merely for a month later, but there are also not a few instances of additions to the list,
representing companies which had not yet made up their returns when the September 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
Name of CompanyWhen Published Pd,76
Alabama Utilities Co
Sept. 20_ -1882
American Department Stores Corp_ _ Sept. 13-_1701
American Seating Co
Sept. 13__1701
American Power & Light Co
Sept. 20_ _1882
American Thermos Bottle Co
Sept. 20 1882
Armstrong Cork Co
Sept. 20_ _1882
Arkansas Power & Light Co
Sept. 13__170I
Arundel Corp
Sept. 20_1885
Associate Investment Co
Sept. 20_ _1883
Aviation Corp. (Del.)
Sept. 20_1882
Bangor Hydro-Electric Co
Sept. 13_1701
Bankers National Investing Corp
Sept. 20.1882
California Oregon Power Co
Sept. 20._1883
Carolina Power & Light Co
Sept. 20__1883
Central Maine Power Co
Sept. l3..1702
Sept. 13_1702
Central States Ed o i Co
Central Vermont Pub. Serv. Corp___Sept. 20-1883
Central Vermont Ry
Sept. 20_1886
Chicago Surface Lines
Sept. 20_ _1883
Cities Service Co
Sept. 20_ _1883
Colgate.Palmolive-Peet Co
Sept. 20__1883
Connecticut Electric Service Co
Sept. 20__1883
Consolidated Textile Corp
Sept. 20_ _1883
Consol. Water Co. of Utica. N. Y-- _Sept. 20_1883
Detroit Edison Co
Sept. 20__1883
Detroit Street Rys
Sept. 20_1813
Dunhill International Inc
Sept. 20_1883
Eastern Texas Electric Co
Sept. 20._I883
Federal Mining & Smelting Co
Sept. 20-_1883
Federal Water Service Corp
Sept. 20-_1884
Issue of Chronicle
Name of CompanyWhen Published Page
(William) Filene's Sons Co
Sept. 20_ _1884
(I.) Fischman & Sons
Sept. 20.1883
Gamewell Company
Sept. 20-1884
General Water Works & Elec. Corp_ _ Sept. 20.-1884
Houston Lighting & Power Co
Sept. 20._1884
Hudson & Manhattan RR
Sept. 20..1884
Idaho Power Co
Sept. 20..1884
International Telep. & Teieg. Corp_Sept. 13 .1703
Iowa Public Service Co
Sept. 20. _1884
Jamaica Public Service. Ltd
ept. 20_ 1884
Kansas City Southern Ry
Sept. 20_1884
Knoxville Power & Light Co
Sept. 20_1884
Lawbeck Corp
Sept. 20__1884
Louisville Gas & Electric Co
Sept. 20_1884
Market Street Ry
Sept. 20..1834
Memphis Power & Light Co
Sept. 20_ _1884
Mountain States PowerSept.20..18 4
National Aviation Corn
Sept. 20.154
New England Gas & Elec. Assoc.-Sept. 20..1814
NobMt-Sparks Industries, Inc
Sept. 13__1703
Northern States Power Co
Sept. 20..18 ,
4
Northwestern Electric Co
Sept. 20..15s5
Oklahoma Gas & Electric
Sepr. 20__1835
Pacific Power & Light Co
Sept. 20..1815
Peoples Light & Power Co
Sept. 20_18.5
Perfect Circle Co
Sept. 20 1885
Philadelphia Company
Sept. 20.185
Portland Gas & Coke
Sept. 20_18,
5
Public Service Corp. of New Jersey_Sept. 20-1885
Armstrong Cork Co.
Alabama Utilities Co.
12 Months Ended July 31Gross revenues
Operating expenses
1930.
$344,383
160.768
1929.
$309.772
149.485
$183,615
Net earnings
8160,287
(And Subsidiary Companies)
1930
1929.
Groan earnings
Operating expenses. including taxes
388.168.965 386.451.688
42,513.328 42.363.722
Net earnings
Other income
$45.655.637 344.087.966
5,658.783
2.493.652
Total income
$48.149.289 $49.746.749
Interest to public and other deductions
15.248.384 17.742.215
5.536.173
Preferred dividends to public
6.201.3:17
5.070.577
Renewal and replacement (depreciation) approp.... 5.489.644
238.085
Proportion applicable to minority interests
153.473
Balance
821,056.451 521,159.699
American Power & Light Co.
Balance of sub, cos earns. applic. to American
Power & Light Co. (as shown above)
$21.056.451 $21,159.699
746.594
1.070.280
Other income of American Power & Light Co
Total income
$22,126.731 $21,906.293
361.961
Expenses. incl taxes, of American Power & Lt Co.
310.088
2,823.372
Interest and discount of Amer Po v. & Lt. Co.__ 2,937.035
Balance
318.879.608 318.720.960
Dividends on pref. stocks o.' American Power &
7,424,899
Light Co
7.936.290
Regular dividends on commoL stock of American
Power & Light Co:
2.083.987
2,388.851
Paid in cash
1,045.803
x Paid in common stock
1,192.356
Balance
37.362.111 38.166.271
Earnings per share on common
34.23
x In addition to these regal ar stock dividends on common stock, S5 0l
estra
stock dividends of 1-10th of a share (10%) were paid in common stock in
December 1929, and December 1928, the distribution being from surplus
and for the respective period above amounting to. 82.810.0.12 82.459,561
L rarLast complete annual report in Financial Chronicle May 3 '30, p. 3156.
American Thermos Bottle Co.
Six Months Ended June 301929.
1928.
1930.
Net profits after all charges & taxes__
3114.639
$164.308
383.990
a Last complete annual report in Financial Chronicle May 24'30, p. 3716
r
(Including Domestic Subsidiaries.)
Earnings for Six Months Ended June 30 1930.
Gross profit
Depreciation
$1.611.141
700.441
Net operating profit
Other income
American Power & Light Co.
12 Months Ended June 30Subsidiary Companies
-
Issue of chronicle
When Published Page
Name of Company
Sept. 20. _1885
Railroad Shares Corp
Remington Rand Inc
Sept. 20_ _1885
Reynolds Spring Co
Sept. 20_1885
San Diego Consol. Gas & Mee Co..
.Sept. 20..1885
San Jose Water Works
Sept. 20_1885
Scott Paper Co
Sept. 20_1835
Sedalia (Mo.) Water Co
Sept. 20...1835
Service Stations. Ltd
Sept. 20_1885
Shawmut Bank Investment Trust
Sept. 20_ _1895
Simmons Company
Sept. 13_1704
Sept. 20..1845
Sioux City Gas & Electric Co
Southern California Edison Co
Sept. 20-1835
Southern Canada Power Co.. Ltd__ _Sept. 20..1885
Southern Colorado Power Co
Sept. 20 1885
Standard Gas & Electric Co
Sept. 20..1886
Telautograph Corp
Sept. 20..1886
Texas Louisiana Power Co
Sept. 20..1886
Texas Power & Light Co
Sept. 20..1896
Texas Public Service Co
Sept. 13_.1704
Utah Power & Light Co
Sept. 13..1705
Veeder Root Inc
Sept. 20._1886
Waco Aircraft Co
Sept. 20-1836
Warren Foundry & Pipe Corp
Sept. 13__1705
Washington Water Power Co
Sept. 13. _1705
Western Reserve Investing Corp_ _Sept. 20..1886
Western Union Telegraph
Sept. 20_1896
Wisconsin Hydro-Electric Co
Sept. 20.-1886
Wisconsin Public Service
Sept. 20..1896
Wisconsin Valley Electric
Sept. 20.-1886
8910,700
123.593
Total income
Interest and other expenses
Federal income taxes (estimated)
$1.034,298
165.520
95.470
Net income
5773,309
Earns, per sh. on 1.239.247 she. cap. stk. (no par)
$0.62
"Last complete annual report in Financial Chronicle May 24 '30, p. 3716.
Arundel Corporation.
Eight lonths Ended Aug. 311930.
1929.
Net profit after depreciation and taxes
$1.730.154 31.442.851
Earnings per share on 492.556 shares common
stock (no par)
$3.51
82.93
August net profit was 3222.811 against 5205.911 in August a year ago.
DrLast complete annual report in Financial Chronicle Feb. 8 '80, p. 977.
Aviation Corporation (Delaware).
(And Subsidiaries)
Earnings for Six Months Ended June 30 1930.
Loss from operations
Depreciation
Loss after depreciation
Other income, less expenses of parent company
Loss
Extraordinary charge-offs and provision for spec lasses
Proportion of losses of controlled compuaies (not consolidated)
Total deficit
x Including adjustments relating in part to prior periods.
$983.076
801 803
$1.784.879
161.486
S1.623.39-8
x 1,095.814
517.111
$3,236.318
Bankers National Investing Corp.
Earnings for Period from Feb. 1 1930 to July 31 1930.
Interest earned
Dividends received
Profit on sale of securities
$9.907
44.752
4.293
Total income
Expenses
858,953
16.837
Net income
Surplus Feb. 1
342.115
36.108
Total surplus
Dividends paid
Surplus after dividend
578.223
38.326
40.201
1883
FINANCIAL CHRONICLE
SEPT. 20 1930.]
Detroit Edison Co.
Associates Investment Co.
1930-8 Mos.-1929.
-Month-1929.
Period End. Aug. 31- 1930
Net profit after charges.
$619.337
$656,165
$114.775
$113,969
and Federal taxes_ __ _
Earns, per sit, on 80,000
$6.98
$7.44
shs, corn. stk. (no par)
OrLast complete annual report in Financial Chronicle Feb. 8 '30, p. 977.
Total operating revenue
Non-operating revenue_
California Oregon Power Co.
1930.
1929.
$3,731,258 $3.465.165
2,206,195 2,195.440
5,812
31.677
12 Months Ended July 31Gross earnings
Net earnings
Other income
(And Subsidiary Utility Companies)
1929.
1930.
Twelve Months Ended Aug. 31$51.966,782 552.701.789
Total electric revenue
2.776.219
2.779.370
Steam revenue
393.709
441.269
Gas revenue
Dr.13.882 Dr. 5.905
Miscellaneous revenue
$2,212,007 $2,227,117
Net earnings including other income
larLast complete annual report in Financial Chronicle ApI.26'30, p. 2969.
$55.173.539 $55,865.813
67.369
73.850
Total revenue
Operating and non-operating expenses
Interest on funded and unfunded debt
Amortization of debt discount and expense
Miscellaneous deductions
555.247.389 $55.933.182
37.275.324 36.646.364
5,342.869
5,742.263
313.698 '
325.532
33.603
37.900
$11.866,369 $13.596.647
Net income
IZrLast complete annual report in Financial Chronicle Jan 25 '30, p. 616.
Carolina Power & Light Co.
(National Power & Light Company Subsidiary.)
-Month of July
12 Mos. End. July 311930.
1930.
1929.
1929.
$716.795 $8,911,323 $9,282.870
Gross earns,from oper__ $721.387
303.350
3.999.744
352.756
expenses & taxes__
4,220.169
Oper.
Net earns, from oper_
Other income_
$418,037
72,289
$364,039 $4,911,579 $5,062.701
1,116.038
114,412
690.695
Total income
Interest on bonds
Other int. and deducts
$490.328
194.102
23.830
$478,451 $6,027,617 $5.753.396
2,329.324
194.142
2,009.977
261.100
23.565
259.910
$272,394
Balance
Dividends on preferred stock
$260,744 $3.437.293 $3,483,509
1,258.800
1.201.051
$2,178.493 $2,282.458
Balance
I.XPLast complete annual report in Financial Chronicle Apr. 19 '30, p. 2767.
Central Vermont Public Service Corp.
Period End. June 30- 1930-3 Mos.-1929.
$546,132
Gross oper. revenues___ $521,152
302.359
286.633
Available for int- &c___
60,685
79.256
Int. on long term debt__
58.709
17.089
Other deductions
Net retirem't & divs-
$190,288
$182.966
1930-12 Mos.-1929.
$2,278,457 $2,218.604
1.162.635
1.177.397
320,543
243,893
53.393
217,844
$788,699
Detroit Street Rys.
-Month of August- 12 Max. Ended Aug. 31.
1929.
1930.
1929.
1930.
Operating Revenues
Railway open revenues- $1,238,994 $1,760.106 $18,913,546 $22,416,124
4,220.239 4,224.901
376,131
277,214
Coach oper. revenues_-Total oper. revenues-- $1,516,209 52,136,238 523.133,785 526,641.025
Operating Expenses
Railway oper. expenses- $1,091,309 $1,267.185 $14,875,904 $16,923,932
4.068,170 4,177.546
383.087
272.072
Coach oper. expenses...
Total oper. expenses.... $1,363.381 $1,650.272 $18,944,074 $21,101.478
480.965 4,189,710 5,539.547
152.827
Net operating revenue__
752.076
770,580
62,178
63,560
Taxes assignable to operOperating income_ _-Non-operating income--
$89,266
4,132
$423,786 $3,419.129 $4,787,470
163,222
120.966
8.581
Gross income
DeducttonsInt, on funded debt:
Construction bonds
Purchase bonds
Add Os & bett'ts bdsD. U. R. purch.contr_
Equip. & exten. bonds
Loan (City of Detroit)
$93,399
$432,368 $3.540,096 $4,950.693
66.745
10,597
16.281
19.841
20.213
785,875
129,007
194.820
240,772
50.974
16,875
66,745
11.077
16,892
21,757
1.875
$715.660
785,875
134.660
202,020
412.340
3,750
5133.679
12,493
4118.348 51.418.325 51,538.645
171.355
309,167
26.837
5146.172
Total deductions
-Month of August
1930.
1929.
def$52,773
Net income
$4.488.146 $5.113.909
Gross earnings
Disponiion of Net Inc
3.796.705
Operating expenses renewals and taxes
4.129.476 Sinking funds:
$44,139
Construction bonds_ $691.441
Residue receipts
$984,433
11.295
Purchase bonds
34.951
Joint account expenses, Federal taxes, &c
13,589
Add cs & bett'ts bds
City's 55%
151,616
D. U. R. purch.contr_
15,797
Equip. & exten. bds
$680,219
Balance
$807,925
Loan (City of Detroit)
01 Last complete annual report in Financial Chronicle Mar.15'30, p. 1825.
$236.638
Total sink.funds _
def289.412
Residue
5145.185 51.727-.492 51.710.001
def$52.773
$287,182 $1.812,604 53.240,691
Total interest
Other deductions
Chicago Surface Lines.
13N2
Cities Service Co.
Gross earnings
Expensed
-Month of August- -12 Mos.End. Aug.311930.
1930.
1929.
1929.
54.891.956 53.542,417 559.109.385 $39.885.688
239.868
1.998.735
111.787
1.227.772
54,652,088 53.430.629 557,110.650 $38,657.916
Net earnings
620.187
7,608.184
Int. and disc. on debs__ _ 1.015,995
6.275.516
Net to stocks and res- 53,636.092 $2.810.441 $49.502.465 $32.382,399
613.462
567.966
7.270.536
Dividends pref. stock...
6.778,078
Net to common stock
and reserves
53.022.629 52.242.475 542.231.929 525.604.321
6.80
Number of times preferred dividends
4.77
Net to common stock and reserves on average
$1.46
number of shares of common stock outstanding
$1.13
Last complete annual report in Financial Chronicle Apr.26 '30, p.3011.
Colgate-Palmolive-Peet Co.
Consolidated Income Account Six Months Ended June 30 1930.
Net sales
$44.796.461
Cost of sales, Incl advertising, selling expenses,freight, ship5116 2
• ping and warehouse expense. adm.exp. & allowances & disets. 40.284 4 9
:8
3
Depreciation provided
Net profit from operations
Miscellaneous Income
$4.000,340
236.048
Total income
Interest paid
Provision for State, Federal and foreign income taxes
$4.238.388
19.181
456.582
Net profit
Balance at beginning of period
Surplus resulting from disposition of subsidiary
$3.760.625
12.334.489
1.550.772
Total
$287,182 $1,812,604 $3,240.691
$27,525
11.295
13.589
151.816
$519.709
133.000
160.000
1,787,518
55,545
374.999
5486.507
133,000
160.000
1,787.518
83.333
41.666
$245.803 5:3.030.77:3 $2,6$0,359
590.332
41.288 def1218.169
Dunhill International, Inc.
1928.
1930.
1929.
Six Months Ended June 30$303.390
5423.417
568.657
Net income after charges and taxes__
125.000
178,071
144.131
Shares common stk. outst. (no par).$2.38
$2.42
$0.47
Earnings per share
Last complete annual report in Financial Chronicle Apr. 19 '30, p. 2779.
Eastern Texas Electric Co. (Del.).
(And Constituent Companies)
Month of July- 12 Max. End. July 311930.
1929.
1929.
1930.
$935,372 510.181.757 59,126.791
51.012.870
4.188.362
4.701.959
410.532
446.734
501.836
528.605
47.302
41.190
607.213
701.681
60.000
68.123
Gross earnings
Operation
Maintenance
Taxes
Net operating revenue $456.821
Income from other sources
5417.536 54.249,510 $3.829.379
43.115
69.545
Balance
Deductions x
54.292.625 53.878.924
1.582,061
1.286.185
Balance
Interest and amortization
52.710.564 52.612.738
544.942
458.317
52.252.246 52.067.798
Balance
a interest on funds for construction purposes. x Interest, amortization
dividends on securities of constituent companies held by the
charges and
public.
125 Last complete annual report in Financial Chronicle May 1 '30, p. 1456.
Federal Mining & Smelting Co.
Total
$17.645.887
Common dividends
2,489.367
Preferred dividends
439.050
Transfer to paid-in surplus In connection with sale of Troco Co
Cr.226.299
Miscellaneous adjustments
111.603
Appropriation for special reserve
1.600.000
Net Earnings. Before Depletion. Depreciation and Taxes.
Quarter Ended
Quarter Ended
Quarter Ended
July 31 1929.
April 30 1930.
July 31 1930.
May 1929.3295.389
Feb. 19.30_ _5128.486
May 1930-- 596.199
June 1929..263.721
Mar, 1930-- 132.907
June 1930-- 90.529
July 1929_ 206.334
Apr. 1930-- 138.752
July 1930-- 86.923
Profit and loss surplus
513.332,164
Earnings per share applied on 1.999.970 shares of common stock
$1.66
a
1 "Last complete annual report in Financial Chronicle Mar.22'30, p. 2034
Total_ ___$765.444
Total_ ...$400.145
Total---3273.651
O"Lost complete annual report in Financial Chronicle Mar.15'30, P.1835.
(I.) Fischman & Sons.
Connecticut Electric Service Co.
1930.
12 Months Ended Aug. 31
1929.
Gross operating revenue
$17.971.779 $17.253.686
4.965.749
Net available for dividends
4.660.275
Balance available for common stock
574
.
2.101,841
Earnings per share on aver, com,stock outstanding
S3.56
$2.97
Consolidated Textile Corp.
1930.
1929.
Six Months Ended June 301928.
$122,131
Opm'ating profit
$284.925
deprec., •inventory
Net loss after int.,
adjustment and consolidated selling
1.373.798
co. Inc. prof stock dividends
318.252
212.880
•Inventory adjustments deducted. $509.259.
complete annual report in Financial Chronicle Apr. 12 '30, p.2587.
OrLast
Consolidated Water Co. of Utica, N. Y.
12 Months Ended July 31Gross revenues
Operating expenses
Netemmilngs
1030.
$802.084
226.360
1929.
$802.412
216.761
$575.725
$585,651
Six Months Ended June 30Net sales
Cost of mfg.,selling. admin.. Jze
1928.
1929.
1930.
$2.311.681 $2.081.519 $1,071,325
856.580
1.640.308
2.102.013
Net profit from operation
Other income
5209.668
118.052
$441.211
38.772
8214.745
10.726
Total Income
Deductions
Reserve
$327.720
48.175
27.954
5479.983'
8.031
70.680
$225,471
12.531
Net income
Previous surplus
$251,590
877.135
8401.271
419.648
5212.940
92.416
81.128.725
8.071
6.411
5.454
$820,920
$305.356
33.267
6,125
90.922
Total surplus_
Bonus to employees
Canadian Income tax
Preferred dividends
Approp.common stock
51.106.788
Surplus end of period
$787,652
5208.309
-1930 figures include operations of the marble division which was
Note.
corresponding months of 1928 and 1929
not owned in
arLast complete annual report in Financial Chronicle July 5'30, p. 121.
1884
[VoL. 131.
FINANCIAL CHRONICLE
Federal Water Service Corp.
The Kansas City Southern Ry. Co.
(And Subsidiaries.)
Year Ended July 311929.
1930.
Operating revenue
316.004.481 315,592.899
Net after depreciation and ordinary tax
8,385.096
8,653,519
Other income
536.772
580,762
Texarkana and Forth Smith Ry. Co.
-Month of August- -8 Mos. End. Aug. 311929.
1930.
1930.
1929.
Railway oper. revenues_ 1,858.260
1.997.573 13.532,997 14,548,895
Railway oper. expenses_ 1.143.516
9,062,185 9.480.695
1,227,149
Total income
Net income after int., Fed'l taxes,sub. dive., &c
Preferred dividend (corporation)
Not from operations__ $714,744
Railway tax accruals__ _
100,136
Uncollectible ry. revenues
514
$9.234,281
3,111,737
985,859
58,921.868
3.020,688
805.099
32,125.878 $2,215,589
Surplus
arLast complete annual report in Financial Chronicle Mar.22'30, p. 2018.
$770,424 54,470.812 $5,068,200
1.074,006
951,088
134,250
10,802
2,468
453
Railway oper. income $614,093
$635,719 $3,517,256 $3,983,391
Ita"Last complete annual report in Financial Cnronicle May 3'30, p. 3202.
Knoxville Power & Light Co.
(William) Filene's Sons Co.
(And Subsidiaries.)
1929.
1930.
6 Months Ended July 31Net sales
$21,296,711 $21,697,500
Costs, expenses, &c
20,894,698 20.955,868
(National Power & Light Co. Subsidiary)
-Month of July--12 Mos. End. July 311929.
1930.
1930.
1929.
Gross earnings from oper.
3,211,004
3,328.061
258.762
266,647
Oper. expenses & taxes_
2.197,562
2,215.153
191.412
176.048
Operating profit
Other income
$402.013
$741.632
119.201
Net earns, from oper.
Other income
$82,714
1,201
$75.235 $1,112.908 $1,013,442
19,943
19.707
1.322
Total income
Depreciation
Interest, &c
Federal taxes
$402,013
107,303
16,037
35,182
3860.833
88.435
50,924
72.025
Total income
Interest on bonds
Other int, and deductions
$83,915
16,781
8,853
576,557 51,132,615 51.033,385
201.372
201,372
16,781
82,435
92.622
6.687
Balance
$749,578
3838.621
558,281
553,089
$243,491
$649.449 Dividends on preferred stock
Net profit
138,500
138.500
Nil
$0.77
Earns, per sh. on 500,000 shs. corn. stock (no par)
$611,078
ra'Last complete annual report in Financial Chronicle Apr. 19 '30, P. 2781. -Balance
$700,121
la"Last complete annual report in Financial Chronicle Apr. 19'30, p. 2769.
Gamewell Co.
Lawbeck Corporation.
(and Subsidiary Companies.)
(And Subsidiaries)
Quarter Ended Aug. 31x1930.
1929.
Net profit after charges deprec. & Fed. taxes
5221,770
$252,473 Net profits Earnings for Six Months Ended June 30 1930.)
Earns, per share on 118,928 shs. cap.stk.(no par)_
$1.69
$2.12
x Preliminary and includes Rockwood Sprinkler Co.for two months only. Previous surplus
ta'Last complete annual report in Financial Chronicle Aug.23'30, p. 1263.
Total surplus
Preferred dividends paid
General Water Works & Electric Corp.
12 Months Ended July 31Gross revenue
Operating expenses
1930.
1929.
57.692,169 $7.337,872
3,635.462 3,287.217
$4.056,707 $4,050,655
Net earnings
larLast complete annual report in Financial Chronicle May 17 '30, p. 3537.
Houston Lighting & Power Co.
(National Power & Light Company Subsidiary.)
Month of July- 12 Mos. End. July 311930.
1929.
1930.
1929.
$674,531 $8,597,127 57,616,657
Gross earns,from oper__
$774.721
4,446.026
361.617
Oper. expenses and taxes
4,117,271
415,564
Net earns, from oper_
Other income
$359,157
4,503
$312,914 $4,151,101 $3,499,386
48,893
2,376
31.723
Total income- __-nterest on bonds_ - - Other int. & deductions_
$363,660
86.679
6,434
$315.290 54,199.994 $3,531,109
981.262
78,346
834,010
10.240
100,392
155,111
Balance
5270,547
Dividends on preferred stock
5226.704 33,118,340 52,541,988
313.833
240,000
Balance_
$2.804,507 $2.301,988
Hudson & Manhattan RR.
Gross revenue
Oper.expenses & taxes
8 Mos. End. Awl.31August
1930.
1929.
1930.
1929.
$934,204
$990,160 $8,140,996 $8,262,106
4.107,856 4,193,138
520,500
499,806
Bal. applic. to charges
Charges
$434.398
335.420
$469,660 54,033,139 $4,068,968
335.419
2,679,578
2,687,696
Balance
$134,240 $1,353,560 $1,381,272
598,977
I"
Last complete annual report in Financial Chronicle Mar. 29 '30, p. 2198.
$380,827
339,052
$719,879
150,000
Balance, surplus
Earnings per share on 300,000 shs. common stock (no par)..--
$569,879
$0.76
Louisville Gas & Electric Co.
12 Months Ended July 31Gross earnings
Net earnings
Other income
1929.
1930.
$10,444,559 $10.036,018
5,389,573
5,165,767
478,821
409,243
Net earnings including other income
$5,868,394 $5,575,010
I"
Last complete annual report in Financial Chronicle Apr. 26'30, p. 2961.
Market Street Railway Co.
12 Months Ended July 31Gross earnings
Net earnings
Other income
1929.
1930
$9,462,944 $9,582,725
1,379,282
1,475,146
24,890
21,896
Net earnings including other income
51.497,042 $1,404,172
r"
Last complete annual report in Financial Chronicle Apr. 12 '30, p. 2579.
Memphis Power & Light Co.
(National Power & Light Co. Subsidiary)
Month of July--12 Mos.End. July 311930.
1929.
1929.
1930.
Gross earns,from oper__ $500,717
$476.761 56,710,980 $5,954,059
Oper. expenses & taxes_
297.571
294.632
3,548,416
4.004,581
Net earns, from oper_
Other income
5203.146
16,029
5182,129 $2,706,399 $2,405,643
12.340
333.082
308,150
Total income
Interest on bonds
Other int. & deductions_
$219,175
63,285
5,381
5194.469 33.014,549 $2,738.725
52,952
689.025
657.276
9,497
74,825
108,082
Balance
$150.509
Dividends on preferred stock
$132,020 52,217.442 32,006.624
322,259
259.320
Balance
$1,895,183 $1,747,304
Idaho Power Co.
I"
Last complete annual report in Financial Chronicle Apr. 19 '30, p. 2769.
(Electric Power & Light Corp. Subsidiary)
Mountain States Power Co.
-Month of July- -12 Mos. Ended July
12 Months Ended July 311930.
1930.
1929.
1929.
x1930.
x1929.
3339,830 34.054,811 $3,650,699 Gross earnings
Gross earns,from oper__ $370,702
$3,470,863 $3,252,249
1,983,656
147,976
Oper. expenses and taxes
161.139
1,740,620 Net earnings
1,315,471
1,280,390
Other income
96,052
84,625
$191,854 52.071,155 31,919,079
Net earnings from oper. $209,563
Net earnings, including other income
Other income
81,873
5,035
4,409
77,282
$1.411,523 $1,365,021
x Figures for each period are for properties
Total income
$214,598
5196,263 $2,153,028 $1,996,361 Net earnings of properties sold are included innow comprising the system.
other income.
Interest on bonds
650,000
54,167
54,167
650,000
rarLast complete annual report in Financial Chronicle Apr.26'30, p. 2962.
Other int. and deductions
6,614
8,101
81,539
72,523
Balance
3153,817
Dividends on preferred stock
Balance
3133,995 31,421,489 $1,273,838
372.715
337,574
51,048,774
3936,264
Iowa Public Service Co.
(Controlled by American Electric Power Corp.)
-Month of August- -12 Mos. End. Aug. 311930.
1929.
1930.
1929.
$358.525
$338.924 $4,460.398 $4.150.495
Gross earnings
217,544
213,741
Open expenses & taxes
2,634,201
2,493.034
Net earnings
Bond interest
Other deductions
Balance
1st preferred dividends
3140.981
5125,183 51,826.197 51,657.461
675,219
766.060
38.758
39.863
$1,020,274
221,332
$943,484
209,394
Balance *
$734.090
5798,942
•Before provision for retirement reserve.
rafLast complete annual report in Financial Chronicle Jan. 18 '30, p. 467.
Jamaica Public Service, Ltd.
National Aviation Corp.
(Including Aeronautical Industries, Inc.)
Earnings for 6 Months Ended June 30 1930.
Interest and dividends received
Amount realized through sale of warrants
Total income
Loss on sale of securities
Management and corporate expenses
Expenses in connection with increase in stock
Interest paid
$45,285
67.650
$112.936
1,777.218
42,463
37.390
3,072
Net loss of combined
$1,747,207
Earned surplus Dec. 31 companies
1929
105,532
Loss on Aeronautical Industries, Inc., for period Jan. 1 to
date
of acquisition Apr. 15 1930 charged against paid-in
554,024
surplus
Consolidated deficit June 30
$1,087,651
W Last complete annual report in Financial Chronicle Feb. 8 '30, p. 986.
New England Gas & Electric Association.
[Consolidated Statement of Properties Since Dates of Acquisition.]
12 Months Ended June 301929.
1930.
Operatin
$12,496.769 58,173.134
Operating expenses and taxes
9,163.410 6,303,985
Provision for minority interests
83.180
Interest underlying companies
9.894
118.012
Interest on funded debt of Association
1,003.292
1.234.579
Balance
$855,964
$1.897,587
tarLast complete annual report in Financial Chronicle May 17 '80, p. 8539.
g revenues
(and Subsidiary Companies)
Month of July- -12 Mos. End July 311930.
1930.
1929.
1929.
Gross earnings
$732,468
$63,581
$811,046
566,507
Oper.expenses & taxes
430.451
41,054
38,166
481,837
Net earnings
$302,016
525,414
5329,209
525.452
Int. & amortiz. charges_
76,107
6,348
10,135
79.176
Northern States Power Co.
Bal. (for res., retire12 Months Ended July 31
1929.
1930
ments & dividends)
$225,908 Gross ea 1
5250,032
$15,316
519,065
533,128,246 532,231,769
The above figures converted from £ sterling at the rate of $4.86 2-3 Net earnings
16,571.060 16,682,695
to the £1. Beginning with the month of April 1930. the current year's Other income
728,560
343.644
earnings and expenses include operations of St. James Utilities, Ltd. The
12 months' figures include these earnings from Jan. 1 1930.
Net earnings including other income
$16,914,704 $17,411,255
Last complete annual reportin Financial Chronicle April 26'30, p. 2961.
Or
larLast complete annual report in Financial Chronicle Apr. 12'80, P. 2800.
'SEPT. 20 1930.]
°
1885
FINANCIAL CHRONICLE
Northwestern Electric Co.
•
Reynolds Spring Co.
(American Power & Light Co. Subsidiary)
Month of July--12 Mos. End. July 311929.
1930.
1929.
1930.
$256,120 $3,700,111 $3,604,846
ross earns, from oper__ $266,939
2.227,263
2,260,055
159,949
178,010
per. expenses & taxes_
Net earns, from oper_
her income
$88,929
3.569
$96,171 $1,472,848 $1,344,791
80.761
63.859
9,645
Total income
terest on bonds
her int. & deductions_
$92.498
35,654
26,634
$105,816 $1,553,609 $1.408,650
427,848
427.848
35.654
200,648
318.076
22.277
$47.885
Balance
$807,685
336,281
$780,154
336.272
$471.404
$30,210
Balance
ividends on preferred stock
$443,882
Period EndedSales
Cost of sales
$124,374
37,298
$191.946
28,935
$316,320
66,233
• $161,672
Gross income
167,559
Selling, admin. and general expenses_
61,632
Depreciation
12.510
Interest on bonds (net)
$220,881
162,041
61,317
13,539
$382,553
329,600
122,949
26,049
Gross profit on sales
Other income
$96,046
$16,017
$80,029
Net loss for period
"Last complete annual report in Financial Chronicle May 17 30, p. 3559
San Diego Consolidated Gas & Electric Co.
Oklahoma Gas & Electric Co.
1929.
1930.
514,751,795 $13,377,933
6,902,823 6,424,603
366,506
595,545
12 Months Ended July 31-055 earnings
et earnings
her income
(And Subsidiary Companies)
-----3 Months Muted-- 6 Mos. End.
June 30 '30. Mar.31 '30.- June 30'30.
$1,314,756 $1.249,527 $2,564,284
2,247,964
1,057,582
1,190,382
$7,269,329 $7,020,148
Net earnings including other income
x Figures for each period are for properties now comprising the system.
et earnings of properties sold are included in other income.
tg'Last complete annual report in Financial Chronicle Apr. 26'30, p. 2962.
Pacific Power & Light Co.
(American Power & Light Co. Subsidiary)
-MentholJuly- 12 Mos. End. July 311930.
1929.
1929.
1930.
$370.706 $4,566,928 $4,774.855
ross earns,from oper__ $332,886
2,304,840
202,829
2,495.507
181,776
per, expenses and taxes
1929. •
1930.
$ 7,248,876 $7,283,397
3,494,094 3.479,363
27,175
7,701
12 Months Ended July 31Gross earnings
Net earnings
Other income
$3,521,269 $3,487,064
Net earnings including other income
-Last
10 complete annual report in Financial Chronicle Apr.26'30, p.2963.
San Jose Water Works
1930.
$706,847
262,806
Net earnings
"Net earns, from oper_
her income
$151,110
3,696
$167,877 $2,262,088 $2,279,348
18,657
2.215
52,489
Total income
terest on bonds
her int. and deduc'ns_
$154.806
37.996
34,360
$170,092 $2,280,745 $2,331,837
455,950
37,996
455.950
797,341
613.467
67.193
$82,450
Balance
ividends on preferred stock
$64,903 $1,211,328 $1,078.546
406,302
405,320
1929.
1930.
$5,459,415 $4,974,305
4,163,225
4,497,111
176.865
259.709
76,627
84,967
Net profit
Preferred dividends
Common dividends
$806,008
$672,244
People's Light & Power Corp.
Years Ended July 31ross revenues of constituent companies
Denting expenses, maintenance and taxes
1929.
1930.
$8,117.244 $7.151,764
4.332,677
3,677,041
Gross corporate income before deducting bond
$3,784,566 $3.474,723
interest and preferred dividends
rLast complete annual report in Financial Chronicle Mar. 22 '30, p. 2028.
$557,588
108,967
111,000
$3337,621
$395,141
Surplus
$2.82
$3.21
Earnings per share on 158,909 shs.common stock_
August net sales were $596,781. against $539,673 in August 1929, an
Surplus available for common dividends for
increase of $57,108 or 10.5%.
August was $72,677, compared with $51 039 in August 1929.
larLast complete annual report in Financial Chronicle April 26'30, p. 2985.
Sedalia Water Co.
1930.
$176,754
64.245
Net earnings
1929.
$179,329
65,018
$112,509
12 Months Ended July 31Gross revenues
Operating expenses
Perfect Circle Co.
$114,311
1930.
1929.
$63,019,878 $62.730,636
30,846,925 30.325,299
1,630.423
1,747,668
$32,477,348 $32,072,967
Net earnings including other income
W'Last complete annual report in Financial Chronicle Apr. 19'30, p. 2763.
Portland Gas & Coke Co.
(American Power & Light Co. Subsidiary)
Month of July- -12 MOS. End.July 311930.
1929.
1929.
1930.
$334,798 $4,502.293 $4,545.895
ross earns,from oper__ $328,586
2,872,015
216.693
210,359
2,965,439
per. caps. and taxes___
Net earns, from oper_
ther income
$118,227
1.988
$118.105 $1,630,278 $1,580,456
27,426
5,641
64,368
Total income
terest on bonds
ther int. and deduc•ns.
$120,215
40,604
6,180
$123,746 $1,657,704 $1,644,824
487,250
40,604
487.250
59.386
7,178
54.665
Balance$73,431
ividends on preferred stock
06
$75.964 $1,111,8 $1,102,909
380,798
381.685
$730,270
Balance
1929.
1930.
$8,775,122 $7,015,305
964,789
1,190,121
169,173
169,469
89.592
80,087
Si, Months Ended June 30Net sales
Net profit
Reserve for depredation
United States and Canadian taxes
$931,060
82,698
Net profit
Preferred dividends
Philadelphia Company.
$721,224
Public Service Corp. of New Jersey.
-Month of August- 12 Mos. Endcd Aug. 31.
1929.
1930.
1930.
1929.
$10,543,477 $10,514,307$138,832,969$133,068,725
ross earnings
per. exp.. maiut., taxes
7,855,219 96,040,083 92,621,013
7,791,225
and deprec
NetIncome from oper_ $2,752,251 $2,659.087 $42,792,885 $440,447,711
119,122
92,066
2,964,902
her net income
2,873,528
$2,844,318 $2,778,210 $45,757,787 $43,321,240
Total
1,264,159 15,616,253 15,513,292
1,343,921
conic deductions
Bal,for dive. & surp-- $1,500,396 $1,514,051 $30,141,534 $27,807,947
I Last complete annual report in Financial Chronicle Mar. 1 '30, p. 1481.
Railroad Shares Corporation
Earnings for Period from July 3 1929 to Sept. 6 1930,
et gain from interest, dividends and realized profits
4462 491
otal surplus and reserves as of Sept. 6 1930 (including reserve for
Sept. 15 1930 dividend of $106,250)
237.480
x After Federal taxes and expenses.
Remington Rand Inc.
Period End. June 30- 1930-3 Mos.-1929.
1930-6 Mos.-1929.
$12,764,949 $16,252,552 $28,552,749x$34,632.670
roes sales
et inc. after deprec.,
733,365
1.417.047
Federal taxes, &c_
2,277,860
2,989,559
hs. com. stk. outstg.
1,334.043
1,337.777
1,337,777
(no par)
1.334,043
arns, per sh. after div.
$0.30
$0.80
requirem's on pref. stks.
$1.22
$1.70
x In order to make this figure comparable with the 1930 figures it is
ocessary to deduct $1,730,000 because foriegn sales of some subsidiaries
e not included this Year.
'Last complete annual report in Financial Chronicle June 21 '30, p.4411.
$617,628
107,045
115,442
Service Stations, Ltd.
1930.
1929.
Eight Months Ended Aug. 31$482,858
$681,088
et profit after charges and taxes
$2.97
$4.19
srns. per share on 162.500 shs. cap. stk.(no par)_
August net profit was $52,838 after taxes and charges.
Mast complete annual report in Financial Chronicle May 24 '30, p. 3730.
12 Months Ended July 31rose earnings
et earnings
her income
$423,437
Scott Paper Co.
Eight Months Ended Aug. 24Net sales
Costs and expenses
Depreciation
Federal taxes
Balance
1929.
$666,925
243,488
$4444,041
12 Months Ended July 31Gross revenues
Operating expenses
$715,529
43,563
$671.966
$848,363
Balance for common
229.402
238,292
Shares combining class A & B stock outstanding
$2.93
$3.56
Earnings per share on common stock
in Financial Chronicle May.17 '30, p.3560.
Last complete annual report
l"
Shawmut Bank Investment Trust.
6 Months Ended Aug.30Interest & dividends
Net gain on securities sold
1930.
$168,479
145,650
1929.
$199.457
752.953
Total income
Administrative expenses
Interest paid & accrued
Reserved for taxes
$314,129
36,593
147,550
6,700
$952,410
21.007
148,769
87,200
$123,286
$695,433
Surplus earnings
rarLast complete annual report in Financial Chronicle Apr. 12 '30, p. 2601.
Sioux City Gas & Electric Co.
(Controlled by American Electric Power Corp.)
-Month of August- -12 Mos. End. Aug. 311929.
1930.
1929.
1930.
$223.428
$217,218 $3,436,853 $3,145,246
Gross earnings
113.052
1,544,427
119,480
1,611,663
Oper.expenses & taxes
$103,948
Net earnings
Bond interest
Other deductions
$103.266 51,825.190 $1.600,819
516.476
486.205
33,844
29,250
$1,274,870 $1,085.364
338,709
338,709
Balance
Preferred dividends
Balance•
* Before provision for retirement reserve.
3936.161
$746,655
1:0-Last complete annual report in Financial Chronicle Jan.25 '30, p. 623.
Southern California Edison Co., Ltd.
-Month of August- -8 Mos. End. Aud. 311930.
1929.
1930.
1929.
$3,811,815 $3,721.774 $27,031,749 $26,269.301
Gross earnings
969.871
Total expenses and taxes
8,693.232
1.011.367 9,155,329
Total net income_-__ $2,841,944 $2,710.407 $17,876.420 $17,576,069
601,453
545,324
4.683,098 4,386.208
Fixed charges
$2.240,491 $2.165,083 $13,193,322 $13,189,861
Balance
12if Last complete annual report in Financial Chronicle Mar.15'30, p. 1853.
Southern Canada Power Co., Ltd.
Gross earnings
Operating expenses
-Month of August- -11 Mos. End. Aug. 311930.
1929.
1930.
1929.
$188,430
$173,396 $2,066,817 $1,920,136
73,646
67.097
757.794
675,790
$114,784
5106.299 51.309.023 $1,244,346
Net earnings
fa'Last complete annual report in Financial Chronicle Dec. 7'29,p. 3637.
Southern Colorado Power Co.
12 Months Ended July 31Gross earnings
Net earnings
Other income
1930
1929.
$2,295,168 $2,271,933
1,064,268
1,096,209
28,252
11,454
Net earnings including other income
$1,092,520 $1,107,663
Last complete annual report in Financial Chronicle Apr.26'30, p. 2964.
t'
1886
[vol.. 131
FINANCIAL CHRONICLE
•
Standard Gas & Electric Co.
12 Months Ended July 31Gross earnings
Net earnings
Other income
1929.
1930.
$155,044,452 $151,235,532
74,406,008 72,255,247
2,968,957
2,249,527
Net earnings including other income
$76,655,535 $75,224,204
129"Last complete annual report in Financial Chronicle Apr 26 '30, p. 2951.
Telautograph Corporation.
Period End. Aug.31- 1930
-Month-1929.
1930-8 Mos.-1929.
Net profit after deprec.,
Federal taxes, &c_ - _ $214,555
$232,282
$29.906
$27.947
Earns. per eh. on 228,760
abs. cons. stk. (no par)
$0.93
$1.01
farLast complete annual report in Financial Chronicle Feb. 15 '30, p. 1129.
Texas-Louisiana Power Co.
12 Months Ended July 31'Gross revenues
Operating expenses
1929.
$3.865,726 33.658,770
1.754,763
2,064,333
1930.
Net earnings
$1,801,394 31.904,007
Texas Power & Light Co.
fSouthwestern Power & Light Co. Subsidiary)
Month of July
-12 Mos. End.July 311929.
1930.
1930.
1929.
$764.861 39,945.593 $9,687,238
$793,501
Gross earns,from oper__
418,329
437,280 4.981,030
4.905.320
OPer• exps. & taxes__
Net earns, from oper_
Qther income
3375.172
$327,581
19,924
16,838
Total income
Interest on bonds
Other int. and deduc'ns_
$395,096
174,187
10,956
$4,964,563 $4,781,918
181,067
187,376
Wisconsin Valley Electric Co.
12 Months Ended July 31Gross earnings
Net earnings
Other income
Net earnings including other income
$612,
31.017,255
larLast complete annual report in Financial Chronicle Apr. 26 '30, p.2
Latest Gross Earnings by Weeks.
-We give below
latest weekly returns of earnings for all roads making s
reports:
Current
Period
Year
onTred.
1st wk of Sept
4,369,720
2(1 wk of Sept
4,715,000
1st wk of Sept39,750
1st wk of Sept
278,254
lot wk of Sept
221,941
l st wk of Sept
sopf
2.674.700
366,500
1st wk of Sept
NameCanadian National
Canadian Pacific
Georgia & Florida
Minneapolis & St Louis
Mobile & Ohio
Southern
St Louis Southwestern
Western Maryland
Balance
3209.953
Dividends on preferred stock
$175,679
Balance
$3,043.944 $2,937,701
699,310
567,872
$2.344,634
$2,369,829
Veeder-Root Inc.
Earuings for 24 Weeks Ended June 21 1930.
Net profit from operations
Provisions for depreciation
3188,711
53.774
Net profit from operations
Income from investments
$134.937
10,059
Total income
Provision for Federal taxes
3144,996
16.440
Net Income
Dividends paid
February
March
April
May
lime
July
k!must
Seotember
October
November
December
Waco Aircraft Co.
1929.
1930.
355,612prof$156.894
Western Reserve Investing Corp.
Earnings for Six Months Ended June 30 1930.
Interest and dividends from securities
Miscellaneous interest
3137.225
7,536
Total income
Net loss from sale of securities
Interest
Expense
$144,761
122,480
55,000
18,854
Net loss
Balance. Dec. 31 1929
$51.572
477,130
Net surlus
Prior preferred dividends
6% preferred dividends
$425,558
60,000
60,000
Surplus, June 30
$305,558
Western Union Telegraph Co.
Month of July- -7 Mos. End. July
1939.
1930.
1930.
1929.
Telegraph & cable oper.
revenues
$10,888,999 $12,468,043 378,286.866 383.783,979
Repairs
6,024.223
5,462,733
647.067
910,012
All other maintenance
1,326,285
1,598,835 10,729.711 10.854,323
Conducting operations_ _ 7,056.022
7,454.530 48.179.769 49,032.471
Gen. & miscell. expenses
2,938.408
3,013,690
509.581
418,229
Total telegraph & cable
operating expenses
9,538,955 10,381,606 67,385.903 68,849.424
Net telegraph & cable
operating revenues_ $1,350,045 32,086,437 $10,900,963 $14,934,555
Uncol. operating revs
251,352
32.667
234,861
37,404
Taxes assignable to oper3,055,883
307,566
2.579,466
424,283
Operating incomeNon-operating income
$1,009,812 31.624,750 $8,086,636 $11,627,320
1,746,578
265,506
1,755,471
285,627
Gross income
$1,275,317 $1,910,377 $9,842,107 $13,373,898
Deducts,from gross Inc4,474,496
733,641
5,045,040
635,709
Net income
Appropriations ofincome
3541.677 $1,274,668 54,797.067 $8,899,403
59,584
8,512
Income balance transf.
$541,677 $1,266.156 $4,797,067 $8,839,818
to profit and loss_
larLast complete annual report in Financial Chronicle Mar. 29 '30, p. 2252.
Wisconsin Hydro Electric Co.
12 Months Ended July 31
Gross revenues
Operating expenses, maintenance and taxes other
than Federal income
1930.
$757,623
1929.
$692,222
332.357
291,646
$425,266
Gross income
$400,577
Wisconsin Public Service Corp.
12 Months Ended July 31Gross earnings
Net earnings
Other income
1929.
1930 .
35,603,812 $5,286,778
2,300,940
2.415,146
15,030
17,971
Net earnings including other income
52,433,117 32,315,970
OrLast complete annual report in Financial Chronicle Apr 26 '30, p. 2964.
-146,3850 -34
January
February
March
AprIl
May
June
July
1929.
Dec. (-).
456,387,931
505,249.550
474.784,4102
510.543.213
502.455,883
512.821,937
557,803.488
556,003.668
817.475,011
531,122.999
495,950,821
1929.
488,628,286
475.265.483
516,620,359
513,733,181
537,575,914
531,690,472
5.57.522,607
+18,292,585
+10.884.477
+38,291,124
+26,120.817
+28,577,315
+43,884,198
+27,835,272
+9,812.986
-9.890,014
-32,806,074
-27,767,999
-38.102.247
48,034,122
-64.595,796
-63,195.964
75,131,912
87.5 8,847
-101,152.657
Net Earnings.
192
Mitts.
242.884
241,185
240,956
241,280
241,608
241,450
241,026
241,704
241,622
241,659
241,864
1930.
242,350
242,348
242,325
242,375
242,156
242,320
235.049
Mile
242,6
240,
240,8
240,7
241,2
241,1
241,2
241.4241,4
241,3
240,7
192
242.1
242,1
241,9
242,1
241,7
241,3
242,0
Inc. (-I-) or Dec.(-)
Month.
Six Months Ended June 30Net loss after expenses and taxes
-724,
+67,
+1.
-46,
-95
-863
Length of Road
(+) or
1928.
474,:80,516
506,134.027
513,076,026
536.723.030
531,033,198
556,706,135
585,638,740
565.816.654
607,584,997
498.316,925
468,182,822
1930,
450,526,039
427,231,361
452,024.463
450,537,217
462,444,002
444,171,625
456,369,950
$34,228
2,458,302
Dr48.893
Balance capital and surplus June 30 1930
$2,443,638
Earnings per share on 75,425 shsare common stock (no par)_
$1.70
'Last complete annual report in Financial Chronicle Mar. 8 30, p. 1670.
Or
Inc.(
Dec.(
s
5,094,714
4.648,000
38,500
324.632
317.769
3,538.649
513,286
383,345
Gross Earnings.
Month,
$128,556
94,328
Balance,surpu is
Capital and surplus Dec.28 1929
Less
-Adjustments (net)
Previous
Year
We also give the following comparisons of the mont
totals of railroad earnings, both gross and net (the net bef
the deduction of taxes), both being very eomprehensi
They include all the Class 1 roads in the country.
1929.
$344,419 $5,151,939 $4,962,985
1,937.472
157,521
1,890,250
170,523
11,219
135,034
1929
1930.
$2,137,216 $1,760,
617,
985,857
31,398
24
Per C
1929.
January
February
March
pill
May
June
July
Amount,
A
126.368,848
139,639,086
136,821,660
146,798.792
150,174,332
168,428,748
190,057,504
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
110,244,807
165,580,269
February
March
Aprli
May
June
July
August
September
October
November
December
1928,
$
108.987,455
132,122,688
110,884,575
129,017.791
127,514,775
137.625.367
174,198,544
178,800,939
216,519,313
157,192,289
138,501,238
1929.
117,764.570
125,577,866
139,756,091
141,939,648
147,099,034
150,199,509
216,676,353
g
+17,381,398
+7,518,400
+25,937.085
+17,754,091
+22,659,557
+30,793,381
+16,758.880
+2,612,246
-12,183,372
-30.028.982
-32,186,071
-19
-23
-23,005.176
-28,128,987
-38.202,084
-34.815,878
-35,711,276
-39,954,902
-51,096,084
-19
-22
-27
-24
-24
-26
-23
+15
+5
+23
+12
+17
+22
+9
+1
-5
Net Earnings Monthly to Latest Dates.
-The ta
following shows the gross, net earnings and net after tax
for STEAM railroads reported this week to the Inter-St
Commerce Commission:
-Crossfrom Railway- -Net from Railway- -Net after yews
1929.
1930.
1930.
1929.
1930.
1929
S
$
Central Vermont
829,384
August ____ 688,899
From Jan!.. 5,212,793 6,104,278
$
s
$
121,846
832,833
156,536
1,307,071
s
105,801
704,826
140,
1,270
Other Monthly Steam Railroad Reports.
-In the f
lowing we show the monthly reports of STEAM railro
companies received this week as issued by the compa
themselves, where they embrace more facts than are
quired in the reports to the Inter-State Commerce Co
mission, such as fixed charges, &c., or where they differ
some other respect from the reports to the Commission.
Central Vermont Ry.
-Month of August.- -Feb. 1 to
1930.
1929.
1930.
$668,899
3830,953 $4,616,395
Ry. oper.exp.(excl.dep.) 3515.560
3651.187 $33,632,372
Ry.oper.exp.(deprec.)_
31,692
21,178
222,609
Total ry. oper. exps_ _
$547.252
3672.366 33.854,982
Railway oper. revenues_
Net rev,from ry. oper_
Railway tax accruals_ _ _
Uncollectible ry.rev_
3121,646
315.845
Total taxes& uncol.ry.
revenues
$15,845
Ry,oper. income
$105,800
Non-Operating Income
Hire offrt.cars-Cr. bal.
40,101
Rentfrom locomotives.._
1,314
Rent fr. pass. tr. cars__ _
6,886
Rent from work equip.._
498
Joint facility rent income
3.308
Inc. from lease of read....
1,402
Misc.rent income
775
Misc. non-oper, physical property
Inc. from funded secur_
Income from unfunded
securities & accts...._ _
3,329
Miscellaneous income__ _
27
Total non-oper.Inc_ _ _
57,645
Gross income
3163.446
3158.587
315.896
Aug. 31.1929.
35,360,
$44,046.
145,
34,191,,
3761.412 31.168,
3110,
3112,081
128
$110,
$15,896
3112.210
$142,690
$649,201
$1.058,`
12.101
8,785
9,810
524
1,021
1,402
515
246.231
7,110
52,037
2.181
33,559
9,820
8.674
56,
56.f
59.'
1,
7,
9,
2
86
250
-127
1,000
1,
9,382
27
22.863
448
20.
343,909
3383.800
$216.
3186,600 $1.033,002 $1,274.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1887
-Month of
-Feb. 1
Aug. 31Due to the demand for heavier section rails than the present mill can
1930.
AMT.
1930. to
1929.
produce, directors have authorized alterations and improvements to the
Deductions from Gross Income
rail mill to cost approximately $1,250,000, which when completed will pro$1,422
exit for locomotives__ _
$1.304
$50,348
$51,332 vide for the production of rails up to 130-lbs. per yard instead of 100 lbs.
exit for pass. tr.cars__
11.134
11,320
75,911
79,188 per yard as at present, and the production of certain structural sections.
45
ent for work equip._
53
1,056
8,877 Contracts have been let for the machinery and material required, and it is
210
15,849
oint facility rents
97.910
2,082 expected that the work will be completed by February 1931.
exit for leased roads__ _
17,796
18,046
125,665
126,322
-This property produced 701,672 tons
(2) Cannelton Coal & Coke Co.
iscellaneous rents_ _ _ _
83
937
2,226 of coal during the year, a decrease of 7,271 tons compared with last year.
iscell. tax accruals.. _
132
246
929
246 Practically the entire output was shipped to the Steel Corporation, the
nterest on funded debt_
82,802 -185.726
556,501
-79.129 market for outside sales being unsatisfactory.
nt on unfunded debt.._
209
20,484
230,667
253,464
-Production for the year was 488,949 tons,
(3) Lake Superior Coal Co.
ortization of discount
an increase over last year of 53,711 tons, and a record for the property.
414
on funded debt
3,422
-15,129
-7.470 Fifty-six per cent of the production was sold on the outside market and
iscell. inc. charges
7
96
326 the balance shipped to the Steel Corporation.
-Production for the year was 248,043 tons of
(4) Fiborn Limestone Co.
Total deduc. fr. gross
136,077
$66,823
$933,265
$437,467 crushed limestone and 13,287 tons of dolomite. Sales of limestone were
249,928 tons, of which 220,051 tons were shipped to the Steel Corporation,
et income
$27,368
$119,787
$99,736
5837,340 and the balance on outside sales. The entire dolomite production was
atio of railway oper.
shipped to the Steel Corporation.
expenses to revenue...
81.81%
80.91%
83.51%
78.19%
(5) Algoma Central A; Hudson Bay Ry.-The operations of the Railway
tio of railway oper.
company and Algoma Central Terminals for the year are expected to show
84.im
exp. & taxes to rev
85.9Wg
80.22a a net profit (before 'bond interest) of $117,269, as against a net profit
tiles of road operated
82.83a
4
(before bond interest) of $218,192 for the previous year.
Lake Superior Guarantee.
In connection with the agreement for settlement of corporation's guarantee of the principal and interest of the bonds of The Algoma Central &
FINANCIAL REPORTS
Hudson Bay Ry. and of Algoma Central Terminals, Ltd., which agreement was approved by the shareholders of the corporation at the annual
Financial Reports.
-An annex to annual reports of steam general meeting held on Oct. 2 1929, directors have to report that, the
period within which,
upon, that agreement was
ailroads, public utility and misceallaneous companies wl-ich to have been formallyunder the terms agreedof the bondholders, expired
approved at meetings
ave been published during the preceding month will be given without the bondholders taking the necessary action. Directors underfailure to call the necessary bondholders' meetings within the
n the first Saturday of each month. This index will not stand thattime was not due to any evidence of opposition on the part of
prescribed
elude reports in the issue of the "Chronicle" in which it is the bondholders to carry out the agreement but resulted from unforeseen
delays in the settlement of the terms of the necessary formal documents
ublished. The latest index will be found in the issue of to the satisfaction of the different parties in interest.
ept. 6. The next will appear in that of Oct 4.
Since the date of the negotiation of the settlement agreement of August
1929, a substantial change has taken place in financial and industrial conditions, which is of great importance in connection with any financing to
Algoma Steel Corp., Ltd.
be undertaken by the corporation or its subsidiaries. In view of these
facts representatives of the corporation at conferences with the bond(Report for Fiscal Year Ended June 30 1930.)
holders' committee in London in July of this year submitted that, while
NcomE ct PROFIT & LOSS ACCOUNT FOR YEARS END. JUNE 30. prepared to recommend a new settlement based upon practically the same
1929-30.
1928-29.
1927-28.
equities as those outlined in the agreement previously approved by you.
1926-27.
et earns, from oper_ $2,823,483 $3,494,367 $1,854,084
$7125 6 the capital structure which would result from any new settlement, as
1 6 88
0 :0
0
ividend (subs. cos.)compared with the capital structure resulting from the previous settlement,
ofit from sale ofsecur.
48,372
should be one better adapted to the altered financial and industrial conditions now prevailing. As a result of the conferences held in London the
Total net income
52,871,855 53,494,367 $1,854,084
$819,386 bondholders' committee is giving the matter further consideration and it
nt. charges, less int. on
Is expected that the committee will submit to the corporation in the near
investment, &c
1,120,295
1,201,783
1,137,913
1,070.635 future an amended plan of settlement for consideration.
Bal., surp., for year-- $1,751,560 $2.292,583
alance at debit of p. & I.
acc't broughtforward_ 2.936,572 .
2.739,156
di. of inc. tax (pr. yrs.) Cr.81,448 Dr.200.000
°vision for deprec- --- 1,000,000 2,185,500
as on invest. of El. S.
Marie Traction Co_
rite-off investments in
Lands Corps. of Michipecotten
4,500
es.for rebuild.furnaces
100.000
$716,171 def$251,249
2,742,711
2,491.463
670,000
42,615
Bal.,def.,carried feed $2,266,461
$2,936,572 $2,739,155 $2,742,711
BALANCE SHEET JUNE 30.
1930.
1929.
1930.
1929.
Liabilities-.
Assets$
$
$
5
perty acc't___.39,183,485 38,780,365 Capital stk., com _16,000,000 15.000,000
Pref,stock cum_ _x10,000,000 10,000,000
loneys invest. in
subs.& oth. cos. 1.318,765 1,360,040 Porch, money 5%
bonds
nds in trustees'
5,800.000 5,800,000
3,250
1,629 First & ref. M.5%
hands
584,898
gold bonda____z14,858,780 15,203,826
ucts on hand_ 1,057.221
suppl_ 4,543,365 3,615,567 Deb. bonds of city
aterial &
58,198
iscellaneous
53,823 of S. S. Marie.
3,356
cc'ts receivable 1.375,677 2,991,261 Advan. from Lake
35,407 1,871,532
Ash
Superior Cori 1,726,391
58,997 Acc'ts payable...._ 1,742,222 1,956,025
270,473
uspense
fit & loss deficit 2,266. 60 2,936,572 Accr. int,on bonds 209,901
214,242
Suspense account.
51,319
56,657
Total (ea. side) 50,112,303 52,234,687 Rea. for depr., &c_ 2,242,080 2,274,189
x Dividends in arrears from March 30 1916. z First and refunding mortage 5% gold bonds, authorized issue, $30,000,000: outstanding, $20,215,50; lass bonds held in sinking fund,$5,356,970.-V. 129, p. 1905.
Lake Superior Corporation.
-Year Ended June 30 1930.)
(Annual Report
President Frank B. Common says in part:
Results.
-The Lake Superior Corp. and its subsidiary companies show
e following results for the year:
at earnings
$2,998,848
nt. on bonds, bank & other advances (less int. earned on bank 1.098,859
balances and investments)
ount set aside for depletion & depreciation of mining properties and quarries, &c
96,994
ount set aside for general depreciation
1,000.000
Net gain for year (subject to income tax)
The Algoma Eastern Ry. having been sold on May 10 1930. no $802,995
accounts
herefor are included in this report.
OPERATIONS OF SUBSIDIARY COMPANIES.
-Tonnage figures compare with the preced(1) Algoma Steel Corp., Ltd.
year as follows:
1928-1929.
1929-1930.
I.I imported
994,931
1,051,507
re imported
688,961
649,239
produced
imestone
276,159
248,043
I ,ke produced
543,056
637,970
g iron produced-,
350,365
326,787
teal ingots produced
439,328
teel products
329.722
242.541
362 '474
In the last half of the fiscal year just closed, operations and earnings of
Steel Corp. reflect the depression which has been general
i.e Algoma
oughout the Dominion of Canada.
Production of steel ingots shows a decrease of 22% compared with
revious year. Due to curtailed demand for rails, double turn operation
f the rail mill was restricted to 28 days, with 267 days on single turn and
5 working days idle. Rail production was 190.782 tons compared with
31,606 tons for the previous year, a decrease of 18%, but an increase of
1,471 tons, or 6%,over the year ended June 30 1928. Due to a 3
-months'
-inch and 12-inch merchant mills
ut-down for remodelling, the 18
ted only 9 months of the year, producing 65.634 tons compared oPerwith
3.250 tons last year. Pig iron shipments amounted to 83,556 tons,
•mpared with 92,856 tons, and coke shipments 260,769 tons, an increase
f 88,721 tons over previous year. The benzol plant operated continuusly throughout the year and produced 2,131,419 gallons of motor benzol.
Sales for the year were $16.262,524, a decrease of 13%. due principally
the reduction in rail tonnage. Prices remained firm until the last
uarter of the fiscal year, when slight recessions occurred in the prices of
ig iron and bars.
The profit and loss account shows net earnings from operation of $2,823.82, compared with $3,494,366 last year, a decrease of 19% and cornered with the year ended June 30 1928. an increase of $060,397
Value of orders on the books at the close of the fiscal year was $1,905,840,
eluding coke, benzol, ammonium sulphate, pig iron, merchant bars and
small tonnage of rails which kept the rail mill operating until July 12.
all orders for fall rolling have not yet been placed.
Retirement of Lake Superior Income Bonds.
Directors have also to report that during the fiscal year ended June 30
1930, all of the outstanding income bonds of the corporation (with the
exception of income bonds of a par value of $116,500 which have not yet
been presented) were paid off, the bonds having matured on Oct. 1 1929.
The income bonds originally issued amounted to $3.000,000, of which
$2,500,000 were outstanding on Oct. 1 1929.
Sale of Holdings in Algoma Eastern Ry.
During the year directors sold to the Canadian Pacific Railway the
corporation's holdings in the Algoma Eastern Ry., consisting of 10.000
shares of pref. stock and 10,000 shares of common stock. The price
received for the stocks was $110 per share. The sale did not include the
Land Grant Lands of the Railway company, amounting to about 138.666
acres, which lands have been transferred to a new company formed called
Northern Ontario Lands Corp., Ltd. Corporation now owns two-thirds of
the Issued stock of the new company. Directors consider the price obtained
for the stocks of the Algoma Eastern Ry. satisfactory.
As a result of the sale of the stocks of the Algoma Eastern By., corporation received $2,200,000 cash at an opportune time, as it was thus placed
in a position to assure a loan of $1,250,000 to Algoma Steel Corp. to enable
that corporation to proceed immediately with essential alterations to its
rail mill necessary to enable the Steel Corporation to produce rails up to
130 pounds as previously referred to in this report.
INCOME ACCOUNT FOR YEARS ENDED JUNE 30
(LAKE SUPERIOR CORP.)
1929-30.
1928-29.
1927-28.
1926-27.
Interest & divs. on securof sub. companies_ _ _ _ $322.500
5348.000
5335.500
$295,500
66,792
Other income
6.092
9.146
11.431
$389,292
Total
$354,092
5344,646
5306,931
Int. on 1st mtge. bonds_
263,900
263.900
263,900
263,900
Amount written off for
doubtful accounts_
192.500
General expenses
111.981
84,603
75.715
55.752
Net income
$13,411
$5,589
$5.031 def$205.222
Statement Showing Charges 8e Credits Affecting Capital For Year Ended
June 30 1930.
Capital, as per balance sheet, June 30 1929
$32,864,733
reserved against advances to subsidiary companies
Amount
not required written back
192,500
Income for year ended June 30 1930
13.411
Total
$33,070,644
Loss on sale of capital assets
44,591
Charges in connection with retirement of income bonds
82,564
Reserve for contingencies
50.000
Capital as per balance sheet, June 30 1930
$32,943,40
INCOME OF SUB. COS. (EXCL. ALGOMA CEN. & HUD. BAY RY.)
YEAR ENDED JUNE 30 1930.
Net Earns.
Int. and
DepresiaNet Profit
ings.
Rentals.
tion, &c.
for Year.
Algoma Steel Corn
$2.871,855 $1,120,295 $1,000,000
$751,560
Brit.
-Amer. Exp. Co
8,536
c643
7,893
Cannelton Coal & Coke_
56,221
5,410
50,178
632
Fiborn Limestone
31,254
18,220
13,034
Coal
Lake Superior
43.832
Cr.584
27.952
16.465
Total, 1929-30
$3.011,698 $1.125,121 $1,096,993
$789,584
Previous
Dividends
Total
Deficit.
Payable.
Deficit.
Algoma Steel Corp
43.018.021
52.266,461
British-American Exp. Co
Cr.1,032
7.500 bCr.23,574
Cannelton Coal & Coke
Cr.61,904
d13,723
Cr.48,813
Fiborn Limestone
44.738
31,703
Lake Superior Coal
Cr.192,685
Cr.209.149
Total. 1929-30
$2.807.138
$21,223 $2,040.202
a After adjustment of Federal taxes. b After deducting value of franchise applicable to Algoma Eastern By., amounting to $25,000. c Income and municipal taxes only. d Cost of drilling for gas wells written
off only.
BALANCE SHEET JUNE 30(LAKE SUPERIOR CORP.).
1929.
1930.
1930.
1929.
LiabilUiesAssets-$
$
$
$
Invest. dr secure...36,218,801 38,218,800 Capital stock....x32,943,490 32,864,733
Min'g prop., ea-24,251
115.889 First mtge. bds__ 5,278,000
1,533.891 Income bonds.... 116.500 5,278.000
Due by sub. cos_
1,932,254
236,514
190,869 Accounts payable_
Cash
1,825
6,690
3,543 Accrued interest__
Miscellaneous...
21,991
21,991
. 25,849
25,187 soup nsenaceou
,
Accrd int. recall
Cm p' u ciaim
ee unclaimed. m; 38
20 432
7
25,962
Funds in hands of
30,297
trustees
2,000,000
Temp loan
'y
55 613
e p.y inveaLle_.
cc'ts rc. eiv6 .
41: ,
'650
41,650 Total(each side) 38,832,976 40,129,632
x Represented by 400,000 shares (no par).
,I,m
1888
FINANCIAL CHRONICLE
[VoL. 131.
Other Income Credits
1927.
1928.
-1930.
1929.
Interest on bonds and
notes owned, &c
356,782
654.413
680,055
Profit from commercial
7,1
dept. (Comp. Cub.)...
7,527
10,410
694
Non.operating railroad
48,7
income (net)
Cuba Railroad Co.
324,4
Rentals of leased lands_ 288,788
84,460
70.252
Profit from land dept.
(Annual Report-Year Ended June 30 1930.)
42,4
(Comp. Cubana)
39.298
16,167
6,996
12,7
OPERATING STATEMENT FOR FISCAL YEARS ENDED JUNE 30. Profit from ice plants
7,190
11,863
8,641
Divs, on stocks owned..
30,000
1926-27.
1927-28.
1928-29.
1929-30.
Gross EarningsRefundof prior years exp.
Is:15
$3,117,167 $3,790,922 $3,913,276 $4,490,698 Trans.of res, for conting.
Passenger_
41,7
202,179 Miscellaneous (net).- - 211.563
172,521
130,747
Mail
34,260
34,398
52,076
400,510
381,720
357,253
321,835
Express and baggage
8,130,001
7,996,956
8,541,242
6.731,105
Freight
Gross income
$5,734,463 $7,563,316 $7,236,597 $7.2586
342,762
Car kilometerage
Income Charges
139,721
127,472
116,266
Sleeping car
Interest on funded debt_ $2,751,510 $3,027,656 $3,122,547 $2,676.4
13.310
12.747
10,607
Other transportation.._149,7
Interest on other indebt128,122
95,139
423,924
156,119 Amortization of debt
Hire of equipment
637,058
492,029
538,271
385,444
Antilla terminals
172,5
discount and expense_
269,285
326,957
280.171
572,644 Cuban and U. S. Gov408,722
465.606
346,402
Pastelillo terminal
297.735
Buffet and hotel
603,1
ernment taxes
44
24,666
311,939 Other taxes
328,590
257,886
260,920
29,4'
Miscellaneous
32,095
43,864
Loss from purchase of
885.890 $15,541,644
$11,462,266 $14,222,147 913,
Total
391,6
bonds for redemption_
Operating Expenses
Adjust, of inventory of
$1,929,784 92,750,859 $2,771,083 $3,176,079
22,8
Malin. of way & struc
materials & supplies:.
2,693,017 Um ollect. accts. receiv2,218,332
2,318.581
1,916,141
Meant. of equipment
.
102.466
2,565,510
3,770.059 Loss from sale & retire.
2,711,157
Conducting transport'n_ 2,280,350
909,912
908.102
1,145,566
877,990
36,1
General expenses
of equipment (net)_
6,748
26.158
52,369
19,637
18,418
Traffic
Additional Fed.inc. tax_
19,296
412,018 Miscellaneous (net)_
529.913
519,748
360.131
42,6
Taxes
137,851
64,270
37,506
390,341 Other P. & L. charges
293,962
342.164
223,229
Antialla terminals
61,062
34,915
53.866
365,072
289,619
233,850
380.185
Pastelille terminal
Net income
$1,996,834 $3,908,208 $3,559,213 $3,133,9
Cr18,127
310,518
Miscellaneous operations Cr23,323
90,1
Subsid. from Cub.Govt
16.704
442.117
380,478
176,360
97.816,570 $9,728,826 $9.819.070 $12,277,783 Profit and loss credits
Total
(66.90)
(73.24)
(64.73)
Total
$2,173,195 94,350,325 $3,956,396 $3,224,1
Ratio oper. exp. to gross (65.05%)
$3,645,696 $4,493,319 $4,066,820 $3,263,862 Divs. on pref. stocks of
Net earnings
599.9
618,718
Cuba RR. Co
346,770
568.555
599.940
599.940
687,109
599,940
Other income
Divs. on pref. stock of
Dr29,047
Dr10,845
Dr19,951
Misc. oper. income
2,184,2
2,197,590
2.205,136
Consol. RRs. of Cuba 2,206,401
$4,312,855 $5,051,030 $4,656,491 $3.610,632
Gross income
$439,9
Consolidated surplus$1.545,249 $1,158,866
2,155,580
2,153.780
1,466.001 Cuba Co.'s proportion ofdef$633,146
Non-oper. expenses.... 1,510,050
600,000
600,000
600,000
600,000
Preferred dividend (6%)
consol. surp. at begin4,800,000
1.200,000
2.500,000
• 1,800,000
Common dividend
ning of period
17,330,410 x15.985,894 15,019,601 17,048,6
Cuba Co.'s proportion of
$402,805 $1,097.250def$2,899,089 df$955.369
Balance, surplus
433.4
1,153,510
1,539,515
consol. surp. for year.
$16.697,264 $17,525,409 $16,173,112 $17,482,1
Total
BALANCE SHEET JUNE 30.
175,0
175,000
175.000
Dividends on pref. stock
175,000
1929.
1930.
1929.
2,240,0
1930.
Dividends on corn, stock
Liabilities
S
Assets
Reduc. due to changes in
Cost road & equlp_72,132,828 71,643,039 Preferred stock _ _ _10,000,000 10,000,000
16,161
stk.ownersh.in sub.cos.
87,805 Corn. stk. Az surp_29,201,405 28,005,680
785,366
Investment
$15,067,1
Surplus
Material & supplies 1,020,306 1,250,664 1st m. bds., 5%_14,418,000 14,418,000 Shares of June 30 out-$16,506,103 $17.350,410 815,998,112
common
4,454,517 4,308,262 let lien A, ref. 7 v,s 4,000,000 4,000,000
Cosh
640,0
640,000
640,000
standing (no par)....
640,000
1st lien Ac ref. 6s__ 1,376,000 1,376,000
Segregated for dive.
$0.
Nil
$2.13
$1.56
Impt. & equip. 5s_ 4,000,000 4,000,000 Earns.per sh.on com.Sk.
on pref. stock._ _ 675,882
x After a net reduction of $12,218 due to changes in stock ownershi
46,346 Funded debt maRemit, in transit_
22,307
95,512 tured unpaid__
4,000 in subsidiary companies.
1,000
57,637
Agents & conduc
792,836 Trust equip. ctfs_
170,000
Notes & accts. rec. 637,424
320,250 Notes, loans and
350,426
Traffic balances
CONSOL. BALANCE SHEET JUNE 30 (INCL. SUB. & AFFIL. COS.
acc'ts payable__ 798,630
485,273
24,110
Working fund adv.
20,820
1929.
1930.
1929.
1930.
Int. on fund. debt_ 449,569
451,467
Due fr. CubanGov.
Liabilities$
Assets
475,272
for subsid.& serv. 1,527,649 1,191,411 Accrued taxes_ -_- 399,865
Deprec., &c., re3_ 16,502,246 15,129,508 Property inv-x111,331,074 113,143,088 Capital stock:
Mtges.rec on town
Cuba Co. pref. 2,500,000 2,500,04
Cash
8,038,716 y7,930,491
104,371 Res. for betterments 71,147
116,274
lots sold
do Com. stk.
608,420 Cash for pref.div. 3,384,528 3,000,000
65,475 Prof. div. reserve_ 610,055
Other assets
(640,000 Os.
lies. transp. adj.- 170,140
75,744 Cash for couacc't of revoExp.
no par value)_ 9,142,400 9,142,4
620,188
pons, &c
581,090 Deferred items _ . 1,406,939 1,293,050
lution damages_ 581,000
Cuba R11. pref. 9,999,000 9,090,0
Cosh on dep.sub).
Due for construe.
Prepaid insur. prem 117,486
Minority int. in
to withdr. for
84,467
and transporta_
81,851
Unamortized debt
subsidiaries.. 36,781,430 38,820,1
reimburs. of
943,162
discount & exp_ 879,424
653,334 Notes and loans
418,082
cal). expendit _
Total (ea. side)_83,486,848 81,476,884
22.544
Other def'd items_ 107,412
8.502,204 1,602,8
Payable
Remit, in transit
57,395
28,925
-V.131.p. 1252.
Co m pante Cubana
Marketable secur 2,167,269
231,000
mtge
350,856
394,547
Traffic bal. rec.
Audited vouchNotes and accts.
(The) Cuba Company.
ers, wages and
receivable, &c. 1,064,010 1,260,696
704,6
511,786
Adv, to colonos_ 1,322,102 1,023,050 accts. payable
(Annual Report-Year Ended June 30 1930.)
Int. due & accr'd
722,010
830,7
Accts. rec, arisAccrued U. S. Az
ing from town
Herbert C. Lakin, President, says in part:
607,3
486,446
Cub. tax., &e.
site sales-unpaid install_ _ _
232,206
240,138 Pref.stock dive.:
On June 14 1930 The Cuba Co. exercised its option to acquire all out599,9
599,940
Cuba RR _ _ _
shares of the common stock of Consolidated Railroads of Cuba. Mans & suppl's 4,555,661 4,940,526
standing
Cons. RR. of
It now owns all the stock of Compania Cubana, excepting the qualifying Due from Cuban
551,692
551,6
Cuba
Govt. for subshares of directors, and all the common stock of Consolidated Railroads of
sidies & serv_ 3,051,736 2,037,637 Reserve for sellCuba, which latter company owns all the voting stock of The Cuba RR.
ing and ship,
and all the stock of Cuba Northern Rys., excepting the qualifying shares Una!) ortized dis- 3,542,036 3,822,151
334,3
360,318
ping expenses
counts
of directors. The pref. stock of Consolidated Railroads of Cuba has no Oper.
8,4
11,735
Prof.(Ms. unci.
expenses
dividends.
voting rights except in case of default in the payment of
118,744 Funded Az other
72,490
Sugar crop...
All dividends on pref, stocks of all companies accruing during the year Rent
long term debt 48,875,733 54,526,7
applicable
were paid.
Dep. for constr.,
to future sugar
105,950
109,5
transp., &c_
201,800
204,540
crops
COAr SOLIDATED INCOME ACCOUNT YEAR ENDED JUNE 30 Expend,on acct,
Repub. of Cuba z2,079,227 2 391,5
79,6
Res. for trans. &
of damage due
(INCLUDING SUBSIDIARY AND AFFILIATED COMPANIES).
adjust., &c [ 244,787
611,910
611,909
to revolution_
228,8
1927.
1929.
192 .
1930.
643,623
257,883 Res. for better'ts
Gross RevenuesOther def. assets
203,044 Deferred credits 2,858,789 2,056,4
6.974
Railroad operations_ _ _ _$16 695 150 $21 324 534 $20,:J20,792 $21,695,462 Other assets
5,592,257
5,396,519
7,469.416
16,506,103 a17,379,5
Sugar mill operations _- 3.071.010
Surplus
1,000
Miscellaneous
141,070,531 140,473,
Total
Total
141,070.531 140,473.924
$19.766.160 $26.721,053 $25,913,050 $29,165,878
Total
x Railroads and equipment. $118.648,059; sugar mills and plantatio
Expenses
918,518,824; lands and town sites. $ .387,475; live stock, $110,699; fur
operations_ __ -$10,554,539 $14,802,973 $14,252,483 $15,618,851 ture and fixtures land dept.. $1,001; total, $138,666.059; less reserves
Railroad
4,952,124
6,555,632 depreciation of $27.334,985. y Includes call loans of $5,800,000. z
4,961,734
4.098,493
Sugar mill operations
234,973 be repaid by charges for freight, passenger and mall service as render()
210.354
215,701
211,745
Admin.& gen. expensesa Proportion of Cuba Co., $17,350,410; minority int. in Consolidat
Net rev,from oper--- $4.897,426 $6,744,600 $6,498,088 $6,756.423 Railroads of Cuba and its subsidiary, $29,164.-V. 130. p. 1467.
The company has (as of June 30 1930) contingent liabilities in respect of
the guarantees of bonds of the following subsidiary companies: Algoma
Central & Hudson Bay Ry., Algoma Steel Corp.. Ltd., and Algoma Central Terminals, Ltd.
-V. 131, p. 1266.
•
enerat Corporate anb 3nbezttnent
STEAM RAILROADS.
Canadian Pacific Ry.-Acquires Control of Algoma Ea
ern Ry.-See Lake Superior Corp. under "Financial Report
-Class I railroads on Aug. 31 had 431,971 surplus
Surplus Freight Cars.
-V.131, p. 1563, 1415.
freight cars in good repair and immediately available for service, the car on a preceding page.
service division of the American Railway Association announced. This
decrease of 4,764 cars compared with Aug. 23, at which time there
was a
Carolina Clinchfield & Ohio Ry.-Spartansburg Line.
were 436.735 cars. Surplus coal cars on Aug. 31 totaled 141,721 cars, a
The
decrease of 14,229 cars within approximately a week, while surplus box appliedWestern Carolina By. and Carolina Clinchfield & Ohio By. ha
to I.
-S. C. Commission for authority to construct and operate
8,899 cars for the same period. Reports
cars totaled 232,896, an increase of
physical connection of rails between the lines in Spartansburg. S. C. TI
also showed 24,392 surplus stock cars, a decrease of 1,950 cars below the llanoiceC i
r Lin pp nd Lou
.
number reported on Aug. 23. while surplus refrigerator cars totaled 14.074, a o j tin do the ae alication isville & Nashville lessees of the Clinchfie
-..-----.--_-_-_,
a decrease of 223 for the same period.
The proposed connection would extend from a point on the Waste
Carolina in its freight terminals, thence under the main line of the Southe
to the point on the rails of the Clinchfield in its terminal at Spartansbur
Algoma Eastern Ry.-New Control.
See Lake Superior Corp. under "Financial Reports" on a preceding The length of the track in the proposed connection including a tunnel
750 feet is about two miles all within city limits of Spartansburg.
page.
-V. 127. p. 949.
The construction will be paid for with cash to be furnished by West
- Carolina or by lessees of the Clinchfield.-V. 131. P. 931.
-New Directors.
Buffalo & Susquehanna RR. Corp.
Daniel Willard and George M. Shriver, President and Vice-President,
respectively, of the Baltimore & Ohio RR. have asked the Inter-State
Carrollton RR.
-Acquisition,
Commerce Commission for permission to become directors or officers of
The I.
1.-S. 0, Commission Sept. 5 issued a certificate authorizing t
-S.
the Buffalo & Susquehanna RR. Corp. The Baltimore & Ohio RR. was Carrollton RR. to acquire and operate in inter-State commerce the railro
recently authorized to acquire control of the latter company by purchase properties formerly owned by the Carrollton & Worthville RR. in Carr
of tke capital stock.
-V.131.p. 472.
County, Ky.
SEPT. 20 1930.]
1889
FINANCIAL CHRONICLE
RR. to issue at par $75,000
Authority was granted to the Carrollton
serial 6% mortgage notes in conpital stock (par $100) and $25,000 of
the acquisition of the properties. RR. of control of the Carion with
The acquisition by the Louisville & Nashville was also approved and
llton RR. by purchase of its capital stock
tnorized.
The report of the Commission says in part: N.'s Cincinnati- Louisville
L. &
The railroad through Worthville is the to build a connection to Carroll
e. Because the L. & N. was unwilling old company's line was brought
of
n, on the Ohio River, construction in the to provide railroad service at
order
citizens of the community
ut by
in the original financing of the project
t point. The L. & N assisted of a total of $95,000 of 5% bonds, due
purchasing at par 510.000 out
issued by the old company Eventually the L. & N. acquired
ay 1 1930.
remaining bonds is
except $300 of the bonds The ownership of the
t known.
It
the line from Northville to Carrollton began in 1908. the
Operation of
never able to earn fixed charges In
pears that the old company wascondition of the property caused shippers
of 1926 the poor physical
mmer
assistance calculated to as
• Carrollton to appeal to the L. & N. for ensuing investigation of the
re continued operation of the line In an
was developed that necessary rehabilitation would cost approxluation it
ately $90,000
line over, foreclosure proceedings
The L & N being unwilling to take the in 1926 the old company's propere instituted with the result that later
Through the issue of certificates of
les were placed in receivership
line, and, to that
debtedness the receiver was enabled to rehabilitate the splices sufficient
-lb. rails and
d, leased from the L. & N. a quantity of 70the lease agreement an option
relay the entire track. Under the terms of e sale to purchase the rails
as given to the purchaser at any foreclosur
$25 per gross ton.
local interests, the L. & N.
Hope failing for the rescue of the line byold
with a view to
ncluded to resort to reorganization of the thatcompany
properties could not
•ntinued separate operation, for the reason L. & thesystem. On Oct. 14
N.
economically operated as a part of the
as
at a specified minimum
929 the properties were offered at judicial sale
amount by P. F:Manning,
rice of $35,000 and were purchased for that
of the L. & N.. as agent for the bondholders. Manning took
ominee
ssession on Dec. 1 1929.
Dec. 21 1929 under the laws of
The Carrollton was incorporated onstock of $75.000 for the purpose
ntucky with an authorized capital
operation. It is
taking the properties over for ownership and the Carrollton for proposed
$75,000.
at Manning sell the old company's properties to to the option, the L.& N.
and that, pursuant
yable in stock of the vendee.
to the Carrollton in considernvey the title to the leased rails and splices bonds or secured notes. Both
ion of the issue to the grantor of 525.000 of
ock and notes are to be issued at par.
are grouped
In our consolidation plan the properties of the old company Line. 159
-Atlantic Coast
• th those of the L. & N. in system No. 8
C. C. 522, 534-5.
and on any interest
to and including Feb. 1 1972, at 105% and interest,
accrued interest, plus a
date thereafter at their principal amount and the redemption date and
of 3i% for each 6 months between
premium
s on Lives & Granting
date of maturity. Pennsylvania Co. for insurance
Annuities, Philadelphia, trustee.
of
savings banks and trust funds under the laws
Legal investments for
New York, New Jersey and other states.
Pennsylvania RR
Data from Letter of W. W.Atterbury, Pres. of
to The Pennsyl-The properties of the company are leased
Properties.
1871. The railroad
vania RR. for 999 years, under a lease dated Oct. 25
about 205 miles of first main track, including
of the company consists of
Cleveland, 0., forming
a line from Rochester, Pa. (near Pittsburgh) to
System from Pittspart of the main line of the Pennsylvania Railroad
burgh to Cleveland.
and are
-The bonds are issued under the gen. & ref. mtge.,
Security.
railroad and appurtenances
secured by a direct mtge. upon all the lines of
acquired by the issuance of
thereof now owned and upon all properties
mtge. bonds are
any of the gen. & ref. mtge. bonds. These gen. & ref. be extended or
may not
subject to $7,795,000 of prior lien bonds which before maturity, gen. &
renewed and for the retirement of which, at or
ref. mtge. bonds are reserved.
by The Pennsylvania
-The purpose of the sale of these bonds to The Cleveland &
Purpose.
RR. is to reimburse its treasury for advances made
res.
Pittsburgh RR. for capital expenditu
00 of capital stock
Ownership -The company has outstanding $39,060,2
approximately
of which The Pennsylvania RR. or its subsidiaries own
520,258,000.
-Total authorized limited to $60,General and Refunding Mortgage.
other than the present
000,000 at any one time outstanding. No bonds,
0 are reserved to
issue, are outstanding under the mortgage. 58.225,00
retired since
lien bonds (including $430,000 be issued,
refund a like amount of prior
remainder may
and the
4
Aug. 1 192 through sinking fund)
the acquisition of addiunder the restrictions stated in the mortgage, for improvements, and (up
tional properties, for additions, betterments and
of 90% of the
to $6.000,000 in the aggregate) for equipment to the extent
cost thereof.
bonds on the New York
-Application will be made to list these
Listing.
Stock Exchange.
-V. 129. p. 3630. 2854.
-Bonds Called.
Chesapeake Corp.
(The)
-year 5% cony, coll, trust bonds,
Initial drawing for redemption of the 20
to investors in May
us May 15 1947, of which 548,000.000 were offered Guaranty Trust Co.
927, is being announced by J. P. Morgan & Co. and
f New York, as sinking fund trustees.
the fact that
A notice to holders of these bonds calls attention to on Nov. 153717.000
1930, at
f the bonds have been drawn by lot for redemption Bonds so drawn will
and int., out of moneys in the sinking fund.
•r
presentation and surrender, with subsequent
e redeemed and paid upon
& Co., 23 Wall St., N. Y.
oupons attached, at the office of J. P. Morgan140 Broadway, N. Y. City.
ity. Or the Guaranty Trust Co. of New York, on the drawn bonds will
which date interest
n and after Nov. 1,,,after
-V.131, p.472.
ease.
eake & Ohio Ry.-Acquisition.-
Chesap
ng the
The 1.-S. C. Commission Sept. 11 issued a certificate authorizi
• mpany to acquire and operate the railroads and properties of the Wellston
the Pomeroy Belt By.
Jackson Belt By. and
of the coinThe lines of tne belt companies connect with that portion By. Those
Valley
ny's line which formerly constituted the Hocking
Hocking Valley, which owned all
nes were operated under lease by the
the securities
he stock and bonds of the belt companies. The leases and
ave passed to the C. & 0.-V. 131, p. 1415, 781.
Stockholders
Chicago & Alton RR.-Pref. e for the 4% Committee. ve
non-cumulati
The stockholders' protective committe
referred stock In a notice Sept. 18 says:
-S.
The Chicago & Alton, as an operating railroad, has been, by the I.
S. Commission, under a tentative plan for a consolidation a the railroads
f the United States, allocated to the Baltimore & Ohio RR. the Chicago
property of
For the purpose of acquiring the ownership of the, or agreed to purchase,
Alton, the Baltimore & Ohio RR. has purchased
and 6% bonds of the Chicago & Alton, with the avowed purpose
e3
f reorganizing the road in a foreclosure proceeding.
In view of the fact that no provision has been made for the above pref.
the fact that
took in any of the negotiations new pending, and in view of by a reorhe interests of preferred stockholders are definitely affectedit is deemed
,
in the foreclosure proceedings now being conducted
anization
of their interests.
visable that the stockholders organize for the protection
agreed to act
In view of the situation above stated, the following have 4% non-cum,
e to represent and protect the holders of the
a committe
shares (par $100) outstanding.
'ref. stock, of which there are 195,440
he Bank of America National Association, 44 Wall Street, New York,
as been designated the depositary.
All holders of the above stock, who desire to act in concert with each
deposit their
her and co-operate with the committee, are requested tothe
committee
with the depositary as early as possible in order that
ay take such action as it deems essential for the protection of stockelders' interests.
-Harry M. Blair, Chairman (Pres. Associated Bond & Share
Committee.
.), New York; Allen F. Moore, Monticello, Ill.; William Cl. Wheeler,
General Solicitor, Chicago & North Western By.), Washington,
former
0.: Frederick G. Curry (V.-Pres. Bank of America, N. A.), Now York,
th Simpson, Thacher & Bartlett, 120 Broadway, New York, and Hobart
Minard, Chamber of Commerce Building. Newark, N. J.. Counsel;
-V. 131,
•d Samuel J. Marshall, Secretary, 160 Broadway, New York.
. 1094. 931.
,6
;%
-Equip. Trusts Offered.Chicago Great Western RR.
alomon Bros. & Hutzler and Evans, Stillman & Co. are
6%
, equip. trust certificates of 1930,
offering $2,235,000 43
4
:ries A, at prices to yield from 31 % to 4.70%, according
maturity. Issued under the Philadelphia plan.
-Earnings.
Consolidated RRs. of Cuba.
1927.
1928.
1929.
1930.
Year Ended June 30-0 $2,515,000
Divs.on stock owned_ __ $2,616.200 $2,432,000 $4,800,00
17.368
17.046
205,943
143,762
Interest
133,849
30,000
Income from securities
7
$2.789,962 $2,637,943 $4,817,046 $2,666,21
Total
47.078
35,797
48.716
34,991
Admin.& gen. exps
$2,619,139
$2,754,971 $2,589.226 $4,781,249
Net income
2,398.877
2,398,927
2,399,888
2,399,879
Divs, on pref. stock
$220,282
$189,358 $2,382,322
$355,093
Balance, surplus
25,000
Dr.2,895
Refund of prior yrs. exp_
$245.262
$186.463 $2,382,322
3355.093
Net surplus
Balance Sheet June 30.
1929.
1930.
1929.
1930.
8
8
Liabilities$
AssetsPreferred stock.. _40.000,000 40,000.000
Com.stock owned:
stk. & surp_12,948,232 12,593,140
830,877,729 30,877.729 Corn.
Cuba RR
11,492
8.858
-Cuba Nor.Rys.b18,617.793 18,617,793 Accrued taxes_ _
dirs.
Cash, current_ _ - 739,388 1,117,933 Prof. stock
599,968
599,971
payable
Segregated for diva.
unon cret. stock_ 2,708.646 2,578,312 Pref.stock div.
6
1,680
claimed
7,940
17,461
A eels receivable_ _
Marketable servrs. 591.035
4.623
4.019
Fnrn,and fixtures_
Total(each side) 53,658,741 53.204.600
269
2,669
Deferred charges_ _
$100).-V. 131. p. 1252.
a 500.000 shares (no par); b 140,000 shares (par
rn Rys.-Earnings.-
Cuba Northe
1927.
1928.
1929.
1930.
Year End. June 30$5.691,022 $6.049,714
Gross rev,from opera__ $4,633.380 $6,222,766
3,826,362
3,406.394
3,615,821
Expenses,incl taxes_ - 2.821.233
$2,284,628 $2,223,353
Net rev,from oper___ $1,812.147 $2.606.945
443.152
503,366
621,925
Non-operating income__
51,016
38,587
15,435
Other revenue
82.766,368 $2,274,369
$2,434,072 $33.125,746
Gross income
819,526
1,247,850
1.167,833
Interest on funded debt_ 1,152,100
236.043
2.527
1,743
8,268
Other interest
Amort. of debt. disc, and
34,441
122,515
180.178
180,180
expense
Uncoil, accounts. rec.
1.347
11,969
15,059
16,430
off
written
Loss from sale and retire.
1,959
5,723
1,871
691
ofequipment
302,052
444,426
20,497
Equipment rentals
18,953
15.339
30,166
Taxes prior years
13.050
18,544
18,563
Cr2.163
Miscellaneous
$1,036,232 $1,168,004
Net income for the year $1,027,903 $1,280,731
1,232,000
816,200
Common dividends
248.731 $1,036.232 51.168,004
$211,703
Balance,surplus
Balance Sheet June 30.
1929.
1930.
1929.
1930.
$
$
Liabilities$
$
Assets..
Common stock _14,000,000 14,000,000
Prop.invest.(road
_21,081,733 21,331,733
and equipment)46,623,212 46,314,263 Total funded debt x2,079,227 2,391,554
199,700 Govt.of Cuba_ _
790,867
Investment
2,782,498 3,487,294 Funded debt mat.
Cash
1,000
1,000
unpaid
11,049
6.618
transitRemitt. in
653,334 Other notes and 102,056
Cash on spec. dep_ 418,082
486,086
.
accts. payable_
48,114
44,121
Traffic bal. rec.__
153,789
. 141,315
134,825 Int.on fund.debt
Notes & accts. rec. 559.335
91,659
77,684
.
9,729 Accrued taxes_ _ _
6,264
Working fund adv.
25,582 Dep, for construe.
12,566
conductors
Agts. &
30,611
24,098
& transportation
365,442
Materials & supp_ 341,431
.
Res. for derrec .. 5,782,234 5,019,333
•
Due from the Gov't
3,500
Res. for trans ad
of Cuba for sub1,441.874 1,412,020
ski, and services 1.524.087 1,524,496 Def. credit items_ 10,520,664 10,189,318
Surplus
Total deferred deb.
2,308,596
2,149,304
Items
Total(each side155,213 357 55,107,108
24,684
Other assets
mail service as renx To be repaid by charges for freight passenger and
-V. 130. ri. 3705. 1452.
dered.
Dated Oct. 1 1930; due $149,000 each Oct. 1 1931 to 1945. Dividend
arrants payable A. & 0. Principal and div. payable in gold at Chicago
,_Chicago, Ill. and Bankers Trust Co. in New York. Denom.
t Co.
,000c*. The payment Of principal and dividends is to be unconditionally
aranteed by the Chicago Great Western RR.
•
-For savings banks and trust funds in the State of
Legal Investment.
ew Jersey.
Sem:qty.-These certificates are to be issued to provide approximately
Reopened.
6% of the cost of new standard railroad equipment consisting of: Thirty
Denver & Salt Lake Ry.-Litigation To Becontract fort will cost approximately
rental
-10-4 type freight locomotives. This equipmen paid by the
the validity of
The Moffat Tunnel litigation involvingRy.from the Tunnel Commission
company.
2,977.088, of which not loss than 24% will be
by the Denver & Salt Lake
of the tunnel
31. P. 1706.
in the U. S. Circuit Court of Appeals
will be opened for further argument
-Per- on Nov. 24. James Grafton Rogers, Chairman of the Denver nChamber of
Chicago Milwaukee St. Paul & Pacific RR.
permissio to appear
Commerce Tunnel Committee, has been grantedfile a brief.
Ready.
present arguments and
anent Bonds
as a friend of the court and has sought to force the railroad to pay rentals
permanent Chicago Milwaukee & St. Paul By. general mtge. 4tS%
Tunnel Commission
The
The
•6,
bonds outstanding instead
for interim receipts. (
for
on the basis of two-thirds of $15,470,000 tunnel railroad took the lease.
cries F gold bonds are now ready131,exchange
when the
p. 1706.
of the $9,200,000 bonds outstandinginjunction to quit title to its lease.
ffering in V. 130, p. 2020.)-V.
n the railroad sought an
retaliatio
-Bonds Sold.
-Kuhn, In railroad's lease was adjudged valid but the court ruled in favor of the
Cleveland 8c Pittsburgh RR.
The
matters.
•eb & Co. have sold at 1003 and int. $7,182,000 gen. & Commission in some is controlled by the Denver & Rio Grande Western
Salt Lake
gold bonds, series A. Dated Feb. 1 1927, in Denver & on with which by 11113811.4 of the Dotsero cutoff it will form a
. mtge.
conjuncti
Lake. At present the line runs only to
ue Feb. 1 1977. Pennsylvania RR. by endorsement on short route from Denver to Salt
by
is jointly
Craig, Colo. Denver & Rio Grande Western p. 624; V.controlled
-V. 131,
e bonds, guarantees the prompt payment by the company Missouri Pacific and Western Pacific.
.._
04%
f the principal and interest thereof.
The entire series, but not a part thereof, may be redeemed upon 60
ays' previous notice on Feb. 1 1937, or on any interest date thereafter
-Acquisition.
Louisville & Nashville RR.
See Carrollton RR. avobe.-V. 131, p. 1563.
1890
FINANCIAL CHRONICLE
Long Island RR.—Equip. Trusts Offered.—Salomon Bros.
& Hutzler recently offered $1,305,000 43/2% equip. trust
certificates, series J, at prices to yield from 31,1,% to 4
according to maturity. Issued under the Philadelphia %%,
plan.
[Vol.. 131.
Both the applicant's lines and those of the Wheeling are
System No 7, Wabash-Seaboard, in the general consolidation assigned t
plan
commission issued Dec 9 1929 The Now York, Chicago & St. of th
Lou
intervened in opposition to the application, claiming that it would b
much more in the public interest to merge
those of the Nickle Plate, The Wheeling the lines of the Wheeling wit
also intervened in support o
Dated Aug. 1 1930. due annually 587,000 each
1 from Aug. 1 1931 the same view.
to Aug. 1 1945 incl. Dividend warrants Feb. 1 Aug. Aug. 1, payable at burgh InvestmentOther interveners were the Wabash RR. and the Pitts
and
Co. but neither
latter adduced evidence. Hearin
Fidelity-Philadelphia Trust Co. Philadelphia, Pa. Denom $1,000C.
was had in June, 1930. and briefsof thefiled by
were
the applicant and the tw
These certificates are to be issued to provide approximately 75% of the Principal interveners.
cost of new railroad equipment consisting of 45 multiple Unit Electric
Control of the Wheeling has for years been a subject of contention anion
Passenger Coaches.
lines serving eastern trunk line territory, and the controversy
has resultet
This equipment will cost approximately 81,740,000 of which not less in several proceedings before the
commission. The Wheeling lines
than 25% wlll be paid by the company in cash
important local service between points in eastern and northeastern offer
Ohio
The issue and sale of these certificates have been approved by the I.
and, taken in connection with those of the applicant, they form
-C.0
Commission.—V. 131. p. 1417. 931.
and easy route between ports on Lake Erie, including, Cleveland,a direc
Lorain
Huron, and Toledo, and the Pittsburgh district. The Toledo-Wheelin
Michigan Central RR.—Changes in Personnel.—
line not only connects at Toledo
Henry 8nearer. Assistant Vice-President and General Manager of the north, but it intersects between with other lines extending to the west an
Michigan Central RR., has been appointed Vice-President and general west trunk lines crossing Ohio, Toledo and Wheeling all of the east-and
thus affording a convenient route betw
Manager of the New York Central RR., with jurisdiction over thelVlichigan territory to the west served
Central and offices at Detroit. He succeeds the late Edward D. Brenner. Junction. near Wheeling, by those lines and Pittsburgh. At Termina
connection is also made with the Baltimore
J. L. McKee,formerly general superintendent of the Michigan Central, Ohio, thus forming a through
route to and from Baltimore and the east
was appointed Assistant General Manager of the New York Central RR.,
In the commission's
with jurisdiction over the Michigan Central and offices at Detroit. H. L. both the Pittsburgh &tentative plan of consolidation, issued Aug. 3 1921
Margetts, Superintendent of the-Western Division of the Michigan Central the Nickle Plato-Lehigh West Virginia and the Wheeling were assigned t
Valley
at Chicago, was appointed General Superintendent of the New York that system entrance to the system, their main function being to affor
Pittsburgh district. The report, however
Central, with jurisdiction over the Michigan Central and offices at Detroit. discussed also the possibility of using
the lines of the
and
—V.131, p. 1563.
applicant as part of a new through route to BaltimoreWheeling east,th
b
and the
use of the line of the Western Maryland, the
gap between the latter
Missouri
-Kansas
-Texas RR.—New Director.—
the Pittsburgh & West Virginia to be filled by new construction. an
Th
Richard S. Reynolds, President of Selected Industries, Inc., has been publication of the tentative plan did not
end the effort to secure the addi
elected, subject to the approval of the Inter-State Commerce Commission, tional route. Particularly was it
desired by the Pittsburgh & West
a director of the above road to fill the vacancy caused by the death of Harry
. That existing trunk line routes between the eastern seaboard V
an
S. Black.—V. 131. p. 1707.
Middie West should not look with
add
Hens' competitive route was natural. favor upon the creation of an Balt
Three of these carriers, the
New York Central RR.—New Vice-President, &c.—
more & Ohio, the New York Central and the Nickle Plate, joined in recom
See Michigan Central RR. above.—V. 131. P. 1417.
mending a four-system plan for the grouping of
territory, consisting of the New York Central lines in eastern trunk lin
group. the Pennsyivan
Pennsylvania RR.—To Open New Station Sept. 28.—
group, the Baltimore & Ohio group, and the Nickle Plate group.
Th
The new station of the Pennsylvania RR., which lies in part under
Plan was presented to
new Broad Street Station office building, in Philadelphia, Pa., will the vania was not satisfied the commission informally in 1924. The Pennsyl
be
with
opened on Sept. 28, when electric suburban trains will be run in for the Lion. Under this plan the the plan and did not join in the recommenda
Wheeling and the portion of the Pittsburgh
first time. The station has been officially designated as the Broad Street West Virginia west of the
Ohio river were to be Jointly controlled by th
Suburban Station, and extends underground from 15th to 18th streets and New York Central, the
Baltimore & Ohio, and the Nickle Plate. Th
from the north side of Pennsylvania Boulevard to the south side of Cuth- companies, in February and
March, 1927, acting in unison, acquired 51%
bert Street.
of the stock of the Wheeling, and, by applications filed under paragrap
At the same time new temporary facilities for the use of suburban passen- (12) of section 20a of the act,
gers will be opened at West Philadelphia. At present 488 trains are using Wheeling board of directors. sought authority for representation on th
The applications were denied by Lie corn
the old Broad Street Station, of which 325 are electric trains. Beginning mission May 8 1928. By
Sept. 28 next,260 of the electric trains will arrive and departfrom the new charged these companies complaints issued May 17 1928. the commissIo
violation of the
Antitrust Ac
suburban station. The old station will continue to be used for stllam trains through their purchases ofwith Wheeling stock, Clayton decision
the
issue
until completion of the new station in West Philadelphia, some time in March 11 1929, ordered the companies to divestand in a
themselves of the stoc
1933.
Purchased. Subsequently, with the consent of the commission, the stoc
David Baird Jr. of New Jersey, has been authorized by the I.
was placed in the hands of a trustee where, it still remains. Certificates
-S. C.
of deposit of the stock were, however, later purchased by the Nickle Plate.
Commission to become a director of the New York & Long Branch
'
and other subsidiary lines of the Pennsylvania RR.—V. 131, p. 1707.RR.
Meanwhile the Pittsburgh & West Virginia had taken an important
step in the advancement of its own plans by seeking authority for the
Pittsburgh, Cincinnati Chicago & St. Louis RR.— construction of a 38-mile extension of line to connect with the western
terminus of the Western Maryland at Connellsville, Pa. Its application
Bonds Sold.—Kuhn, Loeb & Co. have sold at 100M and for that purpose was granted
'
June 12 1928, and in another proceeding it
int. $23,735,000 gen. mtge. 43% gold bonds, series C. has since been authorized to construct an industrial branch from the Connellsville extension. Construction of both extension and branch is now
Dated July 1 1927; due July 1 1977. The Pennsylvania in Progress.
RR. by endorsement on the bonds, guarantees the prompt
The"complete plan of consolidation" issued by the commission on Dec.
payment by the company of the principal and interest 9 1929, proposed five systems for eastern trunk line territory.
All of the systems were to include numerous has important lines and
thereof.
trackage rights. The present application, so far as it goes, is therefore in
Denomination of 81,000, registerable as to principal, exchangeable
harmony with the grouping proposed for System No.7, -Wabash-Seaboard.
fully registered bonds and re-exchangeable under conditions providedfor
The Nickle Plate and the Wheeling
in
part
the mortgage. Interest payable J. & J. Not redeemable before July 1 both adducing voluminous evidence. took prominentfiled in the hearing.
The Wabash
an appearance
1937. The entire series, but not a part thereof, will be redeemable on at the hearing, but has taken no further part in the proceeding. The
July 1 1937. or on any interest date thereafter to and including July 1 Pittsburgh Investment Co., which intervened as a minority stockholder
1972, at 105% and Interest, and on any interest date thereafter at their of the applicant, appeared at the hearing and cross-examined the appliprincipal amount and accrued interest, plus a premium equal to 34% for cant's witnesses, but subsequently withdrew.
each is months between the redemption date and the date of maturity.
The applicant undertook to show by evidence that
of
Union Trust Co. of Pittsburgh, Trustee.
the Wheeling are supplementary each to the other; thatits line and that
they were formerly
Legal investments for savings banks and trust funds under the laws of under common ownership and were operated as one. The applicant conNew York, New Jersey and other states.
tends, in short, that whatever disposition is made 'of its lino and that of
the Wheeling in consolidation they should both
Data from Letter of W. W.Atterbury, Pres. of The Pennsylvania RR, system. About 85% of the applicant's tonnagebe assigned to the same
consists of bituminous
Security.—Secured by a direct mtge. upon all the lines of railroad and coal, coke, iron, and steel. These commodities move largely to the west
and are delivered to the Wheeling, In the year 1928, the applicant delivaappurtenancesuuuir
bthetrgeto now
y
tlle 3empany and upon
u j
cl
ered 55,638 carloads of freight to the Wheeling, of which 31,583 were
ed
uance ofdab;
n w"
e
bonds. The destined
general mtge. bonds are subject to n
to points beyond the Wheeling. In the same year the Wheeling
$60,158,00t of prior lien bonds
may not be extended or renewd and for the retirement of which, which delivered 22,032 carloads to the applicant, of which 9,973 originated on
at or
before maturity, general mtge. bonds are reserved. The properties include lines beyond the Wheeling. The total interchange of the Wheeling with
about 1,954 miles of railroad from Pittsburgh, Pa., to Columbus, 0.; lines making up System No. 6 was 151,930 carloads' with lines making
Indianapolis. Jeffersonville (across the Ohio River from Louisville, Ky.), up System No. 7, 152,766 carloads; with the New York Central group,
Terre Haute. Inci.• East St. Louis and Chicago, Ill., together with all 81,400 carloads; with the Baltimore & Ohio group, 57,615 carloads;and
appurtenances, equipment, engine houses, &c., large and valuable shops, with the Pennsylvania, 28,247 carloads.
freight stations and yards at most of these cities, the shops at Columbus,
The applicant's president testified that the present application is the
0.. being the largest shops west of Pittsburgh on the Pennsylvania RR. first step in a general plan. not yet fully formed, for the formation of a
System.
railroad system which shall Include ,in addition to the Pittsburgh & West
The railroad covered by the general mtge, embraces lines in the states Virginia and the Wheeling, the Western Maryland, on the east, and the
of Pennsylvania, Ohio, West Virginia, Indiana and Illinois, the line from Wabash, on the west, with the Lehigh Valley forming an extension of the
Pittsburgh. Pa., through Columbus, 0., and Indianapolis, Ind. to East Wabash from Buffalo to New York; that he expected to be at the head of
St. Louis, Ill., comprising the main line of the Pennsylvania RR. System the new system; that the applicant now controls 46 %of the stock of the
'
between Pittsburgh and St. Louis, with important branches extending to Wheeling and if; willing to purchase from the Nickle Plate the certificates
Wheeling, W. Va.; Louisville, Ky.• Cincinnati, O., and Chicago. Ill. of deposit of the 51% of Wheeling stock now in the hands of a trustee, as
Company's lines also form an alternate route for direct traffic from Pitts- aforesaid; and that a proposed issue of 830,000,000 of the applicant's
'
Capital stock will be used in acquiring the Wheeling stock. A controlling
burgh to Chicago.
Purpose—Purpose of the sale of these bonds by The Pennsylvania RR. amount of the capital stock of the Wabash is now held by the Pennsv,vania
is to reimburse its treasury for advances made to The Pittsburgh, Cincin- Co., and the Wabash and the Pennsylvania Co. together hold a controlling
proportion of Lehigh Valley stock. The Pennsylvania CO. is a subsidiary
nati, Chicago and St. Louis RR. for capital expenditures.
Lease & Ownership.—All of the railroad properties of The Pittsburgh of the Pennsylvania RR. Co., and the applicant's president testified that
Cincinnati Chicago & St. Louis RR. are leased to The Pennsylvania RR., he had an indication from the latter that the applicant could acquire the
holdings of Wabash and Lehigh Valley stock should its plan be perfected.
under a lease running for 999 years from Jan. 1 1921.
The Pittsburgh Cincinnati Chicago & St. Louis RR, has outstanding Present plans did not extend beyond the inclusion of the five roads named.
$84,720,500 capital stock of which Pennsylvania RR. or its subsidiaries No negotiations had been made by the applicant for the purchase of any
of the stock of the Wabash or the Lehigh Valley, or for the acquisition of
own approximately 99%.
General Mortgage—Total authorized limited so that the amount thereof the certificates of deposit of the Wheeling trusteed stock. As to the latter,
at any one time outstanding, together with all outstanding prior debts of the applicant relied upon the commission to aid it in acquiring the stock
the company, after deducting therefrom the bonds reserved under the at a proper price.
The applicant's president further testified that 222,930 shares of the
general mtge. to retire prior debts at maturity,shall not exceed three times
the then outstanding paid-up capital stock of the company. Of the atith. applicant's capital stock, constituting about 73% of the total outstanding.
amount there will be outstanding in the hands of the public, after the was owned by the Pennroad Corp., an investment corporation acting for
present issue. $20,000,000 of series A 5% bonds; $26,000,000 of series B the Pennsylvania RR. Co. His explanation follows:
"In the Fall of 1929, I saw a financial storm coming, and knowing that
5% bonds and 523,735,000 of series C
% bonds (the present issue).
$74.916.000 bonds are reserved to retire a like amount of prior lien bonds certain interests were out gunning for me and my associates, and that some
and the remainder is to be issued under the restrictions stated in the mtge. of the latter, were maybe, not in asstrong financial condition as they should
for the payment, refunding or retirement of general mtge. bonds out- be, I decided that we should not take any chances of losing control of the
standing, for additions, betterments and improvements, for equipment to Pittsburgh & West Virginia Railway, and, therefore. I went to the Pennthe extent of 90% of the cost thereof, and for the acquisition of other road Corp., with which company I had had previous financial dealings
and upon whom I felt I could depend to protect me and the whole situation.
companies' securities.
Listing—Application will be made in due course to list these bonds on As a result of this call upon the Pennroad Corp., I sold 222,930 shares of
Pittsburgh & West Virginia Railway stock to it. This sale of the stock
the New York Stock Exchange.—V. 131, p. 1563.
was, I hoped, only a temporary one until such
time as the financial skies
cleared. At the
the
Pittsburgh & West Virginia Ry.—Examiner Recommends it was absolutely time ofthatsale of the Pittsburgh & West Virginia stock
agreed
the management
to remain
in Proposed Report That Control of Wheeling & Lake Erie Ry. with us, as at present, without interference of and control wereabsence of
any kind in the
action on
Be Denied Cornpany.—C. V. Burnside, Asst. Director Bureau company'sour part that would be detrimental to their investment in the
stock."
of Finance,in his proposed report to the I.-S. C. Commission,
It further appears that this stock, although
at the
price of $170
recommends that control of the Wheeling & Lake Erie Ry. Pittsburgh & per share, was allowed to remainbought and paid for of the
on the stock books
the name of
by the Pittsburgh & West Virginia Ry. be denied without who votes the West Virginia in the limitation F. E. Taplin, its president,
stock subject to
In his statement
prejudice, as the acquisition has not been shown to be in quoted above. It was conceded, however, mentioned Pennroad Corp.
that the
would
to determine
the public interest. The proposed report by C. V. Burnside voting have the rightdetrimental whether or not a particular use of the
privilege was
to the value of
the presisays in part:
dent of the Pennroad Corp. testified that in his the stock, and
opinion that corporation
The Pittsburgh & West Virginia Railway on Aug 13 1927. filed appli- as owner of the stock could control and direct its vote regardless of the
fact that it stood on the books in the
cation with the commission for authority, under Sec 5 (2)
of the inter- the testimony of Mr. Taplin. that name of Mr. Taplin. He confirmed
state commerce act, to acquire control
the
of the Wheeling St Lake Erie Rail- atter at a price satisfactory to the the stock would be reconveyed toable
way by purchase of capital stock
Pennroad Corp., In case he was
to carry out his system plan.
ttia
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1891
he Nickle Plate presented an exhaustive analysis of the interline traffic and discharge of liabilities incurred by the carrier and the reimbursement
se Wheeling during representative recent periods, showing its character, of its treasury for moneys expended by it in the acquisition or construction
tme, origin, route and destination, supplemented by numerous statis- of the proposed "Northern California Extension."
This extension, recently approved by the Commission. Is to extend from
table and charts tending to establish principally that its lines and those
he Wheeling are supplementary; that they serve for the most part Keddie to Bieber. Calif., where it will connect with a proposed line of the
went territories and are not competitive except at a few points: that Great Northern By. from Klamath Falls, Ore. The two lines will effect
Wheeling is necessary to the Nickle Plate, Erie, and other lines forming a "through route" from the Northwest to California market and ports. be
The bonds proposed to be sold will mature March 1 1946 and will
em No. 6, to afford them'proper entrance to the Pittsburgh district;
due to the great preponderance and diversity of lines of the New York redeemable on any semi-annual interest date at par and interest to date of
and particularly the Pennsylvania, the Wheel redemption.
tral, Baltimore & Ohio,
The bonds will be sold at competitive bidding, and the Western Pacific
is a necessary addition to the lines of System No. 6 to enable them to
-V. 131. Fl•
pete successfully with the three trunk lines named; that the placing of RR. Corp. will be one of the bidders, the application states.
close important existing routes 1563, 1418.
Wheeling in a different system would
would weaken the competition that the Nickle Plate and the Wheeling
ther are now able to offer; and that the Nickle Plate with the Erie and
sr lines of System No.6 are in position to afford the proposed new route
PUBLIC UTILITIES.
he East through Connellsvllle a much greater volume of traffic than
Id be expected from the Wabash and other lines of System No. 7. The
-Four New Wells.
isle Plate concedes that the Pittsburgh & West Virginia is a direct and
Allegheny Gas Corp.
ropriate line of communication between the Wheeling territory and
The drilling of two new natural gas wells in the Mount Vernon, Ohio
Pittsburgh district, and it is at least inferable from its position field and two in the Buffalo Creek field, has been commenced by this
rding disposition of the Wheeling that it also considers the Pittsburgh corporation, with schedules calling for completion by Oct. 15, according
est Virginia a proper addition to System No.6, with all that its acqui- to announcement made by H. E. Danner, Vice-President of Appalachian
n would imply regarding the remainder of the route to Baltimore. Gas Corp., which owns over 36% of the common stock of Allegheny Gas
mere enumeration of the important facts adduced by the Nicklo Plate Corp.
a discussion of their effect individually would occupy many pages. In
The new wells will bring the total number operated by Allegheny Gas
writer's view of the present proceeding such a presentation is not now Corp. to 163. The company controls gas rights in upwards of 38,244
!xi for. The necessary effect of the -Nickle Plate intervention is to acres in Ohio and West Virginia, with an estimated open flow of 40,000,000
llenge that portion of the Commission's complete plan which would cubic feet daily. Numbered among larger customers are United Fuel
te a fifth system in eastern trunk line territory. It is true that the Gas Co. and Huntington Development & Gas Co.,subsidiaries of Columbia
isfer of the Wheeling, the Pittsburgh & West Virginia, and the Western Gas & Electric Corp.; Owens-Illinois Glass Co.: Libby-Owens-Ford Glass
ryland from System No. 7 to System No. 6, would still leave to the Co.; Pittsburgh Plate Glass Co.: Lamb Glass Co.; Cooper-Bessemer Corp.
ash an extension to New York Harbor by way of Buffalo and the and South Penn Oil Co.
-V. 131, p. 1095.
gh Valley, butsuch a system would be at a great disadvantage compared
-Dividends.
the New York Central, the Baltimore & Ohio, the Pennsylvania, or
American Commonwealths Power Corp.
Chesapeake & Ohio-Nickle Plate, particularly in view of the fact that
The regular quarterly dividend of 1-40th of one share of class A common
last-named system would then have four routes between the Atlantic stock (234%)has been declared on each share of class A and class B common
board and the Middle West. Even with the route through Connells- stock, payable Oct. 25 to holders of record Sept. 30. A like amount was
to Baltimore, the Wabash-Seaboard System would appear relatively paid on these iSSUeS on Oct. 15 1929 and on Jan. 25, April 25 and July 25 last.
It when compared with any of its four competitors in eastern trunk
Where the stock dividend results in fractional shares scrip certificates
territory,
for such fractions will be issued which can, at the option of the stockhe applicant'proceeded in this case upon the assumption that it could holders, be consolidated into full shares by the purchase of additional
- fractional shares. The company will assist stockholders in the purchase
d up its proposed system piecemeal, by first seeking control of the Wheel
and, if successful, to follow with successive acquisitions of the Western of additional fractional shares.
yland, the Wabash and the Lehigh Valley. Subsequent to the publlThe directors also declared the regular quarterly dividend of $1.75 Per
on of its complete plan the Commission issued instructions governing share on the 1st pref. stock, series A, the regular quarterly dividend of
eedings upon applications for final consolidation, and parties to pond- $1.63 per share on the 1st pref. stock, $6.50 dividend series, $1.50 per
advised that their share on the 1st pref. stock, $6 dividend series of 1929, and the regular
proceedings under section 5 (2) of the act were
ence should, as far as practicable, be similar to that required in con- quarterly dividend of $1.75 per share on the 2nd pref. stock, series A,
ation proceedings. It is true that since the publication of the corn- all payable Nov. 1 to holders of record Oct. 15. Like amounts were paid
e plan the Commission has in some cases authorized acquisition of on the respective stocks on Aug. 1 last.
-V. 131. P. 1419.
rol without requiring a showing comprehending the entire systems in
emplation by the applicants. Examples of such authorizations are
-Earnings.
American Power & Light Co.
d in the decisions granting applications of the Baltimore & Ohio to
ended June 30 see "Earnings DepartFor income
ire control of the Buffalo, Rochester & Pittsburgh, and of the Buffalo ment" on a statement for 12 months
preceding page.
relatively minor
usquehanna RR. Corp. but those cases dealt with
Balance Sheet June 30.
Hone to the major railroad of the system, and did not, as in this case,
1929.
1930.
1929.
1930.
lve the general question of the propriety of the system as a whole.
Liabilities
$
Assetsher was the opposition of the same intensity and character as in the
205,155,515
ent proceeding. In this case the issue is of far reaching importance Investments -236,107,475 242,429,070 :Capital stock_ _209,244,103
269.667 Gold deb. bonds,
2,443,628
the Commission should not proceed with a piecemeal disposition of Cash
Amer.6% ser. 45,810,300 45,810,500
ortant constituent roads without conclusive evidence that the local Notes and loans
447,225
215,000
rec., subsid- 22,531,439 15,353,886 Contractual Liab
ionships authorized may not later require upsetting by broader
Divs. declared__ 2,045,474 1,922,449
Notes and loans
iderations.
Notes and loans
191,000
4.101,807
rec., others
he Wheeling, like the Nickle Plate, adduced evidence bearing upon
4,570,000 1,235,000
payable
traffic relationships of its lines to others, and its evidence tended to Accounts receiv400.594
able, subsid__ 1,607,686 1,672,872 Accounts payable 302,162
port the contention of the Nickle Plate that a merger of the Wheeling
948,718
987,509
Accrued accounts
that intervener and System No.6 would be more in the public interest Accounts receiv.,
337,407
337,407
228,781 Reserve
47,307
others
to System No.7. Its witnesses also criticized the
a its assignment
8,209,154 8,694,045
733,539 Surplus
856,136
licant's estimates of savings through unification, although admitting Special deposit_
t substantial savings would be possible. The record had been made to Unamortized discount at exp__ 4,025,631 4.072,639 Tot.(ea. side)271,721,109 264,951,454
w that the applicant's president and other officers were financially
June 30 1930. June 30 1929.
officially interested in the coal industry in the Pittsburgh and southern
Shares.
Shares.
o Districts, particularly in mines tributary to the Pittsburgh & West
x Represented by:
792,651
792,892
;Into., and the intervener urged that the control of the Wheeling, or Preferred stock, $6 cumulative
80
55.8
t larger system, by parties so connected with industries would be re- Preferred stock ($6) scrip equivalent to
978.252
978,440
nant to the public interest.
$5 preferred stock, series A cumulative..
2,255,731
2,581,101
oth principal interveners stressed the fact shown by the evidence that Common stock
2,550.32
3,244.38
ge and controlling portion of the applicant's stock was owned by the Common stock scrip equivalent to
8.700
4,130
nsylvania RR. interests, which presumptively could direct its vote: Option warrants for cons, stock equiv. tothat therefore the granting of the application would in effect look to
warrants outstanding at June 30 1930,
the 413 option
Note.
Wheeling by the Pennsylvania and not by either System entitles-Bach of to purchase, on or before March 1 1931, 10 shares of
rol of the
the holder
6 or System No. 7. They cited in this connection an expression of
no par value common stock upon surrender of such option warrant
Commission in its report accompanying its complete plan of consoli- Present payment of $100 cash. The gold debenture bonds, American 6%
and the
on, as follows:
series, of the company will be accepted with such option warrants by the
Under the act any plan of consolidation which may be adopted shall company at their principal amount in lieu of cash.
-V.130,P.4603, 4047.
erve competition as fully as possible. In order that the systems herein
posed, or any others that may be formed, may properly perform the
--Control.
Public Utilities Co.
American
Lions intended by Congress and that competition may be preserved as
-V. 131, p. 784.
See Midland United Co. below.
'red, they must be independent in fact as well as in name. The conation or acquisition of inter-system interests directly or indirectly
-Havana Cable.American Telep. & Teleg. Co.
ugh holding companies, stock ownership, or otherwise, will be (neonThe applicatinn of this company for permission to lay a cable between
nt with the independence necessary to true competition. Carriers will,
-V.131,
afore, be expected to observe this requirement in submitting proposals Key West and Havana has been approved by the War Department.
consolidations and to co-operate in establishing the desired status." P. 1564.
the light of the facts in evidence, the pertinency and weight of this
-Authorizes Preferred Stock.
don are obvious, The applicant on brief expresses a willingness to
Appalachian Gas Corp.
pt an order granting its application upon condition that it shall satisfy
Under a method of payment, calling for an initial outlay of 30% and
Commission of its ability to act upon the order as an independent with unusual optional features regarding the payment of balance, the
er.
corporation has authorized the issuance of 100,000 shares of its $7 cone Wheeling also points to the relative unimportance of the applicant's vertible preferred stock, series A. under allotment certificates, each of
as a component part of the great system proposed, and in that connec- which will be exchangeable on and after July 1 1931, upon a total payment
refers to certain views of the Commission expressed in Unification of of $1,000 plus accrued dividends, for 10 shares of $7 convertible preferred
hwestern Lines, in which the Kansas City Southern sought to secure stock, series A, plus 10 shares of common stock.
rol of the Missouri-Kansas-Texas RR. Co., which in turn would conAt the outset payments under the allotment certificates will provide for
the St. Louis Southwestern.
the issuance of a minimum of 30.000 shares of preferred stock. This stock,
If one carrier is to control another there should be a reasonable and which is the first preferred to be issued by the corperation since its organizaper proportion between them. The burden assumed by the dominant tion, will provide funds for the acquisition of additional properties or
oration should be commensurate with its resources. There is some- securities, reimburse the corporation for securities previously acquired
g incongruous in the control by one carrier of another having more and provide funds for other corporate purposes.
o three times its mileage and more than twice its resources, and when
The corporation owns the following percentage of outstanding stock of
is added indirect control of a third carrier, also larger than the con- the following companies. Ohio Southern Gas Corp., 99%; West Virginia
ing corporation the incongruity and lack of proportion is accentuated. Gas Corp., 95%: Wayne United Gas Co. 91%; Ohio Valley Gas Corp.,
such control, especially when effected 83%; Texas Gas Utilities. 75%; Ohio Kentucky Gas Co., 59%; Memphis
cannot look with favor upon
ly by the use of the credit of the controlled carriers and when the Natural Gas Co., 46%; Allegheny Gas Corp., 36%.
shining obligations of the controlling carrier are such as to suggest the
This issue of stock has been underwritten by P. W.Chapman & Co., Inc.
opriety of its assuming additional financial burdens. If a sound and Reilly, Brook & Co., for later public offering.
-V. 131, p. 1564, 1095.
sportation agency is to be created by a combination of the three lines
considered it would seem that the largest carrier, the M-K-T,
-Earnings.
Ashland Home Telephone Co.
d of the smallest, should be made the center of the system."
1928.
1929.
Calendar Yearse principle here announced was obviously intended to be of general,
$233,350
$249,901
not of universal, application. It is conceivable that interests in Operating revenues
67.877
81,995
rol of a minor line of a proposed large system might be so situated as Operations
33,526
34,733
afford the nucleus and provide the organization best constituted to Maintenance
29,800
36,350
Taxes
g together the various parts and to manage them as a unit.
hat has been said is sufficient to show that the present application
$102,148
$96,822
This conclusion is necessary even though we
operating revenues
Net
old not be granted.
1,267
1,306
fine the issue to the unification of the Pittsburgh & West Virginia and Non-operating revenues
Wheeling. without taking a broader view of the case. The present
$103,415
$98,128
Gross income
al or potential control of the applicant by the Pennsylvania: the undo23,136
22,014
ped status of the applicant's plans; and the community of interest Interest deductions
een the applicant and important industries which furnish traffic for
$76,114
$80,279
Balance avail. for Fed'l taxes, reserves & diva
proposed system, constitute compelling reasons for denying the applin. However, all of these considerations are susceptible of removal; -V. 128, p. 4152.
the denial should be without prejudice to the submission of an applies-Class A Dividend.
Associated Gas & Electric Co.
that will be free from the objections homing indicated. Any applin looking to permanent control of the Wheeling should also be suffiThe directors have declared the regular quarterly dividend on the class A
ly comprehensive to place in issue the disposition of all of the important stock of 50 cents per share, payable Nov. 1 in class A stock at the rate
-V.131.p.1418,473. of 1-40th of one share of class A stock for each share held of record Sept. 30.
Is making up the system of which it would be a part.
Scrip for fractional shares will not be delivered, but will be credited to the
stockholder's account until a full share has accumulated. Stockholders
can purchase sufficient additional scrip to complete full shares.
Payment in stock will be made to all stockholders entitled thereto who
Western Pacific RR.-Bonds.-S. C. Commission Sept. 16 by the corn- do not, on or before Oct. 15 1930, request payment in cash. This does
was made to the I.
PPlication authority to issue $5,000,000 of 1st mtge. 5% bonds. The not apply to those who have heretofore filed permanent dividend orders
y seeking
ds are to be sold at not less than 97.n and proceeds used in the payment -V.131, p. 1419.
1892
FINANCIAL CHRONICLE
Associated Public Utilities Corp.
-Earnings.
Calendar YearsOperating revenues
Operations
Maintenance
Taxes (other than Federal income tax)
1929.
$785.851
306,675
47,456
60,351
x1928.
$710,965
255,234
45.323
54,394
[VoL. 131.
managers, make the following forecast concerning the outi.
for the new company in a general survey of local tract'
conditions:
The determination of a proper financial structure was dependent u
many factors, among them being the prospective growth of the terri
to be served, the increased riding to be obtained therefrom, the influe
Net operating revenues
$356,014 of the automobile upon the riding habit of the public, the increased
$371,369
Non-operating revenues
1,666 ficiency which might be obtained from unification of the properties,
3,458
the results of the infusion of new capital.
Gross income
It was necessary, therefore, that an extensive and thorough investi
$357,680
$374,827
Ann.int. charges-lst lien bds. & prior mtge. bds160,325 tion be made in order that the financial structure of the company ml
160,325
30-year 6% debentures_
45,000 conform to present conditions and to those that might reasonably
44,700'
Other interest
8.115 supposed to exist in the future. Studies were made, both separately
2,810
in conjunction with each other, by an independent engineer and the Pres
Balance avail. for Fed'l taxes, reserves & diva
$166,992
$144.241 companies' experts, the results of which are briefly outlined herein.
Steady Population Gain Forecast.
x The present corporation began business as at Dec. 1 1928. These
Although the estimate of population of Chicago and the suburbs n
figures include operating results of predecessor corporation for 11 months
and annual interest charges on funded debt outstanding at Dec. 31 1928. served by the Chicago Rapid Tranit Lines has been carrried up to
rear 1950, no retrogression in the rate of increase appeared therein
year
-V. 127. p. 3395, 3241.
the rate of increase for the city and suburbs mentioned increases
an even more rapid rate from the year 1940 onwards than has cc
Associated Telephone Utilities Co.
-Acquisitions.
The company has acquired the Manson, Chelan Valley and Entiat since 1900
It is, therefore, reasonable to conclude that with a steadily increas
Telephone companies of Washington and the Holton Telephone Co. of
Population the transportation agencies may expect an increasingly inten
Wisconsin.-V. 131, p. 1419, 1253.
use of their facilities, which would lead to better and more profita
Atlantic Public Service Associates, Inc.
-Deposits.
- operation.
As to the use of the automobile and whether it will have a constan
The holders of the Atlantic Public Service Corp. 1st lien & secured 5 %
gold bonds, series A. have been informed by the protective committee that more harmful effect upon the riding habit of the public, the study rev
that the rate of increase in the registration of automobiles in 1950
a majority of the outstanding bonds have been deposited.
In order that the holders of the undeposited bonds may avail themselves be pegs than one-half that in 1930, and from this the inference may
of the advantages of collective action, they are urged to deposit their bonds drawn that competition from this source is slowing down at a somew
as soon as possible. The committee has set Occ. 20 1930 as the date on rapd rate.
figures showing the number of automobiles per 1,000 persons
or before which bonds must be deposited and after that date deposits will
Chicago afford a clear idea of the decreasing rate of increase of pigs'
be accepted only in the discretion of the committee.
Counsel, Ropes, Gray, Boyden A- Perkins, 50 Federal St., Boston; automobiles and justify the conclusion that other forms of transportat
Secretary, Charles W. Dewy. 44 Wall St., New York. The depositary is the public will be used to a correspondindly greater extent in the fut
The Bank of America National Association, 44 Wall St., New York. This estimate is further supported by a compilation of passenger au
Chicago Trust Co., 31 West Monroe St., Chicago, is sub-depositary. mobiles per 1.000 population in nine of the largest cities in the Un
States which shows an inverse ratio of automobiles to population.
-V. 131, p. 1419, 1253.
Based on estimates of probable growth in population and in total rid
a forecast of earnings has been prepared in order to determine the resu
Boston Elevated Ry.-Earnings.For the trustee year ended June 30 1930, the total receipts from all which the company reasonably may be expected to attain in the next
sources were $33,597,154, which met the cost of service after making year- years. The traffic estimate upon which this forecast is based was arri
end adjustments of tax accruals, road and equipment accounts and suspense at by a study of the trend of the actual per capita riding for the per
accounts amounting to $50.978. according to Edward Dana, General from 1910 to 1929. This was a period when automobile competition
Manager. Mr. Dana reports that the company was able to meet all reaching its peak and the riding during that period on all the local tr.
operating expenses and fixed charges for the trustee year. The reserve Portation lines, notwithstanding that fact, showed an annual increase
fund has been restored to the original amount of $1,000,000. No further 1.24 rides per capita.
No Effect Given to Fare Increases.
Payment can be made at this time to reduce the balance due the municipaliNo effect has been given to any increase in the rates of fare cont
ties on the 1919 assessment.
Comparative Division of Receipts and Expenditures Years EndedJune 30. Plated in the ordinance although these rates will produce for the 10-y
3
Period an average return of only 6.39%, so that in no year will the co
1929.
Pany earn a return which,
view of recent court decisions, can be
Total receipts from all sources
$33,597.154 $34,312,806 sidered just and reasonable.in However, certain operating economies wh
Operating expenses:
may be obtained and the elimination of burdens prviously imposed
Wages
16,002,334 16,295,105 the companies'
franchises have been taken into consideration. Th
Material, supplies and other items
2,946,319 3.064.407
Injuries and damages
920,099
1,210,168 include the cost of maintaining the board of supervising engineers a
cars on
Depreciation of road and equipment
2,851.914
2.847,900 street sprinkling the operation of longer a larger a faster schedule, a
economies resulting from the shifting of
portion of the traf
Coal for power
986,709
1,055,746 from the surface
to the rapid transit lines, where the cost per car mile
less,
Total operating expenses
$23,707.378 $24,473,329 such all of which have been carefully estimated. Other possible economi
as
of
Taxes
1,551,842
1,695,086 operatedoperation of rapid transit lines with one man in control andall a
car,
doors in a train in placed fo one man
Dividend rentals
3,085,776
3.092,578 similar labor-saving devices and arrangements, to eachbeen takenot
i
have not
Subway, tunnel and rapid transit rentals
2.716,046
2,560,315 account.
Interest on bonds and notes
2,467.444
2,538.583
Following
approximate
infusion of new capital
Rent of leased roads
51,962
47,295 $100,000,000 the the Chicago Surface Lines amounting to 1913, the to
by
from 1907 to
iscellaneous items
67,683
85,771 traffic on these
to 800,000,000 from 520.000.000. T
ear end adjustments
Cr.50,978 Cr.180.153 riding per capitalines increased period
for the same
increased to 329 from 248, or
average of 13.5 rides
Total charges
$33,597,154 $34,312,806 attributed to the newper capita a year. This increase in per capita rid
capital was 50% above normal.
-V.131, p. 1254, 267.
y
Brooklyn Borough Gas Co.
-Extra Preferred Dividend.
-
Proposed Merger Exchanges Criticized.
-
The merger and new financing plan presented to the financial adviso
committee by Halsey, Stuart & Co. to acquire the surface lines and elevat
system for the Chicago Local Transportation Co. and to obtain the init
$25,000,000 new money, was promulgated without accurate recognition f
the ratios of existing mortgages to property values and without consider
Brooklyn & Queens Transit Corp.
-31.25 Pref. Div.
.
- tion for the established usefulness and earning power of the separate pro
The directors have declared a quarterly dividend of $1.25 per share on erties, according to Wm. Hughes Clarke of Chicago in a bulletin, da
the preferred stock, no par value,payable Oct. 1 to holders of record Sept. 25. Sept. 19, which further states in part:
Payments of only $150 cash to Railways firsts and only $100 cash to C
In each of the four preceding quarters, a dividend of $1 per share was
paid. Under the consolidation plan the preferred stock was to pay $4 Railway and Calmuet first mortgages is unfair after Judge Wilkerson
per share the first year,$5 the second year and $6 the third and subsequent decree of July 18 1928 and other public records. Receivers now hold coon
cash pledged under the first mortgages to pay not less than $350 cash
years.
Fred C. Marston, Sec. & Treas., has been ele.ted a director to rill a each $1,000 bond, and the entire balances due must be satisfied entire
with acceptable bonds, instead of being allowed to degenerate into ha
vacancy.
-V. 131, p. 1563.
bonds and half stock at the end.
California-Oregon Power Co.
On May 1930, Continental Illinois Bank & Trust Co., First Trust
-Earnings.
For income statement for 12 months ended July 31 see "Earnings De- Savings Bank, Halsey Stuart & Co. and Harris Trust & Savings Ba
jointly promised the City Council to underwrite $25,000,000 new securit
partment" on a preceding page.
-V. 131. P. 1564, 1095.
to pass the ordinance.
The plan proposes that Harris, Reynolds, Stuart & Trayler (constitut
Central Maine Power Co.
-Tenders.
the advisory bankers committee) shall be permitted:
The State Street Trust Co., trustee, Boston, Mass., will until Sept. 26
(a) To appropriate for the benefit of their own banking compani
receive bids for the sale to it of 1st mtge. bonds, dated Nov. 1 1909 to an
amount sufficient to exhaust $85,402 at prices not exceeding 105 and int. $2.650,315 2d preference series A $6 preferred, $2,053,024 3rd preferen
class A $6 convertible common and $14,530,627 final 4th layer class
-V.131, p. 1708.
common,out of the securities issuable pursuant to the comprehensive unifi
ordinance for and justly intended to be exchanged for the old properties no
Power & Light Co.
Central Ohio
-Seeks to Expand.
by the old investors; and
This recently organized company has asked the Ohio P. U. Commission ownedTo donate these $19,233,966 stocks
(b)
-cost induceme
for authority to purchase the Toledo Bowling Green & Southern Traction trimmings to any investors who, by way as bonus free-of
Co.'s power and light properties for $2,148,800. the Western Ohio By. & scribed in the plan, may purchase at par of the warrants as partially d
from
Power Co.'s power and light properties at Lima for $1,736,500, the Wooster prior $7 preferred which the banks promised the banks the $25,000,00
to underwrite.
Electric Co. for $1,085,000, the North Baltimore Service Co. for $97,800,
Thus the committee would subtract from the old bondholders and o
the Farmers' Light & Power Co. of Venedocia for $90,300, the Enterprise stockholders more than 10% of the total
stocks to all of which only the ol
Utilities Co. of Toledo for $64,900, and the Rudolph Light & Power Co. investors alone are entitled, for the purpose
of aiding these bankers to ha
for $11,500. All these are Ohio properties.
their underwriting promise to the Council.
The petition was filed jointly with the Findlay Street By., which seeks out their own banks from preferred,
And this same prior $7
which the bankers fee needs sweeteni
authorization to buy the traction properties in Findlay of the Toledo by
a76% bonus of assorted junior stocks to make it saleable at par for eau
Bowling Green & Southern Traction Co.
is the same prior $7 preferred that the plan offers for half of the first mortga
The Central Ohio company also asked authority to issue and sell $3,600,- claims.
000 5% bonds. 12,000 shares of preferred stock at $90 and $22.300 shares
The whole proposition is unjust,
of common stock at $50 in order to finance the purchase. The Findlay Chicago's ambitious for communityand constitutes a tragic departure fro
credit and investment integrity.
Street By. has asked to issue 3.000 shares at not less than $82.68 a share.
A fair and simple consolidation can be arranged to provide and sup!0
enough sound bonds and stocks, in amounts and in quality, to
enth
Central & South West Utilities Co.
- siastic acceptance from nearly all the present holders who can winreach
-1H% Stock Div.
be
The directors have declared a quarterly 134% stock dividend on the com- by October 29, and to attract new capital.
mon stock, payable Oct. 15 to holders of record Sept. 30. A similar
Investors are recommended to withdraw all securities from committ
quarterly distribution was made on July 15 last.
-V. 131, p. 934.
and to retain full control of their free securities for their own self-protectio
until just and reasonable exchange proposals are publicly guaranteedCentral Vermont Public Service Corp.
-Earnings.
V. 131, P. 1709.
For 'needle statement for 3 and 12 months ended June 30 see "Earnings
Department- on a preceding page.
-V. 129. P. 2225, 2068.
Chicago Rapid Transit Co.
-10
-Cent Fare Upheld.
The 10
-cent fare was upheld
of
Feder
Chesapeake & Potomac Telephone Co. (Balt.).-To Court, who made permanent the Sept. 12 by three Judges citythe Chica
of
injunction restraining the
and the State authorities from interfering with the fare schedule. T
Issue Stock.
years ago a temporary injunction was issued and an intermittent legal bait
The American Telephone & Telegraph Co. has applied t.) the Maryland between
P. S. Commission for permission to purchase $3,175,700 additional capital Higgins, the city and the company has been carried on since. Edward
assistant corporation counsel, said the city may appeal from t
stock of the Chesapeake & Potomac Telephone Co. of Baltimore. The decision to the United
States Supreme Court.
latter company at the same time asked permission to issue additional stock
Judges George T.Page, George A. Carpenter and Fred F. Wham eve
to the amount mentioned.
-V. 130, p. 2024.
ruled the exceptions made by the city to the report of Roswell B. Maser
master
Chicago District Electric Generating Co.
-New Name. entitledin chancery, who found that the Chicago Rapid Transit lines w
to a straight 10
-cent fare.
See State Line Generating Co. below.
When the application for a flat 10
-cent fare was filed with the thine
Commerce Commission in 1928, the city opposed the increased fare b
Chicago Local Transportation Co.
-Bankers Make produced only one witness to testify. The Commission refused the applic
but in its decision held that it was "unquestionably true that the co
Lion
Traction Survey.
-Following the announcement of the tenta- pany is not receiving the
full
tive plan for converting existing securities of Chicago trac- held is a reasonable return."return on its investment, which the courts ha
tion companies into the securities of Chicago Local Trans-' The company then obtained the temporary injunction in Federal Co
requir
with the collection of the flat rate but
portation Co., Halsey, Stuart & Co., Inc., consolidation restraining interferencepassengers requesting it a ticket calling wasa rebat
by the court to give to
for
The directors have declared an extra dividend of 6 3 cents a share in
addition to the regular quarterly dividend of 75 cents a share on the 6%
cum. panic. pref. stock, payable Oct. 1 to holders of record Sept. 15. Like
amounts have been paid quarterly since July 1 1927.-V. 130, P. 4415.
'SEM 20 1930.]
FINANCIAL CHRONICLE
hould the case finally be decided against the company. Then the company
ut the straight fare into effect and since has been collecting it. The order
f the court yesterday makes the rebate tickets worthless.
Note Issue Authorized.
The company has been authorized by the Illinois Commerce Commission
o issue $7,160,000 two-year notes to provide for the cost of improvements
he notes will be issued through the Central Trust Co. and sold at a price
f 96 or better. The interest rate will not be more than 6%.-V. 131, p.
709, 1420.
-Regular Dividends.
Cities Service Co.
The directors have declared regular monthly dividend of 2Hc. per share
cash and H of 1% in stock on the common stock, regular monthly diva.
f 50c. per share on the preferred and preference BB stocks, and Sc. per
hare on the preference B stock, all payable Nov. 1 to holders of record Oct.
-V. 131. P. 1095.
5. Like amounts are also payable on Oct. 1 next.
Commonwealth & Southern Corp.
-August Output.
Electric output of the Commonwealth & Southern Corp. properties in
ugust was 477,013,000 k.w.h. as compared with 549,041,000 k.w.h. In
ugust 1929, a decrease of 72.028,000 k.w.h., or 13.12%. For the eight
onths ended Aug. 31 1930 total output was 4,045,208,000 k.w.h. as coinared with 4,425.133,000 k.w.h. during the corresponding period of 1929, a
ecrease of 199,925,000, or 4.71%. Total output for the year ended Aug.
1 1930 exceeded 6,177,277,000 k.w.h. as compared with 6,276,465,000
.w.h. for 12 months ended Aug. 31 1929, a decrease of 99,188,000 k.w.h.,
r approximately 1.58%.
Gas output of the corporation's properties in August was 687,694,000
bic feet as compared with 764,635,000 cubic feet in August 1929, a derease of 76,941,000 cubic feet, or 10.06%. For the eight months ended
ug. 31 1930, total output was 6,262,601.000 cubic feet as compared with
351,015,000 cubic feet last year, a decrease of 88,414,000 cubic feet,
r 1.39%. Total output for the year ended Aug. 31 1930 exceeded 9,579,47.000 cubic feet as compared with 9,313.333,000 cubic feet for the 12
onths ended Aug.311929, an increase of 266,314,000 cubic feet,or 2.86%.
. 131, p. 1255, 1564.
Connecticut Electric Service Co.
-Earnings.
For income statement for 12 months ended Aug. 31 see "Earnings De-V. 129. P. 2384. 793.
artment" on a preceding page.
Consolidated Gas, Electric Light & Power Co. of
altimore.-Industrial Power Increases.
Industrial power supplied by this company (except that supplied to
ethlehem Steel Co. and Baltimore Copper Smelting & Rolling Co.) totaled
7,586,559 kwh. in July 1930, against 37,227.971 in July 1929, increase
f .96 of 1%. Industrial power sales in the first seven months of 1930
taled 269,538,725 kwh.,as against 253,534,138 kwh. in the corresponding
929 period, a gain of 6.31%.
Sales of gas for industrial and commercial purposes in July totaled
.822,257,200 cubic feet against 212,305,000 cubic feet in July of last year,
decline of 3.04%. Industrial and commercial gas sales in the first seven
onths.of 1929 were 1,822,257,200 cubic feet as against 1,831,028.100 in
he corresponding period of 1929, a decline of .48 of 1%.-V. 131, p. 1096.
Consolidated Water Co.of Utica N.Y.
-Earnings.For income statement for 12 months ended July 31 see "Earnings De-V. 131, p. 934.
artment" on a preceding page.
Consumers Power Co.(Me.).-BondsOffered.-An issue
f $20,000,000 1st lien & unifying mtge. 44% bonds,
ones of 1928, due 1958 was offered Sept. 17 by a banking
oup comprising Bonbright & Co., Inc., The National
ity Co. and Bankers Co. of New York. The bonds are
riced at 10154 and int. to yield over 4.40%.
The bonds will be legal investments for savings banks in Mass., New Jerey, Maine, New Hampshire, Vermont, Minn. and Rhode Island, and will
eat the legal requirements for savings banks in New York. They also
ill be legal investments for savings banks in Mich., when approved by
e Securities Commission of that State, for which approval the company
11 make application. Company will pay interest without deduction for
Federal income tax up to but not exceeding 2% per annum. Company
also refund on proper application the Penn. 4 mills tax and the Conn.
up to 4 mills per annum; exempt from general taxes in Michigan.
Subject to authorization by the Michigan Public Utilities Commission.
Data from Letter of Jacob Hekma, Vice-Pres. of the Company.
Business.
-Company owns and operates extensive and modern systems of
lectric light and power and as properties in Michigan and serves one of
he most important industrial sections of the country, including 10 of the
4 largest cities in the State. I,lectric and (or) gas service is rendered
irectly in Grand Rapids, Flint, Saginaw, Bay City, Jackson, Kalamazoo,
attle Creek, Muskegon, Pontiac, Lansing, Manistee and more than 456
ther cities and towns. This includes service formerly rendered by the
outi2ern Michigan Light & Power Co., the properties of which were acuired as of April 1 1930. The population of the territory served is estimated
be in excess of 1,700,000.
Over 75% of the gross earnings and 80% of the net earnings of the cornany during the past year were derived from the electric light and power
uslness, 22% of the gross earnings and 18% of the net earnings from the
le of artificial gas, and the balance from the heating and water business,
f the total output of the electric generating plants for the past eight calendar
ears. approximately 50% was produced by waterpower.
pitalization Outstanding as at July 31 1930 (After Giving Effect to Current
Financing.)
eferred stock paying $5cumul.diva.(no par)
*39,968 shs.
do
paying 6% cumul diva.(par $100)
5341.887shs.
paying 8.6% cumul.dive.(par $100)
do
*178,377 shs.
PaYing 7% cumul.diva.(par $100)
do
29,304 shs.
mmon stock (no Par)
1,643.080 shs.
t lien & unifying mtge,gold bonds:
% due1952$16,272,000
Series
Series of 1928 44% due 1958 (incl. this issue)
51,415,100
nderlying and divisional mtge. bonds due variously in 194625,385,000
* Includes subscribed but unissued 14.727 shares $5. 1.955 shares e%
d 208 shares 6.6% preferred stock.
-The $25,385,000 underlying and divisional bonds are comprised of
Note.
22.254.000 1st lien & ref. bonds, due Jan. 1 1936: $2,512,000 Michigan
ht Co. 1st & ref. mtge. bonds due March 1 1946 and $619,000 reprenting two issues of underlying (closed mortgages) divisional bonds outeding in the hands of the public. In addition, there are pledged under
e lst lien and unifying mortgage $11,160,000 1st lien and rfd, bonds and
.512,500 Michigan Light Co. 1st & ref. mtge. bonds, and $5,356,000
hornapple Gas & Electric Co. 1st mtge. bonds.
-Proceeds will reimburse the company in part for expenditures
Purpose.
n additions and improvements to its property and for other corporate puroses. These improvements include completion of the installation of the
fth unit in the Saginaw River Steam Station with a capacity of 35,000
°watts, bringing the installed capacity of the plant up to 140.000 kiloatts, also the new Hardy hydro-electric plant on the Muskegon River,
hich is expected to be completed in 1931 with an installed capacity of
0,000 kilowatts and a new gas plant at Royal Oak to be completed in 1931
ith an installed daily manufacturing capacity of 4,000,000 cubic feet.
-Secured by a direct mortgage on all the physical property of
Security.
e company,subject, as to part of its properties, to the liens of the underMg mortgages under which there are outstanding in the hands of the public
25,385,000 bonds. As additional security, there are pledged with the
ustee under the 1st lien and unifying mortgage $13,672,500 underlying
nds and all the $5,356,000 1st mortgage bonds of Thornapple Gas &
lectric Co., which company was dissolved May 22 1928, its former proPty now being owned by Consumers Power Co. subject to the lien of such
nda.
-In the opinion of counsel, the company has satisfactory
Franchises.
his, without limit as to time, granted under the general laws of the
tate of Michigan to conduct its electric and gas operations in all the imnt communities served. In addition, the company possesses a large
umber of municipal electric and gas franchises which either are without
e limit or expire at various dates from 1930 to 1960.
1893
Earnings for the 12 Months Ended July 31.
[Incl. operations of Southern Michigan Light & Power Co. ProPertles of
which have been acquired.]
1929.
1930.
$33,323,777 $33,615,630
Gross earnings*
Operating expenses,incl. maint., Fed.& taxes---- 16,461,239 15,938,185
2.592,500
Provision for retirement reserve (depreciation)--- - 2,205,000
$14,657,538 $15,084.945
Net earnings
Annual interest charges on $93,072,100 bonded
4,396,530
debt (incl. this issue)
$10,688,415
Balance
* Includes other income of $82,728 in 1929 and $197.857 in 1930.
Public Utilities
Equity.
-On the basis of appraisals accepted by Michigan
Commission the value of the properties is greatly in excess of outstanding
bonded debt. This large equity is evidenced by 642,626 outstanding
shares preferred stock and 1,643,080 shares dividend paying common stock.
The preferred stock is owned by over 39,000 shareholders most of whom
are customers of the company, resident in the territory served.
-Company owns and operates extensive and modern systems
Properties.
in Michigan, engaged in the generation, transmission and distribution of
electricity and gas for light, power and fuel. All of the properties are well
designed, substantially constructed and adequately maintained.
The electric properties include 48 plants with a total installed generating
capacity of 500,550 h.p., of which 147.600 h.p. is in 40 hydro-electric
plants. In addition the company has contracts for the output of several
additional hydro-electric plants which are connected with the transmission
and distribution systems. All 48 plants are linked together in one large
interconnected system of transmission and distribution lines, forming a
great reservoir a electric current fed by any or all of the plants mentioned,
ready to serve every customer in practically all of the cities and towns on
the interconnected system. Interconnection is made with the system of
The Detroit Edison Co., thus making a large block of power available at
all times for an operating emergency of either company.
Electricity is carried over more than 3,170 miles of transmission lines, a
large part of which are operated at 140 000 volts, and is delivered through
more than 21,479 miles a distribution lines to 320,974 customers. During
the past eight calendar years approximately 50% of the amount generated
has been produced by hydro-electric plants.
The gas properties consist of nine plants having a total daily manufacturing capacity of 38,525.000 cubic feet. The capacity of the storage holders
is 15,672.000 cubic feet. Gas is distributed through a pipe system of more
than 2,418 miles to 165,404 customers.
Other properties include steam heating plants which serve Grand Rapidn,
Kalamazoo Jackson, Saginaw, Pontiac and Battle Creek and pumping
stations which supply water to Cadillac, Ottawa Beach, Reading and Jonesville.
8pervision.-Company is controlled, through ownership of all of its
u
-V. 130. p. 4235.
common stock, by Commonwealth & Southern Corp.
25:
-Earnings.
Detroit Edison Co.
For income statement for 12 months ended Aug. 31 see "Earnings
-V. 131, P. 1255. 474.
Department" on a preceding page.
-Tenders.
Duke-Price Power Co., Ltd.
The Union Trust Co. of Pittsburgh, trustee, until Sept. 18 was to receive
bids for the sale to it of 1st mtge.6% s. f. gold bonds,series A. due May 1
1966, to an amount sufficient to exhaust $191,250 at prices not exceeding
106 and int. Payment will be made on Sept. 22.-V. 130, p. 1653.
-New Station Soon Ready.Duquesne Light Co.
nalford Erickson, Vice-President in charge of operation of the Byllesby
Engineering & Management Corp., announces that the James II. Reed
steam electric generating station of 60,000 kilowatts capacity on Brunet
Island in Pittsburgh of the Duquesne Light Co. will be completed and turned
over to the operating department for trial operation on or about Oct. 1.
The station will be officially opened and formally dedicated on Oct. 16.
Ground was broken for the station on Oct. 30 1928. All engineering
design and construction on this project was done by the engineering department of Byllesby corporation.
Completion of this station increases the total installed steam and hydroelectric generating capacity in the Standard Gas & Electric Co. system to
1,460,214 kilowatts.
Other engineering projects in the Byllesby managed utility system which
are scheduled for completion during 1930 include the 30,000 kilowatts
capacity station being built at Belle Isle in Oklahoma City for Oklahoma
Gas & Electric Co. and the Minnesota Valley steam electric station being
built at Granite Falls, Minn., for Northern States Power Co., which is of
20,000 kilowatts capacity and is scheduled for completion during the fall.
Completion of the James H. Reed station of 60,000 kilowatts capacity
makes a total of 70,000 kilowatts in steam electric generating capacity completed and placed in service since the first of this year. This figure includes completion of an addition of 10.000 kilowatts capacity to the Coos
Bay station of Mountain States Power Co. at North Bend, Ore.
Announcement has been made also that work will start about Nov. 1 on
the installation for Northern States Power Co. of 35,000 kilowatts additional generating capacity at the Riverside steam electric generating station
at Minneapolis. Completion of this project will give the Riverside station
a total capacity of 107.000 kilowatts, and with other construction now in
Progress, the Northern States Power Co. will have total installed generating
-V. 130, p. 2565.
capacity of 436,060 kilowatts.
Electric Power & Light Corp.-Pref. Stock Offered.Bonblight & Co., Inc., are offering an additional Issue of
100,000 shares cumulative $6 preferred stock (no par value)
at $100.50 per share and div., to yield over 5.95%. Dividends free from present normal Federal income tax.
-Corporation controls a diversified group of companies supplyBusiness.
ing electric power and light service in the 10 states of Arkansas. Louisiana.
Mississippi, Texas, Colorado, Utah, Idaho, Wyoming, Nevada and Oregon;
natural as service in Texaa, Louisiana, Arkansas and Mississippi; and
other public utility service in some of these States. The operating subsidiaries serve a total of 1,036 communities, including 865 supplied with
electric power and light service, 205 with gas, 27 with transportation, 39
with water and 30 with ice and miscellaneous service. The aggregate
Population of the territory served is estimated at 3.510.000.
-Proceeds from the sale of this issue of $6 preferred stock and of
Purpose.
$15,000,000 additional gold debentures, 5% series due 2030 (V. 131. P.
1710) are to be used for retirement of current indebtedness, for working
capital and for other corporate purposes. After giving effect to the issuance
of this $6 preferred stock and these debentures, the corporation will have no
debt, except its debentures and accounts payable not yet due, and will
have more than $6,000,000 cash.
Earnings.
-For the 12 months ended June 30 1930. earnings of the
corporation (including undistributed earnings of subsidiaries after renewal
and replacement and depletion appropriations) were equal to more than
234 times annual dividend requirements on all preferred stocks of the
corporation outstanding at Aug. 31 1930. and including this issue.
-The preferred stocks are followed by 2nd preferred stock. series
Equity.
A, and common stock, which have an Indicated market value, based upon
Present quotations, aggregating more than $125,000.000.
Supervision.
-Electric Bond & Share Co. is identified in a supervisory
capacity (under the direction and control of the boards of directors of the
respective companies) with the operations of Electric Power & Light Corp.
and its subsidiary companies.
Listing.
-The New York Stock Exchange has authorized the listing of
100,000 shares $6 pref. stock (cumulative dividend), without par value,
upon official notice of issuance, making the total amount applied for 306.616
shares. Compare also V. 131, p. 1710.
Engineers Public Service Co.
-Electrical Output.
The company reports electrical output of 186,230,740 k.w.h, for the
month ef August 1930, which is 11.2% increase over August 1929.-V.
131,
1 ecZa Light & Traction Co.
Fp
ill
-Listing.
The New York Stock Exchange has authorized the listing on or after
Oct. 1 1930 of not exceeding 4,750 additional shares of its comm
stock
(par $15), on official notice of issuance as a stock dividend, making the
total amount applied for 479,983 shares of common stock.
1894
FINANCIAL CHRONICLE.
Consolidated Income Account 12 Months Ended June 30 1930 (Incl. Subs.).
Gross earnings
$8,471,197
Oper. expenses, maint. and taxes (not incl. Fed. income taxes)_ 4,646,713
Federal income and profits tax estimated)
*204,000
Interest and discount
1,312,828
Preferred stock dividends of subsidiary companies
176,244
Reserved for retirements
454,466
Balance available for surplus
Earned per share, preferred
Earned per share, common (average outstanding)
-V. 131, p. 935.
$1,676.946
854.13
$3.61
-H. M.
Federal Public Service Corp.
-Notes Offered.
Byllesby & Co., Inc.; E. H. Rollins & Sons; Central Illinois
Co., and Bartlett & Gordon, Inc., are offering $1,500,000
2
-year cony. 6% gold notes at 98X and int., to yield about
6:95%.
Dated July 1 1930; duo July 1 1932. Interest payable J. & J. Denom,
-$1.000 and $500 c*. Red, all or part, on first day of any calendar month,
on 30 days 'notice, at par plus a premium of 1% to and incl. July 1 1931.
and thereafter at a premium of 14 of 1 to and incl. Jan. 1 1932,and thereafter without premium; plus int. in each case. Principal and int. payable
in Chicago at office of trustee, and int, will be payable also in New York.
Continental Illinois Bank & Trust Co., Chicago, trustee. Interest payable
without deduction for normal Federal income tax not in excess of 2% per
annum. Mimi. 3 mills tax, Penn., Calif. and Conn. 4 mills tax, Maryland
434 mills tax. District of Columbia and Kentucky 5 mills tax, Mich. 5
mills registry tax, Iowa 6 mills tax, and Mass. 6% income tax on interest
will be refunded upon proper application to trustee within 90 days after
payment but not later than one year after any such tax shall become due
and payable, to holders resident in those states.
Data from Letter of Perry 0. Crawford, Pres. of the Corporation.
Company.-Incorp. in Delaware. Through its present subsidiaries and
those presently to be added to the system there will be furnished electricity
for power and light, gas for commercial, domestic and industrial purposes,
water, telephone, steam heating, ice or cold storage service in important
and prosperous sections of the country. A total of 286 communities,
located in 17 States, having a combined estimated total population in
excess of 675.000 is served. Among the important communities served by
the system and to be included in the system upon completion of the present
financing are the cities of Vicksburg and Ripley, Miss.; Peoria, Savanna
and Galena, Ill.; Lockport and Oak Grove, La.; Independence and Lexington, Mo.; Oakmont and Verona, Pa.; Ashland, Paintsville, Pikeville and
Louisa. KY.. Lake Geneva, Elkhorn, Delavan, Burlington, Augusta and
Galesville, Wis.; Petoskey and Calumet, Mich.; Bluefield, Hamlin, Kenova,
Charles Town, Harpers Ferry and Shepherdstown, W. Va. St. Matthews
•
and Fairfax, S. C.; Geneva, Hartford and Samson, Ala.; Fitzgerald, Quitman, Montezuma and Sylvania. Ga.; and De Funiak Springs, Monticello,
Madison and Tallahassee, Fla.; and surrounding communities, and a group
of 73 communities in Minnesota within a radius of 300 miles of Minneapolis
and St. Paul. A total of 68.857 customers is served by these companies.
Capitalization Outstanding. (Giving effect to present financing).
1st Lien gold bonds 6% Series of 1927
$11,000,000
2
-Year convertible 6% gold notes, due July 1 1932 (this issue)
1,500.000
5,500.000
3
-Year convertible 6% gold notes, due July 1 1932
6%. cumulative preferred stock ($100 par)
0
Common stock (no par)
100:000
Outstanding and not inter-company owned funded debt and preferred
and common stocks (at par and, in case of no par, at call price) of subsidiaries amount to $2,181,979.
Earnings.
-The consolidated earnings of the company and subsidiaries,
giving effect to the acquisition of the subsidiaries presently to be acquired,
for the 12 months ended May 31 1930, (adjusted to give effect to the elimination of non-recurring charges aggregating $118,598 and interest and
dividend charges on funded debt and preferred stocks and minority common stock interests for the acquisition and (or) retirement of which funds
deemed ample have been deposited), were as follows;
Gross earnings including other income
$3.711.955
Oper. exp., Maint. and taxes (other than Federal) incl. $127,
234 charges on securities of subs, now outstanding
2,266.559
Gross income (before depreciation)
$1.445,396
Ann. Int. req. on $10,000,000 1st lien gold bonds, 6%, Series
of 1927
600,000
Balance
$845.396
Ann. int. req. on $7,000,000 cony. 6% gold notes, due July 1
1932, (incl. this issue)
$420,000
The above balance of $845,396 is in excess of twice the annual interest
requirement of $420,000 on the $7,000,000 convertible 6% gold notes,
due July 1 1932, which includes this Issue.
Gross income as shown above, of $1,445,396, Is in excess of 1.41 times
nterest requirements on the entire funded debt of the company, including
this issue.
Purpose.
-Notes will be used, in part, in connection with the accptisition
by the company of additional subsidiaries serving 53 communities having
a combined estimated population in excess of 79,800, and for other corporaet
purposes.
-V. 130, p. 4048.
Federal Water Service Corp.
-Earnings.
-For income statement for 12 months ended July 31 see "Earnings Department"
lon a preceding page.
-V. 131, p. 1710, 1420.
Gatineau Power Co.
-Mile Transmission Line
-230
Placed in Operation.piThe second 230-mile transmission line from the Paugan, Quebec, hydro-
[VOL. 131
Jamaica Public Service Co., Ltd.
-Initial Common
An initial quarterly dividend of 25 cents per share on the common st
no par value, payable Oct. 1 to holders of record Sept. 19, has just b
announced by the management of Jamaica Public Service. Ltd.
company derives its principal income from the operating company, Jam
Public Service Co., Ltd. which operates without competition and un
very favorable franchises the electric light, power and tramways sys
'
in Kingston, the capital of Jamaica, and controls through a wholly-o
subsidiary the electric light and power and ice business in Montego Ba
V. 130, P. 4237.
Louisville Gas & Electric Co.
-Earnings.
For income statement for 12 months ended July 31 see "Earnings
partment" on a preceding page.
-V. 131, P. 1097, 475.
Market Street Railway Co.
-Earnings.
For income statement for 12 months ended July 31 see "Earnings
partment" on a preceding page.
-V. 131. p. 1097, 475.
Middle West Utilities Co.
-Increase in Sales.
-
A 48% increase in sales of electricity to rural customers is reported
the Middle West Utilities System. For the first seven months of 1930
gumption by rural customers amounted to 35,543,422 k.w.h., compwith 24,029,108 k.w.h. for the corresponding period of 1929.-V.
P. 1421.
Midland United Co.
-Holdings in American Pu
Utilities Co.
-
As a result of the exchange of stock of the Midland United Co. for
curitles of the American Public Utilities Co., one of its holding comp
subsidiaries, the Midland United Co. now owns 97.8% of the comi
stock and 82.1% of the preferred stocks.
The exchange plan was designed to simplify and strengthen the Midl
United Co.'s financial structure and to effect substantial savings.
Holders of the participating preferred and the prior preferred stocks of
American Public Utilities Co. were offered alternative exchange prop°
They were offered either Midland United cony. pref. stock, series A.
common stock, or common stock exclusively. Holdings of Amer
Public Utilities Co. common stock were offered Midland United corm
stock in exchange. The exchange offer expired Aug.30 1930.
The American Public Utilities Co. controls the Central Indiana P
Co. which controls a number of utility companies in central Indian
V. 131, p. 1256, 1097.
-Larger Dividend.
Minnesota Northern Power Co.
The directors have declared a quarterly dividend of 15 cents per al
on the no par value common stock, payable Oct. 1 to holders of res
Sept. 15. Quarterly dividends of 10 cents per share were paid on
-V.131, p.
issue in April and July last, as against eight cents previously.
-Bond Application.
Missouri Public Service Co.
The company recently applied to the Missouri P. S. Conunsion
-year 1st mtge. bonds
authority to issue $300,000 1st mtge. 5% 20
10,000 shares of no par value,the bonds to be sold at not less than 87.50'
liar and the stock at not less than $50 a share. The proceeds are to be
to capitalize improvements that have been made or are now being mad
V. 130,p. 1115.
-Earnings.
Mountain States Power Co.
For income statement for 12 months ended July 31 see "Earnings
-V. 131. P. 1097, 476.
partment" on a preceding page.
New England Gas & Electric Association.-Earni
For income statement for 12 months ended June 30 see "Earnings
-V. 130, P. 3539, 3352.
partment" on a preceding page.
-Expenditures.
New England Telep.& Teleg. Co.
The executive committee has authorized the expenditure of $1,264
for new construction and improvements in plant necessary to meet
demand for service. Including this authorization, the specific co
ment of the company for plant expenditures this year is $36,270,73
V. 131, p. 1712.
-To Change Fiscal Year, ckc.
New York Steam Corp.
The stockholders on Sept. 18 voted to change the fiscal year from
12 months ended on June 30 to the calendar year ended on Dec. 31.
Pendleton, Secretary of the company for many years, has been electdirector to fill a vacancy on the board.
No action was taken regarding the proposed offering of $6,000,000 St
inasmuch as the New York P. S. Commission has not yet issued an o
permitting the financing. A special meeting will be required to app
the issue, in aceordance with legal requirements that advance node
-V.131, p. 1712.
given stockholders.
-Acquisitions.
Niagara Hudson Power Corp.
The corporation has purchased,subject to the approval of the New
P. S. Commission, the outstanding common stocks of the Ticonde
Electric Light & Power Co. and of the Baldwinsville Light & Heat Co.
Stock in the Ticonderoga company was acquired through a contract
Glidden, Morris Sr Co. The company serves, without competition,
town of Ticonderoga and environs, in Essex County, N. Y., with a
lation of about 5,000. The Baldwinsville company serves Baldwins
and environs, in Onondaga County, with a population also of around 5,
The corporation has acquired all of the outstanding stock of the Syra
Suburban Gas Co., Inc., a small independent company serving terni
adjacent to Syracuse, N. Y. The acquisition is subject to the appr
-V. 131, p. 1421.
of the New York P. S. Commission.
-New Well Brought In.
North Penn Gas Co.(Pa.).
R. P. Stevens & Co., operating managers of the properties contr
by the Pennsylvania Gas & Electric Corp. and the American El
Power Corp., announce that the North Penn Gas Co., of Pennsylv
electric plant of the Gatineau Power Co., a subsidiary of the International controlled by the Pennsylvania Gas & Electric Corp., has just bro
Hydro-Electric System, to Toronto, has been placed in commercial service. In a nditural gas well producing 13.000,000 cubic feet of gas per day.F
Palmer No. 1, is located on the Palmer Farm,
The new line is a 220,000-volt steel tower aluminum line, a duplicate of well, to be known asthe first one, and is being used in conjunction with it for the delivery of inton Township, Tioga County, Pa., and is only three miles from
power under contract to the Hydro-Electric Power Commission of Ontario. main transmission line of the company running up to Corning and El
The two lines are about 100 feet apart and have the distinction of being N. Y. The field line connecting the well and transmission was exp
the highest voltage transmission linen in operation in Canada. Over these to be completed not later than Sept. 13 which will permit of imm
lines Gatineau Power Co. is at present delivering to the Commission 150,000 utilization of the gas from this well. This added supply of gas lik
h.p. of electric energy which is being distributed in the Toronto area to will enable the company to curtail production at the gas-manufac
plant at Roulette, which heretofore has been operated because of a sho
supplement the power supplied from Niagara Falls.
The contract under which electric power is being delivered over the of natural gas available for sale to the company's customers. This
lines is one of three contracts which Gatineau Power Co. has with the is brought in on leases aggregating 7.000 acres owned by the North 1
Hydro-Electric Power Commission of Ontario. It runs for 30 years and Gas Co. and represents a new producing field in the Pennsylvania tern'l
calls for annually increasing quantities of electric power until Oct. 1 of the nearest other producing well being some 25 miles distant.
This well is 4.010 feet in depth, penetrating 18 to 24 inches in the
next year, when the demand will be 260,000 h.p., which rate continues
known Oriskany Sands. The company expects to develop other wel
throughout the life of the contract.
The Paugan station from which the power is being delivered, has a these leases in the immediate future, and, due to the fact that a r
designed capacity of 272,000 h.p., of which 204,000 h.p. is installed, and market prevails at substantial prices for all the available gas,the treme
-V.
is one of the largest hydro-electric power plants on the North American value of this well and of this field to the company is apparent.
Continent. It is one of the Company's four plants on the Gatineau River P. 2581.
which have an aggregate installed capacity of 438.500 h.p.-V. 129, p. 2856.
-Readjustment Pla
North Continent Utilities Corp.
The corporation, in connection with the recent acquisition of subsi
-Earnings.
General Water Works & Electric Corp.
structure,
statement for 12 months ended July 31 see "Earnings Depart- securities, has adopted a plan of readjustment of its capital the folio
For income
the
tement.e of the completion of this program It makes public
-V. 131, p. 1711, 935.
ment" on a preceding page.
sta
Company.
-A Delaware corporation. Furnishes through its subsidi
-Registrar.
Hamilton Gas Co.
public utility services in seven States in the United States and two prov
The Chase National Bank has been appointed registrar of voting trust in Canada. -Services furnished include gas, electricity. Ice and other m
certificates for the common stock.
-V. 131, p. 1564.
laneous services atio aro su opolled to 96 cities and towns having a corn
eatimated popula ndn of 8op o0
.
-Dividend.
International Hydro-Electric System.
One of its outstanding properties is North Shore Gas Co. Vhich turn
The directors have declared the regular quarterly dividend of 50c. per gas for domestic and industrial use in the suburban territory nor
share in cash or 1-50th of a share in stock on the class A stock, payable Chicago, including Waukegan, Lake Forest, Highland Park, Ole)
Oct. 15 to holders of record Sept. 25. A quarterly dividend of like amount Winnetka and Libertyville. This district is one of the most substa
was paid on this issue in each of the five preceding quarters.
-V. 131. residential areas in the United States. The per capita consumption o
p. 1711. 1420.
co thtryterritory is believed to be as great as in any other locality i
inun is
-New Directors.
Interborough Rapid Transit Co.
Frank P. Walsh, now serving as Chairman of Mayor Walker's Commission on Taxicabs, has been nominated by the Transit Commission as a
public director of the Interborough company for the next three years. He
will be elected at the company's annual meeting on Sept. 24 and will succeed William W. Niles, whose term expires at that time.
-V.131, p. 1711.
Sales and Customers 12 Months Ended May 31.
19
1929.
1,825,184,600 2,189.46
5,62
4,058,747
3
29,21243
5.206
Gas sold ,in cubic feet
Electricity sold, kwh
Number of gas customers
Number of electric customers-
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1895
Capitalization Outstanding (as of August 31 1930).
San Jose Water Works.
-Earnings.
1st lien collateral and refunding 55 % gold bonds, series A,
For income statement for 12 months ended July 31 see "Earnings Dedue Jan. 1 1948
$3,939,000 partment' on a preceding page.
-V. 131, p. 938.
6% convertible gold notes, due Jan. 1 1932
900,000
Cumulative preferred stock, 7% series
3,049,700
Saxon Public Works, Ific. (Aktiengesellschaft Sachs6% series
521,600
Class A stock, $1.50 dividend (no par)
-New Company Organized.48,674 shares ische Werke), Germany.
Common stock (no par)
395,653 shares
jointly
Elektra A.G.,largest subsidiary of
There is also outstanding in the hands of the public $9,062,600 of underly- Energie Aktiengesellschaft has just Saxon Public Works,Inc.. of a with
new
completed the organization
ing funded debt and preferred stocks (taken at $100 per share).
Landesgasversorgung Sachsen A.G., according to
Earnings.
-Consolidated earnings of corporation and its controlled corporation named new company with an initial capital of 5,000,000
cabled advice:3. The
companies, irrespective of dates of acquisition, for the 12 months period marks, will
the population of the free States of Saxony and will
ended Dec. 31 1929 (as certified) and for the 12 months period ended July remesent a furnish gas to of existing gas companies.
consolidation
31 1930 (as submitted by corporation) are as follows:
The company already has taken over generating and distribution systems
12 Months EndedThe. 31 1929.
Jots 31 1930.
550,000 Inhabitants with the approval and with the
Gross revenues
$4,598,585,67 $4,800,624.26 serving upwards ofEconomic Advisory Counsel of the Association of Saxon
co-operation of the
Operating expenses, including maintenance
Communities.
and general taxes
3,074,111.26
3,197,965.44
Elektra A.G.,capitalized for 15,000,000 R.M.and directly owning particcjpation in 19 subsidiary companies, is 81.51% owned by Saxon Public
Net earnings_
$1,524,474.41
$1,692,658.82 Works, Inc. Through Eltbahn, one of these subsidiaries. Elektra also
Interest and dividend requirements on funded debt and
owns an indirect interest in seven other Saxon electrical corporations.
preferred stocks in the hands of the public and deduction
for underlying minority interests, all as of Aug. 31 1930
561,059.03 131. p. 938, 788.
Annual interest requirements on total funded debt of
Seaboard Public Service Co.-Pref. Stock Offered.
North Continent Utilities Corp
270,645.00
Balance available for Federal taxes, depreciation,
dividends, reserves, &c
Annual dividend requirements on North Continent Utilities Corp. preferred stocks
$860,954.79
244,775.00
Balance
$616.179.79
Annual dividend requirements on North Continent Utilities Corp. class A stock
73,011.00
For the 12 months period ended July 31 1930 the balance of earnings
available for dividends on the class A stock, after'
ta:ms, depreciation and all prior charges, amounted to over $5.21 per share on the class A
shares outstanding as of Aug. 31 1930.-V. 128, p. 2993.
The properties of the corporation are managed by William A. Baehr
Organization, Inc.
Central Illinois Securities Corp. Buys Into Corporation.
The announcement was made Sept. 18 following a meeting of the board
of directors of Central-Illinois Securities Corp. that the carp(ration had
recently become interested in North Continent Utilities Cud). through the
purchase of a substantial block of its common stock. As a result of this
Purchase, Central-Illinois Co., with which Central-Illinois Securities
Corp. is affiliated, will have a close banking relationship with North Continent Utilities Corp.and subsidiaries in connection with their future financing. Carroll E. Gray Jr. Executive Vice-President of Central-Illinois Co.,
has been elected a diredtar of the North Continent company.
-V. 128,
p.2993.
Northern States Power Co. (Del.).
-New Director.
-
John J. O'Brien, President of the Standard Gas & Electric Co.,announces
that William.). Hagenah, Vice-President and special counsel of the Byllesby
Engineering & Management Corp., has been elected a director of the following companies: Northern States Power Co. (Del.), Northern States
Power Co. (Minn.), Northern States Power Co. (Wis.), Louisville Gas &
Electric Co. (Del.), Louisville Gas & Electric Co. (Ky.), and Louisville
Hydro-Electric Co.(Del.).
Earnings.
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
-V. 131, p. 1097, 476.
,
Oklahoma Gas & Electric Co.
-Earnings.
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
-V. 131, P. 1713, 1097.
Pacific Lighting Co.
-Denies Financing Rumor.
R. W. Miller, Executive Vice-President, stated that there is no truth
In current reports that the company is planning to issue convertible debentures. "There is no financing in prospect either by Pacific Lighting or
any of its subsidiaries for several months,"said Mr. Miller.-V. 131,p.938.
Pennsylvania Power & Light Co.
-Acquisitions.
The company recently applied for permission to purchase the Buffalo
Union Power & Light Co. and the East Buffalo Union Power & Light Co..
and will consolidate. The purchasing company plans expansion in new
territory, including transmission lines.
-V. 128. D. 4322.
Peoples Light & Power Corp.
-Earnings.
For income statement for years ended July 31 see "Earnings Department" on a preceding page.
-V. 131, p. 1257.
Philadelphia Co.
-New No Par Stock Not to Be Listed.
-
In reference to the common stock of this company, the Committee on
Stock List of the New York Stock Exchange announced that old or present
stock will continue to be listed and that new (or 5 for 1 split-up) stock
will not be listed. But no transfers of old common stock into old common
stock can be made.
Transfers of old common stock will be made with certificates of the new
Common stock on a 5 for 1 basis (which will not be listed).
Earnings.
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
-V. 131, p. 1713, 1098.
Philadelphia Rapid Transit Co.
-Suit Fixedfor Oct. 1.
-
Resumption of hearings in the equity suit of the city of Philadelphia
against the company and Mitten Management Corp. has been fixed for
Oct. 1 by President Judge McDevitt in Common Pleas Court No. 1. The
case, growing out of City Comptroller Iladley's audit of the P.R.T. accounts, has been standing by for months while the Transit Conference, a
representative group, has been studying a plan to have the city purchase
the transit company and the underlying street railway lines.
-V. 131,
p. 629, 115.
Power Corp. of Can., Ltd.
-32,000,000 Investment Res.
An investment reserve of $2,000,000 has been established by the corporation to provide against loss on any of Its securities, according to a statement released by the company. This fund was taken from the year's profits
on the sale of securities, which totaled $2.918,231. After setting up this
reserve, the corporation had a balance of nearly $1,000,000 from these
profits to include in its statement of revenue.
No. of Shareholders.
This corporation and subsidiary companies now have 38,194 shareholders, according to figures made public on Sept. 15 by the corporation. Of
this total 33.252 are Canadians, 2,522 are in the United Kingdom and 2,103
are in the United States. Altogether, 32 foreign countries are represented
in the shareholders' lists, including France, Switzerland, Italy, Spain,
Belgium, Austria, Japan, China, Mexico, Peru, South Africa and India.
V. 131. P• /706 1713*
:
Service Corp. of N. J.
-To Make New Customer
Public
Utility Securities Corp., E. H. Rollins & Sons, Insull,
Son & Co., Inc. (Europe and Canada), Hill, Joiner & Co.,
Inc., A.B.Leach & Co., Inc.,and Emery,Peck & Rockwood
Co., are offering at $47 per share, to yield 6.9%, 100,000
shares $3.25 non-par convertible pref. stock.
Dividends payable Q.
-M. Redeemable in whole or in part at any
time upon 30 days' prior notice at $57.50 per share and dive. Entitled
on liquidation to receive in preference over the common stock $50 Per
share and divs. Dividends exempt from present normal Federal income
tax. Transfer agents: Chase National Bank, New York and Middle West
Stock Transfer Co., Chicago. Registrars: Guaranty Trust Co. of New
York, and Central Trust Co. of Illinois, Chicago.
Stock Purchase Warrant.
-Each share of $3.25 non-par pref. stock included in this offering will carry a warrant, non-detachable except by
the company or its duly appointed agents in case of exercise, entitling the
holder thereof to purchase one share of the common stock (as such stock
may be constituted at time of purchase, provided that if any amendment
to the certificate of incorporation shall be made whereby each share of the
outstanding common stock shall be changed or subdivided into a greater
number of shares, the number of shares of common stock deliverable thereafter for each share purchased thereunder shall be proportionately increased without increase in the purchase price) at the following prices:
to and incl. June 1 1932, at $50 per share, thereafter to and incl. June 1
1934, at $60 per share, and thereafter to and incl. June 1 1935, at $75
Per share, this privilege expiring on the last mentioned date. Upon redemption thereof prior to expiration or exercise of warrant, such holder
is entitled to a detached warrant.
Convertibility.
-The $3.25 non-par pref. stock included in this offering
is convertible at the option of the holder thereof, at any time on or prior
to June 1 1935. unless previously called for redemption, and then at any
time prior to the date fixed for the redemption thereof, into 19-30ths of
one share of the common stock of the company (as constituted at the
time of such conversion, provided that if any amendment to the certificate of incorporation shall be made whereby each share of the outstanding common stock shall be changed or subdivided into a greater number
of shares, the number of shares of common stock thereafter issued upon
such conversion shall be proportionately increased). Fractions of a share
of common stock issuable upon any such conversion shall be represented
by scrip.
-Listed on The Chicago Stock Exchange.
Listing.
Data from Letter of A. W. Higgins, President, Sept. 11 1930.
Company.-Incorp. in Delaware. Controls through common stock
ownership companies furnishing electric light and power, gas, ice and (or)
water service to 574 communities in 7 states, namely: Delaware, Maryland Virginia, North Carolina, Georgia, Florida and West Virginia. Its
subsidiaries are Virginia Public Service Co., Eastern Shore Public Service
Co., Florida West Coast Ice Co., Tide Water Power Co., Georgia Power
& Light Co. and Florida Power Corp.
Through its subsidiaries it serves 135,819 customers, of whom 122,787
are served with electricity, 12,341 with gas and 679 with water. The
system also furnishes electric railway and bus service in sections of Virginia
and North Carolina.
The electrical systems of the operating companies have an installed
generating capacity of 203,894 h.p., with 40,214 h.p. additional now under
construction, and 2,882 miles of high tension transmission lines. The gas
Properties include plants having a total daily capacity of 2,490,000 cubic
feet with 178 miles of gas mains. The ice plants have a daily capacity
of 1,663 tons. The electric railway properties consist of 87 equivalent
miles of single track. During the year ended July 31 1930, the total
electric output of the properties was 342,864,300 kwh., and the total gas
output was 451,731,000 cubic feet.
Authorized.
Outstanding.
Capitalization500,000 ells.
Preferred stock
100,000 81213.
$3.25 non- par (this issue)
54,300 shs.
1,000.000 alas. *600,000 shs.
Common stock (no par)
* In addition there will be 163.334 shares reserved for issuance in respect
of conversion of $3.25 non-par pref. stock, and warrants attached thereto.
As of July 31 1930, the pref. and common stocks of the subsidiary companies outstanding with the public, based on par value or on the issue
price of no par value stock, together with the proportion of surplus applicable to such minority common stocks, amounted to $11.231,793. Funded
debt of subsidiaries outstanding as of the same date was $49,851.500.
-The growth of the properties is shown by the followOperating Statistics.
ing:
K. W. Hrs.
Cubic Feet
-customers-Generated
of Gas
Electric
Gas.
& Purchased. Manufactured.
149.723,515
372,693,000
76.968
10,239
1924
182,876,510
384,315,000
88.613
10.336
1925
228,766,842
406,603,01.0
101,116
10,878
1926
252,721,531
421.189,000
106,568
11,233
1927
435.244,000
280,798.598
112,624
11,541
1928
321,746,522
446,105,000
121.441
11,996
1929
342,864300
451.731,000
122,787
12,341
*1930
* 12 months ended July 311930.
Consolidated Earnings 12 Months Ended July 31 1930
Gross earnings (including other income)
$14,643,219
Operat g expenses, maint.& taxes,other than Fed.income taxes- 8,131,552
.
Net earnings
36,511,667
Balance of net earnings
a2.085.388
Annual dividend requirements on pref. stock of the company to
650,800
be presently outstanding with the public (including this issue)_
a Applicable to securities of subsidiary companies owned by Seaboard
Public Service Co., after deduction of interest charges and dividends paid
or accrued during the period on funded and unfunded debt and preferred
stocks of subsidiary companies held by the public, depreciation, amortizaOwnership Stock Offer.
tion, Federal income taxes and net earnings applicable to common stocks
A new offer of its $5 own. pref. (no par value) stock under the popular of subsidiary companies held by the public.
The above balance of $2,085,388 was thus more than 3.20 times such
ownership plan in a campaign which will start Oct. 1, is announced by the
corporation. The stock will be sold at $97.50 a share and accrued div- annual dividend requirements.
-Company is a part of the Middle West Utilities system.
Management.
idends for cash, or on terms of $10 down per share and $10 per share per
month thereafter until the final payment, which will be $7.50 per share. -V. 131, p. 1098.
Purchasers will receive interest on installments as paid at the rate of 5%
Sedalia (Mo.) Water Co.
-Earnings.
-V. 131, p. 271. 115.
per year.
For income statement for 12 months ended July 31 see "Earnings De-V. 131. P. 938.
parment" on a preceding page.
Public Utility Holding Corp. of America.
-Initial
Dividends.
The directors have declared an initial quarterly dividend of 125
per share on the class A and common stocks, no par value, payable cents
Nov.
30 to holders of record Nov. 10.-V. 131, p. 1713.
San Diego Consolidated Gas & Elec. Co.
-Earnings.
-
For income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
-V. 131, P. 1098, 476.
Southern Colorado Power Co.
-Earnings.
For income statement for 12 months ended July 31 see "Earnings De-V. 131, p. 1098. 476.
partment" on a preceding page.
Southern New England Telephone Co.
-New Pres.(fcc.
Harry C. Knight,formerly Vice-President and General Manager, has been
elected President, succeeding lames T. Moran, who has been emoted
Chairman of the Board.
-V. 130, p. 4051.
1896
FINANCIAL CHRONICLE
Spring Valley Water Co.
-Bonds Called.
In order to permit the City and County of San Francisco to acquire all
or a substantial part of the properties of this company, the latter will redeem on Nov. 1 1930 all its outstanding 1st mtge. 5% bonds of the initial
Issue dated May 1 1923 at par and int. Holders of such bonds are being
notified that on that date these bonds, with the Nov. 1 and subsequent
coupons, should be surrendered either at the principal office of the Chase
National Bank of New York or at the Union Trust Co. office of the Wells
Fargo Bank & Union Trust Co. in San Francisco. No further interest will
-V. 130, p. 2964.
accrue upon these bonds after the redemption date.
-Earnings.
Standard Gas & Electric Co.
For Income statement for 12 months ended July 31 see "Earnings Department" on a preceding page.
[VOL. 131.
Bank, Ltd., 41 Lothbury, London, E.C. 2, in British sterling, or the New
York Trust Co., 100 Broadway, N. Y. City, at the exchange of 94.86666
per .e, or Speyer & Co., 24 and 26 Pine St., N. Y. City, at the exchange
of $4.8666 per E, or Lazard Speyer-Ellissen Kornmanditgeselischaft auf
Aktien, Frankfort-on-Main, Germany, at the exchange of 20.40 marks
Per E. or Associatie Casio., Amsterdam (Centrum), at the exchange of
12.12 florins per g, against presentation and surrender of the bonds, with
a talon consisisting of 34 coupons (Nos. 47 to 80 inclusive) attached to
each bond.
Bonds must be left three clear days before payment thereof for verification at the paying agency at which they are presented for payment.
V. 130. D. 4418.
-Earnings.
Utilities Public Service Co.
1928.
1929.
$1,822,633 $1,739,378
719,948
Substantial increases were made in merchandise sales at properties in the
819,362
252,665
Standard Gas & Electric Co. System for the first slot months of 1930 as a
193,510
106,005
result of intensified effort, according to W. H. Hodge, Vice-President and
114.364
Manager of the sales and advertising department of Byllesby Engineering
$861,059
a Management Corp.
$695,396
Net operating revenues
15,987
Gross sales for the six months' period ended June 30 1930 amounted to Non-operating revenues
13.844
$1,550,404, an increase of 7.29, over the corresponding period of 1929.
$677,047
The total number of electric appliances sold shows an increase in all classes
$709,240
Total revenues
379,025
of appliances with the exception of small heating units, portable lamps and Ann.int. recital.. on prior debt outstand. Dec.31'29
379,025
lighting equipment. The total number of gas appliances sold during the Other interest and miscellaneous charges
5,345
six months' period shows a slight decrease.
Annual int. requir. on funded debt of company
99,0
Electric range sales to June 30 1930, as compared with the same period
99,000
outstanding Dec. 31 1929
in 1929 increased 31.657 electric water heater sales increased 27.08%;
:
0
$199,022
electric refrigerator sales increased 29.23%. Other classes of appliances
Available for Fed'l taxes, reserves & dividends__ $225,870
showed fair increases.
-V. 127, P. 3542.
Electric refrigerator, cooker, vacuum cleaner and iron sales for the six
-Natural Gas Lin
months' period are larger than those set forth in budget quotas established
Washington (D. C.) Gas Light Co.
of electric refrigerator show an increase of 6.90% over
for the period. Sales
Planned.
the goal set for the first six months in 1930.
Arrangements have been about completed which will result in bringin
As of June 30 1930 there were a total of 193 stores engaged in the sale of
merchandise throughout the territory served by the Byllesby operated natural gas into the District of Columbia by the latter part of this or the
first part of next year. President George A. G. Wood announced. Abou
utilities.
-V. 131, p. 1422.
all that remains before consummation of the transaction is signing of th
-Earnings.
Standard Public Service Co.(& Subs.).
contract, It was stated.
The natural gas which will be brought into Washington will be furnish
1929.
x1928.
Calendar Years$1,822,633 $1,739,678 by a subsidiary of the Columbia Gas & Electric Co., which will connec
Gross operating revenues
800,572
719,948 with a subsidiary of the Washington Gas Light Co. at Rockville, Md.
Operation
193,510
252,665 The proposed contract will run for five years.
Maintenance
Reports that the Koppers Co. of Pittsburgh had taken over control o
106,005
114.364
Taxes
Washington Gas were denied by Mr. Wood.
In announcing the company's intention of bringing natural gas into
$661,059
$714,187
Net operating revenues
19,725 Washington, Mr. Wood said this is only the first step in a program o
54,958
Non-operating revenues
Merchandise Sales.
Calendar YearsOperating revenues
Operations
Maintenance
Taxes (other than Federal income tax)
expansion.
Total revenues
Interest deductions
$769,145
526.921
"The District and outlying sections are considered outstanding potentia
$680,785
-V. 130, p. 975.
313.157 fields for consumption of gas," he said.
$367.628
Available for Federal taxes. reserves & dive., &c. $242,224
x As indicated in the 1928 annual report, the properties were acquired
and the securities of the company were issued at so many various dates
during that year that the 1928 figures for the company would not reflect
the actual situation of the company. The figures given were intended to
reflect what the properties owned at the end of the year accomplished in
the year rather than the actual receipts and disbursements of the company, which acquired its water properties and approximately half of its
telephone properties as at Dec. 11928.
The figures for 1929 include, as to the Ashland Home Telephone Co.,
only income received from the Ashland company, not the interest of the
-V.131,p. 1714. 1098,
company in.theitotal earnings of Ashland company.
-To Sell Amherst Gas and
Western Massachusetts Cos.
Easthampton Gas Shares.
Oct. 6 to vet
A special meeting of the stockholders has been called for
on giving the trustees authority to sell capital stock of the Amherst Gas Co
and Easthampton Gas Co.
In a notice to the stockholders, President G. W. Lawrence says: "Tota
Co. ha
outstanding stock of the Amherst Gas Co. and Easthampton GasAmhers
been held by trustees since the association was organized. In 1929
Gas and Easthampton Gas severally sold their electric plants and busin
to the Western Massachusetts Cos. These sales were approved by th
Massachusetts Department of Public Utilities and immediately after th
sales the capital stock of Amherst Gas was reduced from 6.000 to 1,20
shares and capital stock of Easthampton Gas was reduced from 1,800
-Income Account.
Standard Public Service Corp.
600 shares. Except for these two companies the business of our operatin
constituent companies is substantially confined to the production an
x1928.
1929.
Calendar Years-V. 131. P. 939.
$1,036,782 $1,028,713 sale of electricity."
Operating revenues
449,402
446,417
Operation
-To Purchase Plant
Western Power Light & Tel. Co.
207.342
146,055
Maintenance
For the third time a proposal to sell the municipal electric and gas plan
51,611
54,013
Taxes (other than Federal)
of Danville, Va.. is to be submitted to the voters, who on two occasions
tents
$390,297
$320.358 the last four years have rejected smaller bids. This time the figure
Net operating revenues
8,714 tively accepted by the City Council, subject to a referendum on Oct. 14
2,486
Non-operating revenues
bid of the Western Power, Light & Telephone Co. o
is 14,300,000, the
$329.072 Kansas City.
$392,782
Gross income
The Western company's proposal was accepted over that of the Tr
174,000
174,000
Interest charges, 1st lien bonds
plants an
8,721 Utilities Corp. of New York, which offered $4,350,000 for the It was con
7,405
Other interest
whose offer had been recommended by engineers after a survey.
assure
$146,350 tended, however, that the recommendation was based on an compan
$211,377
Balance avail. for Fed'I taxes, reserves & divs-secondary power, the Tri-Utilities
x The present corporation began business as at Dec. 1 1928. These demand for both primary and in Patrick County,and that the city woul
proposing to build a hydro plant
figures include operating results of predecessor corporation for 11 months benefit more from the steam-plant development advocated by the riv
and annual interest charges on funded debt outstanding at Dec. 31 1928. bidder.
-V. 131. p. 1567, 790.
-V. 130. p. 3880, 3713
-Changes Name, &c.
State Line Generating Co.
The name of this company has been changed to Chicago District Electric
Generating Co.
A supplemental petition was filed with the Indiana P. S. Commission
asking that such order as the Commission might enter on the company's
application filed Aug. 1 1930, for the issuance of securities, be entered in
favor of the company under its new name,rather than under the name State
Line Generating Co. '
The company owns and operates a large electric generating station on the
shore of Lake Michigan at the Indiana-Illinois State line In Hammond.
The entire output of the station has been contracted for by the Commonwealth Edison Co., Public Service Co. of Northern Illinois, Northern
Indiana Public Service Co.. and Interstate Public Service Co. As the
greater part of the energy purchased at the generating company's property
line is distributed by the electric supply companies over a large area comprising what is known as the "Chicago District," officials of the company
felt that the the new name would be more descriptive of the generating
Company -V. 131. p. 938.
-Brings in First Well to Supply
Texas Gas Utilities Co.
New Territory.
The first of five additional natural gas wells being drilled by this company on its Zavala County, Texas, holdings to supply gas for market demands in territory being opened up by construction of new pipelines has
been brought in at a depth of 1,211 feet, according to an announcement
made by the Appalachian Gas Corp. the parent company. The new well
will be connected to the main pipeline serving the city of Uvalde, and will
ab3o supply the new pipeline now under construction which will extend to
Crystal City, Carizzo Springs and the "Winter Garden" district of Texas.
It is expected that the latter area will consume a large volume of natural
gas as fuel for irrigation pumps.
-V. 131, p. 1567.
Texas
-Louisiana Power Co.
-Earnings.
For inco ne statement for 12 months ended July 31 see "Earnings De-V.131, p. 939.
partment" on a preceding page.
-Debentures Offered.
Twin States Natural Gas Co.
E. R. Diggs & Co., Inc., New York, are offering at 983i,
and int., to yield over 6.75%, $2,500,000 convertible 6%
gold debentures. Company owns and operates, directly
or through its subsidiary, natural gas properties in West
Virginia, Pennsylvania and Kentucky. These debentures
are convertible, after Feb. 1 1931, into class A stock. The
holders of the class A stock, under the present dividend
policy, have the option of receiving dividends in cash at the
rate of $1 per share per annum or of applying such dividends
to the purchase of class A stock at the rate of 10% per
annum. Further details are given in V. 131, p. 1422.
Underground Electric Rys. Co. of London, Ltd.
Bonds Called.
There have been called for redemption as of March 2 1931 a total of
£1,414,270 6% income bonds at 103 and int. Payment will be made on
and after March 2 next at the bondholders option either at Westminster
-Earnings.
Wisconsin Hydro Electric Co.
For income statement for 12 months ended July 31 see "Earnings Depart
-V. 127, p. 2821, 547.
ment" on a preceding page.
-To Retire Beloit Tr.Bonds
Wisconsin Power & Light Co.
Pow
Parson,Son & Co.of this city have been advised that the Wisconsin
& Light Co. has purchased,the Beloit Traction Co., Beloit, Wis., and tha
Beloit State Bank, Beloit, Wis. to pay off a
funds are deposited at the
100 and int., the Beloit Traction Co. let mtge.5% bonds, due April 1 1932
It is understood that the bonds will be paid off as soon as they are a
-V. 131, p. 939, 272.
assembled in the bank mentioned.
-Earnings.
Wisconsin Public Service Corp.
For income statement for 12 months ended July 31 see "Earnings D
-V. 131, p. 1099, 477.
partment" on a preceding page.
-Earnings.
Wisconsin Valley Electric Co.
For income statement for 12 months ended July 31 see "Earnings D
-V. 131, p. 1099, 477.
partment" on a preceding page.
-Extra Dividend.
Worcester Suburban Electric Co.
The directors have declared an extra dividend of $1.50 per share
addition to the regular quarterly dividend of $1 per share, both payabl
Oct. 10 to holders of record Sept. 15.-V. 124, p. 1068.
INDUSTRIAL AND MISCELLANEOUS.
-Leading producers of copper on Sept.
Prices of Copper Reduced.
made a further reduction of g of a cent a pound to 10% cents a pound
delivery to the end of the year. "Sun," Sept. 19, p. 46.
-American Brass Co. has reduced
American Brass Reduces Prices.
brass and copper products including scrap and seamless tubes ji cent
pound. "Wall Street Journal," Sept. 15, p. 16.
-day
I. T. U. Votes Down 5
-A proposal to adopt the 5
-Day Week.
was voted down on Sept. 13 at the annual convention of the Internee
°graphical Union. N. Y."Times," Sept. 13, p. 8.
ills Urge to End Women's Night Work.-Abolltion of night work f
women and minors in the cotton mills of the country, effective not la
a mes sep 1 13 a. .n
tbTin Myrch l t 931 hpS bbeene urged by the Cotton Textile Institute. N.
. .
Matters Covered in the "Chronicle" of Sept. 13.-(1) New capital flotatio
during the month of August and from Jan. 1 to Aug.31, p. 1620;(2) Angus
-total for en511
chain store sales below those for the same month of 1929
months of 40 companies shows little change as compared with similar pen
last year, p. 1629;(3) No tire price cut expected now-Akron manufactur
declare 2
-cent reduction on rubber cannot go to consumer, p. 1631; (4
Tire firms cut salaries-Firestone and Seiberling follow Goodyear in 10
-America
reduction, p. 1631; (8) Plan to unionize beet sugar workers
Federation of Labor takes up plea of 10,000 workers in Western fie'
p. 1638; (8) Linoleum prices cut by large producers-Congoleum-Nair
and Sloane reduce hard-surface lines 10%. P. 1640; (7) Oklahoma Co
vacates Julian Oil Co. writ-sustains authority of State Commission o
proration of crude oil, p. 1640; (8) Transamerica Corp. adds to Italia
holdings-plans further acquisitions here and abroad, p. 1651;(9) Mark
value of listed shares on New York Stock Exchange sent. 1,07,721.086m
compared with $67,221,337,495 Aug. 1, P. 1652; (10) Volume of shares so
on Chicago Stock Exchange first eight months this year exceeds that f
same period last year, p. 1652; (11) San Francisco Stock Exchange &lop
new rules governing conduct and remuneration of customers' men,
FINANCIAL CHRONICLE
SEPT.20 1930.)
Stock Exchange at record figure of
1653; (12) Stocks listed on Los Angeles York Mining Exchange opens for
131,901,194 shares, p. 1653: (13) New
Cincinnati brokerage
1653: (14) Creditors of Roberts & Hall, 0,000 2%% Treasury
trading. P.
g pf $325,00
'house, get 331-3%. p. 1654; (15) Offerin total $1,237,000,000, P. 1655:
certificates of indebtedness—subscriptions
Treasury notes, series "A"
(16) Treasury Department to redeem 3;4%
and "B' 1930-1932. P. 1656.
go.—Smaller Dividend.—
Acme Steel Co., Chica
d of 62;ec. per share,
The directors have declared a quarterly dividen places the stock on a
22. This
payable Oct. 1 to holders of recent( Sept. "Present reduction in volume
against $4 previously.
$2.50 annual basis,
nt R.H.Norton.—V. 131, p. 790
of business guided our action," said Preside
eed,
Affiliated Group, Inc.—Trust SharesngOffered.—R d
"Consolidate
Turner & Co., Kansas City, Mo.,are offeri ownership cerTrust Shares" representing participating t $8%).
tificates in common stock, at the market (abou 50, 100, 250, 500
1897
explained that the directors
When the bankruptcy petition was filed it was owiltel debts which it was
the company
had authorized the action because depressed conditions in the Industry did
unable to pay in full and because of the manufacturing Wants and had
not permit operation or leasing
capital.
depleted the company's workinga principal item of $3,112,500 outstanding
Included in the liabilities was
0. These bonds
with accrued interest amounting to $109,99 assumed by the
coupon bonds,
and were
were originally issued by the D. G. Dory Corp. of Oct. I 1923, with the
to an agreement
Amalgamated Silk Corp. accordingtrustee. The bonds, according to the
New York Trust Co. acting as
ge upon property of the company
schedule, were secured by a first mortga
than the face value of the bonds.
which was said to have a value greaterwas made up of a debt of $1,158,950
indebtedness
The rest of the secured
. This debt, according to the
owed to William Iselin & Co., its factors
dise.
papers, was secured by liens upon merchan Silk Corp. were listed as It.
amalgamated
The principal assets of the
at York, Allentown, East Mauch
14 mills, of which the largest are located N. Y., and Norfolk, Va.
Chunk and Kutztown Pa.; Binghamton,
$1,437,067, apart from the value of
The value of the mills was given as
fixed separately at $2,336,766. The
machinery and fixtures, which was the company was given as $1,492,681.
to
total value of real estate belongingof the company was valued at $1,042,702.
The merchandise in the possession
—V. 131, D. 1715, 1567.
denom. of 10, 25,
Bearer certificates in coupon form, in semi-annually, June 30 and Dec.
and 1,000 shares. Distributions payable City, Mo., trustee. Affiliated
Kansas
at the First National Bank,
31,
New Wells.—
Group, Inc., depositor.
Amerada (Oil) Corp.—Completes Three new wells in New
nts a 1-2000th participating nonion of three
Each Consolidated Trust Share represe unit of common stocks deposited
or
The corporation announces the complet g of Its first well in Kettleman
startin
voting ownership in the following group
the Affiliated Group, Inc., de-. Mexico and Oklahoma fields and the
under a trust agreement by and between
City, Trustee.
Hills, Calif.
Mexico, State B Nos. 1 and 2,
positor, and the First National Bank of Kansas
Two new wells in the Hobbs Pool of New lease in that Hold and assured
ive
No. of
No. of
have established Amerada's third product y. These wells are producing at
Industrials
Shares.
Railroads
400 acres of proven territor respectively.
Shares.
company
4 American Radiator & Standard Sani- the rate of 2,000 and 10,000 barrels daily,
4 Atchison T01,01,0 egt Santa Fe.
the
tary Corp.
1, has also been brought In
ma.
4 Canadian Pacific Ry.
Another wildcat well, known as Tiger No.
4 American Tobacco Co.(Class B)
the Seminole district of Oklaho
Nashville RR.
4 Louisville &
adjacent to the Carr City pool in 250
4 Borden Co.
-acre lease, it shows an initial pro4 New York Central RR.
Drilled exclusively by Amerada on a
s & Co.
V. 131, p. 1567.
4 E.I. du Pont de Nemour
Wilcox sand.—
4 Pennsylvania RR.
duction at the rate of 2.000 barrels from
4 Eastman Kodak Co.
4 Southern Pacific Co.
irectors Ap4 General Electric Co.
4 Union Pacific RR.
can Agricultural Chemical Co.—D
Ameri
4 Ingersoll-Rand Co.
Present
Oils
4 International Ilarvester Co.
for Corporate Reorganization to Eliminate to be
ia
prove Plans
4 Standard 011 Co. of Californ
Stock
4 National Biscuit Co.
4 Standard 011 Co.(New Jersey)
l Impairment.—New Delaware Company's. .—In the
Capita
4 Otis Elevator Co.
Stock
4 Standard Oil Co. of New York
4 United Fruit Co.
Exchanged for Present Connecticut Company's ended June 30
4 Texas Corporation
4 United States Steel Corp.
Uiiiiliesny's annual report for the fiscal year directors were
compa
4 IN eninghouee Electric & Mtg. Co.
4 American Tel. & Tel. Co.
4 F. IV. Woolworth Co.
1930, issued on Aug. 15, it was stated that the which, when
4 Consolidated Gas Co. of New York
on
4 Western union Telegraph Co.
studying plans for corporate reorganizati to the stockas exists from time to time,
With each unit of shares as listed above, cash reserve fund to equalize definitely formulated, would be submitted
ed with the trustee a fully-paid
on have just been
nizati
there is deposit
holders. Plans for such reorgaof directors and are being
dividends.
Trust Share represents an undivided and
Security.—Each Consolidatedownership in the above listed unit of com- formally approved by the board
olders
and
fully participating interest
to the stockholders. A letter to stockh
Exchange, and held in trust for
mon stocks, all listed on New York Stock of Consolidated Trust Shares. submitted
and exclusive benefit of the holders tions have returned regular says.
the sole
Eliminated.
The underlying stocks of these great corpora excess of 30 years.
Impairment of Capital Must Be
in
dividends annually for an aggregate average
report, recently mailed to stockholders,
carry coupons which
In the company's last annual lity ofsome corporate readjustment which
Consolidated Trust Shares certificates h all returns from deYield—
althoug
to the desirabi
call for 30 cents per share semi-annually, trust agreement, are paid to attention was called present capital impairment. The 30 1930 balance sheet
terms of the
posited stocks, subject to theexistence of these shares over a period of would eliminate theof $21,939,920 applicable to the $61,777,326 preferred
,406.
showed net assets
lders. Assuming the
shareho
indicating a capital stock deficit of $39,837 the
would have returned an average
17 years up to Jan. 1 1930. these shares per share. The source of this and common stock, thus
dividends can legally be paid and, on
price
So long as this deficit exists, no present values and continuation of net
of 13.76% on the averagewould of $10
rate
have been (1) regular cash dividends; assumption of a maintenance of
above the last fivereturn from underlying stocks
stock received in form of stock divi- earnings at the rate of last year (which is substantially
im(2) extra cash dividends; (3) sale of
in excess of the original year average), it would be over 26 years from now before the capital
good. Thsu, under
(4) sale of rights: (5) sale of additional stock
dends;
since 1923, could be made
split-ups.
four shares received from stock for the sale by the trustee of all stock re- pairment, already existingearnings must, in effect, be impounded for a long
The trust agreement provides of each stock held and the cash proceeds present conditions, all net
ceived in excess of the four sharestogether with all cash dividends received. period of time.
of the stockholders to perpetuate a
can it
It is obviously cantrary to the interest
shall be distributed semi-annually ) An active market will be maintained by
tely forego dividends. Neitherknown be
in
it is
situation where they must indefini
Marketability or Conversion.—(1
dealers at all times. Bearers of expected to maintain a high morale within the companygif produce, can
workin to
the syndicate managers and associated
y.1 unit (500 shares) may surrender certifi- advance that earnings, which the organization is
certificates totaling less than and receive therefor a sum in cash equal to
purpose than to reduce an enormous book
other
cates at any time to the trusteeof the applicable portion of deposited stocks, for many years serve no
for expansion and development are
Furthermore. opportunities y has available stock which has divithe proportionate market value
less actual odd lot brokerage deficit.
the compan
reserve fund and accumulated distributions, times by the depositor with seriously curtailed unless
be used as a basis for consolidations or
dend possibilities and which can
costs. A revolving fund is maintained at all
ion.
ring plans for
the trustee to facilitate this cash convers unit (500 shares) or any multiple acquisitions.
ngly for some time been consideeffects of the
34,
Your directors have accordi will eliminate the paralyzing
(2) The bearer of certificates totaling to
trustee and receive therefor
readjustment which
thereof may surrender them at any time of the
deposited stocks together with a capital
ment of the capital stock.
% unit
in exchange, the corresponding
existing large Impair
and accumulated dividends.
the proportionate share of the reserve fund which these stocks are deposited
New Delaware Subsidiary.
No Substitution.—The agreement under trust, absolutely eliminates any
stockholders referred to the fact that prewith the trustee, providing or a 21-year case of merger, consolidation or
The recent annual report to
already been taken through he concentration
changes in the above securities, except in should break its long dividend liminary steps to this end had American Agricultural Chemical Co. of Del.,
the
any chance any stock
s in
no
reorganization. If by
on of the depositor. However, of assets and busines
company, with only one class of stock, i.e.,
record, the stock may be sold at the discreti pay a dividend for 100 days a wholly owned subsidiary substantial part of your company's properties
fall to
n stock. A
balance
should any of the above corporations
d, it becomes mandatory upon the trustee value commo now vested in this Delaware subsidiary, and the tment is
after passing its usual dividen
stock. The proceeds from this sale Is accordingly be transferred before the plan for capital readjus
to sell that particular corporation's
is expected to
the Delaware company has been subnext semi-annual dividend date.
will then be distributed pro rata at the listed on the Board of Trade of declared operative. Furthermore, y as the obligor on the outstanding
compan
Listed.—Consolidated Trust Shares
stituted for the Connecticut ge bonds. A situation thus results wherein
mortga
of the 7%
Kansas City. Mo.
company, has become a holding company
Missouri July 21 1930. Company balance
company, the Connecticut of the Delaware company. The latter
Affiliated Group,Inc., was organized in
stock
and generally dealing in invest.- your
business of buying,sellingtion, and further is fully auth- which owns the common bonds, conducts the business, makes the profits
may engage in the
out
ment securities of every nature and descriptrust company organized under company has assumed the
impairment, is in a position to pay dividends
orized to deposit securities at any bank oror any State thereof and obtain and, not having a capital
icut company
the laws of the United States of America bank or trust company against of profits.
interest of the stockholders of the Connect stock of the
It is clearly in the
and sell certificates of interest issued by said
opportunity to acquire directly the
that they should have an than leave this stock as the sole asset of the
the deposited securities.
that such
Delaware company rather
ance Corp.—Status.—
This latter course would have the result be passed
company.
Air-Way Electric Appli
y might pay could not legally be held in
reduction of the common divi- Connecticut
President Tracey, in connection with thely, said: "On Sept. 1, the com- dividends as the Delaware compan
would have to
icut company stockholders, but Its capital impairment.
per share quarter
Connect
dend from 62Si to 315ac.
was ample to pay the full dividend on to the y of the Connecticut company, due to
pany had bank deposits of$65,141, which
ed business in July and August the treasur distribution of stock of the Delaware company to Connecticut
Any such
on the common stock, but ineview of decreas g the common dividend.
proper apportionment becash by reducin
lders involves the problem of
directors decided to conserv
a 50% increase in business company stockho ed and common stock of the Connecticut company.
"The first 10 days of September have shown
the preferr
During the past 12 months the tween
atical.
over the corresponding period last year.
Present Value of Common Stock Problem
ed
new heating system
of
company has put $240,000 in cash into the its first opportunitypurchas
n stock has at the present time a position on
to realize
It is clear that the commo
Erie Heating Co. and this fall will be
from
The current annual dividend requirements
very problematical value.stock amount to $1,707.312 per annum and these
on the investment."—See V. 131. p. 1715.
•
the outstanding preferred The accumulation
unpaid preferred dividends
Alaska Juneau Gold Mining Co.—Earnings.-- Aug. 1929. dividends are cumulative. amounts to 116,219of as of Oct. 1 1930. On
,464
and
Aug. 1930. Jule 1930.
dates from April 1921average earnings hereafter would increase to as much
Month of—
334.050
341.950 the assumption that
353.850
to making good the
Tons mined
1296.500
$268.500
1317.000 as $2,000.000 Per annum,and if these were applied firstof such income paid
Cash received from output
175.500
185 000
176.000 present capital impairment, and thereafter every dollar
Operating expenses
and current preferred dividends, it
accumulated
and applied to paybefore any profits could legally be paid as dividends
$93,000
$111.500
$141,000 out
be over 160 years
Operating profit
8,500
8.000 would common stock.
7.500
Development expense
on the
2.600
3,000
9,100
Value of Present Preferred Stock.
Interest
on
e entitled to a preference In the assets
181,500
1101.400
1123.900
The preferred stock is likewis a liquidation of the company. it Is highly
Balance
s due to
dissolution, and, in the event of
Street Journal":
be realized even the preferentia amount
The following is taken from the "Wall
ons of company is enabling the company unlikely that there could common stock of the Delaware company, which
"The present rate of operati at an accelerated rate, and $77,608 was
preferred stock. The
icut company distributable on
to retire its funded indebtedness . At the beginning of this year, total the
constitute the sole asset of the Connect
would
August
the equivalent of $77 per share
applied in that direction ined to 1873.400. At the end of August only dissolution, has an asset value calculated at icut company. This preferred
ding amount
Connect
the
bonds outstan
be retired. This is a reduction of of outstanding preferred stock of $100 per share, with accrued preferential
approximately $375,000 remained to
e that the remaining $375,000 stock has a capital preference of
57% in eight months. It is now probabl
share.
outstanding will be retired by the end of this year. dividends of $57 per
ar value of bonds
e of Storks.
al mining
have
Plan of Readjustment—Basis of Exchang
Metals of the company believe they presentpotenti profit forterritory
at least
rate of
at the
foregoing considerations, your directors have now
sufficient to warrant operations 1715. 940.
As a result of the readjustment, under which, if the plan is adopted,
p.
another 50 years—V. 131.
formulated a plan of in exchange for the present preferred and common
e,
—Depositary.—
there will be issuablicut company, 317,875 shares o no par value common
Allerton Corp.r
depositary
Central llanove Bank & Trust Co. has been appointed s and issue stock of the Connect an Agricultural Chemical Co. of Delaware. 284,552
The
dated Sept. 2 1930 to accept deposit
of the Americ issuable for the present preferred stock of the Connecstock
under protective agreement
be
a
basis
i.mh o iss
of deposit for
certificatesbonds.—V. 131.11.848.000 6% sinking fund convertible gold of these shares willa share-for-share basis, and 33.323shares wiitibefissuable
on
p. 940.
ticut company,Connecticut common stock, on the
of
debenture
present
the
each share of
Corp.—Files Bankruptcy Schedule.— for new Delaware stock issuable forthe exchange Isthe present Connecticut
Amalgamated Silk
fully consummated, the
assumption that
[Petition in bankruptcy two weeks ago, of
The corporation which filed a United States Court bankruptcy schedules common. On thestockholders as a class would thus own over fte% of the
clerk of the
present preferred
filed Sept. 12 with thees of $4.566.512 and assets valued at 15.186.809.
stockholders as a class would own slightly over
business and the common
showing total liabiliti
all the claims against the company were 10% of the business. Your directors believe that this adequately reflects
The schedules showed that claims totaling $166,672.
secured except numerous small
1898
FINANCIAL CHRONICLE
[VOL., 131.
such residual value as inheres in the present common
stock
however, problematical it may be,renders it inappropriate that and which, this development with interest, and in some
stock should be wholly excluded from participation in a plan the common gotiations with the company for it to supply instances have opened netheir population with this
of voluntary same water or similar water.
reorganization.
The Pinellas Water Co.,
with
Non-Assenttng Stockholders Rights Will Not Be Legally Impaired.
Corp. and Intercontinents togetherCo., General Water Works & Electric
are all under the direct control
of American Equities Co. Power
To the extent that the Connecticut company stock is exchanged for
-V. 131, p. 1717.
stock
of the Delaware company, the exchanging stockholders
will, through the
American Founders Corp.
medium of their holdings in the Delaware company,own
-2nd
.
The entire issue of 2nd pref. stock has beenPref. Stock Called.
the entire business and properties heretofore owned their percentage of
company with the advantage that they will be in a by the Connecticut next at 273i at the Chase National Bank, Newcalled for redemption Nov. 1
position to receive
York City.
-V. 131. p. 622.
dividends paid out of the earnings. To the extent that stockholders of
the
American Hide & Leather Co.
Connecticut company do not elect to exchange, there will
-New Director.
Otis
Connecticut company that amount of stock of the Delaware be left with the
company which -V. Glazebrook, of G. M.P. Murphy Co., has been elected a director.
represents a proper proportion of the assets, so that the position of any non131. P. 941, 1100.
depositing stockholders will not have been legally impaired
•
If all of the
American Mathis Inc.
Connecticut company stock is exchanged, that company will disappear.
-Stock
The company with offices at 471 Park Offered.Ave., N.
Reorganimtion Committee-Depositaries.
subscriptions for the class B stock at $15 per share. Y. City Is receiving
In order to effectuate the plan, a reorganization committee, consisting of
Company was incorporated
Horace Bowker, John Foster Dulles. Charles Hayden and George C. Lee, capital of 60.000 shares class in Delaware Aug. 11 1930 with an authorized
has been appointed and has entered into a deposit agreement designating stock and 500,000 shares classA non-cumulative, non-voting 7% preferred
B
The company is organized to (no par value) common stock.
Chase National Bank, New York. and Lee, Higginson Trust Co..
as depositaries. Stockholders desiring to make the exchange should Boston. the well known Mathis car, an build and offer for sale in the United States
arrange
attractive small car that enjoys a splendid
promptly to have their stock certificates endorsed in blank, witnessed and reputation in
.
delivered to either depositary, which will issue in exchange therefor its
immediate needs American
transferable certificates of deposit. Application will be made to list these working capital, which will be provided Mathis, Inc., equires $3,000,000
through the eale
certificates of deposit on the New York and Boston Stock Exchanges. 30,000 shares class A stock at $50 per share, each share of
of class
Upon the plan being declared operative, the stock of the Delaware company
A to receive one share of class B
of class A stock will provide stock as a bonus. The proceeds
will be issued against surrender of the certificates of deposit and application
$1,500,000
made to list the stock of the Delaware company on the New York and Boston 100,000 shares class 13 stock at $15 per share, to net
the company 1,500.000
Stock Exchanges.
It is provided in the deposit agreement,among other things, that the plan
Total
$3.000,000
will not be declared operative unless. in the opinion of the committee
After giving effect to the financing as above outlined,
the position of the company will be as follows:
named, deposits are sufficient to justify this course. If the plantherein
is not
declared operative, the deposited stock will be returned without cost.
Class A authorized 60.000 shares: Issued for cash, $30,000
held in •
treasury, 30,000 shs.
Time for Deposits Fixed as Nov. 1.
Class B authorized 500.000 shares: Issued for cash, 100,000 shs.•,
bonus
Nov. 1 1930 has been fixed as the time within which deposits of stock for class A stock, 30,000 shs.; for use of name, use of special tools, drawings
and blueprints covering the complete Mathis line of
should be made.
for the United States, together with contract for small cars,selling rights
the manufacture of the
Success of Plan Insures Expansion of Business.
company's requirements for a term of years
-the
Failure to effectuate a plan for substituting stock of the Delaware com- above lamed for control. 300,000 shs.; held in (subject to cancellation)
treasury, 70.000 shs.
pany for that the of the Connecticut company, with a continuance of
E. E. C. Mathis and his associates are to be given
the
present situation, means no prospect of stockholders of either class receiving of 18 months to purchase the 70,000 shares held in an option for a period
the treasury at $50 a sh.
any dividends for a ;mat many years. Acceptance of the plan
It
will mean first is estimated that 50.000 cars can be manufactured and sold during the
that the current earnings of the business may hereafter be legally paid out
year. After providing for the dividend
as
dividends. Furthermore, the new capital set-up will permit of important that the earnings applicable to class B stockon the class A. it is estimated
will approximate $1.000.000.
additional advantages which, in the judgment of your board,
equal to 20% of the entire authorized capital. A
stantially improve the future prospects and earning power of themay sub- the production for the second year is, 100,000 cars,conservative estimate of
with earnings
The plan is unanimously approved by your board of directors, asbusiness. to the class B stock in 0XCeSi3 of $3,000,000, equal to 60% of applicable
the entire
being to
the advantage of all of the stockholders, and stockholders are urged to authorized capital.
expedite its adoption by promptly depositing the stock.
Officers and Directors.
-E. E. C. Mathis, President, Paris, Frame:
Gaston Liebert, Vice-Pres. & Sec. (Minister Plenipotentiary in the French
Consolidated Balance Sheet as of June 30 1930.
Diplomatic and Consular Service), New York; H. W. Alger, Treas..
(American Agricultural Chemical Co. (of Delaware)]
Chicago; Edward Ver Linden (Pres. Central Oil Co.) Detroit; Edouard
Cournand (Treas. and
Assets
General Bronze Corp.) New York:
E. J. Hall (Vice-Pres. American Car & Foundry Motors
Cash
Vice-Pres..
$6,728,212 Accts. payable & accr. liab.__
Co.) New York;
Accts.& notes receiv., less res 10,528,376 Accrued interest on bonds_ _ _ $911,504 Charles B. Bohn (Pres. Bohn Aluminum Co.) Detroit.-V. 131, p. 1259.
277,813
Inventories at cost, or market
Deferred credits
118,107
American Pneumatic Service Co.
if lower
6,566,304 Reserves for contingencies &
-Omits 2nd Pref. Div.
.
The directors have voted to omit the quarterly dividend of 75 cents per
Unexpired ins., prepaid taxes
Federal taxes
2,625,978
& deterred charges to future
Funded debt
8,666,500 share due Sept. 3000 the 6% non-cum. pref. stock, par $50. This rate had
been paid from March 31 1929 to and incl. Juno 30 1930.-V. 131,
operations
561,892 Capital and surplus
b21,939,920 V. 130,
P. 731:
Sinking fund for redemption
p. 3355.
of mortgage bonds and
American Products Co., Cincinnati.
trust funds
49,847
-Omits Div.
The directors have voted to omit the regular quarterly dividend ordinarily
Capital assets
al0,105,190
Payable at this time on the common stock. The last distribution on this
issue was 50c. per share made on July 1.
Total
$34,539,821
Total
$34,539,821
The directors issued the following statement:
[After giving effect to the consummation of the plan of readjustment.]
"In order
a Land, buildings, machinery and equipment, less reserves, $6.102,018: for Possible to conserve the company's assets to build a reserve to provide
phosphate rock deposits, less reserves, $1,796,047: properties not required conservative contingencies in the future, it seems that to adopt an ultrapolicy
for operating purposes and sundry investments, less reserves, $2,206.524; and the company."in this respect is for the best interest of the stockholders
-V. 131, p. 1717.
good will, brands and trade marks, $1. b Represented by common stock
of no par value, 317,875 shares, $17,483,125; surplus, 84,456.795.
American Steel Products Co.
-Bonds Called.
Officers.
-AS a meeting of the directors Sept. 17, the following officers
All
were elected: Horace Bowker, Pres.; Ralph A. Powers, Executive V.-Pres.: called of the outstanding 1st mtge. 6% serial gold bonds were recently
for redemption as of Sept. 1 at 101 and interest at the Northern
Ernest E. Hammersen, V.-Pres. & Compt.; Louis H. Carter. V.-Pres. in Trust Co.,
trustee, Chicago, Ill.
-V. 123. P. 1765.
Charge of Manufacturing: Anthony B. Arnold, V .-Pres. in Charge of Mines,
Engineering Traffic and Real Estate: Albert W. Goeller, Treas. and James
American Thermos Bottle Co.
-Earnings.
A. Starrett, Sec.
' -V. 131, p. 1715, 1258. 1251.
For income statement for six months ended June 30see "Earnings Department" on a preceding page.
-V. 130, P. 3716.
•
•
American Depositor Corp.
-More Than 8,000,000 Corporate Trust Shares Now Outstanding.
-
American Trustee Shares Corp.
-Extra Dividend, etc.-
A semi-annual dividend of 37.180 cents and an extra div. of 14.051 cents
More than 8.000,000 Corporate Trust Shares are now outstanding in have been declared on the diversified trustee shares, series B, payable
the hands of investors, according to John Y. Robbins, Pres. of the Adminis- Oct. 1. Together with the April 1 dividend, this represents an annual
trative and Research Corp. of New York. Of this total, more than 7,000,- distribution of $1.25872 per share.
Thb; also compares with 35.4c. regular and 9.698c. extra paid on Oct. 1
000 shares have been distributed since January 1 of this year, which is said
to constitute a record for the sale of investment trust securities of the fixed 1929.
type. This record is considered noteworthy in view of the fact that these
W. A. Harriman (President of W. A. Harriman & Co., Inc.), Charles
trust shares were not actively offered in the Eastern section of the United A. Munroe (a director of the Columbia Gas & Electric Corp.) and Charles
States until March of this year.
B. Seger (Chairmansof the Executive Committee of the Union Pacific
On June 30, the trustee distributed to holders of Corporate Trust Shares RR.) have been elected directors.
$7.537,946. Notwithstaoding this substantial payment to shareholders.
John L. Guinter (of W. A. Harriman & Co.) has been elected Treasurer.
Mr. Robbins said, the trustee now holds more than $4,000,000 in a cash -V. 131. P. 1423.
reserve fund to stabilize future distribution. Interest on this reserve fund
is paid to shareholders.
American Woolen Co.
-Balance Sheet June 30.-V. 131, p. 117.
1929.
1930.
1920.
1930.
American Eagle Aircraft Corp.
A ssets
-To Decrease OutPlant & mill fixstanding Shares.
Common stock_ 40,000,000 40.000,000
-New Issue of Debentures Proposed.
tuna
49,491,690 50,626,378 Preferred stock_ 50,000,000 50,000,000
A special meeting of the stockholders has been called for Oct. 6 to vote
4,226,104 2,675,781 Sub. cos. stock_
300
300
on a proposal to reduce the present no par common stock from 2,000,000 Investments
Wool de fabrics,
Shawsheen notes 5,500,000 5,500,000
shares to 200,000 shares, to be effected by the exchange of one share of
raw, wrought
Webster notes__ 5,500,000 5,500,000
new stock for every ten old shares held.
di in process.
Notes payable_ _
307,200 2,531.700,
The stockholders also will be asked to approve an issue of $500,000
and
• % 15
-year sinking fund debenture gold bonds. Stockholders will re- Cash supplies_ _ 26,774,288 40,411,147 Cure, accts.. &c. 1,831,301 5,866.908
ceive the opportunity of utilizing one-half of their holdings of new stock, Accounts recelv- 17,485,076 6,922,392 Mtge. on N. Y.
City bldgs___ 1,840,000 2,032,000
based on the current market value, to apply on the purchase of the bonds.
able(net) _
13,150,202 22,072,577 Undlv. profits_ - 7,141,867 11,414,002
The stock so purchased will revert to the treasury.
Bank aceept'ees
-V. 131, p. 1717.
885,101
Deferred charges
105,707
136,635 Tot.(ea. slde)112,120,668 122,844,910
American Equities Co.
-Pinellas Water Co. System
Our usual comparative income account for the six months ended June 30
was published in V. 131, P. 1568.
Supplying St. Petersburg, Fla., Officially Opened.
This company announces the completion of the Pinellas Water Co.
American Zinc, Lead & Smelting Co.
-New Directors.
system for the supplying of water to the City of St. Petersburg, Fla.
E. E. Paine of Boston and Chester S. Breining of New York have been
St. Petersburg celebrated on Sept. 18 the opening of this new water
system, which was built during the past year, with a capacity of 10,000,000 elected directors, succeeding W. A. Ogg and Stephen L. Bartlett, resigned.
gallons of water per day, and it is estimated that eventually it will be -V. 131, p. 1259.
necessary to increase this capacity to 20,000,000 gallons per day. The
Anaconda Copper Mining Co.
water is brought to the city through 27 miles of 36-in, pre-cast concrete
-Receives Order.
The Pacific Gas & Electric Co. has ordered 4,250,000 pounds of 500.000
pipe from the great underground reservoirs in the vicinity of Cosme and
Odessa in the lake regions of Florida. This new water supply has been circular mils one-inch hollow conductor from the Anaconda company for
Placed in service one week before the date set by the contract and has been use in the construction of a 220 kilovolt double circuit transmission line
completed under the supervision of the General Management Corp., a between Tiger Creek in the Sierra Nevada mountains and Newark on San
subsidiary of the General Water Works & Electric Corp. and has been Francisco Bay. This is the largest individual order ever released for this
supervised in the field directly by Malcolm Phial% consulang engineer of type of copper cable, it is stated.
The stringing of the new line is expected to be started in March 1931,New York City. The pre.; st concrete pipe was manufactured by the
Lock Joint Pipe Co. and all of the construction work was done by the V. 131, p. 1568.
J. B. McCrary Co.
The Pinellas Water Co. has a contract with the City of St. Petersburg
Anglo American Corp. of South Africa, Ltd.
to furnish water to the municipality for a
The following are the results of operations for the month of August 1930:
a sliding
scale of charges based upon consumption. period of 30 years on delivered
This water is being
Tons
Total
to the city gates and the city will distribute
its present
Profit.
Revenue.
Costs.
distribution system. The city is using at thisthis water through y 3,000,000 Brakpan Mines, Limited Milled.
time approximatel
88,800
£141,516
gallons of water daily. Most of the home of the city had their own shallow Springs Mines, Limited_
72,000
145,690
4R3:811t
well soft water pumps and many of the big hotels, laundries and other West Springs, Limited.68,000
17,507
75,735
58,228
establishments had similar plants. With the new supply
the consumption -V. 131, p. 791, 1259.
is expected to at least double if not treble.
With the completion of this system supplying water to the City of St.
Arcturus Radio Tube Co.
-Increases Production.
-Petersburg, Pinellas Water Co. is the only company operating in Florida
Marked improvement in the demand for its radio tubes has enabled the
furnishing water to a municipality at its city gates. By reason of this, company to
many of the cities in this section and in other parts of Florida have watched At the low increase its production force from 180 in July to around 800.
employment point several months ago the production department
£6g:832
'I
EPT. 20 1930.]
FINANCIAL CHRONICLE
1899
This average is 6.5 times the average annual interest reonnel was reduced to 65. The increase in employment and production. to $148.921. this issue, and over twice the annual sinking fund for principal
quirements of
rding to President Chester II. Braseiton, is necessitated by actual and interest.
property of
ere and is not based on anticipated business. of the depression is past,
-Bonds are a direct first closed mortgage on all the circulation.
Security.
Indications are that the most trying period
the company consisting of all machinery and equipment, name,
the Arcturus company in a healthy position," stated Mr. DrageIton. Associated Press franchises. United Press and Consolidated Press franchises.
nand for Arcturus products is steadily increasing. During the entire
etc., and including the entire capital stock of the Citizen
recent
od of the general depression the company has consistently discounerd good will,
small Broadcasting Co., a radio station known as W WNC. Based on a
covered
bills and has not borrowed a dollar. The only fixed debt is one
together with other information obtained, the property or more
chase money mortgage on factory real estate. Substantial cash balances appraisal
of 51.500.000,
by this mortgage has an estimated value in excess
maintained in the banks and the ratio of current assets to current ha- than 234 times this issue of bonds. The bonds are unconditionally guarThis guarantee
ties is in excess of 12 to 1."-V. 130, p.4243.
anteed by several of the large stockholders of the company. by a deposit of
is in the form of an agreement which is specifically secured $70,000, and
-Earnings.
rmstrong Cork Co.
of
"Earnings New York Stock Exchange collateral valued in excess of the principals.
or income statement for six months ended June 30 1930 see
insurance policies aggregating $100.000 on the life of one with the trustee
artment" on a preceding page.
-Trust requires equal monthly deposits
Sinking Fund.
ohn J. Evans, President says in part:
and beginning Sept. 25 1931, equal monthly deposits
ofits have been adversely affected by the world-wide business depression for interest next due 12 months' period, $65,000 for interest and retirement
of the current year and were not sufficient to aggregating for each
ing the first six months
entire issue by
upward trend in business of bonds. This sinking fund is calculated to retire thethe open market
er the dividends paid during that period. The
be bought for the sinking fund in
ch was rather confidently predicted early in the year has not as yet made maturity. Bonds may
conditions existing in the corkwood market at or below the call price.
of
appearance. Due to special
world demand
-Proceeds will be used to retire the bonded indebtedness
Purpose.
in acquiring
Mg last season's buying period and the greatly curtailed
Asheville Citizen, and to liquidate indebtedness incurred
cork, there has been a downward trend in the prices of both corkwood the Asheville Times.
contingencies" was set up on the the
grinding cork. A special "reserve for
-• flee sheet of Dec. 31 1929, in an amount which it is believed at this
-Earnings.
Associates Investment Co.
Aug. 31 see
ing is sufficient to cover whatever inventory adjustment may be necesFor income statement for month and eight months ended 632.
at the end of this year.
-V.131, p. 1100,
page.
not "Earnings Department" on a preceding
fter a full discussion of the whole situation, directors, although
accumulated surplus of $13,209,000 for dividends
osed to drawing on the
-Omits Common Div. would
d
Atlantic Coast Fisheries Co.
which
ing this depression period-as in fact is being done this year-decide
extent of the
The directors have voted to omit the quarterly dividend
t in view of the uncertainty both as to the duration and the of its stockfour preceding
of
the company and
ordinarily have been paid about Sept. 1. In eachthisthe -V. 131. 1).
ent depression, the best interests of
issue.
25c.
rt
3,ers, a dividend of 30c. per share was paid on
..
tiers would be served by reducing the dividend payable Oct. 1 to
share. In this connection it is worthy of note that with the 25c. per share
received $2.12M per
Wend payable Oct. 1, the stockholders will have
-Merger Negotiations Dropped.
Atlas Plywood Corp.
disburseto in dividends during 1930, which constitutes the largest cash
-V. 131, p. 1260.
history.
See General Box Corp. below.
any year
nt for dividends that the company has made in a sudden of its to 1929
return
ireetors and officers, while not anticipating
-Sales, etc.
Automatic Voting Machine Co.
ditions, view the future of the company with the utmost confidence.
voting machines in
Sale of more than $1.700,000 worth of mechanical announced by this
y are convinced that company has lost none of its relative position in the
six months has been
during the past
ustries of which it is a part, and that when normal conditions return it Pennsylvania The company expects to maintain full capacity production
be better able than ever before to secure its full share of going business corporation. into 1931.
very
a profitable basis. In the meantime the management is making a has schedules well a decision by the Ohio Supreme Court permitting the use
Reversal of
the
ensive study of company's organization and operations, and this
of voting machines in that state will reflect favorably on business of
eady resulted in many improvements and economies.
company, which hopes to get orders for approximately 400 machines from
Sheet June 30 1930 (Incl. Domestic Subs.) (After Dayton, Ohio, valued at 6500,000.-V. 131, p. 1717.
olidated Balance
Giving Effect to Bond Issue.)
-Reduces Preferred Dividend.
LiabUUiesAutomatic Washer Co.
adsper share
51.500,000
Notes payable-banks
The directors have declared a quarterly dividend of 25 cents
ii
rec. 5,128,202 Accts. payable, accr.expenses 1,194.514 on the convertible preference stock, no par value, payable Oct. 1 to holders
tomers' notes & amts.
of
202,771 Paym. by cust. on acct. of
of record Sept. 15. Previously the company paid quarterly dividends
cellaneous accounts
uncompleted contracts..578,932 50 cents per share on this issue.
-V. 130. P. 1832.
1,899,459
e from foreign subs
122,599
15,349,895 Due to foreign subsidiaries.-eateries
-Subs, Stock Div.
619,624
Dividends payable
AutoStrop Safety Razor Co., Inc.
vs. to for. subs. & others
Ont. Canada, a
. 410,754
The AutoStrop Safety Razor Co., Ltd., of Toronto, sack dividend
or purch. of raw material_ 1,408,704 Prov. for Fed. income tax
dividend of 8% and a 100%,
5% gold dep.
cash
h approp. for cap.expend. 2,500.000 10-Yr. cony.
14,931,000 subsidiary, declared a value, payable Oct. 1 to holders of record Sept. 25.
bonds
892,871
paid expenses
the pref. stock, no par
Reserve for contingencies_ _ 1.000,000 subject to the approval of an application to increase the authorized capital
estrn'ts in wholly owned
cash dividend on
y$7,774,080
stock
4,885,574 Capital
$2,000,000. and have voted a 5% outstanding stock
ubsidiaries
27,343,980 from 51.000.000 to
917,332 Paid-in capital
be presently outstanding. All
dry investments
-V.
13,209,424 the 10,144 new shares to
Safety Razor Co., Inc., of New York.
equipment__ _x25,278,254 Surplus
p., plant &
Is owned by the AutoStrop
989,818
erred charges
131 p 1717.
356,596
d-up licenser, less amortiz.
-Omits Dividend.
$68,682,887
Total(each side
824,772
(B. F.) Avery & Sons, Inc.
od-will
ordinarily paid
The directors have voted to omit the quarterly dividend distributions of
• After depreciation of $8,685,584. y Represented by 1,239,247 no par
about Sept. 2. Previously, the company made quarterly
131, p. 1717. 1423.
tree -V.
-V.121, 14• 96.
$1.25 per share.
ty3
-Earnings.,Arnold Print Works.
1929.
1930.
Year Ended June 30)cr. inc.-Converting,engraving, &c.,less allow.. $5,062,439 $4,823,011
4,418,853 4,077,788
selling expenses
serating costs and
$643,586
$745,223
Operating profit
16,305
9,923
her income (net)
$761,527
$653,508
Total income
151,645
150,589
terest on bonds,and taxes paid at sources
73,961
54,264
deal and State taxes accrued
Balance of profit avail. for dive. and sink. funds.. 6448.655
$2.98
was. per eh. en 100,000 shs. corn, stock (no par)
Condensed Balance Sheet June 30.
1930.
Liabilities1929.
1930.
Assets-$217,700 $358,595 Notes & accts. pay $459,392
sh
Mal). accr. but not
Aes, accepts. &
699,480 due (incl. res. for
accounts rec.- - 774,532
Federal 8e State
654,844
dse. Invesntory _ 870,087
214,200
taxes)
vestrn'ts readily
130,563 1st mtge.(is, 1941_ 2,460,000
30,319
iarketable
1,500 Partic. pref. and
400
lice investmls._
1,974,200
pref. stock
.crued int. and
2,212 2d pf. stk.(no par) 175,000
1,333
dee!. dive. rec._
93,801 Common stock and
95,731
ndry adv. pay'ts
4,017,229
surplus
ml est., bidgs.,
rnach'y & equip. 7,281.108 7,222,799
19,147 Tot.(each stde).49,300,021
28.830
dented processes
•V. 129, p. 3475.
$535 922
Si.84
1929.
$423,509
216,729
2,555.000
2,000,000
175,000
3.810,502
$9,180,741
-Omits Common Dividend.
Artloom Corp.
The directors on Sept. 15 voted to omit the quarterly dividend ordinarily
1,yable about Oct. 1 on the common stock. On July 1 last a quarterly
Istribution of 25c. per share was made on this issue, BA compared with
-V. 131, p. 632.
)c. per share previously.
-Earnings.
Arundel Corp.
For income statement for 8 months ended Aug. 31 see "Earnings De-V. 131, p. Ma 1423.
irtment" on a preceding page.
-Merger.-Asheville Citizen Inc.
p. 2966.
-Bonds Offered.
-Citizens
Asheville Citizen-Times Co.
; Southern Co., Savannah, Ga., and Scott & Stringfellow,
2%,
tichmond, Va., are offering at 95 and int., to yield 63'
h00,000 1st (closed) mtge. 6% sinking fund gold bonds.
-V. 130,
See Asheville Citizen-Tenses Co., below.
-Merger.
Aviation Corp. of the Americas.
-V.131. p. 1101.
See New York Rio & Buenos Aires Line, Inc., below.
-Earnings.
Aviation Corp. (Del.).
see "Earnings DeFor income statement for 6 months ended June 30 1930
partment" on a preceding page.
F. G.
the announcement of the income statement. realizeil
Coincident with
includes charge-offs on
Coburn, President, said that the statement
These charge-offs and
and provisions for anticipated write-offs. prices on equipment and
losses
lower
Provisions are largely the results of current the corporation or its predeinventory and of ventures underaken by promise profitable operation.
which do not now seem to
cessor companies
from the McNarYNo benefits have as yet been realized by the corporation
thus far made very few
Watres Act. The Post Office Department has
but revisions of air mail rates contemplated by the
applications of the Act,
s contracts,
Act would be applicable to the majority of the corporation' low prices.
are at
which were taken by its predecessor companies and which Aircraft Corp.,
through its subsidiary, Robertson
The corporation, bidding
Express, was the sole bidder on the southjointly with Southwest Air Fast transcontinental airmail routes
-that beerly of the two proposed new
tween Los Angeles and Atlanta. via Dallas.
strong financial position; as at Sept. 15
The corporation continues in a of operating requirements, consisting of
1930 its cash resources in excess
general market securities
call loans, time deposits, Liberty bonds and
aviation industry), aggregated more
(not including investments in the$6 per share of stock issued and outexcess of
than $19,000,000, or in
-V. 131, p. 1717, 1424.
standing.
-Control Acquired by
Aviation Credit Corp. (Del.).
Sept. 15
-Chairman Richard F. Hoyt
om
C
sa srercial Credit Co.
Says:
facilities for financThe company was organized in Jan. 1929 to provide deferred payment
on the
ing the sale of aircraft, motors and accessories then generally available,
plan, because such facilities were not
or installment
lack of experience, then
since established finance companies, because of the establishment of this
regarded the business as too hazardous. Sincefrom experience that the
however, it has been demonstrated
Company,
financing other
risks of credit in financing aircraft are similar to those in company was
your
classes of merchandise, and the business for which
as a permanent department of one of the
formed can be carried on better
of this
large finance companies. Furthermore, the volume of business
company to date has not proved sufficient to support an independent
financing. It therefore
finance company devoted exclusively to aircraftwhich brought about the
seems to the management that the specific needAccordingly, stockholders
exists.
formation of this company no longer company, including several of the
owning 133.150 shares of stock in this companies. have sold their stock
and motor manufacturing
larger airplane
a share.
Interests in this company to Commercial Credit Co. at $23.06
and underwriters of the original stock of this company have canceled their
additional shares of stock. The directors arranged
options to purchase
purchase
with Commercial Credit Co. for it to make the enclosed offer to a share,
stock from the remaining stockholders at the same price of $23.06 accept.
to the advantage of all stockholders to
Which the board believes it is
[See also Commercial Credit Co. belowl-V. 131, p. 1424.
Dated Sept. 15 1930; due Sept. 15 1945. Denom. 61,000c*. Prin. and
payable at the office of the company, Asheville, N. C. or
.
t GA.
any office of Citizens & Southern National Bank,in the State of Georgia.
a whole or in part not less than $10,000 on any int. date upon 30
ed. as
Sys notice at 100 and int. Citizens & Southern National Bank, Sayan-To Pay 3% on Account of
Baltimore (Md.) Brick Co.
di. Ga. and Gordon L. Groover, trustees.
-Company is the successor by name of the merged Asheville Dividend Accumulations.
History.
Times. The Asheville Citizen was estabitizen, Inc., and the Asheville
(on account of the
The directors on Aug. 9 declared a dividend of 3% the 1st pref. stock,
Shed in 1868, being the sucessor of a weekly paper published under various
of accumulated dividends to Sept. 30 1930) on
Imes and established in July 1849. In 1885, the "Citizen" appeared as 8034°f the earnings of the company, payable Sept. 27 1930, to holders of
daily morning paper but was changed to the afternoon field in 1890, out of
18.-V. 127. p. 1810.
part,
rid resumed publication as a morning paper in the early part of 1902. record Sept.
-Bonds Called.
he Asheville Times, an eveninf paper, Is the successor of the
Baltimore Mortgage Corp.
'
a consolidation of the Daily Gazette," established in 1896, and
AS of the outstanding series A collateral trust gold bonds, dated Oct. 1
le "Evening News," established in 1903. Circulation of both the Citizen and due Oct. 1 1931 and Oct. 1 1936 have been called for redemption on
rid Times has shown a consistent increase and is at present in excess of Oct. 1 next at 101 and int. at the Baltimore Trust Co., 25 East Baltimore
combined average of 40,000 copies daily.
St. Baltimore, Md., or at the Central Union Trust Co., 80 Broadway,
•
Authorized. Issued.
Capitalization' City.
$600.000
$600,000 N. Y.Boulton •
mtg.6% s.f. gold bonds 1945
Kelly is Secretary of the corporation.
W.
2,000 shs. 1,650 shs.
referred 6% stock (par $100)
-Earnings.
5,000 shs. 3.000 ells.
Bankers National Investing Corp.
ommon stock (par $100)
For income statement for six months ended July 31 1930, soe "Earnings
-Average annual net earnings for the period (Citizen 5 yrs
Earnings.
mos.-Times 4 yrs. and 7 mos.) ended July 31 1930. before interests Department" on a preceding page.
ad 7
The company's balance sheet shows assets of $1,268,538 of which $1,120;
ad Federal taxes, and adjusted to give effect to certain economies to bt
-V.131,p. 1260.
stained in the joint ownership and publication of the two papers, amounte 807 lain investments.
1900
FINANCIAL CHRONICLE
Baxter Laundries, Inc.
-Defers Preferred Dividend.
-
The directors have voted to defer the quarterly dividend due Oct. 1 on
the 7% Pref. stock, par $100. The last quarterly distribution at this rate
was made on July 1 last.
-V 130. P. 4245.
Bear Mountain Hudson River Bridge Co.
-Interest.
-
The executive committee on Sept. 5 1930 declared coupons Nos. 14 and
15 on the income 8% 30-year sinking fund gold debenture bonds payable
on Oct. 1 1930, at the offices of W. A. Harriman & Co., Inc., 39 Broadway, N. Y. City, at the rate of $4 for and upon surrender of each such
coupon appurtenant to a $100 bond, $20 for and upon the surrender of
each such coupon appurtenant to a $500 bond, and $40 for and upon
surrender of each such coupon appurtenant to a $1,000 bond.
-V.128.p.889.
Biltmore-Ero Mfg. Co.
-Merger Rescinded.
-
The stockholders on Sept. 10 approved a proposal rescinding the merger of
the Biltmore Mfg. Co. (V. 128, p. 4325) and the Ero Mfg. Co., Chicago.
The merger was approved by the stockholders on Sept. 26 1929. The BMmore and Ero companies manufacture automobile seat covers and similar
products. Rescission of the merger involves 20,000 shares of stock issued in
connection with the plan of reorganization and 1,500 shares of Ero stock,
also segregation of properties of the two companies. The Cincinnati company again assumes the name The Biltmore Manufacturing Co. Changed
business conditions of the last several months and inability to effect
expected economies were given as the reason for separating the companies.
Biltmore Mfg. Co., Cincinnati.
-Merger Rescinded.
-
See Biltmore-Ero Mfg. Co. above.
-V. 128, p. 4325.
Binks Mfg. Co., Chicago.
-Omits Class A Dividend.
The directors have voted to omit the quarterly dividend ordinarily
payable about Oct. 1 on the class "A" cony. pref. stock, no par value.
Previously, the company made quarterly distributions of 56% cents per
share on this issue to and incl. July 1 1930.-V. 130, p. 4245.
Blue Ribbon Corp., Ltd.
-Earnings.
Earnings for Year Ended June 30 1931.
Profit for year
Depreciation buildings, plant and equipment
Revaluation stocks and bonds of customer companies
Organization expenses
$254,688
18,914
5,848
4,000
Net income
Balance at credit in sub, cos.' books June 30 1929, after payment of income taxes
$225,926
Total surplus
Dividends paid and declared
Elimination in respect of inter-co. holdings & minority interests
$367.199
242.499
3,168
141.274
[Vim, 131.
Substitution.
-No changes may be made in the stocks constituting
unit except in the case of consolidation and mergers, including sale of
the assets, of any of the companies whose stocks are deposited, and
such event the stock received upon such reorganization may be retain
Provided such stock is common stock and not subject to Ohio person
property taxes. Any stock or property so received upon such reorgani
tion which does not constitute such common stock, or any stock that ma
become unavailable or ceases to pay its usual dividend, or any stock i
the unit which becomes subject to taxation in Ohio (except taxes at
uniform rate of not more than five mills per annum upon the taxable val
which may be levied upon a revision of the Ohio tax laws), may be sol
and the proceeds distributed to the certificate holders.
Split-Ups Retained.
-Any additional shares of common stock which ha•
been received by the trustee from split-ups are required to be held by t
trustee in the unit provided they can be applied in equal amounts to a
the trust units and any fractional or whole shares that cannot be so applle
are to be sold and proceeds from such sales placed in the distribution fun
Stock Dividends.
-Any stock dividend of more than 10% declared upo
any stock in the unit shall be retained and added to a unit and any fraction
shares that cannot be so applied are to be sold and proceeds from such sal
placed in the distribution fund.
Withdrawal of Stocks.
-Any holder of 400 Trust Shares (or multip
thereof) may at any time, by surrendering his certificates to the truste
receive his proportionate number of shares in a unit, cash for any fraction
shares and cash for his proportionate share of the distribution fund. Th
Privilege extends until the termination of the trust and for ninety do
thereafter.
Termination.
-The agreement expires by Its terms on Aug. 1 1950, bu
with the consent of the trustee it may be terminated at anytime, upon 3
days' written notice to the trustee either by the holders of 75% of all on
standing shares or by the depositor and the holders of 10% of all outstan
tag shares. It shall also terminate in case the office of the trustee becom
•
vacant and no successor is appointed within the time specified in the agr.
ment. The trustee is required, upon the termination of the agreement,
sell all securities and other property in the trust remaining undistribut
and, after deducting all expenses, to distribute the net proceeds, togeth
with any other cash then held, pro rata among the holders of all outstandin
shares.
(H. M.) Byllesby &
The directors have declared the regular quarterly dividend of 50c.
share on the pref. stock and 50c. a share on the class A stock and a dividen
of 50c. a share on the class B stock, all payable Sept. 30 to holders of recor
Sept. 15. Like amounts were paid on March 31 and June 30 last.
-V.13
P. 4421.
Cadillac Motor Car Co.
-New Sales Manager.
J. 0. Chick has been appointed general sales manager, succeeding Lyn
McNaughton, Vice-President in charge of sales, who recently resign
H. M. Stephens, formerly general sales manager, has been transferred
the staff of R. H. Grant, Vice-President of General Motors Corp.
Mr. Chick formerly was assistant general sales manager of Chevrol
Motor Car Co. in charge of sales throughout the eastern half of the Unit
States.
-V. 131, P. 1719.
Balance June 30 1930
8121,533
Consolidated Balance Sheet June 30 1930.
Liabilities
Assets
Cash
$2,278 Bank advances
$327,001
Accounts receivable
x429,410 Acc'ts pay.,incl. Fed.inc.tax
187,568
-Operations.
Calumet & Hecla Consol. Copper Co.
Sundry debtors
15.597 Dividend on common stock.._
31,549
The company has placed operations on a five-day schedule, effectiv
Inventory
1,069.787 Res. for deprec. of bldgs., maStocks & bonds of cust. cos.,&c. 74,599
chinery and equipment
-V. 131. P. 1719.
84,024 Sept. 20, against a six-day week previously.
Land, bldgs., mach.& equip._ 1,178,819 Int. of minority shareholders In
Tr.
subsidiary companies
-mks., pat. rights & good-will 281,091
18,453
-Earnings.
Canada Bread Co., Ltd.
Deferred charges
19,489 Preferred stock
1,483,450
1927.
Year Ended June
1928.
1929.
1930.
Organization expense
y835,838 Profits after int. on 30-- $701,922
18,543 Common stock
$952,032 14917,957 b$802,80
bdsSurplus
121,533 Interest from investment
30.5
35.031
27,566
15,491
8,574
12,585
Dr7.679
Total
Total
$3.089,414
$3,089,414 Profit on sale of investx After reserve of $29,689. y Represented by 63.259 no par shares.
$833.35
Total income
$961,562
8992.183
$709,734
V. 131, p. 633.
217,74
,417
Depreciation
281,814
239,786
Taxes
253
b
c107,258
40,622
Brown Fence & Wire Co.(&
87.50
First preferred dividend..
87.500
87,500
87.500
175,0
Class 13 preferred div175,000
175.000
175,000
Years Ended June 30
1929.
1930.
125.00
150,000
Common dividend
150,000
150,000
Profit from operations
$443,007
$628.546
Other income
131.212
147,923
$208,10
$295,645
Surplus for year
8190.611
816,827
1,292,88
1,500.991
1,987,248
1.796,636
Total income
$776,469 Balance forward
$574,219
Interest on bank loans
2.826
3.792
Total surplus
$2,004.075 $1,987.248 $1,796.616 $1,500,99
Depreciation
50.137
51,310
25.00
25.000
200.000
200 000
Bond interest
11.076 Shs. com. outst.(no par)
9.037
$13.3
$17.80
$1.70
$6.83
Federal taxes
87.500 Earns. per sh.on nom60,000
b After deducting Federal taxes. c Includes $52,258 for Federal incom
Net profit for period
$450.079
$624.930 taxes for the year ended June 30 1928.
She. class B stock outstanding (no par)
129,933
129,941
Balance Sheet June 30.
Earnings per share
x$1.16
x$2.50
1929.
1930.
AssetsLiabilities1929.
x After deducting d1v. paid on Class A stock (amounting to $298,942
1930.
.$1,250,000 $1,250.
Fixed assets and
1st pref.stock -in 1930).
2,500,000 2,500,
$7,679,641 B pref.stock
Consolidated Balance Sheet June 30.
- $7.926,972
good-will
25,111
125.000
208,403Common stook
Cash1e2,426
LiabilitiesAssets1930.
1929.
1929.
1930.
1,011.983 1,024.79
225,000 Funded debt
200.000
Accounts payable- $50,189
Cash & marketable
$56,454 Call loans
10,2
6,400
Receivables
282,144 Mortgages
331,233
$1,404,891 $1,285,401 Notes payable.... 150,000
securities
216.43
174,052 Accounts payable_ 332,515
Inventories
170.853
167,259 Reserve for Federal
Acc'ts & notes red. 377,662
34,30
15,388
21.033 Wages accrued_27,204
616,467 1,283,014 income tax
Inventories
71,902
97,789 Prepaid expenses
16,51
13.844
294,512 Tickets outstand's
Investments
136,808
3,191 Accrued payments
9,560
Other curr. assets_
65,625
85.62
Dividends payable
1580,437
603.773 and gen. taxes
23,481
18,770
Land, plant eq.,&c.
55,
40.000
Tax reserve
67.201
80,485 Other curr. liabils_
12,831
15,771
Deferred charges
Deprec. reserve... 1,690,668 1,599,68•
23,945 Funded debt
113.800
135.800
34,574
Other assets
100,
Conting. reserve_
Cl. A cony. pf.stk.y1,134,590 1,250,590
2,004,075 1.987,248
$8,884.786 Surplus
Totaheach MO13.955,496
Claes B corn. stock z173,460
174,410
x Represented by 200,000 no par shares.
-V. 129. p. 1916.
1,345.249 1,672,773
Total(each side) $3,070,793 $3,427,071 Surplus
x After depreciation of 8749.568. y Represented b, 113,459 no par
-Notes Offered.
Capitol Dairies Inc., Indianapolis.
-V. 131 p. 1101.
shares. z Represented by 129,933 no par shares.
Fletcher American Co., Indianapolis,recently offered $150
'
-Offering of Trust Shares.
-E. G. 000 2
Buckeye Shares, Inc.
-year, 6% notes at 100 and int.
Inc., Cleveland, are offering "Buckeye
Tillotson & Co.,
Dated Aug. 15 1930; due Aug. 15 1932. Principal and int. (F. & A.
Trust Shares" Series A, an investment trust of the fixed payable at Fletcher American National Bank of Indianapolis. Denom.
ownership in Ohio com- $1.000 and $500. Red. all or part upon any Int, date upon 30 days' notice
type, representing certificates of
at 101 and Its, to and incl. Aug. 15 1931; thereafter to and incl. Feb. 15
mon stocks.
1932.01 1003i and int. Fletcher American National Bank of Indianapolis.
Distributions payable Feb. and Aug. Registered certificates. issuable in
any denomination. Guardian Trust Co., Cleveland, 0., trustee. Buckeye Shares, Inc., depositor.
Each Buckeye Trust Share. Series A, represents one two-thousandth
participating ownership in a unit initially composed of 230 shares of 21
companies. Additional units may be deposited from time to time by Buckeye Shares, Inc. Each Buckeye Trust Share, Series A, is of exactly the
same value as any other such share.
Common Stocks Comprising a Unit of Buckeye Trust Shares, Series A.
No. of Shs.
No. of Shs.
10 New York Chicago & St. Louis RR.
10 American Rolling Mill Co.
10 Cincinnati & Suburban Bell Tel, Co. 10 Ohio Brass Co. class B.
10 Ohio Oil Co.
10 City Ice & Fuel Co.
10 Cleveland Electric Illuminating Co. 10 Owens-Illinois Glass Co.
10 Procter & Gamble Co.
10 Electric Auto-Lite Co.
10 Richman Brothers Co.
10 Gibson Art Co.
10 Sherwin-Williams Co.
10 Interlake Steamship Co.
10 Standard Oil Co.
20 Kroger Grocery & Baking Co.
10 Timken Roller Bearing Co.
20 Libbey-Owens-Ford Glass Co.
10 United States Playing Card Co.
10 F. E. Myers & Bro. Co.
10 National Cash Register Co.
Tazation.-Certificatee are not required under existing laws to be listed
for Ohio personal property taxation.
Distribution.
-The Trust Agreement provides that the trustee will dkttribute by check semi-annually (F. & A.) the currently distributable funds.
as defined in the Trust Agreement, which include the following: distribu• (1) Cash dividends received; (2) Interest paid by trustee on
tion fund; (3) Proceeds from sale of rights and warrants; (4) proceeds from
sale of stock dividends not in excess of 10%; (5) proceeds from sale of
fractional shares of stock; (6) in certain contingencies proceeds from sale
of securities held.
There is no deduction made from the income or corpus of the Trust Fund
for management. The semi-annual trustee's fees are deducted from the
distribution fund, but at a rate which shall not exceed one cent per trust
share semi-annually.
trustee.
Authorized. Outstanding.
Capitalization$150,000
2
-year 6% notes
$150,000
94.000
Subordinated 6% notes, maturing Jan. 1 1933---- 94,000
.
Class A part. pref. stock ($25 par)
24.000 hs. 12,000 shs.
Class B common stock (no par)
its. 18.000 she.
36.er
.diana, as a conBusiness.-Company was organized Feb. 1 1927.
solidation of four companies engaged in the distributa... of milk, cream and
dairy products in Indianapolis. Company since June 30 1928 has experienced a steady upward trend in operating profits. Company recently
built and equipped a completely modern new plant of a capacity sufficient
to care for the present business and substantial future growth.
Earnings.-Sinco June 30 1928, the company has shown net earnings,
after depreciation on all operating assets, but before interest on these
notes and depreciation and write-offs of non-operating assets since sold,
as follow:
Earnings Year Ended June 30.
1929 1930..
$9.000
215.915
Net Earnings available for int. on notes
9.000
36.855
Interest charges on these notes._.
shows net assets
Assets.
-Company's balanceheet as of June 30 1930.
applicable to these notes of 85627368 or $3,749 for each $1.000 note. Junior
to this issue the company has outstanding 18.000 shares no par common
stock. $300.000 preferred stock and $94.000 notes due Jan. 1 1933, subordinated as to both principal and interest to this issue.
Purpose.
-Refunding of 3%-year notes due Aug. 15 1930.
-Merger A pproved.Cardon Phonograph Corp.
The stockholders have approved the merger of this company with the
-V. 131. p. 1569.
Sparks-Withington Co. (See latter company below.)
-No Dividend Action.
CeCo Manufacturing Co., Inc.
The directors have taken no action on the quarterly stock dividend of 2%
due at this time. Quarterly stock distributions of this amount were made
on April 1 and July 1 last.
-V. 130. P. 3884.
SEPT. 20 1930.]
1901
FINANCIAL CHRONICLE
-Depositary.
Celotex Co.
The Central Hanover Bank & 'Trust Co. has been appointed depositary
tiler voting trust agreement dated Aug. 1 1930 to accept deposits and
we voting trust certificates for 221,208 shares of common stock of the
el ex Co. See also V. 131. p. 1569.
ips First Insulation Under Contract with Sorrel, Inc.
Company is shipping its initial consignment of eight carloads of insulating
aterial to Servel, Inc. under a contract recently signed whereby Celotex
to furnish insulation for their new automatic refrigerators.
The company is also preparing to make its first shipment of insulation
r Kelvinator's new low-priced electric refrigerator.
More than 30 manufacturers of refrigerators, including General Electric,
srvel, lielvinator, Copeland and Westinghouse, use Celotex as insulation,
-V.131, p. 1569.
is announced.
-Stocks Offered.-Huszagh,
Chicago Realty Shares, Inc.
lusson & Co., Chicago, are offering stock of this company
1. units of one share of preferred and one share of common
bock at an original subscription price of 845 per unit.
Income Accounts of Kirkman & Son.
Year Ended 6 Mos. End.
Dec. 31 '29. June 30'30.
$6,266,216 $3,267.816
Net sales
Cost of sales, incl. advertising, selling expenses,
shipping and warehouse expense, adminfreight,
2,934,696
5,968,403
istrative expense and allowances and discounts
46,270
96,356
Depreciation provided
Total operating profit
Other income
$201,458
26,249
$286,849
14,567
Total income
.
'
Provision for State, Fed and foreign income taxes
$227,707
14,586
8301,416
51,962
Net profit
Balance at beginning of period
$213,121
2,520.704
$249,454
2,598,825
Total surplus
Common dividends
Preferred dividends
$2,733,825 82,848.280
40,000
75,000
30,000
60.000
$2,598,825 $2,778,280
Balance,surplus
Each share of preferred stock pays a fixed rate of income of $2.40 a
ear, payable quarterly and is convertible into one sh. of corn, stock any -V. 131. P. 793,481.
of the net
me at the holder's option. Common stock is entitled to all
-To Increase Stock.
Columbian Carbon Co.
irnings of the company after deduction of the dividend on the preferred
on
The holders of voting trust certificates of record Sept. 22 will vote
ock.
the authorized capital stock, no par value, from 500,000 shares
Company organized in Aug. 1929, has been in operation since April increasing
to 2,000,000 shares. See V. 131, p. 1719.
5 1930.
The principal managing directors are R. LeRoy Huszagh and Milton
-To Own Half Interest
Columbia Oil & Gasoline Corp.
Plotke. For further details see V. 130, P. 3884•
Chrysler Building (W. P. Chrysler Building Corp.),
-Over 70% Rented.
.Y. City.
in Panhandle Eastern Pipe Line Co.
and the
Arrangement has been concluded with the National City Co. Gasoline
-Kansas Pipe Line Co., whereby the Columbia Oil &
Missouri
Corp. and Missouri-Kansas will own equal interests in the Panhandle
More than 70% of the nearly one million square feet of rentable space Eastern Pipe Line Co. The National City Co. will underwrite bonds in
the Chrysler Building has been leased to tenants, it was announced on connection with further financial requirements of the Panhandle Eastern
ept. 15 by Fenimore G. Goode, Vice-President of Brown. Wheelock, company,it is announced.
Earns, Vought & Co., rental agents.
-V. 131, P. 1426.
See also Missouri-Kansas Pipe Line Co. below.
...At the same time. Mr. Goode said, negotiations with prospective tenants
hve reached a now peak. Approximately 200 tenants have RO far taken an
-New Control.
Commander-Larabee Corp.
verage of 3,500 square feet.- V. 129. P. 3804.
The Continental Baking Corp.'s interests in the Commander-Larabee
Corp., and its affiliated companies have been acquired by interests affiliated
-$100,000,000 Trust Formed on with the Archer-Daniels-Midland Co. and Guy A. Thomas of Minneapolis.
Clark Plan Corp. Ltd.
The milling company, which is the third largest in the United States, will
acific Coast.
National Foods Corp. but its
Formation of the Clark Plan, a $100,000,200 dual-controlled trust spon- now be managedby the newly organized
handled without change,it is stated.
red by a group of outstanding California financiers and business men, is general business affairs will be the Commander-Larabee Corp. additional
The affiliation will bring
N. Clark, capitalist and realtor. It is said to be
nnounced by Frank
elevator capacity, giving it 20,000,000 bushels of wheat storage, as against
e largest trust organized in the West.
capacity controlled by the CommanderThe Clark Plan has an authorized trust capital of 8100,200,000 divided 10,000,000 at present. The milling
begin operations with 41.750 trust Larabee Corp. totals 30,000 barrels.
Ito 167,000 trust shares. It will
Chairman of the board of the new National
Mr. Thomas will become
area to be presently outstanding.
shares Foods Corp. and S. M. Archer, of the Archer-Daniels Co., will become
A feature of the trust, it is said, will be the public offering offor
provide
the President. The new company will have at its disposal the entire facilities
n both a cash and installment sales basis. It will also profits in
excess of the Archer-Daniels-Midland Co.,a large linseed manufacturing company,
istribution of profits at the rate of 6%.cumulative while
f 6% will be divided 65% among shareholders and 35% to management. for the handling of grain and the sale of their products.
Delaware. Besides Mr.
The National Foods Corp. is incorporated in Mains,
hares will be priced at $600 or $10 monthly.
L. M. Leffingwell
The management rests with the Clark Plan Corp., Ltd., subject to dls- Thomas and Mr. Archer. directors are: Samuel
board of trustees, the latter comprising Judge (of the Archer-Daniels company); C. T. Jaffrey (President of the Soo Line),
etionary powers of the
-V.
National Bank of Minneapolis).
Awls R. Works, presiding judge of the District Court of Appeals, Los and A. M. Washburn (of the First
mgeles; W. N. Armstrong, director, Mortgage Guarantee Co.: H. F. 130, p. 627.
C. Walker, P. J. Walker & Co., and
etcalf, Metcalf & Ryan; George
-Offers to Purchase
Commercial Credit Co., Baltimore.
D. Matthews, Vice-President, Union 011 Co.
-President H. L. Wynegar,
The directors of the management corporation include Everett H. Seaver, Stock of Aviation Credit Corp.
'
James Woods,
tanker (President); Earl P. Barker, Los Angeles, merchant:
attorney. Sept. 15, say's in substance:
'hew York and California hotel man and Lucian J. Clarke, E.
O'Neil
ther members are: Frank' N. Clark; Ivan G. McDaniel, George
The Commercial Credit Co. has this day purchased from stockholders of
'Treasurer), John Parkinson, James A. McCabe, Herbert D. Dowell, Aviation Credit Corp.(a Delaware corporation) 133,150 shares of common
per share.
C. McLain and C. Pardee Erdman.
l'rank
stock of the latter corporation and has paid therefor $23.06 above purThe Commercial Credit Co. now owns (after giving effect to the
-Receives Order.Claude Neon Lights Inc.
chase) more than 80% of the number of shares of stock outstanding (excluCorp. The Commercial Credit
The corporation has received an order from the Westinghouse Electric sive of treasury stock) of Aviation Credit remaining stockholders of Aviathe
z Manufacturing Co. for 1,000 Claude Neon window display signs for Co. does hereby offer to purchase from
new Westinghouse Electric radio receiving sets. The tion Credit Co. their shares of common stock of Aviation Credit Corp.
dvertising the
of delivery id' the
pecially-designed unit is 12 inches long and utilizes the crystallite idea of and agrees to pay therefor $23.06 per share, upon tenderCredit
Corp.,
efiection through an etched glass face. The displays will be distributed certificates for said stock at the office of Commercial 131, 481. 100
p.
with their newspaper East 42d St., N. Y. City, on or before Oct. 1 1930.-V.
mong Westinghouse's radio dealers in connection
-V. 131, p. 1719.
dvertising campaigns.
to Warrant
Corp.
-Rights
Commercial Investment Trust
-Listing---A cquisition of Holders.
Colgate-Palmolive-Peet Co.
Kirkman & Son.
Secretary S. B. Ecker, in a notice to bearers of common stock purchase
The New York Stock Exchange has authorized the listing of 31,700
dditional shares of 6% preferred stock ($100 par) upon official notice of
ssue in connection with the acquisition of all of the assets of Kirkman &
ion, with certain exceptions: and 40,000 additional shares of preferred
sock upon official notice of issue from time to time and payment in full,
naking the total amount of6% preferred stock applied for 223,149 shares.
Issue for Assets of Kirkman & Son.
The company proposes to acquire from ICirkraan & Son all of its assets
scooting only cash and securities not exceeding $670.000 in value, subject
o all liabilities as disclosed on the balance sheet of June 30 1930, of Kirkman & Son, excepting income and franchise taxes, and to issue at par in
'ronnection with such acquisition, the 31,700 additional shares or preferred
stock ($3,170,000), less the amount of cash and securities retained by
Cirkman & Son as aforesaid. The directors, by resolutions adopted at a
meeting held on Aug. 27, 1930. authorized the issue of 31.700 shares of
preferred stock for the purpose above indicated. The shares of preferred
tock tamable for the assets of Kirkman & Son will be issued at par on the
basis of net tangible assets of Kirkman & Son on the date of acquisition
and no capital surplus or paid-in surplus will result from the aforesaid
cquisition.
Issue and Sale of Shares for Cash.
The directors by resolutions adopted at a meeting held on Aug. 27
authorized the issue and sale from time to time of 40,000 additional shares
f preferred stock in consideration of cash equal to the full par value thereof;
he proceeds of sale are to be used for general corporate purposes.
For income statement for six months ended June 30 1930 see "Earnings
Department" on a preceding page.
Comparative Balance Sheet.
June 3030. Dec.31'29
.
June 30'30. Dec. 31 '29.
Assets
4,698,686 4,790,813 Accounts payable_ 2,523,105 1,701,193
ash
10,000
10,000
Marketable secur_ 1,776,582 1,927,216 Mortgages payable
Customers acctsrec12,757,209 9,835,799 Commissions,
123,046 salaries, &e_ ___ 2,164,722 2,059,005
Bmploy. accts. rec 176,605
Fed.Income taxes. 888,042 1,039,909
Elundry debtors acMisc. & conting.
counts tee
647,659
652,931
Res. for doubtful
tvakies
accounts, &e._. Dr597,044 Dr575,251 DI ends payable 1,465,056 1,244,573
2,881,480 1,702,639
18,735,608 17,924,691 Special reserve_
Inventories
Prepaid adv., int., 1,331,547 1,311,079 Employees' notes &
stock perch cent 225.618
511,651
insurance, &o.._
Investments, dos_ _ 6,782,298 7,092,454 6% sumul. ref stk_14,706,150 14,317,050
Common stock__b24,999,310 24,999,310
Land, bldgs., mach.
dr equipment_ _021,303,219 21,553,796 Earned surplus_ _13,332,164 12,334,489
Paid-in surplus_
3,124,404 3,410,895
warrants Sept. 19, says:
The directors have under consideration a proposal whereby bearers of
s
It common stock purchase warrants will be offered, at their election, rights
1930
the
to subscribe during an extended period continuing beyond Dec.year 1930.
31
In lieu of their present subscription rights which expire such extension,
will be made shortly of the terms of
Public announcement
extended
the prices at which common stock may be purchased during themay take
period and the manner and time in which bearers of warrants
p. 1719.
-V. 131.
advantage of the offer.
-New Contract.
Commercial Investment Trust, Inc.
The Stinson Aircraft Co. of Wayne, Mich., a subsidiary of the Cord
Corp. of Chicago, whose other subsidiaries manufacture the Cord and
Auburn automobiles, Spencer heaters and Lycoming motors, has entered
Into a contract with Commercial Investment Trust Inc., under the terms
of which C. I. T. will finance the Instalment sales of Stinson aircraft. the
reduction in
Last spring the Stinson company announced a radicalcompany expects
-place cabin monoplanes to $5,775. The
Price of its 4
of craft extensively on long terms and to merchandise its
to sell this type
-V. 131. P. 1426.
new tri-motored ten-passenger airliners in the same way.
Compania Cubana.-Earnings.Year Ended June 35Loss from operations
Administration and general expenses
1930.
1929.
$1.018,819prof$523,815
116,679
110,510
Net loss from operations
Income charges
31.135,497Prof$413,305
374.925
462,634
Gross deficit
Income credits
$1,510.422
112,025
Net deficit for year
Previous surplus
$1,398,397 Pref$47,298
7,040.507 6,993,208
Surplus June 30
-V. 125, p. 1978.
35,642,109 $7,040,506
$49,329
96,626
-Earnings.
Consolidated Textile Corp.
For income statement for six months ended Juno 30 1930 see "Earnings
-V. 130, p. 4056, 2778.
Department" on a preceding page.
Constitution Indemnity Co., Phila.-Omits Div.
The directors have voted to omit the quarterly dividend ordinarily
payable about Oct. 1. Previously, the company made quarterly distri-V. 131, p. 1102.
butions of 12Si Cents per share.
-Sells Control of CommanderContinental Baking Corp.
Total
66,964,710 63,983.645
66,964,710 63,983,645
-V.131, p. 481.
-See latter company above.
Larabee Corp.
Kirkman & Son was incorporated in New York April 9 1909. It has an
authorized capital stock of $1,500,000, consisting of 10,000 shares of 6%
Continental Construction Corp.-Add'I Contracts Let,
preferred stock (Par $100) and 5,000 shares of common stock
cumulative
-inch high pressure
Contracts for the construction of 113 miles of 24
business was originally established in 1837 by John
(par $100). The partner, who withdrew shortly
thereafter. It was con- natural gas pipeline have been awarded by this corporation to Henry
Kirkman and his
under various names, chiefly Kirkman & Son, Memons Inc. of Tulsa, Oklahoma, it is announced by Henry L. Doherty
ducted as a partnership by the corporation in 1909.
Company's home & Co. Starting from a point near Plattsmouth, Neb., on the east bank of
from 1866 until succeeded distributing system is located at
Bridge and the Missouri River and running eastward into Iowa, this is a part of the
office, factory and general
In ithe manufacture Texas-Chicago pipeline being built by Cities Service, Insull interests, SouthWater Streets, Brooklyn, N. Y. Company is engaged
of laundry soap, washing powder, cleanser, soap chips, toilet western Development Co., Standard Oil Co. of New Jersey, Texas Corp.,
and sale
operates a
Skelly Oil, Phillips Petroleum and Columbian Carbon Co.,
soap and glycerine. Company owns and square featmanufacturing plant cago and the Groat Lakes region. Four sections of this line to serve Chiof
about 111,404
extending from
occupying 12 buildings on is about 371,973 square feet. land. The total
One building is the Texas Panhandle to the west bank of the Missouri are already under
the buildings
floor area in
construction.
and the rest are of brick.
of concrete construction
Total
1902
FINANCIAL CHRONICLE
[VOL. 181.
F Contracts for the,
Missouri River crossing, which will
The company now operates
inch lines, to be connected with the main trunk line on consist of 10 tenshoe
both sides of the being opened this week, making91 total stores. Two additional stores at
a
Missouri, have been let to Smith Brothers of Dallas, Tex.
of 93.-V. 131. P. 278, 1102.
This crossing is to be dredged in a depth of 4 feet below the normal
Distributors Group, Inc.
-Sales Increase.
iver bed, in compliance with a United States Government regulation and
Sales of North American Trust Shares for the month of August shown
s also to be anchored with specially designed anchors to prevent drifting an
increase of 2777 over sales for August of last year, according to a
and damage of high water at flood stages.
Deliveries of 24-inch steel pipe are reported at 55 material receiving depots announcement by Distributors Group, Inc.
-V. 131. P. 482, 278.
located in five States. Construction camps and warehouses have been
Dominion Woolens & Worsteds, Ltd.
-Earnings.
completed to accommodate men and machinery used in welding and laying
Years Ended June 30the line, while all activities are meeting accomplishment schedules.
1929.
1930.
- Profits from
V. 131, p. 481.
operations
3586.49
$57.749
Miscellaneous revenue
8.067
14,93
Continental Gin Co., Inc.
-Dividend Decreased.
-
The directors have declared a quarterly dividend of $1 per share on
the common stock, payable Oct. 1 to holders of record Sept. 15. Previously, the company paid quarterly dividends of $1.25 per share on this
lasue.-V. 130. P. 1657.
Total revenue
Provisions for bad debts
Repairs, renewals and depreciation
Interest charges
$65,816
42,000
99,965
218,741
$601.43
10,50
181,76
282,17
(N. J.).
Net profits before taxes
Conway Corp.
-Capital Decreased.
def.$294,890
$126,99
The certificate of incorporation of this company has been amended, Previous surplus
1,767.706
1,640.71
reducing the authorized capital stock from 31,157.500, consisting of 5,225
Profit and loss surplus
shares of prof. stock, par $100 each. and 6.350 shares of common stock.
$1,472,818 $1,767,701
Par $100 each, to 3800,000. to consist of 1,650 shares of pref. stock, par -V. 129, p. 2392.
4100 each and 6,350 shares of common stock. par $100 each.
Dry Ice Corp. of America.
The reduction of capital has been effected by means of the cancellation
ins Patent Suit.
By a decision handed down
and retirement of pref. stock heretofore purchased by the company and
the United States Court for theby Federal Judge Marcus B. Campbell 1
held in its treasuryEastern District of
on Sept. 51
ownership of the so-called "Hydrice" patents was New York corporatio
given the
under a contract entered into by it in 1925 with W.S.Josephson of Nen
Cooper-Bessemer Corp.
-Sells Subsidiary.
Negotiations have been completed for the transfer of control of Chapman- York.
In his decision Judge Campbell made permanent preliminary Injunctioll
Stein Co. a subsidiary of C. J. Cooper-Bessemer Co. of Mount Vernon,
Ohio, to surface Combustion Co. of Toledo, a Henry L. Doherty & Co. issued on May 19 1930 by Federal Judge Grover M. Moscowitz of ti
same Court, restraining Josephson from licensing the manufacture an
subsidiary.
Both companies manufacture industrial heating equipment In their sale of "Hydrice",a combination of ice and solid carbon dioxide, in violatio
respective fields. Chapman-Stein speciallzes in soaking pits and furnaces of that contract.
The present dedsion compels Josephson, who was one of the organizers
used in the roughing operations of the steel industry, while the Surface
Combustion Co. specializes in gas-fired industrial furnaces for the finishing of the Dry Ice Corp., to carry out a contract entered into with it in 1925
whereby he agreed to turn over to the corporation any inventions or im.
operations in the steel mill and automotive fields.
The purpose of the merger is to permit of development of furnaces and provements which he might have or acquire relating to its business. The
processes for the efficient use of natural and manufactured gas. The contract was made at the time the corporation acquired through Josephsci
expansion of natural gas distribution, in which both companies are inter- certain patent rights, including among others those of Thomas B. Sla
ested, has given stimulation to the use of gas for all heat treating operations. covering refrigeration by solid carbon dioxide, and was intended to protect
The Chapman-Stein 0o. organization will be transferred to Toledo in the it from subsequent competition by Josephson. On the basis of these
patents, among others, the Dry Ice Corp. has built up a Nation-wide
near future.
-V. 131, p. 1281.
business in solid carbon dioxide under its trade-mark "DryIce.'-V. 130,
Copper Range Co.
-Omits Dividend.
-The directors on P. 980, 3720,
-W
Sept. 15 voted to omit the quarterly dividend due at this
time. On July 15 last a dividend of 25 cents per share was
paid, prior to which the stock was on a $2 annual basis.
V. 130, p. 3719.
Crew Levick Co., Phila.-Buys Hellmund Stations.
-
Continuing a general expansion program announced in the spring, this
company announces the purchase of five filling stations from the Hellmund
Oil, Inc., of Newark, N. J. These stations are located at Linden, Roselle,
Nutley, Cranford and Elizabeth, and will come under the direction of northern New Jersey headquarters of Crew Levick Co., recently established in
the Lefcourt Newark Bldg. Decidedly modern in construction and appointments, four of these stations have been completed and opened this year.
This territory is supplied through a marine terminal recently completed at
Perth Amboy.
-V. 131, p. 482.
Crosley Radio Corp.
-Increases Production.
The corporation has increased its production schedules nearly 100%
the past month, and is now turning oat between 1,700 and 2,000 sets daily.
This schedule is being stepped up to care for increased demands and to
reduce the company's back-log of orders.
Pres. Powel Crosby Jr., stated that the company "is now making
money and the way things look this month we will be ahead of September
last year."
-V.131,p. 944.
-Consolidation.
Dairy Corp. of Canada, Ltd.
-Arrangements for bringing the Montreal Dairy Co. into the above corporation are now complete, although control has been held by the latter
for some time. Since the beginning of the year an expenditure of some
$540,000 has been made on the Montreal plant, and a large operating deficit
has been changed into a surplus. ("Wall Street Journal.")
-V.131.p. 277.
Davis (Cotton) Mills, Fall River-Proposed Merger.
Dunhill International Inc.
-Earnings.
-Dividend.
-
For income statement for 6 months ended June 30 see "Earnings Department" on a preceding page,
-V. 131. P. 278.
Eisler Electric Corp.
-Omits Dividend.
-
The directors have voted to omit the quarterly dividend which ordinarily
would have been payable about Sept. 14 on the common stock. The company made quarterly distributions of 3734 cents per share on Feb] 2$
and June 14 last.
-V. 130. p. 1643.
Ex-Cell-0 Aircraft & Tool Corp.
-Omits Dividend.
-
The directors have voted to omit the quarterly dividend which would
ordinarily have been payable about Oct. 1.
On July 1 the company paid a quarterly dividend of 20 cents per share,
Which was a reduction from the previous quarterly rate of 30 cents per share.
In connection with the passing of the Oct. 1 dividend, President N. A.
Woodworth said: "It was decided to conserve working capital because of
the development of several entirely new lines of products this fall, and because of expense incurred in rounding out and moving under one roe?f the
companies acquired by Ex-Cell-0 during the early part of this year.
Mr. Woodworth is optimistic about the company's
fall
and next year, stating that the expenditures this year on business this and
experimental
research work have been larger than ever before in the company's history.
the results of which are already apparent.
-V.131, p. 1103.
Fashion Park Associates, Inc.
-Net Sales.
-
Net sales for August were $2,489,409. This total is after elimination of
sales between companies reporting and does not include sales of those
companies controlled but not entirely owned.
Net sales for the eight months ended Aug. 31, on above basis, totaled
316,956,174.-V. 131, p. 1428.
Federal Compress & Warehouse Co.
-Earnings.
-
Earnings for Year Ended May 31 1930.
Special meetings of the stockholders of the Davis Mills and of the Lincoln Gross earnings
$1,983,325
Mfg. Co. have been called for Sept. 24 to take action on a proposed merger Bond interest and general office expense
453,154
of the two corporations with the General Cotton Corp. recently organized Depreciation
699.975
in Delaware, with an authorized capital of 800,000 shares without par
'
Net earnings
value, and having very broad purposes.
$830,196
Under the plan Davis stockholders would receive six shares of General
Balance Sheet May 31.
Cotton Corp. stock for each share of their stock and Lincoln stockholders
Assets1929,
1930.
Liabilities1929.
1930.
would receive 134 shares of General Cotton stock for each share of their Cash
5872,259 5812,528 1st mtge. bonds __53,994,000 $4,123,000
holdings. On acceptance of the offer the General Cotton Corp. will assume Demand loan....
276,000 Res, for deprec___ 4,723,675 3,781,846
all liabilities of the Davis and Lincoln corporations, which will be liquidated. Dills
receivable
112,228
80,678 Common stock..., 8,779,175 8,000,000
Homer Loring of United Merchants & Manufacturers, Inc. and Malcolm
24,834
10,013 Preferred stock__ 2,161,100 2,000,000
.
A.Chace of Berkshire Fine Spinning Associates have been actively interested Expense bills
87,039 Surplus and unin the formation of General Cotton Corp. with Frank L. Carpenter, Treasurer Inventory supplies 108,461
,
divided profits__ 1,695,731 1,618,727
of Davis Mills, and Israel Brayton, Treasurer of the Lincoln company. Stocks .5 memberships
302,400
515,150
Mr. Carpenter has been elected a director and Treasurer of General Cotton Real estate
1,236,731 1,058,918
C°
'N'e General Cotton Corp. was incorporated in Delaware last week 131dgs., machinery
and equipment _18,728,913 16,506,333
as a company to do a general manufacturing, merchandising and equipment Prepaid bond
176,524
business. Its purpose is to stabilize the fine goods industry. The incorpo- Sink, fund. disc_ 167,817
depos_
439
391
Tot.(each side) 321,353,681519,523.573
rators were N. P. Horace and A. Hildreth of Milton, James Mounts of
Boston and John G. Ross of Cambridge, Mass. The articles were flied -V. 131, p. 278, 121.
by Prentice Hall & Co., Inc., of Delaware.
Federal Mining & Smelting Co.
So far as made known to date the Davis and Lincoln mills are to be the
-Earnings.
For income statement for quarter ended July 31 see "Earnings Departnucleus of a wide expansion movement to include possible other mills in
the city as well as mills in New Bedford and possibly in the South, though ment" on a preceding page.
not these of the Berkshire organization or those of the Loring syndicate.
TOM Shipped-Quarter Ended.
The Davis mills reported a net surplus of $437,995 in its last annual
Jillil 311930.
April 30 1930.
July 311929.
statement and the Lincoln showed a net surplus of $196,509 at the close May 1930
10.876 Feb. 1930
15,383
9,037 May 1029
of Its fiscal year but the figures have not doubt shrunk during the last June 1930
10,591 Mar.1930
13,866
10,907 June 1929
year of depression.
July 1930
10,204 Apri11930
12,415
11,324 July 1929
The General Cotton Corp. has stipulated that it must be free to determine
the use to which it will put the properties purchased and whether or when
Total
31,671
Total
41,664
31,268
Total
all or any part thereof shall be run as at present, shut down, closed, sold or
During the quarter May 1 to July 31 1930 the lowest and highest Now
operated partially or wholly. (Boston "Ilerald."),-V. 129, p. 2863.
York prices of lead and silver and St. Louis prices of
zinc were as follows:
Detroit Steel Products Co.
Lead.
-Operations Satisfactory.
Sitter.
.041
Operations of this company are satisfactory and will not be materially Lowest
3.053
.33ji
.047
056
.425
affected by the seasonal curtailment in building in the northern section Highest
V. 130, P. 4424, 2589.
of the country, according to President Victor F. Dewey.
"Diversification of our sales areas," Mr. Dewey declared, "will preclude
Ferro Enameling Co., Cleveland,0.
-Omits Dividend.'
any material effect from seasonal curtailment in the northern part of the
The directors have voted to omit the extra dividend of 25 cents per share
United States. Business from Southern States and the Pacific coast will on the class
counteract the loss from northern projects which will be checked later share on theA cum. panic. stock and the regular quarterly div. of 25c. per
class
in the autumn with the advent of freezing weather. The steel spring These amounts B stock, no par value, ordinarily payable about Sept. 30.
were paid on these issues on April 1, July 1, Oct. 1 and
division of the company naturally has reflected the decreased production Dec. 24 1929, and
on April land July 11930.-v. 131. p. 1103, 795.
industry. We believe that the worst is over and we are opIn the motor
timistic as to the future."
55 East 86th St. Corp., N. Y. City.
-Loan.
Mr. Dewey added that the company's Holorib division, acquired ast
A
January, handled a larger volume of business in August than in any month The permanent loan of 3775,000 has been closed with Lawyers Mortgage Co.
since its organization five years ago. The company, with the signing of and mortgage is secured by a 16-story and penthouse apartment building
plot of land facing 102 feet 2 inches on East 86th Street by 100 feet
the contract for the new million-dollar Travel and Transport building to 8
inches deep. Harry A Hyman is President and Michael Williams Jr,
be erected in Chicago as part of the 1933 World's Fair, received the largest
composite order for roofing, flooring and siding ever awarded to a single Sec. of the borrowing corporation. Douglas L. Elliman Co. were the
brokers.
concern, it is stated.
-V. 131, p. 1720.
Lawyer Mortgage Co. authorized
a series of guaranteed mortgage certificates, securedthe statement that would shortly be
Diamond Shoe Corp.
-August Sales.
by
offered. The mortgage will mature on this property,
Sept. 25 1935. Interest dates
Increase. will be
1930
-August
-1929.
Decrease.] 1930-8 Mos.-1929.
March 1
$1.340,118 $1,484,925
5144,8071511,749,554 $10,539,696 $1,209,6-8 of $7,750 each, and Sept. 1. Provision is made for semi-annual payments
reducing the provisional amount of the mortgage to $697,500
Prior to maturity.
Increases Common Dividend.
The directors have declared the regular quarterly dividend of 51.6234
(William) Filene's Sons Co.
on the 63.4% Pref. stock and a quarterly dividend of 50 cents per share on
-Earnings.
the common stock. both payable Oct. 1 1930 to holders of record Sept. 19.
For income statement for 6 months ended July 31 see "Earnings DeThe previous dividend on the common stock was 3734 cents Per share.
partment" on a preceding page.
-V. 130, p. 3362, 2761.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1903
-volt, third-rail section -of the New York
eluding operation over the 600
Central RR., and heavy trains in and out of the Pennsylvania station over
the Hell Gate Bridge route.
The new 3,500-h.p. locomotives will weigh approximately 200 tons
The company has decided to effect distribution by means of retail lumber completely equipped, with 135 tons on the driving axles. The capacity of
yards throughout the country, sales promotional work being carried on in such unit on level tangent track is fifteen 80
-ton Pullman cars at speeds up
conjunction through Fir-Tex salesmen. The company now is producing to 65 miles per hour in the alternating-current zone and up to 58 miles per
125.000 square feet of one-inch insulating board daily. At the outset hour in the direct-current zone.
of contracts with large
sales efforts will be directed toward the obtaining
passenger coaches an oil-fitted steam boiler will
users, such as manufacturers of refrigeration equipment, moving picture beFor heating the trailing the locomotives, with suitable tanks for water
installed in one end of
companies. &c.
pictures and fuel oil.
J. H. Burnside, general sales manager said that the talking
The locomotives will be built at the Erie Works and it is expected that
had made it necessary to minimize noises so far as possible, and, as a result,
before the end of Aug. 1931.Insulating materials, with their accoustical properties, were greatly in all will be delivered to the railroad company
V. 131, p. 1722, 1104.
demand. They are also being used to deaden the transmission of sound
through floors and walls in office buildings, hotels and apartments, and
-Earnings.-, &c._
General Foods Corp.
sales campaigns to include architects and building contractors have been
"Our cash sales for August," said President Colby M. Chester, "show a
launched.
1929 and to date earnings are
The company's present $1,500.000 plant, which began production in satisfactory increase over the like month in Although the results for the
with a year ago.
well
July, has been designed to produce 75.000,000 feet of board annually. holding upof thecompared depend a lot on maintaining present price levels,
year will
According to company estimates, 2,000 square feet of finished board will remainder
further reductions and the fall
be produced from one unit of chipped raw material containing 200 cubic there is no indication at the moment of any
some improvement."
feet. The shipping weight is estimated at 700 pounds per 1,000 cubic feet, season, if anything, should shownet earnings at close to $4 a share on the
Current estimates place 1930
and arrangements have been made with the Southern Pacific Co. to ship
from the plant at St. Helens to California points, at the "rough lumber" common stock.
Mr. Chester stated that while abroad he had negotiated for the foreign
rate, with attendant economies in freight charges. Steps are being taken
freezing process but that
to obtain this low rate on movement in other directions. The total manu- distribution of the company's "birdseye quick point where they could be
the negotiations had not as yet reached the
facturing cost is estimated at $21.66 per 1,000 feet.
corporation has been considering
The recently completed plant is regarded by the company as the first announced. Mr. Chester said that the
Tea Co. for the domestic
unit of an operation, which, ultimately, will be double the present size, an agreement with the Great Atlantic & Pacific
process but that no definite anand it has been constructed so that it may be enlarged with facility 3vithout distribution of the ••birdseye quick freeze" said a statement on the subject
nouncement can be made at this time. Ile
disturbing production.
-V. 131. p. 1264.
Incorporated in Oregon in May 1928, the company has an authorized would be forthcoming in the next few weeks.
capital stock of 60,000 shares, of which 25,000 are $100 par class A common
-Sales for August.
General Motors Corp.
stock and 35.000 shares are no par value class 13 common stock. The
During the month of August, General Motors dealers in the United States
A common Is cumulative and has prior rights as to dividends and assets,
announcement made
being entitled to the first $7 a share available for dividends. When further delivered to consumers 86,426 cars, according to an 80,147 in the month
with
dividends are available in the same year, the B is to receive $7 a share. by President Alfred P. Sloan Jr. This compares by General Motors manubetween the two classes of July and with 151,722 in August 1929. Sales
Additional net earnings are to be divided
facturing divisions to dealers in the United States amounted to 76,140 cars,
of stock thereafter. Voting control is vested in the B stock.
It is likely that application to list this issue on the Portland and San as compared with 70,716 in July and as compared further with 147.351
Francisco Stock Exchanges will be made in the near future. ("Wall Street In August 1929.
Total sales to dealers, including Canadian sales and overseas shipments
Journal").
amounted to 85,610 cars, or over 3,600 cars per day, as compared with
----Earnings.
79,976 in July and as compared further with 168,185 in August 1929.
(I.) Fischman & Sons.
The following table shows sales to consumers of General Motors cars in
For income statement for 6 months ended June 30 see "Earnings DeContinental United States, sales by the manufacturing divisions of General
partment" on a preceding page.
sales to
States, and
Maurice I. Fischman, President, says: "During the first 6 months Motors to their dealers in Continental Unitedshipments: total
the company, through the fountain division, sold more units than in the dealers. including Canadian sales and overseas
Total Sales to Dealers
corresponding period of 1929, indicating ability to continue its progress
incl. Canadian Sales
United States
under the difficult conditions then prevailing. Net sales of the marble
di Overseas Shipm's.
Sales to Dealers.
division were somewhat larger than in the first half year 1929 prior to its
Sales to Consumers.
1929.
1930.
1929.
1030.
1929.
acquisition by your company.
1930.
106,509 127,580
conditions and other causes including the de- January
94,458 95,441
73,989
`Due to general business
74,167
126,196 175,148
110,904 141,222
velopment of new products not yet on the market and wider geographical February
88,742 110,148
.135,930 220,391
118,081 176,510
sales distribution, it was impossible to secure the normal amount of profit March
123,781 166,942
227,718
•
132,365 176.634
from this business.
142,004 173.201
April
147,483 220,277
136,169 175,873
"Since June 30 there has been no improvement in operating conditions, May
131,817 169,034
97,440 200,754
87,595 163,704
which should reflect itselffavorably in the profits to be derived in the future: June
97.318 154,437
79.976 189,428
70.716 157,111
-V. 131, p. 1721. 121.
80,147 147,079
July
.85,610 168,185
August
-Capital Reduced.
Foundation Co.(Foreign).
-V. 131, p. 172i. 1572..
The stockholders on May 20 1930 reduced the company's stated capital
-Transfer Agent.
General Phonograph Corp.
from $5,550,000 to $4,275,000. thus eliminating the capital deficit as of
1721). which amounted to $1.270.453.Dec. 31 1929 (see V. 131, P.
The Chase National Bank of the City of New York has been appointed
-V.113, p. 1476.
V. 131. p. 1721.
transfer agent for the common and preferred stocks.
Fir-Tex Insulating Board Co., San Francisco, Calif.
Widens Field.
-Dividends-Outlook.
Fox Film Corp.
18 declared the regular quarterly dividends of
The directors on
Sept.,A" and "B" stocks, payable Oct. 15 to holders
$1 per share on the class
of record Sept. 30 1930.
President Harley L. Clarke stated: "Prospects are that the earnings
for the third quarter of 1930 will exceed those of the second quarter, and
the earnings for the last six months of 1930 will exceed those of the last
six months of 1929. This statement is based on contracts the company
-V. 131, p. 1721.
already has in hand."
-Acquires Leases.
Freeport Texas Co.
--New Directors.
General Talking Pictures Corp.
Four banking authorities have been added to the board. The official
of
announcement says this move "is an indication of the extreme optimism by
President M. A. Schlesinger, in regard to the outcome of the appeal made
Co., Inc., against the recent decree of the Federal
the Western Electric
Court adjudicating the validity of the Ries patents. Should the decree be
upheld by the Circuit Court of Appeals, the task of accounting Profits and
damages will assume titanic proportions and require the ultimate in banking
;
ie "
et nc
el'rienew elected are Norrie Sellar, George L. Le Blanc, William Baxter
and Robert Eaton Saunders, the latter two being Treasurer and Secretary,
-V. 127, p. 1955.
respectively, of the corporation.
The company has acquired leases on about 2,000 acres on the Stratton
Ridge salt dome, Brazoriar County, Texas, where sulphur prospecting will
-Amendment to Charter Approved.
be started at once with three rigs. This hrone of the largest salt domes on
Gold Dust Corp.
the Gulf Coast, located midway between the company's two sulphur proThe common stockholders on Aug. 21 approved an amendment of the
ducing properties at Hoskins Mound and Bryan Mound, which are 20 certificate of incorporation (consolidation agreement dated Aug. 2 1929.
miles apart.
as amended), to read as follows:
This is the third of a series of sulphur explorations now being undertaken
"The capital of the consolidated corporation shall be $15,940,098.17 in
by this company. Drilling operations for sulphur at Humble salt dome,
the Shell Petroleum respect of the 61,160 shares of $6 cumulative convertible preferred stock and
Harris County. Texas, and at properties leased from
of common stock issued and outstanding as of Dec. 31
Corp. at Black Bayou, Cameron Parish, La., are also being conducted by 1,788,067 shares sums as may be transferred from surplus to capital by
1929. plus such
the company.
board of directors and plus such portion of the consideration
Stratton Ridge dome is advantageously located for economical sulphur resolution of the
thereafter issued as may be accepted by the consolidevelopment, being near existing highways, gas lines and power systems received from shares
-V. 131. p. 1104
In respect of such shares."
and only eight miles from the port of Freeport, through which most of the dated corporation as capital
-V. 131, p. 946,
company's present sulphur output is shipped.
-Sales Increase.
Graham-Paige Motors Corp.
Graham cars increased
During the last week of August retail deliveries ofstrengthens our belief
-Earnings.
Gamewell Co.
"This increase
For income statement for 3 months ended Aug. 31 see "Earnings De- 35% over the preceding week. improvement in buying durirg the fall
that there will be a continued
-V. 131, e. 1263. 279.
partment" on a preceding page.
-V. 131, P. 947. 797,
season," F. It. Valpey, Sales Manager, said.
-Bonds Called.
G-B Theatres Corp., Springfield, Mass.
All of the outstanding 7% series A cony. deb. duo March 1 1946 were
called for redemption on Sept. 1 at 105 and int. Payment will be made at
-V. 130,
the office of the First National Bank, trustee, Boston. Mass.
p.4425.
General American Tank Car Corp.
-Resignation.
-V. 131, p. 1263,
Elias Mayer has resigned as President effective Oct. I.
796.
-Merger Temporarily Off.'
General Box Corp.
-
It is announced that merger negotiations between this company and
the Atlas Plywood Corp. have been temporarily suspended. (Chicago
-V. 130, p. 4059.
Economist.")
Granby Consolidated Mining, Smelting & Power Co.
-The directors on Sept. 17 de-Dividend Rate Decreased.
clared a quarterly dividend of 50c. per share on the capital
stock (par $100), payable Nov. 1 to holders of record Oct. 17.
A quarterly dividend of 75e. per share was paid on Aug. 1
last, as against quarterly distributions of $2 per share made
on Nov. 1 1929 and on Feb. 1 and May 1 1930.-V. 131,
p. 637.
-Operations, &c.
Granite City Steel Co.
President Hayward Niedringhaus announced that operations of the
company were currently at around 57%,slightly better than at the beginning
of last month. Mr. Neidringhaus also stated that the company's tin plate
Unfilled orders were over $6,500,000 on Aug. 1, as compared with apand while the sheet department was not operatproximately $6.000,000 on Jan. 1 last. President Julius H. Barnes an- department was doing well,
were a few signs of better demand from general
nounced: Contracts booked during June showed a considerable increase ing at a high rate, thereLouis district. The current quarter will probably
manufacturers In the St.
over earlier months of the year when the company's new business declined
from an earnings standpoint as the second
with general operations in the building industry. Mr. Barnes said. Sales not be quite as satisfactorywas earned, Mr. Niedringhaus said, but that
made in July and to the middle of August were at the rate of $1.000,000 quarter, when $257,620 net
results for.the year to be satisfactory in the light of Present
a month, or practically equal to the aggregate capacity of the company's he expects
business conditions, and that the company was proceeding with their
-V. 131, p. 1722.
seven plants.
expansion and improvement program as scheduled several years ago.
Dividend requirements for the first half year of $2 per share were not
-Plans Unification of Plants.
General Cable Corp.
position, the manageAnnouncement was made on Sept. 17 through the Rome(N. v.)offices of quite covered, but with the company in a strong cashcompany's businses is
ment apparently feels that the current rate of the
the corporation of a plan of unification, effective Oct. 1, which will affect
not permanent and earnings will increase with a general betterment in
industrial plants of the organization in 13 cities in this country.
-V. 131, p. 1573.
Four divisions under which the plants have been functioning since the the steel industry.
formation of the corporation three years ago lose their identities entirely
-Defers Preferred Dividend.
Greyhound Corp.
hereafter will come under the general name of the corporation.
and
The directors have voted to defer the quarterly dividend of $2 per share
The announcement also said the corporation's treasurer's and comp1 on the partic, prof. stock. A quarterly distribution
troller's departments will be transferred from New York to Rome, N. Y. due about Oct.
of this amount was made on July 5 last. quarterly dividend of
-v. 131, P. 1104.
$1.75 per
The directors have declared the regular
share on the pref. A stock, payable Oct. 1 to holders of record Sept. 20.General Cotton Corp., Fall River, Mass.
-Proposed V. 130. p. 1837.
-Unfilled Orders.
General Bronze Corp.
Acquisitions.
See Davis Mills above.
-Receives Locomotive Order.
General Electric Co.
-
The company has received an order from the New York New Haven &
Hartford RR. for 10 electric passenger locomotives which will be larger and
capable of handling heavier trains at higher speed than any electric passenger locomotives now in service on the Now Haven road. The units,
which will operate with either alternating or direct current, will handle
main-lino passenger trains between New Haven and New York City, in-
-Extra Dividend.
Guaranty Co. of North America.
The directors have declared an extra dividend of $2.50 per share in addition to the regular quarterly dividend of $1.50 per share, both payable
Oct. 15 to holders of record Sept. 30.
-Dividend Rate Dec.
Hibbard, Spencer, Bartlett & Co.
The directors have declared three monthly dividends of 25 cents each.
placing the stock on a $3 annual basis against $4.20 previously. The
dividends are payable Oct. 31, Nov. 28 and Dec. 26 to holders of record
-V. 130.13. 1288.
Oct. 24, Nov. 21 and Dec. 19, respectively.
1904
FINANCIAL CHRONICLE
[VoL. 131.
Humphreys Mfg. Co.
-Omits Dividend.
-
Jewel Tea Co., Inc.
-Plan to Acquire Interest in Van
Camp Packing Co. Dropped.
-President M. H. Karker,
Sept. 10, states: "The corporation has decided not to go
ahead with the plan announced some time ago under which
Illinois Pacific Coast Co.
-Bonds Offered.-Mitchum, it might
Tully & Co. and Dean Witter & Co. are offering at 983 and For plan take in interest in the Van Camp Paeldng Co."
see latter company in V. 131, p. 129.)
int., yielding 6.15%, $2,500,000 6% convertible gold bonds.
Realizes Improved Economies.
, Dated Sept. 1 1930; due Sept. 1 1945. Interest payable M.& S. without
President M. H. Karker, Sept. 10, pays:
deduction of normal Federal income tax up to 2%. Denom. $1,000 and
The company
,
$500 c*. Red. on any int. date at the option ofthe company, in whole resulting from is beginning to reallz the improved efficiency a d economiee
the occupancy
The directors have voted to omit the quarterly dividend which ordinarily
would be payable about Sept. 30 on the common stock. A quarterly
distribution of 25c. per share was made on June 30 last, as compared
with 50c. per share previoudy.-V. 130. P. 4427.
of its Plant and headquarters buildarr at
or in part. on 30 days' notice at 105 and int. Crocker First Federal Trust Jewel
Park, Barrington, Ill. The building, which
Co., San Francisco, trustee.
an expenditure of 81,500,000, has ben occupied with the park involved
by tlie company since
Data from Letter of Carlton N. Davis, President of Company.
April 1 1030.
Five years were spent in the planning of this development and a year and
History and Business.
-Company has been organized in Delaware to
acquire the properties, assets and business of Illinois Pacific Glass Corp. a half in its execution. It has been completed within tie appropriation
and Pacific Coast Glass Co. The business of Illinois Pacific Glass Corp. made by the isqard of directors and has been paid for in cash. The company
was founded in 1881 and that of Pacific Coast Glass Co. was founded has no funded debt or preferred stock and has had no bank borrowings for
the last seven years. They are no payments to be made on the building In
in 1900.
The new company has the largest facilities in the West for manufacture the future which will affect earning power and the increased efficiency and
of glass containers and in addition does a substantial business in the manu- economy of operation are expected to be reflected In earnings from this
facture of paper boxes and cartons. Among its customers are numbered time on.
-V. 131,p. 1430, 1266.
leading parkers and distributors of beverages, drugs, chemicals, preserved
Johns-Manville Corp.
fruits and vegetables, dairy and other food products.
-Agreement Cancelled.
The company operates for plants, two in Los Angeles and two in San
President Lewis H. Brown recently announced that effective as of May 17
1930 the Johns
Francisco, and maintains sales offices in other cities of the Pacific Coast.
-Manville Sales Corp. cancelled its selling agreement with the
Earnings.
-The combined earnings of the predecessor companies, before Florida Travertine Corp. for the sale of Floridene Stone as produced and
giving effect to royalties which the Illinois Pacific Glass Corp. unit may fabricated by the Florida Trevertine Corp. at their quarries at Bradenton.
pay on future operations or to economies or expenses which may result Fla.
-V. 131, p. 638.
from such changes as may be made in the method of operating the reKalamazoo (Mich.) Stove Co.
spective plants after the consolidation has been completed, have been
-Omits Stock Div.
The directors have declared the regular quarterly div. of $1.1214 per share
certified by Lybrand. Ross Bros. & Montgomery as follows:
in cash, payable Oct. 1 to holders of record Sept. 20. From April 1 1929 to
Years Ended Dec. 311929.
1928.
1927.
and including June 30 19:30 quarterly divs. of $1.1234 in cash and 134
Profit,after depreciation, available for
in
interest on this issue
$715,284
$642,451
$538,417 in stock were paid. Prior to April 1 1929 the company paid only $1.12
Interest on this issue
150,000
150,000
150,000 to cash quarterly. A 50% stock distribution was also made late in 19
stockholders of record Nov. 1.-V. 131, P. 949.
Profit before Federal income taxes_
$565.284
$492,451
$388,417
Kawneer Co.
-Regular Dividend.
Fed.inc. taxes at uniform rate of 12%
67,834
59,094
46.610
The directors have declared the regular quarterly dividend of 6236c.
per share, payable Oct. 15 to holders of record Sept. 30. The stockholder
Net profit
$497,450
$433,357
$341,807
The above earnings available for interest averaged 4.21 times annual has the option of taking stock in lieu of the cash dividend on the basis of
-V. 130, p. 4618.
interest requirements on this issue. For the year ended Dec. 31 1929 $31.25 a share.
such earnings amounted to more than 4.76 times such interest requirements.
Kaynee Co., Cleveland.
-Extra Dividend.
Sales of the predecessor companies during the first five months of 1930
The directors have declared an extra dividend of 1234c. per share and
were higher than in the corresponding period of 1929. This industry is the
usual quarterly dividend of 50c. per share on the common stock, both.
particulary adaptaole to large-scale production, through more efficient Payable
Oct.
utilization of plants, and it is expected that profits of the new company Paid quarterly1 to holders of record Sept. 20. Like amounts have been,
since and including Oct. 1 1927.-V. 131, p. 1266.
will be even greater than those of the predecessor companies.
Purpose.
-These bonds are issued in connection with the acquisition of
Kelly Springfield Tire Co.
-Receivership „Suit in Chanthe properties, assets and business of the predecessor companies, to retire
cery Court Dismissed.
notes and accounts payable, and to provide additional working capital,
Charges of a plot to manipulate the company's stock resulted in the
Conversion Privilege.
-Each bond will be convertible into the company's
common stock at the option of the holder, subject to prior redemption, dismissal Sept. 17 by Vice-Chancellor John J. Fallon of a receivership
up to and including June 30 1932 at $16 per share; thereafter up to and action brought in Jersey City against the company. The suit was brought
including June 30 1934 at $18 per share; thereafter up to and including on Sept. 5 by James A. Kelly of 194 Arlington Avenue, Jersey City, owner
June 30 1936 at $20 per share; thereafter up to and including June 30 of 100 shares of Kelly-Springfield stock.
1938 at $25 per share, and thereafter at $30 per share. The indenture
Federal Court Dismisses Action Brought by Conrad J. Levin.
securing the oonds will contain suitable provisions for the protection of
Federal Judge Guy L. Fake in Newark Sept. 19 dismissed the applithe conversion privilege in case of stock dividends, division of the shares,
and in ease of the Issuance of additional common stock to stockholders cation of Conrad J. Levin for a receiver for the company. Thomas G.
Haight, former Federal Court Judge, counsel for the company, moved
as a class at less than the then existing conversion price.
Listing.
-It is expected that application will be made to list these bonds for the dismissal of the application and informed the court that Vice-Chancellor John Fallon at Jersey City on Sept. 17 had dismissed a similar
on the San Francisco Stock Exchange or San Francisco Curb Exchange.
application.
CapitalizationAuthorized.
Outstanding.
Thomas S. Lindsey, Vice-President and General Sales Manager, died
Convertible 8% gold bonds
$3.000.000
$2.500,000 Sept. 15.-V. 131, p.
1723.
Preferred cumulative $3 stock (no par)
150,000 abs.
95,647 abs.
Common stock (no par)
400,000 sho.
155,647 shs.
Kent Garage Investing Corp.
-Initial Class A Div.
Pro Forma Balance Sheet May 311930.
The directors have declared a quarterly dividend of 50 cents per shareAssets
on the no par value class A stock, and the regular quarterly dividend of
Liabilities
Cash
% on the 7% pref. stock, both payable Oct. 1 to holders of record Sept.
$146,758 Accts. & trade accepts. Pay-- $407,411
Notes & aceounts (lee allowProv. for Federal income tax__
81,631 15.-V. 131, p. 798.
ance for losses)
971,374 Accrued expenses
73,937
(A. B.)Kirschbaum Co., Inc.
Inventories
2,186.406 Prov. for organic. exp. (eat.)....
-Minority Interest Sold.
36,000
Value life insurance policy
4,975 8% convertible gold bonds
David Kirschbaum. President of the original 'A. B. Kirschbaum Co. in
2,500,000
Investment, book value
Process of liquidation since 1928, has resigned as a director of the successor
4,823 Land purchase contract, due
Plant and equipment
3,443,132
Oct. 1 1931
30,608 company, A. B. Kirschbaum Co., Inc. and has sold his interest and that
Patents and experimental work
of other minority stockholders to Schloss Bros. & Co.. Inc., of Baltimore.
23,685 Res. for possible addl Federal
Deferred charges
378.138 Income tax assessment
7,569 Md., which company has owned the majority interest since the date of
Capital paid in
x4.024,143 incorporation, two years ago. Mr. Kirschbaum and his associates have
completely severed their connection with said company.
Total
$7,161,289 Total
The original A. B. Kirschbaum Co. paid its preferred stockholders $100
57,161.289
x Represented by capital stock of no roar value: Preferred. $3 cum., Per share and all cumulative dividends: also $26 per share to all owners of
callable at $55 per share and accrued dividends; entitled to $50 per share the common stock out of proceeds thus far realized. There remain valuable
and accrued dividends in the event of liquidation, authorized, 150,000 shs.•, assets in real estate and receivables yet to be liquidated and it is hoped that
Issued, 95,617 shs.; common stock, authorized 400,000 shs., issued, 155.647 this company will ultimately pay out nearly book value to its common
-V. 128, P. 250.
stockholders. (Philadelphia "Financial Journal.")
shares.
Independent Bonding & Casualty Insurance Co.
-Receivership.See National Guaranty Fire Ins. Co. below.
Indiana Pipe Line Co.
-25c. Extra Dvidend.The directors have declared a quarterly dividend of 50 cents a share and
an extra dividend of 25 cents a share on the capital stock, par $10, both
payable Nov. 15 to holders of record Oct. 24. Like amounts were paid
quarterly since and including Nov. 15 1929.-V. 131, P. 123.
International Business Machines Corp.
-New Contract
The corporation recently received a contract to supply census equipment
to the Norwegian Government. Electric tabulating and accounting machines will be used. The Norwegian contract follows orders for census
equipment for the United States, Chile and Italy this year.
The corporation's volume of business in Great Britain in July in 1930
increased 20.58% above July 1929.-V. 131, p.797, 281.
Interstate Bakeries Corp.
-Dividends.
-
The directors have declared the second quarterly dividend of $1.623
per share on the $6.50 cumul. pref. stock, and of 25c. per share on the
common stock, both payable Oct. 1 to holders of record Sept. 15. Initial
dividends of like amount were paid on July 1 on the respective issues.
-V.
130, P.3889.
Interstate Department Stores, Inc.
-Earnings.
-
Gross earnings, exclusive of rental departments, which also showed an
increase, amounted to $1,646,058 as compared with $1,525,423 for July,
an increase of nearly 8%,states President Leo G. Federman.
"This is the first time in our history that August business has exceeded
July," said Mr. Federman. "There is generally a marked falling off in
all retail business during August. Ordinarily, July business Is from 10%
to 20% ahead of August. The improvement started about the middle of
August, as a result of increased payrolls in practically all of the 33 cities
in which we own stores. I expect our record for September will how a
good increase over August "-V'. 131, p. 948, 123,
Isaqueena Mills, Central, S. C.
-Receivership.
-
Kirsch Company.
-Earnings.
Year Ended June 30
Net sales
Cost of goods sold
Selling, general and administrative expense
1930.
1929.
$2,189,078 $2,380,003
1,098,928
1,217,051
836,233
834,373
Net profit from operations
Non-operating income
$253,917
13,814
$328,580
18,198
Total income
Non-operating expenses
Federal taxes
$267,731
20,136
25,426
$346,778
15,715
39,750
Net profit available for dividends
$291,313
$222,168
Earned per share preference
$6.93
$5.30
Earned per share common
$1.99
$1.36
Balance Sheet June 30.
Assets
Liabilities
1929.
1929.
1930.
1930.
Cash
858,018
$184,128
$74,030 Accts. payable-- 812,504
Accts. & notes rec. 243,815
295,971 Notes payable-125,000
90,000
Inventories
170,000
737,357 Pres. & Can, Mgr
522,979
Improv,real estate
10,458
4,021
57,388 Trade accept. pay..
Bldg. & loan stock
Kirsch Mfg. Co.of
5,200
2d mtge. notes, sec.
6,289
Canada, Ltd by Impr,real est.
70,048
40.614
26,265 Accruals
10,678
Land,bidgs., mach.
46,469
51,287
Divs. payable....
equip., &c._ _ 1,383,491 1,418,096 Cony. pref. stock_ 1,257,300 1,260.900
Patents
107.970
55,467 Common stock ___ 108,000
50,940
Good-will
914,864
1 Capital surplus__ 892,017
1
Deferred charges
8,254
111,607 Earned surplus_ __
138,053
91,393
Total
52,543,106 $2,776,172
$2,543,106 $2,776,172
Total
-V. 130, P. 1839.
Kirkman & Son.
-Control Acquired by Colgate.
-
See Colgate-Palmolive-Peet Co. above.
-V. 114, p. 2020.
An order appointing J. W. Wallace receiver for the company has been
Kissel Motor Car Co.
-Foreclosure.
-Receivership.
signed by Judge T. J. Mauldin on petition of creditors representing 90%
For the
of claims against the company. Petitioners were J. W. Norwood and due April 1alleged default of an $18,750 semi-annual sinking fund payment
1930, on a first mortgage bond issue, the entire plant and propinterests of Greenville, holding claims totaling $200,000; the Cannon inerties at Hartford, Wis. are jeopardized in a foreclosure suit filed Sept. 16
terests of Kannapolis, N. C., involving $600,000.
Federal courts at Milwaukee, Wis.
Attorneys representing petitioners said the mill was involved by more in A
than $1,100,000, which sum, it is stated, represents twice the visible assets New consolidation agreement, effected May 1 this year, was made with
Era Motors. Inc., whereby. through an exchange of stock. Kissel was
the company.
of
to have manufactured a front wheel drive automobile under New Era
patents. This arrangement was to have brought now capital into the
Island Creek Coal Co.
-Coal Mined (Tons).company, but it is understood the agreement was not carried out by the
MonthMonth1929.
1930.
1930.
1929.
outside interests.
531.941 May
535,983
January
552,867
408,634
The suit is filed
Chicago,
Melvin
414.352
517,350 June
February
443,373
503,370 who with the First against the company by Chicago A. Traylor,
Trust
Savings Bank.
360,600
462,740 July
March
476,529 and authenticating trustee & the issuance of $750,000 was made depositary
452,781
in
first mortgage.7h%
392,681
452,881 August
April
532,817 sinking fund gold bonds dated April 1 1922. and to mature April 1 1937.
418,493
131,P. 79 . 1107.
A total of $226,900 of the bonds has been paid and retired, leaving $523,100
8
SEPT. 201930.]
1905
FINANCIAL CHRONICLE
1 and Oct. 1
outstanding. Payments of $18,750 have been made each Aprilof complaint
bill
until April 1 1930, when the payment was not made, the these retirement
April 1 1931,
in the foreclosure action states. Beginning through 1936.
payments were to bo $37,500, semi-annually
that the entire outstandNotice was given Sept. 12, recites Mr. Traylor,making the principal due
ing bonds amount was due, a default in payment
the indenture agreement.
according to
pending the suit and
The complaint asked appointment of a receiver
Milwaukee, Sept. 15. An
Judge F. A. Geiger appointed Carl F. Geilfuss,with the demand for a forethe Kissel properties is asked,
accounting of all
rs.
closure sale, the proceeds to be apportioned among bondholde officers or
the company, its
Finally, an injunction is asked to restrain property in the event a foreg with disposal of the
agents, from interferin
closure sale is ordered.
G. A. Kissel is
The company was incorporated in Wisconsin in 1906.
--V. 115.
Vice-President.
Pres. & Gen. Mgr. and 0. P. & A. P. Kissel,
p. 993.
-Extension.
Kolster Radio Corp.
committee has extended to Dec. 15
The common stockholders' protective
National City Bank, New
next the time when stock may be deposited with
-V. 131, p. 949, 798.
York.
-May Submit Amended Plan of SetLake Superior Corp.
-See under "Finantlementfor Consideration in Near Future.
-V. 131, p. 1266.
cial Reports" on a preceding page.
-Earnings.
Lawbeck Corp.(& Subs.).
the GrigsbyMajestic Radio Products, has been made effective against against disboth
Grunow Co. of Chicago, so that the judgment will run undoubtedly will
of the lower court
tributor and manager. The decision
be appealed, he said.
To date 85% of the stock of the old Magnavox Co. has been converted
stock
into stock of the Magnavox Co., Ltd., and 80% of Amrad Corp.
similarly converted.
has been transferred to Fort Wayne, Ind.,
The Chicago assembly plant
already has been
Substantial reduction of production cost and overhead the notice to the
effected by moving operations from coast to mid-west,
-V.131, p. 799.
stockholders says..
-Defers Pref. Dividend.
Steam Shovel Co.
Marion
of 1 %. due
The directors have voted to defer the quarterly dividend 1i% on this
on of
Oct. ion the 7% cum. pref. stock. The last distributi
-V. 131. p. 1431.
issue was made on July 1 last.
-Bonds Called.
Maryland Casualty Co.
of 1st mtge.
There have been called for payment on Oct. 15 next $160,000 Payment
Finance Co.
coll. trust 6% gold bonds, series B, of the Lincoln
-Huntington National Bank, trustee, Huntington,
made at the First
will be
-V. 131,
Casualty Co.
W. Va. This issue is guaranteed by the Mortgage
D. 1724.
see "Earnings
For income statement for 6 months ended June 31 1930
Department" on a preceding page.
June 30 1930.
Consolidated Balance Sheet
Liabilities
Assets
81,065,986 Bank loans due on demand__a$8,025,000
Cash
Demand loan-Manhattanshort-term real est.
Adv. on
b2,480,000
Dearborn Corp
r14,901,171
loans
54,872
257,673 Accts. pay. as special deposit_
Accrued interest rec., dm- ___
91,356
Federal income taxes
cost (market
Stock owned, at
57,707
Management compensation__
194,714
value $120.400)
184,672
Unearned commissions
Stock of real estate holding
44,681 Cumulative preferred stock__ 5,000,000
corp., at cost
x300.000
Common stock
z Syndicate participations in
300.000
574,635 Paid-in surplus
real estate equities
569,879
24,626 Earned surplus
Deferred charges
Total
$17,063,486
817,063,486
Total (each side)
$1,700,000 6% real
x Represented by 300,000 no par stock. y Includes
resale agreement. z Repreestate mortgage bonds, carried at par underto mortgages of $3,280,000.
senting a 50% interest in equities subject 04. b Secured by real estate
a Secured by real estate loans of $10,755,8
-V. 131, p. 123,
value.
loans of $3,020,000 and stocks of 100,373 market
-Acquisition.
Master Tire & Rubber Co.
interest in the Giant Tire &
The corporation has purchased the controllingof 15,000 com, shares and
capitalization of which consists Securities were exchanged
Rubber
shares, both of no par value.
Co.,
15,000 managers
in the transaction.
firm of Cooper Corp.. of
The Master company also controls the rubber
Falls. Ohio.
Findlay. Ohio,and the Falls Rubber Co. of Cuyahoga the Giant companies
and
Manufacturing activities of both the Cooper 4253.
-V.130,p.
the Cooper plant.
will be combined in
Listed.
-Stock
Mead Corp.
listing of 36.641
The Cincinnati Stock Exchange has approved the
shams $6 preferred series A (no par value) stock.
stocks of the Mead
The old no-par common and the 7% special preferred list in view of the
Pulp & Paper Co. have been removed from the trading for the new issues
fact that both issues have practically all been exchanged
of Mead corp.
authorized issue of
The capitalization of the Mead Corp. consists of anoutstanding 554,731
of which there are
1,000,000 shares of no-par common,500 000 shares of no-par Preferred, of
an authorized issue of
shares, and
is an authorized
which there is 36,641 shares outstanding. There also
are $9,500,000
Issue of first mortgage 6% bonds series A, of which there
Compare V. 130, p. 3554. 4064.
outstanding.
-Smaller Dividend.
Portland Cement Co.
Lehigh
25 cents per share on
The directors have declared a quarterly dividend of
to holders of record Oct. 14.
the common stock, par $50, payable Nov. 1 the company paid quarterly
including Aug. 11930.
From Aug. 11928 to and
-V.130. p. 297.
dividends of 623 cents per share on this Issue.
Called.
-Bonds
Mengel Co.
serial gold bonds, due
All of the outstanding $200,000 1st mtge. 7%were recently called for
and $200,000 due March 1 1933,and int., respectively, at
March 1 1932
and int. and 101
redemption on Sept. 1 at 10034
St. Louis, Mo.
the Mercantile Trust Co., trustee, outstanding.
-V. 131, P. 950.
The 1934 maturities still remain
Merchants Ice & Cold Storage Co., San Francisco.
To Sell Stocks.
RR. Commission for authority to
California
The company has applied to
-1% Stock Dividend.
a share). the proceeds
Liberty Share Corp.
sell $2,500,000 common stock at par ($10 to provide funds for
dividend of 25 cents per
and
The directors on Sept. 5 declared a cash 1930 to holders of record share Issue and
Sept. to be used to refund outstanding obligations,
dividend, payable Sept. 30
and a 1% stock
in Dec. 1929 and in March and June expansion purposes -V. 118, p. 2051.
10 1930. Like amounts were paid
in stock were paid.
-V. 130,
last. In Sept. 1929 50 cents in cash and 2%
-Extra Dividend.
Metropolitan Ice Co.
p. 1473.
dividend of 30c. per share in addition
The directors have declared an extra $1.75 per share on the pref. stock.
- to the regular quarterly dividend of
-Proposed Merger.
Lincoln Mfg. Co., Fall River, Mass.
Sept. 15. Like amounts were paid
-V.125, p. 2538.
both payable Oct. 1 to holders of record
See Davis Mills above.
-V.130, p.4253.
on April 1 and July 1 last.
-Rights.
Loudon Packing Co.
the right to subscribe
The stockholders of record Sept. 22 Will be offered
par value) at $20 per share
for 15,000 additional shares of capital stock (no
new share for each five shares held. Rights expire
In the ratio of one
Oct. 22.
President Stewart Rose says in part:
"The business of the company has shown a consistent growth since the
approxiconsolidation consummated in 1928 and the company has spent of
l portion
which
mately $300,000 for plant improvements, a substantia has been erected
only recently been completed. An entirely new plant
has
the Terre Haute and Evansat Tell City, ind., and the capacity of both tho issuance of this
ville plants has been doubled. The purpose of company, whichadditional
has been
stock is to restore the working capital of -the
expended for fixed assets.
tomato products
All indications point to a greatly increased pack ofbooks of the comwhich with the increased volume of sales already on the
the
year and should
pany should reflect favorably in the earnings for ratepresent the
of $3 on
increased
warrant a continuance of the present dividend
-V. 129, p. 3645.
ssue of stock.
-1% Stock Dividend.
Lynch Corp.
The directors have declared the usual quarterly dividend of 50c. in cash
payable Nov. 15 to holders of record Nov. 5. Also the directors declared
1% in stock to be paid at the same time.
-V. 130, p. 3890.
Like amounts were paid on Aug. 15 last.
.
-Extra Dividend(Arthur G.) McKee & Co.
The directors have declared an extra dividend of 12H cents per share
and the regular quarterly dividend of 8714 cents per share on the class B
stock, both payable Oct. 1 to holders of record Sept. 20. Like amounts
were paid on July 1 last -V. 130, p. 3890.
-1% Stock Dividend.
McQuay-Norris Mfg. Co.
The directors have declared a 1% stock dividend and the regular quarterly dividend of 50c. a share in cash, both payable Oct. 1 to holders of
record Sept. 20. Like amounts were paid quarterly since July 1 1929.V. 131, P. 950.
--Reduces Dividend.
Madison Square Garden Corp.
The directors have declared a quarterly dividend of 25 cents per share on
the CO111111911 stock, no par value, payable Oct. 14 to holders of record
Oct. 4. From Jan. 16 1929 to and incl. July 15 1930. the company paid
-V. 131, p. 124.
quarterly dividends of 3734 cents per share,
-The directors
-Dividend Decreased.
Magma Copper Co.
have declared a quarterly dividend of 75c. per share on the
outstanding 408,155 shares of capital stock, no par value,
payable Oct. 15 to holders of record Sept. 30. The company
on July 15 paid a quarterly dividend of $1 per share, while
from April 16 1929 to and incl. April 15 1930 quarterly
distributions of $1.25 per share were made. On Jan. 15
1929 a quarterly dividend of $1 per share was paid.
V. 131, p. 639.
Magnavox Co., Ltd-Stock Listed.
The Cincinnati Stock Exchange has approved the listing of 1,063,074
(no par) shares. Company has an authorized capital of 2,500,000 shares,
of which 1,313,074 shares are outstanding.
The company is a merger of Magnavox Co. of Arizona and Amrad Co.
of Ohio, seven shares of Magnavox having been exchanged for one Amrad.
The exchange offer expires Sept. 30. and
Amrad for year ended Dec. 31
The combined earnings of Magnavox
Federal taxes.
1929 were $804,801 after depreciation but before were
Current assets of Magnavox as of March 31
$2,254,981 against
current liabilities of $214,776.
Company manufactures dynamic speakers and condensers for radio
sets. Plants are located at Medford Hillside, Mass., Oakland, Calif.,
and Fort Wayne, had.
Judgement-Merger, &c.
In connection with a notice to the stockholdors that the general offices of
in
the company will be locatedtheChicago after Sept. 15, Secrteary Dobrzensky
Frederick II. Thompson Co., distributors of
said the judgment against
-Tax Refunds.
Petroleum Corp.
Middle States
tely 5530.000 from the Internal
The corporation has received approxima refunds for over-assessment of
last year in
Revenue Bureau during the previous years, including a recent refund of
income and profits taxes in 1921 and 1922. All refunds are the result of
$70,533 for the years 1920. Oil Corp.. the assets of which were purchased
operations of Middle States
-V. 131. p. 1575.
Corp.
by the Middle States Petroleum
-To Share in Gasoline
Mid-Continent Petroleum Corp.
Line.Pipe
have accepted invitations to partici-
Thls corporation and the Pure Oil Co. being laid by the Barnsdall Corp.
pipe line
pate in operation of the gasoline the midcontinent field to the Great Lakes
and the Continental Oil Co.from become stockholders in the Groat Lakes
two companies will
region. The
the pipe line.
Transportation Co. which will operate
refinery at Barnsdall, Okla., and
Laying of the line between the BarnsdallPonca City is already under way.
Continental Oil Co. at
the plant of the
-V. 131. P. 1267.
-Sells Half Interest in
Missouri-Kansas Pipe Line Co.
Operating Properties.
in all of its operating properties,
half interest
This company has sold aIndiana-Kentucky Natural Gas Corp. to the
with the exception of theCorp., affiliate of the Columbia Gas & Electric
'
Gasoline
Columbia Oil &
18. (See Columbia Oil & Gasoline
Corp., it was announced on Sept.
Corp. above.)
Columbia includes the projected 1,250,
The half interest acquired by
Texas Panhandle through Missouri, Illinois
mile pipe line system from the
Pipe Line Co.
is being built by the Panhandle Eastern as natural gas
and Indiana, which
the Panhandle Illinois Pipe Line, as well
and its subsidiary,the Texas Panhandle and in the Hugoton area in Southlands in
producing
learned.
western Kansas, It wasP. Parish, President of Missouri-Kansas company,
According to Frank
to the Columbia company
ion for the sale of the half interest the Missouri-Kansas comconsiderat
substantial profit to
was in cash, representing a
company, he said.
an
which will be a holding as well as has operating d arrangements to
pany,
announce
so far
The Missouri-Kansas company natural gas, principally in Indiana and
supply 27 cities and towns withhave covered a far wider territory in the
Kentuclry, although its projects
W cag
echtest.
Missourio Stock Exchange has reduced the,listed number of
The
1,204,686 of which 1,000,000 shares
Kansas Pipe Line common shares by ing contracts with Frank P. Parish
underwrit
covered the cancellation of were canceled after conditional issuance to
& Co., while 204,686 shares
delivery.
investors who subsequently failed to acct Parish said in his statement,
Mr.
"The contract, as consummated,
as originally laid out
the carrying out of all the engineering plans The main pipe line
"insures
-Kansas Pipe Line management.
by the Missouri
1 and runs from Amarillo, Texas,
has been under construction since MarchKansas, Missouri, Illinois and terthrough the states of Texas, Oklahoma,
tely 250 miles out of the
minates at the Indiana State line. Approxima
have been completed. The cost is esti950 miles of the main pipe line 00.
tely $40,000,0
mated at approxima
will be completed during the
"Our engineers estimate that construction ed for a maximum capacity
construct
Spring of 1931. The main line is day. Panhandle Eastern system has
of gas a
feet
of 180,000,000 cubicthe principal fields of Texas, Oklahoma and Kansas,
huge gas reserves in
directly through the major fields of these
and the routing of the line passes with large natural gas potentialities.
states and through other territory Co. will hereafter be a holding com-Kansas Pipe Line
"The Missouri
In addition to its interest in the
pany as well as an operating company. Co. and its 100% interest in the
stock of Panhandle Eastern Pipe,Line be free to engage in further exand Indiana properties it will
Kentucky
tensions as opportunity affords. Line Co. was formed in June 1930 as a
The Panhandle Eastern Pipe
Line Co., to conwholly-owned subsidiary of the Missouri-Kansas Pipe from Texas' the
line extending
to
struct and operate the natural gas pipe
-V. 131, p. 1724.
State line.
Indiana
-Dividend Decreased.
Mortgage Bond Co. of New York.
The directors have declared a quarterly dividend of $1 per share on the
capital stock, payable Sept. 29 to holders of record Sept. 20. Previously,
-V. 129. p. 3810.
the company paid quarterly dividends of $2 per share.
1906
FINANCIAL CHRONICLE
Mortgage Bond & Title Corp.
-Dividend Decreased.
The directors have declared a
quarterly dividend of 15 cents a share on
the common stock, no par value,
payable Sept. 30 to holders of recorn.
Sept. 20. Previously the company
made quarterly distributions of 34
cents per share on this issue.
-V. 130. D. 1663.
Moto Meter Gauge & Equipment
Corp.
-Retires Bonds.
The corporation retired on Sept. 11, the
date of maturity,
issue of 3
-year, 6% serial bonds, according to President R.its 3750.000
G. Martin.
'The retirement of this issue leaves outstandi
ng only the common stock of
the company.
-v.131, p. 1108.
Moulding-Brownell Corp.
-Merger.
-
Announcement has been made
to take over the businesses andof the formation of the above corporation
assets of a group of
Western companies engaged in the building material Chicago and Midand coal field. The
new company, a $10,000,000 concern, will
include
Brick Co.. Brownell Improvement Co., Federal Stonethe Thos. Moulding
Co., Superior Stone
Co., Wisconsin-Wilcox Co., and
have properties in four States, the American Sand Sr Gravel Co. It will
having facilities for producing annually
Upwards of 63 million tons of materials, and an extensive
wholesale and
retail organization and 11
the Chicago metropolitan strategically located retail distributing plants in
area. The formation of the company, which
Will be one of the largest concerns in the
and distribution of bulling materials, country engaged in the production
financing. It has no funded debt and was concluded without any public
will be
J. R. Sensibar, President of the Construct in a strong current position.
man of the board of the new corporation, ion Materials Corp., is chairBrownell Improvement Co., is Pres.; and T.W. P. Hodgkins, President of
J. McGuire ef Thee. Moulding
Brick Co. is Vice-Pres. & Gen. Mgr. The other officers are
Daniel Foley,
James W.Alder, and T. F. Quilty, Vice-Presidents, and Daniel
J. Gallery,
Secretary and Treasurer.
The companies involved have been for many years successfully engaged
in
the building material industry in the Chicago district and
West. The Thos. Moulding Brick Co. has been in business in the Middle
Is the largest distributor of faced brick in this territory. for 62 years and
The Brownell
Improvement Co., with its main plant at Thornton capable
of producing
10,000 tons of crushed stone daily, has been in business
The other companies in the merger have been operatingfor nearly 40 years.
for periods varying
from 15 years up.
National Air Transport, Inc.
-Stock Available for
Trading Purposes.
-
Notice has been received by the Committee on Stock
York Stock Exchange that only 31,209 shares of stock of List of the New
the above corporation are available for trading purposes.
-V. 131, p. 1724, 1108.
National Aviation Corp.
-Earnings.
-
For income statement for six months ended June
30 1930 see "Earnings
Department" on a preceding page.
In his report to stockholders E. 0. McDonnell, President
, says:
The consolidated balance sheet on Dec.
shows
cost of in market prices held of $3.707,153.31 1929June 30a decline from
had been reduced to $1,206,719. At the closeAs of year, this year, this
of last
National Aviation Corp. had an asset value of $11.54 a share, which
increased to $14.05
as of June 30 1930.
As of the last-mentioned date 52% of the securities held
by the company
Were listed on the New York Stock Exchange
exchanges of other cities or traded in over the , 36% on the Curb, 9% on
counter, and 3% (valued at
cost) in holdings in new enterprises.
The management's present policy is to concentrate holdings
in a few
of the most successful and important manufacturing,transport
and accessory
companies.
The company is the holder of options and warrants to purchase
stocks
in certain aviation companies, which, although they are of
value, are not
reflected in the balance sheet.
Balance Sheet June 30 (Incl. Aeronautical Industries, Inc.)
Assets1930..1
1929,
Liabilities1929.
Invest. at cost.- -.0,721,773 $5,730,733 Accounts payable- 1930.
$4,140
$2,442
Accts receivable_ 63,666
128,939 Minority Interest87.123
Cash in bank
37,585
335,335 Res. for Federal &
Accrued diva. rec7,795
N.Y. State taxes
28,015
221,886
Furniture & fix.
81
Capital stock
s4,914,655 3,174,990
Prepaid insurance_
10
Paid in surplus_-_ 1,886,628 1,599,990
Earned surplus._ df1,087,651 1,195,699
Total(each skle)S5.830,910 $6,195,007
x Represented by 320,587 (no par) shares in 1930 and
211,666 (no Par)
shares in 1929.-V. 131, p. 1108. 486.
National Biscuit Co.
-Extra Dividend of 50c.
-The directors have declared an extra dividend of 50c per share on the
outstanding common stock, par $10, payable Nov. 15 to
holders of record Oct. 20. An extra dividend of $1 per share
was paid on the old $25 par common stock on Nov. 15 1929,
and one of 50 cents per share on July 14 and Nov. 15 1928,
and also on July 15 1929.
The
directors recently declared a
on the common stock, payable Oct. quarterly dividend of 70c. per share
15 to holders of
Sept. 19. A
distribution at this rate was also made on April 15 andrecord15 last.
The old stock of $25 par value, which was on a $6July
annual basis, plus
extras, was split early this year on a 23 -for-1 basis.
-V. 131, p. 487.
National Cash Register Co. (Md.).-Reports Upturn
in Sales.
The company this week announce
were showing a marked
upturn, with orders received by the d that salesmachine division totaling
accounting
the largest in volume for a single day in nearly two months. Banks.
manufacturing concerns and department stores were reported to have resumed
buying of equipment on a large scale, indicating
to the manageme
beginning of return to business stability throughout the country. nt the
-V. 131,
P. 1268.
National Foods Corp. (Del.).
-Organized, &c.
-
See Commander-Larabee Corp. above.
National Grocer Co.
-Stock
Off
The Detroit Stock Exchange announces List.
stock ended at Sept. 13. Recently Union that trading in the common
Guardian Trust Co. was named
permanent receiver with authority to liquidate,
at its discretion, the assets
and business of the company.
-V. 131. P. 1725, 1575.
National Guaranty Fire Ins.
-Receiv
Co.
ership Sought.
Officials of the National Guaranty
Bonding & Casualty Insurance Co. Fire Insurance Co.and the Independent
both
were directed Sept. 12 by Federal Judge of 29 Cedar St., Newark, N. J.,
Fake at Newark, N. J. to show
cause Sept. 22 why receivers should
the two companies charge fraud and not be appointed. Suits flied against
mismanagement.
In the complaint against the National it is alleged stockhold
ers subscribed
$1.100,000 to the company, but only $910,000 reached
the treasury of the
concern. In the Independent, it is charged,
$951,015 was subscribed by
stockholders, but only $720.000 reached Its treasury.
Bllder & Ender, counsel for stockholders in both concerns, filed
the suits.
John R. Moulton, of Boston, holder of 500 shares
in the National. is the
plaintiff in one action, and Mae Gross and Fred
and Helen Peariberger of
New York, owners of 320 shares of stock,
are plaintiffs in the other.
With the filing of the suits, Judge Fake appointee
special master with power to investigate the affairs Joseph Coult, lawyer.
of both companies.
M. Casefell Heine, special counsel
for the companies, stated there is
no ground for allegations made in
the bill and declared he will "resist to the
limit'' tho application for a receiver.
National Rubber Machinery Co.
-Divid
end Reduced.
The directors have declared
payable Oct. 15 to holders of a quarterly dividend of 25c. per share.
per share are paid from Aprilrecord Oct. 1. Quarterly dividends of 500.
15 1929 to and including July 15 1930.V. 130, p. 4620.
[VoL. 131.
States Court asking dismissal
the company He charges on of a bankruptcy action recently filed against
information and belief that the United Cigar
Stores Co. of America and Consolida
creditors, acted in collusion to bringted Dairy Products Co.. the principal
about the bankruptcy action in that
they acquired control of United
and January 1929, and through Retail Chemist Corp. in December 1928.
Stores, Inc.by stock purchase.that control acquired control of Neve Drug
The United Cigar Stores Corp.
of America, the petition alleges, has
since managed and operated the
Neve business by causing the
officers and directors, who are charged to be agents of United. election of
The petition further alleges that on
pany entered into an agreement with Dec. 7 1928, the United Cigar comAlfred
whereby Alfred J. Neve agreed to operate J. Neve and the Neve Stores
at least 50 drug stores in the
metropolitan area. The United Cigar company
agreed, according to the
petition, to supply not more than $500,000
working capital as needed. The
United Cigar company and Consolida
ted Dairy Products caused the directors of Neve Drug Stores to enter
into
Co., a United subsidiary, to purchaseagreements with the Whelan Drug
large supplies from stocks at exhorbitant prices all with the aim
of Neve. The petition charges of bringing about the apparent insolvency
that the United Cigar company failed to
abide by its agreement and it is stated
In the petition that if the agreements
were abided by the Neve stores
could operate without the necessity of a
receivership.
The Neve Stores filed a schedule of
liabilities and assets, showing liabilities of $705,946 and assets of
3548,549.-V. 131. p. 1725.
Newfoundland Hotel Faciliti
-Foreclosure.
es.
It is reported that hoders
bonds of the Newfoundland of the $450,000 6% 1st mtge. reimbursement
Hotel Facilities operating the Newfoundland
Hotel at St. John's, Newfoundland.,
have foreclosed on the property.
Interest duo is stated to be
ment as guarantor of the abont $90,000 and the Newfoundland GovernWaS opened in June 1926 bonds will take over the property. The hotel
and
this year, when it was adverselyis believed to have done fairly well until
affected by a decrease in the tourist trade.
New Hampshire Fire Insuran
ce Co.
-Extra Dividend.
The directors have declared an
dividend
regular quarterly dividend of 4% extra payable of 1% in addition to the
both
Oct. 1 to holders of record
Sept. 13. Like amounts were paid
in each of the three previous quarters.
-V. 130. D. 4620.
Newton Steel Co.
-Merger Rumors.
Reports that a merger
Steel Co. of Cleveland is of Newtown Steel Co. and Corrigan McKinney
in the negotiation stage were confirmed Friday
by a leading executive of Cliffs Corp.,
which controls Corrigan McKinney
through its interest in Cleveland Cliffs
of
companies have conferred," he said, "but Iron Co. "OfficiAlsbeenthe two
nothing definite has
worked
out as yet." ("Wall Street Journal.")
-V. 131, p. 801.
New York, Rio & Buenos Aires Line, Inc.
-Merge
r.
The merger of this corporation with
was approved at a special stockholders the Aviation Corp. of the Americas
meeting, to be effective Sept. 15.
Subject to the terms of the contract stockholders will receive approximately one share of stock of
53( shares of N. Y. R. & B. A.Aviation Corp. of the Americas for each
stock held.
The New York, Rio & Buenos
at Dover,Del.,changing its name Aires Line, Inc., has filed a certificate
to South American Air Line,Inc.
-V.131,
P. 952, 1268.
New York Title & Mtge. Co.
-New Officer:
-
Robert M. Catherine, formerly Vice-President of the Bank of Manhattan Trust Co. in
a Vice-President of thecharge of the uptown branches, has been elected
New York Title & Mortgage Co. and the American
Trust Co. in charge of their business
in Brooklyn.
-V. 131, p. 1268.
Niles
-Bement
-Pond Co.
-Extra Distribution
of 25c.
The directors have declared an extra
Sept. 30 to holders of record Sept. 20. dividend of 25c. a share, payable
This is in addition
quarterly dividend of 50c. a share payable on the same date. to the regular
Like amounts
were paid on March 31 and on June 30 last.
-V.130. p.4066.
Occidental Petroleum Corp.(Calif.).-Lar
ger Div.
The directors have declared a quarterly dividend
of 5 cents per share
on the capital stock, payable Sept. 30
to holders of record Sept. 20. Previously, the company paid quarterly dividends of 3 cents per share.V. 130, P. 3557.
Ohio Brass Co.
-Extra Dividend.
-
The directors have declared an extra dividend of $1 per share on the
common stock, in addition to
regular quarterly dividend of $1.25 per
share, both payable Oct. 15 to the
holders of record Sept. 30.-V. 131, P. 284.
Oppenheim, Collins & Co., Inc.
-Income Account.-
Years Ended July 311930.
1928.
1929.
*Sales
$16,551,806 $19,853,628 $19,968,183
Cost of sales
11,010,955 13,218,804 13.177.534
Oper., admin. & selling expense--- 4,780,624
5,211,180
5,240,883
Net profit from sales
3760,227 $1,393,940 $1,579,469
Miscell. earnings (rentals, int..
299,388
334,189
571,085
&c.)Total income
31,059,614 31,965,025 $1,913,658
x Depreciation
187.420
190,372
Federal taxes
107,000
217,014
215,000
Net income
$952,614 $1,560,591 $1,508,286
Dividends
900,000
838,816
982,883
Balance,surplus
$52,614
3669,470
3577,708
Earnings per share on 220,000 shares
$4.33
36.86
$7.09
*Newark store discontin
sales for full year and salesued June 11929. Sales for 1928 include Newark
for 1929 include Newark sales for 10 months.
x Items, on which depreciati
on was heretofore deducted, were charged
off in 1930.
Balance Sheet as at July 31 1930.
1930.
1929.
1929.
1930.
Assets3
146'AM:esIS
$
Cash
960,235 1,317,146
682,888
Accts. receivable a1,292,615 1,467,359 Accounts payable_ 527,305
Marketable secur_131.441,006 1,428,657 Due to subsidiary
companies
Notes receivable._
12,500
16,649 Dividend tlelared 1, 1111 1
2g,12
3
73 6
Life inst.r. policies 102471
60,448 Reserve for Federal
Inventories
Income tax
221,200
110,848
Stock of Opco Real- 799,881 1.125,898
Reserve for continty Co.(subsid.)_ 2 721 500
2,721.500
142,500
gentles
150,000
ItondsofOpcoR eal- ' '
Capital stock
c5,878,33I 5,878.331
ty Co., Inc
2,336,000 2,325,000 Initial surplus_ _ _ _ 1.000,000 1,000,00
0
Cap. stk of co. at
Undivided profits_ 2.102,877 2,916,221
cost, held In trea.
215,419
Porn., flat., Impts. 500,479
& deity. equipl_
1
373,324
Deferred charges
& !termed assets 183,981
185,960 Tot.(eaCh side).10,350,709 11,235,360
a After reserve for doubtful
accounts
$1,298.070. c Represented by 220,000 noof $30,500. b Market value,
par shares.
Our usual comparati
was published in V. ve income statement for the year ended June 30
131. P. 172
6.
Page & Shaw, Inc.
-Lists Debts.
-
The bankruptcy schedule
petition in bankruptcy on of the company, which filed a voluntary
Aug. 19
liabilities of 3184,044 and assets of in Federal Court at Boston, shows
owes the City of
Cambridge $10,445 for back taxes. $345,690. Company creditor is CamThe largest secured
bridge Trust Co. of Cambridge,
with a claim of 370,279.-V. 131, P.
1432, 1268.
Panhandle Eastern Pipe
Paragon Refining Co.
-To Be Dissolved.
A special meeting
Line Co.
-Control.
See Columbia Oil & Gasoline Corp.
above.
of the stockholders will be held Sept. 29, at which
time the formal
Neve Drug Stores, Inc.
-Bankruptcy
- of the company dissolution of the company will take place. Liquidation
Alfred J. Neve, former President who states Dismissal Asked.
that he is an unsecuren. large part of theis progressing rapidly and it is said that the payment of a
creditor in the amount of $4100,000. has filed
liquidation value will be made within two weeks after the
a petition in the United
meeting.
-V. 131, p. 1576.
4
t
SEPT.20 1930.]
1907
FINANCIAL CHRONICLE
orders are being received now for Pilot products and with the expectations
-Suit.
Paramount Publix Corp.
of doubling these orders on my next world tour which begins this week, I
The Strand Amusement Co. of Portland, Me., has entered suit for can readily say that soon there will be but a modicum of unemployment
2,000,000 damages against the company in Federal Court at Boston, in Lawrence,' Mr. Openshaw says. He pointed out that the demand for
aarging the defendant with violation of the anti-trust laws and restraint Pilot Radio Corporation products is greater than the present output and
[trade. The suit, which is answerable Dec.2,charged,among other things, that in the entire world Lapland is the only country where Pilot products
rat Paramount, by acquiring various film studios, monopolized or at- have not been introduced.
empted to monopolize the manufacture of films for distribution throughout
The report that Television is shortly to invade Broadway through the
us and foreign countries. As a result, the defendant was able to dictate
of a television broadcasting station atop the
gorbitant prices to the plaintiff and other independent companies,according erection by the Radio Corp. 42d St., N. Y. City, is especially interesting
Amsterdam Theatre in West
-V. 131. D. 1576. 1432.
3 the allegations.
to holders of the stock of the Pilot Radio & Tube Corp., which is now
perfecting a home television set that will retail at popular prices. The
Park & Tilford, Incl.-Omits Dividends.
Pilot company was the first to give a demonstration, in Coitsville, N. J.
The directors have voted to omit the quarterly dividends of 75c. in cash two years ago over station WRNY, of radio television in differentiation
ni 1% in stock ordinarily declared at this time. This rate had been from wireless television.
-V. 131, p. 1432.
atd up to and including July 1 last.
The Pilot company has designed a television set which is said to be one
of the most practical yet produced although it is not yet ready for marketing
-Annual Report.
Pepperell Manufacturing Co.
to
This set probaoly will be in the hands of dealers within a year, according
Russell H. Leonard, Treasurer, says in part:
I. Benjamin.
During the first six months of the year your company earned very setts- Treasurer J.corporation is now erecting machinery at its Lawrence plant to
The Pilot
requirements by a substantial margin.
ictory profits, covering dividend
parts. The company holds several basic patents in
luring the latter part of the .v tar, however, the whole industry has suf- Produce television -V. 131, p. 641.
xed from a depression almost u ique in its severity. The price levels of the television field.
and substantial mark-downs
otton and finished goods declined sharply
-Smaller Dividend.
(The)Potter Co.
fere necessary at the close of the fiscal year to bring inventories down to
per share
The directors have declared a quarterly dividend of 25 cents
onservative values.
Bleachery & on the capital stock, no par value, payable Oct. 1 to holders of record
In previous years the company's interest in the Lewiston
paid quarterly dividends of 433i
?ye Works, a wholly-owned subsidiary, has been shown on the balance Sept. 26. Previously, the company
-V. 131, p. 126.
beet as an investment, but this year the assets and liabilities of the sub- cents per share.
diary have been incorporated in the consolidated statement. As the
-Acquires John-Sons Gage Works.
Pratt & Whitney Co.
ook values of the net assets of the subsidiary companies are greater than
Whitney Co.,
C. R. Burt, President and General Manager of the Pratt & of Hartford.
he amounts at which they were carried as investments, there has been a
s Gage Works
orresponding increase in the cons3lidated surplus account. Due to has announced the purchase of the John-Son
equipment.
hanging the dividend payments from a semi-annual basis to a quarterly Conn., manufacturer of screw thread gaging the machine equipment and
Arrangements are being !uncle to transfer all
the surplus account during the last year has been charged with $10
the
present stock to the Pratt & Whitney plant. It is planned to continue
er share instead of the regular $8 per share.
produced by the John-Sons
The new sheet factory at Lewiston and Number 2 mill at Opelika have manufacture of the various gaging products as under the terms of purWhitney name,
eon completed and put into operation. A small plant at Fall River. Gage Works under the Pratt &
as well as the goodlass., was acquired for the purpose of produckg all-combed goods. All chase were included all patent and manufacturing rights, Johnson and Paul
he remaining property at Lowell, Mass., has been disposed of with the will of the John-Sons concern. C. V. Johnson, Stanley
Works, together with the entire
Johnson, owners of the John-Sons Gage
Aception of one storehouse.
with the Pratt &
v NVe have continued to make improvements and all necessary renewals trained personnel of the company, will be associated
r of Pratt & Whitney and Manager of
C equipment and all 5 plants are in excellent physical condition. Further Whitney Co. C. M. Pond,
supervision over this new
will have
regress was made in lowering the costs of production and in improving the small tools and gage divisions, 127. p. 273.
-V.
ur competitive position, but the unexpected depression in the latter part branch of work. ("Iron Age").
f the year prevented our reaping full benefit from this reduction in costs
--Earnings.
Prentice-Hall, Inc. (8c Subs.).
nd from the increase in sales.
1929.
1930.
New lines of product have been instituted from time to time with satisYear Ended June 30-$1,714,168 $1,518,395
Net Sales
actory results.
1.084.978
1,289,919
of this report, the depression mentioned Operating expenses
Up to the time of the writing
leave still continues. It is duo to the same old inability of the managers
$433,417
$424,248
Net profit from operations
f the various mills in the industry to adopt and carry through intelligent
23.127
44,640
o-operation either in production or in sales. The depressed condition of Other income
Peneral business since the stock market crash of last fall is also a contribut$456,544
$468,888
somewhat from the depressions of recent Years in
Net income before Federal taxes
ng factor. It differs
he indstry in that it has affected all lines and all mills, the southern
Consolidated Balance Sheet June 30 1930.
hills being apparently as hard hit as the northern mills. The fact that it
Lfabitliiee526,468
las been so widespread and so universal in its effects may give ground for Cash
852,037 Accounts payable
50,000
lope of a more speedy recovery.
551,820 Loans payable
Accounts receivable
37,149
We have signed an agreement to sell to the Cumberland County Power Marketable
217,168 Accrued taxes
securities
20,892
k Light Co. all of our water power properties on the Saco River and our Treasury stock
210,622 A ccr. royalties & coo,u-istl ion,t _
team power plant at Biddeford. The agreement is, however, subject Inventories
Reserves for unexpired sub149.129
344,716
o the approval of the Public Utilities Commission of the State of Maine. Plates & other fixed assets_scriptions, &c
172,021
but up to the
x927,065
'1. hearing has been held by the Commission on the matter,
Capital stock & surplus
lists
late of this report (Sept. 11) they had not handed down their decision. Copyright:, subscription
1
& good-will
81,406,290
Total (each side)
Income Account Years Ended June 30.
53,491
Deferred assets
1926-27.
1927-28.
convertible stock
1928-29.
1929-30.
x Represented by 50.000 shares no par participating
$18,246,089 $16,762,107 $19,803,313 $15,352,722 and 64,000 shares no par common stock.
-V. 129, p. 1139.
Isles
17,586,087 15,647,827 18,776,335 14,372,657
expenses
)perating
-To Participate in Gasoline Pipe Line.
Pure Oil Co.
$980.065
-V. 131, p. 1726.
$660,002 $1,114,280 $1,026,978
Net income
See Mid-Continent Petroleum Corp. above.
738,200
863,200
863,200
x1,079,000
Dividends
$241,865
$163,778
$251,080
loss$418,998
Balance,surplus
107.930
107,930
107,930
107,930
Ails. cap,stock outstand.
$9.58
$9.08
$10.32
$6.11
Etarnings per share
paid July 1. due to change in divix Includes 2% dividend ($215,800)
lend payments from semi-annual to a quarterly basis.
Compu alive Balance Sheet June 30.
1929.
1930.
1929.
1930.
$
$
fabilWeer Assets10,590,800 10,793,000
Plant accounts_ _x8,870,090 6,961,718 Capital stock
106,510
238,575
7.390,880 8,101,297 Accrued items _ _
inventories
Dash & accts. rec. 3,034,697 3,558,884 Dividends payable 215.800
32,302 Profit and loss.... 8,735,750 8,467,888
119,147
Notes receivable
696,262
Investments
160 Ono Total(each side)A9,648,861 19,519,464
Prepaid items_ 204 247
x After depreciation reserve of $4,095,635.-V. 131, p. 1269, 285.
Perfect Circle Co.-Earrangs.-
For income statement for 8 months ended Aug. 31 see "Earnings De-V,131, p. 1269, 802.
partment" on a preceding page,
Philadelphia Storage Battery Co.(Phila.).-Operations.
-Merger, &c.
N. Y.
(G. P.) Putnam's Sons,resignedCity.
as Vice-President and Treasurer.
George Palmer Putnam recently
disclosed, to Palmer
He has disposed of his interests in the business, it was
Cosslett Putnam.
that Minton, Balch & Co., one of the
Simultaneously it was announced
42nd Bt., N. Y.
younger publishing firms, at present located at 205 East
management of the
City will become a part of G. P. Putnam's Sons. The of Irving Putnam,
consisting
latter firm will hereafter rest in a board
Cosslett Putnam,
President; Melville Minton, Vice-President; Palmer
Treasurer, and Earle H. Balch, Secretary.
Director of the
Edmund W. Putman will become Vice-President and
the bookstore are
Putnam bookstore. Both the _publishing offices and
located at 2 West 45th St., N. Y. City.
entity in the new
Minton, Balch & Co., which is to remain as a separate
sponsoring the first
organization, was formed in 1924 and is at present the United States
of
biography of former President and Chief Justice 2804.
-V. 115, p.
Supreme Court, William Howard Taft.
-Shipments Increase.
Q. R. S.-DeVry Corp.
President T. M.Pletcher
August shipments were 15% larger than in July,
the total of August
said. Orders booked for October delivery are double
he added.
shipments,
, With orders running consistently above the same period a year ago. this
Expansion.
will own approximately
Company, makers of Philco radios, is adding 75 new names to its pay-roll
This corporation, it was recently announced,
Ltd., a newly formed
Sally, James M. Skinner, Vice-Pros, and General Manager, announced on
the capital stock of the Q. R. S. Neon Corp.,
Sept. 15. The company already is employing a force of 4,000 as compared 40% of of the California Electric Sign Co., Ltd., the on Beam Neon
combine
Denver. The balance of
with only 1,500 four months ago.
of Seattle and the Brit° Lite Signs, Inc. of
Corp.,
-V. 131.
Five different models of radios are made by the company and the factory the stock Is held by the management of the merged company.
Is now producing 4.000 sets daily. The addition of 75 employees daily will
continue until 5,000 persons are at work and production aggregates 13,000 P. 1726.
-Earnings.
bets daily.
Railroad Shares Corp.
6 1930 is given under
'One ofthe Phllco sets, made to retail at an unusually low price, was
The report for period from July 3 1929 to Sept.
introduced only a month ago and the demand has been so great that pro- "Earnings Department" on a preceding page.
-V. 131, p. 1269, 802.
duction of this model alone now totals 2,500 sets per day.
philco production is based on telegraphic reports received each week from
-Gold Output (Ozs.).Rand Mines, Ltd.
June.
July.
distributors throughout the country. 'Mese reports give specific data as
August.
Month of887,000
912.000
to the number of sets sold that week, the number on hand and the number Gold production (ounces)
921,000
-V. 131, p.488.
of unfilled orders.
-V. 131. P. 1110
.
Phillips Petroleum Co.-Texas-St.ElLouis Pipe Line Progressing Rapidly.
Commenting upon the progress of the Phillips pipe line from Texas to
St. Louis, President Frank Phillips stated that about 100 miles of the line
is already laid and that pipe shipments are now being received at the rate
of about 10 miles per day. The line will be laid from now on as fast as
shipments are received. All equipment has been ordered and practically
rail right of way obtained. Terminal facilities have all been settled. It is
anticipated the line will be completed and ready for operation by the middle
of the winter.
Mr. Phillips said that arrangements have been agreed upon for the
Phillips Pipe Line Co. to obtain an interest in the Great Lakes Pipe Line
which will have its principal terminals at Omaha, Kansas City, Des Moines,
-V.131, P. 1726.
Chicago and Minneapolis.
-Earnings.
Reliance Grain Co., Ltd.
Years Ended July 31Profits, after expenses
Bond interest
Depreciation reserve
Income tax reserve
Organization expenses
Bond discount
Preferred dividends
1929.
1930.
$110,132 $1,049,934
120,000
118,609
202,148
57,000
130,000
30,000
130,000
1928.
$888,936
69,534
155,224
49,410
10,427
30.000
55,740
$518.599
$510.787
det$138,478
Consolidated Balance Sheet July 31.
1929.
1930.
1929.
1930.
Liabilities
$
$
Assets17,922 Bank loans & over9,516
-Smaller Dividend.
Cash
Pickrel Walnut Co.
680.015
drafts (sec.)_ _ _ 2,525,595
4,853,642 5,546,862
The directors have declared a quarterly dividend of 20 cents per share Crain & coal inven. 392.4 2
382.686 Stored grain outst. 1,260,721 3,728,035
,
adv.res._
on the common stock, payable Oct. 1 to holders of record Sept. 20. Pre- Acc'ts & agreemts
81,287 Acc'ts payable,,tc.,
74,752
Mtges.&
company paid quarterly dividends of 50 cents per share.
viously, the
incl. prey. for
325,000
Dam. of Can. bds_
679,088
338,013
income tax _
-Omits Dividend.
Share: in Indus. &
Pilgrim Mills, Fall River.
9,344
9,534
94,758 Bond int. accrued.
68,519
other cos
have voted to omit the quarterly dividend ordinarily
The directors
141,351 let mtge. and coll.
& shs. 141,351
payable about Sept. 30. The company on June 28 last, made a quarterly Membership
trust s. f. 20-yr.
-V. 130, Smith-Murphy Co., 279,013
distribution of $1 per share, as against $2 per share previously.
1,960,000 2,000,000
230.764 gold bonds
Inc
p. 4622.
3,704,010 3,634,317 Corn. pref.stock 2,000.000 2,000,000
Properties
60,000 Common stock and
60,000
-July Sale8.Bond discount- _ _.
Pilot Radio & Tube Corp.
x1,303,930 1,442,428
2,190 surplus
14.388
Increased 1930-7 Mos.-1929.
Increase. Exps, paid in adv.
1930-July-1929.
$6,45516965,488
$813.582
$151,906
$104,216
$110,671
9,397,623 10,537,098
Total
The Pilot Radio & Tube Corp. will add 2,000 workers to its payrolls
9,397,623 10,537,098
Total
at its plant in Lawrence, Mass, over the next six or seven months, according
Contingent liability on grain documents, &c., with banks for collection,
to Martin Openshaw, Commercial Vice-President. On a recent visit to the $744.537 and bills receivable under discount of $36,960.
plant, Mr. Openshaw said that before next April his company will have
-V. 129, p. 1927.
x Represented by 100,000 shares of no par value.
solved satisfactorily the Lawrence unemployment situation. "At the rate
SurAus
1908
FINANCIAL CHRONICLE
Railway Equipment & Realty Co.
-Transfer Agent.
The City Bank
Farmers Trust Co. has been appointed transfer agent
for 200,000 shares of 1st pref. stock: 89,000 shares of pref. stock; 25,000
shares of convertible pref. stock; 113,000 shares of class A stock; 108,000
shares of class B stock; 36,000 shares of class C stock and 571,000 shares of
class D stock.
Remington Rand, Inc.
-Earnings.
-
For income statement for 3 and 6 months ended June 30 see "Earnings
Department" on a preceding page.
The balance sheet as of June 30 1930 shows cash on hand of $7,791,080,
which is the largest amount of cash on hand in the history of Remington
Rand, Inc. Notes and accounts receivable were $12,483,635 and inventories $14,723,965. Cash showed an increase of $2,580,005 compared with
June 30 1929; inventories were down $1,484,000 and notes and accounts
receivable down $2,339,000. Bills payable June 30 1930 came to $3,976,176. being down about $100.000. The ratio between current assets and
current liabilities on June 30 last was 8.8210 1. During the quarter ended
June 30 purchases by Remington Rand, Inc., of its own bonds and 8%
preferred stock came to $675,000.
Earned surplus June 30 was $5,412,245, after reserve for dividends
payable July 1.
William F. Merrill, President, stated that the company's foreign and
domestic sales show similar recessions. The Library Bureau branch of the
business has shown the least recession and sales of carbon paper and typewriter ribbons are also holding up well. Foreign business is quite spotty.
V. 131, p. 285.
[voL. 131.
These bonds, being direct obligations of, are guaranteed both
cipal and interest, by the Richmond Montage and Loan Corp., a as to p
subsid
of the State-Planters Bank &Trust Co.
Saginaw & Manistee Lumber Co., Williams, Ariz.
Bonds Offered.
-Baker, Fentress & Co., Chicago, are off
ing $400,000 1st (closed) mtge. 6% sinking fund gold bon
at prices to yield from 6% to 63/2%, according to maturity.
Dated June 2 1930; due serially (semi-annually) June 1
1931 and De
1936. Principal and int. (J & D.), payable at office of Baker, Fentr
Co., Chicago. Denoms $1,000, 3500 and $100c*. Callable in whole
In part on 30 days' notice on any int. date at 100 and int.
plus a premi
of ji of 1 for each year or fraction of year of
unexpired term, in no ev
to exceed 2 %. Int. payable without deduction for
tax up to 2%. Continental Illinois Bank & Trust normal Federal inco
Co. and A. M. C
Chicago, Ill.• trustees.
Business.
-Company has been successfully engaged for several ye
Past,in the manufacture and sale of Western yellow pine lumber at Willia
Ariz. It also controls the Saginaw
a plant at Williams, that suppliesPower Co., which has recently comple
power
under contract to
Santa Fe RR, and the town of Williams. and light of the power compa
Income
alone from existing contracts is in
on these bonds, and with sales of excess of the maximum interest ch
additional power
mated to be over two times such interest charges. now available, is
Officers and directors are; Calvin Fentress, Pres.; V. F. Mashek, Ex
Vice-Pres., Chicago; H.F. Chaney, Vice-Pres., Portland, Ore.; W.A. Or.
Vice-Pses.; 0. M. Cavenee, Sec.-Treas.' C. H. Worcester, Chicago' Geo.
Republic Steel Corp.
-Receives Pipe Order.
Gilkey, Merrill,
Foster,
The corporation has received an order for 110 miles of electric welded Janesville, Wis. Wis.; Geo. E. Fter. Wausau, Wis.; Henry S. Level
steel pipe for shipment to large natural gas interests in the Southwest.
Security
The company now has all three units of its electric welding pipe plant at Constitute -These bonds are the direct obligation of the company a
its only funded debt. They are specifically secured by a f
Youngstown, 0. at capacity operations, the last unit being started a few
days ago. Unfilled orders on hand are sufficient to maintain a high rate (closed) mortgage on the properties of the company, as follows;
Timber.
of activity for the plant through the late fall, according to company officials. Coconino -Upwards of 75,000,000 feet of Western yellow pine timber
County. 50,000,000 feet of this timber
avails
to the company's mill and intermixed therewith is is economically
Starts Construction of Largest Blast Furnace.
an additional 50,000.0
The corporation has blown out the Trumbull blast furnace at Warren, feet of Government timber which can be acquired under cutting contra
0., in preparation for its expansion into the largest furnace in the corpora- on a profitable basis. In addition, the company has a favorable contr
tion and one of the largest in the world. Cost of the improvement will covering some 120,000,000 feet of Government timber opened up by
approximate $325,000. When completed the furnace will have its daily recently constructed main-line railroad. Thus it has economically avalla
capacity increased from 750 tons of pig iron to 1,000 tons. The steel and already opened up over 220,000,000 feet of timber, sufficient to P
and machine work necessary for the enlargement have been under way for vide for an operating life extending beyond the term a these bonds.
On account of the excellent construction and efficiency of its mills, it
some time. The work is expected to be finished and the furnace rellghted
by Nov. 1. This Warren construction is part of the $6,000,000 program the company's desire to extend this operating life as greatly as possib
of improvements and modernization put under way by the corporation To this end, the company is now negotiating another contract for a u
for 19.30. Increased operating efficiency and lower costs are expected to in the Coconino National Forest, and hopes to purchase it in the no
result from these expenditures, according to Republic officials.
-V. 131. future. This forest is estimated to contain over 2,000.000,000 feet
Western yellow pine timber, sufficient, with regrowth, to provide a virtual
P. 1727,
Perpetual supply for an operation considerably greater than the oompan
present cut.
Reynolds Spring Co.
-Earnings.
Manufacturing Properties.-Efficient lumber manufacturing plan
For income statement for three and six months ended June 30 1930 see electrified
throughout,fully equipped for the low-cost production of 100.
"Earnings Department" on a preceding page.
feet of sawed lumber per working day of 10 hours. The plants include
Charles G. Munn,President, says in part:
double-band saw mill, planing mill, and box factory producing a comple
The loss of 596,046 for the six months is attributed to the unfavorable line
of
conditions existent in the leather and bakelite divisions. The spring laid outboxes, box shooks, vegetable crates, &c. The yard is effective
with trams and facilities and has a piling capacity of over 25.000
division operated at a profit of 8130,934 in spite of the depressed condition feet.
of the automotive industry during the period under review. At the present
Logging Equipment.
-Logging railroad, including some 22 miles of railro
time the spring division is manufacturing units for practically every make steel
and
of automobile and any increase in the output of automobiles will reflect adequate complete motive power, rolling stock and logging equipme
to supply the mill with logs, including 2 locomotives. 2 ge
favorably on the sales volume of this division.
The leather division is suffering most of its losses from depreciation of engines, 2 loaders, 100 logging cars, oil cars, water-tank cars, portab
and 6
inventory values, as the hide market has been continually dropping during campsup to logging tractors and units. The logging facilities are sufficie
180,000 feet per day and are of a type permitting the compa
the year. At the present time this market is showing slight indications of to log
to
recovery, and rather than dispose of our stock at less than cost values we conditions,effectively throughout the entire year, regardless of weath
have sacrificed a great deal of business and are marking time until this
Income.
-For the 3 years ending Dec. 31 1929 the company's incom
market displays a definite turn toward recovery.
before depreciation and depletion, available for payment of interest, de
Since June 30 1930 we have consummated a deal with the Cutler-Hammer principal and Federal taxes,
averaged $99,797 yearly. For the year 19
Co. of Milwaukee, in which they purchased the inventory of the Roynolite income similarly stated
division. They are to continue the manufacture and sale of this product during part of the first was $109,229. Company's plants were shut do
half of this year while the power plant was bei
and our bakelite division will mold the bakelite parts necessary for them to constructed and the mills
were electrified throughout. This improveme
Produce this line. The Cutler
-Hammer Co. has a large distributing
pleted, the plants are now operating at greater capacity a
organization through which they are well qualified to market Reynolite. Fow r nd
ro
t.
m
It enables us to dispose of a line which was not showing results as we are
The company's
not merchandisers and are not in the electrical business. The importance recently completed operations and income will reflect the results of t
powers unit of
of this deal has been demonstrated by the large orders for bakelite parts that stantial manufacturing economies the Saginaw Power Co. and other su
effected through these improvemen
the Cutler-Hammer Co. has since placed with our company. The present Earnings
orders on hand, together with the inquiries that are being received for principal,before depletion and depreciation available for interest and de
are estimated in excess of 5170.000 as compared with maxim
molded materials, contribute to a very favorable outlook for this division annual interest charges of $24,000
on these bonds which would leave o
and convince us that the molded plastics industry is progressing and will $146,000 available for payment of bond
Th
principal and
eventually attain a position of importance with the leading industries of figure includes only the minimum revenues receivable Federal taxes. pow
under the firm
the world.
contracts now in force. The Power Co. has been offered a contract f
We have also sold the business of the National Appliance Co.to Appleton its additional available power which
Electric Co. of Chicago. This division manufactured a lino of floodlights yearly. This contract has not been would increase its revenues by $30,0
accepted
under the trade name of "National" and was purchased in Oct. 1928, for Obtain a substantially greater increase in its and the company expects
revenue from the sale of th
55.000 and sold to the Appleton Electric Co. for $17.000.
power.
We are continually endeavoring to strengthen our position, and believe
Sinking Fund.
-Mortgage requires the company to deposit
that company is in excellent condition to-day to take advantage of the trustees monthly beginning Dec. 1 1930, $2 per thousand feet with th
upon a
improved business situation which is certain to come.
shipments of lumber and lumber products. All money so paid to t
trustees shall constitute a sinking fund to be used exclusively for the retir
Consolidated Balance Sheet June 30 (Including Subsidiaries).
-1929. ment of bond principal. This sinking fund should operate to inure
Assets
1929.
y1930.
Liabilitiesy1930.
Fixed assets
17 040
56.688,308 54,735,529 Pref. A stock
6
:m
$68 100 5108;100 steadily the margin of security for these bonds.
Cash
Purpose.
-Bonds are being issued to reimburse the Treasury for cost
137,150
301,976 Pref. B stock
Accts.& notes rec_ 603,833
636,898 :Com stk. & sure_ 5,489,431 4,611.040 power plant and mill improvements, railroad construction and for oth
Accrued int. rec__
883,500 corporate purposes.
1,935
1,203,500
122 Funded debt
Inventories
318,297
1,608,369 1,164,156 Notes & accts. pay 337.299
Balance Sheet as of June 1 1930 (After This Financing).
Investments
121;316
28 893
56,092
37,252
125,212 Accrued wages, 3:c
Assets
(Is fifties
Claim
13,000 Cash 19,978
Am.int. payable_
$28,036 Payrolls & accts. t ayable
Inv. for employees
561,19
79,643
Reserve for doubt93,537 AccrLed interest & taxes
Patents, good-will
7,42
38,8001 1.586,447 Accounts & nctes receivable_ tut accts.. &e_ __
Inventories
256,032 Trade acceptances discounted _
dr development_ 733.532
17.79
554,599 Deprec. reserve_ __ 1,816,3301
Fixed assets & bonds secured
ist mtge.63
Deferred charges
400, I
127,287
68,597 Judg.under Work.
by fixed assets
1.034,964 Re erves
,
Sinking fund
19,1
12,126
25,604
6,787
Compen. Law__
Otter assets, prepaid 4: dePreferred stock
500,It
terred charges
68,132 Common stock &surplus
Total
$9,042,296 $7,593,876
477,1
59,042,296 57,593,876
Total
x Represented by 742,830 no par shares, valued at 56,168.629 and after
Total
51.482,762
Total
$1,482,76
deficit of 5079.198. y Also includes Natioral Appliance Co.
-V. 130,
p. 4623, 4434.
Sally Frocks, Inc.
-August Sales,
1930
-Aug.
-1929.
Increase l 1930-8 Mos.-1929.
Richfield Oil Co. of Calif.
Increas
- $271,310
-Advances Gasoline Prices.
$264.883
516.4271$33,025.371 $2,225,345
According to advice received from
$810.02
gasoline in California -V. 131, p. 1111.
will be increased in price pne cent perthe company,
gallon as of Sept. 15. At the same
time the price of crude oil per barrel will be reduced between 8 and 12 cents.
Scott Paper Co.
-Earnings.
-V. 131, p. 1727.
For income statement for 8 months ended Aug. 24 see "Earnings D
partment" on a preceding page.
-V. 131, p. 1727, 1433.
(The) Richman Bros. Co.
-Dividend-Expansion.
The directors have declared the regular quarterly dividend of 75 cents
Seaboard Dairy Credit Corp.
-Omits Dividend.
per share on the common stock, payable Oct. 1 to holders of record Sept. 20.
The directors have voted to omit the quarterly dividend on the comm
Chairman N. G. Richman, reported that earnings for the first eight
months of the year, after all charges, including Federal taxes, were in stock and to defer the usualy quarterly dividend of $1.75 per share on th
excess of dividend requirements for the full year. The company has $7.- preferred stock, both ordinarily payable about Oct. 1.
On July 1 last the company paid regular quarterly dividends of 25c
000,090 in cash and Government securities.
Mr. Richman announced the opening of two new stores shortlY, One at per share on the common and $1.75 per share on the preferred stock.
V. 130. p. 4624.
Schenectady, N. Y., Sept. 20, and the other at Louisville, Ky., Oct. 4.
This will make 17 stores opened by the company in 1930. and will bring
Service Stations, Ltd.
-Earnings.
total stores to 57.-V. 130, p. 4623.
For income statement for 6 months ending June 30 see "Earnings D
partment" on a preceding page.
Richmond Mortgage & Loan Corp.
- A. L. Ellsworth,
-Bonds Offered.
President, says In part:
State-Planters Bank & Trust Co., Richmond, Va., are offerIt will be noted that company has substantially increased
ing $263,400 1st mtge. real estate collateral trust 6% gold the current six months period as compared with the previous its sales durin
year, and afte
toe payment of preferred
bonds, series "RB,'? at prices to yield from 100 to 102, entire year's dividend of dividends for this period has more than earned th
52.60 per share on the class A and B shares in th
according to maturity.
first six months. The oil trade equipment business is seasonable, and th
Dated Sept. 1 1930; due serially Sept. 1 1931-1935. Denom. $100, $500 majority of sales are effected during the Spring and Summer months, an
and 51.000. Interest payable(M.
-S.) at State -Planters Bank & Trust Co., shareholders should not expect the same ratio of earnings during the las
Richmond. Va., trustee. Red.all or part on any int,date on 30 days' notice, six months as in the half year ending June 30.
companies
at 100 and int., plus %% premium for each year or fraction thereof from however, are now producing a diversified line ofThe subsidiary
products and directors ar
redemption date until maturity.
hopeful that the estimate of earnings made earlier in the year will b
These bonds are secured by pledge with
-V. 130, p. 4258.
$263,440 first realized.
mortgage real estate notes, which are secured the trustee, of
city real estate, conservatively appraised atby improved income-producing
Shawmut Bank Investment Trust.
5790.804, or more than three
-Earnings.
times the total amount of this issue. This collateral
For income statement for 6 months ended Aug. 30 see "Earnings D
first mortgages, giving an average loan of $4,390.67.consists of 60 different partment"
on a preceding page.
FINANCIAL CHRONICLE
1SEPT. 20 1930.]
,sset value of the 75,000 shares on Aug. 30 was $25.05 a share against
.49 a share on May 29 and $35.75 Feb. 28. Cash comprised 28.57%
ssets on Aug.30,against 20.13% on May :31 and 32.55% Feb. 28. Cash
• investments as of Aug.30 were as follows:
% of Total
Market
Market
Aug. 30
Value.
Cost.
1930.
'lass19.26
$1,514,800
$1,562,820
ids
1.98
155,400
183,117
(erred stocks
3.82
300,800
230,510
iroad clmmon stocks
12.71
1,000,000
826,025
)lic utility common stocks
31.16
2,451,500
2,744,846
ustrial common stocks
2.50
196,500
196,500
;cellaneous investments
28.57
2,247.345
2,247,345
h
'otal
'. 130, p. 4264, 2601.
$7,£91,163
$7,866,345
100%
.4.
-Earnings.
Shubert Theatre Corp.(& Subs.).
1928.
1927.
1929.
Pears End. June 30-- 1930.
$2,681,365 $2,646,022
frating profit
drec'n & amortiz'n ._ _
. on real est. mtges
. on debentures
leral taxes
kret income
edends paid
$69,204 $2,205,425
252,787
334,826
1361,074
)965,486
1415,187
100,000
353,883
357,326
438,720
175,000
308,445
260,287
263,712
180,000
loss$1,231,108 $1,076,377 $1,356,436 $1.633,578
799,504
987,850
876,262
266,450
$480.174
$834,074
$88,527
faience,surplus_ _def$1,497.558
160,670
180.020
x213,160
(no-par)
210,360
.cap.stk.out.
Nil
$7.53
$10.17
$5.05
Lns.per sh.on cap.stk _
. The earnings per share on the average number of shares outstanding
-V.130, p. 1667.
i,01,975 shares was $5.33 per share.
-New Unit in Operation.
Signal Oil & Gas Co.
'Ate company in August placed in operation a new 30.000-gallon capacity
t as an addition to its natural gasoline plant in the Big Lake field, Texas,
-V.131,
\ging the total daily capacity of the plant up to 55,000 gallons.
956.
-Dividend Decreased.
Silver King-Coalition Mines Co.
rho directors have declared a regular dividend of 15c. per share for
,third quarter, payable Oct. 1 to holders of record Sept. 20. Previously
company paid quarterly dividends of 25c. per share, and in addition
de an extra distribution of 10c. per share on Dec. 24 1925, 1926, 1927,
8 and 1929.-V. 130, p. 3560.
-Extra Div.
Simmons-Bordman Publishing Corp.
Cho directors have declared on the common stock an extra dividend of
!. a share, payable Oct. 1 to holders of record Sept. 22. A like amount
s been paid quarterly since and including Mar. 1 1929.-V. 131, p. 1728
-Sale of Interest in
Sinclair Consolidated Oil Corp.
0
. Companies Approved-New Issue of Preferred Stock
eated.-The sale of this corporation's one-half interest in
3 Sinclair Crude Oil Purchasing Co. and the Sinclair
pe Line Co. to the Standard Oil Co. of Indiana for a
3h consideration of $72,500,000 was approved by the
>ckholders of the Sinclair Consolidated. Oil Corp. on
Pt. 17.
The stockholders also approved the creation of a new issue
5,000,000 shares of no par value preference stock on which
0 dividend rate and other features are to be fixed by the
sectors. None of this stock is to be issued at present but
11 provide the company with a means of carrying out new
quisitions, for refunding of bond issues, for retirement of
e outstanding 8% pref. stock and for other corporate
rposes.
19OR'
-Defers Pref. Dividend.
Southwest Dairy Products Co.
% due
The directors have decided to defer the quarterly dividend of
Oct. 1 on the 7% cum. pref. stock. This rate has been paid since and including Jan. 1 1929.-V. 131,9. 1728.
-Liquidating
Southwestern Miami Development Co.
Dividend.
A distribution in liquidation of 5 cents per share was made on Sept. 15
1930, to holders of certificates of fully paid stock of the company.
Certificates should be sent to the Treasurer (William S. Rooney) at 85
Devonshire St., Boston, Mass., to insure prompt attention to the payment of this liquidating distribution.
---Merger.
Sparks-Withington Co., Jackson, Mich.
The stockholders on Sept. 13 approved a proposed agreement between
this company and the Cardon-Phonocraft Corp. whereunder the SparksWithington Co. is to acquire all of the property, assets, and business,
including good-will and corporate franchises, of the latter corporation, for a
consideration of 228,861 shares of Sparks-Withington stock.
The Cardon-Phonocraft Corp. is engaged in the business of manufacturing
radio tubes and combination radio and electric phonograph units, its plant
being located in Jackson, Mich. The Sparks-Withington Co. is now buying
and has for some time bought a large proportion of its radio tubes from the
Cardon-Phonocraft Corp. and, on the other hand, has been selling to the
Cardon-Phonocraft Corp. the radio sets used in the latter's combination
machines.
In view of this close association of the companies In the manufacture and
marketing of their products and the economies that may be expected to
result from such a step, it has become evident that the consolidation of the
companies into a single organization is highly desirable.
Ernst & Ernst, certified public accountants, auditors for both companies,
have determined that the relative proportions of the combined value of the
two companies are approximately 75% for the Sparks-Withington Co. and
25% for the Cardon-Phonocraft Corp. After making allowance for the
difference in the number of outstanding shares of each company, they have
recommended that the Cardon-Phonocraft Corp. receive payment on the
basis of 1 share common stock witnout par value, of the Sparks-Withingten
Co. for each 35% shares of the Cardon-Phonocraft Corp. stock now outstanding.
The foregoing basis will result in the Cardon-Phonocraft Corp. receiving
substantially 25% of the common stock, without par value, of the SparksWithington Co. to be outstanding after the consolidation and allowing for'
the conversion of 6% cum. cony. pref. stock of the Sparks-WithIngton Co.
now outstanding, as shown below:
Allowance for conversion of pref. stock at the present
1.75%
rate of 4.4 abs. of corn.stock for 1 of pref. stock__ 16,056 shs.
73.30
Held by present Sparks-Withington corn. stkhldrs_ _672,106 abs.
24.95
228,861 sits.
To be issued to the Cardon-Phonocraft Corp
917,023 abs. 100.00%
Total
The Sparks-Withington Co. assumes the liabilities of the Cardon-Phonocraft Corp specified in the contracts.
The combined net earnings of the two companies for the six months
ended June 20 1930, after all charges, including Federal income taxes, and
after deducting payment of dividends on the pref. stock of the SparksWithington Co. amounted to $2,432,069.
-The New York Stock Exchange has authorized the listing of
Listing.
228,861 additional shares of common stock (no par value) on official notice
of issuance in connection with acquisition of business and assets of the
Cardon-Phonocraft Corp., and 2,924 additional shares on official notice
of issuance on conversion of the company's 6% cumulative convertible
Preferred stock ($100 Dar), making the total amount applied for 932,490
shares of common stock.
Pro-Forma Balance Sheet, June 30 1930
(After giving effect to exchange of stock for assets of the Cardon-Phonocraft
Corp.)
Liabilities
Assets8718,035
$736,714 Accounts payable
Cash
22,785
41,850 Accr. expa. (local taxes)
Railroad bonds
321,901
int. 2,344,075 Est. Federal income tax
U.S. Govt. bonds dr accr.
25,000.
Reserve for contingencies
Trade accept. rec. dr notes &
2,427
accts. reedy. (customers)_ _x1,372,855 Deferred Income
344,900'
2,379,349 Preferred stock
Inventory
x4,450,686
32,570 Common stock
Cash aurr. value life Insur
3.416,32019,744 Surplus
Display boards
31.169
Mutual insurance deposits__ __
24,000
Land contract receivable
35,118
Miscell, accts.. dep. & invest_
y2,083,842
Land, bidgs., equip. &c
26,809
Patents
150,666
Trade name & good-will
89,322,055
Total (both sides)
43,291
Deferred assets
x Trade acceptances receivable $48,247, and notes and accts receivable
$1,465,626, less allowances for doubtful accounts and discounts $141,017.
Y After deducting $960,605 for depreciation. z Represented by 900.967
-V. 131,p. 1578, 1728.
shares of no par value.
rho new stock will be junior to the 8% preferred as long as there is any
the preferred outstanding. Stockholders also voted to cancel the
hority of the directors to issue any additional 8% preferred and it is
footed that the present 141,094 shares of $100 par value will be called
'redemption.
'resident E. W. Sinclair said that the company had amply protected
11f with respect to supplying its crude oil requirements after sale of its
crest in the Sinclair Crude Oil Purchasing Co. With respect to the change
the capital structure. he said that the terms of issue of the old preferred
ck were exceedingly onerous, so much so that the company would not
ler any circumstances issue any of the additional authorized stock.
\tr. Sinclair also stated that no steps had been taken to redeem the out-Consent Decree.
Standard Oil Co. of Calif.
nding 8% pref. stock, of which approximately $14,129,400 par value is
A consent decree has been entered in the U. S. District Court at San,
the hands of the public. The stock is redeemable at $110 a share and
notice without action by the stockholders. Francisco in favor of the Government which terminates the action brought
'rued dividends on 30 days'
other oil companies in Feb. last (V. 130, p.
'n view of the fact that the amendment to the certificate of incorporation against the company and 17the Sherman Act. The companies had been
st be approved by the Secretary of State for New York, the company 1298), charging violation of prices of gasoline through the "long contract.
ng incorporated in New York, the stockholders' meeting, which was charged with fixing the retail
ourned until Sept. 19, has been further postponed, in case there was any -V. 130, p. 3733, 4625.
ection to the form of the amendment. In this way any objection prob-Enters Tire Business.
Standard Oil Co. of Indiana.
y could be removed without the necessity of calling another special
Entry of the company into the business of selling and servicing automobile
-V. 131, p. 1433.
eting of stockholders, it was said.
12 by the directors.
tires was announced on Sept.
From about Oct. 15 tires will be available at 1,000 stations in 550 cities
-Interest of SinSinclair Crude Oil Purchasing Co.
West. Further distribution will be arranged as.
in the
Consolidated Oil Corp. to Be Sold to Standard Oil Co. of and towns possibleMiddlecarried on through all the 8,200 controlled service
jr
to be
rapidly as
stations and through the garages, stations and stores which are handling
Riana.Standard of Indiana products on a reseller basis. Co-operation with the
lee Sinclair Consolidated Oil Corp. above.-V. 131, p. 643.
resellers is to be a special feature of the Indiana company's tire selling
-Complete Control Acquired by program.
Sinclair Pipe Line Co.
The company has outlets in practically all the cities and towns in Michimdard Oil Co. of Indiana.
gan, Indiana, Wisconsin, Illinois, Minnesota, Iowa, Missouri, North
Dakota South Dakota and Kansas. There are others, not so thoroughly-V. 131, p. 643.
See Sinclair Consolidated Oil Corp. above.
blanketing the territory, but nevertheless numerous, in Oklahoma, Colorado, Wyoming and Montana.
-Earnings.
Singer (Sewing Machine) Mfg. Co.
A tire of first line or first quality, made by experienced manufacturing
1928.
concerns, will be handled by the company. Prices will be adjusted to give
1929.
1927.
Calendar Years1926.
y$24,723,802 $23,963,688 $25,599,480 $24,991,231 them popular appeal. The usual tire accessories will be stocked along with
t after taxes&charges
23,400,000 25,200,000 25,200,000 x43,200,000 casings and tubes.
vidends paid
Tires sold under the new plan will be guaranteed for 12 months for
$1,323,802 df.$1,236,312 $399,480df$18208,769 passenger car service and six months for commercial car service against
Balance, surplus
73,935,661 73,630,769 75,335,064 75,600,000 breakdowns through accidents, blowouts, cuts, bruises, rim cuts, under31'it and loss surplus
,inflation, wheels out of alignment, faulty brakes, or any other road hazards.
ens, per sh. on 900In the event of a breakdown a tire will be repaired free of cost, or it will
capital stock
)00 slat.ca
$27.47
$26.63
$28.44
$27.76 be replaced by a new tire for which the price will be one-twelfth or one-sixth
(par $100)
special dividend of 33%. y Includes income from invest
- of the usual price multiplied by the number of months the damaged tire
t Includes a
was in service. This price system will assure 12 months service for the
0th and other items of $5,194,626.
cost of every passenger car tire and six months service for every commercial
Balance Sheet Dec. 31.
tire.
1928.
1929.
1929.
1928.
It is expected arrangements will be made with other oil companies so that
Liabilities$
5
5
$
issetstires purchased at the Standard of Indiana outlets will be avail16,145,159 11,331,014 Capital stock..._ 90,000,000 90,000,000 service on
ih
in the United States on the same basis as in home territory.
54,766,622 55,682,656 Accounts pay'le. 8,735,824 9,242,847 able anywhere of Indiana will provide similar service in its territory for
estments
The Standard
Insurance res.._ 10,222,483 9.806,186
s & accts.ree.
customers of the oil companies with which reciprocal arrangements
the
Surplus
73,935,660 73,330,769 Will be made. A tire purchased in Kalamazoo will be serviced in Kansas
x stks. & bets.
t subsidiaries 77,149,012 79,938,531
City, in Portland. Me., or vice versa.
entories ___ _ 23,068,957 22,717,388
feature of the Standard of Indiana plan is the provision
A
Tot. (ea. side)182,893,968 182,379,802
11,764,218 12,710,213
11 estate
for selling not only through company owned or controlled stations but also
a typographical error in last week's "Chronicle" the capital out- through independent dealers who are operating filling stations, garages
Due to
nding was given as $9,000,000 instead of $90,000,000.-V. 131. p. 1728, and wayside stores. To this class tires will be wholesaled on a basis assuring them satisfactory profits. This arrangement is being made, it was
Inc.
the business of the small
(L. C.) Smith & Corona Typewriters, of -Lower Div. announced, in order to disturb as little as possibleto the
25
have declared
rho directors stock, no par a quarterly dividend 1 to cents per share shops handling tires. The same instruction as will beservicing of tires
value, payable Oct.
available to these
holders of record that is to be given to the company's own attendants
the common
3t. 10. Previously the company paid quarterly dividends of 75 cents independent dealers, and the company will back their tire guarantees.
-V. 130, p 4624.
In connection with the announcement, the board of directors issued the
• share on this Issue.
following statement.
-New Name.
South American Air Line,Inc., N.Y. City.
We are taking a very important evolutionary step in developing our
marketing policy. But we feel that we are only meeting the demand of
lee New York, Rio & Buenos Aires Line, Inc., above.
1910
FINANCIAL CHRONICLE
[VOL. 131.
the public for more service from the service station. We can almost say approximately 9,000 gross tons. Plans
for the vessels have been appro
that our action is forced by the trend of the times.
by the Secretary of
For a long time the motorist has been dependent on the service station, the Shipping Board.the Navy and the committee on construction loans
When completed the five tankers will be chartered
the garage and the roadside store for the servicing of tires with air. Now the Sun 011 Co.
he may turn to these for complete tire service day and night, including
This is the second series ofloans made by the Shipping Board to the Mo
Sundays.
Tankship Corp. for tanker construction. Last September loans w
More and more the motorist is looking to the service station as the authorized for five motor tankers of
deadweight
main base of operations for motoring. And this is entirely logical. It is each. These also were to be built byapproximately 13,450&
the Sun Shipbuilding Dry Dock
in harmony with standardization and simplification of the distributive Four of the latter have been
completed, it was said. Loans on the f
process in business that the service station should cater more extensively group amounted to $1,260,937
a vessel.
than in the past to the needs that arise in connection with operation of
Mew York "Times").
-V. 131. D. 1271.
automotive vehicles.
We have carefully watched experiments made in selling tires at oil
Sun Shipbuilding & Dry Dock Co.
-Contracts.
stations and have become convinced that this method of handling tires is
See Sun 011 Co. above.
-V. 124, p. 247.
required to meet changing conditions and will greatly benefit the motoring
public.
Telautograph Corp.
-Earnings.
=
While we have sold some commodities other than petroleum products
For Income statement for month and eight months ended August 31
at service stations, we have not previously done so in anything like the
-V. 131, p. 1271, 957.
large way we are now undertaking as to tires. Tires fit naturally into our "Earnings Department" on a preceding page.
selling arrangements.
(John R.) Thompson Co.
-August Sales.
We have no doubt whatever that the sale of tires at our stations and
1930
-August
by dealers connected with us will prove instantly popular and that patron-1929.
Decrease.
Decrea
1930-8 Mos.-1929.
age will quickly develop on such a scale as to extend remarkably the use- $1x_207,515 $1,330,828
$123,3131$10,009,012 $10.490.255 $481,
fulness of the service station in relation to operation of motor vehicles.
--V• 131. P. 1271. 957.
To Acquire Complete Control of Sinclair Crude Oil Purchasing
Title Guarantee & Trust Co.
-Extra Dividend.
The
Co. and Sinclair Pipe Line Co.
-See Sinclair Consolidated. share trustees have declared the regular quarterly dividend of $1.20
and an extra dividend of 60c. per share, both payable Sept. 30
Oil Corp. above.
-V.131, p. 1433.
holders of record Sept. 20. Like amounts were paid in each of the f
-v. 131, p. 491.
Standard Oil Co. (N. J.).
-Oil Hydrogenation Started by Preceding quarters.
Transamerica Corp.
Company.
-Operation of the first commercial petroleum
-Stock Placed on a $1 Annual Di
hydrogenation plant in the world at the Bayway, N. J., dend Basis, Against $1.60 Previously.
The directors have declared a quarterly dividend of 25 cents per sh
refinery of the company is now an accomplished fact. In payable Oct. 25 to holders of record Oct.
4. This places the stock on a
this plant the new hydrogenation refining process, which annual basis, against $1.60 previously. On July 14, the management eta
it would
has been under development for several years, is now being Instead ofrecommend to directors that the October dividend be 25 ce
40 cents paid heretofore.
used on a commercial scale. However, no gasoline, motor
Adds to Italian Holdings-Plans Further Acquisitions H
oil, kerosene or other products made by hydrogenation will and
Abroad.
-See "Chronicle," Sept. 13, p. 1651.-V. 1
be available for the market for some time, as the operation
of the plant is now on a developmental basis. Announce- p. 1579, 644.
ment of the qualities of the new products is awaited with
Travelers Insurance Co., Hartford.
-New Vice-Pr
Benedict D.
interest, however, by the petroleum industry and may be Actuary; DanielFlynn, Secretary, has been elected Vice-President a
A. Read has been elected Secretary and Lewis M.
made at an early date. An announcement by the company botham as Secretary of the Life Department.
-V.130, p. 4437.
Sept. 14 further states:
Trumbull-Cliffs Furnace Co.
-Bonds Called.
-
Hydrogenation is a process in which hydrogen gas is added to crude oil
to make petroleum products of predetermined quality, regardless of what
crude is used. It enables the refiner to get many more gallons of gasoline or
lubricating oil from a barrel of crude oil than other methods now in use.
Widespread adoption of the process will greatly extend the world's supply of
oil. Thirteen months were required for the completion of the new plant at
Bayway Work was started on June 20 1929 with the filling in of the site,
200,000 cubic yards of earth being required. For a foundation 3,100 concrete piles were driven. At the peak of construction 600 men were employed.
The hydrogenation process was originally developed in Germany by the
Farbenindustrie. For the past three years the Standard 011 Co. has
been assisting in the work on the process and controls all the rights to it
in this country. However, since hydrogenation can be of greater benefit
to the petroleum industry if widely used, the Standard Oil Co. is not
maintaining exclusive possession of the process, but is granting licenses
for the use of hydrogenation to other refiners. Eighteen companies have
already taken hydrogenation licenses and will be furnished the information
necessary for the construction of hydrogenation plants and the use of the
process.
Hydrogenation, in general, is the process of combining hydrogen chemically with elements or compounds. Hydrogenation as planned for the
new plant at Bayway is the process of adding hydrogen to crude Petroleum
or its products at high temperatures and pressure in the presence of a
catalyst to product high grade products ranging from gasoline through
lubricating oils. The catalyst Is the medium which makes the addition of
the hydrogen possible. To understand this new refining process, it is important to remember that all petroleum products are made up of compounds consisting of hydrogen and carbon, in various arrangements and
proportions. In the hydrogenation process, hydrogen may be added to the
particular petroleum fraction being processed to give to this cut the desired
properties.
Very simple then, the hydrogenation process is this: Hydrogen in gaseous
form-to be made at Bayway from existing refinery gases
-is combined
with the basic petroleum stock, and subjected to 3,000 pounds pressure per
square inch. By varying the amount of hydrogen added, it is possible to
obtain products of predetermined and superior quality. The essential
difference between the cracking process and the hydrogenation process, in
general, lies in the fact that cracking breaks down the petroleum atoms,
while hydrogenation builds them up. Cracking, with 1,000 pounds pressure
applled, decomposes oils to yield some 60% gasoline and 40% low quality
residue. In hydrogenation, the pressure and temperatures used make it
possible, in the presence of the catalyst, to add hydrogen to oils and produce
high yields of finished products with very little residue of fuel oil and
asphalt.
It is for this reason that hydrogenation is looked upon as the remedy for
one of the distressing economic ills of the petroleum industry. The present
methods of refining leave too large a quantity of heavy products to be
disposed of profitably. But with the demand for gasoline steadily increasing,
the refiner, up to now, has found it impossible to increase his gasoline production without increasing his production of heavy ends, thereby aggravating the situation by his own procedure.
Since with hydrogenation it is possible to produce any desired petroleum
product with very little residue, it is expected that the process will restore
the proper balance between production of light and heavy products. Where
heretofore the production and quality of lubricating oils for example, have
been dependent somewhat on the type of crude oil available, hydrogenation
now makes the refiner independent of crudes.
The supply of crude oil is not unlimited. It is possible that the supply of
certain crudes will be exhausted within two or more generations. Consider
then the hydrogenation process, which may use low-grade crude oils, coal
even such inferior grades as lignite, and in fact practically any carbonaceous
material, and produce high grade petroleum products. It is a process of
sufficient flexibility to allow, with the same equipment, the production of
motor oil, kerosene and anti-knock gasoline by merely varying the operating
conditions.
-V. 131. P. 1728.
Strauss-Roth Stores, Inc.
-Sales Increase.
Four Weeks Ended Aug.30Sales
-V. 129. p. 142.
1930.
$320,783
1929.
$308,083
Underwood Elliott Fisher Co.
-Acquisition.
-
The company has purchased the assets of the Waters & Waters M
Co.,a distributor of carbon paper, typewriter ribbons and related produ
-V. 131. p. 644. 491.
Union Bag & Paper Power Corp.
-Bonds Called.
-
All of the outstanding 1st mtge. 6% 5
-year gold bonds were called
redemption on Sept. 15 at 100 and int, at the Empire Trust Co., trus
3 ()13
22 7
.
7adway, N. Y. City. (See also Union Bag & Paper Co. in V. 1
1
Union Metal Mfg. Co.
-25c. Extra Dividend.
The directors have declared an extra dividend of 25c. per share and
regular quarterly dividend of 50c. per share on the common stock,
payable Oct. 1 to holders of record Sept. 23. Like amounts have b
paid quarterly since and incl. April 2 1928. An extra dividend of 20c.
share was paid on Jan. 1 1928, while in each of the preceding four quart
an0 p 42 11.
l3 ex tr d vidond of 25c. per share was paid on the common stock.
.a 6
Union Oil Co. of California.
-Definitive Debentures.
The Central Hanover Bank & Trust Co., 70 Broadway, N. Y. City,
now prepared to deliver definitive 5% debentures (with warrants).
April 1 1945 in exchange for Dillon, Read & Co. interim recelpts.-V. 1
P. 1729.
United Laundries Corp.
-Bonds Called.
-
Forty-eight ($24.000) 1st mtge. series A 6% bonds, dated Oct. 2 19
have been called for payment on Oct. 1 next at 103 and int. at the PeoP
Pittsburgh Trust Co., trustee, Pittsburgh, Pa.
-V. 129, p. 144.
United States & British International Co., Ltd.
Initial Class A Common Dividend.
The directors have declared an initial quarterly dividend of 12Mc.
slaarelen tve 13arp 9 mmon stock, payable Nov. 1 to holders of r
oct 5 h cl . A co .
. .. 58
United States Financial Holding Corp. (Del.) N.
City.
-New Name.
See United States Shares Financial Corp. below.
-Omits Dividend.
United States Lumber Co.
The directors have voted to omit the quarterly dividend ordinarily p
able about Oct. 1. The company on July 1 last made a quarterly distri
than of $1.50 a share.
-V. 125, p. 1724.
United States Playing Card Co.
-Sales Lower.
Due to the business depression currently being experienced in all 1
of business, the sales of packs of playing cards by this company during
first six months of 1930 were less by 12% than during the correspond
Period of 1929 and the dollar volume of sales was less by about 15%
Since 1927 dividends have been paid at the rate of $4 regular and
extra. The regular dividend of $1 for the October quarter has alrea
been declared.
-V. 130, p. 4071.
United States Refractories Corp.
-Bonds Called.
All of the outstanding 1st mtge. 6% 20
-year s. f. gold bonds, da
Oct. 2 1922, have been called for payment Oct. 1 next at 102M and i
at the Union Trust Co. of Pittsburgh, Pittsburgh, Pa,
United States Shares Corp.(N. Y.).
-Merger Approv
The stockholders of the United States Shares Ccrp. and the Unit
States Shares Financial Corp. have approved the consolidation of the t
Increase. companies into the United States Shares Corp. of Maryland, through t
$12,700 sale of assets in exchange for common stock. See also V. 131, p. 1434.
Sun Life Assurance Co.of Canada.
-Business Increases.
World-wide business of this company in 1930 shows an increase to date of
11% over the 1929 period, despite the fact that 1929 was an abnormal
year. Vice-President A. B. Wood, stated at the company's convention
hold at Jasper Park Lodge. Alberta, Canada. Last year the company
wrote more than $654,000,000 new business, and up to the middle of
August, this year, showed an increase of $43.000,000 fo new business
over the corresponding 1929 period. During the first seven months of 1930,
the company received almost $9,000,000 cash in the purchase of annuities
against $6,600,000 during the like period of 1929. Also, the lapse ratio, he
said, was as good at the present time as it was during 1929.
The company's assets are $40,000,000 ahead of last year. Mr. Wood
estimated the company's new business in the United States this year would
be $300,000,000 against $232,000,000 new business last year and $21,000,000 in 1925.-V. 130. p. 2790.
Sun Oil Co., Phila.-To Charter Five New Tankships.-
Contracts covering loans authorized on May 14 1930 in favor of the
Motor Tankship Corp., to be used in constructing five motor tankers, were
signed on Aug. 27 1930, by T. V. O'Connor, Chairman of the Shipping
Board. The contracts were signed previously by officials of the Motor
Tankship Corp. and the Sun Shipbuilding & Dry Dock Co., in whose shipyard at Chester, Pa., the vessels will be built.
The loans, amounting to $1,265,625 for each tanker, represent threefourths of the total construction cost. Interest will be paid semi-annually
and the principal annually over a period of 20 years. Each tanker will be
The Union Trust Co. of Cleveland will redeem $62,400 of 1st mt
bonds on Oct. 15 at 105 and int.-V. 129, p. 3980.
United States Shares Financial Corp.
-Name Chang
-Merger Approved.
The corporation has filed a certificate at Dover, Del.. changing its na
to United States Financial Holding Corp.
See also United States Shares Corp. above.
-V. 131. p. 1434.
-Universal
Bankruptcy.
Wireless
Communication
Co., Inc.
The company has filed a petition of voluntary bankruptcy in the Unit
States District Court at Buffalo. The petition declares that the compa
unable pam or lia guiti. A ricfe ver5 a
heearl toto rteet Aubilstel v. 13epi .0 wss ppointed for the company
.
9
k
t
s
Utica (N. Y.) Steam & Mohawk Valley Cotton Co.
Dividend Decrease.
This company has again reduced its quarterly dividend through the P
ment on Aug. 15 of a distribution of 1%. The shares were formerly o
regular 8% annual basis for a number of years. The May distribution
154%. President John A.McGregor stated that "there has been no impro
ment in business conditions since the last dividend payment, and the des
of the board to continue the company in a strong financial condition is t
reason for this further reduction in dividend."
-V. 116. p. 423.
Van Camp Packing Co., Inc.
-S
-Plan Dropped.
Jewel Tea Co., Inc., above.
-V. 131, p. 129, 493.
SEPT. 20 1930.]
1911
FINANCIAL CHRONICLE
-Extra Div.
Van de Kamps Holland Dutch Bakers, Inc.
The directors have declared an extra dividend of 12%c. per share and
the regular quarterly dividend of 37%c. per share on the common stock,
no par value, payable Oct. 1 to holders of record Sept. 10. Like amounts
were paid on Jan. 2, April 1 and July 1 last. Previously the company paid
-V. 131, P. 1273.
quarterly dividends of 37%c. per share on this issue.
CURRENT
NOTICES.
-From an illustrated pocket-size booklet on the Maritime Provinces of
Canada recently published by the Department of the Interior the reader
can in a few moments acquire much authoritative information about the
progress and potentialities of New Brunswick, Nova Scotia and Prince
-Earnings.
Waco Aircraft Co.
Edward Island, their principal resources and development. The wealth of
statement for 6 months ended June 30 see "Earnings De- those provinces has been overlooked during the growth of western Canada
For income
-V. 129, p. 2406, 2094.
partment on a preceding page.
and the industrial expansion of Ontario and Quebec, and it is only now that
Ward Baking Corp., N. Y. City.
-Merger Rumors they are receiving the recognition to which their resources in agricultural
lands, forests and fur-bearing animals, minerals, fisheries and water.
-The directors, in a letter to the stockholders,
Denied.
powers rightly entitle them, besides what they offer to the hunter, angler
Sept. 11, state:
forest, stream and ocean. This
You may have noticed in newspaper articles that a group, headed by camper and canoeist, and all lovers of
-page booklet can be obtained from the Director, National Development
George K.Morrow and including some stockholders, is alleged to be seeking 79
control of this corporation. No proposition has been submitted to the Bureau, Department of the Interior, Ottawa, Canada.
board of directors looking toward a merger with any other company or for
Consolidation of the firms of Jackson & Curtis and Weld, Grew & Co.
the acquisition by any group of individuals of any stock ownership in the
Ward Baking Corp.
will be effected on or about November 1 under the name of Jackson &
It has been stated also that a letter is being prepared to send to stock- Curtis instead of Jackson & Curtis, Weld, Grew & Co., as previously
hilders asking for proxies to call a special stockholders' meeting for the
purpose of installing an entirely new board of Mr. Morrow's selection. announced. The combination of names originally agreed upon is now conMr. Morrow stated that he does not intend to invest any of his money in sidered too lengthy to be convenient in actual business operations and for
our stock.
that reason the combination will function under the name of Jackson &
Unfortunately in times of depression, when the sales of all companies in
main office of the firm
all lines of commerce are down, there will appear designing individuals Curtis, which has been in existence since 1879. The
who will seek to stir up dissension and seize upon it to accomplish selfish after the consolidation will be in Boston at 10 Post Office Square in enends.
larged quarters now occupied by Weld. Grew & Co.
We the undersigned, all directors of the company, are unanimously
of the opinion that any such change or scheme as outlined would be a
-After having been located for many yea at 15th & Walnut streets.
disastrous thing for the company and for the rank and file of our stock- Philadelphia, Frederick Peirce & Co. announce the removal of their main
holders.
office to Lewis Tower, 225 So. 15th Street, where they occupy the entire
In sounding this warning we believe that we are acting for the best
The new headquarters has been handinterests of all stockholders. We will not be a party to any plan that might 27th and part of the 26th floor.
somely decorated, and been re-equipped throughout in period style, makbenefit a few but would certainly harm a great many of our stockholders.
We stand ready to give careful consideration to any proposal for acquiring ing the suite, with its high elevation and light on four sides, one of the
control where all stockholders will have equal opportunity to share in any handsomest private banking rooms in the city. Frederick Peirce & Co.
possible benefits of such change. No such pro_posal has been made.
During the last two years we have endured the shock of sudden changes were incorporated in 1916 and rank among the better known investment
in the leadership of the company caused by the deaths of William B. Ward houses having headquarters in Philadelphia.
when President, and of Charles A. Ward when acting as Chairman of the
-Organization of a new Chicago Investment house, the Security Bond
board. We have also passed through the general business depression which
has seriously affected every company, yet in spite of these adverse conditions & Share Corp., to do a general investment business, is announced by
we can report as follows: Our cash resources have not been impaired, now Edward M. Jacobson, who will be President. Charles E. Gauer, formerly
exceeding $3,000,000; we have no bank loans; our liabilities are only current with the
Cosden Oil Co., is Vice-President; Wallace A. Tanner, formerly
accounts, and all bills have been promptly met; our surplus reserves are
unimpaired and ample for any emergency; we have purchased many new with Bemis Bros. Bag Co., is Secretary-Treasurer, and George A. Cunard
absorbed formerly with Craig & Nelson, will be director of sales. In addition to these
automobiles and modernized our delivery equipment: we have
the expense of putting on new varieties of bread which have found popular men, the board of directors Includes William L. Buedingen of the Star
favor with the public.
We have now reached a point where a revival of business is apparent in Paper Box Co.
localities where depression first appeared, and in all localities we sense a
-Cloud L. Cray and Joseph J. McFawn, formerly partners of Watling,
growing public favor to our products.
McFawn & Co. has been organized
Under these circumstances we must report these things to you and warn Lerchen & Hayes, announce that Cray,
you against any scheme which has as its appeal dissension and strife, and to deal in a general line of securities, including corporation, & municipal
may have as its object stock manipulation for the benefit of a few. Issues. The new company is located in the Fidelity Trust Building, Detroit.
which
If any letter or plan is sent you on behalf of Mr. Morrow's scheme in
President: Joseph J. McFawn, Vice-President
whatever form it may come to you, we urge that you defer any action Officers are Cloud L. Cray,
thereon until we have the opportunity of giving you the benefit of our & Treasurer; Philip F. Hilbert, Secretary.
judgment of its effect on your interests.
Intended for the use of municipal bond buyers and dealers, the First
(Signed by Hamlin T. Andrus, John M. Barber, C. B. Comstock, W. C.
Evans. E. W. Gwinner, W.J. Jackson, Ralph S. Kent, John L. Kirkland. National Old Colony Corp. has prepared a pamphlet giving preliminary
John W. Tolley, Howard K. Walter and Howard B. Ward, as directors.] United States Census figures for 1930. The booklet lists all cities of over
The New York "Times" of Sept. 18 contains the following. 5,000 and all counties of over 10,000 population, giving comparisons with
The struggle for control of the Ward Baking Corp. between the present the 1920 Census figures. It is said to be the first consolidated compilation
management and interests headed by George K. Morrow, President of of the 1930 figures published.
the Gold Dust Corp., was joined on Sept. 18 by George B. Smith, a former
President of Ward Baking Corp., who declared that he approved of Mr.
-B.W.Scharff, who in recent years has been in charge of wholesale and
Morrow's plan to install a new management.
retail sales at the Boston office of E. II. Rollins & Sons, has been appointed
Mr. Smith, who was President of -Ward Baking until December 1928,
at the firm's New
and Is now a stockholder, said the morale of the company's employees assistant national director of sales with headquarters
York office, 44 Wall Street. Mr. Scharff has been connected with the
had deteriorated under the present regime.
"The Ward Baking Corp.," he said, "Is one of the best equipped bread Boston branch in various capacities since his graduation from Yale Univerand cake companies in the country, with plants and machinery that are sity in 1911.
thoroughly up-to-date. While I was President of the company about
$15,000,000 was spent out of earnings in four years on plants and equipCharles Evans Hughes Jr., member of the law firm of Hushes.
ment. The company was paying $7 on its preferred, $8 on its class A Schurman & Dwight, New York City, former Solicitor-General of the
common and had been showing an average balance of about $2 a share
Evans Hughes, was elected
annually on the class B common. During this time the company wrote United States and son of Chief Justice Charles
off an average of $2,000,000 annually for depreciation. Last year the a member of the board of directors of the New York Life Insurance Co.
Ward Baking Co. reduced its depreciation item to $1,052,254. If the at the regular September meeting, president Darwin P. Kingsley announced
usual depreciation reserve had been set up the company would not have
earned its preferred dividend last year. Stockholders also should know on Sept. 11.
-The partnership of Cleversley, Rounds. Mundie & Gowans, Buffalo,
that, although depreciation reserves this year are about one-half of normal,
the preferred dividend was reported not earned for the first 27 weeks
N. Y., Investment house, has been dissolved. Gordon B. Cleversley
In this year.
formerly of the dissolved firm, have formed
"In my opinion the outstanding failure of the present management and George C. Rounds, both
is in keeping up the morale of the company. The condition of the plants the partnership of Cleversley & Co. who succeed the former firm. The
and the business could be overlooked if the company had maintained its new firm will specialize in the distribution of bonds and preferred stocks.
manpower, but in my opinion it has become demoralized.
-The firm of C. II. Berets & Co., Inc., opened offices at 120 Wall St.
"Ralph S. Kent, who is now President of the company, is a lawyer
without long experience in the baking business. and I believe that it is Yesterday to transact a general investment business in high-grade securities
unreasonable to expect him to run a business of this size with the highest with special reference to private investor accounts. The President of the
efficiency, since this requires men with long technical training in the
who for the past ten years has been identified
Industry. I also think there has been neglect on the part of directors company will be C. H. Berets,
In allowing the business to decline as it has. The decline in earnings with the investment banking business.
of Ward in recent years has been greater proportionately than the declines
The First National Old Colony Corp. has Issued a comprehensive
shown by other baking companies. In my opinion it is time for the stock- circular on bank and insurance stocks, with statistical information covering
-V. 131. p. 645.
holders to take action."
many of the leading insurance companies and the principal banks throughout the country having deposits of $25,000.000 or more.
Warner Bros. Pictures, Inc.
-Stock Sold.
-Chandler & Co. announce the election of W. H. C. Grimes as Assistant
President Harry M. Warner announces that the common stock recently
offered was taken up by stockholders. This offering to stockholders was Vice-President and New York State Manager with offices in University
underwritten by a syndicate formed by Goldman, Sachs & Co. and Hayden, Building, Syracuse. New York.
Stone & Co. The rights to subscribe to the stock expired as of the close
Lege & Co. announce that E. M. Epstein, for several years with the
of business Sept. 15.-V. 131, p. 1579. 1435.
Predecessor firm of Lage & Co., has become associated with them as GenManager.
-Resumes Pref. Div.
Webster Eisenlohr, Inc.
-Earnings. eral
The directors have declared a dividend of 334% on the 7% cum. pref.
H.
- J. Barneson & Co. are moving their Los Angeles office to 632
stack, payable Oct. 1 to holders of record Sept. 20. The company pre- South Spring St. on the 22d of this month. Their telephone number will be
viously paid quarterly dividends of 1%% to and including April 1 1930. Trinity 6181.
July 1 dividend being deferred pending approval of the recapitalization
the
John J. Kenny, formerly associated with Chase Securities Corp., Is
plan (see V. 131. p. 493 and 1579).
now with F. P. Lang & Co., of New York, in charge of municipal bond
-Earnings.
Wesson Oil & Snowdrift Co.
trading.
Preliminary figures for the fiscal year ended Aug. 31 1930 indicate a net
-Edward IL Smith & Co., members of the New York Stock Exchange.
profit of $3,210,000 after depreciation, Federal taxes, &c. This compares
have just released their weekly issue of"The Outlook for Equities."
with $2,547,137 in 1929.-V. 131, p. 493.
-Eastman, Dillon & Co. announce that Robert Stead Jr. has joined
-August Sales.Western Auto Supply Co.
the investment department of their Washington. D. C., office.
1930-8 Mos.-1929.
1930--Augu81-1929.
Decrease.
Decrease.
-The Bank of America N. A. has been appointed co-registrar of all
$471,494 $9,189,000 $10.147.000
$1,363,200 31,834,694
$958.000 classes of stock of Railway Equipment & Realty Co.. Ltd.
-V. 131, p. 959, 1274.
-Irvin G. Freeman is now with Fetzer & Emmons of this city in charge
-Reduces Dividend:
Wolverine Tube Co.
their public utility preferred stock trading department.
The directors have declared a regular quarterly payment of 15 cents a of-Edwin S. Robinson is now connected with Hardy & Co. of New
share on the common stock, no par value, payable Oct. 1 to holders of
department.
record Sept. 15. Previously the company paid quarterly dividends of York in charge of their bank stock trading
-V. 130. p. 1847.
30 cents a share on this issue.
-James Talc,ott, Inc., has been appointed factor for the Cambridge
Mills, Philadelphia, manufacturers of worsteds.
-Omits Dividend.
Wood Chemical Products Co.
-Billings, Olcott & Co. announce that Charles Stuart Jamison is now
The directors have voted to omit the quarterly dividend of 50 centsper
share ordinarily payable Oct. 1 on the class A stock. A quarterly distribution associated with their New York office.
this amount was made on July 1 last.
of
•-Banks, Huntley & Co. announce the removal of their Los Angeles
Three months ago, the company passed its dividend on tho class B office to 634 South Spring St.
stock.
-V. 130. p. 4627.
Farr & Co. of New York, announce that E. M. Jonklaas has become
-1% Stock Div.
(William)Zoller Co.,Pittsburgh.
associated with them.
The directors have declared regular quarterly dividends of 50c. per share
-Stein Bros. & Boyce have prepared a booklet entitled "Odd Lot
in cash and 1% extra in stock, on the common stock, both payable Sept. 30 Trading Methods."
to holders of record Sept. 20. The directors also declared the regular
-Francis H. Bedell has become associated with Greer, Crane & Webb
$1.75 a share on the pref, stock, payable on the same
quarterly dividend of
-V.129. p.3817.
date.
of this city.
1912
FINANCIAL CHRONICLE
[VOL. 131.
The Commercial Markets and the Crops
COTTON-SUGAR-COFFEE
-GRAIN--PROVISIONS
-METALS
PETROLEUM-RUBBER-HIDES
-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
ivlity a department headed INDICATIONS OF
fditog
i s iVsgmr8r
Paulo gave the stock of coffee in Sao Paulo interior warehouses and railways, including Minaes Geraes, on Aug. 31
as 21,200,000 bags an increase of 680,000 bags over the
July 31 figure of 20,520,000 bags. According to private
reports the Brazilian bank which has been sustaining the
money rates has withdrawn and some look for further
deehnes. Some 50 Santos notices were issued supposedly for
the most part by Europe and Brazil. Exchange was 1-64d.
lower. Buying by leading Brazilian interests was said to
have been heavy. On the 18th inst. futures advanced 5 to
25 points with Brazilian cables better and shorts covering.
Santos exchange advanced 1-32d. with the dollar rate off
50 milreis. Rio Exchange rose 3-64d. with a decline of
80 milreis in the dollar rate. To-day futures closed 9 to
19 points lower on Rio futures and 9 to 17 off on Santos with
sales of 37,000 bags of Rio and 28,650 of Santos. There were
17 Santos and Bahia notices issued here. The decline was
due to poor Brazilian cables and selling by the trade and
Europe. Brazil was the largest buyer. Final prices are
generally a little lower for the week.
spotioncoffee prices closed as follows.
Ru
l
Friday Evening, Sep. 19 1930.
COFFEE on the spot was firmer but quiet at 123 to
123 c. for Santos 4s and 73's to 734e. for Rio 7s. Fair to
%
%
4
good Cucuta 13 to 133(c.; prime to choice, 143 to 153c.;
%
washed, 153,4 to 153 c.; Ocana, 1334 to 14e.; Bucaramanga,
%
%
natural, 143 to 143 e.; washed, 16 to 168 c.; Honda, Tolima
%
%
and Girs.dot, 153 to 163e.; Medellin, 1834 to 183c.;
Manizales, 1634 to 163 c.; Mexican, washed, 1634 to 18c.;
%
%
%
Surinam, 1134 to 12c.; East India, Ankola, 213 to 283 c.;
Mandheling, 22 to 32c.; Genuine Java, 23 to 25c.• Robusta,
washed, 11% to 12c.• natural, 7 to 7%0.; Mocha, 19 to
'
1934c.; Harrar, 1734 to 1834c.; Abyssinian, 1334 to 14e.;
'
Guatemala, good, 15% to 153c.; Bourbon, 13% to 140.
The United Press cabled from Sao Paulo, Brazil, that the
Coffee Defense Committee adjourned on Thursday after the
delegates had extended the previous marketing agreement
to June 30 1931. This agreement includes Sao Paulo, Santa
7% I Dec
8,37 trad I May
5.77® nom
8.45(4) nom I March_
5.83 ® trad I July
5.89 ® nom
Catherina, Minas Geraes, Pernambuco, Esperito, Santos, Sept
Sannofficia
u t s coffee prices closed as follows.
Bahia, Parana, Rio de Janeiro and Goyaz, and in no way
Spot
I Dec
trad I May
10.382
9.i9@ nom
conflicts with the terms of the recent $97,330,000 coffee Sept
9.39 nom I July
11.85 nom March _
8.95© nom
loan to the first-named state. Secretary of Treasury Salles
COCOA ended 15 to 19 points lower to-day with sales of
of Sao Paulo stated that the credit would serve to clear up
the surplus stocks now on hand. The agreement ratified 172 lots; September, 5.34c.; Dec., 5.63c.; Jan., 5.74c.;
March, 6.02c. Final prices show a decline for the week of
is merely one of marketing.
Stocks of coffee in Sao Paulo interior warehouses and at 58 to 64 points.
railroads increased 680,000 bags during July. The official
SUGAR.
-Late last week 125,000 to 150,000 bags spot
statement of such stocks on Aug. 31 was 21,200,000 bags. Cuban raws sold at 1.14c. c. & f. Havana cabled that
Ordinary Santos stocks have been reduced 44,995 bags. President Machado predicted that the sugar output of Cuba
A Comtelburo cable to the Exchange stated that Rio re- next year will be far greater than that of the past year
ceipts from Sept. 16 to the 30th will be at the rate of 15,916 and that with the added acreage of new land and an average
bags daily, as compared with 11,694 bags for the first half yield, the crop will turn out to be 6,000,000 tons. On the
of the month. On the 15th inst. shippers of Brazilian coffee 15th inst. 31,000 bags of prompt Cuban sold at 1.15e.
were not disposed to offer freely and such tenders advanced •0. & f. Some 1,000 tons nearby Philippines sold later at
20 to 30 points. For prompt shipment Santos Bourbon 3.13c. Some 20,000 bags of Cuban raw sugars for second
2s were quoted at 12.60 to 1334c.; 2-3s at 11.60 to 130.; half Oct. shipment sold later to an operator at 1.18c. c. & f.
3s at 11% to 13e.; 3s at 113 to 12s.; 3-4s at 11.15 to 12%c.; A sale of 21,000 bags of Cuban raw sugar for second half
3-5s at 10.65 to 11340.; 4-5s at 10.40 to 11.20c.; 5s at 10.35 Oct. shipment was made to an operator to-day at 1.16e.
to 1134c.• 5
-6s at 10.10 to 10.40c.; 6s at 9.30 to 10.30c.; For prompt shipment moderate offerings of Cubas were
6-7s at 9.80e.; 7-8s at 7.95 to 93c.; part Bourbon 2-3s at reported at 1.17c. c. & f. and of Porto Ricos at 3.180.
'
1234c.; 3-5s at 1034c.; Peaberry 3-4s at 11.00 to 1134c.; delivered.
6s at 10c.
Receipts at Cuban ports for the week were 36,450 tons,
On the 16th inst. cost and freight offers were generally against 24,229 in same week last year; exports 75,479 tons,
higher. For prompt shipment, Santos Bourbon 2-3s were against 70,562 in same week last year; stock (consumption
held at 11.60 to 13c.; 3s at 113 to 11.90c.; 3-4s at 11 to deducted) 1,231,491 tons, against 630,329 in same week
1134c.; 3-5s at 10.65 to 12c.; 4-5s at 10.65 to 11.20e.; 5s at last year. Destination of exports. Atlantic ports, 33,969
10.60c.; 5-6s at 10.20 to 10.30c.; 6s at 9.55 to 10.300.; 6-7s tons; New Orleans, 10,805; interior United States, 165;
at 9.80c.; 7-8s at 8.15 to 93c.; Rio 7s at 7.15c.; 7-8s at 7.00c.; Galveston, 3,553; South America, 984; Europe, 26,003.
-Nov. Receipts at United States Atlantic ports for the week were
Victoria 7-8s at 6.55c. Santos Bourbon 4s for Sept.
shipment were offered at 11.05c.; 6s for Oct.
-Dec. at 9.35c. 28,812 tons, against 49,724 in previous week and 57,676
and Victoria 7-8s for Oct.
-Nov. at 63c. Cost and freight in same week last year; melting 65,709 against 49,991 in
offers from Brazil on the 17th inst. were slightly lower. previous week and 47,717 in same week last year; imFor prompt shipment, Santos Bourbon 2s were held at I porters' stocks 148,594, against 159,594 in previous week
123c.• 2-3s at 11.60 to 13c • 3s at 11.35 to 11.90c.; 3-4s at and 441,833 last year; refiners' stocks 145,261, against
%
10.70 to 11%c.; 3-5s at 10.65 to 11.45c.; 4-5s at 10 to lie.; 171,158 in previous week and 192,498 last year; total stocks
5s at 10.10 to 11%04 5-6s at 10.10 to 103c.; 6s at 934 to 293,855, against 330,752 in previous week and 634,331
%
9.55c.; 7-8s at 8.10 to 8.55c.; part Bourbon 3-5s at 103c.; last year. Refined was 4.45c. or 4.35e. in large lots. Acpeaberry 3-4s at 11 to 11%c.; Victoria 7-8s at 634e. Offer- cording to a private cable from Holland, the feeling about
ings for future shipment were as follows: Bourbon 3s for restriction is sceptical. These reports say that it would
Dec.
-April at 103c.; 4s for Jan.
-Dec. at 9.90c.; 6s for Oct.- only be possible if all Cuban interests were backed by United
Dec. at 9%c.; 5-6s for Dec.
-Jan. at 10c. and Victoria 7-8s States and Canadian bankers and the delegates given wide
for Oct.
-Nov. at 6.150.
authority. The latest report here is that Mr. Chadbourne
Early cost and freight offers to-day were at irregular and Dr. Gutierrez have postponed their trip to Holland
being 25 points lower to 10 points higher. One firm said: indefinitely.
"The stock in the regulating warehouses of Rio on Aug. 30 ; Havana cabled Dow, Jones & Co. today: "Dr. Viriato
was officially placed at 2,463,000 bags, showing an increase Gutierrez stated that while Cuban sugar sowings had been
of 854,000 bags for the month. We have constantly said made in about 11,000 caballerias (each caballeria is equal
that there is a great deal more coffee in Brazil than is known to 33 1-3 acres) this year, this must not be interpreted as
or acknowledged. We learn from excellent private sources meaning that the next crop may be greater than the 1929that there are 500,000 bags more in the Rio regulating ware- , 1930 crop. All experts agree that the next crop will not be
houses than are officially admitted. This is but part of the much in excess of 4,500,000 tons, or approximately the profundamental weakness that exists in Rio and Victoria coffees. duction from the 1929-1930 crop, stated Dr. Gutierrez.
Brazilian interests have been buying spot Rios and Victorias, The sowings of 11,000 caballerias, he said, correspond to
and also futures on the Rio Terme market, in that country." the renewal necessary to insure proper sugar yields. Dr.
The New York Coffee & Sugar Exchange membership of Gutierrez said he had not as yet decided on the date of his
John S. Lawson of Milwaukee was sold on the 15th inst. departure for Europe where negotiations will be undertaken
at 812,500, an advance of 81,480 over the last previous sale. I with Javan producers with a view to working out an agreeOn the 15th inst. prices advanced 10 to 20 points on covering ment on sugar production." Havana also cabled: "Cuban
and other buying by houses with European connections. Secretary of Agriculture has reported to President Machado
Back of it was continued steadiness of Brazilian exhange that sugar mills on the island, with a few exceptions, are
and stronger European markets. Leading Brazilian interests proceeding with dead season work such as clearing lands,
bought Santos. On the 16th inst. futures declined 5 to 17 repairing machines and sowing new plantings. A total of
points as a natural reaction after the recent advance. Brazil 9,168.04 caballerias (305,600 acres, each caballeria being
bought on the decline, but Europe sold.
equal to 33 1-3 acres) has been planted this season, of which
Futures on the 17th inst. dropped 10 to 25 points. A 598.12 cabellerias are in Pinar del Rio province; 1,041.94 in
cable to the Exchange from the Institute de Cafe de Sao Havana, 1,089.74 in Matanzas, 2,722.46 in Santa. Clara,
SEPT.20 1930.]
FINANCIAL CHRONICLE
1913
with the top 10.900. Lower prices
to
1,729.78 in Camaguey and 1,986 in Oriente. Of 157 mills with hogs up 10oil 150.
caused some liquidation of lard late.
grind next season's crop, 10 are not planting at for cottonseed
prepared to
hogs coincident with small receipts counted
all; 18 not reported as sowing and 129 reported 9,168.04 But the rise in
newly planted. Assuming 1,800 caballerias new for more than anything else. Western receipts were 64,200
caballerias
ago. Liverpool was unchanged to
planting of mills which have not reported, it is estimated against 77,800 a yearWestern cash 12.40 to 12.50c. To-day
caballerias of new planting will be done, which, is. 3d. higher. Prime
that 11,000
points lower. Final prices show a
on a 12% yield, should produce 6,000,000 bags or 850,000 futures closed 7 to 22
points, owing partly
17 to
sugar." Thomas L. Chadbourne and Dr. Viriato ' rise for the week, however, of rising 25
tons of
prices for them.
it is reported, will sail for Europe on Sept. 19 to small receipts of hogs and
Gutierrez,
CHICAGO.
to confer with the Dutch on a restriction agreement between ' DAILY CLOSING PRICES OF LARD FUTURES la
Fri.
Wed. Thurs.
Mon. Tues.
Sat.
Java and Cuba.
11.65
11.75
11.52 11.57 11.65
11.50
lower. Some September
11.82
15th inst. prices ended 2 to 4
On the
11.42 11.47 11.
•
'October
11.22
11.32 11.45
indicating
11.20
11.15
11.05
thought Washington press advices Indicating that the December
Government is ready to intervene in the event of
U. S.
PORK quiet; mess, $32.50; family, $35.50; fat back,
revolutionary activities in Cuba caused the easiertone. $22.50 to $26. Beef firm; mess, $20; packet, $17 to $18;
The Havana press report that the Sugar Commission is family, $20 to $22; extra India mess, $35 to $37; No. 1
seriously considering the conversion of 500,000 tons of the canned corned beef, $3.10; No. 2, $5.50; six pounds South
surplus into alcohol and of destroying another 500,000 tons, America, $16.75; pickled tongues, $70 to $75. Cut meats
thus relieving the market of a full million tons, was generally quiet and steady; pickled hams, 10 to 20 lbs. 19 to 194.;
accepted with skepticism if not ridicule here. Most traders pickled bellies,6 to 12 lbs., 213 to 233 c.; bellies, clear, dry,
4
4
looked upon the proposition as impractical. It was conse- salted, boxed, 18 to 20 lbs., 17c.• 14 to 16 lbs.,
without influence upon market sentiment. During
quently
to 414. Cheese,
175/2c.Buter,
lower grades to high scoring,
the day the market was very quiet and seemed somewhat flats, 20 to 26e.• daisies, 19M to 25c. Eggs, medium to
sensitive, but on the whole the inclination of prices was extra, 20 to 304.; closely selected, 31 to 324.; premium
downward and at the closing it was dull with an uncertain marks, 33 to 36e.
tone. It is rumored that about 5,000 tons of Cuban raw
OILS.
-Linseed of late was easier at 10.4c. for raw oil
sugar was sold from store late last week to a local refinery
however,
needed it to replace, or rathersubstitute, for two in carlots, cooperage basis. It was intimated,directions.
who
10.2e. in some
that he had bought, but which were delayed in that business could be done at Jobbers are buying more
cargoes
arriving. London on the 15th inst. cabled that a cargo There was a better demand.
consumers. Cocoanut,
of Cuba sold for Oct. shipment to Marseilles at 5s. 434d. freely. So have manufacturing Y. tanks, 534 to 54
spot
equivalent to about 1.02c. f.o.b. Cuba. Early London Manila coast tanks, 54.;mills N. to 74. Chinawood,
c.i.f.,
cables reported that market easier and the tone depressed, Corn, crude, tanks, f.o.b. 847M 9c.; tanks 8c.; Pacific
spot,
with sellers at 5s. 534d. c.i.f., equal to 1.03c. f.o.b. Cuba, N. Y. drums, carlots 73/2c. Soyato
bean tanks, Edgewater,
'
but little or no buying interest. On the 16th inst. futures Coast tanks, prompt, f.o.b. Middle Western mills, 834c.
1 to 4 points on covering of hedges and buying 93/2c.; domestic tanks,
advanced
4
prime, 133c.; extra strained
by shorts. Offerings fell off. Trading was very light, Edible olive, 1.65 to 2e. Lard, Newfoundland, 600. Turhowever, being estimated at only 12,500 tons. On the 17th winter, N. Y., 104c. Cod, to $8.15. Cottonseed oil
futures ended unchanged to 2 points higher, despite a state- pentine, 44 to 50c. Rosin, $6
bbls., new, 25 conment issued by President Machado of Cuba to the effect sales to-day including switches, old, 700 closed as follows:
that production figures for the years 1930-31 may be in- tracts. Crude S. E., 634c. bid. Prices
NEW.
OLD.
creased by 1,000,000 tons. It came too late to have any
7.40 7.70
November
8.00
Spot
7.43 7.48
effect.
December
7.85@
September
7.47 7.55
7.88 7.95 January
On the 18th inst. futures were dull with,prices unchanged October
7.50 7.65
8.00 February
7.85gb
President Machado s 6,000,000 tons November
to 2 points lower.
7.64 7.65
March
7.95
December
7.68 7.75
April
estimate has made traders cautious. Some contend that the
crop is not likely to exceed last year's of 4,467,000 tons, as
-Gasoline was reduced 2c. throughout
PETROLEUM.
they think bankers will not advance money for production Ohio by the Standard Oil Co. of Ohio and other leading
this year. The Java Trust according to a private cable companies in the State announced a similar cut. The Tide
officially has announced export concessions on shipments of Water Pipe Line Co. advanced the price of Bradford district
sugar to the Far East. On superior whites M. florin, equal crude oil 5 cents a barrel to $2.55. U. S. Motor in tank cars
to about 20e. is allowed. While on browns 98 degrees
was quoted at 8 to 10e. with most of the business
polarization 1 florin or 40c. is allowed. The minimum ship- at refineries at 8 to 83je. Chicago of late was firm. For
being done
ment, however, must be 10,000 tons. London was dull and 56-58-450 end point naphtha the price was 64.to 64.or
unchanged. To-day futures closed unchanged to 2 points
Mc. higher than recently. Bunker oil, grade C, was steadier
lower with sales of 7,850 tons. Final prices are 3 points at the recent decline of 100. Deliveries against standing
lower to 2 points higher for the week.
contracts were holding up fairly well and refiners were firm
Prices were as follows.
$2 same basis. Domestic
1.191 nomlJuly
1.43 ® nom at $1.05. Diesel oil was steady at
Spot unofficial_ _ 1.181Jan
1.12® --__ March-__ 1.28 nom
heating oils of late have been easier. Kerosene was steady at
Sept
1.36 ---1.18 May
1.17®
Dec
64.for water white 4143 gravity in tank cars at refineries.
LARD on the spot was firmer at one time with prime Demand is gradually increasing. Pennsylvania cylinder
Western 12.15 to 12.250. Refined to Continent, 124.; stocks were fairly active and steady. Bright stock was
South America, 134.; Brazil, 144. Futures on the 13th slightly easier.
will be found on an earlier page in
inst. were 3 points lower to 8 points higher. A decline in
Tables of prices usually appearing here,
'
corn had some effect. Traders sold. Commission houses our department of "Business Indications, in an article entitled 'Petroleum
and Its Products."
bought October. Hogs were firm but not in much demand.
RUBBER on the 13th inst. fell 4 to 15 points. Total
Deliveries on Sentember lard contracts at Chicago were
100,000 lbs. Hog receipts at Western points were 19,300 sales were 380 tons. It was a small waiting market. Ceylon
against 27,400 a year ago. Washington wired that the shipments of crude rubber in August were 6,701 tons,
Department of Agriculture revealed an experiment showing against 4,070 in July. Of this total, shipments to United
that wheat fed hogs bring the most profit. The test, con- States last month were 3,362 tons, against 1,808 tons in
ducted in Nebraska, proved the department's statement, July. The figures had no marked effect. The inventory
which said that hogs selling at $11 a hundred pounds returned report of the Rubber Manufacturers' Association for July,
about $1.50 a bushel for wheat. Ground wheat, fed with showing a decrease of 11% in pneumatic casings in hands of
tankage, produced pork at a cost of $5.98 a hundred pounds, United States manufacturers at the close of the month as
it was said, while corn at the current price, fed in the same compared with June and 21% less than on July 31 1929 was
manner, ran the cost up to $7.65. Futures on the 15th inst. a bearish factor. New contract on the 13th inst. ended
advanced 2 to 10 points with hogs in good demand and firm. with Sept., 8c.; March, 8.550.; July, 9.100.; old contract
The small hog receipts and a decrease of over 10,500,000 lbs. Sept., 7.90 to 8c.; Dec. 8.100.; March, 8.40c.; May, 8.70e.;
in the Chicago stocks of lard since Aug. 31st were outstand- June, 8.80c.; July, 8.90 to 9e. In London on the 13th inst.
ing features of strength.. Liverpool was firm at an advance Sept. 4d. Singapore, Sept., 3 9-16d. The Rubber Manuof 3d. to 9d. Deliveries on December lard contracts at facturers' Association stated the consumption in Aug. at
Chicago were 100,000 lbs. Hog receipts at Chicago totalled 30,575 tons, against 29,894 in July, and 38,275 in Aug. last
35,990 and at Western points total arrivals were 91,700 year; arrivals in Aug. 34,558 tons, against 34,084 in July,
against 94,800 a year ago.
and 38,292 in Aug. last year; stock on hand 158,179, against
Futures on the 16th inst. ended 3 to 5 points higher, 150,001 in July, and 90,760 Aug. last year; stocks afloat
despite a decline of 10e. in hogs. The influence of the rise 61,168, against 58,326 in July and 41,620 in Aug. last year.
,
in grain outweighed everything else. Stocks in Chicago On the 15th inst. prices advanced 10 to 20 points partly on
on the 15th inst., moreover, were only 35,817,250 lbs., an increase in the Aug. consumption over that of July of
against 46,206,394 lbs. on Sept. 1 and 91,421,000 on Sept. 15 4.6%. New contracts ended on the 15th inst. with Dec.,
last year. prime Western cash was 12.20 to 12.30c.• 8.25 to 8.300.; March, 8.67c.; May, 8.88c.; July, 9.12c.;
7
refined Continent, 124c.; South America, 13Mc.; Brazil sales 770 tons. Old contract closed with Sept., 7.90 to 8c.;
'
143/sc. On the 17th inst. futures advanced 10 to 18 points' Dec., 8.20 to 8.300.; March, 8.60c.• April, 8.70c.; July,
though hogs fell 10 to 25c. But offerings of lard futures' 9c.; sales 302 tons. Outside prices: dpot and Sept. planta-Dee., 834 to 84.;
were small. In Liverpool lard was 6d. to 9d. higher. De- tion, 8 to 83/2c.; Oct., 834 to 84.; Oct.
%
-March, 8% to 83c.; April-June, 9 to 94. Spot first
liveries on September lard contracts in Chicago were 100,000 Jan.
lbs. Hog receipts at Western points were 69,400 against latex thick, 8 to 84.; thin pale latex, 83/2 to 84.; clean
74,700 a year ago. Cash prime Western 12.30 to 12.40e.; thin brown No. 2, 734 to 74.; specky crepe, 7 to 74.;
%
/
refined to Continent, 13c.; South America, 134.; Brazil, ' rolled brown crepe, 634 to 678c.; No. 2 amber, 75 to 74.;
144. Futures on the 18th inst. advanced 10 to 13 points No. 3, 734 to 73/2c.; No. 4, 734 to 74;Paras, upriver fine
1914
FINANCIAL CHRONICLE
[Vol,. 131.
spot, 123/i to 12Yie.; coarse, 63'c.; acre, fine spot, 123' to
1230.; Caucho ball upper, 6c. In London Sept. still 4d.; warm weather. Soft coal trade took on perhaps a little more
promising aspect, but nothing more than summer temperain Singapore, 3 9-16d.
tures prevailed here. At New York tidewater trade is even
London stocks increased 403 tons for the week to 82,233 smaller
than it was two weeks ago. The hard coal producers
tons. Liverpool's stock was 637 larger at 31,796 tons.
On the 16th inst. prices ended unchanged to 13 points higher increased output a third and then reduced it a third almost
within a
and actual rubber was in better demand. The sales at the buckwhea fortnight. Prices have been firm for steam and
t. Hampton Roads still makes a fair showingdumpExchange were 350 tons of new contract and 47 of old. ing
57,977
According to cabled estimates, gross shipments during attention tons last Friday. Southern smokeless had more
than other grades. The production of bituminous
September will approximate between 46,000 and 47,000 coal
tons which would compare with 47,802 tons in August and was in the United States during the week ended Sept. 13
9,350,000 tons according to reports received by the
53,484 exported in September 1929. Old contracts closed National
Coal Association. Total production during the
with Sept., 8.05 to 8.100.; Dec., 8.380.; March, 8.800.; week
May, 8.98 to 9.02c.; July, 9.20 to 9.28c. Old contract, endedended August 30 was 9,053,000 tons and in the week
Sept.
Sept., 8 to 8.10c.; Dec., 8.300.; March, 8.70c.; May, 8.900. been firmer.6,8,057,000 tons. Soft coal prices have latterly
Hampton Roads quoted $4.50 for best smokeOutside prices: Plantation, spot, Sept. and Oct., 83.4 to less,
with quality differenti
834c.; Oct.
-Dec., 8% to 81 c.; Jan.
%
-March, 8% to 90.; of the best nut and slack als as low as $4 at which some
sells. Some of the smokeless
April-June, 93/i to 930.; spot,first latex, thick,8% to 83/20..; producers
4
quote
thin, pale latex,8% to 83/80. On the 17th inst. prices closed Western delivery run of mine f. o. b. car at the mine for
at $2.25 with lump and egg no higher than
10 points lower to 10 higher with sales of 762 tons of which
470 were new. Cotton and other interests switched from $3.75. Cheaper gas coal is growing in popularity in the
Ohio
December to later months. New contract closed with tucky River and Lake Michigan markets. Western Kenscreenings have been advanced 25 to 500.
Sept., 8.060.; March, 8.78 to 8.79c.; May, 8.98 to 90.;
TOBACCO.
-Routine business is still the rule here. No
July, 9.17 to 9.20c. Old contract Sept., 8 to 8.10c.; Oct.,
8c.; Dec., 8.30e.; March, 8.70c.; May,8.90 to 9c. Outside striking features appeared in any branch. Cigarettes in
New York were advanced by the 'United Cigar Stores Co.
prices: Spot, Sept. and Oct., 83.4 to 83'c.; Oct.
-Dec.,
to and
8%e.; Jan.
-March, 83' to 9c.; April-June, 93' to 84
9%c.; an the Schulte Retail Stores Corporation in accordance with
announcement to that effect some time ago. Popular
Spot, first latex, thick, 8% to 83'c.; thin, pale, latex,
to 83/sc. London opened at 43'd. for Sept. and Oct.89/i brands are now 13 cents a package or two packages for
on 25 cents,
$1.19 a carton and 30 cents for a tin containing
the 17th inst. and closed at 4 1-16d. Singapore, Sept.,34d.
On the 18th inst. trading was light and closing prices were fifty cigarettes. Heretofore the United Cigar Stores in
New York City had been selling cigarettes at 12 cents a
unchanged to 10 points higher. The sales of new contract
were 110 tons and of old 157. New contract Sept., 8.060.; package and the Schulte Corporation at 13 cents a
Dec.,8.36 to 8.400.; March,8.78 to 8.79c.; May,9 to 9.03c.; package or two packages for 25 cents a carton and 27 cents
July, 9.22e.; Old contract Sept., 8 to 8.20c.; Nov., 8.20e.; for the tins of fifty. Connecticut trade is to open warehouses
March, 8.70 to 8.80c.; May, 8.90 to 90.; June, 9c.; July, on Sept.22. Havana advices to the U.S."Tobacco Journal"
9.10 to 9.20c. Plantation spot, Sept. and Oct.,8( to 83c.; said. "In our local market the principal activity has been
-Dec., 8W to 85sc.; Jan.
Oct.
L
/
-March, 87/i to 9c.; April-June, displayed by our commission merchants in the execution of
4
9111 to 93 0.; spot first latex thick, 8% to 83c.; thin pale orders for export to Europe; preference has been shown for
latex, 8% to 83/sc.; clean thin brown No. 2, 75 to 8/sc. low grades of Remedios tobaccos. The total amount of
5
To-day futures here closed 11 to 25 points lower on new tobaccos reported as delivered by sellers to buyers is 8,416
contract and 20 to 30 off on old with sales of 400 lots of old bales. Of this quantity 6,022 bales were of Remedios,
and 137 new. Final prices show a decline for the week of 1,772 bales of Vuelta Abajo and 622 bales of Partido." In
20 to 50 points. Singapore closed dull 1-16d. to 3-16d. Wisconsin rains benefitted the crop. Richmond, Va. wired.
lower; Oct., 3 9-16d.; Oct.
-Dec., 35 d.; Jan.
%
-Mar., Wid. "Aroused by the prevailing prices for tobacco, the eastern
No. 3 Amber crepe spot unchanged at 3%d. London was Carolina chamber of commerce, with headquarters at Kinsquiet and 1.16d. lower; Sept., 3 15-16d.; Oct., 4d.; Nov., ton, N. C. has issued a call for a meeting of farmers and
4 1-16d.; Dec.,4%d.;Jan.
-Mar., 43d.; Apr.
-June,4 7-16d.; business men to be held at Raleigh, N. C., Thursday. Sales
July-Sept., 4%51. An unofficial estimate of stocks show in general are much lighter than for the corresponding period
London with an increase of 600 tons and Liverpool with an of 1929 and the price averaged about 5 cents less. Wilson
increase of 2,275 tons; total increase 2,875 tons. The export- reported 1,468,892 lbs. sold at an average of $8.57 against
ing rate of the chief rubber producing country, Malaya, this 4,463,880 lbs. sold during the first week of last season at an
month would indicate that production is being maintained at average of $12. Heaviest sales for the current season were
an unchanged pace, according to estimates cabled to members reported from Kinston where 1,472,756 lbs. were auctioned
of the Rubber Exchange of New York. Gross September off at $7.46. Rocky Mount reported 377,942 lbs. at .16
exports will approximate 46,000 to 47,000 tons, according to average for the season; Newborn, 130,552 at $9.01; Goldsthe estimates, which will compare with 47,802 tons exported boro, 482,418 at $7.12; Robertsonville, 264,386 at $8.06;
during August and with 53,484 tons during August and Williamston, 161,380 at $8.76; Tarboro, 90,000 at
.50,
estimated; Washington, 200,000 at $9.05, estimated; Smithwith 53,484 tons during Sept. 1929.
field, 500,000 at $9, estimated; Wendell, 160,000 at $9.50,
HIDES on the 13th inst. ended unchanged to 4 points
net higher; Sept. closed at 11.05e.; Dec. at 13.30c.; and May estimated, and Zebulon, 100,000 at $10. A movement to
at 15.20c.; 4,000 Sept. frigorifico Sept. sold at 14e. On the close tobacco warehouses in eastern North Carolina pending
15th inst. prices ended unchanged to 15 points off; 3,000 the signing of a contract for reduction of acreage next year
heavy Texas steers Sept. sold at 15o. an advance of Mc. was launched at a meeting of 1,000 tobacco growers at
The sales at the Exchange were 1,440,000 lbs. Outside Nashville, N. C. Saturday."
markets were quiet. City packer were nominally 140. for
COPPER was reduced to lowest prices in 30 years when
native steers and butts and 13%c.for Colorados. Common leading producers quoted 10%c. and at least one custom
hides nominal Cucutas 150.; Orinocos, 12 to 123'c. Mara- smelter was asking 103c. Little metal was sold despite the
caibo, Central America, La Guayra,Ecuador and Savannillas slash. The Copper Exporters, Inc., is expected to reduce its
11%c.; Santa Marta, 13c. On the 16th inst. prices declined price from 11.30 to 11.050. or 10.80c. a pound. Moreover
40 to 50 points on futures with sales of 1,840,000 lbs. On it was stated that Chase Metal Co. and the Revere Copper
the 17th inst. prices were 35 to 45 points lower. Trading & Brass Co. had reduced prices of finished products to the
was active. Sept. closed at 10.05c.; Dec., 12.35c.; May, equivalent of 103.c. for refined metal. The Copper Ex14.300.
porters, Inc. reduced the export price to 10.80e. c.i.f.,
On the 18th inst. futures declined 20 points with sales of London, Havre and Hamburg, thus bringing it into line
1,840,000 lbs. In Chicago 1,000 heavy Texas steers, Sept. with the domestic market. Large domestic
sold at 143'c., a decline of %c.; 1,000 Sept. light native said to be bidding 100. In London on the consumers were
18th
steers at the unchanged price of 14e. and 1,000 Sept. frigpri- standard was unchanged at £46 2s. 6d.; futures inst. spot
fico light steers at 13c., also unchanged. Closing prices E46 3s. 9d.; sales 75 tons spot and 550 futures. up is. 3d. to
Electrolytic
here on futures on the 18th inst. were with October, 10.10e.; unchanged at £49 bid against £51 asked. To-day new Sept.
Dec., 12.15 to 12.19e.; March, 13.05c. Common dry, closed at 10.15c.; Oct., 10.200.; Nov., 10.30o.
Cucutas, 153c.; Orinocos, 123' to 13c.; Maracaibo, Central
America, La Guayra, Ecuador and Savanillas, 12c.; Santa in TIN was fairly active with the trend downward. Late
the
Marta, 13c.; New York City calfskins 5-7s, 1.650.; 7-9s, of 300 week spot Straits were 29.80c. On Wednesday sales
tons
2.800.; 9-12s, 2.100. To-day prices ended 15 points lower they did were said to have been made, but on the 18th inst.
with sales of 40 lots. Some 16,000 branded August and world's not exceed 100 tons. Only a small increase in
visible supplies is expected this month. Futures on
September cows sold at 11c. September and October ended the
at 9.95c.; November, 10.460.; December, 12 to 12.050. withExchange here dropped 5 to 10 points on the 18th inst.
sales of 45 tons. In London on the 18th inst. prices
Final prices are 110 to 126 points lower for the week.
were unchanged at £134 for spot standard and £135 12e.
OCEAN FREIGHTS.
-Some rates were reported at low 6d. for futures; sales 50 tons spot and 250 futures. Spot
records.
Straits closed at £135 15s.• Eastern c.i.f. London ended at
CHARTERS included grain, Montreal, Sept. 25
to £138 10s. on sales of 2015
tons. At the second London
Greece. 3s.: 32,000 qrs. Montreal to Marseilles, -Oct. 5. 28.000 VsGenoa to start. Oct.. session
12% to 13c.: Montreal to Mediterranean.
on that day standard declined 5s on sales of 25 tons
bookings
Included six loads. Sept., Hull, 2a. Sugar: Sept. 26, 12c.: grain
Cuba, Oct.. to United King- spot and 35 tons of futures. To-day futures on the exchange
dom-Continent, 14s.. Santo Domingo, Oct., to United Kingdom-Continent.
closed with Sept. and Oct., 29.55c.; Nov., 29.60c.; Dec.,
13s. 9d. Time: Delivery prompt, New York-West Indies round,
$I:
trip across,delivery South Atlantic,redelivery United Kingdom-Contlneat, 29.75e. to 29.80c.;
March, 30.200.; May, 30.50e. Sales
done Sept. 16 at $1.35. Tankers: 12.000 tons, delivery Pacific. Oct. 12
were 25 tons.
months. 58. 64. deadweight. 6.300 tons, Gulf
-Sweden, 14s. to.; Gulf. Oct.,
to United Kingdom-Continent, Ils.
LEAD
COAL.
-The anthracite trade here and in Philadelphia Louis andwas in fair demand and steady at 5.350. East St.
5.50c.
and Baltimore was slow in the first half of Sept. owing to spot fell 35. 9d. New York. In London on the 18th inst.
to £17 12s. 6d.; futures off 5s. to £17 10s.;
Slum 20 1930.]
1915
FINANCIAL CHRONICLE
SILK to-day closed unchanged to 2 points lower; sales,
es, 50 tons spot and 1,150 futures. At the second London
sion prices declined 3s. 9d. on sales of 600 tons of futures. 730 bales. Sept. ended at 2.65 to 2.68e.; Nov., Dec. and
Final prices
ZINC was quiet at 4.25e. to 4.274e. East St. Louis. Jan., 2.55 to 2.58c.; March, 2.56 to 2.58e.
ndon on the 18th inst. was unchanged on the spot at are 6 to 10 points lower for the week.
5 8s. 9d.; futures off 2s. 6d. to .£16 2s. 6d.; sales, 325 tons
A and 425 futures.
COTTON
-A moderate improvement is reported in trade
STEEL.
Friday Night, Aug. 19 1930.
Tin plate shipments are said to
lighter steel products.
THE MOVEMENT OF THE CROP,as indicated by our
from that in lighter steel, trade was still
brisk. Aside
For the
11. Yet it is stated that one manufacturer of sheets has telegrams from the South to-night, is given below. reached
terly received the largest specifications in five months. week ending this evening the total receipts have 2772
ere was some inquiry for rails. But buying by automobile 389,481 bales, against 362,547 bales last week and
d implement industries is cautious. The building industry bales the previous week, making the total receipts since Aug.Athe
s recently ordered 25,000 tons of structural steel. The 1 1930, 1,664,361 bales, against 1,262,833 bales for 1
erage steel production is put at 58% which is certainly not same period of 1929-30 showing an increase since Aug.
ttering. There is an undercurrent of conservative 1929 of 401,528 bales.
timism in the steel trade but actual business shows as a
Total.
Mon. Tues. Wed. Thurs. Fri.
Sat.
Receipts ate little if any improvement.
5.454 5,362 7.378 46,275
-The market, it is stated has broadened Galveston
6.432 6,711 14.938
PIG IRON.
3.250 3,250
pecially in the demand for basic and malleable iron, but Texas City
17,035 25.890 20,236 12,304 10,156 66,105 151,726
Houston
8,188 10,821 5,921 5.727 4,567 4,790 40,014
t excluding foundry grades. Inquiries are reported for Corpus Christi
150
150
,000 tons. An increase was noticeable in the number of Beaumont
New Orleans
6,208 8,887 9,006 3,490 5,427 5,270 38,288
yers who want 1,000 tons or more. Prices are said to be Mobile
2,169 2,669 4,564 4,248 2,093 2,006 17,749
50 8.080
adier. Purely nominal quotations are as follows: Foundry Pensacola
o. 2 plain, Eastern Pennsylvania, $18 to $18.50; Buffalo, Savannah
9,006 8.215 13.217 3,519 5,778 9.670 49.405
-------- -9,113
9,113
6 to $16.50; Virginia, $17.75; Birmingham, $12 to $14; Brunswick
724 1,439 0.008
6,532 1,543 4,147 5,623
icago, $17.50 to $18; Valley, $17.50 to $18; Cleveland Charleston
184 1,111
240
129
272
106
Wilmington
180
724 4,046
167 2,297
623
107
128
livered,$17.50. Basic, Valley,$18;Eastern Pennsylvania, Norfolk
218
218
$20; Baltimore
8.25 to $18.50. Malleable Eastern Pennsylvania,
Totals this week_ 55.878 72.979 72,924 49,774 36,644 101.282 389.481
ffalo, $19; charcoal, $24.
-A Government report from Boston said early in
WOOL.
The following table shows the week's total receipts, the
e week: "The market is rather quiet with manufacturers total since Aug. 1 1929 and stocks to-night, compared with
owing an inclination to await reactions from the goods last year.
arket on the new lines of goods to be shown in the near
Stock.
1929.
ture. Cable reports from the Sydney opening on the
1930.
Receipts to
th inst. indicate a fairly good demand at prices very near
This Since Aug This Since Aug
Sept. 19.
1929.
1930.
e level of the closing sales last season. The receipts of
Week. 1 1930. Week. 1 1929.
mestie wool at Boston for the week ended Sept. 13 amounted
46,275 142,392 62,827 189,978 259,643 145,749
Galveston
745,200 lbs., as compared with 1,063,300 lbs. during the Texas City
10,128
8,058
12,082
8,254 7,235
3,250
151,726 609,677 103,037 345,729 819,880 277,678
evious week." Later Boston reported prices steady, and Houston
98,774
424,574 24,213 290,053 204,059
Christi
40,014
er grades in fair demand. Boston prices: Ohio and Pa. Corpus
1,073
150
-blood, 29 to 31c.; Port Arthur, Stc 38,288 110,856 58,639 178,156 353,798 136,677
-blood, 29 to 30c.; 4
laine, 31 to 32c.; 4
New Orleans
-blood, 30 to 31c.; Territory, clean basis, fine staple, Gulfport
22,426
58,930
43,218
64,131 11,831
17,749
Mobile
70
22,349
to 77c.; fine fine medium French combing, 68 to 73c.; Pensacola
8,080
642
939
518
6
72
48
-blood, 60 to 630.; %- Jacksonville
'
-blood staple, 70 to 75c.; 4
e, 4
49,405 200,474 34,739 169,546 203.775 80,353
Savannah
ood, 53 to 58c.; Texas, clean basis, fine 12-months, 75 to Brunswick
28.189
9,113
25.677
82,259
21,311
40.324 9,798
20,008
-months, 68 to 70c.• fall, 64 to 66c.; pulled, Charleston
c.; fine 8
60
81
____
Lake Charles
7.397
3.202
oured basis, A super, 63 to 68c.; B, 50 to 55c.; C, 43 to Wilmington
4.603
2,789
1.566
1.111
16,865
44.684
4,444
981
7,648
4,046
Norfolk
c.; domestic mohair, original Texas, 38 to 40e.
N'port News,
In Liverpool on the 15th inst. carpet wool auctions opened New York &c_
100 235,972 101,977
---101
932
5,423
54
th medium wools quoted at par to 5% lower than at the Boston
899
3,041
850
651
2,578
218
Baltimore
ly closing. In London on Sept. 16 the fifth series of Philadelphia
4,455
5.176
olonial wool auctions began. Offerings for the series total
•Isto 45111 8114 361 316.746 1.262.833 2.286.648 930.759
q%,...1.
7,800 bales. The sales will close Oct. 9. Home and forgn buyers were numerous. Offerings 10,618 bales on the
In order that comparison may be made with other years,
th. Buying good, chiefly by the Continent. Compared we give below the totals at leading ports for six seasons.
th July sales merinos ranged from par to 5% lower, greasy
1925.
1926.
1927.
ossbreds, 5 to 10% lower, slipe crossbreds 10% lower. Receipts at- 1930.
1928.
1929.
ape wools were par. Australian merinos and Puntas fine Galveston...... 46,275 62,827 119,393 80,691 96,491 100.097
easy crossbred were 5% lower, other grades, 10% lower. Houston*__-- 151.726 103.037 126,774 133.169 131,491 37.907
Sydney, 1,658 bales; greasy merinos, 8 to 164.; Queensland, 1,347
les; scoured merinos, 19 to 244.; South Australia, 928 bales: scoured
erinos, 18 to 21 M d.; West Australia,237 bales: greasy merinos,8 to 12344.;
w Zealand, 2,478 bales; greasy crossbreds, 834 to 1i 34d.; scoured, 12 to
Puntas, 2,554 bales; greasy crossbreds 6 to 12Md. Cape, 199
to 210.; Queensland.
les; greasy merinos, 7 to 1034d.; scoured 14
easy comeback ranged from 10344. to 16344. Kew Zealand slipe ranged
5344. to 133(4. Puntas sllpe ranged from 834 to 11Md.
bin
In London on Sept. 17 offerings 10,000 bales; speculators'
ts frequently withdrawn at firm limits; also offerings of
ape wools. Otherwise there was a good sale to home and
ontinent on the opening prices. Details.
New OrleansMobile
Savannah _ __ _
Brunswick
Charleston.....
Wilmington....
Norfolk
N'port N,&c
All others____
Tot, this week
58.639
38.288
11,831
17.749
49,405 34,739
9,113
20,008 ,, 9.798
2,789
1,111
981
4,C46
89,588
10,548
59.991
300
17,089
6,624
11.289
32,387
4,154
14.501
46,799
14,648
33.147
57,649
9.167
65.178
2.930
• 200
45
17.179
3,933
1.681
31.599
6.995
9,229
3.590
1.435
1,457
334.837 410.234
325,890
51,760
32.105
30,275
389,481
316,746
336,659
Sinew At.' 1_ _ 1.864.361 1.262.833 1.041.893 1.533.184 1.415.28511.473.039
*Beginning with the season of 1926. Houston figures include movement
reporten by Houston as an interior town. The disSydney, 609 bales; scoured merinos, 18 to 204 ; greasy, 8 to 14344. of cotton previously and town has been abandoned.
port
eensland, 1,145 bales; scoured merinos, 21 to 22Md.; greasy, 9 to 12344. tinction between
ctoria, 665 bales; scoured merinos, 1434 to 22d. South Australia, 118
The exports for the week ending this evening reach a total
ales; greasy merinos, 104 to 12344. West Australia, 325 bales; scoured
erinos, 15 to 18344.; greasy, 8 to 12344. Cape, 826 bales; scoured of 197,683 bales, of which 26,863 were to Great Britain,
erinos. 1234 to 15344.: greasy, 9 to 123(d. Tasmania, 162 bales; greasy 27,589 to France 71,683 to Germany, 7,641 to Italy, nil to
erinos, 16 to 17344.; greasy crossbred, 9 to 14340. New &island, 5,979
Japan and China and 24,386 to other
ales; scoured merinos, 14 to 23d.; greasy. 10M to 12Md.; scoured cross- Russia, 39,521 to
bales; greasy destinations. In the corresponding week last year total
eds, 9M_ to 20d.; greasy. 634 to 113(d. Kenya Colony.
to 9d. New Zealand slipe ranged fr ,m 734 o 12344.
winos, 7
season to
In London on Sept. 18 offerings 9,,J bales went to home
d Continental buyers at late prices. Victorian scoured
ools, especially lambs, and Cape wools were frequently
'thdrawn at firm limits. Details.
Sydney, 2,295 bales; scoured merinos, 10 to 2334d.; greasy.834 to 20d.•
eensland, 885 bales; scoured merinos, 1834 to 2834d.; greasy, 934 t8
date aggregate
exports were 207,358 bales. For the
exports have been 843,406 bales, against 686,119 bales in
the same period of the previous season. Below are the
exports for the week.
Exported to
Week Ended
Md. Victoria. 1,692 bales scoured merinos, 1634 to 180 ; greasy. g%
Sept. 19 1930. Great
16344. New Zealand. 3.682 bales; greasy crossbreds. 534 to 12d.
merinos, 154.; greasy, 1034d. Kenya Colony, Exportsfrora-- Britain. France.
pe, 440 bales; scoured
8 bales; greasy merinos, 634 to 834d. New Zealand slip° ranged from Galveston
1,969 3,593
h to 12344.
6,048 19,616
Houston
352
At Sydney on Sept. 15 the first series of wool sales opened Texas car
Corpus Christi
'th a full attendance of buyers. Good competition, chiefly Beaumont - 4,839 1.560
150
and Japan. Yorkshire did little. Prices New Orleans_
1.850
om the Continent
at the June sales, except for oddments, Mobile
out the same as
cheaper. Offerings totaled 11,500 Pensacola
8,908
hick were decidedly
Savannah
3.697
ales. The total for the series is 80,500 bales. The series Brunswick
Charleston
At Adelaide sales opened on the 18th inst. Norfolk
900
till close Sept. 24.
(
"fn.'
York
'th offerings of 30,000 bales; selection fair; clip generally NewAngelesLos
quality, carrying more yoke and a number of Seattle
a stronger
lips of short length. Attendance large, with the Continent
26,863 27,589
Total
Compared with June
sales, medium
he principal buyer.
pinners' wool of fine quality was unchanged but strong
Average topmaking wools5%lower.
ualities were lower.
Japan&
Germany. Italy. Russia. China. Other.
4,518
9,398
852
6,457
639
.
3:EIT13
5.070
2,492
8,030
16,264
5,416
13,105
a",i88
81
344
Total.
965 6,543 18,227
20,506 16,487 72,055
1,204
24,236.
7,877
150
19,597
8,446
150 2,642
8,030
25,172
9,113
13,105
900
150 1,545
1,207
1,207
500
500
39,521 24,386 197,683
71,683 7,641
_ _ 19.875 31,091 207,358
Total 1929... 43,952 25,008 66.491 20,941
Total 1928__.. 31,913 19,939 56,378 19,956 10,006 14,582 19,566 172,338
1916
FINANCIAL CHRONICLE
From
,
Aup. 1 1930 fo
Sept. 19 1930. Great
Exportsfrom- Lb flats. France
Galveston..___
Houston
Texas City_ -Corpus Christi
Beaumont
Lake Charles.
New Orleans..
Mobile
Pensacola......
Savannah
Brunswtok__ _
Charleston_
Norfolk
New York
Boston
Baltimore_
Los Angeles_
San Francisco
Seattle
Total
'Exported to
Geemany.
8,303 10,465
17,170
24,286 77,047 76,964
352852
22,147 64.28759,169
__ __995
250
121
5,481 5,989
10,050
2,530
7.033
10
18,482
____
4,048
58,067
____
30,271
3,697
24,492
____
4,598
140 16,216
5,607
1,394
___
708
1,013
070
300
100
5
Japan&
Italy. Russia. China. Other.
Total.
3,349
___ 8,417 15,303 63,007
17,829 3:435 49,254 36,339 285,154
----------------1,204
9684
_._- 52300 25571 233,158
-----------100
221
7351 12:524 17,685 7,027 65,907
------------350
9,923
----------------22,530
872
96,999
____ 7,238
551
----------------28,189
------------505 21,459
----------------7,001
606 --------680
3,977
436
--_----5
2,432
- 2,431
1
9
59
500
112,378 159,213 292,091 39.491 15,959137,825 86,449 843,406
108,169 87,579 220,073 67,835 50,635 71,241 80,587 686,119
87082 74 221 178.898 57.020117.600104.478 80.820 699.069
-It has never been our practice to include In the
-Exports to Canada.
NOTE.
above table reports of cotton shipments to Canada, the reason being that virtually
all the cotton destined to the Dominion comes overland and it is imlossible to
give returns concerning the same from week to week, while reports from the customs
districts en the Canadian border are always very slow in coming to hand. In view.
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of Aug. the exports to the Dominion the present season
have been 9,832 bales. In the corresponding month of the preceding season the
exports were 7.288 bales.
Total 1929
e_...441 1095
In addition to above exports, our telegrams to-night also
give us the following amounts of cotton on shipboard, not
.cleared, at the ports named.
On Shipboard Not Cleared for
Sept 1901
Other CoastGreat
GerBritain. France. many. Foreign wise.
Galveston
New Orleans
Savannah
Charleston
Mobile
Norfolk
4,000
979
7:666
4.890
Other ports*
2,500
5,000 14,elab 30560
-
le Total 1930_ 14,479
a Total 1929
11,166
Total 1928.... 5.943
* Estimated.
2,700
1,176
3,200 10,000
565 4,264
8,876 17,765 50,154
8,021 13.265 53,282
5,304 11.717 25.737
Total.
Leaving
Stock.
800 20,700 238.943
100 7,084 346,714
300 203,475
300
16
16
82,243
25 11.915 417,015
44,684
1:866 54;666 1,229,559
2,741 94,015 2,192,73
.
6,346 92,080 838,679
3,007 51,708 715,144
Speculation in cotton for future delivery has been quiet
,and latterly at a slight decline in prices as hedge selling
increased somewhat and there has been some evening up on
.October as the time for notices approaches, i.e., on Sept. 25.
On the 13th inst. prices declined slightly under hedge and
other selling in a small market. The Census Bureau stated
the consumption in the United States in August at 352,335
bales 'against 378,835 in July and 558,000 in August last
year. Cotton on hand in consuming establishments totaled
1,011,661 against 1,183,167 bales on Aug. 31 last year. Cotton on hand in public storage and at compresses at the
.end of August aggregated 3,464,699 bales against 2,877,416
the previous month and 1,382,226 lust year. Active spindles
In August totaled 25,873,978 against 26,464,444 the previous
month and 30,230,386 last year.
On the 15th inst. prices advanced 14 to 16 points on good
Liverpool cables and an absence of hedge pressure. Also
there was good trade buying reported for Japan and Europe
and some for this country. And continued rains tended to
delay the movement of the crop and some of the operations
,of larger hedge selling which is suppdsed to wait on larger
receipts at the South. But towards the close hedge selling
And scattered liquidation increased enough to cause a setback. The early advance disappeared and the close was
barely steady, with very slight net changes upward and
downward. On the 16th inst. prices advanced 10 to 15
points, with hedges scarce and home and foreign buying
something of a feature. Exports were good, reaching 83,000
bales. Rains retarded the movement of the crop.
On the 17th inst. prices advanced 10 to 15 points, owing
mainly to the lack of any large hedge selling. Also Liverpool was higher than due. Liverpool cabled that the East
Indian boycott was being lifted. Manchester had a better
demand. The domestic and foreign trade bought here.
Later most of the advance was lost when hedge selling
Increased somewhat and the weekly report was more favor.
able than had been expected, although it was not without
some drawbacks. It said in the summary that rainfall of
one to about three inches was general over the belt except
in some western sections, with temperatures above normal.
There was considerable interruption to picking, especially
in the Central States of the belt, but fair progress was
reported in most sections. In Texas there was further deterioration in some northern and western localities, 'where
it continued dry, but now growth is reported in central
And northern districts, where recent rains occurred, with
but little change in the general condition for the State. In
Oklahoma, the drouth has been largely relieved, and weekly
progress was fair with bolls opening rapidly and picking
And ginning general. In the central States of the belt there
was more or less damage reported to staple by frequent
rains, with considerable interruption to picking; otherwise
Conditions were fairly favorable. In the northeastern districts progress of cotton was variable, but generally in the
more Eastern States bolls are opening rapidly; prematurely
[VOL. 13
111 many places. There was some interruption to pickin
North Carolina, though harvest has begun to the extr
northern sections of the belt. There was switching f
old October to new October; also from old October to 1
months. October notices are due next week. Some gue
on the amount to be issued are 50,000 to 60,000 bales.
belief is that they will be promptly stopped. Exports
creeping. According to one statement, they were
180,000 bales larger than in the same time last year.
On the 18th inst. prices advanced 9 to 14 points,
hedge selling light for a time and Japanese interests bu
rather freely. Later tile advance was lost as hedging s
increased a little and other selling found a sluggish ma
But prices closed practically unchanged. The holding
movement is said to be very general at the South.
again it was cabled that the East Indian boycott is gr
ally slackening. The Central News cabled from Manches
"The best news in a long time has been received in a c
from Calcutta that after nearly five months of picke
the native dealers are again free to deliver goods. De
are lacking. It is not presumed that the boycott has
ended, but it is believed that a good deal of progress
been made in that direction." Manchester reported a b
demand for both yarns and cloths.
To-day prices declined 10 points, owing to some incr
in hedge selling, a drop in stocks and grain, unfou
rumors of a revolution in Germany, and some evenin
in October, with notices due on the 25th inst. But the ca
were firm, the hedge selling was not really heavy, Japa
trade interests were good buyers of December, January,
March, other foreign trade interests were buying,
according to some of the trade, domestic interests
buying in some cases on a larger scale than has been
recently. Spot prices declined 10 points, but the dem
from foreign sources was still reported good and the b
at New Orleans was said to be rising. Manchester repo
a fair demand for cloths and yarns. The Amoskeag Co
Manchester, N. H., has reopened the Jefferson mill a
its having been closed for some weeks past. Final pr
show a decline for the week of one to 12 points, the la
on October. Spot cotton ended at 10.90c. for middlin
drop since last Friday of 15 points.
London cabled that the Liverpool cotton brokerage f
of Kearsley & Cunningham, whose failure was posted,
been in existence for 130 years. It adds that futures c
mitments were small and attributed to financing Peru
cotton.
Staple Premiums
60% of average of
six markets quoting
for deliveries on
Sept. 25 1930.
15-16
Inch.
1-Inch &
longer.
22
22
.22
.22
.22
.21
20
Differences between grades establishe
for delivery on contract Sept. 25 193
Figured from the Sept. 18 1930 averag
quotations of the ten markets designate
by the Secretary of Agriculture.
.55
.55
.55
.52
.52
.42
.39
MiddlIng Fair
White
.88 on
Strict Good Middlingdo
.70
Good Middling
do
.51
Strict Middling
do
.30
Middling
do
Basle
Strict Low Middlingdo
68 off
Low Middling
do
1.70
*Strict Good Ordinary- do
2.83
*Good Ordinary
do
3.85
Good Middling
Extra White
.51 on
Strict Middling
do do
.30
Middling
do do
Even
Strict Low Middling-- do do
.68 off
Low Middling
do do
1.70
.22
.65
Good Middling
Spotted
.21 en
.22
.54
Strict Middling
do
.04 off
.21
Middling
.45
do
.71 off
*Strict Low Middling__ do
1.65
*Low Middling
do
2.73
.21
.39
Strict Good Middling-Yellow Tinged
.10 off
.21
.39
Good Middling
do
do
.58
.21
.39
Strict Middling
do
do
1.05
*Middling
do
do
1.68
*Strict Low Middlingdo
do
2 37
*Low Middling
de
do
3.30
.20
.39
Good Middling
Light Yellow Stained_1.33 off (
*Strict Middling
do
do do
1.88
*Middling
do
do
do
2.55
.20
.39
Good Middling
Yellow Stained
1 58 off
*Strict Middling
do do
2 40
*Middling
do do
3 23
.21
.42
Good Middling
Gray
.84 off
•.21
39
Strict Middling
do
1.18
*Middling
do
1,68
*Good Middling
Blue Stained
1.75 off
*Strict Middling
do do
2 48
*Middling
do do
/5
*Not deliverable on future contracts
The official quotations for middling upland cotton in
New York market each day for the
past week has been.
Sept. 13 to Sept. 19Sat. Mon. Tues. Wed. Thurs.
Middling upland
11.00 10.95 10.95 11 00 11.00 1
NEW YORK QUOTATIONS FOR 32 YEARS.
The quotations for middling upland at New York
Sept. 19 for each of the past 32 years have been as follow
1930
10.90c. 1922
21.55c. 1914..
1906
9.
1929
18,65c. 1921
19.95c. 1913
13.40c 1905
10.
1928
17.950. 1920
31.00c. 1912
11.854. 1904
10.
1927
20.550. 1919
30.25e. 1911
11.454. 1903
11.
1926
16.850. 1918
33.70c. 1910
13.75c. 1902
9.
1925
24.45c. 1917
22.90c. 1909
8..
12.850. 1901
1924
22.90c. 1916
16.15c. 1908
9.SOc. 1890
10.
1923
30.750. 1915
10.70c. 1907
12.25c. 1899
6.
MARKET AND SALES AT NEW YORK.
The total sales of cotton on the spot
each day during
week at New York are indicated in the following
stateme
For the convenience of the reader, we also
.
add colu
which show at a glance how the market for spot and
futu
closed on same days.
•
SALES.
Spot
Market
Closed.
3aturday_ _ _
NIonday _ _ _
ruesday
Wednesday_
rhursday
Friday
Futures
Market
Closed.
Quiet,5 pts. dec_ - - Quiet,5 pts. dec..- Quiet, unchanged_ _
Quiet, 5 pts. adv_
Steady, unchanged_
Quiet, 10 pts. dec-
Barely steady-Barely steady-Steady
Steady
Steady
Steady
Contr'd Total.
Spot.
-b5§
2.6156
-
-86§
27)56
2,508
3,208
rota] week _
3Ince Aug. 1
400
2,508
3.608
-The highest, lowest and closing prices at
FUTURES.
New York for the past week have been as follows.
•
Saturday,
Sept. 13,
Friday,
Sept. 19.
Tuesday, Wednesday, Thursday,
Sept. 17.
Sept. 18.
Sept. 16.
Monday,
Sept. 15.
t.
Range-10.7510.8410.81 10.8210.85Closing _ 10.84Aa
.-
Range-- 10.92-10.98 10.91-11.10 10.91-10.99 10.92-11.04 10.89-11.07 10.85-10.93
.
Closing 10.0410.91-10.92 10.92-10.94 10.95 _ 10.94-10.95 10.85-10.88
sr:. (new)
Range-- 10.85-10.93 10.85-11.00 10.89-10.96 10.89-11.04 10.89-11.05 10.82-10.91
10.82-10.84
Closing - 10.8510.85-10.86 10.91-10.92 10.92-10.95 10.92ao. (old)
Range-11.04 -11.04 -10.94Closing - 11.02 -11.00 -11.03as.(new)
Range- 11.01 -10.9111.01 10.92 *-- 11.01 Closing. 10.93Dec.(old)
Range-- 11.09-11.17 11.10-11.27 11.11-11.18 11.12-11.25 11.14-11.28 11.06-11.14
11.16-11.17 11.06-11.07
11.1411.15Closing. 11.11-11.15 11.10Dec.(new)
Range-- 11.02-11.07 11.02-11.08 11.07-11.14 11.06-11.24 11.08-11.24 11.00-11.12
Closing_ 11.02-11.03 11.03-11.04 11.11-11.12 11.10-11.11 11.10-11.11 11.01-11.05
an.(old)
Range__ 11.18-11.22 11.21-11.33 11.19-11.27 11.24-11.34 11.20-11.28 11.17-11.21
11.25-11.26 11.17Closing. 11.19 -11.21 -11.19 -11.24an.(new)
Range__ 11.10-11.15 11.12-11.25 11.16-11.24 11.17-11.32 11.18-11.3 11.10-11.2f
11.10
11.1911.2011.12-11.14 11.19Closing.. 11.10Range_ _
11.28 -11.1811.2811.28Closing. 11.17 -11.18or:
Range.._ 11.25-11.32 11.26-11.4 11.32-11.39 11.32-11.49 11.35-11.52 11.27-11.3i
11.27-11.31
Closing_ 11.25-11.26 11.26-11.2 11.37-11.38 11.37-11.38 11.37prilRange_ _
11.45 -11.3711.4511.4511.34Closing _ 11.34Iay
Range _ _ 11.43-11.50 11.43-11.59 11.48-11.5 11.50-11.67 11.52-11.68 11.46-114
11.47-11.4
Closing. 11.43-11.45 11.43-11.45 11.53-11.5 11.53-11.55 11.54Jane
Range-11.6311.54 .
Closing 11.51 -11.51 -11.61 -11.62July
-
Range.. 11.60-11.64 11.60-11.75 11.66-11.73 11.67-11.81 11.69-11.83 11.61-11.7
11.72-11.73 11.61-11.64
Closing. 11.60-11.61 11.60-11.62 11.70-11.7111.72Aug.
Range.-
Range of future prices at New York for week ending
Sept. 19 1930 and since trading began on each option.
Option for
Range Since Beg nning of Option.
Range for Week.
Sept.1930
Oct. 1930__ 10.85 Sept. 13 11.10
10.82 Sept.19 11.65
New
Nov. 1930_ _
New
Dee. 1930._ 11.06 Sept.19 11.28
11.00 Sept.19 11.24
New
Jan. 1931_ 11.17 Sept.19 11.34
11.10 Sept. 13 11.32
New
Feb. 1931
Mar. 193L_ 11.25 Sept. 13 11.52
Apr. 1931
May 1931_ _ 11.43 Sept. 13 11.68
June 1931
July 1931... 11.60 Sept. 13 11.83
10.90
Sept. 15 10.85
Sept. 18 10.69
12.97
11.38
Sept.18 11.06
Sept.17 10.89
Sept. 17 11.17
Sept. 17 10.99
16.09
Sept. 18 11.13
13.26
Sept. 18 11.32
Aug. 25 1930 16.20
Sept. 13 1930 18.56
Aug. 19 1930 15.87
June 18 1930 17.78
Aug. 26 1930 14.90
Sept.19 1930 18.06
Aug. 19 1930 16.28
Sept.19 1930 17.18
Aug. 19 1930 16.03
Feb. 20 1930 16.65
Aug. 19 1930 16.20
June 23 1930 13.34
Aug. 19 1930 15.00
Apr. 2 1930
Nov.20 1929
Apr. 4 1930
Dec. 16 1929
Apr. 15 1930
Jan. 13 1930
Apr. 4 1930
Feb. 1 1930
Apr. 4 1930
Feb. 15 1930
Apr. 1 1930
June 18 1930
June 2 1930
Sept. 18 11.51 Sept. 8 1930 13.82 Aug. 7 1930
Total Great Britain
Stock at Hamburg
Stock at Bremen
Stock at Havre
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Ghent
Stock at Antwerp
Total Continental stocks
bales
610,000
673.000
577,000 1,010,000
111,000
57,000
721,000
730,000
622,000 1.106,000
198,000
128,000
12.000
63,000
19,000
154,000
90,000
6,000
48,000
24.000
234,000
128.000
9,000
53.000
16.000
337,000
167,000
8,000
79,000
18,000
420,000
322,000
440,000
609.000
45,000
96.000
1,141,000 1,052,000 1,062,000 1,715.000
Total European stocks
92,000
89,000
India cotton afloat for Europe
82,000
97,000
American cotton afloat for Europe 460,000 430,000 404,000 406,000
Egypt,Brazil,&c.,afloatforEurope
8.3,000
119,000
99,000
115.000
471,000
160.000
Stock in Alexandria, Egypt
164,000 277,000
563,000
769.000 880,000 363,000
Stock in Bombay, India
2,286,648 930,759
Stock in U. S. ports
766,852 1,500,810
714,784
522,984 348,050
Stock in U. S. interior towns
524,594
U. S. exports to-day
5.811,432 3.972,743 3,805,902 4,998,404
Total visible supply
Of the above, totals of Americaan and other descriptions are as follows:
American.
190,000
Liverpool stock
240.000 307,000 688,000
40,000
Manchester stock
31,000
27,000
79,000
Continental stock
304,000
224,000 384,000
566,000
460,000 430,000 404,000 406,000
American afloat for Europe
2,286,648
U. S. ports stocks
930.759 766,752 1,500,810
714,784 422,984 348,050 524,594
U. S. interior stocks
U. S. exports to-day
Total American
Sept. 19
East Indian, Brazil,
Liverpool stock
London stock
Manchester stock
Continental stock
Indian afloat for Europe
Egypt, Brazil, &a., afloat
Stock in Alexandria, Egypt
Stock in Bombay,India
3,995,432 2,278.743 2,236,902 3,764,404
1930.
1929.
420,000
433,000
270,000
1928.
322,000
1927.
71,000
116,000
92,000
83,000
471,000
563,000
26.000
98,000
89,000
119,000
160.000
769,000
18,000
56,000
82,000
99,000
164,000
880,000
17,000
43,000
97,000
115,000
277,000
363.000
1.816.000 1,694,000 1.569,000 1.234.000
3,995,432 2,278,743 2,236,902 3,764.404
Total East India, &c
Total American
5,811,432 3,972.743 3,805,902 4,998,404
Total visible supply
9.99d.
11.20d.
6.26d.
10.31d.
Middling uplands, Liverpool
20.90c.
10.90c.
18,65c.
18.45c.
Middling uplands, New York
20.388.
18.206.
18.90d.
Egypt,good Sakel, Liverpool--,.. 11.60d.
13.00d.
Peruvian, rough good. Liverpool..
14.506.
12.506.
8.606.
8.356.
9.888.
4.50d.
Broach, fine, Liverpool
9.788.
9.306.
10.288.
5.75d.
Tinnevelly, good, Liverpool
* Estimated.
Continental imports for past week have been 119,000 bales.
The above figures for 1930 show an increase over last
week of 276,328 bales, a gain of 1,838,689 over 1929, an
increase of 2,005,530 bales over 1928, and a gain of 813,028
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 Sept. 19 1930.
Towns.
Ala., Birm'ham
Eufaula
Montgomery.
Selma
Ark.,Blytheville
Forest City
Helena
Hope
Jonesboro- _ _
Little Rock
Newport_ _ _ _
Pine Bluff
Walnut Ridge
Ga., Albany
Athens
Atlanta
Augusta
Columbus._
Macon
Rome
La., Shreveport
Miss., Crksdale
Columbus_ _ _
Greenwood_ _
Meridian
Natchez__ _
.
'Vicksburg_ _
Yazoo City
Mo., St. Louis_
N.0.,Greensteo
Oklahoma
15 towns*
S.C., Greenville
Tenn.,Mem phis
Texas. Abilene_
Austin
Brenham
Dallas
Paris
Ftobstown_ _
.
San Antonio_
Texarkana
Waco
Movement to Sept. 20 1929.
Ship- Stocks
meets. Sept.
19.
Season. Week.
Receipts.
Receipts.
Week.
m....,
THE VISIBLE SUPPLY OF COTTON to-night, as made
up by cable and telegraph, is as follows. Foreign stocks as
well as afloat are this week's returns, and consequently
: foreign figures are brought down to Thursday evening.
I:ut to make the total the complete figures for
Friday) we add the item of exports from the United States,
•,eluding in it the exports of Friday only.
1930.
1929.
1928.
Sept. 19-1927)
Stock at Liverpool
Stock at London
Stock at Manchester
1917
FINANCIAL CHRONICLE
SEPT. 20 1930.]
Week.
Season.
Ship- Stocks
ments Sept.
Week.
20.
33
1,733
2,878
4,586
4,462
200
1,255
1,043
227
1,486
154
906
29
893
1,000
1,146
19,054
1,200
8,773
125
6,000
5,362
294
7.880
3,286
674
1,996
1,342
1,989
3
111 6.362
515
599
631 10.947 2,152
9,641
10.333
474 25,479 4,834
115 27,882 7,665
16,333
8,982 1,177 16,321 2,308
650
162 5,139 1,417
248 9,296 2,044
2,02,
663 1,618 4,725
1,588
141
239
143 1,490
607 6,545 6,778
2,283
6 1,081 2,131
233
627 12,430 9,628
1,786
348
36
10 2,157
4,028
694 3,860
487
500 11,464
1,805
36
2,921
771 42,737 1,700
68,116 6,591 80,626 19,627
500 2,562 1,500
2,716
30,771 4,478 26,080 6,199
151
__ 2,017
90
24,134 2,000 52,850 11,957
832 25,202 14,160
13,652
14 2,289 1,136
391
19,696 1,585 55,325 17,515
7,047 1,799 7,561 4,679
365 4,338 3,261
1,815
524 7,516 2,466
4,210
46 6,613 3,384
2,47
9,009 2,018 1,779 2,490
179 7,252
435
380
830
63
844
6,572 1,093 3,772
15,699 1,169 16,443
24,701 2,162 22,165
3,013
670 4,276
1,863
111 2,549
3,209
623 3,382
10,710 2,278 6,238
168
75
744
10,367 2,283 9,151
2,704
623 1,910
13,882 3,487 11,318
392
19
531
4,122
409 2,357
515
150 1,452
4,938
898 6,777
68,651 7,92 51.767
1,958 2,000 2.380
20,964 3,732 5,826
166
50 2,121
31,207 4,6 o 27,509
40,083 3,503 37,017
3,024
____ 2,889
36,976 4,174 35,318
13,529 2,831 6,119
7,879 1,766 5,236
5,980 1,070 4,485
8,954
69
8,115
11,40
2,916 4,960
1,209
370 6,007
6,897
1,340
18,722
651
2,624
1,806
16,116
3,937
4.204
1,367
611
4,728
9,054 3,795 28,395 4,067
8,568 1,357 17,126 1,706
57,787 11,122138,705 42,186
1.270
910
375
537
11,250 2,377 2,479
981
10,865 1,160 5,813
900
40,654 14,719 14,134 6,885
10,267 2,598 3,992 2,763
50,512 5,438 19,433 4,269
11,721 1,040 1,905 2,000
103 2,665 3,303
940
16,757 1,813 12,964 11,028
10,388 2,889 6,817
15,217 2,29 12,323
91,373 19,815 66.823
2,056
903
808
4,093
890 1,016
2,621
721 2,783
19.406 6,76
2,595
8,694 2,38
2,664
26,924 3,307 11,075
15,487 2,000 3,769
6,010
962 4,606
43,991 10,148 14,047
KA.
eslarne 1 dig nt9
A77 AM 7A 2112 714
7R4 91R
AAA
AM 090 MA CHM 1.,0 OCIA
a Includes the combined totals of 15 towns In Oklahoma.
The above totals show that the interior stocks have
increased during the week 65,911 bales and are to-night
291.800 bales more than at the same time last year. The
receipts at all towns have been 73,832 bales less than the
same week last year.
OVERLAND MOVEMENT FOR THE WEEK AND
-We give below a statement showing the
SINCE AUG. 1.
overland movement for the week and since Aug. 1, as made
up from telegraphic reports Friday night. The results for
the week and since Aug. 1 in the last two years are as follows.
Sept. 19Shipped
Via St. Louis
Via Mounds. &c
Via Rock Island
Via Louisville
Via Virginia points
Via other routes, &c
1930
Since
Aug. 1.
Week.
2,018
240
3,295
3,800
Total gross overland
9,353
Deduct Shipments
Overland to N. Y., Boston, &c_ _
218
Between interior tovrns
237
Inland. &c.. from South
4,190
Total to be deducted
Leaving total net overland*
1929Since
Aug. 1.
Week.
14,695
3,190
110
1,133
26,223
20,602
2,916
1,450
15.573
4.197
278
3,684
3,300
2,101
25,318
31.847
65,953
11.625
79,036
2.701
1.957
30,280
651
286
9,879
3,195
2,291
58,718
10,816
64,204
809
14,832
4,645
34,938
---4,708
31,015
* Including movement by rail to Canada.
The foregoing shows the week's net overland movement
this year has been 4,708 bales, against 809 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 16,183 bales.
1918
In Sight and Spinners'
Takings.
Week.
Receipts at ports to Sept. 19
389,481
Net overland to Sept 19
4,708
Southern consumption to Sept. 19 75,000
1929
------1930Since
Since
Week.
Aug. 1.
Aug. 1.
1,664,361 316.746 1,262,833
31,015
809
14.83
600,000 110.000
788,000
Total marketed
469,189 2,295,376 427,555 2,065,665
214,065
Interior stocks in excess
153,089 110,687
65,911
Excess of Southern mill takings
*209,442
*110,365
over consumption to Sept.1
- 538,242
Came into sight during week___535,100
2,070.288
2,338,100
Total in sight Sept.19
North.spinn's's taldngs to Sept. 19 10,089
24,435
88,896
171.062
* Decrease.
Movement into sight in previous years.
Week1928
-Sept 23
1927
-Sept 24
1926
-Sept 25
Bales
1,648.999
2,348,973
2.071,097
Bales.
Since Aug. 1530.961 1928
534,870 1927
602.571 1926
QUOTATIONS FOR MIDDLING- COTTON AT
-Below are the closing quotations
OTHER MARKETS.
for middling cotton at Southern and other principal cotton
markets for each day of the week:
Closing Quotations for Middling Cotton on
Week Ended
Sept. 19.
Galveston
New Orleans _ _ _
Mobile_
Savannah
Norfolk
Baltimore
Augusta
Memphis
Houston
Little Rock __
Dallas
Fort W.rth
[Vou 131.
FINANCIAL CHRONICLE
Saturday. Monday. Tuesday. Wet:Way. Thursd'y. Friday.
10.85
10.63
10.00
10.35
10.88
11.05
10.25
9.85
10.80
9.75
10.10
10.85
10.63
10.05
10.30
10.88
11.05
10.25
9.85
10.85
9.75
10.10
10.10
10.90
10.71
10.10
10.44
10.94
11.10
10.31
9.90
10.85
9.82
10.25
10.25
1.0.90
10.71
10.10
10.42
10.88
11.05
10.31
9.90
10.85
9.82
10.25
10.25
10.90
10.76
10.10
10.42
10.94
11.10
10.31
9.90
10.85
9.82
10.25
10.25
10.80
10.65
10.05
10.33
10.88
11.10
10.25
9.80
10.75
9.72
10.15
10.15
Rain. Rainfall.
1 day 0.18 In. high
3 days 0.13 In. high
2 days 0.32 in. high
1 day 0.15 in. high
2 days 0.67 in. high
2 days 0.85 in. high
1 day
1.22 in. high
6 days 3.74 in. high
7 days 6.50 in. high
1 day
1.57 in. high
2 days 1.06 in. high
3 days 0.25 in. high
3 days 0.77 in. high
5 days 6.94 in. high
4 days 0.53 in. high
5 days 2.88 in. high
4 days 1.29 in. high
7 days 2.78 in. high
5 days 3.32 in. high
8 days 1.94 in. high
4 days 2.98 in. high
3 days 1.51 in. high
5 days 1.76 In. high
4 days 2.00 in. high
4 days 2.47 in. high
4 days 0.97 in. high
4 days 2.03 in. high
3 days 0.98 in. high
5 days 1.34 in. high
1 day 0.60 in. high
2 days 0.49 in. high
Muskogee
Oklahoma City, Okla
Brinkley, Ark
Eldorado, Ark
Little Rock, Ark
Pine Bluff, Ark
Alexandria, La
Amite, La
New Orleans, La
Shreveport, La
Columbus, Miss
Greenwood, Miss
Vicksburg, Miss
Mobile, Ala
Decatur, Ala
Montgomery, Ala
Selma, Ala
Gainesville, Fla
Madison, Fla
Savannah, Ga
Athens, Ga
Augusta, Ga
Columbus, Ga
Charleston, S.0
Greenwood, S. C
Columbia, S. C
Conway, S. C
Charlotte, N.0
Newborn, N.0
Weldon N.0
Memphis. Tenn
Thermometer
102 low 52 mean 77
102 low 60 mean 81
97 low 53 mean 75
99 low 59 mean 79
97 low 58 mean 78
98 low 60 mean 78
99 low 63 mean 81
92 low 59 mean 76
___ low __ mean 76
98 low 60 mean 79
96 low 62 mean 79
96 low 59 mean 78
93 low 65 mean 79
91 low 67 mean 75
90 low 61 mean 76
90 low 66 mean 78
88 low 64 mean 76
95 low 70 mean 83
95 low 71 mean 83
94 low 71 mean 82
95 low 66 mean 81
96 low 70 mean 83
93 low 69 mean 81
92 low 74 mean 83
95 low 66 mean 81
94 low 68 mean 81
95 low 68 mean 82
94 low 64 mean 79
94 low 67 mean 81
99 low 63 mean 81
94 low 60 mean 76
The following statement we have also received by telegraph, showing the height of rivers at the points named at
8 a. m. of the dates given. .
Sept. 19 1930
Feet,
2.0
3.6
7.4
6.0
5.7
New Orleans
Memphis
Nashville
Shreveport
Vicksburg
Above zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gaugeAbove zero of gauge-
Sept. 20 1929.
Feet.
2.5
9.2
8.8
14.9
11.7
RECEIPTS FROM THE PLANTATIONS.
-The following table indicates the actual movement each week from
the plantations. The figures do not include overland reNEW ORLEANS CONTRACT MARKET.-The closing ceipts nor Southern consumption; they are simply a statequotations for leading contracts in the New Orleans cotton ment of the weekly movement from the plantations of that
part of the crop which finally reaches the market through
market for the past week have been as follows.
the outports.
Saturday,
Sept. 13,
September
October _
November
December_
January _
February _
March._
April
May
June
July
August
Sept.('31)
Tone
Spot
Options
Monday.
Sept. 10.
Tuegday, Wednesday, Thursday,
Sept. Ia. Sept. 17. Sept. 18.
Fr day.
Sept. 19.
,
10.96-10.97 10.95-10.95-10.96 10.8 10.85
10.86-10.87 10.9011.03-11.05 11.08-11.09 11.15-11.13-11.14 11.12-11.13 11.0: 11.03
11.20-11.22 11.11
11.2211.1211.16 BM. 11.2311.37-11.39 11.39 -11.31
11.3711.27-11.28 11.3011.46 ---- 11.47 -11.53 ---- 11.55 ---- 11.55 ----11.41
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
St( dy.
Ste y.
CENSUS REPORT ON COTTON CONSUMED AND
-This report, issued on
ON HAND IN AUGUST, &O.
Sept. 13 by the Census Bureau, will be found in an earlier
part of our paper in our department headed "Indications of
FWsiness Activity."
CENSUS REPORT ON COTTONSEED OIL PRODUC-Persons interested in this
TION DURING AUGUST.
report will find it in our department headed "Indications of
Business Activity" on earlier pages.
-News dispatches from
DEATH OF DANIEL J. SULLY.
Beverly Hills, Calif., yesterday stated: Daniel J. Sully,
73 years old, once hailed as a cotton king and "savior of
the South," died at his home there. He won his fame as
the result of a corner in cotton in 1904, when he was a cotton
operator in Hartford.
-Reports to
WEATHER REPORTS BY TELEGRAPH.
us by telegraph this evening denote that considerable rain
has fallen during the week in nearly all parts of the cotton
belt. A number of localities report that there has been too
much rain and that cotton has been damaged some. Picking has been interrupted but as a rule good progress has been
made with this work.
Texas.-Fair progress has been made in picking and
ginning. Rain has fallen in many sections.
-There has been too much rain. Cotton
Mobile, Ala.
has been damaged by rains causing seed to sprout in open
bolls. Many bolls are beginning to rot and picking has
been checked.
-Picking and ginning are making good
Memphis, Tenn.
progress.
Galveston, Texas
Abilene
Brenham. Texas
Brownsville, Texas
Corpus Cbristi, Texas
Dallas, Texas
Henrietta. Texas
Kerrville. Texas
Lampasas, Texas
Longview, Texas
Luling. Texas
Nacogdoches, Texas
Palestine, Texas
Paris. Texas
San Antonio, Texas
Taylor, Texas
Weatherford, Texas
Ardmore. Okla
Altus, Okla
Rain. Rainfall.
2 days 2.19 in.
dry
dry
1.01 in.
1 day
1 day 0.48 in.
1 day 0.18 in.
1 day 0.44 in.
dry
dry
dry
dry
1.20 in.
lday
1 car 0.58 in.
1 day 0.38 in.
dry
dry
dry
1 day 0.21 in.
dry
1Veek
Ended
Receipts at Ports.
1930.
1929.
1930.
June
6_ 42.838 24.368 37,809
IL_ 31,419 17,318 38.902
20_ 36.511 18,466 26.447
27_ 32,659 13.090 30.851
July
4_ 19,256 10,789 36.994
11_ 10,899 30,388 27,419
18_ 13.098 13.203 19,932
25- 12,297 15,609 18,771
Aug
1_ 34,308 38.730 28.393
8_ 62.509 49.834 21.074
15_ 117.847 65,891 26,280
22..203 157108.086.
29..250,299 183,758129,694
Sept
5..277,852254,338 222,173
12._ 362 547 281.579 242,040
19._ 389,481 316,746 336.659
Stocks at Interior Towns.
1928.
ReceiptsfromPlantations.
1930.
1929.
1930.1929.
740.002
714,86*
637,981
865,467
381,208
352,658
324,575
303,805
523.060 4,368 .
__
493,693 6.277
463,241 9,832 ---437.961 10,145
____
642.704
610,981
599.179
579,77
278,723
252,555
234.392
224,790
407,726
386,332
350.44.
328,471
1930.
2,083
9,535
-5:572
--------6,759
... _ 6200 6.025
N11 I Nil
N11
Nil
6.00
---
560,254 197,552 302,330 14,792 11,492 2,253
548 78 198,207 286,25 51.039 48.489 4,999
541,95 184,245 266,345111,022 53,842 6,370
643.94' 183,802 258,393205.146 107,643 50.719
559,0
194,282 245,571 266,375194,218116,872
591,79 239,407 251,324310.623299,483227.926
64,8 87 312,297 27.3,133419 625 134,469265,849
714,784 422,984 348.050455.392427,433409,582
The above statement shows. (1) That the total receipts
from the plantations since Aug. 1 1930 are 1,818,222 bales;
in 1929 were 1,486,203 bales, and in 1928 were 1,082,317
bales.' (2) That, although the receipts at the outports the
past week were 389,481 bales, the actual movement from
plantations was 455,392 bales, stocks at interior towns
having increased 65,911 bales during the week. Last year
receipts from the plantations for the week were 427,433
bales and for 1928 they were 409,582 bales.
WORLD'S SUPPLY AND TAKINGS OF COTTON.
The following brief but comprehensive statement indicates
at a glance the world's supply of cotton for the week and
since Aug. 1 for the last two season from all sources from
which statistics are obtainable; also the takings or amounts
gone out of sight for the ike period.
,
Cotton Takings.
Week and Season.
1930.
Week.
Season.
1929.
Week.
Season.
Visible supply Sept. 12
5,535,104
3,745,294
Visible supply Aug. 1
3,735.957
5,302,014
American in sight to Sept. 19... 535,100 2,338,100 538,242 2,070,288
107(100
Bombay receipts to Sept. 18-15,000
78,000
11,000
97,000
Other India ship'ts to Sept. 18-7,000
64,000
19 000
31,200
Alexandria receipts to Sept. 17-18,000
33,900
21 000
123,000
Other supply to Sept. 17 * b._._
10,000
85,000
18 000
Total supply
Deduct
Visible supply Sept. 19
6,120,204 7,901,014 4.382,536 6,164,445
5.811,432 5,811,432 3,972,743 3,972,743
---,--_
Total takings to Sept. 19 a
308,772 2,089,582 379,793 2,191,702
Of which American
163,772 1,331,682 299,793 1,555.502
636,200
Of which other
80.000
145,000
757,900
* Embraces receipts in Europe from Brazil, Smyrna, West Indies. Sm.
a This total embraces since Aug. 1 the total estimated consumption by
Thermometer
-takings
high 89 low 69 mean 79 Southern mills, 600.000 bales in 1930 and 788,000 bales in 1929
high 100 low 62 mean 81 not being available-and the aggregate amounts taken by Northert and
high 94 low 60 mean 77 foreign spinners, 1,489,582 bales in 1930 and 1.403,102 bales in 1929.
high 92 low 66 mean 79 of which 731,682 bales and 766,902 bales American.
b Estimated.
high 96 low 68 mean 82
high 98 low 64 mean 80
INDIA COTTON MOVEMENT FROM ALL PORTS.
high 108 low 60 mean 84
high 100 low 46 mean 73 The receipts of India cotton at Bombay and the shipments
high 98 low 52 mean 75 from all India ports for the week and for the season from
high 96 low 52 mean 74
high 98 low 60 mean 79 Aug. 1, as cabled, for three years have been as follows.
high 94 low 56 mean 75
high 94 low 60 mean 77
1927-28.
1928-20.
1920-30.
high 100 low 60 mean 80
Sept. 18.
hWJi 100 low 64 mean 82
Since
Since
Receipts at
Since
high 96 low 58 mean 77
Week.Aug. 1. Week. Aug. 1. Week. lAug. 1.
high 100 low 52 mean 76
high 101 low 55 mean 83
38,000
78.000 11,000 107,000 6,000
15,000
high 103 low 56 mean 80 Bombay
SEPT. 20 1930.]
FINANCIAL CHRONICLE
Since Aug. 1.
Great Conti- Japan&
Great
Britain. sent. 'China. Total. Britain.
13ombay1930
1929
1928
Other India:
1930
1929
1928
Total all
1930
1929
1923
Conti- Japan ,t
nent.
China.
Total.
51,000 51,000
2,000 15,000
_ _ _ 17,000
2,000 11,000 18,000 31,000
12,000
5,000
6,000
99,000 229,000 340,000
91,000 125,000 221,000
67,000 179,000 252.000
5,000 2,000
4,000 15,000:
1,000 11,000,
10,000
12,000
10,000
54,000
85,000
58,000
7,000
19.000
12,000
5,000 2,0001 51,000 58,000
6,000 30,000
_ 36,000
3,000 22,000 18,000 43,000
64,000
97,000
68,000
22,000 153,000 229,000 404,000
17,000 176,000 125,000 318,000
16,000 125,000 179,000 320,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's receipts of
4,000 bales. Exports from all India ports record an increase
of 22,000 bales during the week, and since Aug. 1 show an
increase of 86,000 bales.
ALEXANDRIA RECEIPTS AND SHIPMENTS.
-We
now receive weekly a cable of the movements of cotton at
Alexandria, Egypt. The following are the receipts and
shipments for the past week and for the corresponding week
of the previous two years.
Alexandria, Egypt,
Sept. 17.
1930.
1928.
90,000
168,145
Receipts (centars)This week
Since Aug. 1
1929.
105.000
156,400
145,000
260,181
Since
Week. Aug. 1.
Export (bales)
-
To Liverpool
2,000 3.424
To Manchester, ezc
4,000 6,711
To Continent and India_ 5,000 26.874
To America
40
Since
Week. Aug. 1
Since
Week. Aug. 1.
2,000 6,225 2,250 9.194
4,000 9,722 4,250 16,389
4,000 45,866 4.750 39.668
2,000 11,844 2,250 12,844
Total exports
11.000 37,019 12,000 73.657 13.500 77,895
Note.
-A cantar is 99 lbs Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Sept. 17 were
90,000 cantars and the foreign shipments 37,049 bales.
MANCHESTER MARKET.
-Our report received by
cable to-night from Manchester states that the market in
yarns is quiet and in cloths is steady. Demand for both India
and China is improving. We give prices to-day below and
leave those of previous weeks of this and last year for comparison:
1930.
1929.
834 Lb,. Shill- Cotton
32s Cs, ings, Common Afiddl'h 328 Cop
Twist.
to Finest.
Uprds. Twist.
84 Lbs. Shirt- Conon
Ines, Common Mtddrg
to Finest,
13
d. d.
.d.
a. d
11%012% 97 @103
d.
d.
d. s. d.
a. d
8.58 14%01544 12 7 013 1
d.
10.20
11%012%
113401234
11 012
11 012
97
96
95
95
010 3
010 2
010 1
010 1
8.34
7.98
7.81
7.74
14 Si 015%
14%015%
143‘01531
14%01534
12
12
12
12
1
1
1
1
10.2
10.33
10.23
10.30
1134012%
11 012
11 012
10,i011%
MaYJune-
95
95
95
95
010
010
010
010
7 63
7 73
7 63
7 47
143401534
14%015%
143401534
14%01534
12 6
12 6
12 7
12 7
013 0
013 0
013 1
013 I
10.28
10.21
10.54
10.58
7
7
7
7
July1
1
1
I
Aug.103001134
1014011%
10%011%
10%01154
10%011%
Sept.
-
95
95
94
93
93
0
,10 1
010 1,
010 0
3397
O 97
1034331114 92 @ 98
92 @06
10 011
9%010X 92 @ 96
7.22
7.54
6 89
6.44
6.64
14%015%
14%0154
143401534
434 015%
14%01534
12 7
12 7
12 7
12 7
12 7
013
013
013
013
013 1
013 1
013 I
013 1
013 1
10 65
10.16
10.10
10 32
10.58
6.48 14%015% 13 0 ®13 2
6.30 143401534 13 0 013 2
6.26 1434015% 13 0 013 2
10.46
10.32
10.31
SHIPPING NEWS.
-As shown on a previous page, the
exports of cotton from the United States the past week have
reached 197,683 bales. The shipments in detail, as made
up from mail and telegraphic reports, are as follows.
Bales.
GALVESTON-To Bremen-Sept 11-Kersten, 1.020_ __Sept 12
-Creels, 1.052_ __Sept 15-Kelkhelm, 725___Sept 15
Bayou-Chico, 1.721
4,518
To Genoa-Sept 12
-West Modus, 639
639
To Liverpool-Sept 11-Mosella, 1,569
1,569
To Manchester-Sept 11-Mosella,400
400
Havre-Sept 11-Elkhorn,73_ .._Sept 15
To
-Florida,976-Lowther Castle, 1,144: Meanticut, 1,200
Sept 16
3,393
To Rotterdam-Sept 11-Elkhorn, 517
517
To Dunkirk-Sept 15-Floride, 200
200
To Barcelona-Sept 15
-Mar Negro, 2.728; SaPinero, 1,970._ 4.698
To Japan-Sept 15-Takaoka Marti, 965
965
-Sept 16-Meanticut, 250; Lowther Castle, 1,078_ _ 1,328
To Ghent
NEW YORK-To Hamburg-Sept 12
-Milwaukee, 29_ -_Sept
17
-Albert Bailin,52
81
To Havre-Sept 17-Vincent, 970
970
-Conte Grande. 200_ __Sept 15-Estavia,
To Genoa-Sept 12
144
344
To Barcelona-Sept 12-IIinnoy, 150
150
PENSACOLA-To Bremen-Sept 13
-Talisman, 8,030
8,030
TEXAS CITY-To Iiremen-Sept 12-Kersten M
Miles. 852
852
To Liverpool-Sept 12-Mosella, 327
327
To Manchester-Sept 12-Mosella,25.. _
25
-To Japan-Sept. 13-Slemmestad. 6.677
CORPUS CHRISTI
6.677
To Yokohama-Sept. 13-Slemmeetad. 1,200
1,200
-West Quechee, 3,812---Sept. 17To Bremen-Sept. 15
Criesheim, 2.645
6,457
-Discoverer, 4,407
To Liverpool-Sept. 16
4.407
To Manchester-Sept. 16
-Discoverer, 432
432
To Genoa-Sept. 16-Maddalena Odero, 3,503
3.503
To Havre-Sept. 17-Lancaster Castle, 1,560
1,560
HOUSTON-To Havre-Sept. 13-Floride, 2,549; Lowther Castle
-Elkhorn, 5,451---Sept. 18-Meanticut,'
4.325--_Sept. 15
4,455
16,780
-Sept. 13
-Lowther Castle, 2.086-__Sept, 15
To Ghent
-Elkhorn, 100- _Sept. 18-Meanticut, 100
2,286
To Barcelona-Sept. 13-Sapinero, 3.580
3,580
-Bayou Chico, 5,024; Kelkheim. 4.374
To Bremen-Sept. 13
13-Takaoka Maru,6,522_ _ _Sept. 12-Skeg- 9.398
To Japan-Sept.
ness. 4,194....Sept. 18-Slemmestad, 7,443
18.169
-Sept. 13-Takaoka Maru, 200--Sept. 12--SkegTo China
noss, 549_ __Sept. 18-Slemmestad, 1.598
2,347
To Liverpool-Sept. 15-Mosella, 5,523
5.623
Bales.
Manchester-Sept. 15-Mosella,525
525
Dunkirk-Sept. 15-Trolleholm, 2,836
2,836
Gothenburg-Sept. 15-Trolleholm,50
50
Malmo-Sept. 15-Trolleholm, 200
200
Copenhagen-Sept 15-Trolleholm, 330___Sept 12
Tennessee, 700
1.030
To VeJle-Sept 15-Trolleholm, 289
289
To Oslo-Sept 15-Trolleholm, 168
168
To Stockholm-Sept 15-Trolleholm, 123
123
To Norrkoping-Sept 15-Trolleholm, 126
126
To Aalborg Sept 15-Trolleholm. 200
200
To Rotterdam-Sept 12
-Tennessee. 600___Sept 15
-Elkhorn, 2.896_ _Sept 18-Meanticut, 100
3,596
To Barcelona-Sept 16
-Mar Negro,4,839
4,839
-To Dunkirk-Sept 13
NEW ORLEANS
-Minnesota, 200
200
To 13arcelona-Sept 13-Lafcomo, 175
175
-Rio de Janeiro Maru, 7,297; Ethan Al
To Japan-Sept 13
en 869
8,166
-Ethan Allen, 300
To China-Sept 13
To Lapaz-Sept 13-Tela, 100
100
To Havre-Sept 14-Winston Salem, 1,650
1,650
-Winston Salem, 400
To Ghent
-Sept 14
400
-Winston Salem, 181--_Sept 17
To Rotterdam-Sept 14
Oakwood,200
381
-Erfurt, 2,867_ --Sept 17
To Bremen-Sept 14
-Oakwood,
1,619
4.486
-Erfurt,95_Sept 17
To Hamburg-Sept 14
-Oakwood.489
584
-Liberty Bell, 1.050-Sept 17-MonTo Genoa-Sept 15
rosa, 2,105
3,155
-Mercian, 4.703; ShickSAVANNAH-To Liverpool
-Sept 15
shinny, 2,265
6.968
To Manchester
-Mercian, 500: Shickshinny, 1,440
-Sept 15
1,940
To Bremen-Sept 15-Berwindles, 16,100: additional, 164
16,264
CHARLESTON-To Bremen-Sept 11-11artbridge, 13,105
13.105
-President Fillmore, 200..
LOS ANGELES
-To Japan-Sept 15
Sept16-Kinai Mani,300___Sept 17-Tatsuta Mani,307
807
To China-Sept 16-Kinal Maru, 400
400
SEATTLE
-To Japan-Sept 9
-Yokohama Maru, 500
500
NORFOLK
-To Liverpool-Sept 17
-Jalapa. 475
475
To Manchester-Sept 17-Jalapa, 425
425
BRUNSWICK-To Liverpool-Sept 12-Shickshinny, 3.697
3.697
To Bremen-Sept 15-Hartbridge. 5,416
5.416
MOBILE
-To Bremen-Sept 13
-Talisman, 2,492
2.492
To Rotterdam-Sept 13
-Talisman, 150
150
BEAUMONT-To Liverpool
-Sept 16
-Chancellor, 150
150
To
To
To
To
To
Total
197,683
-Current rates for cotton from
COTTON FREIGHTS.
New York, as furn'shed by Lambert & Burrowes, Inc., are
as follows, quotations being in cents per pound.
High StandDensity. ard.
Liverpool .450. .600.
Mancheater.45c. .600.
Antwerp .450. .60e.
Havre
.310. .48c.
Rotterdam .450.
.600.
Genoa
Mo. .65c.
Oslo
.500. .60c.
Stockholm
Trieste
Flume
Lisbon
Oporto
Barcelona
Japan
High StandDensity. ant.
.60c. .75c. Shanghai
.500. .650. Bombay
.500. .650. Bremen
.450.
.60o. Hamburg
.600. .750. Piraeus
.40c. .550. Salonica
.4834e. .6344e. Venice
High Stan.:
Density: ant.
.53 3ici .6834e
.420. .570.
.45c. .600.
.45c. .60o.
.75c. .900.
.750. .90e.
.500. .650.
-By cable from Liverpool we have the folLIVERPOOL.
lowing statement of the week's sales, stocks, &c.,at that port.
Aug. 29.
25.000
9,000
1.000
39,000
645.000
210,000
14,000
5,000
95,000
27.000
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
Sept. 6. Sept. 12. Sept. 19.
24,000
26.000
29,000
9,000
8,000
11,000
1,000
1.000
1.000
24,000
30,000
36,000
628,000 624,000 610,000
204.000 198,000 190,000
18.000
22.000
28,000
6,000
6,000
12,000
127,000 126,000 139,000
63.000
69,000
,
The tone of the Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows.
Spot.
Market, I
12:15
P. M.
Mid.Uprds
Sales
Saturday.
Monday.
Quiet.
A fair
business
doing,
Quiet.
6.216.
6.236
3,000
Tuesday. Wednesday. Thursday.
Moderate
demand,
6.256.
4,000
5,000
6.306.
5,000
A fair
business
doing.
6.336.
5,000
Friday.
Moderate
demand.
6.26d.
5,000
Quiet,
FuturesQuiet but
Steady. St'dy, un- Steady.
ea
{
Quiet,
st'dy, 4 to 1 to 2 pts. 2 to 3 pts. changed to 1 to 2 pta. 2 t,o 4 pts
Market
.
decline. 2 pts. adv. advance.
opened 6 pts. dec. decline.
decline.
Quiet but Barely sty
Market, f Quiet but Quiet but Quiet, un- Quiet.
i st'cly, 2 to st'dy, 2 to changed to 3 to 4 pta. st'dy, un- 7 to 9 pts.
4
P.M. I 3 ins. dec. 4 pts. adv. 2 pts. dee. advance, chanced.
decline.
Prices of futures at Liverpool for each day are given below:
Sat. I Mon.
Tues.
Wed.
Thurs.
New Contract.
Fri.
Sept. 13
12.1512.3012.15 4.0012.15 4.0012.15 4.0012.11 4.0012.11 4.00
to
Sept 19.
.
p.m.p. ton. m p. m.p. to. p. m.p. in 0. m.0. tn. ). m ). m. p.m.
d.
d.
New Contract
September_ _ __ __ .._ .
__ 5.90
October
-----.91
November
__
5.97
December
January _ _1931- __ 6.01
__ __ 6.04
February
__
6.11
March
6.14
April
__ 6.20
May
6.24
June
__
6.2S
July
__ 6.31
August
September 1931- __ 6.34
d.
5.91
5.88
5.88
5.95
5.99
6.02
6.08
6.11
6.17
6.21
6.25
6.28
6.31
d.
5.97
5.94
5.93
6.00
6.04
6.07
6.14
6.17
6.23
6.26
6.30
6.33
6.36
C,CO GI CO 0,0 C.C 0 0,00,
,
, ,
• • • •
• • • • • • • •
For the Week.
Exports
from
-
1919
d. d.
5.96 6.00
5.93 5.97
5.935.97
5.99 6.04
6.03 6.07
6.06 6.10
6.12 6.16
6.15 6.19
6.21 6.2r
6.21 6.28
6.29 6.32
6.32 6.35
6.35 6.18
d.
6.00
5.96
5.96
6.02
6.06
6.09
6.16
6.19
6.25
6.28
6.32
6.35
6.38
4.
6.0::
5.99
5.91'
6.0,
6.0'
6.12
6.11
6.22
6.23
6.31
6.3:
6.33
6.41
d.
6.00
5.96
5.96
6.02
6.06
6.09
6.16
6.13
6.21
6,28
6.32
6.31
6.38
rt.
5.96
5.92
5.92
5.98
6.02
6.05
6.12
6.15
6.21
6.24
6.28
6.31
6.33
d.
5.91
5.87
5.88
5.95
5.99
6.02
6.08
6.11
6.17
6.21
6.25
6.28
6.31
BREADSTUFFS
Friday Night, Sept. 19 1930.
Flour was quiet early in the week at the recent decline.
Later prices advanced 10 to 15e., in conformity with some
rise in the wheat market.
Wheat declined slightly, with export trade small, speculation light, and Winnipeg inclined to be depressed, stocks
big, and Russian offerings large at low prices. On the 13th
inst. prices ended % to 1Mic. lower. They reached new lows
for the season. Dullness of export trade and weakness of
Winnipeg counted for much. Hedge selling had some effect,
1920
FINANCIAL CHRONICLE
and also some decline in the stock market. Liquidation was
general.
On the 15th inst. prices declined % to %c., after an early
advance on higher Liverpool prices, smaller Russian offerings, and covering. Later on hedge selling increased at
Chicago, and the visible supply in the United States increased no less than 7,605,000 bushels against only 1,249,000
In the same week last year. The total is now 198,703,000
bushels against 185,654,000 a year ago. The weekly foreign
statistics made a bullish showing, with afloat stocks of
wheat and flour totaling 41,800,000 bushels, or a decrease
of 4,384,000 bushels for the week. World shipments totaled
12,755,000 bushels against 14,457,000 a week ago and 13,470,000 a year ago. North America contributed 7,687,000
bushels against 9,940,000 last week. A greater proportion
of the shipments went to Continental countries. Some
Interest was shown in a report that the Secretary of Agriculture and officials of the Board of Trade were in consultation on a proposition to alter Federal regulations governing
the sale of grain.
On the 16th inst. prices declined to new low levels for
December for the season, with heavy selling, Liverpool
weak, and Russian and East Indian offerings much larger.
But later on prices rallied some 3 to 4c. from the early lows.
Winnipeg acted stronger. Hedge selling fell off. Country
marketings were much smaller. Gulf premiums were firm.
Receipts at Western and Southwestern markets were small.
The flour trade bought on a considerable scale, according
to current reports. The ending was at a net advance of
1% to 2%c. On the 17th inst. prices ended unchanged to
%c. higher. Exports from the Gulf were larger. Canadian
country marketings fell off for the second day in succession.
They reached only 2,447,000 bushels against 3,834,000 on
the same day last year. Eastern interests bought. The
market acted more or less short.
On the 18th inst. at one time prices advanced % to %c.,
but later reacted on liquidation, and closed % to %c. net
lower. Winnipeg fell %c. The Liverpool cables were lower
than due. Moreover, shipments from the Black Sea were
large, being 3,200,000 bushels against 2,520,000 last week:
total since Aug. 1 is 15,472,000 bushels against only 2,336,000
for the same period last year. Russia contributed 2,768,000
bushels of this week's shipments from the Black Sea. Liverpool reported that Russia had sold wheat to the Continent
on the 17th inst. Some Liverpool advices stated that the
quality of Russian wheat offered abroad was inferior and
that some preference might be shown for Canadian wheat
for mixing purposes. The German wheat crop was estimated at 131,200,000 bushels, a decrease of 9,000,000 from
the previous estimate made in July. France had rains and
threshing operations were backward. Canadian country
marketings on the 17th inst. were 3,016,000 bushels against
4,203,000 for the same day last year. Export sales were
750,000 bushels, mostly Manitobas. In France there is said
to be a desire that milling regulations be changed to permit
the use of a larger percentage of foreign wheat.
To-day prices ended 1% to 1%c. net lower at Chicago,
and 2 to 2%c. lower at Winnipeg. Weak cables, lack of
export demand, a weaker technical position, and rumors
of a revolution in Germany had a more or less depressing
effect. The spring wheat movement was smaller, but it
got little attention. An official of the Grain Stabilization
Corp. says that the corporation will not sell the wheat
that it owns for drouth relief purposes. Final prices show
a decline for the week of '4 to 1%c., September standing up
the best. The export sale to-day were estimated at only
200,000 to 300,000 bushels. It is said that hard winter afloat
was offered to the other side at 6 to Sc. below replacement
cost.
[VoL, 131.
and partly to selling of corn against purchases of wheat.
On the 15th inst. prices ended % to lc. lower in response
to a decline in wheat and increased liquidation, and the cash
basis was lower, with a lessened demand. The United States
visible supply increased last week 107,000 bushels as against
a decrease in the same week last year of 598,000 bushels.
The total is now 4,890,000 bushels against 4,381,000 last
year.
On the 16th inst. prices ended % to %c. higher after an
early decline. Country offerings were small. Shipping demand was better. The industries bought cash corn freely.
The influence of the rise in wheat was also apparent.
On the 17th inst. prices closed % to 1%c. higher, owing to
active and strong cash markets. There was a good demand
on declines. The weather was better, but this had no lasting
effect. On the 18th inst. prices declined % to lc., after
an early advance of about lc. The decline in wheat affected
corn, in which the trading was small. Cash demand was
good. Country offerings to arrive were very light. Shipping demand was only fair. Eastern consumers bought only
as their needs developed, but stocks are light. To-day prices
closed 14 to 1%c. lower, partly in sympathy with the decline in wheat and the German political rumors. On the
other hand, country offerings were small. Cash demand
was fair. It looked like light frost in the belt to-night.
An official of the Grain Stabilization Corp. expressed the
opinion that the damage to the corn and forage crops is
so severe that there will have to be large quantities of wheat
used for feeding. Final prices show a decline for the week,
however, of 2% to 3%c.
DAILY CLOSING PRICES OF CORN IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2 yellow
10914 10914 11034 Ill% nog 10834
DAILY CLOSING PRICES OF CORN FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
9254 9114 9134 9254 9131 90
September
8654 8654 8731 8774 8654 85
December
88
8914 8834 86
March
8754 87
May
8951 8934 8931 9034 9034 88
Oats have been steady for September and only moderately
lower for other deliveries, despite the decline in other grain
for feeding will be large. On the 13th inst. prices closed %
to 1%c. lower, with other grain off and more or less
liquidation. On the 15th inst. prices closed %c. lower to
%cc. higher. The United States visible supply increased
2.618,000 bushels against 865,000 in the same week last year.
The total is now 29,058,000 bushels against 24,944,000 a
year ago. On the 16th inst. prices advanced % to 1%c.,
under the influence of the rise in other grain, and also talk
to the effect that at these relatively low prices oats may
supplant corn to some extent in feeding. The country movement was small.
On the 17th inst. prices advanced '4 to %c., with September especially firm. Offerings were small. The country
movement was light, cash demand good, and consumption
very large. On the 18th inst. prices declined % to %c.,
following other grain downward, though apparently rather
reluctantly. To-day prices ended % to lc. lower under pressure of hedge selling and more or less liquidation, not to
mention the decline in other grain. Final prices show a
decline on most months of 1% to 1%c., though September
ended at a net rise of m;c.
DAILY CLOSING PRICE OF OATS IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
No.2white
50
4954.
50
50
4934 49
DAILY CLOSING PRICES OF OATS FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
no no
September
3631 360 40 41 38% 37%
41
40
39
December
40
March
43
42
41
42
43
42
May _
44
44
44
4234.
43% 42
DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG.
Sat. Mon. Tues. Wed. Thurs. Fri.
October
3334 33
3354 3334 331 32
32
%
December
34
335
3344 3334 34
May
37%
38% 38
38g 38% 38
DAILY CLOSING PRICES OF WHEAT FUTURES IN
Sat. Mon. Tues. Wed. Thurs. Fri.
77R
October
7954 7931 80% 80%
December
80
82
81% 83% 83% 82
May
8954 8934 8831 86
8854 88
Rye declined noticeably, with other grain lower, but at
this level of prices it is believed that feeding will be large.
On the 13th inst. prices closed %c. lower to %e. higher,
under the influence, to some extent, of the decline in wheat.
On the 15th inst. prices closed 114 to 2%c. lower, with wheat
off and Northwestern prices down. The visible supply in
the United States increased last week 911,000 bushels against
683,000 a year ago. On the 16th inst. prices advanced /
1
2
to 114c., in sympathy with the advance in wheat. Besides,
/
It is called cheap. Feeding, it is believed, will be large.
On the 17th inst. prices closed 14c. lower to %c. higher,
/
In light trading. But there is a feeding demand for rye
because of its cheapness. Winnipeg sold a large quantity
of barley on the 17th inst., it seems, to buyers in the United
States for feeding purposes. This seemed to emphasize the
acute situation in this country. On the 18th inst. prices
declined '4 to %c., with wheat off and more or less liquidation. To-day prices closed 1% to 1%c. lower, owing to the
decline in wheat and general selling, not forgetting the German political rumors, which, though without foundation,
had an effect. Final prices show a decline for the week
of 3 to 4c.
Indian corn declined rather noticeably with trade light
and some sympathy with declines, at times, in wheat. The
weather, in the main, has been favorable. On the 13th inst.
nrices fell 14 to 2%c., owing partly to the decline in wheat
September
DecemberMarch
Maya
DAILY CLOSING PRICES OF WHEAT IN NEW YORK.
Sat. Mon. Tues. Wed. Thurs. Fri.
9031 8934 92
No. 2 hard
9354 9131 9031
DAILY CLOSING PRICES OF WHEAT FUTURES IN CHICAGO.
Sat. Mon. Tues. Wed. Thurs. Fri.
September
March
ti
12 120
19fiDecmbr
ISS EA suMay
13 M R S WINNIPEG.
DAILY CLOSING PRICES OF RYE FUTURES
Sat. Mon. Tues.
54%
60
58
59
6434 62
64
67
6551 66
IN CHICAGO.
Wed. Thurs. Fri.
52
54% 54
69
58
56
6354 631 61
6554 6531 5331
SEPT. 20 1930.]
Closing quotations were as follows.
GRAIN.
Oats, New York
Wheat, New YorkNo. 2 white
No.2 red,f.o.b., new
1.03
49
No.3 white
No.2 hard winter.f.o.b___- 903j
47
Rye
-No.2.f.o.b New York_ 61
Corn. New YorkChicago, No. 2
No.2 yellow, all rail
1.089
643
No.3 yellow all rail
1.07%; Barley
No.2 c.i.f. New York, dom. 67%
Chicago cash
52072
FLOUR.
high protein.$5.300$5 60 Rye flour. patents--$415.0$4.40
Spring pat.
5.000 5.35 Seminole, No. 2 Pound
Spring patents
2%
Clears,first spring
4.700 5.00 Oats goods
2.350 2.40
Soft winter straights.-- 4.100 4.40 Corn flour
2.650 2.70
Hard winter straights 4.500 4.70 Barley goods
Coarse
Hard winter patents-- - 4.7504 5.15
3.25
4.2504 4.40
Fancy pearl, Nos. I.
Hard winter clears
Fancy Minn. patents... 6.3504 6.70
2. 3 and 4
6.150 6.50
6.6004 7.30
City mills
All the statements below regarding the movement of grain
-are prepared by us
-receipts, exports, visible supply, &c.
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. I
Wheat.
oats.
Corn.
Barley.
Rye.
5515.196155.Ibush. 60 lbs.bush.56 lbs.bush. 32 115.bus. 48 lbs. bus. 56 its.
834,000
Chicago
278,000
235,0.00 1,452,000
454,000
588,000
139,000
830,000 1.193,000
5,496,000
8:4,000
MinneapolisDuluth
75,000 1,003,000
6.113,000
707.000
466,000
21,000
515,000
Milwaukee.-44,000
334,000
320.000
6,000
Toledo
23,000
52.000
72.000
1,000
2,000
11,000
40.000
Detroit
37,000
10,000
4,000
Indianapolis
172,000
140,000
66,000
124,000
191,000
719,000
325.000
St. Louis
56,000
43,000
260,000
102,000
06,000
54,000
Peoria
68,000
77,000
1.849,000
4.0,000
70,000
Kansas City_
154,000
1,207,000
339.000
Omaha
128,000
573,000
145,000
St. Joseph
339,000
2,000
4,000
Wichita
30.000
68,000
80,000
7,000
Sioux City Tot. wk.'30
Same week '29
Same week '26
477,000 16.876,000
460,000 11,663,000
493,000 17,666.000
4.143.000 2.8.6,000 2,040,000
3,549,000 1.749,000
789,000
3,549,000 4,889.000 1,289,000
3.795,000
3,669,000
4,130.000
Toledo
Detroit
Chicago
" afloat
Milwaukee
Duluth
Minneapolis
Sioux CRY
St. Louts
Kansas City
Wichita
Hutchinson
St. Joseph, Mo
Peoria
Indianapolis
Omaha
On Lakes
On Canal
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Sept. 13, follow.
Flour.
Wheat.
I
Corn.
I
Oats.
Barley. I
Rye,
Obls.195lbs.bush.60 lbs. bush.56 lbs. bush. 32 lbs. bus.48 lbs. bus.56 lbs.
260,000 1,294,000
New York _ _
50,000
13,000
Philadelphia ..
231,000
45,000
1.000
44,000
284,0001
28,000
Baltimore.. _ _
13,000
5,000
NewportNews
1,000
I
1.000
Norfolk
104,000
67,000
114,000
New Orleans.
29,000
9,000
Galveston _
329,000
114,000 2.815,000
Montreal. _ _
10,000
25,000
25,000
Boston
10,000
541,000 5,171,0001
Tot. wk.'30
Since Jan.1 '30 17,656,000 117,204,0061
93.000
3,377,000
91,000
3,960,000
25,000
591,000
547,000
Week 1929.
437,000 1.941.000,
78.000
138,000
131.000
16,000
Since Jan.1 '2918.117000 133.863.000 15,852,000 13.099,00021,694.000 3.300 000
v Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, Sept. 13 1930, are shown in the annexed
statement.
Corn.
Wheat.
Exports from-
Bushels. Bushels.
1,288,000
76,000
315,000
128.000
104,000
New York
Boston
Philadelphia
Baltimore
Norfolk
Newport News
New Orleans
Galveston
Montreal
Houston
74,000
1.431,000
2,815,000
295,000
Total week 1930-- 6,526,000
Same week 1929 _ _ .. 3.30 000
Flour.
Oats.
12,000
1,000
1,000
54,000
Barley.
1,000
114,000
2,000
3.000
Rye.
Barrels. Bushels. Bushels. Bushels.
85,108
10,000
10,000
260,108
1.6 77'
21,000
9' 000
25,000
'0 Ann
25 000
ann'oon
The destination of these exports for the week and since
July 1930 is as below.
Flour.
Exports for Week
1Veek
and Since
Since
Sept. 13 July 1
July I11930.
1930.
Wheat.
Week
Sept. 13
1930.
Since
July 1
1930.
Corn.
Week
Sept. 13
1930.
Barrels. Barrels.
Bushels.
Bushels.
Bushels.
United Kingdom_ 96,166 1,067,124 2,459,000 21,404.000
:11ontinent
148,892 1,254,804 3,819,000 44,075,000
3o. di Cent. Amer. 4,000
204.000
40.000
616,000
West Indies
12,000
196,200
1,000
9,000
Brit. No. Am.Cols
4,000
2,000
3ther countries... 8.050
123,880
207,000
776,000
Total 1930
Total 1 112o
269,108 2.850,008 6,526,000 66,882,000
i s s71 1 704 504 2 00, nnn 49 0411 nn0
n non
Since
July 1
1930.
Bushels.
86,000
16,000
102 000
10o'onn
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday. Sept. 13, were as follows.
GRAIN STOCKS.
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Wheat,
bush,
112,000
Corn,
bush,
9,000
973,000
3,000
8,336,000
17.000
378.000
4,181,000
84,000
5.995,000
6,737,000
147,000
12,278,000 1,018.000
3,604,000
Oats,
bush.
102,000
4,000
158.000
77.000
Rye,
bush.
47,000
1,000
16,000
17,000
63,000
297,000
1,936,000
419.000
4,000
717,000
Barley,
bush.
6,000
109,000
129,000
16,000
95.000
410.000
172,000
Rye,
Corn,
Barley,
Oats,
Wheat,
hush,
bush.
bush.
bush.
bush.
5,000
28,000
4,000
294,000
5,581,000
60,000
22,000
20,000
55,000
140,000
620.000
21,204,000 1.201,000 7.171,000 5,902,000
620.000
155.000
1,118,000
630,000
235.000
556.000 4.192,000
1,809,000
29,339,000
92.000 2.531,000 3,424.000 2.273,000
55,000 5.575.000 3,304.000 5,022,000
29,830,000
1,000
44,000
37,000
814,000
1,151,000
61,000
19,000
330.000
794,000
7,192,000
224,000
114,000
60,000
156,000
25,399,000
2.000
12,000
2,282,000
I
5,000
23,000
5.441.000
290,000
28,000
403,000
6,231,000
3,000 1,416,000
77,000
130,000
7,000
311.000 1,559.000
21..000
2,100.000
380.000
23,060
319,000
181.000
19,-43,000
88,000
1,422.000
615.000
201,000
Total Re 't. 13 1930_ _ _198,703,000 4.690,000 25.018,000 14.664.000 10,223,000
Total Re' t. 6 1930_ _ _191,05 ,000 4.583,000 26,440 000 13,713,000 9.124.000
8
,
Total Se
14 1929-- _185.6-4.000 4,381,000 24,944 000 9.373.000 9.541,000
-New York. 50.000 bushels:
Note.
-Bonded grain not included above: Oats
legDuluth, 5,000: total, 55,000 bushels, antinst 268,000 bushels in 1929. 8a,
New York. 247,000 boshels: Buffalo, 822,000: Duluth. 16,000: total. 1,129,000
-New York, 1,368.000 bushels:
bushels, amainst 1.675.000 bushels in 1929. Wheat
Boston, 444,000: Philseelnhia, 966.000: Baltitncre, 1,484.000: Buffalo. 8.234.000:
Buffalo afloat, 2,880,000: Duluth. 47,000: On Lakes, 2.398.000: Caral, 2,237,000:
total, 20,107,000 bushels, alainst 21,205,000 bushels in 1929.
Cuindian881.000
842,000
6 7,000
6,925,000
Montreal
1,687,000 6,7 4.000 15,868,000
Pt.91111am & Pt. Arthur _36,191,000
976,000 2.6=8,000
1,695,000
10,663,000
Other Canadian
3,999.000 8,172.000 19,407.000
3,952.000 8.2-9,000 18.380.000
12,281,000 4.0:8.000 9,071,000
Total Se• t. 131930.....53,779,000
Total Se-t. 6 1930- _ _10.129.000
Total Se. t. 14 1929 _ _ 64,792,000
_
Summary-.
198.703,000 4,690,000 29,08,000 14,664 000 10.223,000
3,999,000 8,,
53.779,000
;72.000 :9,407,000
American
Canadian
Total Sect. 13 1930_ _ .252,482,000 4,690.000 33.037,000 23,236 000 2
9,630.000
Total Sept. 61930...241.227,000 4,583,000 30,392.000 22,0 2,000 27.104.000
Total Sept. 141929..210,446.000 4,381,000 37,229,000 13,39 .600 18,612.000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
ending Friday, Sept. 12, and since July 1 1930 and 1929,
are shown in the fallowing.
Since Aug. 1
3,003,000140.155.000 32,277,000 37,643.000l5,813,000 7.496.000
1930
3,038,000 143,100,000 28,768,000 44,2.0.00022,03,000 6,54,000
1929
1028
3.378.000 127.709.000 33.844.000 36 04- .0001,.0,-.000 4 2u1n non
.
Receipts al
-
1921
FINANCIAL CHRONICLE
Corn.
Wheal.
Exports
-
Week
Set. 12.
1930.
cc
July 1.
1930.
cc
July 1.
1029.
fleck
Se'l. 12.
1930.
St..ne
July 1.
1930.
re
July 1.
1929.
Bushels.
Bushels.
Bushels.
Bushels.
Bushels.
0115508.
40.006
534,000 1,184.000
North Amer_ 7,687,000 98,961,000 77,044,000
561,000 14,144,000
333,000
Black Sea.. 2.520,000 12,176,000 2,008,000
Argentina _ _
892,000 10,026,000 (0,627.000 4.354,000 39,897.000 57,759,000
Australia _
560,000 2.040.000 .4,088.000
320,000
72,000
India
:
0th. countr's 1,024,000 10 262.000 6,644.000 1.241,000 14,794.000 9.287,000
Total
'
12.799.000 191 0 7.000 0.711.000 6,196.000 78.719.000 68,563.000
WEATHER REPORT FOR THE WEEK ENDED
-The general summary of the weather bulletin
SEPT. 17.
issued by the Department of Agriculture, indicating the influence of the weather for the week ended Sept. 17 follows:
The week was generally warm east of the Rocky Mountains and moderately cool to the westward. Chart I shows that the mean temperatures
were especially high for the season from the northern Great Plains eastward and in the Middle Atlantic area, where they r.nged generally from 6
deg. to 8 deg. above normal. The maxima for the week were high in the
Southwest, with 100 deg., or higher, reported locally in Arkansas, Oklahoma. and Texas: east of the Mississippi River the highest for the week
was 97 deg. at Washington, D. C., on the 15th.
Chart II shows that rainfall was generous to heavy practically everywhere from the northern portion of the Ohio Valley, northern Missouri,
and eastern Kansas southward to the Gulf of Mexico. Throughout this
area the weekly amounts ranged generally from about 1.5 inches to 3 or
4 inches, with some local areas having more. There was also considerable
rain in the northern Great Plains and parts of the Southeast, but from
Virginia and West Virginia northward and rather generally in the Lake
region and west-central Great Plains the amounts were light.
Rainfall during the week was moderate to generous or heavy over large
sections between the Appalachian and Rocky Mountains and the drought
is now substantially relieved or effectively broken in much the greater
part of this area,especially in the States that were previously most droughty.
Some rather extensive areas, however, are still largely unrelieved.
These include principally most of Iowa, localities in northern Illinois,
parts of Wisconsin, much of Michigan, and considerable sections of Ohio,
where recent rains continued of a very local character and insufficient to
relieve the droughty conditions. In nearly all other sections west of the
Appalachian Mountains the situation is generally relieved, with the soil
now in fairly satisfactory or good condition for reviving late crops and
pastures and for the preparation for seeding winter grains. Fall work
made good progress, except in the areas continuing dry, and considerable
seeding has been accomplished. Pastures have materially revived, though
in some of the previously drier sections they are still insufficient to afford
material grazing feed.
Generally favorable conditions continued in the Rocky Mountain area
where the range is good to excellent and livestock thriving in most places.
Showers have been helpful also in parts of the Southeast, but rather generally in the middle Atlantic area, especially in Virginia, Maryland, West
Virginia, and much of Pennsylvania droughty conditions continue with
only very local relief. There was also but little rain of consequence in New
York.
SMALL GRAINS.
-The ground remained generally too dry to plow in the
Middle Atlantic States and eastern Ohio Valley, but in central parts of
the latter area good rains were received and plowing and seeding were
favored. The ground is in good condition also in the Southwest and in
the Great Plains, except that it is still too hot and dry in much of Texas.
Rain is needed in the Pacific Northwest for conditioning the soil, while
in other parts of the West the dry weather favored rapid advance of fall
plowing and seeding.
CORN.
-With additional showers, some late corn in the northern portion of the main producing area shows further improvement. The crop is
maturing rapidly and much is now out of frost danger in northern sections, with cutting in progress. In Iowa the state of maturity ranges
from about four-fifths safe in the north to one-half in the south, while
more than half is now safe in northern Illinois.
The crop report of the Department of Agriculture, as of Sept. 1, shows
that during the months of July and August, 1930, there was, because
of the prevailing drought, a loss in the prospective corn crop of about
820,000,000 bushels, with 527,600,000 bushels of this total loss accounted
for in an area comprising the seven important corn States of Kentucky.
Ohio, Indiana, Illinois Iowa, Missouri, and Kansas. In these seven
States the average deficiency in rainfall for the two months was 3.35
inches, which makes for each inch deficiency in rainfall a corresponding
loss in the corn crop of 157.500,000 bushels. In these seven States the
preliminary estimate of corn acreage was 43,364,000 acres, which makes,
on the average, a deficiency of 1 inch in rainfall correspond to a loss of
3.63 bushels of corn per acre. In actual water equivalent the deficiency
In rainfall for these two months amounted, on the average, to 378 tons of
water for each acre of corn in the area of seven States. or 31 tons for each
bushel reduction in prospective yield from July 1 to Sept. 1.
FINANCIAL CHRONICLE
1922
COTTON.—Rainfall of 1 to about 3 inches was general over the Cotton
Belt, except in some western sections, with temperatures ab eve normal.
There was considerable interruption to picking, especially in the central
States of the belt, but fair progress was reported in most sections.
In Texas there was further deterioration of cotton in some northern
and wustern localities where it continued dry, but new growth is reported
in central and northern districts where recent rains occurred, with but little
change in the general condition for the State. In Oklahoma the drouth
has been largely relieved and weekly progress of cotton was fair, with
bolls opening rapidly and picking and ginning general. In the central
States of the belt there was more or less damage reported to staple by frequent rains, with considerable interruption to picking; otherwise, conditions were fairly favorable. In the northeastern districts progress of
cotton was variable, but generally in the more eastern States bolls are
opening rapidly, prematurely in many places. There was some interruption to picking in North Carolina. though harvest has begun to the extreme
northern sections of the belt.
MISCELLANEOUS CROPS.—Pastures are still rather dry in most
sections from New York south to South Carolina, and also in parts of the
Southwest, but the beneficial rains of the past week or so have materially
improved conditions throughout central parts of the country. The great
western grazing sections continue to report conditions generally excellent,
with an increase of stock water in some previously dry areas.
Late vegetable and truck crops were substantially benefited by the increased moisture, with prospects now considerably better than for some
Past weeks. Continued dry weather in the Middle Atlantic States, however, caused progressive deterioration, with much suffering. Sugar cane
showed renewed growth under more favorable conditions, while citrus is
making fair to excellent advance.
The Weather Bureau furnishes the following resume of
the conditions in the different States:
Virginia.—Richmond: Very warm and dry; few light showers beneficial for pastures in some localities, but not sufficient to condition soil for
plowing; no improvement otherwise. Practically all crops not harvested
continue to deteriorate, including apples. Cutting corn and tobacco pro:vmsed. Picking cotton begun. Deficient water supply continues serious
in some localities.
North Carolina.—Haleigh: Moderate to heavy rains over most of State
improved pastures and late crops, except in parts of northern Coastal
Plain where Mouth was without relief, especially in main peanut area,
and this crop badly damaged. Some improvement of tobacco in northwest; still considerable part of crop to harvest. Progress of cotton varies
from poor to good; some interruption to picking.
South Carolina.—Columbia: Scattered rains beneficial, but drouth
continues in most sections. Cotton opening rapidly, with premature opening increasing, injuring staple quality; picking and ginning progressing.
Corn, truck, gardens, meadows, and pastures suffered materially, especially on uplands of central and north. Sweet and fall potatoes and other
ground crops holding up very well generally.
Georgia.—Atlanta: Frequent raWswhich became general at close of
week, gradually breaking drouth and'benefiting fall truck, potatoes, cane.
and pastures, but too late for corn and cotton. Picking cotton progressed
rapidly until close of week, when delayed by rain; much complaint of
small bolls, but general condition good. Sugar cane plants mostly small.
but late rains renewing growth.
Florida.—Jacksonville: Cotton picking continued under favorable conditions. Showers and moderately heavY local rains in all divisions, but
more needed on uplands for cane, sweek potatoes, seed beds, and recentlyset truck. Strawberries good where soil moisture favorable, but previous
insufficient rain and warm weather retarded cabbage and other truck.
Harvesting corn and hay continued.
Alabama.—Montgomery: Rains delayed farm work. Late corn mostly
good progress and condition ranges from poor to good; fodder pulling
quite general. Potatoes, truck, pastures, vegetables and minor crops
good
improved where moisture sufficient; condition varies from poor to some
Progress and condition of cotton poor to good; opened rapidly and
of north; rain damaged open cotton in a
prematurely in a few localities
few localities, mostly in north; picking generally retarded by rain; ginning good progress.
Mississippi.—Vicksburg• Frequent showers and occasional heavy rains
damaged cotton staple slightly and delayed picking. Progress of lateplanted corn poor to fair, with rains mostly too late for valuable effect. Progress of gardens and pastures fair to good.
Louisiana—New Orleans: Warm and showery during week, with general rains and cooler at close, unfavorable for haying, harvesting rice, and
liter"
cotton picking, but picking good advance most of week. Cotton scanty
somewhat damaged by rain and considerable complaint of short,
staple, due to drouth and _premature opening; some top bolls reported in
completed; late
more favored localities. Early rice harvest practically
beginning. Cane, pastures, and truck continued excellent growth. State.
Texas.—Houston: Warm, with effective rain over three-fifths of
Progress and condition of pastures and late feed and minor crops spotted,
depending on local moisture; average fair. Condition of rice very good
and harvesting made fair progress. Cotton deteriorated in portions of
north and west where still dry, while some new growth in northern twothirds where recent rain, but change in condition slight; some damage
to open cotton by heavy local rain; picking and ginning made fair progress.
Oklahoma.—Oklahoma City: Hot and dry early Part of week, with
light to heavy rain latter part. Drouth relieved and conditions materially
condition
improved in most sections. Progress of cotton generally fair;
ranges from very poor to fairly good and probably averaging fair; opening rapidly and some prematurely; much short and poor staple: Picking
droutis
and ginning general. Early corn matured; late that survivedplanting
poor. Soil now in good condition in most sections. Plowing and
winter grains; some wheat sown during week.
Arkansas.—Little Rock: Progress of cotton fairly good to very good,
moisexcept in a few localities of northeast where damaged by too much beneture; picking and ginning advanced rapidly; staple short. Late corn
in all portions very beneficial for
fited and some being planted. Rain
Potatoes, sweet potatoes, truck gardens, meadows, pastures, and apples.
conTennessdd.—Nashville: Rains generally beneficial. Progress and
dition of lowland corn improved in sections, while progress and condition
of late very good. Early tobacco ranging from poor to good, while late
vigorous and progressing rapidly. Condition of cotton mostly poor, except in northern sections; upland opening rapidly and picking and ginning under way.
Kentucky.—Louisville: Moderate to heavy rains nearly general. Pastures, forage crops, late gardens, and late potatoes improving in northwest; otherwise little change, but enough rain received to start them in
most of central and west. Considerable planting of late vegetables, espesuPcially turnips; moisture sufficient for germination. Domestic water blueply increased; also considerable local run-off to creeks in eastern
Kress, south-central, and northwest, furnishing temporary stock water.
Tobacco good growth in northwest; otherwise slow; cutting early advancing
and late improving, but very green.
THE DRY GOODS TRADE
New York, Friday Night, Sept. 19 1930.
In retail channels activity was well sustained during the
week, with the volume of re-orders continuing to approximate large volume and applying to women's, men's and
children's apparel, with dresses in increasingly active demand. However, whether this sudden development of the
most active business in several months will prove more
than the natural seasonal upturn which is regarded as a
necessary result of the extreme dullness of the past summer,
remains to be seen. It is hoped that current activity may
continue substantially at its present levels through October,
in which case the probabilities of leaving the period of depression definitely behind would be greatly enhanced, it is
argued. The past several days in retail quarters have been
particularly notable for the large movement of boys' and
men's clothes, embracing practically all branches. A con-
For,. 131.
tinuation of this condition should have an early reflection
in secondary channels, and, us stocks in those quarters are
not heavy, in better ordering from mills. Cotton goods were
quieter on the whole, though the rate of activity continued
above the curtailed level of the summer. Internal conditions in the fine goods division are perhaps the most noteworthy feature of the week. A projected corporation to be
formed with the object of maintaining production of fine
cotton goods in a balance to demand is regarded as an
Important step in the direction of eliminating the deeply
rooted evils in the trade. The plan is said to have the support of the most powerful interests in the division, and while
details are not yet available, it is understood that the
process of putting it into operation is already under way.
Much encouragement is derived from the fact that the current broad upward trend in textile activity has uncovered
a scarcely less broad lack of surplus stocks in the constructions most desired. While this occasions disadvantages to
buyers, it also indicates that mills will have something
tangible as a basis for production for some time to come, a
condition which has been conspicuous by its absence in the
past few months.
DOMESTIC COTTON GOODS.—After registering further slight upward revisions In prices in the gray goods
market late last week, on coarse yarn constructions, in disregard of further unsettlement in raw cotton, the cotton
goods price structure has held very steady. Beginning the
new week, signs of further broadening in fine goods business were seen, and combed broadcloths, lawns and dimities
were notable among the various fabrics which sold in satisfactory volume. Activity in cotton towels is exceeding
recent expectations, with a somewhat firmer undertone in
evidence, though reductions on certain turkish constructions
a short time ago are still ruling, apparently, and difficulty
continues to be experienced in some quarters in meeting thc
low prices established by acute competition. Scarcity is
another feature of the towel situation, buyers being forced
to wait for fulfilment of their orders for periods'running
into two or three weeks in some instances. This is considered a good augury in connection with the hoped-for
restoration of sounder merchandising methods. Toward the
middle of the week activity slackened appreciably, notably
in prnit cloths, sheetings, and wash goods. The falling off
in the latter division is attributed to weather conditions
chiefly, and provided an opportunity for converters to catch
up on delayed deliveries, without raising much apprehension of a protracted lull in demand. Cooler weather is
expected to stimulate calls for spot delivery. Producers
of bedspreads continue to have difficulty in supplying goods
for orders which had not been looked for in view of the
policy of turning out goods as ordered. The present accumulation of orders dating back to August is large enough
to make it difficult for buyers to get spot goods. This is
chiefly true, of course, of the more favored constructions.
of which stocks are extremely scarce. Print cloths 27-inch
64x60's construction are quoted at 4%c., and 28-inch 64x60's
at 4%c. Gray goods, 39-inch 68x72's construction are quoted
at 6c., and 39
-inch 80x80's at 74c.
WOOLDN GOODS.—The Wool Institute statistics for
August, published this week, reveal a technical condition
in the trade at the inception of the fall season, which is
considered more favorable than at any corresponding period
since the war. Stocks on hand were sharply reduced in all
divisions, the total showing a decrease of 14% compared
with the July figures. Billings exceeded production by 15%.
/
Production decreased 412c. despite a net gain in billings of
11%, the decrease being wholly due to quietness in the
men's wear division, where the current surplus of goods
was estimated at about one month's supply at the beginning
of September. A somewhat more brisk demand in some
directions is considered to have further reduced such stocks
in the meantime. Business in the women's wear division
stepped up sharply, orders for worsteds increasing 40%,
for woolens 19%, and 25% for the division as a whole.
With the spring season in the offing, output of the men's
wear mills is being subjected to still stricter regulation,
with manufacturers foregoing the customary practice of
accumulating stocks in this period owing to the uncertainty
of future demand, and the necessity of continuing to stimulate the growing confidence of buyers in prices. Reflection
of the better feeling on the part of the latter is seen in the
willingness manifested in a number of instances to book
into the future with mills of established reputation. While
dress goods mills continue to work overtime under the necessity of providing for the present unprecedented demand,
with a number booked well ahead, activity in men's wear
goods is very limited, except for the pronounced call for
oxford sultings, the unexpected volume of which has resulted in marked scarcity in some quarters. Overcoatings
business is on a quiet scale.
FOREIGN DRY GOODS.—No noteworthy development
has come to light in linen markets lately. Household constructions continue seasonally quiet. Small quantities of
burlaps were purchased in an easing market during the
week, with interest temporarily suspended. Light weights
are quoted at 4.20c., and heavies at 5.66c.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
ffitate an Txtg gepartuxtut
NEWS ITEMS
Lake Worth, Fla.—Bondholders' Protective Committee
Reports Status of Default.—A letter was issued on Sept. 15
by the Protective Committee of the above municipality, of
which John R. Brandon of New York is Chairman, to the
holders of the defaulted bonds (see V. 130, p. 320, 3030 and
3752), in which the Committee reports on the efforts they
have made recently to effect an agreement with the City
looking toward the payment of interest on the defaulted
bonds. The letter reads as follows:
To the Holders of City of Lake Worth, Florida, 6% Improvement Bonds
of the several issues bearing various dates, the earliest of which is May
15 1926, and the latest of which is March 20 1927:
Subsequent to your Committee's letter to you of April 9 1930. the Lake
Worth General lionholders' Protective Committee, referred to therein,
reported that a majority of the general obligation bonds had been deposited.
In July representatives of the two committees met the Mayor and City
Commissioners in Lake Worth with the object of working out a mutually
satisfactory plan which would lead to a refunding of the City's bonded
indebtedness. At the beginning of the negotiations the City Officials
dwelt at length on the causes leading to the City's present difficulties,
such as the collapse of the Florida real estate boom, local bank failures,
hurricanes and the Mediterranean fruit fly quarantine all of which were
said to have made it difficult, and in many cases impossible, for the citizens
to pay taxes. They also pointed out that drastic economies had been
effected by the prbsent administration in the operation of the various
municipal departments. The officials stated they realized that the large
arrears of unpaid taxes on property in the City and the existing defaults
on the City's bonds curtailed local business activities and prevented outside
people and capital from being attracted to Lake Worth. They were desirous
therefore of clearing up this situation but felt that the City's indebtedness
should be settled at some substantial discount.
The committees made it clear that the City's difficult position was fully
appreciated but that at the same time it was believed after a thorough
study of the situation that the City had no Justification in expecting the
bondholders to make a compromise in the principal amount of their bonds.
The committees insisted that the City show its good faith by including in
its budget for the coming year (1930-31) a tax levy sufficient to pay the
annual interest upon its entire bonded debt. They stated that if this were
done and interest payments resumed any reasonable extension of time
would be given for the payment of the principal. The City was unwilling
to commit itself immediately with respect to such a program but agreed
to give its answer by Aug. 15.
, The committees also endeavored to convince the City of the desirability
" of attempting to sell its public utility properties to private interests, which
would in all probability improve the character of the services rendered,
and to use the proceeds ofsuch sale to reduce the amount of its indebtedness.
The City Officials refused to consider such a proposition.
In August the Mayor of Lake Worth met representatives of both committees in New York and stated that he was at last convinced that the City
should recognize every bond it had outstanding as a legal and valid obligation, to be paid, not at a discount, but at 100 cents on the dollar. He
further reported, however, that the City Commissioners saw no way by
which they could provide the tax levy required or make any other proposition which would be of a character to meet the views of the committees.
Under the circumstances your Committee has therefore instructed counsel
to proceed with the legal enforcement of the bondholders' rights. It is
hoped that as the result of such enforcement the City will be made to
realize its obligations and to agree to an equitable refunding plan.
It was arranged with the Mayor that in determining the assessed valuation
of taxable property and fixing the tax rate for the coming year the City
would consult with representatives of the two committees. The Mayor
stated, moreover, that a new City Charter should be drawn, to be passed
by the 1931 session of the Florida Legislature which would provide the
City Officials with better tax collection machinery than now exists and
also would embody a refunding plan for the City's entire bonded debt.
It was agreed that counsel for the two committees would assist the City
Attorney in the preparation of the new Charter.
The time for the deposit of Improvment Bonds under the Agreement
of April 8 1929, has been extended to Oct. 24 1930.
This
action was taken in view of the importance of your committee representing,
if possible, all the outstanding improvement bonds in future negotiations
with the city. Your committee again urges the immediate deposit of any
remaining outstanding bonds so that the holders thereof may benefit from
the results of the committee's activities. Very truly yours,
JOHN R.BRANDON,Chairman,
JAMES D. FLAHERTY,
HAROLD 0. PAYSON,
HARRY E. TOWLE, Committe,e.
By HORACE H. SEARS. Secretary.
Louisiana.—Legislature Convenes in Special Session—
House Votes to Abandon Impeachment Proceedings.—On Sept.
15 Governor Huey P. Long called the State Legislature to
convene in special session late in the day on Sept. 16, for a
term limited to eight days, to consider the proposed amendment of the State Constitution to provide $68,000,000 in
bonds for roads and bridges, including a $7,000,000 bridge
at New Orleans; a proposed increase of one cent a gallon in
the gasoline tax to aid the schools and the port of New Orleans
a $5,000,000 bond issue for a new State capitol building,
and other matters.
On Sept. 17 the House voted, by a count of 70 to 20 to
nolle prosse the 1929 impeachment proceedings against
Governor Long, still pending in the Senate. It is understood
that the Board of Managers which had been named by the
House to conduct the prosecution of the Governor will be
discharged.
New Jersey.—Text of Municipal Debt Limit Extension
Bill.—In view of the passage of the measure introduced by
Senator Welber in the State Legislature to amend the municipal debt limitation bonding act (see V. 131, p. 1744), we
publish herewith the complete text of the measure as approved:
Second Special Session Senate No. 1.
STATE OF NEW JERSEY
Introduced September 8 1930 by Mr. Welber.
(Without Reference.)
A supplement to an act entitled "An act to authorize and regulate the
issuance of bonds and other obligations and the incurring of indebtedness
by county, city, borough, village, town, township or any municipality
governed by an improvement commission or any municipality governed
by a board of commissioners," approved March 22 1916. and constituting
chapter 252 of the pamphlet laws of 1916.
Be it enacted by the Senate and General Assembly of the State of New
Jersey:
1. The act to which this act is a supplement be and the same is hereby
supplemented by adding thereto four new sections, numbered 11 (b). 11 (c),
11 (d), and 11(o), reading as follows:
11 (b). Bonds or notes may be authorized and issued to raise funds for
carrying out any purposes, improvements, or contracts hertofore authorized
or entered into, and bonds and notes heretofore authorized or issued may
be reauthorized, ratified, renewed, or funded without regard to the pro-
1923
visions of section 11 (a) of this act, but in accordance with all other provisions of said act. For the purpose of this section, a purpose,improvement,
or the issue of bonds or notes shall be deemed heretofore authorized if the
ordinance purporting to authorize such purpose, improvement, or bonds
or notes, was finally passed and adopted, or was introduced and passed
on first reaAng, as shown by the minutes of the governing body, on or
before July 1 1930, notwithstanding that such ordinance may not have
been duly adopted or published, or the proceedings in connection therewith
may not have been taken in compliance with the statut s appdcable thereto.
11 (c). Any municipality may authorize general or local improvements
and indebtedness therefor, notwithstanding the limitations imposed by
section 11 (a) of this act, when such improvements or indebtedness are
made necessary (a) by the valid order of any State or county authority,
or any court of competent jurisdiction, or (b) for the payment for the completion of improvements heretofore commenced by any joint sewer meeting,
including any enlargements or alterations thereof under contracts made
or to be made by the participating municipalities, or (c) for the purpose of
completing and rendering serviceable any improvement partially constructed
at the time of passage of this act, or (d) for the purpose of constructing
sewer. water, gas or other utility mains and connections and the making
of other improvements in streets, roads or other public ways or places,
which are about to be paved, surfaced, constructed, graded or improved
in whole or in part by any State or county authority in this State, including
the Port of New York Authority and the South jersey Port Commission
as evidenced by a format resolution and general plan of such State or
county authority filed or to be filed with the clerk of such municipality, and
with the Commissioner of Municipal Accounts. But no ordinance authorizing any such improvement or indebtedness therefor shall be finally passed or
adopted until the Commissioner of Municipal Accounts has certified upon a
copy of such ordinance that the ordinance and the indebtedness thereby authorized falls within the provisions of this section: and such certificate shall
be conclusive as to such compliance in any suit, action or proceeding relating
to the validity of any indebtedness issued pursuant to such certificate.
11 (d). Any municipality may authorize general or local improvements
and incur indebtedness therefor, notwithstanding the limitations imposed
by section 11 (a) of this act, to a total amount not exceeding one-half of
the amount of indebtedness heretofore incurred for local improvement
whether for the share of the municipality, or the share assessed on property
especially benefited, which may have been retired since the beginning of the
calendar year 1930; provided, such new indebtedness is necessary for the
purpose of making a capital improvement made necessary by emergency,
or for the preservation of public health or public property. But no ordinance authorizing any such improvement or indebtedness tnerefor shall
be finally passed or adopted until the Commissioner of Municipal Accounts
has certified upon a copy of such ordinance that the ordinance and the
indebtedness thereby authorized falls within the provisions of this section;
and such certificate shall be conclusive as to such compliance in any suit,
action or proceeding relating to the validity of any indebtedness issued
pursuant to such certificate.
11 (e). Before certifying his decision on any ordinance, as provided in
section 11 (c), or section 11 (d), the Commissioner of Municipal Accounts
may investigate the facts involved either by calling upon any other State
department for counsel or assistance, or by his representatives. The
Commissioner, before certifying his decision on any such ordinance, shall
hold a public hearing thereon in the municipality to be affected after not
less than five days' notice of the time and place of such hearing has been
published at least once in a newspaper, in accordance with the provisions
Commissioner, before certifying his decision on any such ordinance, shall
of section 11 of the act to which this act is a supplement. Any additional
expenditure caused by such investigation or hearing shall be charged to and
recovered from the municipality seeking authority under said sections, and
shall become a part of the cost of the improvement if approved, or included
in the next budget of the municipality if not approved. The Commissioner
of Municipal Accounts may prescribe such additional forms of debt statements as may be necessary to meet the requirements of sections 11 (a),
11 (b), 11 (c) and 11 (d), and debt statements made and filed as required
for a supplemental debt statement and in substantial compliance with the
requirements of sucn forms shall be conclusive as to the facts therein stated.
2. If any section of this act should be held unconstitutional or invalid,
such decision shall not affect the validity of the remaining sections of the act.
3. This act shall take effect immediately.
North St. Lucie River Drainage District, Fla.—State
Supreme Court Gives Ruling on Drainage District Act Favoring
Bondholders.—In a lengthy opinion during the June term,
the State Supreme Court decided some points of interest to
all holders of Florida drainage district bonds. The decision
is said to be regarded generally as very encouraging. In
his opinion Justice Whitfield, in which three of the four other
members of the Supreme Court concurred, upheld the drainage law of 1913 under which most of the bonds now outstanding were issued, and ordered continuance of tax assessments. The decision was given in a suit to invalidate the
above named district and to enjoin the collection of taxes in
the district. Earlier court decisions in similar cases did not
satisfactorily adjust the outstanding bonded debts of the
districts involved. It is contended by the bondholders that
the real difficulty lies in the unwillingness, not the inability,
of taxpayers to meet their obligations. At the present time
we are informed that practically all of the drainage district
bonds which have been floated in Florida are in default.
Oklahoma.—Attorney General Gives Rulings on Taxation
Questions.—In response to requests from Governor Holloway's tax commission, J. Berry King, Attorney General, has
given an opinion regarding the power to levy taxes in addition to the present ad valorem tax. The rulings on the
points in question, as reported in the "United States Daily"
of Sept. 12 are:
"The Legislature of Oklahoma may delegate to a State Tax Commission
the exclusive power to value property for purposes of taxation, except in
the case of railroads and public service corporations, the Attorney General
J. Berry King, has advised Governor Holloway. A ruling on this point
Was requested by the Governor's commission now investigating the tax
situation, the opinion explained.
"The Legislature is empowered to levy a severance tax or gross production
tax in addition to ad valorem tax, and may subject mineral producing companies to a gross production or severance tax even though such companies
pay a State:income tax, the opinion held. The gross revenue tax law (Chapter
84. See. 9810, 9811. C. 0. S. 1921) is no longer operative for the reason
that it was declared unconstitutional in a case entitled Comanache Light &
Power Co. v. Nix, 156 Pac. 293, the Attorney General explained.
"If the Legislature should abolish the money and credits tax and the mortgage registration tax, would it be possible to tax State and National banks
on their net income, provided the other competing business were taxed on
the net income in the same rate.." the Commission asked. That question
should be answered In the affirmative, the opinion ruled, explaining the
limitations upon the taxation of National ban.s imposed by Section 5219
of the Revised Statutes."
Sarasota, Fla.—Bondholders Seek Court Control of City's
Finances.—The finances of the above city would be put
under the control of the Tampa Circuit Court, should an
injunction suit recently filed in Tampa by the owners of the
unpaid securities of the city be granted. A special dispatch
from Tampa to the "Wall Street Journal" of Sept. 16 reads as
follows.
In a suit filed here, court control of the finances of the city of Sarasota
has been asked by holders of bonds to enforce payment of the city's obli,
gations.
FINANCIAL CHRONICLE
1924
The complainants allege that Sarasota had outstanding bonds March
31. this year, amounting to $6,368,300. Negligence in collection of taxes
Is charged, and misapplying money that should have been held for bond
payments.
A complete accounting is asked, and in the meantime, it Is requested that
city officials be enjoined from paying out money for any other purpose.
A mandatory injunction was asked to require the city to enforce tax and
special assessment collections. Several other requests are made to the court
to protect the bondholders.
Supreme Court Holds Bond Issue
'
Valid.
-On Sept. 11 the Supreme Court, sitting en bane,
ordered a writ of mandamus issued against L. D. Thompson,
Auditor, after Judge Gantt had held the $150,000 issue
of 532% municipal light plant bonds that was sold on May 15
-had been legally approved by the electors,
-V.130, p.3763
directing the Auditor to register the issue in question. The
Sept. 12 issue of the St. Louis "Globe-Democrat" carried
the following on the subject:
banc
Sikeston
Mo.-State
"A writ of mandamus was ordered issued by the Supreme Court en
to-day against State Auditor L. D. Thompson,requiring him to register an
issue of $150,000 of bonds voted by the City of Sikeston, Scott County,
April 1 1930, to build a municipal electric plant.
"The writ was issued when a decision by Judge E. S. Gantt held that the
bonds had been legally voted by the people.
"The issue was questioned by the auditor on the ground that the poll
books of the election showed a total of 1,886 voters registered while the
bond
returns made by the judges showed that only 1,756 voted on the being
Proposition, 1,240 for and 517 against, 129 of the votes registered
omitted in the return.
"Judge Gantt holds that the number of votes cast for the proposition
should be taken as the total vote from which to determine whether the bond
issue had carried, and he holds the election valid for the reason that more
the
then two-thirds of the voters on the proposition were in favor and that the
129 registered but not returned should not be counted in determining
total vote cast at the election.
-At a
-City Manager Plan Adopted.
Teaneck, N. J.
referendum held on Sept. 16 the qualified electors approved
the proposed adoption of the municipal manager plan of
government to replace the present township organization.
The change received a majority of 40 votes, the count being
reported as 2,271 "for" as compared with 2,231 "against.
It is stated that another special election will be held within
four weeks in order to make the plan effective by electing
five councilmen, who in turn will name the new municipal
manager. Four thousand taxpayers are reported to have
signed the petition for the election on the 16th, which was
filed on Aug. 25, by the Teaneck Taxpayers League.
BOND PROPOSAL AND NEGOTIATIONS.
-Two issues of
ABERDEEN, Brown County, S. Dak.-BOND SALE.
bonds aggregating $35,000, were purchased by the Sinking Fund. The
airport and $15,000 fire station bonds.
Issues are as follows: $20,000
ADAMS COUNTY SCHOOL DISTRICT NO. 24 (P. 0. Brighton),
-A $10,000 issue of 434% school building
-ELECTION SALE.
-PRE
Colo.
bonds is reported to have been purchased by the International Co. of
Denver, subject to an election to be held in the near future. Due $1,000
from 1933 to 1942 inclusive.
-The $169,000
-BOND SALE.
AKRON, Summit County, Ohio.
coupon or registered airport landing field bonds offered on Sept. 15-V. 131
-were awarded as 43.48 to W. L. Slayton & Co. of Toledo for a
p. 1450
premium of $578. equal 100.34, a basis of about 4.20%. The bonds are
dated Oct. 1 1930 and mature on Oct. 1 as follows: $11,000 from 1932 to
1942 incl., and $12,000 from 1943 to 1e46 inclusive.
The following is an official list of the bids submitted for the issue: Net
Aggregate
Interest
Interest. Premium. Interest.
Rate.
Bidder$578.00 $64,999.50
$65,577.50
* W.L. Slayton & Co., Inc-- 4}%
331.00 65,246.50
63,577.50
4
Halsey.Stuart & Co
136.00 65,421.50
65,577.50
4
Bk.& Tr
Central-Dep.
118.00 65,459.50
65,577.50
4
Detroit Co
38.00 65,539.50
65,577.50
Braun,Bosworth & Co
2,588.00 66,847.00
69,435.00
Co-__
Mitchell, Herrick &
69.435.00 2,553.00 66,882.00
434
Guardian Trust Co
69,435.00 2,134.00 67,301.00
4 %
Seasongood & Mayer
69,435.00 2,112.50 67,322.50
Stranahan, Harris & Co.,Inc. 434
1,960.23 67,474.77
69,435.00
%
National City Co
Guar.
Lehman Bros.; Title
1,909.70 67,525.30
69,435.00
434%
Sec. Corp.,jointly
1,780.00 67.655.00
69,435.00
434
Assel,Goetz & Moerlein
1,710.00 67,725.00
69,435.00
434 q
Otis & Co
1,030.90 68,404.10
69,435.00
434%
BancOhio Sec. Co
* Awarded bonds.
ALHAMBRA CITY SCHOOL DISTRICT (P. 0. Los Angeles), Los
-Sealed bids will be re-BOND OFFERING.
Angeles County, Calif.
ceived until 2 p. m. on Sept. 22, by L. E. Lampton, County Clerk, for the
purchase of an issue of $190.000 5% school bonds. Denom. $1.000.
Dated June 1 1929. Due $10,000 from June 1 1931 to 1949 incl. Prin.
and semi-ann. int. payable at the County Treasury. No bid will be considered at less than 5% or below par. A certified check for 3% of the bonds.
payable to the Chairman of the Board of Supervisors, must accompany
each bid. The following statement is furnished in connection with the
offering notice:
Alhambra City School District has been acting as a school district under
the laws of the State of California continuously since July 1 1900.
The assessed valuation of the taxable property in said school district for
the year 1930 is $32,887,335,and the amount of bonds previously issued and
now outstanding is $779.000.
Alhambra City School District includes an area of approximately 9.34
square miles, and the estimated population of said school district is 46,000.
AMARILLO INDEPENDENT SCHOOL DISTRICT (P.O. Amarillo),
-We are now informed that
-BOND DETAILS.
Potter County, Texas.
the $100,000 issue of school bonds that was jointly purchased by the Dallas
Union Trust Co. of Dallas and C. W. McNear & Co. of Chicago (V. 131,
p. 1744), was awarded for a premium of $2,020. equal to 102.02. (These
bonds are reported to be the remainder of the total issue of $500,000, of
-V. 130, p. 1508).
which $400,000 was sold on Feb.20
-A $9,000 issue of
AMHERST, Portage County, Wis.-BOND SALE.
5% pumping station and equipment bonds has recently been purchased by
investors. Denom. $500. Dated Sept. 1 1930. Due $500 from
local
April 1 1931 to 1948 incl.
-BONDS DEFEATED.
ANN ARBOR, Washtenaw County, Mich.
At a special election held on Sept. 10 the voters turned down a proposal
calling for the issuance of $250,000 in bonds to finance the construction of
four miles of sanitary sewer pipe. The measure failed by 214 voters to
receive the necessary 60% majority vote for approval. Of the ballots cast,
2,527 were in favor of the issue while 2,042 voted negatively.
-The $11,500
ATLANTA, Fulton County, Ga.-INTEREST RATE.
Issue of street impt. bonds that was purchased by Bell, Speas & Co. of
-bears interest at 434%.
Atlanta. at a price of 102.89-V. 131, p. 1744
giving a basis of about 4.15%. Due in 10 years.
-LIST OF BIDS.
-The followATTLEBORO, Bristol County, Mass.
ing is a list of the bids received on Sept.9 for the purchase of the $100.000
temporary loan awarded to the Bank of Commerce & Trust Co. of Boston
-V.131 p.1744.
at 2.15% discount.
•
BidderBank of Commerce & Trust Co.(purchaser)
Shawmut Corp
Faxon Gade & Co
Salomon Bros. & Hutzler
F. S. Moseley & Co
First National Bank of Attleboro
First National Old Colony Corp
[VOL. 131.
Discount.
2.15
2.16
2.22
2.18
2.25
2.25
2.33 0
-LIST OF BIDDERS.
AUDUBON COUNTY (P. 0. Audubon), Iowa.
-The following is an official list of the other bids received on Sept. 8 for
the $415 000 annual primary road bonds that were purchased by the
Carleton D. Beh Co. of Des Moines, as 436s at 100.939 a basis of about
4.32%-V. 131. p. 1744-:
Premium.
Bidder$3,896
Iowa-Des Moines Co. of Des Moines
2,901
Glaspell,Vieth & Duncan of Davenport
2,075
Farmers State Bank of Audubon
1.450
M.Bechtel & Co,of Davenport
Geo.
-BOND OFFERING.
BEDFORD, Westchester County, N. Y.
Edward P. Barrett. Town Supervisor, will receive sealed bids until 10.30
a. m.(Daylight saving time) on Sept. 23 for the purchase of $150,000 not to
exceed 6% interest coupon or registered water district bonds. Dated Sept.
15 1.930. Denoms. $1,000 and $500. Due $7,500 on Sept. 15 from 1931
to 1950 incl. Rate of interest to be expressed in a multiple of 1-10 or 31
of 1%. Prin. and semi-ann. int. payable at the Mount Kisco National
Bank & Trust Co., Mount Kisco. A certified check for 234% of the face
value of the bonds bid for must accompany each proposal. The approving
opinion of Clay, Dillon & Vandewater of New York will be furnished to the
purchaser without charge.
Financial Statement.
The assessed value of the town according to the last completed assessment
roll (year 1929) is $32,240,586.
Bonded debt of the town is:
$304,000
Highway and town house bonds
68,000
Jatonah water district bonds
150,000
Bedford Hills water district,issue now being offered
Total
$522,000
-BOND
BELLEVUE SCHOOL DISTRICT, Allegheny County, Pa.
-James W. Graham, Secretary of School Board, will receive
OFFERING.
sealed bids until 6 p.m. (Eastern standard time) on Oct. 6 for the purchase
of $150.000 434% school bends. Dated Oct. 1 1930. Denom. $1,000. Due
on Oct. 1 as follows: $7,000 in 1933, 39,000 in 1,136 and 1039. $10,000 in
1942, $14,000 in 1945. $16,000 in 1948, $17,000 in 1951, $19,000 in 1954,
$22,000 in 1957, and $27,000 in 1960. Interest Is payable semi-annually in
April and Oct. A certified check for $3.000 must accompany each prosal. The opinion of Moorhead & Knox, of Pittsburgh, as to legality will
be furnished the successful bidder.
-Sigel
-BOND OFFERING.
BENTON COUNTY (P. 0. Fowler), Ind.
until 2 p. In. on
Il• Freeman, County Treasurer, will receive sealed bids Township gravel
Sept. 20 for the purchase of 314,300 434% Oak Grove
road constrction -bonds. Dated Sept. 15 1930. Denom. $715. Due
$715 on July 15 1932;$715 on January and July 15 from 1933 to 1941 incl.,.
and $715 on January 15 1942.
-BOND ISSUE REBENTON HARBOR, Berrien County, Mich.
JECTED.-At an election held on Sept. 10 the voters rejected a proposal
the proceeds of which were to 1)..
calling for the sale of $180,000 in bonds,
used for water works construction purposes. Voting was as folloNss:
1,750 "for" and 1,955 "against."
BERKSHIRE, OWEGO, NEWARK VALLEY, CANDOR MAINE
AND NANTICOKE (TOWNS OF)_ CENTRAL SCHOOL DISTRICT
-Marion
-BOND OFFERING.
NO. 2 (P. 0. Newark Valley), N. Y.
L. Coburn, District Clerk, will receive sealed bids until 8 p. m. on Oct. 1
or registered
for the purchase of $328,000 not to exceed 6% interest coupon
school bonds. Dated Oct. 1 1930. Denomination $1,000. Due on
Oct. 1 as follows: $3,000 in 1932 and 1933; $4.000 from 1934 to 1939,incl.:
$5,000 from 1940 to 1944, incl.; $6,000 from 1945 to 1947, incl.: $7,000 in
1948 and 1949; $8,000 from 1950 to 1952, incl.; $9,000 in 1953 and 1954:
$10,000 from 1955 to 1957, incl.: $11,000 in 1958 and 1959: $12,000 in 1960
and 1961; $13,000 in 1962: 314,000 in 1963 and 1964: $15,000 in 1965:
Rate of
$16,000 in 1966 and 1967; $17,000 in 1968. and $18,000 in 1969.Prin. and
interest to be expressed in a multiple of 1-10th or 34 of 1%.
semi-ann. int. (April and Oct.) payable at the First National Bank of
Newark Valley. A certified check for 2% of the amount of bonds bid for,
payable to the order of the Board of Education, must accompany each proposal. The approving opinion of Hawkins, Delafield & Longfellow of
New York will be furnished the purchaser..
-The
-BOND SALE.
BETHLEHEM, Northampton County, Pa.
% water works bonds offered on Sept. 15-V. 131. p. 1450
$125,000
were awarded to the E. P. Wilbur Trust Co. of Bethlehem, at 101.64, a
Oct. 1 from 1930 to 1940 incl.
basis of about 4.15%. The bonds mature on
-T110
-BOND SALE.
BIRMINGHAM, Jefferson County., Ala.
on Sept. 16$260,000 issue of public improvement bonds offered for sale Colony Corp.,
Old
V. 131. p. 1450
-was purchased by the First National
as 434s, paying a premium of $260. equal to 100.10, a basis of about 4.23% •
Dated Oct. 1 1930. Due from Oct. 1 1931 to 1940,incl.
The following is a complete list of the bidders and their bids:
Premium.
Int. Rate.
Name of Bidder$260.00
%
*First National Old Colony Corp
Nat. Bank of BinningWard, Sterne & Co., First
1,583.40
ham,Bancamerica-Blair Corp
2,160.60
4
Hibernia Securities Co.,Inc
1,638.00
Marx & Co
780.00
43i
Caldwell & Co
1,690.00
Steiner Brothers
2,441.40
434%
Eldredge & Co
785.00
434%
Stranahan. Harris & Co., Inc
Halsey, Stuart & Co., $78,000.00 at 434%, and
156.00
$182,000.00 at 434%
* Successful bid.
-The $14,600
-BOND SALE.
BLOOMFIELD, Greene County, Ind.
-were
5% coupon school bonds offered on Sept. 15-V. 131, p. 1288
Indianapolis at par plus a premium
awarded to the Inland Investment Co. of
of $586.95, equal to 104.02, a basis of about 4.17%. Dated Sept. 1 1930.
Due semi-annually from July 1 1931 to Jan. 1 1941. The Fletcher American
Co. of Indianapolis also bid for the issue.
BOSQUE COUNTY ROAD DISTRICT NO. 1 (P. 0. Meridian), Tex.
-BONDS REGISTERED.
-The State Comptroller registered on Sept. 10
a $10,000 issue of 5% serial road bonds. Denom. $500.
-A $250,000
-BOND SALE.
BRAZOS COUNTY (P. 0. Bryan), Tex.
Issue of 5% road bonds has been jointly purchased at par by Caldwell &
Co. of Nashville and Garrett & Co. of Dallas. Denom. $1,000. Dated
Aug. 15 1930. Due on Feb. 15 as follows: $2,000, 1932 to 1936, $5,000.
1937 to 1954, and 810.000. 1955 to 1969, all inclusive. Prin. and int.
(F. & A.) payable at the Central Hanover Bank & Trust Co. in New York.
The approving opinion of Chapman &Cutler of Chicago will be furnished.
(This report supplements that given in V. 131, p. 1745.)
-PROPOSALS FOR
BRISTOL COUNTY (P. 0. Taunton), Mass.
$200,000 LOAN.
-The following is a list of the bids received on Sept. 9
for the purchase of the $200,000 temporary loan awarded to the B. rd. C.
-V. 131, p. 1745:
Durfee Trust Co. of Fall River, at 2.12% discount.
Discount.
Bidder2.12
B. M.0.Durfee Trust Co.(purchaser)
2.17
Salomon Bros. & Hutzler
2.18
Machinists National Bank (Taunton)
2.23
F. S. Moseley & Co
2.31
Merchants National Bank(New Bedford)
2.32
Bank of Commerce & Trust Co
2.33
First National Bank of Attleboro
2.38 0
First National Old Colony Corp
-The following
-BOND SALE.
BUCYRUS, Crawford County, Ohio.
Issues of coupon bonds aggregating $34,000 offered on Sept. 11-V. 131.
-were awarded as 434s to the Weil, Roth & Irving Co. of CinP• 1592
cinnati, at par plus a premium of $176, equal to 100.51. a basis of about
4.40%:
SEPT.20 1930.]
FINANCIAL CHRONICLE
1925
524,000 property owners' portion street impt. bonds. Due as follows:
$1,000 on April 1 and $1,500 on Oct. 1 from 1932 to 1940 incl.,
and $1.000 on April 1 and $500 on Oct. 1 in 1941.
10.000 special assessment street and paving bonds. Due $500 on April and
Oct. 1 from 1932 to 1941 incl.
Each issue is dated July 1 1930. The successful bidders also agreed to
pay for the printing of the bonds. An official list of the proposals received
follows:
BidderInt. Rate. Premium.
Well, Roth & Irving Co.(purchasers)
43
$176.00
Davies-Bertram Co
4%
153.00
Seasongood & Mayer
4%
147.00
Provident Savings Bank & Trust Co
434
93.70
BancOhio Securities Co
43
68.00
McDonald-Callahan Co
4%
64.00
Otis& Co
4
48.00
Guardian Trust Co.(Cleveland)
4.
38.50
Ryan,Sutherland & Co
38.00
W.L.Slayton & Co
4
28.00
Spitzer, Rorick & Co
434
290.00
Spitzer, Rorick & Co.
59.00
Mitchell, Herrick & Co
(unconditional)4'
44
287.00
CLINTON COUNTY (P. 0. Frankfort), Ind.
-BOND OFFERING.
Earl McDonald, County Treasurer, will receive sealed bids until 10 a. m.
on Sept. 29 for the purchase of $2,400 507 Union Township gravel road construction bonds. Dated Sept. 15 1930. Denom. $120. Due $120 on
July 15 1931;$120 on Jan. and July 15 from 1932 to 1940 incl., and $120 on
Jan. 15 1941.
CALIFORNIA, State of (P. 0. Sacramento).
-PUBLIC OFFERING
OF BONDS.
-The $390,000 issue of4% coupon or registered highway bonds
that was jointly purchased by Dean Witter & Co. of San Francisco, and the
Continental Illinois Co. of Chicago, at 100.73. a basis of about 3.91%V. 131, p. 1745
-is now being offered by the purchasers for general
ment at prices to yield, according to maturity,from 3.75 to 3.85%. investJuly 3 1911. Denom. $1,000. Due on July 3 1935, 1939, 1942, andDated
1943.
Prin. and int. (J. & J. 3) payable in gold at the office of the State Treasurer
or at the fiscal agency of the State in N. Y. City. Legal approval by
Orrick, Palmer & Dahlquist of San Francisco.
Financial Statement (As Officially Reported July 8 1930).
Assessed valuation (1929)
$9.890,992,962
Bonded debt
121,463,500
Population, 1920 (U. S. census) 3,426,536; unofficial 1930 census
5,642,282.
These bonds are a general obligation of the State of California, payable
both principal and interest from the general fund.
CALIFORNIA SCHOOL TOWNSHIP, Starke County, Ind.
-BOND
OFFERING.
-Curtis Kelley, Township Trustee. will receive sealed bide
until 1 p. m. on Oct. 6 for the purchase of $8,000 434% school building
construction and equipment bonds. Dated Oct. 6 1930. Denom. $500.
Due $1,000 on Jan. 1 from 1933 to 1940 incl. Int, is payable semi-annually.
A certified check for 2% of the amount of bonds bid for must accompany
each proposal. A full and complete transcript of the proceedings had
relative to the above bonds will be furnished the purchaser. The bonds to
be sold are part of an authorized issue of $38,000 of which $30,000. dated
May 12 1930, were awarded on May 12.-V. 131,P. 1130.
CAMBRIDGE, Middlesex County, Mass.
-TEMPORARY LOAN,
Henry F. Lehan, City Treasurer, on Sept. 17 awarded a $1,000,000 temporary loan to the Shawmut Corp. of Boston, at 2.11% discount. The
loan is dated Sept. 18 1930 and is payable on Jan. 16 1931. Payable at the
National Shawmut Bank, in Boston, or at the Chase National Bank, New
York, at the option of the holder. Legality approved by Ropes, Gray,
Boyden & Perkins of Boston.
CYGNET VILLAGE SCHOOL DISTRICT, Wood County, Ohio.
BOND SALE.
-The State Teachers Retirement System of Columbus, recently purchased a block of $113000 school building construction bonds.
The obligations are part of a total issue of $125,000 and were approved as to
legality recently by Gilbert Bettman, State Attorney-General.
CUYAHOGA COUNTY (P. 0. Cleveland), Ohio.
-BOND DESCRIPTION.
-In connection with the preliminary notice in our issue of Sept. 13
-V. 131, P. 1745-relative to the proposed sale at 11 a. in. (Eastern
standard time) on Oct. 4 of $1,531,000 5% bonds, we learn that were
are described as follows:
$1,245,000 sewerage impt. bonds. Due $83,000 on Oct. 1 from 1931 to
1945 incl.
286.000 water supply impt. bonds. Due on Oct. 1 as follows: $28 000
In 1931; $29 000 in 1932; $28 000 in 1933; $29 000 in 1934 and
1935; $28 000 in 1936; $29 000 in 1937; $28 000 in 1938 and
$29 000 in 1939 and 1940.
Each issue is dated Oct. 1 1930. Denom. $1,000. Prin. and semi-ann.
Int.(A.& 0.) payable at the County Treasurer's office. Bids for the bonds
to bear int, at a rate other than 5% will also be considered provided however that where a fractional rate is bid such fraction shall be X of 1% or a
multiple thereof. Bids must be for the total $1,531,000 bonds and must
state a single rate on int, for the sewer issue and a single rate for the water
issue. A certified check for $20,000, payable to the order of the Treasurer
of Cuyahoga County must accompany each proposal. Coupon bonds
will be furnished with the privilege of registration as to principal only or as
to both principal and interest. The proceedings incident to the proper
authorization of these bonds have been taken under the direction of Messrs.
Squire, Sanders and Dempsey whose approving opinion may be procured
by the purchaser at his own expense, and only bids so conditioned or wholly
unconditional bids will be considered.
CONEJOS COUNTY SCHOOL DISTRICT NO. 8 (P. 0. Capulin),
Colo.
-BONDS CALLED.
-The entire issue of bonds dated Sept. 1 19213
was called for Sept. 1 1931) and has not been presented for payment.
COOK COUNTY FOREST PRESERVE DISTRICT (P.O. Chicago),
111.
-BOND ELECTION.
-A proposal to issue $2,500,000 forest preserve
improvement bonds will appear on the ballot at the general election to be
held on Nov.4.
COQUILLE, Coos County, Ore.
-BOND OFFERING.
-Sealed bids
will be received by F. G. Leslie, City Recorder, until 5 p In. on Sept. 22,
for the purchase of a $50,000 issue of water bonds. hit. rate is not to
exceed 6%, payable semi-annually. Denom. 51,000. Dated Sept. 15
1930. Due on Sept. 15 as follows: $1,000, 1944; $7,000.1945; $8,000, 1946
to 1948, and $9,000, 1949 and 1950. Prin. and int. payable at the office
of the City Treasurer. Legal opinion by Teal, Winfree. McCulloch &
CADIZ SCHOOL DISTRICT (P.O. Cadiz), Harrison County, Ohio. Shuler of Portland, will be furnished. A certified check for $1,000 must
-BOND SALE.
-The State Teachers Retirement System of Columbus, accompany the bid.
recently purchased an issue of $50,000 4X% coupon school building bonds
CRYSTAL CITY SCHOOL DISTRICT (P.O. Crystal City), Zavalla
at a price which figures a net interest cost to the District of 434%. The
-BOND SALE.
-An $80,000 issue of school bonds is rebonds were authorized by a vote of more than 3 to 1 at an election held on County, Tex.
ported to have been purchased by an undisclosed investor.
April 29.-V.130. p. 3402.
CARENCRO, Lafayette Parish, La.
-BOND SALE.
-A $6,000 issue
of6% coupon semi-ann. water main extension bonds was recently purchased
by the Bank of Lafayette & Trust Co. of Carencro, at par.
CAROGA, Fulton County, N. Y.
-BOND OFFERING.
-Guy
Town Supervisor, will receive sealed bids at the office of the Durey,
Treasurer in Johnstown, until 12 m.on Sept. 29 for the purchase of County
5% series D. coupon park bonds. Dated July 1 1930. Denom.$18.000
$1,000.
Due $1,000 on July 1 from 1934 to 1951 incl. Principal and
interest (January and July) payable at the Peoples Bank in semi-annual
Johnstown.
The bonds were authorized by vote of taxpayers at a special town meeting.
Bids must be on blank forms furnished upon application to the Supervisor.
A certified check for 2% of the amount of bonds bid for, payable to the
order of the Town Supervisor, must accompany each proposal. Legality
of the bonds will be passed upon by Caldwell & Raymond, of New York,
whose favorable opinion will be furnished the purchaser, without
charge.
CHATHAM CONSOLIDATED SCHOOL DISTRICT NO. 15 (P. 0.
Jonesboro), Jackson Parish, La.
-BOND SALE.
-We are now informed
that the $40,000 issue of coupon semi-ann. school bonds that was unsuccessfully offered on Sept. 4 and then scheduled for reoffering-V.131.
-has since been disposed of at private sale to Lachlan M. Vass &p. 1745
Co. of
New Orleans. Due from 1930 to 1945 incl.
CHATHAM TOWNSHIP SCHOOL DISTRICT (P. 0. Little Marsh),
-BOND SALE.
Tioga County, Pa.
-The $24.000 434% coupon school
bonds offered on Aug. 22-V. 131, p. 973
-were awarded to J. H. Holmes
& Co. of Pittsburgh, at par plus a premium of $80, equal to 100.33, a basis
of about 4.475%. The bonds are dated Sept. 1 1930 and mature on Sept. 1
as follows: $1,000 from 1940 to 1955 incl., and $2,000 from 1956 to
1959
incl.
CHERRYH1LL TOWNSHIP (P. 0. Indiana), Pa.
-BOND OFFERING.
-Robert M.Fisher, Attorney for Township Supervisors, will receive
sealed bids until 11 a. in. (Eastern standard time) on Sept. 29,at his office,
212 Savings & Trust Co. Bldg., Indiana, for the purchase of
coupon road bonds. Dated Oct. 1 1930. Denom.$1,000. $34,000 43 %
Due on
as follows: $1,000 from 1931 to 1935 incl.; $2,000 in 1936; $1,000 InOct. 1
$2.000 in 1938; $1,000 in 1939,• $2,000 in 1940: $1,000 in 1941; $2,0001937;
1942 to 1947 incl.; $3,000 in 1948: $2,000 in 1949. and $3,000 in 1950.from
Is payable semi-annually. A certified check for $500, payable to the int.
order
of the Township, must accompany each proposal.
CHICAGO LINCOLN PARK DISTRICT (P. 0. Chicago),
Cook
County, 111.
-TO VOTE ON $3.000.000 BOND ISSUE.
-At the general
election to be held on Nov. 4 a proposal to issue $3,000,000 in bonds
park improvements purposes will be submitted to a vote of the people. for
CINCINNATI, Hamilton County, Ohio.
-BOND SALE.
$1,000,000 coupon or registered Western Hills-Brighton Viaduct -The
bonds
offered on Sept. 17-V. 131, p. 1451-were awarded as 45 to
Eldrge &
Co. of New York. for a premium of $2,390 at 100.239, a basis of
about
3.98%. The bonds are dated Nov. 1 1930 and mature $40,000 annually
on Sept. 1 from 1932 to 1956 incl. The securities are said to be legal
investment for savings banks and trust funds in New York, Massachusetts
and
Connecticut and are being reoffered by the purchasers for public
investment at prices to yield as follows: 1932 maturity, 3.50%; 1933 maturity,
3.75%; 1934 maturity. 3.80%; 1935 and 1936 maturities, 3.85%, and the
bonds maturing from 1937 to 1956 incl. are priced to yield 3.90%. A
statement of the financial condition of the city as of July 31 1930 appeared in
our Issue of Aug. 30. A group composed of the First National Bank,
Salomon Bros. & Hutzler, both of New York, and A. E. Aub &
Cincinnati, bid par plus a premium of $23,200 for the bonds as 4 Xs.Co. of
CLARINDA, Page County, Iowa.
-BOND OFFERING.-Sealed bids
will be received by W. D. Toyne. City Manager, until 7.30 p.
Sept.
22, for the purchase of a $75,000 issue of water works bonds. m. on bonds
The
and the attorney's opinion will be furnished by the City.
CLIFTON SPRINGS, Ontario County, N. Y.
-BOND SALE.
-The
$40,000 coupon or registered water bonds offered'on Sept. 12-V.
131.
p. 1451-were awarded as 4.34s to the Marine Trust Co. of Buffalo, at
101.729,a basis of about 4.36%. The bonds are dated Aug. 1 1930
mature anually on Aug. 1 from 1931 to 1970 incl. An official list ofand
the
bids received follows:
BidderInt. Rate. Rate Bid.
Marine Trust Co. (purchaser)
4%07
101.729
Wayne County Trust Co., Palmyra
100.176
Edmund Seymour & Co., New York
4X
102.106
Parson, Son & Co., New York
4i%100,148
Batchelder & Co., New York
4X
George B. Gibborur & Co.,Inc., New York
4X 0
181. 2
81.579
-BOND OFFERING.
DEFIANCE, Defiance County, Ohio.
-0. M.
Eberle, City Auditor, will receive sealed bids until 12 m.on Sept. 20 for the
purchase of $33,000 not to exceed 5%% int. special assessment impt.
bonds. Dated Sept. 1 1930. Denom. $1,000. Due semi-annually as
follows: $3,000 on March and Sept. 1 from 1932 to 1936 incl. and $3.000
on March 1 1937. Int. is payable semi-annually in Mardi and Sept.
A certified check for $3,500, payable to the order of the City, must accompany each proposal.
DELAWARE COUNTY (P. 0. Media), Pa.
-BOND SALE.
-The
$1.000,000 coupon county bonds offered on Sept. 16-V. 131, p. 1451
were awarded to a group composed of E. H. Rollins & Sons, Edward
Lowber Stokes & Co.. and R. M. Snyder & Co., all of Philadelphia. as 4s,
at a price of 100.36, a basis of about 3.97%. The bonds are dated Oct. 1
1930 and mature annually on Oct. 1 as follows: $34,000 from 1931 to 1940
incl.. and $33,000 from 1941 to 1960 incl. The securities are said to be
legal investment for savings banks and trust funds in New York, Pennsylvania and other States and are being reoffered by members of the successful group for public investment as follows: the 1931 maturity is priced to
yield 3.25% and the 1932 maturity is priced to yield 3.75%;the 1933 bonds
are priced at 100.25; 1934 bonds at 10034; the bonds due from 1935 to
1938 Incl. at 100.50: 1939 to 1946 bonds at 100.75. and the bonds maturing
from 19-17 to 1960 incl. are priced at 101.
The following is an official list of the bids submitted for the issue:
BidderInt. Rate.
Rate Bid.
E. H. Rollins & Sons; Edward Lowber Stokes & Co.,
& R. M. Snyder & Co.,jointly(successful bidders)- 4%
100.362
Harris, Forbes & Co., New York
434%
100.570
Graham, Parsons & Co., Philadelphia
4%
100.077
Media-69th Street Trust Co., Media
100.517
4)4%
Delaware County Trust Co. Delaware County
National Bank,and Lansdowne Bank & Trust Co.,
jointly
100.113
4%
DELTA RURAL SCHOOL DISTRICT, Lawrence County, Ohio.
TO VOTE 0Isl BOND ISSLES.-At the general election to be held on
Nov. 4 the voters will be asked to sanction the sale of M2,000 534% school
building construction bonds, to mature semi-annually over a period of 15
years. and $13,000 5)4% school site purchase bonds, payable semi-annully
over a period of 30 yr ars.
DRAPER SCHOOL DISTRICT (P. 0. Dalhart), Dallam County,
-A $10,000 issue of 5% school bonds has been pur-BOND SA LE.
Tex.
chased at par by the State of Texas. Dated April 14 1930. Due in 1960
and optional after 15 years.
DRAVOSBURG,Allegheny County, Pa.
-BOND OFFERING -Fred.
H. Rosensteele, Borough Clerk, will n3ceive sealed bids until Sept.26 for the
purchase of $50,000 434% street impt. bonds. Dated Sept. 1 1930. Due on
Sept. 1 1959. Int. Is payable semi-annually. The bonds were authorized
at an election held on May 20.
DRAVOSBURG, Allegheny County, Pa.
-BOND ISSUES AP-James F. Woodward. Secretary of Internal Affairs, on Sept. 15.
PROVED.
Is reported to have approved $67,500 in onds, comprising a 850,000 street
Improvement issue and an issue of $17.500 for redeeming outstanding
certificates of indebtedness.
EASTCHESTER UNION FREE SCHOOL DISTRICT NO. 1 (P. 0.
Tuckahoe) Westchester County, N. Y.
-BOND SALE.
-The $75,000
coupon or registered school bonds offered on Sept. 16-V. 131, P. 1746
were awarded as 4.30s to the Manufacturers & Traders Trust Co. of
Buffalo, at 100.269, a basis of about 4.17%. The bonds are dated May 1
1930 and mature on May 1 as follows: $5,000 in 1935; $4,000 from 1936 to
1945, incl,. and $3,000 from 1946 to 1955, incl.
EAST CLEVELAND, Cuyahoga County, Ohio.
-BOND ELECTION.
-At the general election to be held on Nov. 4 the voters will be asked to
sanction the sale of 567,000 in bonds to provide funds for the payment of
the city's share of public improvements contemplated in 1931.
EAST PALESTINE, Columbiana County, Ohio.
-BOND OFFERING.
Harry Court, City Auditor, will receive sealed bids until 12 m.on Oct. 4 for
the purchase of the following issues of 534% bonds aggregating $43,723.65:
$17,182.29 special assessment impt bonds. Due on Oct. 1 as follows:
$1,882.29 in 1931, and $1,703 from 1932 to 1940 incl.:
13,541.36 special assessment impt bonds. Due on Oct. 1 as follows:
$1,391.36 in 1931, and $1,350 from 1932 to 1940 Incl.
13.000.00 fire department equipment and impt. bonds. Due $2,603 on
Oct 1 from 1931 to 1935 incl.
Each issue is dated Oct. 1 1930. Int. is payable semi-annually in April
and Oct. Bids for the bonds to bear int. at a rate other than 5547 will
also be considered, provided however, that where a fractional rate is bid
such fraction shall be X of 1 or a multiple thereof. A certified check for
2% of the amount of bonds b d for must accompany each proposal.
1926
FINANCIAL CHRONICLE
-LIST OF
EDGEWOOD (P.0. Pittsburgh) Allegheny County, Pa.
-The following is an official list of the bids received on Sept. 8 for
BIDS.
0
the purchase of the $20,000 43(7 coupon borough bonds awarded to the
-Pittsburgh Trust Co. of Pittsburgh, for a premium of $485. equal
Peoples
to 102.425. a basis of about 4.10%.-V. 131, p. 1746.
Preniium.
Bidder$485.00
-Pittsburgh Trust Co. (purchaser)
Peoples
302.00
Glover, MacGregor & Cunningham, Inc., Pittsburgh
159.80
Union National Bank,Pittsburgh
158.20
E. H. Rollins & Sons,Philadelphia
276.00
A. B.Leach & Co.,Inc.,Philadelphia
316.00
J. H.Holmes & Co.,Pittsburgh
357.82
Mellon National Bank,Pittsburgh
323.80
Freeman & Co.,Philadelphia
M. M.
477.50
Prescott Lyon & Co.,
ELBOW COMMON SCHOOL DISTRICT NO. 10(P. 0. Big Spring),
-The $12,750
-ADDITIONAL DETAILS.
Howard County, Texas.
issue of school bonds that was purchased by the State of Texas (V. 131,
p. 1746) was awarded at par. The bonds bear interset at 5% and mature
from Mar. 1 1931 to 1959, inclusive.
-FINANCIAL STATEMENT.
ELIZABETH, Union County, N. J.
In connection with the scheduled sale on Oct 2 of $1,469,000 43(% coupon
or registered school bonds, notice and description of which appeared in our
-we are in receipt of the following:
issue of Sept. 13-V. 131, P. 1746
Financial Statement.
$148.119,092.00
taxable real property. 1930
Assessed valuation
17,891,965.00
Assessed valuation taxable personal property. 1930
$166,011,057.00
$14.364,183.75
Bonded debt including this issue
Special assessments, actually collected and on
hand applicable to the payment ofindebted13.179.261.39
ness, included in bonded debt
Special assessments uncollected, applicable to
the payment of indebtedness, included in
817.370.45
bonded debt
Sinking funds, applicable to payment of
4.548.915 36
552,283.52
bonded debt
$9.815,268.39
Net debt
Population, U. S. census 1930. 114.551.
-The City has no temporary indebtedness ultimately to be funded
Note.
by the issuance of bonds other than the temporary indebtedness to be paid
with the proceeds of the $1,469,000 school bonds.
-BOND SALE.
FAIRFIELD COUNTY (P. 0. Winnsboro), S. C.
The $115,000 issue of coupon or registered highway bonds offered for sale
-was purchased by the South Carolina
on Sept. 18-V. 131. p. 1452
National Bank,of Columbia,as 5s.for a premium of $985.equal to 100.856,
a basis of about 4.87%. Denom. $1.000. Dated July 15 1930. Due
aerially from 1932 to 1944, incl. Interest payable on Jan. and July 1.
FALLOWFIELD TOWNSHIP (P. 0. Van Voorhis), Washington
County.Pa.
-BOND SALE -The $3_0,000 434% bonds offered on Aug. 21
p 1290
-were awarded to M.M.Freeman & Co. of Philadelphia,
-v.
at par plus a premium of $395.91, equal to 101.31, a basis of about 4.29%.
The bonds are dated July 1 1940 and mature on July 1 from 1935 to 1940
Inclusive.
-NOTE SALE.
FORSYTH COUNTY (P.O. Winston-Salem), N. C.
The $98,000 issue of anticipation notes offered for sale on Sept. 10-V. 131,
Freeman & Co., Inc., of New York. at
-was purchased by M. M.
p. 1452
3.12%, plus a prem. of $13. Dated Sept. 101930. Due on Sept. 101931.
NOTES OFFERED FOR SUBSCRIPTION.-The successful bidder is now
offering the above notes for public investment priced to yield 334 %•
FORT THOMAS, Campbell County, Ky.-BOND OFFERING.
Bids will be received until 7:30 p.m. on Oct. 1, by Gertrude Leicht, City
Clerk, for the purchase of a $50.000 issue of sewer bonds. Int. rate Is not
to exceed 5%. Denom. $1,000. Dated May 1 1930. Due on Nov. 1 as
follows: $8,000 in 1935 and $3,000, 1936 to 1949. incl. Prin. and semiannual int, payable at the Bank of Commerce in New York, and the Fort
Thomas Bank. The purchaser is required to print the bonds. A deposit
of $1,000 is required.
-BOND SALE.
FRANKLIN COUNTY (P. 0. Brookville), Ind.
The $24,000 43(% coupon bonds offered on Sept. 12-V. 131. p. 1291were awarded to the Franklin County National Bank, of Brookville, at
t 0f
8
$
e3
93
Etrrtr:graigahr4f79121efgig"°gr3156b0 trAoafyal Zitili)v87 from
1950. The Fletcher American
1931 to 1949, incl.. and $1,200 on May
National Bank,of Indianapolis, bid par plus a premium of $795 for the issue.
-NOTES NOTSOLD.
FRANKLIN COUNTY (P.O.Louisburg), N. C.
-The 512.000 issue of bond anticipation notes that was offered on Aug.28-was not sold. Due not later than March 5 1931.
Y. 131. p. 1131
-BOND SALE.
FRANKLIN COUNTY (P. 0. Columbus), Ohio.
The $103.956 coupon water mains and sewer imps. bonds offered on Sept. 12
-were awarded as 43(s to the BazzcOhio Securities Co.
-V. 131. p. 1746
of Columbus, at par plus a premium of $346, equal to 100.33. a basis of
about 4.19%. The bonds are dated Oct. 1 1930 and mature semi-annually
as follows; $4,956 on April 1 and $5,000 on Oct. 11932: 55,000 on April and
Oct. 1 from 1933 to 1936 incl.; $4.000 on April 1 and $5,000 on Oct. 1 from
1947 to 1952 incl. The following is an official list of the proposals sub• mitted for the issue;
Int. Rate. Premium.
Bidder$,25469:8009
3
Seasongood & Mayer, Cincinnati
an
43
41;90
Provident Savings Bank & Trust Co., Cincinnati
Mitchell, Herrick & Co. (Cleveland) and Stranahan,
327.00
Harris & Oatis
231.00
%
43(
Merrill, Hawli y & Co., Cleveland
63.00
4 4%
Braun, Bo'worth & Co.,Toledo
1,257.00
4%
First Detroit Co., Detroit
63.00
4j%
Otis & Co.,Cleveland
346.00
BancOhlo Securities Co., Columbus(awarded bonds).A X%
FRANKLIN COUNTY (P. 0. Columbus), Ohlo.-TO VOTE ON
-At the general election to be held on Nov. 4 a
$60.000 BOND ISSUE.
which
Proposal to bond the county for an additional $60,000, the proceeds ofcourtwould be used in the improvement of the heating plant in the county
to a vote of the people.
house, will be submitted
-BOND OFFERING.
FRANKLIN PARK, Cook County, 111.
Edward A. Prink. Village Clerk, will receive sealed bids until Oct. 7 for the
purchase of $12,000 5% water works bonds. Due serially from 1942 to
19 .0 incl. The bonds were authorized by a vote of 112 to 52 at an election
held on Sep:. 9. Int. is payable semi-annually.
FREMONT COUNTY SCHOOL DISTRICT NO. 14(P.O. Florence),
-The $10,000 issue of refunding bonds offered for
-BOND SALE.
Colo.
sale on Aug. 25-V. 131, p. 1291-1s reported to have been purchased by
Joseph E. Grigsby & Co.,of Pueblo. as 4s. Due from Oct. 1 1931 to 1940.
inclusive.
-BOND SALE.
GALVESTON COUNTY (P. 0. Galveston), Tex.
The $55,000 issue of 5% semi-ann. hospital bonds offered for sale on Sept.
-was awarded to the White-Phillips Co. of Davenport,
16-V. 131. p. 1593
for a premium of $341, equal to 100.62, a basis of about 4.85%. Duo from
May 15 1931 to 1939, incl.
-The
-BOND SALE.
GEAUGA COUNTY (P. 0. Chardon), Ohio.
$16,500 4)4% coupon bridge construction bonds offered on Sept. 15131, p. 1593
-were awarded to Mitchell, Herrick & Co. of Cleveland
V.
at par plus a premium of $178_, equal to 101.07. a basis of about 4 35%•
To be dated the day of sale. Due on Sept. 1 as follows: $500 in 1931 and
$1,000 from 1932 to 1947 incl. An official list of the bids received follows:
Premium.
Int. Rate.
Bidder
$11847839.:06000
4
Mitchell, Herrick & Co.(Purchasers)
0 1 Securities
Seasongood & Mayer
106.00
Ryan,Sutherland & Co
130.00
4
Otis & Co
145.00
4 •
W.L. Slayton & Co
[VoL.. 131.
GILA COUNTY SCHOOL DISTRICT NO. 19 (P. 0. Claypool),
Ariz.
-The $61,000 issue of 5% coupon refunding
-BOND DETAILS.
school bonds that was purchased by the Valley Bank & Trust Co. of Phoenix
at par
-V. 131. p. 1593-is dated Sept. 8 1930. Denom. $1,000. Due
on Sept. 8 as follows: $7,000 in 1931, $6,000, 1932 to 1940 incl. Prin. and
int.(M. & S. 8) payable at the County Treasurer's office in Globe. Legality
approved by Kibbey, Bennett, Gust. Smith & Rosenfeld of Phoenix.
-N. J.
-BOND OFFERING.
GLASSPORT, Allegheny County, Pa.
Chaverini, Borough Secretary, will receive sealed bids until 7 p. m.(Eastern
standard time) on Oct. 14 for the purchase of $40,000 434% coupon borough
bonds. Dated Oct. 1 1930. Denom. $1,000. Due on Oct. 1 1950.
Interest is payable semi-annually in April and Oct. A certified check for
52.000. payable to the order of the Borough Treasurer, must accompany
each proposal. Successful bidder to pay for the printing of the bonds.
Official advertisement of the scheduled sale of these bonds will be found
on page 1933 of this section.
-The follow-LIST OF BIDS.
GLOUCESTER, Essex County, Mass.
250,000
ing la a list of the bids received on Sept. 10 for the purchase of the $2.207
temporary loan awarded to the Gloucester Safe Deposit & Trust Co., at
2.20% discount, plus a premium of $3.-V. 131, p. 1746;
Discount.
Bidder
Gloucester Safe Deposit & Trust Co.. plus $3 (Purchaser)
Shawmut Corp
e
231,
Cape Ann National Bank, plus $1.40
2.39
Bank of Commerce & Trust Co
2.41g
Salomon Bros. & Hutzler, plus $3
2.53 %
Gloucester National Bank
GONZALES INDEPENDENT SCHOOL DISTRICT(P.O. Gonzales),
-A $40,000 issue of 5% school
-BOND SALE.
Gonzales County, Tex.
building bonds has been purchased by the State Department of Education.
Denom. $1,000. Dated April 15 1930. Due $1,000 from April 15 1931
to 1970 incl. Prin. and int.(A. & 0.) payable in N. Y. City.
-BONDS DEFEATED.
GRAND HAVEN, Ottawa County, Mich.
At an election held on Sept. 9 the voters rejected a proposal calling for the
sale of $225,000 in bonds for sewerage disposal plant purposes. Of the votes
Polled, 831 were in favor of the measure while 1.004 disapproved of it.
GRANT COUNTY SCHOOL DISTRICT NO.47(P.O. Seneca), Ore.
-BOND OFFERING.-Sealed bids will be received until Sept. 29 by B. C.
Herburger, member of the Board of School Directors, for the purchase of a
$10,000 issue of 6% school bonds. Denom. $500. Dated Sept. 25 1930.
Due $1,000 from 1941 to 1950 incl. A certified check for 1% of the amount
bid for, payable to the County Treasurer, is required.
-BOND SALE.
GREECE (P.0.Rochester), Monroe County, N.Y.
The $90,000 coupon or registered series 11 street impt. bonds offered on
awarded to Edmund Seymour & Co. of
-were
Sept. 18-V. 131. p. 1746
New York, as 5s, at 100.379, a basis of about 4.945%. Dated April 1
as follows'.Due$6,000 on April 1 from 1931 to 1945 incl. Bids for the issue
were
Int. Rate. Rate Bid.
Bidder,
(purchasers)100379
Edmund Seymour & Co.
100.179
George B. Gibbons & Co
100.77
5X 7o
Prudden & Co
-BONDS REIOSTERED.-On
GREENVILLE, Hunt County, Tex.
Sept.9 the State Comptroller registered the three issues of bonds, aggregaton
ing $25.000, that were sold to the Dallas Union Trust Co. of Dallas,
Aug. 15-V. 131. p. 1291. The bonds bear interest at 5% and 5)4% and
mature in various amounts from 1936 to 1960.
-BOND
GREENWICH (P. 0. Greenwich), Fairfield County, Conn. offered
SALE.
-The $112,000 431% coupon or registered school site bonds Esteawarded to Putnam & Co., and
-were
on Sept. 18-V. 131. p. 1747
brook & Co., both of Hartford. jointly, at par plus a premium of $1,713.60.
equal to 101.53.0 basis of about 3.99%. The bonds are dated Sept. 1 1930
and mature on Sept. 1 as follows: $12,000 in 1932, and $10,000 from 1933
to 1942, inclusive. Financial statement of the Town was published in our
Be dr Pt.
issuideert 13. The following is an official list of the bids received:Bid.
Amount
$113,713.60
(purchaser)
Putnam & Co. and Estabrook & Co.(pur
113,454.
88
R. L. Day & Co
113.310.40
H. L. Allen & Co
113,021.00
Bancamerlca-Blair Corp
112,581.28
Kissel, Kinnicutt & Co
-ADDITIONAL INFORMAGREENWOOD, Leflore County, Miss.
TION.
-The $26,000 issue of paving bonds that was purchased by the
-was awarded for a
-V. 131. p. 1747
First Securities Co. of Memphis
Premium of $77.50, equal to 100.29. Duo on Sept. 1 as follows: $2,000.
on
d
191a3rItoanld9tpatn 1.$4,000. 1938 to 1940, all incl. Interest is payable
1, ch
-BOND SALE.
HADDON HEIGHTS, Camden County, N. J.
The $68,500 coupon or registered sewerage disposal bonds offered on Sept.
to M. M. Freeman & Co. of
16 (V. 131, p. 1747) were awarded as 43(s
of
Philadelphia at 13ar plus a premium of $55.55, equal to 100.08, a basis as
about 4.49%. The bonds are dated Sept. 1 1930 and mature annually
inclusive.
follows: $2,500 in 1932 and $3,000 from 1933 to 1954,
Wayne
HAMTRAMCK SCHOOL DISTRICT (P. 0. Hamtramck), bonds
-The $329.000 4 X% school building
-BOND SALE.
County, Mich.
-were awarded to the First Detroit
Offered on Sept. 15-V. 131, p. 1593
Co., Inc., and Watling, Larchen & Hayes, both of Detroit. jointly.
-The
-BOND SALE.
HANCOCK COUNTY (P. 0. Findlay), Ohio.
awarded
$28,600 road bonds offered on Sept. 15 (V. 131. p. 1594) werepremium as
of
plus a
434s to Mitchell, Herrick & Co. of Cleveland at par
$17.60, equal to 100.06, a basis of about 4.24%. The bonds are dated
follows: 52,600 In 1933, $3,000 from
Aug. 1 1930 and mature annually as
1934 to 1939, inclusive, and $4,000 in 1940 and 1941.
-BOND
-ON-HUDSON, Westchester County, N. Y.
HASTINGS
-Joseph E. Murphy, Village Clerk, will receive sealed bids
OFFERING.
until 4.30 p.m. on Sept. 30 for the purchase of $190,000 coupon or registered
improvement bonds. Dated Oct. 11930. Denom. $1,000. Due 610,000
on Oct. 1 from 1932 to 1950, incl. Rate of interest to be named in bid,
expressed in a multiple of X of 1-10th of 1% and must be the same for all
of the bonds. Interest is payable semi-annually. A certified chock
for $3,800, payable to the order of the Village, must accompany each proposal. The approving opinion of Caldwell It Raymond, of New York.
will be furnished to the purchaser.
-W0
HAY SPRINGS, Sheridan County, Neb.-BOND OFFERING.
are informed that sealed bids will be received until Sept. 29 by J. E. Reid,
Village Clerk, for the purchase of a $19,000 issue of 434% funding bonds.
Due in 20 years and optional on any interest-paying date.
-Eugene
-BOND OFFERING.
HEMPSTEAD, Nassau County, N. Y.
P. Parsons, Village Clerk, will receive sealed bids until 8 p. m. on Sept. 29
for the purchase of $60,000 not to exceed 67 interest coupon or registered
0
street Impt. bonds. Dated Oct. 1 1930. Denom. $1,000. Due $5,000
on Oct. 1 from 1932 to 1943 incl. Rate of int, to be expressed in a multiple
Chase
of X of 1%. Prin. and semi-ann. int. (A. & 0.) payable at theSecond
National Bank, New York, or, at the option of the holder, at the
National Bank of Ilempstead in Hempstead. A certified check for 2%
of the amount of bonds bid for, payable to the order of the village. must
accomgpny each proposal. The approving opinion of Hawkins, Delafield
& Longfellow of New York, will be furnished the successful bidder.
HEMPHILL COUNTY CONSOLIDATED SCHOOL DISTRICT NO.
-On Sept. 10 the
16 (P. O. Canadian), Tex.-soNDS REGISTERED.
State Comptroller registered a $12,000 issue of 5% serial road bonds.
Denom. $300.
HEMPSTEAD-EAST MEADOW FIRE DISTRICT (P. 0. East
-Edward Ryder.
Meadow), Nassau County, N. Y.
-BOND OFFERING.
Secretary of Board of Fire Commissioners, will receive sealed bidsuntil
on Sept.30 for the purchase of $15,000 not to exceed 6% int, coupon
8 p. m.
or registered fire district bonds. Dated Oct. 1 1930. Denom. 51,000.
Due 51,00000 Oct. 1 from 1931 to 1945 Ind. Rate of int, to be expressed
In a multiple of X of 1% and must be the same for all of the bonds. Prin.
and semi-ann. int.(A. & 0.) payable at the First National Bank of Merrick
in Merrick or at the Central Hanover Bank & Trust Co., New York.
A certified check for $300, payable to the order of the village, must accompany each proposal. The approving opinion of Clay, Dillon & Vandewater of New York will be furnished to the purchaser.
.5
R5
SEPT.201930.]
FINANCIAL CHRONICLE
HEMPSTEAD SCHOOL DISTRICT NO. 1 (P. 0. Hempstead),
Nassau County, N. Y.
-BOND SALE.
-The 5250.000 Alq % coupon or
registered school bonds offered on Sept. 17-V. 131. p. 821-were awarded
to the Bancamerica-Blair Corp. of New York for a premium ef $16,778,
equal to a price of 106.71, a basis of about 4.18%. The bonds are dated
Oct. 1 1930 and mature $10,000 on Oct. 1 from 1935 to 1959 incl. A detailed
statement showing the financial condition of the district appeared in our
Issue of Sept. 13.
HENDERSON COUNTY CONSOLIDATED ROAD DISTRICT
NO. 1 (P. 0. Athens), Tex.
-BONDS REGISTERED.
-The $100,000
Issue of 57 semi-ann. road bonds that was offered without success on
May 24--V. 130. p. 4279
-was registered by the State Comptroller on
Sept. 10. Denom. 51,000. Due serially.
HIDALGO COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 5 (P. 0. Edinburgh), Tex.
-BOND SALE.
-A 564.000
block of a $90,000 issue of irrigation bonds that was voted late in 1929 is
reported to have been disposed of to an undisclosed investor. Denom.
$1,000. Dated March 1 1930.
HOLDENVILLE, Hughes County, Okla.
-BOND SALE.
-The
$225,000 issue of water works improvement bonds offered for sale on Sept. 16
(V• 131. P. 1747) was purchased by the First National Bank of Tulsa as
follows: $45,000 as 5;is, due 510,000 from 1933 to 1936 and $5.000 1937:
$45,000 as 5
due $5,000 in 1937 and 510,000 1938 to 1941; and $135,000
as 55, maturing 510,000 1942 to 1953 and $15,000 in 1954.
HOLLY SPRINGS, Marshall County, Miss.
-BOND SALE.
-The
$60,500 issue of coupon paving bonds offered for sale on Sept. 10-V. 131,
p. 1747
-was purchased by Saunders St Thomas of Memphis, as 5Ks, at
par plus all expenses. Dated Sept. 1 1930. Due from 1931 to 1940 incl.
Int. payable March and Sept. 1.
HOMEWOOD (P. 0. Birmingham), Jefferson County, Ala.
-BOND
SALE.
-The two issues of 6% semi-ann. bonds aggregating 5155,000 that
were offered without success on June 30-V. 131, ii. 511-are now reported
to have been purchased by the Hanchett Bond Co.of Chicago at 95.00. The
Issues are divided as follows: 585.000 school and $70,000 funding bonds.
Prin. and int. (J. & J.) payable at the Guaranty Trust Co. of New York.
Legality approved by Storey. Thorndike, Palmer & Dodge of Boston.
HUGOTON, Stevens County, Kan.
-CORRECTION.
-We are now
Informed that the election to be held on the 5175.000 issue of high school
bonds is scheduled for Sept. 30 and not Sept. 9, as reported in V. 131,
p. 1594.
HURRICANE,Putnam County, W. Va.-BONDS DISAPPROVED.
We are informed that the Attorney-General has disapproved a $35,000
Issue of sewer bonds that was voted May 19, on the grounds that the
ballots were not properly recorded at the time of the election.
HUTCHINSON COUNTY (P. 0. Stinnett), Tex.
-BOND SALE.
We are informed that $135,000 of the 5150.000 issue of 5% semi-ann. county
road bonds that was offered on April 27-V. 130, p. 2450
-has since been
purchased at par by the National Finance & Investment Co. of Wichita,
Dated Nov. 10 1929. Due $15,000 from May 10 1931 to 1939 incl.
INDIANAPOLIS, Marion County, Ind.
-BIDS SOLICITED FOR
$900,000 TEMPORARY LOAN.
-A. B. Good, Business Director, will
receive sealed bids at the office of the Board of School Commissioners
until 12 in. on Sept. 23, for the purchase of a $900.000 temporary loan,
not to exceed 6% interest, the proceeds of which will be used as follows:
$600.000 in aid of tho Board's local tuition fund and $300,000 in aid of
the Board's special fund. The money is to be forwarded to the Board as
follows: 5500,000 not later than Sept. 29 1930 and $400,000 not later than
Oct. 29 1930. The total $900.000 and the interest thereon are payable
on Nov. 15 1930. The offering notice says: Said loan and notes will be
paid out of the proceeds of the Board's taxes levied in 1929 and to be
collected in the calendar year of 1930 for its "special fund" and its "local
tuition fund," $3300.000 out of the taxes so collected for the "special fund"
and 5600.000 out of the taxes so collected for the "local tuition fund.'
IONIA COUNTY (P. 0. Ionia), Mich.
-BOND OFFERING.
-Elmer
P. Cllley, County Drain Commissioner, will receive sealed bids until 5 p.
(Eastern standard time) on Sept. 16 for the purchase of $29,000 not m.
to
exceed 6% hit, assessment district bonds. Int. is payable semi-annually.
Bonds are to mature serially in from 1 to 10 years. A certified check for
2% of the amount of the bonds, payable to the order of the Drain Commissioner, must accompany each proposal.
IRVINGTON, Essex County, N. J.
-LIST OF BIDS.
-W,H. Jamouneon, Town Clerk, sends us the following list of the bids which were received on Sept. 9 for the purchase of the $800,000 3;4% temp rary
,
improvement bonds awarded to M. M. Freeman & Co. of Philadelphia
at
par plus a premium of $111.11, equal to 100.01, a basis of about
3.49%
Bidd131, p. 1747):
GTInt. Rate. Premium.
M. M. Freeman & Co. (purchasers)
334
$111.11
J. S. Rippel & Co
3.6OV
161.58
Peoples Nat. Bank & Trust Co. (for $150,000)
4.00
Par
H. L. Allen & Co
3.75
63.40
Fidelity Union Trust Co
3.75
Par
Chancellor Trust Co
3.60%
80.00
JACYSON, Madison County, Tenn.
-BONDS VOTED.
-We are
Informed that at the special election held on Aug. 7-V. 131. P. 149 now
-the
voters approved the issuance of $75,000 in armory construction bonds.
They are stated to bear int. at 5% and mature from 1931 to 1955.
JACKSON, Jackson County, Mich.
-BOND OFFERING.
-Clifton
H. Vedder. City Clerk, will receive sealed bids until 2 p.m. (Eastern
standard time) on Sept. 22. for the purchase of 559.000 special assessment
paving bonds. Dated Sept. 15 1930. Denom. 51,000. Due on
as follows: $6,000 in 1931: $7,000 in 1932: 56,000 in 1933; 57,000Sept. 15
in 1934;
$6.000 in 1935:$7,000 in 1936:$6,000 in 1937, and $7,000 in 1938 and 1939:
Rate of interest to be named in proposal. Principal and semi-annual
(March and September) payable at the Union & Planters National int.
In Jackson,or at the Chase National Bank, New York. Bids should Bank
the cost of printing tho bonds and must be accompanied by a include
certified
check for 2% of the par value of the bonds bid for.
JERSEY SHORE, Lycoming, County, Pa.
-BOND SALE.
-A. B.
Leach & Co., of Philadelphia, are reported to have purchased on
an issue of $50,000 43.5% fire department equipment and street Sept. 8
improvement bonds at a price of 102.83, a basis of about 4.17%. Dated
1930. Denom. $1,000. Due on July 1 as follows: $2.000 from July 1
1931 to
1940, incl., and $33,000 from 1941 to 1950, incl. Interest Is payable
semiannually.
KAUKAUNA, Outagamie County, Wis.-BOND
SALE.
-The
$100,000 issue a 444% coupon semi-annual bridge and
street-imp, bonds
offered for sale on Sept. 15 (V. 131, p. 1594) was awarded to
consin Co. of Milwaukee for a premium of $822. equal to the First Wis100.82, a basis
of about 4.35%. Dated Nov. 1 1930. Due from May 1 1931 to
1941,incl.
The other bidders and their bids were as follows:
Names of Other Bidders
Premium,
John Nuveen & Co
$801
Ames, Emerich & Co
668
A.C. Allyn & Co
650
The Milwaukee Co
615
Lawrence Stern & Co
577
First Trust Co. of Appleton
417
Kent, Grace & Co
388
KENTLAND, Newton County, Ind.
-BOND OFFERING.
-Robert T.
Coughlin, Clerk-Treasurer of the Town, will receive sealed
bids
on Sept. 20 for the purchase of 510,000 5% water system until 2 p. m.
Dated Sept. 1 1930. Denom. $500. Due 51.000 on Jan. 1 impt. bonds.
1941 incl. Int. Is payble send-annually in Jan. and July. from 1932 to
KNOXVILLE, Knox County, Tenn.
-NOTE
.-An issue of
51.000.000 revenue refunding notes was purchased SALE
on
Bankers Co. of New York, at 2.75%. Plus a premium of Sept. 10 by the
$101. Dated Sept.
1930. Due in six months.
15
(This report corrects that appearing in V. 131, p. 1748.)
LAKE COUNTY (P. 0. Crown Point), Ind.
-BOND SALE.
-The
Fletcher American Co., of Indianapolis, on Sept. 4, purchased
an issue of
1115,000 5% coupon bridge construction bonds at
par
of $5,143.85, equal to 104.47, a oasis of about 4.086%. plus a premium
dated Sept. 1 1930 and mature semi-annually in Jan. and The bonds are
July from July
1 1931 to Jan. 1 1941. Denoms. $1.000 and $750.
1927
LANSING, Ingham County, Mich.
-BONDS DEFEATED.
-A
proposal to issue $350.000 in bonds for street paving construction purposes
was defeated at an election held on Sept. 10. A proposed new city charter
was rejected at the same time.
The issue is to be resubmitted for consideration of the voters at the general
election to be held on Nov. 4.
LAUDERDALE COUNTY (P. 0. Meridian), Miss.
-BOND SALE.
We are informed that an issue of5100,000 highway bonds has been purchased
by an undisclosed investor. (These bonds are reported to be a part of a
total issue of $800,000 voted in 1927.1
LEBANON, Wilson County, Tenn.
-BONDS VOTED.
-At a special
election held recently, the voters approved the issuance of $200,000 in
bonds to build a new pumping and filtration plant.
LEECHBURG SCHOOL DISTRICT, Armstrong County, Pa.
BOND OFFERING.
-C, B. Hill, Secretary of School Board, will receive
sealed bide until I . m. (Eastern Standard time) on Oct. 6, for the purchase of $60,000 414% coupon school bonds. Dated Oct. 15 1930. Denom.
$1,000. Due $4.00 on Oct. 15 from 1936 to 1950, incl. Interest is payable
semi-annually in April and Oct. A certified check for $600. payable to
the order of the District Treasurer, must accompany each proposal. This
Issue has been approved by the Bureau of Municipalities of the Department
of the Interior.
LEON COUNTY (P. 0. Centerville), Tex.
-BONDS REGISTERED
-An Issue of 5130,000 5% road, series 0 bonds was registered on Sept. 10
by the State Comptroller. Denom. $1,000. Due serially.
-BOND OFFERING.
LIBERTY COUNTY (P. 0. Liberty), Tex.
Sealed bids will be received by C. R. Wilson. County Judge, until 10 a. m.
on Sept. 24, for the purchase of a 5.5no.000 issue of 5% road series A bonds.
Denom. $1,000. Dated Feb. 10 1930. Due as follows: $10,000, 1932 to
1939; 515,000, 1940 to 1947: $20,000, 1948 to 1952, and 525,000, 1953 to
1960, all incl. Prin. and Int. (A. & 0.) payable at th. Cn tral Hanover
Bank & Trust Co. in N. Y. City. The approving opinion of Chapman &
Cutler of Chicago. will be furnished. These bonds are part of an authorized
Issue of $2,250,000 voted on Nov. 9 1929. A certified check for 2% of the
bonds, payable to the County Judge, must accompany the bid.
(This report supplements that given in V. 131, p. 1748.)
LITTLE FALLS TOWNSHIP (P. 0. Little Falls), Passaic County,
N. J.
-BOND SALE.
-The $70,000 coupon or registered general impt.
bonds offered on Sept. 15-V. 131, p. 1594
-were awarded as 4515 to M. M.
Freeman & Co. of Philadelphia, at par plus a premium of $855.55, equal to
101.22, a basis of about 4.63%. The bonds are dated Oct. 1 1930 and
mature on Oct. 1 as follows: $2,000 from 1931 to 1941 incl., and $3,000
from 1942 to 1957 incl.
LIVONIA TOWNSHIP (P. 0. Detroit), Wayne County, Mich.
BOND SALE.
-The $10,000 coupon assessment water district No. 1 bonds
offered on Sept.1-V. 131, p. 1453
-were awarded as 6s to Stranahan.
Harris it Oath', Inc.. of Toledo, at par plus a premium of $7, actual to
100.07, a basis of about 5.98%. The bonds are dated Sept. 15 1930 and
mature annually on March 15 from 1932 to 1936, incl. The accepted bid
WA the only one submitted for the issue.
LONG BEACH, Los Angeles County, Calif.
-BOND OFFERING.
Sealed bids will be received until 2 p. m. on Sept. 26, by J. Oliver Brison,
City Clerk, for the purchase of a 5500,000 issue of public park and playground bonds. Int, rate is not to exceed 5%. Denom. $1.000. Dated
June 1 1923. Due on June 1, as follows; $10,000. 1951, and $70,000.
1952 to 1958, incl. Prin. and int. (J. & D.) payable in lawful money at
office of the City Treasurer, or at the Central Hanover Bank &
Co. in New York City. The approving opinions of Bordwell, Mathews As
Wadsworth, of Los Angeles, and Thomson. Wood & Hoffman, of New
York, will be furnished. These bonds are part of an authorized issue of
52,800.000 voted at an election held on May 1 1928. A certified check
for 3%, payable to the City Auditor, must accompany the bid.
-BOND SALE POSTPONED.
LONG BEACH,Nassau County, N.Y.
James J. McCabe, City Clerk, reports that the sale of the three issues of
not to exceed 6% interest coupon or registered bonds aggregating $100,000
originally scheduled to have been held on Sept. 18-V. 131, P. 1748
-has
been indefinitely postponed.
LONGMEADOW, Hampden County, Mass.
-BOND OFFERING.
Prank E. Smith, Town Treasurer, will receive sealed bids until 8 p. m.
on Sept. 29 for the purchase of the following issues of 4% coupon bonds,
aggregating $40,000:
527,000 administration building bonds. Due on Oct. 1 as follows: $2,000
from 1931 to 1937, inclusive, and 51.000 from 1938 to 1950, incl.
13,000 macadam pavement bonds. Due on Oct. 1 as follows: $3,000
from 1931 to 1933, incl., and 52.000 in 1934 and 1935.
Principal and semi-annual interest (April and Oct.) payable at the First
National Bank of Boston, which will supervise the engraving of the bonds
and certify as to their genuineness. Each issue is dated Oct. 1 1930.
Denom. $1,000. Legality to be approved by Ropes, Gray. Boyden &
Perkins of Boston, whose opinion will be furnished the purchaser.
Financial Statement Aug.2 1930.
Net valuation for year 1929
59.278,767.
00
Debt llmL
•
Total gross debt, including these issues
446,500.00
Exempted debt
-Water bonds
$6.500.00
187,000.00
School bonds
193,500.00
Net debt
$253,000.00
Borrowing capacity
18,128.21
-BOND OFFERING.
LOFtA1N, Lorain County,Ohio.
-A.M.Pollock,
City Auditor, will receive sealed bids until 12 m. on Sept. 22 for the purchase of 528,000 5% general impt. bonds. Dated July 15 1930. Denom.
$1.000. Due $2,000 annually on Sept. 15 from 1932 to 1945 incl. Prin.
and semi-ann. int. (M. & S.) payable at the office of the Sinking Fund
Trustees. A certified check for 2% of the par value of the amount of bonds
bid for must accompany each proposal.
-The above-mentioned City Auditor will also reBOND OFFERING.
ceive sealed bids until 12 m.on Oct. 3,according to report,for the purchase
of 5253.135.51 5% paving bonds. Dated Aug. 15 1410. Due on Sept. 15
as follows: $29,135.61 in 1932 and $28,000from 1933 to 1940 incl. Interest
is payable semi-annually in March and September. Bids for the bonds
to bear interest at a rate other than 5% will also be considered, provided,
however, that where a fractional rate is bid such fraction shall be Si, of
1% or a multiple thereof. A certified check for 2% of the par value of
the bonds bid for must accompany each proposal.
Financial Statement.
Real valuation (estimated)
5135.000.000.00
Assessed valuation (1929)
85,605.510.00
Total bonded debt (including this issue)
2,735,882.60
Floating debt
923.967.00
Total debt
Less special assessment debt
Less water debt
Less sinking fund
Less legal deductions
$3.659,849.60
51,845.474.60
570,000.00
303,645.16
206,000.00
2.925.119.76
Net debt
$734,729.84
Population: 1920. 37.000, present. 44,471.
-BOND SALE.
LOS ANGELES, Los Angeles County, Calif.
-The
55.000,000 issue of coupon or registered water works, election of 1930.
class A, series 1 bonds offered for sale on Sept. 16-V. 131, P. 1748
-was
syndicate composed of the First National Bank,Eldredge
purchased by a
& Co., and the Detroit Co., Inc., all of New York, the Anglo-London-Paris
Co., and the National Bankitaly Co.. both of San Francisco, as 45irs. at a
price of 100.957. a basis of about 4.17%. Denom. $1,000. Dated Oct. 1
1930. Due 5125,000 from Oct. 1 193l to 1970 incl. Prin. and int.
& 0. 1) payable In Los Angeles or in N.Y. City. Legality to be approved by Thomson, Wood & Hoffman of New York
SYNDICATE OFFERS BONDS.
-The successful bidders are now offering
the above described bonds for public subscription at prices to yield from
3.00 to 4.10%, according to maturity. They are reported to be legal
Investment for savings banks and trust funds In New York, Massachusetts
and Connecticut. Other bidders were reported as follows:
The second highest bid for the issue was 100.86. made by a group headed
by R. H. Moulton & Co.,and including the Harris Trust and Savings Bank.
1928
FINANCIAL CHBONICLE
[VoL. 131.
Official Financial Statement Sept. 10 1930.
The Guaranty Company-Lehman Bros. bid of 100.639 was third highest,
$279,023,834.00
followed by a bid of 100.56 by a group headed by Chase Securities Corp. Assessed valuation, 1929: Real property
50,988,474.00
Personal property
and the Continental Illinois Co.and including Stone & Webster and Blodget,
123,218,732.00
Money and credits
Trust and Savings Bank, Chicago; Chatham Phenix
Inc., First Union
Co.
Corp., E. H. Rollins & Sons, F. S. Moseley & Co., First Wisconsin
$453,231,040.00
Total
Mercantile Commerce Co. and Stern Bros. & Co., Kansas City.
$699,802.095.00
The Halsey, Stuart & Co. bid of 100,528 was next highest, after which Pull and true valuation, 1929: Real property
170,047,671.00
the
Personal property
came the bid of 100,229 by a group headed by the National City Co.and
123,218.732.00
Money and credits
Co., and including L. F. Rothschild & Co., Wallace, Sanderson
Bankers
Bruce & Co.,
& Co., Weeden & Co., William Cavalier & Co., Heller,
$993,068.498.00
Total
William R. Stoats & Co., and the Citizens National Co.
Population, national census 1910, 301.408. 1920, 380,582.
-BONDS OFFERED
The City of Minneapolis was incorporated Feb.6 1867.
LOS ANGELES, Los Angeles County, Calif.
BY BANKERS.
Outstanding Bonds.
-The $556,310 issue of 43(% coupon or registered funding
$47.694.500.00
purchased on Sept. 3 by a.syndicate headed by Dean Witter
Sinking fund liability
bonds that was
15,032,037.84
-is now being offered Street improvement et al. bonds
& Co. of San Francisco-V. 131, p. 1594 and 1748
1.000.000.00
for public subscription by the successful bidders at prices to yield from 3.50 This issue
Oct. 1 1929. Due on Oct. 1
to 4.10%, according to maturity. Dated
$63,726.537.84
Total
as follows: 328,000, 1931 to 1948. and $52,310 in 1949. Prin. and int.
3,398,000.00
(A. & 0. 1) payable at the office of the City Treasurer or at the Bank of Water works bonds included in above total
America in New York City. Legality to be approved by Thomson, Wood
General Sinking Fund.
$5.771,787.89
& Hoffman of New York.
City of Minneapolis, other bonds and cash
The bonds held in the sinking fund are 34,4,4j,435. 5. 534, and 6%
-The follow-BOND SALE.
LUCAS COUNTY (P.O. Toledo), Ohio.
Sept. and are carried at their face value.
ing issues of improvement bonds, aggregating $605,380 offered onCleve- Court house and city hall certificate sinldng fund, City of
-were awarded as 4 Was to Otis & Co. of
18-V. 131, p. 1453, 1594
$169.001.71
Minneapolis and other bonds and cash
land, and Wallace. Sanderson & Co. of New York, jointly, at a price of
-Sealed
-BOND OFFERING.
MOBILE COUNTY (P. 0. Mobile), Ala.
100.54, a basis of about 4.16%:
Due on Dec.2 as follows: $29,050 in 1931: bids will be received by E. C. Doody, Clerk of the Board of Revenue and
$288.050 highway impt. bonds.
$29,000 from 1932 to 1938 incl., and $28.000 in 1939 and 1940. Road Commissioners, until 10.30 a. m. on Oct. 6 for the purchase of a
%•
123.420 highway impt. bonds. Due on Dec. 2 as follows: $13,420 In 1931; $3350,000 issue of road and bridge bonds. Int. rate is not to exceed 4,1the
$13,000 in 1932 and 193d, and $12,000 from 1934 to 1940 incl. Bids are requested at different int, rates, and the bonds will be sold to
48,600 highway impt. bonds. Due on Dec.2 as follows: $12,600 in 1931; bidder whose bid will result in the lowest net int. rate to the County.
Said bonds will be sold at not less than 95% of their face value and with
and 312,000 from 1932 to 1934 incl.
44,460 highway impt. bonds. Due on Dec.2 as follows: $5,460 in 1931; maximum hit. of 431%. Denom. $1.000. Dated June 1 1928. Due on
incl.
$5.000 from 1932 to 1934 incl., and $4.000 from 1935 to 19401931; June 1, as follows: 320.000. 1938, $10,000. 1939. $11.000, 1940, $12,000.
1941, 313,000. 1942. $14,000. 1943 and 1944, $15,000. 1945 and 1946.
27,250 highway impt. bonds. Due on Dec. 2 as follows: $7,250 in
$16,000, 1947, $17,000. 1948, $18,000, 1949 and 1950. 319,000. 1951.
$7.000 in 1932 and 1933, and $6,000 in 1934.
10,050 highway impt. bonds. Due on Dec.2 as follows: $3,050 in 1931; $20,000, 1952 to 1957. and $18,000 in 1958. Blank bonds are to be furthe purchaser. The approving opinion of Chapman & Cutler of
$3,000 in 1932. and $2.000 in 1933 and 1934.
and nished bywill be furnished. A $6,000 certified check must accompany the
Chicago.
63,550 highway improvement bonds. Due semi-annually on June
bid. (These bonds were voted at an election held on April 19 1928.)
Dec. 2 from 1931 to 1940, incl.
-The 365.000
All of the above bonds are dated Sept. 2 1930.
-BOND SALE.
MOBILE COUNTY (P.O. Mobile), Ala.
Sale on Sept. 15-V. 131.
-It is reported that Issue of coupon road and bridge bonds offered forCo. of Mobile as 5s for a
-BOND SALE.
LULA, Coahoma County, Miss.
-was purchased by the First Securities
bonds offered for sale on P. 1454
the $5.000 issue of water works improvement
basis of about 4.99%. Dated June 1
-was purchased at par by Mrs. premium of $97.50, equal to 100.15, a inclusive.
Aug. 5 at public auction-V. 131, p. 822
1930. Due from June 1 1933 to 1960
Jessie R. Wllman,
-Sealed bids
-BOND OFFERING.
MONAHANS, Ward County, Tex.
-The Central will be received until 8 p. In. on Sept. 29 by Mrs. H. E. De Leau, City
-TEMPORARY LOAN.
LYNN, Essex County, Mass.
water works
loan
National Bank, of Lynn. recently purchased a $300,000 temporary were Secretary, for the purchase of a $25,000 issue of 6% coupon from April 1
bonds. Denom. 31,000. Dated April 1 1930. Due $1,000 Y. City. A
at 2.38% cllscotmt. The loan is due on May 15 1931. Bids received
1932 to 1956 incl. Prin. and int. (A. & 0.) payable in N.
as follows;
Discount. certified check for 10% of the bid is required.
Bidder2.38 m
-Harry
-BOND OFFERING.
Central National Bank (Purchaser)
MONTCLAIR, Essex County, N. J.
2.39% Trinpett, Town Clerk, will receive sealed bids until 7.30 p. in. (Eastern
Shawmut Corporation
2.42% standard time) on Sept. 25 for the purchase of the following issues of 4.
Salomon Bros. & Hutzler, plus 35
2.44% 431 or 431% coupon or registered bonds aggregating $1,447,000;
Manufacturers National Bank
1930 school bonds. Due on Oct. 15 as follows;
-The following issues of $791.000 series No. 1,1931 to 1940 hid.; $44,000 from 1941 to 1949 incl..
-BOND SALE.
Essex County, Mass.
LYNN,
$335,000 from
4% coupon bonds aggregating $475,000 offered on Sept. 19, were awarded
and $45,000 in 1950.
to R.L. Day & Co., of Boston, at a price of 101.699, a basis of about 3.72%:
360,000 series No. 1, 1930 permanent impt. bonds. Due on Oct. 15 as
1945, incl.
3350,000 school bonds. Due annually on Oct. 1 from 1931 toOct. 1 from
follows; $10,000 from 1931 to 1954 incl., and $12,000 from 1955
75,000 street and sidewalk paving bonds. Due annually on
to 1964 hid.
to 1935, incl.
1931
265,000 series No. 1, 1930 water bonds. Due on Oct. 15 as follows;
50.000 water bonds. Due annually on Oct. 1 from 1931 to 1950, incl.
$7,000 from 1932 to 1968 incl., and 36,000 in 1969.15 as follows;
Bids reported to have been submitted for the issues follow: Rate Bid.
31,000 series No. 1, 1930 assessment bonds. Due on Oct.
Bidder$4,000 from 1931 to 1934 incl., and $5,000 from 1935 to 1937 incl.
101.69
R. L. Day & Co.(purchaser)
All of the above bonds are dated Oct. 15 1930. Denom. $1,000. Prin.
101.611
in
Estabrook & Co
and semi-ann. int. (A. & 0. 15) Payable at the Bank of Montclair. be
101.55
Harris, Forbes & Co
Montclair, or at the Town Treasurer's office. No more bonds are to
awarded than will produce a premium of $1,000 over the amount of each
-BOND ISSUE APPROVED.
McADOO, Schuylkill County, Pa.
issue. The bonds will be prepared under the supervision of the International
An issue of $10,000 street improvement bonds was reported approved on Trust Co. New York, which will certify as to the genuineness of the sigSept. 15 by James F. Woodward, Secretary of Internal Affairs.
natures of the officials and the seal impressed thereon. A certified check
- for 2% of the amount of bonds bid for must accompany each proposal.
-BOND OFFERING.
MADISON COUNTY (P. 0. Anderson), Ind.
-Hoffman
receive sealed bids until 10 a. in. Validity of the bonds will be certified to by Thomson, Wood &
Marcia H. Barton, County Treasurer, will
on Oct. 16 for the purchase of the frllowing issues of 434% bonds totaling of New York.
-BOND OFFERMONTGOMERY COUNTY (P. 0. Dayton), Ohio.
$11.400:
will
-F. A. Kilmer, Clerk of the Board of County Commissioners, for
$6,000 George Whisler et al. Anderson Township road construction bonds. ING.
Sept.
Due semi-annually from July 15 1932 to Jan. 15 1942. construction receive sealed bids until 10 a. m. (Eastern standard time) on Oct. 1 26
1930.
Township road
the purchase of $3384,000 5% sanitary sewer bonds. Dated
5,400 Henry F. Cochran et al. Pipecreek
in
Denom. $1,000. Due on Oct. 1 as follows: $25,000 in 1931. 326.000
bonds. Due semi-annually from July 15 1932 to Jan. 15 1942.
in 1936. $26,000
Interest on both issues is payable semi-annually on Jan. and July 15. 1932, $25,000 in 1933. 326,000 in 1934 and 1935, 325,000 1941; 325,000 in
of sale, the transcript In 1937 and 1938: $25.000 in 1939; $26,000 in 1940 and
To enable the immediate delivery of bonds on day
in 1945. Int. is
will have attached to it a written opinion of the examining attorney, cost 1942; $26,000 in 1943; 325,000 in 1944, and $26,000 bonds to bear int.
payable semi-annually in April and Oct. Bids for the
ofsame to be paid by the purchaser in addition to the amount of his bid.
provided, however, that
will also be considered,
- at a rate other than 5%bid, such fraction shall be 31 of 1% or a multiple
-BONDS NOT SOLD.
where a fractional rate is
MADISON COUNTY (P. 0. Madison), Fla.
The $87,000 issue of 5% semi-ann. road bonds offered on Sept. 8-V. 131. thereof. A certified check for $5,000 payable to the order of the County
and A. S.
11952.
-was not sold. Dated July 1 1922. Due on July
Treasurer, must accompany each proposal. Messrs. D. W.
P. 1293
3; Williams of Cin- Iddings of Dayton, Ohio. and Messrs. Peck, Shaferassist in the prepara-BOND OFFERING.
MADISON COUNTY (P. 0. Anderson), Ind.
been employed to
have
Ward 0. Shetterly, County Auditor, will receive sealed bids until 10 a. m. cinnati. Ohio, attorneys, who and sale of these bonds, will certify as to the
bonds. tion of legislation
on Oct. 6 for the purchase of $90.000 434% Madison Avenue bridge $4,500 legality thereof. and the issue
issue menDated Oct. 6 1930. Denom, $900. Due $4,500 on July 1 1932;1 1942.
The
are to be sold in addition to the $130,000 5%
on Jan. and July 1 from 1933 to 1941, incl., and $4.500 on Jan. County tioned above bondsof Sept. 13-V. 131. p. 1749.
In our issue
Prin. and semi-ann. int. (J. & J.) payable at the office of the payable
-BOND OFFERING
County, N.Y.
MOUNT VERNON,Westchester
Treasurer. A certified check for 3% of the par value of the bonds,
receive sealed bids until 8 p.m.
to the order of the Board of County Commissioners, must accompany L. V. Bateman, City Comptroller, will purchase of the following Issues
of the (Daylight saving time) on Sept. 23 for the
each proposal. Successful bidder to pay the cost of examination
of not to exceed 5% int, coupon or registered bonds aggregating $976,000.
transcript.
bonds. Due on Oct. 1 as follows:
These are the bonds originally scheduled to have been sold on Oct. 2- $498,000 North Fourth Ave. widening
$31,000 from 1935 to 1949, incl., and $33,000 in 1950.
V. 131, p. 1748.
from
180,000 fire alarm system bonds. Due on Oct. 1 as follows: $9,000
-On
-BOND ELECTION.
MANSFIELD, Richland County, Ohio.
1932 to 1941, incl., and $10.000 from 1942 to 1950, incl. to 1935.
1931
opinion as to the advisability
Nov.4 the voters will be asked to express their
145,000 assessment bonds. Due $29,000 on Oct. 1 from
of issuing $235,000 in bonds to finance the erection of an addition to the
incl.
present hospital building.
84,000 Fiske Place widening bonds. Due on Oct. 1 as follows: $4,000
-The Atlantic
from 1932 to 1942, incl., and 35,000 from 1943 to 1950, incl. and
-BOND SALE.
Mass.
MARLBORO,Middlesex County,
43,000 highway bonds. Due on Oct. 1 as follows: $33,000 in 1932,
Corp. of Boston, recently purchased an issue of $135,000 4% coupon school
$5,000 from 1933 to 1940, incl.
bonds at a price of 101.776, a basis of about 3.74%. The bonds mature
1932
26,000 city dock improvement bonds. Due $1,000 on Oct. 1 from
were as follows:
annually from 1931 to 1945 incl. Bids submitted
Rate Bid.
to 1957, incl.
$1,000. Rate
101.776
All of the above bonds are dated Oct. 1 1930. Denom.
Atlantic Corp.(purchaser)
same
101.67
of interest to be expressed in a multiple of 34 of 1% and must be the
Curtis & Sanger
101.66
for all of the bonds. Prin. and semi-ann. int.(A.& 0.) payable at the City
First National Old Colony Corn
101.573 Comptroller's office. A certified check for 2% of the par value of the bonds
Arthur Perry & Co
101.549 bid for is required. The approving opinion of Clay. Dillon & Vandewater.
R. L. Day & Co
101.518 of New York, will be furnished the successful bidder.
F. S. Moseley & Co
-In con101.26
-LIST OF BIDS.
NEW BEDFORD, Bristol County, Mass.
Faxon, Gade & Co
101.18
nection with the notice of the award on Sept. 9 of a $400,000 temporary
Estabrook & Co
loan to the National Rockland Bank. of Boston, at 2.39% discount
-On
-BONDS DEFEATED.
MIDLAND, Midland County, Mich.
V. 131. p. 1749
-we learn that the following bids were received:DiSCOilril.
Sept. 9, the day on which the special election was held-V. 131. P• 1594
Bidderenlarge2.3
the proposal calling for the sale of $108,000 in bonds to finance the
National Rockland Bank (Purchaser)
2.53
ment of the present filter plant failed of approval. The measure required a First National Co. of New Bedford
2.55
two-thirds majority vote for passage.
& Hutzler
Salomon Bros.
2.74%
-The S. N. Bond & Co
SALE.
-NOTE
MISSISSIPPI, State of (P. 0. Jackson).
-A $15,000 Issue
-BOND SALE.
issue of short-term notes offered for sale on Sept. 15-V. 131,
County, Tenn.
$500,000
NEWBERN, Dyer
-was jointly awarded to the Chemical National Co., and E. J. of 6% semi-ann. school bonds has recently been purchased by J. C. BradP. 1454
Coulon & Co., both of New York, at 3%, plus a premium of 375. Dated ford & Co. of Nashville. Denom.$1,000. Dated Sept. 1 1930. Due in 1950.
Sept. 15 1930. Due on March 15 1931.
NEW CASTLE (P. 0. Chappaqua), Westchester County, N. Y.
-CERTIFICATE OFFER- FINANCIAL SIATEMENT.-We are in receipt of the following in conMINNEAPOLIS, Hennepin County, Minn.
Geo. M.
ING.
-Sealed bids will be received until 11 a. m. on Sept. 25. by purchase nection with the notice of the scheduled sale on Sept. 24 of $42,000 not to
Link, Secretary of the Board of Estimate and Taxation, for the $1,000 exceed 6% interest coupon or registered street improvement bonds, pubof an issue of *1.000.0005% certificates of indebtedness. Denom.
lished in our issue of Sept. 13-V. 131, p. 1749.
or multiples. Dated Oct. 11930. Due on Dec. 1 1930. The certificates
Financial Statement.
will be sold subject to the approving opinion of the purchaser. Bids offer- Valuations: Real estate and special franchise, 1929
$26,042,392
be furnished
35,000,000
ing less than par cannot be considered. Bidding forms will
1930 (estimated)
Actual valuation,
upon request. A certified check for 2% par value of the certificates bid for, Debt: Total bonded indebtedness, including this issue
1,315,300
required. Prin. and hit.
payable to C. A. Bloomquist, City Treasurer, is
467,000
Water district bonds, included above
office of
payable in gold at the city's fiscal agency in New York or at the
will be about 3 1-5% of the assessed valuindebtedness
The net
the City Treasuusr, Minneapolis. The cost of furnishing blank certificates ation uponbonded
the issuance of these bonds.
to the approving
will be borne by the City. Certificates are offered subject
Population: 1925 State Census, 5.899; 1930 Federal Census, 6,749.
opinion of the attorney for the successful bidder.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
1929
Legal proceedings, blank bonds and attorney's opinion are to be furnished
by the bidders on the bonds without cost to the Ogden City School District.
Bonds are to be delivered at Ogden, Utah. Deposit of certified check
of 5% of amount of bid required.
Financial Statement.
Assessed valuation real estate, personal and other taxable
540.674,017.00
property equalized for 1930
828,000.00
Total bonded indebtedness including this issue
3,069.37
Amount in sinking fund for redemption of bonds
Population of Ogden City. 1930 census. 40,200; School census, 1929.
11.357. Rate of school tax per $1,000, for 1930, 11.5 mills.
OKOLONA SPECIAL SCHOOL DISTRICT (P. 0. Okolona), Clark
-The $35.000 issue of 6% semi-annual
-BOND SALE.
County, Ark.
-V. 131,
school bonds that was offered for sale on July 1 without success
p. 311-is reported to have since been purchased by M. W. Elkins & Co.,
of Little Rock.
-The two
ORANGE, Orange County, Va.-BONDS NOT SOLD.
Issues of 5% semi-annual coupon bonds aggregating 5150,000, offered on
-were not sold as the four bids received were all
Sept. 15-V 131, p. 1750
rejected. The issues are as follows: $75,000 sewer, and $75,000 sewer
bonds. Dated July 1 1930. Due on July 1 1960 and optional on July 1 1940.
-BOND SALE.
-The
ORANGE COUNTY (P. 0. Santa Ana) Calif.
$31,629.60 issue of 6% semi-ann. water works district No. 5 bonds offered
-was purchased by Cr. W. Bond &
for sale on Sept. 16-V. 131. p. 1294
Son, of Santa Ana, for a premium of $111.50, equal to 100.35. a basis of
about 5.71%. Dated Nov. 1 1930. Due from Nov. 1 1933 to 1954, incl.
-A proposal
-BOND ELECTION.
OTTAWA,Putnam County, Ohio.
to issue $70,000 in bonds to finance the purchase of a site and the erection
thereon of a municipal building to be used as a city hall and recreation
center will be submitted to the voters at the general election to be held
in November.
-D. V.
-BOND OFFERING.
OWEN COUNTY (P. 0. Spencer), Ind.
Lucas, County Treasurer, will receive sealed bids until 2 p. m. on Sept.
% Washington Township highway
27. for the purchase of $10,950
improvement bonds. Dated Sept. 15 1930. Denom. 3547.50. Due
$547.50 on July 15 1932; $547.50 on Jan. and July 15 from 1933 to 1941,
Jan. 15 1942.
NEWTON (P. 0. West Newton), Middlesex County, Mass.
-TEM- incl., and $547.50 on
-Francis Newhall, City Treasurer, on Sept. 15 awarded
-A $31,273.71
PORARY LOAN
PADUCAH, McCracken County, Ky.-BOND SALE.
a $300,000 temporary loan to the Shawmut Corp. of Boston. at 2.04% issue of 6% coupon semi-annual street improvement bonds, series, A 61
discount. The loan is payable on Nov. 6 1930 and is issued in pursuance was purchased by the First National Bank. of Paducah. paying a premium
of an order of the Board of Aldermen, the validity of which order has been of $101. equal to 100.32; a basis of about 5.94%. Denoms. $1,000. one
approved by Ropes, Gray. Boyden & Perkins of Boston.
for $127.38 and nine for $127.37. Due on Jan. 1, as follows: $3,127.37
The following is a list of the bids submitted for the issue:
from 1931 to 1939 and $3,127.38 in 1940.
Bidder-Discount. PANOLA COUNTY(P.0. Carthage) Tex.
-BONDS REGISTERED.
2.04%
Shawmut Corp. (purchaser)
The $333,000 issue of 5% coupon road, series "F" bonds that was recently
Lee, Higginson & Co
2.05'7 offered without success
-was registered by the State
-V. 131, P. 823
B.M.C. Durfee Trust Co.(Fall River), plus $5
2.100 Comptroller on Sept. 9. Denom. $1,000. Due in from 1 to 40 years and
'
2.12
Salomon Bros. & Hutzler, plus 53
optional after 20 years.
2.14
Day Trust Co
-BOND SALE.
-A $22,000
2.14 0
Bank of Commerce & Trust Co
PAULS VALLEY, Garvin County, Okla.
2.45% Issue of fire equipment bonds is reported to have recently been purchased
First National Bank of Newton
by the sinking fund.
-BOND ELECTION.
Niagara County, N. Y.
NIAGARA FALLS,
-BOND OFFERING:
At an election to be held on Oct. 7 the voters will be asked to approve the
PERTH AMBOY, Middlesex County, N. J.
sale of $600,000 in bonds for public improvement purposes.
Joseph E. Hornsby, City Treasurer, will receive sealed bids until 2 p. m.
, 44 or 5% coupon or
on Sept. 29, for the purchase of $180,500 43%.
-NOTE SALE.
NORFOLK COUNTY (P. 0. Dedham), Mass.
-The
Oct. 1 1930.
$40.000 tuberculosis hospital maintenance notes offered on Sept. 16- registered general improvement bonds. Dated1, as follows: One bond
$7,000 from
-were awarded to the Bank of Commerce & Trust Co., at for $500, all others for $1,000. Due on Oct.
V. 131, p. 1749
discount. The notes are dated Sept. 16 1930 and mature on April 1932 to 1956, incl., and $5,500 in 1957. Principal and semi-annual interest
2.325%
payable at the office of the City Treasurer. The bonds will be prepared
15 1931. Bids submitted were as follows:
of the International Trust Co.,
Bidder
Discount. under the supervisiongenuineness of the signatures of of New York, which
the officials and the
Bank of Commerce & Trust Co. (purchaser)
2.325% will certify as to the
seal impressed thereon. A certified check for 2% of the par value of the
National Mount Wollaston Bank (Quincy)
2.34%
bonds bid for, payable to the ordr of the City Treasurer, must accompany
Dedham National Bank
2.36%
each proposal. The approving opinion of Caldwell & Raymond, of New
NORFOLK SCHOOL DISTRICT (P. 0. Norfolk), Madison County, York, will be furnished to the purchaser without charge.
-The $137,000 issue of school refunding bonds
Financial Statement Sept. 15 1930.
Neb.-BOND DETAILS.
$3,119,500.00
that was purchased by the United States National Co., of Denver
-V. General bonded debt (not including this issue)
2,661,000.00
-bears interest at 4% and was awarded for a premium of Water bonded debt
131. p. 1596
905,000.00
$3,099, equal to 102.26, a basis of about 3.50%. Dated Oct. 1 1930. *Grade crossing elimination bonds
Due on Oct. 1 1945 and optional after Oct. 1 1935.
$6,685,500.00
Total bonded debt
NORMANDY CONSOLIDATED SCHOOL DISTRICT (P. 0. Nor-$503.* Credit ch. 232 Laws 1930 (grade crossing elimination bonds)
mandy), St. Louis County, Mo.-PRICE PAID
.-The $110,000 issue of 636.76.
43%% school bonds that was purchased by the Mississippi Valley Co. of
Floating Debt
-was awarded for a premium of $605, equal to Tax revenue bonds
-V.130. p. 3229
St. Louts
$864,000.00
100.55. a basis of about 4.43%. Due from Feb. 1 1931 to 1950 incl.
1,282,000.00
Temporary improvement bonds (trust)
291,500.00
improvement bonds (capital)---NORTHBRIDGE, Worcester County, Mass.
-TEMPORARY LOAN. Temporary
-The Bank of Commerce & Trust Co.,of Boston,on Sept. 16, was awarded Temporary improvement bon (water)93,000.00
$2,530,500.00
a $50.000 temporary loan at 2.225% discount. The loan is dated Sept.
16 1930 and is payable on Nov. 3 1930. Bids received were as follows: t. N. B.$247,000 of the above mentioned temporary improvement bonds (trust) and $124.000 of the above mentioned
Bidder
temporary improvement bonds (capital), which are about
Bank of Commerce & Trust Co.(purchaser)___
2.225%
to mature, will be retired with the proceeds of this issue
Faxon, Gade & Co
2.26%
National Old Colony Corp
and other funds available for that purpose.
First
2.50%
CAROLINA State of(P.O. Raleigh).
-NOTE OFFERING.NORTH
$9,216,000.00
Total bonded and floating debt
Sealed bids will be received until noon on Sept. 20 by Nathan O'Berry, General bonded and floating debt
55,557,000.00
2,754,000.00
State Treasurer, for the purchase of 55,250,000 bond anticipation notes. Water bonded and floating debt
These notes are to be Issued in such denoms. as the purchaser may desire, Grade crossing
905,000.00
not to be less than $500 each. Dated Oct. 7 1930. Due on April 7 1931.
$9,216,000.00
The legality of the notes will be approved by Masslich & Mitchell of New
Sinking Funds
York. The issue is divided as follows: $3,250,000 of the notes consist of General
$442.528.06
31.250,000 Cape Fear River Bridge appropriation and $2,000,000 permanent
•
impt. notes will be required to pay off a like amount of notes which will Water
$795,369.95
mature on Oct. 7. The proceeds for these notes will be due in New York
reserve for payment of temporary improvement
on the morning of Oct. 7. The remaining $2,000,000 will be for highway Cash-Trust
384,991.45
bonds (trust)
purposes, issued in anticipation of the sale of long-term bonds authorized
Assessments receivable, applicable to temporary improveby the Legislature in 1927.
302,312.91
ment bonds (trust)
Net Taxable Valuations 1930
NORTON TOWNSHIP SCHOOL DISTRICT NO. 4 (P. 0. Mus$45,256,458.00
kegon), Muskegon County, Mich.
Real
-BOND SALE.
-The $35,000 coupon
7,043,490.00
school building bonds offered on Sept. 6-V. 131, p. 1596
-were awarded Personal
as 43%s to the Grand Rapids Trust Co. of Grand Rapids, at par plus a
$52,299,948.00
Total
premium of $165, equal to 100.47, a basis of about 4.44%. The bonds are
Population 1930 census, 44,000. City incorporated March 17 1870.
dated Sept. 1 1930 and mature on Sept. 1 as follows: $1,000 from 1932 to
1936 incl., and $3.000 from 1937 to 1946 incl. The following is an official
-BOND OFFERING.
-Sealed
PHOENIX, Maricopa County, Ariz.
list of the proposals submitted for the issue:
bids will be received until 11 a.m. on Oct. 15, by Joseph C. Furst, City
BidderInt. Rate, Premium. Clerk, for the purchase of four issues of coupon or registered bonds aggreGrand Rapids Trust Co.(purchaser)
4X%
$165.00 gating 33,422,000, divided as follows:
Industrial Co. of Grand Rapids
4 %
163.60 $2.364.000 water bonds. Due on July 2, as follows: $90.000, 1935 to 1954.
Peoples State Bank,Muskegon
5
350.00
and $94,000, 1955 to 1960, all inclusive.
Kent, Grace & Co., Chicago
5
x343.0
0
817.000 sewer bonds. Due on July 2, as follows: $32,000. 1935 to 1942.
x Discount.
and $33,000. 1943 to 1959. all inclusive.
OAKLAND COUNTY (P. 0. Pontiac), Mich.
200,000 Verde loan funding bonds. Due $8.000 from July 2 1935 to
-BONDS REOFFERED.
-Sealed bids addressed to the Board of County Road Commissioners
1959.
will
be received until 2 ri. m.(Eastern standard time) on Sept.
41.000 Town ditch loan funding bonds. Due on July 2, as follows:
chase of the following issues of bonds aggregating $811,000; 23 for the pur$2,000. 1935 to 1953, and $3,000 in 1954.
$456,000 Special Assessment Road District No. 134 bonds.
Int. rate is not to exceed 5%. Denom. 51.000. Dated Oct. 17 1930.
355,000 Special Assessment Road District No. 155 bonds.
Prin. and int, payable in lawful money at the oalice of the City Treasurer,
All of the above bonds will be In denoms. of $1,000 or as near thereto as or at the office of the Guaranty Trust Co.of New York City. The approving
possible. Due serially in substantially equal annual instalments in from opinion of Chapman & Cutler of Chicago, will be furnished the purchaser.
2 to 10 years. Prin. and semi-ann. hit.(M. & N.) payable at the Central A certified check for at least 5% of the bonds bid for, is required. Bids
Hanover Bank & Trust Co., New York. The Road
will may be submitted for the purchase on Oct. 15, on any one or more, or all
furnish the necessary blank bonds and will pay for theCommissionerstheir of the following propositions:
opinion as to
-Bids may be submitted for the purchase on Oct. 15 1930, of
validity. Opinion to be furnished by Miller, Canfield, Paddock & Stone
First.
of Detroit. .A certified check for 234% of the amount bid for, payable to one, or more, or all of the above described bond issues for delivery as soon
the Board of County Road Commissioners, must accompany each proposal. as the bonds are ready.
The bonds to be sold are part of the five issues totaling
-Bids may be submitted for the purchase on Oct. 15 1930. of
Second.
offered on Sept. 2,of which 586.000 bonds were sold. $897,000 which were the aforesaid water bonds for delivery on the dates and in the amounts
-V.131, p. 1750.
as follows:
ODGEN CITY SCHOOL DISTRICT (P. 0. Odgen), Weber County,
1. On Oct. 15 1930, such of the aforesaid water bends, bearing date
Utah.
-BOND OFFERINO.-Sealed bids will be received by Viola
first five years, as follows: Ninety
M. Oct. 15 1930. as mature serially
Clancy, Clerk of the Board of Education, until 5 p. In. on Sept. 26,for the thousand ($90,000) dollars on the the day of July of each of the
2d
years 1935
purchase of a 575.008 issue of school bonds. Denom. $1,000.
to 1939, both inclusive, making an aggregate sum of four hundred and fifty
Bids on the following kinds of bonds will be considered:
thousand ($4450,000) dollars, to be delivered as soon as the bonds are
Optional Bonds
prepared.
-due 20 years, optional 10 years, interest 4%.
575.000
2. On March 1 1931,such of the aforesaid water bonds as mature serially
-due 20 years, optional 10 years, interest 4(
$75.000
%.
the first 10 years after July 2 1939. as follows: Ninety thousand (390.000)
Non-Optional Bonds
dollars on the 2d day of July of each of the years 1940 to 1949. both hid.,
475,000
-due 20 years, interest 4%.
making an aggregate sum of nine hundred thousand (5900.000) dollars, to
-375,000-due 20 years, interest 44%,
be delivered on March 1 1931.
-The
-BOND SALE.
NEW LEXINGTON, Perry County, Ohio.
$120,000 special assessment sewer construction purpose bonds offered on
-were awarded as 43.s to Ryan, Sutherland &
Sept. 13-V. 131, p. 1595
Co., of Toledo, at par plus a premium of $813. equal to 100.67, a basis of
about 4.41%. The bonds are dated July 1 1930 and mature $6,000 on Oct.
1 from 1931 to 1950, incl. The following is a list of the bids submitted for
the issue:
Int. Rate. Premium.
Bidder$813
434
Ryan, Sutherland & Co.(Purchasers)
723
44 0
Seasongood & Mayer
720
435%
BancOhio Securities Co
696
43%%
Provident Savings Bank & Trust Co
660
43%%
Breed, Elliott Ss Harrison
4X%
639
W.L. Slayton &.Co
43%%
372
McDonald, Callahan & Co
4X%
138
Braun, Bosworth & Co
44of
1,824
First Detroit Co
43%%
1.740
Stranahan, Harris & Cads, Inc
4, %
4
1,673
Spitzer, Rorick & Co
3
1,673
44%
Mitchell, Herrick & Co
1,388
44%
Assel, Goetz & Moerlein, Inc
43%%
675
Otis & Co
-BONDS OFFERED FOR
NEW ORLEANS, Orleans Parish, La.
issue of 43%% coupon series 0,sewerage
.-The $2.000,000
IN
water and drainage bonds that was purchased jointly by the First National
Bank. and Halsey, Stuart & Co., both of New York, at 103.208, a basis
-is now being offered for public subof about 4.31%-V. 131, p. 1294
scription by the purchasers at prices to yield from 3.75 to 4.25%,according
to maturity. Due from Oct. 1 1932 to 1980, incl.
The following is an official list of the other bids received:
Premium.
BidderChase Securities Co.and associates (technical error in bid;rejected)-$64 A00
63,598
Guaranty Co. of N. Y.and associates
50,360
Moore, Hyams & Co. and associates
48,180
Bankers Co. of N. Y. and associates
44.180
Harris, Forbes & Co and associates
Bancamerica-Blair Corp. and associates
38,054
36,000
Lehman Bros. of N. Y.and associates
1930
FINANCIAL CHRONICLE
3. On July 1 1931. all the remaining water bonds, which will be an
aggregate sum of one million and fourteen thousand ($1,014,000) dollars.
bearing the date, Oct. 15 1930, and maturing serially as follows: Ninety
thousand ($90,000) dollars on the 2d day of July of each of the years 1950
to 1954, both incl., and ninety-four thousand ($94,000) dollars on the 2d
day of July of each of the years 1955 to 1960, both incl., to be delivered on
July 1 1931.
The bidder may submit a bid for the water bonds to be delivered on one
or more,or all of the aforesaid dates.
Third.
-Bids may be submitted for the purchase on Oct. 15 1930. of
the aforesaid sewer bonds for delivery on the dates and in the amounts
as follows:
1. On Oct. 15 1930, such of the aforesaid sewer bonds dated Oct. 15
1930. and maturing the first five years after July 2 1934. as follows: Thirty
two thousand ($32,000) dollars on the 2d day of July of each of the years
1935 to 1939. both incl., in the aggregate amount of one hundred and sixty
thousand ($160,000) dollars. to be delivered as soon as the bonds are
prepared.
2. On March 1 1931, such of the aforesaid sewer bonds dated Oct. 15
1930. as mature the first 10 years after July 2 1939, as follows: Thirty-two
thousand ($32.000) dollars on the 2d day of July of each of the years 1940
to 1942, both incl., and thirty-three thousand ($33,000) dollars on the 2d
day of July of each of the years 1943 to 1949, both incl., in the aggregate
amount of three hundred and twenty-seven thousand ($327.000) dollars,
to be delivered on March 1 1931.
3. On July 11931, all that remains of the aforesaid sewer bonds which
will be the aggregate sum of three hundred and thirty thousand ($330,000)
dollars, bearing date Oct. 15 1930. maturing serially as follows: Thirtythree thousand ($333,000) dollars on the 2d day of July of each of the years
1950 to 1959, both incl. to be delivered on July 1 1931.
The bidder may submit a bid for the sewer bonds to be delivered on one
or more or all of the aforesaid dates and the bidder may also submit bids
on one or more or all of the propositions above designated as first, second
and third.
PITTSFIELD, Berkshire County, Mass.
-BOND OFFERING.
F. M. Platt, City Treasurer, will receive sealed bids until 10 a. m. (daylight saving time) on Sept. 23 for the purchase of the following issues of
4% coupon bonds. aggregating $329,000:
$145,000 paving bonds. Due on Sept. 15 as follows: $15,000 from 1931
to 1939, inclusive, and $10,000 in 1940.
79,000 sewer and drainage bonds. Due on Sept. 15 as follows: $4,000
from 1931 to 1949, inclusive, and $3,000 in 1950.
75,000 water extension bonds. Due $15,000 on Sept. 15 from 1931 to
1935. inclusive.
30,000 Newell Street bridge bonds. Due $5,000 on Sept. 15 from 1931
to 1936, inclusive.
All of the above bonds are dated Sept. 15 1930. Denom. $1,000. Principal and semi-annual interest (March and Sept. 15) payable at the First
National Bank of Boston, which will supervise the engraving of the bonds
and certify as to their genuineness. Legality to be approved by Ropes.
Gray, Boyden & Perkins of Boston.
Financial Statement Sept. 8 1930.
Net valuation for year 1929
$57,130,057.00
Debt limit
1.437.391.60
Total gross debt,including these issues
2,628,400.00
$622,000.00
Exempted debt
-Water bonds
Sewer bonds
64,000.00
Paving bonds
52,000.00
School bonds
503,000.00
2,000.00-1,243.000.00
Playground bonds
FoL. 131.
Principal and semi-annual interest payable at the Merchants National Bank,
of Boston, which will supervise the preparation of the bonds and certify
as to their genuineness. Legality will be approved by Ropes, Gray, Boyden
& Perkins, of Boston. whose opinion will be furnished to the purchaser.
RANDOLPH COUNTY (P. 0. Winchester) Ind.
-BOND SALE.
The $12,000 435% coupon Samuel Uphaus et al., Green Towiashhp road
construction bonds offered on Sept. 15-V. 131, p. 1750
-were awarded
to the Merchants National Bank, of Muncie, at par plus a premium of
$229, equal to 101.90, a basis of about 4.11% The bends mature semiannually as follows: $600 on July 15 1931: MO on Jan. and July 15 from
1932 to 1940 ind., and $600 on Jan. 15 1941. The following is an official
list iddtialproposals received:
B o er
f
Premium.
Merchants National Bank (purchaser)
$229.00
Inland Investment Co., Indianapolis
202.75
City Securities Corp.,Indianapolis
8 00
21091:00
Union Trust Co., Indianapolis
Fletcher American Co., Indianapolis
213.20
Campbell & Co., Indianapolis
226.55
Thomas D. Shearin & Co., Indianapolis
157.50
ROCKY RIVER, Cuyahoga County, Ohio.
-BOND OFFERING.Frank Mitchell, Village Clerk, is reported to be receiving sealed bids until
12 in. (Eastern standard time) on Oct.6 for the purchase of 440,429.97 6%
coupon sewer district improvement bonds. Dated Oct. 1 1930. One bond
for $429.97, all others for $1,000. Interest is payaole semi-annually. Bids
for the bonds to bear interest at a rate other than 6% will also be considered,
provided, however,.that where a fractional rate is bid such fraction shall be
of 1% or a multiple thereof. A certified check for 5% of the amount
of bonds bid for, payable to the order of the Village Treasurer, must accompany each proposal.
SACRAMENTO COUNTY RECLAMATION DISTRICT (P. 0.
Sacramento) Calif.
-BOND OFFERING.
-Sealed bids will be received
until Sept. 24, by the County Clerk, for the purchase of two Issues of bonds
aggregating $150,000, as follows:
At 10 a. m.
$100,000 refunding bonds. Dated Jan. 1 1924. Due in 1952.
At 10.05 a. m.
50,000 refunding bonds. Dated .1an. 1 1927. Due in 1965.
ST. ALBANS, Franklin County, Vt.-BOND OFFERING.
-B. M.
Hopkins, City Treasurer, will receive sealed bids until 10.30 a. in. (Eastern
standard time) on Sept. 25 for the purchase of the following issues of 4%
coupon bonds aggregating $50,000:
$35,000 street bonds. Dated Sept. 2 1930. Due on Sept. 2 as follows:
$3,000 from 1933 to 1943 incl. and $2,000 in 1944. Interest is
payable semi-annually on March and Sept. 2.
15,000 water refunding bonds. Dated Aug. 1 1930. Due $5,000 on Aug.
1 from 1934 to 1936 incl. Interest is payable semi-annually in
February and August.
Each issue is in $1,000 denoms. Principal and semi-annual interest payable at the First National Bank, of Boston, which will supervise the engraving of the bonds and 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. 2 1930.
Water bonds
$514870:000000:0000
Other bonds- .
Total Bonded727,000.00
es
debt (including the issues)
Total Value of real and personal estates 1930
4,935,226.00
Grand list last perfected
53,891.26.
Net debt
$1,385,400.00
Population, 1930, 8,017.
•
$51,991.60
Borrowing capacity
-A
SAINT GEORGE, Washington County, Utah.
-BOND SALE.
-BOND OFFERPOINT PLEASANT BEACH, Ocean County, N. J.
ING.
-Alexander Adams, Borough Clerk, will receive sealed bids until $25.000 issue of 545% refunding water bonds was recently purchased by
8 p. m. (Daylight Saving time) on Sept. 25, for the purchase of $150,000 the Ashton-Jenkins Insurance Co.. of Salt Lake City. Due from 1931 to
545% coupon or registered series No. 2 sewer bonds. Dated August 1 1944, incl.
1930. Denom. $1,000. Due on August 1, as follows: $3,000 from 1931
ST. JOSEPH COUNTY (P. 0. South Bend), Ind.
-BOND OFFERto 1940, incl., and $4,000 from 1941 to 1970, incl. Principal and semi- ING.
-Fred P. Crowe, County Auditor, will receive sealed bids until 10
annual interest (Feb. and August) payable at the Point Pleasant National a. m.on Sept. 27,for the purchase of $11.070 6% drain construction bonds.
Bank & Trust Co.,Point Pleasant Beach. No more bonds are to be awarded Dated July 15 1930. Denom. $1,107. Due $1,107 en July 15 from 1931
than will produce a premium of $1,000 over $150.000. A certified check to 1940,incl. Principal and semi-annual Interest (Jan.and July 15) payable
for 2% of the par value of the bonds bid for must accompany each proposal. at the office of the County Treasurer.
The approving opinion of Caldwell & Raymond, of New York, will be
SALEM-LIBERTY RURAL SCHOOL DISTRICT (P. 0. Lower
furnished to the purchaser.
-P. L.
-BOND OFFERING.
Salem), Washington County, Ohio.
PORT ARTHUR INDEPENDENT SCHOOL DISTRICT (P. 0. Thomas, Clerk of the Board of Education, will receive sealed bids until
--The 1 p. in. on Oct. 2, for the purchase of $8,000 534% high school building
Port Arthur) Jefferson County, Tex.
-BONDS REGISTERED.
$125,000 issue of 45% coupon school bonds that was sold on Aug. 8
- bonds. Dated April 11930. Denom.$500. Due $500 on Oct. 1 from 1931
V. 131, p. 1135
-was registered on Sept. 11 by the State Comptroller. to 1946, incl. Interest is payable semi-annually in April and Oct. A
Due from 1931 to 1970, inclusive.
certified check for $500. payable to the order of the Board of Education,
-On must accompany each proposal.
PORT ISABEL, Cameron County, Tex.
--BOND ELECTION.
Oct. 4a spscial election will be held in order to have the voters approve the
SAN FRANCISCO (City and County), Callf.-PROPOSED BOND
issuance of the following: $18,500 sewer. $6,500 city hall, $138,450 water REDEMPTION.
-We are informed that in order to permit the above
system purchase and extension, $65,000 streets. $27.750 sidewalk, and city and county to acquire the properties of the Spring 'Valley Water Co.,
$15.000 park bonds.
the latter will redeem on Nov. 1 1930, all the outstanding first 5% bonds
-BOND ELECTION.- of the initial issue dated May 11923, at par. Bonds should be surrendered
PORTLAND, Multnomah County, Ore.
We are informed that at the general election to be held in November, the at the Chase National Bank of New York, or at the Union Trust office of'
voters will be called upon to pass approval on a proposed $1,250,000 bond the Wells Fargo Bank & Union Trust Co. in San Francisco.
-The Rockissue to be used for a passenger terminal.
-BOND SALE.
SCITUATE, Plymouth County, Mass.
an issue
-The $41,- land Trust Co. of Scituate, recently purchased101.16, a of $24,000 4%
PORTSMOUTH, Scioto County, Ohio.
-BOND SALE.
basis of about
offered on coupon concrete bridge construction bonds at mature annually frone 19d1
642.16 special assessment street and alley improvement bonds
Raia B1 .
3
The bonds are dated Sept. 15 1930 and
Sept. 15-V. 131, p. 1295
-were awarded as 435s to the Provident Savings 3.76%.
Bank & Trust Co. of Cincinnati, at par plus a premium of $337.30, equal to to 1941) incl. Bids submitted for the issue were as follows.
er100.80, a basis of about 4.32%. The bonds are dated Sept. 1 1930 and
101.16
mature on Oct. 1 as follows: $4„642.16 in 1931: $4,000 from 1932 to 1939 Rockland Trust Co. (purchaser)
Corp
inclusive, and $5,000 in 1940. The following is an official list of the bids First National Old Colo
101 6
4
0
7
Merchants National Bank of Boston
submitted for the issue:
100.22
Bidder
Int. Rate. Premium. Harris, Forbes & Co
$313157..0000
Bohmer-Reinhart & Co., Cincinnati 0
4
-BOND OFFERING.
-It, is reported
SEATTLE King County, Wash.
Seasongood & Mayer, Cincinnati,0
4
'
that
received until noon on Oct. 10, by H. W. Carroll.
295.20 City sealed bids vrill be purchase of a $20,000 issue of improvement bonds
The Davies-Bertram Co., Cincinnati,0
4
Comptroller,for the
337.30 Int.rate is not to exceed 6%. A certified check for 5% of the bid is required.
*The Provident Says. Bk.& Tr. Co., Cincinnati,0..254.05
The Title Guarantee Sec. Corp., Cincinnati,0
SHARON,Cherry Valley and Roseboom (Towns of) Central School
279.25
The Well, Roth & Irving Co., Cincinnati,0
4
-BOND OFFERING.92.40 District No. 1 (P. 0. Sharon Springs), N. Y.
BancOhio Securities Co., Columbus,0
4
receive sealed
136.00 Frank S. Clapper, Clerk of the Board of Education, will First National
Mitchell, Herrick & Co., Cleveland,0
4
421.00 bids until 4 p.m.(Eastern standard time) on Oct. 1, at the
Otis & Co.,Cleveland,0
Bank,Sharon Springs,for the purchase of $330,000 not to exceed 6% interest
217.00
Ryan,Sutherland & Co.,Toledo.0
18708..0000 coupon or registered school bonds. Dated Oct. 1 1930. Denom. $1,000.
W.L.Slayton & Co.,Inc., Toledo,0
Due $1.000 on Oct. 1 from 1931 to 1960 incl. Rate of interest to be expressed
Braun,Bosworth & Co.,Toledo.0
4
in a multiple of 44 or 1-10th of 1%. Principal and semi-annual interest
• Awarded bonds.
(April and Oct.) payable at the First National Bank, in Sharon Springs.
- Acertified check for $600, payable to the order of John L.Empie,Treasurer,
POTTER COUNTY (P. 0. Amarillo) Tes.-BOND OFFERING.
Sealed bids will be received until 2 p.m. on Oct. 6, by Sam B. Motlow, must accompany each 'proposal. The approving opinion of Clay, Dillon &
County Judge, for the purchase of a $420.000 issue of 5% court house and Vandewater, of New York, will be furnished to the purchaser without cost.
Official advertisement of the scheduled sale of these bonds will be found
jail bonds. Denom. $1,000. Dated Oct. 10 1930. Due as follows: $7,000,
1931 to 1935. $10,000, 1936 to 1940, $12,000. 1941 to 1945, $15,000, 1946 on page 1933 of this section.
to 1950.$18,000, 1951 to 1955,and $22,000, 1956 to 1960, all incl. Optional
-Fred S. Williams
-BOND OFFERING.
SHARON,Mercer County,Pa.
after 10 years. Auction bids will also be received. These bonds are issued City Clerk, will receive sealed bids until 9:30 a. m.on Oct. 7for the purchase.
under Law Title No. 22, Chapter 2. 1925 Revised Civil Statutes of Texas. of $50,000 4;5% street widbning and improvement bonds of 1930. Dated
The approving opinion of a recognized bond attorney will be furnished. A Oct. 11930. Denom. $1,000. Due on Oct. 1 as follows: $10,000 in 1935$10,000 certified check, yable to the County Judge, must accompany the and 1940 and $15,000 in 1945 and 1950. Sale of the bonds is subject to
-V. 131, p. 1750.)
bid. (These are the bona that were recently voted.
the sanction of the Department of Internal Affairs of Pennsylvania and
- to the approving opinion of Townsend, Elliott & Munson, of Philadelphia,
-BOND OFFERING.
PULASKI COUNTY (P. 0. Winamac), Ind.
tids until 10 a. m. as to their validity. A certified check for $500 must accompany each proL. E Campbell, County Treasurer. will receive sealed
on Oct. 10 for the purchase of the following issues of 6% bonds aggregating posal.
SVERTON (P. 0. Cincinnati), Hamilton County, Ohio.-BON.D
$15,491.57:
-The two issues of bonds aggregating 369,168.84 offered on Sept. 11
One bond for $995 27. all others SALE.
$9,027 27 ditch construction bonds
for $1,004. Due on Dec. 1 as follows:$995.27 in 1931. and $1,004 -V. 131, p. 1597, 1751-were awarded as 4555 to the Well, Roth &
Irving Co. of Cincinnati,as follows:
from 1932 to 1940. incl•
4.06270 ditch construction bonds. One bond for $446 70, all others $52,168.84 special assessment inapt. bonds sold at par plus a premium of'
3237, equal to 100.45, a basis of about 4.40%. Due on Sept. 1
for $452. Due on Dec. 1 as follows: $446.70 in 1931, and $452
as follows: $5,216.89 annually from 1931 to 1940 incl.
from 1932 to 1940, incl.
17,000.00 fire department apparatus purchase bonds sold for a premium of'
2,401,60 ditch construction bonds. One bond for $265.60, all others
$112, enual to 100.65, a basis of about 4.40%. Due $1,000 on
for $267. Due on Dec. 1 as follows: $446.70 in 1931, and $267
Sept. 1 from 1931 to 1947 incl.
from 1932 to 1940, incl.
Each issue is dated Sept. 1 1930.
All of the above bonds are dated Sept. 1 1930. Interest is payable
semi-annually in June and December.
-BOND SALE:
SOUTH BOUND BROOK, Somerset County, N. J.
-John B. Mc- DEFERRED-Oliver B. Matthews, Borough Clerk, states that the conRANDOLPH, Norfolk County, Mass.
-BOND SALE.
registered bonds aggregating
Neill. Town Treasurer, is reported to be receiving sealed bids until 8 P• in. templated sale of two issues of coupon or
(daylight saving time) on Sept. 22 for the purchase of $113,000 4% coupon $58,000,for which sealed bids were to be opened on Sept. 17--V. 131, p. 1597
thc.
school bonds. Dated Oct. 1 1930. Denom. $1,000. Due on Oct. 1 as -has been deferred because a petition has been filed requesting that
follows: $6,000 from 1931 to 1943 incl., and $5,000 from 1944 to 1950 incl. bond ordinanace be submitted to a referendum election.
SEPT. 20 1930.]
FINANCIAL CHRONICLE
r.SPENCER COUNTY (P. 0. Rockport), Ind.
-BOND OFFERING.
James H. Kirkland, County Treasurer, will receive sealed bids until 10
a. m. on Oct. 6 for the purchase of $10,240 4%% Karl W. Kramer et al..
Ohio Township highway improvement bonds. Dated Oct. 6 1930. Denom.
$512. Due $512 on July 15 1932: $512 on Jan. and July 15 from 1933 to
1941, incl., and $512 on Jan. 15 1942. Interest is payable semi-annually
on Jan. and July 15.
SPRINGFIELD, Hampden County, Mass.
-BOND SALE.
-The
Inuowing issues of bonds, aggregating $1,670,000 offered on Sept. 19-V.
131. P. 1751-were awarded to the Atlantic Corp. of Boston, at a price of
102.019:
$990,000 3% sewer bonds (1930). Due $33,000 annually on Oct. 1 from
11 to 1960, incl.
93
680,000 4% hospital building bonds (1930). Due $34,000 annually on
Oct. 1 from 1931 to 1950 incl.
Each issue is dated Oct. 1 1930. The following is a list of the bids
reported to have been submitted:
idderRate Bid.
Atlantic Corp.of Boston (Boston)
102.019
Eldredge & Co
101.98
B.L.Day & Co
101.679
SPRINGFIELD, Hampden County, Mass.
-TEMPORARY LOAN.
Salomon Bros. & Hutzler of Boston on Sept. 19 purchased an tsetse of
$1,000.000 tax anticipation notes at 2.02% discount, plus a premium of
$11. The notes are due on Nov. 20 1930. The following is a list of the
bids submitted for the issue:
BidderDiscount.
Salomon Bros. & Hutzler (purchasers)
Plus $11 2.02
Shawmut Corporation
2 03
Lee, Iligginson & Co
2.03
First National Old Colony Corp
2.04
STAMFORD (Town of), Fairfield County, Conn.
-TEMPORARY
-The First National Old Colony Corp., of Boston, recently purLOAN.
chased a $350,000 temporary loan at 2.24% discount. The loan is dated
Bipt. 15 1930 and is payable on Oct. 15 1930. The First Stamford National
13.mk, the only other bidder, offered to discount the loan at 2.32%.
STERLING, Logan County, Colo.
-BOND REDEMPTION.-NotiCe
is given by the City Treasurer that he will redeem at his office the following
bonds: Storm Sewer District No. 1-bonds numbered 113 to 124, incl.,
of the issue of April 16 1921, interest to cease Oct. 15 1930. (This calls
all the outstanding bonds of this issue.) Note: Bond No. 106 was called,
interest to cease Oct. 151929. Bonds No. 107 and 109 were called, interest
to cease April 15 1930. These have not been presented for payment.
STOUGHTON, Norfolk County, Mass.
-BOND OFFERING.
-Frederick J. Vanston. Town Treasurer, will receive sealed bids until 5 p. m.
(daylight saving time) on Sept. 23 for the purchase of $30,000 4% coupon
water mains bonds. Dated Sept. 1 1930. Denom. $1,000. Due $3,000
on Sept. 1 from 1931 to 1940, incl. Principal and semi-annual interest
(Mar. & Sept.) payable at the First National Bank, of Boston, which will
supervise the engraving of the bonds and certify as to their genuineness.
Legality will be approved by Ropes, Gray, Boyden & Perkins, of Boston,
whose opinion will be furnished the purchaser.
TARFtANT COUNTY (P. 0. Fort Worth), Tex.
-FINANCIAL
-In connection with the offering scheduled for Se'. 22
STATEMENT.
-V. 131. P. 1752
of the $900.000 issue of 44i% semi-annual road bonds
we are now in receipt of the following:
Official Statistics Sept. 1 1930.
Estimated actual value of taxable property
$340,000.000.00
Assessed values of real estate for the year 1929
142,106,140,00
Assessed values of personal property for the year 1929
31,063,620.00
bonded indebtedness (including this issue)
Total
7,801,000.00
Cash on hand in sinking fund
713.957.85
Net bonded debt Sept. 1 1930
7.087,042.15
Population 1920, 152,800. Population 1928. 230,000.
TARRANT COUNTY WATER CONTROL AND IMPROVEMENT
DISTRICT NO. 1 (P. 0. Fort Worth), Tex.
-BOND SALE.
-The
$1,500,000 issue of water, series B bonds offered for sale on Soot. 15-was purchased by a syndicate composed of theContinental
V. 131, p. 825
Illinois Co. and the Harris Trust & Savings Bank, both of Chicago, the
Fort Worth riatianal Co., the First National Co., and the Continental
National Bank, all of Fort Worth, and Garrett & Co. of Dallas, as 4%a. at
a price of 99.33, a basis of about 4.55%. Dated Sept. 15 1930. Due from
March 15 1934 to 1970 incl.
PUBLIC OFFERING OF BONDS.
-The above bonds are now being offered by the successful syndicate for general investment at prices to yield
4.40% for all matarities. 'rne offering circular on the bonds reports as
follows:
Tarrant County, Texas, Water Control and Improvement District No.
1 includes all of the City of Fort Worth and about 38.000 acres of adjacent
river bottom land. This district was formed for two majcr purposes,
namely, the future water supply and flood protection of the City of Fort
Worth and its outlying Industrial and metropolitan area. The district was
organized Oct. 7 1924, as a 'Water Improvement District,' such organization being favorably approved by the voters in accordance with the
statutes. In 1925 the Texas Legislature approved the organization of
water control and improvement districts znd further ratified and validated
all previously formed water improvement districts. Under the provisions
of this legislation this district was converted into a "Water Control and Improvement District in an election held in January, 1926. The Supreme
Court of Texas by formal decree has pronounced these bonds valid. The
Legislature of Texas by an act general in terms has legislatively established
these bonds as valid.
-BOND OFFERING......
TARRYTOWN, Westchester County, N. Y.
J. Wyckoff. Village Clerk, will receive sealed bids until 8 P. m. (daylight
saving time) on Sept. 22 for the purchase of $8,000 coupon or registered
fire apparatus bonds. Dated Aug. 1 1930. Denote. $1,000. Due $1,000
on Aug. 1 from 1931 to 1938, incl. Interest is payable semi-annually.
Rate to be named in bid, expressed in a multiple of Yi of 1% and must be
the same for all of the bonds. A certified check for $200. Payable to the
order of the Village, must accompany each proposal. The approving
opinion of Caldwell & Raymond, of New York, will be furnished to the
pruchaser.
TEXAS, State of (P. 0. Austin).
-BONDS REGISTERED.
-The following minor issues of bonds were registered by the State Comptroller
during the week ended Sept. 13:
33,000 5% Jackson County Cons. School Dist. bonds. Denom. $150.
Due serially.
600 5% Panola County Cons. School Dist. No. 9 bonds. Denom. 4100.
Duo serially.
1,2005% l'anola County Cons. School Dist. No. 17 bonds. Denom.$100.
Due serially.
1,200 5% Van Zanst County Cons. School Dist. No. 40 bonds. Denom.
$60. Due serially.
6,000 5% Collingsworth County Cons. School Dist. No.4 bonds. Denote,.
$200. Due serially.
3.000 5% Nacogdoches County Cons. School Dist. No. 39 bonds. Denom.
3150 Due serially.
1,080 5% Cass County Cons. School Dist. No. 46 bonds. Denont. $54.
Due serially.
THOMASVILLE SCHOOL DISTRICT (P. 0. Thomasville), Thomas
County, Ga.-BOND ELECTTON.-A special election will be held on
ssuance of
Sept. 24 in order to have the voters pass upon the proposed i
$125,000 in 4% school building bonds. They are reported to be due
In 15 years.
THIEF RIVER FALLS, Pennington County, Minn.
-BONDS
VOTED.
-At a special bond election held on Sept. 11, the voters approved
,
the issuance of $123.000 in bonds as follows: 380,000 power plant engine
.
t
by a count reported as 981 "for" to 28 "agains. and $43,000 funding
bonds by 903 votes "approving" to 30 "against.
TRANSYLVANIA COUNTY (P. 0. Brevard), N. C.
-NOTES NOT
SOLD.
-The $100,000 issue of not to exceed 6% semi-ann. revenue anticipation notes offered on S pt. 13-V. 131, p. 1598
-was not sold as there
were no bids received. The Board of County Commissioners deferred
action until Sept. 17. Dated July 30 1930. Duo on July 30 1931.
TRAVELLERS REST CENTRALIZED HIGH SCHOOL DISTRICT
-BOND OFFERING.
(P. 0. Greenville), Greenville County, S. C.
Sealed bids will be received by Morgan & Cothran. attorneys, at their
office in Greenville, until noon on Sept. 24. for the purchase of a 330.000
issue of 5% or 6% school bonds. The bonds will be submitted to John N.
Nathans of Charleston, for final opinion.
1931
TRUMBULL COUNTY (P. 0. Warren), Ohio.
-BOND OFFERING.
David H. Thomas, Clerk of the Board of County Commissioners, will receive sealed bids until 2 p. m. on Oct. 1 for the purchase of 527,000
%
bridge impt. bonds. Dated Oct. 1 1930. Denom. $1.000. Due semiannually as follows: $2,000 on April and Oct. 1 from 1932 to 1934 incl.:
$1,000 on April and Oct. 1 from 1935 to 1941 incl. Int. is payable semiannually in April and Oct. Bids for bonds may be presented based upon a
different rate of int, than herein specified in accordance with Section 229328 G. C. of Ohio. County to pay for the printing of the bonds: purchaser
to pay for opinion as to legality. A certified check for $1,000, payable to
Trace D. Harkelrode, County Treasurer, must accompany each proposal.
TYLER, Smith County, Tex.
-BOND SALE.
-The $44.000 issue of
5% semi-annual school improvement bonds offered for sale on Sept. 16V. 131, p. 1598
-was purchased by the Peoples National Bank of Tyler,
Dated Sept. 11930. Due in from 1 to 40 years.
UNIVERSITY CITY, St. Louis County, Mo.-BOND SALE.
-The
$175,000 Issue of 434% registered public impt. bonds offered for sale on
Sept. 10-V. 131, p. 1.598-was purchased by the Boatman's National Co.
of St. Louis, for a premium of $7,257, equal to 104.14, a basis of about
4.13%. Dated Sept. 11930. Due from Sept. 1 1944 to 1950. The other
bids and bidders were as follows:
Premium.
BidderSax & Co. and Mercantile Commerce Co
$7,142.00
Mississippi Valley Co
7,134.75
Smith, Moore & Co. and First National Co
6,807.33
The National City Co
6,672.75
G.H. Walker & Co. and Franklin-American Co
5,725.00
-The above bonds are now
BONDS OFFERED FOR INVESTMENT.
being offered for public subscription by the successful bidder at prices to
yield 4.05%. Legality to be approved by Benj. H. Charles of St. Louis.
These bonds are said to be direct obligations of the city, payable from
unlimited ad valorem taxes.
VANCEBURG, Lewis County, Ky.-BOND OFFERING.-Sealed bids
will be received until 8 p. m. on Sept. 22, by the City Clerk, for the purchase of a $20,000 issue of water works bonds. Denom. $500.
-BOND SALE.
VANDERBURGH COUNTY (P. 0. Evansville), Ind.
-The1185,000 4%% coupon Pigeon Creek bridge bonds offered on Sept.
10-V. 131, p. 980
-were awarded to the Harris Trust & Savings Bank,
of Indianapolis, and the National City Bank, of Evansville, jointly, at
gar plus a premium of $7,572, equal to 104.09, a basis of about 3.95%•
The bonds are dated Sept. 10 1930 and mature semi-annually as follows:
$5,000 on July 1 1931; 35,000 on Jan. and July 1 from 1932 to 1947, incl.:
$5,000 on Jan. 1 and $15,000 on July 1 in 1948. The successful bidders are
re-offering the bonds for public investment at prices ranging from 100.77
for the July 1 1931 maturity, yielding 3.50%. to 107.98 for the July 1
1948 maturity, yielding 3.875%.
Financial Statement (As Officially Reported).
Assessed valuation for taxation
3162.271,870
*Total debt (this issue included)
Population, estimated, 112,000: population, 1920 census, 92,293 92 000
. '
7
* Total debt less than ;a of 1% of assessed valuation.
-BOND OFFERVANDERBURGH COUNTY (P. 0. Evansville), Ind.
ING.
-Charles 0. Wesselman, County Treasurer, will receive sealed bids
until 10 a. M.OP Sept 27 for the nii-chase of 342.400 414% Pigeon Township
road impt. °ends. Due four bonds each six months from July 15 1932 to
Jan. 15 1942.
VERMILLION PARISH FIFTH WARD DRAINAGE DISTRICT NO.
-BOND OFFERING.
-Sealed bids will be re1 (P. 0. Abbeville) La.
ceived until Oct. 1, '1;3 J. B. Ledoux, Secretary of the Board of Commis,
sioners, for the purchase of a $17,000 Issue of 6% semi-annual coupon
drainage bonds.
VERPLANCK FIRE DISTRICT (P. 0. Verplanck), Westchester
-Thomas J. Kelleher, Chairman of
-BOND OFFERING.
County, N. Y.
Board of Fire Commissioners, will receive sealed bids until 8 p. m. (Daylight saving time) on Sept. 27 for the purchase of $30,000 not to exceed 6%
int. coupon or registered fire department apparatus purchase bonds.
Dated Sept. 1 1930. Denom. $1,000. Due $1,000 on Sept. 1 from 1931
to 1980 incl. Bate of int, to be expressed in a multiple of 14 or 1-10 of 1%
and must be the same for all of the bonds. Prin. and semi-ann. int.
(M. & S.) paYaole at the Peekskill National Bank, in Peekskill. A certified check for 31,500 payable to the order of the District, must accompany
each proposal. The approving opinion of Clay, Dillon & Vandewater of
New York, will be furnished to the purchaser.
-BOND OFFERING.
VILLE PLATTE, Evangeline Parish, La.
Sealed bids will be received, according to report, until Sept. 23, by Geo. L.
Fontenot, Mayor, for the purchase of a 326.000 issue of city impt. bonds.
Int. rate is not to exceed 6% payable semi-annually.
VINELAND SCHOOL DISTRICT (P. 0. Bakersfield), Kern Count.,
-BOND SALE.
-The $12,000 issue of coupon schotl building bonds
Calif.
offered for sale on Sept. 8-V. 131, p. 1297-e as purchased by Dean
Witter & Co. of San Francisco, as 5s, at a price of 100.75, a basis of about
4.89%. Due $1,000 from Aug. 11 1933 to 1944 incl. 'she only other bid
received was an offer of 100.10 (also on 5s) by the Elmer .1. Kennedy Co.
of Los Angeles.
WASHINGTON SCHOOL DISTRICT, Washington County, Pa.-Mrs. Ella R. Stewart, School District Secretary, Informs
BOND SALE.
us that an Issue of $75,000 44i% coupon school bonds was sold on April 2.9
to J. H. Holmes & Co. of Pittsburgh at par plus a premium of $280, equal
to 100.37. The Mellon National Bank of Pittsburgh submitted an offer
of par plus a premium of $107.55 for the issue.
WASHINGTON SCHOOL TOWNSHIP, Daviess County, Ind.
-William C. Hyatt, Township Trustee, will receive
BOND OFFERING.
sealed bids until 2 p. m. on Oct. 3 for the purchase of $7,756.25 4.14%
refunding bonds. Dated Sept. 15 1930. One bond for $387.86. all others
for $387.81. Due $3387.86 on June 15 and $387.81 on Dec. 15 1932 and
$387.81 on June 15 and Dec.15from 1933 to 1941 incl. Prin. and semi-ann.
int. (J. & D. 15) payable at the Peoples National Bank & Trust Co. of
Washington.
-BONDS OFFERED.
WAYNE COUNTY (P. O. Corydon), Iowa.
Both sealed and open bids Were received up to 2 p. m. on Sept. 19 by
W.S. McMains, County Treasurer, for the purchase of a $75,000 issue of
annual primary road bonds. Denom. $1,000. Dated Sept. 1 1930.
Due on May I as follows: 37.000, 1936 to 1944 and $12,000 in 1945.
Optional after May 11936. The approving opinion of Chapman & Cutler
of Chicago will be furnished.
WAYNE COUNTY (P. 0. Corydon), Iowa.
-BOND SALE CAN-We are now informed that the sale of the $75,000 43. % regisCELLED.
tered annual primary road bonds to the Carleton D Beh Co. of Des Moines
-was cancelled ate
at 100.40, a basis of about 4.43%.-V. 131, P. 1598
to an error in the notice. Due on May 1 1945 and optional after May 1 1936
WEST CARROLLTON, Montgomery County, Ohio.
-BOND OFFERMTG.-John B. McNabb, Jr., Village Clerk, will receive sealed bids until
12 m. (Eastern Standard time) on Sept. 26, for the purchase of 348,310
% sanitary sewer assessment bonds. Dated Oct. 1 1930. One bond for
31O, all others for $1,000. Due on Sept. 1, as follows: $4,310 in 193I:
4,000 in 1932. and 85,000 from 1933 to 1940, incl. Bids for the bonds
to bear interest at a rate other than 6% will also be considered, provided,
however, that where a fractional rate is bid such fraction shall be h of
I% or a multiple thereof. Principal and semi-annual interest (March
and Sept.) payable at the West Carrollton Bank, in West Carrollton.
A certified check for $500, payable to the order of the Village, must accompany each proposal. All legal matters pertaining to the issuance of
these bonds have been handed by J. B. klarshman, Attorney for the City
DaiTii
Dayton.
of w
AMPTON BEACH, Suffolk County, N. Y.
-BOND OFFER
INO.-Evelyn W. Halsey, Village Clerk, will receive sealed bids until
12 m. on Oct. 1, for the purchase of the following issues of 5% coupon or
registered bonds totaling $90,000:
$55.000 street improvement bonds. Due on Oct. 1, as follows: 32,009
from 1931 to 1935, incl., and $3,000 from 1936 to 1950, incl.
20,000 park bonds. Due $1,000 on Oct. 1 from 1931 to 1950. incl.
15,000 Stevens' Lane widening bonds. Due $1,000 on Oct. 1 from 1931
to 1945, incl.
All of the above bonds are dated Oct. 1 1930. Denom. 31,000. Bidx
will be receivet for a portion or for all of the bonds. Interest is payable
semi-annually in April and Oct. A certified chock for 2% of the amount
of the bid, payable to the order of the Village Treasurer, must accompany
each proposal. The approving opinion of Thomson, Wood & Hoffman, of
New York, will be furnished to the successful bidder.
i
1932
FINANCIAL CHRONICLE
WESTMORELAND SANITARY DISTRICT (P. 0. Westmoreland),
-BONDS NOT SOLD.
Imperial County, Calif.
-The $16,000 issue of
-was not
6% semi-ann. school bonds offered on Aug. 21-V. 131, p. 1297
sold as all the bids were rejected. Dated Sept. 1 1930. Due $1,600 from
Sept. 1 1931 to 1940 incl.
-BOND SALE.WETHERSFIELD, Hartford County, Conn.
Estabrook & Co. of Boston and Putnam & Co. of Hartford, jointly on
Sept..5 purchased an issue of $120.000 4)j% coupon school bonds at
101.18, a basis of about 4.07%. Dated Oct. 1 1930. Denom. $1,000.
Due $8,000 on Oct. 1 from 1931 to 1945 incl. Prin. and semi-ann. int.
payable at the Travelers Bank & Trust Co., Hartford. Legal
(A. &
opinion by Storey, Thomdike, Palmer & Dodge of Boston. The successful bidders are re-offering the bonds for public investment priced to
yield 3.25% for the 1931 maturity, 3.50% for the 1932 maturity, 3.75%
for the 1933 maturity, 3.90% for the 1934 and 1936 maturities, and 4%
for the bonds due from 1937 to 1945 incl. The securities are said to be legal
investment for savings banks and trust funds in Connecticut.
Financial Statement.
$12,945,632.00
Total grand list 1929
513.577.04
Net bonded indebtedness (4%)
-The
-BOND SALE.
P WHITE COUNTY (P. 0. Monticello), Ind.
three issues of 6% bonds aggregating $23,369.52 offered on August 29-were awarded as follows:
V. 131, p. 1138
$13,604.85 Charles M. Mertz drain construction bonds sold at a price of
par to the State Bank of Monticello. Due on Dec. 1, as follows:
$1,274.85 in 1931. and $1,370 from 1932 to 1940, incl.
7,973.94 Charles E. Hale drain construction bonds sold at a price of
par to the State Bank of Monticello. Due $973.94 in 1931.
$1,000 from 1932 to 1938.
1,790.73 Michael Rencke drain construction bonds sold at par plus a
premium of $1 to William K. O'Cnnnell, a local investor. Due
on.Dec. 1, as follows: $350.73 in 1931, and $360 from 1932 to
1935, incl.
Each issue is dated Sept. 1 1930.
-BOND OFFERP WHITLEY COUNTY (P. 0. Columbia City), Ind.
-Sealed bids addressed to Eugene E. Glassley, County Treasurer,
ING.
will be received until 10 a. m. on Sept. 27 for the purchase of $22,080
43% L. Lincoln Lee et al. Cleveland-Washington Twps. road constructon
bonds. Dated Sept. 15 1930. Denom. $552 Due $1,104 on May 15
and Nov. 15 from 1932 to 1941 incl. Interest is payable semi-annually
on May 15 and Nov. 15.
WILLIAMS COUNTY (P.O. Williston) N. Dak.-BONDS OFFERED.
-Sealed bids were received until 2 p.m. on Sept. 19, by F. A. Hoare.
County Auditor, for the purchase of a $20.000 Issue of certificates of indebteess. Due on May 1 1932.
WILLIAMSON AND MARION CENTRAL SCHOOL DISTRICT
-OFFER $375,000
NO. 3 (P. 0. Williamson) Wayne County, N. Y.
-The $375,000 4% coupon or registered school bonds
436% BONDS.
which were reported sold on Sept. 9 to the Wayne County Trust Co. of
-are being
Palmyra, at 100.73, a basis of about 4.44%-V. 131, ID. 1753
reoffered for public investment by the Central Trust Co. Rochester, the
'
Wayne County Trust Co., and Sage, Wolcott & Steele, of Rochester at
prices to yield 4.35%. The securities are said to be legal investment for
savings banks and trust funds.
Financial Statement (as Officially Reported.)
$5.000,000.00
Actual value taxable property
valuation2:621:114:00
Assessed
375,000.00
Bonded debt (this issue)
2.800
Population
-Sealed bids
OFFERING.
-BOND
WILSON, Wilson County, N. C.
will be received until 8 p.m. on Sept. 23, by Theo. A. Hinnant, Town Clerk,
for the purchase of a $300,000 Issue of coupon or partially registered electric
light plant bonds. Int. rate is not to exceed 6%, stated in a multiple of
31 of 1%,and rate must be the same for all of the bonds. Denom.IRMO.
Dated Oct. 1 1930. Due $30,000 from Oct. 1 1933 to 1942 incl. Prin. and
int.(A.& 0.) payable in New York City in gold. The bonds will be prepared
under the supervision of the International Trust Co., New York City,
which will certify as to their genuineness. The legal opinion of Masslich &
Mitchell, of New York City, will be furnished. A $6,000 certified check,
payable to the Town Treasurer, must accompany the bid.
Official Financial Statement.
$21,989,688.56
Assessed valuation, 1929
Aetna valuation, estimated
2,308,500.00
Tota debt,including bonds now offered
$331,700.76
Water bonds,included in above
724,337.48
Light bonds, included in above
120 000 00
Gas bonds included in above
Uncollected spec. assessnals, actually levied-- 409,840.97
1,585.879.21
(0.)
$722,620.79
Net debt,including bonds now offered
12,600
Population, 1930 census
40c.
Tax rate for general purposes
28c.
Tax rate for bonds and interest
68c.
Total tax rate
-BOND OFFERING.
WINSTON-SALEM, Forsyth County, N. C.
Sealed bids will be received until noon (Eastern standard time) on Sept. 25.
by F. J. Peterson Jr., Commissioner of Public Accounts and Finance, for
the purchase of three issues of bonds aggregating $300,000, divided as
follows;
$90,000 street improvement bonds. Due on Sept. 15, as follows; $3,000,
1932 to 1937; $5,000, 1938 to 1943, and $7,000. 1944 to 1949,
all inclusive.
20,000 water bends. Due $1,000 from Sept. 15 1932 to 1951,incl.
190,000 general improvement bonds. Due on Sept. 15, as follows; $5,000.
1932 to 1941, and 17,000. 1942 to 1961, all incl.
Int. rate is not to exceed 6% stated in a multiple of 31 of 19' and rate
must be the same for all of the bonds. Denom. $1,000. Dated Sept. 15
1930. Prin. and int.(M.& S.) payable in gold at the Chase National Bank
In New York City. Legal approval by Reed, Hoyt & Washburn, of New
York, will be furnished. A certified check for 2% par of the bonds bid for,
payable to the city, is required.
Official Financial Statement.
$86,066.415.00
Assessed valuation of taxable real property. 1929
60.603.957.00
Assessed valuation of taxable personal property. 1929
$146,670,372.00
Total assessed valuation of taxable property, 1929
235,000,000.00
Actual value of taxable property (estimated)
18,475,000.00
Gross bonded debt (including proposed issue)
$3,019,597.71
Water bonds
Striking fund for bonds other than water bonds 294,818.24
Special assessments (actual or estimated) ap3.923,509.07
plicable to payment of bonded debt
4,588,000.00
Other legal deductions (school bonds)
Total deductions
11,825,925.02
8
$6,649.074.9
Net funded debt Sept. 1 1930
-There is no separate school district embracing the city in whole
Note.
inor in part. Bonds for schools are issued in the name of the city and
cluded in the above gross bonded debt.
Population (U. S. Census): 1910. 22.356, 1920. 48,395. 1930. 75,272.
WYANDOTTE COUNTY(P.O.Kansas City), Kans.-PONT)OFFER-Sealed bids will be received until 2 p.m.on Oct.9 by William Beggs,
ING.
County Clerk, for the purchase of a $220,000 Issue of 431% coupon courthouse equipment bonds. Denom. $1.000. Dated Oct. 1 1930. Due on
July 1 as follows: $6,000, 1931: $11,000, 1932 to 1945, and 312,000, 1946
to 1950. all incl. Int. payable on Jan. and July 1. Bonds to be sold subject to the legal opinion of Bowersock, Fizzell & Rhodes of Kansas City
(Mo.), whose approving opinion will be furnished by the County. A certified check for 2% of the bid is required.
-BOND OFFERING.WYOMING COUNTY (P. 0. Warsaw), N. Y.
Charles B. Smallwood, County Treasurer, will receive sealed bids until
11 a. m.(Eastern standard time) on Sept. 26 for the purchase of $40,000
not to exceed 5% interest coupon or registered hospital bonds. Dated
Oct. 1 1930. Denom. 31,000. Due $5,000 on Oct. 1 from 1931 to 1938
inclusive. Rate of interest to be expressed in a multiple of Yi or 1-10
of 1% and must be the same for all of the bonds. FrieciFal and semi
annual interest (April and October) payable at the Wyoming County
[VOL. 131.
National Bank, Warsaw. A Certified check for 31.000, payable to the
order of the County Treasurer, must accompany each proposal. The
approving opinion of Clay• Dillon & Vandewater of New York will be
furnished to the successful bidder.
YELLOWSTONE COUNTY SCHOOL DISTRICT NO. 53 (P. 0.
Worden), Mont.
-BOND OFFERING.
-Sealed bids will be received until
10 a. m. on Sept. 30 by Mrs. John Blessing, Clerk of the Board of Trustees,
for the purchase of an issue of $1,000 refunding bonds. Int. rate is not so
exceed 6%, payable semi-annually. Due in 10 years and optional after 5
Years. A. certified check for $100 must accompany each bid.
-The three
YONKERS, Westchester County, N. Y.
-BOND SALE.
issues of coupon or registered bonds aggregating $1,900,000 offered on
Sept. 19-V. 131. p. 1753-were awarded to a syndicate composed of the
First National Bank, Salomon Bros. & Hutzler, First Detroit Co., Inc.,
Phelps, Fenn & Co. and Rutter & Co.. all of N. Y. City, at a price of
100.079 as follows:
$900,000 local impt., series A of 1930 bonds sold as 330. Due $60,000
on Oct. 1 from 1931 to 1945 incl.
600,000 assessment bonds sold as 4315. Due $60,000 on Oct. 1 from 1931
to 1940 incl.
400,000 local impt., series B of 1930 bonds sold as 5s. Due $80,000 on
Oct. 1 from 1931 to 1935 incl.
Each issue is dated Oct. 1 1930.
YORK SCHOOL DISTRICT (P. 0. York) York County, Pa.
BOND SALE.
-The $650,0004% coupon school bonds offered on Sept. 11V. 131, p. 1297
-were awarded to M. M. Freeman & Co. of Philadelphia,
at par plus a premium of $1,748.50 equal to 100.269, a basis of about
3.98%. The bonds are dated Oct. 1 1930 and mature on Oct. 1 as follows:
315,000 from 1931 to 1950 incl., and $35,000 from 1951 to 1960 incl.
Edward B. Smith & Co., also of Philadelphia, bid par plus a premium of
$286 for the issue.
-The
-BOND SALE.
ZANESVILLE, Muskingum County, Ohio.
$10,000 43j% coupon airport landing field bonds offered on Sept.11V. 131, p. 1457
-were awarded to Seasongood & Mayer of Cincinnati at
par plus a premium of $61, equal to 100.61, a basis of about 4.38%. The
bonds are dated July 15 1930 and mature annually on July 15 from 1932
to 1941 incl. The folic
-tying is an official list of the bids submitted for the
issue, all of which were for the bonds as 430:
Premium.
Bidder$61.00
Seasongood & Mayer, Cincinnati(purchaser)
45.00
Davies, Bertram Co., Cincinnati
41.00
Banc-Ohio Securities Co.. Columbus
27.00
Ryan,Sutherland & Co., Toledo
26.50
Provident Saving Bank & Trust Co., Cincinnati
21.00
Spitzer Rorick & Co.. Toledo
7.00
well, Roth & Irving Co., Cincinnati
6.00
Otis & Co., Cleveland
4.50
W.L.Slayton & Co., Toledo
ZERBE TOWNSHIP SCHOOL DISTRICT (P. 0. Trevorton)
-E. E. Haupt,
-BOND OFFERING.
Northumberland County, Pa.
Secretary of Board of School Directors, will receive sealed bids until 12 m.
on Sept. 20 for the purchase of $150,000 4)4% school bonds. Dated
Sept. 11930. Denom. $1,000. Due on Sept. 1 as follows; $2,000 from
1931 to 1933 incl.; $33,000 from 1934 to 1940 inel.; $4,000 from 1941 to 1945
incl.; $5,000 from 1946 to 1948 incl.; $6,000 from 1949 to 1951 incl.; $7,000
from 1952 to 1955 incl.; $8,000 from 1956 to 1959 incl., and $10,000 in
1960. Bids may be submitted for the entire $150,000 bonds or for any
Portion thereof. Purchasers for the total issue are requested to make
separate bids for bonds numbered from 1 to 124 incl., also from 1 to 140
incl., and from 1 to 150 incl. A certified check for 5% of the bid must
accompany each proposal.
CANADA its Provinces andMunicipalities.
CORNWALL, Ont.-BOND SALE.-Dyment, Anderson & Co. of
Toronto recently purchased an issue of $27,623 5)4% impt. bonds at a
The bonds mature in 20 inprice of 103.551, a basis of about 5.0.
stalments. Bids reported to have been received follow:
Rate Bid.
BidderRate Bid.
Bidder102.00
Dyment, Anderson & Co--- _103.551 Bank of Nova Scotia
101.25
103.273 H.C. Monk & Co
Galrdner & Co
99.26
C. II. Burgess & Co
103.21 Royal Bank
99.15
Bell, Gouinlock & Co
102.65 Bank of Commerce
102.61
Wood, Gundy & Co
-A.E. Ames &
GRAND MERE, Que.-OFFER 540,000 5% BONDS.
Co. of Toronto are offering $40,900 5% coupon (registerable as to principal
only) Catholic School Commission bonds for public investment: price upon
application. The bonds are available in denoms. of $500 and $100 and
mature serially on Jan. 2 from 1936 to 1960 incl. Prin. and semi-ann. hit.
2) payable at the Banque Provincial° du Canada, Grandmere,
Montreal or Quebec,at holder's option. Subject to legal opinion of Markey,
Hyde & Ahern of Canada.
Financial Statement.
$15,621,397
Assessed value for taxation
2,628,500
Exemptions not included above
735,400
Total debenture debt (including present issue)
58,390
Less sinking fund
$677,010
Net debenture debt
751,114
Value of Nunicipality-s assets(March 31 1930)
Population:7.000.
Tax rate: 8 mills.
-The $293,400 5% bonds, comprising
-BOND SALE,
HULL, Quebec.
an issue of $193,000 and an issue of $100,400, each maturing serially from
-were awarded to
1936 to 1949 incl., offered on Sept. 15-V. 131, p. 1599
Gairdner & Co. of Toronto, at a price of 99.799, a basis of about 5.01%.
The bonds are payable at Hull, Montreal and Quebec.
The following is a list of the bids reported to have been submitted for
the bonds:
Rate Bid.
BidderRate Bid.
Bidder99.09
Galrdner & Co
99.799 Dyment, Anderson & Co
99.08
Co
L. G.Beaubien & Co.and Fry,
McLeod, Young, Weir &
99.06
Mills, S
& Co99.27 G ffin& Co
99.03
C. H. Burgess & Co
99.23 Credit Anglo-Francais
98.91
Dominion Securities Corp----99.18 iWood, Gundy & Co
418.80
Banque Provinciale
99.16 IHoon Bros. & Dunton
Mead & Co
99.14
Butler, Town
KINCARDINE, Ont.-BOND OFFERING
Clerk, will receive sealed bids until 5 p. m. on Sept. 27 for the purchase
of$126,403.21 5% bonds.Due in 20 equal annual instalments of prin.and int.
Denominations will be printed as desired by purchaser. Application has
been made to the Ontario Railway and Municipal Board for validation of
the bonds.
-The $97,000 53i% coupon bonds
LA TUQUE, Que.-BOND SALE.
-were awarded to the Credit Anglooffered on Sept. 9-V. 131. p. 1599
5.63%.
Francais, Ltd., of Montreal, at a rece of 99, a basis of aboutPayable
The bonds are dated May 1 1930 and mature serially in 20 years.
at La Tuque, Montreal and Quebec. The following is an official list of the
proposals received:
Bid.
-Rate
Bidder
99.00
Credit Anglo-Francals, Ltd.(purchases
)
'
97.35
Langueux & Darveau,Ltd
Banque Canadienne Nationale, and Rene T.Lerclerc,jointly__ _____ _98.63
La Corporation de Prets de Quebec, J. E. Laflamme & Co.,and Dube,
97.20
Leblond & Co., jointly
LENNOX AND ADDINGTON (United County of), P. 0. Napanee,
Ont.-MATURITY.-The three issues of 5% bonds aggregating $217,500
awarded on Aug. 29 to Stewart, Scully & Co., of Toronto, at 100.095, a
basis of about 4.98%-V. 131, p. 1753
-mature annually as follows:
$17.000 in 1931, 518,000 in 1932, $15,000 in 1933, 320,000 in 1934, 321.000
In 1935; 322,000 in 1936: $23,000 in 1937; 324.500 in 1938; 326.000 in 1939.
and 327,000 in 1940. The successful bidders are reoffering the bonds for
public investment as follows: 1931 to 1935 maturities are priced to yield
4.80% and the 1936 to 1940 maturities are priced to yield 4.75%• All
of the bonds are dated July 1 1930.
(J_.
J.
1
SEPT.20 1930.]
FINANCIAL CHRONICLE
-BOND SALE CORRECTION.
-In connection with the
liMcADAM, N. B.
-relative to a sale of5%
report in our issue of Sept. 13-V. 131, p. 1753
coupon sewerage bonds to the Eastern Securities Co., of St. Johns, we learn
that the amount of the issue is $50,000. not 357.500 as previously reported.
The bonds were awarded on Sept. 1 at a price of par. Dated Sept. 1
1930. Denom. $1,000 and $500. Due serially from 1931 to 1961 inclusive.
Interest is payable semi-annually in March and September.
MONTREAL METROPOLITAN COMMISSION (P. 0. Montreal),
Que.-BOND SALE.
-The 31,350.000 434% coupon (registerable as to
principal) sinking fund gold bonds offered on Sept. 15 (V 131, p. 1599)
were awarded to the Royal Bank of Canada and Wood Gundy & Co..
both of Toronto, jointly, at a price of 97.70 (Canadian funds), on the basis
of bonds and interest payable in Montreal, the net interest cost being about
4.64%. The bonds are dated May 1 1930. Due on May 1 1962. The
following is an official list of the bids submitted for the issue:
-For Bonds Payable in
Montreal and Montreal
New York. (Canadian
Bidder(N. Y.Funds) Funds.)
The Royal Bank of Canada and Wood, Gundy &
Co., Ltd
a97.70
*Chase Securities Corp.. the Royal Bank of Canada,
and Wood, Gundy & Co. Ltd
98.70
Bank of Montreal. A. E. Ames &I Co.. Ltd.. and
First National Bank of New York
98.038
96.54
Guaranty Co. of New York. Ltd
96.139
McLeod. Young. Weir & Co.. Ltd., Bell, Gouinlock
& Co. and Fry, Mills. Spence & Co
96.18
Dominion Securities Corp., Ltd., Dillon, Read &
Co., Bankers Co. of N. Y., Banque Canadienne
Nationale and the Canadian Bank of Commerce- 97.079
Mead & Co., Ltd., Dyment, Anderson & Co. and
R. A. Daly & Co
95.35
Hannaford, Birks & Co., E. H. Rollins & Sons,
Ltd., and Gairdner & Co
98.031
97.531
Banque Provinciale du Canada, Geoffrion & Cie.,
Ltee., La Societe de Placements du Canada,
Hodgson Bros. & Dunton. Ltd., and Harris,
Maclieen & Co
96.412
The National City Co
97.559
Hanson Bros., Incorp., Bank of Nova Scotia,
Matthews & Co., Ltd., and Greenshields & Co
96.279
a Accepted bid.
* Note.
-The Chase Securities Corp.. New York. did not participate in
the award of the bonds as its only connection with the successful bidders.
the Royal Bank of Canada and Wood, Gundy & Co.. was in conjunction
with the purchasers In their alternate offer of 98.70 (N. Y. funds) for the
Issue,
NEW GLASGOW, N. S.
-BOND OFFERING.
-Sealed bids addressed
to M. Wadden, Town Clerk and Treasurer, will be received until 5 _p. m.
on Sept. 23 for the purchase of $80,000 5% high school bonds. Dated
Oct. 1 1930. Denorn. $1,000. Due in 30 years. Interest is payable
semi-annually at the office of the Town Clerk.
ONTARIO (Province of).
-$15,150.000 BONDS OFFERED FOR PUBLIC INVESTMEN T.
-A syndicate composed of Nesbitt, Thompson & Co.,
Ltd.; Wood, Gundy & Co., Ltd.; Bank of Montreal. the Royal Bank of
Canada, Canadian Bank of Commerce, Bank of Nova Scotia, Imperial
Bank of Canada. Dominion Securities Corp.. Ltd.; A. E. Ames & Co., Ltd..
and Harris, Forbes & Co., Ltd., Is offering $15,150,000 coupon (registerable
as to principal) Hydro-Electric Power Commission of Ontario bonds consisting of 312.500.000
due Jan. 1 1970. and S2.650.000 5s, due an. I
431s,J
1935, for public investment priced at 101.40 and interest, to yield 4.65%.
for the 5% securities, and 102.75 for the 43.% securities, to yield about
4.65%. The bonds are a portion of the $21,000.000 issued by the aforementioned Commission during August to effect the acquisition of the Dominion Power & Transmission Co.. Ltd. and, in addition to being a direct
obligation of the Commission, are said to be unconditionally guaranteed
isajto principal and interest by the Province of Ontario, the guarantee
being
endorsed on each bond. They are being issued in denoms. of $1,000 and
$500 and are payable as to principal and semi-ann. Int. (J. & J. 2) in lawful
money of Canada at any branch of the Bank of Montreal in Montreal,
Toronto or Hamilton, at holders' option. Legal opinion of Tilley, Johnston,
Thomson & Parmenter.
NEW LOANS
1933
REGINA, Sask.-BOND SALE.
-The following issues of 5% sinking
fund gold bonds aggregating 3813.000 offered on Sept. 16-V. 131. p. 1753
-were awarded to the Dominion Securities Corp. of Toronto, and the Bank
of Nova Scotia, of Halifax, jointly, at 100.647, a basis of about 4.94%:
Bearing
Amt. By-Law.
PurposeInterest From Maturity.
July 1 1930 July 1 1960
$40.000 1595 Storm sewers
30.000 1596 Exten. sewage disposal works_ July 1 1930 July 1 1945
July 1 1930 July 1 1945
38.000 1597 Street Ry. power sub-station
July, 1 1930 July 11945
40.000 1598 Street Ry. track construction
July 1 1930 July 1 1950
130.000 1599 Street Ry. new car barns
July 1 1930 July 1 1945
11.000 1600 Street By. rolling stock
July 1 1930 July 1 1940
250,000 1601 Light and power extension_ _
55.000 1602 Light and power boiler, &c.. _ _ _ July 1 1930 July 1 1945
160.000 1603 General hospital power plant
July 1 1930 July 1 1950
and laundry
Apr. 1 1930 Apr. 1 1960
30,000 1604 Completion technical school..
July 1 1930 July 1 1950
29,000 1605 Library branch. West End_ _
are re-offering the bonds for public Investment
The successful bidders
at prices to yield 4.80% for all maturities.
----The Dominion SecuriSHAWINIGAN FALLS, Que.-BOND SALE.
ties Corp. of Montreal on Sept. 3 was awarded $522.000 5% various improvement bonds at a price of 99.568. a basis of about 5.04%. The bonds
mature serially in from one to 38 years. Bids reported to have been submitted follow:
Rate Bid.
BidderDominion Securities Corp
99.568
Hannaford, Birks & Co
99.378
99.27
A. E. Ames & Co
99.22
C. H. Burgess & Co
99.17
Banque Canadienne Nationale and L. G. Beaubien & Co
99.05
Mead & Co
98.79
McLeod, Young, Weir & Co
98.62
Wood, Gundy & Co
SWANSEA, Ont.-BOND OFFERING
.-N. L. Ivey, Village Clerk, will
receive sealed bids until 4 p. m. on Sept. 30 for the purchase of the following issues of 5% bonds aggregating $375.075.55:
$222.374.13 local improvement bonds. Due in 15 years.
76.661.09 local improvement bonds. Due in 30 years.
30.000.00 storm sewer bonds. Due in 20 years.
20.000.00 sanitary sewer bonds. Due in 30 years.
25,000.00 school bonds. Due in 30 years.
1.020.33 local improvement bonds. Due in 10 years.
All of the above bonds are dated Oct. 1 1930 and are payable as to both
prin. and semi-ann. int. at the Canadian Bank of Commerce. Bloor and
Runnymede Branch. in Toronto. Legality approved by Long & Daly
of Toronto.
-Jacques Denechaud.
THREE RIVERS, Que.-BOND OFFERING.
City Treasurer, will receive sealed bids until 4 p. m. on Sept. 29 for the
purchase of the following 5% bonds, aggregating $533,000, issued for
various improvement purposes:
3485.000 series A bonds. Dated Nov. 2 1930. Due annually in from
1 to 20 years.
48.000 series B bonds. Dated Nov. 1 1930. Due annually in from
1 to 10 years.
The above bonds will be issued in denom. of $100 or multiples thereof.
at the purchaser's option. Prin. and semi-ann. Int. (M. & N.) payable
at the holder's optioa,at the chief office of the Banque Canadienne Nationals
in the City of Montreal, or at any of the branches of said bank In the
cities of Three Rivers, Montreal. and Quebec. A certified check for 1%
of the par value of the issues, payable to the order of the city, must accompany each proposal.
-CITY EXPECTED TO OFFER $3,500.000 BONDS
WINNIPEG, Man.
-The city council on Sept. 15 authorized Harry 0.Thompson, City Treasurer, to offer about $3.500.000 long-term bonds shortly, to meet the city's
requirements for capital expenditure during 1930, according to a special
dispatch to the Sept. 16 issue of the New York "Herald Tribune." The
chief items to be financed by the proposed loan were given as follows:
"Local improvements,$600,000; waterworks. $400.000: steam heating plant
extensions. $150,000; city hydro development on Winnipeg River where
dam and power house at cost of $10,000.000 are being built and power is
being brought to city 80 miles, $200,000."
NEW LOANS
FINANCIAL
$30,000
Central School District No. 1
Towns of Sharon, Schoharie
County and Cherry Valley
and Roseboom, Otsego
County, N. Y.
BOND SALE
Sealed proposals will be received by the Board
of Education of Central School District No. 1 of
the Towns of Sharon, Schoharie County, and
Cherry Valley and Roseboom, Otsego County.
New York, until four o'clock P. M. Eastern
Standard Time, on the first day of October, 1930,
at First National Bank. Sharon Springs, Now
York, for the purchase at not less than par and
accrued interest of the following described bonds
of said District:
$30,000 School (Coupon) Bonds, dated October
1, 1930. denomination $1,000 each. Interest not
exceeding six per centum per annum, payable
semi-annually April 1 and October I, and maturing $1.000 on October 1 in each of the years 1931
to 1960, both inclusive. Payment in gold coin or
equivalent at the First National Bank in the
Village of Sharon Springs, New York. In New
York exchange. Privilege of registration as to
principal only or as to both principal and interest.
Award to bidder at lowest rate of interest In a
multiple of one-quarter or one-tenth of one per
centum per annum, or to highest bidder at such
lowest rate. Certified or bank or trust company
check to order of John L. Empie, Treasurer. for
$600 required with each bid. The right is reserved to reject any or all bids. Bidders must bid
for all of said bonds and state a single rate of
interest therefor. Any bid not complying with
the terms of this notice will be rejected. Proposals to be enclosed In a sealed envelope addressed to the undersigned Clerk at Sharon
Springs, New York and marked on the outside
Proposal for Bonds." The deposit of the successful bidder will be credited upon the purchase
price. Checks of unsuccessful bidders will be
returned on tne award of the bonds.
The approving opinion of Messrs. Clay Dillon
& Vandewater. Attorneys of New York city, will
be furnished to the purchaser without cost.
Dated, Sharon Springs, N. Y.,
September 17th. 1930.
BOARD OF EDUCATION OF CENTRAL
SCHOOL DISTRICT NO. 1 OF THE TOWNS
OF SHARON, SCHOHARIB COUNTY AND
CHERRY VALLEY AND ROSEBOOM,
OTSEGO COUNTY. N. Y.
By FRANK S. CLAPPER. Clerk.
$40,000
Borough of Glassport, Pa.
BOND SALE
The Borough of Glassport, Allegheny County.
Pennsylvania, will receive sealed bids and proposals for the sale of $40,000.00 Coupon Bonds
of said Borough. Said bonds will be of the
denomination of $1.000.00 each and will be dated
October 1st, 1930. and will mature October 1st,
1950.
Said bonds will bear Interest at the annual rate
of 434%, payable on April 1st and October 1st
of each year and will be sold free of State tax.
Purchaser to pay for the printing of said bonds.
All bids must be accompanied by certified check
drawn to the order of the Treasurer of said Borough in the sum of $2,000.00. and must be in the
hands of the Secretary of said Borough not later
than
OCTOBER 14, 1930
at 7:00 P.M.,
Eastern Standard Time.
The bids will be opened in the Glassport
Borough Municipal Building, corner of Fifth
Street and Monongahela Avenue. Glassport
Borough, Allegheny County. Pennsylvania.
Council reserves the right to reject any and all
bids.
Mall bids to N. J. Chaverinl, Secretary. Glassport Borough Municipal Building. Corner Fifth
Street and Monongahela Avenue, Glassport, Pa.
CYRUS A. DAVIS,
Solicitor for Glassport Borough,
603 Bowman Building,
Pittsburgh. Pa.
Alibittenblt
Directory Of Stock
and Bond Houses
"Security Dealers of North America"
Published semi-annually
A 1040 Page Book containing over
11,000 listings arranged alphabetically
and geographically with full details
as:
Street Address.
Officers or Partners.
Department Heads.
Branches maintained with
street address and name of
resident managers.
Character of business and
class of securities handled.
Stock Exchange memberships
held.
Correspondents.
Private wire connections.
Local & Long Distance Telephone Numbers.
AMERICAN MANUFACTURING COMPANY
Noble and West Streets,
Brooklyn, New York
The Board of Directors of the American
Incorporated
Manufacturing Company has declared a dividend for the year 1930 of $5.00 per share on
Publishers
the Preferred Stock of the Company, payable
128 Prone tit, near Wall New York INts
quarterly March 31. July 1, October 1 and
December 31. to Stockholders of record March
Telephone
-John 4867
15, June 15. September 15, and December 15.
and a dividend of $4.00 per share on the Common
sanc:date be Company, payable quarterly on the
Stoi of t
e
Price $6
HERBERT D. SEIBERT & CO.
JOHN B. PITMAN. Treasurer.
[VOL. 131.
FINANCIAL CHRONICLE
1934
irtantial
Cities Service
Securities
J. S. BACHE & CO.
Established 1892
(New York Stock Exchange
Members( Chicago Board of Trade
New York Cotton Exchange
and other leading Exchanges
12 Broadway
231 So. LaSalle St.
CHICAGO
NEW YORK
Stocks Bonds Grain Cotton
Cocoa Rubber
Coffee Sugar
Foreign Exchange
Bought and Sold for Cash or
carried OD Conservative Margin
Branch Offices
Atlantic City
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Troy
Winston-Salem
Watertown
Private Wire Correspontionts in All
Principal Cities
The Bache Review sent on application
Correspondents Invited
Chatham
Phenix
Corporation
and securities of the subsidiary companies of Cities Service Company
may be bought or sold at any of
our following branch offices:
149 Broadway,N.Y.
Investment affiliate of Chatham
Phenix National Bank and Trust
Company, founded in 1812.
Louisville, Ky.
Albany, N. Y.
Minneapolis, Minn.
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CHATHAM
ENIX
t
°
iPeRitit,i
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sstvv_vonn.,
Branches
Philadelphia Boston Chicago
St.Louis Pittsburgh Kansas City
Baltimore Cincinnati Detroit
Minneapolis
Milwaukee
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HENRY L.DOHERTY E4 COMPANY
60 Wall Street
New York City
Branches in principal rities
g
DYER, HUDSON & CCO.
too. I. Hudson & .
Successors
Established 1874
Ames,Emrich
& Co.,Inc.
61 BROADWAY, NEW YORK
Investment and
Brokerage Service
Underwriters and Distributors
of securities of American and
Foreign governments, municipalities and corporations with
established credits.
Fiscal Agents
Cable Address "Amich"
5 Nassau St.
NEW YORK
WHITEHALL 9902-18
Branch Offices
Fifth Avenue Building
(5th Avenue & 23rd Street)
2581 Broadway
(Corner 1)7th Street)
Members of
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Underwriters and Distributors of Municipal and
Corporation Securities
OTIS & CO.
Established 1899
NEW YORK CLEVELAND CHICAGO
Members New York Stock Exchange
Offices in 28 cities
F. H. PRINCE & CO.
BANKERS
105 S. La Salle St.
CHICAGO
St. Louis
Milwaukee
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G. H. Walker & Co.
MEMBERS
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Stock Exchanges
BARROW, WADE, GUTHRIE & CO.
ACCOUNTANTS
AND
AUDITORS
IGH-GRADE INVESTMENTS
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4.1
Aro v N `, c
x
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A
St. Louis Securities
EQUITABLE BUILDING
A. C. ALLYN
AND
INC.
Broadway Ift Locust
ST. LOUIS, MO.
920 BROADWAY. NEW YORK
COMPANY
100 West Monroe St.. Chicago
New York
Boston
HOAGLAND,ALLUM & 0.
Philadelphia
San Francisco
Milwaukee
Minneapolis
Established 1909—Incorporated
Investment Securities
't•
NEW YORK
CHICAGO
Chemical National
Company,Inc.
,
165 Broadway, New York
Corporate
Financing
CORPORATION
Emery,Peck&Rockwood
Company
Investment
Securities
UNITED FOUNDERS
Investment Securities
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208 South
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INVESTMENT SECURITIES
IHIA,LE.WATIERS
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£2 Cedar
MILLER INVESTMENT COMPANY
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Fifty Broadway
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BOSTON
120 So. La Salle St.
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115
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