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The
VOL. 133.
firiantial
I-Ito-rade
SATURDAY, AUGUST 1 1931.
NO. 3449
condition of the steel industry within the brief period
of time referred to.
PUBLISHED WEEKLY
After making the required appropriations for deTerms of Subscription—Payable in Advance
depletion, sinking funds, &c., there was
preciation,
12 Mos. 6 Mos.
Including Postage—
66.00
510.00
Within Continental United States except Alaska
net income in the June quarter of 1931
available
left
6.75
11.50
In Dominion of Canada
7.75
13.50
Other foreign countries.17.5. Possessions and territories
as compared with net income of
$1,605,955,
only
of
The follovdng publications are also issued. For the Bank and Quotation Record add the Monthly Earnings Record the subscription price is $31,139,811 in the June quarter of 1930 and $57,66.00 Per year; for all the others is $5.00 per year each. Add 50 cents to
each for postage outside the United States and Canada.
942,040 in the June quarter of 1929.
MONTHLY PUBLICATIONS-001IPSNDIUM5—
BANE AND QUOTATION RECORD
This $1,605,955 was only a little more than sufPUBLIC Untrry—(semi-annually)
RAILWAY & INDUSTRIAL(tOUt a year) MONTHLY EARNINGS RECORD
ETAT!' AND MUNICIPAL—(101321-alla.)
ficient to meet the interest of $1,375,566 on the
Advertising
of
Terms
bonded indebtedness of the Steel Corp. and its sub45 cents
Transient display matter per agate line
corporations. And in speaking of the bonded
request
sidiary
On
Contract and Card rates
°mean° Oryice—In Charge of Fred. Ff. Gray. Western Representative. indebtedness it should not be overlooked that during
208 South La Salle Street. Telephone State 0613.
LONDON Orrice—Edwards & Smith. 1 Drapers Gardens. London. E. C. 1929 the Steel Corp. eliminated $271,385,000 of the
WILLIAM B. DANA COMPANY, Publishers,
outstanding bonded debt by converting it into comWilliam Street, Corner Spruce, New York.
mon stock so as to strengthen the corporation's inPublished every Saturday morning by W I LI.I AM B. DANA COMPANY. come position in times of adversity such as those
Riggs
D.
William
Manager,
President and Editor, Jacob Seibert: Business
Treas.. William Dana Seibert: See.. Norbert D.Seibert. Addressee of all. Office of Co. through which the company is now passing.
In brief, then, the company during the June quarThe Financial Situation.
ter of 1931 earned only $230,389 in excess of the
While European developments have not lost their amount required on its greatly reduced bonded inimportance they have not engrossed the same con- debtedness. And this $230,389 was all that was
spicuous attention they did last week and the weeks earned for the quarter towards paying dividends on
immediately preceding, but have given place to a the $360,281,100 of 7% preferred stock outstanding
domestic development of great moment and of far- and the $870,137,100 of common stock outstanding.
reaching consequence. We refer to the appearance A windfall in the shape of special income of
of the United States Steel Corp. statement of earn- $7,160,966, representing profit derived from the
ings and profits for the June quarter of the current sale of fixed property, or, to be more precise, from
calendar year, making such a poor showing that it the sale of its subsidiary, the Gary Heat, Light &
could hardly be much worse, with the concurrent Water Co., enabled the Corporation to improve' its
action of the Board of Directors in cutting the income results so as to show the dividend requiredividend on the common stock of the company ment on the preferred shares fully earned, with a
to only 1% for the quarter, against the previous small amount left over towards meeting the reduced
payments of 1%%—meaning, in other words, that 1% dividend declared on the common stock. In other
the dividend rate has been reduced from a basis of words, even with the addition of the special income
7% per annum to only 4% per annum. The an- of $7,160,966, the earnings on the common stock were
nouncement of the action of the Board of Directors equal to only 13c. a share, and accumulated surplus
of the company came after the close of business on had to be drawn upon to the extent of $7,617,856 in
Tuesday, and the effect the next day was to precipi- order to meet even the 1% declared on the common
tate a great break in the price of the stock of the stock of the Corporation outstanding. Without this
company on the New York Stock Exchange, and a special income, and relying only on the ordinary
break in the stock market generally.
daily operations, absolutely nothing was earned on
The income return of the Steel Corp. for the June the common shares, and,indeed, only a few cents per
quarter was,as already stated, exceedingly poor. An share was earned on the preferred shares. For the
unfavorable exhibit had been looked for, but nothing half year ended June 30, even with the aid of the
quite so bad as what the results actually disclosed. $7,160,966 special income, only 18c. per share was
The net earnings for the June quarter of 1931 proved earned for the six months on the amount of common
to be only $13,817,524 as against $47,061,304 for the stock outstanding. The Bethlehem Steel Corp. made
June quarter of 1930 and no less than $73,861,426 in public its income statement for the June quarter
the June quarter of 1929. A shrinkage of over $60,- after the close of business on Thursday, and it was
000,000 in the earnings of a single quarter in the of the same unfavorable character. Earnings for the
short space of two years (as indicated by the decline second quarter of 1931 fell below the requirements
in earnings for this quarter from $73,861,426 in the for the preferred stock dividend, a deficit of $297,257
three months of 1929 to only $13,817,524 in the same remaining after these dividends had been provided
three of 1931) illustrates in a striking way the re- for. The dividend on Bethlehem Steel common,
markable transformation which has occurred in the which had been reduced three months before from a
financial Clurinicit
681
FINANCIAL CHRONICLE
[VOL. 133.
basis of $6 a year to $4, was now further reduced to a limits of the steel trade. It is for this latter reason
basis of only $2 per year.
that the events of the present week have attracted so
The reduction in the dividend on United States much attention, the question, indeed, having risen
Steel Corp. common from a basis of $7 per year to $4 to a position of commanding importance, exceeding
per year was much more drastic than had been gen- even that of the European situation, which latter cererally looked for, the general expectation having tainly is not such as to encourage very bright hopes
been that the directors would pay at the rate of at for the time being. The Administration at Washingleast 5% per annum. And this, doubtless, had a part ton, as is known, is wedded to the idea that there
in the break in the price of the stock which occurred. must be no general reduction in wage scales. As will
But there was a further factor Which also contributed be remembered, President Hoover pledged the leadto the extreme decline in the stock. There was keen ers in the different industries to maintain prevailing
disappointment that no positive announcement came rates at conferences he had with them in the period
of a determination to lower wage scales. The gen- immediately succeeding the panic in the autumn
eral feeling is that a point has now been reached in of 1929.
the long-continued shrinkage in business where imEarly in the present week it looked as if this policy
provement can be brought about only through some of maintaining wages at figures no longer warranted
reduction in labor costs. Instead, the announcement might be modified to the extent of permitting reducgiven out by the Steel Corp.simply said: "The Board tions as the alternative to absolute shutdowns.
of Directors also recommended that an adjustment of Great rejoicing immediately occurred in the business
salaries of all officers and other salaried employees world, on the theory that the obstacle to trade
be made in varying percentages depending upon the recovery which had existed for so long was at last
character of service rendered." This adjustment is to be removed. The promise of such a change was
undoubtedly a step in the right direction. The contained in a letter written by Secretary of
ComPennsylvania RR. recently took similar action, merce Robert P. Lamont to Representative Francis
and the present week the Del. & Hudson followed B. Condon, of Pawtucket, R. I., made public on
Monin the same footsteps. But this is far from being day. Declaring that "no one could have
done more
the general adjustment of wage scales to a lower to maintain wage rates" than the President, Secrelevel which it is felt has now become absolutely tary Lamont admitted that many corporations,
which
necessary.
had been endeavoring to keep wages at 1929 levels are
As the income results for the June quarter, as out- finding themselves with depleted reserves and
faced
lined above, so plainly show, business in the steel "with the prospect of closing down altogether
and
trade is on an absolutely non-paying basis, and there thus creating more unemployment, or, alternative
ly,
is no way in which it can be put on a paying basis seeking temporary wage reductions."
except by reducing costs, and such reduction in costs
Writing apparently, said Washington news discan only be effected by lowering wage costs, which patches, with the knowledge and approval
of the
constitute the biggest item in the total cost of pro- President, since Mr. Condon's letter had
been turned
duction. By lowering total costs, too, the prospect over to him from the White House,
Secretary Lais opened up of selling steel and steel products at a mont's statement was considered as virtual
abanlower price to consumers and the consuming public. donment by the Administration of further
efforts to
Lower prices, especially in times of depression, maintain wages as of less importance
than the mainfurnish the strongest incentive for making purchases tenance of all employment that now exists,
regardless
and for widening and increasing the market for of pay scales.
products of all kinds. In view of all this some reducBut simultaneously with the appearance of the
tion in general wage costs seems inevitable during foregoing announcement it became noised
about that
the next three or four months if the Steel Corp. would the Steel Corp.'s directors at the meeting the
next
retrieve its position as a paying concern and in order day (Tuesday) would announce a reduction
in the
to start general trade on an enduring basis of trade dividend rate on the common stock of the corporarevival.
tion, and at the same time would also propose lowerIt is never a pleasant task to lower wage scales, ing of wage scales. Then it was, if newspaper
even though the reduction may be comparatively accounts are to be believed, that Administration
slight, but there is less hardship than usual in such officials got busy. The Washington correspond
ent
a course at present, since living expenses have been of the New York "Herald Tribune," in a
dispatch
so greatly reduced. As a result of the decline, a given from Washington on July 27, said that
"on the
amount of wage will purchase a great deal more than strength of reports that the Steel Corp. is under presthe same sum only two or three years ago, and, after sure to reduce wages, the Administration has
apall, the matter is not really under the control of the pealed to leaders of this key industry to exhaust
employer or the manufacturer, in periods of trade every expedient before considering such a step.
prostration, such as prevails at the present time. Only 12 to 15% of the industries reporting to the
The simple truth of the matter is that no manufac- Labor Department thus far have reduced wages,
it
turer and no business man can long continue to pay is estimated, as against reductions by 92% of these
out more than comes in. That, unfortunately, is industries in 1921, and the Administration
fears
the position in which the steel industry, as well as that a cut now by the Steel Corp. might let down
the
many other industries, find themselves to-day be- bars throughout the country."
cause of their adherence to the policy or the principle
Apparently to counteract the effects of Secretary
of maintaining wage scales unimpaired. Such a Lamont's statement in his letter to Representa
tive
policy is utterly out of harmony with prevailing busi- Condon, President Hoover on Tuesday, July
28, the
ness conditions which call for curtailing operating date set for the meeting of the Steel directors, authorand producing costs to the utmost limits.
ized a brief statement declaring that the policy of
The general aspect of the question has an impor- his Administration in opposing wage cuts remained
tance and a bearing that extends far beyond the unchanged.
Auo. 1 1931.]
FINANCIAL CHRONICLE
685
be going through much the same experience as Germany has had. Credits are being withdrawn in prodigious volume from London,and the process is being
attended by a huge outflow of gold from London,
mainly for Paris, though some amounts of the metal
are also going to other Continental centers, indicating that the withdrawals have a more or less common
cause, though being largely of French origin, as heretofore. The Bank of England on Thursday further
1
2%,after
1
2% to 4/
advanced its discount rate from 3/
1
2%.
1
2% to 3/
having raised the rate last week from 2/
This, of course, is with the purpose of re-attracting
some of the funds and some of the gold withdrawn
on such a large scale during the last two or three
weeks. It is to be hoped that these higher discount
rates will have the effect so earnestly desired. But
other Continental centers are also engaged in safeguarding their situation by higher discount rates.
The National Bank of Sweden has this week marked
up its discount rate from 3% to 4%. The Bank of
England return for the week ending Wednesday
night reported £16,734,921 loss in gold, following
£15,155,310 loss the previous week, and making £31,890,231 for the two weeks combined, reducing the
total holdings of the bank to £133,309,663, which compares with the Cunliffe minimum of £150,000,000.
On Thursday the Bank of England lost £523,172
more of gold, and on Friday suffered further withdrawals of £1,531,007.
There have been many unfavorable developments,
too, of domestic origin. One favorable feature has
been the fact that steel production has slightly increased during the week, the steel mills of the country being now engaged to 32% of capacity as against
30% last week. On the other hand, rubber futures
have dropped to a new low record in all time, and
the price of cotton has also again tumbled to new
low figures. Grain prices have remained very much
depressed, though cornering operations developed
in the July option for corn at Chicago, which sold up
/8c.
to 72/
1
2c. yesterday and Thursday, as against 577
on Friday of last week. The September option for
4c., and the
corn at the close yesterday was only 501/
December option only 431/
4c. July wheat-at Chicago
closed yesterday at only 48I/8c., and the September
Option at 50/
1
4c.
Further dividend reductions and omissions have
kept coming in, but reflect past conditions rather
than the future. We have already referred to the
cut in the dividend on the common stock of the U. S.
Steel Corp.from a basis of 7% per annum to 4%,and
in the dividend on Bethlehem Steel common from a
basis of 4% per annum to only 2%. General Refractories common reduced its quarterly dividend from
$1 to 75c. a share; Savage Arms Corp. cut its quarterly dividend on the common from 50c. a share to
25c.; Reynolds Metals Co. reduced its quarterly divi1
2c. a share; Vick Finandend from 50c. a share to 37/
1
2c. a
cial Corp. declared a quarterly dividend of 7/
share on the common stock as against 10c. previously
paid; Federal Water Service reduced its quarterly
dividend on the class A stock to 30c. from 60c. a
share; the Childs Co. omitted the quarterly dividend
The foreign situation still furnishes occasion for of 60c. a share due about this time on common. The
a great deal of anxiety. The Bank of Germany yester- Jones & Laughlin Corp. omitted the quarterly dividay further advanced its discount rate from 10% to dend on common, as also did Deere & Co. Gorham,
15%,and the Lombard rate from 15% to 20%. How- Inc., voted to defer action on the quarterly of 75c. a
ever, Germany appears to be engaged in working out share, due at this time on the $3 cum. pref. stock.
its own deliverance, of course in a painful kind of The Barnsdall Corp. omitted its quarterly dividends
way. On the other hand, Great Britain seems to on class A and class B stocks. The Industrial
Mr.Hoover's statement,reaffirming his opposition
to wage reductions, was authorized, a Washington
dispatch to the New York "Times" said, prior to the
receipt of the news of the Steel directors' meeting.
The statement read: "No member of the Administration has expressed the view, or holds the view,
that the policy of the Administration in advocating
maintenance of wages should be changed. It has not
been changed!'
It may well be that the Steel directors in issuing
their non-committal statement in regard to the course
to be pursued with reference to wages in the steel
industry were influenced by this reiteration of the
President's views and, at any rate, out of deference
to the President they would be unlikely to want to
take action directly contrary to the views 60 emphatically expressed anew by him,since then it might
be thought that they were acting in express defiance
of the President's wishes, which would certainly be
far from courteous or deferential.
Possibly out of a desire to meet the President's
wishes they mean to give the existing wage scales a
further trial to see if the results warrant the continuance of the policy insisted on. If, however,
the results prove as unsatisfactory as they have thus
far—if despite the President's contention no revival
of trade takes place and the business of the Steel
Corp. fails to yield the required amount of earnings
and profits—they will have no alternative but to
lower wages somewhat from the prevailing levels,
regrettable though such a course may be. It is to
be borne in mind that the President's policy of maintaining wages has been pursued now for almost two
years, and has been unattended by any signs of trade
revival. In view of this, it would seem incumbent
now that a new and different policy should be pursued. The statement we have quoted further above
saying that only 12 to 15% of the industries reporting to the Labor Department have thus far reduced
wages as against reductions by 92% of these industries in 1921 proves too much, if it proves anything.
In 1921, as a result, presumably, of the 92% reduction in wages, thereby permitting a lowering of
costs to that extent in the manufacture of goods and
products, business revived almost immediately,
which was natural, as it meant an immediate readjustment to changed conditions, whereas during the
two years since 1929 in which the opposite policy
has been pursued, preventing the readjustment to
new conditions so imperative, all evidence of trade
revival has been completely lacking. Is it not high
time, therefore, that pet theories, so lacking in desired results, should be abandoned and the helm once
more placed in the hands of trade leaders who from
long practical experience know best the proper policy
to pursue in cases of dire emergency such as have
confronted the business world during the last two
years. The Steel directors would be lacking in their
ordinary duty if now they failed to cut loose from
the old policy and listened any longer to the swan
song of those who get their promptings almost entirely from political quakers.
686
FINANCIAL CHRONICLE
Finance Corp. omitted the quarterly dividend due
Aug. 1 on the 7% cum. pref. stock. The New York
Chicago & St. Louis has omitted the quarterly
dividend on the common stock and the cum. pref.
series A.
The feature in the returns of the Federal Reserve
Bank this week is the large increase shown in the
foreign bank deposits, which now are in excess of
1100,000,000, the exact amount given being $100,435,000, which compares with only $58,481,000 July
22, being an increase of, roughly, $42,000,000, and
comparing with no more than $5,676,000 on June 17.
No explanation is offered for this rise in foreign
bank deposits. It is understood to be due, however, to the action of the Bank of France in converting its holdings of bankers' acceptances into cash.
As it happens, bills purchased by the Federal Reserve
banks for foreign correspondents have decreased
over $44,000,000 during the week, the amount of such
bills held the present week being down to $253,578,000 as against $298,111,000 last week. On June
17 the holdings of bills purchased for foreign correspondents was $378,717,000. The other changes in
the Federal Reserve return as compared with a week
ago are not of any large consequence. The discount
holdings of the 12 Reserve institutions stand at
$183,036,000 this week as against $181,602,000 last
week; the bills bought in the open market stand at
$66,536,000 as against $67,023,000, and the holdings
of Government securities at $677,977,000 as against
$678,701,000. Total of bills and securities, reflecting the amount of Reserve credit outstanding, stands
at $934,795,000 as against $933,810,000. The volume
of Federal Reserve notes in circulation has increased
during the week from $1,731,752,000 to $1,735,501,000, while the gold holdings have risen from
;3,424,347,000 to $3,443;554,000.
Brokers' loans by the reporting member banks in
New York City show a further contraction of $26,000,000 for the week, and the total of these loans is
now down to $1,390,000,000, which is the smallest
amount since 1924. At $1,390,000,000 comparison
is with $3,228,000,000 12 months ago on July 30 1930.
The loans made by the reporting member banks for
their own account decreased during the week
from $1,033,000,000 to $1,002,000,000, while the
loans for account of out-of-town banks increased
from $215,000,000 to $219,000,000, and the loans
"for account of others" from $168,000,000 to
$169,000,000.
The stock market this week suffered another severe
setback. Prices moved rather irregularly at the halfday session on Saturday last, and again on Monday
and Tuesday. There were intimations that at the
meeting of the directors of the United States Steel
Corp. on Tuesday the dividend on the common stock
would be reduced either to 5% or to 4%, and also
that action would be taken towards a reduction in
wages. But the market did not appear to be disturbed by the news,and,in fact, the steel shares themselves were rather strong, with prices for the same
showing a rising tendency on a growing volume of
transactions. After publication, however, of the income statement of the company, with the exceedingly
poor statement made by the same, and the announcement that the dividend on the common stock had
been reduced to the basis of 4% per annum,the whole
course of the market was reversed. The public had
L VOL. 133.
counted upon seeing a poor exhibit, but none quite
so bad has actually appeared. The general opinion
had been the dividend would be reduced to 5% per
annum instead of to only 4%, and then, also, the
notion had prevailed that definite action would be
taken towards reducing railroad wages, thereby curtailing costs and giving the company an opportunity
to improve net results as a consequence.
Instead, the only announcement that came said
that the board of directors had also recommended
that an adjustment of salaries of all officers and
other salaried employees be made in varying percentages, depending upon the character of the salary.
Disappointed in these different ways, the stock suffered a big decline on the Stock Exchange on Wednesday. Steel common opened at 871/
4 Wednesday
morning against 92% Tuesday afternoon, and closed
at 84%,showing a net loss for the day of 734 points.
The drop in this stock carried the whale market with
it, the steel shares being particularly weak. Bethlehem Steel showed a net loss for the day of 6% points,
American Can of 5/
1
4, J. I. Case 47
/8, Westinghouse
Elec. 3/
1
4, American Tel. & Tel. 4%, Vanadium 2%,
Amer.& Foreign Power 17
/8,and so on down the list.
On Thursday, after further severe losses in the early
part of the day, a sharp rally ensued. On Friday,
however, the course of prices was again downward.
Aside from the developments regarding the Steel
Corp., there were no events of large importance bearing on the value of stocks during the week. Dividend reductions and omissions continued numerous,
with little or no evidence of coming relief from the
long depression in trade. The steel mills were
slightly more active. The call loan rate on the Stock
Exchange again remained unchanged at 11/2%
through the entire week. In the general tumble 53
stocks established new low records for the year
during the week; only 17 stocks attained new high
figures for the year.
Trading, as a result of the break in the market,
has beep on a somewhat enlarged scale. At the halfday session 'on Saturday the sales on the New York
Stock Exchange were 412,575 shares; on Monday they
were 572,480 shares; on Tuesday, 650,716 shares; on
Wednesday,1,576,835 shares; on Thursday,1,353,780
shares, and on Friday, 1,219,650 shares. On the New
York Curb Exchange the sales last Saturday were
91,725 shares; on Monday, 164,365 shares; on Tuesday, 138,685 shares; on Wednesday, 224,850 shares;
on Thursday, 170,545 shares, and on Friday, 150,910
shares.
As compared with Friday of last week, prices are
generally lower, but with some exceptions. General
Electric closed yesterday at 40 against 401/
8 on Fri
day of last week; Warner Bros. Pictures at 63
4
against 67
/
8; Elec. Power & Light at 38 against 367
/8;
United Corp. at 221/
8 against 22; North American at
65% against 67%; Pacific Gas & Elec. at 45/
1
4
against 467
/8; Standard Gas & Elec. at 61 against 62;
Consolidated Gas of N. Y. at 91% against 91%; Columbia Gas & Elec. at 283
4 against 29%; International Harvester at 38N against 41%; J. I. Case
Threshing Machine at 55% against 68%; Sears, Roebuck & Co. at 54/
1
4 against 55; Montgomery Ward &
Co. at 201/
8 against 19; Woolworth at 68/
1
4 against
66%;.Safeway Stores at 63 against 59%; Western
Union Telegraph at 113% against 114%; American
Tel. & Tel. at 169% against 175; Int. Tel. & Tel. at
271/
8 against 29%; American Can at 91% ex-div.
against 98%; United States Industrial Alcohol at
AUG. 1 1931.]
FINANCIAL CHRONICLE
/8 against 28½; Commercial Solvents at 16%
277
against 161/
4; Shattuck & Co. at 20 against 201/
4;
Corn Products at 643
/
4 against 665
/
8, and Columbia
Graphophone at 7% against 83/
4.
Allied Chemical & Dye closed yesterday at 106/
1
2
against 114 on Friday of last week; E. I. du Pont de
Nemours at 87 against 86; National Cash Register
at 251/
8 against 2434; International Nickel at 12/
1
2
against 131/
4; Timken Roller Bearing at 295/
8 against
34½;Mack Trucks at 32 against 32; Yellow Truck &
Coach at 77
/8 against 77
/8; Johns-Manville at 503
/
4
against 51; Gillette Safety Razor at 211/
4 against
21½; National Dairy Products at 333
/
4 against 33½;
Associated Dry Goods at 18% against 18½; Texas
Gulf Sulphur at 331/8 against 333
/
4; American & Foreign Power at 271/
8 against 27%; General American
Tank Car at 59% against 58½; Air Reduction at 74
'against 7534; United Gas Improvement at 28/
1
2
against 28%; Columbian Carbon at 665
/
8 against
70%; Universal Leaf Tobacco at 32 bid against 3214;
American Tobacco at 1151/8 against 118½; Liggett &
Myers at 697
/8 against 70; Reynolds Tobacco class B
at 501/
8 against 501/
4; Lorillard at 19 against 1914,
and Tobacco Products class A at 97
/8 against 97
/
8 bid.
The steel shares have of course suffered beyond all
others in the general decline. U. S. Steel closed
yesterday at 85% against 90% on Friday of last
week; Bethlehem Steel at 367
/8 against 42½; Vanadium at 26% against 29; Republic Iron & Steel at 13
against 133
/
4, and Crucible Steel at 39 against 41
bid. In the auto group Auburn closed yesterday at 142 against 160/
1
4 on Friday of last
week; General Motors at 37% against 367
/8;
Chrysler at 25 against 22; Nash Motors at 26/
1
4
against 27½; Packard Motors at 71/
8 against 7;
Hudson Motor Car at 1314 against 12%, and
Hupp Motors at 814 against 67
/8. In the rubber
group Goodyear Tire & Rubber closed yesterday at
3914 against 391/
8 on Friday of last week; United
States Rubber at 1314 against 14, and the preferred
at 23/
1
2 bid against 24/
1
2
.
The railroad stocks have also been conspicuously
weak. Pennsylvania RR. closed yesterday at 44%
ex-div. against 46 on Friday of last week; Erie RR. at
20 against 20; New York Central at 733
4 against
811/
8; Baltimore & Ohio at 48% against 54%; New
Haven at 647
/8 against 69; Union Pacific at 153
against 159%; Southern Pacific at 76 against 78½;
Missouri Pacific at 21/
1
2 against 23½; MissouriKansas-Texas at 13 bid against 14; Southern Railway at 28 against 30; Chesapeake & Ohio at 35
against 347
/
8; Northern Pacific at 35 against 36, and
Great Northern at 42/
1
4 against 44%.
The oil stocks have followed the course of the general market. Standard Oil of N. J. closed yesterday
at 3714 against 371/
8 on Friday of last week; Standard Oil of N. Y. at 1778 against 17½; Standard Oil
of Calif. at 3614 against 36½; Atlantic Refining at
147
/8 against 151/
4; Texas Corp. at 231/
8 against 2314;
Richfield Oil at 1% against 114; Phillips Petroleum
at 714 against 81/
8,and Pure Oil at 7% against 7%.
The copper stocks have also moved with the general market. Anaconda Copper closed yesterday at
247
/
8 against 25 on Friday of last week; Kennecott
Copper at 18 against 19; Calumet & Arizona at 37
against 40; Calumet & Hecla at 6% against 7;
Granby Consolidated Copper at 12% against 14
bid, and American Smelting & Refining at 31%
against 33/
1
2.
687
Stock exchanges in the important European financial centers remained much subdued this week, owing
to the financial crisis in Central Europe and the
extensive repercussions experienced elsewhere. The
Berlin Boerse remained closed all week, and there
were indications that the German exchange might
not resume business until the second half of August.
The July monthly settlements on the Boerse were
postponed until August 31. It was noted in Berlin
with some satisfaction that German stock quotations
have been maintained on foreign markets with relative firmness, only alight recessions appearing in
leading stocks at Amsterdam. The exchanges in
London and Paris were extremely dull, with a universal tendency apparent to await the outcome of
the present German difficulties and the heavy withdrawals of gold from London for Continental account. The London Stock Exchange was stable until
Thursday, when the Bank of England announced
a further advance in the discount rate. The new
level of 4/
1
2% supersedes the 3/
1
2% rate effective on
the previous Thursday, when the rate was advanced
from 2/
1
2%. The Paris Bourse was steady in most
sessions. Other than indications of severe recessions
in foreign trade returns of leading European countries, few reports on industrial trends were available
this week.
The London Stock Exchange opened quietly, Monday, with British funds in mild demand owing to a
gain in sterling exchange. The gilt-edged list was
also strengthened by a rise in Brazilian bonds following the publication of the report of Sir Otto Niemeyer. The industrial list was uncertain, with
changes unimportant both in the British and international lists. The tone Tuesday was slightly firmer
until just before the close, when moderate recessions
appeared in most sections of the market. British
funds eased a little, but German and Brazilian bonds
made headway. International stocks were somewhat
more active, with prices slightly improved. Move
ments in British industrial issues were again of no
importance. Dull and unsettled conditions prevailed
Wednesday, with overnight reports of the drastic
decline at New York causing a sharp drop in the
quotations of international trading favorites. British
industrial issues also were down, but to a smaller
extent. British Government issues receded on weakness in sterling exchange. Thursday's dealings were
unsettled by the discount rate advance of the Bank
of England, and almost all securities receded again.
The higher bank rate was not unexpected, but British
funds dropped sharply on the announcement. British
industrials moved slightly lower, while the international list turned irregular. With the August
bank holidays imminent, trading dwindled at London yesterday. The general tone was firm.
Trading on the Paris Bourse was started with a
show of confidence Monday, but the session soon
turned extremely dull and price changes were not
especially significant. Some stocks made slight progress for a time, but toward the end they dropped
back about to the previous closing level. A better
tendency appeared Tuesday, owing to reports of an
informal agreement between the Bank of France and
the Bank of England on gold movements. Gains in
quotations were general, if not very large, and the
final quotations were the highest in most instances.
Denials Wednesday of the reported agreement between the British and French central banks caused
a set-back on the Bourse, only a few industrial issues
688
FINANCIAL CHRONICLE
escaping the general liquidation. Leading stocks,
notably Bank of France and Suez Canal, were off
ments
sharply. The approach of the month-end settle
Bourse
The
said.
ches
dispat
also caused some selling,
ing
showed relative firmness Thursday, notwithstand
were
s
center
other
from
s
Report
ity.
extreme inactiv
eless a
almost all unfavorable, but there was neverth
promimore
little buying and it sufficed to lift the
rtant
unimpo
were
nent issues slightly. The gains
The
t.
curren
ss
busine
of
owing to the limited volume
again
gs
dealin
with
day,
Bourse was heavy yester
small.
of
Europe presented this week a baffling picture
reperof
continued financial difficulties in Germany,
further
cussions in Great Britain in the form of
al
financi
l
ationa
heavy gold withdrawals, of intern
also
who
men
states
consultations and of visiting
to settle
added their counsels in the general attempt
lties, as
difficu
the
all
t
Almos
y.
the troubles speedil
origin
ate
immedi
their
take
yed,
currently portra
which
Reich,
the
from
capital
of
flight
from the huge
after
soon
tions
propor
le
rollab
uncont
attained
s
Curtiu
er
Minist
Chancellor Bruening and Foreign
ic
econom
y's
countr
informed all the world of their
but
woes while at Chequers early in June. Slow
toward
week
this
made
perceptible progress was
l
alleviating the financial ills occasioned in Centra
n
foreig
onal
Additi
.
capital
of
flight
Europe by the
or less
aid for Germany remained a matter of more
, but
centers
energetic discussion in several financial
e.
absenc
their
practical steps were conspicuous by
aphave
ties
authori
In this situation the German
plied themselves to the righting of their own finannot
cially disordered house, measures being taken
reguent
string
the
of
tion
relaxa
r
only for the furthe
lations covering withdrawals from the banks, but
of
also for the strengthening of the banking system
the country.
Equalling in general interest the progress made in
settlement of the Central European financial troubles
n to
were the further huge gold exports from Londo
the
of
action
uent
conseq
the Continent, and the
Thursrate
nt
discou
its
g
raisin
Bank of England in
2%. The rate advance was the
1
2 to 4/
1
day from 3/
weeks, and the upward revision
many
as
second in
the rate
now amounts to 2%. This quick increase in
which
scale,
d
followed gold losses on an unprecedente
and
al
crisis
financi
in turn were due to the German
Lonthe
from
es
balanc
heavy withdrawals of French
when
don market. Sterling exchange broke badly
d,
first
applie
were
tions
restric
the German financial
by
n
in
Londo
bills
of
selling
of
probably as a result
al
German interests in order to meet their extern
balof
awals
withdr
French
ere.
elsewh
obligations
as
ances from London followed on an immense scale
tion
realiza
a result of the alarm occasioned by the
nding in Gerthat London had large credits outsta
it far below
drove
g
many. The pressure on sterlin
be exported
bly
profita
the point at which gold could
were thus
that
nts
shipme
and the extent of the
bullion
the
in
decline
the
by
occasioned is illustrated
two
last
the
in
d
Englan
of
reserves of the Bank
16,
July
on
99,000
£165,1
were
weeks. The holdings
a
9,000,
£133,30
to
d
droppe
had
but by July 30 they
went
the metal
reduction of £31,890,000. Almost all
to Holland.
also
going
little
a
with
to France,
much under
Although the sterling dollar rate was
be moved
ably
profit
the point at which gold might
rigorwere
ments
from London to New York, engage
[VoL. 133.
ously eschewed, owing, it is understood, to the general unwillingness of American bankers to add to the
pressure already felt in London.
With Prime Minister MacDonald and Foreign
Secretary Henderson, due to make their return visit
to Berlin early this week, there were reported to have
been some suggestions in London circles that the
French gold takings were due in part to political
pressure. In all responsible circles, however, a report to the New York "Times" said, little patience
was displayed with the theory that political motives
inspired the withdrawals. "The prevalent view is
that the French withdrawals are due to a desire to
increase liquidity in exceptionally dangerous times,"
the dispatch stated. In Parisian banking and political circles firm denial was made of the reported allegations that the enormous gold withdrawals were in
any way due to a desire to use the situation to political ends. Enlightening, in this connection, are indications that Foreign Secretary Henderson made
statements in Paris which "staggered and seriously
alarmed" French officials and financiers. Early
rumors of Mr. Henderson's alleged statements have
not been denied, and they have now, indeed, received
a measure of confirmation from Paris, where they
may well have caused alarm. He made the declaration, a Paris dispatch of Thursday to the New York
"Evening Post" asserts, that "if Germany declares
a moratorium, England will be forced also to declare
a moratorium." Even in France, the dispatch adds,
this declaration is now considered unfounded.
While the gold flow from London to Paris was at
its height late last week, conversations on the financial situation were started in Paris between Sir
Robert Kindersley, a director of the Bank of England, and Clement Moret, Governor of the Bank of
France. These discussions were continued until
Tuesday, when Sir Robert returned to London. They
gave rise, early this week, to reports from Paris that
a credit of £20,000,000 was under arrangement in
favor of the Bank of England, with the French central bank and French private institutions joining in
the reported advance. Such accounts were apparently exaggerated, as London dispatches of Wednesday stated that "considerable amusement and some
annoyance were expressed in responsible financial
circles at the nature of the Paris reports." The statements that the Bank of England was seeking a
£20,000,000 loan from the Bank of France were described, an Association Press dispatch said, as an
unjustified attack on British credit and financial
stability. Authoritative financial opinion in New
York is to the effect that the Paris discussions resulted in formal assurances that ample credits would
be placed at the disposal of the Bank of England in
case of need. It has been well understood for some
time that a similar arrangement is in effect between
New York and London.
Augmenting the series of political conferences in
Europe which began early in June at Chequers, the
country home of British Prime Ministers, were several visits paid to Berlin during the past week by
American and British statesmen. There were a number of indications that these visits were intended
originally to pave the way for definite achievements
at the general disarmament conference which is to
be held at Geneva next February. The continuing
financial crisis in Central Europe far overshadowed
such considerations, however, and in the popular
AUG. 1 1931.]
FINANCIAL CHRONICLE
estimation all the conversations were definitely connected with the current troubles. This was due in
no small part to an animated discussion in several
European capitals regarding the London conference
of seven governments, which ended July 23. It was
remarked in Berlin, a dispatch to the New York
"Times" said, that Chancellor Bruening had returned
to Germany "with untarnished virtue, having surrendered nothing, signed nothing, and achieved
nothing." In London financial circles disappointment was general over the poor results of the London
conference. It was believed widely that the recommendations for the renewal of the credit of $100,000,000 extended the Reichsbank and the proposal
for maintenance of the existing credits were merely
"palliatives and postponements." In Paris the
strategy of Premier Laval, who is said to have
insisted on political conditions for French participation in a long-term loan to Germany, was highly
praised.
The general atmosphere thus prevalent in Europe
made consideration of disarmament matters rather
difficult. Secretary of State Henry L. Stimson
arrived in the German capital late last Saturday for
a two-day "private" visit designed to round out his
impressions of the European situation. Mr. Stimson
journeyed to Europe with the avowed intention of
combining a vacation with informal discussions in
the chief European capitals. The London conference
upset his itinerary and his visit to Berlin was shortened as a result. He declared on his arrival that he
had no intention of discussing financial questions,
as these had been referred to certain agencies which
would deal with them in accordance with conclusions reached at London. Mr. Stimson and United
States Ambassador Frederic M. Sackett conferred
most of last Sunday with Chancellor Bruening and
Foreign Minister Curtius, a Berlin report to the New
York "Herald Tribune" said, chiefly on the prospects
of armament reduction at the coming Geneva conference. The American Secretary of State departed
for London, Monday, after an audience with President Paul von Hindenburg. Before leaving he issued
a statement expressing "confidence in Germany, her
people, her resources, and her future." The present
financial troubles in Germany he attributed to a
temporary lack of confidence, and he added that
"with courage and a return of confidence Germany
will be able to recover her prosperity." Similar comments were made by Mr. Stimson when he arrived
in London, Tuesday. "He is said to have told German statesmen, a dispatch to the New York "Times"
remarked, that since the war Germany has been
brooding too much over her political grievances, and
that unless her leaders stop crying despair it would
be hopeless for them to get the loans they need so
badly."
A few hours after the departure of Mr. Stimson
from Berlin Prime Minister MacDonald and Foreign
Secretary Henderson arrived in the German capital
to repay the visit made to Chequers in June by Chancellor Bruening and Foreign Minister Curtius. The
occasion was considered a momentous one in Germany, as the visit was the first official diplomatic
incident of its kind since the war. Chancellor Bruening welcomed his guests at a State dinner Monday
night, in the course of which he declared that Germany is making every effort to overcome the present
crisis. "We thankfully appreciate what your Government has already done for us by its unreserved
689
and hearty agreement with the Hoover plan and by
its efforts in summoning the London conference," the
Chancellor said. "We know that you, in England,
also are passing through serious times, by reason of
the present financial crisis which has now assumed
international importance." Mr. MacDonald pointed
out, in reply, that he and his Cabinet colleague had
come to Berlin not merely for a return visit but with
the purpose of demonstrating British confidence in
Germany. "A free, self-respecting Germany," he
said, "is indispensable for the union of civilized
nations." The Prime Minister made an earnest plea
for mutual confidence and for abandonment of feelings of mistrust among nations.
Conferences between the British and German
statesmen which followed, Tuesday, were concerned
very largely with questions of disarmament, and
especially with the Geneva gathering of next February, Berlin reports said. "It was learned in competent quarters,"a dispatch to the New York "Times"
said, "that Foreign Secretary Henderson apprised
the German leaders of his desire to have the international field in advance cleared of any obstacles
which might imperil the success of the Geneva discussions." Dr. Bruening is said to have restated the
German position on disarmament as resting on the
principle of strict equality. At the close of the "German Chequers," Tuesday night, Prime Minister MacDonald talked freely to British and American press
correspondents. He expressed the conviction that
the German people and their economic and industrial
resources will be able to overcome the present
troubles. An official statement on the results of the
conference indicated that the "best means of giving
effect in a constructive manner to the decisions
which had been taken at the London conference" had
been discussed. Other subjects, also reviewed in a
most cordial manner, were the general economic
situation, the operation of the international convention for uniform hours in the mining industry, and
the disarmament problem. The two British statesmen returned to London Wednesday.
A report on his journey to Berlin was made to the
House of Commons in London yesterday by Prime
Minister MacDonald. Pointing out again that the
visit was planned to return the Chequers visit of
German statesmen in June, Mr. MacDonald added
that the conversations begun at Chequers were pursued. The opportunity also was taken, he remarked,
to examine the financial position of Germany in relation to the work done at the London conference of
seven governments. "The committee set up by the
B. I. S. on the suggestion of the London conference
to report on the matter is now at work and will come
to its conclusions without delay," the Prime Minister
stated.
Cautious preparations for the resumption of normal banking and financial conditions in Germany
were made this week by Government and financial
authorities, with a good deal of uncertainty still
reported regarding the probable date for removal of
the restrictions which were imposed July 13. The
efforts to secure additional foreign credits having
proved unavailing, means were examined during
recent days which will safeguard the financial institutions against possible runs on the reopening.
There were also conferences with foreign bankers in
Berlin intended to assure the passive assistance of
the lenders who placed the $1,200,000,000 in short-
690
FINANCIAL CHRONICLE
term credits now estimated to be.outstanding in the
Reich. Some consideration was given also to the
question of the securities exchanges, which have
now be
closed almost three weeks. There were
some expectations that reopening of these institutions might be possible early in August, but after a
conference of the heads of the German exchanges it
was considered doubtful whether they will be reopened before Aug. 15. In the meantime trade both
within the country and with foreign nations is badly
deranged, with important plants beginning to close
down here and there for lack of orders. Imports are
accumulating under bond at Hamburg and Bremen
owing to the lack of foreign exchange for payment.
The country remains calm, however, no disorders
being noted this week.
Announcement was made in Berlin last Saturday
that the leading banks of the country would unite for
mutual guaranty of their liabilities by forming the
Acceptance and Guaranty Bank, with capital of
200,000,000 marks. Under this scheme,the statement
disclosed, the Darmstaedter und Nationalbank also
would be enabled to resume payments. Currency to
the amount of its capital is to be placed at ths disposal of the new institution in exchange for first-rate
drafts, and this reserve will, in turn, be available to
all the banks, which will thus be buttressed against
runs. With the emergency decree covering withdrawals from the banks expiring Tuesday, a further
decree was issued providing a little more latitude
for holders of bank balances. Permission was
granted for withdrawal of sums needed for payment
of rent or interest on mortgages, while withdrawals
otherwise were limited to 300 marks daily from drawing accounts, as against 200 marks theretofore. A
further decree provided that all German debts of
50,000 marks or more owed abroad must be reported
to the Finance Ministry, to the end that a complete
schedule of German foreign obligations might be
made available.
Reports that the Reichsbank would raise its discount rate sharply in advance of the general resumption of payments were eonfirmed last night, when an
increase to 15% from the previous level of 10% was
announced. The Lombard rate (on collateral loans)
was increased at the same time from 15% to 20%.
By this means, it is held, the private banking
institutions will find it advisable to sell to the
central bank their remaining foreign exchange holdings, estimated by some German authorities at $500,000,000. Repayment of debts to commercial banks
also would follow, and this would,in turn, make possible reduction of debts owed the Reichsbank. The
higher interest rate would attract hoarded funds to
the commercial banks, it is maintained, and considerable additional funds thus made available, since
it is estimated that German currency now hoarde(1
amounts to 1,500,000,000 marks. There was some
discussion early this week of the advisability of a
supplementary currency issue, reports said, but
financial experts opposed such suggestions. Conferences on these questions continued all week, with
Dr. Bruening and Dr. Hans Luther, President of the
Reichsbank, in constant touch with heads of the
great private banks. Not a little grumbling was
noted late last week against the policies of Dr.
Luther, and there were rumors that he might resign,
but an official denial was issued last Saturday.
On the question of the foreign credits still outstanding in Germany several interesting steps have
[VoL. 133.
been revealed. An informal agreement is understood
to be in effect among the leading foreign lenders, who
have conformed tacitly to the needs of the situation
and to the recommendations of the conference of
seven governments on this point. It is reported, however, that some smaller institutions in the United
States have succeeded in withdrawing 611111S from
Germany and restlessness has been occasioned by
this practice. It is assumed in Germany that extensive withdrawals of foreign credits cannot be made
for at least another three months. Officials of the
German Government and the Reichsbank conferred
on this matter with foreign bankers this week, in the
attempt to reach a formal agreement on such credits.
Among the foreign representatives, dispatches said,
were Dr. Oliver Sprague, adviser to the Bank of
England, and James H. Gannon, of the Chase
National Bank of New York. This gathering of
officials and bankers was dubbed in Germany the
"freezing commission," and there were several
reports that agreement had been reached for extension of the short-term credits. Confirmation of these
reports is lacking so far, and it is now reported that
further negotiations will be necessary.
• Officials of the Bank for International Settlements, at Basle, began this week to organize the
committee which the London governmental conference suggested should be set up to inquire into the
German economic situation. It was disclosed in
New York, Thursday, that Albert H. Wiggin, Chairman of the governing board of the Chase National
Bank, had been named by the Federal Reserve Bank
of New York to represent American interests. Basle
reports indicate that other members of the B. I. S.
committee will include Walter Layton of England,
Emile Moreau of France, Karl Melchoir of Germany,
Emile Francqui of Belgium, and Alberto Beneduce
of Italy. The committee is directed, under the London resolution, to "inquire into the immediate credit
needs of Germany and to study the possibilities of
converting a portion of the short-term credits into
long-term credits."
Increasing likelihood of a full resumption of payments by the banks of Germany early next week was
reported in Berlin dispatches yesterday. A program
which is expected to make this possible was under
consideration by the Cabinet, with an announcement
by Chancellor Bruening imminent, an Associated
Press report said. One important step in the plan
was announced officially. This consists of an agreement among the large industrial establishments of
the Rhine and Ruhr valleys, whereby the Darmstaedter und Nationalbank will be placed on a sound footing and enabled to reopen with the other large institutions. Jacob Goldschmidt and other large shareholders of the bank have agreed to turn over to the
industrial firms shares of the bank with a face value
of 35,000,000 marks for 43,000,000 marks, or at the
rate of 125%. The sum is to be paid immediately
and the funds left at the disposal of the bank. The
Government guaranty of depositors' funds is continued, and will be extended by an emergency decree
to include bills of exchange and surety obligations
of the institution. It is also reported that Government aid will be extended the Dresdner Bank in advance of the general reopening, this institution being
considered sound, but requiring greater liquidity.
An issue of 300,000,000 marks in 7% preferred shares
of the bank is to be sold to the German Treasury
under the plans, with 25% paid in immediately. It
AUG. 1 1931.]
FINANCIAL CHRONICLE
691
is believed this arrangement will meet all re- public,it will be impossible to prevent those economic
quirements.
disturbances which resultfrom variations in nominal
values, including variations in the rate of foreign
A drastic decree placing Mexico on a silver basis exchange. So long as budgets are not balanced puband eliminating the gold peso as a monetary unit lic authorities will be forced into inflationary measwas passed by the Congress in Mexico City last Satur- ures which can never be the true or permanent soluday and made effective Monday. The scheme is tion of financial difficulties. So long as inflation
known as the Galles plan, and its promulgation fol- is practiced, a stable national currency is impossible,
lowed the appointment of Plutarco Elias Canes as for, inevitably,if the quantity of real things remains
President of the Bank of Mexico. Reports of the unchanged, while the quantity of symbols in which
arrangement so far available are unofficial, but all they may be paid for is increased, any real things
agree that it provides for the repayment of obliga- (goods or services) can only be acquired for an intions in silver, even when contracted in gold. The creasing number of paper symbols. On the other
banks will be required to repay in gold only 30% of hand, if the currency is not stabilized budget equitheir gold peso deposit accounts, with the remaining librium will be constantly upset by changes in the
70% to be paid in silver. Foreign currency loans, level of public expenditure, and in particular in that
payable at maturity in Mexican currency, also will part of public expenditure which depends on external
be payable in silver, it is said. The Bank of Mexico, prices. The two factors, budget equilibrium and
the reports indicate, will assume functions of a cen- stable money, must march together, and neither one
tral bank to a greater extent than formerly, can be maintained without the other. Unless public
especially as regards rediscounts. After the reform authorities are willing and able to take necessary
of statutes under which it was organized,this institu- measures to stop inflation it is useless for them to
tion will be empowered to issue currency on a smaller complain of the uncomfortable results of their
metallic backing than is now the case. A central actions."
banking commission consisting of one representative
A set of statutes for the formation of the suggested
of the Government,one from the Bank of Mexico, and Brazilian reserve bank is contained in the report preone each from five leading banks, was named under pared by Sir Otto, who states: "It is hardly necesthe new law to supervise certain functions of the sary for me to point out that the matter of the estabBank of Mexico. When the banks reopened Monday lishment of a central bank in Brazil is of the greatest
much confusion was reported regarding the applica- importance to its economic life and to the future reintion of the new legislation. In one account it was forcement of its budgetary equilibrium. It is not
estim
that the changes enacted will mean a loss enough for a country to possess a central bank. It
of
,100,000 to gold basis lenders.
must be a genuine central bank, conducted exclusively on central banking lines as regards the nature
A series of sound steps toward financial recon- of its business and liquidity, and not in the main a
struction in Brazil is suggested in the long-awaited bank conducting a commercial business and merely
report of Sir Otto Niemeyer, of the Bank of England, fulfilling a few central banking functions. It should
who studied affairs in the South American republic not be involved in the difficulties which from time
during recent months at the invitation of the Rio de to time cause commercial banks to seek assistance.
Janeiro Government. The two chief recommenda- and it will, accordingly, be able to bring the whole
tions made by the eminent British financial authority weight of its resources to bear where help is needed."
are that budgetary equilibrium be maintained by the At this point it is remarked by Sir Otto that it would
Federal Government and its political subdivisions, be unwise to do away with the Bank of Brazil or to
and that immediate consideration be given the forma- change it into a central bank. An entirely new
tion of a central bank patterned along the lines of institution is recommended as a central bank, and
the Federal Reserve System of the United States. the relative functions of the present Bank of Brazil
The report was made available last Saturday in could be taken over by the new bank, while the comBrazil and in such important financial centers as mercial banking could still be done by the Bank of
New York and London. It was given out here by Brazil. Important steps also are suggested by Sir
Dillon, Read & Co., as fiscal agents of the Brazilian Otto for reorganization of the post and telegraph
Government. Comment on the report was generally services and the railways, while reforms in taxation
favorable in Brazil, only papers of a radical tinge are likewise recommended.
offering any criticisms. There was much conjecture
Owing to the importance of coffee in the economic
in advance of its publication regarding suggestions life of Brazil, much careful thought was given this
Sir Otto might make about the public debt of the commodity. Coffee alone accounts for more than
country. It was predicted on several occasions that 60% in value of Brazilian exports, the report obhe would recommend a moratorium on the external serves. "So one-sided a development is certain to
debt, but on this point the report itself makes no produce great difficulties," Sir Otto remarks. "The
comment.
unfortunate experiences of coffee valorization have
"It cannot be too emphatically stated," the report shown that it is no exception to the general experipoints out, "that financial reconstruction in Brazil ence, reinforced by similar results elsewhere with
as in other countries insistently demands two funda- other commodities such as rubber, wheat and sugar.
mental bases: 1, the maintenance of budgetary equi- Artificial attempts to maintain on borrowed money,
librium by all public authorities, that is to say, the external or internal, an excessive price for coffee, a
meeting of annual expenditure out of annual revenue, commodity in which Brazil, 60 far from having a
to the exclusion of loans, and 2, the stabilization of monopoly, had not even control of the most marketthe currency. So long as public expenditure is met able qualities, has only resulted in excessive overby the artificial increase, directly or indirectly, of production and the blocking of the normal market
the means of payment, whether through the issue of with swollen stocks." Summarizing the statistical
notes or of paper securities not taken by an investing position, it is pointed out that the world's visible
692
FINANCIAL CHRONICLE
supply of coffee at the beginning of 1924 was
9,663,000 bags, whereas at the start of this year some
29,306,000 bags were available. "Meantime," the
report continues, "Brazil has wasted effort in producing supplies for which there was no demand instead of turning to other and more varied production—a double loss, once in producing what is not
required and a second time in not producing what is
required. Clearly, a valorization policy cannot be
continued (or repeated in other connections). In
liquidating the present position no further steps
should now be taken which involve governmental
responsibility and transfer to other production. The
interest now being taken abroad in Brazilian chilled
meat, fruit, &c., of which recent exports are encouraging, is an indication of a large field for products
other than coffee which Brazil with advantage can
supply. These and other exports should be intensely
developed, with particular attention to improvement
in quality and reduction of production costs."
[Vor.. 133.
immediately began and resignation followed on
July 23. Carlos Froedden, one of the oldest friends
of President Ibanez, was next appointed Premier,
but further riots developed, with the movement
palpably directed against General Ibanez. Student
demonstrations against the Ibanez regime heralded
a rebellious movement that gained ever wider
ascendancy. Street car service was suspended in
Santiago, the capital, July 24, and bands of strikers
joined the students in their demonstrations.
Mounted police forces patrolled the thoroughfares
and numerous clashes resulted, two students being
killed and many wounded. A close censorship was
established, but reports seeping over the border to
Buenos Aires told of further disorders, with the dead
estimated at 50. The campaign against General
Ibanez was joined, such accounts said, by doctors,
lawyers, bank clerks, teachers, civil engineers, dock
workers and others.
With the country quite out of his control last Sunday, General Ibanez issued a statement to the effect
that he would "abandon the Presidential office temporarily," and requesting Constitutional permission
for an absence from the country for a period of one
year. "Grave reasons forbid me to continue exercising the office of President," he said, "and Pedro
Opazo, President of the Senate, will succeed me with
the title of Vice-President, in accordance with the
Constitution." The Chilean Congress was called
into session to ratify this procedure, and in the meantime joyful demonstrations by the people testified
to the enthusiasm aroused by the prospect of a
change in government. Resignation of the Froedden
Cabinet followed, Monday, and Senor Montero was
chosen Premier. When it appeared that the populace
objected to Vice-President Opazo on the score of his
family connection with General Ibanez, a further
change in Government followed, and Senor Montero
assumed the office of Vice-President as well. The
new Cabinet issued a statement expressing gratification over the "triumph of liberty," but adding that
the "public finances are in a condition of bankruptcy
while the country is struggling under the most serious economic depression ever recorded in the nation's
history." Fullest co-operation was urged in order
to solve the problems of the hour and order was
readily restored. The new Cabinet is as follows:
Changes in the Government of Chile have taken
place with kaleidoscopic swiftness, not only Cabinets
but also Presidents being tumbled from office one
after the other as the people registered their discontent in a series of bloody riots. Much of the rebellious spirit was apparently directed against President Carlos Ibanez, who had become increasingly
unpopular since his election in July 1927, owing to
his high-handed rule. General Ibanez was forced
out last Sunday, and his powers were taken over in
conformity with the Chilean Constitution by Pedro
Opazo, President of the Senate, Who was appointed
Acting President. Pronounced hostility toward.
Senor Opazo speedily developed on the alleged
grounds of a family connection with General Ibanez,
and authority was transferred Monday to Juan Esteban Montero,former Minister of the Interior. Senor
Montero assumed the Premiership and the VicePresidency, and, therefore, according to the Chilean
Constitution, the Acting Presidency. The Chamber
and Senate met hastily and adopted resolutions on
the same clay, declaring former President Ibanez
destitute of any rights of power and the post of the
Presidency vacant. This means, if legal requirements are observed, that elections will be held in 60
days. General Ibanez fled across the border into
Argentina to escape the public wrath. Within Chile Premier—Juan Estaban Montero
War—Carlos Saez
Foreign Minister—Carl08 Balmaceda Navy—Admiral Calixto Rogers
steps were promptly taken to formulate a new finan- Education—Pedro
Gody Perez
Social Aid—Dr.Sotero Del Rio
cial plan, and as a first measure a four-day mora- Justice—Luis Gutierrez
torium was placed in force for the entire country,
with all banks ordered to close until July 30. The
Changes in European bank rates have been nucountry was urged by Senor Montero Tuesday to merous during the week. Yesterday the Bank
of
resume its normal life, and to this plea a favorable Germany jumped its rate up from 10% to 15%
and
response was made, no further disorders being the Lombard rate from 15% to 20%. On
Thursday
reported.
the Bank of England further raised its rate of discount
Numerous changes in Cabinets reflected the diffi- from 332% to 41
/%. On Friday the Bank of Ireculties encountered in recent weeks by General land further advanced from 43% to 53/2%. On
Ibanez. The Cabinet headed by Rodolfo Jaramillo Thursday, the National Bank of Sweden marked
its
resigned July 10, and President Ibanez appointed rate up from 3% to 4%, effective Friday. Rates
Francisco Garces Gana to form a new Cabinet. The are 10% in Austria; 15% in Germany; 9% in Huntask proved too difficult and a new Cabinet was gary; 63'% in Spain; 53,% in Ireland and Italy;
finally formed July 13 by Pedro Blanquier, who de- 4% in Norway and Sweden; 33% in Denmark;
clared, as one of his first acts, that service on foreign 43% in England; 23,% in Belgium, and 2% in
debt would be discontinued for the time being. Pre- France, Holland and Switzerland. In the London
mier Blanquier resigned July 21, without giving a open market discounts for short bills yesterday were
public explanation of the reasons for the act, and on 43/@,4 3-16% against 3%@3 7-16% on Friday of
the following day Senor Garces Gana was appointed last week, and for three months' bills 43A4 5-16%
Premier once again. He announced the formation against 3 7-16% the previous Friday. Money on
of a Ministerial Council July 22, but ominous riots call in London on Friday was 34%. At Paris the
AUG. 1 1931.]
FINANCIAL CHRONICLE
693
open market rate remains at 13g%, and in SwitzerThe Reichsbank's statement for the third quarter
land at 2%.
of July shows another loss in gold and bullion, this
time of 13,289,000 marks. The total of bullion now
The Governors of the Bank of England at their stands at 1,352,803,000 marks, in comparison with
meeting on July 30 in a further effort to check the 2,618,728,000 marks the corresponding date last
flight of gold from London, which for the two weeks year and 2,085,323,000 marks the year before.
ended July 29 amounted to no less than £31,890,231, Reserve in foreign currency bills of exchange and
raised the discount rate by a full percent. to 43%. checks, notes on other German banks, other assets,
The previous rate of VA% had been inaugurated at and investments record increases of 35,166,000 marks,
the previous weeks' meeting and succeeded a rate 313,115,000 marks, 3,053,000 marks, 64,105,000
of 23'% which had been in effect since May 14 1931. marks and 4,000 marks respectively. The item of g
The statement for the week ended July 29 shows a deposits abroad now aggregates 116,787,000 marks.
loss of £16,734,921 and since it was attended by an Notes in circulation show an expansion of 32,798,000
expansion of £3,264,000 in note circulation, brought marks, raising the total of the item up to 4,194,607,about a reduction of £19,999,000 in reserves. The 000 marks. Circulation a year ago was 3,965,868,000
Bank's gold holdings now aggregate £133,309,663 marks and two years ago it was 4,091,054,000 marks.
as compared with £165,199,894 two weeks ago and Silver and other coin and advances decreased 5,105,£153,250,395 a year ago. Public deposits fell off 000 marks and 69,588,000 marks while other daily
£1,154,000 and other deposits £3,458,696. Other maturing obligations and other liabilities rose 277,deposits consists of bankers' accounts, which de- 903,000 marks and 16,760,000 marks respectively.
creased £4,380,920 and other accounts which rose Comparisons of the various items for three years is
£922,224. The proportion of reserves to liabilities given below:
dropped from 49.3% a week ago to 32.4% now.
REICHSBANWS COMPARATIVE STATEMENT.
Changes for
A year ago the ratio was 41.75%. Loans on governWeak.
Joy 23 1931. JO,23 1930. July 23 1929
Rgehtsnsarks.
RelcArmarke. Reicharnarks. Refehsanarks.
ment securities gained £18,185,000 while those on Assets—
Gold and bullion
Dec. 13.e89.000 1,352,803,000 2,618,728.000 2,08.5,323.000
other securities showed a loss of £2,774,813. The Of which depos.abed. Unchanged
118,787.000 149.788,000 142,887,000
Res've in teen curr
Inc. 35.166.000 159,533,000 181.638.000 340.788.000
latter consists of "discounts and advances" and Bills
of exch.& checks.Ino. 313,115.000 3.066,554.000 1.544,875.000 2.133,323.000
"securities." The former increased £2,597,714, while Silver and other coin Deo. 5,105,000 73,618,000 180.692.010 143.038.000
Notes on oth.Ger. bks.Inc. 3,053.000
12,274,000
24,010.000
23,428.000
the latter declined £5,372,527. Below we furnish Advances
Dec. 69,588.000 318,419,000
57,558.000
53.207.000
Investments
4.000 102.259000 101,017.000
Inc.
92,891.000
comparisons of the different items for five years:
Other assets
Inc. 64.105,000 920,491,260 753,550,000 540,165.000
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1931.
1930.
1929.
1928.
1927.
July 29.
July 30.
July 31.
Aug. 1.
Avg. 3.
Circulation-a
359.363.000 368.377,007 371,817.795 137,258,190 138,342,010
Public deposits
15,219.000 9.087.688 11,078,004 12.171.240 9,521.683
Other deposits
89.484.932 98.375,872 97.964.585 103,540,288 102,840,165
Bankers accounts_ 55.798.330 60.970,985 60,277.499
Other accounts— 33.686.002 37.404,887 37.687.086
Govt. securities__ 52.560,906 51,665,547 62.256.855 29,201,528 52,078.999
Other securities— 36.300.633 29,032,768 34.102.467 48,423,840 44.740,905
Disct. & advances 9,896.484 6.740,720 9,951,195
26.604.149 22.292,048 24,151.272
Securities
Reserve notes & coin 33.947.000 44,873,388 30.792,449 56.192.839 33.676.770
Coin and builion_133,309.663 153,250.395 142,610,244 173,059,029 152,268,780
Proportion of reserve
32.4%
41.75%
to liabilities
28.23%
4844%
30%
4ty %
Bank rate
3%
544%
444%
04%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note issue adding at that time £234.199,000 to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week ended
July 25 records a gain in gold holdings of 1,246,483,172 francs. Owing to this gain the item now aggregates 57,893,064,952 francs, as compared with
45,282,858,901 francs last year and 37,299,601,159
francs two years ago. Credit balances abroad rose
816,000,000 francs, while bills bought abroad declined 922,000,000 francs. Notes in circulation
contracted 187,000,000 francs, reducing the total
of notes outstanding to 77,766,225,575 francs, in
comparison with 72,110,310,005 francs the corresponding date last year and 64,135,256,725 francs
the year before. French commercial bills discounted
and creditor current accounts rose 914,000,000
francs and 1,837,000,000 francs, while advances
against securities declined 82,000,000 francs. Below
we furnish comparisons of the various items for three
years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Changes
Status as of
for Week.
July 25 1931
July 26 1930, July 27
1929.
Francs.
Francs.
Francs.
Francs,
Gold holdings-- .Ino.1246,483,172 57,893,004.952 45,282.858,901
37,299,601.159
Credit bale abr'd_ _Inc. 816.000,000 0,474.841,059 7.104,420.036
7,325,293,083
French Commercial
bills discounted_Inc. 914,000,000 5.345,066.479 6.058.134,333
8.406.842,280
bills bought abed_Deo 922.000.000 18,048.220,842 18,952.332.948
18.478.532.307
Adv. agt. scours_ _Deo. 82,000,000 2,757,485,33•. 2,682,225.400 2
.353,409.970
Note circulation_ _ Dec 187 000.000 77.76625.575 72.110.310.005 64.135,256.725
Crod. curr. soots__Inc.1837,00u.000 24.459,553,421 17,494,833,382 19.599.463,404
LiabUtlies—
Notes in circulation Ino. 32.798,000 4,194,607,000 3.965,868.000 4,091.054.000
Oth.dally matur.oblig.Ino. 277.903.000 585.017.000 666.970.000 550.906.000
Other liabilities
Inc. 16,760,000 737,000,000 217.631,000 329,807,000
Extremely quiet conditions prevailed in the New
York money market this week, with rates in all departments unchanged. Funds were in abundant
supply at the low rates prevalent for so many months.
Call loans on the Stock Exchange were 1
for all
transactions, whether renewals or new loans, while
the Curb Exchange quotations held at 2%, the
usual differential of M% being observed. In the
unofficial outside market,funds of investment houses
were offered every day at concessions from the official
rate. Dealings Monday were at 114% in the street,
while on all subsequent days transactions were reported at as low as 1%. United States Government
borrowing by means of an issue of $59,850.000 in
91-day Treasury discount bills was effected Thursday
at an average cost of 0.51%. There was no reflection in this market of the Bank of England discount
rate advance of 1% to a level of 43/2%, announced
Thursday. Brokers' loans against stock and bond
collateral, as reported for the week to Wednesday
night by the Federal Reserve Bank of New York,
declined $26,000,000, with the aggregate at $1,390,000,000 now the lowest since June 4 1924. Gold
movements for the same weekly period consisted of
imports of $2,094,000, with no exports. There was,
however, an increase of $2,500,000 in the stock of
gold held earmarked for foreign account, this change
corresponding to an export.
Dealing in detail with call loan rates on the Stock
Exchange from day to day, there was again no deviation at any time from the figure of 1/
1
2%,this having
been the quotation both for new loans and for renewals on every day of the week. Time money has
again been without noteworthy movement. An occasional loan for four months has been made, but other
FINANCIAL CHRONICLE
694
maturities have been at a standstill. Quotations continue at 11/
4@11/
2% for 30 and 60 days, and also for
90 days; the rate for four and five months is 11/2@
/
4@2%. Prime com1%%, and for six months 13
mercial paper has been in good demand, a large proportion of the inquiries originating in the Greater
New York, though there was also a very considerable
demand from the New England banks. Rates for
choice names of four to six months' maturity con/
4@2%. Names less well known and
tinue at 13
4@21/2%.
shorter choice names are 21/
Prime bank acceptances were in good demand during the week, but business was again limited by the
shortage of satisfactory paper. Rates remain unchanged. The quotations of the American Acceptance Council continue at: For bills up to 90 days,
8% bid,
1% bid, 7
/8% asked;for four months' bills, 11/
1% asked; for five and six months, 1%% bid and
114% asked. The Federal Reserve banks suffered
a further decrease in their holdings of acceptances
during the week from $67,033,000 to $66,536,000.
Their holdings of acceptances for foreign correspondents fell from $298,111,000 to $253,578,000.
Open market rates for acceptances also remain unchanged, as follows:
Prime eligible hulls
Prime eligible bills
SPOT DELIVERY.
—180 Days— —150 Days— —120 Days
Bid. dual.
Bid. Asked.
8(4. Asked.
13(
1
134
I%
134
131
—80 Days—
—30Days—
—90 Days—
Bid. Aske4.
Bid. Asked
Md. Asked.
1
1
1
34
Si
34
FOR DELIVERY WITHIN THIRTY DAYS.
Eligible member banks
Eligible non-member banks
1% bid
134 bkl
There have been no changes this week in the rediscount rates of any of the Federal Reserve Banks. The
following is the schedule of rates now in effect for
the various classes of paper at the different Reserve
banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF ELIGIBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
Rate in Shied
on July 31.
Date
Established.
Previous
Rate.
2
134
3
234
3
3
234
244
3%
May 7 1931
May 8 1931
May 7 1931
May 9 1931
May 15 1931
Jan. 10 1931
May 9 1931
May 9 1931
Sept. 12 1930
May 21 1931
May 8 1931
May 22 1931
234
2
334
3
334
314
3
a
3
234
a
4
334
314
3
Sterling exchange and the entire foreign exchange
market continues, as during the past several weeks,
under the domination of the financial crisis in Germany and Central Europe. The Bank of England
has again lost gold heavily during the week to France,
Holland, and Belgium. On Thursday the market
was taken by surprise when the Bank of England increased its rediscount rate from 33/2% to 43/2%.
This followed upon an increase on Thursday of last
week from 23/2% to 332%. As a result of the first
increase in the rediscount rate sterling moved up
firmly on Friday to a closing rate of 4.85% for cable
transfers, which placed the pound safely above the
shipping point for gold exports from London to New
York. However, sterling continued as weak as ever
with respect to French francs and the fear of excessive
withdrawals of gold from London for Paris was the
principal reason for the present advance in the London Bank rate. The range for sterling this week has
been from 4.85 3-16 to 4.863 for bankers' sight bills,
[Vol,. 133.
compared with 4.835
% to 4.853. last week. The
range for cable transfers has been from 4.85% to
4.863., compared with 4.84 to 4.85 7-16 a week ago.
Although sterling moved up vigorously following the
announcement of the 43/2% Bank of England rediscount rate, the actual volume of trading was not
large. Apparently there was no noticeable response
to the higher rate in Paris, although all the other
leading Continental currencies,including the neutrals,
moved in sympathy with sterling. On Thursday the
London check rate on Paris closed at 123.91, which
was uncomfortably close to the gold shipping point
to Paris, 123.89. However, the drain to Paris seems
to have ceased for the time being, but bankers are
apprehensive lest sterling again prove vulnerable to
renewed French nervousness.
The necessity for the 41A% rate may be seen from
the fact that the Bank of England statement for the
week ended July 29 showed a loss in gold holdings
between July 22 and July 29 of £16,734,921. Gold
holdings of the Bank were at high for the year on
July 8, when they stood at £165,810,946, so that the
Bank's entire loss since the beginning of the drain
resulting from the German crisis amounts to approximately 02,501,283. By far the greater part of this
gold went to France, with Belgium and Holland taking small amounts. Since the issuance of the
July 29 statement the bank has lost additional gold
to Holland. Bankers in New York are inclined to
interpret the higher rate as the Bank of England's
answer to the $100,000,000 credit which the Bank of
France in conjunction with French private banks
proposed to offer England and which, it was understood, was the subject of conversations between the
French banking authorities and Sir Robert Kindersley
a director of the Bank of England. This subject is
understood to have come up a number of times in
the past, but Montagu Norman, Governor of the
Bank of England, has always been strenuously opposed to placing the Bank under any direct obligation
and has preferred to meet the problem of supporting
sterling solely through central bank measures. The
one exception to this attitude was the acceptance of
a $300,000,000 credit in 1925 from the Federal Reserve Bank and J. Pierpont Morgan & Co. at the
time of the amalgamation of the British currency.
This credit was never used. The present crisis,
however, has been so exceptional that the Bank of
England authorities might reasonably be expected
to seek outside assistance, but it was known several
days ago when the matter was first broached that
Chancellor Snowden had a conference with Governor
Norman of the Bank of England at which Snowden
protested vigorously against the bank's receiving any
assistance whatever from France or other outside
sources.
It is believed in some quarters that the Bank of
France is nevertheless acting to support sterling exchange by bill purchases, as that bank is powerless
to prevent French private banks from importing
gold. The first break in sterling exchange, which
occurred a few weeks ago, was occasioned by German
selling of London bills to raise cash for the payment
of private external obligations in other centres. The
realization that London had large amounts of credit
tied up in Germany which under the "gentlemen's
agreement" cannot be removed alarmed French investors, who immediately began drawing down their
London balances. They transferred their funds to
Paris with the same reckless haste which has evoked
AUG. 1 1931.]
FINANCIAL CHRONICLE
much criticism in international banking quarters on
previous occasions when sterling was under strain.
The shifting of capital was on a scale sufficiently
large to depress the pound below the gold export
point on all principal centres. For instance, sterling
here dropped to 4.83 1-16 against dollars, compared
with the gold export point from London to New York
/. Despite this weakness the New York
of 4.851
banks refused to make a profit on gold shipments at a
time when additional losses would increase the burden
on the Bank of England. Swiss banks, too, have
largely refrained from importing. It still remains
to be seen whether the latest action of the Bank
of England will prove effective in easing the strain
which sterling has undergone in the past few weeks.
From a theoretical standpoint there is every reason
to expect a heavy flow of funds from practically all
quarters for investment in England. The spread
between London and New York money rates is
said to be sufficient to bring about a substantial flow
of gold to England from New York. Undoubtedly
New York banks will welcome this opportunity to
place funds, which are unloanable here, in London
to take advantage of the higher interest rates which,
at present levels, offer an attractive yield, but the
French balances are still an unknown quantity and
a marked disposition seems to exist in Paris to bring
home funds in order to be ready for any emergency
and to keep them domiciled in Paris, despite the
fact that they are unloanable there at the lowest
imaginable rates of interest. Concomitant with the
increase in the Bank of England's rediscount rate,
the joint-stock banks automatically marked up their
rates on "accounts current" to 13/2%. Prior to the
first increase in the official rate a week ago the jointstock banks had been paying M of 1%. Other banks
are now paying 3% and some even 332%. A drastic
marking up of bill rates also accompanied the change,
with 90-day bills quoted at 43%-4 5-16% against
3 7-16%-33/% on Wednesday, while • six-month's
paper is now 4%-5% against 431% previously.
This is the highest rate for 90-day bills since Jan. 3
1930, while six-months' bills have not been quoted
at 5% since Nov. 21 1929. The present Bank of
England rediscount rate is the highest since March 6
1930, when the rate was lowered to 4% from 43/
2%.
According to one banking authority the excessive
apprehension manifested because of the continued
gold drain from London seems exaggerated in view
of the fact that the amount of gold now held by
the Bank is in much greater volume than was normal
in pre-war days. Furthermore, the Bank of England
has under the Act of 1928 been legally empowered to
expand its fiduciary note issue beyond the total of
£260,000,000, under certain specified conditions. If
the Governor thinks the limit is unduly restricted he
may ask the Treasury for permission to increase the
amount of the uncovered note issue, thereby releasing
gold now required to be held as cover.
The Government stated at the time the bill was
under discussion that the provision for expanding the
fiduciary note issue was not intended to be used
"reluctantly and with hesitation." The Government authorities said at the time "It is always possible
that owing to a change of policy upon the part of
foreign banks a large sum of gold might be withdrawn in a short time by the realization of those
balances." The official memorandum continued
with the statement that such a measure would probably be avoided by co-operation among the central
695
banks, but it added,if withdrawals should be insisted
upon, the circumstances would justify asking the
Treasury for permission to expand the fiduciary note
issue. As is well known, the Cunliffe committee
recommended that the Bank of England should endeavor to maintain a minimum gold cover of £150,000,000, but the Macmillan committee in its recent
report suggests a change in the law to provide for a
statutory increase in the fiduciary note issue which
would enable the Bank in emergencies safely to
permit its gold reserves to fall to a much lower figure.
This week the Bank of England shows a decrease in
gold holdings of £16,734,921, the total standing at
£133,309,663, compared with £153,250,395 on July 30
1930. On Saturday the Bank of England sold £3,500,000 in gold bars. On Monday the Bank sold
£1,977,803 in gold bars and exported £63,000 in
sovereigns. On Tuesday the Bank sold £949,653 in
gold bars, released £200,000 in sovereigns, exported
£129,000 in sovereigns, and set aside £250,000 in
sovereigns. According to dispatches from London
bullion brokers a total of £500,000 South African gold
available in the open market on Tuesday was taken
on behalf of France a week earlier. On Wednesday
the Bank of England sold £307,740 in gold bars and
exported £126,000 in sovereigns. On Thursday the
Bank sold £582,172 in gold bars, received £98,000 in
sovereigns, and exported £39,000 in sovereigns. On
Friday the Bank released £1,100,000 in sovereigns,
sold £424,773 gold bars, bought £1,766 gold bars,
received £2,000 sovereigns from abroad and exported
£10,000 sovereigns.
At the Port of New York the gold movement for
the week ended July 29, as reported by the Federal
Reserve Bank of New York, consisted of imports of
$2,094,000, of which $2,024,000 came from Peru and
$70,000 chiefly from other Latin American countries.
There were no gold exports. The Reserve Bank reported an increase of $2,500,000 in gold earmarked
for foreign account during the week. In tabular
form the gold movement at the Port of New York, as
reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK, JULY 23—JULY 29, INC.
Exports.
Imports.
$2,024,000 from Peru
70,000 chiefly from Latin
None.
American countries
$2,094,000 total
Na Change in Gold Earmarked for Foreign Account.
Increase: $2,500,000.
On Thursday approximately $399,000 of gold was
received at San Francisco from China. Yesterday
there was a further increase of $4,700,000 gold earmarked for foreign account.
Canadian exchange continues irregular and at a
discount. On Saturday last and Monday, Montreal
funds were at 13-32 of 1% discount, on Tuesday at
5-16 of 1% discount, on Wednesday at 9-32, on
Thursday at 5-16, and on Friday at 9-32 of 1%
discount.
Referring to day-to-day rates, sterling exchange
on Saturday last displayed firmness in a dull halfday session. Bankers' sight was 4.8531@4.85 9-16;
cable transfers 4.853'()4.85%. On Monday the
market was irregular and sterling inclined to ease.
The range was 4.85 3-16@4.85 9-16 for bankers'
sight and 4.854@4.85 11-16 for cable transfers. On
Tuesday the market was dull and steady. Bankers'
sight was4.859-32@4.859-16;cable transfers 4.859-16
@4.85 11-16. On Wednesday sterling continued dull
696
FINANCIAL CHRONICLE
and steady. The range was 4.8534@4.85 9-16 for
bankers' sight and 4.853/
2@4.85 11-16 for cable transfers. On Thursday sterling was in strong demand. The range was 4.853'@4.863 for bankers' sight and 4.85 15-16@4.863i for cable transfers. On Friday sterling was easier again; the
range was 4.853/
2@4.85% for bankers' sight and
4.853@4.854 for cable transfers. Closing quota4
tions on Friday were 4.853/2 for demand and 4.853
for cable transfers. Commercial sight bills finished
at 4.853; 60-day bills at 4.813.; 90-day bills at
4.79%; documents for payment (60-days) at 4.813
and seven day grain bills at 4.843/s. Cotton and
grain for payment closed at 4.85%.
Exchange on the Continental countries continues
involved as a consequence of circumstances proceeding from the German crisis. The German financial
situation, however, is giving promise of steady improvement, although marks are only nominally
quoted. Restrictions on bank payments in Germany
have been lifted to a great extent, thereby giving
more complete freedom to monetary movements
within the country, but the restrictions on foreign
exchange operations will continue in force so that
the international market for marks will remain
nominal for an indefinite period. Undoubtedly the
removal of internal restrictions will result in a sharp
increase in circulation, but German banking officials
are apparently not concerned over this possibility.
It is pointed out that it will be a technical increase
only, as the public is hoarding notes. The assumption is that as fast as fresh notes are put into circulation through withdrawals from the banks, new currency will be removed from circulation by despositors
to be held against contingencies until confidence is
completely restored. It is held that the amount of
notes actually in circulation will thus be little changed
so that the effects on price levels will be insignificant.
The restrictions on full opening of the banks would
be completely removed but for two reasons—first,
the Government desires to avoid if possible a moratorium on foreign payments and hopes that definite
negotiations for the maintenance of foreign credits
will shortly be successful although difficulties are
great owing to the large number of small creditors;
second, the month-end is considered the wrong date
for the complete termination of the internal moratorium. Private banks will establish in addition to
the clearing house and the new acceptance bank a
new institution able to give credit against securities.
Since the Bourse will remain closed for the next two
weeks, small bankers having no assets but securities
will thus be enabled to obtain liquid funds. Another
new institution to liquidate assets of savings banks is
being discussed as a final step in preparation for
reopening of the banks. Inland transfers are now
practically unrestricted, since transfers are allowed
up to Rm. 400 daily, or up to Rm. 50,000 from accounts with members of the clearing house. Bank
clients are now regaining some degree of calm and
about the only difficulty still to be solved to make
the termination of the inland moratorium possible is
the illiquidity of the savings banks. Savings balances
amount to Rm. 12,000,000,000. A credit from the
Reichsbank of Rm. 1,000,000,000 is therefore considered requisite to the opening of savings institutions. The Reichsbank has issued in the past few
days Rm. 50,000,000 in silver coins and has ordered
[VoL. 133.
at the mint Rm. 100,000,000 in 5-mark coins.
Reichsbank officials expressed the opinion early in
the week that a further increase in the rediscount
rate, which is now 10%, is not necessary for the time
being. It is understood that private banks in Germany are charging an average of 15% on loans. It
seems more than likely that a lower Reichsbank rate
will be put into effect, rather than a higher one, as
industry is already suffering under the high interest
rates.
Exchange on Paris is in much the same position as
during the past few weeks. As noted above, French
private banks have drawn heavily on British gold
stock, although money is over-plentiful in Paris at
excessively low rates of interest. The Bank of
France statement for the week ended July 25 shows
an increase in gold holdings of 1,246,483,172 francs,
the total standing at the record figure of 57,893,064,752 francs, which compares with 45,282,858,901
francs on July 26 1930 and with 28,935,000,000
francs reported in the first statement following
stabilization in June 1928. The bank's ratio of reserves is also at record high, standing at 56.63%,
which compares with 50.54% a year ago and with
legal requirement of 35%.
The London check rate on Paris closed at 123.90
on Friday of this week, against 123.85 on Friday of
last week. In New York sight bills on the French
centre finished at 3.92, against 3.913
4 on Friday of
last week; cable transfers at 3.923', against 3.91%
and commercial sight bills at 3.913
4,against 3.9134•
Antwerp belgas finished at 13.96 for bankers' sight
bills and at 13.96
for cable transfers, against
13.933/i and 13.94. Berlin marks are nominally
quoted 23.70, against 23.00. Italian lire closed at
5.23 for bankers' sight bills and at 5.2334 for cable
transfers, against 5.223
4 and 5.23. Austrian schillings closed at 14.05, against 14.05; exchange on
Czechoslovakia at 2.963/s, against 2.96; on Bucharest
at 0.593/2, against 0.593/2; on Poland at 11.20,
against 11.20 and on Finland at 2.515A, against
2.51%. Greek exchange closed at 1.29 7-16 for
bankers' sight bills and at 1.29 11-16 for cable transfers, against 1.29 and 1.293.
Exchange on the countries neutral during the war
shows no important developments. Scandinavian
currencies are strong but until the advance in the
Bank of England's rediscount rate were inclined to
ease off. On Thursday the Bank of Sweden advanced its discount rate to 4% from 3%. Holland
guilders and Swiss francs have also been firm. On
Saturday last the Swiss franc moved up to 19.50
for cable transfers, a new high for the year. The
rate was a reflection of the demand for Swiss francs
in London. Throughout the greater part of the
week the unit was even stronger, ruling around 19.51,
which compares with dollar parity of 19.30. At this
rate it is thought probable that gold will be earmarked
for Swiss account at the Federal Reserve Bank of
New York. Holland guilders are exceptionally firm,
owing also to the flow of funds from London to
Amsterdam. It is thought that a very considerable
part, if not the major portion of the gold taken from
London this week was for Dutch rather than French
account. Spanish pesetas continue to rule at low
levels, which, however, are unrelated to events affecting the major exchanges. The foreign exchange
market in New York, as elsewhere, is sceptical as to
the future of the peseta. No stabiliaztion or steadi-
AUG. 1 1931.]
FINANCIAL CHRONICLE
697
ness in the unit may be expected until Spanish Shanghai at 30%@40%,against 30%@30%; Manila
political conditions are stabilized.
at 49%, against 49%; Singapore at 569/s, against
56%@56%; Bombay at 363, against 363
4 and
Bankers' sight on Amsterdam finished on Friday Calcutta at 363i, against 363g.
at 40.299., against 40.27% on Friday of last week;
cable transfers at 40.32, against 40.29, and comPursuant to the requirements of Section 522 of the
mercial sight bills at 40.24, against 40.24. Swiss Tariff Act of 1922, the Federal Reserve Bank is now
francs closed at 19.50 for checks and at 19.501
% for certifying daily to the Secretary of the Treasury the
cable transfers, against 19.49 and 19.493/2. Copen- buying rate for cable transfers in the different counhagen checks finished at 26.74 and cable transfers tries of the world. We give below a record for the
at 26.75, against 26.68 and 26.69. Checks on Sweden week just past:
closed at 26.763/ and cable transfers at 26.773/
2, FOREIGN EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
BANKS TO TREASURY UNDER TARIFF ACT OF 1922,
against 26.71 and 26.72, while checks on Norway
JULY 25 1931 TO JULY 31 1931, INCLUSIVE.
26.75
and cable transfers at 26.76, against
finished at
Noon Buying Rate for Cable Transfers tn New York,
26.68 and 26.69. Spanish pesetas closed at 9.01 for Country and Monetary
Value in United States Money.
Unit.
bankers' sight bills and at 9.02 for cable transfers,
July 25. July 27. July 28. July 29. July 30. July 31.
against 9.01 and 9.02.
g
EUROPE$
$
$
$
$
Austria. asmillbig
Belgium, belga
Bulgaria. ley
Csechoslovakts, krone
Denmark. krone
England, pound
sterling
Finland. raarkka
France, franc
Germany, relehamark
Greece, drachma
Holland. guilder
Hungary. pengo
Italy. lira
Norway, krone
Poland, slot,'
Portugal. escudo
Rumania.leu
Spain, peeeta
Sweden, krona
Switzerland. franc-Yugoslavia, dinar..--ASIAChinaChefoo teal
Hankow tad
Shanghai teal
Tientsin teal
Hong Kong dollarMexican dollar_ _ _ _
Tlentaln or Peiga
dollar
Yuan dollar
India, rupee
Japan, yen
Singapore (3.8.) do
NORTH AMER.
Canada, dollar
Cuba. peso
Mexico, peso
Newfoundland, do
SOUTH AMER.
Argentina. Deco (gold)
Brasil, mIlreis
Chile. peso
Uruguay, peso
Colombia. peso
.140430
.139570
.007171
.029610
.267262
.140435
.139520
.007171
.029612
.267179
.140415
.139548
.007160
.0 9615
.267255
.140415
.139475
.007169
.029620
.267244
.140384
.139580
.007167
.029612
.267368
.140378
.139559
.007175
.029620
.267408
Exchange on he South American countries is dull,
erratic, and unsatisfactory. Argentine paper pesos
.856755 4.855000 4.855965 4.856458 4.861815 4.857625
have suffered another drop, bringing the rate down
.025145 .025158 .025140 .025148 .025143 .025143
039189 .039180 .039195 .039198 .039224 .039211
to 29.53, a new record low. It was frequently stated
.233653 .235156 .236078 .236683 .236595 .2352145
.012931 .012932 .012928 .012936 .012930 .012934
several months ago, especially in May, that any fall
403060 .403066 .403149 .402961 .403058 .403041
174454 .174420 .174454 .174470 .174454 .174472
.052351 .052305 .052316 .052311 .052317 .052309
in the peso below 32.00 would be entirely due to dis.267266 .267192 .267252 .267244 .267365 .267431
.112009 .111981 .112045 .112020 .112011 .112010
turbed political conditions. The political situation
.044225 .044225 .044185 .044215 .044150 .044220
.005937 .005951 .005943 .00.5940 .005938 .005932
has steadily become more cloudy. Exchange circles
.089883 .090516 .090595 .090409 .090338 .090026
267522 .267382 .267442 .267416 .267522 .267580
are not satisfied with the immediate future of the
.194953 .194967 .195026 .195003 .195036 .195033
.017661
.017888 .017644 .017697 .017675 .017697
nation's finances. It is pointed out that Argentina
.
has a $50,000,000 credit expiring in New York on
.314166 .316875 .315416 .314791 .315416 .314583
.308750 .310937 .309375 .309531 .310000 .309375
Oct. 1. It is feared that if the credit cannot be
.303035 .305000 .304107 .303839 .305000 .304285
.318750 .321250 .320208 .319375 .320000 .319166
renewed, the Government will have to meet the pay.242187 .243928 .242589 .242321 .242589 .242410
.218750 .222187 .220312 .220000 .221250 .219375
ment by shipment of a corresponding amount of gold,
.221666 .224583 .223333 .222916 .224583 .222083
which will probably lead to inflation of the note issue
.218333 .221250 .220000 .219583 .221250 .218750
.359458 .359562 .359291 .359275 .359212 .359408
.493615 .493510 .493353 .493434 .493462 .493410
at home. Brazilian milreis continue to be nominally
.560000 .560000 .560000 .560208 .560208 .560208
quoted but at slightly improved levels over last week.
.996015 .996069 .996350 .996948 .997001 .996632
.999143 .999143 .999143 .999143 .999143 .999164
The market is interested in the report of Sir Otto
.490800 .490000 .490000 .485400 .307692 .285714
.993575 .993700 .993768 .994531 .994640 .994331
Niemeyer on the economic position of Brazil, but it
.673867
.669566 .677292 .674485 .674261 .673825
is pointed out that he made no reference to the
.071083 .072525 .071250 .069916 .069071 .069750
.120845
.121020 .120858 .120986 .120331
.120727
possibility of a moratorium on Brazilian external
.513250 .506333 .488500 .474000 .453750 .482500
.965700 .965700 .965700 .965700 .965700
.965700
nor
offered
any
debts
solution of the problem of
service transfers. He stated that Brazil would reThe following table indicates the amount of bulquire a loan of at least $80,000,000 in order to permit
lion
in the principal European banks:
proposed central bank to maintain free convertibility
of notes, but the condition of the Brazilian bond
July 31 1930.
July 30.
Ban/ca of
Gold.
Silver.
Total.
Total.
market is such that dealers here doubt whether such
Gold.
Silver.
a loan could be successfully floated for some time.
I I362,262,871
England. 133.309,663
133,309.663153,250.395
153,250,395
(d)
463,144,519 362.262,871
France a._ 463,144.519
(d)
Argentine paper pesos closed at 295
% for checks, Germany
994.600124.441,600
b 61,800.800
c994,600 62,795,400 123,447.00
Spain _
90,933,000 26,803,00 117,736,0001 98.879,000 28.779.000127.658.000
against 30 3-16 on Friday of last week and at 293
% Italy
56 323,000
57,678.000 56,323.900
57.678,000
Netherrds.
47.020.000 34.540.000' 2.172,000 36.712.000
2.944,0
for cable transfers, against 3014. Brazilian milreis Nat. Bela. 44.076.000
34.346.000
42,061,000 34.346,00
42,061,000
23.780,000
Switzerrd_ 29,498,000
29,498,000 23,780
are nominally quoted 7.00 for bankers' sight bills and Sweden..
13,483,000
__ 13,219,000
13,219,000 13,483
9.567.000
9.546,000 9.567.
_ 9,546,000
at 7.05 for cable transfers, against 6.95 and 7.00. Denmark
8342.000
8,130,000 8.142.000
Norway __ 8.130,000
Chilean exchange is nominally quoted 121
% for Tot. wk.953,395,982 30,741,600984.137.5829l8,020,266 31.945.600949,965.866
bankers' sight bills and 121
% for cable transfers, Prey. week 963,189,838 30,790,60d993,980,438 916.197.568 31,876.600948.074.168
These are the gold holdings of the Bank of France as reported in the new form
against 12.07 and 12.10. Peru at 28.00, against ofastatement.
b Gold holdings of the Bank of Germany are exclusive of gold held
abroad, the amount of which the present year Is £5,839,350. c As of Oct. 7 1924.
27.90.
d Silver Is now reported at only a trifling sum.
Exchange on the Far Eastern countries is dull.
Chinese currencies move strictly in accordance with
prices for silver, which have been somewhat steadier
this week. Japanese yen continue relatively steady,
although Japanese business has been badly affected
by world conditions and especially by the developments of the past month. Japanese business is
further vexed at this time by the unsettled conditions
in China, by threats of the Nationalist Government,
and by renewal of the Chinese boycott as a result of
the conflict between Chinese workers and Korean
natives. Closing quotations for yen checks yesterday
were 49.33@49.50, against 49.32@49.50. Hong
2@24%, against 243/
2@24 13-16;
Kong closed at 243/
Clouds in the Disarmament Sky.
The plans for the international disarmament conference which is scheduled to meet early next February have of late been running a checkered course.
Mr. Hoover's plea for a reduction of land armaments,
in his address at the opening of the Washington meeting of the International Chamber of Commerce on
May 4, came as something of a surprise to his hearers
and to the country, and was interpreted as meaniug that the United States, while having little to
offer on its own account •in the way of a reduction of its military establishment, was deeply
interested in the proposed conference and determined to do what it could to make the under-
698
FINANCIAL CHRONICLE
taking a success. The submission to the League
of Nations of a detailed statement of the American military and naval resources was also taken
as an intimation that the United States expected all the governments concerned to lay their
cards on the table. The announcement on June 20
of Mr. Hoover's plan for a moratorium on war debts
and reparations had the effect, naturally, of setting
the disarmament question temporarily at one side,
but it was generally understood that Secretary Stimson's unofficial visit to Europe had as one of its
objects the sounding of various Governments regarding the outlook for the conference, and the use of
such influence as might properly be exerted to make
the conference a success.
Only for a few days, however, did the question
remain side-tracked. On June 29 Prime Minister
MacDonald, in what was described as "one of the
greatest speeches of his career," pleaded in the House
of Commons for the support of all parties for a
drastic reduction of naval, military and air forces
at the conference. In a statistical exhibit which he
submitted to the House, prepared by the British
Admiralty and other official authorities, he represented Great Britain as the only great Power that
had reduced its military and naval expenditures
since 1924, while the United States, France, Italy
and Japan were declared to have increased theirs.
According to this statement, the total naval expenditures of the United Kingdom had been reduced from
£56,000,000 in 1924-25 to £52,400,000 in 1930, a reduction of L23;600,000 since 1914 and £3,600,000 since
1924. The United States, on the other hand, which
spent about $150,000,000, or approximately $210,000,000 in present currency value,in 1914, had raised
the figure to about $350,000,000 in 1924 and $390,000,000 in 1931. French expenditures had grown
from $65,000,000 in 1924 to $120,000,000 in 1930,
those of Italy in the same period from about $45,000,000 to $80,000,000, and those of Japan from
$115,000,000 to $130,000;000.
Mr. MacDonald's figures have been sharply criticized in this country as misleading, particular exception being taken to a comparison based upon
budgetary expenditures rather than upon the actual
numbers of ships and men. The New York "Herald
Tribune," commenting upon the statement editorially
in its issue of July 1, pointed out that the American
navy "at the first of the year was 13% below the
British strength and that it will probably be 20%
below at the beginning of next year," a fact which
Mr. MacDonald did not mention. As for the army,
attention was called to the fact that the active American army and reserves "represent about 994 soldiers
per billion dollars of national wealth, whereas the
land forces of the British Empire represent the impressive total of more than 5,000 soldiers per billion
dollars to be defended." Comparison on the basis of
an American budgetary system "reveals the United
States with the surprisingly low figure of sevenfiftieths of 1% of its national wealth devoted to defense, whereas the British Empire on the same basis
devotes twenty-fiftieths—or nearly three times as
much—to this end."
Even greater interest, however, attached to Mr.
MacDonald's frank expression of sympathy fo,r
France in its demand for security, and his statement that "Britain has gone as far as she can unless
the other nations follow suit." As the editorial
writer in the "Herald Tribune" remarked,"If neither
proL. 133.
Great Britain nor France is in a position to reduce,
the question presents itself as to who will and as to
what nation Mr. MacDonald has in mind." It is
not without significance that on June 26, three days
before Mr. MacDonald spoke in the House of Commons, the French Chamber of Deputies voted additional credits to the amount of about $96,000,000 for
the completion of frontier fortifications, and on
July 9, just before the adjournment for the summer
vacation, added $48,679,000 to a previous credit of
$30,000;000 for naval construction. The amounts
voted were less than the Government had asked for,
and the Senate expressed its disapproval of the
action of the Deputies by recording its conviction
that the construction of the German "pocket" cruiser
Deutschland should be met by the immediate construction of a first-class capital ship superior to it,
and inviting the Government to submit plans for
such construction when Parliament reconvened. The
action of France was fresh in mind when Mr. MacDonald, Stanley Baldwin and Lloyd George, speaking from the same platform at a great meeting at
Royal Albert Hall in London on July 11, appealed
earnestly for substantial reduction of armaments at
the forthcoming conference. It had been still more
freshly in mind when Mr. Hoover, on July 10, authorized a formal acceptance by the United States
of the invitation already extended to participate in
the disarmament conference at Geneva next February. "The American Government is happy to accept
this invitation," the note read, "and welcomes the
opportunity for co-operation with the other nations
in a common effort to reduce the menace and to
lighten the burden of armaments under which the
world is suffering."
What the French position is became known on
July 21, with the publication of the memorandum
of the French Government prepared for the Council
of the League. The Geneva correspondent of the
New York "Times" is authority .for the statement
that the memorandum, which bears date of July 15,
was originally intended to have been made public
on the 17th, but that on the 16th the League was
instructed to withhold it temporarily, and the order
for its release was not given until the 20th. "There
is every reason to believe," the correspondent adds,
"the delay was due to negotiations during the weekend at Paris." The negotiations referred to, it will
be remembered, were those in which French and
German representatives were considering the terms
on which France might be induced to extend financial aid to the Reich. The publication of the
memorandum was thus timed to coincide with the
first full-day's session of the London conference.
To those who had expected that France would
offer some assurance of concessions the memorandum
was a distinct disappointment. Although couched
in friendly terms, the memorandum contains nothing
more, aside from statistics, than a restatement of the
well-known French contention that it cannot reduce
its armaments without first having received security,
that its land, naval and air forces are only such as
are required by the perilous position which it occupies in Europe, by the extent of its colonial possessions, and by its obligations as a mandatory Power
under the League, and that until the general combination of disarmament and security which the
League Covenant contemplates has been achieved,
the question of armament reduction for any single
Power is not a practical one. Under the guise of a
AUG. 1 1931.]
FINANCIAL CHRONICLE
699
support for the principle of "common action" the toward savings. We recur to some of the points made
memorandum broadly hints at the continued desire by Mr. Hazlewood in his excellent address as follows:
of France for a joint guarantee of its security, such "I have suggested that thrift should be a conviction
as the nations of Europe have thus far shown no with the public in order to insure the success of the
willingness to give. The statistics presented do, in- savings department or bank. By that I mean that
deed, show material reductions in various branches saving money should be regular and habitual; that
of the defense service, but the accompanying com- the public should regard ready cash in the bank as
ments describe the figures as an irreducible minimum among the indispensable& A savings account should
save under the conditions just recited.
constitute the first line of defense, never to be used
The memorandum is particularly explicit in its except when unavoidable, and immediately to be reinsistence that national defense must be considered placed as a safeguard for the future. Once you have
as a whole, and that figures of specific reductions that viewpoint established, you have done a tremenare of no value unless all the factors of national dous service to steady your bank and its deposits, and
defense are considered. "The most express reserva- to safeguard your depositors. You have, in fact,
tions" are accordingly made "as regards any com- done a great public service in steadying the comparisons that might be drawn, without taking into munity economically."
account necessary explanations and corrections, be"As we look back over the past 10 years it is obvitween the numerical data relating to the military ous at once that this old-fashioned and puritanical
organization of the Republic and those concerning philosophy of thrift broke down many times and at
other countries. These reservations apply particu- many points. This is in many respects the crux of
larly to expenditure figures. They call for the the present business situation." . . . "Millions
utmost caution as regards the comparisons one might of men and women—your customers and your prosbe tempted to make between the respective expendi- pects—deliberately forsook a sound philosophy of
tures of the various countries in the matter of na- living, with reasonable thrift and reasonable spendtional defense. Such comparisons are devoid of ing, for the lure of speculation and easy profits. We
meaning save on certain specific points and under cultivated the comfortable deception that our
certain well-defined conditions."
national and individual welfare simply depended
If the French memorandum does not create an upon constantly increased individual expenditures,
actual impasse, it at least indicates that there has regardless of our ability to pay. The necessity for
been a virtually complete lack of progress in any personal thrift was entirely discounted. We blundirection that promises success for a conference. As dered in our thinking. We simply closed our eyes
long as France pushes political considerations to to realities and for the first time in 20 years of rethe fore, and insists upon security before a reduction corded savings statistics there was actually a decline
of armaments can be begun, there seems little ground in the savings of the American people." • • •
for expecting that the hopes of Mr. MacDonald and "We simply proceeded to violate sound principles of
Mr. Hoover will be realized. In view of the diffi- personal finance with complete indifference to the
culties which the German financial situation has consequences. Old-fashioned thrift and the steady
raised and of the attention which that situation will accumulation of a competence through saving were
demand for the next few months, and bearing in badly discounted virtues. . . . So we began to
mind that the French demand for further political draw down our savings accounts, and to mortgage
guarantees from Germany as the price of financial our personal incomes into the future in order to buy
assistance has not, as far as is known, been waived, equities in stocks, luxuries, and goods of infinite
it would seem much better to postpone the confer- variety. The first thing we knew, a very large perence until the air is clearer and the irritations which centage of the buying power of the world, both active
the German episode has stirred up have been allayed. and prospective, was frozen, or tied up in badly deThere are reports that a number of European Gov- preciated and unpaid-far assets. And then, like a
ernments are in favor of postponement. Neither Lon- man out of breath, there was nothing to do but stop
don nor Washington, however, appears to be disposed and regain a reserve. Some drastic changes in our
to let the conference go over, and the favorable im- thinking were necessary to restore the equilibrium
pressions which Secretary Stimson is reported to of things and to give the proper direction to our
have gathered from his visit to Italy and Berlin indi- lives."
cate that preparations for the conference will go on.
We have more than once in our columns endeavThe most that can be done, then, is to hope for some ored to emphasize the virtues of the frugal,sometimes
turn in the tide between now and next February that called the "simple" life. And we are glad to endorse
will make early relief from the burden and menace the statements of this eminent banker. The people
of armaments more of a possibility than it seems are moaning now over what is termed the "depresto be at the present time. It will be a calamity if sion." They are scanning eagerly the many remedies
such a turn does not come, for the expenditure of offered. We are prone to listen to the siren theories
four or five billion dollars annually in preparation offered by politics. Some of uslook upon government
for war is a load which the nations will before king as in duty bound to give us material help. There is
find unbearable.
at the moment a demand that the Government issue
five billions in bonds to make work for, even to feed,
Personal Savings Strengthen Political
the needy. And we are actually in danger of inauguGovernment.
rating the "dole." Do we stop to ask how many of
In our issue of June 20, at page 4511, we printed these men who are unemployed, when they were
liberal excerpts from an address made by Craig B. earning wages, good wages, too, spent their dollars
Hazlewood, Vice-President of the First National for high living? Many have learned their lesson.
Bank of Chicago, before the Midwest Savings Con- Many now employed are seeing the folly of inordinate
ference at South Bend, Ind., the burden of which was spending. Deposits in savings banks are increasing
the cultivation in the public of a proper attitude at such a rapid rate as to compel a lowering of
700
FINANCIAL CHRONICLE
[Vol.. 133.
interest rates. Yet as we survey this question of if the people are poor and pressed by debts they forsaving and spending are we conscious that this de- sake self-help and petition for governmental aid.
mand for increased "purchasing power" is at the Debts destroy morale. Debts for pleasures and luxsame time a demand for increased spending? There uries defeat themselves, for they cultivate a feeling
is, it is true, a specious philosophy that "spending" and a state of mind which says the "world owes us
makes the "wheels go 'round," increases the volume a living," there ought to be "equality of ownership
of business, ratiocinates production and consump- and enjoyment."
Why is France rich to-day, after her enormous
tion, equalizes and stabilizes business. But does it?
Speculators, like gamblers, are rich one week and losses in men and property in the war? Because her
poor the next. When they are rich they spend freely. working population, call them peasants if you will,
When they are poor they grow seedy. And it need individually work and save. Why is Holland high
not be speculators; "spenders" are in the same con- in world-credit,in colonizing power,strong in mighty
dition. The "hard times" of the present exemplify- domestic works, wresting land from the North Sea?
ing that you cannot eat your cake and have it; you Because her people are satisfied to live humbly and
work hard. Why are the few Soviet rulers in Russia
cannot draw dimes from a purse that is empty.
We may talk of "foreign conditions" bearing down able to dominate millions of men and women thouon our foreign trade; and of that dearth backing up sands of miles from Moscow and Stalingrad? Be-on our domestic trade and lowering prices in our cause they work with people who learned to live
over-production, but the fact that in and of ourselves plainly when taught by oppression and now eat their
we lived "too fast" cannot be ignored. Over a long black bread willingly under a "plan" which sends
period reaction is sure to come. Inflation produces their surplus wheat abroad for sale at a low price!
Men make nations, many men, though they do not
deflation. "Spending" empties the pocket and depletes the savings bank of its deposits. One of the always control their creations. Character acquired
certain hard-earned lessons of the present time is through toil, trade and saving holds a nation's exthat we did "spend" too much and that now we have travagance in check. And there is little doubt that
little left to spend. More than this, we did not spend our 10-year period of inflation, speculation and
wisely. Nor are we doing so now. Habits are fixed spending gave government free play because of moupon us that it is hard to break. And on top of it all tives, manners and customs, of the citizenry. If we
there is the false philosophy that urges us to pay high wish to fend off the asserted propaganda of Socialwages, wages out of line, that we may spend more ism and Communism it is best done by the people
and thus keep up the "purchasing power" to consume who through saving render themselves immune to
"over-production." But we are individualists; each such teachings.
But there is a more concrete and imperative fact.
man is his own financier. When, after the "depression," after business resumes, we will spend more Mr. Hazlewood, himself a banker, brings it out
carefully, more wisely. For this "cycle" is teaching clearly. Our banks are among our most useful and
us that prosperity is never "perpetual," and that if most precious possessions; and we do strengthen
we do not save ourselves no one can save us. The them by "regular" and continuous deposits. There
business man is in the same boat. If out of the, are always an amount of "savings" hard to estimate
extraordinary "good trade" of the past he did not in our commercial country banks. If in the 10-year
lay by a "surplus" he cannot rightly "stock up" when period mentioned we had been "putting in" instead
the turn comes. Frugality is not mere finesse. It is of "drawing out," what a change it would have made
in the number of failures! Or, if that be not quite
common sense.
In this period of a "changing world" we have so the point, what if farmers and merchants and workmany things to think about that we scarcely think ing men had put away savings to meet an emergency
at all. We are fast becoming a race of suppliants, instead of drawing down balances to the last notch,
of dependents. Politics is not only corrupting our would they not now be in better condition, and would
morals, it is enervating our energies. What is the not their banks have"money to loan"instead of being
use of saving, says the ex-service man, when the Gov- filled with frozen assets?
Turning to the savings banks proper, mutual and
ernment will pay us a billion dollars, by means of
loans, before it is due,and then possibly, or probably, stock, now being rapidly crowded with deposits, are
remit the loan before it is due? What is the use in they not barometers of a people's strength? They
lowering taxes when the great Government at Wash- indicate not only the state of personal finances, but
ington will give us half the cost of concrete roads they project the policies of the Government—for the
as a gift? What is the use of savings bank accounts saving people guard jealously their hard-earned dolwhen we can borrow on our private purchases with lars and hold more strictly to account those legisunearned wages as security? What is the use of lators who take from them, unduly, taxes squandered
"laying by" for the "children" when we shall soon recklessly for needless public works.
have an "old age pension" law, and if we do not the
Dividends and Wages—The Trend of Both
Government will take what we do save in "inheriDownward
tance taxes"? Besides, is not another "war" coming
Evidence appears to be accumulating which indiwhich will eat up all surpluses, private and public,
everywhere? All these ideas are expressed, merge cates that industry cannot continue much longer to
and mingle, until it seems almost to be the paramount maintain a wage scale which was formulated and
based upon conditions far different from those which
philosophy to "live while we live"!
Saving is of public importance. Only governments are prevailing now throughout the United States.
cannot save surpluses, taken from the people in taxes. Particularly in 1928 and the early part of 1929 busiIndividuals can and must save. They set the ex- ness generally was exceptionally good. Most indusample. All our efforts at "balanced budgets" are of trial plants were in active operation with full paynaught unless there is a full larder at home. For if rolls and a high wage which was commensurate with
is a "propensity" to let the Government"do it." And prosperity.
AUG. 1 1931.]
FINANCIAL CHRONICLE
701
Circumstances have so changed within the past which will afford an adequate profit and in some
two years that there has been much unemployment, cases the market prices are below the cost to the
greater in some sections than was ever experienced farmer of raising, reaping and marketing his crops.
before, and calling not only for private charity but
Laborers who have been unable to obtain employfor large appropriations of public funds to care for ment have felt the heavy burden of poverty. The
the needy. Help has been given with unstinted worker alone who has been able to continue to toil
hands and with the strong hope that a turn for the at a high wage has not only escaped the evil effects
better would soon provide work for the idle and thus of the depression but he has been benefitted for the
enable heads of families to care properly for their reason that the cost of living has receded • and his
dependents.
wage dollar will buy far more than it would in 1928
The second half of this year, however, does not and 1929 when he received the same high scale of
give as much promise of the desired change becoming wages.
effective as was expected. Reports of earnings of
In the face of all of these adverse conditions it
the railroads still show a falling off in traffic and a now appears that the captains of industry must
consequent decline in earnings and what is true of carefully consider whether justice to the unemthe carriers is quite as clearly indicated by the re- ployed, to the farmers and to the great number of
ports of the large industrial corporations covering citizens who have invested their savings in indusa variety of lines of business.
tries and in railroads does not call for a readjustInternational affairs, which have been conspicu- ment of wages which will permit products to be
ously placed before the people, put no oil upon the produced at lower cost and sold at a price which
troubled waters except to inspire hope that the re- will create more buyers, thus increasing the demand
cent conference of European powers with American which in turn will give employment to more workers
leaders may hasten a turn for the better in world- in the mills and upon the lines of transportation.
wide affairs.
The machinery of economics appears to have beAmerican industrial and transportation leaders come clogged. It needs cleaning and lubricating so
have shown a patriotic willingness to co-operate with that it may function properly. The quicker the
President Hoover in his expressed desire that wages trouble is remedied the better it will be for labor
shall be maintained, but recent reports of earnings and capital alike, as in the scheme of things they
have been such as to indicate that business condi- will suffer or prosper together, which fact makes
tions have so changed from the era of prosperity co-operation imperative.
prevailing two or three years ago that maintenance
of prevailing high wages is no longer tenable.
Glimpses Along the Way.
As evidence of this fact that latest statement of
Just how far the average American reasons out
the Pennsylvania Railroad is cited. For June there this "moratorium" problem it is perhaps idle to conwas a decrease in the company's earnings of jecture. There is enough "news" and "comment" to
$3,000,000. Earnings have been declining to such satisfy the most inquiring mind. And, as usual, we
an extent that the directors felt compelled to reduce exaggerate the importance of the front-page story,
the dividend from 8 to 6%. They further ordered and carry it far beyond its dues. We see, according
a reduction in the salaries of all executives and of to the headlines, the salvation of the world hinging
the clerical force. Numerous other large railroads, on this debt agreement. We are told that if the conincluding the New York Central, the Baltimore and ferences of a dozen statesmen fail "chaos" will folOhio and the Lehigh Valley, have cut their dividends. low. France, it is said, is still bent on crushing GerThus far the brunt of decreasing earnings falls upon many,"bleeding" that unfortunate country "white";
the owners of the railroads, whose incomes from that Germany is not "as bad off as reported," is playing a
source are curtailed by many millions of dollars, wily game. President Hoover is "changing the forand upon the executives, officers and clerks.
eign policy of the United States"—and "at his own
This week the situation, which everybody deplores, peril"! He "waited too long; he has blundered
is made still more manifest by the action of the direc- again"; he is certain to be beaten at the next electors of the United States Steel Corporation, the tion! And so on without end.
greatest industry under a single management in this
Recoil of this move upon the politics of our own
country. The corporation's report for the June quar- country shows immediately. Yet the "average cititer shows only a nominal amount in cents per share zen" probably simmers the whole thing down to the
was earned even on the preferred stock, if a large very simple proposition that with the debts owing
item of special income be disregarded, and the direc- us by the Allies we are in fact paying Germany's intors therefore were compelled to reduce the divi- debtedness incurred by reason of war. However
dend on the common stock from 7% to a basis of 4% much or little truth there may be in this conclusion,
per annum. In addition the Board of Directors also it is not the whole truth. Yet our dog-days are enrecommended that an adjustment of salaries of all livened and excited over this "European muddle."
officers and other salaried employees be made in All sorts of inferences are drawn. We will sell more
varying percentages, depending upon the character wheat in Central Europe. We will witness a quick
of service rendered.
return to "prosperity." And so on, and on r
These two great corporations represent clearly
It all suggests a calm view of our own affairs. Are
the conditions which other railroads and other indus- we using our leisure from Congressional legislation
trial concerns have to contend with this year. The to envision some of our own impending "problems"
situation generally in transportation and business that we may indicate through "public opinion" the
of nearly all kinds is such that reduction of dividends politico-economic course we ought to pursue that
is becoming common and retrenchment is made pending the coming meeting of Congress we may inimperative.
struct our public servants? It is much to be doubted.
Unfavorable conditions extend to the farmers as As sparks fly upward our citizens turn to the
"great
well, who are unable to sell their crops at prices game of politics." "What are Mr.
Roosevelt's
702
FINANCIAL CHRONICLE
chances for the nomination"? "Can Mr. Hoover be
elected"? What laws will be passed, to aid the
farmers; to abolish or curtail unemployment; to curb
the gambling tendencies of the Stock Exchange; to
revise, stabilize our banking system; to economize
the public expenditures; to uplift prices and maintain high wages; to equalize production and consumption; to save the railroads from bankruptcy; to
hold in check our Federal Reserve Regional Banks;
to prevent or procure chain, group, or branch banking; to revise the tariff; all these questions are
glanced at in the papers, but what citizen has any
idea of the outcome? He does, however, gird up his
loins for the purely political battle. If a Republican
he points out that the "depression" is world-caused,
and world-wide in extent. If a Democrat he points
the finger of scorn at an Administration that promised so much and performs so little!
As an emotional people we are aroused by the
headline topics and whip ourselves into a frenzy
over the "latest news." Then, again, we sulk in our
tents, and grumble out "what's the use"? We can't
get our individual teeth into these "foreign affairs"
—so we content ourselves by the avid support of
parties. If the Democrats are placed in power all
will be well. If the Republicans win we know not
what will happen—surely nothing good. They have
had their chance—and look at the results! Both
these "stands" are of course mere flub-dub.
But if we cannot gain our old standing in "business" through our two-party system, what can we do?
Yet there never was a better time for the reasoning
processes than now. There never was a better time
to keep our own heads clear than now. There never
was a better time to discount these flamboyant party
cries than now. It is not that we just"muddle along"
—we know that we will survive the party issues, no
matter which party wins. But if we merely follow
one or the other of the "band wagons," what can
either party accomplish when entrusted with power?
This summer solstice is the time to think and think
hard.
It follows that an election in a time of "depression" is fraught with added danger. Does not it
appear that parties, since they are of uncertain
tenure cannot cure us of our ills, and as a consequence government cannot? Yet we have no other
means of redress or reform, as far as politics is concerned. We cannot transform politics into economics. Nor can we depend on the mysterious working of economics to eliminate our troubles without
"lending a hand" ourselves. We can do much for
and of ourselves. We can use our parties not as
flaming swords but as peaceful tools. We can say to
Congress—go slow and use common sense— for if
all the "questions" we have enumerated are gone into
in extenso in the next session it will trail along to
the verge of the election. We can depend on ourselves, knowing that parties are not saviors. We can
go ahead with our enterprises, conservatively, sagely,
safely, courageously. We can ask of "capital" that
it no longer hide away in the strong boxes of banks.
We can ask of "labor" that it bear its part of the
burden, and no longer ask for wages the principal
part of profits.
We can regain our foreign trade by seeking it in
the world's marts without reference to law or government or governments. We may ask of our own
banks, brokers, investors, moneyed men, why stocks
are permitted to see-saw along day after day, and
[VOL. 133.
why bonds which still pay their interest are so low in
price—unless it be due to speculation? We can ask
the outright abolition of certain "Boards" that have
proved failures and gross interferences and without
superfluous and heart-rending debate. We can do
much for and of ourselves, if we will. But, above
all, we can hold both our parties in check by realizing
their inherent impotence to bring prosperity or adversity. And we can all work for a universal peace
blinded upon public opinion. The "campaign" now
being inaugurated ought not to blind us to the facts
of our normal existence, its toil, hope, endeavor,
power through initiative, enterprise, energy, and its
strength to overcome. We ought not to wait on the
issue of an election—the time to trade and produce
is now.
We make much of our "turmoil" by our incessant
debate over ways and means. If now we go half crazed
over our entrance into world politics and our participation in international conferences we will sidetrack our pressing domestic issues of "business."
We ought to come home and stay at home when we
arrive. We have enough to do to set our own house
in order. Let us not run after the world with either
advice or money. We do not severely criticize the
last effort of the President save on principle. We
have no past experience to show that either one or
the other Administrations will hew to the line. We
ask only that they promise lightly that they may
fulfil. We ask that the campaign be calm, orderly,
reasoning, tempered with truth, free from scandal
and venom, a light on the way, not a carousal of
self-seeking politicians. And if the people will only
bear themselves bravely and earnestly, knowing their
real dependence is in themselves, their institutions,
commercial and financial, will not fail to come out
of the dark.
Time passes—but time makes all things even. We
ask that our political parties do not destroy us by
promised reforms that are no more than half-baked
theories of progress. It is an old and trite comparison, but our individual citizens are the "coral insects" that build the reef of our protection against
the tempestuous seas of national selfishness. We
demand of all parties, governments, and theorists,
the right to be and do. But if in servile loyalty to
party we refuse to proceed with our great undertaking of "business"—business at the old stand in the
old way—we belie our birthright and become chips
on the winds of chance of majority votes. Learned
professors talk of psychology and its crucial moments. The efforts of millions merge and mingle to
make momentum and volume. Shall we save or
spend? Save by all means that we may spend wisely.
Shall we produce a surplus—by all means that we
may overcome adversity. Shall we talk of poverty
in the midst of riches? —distribution follows production only when we use exchange rightly. We are
masters of our fate when we are the captains of
our souls.
Frederick H. Rawson, of the First National Bank of
Chicago, on Banking Conditions—Causes and
Extent of Chicago Bank Failures—Analysis of
Bank Failures Generally—Distinction Between
Commercial and Investment Banking.
Frederick H. Rawson, Chairman of the Board of the First
National Bank of Chicago, contributes a review on banking
and business conditions to the August number of the "Review of Reviews." He points out that Chicago has just
gone through a trying period due to the failure of a number
of banks. The extent and seriousness of the situation is
AUG. 11931.]
FINANCIAL CHRONICLE
evidenced by the fact that in theTChicago metropolitan
area over 90 banks, with capital, surplus, and undivided
profits of $36,500,000, and deposits of approximately $190,000,000, have closed since the fall of 1929. Because of an
archaic law, as he puts it, branch banking is not permitted
in Illinois. As a result, within the last decade or two a
large number of neighborhood banks were formed in various
outlying sections of the city. BY, the end of 1929 there
were some 200 such banks. Due to convenience, longer
business hours, and other reasons, these banks grew to
considerable size and enormously increased their deposits.
These banks were largely the outgrowth of real estate mortgage loan offices, he says, and commercial banking played
a very minor role in their activities. Those who managed
them were familiar perhaps with the real estate loan business,
but were wholly unacquainted with the fundamentals of
sound commercial banking. With few exceptions, the outlying banks which failed, he declares, were banks of this
character. He then engages in a keen analysis of the causes
of bank failures generally, as follows:
703
the management to establish a bank under conditions where it could not
operate successfully. But that does not excuse those who have the power
to grant charters for placing their approval on these requests for charters.
That simply means compounding an error of judgment, and is inexcusable.
Public opinion and the co-operation of bankers In backing up the banking
departments should be such that no charter will be issued for a bank without
a thorough investigation of the character and ability of the people who
are to manage the new Institution. If more attention were given to this
matter, and to the opportunity for the bank to earn a reasonable profit.
Instead of merely seeing to it that the cash capital and surplus were paid
In, we should have fewer bank failures. In addition, In those States where
the banking authorities do not have the power to curb the granting of
charters, the necessary legislation should be promptly enacted.
Because examining forces are not sufficiently large, it frequently happens
that when an examiner goes Into a bank and finds a condition which requires correction, he has not the time, nor the trained men under him.
to send back, to see that it has been corrected. Inefficient bank officers
soon become aware of the situation and take advantage of it; frozen assets
increase greatly and the bank's ability to pay its deposits on demand
diminishes to the danger point. When the examining authorities discover a situation of this kind, quick action should be taken and each
member of the board of directors should be notified that, unless the slow
and doubtful assets are promptly removed, the bank will be closed. Instead. however, I am sorry to say too many examining officials have a
habit of procrastinating, in the hope that times will improve and the bank's
poor loans will be paid. The usual result Is that in the end the bank is
compelled to close. In these circumstances, it would have been much
There is a fundamental distinction between real estate financing—o
r, better for the depositors, as well as the stockholders, if it had been closed
more broadly, investment banking—and commercial banking. The when the frozen condition
was first discovered. instead of letting it drag
soundness of a commercial bank depends to a great extent
upon the banker's along until every dollar In cash and available assets had been squeezed
ability to recognize this basic difference and to observe it
unfallngly in out of it. Nothing has such a blighting influence on the prosperity of a
the operation of his bank. The investment banker has no demand
de- community as the failure of a number of its banks. In looking back over
posits, and loans the borrower money for relatively long
periods of time, the bank failures of the last decade, we must conclude that in a measure
to be used in financing real estate, buildings, fixtures, and other
fixed they constitute a direct reflection upon the conduct of bank examinations
assets. These loans are usually repaid over
a period of time from the and upon those who have the power to grant bank charters.
income derived from the real estate or fixed assets.
Every thoughtful banker has at heart the good name and integrity of
The commercial
banker, however, makes loans for short periods of time
to finance manu- all banks. He realizes that, although his own bank may be above refacturing, merchandising, and crop-making operations,
out of the proceeds proach, if other banks fail or are discredited, the good bank will be more
of which the loans are to be paid.
or less under scrutiny and suspicion, and the whole banking business will
It is highly important that commercial loans be paid when
due; If they be injured; business confidence also will be undermined and the welfare
are not so paid, the flow of funds in and out of the bank will be
of the communnity will be greatly impaired by having its funds tied up In
checked
and a "frozen" condition may result, with the bank unable to
meet its failed banks.
depositors' demands for cash. Loans and investments
Banks do not become insolvent over night. They drift into failure,
which may be
readily converted Into cash are said to be "liquid,"
and a bank whose gradually, through poor management. What usually happens may be
loans and investments are largely of this type is said to be in
a liquid con- described as follows: A new bank is started with a great deal of publicity
dition. Liquidity is thus one of the primary tests
of a bank's safety. and the best wishes of the community. Let us assume that, unfortunately,
and in order to assure this liquidity, a bank maintains certain
reserves. the management Is inexperienced. By violating sound loan and investThese reserves are known as the primary, or cash,
reserves, and the ment policies. It will not be long before the management has the bank's
secondary reserves the latter consist of such assets as
commercial paper, deposits and a portion of its capital and surplus invested in assets of doubtful
bankers' acceptances, call loans, 'United States
Government securities, value and questionable liquidity. It will make speculative loans at
high
and short-term, high-grade, marketable bonds—all of which
can easily Interest rates and will invest in unmarketable assets with high yields and
be converted into cash on short notice and are therefore said
to be liquid long maturities. A bank of this kind, in good times and with high inassets.
terest. rates, may make adequate profits without watching coats, loaning
As an aftermath of the deplorable tax situation which
developed in policies, or losses. But with depression and adversity and low rates of
Chicago in 1929 and 1930, coupled with the drastic
horizontal reductions interest, the weaknesses of incompetent management
are mercilessly
in real estate values, a great many of the real estate bond issues
and mort- exposed. When the bank examiner comes for the first or second visit
gages held by outlying banks defaulted in interest and
principal and the to a new bank of this character. he will probably find here and
there some
owners of the property were unable to meet their tax bills. A
large number had loans, not to an alarming extent, but sufficient for him
to call the
of such securities also had been sold to the banks' customers,
attention of the bank's officers to the situation. They
but,
due
will give him
to the real estate situation. it was not long before the market
for these their promise that in 60 or 90 days these loans will be taken out of the
securities was very much impaired. Many outlying
banks found them- bank's assets. Due to the large number of banks
the examiner has to
selves loaded up with a large number of unsalable and
defaulted real look after, he is unable to return to the bank In 60 or 90 days and
estate loans and other frozen a.ssets, which was one of the
may
greatest con- not get back for six months or a year. Then he not only finds that
tributing factors In their failure. The banks which
the
failed were almost weakness has not been corrected, but
that the condition Is much worse.
invariably those which Indulged in making real estate loans
of excessive Still the situation is not particularly dangerous.
He repeats his recomamounts In proportion to the actual value of the property,
and also In too mendations to the management and they renew
their promises. Even if
great volume; consequently, when the deflation took place.
having loans that still had considerable equity and were worthInstead of the examiner checks up on the bank In 60 or 90 days. he will not find
saving to much improvement. Perhaps by this time he will be sufficiently awake
the owners, the banks found themselves with many loans
equal tp, and to the situation to notify the directors, and they
too will promise to rectify
In some cases in excess of. the present value of the'
property. Many the situation. However, some of them may
have considerable political
sound outlying banks still remain for the reason that they have
Influence, and In some cases bank examiners have been known
observed
sound bank principles and have kept themselves liquid and
to wink
in good con- at such mismanagement because of pressure
of this nature brought to
dition. There may be here and there a few weak spots which
will develop bear on them. Things go from bad to worse
until the examiner finds the
aa time goes on, but it is safe to say the situation in this
vicinity Is much bank has such a large amount of doubtful
assets that its liquidity is pracbetter.
tically gone and its secondary reserves are very much reduced
One of the large downtown banks also found itself heavily
and
Impaired: the bad loans will probably wipe out a large part of the
involved
slow
capital
and doubtful assets and its deposit liabilities had to be
In
assumed and surplus. Then nothing remains for him to do but to notify the
by one of the larger institutions, which operation was
banking
backed by a cash department that the hank Is
Insolvent and await his instructions.
guarantee on the part of other large Chicago Clearing House
banks and a
If the examiner had combined courage with an intelligent examination,
group of directors of the bank in difficulty. This action
restored con- taken vigorous action at the outset, and Insisted that the small
amount
fidence and greatly clarified the banking situation. Looking back
on the of bad assets he first discovered be taken care of or removed, the bank
whole situation, the wonder Is that there has not been more
officials
exsiternent
would
have understood that he meant business and probably
and unrest. The public is to be congratulated upon its sanity and
coolness. would not have attempted to evade their responsibility again. If they
As I look back over 30 years of banking experience, I have
seen many had not taken the proper steps, he should have taken up the matter
banks come and go. and find that the banks which have
with
withstood de- the board of directors and insisted then and there that the situation
pressions and wars are, without a single exception, those that
be
have
corrected.
been
conservatively and carefully managed along recognized
lines of banking
There
are
innumerable
Instances
management
where the
has cajoled
prudent* and experience. Many questionable practices
have been in- bank examiners Into letting a bank alone for several years
after the officers
troduced in banking; they have invariably failed to
withstand the acid made further promises and sometimes an ingenious shift
of assets without
test when the time of stress came. Some bankers have carried too
great a any real betterment in the bank's position. Too many examiners have
proportion of their funds In relatively unmarketable and
long-term real preferred a course of procrastination, fearing that the closing of a bank
estate loans: money has been loaned for use in the
permanent capital would have a serious collateral effect, when, as a matter of fact,
the first
structure of businesses, which is contrary to the basic
principles upon crash would have been far less serious than that which occurred
late:
which a commercial bank should loan Its funds; free services
have
great
A
been
many Owed banks would be open to-day and in good financial
provided so promiscuously that the expenses have
increased out of all condition If we had had more bank examiners of the
requisite courage,
proportion to the income: customers have been permitted
to borrow far backed up by their superiors in taking prompt and vigorous
corrective
In excess of the limit which the law provides any one customer may
Some bankers have forgotten the sound axiom that the bank's borrow. action. What the situation requires is leas toleration of manifest incomfirst duty petence and more courageous action to eliminate it. The stewardship
Is to safeguard the interests of depositors. It transcends
all other re- of the deposits of men, women, and children is a responsibility
sponsibilities.
from which
inexpereinced and incapable management should be eliminated.
Particularly In metropolitan cities, such as New York
and Chicago. the
When one considers that in such a small area as Cook County alone, in
public at large has no definite means of discriminating
between Round which Chicago is locate( there was the herculean teak of examining
and unsound banks, and it is In this respect, especially.
some
that adequate 200 banks. It must be recognized that the re,sponsibilty was
too great to
bank examinations by authorized public officials can be helpful.
plane
These
upon
a
examiners.
limited
number
of
There
examination
has
never
s
in
many cases are wholly inadequate, for
been a time
bank
the examiners when a considerable percentage of these banks has not needed
constant
are too frequeutly political appointees who lack both the proper
training watchful attention. Many of them are affiliated in groups, under and
and an appreciation of the responsibilities of their office
single
I do not wish control: to get the true picture of conditions In such a
group or chain reto be understood as saying there are no good bank examiners.
I
quires
a
have
simultaneou
examination
the
s
of
affiliated
banks.
pleasure
If
knowing
of
the number
a great many highly skilled
had the
and
bank examiners, but there are many who do not measure up to that ericient of banks were greatly reduced the examining task would be vastly simplified
standardt and the cost of the examinations would be very much less.
and all in all there are too few of them.
it would be helpful If the banking authorities, upon the advice
In this State, and the same condition exists in other Staten,
and
it is far recommendation of qualified bank examiners, had the power
too easy to start a hank. A large proportion of our bank
to request
failures have a board of directors to dismiss Incompetent bank
officials.
which
attempted
banks
If
to
operate
the directors
been
in communities obviously
properly to support a bank. It was an error of judgment on the unable then did not follow this advice and thoroughly examine the management
part of of their bank, they should be held liable.
704
FINANCIAL CHRONICLE
[vol.. 133.
old'
under the control of a familiarity with the technique of banking. Fortunately, so-called
In large cities an independent force of examiners
helpful, but there is fashioned conservative banking has again come Ito its own, and banks of
elearing house association of banks has been found
benefit
the
now
reaping
field. Under the leader- recognized strength and good management are
room for considerable improvement even in this
rural communities have of Twit years of prudent and conservative methods.
ship of the American Bankers Association, some
has had in the last
nubile
the
experience
the
that
hoped
sincerly
is
It
counties.
of
or groups
already formed clearing house associations by counties
management,
to co-operate in eliminat- two years. with hank failures growing out of irresponsible
These associations afford an opportunity for banks
areas. Then,
metropolitan
restricted
borrowers, reducing losses, will lead to branch banking in certain
ing ruinous competition and duplicate loans to
a number
banks,
Independent
200
some
having
Chicago
city
a
like
of
accounts, and otherwise Instead
Installing service charges on unprofitable checking
The bankers far in excess of what the population can properly support, and, instead
building profits. reducing costs, and improving management.clearing house of ruinous competition resulting.in a lack of sufficient profits to pay diviregional
In rural communities who have already established
urged that others dends, build proper reserves, and make necessary charge-offs of losses.
associations are to be commended, and it Is strongly
this movement there will be a restricted number of branch banks all efficiently managed,
in
communities
respective
their
in
leadership
assume the
In the financial
associations can be formed In located at strategic points and operated by the leading banks
for better bank management. Many such
Chicago still in
the proper training and district. There are a number of good outlying banks in
districts large enough to employ an examiner of
of stock
exchange
an
By
them.
for
field
bank failures and existence, and there is a definite
ability, who should be an important factor In reducing
with large downtown banks. sound outlying banks could become branches
district.
his
in
management
improving
of banks have of these institutions. This course would not be compulsory, and if any'
The record of the last ten years indicate that hundreds
units.
profit. In many eases outlying banks chose to do so. they could remain as independent
operated at a loss or have failed to earn sufficient
By means of neighborhood branch banks, the convenience of the public
liability
double
a
assume
who
stockholders,
bank
the rate of return to
paid to savings de- would be served, the depositors and stockholders both would have greater
on their stock, has been less than the rate of Interest
certain cost ac- security, and the unprofitable competition that has existed would be elimpositors. When one considers the statement made by
large. 40 to inated. In this way there would be enough business for each bank to
eountants and students of bank management, that, by and
carried at a make an adequate return on its investment without placing its funds in
are
loans
the
one-half
and
accounts
savings
60% of a banks'
checking high-rate and speculative loans and sacrificing the necessary secondary
loss, also that, wihtout a proper service charge. 70 to 90% of the
for im- 1 reserves, so essential to a bank's liquidity and safety.
accounts are unprofitable, it is obvious that there is ample room
banks.
Conclusion.
provement in management and for sound co-operation among
laws of the
A further suggestion. which I approve, is that the banking
We have placed a large measure of responsibility upon banking deto send copies
country. both State and National. direct bank examiners
with the request partments for proper supervision, but we must not overlook the fact that
of their reports to the directors of every bank examined
examiner. At mismanagement has been manifest in the operation of the great majority
that each director read the report and so notify the bank
number of of the banks that have failed. That Is the heart of the problem. Bank
present, especially in rural districts, the directors of a large
The entire examiners are responsible for making thorough examinations and enforcing
banks are entirely ignorant of the situation in their bank.
to a single their recommendations, but they cannot be expected to supply management.
management is left to a few officers or. in some cases, even
Bankers should solve their own problems rather than suffer the ill effects
the news comes
officer. When the bank becomes Involved in difficulty,
too of poorly conceived legislative remedies forced upon them by Congress
to the directors as a distinct shock and. I regret to add, frequently
and State Legislatures.
late for them to do anthing about it.
Summarizing, the following program is suggested:
failures first
With the depression beginning in the fall of 1929. bank
First. Improve Government supervision by employing a sufficient
price of
occurred in the agricultural sections. due to the decline in the
depression. number of qualified and adequately paid bank examiners. There is no
farm lands and farm products. By reason of the long continued
either have not valid excuse for inefficiency in the banking department of any State or
the trouble has spread to larger cities where litany banks
to charge off of the Nation.
been courageous enough or have not had sufficient profits
Second. Give the proper banking authorities power to request directors
Thus,
their bad loans and investments as fast as they have accumulated.
Including stocks to dismiss incompetent bank officials. Vest the banking departments
as the depression has dragged on, and all commodities,
city banks have with authority to refuse charters for unnecessary banks, and insist upon
and bonds, have sold at lower and lower prices, many
to close proper qualifications for bank officers.
found themselves with non-liquid assets and have been forced
Third. Establish city and rural clearing house associations with prito learn from
their doors. The lesson that many of the city banks failed
was that city vately paid bank examiners.
the experience of their country neighbors in 1921 and 1922
Fourth. Permit metropolitan branch banking with well-located, sound
and if the loans
real estate was subject to the same deflation as farm land,
the same dif- banks, efficiently operated and restricted in number to the requirements
on it were made in excess volume, or not conservatively,
, of a community.
follow.
ficulties which occurred in agricultural financing would inevitably
Fifth. Co-operation by bankers In the work of the American Bankers
they will
We trust that people will become more bank-minded, that
more for strength Association and the various State bankers associations to bring about the
Insist on better management, and choose their banks
loans. With a widespread dissemination of knowledge on sound bank management
than for convenience of location or liberality in granting
with- practices.
few exceptions, where the closing of banks grew out of unjustified
Sixth. Education of the public to an appreciation of sound economic
institudrawals based on rumor and hearsay, the great majority of failed
and and banking principles.
tions were managed by bankers who lacked the proper experience
1
i
Indications of Business Activity
THE STATE OF TRADE—COMMERCIAL EPITOME.
Friday Night, July 31 1931.
American business as a whole is deep in mid-summer quiet.
Retail trade indeed is somewhat smaller than recently.
are
Business has to be stimulated in retail lines by what
detercalled "clearance" sales to get rid of stocks. One big
heat all
rent on trade moreover has been the extraordinary
in Bos98
York,
New
in
degrees
94
is
that
over the country;
120 over
ton, 95 to 102 in the Central West and as high as
weather.
towards the Pacific. People will not shop in such
in other
Still if they do shop at all it is in seasonal lines or
Expensive goods
cut.
are
prices
if
wear
summer
light
words
trade just about
do not sell well. Wholesale and jobbing
of it than that it
stands still. Nothing better can be said
is of it. A little
bolds it own, such as it is, and what there
a little. Not a
fall business is being done, but it is only
of a year ago.
those
to
up
are
sales
if
satisfied
are
few dealers
dividend
Steel
S.
U.
the
of
cutting
One big event was the
Bethlehem Steel to 50
this week to $1 per quarter and in
take, but naturally
cents. It was the only sound course to
as a whole have
Stocks
It produced no cheerful reaction.
are lower. The
bonds
and
trading,
moderate
declined on
more cheerful.
somewhat
been
German financial news has
have on the whole
The London and Paris stock markets
the big event was
acted very well. In the speculative world
up this week
price
the
the July corner in corn which sent
in curious
cents
72
at
ending
bushel
nearly 15 cents a
wheat.
July
of
pries
closing
contrast with 48 cents the
the same price
about
at
closed
wheat
and
corn
September
oversold. Everyt cents. July corn had been
/
that is 501
with impunity.
corn
July
body had thought they could sell
with rains in
week
this
cents
5
to
2
Wheat has declined
dull, stocks
business
export
the Northwest and in Canada,
any attention
large and the tone pessimistic. Nobody paid
sharply reduced
to reports that the wheat acreage will be
more point
seemed
n the Southern Hemisphere. There
wheat
Argentine
and
Russian
that
reports
to the persistent
was being forced on the European markets. Moreover
Chicago market has suffered from persistent even if not
heavy selling. Corn latterly declined on the distant months
beeausp of the promise of rainy and cooler weather. Oats
and rye have simply followed the other and more active
grain markets. Cotton has declined about 75 points with a
tendency to increase crop estimates to about 14,000,000
bales, coincident with a carryover figured at nearly 9,000,000. Besides cotton goods have been dull on both sides of
the water and cotton prices have been more or less disturbed
by the falling stock market. Provisions have declined in
sympathy with the lower prices for grain and lard is down
some 20 to 25 points. Coffee has dropped 28 to 36 points
with cost and freight offers lower and liquidation and other
selling, partly to all appearance by Brazilian interests,
quite persistent. Raw sugar futures fell 1 to 3 points with a
lessened demand for raw and refined after the recent activity. Rubber declined 32 to 34 points with no great consumptive demand and more or less persistent selling for both
sides of the account. It seems to be very generally recognized
that restrictive measures are a kind of a boomerang. In
other words ono man reduces his yield and another man
increases his. That is the case in more branches of trade
than one. Hides declined 46 to 50 points though spot business at one time was very good. Shoe manufacturing is on
a pretty good scale though it seems that the leather market
is no more than fairly steady with less demand. Iron and
steel have been for the most part quiet, and prices seem to
be for the most part nominal, with occasional easing it is
intimated in special circumstances. There is only a moderate
business in scrap. Automobile production in July was
smaller than in June and it is not expected to increase much
in August. In these times it seems plain that people are
not buying ears as they used to.
The coal strikes are unbroken. Drouth and high temperatures in Northern and South Dakota and in parts of
Montana, Iowa and Nebraska threaten the grain crops
AUG. 1 1931.]
FINANCIAL CHRONICLE
there and from present appearances they will be the smallest
for some years past. It is even said that rains of late in the
Northwest came too late to help spring wheat much if at all.
In part of the corn belt it is also declared that rains at this
time will be of little benefit. In parts of Canada it is said
that the harvest will depend largely upon the price of wheat
in Winnipeg; that is the marketed crop may be small indeed
if the price is very low for it will not pay to send it to market.
The corn crop in the Central West and over much of the
South is said to be in good condition. The movement of
new wheat in the Southwest has decreased owing to an
expectation of lower railroad freights.
Wool has been active and firm, but wool tops at the Wool
Associates Exchange here has had a sharp decline. In one
day they fell 130 to 230 points. Dry goods and notions
have been as a rule very quiet. It is not surprising to be
told that the retail jewelry business in Boston is much
smaller than that of last year. It is no doubt smaller in
New York also. There are persistent special sales of goods
in many of the big department stores here at attractive prices
in order to make a turnover and get room for new merchandise. Clothing sales are as large as those of a year ago.
In the radio business household electrical appliances sell
the best. Quite a good business was done in silks, blankets,
novelties and toys. The wholesale lumber business is slow.
Coal is also dull. The grocery business is about as large as
that of a year ago. Sales of men's hats and knit wear are
also up to those of 1930. But it is noticeable that both
wholesale and jobbing failures during the week have increased.
Unfinished cotton goods have declined %c. and some of
the more noteworthy sheetings have suffered a similar decline
with business slow, as raw cotton steadily declines. The
confectionery business has been on a fair scale. The mining
of non-ferrous metals is anything but active. Lumber production is small. Some of the unemployment is being reduced by public construction but apparently not on a very
big scale. The output of glass has been reduced by the
dullness of the automobile industry. While Oklahoma
crude oil has advanced somewhat the East Texas problem
is still a thorn in the flesh of the trade. Trade in machinery
is reported very poor.
On the Stock Exchange stocks on the 29th inst. fell 1 to 8
points including 73% in U. S. Steel owing to the cut in the
Steel dividend to $4 a year against $7 previously and a belief
that the reduction would not be to less than $5. The total
stock transactions were some 1,570,000 shares on that date.
There was no doubt about the weakness of the whole list
under the blunt revelation of the actual conditions in the steel
trade in such an object lesson as the slicing off of over 40%
in the rate of dividend, a bit of financial surgery that made
the Wall Street patient wince. And small wonder. But
sound finance like this shows that financiers of to-day have
more sense than some of those of an older day. Men of
to-day at the helm in big and conservative concerns are more
apt to face the music and do the right thing. The action of
the Bethlehem Co. in reducing the yearly rate to $2 was
equally commendable. The investing public may draw a
wry face but they respect such an act. In stocks the declines
on the 29th averaged 4% points and included Santa Fe with
a loss of 6% points, American Can,53;Allied Chemical, 5;
3 ; Auburn Auto, 9; J. I. Case, 4%;
American Telephone, 4%
5 Western Union, 43, and Atchison,
Eastman Kodak, 5/s;
6%. On the 30th the market steadied after U. S. Steel had
touched a new low and it ended at a net rise of 13
/i points.
To-day Steel closed only % lower but declines of 5 points or
more occurred in such stocks as American Hide preferred,
Auburn, Nickel Plate, and Shell Union preferred. Rails
fell off 1 to 3 points, including Santa Fe, Union Pacific, New
York Central, North Western and Rock Island were distinctly lower. Most utilities also dropped 1 to 3 points.
Call money was 13 officially but 1% outside. Bonds were
weak especially railroad issues.
The seasonal average of electric power output which is
perhaps the most conclusive single measure of general business activity, showed a slight further gain following the sharp
upturn for week ended July 18th. At Fall River, Mass., the
cotton division of the American Printing Co. is to be closed
for the first week in August. The shutdown at this time is
in accordance with the general curtailment plan for the betterment of the textile industry as a whole as was the shutdown of
the plant for the first 10 days of the present month. Fall
River, reported that interest in the local cloth market continued to be confined mainly to marquisettes during the
705
present week and fairly large sales of both carded and combed
styles have been reported for nearby delivery and also for
deliveries running through the next two months. The demand, however, has been most urgent for spot goods. At
Chester, Pa., textile mills are active and the Aberfoyle and
the Arasapha mills have had to increase their working forces
and the Hertzel Co. has added a night shift.
Charlotte, N. C. reported that the decline in cotton was
the dominating influence in the textile situation during the
week and mills found it difficult to do business on a satisfactory basis, while buyers continued their waiting attitude.
Manchester, N. H. wired that the worsted and woolen industry is enjoying the best business for years, according to
a check-up made. Considerable volume is noted but it is
doubtful if many manufacturers are making large profits,
since their products are priced low as compared to previous
years. A large division of the R. G. Sullivan Cigar factory
is operating two shifts, due to large orders. A local silk
mill had dropped a night schedule. Paris cabled that the
French cotton operatives in the northeastern part of France
who have been on strike for 11 weeks are expected to return
to the mills with a slight cut in wages as a result of the
decision of the committee of the General Confederation of
Labor to call off the strike.
More than 20,000 of the 30,000 men's clothing workers,
members of the Amalgamated Workers of America who
went on strike here this week are expected to return to
work as a result of an agreement signed between representatives of the union and the New York Clothing Manufacturers Exchange. In Philadelphia full time operation
has been resumed at mill No. 1 of the Penfe Hosiery Mill,
and occasional night shifts will be put on. A full 48 hour
week has been resumed at Mill No. 2. Both mills have
been shut down for the past few months. Additional
machinery has been installed in the Allegheny Mills, necessitating the hiring of 20 additional workers.
Manchester, N. H., wired that the International Shoe Co.
there, adopted an overtime schedule in some of its plants.
Manchester is now producing 52,000 pairs of shoes a day.
The shoe industry in the State is operating at90% of capacity
and this operating schedule may be stepped up. Many
shops are running full time. Shoe plants in general in New
Hampshire, which is now the fourth largest shoe producing
State in the country, are now doing more business than for
10 years. Lower priced footwear and absence of labor
trouble are said to be reasons back of the spurt in the industry in the State.
According to the Bureau of Immigration, more aliens
departed from the country during the year ended June 30th
than entered for the first time in the history of the United
States.
The National Fertilizer Association's wholesale price index
advanced nine fractional points during the week ending
July 25, attributable in the main to strengthened prices for
foods. During the preceding week the general index number
declined 8 fractional points. The latest index number is
68.8, against 67.9 a week ago, 68.7 a month ago and 85.4
last year.
It was the hottest July in 21 years.
The weather here was hot humid and very oppressive all
this week until to-day when it was clear and the top temperature was 82 and the forecast was for cooler weather to-night.
But on the 28th inst. the maximum heat was 94 degrees
the summer's hottest day. Thunderstorms gave only
temporary relief. Most of the United States sweltered. It
was 105 degrees at Des Moines. Torrid weather caused 63
deaths in the Southwest. The seaside resorts close to New
York were as usual thronged. Boston reported the highest
temperature of the year was recorded of 98. Such temperatures were frequent in New England and the entire Atlantic
seaboard suffered. Brief relief came to the scorched Middle
West and in the Northwest and Canadian grain provinces a
cyclone, rain showers and cool weather combined to end
three day hot spell there. A twister swept Manitoba and
into North Dakota caused heavy damage along a path
25 miles wide.
Imperial Valley had an average temperature for 25 days
of 108 degrees until relief came. Torrential rains wept over
Southern California on the 28th inst. Chicago had 74 to
96 degrees; Cincinnati, 68 to 92; Cleveland, 72 to 94; Detroit
72 to 94; Kansas City, 80 to 102; Milwaukee, 72 to 98;
St. Paul, 82 to 98; Montreal, 72 to 92; Omaha, 80 to 106;
Philadelphia, 76 to 96; Phoenix, 82 to 106; Portland, Me.,
72 to 94; Portland, Ore., 60 to 92; San Francisco, 52 to 58;
706
FINANCIAL CHRONICLE
Seattle, 58 to 78; St. Louis, 70 to 96; and Winnipeg, 60 to 76.
On July 25th temperatures here were only 70 to 81 degrees.
But at Phoenix, Ariz. the temperature reached 114 degrees.
Heat was also higher in California's Imperial Valley, which
is being reclaimed from the desert. The highest temperature
recorded was indeed 119 at Needles, Calif. At Uma and
Tucson, Ariz. it was 112 and at Beawley, Colo., 106.
On the 29th inst. the thermometer here jumped 16 degrees
from 6 a. m. to 3 p. m. when it read 91 degrees; 80 persons
throughout the country died of the heat. Some houses here
closed at an early hour. The mercury rose to 97 in Boston,
three degrees higher than the record for the date. Manchester, N. H. reported 96, Portland, Me., 95; Springfield,
Mass.,94; New Haven, Conn.,Providence, R.I., and Keene,
N. H. each had new records of 93. Prostrations in New
England were numerous. Some sections of the country such
as the northern plains, the extreme Missouri Valley, the
northern portion of the upper Great Lakes region and
California had cooling winds. Most of the 80 deaths attributed to the heat occurred in California's Imperial Valley,
where the mercury soared to 120 degrees. Grasshopper
hordes swarmed in the Dakotas, Nebraska and Iowa and
farmers battling the scourge in northern Minnesota met still
another in army worms near Fosston and Hibbing. The
grasshopper plague also broke out in Muskegon County,
Mich. Forest fires in Montana and northern Idaho burned
on and the drouth has almost destroyed the corn crop of
northern Iowa, South Dakota, Kansas and Missouri. California was relieved by cool ocean currents and further drops
in temperature were predicted. Colorado, Kansas, Missouri,
Minnesota and North Dakota were cooler. At Wishek,
N. D. which had a high of 104 on Monday, a temperature
of 37 was registered early on the 29th inst.
On the 30th inst. here the maximum temperatures were
88 and the lowest 72. To-night the forecast is for fair and
moderate temperatures on Saturday and Sunday. At 3 p. m.
to-day it was 82 degrees with the humidity at 44. Overnight
temperatures in New England and the West fell noticeably.
Boston had 70 to 84; Philadelphia, 74 to 92; Portland, Me.,
62 to 80; Washington, 78 to 98; Chicago, 74 to 80; Cincinnati,
76 to 94; Cleveland, 70 to 78; Detroit, 68 to 82; Kansas City,
80 to 100; St. Paul, 68 to 84; St. Louis, 78 to 98; Denver, 64
to 92; Portland, Ore., 60 to 80; San Francisco, 50 to 62;
Seattle. 54 to 76; Montreal, 56 to 82; Winnipeg, 56 to 76.
The Guaranty Trust Co. of New York on Business
Developments—Analysis of Conditions in Germany.
Domestic business developments this month have been
overshadowed by the critical state of affairs in Europe,
states the Guaranty Trust Co. of New York in the current
issue of "The Guaranty Survey," its monthly publication on
business and financial conditions. "The termination of the
seven-power conference at London on July 23 marked the
end, for the time being at least, of the effort for organized
international aid to Germany in the present crisis," "The
Survey" continues. "The agreement reached at the conference is far from representing a final solution of Germany's
financial problems. Nevertheless, in conjunction with the
Hoover plan for the postponement of intergovernmental debt
payments, including reparations, it arrests the immediate
causes of the crisis and provides an opportunity for the more
careful examination of underlying conditions." "The Survey" then proceeds as follows:
Deep-Seated Causes of German Crisis.
"The developments in Germany that led up to the present crisis are
traceable to a combination of factors, some of which were inherent in the
situation and some of which might have been avoided. The course of
affairs in recent years can be summed up in the statement that the position
in which Germany found herself after the war was extremely difficult and
required drastic measures, some of which were not taken. The war resulted,
of course, in heavy economic losses to Germany, as well as to other countries. Productive activity was diverted from its normal channels and made
subservient to war-time requirements. Man-power was heavily reduced.
The loss of the war cost Germany her colonies and large areas of her Continental territory, and disrupted financial, industrial and trade conditions,
besides shattering the morale of the people.
Effects of Inflation.
Added to these difficulties were the reparations obligations and the
Political uncertainties that always attend the establishment of a new regime.
The result was that the republican government was totally unable to balance
Its budget and resorted to currency inflation. The rapid depreciation of
the old mark and its eventual disappearance are a familiar story. What is
not generally realized, apparently, is the extent to which the inflation and
repudiation of the old currency have contributed to the more recent difficulties of the Reich. Inflation radically altered the internal social structure. It practically wiped out the formerly prosperous middle class. Only
those whose property was in the form of real estate or other durable assets,
[VoL. 133.
and those who were able to convert their wealth into foreign currencies could
avoid the general disaster. The terrific losses suffered at that time by
large sections of the population created a feeling of instability that hampered
business enterprise and has undoubtedly played an important part in the
present crisis.
Recent budgetary difficulties have been due in part to the system by
which public revenues in Germany are collected and distributed. State and
local governments derive a substantial part of their revenues from taxes
collected by the Reich and apportioned among the local governments. on a
fixed basis, without regard to the budget requirements of any locality at
any given time. The result has been that while the Federal Government has
been hard pressed to meet its obligations, the revenues of local governments have often exceeded their estimates and have encouraged extravagance. A considerable part of these excess revenues has been spent for
social purposes, such as public works, employment insurance, and the like,
which have not only been unproductive in the narrow economic sense, but
have imposed permanent financial burdens on the local governments.
Unproductive Um of Credit.
Similar uses have been made of a large amount of the money that Germany has borrowed abroad during the last decade. Instead of employing
the funds for productive purposes, the States and municipalities have used
them in social ventures and enterprises, such as schools, parks, and public
works, which, however desirable they may be from the social point of view,
are not direct wealth producers. Far from bringing in revenues to the
public treasuries to help repay the sums borrowed, they have resulted in
new tax burdens.
It is useless to attempt to place the entire responsibility for this situation on the German political system or on the Federal and local governments. In most cases these governments held their power by slender margins
and could not have remained in office if they had endeavored to follow any
other course. The multiplicity of political parties and the strength of
groups representing extreme opinions have made it impossible for public
officials to adopt the unpopular measures that were urgently called for.
The situation has been further aggravated by the tendency of public
officials and financial leaders to exaggerate the difficulties of Germany's
position. This course has been followed, apparently, in an effort to induce
creditor countries to lighten the burden of reparations. But it has had the
effect of weakening confidence in the stability of Germany, both inside
and outside of the country.
It was only in the fiscal year 1924-1925, the first after the stabilization
of the currency, that the Government of the Reich succeeded in balancing
its budget. Since then there has been an unbroken series of deficits.
During the four years 1925-1926 to 1928-1929, inclusive, the total deficit
amounted to 2,555,000,000 marks, which exhausted the surplus remaining
from the year 1924-1925 and the special working fund established by the
Treasury outside of the budget in that year from profit on coinage, and left
a net deficit of 859,000,000 marks over and above the long-term loans floated
during the period. Although final figures for the last two fiscal years
are not yet available, it is clear that the deficit has increased substantially.
Preliminary figures for the fiscal year ended March 31 1931 indicate a total
deficit in the ordinary and extraordinary budgets of about 1,500,000,000
marks.
Accumulation of Short-Term Credits.
The fear that this increasing deficiency in public revenues might force
the Government to resort again to currency inflation was one of the influences behind the recent "run" on the German banks. The situation was
aggravated, however, by the peculiar financial condition that bad arisen
in Germany as a result of the stock market inflation in the United States
and the world-wide business depression that followed it. Germany was
more dependent on an uninterrupted supply of foreign capital than any
other European country, and the failure of that supply in 1929 caused
severe stringency in the German money market. The net movement of
foreign capital into Germany in 1930 is estimated at only 800,000,000
marks, as against 2,800,000,000 marks in 1929 and 3,400,000,000 marks
in 1928.
A disproportionate share of the foreign capital invested in Germany
consists of short-term credits subject ordinarily to withdrawal on short
notice. It is estimated that at the end of 1930 the total amount of foreign
capital invested in Germany was 26,000,000,000 or 27,000,000,000 marks,
of which perhaps 7,000,000,000 or 8,000,000,000 marks was in the form of
short-term credits.
It was the withdrawal of these short-term funds that precipitated the
German crisis. The exact amount that has been withdrawn is, of course,
a matter of guess-work. It was estimated, however, that at least 1,000,000,000 marks took flight after the elections of September 1930, in which
the Fascist party scored large gains in the Reichstag; and another 1,000,000,000 marks is believed to have been withdrawn this spring as a result
of panicky conditions following the reports that the Austrian
Kreditanstalt
was in difficulties. After it had become apparent that President
Hoover's
proposed moratorium would not be immediately accepted, another period
of heavy withdrawals set in.
Financial Results of the Moratorium,
The initial result of the suspension of intergovernmental debts and reparations payments will be equivalent to a loan of approximately $425,000,000
to Germany by the governments of the creditor nations. This is the
amount
of the reparations payments that would have had to be made
under the
terms of the Young plan. The delayed payments will be distributed
over a
term of 10 years. The "unconditional" payments to France, amounting
to about $100,000,000, will be paid to the Bank for
International Settlements but will be immediately re-loaned to Germany. This
arrangement
was adopted at the suggestion of France, in order that the machinery
set
up by the Young plan might remain intact.
The network of international payments suspended under the
moratorium
plan is so complex that the exact amounts saved and
sacrificed by each
country are difficult to determine. It is estimated that the United
States
sacrifices abou, $257,000,000 due from other countries during the
next 12
months. France gives up $200,000,000 in German
reparations payments
and about $86,000,000 in payments from other
countries, but saves
$61,000,000 that would otherwise be due to Great Britain and $50,000,000
to the United States, leaving a net sacrifice of about
$175,000,000. Great
Britain gives up a total amount of $241,000,000,
including $124,000,000
trom Germany, $61,000,000 from France, and $32,000,000
from dominions
and colonies, but saves $161,000,000 that would
normally have to be paid
to the United States, so that her net sacrifice
amounts to $80,000,000.
Germany, of course, is the principal beneficiary, with no
sacrifice and about
$427,000,000 in savings. Altogether, the combined sacrifices of the United
'
,Kates, France and Great. Britain, amounting to
$512,000,000, may be
regarded as accruing to the benefit of Germany to the extent of $427,000,000
and to other countries in the amount of $85,000,000. Among
these other
AUG. 1 1931.]
FINANCIAL CHRONICLE
countries, however, there are scme that show a net saving and some that
make a net sacrifice.
Suggested Continuance of Short-Terra Credits.
Besides initialing the moratorium plan, Mr. Hoover, through our representative abroad, offered the suggestion whereby the governments of the
principal creditor nations will use their influence with bankers to prevent
the withdrawal of the short-term capital now invested in Germany. The
proposal is founded on the belief that the basis on which the credits rest
is sound, that there is no fundamental justification for their precipitate
withdrawal, and that co-ordinated action to prevent such a development will
result in an immediate restoration of confidence and an eventual disappearance of the necessity for restrictions of any kind.
Recent events have served to emphasize the fact that neither the
moratorium nor the co-ordinated action of bankers to maintain existing
credits can do more than alleviate the immediate crisis. Even the additional
credit of $300,000,000 which the German Government insisted was necessary, but which now seems to have been given up, could have provided only
temporary relief. Credit extension, even if it were possible on an unlimited
scale, would only postpone the day of reckoning; and, unless fundamental
correctives were applied in the meantime, the postponement would have
made the reckoning more disastrous when it came.
The most encouraging feature of the present situation, therefore, is the
apparent realization on the part of Germany that, in the last analysis, it is
not within the power of any other country or countries to eXtricate her
from her difficulties. The relief measures recently adopted will help to
tide her over the immediate crisis; but no country can continue indefinitely
to operate at a loss and cover the deficit with borrowed money.
The situation has reached a stage where the final outcome is very
difficult to predict. The panic in Germany appears to have been allayed.
But its financial and political repercussions cannot be expected to disappear
immediately. What steps, if any, may be taken to modify the reparations
obligations are also uncertain. As far as the purely economic aspects of
the situation are concerned, it would seem reasonable to expect that conditions should improve gradually and that, while world confidence has
received a severe shock, it will be restored little by little. Many economists,
basing their conclusions on statistical grounds, although realizing that the
question is closely interwoven with political uncertainties, believe that
Germany is capable of coping with the situation. They point out that she
has the most efficient and up-to-date industrial system in Europe. Her per
capita wealth and income are comparatively large, and her yearly tax
burden is not greatly out of proportion to those of other large nations.
Her balance of trade in the recent past has been favorable, and the problem
of transfers has been facilitated by the financial machinery created under
the Young plan.
Decrease of 10% Under Year Ago in Wholesale Trade
in New York Federal Reserve District During June.
The June sales of reporting wholesale dealers in the Second
District averaged about 10% less than a year ago, the
smallest year-to-year decline since February 1930, says the
Aug. 1 "Monthly Review" of the Federal Reserve Bank of
New York, which reports further as follows:
Following substantial decreases in May, sales of men's clothing and of
hardware showed smaller reductions from a year ago than in a number
of months, and sales of drugs were less than 2% below last year. In
addition, yardage sales of silk goods reported by the Silk Association of
America, after decline temporarily in May, were nearly half again as
large
as in June 1930. Sales of groceries, cotton goods, shoes, stationery, and
paper, however, continued to be substantially below the previous year.
and the sales of jewelry and diamonds were more than 4% smaller than
In June 1930. Machine tool orders, reported by the National Machine
Tool Builders Association, also remained considerably below a year
ago.
Sales of reporting wholesalers for the first six months of 1931 averaged
20% smaller than in the corresponding period of 1930. All lines
showed
decreases, except silk goods, sales of which are reported in yardage rather
than value.
The end of June stocks of merchandise in all reporting lines, except drugs
and hardware, were substantially below a year previous. Collections in
Juno averaged better than in 1930, whereas in the two previous months
slower collections were reported.
Commodity.
Groceries
Men'e clothing
Cotten goods
Silk goods
Shoes
Drugs
Hardware
Machine tools**
Stationery
Paper
Diamonds
Jewelry
Weighted average
Percentage
Change
June 1931
Compared with
June 30.
Per Cent of
Charge Accounts
Outstanding
May 31
Collected in June.
Na
Sales.
Stock
End of
Month.
--18.2
-5.0
--21.3
+49.1*
-10.7
-1.7
-44
--29.4
-16.2*
-42.0
+23.9
-0.5
-24.2
--I9.4
-49.0
-43.4
-- 70.3
---61.3
-45.3 } 22.1
-27.6
-9.6
-8.7
____
1930.
1931
71.0
37.1
34.7
46.9
41 9
20.3
47.3
75.7
39.1
34.8
57.0
46.0
34.2
47.6
49.0
Percentage
Change in
Net Sales.
June '31 First Six
from Mos. '31
May '31. from '30.
+0.3
-15.0
+7.4
+0.2*
+12.4
-1.9
-1.7
-16.0
-29.3
-25.2
+8.9*
-19.8
-6.6
-15.4
71.5
+3.7
55.5
--8.8
19.6 (-32.4
+12.0
-21.8
-22.0
-37 5
-34.0
52.1
_i o a
-It;
•Quantity, not value. Reported by Silk Association of America.
**Reported by the National Machine Tool Builders' Association.
Total Chain Store Sales in New York Federal Reserve
District During June Show Increase Over Year Ago.
The Federal Reserve Bank of New York, has the following
to say regarding chain store trade in its Aug. 1 "Monthly
Review."
Total June sales of the reporting chain stores showed an increase over
the previous year for the first time since May 1930. but after adjustment to
a daily average basis they again showed a small decline from those of last
year, which, however, was smaller than in the previous month. Sales of
ten Cent chain systems increased almost 5% over the previous year, follow-
707
ing a decline in May of about that amount. Decreased sales continued
to be reported by grocery, drug, shoe, and variety chain organizations,
but the declines were considerably smaller than in May. Sales of candy
were reduced more than 12% in June,following a slight year-to-year increase
In May. The January to June sales of the chain store organizations showed
an average decrease of 2.8% from last year: declines ranged from less than
1% in the case of the ten cent store chains to 12% for the shoe store chains.
After allowing for changes in the number of stores operated, ten cent
store chains showed an increase in sales per store during June, while all
other reporting types of chain stores showed decreases. For the first half
of the year all types of chain stores showed smaller sales per store than in
1930, the decreases ranging from 4 to 21%.
Percentage Change June 1931
Percentage Change
First 6 Months 1931
Type of Store
Number of
Stores
Total
Sales
Sales per
Store
Total
Sales
Sales per
Store
Grocery
Ten cent
Drug
Shoe
Variety
Candy
+3.3
+2.3
+1.3
+10.2
+4.9
-7.3
-0.1
+4.6
-2.0
--5.8
-0.9
--I2.3
--3.2
+2.2
--3.2
--14.6
--5.5
--5.5
--1.8
-0.5
-10.2
-12.2
-6.1
Total
+3.3
+1.4
-1.9
-103
--8.8
-20.6
-11.0
-5.8
-6.9
Real Estate Index Slightly Down.
The regular monthly index figure computed from realty
deeds in sixty-three cities by the National Association of
Real Estate Boards for June is 58.4. The figure for May was
61.3. Whereas the drop is 2.9 between these months, the
drop between May and June 1930, it is pointed out, was 6.7
so that this year's figure did not decline as sharply during
the same period in 1930.
Increase Noted in Department Store Trade in New York
Federal Reserve District in June As Compared with
Same Month Last Year.
The Aug. 1 "Monthly Review" of the Federal Reserve
Bank of New York states that "sales of reporting department stores in this district during June were slightly larger
than in the corresponding period of last year, following the
large decrease reported for May. The more favorable comparison of sales with those of a year ago was due partly to
an extra selling day in June of this year, but after adjustment for this the daily rate of sales showed the smallest decline from a year ago since March." Continuing, the "Review" says:
Increases in sales over June of last year were reported in New York City,
Newark and Westchester, and the declines reported in the other sections
of the district, ranging from 1% to 12%, were generally the smallest in
recent months. Sales of the leading apparel stores showed an 8% decrease
from last year, a smaller decline than in either of the two previous months.
For the first six months of 1931, department store sales showed a 6.6%
decline from 1930, and apparel store sales a decline of 8.0%.
Stocks of merchandise on hand at the end of June, valued at retail prices.
were even further below the level of a year ago than in May. The rate of
collections on charge accounts during the month was slightly lower than
in June 1930, but compared more favorably with a year ago than in May.
Percentage Change from
a Year Ago.
Net Sales.
Locality.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern N.Y.State
Southern N.Y.State
Hudson Riv. Valley Dist-Capital District
Westchester District
All department stores
Apparel stores
June.
Jan. to
June.
+0.2
-5.5
-1.2
-8.0
+5.5
-2.3
-6.4
-12.2
-7.3
-8.3
-9.4
+6.0
+0.2
-8.3
-6.7
-8.6
-5.9
-8.2
-4,6
-8.7
-8.2
-8.5
-8.8
-9.9
-11.0
+2.8
-6.6
-8.6
P. C. of Accounts
Outstanding
May 31 Colteded
in June.
Stock on
Hand
End of
Month.
1930.
1931.
-14.7
-15.2
-10.0
--17.3
-17.6
--16.3
--11.8
48.9
48.6
39.0
28.3
42.8
41.3
34.8
48.8
47.9
39.6
27.3
42.4
38.4
34.5
-15.0
-17.9
45.4
43.9
44.9
43.4
Sales and stocks in major groups of departments are compared with those
of June 1930 in the following table:
Books and stationery
Toilet articles and drugs
Toys and sporting goods
Home furnishings
Men's and boys' wear
Men's furnishings
Hosiery
Women's ready-to-wear accessories
Silverware and jewelry
Woolen goods
Shoes
Luggage and other leather goods
Silks and velvets
Linens and handkerchiefs
Cotton goods
Furniture
Women's and Misses'ready-to-wear
Musical instruments and radio
Miscellaneous
Net Sales
Percentage Change
June 1931
Compared with
June 1930,
Stock on Hand
Percentage Change
June 30 1931
Compared with
June 30 1930.
+22.4
+12.6
+11.6
+7.7
+6.4
+3.0
+2.3
+2.1
+2.0
+1.8
+0.6
-3.6
-4.0
-4.2
--4.5
--6.0
-7.9
-10.3
-0.3
-9.3
--11.3
+0.7
--10.4
--17.0
--15.0
--15.2
--19.8
--17.6
--15.2
-24.1
-19.7
--20.7
--17.2
---7.1
--27.2
--28.0
--17.3
708
Price Index Advanced by Strengthened
Food Prices, Says the National Fertilizer Association.
The wholesale price index of the National Fertilizer Association advanced nine fractional points during the week
ended July 25. The rise in the index was attributable in
the main to strengthened prices for foods. During the preceding week the general index number declined eight fractional points. The latest index number is 68.8; a week ago
It was 67.9, while a month ago it was 68.7, and a year ago it
was 85.4. (The index number 100 represents the average
for the three years 1926-1928.)
Wholesale
While seven of the 14 groups comprising the index declined, the losses
shown by those groups were comparatively small. On the other hand, the
rise in the group of foods was quite large. The food group is the most
heavily weighted group in the index. Important foods that advanced were
eggs, cattle, cheese, sugar, potatoes and apples. The groups which declined
during the latest week were textiles, fats and oils, fertilizer materials,
grains, feeds and livestock, metals, chemicals and drugs, and miscellaneous
commodities. Excepting the group of fertilizer materials none of the
declining groups receded as much as one full point.
Twenty-two commodities showed price advances during the latest week,
while 19 commodities showed lower prices. Among the commodities that
advanced were cheese, eggs, sugar, potatoes, apples, canned peas, wheat,
cattle, melting steel, copper, bides, leather, wool, cottonseed oil, and
burlap. Listed among the commodities that declined were butter, lard,
corn, oats, sulfate of ammonia, pig iron, cotton, zinc, tin, silver, alcohol,
coffee and rubber.
The index number for each of the 14 groups is shown
below, as well as the comparative weights of each of the
groups as compared with the total index:
WEEKLY WHOLESALE PRICE INDEX-BASED ON 476 COMMODITY
PRICES (1926-192100).
Latest Week Preceding
Week.
July 25 '31
All Groups (14)
Other foods
Fuel
Grains, feeds and livestock
Textiles
Miscellaneous commodities
Auto/1101)11m
Building materials
Metals
House furnishings
Fats and oils
Chemicals and drugs
Fertilizer materials
Mixed fertilizer
Agricultural implements
68.8
74.2
52.3
59.5
60.4
70.5
88.4
78.1
77.3
89.9
57.3
86.8
76.4
82.7
95.3
67.9
70.1
52.3
69.6
60.7
70.6
88.4
78.1
77.6
89.9
57.7
87.3
78.1
82.7
95.3
Month
Ago.
Year
Ago.
68.7
70.4
55.2
60.4
61.7
69.1
88.4
80.5
78.1
90.5
56.4
88.7
79.8
85.0
95.4
85.4
89.2
83.7
80.3
75.1
80.2
94.5
91.9
85.1
97.6
79.7
95.2
87.1
96.6
95.7
The Midland Bank of Cleveland, Ohio, Sees Indications
of Favorable Factors on the Business Horizon.
Favorable factors are beginning to appear upon the bustmess horizon, lending encouragement to the outlook in spite
of prevailing dullness, according to the Midland Bank, Cleveland, in its current survey of business conditions. Pointing
out some of the indications of improvement, the bank, in its
"Survey," edited by D. C. Elliott, Economist, says:
Commodity prices as a whole are still above their June low point. Im.
provement has taken place in textiles, hides, coal, lead, tin, zinc and certain
steel lines.
Replacement demand has been making itself felt for such articles as
clothes, shoes and tires, and it is likely that there will be a gradual spread.
ing back of this demand from consumption of goods to the basic lines of
production. Inventories of manufactured goods remain small, although raw
material supplies still constitute a serious problem.
The cost of living continues to decline and is now about 16% below
the 1929 peak.
The domestic situation has been temporarily overshadowed by news from
abroad, but the conference between the various powers appear to promise
some sort of solution to the German problem.
Most major lines in the Cleveland territory are now operating at low
levels. Automobile sales have dropped more than seasonally and the parts
manufacturing industry is dull. Shipments of iron ore from upper Lake
ports have bees excessively small this year. A number of sizable building
projects are now either under way or being planned, including three of
more than $1,000,000 each, which provide a backlog for the next few
months.
Continued Decline in Loading of Railroad Revenue
Freight.
for the week ended on July 18
freight
Loading of revenue
totalled 757,555 cars, the Car Service Division of the American Railway Association announced on July 25. This was
a decrease of 6,026 cars below the preceding week and a
decrease of 170,716 cars below the corresponding week last
year. It was also 322,413 cars under the same week two
years ago. Details follow:
285,941
Miscellaneous freight loading for the week of July 18 totalled
Cars, a decrease of 5,849 cars below the preceding week this year. 73,142
the
under
cars
139,670
and
cars under the corresponding week in 1930,
same week in 1929.
Grain and grain products loading for the week totalled 60,127 cars, an
Increase of six cars above the preceding week this year but 4,028 cars
under the same week last year. It also was 4.606 cars below the corresponding week two years ago. In the Western districts alone, grain and
grain products loading for the week ended on July18 totalled 43,733 cars,a
decrease of 1,339 cars below the same week last year.
[VOL. 133.
FINANCIAL CHRONICLE
Forest products loading totalled 27,891 cars, an increase of 1,721 cars
above the preceding week this year but 14,274 cars under the same week
In 1930 and 38,852 cars below the corresponding week two years ago.
Ore loading amounted to 36,900 cars, an increase of 612 cars above the
week before but 25,109 cars below the corresponding week last year and
42,448 cars under the same week in 1929.
Loading of merchandise less than carload lot freight totalled 213,294
cars, a decrease of 2,559 cars under the preceding week this year. 19,879
cars below the same week last year and 44,276 cars under the same week
two years ago.
Coal loading amounted to 109,144 cars, 983 cars below the preceding
week, 27,661 cars below the corresponding week last year and 42,075 cars
under the same week in 1929.
Coke loading amounted to 4,548 cars, a decrease of 537 cars below the
preceding week this year and 3,982 cars under the same week last Year.
It also was 7,335 cars below the same week two years ago.
Live stock loading amounted to 19,710 cars, an increase of 1.663 cars
above the preceding week this year but 2,641 cars below the same week
last year and 3,151 cars under the same week two years ago. lathe Western districts alone, live stock loading for the week ended on July 18 totalled
15,053 cars, a decrease of 1,619 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 1930 but also with the same
week in 1929.
Loading of revenue freight in 1931 compared with the two previous years
follows:
1929.
1931.
1930.
4.518,609
Five weeks in January
3,490,542 4,246,552
3,797,183
Four weeks in February
2,835,680 3,506,899
3,837,736
Four weeks in March
2.939,817 3,515,733
Four weeks in April
2,985,719 3,618,960 3,989,142
Five weeks in May
3,736,477
4,593,449 5,182,402
Four weeks in June
2,991,749 3,718,983 4,291,881
911,143
Week of July 4
667,879
792,053
1,066,414
Week of July 11
763,581
915,985
1,079,968
Week of July 18
757,555
928,271
21,168.999 25,836.885 28,674,478
Total
Summary of New England Business by National Shawmut Bank of Boston.
Business conditions in New England did not change materially during the past month, after allowance for the usual
seasonal variation, according to the July review published
by the National Shawmut Bank of Boston. Wholesale commodity prices, it is pointed out in this report, were higher at
the end of June than at the beginning, despite the rapid
decline early in the month. Retail prices, as indicated by
the cost of living index, declined moderately.
The construction industry, it is stated, does not reflect the
stimulation which is usual during periods of abundant credit.
In New England, the volume of building contracts awarded
as reported by F. W. Dodge Corporation was lower in June
than in May. The reduction was more than the regular May
to June decline. Contracts awarded in the reported thirtyseven eastern states increased in June from the low levels of
April and May.
Average weekly merchandise and miscellaneous carloadings (adjusted
for seasonal variation) were larger in June than In May in both New England
and the United States as a whole. After allowances for seasonal variation,
merchandise and miscellaneous carloadlngs in June were approximately at
the same levels which prevailed during the year until the drop in May.
Productive activity in New England declined more than seasonally in
June. The textile and leather industries are mainly responsible for the
June index of New England being above a year ago. The June productive
activity index based upon the consumption of electrical energy indicates
that production in the entire United States was not curtailed as much as
Is usual in that month. For the country as a whole, the rise in productive
activity this year has been relatively less than in New England where the
sensitive industries predominate.
Analysis of Imports and Exports of the United States
in June.
The Department of Commerce at Washington on July 28
issued its analysis of the foreign trade of the United States
in June and the three months ended with June. This
statement indicates how much of the merchandise, imports
and exports for the second quarter of each of the past two
years consisted of crude or of partly or wholly manufactured
products. The following is the report in full:
ANALYSIS OF DOMESTIC EXPORTS FROM AND IMPORTS INTO THE
UNITED STATES FOR THE MONTH OF JUNE 1931.
Maine in 1,000 Dollars.)
Three Ilionthe Ended June.
Month of June.
1930.
Rime.
1931.
Per
Per
Cent. Value. Cent.
1930.
Value.
1931.
Per
Cent. Value.
Per
Cent.
37,484 12.9 29,068 15.9 372,655 13.3 268,416 20.8
Curds materials
75,439 3.7
55,676 4.3
13,346 4.6 11,119 6.1
Crude foodstuffs
Manuf'd foodstuffs__ _ 27,311 9.4 17,531 9.6 193,129 9.5 128,578 10.0
Semi-manufactures_ 47,170 16.3 27,460 15.0 290,172 14.2 181,763 14.1
Finished manufactures 164,559 56.8 97,731 53.4 1,107,770 54.3 655,378 50.8
Total dom. exports. 289,869 100.0 182,910 100.0 2,039,166 100.0 1,289,810 100.0
Crudematerials
Crude foodstuffs
Manuf'd foodstuffs__ _
Semi-manufactures__
Finished manufactures
IfITotal imports
76.643
35,373
24,812
51,725
61,790
316
14.1
9.9
20.7
24.7
52.399
27,435
19,735
29,802
44,163
30.2 578,750
15.8 226,999
11.4 168,952
17.2 356,322
25.4 404,961
33.4 341,551 30.9
13.1 175,818 15.9
9.7 117,349 10.6
20.5 201,742 18.2
23.3 270,768 24.4
250,343 100.0 173,534 100.0 1,735,984 100.0 1,107,228 100.0
AUG. 1 1931.1
FINANCIAL CHRONICLE
709
Annalist Weekly Index of Wholesale Commodity Prices.
The "Annalist" Weekly Index of Wholesale Commodity
Prices was practically unchanged during the past week,
advancing 0.1 to 101.3 on Tuesday, July 28. Declines were
general. Only an advance in the farm products group
carried the index upward and that group too would have
declined but for recoveries in live stock. As was to be
expected, the monthly index for July showed an advance
from the June low.
The hesitancy of the index reflects the general uncertainty
as to what the international situation will bring forth. The
lack of buoyancy in the commodity markets implies very
real doubt regarding the extent to which the European
crisis has been weathered, and the danger removed of an
economically isolated Central Europe.
Boot and shoe production in this district during June was higher than in
any month since June 1929. The lowest volume, adjusted for seasonal
during the present depression occurred in November 1930; since that time
there has been a constant improvement. Wool consumption in New
England was lowest in December 1930, and has been increasing each month
until in June the amount of raw wool consumed exceeded that of any month,
in the post-war period. In contrast to the improved conditions in these
two lines of activity, the volume (square feet) of new building contracts
awarded has remained unusually low, and carloadings have been in small
volume relative to recent years. Both commercial and industrial building
contracts awarded and those for residential building have been lower on the
average during the first half of 1931 than in any years since the War, and
and only a slight increase took place between May and June. The
amount of raw cotton consumed by New England mills in June was slightly
larger than in the corresponding month a year ago, but was only about 58%
of the average month of 1923-24-25. During the last six months of 1930.
however, cotton consumption was less than 50% of the above-mentioned
average, so that some improvement occurred in the January-June 1931
period,in comparison with the last six months of 1930. In June the number
of commercial failures in this district, according to R. G. Dun & Co., was
199,compared with 210 in June 1930, while total liabilities were 82,700,000.
THE ANNALIST WEEKLYINDEX OF WHOLESALE COMMODITY PRICES. against
$3,980,000. In each of the first six months of this year, with the
(1913=100)
exception of January, the number of failures has been less than in the corresponding month of 1930. Sales during June of reporting New England
July 28 1931. July 21 1931. July 29 1930, retail establishments were about 6% smaller than a year ago, and
for the
first six months were 7% under those of the corresponding period in 1930.
Farm products
88.7
87.8
109.4
Collections
Food products
of
regular
charge
accounts in Boston department stores during
111.7
111.9
124.9
Textile products
June were about 4% less than in June 1930. but regular charge accounts
95.1
*95.7
114.6
Fuels
115.3
115.8
153.3
outstanding at the first of June were nearly 11% less than in 1930;the ratio
Metals
102.0
102.4
109.3
of collections to accounts outstanding showed a substantial improvement
Building materials
115.2
115.7
142.7
Chemicals
over a year ago.
98.6
98.6
107.2
Miscellaneous
84.5
84.8
99.1
All commodities
101.3
101.2
120.8
Industrial Employment Conditions in Chicago Federal
•Revised.
Reserve District During June-General Reduction.
THE ANNALIST WEEKLY INDEX OF WHOLESALE
COMMODITY PRICES
A general reduction in number of employees and in pay(Monthly Averages. 1913=100.)
Fitne products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
All commodities
July 1931.
June 1931,
July 1930.
88.8
111.6
96.2
119.3
102.6
116.0
98.6
84.8
101.9
87.8
108.6
95.6
121.7
101.9
118.8
99.7
85.6
101 2
112.2
128.2
116.0
153.6
109.9
142.7
102.7
101.8
122 0
Report on Monthly Sales of Buffalo Drug StoresAverage Daily Sales Show Small Increase in June.
The average daily sales of 56 reporting Buffalo drug stores
(14 "chain" and 42 "independent") amounted to $7,999 in
June as compared to $7,946 in May,an increase of 0.7 of 1%.
Although the average daily sales for June were more than
those of May,the total sales were just the reverse, June being
the shorter month. The total sales were $239,973 in June
and $246,328 in May. The figures are compiled by
the
Bureau of Business and Social Research, University of
Buffalo, which adds:
We have continued the practice of weighting the chain stores
by
the independent stores by 70, since the sales of our independent30 and
stores
do not yet equal 70% of the total (the figure of the eleven city
1928). This weighted index of the sales of 43 stores showed a census of
decline
in
June of 0.2 of 1% from the preceding month, bringing the
figure down to
the level of January 1931. In Column 3 below we have
given an index
based on the January 1931 sales of 43 drug stores, adjusted
for the number
of days in the month, but with no attempt made at
weighting.
The
decline from May to June of 0.2 of 1% was identical to that
shown in the
weighted index in Column 4.
A summary of the results for the fix six months of 1931 is
shown below.
It is interesting to note that neither index has fallen below
the base.
January 1931.
56 Stores.
Unadjusted.
Average
Daily
Sales.
43 Stores.
(Jan. 1931-100).
Unweighted
Adjusted
Index.
aWeighted
Adjusted
Index.
January sales
100.0
February sales
105.4
March sales
101.3
April sales
3240.276*
$8,009*
101.6
MAY sales
246,328*
7,946*
101.8
June sales
239,973
7.999
101.6
•Revised figure for new total of 56 stores.
a Adjusted for days of month, with 70% weight to independent
stores
weight to chain stores.
100.0
105.9
100.4
101.0
100.2
100.0
and 30%
roll totals was shown between May 15 and June 15 by
reports of Seventh Chicago District manufacturing establishments, says the Chicago Federal Reserve Bank,in reviewing
industrial employment conditions in its "Monthly Business
Conditions Report"issued July 31. The Bank continued:
The decline in the total of ten groups, which was greater than seasonal,
offset gains in three non-manufacturing groups, giving rise to losses in the
total for all groups amounting to 3% in number of men and 7% in payrolls.
The level of manufacturing employment and wage earnings in June. as
computed from monthly changes, approximated the low point reached in
January 1931.
Vehicles and metal products suffered the largest losses among the Seven
manufacturing groups that reduced both men and payrolls. Seasonal
influences were operative in these two groups as well as in lumber,chemicals,
and stone, clay and glass, but the curtailment in the paper and printing
Industry was contrary to the usual June trend. Leather products had
smaller payrolls with no significant change in number of employees, while
smaller-than-seasonal gains took place In food products and textiles. Fairly
large expansion was registered in coal mining and in construction work.
and a less marked increase occurred in the utilities group.
MI
Same improvement was noted during June in the Seventh District farm
labor surplus, according to the Department of Agriculture which reported
a reduction in the ratio of supply to demand in each of the five States of
the district. Farm wages, however, have sugered a decline of 3% since
the April 1 report, which contrasts with advances in the same periocrof
previous years. The trend this year is due to the reduction in farm income.
which has forced farmers to do as much of their own harvesting as possible.
A considerable increase in registrations for work at free employment
offices caused a rise of 32 points or 15% in the ratio of applicants to jobs
available in four States of this district.
REGISTRATION PER 100 POSITIONS AVAILABLE AT FREE
EMPLOYMENT OFFICES.
Month.
Illinois.
1931-June
May
1330-June
May
EMPLOYMENT
Indiana.
Iowa.
Wisconsin. Four States,
245
149
462
212
250
218
108
388
197
218
224
170
295
155
206
196
105
285
135
175
AND EARNINGS-SEVENTH FEDERAL RESERVE
DISTRICT.
Week of June 15 1931
Industrial CYOUP.
Metals and products_a
Vehicles
Textiles and products
Food and products
Stone. clay and glass
Lumber and products
Chemical products
Leather products
Rubber products_b
Paper and printing
Per Cent Changes
from May 15
No. of Number
Wage
EarnReport's of Wage Earnings. Earners. lags.
Firms. Earners. (000 Omitted)
669
156
146
367
133
302
93
75
9
324
171,890
220,241
28,577
55,569
9,409
29,984
13.859
17,097
6,694
43,891
$3,893
6,034
535
1,381
230
547
377
312
198
1,249
-4 7
-5.3
+0.4
+1.0
-3.2
-2.4
+0.1
-1.1
-2.1
-10.0
-11.5
+8.5
+2.6
-4.8
-6.7
-4.0
-1.2
-2.2
-2.8
Little Change in Industrial Activity in Boston
Federal
Reserve District During Second Quarter of 1931.
Total mtg., 10 groups
2,274 597,211
$14,756 -3.7 -9.6
According to the Aug. 1 "Monthly Review" of the
Federal Merchandising_c
172
30,249
$784 -1.1
+0.7
Public utilities
Reserve Bank of Boston there was little change from
94.854
74
3,191
+0.4
+3.2
month Coal mining
20
4,837
101 +13.2
+9.5
to month in the level of New England industrial activity Construction
187
10,503
284
+8.5 +13.8
during the second quarter of 1931, and, although both
Total non-mfg., 4 groups.-.453 140,443
the
$4,360
+1.1
+3.5
first and second quarters of the current year compared
Total, 14 groups
some2,727 737,654
819,116
-2.8
-6.9 ,
what unfavorably with similar periods a year ago, neverthea Other than vehicles. b Michigan and Wisconsin. c Illinois and Wisconsin.
less, there was a noticeable recovery during the first
three
months of this year from the low level prevailing at the
end Slight Increase in Wholesale Trade During June in
of 1930. Two industries in New England showed fairly
Chicago Federal Reserve District-Department
consistent gains during each month of the first half
Store Trade Decreased 4% from May and 13% from
year,
when allowances for customary seasonal changes had
June Last Year.
been
made, and these two industries have more than offset recesThe Federal Reserve Bank of Chicago, in its "Monthly
sions or quiet conditions prevailing in other lines of business Business Conditions Report," issued
July 31, has the followactivity. The Bank further states:
ing to say regarding wholesale trade in the Seventh District:
FINANCIAL CHRONICLE
710
Evidences of slight improvement were noted in the June data furnished
by reporting wholesalers in the district. Grocery, drug, and hardware sales
aggregated heavier than in the preceding month, the increase of 1% in
drugs and of 4% in hardware being contrary to seasonal trend, and all three
gains contrasting with declines in the same period of 1930, while recessions
in other groups were smaller than shown at that time. As a consequence,
declines from a year ago were less than recorded in a similar comparison
tor May. Data covering the first half of 1931 show grocery sales to have
'been 11% smaller than Afar the corresponding six months last year, hard2%, and electrical
/
ware 25%, dry goods 25%%, drugs 11%, shoes 181
supplies 34% less. Lower prices than a year ago are largely responsible
for the smaller aggregate of dollar sales, but there are at present indications
of strengthening in certain items. Ratios of accounts receivable to sales
declined in June from both a month and a year previous for groceries, hardware, and shoes.
WHOLESALE TRADE IN JUNE 1931.
Commodity.
GroceriesHardware
Dry goods
Drugs
Shoes
Electrical supplies
Per Cent Change
Irons Same Month Last Year.
CotAccounts
Net
Stocks. Outstaturg. ketions
Saks.
-7.5
-7.6
-5.6
--9.3
-20.2
-18.0
-16.4
-14.8
-19.9
-31.3
-32.1
-24.3
-14.1
-0.8
-13.7
-10 4
-13.1
-15.6
-15.6
-11.4
-34.2
-30.7
-11.1
-28.9
Ratio of
Ace's. Outstanding to
Net Sates.
92.2
233.7
334.9
187.6
342.3
161.4
Regarding department store trade the Bank states:
was a
The decline of 4% from May in June department store trade
little less than average for the period and compared with a 13% decrease
for the same month last year. There was one more trading day in June
daily
this year, however, than either a month or a year previous, so that
average sales fell off 7% in the monthly comparison and were 11% below
year.
last
from
June 1930 against a decline in total sales of only 8%
Increases by individual stores were not infrequent in either comparison.
In the first six months of 1931 sales for reporting stores in the district
2% under the corresponding period of 1930. The dollar
/
aggregated 101
volume sold in June by Chicago stores increased % of 1% over May against
recessions shown in Milwaukee of 4% and of 7% each in Detroit, Indianapolis and the total for other cities. The table shows that in the year-ago
comparison, Chicago and Detroit stores experienced the heaviest decline.
Stocks were reduced in about the usual seasonal amount, remaining well
below the 1930 average.
Among other lines of retail distribution, shoe sales of dealers and department stores showed a gain of 9% in the aggregate for June over a month
previous, while the decline from a year ago amounted to 10%; sales of
furniture and house furnishings fell off seasonally 25%, and were 12%
below last June; and chain store trade decreased 2% in the aggregate from
May, but totaled 1%% in excess of June 1930. The gain shown over a
year ago in chain store trade was effected largely through increases in drug
and five-and-ten-cent store sales; average sales per store recorded approximately the same changes MI did total sales, the number of units in operation
being about the same as in May and a year ago.
Semi-annual data compiled on sales of 191 retail hardware dealers in the
five States including the Seventh District show a decline of 23% in the
first half of 1931 from the same period of 1930; decreases averaged about
the same for each of the States.
DEPARTMENT STORE TRADE IN JUNE 1931.
Localfig.
Chicago
Detroit
Indianapolis
Milwaukee
Other cities
Seventh District
Per Cent Change
June 1931
from
June 1930.
P.C.Change
First Six
Mos.1931
from Same
Period 1930
Ratio of June
Collections
to Accounts
Outstanding
May 29.
Net
Sates.
Stocks End
of Month.
Net
Sales.
1931.
1930.
-8.8
-10.9
-3.4
-1.2
-5.4
-14.9
-19.8
-24.8
32.9
34.5
42.1
33.7
37.0
39.5
-15.5
-11.7
-13.1
-3.8
-7.2
-8.0
-3-2:8
-3-3-.6
-7.7
-15.8
-10.5
35.0
36.4
Business Conditions in Michigan Holding Up Well
Compared With a Year Ago.
Michigan business is holding up well compared with a
year ago, according to Dr. Ralph E. Badger, Executive ViceGuardian
President, and Carl F. Behrens, Economist, Union
Union
Detroit
Guardian
the
of
unit
a
Detroit,
Trust Co.,
Group, Inc. As of July 15, employment in Detroit, the
center of the automobile industry, had declined only about
9% from the June 15 level, whereas a year ago the decrease
company's
was about 50% during the same period. This
index of Industrial activity, which attempts to allow for the
at
usual seasonal changes and for long-time growth, stood
little
63.4% of normal in June, and has probably shown
change from that level so far in July. June automobile production in the United States and Canada totaled 254,760 cars
in
and trucks, compared with 327,853 in May and 349,596
of
June 1930, according to the National Automobile Chamber
something
at
estimated
currently
is
Commerce. July output
like 200,000 units. The "Business Review" also says:
factor
The recent economic crisis in Germany has been the controlling
the
In domestic finance during the past two weeks. The nations taking
are those
most active part in the current discussions on international finance
in which the
which were most active in prosecuting the war, and are those
seem to
capitalistic system of production still exists. Present difficulties
situation
converge on the matter of war debts and reparation payments, a
of
which has been aggravated during the past decade by the existence
tariff barriers hindering the free movement of goods. In fact, a real
comlow
excessively
solution to the present maldistribution of gold and
modity prices might be found in a revision of tariffs, rather than by means
[Vol,. 133.
of debt moratoriums and further loans. This country, now a creditor
nation, cannot hope indefinitely to maintain a favorable balance of trade.
Our success in this direction to date has resulted in part from granting
huge foreign credits, in part from receiving an undue part of the
world's gold.
Business in this country is experiencing midsummer dullness. The more
important barometers of business such as steel mill activity, railroad carloadings, electric power consumption and bank debits are at or near the
lowest levels for the year. Department store sales as reported by the
Federal Reserve Bcard, adjusted for number of business days and usual
seasonal changes, showed a further decline from 97 (1923-1925 .= 100) in
May to 96 in June.
Indications at present point to a rather moderate crop production, but
with marked differences in conditions in the various areas. The winter
wheat crop is largely harvested and the Crop Reporting Board of the
United States Department of Agriculture estimates total production at
712,611,000 bushels, compared with 612268,000 bushels last year. The
spring wheat crop, however, is estimated at 156,402,000 bushels compared
with 251,162,000 bushels in 1930. The corn crop, based upon conditions
on July 1, is estimated at 2,967,953,000 bushels, which compares with
the abnormally small crop, 2,093,552,000 bushels, in 1930, and an average
of 2,761,000,000 bushels in the previous five years.
Commodity prices have again declined, after showing some strength for
a period of three weeks. Fisher's index (1926= 100) now stands at 69.8%
compared with 70.4 a week ago and 83.4 a year ago. The redeeming feature
In this situation is a possible further reduction in living costs. The index
number of the cost of living for June 1931, as computed by the Bureau of
Labor Statistics, shows a decline of 6.5% as compared with December 1930,
and is 9.8% below what it was a year ago. Among the groups included
in this index, food prices showed the sharpest declines in the first half of
1931, but clothing costs, rents, fuel and light charges also decreased
materially.
Money conditions continue at the extremely low levels of last month.
Domestic bond prices, especially those of low-grade issues, have improved
somewhat in the last month. Many foreign issues, however, have recently
declined to new low levels.
On the basis of this company's monthly questionnaire returned by bankers
and other business leaders in nearly all sections of the State, the following
statements seem warranted: In southeastern Michigan employment is still
below last year, but in at least two cities, Port Huron and Saginaw, it is
increasing. Retail trade shows little change from last year, but is expected
to improve in four of the 11 cities from which reports were received,
namely, Jackson, Lapeer, Midland and Port Huron. Building is depressed in
this area, five of the 11 reports indicating a substantial decline from July
1930 levels. The condition of crops in this section of the State is in no
case reported below normal. In some areas a short hay crop is expected;
corn and wheat are excellent. Money conditions are easy, but there is very
little demand for loanable funds.
Despite somewhat lower prices, the fine fruit crops in southwestern
Michigan color the reports from this part of the State with a note of
optimism. Other crops also are good. Manufacturing activity and employment have declined, but the demand for berry pickers and orchard workers
has absorbed a large number of the unemployed. At Grand Rapids and
Mt. Pleasant the total value of building operations in progress is above
that of a year ago.
Retail trade in Northern Michigan and the Upper Peninsula continues to
increase, partly as a result of tourist and resort demand, but also because
the very good crops have stimulated purchases by local residents. At
Manistee and Traverse City excellent cherry crops are being harvested, and
In the vicinity of Gaylord and Alpena, good potato crop prospects are
reported. The bright spot of the Upper Peninsula continues to be Sault
Sainte Marie, where several millions of dollars are being expended by the
Government in improving the locks.
Agricultural and Business Conditions in the Minneapolis Federal Reserve District-Volume of Business in June at Continued Low Level.
The volume of business in the district during June continued at the low level of the earlier months of the year.
Except for seasonal variations, there were only minor
Changes from the level of business in May. Of the seasonally
corrected series used in measuring northwestern business
conditions, increases between May and June occurred in
country check clearings and miscellaneous freight carloadings, and decreases occurred in bank debits, country lumber
sales and farmers' cash income. The less-than-carlot freight
carloadings index remained unchanged. The report also
says:
The volume of business was distinctly lower in June this year than in
June a year ago. Bank debits were 18% smaller, and the country check
clearings index was 21% smaller. Freight carloadings, excluding less-thancarlot freight, decreased 31% as compared with June last year, principally
on account of much smaller loadings of ore and forest products, although
all other classes of freight also declined. Other decreases, as compared
with June last year, occurred in electric power consumption, postal receipts,
building permits and contracts, flour production and shipments, copper and
Iron ore output, department store sales, furniture sales, life insurance
sales, securities sales and wholesale trade. Increases occurred in marketings
of grain and livestock and in shipments of linseed products.
The seasonably adjusted curve of country lumber sales, measured in
board feet, has declined from its most recent peak in December 1928 to
the lowest point since February 1922. The decline was interrupted this
spring by an increase due to abnormally mild weather, which allowed an
abnormal volume of winter building to be done. Lumber retailers have
allowed their stocks of lumber to decline moderately during the past year
and a half, until at the end of June they were the smallest since November
1924, after making allowances for seasonal changes.
Employment conditions in Minneapolis improved slightly during June,
according to the evidence of newspaper employment advertising for help
wanted and situations wanted and the requests for skilled help placed with
the Public Employment Office. However, the number of families receiving
relief from the Family Welfare Association did not show its customary
decline between May and June. Employment in Minneapolis was not as
full in June this year as a year ago, according to the above indexes.
AUG. 1 1931.]
FINANCIAL CHRONICLE
In the first part of July business continued to be in smaller volume
than a year ago, according to reports of bank debits and country check
clearings. Bank debits for the two weeks ending July 15 were 16% smaller
than in the corresponding weeks last year, and country check clearings for
the first 13 business days in July were 18% smaller than in the same days a
year ago. These declines occurred in spite of the fact that last year in
July the volume of business dropped off very sharply from the June level.
711
below last year, and department stores are getting along with 12% smaller
average inventories.
The spring decline in wholesale trade came a month later than usual
this year, occurring in May. However, some lines showed increases in May
over April—electrical supplies over the whole State, furniture and groceries
in Southern California, hardware in Northern California. Of course, compared with a year ago, dollar value in all lines shows considerable decreases.
Sales of new passenger automobiles in California in the first six months
were the smallest since 1922. Commercial car sales, however, were considerably larger than the average for the preceding 10 years. The following
table shows first six months' sales since 1921:
PasCommerComae,Passongs,.
CUL
senor.
Ciai.
97,932
8,581
5,470 1927
1921
46,725
91,118
7,257
8,174 1928
1922
66,247
11,784 1929
139.098
11,545
1923
114,745
13,581
105,536
1924
8,206 1930
92,108
11,416
81,978
94,242
1925
8,665 1931
94,277
9,462
1926
9,403 Average
107,308
Building permits issued in California cities in the last several months
have shown moderate gains over preceding months, but the first half-year
total—valued at 872,895,897—was 23% smaller than the corresponding
figure last year.
Lowest Wheat Prices in History Reported in Kansas
City Federal Reserve District During June—Wholesale Trade Increases Over May While Department
Store Trade Shows a Loss.
The Federal Reserve Bank of Kansas City, in its Aug. 1
"Monthly Review," states that "ideal harvest weather conditions prevailed throughout the Tenth (Kansas City)
District the last half of June and the forepart of July, and by
the third week of July the harvest of wheat, oats, rye and
barley was practically completed. A record crop of winter
wheat was harvested, but prices were the lowest in history
and the tendency is for producers to hold their wheat, when Business Activity in the San Francisco Federal Reserve
District Recedes During June.
financially able to do so. The "Review" also says:
Timely and well distributed showers in mid-July temporarlly relieved
Business activity in the Twelfth Federal Reserve District
threatened drouth conditions and materially increased crop prospects in
the eastern part of the district, but the western half continued in need of receded during June, according to Isaac B. Newton, Chairrain, with ranges, pastures and growing crops sufferingfrom lack of moisture. man of the Board and Federal Reserve Agent, Federal ReDepartment store trade in June was smaller than in May by about the
serve Bank of San Francisco. Both production and disnormal seasonal amount and 4.8% smaller than in June, 1930. Wholesale
trade, contrary to the usual seasonal trend, was slightly larger in June than tribution of commodities were at lower levels than in May,
in May, but was 15.1% smaller than in June last year. Collections in even after allowance for the usual moderation at ,this time
June were smaller than in either the preceding month or the corresponding
of the year. Prices of many commodities important in this
month last year.
Flour milling, coal mining and cement production declined seasonally district rose temporarily during the last two or three weeks
in June as compared to the preceding month. Zinc ore production declined
in June, but slightly more lead ore was mined. Crude oil production was of June, but averages for the month were considerably lower
less In June than in May. and a 15c. per barrel decline in crude oil prices than in May. No marked change occurred in the banking
the forepart of July, carrying prices to the lowest level of record, led to a
situation during the month. The report goes on to say:
further reduction of petroleum
production. Flour milling and production
in all mineral lines during June and the first six months this year were substantially smaller than in the corresponding month and six months of 1930.
June building operations were at the lowest level for that month in the 12
years ofrecord.
Regarding trade conditions, the bank says:
Retail Trade.
Department store trade in this district in June showed about the customary seasonal decrease from May, and the money volume of sales was
4.8% smaller than in June 1930. Twelve of the 37 stores reported their
June sales this year as exceeding those of last June. Only three of the 37
reporting stores had a larger dollar volume of business in the first six months
of the current year than In the corresponding six months of the preceding
year and the combined sales of the 37 stores reflected a decrease for the
period of 6.9%.
Sales at leading apparel and shoe stores averaged 11.7% less in June this
year than in June 1930, and retail furniture houses reported their June
sales as 9.3% smaller than a year ago.
Department store stocks were reduced 4.3% between May 31 and June
30 and on the latter date were 11.8% smaller than one year earlier. Retail
apparel and retail furniture stores reported their June 30 1931 stocks as
4.4 and 14.0%, respectively, smaller than on June 30 1930.
Wholesale Trade.
The combined sales of five representative wholesale lines (dry goods,
groceries, hardware, furniture and drugs) were 2.4% larger in June than
in May but 15.1% smaller than in June 1930. Sales of groceries, hardware,
and drugs showed an increase for the month but were less than a year ago.
Sales of dry goods and furniture were smaller in June than in either the
preceding month or the corresponding month last year.
All five lines reported smaller stocks on hand June 30 than on May 31,
and wholesalers of groceries were the only ones to report larger stocks this
year than last.
Collections.
Department stores reported their collections during June as 37% of the
amounts outstanding on the last day of the previous month, compared with
37.6% In May and 39% in June 1930. All wholesale lines reported their
collections in June as smaller than a year ago. Wholesalers of dry goods,
groceries and furniture, however, reported their June collections exceeded
their May collections.
The Business Outlook in California.
Business in California has followed much the same pattern as that of the country as a whole, says the Wells Fargo
Bank & Union Trust Co. of San Francisco, Calif., in its
monthly "Review." Operations In most lines reached a peak
In the summer of 1929 and since then have declined to
steadily lower levels, interrupted only by temporary seasonal
Increases. Present activity in many lines is at the lowest
point in the past decade. It is added:
As a large producer of raw materials, the State has been affected to a
considerable degree by the sharp decline in wholesale commodity prices.
Study of California's principal raw products shows many of them now
to be down to or below 1913 price levels—notably grain, livestock, wool,
cotton, fruits, dairy products, beet sugar, and non-ferrous metals. Some
products—lumber, newsprint paper, cement and petroleum products—are
still above 1913 prices, but considerably below the high prices prevailing
in the past several years.
In recent months signs of moderate improvement, or at least resistance
to further recession, are apparent in some lines. For instance, retail trade
in June made a favorable showing with last year; building activity registered moderate monthly gains, contrasted with declines for the corresponding
period last year; plans for the orderly marketing of the heavy grape and
peach crops have been adopted.
Trade.
While dollar volume at 50 department stores in California in the first
half of the year was 8.8% less than in 1930, June volume was only 4.3%
Rainfall during June brought some relief from semi-drouth conditions
which had become evident in the Pacific Northwest late in May, but did
not benefit growing crops materially. Harvests of most Twelfth District
field and grain crops are expected to be smaller this year than in 1930.
Production of deciduous fruits is also expected to be smaller than last
year, while the volume of citrus fruits being harvested is of near-record
proportions. The condition of livestock and livestock ranges, with the
exception 'of those in Arizona, became less satisfactory during June. Ranges
and cattle and sheep in Arizona are in excellent condition.
Industrial activity, which was relatively more stable during the first
half of 1931 than in similar months of 1930, declined moderately during
June, following a similar decrease in May. Reductions in the output of
crude and refined oils, lumber, and copper were reported in both of those
months. Inventories of lumber and refined copper rose further during June.
Supplies cf crude oil and gasoline, on the other hand, were•reduced to the
lowest levels in two years, reflecting continuation of vigorous efforts within
the petroleum industry to bring about a better adjustment between the
supply of and demand for products of that industry. The value of contracts
awarded for public construction increased sharply during June, but commercial and industrial building activity was smaller in value than at any
time since 1922. Residential building permits increased somewhat in value
during June. Employment was sustained by seasonal increases in the
canning and preserving industry and in agricultural work, but there was
evidence that reductions in wage rates continued.
Value of sales at retail declined by more than the seasonal amount and
wholesale sales increased less than is customary in June. Registrations of
new automobiles continued at the same level as in May and April, after
seasonal adujstment. Increases in water-borne traffic from the East Coast
and in the movement of lumber and general cargo from the West Coast
were more than offset by the sharp decline in shipments of petroleum from
district ports.
Credit extended by the Reserve Bank during the four weeks ended July 15
averaged somewhat larger in amount than in previous months of this year.
There was the usual increase in currency circulation over the July 4 holiday,
and contraction of circulation has been retarded since that time. Funds
continued to flow from the district in settlement of adverse trade balances.
The funds with which to meet demands occasioned by these developments
and to reduce borrowings from this bank over the June 30 call date became
available to reporting member banks through United States Treasury
expenditures in excess of collections in this district and a temporary increase
in the Reserve Bank's holdings of Government securities.
Production of Automobiles in June and the Half Year
Only Half That of 1929.
June factory sales of automobiles in the United States, as
reported to the Bureau of the Census, consisted of 249,462
vehicles, of which 207,708 were passenger cars, 41,304 trucks,
and NO taxicabs, as compared with 334,506 vehicles in June
1930 and 545,932 in June 1929. For the first six months of
1931 the production was only 1,568,478 vehicles against
2,198,580 in the first half of 1930 and 3,225,443 in the first
half of 1929.
The table below is based on figures received from 144
manufacturers in the United States for recent months, 42
making passenger cars and 113 making trucks (11 making
both passenger cars and trucks). Figures for passenger cars
include only those designed as pleasure vehicles, while the
taxicabs reported are those built specifically for that purpose, pleasure cars later converted to commercial use not
being reported as taxicabs. Figures for trucks include ambulances, funeral cars, fire apparatus, street sweepers and
712
FINANCIAL CHRONICLE
buses. Canadian figures are supplied by the Dominion
Bureau of Statistics.
NUMBER OF VEHICLES.
Canada.
Untied States.
Total.
1929.
January
February
March
April
May
June..
401,037
466,418
585,455
621,910
604.691
545,932
Tart
,
Passenger
Cars.
Trucks. eabs.x
345,545
404,063
511,577
535,878
514,863
451,371
53,428
60,247
71,799
84,346
88,510
93,183
2,064
2,108
2,079
1,686
1,318
1,378
Passers,
Total. sec Cars. Trucks.
21,501
31,287
40,621
41,901
31,559
21,492
17,164
25,584
32,833
34,392
25,129
16,511
4,337
5,703
7,788
7,509
8,430
4,981
Tot.(6 mos.) 3,225,443 2,763,297 451,513 10,633 188,361 151.613 36,748
July
August
September
October
November
December
500,840
498,628
415.912
380.017
217,573
120,007
424,944
440,780
363,471
318,462
167,846
91,011
74,842
56,808
51,576
60,687
48,081
27.513
1,054
1,040
865
868
1,646
1,483
17,461
14,214
13,817
14,523
9,424
5.495
13,600
11,037
10,710
8,975
7,137
4,426
3,881
3,177
3,107
5,548
2,287
1,069
Total (year).. 5,358,420 4,569,811 771,020 17,589 263,295 207.498 55,797
1930.
January
February
March
April
May
June
273,221
330,414
396,388
444,024
420,027
334,506
232.848
279,165
329,501
372.446
360,928
285.473
39,406
50,398
65,456
71,092
58,659
48.570
Tot.(6 mos.) 2,198,580 1,868,361 333,591
July
August
September
October
November
December
265,533
224,368
220,649
154,401
136,754
155,701
221,829
183,532
175,498
113,226
100,532
120,833
43,328
40,450
44,223
40,593
35,613
33,443
Total (year)_ 3.355.988 2.775,809 571,241
1931.
January
February
March
April
May
June '
33,531
39,521
45.161
50,015
45,895
41,304
Tot.(6 mos.) 1,568.478 1,310,435 255,227
171,848
219,940
276,405
335,708
315,115
249,462
137,805
179,890
230,834
285,028
269,080
207,798
967
851
1,421
486
440
463
10,388
15.548
20,730
24,257
24,672
15,090
4,628 110,685
376
386
930
582
609
1,425
10,188
9.792
7,957
4,541
5,407
5,622
8,856
13,021
17,165
20.872
21,251
12,194
1,532
2,527
3,565
3,385
3,421
2,896
93,359 17,326
8,556
6,946
5,623
3,206
3,527
4,225
1.832
2,846
2.334
1,335
1,880
1.397
8,936 154,192 125,442 28,750
Dutch Rubber Exports Smaller.
Showing the largest falling off in sections containing
mostly European-owned estates, total exports of crude
rubber by the Dutch East Indies during June were 24,317
tons, compared with 25,530 tons during May.
Although Dutch East Indies shipments totalled 19,321
tons during June, 1930, the figures are not comparable, it
Is stated, owing to suspension of rubber production during
the month of May, 1930.
Federal Reserve Bank of Chicago on Mid-West Distribution of Automobiles During June-Furniture
Bookings Increase Over Month Ago.
The Federal Reserve Bank of Chicago reports in its
monthly "Business Conditions Report," issued July 31, that
"further declines were noted during June in Midwest distribution of automobiles, although recessions were somewhat
smaller than in the same month a year ago, with sales at
wholesale showing a slight gain in the aggregate over last
June." The "Report" continues, saying:
Data for the half-year of 1931 indicate that distribution of new automobike was off about one-fourth in the number of cars sold as compared with
the first half of 1930, while used car sales declined by less than 10%;
stocks carried have been much smaller than a year ago. Deferred payment
sales in June continued to represent a somewhat larger proportion of total
retail sales than has been the case in previous months; a ratio of 51% for
29 firms compared with 46% for May and with 48% for June 1930.
MIDWEST DISTRIBUTION OF AUTOMOBILES.
1,944
2.342
2,510
3,116
2,117
1,252
512
529
410
685
340
360
6.496
9.871
12,993
17,159
12,738
6,835
4,552
7,529
10,483
14,043
10,621
5.583
2,816
66,092
52,811 13,281
z Includes only factory-built taxicabs, and not private passenger cars converted
into vehicles for hire.
New Automobile Models Announced.
A seven-passenger sedan, with a 136-inch wheelbase,
has been added to the Auburn line, it is announced. Overall length of the car is 181 inches. The new model is priced
to sell for $1,395 in the custom model. The standard model
lists at $1,195.
The Hudson Motor Car Co. has added the Hudson
special sedan to its line, priced at $1,325 f.o.b. Detroit.
Selective free wheeling.is offered as optional equipment.
The Dodge Bros. Corp., a division of the Chrysler Corp.,
has added three new de luxe models to its line of six and
eight-cylinder passenger cars, says a Detroit dispatch.
A five-passenger coupe on the Dodge eight chassis is listed
at $1,135 f.o.b. Detroit. In addition, roadsters on the
six and eight chassis are listed at $850 and $1,095, respectively. Free wheeling is optional at an extra cost of
$20.
VoL. 133.
June 1931
Per Cent Change from
New cars:
WholesaleNumber sold
Value
RetailNumber sold
Value
On hand end of monthNumber
Value
Used cars:
Number sold
Salable on handNumber
Value
•Average end of month.
First Half
1931
P. C. Change Companies
from
Included.
FOS,Half
1930.
May
1931.
June
1930.
-18.2
-10.4
+0.6
-6.7
-23 3
-31.0
20
20
-20.7
-19.7
-21 2
-19.0
-25.3
-23.6
46
46
-2.8
-0.1
-26.8
-22.2
-33.8*
-31.8*
48
48
-6.7
-13.6
-7.8
48
-8.9
-6.6
-27.2
-32.2
--28.4*
--36.1*
48
48
As to furniture manufacturers' bookings, the Bank says:
Furnsiture.
The impetus afforded the furniture industry by the semi-annual showing
of furniture which took place the first two weeks in June this year, effected
a considerable increase over a month previous In the volume of orders
booked by reporting furniture manufacturers in the Seventh District.
However, owing to the fact that this showing customarily takes place in
July, the increase this year of 49% ever May orders should be compared
with the seasonal increase effected in other years in July over June, which
averages about 62%. Shipments, following a very low volume of new
orders in May, declined 28% from that month, comparing with an average
May-to-June decline of 7%. In consequence, unfilled orders increased
considerably, and stood at the close of June at 84% of current orders
booked. Comparisons with June a year ago are, with the exception of
shipments which were 44% less, very favorable becanse of the earlier showing this year, new orders and unfilled orders exceeding the 1930 totals by
15 and 22%, respectively; however, the aggregate of orders booked during
the current month was approximately 31% under that of July 1930. The
rate of operations maintained averaged about 50% of capacity, comparing
with a rate of 51% obtaining during the month of May and With 52% a
year ago.
Crude Rubber at Record Low.
A new all-time low price for crude rubber was established
in the trading on The Rubber Exchange of New York, Inc.,
on July 28 when August delivery on the Old "A" Contract
was transacted on the opening call at 5.60c. per pound, or
10 points below the previous record.
Motor and Equipment Association Reports Operations
The tone thereafter was steady and moderate recoveries
of Parts and Accessory Manufacturers Reduced
distant
months.
more
The
August
the
on
were registered
in June.
position was unchanged in London on July 28 at 2 13-16
Operations of parts and accessory manufacturers were
pence per pound, still slightly above its own record low, but
reduced
in June in line with the usual summer slackening in
Trade
interests were
.soir e of the distant months were easier.
demand, according to members' reports to the Motor and
on both sides of the local market.
,
Equipment Association. Suppliers of parts, accessories and
service equipment to the replacement trade fared better than
manufacturers producing for original equipment on new
vehicles, but the usual seasonal. decline was apparent in the
business of all groups, although the accessories group managed to hold even with its business for May. The grand index
for all groups of manufacturers reporting to the M. F). A.
stood at N% of the January 1925 base figure of 100 as compared with 124 for both May end April, and 116 for June
1930. Reports by divisions of member manufacturers in
May follow:
World Markets for Rubber at New Lows.
, New record low prices were established for rubber on
Thursday in the local market,in London and in the Far East.
August delivery on the Rubber Exchange Old "A" contract
here changed hands during the forenoon at 534 cents per
,pound, down another 10 points from the previous record.
Large dealer-importer interests were sellers.
The primary market for crude rubber, Singapore, yesterday touched 234 pence, while London sold down to 2% pence,
Parts-accessory makers selling their products to car and truck makers
both new all-time low prices for those markets. London was
a trifle steadier at the close, however, when spot sold there for original equipment made shipments aggregating 91% of the January
1925 base as compared with 129 in May, 127 in April, and 119 in June 1930.
at 2 11-16 pence, a development reflected here in minor
Shipments to the trade by makers of service parts were 122% of the
recoveries. All future deliveries for 1931 on the local exchange base figure as compared with 128 in May, 127 in April, and 131 in June
last
year.
sold below the six-cent level.
713
FINANCIAL CHRONICLE
Auct. 1 1931.]
Accessory shipments to the trade in June remained unchanged from the
May figure of 61% as compared with 66 in April and 71 in June 1930.
Service equipment shipments, that is, repair machinery and tools, were
102% of the January 1925 base as compared with 117 in May, 118 in April,
and 128 in June 1930.
Lumber Orders 7% Greater than Production.
Orders for lumber during the week ended July 25 were.
approximately 7% greater than the cut of the mills, it is
indicated in telegraphic reports from 826 leading hardwood
and softwood mills to the National Lumber Manufacturers
Association. The production of these mills amounted to
203,329,000 feet. Their shipments were 16% above this
figure. A week earlier 806 mills reported orders 1% above
and shipments 3% below a cut of 208,052,000 feet. Comparison by identical mill figures for the latest week with the
equivalent period a year ago shows-for softwoods, 453
mills, production 30% less, shipments 9% less and orders
16% less than for the week in 1930; for hardwoods, 220
mills, production 41% less, shipments 6% less and orders
1% above the volume for the week a year ago.
Lumber orders reported for the week ended July 25 1931
by 566 softwood mills totaled 195,066,000 feet, or 4%
above the production of the same mills. Shipments as
reported for the same week were 213,540,000 feet, or 14%
above production. Production was 186,923,000 feet.
Reports from 260 hardwood mills give new business as
22,107,000 feet, or 35% above production. Shipments as
reported for the same week were 22,618,000 feet, or 38%
above production. Production was 16,406,000 feet. The
Association's statement adds:
ments 1,680,000 and orders 1,816,000. The same number of mills reported
a decrease of 56% in production and an increase of 63% in orders, compared with the corresponding week last year.
Canadian Pulp and Paper Exports During June Valued
at $12,635,490-Decrease of $150,624 from May and
a Drop of $2,228,233 from June Last Year-Six
Month Total $73,423,829, Against $91,508,567 in
First Half of 1930.
Canadian exports of pulp and paper were valued at $12,635,490, according to the June report issued by the Canadian
Pulp and Paper Association. This is a decrease of $150,624
from previous month, and a drop of $2,228,233 from June last
year, says the Montreal "Gazette" of July 23, which likewise
stated:
Wood pulp exports for the month were valued at $2,241,548 and exports
of paper at $10,393,942 as compared with $2,428,245 and $10,357,869,
respectively, in the month of May.
Details for the various grades of pulp and paper are as follows:
June 1931.
PulpMechanical
Sulphite bleached
Sulphite unbleached
Sulphate
Screenings
All other
PaperNewsprint
Wrapping
Hooks (cwts.)
Writing (owls.)
All other
Tons.
8,589
21,013
10.259
3,149
1.170
233
$
234,925
1.341,360
428,256
204,707
19,853
12,447
June 1930,
Tons.
12,867
19,726
16,958
6,617
2,136
290
$
367,839
1,490,402
857,934
384,490
41,219
66,980
44,413
2,241,548
59,244
3,208,864
189,739
830
2,648
10,069,585
75,838
22,653
194,322
1,103
3,667
924
11,209,856
115,729
36,189
7,275
285,810
225,866
11,654,859
--Unfilled Orders.
For the first six months of the year the exports of pulp and paper were
Reports from 478 softwood mills give unfilled orders of 648.989,000 feet.
corresponding months of 1930 the value WRS
on Jtuy 25 1931, or the equivalent of 14 days' production. This is based valued at $73,423,829. In the
year of $18,084,738.
upon production of latest calendar year-300-day year-and may be com- $91,508,567, so that there has been a decrease this
Details for the various grades are given below:
pared with unfilled orders of 514 softwood mills on July 26 1930. of 764,588,000 feet, the equivalent of 15 days' production.
Six Months 1930.
Six Months 1931.
The 414 identical softwood mills reported unfilled orders as 630,283,000
feet, or the equivalent of 14 days' production, on July 25 1931, as com$
TOW.
$
Tons.
Pulppared with 741,269.000 feet, or the equivalent of 17 days' production, for Mechanical
2,681,195
91,484
2,087,419
71,554
10.094,863
the same week a year ago. Last week's production of 453 identical soft- Sulphite bleached
135,996
7,745,816
119,715
5,267,905
105,612
2,962,328
68,156
wood mills was 177.140.000 feet. and a year ago it was 254,312,000 feet; Sulphite unbleached
2,936,302
50,732
1,993,246
54,386
shipments were respectively 204,885,000 feet and 226,388,000; and orders Sulphate
343,445
14,261
245,625
9,883
All
other
received 184,426,000 feet and 220,456,000. In the case of hardwoods,
21,323.710
220 identical mills reported production last week and a year ago 15,447,000
398,085
15,035.434
323,694
Paperfeet and 26,317,000; shipments 21,121,000 feet and 22,410.000; and orders
67,307,963
56,334,222 1,167,604
1,025,674
Newsprint
20,113,000 feet and 19,860,000 feet.
7,499
787,325
514,791
5,568
Wrapping
198,761
21,064
12,938
110,739
Book (owls.)
West Coast Movement.
17,080
12,003
1,992
1,300
Writing
(owls.)
Association
Lumbermen's
wired
from
Seattle the follow- All other
The West Coast
1,873,728
1,416,640
ing new business, shipments and unfilled orders for 223 mills reporting for
70,184,857
58,388,395
the week ended July 25:
UNSHIPPED ORDERS.
NEW BUSINESS.
cords,
SHIPMENTS.
395,400
year
were
six
months
of
this
Pulpwood exports for the first
Feet.
Feet.
Peet.
valued at $3,688,616 as compared with 633,443 cords valued at $6,166,167
Domestic cargo
Coastwise and
Domestic cargo
delivery - -__ 54,045,000 delivery -__l79,051,000 intercoastal _ 55,561,000 in the corresponding period of last year.
94,182,000 Export
12,833,000 Foreign
Export
25,116,000
90,172,000 Rail
35,770,000 Rail
Rail
33,980,000
Local
7.472,000
Local
7,472,000
10,393,942
Total
110,121,000
Total
363,405,000
Total
122,128.000
Production for the week was 99,330,000 feet.
For the year to July 18, 167 identical mills reported orders 2% above
production,and shipments were 3.8% above production. The same number
of mills showed a decrease in inventories of 5% on July 18, as compared
with Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that for
128 mills reporting, shipments were 27% above production, and orders
22% above production and 4% below shipments. New business taken
during the week amounted to 33,558,000 feet (previous week 30.702,000
at 121 mills); shipments 35,028,000 feet (previous week 29,010,000), and
production 27,497,000 feet (previous week 27,572,000). Orders on hand
at the end of the week at 109 mills were 86.247,000 feet. The 113 identical
mills reported a decrease in production of 37% and in new business a decrease of 20% as compared with the same week a year ago.
The Western Pine Manufacturers Association of Portland. Ore., reported
production from 87 mills as 33,354,000 feet. shipments 28,912,000 and
new business 26,442,000. The 61 identical mills reported production 35%
less and orders 29% less than for the same week last year.
The California White & Sugar Pine Manufacturers Association, of San
Francisco, reported production from 24 mills as 16,096,000 feet, shipments
18,698,000 and orders 16,613,000 feet. The same number of mills reported
production 40% less and orders 1% more than for the same week last year.
The Northern Pine Manufacturers of Minneapolis, Minn., reported
production from 7 mills as 2.587,000 feet. shipments 2,402,000 and new
business 2,225,000 feet. The same number of mills reported a decrease
of 69% in production and a decrease of 37% in orders, compared with the
same week of 1930.
The Northern Hemlock and Hardwood Manufacturers Association, of
Oshkosh. Wis., reported production from 17 mills as 2,126,000 feet, shipments 903,000 and orders 869,000. The same number of mills reported a
24% decrease in production and a 7% decrease in orders, compared with
the corresponding week of 1930.
The North Carolina Pine Association of Norfolk, Va., reported production from 80 mills as 5,333,000 feet, shipments 5,409.000 and new business
5,238,000. The 37 identical mills reported production 15% less and orders
43% more than for the same week last year.
Rayon Shortage Possible Next Fall-Active Demand
Noted Within Past Two Weeks-Seasonal Buying
Develops Earlier Than Usual-Figures on Country's
Capacity Totaling 193,800,000 Pounds Published
for First Time.
A noticeable increase in the demand for rayon had developed during the last two weeks of July and the feeling
prevails in the trade that a shortage of yarns is possible
during the autumn, it is stated in the current issue of the
"Textile Organon," published monthly by the Tubize
Chatillon Corp. Because of this situation, and the fact that
seasonal buying has developed several weeks earlier than
usual, some producers are beginning to stock yarns in anticipation of the autumn demand.
The review for the first time gives figures showing the
country's capacity for the manufacture of rayons. The
capacity as of July 1 1931, based upon their survey, aggregates 193,800,000 pounds, including capacity for 15,000,000
pounds for which machinery has been purchased and delivered, but is not as yet in operation. Of the total, 75%
is located in Virginia, Pennsylvania, Tennessee and West
Virginia. The review further points out that based upon a
production of 56,000,000 pounds during the first half of
1931, the industry Was operating at about 70% of capacity.
However, the rate of production at present is considerably
above that level. The publication goes on to say:
The Rayon Market in July.
Sales of rayon yarn were seasonally slow during the first two weeks of
July, but during the last two weeks, business picked up considerably. This
move is well in advance of the normal seasonal recovery, which usually
Hardwood Reports.
starts about the middle of August. Some customers are placing fall delivery
The Hardwood Manufacturers Institute of Memphis, Tennessee,reported contracts in anticipation of a rayon yarn shortage of one degree or another
production from 260 mills as 15,380,000 feet. shipments 20,938,000 and new in the fall. There is more than a possibility that certain popular deniers
business 20,291.000. The 203 identical mills reported production 40% of rayon will be sold out in the fall. The fact that most producers are now
making yarn for stock at a rate near their capacity may be indicative of
less and orders 2% less than for the same week of 1930.
The Northern Hemlock and Hardwood Manufacturers Association, of the way they feel about the situation. Talk in the market of dropping the
production
from
17 mills as 1.020,000 feet, ship- price guarantee on graded rayon yarns is, in our opinionAnostly talk.
Oshkosh. Wis., reported
714
[VoL. 133.
FINANCIAL CHRONICLE
American Rayon Producers' Installed Capacity.
In connection with the figures on installed capacity, the "Textile
Organon"says that the figures given are the estimated capacity of American
producers as of July 1 1931, the compilation being based upon official
figures furnished by manufacturers representing about 95% of the industry.
The compilation shows that the nation's capacity on July 1 was 193,800.000
pounds, including capacity for 15,000.000 pounds, for which machinery
was purchased and delivered but not yet installed.
Taking the 178,800,000 pounds of installed capacity in place during
the first half of 1931 (193,800,000 pounds less 15,000,000 pounds of "available" capacity on July 1st) and applying to this a normal idleness figure of
10% to account for machines being repaired, cleaned, changed over, or
replaced, an effective normal operating capacity of 160,000.000 pounds is
obtained.
Using our estimated of 56,000,000 pounds production during the first
half of this year (July issue, page 14), it appears that the industry as a
whole produced yarn at a rate of 70% of its operating capacity during the
first six months of 1931. It is probable that the industry is now producing
at a rate considerably above this level in preparation for the fall business.
The installed capacity of the various companies as of July 1 1931 follows
(units are in millions of pounds per year):
Total.
Company and PlantsViscose. Acetate.
Others.
86.0
81.0
5.0
The Viscose Company
28.0
Dupont Rayon Co
30.0
2.0
4.3
Tubize-Chattilion Corp
14.8
2.5
pli.o
14.0
American Glanzstoff Corp
14.0
Industrial Rayon Corp
13.0
13.0
--Celanese Corp. of America
11.0
-1-173
___
American Bamberg Corp
5.0
4:6
American Enka Corp
5.0
1.6
3.5
Skenandoa Rayon Corp
3.5
Delawarl Rayon Co
2.0
2.0
New Bedford Rayon Co
2.0
2.0
1.8
Woonsocket Rayon Co
1.8
The Belamoae Corp
1.7
1.7
Acme Rayon Corp
1.0
1.0
1.0
Amoskeag Mfg. Co
1.0
Carolina Rayon Mills, Inc
1.0
1.0
Tennessee Eastman Corp
1.0
1.0
193.8
Grand totals
160.3
20.5
13.0
•Tublze Chatillon-Nitro Cellulose; American Bemberg-Cupra-amonium.
CAPACITY AND PROCESS BY STATES.
(Units are millions of pounds per year.)
New EnglandMassachusetts
Rhode IsItInd
Connecticut
New Hampshire
Middle AtlanticPennsylvania
New York
South AtlanticVirginia
Tennessee
West Virginia
Maryland
North Carolina
Georgia
Delaware
Middle WestOhlo
Total.
Viscose,
2.0
1.8
1.7
1.0
2.0
1.8
1.7
1.0
39.0
9.5
34.0
9.5
Acetate.
Others,
The Hail Insurance Board of Alberta wires: "Severe hail losses are reported from Edmonton, Wetaskiwin, Rockyford, Hardisty, Hayter and
Provost."
World Cotton Consumption, According to New York
Cotton Exchange.
The world consumed approximately 939,000 bales of American cotton In June, compared with 949,000 in May and
887,000 in June last year, according to the New York Cotton
Exchange Service. Total consumption in 11 months of the
season ending June 30 was about 10,221,000 bales against
12,148,000 in the corresponding period last season.
"Assuming a normal seasonal decrease in the consumption
rate this month," says the Exchange Service, "the world
consumption total for July will be in the neighborhood of
900,000 bales, and the total for the full season will be in line
with earlier indications of •about 11,100,000 bales. It will
be noted that consumption in June this year was larger than
that in June last year. This is the first month since September 1929 in which consumption during the current month
was larger than that in the corresponding month the year
previous."
Sales of Silk Piece Goods Increase-Stocks Decline
Volume sales of silk piece goods showed a fractional increase during June 1931 as compared with the previous
month, according to the Silk Association of America, Inc.
Sales for the first six months of 1931 show an increase of
8.9% over the corresponding period of 1930.
Stocks at the end of June 1931 were 16.2% under those
of the same month a year ago.
Domestic Exports of Cotton, Cotton Cloths, Yarns,
Threads and Hosiery in June.
The Department of Commerce at Washington on July 28
45.5
35.5
2.0
8.0
issued its monthly report on the domestic exports of cotton,
35.5
30.5
5.0
25.0
25.0
cotton cloths, yarns, threads and hosiery for the month of
11.0
11.0
--June and the six months ending with June, with compari6.0
6.0
6.8
4.3
2.5
sons for the corresponding periods a year ago. The exports
2.0
2.0
of raw cotton were larger in quantity and smaller in value
7.0
7.0
in June this year than in June last year, 255,403 bales
Grand totals
193.8
160.3
20.5
13.0
having been shipped in June 1931, against 185,053 bales
in June 1930, the value of these exports having'been $13,The Crops in the Dominion of Canada.
442,537 in June this year as compared with -$15,503,079
Under date of Ottawa, July 28, 4 p. m., the Dominion in June last year. For the six months ending with June
Bureau of Statistics issued the ninth of its series of weekly 1931 the exports of raw cotton were 2,554,332 bales against
telegraphic reports on crop conditions in the Prairie Prov- 2,351,399 in the six months ending with June 1930. The
exports of cotton manufactures showed a substantial falling
inces as follows:
Summary.
off in comparison with similar periods a year ago. Below is
The past week of excessively high temperatures, hot winds and almost the report in full:
5.0
negligible precipitation was one of the most disastrous of the season in its
effect on Western crops. Wheat, which is mostly in head, is ripening
prematurely over practically the entire area of the three provinces where
the farmers specialize in its production. In southern and western Manitoba, south-central Saskatchewan and southern Alberta, the crops, which
were already very light and patchy, suffered greatly as moisture supplies
were soon exhausted. More promising reports come from the outskirts
of the wheat area-in northern and eastern Manitoba, northern Saskatchewan, and west-central and northern Alberta, but even in these districts
crop conditions were sustained rather than improved. In some areas of
Alberta, the heat was welcomed for its effect in maturing the backward
growth.
Rye and barley are now being cut and are generally showing very poor
yields. The earliest yields of wheat will be ready for the binder within a
few days, and cutting will be general over wide areas before mid-August.
Most of the wheat is now in head, with some coloring and filling prospects
still problematical.
Grasshoppers are reported as particularly destructive in Manitoba and
Alberta and their numbers suggest further damage next year.
As in the previous week destructive hail storms covered considerable areas
of Saskatchewan and Alberta.
The following wire on rust conditions was received from the Dominion
Rust Research Laboratory at Winnipeg:
"Stem rust of wheat is now quite general in southern Manitoba. Traces
ofrust are present in the northern part of the Province. Heaviest infections
occur on common wheat in the Red River Valley where severity of infections
ranges from 5 to 40%, with infections averaging about 20%. In southern
Manitoba early sown varieties are fast approaching maturity and will not
be appreciably damaged by rust. Trace of rust only on durum. No stem
rust is reported in Saskatchewan."
Meteorological Report.-The following telegram was received from the
Dominion Meteorological Service, Toronto, covering western weather in
the week ended July 27 at 8 a. m.
"Generally high to excessive temperatures with rain at only a few points:
Less than 0.1 inch at Winnipeg, Battleford, Prince Albert, Calgary, Coronation and Beaverlodge; 0.1 inch at Swan River; 0.3 inch at Edmonton;
0.4 inch at Le Pas, Lloydminster and Vegreville; 0.5 inch at Macklin and
Kamsack; others nil."
The weather in the West has become cooler since yesterday morning and
scattered rains and thunderstorms have been reported in the three provinces,
with more forecasted for to-day.
flail Damage.-Our correspondent at Regina wires as follows: "Hail
storm reported July 26, three miles wide and thirty miles long south of
Macklin and north of Salvador. No other losses of any importance during
past week."
DOMESTIC EXPORTS OF COTTON, COTTON CLOTHS, YARNS;
THREADS AND HOSIERY.
Month of June.
1930.
1931.
6 Months Ended June,
1930.
1931.
255,403
185,053
2,351,999
2.554,332
Raw cotton,except linters,bales
$15,503,079 $13,442,537 $218,415,463 $146,889,072
Value
$7,572,555 $5,834,388 $50,043,940 $32,833,293
Cotton manufactures,total_ 36,060,524
34,553,590
219,829,135
Cotton cloths, total SQ. yds
187,199,308
$4,634,233 $3,560,166 $28,769,821 $12,352,648
Value
144,505
175,296
1,049,643
Tire fabrics, sq. yds
577,556
$54,365
$42,562
$370,622
Value
$179,801
632,671
966,076
5,442,579
Cotton duck,sq. yds
4,324,879
$150,054
1307,285
Value
$1,821,616 $1,068,038
Other cotton cloths7,788,153 9,025,220 53,619,367 51,292,951
Unbleached, SQ. yds
$634,253
$566,703 $4,437,517 $3,315,977
Value
6,377,088 4,880,804 34,572,694 25,490,912
Bleached, sq. yds
$438,518 $3,958,076 $2,469,563
Value
$702.220
20,753,911 19,870,310 125,144,852 105,513,010
Colored, sq. yds
Value
$2,936,110 $2,362,329 $18,181,990 $12,319,269
Cotton yarn, thread, &c.
Carded yarn, lbs
745,672
623,778
4,260,844
3,273,724
$164,134 $1,380,757
Value
$755,184
$194.667
Combed yarn, lbs
833,946
660,547
5.203.081
4,327,027
Value
$624,865 $403,944 $3,992,883 $2,916,948
Sewing, crochet, darning and
97,234
76,070
embroidery cotton,lbs_
488,711
500,528
Value
$115,838
$74,626
$579,990
$501,550
Cotton hosiery, dozen pairs
104,190
179,674
1,426,846
645,130
$277,421
Value
$164,855 $2,332,825 $1,019,599
Domestic Exports of Meats and Fats for June.
The Department of Commerce at Washington on July 25
made public its report on the domestic exports of meats and
fats for June. This shows that in the month of June 1931
the quantity of meats and meat products exported was
approximately one-third less than that exported in June 1930,
21,419,575 lbs. being shipped in June 1931 against 31,555,0804 lbs. in June 1930; the value of these exports showed
a decline ofjover 44%, being $3,157,496, against $5,646,756.
The quantity and value of animal oils and fats exported in
June were also smaller as compared with a year ago.
FINANCIAL CHRONICLE
AUG. 1 1931.]
For the six months ended with June the exports of both
meat and meat products and animal oils and fats were
smaller as to quantity and value in the same proportions as
those for the single month of June than in the corresponding
six months of the previous year. The report is as follows:
DOMESTIC EXPORTS OF MEATS AND FATS.
Month of June.
1930.
1931.
6 Mos. Ended June.
1930.
1931.
270,197
139,971 1,417,282 1,165,440
Beef and veal. fresh, lbs
862.710
Value
$30,794
$339,514
$272,188
1,5 6,6M
Beef, pickled, Ste., lbs
27 036 8.194,697 5,305,376
5164,668
Value
$97,809
$683,238
$441,986
Pork, fresh, lbs.
1,103,698
745,875 11,245,375 4,765,245
Value
$158,978 $104,072 $1,942,892
$737,735
Wiltshire, sides, lbs
56.650
1,855.501
108
Value
$10,637
$352,568
$59
Cumberland, sides. lbs
478,834
196,868 2,792,990
918,043
Value
$89,487
$25.739
$519,566
$126.103
Hams and shoulders, lbs.
12,157,887 9,721,213 67,941,947 47,439,092
Value
$2.471,497 $1,473,170 $13,437,958 $7,609,483
Bacon, lbs
6,548,387 2,097,086 61,990,794 21,432.013
Value
51,017,656 $242,350 $9.420,346 $2,804,026
Pickled prok, lbs.
2,887,913 1,153,549 17,745,456 8,234.652
Value
$413,842 $121,365 $2,455,053
$901,730
Oleo oil, lbs
3,605.813 2,930,362 26.157,963 24,635,441
Value
$394,793 $197,260 52,991,096 $1,797,891
Lard. lbs
56,666,087 37,785,509 375,050,837 318,213,337
Value
86,163,895 $3,236,533 $42,376,426 530,468,238
Neutral lard, lbs.
1,031,568
587,214 7.853,825 5,082,063
Value
$516,377
$53,269
$942,898
$513,424
Lard compounds,animal fats, lbs.__
143,422
174,300 1,282,142
855,998
Value
$16,537
$17,750
$148,977
$94,975
Margarine of animal or vegetable
fats, lbs.
57,249
46,388
382,141
294,632
Value
59,359
85,923
$59,727
542,539
Cottonseed oil, crude, the
2,333
14,155,516 7,213,140
Value
$219
51,077,184
$8481,377
Cottonseed oil, refined, lbs
1,838,390 1.594,216 4,432,290 9,431,348
Value
$175,699 $143,928
$472,296
$837,401
Lard compounds, vegetable fats, lbs.
586.331
355.732 3,261,666 2,567.909
Value
$78,546
$43,304
$438,325
$329,771
Total meats & meat products, lbs. 31,555,804 21,419,575 220,473,095 133,830,255
Value
$5,646,756
$38,961,158 $20,513,082
Total animal oils and fats, lbs_.- 63,630,839 $3,157,496
43,255,331 419,385,663 358,292,619
Value
$6,872,976 $3,622,018 $87,323,579 $33,598,602
Domestic Exports of Grain and Grain Products.
The Department of Commerce at Washington gave out
on June 24 its monthly report on the exports of the principal
grains and grain products for June and the three months
ended with June, as compared with the corresponding
periods a year ago. Total values of these exports were
nearly one-third less in June 1931 than in June 1930, $10,720,000 being the value in June 1931 against $15,750,000 in
June 1930. Exports of barley in June 1931 were 733,000
bushels as against 397,000 bushels in June 1930; exports of
malt, 82,000 bushels, against 171,000 bushels; exports of
corn only 70,000 bushels, against 708,000 bushels; exports of
oats 60,000 bushels, against 29,000 bushels; exports of rice
19,245,000 pounds, against 15,875,000 pounds; exports of
rye 10,000 bushels, against 18,000 bushels; exports of wheat
8,136,000 bushels against 8,066,000 bushels, and exports
of wheat flour 1,372,000 barrels, against 938,000 barrels.
The details are as follows:
DOMESTIC EXPORTS OF PRINCIPAL GRAINS, GRAIN
PRODUCTS
AND FEEDSTUFFS.
Month of June.
1930.
6 Mos. Ended June.
1931.
1930,
1931.
Barley bushels
397 000
733,000 4,016,000 4,533,000
Value
5535,000 $3,124,000 $2,969,000
$286,000
Malt, bushels
171,000
82,000 1.212,000 3,815,000
Corn, bushels
708,000
70,000 5,080,000 1,239,000
Value
555.000 54,726,000 31,056,000
5645,000
Cornmeal, barrels
17,000
13,000
102,000
92,000
Value
$50,000
$79,000
5488,000
$374.000
Hominy and grits, Pounds
559,000 1,078,000 3,255,000 5,332,000
0at cbusheis
29,000
60,000
743,000
151,000
Value
$24,000
$18,000
$391,000
$73,000
Oatmeal, pounds
__ 3,149,000 6,021,000 18,510,000 19,884,090
Value
$259,000 $1,360,000 51,221,000
$216,000
Rice, pounds
15,875,000 19,245,000 107,172,000 119,280,090
Value
$691,000
$628,000 84,401,000 $3,981,000
Rice, broken, pounds
4,354,000 4,691,000 24,198,000 35,166,000
Value
$126,000
$69,000
$715,000
$536,000
Rye, bushels
18,000
10,000
184,000
78,000
Value
$31,000
$6,000
$199,000
$37,000
Wheat, bushels
8,066,000 8,136,000 32,394,000 20,896,000
Value
$8,024,000 $6,029,000 $37.608,000 $15,851,000
Wheat flour, barrels
938,000 1,372,000 6,112,000 5,343,000
Value
$4,566,000 $2,776,000 $35,587,000 $18,078,000
Biscuits, unsweetened, pounds
374,000
251,000 4,200,000 2,727,000
Biscuits, sweetened. pounds
198,000
101,000 1,447,000
711,000
Macaroni, pounds
703.000
251,000 4,845,000 2,649,000
Total value
$15,750,000 $10,720,000 892,095,000 $46,156,000
Petroleum and Its Products-Crude Situation in
Oklahoma Expected to Be Compromised-Nation's
Producing Centers Strengthened During Week.
The crude oil situation in Oklahoma at this writing,
July 31, indicates that unless a price of $1 per barrel obtains
by to-morrow all wells will be ordered closed by Governor
William H. Murray, and his order will be made effective
by the use of the/military authority of the State, if necessary. However, from sources believed authoritative, it is
understood that a compromise price agreement will be
reached before this drastic action is taken, and that this
715
agreement will establish Oklahoma crude on a 7543. to 80c.
per barrel basis.
Governor Murray based his executive order upon the
belief that depletion of resources which supply income
through taxes for a large portion of Oklahoma's school funds
as well as other expenditures should be halted and such
resources conserved.
In California the Kettleman Hills operators have arrived
at a definite agreement to hold that field's output to 60,000
barrels daily maximum for the rest of the year, and immediate action got under way in shutting in new wells.
In commenting upon the Oklahoma situation and Governor Murray's order, President G. Seubert of the Standard
Oil Co. of Indiana, parent company of the Stanolind Crude
Oil Purchasing Co., said: "Standard of Indiana fixes its
prices for crude oil without reference to State lines, on the
basis of supply and demand and the status of competitive
prices, and also on the basis of what it receives in the way
of prices for the derivatives of crude oil that it sells to the
public. In principle, Standard of Indiana stands for prices
that will enable producers to make a fair profit. By the
same token, it believes that those who purchase, refine and
market petroleum products are also entitled to a fair measure
of profit for their effort. It will gladly see a return of a
sound price structure for the oil industry, but believes that
return most come through economic development in all
the areas involved and by degrees gradual enough to permit
adjustment to take place as to all the multitudinous factors affecting the situation."
A higher schedule of prices has been posted by the Midwest Refining Co. for Salt Creek crude, and by the Pure
Oil Co. for Michigan crude. The latter was advanced 200.
a barrel to 57c., and Salt Creek's new prices are 30c. a
barrel for 29 degrees gravity and below and 39e. for 40
degrees and above.
Effective July 30, new prices posted by Magnolia Petroleum Co. per barrel at wells in Louisiana and Arkansas
follow: Louisiana-Bayou, 40c.; Haynesville, 32e.; Pine
Island, 36c.; Cotton Valley, 30c.; Arkansas-El Dorado,
31.; Rainbow, 31c.; Eastfield, 30c.; Smackover district,
30c. Shortly before the start of a mass meeting of producers in Tulsa Monday evening of this week, the Sinclair
Refining Co. posted a price of 50e. per barrel, this being
100. above Carter Oil Co. and 8c. above Standard Crude
Purchasing Co. At the meeting more than 1,000 oil men
fully endorsed the State shut-down movement.
Production in East Texas continues unabated by changes
elsewhere. It has been estimated that were it not for that
territory the average daily production in the country would
be 20% below the same period in 1930.
Price changes follow:
July 30.-Effective immediately, Magnolia Petroleum Co. new prices
follow: Louisiana-Bayou, 40c.; Haynesville, 32c.; Pine Island, 36c.; Cotton
Valley, 30c.; Arkansas-El Dorado, 31c.; Rainbow, 31c.; Bastfield. 30c.;
and Smackover district, 30c. All prices per barrel at wells.
July 27.-Sinclair Refining Co. posts flat price of 50c. per barrel in
Oklahoma.
July 25.-Midwest Refining Co. posts new prices for Salt Creek crude
as follows: 30c. per barrel for 29 degrees and below, and 39c. per barrel
for 40 degrees and above.
July 25.-Pure 011 Co. posts new price for Michigan crude of 57c. per
barrel, an advance of 20c.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A.P. I. degrees are not shown.)
Corning
$0.15 Eldorado, Ark.. 40
50.31
Illinois
Rusk. Texas, 40 and over
.15
Western Kentucky
.35 Salt Creek, Wyo., 40 and et er____ .39
Mideontinent, Okla., 40 and above .50 Darst Creek
.37
Hutchinson, Texas, 40 and over__
.27 Sunburst, Mont
.70
Spindletop, Texas, 40 and over_.
.60 Santa Fe Springs. Calif..40 and over .75
Winkler. Texas
.72
.25 Huntington. Calif., 28
Smackover Ark., 24 and over
.30 Petrol's, Canada
1.60
REFINED PRODUCTS-IMPROVEMENT IN CRUDE FIELDS REFLECTED THROUGHOUT DISTRIBUTING CENTERS-EXPORT MARKET SHOWS BETTERMENT.
The marked improvement in the crude oil price situation
which has resulted from positive action taken in producing
centers to bring about higher prices has been fully and
quickly reflected in the refined products division of the
industry. The export market has also strengthened, with
gasoline and kerosene prices for foreign markets showing
an advance of lie. per gallon at Gulf ports.
The Standard Oil Co.of Ohio on July 31 advanced gasoline
one cent per gallon in Summit County, which includes Akron.
This brings this territory in line with the State structure of
14c. for X70 and 17c. for Sohio Ethyl, tank wagon and 15c.
and 18c. service stations.
On the other hand, competitive action brought about a
reduction of 1Mc. per gallon in the service station price of
Shell Eastern in Philadelphia, making the new price 103c.
a gallon, exclusive of 3c. State tax. This action was taken
[VOL. 133.
FINANCIAL CHRONICLE
716
July 28, at which time the Sun Oil Co. reduced service station prices one cent to lie, per gallon, and tank wagon one
cent to 10c. per gallon. In the metropolitan market of New
York distributors are more optimistic than they have been
for months, and feel that the industry is on a definite upward
movement. The combination of stronger crude markets,
less production and seasonal higher consumption provides
the combination they have been awaiting.
Fuel oil demand has been maintained on a stronger level
than anticipated, and prices are expected to show increasing
strength as the firmer crude market continues. Domestic
kerosene demand has shown no definite improvement but
inquiries indicate that some substantial business may be
placed shortly in anticipation of a rising market. Bunker
fuel oil, Grade C, holds steady and unchanged.
Price changes follow:
July 31.-Standard Oil Co. of Ohio advances gasoline prices one Cent per
gallon in Summit County, including Akron. The new prices, bringing this
territory in line with the State structure, are 14c. for X70 and 17c. for
Sohio Ethyl, tankwagon, and 15c. and 180. service station.
July 28.-Shell Eastern Petroleum reduces gasoline 1;4c. service station, In Philadelphia, making new price 1054c. exclusive of State tax.
July 28.-Sun Oil Co.reduces gasoline in Philadelphia one cent per gallon,
making new service station price lle, per gallon, tankwagon 10c. per gallon.
Gasoline, U. S. Motor, Tank Car Lots, F.O.B. Refinery.
S.04-.04X
Arkansas
N.Y.(Bayonne)N. Y.
.05-.07
Stand. 011, N. J_30.534
Colonial-Beacon--$0.536 California
Loa Angeles.ex .0434-.07
*Stand.011, N.Y. .0534
06
Crew Levis&
Tide Water Oil Co .0534
.0535 North Louisiana .04-.0434
tTexas
Richfield 011(Cal.) .06
Gulf
.0534 North Texas_ .0334-.0334
0334-04
Warner-QuinPnCo .05)(
Continental
.0534 Oklahoma
PennsylvaniaPan-Am.Pet. Co_ .0534 Chicago
.0534
.023(-.03
Shell Eastern Pet_ .0534 New Orleans. ex____ .03
*Plus freight. t"Texaco" Is 634c.
Gasoline. Service Station, Tax Included.
5.149
New York
3.15 Kansas City
$.153 Cincinnati
.162
.15 Minneapolis
20 Cleveland
Atlanta
.118
.18 New Orleans
Baltimore
.144 Denver
.16
13 Philadelphia
Boston
.15 Detroit
.17
18 San Frguacisco
Buffalo
.128 Houston
19
.14 Jacksonville
Chicago
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
5.0434 (Chicago
N.y.(Bayonne)
$ 0234-.0334 New Orleans, ex..50.334
Tulsa
0434-.0334
North Texas.. .0234-.03
LosAngeles,ex. .0434-.06
Fuel 011, F.O.B. Refinery or Terminal.
New York (Bayonne)California 27 plus D
Gulf Coast "C".. $.65-.70
Bunker "C"
3.75-1.00 Chicago 18-22 D..4234-.50
3.80
1.50 New Orleans"C"--_ .70
Diesel 28-30D
Gas Oil, F.O.B. Refinery or Terminal.
N.Y.(Bayonne)(ChicagoTulsa32-36D Incl.S.01%-.02
28D plus-.3.0334-.04
32-36D Ind_S.0134-.02
II
I
I
II
Gross Crude Oil Stock Changes for June.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains decreased 1,216,000 barrels
n the month of June, according to returns compiled by
the American Petroleum Institute from reports made to it by
representative companies. The net change shown by the
reporting companies accounts for the increases and decreases
in general crude oil stocks, including crude oil in transit, but
not producers' stocks at the wells.
Crude Oil Production in United States Shows Slight
Decline as Compared with a Year Ago.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ended July 25 1931, was 2,486,950
barrels, as compared with 2,446,800 barrels for the preceding week, an acrease of 40,150 barrels. Compared with
the output for the week ended July 26 1930 of 2,488,700
barrels per day, the current figure represents a decrease of
1,750 barrels daily. The daily average production East of
California for the week ended July 25 1931 was 1,963,050
barrels, as compared with 1,921,800 barrels for the preceding
week, an increase of 41,250 barrels. The following are
estimates of daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
July 25 '31. July 18 '31. July 11 '31. July 26 '30.
Week Ended632,450
588,850
521.000
482,150
Oklahoma
101,450
99,500
117,050
97,400
Kansas
59,250
96,400
57,800
55,600
Panhandle Texas
60.600
58,850
74,550
52,100
North Texas
27,600
26,250
55,400
25,600
West Central Texas
205,150
298,650
201,550
199.650
West Texas
59.450
53,500
40,900
52,350
East Central Texas
381,550
408,800
504,900
East Texas
57 050
57,750
77 350
56,750
Southwest Texas
33.950
33,750
42.150
33,450
North Loulalana
55,450
43,500
41,050
40,600
Arkansas
136,650
185,900
135.900
133,950
Coastal Texas
22,900
23,150
26.450
22,550
Coastal Louisiana
99,350
126,500
100,300
97,300
Eastern (not incl. Michigan)._
8,400
9,850,
8,200
Michigan
7.800
38,200
48,100
41,100
40,600
Wyoming
8.100
9,350
8,400
Montana
7,950
4,050
4 700
3,650
Colorado
4,200
41,950
42,200
41.350
New Mexico
42,150
523,000
610,900
525,000
California
523,900
2.486,950 2,448,800 2.544.850 2,488,705
The estimated daily average gross production for the Mid-Continent
Field, including Oklahoma, Kansas, Panhandle, North, West Central,
West, East Central, East and Southwest Texas, North Louisiana and
Arkansas, for the week ended July 25, was 1,606,550 barrels, as compared
with 1.560,000 barrels for the preceding week, an increase of 46,550 barrels.
Total
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,577,850 barrels, as compared with 1,531,200 barrels, an increase
of 46,650 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in parreli of 42 gallons.
follow:
-Week Ended-Week EndedOklahomaJuly 25. July 18.
Southwest TexasJUill 25. Jul!,18.
Bowlegs
14,300 14,400 Chaomann-Abbot__ __ 3,000 3,100
Bristow-Slick
11,600 11,650 Darst Creek
19,900 20,600
Burbank
13,000 13,150 Luling
7,600 7,600
Carr CRY
15.400 10,750 Salt Flat
11,500 11,550
Earlsboro
17,300 18,300
North Louisiana-East Earlsboro
17,700 18,000 Sarepta-Carterville
1,000 1,000
South Earlsboro
4,100 5.000 Zwolle
7,150 7,250
Konawa
7,350 6,600
ArkansasLittle River
23,200 21,800 Smackover, light
3,700 3,700
East Little River
3,750 5,400 Smackover, heavy
28,700 28,800
Maud
2,300 2,250
Coastal TexasMission
9.050 9,050 Barbers 11111
19.500 20,300
Oklahoma City
111,600 144.100 Raccoon Bend
8,900 7.100
St. Louis
20.250 .21,700 Refuels) County
26,900 26,000
&aright
4,050 4.050 sugasiand
12,000 12,000
Seminole.
12,800 13,300
Coastal LouisianaEast Seminole
1.750 1,750 East HackberrY
650
650
KansasOld Hackberry
700
700
Ritz
7.500 5,300
Wyoming14,100 14.300 Salt Creek
Sedgwick County
24,600 24,600
Voshell
15,500 16,350
MontanaPanhandle TexasKevin-Sunburst
4,500 4,800
Gray County
39,400 40,550
New Mexico9.750 10,550 Hobbs High
Hutchinson County
37,050 35,100
North TexasBalance Lea County
3,250 3,850
Archer County
12,550 12,750
CaliforniaNorth Young County... 9,000 9,100 Elwood-Goleta
25,600 26,500 '
11,400 12,000 Huntington Beach
Wilbarger County
19,200 19,500
West Central TexasInglewood
13.800 14,000
South Young County... 3,250 3,450 Kettlemen Hills
76,400 77,700
West TexasLong Beach
74,200 74,300
Grans & Upton Cos-- 19,400 20.100 Midway-Sunset
51,700 50,600
6,800 5,500 Playa Del Rey
Ector County
24,600 24,500
Howard County
26,900 25,550 Santa Fe Springs
62.100 62,700
25,900 27,000 Seal Beach
Reagan County
12,000 11,400
36,800 40,000 Ventura Avenue
Winkler County
40,000 40,200
70,900 70,200
Yates
2,900 2,600
Bal. Pecos County
Pennsylvania GradeEast Central TexasAllegany
8,850 6,900
43,000 44,250 Bradford
Van Zandt County
21,350 21,900
Kane to Butter•
East Texas6,050 6,350
181,700 146,900 Southeastern Ohio
Rusk Co.-Joiner
5.950 8,400
_212,000 170,600 Southwestern Penna.. 3,150 3,250
Kilgore
Gregg Co.-Longview_111,200 91,300 West Virginia
11.950 13,500
Weekly Refinery Statistics for the United States.
Reports compiled by the American Petroleum Institute
for the week ended July 25, from companies aggregating
3,646,100 barrels or 94.7% of the 3,848,500 barrel estimated
daily potential refining capacity of the United States,
indicate that 2,514,100 barrels of crude oil were run to stilts
daily, and that these same companies had in storage at
refineries at the end of the week, 37,289,000 barrels of
gasoline, and 132,793,000 barrels of gas and fuel oil. Reports
received on the production of gasoline by the cracking
process indicate that companies owning 94.9% of the potential charging capacity of all cracking units, manufactured
.3,220,000 barrels of cracked gasoline during the week.
The complete report for the week ended July 25 1931 follows:
CRUDE RUNS TO STILLS, GASOLINE STOCKS AND GAS AND FUEL OIL
STOCKS, WEEK ENDED JULY 25 1931.
(Figures in barrels of 42 gallons each)
District.
Per Cent
Potential
Capacity
Reportint,.
Crude
Runs to
Bulls.
3,382,000
100.0
East Coast
91.8
Appalachian
823,000
2,339,000
Ind.. Illinois, Kentucky 96.6
2,073,000
Okla., Kans., Missouri_ 89.6
3,766,000
Texas
91.3
1,281,000
98.9
Louisiana Arkansas
Rocky Mountain
416,000
89.3
California
3,519,000
96.5
Total week July 25.. 94.7
17,599,000
Daily average
2,514,100
Total week July 18_ 94.7
17,311,000
Daily average
2,473,000
Total July 26 1930-- _
Daily average
95.7
17,630.000
2,518,600
Per Cent
OPer.
of Total
Capacity
Report.
Gasoline
Stocks.
76.2
85.6
79.3
68.1
70.3
79.4
41.7
57.1
6,489,000
1,338,000
5,483,000
2,840,000
6,822,000
960,000
1,876,000
*11,681,000
a
Gas and
Fuel Oil
Stocks.
9,576,000
1,420,000
3,847.000
5,160,000
10,622,000
2,811,000
829,000
98,528.000
69.0
37,289,000
132,793,000
67.8
37,377,000
132,956,000
71.4
44.751,000
139,269.000
b Tana Gulf Coast99.8
2,756,000
74.1
5,656,000
7.347,000
b Louisiana Gulf Coast 100.0
817,000
79.1
815.000
1.864.000
a In all the refining districts indicated except California: figures in this column
represent gasoline stocks at refineries. In *California they represent the total
Inventory of finished gasoline and engine distillate be d by reporting companies
wherever located within Continental United States-(stoelus at refineries, water
terminals and all sales distributing stations, including products in transit thereto).
b Included above in table for week ended July 25 1931.
Note -All figures follow exactly the present Bureau of Mines definitions, Crude
oil'runs to stills include both foreign and domestic crude. In California, stocks of
heavy crude and all grades of fuel oil are included under the heading "Gas and Fuel
OR Stocks."
Total Demand for Refinery Gasoline During Second
Half of 1931 Will Show an Increase of 3.7% Over
the Corresponding Period in 1930, According to
Estimates.
Total demand for refinery gasoline during the seond
half of 1931 will show an estimated increase of 3.7% over
that for the corresponding period of 1930, the American
Petroleum Institute's Committee on Refinery Statistics and
Economics on July 22 reported to the board of directors.
Domestic demand, it was estimated, will increase 5.7%,
but a decrease of 10% was predicted in exports. The committee also estimated a decline of 2.4% in total demand
AUG. 1 1931.]
FINANCIAL CHRONICLE
for crude oil, but said it looked for a 6% increase in exports.
Domestic crude oil requirements were placed at an average
of 2,393,000 barrels per day.
The committee's'report is submitted herewith With the
following comments:
717
in April 1931, and 150,541 tons in June 1930, according to
figures released by the American Bureau of Metal Statistics
and published in the "Wall Street Journal" of July 29.
While total output for the month was down, the average
daily tonnage was slightly higher, with 4,008 tons a day in
June as against 3,988 tons in May, the lowest for the year,
4,398 tons in April, and 5,018 tons in June 1930.
• The total production for the first six months of this year
was 807,244 short tons as compared with 926,837 tons in
the first six months of 1930.
The following table gives in short tons world production
of lead assigned to countries of origin of the ore so far as
possible:
Refinery Gasoline.
It is expected that the total demand for refinery gasoline during the
second half of 1931 will show an increase of 3.7% above the demand during
the corresponding period of 1930. The indications are that exports ivill
be 10% less and domestic demand 5.7% more.
It is our opinion that 27,184,000 barrels of gasoline at refineries on Oct. 1
would be adequate working stocks and this quantity has been used by the
sub-committee as one of its basic figures. Between Oct. 1 and Dec. 31
1931, the report contemplates an increase of 3,100.000 barrels above
working stocks, making total stocks at the end of the year 30,284,000
barrels.
While late reports indicate that reserve stocks of gasoline are being
drawn upon heavily, the fact remains that if present refining operations
are continued through the early part of the period and then experience
/assort
,
March,
April,
May,
June,
June,
only the usual fourth quarter reduction, stocks are very apt to be seven
or eight mllllon barrels higher than the 30.284.000 barrels set by the United States
41,775
35,498
89,519
80,708 280,369
Statistical Sub-Committee as the economic limit for Dec. 31. In order Canada
12,659
13.336
11,345
11,262
72,734
24,801
22,207
18,428
to improve the general condition of the industry, each refiner should make Mexico
21,093 131.250
Germany
11,112
8.591
7,918
10,097
60,358
an earnest effort to improve his own situation and especially should he be Italy
2,244
2,138
2,302
1,941
18,187
on guard to avoid entering 1932 as the industry did in 1931, with a ruinous Spain and T'unbi_x
10,014
9,253
7.102
7.937
53.290
surplus of gasoline. On July 1 approximately 2,550,000 barrels of crude Europe. n,e,s_y_z
18,900
17.500
16.000
18,100 107,800
16,412
14.533
13,129
18,037
oil daily were being run to stills, which is 7% higher than the average of Australia
86,683
Burma
7,672
7,672
6,698
8,815
43,573
2.387.000 barrels required during the latter half of the year.
Elsewhere y
1,200
1,200
1,200
1,200
7.200
Gas and Fuel Oil-East of California.
World's total
146,789 131,026 123,639 120,240 807,424
The total supply of gas and fuel oil-east of California-will be more United States
41.775
35,498
39,519
30,708 230.269
105.014
96,428
84,120
89,532 577,055
than sufficient to meet the demand. Stocks will be increased 1,500,0000 Elsewhere
barrels.
zPartial, y Estimated or partly estima ed. z Revised,
Crude Oil.
Lead production of the United States in June 1931 was
The total demand for domestic crude oil will average
2,393,000 barrels 30,708 tons, the smallest in many years, comparing with
per day. The Committee feels that there should be
supplied from storage
a greater part of the crude required than the 90,000
39,519 tons in May and 35,498 tons in April, being materially
barrels withdrawn
daily during the first half of this year. The production of crude
should reduced as to daily average output as well as monthly total.
be so prorated as to make this possible but as to the proportions
from Lead production outside of the United
States increased
storage and production the committee feels is not within its
province to
recommend.
despite the shorter month,although lower than April, having
(Signed by W. R. Boyd Jr., Executive Vice-President of
the Institute,
acting as Chairman; T. H. Barton, Lion Oil dr Refining Co., El Dorado, been 89,532 tons compared with 84,120 tons in May, and
Ark.; A. J. Byles, Tide Water Associated Oil Co., New York; T. A.
Dines, 96,428 tons in April. This was due mainly to the increase in
Midwest Refining Co., Denver, Colo.; K. R. Kingsbury,
Standard Oil production of Germany and Mexico.
Co. of California, San Francisco, Calif.; E. B. Reeser, Barnsdall Oil
Corp.,
Tulsa, Okla.; Edward G. Seubert, Standard Oil Co. (Indiana),
Chicago,
Ill.; C. L. Buhr, Pennzoil Co., Oil City, Pa., and H. C. Weiss,
Humble Copper Reaches New Record Low-Lead and Zinc
011 & Refining Co., Houston, Tex.)
Prices Hold Up-Tin a Shade Lower-Little Change
SUMMARY OF REFINERY GASOLINE,GAS AND FUEL OIL, AND
CRUDE
in Silver.
OIL DEMAND,SUPPLY AND STOCKS(BARRELS OF 42 GALLONS)
FOR LAST SIX MONTHS OF 1930-1931(ESTIMATED).
Trading in nonferrous metals continued inactive and prices,
Refinery Gasoline.
taken as a whole, moved within narrow limits in the week
Ste Months Ended Dec. 311931 (En.). Inc 1+)or Dec.
1930.
0• just ending,"Metal and Mineral Markets" reports under date
Demand-Domestic
203,400,000 215,000,000 +11,600,000 5.7%
Export
29,100,000 28,200,000 -2,900,020 -0.0%
Total demand
Supply-From straight-run
From cracked
From natural
Tots, lputput
From imports
From stocks
232,500.000 241,200,000
107,500,000 al10.684.000
84,100,000 91,800,000
22,400,000 19,800.000
+8,700.000 3.7%
+3,184,000 3.0%
+7.700,000 9.2%
-2,600,000 11.8%
214,000.000 222,284.000
8,800,000
6,600,000
9,700,000 12,316,000
+8,284.000 3.9%
-2,200,000 25.0%
+2,616,000 27.0%
Total supply
232,500,000 241.200,000 +8,700.000
Stocks-July 1
50,200,000 42,600,000 -7,600,000
October 1
38,200,000 27,184,000 -11,016,000
December 31
40,500,000 30,284,000 -10216.000
Withdrawal July 1 to Oct. 1
12,000,000 15,416,000 +3.416.000
Addition Oct. 1 to Dec. 31
2,300,000
3,100,000
+800,000
Gas and Fuel 011-East of California.
(California not shown due to abundance of stocks.)
Demand-Domestic
134.000,000 128,900,000 -5,100,000
Export
5,800,000 5,700.000
-100,000
Total demand
139,800,000 134,600,000 -5,200,000
Supply-From refinery output...124,800,000 b124,500,000
-300,000
From California
2,500.000
1,000,000 -1,500,000
From Imports'
• 13,000,000 10,600,000 -2,400,000
Totalsupply
Oversupply
Stocks-July 1
December 31
Addition July 1 to Dec. 31._
140,300,000 136,100,000
500.000
1,500,000
-4,200,000
+1,000,000
+1.200,000
+2,200.000
+1,000,000
3.7%
15.1%
28.8%
25.2%
28.5%
34.8%
3.8%
1.7%
3.7%
0.2%
60.0%
18.5%
3.0%
3.7%
32,800,000 35,000,000
6.7%
500.000
1,500.000
Crude 011,
Biz Months Ended Dec. 311930
1931 (Est.). Inc.(-I-) or Dec.(-).•
Demand-Runs to stills:
RAM of California
350 300000 355,800,000 +5,500,000 1.6%
California
99,500,000 83,400,000 -16,100,000 16.2%
Total runs
449,800,000 439,200,000 -10.600.000 2.4%
Exports
11,600.000 12,300.000
+700.000
Used as such
16,400,000 15,000,000 -1,400,000 6.0%
8.5%
Total demand
477.800,000 466,500.600
2.4%
Supply-From U. B. produotion 430,200.00012440,300,000 -11,300,000
-6,500.000 1.5%
From stocks
16,600 000J
From Imports
31,000 000 26.200,000 -4,800.000
15.5%
Total SUPPly
477,800 000 466,500,000 -11,300.000
Stocks_c--July 1
425 300 000 392,530,000 -32,800,000 2.4%
7.7%
December 31
408,700 000
Withdrawal July 1 to Dec. 31 16,600 000
REQUIREMENTS OF DOMESTIC CRUDE OIL-BY
MONTHS,
Total
Average
Taal
Average
Barrels.
Month-per Day.
Barrels.
per Day.
74.600.000 2,407,200 October
July
74,100.000 2,390.000
74,600,000 2,407,000 November
August
71.400,000 2.380.000
September
72,200,000 2,407,000 December
73,400,000 2,368,000
Total and daily average last six months
440,300,000
a Salome necessary. b Based on 35% recovery from 355,800,000 2,393,090
estimated crude runs. c Excludes heavy crude and fuel in California. barrels of
World Lead Production Lower in June-United States
Figure Smallest in Many Years.
World production of lead in June 1931 was 120,240 short
tons as compared with 123,639 tons in May last, 131,926 tons
of July 30. The action of the security markets and uncertainty over the European situation were factors in restricting
operations in copper. A moderate tonnage of that metal sold
during the week down to 7.625 cents, delivered Connecticut,
a new all-time low.
Lead and zinc prices were well maintained throughout the
week. Tin was a shade lower, with business exceedingly quiet
both abroad and here. The situation in silver also showed
little change and the price held around 274 cents per ounce
most of the week. Demand for quicksilver improved slightly
without causing any change in the attitude of sellers.
Steel Output Advances to 32%-Price of Steel Scrap
Again Increased.
An out-of-season gain in ingot production, continued buoyancy in scrap, and the decision of the United States Steel
Corp. directors to maintain wage rates are regarded as
constructive factors in an exceedingly quiet iron and steel
market, reports the "Iron Age" of July 80. The "Age"
continues:
Steel plant operations have risen at Cleveland, Buffalo, Youngstown and
in the Wheeling district, and ingot production for the country at large now
averages 32% as against 30% a week ago. The upturn has come at an
unusual time-midsummer-and follows an unbroken decline since March.
It is difficult to assign a reason for the change unless it be that steel output
dipped below the "rock bottom" requirements of the country. And it is
too early to foresee whether the gain will be followed by further inareases
or by relapses to lower rates.
The closing of the Ford plants from July 27 through August and the
sharply reduced schedules of other motor ear makers next month certainly
do not augur well for automotive consumption of steel in the immediate
future. Tin plate output, which has been the brightest spot in the iron
and steel situation, likewise is an unfavorable factor, having declined
further to a 55 to 60% rate, with additional curtailment in sight. Blast
furnace operations also still paint downward, with three stocks reported
out during the week-two at Birmingham and one at Chicago.
It is probably because ingot output could register a gain in the face
of these developments that confidence has been bolstered. It would, of
course, be an exaggeration to say that the trade entertains hopes for a
marked change for the better or that it has revised its expectations of a
low rate of activity through the month of August, but there is a growing
belief-timidity voiced in some cases because of previous disappointmentsthat the worst has been passed.
The conviction that business is slowly, if almost imperceptibly, on the
mend is read into the action of the Steel Corp. directors in maintaining
wage rates, after a reduction had been almost universally forecast. Possibly
the fact that the Corporation's operating rate has risen from a recent low
of 30% to approximately 34% of capacity turned the scales against a step
718
FINANCIAL CHRONICLE
[VOL. 133.
that would probably have been taken if an indefinite continuance of
unprofitable operations seemed to be in prospect. At any rate the Corporation's report is widely interpreted as an indication of faith in the future
and should operate to restore the repeatedly shaken confidence of industry
in general.
Construction continues to account for a substantial portion of the existing
placed
steel plant operations. The steel for some of the larger projects
125,000
earlier in the year-for example, the Radio City, New York, taking
new
of
volume
fair
a
tons-is now being rolled and shipped. In addition
work is being placed and is coming up for bids.
Fabricated steel awards for the week, at 32,000 tons, compare with
a
17,000 tons in the previous week. New projects, at 55,000 tons, include
freight terminal and an elevated structure for the New York Central in
conbe
to
New York, 21,500 tons. Another New York improvement soon
tracted for will take 10,000 tons of 18-inch seamless pipe. A 200-mile
20-inch gas line to be awarded in Texas calls for 40,000 tons of steel,
while a prospective 125- to 150-mile oil line in the same State will require
34,000 tons.
If an autumn upturn in the steel industry is to materialize it is believed
likely that it will be due to an accumulation of increased orders from miscellaneous users rather than to a substantial gain in business from any individual industry. Already some seasonal improvement is reported by radiator
and radio manufacturers, and shipments and sales of farm equipment are
said to be on the upgrade.
Among the outstanding consumers of steel, the railroads will undoubtedly
do more buying in the fall, although their seasonal requirements will probably be much smaller than usual. The Louisville & Nashville's inquiry for
50,000 tons of rails is still before the trade.
Scrap continues to show evidences of the strength that first manifested
itself at Pittsburgh late in June. Foundry grades of old material have
advanced in that center, while heavy melting grade has risen 50c. a ton at
Philadelphia. The "Iron Age" composite price for heavy melting steel
has increased from $9.25 to $9.42 a ton, comparing with a low for the
depression of $9.08 in the latter part of June. A comparative table follows:
for lower levels. Sheet and strip makers are beginning to believe they will
be able to hold the new quotations. Shipments under the former classification and price bases are due to end July 31, but a real test is not anticipated until September. The situation in wire products is one of watchful
waiting. The recent announcement of a price increase was accompanied
by contracts dated a week earlier and bearing the former figures, so many
buyers will not pay the new prices this quarter. Wire producers hope the
increase in sheets will be successful and aid sentimentally in affecting the
wire advance for fourth quarter contracts. Sheet bars are being shaded $1
a ton in northern Ohio.
Scrap prices are holding firmly, and some further advances are noted,
strengthening the impression that the prolonged downward movement has
been definitely checked. The market is more active; 4,000 tons of cast
borings are being shipped from East Chicago to Buffalo, the first movement eastward by water from that district. July pig iron sales have fallen
below those of June; August business is expected to improve as melters, and
especially automotive foundries, prepare for September.
The precarious existence of the European steel entente has been extended
tentatively one more month, member companies meeting in Brussels being
unable to consider terms for the future, "Steel's" correspondent cables,
because of the critical situation in Germany.
"Steel's" composite for finished steel this week is up 20e. to $48.72, due
to adjustments in wire nail prices; the composite for iron and steel products
is up 8c. to $31.06, while the steel works scrap composite is unchanged
at $8.87.
Finished Steel.
Based on steel bars, beams, tank plates.
July 28 1931, 2.116o. a Lb.
2.116o. wire, rails, black pipe and sheets.
One week ago
2.1370. These products make 87% of the
One month ago
2.171o. United States output.
One year ago
Low.
High.
2.102e. June 2
2.142o. Jan. 13
1931
2.121o. Dec. 5
2.3820. Jan. 7
1930
2.362o. Oct. 25
2.4120. Apr. 2
1929
2.314o. Jan. 3
2.3910. Dec. 11
1928
Oct. 25
2.293c.
4
Jan.
2.453e.
1927
2.403o. May 18
2.453o. Jan. 5
1926
2.3960. Aug. 18
2.560c. Jan. 6
1925
Fig Iron.
Based on average of basic iron at Valley
July 28 1931, $15.54 a Gross Ton.
$15.54 furnace and foundry irons at Chicago,
One week ago
15.59 Philadelphia, Buffalo. Valley and BlrOne month ago
16.96 mingham.
One year ago
Low.
High.
$15.54 July 21
$15.90 Jan. 6
1931
Dec. 16
15.90
7
Jan.
18.21
1930
18.21 Dec. 17
18.71 May 14
1929
17.04 July 24
18.59 Nov.27
1928
17.54 Nov. 1
19.71 Jan. 4
1927
19.46 July 13
5
Jan.
21.54
1926
18.96 July 7
22.50 Jan. 13
1925
Steel Scrap.
Based on No. 1 heavy melting steel quoJuly 28 1931, $9.42 a Gross Ton.
tations at Pittsburgh, Philadelphia
One week ago
9.17 and Chicago.
One month ago
13.08
ago
One year
Low.
High.
$9.08 June 23
$11.33 Jan. 6
1931
Dee. 9
11.25
18
Feb.
15.00
1930
14.08 Dec. 3
17.58 Jan. 29
1929
13.08 July 2
16.50 Dec. 31
1928
13.08 Nov.22
15.25 Jan. 11 ,
1927
14.00 June 1
5
Jan.
17.25
1926
15.08
13
May 5
Jan.
20.83
1925
The average for the week is placed at about 33% of theoretical capacity,
compared with better than 31% in the preceding week and around 31% two
weeks ago. U. S. Steel is a shade above 33%, against 33% the week before
and 31% two weeks ago. Independent companies are at a little under 33%,
contrasted with about 29%% in the previous week and 31% two weeks ago.
At this time last year U. S. Steel was slightly under 64%, independents
2%. Toward the end of July 1929
/
were at 52%, and the average was 571
IT. S. Steel was running at better than 100%, independents at around 92%,
and the average was 96%. In 1928 U. S. Steel was at between 76% and
77%, with independents around 70%, and the average was 73%.
Steelmakers can see nothing in the sky-or in business
immediately in prospect-justifying high hopes for August,
except as improvement in some lines may develop the latter
part of the month as a step toward larger fall requirements,
says "Steel" of July 30 in its summary of iron and steel
conditions. A moderate upturn in steel-making operations
this week is a farvorable indication, sporadic though it may
prove to be; but automotive production is scheduled for
rather sharp curtailment in the coming month; line pipe
orders are falling, and railroads are buying only absolute
essentials. Structural requirements for the present are the
most cheering feature of the market. "Steel" further goes
on to say:
Steel ingot output in the week ended Monday (July 27)
rose nearly 2%, according to a compilation of Dow, Jones &
Co., Inc., issued July 29. Practically the entire increase was
due to greater activity by the smaller independent companies,
as the U. S. Steel Corp. recorded only a small fractional
gain. The "Wall street Journal" is further quoted as
follows:
The "American Metal Market" this week states:
Taking the steel industry as a whole there has been no appreciable change
in the producing rate in the last two weeks, the ingot rate being approximately 32% for three successive weeks. There are marked changes even
within a week at some plants, but the changes tend to make the same average
week by week. The forthcoming report for the month of July will probably
show about 10% under December, and it has been the usual thing for the
July low to be under the December low.
The automobile industry will have a very light August with Ford entirely
closed for the month, with some other makers decreasing, while a few will
have increases. The farm implement industry will hardly do much until
late in the year. Fabricated structural steel lettings have been running
light for weeks, and it is unlikely shipments of the shops will increase
whereas they usually have seasonal increases through October.
Bituminous Coal and Pennsylvania Anthracite
Production Still Below Rate a Year Ago.
According to the United States Bureau of Mines, Department of Commerce, there were produced during the week
ended July 18 1931 a total of 6,794,000 net tons of bituminous coal, 751,000 tons of Pennsylvania anthracite and 18,100
tons of beehive coke, as compared with 7,922,000 tons of
bituminous coal, 1,299,000 tons of Pennsylvania anthracite
and 49,800 tons of beehive coke in the corresponding period
last year and 6,671,000 tons of bituminous coal, 775,000 tons
of Pennsylvania anthracite and 19,400 tons of beehive coke
during the week ended July 11 1931.
During the calendar year to July 18 1931 production of
bituminous coal amounted to 206,684,000 net tons as against
249,477,000 tons in the calendar year to July 19 1930. The
Bureau's statement follows:
BITUMINOUS COAL.
The total production of soft coal during the week ended July 18 1931.
Including lignite and coal coked at the times, is estimated at 6,794,000 net
tons. Compared with the output in the preceding week, this shows an
Increase of 123,000 tons. or 1.8%. Production during the week in 1930
corresponding with that of July 18 amounted to 7,922,000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1931
-193()
An increase of 2 points to 32% this week in steelmaking operations is
Cal. Year
Cal. Year
the first definite gain in the rate since late in March. The Youngstown
Date.
to
Week.
Week
EndedWeek.
to Date.a
district is up 8 points to 42%, though there is some uncertainty in regard July 4
5,961,000 193,219.000
6,545,000 233,694.000
to maintaining this level through the week; Cleveland also has advanced 8
Daily average
1.235,000
1,192,000
1,309,000
1,493,000
points to 35%; Buffalo is up 7 points to 50%. Eastern Pennsylvania is July Il_b
6,671.000 199,890,000
7,861,000 241,555,000
down fractionally to 33%; Pittsburgh is unchanged at 31%, Chicago at
Daily average
1,231.000
1,112,000
1,310,000
1,486,000
29%, and Birmingham at 35%.
6,794,000 206,684.000
July 18c
7,922,000 249,477,000
August is expected to mark the low point of the year in automotive
1,132,000
Daily average
1,227,000
1,320,000
1,481,000
production, terminating a five months' decline. July output of approxia Minus one day's production first week in January to equalize number of
mately 200,000 cars and trucks failed to meet the June total by about days in the two years. b Revised since last report. c Subject to revision,
50,000 units. Ford has closed its Dearborn, Mich., plant for the coming
The total production of soft coal during the present calendar year to
month; Dodge and Studebaker are retooling in preparation for new models. July 18 (approximately 16g working days) amounts to 206,684,000 net tons.
Topped by an order for 10,200 tons for the Bankers' Trust Building, Figures for other recent calendar years are given below:
New York, structural steel awards this week approximate 35,000 tons, com249,477,000 net tons11928
256,837,000 net tons
pared with 24,647 tons a week ago. New inquiry has dropped to 53,799 1930
280,521,000 net tonsI1927
1929
291,394,000 net tons
tons. Nearly 200,000 tons has been removed from the potential market
1922
201.651,000 net tons
by litigation over the Chicago subway. Ten thousand tons of pipe is pendAs already indicated by the revised figures above, the total production
ing for the New York West Side elevated highway. Eight thousand to of soft coal for the country as a whole during the week ended July 11 is
estimated at 6,671,000 net tons. Compared with the output in the pre10,000 tons of plates are up at Chicago for oil storage tanks.
ceding week this is an increase of 710.000 tons or
The following
Producers express more satisfaction over the price position than over table apportions the tonnage by States and gives 11.9%.
comparable figures for
business, as regards buyers' attitude. Apparently there is less pressure other recent years:
Aua. 1 1931.]
FINANCIAL CHRONICLE
Estimated Weekly Production of Coal by States (Net Tons).
Week Ended
July '23
July 4
July 12
July 11
July 13
Average
State1931.
1931.
1930.
1929.
(a).
Alabama
200,000 210,000 233,000
296,000
389,000
Arkansas
14,000
10,000
14.000
18,000
25.000
Colorado
55,000
50.000
90,000
106,000
165,000
Illinois
636,000 578,000 708,000
870,000 1,268,000
Indiana
176,000 174,000 231,000
299,000
451,000
Iowa
42,000
39.000
47,000
56,000
87,000
ICansas
40,000
30,000
31,000
42,000
76,000
Kentucky-Eastern- 622,000 573,000 744,000
889,000
735.000
Western
108,000 113,000 137,000
191,000
202,000
Maryland
31,000
27,000 137,000
45,000
42.000
Michigan
2,000
2,000
13,000
13,000
17,000
Missouri
40,000
34,000
58,000
61,000
58,000
Montana
30,000
29,000
40,000
44,000
41,000
22.000
New Mexico
25,000
24,000
50,000
52,000
North Dakota
18,000
15,000
10,000
14,000
Ohio
403,000 346000 470:000
447,000
854,000
Oklahoma
24,000
33,000
34,000
52,000
49,000
Pennsylvania (bit.)_i,882,000 1,597,000 2,311,000 2,798,000 3,680.000
Tennessee
62,000
62.000
87,000
99,000
113,000
Texas
10,000
9.000
13,000
19,000
23,000
Utah
22,000
33,000
39,000
55,000
87,000
Virginia
182,000 180.000 172,000
225,000
239,000
Washington
23,000
25,000
36,000
35,000
37.000
W.Va.-Southern 6_1,531,000 1,358,000 1,682.000 2,029,000 1,519,000
Northern _c
'' 429,000 350,000 521,000
754,000
866.000
Wyoming
66,000
58,000
77,000
100,000
115,000
Other States_d
1,000
1,000
2,000
2,000
4,000
Total bitum. coal_6,671.000 5,961,000 7.861,000 9,605,000 11,208,000
Penna. anthracite.. 775.000 948,000 1,235,000 1,029,000 1,850.000
Total all coal
7,446,000 6,909,000 9,096,000 10,634,000 13,158,000
a Average weekly rate for the entire month. b Includes operations on the
N. & W.; C. & O.; Virginian, K. & M. c Rest of State, including Panhandle. d Figures are not strictly comparable in the several years.
719
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended July 18 is estimated at 751.000 net tons. This shows a
decrease of 24,000 tons, or 3.1% from the preceding week, and compares
with 1,299,000 tons produced during the week in 1930 corresponding with
that of July 18.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1930
1931
DailyDaily
Week.
Average.
Average.
Week.
Week Ended979,000
195,800
948,000
July 4
189,600
205,800
1,235,000
129,200
775,000
July 11
216,500
1,299,000
July 18
125,200
751,000
BEEHIVE COKE.
The total production of beehive coke during the week e• !ed July 18 is
estimated at 18,100 net tons. This compares with 19,4. 1 tons in the
preceding week, and 49,800 tons_produced during the week a 1939 corresponding with that of July 18. The following table apportic s Os tonnage
by groups of States:
Estimated Weekly Production of Beehive Coke (Net Tons).
Week Ended
1931
1930
to
July 18 July 11 July 19
to
Date.
Region1930.
Date.a
1931.b
1931.c
Penna. and West Virginia 14,800
44,000 709,800 1,632,900
16,200
Tennessee and Virginia_ _- 1,900
74,300
1,800
3,800
153,400
Colo, Utah and Wash__ 1.400
27,300
1,400
2,000
65,000
United States total___ 18,100
19.400
49,800 811,400 1,851,300
Daily average
3,017
3,233
8,300
4,773
10,890
a Minus one day's production first week in January to equalize number
of days in the two years. b Subject to revision. c Revised since last report.
The total output of by-product coke for the 30 days of June amounted to
2.715,173 net tons, or 90,506 tons per day. This compares with a total of
3.125,571 tons in May, and a daily average of 100,825. Beehive coke
production during June is estimated at 87,300 net tons, as against 93,900
tons in May.
Total coal consumed in the manufacture of coke during during the month
of June is estimated at 4,027.100 net tons, of which 3,891,900 tons was
charged into by-product ovens and 135,200 tons in beehive ovens.
Current Events and Discussions
The Week with the Federal Reserve Banks.
The daily average volume of Federal Reserve Bank credit
outstanding during the week ending July 29, as reported
by the 12 Federal Reserve Banks, was $938,000,000, a
decrease of $15,000,000 compared with the preceding week
and an increase of $4,000,000 compared with the corresponding week in 1930. After noting these facts, the
Federal Reserve Board proceeds as follows:
On July 29 total Reserve Bank credit amounted to $945,000,000, an
increase of $3,000,000 for the week. This increase corresponds with an
increase of $41,000,000 in unexpended capital funds, non-member deposits,
&c., offset in part by decreases of $14,000,000 in money in circulation and
$17,000,000 in member bank reserve balances and increases of $2.000,000
In monetary gold stock and $5.000,000 in Treasury currency, adjusted.
Holdings of discounted bills declined $11,000,000 at the Federal Reserve
Bank of San Francisco, and increased $4,000,000 at New York. $2,000,000
each at Atlanta and Chicago and $1,000,000 at all Federal Reserve Banks,
The System's holdings of bills bought in open market were practically
Unchanged, while holdings of United States bonds increased
$17,000.000
and holdings of Treasury notes and certificates and bills declined
$3,000,000
and $14.000.000, respectively.
Beginning with the statement of May 28 1930, the text
accompanying the weekly conditions statement of the Federal
Reserve Banks was changed to show the amount of Reserve
Bank credit outstanding and certain other items not previously included in the condition statement, such as monetary gold stock and money in circulation. The
Federal
Reserve Board explanation of the changes, together with
the definition of the different items, was published in the
May 31 1930 issue of the "Chronicle," on page 3797.
The statement in full for the week ended July 29, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 746 and 747.
Changes in the amount of Reserve Bank credit outstanding in related items during the week and the year ended
July 29 1931 were as follows:
covering the entire body of reporting member banks in the
different cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks for the current
week as 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 brokers' loans the present week
records a decrease of $26,000,000, the amount on July 29
1931 standing at $1,390,000,000. The present week's decrease of $26,000,000 follows a decrease of $14,000,000 last
week and a decrease of $25,000,000 two weeks ago, and
$24,000,000 three weeks ago. Loans "for own account"
fell during the week from $1,033,000,000 to $1,022,000,000
but loans "for account of out-of-town banks" increased from
$215,000,000 to $219,000,000 and loans "for account of
others" from $168,000,000 to $169,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
July 29 1931. July 22 1931. July 30 1930
Loans and investments-total
7,752,000,000 7,712,00),000 8,202,000,000
Loans-total
5,060,000,000 5,093,000,000 6,050,000,000
On securities
All other
2,685,000,000 2,712,000,000 3,586,000.0/0
2,375,000,000 2,381,000,000 2,464.000,000
Investments-total
2,692,000,000 2,619,030,000 2,152,003,000
U. S. Government securities
Other securities
1,639,000,000 1,587,000,000 1,122,000,000
1,053,000,000 1,032,000,000 1.029.000,00.)
Reserve with Federal Reserve Bank.-- 871,000,000
Cash in vault
42,000,000
Net demand deposits
Time deposits
Government deposits
886,000,000
42,003,000
826,000,000
47,000,000
5,829,000,000 5,791,000,000 5,708,000,000
1,152,000,000 1,150,000.000 1,437.000,000
66,000,000
73,000,000
36.000,000
Due from banks
80.000,000 102,000.000
93,000,000
1,180,000,000 1,201,000,000 1,072,000,000
Increase (+) or Decrease (-) Due to banks
Since
July 29 1931. July 22 1931. July 30 1930. Borrowings from Federal Reserve Bank
$
$
S
Bills discounted
183,000,000 +1,000,000 -14,000,000 Loans on secur. to brokers & dealers
For own account
Bills bought
1,002.000,000 1,033,000,000 1,669,000,000
67,000,000
-64,000,0 0
For account of out-of-town banks
United States securities
219,000,000 215,000,000 745,000,000
678,001.000
+102,000,000
Other Reserve bank credit
For
account of others
169,000,000 168,000,000 814,000,000
18,000,000 +2,000,000
-6,000.000
TOTAL RESTE BANK CREDIT- 045,000,000 4-3,000,000
Total
1,390,000,000 1,416,000,000 3,228,000,000
4-18.000,000
Monetary gold stock
4,953,000,000 +2,000,00) +438.000,000
On demand
Treasury currency adjusted
976,000,000 1,001,000,000 2,618,000,000
1,792,000,000 1-.5,000.00o
+7,00%000 On time
414,000,000 415,000,000 610,000,000
Money in circulation
4,780,000,000 -514,000,000 +384,0(0,000
Chicago.
Member bank reserve balances
2.415,000.00) --17,00),000
Loans and investments-total
1.836,000,000 1,847,000,000 2,045.000,000
Unexpended capital funds, non-member deposits. &c
495,000,000 +41,000,000
+79,000,000 Loans-total
1,273,000.000 1,274,000,000 1,605,000,000
July 22 figures revised.
On securities
735,000,000 727,000,000 958,000,000
All other
538,000,000 547,000,000 647,000,000
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
member
banks
in the New York Federal Reserve
the
District
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve Banks
themselves, and for the same week, instead of waiting
until
the following Monday, before which time the statistics
Investments-total
563,000,000
573,000.000
440,000.000
331,000,000
232,000,000
340,000,000
233,000.001
195,000,000
245.003,000
Reserve with Federal Reserve Bank...-. 183,000,000
Cash in vault
15,000,000
169.000,000
15,000,000
185,000,000
13,000,000
U. S. Government securities
Other securities
Net demand deposits
Time deposits
Government deposits
1.189,000.000 1.181,000,000 1,303.000.000
552,000,003 533,000,000 651,000,000
16.000.000
17.000.000
5,000.000
Due from banks
Due to banks
Borrowings from Federal Reserve Bank.
175,000,000
811,000.000
170,000,000
317,00000
1.00 N,000
1.000,000
162,000,000
338.000,000
2,000,00
Due from banks
Due to banks
—47,000,000
29,000,000
Borrowings from Fed. Res. banks_
60,000,000
+17,000,000
+28,000,000
G:rmany Gives Bank 825,000,000 Aid—Secures
Dresdener, Second Largest Institution, from Run
Next Week—Guarantees Danat Bank.
A copyright cable to the New York "Evening Post"
last night (July 31) said that the Dresdener Bank, which,
with $40,000,000 capital reserves, is the second largest bank
in Germany and which has been the weakest link in the
"D" banks since the crash of the Danat Bank, was secured
on that day by the perfection of the Government's plan
to advance it $25,000,000 before the anticipated reopening
of the banks for full payments next week. The cablegram
also said:
The Government advance will be made in the form of a purchase by the
National Treasury of $25.000.000 of preferred shares in the Dresdener
Bank. thus giving the bank, it is hoped, sufficient cash reserves to meet a
possible run.
At the same time a new emergency decree of the Government announces
that the National Treasury guarantees the obligations of the Danat Bank
and that this bank will resume full payments when the others do.
• The two governmental measures of support for insolvent and semiInsolvent institutions were essential as a preparation for the resumption of
normal business. They provide for the Dresdener Bank adequate protection against dangers not affecting the whole German financial structure.
This protection had become necessary as the result of an "interior run" on
the Dresdener Bank during the last 17 days of the moratorium, when,
although it was impossible for depositors to obtain cash, they could transfer
their accounts from one bank to another.
So many such transfers of accounts by simple checking took place from
the Dresdener Bank to other banks,that some support from the outside was
required to save the Dresdener Bank from closing its doors when the other,
banks opened theirs.
With these measures the Government could now proceed to the resumption of normal payments if one other cardinal condition were fuddled:
ilanielY, the perfection of a "stillstand" agreement by foreign creditors.
The keen feeling of the Government over the report that this agreement
probably will not be reached was shown to-day when, by the new press
law, the "Berliner Boersen Courier" was forced to print a Governmental
denial of the newspaper's statement yesterday that the "stillstand" agree(ass,n6 was very doubtful.
At the same time, under the same law, the Government forced the
"Berliner Zeitung am Mittag" to print a denial of its statement that the
Government had lost its chance of getting credit from France by its
exaggerated insistence on national prestige. Both newspapers are Liberal
Democratic.
0
0,
0,
06,. . ,N. :.
2
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00
ci,l ,“ggg g
06
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CO
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1-:
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00.-......... ..-.0000000
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—92,000.000
—164,000,000
Di
89,898,668 6,775.628.230 2,073.352,798,4.702,275.432
91,210,800.6,263,074,941 1,741,086,9794.521,987,962
352.850.33816,761.430.672 1.063,216.060,5.698.214.612
117.350,21615.126.267.436 953,321,52214.172.945.914
188.397,009,3,458.059.765
3,458,059,755
90.817.762' 816.266.721
816.266.721
1,606,000,000
3,438,000,000
°It:
,....4 "
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a..
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ciaaaag
'43 '8 ta 8
gSgSgS
8,782,098,264 04,199,237,014 2,192,766,980
8.306.564,064 04,021,936,763 1,978,447,640
8.479.620,824 c2,436.864.530 718,674.378
5.396.596,677 c2 952.020.313 2.681.691.072
3.796.456.764 c1.845,575,888 1.507,178.879
1,007,084.483 C212.420,402
21.602.640
—200,000,000
—279,000.000
+89,000,000
,44,-Zd dddr.:6-..i a
.2 re," Zii 2 2
2 2 7-1 8
a.
..a .4aaagaa
,.:.
a...
0
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03 .4N CIV ... 0D. 0
d98,902,219
—153,000,000
—21,000,000
—28,000,000
7,121.000000
1
6
156,039,088 1,776,690,378
209,000,000
13,492,000,000
4.
2,196,103,165
Net demand deposits
Time deposits
Government deposits
41 it Ca C4
5.692.865
4,607,053
3,523.480
1.402.130
42,487
17,890,685
+31,600,000
+7,000,000
p.t?"
15.ic:06
09,
00 .
3,908,505
+1,000,000
+1,000,000
Reserve with Federal Res've banks 1,855,000,000
Cash In vault
218,000,000
'Pa
8g
.
•
61,835,014
—18,000,000 +1,171,000.000
—5,000,000 +343,000,000
i
P.
494,588,776
—23,000,000 +1,514,000,000
4,101,000,000
3,656,000,000
U. S. Government securities
Other securities
,...
5
156,039,088 1,776,690,378
7,757,000,000
Investments—total
'0vi
1,701;514,389
—63,000,000 —1,802,000,000
—45,0001000 —523,000,000
NO0004.
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c
om.
01.4m
v0
V00 0
I4
Di s8 4 e: ,-. 1....00
ei t: a; oi oi o6 .
COMi,
.
..
M N.Nts..; g 2
..6
v. HER VON00 4° 2
d.,tt<4.-t d eg7
N VCO M N
vi
000.0
00000.0.4
N
....0, .01.100m0
A400
,...000mmI t. ...ts
R
bv.
All
Other
Money.
6,570,000,000
7,957,000,000
On securities
All other
op
I
33
I
re' g 1,-, . . :
c, a
g
Held for
Federal
Reserve
Banks
and
Agents.
—108,000,000 —2,325,000,000
:UM§
§
.
lAmt. Held in Reeve Against
Trust Against United States
Gold and Stir
Notes
Certificates (d.(and Treasury
Treasury Notes
Notes
of 1890).
01 1890).
14,527,000,000
a
MONEY OUTSIDE OF THE TREASURY.
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on July 22 shows decreases for the week
of $131,000,000 ix loans and investments, $153,000,000 in net demand
deposits, $21,000,000 in time deposits, and $28,000,000 in Government
deposits, and an increase of $17,000,000 in borrowings from Federal
Reserve banks.
Loans en securities declined 4144,000,000 at reporting banks in the New
York district, $7,000,000 in the Boston district, and $63,000,000 at all
reporting banks. "All other" loans declined $21,000,000 in the New York
district, $7,000,000 in the Philadelphia district, $6,000,00 in the Atlanta
district, and $45,000,000 at all reporting banks.
Holdings of United States Government securities declined $20,000,000 in
the New York district and $18,000,000 at all reporting banks, while holdings of other securities declined $10,000,000 in the New York district and
$5,000,000 at all reporting banks.
Borrowings of weekly reporting member banks from Federal Reserve
banks aggregated $60,000,000 on July 22, the principal change for the week
being an inerease of $15,000,000 at the Federal Reserve Bank of San
Francisco.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
July 22 1931 follows:
Increase (+) or Decrease (—)
Since
July 22 1931. July 15 1931. July 23 1930.
$
_22,284,000,000 —131,000,000 —812,000,000
Loans and investments—total
Stock of Money in the Country.
The Treasury Department at Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury'and by Federal Reserve banks and agents. It is important to note
that beginning with the statement of Dec. 31 1927 several
very important changes have been made. They are as
follows: (1) The statement is dated for the end of the month
instead of for the first of the mointli; (2) gold held by Federal -Reserve banks under earmark for foreign account is
now excluded, and gold held abroad for Federal Reserve
banks is now included; (3) minor coin (nickels and cents)
has been added. On this basis the figures this time, which
are for June 30 1931, show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$4,821,933,457, as against $4,702,275,432 May 31 1931
and $4,521,987,962 June 30 1930 (revised), and comparing
with $5,698,214,612 on Oct. 31 1920. Just before the outbreak of the World War, that is, on June 30 1914, the total
was only $3,458,059,755. The following is the statement:
MONEY HELD IN TREASURY.
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 cowering the same week, instead of being held
until the follo*Ing Monday, before which time the statistics
covering the entire body of reporting member 12anks in 101
cities cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body
reporting member banks of the Federal Reserve System for
this provious week, namely the week ended with the elose of
business of July 22:
Loans—total
[VoL. 131
FINANCIAL CHRONICLE
720
:-.-:,o,43
j
on
- litlE,?.8 sszg
A;t>1:1Pit42
8 8AsP ° 16r4ra
•Reserve figures.
a Does not Include gold bullion or foreign coin other than that held by the Treasury, Federal Reserve banks and Federal Reserve agents. Gold held by Federal
Reserve banks under earmark for foreign account Is excluded, and gold held abroad
for Federal Reserve banks is Included.
0 These amounts are not Included In the total since the money held in trust against
gold and silver certificates and Treasury notes 01 1800 is Included under gold coin
and bullion and standard silver dollars. respectively.
c The amount of money held in trust against gold and sliver certificates and
Treasury notes 01 1890 should be deducted from this total before combining it with
total money outside of the Treasury to arrive at the stock of money in the United
4nitee
This total includes 830.168,138 gold deposited for the redemption of Federal
Rsserve notes (81,139,730 in process of redemption), $29,415,523 lawful money deposited for the redemption of National bank notes ($17,859.975 In process of redemption, Including notes chargeable to the retirement fund). $1,350 lawful money
deposited for the retirement of additional circulation (Act of May 30 1908), and
Eli:826,948 lawful money deposited as a reserve for postal savings deposits.
AUG. 11931.]
FINANCIAL CHRONICLE
721
S Includes money held by the Cuban agency of the Federal Reserve Sank of
The new bank's capital is 200.000,000 marks ($47,000,000 at current
Atlanta.
!The money In circulation Includes any Paper currency held outside the con- exchange). Dr. Bernhard Dernburg. former Minister of Finance, who,
during the World War, acted as official German propagandist in the
tinental limits of the United States.
United States, has been appointed chairman of the bank's supervisory
Note.—Oold certificates are secured dollar for dollar by gold held In the Treasury
for their redemption: silver certificates are secured dollar for dollar by standard board, while Julian Leick, vice-President of the Commerz und Privetsilver dollars held In the Treasury for their redemption: United States notes are bank.
and Baron von Ileydebrand have been named managing directors.
secured by a gold reserve of 3150,039.0AS held In the Treasury. This reserve fund
may also be used for the redemption of Treasury notes of 1890, which are also The board is composed of representatives of the most prominent German
for
dollar by standard silver dollars held in the Treasury: these notes banks.
secured dollar
are being canceled and retired on receipt Federal Reserve notes are ahlittariens
Close Contact Needed.
of the United States and a first lien on all the assets of the issuing Federal Reserve
According to the company's charter, its object is to grant credits to banks,
bank. Federal Reserve notes are secured by the deposit with Federal Reserve
agents of a like amount of gold or of gold and such discounted or purchased paper banking institutions. &c. The official communique issued on its foundaas is eligible under the terms of the Federal Reserve Act. Federal Reserve banks tion, however, says the
firms identified with the new bank will be restricted
must maintain a gold reserve of at least 40%, including the gold redemption fund
Which must be deposited with the United States Treasurer, against Federal Reserve to a comparatively small number of Berlin banks. This measure, the comnotes in actual circulation. Lawful money has been deposited with the Treasurer munique points out, Indicates the necessity that the firms concerned must
of the United States for retirement of all outstanding Federal Reserve bank notes. work In the closest contact, as, otherwise, rapid dealing with the problems
National bank notes are secured by United States bonds except where lawful money
has been deposited with the Treasurer of the United States for their retirement. A with which the new bank will be confronted will be virtually impossible.
The technical course of the Akzept bank's activities will be as follows:
5% fund is also maintained in lawful money with the Treasurer of the United States
for the redemption of National bank notes secured by Government bonds
Signatory banks will send bills to their customers who have current accounts
with them, asking for drawing to orders in the respective bank and to
address the Akzept bank, which hereby is accepting the bill. The bill then
Extend Reichsbank Holiday to August 3—Seek to Avoid will be rediscounted at the Reichsbank. Thus the customer himself will
not be In touch with the Akzept bank but his bank will have to supply the
Conflict With Operations of Month-End Payments.
funds required at maturity to enable the Akzept bank to redeem the bill.
The modified bank reoratorium was on July 28 extended While the customer will be liable theoretically by his signature, it will be
until August 3 on the announced statement that this step his bank which practically is obliged to supply the funds on pay day. The
credit meanwhile will continue In the form of a current account.
had been taken so as not to conflict with operations atThaw Frozen Credits.
tendant upon month-end payments. This extension has
The drawing of bills
serve the purpose exclusively of creating firstas its purpose co-operation with foreign banks to prevent rate material to enable will
the note bank, by the help of additional issuing of
notes, to a certain extent to "thaw" frozen stocks in cash in the bank until
any great withdrawals. Berlin advices furthermore said:
a
satisfactory
reflowing into the banks takes place and paying becomes
Slight concessions have been made in the emergency decrees, allowing
withdrawals for base necessities such as rent and mortgage interest, and to normalized.
The joint stock capital, which is paid in to 25%, comprises 20,000
an extent transactions by check and transfer of money have been made more
liberal. But the heavy restrictions on normal business financing still re- shares with nominal value of 10,000 marks ($2.350) each. The Reich
underwrote 80.000,000 marks ($18,800.000) and the Gold Discount Bank.
main in almost their original form.
20.000,000 ($4,700,000).
Dependent on Stemming Withdrawals.
Among the banks represented in the Akzept bank's supervisory board
The termination of the partial bank moratorium, as now in force, hinges are the Deutsche Bank and DLsconto Gesellschaft. the Preussische Stateupon assurances ofstemming the drain of foreign withdrawals, and there is bank. the Dresdner Bank, the Commerz-und Privatbank and the Berliner
no prevailing certainty on this score. By a new order all obligations to Handelsgesellschaft. Private banks are represented by Mendelssohn &
abroad totaling over 50,000 marks must be reported to the Finance Minister. Co. Dr. Wolfgang Reichardt, of the Ministry for Economic Affairs. the
This order is interpreted as an effort to bring the total indebtedness of Ger- Privy Counselor A. Norden of the Finance Ministry will act for the Reich.
many under one head so that the extent of the obllgatioi3s may be used as
a basis for future plans.
The chieffear here is concerned with the possibility of a moratorium on all
Sugar Futures Exchange in Germany Closed.
debts, with consequent damage to Germany's credit.
Associated Press advices fromIliamburg, Germany, July
The pledges of the London conference to arrest the withdrawals of
credit from the Reich have as yet been Inadequately achieved, it is reported. 27 said the Senate hadon that day ordered the Sugar Futures
Difficulties with small foreign banks have been encountered and the larger Exchange temporarily closed.
Official quotations had
banks are unwilling to carry out their part without the co-operation of the
ceased for some time. Liquidation of,engagements for
smaller banks.
A special cable to the New York "Times" from Berlin August and later were postponed until the credit situation
is cleared, it was announced.
July 27 reported that the Government had issued a decree
on that day making obligatory the announcement within
10 days of all obligations to foreigners. The dispatch added: Hungary Extends'Decrees—Limit on Bank Withdrawals
Will Remain in Effect Until Aug. 15.
It is estimated there still Is about $1,190,000,000 of foreign short-term
credits in Germany, of which about $100,000.000 Is from France. The reThe
Hungarian
Government, according to to a wireless
suit of the survey will also serve as a basis for long-term loans that are
to.be negotiated soon and will give the Reichsbank a chance to distribute from Budapest, July 30 to the New York "Times", decided
its reserves of foreign exchange equally meanwhile.
to extend the restriction on bank balance withdrawals and
It was also discussed how to prolong the short-term credits that the
banks agreed not to withdraw. While it would be easiest to prolong ac- foreign exchange negotiations until Aug. 14. Since Aug. 15
ceptances, it has been suggested by several banks that acceptances be and 16 are public holidays, this really means an extension
replaced by cash credits that could be left in Germany as long as the situ- until the seventeenth. The dispatch adds:
ation demands.
From Aug. 1 a further 5% of bank deposits to the maximum of $200
Other topics for discussion were how savings banks and smaller banks
can be withdrawn. so that, since the restrictions started, the total withthat did not participate in the organization of the Acceptance Bank can
drawals permitted will have been 10%•
be protected from runs. Savings banks are unable to mobilize mortWithdrawals for life insurancelpremiums and rent, however, are made
gage credits to improve their liquidity, so it was agreed that a run upon
subject
to special exceptions.
their resources must be prevented to avoid destroying the confidence which
other banks are trying to build up. Smaller batiks plan to organize an
institution of their own that would extend cash credits based upon col- Leipzig
sSaxon State Institution.
Bank Is Absorbed:by'
lateral.
After a conference of the heads of German Exchanges it became doubtful
A merger of the Allgemeine]Duetsche Credit Anstalt of
whether the Exchanges would be reopened before Aug. 15 or even later. Leipzig
with the Municipal Staatsbank of Dresden was
They will not resume activities on Aug. 1 as intended originally.
German Government Decree Calls for Credit Data.
Associated Press advices from Berlin, July 27 stated that
President von Hindenburg had that day signed an emergency decree authorizing the government to order all persons or corporations domiciled in Germany,and all individual
German States owing money abroad to notify a special
government department in Berlin of the amount of all such
indebtedness exceeding 50,000 marks (about $12,500). The
decree makes those who fail to comply liable to a fine.
Another emergency decree promulgated to-day authorizes
the government to participate in business enterprises through
the new Acceptance and Guarantee Bank, in the capital of
which the State shares to the extent of about $20,000,000.
Guaranty Bank Forms in Berlin to Revive Credit—
Akzept und Garantiebank to Act as Intermedium
to Restore Normal Payment.
The Akzept und Garantiebank, an institution intended to
act as intermedium for restoring normal paying conditions
among German banks, was constituted officially at Berlin,
July 28, as reported in a copyright cable to the New York
"Herald Tribune" from Berlin of the same date which out,lined the bank as follows:
It will have to do quick work, as full banking activity is supposed to be
restored next Monday.
announced in a cablegram from Frankfort-on-the-Main
July 28 to the New York "Journal of Commerce." 'The
latter institution is owned by the State of Saxony. As a
result of this combination the Saxon State will take over the
liabilities of the Allgemeine Deutsche Credit Anstalt, it is
stated, amounting to 425,000,000 reichsmarks. Depositors
of the latter thus secure.a State guaranty on their funds.
Belgium Bank Merger Terms Are Approved.
Terms of the consolidation of the various affiliates of the
Bank of Brussels, says the Brussels correspondent of the
New York "Journal of Commerce" under date of July 20,
have become known, and the entire plan is understood to
have been approved by the directors of the bank. He adds:
According to the plan as it has been drawn up, the capital of the Bank of
Brussels will be increased by some 170,000.000 francs, but this 113 likely to
be reduced due to the fact that some of the affiliates own stock in each
other and by the determination of the directors to maintain the reserves of
the bank at 500,000.000 francs after having drawn upon the existing reserves a sufficient sum to write off assets to present market values. It is
also proposed to cancel some 60.000,000 francs of special stock. 50% Paid,
which was issued in 1928.
The basis of exchange with the various affiliates is as follows: Share for
share on Banques Centrale Anversoise and Banque IAegoise et Credit General Llegois Reim's; four shares of Banque de Charleroi for three of Banque
de Bruxelles; five shares of Banque Gantoise de Credit for two shares;eight
shares of Banque de Louvain et Malines for five shares;two shares of Banque
Centrale de is Lys for three; two shares of Caisse Commerciale de Roulers
for one; one share of Credit Tirlemontois for one; five shares of Banque
de Bruges 50% paid for one; seven shares of Credit Central du Hainaut for
five; seven shares of Banque de Credit de Mons for four; two shares of
722
[VoL. 133.
FINANCIAL CHRONICLE
Banque de Vesdre for one; one share of Banque d'Ostende et du Littuoral,
50% paid, for one; two shares of Banque Industrielle et Commerciale for
one; five shares of Banque de la Tournaisie for four; ten shares of Banque
d'Alost for seven; three shares of Banque de Waes, 50% paid, for four;
three shares of Banque de Hasselt for two, and two shares of Banque
d'Arton for one.
of world-wide depression," said Mr. Hellman, "the Islands
are enjoying a fair meafsure of prosperity, and there is virtually no unemployment, principally because the two principal
industries of the Islands—sugar and pineapple—are going
full blast."
Many sugar companies are showing profitable operations,
in spite of the lowest price levels in many years, he said.
This, he explained, is because of the substantial reductions
in operating costs and overhead made during the last few
years.
Bank deposits, particularly savings, show marked increases
over recent years. Real estate business and building are
slack, although there is fair activity in public works. Tourist trade is somewhat below the peak levels of the last few
years. Power rates are favorable to industrial expansion,
being as low as even in the largest cities in the United
States. Labor problems in the Hawaiian Islands are practically non-existent, because of the practice of Importing the
bulk of labor from the Phillipine Islands under three-year
contracts, as needed.
Uruguayan Peso Drops to a New Low Record—Reaches
50.5 Cents on the Dollar and Becomes Government's
Greatest Problem.
The Uruguayan peso has fallen far below all former records,
closing Saturday at 50.5 American cents,compared with a par
value of $1.04 according to a Montevideo cablegram to the
New York "Times" dated July 26. It declined steadily
throughout the week in sympathy with the Argentine peso.
Saturday's quotation represents a decline of 3.75 cents since
Monday and 8 cents in 30 days.
All the country's wool, it is stated, has been exported and
meat shipments are very light, with the result that there are
no exports to sustain the exchange value of the peso, and it
has suffered from the rather unusual process of declining
every time the Argentine peso declines, but failing to react
when the Argentine peso strengthens.
The question has become the Government's most pressing A. H. Wiggin Named to World Bank Body—Chase
National Chairman to Be American Member of
problem.
Board on German Credits.
Albert H. Wiggin, Chairman of the governing board of
State of Minas Geraes (Brazil) Bonds Called for Sinking
Fund.
the Chase National Bank, has been selected as the American
The National City Bank of New York, as fiscal agent, member of the committee to be set up by the Bank for
announces to holders of State of Minas Geraes 63' per cent International Settlements in accordance with the recomsecured external sinking fund gold bonds of 1928, due March mendation of the London Conference of Ministers, to in1 1958, and of State of Minas Geraes secured external gold quire into the immediate credit needs of Germany. The
loan of 1929 series A,6% per cent bonds, due September 1 announcement of Mr. Wiggin's appointment and acceptance
1959,that $58,000 principal amount of the former and 9,000 was made by George L. Harrison, governor of the Federal
principal amount of the latter have been selected for re- Reserve Bank of New York, whose duty it was to select
demption on September 1 1931, both at par. Drawn bonds the American member of the committee under the terms of
should be surrendered with all unmatured interest coupons the plan adopted in London last week.
The selection of Mr. Wiggin was regarded in Wall Street
attached at the head office of the fiscal agent,55 Wall Street,
New York, on September 1, from and after which date as particularly appropriate since the Chase National Bank,
as the largest bank in the world, has probably the largest
Interest on such bonds shall cease.
interest in Germany of all the American banks. Additional
J. P. Morgan & Co. Prepared to Receive Tenders for interest was lent to Mr. Wiggin's appointment by the fact,
says the New York "Times", that he is known to be an
Argentine Bonds for Amortization Purposes.
advocate of war debt revision. The "Times" also says:
are
prepared
to
they
announce
that
J. P. Morgan & Co.
Wiggin has been away on a holiday for the past two weeks and
receive tenders for the amortization on or before Sept. 30 didMr.
not return to his office yesterday. At the Chase National Bank
£144,580,
of
Argenpesos,
Argentine
gold
$722,900
of
it was said no time for his departure had been set, but that presumably
1931,
as possible. It was thought likely he would
tine Government 5% Internal Gold Loan of 1909. Tenders he would leave as quickly
depart to-morrow, when two fast ships, the Leviathan and the Ile de
for the sale of bonds with coupons due Mar. 1 1932, and France, are sailing.
The nomination of Mr. Wiggin as the American member of the comsubsequently, must be submitted at a flat price below par,
to be set up by the Bank for International Settlements carries
expressed in dollars per bond, and lodged not later than mittee
with it no authority to commit either the Federal Reserve banks or private
office
of
J.
P.
Morgan
&
at
the
1931,
Aug.
15
on
noon
12
American banks to any course of action that may be agreed upon by the
Co., 23 Wall St., New York. Tenders also will be received committee, in the understanding of Wall Street bankers. Mr. Wiggin
will
act as an individual expert, bankers said.
in London by Messrs. Baring Brothers & Co., Limited,
The committee to investigate Germany's immediate credit needs is
Nacional.
Public°
Credito
the
Aires
by
Buenos
and in
being formed in accordance with a recommendation made by the Ministers
Federal Farm Board Defers Decision on Cotton—Sales
to Be Withheld Pending Definition of Policy.
Cotton held by the Cotton Stabilization Corp. "will not
be offered for sale" pending issuance of a statement by the
Federal Farm Board on its future policy respecting cotton,
Carl Williams, member of the Board, stated orally, July 20.
The "cotton year" ends July 31, Mr. Williams pointed out,
and at the same time the Board's promise that stabilization
cotton would not be sold in competition with the 1930 crop
will expire. The policy of not selling will continue,he added
until the Board redefines its policy. He said he did not
expect the new statement would be available by the end of
the month. The following information also was given orally
by Mr. Williams, according to the "United States Daily":
The stabilization corporation has about 1,300,000 bales of cotton, worth
a bale. It is costing the corporation
at present market prices about $50holdings,
which is materially below the
about $4 a bale a year to store its
usual cost of such storage.
co-operatives on cotton of the
No policy has yet been adopted on loans to
week, however.
present year's crop. This matter will be considered next
loans to both
The Board has outstanding on July 1 about $117,000,000 in
cotton co-operatives and the Cotton Stabilization Corp.
conference
called
the
representative
to
The Board probably will send a
problem. The conference
by Gov. Sterling, of Texas,to consider the cotton
for solving the
is to be at Austin, Tex., Aug. 3. No specific proposals
Mr.
problem have been placed on the program for discussion, as far as
Williams is aware.
at the conclusion of the Seven-Power Conference in London last week,
which reads as follows:
"The conference recommends that the Bank for International Settlements should be invited to set up without delay a committee of representatives nominated by the governors of the central banks interested
to inquire into the immediate further credit needs of Germany and to
study the possibilities of converting a portion of the short-term credits
into long-term credits."
French Converting Bills Here Into Cash—Held to Explain Foreign Deposits in Federal Reserve Banks
of $100,435,000.
Wholesale conversion of Bank of France balances in this
market from bill holdings on bankers' acceptances into
free non-interest bearing deposits is understood to be the
reason for the sharp jump in the item of foreign bank deposits reported by the Federal Reserve banks in their
weekly statement. Such deposits rose $41,954,000 during
the week ended July 29, to $100,435,000. The New York
"Journal of Commerce" in its issue of July 31 goes into a
discussion of the matter as follows:
Usually deposits of foreign central banks with the Federal Reserve
banks are of only nominal proportions, because of the fact that they do
not earn any interest. A year ago such deposits amounted to $6,434,0001
and as late as June 17 of this year. when the German financial crisis first
began to enter its acute stage, they amounted to
$5,676,000. They began
to rise sharply immediately thereafter, although the largest weekly increase took place during the past week.
Bill Holdings Contract.
At the same time that the foreign deposits with the Reserve banks have
Hawaii Prosperous, Says Banker.
been soaring by leaps and bounds, holdings of foreign acceptances in
business
map
is
the
this market have been contracting. The Federal Reserve banks hold a
One of the brightest spots on to-day's
volume of bills for their foreign correspondents, following the pracHawaiian Islands, asserts I. W. Hellman, Vice-President, large
tice of indorsing them to assume contingent liability for a commission
Francisco,
who
San
Wells Fargo Bank & Union Trust Co.,
of 3,g of 1%. On July 29 their holdings of bills on which contingent liabilhas just returned from a month's trip there. "In the midst ity had been assumed were $253,678,000, a drop of 114,533,000 for the
AUG. 1 1931.]
FINANCIAL CHRONICLE
week. Since June 17 a decline of $125,139,000 has taken
plate in the
total of such bills held by the Federal Reserve banks
for foreign correspondents.
The Bank of France, which for years has held large
balances in both
New York and London, is generally regarded in banking
circles as chiefly
responsible for these shifts. In its statement of
July 24 the Bank of
France reports that its holdings of negotiable bills
abroad had declined
922,000.000 francs for the week, while its sight balances
abroad had increased 816,000.000 francs. This indicated that it was
carrying out just
such an operation as was reflected in the statement of the
Federal Reserve
banks here.
Three Reasons Seen.
Three important reasons are believed to explain
the shifting in the
form of its balances here by time Bank of France. In
the first place, it
has sought to reduce its commitments in Germany, and
to
in Great Britain as well. By selling out its bill holdings some extent
. or permitting
them to mature without replacement, the Bank of
France can get out of
any responsibility in connection with those dollar
bills
based
on German
transactions which it bought with the indorse
ment of the Federal Reserve
banks.
The French have pulled out virtually all of their
existing commitments
in Germany, and by avoiding the purchase of dollar
acceptances originating
in that country, they can make their withdrawal
more complete, the
bankers point out.
A second factor, It is believed, is the tax
on foreign bill holdings now
In force in France. This tax, said to be 1%
per annum, makes the holding
of bills yielding something less than this rate
unprofitable. By shifting
the balances into depoits which do not carry such
an impost, an actual
saving is said to be made.
Lack of Confidence.
A third factor is said to be the more
conservative attitude of the French
following the recent German difficult
ies as regards their foreign balances.
This is said to be clearly reflected in the
withdrawals of some £35,000,000
of the balances previously kept by the French
in London, resulting in a
very heavy gold flow of approximately
$145,000,000 from there to Paris.
In this country, the Bank of France is underst
ood
to have not only built
up its deposit balances, but also to have
increased considerably its stocks
of earmarked gold.
Considerable question exists as to what
will be done with its enormous
free deposits here by the Bank of France.
This is expected to be determined by the future course of events. If
confidence is soon re-established
and the French are again willing to invest
these funds in bills or some
earning asset, they are expected to
remain in this market. Otherwise.
it is thought likely that they may graduall
y be turned into gold and either
left here on earmark or moved to theBank
of France.
The U. S. Treasury Contemplating Perma
nent Financing in September—Preliminary Announceme
nt.
In connection with the notice issued last Sunda
y night
announcing a new offering of Treasury bills,
intimations were
given out by the Treasury Department that
considerable
financing of a permanent character was contem
plated in the
near future—probably in September. The "Unite
d States
Daily," in its issue of July 27, said that the
following information on the subject had been made availab
le at the
Department:
Consideration is being given by the
Treasury to its general financing
program, in view of the fact that $4,631,
524,750 in Government securities
either mature or are callable before
June 30, 1932, of which $800,000.000
falls due during the ensuing two months,
The major financing is expected
in September, when approximately $634.38
7,000 in certificates and in
excess of $100,000,000 M bills fall due entailin
g new security issues.
Bond Issue Considered.
Although thought is being given to a sizable
bond issue, over a long
period, no definite decision has been reached
as to that mode of refinancing
in the Fall. The entire program is being studied,
and it is unlikely that a
definite decision will be reached as to the characte
r of financing until the
latter part of August.
Should there be no bond issue in September. it is
considered certain that
such an issue will be resorted to in Decemb
er at which time maturities will
will approximate $1,000,000,000. These will
include $451,718.950 in 3%
per cent notes called for that month,
with the remainder of the total of
$995,217,000 consisting of 1 X per cent certifica
tes.
Treasury records show that aggrega
te maturities for the remainder of
the year include $444,500,000 in bills, $1,801,
777,500 in certificates and
$451.718.950 in notes. The first Liberty
Loan of g1,933,528,300 is callable
June 15. 1932.
Those submitting tenders will be advised
of the acceptance or rejection
thereof. Payment at the price offered for Treasur
y bills allotted must be
made at the Federal reserve banks in cash or other
immediately available
funds on Aug. 3, 1931.
The Treasury bills will be exempt, as to principa
l and interest, and any
gain from the sale or other disposition thereof will
also be exempt,from all
taxation, except estate and inheritance taxes.
No loss from the sale or
other disposition of the Treasury bills shall be allowed
as a deduction, or
otherwise recognized, for the purpose of any tax
now or hereafter imposed
by the United States or any of its possessions.
Treasury Department Circular No.
418, as amended, dated June
25.
1930, and this notice as issued by the Secretary of
the Treasury, prescribe
the terms of the Treasury bills and govern the conditio
n
of
their issue.
Copies of the circular may be obtained from any
Federal reserve bank or
branch thereof.
United States Treasury
Sells Another $60,00
Treasury Bills on a Discount Basis-91 0,000 of
-Day Issue
to Be Dated Aug. 3.
The Treasury Department on Sunday night
announced a
new offering of 91-day Treasury bills to be sold on
a
basis to the amount of $60,000,000 or thereabouts. discount
were asked up to 2 p. m. Eastern standard time, Tenders
Thursday,
July 30. The bills will be dated Aug. 3 and will
mature
Nov. 2, when the face amount will be payable
without interest. They will be issued in bearer form
only,
amounts of $1,000, $10,000 and $100,000, maturi and in
ty value.
723
The following is the text of the Treasury announceme
nt
regarding the matter:
Statement by Acting Secretary of the Treasury Mills.
The Secretary of the Treasury gives notice that tenders
are invited for
Treasury bills to the amount of $60.000,000, or thereabo
uts. They will
be 91-day bills; and will be sold on a discount basis to the
highest bidders.
Tenders will be received at the Federal Reserve banks
or the branches
thereof, up to 2 o'clock p.m. Eastern standard time, on
July 30 1931.
Tenders will not be received at the Treasury Departm
ent, Washington.
The Treasury bills will be dated Aug. 3 1931 and will
mature on Nov. 2
1931, and on the maturity date the face amount will
be payable without
interest. They will be issued in bearer form only,
and in amounts or
denominations of $1,000, $10,000 and $10,0000 (maturi
ty value).
It is urged that tenders be made on the printed
forms and forwarded in
the special envelopes which will be supplied
by the Federal Reserve banks
or branches upon application therefor.
No tender for an amount less than $1,000 will
be considered. Each
tender must be in multiples of $1,000. The
price offered must be expressed
on the basis of 100, with not more than
three decimal places, e.g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorpor
ated banks
and trust companies and from responsi
ble and recognized dealers in investment securities. Tenders from others
must be accompanied by a deposit
of 10% of the face amount of Treasur bills
y
applied for, unless the tenders
are accompanied by an express guarant
y of payment by an incorporated
bank or trust company.
Immediately after the closing hour for receipt of
tenders on July 30 1931.
all tenders received at the Federal Reserve
banks or branches thereof up to
the closing hour will be opened and public
announcement of the acceptable
prices will follow as soon as possible thereaft
er, probably on the following
morning. The Secretary of the Treasur
y expressly reserves the right to
reject any or all tenders or parts of tenders, and
to allot less than the amount
applied for, and his action in any such respect
shall be final. Those submitting tenders will be advised of
the acceptance or rejection thereof.
Payment at the price offered for Treasur
y bills allotted must be made at
the Federal Reserve banks in cash or
other immediately available funds on
Aug. 3 1931.
The Treasury bills will be exempt as
to principal and interest, and any
gain from the sale or other disposition thereof
will also be exempt, from all
taxation, except estate and inheritance taxes. No
loss from the sale or
other disposition of the Treasury bills shall be
allowed as a deduction, or
otherwise recognized, for the purposes of any tax
now or hereafter imposed
by the United States or any of its possessions.
Treasury Department Circular No. 418, as amende
d, dated June 251930,
and this notice as issued by the Secretary
of the Treasury, prescribe the
terms of the Treasury bills and govern the conditio
ns of their issue. Copies
of the circular may be obtained from any
Federal Reserve bank or branch
thereof.
The offering was oversubscribed nearly four times, Ogden
L. Mills, Acting Secretary of Treasury, announ
ced on
July 30. The total amount applied for was $221,1
71,000.
The total amount of bids accepted was $69,850,000.
The
statement in full was as follows:
Acting Secretary of the Treasury Mills
announced to-day that the tenders
for $60,000,000, or thereabouts, of
91-day Treasury bills dated Aug. 3
1931 and maturing Nov. 2 1931, which
were offered on July 27, were
opened at the Federal Reserve banks
on July 30.
The total amount applied for was
$221,171,000. The highest bid
made was 99.896, equivalent to an
interest rate of about 0.41% on an
annual basis. The lowest bid accepte
d was 99.854,equivalent to an interest
rate of about 0.58% on an annual
basis. The total amount of bids accepted was $59.850.000. The average
price of Treasury bills to be issued
is 99.871. The average rate on a
bank discount basis is about 0.51%.
The result to the Treasury was not quite
so extremely
favorable as in the ease of the two bill sales immedi
ately
preceding. At the sale on July 24, when $51,806,000
of 91day bills were allotted the Treasury borrowed
on an interest
basis of only 0.46% per annum and at the sale
on July 15,
when $50,000,000 of 91-day bills were disposed
of the
Government borrowed on an interest basis of 0.49%
per
annum.
Federal Trade Commission Price Survey Unscie
ntific
and Superficial, Says President of National Association of Retail Druggists.
The Federal Trade Commission's investigation of
price
maintenance recently made public is unscientific and superficial, Julius H. Reimensdhneider, President of the Nation
al
Association of Retail Druggists and member of the New
York Board of Trade committee for which Prof. Edwin R.
A.
Seligman is conducting a study of price cutting and
price
maintenance, said in a statement, this week, advising business men not to form opinions based on the
commission's
report:
"The commission's questionnaire was highly complica
ted," Mr. Reimenschneider said, "yet this did not help in getting
at all the complicated
factors of the problem. It was too complicated to
be answered intelligently.
At the same time the commission did a pretty good
job in gathering data
at the request cf the Senate. The commission's deductio
ns, however, were
Inaccurate; and its analysis has all the earmarks of
bias.
"It is unfortunate that the commission counted together
complete and
incomplete replies to its questionnaire. Incomplete replies
to questionnaires
can never be fairly compared with complete replies. The
422 replies that
did not answer the question about favoring cr not favoring
price maintenance were counted and averaged with the 269 replies
that answered the
price maintenance question. This calculation shows that
29% of the total
replies favor price maintenance. But throw out the
incomplete replies
and consider the 269, of which 200 favored price maintena
nce, and you
find there is 74% who favor price maintenance. That is
a higher percentage
than appeared in the commission's study of 1929. Instead
of proving that
price maintenance is unpopular, the report goes to show
its meeting increased favor. But I don't believe the report
anything. The coin-
724
FINANCIAL CHRONICLE
answers to obtain a true sample
mission didn't have anywhere near enough
of the opinion of business men.
superficial studies made of price
"There have already been too many
to the problem. The busimaintenance. They have only added confusion
no to the question as to whether or
ness man, who is asked to reply yes or
not do so conscientiously. Replies
not he approves of price maintenance, can
in an economic investigation, must
anything
worth
be
to
question,
a
such
to
consider types of business.
be made with reservations that
investigations," Mr. Reimen"From my own experience in making
questionnaires answered by mail
schneider continued, "I am convinced that
commission had engaged an intelligent
are often unsatisfactory. It the
would have obtained much more satisthey
believe
I
s,
investigator
of
crew
me that the investigation gave
factory data. Furthermore, it appears to
manufacturer. After all, the only important
too much attention to the
maintenance is in its relation to its
interest the manufacturer has in price
goods by inferior unadvertised
branded
of
substitution
overcoming
possibly
brands.
the Federal Trade Commission
"In view of the fact that the report of
problem I await with interhas brought about more confusion on this vital
maintenance now being conducted by
est the outcome of the study on price
York Board of Trade ComProf. Seligman under the auspices of the New
of Lehn & Fink, Inc. I am
President
Plant,
Edward
by
headed
mittee,
scientifically conducted study
hopeful that the results of Prof. Seligman's
about price maintenance."
will go a long way in showing what can be done
[VOL. 133.
Rave it is the duty of the Government to interfere in such cases—neither
do I think such interference would be effective.
Sincerely yours.
ROBERT P. LAMONT, Secretary of Commerce.
Following is a copy of Representative Condon's letter,
dated at Pawtucket, R. I., July 16:
My dear Mr. President:
I am again calling to your attention the wage-cutting campaign now in
progress in the textile industry in Rhode Island.
You will recall that last January, on behalf of several hundred of my
constituents, I requested your assistance to prevent a wage cut in one of
the mills of the American Woolen Co. of Oineyville, R. I. I feared then
that such a wage cut, if allowed to stand, weuld be soon followed by others
and that the inevitable result would be industrial strife at a time when
it would be most disheartening to those who were doing their best to cooperate with you in your efforts to bring business and industry safely out
of the present depression.
In my letter I said that theme employees believed that their employers
were a party to the agreement entered into with you at the White House
In 1930, not to cut wages duling the present depression. I also stated that
the belief was widespread throughout the State and that the initiation of
wage cuts was looked upon in Rhode Island as a breach of such agreement.
is comThe Board of Trade Committee on Retail Pricing
of the
President
Verrity,
M.
Geo.
:
posed of the following
nelder,
American Rolling Mill Co.: Julius H. Reimensch
Druggists;
President of the National Association of Retail
Dr. A. R. L.
D. C. Keller, President of the Dow Drug Stores;
Dohme,President of Sharpe & Dohme; George Gordon Battle,
WillysNew York attorney; Linwood A. Miller, President of
Capper,
Arthur
Senator
Kelly,
Clyde
Hon.
Overland Corp.;
Thomas H. McInerney,President of the National Dairy Prodof the
ucts Co.; Joseph P. Day, W. J. L. Banham, President
ManNew York Board of Trade, and M. D. Griffith, General
Board.
ager of the
President Acts to Maintain Wages—Appeals to Leaders
ce
to Exhaust Every Expedient First-1929 Conferen
Pledges Unbroken—Lamont Refuses to Enter
Textile Dispute—Assents to Cut by Distressed
Firms.
In a letter to Representative Francis B. Condon, DemoWhite
crat, of Rhode Island, made public on July 27 with
the
House approval says the Washington correspondent of
Secretary
Lamont,
P.
Robert
"
Tribune,
"Herald
New York
ed in
of Commerce, declared that every industry represent
1929 had mainof
es
conferenc
y
emergenc
's
President
the
ago.
tained the wage rates that were in effect two years
industry
It was pointed out collaterally that a cut in the steel
dly
would be the first significant departure, and undoubte
would lead to others and possibly to consumer demoralization
ces.
and ultimately perhaps to industrial disturban
no little imas
of
regarded
was
Secretary Lamont's letter
ation being
the
Administr
of
instance
first
the
as
portance
of "temporary wage
put on record as conceding a necessity
reductions," though only where the alternative was to close
President
down. The letter was in reply to a protest to
Hoover from Representative Condon that the textile industry
violating
in Rhode Island was reducing wages and thereby
fall of
in
the
House
White
the
at
made
the "agreement"
volun1929 between capital and labor, whereby the former
y
emergenc
economic
the
during
wages
cut
to
teered not
to avoid strikes
and labor leaders pledged organized labor
case of Rhode Island reand industrial disputes. In the
declared the GovernLamont
Secretary
d,
ductions mentione
it would, the interment could not interefere and that if
,he pointed,
Moreover
e.
ineffectiv
be
would
ference probably
not represented in the White
out,that the textile industry was
House conference of 1929.
ative Condon
Secretary Lamont's letter to Represent
follows:
Disorders at Two Places.
It was with great regret, and some surprise, that I learned from you.
Robert P.Lamont,that the.textile industry
Commerce
of
through Secretary
was not represented among the industrial leaders of the country who made
the pledge against wage cutting referred to above.
A serious condition now exists in this State, and particularly in my district. Many thousands of employees in the textile industry here have
recently received substantial wage cuts. In several of the mills where
wage cutting has been announced, strikes have occurred, and in two instances in the cities of Central Falls and Pawtucket serious disorder has
accompanied the attempts of employers to operate their mills with strikebreakers. It is quite likely that this condition will grow worse unless some
one who can speak with authority tries to convince these employers that
they are aggravating an already bad situation and repeating the serious
mistake they made in this industrial area during the 1921 depression.
Quotes Dr. Julius Klein.
In this I am borne out by the opinion expressed by the Assistant Secretary of Commerce. Dr. Julius Klein. In his radio address on Sunday. April
12 1931, in which he made the following observation:
"Fortunately, the vast majority of our industrial leaders are keenly
appreciative of the necessity of providing at least some work for the maximum number. Most of them realize, furthermore, the grave perils that
Let us not add strikes
lurks in the short-sighted proposal of the wage cut.
and other industrial disorders to our troubles. We have enough grief
as it is. That is what was done in 1921 when wage cuts started the greater
part of the 2,400 strikes in that depression and turned more than a million
workers out into the streets. One dose of that kind of dangerous nostrum
ought to be enough in our depression experiences."
Asks President to Intervene.
It is indeed a pity that the leaders of the textile industry in this State
cannot be classed among the number referred to by Dr. Klein, who realize
the perils of the wage cut. It seems to me that it is their duty to co-operate
with you and the leaders of other industries who have voluntarily pledged
you their aid.
May I, therefore, most respectfully request that you personally interest
yourself in the very serious and alarming situation now rapidly developing
In the textile industry in this State and to use the great influence of your
exalted office to bring these leaders of the textile industry to a realization
of the serious mistake which they are making and ask them to withdraw
the wage cuts which they have already announced and put into efftmt.
Sincerely yours,
FRANCIS B. CONDON.
Mr. Hoover's views on the subject of wage cuts, it is
pointed out, were stated in his address at the annual convention of the American Bankers' Association at Cleveland
on Oct.2last. At that time the President said:
It appears from the press that some one suggested in your discussion that
our American standards of living should be lowered. To that I emphatically
disagree. I do not believe it represents the views of this association. Not
only do I not accept such a theory, but on the contrary the whole purpose
and the idea of this economic system which is distinctive of our country.
Is to increase the standard of living by the adoption and the constantly
widening diffusion of invention and discovery among the whole of our
people. Any retreat from our American philosophy ofconstantly increasing
standards of living becomes a retreat into perpetual unemployment and the
acceptance of a cesspool of poverty for some large part of our people.
Our economic system is but an instrument of the social advancement of
the American people. It is an instrument by which we add to the security
and richness oflife ofevery individual. It by no means comprises the whole
purpose of life, but it is the foundation upon which can be built the finer
things of the spirit. Increase in enrichment must be the objective of the
nation, not decrease.
Nevertheless, while the directors of the United States
Steel Corp. were reconsidering the situation in their industry, the White House found it necessary on July 28
to issue the following statement:
My dear Mr. Condon:
President, was referred to this office
No member of the Administration has expressed the 'view or holds the
Your letter of the 16th, to the
view that the policy of the Administration in advocating maintenance of
for reply.
matter of wage reductions is well known wages should be changed. It has not been changed.
The President's position in the
have done more to maintain wage rates.
and understood. No one could
The White House statement, given out after a Cabinet
in the fall of 1929, representatives of
When the conference was held
themselves in favor of maintaining wage meeting, was said to have been occasioned by the fact that
various industries expressed
not sent as delegates of their indus- the letter from Robert P. Lamont, Secretary of Commerce,
rates, and, even though they were
companies—and had no authority to pledge
, of Rhode
tries—or even of their own
definite plan of action, nevertheless, to Representative Francis B. Condon, Democrat
their companies or industries to any
represented have maintained the wage Island, had been construed in some quarters as indicating
without exception, the industries
ago, and the influence of the conference modification of the Administration's position to a point
rates that were in effect two years
a marvelous manner in sustaining
and its conclusions have succeeded in
where it was now recognized that wage cuts were necessary.
wages.
many corporations which were
of Labor, amplified the White
As the period of depression lengthens, d in years of good business William N. Doak, Secretary
accumulate
the Washington correspondent
to
,
not well protected by reserves
according
House
statement
Many
extremely difficult positions.
find themselves at the present time in
salaries. Some of them are faced of the New York "Herald Tribune," saying that the Adand
dividends
cut
already
have
them
of
and thus creating more un- ministration never had "condoned" wage cuts. In other
with the prospect of closing down altogether
temporary wage reductions.
employment, or, alternatively, seeking
the Administration has sought.
should occur, but I do not be- quarters it was explained that
I very greatly regret that these cases
AUG. 1 1931.]
FINANCIAL CHRONICLE
primarily to hold up the wage levels in the basic industries,
steel, railroads and public utilities, on the theory that they
were the bellwethers which could hold the lines as they are
or lead to downward revision. It was pointed out that no
one in authority had ever taken the position that a corporation must shut down rather than reduce wages. The view
has been held that the basic industries had the resources
to maintain the wage levels temporarily until they could
realize on the effect of holding up the standard of living in
this country.
The Administration has resisted wage cuts not only
for fear, says the "Herald Tribune" correspondent, of the
psychological effect of such action but also on the ground
that there was not the same economic justification for wage
cuts as for dividend and salary cuts. It has been held that
wage cuts should come last. He adds:
725
Wages could have been increased, but there is no justification for reducing
wages when every employe is producing a larger profit for the employer
than ever before.
We have no desire to prejudge the issues of the pending rate case.
Every one must recognize that railway labor has a direct interest in
increasing the traffic and the revenues of the railways, but we deny that
there is any justification for seeking to increase the net revenues through
the process of reducing the wages of employes. Railway labor has an interest equal to that of management and coinciding with the public interest
in Just and fair regulation. But we would warn those who would evade
the issue of reasonable rates and, with appeals to prejudice and misinforms
tion, would seek to substitute a wage issue, that no impartial review of the
facts will support their contentions.
The railway labor organizations not only are united and prepared to
resist any such move with all the powers at their command: they are also
fortified with the solemn agreement between representatives of employers
and employes and the Government of the United States not to permit the
presence of a business depression to be used as the excuse for breaking
down the American standard of living and compelling men to labor for
less than just compensation for their services.
Members of the Association.
The manner in which capital and labor shared the fruits of peak prosThe Railway Labor Executives' Association is composed
perity has been cited to bankers and industrials contemplating wage reductions in support of this theory. Among the figures cited are some of the following:
showing that, taking 1921 as 100,real wages, measured in terms of buying
D. B. Robertson, President, Brotherhood of Locomotive Firemen
and
power, increased to 113 in 1929, whereas dividends of large railroad and
Enginemen.
industrial corporations mounted from 100 in 1921 to 356 in 1929 and 397
E. J. Manion, President, Order of Railroad Telegraphers.
in 1930.
Sam Berry, President, Order of Railway Conductors.
J. A. Franklin, International President, International Brotherhood
of
Boilermakers. Iron Shipbuilders and Helpers of America.
Railroad Labor Chiefs Would Fight Cuts in Pay— A. 0. Wharton, President,
International Association of Machinists.
Warning on Wages Is Coupled with Support for C. J. McGlogan. International Vice-President, International Brotherhood
of Electrical Workers.
Rate Rise if Found Justified—Question of Pay Has
J. G. Luhrsen, President, American Train Dispatchers Association.
No Place at Hearing, Say Executives, Meeting at D. W. Helt, President, Brotherhood
of Railroad Signalmen.
F. H. Fllozdal, President, Brotherhood of Maintenance of Way
Washington.
Employes.
A. B. Devlin, representing National Organization of Masters,
Matestand
The Railway Labor Executives Association issued a statePilots of America.
ment at Washington on July 28 opposing any reduction in M. S. Warfield, President, Order of Sleeping Car Conductors.
railway wages and favoring an increase in freight rates "in A. F. Whitney. President. Brotherhood of Railroad Trainmen.
George Harrison, Grand President, Brotherhood of Railway and Steaminstances where the facts disclose that such increases are
ship Clerks, Freight Handlers, Express and Station Employes.
Martin F. Ryan. President, Brotherhood Railway Carmen of America.
justifiable." The statement reads:
The petition of the railroads for a 15 per cent rate increase (which was Roy Horn, President, International Brotherhood of Blacksmiths. Drop
Forgers and Helpers.
filed with the Inter-State Commerce Commission on June 17) should be
considered on its merits. There is a law governing the duties of the Inter- T. C. Cashen, President, Switchmen's Union of North America.
state Commerce Commission and providing the standards for reasonable A. Johnston, Grand Chief Engineer, Brotherhood of Locomotive Engineers.
B. M.Jewell, President, Railway Employes Department A. F. of L.
rates.
If under the law the railroads are entitled to earn more money and a C. M. Sheplar, President, National Marine Engineers' Beneficial Association.
freight rate increase will produce additional revenues, the railroads can
properly appeal to the Inter-State Commerce Commission for relief. The L. Wicklein, Vice-President, Sheet Metal Workers' International Association.
Commission is a well-informed, public-spirited body possessing the ability
and authority to fix just rates. The Commission will not lack information, J. F. Ryan, President, International Longshoremen's Association.
J.
F.
McNamara, President, International Brotherhood of Firemen and
advice and assistance in determining whether railroad revenues can be,
Oilers.
and ought to be, increased through increased freight rates.
We are in favor of increases in instances where the facts disclose that
such increases are justifiable.
Unfortunately the question of the reasonableness of railway wages has Chairman Brainerd of Inter-State Commerce Combeen injected into the pending proceeding, first through its discussion in
mission Reiterates Statement That Wage Question
the railroad petition, and then through objections to the rate increase
Will Not be Taken up in Determining the Applicaoffered by various protestants claiming that instead of increasing freight
tion of the Railroads for 15% Advance in Rates.
rates the roads should reduce wages. The injection of this issue into the
rate hearing is unwarranted.
Chairman
Ezra Brainerd of the Inter-State Commerce
The Inter-State Commerce Commission has not been given Jurisdiction
to determine the reasonableness of the railway wages. On the contrary, Commission, on July 29 reiterated the position of the Comother governmental agencies have been provided to supplement collective mission relative to the consideratio
n of railroad wages in
bargaining, by which it is the settled, legislative policy of the government
connection with the united plea of the Nation's railroads for
that wages should be fixed.
It is not true that railway wages are high. The vast majority of men in a 15 per cent horizontal freight rate increase. (Ex parts
railway employment do not earn to-day, and have not earned for years, No. 103.) In reply to a
communication received from
wages equal to those of men engaged in similar work, calling for similar
Chicago questioning the Commission's action in barring
skill, in private industries. There are several hundred thousand railway
men who have been out of work for over a year. There are as many more certain resolutions of the Chicago Association of Commerce,
who have been working only part time for many years.
purportedly because one had to do with wages,
Alen Help Carry the Burden.
A substantial part of this burden of unemployment is being carried by
the men who are employed. Even in the days of prosperity,railway workers
failed to gain increases proportionate to general increases of wages, and no
large group of industrial workers has suffered more than railwaymen from
the displacement of man power by machines.
More traffic was handled by the railways in 1929 than in 1920, with
370,000 less men. This year an additional 300,000 are unemployed and a
large percentage of those remaining are working part-time.
Railway labor has submitted its claims to arbitration after arbitration
in
the last five years and, without exception, impartial boards have found
that railway labor was underpaid. The nation-wide depression of to-day
has been caused by low wages, by the excessive profits of the few and
the
underpayment of the many whose purchasing power would not
absorb the
flood of goods that industry produced. We do not believe that the way
out of the depression is to aggravate the cause of the depression.
There is a very good reason why well-informed railroad executives
have
not responded to the pressure of outside forces urging wage reductions.
The facts will not support such a demand. There are several hundred
thousand men in the lower-paid groups of railway labor earning less
than
$1,000 a year. There are several hundred thousand in the medium-paid
groups who earn less than 11,500 a year, yet these include men of the highest
grades of mechanical skill whose wages have always been much higher
in
other industries.
The comparatively small number of railway employes who earn a
decent
livelihood are men of long experience and heavy responsibility
who are,
for the most part, subject to demotions and part-time employment as
traffic fluctuations and who never attain the compensation and security
obtained by men of similar capacity on other walks of life.
Between 1923 and 1929 the revenues of the railways per employe
increased
over $400. and the compensation paid increased less than 3100, leaving a
net gain to the owners of $300 per employe. This gave the owners approximately $500,000,000 a year additional profit made out of the employes, or
enough to pay 6 per cent interest on $8,333,000,000 of additional investment.
The railroads reported an increased investment in this same period of
only $4,093,000.000. Thus it is proved that the roads were getting out of
increased labor efficiency in 1929 and increased annual profit of
over
$250,000.000 in excess of a fair return on their additional investment.
Brainerd stated:
Commissioner
In a public notice issued July 22 we called attention to the
fact that
evidence would not be received in this proceeding regarding the level
of
railroad wages. It is considered by the Commission that such evidence
would not be pertinent to the inquiry and that if relevant it would, under
the circumstances of this case, be Impracticable to consider in connection
with the matter directly brought in issue by the carriers application.
The letter to Commissioner Brainerd was from Ezra J.
Warner of Chicago, and declared:
I noted with surprise the reception by your distinguished body of the
resolutions anent the steam carriers' application for a 15 per cent increase
in rates and charges which our Chicago Association of Commerce sought
recently to file with you.
It is reported here in Chicago that permission was refused and that the
reason was solely that we had suggested in our resolution that consideration
should be given to the subject of wages paid to railway labor, in the bearing
which these might have upon "adequate revenue."
The resolution in question stated:
That since the present level of railway wage scales is at or about the war
time level, notwithstanding the subsequent material reduction in the cost
of living and the downward revision of wages in many industries which
will be called upon to pay such increased rates as may be authorized in this
proceeding; therefore serious consideration should be given to a proper
revision of railway wages.
The association attempted to file the resolution as an
exhibit, but the Commission ruled it out because of the fact
that resolutions, ,editorials, etc., are never admitted in
evidence in a case before the Commission. Permission was
extended to the association, however, to testify that it was
generally in favor of the carrier's proposal.
Explaining that the reference to wages was not the reason
for barring the resolutions, Commissioner Brainerd declared
in his letter to Mr. Warner:
726
FINANCIAL CHRONICLE
I call your attention to the fact, which does notseem to be well understood
by the public, that the law requires this Commission to dispose of all such
been
matters only upon the record as made after a full opportunity has
afforded all parties interested to be heard at a public hearing. Letters,
competent
telegrams, resolutions, editorials, and newspaper articles are not
filed in the
evidence and while ordinarily received by the Commission and
upon
which
record
correspondence section of the docket,form no part of the
a decision can be properly based.
Inter-State Commerce Commission Preparesfor Further
Rate Hearings—Committees are Assigned.
The assignment of commissioners and plans for the presentation of evidence when the opposition side of the 15 per cent
rate increase case is taken up in August was announced on
July 30 by the Inter-State Commerce Commission. After
the regional hearings in different sections of the country, the
entire division of the Commission that has been assigned to
the rate case will assemble in Chicago on August 31 for the
final hearings. The Commission announced the Chicago
hearing might be divided into two groups of commissioners
working simultaneously.
The assignments for the other hearings follow: Portland,
Me., August 4, Commissioner Claude R. Porter, and Examiner Irving L. Kich; Washington, August 10, Commissioner B. H. Meyer and Examiner M. A. Disque; Atlanta,
August 17, Dallas, August 21, and Kansas City, August 26,
Commissioner Joseph B. Eastman and Examiners Howard
Hosmer and H. W. Archer; Portland, Ore., August 12, San
Francisco, August 17, and Salt Lake City, August 24, Commissioner E. I. Lewis, William E. Lee and Examiners G. H.
Mattingly and Myron Witters.
The Commission informed persons expecting to introduce
evidence at Portland, San Francisco and Salt Lake City
telling them that because of the limited time their evidence
should be condensed as much as possible, with one witness
representing kindred interests and cumulative evidence and
duplication cut to a minimum.
Commissioner William J. Carr of the California State
Commission is assisting in arranging Western hearings.
National League of Commission Merchants Asks Aid
of Gov. Roosevelt to have Fruits and Vegetables Exempted from Proposed Increase in Railroad Rates.
A plea that Governor Roosevelt of New York ask for the
exemption of fresh fruits and vegetables from the 15 per cent
freight rate increase sought by the railways was made public
on July 26 by the National League of Commission Merchants:
Governor Roosevelt's aid was requested in a letter from
Robert F. Blair, President of the commission group. A 15
per cent increase on fresh fruits and vegetables, Mr. Blair
wrote the Governor, "would mean $40,000,000 a year more
in freight charges," or 10 per cent of the $400,000,000 increase
in revenue, while these commodities form only 1.28 per cent
of the total rail traffic. Traffic would be reduced by higher
rates, Mr. Blair, contended, and the increase would "accelerate the shift of fruits and vegetable tonnage from railroads
to motor trucks." He added that it would "drive much of
the traffic out of interstate commerce altogether, restricting
farmers' markets, increasing consumer prices, and without
any compensatory benefits to the rail carriers." "I have
presumed to remind you of these facts," he went on,"in the
earnest hope that through the proper State agencies, the
conditions peculiar to traffic in these perishable foods in
New York State are presented to the Inter-State Commerce
Commission from authoritative sources." Mr. Blair continued:
Textile Mills Join Shippers in Protest Against the
Application of the Railroads for an Advance in
Rates—Cattle and Cane Interests Also File Complaints Denouncing Project—New York Shippers
Conference Favors Granting Rise—In Resolutions
Advocate Relief Sought If Existing Port Differentials Here Are Preserved.
The cotton textile industry of the country on July 28 went
on record as opposing the proposal of the railroads of the
country to increase freight rates by 15 per cent. In a communication to the Inter-State Commerce Commission the
cotton textile industry, through its representative associations, asserted that it would oppose any attempt to increase
rates either on the finished product or on the inbound raw
product.
"Conditions existing in this industry over a period of
several years," said the communication,"make it impossible
for petitioners to voluntarily accept any increase in existing
rates on its finished product or in any of the elements entering
into the cost of production, including inbound freight rates."
The announcement of the industry's stand in the matter
of the carriers' united plea for a 15 per cent horizontal freight
rate increase was made through its three chief associations,
the American Cotton Manufacturers, the Cotton Manufacturers of North Carolina, and the Cotton Manufacturers
Association of South Carolina which, according to the communication,"represents a vast majority of the textile interests
of the entire South."
The Illinois Live Stock Shippers' Association advised the
Commission that it would appear at hearings scheduled for
the month of August and testify in opposition to the carriers
plan. "We are greatly surprised," said the Association's
communication, "at the railroads asking for a favor of this
kind at the present time because all agricultural producers
are experiencing the most serious condition in the history
of their business, not excepting the depression beginning in
the year 1894."
Another large organization which has formally advised the
Commission of its intention to oppose the carriers' plan to
increase freight rates is the American Sugar Cane League,
which includes the Louisiana Sugar Planters' Association, the American Cane Growers' Association, and the
Producers' and Manufacturers' Protective Association,
and numbers more than 3,500 members throughout the
South. Assailing the carriers' plan, the league asserted the
railroads should be forced to relinquish their costly terminal
facilities to the communities in which they are constructed.
"Another idea that we take the liberty of advancing," said
the communication, "which may appear unusual on first
consideration, but which is far less radical than the proposal
to break the back of our staggering agricultural camel by
the addition of new straws, is that steps be taken to relieve
the railroads of the enormous overhead represented by their
investments in stations and terminals that were built in
response to the insistence of the communities in which they
are located as a tribute to the pride and prestige of those
communities and which have been constructed at an outlay
far exceeding the legitimate necessities of the carriers.
prices paid the producer and
Freight rates are a major factor in both
of business depression, is it not
prices paid by the consumer. In times
buying power of our
restricted
the
important to have scrupulous regard for
on growers and producers, already in
People and guard against placing
their markets or depressing prices
distress, any further hazards restricting
for their products?
desirability of augmenting railroad
We probably are in agreement on the
without regard for varying essenrevenues. Arbitrarily to raise all rates,
capacity of the traffic to bear the
tiality of commodities and ignoring the
of doubtful prudence. .
additional burden. to say the least is a policy
charges, . . .long hauls carry a very
On the basis of present freight
rates 15 per cent, in many
these
heavy transportation burden. To increase
The tendency would be to
instances would produce a prohibitive rate.
markets and deprive the distant
restrict New York shippers to the nearer
York State.
consumers access to the quality products of New
presents a decidedly serious
The movement into New York markets
from thirty-eight
supplies
its
draws
picture. The New York City market
cars; to Oregon for 2,399
States. In 1929, it went to California for 43,338
cars to New York
and to Washington for 4,752 cars. Texas shipped 2,303
City, while Florida shipped 21,047 cars. . . •
to improve the
effort
laudable
It would be a calamity, indeed, if in a
barrier that would
financial condition of our railroads we should raise a
hand, and,on the other,
restrict the New York growers' market on the one
in meeting the
deny the important but distant producing sections freedom
of New York.
centres
Consumer requirements in the great industrial
[VoL. 133.
These expensive, ornate and palatial stations and terminals ought to be
taken over by the municipalities in which they are located and used by the
railroads on a low rental basis through the various State public service
commissions.
These terminals owe their unnecessary magnificence largely to the grandiose pretentious of the people of the cities where they have been erected.
and to make the impoverished farmers of the United States pay higher rates
in order that such ornamental burdens may be carried is obviously all wrong.
After a protracted discussion the Shippers' Conference of
Greater New York in the afternoon of July 28 at a special
meeting in the rooms of the Merchants' Association went on
record by resolutions adopted as not being opposed to an
increase of railroad rates, "if found justified," and provided
the present relationships are not upset. While not mentioning
it specifically, says the Washington Bureau of the New York
"Journal of Commerce," the "present relationships" in the
resolution was understood to refer to "port relationships."
That has reference to the existing port differentials between
New York,Norfolk,Philadelphia, Baltimore and other ports.
Shippers demand that if the railroad rates are advanced the
same margins of difference of rates shall be maintained so
that there shall be no disruption in the port rate structure.
Another resolution approved said that the Conference would
not oppose an increase in rail rates if the Commission is
satisfied that the financial condition of the railroads warranted it "so as to assist their credit." Several other resolutions had been previously offered, one favoring a flat rate
Aua. 1 1931.]
FINANCIAL CHRONICLE
727
increase per ton and another a graduated scale according to Disaster Pictured if Railroads Are
Permitted to Advance
classes, but failed of passage. Vice-Chairman William J.
Rates—Kansas Fears Diversion of Freight to
Mathey was named by Chairman William H. Chandler to
Competitors With Dire Results.
represent the Conference at the meeting of carriers, port
The Public Service Commission of Kansas has advised
representatives and shippers and at other hearings to be held
on increased rail rate questions. The "Journal of Commerce" the Inter-State Commerce Commission that it will attempt
to prove during hearings to be held in the West next month
in reporting this, went on to say:
that any increase in freight rates at this time "will drive the
A letter read by Chairman Chandler from J. F. Atwater, Manager of
Transportation of the American Hardware Corporation of New -Britain, traffic from the rails to competitors with disastrous results
Conn., who was unable to be present because of another meeting in his to railroad earnings and incalculable consequences for the
own city on the same subject, stated that New England is opposed to a future."
The communication from the Kansas Commission
percentage in rates "inasmuch as it would upset competitive relationships
and would place the long-haul shippers at a disadvantage with the short- was in answer, says the New York "Journal of Commerce"
haul shippers." He said that they would prefer a flat rate increase and he in its issue of July 28, to the Commission's request that
closed by suggesting a graduated scale of rates somewhat on lines previously
suggested by A. P. Welsh, traffic manager of the Brooklyn Chamber of parties in opposition to the railroads' plea for a 15% horizontal increase in freight rates submit an outline of the
Commerce.
"Inasmuch as the Commission has ordered to become effective the rates testimony they will present
at the hearings to be held
presented in docket 15879 (Eastern Class rate case)," Mr. Atwater said,
"it seems to be a debatable question whether or not any increase ordered in throughout the country during the month of August. The
ex parts 103 would be added to the increases already presented. I have nature of the testimony to be presented by th3 Kansas
prepared a statement showing the effect of the 15% if added to the rates Commission was
given as follows:
to become effective Dec.3. I believe
that as a rule shippers would be * * *
opposed to any increase on top of those presented in 15879.
"We in New England object to a percentage increase inasmuch as it upsets competitive relationships and places the long-hail shippers at a disadvantage with the short-haul shippers. New England shippers shall
recommend a flat increase.
"No flat rate has as yet been recommended but figures are now being prepared. I would suggest that a certain amount be proposed to the Commission to be added to the first class rate, perhaps 5 cents, and this amount be
graduated in accordance with the graduation presented in docket 15879.
thus: One, 100%; two, 85%; three, 70%; four. 50%; five. 35%; and six.
2734%.
"Some such method as this might be arrived at and in this way some competitive relationship as now would be continued."
In reply to a question Chairman Chandler said that the proposed increase
in rates would affect import and export rates?
"We do take the position." Mr. Chandler continued, "that these rates
would disrupt port relationships. It is up to the railroads to make their
position clear as to this. I am told that the New York Central would not
stand any disruption in port relationships. The question arises: what are
the railroads going to do after Dec. 3 on import and export ratesE
"If they do not want to say what they are going to do it is up to us to
apply for a ruling."
Mr. Mathey in reporting on the recent rate hearings in Washington said
that there was no doubt that the railroads are in a serious state with their
revenues dropping. The question is, he said, whether the 15% increase
will give them what they want as the increased rate might not give them a
15% increase in revenue.
"It will mean that storage charges on the piers will be increased 3%, but
demurrage charges will not be," he added.
Amother speaker said it was undertsood that after the new rates go into
effect certain industries will be taken care of.
Mr. Chandler said it looked as if the carriers sought the approval of the
Commission for an increase, leaving them to say how it should be applied.
"I think that this is the weakest part of their case." he said. "They
should spread the increase evenly along the line. It will mean that the
Increase will have the effect of transferring the rates on business onto the
road. If an even amount was put on everybody It would distribute the
burden and not disrupt the rate situation."
C. V. Hilleary suggested that the increase must be consistent with port
relationships and that no advance should be made in pier storage charges.
Another speaker said he doubted anyway whether a 15% increase was
justified at all.
Testimony relating to the economic condition of agriculture and specified
industries within the State of Kansas and comparisons thereof with the
economic condition of the carriers.
Testimony relating to the inability of the different major commodities
to stand the increases sought; commodity prices will be compared with
railroad rates; agricultural and industrial profits with those of the railroads; development of substitutes and restriction of production; stimulus
to short haul traffic involving little revenue to the carriers, and the discouragement of long haul traffic as a result of percentage increases, atc.
Competition Stressed.
Competition with other forms of transportation to show that increased
rates at this time will drive traffic from the rails to competitors with disastrous results to railroad earnings at the present time and incalculable
consequences for the future; nature of such competition in the past, its
development and the attitude of rail executives toward meeting this competition.
Such additional testimony as may be pertinent to the issues involved
and helpful to the Commission in its determination of such issues, to be
presented by the Kansas Commission separately or as a part of the committee work previously referred to.
It is estimated that the presentation of the above testimony will not
exceed two hours.
Denver Stock Yards Service Rate Cut—$100,000 Slash
—Is Ordered in 45 Days by Agricultural Board.
A cut in the service charges at the Denver stockyards,
which it is estimated will save shippers approximately
$100,000 annually, was ordered on July 28 by Acting Secretary of Agriculture Renick W. Dunlap, according to the
Washington Bureau of the New York"Journalof Commerce".
The order provides that the new rates shall become effective
in forty-five days. The correspondent of the "Journal of
Commerce" further discusses the matter as follows:
With respect to live stock received at the stockyards by rail, the order
reduces the present rates from 35c. to 28c. per head in the case of cattle.
from 25c. to 18c. for calves,from 12c. to 10c.for hogs and from 8c. to 6%c.
for sheep.
Reductions on Stock.
Contention of railroad executives that the carriers are in
Reductions in the same amounts are made with respect to the present
a serious financial condition and in need of immediate relief rates on live stock received at the stockyards by vehicle such as trucks or
on
except that the rats on calves is reduced 6c. instead of 7c. The
-was challenged on July 27, says the Washington corres- newfoot,
rates for such receipts are 33c. for cattle, 21c. for calves. 12c. for hogs
pondent of the New York "Times," in a dispatch on that and 8%c. for sheep.
It is further found that the stockyards company has been yarding the
date, in a compilation of data by Wilbur La Roe, Washing- live
stock of the so-called dealers or traders without making any charges.
ton representative of the Port of New York Authority, and The order expresses the opinion that the stockyards company should not
counsel for Southern shipper interests opposed to the pro- recoup from shippers the expense of this free service. Therefore the reduced
rates prescribed in the order are based upon the principle that the stockyards
posed 15% increase in freight rates. The dispatch continued: company
should either charge the traders a fair rate for this service or bear
Included in the compilation, which extended in some instances to 1910, it itself, without passing it on to those who ship live stock to the market.
were annual dividends declared and the average rate paid on dividend
New Rates Given.
yielding stock, annual net operating Income, total corporate and free surplus
of all railroads and figures on annual railroad operating ratios.
The new rates to be charged to the dealers or traders, in lieu of the free
With reference to the figures in his study, Mr. La Roe stated:
services heretofore rendered. are 14c. per head for cattle, 9c. for calves.
"It is believed that the propositions stated and the figures given in support Sc. for hogs and 3c. for sheep and goats. The existing rates as to horses and
of them will lead to the conclusion that the situation is far less serious than mules are not changed,except that a rate of 173,ic. per head for horses and
the public has been led to believe.
mules handled by dealers or traders Is prescribed. Charges for corn, hay,
"The first of the propositions set forth in the study is that railroad divi- oats, bedding, etc., are reduced materially.
dends during the past few years have been the greatest in history. The
The order results from a hearing by the Secretary in February, 1930, to
contention is supported by figures published by the I.-S. C. Commission inquire into the reasonableness of the rates and charges made by the Denver
showing that for the year ended Dec. 1930. class I roads alone declared Union Stockyards Co. of Denver for the services it rendered to those who
dividends amounting to $506,624,912 and that the average rats on dividend- market their live stock there. The proceeding is known formally as Bureau
yielding stock was 7.82.
of Animal Industry docket No. 301, the Secretary of Agriculture vs. the
Denver Union Stockyards Co.
1927 a Record Year.
"Corresponding figures for 1928 and 1929 showed declared dividends
amounting to $510,017,987 and $560.901.941, respectively, and an average
rate on dividend-yielding stock of 7.12 and 7.47.
"The amount of dividends declared in the latter two years was the largest,
according to the compilation, of any year since 1920 except 1927. In that
year declared dividends of 8567,280,717 were shown, although it was explained the 1927 figure included $76,299,528 of'unusual items not representing cash.'"
.
The average rate on dividend-yielding stock was also largest for any year
given and amounted to 8.47.
Increases were shown from year to year, excepting 1930, in net income.
Mr. Large's figures for 1920 to 1930 inclusive were as follows:
Year.
1920
1921
1922
1923
1924
1925
Amount.IYear.
S481.950,96911926
350,539,60811927
434,459.18811928
632,117,58311929
623,399,39311930
771,053,0771
Amount,
$883 A21,795
741.923.918
855,017,540
977,229,894
523,907.472
Interstate Commerce Commission Starts Probe On
Rate Discrimination.
An investigation into the practice of railroads allowing redueed rates to shippers and manufacturers in exchange for
price reductions in materials purchased by the roads was
launched at Philadelphia on July 29 by the Interstate Commerce Commission. It is the contention of complaining
shippers that discrimination was shown in allowing shipments
to be made at much lower rates than those established, with
the understanding that reductions in equal ratio would be
made by manufacturers selling merchandise to the railroads.
A mass of documentary evidence was produced by the carriers
at the hearing in the Chamber of Commerce Building. Col.
C. B. Young, Assistant Vice-President and General Pur-
728
FINANCIAL CHRONICLE
-chasing Agent, and J. L. Eysmans, Vice-President in charge
of traffic, of the Pennsylvania Railroad, testified before William P. Bordel, Director of the Interstate Commerce Commission's Bureau of Service.
No denial of the practice was made by the railroads and
the commission's representatives indicated that the purpose
of the investigation is to determine how far the practice can
be carried out and yet remain legal. At the conclusion of the
testimony of the Pennsylvania system officials, officers of
the Reading Co. will offer testimony. The investigation will
continue several days.
A Century of Rail Development—The Heavy Rail of
To-day as Compared with the Light Rail of Former
Periods.
After careful consideration, and with the most •helpful
co-operation on the part of the steel companies, the Pennsylvania RR. hats this year put in service a new standard
rail section for heavy duty use, weighing 152 pounds to the
yard. The first heats were rolled and placed in the track in
May and June 1931. This has furnished the theme for an
interesting study of the question of rail development by
T. J. Skillman, Chief Engineer of the Pennsylvania RR., Who
proceeds as follows:
[Vol.. 133.
The working out of these requirements produced a section weighing 152
pounds to the yard, and possessing 75% greater stiffness than the previous
130-pound section.
In determining the surface of the head, in order to have the surface
stresses initially as low as possible, the contours of the wheel treads on
many cars in active service were studied and an average made. As a result,
It was found that a 24-inch radius for the surface of the rail head would
be the nearest fit to the average contour that would be practicable to roll.
Observation, so far, of the behavior of this rail in the track has indicated
that the contact between the rail and wheel has been materially extended,
and the object sought has therefore been attained.
As if result of the knowledge gained in designing the new 152-pound
section, the 130-pound section has been revised to accord with the principles of the new design. The result has been to add 22% to the stiffness
of the rail, with an increase of only one pound per yard in weight. The
new 131-pound section will hereafter be the standard on main line track,
except where extraordinary conditions of traffic require the 152-pound
section. The latter is now being laid at various points between New York
and Pittsburgh, and its use on the main East and West and North and South
stems of the system will be progressively extended, to replace existing rail,
as conditions of traffic and wear warrant.
The deficiencies in splicing, to which reference has been made, were
met by utilizing the greater "fishing" space provided in the higher web of
the new rails. This has made it possible to design a simpler but more
effective form of splice, which results in a much improved rail joint. In
particular, features of design have been introduced which produce greater
vertical stiffness, as well as lateral resiliency. The latter makes it possible
to take up the wear and tear that occurs between the under side of the
head of the rail and the top of the splice.
It may be appropriate to append to this brief description of the new
rails a reference to the fact that the Pennsylvania RR. was the first American system to adopt steel rails. The production of steel rails, as is
widely known, was made a commercial possibility by the perfecting of the
Bessemer process and the great cheapening in the cost of making steel
which followed.
In 1862 John Edgar Thomson, then President of the Pennsylvania RR.,
made a study of the production of steel rails in England, where they were
being placed on the market for the first time. Impressed with their advantages, he desided to purchase 400 tons for experimental use. They were
placed in the track for test purposes between Altoona and Pittsburgh. The
weight of these rails was 56 pounds to the yard. The results of the tests
were so favorable that the management decided to adopt steel rails as the
standard for subsequent purchases.
The 130-pound section, which has just been superseded for standard Pennsylvania RR, main line use by the new 152-pound and 131-pound sections,
was adopted in 1916. It was a modification of and improvement upon a
125-pound section adopted in 1914. Prior to that, the standard main line
rail of the Pennsylvania RR. had been a 100-pound section since the early
'90's, and various lighter sections were in use in earlier years.
The Pennsylvania RR.'s average requirements for steel rails are approximately 175,000 tons per year. The actual quantities of new steel rails
placed in Pennsylvania RR. track during the last decade are shown in the
following table:
Aside from its technical significance, the production of this rail, the
heaviest and strongest ever manufactured for regular service on any railroad, constituted an event of much historic interest as it signalized the
rounding out of an even century of progress in the evolution of the T-rail.
Further interest attaches to the fact that the original T-rail was the invention of a celebrated engineer who designed it for use on what is now a
portion of the Pennsylvania RR. System.
On May 16 1831 there arrived in Philadelphia, from England, the first
T-rails ever produced. They weighed 36 pounds to the yard, were 3% inches
in height and 3% inches wide at the base. They were rolled of iron, and
were for the track of the Camden & South Amboy RR., projected to run
from Camden, N. J., on the Delaware River, opposite Philadelphia, to South
Amboy, N. J., on the Raritan River. This line is in operation to-day as
part of the New York Division of the Pennsylvania RR. Its first President
and Engineer, Robert L. Stevens, son of Colonel Jahn Stevens, the prophetic
advocate of railroads vs. canals, designed the rail and invented the principle
of the "T" section.
Stevens' achievement proved to be one of the notable mileposts in transportation history. The fundamentals of his design have been retained to
the present day, and the "T" section remains the standard type of rail in
149,765 tons 1926
1921
217,995 tons
nearly every country in the world. Its influence was particularly important 1922
133,520 tons 1927
212,844 tons
in the United States, where a primary requirement for the opening up and 1923
142,423 tons 1928
237,664 tons
157,925 tons 1929
205,815 tons
development of a new and debtor country was a rail answering fully the 1924
203,672 tons 1930
121,941 tons
needs of service and at the same time capable of being produced and laid 1925
at reasonable costs.
The story of the designing of the original T-rail is of such interest, and
From Stevens' T-rail of 1831 to the 152-pound section of 1931 is a far the circumstance itself so important in the evolution of railroads, as to
cry, and many steps have intervened. It is necessary, however, to pass them warrant a summary in connection with the fact that 100 years have now
by and proceed to a brief description of the new rail and the circumstances passed.
relating to its adoption.
The minutes of the Board of Directors of the Camden & South Amboy RR.
The trend of modern railroading is toward increased capacity and lading show that in September 1830 Robert L. Stevens, as President and Engineer
for freight cars, increased weight of passenger equipment, increased length of the company, was instructed to visit England for the purpose of inspectof trains in both branches of the service, and steadily advancing speeds. ing and reporting upon railroad matters there. In particular he was
The influence of these factors is likely to grow rather than diminish in directed to make purchases of "all iron rail." This, the management of the
the future. Where they are encountered in maximum degree the result company, with unusual foresight, preferred to the wooden rail, plated with
has already been the development of wheel load pressures and the attain- strap iron, which was used in the construction of many of the other early
ment of speeds beyond the durability of the rail heretofore in use to with- American roads. Rails of that type were reasonably satisfactory where
stand. Indications of the reaching of such condition are given by the life horsepower was used, but proved inadequate to the locomotive. This WU
of the rail, the number of failures, and extent of the annual expenditures strikingly demonstrated in the famous trial trip in 1829 of the "Stourbridge
required to maintain smooth-riding track, as well as evidences of deficiencies Lion" on the tramway of the Delaware & Hudson Canal Co. between CarIn splicing, as the result of insufficient depth of the splicing area, &c.
bondale and Honesdale, Pa. The trip, which was the first movement of a
Such indications have become sufficiently msnerous on portions of the steam locomotive on an American railway, was a complete success as far
railroad carrying the densest traffic to snake it apparent that a review of as the engine was concerned, but a failure on the part of the track.
the requirements was necessary in order to arrive at. a solution with respect
Upon receiving his instructions from the Camden & South Amboy Board,
to a rail design which would meet the problems of producing a stronger Stevens sailed for England a few days later. During the voyage he employed
riding
qualities,
track with smoother and more comfortable
capable of carry- his time by whittling out model sections of rail from Wood obtained from
ing safely increased traffic, with increased wheel loan pressures, at increased the ship's carpenter.
speeds, and at the same time with more economical maintenance.
The best railways of England at that time were being laid with what was
Accordingly, committees were formed of representatives of the United known as the Birkenshaw rail, sometimes, from Its shape, called the "fish
States Steel Corp., the Bethlehem Steel Corp., and the Pennsylvania RR. belly." It had a head not unlike that of the T.rail, and a high web, but
These committees made thorough reviews and analyses of the problem, and no base. It was notable as being the first iron rail ever produced by
set for their aim a rail design that would accommodate safely and satis- rolling. The only other all-iron rails previously in use had been of cast
factorily 100,000-pound axle loads at a speed of 100 miles per hour. These metal and in lengths of not over 3% feet.
requirements compare with 80,000-pound axle loads at speeds of 80 miles
Birkenshaw rail gave good results as far as operation was concerned,
per hour, applicable to the 130-pound main line standard rail section here- but was expensive to lay, by reason of the fact that its construction required
tofore in use on the Pennsylvania RR. It was concluded that this increased that the baseless web rest in cast iron "chairs" which were spiked to stone
allowance for axle loads and speed would take care of the transportation blocks at intervals of three feet. Stevens perceived that this rail was not
adapted to conditions in new America where metal workers were scarce and
developments of the next 25 years.
The chemical composition and desirable arithmetical attributes, as to iron dear. He therefore conceived the idea of adding the continuous flat
stiffness and strength, were fixed, and the design made accordingly, in order base, which dispensed with the necessity for chairs.
to fit as nearly to these attributes as possible.
Stevens never patented his rail invention, which, by reason of its almost
Calculations were made indicating the stresses to be obtained from a universal use, might have made him enormously rich. He frequently expurely theoretical standpoint. The result was to demonstrate the necessity pressed regret in after life that he had not done so, and on one occasion
for a rail section in which would be incorporated, among others, the follow- investigated the possibility of obtaining a patent, but found that too long a
period had elapsed, and that his invention had become public property.
ing features, namely:
For nee with •the T-rail, Stevens also designed the "hook-headed" spike,
1. A height of approximately 8 inches, or 1% inch higher than the 130pound section heretofore standard, as an important element in increasing which is substantially the railroad spike of to-day. The spikes were driven
the stiffness of the rail.
into wooden plugs inserted into the stone blocks before the latter were
2. A head designed with as flat a radius as would be practicable to manu- superseded by wooden ties. To join the rail lengths together he devised
what was called the "iron tongue," which later evolved into the fish plate
facture, in order to give broad contact with the wheel tread.
3. A definite desirable ratio of the perimeter of each portion of the rail— and subsequently into the modern joint-bar. In the rail joint, as planned
that is the head, the web and the base—to their respective volumes, in by Stevens, rivets were used, which have long since been replaced by the
order that the rate of cooling should be as nearly even as possible to bolt and nut to complete the joint.
minimize the setting up of internal stresses in the process.
Upon arrival in London, Stevens addressed a letter to the ironmasters of
4. That the rail should be canted in the ratio of one to 40, by use of a Great Britain requesting bids. It was accompanied with a cross-section,
canted tie plate, as a further means of providing better contact between the side elevation and ground plan. The letter read:
head of the rail and the wheel tread.
"Liverpool, Nov. 26 1830.
AUG. 1 1931.]
FINANCIAL CHRONICLE
"Gentlemen: At what rate will you contract to deliver at Liverpool,
say from 500 to 600 tons of railway, of the best quality iron rolled to the
above pattern in 12- or 16-feet lengths, to lap as shown in the drawing,
with one hole at each end, and the projections on the lower flange at every 2
feet, cash on delivery?
"How soon could you make the first delivery, and at what rate per month
until the whole is complete? Should the terms suit and the work give
satisfaction a more extended order is likely to follow, as this is but about
one-sixth part of the quantity required. Please to address your answer (as
soon as convenient) to the care of Francis B. Ogden, consul of the United
States at Liverpool
"I am your obedient servant,
"ROBERT L. STEVENS,
"President and Engineer of the Camden and South Amboy
RR. & Transportation Co."
It is recorded that Stevens encountered great difficulties in inducing a
British mill to attempt making rails of his design, and at first received no
favorable replies to his proposals. The ironmasters of the Kingdom for
various reasons regarded his undertaking, to quote a commentator, "as
dangerous, or at least highly imprudent, and likely to prove disastrous to
all concerned." He was, however, fortunate in being personally acquainted
with John Guest (afterwards Sir John Guest), a member of Parliament and
head of the firm of Guest, Lewis & Co., owners of the Dowlais Works in
Wales.
Through this avenue of approach Stevens prevailed upon Guest to have the
rails rolled at his plant. He accompanied Stevens to the works, where the
latter gave his personal supervision to the construction of the required rolls.
After their completion, the firm gravely hesitated to use them for fear of
damage to the mill Upon learning of this, Stevens deposited a liberal sum
to guarantee the cost of the repairs, if any should be required. The receipt
for this deposit was long preserved among the archives of the Camden St
South Amboy Co. In point of fact, the rolling apparatus did break down
several times.
A nephew, Francis B. Stevens, writing in 1881 to the late J. M. Swank,
the noted authority on iron and steel, stated that the first experimental
rails came from the rolls "curled like snakes, and distorted in every
imaginable way." At last, however, the mill men acquired the art of
straightening the rail while it cooled.
The first shipment, to which reference has been made, and which reached
Philadelphia May 16 1831, consisted of 550 bars, each 18 feet in length,
and, as previously stated, weighing 36 pounds to the yard. In the case of
the second shipment, which arrived several months later, the weight was
increased to 42 pounds to the yard. Over 30 miles of these rails were
immediately laid on the line of the Camden & South Amboy, constituting
the forerunner of modern railroad track construction not only for the United
States but for the world at large.
Co-Ordination of Rail and Motor Truck Facilities
Advocated.
Co-ordination of rail and motor truck facilities is now
recognized by the railroads as the only satisfactory way out
of the highly competitive situation which has developed during the last few years, the Bank of America N. A. reports
in a survey of the situation appearing in the current issue
of "The Review." The avoidance of lost motion and waste
in handling freight, and reduction of expense, it is believed,
will best be accomplished by the return to rail transportation of traffic to which railroads are able to offer the best
service, and the retention by motor trucks of traffic which
they are best fitted to handle. "The reaching over by
either one or the other means of transportation into the field
of activity in which, according to all laws of economy, the
other is best suited to operate, is not serving any useful end,"
says the Bank. "The two should be complementary, rather
than competitive."
The Bank cites three general plans whidh railroads have
been adopting in their effort to have motor truck transportation serve, rather than work against railroad interests. They
have been taking over existing motor transport companies,
or forming new ones, to be operated as subsidiary organizations; they have been making arrangements with independent
motor transport companies or with individual truck owners
for "store-door" collection and delivery; they have been
arranging for the transportation by rail of detachable truck
bodies, which can be swung upon a flat car, and, upon
arriving at their destination, can be replaced upon truck
wheels, with their loads of freight still intact. By all three
systems, of course, the motor trucks serve as a feeder to the
railroad, and the motor truck subsidiary companies, in
addition, enable the railroads to share in the profits resulting from freight carried entirely by truck. "The Review"
proceeds as follows:
At the present time 60 railroads are operating trucks, and the number of
trucks so operated is estimated at more than 7,000, the Bank continues.
This does not include 9,427 trucks operated by the Railway Express Agency,
nor does it take into account arrangements made by railroads with independent truck companies or individual truck owners.
While different methods have been adopted by the railroads in an effort
to regain traffic, results have been successful in the majority of cases. Several railroads in the East and a number of Western railroads are offering
store-door collection and delivery service along their lines, arranging for
trucking service through trucking organizations already in existence in
localities traversed by the rail lines. The railroads issue their own bills
of lading covering the movement of freight by truck from the door of
the shipper to the railroad station, by train to destination, and by truck
: 729
again to the door of the consignee. The majority of roads are offering the
store-door collection and delivery service without extra charge, but a few
of the roads are adding the cost of this service to their less than carload
freight rates.
One Western road, which is operating a motor truck company as a
subsidiary, reports a very decided increase in freight traffic since this
service has been in effect. Combined merchandise tonnage of the railroad
and motor truck company out of one of the principal terminals of the road
in March 1931 was reported 81% greater than the merchandise tonnage
handled by the railroad alone in March 1930.
The plan of carrying detachable truck bodies by rail appears to offer
many of the advantages of both means of transportation. It is figured that
the cost to a truck operator of running a loaded truck with a 20-foot body
is about 30c. a mile. Studies made by the Pennsylvania indicate that it
could profitably handle such truck bodies by rail, allowing for a load of
three truck bodies to a Hat car, for about 15c. a mile. This latter rate is
far below the ordinary less than carload rate, and yet it is figured that
handling the detachable truck bodies at 15c. per mile will be more profitable
to the railroad than the ordinary less than carload business at the higher
rate. The reason for this seemingly contradictory fact is that terminal
expenses, which tend to snake the handling of less than carload freight
unprofitable will be very largely eliminated.
Savings Deposits Continue Their Steady Gain.
More than 13,000,000 people now have average accounts
of $753.56 in the mutual savings banks of the United States,
amounting to total deposits of $9,976,967,981 on July 1,
according to figures compiled by the National Association
of Mutual Savings Ranks. This is the largest accumulation
of small capital ever held by the mutual institutions in a
century of existence and also represents the highest average
savings adhieved in that time, says the Association. The
average a year ago was $745.21. On Jan. 1 it dropped to
$740.85, advancing almost $13 since that date.
The assets of the banks had an equally impressive increase
in the year ending July 1, rising better than dollar for dollar
with deposits. The gain in assets amounted to $882,686,088
and the gain in deposits was $831,076,122. Of not less interest was the increase in depositors, numbering 966,826.
As the National Association of Mutual Savings Banks points
out, this latter gain shows that the rising deposits came
largely from the pockets of new depositors.
The trend of savings offers interesting sidelights. Thus
the rate of gain in deposits advanced in the first six months
of 1931 compared to the last six months of 1930. For the
earlier period the rate was 3.67%, and for the later period
5.41%. It is also evident that the gain in deposits has been
centered in the larger banks, which would tend to show that
smaller communities have had less money to save. In fact,
the 100 largest mutual institutions had 87.18% of the whole
gain in the 12-month period. But they held only 67.32% of
deposits.
In the face of substantially increased deposits and a
difficult investment market, the mutual institutions maintained their ratio of surplus to deposits at the high figure
of 11.1%, a decrease of only 0.4% in the year. Delaware
had the highest ratio, 17.1%. The following further particulars are also given:
Of the 17 States in which mutual savings banks operate, New York easily
led the nation, having total deposits on July 1 of $5,160,429,492, a gain
for the year of $596,214,543. An average would mean $857.96 for each
depositor, considerably above the national average, and $20.12 above the
State average a year ago.
Massachusetts followed New York in total of mutual savings deposits
and amount of increase $2,166,269,831 in the first case and $71,286,394 in
the second. The average per depositor was $704.87, a gain of $11.63 for the
year. Pennsylvania held third place with a gain of $61,478,187 and an
average of $669.15. Connecticut took fourth honors, with $30,860,452
gain and $682.48 average. New Jersey stood fifth, $24,684,438 gain and
$542.25 average. The gain in depositors by States was much in the same
ratio—New York, 567.191; Massachusetts, 122,295; Pennsylvania, 101,290;
Connecticut, 73,979; New Jersey, 360336.
In this period of expansion the savings banks were called upon to find
larger outlets for their deposits at a time when sound investments have been
restricted and returns upon capital lowered. Considerations of safety made
It necessary in many instances to reduce dividend rates paid to depositors,
but the decline for all the banks in 12 Months was only 0.11% from 4.60 a
year ago to 4.49 on July 1. Both New York and Massachusetts reduced
rates, the first by 0.19%, from 4.43 to 4.24, and the second from 4.91 to
4.75, or 0.115%.
All signs, it is stated, point to a continued steady increase
of savings, although this may not mean a growing ratio,
according to the savings bankers. New accounts, it was said,
had been received from men and women in everyday walks
of life. The banks have not sougfht what is termed investment money. Instead, they have endeavored to place the
best facilities at the disposaCL of the general public.
Prime mortgages continue to be the largest outlet for this
reservoir of small capital. Utility bonds are taking a sizable
part of the increased funds, and railroad and Government
bonds receive another considerable share.
730
FINANCIAL CHRONICLE
LIST OF 100 LARGEST MUTUAL SAVINGS BANKS IN THE UNITED
STATES ACCORDING TO DEPOSITS, JULY 1 1931.
Relative Size
DeBMW
No.
Name of Bank—
July 1 1931. Jan, 11931.
1 Bowery Savings Bank, New York City
8457,822,318
1
2 Emigrant Industrial Savings Bank, N. Y. City
397,877,082
2
3 Philadelphia Savings Fund Society, Phila., Pa
323,595,714
3
4 Wililamsburgh Savings Bank, Brooklyn, N. Y____ 230.601,842
4
5 Central Savings Bank. New York City
5
200,585.349
6 Bank for Savings, New York City
184,375,358
6
7 Dime Savings Bank of Brooklyn, Brooklyn, N. Y. 159,666,515
7
8 Dry Dock Savings Bank, New York City
156,862,853
8
9 Greenwich Savings Bank, New York City
146,278,727
9
10 Union Dime Savings Bank, New York City
141,271,503
10
11 Seamen's Bank for Savings, New York City
115,501,891
12
12 Society for Savings, Cleveland, Ohio
114,449,850
11
13 East River Savings Bank, New York City
109,266,062
13
14 Boston Five Cents Savings Bank, Beaton, Mass_ _ 102,654,851
14
15 Lincoln Savings Bank, Brooklyn, N. Y
101,099,715
15
16 Brooklyn Savings Bank, Brooklyn, N. Y
93,616,903
16
17 Franklin Savings Bank, New York City
93,055,845
18
18 Provident Institution for Savings, Boston, Mass,_
91,453,281
17
19 Hibernia Savings & Loan Society,San Fran., Calif_
86,746,616
19
20 Savings Bank of Baltimore, Baltimore, Md
82,307,019
20
21 Dollar Savings Bank, New York City
81,683,774
21
22 Harlem Savings Bank, New York City
80,982,083
23
23 Erie County Savings Bank, Buffalo, N. Y
79,712,003
28
24 Charlestown Five Cents Says. Bk.,Boston, Mass
78,067,366
22
25 Buffalo Savings Bank, Buffalo. N.Y
77,743,303
31
26 Howard Savings Institution, Newark, N. J
77,521,033
24
27 New York Savings Bank, New York City
72,160,075
25
28 Western Savings Fund Society, Philadelphia,Pa
67,251,086
29
29 Farmers & Mechanics Says. Bk., Minneap., Minn.
65,889,353
27
30 Albany Savings Bank, Albany, N. Y
64,584,513
28
31 Home Savings Bank, Boston. Mass
64,376,318
30
32 East New York Savings Bank, Brooklyn, N. Y....
63,725,351
41
33 Society for Savings, Hartford, Conn
62,617,853
32
34 Providence Institution for Says., Providence, R.I.
61,250,954
33
35 Rochester Savings Bank, Rochester, N. Y
58,537,001
34
36 Suffolk Savings Bank, Boston, Mass
56,823,891
36
37 Long Island City Savings Bank, L.I. City, N.Y
56,387,713
39
38 Worcester County Inst. for Says.. Worcester, Mass.
56,281,126
37
39 Washington Mutual Savings Bank, Seattle, Wash.
56,079.407
35
40 Springfield Inst. for Says., Springfield, Mass
55,150,945
38
41 Eutaw Savings Bank, Baltimore, Md
52,692,425
40
42 Roosevelt Savings Bank, Brooklyn, N. Y
42
51,266,699
43 South Brooklyn Savings Bank,Brooklyn,N.Y50,987,189
43
44 Onondaga County Savings Bank,Syracuse, N.Y
47,116,524
45
45 Dollar Savings Bank, Pittsburgh, Pa
46,379,139
44
46 Citizens Savings Bank, New York City
44,963,328
47
47 Green Point Savings Bank, Brooklyn, N. Y
44,925,545
48
48 Greater New York Savings Bank,Brooklyn, N.Y. • 44,493,398
46
49 United States Savings Bank, New York CRY
40,287,031
49
50 Empire City Savings Bank, New York City
40,104.323
51
51 Peoples Savings Bank, Providence, R. I
38,945,001
50
52 Beneficial Saving Fund Society, Philadelphia, Pa_
37,797.921
52
53 National Savings Bank, Albany, N. Y
36,856,886
53
54 Cambridge Savings Bank, Cambridge, Mass
36,391,294
56
55 New Haven Savings Bank, New Haven, Conn
36,055.551
59
56 Kings County Savings Bank, Brooklyn, N. Y._
36,026,864
61
57 Monroe County Savings Bank, Rochester, N.Y_,...
35,961,340
54
58 New Bedford Inst, for Says., New Bedford, Mass_
35,505,102
55
59 Manhattan Savings Institution, New York City_ _
35,485,271
65
60 Bridgeport-Peoples Says. Bank,Bridgeport, Conn_
35,467.561
57
61 City Savings Bank, Albany, N. Y
35,057,244
58
62 Peoples Savings Bank, Worcester, Mass
34,621,145
60
63 Connecticut Savings Bank, New Haven, Conn_._
34,426,242
67
64 Franklin Savings Bank, Boston, Mass
34.123,792
62
65 Dime Says. Bank of Williamsburgh, Bklyn, N.Y.._
33,759,809
66
68 Jamaica Savings Bank, Jamaica, N. Y
33,202,672
69
67 North River Savings Bank, New York City
33,004,389
68
68 Fulton Savings Bank, Brooklyn, N. Y
32,330,000
64
69 Italian Savings Bank, New York City
32,162,375
63
70 Irving Savings Bank, New York City
32,106,642
75
71 Worcester Five Cents Says. Bk., Worcester, Mass_
31,636,069
70
72 Amoskeag Savings Bank, Manchester, N. H
31,634,924
71
73 Provident Inst. for Savings, Jersey City, N.J
31,397,215
72
74 Lynn Institution for Savings, Lynn, Mass
30,564,844
74
75 Warren Institution for Savings, Boston, Mass_ _ _
30,545,593
76
76 East Side Savings Bank, Rochester, N. Y
29,880,922
73
77 Syracuse Savings Bank, Syracuse, N. Y
29,587,774
84
78 Metropolitan Savings Dank, New York City
29,583,812
80
79 Bay Ridge Savings Bank, Brooklyn, N. Y
29,448,842
81
80 Excelsior Savings Bank, New York City
29,312,554
87
81 Brevoort Savings Bank, Brooklyn, N. Y
29,221,728
78
82 East Brooklyn Savings Bank, Brooklyn, N. Y
29,214,704
77
83 Savings Bank of Utica, Utica, N. Y
29,179,636
83
84 Union Square Savings Bank, New York City
29,162,648
82
85 Home Savings Bank, Albany, N. Y
28,867,076
79
86 Essex Savings Bank, Lawrence, Mass
27,719,959
85
87 Saving Fund Society of Germantown,Phila.,Pa
27,597,167
86
88 Malden Savings Bank, Malden. Mass
26,673,238
88
89 Bronx Savings Bank, New York City
26,200,743
96
90 Savings Bank of New London, New London, Conn,
25,810,811
89
91 Hoboken Bank for Savings, Hoboken, N. J
25,605,547
94
92 Worcester Mechanics Says.Bank, Worcester,Mass.
25,209,923
91
93 Troy Savings Bank, Troy, N. Y
25,124,593
92
94 Queens County Savings Bank,Flushing, N.Y
24,482,226
_.
95 Worcester North Savings Inst., Fitchburg, Mass__
24,391,253
93
98 Schenectady Savings Bank,Schenectady. N.Y____
24,099,570
95
97 Poughkeepsie Savings Bank,Poughkeepsie, N. Y. 24,003,062
__
98 Flatbush Savings Bank, Brooklyn, N. Y
23,964,404
__
99 Mechanics Savings Bank, Hartford, Conn
23,948,802
97
100 City Savings Bank, Bridgeport, Conn
23,866,167
99
Total deposits-100 largest savings banks
86,716,357,949
Survey Shows Eastward Trend in Banking.
"Banking Is very definitely concentrating in the centers
of growing population. Most of the closed banks are in
towns that lost population before they lost banks." So says
an exhaustive study reported in the August issue of "The
Bankers Monthly," publighed by Rand McNally & Co., Chicago. The report Shows that 73% of the banks closed between
June 30 1930 and July 1 1931 were in towns with a losing
population. There were 1,656 banks closed and 198 of these
reopened, making a net loss of 1,458. Sixty-seven reopened
'within a month; 99 within a year. Thirty-two banks were
reorganized under a new name, and 29 were taken over by
banks in the same town; 43 were taken over by banks in
other towns.
In a study of banking resources for the past 10 years, it is
shown that Mere is a very definite trend eastward. Eastern
states are growing rapidly in bank resources, whereas many
other states are losing. Sixteen states lost $811,759,000;
whereas 33 states, including the District of Columbia, gained
$23,652,850,000.
[VOL. 133.
Rhode island, New Jersey, Maryland, Delaware, Pennsylvania, and Ohio.
New York State alone showed a gain of $11,061,126,000. Only two
other states outside of these 12 eastern states gained as much as a pillion
dollars. These two states are California, with a gain of $1,809,246,000,
and Illinois, with a gain of $1,479,901,000.
The heaviest losers in banks closed from June 30 1930 to July 1 1931
were: Illinois, 171; Arkansas, 76; Missouri, 93; Iowa, 114; North Carolina, 65, and Indiana, 75.
Although Arkansas lost 76, 52 were reopened, leaving a net loss of 24;
whereas Missouri, losing 93, reopened only 9, leaving a net loss of 84.
A chart accompanying the survey shows that the greatest number of
closings in any one month was in the month of December. The number
then dropped until February when only about 80 banks were closed. The
number since that time remained low on the chart until June when 178
banks closed.
"Business failures caused 200 times as much loss as bank failures," says
the survey, and quoting, "It is not fair to examine the Ices in resources
alone, for every year sees a heavy loss in business resources other than
banks.
"For example, the government publishes comparative figures in its
statistical abstract of the United States for 1930 in which it shows that
business failures in the year 1929 were 62 times as many as bank failures.
"The government also compares the liabilities of business failures with
bank failures and we discover by a little figuring that on the basis of the
recovery of 90% of the deposits of banks and the recovery of only 81
of the liabilities of failed businesses, that the loss to the country in
resources was over 200 times as much from industrial failures as from
bank failures.
"But, 1929 was not a year of excessive industrial failures either. A
number of other years preceding had shown just as large a number, some
even larger."
4%
Mechanization of Office Work in the United States
, Increasing.
Mechanization of office work is making rapid progress
In the United States, according to "The Index" published by
The New York Trust Company. "Business machinery," "The
Index," says, "has become an essential adjunct to mass production. Modern large-scale productive methods would be
well-nigh impossible without detailed cost accounting systems which keep a close and dependable record by mechanical means. Indeed, mass production requires mechanization,
wherever possible, of the means of administrative control
no less than of processes of production.
"In the invention and manufacture of business machines and in their
general use, the United States, characteristically enough, has played a
leading part. The typewriter, for example, was an American invention.
American inventiveness is responsible for most of the improvements which
have been made in it since the first typewriter was marketed. Similarly,
the dictaphone was invented and almost entirely developed in this country.
Here, too, .the scientific filing system originated, as did also calculating,
billing and adding machines, punched-hole tabulating and accounting machines, loose-leaf ledgers, card ledgers, the cash register, the addressing
machine and numerous other appliances which are now indispensable teatures of modern business equipment.
"Because of the great diversification of its products and the difficulty
of segregating items produced by the industry not strictly classified as
business machines, exact statistics giving the dollar value of business
machines produced, as such, are not available. This value, however, can
be gauged from that of several of the principal products of the industry,
reported in the biennial census of manufactures and has been estimated to
total 8350,000,000 annually in normal times.
"The proved excellence of modern business methods developed in the
United States has led to their growing adoption abroad. As a result,
business machines and appliances conceived and manufactured In this
country are now used in practically every part of the world.
"Census data in Egypt, insurance figures in Germany, sales statistics in
France, aviation analysis in England, monthly bills in Holland,
railroad
data in South Africa, inventory figures in Spain and similar statistics
in
other parts of the world are tabulated to-day by machines produced in the
United States.
"Office machinery and appliances produced in the United States amounting in value to more than $53,754,000 were exported to more than
one
hundred foreign countries, in 1929, with Europe taking 63% and South
America 17%. Great Britain is the leading foreign customer for products
of the industry, purchasing $8,868,000 worth of appliances, in 1929, followed by Germany, with $5,794,000, and France, with $5,469,000."
State Superintendent of Banks Files List of Claims
Against Bank of United States As First Step in
Payment of Initial Dividend of 30% to Depositors
—Checks Due in September—Other Payments of
7 to 10% Expected Later Until 70% Is Realized—
Reopening Not Abandoned.
The initial step toward the payment of approximately
$50,000,000 on a 30% distribution to depositors and claimants
of the Bank of United States of this city was taken on Tuesday of this week, July 28, by Joseph A. Broderick, State
Superintendent of Banks for New York, when be filed with
Daniel E. Finn, Clerk of New York County, 11 bound volumes
comprising list of claims against the institution. This move,
which is required by la,w, was preparatory to the filing of an
application by Mr. Broderick on or about Aug. 18 before
the Supreme Court, asking permission to make the distribution. Wednesday's New York "Times," from whose account
of the matter the above information is obtained, continued
The 12 eastern states gained $17,943,456,000. These 12 states are:
New York, Vermont, New Hampshire, Maine, Massachusetts, Connecticut, as follows:
AUG. 1 1931.]
FINANCIAL CHRONICLE
Anticipating approval of this application, Mr. Broderick said he hoped to
make the 30% paymenit early in September. This, it is expected, will be
followed by additional payments, in accordance with the progress of the
liquidation of the bank. Present indications are that a second payment
of 7 to 10% will follow in December, and that the total amount to be
received by depositors eventually will be about 70% of their money, unless
in the meanwhile a reorganization of the bank should be effected.
The largest claim against the Bank of United Stales approved by the
State Banking Department is one for $80,000,000 by banks affiliated with
the Clearing House Association and which made loans to depositors of
the closed institution.
The smallest claim approved is that of Mrs. Max D. Steuer to the amount
of 45c. That was all Mrs. Steuer had in the bank after the withdrew her
deposit of $54,000 after office hours on the day before the bank closed.
Claims of the convicted officials of the bank also have been approved
by the Banking Department. Included among these claims were two by
Bernard K. Marcus, President, of $14,321.86 and $6,469.02; two joint claims
by Marcus and Saul Singer, Executive Vice-President of the bank, totaling
$50,503.97; one by Mr. Singer to the amount of $8,853.48, and one by
Herbert Singer, Mr. Singer's son, who was among those convicted, of
$2,600.67. A claim by Mrs. Mareus for $8,361.12 also was approved, as were
claims totaling $1,193.75 by Isidor J. liresel, indicted counsel and director
of the bank. Mrs. Kresel's loan of $280,000 from the bank has been paid.
Part of the $50,000,000 to be paid by Mr. Broderick in September will
be a payment in full of $8,000,000 to $10,000,000 on preferred claims.
This payment will cover $600,000 on deposit in the bank by the State Department of Taxation, deposits by other State departments, moneys deposited
in the bank under Court order, and all moneys drawn on checks on the day
preceding the closing of the bank. Payment on such checks will be in
accordance with a decision of the Court of Appeals giving preference to such
transactions.
Accompanying the application to be filed by Mr. Broderick with the
Supreme Court will be an accounting showing the exact status of the
bank, including all loans, investments and proceeds of liquidation. This
accounting may give depositors a definite idea of what ultimately may be
salvaged from the bank if the liquidation is to proceed to a conclusion.
The accounting also will show cost of the liquidation to date, which the
Banking Department considers low.
The 11 volumes filed by Mr. Broderick cover 410,000 claims and accounts
payable. To expedite the inspection of these and make clear the claims,
the document has been subdivided under three headings; the first is that
of the accepted claims, amounting to $131,002,495.16; the second is a list
of accounts payable, amounting to $6,140,625.09; the third list consists
of the rejected claims, amounting to $117,596,603.01. The total of claims
and accounts payable is $254,739.723.26.
"The list so divided at this time is only a tentative one with respect to
the accounts payable and the rejected claims," Mr. Broderick explained.
"Errors in amount, demand for interest, mistakes in the name and address
of claimants, and failure to submit evidence of the debt, such as a passbook
or statement, were the basis for many rejections. However, a claim rejected
because of any one of these errors would still be included in the accounts
payable list. Included in the rejected claims list, therefore, is the sum of
$3,436,101.81, which is so duplicated in the list of accounts payable."
The rejected list includes all claims which the Superintendent of Banks
rejected because they did not appear on the books of the Bank of United
States, and all such claims will have to be prosecuted by the respective
claimants over the opposition of the Superintendent of Banks before they
can be proved as valid and accepted claims against the bank. These rejected
claims include the following classifications:
$1,790,516.00
Claims based on alleged repurchase agreement of bank units
Claims based on the alleged damage due to sale of collateral given
)0 as security to notes
206,657.50
Claims for alleged services rendered to the bank by attorneys.
accountants and others
444,733.00
Claims based on breach of contract and breach of leases
3,668,853.00
Claims based on the sale of merchandise to the bank
72,569.00
Claims which will not or cannot be enforced
107.977,172.70
731
The Irving Trust Co., claims for $41,683.33 and $45,000 special interest
accounts.
The H. It. H. Construction Co., claims for $22,937.25, $5,692.42 and
$50,218.
Special Deputy Superintendent of Insurance, $50,006.41.
City Bank-Farmers' Trust Co., $70,000.
Max Goldstein, assignee of 531 Fifth Avenue, $1,000,000 damages for
breach of contract.
The Aktien Trading Corp., $553,166.67 damages.
Edward Finkenberg, $154,686.
Benjamin Lauterstein, $376,088.
Irving H. Isaacs, $866,098.
William Klein, $100,000 for professional services.
Kugel & Telsey, $50,000 for legal services.
Julius Blauner (a director) and Henry H. Bel man, $100,000 on an
alleged agreement on accounts.
Newmark, Jacobs & Newmark, $490,000 on unpaid commissions.
Included among the rejected claims was a group totaling $40,000 on
forged endorsements.
Banking Situation in South and Middle West.
In the State of Kentucky a dispatch from Frankfort, Ky.,
to the Louisville "Courier-Journal" on July 24, with reference to the affairs of the closed Louisville Trust Co. of Louisville, stated that approval of the reduction of the capital
stock of the company from $1,750,000 to $200,000 was given
on that day by the Secretary of State and State Banking
Commissioner. Under the former set-up the company was
authorized to issue 17,500 shares of stock with a par value
of $100 a share. The new set-up provides for the issuance
of 20,000 shares of stock with a par value of $10 a share.
The dispatch went on to say, in part:
The change was voted by directors of the Louisville Trust Co. at a meeting in Louisville, July 7, according to the papers filed here. The action was
said here to be one of the preliminary steps incident to the proposed reopening of the trust company.
In the State of North Carolina, with reference to the
affairs of the closed Farmers' & Merchants' Bank of Kinston, a dispatch from that place on July 24, appearing in the
Raleigh "News and Observer" of July 25, reported that borrowings of the defunct institution and preferred claims
against it totaling $120,000, would be paid as soon as checks
were made out by the State Banking Department, according
to an announcement on that day by the Branch Banking &
Trust Co., whose President, H. D. Bateman, is liquidating
agent for the closed bank. We quote furthermore from the
advices as follows:
The Fanners' & Merchants' failed late in April. Under an agreement with
the Banking Commissioner the Branch assumed the retirement of preferred
claims. About $85,000 of the $120,000 will go to Richmond and New York
banks, C. A. Kramer, Branch Cashier, stated.
The Farmers' & Merchants', State institution, was one of the three banks
to close here during the spring.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
Arrangements were reported made this week for the sale
of two New York Stock Exchange memberships, one for
$205,000 and one for $210,000. The last preceding sale
was for $235,000.
In the last named group, Mr. Broderick explained, appeared the claims
of the Irving Trust Co. as trustee for the bankrupt affiliates of the Bank of
United States, amounting to $102,000,000. These claims were filed because
an agreement between the Superintendent of Banks, the trustees in bankruptcy of the affiliates, and others, had not been presented for formal
The New York Cocoa Exchange membership of the
approval to the United States District Court and to the Supreme Court of
the State of New York, as required by law, until June 29 1931, which also estate of Wilhelm Behrmann was reported sold this week
was the last day to fild claims with the Superintendent of Banks. The
to M. Rothafel for $2,100. This is the same as the last
Irving Trust Co., as trustee, therefore, was compelled to see that its rights
were obtained by the filing of the claims, which, however, was settled when preceding sale.
the agreement was approved by the United States District Court and the
The Prisco State Bank, at 73 Mulberry Street, this city,
Supreme Court.
The last group of rejected claims likewise includes a claim of the United an institution with deposits of $1,843,000 as of July 24, was
States Government for alleged income tax due from the Bank of United
States for the year 1929 amounting to $3,386,230.65. This claim resulted taken over by Joseph A. Broderick, State Superintendent of
from the inability, from the standpoint of time, of the Federal Government Banks, early Tuesday morning, July 28. In announcing that
to make a proper inspection of the books of the Bank of United States, and he had
taken possession of the institution before it opened
the Government, therefore, disallowed all expenses for conducting the bank
for the year in question. The Superintendent of Banks does not regard the for business Tuesday morning, Mr. Broderick said:
"Examination of this institution discloses evidence of defalcations which
claim as valid until the claims of depositors and other creditors of the
will impair the capital of the bank to the extent of rendering it unsafe to
closed bank are paid in full.
Thus, out of a total of $117,596,603.01 of rejected claims, the total continue in business.
amount to be thrown into litigation if the claimants pursue their rights,
"Liquidation of this bank will be cominenced immediately and the departMr. Broderick pointed out, was $6,183,428.50. This amount, Mr. Broderick ment expects to be able to pay a substantial dividend in about 90 days.
"The deposit liabilities, as shown by the books, as at the close of business
said, might be expected to be reduced to a comparatively small figure.
Among the claims approved by the Superintendent of Banks were two July 24 1931 were $1,843,000."
by the city of New York, one for $500,000 deposited by the City ChamberThe closed bank was headed by Raffaele Prisco, its
lain on account of the Sinking Fund, and another for $1,000,000 deposited
founder,
who began his banking career in a wooden shack,
of
the
City
account
Chamberlain's office.
on
Among the rejected claims were:
and in building up the institution has made himself one of
Joseph J. Schlicher, $75,000 for legal services (settled in court).
the most respected members of the Italian-American comMeArdle & MeArdle, accountants for the bank, claims for $1,800 and
munity. Following the closing of the bank, upon informa$21,707.
Kensington Bank, which was taken over by the Municipal Corp., a sub- tion furnished by the Banking Department, Assistant Dissidiary of the Bank of United States, three claims for $150,000, $30,000 trict Attorney Harold W. Hastings immediately began an
and $90,980.20 based on contract.
investigation and announced that he would present to the
Samuel Mendelson, $58,160 based on the sale of bank units.
Madison Square Garden Corp., $750 for advertising.
Grand July the following day, July 29, evidence concerning
Manufacturers' Trust Co., $802.17.
The New York "Herald Tribune" of July 29,
defalcations.
Meyer V. Mianshewitz, $98,000 for damages.
from which the above information is obtained, went on to
Alma B. Pollock, $347,500.
Mary Koppelman, $381,666.66 on a lease.
say, in part:
Joseph and Jacob Silfka, $342,568.
Subsequently Mr. Broderick confirmed the statement of Mr. Hastings
Jacob A. Workman, $65,000.
that examiners for the Banking Department had found that more than
732
FINANCIAL CHRONICLE
$130,000 had recently been withdrawn from the bank under what appeared
to be improper conditions.
Most of the depositors were said to be Italian laborers, push-cart peddlers,
and truck gardeners from Long Island and New Jersey. When they began
arriving about 9 a. in. they found notices that the bank was closed, posted
In Italian and English, and four policemen who told them monotonously,
hopefully
"You can't get it—that's all we know." Some of them lingered
and occasionally during the day others came and went away, a few of them
weeping. There was no disorder, however.
The bank was incorporated as a State bank in 1924, but before that it
had been a private bank for many years. It had a capitalization of $250,000.
Raffaele Prisoo was its President. Joseph NV. Prisco recently replaced his
brother, George W. Prisco, as Vice-President and Cashier. S. de Gennaro
was listed as Vice-President and Assistant Cashier. Alfred E. Smith, Jr.,
son of former Governor Smith, was counsel and a director. The other directors, according to the New York Co-partnership and Corporation Directory
for 1931, were J. W., G. W. and R. Prisco; R. E. Enright, former Police
Commissioner; R. L. Haskell, H. G. Jones, G. S. Martorelli, H. Ressler and
D. Tends.
In 1928 the elder Mr. Prisco organized a $1,000,000 investment concern,
the Primo Investing Corp. His son, Joseph W., bought a seat on the New
York Stock Exchange, and with his brother, Henry W., formed the brokerage
concern of J. IV. Prisco & 0o., with offices at 39 Broadway. The firm was
dissolved last year.
Rumors of difficulty in the bank have been current for several months,
but they did not embrace any hint of impropriety. The defalcations to
which Mr. Broderick referred are believed to have been recent.
When asked if he had seen all the officers recently, Mr. Brodrick replied:
"I conferred with all of them save one last night."
The one, be said, was Joseph W. Prisco. He admitted that both he and
Mr. Hastings wanted Joseph AV. Prisco for questioning. He took pains,
however, to emphasize that Mr. Raffaele Prisco had a very high reputation
for integrity.
During the afternoon Mr. Hastings questioned Mr. de Gennaro, Biogio di
Giacomo, a teller, and two employees of the Banking Department who had
examined the bank's books.
The elder Mr. Prisco has long been one of the most influential and picturesque members of the Italian-American community. More than 30 years
ago he arrived in the steerage from Naples with $200 in his pockets and
found employment as a clerk at $4 a week. Soon afterword he began
banking in one room of a wooden shack at 800 Mulberry Street. He rose
steadily to wealth. He became known as Cavaliere Prisco—he had been
accorded the ribbon of a Knight Chevalier to the King of Italy. Mr. Enright
made him an Honorary Deputy Police Commissioner.
The opening of his new bank building at 73 Mulberry Street in November
1924 was the occasion for a general celebration in Mulberry Street. Commissioner Enright, Lula Angel Firpo, prizefighter, and John H. McCooey,
Democratic leader of Brooklyn, were present. Monsignor Joseph Silipigni,
of the Church of Our Lady of Loretta, blessed the building. Feodor Chaliapin
and Beniamino Gigli sang. Governor Smith and Sir Thomas Lipton sent
messages of congratulation.
In the following year Mr. Prisco went back to Italy to found a branch of
his bank and to erect a war memorial in his native village, Giuseppe, near
Naples. In 1926 he was so overjoyed by the re-election of Governor Smith
that he distributed brand new dimes to the children of Public School 4,
across the street from his bank.
Later in the week, Thursday, July 30, four men were indicted in connection with the reported shortage of approximately $133,000 in the funds of the institution. Those named
In the indictments were Joseph W. Prisco, a Vice-President,
director, and son of the founder and President of the bank,
Raffaele Prisco; Biagio Di Giacomio, Paying Teller; Santolo
De Gennaro, Assistant Cashier, and a• former paying teller,
whose name was withheld, but who was reported to be returning from a visit to Italy. Three indictments returned
against the four charged specific thefts totaling $15,800
between Mar. 3 and May 7 last. Yesterday's New York
"Times," from which the preceding matter is taken, continuing said:
It was said that bench warrants were issued promptly for the fourth
(VoL. 133.
The bank has deposit liabilities of more than $1,800,000, Mr. Hastings
said. When Joseph Prisco first ordered the employees to honor checks
on his account, witnesses were said to have told the prosecutor, he began
the practice of submitting deposit slips on the account, although no money
accompanied them. Withdrawals on checks followed these, the witnesses
said.
At its regular weekly meeting held Tuesday, July 28, the
Board of Directors of The National City Bank of New York
appointed Murray S. Wilson a Vice-President. He has been
an Assistant Vice-President since February 1929. Mr.
Wilson came to the bank as Indiana representative in 1918
and two years later was made Northwestern representative
with headquarters in Minneapolis. He was later assigned
to the Credit Department and when the bank opened its
first National City branch he organized the Credit Department and become its head. In 1922 he was appointed an
Assistant Cashier and transferred to Cuba, where he remained for several months. He is a graduate of the American
Institute of Banking and of the Alexander Hamilton Institute and received his early schooling in Louisville, Ky. His
entire career has been devoted to banking, having been
Oadhier of the Borden State Bank, of Borden, Ind., before
he came to The National City Bank of New York.
Depositors of the defunct World Exchange Bank of this
city received checks this week in full payment of their
claims, according to an announcement Wednesday, July 29,
by Joseph S. Shapiro, an attorney at 180 Broadway, as
Chairman of the bank's liquidation committee. The "Herald
Tribune" of Thursday, July 30, from which the above information is obtained, went on to say:
The bank, a small neighborhood depository at 174 Second Ave., with
deposits of $1,091,267, was taken over Mar. 20 by Joseph A. Broderick,
State Superintendent of Banks, who said the bank's capital had been impaired. Recently Mr. Broderick approved a plan whereby the Community
State Bank advanced $162,000 to the closed bank, which, with quick assets
already on hand, made possible the 100% disbursements this week.
As security for its loan the Community State Bank received certain assets
of the closed bank on which more than $40,000 has been realized so far.
When $162,000 is realized to pay off the loan of that amount, the remainder
of the assets will be turned back to the liquidation committee of the World
Exchange and there is a prospect eventually of a payment to the stockholders, according to Mr. Shapiro.
Our last reference to the affairs of this bank appeared
July 18, page 390.
The New Rochelle Trust Co., New Rochelle, N. Y., with
deposits of $12,000,000, has purchased control of the North
Avenue Bank & Trust Co. of that city, the latter becoming a
branch of the New Rochelle Trust Co. on !Monday of this
week, July 27, according to advices from New Rochelle on
July 26 to the New York "Times," which said:
The New Rochelle Trust Co., which has deposits of $12,000,000, has
purchased control of the North Avenue Bank dr Trust Co. of this city, and
will operate it as a branch beginning to-morrow morning, Henri Van Zekn,
President of the former bank, announced to-day.
There was no immediate motive for the move except that the New Rochelle
Trust Co. was expanding and wanted a branch, Mr. Van Zelm said, and the
deal had been under negotiation for two weeks. The two banks are within
three blocks of each other. The officials of the North Avenue Bank dz
Trust Co., including John Brown, its President, will be retired.
Subsequently, New Rochelle advIces to the "Times" on
man and Joseph Prisco, who was reported to have disappeared last week Monday contained the information that the North Avenue
when examiners from Superintendent Broderick's office appeared at the
Bank & Trust Co. had been taken over by the New Rochelle
bank.
Di Giacomio and De Gennaro were arrested outside the Grand Jury room Trust Co. after a shortage estimated at more than $250,000
by Detective Sergeant William A. Sullivan on order of Harold W. Hast- had been discovered in its accounts by State Bank Examings, Assistant District Attorney, who presented the evidence. The two
men later were held in $5,000 bail each by Judge Koenig of General iners, and that two tellers and a bookkeeper had been
Sessions. Caesar B. F. Barra, their lawyer, told Judge Koenig his clients arrested on that day after having been questioned by J. Lesdid not profit by the alleged thefts from the bank and asked that bail for ter Albertson, Assistant District Attorney. Mr. Albertson
each be fixed at $2,500.
"They were merely employees, who obeyed the orders of their superior, was reported as saying that two of the arrested men had
Joseph W. Prisco," the lawyer said.
not profited through their part in the affair, but had acted
Mr. Hasdngs insisted upon bail of $5,000 for each. However, after they merely as agents for a "higher-up." He
was also reported
had been booked in the Elizabeth Street station, Di Giacomio and De
Gennaro furnished the bail and were set free. They will plead to the indict- as saying that $125,000 of the bank's losses were covered by
ments next Monday.
surety bonds on the employees. The dispatch continued as
There was a report that when the Banking Department examiners befollows:
the
departing
bank,
of
door
the
to
came
Prisco
investigation
gan their
Those arrested were Max Rosenthal, 26 years old, of 126 Webster Avenue,
when he learned of their presence. He has not been seen since. Another
report was that Prisco lost $480,000 in the crash of his brokerage busi- and Thomas J. Burke of 148 Franklin Street, tellers in the bank, and Rolf
Lilja,
23, of 15 Morris Street, a bookkeeper. Mr. Albertson said that
ness during the stock market collapse in October 1929, which was made
Rosenthal had admitted taking about $40,000 for speculative purposes and
good by his father.
The indictments charge specific thefts of $7,000 on Mar. 3, $5,000 on had made restitution in part. He is charged with grand larceny.
Burke and Lilja are charged with forgery for allegedly altering the daily
Apr. 3 and $3,800 on May 7. Ledger slips for the preceding nine months,
in which the balance of the $133,000 was said to have been taken from reports on the bank's cash on hand. Li* said that he had acted under
orders from a high official of the bank. At first he had not understood
the bank, have disappeared, Assistant District Attorney Hastings said.
Di Giaoomio and De Gennaro were questioned in the Grand Jury investi- the meaning of what he did, he said, and later was afraid to reveal the
state of affairs.
true
the
Among
who
others
gation after they had signed waivers of immunity.
Mr. Albertson said that he was anxious to confer with John P. Brown,
testified were Biagio Prisco, nephew of the founder and President, of
1,722 Seventy-third Street, Brooklyn, who said he severed his relations President of the North Avenue Bank, about the affair, but had been unable
with the bank three months ago; George W. Prisco of 69-40 Continental to locate him all day. At Mr. Brown's home, Brown Acres, Stamford, Conn.,
Avenue, Forest Hills, Queens, a son of the founder and a former book- it was said that he had left early this morning (July 27) without saying
keeper; Philip Scaravilla, a bookkeeper, of 178 Seventh Street, Brooklyn; when he would return.
It was revealed that State Banking Examiners had discovered the shortage
Joseph Cruccio, another bookkeeper, of 671 Railroad Avenue, Grant City,
S. 1., and Garret Fitzgerald, an examiner for the State Banking Department. when they began their semi-annual examination of the bank last Thursday
AUG. 1 1931.]
FINANCIAL CHRONICLE
(July 23), and that John J. Heenehan, District Superintendent, had called
a conference yesterday (July 26) of the five other banks here, at which the
New Rochelle Trust Co., the strongest in the city, agreed to take over the
Institution.
Mr. Heenehan said that this action fully protected depositors in the
North Avenue Bank and that he was confident that the State Banking Department would not have to take any further part in the matter. It now became
exclusively a matter for the District Attorney, he said.
Mr. Brown and the other officials and directors of the North Avenue
institution, except for Charles F. Simmons, Vice-President and Secretary,
and Florence Goodliffe, Assistant Secretary, would not be connected with it
under its new management, it was announced.
The assets of the North Avenue Bank were placed at $3,155,755 and the
surplus profits and reserves at $316,331 in its statement dated June 30.
A still later dispatch to the paper mentioned, Tuesday,
733
Cashier. P. L. Harpending heads the institution as President and R. S. Hoyt is 1st Vice-President.
The respective stockholders of the New Brunswick Trust
Co., New Brunswick, N. J., and the Liberty Bank of that
place, on July 28 ratified the proposed union of the institutions under the title of the latter, which has been tentatively set for Aug. 15, according to Charles V. Veghte, President of the trust company, as reported in New Brunswick
advices on the date named to the New York "Times." The
State Commissioner of Finance and Insurance for New Jersey had already approved the merger, it was stated. The
July 28, reported that John P. Brown, the former President approaching consolidation of these banks was noted in the
of the North Avenue Bank & Trust Co., was still missing. "Chronicle" of July 18, page 391.
This dispatch said in part:
Walter H. Young, counsel for the New Rochelle Bank & Trust Co., which
Further referring to the affairs of the Steneck Trust Co.
purchased the smaller bank when a shortage estimated at more than $250,000
was discovered, declared that when Mr. Brown was last seen on Sunday he of Hoboken, N. J., closed by the State Department of Bankpromised to call at the bank's office on Monday.
ing and Insurance of New Jersey on June 27 last, and its
Mr. Young said that the absent Bank President had turned over all of subsidiary institution,
the Steneck Title & Guaranty Morthis known personal property to the North Avenue Bank to help meet the
gage Co., which was closed the same day, the "Jersey Obdeficit.
Mr. Albertson announced he had complete confessions from the three server" of last Tuesday, July 28, carried the following:
North Avenue Bank employees arrested yesterday (July 27), all of which,
he said, involved a known individual described as "John Doe" who had
benefited from the alleged irregular practices of Thomas J. Burke and
Rolf Lilja, two of the arrested employees. These were released this afternoon in $5,000 bail each, Albertson said, while the third prisoner, Max
Rosenthal, was out under $10,000 bail.
Mr. Albertson said he had sent out a police alarm for Mr. Brown. He said
the Grand Jury on Aug. 13 would hear the case against the three prisoners
and "John Doe."
J. Marshall Perky, Vice-President of the New Rochelle Trust Co., said:
"An abundance of cash was on hand at the banks this morning to meet any
emergency which might have been provoked by the publicity in connection
with the merger, but not one cent of the extra cash had to be touched.
Business proceeded as usual."
Mortgage certificates of the Steneck Title & Guaranty Mortgage Co. are
guaranteed and therefore not subject to inclusion in the assets of the
Steneck Trust Co. Furthermore, the interest on mortgage certificates will
be paid, but owing to the financial difficulties the Aug. 1 interest may not
be paid exactly on time.
This information was supplied by the State Department of Banking
and Insurance to the investment editor of a New York publication, who
made an inquiry as to the status of the mortgage certificates to satisfy
a Hoboken resident who had made application for information as to the
Worth of the certificates.
This is the first statement made by the Department of Banking as to
the condition of the Title & Mortgage Co., which was taken over by the
Department at the same time Banking Commissioner Smith closed the bank.
Holders of the mortgage certificates have been anxious as to the BankYet more recent advices to the "Times," Thursday, July 30, ing Department's action and its probable effect on the certificates. The
reported the surrender of the former President, John P. mortgages upon which the certificates were issued are in the hands of the
Department, it is pointed out and are fully guaranteed. This announceBrown, to Assistant District Attorney Albertson on that day, State
ment will be good news to the thousands of holders of the certificates who
and his subsequent confession of baying misused $219,000 have been kept in the dark as to the status of their investments.
It has been contended by the directors of the Trust Company since the
of the bank's funds during the past year. We quote below in
bank was closed that the Title & Guaranty Mortgage Co. was fully solvent
part from this dispatch:
and that whatever the outcome of the bank's troubles the holders of mortAfter hours of questioning to-day (July 30) by Mr. Albertson, represen- gage certificates will not be affected.
tatives of the State Banking Department and officials of the New Rochelle
No further developments have been made known regarding the plan to
Trust Co., Mr. Brown made a complete confession, in which he revealed secure the approval of Commissioner Smith to reopen the bank by raising
that he had dwarfed his banking conscience to be considered a "prince of $1,500,000 new capital, more than a half of which has already been pledged.
good fellows" by his fellow townsmen.
It is understood that the plans are being furthered in every way possible
For the past year, he admitted in his alleged confession, he has honored and that a definite announcement will be made within a few days.
checks on accounts already overdrawn, has made loans to corporations and
friends without security and without stipulating the payment of interest.
With reference to the affair- s of the closed Bankers' Trust
To prevent these transactions from becoming known, he said, he had
of Philadelphia, which was taken over by the PennsylCo.
ordered a chief bookkeeper, chief teller and a teller to falsify the bank's
records. And in all this time, he said, not a penny of the money so with- vania Banking Department the latter part of December 1930,
drawn from the bank has found its way to his own pockets.
a dispatch by the Associated Press from Trenton, N. J., on
Mr. Albertson's comment on this phase of the confession was to
remark
that Mr. Brown was a stockholder and officeholder in one of the corpo- July 27 said in part:
rations so privileged in the matter of overdraft checks and unsecured
Appointment of a receiver to take over New Jersey properties upon which
loans. He declined to name the corporation.
the closed Bankers' Trust Co. of Philadelphia holds mortgages was asked
So clever were the methods emp}oyed by Mr. Brown and the other In a petition filed in the Court of Chancery to-day (July 27) by William D.
employees of the bank in modifying its records that the misappropriation Gordon, Pennsylvania Secretary of Banking.
was not detected by the State bank examiners in their audit of the books
six months ago and survived an independent audit by the trust company's
Three Delphi, Ind., banks,
-the Citizens' National Bank,
own examiners, Mr. Albertson declared.
Entire ledger pages were removed from the bank's bcoks and others the Delphi State Bank, and the Carroll County Loan & Trust
substituted, Mr. Albertson said; overdrawn checks which had been hon- Co., have been consolidated under the title of the Union
ored passed from the teller to Mr. Brown and were kept locked in his
desk; funds were drawn from the bank's inactive accounts to make up State Bank, according to a dispatch from that place to the
for the steady inroads resultant from Mr. Brown's private banking business. Indianapolis "News" on July 27, on which date the new
He was aided in this juggling by Thomas J. Burke, Chief Teller, and Institution opened for business in the building formerly occuRolf Lilja, Chief Bookkeeper, Mr. Albertson said. Both are in custody
pied by the Delphi State Bank. It is capitalized at $75,000.
charged with third degree forgery.
Max Rosenthal, a teller, it is alleged, discovered what was happening C. B. Shaffer, heretofore President of the Citizens' National
and, instead of reporting the matter, followed in the bank president's Bank, heads
the enlarged bank, and Edward Smock, forfootsteps and opened a second private banking business. He also, it is
charged, honored overdrawn checks and made loans, from the bank's funds, merly Cashier of the Delphi State Bank, is Cashier.
to friends. His misappropriations, it was said, amount to $41,000 and he
is charged with grand larceny.
The Joliette State Bank of Westfield, Ind., has filed a
Insisting that his private banking endeavors would not result in any
loss to the bank, Mr. Brown said he had kept a complete record of all petition in the Hamilton Circuit Court in Noblesville to
checks honored and loans granted. Most of them, he said, were in the change its title to the Union State Bank, according to Noblesnature of temporary accommodations which he thought could be made by ville advices on July 24 to the Indianapolis "News." The
him without going through the usual "red tape" attached to such
dispatch furthermore said:
transactions.
It moved from Jolietville to Westfield, recently, when the State Bank of
Brown was held for the grand jury on a charge of second degree forgery.
He pleaded not guilty and was held in $25,000 bail by County Judge John Westfield went into the hands of a receiver. One-half the stock is owned
by residents of Jolietville and the other by residents of Westfield. Harry
B. Coyle. The case will go to the Grand Jury on Aug. 13.
Talbert, receiver for the State Bank of Westfield, is now paying a 25%
dividend to depositors.
Merchants
The
National Bank of Middletown, N. Y.
was placed in voluntary liquidation as of June 4 1931. The
State Auditor for Illinois, Oscar Nelson, on July 24 named
bank, which was capitalized at $200,000, was succeeded
John A. Carroll as receiver for the South Side Savings Bank
First
Merchants National Bank & Trust Co.
by the
& Trust Co. of Chicago, which closed on June 6 with deposits
The following changes were made recently in the per- of $3,776,226 and resources of $4,624.321, according to the
sonnel of the Dundee National Bank of Dundee, N. Y.: Chicago "Tribune" of July 25, which went on to say:
Clarence M. Clark, who has served the bank for the past Samuel A. Ettleson was named attorney for the receiver.
44 years, first as Assistant Cashier and later as Cashier, Mr. Carroll, who is Chairman of the Executive Committee
was promoted to 2d Vice-President; Lester L. Eyrieh was of the Hyde 'Park-Kenwood National Bank of Chicago. and
appointed Cashier, and R. L. Shaw, wht has been with the bead of several other institutions,is to be paid for his services
bank for the past four years, was advanced to Assistant on a salary basis. The Chicago paper furthermore said that
734
FINANCIAL CHRONICLE
[VOL. 133.
recently attempts to reorganize the South Side Savings Bank of Detroit of the appointment of three new Assistant Cashiers
& Trust Co., some of them participated in by depositors' com- at a recent meeting of the directors. The new officials are:
George W. Cilley, Sidney J. Dowding and Martin J. Schoch.
mittees, have proved unsuccessful.
The "Michigan Investor" of July 25 in noting the appointBank & Trust Co., the new $350,- ments said:
The Central Republic 000,000 Chicago institution formed by the union of the CenGeorge W. Cilley, who is in charge of the bank's accrual accounting
tral Trust Co. of Illinois and The National Bank of the department, was made an Assistant Cashier. Mr. Cilley began his bankRepublic of Chicago and its affiliate the Chicago Trust Co., ing career as a bookkeeper at the Dime Savings Bank in 1916. He was
employed in various departments and at the time of the merger with Peoples
was formally opened on Monday of this week, July 27, in Wayne was Assistant Auditor. He is a graduate of the American Institute
the spacious banking rooms at 208 South La Salle Street. of Banking, and has held the office of Second Vice-President of the Detroit
The consolidated bank has combined capital, surplus and un- Chapter. He also acted as President of the Junior Bankers Forum. Mr.
Gilley will continue in charge of the accrual department.
divided profits of $28,000,000. The Central Republic Bank
Sidney J. Dowding, who is in charge of the new account division of the
located
is
business
affiliate,
investment
extension department, was also made an Assistant Cashier. Mr.
bank's
& Trust Co., the new
Dowding attended the Mt. Clemens public schools and later the Business
in new quarters at 134 South La Salle Street and will have its Institute
of Detroit. He first became identified with the Peoples State
formal opening on Monday, Aug. 10 1931.
Bank in April 1917, as a junior clerk, later being transferred to the bookThe following, with reference to the affairs of the Millard
State Bank of Chicago, which closed its doors on Aug 15 1930
(as noted in the "Chronicle" of Aug. 23 last, page 1212),
appeared in the Chicago "Tribune" of July 18:
True bills charging embezzlement and false statements against officials
of the closed Millard State Bank of Chicago, 3645 West 26th Street, were
reported to have been voted by the Grand July yesterday (July 17).
The Grand Jury action was the result of work done by Assistant State's
Attorneys Henry Ayers and Leonard Rice, the "banking team" of the
prosecutor's office. They would not verify the indictment report or divulge
the names of the persons reputedly affected.
The bank closed on Aug. 15 1930. Some of its officers were: Rudolph A.
Cepak, President and director; James Friedl, Vice-President and director;
Albert J. Cermak, director, and Edward Kvidera, director. P. Havlicek was
Cashier. The bank was capitalized at $100,000 and had a surplus of $15,000.
Albert J. Cermak is not a relative of Mayor Cermak, the prosecutors said.
Five indictments were reported voted. The first, it was said, accuses
. three officials of making false statements to bank examiners and the second,
third and fourth make the same charge against four officials and also accuses
them of making false statements to the bank's creditors.
The fifth true bill, according to reports, charges one official with embezzling $96,803. It was said that the prosecutors found evidence that another
official made loans to himself in excess of the bank's capital and surplus.
The exact shortage has not been made known and announcement awaits
the report of the receiver, Will H. Wade. Mr. Wade has already paid a 30%
dividend.
A special meeting of the s- tockholders of the ForemanState National Bank of Chicago, which on June 8 was
absorbed by the First National Bank of that city, has been
called for Aug. 25, according to the Chicago "Post" of July 24.
At the meeting stockholders will be made acquainted with
the affairs of the institution both before and after the
closing. Walter W. Head, former President of the institution, it was stated, declared that only shareholders of record
July 21 would be entitled to vote. The "Post" went on
to say:
No stock will be transferred until after the meeting.
The possibility still remains, according to Harold E. Foreman, Chairman of the Board, that after the affairs of the bank are completely settled
a balance will remain for the stockholders.
The events that led up to the closing are summarized by Mr. Foreman
In a statement accompanying the notice for the meeting. The prolonged
depression, the drastic shrinkage of real estate values and the "runs" on
outlying banks affiliated with the Foreman banks, he declared, were the
chief causes. An attempt was made to secure additional capital, but it
proved unsuccessful.
-partner of Longley & MiddleClifford B. Longley, senior
ton, attorneys, just recently was elected Vice-Chairman of
the Board of Directors of the Union Guardian Trust Co. of
Detroit (a unit of the Guardian Detroit Union Group, Inc.)
and assumed active participation in the affairs of the company immediately. For many years Mr. Longley was head
of the legal department of the Ford Motor Co., and when this
department was discontinued in 1929. he became the head of
the firm of Longley & Middleton, which firm has since that
time acted as counsel for the Ford Motor Co., and the Ford
interests. Mr. Longley is also a director of the Universal
Credit Corp.
keeping department. Mr. Dowding has been active in the work of the
American Institute of Banking. In 1930 he was Treasurer of the local
chapter and at the present time is a member of the Board of Governors.
The duties of Mr. Dowding will be in conjunction with public relations.
Martin J. Schoch was named an Assistant Cashier. Mr. Schoch originally came from Ovid, where he was employed by the State Savings Bank
from 1918 to April 1920, when he came to the Peoples State Bank of
Detroit. His first position was as a teller in one of the branch offices.
He later served as a relief branch manager for five years, and for the past
four years has been identified with the auditing department. In his new
capacity Mr. Schoch will participate in the systematizing and operating
of branch.-e.
The American State Bank of Cadillac, Mich., will be
merged with the Cadillac State Bank of that place as soon
as the proposed union is ratified by the respective stockholders of the institutions, according to advices from Cadillac on July 24, printed in the Detroit "Free Press" of the
following day. The Cadillac State Bank was founded in
1895, while the American State Bank was established in
1920. Fred L. Reed is President of the Cadillac State Bank
and Judge Fred S. Lamb President of the American State
Bank.
It is learned from the Michigan "Investor" of July 25 that
negotiations have now been completed for the consolidation
of three Dearborn, Mich., banks, and the new organization,
under the title of the Guardian Bank of Dearborn, will open
for business early in August, according to Robert 0. Lord,
President of the Guardian Detroit Group, Inc., of which the
new bank will be a unit. The three Dearborn banks to be
consolidated are the Bank of Dearborn, Bank of Commerce
of Dearborn, and the Union State Bank. The consolidated
bank will be capitalized at $400,000, with surplus of $300,000,
and will have deposits of $6,000,000. We quote furthermore
from the paper mentioned as follows:
Alterations and additions now being carried out will permit of the business of the three being conducted in the present Bank of Dearborn Building,
with two of the Union State Bank branches being retained, on Vernor and
Warren, and also the head office of the Bank of Commerce on the corner
of Engle and Mulkey, to take care of branch business. Business of the
Union State Bank will be transferred to the main office of the consolidated
bank.
That a shortage of $100,000 had been found in the accounts
of the Farmers' & Merchants' Bank of Durant. Iowa, was
reported in the following Associated Press advices from that
place on July 25:
State examiners said to-day (July 25) they had found a shortage of
$100,000 in the accounts of the Farmers' & Merchants' Bank here. The bank
was closed while the audit continued.
Meanwhile physicians said that A. H. Widener, Cashier, who was found
shot in the basement of the bank Wednesday (July 22) was improving.
The bank had $50,000 capital and deposits of $864,927.
Deposits of the Citizens' State Bank of West Union, Iowa,
were recently taken over by the State Bank of West Union.
The merger leaves two banks in that town, the State Bank
of West Union and the Fayette County National Bank. The
State Bank of West Union continue§ under the same manThe following, with referen-ce to the affairs of the Metroagement.
latter
the
closed
which
Mich.,
politan Trust Co. of Detroit,
part of June, appeared in the Michigan "Investor" of
Two Mineral Point, Wisc., banks were merged recently
July 25:
under .the title of the Consolidated Bank of Mineral Point.
has
Court,
named permaJudge Vincent M. Brennan, of the Wayne Circuit
The new organization is capitalized at $80,000, with surplus
nent co-receivers for the Metropolitan Trust Co., Detroit, which suspended
A.
Charles
Smith and and undivided profits of $20,000, and has deposits of
are
-receivers
co
operations about a month ago. The
Scott E. Lamb President of the company. Each must furnish $50,000 bond. $1,246,000. Its officers are: R. G. White, President; A. F.
The Court was informed that though the company is embarrassed, it is
Bishop, Jr., and E. G. Penhallegon, Vice-Presidents, and
solvent, and that careful handling of its affairs will allow stockholders to
Bert Ketter, Cashier.
be reimbursed properly.
Items referring to the closing of this institution appeared
The Eau Claire National Bank of Eau Claire, Wisc.. an
In our issues of June 20 and June 27, pages 4532 and 4897,
institution capitalized at $150,000, was placed in voluntary
respectively.
liquidation as of July 9 1931. This bank has been absorbed
Announcement was made last week by Wilson W. Mills, by the Eau Claire State Bank of Eau Claire.
Chairman of the Board of the Peoples Wayne County Bank
AUG. 1 1931..]
FINANCIAL CHRONICLE
Formal opening of the American State Bank, a new Milwaukee, Wis., institution, took place on July 20 with a public
inspection of the banking rooms and building, according to
the Milwaukee "Sentinel" of July 21. The new bank is
located at South Second Street and West National Avenue,
it was said.
735
a few months ago was reported in the Portland "Oregonian"
of July 24. The paper mentioned went on to say:
The new owner was elected President of the institution at a meeting
held Wednesday night (July 22) and at the same time R. A. Cowden WAR
elected Chairman of the Board. Later on H. B. Latham and one other
will be elected to the Board of Directors which will increase the number
from five to seven.
Mr. Haight, while not known in this State, comes with highest recomSamuel Aaron,for many years President of the Merchants' mendations, according to G. Spencer Hinsdale, President of the Bancorporation, who expressed the belief he would soon occupy a high place
the
& Farmers' Bank of Natchitoches, La., died at the Natchi- banking circles of Oregon. He had looked the field over carefully in
before
toches Hospital on July 20 as the result of a self-inflicted making a decision, Mr. Hinsdale said.
Mr. Cowden, new Chairman of the Board, is well known in Oregon. For
pistol wound. Mr. Aaron, who was 57 years of age, had been
15 years he headed the Silverton Lumber Co. and enjoys the reputation of
despondent because of poor health. A press dispatch from being a substantial citizen.
Natchitoches, reporting his death, appearing in the New
Orleans "Times-Picayune," added:
As of July 14 1931 the National Bank of Goldendale, Wash.,
His act had no connection with the bank, which is in splendid condition, capitalized at $50,000, was placed in voluntary liquidation.
according to a statement by its directors and a number of other bank The institution was absorbed by the Pioneer
State Bank of
officials.
the same place.
Effective June 5 last, the City National Bank of Sweetwater, Texas, with capital of $100,000, went into voluntary THE WEEK ON THE NEW YORK[STOCKPEXCHANCE.
liquidation: It has been taken over by the First National
The stock market during the past week suffered a severe
Bank of Sweetwater.
further setback and the action of the United States Steel
Corporation in reducing its dividend from $7 annually to
The Garfield County Bank in Enid, Enid, Okla., one of
a $4 annual basis on its common shares dealt a sharp blow
the oldest banking institutions in that city, failed to open to
the entire industrial list, though in a few isolated infor business on July 27, according to Associated Press advices
stances, some special stocks displayed a moderate amount
from Enid on that day. A notice posted on the door of the of strength that carried them
to higher levels. Trading
institution stated that the bank was in the hands of the has been unusually quiet and the transactions
have been
State Bank Examiner. In its last statement the institu- below the average for July. On Wednesday the market
tion showed capital of $50,000 and deposits of $900,119. The broke from 6 to 10 points, and while there have been
ocdispatch furthermore stated that F. R. Zacharias, President casional rallies that have served to check the declines, the
of the closed bank, made no statement concerning the closing. general drift of the market throughout the week has been
downward, though, with the exception of Wednesday, most
The First National Bank of Quapaw, Okla., capitalized at of the changes have been within narrow limits. One of the
$25,000, went into voluntary liquidation on July 8. It has features of the week was the advance on Thursday of the
been taken over by the Bank of Quapaw.
Bank of England's discount rate from.33/2% to 432%. The
weekly statement of the Federal Reserve Bank issued after
Announcement was made in Salt Lake City, Utah, on the close of the market on Thursday showed a further reJuly 22, that the First Security Corp. of Salt Lake City had duction of $26,000,000 in brokers' loans, making the fourth
acquired control of the Knight Trust & Savings Bank of consecutive weekly decline in as many weeks, bringing the
Provo, Utah, following the completion of negotiations by total of brokers' borrowings down to $1,390,000,000, the
E. C. Bennett, Vice-President and General Manager of the lowest level since June 4 1924. Call money renewed at
corporation, and the bank's directors, according to Associ- 134% on Monday, continued unchanged at that rate on
ated Press advices from Salt Lake City on July 22. The each and every day of the week.
Interest in the New York stock market was practically
First Security Corp. controls institutions in Utah and
dormant during the two-hour session on Saturday. Stocks
Wyoming. The dispatch went on to say:
Present officers and directors will continue, with additions to the Board,
it was announced. The name of the bank will be changed to the First
Security Bank of Provo, after meetings of stockholders.
George N. Keyston, President of the stock brokerage
house of Leib, Keyston & Co. of San Francisco; his partner,
Ray S. Rossiter, and two others were acquitted on July 7 by
a jury in the Federal Court in San Francisco of participation in an embezzlement conspiracy, according to the San
Francisco "Chronicle" of July 8, from which we quote furthermore in part as follows:
The four men were accused of conspiring with two employees of the
Bank of Italy who speculated on the stock market with $500,000 stolen
from funds of the bank, and the brokers were accused of having a "guilty
knowledge" that their clients were playing the market with embezzled
money.
The acquittal came alter the end of a trial which lasted almost eight
weeks, the fourth trial to be held in connection with the so-called Keyston
embezzlement cases. A jury in the Court of Federal Judge Kerrigan deliberated exactly 10 hours before returning their acquittal verdicts.
Acquitted with Keyston and Rossiter were Claud Galmarino, employee
of the brokerage firm, and Dan F. Burke, former employee of the Bank of
Italy. Burke was convicted in a former trial and sentenced to four years
in a Federal penitentiary, but is at liberty on appeal.
Included in the case with the four acquitted last night were Joseph 0.
Bray, formerly Manager of the Post and Filmore Streets branch of the
Bank of Italy, now the Bank of America, and Robert G. Haddow, Assistant
Manager. At the start of the trial—the longest in recent history here—Bray
and Haddow pleaded guilty.
Following his indictment on March 4 1930 Mr. Keyston
resigned as President of the San Francisco Stock Exchange.
Items with reference to his indictment appeared in our issues
of March 8, March 15 and April 5 of last year, pages 1585,
1765, and 2337, respectively.
closed with moderate losses as the normal mid-summer
lethargy was accentuated by the uncertainty concerning the
dividend action of United States Steel. With few exceptions, the losses on the active list were fractional, though
National Biscuit attracted considerable attention by its
weakness. Steel stocks were under pressure for a time and
then turned extremenly dull while most of the usually active
issues ruled slightly higher, until the last few minutes of the
session when fresh selling carried the list to the lowest levels
of the day. The principal changes on the side of the decline
were Allied Chemical & Dye, 1 point to 113; Amer. Tel. &
Tel., 1 point to 174; Ingersoll-Rand, X% points to 92; Pierce
Arrow pref., 234 points to 5634; American Tobacco B, 1
point to 121, and Auburn Auto, 4 points to 15634.
The market was generally easier on Monday,though stocks
drifted around rather uncertainly in the quietest day since
1926. Railroad shares were inclined to drift lower and specialties also were down. Prices showed fractional changes
both above and below the opening. The turnover was again
down to the minimum and the high-speed tickers were frequently at a standstill. Auburn Auto had a bad sinking
spell and at one time was down about 10 points. Among the
stocks closing on the side of the decline were such active
issues as Calumet & Arizona, 2 points to 38; Norfolk &
Western,5 points to 167, and Union Pacific, 2 points to 158.
On the other hand, Vanadium Corporation was up a point
at 2934, American Can had improved 134 points at 98%,
duPont gained 14i points as it touched 87 and Standard Gas
& Electric, which moved up 1 point to 62. In the closing
hour, most of the stocks were firm with United States Steel
at its highest point of the day.
Trading on the New York stock market was a dull affair
on Tuesday as many of the active issues moved within a
Effective June 26 last the First National Bank of Salida,
Calif., with capital of $25,000, was placed in voluntary liquidation. The institution was absorbed by the Modesto Trust
narrow channel, though, on the whole, the gains were some& Savings Bank at Modesto, Calif.
what in excess of the losses. Speculative operators were
inclined to mark time pending the dividend announcement
That the First National Bank of Silverton, Ore., has passed
of United States Steel Corporation. Advances recorded at
from the control of the Pacific Bancorporation to E. B.
the close of the market included among others, Air Reduction
Haight, a banker from Flagstaff, Ariz., who went to Oregon
8 Allied Chemical &
which gained 234 points to 77%;
Dye
which moved ahead 2% points to 11534; Eastman Kodak,
4; Western Union Telegraph, 3 points to
33 points to 1443
117; Ingersoll Rand, 3 points to 9532; and Sun Oil, 434
4. Railroad stocks were slightly higher and
points to 373
by a number of the more active issues.
recorded
gains were
The list included Atchison, 434 points to 155%; Chesapeake
4 points to
& Ohio, 134 points to 36; New York Central, 11
81%;Saint Louis-San Francisco, 334 points to 1934; Southern
Pacific, 234 points to 80%; and St. Louis-Southwestern,
134 points to 17.
The stock market slipped downward on Wednesday following the reduction of the United States Steel Corp. dividend to $4 annually. The recessions ranged from 2 to 6
or more points and extended to practically all parts of the
active list. Later in the day the stocks recovered somewhat,
but not sufficiently to eliminate all of the early losses. Stocks
closing on the side of the decline included such issues as
4 points, Air Reduction 234 points,
Abraham & Strauss 23
Worthing Pump 33% points, Westinghouse 334 points, Western Union Telegraph 434 points, Union Pacific 3 points,
Southern Pacific 334 points, International Business Machine
5 points, J. I. Case Threshing Machine 434 points, JohnsManville 2 points, American Can 534 points, Public Service
of New Jersey 234 points and Detroit Edison 534 points.
The market had another sinking spell during file early
trading on Thursday, but rallied quite sharply as the day
progressed and at the close showed a slight leaning toward
the side of the advance. The volume of trading was again
low being approximately 275,000 shares below the turnover
of the previous day. Motor shares were stronger and moved
forward under the guidance of Chrysler which scored a new
top on the present recovery. United States Steel was in
good demand and moved up to 86 with a gain of 1% points
on the day. Other advances included Western Union
Telegraph 234 points to 11534, Auburn Auto 3 points to
142, Du Pont 2 points to 8834, Eastman Kodak 194 points
to 138 and Atchison 294 points to 156. Aside from Atchison
the railroad shares were generally down.
The market turned reactionary on Friday following modest
gains in the early trading and losses ranging from 1 to 4 or
more points were recorded by a number of the more active
speculative issues before the market closed. Railroad shares
bore the brunt of the selling and numerous recessions ranging
from 1 to 3 or more points were in evidence at the end of the
session. Specialties were under pressure, J. I. Case, for
3 points to 5534. The principal
instance, dropping back 4%
changes on the side of the decline included among others,
Allied Chemical & Dye, 434 points to 10634; Amer. Tel. &
Tel., 234 points to 16934; Eastman Kodak, 234 points to
13534; Western Union, 2 points to 11334, and New York
4. American Can was weak
Central, 234 points to 733
throughout the day and closed at 9134 with a loss of 234
points. United States Steel got up to 863, but yielded to
8534 with a fractional loss. Stocks were dull and irregular
at the close.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
DAILY, WEEKLY AND YEARLY.
Week Ended
July 311931.
[VOL. 133.
FINANCIAL CHRONICLE
736
Stocks,
Number of
Shares.
Saturday
Monday
Tuesday
Wednesday
'Thursday
Friday
412,575
572,480
650,716
1,576,835
1,353,780
1,219,650
State.
Municipal &
Porn Bonds.
Railroad,
de Misc.
Bonds.
82,020,000
4.735,000
4,401,000
4,939,000
5,596,000
5,161,000
$1,267,000
2,841,000
2,570,000
2,715,000
2,195,000
2,369,000
S 755 MR 526.852.000 $13.957.000
Stocks-No.of shares_
Bonds.
Government bonds
State .4 foreign bonds
Railroad a: misc. bonds
Total bonds
1930.
1931.
slates
$246,200
279,000
306,000
281.000
186,000
259,000
$3,533,200
7,855,000
7,277,000
7,935,000
7,977,000
7,789,000
$1,557,200 $42.366.200
Jan. 1 to July 31.
Wee* Ended July 31.
Sales at
New York Stock
Exchange.
Total
Bond
Sales.
Mated
Bonds.
1930.
1931.
5,786.036
11,029,310
365,539,100
541,525,010
$1,557,200
13,957,000
26,852.000
$1,836,000
12,030,900
27,325.600
$96,547,900
478,009.600
1,058,464,700
$70,331,600
403,330,900
1,185,992,700
$42,366,200 541.192.500 $1,633,021,200 $1,659,655,200
BOSTON, PHILADELPHIA AND
DAILY TRANSACTIONS AT THE
BALTIMORE EXCHANGES.
Boston.
Week Ended
July 31 1931.
Saturday
Monday
Tuesday
Wednesday
'1'hursda3'
Friday
Total
g"
PI
Prwo ulc rpvised_
Philadelphia.
Baltimore.
Shares. Bond Sales.
Shores. Bond Sales. Shares. Bond Sales.
2,717
$13,000
a8,571
7,603
58,000
1,516
21,100
$1,000 al1,914
15.413
Lim
719
30,000
10,838
16.000
17,606
14,600
1.226
30,200
a21,301
28,405
659
22,000
19,000
1,000 a18,263
21,588
- 837
5,000
5,920
10,000
5,476
96,091
90.438
828,000
$31.000
76,807
8113.300
7.674
848.600
76,344
$130,400
0.369
$60,600
a In addition, sales of rights were: Saturday. 300; Monday.200;
Thursday, 100.
Wednesday, 100;
THE CURB EXCHANGE.
Business on the Curb Exchange this week was very dull
with very few price changes of any significance. The reduction in the U. S. Steel Corp. com. dividend had a depressing effect and many stocks sold lower though losses
were small. Industrials suffered the most. Deere & Co.
corn. owing to the omission of the dividend dropped from
22 to 1534 and recovered finally to 17. Aluminum Co.
corn. lost about 10 points to 10834 but sold back to 111,
the close to-day being at 110. Parker Rust Proof, corn.
4. Continental Shares pref. stocks
declined from 90 to 853
were weak, the convertible pref. dropping from 26 to 1934
and the pref. series B from 25 to 19%. The close to-day was
at 1934 and 2034 respectively. Stutz Motor Car sold lower
this week-from 1234 to 934 and closed to-day at 1134.
Oils were about the steadiest of any group. Standard Oil
(Ohio) corn. was down from 43 to 4134 but recovered to
4234. Vacuum Oil advanced from 4234 to 4534 and finished
to-day at 45. Gulf Oil gained over three points to 57 and
ends the week at 5634. Public utilities were very quiet and
prices held fairly well. Amer. Gas & Elec. corn. sold up
from 6434 to 67 then down to 6134 with the final transaction
to-day at 6234. Consolidated Gas, Elec. L. & Pow., Balt.,
cora, advanced from 89 to 93.
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
July 31 1931.
Stocks
(Number
of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Sales at
New York Curb
Exchange.
Bonds(Par Value).
Foreign
Portion
Domestic. Government, Corporate.
91,725 $1,241,000
164,365 2,069,000
138.685 1,927,000
224,850 2,373,000
170,545 2,841,000
150,910 2,720,000
$61,000
40,000
180,000
48,000
49,000
29,000
Total,
$59,000 $1,361,000
90,000 2.199,000
49,000 2,156,000
73,000 2,494,000
114,000 3.004,000
60,000 2,809,000
5407.000
$445,000 $14,023,000
941,080 $13,171,000
Jan. 1 to July 31.
Week Ended July 31.
1931.
1930.
2,453,825
941,080
Stocks-No. of shares_
Bonds.
$13,171,000 $10,292,000
Domestic
500,000
407,000
Foreign Government..
534,000
445.000
Foreigncorporate
1931.
1930.
71,167.616
94,836,180
$540,124,000
17,609,000
24,321,000
$500.438,000
19,554,000
24,567,000
5582,054,000
5544,559,000
$14,023,000 $11,326,000
Total
Note.-In the above tables we now give the foreign corporate bonds separately.
Formerly they were Included with the foreign government bonds.
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, Aug. 1), bank exchanges for all the cities of the
United States from which it is possible to obtain weekly
returns will be 35.0% below those for the corresponding
week last year. Our preliminary total stands at $6,696,099,151, against $10,300,923,924 for the same week in 1930.
At this center there is a loss for the five days ended Friday of
38.1%. Our comparative summary for the week follows:
Clearings-Returns by Telegraph.
Week Ended August 1.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
Baltimore
New Orleans
1931.
1930.
83,248.049,017 $5,253,000,000
243,170,232
532,077,814
297,000,000
369,000,000
300,000,000
389,000,000
80.103,518
100,152,058
62,000,000
90,100,000
106,335,000
147,834,000
No longer will re port clearings.
94,696.191
151,161,449
89,061,722
125,250.270
76,013,932
99,399,031
56,574,862
72,459,179
31,568,747
32,550,994
Per
Cent.
-38.1
-54.3
-19.5
-22.9
-20.0
-31.2
-28.1
-37.4
-28.9
-23.5
-21.9
-3.0
Twelve cities, five daYs
Other cities, five days
$4,684,573,221
672,306,100
57,361,984,795
795,596,895
-36.4
-15.5
Total all cities, five days
All cities, one day
$5,356,879,321
1,339,219.830
58,157,581,690
2,143,342,234
-34.3
-37.5
56.696.099.151 510.300.923 024
-.00 n
Total all cities for week
Complete and exact deatils 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 July 25.
For that week there is a decrease of 29.5%, the aggregate of
clearings for the whole country being $6,591,604,443, against
$9,496,405,252 in the same week of 1930. Outside of this
city there is a decrease of 20.0%, the bank clearings at this
center recording a loss of 34.6%. 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, there is a contraction
of 34.3%, in the Boston Reserve District of 22.7% and in
the Philadelphia Reserve District of 18.9%. In the Cleveland Reserve District the totals record a loss of 7.2%, in the
Richmond Reserve District of 13.3% and in the Atlanta
Reserve District of 17.1%. In the Chicago Reserve District
the totals are smaller by 38.2%, in the St. Louis Reserve
District by 26.1% and in the Minneapolis Reserve District
by 14.9%. In the Kansas City Reserve District the
decrease is 26.8%, in the Dallas Reserve District 3.7% and
in the San Francisco Reserve District 20.8%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. July 25 1931.
1931.
1930.
1929.
1928.
5
5
$
$
%
385,263,307
498,563,603 -22.7
566,971,377
468,468,055
4,146,606,962 6,308.149,078 -34.3 8,936,039,784 5,688,337,793
365,591,586
452,123,784 -18.9
601,963,866
491,253,122
356,735,417
384,360,050 -7.2
484,182,135
397,848,432
127.985,533
147,684,770 -13.3
165,455,076
140,315,511
101,214,263
122,168,815 -17.1
154,239,011
146,754,717
500,624,790
810,167,670 -38.2 1,024,158,069
939,860,128
114,322,070
181,962,656
154,640,073 -26.1
177,134,676
115,573,071
84,673,776
09,469,896 -14.9
137,132,973
139,630,477
190,848,022 -26.8
257,522,892 .223,104,695
43,675,632
45,319,041 -3.7
72,824,731
59,109,259
224,081,230
282,900,450 -20.8
340,459,492
307,711,550
122 cities
Total
Outside N. Y. City
6,591,604,443
2,549,898,013
32 cities
28L493.272
9.496,405,252 -29.5 12,918,063,063
3,188,256,174 -20.0 4,167,042,486
337.363.104 -16.6
446.361.842
9,160,299,019
3604,574,364
426.998.455
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended July 25.
Clearings at
1931.
1930.
$
First Federal Reserve Dist rict-Boston
644,443
Maine-Bangor._
525,022
Portland
2,781,435
3,638,983
Mass -Boston.
349,000,000 455.000.000
Fall River- - - _
1,016,663
736,978
Lowell
417.057
464.064
New Bedford_ _
776,440
648.473
Springfield_ _ _ _
3,776,557
3,321,575
Worcester
2,327.937
2,855.288
Conn.-Hartford_
8,334,978
11,740,718
7.895,446
New Haven
7.141,777
R. I. Providence.
9,496,500
10,151,500
603,501
N.1.1.-Manches'r
531,575
Total(12 cities)
385,263,307
Inc. or
Dec.
1929.
1928.
5;
-18.5
-23.6
-23.3
-27.6
-10.1
-16.5
-12.0
-18.5
-29.0
-9.6
-6.5
-11.9
563,493
4,331,125
506,000,000
1,091,857
1,096,265
964,245
5,048,024
3.410,303
19,682,607
8,941,403
15,197.200
644,555
487,233
3,832,541
421,000,000
906,475
1.034,718
1,052,368
4,883,593
3,178,348
11,488.941
7,735,044
12,243,800
624,994
498,563,603 -22.7
566,071,377
468,468,055
Second Feder al Reserve D Istrict-New
4,420,230
5.795.276
N.Y. Albany_ _ _
Binghamton
1,141,656
950,279
Buffalo
31.696,756
42,168,057
840,529
Elmira
752,919
634,190
Jamestown__ _ _
934,927
New York _ _ _ _ 4,041.706.430 8,179,638,367
8.751,042
Rochester
7.050.087
3,981,289
7.948,420
Syracuse
3,570.964
Conn.-Stamford
3,254,100
509.802
N. I.-Montclair
517,614
30,040,377
Newark
24,742,524
29,233,383
30,776,792
Northern N. J.
York
-23.5
5.391.337
5,186,447
-16.7
1,426,287
1,149,915
-24.8
69,040,313
46,882,288
-10.4
1,184.316
1,059,429
-32.2
1.171,450
1,233,699
-34.6 8.751,040,597 5,555,724,655
-19.4
14,652.550
10.583,506
-1-99.6
6,657.382
4,786.731
-8.9
4,497,952
3,950,431
+1.5
771,562
528,983
-17.6
33,778,287
24,880,115
-5.0
46,427,751
32,371,593
Total(12 cities) 4,146,606,962 6.308,149,078 -34.3 8.936.039,784 5,688,337,792
Third Federal Reserve Dist rict-Philad elphia
1,332,452 -58.1
558,293
Pa.-Altoona._
3,881,434 -24.6
Bethlehem_ _
2,925,525
942,696 -21.9
735,890
Chester
1,837,720 -2.0
1,799,073
Lancaster
Philadelphia
347,000,000 430,000,000 -19.3
2,762,102 -2.8
Reading
2,685,712
4,036,640 -10.
Scranton
3,605,911
2,836,347 -11.2
2,516.257
Wilkes-Barre
1,775,393 -15.0
1,508,92'
York
2,719.000 +19.8
N.J.-Trenton
3,256,000
Weelc Ended July 25.
Clearings at
1931.
1,573,092
5,334.517
1,252.241
1,806,849
572,000.000
3.661.971
5.902,782
3.497,412
2,087,452
4.847,550
1,532,371
4,123,432
1,253,139
.1,600,000
461.000,000
5,119,059
5,252 437
3,710,346
1,662,266
6,000,101
366,591,586
452,123,784 -18.9
601,983,866
491,253,121
Fourth Feder al Reserve D istrict-Clev eland
4,355,000 -38.1
Ohio-Akron._
2,785,000
Canton
3,728,194 -54.3
1,702,547
Cincinnati_
118,232,126
62,782.000 +88.7
Cleveland
100,561,344 121,677,588 -17.4
Columbus
15,731,200 -35.0
10,233.000
1.973,806 -13.0
Mansfield
1,717,689
Youngstown_._
4,118,334 -33.4
2,742,836
Pa.-Pittsburgh. 118,760,875 169,993,928 -30.2
8,389,000
7.329,874
76,765,209
181,971,637
18,912,400
2,140,830
6,217,148
202,456,038
8,096,000
4,201,222
67,470,226
130,534,903
13,920.300
1,964,708
5,416,260
166,244,814
-7.2
484,182,136
397.848,433
Fifth Federal Reserve Dist rict-Richm ond980,626 -50.7
W.Va.-Huntl'n
483,496
Va.-Norfolk _
3,218,865
4,206,000 -23.5
Richmond
30,449,995
38,680,864 -21.3
1,331,915
1,580,401 -15.8
S.C.-Charleston
72.207,130
81,034,256 -10.9
Md.-Baltimore _
20,294,132
21,202,623 -14.3
D.C.-Washing'n
972,491
4,166,977
37,735,000
1,715,000
95,071,909
25,793,699
1,166,610
4,134,853
38,131,000
1,437,588
72,517,382
22,928,079
147,684,770 -13.3
165,455,076
140,315,512
Sixth Federal Reserve Dist rict-Atiant a- .
3,083,420
2,174,321 +41.8
Tenn.-Knoxville
Nashville
10,324,406
19,098,972 --45.9
31.538,214
34,634,185 --9.0
Ga.-Atlanta...
974,158
1,214,840 --19.8
Augusta
602,158
1,249,499 --51.8
Macon
Fla.-Jack'nville,
9,854,723 --0.8
9,777,751
10,089,930
15,089,263 --33.2
Ala.-Birming'm,
935,492
1,297,757 --27.9
Mobile
985,000
1,422.000 --30.7
Miss -Jackson..
88.886
138,911 --36.1
Vicksburg
La.-NewOrleans
32,814,848
36,004,344 --8,9
2,330,473
19.634,932
48,641,730
1,687,519
1,409,459
13.308,026
20,060,593
1,844,886
1,682.000
194,260
43,445,133
2,235,000
17.756.173
41,859,241
1,598,306
1,713,796
13,203,951
21,384,708
1,493.729
1,590,000
285,287
43,634,526
154,239,011
148,754.717
Total(8 cities).
Total(6 cities).
Total(11 cities)
356,735,417
127,985,533
101,214.263
384,360,050
122,168,815 -17.1
Inc. or
Dec.
1929.
1928.
$
186,640
607,339
207,963,049
7.740,314
3,315,606
2,849,522
19,332,000
2,746,800
4,252,823
37,891,016
2,512,927
8,010,578
6,260,094
1,159,496
1,347,294
622.653,226
1,097,406
4,522,434
3.055,072
2,356,292
810,167,670 -38.2 1,024,158,069
939,860,126
500,824,790
Eighth Federa (Reserve Dis trict-St. L ouis3,551,952 ---7.0
3,304,292
Ind.-Evansville.
77,700,000 101,600,000 --23.5
Mo.-St, Louis
33,364,242 --47.8
21,116,602
Ky.-Louisville. _
309,246 --28.0
222,587
14,493,418 --23.0
11,163,500
Tenn
Owensboro_.-Memphis
241,538 --38.4
148,718
Ill.-Jacksonville.
666,371
1.079,677 ---38.3
Quincy
4,802,431
121,400,000
33,233,201
362,826
15,702,707
356,674
1,276,837
4,922,649
132,100,000
28,716,906
344,220
14,293,053
297,268
1,288,560
154,640,073 -26,1
177,134,676
181,962,656
Ninth Federal Reserve Dis trict-Minn eapolis
3,607,495
4,470,590 -19.3
M inn.-Duluth_ _
67,531,401 -15.3
57,176.894
Minneapolis_
21,135,911 -12.8
18,445,228
St. Paul
1,781,439
1,786,330 -0.3
N.Dak,-Fargo _
735,291
972,668 -24.4
S.D.-Aberdeen.
422,822
486,395 -13.1
Mont.-Billings _
2,504,607
3,086,601 -18.8
Helena
12,759,728
91,822,466
25,127,814
1,898,432
1,089,002
579.302
3,856,229
5,864,475
75,965,497
26,821,036
1,730,047
1,313,607
504,409
3,374,000
Total(7 citlei)
114,322,070
99.469,896 -14.9
137,132,973
115,573,071
Tenth Federal Reserve Dis trict-Karts as City
293,446 --22.9
226,129
Neb.-Fremont _
450,485 --41.2
264,936
Hastings
2,891,649 --21.4
2,303,182
Lincoln
39,539,383 --18.5
32,213,858
Omaha
3,687.953 --31.2
2,536,916
Kan.-Topeka
7,602,310 --45.4
4,918,280
Wichita
91,040,156 128,758,084 --29.3
Mo.-Kans, City
5,364,003 --25.7
3.988,471
St. Joseph_ _
974,463 +3.6
Colo.-Col. Spgs.
1,009,288
a
a
a
Denver
1.286.246 --12.2
1,129,261
Pueblo
277,100
484.181
3,338,315
47,633,755
4.664.889
11.471,625
178,959,347
7,809,651
1,324,193
a
1,559,836
388,119
462,211
3,470,363
41,039,481
3,416.858
12,066,315
153.198,156
6,559.984
1,239,759
a
1,263,443
Total(7 cities)-
84,673,776
190,848,022 -26.8
257,522,892
223,104,695
Eleventh Fede ral Reserve District-Da Ras1,249,248 -1.1
1,234,383
Texas-Austin...
29,358,736
+3.4
30,356,939
Dallas
9,184,032 -23.0
7,069,561
Fort Worth_ _ _
1,995,000 +3.7
2,068,000
Galveston
3,532,025 -16.6
2,946.749
La.-Shreveport.
1,443,854
46,424,207
16,432,849
4,366,000
4,157,821
844,773
36,626,739
13,664,969
3,628,000
4,344,808
-3.7
72.824,731
59,109.289
Total(10 cities)
Total(5 cities)-
139.630,477
43,675,632
45,319,041
Twelfth Feder al Reserve D istrict-San Franci sco-49,244,195
35,515,782 -18.1
29,101,510
Wash.-Seattle._
11.664.000
9,979,000 -20.2
7,965.000
Spokane
1,150,459
686,554 -16.4
573,823
Yakima
37,666,103
30,505,403 -12.2
26,774,791
Ore -Portland..
17,924,018
14,643,919 -17.4
Utah,-S.L.City
12,096,159
8,465,256
6.614,397 -30.5
Calif
4,595,937
Beach_
Los Angeles _ No longer wi 11 report clear! ngs,
5,343,771
5,272,521 -27.6
3,817,666
Pasadena
6,382.136
6,407,968 +19.4
7,647,387
Sacramento...
4,824.546
4,380,165 -21.8
San Diego__ - 3,423,647
San Francisco. 121,543,582 160.826,840 -24.4 191,001,365
2,985,279
2,426,732 -8.7
San Jose
2,218,081
1,685.625
1,736,498 -26.0
1,285,814
Santa Barbara_
2,121,339
1,944,071 -25.2
Santa Monica_
1,454,733
2,961.800
1,959,600 -19.1
1,585,100
Stockton
42,805,357
11,499,000
1,001,852
33.717,534
14,626,075
8,056,477
5.099,640
5,884,836
4,808,067
171,551,000
2,769,026
1,406.044
2,184,342
2,302,300
Total(14 cities) 224,081,230 282,900.450 -20.8 340.458,492 307,711.550
Grand total (122
6,591.604.443 9,496,405,252 -29.5 12918 083,083 9,160,299,019
cities)
Outside New York 2,549,898,013 3,188,256.174 -20.0 4,167.042,486 3,604,574,364
Week Ended July 23.
ar
1931.
Total(10 cities)
1930.
Seventh Feder al Reserve D istrict-Chi ca go243,595
142,135 +2.3
145,438
Mich.-Adrian _ _
766,960
564,574
524,889
Ann Arbor..__ _
121,314,709 172,161,316 -29.5 240,858,158
Detroit
6,667,744
4,949,303 -21.7
3,877,220
Grand Rapids.
3,571,243
2,926,569 -18.7
2,380,071
Lansing
4,022,609
2,442,946 -25.6
1,329,822
Ind.-Ft. Wayne
24,321,000
18,629.000 -21.4
14.648,000
Indianapolls.__
2,518,310
2,101,678 -41.8
1,012,370
South Bend_
5,052,213
4,247,734 -4.3
4,064,502
Terre Haute...
33,315.543
-20.1
25,398,025
20,301,582
Wis.-Milwaukee
2,976,360
2,576,077
2,472,668
Iowa-Ced. Rap_
8,887,285
6,805.859 -21.3
5,223,278
Des Moines6,280,117
4,898,283 -23.0
3,771,099
Sioux City_
1,423,623
987,437 -46.9
524,018
Waterloo
1,510.125
1,895,286 -38.2
1,172,089
Ill.-Bloomington
311,188,049 549,219,263 -41.4 669,516,835
Chicago
1,162,733
1,107,405 -22.8
854,229
Decatur
5,187.791
3.659,165 -35.0
2,377,580
Peoria
3,534,924
2,495,056 -45.5
1,360,033
Rockford
2,340,901
2,960,559 -22.9
2,282,174
Springfield_
Total(20 cities)
Inc or
Dec.
Federal Reserve Dist.
1st B69ton_ _..12 cities
2nd New York_12 "
8rd Philadelphial0 "
in Cleveland._ 8 "
5111 Richmond _ 6 "
6th Atlanta____11 "
7th Chicago__ -20 "
8th St. Louis__ 7 "
9th Minneapolis 7 "
10th KansaaCity 10 "
5 "
11th Dallas
12811 Ban Fran 14 "
Canada
737
FINANCIAL CHRONICLE
AUG. 1 1931.]
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St, John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort Willian1
New Westminster
Medicine Hat_ _ _
Peterborough....
Sherbrooke
Kitchener
Windsor
Prince Albert...Moncton
Kingston
Chatham
Sarnia
Sudbury
Total(32 cities)
1930.
168.07
Dec.
1929.
1928.
$
$
$
%
5
95,894.188 106,336,535 -9.9 153,523,553 131,149,315
97,898,777 -14.0 121,127,823 124,540,688
84,212,910
72,692,719
77,857,085
48,736,240 -27.8
35,196,773
21,934,020
21,219,662
19,704,580 -21.0
15,561,351
7,720,730
6,521,803
6,857,912 -1.5
6.752,970
6,685,716
5,894,380
6,509,584 -16.2
5,454,118
3,337,102
3.774,210
2,961,334 -19.2
2,392,509
5,890.541
6,320,541
5,332,848 -18.0
4,372,841
10,031,571
10,286,037
6,429,371 -23.6
4,913,047
3,102,236
2,673,001
2,350,516 -17.9
1,930,936
2,808,230
2,708,655
2,622,021 -36.7
1,660,604
3,207.175
2,957,440
2,998,827 -16.9
2,491,001
6,009,289
6.627,087
5,412,703 -26.8
3,957,394
5,873.050
5,355,055
3,730,445 -31.3
2,564,236
761.087
663,867
527,211 -28.7
376,342
673.548
616,569
522,521 -28.8
367.033
2.528.463
2,290,184
2,688,672 -40.4
1,603,325
1,326,217
1,143,640
1,055,039 -40.0
633.439
1,448.932
1,240,752
973,273 -8.9
886.360
1,225.545
1,238,614
1,170,242 -23.1
900,716
718,397
990,266
809,590 -34.3
531,421
417,187
390.237
319,120 -36.4
203,266
1,012.398
906,981
1,249.736 -47.5
795,493
1,043,37
919,531
824,084 -16.
687,644
1,224.487
1,098,385
1,020.086 -5.1
968,485
5,066,093
4,955,128
3,703,995 -24.3
2,804,971
591,772
-12.4
413,277
409,392
362,090
1,064,260
1.098.050 -32.2
1,132,232
744,620
850,287
892,484 -27.2
649.758
771,756
605,414
472,67 -12.8
412,059
596,298
709,95 -32.7
904,286
477,880
605,999
1,031,405 -28.1
733,492
281,493,272
337,363,104 -16.6
446,361,842
a No longer reports weekly clearings. • Estiamated;
426,998,455
738
PRICES ON PARIS BOURSE.
Quotations of representative stocks on the Paris Bourse
as received by cable each day of the past week have been
as follows:
July 29 July 30 July 31
July 25. July 27 July 28
1931. 1931. 1931. 1931.
Francs. Francs. Francs. Francs.
16,200 16,300 16,000
Bank of France
1,060
1,085
1,060
Banque Nationale de Credit
2,120 2,170 2,100
Banque de Paris et Pays Bas__.
1,040
1,080
1,040
ParlsleuneBanque de Union
655
670
672
Canadian Pacific
15,300 15,500 15,300
Canal de Sues
2,650
2,690
2,670
Cie Distr. d'Etectricitie
2,850 2,890 2,850
Cie Generale d'ElectrIcttle
264
269
260
Cie Ole. Trans-Atlantlque
590
610
590
Citroen II
1,490 1,490 2,500
Comptolr Nationale d'Escompte
520
530
530
CMY. Inc
850
874
850
Courrieres
980
995
988
Credit Commerciale de France5,250
5,260
5,250
Credit Fancier de France
2,270 2,330 2,280
Credit Lyonnais
2,750 2,770 2,740
Faux Lyonnais
801
803
810
Energie Electrique du Nord-.
1,235 1,240 1,235
Murillo Electrique du Littoral...
188
190
189
Ford of France
270
260
260
French Line
120
120
120
Gales Lafayette
860
880
890
Gas Le Bon
490
500
490
Kuhlmann
910
930
910
L'Air Liquide
HOLT- 1,490 1,493 1,491
Lyon (P. L. M.)
840
870
850
DAY.
Mints de Courrieres
730
750
730
Mines de Lens
2,100 2,110 2,110
Nord RY
1,600
1,610
1,610
France
Paris
123
125
126
Paths Capital
1,810
1,820 1,860
Peettlney
87.60
87.90
86.70
Rentes 3%
136.90 137.10 137.10
Rentes 5% 1920
104.60 104.60 104.70
Rentes 4% 1917
104.10 104.10
104.10
Rentes 5% 1915
104.10 104.30 104.40
Rented 6% 1920
2,120 2,070
2,080
Dutch
Royal
2,7352,765
Saint Cobln, C.de C
1,055
1:Fltio
1,095
Schneider dc Cie
364
354
350
Societe General Fonclere
2,740 2,750 2,725
Societe Lyonnais
886
888
890
Societe Maraeillaise
264
271
254
Tubize Artificial Silk, pref
1,100 1,080
1,080
Union d'Electricitie
500
Union des Mines
is.ii
500"
189
185
Wagons-Llts
1931.
Francs.
16,200
1,045
2,140
1.087
656
15,400
2,655
2.870
268
590
2,490
510
864
975
5,240
2,290
2,740
801
1,239
188
270
120
880
490
910
1,490
840
720
2,110
1,550
122
1,810
87.70
137.20
104.70
104.20
104.60
2,120
2,790
1,075
348
2,710
885
264
1,080
510
184
1931.
Francs.
16,100
2:513
"iEli
15,300
2:8775
"iio
2,500
510
__-
is-iiii
2,240
2,740
--
'Hsi
260
120
880
480
900
Imports.
United States of Amerita__ £75,473
Other countries
26,194
Exports.
Various countries
E13,713
£13,713
£101,667
INDIAN CURRENCY RETURNS.
In Lacs Of RupeesJuly 7. June 30. June 22.
Notes in circulation
15275
15254
15369
Silver coin and bullion in India
12888
13003
13023
Silver coin and bullion out of India
Gold coin and bullion in India
1850
1714
1751
Gold coin and bunion out of India
Securities (Indian Government)
537
595
537
Securities (British Government)
The stocks in Shanghai on the 11th inst. consisted of about 82,500,000
ounces in sycee, 160,000,000 dollars and 1,560 silver bars as compared
with about 81,700,000 ounces in sycee, 162,000,000 dollars and 1,900
silver bars on the 4th inst.
Quotations during the week.
Bar Gold per
Bar Siker per Oz. Std.
Oz. Fine.
Cash.
2 Mos.
July 9
84s. 1034d.
13h d.
1334d.
July 10
84s. 1034d.
13 5-16d.
13 5-16d.
July 11
845. 1034d.
13 3-16d.
13 3-16d.
July 13
84s. 11 hd.
13d.
13d.
July 14
84s. 113/d.
13 1-16d.
13 1453.
July 15
.
13 - .
Average
84s. 10.98d
13.146d.
13.t5dd.
The silver quotations to-day for cash and two months' delivery are
respectively hd. and 3-153. below those fixed a week ago.
ENGLISH FINANCIAL MARKET-PER CABLE.
daily closing quotations for securities, &c., at London,
The
-iiii
710 as reported by cable, have been as follows the past week:
2.110
1,560
.5
1-r71-3
87.30
137.20
104.90
104.30
104.70
2,090
-540
Sat.,
Man.,
Tues.,
Wed.,
Thurs.,
Frt.,
July 25, July 27. July 28. July 29, July 30. July 31.
Silver per oz_d_ 13 1-16d. 13 3-16d. 12 15-16d. 12 15-16d. 13 1-16d. 13d.
Gold, p.Sine oz. 84s.1134d. 84s.11 Ad. 84s.1134d. 84s.1134cl. 843.114d. 84s.1144d.
5834
Consols,234% _ 5834
573
57;9
5834
5634
103
103
102%
British 5%--- ____
102%
102%
101
100
100%
British 4;4%.. ____
100
10034
French Rentes
87.70
87.90
an Paris).fr. ____
87.60
87.30
87.70
French War L'n
104.30
(in Parts) fr104.10
104.10
104.20
104.30
The price of silver in New York on the same days has been:
Silver in N.Y., per oz.(cts.):
Foreign
2734
2734
1,070
500
----
PRICES ON BERLIN STOCK EXCHANGE.
The Berlin Stock Exchange is closed.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
July 15 1931:
GOLD.
notes amounted to £164,The Bank of England gold reserve against
with £163,271,740 on the previous
619,306 on the 8th inst. (as compared
£16,993,684 since Dec. 31 1930.
Wednesday), and represents an increase of
amounted to £883,000,
Bar gold available in the open market yesterday
anel £100.000 from the Straits
of which £783,000 was from SouthatAfrica
fine ounce.
per
115id.
84s.
fixed
was
price
The
Settlements.
crisis in Germany
Wide movements in exchanges following the financial
secured for the Continent
occasioned some competition and £865,000 was
Belgium.
and
-mostly for France
market, withdrawals were made
In addition to purchases in the open
and to-day, for the same Confrom the Bank of England, both yesterday
at the Bank have resulted
movements
week's
the
tinental destinations, and
totalled £3,748,067, which included
in a net efflux of /634,358. Receipts
£657,000 in bar gold and
about
Argentina,
from
sovereigns
£1,193,176 in
source, £625,000 in sovereigns
£1,002,000 in sovereigns from an undisclosed
from South Africa. Withdrawals
"released" and £250.000 in sovereigns"set
aside," £2,245,425 in bar gold
consisted of £2,000.000 in sovereigns export.
and £137,000 in sovereigns taken for
imports and exports of gold
Kingdom
United
the
were
The following
on the 13th inst..
registered from mid-day on the 0th inst. to mid-day
Exports.
Imports.
Germany
£452,806
£33,145
Netherlands
13,667
1,168,678 France
Argentina
7,473
Switzerland
37,977
British West Africa
5,000
950,408 Netherlands
British South Africa-countries
3,060
Other
353,599
British India
Straits Settlements and
57,000
deposits
8,418
Other countries
£482,006
E2,609,225
the month of June last
United Kingdom imports and exports of gold for
are detailed below.
Imports.
Exports.
£8,917,414 £1,208,964
Germany
34,470
51,365
Netherlands
25,732
73,434
France
685,860
Switzerland
15,137
Spain
1.149
90,961
West Africa
15,000
Argentina
60.145
Brazil
South-West
Union of South Africa (including
4,149,482
Africa Territory)
80,976
Rhodesia
247,698
Straits Settlements
105.000
Australia
21,520
New Zealand
326,152
Italy
221,425
Austria
17,118
10,155
Other countries
£13,758.553 £2,600,604
month of June last amounted to
The Transvaal gold output for the 910,279 fine ounces for May 1931
897,750 fine ounces, as compared with
and 887,867 fine ounces for June 1930.
SILVER.
in prices during the past week but business
There have been fluctuations
of the unsettled political situation.
consequence
a
as
restricted
has been very
been towards a lower level and quotaOn the whole the tendency has
13d. for both cash and two months'
tions had declined by the 13th inst. to
covering, causing prices to
delivery. This figure attracted a little bear
show a slight improvement.
but these quarters have also
Sales have been made by India and China
has not been active. The demand
made covering purchases. America
of 1-16d. was established on
being mostly for near delivery a premium
cash to-day.
there is little indication as
Although, owing to the prevailing conditions,does not encourage a view
to tendency the continued absence of offtake
present.
at
of any appreciable improvement
imports and exports of silver
The following were the United Kingdom
on the 13th inst..
registered from mid-day on the 6th inst. to mid-day
[VoL. 133.
FINANCIAL CHRONICLE
2734
279£
28
2734
Contirc.ercialand pAiscellantons Ways
Foreign Trade of New York-Monthly Statement.
Merchandise .110,emrni at New York.
Customs Receipts
at
New York,
Exports,
Month.
Imports.
1930.
1920.
July
August_ _
September
October__
November
December_
99,990,234 166,191,360
99,085,2871168.711,634
100,496,8551176.248,040
124.376,643208,743.389
102.937,471 172,556.543
99,742.605157,091.612
98,069,398 68.829,72r
97.722,024 143,450,060
93,325,970 149,465.108
95,832.991 155,150,832
94.543.804 136.372,069
05.875.50! 133.176,017
15,617.549
16.700,854
20,672,440
22,811,155
19,861,973
15.596.668
29.419,142
30,684,237
31,741,943
35,436,544
26,103,378
21,949,691
January -February
March_ ___
April
May
1930.
1931.
87,278,807 152,812,382
83,741,723 136,999,034
101,718,71139,891,3
90,924,31 148.366,031
83.714,l33-135.023.042
1930.
1931.
04,604,323 158,679.252
91.336,302 143,659,298
85,927.653 143,299,606
80.714.213 32.003.459
74.505.792130.626,818
1931.
1930.
15.764,232 24,678,913
15,741,196 20.705,240
17,612.788 23,765,513
14,702.264 23,010,593
13,569,91526,659.611
1929.
1930.
1929.
1930.
Total_ __ 074.006959 1762,729457 1001,447979 1594,712042 188,651,034 294,154,805
Movement of gold and silver for the eleven months:
Silver-New York.
Gold Movement at New York.
Imports.
Month.
1929.
1930.
Exports.
Imports.
I
1930.
1930.
1929.
Exports.
1930.
773,952
30,940,736 30,001,977
706.269
14,178,797 35,314,2721
780.940
14,920,507 3,974,8421
3,730,667
30.
10,613.977
1,2001 30,191,332
2,950,395
72,269.793
3,562.520
1,605,079
1,203,352
907,631
1.247,269
887.427
935.430
2,862,830
2,881,158
2,303,494
2,635,208
2,944,421
2,772.983
1930.
8.874,560
158,467
265.000
90,500
50,000
1931.
1,034,436
7,038,826
485,858
1.136,582
1,750,074
1931'
2,930,317
839.418
1.687,617
2,196,882
1,478,360
July
August..
September
October__ _
November
December_
13,116.577
4,592,811
5,264,013
17,825.288
21,480.117
11.317.784
January _ _
February
March.--April
May
1930.
1931.
7,201,382
9,404,45
11,909.143 14,593,919
20,320,531 7,108,051
36.213,539 40.686,115
46,392,331 2,943,605
1931.
2,000
20,000
Total_ - _ 197_376 Mg 149.709.004 69.344.291117.921.4871 18.231.950173 C29 752
Breadstuffs figures brought from page 828.-All
the statements below regarding the movement of grainreceipts, exports, visible supply, &c., are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week end'ng last Saturday and since Aug. 1 for
each of the last three years:
Corn.
Receipts at-I Flour.
Ibbls 19(11bs
225,011
Chicago
Minneapolis.Duluth
14.011
Milwaukee- _ _
Toledo
Detroit
Indianapolis
124,
St. Louis_
49.001
TOOT%
9.011
Kansas City
Omaha
St. Joseph
Wichita
Blow( City....
Total wk.1931
Same wk.1930
Same wk.1929
I
Oats.
I Barley.
Rye.
It. 60 lbs bush. 56 lbs.Ibush. 32 lbs. bush.48133.bush.561bs.
6,036,000 1,964,000
324.000 327,000
10,000
102,000
60,000 132,000
1,865,000
52,000
96,000
23,0015
438,000
63,000
2,000
108,000
2,105,000
108,000
51,000
2,000
14,000
24,000
919,000
1,000
0,000
239,000
404,000
92,000
362,000
2,557,000
190,000
9,0
4,000
257,000
178,000
104,000
73,000
4,000
374,000
6,693,000
36,000
268,000
78,000
1,980.000
125,000
1,283,000
24,000
4,00
1,394,000
8,000
16.000
4,000
326.000
9,000
421,011 26,178,000
644,011 32,358,000
29,788,000
3,939,000
3,970,000
4,478,000
1,057,000
2,1,86.000
2,480,000
668,000
525,000
959,000
80,000
273,000
186.000
Mee Aug.1-4
20,842.00 500,87%000 203,310,000 106,258,000 48,327,000 20,900,000
1930
22,109,000 428,805,000 249,253,000 136,582,000 64,680,000 23,559,000
1929
540,800,000 275.774,000 144.981,000 94,087.000 26,074,000
24,430,
1928
FINANCIAL CHRONICLE
AUG. 1 1931.]
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, July 25 follow:
Receipts al-
Flour.
Corn.
Wheat.
ls.1901bs. bush.60 lbs. bush. 56165.
New York... 180,000
11,000
570,000
Philadelphia__
29,000
356,000
1,000
18,001
605,000
8,000
_ _
Baltimore47,000
286,C00
New Orlea-ns*
18,000
1,457,600
Galveston_Montreal_ - - 885,000
27,000
Boston
24,000
315,000 4,159,000
Total wk.1931
Since Jan.1'31 11,654,000 99.261,000
48,000
1,826,000
Oats.
Barley.
Rye.
h.32 Ms.bush.4f4lbs.ibush.561bs.
83,000
46,000
5.000
7,000
27,000
95.000 1,101,000
8,00
73,000
188,060 1,184,000
73,000
6.918,00017,289,000 1,753,000
395,000 7,720,000
112,000
Week 1930_
111,000
29,0001
1,000
Rine,,, Inn 1.5913.087.900 75.749 000 2.7844100 2.905_000 407.000 300.000
•Receipts do not include grain passing through New Orleans for foreign ports
on through bills of lading.
The exports from the several seaboard ports for the week
ending Saturday, July 25 1931, are shown in the annexed
statement:
Exports fromNew York
Boston
Philadelphia
Baltimore
Sorel
New Orleans
Galveston
Montreal
Quebec
Wheat.
Corn.
Bushels. Bushels.
601,000
66,600
272.000
172,000
35.000
030.000
885,000
17,000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels. Bushels.
47,111
3,000
11,000
4,000
27,000
1,000
3.000
739
By A. J. Wright & Co., Buffalo:
Shares. Stocks.
$ per Sh.
$ Per Sh.1 Shares. Stocks.
14o
2
6 The Wilson State Bank
10 Zenda Gold Mines, par SI
2o 500 Kirkland Premier Mines, par $1
2c
1,000 Peterson Cobalt Mines, par $1
By Baker, Simonds & Co., Detroit, on Friday, July 24:
Per Cent.
Shares. Stocks.
$ per Sk i Bonds.
Federal Life & Casualty Co-_-114 $3,000 Crowley Milner & Co. 5%
100 Feral
deb., 1937
90
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. Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Bangor & Aroostook, com.(guar.)
'3,5c Oct. 1 *Holders of rec. Aug. 31
Preferred (quar.)
"1% Oct. 1 *Holders of rec. Aug. 31
Cleveland & Pittsburgh, reg. guar.(qu.) *87)4c Sept, 1 *Holders of roe. Aug. 10
Special guarantee (quar)
*50c. Sept. 1 'Holders of roe. Aug. 10
New York Chicago es St. Louis, com.and pref.- -Divide d cm tted
Oswego & Syracuse
"52.25 Aug. 20 Heders of rec. Aug. 8
si
Illinois Central, corn. (quar.)
Sept. 1 'Holders of rec. Aug. 7
.3
Preferred
Sept. 1 *Holders of rec. Aug. 7
Public Utilities.
Alabama Power, $7 pref. (quar.)
$1.75 Oct. 1 Holders of rec. Sept. 15
66 preferred (guar.)
51.50 Oct. 1 Holders of rec. Sept. 15
$5 preferred (quar.)
$1.25 Nov. 2 Holders of roe. Oct. 15
Allentown-Bethlehem Gas, pref. (qu.)-- "87540 Aug. 10 *Holders of rec. July 31
Total week 1931.._ 2,961,000
17,000
93,111
98,000
73,000 1.101,000 Associated
Gas & Eleo., $6 pref. (quar.)_ $1.50 Sept. 1 Holders of roe. July 31
Same week 1930____ 6.884,000
23,000
43,000 207,470
17,000
50,000
$6.50 preferred (guar.)
$1.625 Sept. 1 Holders of rec. July 31
$5 preferred (quar.)
$1.25 Sept.15 Holders of rec. Aug. 14
The destination of these exports for the week and since Brooklyn
Edison Co. (quar.)
*2
Sept. 1 "Holders of rec. Aug. 11
July 1 1931 is as below:
California Water Service, pref.(quar.)_ _ '134 Aug. 15 *Holders of rec. July 31
Canada Northern Power, com.(guar.)
200. Oct. 26 Holders of rec. Sept.30
Preferred (quar.)
134 Oct. 15 Holders of rec. Sept. 30
Flour.
Wheal.
Corn.
Canadian Hydro-Elec. Corp., pref.(qu.) 134 Sept. 1 Holders of rec. Aug. la
Exports for Week
Cent. Mass. Light & Power. com
*50e. Aug. 31 *Holders of rec. July 16
and Since
Week
Since
Since
Week
Since
Week
Preferred (quar.)
•154 Aug. 15 *Holders of rec. July 31
July 1 toJuly 25 July 1
July 25
July 25
July 1
July1
Central Miss. Val. Elec. Prop., pt.(qu.) •1
Sept. 1 *Holders of rec. Aug. 15
1931.
1931.
1931.
1931.
1931,
1931,
Chester Water Service, pref.(guar.)-- *3 1.3754 Aug. 15 *Holders of rec. Aug. 5
Commonwealth
*100.
dt
So.
Sept. 1 *Holders of rec. Aug. 7
Corp.,
com.
(qu.).
Barrels. Barrels.
Bushels.
Bushels. Bushels.4 Bushels.
$6 preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 4
United Kingdom_ 52,251
265,581 1,117,000 5,182,000
17,000 Community
17,000
Water
$1.75
Sept.
1 Holders of rec. Aug. 20
Service,
1st
pt.
(qu.)Continent
33,860
128,046 1,818,000 6,829.000
Consol. Gas of N. Y., com.
Sept.15 *Holders of rec. Aug. 11
- *$1
Bo.& Cent. Amer. 2.000
82,453
20,600
East Kootenay Power Co., pref.
(guar.).-(quar.) "134 Sept.15 *Holders of rec. Aug. 30
West Indies
5,000
9,000 Federal Water Service,
22.000
97,014
be. Sept. 1 Holders of rec. Aug. 6
class A (quar.)
Brit. No. Am. Col.
962
mum.& Power Secur.. cons.(quer.).-- *1.34 Aug. 10 *Holders of rec. July 31
Other countries_._
249,000
26,000
21,715
Preferred (quar.)
*154 Aug. 14 *Holders of roe. July 31
Indianapolis Water, 5% pref. A (quar.)_ 134 Oct. 1 Holders of rec. Sept. 126
Total 1931
26,000 Interstate
17,000
93,111
596,671 2,961,000 12,302,060
Public Service, $6 pref.(qu.) *S1.50 Aug. 15 *Holders of roe. July 31
Total 1930
207.470
48.000 Keystone
43,000
853.610 6.884.000 20.354,000
Telephone, $4 pref. (quar.)
Sept. 1 *Holders of rec. Aug. 19
*$1
Lexington Water Co., pref.(quar.)
134 Sept. 1 Holders of rec. Aug. 20
National Banks.-The following information regarding Lucerne
Co. Gas & Elea.. $7 pl. (guar.) •$1.75 Aug. 15'Holders of rec. July 31
$6 preferred ((Mar.)
*51.50 Aug. 15 *Holders of rec. July 31
national banks is from the office of the Comptroller of the
Mutual Telep. (Hawaii)(monthly)
'8c Aug. 31 *Holders of rec. Aug. 18
Currency, Treasury Department:
National Public Service, corn. A (quar.)_ •40c Sept.15 *Holders of reo. Aug. 27
Common B (quar,)
•
"400 Sept. 1 *Holders of rec. Aug. 10
Capital.
VOLUNTARY LIQUIDATIONS.
Eau Claire National Bank, Eau Claire,
Preferred (guar.)
'8734 Sept. 1 *Holders of rec. Aug. 10
New Rochelle Water, prof.(Mar.)
Effective July 9 1931. Liquidating Agent, A. J.
Wis_Keith,
*134 Sept. 1 *Holders of rec. Aug. 20
New York Steam Corp., eons. (quar.)
Eau Claire, Wis. Absorbed by Eau Claire State
•65c Sept. 1 *Holders of res. Aug. 15
North American Co.. common (quar.)
Bank, Eau Claire, Wis,
1'234 Oct. 1 Holders of roe. Sept. 5
July -The First National Bank of Quapaw, Okla
Preferred (quar.)
754 Oct. 1 Holders of rec. Sept. 5
Northern Ontario Power, corn.(quar.)
Effective July 8 1931. Liquidating Agents, 0. A.
50c Oct. 26 Holders of rec. Sept. 30
6% preferred (quar.)
Douthat and P.M.Smith, Quapaw, Okla. Absorbed
154 Oct. 26 Holders of rec. Sept. 30
by Bank of Quapaw, Okla.
Nova Scotia Light & Power, pref.(quar.) '134 Sept. 1 *Holders of rec. Aug. 15
July -The City National Bank of Sweetwater. Texas
100,000 Pennsylvania State Water, pref. (qu.) '$1.75 Sept. 1 *Holders of rec. Aug. 20
Effective June
Pittsburgh Suburban Water, pt. (quar.) 51.375 Aug. 1 *Holders of rec. Aug. 5
1931. Liquidating Agent. E. C.
Power Corp. of Canada,6% pref.(qu.)
Brand, Sweetwater. Texas. Absorbed lpy the First
134 Oct. 16 Holders cg rec. Sept. 30
National Bank of Sweetwater, Texas, No. 5781.
• 6% Participating preferred (quar.)754. Oct. 15 Holders of rec. Sept. 30
Rochester Gas & Elec.. 7% pr. B (qu.)- •114 Sept. 1 *Holders of rec. July 31
July -The National Bank of Goldendale, Washington
6%
C.
E.
Effective July 14 1931. Liquidating Agent,
preferred series C (guar.)
*134 Sept. 1 'Holders of rec. July 31
Brooks, Goldendale, Washington. Absorbed by
6% Preferred series D (quad.)
"114 Sept. 1 *Holders of rec. July 31
Scranton-Spring Brook Water ServicePioneer State Bank, Goldendale. Washington.
$6 preferred (quar.)
$1.50 Aug. 1 Holders of rec. Aug. 5
$5 preferred (quar.)
$1.25 Aug. 1 Holders of rec. Aug. 5
Auction Sales.-Among other securities, the following, Southeastern
Mass. Pow.es Elec.(quar.) *133c. Aug. 15 *Holders of rec. July 16
not actualty deatt in at the Stock Exchange, were sold at auction Southern Calif. Gas Corp.,5634 Pt.(qu.) 51.625 Aug. 31 Holders of rec. July 31
Southern Canada Power,8% pref.(qu.)- 114 Oct. 15 Holders of rec. Sept. 19
m New York, Boston, Philadelphia and Buffalo on Wednes- Southwest
Gas Utilities, pref.-Aug. div Wend omitted
day of this week:
Stamford Water Co.(quar.)
*2
Aug. 15'Holders of rec. Aug. 8
Tacony-Palmyra Bridge, pref. (quar.)-Aug. 1 *Holders of rec. July 10
By Adrian H. Muller & Son, New York:
Union Light & Power (quad.)
"254 July 31 *Holders of rec. July 16
Shares. Stocks.
$ Per Sh. Shares. Stocks.
$ per Bit. Ware Electric Co.(quar.)
"2
July 31 *Holders of rec. July 16
30 Ritz-Carlton Restaurant &Hotel
50 Ipswich Mills, common
$6 lot Weymouth Light & Power (quar.)
.630 July 31 'Holders of rec. July 16
Co. of Atlantic City. pref.; 7 com.
200 Moon Motor Car Co.. new
Winchendon Elec. Lt.& Pr.(quar.)... *2
July 31 'Holders of see. July 16
and 50-100ths share scrip
common, no par
$4 lot
$11 lot
$2,500 notes of Robert E. Wuelfing
50 Amer Piano Co., com., no pan..$i lot
Banks.
dated Dec. 5 1928. (Due $500
200 Standard Plate CMOS CO., com•1.5 Aug. 1 *Holders of rec. July 25
Amalgamated (Oman.)
June 5 1929, $1,000 Dee,5 1929,
mon no par
$4 lot
and $1,000 June 5 1930)
$3 lot 3 Cobert Realty Corp
$5 lot
Fire
Insurance.
25 Union Cigar Co.. par $10
$3 lot
Bronx Fire (guar.)
*El Aug. 15 *Holders of res. July 31
Globe & Rutgers Fire (quar.)
Aug. 1 *Holders of rec. July 28
"6
By R. L. Day & Co., Boston:
Northern Insurance
*2
July 30 *Holders of rec. July 30
Shares. Stocks.
8 per Sh. Shares. Stocks.
t per share. Pacific Fire
$1.50 Aug. 10 Holders of dec. Aug. 8
((Mar.)
10 matured shares Hillside Co-oper10 Redman & Eaton Co., ManU.S. Fire (guar.)
Aug. 1 'Holders of rec. July 23
"60o
ative Bank, Medford, serial 19_200
chester, N. H
1
10 matured shares Hillside Co-oper100 Nat. Service Co., pref
23-30
Miscellaneous.
ative Bank, Medford, series 23_200
units
First Peoples Trust
2
15
•2
Alaska Packers Assn. (quar.)
Aug. 10 *Holders of rec. July 31
1 unit First Peoples Trust
14 Fiberlold Corp., common
15
5
Altorfer Bros., com.-Dividend omitted
5 special units First Peoples Trust.- 3 27 Nat. Service Cos., prof
23
American Hard Rubber, com.-Dividen d omit ted.
Holders of rec. Aug. 14a
American Home Products(monthly).
354. Sept.
By Wise, Hobbs & Arnold, Boston:
Holders of rec. Sept. 14a
354. Oct.
Monthly
31 per 58. igr
Shares. Stocks.
mr
iifa
sa
.Skloc
kea s.
$ per Sh. American Investors, Inc., pref. ((M,ar.)- *750. Aug. 15 *Holders of rec. July 31
g Steam Cotton Co.-- 70
11 Farr Alpaca Co
Amer. Laundry MaehlnerY (quar.)*.-- *50o. Sept. 1 *Holders of reo. Aug. 20
30
100 Mayhew Steel Products, Ina,
10 Exolon Co., common
•1M
Sept. 1 *Holders of rec. Aug. 22
American Metal, prel. (quar.)
100 Boston Herald-Traveler Corp 1234
preferred; 75 common
$2 lot American Radiator & Standard
$180 Mts, of int. under New England
7 Great Northern Paper Co., par
150 Sept.30 Holders of rec. Sept.11
Sanitary Corp., common (quar.)
Inv. ds Security Co. pref. share30
$25
1% Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
holders' protective agreement.$114 lot American
5 Rockland & Rockport Llme Corp.
Tobacco, corn. & com. B (au.) 51.25 Sept. 1 Holders of rec. Aug. 10
pref., 1 common
$3 lot
•1% Aug. 1 *Holders of rec. July 28
Barcalo Mfg., pref. (quar.)
Barnsdall Corp.-Dividend omitted.
By Barnes & Lofland, Philadelphia:
Beech-Nut Packing, com. (quar.)
.75c Oct. 1 *Holders of rec. Sept. 12
Shares. Stocks.
t Per Sh. Shares. Stocks.
$ per Sh. Bethlehem Steel, corn. (quar.)
"500 Nov. 14'Holders of rec. Oct. 16
$7 lot 11 Atlantic City Elee. Co., pref _107 h
50 Wharton Title & Trust Co
•1% Oct. 1 *Holders of rec. Sept. 4
7%
preferred
(guar.)
105 Land Title Bldg. Corp., par $50 50
133 Real Estate Mtge. Guarantee
Bond & Mortgage Guarantee (guar.) -- $1.25 Aug. 15 Holders of roe. Aug. 5
$29 lot 8 Casino Pier Co.. Wildwood, N. J.205
Co., par $10
Boston Chamber of Commerce Realty Tr
10 Fire Assn. of Phila.. Par $10_ --- 18
4 First Nat. Bank, Chester,Pa.__ _200
*1% Aug. 1 *Holders of rec. July 25
Prior preferred (guar.)
10 Little Schuylkill Nay., RR. dc
5 Mitten Men & Management Bank
.750 Aug. 1 *Holders of rec. July 25
First preferred (quar.)
40
Coal,
$50
par $50
s. es Trust Co.. par
45% Bourjois, Inc., pref. (quar.)
*68340 Aug. 15 *Holders of recs. Aug. 1
6 Tradesmen Nat. Bk. es Tr. Co250 20 Minehill & Schuylkill Haven RR.,
Bovril, Ltd.Par $50
25 First Camden Nat. Bk. & Tr.
59%
Am. dep. rc5s. for ord. reg. shares-- •10354 Sept. *Holders of rec. July 22
80 4 Phila. Elec. Co., corn., no Par- 4234
Co., par $25
*la Sept. 5 *Holders of rec. July 22
.reg.shares
Am.dep.rad.for def.
380 Goldner Bros. Motor Co., pref- 214
50 Continental-Equitable Title &
12.870 Aug. 1 *Holders of rec. July 15
Buckeye Trust Shares, series A
1914 8 Hestonville Mantua & FairTrust CO.. par 55
'134 Nov. 2 *Holdess of rec. Oct. 15
pref.
(quar.)
Byers
Co.,
(A.
M.)
mount Pass. RY., common
75 Real Estate-Land Title & Trust
15
43e. Oct. 10 Holders of Tee. Sept.25
Canadian Car & Fdy., pref.(quar.)
Bonds2634
Co., Par 310
Per Cent. Capital &cur., pref.(quar.)
'5234e
Aug. 2 *Holders of rec. July 28
525
$4,000 Casino Pier Co., Wildwood,
5 Provident Trust Co
*50e.
Sept. 1 *Holders of rec. Aug. 15
Carman
A
&
(guar.)
Co.,
class
N. J., 1st m. 6s, Oct. 1 1933
10 North Phila. Trust Co., Par 550-200
"13234c Aug. 15 *Holders of rec. Aug. 1
Chain Belt Co. common (guar.)
West
Trust
County
Co..
Chester
(registered)
14
100
Chic. Mina.& Franklin Coal, pref.(W.) i534 Aug. 1 *Holders of rec. July 21
100 $500 Witdwood Crest (Borough).
Chester. Pa
•2
Aug. 25 *Holders of rec. Aug. 10
Colorado Fuel & Iron, pref.(guar.)
35
N.J.. 6.1.6s, Nov.1 1937
25 Royersford (Pe.) Trust Co
1003(
July 20-The
73,000 1,101,000
$150,000
20
21
95,000
25,000
5
21
50,000
[VoL. 133,
FINANCIAL CHRONICLE
740
Name Of Company.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Childs Company, common-Dividend o mitted
.134 Sept.10 *Holders of rec. Aug. 25
Preferred (quar.)
500 Sept. 1 Holders of reo. Aug. 15
Columbus Auto Parts, pref.(guar.)
3250 Aug. 10 "Holders of rec. Aug. 1
Commercial Discount (Los Ang.) (qu.). '
*1214c Aug. 15 *Holders of rec. Aug. 1
Community State Corp., class A
•250. Aug. 15 *Holders of rec. Aug. 1
Class 13
Connecticut Investment Trust-Dlviden d omit ted.
Consolidated Hotels, pref. A (guar.)_... .3714c Aug. 20 *Holders of rec. Aug. 1
Crown Drug Stores, common-Dividend omItte d.
.33t,o Sept. 2 *Holders of roe. Aug. 20
Curtis Publishing (monthly)
Deere & Co., common-Dividend Wawa Unued
35e. Sept. 1 Holders of rec. Aug. 15
Preferred (quar.)
Aug. 15 *Holders of rem Aug. 5
*31
Delaware Division Canal
"115 Aug. 1 *Holders of roe. July 21
Del Monte Property. corn. (guar.)
Aug. 1
*2
Preferred (guar.)
Oct. 1 *Holders of roe. Sept. 20
Denver Union Stock Yards, corn.(qu.). *1
*114 Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
*35c. Sept. 1 *Holders of rec. Aug. 15
Dexter Company, common (guar.)
25e. Aug. 15 Holders of rec. Jule 31
Distillers Corp.Sesgrams(quar.)
Distributors Group Trust Shares(gm)._ *25e. Oct. 1 *Holders of rec. Sept. 21
*200. Aug. 1 *Holders of rec. July 31
Diversified Investment Trust (quar.)
'Sc. Aug. 1 *Holders of rec. July 24
Dominguez Oil Fields (monthly)
"2
Aug. 15 *Holders of rec. Aug. 5
Duncan Mills (guar.)
134 Aug. 1 Holders of rec. July 25
Esmond Mills, prof.(guar-)
*31.75 Aug. 1
Firth Sterling Steel, pref. (guar.)
Fischman (I.) St Sons, pref.-Dividend deferred.
30c. Oct. 1 Holders of rem Sept. 15
Garlock Packing,corn.(guar.)
•25c. Aug. 15 *Holders of rec. Aug. 5
General Candy. class A
General Outdoor Advertising, Pt.(qm). •114 Aug. 15 *Holders of rem Aug. 5
"75e. Aug. 25 *Holders of rem Aug. 10
General Refractories (guar.)
Gorham. Inc., pref.-Dividend action de (erred
Grand Union Co., cony. pref.(guar.)... *75c. Sept. 1 *Holders of roe. Aug. 10
•$1.50 Sept. 1 *Holders of roe. Aug. 7
Great Atlantic & Pac. Tea, corn.(qu.)
*25c. Sept. 1 *Holders of rem Aug. •7
Common (extra)
4•13.4 Sept. 1 *Holders of rem Aug. 14
Preferred (guar.)
214 Oct. 1 Holders of rem Sept. 19
Great Britain & Canada Invest. pref.-*250. Sept. 1 *Holders of rec. Aug. 14
Hale Bros. Stores (guar.)
*15c. Sept. 1 *Holders of rem Aug. 10
Hamilton Watch,corn.(guar.)
*114 Sept. 1 *Holders of rec. Aug. 10
Preferred (guar.)
Hawaiian ComnY1 dc Sugar (monthly).- •25e. Aug. 5 *Holders of roe. July 25
75c. Sept. 1 Holders of rec. Aug. 20
Helena Rubinstein, Inc., pref.(guar.)._
•114 Aug. 1 *July 22 to Aug. 1
Higbee Co., first pref. (guar.)
*2
Sept. 1 'Aug. 21 to Sept. 1
Second preferred (qusr.)
"6215c .Oct 1 *Holders of rec. Sept. 18
Houdaille Hershey, crm. A (guar.)
*250. Aug. 10 *Holders of rec. July 31
Honolulu Plantation (monthly)
3214c. Aug. 1 Holders of roe. July 21
Independent Packing, corn.(guar.)
Industrial Finance, pref.-Dividend actl on dote rred.
"6215c Sept. 1 *Holders of rem Aug. 14
Inland Steel (guar.)
*50e. Aug. 1 *Holders of rec. July 23
Insurance Bldg. Corp., prof.(guar.)_ _
60c. Sept. 1 Holders of rec. Aug. 18
Internat. Safety Razor,class A (quar.)
25e. Sept. 1 Holders of rec. Aug. 18
Class B
36e. Aug. 15 Holders of rec. July 15
Investors Trustee Shares, series A
*750. Oct. 15 *Holders of rem Sept. 24
Johns-Manville Corp., corm (quar.)
•134 Oct. 1 *Holders of rec. Sept. 10
Preferred (guar.)
Jones (J. Edward) Royalty TrustSeries A participating tr 1st certificates *32.09 July 25 *Holders of rem June 30
Series 13 participating trust certificates *33.46 July 25 'Holders of rec. June 30
Series C participating trust certificates *35.67 July 25 *Holders of rec. June 30
Jones & Laughlin Steel, corn -Dividend online d.
•135 Oct. 1 *Holders of rec. Sept. 11
Preferred (guar.)
Kansas City Stock Yards, corn. (quar.)_ *114 Aug. 1 *Holders of rem July 15
*134 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
$2
July 31 Holders of rec. July 24
Kellogg Co. of Del., corn. (guar.)
*33 Sept. 1 *Holders of rec. Aug. 15
Lackawanna Securities Corp
134 Sept. 1 Holders of roe. Aug. 15
Lake of the Woods Milling, pf.(quar.)
Lansing Co.(quar.)
•40e. Aug. 1 *Holders of rec. Aug. 1
*15e. Aug. 15 *Holders of rec. Aug. 8
Lindsay Light, corn. (guar.)
.5e. Aug. 15 *Holders of roe. Aug. 8
Common (extra)
*20c. Sept. 2 *Holders of rem Aug. 12
Loblaw Grocerterias, Cl. A & B (qu.)
.9.6c Aug. 15 *Holders of rec. July 31
Low-Priced Shares
75e. Aug. 1 *Holders of rec. July 29
Mahlon Blanche (guar.)
4•821
,
c Sept. 1 *Holders of rec. Aug. 15
Marshall Field St Co., corn. (quar.)..
•15c. Sept. 15 *Holders of rec. Aug. 15
McColl Frontenae 011(guar.)
50c. Sept. 1 Holders of rec. Aug. 20
McCroy Stores Corp., corn. (quar.)_.._
50c. Sept. 1 Holders of rec. Aug. 20
Class B (guar.)
McWilliams Dredging (guar.)
"3714c Sept. 1 "Holders of rem Aug. 15
134 Aug. 1 Holders of rec. July 24
Meletio "lea Food, pref.(guar.)
Merritt-Chapman & Scott Corp. pt.(qu.) •144 Sept. 1 *Holders of roe. Aug. 15
Minneapolls Honeywell Regulator
31.50 Aug. 15 Holders of rec. Aug. 4
*75c. Sept.15 *Holders of roe. Aug. 31
Montm.1 Loan & Mtge. (guar)
Morse Tw at or! I & Machine-Dividend omitted
Muskegon Motor Specialties, com.A(qu) *50c. Sept. 1 *Holders of rec. Aug. 20
*134 Sept. 1 *Holders of rem Aug. 10
National Baking, pref. (guar.)
National Industrial Bankers, pref.(qu.) .75c. Aug. 31 *Holders of rec. Aug. 20
'
1•134 Sept. 30 *Holders of rec. Sept. 11
National Lead, corn.(guar.)
Preferred A (guar.)
'134 Sept. 15 *Holders of roe. Aug. 28
*114 Nov. 2 *Holders of rec. Oct. 16
Preferred B (quar.)
Aug. I *Holders of roe. July 25
National Lock Washer (guar.)
*El
National Republic Bancorporation-Divl dend omitted
Nettleton (A. E.) Co., pref.(guar.)._ .1•134 Aug. 1
50c Aug. 15 Holders of roe. July 3I0
Nineteen Hundred Corp., class A (au.)_..
*10c Aug. 15 *Holders of roe. Aug. 6
Oahu Sugar, Ltd.(monthly)
•20c Aug. 20 *Holders of roe. Aug. 10
Onomea Sugar (monthly)
20e Aug. 15 Holders of rec. July 31
Ontario Steel Products, corn. (quar.)..
Preferred (quar.)
134 Aug. 5 Holders of rec. July 31
4750 Aug. 15 *Holders of rec. Aug. 7
Park mtge. & Ground Rent (quar.)
Fender (D.) Grocary, class A (guar.)._ _ *8715c Sept. 1 *Holders of rec. Aug. 20
Pennsylvania-Bradford Co., pf. (att.)... "82150 Aug. 1 *Holders of rec. July 25
Railway Equip.& Realty Land, pt.(qu.) *37140 Sept. 1 *Holders of rem Aug. 1
*35 5522c. July 31
Represei.tatIve Trust Shares
3714c Sept. 1 Holders of roe. Aug. 154
Reynolds Metals (quay.)
•900. Aug. 1 *Holders of rec. July 20
Rogers Paper mfg., class A (guar.)
•134 Aug. 15 *Holders of rec. July 31
Russ Bldg. Co.6% pref.(quar.)
Aug. 1 'Holders of rec. July 22
*El
Sagamore Mfg. (guar.)
*20e. Aug. 15 *Holders of roe. Aug. 7
San Carlos Milling (monthly)
*250. Sept. 1 *Holders of rec. Aug. 15
Savage Arms, corn. (guar.)
*114 Nov. 18 *Holders of rec. Nov. 2
Second preferred (guar.)
Aug. 15 Holders of rec. July 31
SherwIn-Williams Co., corn. (guar.)- -- 31
1234c Aug. 15 Holders of rec. July 31
Common (extra)
114 Sept. 1 Holders of rem Aug. 14
Preferred (guar.)
•314 Aug. 15 *Holders of rem Aug. 15
Silver Rod Stores, pref
50c. Aug. 15 Holders of rec. Aug. 1
Smith (A.0.) Corp.. corn.(guar.)
134 Aug. 15 Holders of rec Aug. 1
Preferred (guar.)
50c. Sept. 1 Holders of rec. Aug. 15
Southern Pipe Line (quar.)
75e. Oct. 1 Sept. 18 to Sept. 30
Standard Steel Construction, p5. A (r111.
'
334o. July 15 *Holders of rec. July 12
State Guaranty Corp., corn
*Jic. July 15 *Holders of rec. July 12
Common (extra)
Straus(S. W.) Invest. Corp. p5.-Aug.d 'elder) d passe d.
•30e. Sept. 1 *Holders of rec. Aug. 10
Studebaker Corp.. corn.(
(Mar.)
•112 Sept. 1 *Holders of me Aug. 10
Preferred (guar.)
Superior Portland Cern. el. A (mthly.)- *2714e Sept. 1 *Holders of roe. Aug. 23
8714c Oct. 1 Holders of roe. Sept. 11
Thompson-Starrett Co., pref.(qu.)
*30c Aug. 1 *Holders of rec. July 31
Trusteed Amer. Bank Shares
Union Sugar, pref.-Dividend omitted.
•134 Oct. '1 *Holders of rec. Sept. 15
United Dyewood, pref. (guar.)
United Eng.& Fdy., common (quar.)--- •400 Aug. 14 *Holders of rec. Aug. 4
*35e Aug. 14 *Holders of rec. Aug. 4
Common (extra)
*134 Aug. 14 *Holders of rec. Aug. 4
Preferred (guar.)
*30c Aug. 15 *Holders of roe. Aug. 1
United Securities Trust Assoc. (quar.)
Sept. 1 *Holders of rec. Aug. 15
*4
U. S. Envelope, corn
*314 Sept. 1 *Holders of rec. Aug. 15
Preferred
Sept. 29 Holders of rec. Aug. 310
1
U. S. Steel Ccrp., corn.(guar.)
Preferred (guar.)
134 Aug. 29 Holders of rec. Aug. 3
yMe. Aug. 17 Holders of rec. Aug. 5
Vick Financial Corp., corn. (qu.)
Sept. 1 *Holders of rem Aug. 15
Wesson 011 & Snowdrift, pref.(quar.)--- Ill
Western Paper Goods,cl. A & B(q.)
*25e. July 31 *Holdeis of rem July 29
Westfield Mfg.(guar.)
•50e. Aug. 15 Holders of rem Aug. 7
*134 Aug. 1
Whiting Corp., pref. (guar.)
Well (Raphael) dr Co., pref
*4
Sept. 1 *Holders of rec. Aug. 1
Yale & Towne Mfg.(quar.)
50e. Oct. 1 Holders of rec. Sept. 10
Below we give the dividends announced in previous week
and not yet paid. This list does not include dividends an
nounced this week, these being given in the preceding table
Name of Company.
Per
When
Cent, Payable.
Books Closed.
Days Inclusive.
Railroads (Steam).
Alabama Great South., ordinary Pref.- 22
Aug. 15 Holders of rem July 10
Preferred (extra)
$1.50 Aug. 15 Holders of rec. July 10
Atch. Topeka & Santa Fe, corn. (fluar-.)- 214 Sept.
Holders of rem July 31a
Preferred
234 Aug.
Holders of MO. JUDO 284
Atlanta & Charlotte Afr Line Ry
•414 Sept.
*Holders of roe. Aug. 20
Baltimore & Ohio, corn.(guar.)
Holders of rem July 186
134 Sept.
Preferred (quar.)
1
Sept.
Holders of roe. July 180
Boston & Providence (guar.)
*214 Oct.
"Holders of roe Sept. 19
Canada Southern
114 Aug.
Holders of roe. June 284
Central RR. of N. J. (guar.)
2
Aug. 1 Holders of rect. Aug. 56
Cincinnati Inter Terminal 1st Prof
*2
Aug.
*Holders of rec. July 20
,,inemnafi U mon'renewal. pref.(qu.)
•114 ()et.
•,iifiers ei rem Sept.19
Preferred (quar)
*14' fan.1'3 *Holders of rec. Dec. 19
Connecticut & Passumpsic Rivers
3
Aug.
Holders of rec. July I
Cuba RR.. preferred
3
Aug.
Holders of rec. July 200
Delaware & Hudson Co.(guar.)
214 Sept.2 Holders of rec. Aug. 280
Erie & Kalamazoo
*32.50 Aug.
*Holders of rec. July 25
Georgia RR.& Banking (guar.)
234 Oct. 1
Holders of rec. Oct. 1
Quarterly
234 JanI5•3 Holders of rem Jan. 1
Great Northern. preferred
114 Aug.
Holders of rec. June 306
Hudson St Manhattan. pref
214 Aug. 1 Holders of rec. Aug. la
Intermit. Rys. of Cent. America. Pf
134 Aug. 15 Holders of rem July 316
K.C. St. L. dr Chic..8% pref. (guar.).'
14 Aug. 1 *Holders of rec. July 17
Kansas City Southern. corn. (quar.).-_.
50e Aug. I Holders of roe. June 30a
Louisiana & Missouri River, pref
*314 Aug. 1 *Holders of rem July 17
*4
Loulsv. Henderson & St. Louis, corn
Aug. 15 *Holders ot rec. Aug. 1
Preferred
*214 Aug. 15 *Holders of rec. Aug. 1
Louisville & Nashville, common
214 Aug. 10 Holders of roe. July 15(1
Mahoning Coal RR.. corn (quay.)
512.50 Aug. 1 Holders of rem July 15a
Maine Central, prof.(guar.)
111 Sept. 1 Holders of rec. Aug. 15
Mas.sawippi Valley
3 Aug. 1 Holders of reo. July 1
Mine 11111 & Schuylkill Haven
$1.50 Aug. I July 18 to July 31
Missouri-Kansas-Texas, pref. A (00.)... 134 Sept. 30 Holders of rem Sept. 50
Nashville Chattanooga & St. Louis
1 M Aug. 3 Holders of roe. July 256
New Orleans Texas & Mexico (guar.)
134 Aug. 31 Holders of roe. Aug. 14a
N Y. Central RR.(guar.)
114 Aug. 1 Holders of roe. June 286
Norfolk & Western. corn.(guar.)
214 Sept.19 Holders of roe. Aug. 316
Adjustment pref.(quar.)
1
Aug. 19 Holders of reo. Jule 310
RR 1v, guar. stock._
North
*34 mug I *Heiders of roe July do
Northern Pada°(guar.)
134 Aug. I Holders of roe. July ea
Pennsylvania RR.(quar.)
75e. Aug. 31 Holders of rec. Aug. 16
Pennroad Corp
20e. Sept. 15 Holders of roe. Aug. 14a
Pere Marquette, pt. and prior pf.
154 Aug. I Holders of roe. July (36
Pittsburgh & Lake Erie
$2.50 Aug. 1 Holders of rec. June 26a
Reading Company. common (quar.)
$1
Aug. 13 Holders of roe. July 16a
First preferred (guar-)
500. Sept. 10 Holders of rec. Aug. 206
Second preferred (guar.)
50e.(bet. 8 Holders of rec. Sept.176
St. Louis-San Prioritise°.6% pref. (qu.). 134 AU:. 1 Holden of rem July la
6% preferred (qar.)
114 Nov. 1 H mders of rem Oct. la
t3hamokla Valley & Pottsville
"11.50 Aug. 1 *Holders of rem July 15
Southern By., corn
435e. Aug. I Holders of rem July la
Common
*1.65 %air
tio•oftro of rec. July la
*5
Troy & Bennington
Aug. I *Holders of rec. July 25
United N. J. RR.& Canal (guar.)
*234 Oct. 10 •Holdors of rec. Sent. 19
•114 Aug. 10 *Holders of rec. July 31
Utica Clinton dr Binghamton
*3
Virginian By.. preferred
Aug. I Holders of rec. July 18
Public Utilities.
Alabama Power $5 pref. (guar.)
$1.25 Aug.
Holders of rec. July 15
Amer. Cities Power dr Light, Cl. A (qu.) er750. Aug.
Holders ot rec. July 3
p6
chum B (In class 11 stook)
Aug.
Holders of roe. July 36
American Commonwealths PowerPleat pref. eerie' A (guar-)
$1.75 Aug.
Holders of roe. July 15
36.50 first preferred (guar.)
51.82 Aug.
Holders of roe. July 15
36 first preferred (guar.)
Holders of rec. July 15
$1.51) Aug.
Second preferred series A (guar.)
Holders of rem July 15
$1.75 Aug
Amer. Oas & 10cc.. Prof. (guar.)
Holders of rec. July 8
$1.50 Aug
Amer. Gas & Power, $6 pref. (quar.)..... *31.50 Aug. 15 *Holders of rec .Aug. 1
Amer.!debt & Tract., corn.(guar.)
82 Mc. Aug. I Holders of roe. July 176
Preferred (quar.)
37140. Aug. 1 Holders of rec. July 176
Amer. Water Wks.& Elec.. tom.(gm)._
75e. Aug. 1 Holders of rec. July 10a
Common (,I uar.)
75e. Aug. 1 Holders of roe. July 10
$11 let preferred (Suer.)
$1.50 Oct. 1 Holders of rec. Sept. lba
Arkansas-Missouri Power. pref. (guar.). •134 Aug. I *Holders of rec. July 15
Associated Gas & Elem.class A (guar.).aa Aug. 1 Holders of rem June 30
as Aug. 1 *Holders of rem June 30
$4 pref (guar.)
Associated Telep., Ltd., pref. (qua?.)_ *3734e Aug. 1 *Holders of rec. July 15
Associated Telep. Utilities, corn.(qu.).- 12
Oct. 15 Holders of rem Sept.30
36 cony. pref., series A (guar.)
51.50 Oct. 1 Holders of rec. Sept. 15
118 cum. prior pref. (quar.)
$1.50 Sept. 15 Holders of roe. Aug. 31
27 bum. prior pref.(quar.)
31.75 Sept.15 Holders of rem Aug. 31
Atlantic City Electric. $8 pref.(guar.)- *31.50 Aug. 1 *Holders of rec. July 11
tugger Hydro-Elec..corn.(guar.)
*50o. Aug. 1 *Holders of rec. July 10
Birmingham Gas, let pref.(guar.)
*114 Aug. 1 *Holders of rec. July 15
Brazilian Tr., L. & P.. ord. (quar.).-...
25e. Sept. 1 Holders of rec. July 31
Bridgeport Gas Light (guar
'600. Sept. 30 *Holders of rec. Sept. 16
Broad River Power, 7% pref.(guar.).- •134 Aug. I *Holders of rem June 30
Bklyn-Manhat. Tr.. Prof. A (quar.)....._ 31.50 Oct. 15 Holders of roe. Oct. la
Preferred series A (guar.)
31.50 Janl5'32 Holders of rec. Dee. 31a
Preferred series A (guar.)
$1.50 4/15/32 Holders of roe. Arwil2a
Butt. Niagara & Eastern PowerFirst preferred (guar.)
*31.25 Amt. 1 *Holders of roe. July 15
Calgary Power Co., pref. (guar.)
114 Aug. 1 Holders of roe. July 15
Cedar Rapids Mfg.& Power (guar.).- •75e. Aug. 15 *Holders of roe. July 31
Central Arizona L.& Pr.,$6 pref.(qu.) *31.50 Aug. 1 *Holders of rec. July 18
$7 preferred (guar.)
•$1.75 Aug. 1 *Holders of rec. July 18
Central Hudson Gas & Elea. corn.(qu.). .20o. Aug. 1 *Holders of rec. June 30
Central Power & Light,7% pref.(gti.).- *154 Aug, 1 *Holders of rec. July 15
(quay.)
Preferred
•111 Aug. 1 *Holders of rec. July 15
6%
Cent. dc S. W. Util. $7 Pref.(guar.).- $1.75 Aug. 15 Holders of rec. July 31
$7 prior lien preferred (guar.)
31.75 Aug. 15 Holders of rem July 31
$6 prior lien pref. (guar.)
$1.50 Aug. 15 Holders of rem July 81
Central State Electric Corp.7% pref. Issue of 1912 (guar.)
134 Oct. 1 Holders of rec. Sept. 5
8% preferred (qu
114 Oct. 1 Holders of rec. Sept. 5
Cony. pref. opt,stiles 1928(guar.)... (0 Oct. 1 Holders of roe. Sept. 5
Cony. pref. opt. set er 1929 (guar.)... (0 Oct. 1 Holders of rec. Sept. 5
Cent. Vermont Pub. Sere., $6 pref.(qu.) $1.50 Aug. 15 Holders of reo. July 31
Central west Pub. Sere., el. A (qu.)... 0234 Aug. 1 Holders of rem July 15,
Preferred A (guar.)
*a Aug. 1 *Holders of rec. July 15
Preferred B (guar.)
'
134 Aug. 1 *Holders of rec. July 15
Chlo. Rap. Transit, pr. pref. A (mthly.)
4•65e. Aug. 1 *Holders of rem July 21
Prior fret B (monthly)
*60c. Aug. 1 *Holders of rem July 21
Cities Service, bankers' shares
*17.21e Aug. 1 *Holders of rem July 15
Cities Service Pow & 14.87 pf.(quar.) 581-30 Aug. 15 Holders of roe. Aug. la
38 preferred (guar.)
500. Aug. 15 Holders of rec. Aug. la
25 preferred (quar.)
41 2-3e Aug. 15 Holders of rect. Aug. la
$7 preferred (guar.)
58 I-3c Sept. 15 Holders of rec. Sept. 1
$8 preferred (quar.)
500. Sept. 15 Holders of rec. Sept. 1
55 preferred (guar.)
41 4-3e Sept. 15 Holders of
City Water Co. of Chattanooga. PL(W.) •114 Aug. 1 *Holders of rec. Sept. 1
Cleveland Elec. Ilium., pref. (gust.).... 114 Sept. I Holders of rec. July 20
roe. Aug. 15
Columbia Gas & Elem. Com.(quar.)
50e. Aug. 15 Holders of roe. July 200
8% preferred (guar.)
114 Aug. 15 Holders of roe. July 254
Preferred
5%
114 Aug. 15 Holders of rev. July 200
(quar.)
Columbus Ry., P.& L., pref. B (qu.)
*1.83 Aug. 1 *Holders of rec. July 15
Commonwealth-Edison Co.(quar.)
*2
Aug. I *Holders of roe. July 15
Community Power & Light, corn
8215c Aug. I Holders of rec. July 21a
First preferred (guar.)
$1.50 Aug. 1 Holders of rec. July 216
Community Water Sen.(In corn.stk.)
13 Aug. 1 Holders of ree. July 10
Concord Gas, pref. (quar.)
*134 Aug. 15 *Uolders of rec. July 30
Connecticut By.& Lt.. corn. dv pf.(qua_
114 Aug. 15 Aug. 1 to Aug. 18
Cone& Gas. Elec., Lt. Ss Pow.(Balt.)Common 'guar.)
•900. Oct. 1 *Helders of roe. Sept. 15
5% preferred series A (quar.)
.3114 Oct. 1 *Holders of roe. Sept. 15
8% preferred series D (guar.)
•134 Oct. 1 *Holders of roe. Sept.
15
534% preferred series E (guar.)
*134 Oct. 1 *Holden of tee. Sept. 15
.
AUG. 1 1931.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
'741
Per
When
Cent. Payable
Books Closed.
Days Inclustoe.
Public Utilities (Concluded).
Public Utilities (Continued).
Philadelphia Elec. Co.,corn.(quer.)- - -- 545c. Aug. 1 'Holders of rec. July /I)
Connecticut Light & Power, corn.(guar.) "I% Sept. 1 'Holders of rec. Aug. 15
•1% Sept. 1 'Holders of rec. Aug. 15
$1.25 Aug. I Holders of rec. July 1.00
$5 preferred (guar.)
65 % preferred (guar.)
*1% Sept. I *Holders of rec. Aug. 15
Phila. Suburban Water Co.. prof.(guar.) 1 % Sept. 1 Holders of rec. Aug. 124
% preferred (guar.)
Holders of rec. July 18
.)
%
pref. (guar.). 1% Aug. 1 Holde
Gas Coke,
w
Consolidated Gas of N. Y.. pref.(quar.)_ $1.25 Aug. 1 Holders of rec. June 304 Portland
1% Aug. 1 Holders of roe. July 18
1% Oct. 1 Holders of rec. Sept. 15
preferred
Consumers Power, 7% pref. (quar.)
•151 Aug. 1 *Holders of rec. July 21).
$1.65 Oct. 1 Holders of rec. Sept. 15
Potomac Edison,7% pref.(guar.)
6.6% preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 15
*1% Aug. 1 'Holders of rec. July 20'
6% preferred (guar.)
6% preferred ((guar.)
$1.25 Oct. 1 Holders of rec. Sept. 15
Power Corp of Canada, corn. (quar.)
50e. Aug. 20 Holders of rec. July 31
$5 preferred (guar.'
1
Holders
50c.
*75e. Aug. 1 *Holders of rec. July 20
of
rec.
(monthly)
Princeton
Aug.
July
Water
15
preferred
(guar.)
6%
Pu ,IL' Serv. Co.of Colo.,7% pf.(mthly.) 68 1-3c Aug. 1 Holders of rec. July 15a.
50e. Sept. 1 Holders of rec. Aug. 15
6% preferred (monthly)
50e. Oct. 1 Holders of rec. Sept. 15
500. Aug. 1 Holders of rec. July 150
6% preferred (monthly)
6% preferred (monthly)
55c. Aug. 1 Holders of rec. July 15
41 2-3c Aug. 1 Holders of rec. July 154
6.6% preferred (monthly)
5% preferred (monthly)
55c. Sept. 1 Holders of rec. Aug. 15
58 1-3e Sept. 1 Holders of rec. Aug. 154
7% preferred (monthly)
6.6% preferred (monthly)
55e, Oct 1 Holders of rec. Sept. 15
50e. Sept. 1 Holders of rec. Aug. 15a
6% preferred (monthly)
6.6% preferred (monthly)
Holders of rec. Aug. 150
Cumberland Co. Pow.& Lt.. pref.(au.)- 1% Aug. 1 Holders of rec. July 18
5% preferred (monthly)
41 2-3e Sept. 1 Holde
Public Sere. of Ind. $6 pref. Mar.)
Dallas Power & Light. 7% pref.(quar.)- 1% Aug. 1 Holders of rec. July 22
$1.50 Aug. 15 Holders of rec. July 31
$1.50 Aug. 1 Holders of rec. July 22
Public Service Co. of Nor. Illinois$6 preferred (guar.)
*1% Aug. 1 *Holders of rec. July 22
Common (no par) (guar.)
Aug. 1 *Holders of ree. July 15
Dallas Ry.& Term., pref.(quar.)
.$2
*50e. Aug. 1 *Holders of tee. July 20
Dayton Power & Lt., pref. (mthly.)...
Common, $100 par (guar.)
Aug. 1 *Holders of roe. July 15
*2
•134 Aug. 1 *Holders of rec. July 15
Derby Gas & Elec.,$6.50 pref.(guar.).* 51.625 Aug. 1 *Holders of rec. July 20
7% Preferred (guar.)
•51.75 Aug. 1 *Holders of rec. July 20
6% preferred (quar.)
"14 Aug. 1 *Holders of rec. July 16
$7 preferred (guar.)
*31.75 Aug. 1 *Holders of rec. July 20
Public Service Corp. of N.J. com.(qu.)Eastern States Pow., pref. A (quar.)
850. Sera. 30 Holders of roe. Sept. la
*1.50 Aug. 1 *Holders of rec. July 20
Preferred B (guar.)
8% preferred (guar.)
Sept. 30 Holders of rec. Sept. la
2
50c. Aug. 15 Holders of rec. July 17
7% preferred (guar.)
Eastern Utilities Associates. corn. (qu.)
134 Sept. 30 Holders of rec. Sept. la
3.40 Aug. 1 Holders of rec. July 10
Edison Elec. Ill.(Boston)(guar.)
$5 preferred (guar.)
$1.25 Sept. 30 Holders of rec. Sept. la
$1.50 Aug. 1 Holders of roe. July 6
Electric Bond & Share, $6 pref.(quar.)_
6;
6 pprrecfreeed
"
rred(monhIy)Aug.50c A31 Holders of rec. Aug. 111
$1.25 Aug. 1 Holders of rec. July 6
(monthly)
50e. Sept.30 Holders of rec. Sept. la
$5 preferred (guar.)
Railway & Light Securs., corn.(guar.)._
25c Aug. I Holders of rec. July 15
Electric Power Associates. corn.& cl. A__
50e. Aug. 1 Holders of rec. July 20
25e. Aug. 1 Holders of rec. July Ila
Electric Power & Light, corn. (guar.)
Preferred (quar.)
134 Aug. 1 Holders of rec. July 20
•134 Aug. 1 *Holders of rec. July 11
Rhode island Pub. Sera., el. A (guar.)._
2d preferred A (guar.)
Aug. 1 Holders of rec. July 154
$1
1234e Aug. 1 Holders of rec. July ha
Allotment etfs full paid (guar.)
Preferred (quer.).
50c. Aug. I HoldeN of rec. July 154
10c Aug. 1 Holders of rec. July lla Rochester Gas & Elec.. pref. B (guar.)._ •134 Sept. 1 'Holders of rec. July 31
Allotment efts. RO% paid (quar.)
50c Aug. 1 Holders of rec. July 154
Preferred C & D (guar.)
Empire Dist. El. Co.. 6% pf. (mthly.).
'1% Sept. 1 'Holders of rec. July 31
Mc Sept. 1 Holders of rec. Aug. 150 Rockland Light & Power (guar.)
6% preferred (guar.)
Aug. I *Holders of rec. July 15
Empire Gas & Fuel Co.,8% of.(mthly.) 662-3c Aug. 1 Holders of rec. July 150 Seaboard Utilities, corn.(quar.)
7c. Aug. 1 Holders of rec. July 134
7g.
581-Sc Aug. 1 Holders of rec. July I5a Sierra Pacific Elec. Co., pref. (guar.)... 134 Aug. I Hold ,ra of rec. July 20
7% preferred (monthly)
64% preferred (monthly)
54 1-6e Aug. 1 Holders of rec. July 15a Sioux City Gas & Elec.. pref.(gear.)...- •154 Aug. 10 *Hoidens of rec. July 31
Holders of rec. July 150 Routh Pittsburgh Water. 5% pref. (qu.)_ •14 Aug. 19 *Holders of rec. Aug. 8
50c Aug.
6% preferred (monthly)
66 2-3e Sept. 1 Holders of rec Aug. 155 Southern Calif. Edison, corn. (quar.)---8% preferred (monthly)
50c. Aug. lf, !folders of ree. July 204
58 I-3c Sept. 1 Holders of rec. Aug. 150 Southern Canada Power. corn. (guar.)._
7% preferred (monthly)
258. Aug. 15 Holders of rec. July 31
6%% preferred (monthly)
54 1-6c Sept. 1 Holders of rec. Aug. 150 Southern Colorado Power, corn. A (qu.)
50(3. Aug. 25 Holders of rec. July 31
6% preferred (monthly)
Sept. 1 Holders of rec. Aug. 150 Springfield City Water. oret. A (guar.)._ .51.75 'let. 1 *Holders of rec. Sept. 20
50
European El Corp.. Ltd.. corn Ate 11(qu.)
Standard Pow.& Lt., corn.& corn. B(qu) 50e. Sept. 1 Holders of roe. Aug. 11
15e. Aug. 16 Holders of rec. July 31
Fairmount Park & HaddIngton Pmsity. $1.50 Aug. 5 July 26 to Aug. .5
Preferred (guar.)
$1.75 Aug. 1 Holders of rec. July 16
Fall River Gas Works (guar.)
Standard Telephone, $7 pref (quar.)--- "$1.75 Aug. 1 *Holders of rec. July 15
75c. Aug. 1 Holders of ree. July 23
Federal Power & Light, pref.(quar.)
*134 Aug. 15'Holders of rec. July 31
Tampa Electric Co.. corn,(guar.)
50c. Aug. 15 Holders of rec. July 24
Caste Elec. Securities Co.. corn.(mthly.)
50c. Aug. 1 Holders of rec. July 15a
Corn. (2-100ths oh. common stock)...
CO Aug. 15 Holders of rec. July 24
Common (monthly)
50c Sept. 1 Holders of rec. Aug. 15a
Preferred series A (guar.)
134 Aug. 15 Holders of rec. July 24
Common (payable In corn. stock)____
,e4 Aug. 1 Holders of rec. July 150 Tennessee Elec. Pow.,5% 1st pl.(qu.)
Holders of rec. Sept. 15
1
Oct.
Corn. (payable in corn. stock)
f% Sept. I Holders of rec. Aug. 15a
6% first preferred (guar.)
Holders or rec. Sept. 15
Preferred (monthly)
581-Sc Aug. 1 Holders of rec. July 150
14
1
7% first preferred (guar.)
4 Oct.Oct.
Holders of rec. Sept. 15
Preferred (monthly)
58 I-3c Sept. 1 Holders of rec. Aug. 15a
Holders of rec. Sept. 15
1.80 Oct.
7.2% first preferred (guar.)
Gas Securities Co., corn. (monthly)---- 04 Aug. 1 Holders of rec. July 15a
Holders of rec. July 15
50e. Aug.
6% first preferred (monthly)
Comm on (monthly)
Holders of rec. Aug. 15
6% first preferred (monthly)
50c. Sept.
0% Sept. 1 Holders of rec. Aug. 15a
Preferred (monthly)
50c. Aug. 1 Holders of rec. July 150
Holders of rec. Sept. 15
500. Oct.
6% first preferred (monthly)
Preferred (monthly)
50c Sept. 1 Holders of rec. Aug. 15a
Holders of roc. July 15
60e. Aug.
7.2% first preferred (monthly)
Georgia Pow. & Lt.. $6 pref.(quar.)____ *51.50 Aug. 15 'Holders of rec. July 30
60e. Sept.
Holders of rec. Aug. 15
7.2% first preferred (monthly)
Greenfield Gas Light, pref. (guar.)
.75e. Aug. 1 "Holders of ree. July 15
Holders of roe. Sept. 15
60e, Oct.
7.2% first preferred (monthly)
Guilford-Chester Water
•80c. Aug. 1 *Holders of rec. July 15
Holders of rec. July 13
Texas Power & Light, 7% pref. (guar.). l'i Aug.
Hamilton Bridge, 6)4% pref. (guar.)
1% Aug. 1 Holders of rec. July 15
Holders of rec. July 13
51.50 Aug.
$6 preferred (quar)
Hannibal Bridge
Oct. 5 Holders of rec. Sept. 25
4
Toledo Edison Co.. 7% pref.(mthly,)__ 58 1-3c Aug.
Holders of roe July 150
Extra
Sy Oct. 5 Holders of rec. Sept. 25
6% preferred (monthly)
500. Aug.
Holders of reo July 1513
Hartford Electric 1.1ght (guar.)
•1383.4c Aug. 1 •Holders of rec. July 15
5% preferred (monthly)
Holders of rec. July 150
41 2-3c Aug.
Havana Elec. & Utilities, cum. pref.(qu.) $1.25 Aug. 15 Holders of ree July 18
Underground Elec. Rys. of LondonFirst preferred (guar )
1)4 Aug. 15 Holders of rec. July 18
Amer. dep. rcts. ord. reg. (Interim)._ *3
Aug. 1 *Holders of rec. July 10
Houston Ltg. & Pow., 7% pref. (quar.) *134 Aug. 1 *Holders of rec. July 15
United CorporatIon. corn. (guar.)
Holders of rec. Sept. 40
183.1c. Oct.
"1'.4 Aug. I "Holders of rec. July 15
$6 preferred (guar.)
75e. Oct.
Preferred (guar.)
Holders of rec. Sept. 9a
Power
Idaho
Co., 7% pref. (guar.)
1% Aug. 1 Holders of rec. July 15
United Gas Improvement, corn.(quar.)_
30e. Sept.30 Holders of roc. Aug. 3I0
51.50 Aug. 1 Holders of rec. July 15
$6 preferred (quar.)
$1.25 Sept. 30 Holders of rec. Aug. 314
$5 preferred (quar.)
Illinois Northern Utilities, corn.(quar.). *2
Aug. 1 'Holder' of rec. July 15
United Lt.& Pow., corn. A & H (quar.)
250 Aug. 1 Holders of roe July 15a
Preferred (guar.)
'1)4 Aug. 1 "Holders of rec. July 15
tin. Lt. & Rys. (Del.). 7% Pt. (mthly.)' 581-Sc Aug. I 'Holders of rec. July 15
$7 junior preferred (guar.)
*$1.75 Aug. 1 *Holders of rec. July 15
6.36% prior preferred. (quar.)
"53c. Aug. 1 *Holders of rec. July 15
Illinois Power & light.
met (guar.) 51.5n Aug. 1 Holders of reo. July 10
6% prior preferred (quar.)
.50c. Aug. 1 "Holden of rec. July 15
Internat. Ptilitfle corp.. $7 pref.((mar.) $1.75 Aug. 1 Holders of rec. July 170 United Ohlo Utilities, 6% Pr. pref. (qtr.) •134 Aug. 1 *Holders of rec. July 10
Kentucky Utilities Co., pref.(quar.)___. '873.4e Aug. 20 *Holders of rec. Aug. 1
Milted Pr. & Lt.(Han.), pref.(quar.)
•134 Sept. 1 *Holders of ree. Aug. 15
Keystone Telephone, $3 pref. (guar./- 75c. Aug. 1 Holders of rec. July 22
Utica Gas & Elec. $6 pref. (guar.)
*$1.50 Aug. 1 'Holders of rec. July 20
Kokomo Water Storks. pref.(quar.)____ *1% Aug. 1 'Holders of rec. July 20
Washington(D. C.) Gas Light (guar.)._
90c. Aug. 1 Holders of rec. July 20
Lawrence Gas & Elec.(guar.)
•65c. Aug. 1 'Holders of rec. July 15
West Penn, Elec. Co., 7% pref. (nuar.)_
134 Aug. 15 Holders of rec July 21a
Lehigh Power Secure., $6 pref.(quar.).. *$1.50 Aug. 1 *Holders of rec. July 20
6% preferred (guar.)
134 Aug. 15 Holders of rec. July 200
Lincoln Tel.& Tel., pref.(guar.)
•1% Aug. I
West Penn Power Co..7% Pt.(quar.)__. 134 Aug. I Holders of ree July 6a
Lockhart Power. preferred
•$3.50 Sept. 30'Holders of rev. Sept. 30
6% preferred (guar.)
14 Aug. 1 Holders of rec. July (Sa
Lone Star Gas,634% pref. (guar.)
*$1.62 Aug. 1 *Holders of rec. July 20
Western Continental Util.. Cl. A (r111.)-• y32;ic Sept. 1 *Holders of rec. Aug. 10
Long Island lag., corn.(guar.)
15c. Aug. 1 Holders of rect. July 15
Western Pow., Light & Telep., el. A 000 .50e Aug. 1 *Holders of rec. July 15
Los Angeles GM & Elec., pref.(guar.)
*13.4 Aug. 15 *Holders of ree. July 31
Western United Corp., pref. (quar.)____ •134 Aug. 1 *Holders of rec. July 15
Louisiana Power dr Lt., $6 pref.(qua _
$1.50 Aug. I Holders of rec. July 20
6%% preferred (guar.)
*134 Aug. 1 *Holders of rec. July 16
Lowell Electric 1.1ght (guar.)
"65c. Aug. 1 *Holders of rec. July 15
Williamsport Water $6 prof. Mar.)._ 411.50 Sept. 1 *Holders of rec. Aug. 20
Malone Light, Heat & Power, pf.(guar.) •$1.50 Aug. 1 *Holders of rec. July 15
Michigan Gas & Elect., prior lien (guar.) .1% Aug. 1 *Holders of rec. July 15
Trust Companies,
Preened (guar.)
*134 Aug. 1 *Holders of rec. July 15
Corn Exchange Bank & Trust (quar.)_-_ $1
Aug. I Holders of rec. July 230
Middle West Utilithe, tom. (quar.).__. (2
Aug. 15 Holders of rec. July 15a Federation Bank & Trust (guar.)
Sept.30 Holders of ree. Sept.50
3
$6 preferred (guar.)
cc 51.50 Aug. 15 Holders of rec. July 15
11
Quarterly,
Dec. 31 Holders of ree. Dee. M
Mid-West States Utilities, corn. A (qu.) f234 Aug. 1 Holders of rec. July 25
Kings County (Brooklyn)(guar.)
*20
Aug. 1 "Holders of rec. July 25
Milwaukee Elec. BY. & LightFire Insurance.
6% pref.. series of 1921 (guar.)
'1)4 Sept. 1 *Holders of rec. Aug. 15
Amer. Equitable Assur. of N. Y.(qu.)....
30c Aug. 1 Holders of ree. July 20
MissIssIppi Pow & Lt., pref. (guar.)
- *51.50 Aug. 1 *Holders of ree. July 15
Bankers & Shippers(guar.)
$1.50 Aug. 5 Holders of rec. Aug. 3
Mississippi Val. MAL pr. pref. (quar.)__ *51.50 Aug. 1 *Holders of rec. July 15
Knickerbocker Ins. of N. Y corn.(au).
30c Aug. 1 Holders of rec. July 20
Mohawk Hudson Power Co.. let pf.(ciu.) •IiN Aug. I *Holders of rec. July 15
New York (guar.)
"30c Aug. 1 *Holders of rec. July 20
Monmouth Consol. Water, pref.(guar.)- •134 Aug. 15 *Holders of rec. Aug. 1
Stuyvesant (guar.)
*50c Aug. 1 *Holders of ree. July 22
Monongahela West Penn Pub. Serv.Westchester Fire (guar.)
*50c Aug. 1 'Holders of rec. July 21
7% preferred (guar.)
43340 Oct. 1 Holders of rec. Sept. 15
Extra
"15e Aug. 1 *IIolders of rec. July 21
Montana Power Co., Prof. (qua,.)
•134 Aug. 1 *Holders of rec. July 13
Insurance.
Montreal I,t, lit. & Pow. Consol. (qu.).
38e, July 31 Holders of rec. June 30
North Rived Ins.(guar.)
50o Sept.10 Holders of roe. Sept. 1
Mount Holly Water
*60c. Oct. 1 *Holders of rec. Sept. 9
Municipal Service Co.. pref. (quar.)
134 Aug. 1 Holders of rec. July 15
Miscellaneous
Mutual Telep (Hawaii)(monthly)
*8c. Aug. 1 *Holders of rec. July 18
Abraham & Straus, Inc., pref.(quar.).. 134 Aug. 1 Holders of rec. July 154
National Electric Power, corn. A (guar.) •450 Aug. 1 *Holders of rec. July 10
*34 Aug. 10 *Holders of roe. July 31
Acme Farmers Dairy, Ltd., prof
National Power 8: Light, common (qu.)
25e, Sept. 1 Holders of rec. Aug. 8a Adams (J. D.) affg., corn. (guar.)
'Holders of rec. July 15
•300 Aug.
56 preferred (guar.)
$1.50 Aug 1 Holders of rec. July 11
Holders of rec. July 18
% Aug.
Adams-Millis Corp., corn. (guar.)
Nat. Tel. & Tel., class A (quar,)
•87c. Aug. 1 *Holders of rec. July 17
*Holders of reo. July 18
First and second preferred (quar.)---- '134 Aug.
•I
Aug.
Preferred (quad.)
I *Holders of rec. July 17
Holders of ree. Sept. 15
Agnew-Surpass Shoe Stores, pf. (qu.)
134 Oct.
Nevada-Calif. Elec., pref. (quar.)
'34 Aug. 1 Holders of rec. June 30a Alaska Juneau Gold Mining (quar.).___
Holders of rec. July 104
10c Aug.
New Eng. Wat.L.& Pow. Assn. pt.(qu.) "14 Aug. 1 *Holders of rec. July 15
Allegheny Steel common(monthly)
100 Aug. 1 Holders of rec. July 31a
Aug. 1 *Holders of rec. June 30
N. J. & Bud. Rly. Ry.& Ferry, pref____ *5
*Holders of roe. Aug. 15
Preferred (guar.)
4.134 Sept.
Newport Water, pref.(quar.)
*31.50 Aug. 1 *Holders of rec. July 22
*Holders of roe. Nov. IS
*I% Dec.
Preferred (guar.)
North American Edison, pref.(guava - -- $1.50 Sept. I Holders of rec. Aug. 154 Alliance Realty.
Holders of rec. Aug 20
13.4 Sept.
Preferred (quar.)
North American Gas & Elec., el A (qu.). "40c. Aug. 1 'Holders of rec. July 20
Holders of reo Nov 20
1 4 flee.
Preferred (guar )
North Amer. Light & Power, corn. (qu.) f2
Aug. 15 Holders of rec. July 20
Holders of roe. July 1110
51.50 Aug.
Allied Chemieal & Dye, corn. (quar.)_
Preferred (guar.)
'1.50 Oct. 1 *Holders of rec. Sept. 19
'Holders of roc. July 24
Allied Internat. Invest., $3 pref. (qu.)__ •50e. Aug.
Northern N. Y. Utilities. prof (quar,)_
. Aug. 1 Holders of rec. July 10
Ilolders of rec. July 20
51.625 Aug.
Allied Kid Co., pref. (guar.)
Northern States Power, sum. A (quar.)- 2
Aug. 1 Holders of Tee. June 30
50c. Aug. 1 Holders of rec. July 240
Allis-Chalmers Mfg. coin. (quar.)
North West Utilities, pref.(guar.)
134 Aug. 15 Holders of rec. July 31
Holders of rec. July 15
Altorfer Bros. Co., $3 prof. (guar.)
75c. Aug.
Ohio Public Service. 7% pref. (mthlY.)• 581-Sc Aug. 1 Holders of rec. July 150 Aluminum Manufactures. Inc.. eoro.(qu) •50e Sept.30 *Holders of roc. Sept. 15
50c. Aug. 1 Holders of rec. July 15a
8% preferred (monthly)
•500. Dee. 31 "Holders of ree. Dee. 15
Common (guar.)
41 2-3e Aug. I Holders of rec. July 15a
5% preferred (monthly)
*134 Sept.30 *Holders et ree. Sept. 15
Preferred (guar.)
58 1-3e Sept. 1 Holders of rec. Aug. 15a
7% preferred (monthly)
"let Dec. 31 *Holders of recs. Dee iS
Preferred
6% preferred (monthly)
50c. Sept. 1 Holders of rec. Aug. 15a Amer. Bank(guar.)
50c. Oct. 1 Holders of rec. Sept. 10a
Note,common (guar.)
41 2-3c Sept. 1 Holders of rec. Aug. 15a
5% preferred (monthly)
75c. Oct. 1 Holders of rec. Sept. 10a
Preferred (guar.)
*2
Aug. 1 *Holders of rec. July 25
Orange & Rockland Flee ((Mar.)
Aug. 15 Holders of rec. July 31a
American Can,common (guar.)
51
Pacific Gas & Elec.. 6% Pref.(guar.)... .3734e Aug. 15 *Holders of rec. July 31
•15e. Aug. 1 *Holders of rec. July 11
Amer.-Canadian Utilities
54% preferred (guar.)
•3444c Aug. 15 *Holders of rec. July 31
Aug. 1 July 12 to
$1
Aug. 2
American Coal (guar.)
750.
coin.
(guar.)
Aug.
Lighting,
15
Pacific
Holders of rec. July 204 Amer. Elec. Secur., panic. pf.(bl-mthly)
25e Aug. 1 Holders of rec. July 2(1
Pacific N. W.Pub.Sera.. prof.(quar.).. •1.80 Aug. 1 'Holders of rec. July 15
•134 Sept. 1 *Holders of ree. Aug. 25
American Envelope, 7% pref. guntr.)_ _
Pacific Power & Light, 7% pref. (guar.) 114 Aug. 1 Holders of rec. July 18
I
*Holders
7% preferred (guar.)
of rec. Nov 25
'134 Dee.
6% preferred (guar.)
13.4 Aug. 1 Holders of rec. July 18
Amer. European Securities. pref. (guar.) $1.50 Aug. 14 Holders of rec. July 31
Pacific Public. Service, corn. A (guar.)._ *3234e Aug. 1 *Holders of rec. July 15
.1.5e. Aug. 10 *Holders of rec. July 30
American Factors(monthly)____
•134 Aug. 1 *Holders of rec. Aug. 5
Peninsular Telephone, prof (guar.)
*15e. Aug. 1 *Holders of rec. July 17
Amer. Forge & Socket(quar.)
Pennsylvania Power. 56.60 pref.(usably)
55e. Aug. 1 Holders of rec. July 20
Amer. Founders Corp., 1st pref. A (au.). 87(40 Aug. 1 Holders of rec. July 2
55c. Sept. I Holders of ree. Aug. 20
$6.60 preferred (monthly)
8740 Aug. 1 Holders of rec. July 2
First preferred series B (guar.)
81.50
Sept. I Holders of rec. Aug. 20
$6 preferred (guar.)
75c. Aug. 1 Holders of rec. July 2
First preferred series D (guar.)
•I
Aug. 1 *Holders of rec. July 15
Petaluma & Santa Rose (guar.)
254. Sept.30 Holders of rec. Sept.15a
Amer. Hawaiian Steamship,(quar.)____
Philadelphia Elec. Power. 8% pt. (qu.)
50e. Oct. 1 Holders of rec. Sept. 104
Quarterly250.Dec. 31 Holders of rec. Dee. 16a
-r
742
Name of Company.
Per
When
Cent. Payable.
Books Closed.
Days lee-Judos.
Miscellaneous (Continued).
Amer. Home Products Corp.(monthly)_
35c Aug. 1 Holders of tee. July I40
American Hosiery (quar.)
*50c. Sept. 1 .1101ders of rec. Aug. 25
American Ice, preferred (quar.)
$1.50 Oct. 20 Holders of rec. Oct. 2a
Amer. Investment Co. (Springfield, M.)
Class A (quar.)
.500. Aug. I *Holders of rec. July 20
Amer. Mach. dr Fdy.. common (quar.)_
35e. Aug. 1 Holders of rec. July 17a
American Optical Co.. common
*50c. Aug. I *Holders of rec. July 20
'First preferred ((guar.)
134 Oct. 1 Holders of rec. Sept Isa
Sind preferred (quar.)
134 Dee. 31 Holders of roe. Dee. 204
Amer. Re-Insurance Co. (quar.)
75c. Aug. 15 Holders of rec. July 31
Amer. Shipbuilding, COM. (guar.)
$1.25 Aug. 1 Holders of rec. July 156
Preferred (guar.)
134 Aug. I Holders of rec. July 15
Amer. Smelting & Refining,corn. (qu.).
50c. Aug. 1 Holders of rec. July 10a
Preferred (guar.)
151 Sept.. 1 Holders of rec. Aug. Ta
Second preferred (quar.)
134 Sept. 1 Holders of rec. Aug 7a
American Stores Co.(guar.)
50e. Oct. 1 Holders of rec. Sept. 151
134 Oct. 2 Holden of rec. Sept. 56
Amer. Sugar Refs.. coin. (guar.)
Preferred (guar.)
134 Oct. 2 Holders of rec. Sept. fe
Amer. Thermos Bottle, corn. (guar.)
- *150. Aug. 1 *Holders of rec. July 20
3734e Aug. 17 Holders of rec. July 110
Anaconda Copper Mining (qual.)
25e. Aug. 10 Holders of rec. July 116
AnaisondaWlre & Cable (quar.)
Aug. 1 'Holders of rec. July 22
Anchor Post Fence. 8% pref.(guar.)- *2
*1% Aug. 1 *Holders of rec. July 22
. 7% Preferred (guar.)
Andrews Invest. Trust,6% pf.(qu.)
*75c. Aug. I *Holders of rec. July 25
Angio-Pcndan Oil Co., Ltd.
to10 Aug. 6 Holders of rec. June 26
Amer. dep. rets ord. tee
Amer. dep. rats. for 1st Prof
*toe
Aug. 6 *Holders of rec. June 26
*Holders of rec. June 28
Amer. dep. refs. for 2d pref
'w434 Aug.
Archer-Daniels-Midland Co.. pf.(qU.)- 151 Aug. I Holders of me. July 210
Artloom Corp., preferred (guar.)
1% Sept. 1 Holders of rec. Aug. 14a
Art Metal Works, common (guar.).-- *15c. Aug. 1 *Holders of rec. July 25
Aspinook Co.(guar.)
*32
Oct. 15 *Holders of rec. Oct. 8
Associated Dry Goods, corn. (guar)
630. Aug. 1 Holders of rec. July 170
First preferred(qua.)
115 Sept. 1 Holders of rec. Aug. 140
Second preferred Near.)
114 Sept. 1 Iloiders of ree. Aug. 140
Associated Rayon. cony. pref. (quar.)- - •114 Sept. I *Holders of rec. Aug. 25
Atlantic Gull & W.1.8.8. Lines, Pt.(qU.) 134 Sept. 30 Holder, of rite. Sept. 10a
Preferred (guar.)
134 Dee. 3 Holders ol tee Dee. 100
Atlas Powder, pref.(guar.)
134 Aug. 1 Holders of rec. July 200
Austin Nichols & Co.loc.pr.A etk.(qua
75c. Aug. 1 Holders of rec. July 150
Automatic Voting Mach., partic. stock_ 650c. Aug. 15 Holders of rec. Aug. 3
Babcock & Wilcox (quar.)
*131 Oct. 1 *Holders of rec. Sept. 20
Balaban & Katz. common (quar.)
.75c. Oct. 3 *Holders of rec. Sept. 15
Preferred (guar.)
01% Oct. 3 •liolders of rec. Sept. 15
Bomberger (L.) & Co.,654% Pf.(quar.)_
114 Sept. 1 Holders of rec. Aug, 14
Bankers investment Trust olt America•15e. Sept. 30 "Holders of tee. Sept.15
Debenture stock Mara
.15o. Dec. 31 •11.4.1ers of roe Dee. 15
Debenture stock (qUar.)
Baumann (Ludwig) & Co., lot of.(au).. 134 Aug. 15 Holders of rec. Aug. 1
Beacon Mfg.,common and pref. (quar.)_
*154 Aug. 15 *Holders of rec. July 31
154 Aug. 1 Holders of rec. July 15
Beatty Bros., let pref. A Muer.)
Beldiug Cortice111, Ltd., common (guar.) 134 Aug. 1 Holders of tee July 15
Benson er Hedges, pref.(glum)
•50c. Aug. 1 *Holders of rec. July 20
Berland Shoe Stores, preferred (guar.)... *1I4 Aug. 1 *Holders of rec. July 200
50c. Aug. 1 Holders of rec. July 20
Bessemer Limestone & Cement,cl.A(qu.)
*75c. Aug. 1 *Holders of roc. July 20
Betco Corp., preferred (quar.)
Aug. 15 Holders of rec. July las
fl
Bethlehem steel, cum (uuer.) -----Blgelow-Sanford Carpet. pref. (guar.).- '134 Aug. 1 *Holders of rec. July 20
•121.e Aug. 1 *Holders of rec. July 15
Balms', Electric Co., coin. (quar.)._
*$1.75 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
50e. Aug. 15 Holders of rec. Aug. 1
Blauner's, Inc., common (quar.)
575e, Aug. 15 *Holders of rec. Aug. 1
Preferred (guar.)
Set. 1 Holders of rec. Sept. 20
Bliss(E. W.)Co., corn.(pay. in com.stk) f2
.3734e Aug. 16 "Holders of roe. Aug. 10
Bloch Bros. Tobacco. con..(uuar.)
Common (guar.)
•3754c Nov. 16 "Holders of rec. Nov. 10
Preferred (guar.)
'134 Sept.30 *Holders of rec. Sept. 24
#0154 Dec. 31 *Holders of rite. Dec. 24
Preferred ((Nara
Bloomingdale Bros., Inc.. prof. (guar.). 134 Aug. 1 Holders of rec. July 20a
500. Aug. 1 Holders of rec. July 15
Blur Ribbon Corp.;com. (guar.)
Corn. (adjusting diva
17c. Aug. 1 Holders of rec. July 15
8134c. Aug. 1 Holders of rec. July 15
Preferred (guar.)
del Sept. 1 Holders of rec. Aug. 5
Blue Ridge Corp., pref. (guar.)
Aug. 1 *Holders of rec. July 15
'Si
Bohack(H.C.) Co.,core.(quar.)
'134 Aug. 1 *Holders of rec. July 15
lot preferred (guar.)
Bohack Realty Corp., lot pref.(guar.).- •1% Aug, 1 *Holders of rec. July 16
$1 Oct. 30 Holders of rec. Oct. 15
Bon Am l Co., Corn. class A (guar.)
50c. Oct. 1 Holders of rec. Sept. 24
Class B (guar.)
75e. Sept. 1 Holders of ree. Aug. 156
Borden Co.(guar.)
Boss Manufacturing, common (qual.)... 51 Aug. 15 Holders of rec. July 31
*81.75 Aug. 15 *Holders of rec. July 31
Preferred (guar.)
*25c. Sept. 1 *Holders of rec. Aug. 14
Bower Roller Bearing (guar.)
Brandram-Henderson. Ltd..corn. (qu.). Mgc. Aug. 1 *Holders of rec. July 2
Brennan Packing ,rll. A (guar.)
*51 Sept. 1 *Holders of rec. Aug. 20
*El Dc. 1 *Holders of rec. Nov 20
Class A (guar.)
*25c. Sept. 1 *Holders of rec. Aug. 20
Class B (gear.)
*25e. Dec. 1 *Holders of roe. Nov. 20
Class B (quar.)
*51.25 Aug. 1 *Holders of rec. July 30
131411 (J. G.) Co., pref. (guar.)
British Columbia Pulp & Paper, pf.(qu.) •151 Aug. 1 *Holders of rec. July 15
•60. Aug. 31 *Holders of roe. July 31
British Type Investors,class A
Broadway Dept. Stores, 1st pf. (qu.).. •151 Aug. I *Holders of rec. July 17
134 Aug. 1 fielders of rec. July 20
Brown Shoe pref. (guar.)
*25c. Aug. 15 *Holders of rec. Aug. 1
Buck Hills Falls(guar.)
$1
Sept.15 Holders of rec. Aug. 21
Blickeye Pipe Line (guar.)
*50c Aug. 1 *Holders of rec. July 22
Buckeye Steel Casting, corn.(quar.)
•154 Aug. 1 *Holders of rec. July 22
6% preferred (quar.)
•154 Aug. 1 *Holders of rec. July 22
634% preferred (quar.)
*151 Aug. 1 *Holders of rec. July 11
Bullock's, Inc., 7% Pref. (guar.)
*50c. Aug. I *Holders of rec. July 25
Bunte Bros.. corn. (guar.)
•144 Aug. 1 *Holders of rec. July 25
Preferred (guar.)
*111
Om
1 *Holders of rec. Sept. 16
Berger BrOR.. 8% pref. (guar.)
25e. Sept. 5 Holders of rec. Aug. 30
Burroughs Adding Machine(guar.)
Aug. 1 Holders of rec. July 10a
62340
Herb Terminal, 00M. ((War.)
134 Aug. 1 Holders of tee. July 15a
Byers (A. M.) Co.. pref. (guar.)
25c. Sept. 1 Holders of rec. Aug. 150
Campbell Wyant & Cannon Fd.V. (qU.)•1% Aug. 1 *Holders of rec. July 15
Campe Corp., pref. (guar.)
Sept.15 Holders of rec. Aug. 31
Canada Nt ire & Cable. class A (guar./. $1
St
13cc. 15 Holders of rec. Nov. 30
Class A guar.)
4354c. Sept. 15 Holders of rec. Aug. 31
Class B (guar.)
*144 Sept.15 *Holders of rec. Aug. 31
Preferred (quar.)
62140 Aug. 1 Holders of rem July 20
Canadian Bronze,corn.(guar.)
114 Aug. 1 Holders of tee. July 20
Preferred (guar.)
43s. Aug. 31 Holders of rec. Aug. 15
Canadian Car & Fd3r. ord..(guar.). Aug. 15 Holders of rec. July 31
Canadian Converters, Ltd. (guar.)
75e. Aug. I Holders of tee. July 16
Canadian Dredge & Heck. own.
Aug.
1 Holders of roe. July 16
134
Pre!erred (guar.)
Canadian Invest. Corp.. Ltd. ((Nara-, *250. Aug. 1 *Holders of rec. July 15
*Holders of rec. Aug. 1
Aug.
15
"25c
(qual.)
011,
corn.
Canadian
Oct. 1 *Holders of rec. Sept. 10
*2
Preferred (quar.)
Canadian Power & Paper, pref.(guar.)._ 62140 Aug. 15 Holders of rec. Jelly 20
Carey, Lombard, Young & CO., Pref- $3 Aug. 1 *Holders of to:. Aug. 1
.25c. Aug. 1 *Holders of rec. July 22
Capital Management Corp. (guar.). _
'134 Oct. 1 *Holders of rec. Sept. 20
Carnation Co., pref. (guar.)
*334 Jan 2'32 *Holders of rec. Dec 21
Preferred (guar.)
750. Aug. 31 Holders of rec. Aug. 15a
Caterpillar Tractor (guar.)
•3754c Aug. 1 *Holders of rec. July 20
Central Ills. Securities. pref.(guar.)
ife Aug. 15 Holders of too. Aug. 6
Centrifugal Pipe (guar.)
15a Nov. 16 Holders of roe. Nov. 6
Quarterly
Oct. 21
2
Century Co
144 Sept. 1 Holders of rec. Aug. 206
Century Ribbon Mills, pref. (quar.)__
*700.
Aug. 1 *Holders of tea. July 15
shares..
-Century Shane Trust, pectin.
25c. Aug. 1 Holders of rec. July 16a
Cerro de Paseo Copper Corp.(quar.)- - Aug. 1 Holders of rec. July 20
Chain & General Equities. Pref.(gUICJ- 51
50c. Aug. 1 Holders of rec. July 27
Charis Corp. (quar.)
25c. Aug. 1 Holders of rec. July 27
Extra
Chartered Investors, $5 Pref. (qua:.)...- .51.25fiept. 1 *Holders of rep. Aug. 1
*S1.50'Aug. 10 *Holders of rec. July 31
Chase (A. W.) Ltd.. pref.(guar.)
•1% Oa. 1 *Holders of rec. Sept. 20
Chatham Mtg.7% pref.(quar.)
Oct. 1 'Holders of roe. Sept. 20
6% Preferred (guar.)
Cherry-Berrell corp.. Prof (quar.)
*144 Aug. 1 *Holders of rem July 15
250. Aug. 1 Holders of rem July 204
ChicagoYellow Cab (monthly)
25o. Sept. 1 Holders of roe. Aug. 204
Monthly
[voL. 133.
FINANCIAL CHRONICLE
Name of Compost.
When
Per
Cent. Payable.
Bo Ss Closed.
Days Inclusive.
Miscellaneous (Continued).
Chile Copper Co. (guar.)
*3714e Sept. 30 *Holders of rec. Sept. 4
Chrysler Corp., common (guar.)
25e. Sept. 30 Holders of rec. Sept. la
Gburngold Corp.(guar.)
•35e. Aug. 15 *holders of rec. Aug. 1
Quarterly
•35c Nov.16 •Holdere of rec. Nov. 1
Cincinnati Advertising Products (qual.) *75e Oct. 1 "Holders of rec. Sept.19
Quarterly
•75e Jan 1'32 *Holders of res. Deo. 19
Cincinnati Land Shares
Sept. 15 *Holders of tee. Sept. 1
*3
Cincinnati Rubber Mfg.,6% Pref.(qu.) *134 Sept.15 *Holders of roe. Sept. I
6% Preferred (guar.)
'134 Dec. 15 'Holders of tee. Deo 1
Cities Sevice. bankers shares
*17.11c .Aug.1 *Holders of rec. July 15
Cities Service Co.,corn.(monthly.)
24c. Aug. 1 Holders of rec. July 150
Common (monthly)
250. Sept. I Holders of rec. Aug. 15
Corn.(payable In corn. stock)(made.) f14 Aug. 1 Holders of rec. July 150
Corn. (payable in corn. stk.) (mt1117.)
1'54 Sept. 1 Holders of rec. Aug. 15
Preference B (monthly)
be Aug. I Holders of rem July 156
Preference B (monthly)
Sc.Sept. 1 Holders of roc. Aug. 15
Preferred and pref. BB (mthly.)
500 Aug. 1 Holders of rec. July 156
Preferred and preferred BB (mthly.)_
50c Sept, 1 Holders of rec. Aug. 15
City Baking, pref. (Quar.)
*114 Aug. 1 *Holders of rem July 27 j
ArIty Union Corp.. cont.(guar.)
.250 Oct. 15 *Holders of rec. Sept. 30
Common (guar.)
•250 Jan It'll *Holders of rec. Dec. 31
Cluett Peabody & Co., Inc., corn. (qu.) 75c. Aug. 1 Holders of rec. July 216
Coast Breweries, Ltd. (guar.)
*460. Aug. 1 *Holders of rec. July 20
Coast Foundation, Inc.pref
.6c. Aug. 10 *Holders of roe. July 10
Coca Cola Bottling (quarterly)
250 Oct. 15 Holders of tee Oct 6
Columbia Graphophone, Amer. shares_ _
56c. Aug. 4 Holders of rec. July I70
Columbian Carbon Co.(guar.)
Holders of rec. July 17a
5.2115.2%:. Aug.
Columbus Packing, pref.(guar.)
*151 Aug. 1 *Holders of rec. July 15
Commercial Solvents Corp., corn. (qu.)_
25e. Sept. 30 Holders
rs of rec. Sept. 100
Congoleum-Nairn, Inc., common
Sept. 15 Holders of rec. Aug. 150
Preferred (guar.)
Sept.
*Holders of rec. Aug. 15
Connecticut Invest. Mgnt. Corp.,com„ •10e. Aug. 1 'IIolders of rec. July 20
Conservative Financial. pref
*40c. Sept. 1 *Holders of rec. Aug. 1
Control. Chem. industries, class A
•3754c Aug. 1 *Holders of rec. July 15
Consolidated Cigar Corp., prior pf.(qu.) 154 Aug. 1 Holders of rec. July 16a
Preferred (guar.)
134 Sept. 1 Holders of rec. Aug. 150
Consoiblated Industries, Ltd.(guar.)...
29e. Aug. 1 Holders of rec. July 15
Consolidated Press, Ltd., ord. A(ma_
50c. Aug. 1 Holders of rec. July 15
Consolidated Rendering Prof. (guar.)
*2
*Holders of rec. July 21
Consolidated Sand & Gravel. pref. (qu.)_
114 Aug. 15 Holders of rec. July 31
Construction Materials, pref. (quar.)
.8754c Aug. 15
1 *Holders of rcM. July 20
Continental Can, corn.(guar.)
6254c. Aug. 15 Holders of rec. Aug. la
Coon (W.13.) Co.,corn.(quar.)
.1•120e. Aug. 1 *Holders of rec. July 13
Corn.(payable in common stock)
.1 w Aug. 1 *Holders of tee. July 13
Preferred (qua:.)
*HoldeN of rec. July 13
Corn° Mills (guar.)
.u7
55
0oc.
.Sept. 1 Holders of rec. Aug. 21
Corporation Sec. of Chic., pref. (quer.).
. 15
1 'Holder,
*Holde of rec. July 10
Cosmos Imperial Mills, Ltd., preL(qu.)_
Holders of rec. July 31
134 Aug.
Courtaulds, Ltd.
Am. dep, rots, for ord, reg. she
"to2 Aug. 20 *Holders of rec. July 20
Crandall. McKenzie & Henderson (qu.)., *150. Aug. 1 *Holders of rec. July 23
Crowell Publishing, preferred
.34 Aug. I *Holders of rec. July 24
Crown Zellertach Corp.,pref. A de B(qu.) *75e. Sept. 1 *Holders of rec. Aug. 13
Crunden-MartIn Mfg
.3(4 Aug. 3'Holders of rue Aug. 3
rtine0 Press, COM.(guar.)
(41211c Aug. I "Holders of rec. July 15
•1% Sept. 15 'Holders of rec. Sept. 1
tifi% preferred (guar.)
Curtis Publishing, corn. (monthly)
331-50 Aug. 3 Holders of tee. July 200
Preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 190
•15.4 Sept.30 'Holders of rec. Sept.
Davidson Co.. pref. (guar.)
20
•1zt Oct. 1 *Holden of tee. Sept.20
Preferred (War.)
•114
Preferred (quay.)
Dee. 31 "Holders of rec. Dec. 20
Preferred (quail
'154 Jan 1'32 •i folders of rem Dec. 20
l'erker (4ffreril & Cotta.mer (nose
•1% Sept I 'Holders of rec. Aug. 20
De Jonge (Louis) & Co.. pref. (quar.)- - •1zi Aug. 1
De Islets, Inc., Prof. (guar.)
•55c. Aug. 1 *Holders of rem July 21
DennLson Mfg., pref. (guar.)
h Aug. 1 Holders of rec. July 20
Debenture stock (gust.)
2
Aug 1 Holders of rec. July 20
Deposit rd Insurance Shares, set. A
•13c. Aug. 1 *Holders of rec. July 1
Diamond Ice & Coal. pref. (quar.)
•111 Aug. 1 *Holders of rec. July 25
Diamond Match,corn. new (qu.)(No. 1)
250. Sept. 1 Holders of rec. Aug. 15a
Preferred (new) (guar.) (No. 1)
75e. Sept. 1 Holders of rec. Aug. 15a
Dictaphone Corp. corn. (guar.)
*500 Sept. I *Holders of rec. Aug. 14
Preferred (quar.)
*
*2
Sept. I "Holders of rec. Aug. 14
•1,./ Aug. 15 *Holders of rec. July 31
Diem de Wing Paper, pref. (quar.)
(usher Steel Constr. pref. A (quar.)_..... 3754e. Aug. 1 Holders of roe. July 15
Distillers Co.. Ltd.
Am.dep. ram for ord.reg.shares
(en) Aug. 7 *Holders of roc. July 6
Dr. Pepper ko common ((4. at.)
300 'opt # (1,4ders Of reo Aug. 15
iml.b.rs of tee. Nov. 1.5
Common (oliar )._
30e Dee
75o. Aug. 15 Holders of reo. July 31
Domlnlon Bridge, coal. ((Nara
Common (guar.)
75e, Nov. 14 Holders or ere. Oct. 31
Dominion-Scottish Invest., Ltd.. prof
6254e Aug. 1 Holders of rec. July 20
Dominion Tar & Chemical, pref. (qu.).... 154 Aug. 1 Holders or tee, July
Dow Chemical, corn. (guar.)
50e. Aug. 15 Holders of rec. Aug. la
Preferred (guar.)
1% Aug. 15 Holders of rec. Aug. 1
Ouplan Silk Corp., common
50e. Aug. 15 Holders of rec. Aug. la
Eastern Dairies. Ltd.. coin. (quar.)--25e. Aug. I Holders of roe. June 30
Eastern Food Corp., class A (guar.). _
75c. Oct. 1 Holders of rec. July 1
Chem A (quar.)
75e. Jan 1'32 Holders of rec. July 1
Class A (qua:.)
75e. Al. 1'32
Class A (quar.)
Me. fly 1'32
Eastern Theatres. Ltd. corn. (quar.)___
50e. Sept. I Holders of rec. July 31
Eastern Utilities Investing. part. pf.(qu) $1.75 Aug. 1 Holders of tee. June 30
$6 preferred (guar.)
$1.50 Sept. 1 Holders of rec. July 31
$7 preferred (guar.)
$1.75 Sept. 1 Holders of tee. July 31
$5 prior pref. (qual.)
$1.25 Oct. I Holders of rec. Aug. 31
Eaton Axle & Spring. corn,(guar.)
40c. Aug. 1 Holders of rec. July 15s
Elsemann Magneto, pref. (guar.)
114 Aug. 1 Holders of rec. July 22
Electric Shareholdings. corn. tin stock)- - 13
Sept. 1 Holders of rec. Aug. 5
• 01,50 Sept. 1 *Holders of rec. Aug. 5
$6 preferred (quay)
Electrical Securities Corp., 55 pref.(qu.) .$1.25 Aug. 1 *Holders of roe. June 15
Elm City Cotton Mills (qua:.)
*4
Aug. 1 *Holders of rec. July 15
Empire Title & Guarantee (guar.)
1
Aug. 1 Holders of rec. July 20
Eppens Smith & Co., Common
*2
Aug. 1 *Holders of rec. July 27
Eureka Pipe Line (guar.)
Aug. 1 Holders of rec. July 15
51
Ewa Plantation (guar.)
#010e Aug. 15 *Holders of tee. Aug. 5
Faber. Coe & Gregg, pref. (guar.)
4.134 Aug.
Molders of rem July 20
Preferred (guar.)
*114 Nov.
*Holden; of rec. Oct. 20
Preferred (quar.)
*I44 Febl'3 *Hold, of rem Jan. 20'33
Fair (The). corn. (guar.)
1100 Aug.
Holders of rec. July 21a
Preferred (guar.)
Holders of res. July 21a
134 Aug.
Fairbanks Morse & Co., prof. (guar.).- 114 Sept.
Holders of rec. Aug. 120
Fo.shloo Co. (guar.)
*50e Aug.
*Holders of rec. July 21
Faultless Rubber (guar.)
.6251c Oct.
*Holders of rec. Sept. 13
Federal American Bond & ShareFirst and second pref. (guar.)
*51.75 Aug.
*Holders of rec. July 20
Federal Electric, 57 pref.(guar.)
*51.75 Aug.
'Holders of rec. July 15
$6 preferred (quar.)
.51.50 Aug.
*Holders of rec. July 15
7% preferred (old) (guar.)
•1 54 Aug.
*Holders of rec. July 15
Federal Knitting Mills(qual.)
Holders of rec. July 150
62540
Federal Terra Collo (guar.)
*52
Sept. 1 *Holders of rec. Sep.. 5
Fibreboard Products, prior pref. (guar.) *11‘ Aug.
*Holders of rec. July 16
Finance Service, class A & B (quar.).....
20e. Sept.
Holders of rec. Aug. 15
Preferred (guar.)
Holders of rec. Aug. 15
1734e. Sept.
Financial Institutions, Inc.. corn
*25°. Aug.. *Holders of rec. July 15
Common payable in corn, stock)
Aug.
4.12
*Holders of rec. July 15
$6 preferred (guar.)
*51.50 Aug.
*Holders of rec. July 15
First Security Corp. of Ogden (Utah)
Class A & B (guar.)
•25e. Oct.
*Holders of rec. Sept. 20
Fitz Simons & Connell Dredge& Dk.(qu) •500. Sept. *Holders of rec. Aug. 21
Preferred (guar.)
*Holders of rec. Sept. 19
•114 Oct.
Florsheim Shoe Co., coin. A (guar.).- 37%c.Sept.
Holders of rec. Aug. 15a
COMMOn B (guar.)
18340. Sept.
Holders of rec. Aug. 15
Preferred (qua:.)
114 Oct.
Holders of rec. Sept. 15a
Food Niach'y Corp.,614% pt.(mthly.). 01513e Aug 1 "Holders of tee Aug. 10
014% preferred (meld1117)
•50e. SOMA *Holder( of ree Sept 10
Ford Hotels Co., Inc
*Holders of roc. July 15
*50e. Aug.
Ford Hotels Co. Inc
*50e. Oct. 3 *Holders of ree. Oct 16
Foreign Power Securities. Pref.(qua:.).. 114 Aug. 1 Holders of refl. July 31
Foundation Co. of Canada. corn.(qu.). 250. Aug. 1 Holders of rec. July 31
Freeport Texas Co.(guar.)
750. Sept.
Holders of ree. Aug. 15a
Aua. 1 1931.]
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Aug. 1 *Holders of roe. July 25
Fried dc Heineman Pack., pref.(guar.)•1
Preferred B (guar.)
Aug. 1 *Holders of rec. July 25
Frost Steel & Wire pf.A St let pref.(1111.) 151 Aug. 1 Holders of rec. July 18
*20e. Aug. 1 *Holders of rec. July 25
Fuller Brush Co.. class A (guar.)
Fuller (Geo. A.) Co. of Canada pf.(qu.) .$1.50 Aug. 1 *Holders of rec. July 15
Fulton Industrial Inc. (Atlanta) com
*12540 Aug. 1 *Holders of rec. July 15
*87540 Aug. 1 *Holders of rec. July 15
Preferred (guar.)
Furness, Withy ft Co.. LtdAmer. dep. rots, for ord. reg. shares_ _ Igo 254 Aug. 20 *Holders of rec. July 21
"874e Sept. *Holders of rec. Aug. If,
Gs/land Mercantile Laundry tquar.)__
Quarterly
'.874c Dec. 1 "Holders of rec. Nov. 15
•151 Aug. 1 *Holders of rec. July 20
Gardner-Denver Co.. pref. (guar.)
General Alliance Corp. (guar.)
40c. Aug. 15 Holders of rec. July 310
General Cigar. corn. (guar.)
$1 Aug. 1 Holders of ree. July 17
Preferred (guar.)
15.1 Sept. 1 Holders of rec. Aug. 220
General Foods Corp., corn.(guar.)
750. Aug. 1 Holders of rec. July 150
General Mills, Inc.. corn. (guar.)
75c. Aug. 1 Holders of rec. July lfse
General Motors Corp.. pref.(guar.)._ $1.25 Aug. 1 Holders of reo. July Oa
"30c. Aug. 1 *Holders of rec. July 20
General Parts, pref. (guar.)
General Publie Service. $6 pref.(guar.). *$1.50 Aug. 1 "Holders of reo. July 10
•81.375 Aug. 1 *Holders of reo. July 10
$5.50 pre/erred (guar.)
General Stork Yards. corn.(guar.)
50c. Aug. 1 Holders of rec. July 1.5
Common (extra)
250. Aug I Holders of ree. July 15
81.50 Aug. 1 Holders of roe. July 15
Preferred (guar.)
General Tire & Rubber. corn.(quar.)
750. Aug. 1 Holders of rec. July 20
General Utilities. 7% pref. (monthly)__* 58 1-3c Aug. 1 *Holders of rec. July 25
German Credit & Invest. Corp., pref._ .34 Aug. 1 "Holders of reo. July 20
Allotment certificates 25% paid
87340 Aug. 1 Holders of rec. July 20
Gibson Art Co.. common guar.)
"1350. Oot.
'Holders of rec. Sept. 19
Common (qual.).
*65e. Janl'32'Holders of roe. Dee. 19
Gillette Safety Razor. pref.(guar.)
$1.25 Aug. 1 Holders of roe. July le
Gimbel Bros.. pref. (guar.)
13( Aug. 1 Holders of rec. July 15a
Globe-Democrat Publishing. pt. (guar.) 15.1 Sept. 1 Holders of rec. Aug. 20
Geld Dust Corp_ common (qual.)
62%c Aug. 1 Holders of roe. July 10.5
Goldsmith (P.) Sons Co.(guar.)
*30c. Aug. 1 'Holders of rec. July 20
Goodyear Tiro & Rubb., corn. (guar.)._
75e. Aug. 1 Holders of rec. July 30
Gorham Mfg.(guar.)
50e. Sept. 1 Holders of rec. Aug. 15
Gotham Silk Hosiery. 7% pref. (guar.) 1% Aug. 1 Holders of rec. July 100
Gramophone. Ltd.Am. dep. rets, for ord. shares
'15
Aug. 4 *Holders of rec. July 17
Granby Consol. Min.Smelt. St Pow.(qu)
25e. Aug. 1 Holders of rec. July 17a
Grand (F.& W.)5-10-25e. Sts..oref.(qu) 14 Aug. 1 Holders of rec. July 130
Grand Rapids Varnish (guar.)
*1254c Sept. 30 "Holders of rec. Sept. 19
Grant Lunch Corp.. 8% pref. (guar.)
'20c.Sept.30'Holders of rec. Sept.30
8% preferred (guar.)
*20e. Dec. 31 *Holders of ree. Dec. 15
Great Lakes Dredge & Dock (guar.)...
25c. Aug. 15 Aug. 6 to Aug. 15
Great Lakes Engineering (guar.)
"150. Aug. I *Holders of roe. July 24
Greenway Corp., common
Aug. 15
Common B
Aug. 15 Dividends all rescinded
Participating preferred
Aug. 15
Participating preferred (extra)
Aug. 15
Gruen Watch. pref (guar.)
•I 44 Aug. I *Holders of reo. July 29
Guardian Bank Shares Invest Tr., ser. I 4.185/0 Aug. 1 *Holders of rec. July 20
Guardian Investment Trust, pref. Mrs_ _ "25e. Aug. 1 *Holders of rec. July 20
Guardian Public Utility Invest. Tr., pt. "15e. Aug. 1 'Holders of rec. July 20
Guardian Rail Shares Invest. Tr., pref. *20e. Aug. 1 *Holders of rec. July 20
Guelph Carpet & Worsted Spinning Mills
Common (guar.)
25e. Aug. 1 Holders of roe. July 20
Preferred (guar.)
154 Aug. 1 Holders of ree. July 20
Guggenheim & Co.. let pref. (gear.).... '15.( Aug. 15 "Holders of rec. July 29
Haiku Pineapple, Ltd.. pref. (guar.).- .43%o Aug. 1 *Holders of rec. July 15
Hammormili Paper, corn. (guar.)
*15e. Aug. 15 *Holders of rec. July 31
Hanna (M. A.) & Co., $7 pref. (guar.)_ $1.75 Sept. 20 Holders of rec. Sept. 56
Marc, Schaffner A Marx. coin. (guar.).- •
tug. 41 *Holders ot fee Aug. 11
Common (guar.)
•1
Nov. 30 *Holders of rec. Nov. 14
Hartford Times, Inc.. pref.(guar.)
.75e. Aug. 15 *Holders of rec. Aug. 1
Hawaiian Pineapple (guar.)
50c. Aug. 31 Holders of rec. Aug. 15e
Hercules Powder, pref. (guar.)
Aug. 15 Holders of rec. Aug. 4a
Hershey Chocolate. coin.(guar.)
$1.25 Aug. 15 Holders of rec. July 25a
$1 Aug. 15 Holders of roe. July 250
Preferred (quay.)
Hewitt Bros. Soap. pref. (qual.)
*2
Oct. I *Holders of rec. Sept. 20
Jan)'3 'Holders of rec. Dec. 20
*2
Preferred (guar.)
Heyden Chemical, corn.(guar.)
50e. Aug. 1 Holders of rec. July 16
Hibbard. Spencer, Bartlett Co. (fil'OlY)
20o. Aug. 28 Holders of roe. Aug. 28
Monthly
20c. Sept.25 Holders of roe. Sept 18
•3
Hillside Cotton Mills (guar.)
Aug.
"Holders of r« July 15
Hinde & Dauche Paper, pref.(guar.)-_ •1% Aug.
*Holders of r e c.July 15
Hollinger Cons. Gold Mines, Ltd
5e Aug. 1 Holders of rec. July 29
Holt(Henry)& Co., class A (guar.)
*450. Sept.
*Holders of rec. Aug. 11
Hormel (George A)& Co., corn.(guar.). *50c. Aug. 1 'Holders of rec. Aug. 1
Preferred A (guar.)
"154 Aug. 1 "Holders of rec. Aug. 1
Horn & Hardart Co. of N Y cont.(q.) 0254e Aug.
Holders of roe. July 1 i
•134 Aug.
*Holders of rec. July 24
Horne (Jos.) Co., pref.(guar.)
Houston 011, preferred ($25 par)
*75e. Aug I *Holders of rec. July 20
•3
Aug. 1 *Holders of rec. July 20
Preferred $100 par
•Hougers or roc, sept go
Howes Bros.. 7% preferred (guar.)
,
Co
•I Ig
•1% Dec 31 *Holders of ree Dee ge
7% preferred (guar.)
6% preferred (guar.)
*14 let. I *Holders of roe Sept 20
, 21)
•1 •• lee. 31 *Holders of rec. De
6% Preferred (guar
Humberstone Shoe, common (guar.).- 50o Aug. 1 Holders of tee. July 15
Hydro-Electric Securities, prof. B
*25o. Aug I *Holders of reo. July 14
'30e 4ct. 15 *Holders of ree. Oct. 3
Illinois Brick (guar.)
Illinois Pacific Coast Co., pref.(guar.).- *75c. Aug. 1 'Holders of rec. July 21
•$1.71 Oct. 1 Holders of Teo. Sept 20
Imperial Sugar,$7 pref. (Outer.)
•11.7/ Ian I '32 *Holders of rec. Den. 20
$7 preferred (guar.)
Income Shares Corp. (monthly)
33 1-3e Aug. 1 *Holders of rec. July 25
Incorporated Investore, stock dividend. "24 Oct. lb *Holders of rec. Sept. 21
IndianaPipe Line (guar.)
25e. Aug. 15 Holders of ree. July 24
Industrial Credit Corp.of Am.,com.(qu.) 323.40. Aug. 15 Holders of rec. July 31
Industrial & Power Securities (guar.)_ *25c, Sept 1 *Holders of roe Aug i
'holders of rwe NOV 1
Quarterly
.2.50 nee
Holders of rec. Aug. 40
Ingersoll-Rand Co., cons. (guar.)
$1
Sept.
Holders of rec. Sept.22a
Internat. Business Machines, corn.(qu.) $1.50 Oct. I
International Celiucotton, corn. (quay.)_ *S1
*Holders of rec. Sept. 25
Oct.
Common (guar.)
Janl'3 *Holders of roe. Dee. 25
0$1
•134 Oct.
*Holders of roe. Sept. 25
First preferred (qUar.)
•134 Jan1•3 *Holders of roe. Dec. 25
First preferred (guar.)
Holders of rec. July 17
Internat. Cigar Machinery (gust.)
6240. Aug
International Harvester, pref. (guar.).- 1S$ Sept.
Holders of rec. Aug. 5a
Holders of rec. July 24
Internat. Nickel of Can.. Pref.
15$ Aug.
Printing Ink, pref.(guar.).Holders of rec. July 13a
134 Aug.
(guar.)_Inte
Seems. Corp. of Am.corn. A (qu.) 25c. Sept.
Holders of rec. Aug. 15
Holders of rec. Aug. 15
154 Sept.
64% preferred (guar.)
13.4 Sept.
Holders of rec. Aug. 15
6% preferred (guar.)
50e. Aug
Internat. Shoe. pref. (monthly)
Holders of rec. July 16
*500. Sept. "Holders of rec. Aug. 15
Preferred (monthly)
.500. Oct.
Preferred (monthly)
'Holders of rec. Sept 15
*50e. Noy. "Holders of rec. Oct. 15
Preferred (monthly)
"500 Dec.
Preferred (monthly)
*Holders of ree. Nov. 13
Internat. Tea Co's Stores. Ltd.
*18 Aug.
*Holders of rec. July 3
Am.dep. rcts. for ord. reg.shares
1%
Holders of reo. July 20a
Interstate Department Stores. pt. (qu.)_
Holders of rec. July 15
Interstate Equities, cony. pref. A.(ILL)- 75e. Aug.
250. Aug. 1 Holders of rec. July 31a
Intertype Corp.. corn. (guar.)
"2
Oct.
*Holders of rec. Sept. 15
1st preferred (guar.)
*35e. Aug.
Invest. Trust class A
Investment Trust Associates, com.(qu.) 123.10. Aug.
Holders of roe. July 15
*Holders of rec. July 15
Jackson & Curtis Secure. Corp.. Pt.(qu.) •154 Aug.
*Holders of rec. July 16
Jantsen Knitting Mills. common (guar.) *15c Aug.
"15$ Sept. 'Holders of rec. Aug. 20
Preferred (guar.)
Oct. 1 Holders of rec. Oct. 1
Jewel "'ea. corn.(guar.)
"25o. Aug.
*Holders of roc. July 15
Julian & Kokenge (guar.)
Kalamazoo vegetal le Parchment(au.)_. *150 Sept.8 'Holders of roe. Sept 19
•150 Dec. 3 'Holders of rec. Doe 21
Quarterly
250. Aug.
Holders of rec. July 15a
Kayser (Julius) dc Co., corn.(guar.).
15$ Aug.
Holders of rec. July 21
Kelsey Hayes Wheel.PL.ser.W.W.(011.)•
Aug
Preferred ear. K.H.(guar.)
*Holders of reo. July 21
*Holders of roe Sept 30
Kenn per-Thomas Co.. oom. (guar.).-- •764, Oct.
*75e J'n l'3 *Holders of rec. Dec 20
Common (guar.)
•154 Sept.
*Holders of reo. Aug 30
Preferred (guar.)
*Holders of tee. No' •
'15.4 Dec.
Preferred (guar.)
743:
FINANCIAL CHRONICLE
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive,
Miscellaneous (Continued).
Kekaha Sugar (monthly)
*200. Aug. 1 *Holders of rec. July 25
Kendall Co., Prof. A (guar.)
154 Sept. 1 Holders of rec. Aug. 100
Klein (D.Emil) Co., corn.(guar.)
*25o. Oct. 1 *Holders of roe. Sept.21
•15$ Aug. 1 "Holders of rec. July 20
Preferred (guar.)
*3754e Aug. 20 *Holders of rec. July 31
Knudsen Creamery, cl. A de B (guar.)_
Kress(S. H.)& Co. cont.(guar.)
25o. Aug. 1 Holders of rec. July 206
*150. Aug. 1 *Holders of rec. July 20
Special preferred (guar.)
Kroger Grocery & Baking,corn.(guar.)200. Sept. 1 Holders of roe. Aug. lla
"154 Oct. 1 *Holders of rec. Sept. 19
First preferred (guar.)
Second preferred (guar.)
•l S( Aug. 1 "Holders of rec. July 21
*11$ Nov. 2'Holders of rec. Oct. 20
Second preferred (guar.)
Lamson & Sessions Co., pref. (quar.)--- 111.75 Aug. 1 'Holders of rec. July 22
Land & Royalty Corp., 01. A (monthly)_ .08 1-3c Aug. 1 'Holders of rec. July 25
.endls Machine, common (guar.)
The Ault. 15 Holders of rec. Aug
Common (guar.)
75e Nov 15 Holders of rise Nov. 5
Preferred (guar.)
*144 Sept. 15 *Holders of rec. Sept. 5
Preferred (guar.)
•11$ Dee. 15 *Holders of roe Dee. 5
Lane Bryant, Inc., pref.(guar.)
144 Aug. 1 Holders of roe. July 15
Lansing Co.(guar.)
*40o. Aug. 1 'Holders of rec. July 15
Lerus & Bro.(Jo_ preferred (guar.)
1 *Holders of roe Sept. 23
"2
Om
Lawbeek Corp., prof.(guar.)
"1.14 Aug. 1 'Holders of rec. July 20
Lazarus(F.& R.) Co.. pref.(guar.).--- •154 Aug. 1 *Holders of roe. July 20
Leaders of Industry Shares,series A.....' 19.58c Aug. 1 'Holders of rec. July 16
Series B
"30e. Aug. 1 "Holders of rec. July 16
Series C
12.67e Aug. 1 "Holders of rec. July 15
Letcourt Realty Corp.. corn.(quar.)---40e. Aug. 15 Holders of rec. Aug. 5
Lehigh Coal & Navigation,corn
30e Aug. 31 Holders of roe. July 31a
Lehn & Fink Products Co.,corn.(guar.)_
75o Sept. 1 Holders of tee. Aug. 15a
Lerner Stores Corp., Prof.(guar.)
"154 Aug. 1 *Holders of roe. July 22
Liggett & Myers Tob.,com.& com.B(qu) Si
Sept. 1 Holders of roc. Aug. 170
Limestone Products. 7% pref.(quar.)- "5214e Oct. 1 "Holders of rec. Sept. 15
*6254e Janl'32 *Holders of rec. Dec. 15 ,
2% Preferred (guar.)
of ree.Mar 15'32
7% preferred (guar.)
'62%c A prl'32
Lincoln Printing, common (guar.)
500 Aug. 1 Holders of ree. July 21
Preferred (guar.)
87540 Aug. 1 Holders of fee. July 21
Lincoln Stores
*25c. Sept. 9
Lindsay (C..W.) & Co., corn.(guar.)..
25e. Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
14 Sept. 1 Holders of rec. Aug. 15
Link-Belt Co., corn. (guar.)
50c Sept. 1 Aug. 16 to Aug. 31'
L1qu1d Carbonic Corp.. corn. (guar.)...
75e. Aug. 1 Holders of tee. July 204
Lock Joint Pipe, Co. corn. (monthly)_ _ *67e. Aug. 31 'Holders of roe. Aug. 31
Common; monthly)
*67e. Sept.30 *Holders of rec. Sept. 30.
Common (monthly)
"67e. Oct. 31 *Holders of rec. Oct. 31
Common (monthly)
"67e. Nov.30 *Holders of rec. Nov. 3O
Common (monthly)
'67e, Dec. 31 *Holders of rec. Dec. 31
Przfered (guar.)
Oct. I *Holders of reo. Oct. 1
*3
Dee. 31 *Holden, of ree Dec. 31
....ferret, (quer w
t2
Loew's Boston Theatres (guar.)
15e. Aug. 1 Holders of too. July 18
$1.625 Aug. 15 Holders of rec. July 3I0
Loews. Inc., preferred (guar.)
Loew's Ohio Theatres, pref.(guar.)
2
Aug. 1 Holders of rec. July 24
Loose-Wlies Biscuit. corn. (guar.)
600 Aug. 1 Holders of reo. July 170
100 Aug. 1 Holders of reo. July 176
Common (extra)
Lord Baltimore Hotel, let pref. (quar.)- *15$ Aug. 1 *Holders of roe. July 25 •
"14 Sept. 1 *Holders of ree. Aug. 17
Lord & Taylor, let pref. (guar.)
Aug. 1 Holders of ree. July 176
2
Second preferred (guar.)
Louisiana 011 & Refg.. 64% Pf. (guar.) 15$ Aug. 15 Holders of rec. Aug. la
Lucky Tiger Combination Gold Min.
*3e. Oct. 20 *Holders of rec. Oct. 10
Common
"3e. Jan203 "Holders of rec. Jan. 10
Common
*30. Ap20'3 *Holders of roe. Apr. 10
Common
*Holders 91 roe. Sept-21
Lunkenhetroer Co., preferred (guar.).- - e144 Oct.
•11.4 Ian 112 *Holders of rec. Dee. 23 '•
,..rectsm ,guar
'Holders of rec. July 21
Aug.
*2
Luther Manufacturing (guar.)
Lynch Corporation (qual.)
"50c. Aug. 1 *Holders of rec. Aug. 5
*Holders of rec. July 20
"14 Aug.
Lyon Metal Procuts, pref.(guar.)
Holders of rec. July 15
maciOnnon Steel Corp Ltd.. nf. (Q11.) 15$ Aug.
Holders of roe. July 20
MaeMarr Stem, corn.(2 mos. div.)._ 16 2-3o Aug.
75o. Aug. 1 Holders of roe. July 246
Macy GI II.) & Co .com.(guar.)
Magnin (I.) & Co.,6% pref.(guar.).- '14 Aug. 1 *Holders of me. Aug. 5
.14 Nov. I *Holders of roe. Nov. 5 .
flot Preferred (agar.).....
*Holders of ree. July 25
Aug.
Majestic Royalty Corp.(spec.)(In stk.). 'Cl
•1,‘ Aug.
*Holden( of rec. July 18
Mallory Hat, pref. (guar.)
'Holders of rec. July 15
Manchester Cotton Mills (guar.)
Aug.
*2
Manischewits (B.) & Co., corn. (guar.). *6254c Sept. *Holders of roe. Aug. 20 '
Marathon Razor Blade. Inc. (monthlY)- .3340. Aug. I *Holders of rec. Aug. 1
Monttly
*354e. Sept .1 *Holders of roe. Sept. '1
Afonthly.
.8%11. Oct. I *Holders of rec. Oct. 1
.1140. Noy. 1 *Holders of rect. Nov. 1
Monthly 0314e. Dec. 1 *Holders of re(' 114,41. 1
monthly .
*Holders of rec. July 20
Marine Rancor!,(guar.)
*250 Aug.
may Department stores. eons. (guar.)
42 tie Sept. 1 Holders of ree. A tic 150
May Radio & Television (guar.)
"25e. Aug. 15 *Holders of rec. July 31 '
$1.50 Aug. I Holders of roe. July 154
Maytag Co., tat pref.(guar.)
75e. Aug. 1 Holders of rec. July 156 ,
Cumulative preference (guar.)
McCall Corp. (guar.)
6214e Aug. 1 Holders of roe. July 20a
meCrory Stores Corp.. pref. (guar.).- 1% Aug. 1 Holders of rec. July 206
McIntyre Porcupine Mines (guar.)
250. Sept. 1 Holders of rec. Aug. la
Ai oKee(Arthur D.) Co..clams B(qu.). *87 40 Oct. 1 *Holders of rec. Sept. 20
Melville Shoe. common (guar.)
•50e Aug. 1 'Holders of rec. July 176
•13.i Aug, 1 *Holders of roe. July 17
First preferred (guar.)
Second preferred (guar.)
*7140 Aug. 1 'Holders of rec. July 17
•114 Sept. 1 *Holders of rec. Aug. 15
Mengel Company,Pref.(guar.)
Metal Textile Corp.. panto. nt. (guar.). 813.40 Sept. 1 Holders of tee. Aug. 20
"$1.50 Aug. 1 *Holders of rec. July 20
metal Thermit Corp.. corn.(guar.)
Metropolitan Industries, pref. (guar.)- 031.50 Aug. 1 "Holders of rec. July 20
Pref. allot. Mts. 50% paid (qUar.).- "750. Aug. 1 'Holders of rec. July 20 •
1.5e. Aug. 15 Holders of roe. Aug. 5
Meyer Blank° Co.. common
4.150 .Aug. 1 &Molders of rem Aug. 1
Mickelberry's Food Product, corn. (qu.)
•f2,1 bit, 15 "Holders of rim. Aug 1
gunmen (payable in corn. stoat("ommon (Payable In corn. stook).--- '(234 Jos,16 *Holders M roe Vov 2
Aug, 1 *Holders of roe. July 20 -,
*3
Midland Grocery Co., corn
Aug: 1 "Holders of rec. July 15
*4
Milsted Mfg. (guar.)
Minnesota Valley Can, pref.(quar.)
.154 Aug. I *Holders of roe. July 20
*154 Nov. 1 *Holders of roe. Oct. 20 ,
Preferred (guar.)
15$ Febl'32 Holders of me. Jan. 20'32 •
Preferred (guar.)
Miss.Val. Utility Invest., prior pref.(gU.) "31.50 Aug. 1 *Holders of reo. July 15
'6254c Aug. 1 *Holders of rec. July 15
Mitchum Tully Panic., pref
75e. Aug. 1 Holders of rec. July 20
Modlne Mtg., corn. (guar.)
25o. Aug. 29 Holders of rec. July 31
Mohawk Mining
Montgomery Ward & Co., el. A (gu.).-- *$1.75 Oct. 1 *Holders of rec. Sept.20
Moody's Investors Service, part. pf.(gu.) 75e, Aug. 15 Holders of rec. Aug. 1
Morris Plan Bank (Cleveland) (quar.)-- *3 Aug. 1 *Holders of rec. July 25
Morris Plan Co.(Rhode Island) (quar.)_ •15$ Aug. 1 *Holders of rec. July 24
Mortgage Corp. of Nova Scotia (guar.). "154 Aug. 1 *Holders of rec. July 21
$1.75 Aug. I Holders of reo. July 150
Mullins Mtg., prof. (guar.)
50e. Sept. 1 Holders of rec. Aug 14a
Munstngwear Corp., corn.(qual.)
50e. Dee. 1 Holders of reo. Nov Itia
Common (qual.).
14 Sept. 1 Holders of rec. Aug. 20
Muskogee Co., pref. (guar.)
Aug. 1 Holders of ree. July 20s Nash Motors (guar.)
$1
National Bearing Metals, pref.(quar.)
I% Aug. 1 Holders of roe. July 16
be.Oct. 15 Holders of too. Sept. 186
National Biscuit, corn.(guar.)
I% Aug. 31 Holders of roe. Aug. 140
Preferred (guar.)
Aug. 1 Holders of roe. July 204
National Carbon. pref. (guar.)
2
National Dept. Stores, lot pref.(guar.). $1 Aug. 1 Holders of roe. July 154 '
50e. Aug. 1 Holders of ree. July 156
National Distillers Products. coos. (au.)
Nat. Guar.& Fin., 1st & led pref.(qu.) '154 Aug. 1 *Holders of rec. July 10
National Industrial Loan (monthly)-- - - 'Sc. Aug. 10 *Holders of rec. July 31
*el
Sept. 10 "Holders of rec. Aug. 31 ,
Monthly (payable in stock)
'Sc. Oct. 10'Holders of rec. Sept. 30 '
Monthly
625.40 Aug. 1 Holders of reo. July 22
National Investment Shares, Prof
14 Aug. 1 'Holders of rec. July I70
National Load, Preferred B (guar.)
*124e Aug. 15 *Holders of rec. Aug. 1
National Refitting corn.(guar.)
*1254e Nov. 15 "Holders of rec. Nov. 1
Common (guar.)
National Republic Invest. Trhst- •
*50c. Aug. 1 *Holders of roe. July 25
Pref. allotment certificates(quar.)
National Sash Weight, pref. (quar.)--* 873.4c. Aug. 1 "Holders of rec. July 20 •
*154 Aug. 15 *Holders of tee. Aug. 1
Nat. Securities Invest.. pref. (allot%)
National Short Term Securities1041. Aug. 1 Holders of rec. July 10 '
Common A (guar.)
174e Aug. 1 Holders of Tee. July 10 •
Preferred (guar.
15.4 Sept.30 'Holders of rec. Sept.190'
National Supply, pref. (guar.)
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (ContIntied).
1331c Aug. 1 Holders of rec. July 14
National Tea, pref. (guar.)
Nation-Wide Secur. Trust, ctfs. sex. B.- 'Sc. Aug. 1 *Holders of rec. July 15
*1% Sept. 1 •Holciers of rec. Aug. 20
Ne1man-marcus Co.. pref. (guar.)
'154 Dee. 1 *Holders of roe. Nov 20
Preferred (guar.)
154 Aug. 1 Holders of rec. July 15
Nelsner Bros.,Inc., pref.(quar.)
4.750 Aug. 1 *fielders of roc. July 15
pref.(qu.)
Can.,
6%
West.
Neon Prod. of
2
Aug. 15 Holders of rec. Aug. la
Neptune Meter, preferred(quar.)
Nov. Is Holders of roc. Nov. lc
2
Preferred (guar I *1% Sept. 1 *Holders of reo. Aug. 15
Newberry (J. J.) Co., pref. (guar.)
ii Realty. pref. A (guar.). 1% Aug. 1 Holders of roe. July 16
Newberry
114 Aug 1 Holders of ere. July 16
Preferred B (guar.) _
New Amsterdam Casualty, Balt. (qu.)_ _ "500. Aug. 1 *Holders of rec. July 20
6254o Aug. 1 Holders of rec. July 15
New England Equity Corp. (guar.).
N. E. Furniture & Carpet. pref. (qu.). *I% Aug. 15 *Holders of rec. July 31
New England Crain Prod.
Aug. 1 *Holders of rec. July 14
Coin.(1-100 share In pref. A stook)
Feb1'32 *Hold,of rim. Jan. 14'32
Corn.(1-100 share In Prof. A stook) _ _
•$1.75 Oct. 1 *Holders of roe. Sept. 20
$7 preferred (guar.)
•$1.75 Jan2'32 *Holders of roe. Dee. 20
$7 preferred ((uar.)
"81.50 Oot. 15 *Holders of roe. Oct. 1
Preferred A ((mar.)
*51.50 Ja 15'32 •Hold, of ree. Jan. 2 '32
Preferred A (guar.)
*1% Aug. 1 "Holders of rec. July 24
New Haven Clock. pref.(guar.)
50c. Aug. 10 Holders of rec. July 200
New Jersey Zino (guar.)
1% Aug. 1 Holders of rec. July 27
New Process Co., 7% preferred
New River Co. pref. (accr. accum. dive) 114 Aug. 1 Holders of rec. July 18
25c. Aug. 1 Holders of rec. July 76
New York Air *Brake (guar.)
2% Aug. 15 Holders of rec. Aug. 5a
New York Dock, pref
•250. Aug. 1 'Holders of rec. July 20
New York Merchandise Co., corn.(qu.)
•15.4 Aug. I *Holders of rec. July 20
Preferred(guar.)
*20e. Aug. I 'Holders of rec. July 25
Niagara Arbitrage Corp.(No. 1)_
.
Nineteen Hundred Corp., ol. A (quar.)- *50c. Aug. 15 *Holden of rec. Aug. 1
*50c. Nov.15 *Holders of rec. Nov. 1
Class A (guar.)
*10e. Aug. 1 *Holders of rec. July 20
Noma Electric Co.(guar.)
Northern Discount. pref. A (mtb17.)-•66'2-3c Aug. 1 "Holders of rec. July 15
Preferred A (monthly)
•662-30 Sept. 1 *Holders of tee. Aug. 15
•662-3c Oct. 1 *Holders of roe. Sept.15
Preferred A (monthly)
•662-3c Nov. 1 *Holders of roe. Oct. 15
Preferred A (monthly)
Preferred A (monthly)
•662-3c Dee. 1 *Holders of rec. Nov. 15
Preferred A (monthly)
•88 2-3c Janl'32 "Holders of rec. Dee. 15
•I
Aug. I *Holders of rec. July 15
Preferred (3 (monthly)
Sept. 1 *Holders of tee. Aug. 15
Preferred 0(monthly)
*1
•1
Oct. I "Holders of tee Sept. lb
Preferred C (monthly)
*1
Nov. I "Holders of roe. Oct. 15
Preferred 0(monthly)
*1
Dec. 1 *Holders of rec. Nov. 15
Preferred C (monthly)
*I
J'n 1'32 *Holders of tee. Dec. 15
Preferred C (monthly)
Northland Greyhound Lines, pf.(qu.)' 81.625 Oct. 1 *Holders of roe. Sept. 20
*250. Aug. 1 *Holders of rec. July 15
Northwest Engineering (guar.)
Noyes(C. F.) Co., Inc.,8% Pref.(qui - •1% Aug. 1 *Holders of rec. July 31
011yee United Filters. class A (guar.).- •500. Aug. 1 *Holders of rec. July 20
I
Oct.
Ontario Tobacco Plantations, pref. (qu.1
1
Jan.'32
Preferred (quarterly)
_.
_
750. Aug. 15 Holders of roe. July 316
Oppenheim Collins & Co. corn. Omar.).
Aug. 1 *Holders of rec. July 25
Osivego Falls Corp.,8% first pref.(qu.). "2
$1
Aug. I Holders of rec. July 200
Outlet Co. common (guar.)
1% Aug. 1 Holders of roe. July 20a
First preferred (guar.)
1% Aug. 1 Holders of rec. July 20
Second preferred (guar.)
50c. Aug. 15 Holders of rec. July 30a
Owens-Ill. Glass, corn. (guar.)
114 Oct. 1 Holders of rec. Sept. 15
Preferred (guar.)
•60c. Aug. 1 *Holders of rec. July 20
Pacific Clay Products(guar.)
Pacific Finance Corp.(Delaware)*20c. Aug. 1 *Holders of me. July 15
Preferred A (guar.)(No. 1)
Pacific Flounce Corp.(Calif.)16tic. Aug. 1 *Holders of rec. July 15
Preferred C(guar.)(No.1)
17).4c. Aug. 1 *Holders of rec. July 15
Preferred D (quar.)(No. 1)
Package Machinery. 1st pref.(guar.). _ •131 Aug. 1 *Holders of rec. July 20
10c. Sept. 12 Holders of rec. Aug. I5a
Packard Motor Car Corn.(quar.)___ _
•134 Aug. 1 *Holders of rec. July 22
Pahl:mint Corp.(guar.)
Parker (S. C.) & Co., class A (guar.)._ "50o. Aug. 1 *Holders of rec. July 25
*25c. Aug. 15 *Holders of rec. Aug. 1
Parker Pen, common (guar.)
*1% Aug 1 *Holders of rec July 15
Peabody. Coal, pref. (guar.)
Peabody Engineering. pref. (guar.).
"154 Sept. 30 "Holders of rec. Sept .20
'1'-) Deo. 31 *Holders of roe. Dec 20
Preferred Omar.)
Peaalee-Gaulbert Corp.. pref. (quar.)-- 'I% Oct. I *Holders of tee. Sept. 25
Penmans Ltd.. common (guar.)
$1
Aug. 15 Holder, of reo. Aug. 5
154 Aug. 1 Holders of rec. July 21
Preferred (quar.)
7%c Aug. 1 Holders of ree. July 156
Penn Traffic Co
Pennsylvania Bankshares & See. vi.(qu.)'62)4e Sept. 1 *Holders of rec. Aug. 15
.13214o Dee. 1 *Holders of rec. Nov. 15
Preferred (quar.)
Pennsylvania Industries, Inc. pref. (qu.) •1% Aug. I "Holders of reo. July 15
'114 Nov. 2 *Holders of rec. Oct. 15
Preferred (guar.)
Pennsylvania Investing Co.. et. A (qu.). 624c Sept. 1 Holders of rec. July 31
•35e. Aug. 1
Penn. Sec Invest. Tr. Inv. Tr., cl A _
Petroleum Landowners Corp.(monthly)_ "250. Aug. 15 *Holders of rec. July 31
51.50 Aug. 1 Holders of rec. July 100
Phlla Insulated Wire
1% Aug. 1 Holders of rec. July 201
Phillips-Jones Corp., pref.(guar.)
•50e Oct. 10 "Holders of reo Sept. 30
Phoenix Finance Corp., pref.(guar.)._
*50e jn10'32 *Holders of rec. Dee. 31
Preferred (guar.)
Pierce-Arrow Motor Car, Prof. ((Mar.).-1% Sept. 1 Holders cd rec. Aug. 10a
*10e. Aug. I *Holders of rec. July 20
Pioneer Mill Co.. Ltd.(monthly)
Pitney-Bowes Postage Meter (in stock)... *e2 Oct. 1 "Holders of reo. Sept. 15
Pittsburgh-Erie Saw Corp., pref.(guar.) $1.75 Aug. 1 Holders of rec. July 20
Pittsburgh United Corp.. pref.(guar.)- I% Aug. 1 Holders of rec. July Ito
d581:c. Aug 1 Holders of rec. July 24
Planters Realty, pref.(monthly)
Pogue (H. & S.) Co.. pref. (quar.)
'134 Aug. 1 *Holders of rec July 15
15c. Aug. I Holders of rec. July 15
Port Huron Sulphite & Paper (quarj_ _ _
•8754c Aug. 15 *Holders of rec. Aug. 1
Powdrell & Alexander, corn. (quar.)
Preferred (quar.)
"1% Oct. 1 *Holders of rec. Sept. 15
Process Corp., corn. (guar.)
"50. Aug. 1 'Holders of rec. July 21
Procter & Gamble. common (guar.).-- 60e. Aug. 15 Holders of rec. July 250
Public CUL Secur. Corp., pref.(qu.)..._ *7$1.75 Aug. 1 *Holders of rec. July 27
Aug. 15 Holders of rec. July 246
gi
Pullman. Ins.(guar.)
Phrity Bakeries ((mar.)
"75e. Sept. 1 *Holders of rec. Aug. 14
Pyrene Mfg., corn. (guar.)
to
lily 31
10o. Aug. 1 July 18
QUaker Oats. pref (quar.)
•134 Aug. 31 *Holders of roe. Aug. 1
Qntricy Market Cold Storage & Warehouse. pref. (guar.)
"1% Aug. 1 *Holders of roe. July 18
Radio Corp. of Amer., pref. A (guar.)_ _ _ 8740. Oct. 1 Holders of rec. Sept. la
Preferred B (quar.)
51.25 Oct. 1 Holders of rec. Sept. la
Randall Corp., class A (quar.)
•500. Aug. 1 'Holders of ree. July 25
Raymond Concrete Pile, pref. (guar.)
•750. Aug. I *Holders of roe. July 20
Realty Shares, special (payable In stock) "e3
Aug. 15 'Holder, of rec. June 25
Reed (C. A.) Co.. class A (quar.)
50c. Aug. I Holders of rec. July 21
Class B
1234c Aug. I Holders of rec. July 21
Republic Service Co.. pref. (quar.)
*1% Aug. 1 *Holders of rec. July 15
Republic, Supply Co. rquar.)..._ _ _
75c. Oct. 15 Holders of rec. Oct. 1
Revere Copper & Brass. pref. (qUar.)
151 Aug. 1 Holders of rec. July 10a
*25c. Aug. 15 *Holders of rec. Aug. 1
Reymer & Bros. (guar.)
Rich Ice Cream,corn.(guar.)
•500. Aug. 1 *Holders of rec. July 15
Rich's, Inc., com.(guar.)
•300. Aug. 15 *Holders of rec. Aug. I
854% preferred (auar.)
*I% Sept. 30 *Holders of rec. Sept. 15
Riverside Cement, let pref. (quar.)
'51.50 Aug. 1 *Holders of rec. July I
Aug. 1 *Holders of rec. July 21
Roland Pk. Homeland, Prof. (guar.).- •1
*90c. Aug. 1 "Holders of rec. July 15
Rollins Hosiery Mills.pref.(quar.)
*3114o Aug. 1 *Holders of tee. July 15
Roos Bros.. common (guar.)
• 51.625 Aug. 1 *Holders of roe. July 15
Preferred (quar.)
Roper(Geo. D.)Corp.. prof.(guar.). _ "1% Aug. 1 *Holders of rec. July 15
Rose's 5-10 & 25e. Stores. pref
'134 Aug. 1 *Holders of tee. Aug. 1
93.85c Aug. 4 Holders of rec. July 22a
Royal Dutch Co. New York Shares
*Holders of rec. July 20
"80 Aug.
Royalties Management, corn. (No. 1)
Holders of rec. July 15
750. Aug.
Russell Motor Car., common (guar.).-Holders of tee. July 15
1% Aug.
Preferred (guar.)
*Holders of rec. July 20
Ruud Manufacturing common (guar.)._ •50e. Aug.
*Holders of reo. Oct. 20
8500. Nov.
Common (guar.)
*Holders of rec. July 23
Ryerson (Joseph 1'.) & Son. Inc.(quar.) •30c. Aug.
*Holders of rec. Oct. 19
•30e. Nov.
QUarterly
25e. Sept.2 Sept.11 to Sept. 21
Pt. Joseph Lead Co.(guar.)
25e. Dee. 2 Dee. 11 to Dee. 21
Quarterly
*Holders of rec. July 20
St. Lawrence Flour Mills. pref.(gear.)._ •15.1 Aug.
Holders of rec. July 25
1% Aug.
SC Louis Car, pref.(quite)
Holders of rec. July 27
1% Aug.
St. Louis Screw & Bolt.pref.(quar.).
Holders of tee. July 156
35e. Aug.
Stilt Creek Producers Assn.(guar.)
[VOL. 133.
FINANCIAL CHRONICLE
744
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inaustee.
Miscellaneous (Continued).
Sept. 1 *Holders of rec. Aug. 15
Saranac Pip k Paper. stork dividend. *as
Ravage Arms, 2nd pref. (guar.)
'1% Aug. 15 "Holden of roe. Aug. 1
Savannah Sugar Refg., corn. (guar.)._ $1.50 Aug. 1 Holders of rec. July 15
Holders of rec. July 15
. 1 Holde
Preferred (guar.)
1%
*Holders of rec. July 21
Schumacher Wall Board. prof. (quar.).. *50c. Aug.
Scott Paper Co., pref. A (guar.)
1% Aug.1 Holdersof rec. July 17
Holder, of rec. July 17
Preferred B (guar.)
Scotten-Dillon Co., corn. (guar.)
"30e. Aug. 15 'Holders of rec. Aug. 7
Common (extra)
•10c. Aug. 15 *Holders of rec. Aug. 7
Seaboard National Security (guar.). • 37 Si C. Aug. 1 *Holders of rec. July 20
Seaboard Surety (guar.)
12540 Aug. 15 Holders of rec. July 31
Seaboard Utilities Shares of Del., corn.mig I1 Holders of rec. July 13
70. Aug..
Sears. Roebuck & Co., corn. (etlar.)- - - 025-40
Holders of rec. July 96
Securities Co.(N. Y.)
. 15
1 *Holders of rec. July 30
'234
Securities Corp. General, corn.(quar.).. "100 Aug.
*Holders of rec. July 22
$7 preferred (guar.)
Aug.
1 "Holders of rec. July 22
*31.75 A
u
36 preferred (guar.)
*31.50 Aug. 1 *Holders of rec. July 22
Seeman Bros.. com.(guar.)
75e Aug. 1 Holders of roe. July 15
Selby Shoe,common(guar.)
Holders of rec. July 206
350.
Preferred (guar.)
134 Aug. 1 Holders of rec. July 200
Serv. Sta., Ltd.(Toronto) cum. pf. (On.) 1%
ders of rec. July 15
. 1 Hotter,
Cumulative preferred, series A (guar.) 1% Aug.
Holders of rec. July 15
Beton Leather, common (guar.)
•25c. Aug.Aug 1 *Holders of rec. July 16
Sharp & Dohme, Inc., pref. A (guar.)
Holders of rec. July 17a
87 tg c.
Shareholders Inv, Corp.(guar.)
"30e. Aug. 1 "Holders of rec. July 20
stteaffer H A.) Pen 'o con ,no
liomers
ree -• or 1
Sept 1
*81
Preferred (guar.) _
*2
Oct. 20 "Holders of tee Sept. 20
Shenandoah Corp.. cony. pref.(gu.)so
Aug. 1 Holders of rec. July 3
Shumacher Wall Board, panic. PL(f111.) •50c. Aug. 15 "Holders of rec. Aug. 5
Sliver (Isaac) & Bros. Co., pref. (qu.). _ •I 3.4
1 "Holders of rec. July 13
simpsons, Ltd.(Montreal). cl. A (guar.) 50e. Aug.
Holders of rec. July 20
6%% preferred ((mar.)
15
1 Holders of rec. July 206
134
Sinclair Consolidated 011, pref. (guar.)_ _
2
Aug.
Holders of rec. Aug. la
Skinner Organ (guar.)
• 37Sic. Aug. 1 "Holders of rec. July 25
Smith Agricultural Chem., corn. (quar.).. *25e. Aug. 1 *fielders of rec. July 21
Preferred (guar.)
Aug.
. 15
1 *Holders of rec. July 21
Solvay Amer. Investment, pref. (guar.). 1%
Holders of rec. July 150
Sou. Fag. Golden Gate cl. A At B (qu.).... "37%e Aug. 15 *Holders of rec. July 31
Preferred (quar)
•1% Aug. 1' *Holders of rec. July 31
Spam;Chalfant dr Co., Inc., pref.(qM.).154 Oct. 1 Holders of roe. Sept. 15a
Squibb (E. R.) & Sons, corn.(gear)..... *25c. Aug. 1 "Holders of reo. July 15
•1 yi Aug. 1 *Holders of rec. July 15
First preferred (guar.)
Standard Cap & Seal, corn. (guar.)
60e. Aug. 15 Holders of rec. Aug. 1
Standard Corp., Inc.(guar.)
"7c. Aug. 1 *Holders of rec. July 20
Standard Financial Corp
•10c. Aug. 15 *Holders of rec. July 25
Standard Investing Corp., pref
50c. Aug. 1 Holders of rec. July 20
Standard Paving & Materials, pref.(qu.) 1. Aug. 15 Holders of roc. July 31
Stanley Works, pref. (guar.)
•37 Sic Aug. 15 'Holders or rre. Aug. 1
Steel Co. of Canada, corn, & pfd (guar.) 4354o Aug. I Holders of rec. July 7
40c. Aug. 15' Holders of rec. July 31
Stein (A.) & Co., common (quar.)
*4354e Sept 30;•Holders of roe. Sept. 15
Stix Baer & Fuller. pref. (guar.)
*43%e Deo. 31 'Holders of rec. Dee. 15
Preferred (quar 1Storkline Furniture, pref. (omar.)
"25c. Aug. 1 *Holders of rec. July 20
Stott Briquette, Inc., 52 pref.(quar.) . "50e. Aug. 1 *Holders of rec. July 20
563'le Aug. 1 Holders of rec. July 226
Stouffer Corp., class A & B (guar )
Suburban Elec. Securities, tat pref.(qu.) •1 % Aug. 1 *Holders of rec. July 15
75e. Aug. 1 Holders of rec. July 20
Sun Investing Co., pref. (guar.)
25e. Sept. 15 Holders of rec. Aug. 25
Sun 011, corn.(quar.)
el yi Sent. 1 *Holders of rec. Aug.
Preferred (quar.)
10
Superior Portland Cement. al. A (mthly.) *27Sic Aug. 1 *Holders of rec. July 23
250 Aug. 1 Holders of too. July 15
Sweets Co of America, Inc.(guar.)
81.50 Aug. 15 Holders of rec. July 15
Swift International
Aug. 1 *Holders of rec. July 20
*2
Taylor & Fenn (attar.)
150. Aug. 1 July 18 to July 31
Teck.Hughee Gold Mines, Ltd
350. Aug. 1 Holders of rec. July I5a
Telautograph Corp.. corn. (guar.)
*20c. Aug. 1 *fielders of rec. July 20
Telephone Invest. Corp. (monthly)
75c. Sept. 15 Holders of rec. Sept. la
Texas Gulf Sulphur (guar.)
90c. Aug. 15 Holders of rec. Aug. 5
Thatcher Mfg.. cony. pref. (guar.)
I Si Aug. 15 Holders of reo. July 160
Tide Water Oil. pref.(guar.)
20c Aug. 15 Holders of tee. July 24a
Tobacco Products Corp.. class A (guar.)
•500. Aug. 1 *Holders of roe. July 20
Trimount Dredging, class A (au.)
Aug. 1 Holders of rec. July 200
$1
Troxel Mfg., corn.(guar.)
I% Aug. 1 Holders of rec. July 200
Preferred (guar.)
•25c. Aug. 10 "Holders of rec. July 31
Truna Pork Stores (guar.)
150 Oct. 15 Holders of rec. Sept.250
Truseon Steel. corn. (guar.)
154 Sept. I Holders of rec. Aug. 21
Preferred (guar.)
*11c. Aug. 1 "Holders of coupon No.2
Trustee Stand. Shares, sec. C
*18e. Aug. 1 *Holders of coupon No.2
Series D
Tung-Sol Lamp Works. Inc., COM.(qu.). '25c. Aug. 1 *fielders of rec. July 20
•750. Aug. 1 *Holders of rec. July 20
Preferred (guar./
Me. Aug. 1 *Holders of rec. July 25
Turner Tanning Mach. (quar.)
Twelfth Street Store Corp., pref. A (qtr.) .250. Aug. 1 *Holders of MC. July 24
Underwriters Finance, 7% pf. (qu.).....'
1 34 Aug. 1 *fielders of rec. July 20
*30c. Aug. 1 *Holders of rec. July 18
Union County Corp. (guar.)
*500. Aug. 9 *Holders of rec. July 18
Union Oil Associates (guar.)
500. Aug. 10 Holders of rec. July 180
Union Oil of Calif. (guar.)
United American CUL, Inc., el. A (qu.). 32Si c. Sept. I Holders of rec. Aug. 12
United Biscuit of America,',pm. (qu.)
600. Sept. 1 Holder, of rec. Aug. 150
Preferred (guar.)
134 Aug. 1 Holders of reo. July 16a
United Cigar Stores of Amer., pref.(au.) 154 Aug. 1 Holders of rec. July 10a
1 4 Nov. 2 Holders of rec. Oct. 9c
Preferred (guar.)
United Ins. Tr.Shares, ser F
*2 2.8610 Aug. 1 *Holders of rec. June 20
50e. Aug. : Holders of roe July 15a
United Piece Dye Works. corn.(guar.)
50e Nov. i Holders of rec. Oct. 15a
Common (guar.)
1 ti Oct. 1 Holders of rec. Sept. 19a
Preferred (guar.)
154 Jan I '111‘ Holders of rec Dee. 19a
Preferred (guar.)
Sept. 15 Holders of rec. Aug. 260
$I
United Stores Corp., pref. (guar.)
250. Aug. I Holders of roe. July 20
United Verde Extension Mining (guar.)
*70. Aug. 1 *Holders of rec. July 17
U.S. Bank Corp.(monthly)
10e. Aug. 1 Holders of roe. July 15
U.S.& Brit. Internat. Co., corn. A (qu.)
75e. Aug. I Holders of rec. July 15
$3 Preferred (guar.)
U. S. Elec. Power Corp.. prof. (Oust.)... •51.50 Aug. I *Holders of tee. July 2
U.S. Fidelity & Guar. (Bait.) (guar.)... •25c. Aug. 15 *Holders Of rec. July 31
21.50 Aug. I Holders Cl roe. Jely lii
U.S.& Foreign Securities. let Prof. (cm
• 62 tic. Oct. 1 *Holders of roe. Scot. 20
U.S. Playing Card (guar.)
250. Sept. 15 Holders of rec. Aug. 17a
U.S. Realty & Improvement
&Pc (let. 2(. Holders of roe Sept. 300
United Stales Plpe & Fdy.. Oom• NUJ_
50e Jn20'32 Holders of rec. Deo. 3Ia
Common (guar.)
First preferred (quar.)
30c Oct. 20 Holders of me Sept.300
30c J112032 Holders of roe Dee 31a
First preferred (guar.)
Universal Leaf Tobacco. 00En. (quar.)-750. Aug. 1 Holders of roe. July 17a
Oct. 1 *Holders of rec. Sept. 15
*51
Upressit Metal Cap, pref. (guar.)
100. Aug. 1 Holders of rec. July 9
Utilities Flydro & Rails Shares.....
Utility & Industrial Corp.. prof. (gust.) 37%c. Aug. 20 Holders of rec. July 31
Vapor Car Heating, pref. (guar.)
'134 Sept. 10 *Holders of ree. Sept. 1
*14 Dec 10 *Holders of reel. Dec. 1
Pre/erred (guar.).
.40e. Aug. 15 *Ilolders of rec. July 31
Veeder Root. Inc..(guar.)
Aug. 1 *Holders of rec. July 8
Victor Talking Machine,common(quar.) '$1
Va:Carolina Chem., prior pref. Mari- I% Sept. 1 Holders of roe. Aug. 17a
Oct. 20 Holders of reo. Oct. 7a
Vulcan Detinning, corn.(guar.)
1
Preferred (guar.)
134 Oct. 20 Holders of rec. Oct. 7a
*150. Aug. 1 "Holders of rec. July 20
Walker & Co.. class B (quar.)
•750. Aug. 1 *Holders of rec. July 20
Walker Mfg. Co.$3 pref.(quar)
Waltham Watch,8% pref. guar.)
.500. Oct. 1 "Holders of roe. Sept. 21
Weber Showcase & Fixture, 1st pref.(qu) *50c. Sept. 1 *Holders of rec. Aug. 15
Westchester First National Corp.. pref. •87540 Dee 20 *Holders of rec. June 30
West Va. Pulp & Paper.8% pref. qtr.).
154 Aug. 15 Holders of rec. Aug. 1
I% Nov. 16 Holders of reo. Nov. 2
6% preferred (guar.)
Western Dairy Products, pf. A (qu.). _ _ *$1.50 Sept. I *Holders of roc. Aug. 20
Western Grocer (Iowa), corn. (guar.)._ "37lic Aug. 1 *Holders of rec. July 21
Western Insurance Security. el. A (qu.)_ '6254c Aug. 1 "Holders of rec. July 15
'1 34 Aug. I *Holders of rec. July 15
Preferred (guar.)
Western Newspaper Union, 7% PL (qU.) •114 Aug. 1 *Holders of rec. July 25
Western Steel Products. 1st pref. (guar.) 154 Aug. 1 Holders of rec. July 15
Western United Corp., pref. (guar.).- *151 Aug. 1 "Holders of rec. July 15
Westmoreland, Inc. (guar.)
300. Oct. I Holders of rec. Sept. 154
Weston (Geo.). Ltd., pref. (quar.)
134 Aug. 1 Holders of reo. July 20
50c. Sept. 1 Holders of rec. Aug. 10a
Weetvaco Chlorine Prod.(guar.)
*20c. Aug. 1 "Holders of PM. July 22
White (5,5.) Dental Mfg.(guar.)
Wilcox Rich Corp., el. A (quar.)
82.S1c. Sept. 30 Holders of rec.Sept.d19a
Will & Baumer Candle, corn. (quay.)...
10e. Aug. 15 Holders of tee. Aug. I
When
Per
Cent. Payable
Name of Compose.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
Williams(R.C.)& Co.. corn.(quar.)- •17340 Aug. 1 *Holders of rec. July 20
.111 Aug. 1 *Holders of rec. July 20
Wll-Low Cafeterias. pref. (quar.)
334 Aug. 15 Holders of rec. July 15
Wilson Line,Inc..7% Prof
nit Aug. 1 •Holners of roe. July 15
Winsted Hosiery, coin. (quer.)
*24 Nov. 1 *Holders of rec. Oct. 16
Common ((Mar.).
Wood, Alexander & Tames, pref. (quar.). 11( Aug. 1 Holders of rec. July 21
600. Sept. 1 Holders of cc. Aug. 100
Woolworth (F. W.) Co.(quar.)
'1)4 Aug. 15 *Holders of roe. Aug. 8
Worcester Salt Co.. pref. quar.)
25e. Aug. 1 Holders of rec. July 200
Wrigley (Win.)Jr. Co.(monthly)
50e. Sept. 1 Holders of rec. Aug. 200
Monthly
25o. Oct. 1 Holders of roe. Sept.20a
Monthly
25o. Nov. 2 Holders of roe. Oct. 200
Monthly
Wurlitzer (Rudolph) Co., corn.(mthly.) •500. July 25 *Holders of rec. July 24
*50e. Aug. 25 *Holders of ree. Aug. 24
Common (monthly)
*50e. Sent.25 *Holders of rec. Sept.24
Common (monthly)
7% preferred (quar.)
'131 Oct. 1 *Holders of rec. Sept.19
*13( Jan1'32 *Holders of rec. Dec. 19
7% preferred (quar.)
•13i Aprl'32 *Hold.of rec. Mar.19'32
7% preferred (quar.)
4.15( July1'32 *Hold, of ree. J'ne 19'32
73t preferred (quar.)
Linke Renewing Shoe Corp., corn. Mu./- *1)4a Oct. 2 *Holders of rec. Sept 5
•30. Oct.2 *Holders of roe Sept.15
Preferred (quar.)
•From unofficial sources. t The New York Stook Exchange has ruled that
Meek will not be Quoted ex-dividend on this date and not until further notice.
t The New York Curb Exchange Association has ruled that stook will not be quoted
ex-dividend on this date and not until further notloe.
a Transfer books not closed for this dividend.
d Correction. 6 Payable in stook.
f Payable in common stook. o Payable In scrip. h On account of accumulated
dividends. J Payable in preferred stook.
k The dividend of 35e. on Southern By. corn. stook Is payable out of 1930 earnings
and with the $1.65 declared out of 1929 earnings makes $2 payable Aug. 1 on common stock. No further dividend will be paid in 1931 on common mock.
I Central States Elec. Corp. cony. pref. dividends are payable as follows: Series
1928, 3-32nds share common stock or $1.50 cash: series 1929, 3-18ths share common
stock or $1.513 cash.
m Distillers Co., Ltd.. dividend is 2s. 611.
n Corporation Securities Co. pref. dividend is payable in common stock at rate
Of 140th share. Holders desiring cash must notify company on or before July 10.
o Central West Pub. Serv. elms A div. is payable in class A stock. Stockholders
have option of taking cash at rate of 37 Lt e. per share. On the Prof. stock outstanding
less than two years only 13i% will be paid.
y American Cities Power & Light class B div. Is payable in class B stook
Q Electric Shareholdings Corp. Prof. dividend payable in cash or 44-1.000ths
share common stock.
r Public Utilities Securities stockholders have option of cash or 1-20th share
common stock of Utilities Power & Light.
w Lees deduction for expenses of depositary.
y Western Continental Utilities dividend is payable in cash unless holder notifies company of his desire to take class A stock-1-40th share.
aa Associated Gas dv Electric class A dividend is 1-50th share class A stock.
Holders have option of taking 1-200th share of $5 pref. or 25e. cash in place of the
class A stock dividend. The $4 preferred dividend Is optional either 1-70th share
$4 preferred stock or $1 cub. Holders desiring cash must notify company on
or before July 10.
bb Shenandoah Corp. prof stock dividend will be paid one-thirty-second share
eorn,stock unless holder notifies company on or before July 13 of his desire to take
eash--75e per share.
cc Middle West Utilities $8 prof dividend is optional either cash or 3-80th's share
common stock.
dd Blue Ridge Co. pref. dividend will be paid 1-32d share common stook unless
bolder notifies company on or before Aug. 15 of his desire to take cash-75c. per Mi.
se American Cities Power & Light class A dividend Is payable in class 13 stock
at rate of 1-32d share unless holder notifies company by July 14 of his desire to
take cash-750.
Weekly Return of New York City Clearing House.
Beginning with March 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of
a report. The new returns show nothing but the deposits,
along with the capital and surplus. The Public National
Bank & Trust Co. and Manufacturers Trust Co. are now
members of the New York Clearing House Association,
having been admitted on Dec. 11 1930. See "Financial
Chronicle" of Dec. 31 1930, page 3812-13. The figures
given below therefore now include returns from these two
new members, which together add $35,750,000 to the capital,
$37,753,100 to surplus and undivided profits, $176,034,000
to the net demand deposits and $102,775,000 to the time
deposits. We give the statement below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY. JULY 251931.
Clearing House,
Members.
745
FINANCIAL CHRONICLE
AUG. 1 1931.]
•Capital.
'Surplus and Net Demand
Deposits,
Undivided
Average.
Profits.
Time
Deposits,
Average.
$
$S
$
$
6,000,000
14,254,900
Bank of N Y St Trust Co
63,784,000
14,434,000
50,760,200
22,250,000
259,091,000
Bank of Manhat'n Trust
50,878,000
32,713,600
36,775,300
133,718,000
Bank of Amer Nat Assn
47,813,000
National City Bank_ --- 110,000,000 115,769.100 a1,027,790,000 189,289,000
44,260,900
Chemical Bank & Trust
21,000,000
235,413,000
26,744.000
90,000,000 208,427,000 b925,176,000 138,227,000
Guaranty Trust Co
16,446,600
16,200,000
Chatham Phenix NB&T1
147,277,000
33,342,000
21,000,000
83,630,600
Central Hanover 13k&Tr
407,498,000
83,014,000
15,000,000
32,629,000
Corn Exchange Bk Trust
173,028,000
35,268,000
10,000,000 118,516,500
First National Bank___305,846,000
23.582.000
50.000,000
75,429,400
Irving Trust Co
379,840,000
66,046,000
6.000,000
Continental Bk & Trust_
11,360,200
10,558,000
1,329,000
148,000,000 176,579,800 c1,344.571,000 186,495,000
Chase National Bank
500,000
3,822,600
Fifth Avenue Bank
26,974,000
3,158,000
25,000,000
87,792,400 5466,593,000
Bankers Trust Co
80,361,000
24,860,800
10,000,000
32,949,000
Title Guarantee & Trust
1,994,000
9,632,800
10,000.000
Marine Midland Trust-48,922,000
7,203,000
3,000,000
4,256,700
Lawyers Trust Co
17,000,000
1,676,000
12,500,000
35,644,000
194,893,000
New York Trust Co--40,960,000
7,000.000
10,158,000
Comm1 Nat Bank & Tr.
47,511,000
5.781,000
2,000,000
2,822,400
Harriman Nat Bk & Tr_
25,674.000
6,222,000
8,250.000
13,873,300
Public: Nat Bank & Trust
37,141,000
34,552,000
Manufacturers Trust Co
27,500,000
24,380,500
138,893,000
68,223,000
Clearing Non-Member.
Mechanics Tr,Bayonne_
500.000
737,100
6005702001 100 700 Ann
2,425,000
5,413,000
A Am° zee, nnn I Inn...." .......
• As per official reports National, June 30 1931: State, June 30 1931: trust companies. June 30 1931.
Includes deposits in foreign branches as follows: (a) $280,251,000: (b) 598,0,23000; (c) $115,495,000: (5) $64,273,000.
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 Public
National Bank & Trust Co. and Manufacturers Trust Co.,
having been admitted to membership in the New York
Clearing House Association on Dec. 11 1930, now report
weekly to the Association and the returns of these two banks
are therefore no longer shown below. The following are
the figures for the week ending July 24:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING BUSINESS
FOR THE WEEK ENDED FRIDAY, JULY 24 1931.
NATIONAL AND STATE BANKS-Average Figures.
Loans,
Disc. and
Investments
Other Cash Res. Dep., Dep, Other
Gross
Gold. Including N. F. and Banks and
Bank Notes Elsewhere. Trust Cos, Deposits.
$
$
$
$
1.094,100
279,400
47,900
72,748 2,050,663 2,201,681 17,834,163
Manhattan$
$
Bryant Park Bk 1,333,700 55,900
Grace National_ 18,492,063 1,400
BrooklynBrooklyn Nat'l_ 8,106,700 16,000
Peoples Nat'l- - 6,680,000 5,000
116,000
102,000
507,200
82,000
488,500
460,000
5,574,700
6,640,000
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
Investments.
Cash.
Res've Dep., Depos.Other
Gross
N. F. and Banks and
Elsewhere, Trust Cos. Deposits.
$
$
Manhattan$
709,909
234,647
Bank of Europe& Tr. 13,150,270
Empire
76,347,400 *5,017,500 7,028,500
90,158 1,139,718
16,722,990
Federation
19,605,400 *2,492,700 1,044,100
Fulton
71,635,495 5,000,000 15,483,576
United States
Brooklyn109,699,000 2,188,000 30,810,000
Brooklyn
27,832,958 1,787,148 2,286,497
Kings County
Bayonne, N. J.
585,382
294,379
8,323,513
Mechanics
$
$
12,518.900
2,931,200 76,091,800
396.038 16,571,387
316,000 18,459,200
62,623,794
856.000 119.803,000
25,222,231
275,426
8,159,964
•Includes amount with Federal Reserve Bank as follows: Empire $3,544,200;
Fulton, $2,308,700.
Boston Clearing House Weekly Returns.-In the following we furnish a summary of all the items in the Boston
Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Week Ended
July 29
1931.
Changesfrons
Previous
Week.
Week Ended
July 22
1931.
Week Ended
July 15
1931.
$
$
$
$
93,875,000
93,875,000
93,875,000 Unchanged
Capital
85,489,000
86,772.000
86.772,000 Unchanged
Surplus and profits
Loans, disels & investls- 1,023,264,000 +6,931,000 1.016,333,000 1,032,241,000
603,626,000 -13,479,000 617.105,000 620,513,000
Individual deposits
149,087,000 -8,381,000 157.467,000 163,738,000
Due to banks
260,658,000 -3,439,000 264,097.000 266,774.000
Time deposits
14.718.000
12,670,000
11,620,000 -1,050,000
United States deposits_
17,221,000
15.019,000
13,380,000 -1,639,000
Exchanges for Clg. House
97,460,000
89,794.000
80,200,000 -9,594,000
Due from other banks
82,137,000
82,658.000
79.598,000 -3,060,000
Redeye in legal depositlee
6,101,000
5,933,000
5,876,000
-57,000
Cash In bank
3.443,000
3.605.000
Ralevw In sum..In V Rink
2 694 OM
-911.000
Philadelphia Banks.-Beginning with the return for the
week ended Oct. 11 1930, the Philadelphia Clearing House
Association began issuing its weekly statement in a new
form. The trust companies that are not members of the
Federal Reserve System are no longer shown separately,
but are included with the rest. In addition, the companies
recently admitted to membership in the Association are
included. One other change has been made. Instead of
showing "Reserve with Federal Reserve Bank" and "Cash
in Vault" as separate items, the two are combined under
designation "Legal Reserve and Cash."
Reserve requirements for members of the Federal Reserve
System are 10% on demand deposits and 3% on time deposits, all to be kept with the Federal Reserve Bank. "Cash
in Vaults" is not a part of legal reserve. For trust companies not members of the Federal Reserve System the
reserve required is 10% on demand deposits and includes
"Reserve with Legal Depositaries" and "Cash in Vaults."
Beginning with the return for the week ended May 14 1928,
the Philadetphia Clearing House Association discontinued showing the reserve required and whether reserves held are above or
below requirements. This practice is continued.
Week Ended
July 25
1931.
Changes from
Previous
Week,
Week Ended
July 18
1931.
Week Ended
July 11
1931.
$
$
II
$
83.202,000 Unchanged
83.202 000
83,202,000
Capital
256,081.000
+66,000 256 015 000 256.149,000
Surplus and profits
Loans.(Meta. and Invest_ 1,506,526.000 -2,630,000 1.509.156.000 1.506,197,000
24,316,000 -3,977.000
28.293,000
Exch. for Clearing House_
28.455.000
135,614.000 -16,809,000 152,423.000 167.648.000
Due from banks
231,193,000 -11,507,000 242.700,000 241,973.000
Bank deposits
747,270,000 -12,287,000 759.557.000 772,251.00C
Individual deposits
436,226.000 -1,630,000 437,856,000 436,661.00(
Time deposits
1,414,689,000 -25,424,000 1,440,113.000 1.450.885,00(
Total deposits
Reserve with F. R.. Bank_ 119,148,000 -2,080,000 121.228.000 121.0381W
746
[VOL. 133.
FINANCIAL CHRONICLE
Weekly Return of the Federal Reserve Board.
The following is the return Issued by the Federal Reserve Board Thursday afternoon, July 30,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 719 being the first item in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS JULY 29 1931
July 29 1931. July22 1931. July 15 1931. July 8 1931. July 11931. June 24 1931. June 17 1931. June 10 1931. July 30 1930.
IMISOURCRS.
$
$
$
$
$
$
2,058,539,000 2,003,339,000 1,990,864.000 1,964.764,000 1,933,564,000 1,903,284.000 1.908,344,000
Gold with Federal Reserve agent.
1,883.674.000 1,553,214,000
29,983,000
29,084,000
29,321,000
Doill redemPtlon fund with U. S. Treats_
29.616.000
30,167,0001 30,166,000
32,666.000
33,114,0001 36,814,000
Gold held exclusively agst. F. R.. notes 2,088,522,000 2,032,423,000 2,020.185,000 1,994.380,000 1,963.731.000 1.933.450,000
1,590,028,000
Ciold settlement fund with F'. R.Board__ 410,496,000 463.011,000 464.413,000 489.021,000 514.492,000 475.278.000 1,941,010,000 l,916.788,000
492,820.0001 589,700,000
Pohl and gold certificates held by banks_ 944,536,000 928,913,000 924.551.000 943,604,000 933.818,000 973.861.000 466.969.000 867,395,000
825.254,000
947.310.000
Total gold reserves
3,443,554,000 3,424,347,000 3,409,149,000 3,427.905,000 3.412.041,0003,382,589,000 3,355,289,000 3,277.003.00013,004,982,000
Reserve' other than gold
175,009,000 173.604.000 171.989.000 164,042,000 167,257,000 175,059,000 170,985.000 167,599,000; 173,206,000
Total reserves
3,618.563,000 3.597,951,000 3.581,138.000 3,591,947.000 3,579,298,000 3.557,648,000 3,526.274.000 3,444,602,000 3,178.188.000
Non-reserve cash
79,046,000
68,713.000
78,899,000
77.133,000
65,011,000
74.422.000
68,210,000
71.114,000
74.673,000
Bills discounted:
Secured by U. S. Govt. obligations
71,883,000
59.997,000
59,787,000
78.208.000
46,395,000
86,006.000
76,323.000
77,098,000
66,676.000
Other bills ellsoounted
111,153,000 103,398,000 101,806.000 102,599.000 103,805,000 111,672,000 109,065,000 107,657,000 130,425.000
Total tills discounted
183,036.000 181.602.000 161.803.000 162,386,0005 . .000 197,678,000 185.388,000 184.755,000 197,101,000
Bills bought In open market
70,408,000
66,536,000
91.788.000 103,341,000 106.390.000 106,814.000 127.217,000 130,762,000
67.033,000
U. S. Government securities:
Bonds
206.723.000 189,946.000 185,781,000 183,393,000 188,395,000 136,840,000 117,209,000
77,118,000
49,714,000
Treasury notes
43,242,000
51.748.000
49,760,000
46.242,000
60,741,000
53.882,000
52.233,000
52,227,000 276,897,000
Certificates and bills
428,012,000 441,813,000 442,312,000 432,812.000 414,263,000 427,781,000 429,562.000 469.679,000 249,757,000
Total 13. S. Government eecurlties
677.977,000 678,001,00'1 677,853,000 667,953,000 663,399,000 618.503.000 599.004.000 599.024.001 576,368.000
Other securities (see tune)
11.093,000
7,246.000
9,975.000
7,174,000
10,601,000
8,063,000
9.248,000
1,687,000
7,323,000
Foreign loans on gold
16,700,000
1
Total bills and securltiee Dee sole)....
Doefrom foreign banks (see sole
Federal Reserve notes of other banks....
UncollectedItems
Bank premlees
All other resources
Total resources
LIABILITIES.
F. R notes In actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
Total depocdte
Deferred availability Item&
Capital paid In
Surplus
All other liabilities
934,795,000
726,000
16,364,000
415,289,000
58,915,000
28.071,000
933,810,000
725,000
15,862,000
448,044,000
58.913,000
26.939.000
921.157.000
3.725.000
16,465,000
566.211.000
58.834.000
26,906,000
932,102,000
3,726,000
14.201.000
498,736.000
58,834.000
25,999,000
927,541.000
1,426,000
14.942,000
533,070,000
58.783,000
26,425.000
947,334.000
2.699,000
17,464,000
446,117,000
58.782,000
22.702,000
900,454.000
699,000
15.467,080
570,441.000
58.730.000
22.692.000
912,683.000
698,000
15,309,000
468,173,000
58,618.000
21,045.000
911,554.000
706,000
18,912,000
510,430.000
59,584,000
14,037,000
5,151,809,000 5,161.143,000 5,251,569,000 5,194,258.000 5,206,496,000 5,127,168.000 5,165,871,000 4,995,801,000 4,761,621,000
1,735,501,000 1,730.752.000 1,716,621.000 1,736,922,000 1,738.396,000 1,674.189,000 1,668,313,000 1,641,949,000 1,335,141,000
2,414,734,000 331.802.000 2,435,530,000 2,439,578,000 2,389,211,000 2,457,474.000 2.401,11 4.000 2,397.858,000 2,415,285,000
17,501,000
13,385,000
16.060,000
17,990.000
59,459,000
41,182,000
43,573.000
14,313,000
26,146,000
56.159,000
100,435,000
39.875,000
58,481,000
19,987,000
35,625,000
5,676,000
6.693,000
6,434,000
30.662,000
26,043,000
31,833,000
26,732.000
19.918.000
34,830,000
22,136,000
21,149,000
21,006,000
2,554,597,000 2,535,005,000 2,539,852.000 2,527,346,000 2.500,848,000 2,556.838,000 2,472.499.0002.440,011,000 2,468,871,000
540.433,0 474,368.000 511,815,000 435,785,000 564.842.000 453,037,000 495,807,000
405,755.000 440,440.000
167,442,000 166,796,000 166,844,000 107.979.000 168,170,000 168,244.000 168.325,000 168.370,000 169,716,000
274,636,000 274,636,000 274,636.000 274,636,000 274,636,000 274,636.000 274.636.000 274,636,000 276,936,000
13,878,000
13,183,000
13,007,000
13,514,000
12,631,000
17.476,000
17.256.000
17,798,000
15,150,000
Total liabilities
5351,809,000 5,161,143,000 5.251,569,000 5.194,258.000 5,206,496,000 5.127,168,000 5365.871.000 4,995,801,000 4,761,621,000
Ratio of gold reserves to deposits and
F. R. note liabilities oombined
80.0%
80.2%
80.2%
80.3%
70.9%
81.0%
80.4%
80.3%
78.9%
Ratio of total reserves to deposits and
F. R. note liabilities combined
84.1%
84.3%
84.2%
84.3%
84.1%
85.2%
84.4%
84.4%
83.5%
Contingent liability on bills purchased
for foreign correspondents
253,578,000 298,111.000 289.851.000 302,020.000 335,334,000 367.700.000 378,717.000 370,185,000 478,027,000
Maturity Distribution of Bills and
$
Short-Term Securities1-16 days bills bought in open market21,782,000
1-15 days bill' discounted
110,015.000
1-15 days U. S. certif of tudebtednese_
12,850,000
1-15 days municipal warrants_
99,000
16-30 days Mils bought in open market7,821,000
16-30 days bills discounted
13,160.000
16-30 days U. B. certif. of Indebtedness_
25,700,000
16-30 days municipal warrants
111-60 days bills bought in open market
4,303,000
01-60 days bills discounted
23.942.000
$1-60 days U. S. certif. of Indebtednees- 103,595.000
31-60 days municipal warrants
61-90 days bill, bought In open market__
32,532,000
61-90 days blies ellsoowned
22,559,000
61-90 days U.S. eertlf. of Indebtedneee29,700,000
61-90 days municipal warrants
5,000
Over 90 days bills bought in open market
98,000
Over 90 days bills discounted
13,360,000
Over 90 days certii. of Indebtedness
256,077,000
Over 90 days municinal warrants
42,000
Federal Reserve NotesIssued to F. R.. Bk. by F. R.. Agent
Held by Federal Reserve Bank
$
$
$
$
$
0
$
*
19,087,000
111.950,000
26,950,000
21.373,000
93.597.000
20,500,000
35,792,000
94,801,000
5,000,000
52367.000
82,508,000
57,073,000
126,332,000
49,808,000
116,017,000
9,300.000
52,076,000
116,071,000
19.617,000
60,828,000
105,806,000
10,764,000
12,963,000
26,700,000
99,000
5,591,000
21,769,000
105,597,000
11.710.000
13.672.000
12.850.000
93.000
8.568.000
20.157,000
54,125,000
12.203.000
13,676,000
26,830,000
18,788,000
12,509,000
10,500,000
27.832,000
14,470,000
15,500.000
32,025,000
15.101,000
20.500.000
39,003,000
16,426,000
39,300,000
51,000
19,938,000
18,141,000
31,527,000
17,24(1.000
22,208,000
57,550.000
63.000
4.084.000
15,907,000
131,615,000
20,665.000
20,938.000
31.850.000
44,000
4,200,000
14,767,000
155.297,000
32,488,000
28,111,000
82,265,000
28.682.000
19,528.000
97.171.000
16,157,000
19,765,000
37,550.000
76.000
16.223,000
15,976,000
124,597.000
30.927.00)
21,433,000
51,350.000
31,490,000
21,902,000
20,700,000
14.688,000
19.987.000
55,125,000
75.000
28,996,000
18,857,000
96,171,000
16,368,000
30,414,000
101,000
13.018,000
252,966,000
75.000
14,849,000
257.666,000
114,000
15.615,000
249,166.000
6,000
19,442.000
241,616,000
117,000
18,761.000
223,116,000
116,000
18.565,000
212.615.000
5,034,000
13,330,000
50,125,000
37,000
177.000
17,495,000
309.287.000
1,140,000
14,629,000
135,965,000
22,000
2,181,235,000 2,135,945,000 2.134.963.000 2,132,684,000 2.111.944.000 2.097,809.000 2,099.019.000 2,076,103.000 1.704,774,000
445.734,000 405,193,000 418.342.000 395.762.000 373,548,000 423,620,000 430.706.000 434.154,000 369,603,000
1,735,501,000 1,703,752,000 1,716,621.000 1.736.922,000 1.738,396.000 1.674,189.000 1,668,313,000 1,641,949,000 1.335,141,000
In actual circulation
Collateral Held try Agent as Security for
Notes Issued to Bank612,709,000 612,709,000 612.734,000 612,834.000 612.334.000 612.354,000 612.3114,000 612.394,000 402,908,000
s,gold and gold oertlficates
Gold redemption fund
1,445,830,000 1,390.630,000 1.378.130.000 1,352,430.000 1.321.230,000 1,290.930,000 1,295.980.000 1.271.280.000 1,150,306,000
Gold fund-Federal Reserve Board
204,222,000 210,063.000 196.431.000 216.206,000 222.597,000 280,405,000 277,190.000 301.972,000 310,785,000
By eligible Paper
2,262,761.000 2,213,402,000 2.187.295.000 2,180.970 000 2.156,161,000 2.144.689,000 2.185.534,000 2.185.646,000 1,863,999,000
NOTE.-Beginning with the statement of Oct. 7 1925, two new Items were added In order to show separately the amount of balance held abroad and amounts due to
foreign correspondents. In addition, the caption "All other earning Meets," previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
securities." and the caption, "Total earning assets" to "Total bills and securities." The latter term VIM adopted as a more accurate description of the total of the discounts,
acceptances and securities acquired under the provisions of Sections 13 and 14 of the Federal Reserve Act. which, It was stated, are the only items included therein.
• Revised figures.
•
Total
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF THE 13 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS JULY 29 1931
Two Ciyhms (00) milled.
' Federal Resent Bola* al-
Total.
Boston.
$
1168OURCEI.
Gold with Federal Reserve Agent" 2,058.539,0 159,917,0
29,983.0 1,014,0
Gold redo fund with U.S.TressGold held excl. agri. F.R. notes 2,088,522.0 160,931,0
Jold settle's fund with F.R.Board 410,496.0 21,701.0
Gold and gold erthi. held by banks- 944,536,0 35,234,0
Total gold reserves
Reserve other than gold
Toss] reserves
Non-reserve cash
13111e discounted:
Sec. by U. S Govt. obligations
Other Ulla dissounted
Total Mlle discounted
11111e bought In open market
New York.
Phila.
Cleveland. Richmond Atlanta. Chicago.
3,443,554,0 217,870,0 1,237,753,0 250,123,0 323,430,0'
56,938,0 7,614,0 15,355.0
175,009,0 13,408,0
1
3,618,563,0 231,278,0 1,294,691,0 257,737,0 338,785,01
25,537,0 3,478,0 3,985.01
79,086,0 9,828,0
71,883,0
111,153,0
4,433,0
4,943,0
183,038,0
66,536,0
9,376,0
4,845,0
Lonis.1Minneap. Kass City. Dallas. San Press
$
$
$
$
456,919,0 170,000,0 212,550,0 58,570,0 110,200,0 466,900,0 74,930,0 49,940,0 61,000,0 21,850,0 215,763,0
12,724,0 1,778,0 2,200.0
995.0 1.077,0 3.871,0 1,467,0
643,0 1,208,0 1,038,0 1.878,0
469,643,0 171,778,0 214,840,0 59.565.0 111,277,1 470,771,0 76,397,0 50,583.0 62.208,0 22,888,0 217,641,0
138,021,0 49,810,0 43,710,0 11,650,0 7,608.0 50.840.0 10.728,0 12,586,0 17,749.0 11,343,0. 34,750,0
630,089,0 28,535,0 64,880,0 5.495,01 9,288,0 100.635,0 9,583,0 4,542,0 10,804,0 4,473,0 40,974,0
17,384,0 5,331,0
9,461,0 11,724,0
76,710,0 128,173,0 622,246,0 96,708,0 67,711,0 9 ,761,0 38.704,0 293,365,0
11,401,01 7,774,0 23,875.0 10.076,0 4,072,0 7,818.0 8,607,0, 8,071,0
88,111.01 135,947,0 646.121,0 106,784,0 71.7830 98,579,0 47,311,0 301,436,0
4,021,01 5,752,0 9,202,0 5,104,0 1,719,0 1,799,0 3,995,0 4,666,0
7,600,0 1,773,01
609,0 5,319,0
8,662,0 16,012,0 15,399,0 8,317,0
i
26,845,0 17.055.0 16,262,0 17,785,0 16,008,0 13,636,0
23.502,0 3.406.0 6.071,0 2.216,0 6,689,0 7.770,0
3,862,0
5.862,0
681,0
3,986,0
9,724,0
1.738.0
4,667,0 10,340,0 12,241.0 29,097,0
1.083,0 2,366,0 1,682.0 5,168,0
1,145,0
2850 23.451.0
9,105,0 11,946,0 5,646,0
Two Ciphers (00) ossified.
Toted.
Boston.
New York.
$
$
$
111180URCES (eoschtled)U. B. Government securities:
Bonds
Treasury notes
Certificates and bills
206,723,0 12,973,0
43,242,0 1,203,0
428,012,0 38,986,0
60,899,0
5,017.0
103,619,0
Total U. d. Govt. seenritles
Other securities
677,977,0 53,162,0
300,0
7.246,0
169,535,0
3,240,0
934,795,0 67,683,0
52,0
726,0
246,0
16,364,0
415,289,0 51,820,0
58.915,0 3.458,0
758,0
28,071,0
223,122,0
257,0
3,852,0
111,851,0
15.240,0
12,525,0
Total bills and securities
Due from foreign banks
F. R. notes of other banks
Vneollected items
Bank premises
All other resources
Total resources
747'
FINANCIAL CHRONICLE
AUG. 1 1931.]
Kan ewe.
Cleveland. Richmond Atlanta, Chicago. 3t, Louts. Minseap.
$
$
$
$
$
$
$
$
9,172,0
12,038.0
7,085,0
39,652,0
4,399,0
14,185,0 14,803,0 7,486,0
887.0
496.0
248,0 3,717,0 1,591,0 3,846,0
4,373,0 11,212,0
15,282,0 29, 18.0
35,915,0 46,070,0 23,824,0 14,186.0 54,089,0 19,545,0
39.077,0
54,473,0 72,085,0 31,558,0 22,302,0 95,332,0 30,476.0 27,816,0
780,0
276,0
200,0
530,0
210,0
220,0
400,0
560,0
33,842,0 52.563,0
75,494,0 94,818,0 51,779,0 45,209,0 117,268,0 42,138,0
20,0
16.0
25,0
94,0
25,0
28,0
71,0
69,0
826,0
792,0
984,0 1,813,0 1,082,0 1,717,0 2,140.0
276,0
22,780,0
37,234,0 41,073,0 30,564,0 10,235,0 50,356,0 17,112,0 7,734,0 3,803.0
2,614,0 7.570,0 3,583,0 2.573,0 8.061,0 3.635,0 1,926.0
688.0
1,023,0
1.139,0 1,910,0 1,481,0 3,352,0 2,137,0 1,138,0
Phila.
5.151,809,0 365,123,0 1,687,075,0 378,041,0 489,196,0 181,380,0 204,145,0 834,956,0 178,076,0
Dallas. SanFras.
8
i
14,877,0 9,154,0
440,0 10,212,0
14,813,0 32,665,0
30,130,0 52,031.0
370.0
16 ,0
44,213.0 86,666,0
48,0
21,0
401,0 2,235,0
12,137,0 22,423,0
1,831,0 4,621,0
937,0
983,0
118.835,0 181,058,0 110,892,0 423,032,0
LIABILITIES.
26,790,0 175,520,0
114,553,0 382,424,0 71,729,0 49,094,0 63,063.0
F.R.notee In actual circulation 1,735,501,0 136,168,0 304,566,0 145,693,0 198,885,0 67,016,0
179,692.0
53.485,0
Deposits:
80,189.0
48.667,0
67,394,0
328,361,0
886,0
Member bank-reserve account 2,414,734,0 137,436,0 1,070,036,0 144,630,0 188,147,0 60.113,0 56,584,0
840,0 1.282,0
789,0
753,0
624,0 1,171,0 2,764,0 1,619,0 1,766.0
517,0
374,0
13,385,0
Government
2,392,0 5.421,0
2,312,0
1,833.0
2,790,0
10,763,0
2,870,0
46,941,0 7,893,0 8,052,0 3.189,0
100,435,0 5,979,0
7,279,0
Foreign bank
36,0
60,0
197,0
236,0
829,0
93,0
91,0
75,0 6.634,0
10,403,0
105,0
26.043.0
Other deposits
51,486,0 83,401,0 57,195,0 193,278,0
2,554,597,0 143,894,0 1.127.902,0 153,222,0 204,004.0 66,157,0 61,166,0 311,719.0 71,173,0 7,367,0 21,274,0 12,890,0 23.732,0
Total depoelts
405,755,0 51,734,0 105,694,0 35,188,0 40,707,0 29,678,0 10,329,0 48,641,0 18,521,0 2.988,0 4,219,0 4,216,0 11,416,0
Deferred availability items
4,808.0
20,318,0
5,182,0
5.670,0
15,696,0
16,735,0
64,358,0
167,442,0 11,836,0
Capital paid In
8.936,0 18,475,0
80,575,0 27,065,0 28,971.0 12,114,0 10,857,0 39,936,0 10,562,0 7,144.0 8,702.0
274,636,0 21,299,0
611.0
Surplus
865,0
399,0
756,0
745,0 2,058,0 1,918,0 1,283,0
933,0
138,0
3,980,0
192,0
13,878,0
All other liabilities
423,032,0
110,892,0
181,058,0
5,151,809,0 365,123,0 1,687,075,0 378,041,0 489.196.0 181,380,0 204,145,0 834.956,0 178,076,0 118,835,0
Total liabilities
Messotamta.
81.7
56.3
67.3
71.4
74.7
89.2
77.4
84.1
66.2
86.2
90.4
82.6
84.3
Reserve ratio (per cent)
Contingent liability on oilis our7,765,0 8,033,0 18,207,0
6,158,0
9.371.0
36.147.0
9.639.0
10.710M
27.043.0
26.503.0
739160
0
031
Chased for foreign eonmespond'ts 253 576 0 20
FEDERAL RESERVE NOTE STATEMENT.
/Federal Reserve Agent at-
Total.
New York.' Philo,
I Boston,
Two Ciphers (00) omitted.
$
$
Federal Reserve notes:
Issued to F.R bk. by F.R. Agt. 2,181,235,0 163,236,0
Reid by Federal Reserve bank_ 445,734,0 27,068,0
1,735,501,01136,168,0
In actual oiroulatton
Colinteral held by agt.as security
for notes Issued to bank:
612,709,01 35,300,0
Gold and gold certificates
1,445,830.0 124,617,0
Gold fund-F. R. Board
204,222,0; 14.163,0
Eligible paper
Tots! collateral
1
2,262,781.0 174,080.0
Cleveland Richmond AtlanSa. Chicago. 31. LonisilifInseap.rEart.Cily.
Sew Trait.
$
$
$
$
I
67.767,0 33,641,0 231,450,0
460,625,0 179,098,0 226,518.0 75,117,0 131,229,0 473,475,0 84,610,01 54,469,0 4,704.0 6,851.0 55,930,0
156.059,0 33,405,0 27.633.0 8,101.0 16,676.0 91,051,0 12,881,0 5,375,0
63,063,0 26,790,0 175,520,0
304,566,0 145,693,01198,885,0 67,016,0 114,553,0382,424.0 71,729,0 49,094,01
!
1
7,300,0 50,000,0
6,740.0
351,919,01 38,700,01 12,550.0 10,07 .0 10,900,0 73,900,0 15,330,0 43,200,0
165,763,0
14,550.0
61,000.0
59,600.0
393,000,0
105.000,0 131,300,0 200,000,0 48,500,0 99,300,0
4,829,0 11,392,0 12,768,0 31.902,0
29,892,0 14,626,0 18,849,0 18,427,0 21,382.0 16,289,0 9,703.0
-1
72,392,0 34,618,0 247,665,0
486,811,0 184,626,0 231,399.0 76,997,0 131,582,0 483,189,0 84,633,0 54,769.0
for the Member Banks of the Federal Reserve System.
Weekly Return
items of the resources
Following Is the weekly statement issued by the Federal Reserve Board, giving the principal
are always a week
figures
Those
obtained.
are
returns
weekly
which
member
banks
from
reporting
and liabilities of the
given in the statewere
statement
the
in
items
the
of
different
Definitions
themselves.
banks
Reserve
behind those for the
Board upon
Reserve
the
of
comment
The
2523.
page
Dec.
1917,
of
29
the
in
"Chronicle"
published
ment of Dec. 14 1917,
immediately pre.
720.
page
on
Discussions,"
and
Events
"Current
our
of
in
department
appears
week
the figures for the latest
ceding which we also give the figures of New York and Chicago reporting member banks for a week later.
and Inof exehange or drafts sold with endorsement,
Beginning with the statement of Jan. 9 1929, the loan Mures exclude "Acceptances of other banks and bills bills sold with endorsement were included with loanil.
Made all real estate mortgages and mortgage loans held by the bank. preelotteiy aoceptatioes of other banks andno longer shown separately. only the total of loans on
are
obligations
8.
Government
U.
and some of the barite included mortgages in Investments. Loans secured by
amount secured by U. B obligations and those secured
Securities being given. Furthermore, borrowing at the Federal Reserve la not any more subdivided to show the the number of ration Included (then 101u Was for a lime
Its place
by Commercial Paver, only a lump total being given. The number of reporting banks Is now omitted: In
In the Ban Francisco dietrict with loans and Investbank
a
exclude
given, but beginning Oct. 9 1929 even this has been omitted. The figures have also been revised to
now given in round millions Instead of In thousands.
ments of 1135.000,030 on Jan. 2 1929 which had then recently merged With a non-member bank. The figures are
RESERVE DISTRICT AS AT CLOSE OF
PRINCIPAL RESOURCES AND LIABILITIES OF ALL REPORTING MEMBER BANKS IN EACH FEDERAL
BUSINESS JULY 22 1931 (In million, of dollars).
Federal Reserve District--
Total.
Boston. New York
Philo
SartFrois,
1Cleveland. Richmond Atlanta. Chicago. di. Louts. Minneap. Kan.Cliy. Dallas.
'
22,284
1,448
8,912
1,3601
2,2201
631
5 551
3,154
627
373
635
427
1,946
14,5271
977
5,869
8151
1,3761
407
375
2,215
404
231
362
296
1,200
315
885
$
Loans and Investments-total
Loans-total
On securities
All other
Investments-total
374
603
3,069
2.800
4251
3901
642
734
7,757
471
3,043
5451
844
158
2491
224
113
262
1,057
1,158
165
239
61
170
100
262
176
939
223
142
273
131
748
73
58
390
356
31
7
269
143
8
91
95
1
105
17
726
1,044
14
190
234
33
4,101
3,656
209
262
1,748
1,295
223
322
464
380
97
127
86
90
546
393
77
146
67
75
121
152
1.855
218
13,492
7,121
209
1.606
3,438
60
95
14
861
512
13
106
150
1
947
54
6,356
1,681
78
158
1,287
7
90
14
778
401
19
121
248
2
136
30
1,074
1,021
20
16
358
39
13
329
265
12
96
112
3
37
8
295
233
14
80
98
2
251
38
1,769
1,231
23
296
459
2
45
6
370
237
4
76
110
1
25
5
221
150
1
76
82
54
12
444
203
3
156
205
1
U. B. Government securities
Oiler securities
Reserve with F. It. Bank
Cash in vault
Net demand deposits
Time deposits
Government dePoeits
Due from banks
Due to banks
Borrowings from F. R. Bank
6,570
7,957
91
205
of about 8190.000.000.
•Exclusive of figures for one bank in New York City closed Dee. 11. Last report of bank showed loans and investments
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 July 29 19315
In comparison with the previous week and the corresponding date last year:
1931. July 30 1930,
July 29 1931. July 22
Re80117C48 (Concluded)232,000
256.000
257.000
258,594,000 Due from foreign banks(see note)
4,918.000
4.083.000
3,852.000
14,803,000 Federal Reserve notes of other banks......
111.851.000 120,135.000 135,378,000
UncollectedItem,
15,664,000
15.240.000
15.240,000
Gold held excluelvely aged. F.R.notes. 469,643,000 429.643.000 273,397,000 Beek premises
6,378,000
11,513.000
12,525,000
Gold settlement fund With F. R. Board__ 138,021,000 180.849,000 229,419,000 Another resources
499,936,000
618.196,000
630,089.000
Gold and geld Ws.held by bank
1,678.169,000 1,477.165,000
1,687,075,000
Total resources
1.237,753,000 1.228,688.000 1,002,752,000
Total gold reserves
49,659,000
59,941.000
56,938,000
Reserves other than gold
295,998.000 156,218,000
1,294,691,000 1,288,629,000 1,052,411,000 Petri. Reserve notes In actual circulation 304,566,000 1,087,796.000 1,028,989,000
Total reserves
14,413,000 Deposits-Member bank, reserve acct.- 1.070,036.000
25.463.000
25,537,000
Non-resserve cash
3,255,000
2.641.000
517,000
Government
Bills discounted2,342,000
17.576.000
46.941,000
16,630,000
12.901.000
Foreign oank (see soul
17,384,000
Secured by U. S Govt. obligations8.717,000
10.384.000
10,408,000
16,800,000
10.280.000
9,461.000
Other deposits
Other bills discounted
1,127,902.000 1,118.397.000 1.043.303,000
33,430,000
23.181.000
26,845.000
Total deposits
Total bills discounted
105.694.000 114.942.000 126,982,000
28,615,000 Deterred availability Items..
16.919.000
23,502,000
Bills bought In open market
65,576,000
64.386,000
64.358.000
In
Capital
paid
securities
U.S.Government
80,001,000
80.575.000
80,575.000
9,793,000 Surplus
53,802.000
60,899,000
Bonds
5.085,000
3.871.000
3,980.000
5,550.000 106,805,000 All Other liabilities
5,017.000
Treasury notes
110.183.000
103,619,000
63,873,000
(›rtlficatesand bills
1.678.169,000
1,477,165.000
1,687,075.000
Total liabilities
Total U. S. Government securities.- 169.535,000 169.535.000 180,476.000
5,250,000 Ratio of total reserves to deposit and
3,240,000
3,215,000
Other securities (see note)
87.7%
91.1%
90.4%
Fed') Reserve note liabilities combined_
Foreign loans on gold
Contingent liability on bills purchased
98,598.000
73.916.000
155,699,000
eorrespondents
for foreign
Total bills and securities (sof nafe) _- 223,122,000 212,850.000 247.771,000
01 balanced held abroad and amounts due to
.---NOTE..-Ilesilnalog with tne statement 01 Oct. 7 t112,, two new Items were added in order to show separately the amount
caption -All other earnings assets." previously made up of Federal Intermediate Credit Bank debentures was changed to "Other
the
addition,
In
correspondents.
foreign
accurate description of the total of the discount.
more
a
as
adopted
was
to
bills
term
assets"Total
latter
earning
and
"Total
The
caption.
securities."
securities." and the
which, It was stated, are the only items included therein.
acceptances and securities acquired under the provisions of dendOas 13 and 14 of the Federal Reserve Ant.
July 29 1931. July22 1931. July 301930.
ResourcesGold with Federal Reserve agent
Gold redemp.fund with U. Et. Treasury__
458,919,000
12,724,000
416.919,000
12.724.000
748
FINANCIAL CHRONICLE
[VOL. 133.
Daily Record of 0.8. Bond Prices July 25 July 27 July 28 July
29 July 30 July 31
First Liberty LoanHigh 102",, 102,031 1021 h,
102Ihs
102141
334% bonds of 1932-47—{Low_ 102,hs 102'.32
10217n
102Ihs
(First 334,)
1021,, 10210a
Close 102Ihs
102Ihs
Watt Street Friday Night, July 31 1931.
Total sales in $1,000 Units....
2
22
148
8
1
Converted4% bonds ofIlllab
_
Railroad and Miscellaneous Stocks.—The review of the
_
193947 (First 4s)
Low.
_
Stock Market is given this week on page 735.
Close
—
Total sales in $1,000 units__ _
The following are sales made at the Stock Exchange this
Converted 434% bondsrigh 1034, 10-314; 10-317.; 1030
4s 103,s8 10-33i;
week of shares not represented in our detailed list on the
of 1932-47 (First 434s) Low_ 1038n 103In 10310ss 1035n
10348 1031ss
Close 103hs 103sn 10310n 103sn 103112 1037ss
pages which follow:
Total sales in $1,000 Units....
12
13
9
9
17
5
Secondconverted 434 Villigh
bonds of 1932-47 (First( Low_
STOCKS.
Sales
Range for Week.
Range Since Jan. 1.
—
Second 434,)
Week Ended July 31.
Close
for
Total sales in $1,000 units...
Week.
Highest.
LOIce$1.
Highest.
FourthLiberty Loan
{High 104ifL 104",, 10-4-2F; 10-4W8-8 104"ss 16764;
Railroads—
44%
bonds of 1933-38
Par. Shares. $ per share.
Low_ 104s41 104I,,
NT share. $ per share.8 per share.
104shs 104shs 104s41 10411u 1042+81
(Fourth 434s)
Caro Clinch de Ohio ctts
Close 104ssn 104shs 104un 1042hs 104"8: 104"8,
Total sales in $1,000 units-stamped
100
230 9734 July 30 984 July 29 9634 July 102
196
143
65
Apr Treasury
134
41
114
Central RE of N J_100
100174 July 27 174 July 27 165 May230
{High
-Feb
112sh, 112"ss 1122oss
44s, 1947-52
Hudson & Manh pf _100
400 70 July 29 704 July 29 6634 Air 7834 Feb
Low_
112shs 112issr 112ssn
Int Rys Cent Ain pt 100
20 384 July 27 38% July 27 30 May 5534 Feb
Close
112shs 112"ss 11220n
Total sales in $1,000 units_
Manhat Eley guar 100
10 5234 July 27 5234 July 27 464 July 61
Feb
1
25
M St P&SSM pf 100
100 14 July 28 14 July 28 84 June 14
(High 108",, 1015;s; 1081oss 108ess 1081ss2
July
Morris de Essex
4s, 1944-1954
50
10 844 July 28 8434 July 28 70 May 8534 Apr
Low_ 108uss 108"ss 108+082 108+8s 1084ss
Pacific Coast 1st pt-100
50 334 July 27 4 July 27 3 July 12
Close 108Isas 108"81 108lots 108+ss 1084ss
Mar
South Ry M &0ctts100
Total sates in $1.000 units__
100 55 July 27 55 July 27 54 June 76
2
2
Jan
2
1
10
(High
106isr
Indus. & Miscell.
334s, 1946-1956
Low_
106+01
Allegheny Steel
*
10 2934 July 29 2914 July 29 2834 May 4631 Feb
Close
10611,8
Amer AgrIc Chem(Del)• 1,700 13 July 30 1634 July 27
Total sales in $1,000 units-1134 June 294 Feb
27
Amer Beet Sugar pf_100
140 9 July 31 1034 July 28 7 June
I/Ugh
_
107
Jan
2ii; 102"ss
Am Mach & Met ctfs.*
34s, 1943-1947
400 24 July 28 3 July 28 2 May 17%
Low_
5%
Mar
102"ss
102"ss
10211n
Art Metal Construct_10
100 1334 July 30 13,4 July 30 1334 June 2034 Jan
Close
_—
102"sr 102"88 102"st
Assoc Apparel rights... 1,900 1-32 July 28 1-32 July 28
Total sates in $1,000 Units...
1-64 July
12
60
34 July
2
Asso Dry Gds 1st p1100
100 9334 July 27 9334 July 27 85
[High 11)-2ii8-8
Jan 98
102"ss
_
Austin Nichols prior A *
345. 1940-1943
20 25% July 28 2534 July 28 18% June 28 May
Low_ 102shs
102Ihs 102+Iss
July
Brown Shoe pref___100
Close 10226n
1011834 July 30 11834 July 30 11734 Mar 1184 July
102sh, 102uss
Budd (E 0) pref_ _ _100
Total
sales
30 37 July 31 40 July 30 35
in $1,000 Units...
19
Apr 50 June
1
1
Certain-Teed Products
(High 102shs 1021+88 102208, 102"u
1022hs
1st preferred
100
ligs, 1941-43
500 244 July 25
Low. 102shs 1021918 1021931 102111,
July 27 11
Jan 2534 Mar
10210ss
Columbia Grapho Mb__ 4,400 8 July 30 254
(Close 1022hs 102"s8 1020,
84 July 28 6 June 114 July
,, 1021+81
102"ss
Comm Cred pret (7).2
Total
80 25 July 29 25 July 29 20
sales
in
$1,000
units_
10
Jan
1
52
25
64
July
13
Corn Inv Tr p1(634)_10
510 10134 July 28 10134 July 31 101
(High 1011149 1011+82 1011+18 10111n 101148
July 104
Mar
101"311
Preferred (7)
100
334s, 1946-49
10108 July 29 108 July 29 108
Low. 101Ih 101"ss 101"ss 101 0311 10113,8 101141,
July
Apr
Consol Laundries
• 1,600 1234 July 29 134 July 30, II% June 109
Close
101Ihs 101+5,8 101"88 1011% 101"ss 1011481
154 Mar
Cuban Dom Sugar__ _* 22.800
Total sales in $1,000 Units....
34 July 31
5
34 July 25
40
31 July 134 Jan
28
63
Cushm Sons pf(7%)11 8
10106 July 30 106 July 30 100
Jan 112
Mar
Preferred $8
Note.—The
•
40 100 July 25 1004 July 25 95
above
table
includes only sales of coupon
Jan 107
Mar
Douglas Aircr Co
500 174 July 31 18 July 25 174 July 214
bonds.
Transactio
ns
June
in
registered bonds were:
Elec & Musical Ind WI
600 734 July 31 8 July 28 734 July 9% July
1 lot 434,
Elk Horn Coal pret_50
..
300 1 July 30 14 July 30 1
103',, to 103
July 6
A
5 1,400 2034 July 25 214
General Baking
July 28 1734 June 2534 Apr 80 4th 434s
1041+88 to 104",,
Preferred
20 108 July 25 08 July 25 98
Jan 114
Mar
Gen Gas & El pt A(7)_*
30 70 July 28 71 July 28 67 Jun 90
CURREN
Feb
T
NOTICES.
Class B
•
200 8 July 30 8 July 30 4
Ap 10
General Print Ink
•
130 20% July 31 224 July 31
May 31
?nay15 Mar
Preferred
—The consolidation, as of Aug. 1, of the businesses and personnel
*
20 6434 July 28 6434 July 28 5934 Jun 76
Jan
of
Gen Ry Signal pt___100
201074 July 31 074 July 31 10434 Jan 114
Mar Jenks, Gwynn° & Co. and Reinhart & Bennet, has been announced. The
Gold Dust pref
•
30011234 July 28 1134 July 28 104
Jan 174 May new firm will carry the name of Jenks, Gwynne
& Co., which in addition
Hackens Wat pt cl A 2
to being one of the major New York Stock Exchange houses,
40 28 July 31 28 July 31 26% Mar 30
are also
Apr members
Hawaiian Pineapple_20
80 274 July 27 2934 July 27 254 Jun 42%
of the New York Cotton Exchange, New York -Curb
Jan
Exchange,
Houston 011 new_ _ _ _25 1,500 834 July 25 9 July 28
6 June 144 Feb New York Produce Exchange, Chicago and Philadelphia
Insuranshs Co (Del) rts 9.000
Stock
Exchanges,
34 July 30
34 July 25
34 July
34 July Dallas Cotton Exchange, Montreal Curb Market,
Internat Silver pret_100
20 6034 Jul431 624 July 31 5841May 904
Chicago Board of Trade,
Mar
Kresge Dept Stores_ _•
50 6 July 29 6% July 29 44!Jun
634 July New York Coffee & Sugar Exchange New Orleans Cotton Exchange,
Kre ge(S 5) Co Pr-100
10 1134 July 25 1134 July 25 107
Jan 11334 July Quebec Stock Exchange and associate members Liverpool
Lily Tulip Cup Co..._s 1.700 23 July 29 2434 July
Caton Associa28 23
July 2634 June tion. The firm of Jenks, Gwynn° &
LoosewWilesBislat pt100
20 12034 July 31 124 July 29 118
Co. was organized in 1913 and that
Jan 12634 Jan
Lorillard Co cret_100
700 100 July 25102 July 28 904 Jan 102
of Reinhart & Bennet in 1919. The main office of the consolidated firm
June
MacAnd & Forb 1)1_100
20 92 July 28 92 July 28 85 June
Apr will be on the 9th floor of 65 Broadway, New York. It will have branch
McLellan Stores pfd 100
30 65 July 30 68 July 29 42 May 10034
70 June offices at 277 Broadway and 230 Park Avenue, New York, as well
50 110 JulyI78 110 July r8 104
Eleo & RY ld.-100
as in
Jan
110
July
Noranda Mines Ltd..• 3,600 1734 Jab'30 184 July 27 1534
May 2934 May other cities, including Philadelphia, Montreal, Dallas, Burlington, PlatteOmnibus Corp pref_100
100 75 July.28 75 July 28 68
Jan 85
Mar burg, Utica, Toronto, Saranac Lake, St. Albans, Vt., and Westport, N.Y.
Partners of Jenks, Gwynne & Co. are W. P. Jenks, A. C. Gwynne, L.
Peoples Drug Sts pt_100
S.
1010134 July 301014 July 30 9634 Feb 103
Apr Colwell, P. D. Lown, J. C. Botts,
Penn Coal & Coke_ ._50
100 44 July 30 434 July 30 4
R. M. Williams, J. C. Warren, T. S.
Jan
54
Feb
PhIla Co 6% pfd new.•
200 1004 July 31 101 July 28 9534 Jan
Strong,
N.
R.
Schenck,
F.
M.
Lopez
and
J.
Whitney. Private wire conPierce-Arrow Co pt_100
700 58% July 25 59 July 25 5834 June 1024 May nections are maintained
with the following cities: Albany, N. Y.; Boston,
Feb
Pitts Term Coal corn100
300 234 July 31 234 July 31 24 July 724
5
mar Mass.; Brockville, Ont.; Calgary,
Preferred
Alberta; Chicago, Ill.; Cornwall, Ont,
100
100 20 July 29 20 *July 29 20 June 28
Feb Edmonton, Alberta;
Proctor & Gamble pt100
30110 July 27110 July 27 107
Hartford, Conn.; Indianapolis, Ind.; Quebec; ShawiniFeb112
Mar
Scott Paper
180 4634 July 25 50 July 27 40
•
Ja 50
Apr gan Falls, Que.; Sherbrooke, Que.; Three Rivers, Que.: Vancouver, B. C.;
Sloss-Sheff St & Ir pt100
140 21 July 31 2234 July 271 20 June 39
Winnipeg,
Feb
Man.
Partners
of Reinhart & Bennet are C. Stanley ReinUn Bus Publishers....'
100 5 July 27 6 July 27 5
Feb 11
Jan hart, H. L. Bennet, James F. McKearney,
US Gypsum pref._ __100
100 132 July 30132 July 30 132
B. H. Howell and George B.
July 132
July
Univ. Leaf Tob pref_100
2010634 July 31 10634 July 311102
Moffat,
the two last named being special partners. Reinhart & Bennet
Feb 110
Mar
Unlv Pipe & Rad pt_100
10 29 July 25 29 July 25 934 June 60
offices
have
located
been
Jan
at
52
Broadway.
Van Raalte
•
10 10 July 31 10 July 311 10
Feb 14
Jan
151 preferred
_The investment securities house of Tucker, Hunter, Dulin & Co. will
100
10 43 July 27 43 July 27, 224 Feb 60
June
Wheeling Steel
•
100 20 July 30 20 July 30; 20
July 204 July be discontinued as of Aug. 15 1931, according to an announcement made
Wilcox-Rich class A "
100 2634 July 30 26% July 30 20
Jan 30
Mar yesterday by Walter E. Sachs, President of the Goldman Sachs Trading
Zonite Products
1 3,0
1134 July 31 1234 July 28 11 June 14 June
Corp.,in confirmation of reports received from the Pacific Coast. Tucker,
•No par value.
Hunter, Dulin & Co. is a wholly-owned subsidiary of Pacific American
Co., Ltd., the stock of the latter corporation being owned in turn by the
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c. Goldman Sachs Trading Corp. The Pacific Coast investments of the
Goldman Sachs Trading Corp. from Aug. 15 on will be actively handled
Int.
by
Int.
Maturity.
Rats. Bid. Asked.
Maturity.
Rate. B 4. Asked. the management of Pacific American Co.. Ltd.
—A. W. Mellen Jr. has become a member of the Treasurer's Division
Of
eere.16 1931... 234% 100,o 100h8 Mar. 15
2%
100Ihs 100":, the Metropolitan Life Insurance Co. His work will be mainly
Sept15 1931... 134% 100+o 100in
in connection
15 1931-32
1932.Deo
3+4
100+ss 100'n
the
investment
with
Dee 15 1931
of
insurance
the
company's fluids in public utility
l!4% 100.88 100"n
securities. Mr. Mellen has been with Harris, Forbes & Co. for
the past
nine years, during the last six years of which he has been in the
Foreign Exchange.—
public
utility buying department.
To-day's (Friday's) actual rates for sterling exchange were 4.85©
4.85% for checks and 4.8534(814.8534 for cables. Commercial on banks,
--Jamison D. Kennedy, formerly with Charles D. Robbins
& Co., and
sight, 4.8534(4i4.85g; sixty days. 4.8134@4.81 15-32: ninety days, 4.7934 William J. Hall,formerly with Titus,
Wales & Co.,announce the formation
@4.79 11-16, and documents for payment, 4.8034 ©4.81 15-32. Cotton
of the firm of Kennedy, Hall & Co.to conduct a general trading and
for Payment, 4.844. and grain for payment 4.84g.
brokerTo-clay's (Fridays) actual rates for Paris bankers' francs were 3.92@ age business, specializing in public utility securities. The new firm
will
3.9234 for short. Amsterdam bankers' guilders were 40.29@40.0131.
have offices with Coombe, Kerr & Pratt, 120 Broadway, New
York.
Exchange for Paris on London, 123.85; week's range, 123.91 francs
—W. L. Morgan & Co., Philadelphia, are distributing a
high and 123.84 francs low.
pamphlet,
The week's range for exchange rates follows.
"Proper Management of Investment Funds," which
compares the record
Sterling, Actual-of Industrial & Power Securities Co. during the first six months
Checks.,
Cables.
of 1931
High for the week
4.8634
4.8604
with that of a group of 16 other representative fixed and
Low for the week
management
4.85 3-16
4.85%
trusts.
Paris Bankers' Francs—
High for the week
—A brief resume of the 44 public utilities
3.9234
3.9234
which, in varying proportion,
Low for the week
3.91%
3.91,4
comprise the portfolio of United States Electric Light
Germany Bankers' Marks-& Power Shares,
Inc. (Uselps), Trust Certificates, series B, has been
High for the week
23.73
23.74
prepared by Calvin
Low for the week
Bullock, sponsors of this trust.
23.50
23.50
Amsterdam Bankers' Guilders—
—Engel & Co., members of the New York Stock
High for the week
Exchange, announce
40.32
40.33
that Arnold Maier, formerly with Warwick & Co., has
Low for the week
40.29
40.3034'
become associated
with them and will be located at their Newark, N. J.,
office.
—Elman B. Myers,former associate of Dr. Lee
United States Liberty Loan Bonds and Treasury
cfe Forest and one of the
pioneers in the radio industry, has become associated
Certificates on the New York Stock Exchange.— Television
with the Continental
Corp. as technical advisor.
Below we furnish a daily record of the transactions m Lib—Doty, Fay & Co., 15 William Street, New
York, have prepared a
erty Loan and Treasury certificates on the New
York statistical analysis of New York City banking
institutions.
Stock Exchange. The transactions in registered bonds are
—Andrew J. Fox, Jr., has been admitted to general
given in a footnote at the end of the tabulation.
partnership in the
firm of Barton & Barton, New York and Boston.
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
preceding page.
For Bales during the week of stocks not recorded here, see
rbit WIArt.
PER SHARE
Range for Previous
STOCKS
Range Since Jan 1.
Sales
SHARE, NOT PER CENT.
-PER
PRICES
SALE
Year 1930.
LOW
AND
lots.
HIGH
NEW YORK STOCK
On basis of 100-share
for
EXCHANGE.
the
Friday
Highest.
Wednesday Thursday
Lowest.
Tuesday
Highest.
Monday
Lowest.
Salurday
Week.
July 31.
July 30.
July 29.
July 28.
July 27.
July 25.
share $ per share I per share $ per share
per
$
Par
Railroads
Shares
share
per
Mar
per share $ per share $ Per share $
13234June 2 2033 Feb 24 168 Dec 242%
$ per share $ per share $
151 156 315012 15212 9,300 Ateh Topeka & Santa Fe--100
15934 15214 157
100 10012June 2 10814 Apr 13 100 Dec 10834
15612 1562 15514 15714 156 105% 105 105 *10512 106
Preferred
10512 10512 1,800
10518
9514 Dec 17512 WI
Jan 23
120
105 105
3
June
78
100
RR
Line
Coast
*105 106
Atlantic
350
92
*88
*8818 92
88
9234 88
9234 *90
558 Dec 12238 Mar
*89
100 4312June 2 8778 Feb 24
92
92
4812 50 23,600 Baltimore dr Ohio
50
49
5238 4934 52
52
7014 Dec 8438 July
537
52
100 6512June 4 8012 Feb 27
5372 54
Preferred
300
68
*67
6712 *6478 70
*65
70
504 Dec 8413 Mar
7111 *69
70
66% Feb 26
2
June
713
47
50
Aroostook
&
*70
Bangor
*53
5712
574
*53
574
*53
55
*53
Dec 1164 June
9
10612
2Mar
55
1131
3
*5218
4June
100 993
*5218 55
Preferred
10
10914 10914 *108 111 *108 111
44 Dec 112 Feb
100 32 June 4 66 Feb 20
*107 111 *107 11012 *107 11012 *32
Boston dr Maine
40
*33
40
*33
40
40
Dec 1578MaY
*33
40
618
20
8June
*33
133
2
712June
40
par
_No
Tr
Queens
*33
800 Brooklyn &
*1112 12
*1112 12
*1112 12
*1112 13
5318May 6612 MAY
1112 1112 *1113 12
No par 5134May 4 6434June 27
Preferred
64
*62
64
*62
64
*61
64
*61
5518 Dec 7838 Mar
2
64
Mar
8
*61
693
29
Apr
5378
64
par
No
e
t
v
Tran
*61
Bklyn-Manh
1,900
5832 5872 5812 5812 5832 5888
59
83 Dec 984 Sept
8838 8812 581s 5818 59
No par 853 Jan 21 9414 Feb 11
Preferred v t a
600
9212
9214 9134 913 *92
9238 92
4 Nov 33% Apr
1
5/
*9112 9212 92
912 Feb 10
3 May 27
*9112 92
2,600 Brunswick Ter&Ry See No par
6
6
512 512
b'lz 6
6
614
351 Dec 5214 May
24
Feb
618 618
19
2418June
4588
25
618 618
Pacific
Canadian
2434 2538 17,400
2588
4
243
2512
25
2512
2518
4
8 Dec 5134 Sept
253
323
10
Feb
2514
4612
2
25 27 June
2532 2588
16,700 Chesapeake & Ohio
3412 35
36
35
35
34
38 Dec 10 Apr
234 Jan 12
3414 3434 3412 36
100
38 July 25
3488 347
h
12 15,500 Chicago dr Alton
h
12
12
12
12
12
ss
as
Dec 1088 Apr
4
3
14
12
Jan
178
25
100
14July
34
Preferred
12 5,400
12
*32
28
h
*32
h
h
4
12
12
77 Feb 10
14
434 Dec 1734 Mar
4 June 2
100
900 Chicago Great Western
618 618
614 614
6
6
6
6
Dec 523s May
12
7
618 618
2712July
618
3
100
1534June
•6
Preferred
4,100
25
2514 25
2434 2514 25
414 Dec 263k Feb
87 Jan 23
318June 2
254 2513 2534 2534 2534 26
600 Chicago Milw St Paul ds Pac__
538
•5
5
5
578
538 *5
734 Dec 4614 Feb
5% *5
434June 2 1588 Feb 10
54 54 *5
Preferred
1,100
812
832
8
8
814 814
2812 Dec 89% Feb
24
814 838 *812 938
834 838
4,700 Chicago dr North Western-100 25 June 2 4513 Feb
25
2714 25
2712 2812 27
29
29
2912 2834 29
*29
100 89 June 4 116 Mar 18 101 Dec 14034 June
Preferred
96
*75
96
*75
96
*75
96
4514 Dec 12518 Fes
*76
96
Jan 27
6513
3
96 •75
*75
221zJune
Pacific-100
&
Id
Rock
Chicago
351
7,100
3714
43% 3513 3914 3618 3712
*42
92 Dec 11038May
40
3912 3988 *39
100 50 May 29 101 Mar 24
73
7% preferred
100
71% •70
7118
80
*71
80
*71
SO
*68
80
438
1
/
81 Dec 10418 Mar
100 50 May 29 90 Jan 2
6% preferred
65
*6013
70
*6212
65
*61
65
.61
4018 Dec 95 Feb
*6013 65
65
*60
100 2468June 1 48 Jan
Colorado & Southern
*2513 45
*2538 45
*254 45
Dec 62 Apr
30
*254 45
Feb2
*254 45
4212
3
June
25
*254 45
100
pref
Cuba
of
RR
200 Consol
351 *34
35
*34
13018 Dec 181 Feb
100 10712June 3 15714 Feb 2
4 364 *3412 364 *3413 3614 3412 35
1
*34/
300 Delaware & Hudson
11712 11912
11734 11734 *11712 120
69% Dec 153 Feb
45%June 2 102 Jan
4 11934 118 118 *11714 120
1
119/
Western_100
&
Lack
Delaware
1,100
5214 5414 *5214 5313
54
54
56
1
2518 Dec 80 Mar
5618 56
5612 5612 56
Deny & Rio Or West pref _100 1138June 3 4534 Feb 2
24
*18
*1934 24
*1934 24
22% Dec 6334 Feb
*1934 24
*1934 24
100 1312June 2 3934 Feb
•1934 24
400 Erie
20
*1938 20% 1934 1934 20
1 Feb 2
21
21
27 Dec 673 Feb
45
3
June
25
1912 194 *1934 23
100
preferred
First
200
3112
*28
3112
32
3134
*3112
4
/
321
26 Dec 62% Feb
*3113
33
Jan
*3112
4013
1
33
1712June
100
*3113
Second preferred
100
*204 2612
20
26% 20
51 Dec 102 Mar
2612 *20
23 •20
SO 6934 Feb 2
26% *20
*20
4July
1
/
41
_100
preferred_
Northern
Great
6,600
4214
4214
424
1018 Nov 46% Feb
1
Feb
27%
5
8June
137
4 44% 4418 4412 4412 4234 44% 415s
1
4418 44/
100
Northern
&
100 Gulf Mobile
1418 144
20
*14
*145 20
20
*14
553 Nov 9814 Mar
*145 20
*144 20
100 51% Feb 10 75 Jan
Preferred
46
*25
46
*25
46
347 Dec 533 Mar
*25
46
*25
46
Feb 1
*25
4412
1
46
8June
*25
337
100
Manhattan
&
Hudson
500
39
*36
39
39 .36
38
6534 Dec 13634 Apr
*3834 40
40
3812 38% *38
100 4112June 3 89 Feb 2
Illinois Central
3,300
43
42
45
44
4518
4588
47
Dec 77 May
48
58
46
464 4614 46
RR Sec stock certificates-- 36 July 29 61 Jan 2
10
36
*34
*3412 36
36
36
39
3912 *33
203e Jan 3912Mar
3912 *33
*33
600 Interboro Rapid Tran v t c_100 1912.1une 2 34 Mar
2232 2232
23
*2114
22h
*21h
2214
2214
4
Dec 8538 Mar
223
34
2
Feb
21
45
4
223
3
3
June
25
224
100
1,200 Kansas City Southern
*2634 27
27
27
28
27
28
*27
28
53 Dec 70 Apr
28
30
*28
100 40 June 2 64 Feb
Preferred
400
*4734 51
4814 *4734 51
48
847 Mar
Nov
40
Jan
4888 4838 *484 51
61
1
*4838 51
3714June
50
200 Lehigh Valley
42
*40
40
40
40
40
42
4414 *40
*40
84 Dec 13812 Apr
42
*40
74
100 Louisville dr Nashville__ _ _100 6114June 3 111 Feb
*68
*71% 75
75
*71
75
75
75
24 June 4212 Sept
*68
2
Feb
75
39
*73
2
May
30
guar100
modified
Elev
Manhat
304 304 1.000
31
3214 3034 324 31
13 Dec 25% Feb
311 3112 *31
1
*3012 33
100 Market St Ry prior pref__100 12 June 3 22 Feb
*914 15
*1114 15
15
1212 124 *11
13
*9
34 Jan 1
14 Oct2% Api
13
*9
14 Apr 18
12
Minneapolis dr St Louis_ _ _100
*14
12
*14
12
*14
12
*14
12
*14
12
4%
814 Dec 35 Feb
1 1113 Feb 10
June
5
Marle_100
S
S
&
Paul
St
Minn
200
4%
*4
7
*4
5
5
7
*5
*518 7
41 Nov 59% Feb
7
*5
100 29 July 3 45 Mar 11
Leased lines
43
43
*25
*25
43
*25
43
*25
43
*25
1478 Dec6638 Apr
43
*25
978June 3 2634 Jan 20
2,500 Mo-Kan-Texas RR____No par
14
1334 *13
1338 13
60 Dec10834 Mar
16
*14
1434 13% 1334 *1312 1378 13
Jan
85
3
4June
393
100
Preferred
900
5014
5014 5012 50
51
51
*5012 53
52
52
38 Dec 9812 Mar
20
16
53
Feb
*52
3
4
423
June
14
100
400 Missouri Pacific
2113 2112
2478 *2138 25
*22
*2314 25
79 Dec 1454 Mar
2314 234 *21% 25
100 50 June 2 107 Feb 11
Preferred
700
6212
Dec 132 Mar
*6418 6814 *644 6712 644 6414 64% 644 62
70
67
25
Feb
80
67
11
June
47
Louls_100
St
Nash Chatt &
*48h 60
*4812 50
*4812 60
11 July
*4812 60
*48% 60
14 Dec
.34812 60
12 Jan 5
14May 28
14
*14
14
100 Nat Rys of Mexico 2d pref-100
12
*14
12
*38
1
*14
13
10518 Dec19234 Feb
*321
24
1
Feb
13214
2
7112June
100
Central
3
York
New
53,800
7614 73h 75
Feb
144
Dec
8038 804 794 8034 79h 8134 7512 7914 7412
73
11
Feb
88
30
Jul.*
26
28
1,800 NY Chic dr St Louis Co-100 25
32
25
35
35
44
*35
45
451 *40
75 Dec11034 lYtaY
•40
100 3512July 31 94 Mar 9
Preferred
400
3512 3512
50
*40
56
56
60
*56
Feb
60
324
Dec
64¼ 60
152
24
*60
Feb
227
2
14712June
50
360 N Y & Harlem
155 153
15514 155% 155 155
157 157
156 157
7
6788 Dec 1284 Max
15512 169
, 5.000 NY N H & Hartford_ -__100 63 June 2 94 Feb 24
67
647 673
66
67
65
67% 68
69
68
70
106% Dec 13512 Mar
24
70
Feb
8
1193
8
10412June
Preferred
900
111
111
110
11112 11134 110% 11034 111
334 Dec 1714 Mar
*11134 113 *1114 113
532 Jan 2 1378June 26
1112 117s 117s 1114 1178 2,700 N Y Ontario 4s Western__100
11
41 Jam
Oct
1
1114 1112 1112 1112 1134 12
2 Feb 27
78June 5
N Y Railways pref__ __No par
*38 1
*38 1
*38 I
*54 1
1
38
1
Dec 3313 Feb
9
*34
4%
Jan
814
25
212May
100
Southern
6
700 Norfolk
638 *4
*4
5
47
5
534
5
Feb
*4
265
Dec
47
18113
26
*4
Feb
217
2
100 139 June
1,300 Norfolk dc Western
165% 16534 16414 16412 164 164
83 Feb 9212 All
*167 170'2 166 167 *165 168
100 89 Jan 8 93 Mar 31
Preferred
__ ._
Feb
97
Dec
*9034 _-- *9038 ___ *9038 ___ *9038 9318 *9035
423
27
Jan
•903 -_
8
607
18
3012May
100
3532 5-,300 Northern Pacific
.
3534 347e .
35
31 Dec 1978 Ars
36 -36% 3514 36
8
3538 -36 36 -36
7 Mar 23
114June 1
100
*1
112
3
*1
100 Pacific Coast
2
2
3
*1
3
*1
Dec 8655 Mai
53
23
10
•1
Feb
64
2
4218June
50
Pennsylvania
x4338
45
4438 21,700
455 4578 4538 46% 4413 4558 4414
4% Dec 2413 Mai
4578 46
913 Jan 9
4 May 1
Igo
8
Peoria &Eastern
*4
8
*4
8
*4
8
*4
8
*4
8
•4
761 Dec 16413 -Api
100 28 June 11 85 Feb 10
Pere
Marquette
42
.30
42
*30
42
*2918
42
*2918
*2918 42
90 Dec 101 MAY
•2912 42
100 50 June 1 9214 Feb 25
Prior preferred
30
56
*573 70
578
*5734 70
*5734 70
*5734 70
913 Oct 99 Api
*5734 70
100 49 July 24 80 Jan 8
Preferred
59
59
*56
*56
59
*56
59
*56
*4878 59
4812 Dec 12134 Feb
*4878 59
100 40 July 8 86 Jan 9
Virginia
West
dr
Pittsburgh
59
59
*35
*35
59
*35
50
*35
50
*35
73 Dec 14112 Feb
50
11
*35
Feb
9712
27
Apr
8
603
50
Reading
71
*65
71
*65
71
*65
71
*65
71
441 Mar 53 Feb
69 .64
*62
50 37 June 3 46 Jan 5
447
First preferred
4478 *43
100
*43
447k 43
43
*43
44
46 Dec 57 Feb
443 *43
*43
29 47 Jan 16
May
41
50
4413
Second
preferred
*4214
441
200
*424
*4214 441
*4214 43¼ 43% 431 *4214 44
3934 Dec 1187s Mal
9 June 2 6234 Jan 27
1512 1614 2,800 St Louts-San Francisco-100
1614 1614 1934 1934 16% 1612 1534 16
6212 Dec 101 Apt
18
*16
100 1518June 1 76 Jan 27
First preferred
29
30
29
800
2912 293 *29
30
30
30
29
1713 Dec 7634.MAJ
31
Jan 9
*30
3312
27
May
7
100
Southwestern
Louis
St
*13
17
1,300
17
17 •13
17
17
1534 154 15
35 Dec 9434 Ada
24
17
*15
Feb
60
27
May
16
100
40
Preferred
*34
40
*30
40
*30
40
*30
40
12 Dec 1212 Feb
*30
40
*30
138 Jan 12
38May 21
par
No
Line
Air
Seaboard
2,100
8
5
8
5
5
ss
as
58
5
13 Dec 28 Feb
*53
%
38
%
212 Jan 12
ft
hMay 21
100
1
78
Preferred
900
1
*71t
114
1
1
*1
1
1
Dec 127 Yet
1
88
1
11
Feb
10912
1
100 6714June
77
7512 77
6.200 Southern Pacific Co
7713 7912 76
7818 7834 7812 81
•7812 82
4613 Dec 13634 Jail
June 2 6578 Feb 10
27
100
28
28
Southern
5,300
28'2
2712
Railway
28h 29's
2912 30
30
30
Dec 101 Mai
30
76
10
30
Feb
83
3
June
53
100
5512
55
Preferred
56
500
56
62
*56
58
5812 58
*58
85 Dec 145 Ap,
58
58
100 90 Mar 10 100 Jan 14
Texas & Pacific
5014 85
*5014 85 .
*5014 85
*5014 85
•5014 85
*5014 85
4 Dec 15% Mai
10
July
154
29
Apr
5%
100
Third
12
Avenue
12
124 52'4
500
*1214 13
12 •1212 13
12
12
74 Oct 3112 Jar
12
Sauna 5 1778 Feb 17
Twin City Rapid Transit_ _100
*733 8h *738 84 *73
818 *712 818 *713 818
4738 10
4434 Dec 79 Fel
100 3518June 1 62 Feb 9
41
Preferred
41 .
35
30
*35
*3518 41
*3518 41
41
41
41
41
16613 Dec 242$4 Ma,
24
Feb
2054
2
June
137
100
152 154
6,200 Union Pacific
15412 1564 152 155
158 158
157 159
82% Jan 88% Sep
160 160
100 8338 Jan 5 87 May 18
Preferred
500
8634 *8414 87
*8414 8614 *8414 8512 86
85
85
1114 Dec 6734 AB
*844 85
8 June 1 26 Jan 9
100
12
*11
*1112 13
12
300 Wabash
1218 12% 12
12
13% 12
*12
39 Dec 8914 Ap
100 19 June 4 51 Jan 9
Preferred A
24
*20
24
100
*20
25
20% 2012 *21
25
*22
23
•20
10 Dec 36 Ma
24
Feb
,
195
2
June
9
100
2,300 We(tern Maryland
1212 12% 1134 124 1134 1134 1112 12
12
114 Dec 38 Ma
1214 1214 12
Feb 24
20
3
914June
100
Second
preferred
1434
*1114
1514
1512
8
'ills
*123
16
*12
16
*12
16
74 Dec 3012 Ma
*12
9
Feb
144
2
June
4
100
Western Parifc
*74 9
*712 9
*712 9
9
*71
*7h 9
*713 9
5313 Ma
23 De
24
100 1018May 25 3134 Feb
15
*13
15
Preferred
15
18
300
18% 15
181 *15
1514 151 .15
Industrial & Miscellaneous
8 Dec 421s AD
312May 21 1414 Feb 26
4
4
4
4
4
4
1,600 Abitibi Power & Paper_No par
434 4%
*414 42
412 41
36 Nov8612 Ap
100 144July 31 52 Feb 26
16
1438 l47s
1712 *15
300
Preferred
171 *15
1514 151 *15
17
*15
Dee 66 Ap
21
13
par 25 Jan 22 381233ay
36
.3038 36
100 Abraham ds Straus_ _No 100
304 3014 *30
38
*31
36
*31
35
*31
100 Jan 8 1o6hmay 4 102 Nov 11018 Au
10534 *10512 l05'4 10513 105's
Preferred
10
Dec 373833,,
144
24
*10512 10534 *10512 1053 *10513 1053 *10512
Feb
2313
3
1118June
par
No
141
14
1418 1438 14
1414 141
1434 7,800 Adams Express
8018 Dee 94 Sep
1434 l47s 144 14¼
100 8312 Jan 5 92 Apr 6
Preferred
87
*86
87
10
87
*86
*86
87
*86
86
86
87
3 Apr 1
Oct 32 Ma
*86
21
33
14
Jan
2218
par
No
2312 231k 244 25
600 Adams Millis
*2212 271 *2212 25
241 *2312 25
24
4 Dec 34% Jun
Addressograph Int CorpNo par 1738July 16 2312 Feb 2
183 *1734 181 *1734 181
1834 *18
*1712 1814 *1734 183 •18
1138 Mar 17 -- __ _ ___ __ __ _ _ _
15
July
4
par
No
51
_
6
new
•54
homely
51
Advance
200
513
5'2
6
*513
*54 6
•54 6
10 Dec 4114 Ja
ISO 1112 Jan 29 2012 Feb 16
Preferred
138 Ms
4 Dec
78 Feb 27
18June 4
1
Ahumada Lead.
_ _
---- ---- - - -- ---- ---8713 Dec 15638 Jut
8 Feb 24
1093
---- ---- ---- ---- ---- ---1
4June
703
par
Ine___No
Air
7412
76
7412 7532 7314 /
Reduction
7734 7812
1314 -8:65
7512 75348*
75
Dec
24
36
614
31
Feb
Mr
1038
30
Apr
par
itanceNe
*414 5
*414 5
.414 5
*414 5
*414 5
*4% 5
h Jan 5
212 Js
14 Dec
No pa
14 Jan
APP
Ajax RubberInc
__
_
_
,
__
Jun
4
412
912
2018June
2
Js
Jan
7
Min__10
5
r
1412
1518
14% 15 - 40:800 Alaska Juneau Gold
5
.
-i478 -1-518 1478 15% 1514 1512 14
paid. z Ex-dlvldend. y Ex-rights.
* Bid and asked prices; no sales on this day, a Ex-dlvidend and ex-rights. c 60% stock dividend
750
New. York Stock Record-Continued-Page Z
For sties during the week of stocks not recorded here, see second page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
,tuty 25.
Monday
July 27.
Tuesday
July 28.
Wednesday
July 29.
Thursday
July 30.
Friday
July 31.
Sales
for
the
Week.
•
STOCKS
NEW YORK STOCK
EXCHANGE
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
PER SHARE
Range for Precious
Year 1930.
Lowest.
Highest.
Lowest.
Highest.
$ Per share 3 Per Share $ Per share $ Per Share 3 Per share 3 per share Shares Indus. & Miecell. (Con.) Par $ per share 3 per share
$ per share 3 per share
708
84 578
812 708
812 '
A
813 *8
P
08
W
814 58
5
June
Paper Co
812
3
No par
812 Feb 10
6 Dec 154 Feb
• 672 7
6/
1
2 7
6/
1
2 7
6/
614 12,600 Alleghany Corp
1
2 678
0
64 6%
No par
418June 2 1234 Feb 24
.534 Dec 3514 Mar
1
4
221.1 23/
1
4 23/
400
22
*2114 2472 072132 2478 2214 2214 *2218 24
Pref A with $30 warr____100 2018June 3 5918 Feb 25
3614 Dec 10712 Feb
416
23
1,400
18
17
Pref
1914 1914 19
17
18
1812
17
19
A with $40 warr___100 15 June 3 59 Feb 11
3712 Dec 9934 Apr
.
717
*1714 30
20
30
*17
7017
2312
Prof A without warr___100 14 June 3 5513 Feb 25
100
18/
23
1
2 1832 •17
84/
1
2 Oct 9614 Feb
11214 11311 112 114
1
4 10912 11112 10514 111
11414 11534 10934 113/
43,700 Allied Chemical & DYe-No par 10254June 1 18234 Feb 24 17014 Dec 343 Apr
124 12472 70124 12938 '124. 12611 121 124 .12234 124
412412 125
400
Preferred
100 12178June 12 126 Apr 7
Apr
*2413 2513 2434 2434 •25
241
24
/
4 2314 2318 2,600 Allis-Chalmers Mfg____No par 1832June 3 4254 Feb 26 12034 Dec 12614 Mar
25
2514 24
3114 Dec 68
*1412 16
1414 701312 14
13
701352 14
1314 1314 *134 14
400 Alpha Portland Cement No par
8 May 27 187e Feb 9
1112
Mar
Dec
4214
181s 1812 1812 1812 1812 1812 18
1713 1712 0717
18
1812 1,100 Amerada Corp
No par 154June 2 23 Mar 21
1612 Dec 3112 June
3912 3912 39
39
39
39
3812 3712 3712 1.400 American Bank Note
38
388* 39
10 3434June 3 6234 Feb 13
1
2 Mar
454 Nov 97/
63
*6214 63
63
*614 63
611
*6112 63
/
2 6214 *6112 63
Preferred
240
50 54 June 4 6614 Feb 26
Nov 6634 Jan
6014
-703
312 *3
3
312
312 *3
*3
3
311 . *3
100 American Beet Sugar--No par
313
112June 15
434 Jan 9
24 Dec 12
Jan
*2852 29
2852 283* 284 2812 284 2812 28
28
*2758 2812
500 Am Brake Shoe & Fdy _No par 2572May 27 38 Feb 24
30 Dec 5452 Mar
4114 119/
1
2 •114 11972 *114 11972 70115 11972 •11512 1197s 57.11518 119/
1
2
Preferred'
100 11314 July 15 12438 Mar 10 118 July 128 Feb
7
7
714
en
7
634 7
7
634 7
*634 7
1,000 Amer Brown Boveri El_No par
2June 3 1238 Feb 24
55
614 Oct 2134 Apr
6812 6812 69 69
*6814 73
70
*6812 70
•69
70
71
40
Preferred
100 31 Apr 29 72 June 12
38
Oct 84 Sept
,9712 0812 97/
1
2 9912 9818 9918 93/
1
2 974 93
9512 z9012 944 257,800 American Can
25 59038 July 31 12934Mar 26 10452 Dec 15612 Apr
14912 14912
414912 150 •1494 150 701494 150 *14912 150 *14912 150
200
Preferred
100 145 Feb 4 15212 Apr 30 14014 Jan 1508 Oct
1712 1834 1714 1714 1732 19
517
21
1713 174 *17
000 AmerleanCae Z4Fdy ___No par 14 June 3 38/
1
2
18/
1
2 Feb 24
2412 Dec 8212 Feb
63
63
6178 61.14 61
61
6018 60,8 *60
64
64
•60
50 'Preferred
100 5814Ju11e 22 86 Mar 18
70 Dec 116
Jan
_1658 1712 *1614 17
7016
17
*16
5716
17
17
17
5716
200 American Chain
No par 15 June 2 4334 Feb 24
27 Dec 69/
1
2 Apr
.4214 4214 54113 4314 4213 434 42
4214 43
43
3,400 American Chicle
43
43
No par 3812 Jan 2 4858 Mar 20
5114
Dec
35
Ayr
410
1314 *10
1314 *10
1314 510
124 010
1218 *10
Amer Colortype Co_
1218
No par 10 June 11 2114 Feb 27
158 Dec 22 Oct
*74 713 *74 712 *614 712 70672 74 *6/
100 Am Comm 'I Alcohol_No par
68 67
1
2 713
5/
1
2 Apr 29 1412 Feb 16
9 Nov 33 Jan
47 - 714
7
7
*612 7
*612 714 *613 7
100 Amer Encaustic Tiling_No par
*612 7
518June 2 16 Mar 2
8 Nov 3072 Mar
2012 2012 2012 2112 20
21
'20
203
20
2014 2014 1,300 Amer European See's_ _No par 1812June 1 3318 Feb 24
20
17 Dec 5912 Mar
.2672 27/
1
2 2634 284 28
284 264 2752 2612 271
/
2 264 2734 94,400 Amer & For'n Power
No par 2114June 3 5134 Feb 24
25 Dec 10134 Apr
*8814 90's *884 9012 *8814 9013 *8814 9013 0884 9018 8414 8814
Preferred
100
No par 8514 Jan 3 100 Mar 20
84 Dec 11112 Apr
*504 5112 5750
5112 *50
51
*43
51
7048
50
49
49
100
26 preferred
No par 4612June 3 7912 Feb 25
6312 Dec 10034 June
7712 *7714 8012 *7714 79
.77
*774 79
7712 7712 7634 7712 1,200
preferred
36
No par 74 Jan 3 90 Feb 26
73 Dec 101 May
.•714 9
4714 9
*714 9
074 9
•Am Hawaiian S6 Co
*714 8
*714 812
10
614 Ape 27 10/
1
2 Jan 9
512 Dec 335 Mar
.706
612 *6
612 *6
612
6
*512 612 *5
6
6
200 Amer Hide St Leather_ _No par
1% Jan 7
8 Mar 31
118 Dec
7 Apr
2614 2672 *27
2913 .2712 28
072578 27
*26
21
27
2518 1.300
Preferred
100 1012 Jan 8 30 Apr 6
812 Dec 34/
1
2 Apr
.60
61
*60
6018 6134 *6014 604 60
62
6112 611
/
2 6154 1,900 Amer Home products_No par 4552June 2 64 Mar 20
4612 Dec 6934 Mar
2013 21
62014 22
2013 2012 2014 2014 2012 21
20/
1
2 2034 1,000 American Ice
No par 1814May 20 311
/
2 Feb 9
7 Mar
244
Dec
41
;133* 13/
1
2 13% 144 13/
1
2 1414 13
131
/
2 13
13/
1
2 6,300 Amer Internat Corp
134 13
No par
914June 3 28 Feb 26
16 Dec 55/
1
2 Apr
434
78
*34
%
"4
78
"4
300 Am I. France&Foamite_No par
78
84
84
"4
8
12June 1
112 Jan 0
Apr
13
Dec
4
1212 *7
:*7
1212 577
1212 *7
1212 7177
1212 707
1212
Preferred
100
412May 1 15 July 3
7 Dec 35 Feb
701734 19
18
:18
1732 171
/
2 1632 1712 *1614 1634 *1612 19
500 American Locomotive_No par 131sJune 3 3034 Feb 26
1814 Dec 105 Jan
*7014 744 *7014 744 *7012 7414 *7072 73
7012 7018 *7014 74
Preferred
200
100 6924June 25 8434 Mar 6
6814 Dec 11812 Mar
•32
3272 3212 324 3212 3212 311
/
2 324 32
3234 311
/
2 3134 1,600 Amer Mach & Fdy new _Napa, 28 June 3 4334 Mar 19
2924 Dec 45 Sept
424 3
318 34
314 418
4
4
*334 378
1,500 Amer Mach & Metals_ _No par
4 4
2 May 27
7
Mar
2
3 Dec 1412 July
*11
1112 12/
1
2 1232 1134 1134 104 11
41012 1112 1013 1078 1,400 Amer Metal Co Ltd__ _No Dar
818June 3 2334 Feb 24
1312 Dec 5112 Feb
45212 81
05212 81
705212 81
*5213 78
100 6312May 21 8913 Feb 5
705212 78
•60
78
Preferred (6%)
80
Dec 116 Fob
1014 1014 1072 10/
41012 11
1
2 10
978 1012
104 *972 12
190 Amer Nat Gas pref____No par
6 May 29 39/
1
2 Jan 20
20 Dec 95 Mar
35
3518 34/
1
2 35
1
2 3412 03414 36
3532 3512 33/
344 3418 3,300 Am Power & Light____No par 303sJune 2 6472 Feb 26
3612
Dec
119/
1
2 Apr
89/
1
2 8934 90
90
.90
90
1
2 8972 893* 90
89/
89/
1
2 894 1,200
Preferred
No par 88 June 17 102 Mar 27
90 Dec 107 Mar
7312 7334 73
7333 *7318 7334 *72/
1
2 7334 .7272 7314 72/
Preferred A
1
2 7272
600
No par 72/
1
2July 31 84 Apr 9
744 Dec an Sept
_734 7312 7314 733* 707272 7334 7318 7318 7272 73
•7272 734
Pref A stamped
800
No par 721
/
2 July 30 85 Apr 4
7434 Dec 8913 Sept
,1212 12/
1
2 12/
1
2 13
13
1314 1258 13
1212 13
123* 1272 6.900 Am Bad & Stand San'y_No par 1112June 1 2112 Mar 20
15 Dec 3934 Apr
582. 54 705
6
*5
7
7
*5
612 *5
*5
7
100 American Republics_ No par
5 Apr 27 1232 Feb 27
512 Dec 37 Mar
.204 2012 204 21
203* 21
1912 2014 1912 2014 191
/
2 204 6,800 American Rolling Mill
1
2 Feb 20
25 1512June 2 37/
28
Dec 10078 Feb
5014 5012 5014 5013 494 504 491
50
.50
/
4 4914 4934 4934 1,000 American Safety Razor_No par 45 July 15 66 Feb 26
5212 June 6732 Apr
*414 54 •414 512 *414 512 *412 512 *414 512 4414 512
Amer Seating v to
No par
4 June 2
9 Feb 13
5
Dec
2613 Feb
. *12
/
1
2
*12
*13
4
53
12
12
400 Amer Ship & Comm__ _No par
4 12
12
3
12May 29
158 Feb 27
32 May
13 Dec
271
: 2712 27
2713 *27
2712 27
27
7027
27
28
27
120 Amer Shipbuilding new_No par 27 July 20 42 Jan 6
35 Dec 5412 June
3233 3372 3314 3312 3312 3313 3118 3218 3012 3114 3072 318 8,000 Amer Smelting & Refg_No par 24/
1
2June 3 5812 Feb 24
3713 Dec 794 Apr
112612 12912 *12612 12912 12714 12714 12612 12612 12612 12612 12512 12912
600
Preferred
100 11712May 14 13812Mar 27 131 Dec 141 Apr
7090
92
92
7090
92
92
*92
9934 *91
9934 7091
9934
6% cum 2d pref
100
100 8312June 5 10234 Mar 12
93/
1
2 Dec 10332 Aug
'
5384 3934 *3812 40
3914 394 *38
•3934 40
40
*39
40
100 American Snuff
25 3514June 3 4214 Mar 10
35/
1
2 Dec 4372 Jan
010753 110/
1
2 410752 11078 *10752 11072 10812 1083* •10632 110/
1
2 110/
1
2 11072
Preferred
110
100 10234July 1 11072July 22 10012 Jan 112
Sept
*114
11
/
2
114
114
1
114
114
114
1
14
14 5,500 Amer Solvents & Chem_No par
1
1 July 28
412 Feb 16
2 Dec 2212 Mar
4312 332 •34 3/
1
2
34 312 *234 318 *234 338 *234 3/
1
2
100
Preferred
No par
214June 17 1112 Feb 24
554 Oct 3314 Mar
16
16
*1514 16
16
164 153* 16
154 1512 *154 15/
1
2 1,200 Amer Steel Foundries No par 1112June 2 311
/
4 Feb 20
2313 Dec 5214 Mar
'104 107
104 104 70104 107
104 104
104 104
104 104
Preferred
50
100 10012June 4 113 Feb 20 110 Dec 116 Feb
•40
42
*40
42
7040
42
4134 41/
1
2 •4012 4178 411
/
2 411
/
2
300 American Stores
No par 37 Jan 7 4814 Mar 10
3611
Dec 554 Apr
56
58
055
56
56
56
*54
55
54
54
55
55
500 Amer Sugar Refining
100 42 June 2 60 Mar 25
3914 Dec 6972 Mar
010514 108 *106 108 *10614 108
106/
1
2 10634 *106 108 *106 108
Preferred
100
100 96 Jan 2 10812Mar 16
95
748 712 *612 8
Nov
110 Apr
07612 8
*612 8
*612 8
*612 8
200 Am Sumatra Tobacco_No par
658June 3 114 Feb 13
5
1733* 17414 17312 17578 17512 176
17014 17372 16938 172
169 172
100 15612June 2 20134 Feb 26 17032 Nov 2634 Feb
91,100 Amer Telep & Teleg
Dec 27414 Apr
011712 11814 118 119 57118 120
11814 11812 11714 118
11512 118
2,700 American Tobacco new w 1_25 9818June 2 12834 Apr 14
9812 Dec 127 Sept
121 122
12118 122/
/
4 12334 12114 12212 11818 122
1
2 122 123
1221
19,400
Common class B new w 1_25 10212June 2 132 Apr 14
9914 Dec 1307
0129 130 07129 12912 •129 12912 129 129
12912 12912 70129 130
Preferred
200
100 12414 Jan 3 132 May 5 120 Feb 129 2 Sept
7175712 65
Sept
*574 65
*5718 65 .574 65
55
55
*5114 65
100 American Type Founders_ _100 55 Ally 30 105 Jan 16
95 Nov 14134 Apr
708814 100
518814 100
*8814 90
578814 90
•8814 90
*8814 90
Preferred
100 85 June 2 11012 Feb 28 10312 Nov 11434
July
4632 4714 4734 4734 4883 4813 47
47
48
4778 4814 3,400 Am Water Wks & Elec_No par 4032June 3
48
8034 Feb 26
4752 Dec 12472 Apr
*45
4534 454 4512 *45
4912 45
45
4812 *45
5745
4812
200
Corn vot tr etfs
No par 38 June 3 8034 Feb 26
10012 10012 101 101 *10118 10178 7010118 1011
/
2 0710152 10134 *1014 10134
1st preferred
200
9834June
107
23
Mar
19 98 Nov 198.1-2 -Oct
- 6/
1
2 7
7
8
8
8/
1
2
4
938 23,100 American Woolen
RIZ
100
514June 3 1172 Jan 12
53* Nov 2014 Feb
31
3214 32
3514 343 37
3414 37
37
40
3732 40 42,200
Preferred
100 2052June 2 40 July 30
1552 Nov 4473 Feb
4112 272 *113 2
*112 2
*112 134 *112 134 5112 134
Am Writing Paper etts_No par
112
Apr
4 Jan 23
29
13* Dec
9 May
*10
20
20
7010
7010
20
7010
•10
20
20
*10
20
Preferred certificates
100 10 June 2 18 Feb 20
1018 Dec 4434 Feb
**5
512
5
5
*514 512
5
5
5
5
5
5
800 Am Zinc Lead & Smelt_No par
358May 26
32, Dec 1778 Feb
834 Feb 26
43712 4112 4112 4112 7040
*32
45
45
45
7032
0739
45
Preferred
200
25 26 Jan 10 41121uly 23
2654 Dec 79/
245 25
1
2 Jan
248 2552 2518 25/
1
2 244 24/
1
2 2418 2514 2412 241
/
2 41,200 Anaconda Copper Mining_50 1834June 3 434 Feb 27
25 Dec 8112 Apr
21
21
21
21
0721
2212 42013 2412 201
: 2012 - -2012 2012
400 Anaconda Wire & Cable No par 20 June 10 2614 Mar 10
19 Dec 5314 Feb
*21
2112 *21
2112 21
2112 *2032 22
*2012 22 .2012 22
200 Anchor Cap
No par 1918June 2 36 Feb 21
,
24 Dec 5134 Apr
14
'10
5710/
1
2 14
•1052 14
7010
701012 14
14
13
7010
Andes Copper Mining_ _No par
9 June 13 1912 Feb 27
103* Dec 3714 Apr
912 972 57912 11
*912 11
*913 11
*952 1012 *934 11
700 Archer Daniels MidI'd_No par
8
18
May
18
Feb
4
1312 Dec 2914 Apr
*44
49
50
7046
7046
*45
47
47
*4472 47
*4413 47/
1
2
Armour & Co(Del) pref___100 32 June 2 72 Jan 7
60
Dec 8278 June
2
2
2
2
2
2
172 2
3,800 Armour of Illinob class A___25
2
2
2
2
112May 29
412 Jan 6
224 Nov
818 Mar
*114 11
/
2
114 114
114
114
114 114 . 114 114
114
Class 14
114 2,700
1 May 28
25
278 Jan 7
112 Nov
43 Mar
414
141
/
2 1413 1412 *1352 1412 14
14
14
1312 1378
14
500
Preferred
100 1018June 2 47 Jan 6
2514 Nov 65 June
'
74 74 *713 8
*74 8
74 713
1
2
74 7/
712 8
1,500 Arnold Constable Corp_No par
Jan
2
9
33*
July
3
312
Dec 1334 Apr
5578 7/
878 878 ./
1
4
712 48
1
43
71
.00
./
1
43
71
712
200 Artloom Corp
No par
5 Jan 13 1012 Feb 26
4/
1
2 Dee 2012 Apr
*74 8
73
*712 8
818 838
8
612 718
63* 712 1,600 Associated Apparel Ind_No par
584 Apr 24 2878 Feb 10
20 Nov 4018 mar
*1813 1913 1872 19
19 •1812 18/
194 1914 19
1
2 1812 1838
900 Assoc Dry Goods
No par 1614June 3 2958 Mar 20
19 Dec 504 Apr
*2012 26
*204 26
*204 26
*204 26
*2012 26
*2012 26
Associated 011
25 20 May 26 31 Feb 18
30 Dec 51 June
41413 15
*1412 15
$7141 15
01413 15
*1412 15
•1412 15
ALI G & W I SS Line ___No par 15 July 15 39 Jan 7
33 Dec 803e Jan
*29
30
429
7029
30
30
7029
30
*28
29
29
29
Preferred
100
100 29 July 30 5313 Jan 21
48 Dec 6514 Feb
-15
1512 1514 1514 1514 1512 14/
1
2 15
1
2 1518 14/
143* 1512 4,900 Atlantic Refining
25 1118June 2 2352 Feb 24
163* Dec 5152 Apr
37
37
37
703612 37
*35
703512 37
37
39 •36
39
200 Atlas Powder
No par 30 June 3 54 Feb 11
42 Dec 106 Mar
'86
88
7086
88
•86
88
487
88
*86
88
58
88
Preferred
40
100 8452June 27 99/
1
2 Jan 16
97
Nov 106 Mar
475
8/
1
2 *73
8/
1
2 70832 8/
8/
708
1
2 *8
83
1
2 *8
Atlas Stores Corp
8/
1
2
No par
7 May 29 1312 Feb 10
754 Dec 37 May
43
34 *3
318 *3
318 *3
318 *3
31g *3
312
Atlas Tack
No par
2 May 15
34 Jan 5
212 Oct
84 Mar
156 15814 143 155
13912 14614 157/
1
4 142
44,500 Auburn Automobile
1414 148
13814 142
No par 10112 Jan 14 29512 Apr 14
6032 Nov 26334 Apr
13
47114
134 7014
11
.114
/
2 •114
13* *114 2
132
•114
Austin Nichols
No par
1 June 17
214 Mar 30
13* Dec
7 May
. 1% 2
113 2
112 112
112 112
112 112
134 2
2,400 Autosalei Corp
No par
212Ju1y 2
1 Jan 2
78 Dec 103 Mar
1
2 312 717214 312 •214 312 *214 312 *214 312
4234 313 .2/
Preferred
50
2 Apr 28
5 Feb 27
11 Dec 25 Mar
. 3/
1
2 312
352 312 *33* 312
33* 312
338 33,
33
312 3.000 Aviation Corp
No par
3 Jan 2
612 Mar 2
2/
1
2 Dec
9/
1
2 Apr
'124 1234 1213 1234 *1214 12/
1
2 1214 1222 12
1214 *1214 1234 2,900 Baldwin Loco Works
No par
918June 2 2772Mar 19
1938 June 38 Feb
7512 7518 7518 75,8 75
753, 75
*7312 75
*7312 75
75
Preferred
160
100 70 June 22 10412Mar 19
84
Dec
116
Jan
1034 10412 10312 10312 7010314 10412 *10312 10412 °10312 10412 *10312 10412
49 Ba-nherger(L) &Co pref _100 10114 Apr 30 107 Fen 11 103
Dec 11012 Feb
'*3
4
3
3
*3
3
3
34
3
3
310 Barker Brothers
312 312
No par
2/
1
2June 3 10 Jan 2
8 Nov 20/
*333, 40 *__ __ 40 *--._ 40
1
2 Mar
*33/
1
2 40
*331
1
2 40
/
2 40
*33/
Preferred
100 3338July 11 60 Mar 10
58
Dec 91 Mar
718 712 14,400 Barnsdall Corp class A
818 812
/
2
84 81
818 83*
814
8
74 814
25
524June 2 144 Feb 26
83* Dec 34 Mar
*23
31
2212 23
*2212 31
*2212 31
072212 31
300 Bayuk Cigars Inc
*2212 31
No par 22 Apr 27 33 Jan 19
23 Nov 68 Feb
708212 83
8212 8212 *8212 85
*8212 85
8212 *80
80
84
First preferred
60
100
80
July
30
90
Mar
5
89 Dec 101 July
0812 5812 *5812 61
5812 1,100 Beatrice Creamery
5812 5312 5812 5812 5812 5812 58
50 5312June 2 81 Mar 19
62 Dec
1094 11014 10919 11014 *110 11014 110 11014 .110 11014 110 1104
Preferred
100 106 Jan 15 111 Mar 16 10114 Mar 92 Apr
10914 Sept
50
50 .50
100 Beech-Nut Packing Co
53
53
53
*50
*51
53
*51
53
*50
20 441:June 2 62 Apr 9
4634 Nov 7018 Jan
.312 334 *31
/
4 3/
1
2 *314 3/
500 Belding Hem'way Co__No par
1
2 *314 3/
34 331
1
2
1
4 •314 3/
Ramie 1
4 Jan 30
212 Dec
470
63 Jan
76
*7512 7534 75% 7512 7512 7512 *7512 7614 *7512 7614
400 Belgian Nat Rys part pre__
7512July
16
803
4
Jan
22
7614 Dec 8513 Mar
71938 1978 194 2014 2012 2078 194 20
1914 2012 1974 2012 22,400 13endlx Aviation
No par 1472June 2 2512 Feb 24
1414
Nov
5738
37/
1
2 37/
Apr
1
2 *3714 38,* *3714 38
3618 3712 35% 3612 3524 361, 5,400 Ben & Co
No par 3114June 3 4614 Mar 19
3053 Dec 5614 Apr
4114 42/
1
2 41 12 42/
/
4 3614 36
1
2 4113 4213 3512 3914 341
3714 293.700 Bethlehem Steel Corp_No par 3414July 30 7038 Feb 26
473 Dec 11014 Apr
10712 10812 10712 10712'10714 10712 105 10714 10314 10314 10514 106
1,800
Preferred (7%)
100 9638June 8 123/
1
2 Mar 6 112/
1
2 Dec 134 Mar
1812 70174 1814 701712 134 517
517
17
17
18
*17
100 Blaw-Knox Co
18
No par 16 June 2 29 Feb 21
23
Oct 4112 Apr
0183* 20
*183* 20
701818 20
701852 20
0184 20
Bloomingdale Brothers_ No par 164 Jan 5 2052 Mar 25
*183* 20
164
Dec 29/
08914 94
1
2 Apr
*894 94
94
*8914
708914 94
Preferred
08914 94
*8914 94
100 85 May 15 95 Jan 9
95 Dec 104
i___ 82 •____ 82 *____ 82 *____ 82 *____ 82 4--- 82
Oct
Blumenthal& Co prat
100 63 June 3 8212May 11
74 Feb 90 Apr
3312 33/
1
4 33/
1
4 3314 31
35
3612 3612 3,300 Bohn Aluminum &Br__No par 204 Jan 2 4012 Apr
3412 36
3334 35
9
155 Nov 69 Apr
• Bid and asked prices; no sales on this day. z Ex-dividend. y Ex-rights.
New York Stock Record-Continued-Page 3
751
For sales during the week of stocks not recorded here. see third page preceding.
PER SHARE
PER SHARE
Range fo Precious
Range Since Jan. 1.
Year 1930. '
On basis of 100-share lots.
Friday
Wednesday Thursday
Tuesday
Monday
Saturday
Highest.
Highest.
Lowest.
Lowest.
July 30.
July 31.
July 29.
July 28.
July 27.
July 25.
-.-$
per share
share
$
per
share
$
per
per
share
$
(Con.)
Par
Memel!.
Indus.
&
Shares
$
per
share
per
share
$
per
share
5 per share $ per share 5 per share $
5912 Oct 78 Apr
No par GO Jan 6 x6614 Apr 15
200 Bon Arai class A
*62
64
64
64 1.62
*62
64
*62
62
62
72
*61
5 Mar
1
Oct
3 Feb 20
1 June 13
No par
118 1% *1
134
200 Booth Fisheries
1%
134 *1
134 *1
134 *1
•1
514 Dec 3324 Jan
3 June 13 1714 Feb 20
100
lot preferred
*4
7
*4
7
*4
7
*4
7
7
*4
7
*4
6012 Jan 9038 Mal
25 47 June 1 761213.1ar 20
19,800 Borden Co
55
56% 5612 57
68% 5534 58
58
588 5734 58,4 68
15 Nov 5012 Mar
10 14I2June 2 3034 Feb 27
1852 188 1912 1914 1912 198 1858 198 1914 1934 1918 1912 5,400 Borg-Warner Corp
5 Mar
34 Dec
334July 30
114May 22
2,010 Botany Cons Mills class A _.50
2
134 2
214 3
334
112 214
112 112
•14 113
1218 Oct 2558 July
814June 2 2234 Mar 25
1334 1358 1414 55,400 Briggs Manufacturing-No par
138 124 1314 13
1234 1312 13
124 13
3512 Apr
Nov
1514
24
2412
Mar
1
June
15
par
No
Stratton
Briggs
&
16
16
300
*16
1612
167
2
167
8
•16
1712
17
1618 1618 *16
1% Dec 2214 May
514 Mar. 2
2 Jan 2
800 Brockway Slot Truck-No par
213
218 214 *2
*214 212 *214 212 *214 212 *214 2,2
13 Dec 85 Apr
100 1012 Apr 22 26 Feb 17
Preferred 7%
*11
12
20
12
*11
12
12
*12
15
12
*1112 154 12
Dec 17814 Mar
98%
19
12938Mar
1
x99
June
par
Ges___No
Brooklyn
union
1,400
10712
10812
10734 10912 108 109
108 108 *107 108 *107 109
3334 Nov 42 Feb
No par 3234 Jan 22 4512July 27
4314 4314
1,000 Brown Shoe Co
*4314 45
43
4512 43
4472 4513 45
45
*43
Dec 3052 Mar
10
13
15
Feb
8
May
4
par
Bruns-Balke-Collender_No
1
2,900
912
*8
9
,
2
8
818
814
8
4
*818
10
*3
10
*812
1118 Dec 317 Mar
10 11 July 31 2078 Feb 19
11
12
3,100 Bucyrus-Erie Co
1218 117 1214 1134 114 1134 1214 1214 1214
12
21 Dec 43 Mar
10 1812July 31 3478 Feb 10
Preferred
2,300
2018 2018 1812 20
21% 2178 2114 2258 2012 2034 1934 20
100 104 June 24 114 Apr 21 1074 Jan 117 8ePt
Preferred (7)
10678 107
80
107 107 *107 110 *107 110 *107 110 *107 110
3 Dec 1638 Apr
5% Feb 25
212June 1
No par
4
418
412
600 Budd (E 0) Mfg
414 *4
418 418 *4
48 412
418
*4
6% Oct 1458 Feb
71.2 Apr 29 13 Feb 27
No par
812 85*
812 812 1,200 Budd Wheel
812 8,2
812 84 •852 9
88 8%
812 Dec 43 Mtn'
Jan
30
153
6
812June
No
par
4
Bulova
Watch
812 812
500
8% 8%
858 85s
8% 85*
*812 914 *858 914
8I2June 3 23 Feb 26
98 Dec 74 Apr
No par
500 Bullard Co
*1038 1012 .1032 1112 1012 1012 *1014 1032 1014 1038 1014 105*
1612 *11
Burns Bros class A new_No par 1212June 2 1212June 2
1612 *11
1612 *11
1612 *11
1613
1812 .11
*11
3
June
23
3
June
23
c__
_No
par
New
class
B
v
t
*112
6
*112
6
*112
6
*112
6
*112
6
*112 6
7134 Dec 100 Feb
100 22 Mar 17 85 Jan 20
Preferred
*5112 58
*5112 58
*5112 58
*5112 58
*5112 58
*5112 58
1832 Dec 5172 Mar
2112 2214 2212 2212 5,000 Burroughs Add Mach__No par 1918June 1 3214 Feb 9
*2212 2272 *2218 2312 2218 2218 215* 22
Dec 4812 Mar
2112
31
Feb
24
Apr
23
17
par
Terminal
No
Bush
22
*20
22
*20
22
*2012
*2012 22
*20
22
22
*20
97 Nov 110 Mar
100 70 Apr 23 104 Jan 23
Debenture
8912*86
*854 8912 854 891 *86
*8514 90
*8514 90
89's
WO 9512 Apr 29 113 Mar 17 108 Oct 118 Apr
30 Bush Term Bldgs pref
10134 10234 .10112 105
*10112 105 *102 105 *103 105 *103 105
473 1
1514 Jail
78 Dec
•7, 1
134 Feb 20
34May 7
*78 1
78
78
200 Butte & Superior Mining___ 10
*78
1
.781
4% Feb
114 Dec
Dianne 19
24 July 17
5
2
2
300 Butte Copper & Zinc
*2
2% •178 21
2
2
23
28
*178 214
10 Nov 2938 Feb
9 June 2 205* Feb 26
No par
1112 1i4 1134 1134 1114 1114 1,100 ButterIck Co
*1158 1234 1152 1134 118 12
3312 Dec 11238 Apr
No par 2352June 2 6934 Feb 20
2812 2834 2814 2978 295* 3038 2712 2878 2714 28% 275* 2912 15,800 Byers & Co(A 7d)
100 80 June 2 10678 Feb 24 106 Dec 114 Jan
Preferred
*8014 92
*8014 92
*8014 90 .8014 92
*8014 92
*8014 95
Dec 7712 Mar
4114
2012Slay
1
par
53
Feb
16
Packing___No
California
2212
800
*2312 24
*2234 2334 *2234 24
2212
2234 2234 2258 23
212 Feb
*12
58
*12
12
12
*12
58
58 Dec
132 Mar 2
'2June29
10
•12
58
*12
28
100 Callahan Zinc-Lead
58
2858 Dec 8978 Jan
4158 38
3818 3712 3712 *3718 38
37
37
700 Calumet & Arizona Mining_20 23I2June 2 4332 Mar 17
*38
38
38
734
Dec
24
June
2
1138
Feb
5
25
335*
Jan
68 7
700 Calumet & Hecht
.6% 7
*Vs 7
634 634
*634 7
64 63
10 Nov 30 Mar
1178 117
1,000 Campbell W & C Fdy __No par 1014June 20 1658Mar 25
*1118 1112 1118 1114 1112 1112 1134 12
11
11
Dec
7533
3012
45
June
25
297
2
Jan
19
par
Ale
No
Mar
Ginger
Canada
Dry
384 3814 3814 38,4 375* 38
*38
39
1,400
38
385*
375* 38
1618 Dec 3414 Mar
1734 Jan 2 25 Mar 24
No par
*2012 2114 *2012 21
*2018 2012 *2018 2012 2018 2014 *2018 2012
300 Cannon Mills
712 Dec 2834 Mir
912 Jan 3 16 Feb 26
1414 1414 1434 1434 •14
400 Capital Adminis el A No par
15
*137g 15
14
14
*14
15
.
Dec 42 Mai
2912
25
8
Feb
29
May
18
50
363
A
*3212
37
Preferred
4
.3212
37
200
*35
37
37
*3213
35
3512 *3214 37
8312 Dec 3624 Apr
100 54 July 31 13112 Feb 24
6712 6914 668 688 6758 6958 6314 67
6014 268,900 Case (J I) Co
5958 6458 54
100 9432JMY 31 116 Mar 21 113 Dec 132 May
9814 9814 9814 9814 9858 981 *9814 100
Preferred certificates
*9814 100
943 9814
220
22 Dec 7934 Apr
2312 237.2 2338 233* 24
2414 2318 231
23,8 23% 2312 2312 5,000 Caterpillar Tractor____No par 21 18June 3 5212 Feb 17
112 Dec 1372 Tan
4 Feb 27
2 June 5
*212 3
*21* 3
*212 234
212 21
*212 3
200 Cavanagh-Dobbs Inc_No par
234 234
JIwn
24 Dec 75
100 15 June 9 26 Mar 7
Preferred
•1012 2234 *1012 2234 *10,2 2234 *1012 2234 *1012 2234 *1012 2234
91s
Dec 203/4 Oet
16
Feb
25
20
87
8May
par
Am_No
Corp
of
Celanese
*13
133 *1234 1334 *1234 1334 1234 13
*1234 13
*1234 13
310
3 Dec 60 Mar
518 Apr 24 1438 Mar 2
No par
*6
7
*6
7
*8
7
*6
7
*6
7
6
6
10) Celotex Corp
3 Dec 12 Sept
358June 3 1334 /gar 21
No par
Certificates
*514 53
558 53, *514 6
*512 8
100
*512 6
*512 6
1714 Dec 84% Apr
No par 14 June 1 3734Mar 21
1834 183 *1858 1912 1812 19
Preferred
*1812 244 *20
245
140
2434 *20
18 Dec 3012 May
*2218 2314, 2212 2212 22
2214 23
'22l 23
23
2314 2534 3,600 Central Aguirre Asso No par 1772June 3 254 July 31
8% Mar
214 Dec
212 Jan 6
57
614 Feb 21
1,600 Century Ribbon Slills_No pa
6
512 512
514 5%
538 55*
512 512
512 534
Feb 6973 July
51
100 50 May 28 70 Feb 26
*58
88
*58
68
Preferred
*60
*58
68
*58
88
*60
68
68
21 Dec 653 Jan
16% 16% 1614 1612 16
17
17
17
17
1614 16r
1614 2,000 Corrode Pasco Copper_No par 14 June 3 3012 Feb 24
2 Dec 1578 Feb
214 Jan 2
714 Mar 23
*534 6
534 53
*534 6
*578 658 *534 6
700 Certain-Teed Products_No par
534 534
3278 Dec 49 Feb
No par 30 June 17 37% Feb 25
*3112 32
32
32
*3134 32
*3134 3214 *3134 3212 *3134 3214
100 City Ice & Fuel
79
Oct 9834 Feb
100 7718 Jan 14 90 Apr 21
80
*80
80
80 .81
81
*80
8034
8012 80
Preferred
83
70
914
1438 Dec 6778 Mar
738June 1 2314 Feb 7
No par
914 91
*9
*9
*758 8
734 8
7
9
972
3,200 Checker Cab
3214 Dec 8212 Mar
No par 2712June 2 5418 Feb 24
*36
38
36
3512 3614 3512 3612 2,500 Chesapeake Corp
36
36
*37
39
36
73 Nov 37 Mar
612 Apr 29 1518 Feb 26
*8
9
*8
9
814 81
814 814
8
8
*712 9
500 Chicago Pneumat Tool_No par
20
20
20
*1934 20'4 20
2212 Nov 557 Mar
1914 1914 1878 1918 1838 185*
No par 1512June 2 35 Feb 26
Preferred
800
1814 18
*18
181 •18
2012 Dec 32 Mar
17 July 3 23 Jan 9
18
No par
1812 *18
*18
1812 *18
10 Chicago Yellow Cab
1812
•1014 101 *1014 1012 1014 1014 *1038 1012 *1032 1012 *103, 1012
1012 Dec 3212 Apr
10 10 June 3 1234Mar 30
100 Chickasha Cotton 011
19
22% Dec 6758 June
1414July 30 3334 Feb 10
No par
1712 1414 1412 1412 15
2012 1612 1812 15
2012 201
4,800 Childs Co
2173 2234 225* 24
14% Dec 43 Apr
2212 2333 2318 2514 2414 2514 448,100 Chrysler Corp
2112 22
No par 1212June 2 2534 Mar 9
*258 27
43 Feb 11
212 212
234 234
*234 278
*234 27
212 Dec 1314 Ap
2 June 2
No par
212 212 1,200 City Stores new
*1412 15
15
15
*1412 15
•1412 15
141 141: *14
1512 Dec 4412 'Apr
No par 13 July 16 2278 Mar 25
15
200 Clark Equipment
3112 3114 11'4 30
3158 *30
3158 *31
*30
21 Dec 60 Apr
3112 *30
100 Cluett Peabody & Co No par 24 May 19 3418 Feb 17
3132
*105 107 *105 107 .105 107
Apr
_ *105
100 95 Jan 28 105 July 20
•105
9114 Jan 105
_ _ ___
Preferred
14114 14114 *14212 144 *107142 14218
14112 142
_- *141% 1-44 *143 144 No par 133 June 3 170 Feb 24 13314 Jan 19138 June
600 Coca Cola Co
*5212 52'2 52
52
*52
52,2 52
*5218 5214 1,400
52
5212 52
4812 Jan 53 Mar
Class A
No par 5012 Jan 2 5312June 4
44
441
*44
44
*44
4434 4434 4434 *44
4414 4414 4434
44 Dec 6472 May
700 Colgate-Palmolive-Peet No par 40 June 2 5012Mar 18
*103 10312 *103 10414 *103 10314 *103 10314 *10314 1031* *10314 10312
100 10134 Apr 21 104 Feb 16
97 Mar 104 Dec
67 preferred
1212 1212 1234 1234 1234 13
1212 1234 1212 131s 13
9 Jan 30 171:June 26
No par
12
Oct 3534 Feb
13
1,500 Collins & Alkman
841 *72
8414 *73
•7214 7414 *73
8414 *73
8414 *7414 8514
73
Jan 92 May
100 71 Apr 30 84 July 2
Preferred non-voting
832 852 *712 9
*712 852 *712 85* *712 8'l
,
8 Apr
*712 87
854 Dee 20
712June 6 1014 Jan 8
100 Colonial Beacon 011 Co _ No par
15
1512 *1412 1614 1412 1412
*1512 163
*1512 1812 *1512 17
934June 2 1912June 27
400 ColoradoFuel&lronnewNo par
68,
4 6912 705* 71'4 6652 6914 6628 6734 6612 6812 8,600 Columbian Carbon v t c No par 55 June 2 1115* Feb 25
6914 70
65-18 Dec 199 Mar
2838 2938 28% 2932 2852 295* 18,900 Columbia Gas & Elec__No par 2058June 2 455* Mar 19
29
2933 2872 2934 2932 30
pr
305* Dee 87
10514 10514 105 105 *103 10538 10314 105
10414 1041 1 10538 10532
99 Nov 110 Apr
100 98 June 3 1091210er 18
Preferred
800
813 85*
8,2 812
814 8%
838 812
85* 858
778 8
718 Dec 3758 Apr
6 June 2 1614 Mar 13
2.000 Columbia Graphophone
16
1678 16
16
16
1534 16
16
16
16
1618 1612 1,500 Commercial Credit____No par
1513 Dec 4034 Apr
13 May 27 2314 Feb 26
*35
3512 *35
373 *34
*34
3734 *34
35
3512 35
3734
3013 Dec 4438 Apr
Class A
50 3052June 3 357 Feb 26
200
*25
2518 *25
2512
25
25
25
2512 25
25,8 •25
*25
2012 Dec 28 Apr
25 2112 Jan 20 2512July 9
Preferred 11
99
8912 89
8912 *89
*89
8912 *89
8812 89
*8812 89
89
7614 Jan 9512 Sept
1st preferred (6'%)_._100 7612 Jan 29 89 June 30
50
..23t4 24
24
2314 2314 2318 2314 1,000 Corn Invest Trust
24
2378 237
23
23
2134 Der 55 Mar
No Par 20 July 15 34 Mar 19
85
8214 8214 *82
*83
85
*83
85
*8214 85
*82
85
80 June 87 Mir
Cony preferred
No par 82 Jan 20 90 Jan 26
100
*234 412 *234 412 *234 412 *234 412 *234 412 *234 412
6 Oct
212 Dec
278 Jan 7
8 Feb 27
Warrants stamped
1658 1678 1578 165* 1618 1612 16% 163 43.500 Comml Solvents
16
1612 1614 17
14 Dec 38 Apr
1034.11ine 2 2112 Feb 24
No par
734 8
734 8
778 8 41,600 Comm onwlth & Sou_ _ _No par
8
734 8
734 8
83*
672J une 2 12 Feb 24, V2 Dec 2014 Apr
*9612 9614 9614 9614 9612 9612 96
9612 95% 9612 9614 9634 1,300
8612 Dee 10434 June
36 preferred series_ _ _No par 90 Jmie S 100% Mar 16
*30
3014 *30
30
31
3014 *30
30
*30
3014 30
30
3112 Dec 57 Mar
300 Conde Nast Publica'ns_No par 30 June 3 3414 Feb 16
1214 1214 1212 12
12
1214 12
1214 1218 13
1234 1358 10.800 Congoleum-Nairn Ine_No par
1312 July 21
678 Jan 2
55* Dec 1934 Mar
•1712 18
1712 1712 17
17
1653 1858 *1634 1712 163 1634
1814 Sept 5672 Mar
165*July 29 3s',1 Mar 10
No par
400 Congress Cigar
*3212 3412 *3212 341: *34
*34
36
36
3512 *34
2452 Dec 5938 Mar
*34
36
Consolidated cigar
No par 2512 Jan 8 3734.1une 27
61
61
*60
61
61
61
61
61
*60
61
.61
53 Dee 80 Maur
64
100 55 Jan 2 73 Mar 19
Prior preferred
300
7258
77 Dec 273* Mar
712 8%
7
714
75*
738 73
712 753 0713 73k. 3,100 Consol FlIrn Indus
334June 3 15 Feb 17
No par
•1312 1412 1314 1314 133 1534 1334 14
14
14
1334 1334 1,900
1212 Dec 2814 Jan
No par 1012June 2 18% Feb 17
Preferred
9078 9112 9114 92
9134 9314 905* 9212 90
92
7814 Dec 13678 Apr
9014 9134 23,200 Consol Gas(N Y)
No par 8218 Jan 2 10952Mar 19
106 10612 106 10612 .106 106,4 10614 10614 10612 10612
•10614 107
9912 Jan 10512 Sept
No par 10112 Feb 27 2107 .July 23
900
Preferred
14 Dec
58
%
*58
34
58
48
3.58
84
2
14 1
Jan
134 Mar 18
14 Jan 2
78
l's 18,203 Consolidated Textile__ No par
*314 31: .34 312
312 312 *3% 4
*314 4
518 Dec 2212 Feb
*3% 4
812 Jan 9
3 June 3
200 Container Corp A vot No par
112 *1
•1
118 *1
118 •1
118 *1
812
2
Dec
Ds *1
Feb
3
Jan
12
16
1
July
No
par
Class
11
voting
1 18
1312 1234 13
1234 1234 1213 1234
1314 1314 *13
1313 *13
1634 Dec 5212 F'eb
914June 2 30 Feb 26
700 Continental Bak cl A-No par
112
17
•134
17
13
178
134 14
134 141
2 Dec
7 Feb
338 Feb 2
114June 3
No par
134 134
Class B
800
*5512 5712 *5512 5712 *5512 5712 558 553 *56
59
*56
62 DPC 947 Feb
100 447 Apr 30 7712 Feb 27
5712
Preferred
210
4812 4914 49.2 4978 4712 49
4732 4812 x4612 4734 21,800 Continental Can Ine___No par 4038June 3 6234 Mar 26
4814 49
4312 Dec 7152 !gar
9
9
*914 10,2
912 9,2
91s 918 *912 1012
934 Dec 3738 Apr
8'2 812
812June 2 1672 Feb 27
403 Cont'l Diamond Fibre_No par
39
39
*39
41
41
41
40
*38
384 3917 3834 38% 1.105 Continental Ins
3714 Dec 7758 Mar
517s Feb 24
10 34 June 1
212 212 .232 212
2,2 2,2
238 220
238 212
212 Nov
814 Feb
238 232 1.700 Continental Motors___No par
412 Feb 27
214June 3
83* 84
85* 9
8% 8%
73 Der 3012 Apr
812 84
852 87
5 June 2 12 Feb 13
834 9
No par
13,100 Continental Oil
43
412 412
412 45*
4% 43
412 4'8
7 Apr
812
Dec
40
24
12
Feb
312May
par
21
4
412
438 6,600 Continental Shares_ _ No
653* 853
5618 8714 6512 6632 65
6512 66
66
65 Dec 11138 Apr
64
643
6,700 Corn Products Refining__25 5558June 2 865* Feb 17
*150 15034 *150 15034 *150 15031 *150 1503 *150 15034 *150 1503
140 Feb 15114 Oct
15212
Apr
2
6
14672
Jan
100
Preferred
75
71
8
8
858 814
*73
812
73*
718 Dec 33 Feb
18 Feb 27
75* *712 832
614June 1
No par
500 Cots', Inc
*2678 28
*2678 28
*2672 28
*2678 28
28
28
2512 Jan 3558 Mar
*2678 23100 Cream of Wheat
No par 26i2June 3 3412 Mar 11
*1512 1814 1518 1512 15
•1512 18% *1522 18
15
Ms Mar
*1472 1612
9 Jan
1958 Apr 11
100 1214June 1
300 Crex Carpet
53
5,2 5'2 *5
.512 8
51
5'4
5
5
314 Dec 22
412 Jan 2
*412 51;
Jan
844 Feb 25
600 Crosley Radio Corp ___No par
*20
*20
22
*20
22
•20
22
22
*20
2112 *20
31
Dec 5952 Apr
3314 Feb 24
22
Crown Cork & Seal___No par 1814June 1
4
4
*334 41s *33* 412
*312 4
*312 4
434 Dec 1812 Feb
678 Jan 12
2 June 2
No par
*312 4
100 Crown Zellerbach
414 42
4112 41,2 42
4212 3832 4034 3812 3912 39
5018 Dec 9352 Mar
4012 3,730 Crucible.Steel of AmerIca_100 3038June 2 63 Feb 11
*89
9034 *89
9014 *89
894 *89
9034 89
89
89
89
100 80 June 4 106 Jan 3 10112 Dec 117 Mar
Preferred
70
*434 514 0434 514
*434 5
5
5
57 Jan 8
.43
5
22 1)ec 1912MaY
*434 47
3 May 19
No par
100 Cuba Co
13
Ps Ps
112 112
132 138
112
158
112
1
252 Jan 8
138
Oct
%June 1
112 2,500 Cuba Cane Products
7 Mar
No par
5
*472 514 *478 5%
43
512 *45
5
434
2 Dec
5347.1ar 24
212 Apr 30
5
9 Feb
5
1,400 Cuban-A m erlean Sugar__ __10
*3212 33
30% 3018 3012 32
3014 3134 *31
3134 315* 3158
20 Dec 655* Feb
100 16 June 8 35 Jan 9
140
Preferred
4012 41
.40
41
4012 4012 *4012 41
41
41
381g June 48
4872 Mar 19
4012 401.
50 3534May 21
Jan
500 Cudahy Packing
*71
*71
72
7134 70% 71% 70
70
70
70
85 Dec 12612 May
70
70 - 2.400 Curtis Publishing Co___No pm 69 June g 100 Feb 7
114 114
11312 113,2 112 113$8 *112 114 *112 114
*113 114
Mar 1 112 Dee 121 18 Mar
11852
July
29
112
par
No
Preferred
700
318 318
3
314
35 314
3
57 Feb 27
358
3
31a
21g1toie 2
134 Dee 147 414:42
3
312 6.700 Curtiss-Wright
No par
4% 438
452 458
*412 432
4'2 412 .
412 5
812Mar 2
3 Per 1934 Apr
412 413
I la-44 A
3 June 2
100
600
1978 197 *1934 21
20
*1904 2012 *1934 21
20
193j 1934
35 Dee 90% Mar
Mfg___No par 1712.1une 2 41 Jan 7
Cutler-Hammer
300
1172 1178 11
1178 12
*1112 12
111
104 11
958June 2 23 Feb 24
11
11
10 Dee 4358 Mar
3,000 Davison Chemical
No par
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Sales
for
the
Wee/c.
STOCKS
NEW YORK STOCK
EXCHANGE
sn
-
•Bid and asked prices; no sales on this day. z Ex-dIVIdend. y Ex-dividend
and ex-rights.
New York Stock Record-Continued-Page 4
152
For sales during the week of stocks not recorded here, see fourth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 25.
Monday
July 27.
Tuesday
July 28.
Wednesday
July 29.
Thursday
July 30.
Friday
July 31.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
$ Per share $ Per share $ Per share $ Per share i Per share $ per share Shares Indus.& Miami'.(Cos.) Par
Debenham Securities-5 Set
9
*4
9
*4
9
*4
*4
9
54
9
*4
9
400 Deere & Co pref
20
20
20 *1978 20
1
4 20
*197k 20 *1978 20 *1978 20 *19/
400 Detroit Edbon
100
'0154/
15214 154% *15234 156 *15234 156
1
4 160 *15414 160 *1547 160
100 Devoe & Reynolds A_No par
16
*13
16
16 *13
*13
16
*13
16
1334 1334 *13
No par
*1812 1858 1858 19 *1858 1834 1838 1834 1858 1834 1858 1834 3,500 Diamond Match
Preferred
2714 1,700
25
2778 2778 2734 2734 27
277 2778 2734 28
*2778 28
No par
/
4 1138 3,100 Dome Mines Ltd
*111 1158 1112 1112 11% 1112 1138 1112 113 1138 111
900 Dominion Stores
No par
2134 2214 215g 22 *22 23
22 22
22 22
22 22
No par
7313 7513 20,400 Drug Inc
7212 7113 74
718 722 71
7034 72
7134 72
200 Dunhill International_ _No par
5
5
*5
5% *5
58
51
5% *5
*5
518 *5
Duplan Silk
*1314 15
No par
*1314 1878 *1314 15 *1314 15 *1314 15 *1314 15
Duquesne Light 1st met_100
3t
*10612 1064 *10612 10634 *106% 10634 *106% 10634 "10658 10634 "10658 106
*512 7
100 Eastern Rolling Mill
*513 7
No par
6
6
8
814 *6
812 *6
*6
13814 13012 138 14012 14012 143 13534 140 13513 1385t 13312 1391 28,800 EastmanEastmanKodak Co- NO par
6 cum pref
100
__ *133
*133
__ *133
_ *133
*133
_ *133
135 1414 1434 1434 5.21111 Eaton Axle da Spring-No par
1
4 -14
1458 -1434
- 1413 1458 14% -17458 13/
84/
1
4 87 37,800 E I du Pont de Nem
20
8412 86% 844 87
8612 88
8514 8534 8514 87
500 6% non-vot deb
100
*123 12358 12358 12358 12312 12313 12358 12338 *12312 12358 *12313 127
500 Eitingon Send
No par
712 712
*712 734 *712 734 *713 734 *7% 734 *713 734
100 Preferred 63,1%
100
5512
5513 *55
5512 *55
55 55 *55
551
5513 *55
*55
No par
3834 3934 7,900 Electric Autolite
3834 40
40 4018 3858 39
3814 3812 3858 39
30 Preferred
100
*10613 10734 *10612 10758 *10612 1074 10612 10734 *106 107% .106 10734
No par
*35s 334 2,400 Electric Boat
358 418
*3% 358
*312 4
312 37
312 37
36l 3733 3634 38 42,100 Electric Power & Lt__ _No par
37
3618 3612 3638 3712 3714 3818 36
Preferred
No par
1,000
9938 9918 100
99
99% 9978 9913 9913 *9958 100
*9934 100
No par
300 Preferred (6)
8712
8713 *85
*84 88 *8534 8734 8714 8758 *83 8712 *83
800 Elec Storage Battery_ _No par
*5313 54 *5334 55
*5433 55
5313 5378 5313 5312 54 54
Elk Horn Coal Corp
No par
*32
34
*38
34
532
34
*38
12
*32
34
*35
34
*84 1
No par
100 Emerson-Brant cl A
*34 1
34
34
*58 1
*5s 178
*58 173
1,000 Endlcott-Johnson Corp_ -_50
42 4214 3278 41
*4013 44
40
40 40 *4012 44
40
100
100 Preferred
*107 110 *10714 110 10714 10714 *1074 110 *10714 110 *109 110
200 Engineers Public Serv_No par
3514 3514
3513 35% 351 *311 35 *3113 35
*34
3513 *30
Preferred $5
*7578 77 *7578 7612 *7578 7612 *7575 7612 *7578 7612 *7578 7512
No par
505 Preferred (534)
No par
78
7912 78
2912 *78
7913 *78
*7614 8058 7718 77% *78
2814 2814 1,200 Equitable Office Bldg- _No par
28
28 2814 28
28
2814 2758 2758 28
*128
1,300 Eureka Vacuum Clean_No par
5
5
5
5
512
5
514 *5
5
5
5
5
Evans Auto Loading
41
47
5
413
*4
*4
5
*4
*4
5
*4
*4
5
Exchange Buffet Corp_No par
*1558 16
*155 16
*1558 16
*1553 16
*1558 16
*1538 16
Fairbanks Co
*18 114
25
*12 134
*12 114
*12 114
*12 114
*12 114
Preferred
100
*514 0
*6% 9
*618 9
*514 9
*618 9
*615 9
No par
1513 1.000 Fairbanks Morse
1412 *1312 1513 *14
1414 14% 1413 1412 14
15
151
100
10 Preferred
77
77
77 *73 77 *7514 77
77 *73
73 77 *73
47
*41
100 Fashion Park Assoc_ --No par
*418 47
47
*412 47e
413 413
*413 47
441
15
900 Federal Light & Trac
353
353 *33
351 *33
3512 35
1
4 3614 35
*3514 37 *35/
Preferred
No par
10
87'2 "8614 871 *86 872 86 86
8712 *86
*86 87'2 *80
.538 658
*538 53
100 Federal Motor Truck._No par
512 5% *538 584 *538 53
*512 524
300 Federal Screw Works_No par
*513 713
7
618 618 *6
7
58 57
*6
*6
7
4,200 Federal Water Seri,A No par
1412 15
1
4 1458 1434 141
133 1438 1314 1428 1458 1413 14/
Federated Dept Stores_No par
700
2212
2212
27
2134 22 *2112 27 *2112
25
*22
27 *22
900 Fidel Phen Fire Ins N Y_ __ _10
43 *4278 4413
*4334 4412 433 4334 4334 4334 4312 4313 43
*733 10
No par
10 Fifth Ave Bus
7/
1
4 758 *758 10
*758 10
*738 10
*738 10
Filene's Sons
No par
*1914 26
*1914 21
*1914 28 *1914 26
*1914 26
*1914 21
100
30 Preferred
- 99'2 9912
9912 9912 *9912-- *99'2
*99 100
*99 104
100 Firestone Tire & Rubber___10
- *1712 1914
*1734 1914 *1734 1914 1858 1858 *1714 -114 *1712 -19'4
Preferred
100
6212 63 *6212 65 **13212 62% 62% 6278 1,100
625g 63 *6234 05
56
5612 57 57
54/
1
4 551
55 5512 5312 5712 5814 574 2,600 First National Stores__No par
Fisk
Rubber
No
par
5,600
3
13
12
12
12
32
12
12
12
*12
52
*12
52
1st preferred
100
20
112 112 *112 178 *112 172 "112 178
nts 178 n38 vs
1st pref convertible
*158 2
100
*158 2
*134 2
*le
2
*134 2
*134 28
Florsheim Shoe C1888 A_No par
2434 *20 2414
no
25 *20
25
25 *20
*20
25 *20
100
Preferred 6%
*100 102 *100 102 *100 102 *100 102 *100 102 *100 102
Follansbee Bros
No par
1478 *11
1478 *11
1012 1478 *1012 1478 •11
17
1478
*11
No par
2412 2312 2414 2312 2334 2,800 Foster-Wheeler
25% 2514 24
2412 2412 25 25
Foundation Co
No par
*8 11% *814 1118 "81 11% *814 1118 *834 11% *813 11
1
262 27% 2634 27 *2634 2834 2,500 Fourth Nat Invest w w
27 27
27
2612 2612 27
1513
Fox
Film
18,600
1513
16
class
A
No par
15
151
157
1538
15
lS7s
l6't
I478 1512
251
2,700 Freeport Texas Co_ __ _No par
26
26
2512
*2534 261
27
2612 2612 26% 2658 27
Fuller Co prior pref._ _ _No par
65 *_ - - 65 *__ _ 65 *_-- 65
85 *_
65 ._
_
*313 32
5,f4 3% ;aia 334 :ars 354 *538 354 *318 83
100 Gabriel Co (The) cl A_No par
160 Gamewell Co
No par
4612 4612 46% 46% 4514 4514 *4514 453 *4514 464 4514 45*4
84
5
*12
158
12
1
la
12
*12
58
*12
500 Gardner Motor
%
%
57
5
*5
5/
1
4 *555 57
534 534
*514 58 514
5'8 1,000 Gen Amer Investors-No par
100
7313 73'2
47313 85
Preferred
100
*7312 85
*7312 85 *7312 85
*73% 85
52
55% 5912 5814 59
58
50
581
58% 587s 5834 5938 5,800 Gen Amer Tank Car___No par
5,600 General Asphalt
1824 1912 1913 192
20
2138 1912 20
No par
2012 2012 2034 21
75
8
855 3,400 General Bronze
734 838
818
No par
83s 88
758 8
zq 738
*513 6
General Cable
*512 6
No par
*514 6
*514 6
*514 6
*514 6
200
Class A
12% 1212 1212 1212
No par
*1134 137 *1178 1378 *1218 1378 *1238 137
3514 35% 3518
80 7% cum pref
3514 36
35
100
37 37 *3614 37
*37 40
100 General Cigar Inc
No par
1
4 3614 3514 3514 *3513 36
*3514 3712 *3512 37 *3514 37 *35/
No par
411
4014 40 4034 4014 4113 3914 4038 3918 4058 3938 4038 78,200 General Electric
Special
10
1114 1114 1114 1114 1114 1138 1114 1114 *1114 1158 *1114 1138 3,200
4838 4938 7,700 General Foods
No par
4838 4834 48% 4812 4812 4914 481s 48% 4818 49
4,300 Gen1 Gas & Elec A
458 47
458 434
438 458
455 434
No par
458 434
433 434
*497 51
Cony prat ser A
No par
53 *50 53 *497 51
53 *50
53 *50
*50
100 Gen Ital Edison Elec Corp.__
28
3112 *2734 3112 28
*____ 3112 *2758 3112 *2814 3155 *28
3734 3838 1,900 General Mills
3812
38
38
3812
38
3814
No par
383
8
4
3858
3734 373
100
98
*97
Preferred
100
97 97 *97 98 *97 98
*97 98 *97 98
10
1
4 3712 3613 3712 367 378 113,900 General Motors Corp
3758 3734 36/
3628 361
3658 37
$5
600
103
103
10318
preferred
No
par
*103
103%
102%
10318
103
*10212
10234
10314
103
500 Gen Outdoor Adv A_ _No par
*1078 118 *1078 1138 *1078 1138
11
*1038 118s 11
11
11
800
Common
5
5
*5
518
5
No par
5
*5
518
4
4
434
*3
1,800 Gen Public Service-No par
12
1218 1212 *1238 1234 1238 1212 1214 1212 1218 1218 12
100 Gen Ry Signal
52 52
*5115 52
No par
*5118 5434 *5118 56
*5178 5434 *5115 56
31
31
31
314 1,500 Gen Realty & Utilities_No par
3% *31
314
3% 3%
3% 3'4
3%
1,200 $6 preferred
31
32
No par
32 35
*34
36
38
3313 35 *34
*33 40
3312 3312 33 3338 1,000 General Refractories _No par
3434 3312 34
34
35
35
*34
3.5
Gen Steel Cast 56 pref.No par
50
*30
*30
50
50
30
50 *30 50
035 50 *35
35
338 334
338 384
334 5,200 GenTheatresEguip v t cNo par
334 3%
334 334
338 3/
1
4
2114 13,600 Gillette Safety Razor_ _No par
2112 2058 2138 21
21
2158 22/
1
4 215s 22
2112 22
Cony preferred
100
70
7114 6958 7012 1,250
70
*6812 7014 *6834 7014 69% 694 *69
400 Gimbel Bros
No par
*514 58 *5% 6
558 512 *514 57
*538 534
*538 6
Preferred
100
*4634
4934
'463
4
493
4
493
4
*463
4
493
4
"464
*47 4934 *4634 4934
97
1.400 Glidden Co
No par
91
914 97
938 938
*913 10
934 954 *918 10
280 Prior preferred
77
100
75
77
80
78
7312 7712 78
74
72
7334 74
No par
733 734 4,500 Gobel (Adolf)
738 738
738 77
712 818
714 7'2
713 713
No par
2734 13,800 Gold Dust Corp v t c
2718 2734 2718 2734 2758 2858 27 2778 273s 2778 27
8
4
Goodrich
Co
12s
(B
2,600
F)_....-No
par
12
1212
1178
12%
12
13
1234 1234 1218 12% 13
Preferred
100
5038 *4514 503 *4514 5058 *4514 5055
1
4 5038 *45
44514 503 *45/
5,200 Goodyear T & Rub----No Par
4012 38% 3934 40 4014 384 40
3934 40
39
6678 39
1st preferred
No par
84 84 *8355 8418 8334 841s 8418 8418 8313 8313 2,000
*84 85
500 Gotham Silk Hose
No par
912 912 *813 10
858 858 *81 10
*88
934
8% 8%
Preferred
100
*6814 80 *68% 80 *6814 80 *6814 80
*6814 80 *6814 80
•Gould
Coupler
A
No par
100
"218
3
*218
3
3
*218
218
218
218
*2
3
*2
600 Graham-Paige Motors_No pa
33
312 334 *314 334
33
358
313 312
*312 355
358
Certificates
No pa
1284 1284
600 Granby Cons M Sm & Pr_100
13 4 *153
714i- -111z -1,-1- Ii- -la; -fili .
7iii3 -13 1212 153
000 Grand Silver Stores_ _ _No par
8 16
1512 1512 1514 1514 .15
*1512 17 *151 16
No par
14% 1514 14% 1552 2,400 Grand Union Co
1438 15
15/
1
4 1514 1514 1514 1533 155
700 Preferred
4278 4278
No par
43 43 *4158 43
*4318 4312 4318 4318 *43 431
1934 1,600 Granite City Steel
No par
1912 519
19
20
20
21
21
22 22
22 22
No par
36% 3712 3712 3712 2,000 Grant(W 'I')
37 37 *3612 37% 3034 375
3714 377
800 Gt Nor Iron Ore ProP-No par
1878 18% 1812 1878 1812 1812 *1814 1812
*1878 19 *1878 19
91
800 Great Western Sugar No par
913
*913 97
*93 10
9% 97
*934 10
*93 10
8518 6518
100
80 Preferred
92
8412 88 "85
0.851 92 "8513 92 *88 92
5,000 Grigsby-Grunow
No par
3
3
3
3
313
3
3
34
318 318
S
355
par
Guantanamo
No
100
Sugar
7
8
38
4
7
8
*84
78
78
"34
78
*34
78
334
78
100 Gulf States Steel
*1358 19
No par
14
14
*1314 1538 *1338; 15 *1384 19 *1334 19
Preferred
100
35 *29 35
35 *29
35 *28
35 *30
*28
35 *28
300 Hackensack Water
25
2712 2712 *2714 2814 2712 2712
.2712 2814 *2712 2814 *2712 28
No par
800 Hahn Dept Stores
555 538
*5% 512 .5% 5% *512 558
538 558
512 512
Preferred
3
100
*53
5312
200
5318
5318
*53
53
553
54
54
&Ts 531s *53
*14% 15
10
600 Hall Printing
1334 1414 *1314 1412 *1314 1412
14% 1414 1312 138
* Bid and asked prime; no sales on this day. x Ex-dividend. y Ex-rights. b Ex-dlvIdanthi..
PER SHARE
Range Since Jan 1.
On basis of 100-share lots.
Highest.
Lowest.
$ per share $ per share
614May 25 1212 Jan 28
1934June 9 22 Jan 5
14034June 2 195 Feb 11
11 June 17 1918 Feb18
148 Jan 15 23 Mar 6
24% Jan 7 28 July 28
8% Jan 2 x1312 Mar 31
1418 Jan 2 24 Apr 13
6112 Jan 2 78% Mar 20
8/
1
4Mar 19
5 June 1
11 June 3 145 Feb 9
102 Jan 5 10714 July 3
6 July 29 1314 Mar 2
118 June 3 18534 Feb 24
12834 Jan 8 13412Mar 23
914June 3 2178 Mar 19
71 June 3 107 Mar 19
11834 Jan 9 124 Apr 9
314 Jan 2 1118 Feb 17
3512 Jan 5 69 Feb18
3418June 2 7438 Mar 10
106 May 29 110 Jan 7
2 May 7
411July 10
3018June 1 6034 Feb 26
9258June 6 10818 Mar 20
80 June 8 9814 Mar 17
4918June 2 66 Mar 19
%July 15
114 Feb 26
34 Apr 24
234 Mar 25
30 Feb 10 44 July 22
10212 Apr 15 113 Feb 10
2812June 3 49 Mar 12
76 July 20 87 Jan 27
75 July 14 91 Mar 12
27 June 25 3538 Jan 12
5 July 24 1234 Mar 17
4 Jime 2
858 Feb 24
1018 Jtrly 22 25 Jan 7
1 Jan 3
3 Mar 20
413 Feb 25 13 June 27
14 July 29 293e Mar 6
73% July 18 10978 Feb 2
35 Jan 21
6% Feb 24
30 May 26 4978 Feb 26
84 June 23 92 Mar 25
5 Apr 28
758 Feb 24
412June 6 1513 Feb 24
1114June 10 30 Jan 31
1512 Jan 5 26 May12
3614June 2 5614 Feb 24
9 Feb 21
678 Jan 16
16 Jan 27 22 Feb 25
8514 Feb10 104 May 12
12 Apr 27 20 June 26
5614 Apr 29 6618June 29
41 Jan 2 59 June 23
78 Feb 24
%June 16
3 Feb 7
1 May 18
312 Mar 3
118May 15
22 June 2 3512 Jan 3
9612May 28 10212 Mar 18
8 June 2 1934 Feb 25
2112June 3 641z Feb 24
47 Jan 5 1612 Mar 9
2012June 2 3212 Feb 24
1138May 21 3838 Feb 17
22 June 2 4314 Mar 23
52 July 18 85 Apr 6
638 Feb 25
3 May 7
42 June 2 60 Feb 26
28Mar 23
12 July 15
77 Mar 19
413 Jan 15
7312Ju1y 31 88 Mar 12
5278June 1 731 Feb 26
1514June 2 47 Mar 26
912 Feb 16
5 June 3
314May 26 13 Feb 24
7 June 3 25% Feb 24
2712May 26 65 Jan 12
31 June 2 4812 Feb 10
36 June 2 5434 Feb 26
1118 Apr 29 1218 Jan 27
43 June 1 56 Apr 13
812 Feb 21
4% Jan 2
50 July14 7634 Mar 20
27 June 9 3534 Mar 6
35 July 15 50 Mar 21
96 Jan 19 100 Apr 15
3118June 2 48 Mar 21
95 Jan 2 10358July 22
1058July 18 28 Jan 28
4 July 27 1014 Feb 25
818June 2 23 Feb 26
46%June 3 8418 Mar 2
912 Mar 6
234June 2
31 July 31 7418 Mar 10
29 June 2 5738 Feb 26
35 June 15 65 Apr 9
388 Apr 27 15% Feb 18
1858July 15 3834May 11
6224 Jan 21 7678May 26
77 Feb 18
4 June 2
3612June 3 52 July 7
1612
Feb 20
734June 3
48 May 4 80 July 30
978 Mar 9
4 Jan 2
21 June 1 4218 Mar 20
814June 2 2078 Feb 21
35 Apr 27 68 Feb 10
3058June 2 5213 Feb 21
71 June 2 91 Feb 25
478 Jan 5 138 Apr 11
50 Jan 28 72 Apr 2
178 July 16
658 Feb
314June 2
612MaY
434 Feb
312 Feb 28
10 June 3 2258 Feb2
13 June 19 2512 Mar 2
1058 Jan 16 1878 Mar 2
36 Jan 15 46 May 1
18%June 3 2934 Feb2
2534 Jan 2 3978June 2
1712June 8 2312 Apr
718June 1 117s Jan
8012May 26 9613 Jan
258June 3
634 Marl
ra Jan 6
112 Jan
1018June 2 3713 Feb2
37 June 24 80 Mar
2638June 5 3012 Mar 2
41:June 2
934 Mar 2
50 Jan 3 6378 Mar 3
12 May 6 1938 Mar 2
PER SHARE
Range for Previous
Year 1930.
Lowest.
Eighest.
4 per share 3 per share
912 Dec 30 Apr
20 June 2412 May
161 Doc 25534 Apr
1112 Dec 4234 Mar
634 Jan 1038 Sept
12 Nov 3058 Apr
575 Dec 878 Mar
5 Dec 43% Apr
13 Oct 19 Sept
100 Jan 106% Oct
6/
1
4 Dec 2512 Jan
14218 Dec 25514 Apr
12078 Feb 134 Nov
1158 Dec 37% Feb
8012 Dec 14514 Apr
1141 Feb 123 Sent
218 Oct 1078 Feb
35 Nov 62 Feb
33 Oct 114% Mar
10312 Oct 11034 Jan
934 Mar
218 Dec
3438 Dec 10312 Apr
99 Dec 112 Apr
8434 Dec 102 Sept
471 Nov 79% Feb
51 Mar
% Dec
75 Jan
38 Dec
367 Dec 5958 Jun
10712 Jan 116 Nov
3678 Nov 6712 Apr
8058 Dec 10718 Mar
8918 Dec 1048 Apr
3518 Dec 5034 June
65 Oct 4358 Mar
4 Oct 30% Feb
2155 Dec 2712 Sept
97 Jan
134 July
31 Dec 3924 Jan
191 Dec 5012 May
102 Jan 11113 May
212 Dec 2714 Feb
4334 Dec 9014 Mar
85 Dec 9834 Apr
513 Nov 1214 Feb
10 Dec 25% Sept
1712 Dec 43 Mar
1213 Dec 38 Apr
4214 Dec 89% Mar
67 Dec 1012 Apr
16 Dec 4012 Jan
89 Dec 10014 Sept
1538 Oct 33% Jan
535 Oct 87% Mar
3858 Dec 6138 Jan
13 Dec
511 Apr
114 Dec 21 Apr
114 Dec 2134 Apr
30 Dec 527 Mar
94 Dec 10012 Oct
12 Dec 50% Mar
3713 Dec 10413 June
312 Dec 2834 Apr
1814 Dec 50 Apr
161
/
4 Jan 5738 Apr,
2412 Dee 5512 Ap.
75 Dec 951 Mar
212 Nov 1134 Apr
50 Oct 80 Mar
1 Nov
734 Feb
3/
1
4 Dec 16% Feb
74 Dec 105 Apr
53% Dec 13
18
1178
3 Apr
2238 Dec 71% Apr
5% Dec
613 Dec 3413 Mar
1314 Dec 74/
1
4 Feb
36 Dec 10934 Apr
30 Dec 61 Mar
4112 Dec 958 Apr
1114 Oct 12 Aug
4458 Dec 6114 May
37 Dec 1858 Apr
38 Dec 10612 Alm
2834 Dec 4438 Feb
4018June 5938 Apr
89 June 9834 Dee
31% Nov 5414 Apr
9178 Dec 10078 Sept
2033 Dec 4118 Apr
5 Sept 2134 Apr
1234 Dec 527 Apr
56 Oct 106% Mar
3% Dec 1938 Apr
49 Dec 100 Apr
39 Dec 90 Mar
80 Dec 101 Mar
513 Dec 10 Dec
18 Dec 10618 Jan
5614 Dec 7034 Nov
4/
1
4 Dec 207 Apr
39 Dec 8212 Apr
7 Dec 38 Mar
6313 Dec 10518 Mar
3 Dec 19 Feb
29 Dec 4778 Apr
15/
1
4 Oct 5812 Mar
62 Dec 10412 Mar
35% Oct 9678 Mar
7814 Oct 10214 Apr
334 Dec 2878 Mar
50 Nov 82% Apr
4 Dec 15% Apr
3 Dec 133 Apr
313 Nov 1034 Alm
12 Nov 597 Apr
16 Dec 52 Apr
10 June 205 Feb
31 Dec 44 Aug
18 Dec 5038 Apr
2638 Dec 43 Jan
17% Dec 253 Mar
7 Dec 34% Jan
85 Dec 120 Mar
213 Dec 28 June
14 Dec 4 Feb
15 Dec 80 Feb
/3314 Dec 109 Apr
26 Jan 38 July
612 Dec 2314 Apr
4512 Dec 8612 Apr
16 Dec 3134 Mar
753
New York Stock Record-continued-Page 5
For sales during the week of stocks not recorded here, see fifth page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT.
Saturday
July 25.
Monday
July 27.
Tuesday
July 28.
If erblesday
July 29.
Thursday
July 30.
Friday
July 31.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots.
Highest.
Lowest.
PER SHARE
Range for Prerlous
Year 1930.
Lowest.
Highest.
Shares Indus. & Miscell. (Con.) Par $ per share $ per share $ per share S per share
99 Jan 10518 Oct
100 94 June 18 103 Jan 6
Hamilton Watch pref
85 Jan 98 Apr
No par 86 June 22 94 Feb 19
40 Hanna pref new
38 Dec 7214 Apr
300 HarbLson-Walk Refrac_No par 2412June 11 4414 Feb 16
214 Dec 20 Feb
758 Feb 24
258June 2
100 Hartman Corp class B_No par
714 Dec 2314 May
4 June 18 1018 Feb 9
No par
Class A
300
278 Nov 1734 Apr
8 Mar 6
212June 3
No par
700 Hayes Body Corp
7718
Dec 9258 Feb
100
Feb
18
2July
15
25 801
100 Helme(G W)
1312 Dec 31 Apr
978June 1 18 Mar 24
No par
200 Hercules Motors
50 Dec 85 Jan
No par 40 May 7 X58 Mar 13
100 Hercules Powder
120 Hercules Powder $7 cum pf 100 111 June 11 11912Mar 10 11612 Nov 12334 June
70 Jan 109 May
500 Hershey Chocolate_ _ No par 8318June 1 10334 afar 27
8312 Jan 10834 June
No par 93 Jan 2 104 Mar 27
Preferred
300
4 Dec 2514 Feb
812 Mar 3
334June 22
No par
Hoe(R)& Co
2614 Jan 4114 Mar
No par 26 Jan 3 37 Feb 27
200 Holland Furnace
5 June 1258 Jan
538 Jan 2 1918 Apr 8
goo Hollander & Sons (A)_ No par
72 July 83 Sept
100 81 Jan 6 104 Mar 31
1,100 Homestake Mining
4 Dec 29 Feb
934 Mar 10
414 Jan 2
9,700 Houdaille-IIershey cl B No par
49 Mar 6878 Oct
1,600 Household Finance part p150 58 July 27 65 afar 17
2914 Dec 11678 Apt
2,000 Houston 011 of Tex tern ctfs100 27 June 2 6812 Feb 24
20 Nov 4178 Feb
No par 13 June 3 2912 Feb 24
900 Howe Sound
18 Nov 6273 Jar
1,900 Hudson Motor Car__ No par 11 June 1 26 Jan 3
712 Der 3658 Apt
534June 1 1318 Feb 24
10
27,300 Hupp Motor Car Corp
2 Nov17 Mai
27
8July
43
4
Feb
17
17
alotocycle__
__No
par
Indiana
700
3 Dec283s Mal
2 May 15
10
458 Feb 11
200 Indian Refining
Jar
Oct124
31
No par 2112J due 3 86 Feb 24
1,500 Industrial Rayon
No par 74 May 28 182 Jan 3 14714 Nov239 Am
300 Ingersoll Rand
58 Nov98 Mai
No par 3938June 2 71 Feb 27
1,386 Inland Steel
638 Dec3078 Fet
418June 2 1138 Feb 24
200 Inspiration Cons Copper_ _ _20
5 Dec1312 Ju13
938 Feb 24
534June 8
200 Insuranshares Ctfs 1nc_No par
2,400 Insuranshares Corp of Del__ _1 10's July 30 1284 July 21
712 Ap
112 Dec
134 Apr 24
No par
412 Feb 21
Intercont'l Rubber
1114 Dec 2878 Ap
5 June 3 15 Jan 28
No par
200 Interlake Iron
812 Ap
338 Dec
158May 21
No par
514 Feo 24
1,000 Internet Agricul
4214 Oct 6714 Ap
100 1612June 3 5114 Feb 24
Prior preferred
Oct 19718 Mai
4,600 Int Business Machines_No par 117 June 2 17934 Feb 24 131
634June 10 1238 Feb 24
878 Dec 1934 Ma
1,300 Internet Carriers Ltd_ _No par
4912 Dec 7538 AP
1,200 International Cement__No par 2734May 21 6212 Feb 10
114June 1
114 Dec 1412 Ma
4 Feb 2
1,800 Inter Comb Eng Corp_No par
100 13 May 28 3934 Feb 16
13 Dec 78 Ap
Preferred
300
4514 Dec 11534 AD
6012Mar 2
20,500 Internet Harvester_ __No par 3778July 3
100 131 Jan 2 14312Mar 21 133 Dec 14612 Sep
Preferred
100
1818 Dec 54 Ap
9,000 Int Hydro-El Sys cl A _ _No par 1634June 3 31 Feb 26
5214 Dec 92 Ap
5134 3,600 International Match pref _ _ _25 50 June 2 7314 Mar 20
15 Nov 33 Ap
7'I July15 1612 Jan 5
100 Int Mercantile Marine ctfs _100
9
1234 Dec 4438 Al
912June 2 2018 Feb 24
1278 57,000 lot Nickel of Canada-No gar
123 Mar 31 114 Dec 123 Al
100 112 June
Preferred
___ ______
26 Dec 86 Ap
120 Internet Paper pref(7%)_ _100 18 June 3 42 Mar 26
2214
512 Dec 3118 Ma.r
4 June 2 1014 Feb 26
100 Inter Pap & Pow cl A _ _No par
412
338 Dec 2234 Ap
212 Apr 30
6 Jan 26
No par
Class B
100
314
2 Dec 18 Al
412
Feb
26
4June
2
13
No
par
Class
C
3,800
312
21 Dec 86 afa
100 1812June 3 4312 Mar 27
Preferred
400
2012
10 Dec 5834 Al
7 June 2 1614 Feb 26
Int Printing Ink Corp_ _No par
1234
Al
55 Dee 101
100 54 FeO 11 6912May 6
Preferred
65
31
Oct4534 Jun.e
100 2914June 2 42 Feb 9
400 International Salt
3312
4712 Dec62 Ja
50
2,300 International Shoe_ __No par 4614June 19 54 June 29
26 Dec119 Fe
100 24 June 20 51 Mar 10
30
200 International Silver
1712 Dec7738 Al
2734 212,600 Inter Telep & Teleg____No par 1834 Jan 2 3834 Feb 24
1458 Dec40 Fe
1112June
par
213
8
Feb
20
2
Stores_No
Dept
15
700 Interstate
5858 Dec80 Auig
Preferred ex-warrants _ _100 58 Jan 20 6712 Mar 24
10
6212
12 Dec 32 M
No par 10 May 25 1812 Feb 24
200 Intertype Corp
13
414 Dec 29 Fe
358June 2
No par
914 Feb 24
800 Investors Equity
6
25
Oct 43 Mi
1 20 June 2 31 Jan 14
Island Creek Coal
26
37 Dec 6612 Alyr
No par 3618June 2 5712 Feb 11
3912 1,100 Jewel Tea Inc
4834 Dec 14838 Fe
8034 Mar 19
No par 4038May 2
5134 25.500 Johns-Manville
100 105 June 19 126 Apr 10 117 Dec 12333 Nepv
___
Preferred
$ per share $ per share $ per share S per share $ per share $ per share
*____ 9434*____ 9434*____ 9434*____ 9434 •_ _ _ _ 9334 *---- 9334
8612 8612
87
*87
8734 87
86
8734 86
*86
90
*86
2614 26,4 *2614 2733 *2633 2738 2638 2638 2614 2614
*2512 30
258 258 *212 234 *212 234 *212 234
*212 258
*212 3
6
418 418 *4
5
534 534 *4
414 414
*414 6
278 278 *234 3
278 278
3
3
312
*3
312 *3
95
8278 8278 •82
*8212 95
95
*82
95
*82
*8078 95
*1018 1012 *1018 1014 *1018 1014 1014 1014 *1018 1012
•1018 14
*45
47
*45
47
*45
47
*45
47
47
*45
46
46
116 116 *116 11634 116 116 *116 11634
*116 11634 116 116
9512 9512 9512
9534 *95
94
*94
96
95
95
96
k *94
*10012 103 *10178 10212 10212 10212 *10218 10212 10212 10212 *10218 103
*414 5
*414 5
*414 434
*414 5
*414 5
*4
5
28
28
30
3258 *28
32e *28
3258 *29
3018 *29
*29
1412 1458 1412 1412
15
1512 1512 15
*145s 15
•1412 16
9934 100
96
99
96
96
98
*96
9834 9512 9512 *95
5
614
5
518
5
5
478 478
434 478
*458 478
5838 5838 5812 59
58
5834 58
5918 58
5838 5838 58
39
3914
39
3914
3914
4
383
41
41
40
38
385s 40
1934 1934 1938 1934 *1914 1934 1914 1914 1918 1918 *1914 20
1278 1314 1318 1314
*1234 1312 *1314 1334 1278 13
*1234 13
734 838
672 734
634 678
7
7
7
7
634 634
213 214
214 *2
*2
214 *2
178 2
2
2
214
218 218 *218 212
*218 212 *218 212 *218 212 *212 212
2834
28'2 28
2934 2912 2912 2818 2914 28
2914 2914 *29
*87
94
*86
93
9212 9212 9512 9512 *87
92
92
92
42
40
401 *40
42
42
43
43
*4214 45
*42
47
*7
71
*7
718 71
738
718 718
734
*6
612 *7
612 61
•633 7
*638 7
678 678 *658 7
*638 7
11
1814 103
1018 1014 1014 1014
1114 11
1112 1112 11
31
*2
31
*2
31
312 *2
52
338 '
*2
312 *2
612 612 *612 712 *612 712 *612 71
7
7
*612 71
15g
l7g
2
134 134 *178 218
*158 2's
2
•134 2
*15
19
*10
19
*10
19
19
*16
*10
19
*15
19
13512 1361 13412 136's
•14112 14312 13812 14114 *14114 14212 13434 143
833 S's
812 812
814 814 *814 81
14 814
814 8'4
3018 30'z
3212 3014 31
3014 301
3312 *31
*31
*31
33
178 2
2
2
2
2
178 2
178 17g
218
*2
2134 19
213 *19
1912 20
2134
*1912 2178 •19
*1912 20
3778 3958
4112 4134 4178 4218 4114 4214 4058 4113 3918 401
*13412 138 *134 13812 *13612 138 *13612 138 *135 13614 13614 13614
2338 2212 2314 2258 2234 2218 2258 2214 2212
23
2358 23
52
*51
53
*8
9
*8
13
1314 13
*118__ *118
*2212
*1612 2
-3
*4
434 *414
*318 358 *318
212
*212 258
*21
2158 *21
*1114
*1112 13
*5812
*5812 65
*3358 34
3312
4858
49
49
*24
*23
30
29
2912 2838
*1458
*1412 15
*6012 6212 *6012
12
*12
13
*434 514 *434
*2512
*2512 26
3912
*39
40
5012 5114 5034
*12012 _-_- *120
118
*11812 119
5212
52
*8
9
1312 1312
___ •118
2118
-23
434 *414
358 *358
212
212
2158 2118
*1138
13
*5812
65
3358 *33
483*
49
*24
30
2912 2918
15
141s
6212 6212
*11
12
514 *434
*2512
26
*39
40
5134 5112
____ *120
11812 *11812
51
53
*8
9
1334 1278
___ •118
221
21
*414
41
314 *318
212
212
2118 2158
1234 *1114
*5812
65
*33
34
4912 4812
*24
30
2978 2758
1418 *14
6212 *62
1212 *1178
514 *434
*2512
26
39
40
5234 4978
*120
5112 5118
8
9
1314 1258
_ _ *118
11
*21
414
412
31s
314
212
212
2158 *2012
*1112
13
*5812
65
*3318
34
4858
49
29
30
2918 2718
1434 1418
6212 *62
*117s
13
5
514
*2512
26
3814
39
5112 4914
___ *120
51
54
*8
8
1278 1212
__ *118
2214
13
414 *4
318 *234
212
212
2012
21
13
*1112
65
*5812
34
3312
50
49
*24
29
28'4 2634
1478 1478
6212 *62
13
*1134
5
514
2578 *2512
3814 3918
51
4938
*120
11712 11712
118
200 Jones & Laugh Steel pref-100 11614June 19 12312 Mar 21 118 Dec 12312 AIpr
14 Oct
512 Alpr
14May 8
No pa
114 Feb 21
Jordan Motor Car
_ _
Jan 116 /Cr
50 K C P & Lt 1st pf ser B_No pa 11314 Mar 17 11512 Apr 9 108
J2In
1312
1418
Dec
7
Jan
5
2
June
11
Karstadt
(Rudolph)
178
14 Dec 2012 Mar
Kaufmann Dept Stores_$12.50 12 June 8 18 Feb 16
14
2412 Dec4112 JrIn
1314 1,000 Kayser (J) Co v t c___ _No par 1012June 2 2438 Mar 19
Jan 45 AIpr
_100
81
40
Keith-A lbee-Orpheum
Jan 150 Aipr
5
100 80 May 9 10112 Feb 9
Preferred 7%
8412
1 Dec618 Aipr
312 Mar 20
138 Jan 2
238 9,100 Kelly-Springfield TIre_No par
29 Dec42 Jt80
912 Jan 5 26 Mar 21
100
8% preferred
70
1534
17 Dec55 JiIn
100 28 June 5 45 Mar 24
6% preferred
40
36
918 Oct3912 A pr
8 June 3 2934 Feb 25
978
600 Kelsey Hayes Wheel__ No par
738 Nov 265g A pr
818June 2 1512 Mar 19
No par
1112 29,400 Kelvinator Corp
25 Dec 89 M ar
No par 20 Jan 6 60 Apr 6
10 Kendall Co prof
52
2018 Dec 6234 F,eh
No par 1438June 3 3112 Feb 24
17,000 Kennecott Copper
18
38 Dec 59 Mar
No par 3034 Apr 20 41 Jan 9
30
Kimberley-Clark
131
1712 Dec 4012June
No par 11 May 5 2012 Jan 9
Kinney Co
51 Dec 97 A pr
100 2334May
70 Jan 21
31
Preferred
10
812 A pr
12 alar 3
34 Dec
238 Feb 25
Holster Radio Corp__ _ _No par
-__
14 Dec
3 Jr ly
138 Feb 26
18 Apr 1
Certificates
2618 Oct 3634 J1an
10 25 Jan 29 29 May 8
; 2612 2612 2618 2638 *2614 2612 208 263; -3-,ioo Kresge (S 5) Co
2638 2638 2614 263
39 Nov 70 J an
4478 *42
4434 4458 4458
4478 *42
55 Feb 24
No par 42 June
4478 *42
*42
42
42
200 Kress Co
205s Dec 3538 A pr
1812 1758 1818 33.400 Kreuger & Toll
1818 1812 18
2734 alar 25
1712July 1
1818 1838 1838 1914 1858 19
z3512May 8
1718 Dec 4818 Jan
29
2912 29
24,000 Kroger Groc & Bak__No par 18 Jan
2912 2934 3038 2834 3038 2912 3034 3038 31
7034 Nov 113 APr
66
6538 65
65
No par 56 June 3 8778 alar 19
65
66
66
6578 1,900 Lambert Co
66
6534 6534 66
17 Dec 2312 0let
*10
1412
Jan
6
510
*10
1412
1412
No par 10 Apr 27 1718
141 *10
*10
1412 *10
Lane Bryant
1412
318 Nov 11 151 ar
214 Apr 28
434 Mar 26
400 Lee Rubber Sr Tire_ _ No par
313 312
'1 312 378 *314 378
312 31 '
372 372
*314 334
11 Dec 42 A Dr
1018 1018 *1014 1114
10
91iJune 3 1834 Feb 25
*1014 1112 10
*11:94 11
•10
11
200 Lehigh Portland Cement_ _ _ 50
*8015 95
9858 Dec 10812 May
*8012 95
*8912 95
100 8818June 20 10112 Feb 3
*8912 95
•89 10012 *8918 95
Preferred 7%
414 Dec 1712 M:ar
838 Jan 14
412May 14
512 *5
514 514
*514 512 *514 6
518 514 *5
512
500 Lehigh Valley Coal_- _ No par
1478 Dec 3712 M:ar
3234 *25
152612 3258 *2612 323 *2612 3258 2612 2612 *25
50 18 Mar 31 30 July 6
3234
Preferred
100
5134 Dec 9714 A.pr
5212 5212 52
5178 52
5214 53
5118 5112 5212 521
5334 2,500 Lehman Corp (The)__ _No par 4538June 2 6938 Feb 24
21
Oct36 A,pr
2612 2512 2612
2614 *26
26
*2512 2612 *2512 261 *2534 261
No par 2258June 2 3434 Feb 27
600 Lehn & Fink
1412 15
151
1018 Nov 3112 AlFar
15
15
15
1478 15
1512 1512 1578 157
4,100 Libby Owens Glass_. No par 1114 Jan 28 2078 Apr 16
7612 De 11334 A,pr
*71
73
71
71
*70
73
6978 70
*70
72
70
*68
300 Liggett & Myers Tobacco_ _25 60 June 1 91 Feb 7
7814 Dec11438 A,pr
7218 7314 7214 73
731
73
715s 7138 7112 713
25 6012June 1 9134 Feb 24
7058 73
Series B
5,400
14118 142 *141 146 *14112 146 *14112 146 *14112 146 *14112 146
100 13712 Jan 7 146 May 13 12718 Dec146 St'Pt
Preferred
300
1812 Oct 4914 1'eb
*2334 24
24
24
241
2512 •24
*24
2512 *24
*2334 24
200 Lima Locomot WorksNo par 1914June 3 3434 Feb 26
28 Dec 4538 1,e1)
*26
*26
28
*26
30
28
26
26
26
26
26
No par 22 June 10 33 Feb 11
400 Link Belt Co
26
39 Dec 8178 13,far
2778 2778 2734 273
28
28
28
28
28
2812 2812 28
No par 2018June 2 5518 Feb 24
600 Liquid Carbonic
4134 Dec 9534 M.ay
4314 4534 4434 467 20,100 Loew's Incorporated_. No par 3618June 2 6312 Feb 16
4312 4358 4334 4418 4418 44311 4318 441
8558 Jan 11238J,me
*90
*91
9178 92
92
*88
94
96
94
*88
No par 83 May 15 99 Mar 19
*91
96
200
Preferred
785s MaY 9934 (Set
98 Feb 7
Pref ex-warrants_ _ _ No par 83 Jan
_
----------------------------5
51
514 514
514 538
*54 528
eb
638 I,
212 Dec
612
Apr
24
5
518
Jan
5
23
4
par
No
II
-4;666 Loft Incorporated
*158 4
*138 4
3 Dec 1534 afar
*158 4
*158 4
4 Jan 6
*158 4
*2
Long Bell I.umber A._ _No par
4
34July 1
*4558 473e *4612 4712 *47
48
tpr
4014 Dec 7014 )
4712 4712 48
48
*47
25 4038June 1 5478Mar 25
491
400 Loose-Wiles Biscuit
834 Dec 2818 afar
1834 1958 1812 193 58,800 Lorillard
1834 1912 187g 1912 1912 2018 1834 197
25 1138 Jan 2 2178 July 20
312 Dec 12 rApr
*212 3
.212 3
*212 3
*212 3
412 Feb 10
*212 3
*212 3
2 May 22
No par
Louisiana Coll
*30
*30
35
35
60 Dec 90 5ept
35
*30
*30
35
100 34 July 10 55 Jan 15
35
*30
*30
Preferred
35
Apr
25
Dec 5114 )
Feb
26
2858 2834 2834 283
1
353
8
*2812 2978 *2812 297/1 *2812 2912 2812 281
June
400 Louisville G & El A ____No par 25
1114 111
1118 1114 *1114 111
914 Dec 4478 atar
1218 1278 1112 1278 1134 12
818June 2 19 Mar 19
No par
5,400 Ludlum Steel
*32
35
35
*32
33
*32
3434 Dec 9934 a mar
*32
35
33
*32
No par 3312June 25 5214 Feb 17
*32
Preferred
33
1812 1812 1812 *17
*17
20 Dec 3934 rApr
20
19
*17
*17
18
16 June 1 25 Feb 24
*17
100 alacAndrews & Forbes_No par
18
33
33
33
3138 32
34
3358 Dec 8812 aJar
3212 3314 3134 3338 7,500 Mack Trucks Inc
*3112 33
No par 2112June 2 4378 Feb 24
*76
77
7514 7634 *76
8132 Dec15914 1Feb
Feb
27
7538 7512 75
78
2
10614
6614June
par
No
76
76
1,800 Macy Co
76
*618 7
418 Dec1538 J une
*6
7
7
618 618 *6
712 Mar 24
6
6
*512 6
5 Jan 3
400 Madison Sq Garden_ No par
*1412 1434 1412 1412 *1412 1512 1412 1412
*1412 17
17
1914 Dec5234 Jan
•14
No par 1014June 3 2738 Feb 24
400 Magma Copper
*178 212 *17g 212
•178 21
*178 21
134 Dec13 J'uly
434 Mar 2
118 Apr 25
134 178 •112 212
200 Ma1lLson (H R)& Co_ _No par
12 Dec
Jan
6
5 Mar 25
238 238 *214 238 *214 238 *214 232 *214 232
12 Jan 2
100
214 214
20 alanatl Sugar
*514 814 *514 84 *514 814 *514 814
8
514
Jan
Dec 50
*514 81
2
127
8
5
5
Jan
Jan
314
100
10
Preferred
54
734 *4
734 *4
73
5 Dec 15
*4
*4
73
8 June 16
734 '
Jan
314June 2
No par
54
73
Mandel Bros
*814 10
*814 10
*814 10
618 Dec 2458 Jan
*814 10
*814 10
714 Jan 2 12 Feb 25
25
*814 10
Manhattan Shirt
178
*134 21
17
•178 2
134 Dec 1038 151ar
138 2
334 Feb 14
•172 21
1 May 22
700 Maracaibo Oil Explor__No par
•13g
2
2018 201
20
1734 Dec 3212 ,Aug
2018 201 *2014 203s 2014 201
10 1814May 27 2414 Feb 24
2014 1938 201
7,200 Marine Midland Corp
181g 181 *19
20
203
2114 Dec 55 Feb
18
1814 181 *18
18
No par 18 July 30 3258 Feb 24
18
700 Marlin-Rockwell
18
*312 37
314 31
*338 31
318 31
318 318
414 Dec 3078 Apr
2 May 18 10 Feb 25
1.900 Marmon Motor Car_ No par
318 31
2438 243
2433 241
2418 2418 24
2412 241
24 Dec 4818 Apr
*2412 25
3,000 Marshall Field & Co_ No par 2318 Jan 21 325s Feb 24
25
*112 21
*112 21
•112 21
*112 212 *112 21
318
4July
2
*158 21
214 Dec
Jan
13
par
30
_No
Corp_
_
_
8 Oct
Martin-Parry
*115 - - 115 115 *115
*2
278 *218 278 *215
*1212 1312 *1212 1312 *1212
1212 1232 1234 1234 *1234
•____ 40 *____ 40 *____
8412 *70
*70
8412 *70
2
*218 214 *218 214
15
15
*1212 1412 *14
*28
*28
35
*28
35
*10
1018 *10
1014 10
10
1014 1018
1018 10
*5012
52
52
*5014 52
1812
1812 1878 1814 19
'
52934 3634 *30
3634 *3018
*1212 1312 *1212 1312 *1212
*2934
*3012 32
*2934 38
---- ---- ---- ---- ----
119
118
11812 118
- - *115 - - *115
- *218
-27-2 .214 -278
1312 *1258 1312 *1258
1212 1234 1234
13
40 *__ 40 *__ _ _
8412 *70
841 *70
2
2
2
2
13
15
*14
15
35
35
*28
35
95s
934 934
10
10
934 10
1058
*4818
,511 *4818 52
1712
l8s 1758 18
363 *3018 363 *3178
1312 *1212 131 *1212
2934 1.93 *30
32
---- ---- ---- ----
- - *115
-27-8 *2
1312 *1258
1234 1212
40 *____
8412 *65
238
238
15
*15
35
*35
958
958
1118 11
52
*4818
1758
18
30 53018
131 *1212
31
*30
---- ----
Bid and asked prices; no sales on this day, z Ex-dividend. y Ex-rights;
754
New York Stock Record-Continued-Page 6
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
July 25.
Monday
July 27.
Tuesday
July 28.
Wednesday
July 29.
Thursday
July 30.
Friday
July 31.
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 1930. "1
Lowest.
Highest.
$ Per share $ Per share $ Per share $ Per share $ per share $ per share Shares Indus.& Macon.(con.) Par $ per share $ per share S per share 5 per share
214 214 2112 2112 2214 2214 2078 2114 214 2118 22
22
1.900 Mathioson Alkali WorksNo par 1758June 2 3112 Jan 3
3018 Dec 514 Mar
*11614 1184 *1164 1184 *11614 1184 •11614 1184 *11614 11818 *1164 11818
Preferred
100 112 Apr 29 12538 Mar 24 115
Oct
Jan 136
32
3318 3212 3318 *32
33
2.600 May Dept Stores
3212 3154 3134 3214 3258 32
25 28 May 27 39 Mar 2
2754 Dec 61138 Jan
*44 5
*414 5
*414 434 *414 4'2 .414 412
414 414
100 Maytag Co
No par
414 July 6
878 Feb 13
5 Nov 23 Mar
•14
1514 *1458 1514 14
14
14
14
15
Preferred
1418 1418 *14
400
No par 14 July 28 2418 Mar 21
1418 Nov 4012 Apr
*59
5978 *59
*59
60
60
*59
Prior preferred
*59
60
60 •59
BO
No par 2.60 July 15 7112 Mar 24
Dec 8412 Mar
68
30
3012 31
*31
31
32
314 1.300 McCall Corp
32
*31
31
32
31
No par 23 June 3 36 Jan 7
33
Dec 50 Apr
44
44
44
•41
*41
*41
44
44
44
*41
*41
100 McCrory Stores class A No par 34 Jan 24 5134 Feb 17
44
Dec 74 Jan
37
*37
4178 *36
Class
*36
4178 •36
13
38
38
.36
4178 .36
38
No par 35 Jail 10 5158 Feb 16
Jan
3814 Dec 70
•80
85
*80
Preferred
*80
85
82
85
*80
*80
80
85
30
85
100 76 Jan 22 934 Mar 30
Oct 97 Mar
78
•25
254 *25
200 McGraw-Hill Publica's No par 24 July 30 29 Feb 26
2558 *25
2514 •25
2412 *2414 25
254 24
Dec 44 Apr
27
2112 2112 *2112 2154 *2112 2134 2112 2112 2112 2112 *2078 22
500 McIntyre Porcupine Mines__5 197838ay 27 2612 Mar 31
1454 Jan 2054 Dec
7812 7912 78% 79
7854 80
74
7314 7554 7314 744 22.800 McKeesport Tin Plate_No par 7112 Jan 2 10312 Apr 9
78
61
Jan 8912 June
978 978
94 91z
913 912
914 958
94 914
94 912 1.700 McKesson & Robbins__No par
7I8June 3 17 Jan 20
Nov 3738 Apr
1012
*30
3212 *30
Preferred
.30
3212 *30
31
32
31
300
32 .30
32
50 20 June 20 3738 Feb 26
2534 Oct 4914 Apr
7
74 714
74 714
7
800 McLellan Stores
*718 74 *74 738
678 678
No par
414June 3 10I2Mar 6
6
Dec 2014 Jan
*24
26
*2412 26
25
*2412 26
25
2312 24
300 Melville Shoe
*2412 25
No par 2214June 16 34 Mar 5
25 Nov 42 Apr
*414 434
4
414 414
4
4
414 *4
414
*4
4
300 Mengel Co(The)
No par
318June 2
812 Feb 24
5
Dec 2334 Mar
*2518 2578 *2518 2578 *2518 2512 *254 254 *2518 253* 2518 2518
300 Metro-Goldwyn Plc pref___27 22 May 29 27 Apr 10
23
Dec 264 May
1414 144 1418 1458 1458 154 1414 1412 1418 144 144 15
11,300 Mexican Seaboard 011 No par 1058 Jan 2 2054 April
954 Nov 37 Apr
*6
7
*6
7
*614 634 *614 7
*814 5l3
614 614
300 Miami Copper
5
412June 3 1058 Feb 24
7
Dec 3378 Feb
914 914
012 gig
014 102 *914 912
914 91 *914 97o 1,990 Mid-Cont Petrol
No par
5714June 2 1634 Jan 8
11 Dec 33 Apr
*1634 17
17
17
800 Midland Steel Prod__ No par 1358June 3 3112 Feb 24
1634 17
1612 1612 *16
17
"1814 17
53 Feb
Nov
1.512
*6814 70
*6814 70
8% cum lot pref
*6538 68
200
68
*6612 70
68
70
70
100 66I41une 2 94 Feo 26
74 Nov 110 Feb
*3618 44
431
*364 37
100 Minn-Honeywell Regu_No par 36's July29 5812 Feb 9
431 *38
3818 3618 *38
*3618 37
37
7634 Mar
Dec
.254 318 *212 34 *211 3
212 212
600 Minn-Moline Pow Imp'No par
*212 254 *212 23
212June II,
712 Feb 10
314 Dec 2878 Mar
•22
25
*20
23
22
*20
Preferred
*21
22
22
No par 20 July 22 48 Mar 2
*20
44 Dec 9214 May
14
14
14
14
1412 1412 144 144 1428 1422 1422 144 1,000 Mohawk Carpet mills_No par 1078 Jan 3 2158 Mar 10
958 Dec 40 .1811
*26
28
•26
1.800 Monsanto Chem Wks No par 1812 Apr 2F 28 July 28
2612 2658 28
28
*27
27
2612 27
27
1838 Dec 63% Apr
19
1914 19
1912 1912 2024 1878 1912 19
2058 1934 203* 70,500 Mont Ward Co III Corp No par 154 Jan. 2 2914 Feb 26
1518 Dec 4978 Jan
*39
4012 •39
4012 *39
Morrell (J) & Co
4012 *39
4012 *38
401 *39
40'z
No par 364June 2.
58 Feb 16
4878 Oct 72 Feb
.12
52
*12
52
•12
82
.12
22
I,
1
*12
58
700 Mother Lode Coalition_No par
3*June 5
3* Feb 20
2 Jan
12 Dec
*158 134
158
158 •158 2
*158 2
.158 2
158 158
300 MotoMeter Gauge&En No par
158July 13
41a Mar 28
112 Oct 1158 Apr
*2754 2912 •27
2912 *27
Products
2912 *27
Motor
Corp_ _No par 23783une 2 4758 Apr 6
2912 *2714 291 *2714 2912
25
81
Apr
Dec
*9
10
"9
10
912 912
912 912
*9
300 Motor Wheel
911
No par
94 91
834June 2 1978 Feb 18
1414 Dec 34 Mar
2718 2812 2818 2912 2912 2978 274 29
2712 3014 2914 3078 8,300 Mullins Mfg. Co
No par
83* Jan 2 3678 Mar 26
614
Nov
Feb
2054
*52
59
60
60
58
60
60
Preferred
55
60
110
5518 55
58
No par 36 Feb 10 7212Mar 5
354 Dec 6478 Jan
.518
20 •18
20
•18
20 •18
*18
1778 18
300 Munsingwear Inc
20
19
No par 1612June 15 3114 Jan 26
254 Dec 534 Feb
734 8
734 8
1,100
77
Murray
8
734 734 •712 758
77
8
8
No
par
754
Body
618June 2 1854 Mar 10
9 Nov 2514 Apr
'37
3812 •3612 40
*37
40
*3612 40
Myers F & E Bros
*364 3912 *3612 3918
No par 36 June 3 451.Mar 26
34 Oct 4912 M4
27
27
2612 2722 2634 27
No par 20 June 2 4078 Mar 20
2578 263* 26
2678 264 264 4,800 Nash Motors Co
2114 Dec 5812 Jan
*6
612 •13
612 *6
612
6
614 614 .6
6
800 National Acme stamped___10
614
478May 80 1054 Mar 6
554 Dec 2614 Feb
*7
12
12
*7
*7
12
5.7
*7
12
12
Nat Air Transport
*7
12
No par
812 Jan 5 13 Mar 20
6 Dec 3938 Apr
6
6
*6
614 64
614 614
2,000 Nat Belies Hess
614
No par
534 618 *554 6
314 Jan 2 10 Feb 20
214 Dec 20 Apr
*20
30 •20
2512 *20
26
*20
Preferred
•20
*20
30
30
30
100 17 Jan 3 32 Feb 27
1312
Dec 82
Jan
5658 58
5634 5754 5758 5812 5614 573* 5518 57
5614 5712 34,000 National Biscuit new
10 5518 July 30 8354 Feb 24
6858 Nov 93
15158 1514 •15112 15134 *15112 15134 *15112 152 *15154 152 *1518i 152
7% cum pref
100
100 146 Jan 8 15314May 8 14212 Jan 152 May
Oct
204 2522 25
25
Register
2518 263s 2484 253* 2414 2512 254 2518 4.000 Nat Cash
A w1No par 184June 2 3934 Feb 26
2758 Dec 8312 Feb
3318 3312 33
3312 3314 34
33
3354 3234 3378 33
3378 28.600 Nat Dairy Prod
No par 26114June 1 5054M ar 25
35 Dec 62 June
*3
*3
4
4
4
*3
*3
*3
4
4
*3
4
Nat Department Stores No par
3 May 11
712 Feb 26
312 Dec 2412 Feb
*3012 40
*3012 40
40
*34
*3011 40
*3012 40
*3013 40
Preferred
100 29 Apr 30 60 Jan 9
60
Dec 90 Jan
152458 2614 *25
2412 2514 2478 2514 25
26
25
*2514 26
1,000 Nat Distil Prod Ws- -No Par 194 Jan 6 3638 Feb 24
1818 Dec 3912 Feb
•I9
2012 *1712 2012 "1778 2012 •1814 2012 *1814 2012 *18
Nat
Enam
&
Stampini
2012
100 18 June 19 2778 Feb 20
1714
June
3312 Mar
*10212 110 *10314 120 *104 120
104 104 *10234 120 *10234 10978
100 National Lead
100 85 June 2 132 Jan 9 114 Dee 18912 Feb
*140 14334 •140 1434 *140 14334 •140 141
140 140 *140 141
Preferred A
10
100 136 Jan 2 143 June 4 135 Dec 144 Sept
0118 121 *118 121
118 118 *118 121 *118 121 *118 121
Preferred B
30
100 118 Jan 8 12034July 20 116
Jan 120 Nov
234 2418 2414 2412 2412 254 2358 2414 234 2414 24
208 7,400 National Pr & Lt
No par 20I4June 2 4414 Feb 24
30 Nov 58% Apr
.38
3g
12
*14
12
*14
32
4 .
12
*38
100 Natlonal Radiator_ _ No par
12
4
18May 29
118 Feb 3
12 Dec
44 Jan
.12 112
.12 112
*12 112
*12 112
*12 112
*12 172
Preferred
No par
114 Mar 3
218 Jan 7
154 Dec 11
Jan
38
3812 38
3812 3878 39
38
3812 3734 38
38
38
2,300 Nat Steel Corp
No par 33 June 1 5818 Feb 27
41 Nov 62 July
*2312 24
23
2312 2254 23
22
2214 *2134 22
21
2112 1,000 National Supply
50 21 July 31 7014 Feb 27
60
Dec
12454
Apr
*75
77
*75
77
*75
77
77
*75
*75
77
*75
77
Preferred
100 70 July 15 111 Feb 27 1064 Aug 116 July
*34
35
*3312 35
*334 3412 *3312 35
3312 3212 3212
32
600 National SuretY
..
50 31 June 2 7612Mar 26
35 Dec 9838 Mar
*1514 1612 1514 1514 15
1412 1412 1,400 National Tea Co
154 1412 15
*1412 16
No par 13 June 2 2478Mar 24
13 I)ec 4178 Feb
*1018 1112 10
*914 10
10
10
10
10
1012 *94 1012 1.500 Neisner Bros
No par
90 July22 2514 Feb 9
20 Dec 54 Apr
858 878 3,800 Nevada Consol CoPper_No par
841 87
018
9
*914 9'2
9'8 94
914 914
618June 1 1434 Feo 24
9 Dec 3238 Ja a
*1714 1812 *1714 1838 "174 1812 *1712 18
1714 1714 *1712 1812
100 Newport Co
No par 10I2June 2 2078 Mar 24
1512 Dec 1714 De
*50
65
*4812 65
55
*50
*4812 65
*4812 65
*4812 65
Class A
50 41 June 5 53 /star 24
30
Dec 85 Ma.
•912 10
*914 10,4
978 94
9
914
858 9
878 84
500 Newton Steel
7 June 3 24 Feb 20
No par
1154 Dec 58 Ap'
16
16
1714 5115
16
*15
*15
1714 *15
17
*15
17
100 NY Air Brake
No par 12 May 27 25 Jan 23
2112
Dec
47 Feb
25
•14
*1418 25
18
*14
*14
25
*14
25
New York Dock
*14
25
100
8 May 28 3734 Jan 29
22 Dec 48 Apr
*2518 55
55
*2518 55
*25
55
•25
*25
57
*25
55
Preferred
100 32 Apr 27 80 Jan 26
7712 Dec 8812 Apr
53
4
611
584
6's .512
*614 6* *578 64
6
"512 534
600 NY Investors Inc
No par
5 May 8 1218 Jan 27
912 Dec 32 Apr
10512 10512 10514 10512 *10514 10512 10514 10514 105 10514 10512 10512
290 NY Steam pref (6)
No par 100 Jan 7 10734 Mar 12
98 Dec 10612 Sept
11458 116 *115 11512 *115 11512 115 115
115 11514 *115 116
1st preferred (7)
270
No par 11114 Jan 3 118 Apr 20 10854 Dec 117 Aug
664 6712 654 6712 6678 6734 6414 6612 6314 65
64
6512 43,100 North American Co
No par 5634June 3 9014 Feb 26
574 Dec 1324 Apr
55
55
55
5514 554 *5510 5512 *554 5512
*5518 5512 55
Preferred
800
50 53 Jan 5 57 Mar 27
51
Jan 57 June
77
8
818
8
*8
818 83s
8
8
758 8
84
8,100 North Amer Aviation__No par
44 Jan 2 11 Apr 13
414 Dec 1478 Apr
10584 10534 *10514 10614 .10534 106 *10534 10614 10614 10614 10554 1054
300 No Amer Eason pref-No par 102 Jan 2 10614MaY 6
9934 Dec 10522 Oct
•1518 19
19 "16
19
"16
19
•16
*16
19
North German Lloyd
*16
19
16 July 22 3518 Apr 7
2878 Dec 5554 June
4614 *44
*4312 4612 *4312 4614 *4312 4614 .44
4614 44
70 Northwestern Telegraph___50 43 Jan 31 4712May 5
4512
4112 Dec 5018 Mar
4,78
I
.72
•7, 1
1
78
78
*78
I
Is
200 Norwalk Tire & Rubber___10
7*
12 Jan 9
112 Mar 12
12 Dec
4 Mar
10
954 1014 10
10
10
934 10
934 1018
958 934 4.400 Ohio Oil Co
No par
7 June 2 1912 Jan 8
16 Dec 32 Aug
*214 212 •214 218 *214 212 *214 212 *214 212
214
214
200 Oliver Farm Equip New No par
2 *June 2
558 Feb 3
1212 1212 *1212 13
*1212 13
1212 1212 *1018 1318 *11
13
Preferred A
200
No par 10 June 2 26 Jan 12
124 Dec 603-4 Ixir-ii
*44 5
*44 5
418 44 *4
5
*4
44 418
5
600 Omnlbus Corp
No par
358 Jan 8
812 Mar 27
258 Oct
838 Mar
23
*20
•20
*20
23
23
23 .20
*20
*20
24
24
Oppenhelm Coll & Co_ _No par 20 June 19 2812 Feb 28
22 Dee 56 Apr
45
•40
•4212 50
45
50
*4414 50
4512 4512 "35
20 Orpheum Circuit Inc pref_100 35 June 9 72 Mar 11
60
60 Dec 9978 Apr
4214 4114 42
.542
4212 42
40
*3912 42
40
41
41
1,600 Otis Elevator
No par 3178June 3 5812 Jan 12
4814 Nov 8038 Nur
*126
____
*126
*126
•126
*126
_ •126
_ ___
Preferred
100 12458 Feb 19 12912Ivtar 30 11818 Jan 12854 Sent
912 _-912
9 _-9
818 -812 "8
95-4
*9
-812 .814 To
.
500 Otis Steel
No par
6I4June 2 16 18 Feb 26
912 Dec 3878 Mar
42
*42
42
43
43
42
*42
*4018
42
.4018
42
42
Prior preferred
150
100 30 June 2 6912 Feb 2
75 Dec 99 Apr
*31
33
33
*31
3012 3012 •30
*3018 33
33
33
*31
100 Owens-Illinois Glass Co____25 25I2June 3 3954 Jan 20
32 Dec 6078 Feb
45
46
7,700 pacific Gas & Electric
4614 4614 464 464 4612 4714 4512 464 444 46
25 38 June 3 5478 Mar 10
4012 Dec 7478 Mar
5318 5318 51
56
52
504 51
5218 5258 *52
51
5138 5,500 Pacific Ltg Corp
No par 4812June 2 6912Mar 20
46 Dec 10778 Mar
19
*1714 194
18
*1712 20
*18
20
20
20
270 Pacific Mills
100 15 May 28 2614 Mar 23
15 Dee 30
12512 12512 •127 130 *12512 12812
Toles
Teleo
Pacific
&
*1251 12712 •12512 12712 12712 128
100 116 Apr29 13154 Mar 1° 11412 Dec 178 Feb
230
Feb
7
718
7
714
7
74
7
678 7
678 74 15,400 Packard Motor Car__ _No par
7
514June 2 1178 Feb 24
714 Nov 2338 Mar
*24
*24
45
45
45
45
45 .24
45
•24
•24
•24
Pan-Amer Petr & Trans___50 25 May 28 3518 Jan 29
42 Nov 6414 May
*24
•24
45
45
27 •24
45
45
45
*24
*24
•24
Class B
50 24 June 3 3612 Jan 9
30 Dec 6712 May
*534 7
6
*534 7
6
*514 7
*578 7
*578 7
100 Park - Tilford Inc
No par
538 Jan 2 11 Mar 19
6 Dec 354 Apr
212 *212 3
212 212
214
500 Parmelee Transporta'n_No par
•212 384 •212 3
*212 24
214 Apr 25
44 Jan 21
258 Dec 2618 Mar
•134 2
100 Panhandle Prod & Ref_No par
*14 14
FS *112 VS *PS PP
184 14 *Pt
112May 19
414 Feb 13
134 Dec 1234 May
2212 2258 2212 23
234 32.100 Paramount Publix
224 234 224 231, 224 2355 23
No par 1958June 2 5014 Feb 24
3454 Dec 7714 Mar
138 *114
138 "114
138 •114
Park Utah CM
*114
138 •114 14 •114
158
1
1 June 3
24 Mar 12
1
18 Dec
44 Apr
158 158
112 112
158 •158
158
158 158
112 112 1.800 Pathe Exchange
154
No par
1 May 20
24 Feb 20
112 Dec
9 Apr
614 61 1 2,400
612
Class A
*6
814 IA
812 812
634
658 64
6
No par
3 Jan 16
84 July 3
27
8
Dec
195
8 Apr
3
•74 9
812 *812 9
*812 10
8
*754 9
7 4 751 1,200 Patin° Mines & Enterpr__ _20
6 June 3 1512 Fen 24
818 Dec 3278 Feb
*318 31 1 "318 314
3
34 *3
3
3
3
3
1.600 Peerless Motor Car
314
50
24June 2
4% Feb 24
3 Nov 14 Feb
39
39
39
3912 3934 3018 3978 394 3958 3812
39
39
3.100 Penick & Ford
No par 2812June 2 4612 Feb 19
264 Jan 55 Apr
3534 3712 16,500 Penney (J C)
3334 3334 334 334 3312 3412 3414 3478 344 36
No par 284 Jan 2 394 Feb 17
2758 Dee 8018 Jan
Preferred
97
97
96
97
*9512 97
97 •96
500
9612 96
96
*96
100 90 Jan 8 9958 Mar 27
90 Dee 10154 Sept
*218 254 *214 254 *214 254 *24 24 *214 24
100 Penn-Dixie Cement____No par
24 24
2 May 29
512 Feb 10
214 Dec 12 Mar
"1018 11
11
11
Preferred
18
*11
*11
*1018 11
18
100
18
•11
100 10 June 9 29 Jan 30
10 Dee 5512 Mar
1
34
*3114
.3114
34
Drug
34
People's
*3112
*3114
*3114 34
Store__No
34
No par 23 Jan 2 3512 Mar 31
*31 4 34
2114 Dee 6012 Apr
19434 195 "193 195
200 People's G L & C (Chic)__100 18314June 2 210 Feb 16 18514 Dec 325 May
*195 197 •195 197 •195 197 •193 197
14
"13
14
*13
365 Pet Milk
14
14
14
*13
*13
134 134 *13
No par 1012June 4 1712 Jan 30
17 I)ec 2212 Aug
714 712
712 74
718 712
7
712 2.200 Petroleum Corp of Arn_No par
*714
74 711
714
6 June 3 104 Feb 26
578 Dec 2714 June
, 12
1154 1172 2,800 Phelps-Dodge Corp
124 121
1218 1112 1178 1178 1178 1178 12
25 11 June 3 2558 Feb 24
194 Dee 444 Apr
Philadelphia Co (Pittsb)
*100 200 •I00 200 •100 100 *100 200 *100 200 *100 200
50 150 May 21 155 Jona 21 170
Oct 2483* Apr
*56
5612 5412 56
6% preferred
*5412 50
5412 5412
600
56
*54
*5412 56
50 5212 Jan 5 5612 Mar 12
5018 Jan 5778 Sept
7
718
7
*7
1,400 Phila & Read C & I____No par
758
74 74
7
714 734
718 74
614June 2 1214 Mar 23
612 Dec 254 May
*11
12
200 Phillip Morris dc Co. Ltd
1112 *11
*1112 12
1112 1112 *11
11 12 11
11
10
9 Jan 6 1212June 25
814 Jan
1512 Mar
Phillips Jones Corp____No par 11 Jan 8 1212.b0y21
144 *11
1412 *11
1412
1412 *11
1412 *11
1412 .11
•11
1014 Dec 274 Feb
60 Phillips Jones pref
*4814 50
47
*4814 50
*4814 50
4454 4814 47
*4814 50
100 441* July 30 52 Jan 3
52 Dec
75 Feb
8
814
814 84
818 814
81 1 11,200 Phillips Petroleum
8
7
84
8,1
8
No par
1112 Dee 444 Apr
434.1itne 2 1658 Jan 5
*7
10
10 ___t. Phoenix Hosiery
*7
*7
10
10
*7
*7
10
10
*7
7 Dc( 2018 Apr
5
9 Feb 14 1014 Apr 6
124 13
*124 14
*1258 14
400 Pleree-Arrow class A __No par 124 July 25 2714 Feb 11
*124 14
*1238 14
*1238 14
16 Dec 33 Apr
.
12
400 Pierce 011 Corp
52
4
%
*4
58
58
03
58
34
54
25
34
12May 26
112 Feb 28
212 Mar
12 Dec
12
11
*918 1212 *918 1212 *94 1212 *94 12
*10
11
Preferred
100
100
612hine 3 2334 Feb 27
712 Dec 52 May
218 218
178
178 178
178 •178 24 *178 218 *178 214
500 Pierce Petroleum
No par
1 June 2
158 Dec
338 Feb 27
718 Apr
283 284 .2812 2812 2812 2812 2812 2812 2812 2014 *284 2914 1,400 Pillsbury Flour Mills No par 25 June 2 37 Mar 9
25,3 Dec 374 Apr
*20
3278 .31
38
Pirelli Coot Italy
.3112 38 .31 18 38
*3112 38
*3114 38
2814June 2 3934Mar 5
3012 Dec 5078 Feb
•Bid and asked prices; no sales on this day. S Ex-dividend and ex-rights, x Ex-dividend. y Ex-rights.
New York Stock Record-Continued--Page 7
For sales during the week of sales not recorded
here, see seventh page preceding.
755
HIGH AND LOW SALE PRICES-PER SHARE. NOT
PER SHARE
PER CENT.
PER SHARE
Sales
• STOCKS
Range Since Jan. 1.
Range Jo Precious
JOT
NEW YORK STOCK
Monday
Tuesday
Wednesday Thursday
On basis of 100-share lots.
Frklay
Year 1930.
the
EXCHAN
GE.
July 27.
July 28.
July 29.
July 30.
July 31.
Week.
Lowest.
Highest.
Lowest.
Highest.
$ per share $ per share $ per share $ per share $ per share
$ per share Shares Indus. & Miscal.(Con.) Par 5 per share
•1378 20
*131
/
4 20 .1378 20
$ per share S per share $ per share
*1378 20 .1378 20 .13782,20
Pittsburgh Coal of Pa----100 1514June 17 2812 Jan 12
•40
5612 .40
5612 .40
18 Dec 7812 Jan
5612 .40
54 .40
5012 .40
45
Preferred
*978 10
100 54 June 17 80 Jan 27
*978 10
66 Dec 110 Jan
.
978 10
*978 10
978 91
/
4
912 912
200 Pittsb Screw & Bolt___No par
52
912July 14 1514 Feb 24
5218 *50
55 .52
55 .51
1312
Dec 2278 Feb
64 .5114 64
51
90 Pitts Steel 7% cum pref
*5
612 *412 612 .412 612 .412 612 .412 612 51
100 45 June 2 87 Jan 15
8414 Dec 103 Jan
*413 612
Pittsburgh United
.7314 79
*7314 78
25
4 May 27 15 Feo 27
*7314 79 .7234 79 .74
11 Dec 1914 Oct
79
74
74
50
Preferred
•1273 I3/
100 74 July 31 100 Apr 24
1
4 •1278 13/
1
4 •1278 1318 •1278 1338 •1278 13/
9112 Dec 103 Oct
1
4 •1278 1338
Pittston Co
8
No par 1318July 15 1814 Jan 5
814 0712 814 *734 814 .734 10
1814 Dec 2278 Apr
.778 10
*71
/
4 10
200 Poor & Co class B
.1012 11
No par
11
11
6 Apr 28 1334 Jan 10
.1012 11
101s Dec 3438 Mar
1058 1058 •1012 11 .
1012
1112
300 Portollican-AmTob clA_ _100 10 May 22 27 Feb 28
318 3/
1
4 '
53
312
3/
1
4 318
1434 Dec 3038 July
3
3/
1
4
312 .3
312
500
Class
B
20
20
20
par
No
Fo
2018 20
2/
1
4June 2
20
1918 •1812 21
8 Feb 27
19
4
Oct 2714 NW
1878 1878 1,100 Postal Tel & Cable 7% pref 100 18
*912 1014 1014 1014 1014 1014 10
Apr 29 3911 Jan 9
20 Dec 103
10
Jan
9/
1
4 10
9/
1
4 9/
1
4 1,100 Prairie Oil & Gas
1778 1818 1814 1838 17
25
612June 2 2018 Feb 26
1778 171
/
4 1718 17, 1712 17
1114 Dec 54 Apr
17
2,300
Prairie
.384 4
Pipe
Line
334 334
25 1458June 3 2612 Feb 26
334 334
1658 Dec 6012 Feb
312 314
312
33
4
312
312
1,200
Pressed Steel Car
*2718 29 .2718 29
No par
234May 29
152718 29
718 Feb 19
*2718 29 .2718 28
314 Nov 1653 Feb
*2718 2812
Preferred
6358 63/
1
4 6338 63/
100 26 May 19 47/
1
4 6312 6312 63
1
4 Feb19
64
26 Dec 7612 Feb
64
64
63/
1
4 64
2,000 Procter & Gamble
.212 278 .218 3
No par 56 June 3 7114 Mar 10
3
3
.234 3
525
8 Jan
7878 June
3
3
27
8
2/
1
4
300 Producers & Refiners Corp__50
*8
1278 *8
1278 .8
/
4June 3
11
12/
1
4 .8
6 Feb 27
1 Dec 111
127s *8
/
4 Mar
1278 *8
1278
Preferred
78
7914 7914 7978 79
6 July 20 16 Feb 27
79/
1
4 7714 78/
1112 Dec 40 Mar
1
4 77/
1
4 78/
1
4 7734 7814 23,400 Pub Ser Corp of N J__ _No 50
par 72 Jan 15 9612 Mar 19
65 Dec 12354 Apr
10014 10014 99/
1
4 10014 10014 10038 10038 10012 10018 10012
10012
10012
2,500
85 preferred
11718 11718 11718 11718 *118 11813 11838 11838 .118
No par 95 Jan 2 10212May 16
9134 June 100
Oct
1181 .117/
1
4 1181
300 6% preferred
*13514 136 .13514 136
100 10934 Jan 3 11838July 29 10434 Dec 117 Sept
134/
1
4 13612 *135/
1
4 13712 .135 138
138 138
500 7% preferred
.
15618 159
15878 158/
100 12814 Jan 3 138 July 31. 121
1
4 .15618 159 .1561
/
4 159 .15618 159 *15618 159
Jan
13514
Oct
100 8% preferred
104/
1
4 105
10478 10478 105 105
100 143 Jan 6 15878July 27 142 Dec 158 June
105 10558 •105 10514 10514 10514 1,500 PubServ
Elec&Gas p185 No par 10358June 4 10558July 29
36
36
36
36
36
3612 3418 3578 3314 3418 3234 33
10714 Fen 112 May
5,400 Pullman Inc
*/
1
4
)
No par 28 June 2 5812 Feb 27
54
.58
44
14
*48
47 Dec 8938 Jan
44
448
/
1
4
3
/
1
4
ks
58
400 Punta Alegre Sugar
Vs 748 .758 8
50
8
38 Jan 8
8
7/
2 Jan 9
1
4 734
12 Oct
734 778
812 Jan
734 3,100 Pure Oil iThe)
734
86
86
88
88 .86
25
512 Apr 28 1178 Jan 5
90 .86
90 .86
7/
1
4 Dec 2714 Apr
90
86
87
60 8% preferred
2812 2812 28
2814 28
100 6658May 27 10178 Jan 8
28
2738 2778 2718 2712 2678 27
9013 Dec 1141
/
4 Apr
3,200 Purity Bakeries
17
1714 1634 171/ 1712 1734 1612 17
No
par
2414June
2 5514 Mar 17
36 Dec 8878 Feb
1638 1714
16/
1
4 1714 105,500 Radio Corp of Amer
.47
49
*47
49
No par 12 Jan 2 2713 Feb 25
*45
49
*45
49 .46/
113
8
1
4
Dec
69
311 Apr
49
.45
49
Preferred
.3834 3934 •3818 3934 3912 39/
50 45 June 23 5518 Mar 26
1
4 36/
1
4 3818 3612 3613
47 Dec 57 Apr
/
4 3714 3,100 Preferred B
13/
1
4 1378 1334 1414 14
No par z3112June 1 60 Mar 21
1418 1312 1334 1313 1414 361
3118
Dec
Apr
85
133
4
1414
22,600
Radio-Ke
•1952 20 .
el A_No par 111
1935 20
/
4June 1 2412 Mar 21
1912 1934 1933 191
1438 Dec 50 Apr
/
4 1918 1912 .1918 1914 1,000 Raybestoith-Orp
s Manhattan_No par 1712June 3 2912Mar 25
6
618
6
6
6
6
6
6
16/
6
1
4 Dec 5878 API'
6
6
714
11,600
Real
•24
Silk
Hosiery
30
*2414 26
10
.24
5 June 11 3078 Feb 10
30 .24
30 .24
2212 Dec 6478 Mar
30
2978 29/
1
4
10 Preferred
*12 1
100 22 July 1 90 Feb 3
.53
78
*/
1
4
78
58
83 Dec 100 Mar
/
1
4
•/
1
4 1
.511
•10
78
100 Reis (Robt) & Co
20 .10
No par
15
*10
13July 29
15 .10
178 Jan 8
15 .10
5s Dec
578 Feb
15
1510
15
*812 878
First
preferred
834 834
100
8/
878 8/
1
4July 6 13 Apr 22
1
4
834 834
8 Nov 37
Jan
8/
1
4 8/
1
4
8/
1
4 9
1,700 Remington-Rand
1550
6018 •50
6014 •50
No par
578June 2 1934 Feb 27
6018 *50
60/
141
1
4 •50
/
4 Nov 4612 Apr
591
/
4 *50
5918
First
•65
preferred
70
*65
70 '
100
565
493
4June 4 88 Jan 7
70
65
6514
84
Nov
1007
.54
Mar
8
743
4
.54
743
20
4
Second preferred
612 612
614 612 *614 658
100 51 Ju.se 17 98 Jan 6
614 614
95 Jan 104 July
614 614
612 612 3,600 Reo Motor Car
10
6 May 21 1018 Feb 11
13/
1
4 14
7/
1
4 Dec 1478 Mar
1314 13/
1
4 1312 14
1278 1312 12/
1
4 1314 13
13
7,100
Republic
3014 3014 .30
Steel
Corp___
3111 30
No
pa
10
June
30
2
8
253
Feb
24
2978 29/
1012 Dec 7912 Apr
1
4 2834 29
•2912 31
.6
2,100
Preferred cony 6%
8
.6
8
100 27 June 17 54 Feb 19
*6
8
'56
8
28 Dec 9512 May
.6
8
156
8
Revere Copper & Brass No pa
.
712 25
.712 25
*712 25
614May 8 13 Jan 2
•712 25
514 Dec 30 Jan
.713
.712 25
.1314 14
Class A
1334 1334 1313 1312 1314 1312 .1318 25
No pa
27 Jan 6 30 Jan 6
34 Dec 72 Jan
1378 .1318 1312
*5
600 Reynolds Metal Co__..No pa
9
.5
9
11 June 3 2238 Mar 10
.5
9
*5
10
9
Der 3434 Apr
.5
9
.5
9
Reynolds Spring new_ _No pa
5014 5014 50/
1
4 50/
1
4 5038 51
512 Feb 18 1814 Mar 12 -----------------4978 5012 5018 50/
1
4 4934 5038 16,000 Reynolds(R J) Tob class
•69
71
•69
B..1
71
.69
4038 Jan 2 541:June 24
71
.69
70 .69
40
Dec 58/
1
4 Mar
71
.69
71
138 113
Class A
11
/
4 11
/
4 .138 112
10 69 June 25 75/
11
/
4 135
1
4 Feb 19
70 June sO
11
/
4 138
Jan
11
/
4 11
/
4 1,700 Richfield ()Hof Calif___No par
418 4'o
414 438
4
1 June 1
4
4
6/
1
4 Jan 5
4
418 Dec
4
934 Dec
4
*4
414
•1913 23 .1912 23
1.800
Rio
Grande
Oil
No pa
•1912 23 .1912 23
318June 2 1014 Feb 24
*1912
5
Dec
23
253
Apr
4
.1912
23
•1814 20 .1814 20 .1812 20
Ritter Dental Mfg __ No par 1912July 23 4134 Mar
1838 18/
1
4 1814 1814 .18
2
2538 Dec 5934 Feb
19
*2614 2684 26/
200 Rossia Insurance Co
1
4 2678 2718 2734 2634 27
10 15/
1
4June 1 26 Feb 24
*2678 2714 2634 2634 1.900
1434 Dee 48/
1
4 Mar
17
17
Royal Dutch Co(NY shares) 24/
1634 17
1614 161
1
4June 2 4253 Feb10
1612 161
/
4
361
161
/
4 Dec 5612 Apr
/
4
1618
.16
1612 2,200 St Joseph Lead
58/
1
4 58s 5814 587e 58/
1
4 601
10 1414June 6 30/
/
4 5712 60
1
4 Feb 20
59/
1
4 6112 6178 6412 15,400 Safeway
1914 Dec 5714 Feb
'91
94
91
93
Stores
*93
par
No
94
3858 Jan 15 6514 Mar 24
93/
1
4 94
94
3834 Dec 122/
96 .93
1
4 Jan
96
*92 106
220
.92 1051 •107 1081 105 106
Preferred (6)
100 86 Jan 19 96 Mar 20
10614 10614 10712 107
84 Dec99/
1
4 Feb
•13
12
131 .1338 14
120
Preferred (7)
12/
1
4 1338 1314 131
100 98 Jan 21 103 July 15
95 Oct 109/
/
4 *13
1
4 Mar
1314
14
7
1414
7
'57
1.700
8
Savage Arms CorP----No par 121sJune 30 2014 Feb 27
7
7
•61
/
4 718 *658 7
1214 Dec 311
/
4 Apr
612 612
•50
55 .50
500 Schulte Retail Stores_ _No par
55 .50
55 .50
4 Jan 13 1118 Mar 30
55 .50
55
4 Dec 1312 Jan
•50
55
*514 6
*514 6
Preferred
•514 6
100
40 June 8 65 Mar 27
*514 6
35 Jan 75 Jan
514 514 *518 6
54/
1
4 547
100 Seagrave Corp
5412 55
55
5814 5412 5578 5358 5814 5414
No par
312May 28 11 Feb 27
538 Dec 1414 Mai
56
.4
14,400 Sears, Roebuck & CoNo par 441
4' '
54
41
4
414 *A 412 *334 4/
/
4 Jan 2 6314 Feb 26
43/
1
4 Dec 100/
1
4
334 334
1
4 Jan
300
Second
Nat
Investors
1
212May 27
46
46
612
Feb
46
27
46 .46
214
Dec 23 Feb
55
46
46
.4514 55
45/
1
4 4514
•I
800
11
118
Preferred
114
1
1
.1'
1 33 June 2 5818 Feb 27
118 .1
118
35
Dec
1
8234
Mai
114
713 71
1.100 Seneca Copper
712 734
7/
1
4 73
No par
7/
1
4 714
12May 26
71
/
4 7/
134 Yen 11
1
4
1 Dec
312 Jan
754 9,000 Servel Inc
714
•2012 21
2034 2034 20/
1
4 211
No par
1912 2018 20
4/
1
4 Jan 2 1134 Apr 9
20
1312
Nov
318
Apt
19
/
1
4
20
•634 10
3,700
Shattuck (F 0)
.634 8
.634 8
No par 1614June 1 2912 Feb 20
.6/
1
4 8
.634 8
2018 Nov 52 Apt
.634 8
•1114 12 .1114 12
Sharon
1114 117e 10/
Hoop____No par
1
4 11
612June I 13/
*1012 11
1
4 Feb 18
101z 1013 1,000 Sharp &Steel
9 Dee 3214 Feb
.5012 531 •501
: 53/
1
4 .501z 531
Dohme
No par 1018June 3 21 Mar 25
5012 501z .49/
1
4 54
111
/
4 Dec 2734 Mal
MO% 54
618 63
100
.618 614
Preferred
6
0's 614
No par 5012 July29 6112 Mar 25
638
61
/
4 614
54
Jan 6334 Mal
618 61
50
5,400 Shell Union 011
50
50
5014 .46
49
45
No par
47
412May 1' 1014 Jan 12
4138 42
36
Dec 2512 API
51
/
4
40
*3
1,600
314 *3
312 .3
Preferred
3
.3
100
312
2512May
8
3
78
Fe°
3
17
55
Dec
10614 API
*3
312
1512 1512 1512 1512 1504 1534 14/
100 Shubert Theatre Corp_No par
1
4 1514 1458 1514
258Junc22
934 Mar 6
15
/
4 Nov 35 API
41
15
.6
3,800 Simmons Co
712 .6
712 .6
71
.6
No par 1018June 3 2334 Feb 26
713 .6
71
11
.6
Nov
713
9478 Jan
1014 1012 1014 1012 1012 lO7s 1018 1012
Simms Petroleum
1038 1034 1014 1078
10
5 June 17 11 Feb 26
558 Dec 37 Mat
.88
22,600 Sinclair Cons Oil Corp_No par
90
*88
90 .88
90
88
88 .86
614June 2 1578 Feb 26
90 .86
934 Dec
3 Api
90
*5
538 .5
100
Preferred
514 *5
51
100 77 June 11 103 Mar 14
*5
51
86 Dec 11214 Apt
•412 5
.2012 25
100 Skelly Oil Co
•22
2412 .22
241 .22
2318 2312 24
25
318June 3 1278 Jan 7
1018 Dec 42 Ain
2012 2258
158 158
700
134 134 .158 21
Preferred
.11
/
4 212 .158 212 .
100 10 May 28 62 Jan 8
42 Dec 9934Juni
158 212
8/
1
4 834 .
200 Snider Packing
612 101
/
4 *612 121
No par
*612 9/
112May 19
1
4
612 612 .658 10
434 Feb 16
113 Nov
8 Jar
•82
300
8518 .82
Preferred
85/
1
4 84
84
84
84
No par
*81
6
86
1
4 Feb 18
.81
8 Dec 36/
1
4 Fel
87
14
1414
200 Solvay Am Inv Trust pref _100 80 May 19 15/
14
1418
1412 l47s
13/
1
4 1414 1334 1413 14
June 10 95 Mar 19
10/
1
4 Dec 121 12 Alk
141
/
4 5,500 So Porto Rico Sugar
11012 11012 11012 11012 11011 11011 11012 11013 11012
No par
714June 1 1712 Jan 8
11012 11013 11012
90/
1
4 Dec 3034 Jat
43
4334 43
170
Preferred
4334 4312 4334 42
100
43
9612Mar 9 11212July 22 103 Aug 121
4134 4234 41 12 42
Jar
3/
1
4 358 .358 4
10,000 Southern Calif Edison
3/
1
4 3/
1
4 *31
•31,
/
4 5
25 36 June 3 5413 Feb 26
3
4018 De, 72 AP,
200 Southern Dairies el B __No par
•25
3 Apr 18
26
5 Mar 12
.25
312 Jan
26
25
9 Mai
25
24
24
.2212
24
223
4
811214 114 011212 114 *1121
300 Spalding Bros
/
4 114 *11212 114 *11212 114 *11212 2234
No par 21 June 3 36 Jan 6
32 Dec 45 Ma,
114
•15
20
*15
1st preferred
20 .15
100 111 Jan 13 115127%13y 7 108
20 .15
20 .15
20
*15
Jan 115 Atli
20
.3013 78
Spang Chaltant&Colnc No par 2218 Apr 16
*3012 78
*3012 78
153012 78
*3012
2712 Feb 17
78
1978 Jan 37/
.3012
1
4 Juin
78
.712 8
7/
Preferred
1
4 77
8
8
7
/
1
4
/
1
4
100
7
6812June 22 9212 Jan 21
778 8
92 Jan 96
.712 8
Jar
.14
15 .14
800
Sparks
15 .14
Withington__No par
1412 .14
1412
•14
June
6
135
2
Mar
1412
8
16
8
.14
Dec
1411
3012
An]
.8/
1
4 1012 .8/
' Spencer Kellogg & Sons No par 10 Jan 3 1612Mar 25
1
4 20
.878 10
.878 10
•8/
1
4 10
834 Dec 25 Ay]
.9
1017
.2514 26
*251 4 26
Spicer
Mfg
Co
2514 2514 2514 2514 .25
No par
852 Apr 22 171
2538 *25
/
4 Feb 21
758 Dec 361
/
4 Fel
2538
200
.
77s 9
Preferred A
*77s 9
8/
1
4 814
8
No par 2412May 22 3312 Feb 20
8
814 838
25 Dec 451
/
4 Ma3
814 834 1.000 Spiegel-May-S
1713 17/
1
4 1712 1778 1758 18
1738 17/
tern Co_No par
1
4 1778 1812 17/
514 Jan 13 171
/
4 Mar 24
4/
1
4 Dec 52 Fel
1
4 1818 24,000 Standard Brands
1512218 132 .12218 132
122 12218 122 122
No par I41
12218 12218 .12112
/
4June 2 2012 Feb 25
1418 Nov 2914 Fel
213 212 .21
1.220
/
4 234 •212 234
Preferred
214 338 *212 314 *234 123
/
4 Sell,
334 1,300 Stand Comm Tobacco No par 118 Jan 5 124 July 1 114 Nov 1211
61
6114 6112 62
62
6212 6018 61
_No par
5934 61
2'4 July24
4 Feb 10
212 Dec
714 Fel
6012
6112
.5912 60/
1
4 .5912 6012 .59/
9.400
Standard
1
4 6012 59/
Gas & Elec VoNo par 5518June 2 88/
1
4 5958 5934 5934 5958
Mar
1
4
10
531
Dec
/
4
12914
Ap,
591
/
4
.92
95 .9278 95 .92
300
Preferred
95
92
92 .91
No par 5058 Jan 3 6478 Mar 23
94
55 Dec 67 Mal
90
90
•105/
1
4 107 *105 10714 .1041
400
$,6 turn prior pef__No par 90 July 31 101 Mar 23
/
4 10714 *10418 10714 1041
/
4 1041
/
4 104 104
923
4
Dec
104
Sep,
134
134
200
158
57 cum prior pref
134 .112 2
*112 2
.158 2
No par 101 July 3 10934 Mar 6
9312 Dec 1141
.15
/
4 Sep
.10214 102/
1
4 •10214 10278 .1021 1 102/
700 Stand Investing Corp_No par
1
4 10214 10214 .102 10211 .102 8 2
112July 15
414 Feb 13
112 Nov
1512 Ma
3638 361 2 3613 36/
10214
100 Standard Oil Export prat _100 9978June 3 1051
1
4 3634 3718 35/
1
4 3618 3534 3614 3
/
4 Apr 13
98 Feb 10638 Oe
614 3613 11.100 Standard 011 cdCallf
•1113 121
/
4 1133 1138 •1138 13 .1138 12
No par 31 18June 2 5134 Feb 13
*1112 13 .111
421 1 Dec 75 Am
/
4 13
3612 3678 361
/
4 3714 3738 38's 3658 3738 37
100 Stand Oil of Kansas
25
834June 3 19 Jan 5
3734 3714 3818 30,600
141
/
4 Dec 49 Ap
17:/
1
4 1732 1714 1734 17/
Standard Oil of New Jersey_25 3058June 2 5212 Feb 24
1
4 18
1714 1778 1713 1778
4312 Dee 841
/
4 Ap
171
/
4
1814 36,200 Standard 011 of
/
4 19
.161
1878 1878 *1612 1734 1612 1712 '1612
New York_25 131
/
4June 3 26 Feb 10
1 •-,
CI
1934 Dec 40/
1
4 Ap
••
1614 1714
500 Starrett Co(The) L S__No par 1618June 2 3414 Feb 24
19
Dec
*314 334
473
4 Ap
31
/
4 31
/
4
31
/
4
31
/
4
3
3
3
3
*6
•31
712 *6
/
4 314
600 Sterling Securities cl A _No par
714 .6
71
/
4
7
212May 27
7
578 Feb 10
*6
238 Dec 20/
7
1
4 Ma
.512 7
.32
37
100
*32
37
Preferred
*321
/
4 38
35
No
M
par
June
.35
5
934 Feb 16
38
5 Dec 1434 Ma
35
35
1,100 Convertible preferred..-__50 2912June 2
1
4 1112 1118 111
10/
/
4 1058 1118 1012 1034 10/
3 40 Star 26
1
4 11
3018 Nov 48 Ma
.105
29s8 3018 30/
1
4 3.100 Stewart-Warner
2934 30
1
4 3012 28/
1
4 2934 2812 2978 2838 10/
8 May 27 2178 Mar 10
1434 Dec 47 Ap
8 2917 10.500 Stone & Webster Sp Corp__10
171
/
4 18
1818 181
/
4 181a 1834 1713 1734 17/
2512June
No par
1
4 1812 1712 1838
2 5412171ar 21
3713 Dec 113/
1
4 AD
•1105s 112 .11058 11214 .110/
7,100 Studeb'r Corp (The)
1
4 111
111 111
No par 1418June 2 26 Mar 26
ID ni
1818 Nov 4714 Fel
Ill 111
90 Preferred
100 110 May 26 11814 Are 6 116
Jan 125 Ma
am
39 .36
39
3714 3714 37
Submarin
e
Boat
37
18 Jan 2
No par
3734 38
/
1
4 Jan 5
la Dec
11
/
4 Ma
-g
/
4 .1011
*10114 1011
/
4 10134 *1011
1,3
/
4 10134 .1011
.00 Sun Oil
/
4 10134 *10112 10134 .37
No par 31 June 2 45/
1
4 Feb 25
39 Dec 70 Ap
10112 10113
31
31
3078 31
30 _Preferred
3114 3114 31
31
100 94 May 18 10412 Feb 2
31
97/
1
4 Dec 10513 Sep
31
307s
*/
1
4
34
30
/
1
4
*1
/
4
900
Superhea
ki
ter Co(The)__No par 30 Apr 16 401
*58
78
58
53
/
4 Feb 9
/
1
4
30 Nov 4514 Jul:
58
*9
*58
101
10
/
4 .9
.9
78
10
600 Superior Oil
.9
10
%July 15
No par
812 812 .9
11
/
4 Feb 17
44 Der
•10
933 Mm
1012 .1318 1313 *1318 1312 .1318 1313
912
100 Superior Steel
6 May 27 1878 Mar 5
1318 131
100
/
4 •13
31
534 Dee 2988 Ma
112 4.1
14
112 .1
100
113 .1
Sweets Co of America
112 .1
111
113 •1
Jan
/
4
50
7
13
/
1
4
Feb
20
812
Jan
15/
113
1
4 Ma
.212 3
•234 3/
1
4 .2/
1
4 312 .234 312 *234 312
Symingto
n
par
No
1
Nob
4
Fen
218
2
.213 313
11
/
4 Dec
7 An
1812 .1814 1978 .18
•18
191
/
4 18
Class A
19 .1814 1914 .1814
212.1une 2
No par
612 Jan 28
4 Dec 1738 Ap
19
.6
611
*0
700 Telautograph Corp
61
/
4
6
0
*513 614 *512 61 1 •5
Ns par 1634June 3 2112Mar 6
155
8
Jan 2614 Ap
/
1
4
2234 231
/
4 23
22/
1
4 23
1
4
23/
1
4 221: 23
100 Tennessee Corp
No par
518June 2
2258 2312 2318 5/
912 Jan 5
734 Dec 17 Ap
34
3414 3334 34,
8 3418 34'' !Mt. gq:
234 8.200 Texas
lon
25 18 June 2 3578 Jan 7
"'"'. ..." 4 33
2814 Dec 6012 Ma;
3334 3318 3318 6,100 Texas Corporat
.312 3/
1
4
3/
1
4 3/
1
4
3/
1
4 3/
Gulf Sulphur__ _No par 2918June 3 5534 Feb 24
1
4
3/
1
4 338 •312 4
4014 Dec 87/
4
4
101
1
4 Ma
/
4 101/4 1014 1018 1018 10/
10,,,
3.7
900
Te xL
1
4
00 T
as Pa
pa:if
934 10
i .
lcanCdoa
011._10
Tlr&
:
ut
212.1une 2
10
612 Jan 9
10
4 Dec 1411 Ma
934
1
712June 1 1753 Feb 13
10 Dec 3238 Ma
... . ..
•
811 . p Ex-rights.
Saturday
July 25.
756
New York Stock Record—Concluded----Page 8
88
88888 8 8 88 8
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8 88888888888888 88888
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8 88888888 8888888 8 88 888888
88 88 88 888z
not recorded here, see eighth page preceding.
For sales during the week of stocks
PER SHARE
PER SHARE
Range for Previous
STOCKS
.
Range Since Jan. 1.
Bales
Year 1930.
SHARE. NOT PER CENT.
On basis of 100-share lots.
NEW YORK STOCK
HIGH AND LOW SALE PRICES—PER
for
EXCHANGE.
the
Highest.
Lowest.
Friday
Highest.
Lowest.
Wednesday Thursday
Tuesday
Monday
Week.
31.
Saturday
July
30.
July
July 29.
July 28.
July 27.
)July 25.
$ per share 8 per share
Share
per
$
share
per
$
Par
(Cocci.)
Miscell.
Indus.&
124 Dec 3638 Apr
$ per share
914June 2 22 Feb 27
No par
Per shareS POT share
Thatcher Mfg
$ per share $ POT share 8 Per share $ 10
*978 11
35 Dec 48 Mar
.978 11
10
No par 3384June 3 41 Mar 5
11
*10
Preferred
11
*10
35
*33
2114 Dec 32 Jan
9
35
i *078 11
Jan
23
*34
2
1814June
par
8
347
8
7
No
34
*34711 36
The Fair
Feb
1838 1838
*347s 3514 *3478 38
100 99 June 19 10612 Feb 26 102 Jan 110
1814 1814 1814 1814 1814 1814 *---- 100
Preferred 7%
*1814 1914 *1814 19
334 Dec 2678 May
13
Feb
100
9
15
•___378July
100
par
*____
No
100
Co
•____
Thermoid
18
4684 Apr
Dec
*--- 100 •____ 100
154
4
*4
21
4
Feb
27
4
2
June
4
16
1
4
414
414 *4
Third Nat Investors
414 *4
*4
Mar
*23 28
24
25 1514 July 2 35 Mar 2 23 Dec 4712
2314 2314 *23
Thompson (J R) Co
2318 *23 28
23 •23
23
10 Nov 3938 API
1712 *1538 1712 •1538 1712
934June 1 18 Feb 24
Thompson Products IncNo par
*1538 1712 •1538 174 *1582 1014
Mar
1878
•1533 17
Dec
4
113
34
7
*1014
11
838Mar
2
*10
312June
1014
Thompson-Starrett Co-No par
*1014 114 1012 1012 *1085 1114
388 388
2338 Dec 4958 Mar
312 382
No par 2412 Feb 4 3414 Mar 19
334 334 *Vs 44
33.50 cure pref
31
*25
*384 44 *334 44 *2538
578 Dec 1734 Apr
31
*25
9 Jan 7
31
4 June 2
No par
2818 *25
2818
Tidewater Assoc 011
672
634
2818 *25
*25
6
53 Dec 8934 Mar
8
Jan
68
584
100 38 June 2
588 534
54 54 *588 534
Preferred
313 312
5112
*46
46
12 Dec 31 Apr
Mar 16
46
18
31
Jan
1012
60
100
*45
5112
.49
011
514
Water
Tide
5112 5112 *4912
15
"7
15
68 Dec 9478 Apr
*7
15
*7
100 5034July 23 83 Feb 26
15
*7
15
Preferred
*7
15
*7
55
*51
8 Oct 2114 Apr
55 *5112 55
512June 10 12 Feb 20
10
55 *51
55 *51
Timken Detroit Axle
55 *51
*51
614 814
64
4018 Dec 8914 Apr
17
612
Feo
59
612
31
July
612
par
2812
7
Bearing_No
*612
Timken Roller
64 61s •612 7
612 Jan
3018
2812
2 Dec
31
9
29
Apr
4
8
3
3
33
188June
3314 3438 3178
Tobacco Products Corp No par
3318 3412 3312 34
314 388
Vs Jan 1314 July
314 314
918July 25 14 Apr 10
No par
34 338
312 388
Class A
334; 34
34
3
2534 Sept
Dec
9
1018
2
7
104
1038
*9741
26
18
Feb
13
10
688June
10
25
10
10
Transamerica Corp
934 10
9341 1012
71s
7
718
7
714
7
712 712
612 Nov 2838 Jan
74
7
778 Jan 3 1712 Mar 6
714
7
Transue & Williams fin No par
834 014
588 Dec 2014 Apr
612 Jan 2 1134 Feb 24
1014 *94 934
10
4
3
10
*1014
12
Tri-Continental Corp__No par
*1014
12
*10
838 812
Apr 9612 Sept
84
8914
15
818
15
9414June
July
Ms
91
100
8
8
87
812
814
814
6% preferred
9114
8,4 838
9114
Oct 4134 Mar
9334
2614
*9114
4538
Feo
27
1
91
2818June
9114 91
*91
91
Trico Products Corp___No par
9114 91
*91
3512 36
35
94 Dec 22 Mar
384 July 22 10 Jan 20
33
par
No
Coal
Traer
4.33is 3378 3318 3318 *3318 334 324 33
Truax
4
3788 Mar
4
Nov
4
2034
*334
24
24
2
Feb
4
June
12
*_
10
4
4 *____
Truscon Steel
4 *____
*____
1414 Dec 24 Sept
912May 29 2134 Mar 10
1384 1278 1278 *1238 1314
No par
Ulen & Co
13 •1288 1334 1284 1234 *1212 114
*12
Dec 138 Mar
*1034 113s
1112
49
27
4
7534
Feb
*103
2
40
June
par
*1058
No
11
Co
11
Fisher
Elliott
4
103
1034
Under
*1034 11
838 Dec 1914 Sept
4234 444 40 43
814June 3 1312 Mar 27
444 46
4612 47
Union Bag&Paper Corp No par
4734 47 47
*47
1134
524 Dec 10688 Mar
1134 1034 1114 1112 4914
Union Carbide & Carb_No par x4312June 2 72 Feb 24
1218 1218 1112 12 *1114 1214 *1114
48
Dec 50 0Apr
204
8
3
49
48
13
Feb
28
26323
5014
Apr
14
s
25
483
4
8
50
4978
California
4
493
4834
Union Oil
4838 49
1612 1578 1614 •153* 1614
16
No par 20 Apr 1 2518 Jan 3 23 Dec 3812 _Apr
Union Tank Car
1683 1684 1612 1612 1634 1684 2012
1888 Dec 99 Apr
*2012 2134 *2012 22
3 3878 Mar 26
2012
2078June
par
No
2012
Tran_
2012
&
2134
Aircraft
*2012
United
4
*2012 213
2612 2578 2638 2638 2714
50 46 Jan 2 6038June 30 4134 Dec 7734 Apr
Preferred
2534 2614 264 2718 2634 2738 2588
5812
1518 Dec 5478 Feb
2712 Mar 2
5784 5784 584 5812 *5784 584 *58
57 57
United Am Bosch Corp No par 10 May 28
57
57
16
*14
16
3212 Dec 5834 May
*14
18
31 June 2 4184 Mar 26
*14
par
No
16
*1334
Biscuit
16
*14
United
16
•14
4
343
8
348
Oct 142 May
3612
115
23
4
122
Mar
*348
2
Feb
3812
11314
100
*344
Preferred
*3412 364 *3412 3612 *3412 3612
1438 Dec 84 Apr
11913 *11214 11912 11214 11912
No par 13 June 2 2834 Feb 11
United Carbon
*11214 118 *11214 114 "11214 1194 *11214
812 June
1514 1514
15
Dec
314
9
8
Apr
143
2
712
Jan
4
15
par
15
No
1514
Stores
1514
United Cigar
1412 1478 *1514 164
412 478
478 478 *434 5
100 5218May 29 576 Apr 10 26 Jan 68 June
*484 5
Preferred
514 *484 5
5
65 *5612 8472
1378 Dec 52 Apr
1618 Jan 2 3114 Mar 19
par
No
Corp
*3312 83 *5812 6478 *584 64s *5812 65 *55
United
4312 Dec 53112 Apr
2138 2218 2134 221g
NO par 4484 Jan 2 5218 Mar 26
2184 223* 2214 2234 2112 2218 5018
Preferred
2184 22
5014 504 504
214 Dec 1978 Feb
3 Jan 2 12 Feb 27
504
No par
United Electric Coal
503s 5032 5014 5032 5018 5014 504
*44 612
5
5
5
5
518
5
54
4612 Dec 105 Jan
No par 4814June 2 6784 Feb 27
*518 612 *515
Fruit
United
5715 5718 5712
2414 Dec 4938 May
2 374 Mar 17
5814 574 5784 5718
5814 58
United Gas Improve_No par 2538June
5812 *58
.58
2878
97 Jan 10412 Oct
No par 9812 Jan 30 10534May 18
2874 2914 2814 2874 2812 2872 2812 106
Preferred
2812 2874 2834 29
212 Dec 14 Mar
314 Jan 7
218July 3
10512 1051 •10512
100
106
*10512
10512
10514
Paperboard
10518
United
3
•105 10512 1054 3
_
3
2018 Dec 3278 Apr
19
...
Feb
3
July
16
3184
_
18
par
•.,
Wka_No
3 4._
• _
United Piece Dye
zo
;Hi
Jan 1478 June
44
9
18t
Apr
iirs
9
938
4 June
io 19
2034 idifs 22
United Stores class A__No par
52
;ii 1834 .iii2
*5
51
1512 Jan 5034 July
Apr 9
512 *5
588 *5
*5
5
Preferred class A_ __ _No par 35 June 23 52
5
5
4212
5
39 Mar
.4014
421
Aug
1978
11
Apr
4112
*4014
2
Jan
28
4384
par
*40
No
39
39
Universal Leaf Tobacco
3212
*3918 4212 3912 40
*32
34
6 56 July 28 27 Dec 76 May
33 *32
Universal Pictures 1st pfd_100 24 May 26
3212 3212 3212 3212 *32
34
5415 54
*32
54
9 Apr
Dec
2
9
Feb
5312
4
4
114may
543
par
54
Rad__No
56
&
Pipe
5212
Universal
4812 5134 5112 5174
184 134
1812 Jan 3814 Apr
134 18
134 134
20 20 June 3 3718 Mar 26
*184 178 *134 178
US Pipe & Foundry
*184 2
2112
153s Jan 21 May
2134 2138 21's 21
1714 Apr 29 2014 Mar 26
2112
par
23
No
22
22
preferred
1st
22
22 22
1814 1812
7 Dec 2038 Jan
1812 *1814 181
678June 2 10 Mar 20
No par
US Distrib Corp
184 1812 18% 1812 1812 *1814
*18
912
438 Apr
*8
34 Dec
84 9
134 Jan 7
9
88July 33
*8
100
9
94 *8
U S Express
*12 I
94 *8
*8
1612 Dec 103 Apr
•12 1
Mar 24
3012
27
1034May
•12 1
par
ws 1
No
31
.28 1
58
US Freight
Mar
3278
8
*177
Dec
4
183
678
18
24
Feb
1212
18
1
1814
June
6
*1778
18 *1778 1814
US & Foreign Secur—No par 76 June 2 90 Feb 17
1814 18
714 714
*18
732 732
73 Dec 101 Mar
*714 92,4
*714 9
5714 9
No par
.4714 9
Preferred
*784 81
81
27
Mar
*7812
50
2
81
June
*7812
33
20
81
*784
US Gypsum
*7812 82 *7812 82
5 Dec 3088 Mar
3588 3588
*3532 38 *3534 38
578 Jan 2 1238 Apr 1
3313 3312 3512 3512 3512 36
US Hoff Mach Corp__No par
*104 11
5012 Dec 13938 Jan
*1012 11
11
19 7738 Feb 25
11
12
12 *11
*11
US Industrial Alcohol_No par 2438June
12
*11
2812
s
7
27
314 Dec 1512 Apr
19
Mar
28lr
2818
4
103
2
284
Jan
388
284
2914
par
29
No
29
US Leather
2818 2814 29
618 638
514 Dec 26 Apr
612 61
64 63s
7 Jan 2 1578 Mar 19
612 7
No par
678 7
Class A
7
7
25 8414 Dec 94 June
*1114 131 *114 1312
8612July
7
4
118
Jan
1112
6912
1312
100
*12
1312
*12
Prior preferred
14
4.12
____
*88
---•86
8618
861s
25 Dec 7512 Mar
1 3614 Feb 26
8612 8612 *86 ---- *86 ---U S Realty & Impt___No par 1312June
Oct 35 Apr
11
4.1324 1312 1511 1538 1514 1538
17
1712 .16
No par 1018June 2 2038 Mar 20
US Rubber
1612 1612 *17
1912 Dec 6378 Apr
1314
13
1414 1274 1354 1278 14
June 2 3618 Mar 21
17
144
100
144
14
preferred
1st
14
*1334
24
364 Jan
*2312
July
174
233
10
Mar
23
24
25%
3
4
233
1314June
2414
_50
244
US Smelting Ref & Mtn—
2488 2488 244 2412
17
16
40 Dec 5312 Jan
*1612 18
*1612 20 *1612 19
50 40 May 22 47 Apr 1
18
18
Preferred
20
*18
45
*41
45
Feb 26 13438 Dec 19834 Apr
45 *41
15238
2
*41
ne
45
8318Ju
.41
100
45
Corp
*41
U S Steel
4112 4112
8312 8612
9278 8488 8778 8334 86
100 13612June 2 150 Mar 20 140 Jan 15114 Sept
91
Preferred
8978 9012 8988 9228 14014 14034 1393* 14014 14018 1407 13972 14014
594 Dec 68 Feb
No par 6018 Jan 6 7178 Mar 11
(7 S Tobacco
14012 14078 14018 14018 •6618 68 *6578 68 *6578 68
*6578 68
194 Dec 4584 Apr
par 1912 Apr 27 31 Feb 28
No
A
Utilftles Pow & Lt
12 Oct
*664 68 •6618 68
2172
2112
74 Mar
213
2112
26
Feb
2
22
2134
29
83May
No par
Vadsco Sales
2214 2218 2214 224 2214
22
124 Dec 6973 Apr
78
*34
8
28 Feb 16
4
3
19
4
8
May
4
3
14
4
3
'00
4
8
4
3
Preferred
34
4
25
*84
•17
4438
Nov
Apr
25
14314
25
Mar
*17
2112
4
768
2
*17
2318June
25
*17
NO par
2318
Vanadium Corp
25 *17
•17
2534 267s
138 Dec
878 Apr
314 Feb 20
2674 2812 2532 267
1 June 3
g 30
Virginia-Caro Chem—No par
2814 2874 2838 2934 293
9 Dec 3414 Apr
19
13g 13g •112 134
Feb
17
134
4
*112
718June
112
112
100
134
*112
6% preferred
•112 184
*91g 12
6712 Dec 8238 Apr
1234 *914 1274 .914 10
100 5914June 10 7134 Jan 7
.918 1274 *10
7% preferred
13
*10
*62 65
109 May 12 100 Dec 10712 Oct
70 *62 66
70 *62
70 •62
Virginia El& Pow tof(6)No par 984 Jan 2
624 6218 .62
108
*10714
3618 Dec 156 Mar
107
24
107
Feb
7138
1
107
3812June
107
107
100
107
Vulcan Detinning
*107 1074 10784 10734 497 50
4612 4712
48
2178 Dec 3134 Apr
4738 4932 48
No par 21 Apr 29 2778 Feb 17
Waldorf System
4878 4934 5112
48
24
24
1012 Dec 4288 Apr
2514 23s 24
1 15 Feb 18
*244
June
2414
5
par
244
No
2414
Co
*24
Walworth
2514
*24
6
*54
8
57
1218 Dec 54 Mar
12
8
57
Mar
2712
6
5
29
Apr
614
*54
par
6
514
*514 8
Ward Bakeries class A_No
14
*514 6
*11
14
3 Dec 1532 Apr
*11
14
8118 Jan 30
14
3 Juno 1
17
par
*14
No
17
B
Class
*14
17
4
*11
45 Dec 7718 Apr
37s 378 5378
30
Jan
574
4
29
8
Apr
*37
24
4
100
*378
4
4
Preferred
414
14
*4
4014
40
47
984 Dec 8014 Mar
17
*40
Feb
2038
40
40
19
484May
45
41) 40 *40
Warner Bros Pictures_No par
40 40
684 7
685 678
Vs 634
634 712
31 Dee 7014 Max
634 7
684 7
par 1034MaY 22 4012 Jan 9
No
Preferred
18
18 *12
414 Dec 27 Apr
*12
738 Feb 4
18
138June 2
18 *12
No par
18 •12
*12
Warner Quinlan
18
*212 3
*16
2638 Dec 634 Apr
*24 3
*212 3
No par 1412Junc 1 4638 Feb 27
*24 3
Warren Bras new
238 288 *212 3
193g 1934 1918 1912
1934 20
30 June 3 4978 Feb 27 4012 Nov 56 Sept
21
par
21
No
2012
pref
2012
Convertible
21
*2018
2212 Dec 431 May
32 Feb 20
38 *3234 35 *3314 38
38 *35
38 *35
Warren Fdy & Pipe__ No par 20 July 30
38 *35
21
•35
24 Dec
2014 *20
94 Mar
8 Feb 24
2 June 5
2014 2138 20
22
No par
2312 22
Webster Eisenlohr
*22 2312 •22
312
*2
31
1988 Dec 2978 Mar
26 264 Mar 20
34 *2
1738May
*2
par
No
312
*2
Snowdrift
&
Oil
312
Wesson
312 *2
*2
1912
Jan
194
5912
Apr
19
504
19
11
Feb
5718
1934
2
June
51
1938
par
20
No
Preferred
1912 1974 •1934
*1938 20
*54 564 5514 5514
15084 Feb 24 12218 Dec 21938 Feb
5518 *55 5534 55 55 1124 11512 11284 1164
Western Union Telegraph_100 9618June 2
564 *55
*55
Dec 52 Feb
3114
21
Feb
3618
1
11414
June
1124
20
par
117
Itrake_No
11312
Air
Westingh'se
11312 1144
2588 2538
11414 115
18 10734 Feb 26 884 Dec 20112 Apr
26 •2538 2652 •253* 26
28
Westinghouse El & Mfg- _50 5414June 30
2538 2614 *254 26
11912 Feb 27 10768 Nov 19734 Apr
50 8718 Apr
617i; 6414 6188 6338 584 6214
644 66
1st preferred
9712
97
6312 6414 6384 6478 *9712 9814 *9712 9814 9812 99
1712 Dec 4878 Mar
2 28 Feb 21
June
15
par
o
Weston Elec Instruml_N
*9712 9814 *974 9814
1718 *17
1712
33 June 36 Jan
17
1714 18
par 3284June 11 3614 Jan 5
No
19
•18
A
Class
19
•18
34
19
*32
*18
95 Dec 110 Apr
22
"32 34
Apr
10514
34
26
ne
*32
9514Ju
par
_No
34
A
class
•32
Elea
Penn
West
34
*3034 34 *32
*9618 100 *961g 100
101 101
100 10212July 1 112 Mar 27 102 Nov 11212 Sept
100 100
Preferred
*9618 100
*98 102
1054 1074 1044 105 105 105
100 92 June 3 103 Mar 19 904 Dec 104 July
106
Preferred (6)
*106 10712 .106 10614 106
977g 9712 974
977t,
99
974
114 Jan 5 120 Feb 17 1134 Jan 11812 June
_100
994
—
pref
Power
West Penn
993* 9912
99
4
99 99
100 10312 Jan 2 11312July 10 10314 Dec 11112 Sept
11934 *118 11934 118 118 *118 1193
6% preferred
"118 11934 118 11912 *118
11034'11012 11112 4'11012 11112
1712June 2 4412 Feb 20 20 Oct 50 Mar
8
1103
par
11112
_No
A_
11112
el
Prod
Dairy
West
11112
*111 11112 11112
44 Nov 244 Apr
434 Jan 2 1278 Mar 25
2512 2512 2538 2581, *2538 30
No par
Class B
30 *2534 30
*26
838
884
26
8
26
8
18 Dec 5912 Feb
74 712
18 June 2 40 Mar 16
par
8
ProdNo
Chlorine
8
Westvaco
8
8
19
8
1912 19
8
*19
23s Jan 3
78 Dec 21 Jan
15
18June
1912
1914
par
20
Stores_No
1912
Radio
Wextark
_ -- __
2038 2014 2038
__-_
20
____ -__ — _ -___ __ _
2188 Dec 43 Apr
No par 1512June 3 2614 Jan 12
---- --__ _—_ -White Motor
17
*1614
17
1612
4784
20
Dec 5474 Mar
6
Mar
32
3612June
*164 17
17
White Rock Min Spring etf_50
40 *3912 40
*1612 17 •1612 17 *1612
24 Dec 1378 Mar
5 Apr 6
212 Jan 3
*3912 40 *39
White Sewing Machine_No par
31
*3
4.38is 40 *384 40 *3912 40
318
*3
4
13
5
1034
Apr
318
Dec 3978 Apr
Jan
6
*3
par
No
314
Preferred
318 *3
714
34 *3
*3
714 *5
No par
938 Mar 26
612 Dec 21 Apr
312June 3
612 *5
722 *5
Wilcox Oil & Gas
714 *5
5
712 *5
5
51
*5
8
2
Mar
19
4June
334
54
Oct 11 Apr
33
5
5
4
3
4
Willys-Overland (The)
*Vs 434
414 44
414
4
484 434 *425 512
4
4
100 4414 Jan 30 5614May 9 454 Nov 85 Apr
414
414 . 4
Preferred
4
80
*42
414 414
80
*41
4 Feb 10
734 Mar
178 Dec
118June 1
80
par
*42
No
80
Inc
Co
*42
&
Wilson
80
*Ps 172
*42 80 *41
484 Nov 13 Mar
418June 1 1034 Feb 17
*188 172 •188 2
No par
Class A
514
"188 178 *138 178 •188 2
*5
5
35 Dec 5412 Mar
5
21 May 25 5134 Jan 12
4
3
5
100
*5
54
Preferred
514
4
3
5
*5
3314
334 *31
*514 6
33 *31
10 5488 Jan 2 7238May 13 514 Dec 7238 Jan
33 *31
Woolworth (F W)Co
33 *31
6712 6814
334 *31
*31
6612 68
47 Dec 169 Apr
100 3718June 1 10678 Feb 24
Worthington P & M
6612 8678 6612 674 6712 6834 6678 6834 4112 4312 414 4234
6612June 17 95 Mar 7 88 Jan 107 Apr
100
45
4312
474
A
474
Preferred
47
48
47
*70 89
48
89
8
1
831
9
Mar
63 Dec 93 Mar
*70
30
ly
89
5912Ju
100
*70
89
Preferred B
*70 89 *70 89 *70 80 *57 60
5912 594 *594 63
1012 Dec 5912 Mar
9 June 3 27 Feb 25
Wright Aeronautical—No par
63 *57
*1338 21
*50 63 *50
2
8038
Mar
4
*1388 21
Jan
65
Dec 80 July
6634
21
par
•13311
.NO
21
(Del)
Jr
*1338
(Wm)
Wrigley
*1338 21
*1338 21
7314
73
73
30
Jan
23
28
25
7284
Dec 77 Mar
May
21
7212
25
72
73
73
Yale & Towne
24
*22
7212 7212 *7212 73
24
*22
84 Nov 3234 Apr
588June 2 1518 Mar 20
24
_10
B
*22
el
Coach
24
&
*22
Truck
Yellow
24
24 •22
*22
778 812
788 812
100 42 June 4 78 Mar 19 50 Dec 105 Apr
75s 778
818
8
Preferred
772 77s
*4018 44
*784 73*
29 Feb 24
19 Oct 47 Mar
42 •4018 44
Young Spring dr Wire_No par 1412May 29
*404 4218 4218 4218 4218 424 *404
1812 1812 *1778 18
6912 Dec 132 Apr
1812
par 3912June 2 78 Feb 28
1812
T.No
&
20
Sheet
8
8
*18
Youngstown
75
*35
"1888 20 •1838 20
55
27
2
54
Feb
2 Dec 1634 June
*36
Jan
214
42
43 43 •3912
Zenith Radio Corp— --No pat
45
45
55
*45
232 28s *24 284 *24 234
, 288 •238 284
23
*212 3
•
S Ex-dividend. y Ez-rightss
Bid and asked prices; no sales on this day.
New York Stock Exchange-Bond Record, Friday, Weekly and Yearly
On Jan s 1 1909 the Exchange method of quoting bonds was changed and prices are now "and interest"-e
xcept for income and defaulted bonds.
BONDS.
N. Y. STOCK EXCHANGE.
Week Ended July 31.
•
4P.
Price
Friday
July 31.
Week's
Range or
Last Sale.
4," •
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 31.
E
t g:
h
Price
Friday
July 31.
Week's
Range or
Last Sale.
*1'14
757
Range
Since
Jan. 1.
U. S. Government.
Bid
Ask Low
High No. LOW
High
Bid
Ask Low
First Liberty LoanHigh No. Low
High
Cuba (Republic) (Concluded)
33.4% of 1932-17
J D 1021142 Sale 1021%102"n 181 10110121022032
Sinking fund 5345 Jan 15 1953 J J 9212 Sale 92
93
39
9012 99
Cony 4% of 1932-47
in
1013,nPly'31
_ 10110311021/32
534s
30
wks
1945
June
Public
5
D
58 Sale ss
41
65
5258 81
Cony 434% of 1932-47
J D 103131 8510 103'n 1031,22 65 102832 1021232 Cundinamarca (Dept) Colombia
2d cony 43.4% of 1932-47
J D
102 July'31
102 102
External s t 6348
1959 iIZI 5312 Sale 5014
45
6912
34
54
Fourth Liberty LoanCzechoslovakia
88_A951
(Rep
of)
A 0 10712 Sale 10712 10814 79 105 111
43.4% of 1933-38
A 0 1041132 Sale 1042132104274 693 1021432105132
Sinking fund 88 ser B
1952
A
0
108
Sale
1074
10714
34
108
11034
Conversion 38 coupon
J J
100 Sept'30
Denmark 20-year extl (is___ _1942 1 J 105 Sale 104
10518 76 104 10714
Treasury 434s
1947-1952 A 0 1122034 Sale 112114411244n 28 16i is2
1
External gold 534s
1--31.3-2
1955 F A 10012 Sale 9978 10012 34
9614 102
Treasury 48
1944-1954 J D 108 108143 108144 1081134 17 10514110921
32
External g 4348-Apr 15 1962 A 0 9512 Sale 944
9338 9978
95
96
Treasury 3303
1946-1956 M S 106 106132 106% KM% 27 1042421071132 Deutsche
Bk
Am
part
ctt
65_1932
M
5
85 Sale 85
8414 10012
106
86
Treasury 3325
1943-1947 J D 10225u Sale 02113110218n 74 10010421031132 Dominican
Rep Coat Ad 5345 '42 M 8 8634 9014 86
86
31
96
87
Treasury 3335 June 15 1940-1943 J D 102 142 Sale 0211321021144 21 100114,1031%
lot ser 5345 of 1926
1940 A 0 8712 89 87
85
7
91
Registered
88
021142Fne'31
10210321021132
2d series sink fund 530-1940 A 0 87 Sale 87
84
94
Treasury 3348
8712 15
1941-1943 M S 1021142 Sale 0211421021132 150 101 1031131
Dresden (City) external 78-1945 M N 70 Sale 70
11
72
65
Treasury 3345_June 15 1946-1949 J D 1011444 Sale 0111441011142 218
98
100%11012131 Dutch East Indies esti 63_ 196
42
7 .1
m 8
.1 101 Sale 101
14 100% 10212
Panama Canal 35
101
1961 QM
9834 Sept,'30
40-year external 65
---- ---10118 Sale 101
State and City Securities.
10112 15 101 10242
30-year external 5 Ms__ -.1953 M S 10118 _
10118 1014
NYC 3% Corp stk-Nov 1954 M N
1 10034 10312
92 Nov'30
30-year external 5348.-..1953 M N 10158 10134 10118 10114 22 10034 102%
1955 MN
3358
924 Apr'31
-923. I23-4 El Salvador (Republic) 85
1948 J J 95 Bale 95
95 107
45 registered
1
95
1936 MN
10012 Apr'31
10012 10012 Estonia (Republic of) 75_1967 J J
45
45
4912 45
72
4s registered
7
48
1955 MN
9912 July'31
9912 9912 Finland (Republic) extl 68-1945 M 5 7912 Sale 7912
5314 11
4% corporate stock
7912 97
1957 MN
102 May'31
102 102
External sinking fund 7s.1950 M S 8612 Sale 86
84%
434% corporate stock_ -1957 MN
28
99
8712
107 Apr'31
10612 1073.
External sink fund 630-1956 M 5 79 Sale 78
78
434% corporate stock_
96
64
81
1957 MN
109 May'31
10712 109
External sink fund 5345_1958 F A 7412 Sale 7412
4% corporate stock
51
77
7134 8884
1958 MN
10012 Apr'31
10012 10012 Finnish Mun Loan 63413 A 1954 A 0 79
94
78
8078 8112
4% corporate stock
10
1959 MN
84
10012 Apr'31
100
10012
6345
External
series
B
_
_
_
_1954
A
77%
0
93%
82 July'31
1960 MS
43.1% corporate stock_
1003.3 Mar'31
1004 10034 Frankfort(City of)s f 6303_ _1953 M N 52
45
554 50
434% corporate stock_ _ _1971 J D
87
56% 12
10814 Nov'30
----_ French Republic esti 7345_1
19
94
42
1J D
D 12438 Sale 124% 125
434% corporate stock _ __ _1963 MS
79 124 127
10614 Dee'30
---1924
External
78
--of
11914 Sale 1191a
434% corporate stock _ _ _1965 in
12012 66 117 12172
10512 Dee'30
434% corporate stock July 1967 J J
10718 Nov'30
German Government InterimNew York State canal imp 4s 1961 J J
101 June'30
5348
35-yr
of
Donal
1930_1965
J D 5614 Sale 5512
5913 774
6411 84
43-Is
1963 MS
112
Jati'31
German Republic esti 75--..1949 A 0 8244 Sale 8012
112 112
56
7934 1054
413
Graz (Municipality) 88
1954 M N 81
Foreign Govt. & Municipals.
89 94 July'31
9358 10112
Ire
Brit
(U
K of) b 345-1937 F A 10658 Sale 10658 10734 079 105 10834
&
Gt
Agric Mtge Bank at 65
1947 F A 5212 Sale 5212
5611 36
45
Registered
75
F A
Sinking fund 6s A_ _Apr 15 1948 A 0 54 Sale 54
10612 107
10618 10618
555t
18
45
e4% fund loan £ opt 1960_1990 MN e87ls ---7312
8812 79412 July'31
78512 9434
Akershus (Dept) ext 58...1963 MN 9512 Sale 9478
9512 26
9412 97
75% War Loan £ opt 1929_1947 J D e9912 Sale 4994
Antioquia (Dept) col 78 A 1945 J J 5114 Sale 5114
598
34 10114
24
10014
55
7
43
69
Greater Prague (City) 730-1952 MN 104 105% 104
Externalsf7sserB
104
6 103 106
1945 J J 514 52
52
53
13
Government
43
c6912
Greek
steer
75-119964
68
9738 Sale 97
951
External a 1 Ts ser C
/C1033a
53
98
3
4
1945 1 J 5114 56
52
52
1
43
Sinking fund see 65
68
F A 8242 Sale 7912
MN
7912 8812
External s 1 78 ser D
8414 45
1945 J J 5114 52
5212
54
5
43
Haiti (Republic) s f O.
1952 A 0 91 Sale 91
68
79
External s 1 75 let ser._1957 A 0 40 Sale 40
97
9138 21
43
10
35
1946 A 0 50
6618 Hamburg (State) Os
70 80 July'31
784 92
External sec a f 78 2d ser_1957 A 0
43
43
2
Heidelberg(Germany)ext1 73413'50 J J 65
37
67
6978 88 July'31
8212 9812
External sec 5 t 743 3d ser_ I957 A 0 3712 Sale 3714
43
Helsingfors
ext
10
37
(City)
6346_1960
65
A
0
8234 Sale 8212
80
Antwerp (City) external 55.1958 J D 101 Sale 99
9114
21
83
85
Hungarian Muni° Loan 734s 1945 J J --- 574 5734
964 104
5734 9412
Argentine Govt Pub Wks68_1960 A 0 73 Sale 6934 101
63
3
76
42
Externals f 7...-Sept I 1946 J J 6612 Sale 5612
9838
67
5612
56% 87%
Argentine Nation (Govt of)1
Hungarian
Inst
Land
7348
M
N
'61
M
60
60
95
60
Sink funds68 of June 1925_1959 J D
1
73 Sale 69
76
126
58
Sinking fund 7Sis ser 13 _ _ _1961 MN
984
7412 9412
78 July'31
Esti s f (is of Oct 1925 1959 A 0 7312 Sale 70
76
71
62
9812 Hungary (Kingd 01)81 7345_1944 F A 77 Sale
77 102
Sink fund 68 series A
4
1957 M 5 73 Sale 6934
77
135
62
9812 Irish Free State esti s 1 5s _ 1960 MN 103114 Bale 10214 10314 40 10112 10712
External 65 series 13_ _Dec 1958 J D 7312 78 6934
77
33
62
9814 Italy (Kingdom of) esti 7s_ A95I J D 9814 Sale 9812
9278C101
Esti s (35 of May 1926_1960 M N 74 Sale 70
9912 180
76
63
66
9838 Italian Cred Consortium 75 A '37 M 8 98 Sale 97
9212 100
External s f (Ss (State Ry)_1960 M S 7312 Bale 694
98
20
77
66
65
External sec 5175 ser B
1947 M S 9112 Sale 91
9834
Esti 65 Sanitary Works_ _ _1961 F A 73 Bale 694
85
92
14
98
7514 76
6618 9812 Italian Public Utility esti 78_1952 .1 J 89 Bale 89
Esti 13s pub wks(May'27)_1961 M N 74 Sale 7018
78
91
97
90
75
91
65
630_1954
30-yr
51
9858 Japanese Gov
F A 107 Bale 107
Public Works esti 5345_1962 F A 6612 Sale 72
10254 107%
10714
68
6912 77
92
60
Esti sinking fund 5 Ms-.-1965 MN 98 Sale 9758
Argentine Treasury bs C. _1945 M 5 75 Sale 76
9134 98%
121
98
75
3
Juilec
8
osu
76
ta7
8
lared
te
,Mtge Bank)ylas
(S
t8
Australia 30-yr bs_ _July 15 195.5
.1 6158 Sale 59
63
121
8
59
212
1957 A 0 7018 Sale 6934
External 55 of 1927_ _Sept 1957 M 5 6158 Sale 5712
893
74
4 8513
38
6212 68
52
75
Leipzig (Germany) ti t Ts
1947 F A 6512 Sale 65
External g 434s of 1928 1956 M N 55 Sale 54
65
95
70
5
5712 106
48
6914 Lower Austria (Prov) 7345-1950 J D --_ 93 90 July'31
Austrian (Govt) a 1 75
89 10014
_
1943
D 105 Sale 105
10714 75 10334C10812 Lyons (City of) 15-year 65-1934 M N 104 Sale
International 8 1 75
104
1033
4
10478
10618
32
1957
J 63 Sale 614
70
97
614 9717
Marseilles (City of) I5-yr 63_1934 M N 104 Sale 104
Bavaria (Free State) 6355-1945 F A 60 Sale 56
105
20 10334 10712
60
27
56
8712 Medellin (Colombia)6345-1954 J D 454 50
Belgium 25-yr esti 6345
40
75
45
48
1949 M 13 10614 Sale 10534 107
7
93
5
1rrig Asatng 43-4s..1943
Mexican
4
111
105
External a 1 Os
7
412 8
834
7 Mar'31
1955 1 J 10034 Sale 10014
102
123 10014 105
Mexico (US) esti be of 1899 L'45 C1 -.1
External 30-year s t 75_ _ _1955
_
26
_
Apr'30
D 10912 Sale 109
11114 140
Assenting 5s of 1899
1945
412 7
613 1204
Stabilization loan 75
812 July'31
1956 MN 10512 Sale 105112 10714 107 1094 11618
Assenting
III
10512
large
58
Bergen (Norway)11
_ 11
llag
Feb'3I
Assenting 45 of 1904
Esti sink funds 55...Oct 15 1949 A 0 9918 Sale 994
5
5
10
5
6
5
2
32
95 100
Assenting 45011910
External sink fund 5s..-1960 M 5 ____ 9812 9714 100
6i30
512 1134
1
517
512
9812
8
Assenting
9412 100
4s of 1910 large
_
Berlin (Germany) f 6345_1950 A 0 51% Sale 50
638 1014
_
7 July'31
5612 25
Assenting 4s of 1910 small
84
1
4
50
3 89
External sink fund 6s---1958 D 464 Sale 43
434 934
-5
5
2
4812 35
Tress 63 of'13 assent(large)'332-i
Bogota (City) esti 5 f8s_ _ _ _1945 A 0 65 Sale 65
1358
7
7
6
7
14
65
7
54
92
Small
Bolovia (Republic of) ext188.1947 M N 2412 Sale 24
-if. We" 6
5% 134
612 24
2758
6
15
Milan (City,Italy) ext16%a 1952 A 0 8312 Sale 83
55
External securities 7s (flat) '58
7534 91
J
8512 121
1734 Sale 18
18
23
1258
38
Minas
Geraes (State) BrazilExternal s t Ts (flat)
1969 M S 16 Sale 15
18
12
1112 3814
External 5 1 63i3
1958 M S 37 Sale 37
Bordeaux (City of) I5-yr 63-1934 M N 10412 Bale 104
23% 65
40
18
10413 28 10334 10614
Esti sec 6 Ms series A
1959 M 5 3712 Sale 34
Brazil(U S of) external 8s-1941
2312 65
39
14
D 6412 Sale 58
68
5
8
110
49
92
Montevideo (City of) 7e___ _1952 J D ---. 6212 6212
6324
Externals f 6 Sie of 1936..1957 A 0 5212 Sale 50
50
92
2
5912 216
7012
33
External s I 68 series A _ _ 1959 M N
45
Extl s f 634s of 1927
54% 62 July'31
8434
1957 A 0 524 Sale 504
5812 163
32
Netherlands
70
prices)
(35
(flat
M S 1043. Sale 104% 105
1031010614
713 (Central Ry)
13
1952 D 4712 52 48
5512
7612 New So Wales(State) esti bs 1957 F A 544 Sale 5334
36
3914 6912
7348(coffee secur) £(f/a7)-1952 A 0 10212 10372 102% July'31 63
56
88
__ -_
99 c110
External a t 58
Apr 1958 A 0 5214 Sale 5214
Bremen (State of) esti 75-1935 M 5 68 Sale 62
40
6812
5,5
51
7014 52
62
9978 Norway 20-year esti 65
F A 103 Sale 102
100
Brisbane (City) 5 f 5s
C10812
105
63
1957 M S 50 Sale 50
50
9
393. 7212
20-year external 65
1944 F A 103 Sale 103
Sinking fund gold 53_ _ _ _1958 F A 42
105
45 100 1074
45
45
45
5
39%
69
30
-year
A
0
1952
external
6s
10112 Sale 101
20- year 5 f 6s
102
32 100 103
1950 D 50
58
5714
60
4
4454 83
40-years 1 5 Ms
1965 J D 10112 Sale 10032 102% 88 10052 10374
Budapest (City) esti s f 63_1962 D 4612 Sale 4612
4834 25
4612 78
External 5 1 5s__Mar 15 1963 M S 10012 Sale 100
9834 102
Buenos Aires(City)6345 2 B 1965
10012 105
J 70 Bale 6514
70
4
64
Municipal Bank esti 5155_1967 J D 9754 Sale 9734
95
97 10214
External 5 f Meer C-2_ _ _1960 A 0 74
98
51
85
77 Je'31
tm
_ __
Municipal
Bank
5158_1970
esti
!I
D
10018
1015
103
103
8
102
External s 1 65 ser C-3_ _ _ _1960 A 0 74
July'31
80
74 July'31
2 Nuremburg (City) esti 65-1952 F A 5618 Sale 481s
6
7°
9 .9
93
'
614
Buenos Aires (Prov) esti 63_1961 M 8 4758 Sale 475i3
561
32 484 8312
5278 146
834 Oslo(City)30-year 516s_ -1955 MN 10078 Sale 10012 101
47
99% 104%
Extlsf 6 Ms
29
1961 F A 4812 Sale 484
5258 65
4818 8518
Sinking fund 5325
1946 F A 101 Sale 101
9912 102%
Bulgaria (Kingdom) 5 1 713_1967
101
25
J 54
5612 53
54
10
Panama (Rep) esti 5 Ms- _ _1953 .1 D 103 1034 10212 104
77
53
Stabil'n a 1 7SM_Noy 15 '68
48 10012 10412
6834 Sale 6634
70
21
60
Esti a f 58 ser A..May 15 1963 M N 87 Sale 87
85
75
9334
89
14
Pernambuco (State of) esti 75'47 M S 29 Sale 29
Caldas Dept of(Colombia)734s'46
1612 67
32
16
J 67 Sale 57
60
50
40
Peru (Rep of) external 75-1959 M 5 26 Sale 26
76
Canada (Domin of) 30-yr 48_1960 A 0 9532 Bale 95
25
61
26
3
9578 201
9418 97
Nat Loan esti s 16s 1st ser 1960 J D 18 Sale 18
15
bs
51
4014
20
1952 M N 10678 Sale 10612 107
40
31 100
0358
12 103
laandLoan et
814
oxf)Igi31
1 A 0
010
0 18 Sale 18
13865c1
194
434s
60
2 ser_9
1612 40
1914 25
1935 F A 1024 10314 10234 1034
Poland (Rep
Carlsbad (City) s f 85
6334 73
67
68
68
70
3
1954 J J ---- 10612 10612
_
103 10912
Stabilization leans 1 7s_ - _1947 A 0 6972 Sale 68
Cauca Val (Dept) Colom 730'46 A 0 52 Sale 52
63
83
70
163
57
July'31-lb
.
44
External sink fund g 8s..1950 J J 7414 Bale 72
7718
Central Agric Bank (Germany)
7412 44
68
90
Porto Alegre(City of)85--- 961 J D 37
Farm Loan s 1 7s_Sept 15 1950 M 5 6012 Sale 60
48
49
28
50
2
80
62
6
60
95
Esti guar sink fund 7348_ _1966 .1 J 40 Sale 38
Farm Loan 5 f 6s_July 15 1960 J J 49 Sale 46
214 71
5
4014
5178 67
46
84
Prussia (Free State) esti 6348 '51 M 5 55 Sale 55
Farm Loan 5 1 69.0et 15 1960 A 0 5012 Sale 46
50
18
56
8712
54
5178 131
4614 8334
External
Farm Loan 6s ser A Apr 15 1938 A 0 5434 Bale 5412
s
f
63
45
53
50
83
47
12
Sale
5017
40
58
Chile (Rep)-Ext 5 1 78-1942 M N 47
Queensland (State) esti8178 194
982
1 A 0 81 Sale 80
69
14
86
99
52
47
55
25-year external 65
1947 F A 70 Sale 68
External
te
sinking fund 65_1960 A 0 36 Sale 36
7012 17
5014 8758
1 ii12 134
Rio Grande do Sul esti s 1 88_1946 A 0 514 82
E
External 816s
5018
51
35
3
8812
1961 F A 35 Sale 35
3912 50
35
56
Ry ref exti s 1 613
External sinking fund 65...1968 J D 30 Sale 30
214 554
1961 J J 38 Sale 371
43
33
40
26
371
Extl sinking fund 138
External
MN
s
1926-1966
s
f
86
7s
41
of
29
40
41
43
1961 M 5 3512 38
8
65
37
40
123
35
87
External a f 78 muffle loan_1967 J D 20
Esti sinking fund (is
37
27
64
1962 M S 3612 Sale 3612
37 36
7
39
21
3612 86
RiE
o(x158
et
r aa
nies toir 6
Esti sinking fund 68
2m
5-5year s 188-1946 A 0
44
63 July'31 _
1963 M N 34 Sale 34
8753
41
72
34
86
3512 26
Chile Mtge Bk 6 Ms June 30 1957 J D 41 Sale 404
F
8214
22
A
1953
30
34
3
4
68
45
63
40
55
Rome
1952 A 0 8418 Sale 8412
S t 6345 of 1926..June 30 1961 J D 4034 Sale 4014
(City) esti 63421
78
874 110
9114
50
33
4014 90
Rotterdam (City) esti 88..._1964 M N 104
Guar s f 68
Apr 30 1961 A 0 3414 Sale 3378
106
2 103 106
- 105
3712 52
334 85
Roumania(Monopolies) 75-1959 F A 7238 Sale 7134
Guar 51 65
754 68
7158 83
1962 M N 3412 Sale 3334
37
40
3354 85
Saarbruecken (City) 63
Chilean Cons Muni° 75
1963 J J 66
66
79
1960 M 5 38 Sale 38
73
86
1
89
4
411
8
Chinese (Hukuang Ry) 55_1951 J D 2112 Sale 2012
Sao Paulo(city)5 f 8s._Mar 1952 M N 4712 65 4639
38
8612
3912
7
93
55
2112
3
1434 28
Christiania (Oslo) 30-yr 5 f 65'54 M 5 9934 100 100
External s f 634s of 1927 1957 MN 35 Sale 35
2512 6472
354
7
100
22
100 10338 San Paulo (State) esti 81 88_1936 J J 68
Cologne(City)Germany 634s 1950 M 5 54 Sale 4334
71
38
70 71
2
93
56
32
4
4
Colombia (Republic) 6s_ _ _ _1961
External sec 5f 8s
1950 J .1 5178 Sale 48
52
13
8414
25
J 54 Sale 54
6212 48
533
42
External .1 tis of 1928_1961 A 0 54 Sale 54
78
891."
External 5 1 75 Water L'n_1956 M 5 53 Sale 51
55
13
2512 7612
60
143
4112
Colombia Mtge Bank 6348 of 1947 A 0 53
Externals
78
f
65
J
1968
37
Sale
37
49
40
2018
5878
58
56
5617
3
4814 73
Sinking fund 78 of 1926-A946 MN 5532 Sale 55
Secured 5 t 75
M
A0
6 7112 Sale 7112
7612 79
65
88
5534 13
50
Sinking fund 78 of 1927-1947 F A 53
83 Santa Fe (Prov Arg Rep) 7s_119442°
9
6712 Sale 67
71
24
61
90
654 56
56
2
50
Copenhagen (City) bs
7614 Saxon State Mtge Inst 75.-1945 J D
65
70
70
1952 J D 9912 Sale 9812
1
6414 98
9917
47
9612
101
D
Sinking
J
1946
fund
25-yr g 4348
52
g 6345--Dec
55
56
56
1953 MN 9312 Sale 9238
2
51 C9334
94
32
9218 994 Seine, Dept of (France) ext 75'42 J J 1065
Cordoba (City) esti a t 7s 1957 F A 4214 45
.10612 10614
10638 25 10614 108
443z
45
8
40
75
Serbs, Croats St Slovenes 85_1962 M N 70 Sale 70
External St 713_ _Nov 15 1937 MN
84
22
70
93
70 July'31
1962 M N 63 Sale 61
Cordoba (Prov) Argentina 75 '42 J J 64 Sale 64
External see 78 ser B
7318 84
61
8412
66 --i8
680
8
9
88
1958 J D 42114 Sale 4214
214 Silesia (Prov of) esti 78
Coats Rica (Repub) esti 75_1951 MN 60 Sale 59
48
4214 6914
67
61
32
55
Silesian
7914
65_1947
Guba (Republic) 5.3 of 1904_1944 M 5 89
Landowners
F
A
Assn
57
July'31
_
92
57
9012
80
9017
6
89
Soissons (City of) esti 65___ _1936 M N -.-. 105 105 July'31
98
External be of 1914 ser A.1949 F A 90
103 6
93 9612
96 199
Styria(Prey)external 78
External Ife.n 4 44 RIV C: .1949 V A 78 Sale 78 July'31 ____
1946 F A 65
7312 7211
7212
5 7212 1084
9612
804 10
73
8734 Sweden external loan 534s 1954 MN 104 105 103
104
22 103 107
c Cash sale. e On toe basis of gb to £ sterling. a Option
sale.
New York Rnnri Record-Continued-Page 2
758
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 31.
3n
t
Price
Friday
July 31.
Wee/c'.,
Range or
Last Sale.
a •
".7.1
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE,
Week Ended July 31.
n
Price
Friday
July 31.
Week's
Range or
Last Sale,
0
53,
Range
Since
Jan, 1.
Nigh
High High Low
Ask Low
Bid
High
High No Low
70 10112
7
Ask Low
70
70
85
Bid
Chicago & East Ill lot 6:3_ _1934 AO 72
Foreign Gore. &Municipals.
10534 53 10378 107
30
50
3212 26
10412
4
32
Sale
MN
1063
AO
10514
58_1951
32
con
co)
1946
(new
Ry
III
extl
E
5348
Az
C
Switzerland Govt
76
40
5718 16
.108
.
1 10418
57
Chic de Erie lot gold So.. 1982 MN 10612 Sale 10612 10612
Sydney (City) a 534s--1955 FA
9314 95
9438 150
9334
58 ig 6934
4 135
66,
MS 66 Sale 6512
1959
48
1st
West
Great
Chicago
Taiwan Elec Pow 8 I 5118 _-1971 S i 9334 Bale
7712 8412
8238 17
104711 110
8338 8174
l947 J J ---- 10512 10512 July'31
8812 9712 Chic Ind & Loulsv ref Os.
Tokyo City 58 loan of 1912_1952 M S 8238 Sale 96
9634 79
10034 10234
Apr'31
9778 101
1947 S i Refunding gold 5.5
External of 5)45 guar _.1961 AO 9612 Sale 58
4018 76
5934 11
9127_ 9334
Apr'31
91
91
58
5'
MN
1947
C
7
4
8012
series
40
70.-19
Refunding
extl
of)
Tolima (Dept
9612 10014
July'31
66 if 9034
9934
9812
July'31
MN
66
97
MN
60
A
51
1966
530.1957
series
bs
lot Az gen
Trondhjem (City) lot
94 8104
2
97
72311 100
J D 94 Bale 94
80 75 July'31
ser B _ _ _May 1966 55 73
63
gen
&
1st
Upper Austria (Prov) 78.-- _1945 J
4
2
834
913
87
934, 96
D 8312 Sale 8312
1956 J J
95 June'31
Chic Ind & Sou 50-yr 4s
External of 6115 June 15.1957 FA
70 104
9
4
733
8 10118
7112
995
76
D
7312
J
June'31
10014
1969
101
Uruguay (Republic) extl 88_1946
49
887s Chic L S & East lot 4158
5678 27
793408734
8312 28
J 82517 8312 8258
1960 MN 5138 Sale 51
External s t 68
8838 Ch M & St P gen 45 A_May 1989 J
4
51
54
51
53
51
MN
J
Oct'30
Q
84
1964
1
May
Registered
Extl s 1 68
9338 10078
23
100
"8934 7634
97 Sale 97
Gong 311s ser B----May 1989 J J "'His 1E" 72 June'31
Venetian Prov Mtge Bank 7s '52 AO
89
74
8318 78
96122
90
MN 78 Sale 74
92'12 17
Gen 415s series C---May 1989 J J 9238 Sale 92
Vienna (City of) extl s t 65_ _1952 FA 4934 Bale 4934
70
45
64
52
8812 9612,
J
J
July'31
93
9314
7s__1958
924
1989
E_-_May
series
external
415s
Gen
Warsaw (City)
95 10114
10034 50
95 101
D 100 1001s 100
9712 52
9738 96
Gen 434s series F--.May 1989 J J 97
Yokohama (City) extl 6s_1961 J
76
5884 172
50
10512 Chic Milw St P& Pao 50_1975 FA 5614 Sale 5614
. Railroad
15
35
J O 105 10614 10512 July'31 _ _ 10234
264
22
Jan I 2000 AO 2018 Sale 20
Cony ad) 55
Ala Gt Sou lot cons A 58---_1943
9234 9434
9434 July'31 32
7514 81 I
MN 7714 Bale 754
1943 J O 9412
gong
3110-1987
7714
West
No
&
Chic
lot cons 4s sex B
4
,
8914 92
9
90
9138
90
79128
AO
774
897
Mar'31
310-1946
7912
Q
Registered
guar
Alb & Swig lot
9014
86
6
9014
8578 91
1998 AO 9014 -- 8912
1987 MN
8714 12
General 4s
67s 8714 8654
Aueg & West lot g gu 4s
9674 100
2
100
99
8612 91
9212 8734 July'31 -MN 87
1942 MS 9812 100
'87
tax
Inc
Fed
4s
g
non-p
40
Stpd
guar
gen
Val
Alleg
68
8014
_
72 68 June'31
2 10134C103121995 Q J 60
Gen 454s stpd Fed Inc tax_1987 MN 10212 Sale 10214 10212
Ann Arbor lot g 48----JulY
9758 101
10034 89
AO 10012 Sale 100
26 105 11012'
Gen Ss stpd Fed Inc tax_1987 MN 10638 Sale 10538 108
99
Atch Top & S Fe-Gen g 4s-1995 AO
96
_
99 July'31
MN
10512
July'30
Registered
Registered
e9912
9312
9512 July'31 -96
1933 MN bug 10212 10218 10218 11 ioo" 10234
Sinking fund deb Ss
Adjustment gold 48_ _July 1995 Nov 9514 Sale
94
9812
9634 51
9512
99 unit
MN
99 June'31
July 1995 MN 9612
Registered
Stamped
9318 9412
9412 May'31
9511
MS 107 10714 107 July'31
MN
106 1094
g
610-1936
secured
-year
15
Registered
9434 9714
97 July'31
D 9612
88 103
May 2037 S D 90
94 90
90
lot ref g Ss
Cony gold 48 of 1909.-1955•
98
9414
8
9712
9712
4
80
96
May 2037 J D 8012 Sale 8012
1955 J D 9612
8034
let St ref 4110
Cony 40 of 1905
9414 9414
Apr'31
9414
D
96
J
16
957/
D
2037
J
78
Bale
9414
82
C_May
4
1910-1960
3
80
ser
8012
41113
ref
Az
of
let
Cony g 4s Issue
11512 98 11112 122
93
129
65
1949 MN 67 Sale 67
1948 J D 114 Sale 114
75
4345 series A
Cony
Cony deb 4155
98
4
3
93
.▪ 7 9412 9734 9734 July'31 -_
Rocky Mtn Div lot 48-A965
1
9914
95 10014
96
86
J 9914 Sale 9914
90
9012 10
Chic R I & P Railway gen 4s 1988 J J 9012
Trans-Con Short L 1st 43_1958 J
2 102 106
is
10474 10474
5
91
85
85
85
MS 105
Registered
Cal-Ariz lot & ref 411s A.I962 J
-- 10312 10312
Feb'31
1934
AO
0312
9912.
_
183
_
Sale
8518
9118
4s
4
O
1023
gold
9212
55-1946
Refunding
911s
g
lot
Nor
Atl Knoxv &
9934
9712
_
July'31
AO
9914
9811
J
9614
Apr'31
J
9614
98
9914
1944
Registered
Atli & Chart A 1.1st 4115A _1944 S i 10358 10434 103 July'3
_ 10212 10458
9538
75
8012 98
series A---1952 MS 77 Bale 77
4112;
B_-_
Secured
aeries
bs
-year
30
lot
9418
86
7412 104
654 9212
_ _ 89 Mar'3;
1960 MN 71 Bale 71
Cony g 4110
Atlantic City lot cons 48-.1951 J J 8534
98
21
95
971
10278 10424
'52 M
9734 Bale 9758
Ch St L de N 0 68-June 15 1951 J D 10314 -- 10278 July'31
Atl Coast Line let cons 48 July
102
22
99
J D 10112
10012 10034
100 100
100 June'31
Registered
General unified 411/._ - _1964 J D 10058 101
9234
86
55
91
8512 8512
8512 May'31
....June 15 1951 J D 8234 86
1952 MN 8914 Sale 8878
Gold 3158
1. & N coil gold 48.-Oct
7
40
52
4912
9112
90
Div lot g 48-1951 J O 8018 85 9112 May'31
1948 J J 484 Sale 4914
Memphis
Atl & Dan lot g 45
40
30
1 101 10178
39 July'31 ---g 6.5-1932 AO 10134 ---- 10134 10134
40
J
cons
39
J
lot
P
1948
&
L
St
Ch
2d 4s
75
6014
8
69
AO
_
101
101
____
Feb'31
68
101
Sale
AO
69
1949
Registered
Atl & 'tad lot guar 45
6
80
8838
75
58-.1941 J J 10214 10438 104 May'31 -- 10114 10414 Chic, T H & So East 1st 58..1960 S D 73 Bale 73
Austin & N W 1st gu g
9912
96
9834 61
51
73
5714 6212 6412 July'31
Dec I 1980 M
98 Bale 9734
Inc gu 53
Bait & Ohio 1st g 48.__July 1948 AO 9512 98
8
_
927
9712
12 10238 10514
June'31
105
9712
Stan 1st gu 410 A_19635' 105 Sale 10438
Un
July 1948 Q J
Chic
Registered
100
8
1013
1007
4
98
264
7 10438 10634
1963 5' 10614
106
10614
Sale
B
100
MS
1933
series
bs
lot
4158
20-year cony
9734 10434
2 10338 106
1944 J O 10578 Sale 10578 1057s
Bale 9978 100'l 135
Guaranteed g bs
Refund Az gen 5.5 series A1995 J O 10012
9912 103
_
6 11458 11634
1963 S i 11614 11612 11534 11614
994 June'31
SD
lot guar 615s series C
Registered
75
17 10478 109
92
8712 02
107
_1952 S i 9112 Sale 91
_
4s__
106
gfe"
con
106
AO
Ind
1948
West
July
&
Chic
lot gold 53_
jQ784 59 10512 11012
10512 23 10038 10578
1962 MS 10518 Bale 105
J O 107 Bale 10618
lot ref 515s series A
Ref Az gen 6s series C_--1995
29
9512 99
10134 10312
98
10312 July'31
9718
Az Gulf cons 58_1952 MN 1024
Okla
Choe
PLE&W Va Sys ref 481941 MN 9734 Sale 103
15 10018 10512 Cin H & D 2d gold 4 Ms_ _1937 J J 9912 ____ 100
5
98 100
100
C105
1950 S i 10238 10312
Southw Div 1st bs
83 8678
9912
98
8612 13
J 85 '8512 85
I St L & C 1st g 4/Aug 2 1936 Q F 9914 ---_ 9914 July'31
Tol & Cin Div lot ref 40 A_1959 J
39
99 10434 C Registered
9818 Apr'31
984 9814
100
Aug 2 1936 Q F 9838 -9913
Bale
9912
MS
D-2000
series
5.5
Ref & gen
8512 899
96
128
_
July'31
93
94S8
MN
48-1942
90'4
8512
9412
gu
Bale
con
87
FA
1968
lot
Nor
Cin Leb &
Cony 415t3
106
2 103 105
J J 10378 105 10334 104
On Union Term let 410-2020 J J 104 Sale 10378 10478 27 10234
Bangor drAroostook lot Ss- _1943
7
8612 9212 Clearfield & Mah let gu 53-.1943
Sale 9814 Apr'31
9814 9814
9212
8
S
1037
'
92
Sale
J
•
92
1951
Con ref 48
71
71
9134 97
9212 18
71 Feb'3 ---Cleve Cin Ch & St L gen 4s-1993 S D 9134 Sale 9134
Battle Crk & Stur 1st gu 38_1989 JO
9712 10014
110 Feb'31
10938 110
1993 S D 10114
10014 July'3 ---General bs series B
Beech Creek 1st gu g 48....-1936 J J
105
July'31
10338
105
10412
S
1941
10412
Jan'30
'
100
C
J
J
ser
1936
60
impt
&
Ref
2d guar g bs
-8534 88
1963 J J 103 104 10312 10358 11 10312 105
88 Mar'31
8738
Ref & Impt bs ser D
Beech Crk ext 1st g 3310-1951 AO
9678 53
9914
1977 J J 964 Bale 0512
4 101.44
95
J
E
ser
310_1943
J
4150
impt
&
gly
Ref
cons
Del
Belvidere
100 10134
10112 Jan'31
98
94 o 98
98 98
1944 J D 96
When issued
Big Sandy 1st 48 guar
9912
_ 9814 June'31
89
9718 10314
97
S 9814
'
MS 9978 Bale 9978 101
Cairo Div lot gold 4s-1939
Boston & Maine 1st 58 A C_1967
94
91
9434 10314
10038 23
5' 9134 97,
4 9234 July'31
8
997
40_1991
10014
g
1955
MN
1st
984
Div
M
&
W
Chi
2
series
lot in 55
9312
9434 96'4
June'31
90
38
913
92
8
4
955
87
MN
4s___1990
9512
Sale
954
1961
g
AO
tr
St L Div lot coil
1st g 4,1s ser J J
1
81
85
9514 9524
8214
8214 84 8214
Spr & Col Div lot g 45_ _ _ -1940 MS 9812 -- 9534 Feb'31
Boston & N Y Air Line lot 481955 FA
9514 9734
_
9814
July'31
98
4
973
June'31
i
9714
S
98
J
48-1940
g
J
Div
4s-1938
lot
Val
g
gu
W
W
1st
Brum & West
1 10112 10314 CCC&I gen cons g 6s--1934 J J 105 __ -- 10514 July'31
10312 10514
10314
10414 10314
MS
Buff Roth & Pitts gen g 68.-1937
6 10114 10234
7912 14
7234 90
1957 MN 784 Sale 7712
Clev Lot & W con lot g 5s-1933 AO 10218 Sale 10114 10258
Consol 414s
3
8
101 10174
1017
100
16
1023
Sale
10178
4
10212
8
S
'
1017
1024
50.-1938
10212
AO
50_1934
g
Val
---Mahon
coll
Clevel At
Burl C It & Nor let &
10012 101
10012 May'31
1935 MN 10212
& Mar let gu g 4110
4 105 10812 CI
98 Dec'30
107
AO 10158 _
107
B_1942
10812
AO
A.--1962
ser
10712
Ms
4
gu
gen
P
63
dc
gu
Cleve
cons
Canada Sou
10212
Mar'29
98
_
924
8
5
9
100
87
1942
AO
Bale
100
10058
MS
1954
15
Series B 3158
Canadian Nat 411s_Sept
9714 10234
10114 Nov'30
10034 33
1942 J J 10018
1957 J J 10014 Bale 1004
Series A 4 Ms
30-year gold 4118
9712 10212
9258 Jan'31
"5234 9234
10034 19
1948 MN 9114
1968 J O 100 Sale loo
Series C 3110
Gold 411s
31
104
10814
_ _ 8618 May'30
106
Sale
10514
1950 FA 8834
Series D 315s
Guaranteed g 55._July 1969 S i 106 Sale 10514 10534 21 10358 10814
ior 1E10234 10312 104 July'31
FA
1977
4
3
105
AO
1969
Oct
A
ser
Gen
55
4340
g
Guaranteed
10534 12 104 10734 Cleve Shot Line lot gu 4110_1961 AG 10258 10412 10313 . 10313 19 10214 iO4iz
1970 FA 10534 Sale 10514
Guaranteed g 58
12
19 10034 104
10112 10214 10133 10214
Cleve Union Term 1st 510_1972 AO 111 11114 11012 11114 10 10814 11114
GuAr gold 4558.__June 15 1955 ID
10412 10912
8
10058 38 100 100,
1973 A0 10638 108 10678 10734
1956 FA 10014 Sale 100
lets f Ss series B
Guar g 448
78 10118 10434
O 11318 Bale 11234 11314 65 11018 11312
1st s f guar 4158 series C 1977 AO 10312 Sale 10318 10334
Canainth North deb of 713-1910 J
92
964
92 Apr'31
7 1154 121
SD
Sale 11914 11938
J
48-1945
11914
gu
1946
lot
Ry
River
Coal
634s
deb
t
25-years
10112 93
99 10218
FA 10212 Sale 10212 10234 24 10014 10334 Colo & South ref & ext 4118_1935 MN 100 Sale 100
10-yr gold 415s___Feb 15 1935
8558 9734
83
8912
86 July'31
8578 118
1980 MN
_
J 84 Sale 84
Gen] m 4155 ser A
Canadian Pac.Ry 4% deb stock_ J
92
9673
11
98 102
1948 AO 9414 ___ 9514 June'31
1946 MS 10014 Sale 10014 102
Col & 11 V Ist ext g 48
Col tr 411s
9312 9614
A 9514 ---- 9614 June'31
1955
1944 J J 105 Sale 10434 10538 34 102 107
Col & Tol lot ext 40
bs equip tr ctfs
90 Dein°
10214 18 10074 10512 Conn & Passum Riv lot 43_1943 A 0
Sale 10134
D
1954
102
S
1
Dec
5s
g
tr
Coll
t
6914 Wi
32
9714 100
74 July'31
7234 74
98
1960 J J 9734 Sale 974
Consol Ry non-cony 48_..1954
Collateral trust 4115
68
76
7338 July'31
734 74
1955
9834 Oct'30
deb 45
Carbondale & Shaw 1st g 48_1932 IVI J
7234
7278 ___ 7214 Apr'31
_
70
75
68
1955 A
6478 58 Mar'31
48
59
deb
....J940
J
Non-cony
48.
-1949
g
cons
1st
Caro Cent
6858 75
7312 July'31
1956
iD 10378 104 10312 July'31 ---_ 102 104
Non-cony deb 4s
Caro Clinch & 0 lot 30-yr 58 1938
32
3512 47
44
42 Bale 40
3 10734 10912 Cuba Not Ry lot 5116
1942
'52 J O 10818 10834 10814 10814
lot & con g 68 ser A Dec 15
13
45
64
7012
1
92
88
6134 64 62
88
_
_
8012
88
-year
50
8-1952
RR
1st
55
1981
JO
Cuba
4s
g
Cart & Ad 1st gu
4
793
July'31
70
8012
72
78
72
4
3
83
May'31
1936
78
A
79
series
'lot ref 7115
949 J D 62
Cent Branch U P 1st g 44.-1
59
72
7414 72 July'31
69
101 10334
B_...1936
10218 ___ 10334 June'31
set
ref
A
&
68
•
lien
1945
1st
-Nov
58
g
1st
Central of Ga
3
9512
94 10214
1945 MN 944 9614 9512
8
9914
963
Consol gold bs
60
9478
9478
Sale
8
947
MN
4s-1943
-ref
_ 100 Feb'30
Del & Hudson lot &
MN
Registered
1 10012 106
-8534 100
1935 AO 10312 107 10512 10512
84
8534 June'31
AO 73
30-year eons, 65
1 10312 10612
Ref & gen 5115 series B...1959 AO 714 78
105
4 105
,
105
105
MN
70
1937
-951s
July'31
4
793
15
511s
-year
Ref & gen 53 series C_-_-1959
100 Apr'31
9611 100
88
87
8712 May'31
D RR & Bridge 1st gu g 4s 1936 FA
Chatt Div par money g 4s 1951 iD 9458 _ _ _ 9314 June'31
8914 99
9213 17
9314 102
Den Az R 0 Ist cons g 4s_. 1936 J J 91 Sale 91
9412
Mac & Nor Div 1st g 58_1946 JJ
9412
1
96
9312 101
9418
J
J
1938
411s
Sept'30
Consol gold
10014 10212
Mid Ga & ALI Div our m 55'47
9 42 83
58
5734 56
10138 10158 Den & RG West gen bs_Aug 1955 FA 56
10112 Apr'31
-8
945
JJ
1946
g
5s
9534
66
40
6212
6212
Mobile Div 1st
46
6214
AG
85
1978
5
8914
B_Apr
4
853
ser
bs
Impt
&
8
855
Sale
Ref
8
853
8
20
Cent New Eng lot go 48_ _1961 MN
8
8 Apr'31
4
9412 9014 Des M & Ft D 1st gu 48
1935 J J
94% 95 July'31
8
414 15
Cent RR & iikg of Ga coll 5o1937
5
5 June'31
1 11218 115
of deposit
11358 11358
Certificates
115
11338
Central of NJ gen gold 59-1997
Nov'30
11412
99
10912
MS
4118_1947
gen
lot
July'31
Val
Plalnes
11258
Des
11288 __-1987 Q
Registered
"ai 35
35 Apr'31
1955 S D
8712 9812 Det & Mae lot lien g 48
9734 Jan'31
9812
97
1987
General 45
40
38 Dec'30
1995 J D 25
954 99
9858 94
Gold 4s
FA 98 Sale 9758
1024 10318 15 10112 1041,
Cent Pac lot ref gu g 48-1949 FA
95
97
9614 15
Detroit River Tunnel 4118-1961 MN 10238
9534 ---- 964
10418 1044
Registered
9514 98
5s-1941 J J 10412 10514 1044 June'31
gen
Nor
Az
June'31
ML5sabe
Dui
97
9714
9618
AO
1954
4s
102 10414
Through Short L 1st gu
10414 July'31
31
9934 10518 Dul & Iron Range lot 5.5._ _ -1937 AO 1044
104
1960 FA 103 Sale 103
3612 604
Guaranteed g 55
50
46
46
July'31
J
109 111
Dul Sou Shore & Atl g 5s_ _ _1937 J
111 June'31
J 109
2
99
9634 9734
Charleston & Say'h 1st 78-1936 J
9734
9734
6 10434 10712 East Ry Minn Nor Div lot 4s '48 40 98
10712
107
1939 MN 107 _
10434
108
11012
10712
June'31
4
Ches & Ohio 1st con g 53
1053
MN
1st
5s-1956
101
10312
Div
Mar'31
Ga
East T Va &
10314
_
MN 104
104 10711
10434
Registered
57 10318 108
108
Elgin Joliet Az East 1st g 55_1941 MN 10518 10534 10434
1992 MS 106 Sale 106
10218 19684
General gold 4115
103 ...._ 10414 10434
AO
1965
102
59
10412
1st
W
July'31
&
Paso
El
10412
MS 10318
14
89
Registered
8414 8934
S 8712 Bale 8712
'
1996
9812 10318 Erie 1st cony g 45 prior
10218 31
1993 AO 100 Bale 100
84
8012 8712
Ref & impt 4118
1996 J J 84 Sale 84
Registered
9912 10234
Bale 1004 10158 105
J
7612 45
Bale
75
4
70
Ref & limpt 4118 ser B._..1995 J J 1004
753
79,4
J
1996
J
48._
8
g
1015
lien
gen
10312
consol
1st
1027s - - 102 June'31
68
Dec'30
Craig Valley 1st 5s May1940 J
S
'
1996
9413 953s
Registered
_ 9514 June'31
J 9512
1011s
July'31
8
.
9934
1665
4
981
993
FA
' Potts Creek Branch lot 48_1946 J
1951
gold
4s
1
93148102
trust
coil
Penn
97
97
98
97
7414 15
6811 7811
R & A Div lst con g 48-1989 J
9214 9412
50-year cony 48 series A 1953 AG 7114 Ellie 714
1989 • J 9434 _- 944 July'31
75
74
74
1
2d consol gold 4s
68
78711
1953 A0 71
10434 10434
Series B
4 May'31
Warm Spring V 1st g Ss-1941 MS 10214 __-- 1043
7512 July'31
40 6718 _
7012 754
1953
D
48
series
cony
Oen
754 50
6512 9412
Chesap Corp 5s-See under Indus tele
1967 MN 75 Sale 7412
17
6712 73
Ref dr Irnpt 55
6912
69
8834
6912
AO
75
84
82
Chic Az Alton RR ref g 38.-1949
66
1975 40 74 Sale 74
2
Ref Az impt 50 of 1930
70
65
65
69 65
66
7 109 112rs
Ctf den stpd Apr 1 1931 Int__
1121s 11214
Erie * Jersey lot of 6s_1955 J J 1124
7934 7931
7934 July'3I
Railway first lien 310.....19505, 7934
11212
3 10818 11411
s f 60..1957 J , 111 Sale III
24
1st
River
Genesee
89
14
93
4
933
9234
4
933
4
J
923
J
9818
Chit' Burl & Q-III Div 3110_1949 J
5
9712
93311 9818
91
91
Erie & Pitts go g 315s ser B_1940 S i 9712 Sale
Jan'31
91
Registered
1940 .1 J 9712 __ 8514 July'31
Ms 851s
Series C 311s
5
9638 10038
10038
1949 J J iOoTs 11611 10014
02
93 July'31
93
Illinois Division 4s
81
'43 J J 85
Ss
g
&
cons
Pen
1st
Cent
74
Fla
100
9612
9912
9918
Sale
19514 MS 9911
75
Sale
75
D
75
General 45
1
87%
80
4110.1959
East
1st
Coast
10338 36 100 10412 Florida
1977 FA 10234 Sale 10234
31
_ _1974 MS 10 Si d. I
90
20
lot & ref 415s ser B
A
17
lot Az ref
110,,
25
111734
11015
110
1093
4
FA
_1971
_
10914
1st & ref 5.15.rle5 A .
Cash sale. s Option sale.
•
New
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 31.
11
'4
Price
Friday
July 31.
York Bond Record-Continued-Page 3
Week's
Range or
Last Sale.
Range
Since
Jan. 1,
BONDS
N. Y. STOCK EXCHANGE,
Week Ended July 31.
759
Price
Friday
July 31.
Week's
Range or
Last Sale.
Range
Since
Jan. 1.
Bid
Ask Low
• High No. Low
High
Fonda Johns 23 Glow lst 43is 1952 MN
Bid
Ask Low
High
15
High
16
18 July'31
16
2812 Mil& Nor 1st ext4 Pis(1880)1934 J D 10011 -- 101 June'31 No Low
Fort St U D Co 1st g 43s._1941 J J 954 9712 9618
9711 10214
Aug'30
Cons ext 434s (1884)-__1934 J D 9612 9712 9612
Ft W & Den C 1st g 5Sis.-1981 J D 105 107 1057
9612
9612 100
a
8
June'31
l057s 10714 Mli Spar & N W 1st gu 4s---1947 M S 9212 95
Frem Elk & Mo Val 1st 68_ _1933 A 0 1044 105
93
93
4
9214 99July'31
10312 10512 Milw & State Line 1st 3%0_1941 J J
Galv Hous & Mend 1st 55_ _ _1933 A 0 9512 Sale 10414
90 Apr'28
9512
9512
2
9512 100
Minn & St Louis 1st cons 55_1934 MN
Ga dr Ala Ry 1st cons 58 Oct 1945 J J
-2-6- 15 July'31
14 16"
45
50
4412
45
3
30
5712
Ctls of deposit
Ga Caro & Nor let gu g Is '291934 M N
9
24
11
11
11
30
1st & refunding gold 4s
Extended at6% to July 1_1934 J J
512 514 512 July'31
1949 M S
60
3
86
9
86 July'31
85
95
Ref& ext 50-yr 55 ser A _ _ _1962 @ F
Georgia Midland 1st 38
1946 AO 35
8
814 8 May'31
8
8
66
73 Jan'31
73
73
Certificates of deposit ______
Gouv & Oswegatchle let 5s_ _1942 3D 102 -- 10312
---834 10 Nov'30
Apr'31
10312
105
M
St
P
&
SS M con g 4s int gu '38
Gr R & I ext 1st gu g 4 As_ _1941 J J 10114
7478 79 July'31
-7812 -69-1;
10138 July'31
9938 10134
1st CODS Is
Grand Trunk of can deb 7s-1940 A 0 11212 1-12 11238
1938 J .1 60
6478 68
68
5 60 8412
3
;
113
61 11018
1st eons 5s gu as to int_ _1938 J J 80 Sale 80
15-year s f 65
1936 M S 10712 Sale 10712 10794 67 10314 11314
79
_80
944
10878
10-year coil trust 6Jis _ _ _ -1931 M S 994 Sale 9818
Grays Point Term 1st 55___ _1947 3D
1-00
90 10012
87
96 Nov'30
1st 23 ref 63 series A
Great Northern gen 78 ser A-1936 J .1 jai, 61;11 1093
19463 J
81
Apr'31
81
_
89
4 11014 336 lO8Ii 112
25-ye
ar
Registered
53-48
1949 M S 40
3D
60
45
45
4934
72
6
10912 May'31
109 110
lst ref 534s ser
1st & ref 43(s series A_....1961 J .8 9918 100 100
1978 J J 92
93
9212
93
24
85
9934
10014 23
9834 102
1st Chicago Terms f4s_ -.1941 M N 9438 ____ 953 Dec'30
General 530 series B____1952• J 10714 Sale
8
10714
1084
81
10714
111
General Is series C
1973 J J 10118 Sale
35 101 C108
Mississippi Central let Is..1949J J ____ 9912 9418
General 4 JO series D. 1976 J J 95 Sale 10118 103
88
_
97
July'31
9514 27
94 100
Mo-Ill RR 1st Is ser A
General 4JO series E__ _1977 J J 9414 Sale 94
1959 J J 50
5212
54
52
60
5
6514
95
9512
28
9412 9934 Mo Kan dr Tex 1st gold 4s_ 1990 J
Green Bay & West deb ctfs A.
__ Feb 5018 75
89
87
6
92
8712
Apr'31
6712 6712 Mo-It-T RR pr lien Is ser A_1962 J D 8811 Sale 8812
Debentures cUs 13
9412
J
Sale
9412
Feb
8218 10334
778 16
97
43
712 June'31
712 21
40-year 48 series B
Greenbrier Ry 1st gu 45-.1940 MN
1962 J J 82 Sale 82
8314 18
7778 92
83g.... 9538 Mar'31
9538 953s
Prior lien 4;is ser D
Gulf Mob & Nor 151 555-1950 AO 9
1978 J J
8938 8834
75
87
1
98
6
8894
97 Mar'31
9612 0978
Cum
adjust
1st M be series C
58
ser
A_Jan
1967
A
0
79 Sale 7812
1950 AO 72
7912 31
80 80 July'31
Mt 99
794 93
Mo Pee 1st & ref 5s ser A
GUI/& S I 1st ref & ter 5s_Feb '52 J J 102
1965 F A
87
Sale
87
87
100
80
3
1013
8
June'31
10138
10434
General 48
Hocking Val 1st cons g 4;0_1999 J J
1975 M S 5912 Sale 5912
104 :
62
108
12 104
5834 75
104
2 10118 1064
1st & ref 58 series F
Registered
1977 M S 8212 Sale 82
1999
8312 87
7612 9912
10512 10012 Apr'31
10012 10012
hit & ret g 5s ser G
Housatonic Ry cons g bs
1978M N 81
1937 SM
MN ii35r
84
83
July'31
75
99
100
July'31
9714 10114
H & PC 1st g Is Int guar_ _1937 J J
Cony
gold
5.10
1949
M
N
76
Sale 75
10114 1014 June'31
7814 47
60 101
100 10133
Houston Belt 8. Term 1st 5E1_1937 J J
1st ref g 5s series 11
1980 A 0 82 Sale 82
ioi833
4
16
763
99
4
102
10218
10014
3
103
1st & ref 5s ser I
Houston E & W Tex 1st g 68_1933 ▪ N 102
1981 F A
8178 Bale 8178
764 954
8314 60
102
102
3 10038 102
Mo Pae 3d 7s ext at4% July 1938 MN
1st guar bs redeemable..A033 MN
97 May'31
9512 954 99
102
102
8 100 102
Hud & Manhat 1st laser A_1957 F A 102
Mob & Bir prior lien g 5s
1945 J J 95
100
Mar'30
993
8
Sale
9912
100
22
98 10214
Adjustment Income Is Feb 1957 A 0
Small
J J -7712 Sale 774
99,4 96 May'31
96
97
79
84
74
7934
1st M gold 45
1945 J .1
894 June'31
8834 92
Illinois Central Ist gold 4s_ 1951
Small
J
J
J
8014
81 July'31
79
88
9434
_9434
6
934 96
Mobile & Ohio gen gold 4s..1938 M S
1st gold 3As
1951 3 J 943480 May'31
8512 911; 854 July'31
83
80
8318 8534
Registered
Montgomery Div lst g 55-1947 F A
J J 83
9912
Apr'31
8518
9912
102
June'31
8614
8614
8514
Extended 1st gold 3545._1951 AO
Ref & impt 4348
1977 M S 40
484 494 July'31
8538 Sale 8538
47
693s
85%
1
8512 87
1st gold Is sterling
Sec 5% notes
1938 M S 51
1951 M
54
5518 July'31
35
73 Mar'30
9094
Collateral trust gold 4s
Mott & Mal let gu gold 49-1991 M S 93
1952 A 0 8612 88 8578
9314
93 July'31
88
9314
24
8618
-5714
1i1st refunding 48
Mont C 1st gu 68
1937
1087
1955 MN
J
8
110
J
June'31
087
10914
8
994
8014 81
8118 21
7612 93
Purchased lines 330
let
guar
gold
59
1952 J J
1937 J .1 104
July'31
1024 104
8814 8414
8414
1
80
8814 Morris & Essex 1st gu 3;is--2000 J D 834 Pale 04
Collateral trust gold 4s.- _1953 M N 834
8314
7434 7612 7614
8314 86
7612
934
6
73
9014
Refunding 58
Constr M bs ser A
1955 MN 1074 10838 07 July'31
1955 M N 9612 Sale 9638
106 I0894
9712 11
9512 106
15-year secured 6;is 6--- A936 J J 10614
Constr
M 4345 sex B
1955 M N 10014 Sale 0014 '10114 69 10014 103
Sale 10614 10614
9
106
110
40-year 434s
Aug I 1966 FA 73 Bale 73
7578 98
7112 100
Cairo Bridge gold 48
Nash Chatt dr St L 4s ser A _ -1978 F A 934 Sale 934
1950 J D
9112 9534
9234 90 June'31
9314 24
90
93
Litchfield Div 1st gold 33_1951 J J 77
N Fla dr S 1st gu g 58
1037 F A 10418 1044 04,4
104,4 10 10218 10414
__-773
4
7734
2
7512 7812 Nat Ry of Mcx pr il•n 43-4s _1957 J J
LouLsv Div & Term g 33481953 J J
-- 18 July'..8
834-.- 84
849
82
3
4
8514
'Omaha Div Ist gold 38
July
1914
coupon on
195I F A
1234 July'38
J J
1
4 7734 7612 July'31
7512 78
St Louis Div & Term g 33.1951 J J 71/
Assent cash war rct 140. 4 on
214
24 July'31
--2- -1;
75
79
3
7518 June'31
7518 78
Gold 334s
Guar 43 Apr'14 coupon--1977 ;1.-6
1951 J 3
3 Mar'31
3
3
8018 26
80's 8414
Springfield Div 1st g 3304951 J J 8318 84 8018
Assent cash war rct No. Son
July'31
2
83
85
112
Feb'31
5
85
85
Western Lines 1st g 4s--1951 F A -i3g8
Nat RR Mex pr lien 43,45 Oct'26 3--5
3511 July'28
_ _ _ 9114
9114 20
8934 93
Registered
Assent cash war rct No.1
4 -112 4 July'31
49o
3n
1
P A ____
2
7
9012 July'31
Ill CeLt and LIM St L & N 0
9012 9012
1st consol 45
22 Apr'23
Joint 1st ref 55 series A __ _1963 J D 80
Assent cash war rdt No. 4 on
2
3 June'31
2
414
9
8512
84 10214 Naugatuck RR 1st g
1st & ref 430 series C__ _1963 J D 7478 84 84
8512
45-1954 0614
86 Apr'31
Sale 7478
86
87
7478
7478 96
Ind Bloom & West 1st ext 48.1940 AO
New England RR cons Is. 1945 J J 10118 c62.1-2 10312 June'31
94
9814 9138 Jan'31
9914 10312
9138 9138
Ind III & Iowa 1st g 4s
Consol guar 45
1950 S i 9512
9114 July'31
964 July'31
88
93
9438 9712 NJ June RR guar let 4s_ _ _ 1945 J J 914 92
Ind & Louisville 1st gu 4s.._1956 J J
_1986 F A 8514 90,2 92 Nov'30
8712 Feb'31
Ind Union Ry gen Is ser A..1965• J 10234
8434 8812 N O&N E 1st ref & impt 4 MA'52
764 June'31
76,4 85
105 10234 July'31
-iers W1024 10338 New Orleans Term let 4s_ _ _1953 J J 90
Gen & ref /s series B
1965 J J 10278_ 102.4 June'31
9012 90
J .1
9112 -15
85
9312
10238 10412 N 0Texas & Mex n-c Inc 55_1935
Ind & Grt Nor 1st 6s ser A_.1952 J J
A
86 -6612 8534
0
863
987
4
8
Mar'31
98 100-/
8612
1
4
9
7778 90
Adjustment 6s ser A_July 1952 AO 5512
1st Is series B
1954 A 0 7012 7034 7612
58
5334
7012
58
9334
56
45
37
let Is series B
65
1st
58 series C
1956 J J 71
1956 F A 6514 83 6458 June'31
73
73
634
7612
94
3
8
8
65
1st g be series C
81
1st 434s ser:es D
1956 J J 72
1956 F A 59
6978 85 July'31
77
7634
50
77
72
8
65
jot Rys Cent Amer 1st 55..1972 MN 66
8012
1st 534s series A
1954 A 0 7418 77
Bale 66
74
7478 12
62 101/
6614 31
1
4
86
1st coll tr 6% notes
73
N & C Bdge gen guar 4;1s_ _1945
1941 M N 6012 Sale 60.
100
100 July'31
96 100
6134 11
60
1st lien & ref 634s
8314 N YB&MB letcong 5s....1935 J
1947 FA
52 Sale 52
A 0 1014
10134 July'31
101 1011
54
/
4
6
474 74
Iowa Central 1st gold Is._ _ _1938 3D
64 10
9 July'31
9
Certificates of deposit.....
16
N Y Cent RR cony deb 6s
1935 MN 10718 Sale 10634 10738 15 10312 1074
64 12
10 June'31
10
Refunding gold 4s
15
Consol
45
1951 MS
series
A
24 5
93
1098
3
4
Sale
93
F
A
9414 103
9234 974
212 July'31
214 6
James Frank & Clear 1st 46..1959 .1 D 9438
Ref & impt 434s series A-2013 A 0 96 Sale 96
9612 9812 July'31
9634 14
9412 104
Hal A & 011 1st gag 58...1938 J J
94
9678
When issued
10012
95
103 May'31
9612 304
037861001s
103 103
Kan & M 1st gu g 4s
Ref
&
inlet
1O41
5s
series
1990 A 0 884 -165
C_2013
Sale
8814
10114 48 10112 109
9038
3
8814 9212 N Y Cent & Hurl Riv M 3)01997 A 0 83 Sale laps
KC Ft S& M Ry ref g 4s_ -.1936 AO 92 Sale; 9038
83
J J
84
28
83
9111
8714
9
87
Kan City Sou 1st gold 33-.1950 A 0 787
9912
Registered
___ 8512 8314 June'31
8 Sale 7878
1997 J J
8314 854
79
25
73
Ref & impt 5s
813
8
Debenture
Apr 1960 J J
gold 48
8812
1934 M N i0158 10218 10112 102
59 100 10214
9012 11
83 10234
Kansas City Term 1st 4s__ _1960 J J 9734 89 90
30-year debenture 4s
1942 J J 98 101
Sale 9714
9912
991
3
9734 10138
9818 21
9314 981s
Kentucky Central gold 4s_1987 J J 93's....
Lake Shore colt gold 3;45_1998 F A 9534 9634 83 July'31
9314 July'31
82
85
9112 9434
Kentucky & Ind Term 4;0_1961 3 J
Registered
81
1948
81
F
93
A
May'31
831s
June'31
76
8212
93
Stamped
93
Mich Cent coil gold 3348_1998 F A 774 8212 8412 July'31
1961 J 5 89L Sale 89I
82
9212
8512
6
8818
94
Plain
Registered
J
J 94
1961
8314 8212 Mar'31
Ao
F A 81
89 Apr'30
80
84
N Y Chic & St L lst g 4s-1199378
9813 Sah_e_ 98
3142 ma
r,3
,
1
100
20
9712 10012
9
Lake Erie & West 1st g 58_1937 J J 102
Registered
___ 102
1937 A 0
102
5 10118 10314
2d gold 59
gold
1941 J J 10014
notes
6%
1932 A 0 8612 Sale 8612
94 -116
10038 18 10014 1004
8611 1-62Lake Sh & Mich So g 330-1997 J D 84 Sale 10014
Refunding 5;is series A-1974 A 0 81 Sale 81
85
8478
13
8478
871
2
81 107
834 8718
Registered
Ref 41.19 series C
1997 J D
67 Sale 66
824 8394 June'31
163
72
93
66
83
Leh Val Harbor Term gu 58_1954 F A 104 10514
85
NY
Connect 1st gu 4;is A_1
19
MA
95
79
104
3F
S 10118 102 10212 July'31
104
102 10334
10312 10712
Leh Val N V Ist gu g 4;45-1940 J J 10038 101 10038
let guar Is series
10314 ___ 10512 May'31
10418 10512
2
10038
99 10112 NY & Erie 1st ext B
Lehigh Val (Pa) COOS g 48.._2003 M N
gold 4s_ _1
85 Sale 85
195
M N
47
3F
A 9414
924 Mar'31
88
924 9214
23
8378 9018
Registered
3d ext gold 434s
M N
100 June'30
1933 M S
83 May'31
83
General cons 4;0
86
2003 M N -95i2
9834
1
964 101
Lehigh Val RR gen 5s serles 2003 MN 103 -g3-2 984
N
Y
&
Greenw
L gu g 5s _ _ _ _1946 M N 80
85
9614 Feb'31
96
9734
Leh V Term Ry 1st gu g 5s- _1941 A 0 10312 Sale 10234 10414 23 102 10634 NY & Harlem gold 3.14s _ _2000 MN
85
_ _ 88 June'31
10338 105 July'31
88
88
10138 105 •N Y Lack & W 1st 41
Lehigh & N Y lat gu g 48
1945 MS
ref gu 53'73 M N See note • below
9414 June'31 --Lox & East 1st 50-yr Is gu 1965 A 0 9514 98
84
96
1st & ref gu 4 43ser B__ _ _1973 M N
_
182
July'31
109 11012 109
1
102
1037
8
109
4
7
108 111
Little Miami gen 4s series A.1962 M N 9212
N Y & Jersey
10112 10112
_11942F
931 N1,
A ioi
5 10012 10214
9112 May'31
914 9312 N Y & Long 1st 53
Long Dock consol g 68_1935 A 0
Branch gen 45_
105 10618 106 July'31
94 Apr'31
1
0
9
2
____
94
94
Long Island104 108
NY&NE Bost Term 4s. _ _1939 A 0 9132
754 .July'29
General gold 4s
NYNH&IIn-cdeb4s
1938 J D 9734 98
1947 M S
___ 8734 8734 1 8794 16;
9734 July'31
1
95
Gold 45
98
Non-cony debenture 3;0_1917 M S 973419323 D 9978 100
9312
85
8314 June'31
99
81
84
July'31
9812 99
Unified gold 48
Non-cony debenture 330.1951 A 0 8
1949 M
791
8112 8012 July'31
,3
:,
93
73
93
8115
9078 6512
Debenture gold 55
Non-c
1931 J I) 10034
ony
debenture
4s_ -1955 J
8534
8534
_ 10134 July'31
2
83
88
101 102
20-year 9 m deb 5s
Non-cony debenture 4s_ 1956 M N 8534 8634 8534
1937 M N 102 103 102
86
25
8012 8711
10214 13
Guar ref gold 49
9812 103
Cony debenture 334s1958 J J 7838 80
1999 M S 9534 Sale 9534
7918 July'31
70
83
3
9614
92
Nor Sh 13 lst con gu as Oct'32 Q J 100
97
Cony
debenture 8s
115 11534 11412 115
34 __ 101 July'31
1948
12 110 11834
Louisiana & Ark lst 5s ser A.1969 1 J 53 Sale
1004 10154
Registered
115 July'31
J J
_ 110 11512
5212
5312 151
39
Units& Jeff Bdge Co gd g 48_1945 M S 944 _
75
Collateral trust 65
1940 A 0 105i2 6;1-e- 10518
10538 44 1044 10612
93
Louisville & Nashville 53._ _ _1937 M N 10414 10514 95 July'31
9714
Debenture 4s
6912 7212 7212 July'31
10338
_
July'31
7112 7778
103
Unified gold 48
10338
1st & ref 4
1940 J J 99 Bale 99
ser of 1927_1
196
57 JD
M N 9234 Bale 9234
9333 98
903s 9534
9912 65
Registered
97123102
Harlem II & Pt Ches 1st 481954 M N 9512
J .1
9512 July'31
9412 Mar'30
8914 96
Collateral trust gold Ss_ _ _1931 M N
10038 10038
2 10094 1-6Y- NYO&W ref
1st refund 530series A_ _ _2003 A 0 10514 Sale
g 4s June___1992• S 58 Sale 58
5912 41
105
37
10514
60
19 10138 10638
lst & ref 58 series B
General 48
2003 A 0 1024 10234 10212 103
52
51
1955 3D 51
3
52
3118 52
6 10178 106
1st & ref 4348 series C__ _ _2003 A 0
N Y Providence & Boston 45 1942 AO 9112
96
.Mar'31
96
96
9612
96
13
96 10114 NY & Putnam 1st con gu 4s_1933 AO 9234
Paducah & Mem 131v 4s_ _1946 F A
914 96
94
July'31
_
9218 9614
93
St Louis Div 25 gold 3s_ _1980 M S 6814 6894 93 July'31
93
NY Susq & West let ref 53_ _1937 33 7414 -1718 7638
4
7718
684
70
80
6814
1
63
Mob 22 Montg 1st g 4 Xs_ _1945 M S 100
25 gold 434s
7018
__ _- 10134 May'31
75 Mar'30
1937 FA 404 70
South Ry joint Monon 45.1952 J J 88
10038
1013
4
General
gold
bs
5412
5234
1940 FA
89
524 July'31
-Lo
61
All Knoxv & CM Div 4s_ _1955 M N 044 Sale 88 July'31
86
95
Terminal 1st gold 55
1943 MN 100 10012 101 May'31
9438
9E92 un
9438
Loulsv Cin & Lex Div g 4;0'31 M N 1004
8914 9712 NY W'ches & 11 1st ser I 430'46 3, 5112 Sale 8112
10038
8214 31
10038
7712 8713
3 100 101
Nord By exel sink fund 61451950 AO 106 Bale 105
23 105 108
106
Mahon Coal RR 1st 5s
Norfolk South 151 & ref A 55_1961 FA
1934 ii 102
2018 294 26
102 June'31
30
25
19
45
Manila RR (South L)tics) 48.1939 MN
10114 102
Norfolk
&
South
1st
58.1911
gold
6514
6514
74
MN
74
July'31
6514
6514 68,4
711
/
4 85
0514 7714 Norf & West
1st ext 45
1959 MN 65
RR InInt & ext 68'34 FA 10434 -- -- 10412 July'31
104
105
Manitoba S W Coloniza'n Is 1934 3D 9938 77 65 July'31
65
7212
New River 1st gold 63_ _.1932 A0 10114-- 10238 July'31
991
4
994
July'31
102/
1
4 102/
1
4
Man GB& N W 1st 330-1941 .1 .7
984 100
N & W Ry 1st cons g 4s._1996 AO 100
tile 9934
1003s 66
8714 June'31
9644 10034
Mex Internat 1st 48 asstd -.1977 MS
874 90,2
Registered
100
1996 A0
974 July'31
212 Dec'30
96
9714
Mich Cent-M ich Air L 45..1940
DWI
1st
4s.._1944
lien
984
Sc
gene
Sale
J
J
993
July'31
10012
8
9838 July'31
9794 10014
Jack Lana & Sag 3Hs_ _1951 h1 S
-552 W-4 Pocah C & C joint 48_ __ _1941 J D 9934
9834 July'31
79 May'26
96 100
1st gold 33-45
North Cent gen & ref Is A._1974 MS 10612
1952 MN 9038
107 Nov'30
Ref & Impt 430 ser C__ - _1979 53 1014 113238 90 July'31
-8f512
163Gen
2
&
ref
414s
ser
1974
A
MS
10318
16_
10312
June'31
102
10212
6 10012 1044 North Ohio.lst guar 5s.._1945
1661-2
Mid of N J 1st ext 53
1940 AO 78 Sale 78
A0
g
80 July'31
81
80
6
97
78
8712
Cash
sale.
c
I Option sale: •Sale at 1033i reported
on March 10 IWO an error; should
outstanding.
have been ref. 046 of 1973 No booth of.tne 1st &
ref. 53 01 1,474 Issue
New York Bond Record-continued-Page 4
760
t •
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 31.
Prieo
Friday
July 31.
Week's
Range or
Last Sale.
I•
Range
Since
Jan. 1.
BONDS
t
N. Y. STOCK EXCHANGE,
t
,..
Week Ended July 31.
Price
Friday
July 31,
Week's
Range or
Last Sale,
Rance
Since
Jan, 1.
High
High No. Low
Ask Low
Bid
High
High No. Low
9214
92
Ask Low
Rid
J 9012 94 92 July'31
Seaboard & Roan 1st 58 extd 1031
97
9212
49
94
9314
Oct'30
Sale
102
9314
1936 FA 10212
& N Ala cons gu g 5s
North Pacific prior lien 48-1997 Q
95
91
9318 16
5 109s 1111,
954 9318
10914
0914
93
J
1963
Q
-1963
-65.,
AO
50-yr
guar
cons
d
Gen
Registere
6514 6914
6878 38
3 92 97
6818
93
- 9278
9112 9278
Gen lien ry & Id g 33_Jan 2047 Q F 684 Sale
65 67 So Pac coil 48(Cent Pac coil) k '49 J D 1094123
__ 66 June'31
9814 11)232
100
Jan 2047 Q F
1st 430(Oregon Lines) A_1977 MS 99 Bale 99
Registered
93 101
_ 102 10334
93 July'31
9212
July'31
034
63J
1934
J
10312
-2047
D
J
---fa
A_
cony
series
Hs
year
4
20
Ref & impt
11312
10734
79
11012
no
52
Bale
94
90 994
9318
116
Sale
9318
J
1968•S
Gold 430
Ref & impt 68 series B-2047 J J 997s Sale 9978
9814 10512
6
9978
61
95
88 100
1969 MN 94 Sale 94
Gold 430 with war
Ref. 'mat 5s series C2047 J J 95 10078 100
4 100 10512
100
287
8512 9478
92
Sale
4
3
90
J
7
1981
s
D_-_204
MN
907
Gold 430
Ref dc impt 58 series
105 108
9212 98
96
.7 10514 --- 108 July'31
San Fran Term 1st 4s_ _ -1950 AO 96 Bale 9512
Nor Pac Term Co 1st g 6o_1933 I 0
10288 10348
C10672
--- 10338 Mar'31
_
May'31
1041
102
__
034
A
104
58_1937
g
gu
5.3_1938
con
1st
MN
g
Cal
guar
of
Par
Calif
So
of
Ry
Nor
2 60 77
6718
_ _ 96 June'30
J 60 2-70 674
Og & L Cham let gu g 4s_ __1948 J
97 97 So Pac Coast let gu g 4s., -1937 J J 98 Sale 9512
97 May'31
964 87 -66" 16"
1955'.7 954
4s
ref
lot
RR
Pac
So
Ohio Connecting Ry let 4s__1943 M S 103
4
1
/
10312
2
101
_ 10314 10312
9518 9612
9512 Mar'31
1936i D
J J
Registered
102 103
Ohio River RR 1st g 5s•
103 May'31
9212 May'30
1937 A 0 1024
Stamped (Federal tax)1955 J J
98
General gold 58
92
J D 974____ 97 July'31 19 107
1065g Sale 064 10684 24 10515 iff"
58.-1994
g
J
cons
J
let
Ry
Southern
Oregon RR.& Nay com g 48_1946 J
10912
1 104 10812
1084 109 1084 10878
104
04
.7'
Registered
Ore Short Line let cons g 58_1946 J J
2 107 10978
J 10878 10912 10884 10834
7514 8834
80,4 65
1946
Bevel & gen 4s series A_.A956 AO 79 Eigife" 7812
Guar. stpd cons 5.5
9212 98
954 14
20 100 11314
954 Sale 95
102
10312
Sale
J
i
102
1961
1956
4s
AO
68
ref
dr
gen
dc
let
Devel
-Wash
Oregon
54
11772
105
10414
107
Sale
1064
1956
A0
Bevel dc gen 630
53
14
1718 July'31
25
1 1001g 10214
D 19
1996 J J 1024 -.
--- 10214 1024
Mem Div 1st g 58
Pacific Coast Co 1st g 5s-1946 J
: 4 9518 9812
981
_
9914 984
984
A
F
93
July'31
914
8
883
91
8918
48-1938
g
ext
J
1951
1st
J
4s
1st
Div
g
Mo
Louis
of
RR
St
Pac
101 102
5 9984 1014
1938.7 .1 10112 10312 10112 July'31
- 1014 10188
East Tenn reorg lien g 5s 1938 MS 10114
4
/
2d extended gold 58
10015 1011
961g
16
J 10114 --__ 1014 Apr'31
82
80
_1938 MS 8018 IgEil-e 80
_
45__
tr
coil
Ohio
&
Mob
8
Paducah & Ills 1st s f g 430_1955 .7 A
1067
10212
47
104
8 Sale 103
1
50
35 50
Paris-Lyons-Med RR ext 68_1858 F S 1035
104 10714 Spokane Internet 1st g 58_1955 J J 50 Bale 50
31
105
1041/
Sale
10412
M
Oct'30
87
A958
-1943
J D
Sinking fund external 7s_
15 10012 105 Staten Island Ry 1st 430_
_
97's
Apr'31
8 M S 10212 Sale 10212 104
971
Paris-Orleans RR ext 530_196
764 97 Sunbury & Lewiston let 4s_1936 J J 9884 Itif8 974
80
1
S 77 80 80 July'31
80
80 92
10138 Tenn Cent let 65 A or B.._ _ _1947 AO
Pauline Ry let & ref f 78_ _1942 M N
9784
3
10188
10114
10114
984
_ 102 June'31
9912 102
Pennsylvania RR cons g 48_1943 F.1 N 10114 Sale 10118 10114 20
101,4 Term Assn of St L 1st g 430_1939 AO
4
1
/
97
4
1
1944 FA 10514 1-6614 1054 May'31
1948 M
10434 105/
1st cons gold 53
Consol gold 4s
98 10038
9512 12
4
1
4 95/
/
M N 9812- 100 July'31 12 104
911
1953 J J 9438 Sale 943s
Gen refunds f g 48
45 sterl sped dollar May 1 1948 F
34 10714
- 10478 10611
E 1e
991/ 15
A 105
91 10634
A 1950 FA 951/ Sale 9512
530
1st
5
Ft
&
a
Consoid sink fund 431E1_1960
Texarkan
105
100
144
Sale 10058 10112
4
1
/
100
1034
D
10012
Feb'31
10214
5i
1943
101
10018
A__196
5s_Aug
JJ
gold
series
corn
430
NO
General
Tex &
D 10884 Sale 1084 109,4 38 10718 11114
1968
1074 113
J D ---- 10674 10818 July'31
General 5s series B
4 Texas & Pac 1st gold 58---2000
1
4 110/
1
110,2 36 108/
95 Mar'29
1936 F A 110 Sale 110
2d Inc 58(Mar'28 cpon)Dec2000 Mar
15-year secured 630
10914 10914
10914 Feb'31
_
e 9112 92 25 "iii8 fa'
A
F
1977
AO -92- dic13
series
d
58
Registere
Gen & ref
1053
4
24
10214
8
1047
104
dile
joi
Bale
N
91
9214
6
91
8412 100
1979 AO
Gen & ref 5s series C
40-year secured gold 58._ A964 M
4
1
9014 99/
9558 74
9438
1
1980 JD 914 9314 9438
1970 A 0 9414 Sale 9414
89 101
Gen & ref 53 series D
Deb g 430
9434 98
9614 250
95
Sale
9534
5
101
101
103
101
0
_1964
A
9912 107
1981
MS
5348_
D
Ter
94 Tex Pac-MO Pac
General 430 ser
94
9518 ____ 94 Apr'31
1 1004 1034
JJ 10212 10312 10212 10212
Pa Co gu 330 coll tr A reg 1937 MS
2 9078 9414 Tol & Ohio Cent 1st gu 5s-1935
94
_ 94
_
9312
100
June'31
A
101
F
1935
10014
100
AO
13_1941
ser
55
g
trust
coll
1st
Div
Western
Guar 330
9032 97%
914 ____ 904 June'31
10135 102 101 June'31
1935
1004 102
Guar 330 trust ctis C.__ _1942 J D
Gen gold 58
8934 9312
9212
90s---. 9312 Jan'31
2 88 94
AO 904 95 9112
Guar 330 trust ctfs D.__ _1944 J D 9412 98 974 July 31
9778 Vol St L & W 50-yr g 4s._ _1950
92
1004 Oct'30
1952 MN
10212 Tol W V & Ogu 4308er B 1933 Ji
Guar 48 ser E trust ctfs
9618 Apr'31
1942 MS 97 _
954 9612
1903 M N 10178 Bale 10178 10212 60 100
1st guar 4e series C
Secured gold 4Ms
9812 10212
9914
9448 July'31
9412
0 9914 Sale 994
A
89 97
'77
A
JD
1946
430
4s
IT
ref
&Buff
&
let
1st
Det
Ham
&
Ohio
Pa
75 88 Toronto
July'31
75
4
8
79
70
0
A
1940
48
13
Peoria & Eastern 1st cons
13
_
Mar'31
_ 904 June'31
9058 904
April 1990 Apr 1212 1912 13 July'31
cons g 58_ -.1928 in 6112
1st
Del
&
Ulster
10312
Income 4s
100
71 July'31
10312 ___ 103
7978
61
6012 71
Sped as to payt Dec 1930 int.
Peoria & Pekin Un 1st 530_ _1974 F A 90 Sale 90
4 10514
/
861
60
93
611/
etre of deposit
58
eon
8
953
let
4
1
/
79
Pere Marquette 1st ser A 5s-1956 J J
8
8312
80
8
WS"
78
6112 -074;
64
'30 int_
Dec
1956J J 80 83
stpd
dep
of
Ctfs
10112
1st 4s series 13
79
8814 64
40
5
4284 40
39 60
1952 A-0 39
1980 M S 87 Sale 87 July'31
1st refunding g 48
1st g 430 series C
97 10014
10114 Sale 10118 1024 84
10018 --- 100
96 10212
& Id gr 48_1947
RR
1st
Pac
1091/
Union
Phila Balt & Wash 1st g 48-1943 MN
109
July'31
_ 994 June'31
___ 109
9612 994
1974 F A
J J 9914
Registered
General 58 series 13
3 103 10412
103
9778 128
98 96
10178 10314 103
9312 9884
June2008 MS 97
1977 J .7 109181st lien & ref 4s
Gen'l g 430 ser C
2 2118 25
2314
2434 234
10112 10
99$4 10278
1967 J J 101 Sale 101
J
430
Gold
4
1
/
Philippine Ry 1st 30-yr s f 45 '37.7 D
4
1
/
102
102
July'31
1024
2
4
5 110 113
1104 1104
23;
102
11212
11014
2008
J
MS
1932
June
58
68
let
ref
&
reg
1st lien
Pine Creek
93 9512
May'31
93
9414
76
94
Sale
9384
85
9378
D
921g 95
J
1968
D
J
40-year gold 45
Pitts & W Va 1st 430 ser A.1958 0 85 92 92 July'31
9514
91
9978
1
997s
974 997s
MS
1958 A
let M 43.0 series B
4 U N J RR & Can gen 48___ _1944•
1
95/
7 86
89
88
89
1
100
100
_
8614
994
100
100
.1
A
0
1933
1960
4s
C
ext
let M 430series
101 103 Utah & Nor 1st
-- 10112 July'31
954 96
1940 A 0
g 4s series A-1955 FA 9612 ___. gssa June'31
cons
Vandalla
103
P C C & St L gu 430 A
99
_
July'31
_
1014
10112 10212
9612 _ _ 98 Mar'31
9612 98
1957
1942 A 0 1014MN
11
series
48
f
s
Cons
102
Series 13 434e guar
93
2
214
-1
214
2
214 44
1942 M N 10138 10284 93 June'31
Series C 430 guar
4 9818 Vera Cruz & P assent 4 Ms_ _1934
1
95/
10212 102 June'31
97 103
1945 MN 9918 -_-- 9818 June'31
Series D 48 guar
Virginia Midland gen 5s_._ -1936 RF/4 10014 _ _ 97 July'31 _
95 June'30
10012
97
A
F
1949
-2003
'.7
5s-gold
gu
guar
1st
330
Southw'n
E
Series
9784 97¼ Va &
9788 Apr'31
77
52 53- 59 July'31 _
50
D
1958 AO 951953
Series F 48 guar gold
1st cons 50-year 58
9838 10114
9838 July'31
1957 M N 984
A._1962 MN 1054 Sale 1054 1061/ 115 102 10814
series
55
1st
Ry
Series G 48 guar
Virginia
9814
9814
July'31
9814
101
7 9884 102 '
____
004
101
A
1004
F
1962
1960
MN
4e
B
guar
series
Series IL cons
1st M 430
1 103 105
10334 1034
35 10035 105
93
4 _
8838
F A 10
MN 10212 10284 0212 103
Series Icons guar 430_ 1963 MN
4 10512 Wabash RR let gold 58- _1939
/
99
19 95 10212
;10512 May'31 -- 1001
104 1-047
1939 FA 99 Bale 99
2d gold bs
Series jCODS guar 4348_ -1964 J D 10814 109 10814 109
4
1
3 108 110/
76
6 60 10212 ,
76
Bale
76
0
_1975
MS
A__
A-197
ser
series
5EE
General M
& gen f 530
Ref
5
11012
10712
10918
1094
1094
May'29
9818
1084
0
J
Gen mtge guar 55 ser B-1975 A
4
1
Deb 68 series 11 registered _1939 J j
81
1
9888 9912 9914 10034 58 994 102/
Bale 81
81
.1
j
1977.7
C
411-1954
series
term
e
430
1st lien 50-year
Gen
4 103
1
102/
1 101 10212
14 103 1027s July'31
248
__ 0212 10212
1932 J J 103
1941 J J 1001
Det& Chic ext 1st 5s
Plus ma{ & Y let gu 6s
4 104
1
103/
104 Apr'31
- 884 Apr'31 _
91
88
84 2-9478
1934J
J
48-1939
J
g
lst
Div
Moines
8
_
Gest
1033
2d guar 6s
101
June'31
82 June'31 _
1044 ____ 10388
80
90
82
79
0
A
-1940
1941
AO
5sg
330g
1st
let
E
Omaha Div
Pitts Sh & L
Aug'29
10084
9112
5
9112
4
1
/
95
92
90
911/
./
1943
1941 MS
_
Tol & Chic Div g 48
1st consol gold 58
9818 9858
984 June'31
9714 9938
10388734 6712 July'31
9612
63
5612
MN
3
76
FA
4s-194
58B...19
1st
gen
Char
&
ref
&
Ry
Va
4
1
/
92
Wabash
Pitts
924
6218
____ 924 Jan'31
974
61
Sale
8912
61
D
J
554
1948
A
_1978
AO
ser
4s
Clet
Ref & gen 430 series
Pltts Y Jr Ash
10512 10534
25
67
58 96
63 Sale 62
1962 F A 10538 __- 1054 June'31
Ref & gen 58 series D--1980 AO 771
1st gen 5s series B
78
77
- _ 78 July'31
1974 J D 104
Warren 1st ref gu g 330-_2000 FA 85
let gen 55 series C
6812 75
July'31
4
718
July'31
8912
---8912
91
87
87114
N
M
1957
_1948
QM
4s_
Wabash Cent 1st gold 4s...
Providence Secur deb
8712 91
904
S 90 --- 8978 July'31
904 92 904
9314
1945
9014
FA
330
gu
let
Term
Wash
Providence Term 1st 4s- _1956 M
5
98
95
4
963
_
9684 Sale 964
92 June'31
97
87
0
A
4'51
968
4s
1945
coil
FA
Cen
4s
guar
Jersey
1st 40-year
23 100 10318
Reading Co
44
78
75 8448
78 gkil -e 7712
1997 J J 101 Bale 10084 101
Western Maryland 1st 4s.._ _1952 AO 8812 Sale 8812
Gen & ref 434e series A
1014 13 1004 103
8848 25 82 c97
J J 100% 101 10078 Oct'30
1st Jr ref 530 series A__ _ _1977 J J 104
Gen & ref 430 series B199714
103
July'31
10488
0412
10248
N
6819411
J
_1937
J
5s___
g
let
West N Y dc Pa
Rensselaer & Saratoga
791/ Sept'30
8 924 9814
9814
1948 MN
1943 A0 9712 -99 98
Gen gold 45
Rich & Meek 1st g 45
103 Sept'30
7884 91
10188
6814 97
7688 Sale 764
J
J
_1952
58_
-1946
MS
__
A
gu
ser
let
58
1st
Ry
Pac
Term
Richm
61 166- Western 1st 9s guar
9112 49 9012 9414
D 97 -984 100 May'31
2361 J J 9112 Sale 9012
214 West Shore
_
2
Rio Grande June let gu 58-.1939J
2,4 June'31
5 883s 93
884
8888 Sale 8888
.1 .1
2361 j
Registered
Rio Grande Sou lot gold 48- _1949
712 Apr'28
July'31
964
9914
90 991g
951s
.1
J
'40
M
1966
S
coupon)
A
ser
430
1922
ref
E
Wheel & L
97
Guar 4e (Jan
July'31
-66
954
__June'31
9558
8
008
10114
9934 10214
10018
J
J
Refunding 53 series IL...1966 MS
21
7818 8612
Rio Grande West let gold 48.1939 A 0 7812 Sale 7814
80
9312
92 904 July'31
86
MS
1949
A...1949
48
45
trust
consol
coil
lot
&
RR
4
con
6
4 101,
1
81/
1st
914
90
4618
Sale
464
4274 5314
Bale
90
4618
M
34
D
.1942
•
430-19
5s__
g
75 Wilk & East let gu
65
RI Ark & Louis let
72 July'31
10214 10232
J J
1938 ▪ D 1024 -- - 024 July'31
58
gold
1st
F
S
&
Will
92
7412
July'31
Rut-Canada 1st gu g 48---1949
96 July'31
92 9712
1941.7 J -7812 9112 80
Winston-Salem SB 1st 48_ -1960• j 96
Rutland 1st con 430
51
17
Sale 50
47 6612
2
Wls Cent 50-yr lst gen 48_ 1949 J J 50
4 93
/
871
93
3
58
5678 5818 5784
55 80
_A947 J J 924 94 93 Apr'31
'36
MN
4s
1st
48term
&
1st
div
Is'
Dul
&
Grand
Sup
101
&
95
Jos
St
95
Mar'31
80
90
80
80 80
744
j
.7'
3
96
430_194
5s___19
1st
g
Wor & Conn East
2 9978 103
9978
St Lawr & Adir let
1996 A0 994 Bale 997s
2d gold 6s
INDUSTRIALS.
88 100/
4
1
974 67
St Louis Iron Mt & Southern
4412 78
Sale 5314
554 72
MN 9684 Sale 9684
45
4 8912 Abitibi Pow Sr Pap 1st 5s___1953• D 54
1
50/
67
Ely &0 Div 1st g 4s___ - .1933 J
64 Bale 84
A-1950
48
& Straus deb 5545-1943
lien
pr
Abraham
86
40
186
Fran
-San
1,
54
St
Bale 514
9814 18
98
Sale
9018 101
52
98
AO
MS
1978
A
warrants
With
4 6938
1
69/
Con M 434s series
_ 694 Mar'31
8
9812
86 1001/
9912 96
J D
1952 A0 94
Adriatic Else Co extl 7s
59 102
Registered
7612 21
2 8388 89
8712
75 Sale 75
87 Sale 87
.7,
MS
_1948
45_
1950
g
tr
colt
Express
B
series
Adams
58
1087
8
4
lien
10212
Prior
10484
14
14 Feb'31
8
14
1
.7' 10318 Bale 103 June'31
99 100 Ajax Rubber lot I5-yr s f 85_1936 J O
St L Pear & NW 1st gu 68-1948
10
7 June'31
5
514 7
-1931 MS 9978 -- 100
7112 8774 Alaska Gold M deb 68 A _ _ _ _1925 MS
744
St Louis Sou let gu g 48_
6
June'31
5
7484 78 744
10
4
,
MN
MS
5
1926
B
ctts_1989
series
13s
deb
bond
Cony
48
52
7834
St L SW let g
62 June'31
78
July'31
s
547
45
50
64
60
6112
.7,
1948
AO
68
1989
6012 10012 Albany Petor Wrap Pap
7712
2d g 48 Inc bond MU Nov 1932 in 774 Bale 76
119
72
574 8712
6584 Sale 6584
_1944
FA
So.,_
tr
coil
Corp
Allegany
9712
48
45
gold
60
Consol
35
851/
70
51
.• 1 55 63 60
1949
B 6412 Sale 66
'
Coll & cony 5s
9812
84
85
let terminal & unifying 58_1952
84
684 97
50 85
1950 AO 63 Sale 63
430_1941 FA 84 Bale 10058 Apr'31
Coll & cony 5s
100 100718
St Paul dr K C Sh L Isr58_193
Sale 10184 10212 31 10014 103
100 101
4
1013
FA
1
MN
5.3-1937
deb
Mfg
lmers
1st
Allis-Che
934
89
9318
St Paul & Duluth
9
73
704 94
1968 in 931g Bale 9318
Alpine-Montan Steel 1st 7s _ _1955•S ---- 70 7012
Aug'30
1st consol gold 48
1 10212 1081g
1021/ 103 10284 1024
J J 90 94 9718 July'31
-984 102 Am Agri° Chem 1st ref 51734E4'41 FA 3514 41 -3412 July'31
St Paul E Gr Trk 1st 4)0_1947.7'
10014
2512 47
FA
Os.
_1936
deb
4s_1933
cony
Sug
con
Beet
10312 10512 Amer
St Paul Minn Sr Man
4 105 July'31
1
98 102
Sale 9978 10012 13
1933 J J 1044 104/
10038 10212 American Chain deb 5 f 68..1933 AO 100
1st coosol g 68
1
88
8384 96
9078 88
88
J 10184 102 10212 July'31
AO
J
1942
5s
933
deb
d
434s._1
Cyanami
Am
gold
100
100
to
68 reduced
100 Apr'31
74
7212 88
131
7212
J D
9934 Am & Foreign Pow deb 58..2030 MS 7212 Sale
97
Registered
994 July'31
83
6
83 81
747s 85
1953 33 78
1937 J J 9912 55
I
deb
Ice
$
Amer
96
93
June'13
Mont ext lot gold 48
130
---- 9412
99
934
8
Sale
974
9612 102
J
49
MN
'40
534s.19
cony
(sterling)
Chem
10
Amer
10918 112
July'31
Pacific ext guar 45
9534
1114
8212
112
834
78
821/
4
1113
Sale
83
j
93 967s Am Internet Corp cony 530 1949 J J
95
St Paul Un Dep 1st dr ref 55_1972
1 1044 106
105
J J 944 Sale 9412 May'31
1939 AO 10518 106 105
1024 10514 Am Mach & Fdy s f 68
El A & Ar Pass 1st gu g 48_ _ _1943 M
10314
39
95
---_
80
74
4
Sale
77
1011
77
_1934
_
AO
_
58_1942
notes_
534%
Metal
104 1044 Amer
Santa Fe Pres dr Phen 1st
10412 July'31
40
84 5112.
18
16
AO 10412
10012 10184 Am Nat Gas630(with war) 1942 AO 1612 Sale
Say Fla & West 1st g 65.-1934 AO 102 -- 10134 Apr'31
48 10112 1044
10318
1031
Sale
10312
AO
A
'47
ser
1934
58
1st
30-yr
R
Sm
&
Am
94
984
1st gold 5s
8 10514 23 103 10614
9712 100 98 June'31
2512 544 Amer Sugar Ref 5-yr 6s_ __ _1937 J J 105 Sale 1048
Scioto V & N E 1st gu g 48--1989 MN
sois so
50 July'31
3 9984 1034
10312 1031
23 544 Am Telep & Teleg cony 48_ _ _1936 MS 103 10312
Seaboard Air Line 1st g 4s_ _1950 AO
27
35 27
26
1074 75 105 10814
Bale
1064
107
AO
D
J
1950
1946
30
coil
tr
-year
58
8
2
Gold 48 stamped
July'31
5
5
114
1047s 1094
1083
3
10814
Sale
1960 ii 10834
35-year s f deb 5s
912 2012
Oct 1949 FA
Adjustment 53
97 1074 111
134 134 July'31
1943 MN 1104 Sale 11012 1103
1959 AO 12
20-year f 530
15
9
Refunding 48
13 June'31 54
12012 135
13
135
1212
1314
Sale
13118
430
3'
1939
Cony deb
984 19
Certificates of deposit
1384 16
13 Sale 13
1965 FA 109 Sale 10812 109 243 10514 1094
35-year deb 58
1612
2
9
1st & cons 6s series A,...1945 MS 124 1478 1284
13
9912 106
2
103
Sale
103
103
.1940
AO
-1940
Os,_
....
deb
Found
deposit..
Type
Am
of
40 61
Certificates
10238 19 101 104
5412 53 July'31
Wet Wks & El coil tr 58_1934 AO 102 Sale 102
6 6 124 AmDeb
Atl & Birm 30-yr 1st g 4e_41933 MS 50
74
7
18 10118 10612
1043
104
718 Bale
Bale
104
MN
1975
FA
A
g
1935
118
A.
series
gulls
1st
Fla
All
12
618
Seaboard
77
612 7
84 June'31
2
55
57
1947 J J 574 60 57
1935 FA
Am Writ Pap 1st gr 68
Series B
a Option sale.
C Cash sale. 4 Due May. k Due August.
New York Bond Record-Continued--Page 5
BONDS
N. Y. STOCK EXCHANGE.
Week Ended July 31.
761
---
t
Price
Friday
July 31.
Week's
Range or
Last Sale.
C
e4,%
Range
Since
Jan. 1.
BONDS
N. Y. STOCK EXCHANGE. t;
Z
Week Ended July 31.
Price
Friday
July 31.
Week's
Range or
Last Sale.
44
Range
Since
Jan, 1.
Bid
Ask
High No. Low
High
Anglo-Chilean s t deb 7s___ _1945 M N 5814 Sale Low
Bid
Ask Low
High No. Low
56
High
5912 28
56
Flat deb 7/1 (with warr)
87
Antilles(Comp Azuc)710.-1939 J J 15
1946 J J 8814 89
88 June'31
20
154
79% 93
July'31
____
10
26
Without stock purch warrants_
Certificates of deposit
88
89
7912 9214
4
16
1412 July'31 _ __
13
1412 Fisk Rubber 1st f 89
Ark & Mem Bridge & Ter 59_1964 M S 9912 101 101
1941 MS 28 Sale 28
28
12
21
3784
July'31 ____
97 10178 Framerican Ind Dev 20-Yr 710'42 33 10214 Bale 10118
Armour J‘ Co (III) 410
1939 J D 77
79
7734
81
42
70
Francisco (lug lets f 710_1942 MN 5112 Bale 5112 10214 27 100 109
92
Armour & Co ot Del 534a
1943 J J 714 Sale
60
4015 6912
14
724 62
53
8012 Gannett Co deb (Ss
Armstrong Cork cony deb 59 1940 J D 923 934 71%
1943
FA
74
77
7412
7412
3
7212 86
9334 13
91
Gas& El of Berg Co cons g 531949 ID 10712 -- 10312 Apr'31
98
Associated 0116% gold notes 1935 M S 103 10314 923
_
10278 July'31 ____ 102 104
10312 1051g
Gelsenkirchen Mining Bs_ _ _1934 MS 65 Sale
Atlanta Gas L 1st 59
1947J D 10234 ____ 104
6234
68
39
6234 9434
Genl Amer Investors deb 50_1952 FA 8734 89 85
Atl Gulf & W I SS L coll tr 5s 1959 J J 5312 547 577 June'31 ____ 1033 104
July'31
9112
83
July'31 __-Gen Baking deb sf 5149.__ _1940
50
68
Atlantic Refg deb 53
1937 J J 10134 102
99
12
9312 9914
13 10012 1034 Gen Cable lst s f 514s A_ -1947 AO 9812 Sale 9812
Baldwin Loco Works 1st 55_ _1940 M N 107 107% 10138 102
J J 71
75% 76
764 12
65
9234
Baragua (Comp Azuc) 7349_1937 J J 21 Sale 107 July'31 ____ 1064 1074 Gen Electric deb g 310
1942 FA
95
9912
4
20
Gen Elec (Germany) 78 Jan 15'45 J J 79 Sale 9914 July'31
48
Batavien Pete guar deb 410 19423 J 95 Sale
79
80
943
6
7518 104
9538 34
9212 9578
S 1 deb 610 with warr
Belding-Hemingway 68
1940 JO
1936 J J 9714 ____ 9612
91
977
14
8612 974
Without warets attach'd_1940 3D 72 Sale 72 Dec'30
Bell Telep of Pa 5s series B 1948 J J 11018 Sale 110
72
-651.4 98
1104 14 107 11012
20-year s f deb 69
1st & ref 5s series C
1948 MN 634 65 63
1960 A 0 11234 114
65
6
60
92
31 11012 115
Gen Mot Accept deb 6s..-1937 FA 10418
Beneficial Indus Loan deb 68 1946 M S 99 Sale 11312 114
Sale 104
1041
92 10178 10434
c9912 91
98 01912 Gent Petrol lets f 55
Berlin City Elec Co deb 6148 1951 J D 48 Sale 98
1940 FA 10338 Bale 10318 103% 16 102 103%
5712
6212 27
57
8818 Gen Pub Serv deb 5145
Deb sink fund 610
1939 33 10312 103% 94%
1959 F A 5712 Sale 54
951
594
11
92
9512
6
54
8634 Gen Steel Cast 5145 with warr'49 J J 94% 98
Deb 6s
1955 A 0 4514 52
86
86
60
13
5414 60
80
9614
50
8078 Gen Theatres Equip deb 65_1940 AO 30 Sale
Berlin Elec El & Undg 614s_ _1956 A 0 48
29
33
113
498 48
50
23
11
74
48
8512 Good Hope Steel & I sec 79_1945 A0 7512
Beth Steel 1st & ref 55 guar A '42 M N 105 Sale
Sale 68
751
1047s
81
105
68
10 10214 10618 Goodrich(B F)Co 1st610-1947S
96%
3oyrpm&lmptafSs....1936 3 JO 104 Sale 10312 104
i 97 Sale 97
8
9312 10212
9814
22 10134 104
Cony deb 6s
Bing & Bing deb 6;is
1945 ID
1950 M S
63
77
50
70
76
3
8312 Goodyear Tire & Rub let 59_1957 MN 6112 Bale 6034
70
Botany Cons Mills 610 _ _ _1931 A 0 36 Sale 70
2512
91
63
36
43
23
8314 96
Gotham Silk Hosiery deb 66_1936 3D 91 Sale 9014
Bowman-Bilt Hotels 79
36
1934 M S
88
9212 90
Sale 75
90
1
75
75
90
1
Gould Coupler 1st s f 6s._ _1940 FA 41
75 105
B'way & 7th Ave 1st cons 55_1943 J D 75
6
41
4712
9
411
9 July'31 ____
2
41
684
Gt Cons El Pow (Japan) 79_1944 PA 10012
312 9
Certificates of deposit
434 1014 5 June'31 ___
Sale 984 1001
12
9314 10114
4
1st & gen s t 6 Hti
Brooklyn City RR 1st 5s _ __1941 J J 77
5
1950 J J
8212 80 July'31 ____
933
47
8512 951s
Gulf States Steel deb 5345..1942 ID 93 Bale 9212
767 87
Bklyn Edison Inc gen 58 A1949 J J 107
5418
544
Sale
55
14
52
90
Bklyn-Manh R T sec 6s-_1968 J J 10118 10714 10612 10634 13 10514 10712
10134 281
9834 10212 Hackensack Water 1st 49_1952 J J
Bklyn Qu Co & Sub con gtd 52'41 MN 64 Sale 101
9412
9412 July'31
73 634 July'31 ____
88% 9411
Harpen Mining 6s with stk purch
62
69
1st 58 stamped
1941 J J 70
89 664 Jan'31 ____
6612 6612
war for corn stock or Am abs'49 J J
13rooklyn R Tr 1st cony g 4s 2002 J J
74
75 July'31
9212 June'28._ _ _
8411
58
Hansa SS Lines 69 with warr_1939 A0
Bklyn Union El 1st g 4'59_ _1950 F A 9012
40
Sale 9038
41
10
40
91
8678
13 "i891
Havana Elec consol g 5s _ _ A952 FA
Bklyn Un Gas 1st cons g 5s 1945 MN 11112
14
43
Sale 111
43
3
11112 18 1074 1124
38
53
12
Deb 519s series of 1926_ _.1951 MS
1st lien & ref 68series A_ _ _1947 M N 12
7
1934 14 July'31
034 ____ 12078 July'31 ____ 11712 12112 Hoe (13)& Co 1st 6145 ser
_
1212 3012
Cony deb g 51is
A_1934 AO 52
19363 J
59
240 218
52
52
4
Jan'31 ____ 218 218
40
68
HollandAmer
Cony deb 59
Line
(is
.1947
(1101)
MN
19503 D 10534
54
56 July'31
554 65
Houston 011 sink fund 5149-1940 MN 90
Butt & Susq Iron 1st s 1 59..1932 J D 95 Sale 10514 10534 49 10214 106
91
8834
98
90
9418 May'31 ____
16
87% 94
Hudson Coal 1st 51 55 ser A_1962 ID 60
Bush Terminal 1st 4s
9418 96
1952 A 0 915 Sale 9134
6112 60
6018 22
51
9134
63
4
Hudson
83
Co
Consol 55
Gas
1st
93
g
58
1949 MN 108 Sale
1955 J J 91
9134 8412 July'31 __ -108
5 104% 108
Bush Term 13Idgs 55 gu tax-ex '60 A 0
72 10114 Humble 011 & Refining 510_1932 J J 10234 Sale 108
10012 Bale 10018
10234 10234 70 101 6104%
101
29
Deb gold 55
Buff Gen E1410 ser 13
9312 1034
1937 A0 10234 103 10234
1981 F A 10614 Sale 10578
103
14 10014 10318
10614 14 101 1074 Illinois Bell Telephone 59.--1950 3D
By-Prod Coke 1st 510
MN 97
10612 106% 1064 107
98
10 105 107
9712
9712
2
Illinois Steel deb 410
97 104
1940 A0 10312 Sale 102% 1031
52 10018 10412.
Ilseder Steel Corp mtge 6s 1948 FA 46 Sale
Cal G & E Corp unit & ref 59_1937 M N 10518
4312
____ 105
50
13
4312 82
105
2 103 106
Indiana Limestone lets
Cal Pack cony deb 5s
61 65-1941 MN 253 Sale 25%
1940 J J 9512
951k
28
3
25
96
69
12
Ind Nat Gas & 01159
Cal Petroleum cony deb 91591939 F A 85 Sale
8934 100
1936
N 101% ____ 10134 June'31
90 85 June'31 ____
10018
10124
Inland
81
Cony deb s g 5199
Steel
410
1st
987
8
1978 A0 9414 Bale 9414
1938 M N 90 Sale 90
60
947
93% 97%
91
4
89 101
Camaguey Bug 1st at L 79_1942 A 0
let mel 410 ser 5
1981
5
FA
15
94
Bale
9412
102
95
30
91
96%
1
Inspiration Con Copper 610 1931 M
15
Canada SS L 1st & gen 6s
45
1941 A 0 494 Sale 49
100 Feb'3I
50
99 100
3
Cent Dist Tel 1st 30-yr.5s_ ..,1943 J D 10
49
70% Interboro Metrop 410
1956 A0 1018 20
3
:4
3
1018 June'31
30
6
106
912 1018
1 105 106
Cent Foundry 1st at 6s May 1931 F A 7012 _3_5_ 10
Certificates of deposit
7412
12
72 July'31 ____
912 Jan'31
912 94
Cent Hud 0 & E 58__Jan 1957 M S
3334 74% Interboro Rap Tran 181 59_1966 J J 7012
Sale 7018
71
1054 June'31 __-_ 10434 106
84
6414 77%
Cent III Elec & Gas 1st 55_ 1951 F A
Stamped
'3 7014 Bale 7014
9712
7134 22
98
6414 78
24 19
Central Steel 1st e at 8s----1941 MN 11434
0
6
11
10
-year
1
:
1
69
9
18
0
1932
A0
57
59
55
57
8
5018 6434
3
Certain-teed Prod 514s A _ _1948 M S 57 Sale 11438 115
10-year cony 7% notes ...1932 MS 9012 Bale 904
91
13
57
142
8914 95
Cespedes Sugar Co 1st s 710'39 M S 11 Sate 534
Interlake Iron let 59 B
8112 60
1951
N 85
88
2478 59
87 July'31
Jan'31 -- __
87
59
87
59
Cheap Corp cony 59.May 15 '47 M N 964 Sale
let Agri Corp 1st 20 yr 5/1-1932 MN 99
9838 July'31
96%
9734 71
9812 99st
Chic City & Conn Rys5s Jan 1927 A 0
8834 10134
Stamped extended to 1942_ _ _ _ MN 62
717
274 July'31 _-__
65
761g
Ch L & Coke 1st gu g 5s_ _1937 J .1 10514
Int Cement cony deb 5s _ _ _1948 MN 85 Bales 70 June'31
274 45
__ 10514 1054
85
87
50
8012 100
3 10318 10612 Internal Hydro El deb 6s._ -1944 A0
Chicago Rys 1st 5s stpd rcts 15%
7912 Sale 79
82
104
65
9314
principal and Feb 1931 int__ _ F A 6234 6512 6234
Internet Match s f deb 5s.._ _1947 MN 8312 Sale 8312
871
138
63
5
8311 9912.
Childs Co deb bs
57
Cony deb 68
74
1943 A 0 7114 72
1941
J 8912 Sale
913 252
7114
8
8612 100
70
Chile Copper Co deb 5s. .19473 J 87 Sale 71
Inter Mercan Marine s f 6s..1941 A0 7312 7412 89
83
7312
731
87
89
3
47
7312 97
79
CinG&ElatM4sA
9534 Internal Paper 5s ser A & 13_1947 J J 70 Sale 70
1968 A 0 9634 Sale 9612
97
7114 32
99
62
77
Clearfield Bit Coll 1st 4s_ _1940 J J
90
Ref s / 6s serie.s A
98%
1955 M
74
52
544
77 Dec'30 --__
55
28
40
Colon 011 cony deb 6s
69%
let Telep & Teleg deb g 410 1952 3' 7612 Sale 53
19381
45 Sale 45
7612
50
79
70
5 -57
66
844
Colo F & I Co gen s 5s_ _ _ _1943 F A 87
7
Cony
deb
16410
1939
Ii
88
9014
88
911 155
Sale 9014
88
5
81
96
Col Indus 1st & coil 58 gu1934 F A
85
Deb 55
9934
1955 FA 8479 Bale 8418
7634 78 July'31 ____
86
130
71% 9112.
Columbia CI & E deb 5s May 1962 M N 100 Sale
78
9412 Investors Equity 55 A
1947 ID 70
76
70 July'31
126
70
9412 10134
Debentures 55..__Apr 15 1952 A 0 9934 Sale 9912 100
75
Deb
55
ser
with
B
Warr-A
SO;
A0 70
73
9934
997
72 July'31
4
70
Debenture 58
76
954 10114
Without warrants
Jan 15 1961 3 J 99 Sale
1948 AO 70
75
70
99
5
70
106
70
Columbus Gas 1st gold 5s.._1932 J J 9734 997 9812
7412 100
75
K C Pow & Lt lst 410ser B.1957 J J 10414
8
10412
9814
)044
9814
1041
4 10112 10514
I
Oa
,
Columbus Ry P & L 1st 410 1957 J .1 994 Sale
a,
1st M 410
,
..
,
-2 92
1961 FA 106
99
106
100
32 10334 107
1061
20
Commercial Credit s t 6s _ _ _1934 M N 1007 101
94 101
Kansas Gas & Electric 410_1980ID 99 10612
lOOts July'31 ____
991
Sale 9514
64
934 9914
97 101
Coll tr s 510 notes
ICarstadt (Rudolph) 65
1935
1943
J 9812 Sale 9814
MN
36 Bale 36
9814
38
6
25
3512 7538
Comm'l Invest Tr deb 510_1949 F A 9814 Sale
9338 9814 Keith (1.3 F) Corp 1st 6s......1946 MS 66
68 68 July'31
9812 47
62
, Kendall Co 534s with warr_1948 MS
Computing Tab-Rec a I 6s..1941 J J 10614 10678 9734
7812
91'a
1
70
Bale
1063
0634
4 11 105 108
69
70
22
39
1001- Keystone Telep Co 1st 5s_ 1935
Conn Ry & L 1st & ref g 4;01951 J J 10134 ____
7014
31
10134 July'31 ____
74
7014 July'31
70
82
Stamped guar 4 Sis
9914 10134 Kings County El& P g 5s_ _ -1937 A0
1951 J J 1024 103 103 July'31 ____
106
____
105
June'31
103 10534
Consul Agrieul Loan 610._1958 J D 464 Sale
994 10334
Purchase money 69
1997 A0 13812 ____ 139
45
4834 21
134 139
Consolidated Hydro-Elec Works
45
8334 Kings County Elev 1st g 4_ _1949 PA 8134 8212 83 July'31
12 July'31
78
8512,of Upper Wuertemberg 78_1956 J J 65
Kings County Lighting 5s .1954 31
70 90
____
3
8
90
1
July'31
5
0734
70
10414 107%
Cons Coal of Md 1st &ref 5s..1950 3D 364 Sale
First and ref 610
9334
1954
3512
3712 45
119
2 11818 120
247 4818 Kinney(GR)& Co 7H% notes'30 33 119 Sale 119
Consol Gas(NY) deb 510-1945 FA 10734 Sale 10712
3D
89
1073
90
4
86
94
86
724 901s
Deb 410
1951 ID 10314 Sale 10234 10314 250 103 10812 Kresge Found'n coil tr 68 _ _1936 ID 10212 103 10134 10218
9 101 103
101 10314 Kreuger & Toll sec sf 59_ _ _
Consumers Gas of Chic gu 55 1936 3D 105 10512
_1959 MS 86 Sale 8518
10512 10512
1 10318 10512
88
88
85
Consumers Power 1st 5s.._.1952 MN 10538 107 106
944
106
54
14
00
3 10
Container Corp 1st 6s
00
678 Lackawanna Steel 1st 5s A..1950 MS 102% 103 10234
1946 3D 60 Sale 59
60
103
7
10
1013
4
104
34
I5-year deb 5s with warr_ _1943 JD 3014 35
Lad
Gas
01St
L
ref & ext 59_1934 A0 103 Sale 103
33
35
103
24
1 10112 10411.
20
Copenhagen Telep 5s Feb 15 1954 FA 10014
64
Col & ref 510series C._ _1953 FA 101%
10014 10014
Sale 10112 102
47 100 10378
1
97
Corn Prod Refs 1st 25-yr site'34 MN 10538 101%
102
Col
&
ret
510
ser
D
____ 10538 10538
1960 FA 10114 Sale 10114 10138
7 100 10334
3 102 10534 Lautaro Nitrate Co
Crown Cork & Seals f 6s_ _ _1947 JD 94
cony 69_1954
96
94
2
Crown Willamette Pap 69..1951 J J 8934 Bale 93
Without warrants
J J 33 Sale 33
89
90
29
37
3712
33
7512.
9
70
Crown Zellerbach deb 68w w 1940 MS 6814 Bale
9
Lehigh
9
6
C
&
9
Nay
314
4
s
f 410 A.-1954 J J 101%
68
101 July'31
6834
984 10114
8
Cuba Cane Sugar cony 79_1930 J J
5912 85
Cons sink fund 410 ser C.1954
J
41 Mar'30
--- 101 July'31
98% 101
Cony deben stamped 874.1930 J J
Lehigh Valley Coal lst g 59..1953 J J 101%
814 ___ o2778 Dec'30
10118 10134 10114
10112
7 100 1024
Cuban Cane Prod deb 69
let 40-yr gu let red to 4% _1933 J J
1956 J J
934 Sale
10212 June'31
934
11
12 --5
98% 1024
- IiCuban Dorn Bug lst 710_ 1944 MN
lst&refst5s
11 Sale 11
1934 FA 10012 _
10012 June'31
11
1
9912 10034.
Certificates of deposit
7
16
1st
&
ref
s
t
5s
738 Sale
1944 FA
712
4912 76
70 July'31
10
697
4
8 78
Stpd with purch war attached_
71
2
10
1st & ret s 5s
8 Sale
1954 FA 51
60
734
52
52
10
2
4212 52
Cumb T & T 1st & gen 59_1937
1st& ref at 5s
,3 10514 10512 1054 10534 10
FA
1964
4912
55
50 June'31
11 102
50
55
Cuyamel Fruit 1st s f 6s A._1940 AO 10412 ____
2
314
1
"
106
1st
dr
ref
s
1
fo
1974 FA
1044 10412
50
53 50
50
2
2 10218 10534 Liggett & Myers
48
57
Tobacco 79_1944 AC 12418 Sale 124
12412 10 11838 125
Den Gas de El L let & ref s I 59'51 MN 10318 104
5s
FA
1951
103
10718 10812 10818
10334 28 100 105
1084
9 10414 1083s
Stamped as to Pa. t,ax___ -1951 MN 10312
Loew's Inc deb 13s with warr 1941 AO 114 11412
10334 103% 10334
100
2
100 1104
993 10412
Dery(D G)Corp late 179-1942 MS
Without stocks purch warrants A0 9718 Bale 9718 Mar'31
6
20 61 Dec'29
98% 25
94
9934
2d 7s stpd Sept 1930 coupon..
Lombard
Elec
1st
6
7s
with
64
Warr'52 JO 7612 77
15 June'31 ____
77
7912
11
76
9512
Detroit Edison 1st coil tr 58_1933 i"-i 10438 105 104
Without warrants
77 Bale 764
10434 29 I0
79
39
75
-t- 10
95
Gen & ref 59 series A
14
5.34 Lorillard (P) Co 79
1949 AO 10734 Sale 10734
1944
A0
114
11412 11418
11412 21 10254 1144.
10734
5 10434 10912
Gen & ref be series B
5s
1955 ID 10712 Sale 10734 1074
1951 FA 95 Sale 9334
9514 74
33 105 10918
82
954
Gen bt ref 58 series C
Deb 510
1962 FA 10712 1084 10712 1
1937 31 100 Sale 9912 10038 112
0734
8 10514 110
8678 101
Gen & ref 414s series D_.19S1
Louisville Gas & El(Ky)55_1952 MN 10634 Sale 106%
_1961 FA 1044 Bale 10334 10418
107
19
135
1034
993
108
When issued
4
FA
Lower
1053
Austria Hydro El Pow4
104 July'31 -__
Det United let con g 410_ _ _1932 J J
lsts16 ,
1 0
9834 994 July'31 ___ 10314 10434
1944 FA 55
6912 73 July'31
7112 8718
Dodge Bros deb Os
974 100
McCrory Stores Corp deb 614s'41 JD 9934 Sale 9878
1940 MN 9214 Sale 9114
9212 210
4
9934
9378 100
Dold (Jacob)Pack 1st6s_ --1942 MN 57
824
924
McKesson & Robbins deb 510'50 MN 76 Sale 7512
65 57
57
77
28
62% 84
1
Dominion Iron & Steel 58-1939 MS
Manati Sugar islet 7149_ _ _1942 AO 26
90 Mar'31 -__
30
261 July'31
2114 40
Donner Steel 1st ref 75
5
90
334 9
7014
9
1942 J J 96 100
Stamped Apr 1931 coupon 1942 A0 20 Sale 20
96
2212
6
2 1922
1912 35
Duke-Price Pow 1st 6s ser A_1966 MN 10414 Sale 95
00012c106
0112
0634 Manhat Ry(NY)cons g 48..1990 A0 5414 Bale 54
0334
10414 32
5414
8
50
Duquesne Light 151 4345 A.-1967 A0 10512 Sale
60
2d
4s
0514
2013 ID 45
50 July'31
50
45
51
East Cuba(lug 15-Yr s 1 g 634s'37 MS 364 Sale 3612 910634 15
Manila Elec Ry & Lt.s t 5s _ _1953 M
96
96 June'31
97
4
7'l
95 100
20
Ed El III Bkin 1st con 6 4s--1939 J J 101
42
Mfrs Tr Co Oils of partic in
10O34 July'31 ___ _
Ed Elec(N Y) 1st consg 55.1995 JJ 122 123 1205
9734 10034
A
I
Namm
& Son 1st 69_1943 ID 9234 95
9312 July'31
12034 10 11514 12
92
9412.
El Pow Corp (Germany) 6348,50 MS 54
312 Marion Steam Shovel St 69..1947 AO 39
65
57
42 July'31
46
58
7
35
474
55
Ists1610
89
Market St Ry 7s ser A _April 1940 Q
1953 A0 54
60 60 July'31 __
95 Sale 95
9514 17
55
92
87i4
Elk Horn Coal let & ref 610 1931 JO 56
981
Mead
Corp 1st 13s with wa(r_1945 AC
7534 80 May'31 ____
72
73
8
50
8/
6211 90
Bob 7% notes (with warr) 1931
Merldlonale Elec 1st 75 A__ _1957 AO 9414 Sale 9412
10
20
15 June'31 ____
95
21
844 10012,Eqult Gas Light let con 5s-1932
10
Metr Ed 1st & ref 5.3 ser C._1953
20
10134 ____ 10134
J 10534 ____ 105
10512
10134
3 10212 10534
3 101 10134
Ernesto Breds Co 1st m 79..1954
lag 414aser D
1968 MS 100% Sale 10012 101
67
991g 10438
With stock purchase warrants_ F A 6334 Sale 6212
Metrop Wat Serv & Dr 5%9_1950 AO 50 Sale 50
56
634 28
42
Federal Light & Tr 1st 58_ _1942 M
5514 76
75
Mete. West Side E (Chic) 43_1938 PA
97
98
9634
0911 70 June'31 16 687
964
2
917 98
1st liens f 55 stamped_ _1942 M
g 77
Miss Mill Mach 7s with war_1956 ID
98 100
94
944
77 May'31
6
9118 97
75
1st lien 68 stamped
77
Without
1942 M S 98 100
warrants
5
ID
97 July'31 _ --.97
57 July'31
65
30-year deb 6s series 13_1954 3 D 90
847s.
10312 Midvale St &0 coil tr af 59.1936 M
94
ioi- Sale
90
90
2
10414 39 10012 10414
90 100
Federated Metals s f 7s.._1939 J D 82
Milw El Ry & Lt 1st 5s B___1961 ID 104 Bale 03%
8912 88 July'31 ____
0334
10412 31
88
9912
9534
1st
1047
mtge
&
53
1971 J J 104 Sale 04
c Cash sale. 3 Option sale.
10414 59 103 10414
New York Bond Record-continued-Page 6
762
BONDS
7.1.a
N. Y. STOCK EXCHANGE
a..
Week Ended July 31.
Price
Friday
July 31.
Week's
Range or
Last Sale.
cl;*
Range
Since
Jan. 1.
BONDS
N. Y.STOCK EXCHANGE
Week Ended July 31.
oV1i
r
b•
t
.4 Q..
Price
Friday
July 31.
. Week's
Range or
Las, &vs,
c13
Range
Since
Jan. 1.
High
High No Low
Ask L re
Bid
12
43
3934
1953 J J ---. 55
Rhine-Ruhr Wat Ser(is
834
77
94 6
4
3:
2
3014 38
2814 Sale 2814
1944 MN
Richfield Oil of Calif Os
60%
25
2914 21
2814 Sale 2814
Certificates of deposit
4
1
/
88
70
7014 July'31
6114 67
1955
Rime Steel 1st s f 78
105% Sale 1053s 10512 11 1051s 107%
Rocnester Gas Sc El 78 ser 11_1916
%
12.
7
3
0
1
512
,
0
19
10658
10653
106% 106%
Gen mtge 554s series C___1948
1
102% Sale 10258 10258
Gen mtge 450 series D_1977
Dec'30
85
90
46
82
m
5s___19
p
I
Roch & Pitts &
94
90% 65
90 Sale 891z
Royal Dutch 49 With warr_ _ _1945
112 64
5 10
4134
4011 Sale 40%
1948
Ruhr Chemical 135
9412 203
93% Sale 9314
St Joseph Lead deb 53.48_-__1941
9914 9934 100 July'31
St Jos Ry Lt USc Pr 1st 55- _1937
99
7
4 15
3112
996
4
5
51%
51% Sale 5112
St L Rock Mt Sc P55 stmpd_1955
87% 92
--- 8612 88 June'31
St Paul City Cable cons 5s_1937
June'31
88
1937
%
4
5s
8
Guaranteed
234
99
3% 10
88
24 10
109
ioe Bale 108
San Antonio Pub Serv 1st 68_1952
938
23
59
55 Sale 55
Saxon Pub Wks(Germany) 78'45
3174
86
5
49
42
53
Tr
Bale
50%
49
1951
Mfrs
Gen ref guar 610
4712 5314
Namm (A I) & Son See
1
75
48
60
4 48
1
.1 4514 49/
1946
70 60 June'31
60
9612 Schulco Co guar 6540
93
Nassau Elsa guar gold 4s_ _ _ A951 .1 D
9114
60
945s July'31
10
95
70
7478 60
94
1946
1942.1
65
Guar 81 64is series B
98 10234
Nat Acme 1st t 6s
308
9018
8
1023
65
4
1013
Sale
8
A
July'31
F
1017
77
948
7912
75
1112 2578 Sharon Steel Hoop 81 5448...1
Nat Dairy Prod deb 5Ms_.. _1948
2
9234
14
73
72
91
1947 F A 14 Sale 14
90 Bale 8912
96 10018 Shell Pipe Line of deb 58-__1952
Nat Radiator deb 634s
10018 Apr'31
78% 95
1941.1 .1
76 Sale 7534
10812 Shell Union Oils!deb 5s..._ 1947
Nat Steel s deb 59
5
104
2
9
2
1
90
8
2
4
6
10714
50
10714
D
10714
78
108
1949
4 Sale 7612
1
76/
Deb 55 with warr
95
85
Newark C00801 Gas cons 53_1948 .1 0 94% Sale 92
9458 47
5
88
A
8712 90 88
Newberry (J J) Co 534% notes'40
12 108% 11214 Shinyetsu El Pow 1st 6Hs_ _1952
111%
s
_
1113
D
11214
1912
July'31
1112
2J
11112
10
15
1314
A195
New Engi Tel & Tel 58
2 10358 10712 Shubert Theatre 6s_June
28
014 104
87
5
8912
89 8912
1935
1961 MN 107 107% 10678 10678 16 101 10318 Siemens Sc Betake s f 7s
88
let g 43.5s series B
72 101%
7912 26
0 10214 Sale 10178 10214
1951
7912 Sale 72
Deb f 6Saii
9434
85
N J Pow & Light 1st 4 Hs_ _1980 A
45
4
3
93
2
91
0
105
Sale
A
93%
105
0412
53_1949
1952
10412
9412 Sierra & San Fran Power
New Orl Pub Serv 1st 58 A
85
927s 16
1955.0 D 9212 Sale 9112
36% 5612 66 July'31 _
8412 Silesia Elec Corp of 6%EL__ _1946
First & ref 5s series B
4
70
74
A 70 Sale 70
61% 15
'6018 Sale 60%
8178 Silesian-Am Corp coil tr 75- _1941
NY Dock 50-year 1st g 48.-1951 F
3
60
61
86073
1 1100889°553111114
14
9834 36 18
9226318
60
844
60
9658 Bale 96
1938 A 0 5912
751-.1937
15-Yr
011
Cons
Sinclair
Serial 5% notes
11714
113%
32
9812
78
64
94
0 11534 Sale 115% 116,4
Sale 92
A
94
1938
A_1941
B
series
644s
ref
&
6345
1st
lien
Edison
1st
NY
23 104% 10714
211
031
10
107
8
7
9
8
9
0
44
10614
103
Sale
Sale
102
A
10234
0
A.1938
_A944
107
ser
8_
series
544s
lot lien & ref 5s
2 107% 11212 Sinclair Crude Oil
_ 11218 11218
1912
D 112
10112 10212 101% 1021z 34
Sinclair Pipe Line of 58
NYGasElLtH&Prg 58-1948 J
9712 102
84
41
47
61
Sale 10012 101% 16
A
5912
60
59
1939
Skelly 011 deb 5448
Purchase money gold 45_ A949 F N 10134
7 102 104
SePt'30
102
_1933
100
10258 103 025s 103
M
6%s5,40'42
RR
(A 0) Corp 1st
Smith
"
NYLE &W Coal &
166
100
June'31
94
27
100
97%
1942
97 Sale 96%
NYLE&WD0.A&Impas'43J J 991 101
Solvay Am Invest 58
. 93l5
_ _ 43% Oct'30
106% 15 104 81063
'41
10612 Sale 06
South Bell Tel Sc Tel 1st of 55
NY Rys lstRE & ref 48---1942 J .1
40 Dec'30
50
10714 Sale 07% 107% 15 105 107%
4040
lot Sc ref 58_ _1954
Tel
Bell
Certificates of deposit
Sweat
212
Dec'30
Sale 0313 10334 15 101 106%
4
10312
13
0
...1947
1942A
68A
14
Power
55-Jan
14
Inc
Colo
14
adJ
n
Souther
-year
30
14
14
10158 386 102% 10512
10458 Sale 0414
15'46
14 1
Certificates of deposit
1% 412 Stand 0110! NJ debbs Dee _1951
312 11
9612C102
80
101 Sale 0034 101
2% 312 312
Apr
Stand Oil of NY deb 444s._
61
45
N Y Rys Corp Inc 6s--Jan 1965
60 July'31
7
51
5
6112
60
A___194
50
J
1965.0
ser
135
A
1st
series
Hotel
Os
Prior lien
106 10712 Stevens
July'31
7
107
1111
4
1
/
9
____
2
9
9
MN
107
78._194
)
Sugar Estates (Oriente
N Y Richm Gas 1st 6s A-1951
10
1
64
43
0 :
253s
1101s -- 10% July'31
1112 Syracuse Lighting 1st g 58._1951
6
614 July'31
10714 ---- 07 July'31
62 MN
4% 7
Tenn Coal iron & RRgen 58_1951
6
NY State Rys lot cons 434s..19
3
6%
4
6%
614
4
8_1944
Certificates of deposit
Tenn Cop Sc Chem deb 68
612 12
412
08
9
58 10
98
7 June'31
10712 21 18
8
1947
6
M N
10734 Sale 07
50-yr 1st cons6;18 series B1962
1 10712 10978 Tenn Eiec Power lot 6e
109
2
08
812 15
244
45
8
95
9434 Sale 94%
1944
A 1947 10 N 109 _ _ 109
N Y Steam 1st 25-yr Os ser 1951 M N 10514 Sale 1047s 10514 13 10058 10514 Texas Corp cony deb 55
19
5612
55
44
4414
1960
let ref 40
1st mortgage 58
25
4834
4412 109
4 1051z 48 10112 10614 Third Ave Ry
1
4212
Sale
Sale 104/
4
3
43
MN
105
39
1960
Jan
440-19
t
NY
s
tax-ex
gen
55
&
Inc
1st
Adi
4 110 11218
N Y Telep
110
93 10012
9
99% Sale 9912 100
F A
- 110 110
1937
30-year deben sf 69_ _Feb 1949
Third Ave RR let g 58
4 108
9112 101
4 46
1
10034 Sale 0034 100/
1941 A 0 105e Sale 105% 105% 124 1043
1955
93 10012 Tobo Elee Power lot 78
2
30-year ref gold 08
96
19
38
99
96
Bale
4
3
99
96
99%
941z
1946.1
1932
Os
1st
Rock
8% gold notes
Y Trap
1 101 103%
10118
10118
102
8
J
1007
2
Niagara Falls Power lot 5s-193 A 0 10114 Bale 10114
Tokyo Eiee Light Co. Ltd-1953
8814 98
4 10114 103
101%
Jan 1932
84% Sale 0412
Ref et gen 68
1st 6s dollar series
10312 106
9
07
32
1:41
94
8
10
272 19
_ 0734 June'31
1047s July'31
A 0 10472
10712
1949
Niag Lock &0Pr 1st ds A-1955 MN
Trenton G & El 1st g 5s
89
4
4
1
/
98
4
3
72
9411
45
48
94
62
July'31
15
45
94
1950
Niagara Share deb 534s
Truax-Traer Coal cony 6%8_1943
87
56
10
60
85 10011
15
89
Sale 88%
N 60 Bale 56
8812
1940
68
t
lets
Steel
l
Norddeutsche Lloyd 20-yr 8168'47 M
5612 Trumbul
29
1
2611
39
20
39
40
25 2911 20 Apr'31
NI
39
.1962
Nor Amer Cem deb 6 Ms A--1940
9718 10134 Twenty-third St Ry ref 5.9._
88
88 100
4
87 88
1961 F A 100% Sale 10058 10112 124
55
North Amer Co deb 59
Tyrol Hydro-Elec Pow 7355-19
22 10014 105
105
102
Sale
July'31
86
8214
f3
105
M
A_
_1957
---1952
baser
deb
78
Guar sec s
No Am Edfson
F A 10412 Sale 10414 104% 28 10134 105
Deb 5348 ser 8-Aug 161963
97 10234
10214 46
MN 10214 Sale 102
15
100% Sale 0012 101
Deb 58 series C _Nov - 1969 M
Uligawa Elee Pow s 78- _ _1945
6 103 108
08%
8
2::
93
96
114 10
12 19
10714
107
__ 0234 103
108
103
10718
Os_
-1947
Light
(Mo)59_1932
Nor Ohio Trac &
10514 38 102 10514 Union Elec Lt& Pr
103 Sale 02% 10312 16
A_ -1941 A 0 105 Sale 105
1933
5s
eat
&
Ref
Nor States Pow 25-yr 58
28
10512
107%
92
111 104
93%
12
10414 12 10
Sale 04
A 0 10578 Sale 1057s 10614
10414
1941
1954
serif
A
6s
5%8
g
1st
5-yr
(III)
ref
P
&
1st
1001s 10111 Un E L&
Apr'31 ...„
_
10114 June'31
70% 71
4 J .1 102
1945
North W T 1st fd g 446s gtd-193
931
:10114 Union Eley Ry(Chic) 5s.......
9534 135
3
2 10
78
69134
8 100
105
M N 9312 Sale 93%
1654 10512 1045s
Oil 30-yr 68 A_ __May 1042
Norweg Hydro-El Nit 540.-1957 A 0 111% Sale 11118 112
2 110 114
Union
9711 101
4
991 x1001s 99% 100%
7345 A-1946
let lien of 58 ser C....Feb 1935
3 11012 115
Ohio Public Service B
97
9011 90 July'31
1947 F A 11118 113 11112 11214
90
Deb 5s with wart..-_Apr 1945
let & ref 78 series Os__-1948J J
10112 10211
9 105
714
2 100
105
10218 Feb'31
104%
106
65_1942
deb
Am
of
Biscuit
Ohio River Edison 1st
1
19
5014 United
29
06% 10211
28
68
2614 31
01
10112
A
gide
F
1944
10112
1953
68
1st
58
Drug 25-yr
2
10714
United
Old Ben Coal
10314
_
62
10614
40
10614
52
July'31
107
54
8
A
1063
F
1943
50
58_
1934
71
Ontario Power N F 1st 550_1950 J
94/
15
4 United Rys St L 1st g 48
1
81
99% 101%
5
100
75
8014 80
100 101 100
1937
Ontario Power Serv lot1st 58.1945 MN 10612
100 10714 United SS Co 15-yr 6s
76
4312 8378
10714 July'31
48
44 Sale 4311
Corp6fis A_1951
Works
Steel
42
10114
Ontario Transmission
Un
95
10018
4418 8334
16
99%
45
Sale
4
993
S
1503s 4415
36
1953 M
1951
C
series
81640
Oriental Devel guar Bs
4
45
Sec
965
881s
9
41
83%
4712 34
41
N 9434 Sale 94%
M
1958
1947
A
ser
Eat' deb 5558
S deb 64is
10
9514 100
9812
98
Bale
9812
S
M
-1963
58Oslo Gas& El Wks exti
99% United Steel Wks of Burbach
17
71
82
1 100 108
104
9934 104
_1951
A---1941 M S 8012 Sale 8011
_
ser
6s
75__
f
IVI
s
1st
delange
Steel
Esch-Du
Otis
23
70
4 Sale 69
1
69/
Sc ref 5s ser A1947
5112 Apr'31
J 106 Sale 105% 106% 20 102% 1063s US Rubber letSc Red deb Os 1936
1514 43
58-1942
Pacific Gas& El gen & ref
4 1065s Universal Pipe
1
5 103/
689
4
2 8
50
21718
3
76
111
16
4
1
1061s 106%
Sale 49/
J J 10612
50
1937
50
1953
1st
Tel
68
Lt
&
'I'd
Sc
Pow
e
Pacific
0114
94 104
10814 10814 14 100 10812 Untereib
9934 27 100
4 10814
1
9914 Sale 9912
1952 M N 107/
lot Sc ref 5s...1944
Trac
Ref Mtge 5s series A
&
103
Lt
10112
23
Utah
10212
27
104
102%
103
Sale
N
Sale
8
34
5
10214
103
St 65_1934
1944
30
Pan-Amer P Sc T cony nv 6s '40
78
Utah Power & Lt 1st 58
104 10738
32%
3314 16
10758 July'31
D 3318 35
10814
3112 33
Pan-Am PetCo(ofCal)co
Utica Elec L& P 1st 81 g 53_1950
1
3112
31% Sale 3111
111 113% 11112 11111 - 2 10532 11312
ref Sc ext 5s 1957
Elsa
Certificates of deposit
Sc
Gas
105
10018
24
Utica
84
1021z
68
62
10114
74
723
73 Sale
.1 102 Sale
Paramount-8'mo/ 1st 5Ms--1951 .1
9912 40
97
74
Util Power & Light 534o,...1947
6918 144
D 87 Sale 85
683s Sale 68
1959
Paramount-Fam's-Lasky 6s-1947 J
89
5s with warrants
67
Deb
7612
84
7318
Sale
A
76
F
0
40
6212
Without warrants
Paramount Publix Corp 5548195
77
1
1
7512 11
68
94
86
8258 Sale 811s
.1953 J .1 48% 58
20
38
Vanadium Corp of Am cony 55'41
Park-Lex let leasehold 6340 44 A 0 2212 2412 24
2
24
23
45
5
3418
34
34% 44
1st ref 78_ _ _1942
Sugar
es
10711
105
Vertlent
Parmelee Trans deb 6519
22
June'31
22
10712
Mar'31
22
22
20
cons 5s1949 M 8 10712 10914
1953
4 Victor Fuel 1st s f 58
1
50% 94/
Pat & Passaic G & El warr 1937 M N 891z Sale 8914
92% 37
75
85
84
10
83
83
99% Va Iron Coal Sc Coke lot g 531949
97
991s 294
Pathe Each deb is with4;48-1981 A 0 99 Sale 98%
: 10378 23 101% 105
1035s Bale 1031
Sc ref 55.-1934
lot
Pow
8034
Sc
Ry
Pennsylvania P & L 1st
54
5918
25
Va
58
58 Sale
A----1941 M
Os
Cement
1161z
-Dixie
11212
50
86
3
Penn
52
11634 June'31
50 Sale 50
5
g 68-1943 A 0 11658
8 10418 110% Walworth deb 6345 with warr193
10912
50
3
Peop Gas & C 1st cons
90
51
51
53
50
10938 60-10 10914
1947 NI
Without warrants
106 10912
40
Refunding gold 58
79
5112 10
5014
49% 50
10034 - - 10912 July'31
M
_1045
_
_
A
series
Co
fund
ed
lot sink
Register
9814c104
78
714
C104
94
7
3
25
8
44
398
43% Sale 41
1967.1 D 103 Sale 103
Bros Pict deb 68.....1939
4
1053
Warner
102%
4
1053
Piffle Co sec 5s ser A
10514
July'31
85
85
Sale
82
1944
1967 SIN 10514
9278 9958 Warner Co lot 88 with ware.
9814 76
97
PldiaEiec Co 1st 430
83
83 July'31
9311
81
A 9814 Sale 9754
F
1971
s
Without warrant
7214 8514
80
23
let & ref 48
79
10012 10634
81
106 10612 106 July'31
79
Ref ds 1973.0 .1
83
Warner Sugar Refin lot 78..1941
56
68
15
1712
10
12
Pulls & ReadingCJcI
10
12 Sale 12
1949 NI S 65 Sale 65
39
5012 92% Warner Sugar Corp 1st 70-.19'39
6312 36
Cony deb 65
June'31
14
15
10
Sale 60
60
D
1939.0
on
coup
Stamped Jan 1 1930
2 103 10312
103
3
9
12
2
6
Phillips Petrol deb 534s 15 1931 J D 103 Sale 103
1%
8
4
35
413
8
Sale
4
413
4184
Warner-QuInland deb Os...J939
2 10312 106
91
84
Pierce 011 deb s t 8s _ _Dec
12
86
851s Sale 8414
1941
3 A 0 105%- 10534 106
94 10434 Warren Bros Co deb (is
4
103 105
10434
Pillsbury Fl Mills 20-yr 6s-194
104%
104
Apr'31
4
1
/
........
gide
102
104%
N
M
1939
-1952
Wash Water Powers 158_9013 05
11018
10512 11012
Pirelli Co(Italy) cony 78_81 58'57.1 J 9034 93
90% July'31
110% Sale 10918
Westchester Ltg 58 stPd gtd-195('
99% 105
2
Pocah Con Collieries 1st
10534 10534
4 1
105/
A-1953 F A 100 10412 100 July'31
Penn Power ser A 58_ -.1946
102 104
West
Mar'31
5 1198
34
95
10
111
Port Arthur Can & Dk Os
:
104
July'31110
110
10812
103
1963
1953 F A
1st 5s series E
921s
86
8812 85
1st M 6s series 11
105% 10534 10512 10612 28 105 10712
1953
C 1960 NI El 8812 Sale 88
let 534s series F
1 10814 108
1071
12
044 1
10614
1043
06s
Port Genl Eiec 1st 4fis ser
13
3
100
105
10614
10614
106
106%
10614
1050
N
M
1946
1st see 5s series GI
2 10118 1047s
10314
Portland Ry L & k' lit 7 yisA
10712 19
107 Sale 107
-1935 J .1 10234 10334 10314
Western Electric deb 58.. _1944
79
51
7
6912
Portland Gen Eiec 1st 58- - _ 1942 J J 6912 Bale 67
Sale 105
4 18 10118 10534
4
1053
1053
_1938
58_
trust
6s
roll
cony
74% Western Union
50
04
014 10
6534 92
07
Porto Rican Am Tob
21314
1024 Sale 102
102,4 11 19
_1950
J J 64% Sale 6312
Fund Sc real est g 4
88
74
7
11012 30 10434C11018
84
Postal Teleg & Cable coil 59_1933 J .1 83
87 84
11012 Sale 10934
1936
15-year 6 4is
10218 10614
May'31
Pressed Steel Car cone go 58_1933
69
104%
10512
Sale
103%
8
1045
1051
D
J
'65
5s
25-year gold 58
14 10112 106
90 10414
54
Pub Serv El & Gas 1st & ref 1967.1 D 161031
103% Sale 103
4; Sale 10412 105
1960
30-year 58
23 10111 1051s
105
7912
42
62
1st & ref Ois
47
4412 Bale 42
1953
1970 F A 10412 Sale 10412
9934 Westphalia IJn El Pow 68
2
1)9
03
70
93%
7538 19
8
98%
021
1st & ref 4345
7
Bale
92
92
Sale
98%
1971 A 0
1212 Wheeling Steel Corp let 5545 1948
4
80
July'31
80
1st & ref 48
1112
Sale
7
80
51z 1112
J J
12
lot Sc ref 440 series B. ..l953
6
Punta Alegre Sugar deb 78_ _1937
6 May'31
544837
deb
96
White Eagle Oil Sc Ref
75
43
89
Certificates of deposit
3 102 10312
103% 104 10312 1031
1937 F A 89 Sale 88
With stock purch warrants- _
933s
74
% notes
85
41
3312 40
Pure Oils t
38 June'31
1940 M S 85 Sale 84
9034 0812 White Sew Mach 68 with warr'36
46%
7
9418
29
f 54i% notes
38
38
94
40
36
Sale
94%
J
Without warrants
9534
70
3
:
841
2212 441e
Purity Bakeries s I deb 55_ 1948.0
July'31
34
38
33
83%
4
1
1910
MN ____ 83/
Perth s 1 deb 6s
6434 92
40
714 10
Remington Arms Ists 16s_ -1937 MN 80 Sale 7712
80
8
0%
7
35
7s...19
lot
St'l
9212 10214 Wickwire Spen
832
6
0
6
98
ii
1
Rem Rand deb 540 with war '47 A 0 98 Sale 98
9
6
Ctt dep Chase Nat Bank...
96
74
2
4
1
Vs 1012
78/
Repub I & 5 10-30-yr 5.9 s f__1940 J .1 78% 80
9
7
78%
634 July'31
ggis
713 (Nov 1927 coupon)Jan 1935
3412
1114
65 101
2
8
6
Ref & gen 5 fris series A_ .1953
31
9
61
6
_
_
87
Bank_
85%
Nat
Ctf dep Chase
52% 93%
85
60
95 10012
9
Revere Cop & 131' 6s _ __July 1948 M
991
52%
99% Sale 981z
-1933
1946 .1 J 5311 Sale
69% 987s Willys-Overland 51 6 Ms-68_194
73
8834 101
96
Rhelneibe Union s f 78
36
9434 Sale 94
1
72 691z
68
1950 51
83
6414 10112 Wilson & Co 1st 25-yr t 730'41
11
75
26
Rhine-Main-Danube 7s A
July'31
55
4812
5412
6414
Bale
68
Repeat Arms
er
Winchest
8914
23
5514
4
2815 59
Rhine-Westphalia El Pr 7s-1950
50
4812
59
50
4311952 M N 5511 Sale 5514
Certificates of deposit
17
97 103
5512 88
Direct mtge (is
103
59
Sale
971s
1003
98
5513
Sale
'78
55
56
Tube
A
F
Youngstown Sheet Sc
3
76
97 101
1001 304
Cons M 6s of '28 with war.1963
UN 87
9712 Sale 5+712
50,4
60
1970
F A 56
lstmsf5sserB
Without warrants
6111 8634
4
5514
5112
5512 58
Cos m 63 of 1930 with warr..1955 A 0
High
High No. Low
Ask Low
Bid
105% 22 103 10534
Sale 105
Montana Power lot 58 A---1943 J J 1053s 103 10211 103
10 99 104
JD
10212
1962
Deb 58 series A
9112 10012
6
Montecatini Min & Agric9312
931s
J 92% 94
99%
Debs 78 with warrants__ _1937 J
92
14
93
4 95
1
J J 92/
2
Without warrants
9812 101%
10014
1'Ii 100% 10034 10014
3
90% 95
Montreal Tram lot & ref 5s__194 AO 9212 96
92%
8
025
_1955
9312 94
Cen & ref of 5s series A....___ 94 May'31
87% 8718
Gen & ref of 53 ser B.. _1955 AO 9212 89
8718 Mar'31
9178 9312
Gen & ref s 4 As ser C._1955 AO 84
May'31
9312
9614
9212
AO
55
83
65
Gen & ref s I 55 set* D_-_-19
7411 27
1939.1.1 7312 Sale 73%
70
70
Morris & Co 1st f 4)0
July'31
70
80
AO
70
1966
2
ser
48
9934
97
Mortgage-Bond Co
3
July'31
99
J
1932 J
98
10-25 year 58 series 3
92%
July'31
93
97
1934 JD 93
Murray Body 1st 6 Jis
10211 10912
July'31
10914
MN
10914
10312
Mutual Fuel Gas lot gu g 5s-1947 MN
102%
June'31
103's
---4
104,
Mut Un Tel gtd 6s ext at5%.1941
Cash sales. s Option sales.
AUG. 1 1931.1
FINANCIAL CHRONICLE
763
Outside Stock Exchanges
Boston Stock Exchangc.-Record of transactions at
the Boston Stock Exchange, July 25 to July 31, both inclusive, compiled from official sales lists:
Friday
Sales
Last Week's Range for
Sale
of Prices.
1Veek.
Stocks (Continued) Par. Price. Low. Nigh. Shares.
Range Since Jan. 1.
Low.
High.
Chic Investors Corp com_•
355
34 334 1,350
231 Jan
454 Feb
Preferred
•
3034
Range Since Jan. 1.
50 26
3051
Jan 314 Mar
Chic N S & MilwStocksPrior lien prof
100
54
54
Low.
20 54
June 60
Mar
High.
Chic Towel Co cony pref..
40 784 July 85
7814 7834
Jan
Railroads
Chic Yellow Cab Co
• 18
18
1851
250 1/3
June 23% Mar
Boston & Albany
100 18234 182% 18235
Cities
Service
Co
9 1734 Jan 185
com
•
10
93.5
1031
9)4
17,800
Mar
May 2055 Mar
Boston Elevated
100 9114 904 91%
Club
Alum
1,065 624 Apr 9554 July
Uten Co
•
1% 155
100
14 June
354 Feb
Preferred
9951 100
277 7614 Apr 102 June Coleman Lamp & St com_•
6
8
100
44 June 1234 Jan
lot preferred
100 1094 109)4 110
1,151 98% Jan 113
198 2009-4
525 1904 June
Fob
June Commonwealth Edison 100 199
2c1 preferred
10334, 1024 1034
492 82
Apr 10351 July Community Water Serv_*
951 951
100
9
15A
2
Jan 25
Apr
Boston & MaineConstrue Material Corp-Class A 1st pref stpd_100
53
Common
53
10 53
July 75
•
635
635 64
50
Feb
531 June 1044
1,Jiaz
1
CI B lot pref stpd
88
88
5 88
5
134
July 115
155
250
Feb Consumers Co corn
134 July
Prior pref stpd
100 10135 101% 102
6% prior pref A
49 100
100
Jan 108
30
30
10 30
Mar
June 4531 Jan
East Mass St Ry lot pt._ _
V t c pur warrants
8
84
40
451 Apr 10
14 June
300
Jan
54
114 Jan
15
NY N H& Hartford_100
654 7054
129 63 June 92% Feb Cont Chicago CorpOld Colony
100
134 1354
Common
18 125
•
5
Jan 140
44 5
7,500
Mar
Jun
454
1035
Feb
Pennsylvania RR
50 44
44
Preferred
4615
915 424 June 6835 Feb
•
3455 35
350 34
July 4054 Feb
Cord Corp
5
7
756 6,100
754
Jan 15
6
Apr
MiscellaneousCorn Sec of Chic allot ctf_•
45
46
200 41
Jun
60
Feb
Amer Cont Corp
Common
9
935
10
9 June 15% Feb
* 14% 1454 15
2,100 1334 Jun
2154 Feb
American Founders Corp _
3
Crane
3
Co
common
313
25
251
June
25
25
25
635 June
680 25 Jun
4051 Jan
Amer Tel & Tel
100 10934 169 176% 2,650 1564 June 201% Feb
Preferred
100
105 10855
40 10331 July 119
Feb
Amoskeag Mfg Co
9%
81.5 10
3,150
7
Jan
54 54
14
Mar Curtis Lighting Inc corn •
100
54 May
8 June
Aviation Sec of New Eng
Decker
(Alf)
&
Cohn
corn
25
•
234 Jan
531 Mar
314 314
50
3
Mar
7
Jan
Bigelow Sanford Carpet_
34
2935 34
260 2035 May 34
July El Household TRH Corp_10 164 1631 1615
150 164 July 294 Feb
Preferred
85
85
30 80
Mar 85
Jan Empire Gas & FuelBoston Personal Prop Trust 1854
7%
18
18)4
pref
126 17% June 2155 Feb
100 6134 614 6116
50 50
June SO
Jan
Drown Co prof
25
28
8
20 June 66
1
155
300
Feb Foote Bros G & If Co .5
June 3544 Jan
1
'Columbia Graphophone___
8
8
75
20
655 June 164 Mar Gardner-Denver Co corn •
110 18
June
20%
East Gas & Fuel Assn
19
Gen
18
Theatre Eq corn y t c•
19%
340 1735 Jan 274 Mar
355 355
50
334 Apr 15
Feb
455% preferred
100 854 85
8556
213 77
Jan 89 June Gleaner Comb Harv Corp6% preferred
100 91m
Cap
914 9255
210 88
•
1
1
1
June 95
100
Jan
34 June
Eastern SS LinesGodchaux Sugar Inc 13_ •
714 8
140
3
May 16
ttaanr
0 31
4 j
Common
18
19
21
17 June 28% Mar Goldblatt Bros Inc com__• 154 10% 1554
50 134 Jan 2
10
855,9: Feb
1A parr,
Edison Elec Ilium
100 247
248 248
375 225 June 26615 Feb Great Lakes Aircraft A_.
311
3
355
1,950
155 Jan
Empl Group Assoc T C.__
15
15
120 15
•
19
July 20
100 1735 June 2834 Feb
Mar Great Lakes D & D
1956
General Capital Corp
2915 294 30
Greyhound
Corp(The)c
om
150
•
25
4
351
June 39% Apr
4
2,100
354 Apr
Georgian Corp prof class A _
13
13
10
855 .Jan
184 1855
110 1834 July 26
13
July Greif Bros CooDge A COM *
Mar
1
Gilchrist Corp
5
6
70
5 June 32
3
255 355 4,450
71
uayr Grigsby Grunow Co com_*
5 NM
234 Jan
654 Mar
Gillette Safety Razor
2051 21%
Hall
Printing
corn._
AO
Co
270 18% July
14% 1354 1715 2,100 1235 June
Mar
95
Grief Bros Cooperage
19
19
2
19
715 7%
July
50
21
5
Jan Hart-Carter Co cony pref •
Apr 1334 Feb
Internat Hydra-Electric.-.
22% 23)4
12
164 June 30% Mar Houdaillo-Hershey Corp A• 173.1 154 16
1,050 114 Jan
Jenkins Television
Class B
351 351
2
24 Jan
•
44 64. 4.850
655
6
Apr
4% June
9% Star
Libby McNeal & Libby
104 1054 10
2
915 Jan 134 Feb Illinois Brick Co cap_ __25 1134
1134 114
SOO 1155 July 1614 Jan
Loews Theatres
84
811 84
1
7
98
98%
May
30 98
951 Jan Illinois Nor Util pref___100 98
Jan 100% Apr
Mass Utilities Assoc v t c
4
4
4
2,27
351 Jan
Feb Insult Urn Invest Inc___' 2734 2631 2855 29,150 21
5
June 4951 Feb
Morgenthaler Linotype_ _ _
77
Prior pref (w o w)
79
7
76
•
June 89
72
72
50 69 June 93
Jan
Feb
Nat Service Co corn shares
155
155
2d preferred
135
26
1
June
• 7031 6955 71
351 Jan
1,400 6955 July 9234 Mar
New England Equity
27
27
3
23
Jan 2
1115 1155
100 1034 Apr 224 Feb
1m
Jab Iron Fireman Mfg Co v t c•
30
1
New England Pub Serv_
Katz Drug Co corn
174 1711
1
15
1
June
22
22
100 1651 Jan 2535 Mar
New Eng Tel 4r Tel___100 134
133 1344
42 129
June 142
Mar Kellogg Sw'bd&SuPNo American Aviation Inc.
Common
855 84
2
10
555 Jan 1014 Mar
3%
34 351
100
355' June
735 Mar
Pacific Mills
100 2054 19
20)4 1,63
Preferred
65
1556
100
June 2555 Mar
65
65
70 50
Jan 75
Apr
Public Utility Holding_ _
-----3% 335
311 June
4955 5055
20 48
751 Feb Ky Utll Jr cum pref____50
June 51
Feb
Reece Buttonhole Mach___
15
Lawbeck Corp allot ctfs • 64
2
1455
1551
Jan
64
1555
64
70
Feb
6234 July 83
Feb
Shawmut Assn T C
-134 13% 1,24
133-4
Leath
de Co cum pref. •
114 Apr 16
8
Feb
8
30
July 16
5
Mar
Stone & Webster
284 3055
68
2535 Jun
5435 Mar Libby McNeill & Libby.10
1031 10%
800
94 May 14% Mar
Swift & Co new
254 2551 264
17
25
Jun
•
304 Jan Lincoln Printing corn_
1854 2035
750 1874 July 234 Apr
Torrington Co
•
45
46
96 3814 Jun
47
Feb Lion Oil Refg corn
3% 354
200
2% May
6% Jan
United Founders Corp corn
44 555
513
415 Jun
104 Mar McGraw Electric com
150
* 1011
94 10%
751 June 1655 Jan
United Shoe Mach Corp.25 52
52
54
1,613 47
Jun
•
58
3734 38
Jan McQuay-Norris Mfg
CO 35
Feb 40
Mar
Preferred
3111 3115
559 31
Jan 3235 Slay McWilliams Dredging Co_* 214 21% 2151
50 2151 JUIY 3154 Mar
U S Elea Power
334 451
3%
45
May
Mar Manhatt-Dearborn com •
8
931 934
40
951 July 204 Feb
Waltham Watch pref
30
30
10 26
July 50
24% 2455
Jan Marshall Field & Co come
200 234 Jan 3235 Feb
Warren Bros Co new
19%
1915 2034
180 14% June 464 Feb Material Serv Corp com_10
18
18
1755 Jan 254 Apr
5
Westfield Mfg Co
21
214
115 204 Feb 2755 May Mer & Mfrs Sec Co A corn •
16
1551 July 23% Mar
163-4 1,35
Metrop Ind Co allot ars.*
32
32
1
32 June 42
Mar
MiningMIckelb Food Prod com_ A
8
8
815
15
8
144 Jan
July
Arizona Commercial
5
950 95c
300 500
Apr
15
4 Feb Middle West Tel Co corn.*
20% 21
10
17
Jan
Feb
Calumet & Heels
2355
25
655 656
5
54 June 114 Feb Middle West IRO new_.• 1734 174 184 31.90
14% June 2535 Mar
Copper Range
25
455 5
Warrants A
35
415 June
816 Feb
154 14
150
1
May
Feb
4
Mohawk
25
1555 154
Class 13 warrants
10 15
July 21
155
Feb
154 156
300
134 May
Feb
5
North Butte..... _ _2%
155
115 114
1,542
1
Jan
555 Mar Midland United Co corn* 19
1815 19
2,250 184 AD
23
Old Dominion Co
Jan
25
2
2
2
255
100
Convertible preferred •
July
351 Feb
100 36
384 39
AP
4351
Feb
P C Pocahontas
10
10
100
9
June 1555 Jan Midland UtilSt Mary's Mineral Land_._
5H 6
531
165
6%
4
class
May
A
pref
Mar
9%
100
74
74
75
150 74
July 85 'Star
Utah Apex Mining
1
1
1
100 75c June
7% prior lien.
14 Jan
100
9335 9351
90 934 July 100
Feb
Utah Metals & Tunnel
------ 30c 300
100 25e
Jan 59c Feb Miller & Hart Inc cony pf•
18
50 1414 AP
18
21
Feb
Miss
Vali
Util $7 Ewer- •
87
100 87
89
Jun
97
Jan
Bonds$6 prior lien pref
•
87
150 85
90
AP
Amoskeag Mfg Co_ _1948
964 Apr
754 70% 57,000 71
Feb 81
Mar Sto-Wan Pipe Line com 5
435
44 451 2,850
351 Jun
104 Mar
Chic Jet & Un Stk YdsModine Mfg corn
•
2254 224
100 2254 June 3814 Jan
55
1940
104 104
0,000 101% Jan 104
July Mohawk Rubber Co cont_*
3%
351
100
355 Jun
33--I
Mar
East Mass Street RyMonroe ChemicalSeries A 4 149
1918
30
30
5,000 214 Jan 34
Preferred (w w)
June
2935 2955
100
•
22
JILT
33
Mass Gas Co 455s_ _ _ _ 1931
May
10014 1004
1,000 100
Jan 100% May Morgan Litho common. •
2
2
200
2
July
9 Feb
• No par value. z Ex dividend.
Mos*er Leather Corp cum*
6
40
6
555 May
814 Apr
Muncie Gear Co A
I%
2
250
135 July
•
6% Apr
Chicago Stock Exchangc.-Record of transactions at
Common
•
135 Feb
50
1)4
115
4% Apr
Chicago Stock Exchange, July 25 to July 31, both inclusive Muskegon Motor Spec,
Convertible A
* 14
1354 14
200 10
Jan 154 Feb
compiled from official sales lists:
Natl Battery Co pref
29
510 20
Mar 2954 July
29
.
Natl Family Stores corn _.•
155 July
2
155
2,050
214
6
Jan
Friday
Sales
Nat Secur Inc Co corn._
435
355 4% 1,450
331 June
74 Feb
Last Week's Range for
Range Since Jan. I.
Nat'l Standard common.* 2835 2754 2814
150 25
July 344 Star
Sale
of Prices.
Week.
Nat Union Radio Corp...
100
215 23,5
Stocks154 Jan
Feb
5
Par. Price. Low. High. Shares.
Low.
Noblitt-Sparks common • 40
High.
38
4154 2.900 2954 June 474 Star
Nor Amer Car Corp corn_*
50 1134 July 31
Abbotts Labontt corn
154
1555
Feb
•
364 3655
150 35
Jan 3955 Mar No Amer Gas & E'ec A...•
100 10
114 114
Allied Motor Ind Inc corn •
Feb
134 Feb
1
14
150
1
May
3% Jan No Am Lt & Pr Co com_.• 8931 65
Altorfer Bros Co cony pf_• 33)4 30
6951 18,200 61
Jan 70% Mar
130 26
3355
June 30
Feb No&Sou Am Corp A corn.'
500
Amer Equities Co corn _ _
54 July
53-1
1151 Mar
554 654
435
434
455
100
354 May
751 Feb Northwest Bancorp com 50 2855 2851 294
Amer Pub Serv pref____100 88
1,250 2751 June 37
Jan
874 89
90 88
June 94
Feb Northwest UMAppalachian Gas ootn____•
455
414
100
4 June
851. Feb
7% preferred
Assoc Tel & Tel20 80
87
89
100 87
July 98
Feb
Prior
lien
7%
$8 pref with warrants_. 86
92
92
pref._100
10 8931 Jan 102
Feb
85
88
20 8415 May 8851 Mar Ontario /mg Co corn
50
84 84
Class A
85,4 July
1055 Feb
•
6535 67
60 65
Feb 70
Parker Pen Co corn
Assoc Tel Urn Co corn_._' 244 24
10
10
10 1155 1155 1255
July 2455 Jan
2455 1,800 2055 Apr 2534 Mar Peabody
Feb
Coal Co B corn__*
4
2
4
4
200
May
$6 cony pros A
5
• 7354 7355 734
Feb
60 7354 July 8234 May Perfect Circle
$ti cum prior prof
(The) Co..'
35
350 2454 Apr 36
3554
•
Mar
804 8015
50 8035 June 86
July Pines WInterfront corn...*
Baxter Laundries, Inc A _
13
13
1,050 12
May 2255 Apr
14
134
30
1
July
251 Mar Polymet Mfg
Bendix Aviation com
251 251
_• 20)4
300
2
Jan
(34 Mar
1934 21
20.700 144 June 254 Feb Process Corp Corp com•
Borg-Warner Corp corn.10 1955
common_.'
454
44 455
00
315 Apr
751 June
1855 20
8,750 14% May 3015 Feb Pub Fiery of Nor
Bonin Viritone Corp Pt •
III1
1
150
1
July
755 Feb
Common
20051 209
• 205
Brach & Sons(E J) com•
350 208
June 262
Feb
1255 13
700 114 Jan 17% Mar
Preferred
8%
125%
Brown Fence & Wire B_.•
122%
50
100
12814
Jan 137
Mar
34 355
200
355 July
7% preferred
1015 Feb
Class A
134 134
20 12934 Jan 147
100
Feb
114 124
500 114 July 20
Feb Q R S 0,Vry Corp com__•
1
Bruce Co (E I.) eommon.• 23
1,150
1
134
54 June
515 Mar
23
24
350 1355 May 264 June
Quaker Oats CoBurnham Trading CorpCommon
Common
135 135
220 11814 June 170
•
•
Jan
51
34
300
July
3
Preferred
Mar
Convertible preferred •
11951 120
100 120
130 113
Jan 120% May
114 1%
100
3-4 July
11
Feb Railroad Shares Corp corn •
Butler Brothers
255
255 3
300
June
251
20
5
44 5
Feb
700
4
June
73-1 Mar Rath Packing Co com__10
Canal Constr cony pref _•
1655 1616
50 1435 June 20% Jan
4
4
10
4
June
711
Raytheon
Castle 4: Co Apr com_ _10
5
5
250
3% June 154 Mar
19
19
1,000 184 June 3455 Mar Reliance Mfg corn v t c_•
Mfg Co com_ _10
Feb
Cent Illinois Sec Co Ws._
735 8
35
5
Apr
20
8 Salt,
20
20
1,600 20
Apr 20% Jan
Preferred
Central lii P 3 Prof
80
100
80
80
20
• 93
Apr 80
92
9355
680 91
Jan 95
Central Ind Pow pref__100
Mar Rollins Hosiery Mills73
73
20
7051
Convertible preferred_ •
Mar
Jane 84
Cent Pub Ser Corp A_ _ _.• 104 105-4 1151 2,700
2534 2555
50 25
July 38
•
951 July
1951 Mar Ryan Car Co(The) corn. _•
1
1
1
Cent S W UIII corn new • 1651 16% 17
200
1
July
14 Apr
1,100 1335 June 24%
Ryerson & Son Inc corn_ •
Preferred
1915 1954
100 19
• 90
June 26
90
9055
Jan
150 88 •June 9874 Feb
Apr Sally Frocks Inc com_•
451 4%
Prior lien pref
60
•
4
Jan
98% 99
9
Mar
150 9431 Jan 104% Jan
Seaboard P S cony pref_ ..•
Cent West Pub Serv A _ _.5 174 174 174
4351 44
20 40
June 48
300 17
Feb
June
17%
ay,
Chain Stores Prod Corp Pf*
July Seaboard UM Shares Corp*
355 3% 1,800
14
355 Jan
14
54 Jan
10 14
July
1434 May South'n Union Gas corn _ -*
Cherry-Burrell Corp corn •
735
711 751
950
554
. June 12
13% 134
220 1355 July
Feb
2754 Jan So'west Gas & El 7% Pt 100
93
94
Chic City & Cori Res Corn •
50 9034 June 98% Star
15
15
100
34 Jan
34 Jan Southwestern Lt & Pw pf •
8411 8415
.40 84
July 9431 Jan
Friday
Sales
Last 1Veek's Range for
Sale
of Prices.
1Veek.
Par. Price. Low. High. Shares.
3%
31
bawd
rriaay
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shwas.
Standard Dredge•
Convertible pref
15
Swift International
25
Swift & Co
25
Thompson (J It) com
Unit Corp of Am pret____•
United Amer UM Inc corn *
United Gas Corp common*
20
U 13 Gypsum
100
Preferred
US Radio & Telev corn__*
Utab Radio Prod com___•
•
Util & Ind Corp corn
Convertible preferred_.•
Viking Pump Co*
Preferred
•
Vortex Cup Co corn
Walgreen Co common__*
Ward & Co (Monte) A..•
Waukesha Motor Co corn_*
Wayne Pump CoConvertible preferred •
*
West Coat UM Inc A_
Western Pow Lt & Tel el A*
Wisconsin Bank Ohs corn 10
Yates-Am Mach part pf__*
Zenith Radio Corp com•
5
33
26
154
6
3534
3234
254
6
18
17
100
23
2
234
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low, High. Shares.
Range Since Jan. 1.
High.
Low.
431 Juno 16
500
6
5
1,550 2911 June 4034
34
33
2,200 2414 June 3034
2531 26
150 15 June 34
1631 1631
July 1234
1
450
194 154
9
311 May
400
4
47.4
400
474 June 1134
634
6
300 33 June 49
3534 3634
10 11634 June 134
130 130
2334 3234 126,550 1234 June 3431
534
2 June
234 274 1,050
474 June
994
534 634 1,010
Jan 1934
1734 1834 1,150 15
Jan
Apr
Jan
Mar
Feb
Feb
Feb
Mar
June
Mar
Feb
Feb
Feb
2634 2634
1834
18
1634 1734
100 100
52
52
50
150
8.000
10
30
25
1834
16
93
42
Mar
Jan 29
Mar
June 23
June 2914 Mar
July 10434 Apr
Feb
June 73
12
12
1034 1134
2334
22
531
5
3
2
231 234
60
300
700
700
300
850
10
8
20
5
2
231
Apr
June
June
May
June
July
28
22
2331
634
9
594
Feb
Jan
July
Jan
Feb
Feb
BondsChic RIJuly 7494 Mar
6314 35,000 61
63
1927
5s
Commonwealth Ed 513_1943 11034 11034 11034 4,000 10534 Jan 11034 July
July
July 98
5,000 98
98
98
Gary Elec & Gas 5s A_1934
Feb
60,000 75 June 94
1940 8334 8234 84
Instill Utll Inv 65
July 9234 Jan
2,000 92
92
92
Pub Serv Sub Corp 514s'49
•No par value. s Ex-dly. V Ex-rights.
Toronto Stock Exchange.-Record of transactions at
the Toronto Stock Exchange July 25 to July 31, both inclusive, compiled from official sales lists:
Stocks-
[VOL. 133.
FINANCIAL CHRONICLE
764
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Abitibi Pr dr Pap corn_ •
100 1411
6% preferred
100 137%
Bell Telephone
Blue Ribbon Corp com___• 17%
50 36%
preferred
634%
Brazilian T L & Pr com___* 18%
• 3531
British Col Power A
*
B
•
Building Products A
25
Burt,F N Co corn
4%
•
Canada Bread corn
10
Canada Cement corn
100 8131
Preferred
Canada Wire & Cable B__* 20%
Canadian Canners con pf •
100
lot preferred
Canadian Car & Fdry com•
Can Dredging & Dock corn*
Canadian Gen Elec pref _50 62
2%
Can Indust Alcohol A ___ _•
•
Canadian 011 COM
Canadian Pacific Ry. _ 25 25
*
Cockshutt Plow corn
9
Consolidated Bakeries_ _*
Consol Industries
Cons Food Products com_•
Cons Yining dr Smelting 25 93
100
Consumers Gas
Cosmos Imp Mills cora_ e
100
Preferred
• 11.40
Dome Mines Ltd
Dominion Stores corn_ _ _.• 2231
•
Fanny Farmer corn
• 17
Ford Co of Canada A
Goodyr Tire & Rub prof 100 103%
•
Gypsum Lime & A lab
3
Ham tin Theatres com__25
Hollinger Cons 0 Mines_ _ 5 6.10
Internat Milling 1st pf_100 95%
* 12%
Internal Nickel corn
33
Internet Utilities A
1 26.00
Lake Shore Mines
Laura Secord Candy com_•
1131
Loblaw Groceterlas A__....
• 1134
Maple Leaf Milling pf- -100
414
Massey-Harris COM
McIntyre Porcup 3,11nes 5
14
Moore Corp cora
Oft Equit Life 10% pd_100
Orange Crush lit pref._100
•
2nd preferred
Page-Hersey Tubes corn' 80
Photo Engravers & EL_ -* 24
Pressed Metals corn
Riverside Silk Mills A_ •
100
Russel Motor corn
100
Preferred
Simpson's Ltd pref _ - _ -100 78%
*
Stand Steel Cons pret_
Steel Co of Canada com__* 27
25
Preferred
5
Walkers-Gooderh Worts_ _•
West Can Fl Mills pfd.. _100
Weston Ltd, Geo corn.. _ _ _• 38%
Winnipeg Electric) pret_100
Range Since Jan. 1.
Low.
High.
3% June 1331 Feb
25
4% 4%
Feb
175 14% July 50
14% 16
May 151% Feb
127
350
139)4
137%
July
Mar 20
25 12
17% 17%
Feb 38 May
55 30
36%
36
3,352 12 June 28)4 Mar
18% 20
10 33 June 42% Mar
3511 35%
25 10 May 1511 Mar
10% 10%
Feb
125 16% June 28
20% 21)4
55 29% June 44% Feb
35
35
7% Jan
3)4 May
25
411 4%
8% May 18% Mar
336
10
1014
138 81% July 9614 Apr
81% 84%
July 30% Mar
20
235
20)4
20%
Jan
8% June 14
10% 1.229
10
July 92% Jan
4 82
83
83
10 10 May 23% Mar
11
11
150 24 June 3614 Feb
29% 30
2 59)4 Jan 63% Apr
62
62
5% Jan
1% May
90
2% 27.4
9 May 23% Jan
40
11% 11%
% July 45% Feb
24% 25% 1,440 247
Jan
4% May 10
50
5
5
734 June 12% Feb
112
8% 9%
15
July 17% May
200
15
15
Jan
3
25
1
14 June
1
Mar
527 7134 June 187
92% 97%
Apr
181 180% Jan 187
183% 184
Mar
5 June
60
7
7
Jan
July 93
20 70
70
70
Jan 13.40 Apr
500 9.20
11.40 11.65
Jan 24% Apr
140 14
22%
22
Mar
9% June 18
10
11
11
1434 May 29% Mar
54
16% 17
94% June 10734 Feb
2
102 103%
14
714 July 12% Jan
7% 8
4% Apr
3 July
3
3
1,000 6.00 July 8.70 Apr
6.00 8.15
Mar
July 103
92
9515 95%
914 June 20% Mar
12% 13% 5,20
Apr
45
June
31
30
33
33
18 23.00 Jan 28.50 Apr
26.00 26.40
Feb
33 June 46
8
42
40
11
May 14% Mar
44
11% 12
110
1111 11%
Mar
July 40
3 15
15
15
3% June 10% Jan
360
4)1 4%
20 20.00 May 26.30 Apr
21.40 21.40
75 1114 June 17% Jan
14
13
Mar
July 21
30 15
15
15
Apr 60 Mae
100 50
52
52
535 Mar
3 July
15
350 68 June 92% Feb
80%
80
Jan 28% Mar
45 18
24
24
Feb
815 June 16
4
9
9
Jan
9 June 18
65
14% 15
20 85% July 77% Feb
6531 6651
Jan
July 95
5 82
82
82
129 73 June 92% Jan
78% 80
Mar
July 35
5 30
30
30
459 25 May 42% Feb
2834
27
50 29% June 36% Feb
34
34
8% Feb
4% May
434 531 3,038
15 ar
July 96
5 82
82
82
Mar
125 30 June 45
3811 39
20 53 July 8114 Jan
547.' 5431
*
Canada Vinegars com_
Canadian Wineries
•
Cosgrave Export Brew_ _10
Distillers Corp Seagrams.•
*
Dominion Bridge
*
Dorn Tar & Chem corn
Duff Pay & Cr Stone corn •
English Elea of Canada A_*
B
*
Goodyr Tire & Rub com_ •
•
Hamilton Bridge corn_
Honey Dew prof
* 54
Montreal L H & P Cons_ *
* 18
Nat Steel Car Corp
Robinson Cons Cone Co....5
Service Stationa com A_ __• 1134
Shawinigan Wet & Pow_ •
Stand Pay dr Mats coin_ *
5%
leo
Preferred
•
Tamblyns Ltd G c,om_
Toronto Elevators com_ *
United Fuel Invest prof 100
*
Waterloo Mfg A
OilsBritish Amer 011
•
•
Crown Dom 011 Co
•
Imperial 011 Ltd
International Petroleum •
McColl Frontenac °acorn*
*
Supertest Pet Ord
•
Union Nat Gas Co
UnlistedCoast Copper
Macaws
Mining Corp
Noranda
Sherritt Gordon
Sudbury Basin
Sylvanite
Teck Hughes
Wright Harereaves
•No par value.
1094
1714 18
334 331
134 2
831 834
3131 3194
5
5
8
6
2814 29
10
10
99 100
8
8
54
54
4434
44
19
18
14
14
1134 1135
4034 41
5% 631
70
70
49
49
1131 1134
24
24
311 4
Range Since Jan. 1.
1411 June 20
6
234 May
134 May 2.10
May 1294
g
28 June 5531
Any 1334
5
734
3 May
2834 July 40
July 16
10
70 June 119
7 June 20
50 May 59
3834 May 6831
July 3634
18
May 1934
11
934 May 3635
35 June 59
5 July 16
6974 June 80
May 49
41
934 Jan 16
July 66
24
731
2 May
Jan
Mar
Jan
Jan
Feb
Mar
Mar
Mar
Mar
Mar
Mar
May
Mar
Feb
Mar
Feb
Mar
Mar
Jan
July
Mar
Jan
Feb
1034
3
12
1194
1194
1774
1054
1054
3
1234
1234
1254
1734
1014
600
120
578
1,217
40
5
450
8
2
10
834
994
1211
911
May
June
June
June
June
May
June
167.4
634
1834
157.4
2231
3234
16
Jan
Mar
Jan
Jan
Feb
Jan
Jan
314
5
334
360
•
1.95
5
* 18.50 18.00
1
eso
610
* 61e
65e
1
1 6.50 6.40
• 2.75 2.73
334
36e
1.95
19.00
630
610
650
6.55
2.75
200
500
25
1,215
800
50
50
2,245
740
234
25c
1.46
14.00
49c
400
53e
8.30
1.94
May
May
Jan
Jan
June
June
June
May
Jan
107.4
55e
2.66
29.65
1.25
750
1.10
8.85
3.18
Feb
Apr
Apr
Mar
Feb
Mar
Apr
Apr
3
12
12
Stocks-
Sales
Friday
Last Week's Range for
Week.
Sale . of Prices.
Par, Prize. Low. High. Shares.
American Foreign Secs-*
American Stores
Bell Tel Co of Pa pret_100 11731
Bornot Inc
•
334
Budd (E CI) Mfg Co
37
Preferred
Budd Wheel Co
50
Cambria Iron
Consol Traction of N J_100
Electric Storage Battery100
10
Fire Association
Horn & Hard(N Y)com_ •
Insurance Co of N A ___ _10 52
Lake Elup'r Corp ctfs of dep
Lehigh Coal & N New w L._
Lehigh Valley
Minehill & Schuylk Hav_ 50
Mitten Bk Sec Corp prof_._
Penn Cent L & P cum preL* 7834
Pennroad Corp
50
Pennsylvania RR
Phila Dairy Prod pref___25
Phlla Elec ot Pa S5 pref.-25 3311
Phila Elec Pow pref
Phila Rap Transit 7% pf SO
Philadelphia Traction_ _50
Railroad Shares Corp
10
Reliance Insurance
Scott Paper
Seaboard Utilities Corp
Shreve El Dorado Pipe L 25
Tacony-Palmyra Bridge-5 4934
1
Tono-Balmont Devel
1
'ii
Tonopah Mining
50 2334
Union Traction
Ctfs of deposit
United Gas Imp corn nevi...1
*
Preferred new
• 2334
Warner Co
W Jersey & Seashore RR 50 58
34
York Railways prof
BondsDel Pow & Lt 414s w 11971
Elec & Peoples tr etts4s1945
1981
Penn P & L 434s
Pennsylvania RR 431s 1981
Phila. El(Pa) 1st s f 4s1956
1971
1st & ref 4s
1968
1st 5s
Phila El Pow Co 534(3_1972
17nrIr Rye let Ka
10527
2614 2831
4131 4174
11731 11734
634 7
374 43.4
40
37
851 834
43
43
40
40
5311 5311
1751 1751
3934 3934
5334
52
434 434
21)4 22
3974 3974
5934
59
5% 67.4
7831 7831
551 611
4431 4634
9394 9334
10594 10534
3331 333.4
2534 26
3531 3811
33-4 334
6
5
50
49
354 335
434 411
4934 4931
35
11
35
'14
2394 24
2311 2314
2831 2934
1057.4 10534
2334
23
58
58
34
34
10031
33
9834
9534
100
98
10834
10734
lon7,4
15.5
400
500
200
4,900
120
200
10
100
185
400
100
1,200
1,400
600
10
22
400
10
6,500
5,300
14
400
500
200
585
10
600
61
800
100
100
200
1,000
500
100
6,800
200
700
25
30
Range Since Jan. 1.
Low.
199
205
201
239
236
217
May
May
Jun
Jun
Jun
Jo
231
234
225
302
291
238
Mar
Jan
Jan
Mar
Mar
Mar
Jult
Mal
Jul3
Jul)
JUIN
Juts
Mat
Ma
AD
• No par value.
Baltimore Stock Exchange.-Record of transactions at
Baltimore Stock Exchange, July 25 to July 31, both inclusive, compiled from official sales lists:
355
425
555
19
205
35
154
15
9
158
14
15
201
84
17
2
116
41
Feb 10634 July
101
3234 Jan 3334 Mar
Apr 3834 May
16
2934 Feb 4034 May
334 May
534 Feb
731 Mar
4% June
4234 Feb 5034 Apr
531 Feb
331 May
534 July
134 Jan
4134 Jan 49)1 July
Apr
1
Ile Ju ly
Apr
1
% Jan
Apr 3111 May
20
207.4 Apr 2434 Juni
2534 Jan 3734 Mai
9874 Jan 106 Mat
20 June 3254 Pet
July 62 Mat
58
Fel
32 June 34
10011 86,000 10034 July 10031
Jan 46
3734 6,300 30
9931 9,000 98% July 9911
9631 20,000 957.4 July 9874
1,000 9434 Feb 100
100
984 29,000 9434 Mar 9934
10974 8,100 10774 Jan 110
10734 12,000 10531 Jan 10711
MO% 2.000 977.4 Jan 101
3631
36
*
Arundel Corp
10 28% 28% 29
Baltimore Trust Co
10
10
*
Black & Decker:corn
& Po Tel of Bal pf 100 117)5 117% 117%
Loan & Trust Cos.
July 216 May Chas
23 195
25
25
200 200
Commercial Credit pref_25
100
Canada Perm Mort_
July
140
July
10 14()
25
25
140 140
25
Preferred B
Landed Banking & Loan100 140
Jan
July 360
51 255
87% 90
255 255
Gas E L & Power • 90
100 255
National Trust
Mar Consol
6 2.0 June 235
111% 11134
221 221
D
ser
pref
100
6%
Toronto General Trusts 100
Mar
25 108 June 115
110% 110%
111 111
511% pret w 1 ser E__100
51)
Toronto Mortgage
106% 106%
100
5% prof
an
2% 3
Consolidation Coal.. -100
Toronto
28
the
at
28
transactions
L
w
A
Selt
Bromo
Emerson
Toronto Curb.-Record of
25
25
Guar Fire Corp _10
&
Fid
from
compiled
inclusive,
Curb July 25 to July 31, both
140 140
50
Fidelity & Delimit
41
41
First Nat Bank w 1
official sales lists:
24
24
Humphreys Mfg Co. pref..Sales
Friday
11% 11%
25
Mfrs Fin 1st pret_
Range Since Jan. 1.
Last Week's Range for
V
7
7
25
preferred
2d
Week.
Prices.
of
Sale
Maryland Cas new w I. _ _ - 17% 17% 18
High.
Low.
I
Par. Price. Low. High. Shares.
Stocks28%
28%
__
L
w
new
Maryland Tr Co
24%
24
831 Janj 1334 Apr Merch & Miners Transp-• 24
350
12%
12
Can Bud Breweries com_• 12
24% 25
10 1094 May 1611 Feb Monon W Penn PS pref_25 25
13% 13%
•
Canada Malting Co
202 206
207 209
207 208
260 260
24034 244
220 222
High.
2234 June 5334 Feb
Jan 4874 May
37
1157.4 Jan 11831 Mar
731 May
Jan
6
214 June
534 Feb
Jan
35 May 51
Apr 1234 Feb
7
41 May 43 July
Jan
July 43
40
50 June 6534 Mar
1534 May 2434 Feb
3434 Jan 4434 Apr
45 June 6331 Mar
Jan
9
23-4 June
1911 June 2734 Feb
Feb
3754 June 55
5654 Jan 5934 July
554 July 1374 Jan
Mar
7534 Feb 81
834 Feb
43.4 June
4211 June 64
Feb
Sales
for
Week.
Shares.
100 202
100
100
100
100 24034
100 220
may
Philadelphia Stock Exchange.-Record of transactions
at Philadelphia Stock Exchange, July 25 to July 31, both
inclusive, compiled from official sales lists:
Friday
Last Week's Range
of Prices.
Sale
Par. Price. Low. High.
BanksCommerce
Dominion
Imperial
Montreal
Royal
Toronto
High.
Low.
75
20
150
10
5
20
8
150
90
2
10
25
30
115
5
35
60
45
5
10
25
5
45
Stocks-
78
48
50
420
1,288
50
200
as
Range Since Jan. 1.
Low.
High.
42
32%
15
118)4
25%
25
11014
11234
111
107
Feb
Feb
Feb
Feb
July
July
Feb
June
June
July
July 32%
28
20 June 32
130 June 185
38% June 50
23% May 24
10% May 15
4% Jan
8
1754 July 36
July
28
32
July 3311
24
24 June 25%
Feb
Feb
Mar
Feb
Mar
Jan
Feb
Feb
Feb
Jan
Apr
3414 June
27% June
6% May
113 May
Jan
21
21% Jan
79 June
Jan
110
108% Jan
10211 Jan
AUG. 1 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
Mt Vern-Woodb AI pref100
New Amsterdam Can Ins_ Northern Central
Penns Water & Power- *
Union Trust Co
50
United Rys dr Electric__ _50
TJSFid&Guarnew10
West 111d Dairy Inc pref*
BondsBaltimore City Bonds4s School
1961
45 Annex Impt__ _ _ 1954
Consol Gas gen 4%s_ _1954
North Ave Market 65_1940
United Ry & E let 4s_1949
Income 4s
1949
Funding 55
1936
• No par value.
273.1
17%
99
44
18
48
27%
88%
60
52
311
17%
98%
10414
10434
10634
81
4334
18
3134
49
28
88%
61
52
334
18
99
84
596
2
210
153
100
2,539
30
Range Since Jan. 1.
Low.
48
27%
85%
53
51
351
17%
94
July
July
Jan
June
June
June
July
Jan
High.
61%
36%
90
70
62
6
37
99%
Apr
Feb
May
Feb
Jan
Jan
Feb
May
10414 $2,600 9934 Jan 10534 May
600 10034 Jan 10534 June
10434
1,000 101
10634
Feb 10634 July
81
1,000 81
July 88
Jan
44
26,000 4234 Jan 5034 Feb
1834 4,000 1734 Jan 26
Mar
33
13,000 30 June 44 • Feb
Pittsburgh Stock Exchange.-Record of transactions at
Pittsburgh Stock Exchange, July 25 to July 31, both inclusive, compiled from official sales lists:
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Arkansas Nat Gas Corp_ _•
4
Preferred
10
614
Armstrong Cork Co
* 20
1934
Blaw-Knox Co
• 1734 1734
Carnegie Metals
10
1
Clark (D L) Candy
•
1234
Devonian 011
10
5
5
Hachmeister Lind Corp_ _* 18
18
Harbison Walk Ref
*
25
Jones & Laughlin Eitl pf 100
119
Koppers Gas & Coke pf 100
9614
Lone Star Gas
• 16
1534
McCrady Rogers pref. _50
45
Mesta Machine
5
2634
Phoenix Oil com
25c
100
Pittsburgh Forging
*
73.1
Pittsburgh Plate Glass-25
34
Pittsb Screw & Bolt Corp *
934
974
Plymouth 011 Co
5
934
San Toy Mining
1
3o
Shamrock 011 & Gas
*
3
United Engine dr Fdry---•
3234
Waverly 011 Works ol A_*
5
5
Westinghouse Air Brake...* 2534 2534
4
614
20
18
1
13
5
1834
2834
119
9614
1634
45
27
100
8
35
10
934
3e
4
33
5
2514
Range Since Jan. 1.
Low.
20
354
70
5%
66 16
120 1634
950
1
140 10
115
434
1,275 10
40 2434
15 117
115 9514
3,519 1434
100 45
110 25
1,000 10c
300
7
435 2834
145
93.4
70
634
1,000
lc
325
3
60 32
20
2
60 20
High.
634
May
May
7
May 30
June 2934
May
33.4
Jan 1334
May
8
Jan 2034
June 44
June 12234
July 10234
May 29
July 49
June 37
Mar 200
June 1334
June 4234
June 1534
May 1934
Feb30
July 1234
July 38
June
734
June 35
UnlistedLeonard Oil Developm't 25 65c
65c
65c
800 50e June
114
Lone Star Gas pref____100 10034 100% 100%
210 100
Apr 108
Western Pub Serv v t o-_*
6%
851 754 1,510
6
June 1434
BondsIndependent Brew 6s_1955
3134 3134 $1,000 31
June 3134
Shamrock Oil& Gas 6s 1939
80
80
100 80
July 95
'No par value.
Jan
Jan
Jan
Feb
Jan
Feb
Apr
May
Feb
Apr
Mar
Feb
Apr
Apr
Jan
Apr
Feb
Feb
Feb
July
Feb
Feb
Feb
Mat
Apt
Mar
Pet
July
Jar
Stocks-
765
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares
Amer Ldry Mach com___20 27
Amer Rolling Mill corn. _25
Churngold Corp
•
Cin Gas &Elec pref____100 10334
Cincinnati Street Ry___ _50 34%
Cin & Sub Tel
50 9234
City Ice & Fuel
• 31
Cohen(Dan) Co
100%
14
Col Ry Pr 1st pref
*
Cooper Corp pret
100 16
Dow Drug com
Eagle-Picher Lead com_20
*
5
711
Formica Insulation
*
*
Herr
ar Mfg
obart
*
Kroger com
" 30%
Lazarus pref
100 101
Little Miami guar
50
Magnavox
Procter & Gamb corn new.* 64
8% preferred
1
preferred
100 110%
Pure
'
pref
100 66
Randall B
•
U Ei Playing Card
10
• No par value.
25
1934
53.4
10274
34
9234
31
1414
10714
16
2734
20
53-4
10334
3431
9334
31
15
107%
16
5
711 7
551
i
22% 22%
4
4
36% 36%
29
3074
100% 101
9634 96%
2
2
63
64
177 17714
110% 112
65
66%
5
5
36% 36%
758
35
20
527
205
84
13
130
10
39
105
93
10
100
36
805
120
15
500
316
20
202
110
100
10
Range Since Jan. 1.
Low.
25
1534
4
1003.4
34
92%
2934
1334
107
11
July
June
May
Feb
July
July
June
June
Jan
Jan
Je
June
Feb
June
July
June
Jan
June
July
Feb
May
Feb
Jan
June
Feb
July
7%
414
22
4
31
1814
9934
9634
1
60
170
10935
60
311
36%
High.
45
37
1434
10434
40
99%
37
1654
109
16
14%
7
29%
8
41
35
102%
102
4
71
185
112
85
5
50
Jan
Feb
Jan
May
Jan
Mar
Jan
Jan
Apr
July
Jan
Mar
Mar
Mar
Jan
May
July
Feb
Jan
Jan
Feb
July
Jan
Feb
Jan
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange,July 25 to July 31, both inclusive,
compiled from official sales lists:
Stocks-
Friday
Sala
Last Week's Range for
Sale
of Prices.
Week.
Par Price. Low. High. Shares.
Bank & Trust StocksFirst National Bank
_20
6131 62
80
Franklin-American Tr_100 149
147 14934
78
Mercantile-Comm B&T100
185 186
91
Miscellaneous StocksBrown Shoe, corn
100
44
45
114
Burkart Mfg Prof
•
12
12
100
Coca-Cola Bottling Co...1
25
27
53
Como Mills Co
*
22
22
50
Dr Pepper corn
*
28
8134
2831
Ely & Walker D G com_25
13
60
13
2d preferred
100
60
60
15
International Shoe corn.• 4834 4814 50
121
Preferred
100
109 110
29
Johnson-S-S Shoe
*
30
32
220
Landis Machine corn_ ___25
26
30
26
mcQuay-Norris
* 39
38
39
140
Mo Portland Cement___25
21
21
50
National Candy corn
•
1854 18%
505
Securities Inv corn
•
28
15
28
Southwest Bell Tel pf_100
94
1223.4 1233.4
Stlx, Baer & Fuller cam_• 1534 15
1534
510
St Louis Bank Bldg Equip*
4
4
66
Wagner Electric corn. _100
1434 143.4
135
Street RailwayBondsEast St L & Sub 53_1932
9714 9734 $10,000
"No par value.
Range Since Jan. 1.
Low.
High.
5834 July 70
147
July 200
168
June 198
3334
9
25
213-4
27
12
60
4631
10514
25
24
3534
20
1714
26
1173.4
11
4
1234
Feb 45
Apr 12
July 43
Apr 2434
June 3234
June 18
July 75
June 53
Jan 110
Jan 37
June 30
Feb 3934
Apr 29%
June 22
May 31
Jan 12314
Jan 1534
July
7
May 19
9614 Jan
Mar
Jan
Jan
Alb'
,July
Jan
Mar
Mar
Jan
Mar
July
July
Jan
Mar
July
Mar
Mar
Feb
July
July
Mar
Mar
98
Apr
Los Angeles Stock Exchange.-Record of transactions
Cleveland Stock Exchange.-Record of transactions
at the Los Angeles Stock Exchange, July 25 to July 31,
at
Cleveland Stock Exchange, July 25 to July 31,
both in- both inclusive, compiled from official sales lists:
clusive, compiled from official sales lists:
MUM
JUGGS
Stocks-
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
par. price. Low. High. Shares.
Aetna Rubber corn
*
Allen Industries prof
*
Bishop & Babcock com_50
Sunday Building met _100
Chase Br & Cop pf ser A100
City Ice & Fuel
* 32
Cleve-Cliffs Iron prof_
*
Cleve Elea III 6% pref_100
Cleve Ry Otis of dep__ _100 6934
Cleve Securities P L pt. *
Cleveland Trust
100
Cleve Wor Mills com_100
Cleve & Sandusky Brew100
Cliffs Corp v t c
•
Commercial Bookblnding_5
Dow Chemical corn
5
Preferred
100
Elea Conk St Mfg com_ •
Enamel Prod
•
Faultless Rubber com- •
Fostoria Prs SU
• 1034
Gen Tire & Rubb corn. _25
Glidden prior prof
100
Grief Bros Cooperage cl A *
Guardian Trust Co
_100
Hanna M A $7 cum prof..•
Harbauer corn
*
India Tire & Rubb com_ *
Interlake Steamship cons." 3834
Jaeger Machine corn
5
Kelley Is' Lime & Tr corn 5
Lamson Sessions
•
McKee Arthur G&Co el B• 36
Mohawk Rubber corn_ __ 5
3
Myers FE & Bros
• 3634
National Acme cam._ _ _10
6
National Carbon pref- -100
National Refining com_ _25 1314
Ohio Brass B
*
Preferred
100
Ohio Seamless Tube corn.'
Packard Electric corn__' 10
Patterson Sargent
*
Peerless Motor corn
10
334
Richman Brothers com_ *
Selberling Rubber corn_.•
63.4
Selby Shoe coin
*
Sherwin-Williams corn_ _25
AA prof
100 106%
Thompson Aero
*
Thompson Products Inc_ _*
Trumbull-Cliffa Furn pf100
Union Trust
25
s
Vlchek Tool
6
Weinberger Drug
*
BondsCleveland Railway 56.1933
•No par value.
334 334
8
8
3
3
28
28
102 102
32
3234
76
76
1133411334
6934 72
1%
134
295 295
10
10
334 334
50
50
5
5
41
4134
1044 10434
5034 5034
6
6
34
34
1034 11
80
80
72
75
19
19
290 290
88
88
15
15
1034 1034
38
40
834 814
27
27
10
10
3534 37
234 3
3634 3634
6
6
134 135
1334 1334
3534 36
1053.4 105%
14
14
10
11
24
24
3
334
58
60
634 8
13
13
6034 62
106 106%
8
8
1034 1034
9034 91
59
61
6
6
lom 1034
15
92
25
6
30
176
10
17
426
106
11
100
140
2
100
103
10
50
400
20
100
10
110
256
60
63
80
20
602
35
10
10
450
480
25
300
149
5
134
10
10
120
60
1,050
142
680
50
230
52
100
20
68
411
115
10
9934 9934 $3.000
Range Since Jan. 1.
Low.
High.
2
8
3
30
102
30
76
11134
67
13t
279
4
234
50
5
3434
10134
45
534
34
8
80
50
June
5
Feb
May 22
Feb
July
3
July
July 4314 Jan
June 106
Apr
June 3734 Feb
June 94
Jan
Jan 114
Apr
June 84
Mar
July
234 Jan
June 325
Jan
Apr 10
July
June
5
Mar
June 8134 mar
July 13
Feb
June 5134 Mar
Feb 10534 Jan
June 65
Jan
Jan
6
Apr
July 37
Feb
May 1114 Jan
May 140
may
May '80
Jan
1734 June 22 Feb
288
July 330
Feb
86% June 94
Mar
15
July 19
Jan
834 Feb 1334 Feb
38 June 60
Jan
83.4 June 1534 mar
27
July 35
Feb
10 June 1534 Feb
32
Apr 47
Jan
23.4 July
8
Mar
36 June 45
Mar
53.4 May 1034 Mar
130 June 138
Jan
15
July 223.4 Jan
32 June 71
Feb
10534 Jan 10734 Mat
14
July 20
Jam
10
July 13
Mar
2234 May 2814 Feb
3
May
4
Jar
50 June 7634 Fet
431 Feb 1054 May
954 May 1674 Fet
52 June 6834 Mai
104
Apr 109
Jar
8
Feb
8
Fel
93.4 June 1734 Fel
9034 June 104
Pet
5734 June 75
Jar
534 June 11
Ma
1034 July
1534 Jar
99% June Inn u ma
Cincinnati Stock Exchange.-Record of
ions at
Cincinnati Stock Exchange, July 25 to Julytransact
31, both inclusive, compiled from official sales lists:
Stocks-
Last Week's Range for
Sale
of Prizes.
Week.
Par. Price. Low. High. Shares.
Associated Gas& Eleo A_ _•
Bolsa Chios Oil A
10
California Bank
25
Califorrda Packing Corp__*
Douglas Aircraft Inc
*
Goodyear T & Rub prof 100
Hal Roach 8% prof
25
Hancock 011 cam A
25
Intl Re-insurance Corp_ _10
LOS Angeles Gas & El pl100
Los Angeles Invest Co_ _ _10
MacMillan Petroleum Co25
Mortgage Guarantee Co100
Pacific Flnance Corp com10
Pacific Gas di Elea corn._25
Pacific Mutual Life Ins 10
Pacific Pub Serv A cora_ _ 5
Pacific Western 011 Co...*
San Joaq L & P 7%pr pf100
Seaboard Nall Bank.._25
_25
Shell Union C11 Co coin_ _25
So Calif Edison com_ _ _ _25
Original pref
25
7% preferred
25
6% preferred
25
Standard Oil of Calif
•
Taylor Milling Corp
•
Union Oil Associates_ __ _25
• No par value.
1274
8%
723.4
2234
18
75
7
614
23%
109%
53.4
2
151
1234
453-4
5134
21%
5%
122
4434
634
4134
3034
2834
27
3634
17
1434
1234 1234
8% 874
7234 7334
22% 2234
18
18
75
75
7
7
674 614
23% 23%
10934 11134
574 6
134 2
151
151
1234 1234
4534 4634
51% 5134
21% 22
534 534
12135 122
4434 4434
634 636
4134 4334
3034 303.4
2834 2834
2676 27
35% 3674
17
1714
1434 15%
Range Since Jas. 1.
Low.
High.
1,100 1134 July 2176
2,100
5% June 2234
750 7234 July 9434
50 2534 Apr 36
200 1234 Jan 2334
10 86
Jan 80
140
May
4
7
100
6% June
834
100 2134 June 33
506 10254 Jan Ill%
300
5
Apr 1031
400
6
134 July
60 151
July 165
600 1034 June 1334
900 3934 June 5434
250 50
Apr 5834
600 1834 Jan 2776
300
534 July 1534
40 115
Jan 124
2 37% Jan 4554
100
7,200 3634 June 5434
900 29 June 3034
1,200 26
Jan 29
1.300 243.4 Jan 2734
4,800 3134 June 51
June 2434
200 17
2.000 1334 Apr 2434
Mar
June
Feb
Apr
Mar
Feb
JulY
June
Jan
July
Jan
Feb
Feb
June
Mar
Jan
Feb
Feb
Mat
Jam
Feb
July
July
May
Fet
Fet
Fet
San Francisco Stock Exchange.-Record of transactions at San Francisco Stock Exchange, July 25 to July 31,
both inclusive, compiled from official sales lists:
Stocks-
Friday
Saks
Last Week's Range for
Sale
Week.
of Price?.
Par. Price. Low. High. Shares.
Anglo & London Ntal Bk..
155 160
Atlas Imp Diesel Eng A...
4% 5
AlaskaJuneau
14% 1434 153.4
Bank oi California
203 203
Bond Share Co Ltd
6
6
Byron Jackson
334 334
Calamba Sugar
1234 123-4
7% preferred
15
15
15
Calif Cotton Mills
2% 314
Calif Peeking Coro
23% 2214 24
Caterpillar
23% 2334 2434
Cons Chem Indus A
1834 1874
Crown Zeller pref A
33
3434
34
Preferred B
34
3334 34
Voting trust certificates374 4
%
Fageol Motors
%
)4
7% preferred
234 2%
234
Fireman's Fund Ins
80
82
Food Mach Corp
15%
1534 153.4
Foster Kleiser
1%
134
Fireman Fund Ind
30
30
Galland Mere Laundry.
3334 3334
Golden State Milk Ltd- --- ------ 12% 13
Hawaiian C & El Ltd
4234 4234
Hawaiian Pineapple
27
273.4
Home F & M Insurance...
3031 3054
HonoluluOil
14% 13
1434
Range Since Jan. 1.
Low.
173 155
414
205
1,175 1134
20 195
100
5%
605
3
400 1234
100 1334
200
234
1,454 20%
6,691 211$
470 17
305 19
189 19
1,49
2%
300
%
900
2
• 199 72
300 15
140
13.4
200 25
100 22
238 12%
50 33
105 25
160 27
395
9
High.
June 17934 Jan
July 1014 Apr
Apr 20
June
June 250
Jan
June 1034 Feb
May
744 Feb
June 16
Jan
Feb 16
Jan
June
734 Feb
May 52
Feb
June 52
Feb
May 233.4 Mar
May 5434 Jan
May 5334 Jan
May
614 Jail
May
134 Jan
Feb
3
Feb
June 90
Feb
May 36
Feb
714 Jan
July
June 30
Apr
Jan 3934 Feb
1554 June
July
Jan 45
Feb
Jan 4134 Jan
May 3934 Jan
May 2894 Jan
[Volk 133.
FINANCIAL CHRONICLE
766
Sales
Friday
Last Weeks. Range for
Week.
of Prices.
Sale
Stocks (Concluded) Par. Price. Low. High. Shares.
Hunt Bros A
Investors Assoc
Leighton Ind 13
Leslie Calif Salt
La Gas & Elm preferred- ..._ _
1i4
Magnavox
Merchant Cal Mach com ..._ __
8
No Amer Oil Cons
4534
Pacific Gas
2935
6% 1st preferred
2734
535%
Pao Light Corp
6% preferred
2134
Pac Pub Serv A
New
1635
Preferred
12735
PacTel
Parafflne Co
3
Pig 'n Whistle preferred...
Rainier PuIP Paper
145
Richfield
135
7% preferred
1134
Hy Eq lst preferred
f;,j I. dr Pow 7% prior pref.
110
6% prior preferred
6
Shell Union
Sherman Clay prior pref.__ ______
Bon Pac
So Pao Golden Gate A
B
Spring Valley Water
Stand 011 of Calif
18
Stand 011 of NY
7
Transama No Par
Tide Water Assd 011
4574
6% preferred
1434
Union 011 Assoc
1534
'Union 011 Co of Calif
Union Sugar
West Amer Fin 8% pref.__ ______
Western Pipe Steel
100
9
9
501
534 534
70
134 134
100
8
8
150
110% 11135
134 235 1,722
413
435 434
1,365
735 8
4534 4634 4,735
2935 2934 2,732
2634 2734 3,290
5034 5235 2,285
432
10534 10535
2135 2235 1.745
798
834 934
508
1634 1744
308
12634 128
506
3834
38
60
3
3
220
11
11
225
141 135
300
135 154
62
1134 11%
117
123 12334
26
110 110
635 2,227
6
60
52
52
170
7934 7934
91'
1434 1545
353
1234 1234
10
9
9
3535 3634 4,441
475
1734 18
634 746 24,154
150
514 535
270
4574 5034
1435 1534 1,185
1534 1634 2,091
189
114 179
50
245 234
415
2235 2294
Range Since Jan. 1.
Low.
635 July
July
5
135 Jan
6 June
10339 Julie
134 Jan
235 June
434 Apr
38 June
2634 Feb
2434 Feb
4835 June
10014 Jan
1834 June
835 Apr
1534 June
11634 Apr
3335 June
2 June
Feb
8
1 June
154 June
Apr
10
11534 Jan
Jan
102
449 May
May
41
7615 July
May
11
935 May
Apr
9
3134 June
1545 June
July
7
4 June
3845 June
1334 Apr
1445 Apr
July
15
Jan
2
1434 Jan
High.
1534
12
134
1134
11134
334
8
1234
5434
2934
2734
6834
10534
28
1134
21
13134
5035
9
1234
635
934
15
124
66
635
55
10034
1534
1334
1034
5145
2545
736
835
6934
2415
2645
21
511
2834
Feb
Feb
Mar
Mar
July
Mar
Jan
Feb
Mar
July
July
Mar
Mar
Feb
Apr
Apr
Mar
Mar
Jan
Apr
Jan
Jan
Jan
Mar
May
Feb
Mar
Mar
July
Mar
Feb
Feb
Feb
July
Feb
Jan
Feb
Feb
Apr
Max
Apr
New York Produce Exchange Securities Market.Following is the record of transactions at the New York
Produce Exchange Securities Market, July 25 to July 31,
both inclusive, compiled from official sales lists:
Stocks-
Bales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Admiralty Alaska Gold...1
1
American Sealcone
American UtII & Gen A_ AO
5
Andes Petroleum
•
Atlas Utll $3 pref
•
Columbia Baking
Commercial Cred Cond war
•
Cons Gas pref w 1
Det & Canada Tunnel__*
Diversified Trust Shrs C___
1
Eagle Bird Mine
1
Eldorado Gold
•
Flag Oil
10
Fuel 011
10
Golden Cycle
1
Group No.Two Oil
I
Howey Gold
Internat'l Rustless Iron 1
Jencks Mfg
5
*
Jenkins Television
•
Kelyinator
Keystone Cons Mining._ _1
•
Kildun Mining
1
La Grange Placer
1
Macassa Mines
*
Metal Textile
Nationit ide Sec
Nati Aviation E warr
No Amer Tr Shares
2 50
North Butte
Petroleum Conversion_ •
1
Pioneer Gold,.
Seaboard Utll warr
Shortwave & Television_ _ 1
•
Spiltdort
Standard 011 Tr A
Super Corporation A
B
1
Tom Reed Gold
Trustee Standard Oil A _ _ __
B
*
U 8& British Intl B
U S Elec Lt & Pow A
B
•
Util Hydro w w
Westvaco Rio w I
4' No par value.
1.00
239
.11
1
439
2.20
.96
.20
334
.33
.55
1.98
455
.76
.38
5
535
1.10
394
534
634
33-4
Range Since Jan. 1.
High.
Low.
1.40 July
.20 May
.90 1.10 133,250
July
3
134 May
235 294 3,100
494 June
345 July
100
339 334
.44 Mar
.10 July
.10 .13 5,500
200 33 June 4034 Feb
3835 3939
19.4 Mar
35 July
100
Si
M
34 Mar
35
44 July
45
400
Apr 10335 May
600 101
10234 10235
Feb
4
35 June
35 154 6,100
200
674 Mar
431 434
434 June
300 1.80 Mar 3.25 June
2.10 2.20
1.02 Apr
.92 July
.95 .96 1,000
139 Mar
.10 July
.20 .20
500
Feb
7
235 July
231 345 1,000
1534
June
14
July
100
1434
1434
235 Feb
100 1.75 July
1.75 1.75
.35 Feb
.30 July
.32 .33 1,000
.36 June 1.20 Feb
.40 .60 18,900
3 July 1134 Jane
6
6
100
59.4 Apr
335 345
200
231 Jan
57% 6
July
6
200
534 Feb
1.80 2.10 7,800 1.14 Apr 2.10 July
941 Mar
3
5
3 July
2,200
.73 July
.73 .77 6,000
.77 July
.56 Apr
.24 May
.36 .40 9,500
449 5
534 Apr
4 June
200
539 June
300
734 Mar
534 631
34 Apr
145 Apr
500
35
94
6% Feb
434 July
435 435 2,700
3.25 Feb
1.10 1.25
700 1.10 July
44.5 434
800
735 Jan
345 June
2.50 2.50
500 2.25 July
2.85 June
3-16 3-16
100 3-16 July
% May
3
345 10,000
I% Feb
4 June
1
200
34 June
345 Jan
134
Feb
7
545 July
100
554 519
5% 535
545 June
300
734 Feb
534 534
400
715 Mar
534 July
.74 July
.90 .90
100
1.50 Apr
454 May
200
694 Feb
49.4 545
534 545
300
5 May
7% Jan
2
2
2
200
July
July
2
100 2834 June 33% Mar
29
29
100
839 Mar
534 June
634 635
3
600
Apr
315 3%
434 Jan
45 July
35 July
200
35
34
New York Curb Exchange-Weekly and Yearly Record
of the transactions on the New York Curb Exchange
In the following extensive list we furnish a complete record the
present Friday (July 31). It is compiled entirely
for the week beginning on Saturday last (July 25) and ending
every security, whether stock or bonds,
from the daily reports of the Curb Exchange itself, and is intended to include
covered.
In which any dealings occurred during the week
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Week Ended July 31.
Stocks-
Range Since Jan. 1.
Low.
High.
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Stocks (Continued) Par. Price. Low. High. Shares.
ClUce Service common...* 10
Indus. & Miscellaneous.
• 64
Preferred
635 June Dm July
100
12 12
Acme Wire, corn v t c.._25
•
Preferred B
Mar
July 10
7
100
7
7
Afro Supply Mfg classA.•
*
B
B
Preferred
Feb
43.6
July
239
200
234
235
•
Class B
com.1
Lights
Neon
Claude
Apr
Jan
2234
2,200 1134
1834 19
Affiliated Products Inc..* 19
535
Apr Cleveland Tractor corn...*
July 87
200 60
82
60
Agfa Ansco Co pref. __100
3-16
July Colombia Syndicate
July 65
25 65
65
65
Allied Kid Co cony pref__•
949 Jan 1154 June Columbia Picture com_ •
100
1035 1034
All America Gen Corp...20
*
Commom v t c
544 Jan
434 Apr
300
445 4%
•
Allied Mills Inc
•
Mar Con.sol Aircraft corn
4,750 90 June 224
• 110
10834 118
Aluminum Co corn
102 10435 1,600 95 June 10934 Mar Como' Automatic
100
6% preference
31.
Merchandising corn v t c•
200 1135 June 1635 Mar
13% 1331
Aluminum Good Mfrs_ •
I% Jan Conti Shares cony pref_100 1949
35 July
500
%
35
35
Amer Austin Car com____•
Preferred series 13____100 2035
rig
Shlpbulldl
Co
Y
N
See
ElseBoveri
Brown
Amer
Feb Copeland Products Inc6
145 May
600
1% 4214
Amer Capital Corp corn B•
Class A without warr....' 2094
July
200 6034 Feb 66
65
65
$5.50 prior preferred__ •
745
5
Cord Corp
June
5%
July
335
1,500
334
•
334
Corporation__
American
Wheeler corn...! 12
Crocker
July
35
July
%
3.600
's
34
35
Warrants
634 Apr 1294 Feb Crosse & Blackwell pref_ •
741 735 7,200
Amer Cyanamid corn B • '734
Apr Crown Cork Internet A_ •
3
139 Mar
300
294 254
Amer Dept Stores Corp •
746 Feb Cuban Cane Prod warr___.
344 May
474 534 4,100
515
American Equities corn,..•
•
59.4 Mar Curtis Lighting
800
234 May
245 3
246
Amer Founders Corp..,..,'
18
7% Feb Curtis Mfg class A
434 Jan
535 5% 3,400
5%
Amer Investors el B corn.'
2% Feb Curtiss-Wright Corp warr_
131 Apr
700
139
131
Warrants
*
Mills
Hosiery
Davenport
Jan
45
July
25
100
2641
25
Amer Laundry Mach -20
7.4
Jan Dayton Airplane Eng coin*
100 20 June 30
25
25
Amer Maize Prod com_ •
345 Mar Decca Record Amer shs__1
3 June
100
3
3
American Thread pref.....5
17
•
common
Co
&
Deere
Jan
5
July
135
2,900
134
135
1%
Am Util & Gen cl B v t c....
335
July 3035 Mar Do Forest Radio coin...!
900 15
15
15
• 15
$3 cum pref
135
..
Apr Detroit Aircraft Corp_-.•
6
Jan
1
900
231
2
2
American Yvette Co corn,•
L)
(W
Douglas
p1100
Shoe
Feb
545
June
3
100
3
3
Anchor Post Fence corn_ •
Dresser(S R)Mfg Co el A •
AngicrChilean Nitrate•
C111:33 B
174 July
15 July
nil 174 4,100
134
Ex-stock distribution__:
100 1515 May 2634 Jan Driver-Harris Co com___10 1834
20
20
Armstrong Cork common.*
Dubiller Condenser Corp •
Feb
8%
June
4
400
6
539
534
..•
_
_
Art Metal Works coin
1%
•
Durant Motors Inc
Associated Else Industries
511 Mar Duval Texas Sulphur '
435 May
500
434 4%
445
Amer dep rcts ord shs...E1
A*
corn
CID
Invest
Eastern
Feb
4
Jan
45
100
154
134
Associated Rayon corn •
334
819 Mar F.Isla Electric comnion- -•
334 Jan
534 535 2,700
539
Atlas Utilities Corp corn,.•
234 June
834 Feb Elea Power Assoc cl A._ __* 1235
100
439 435
Automatic Vet Mach corn*
13
•
_
coin_
Shareholdings
Elms
Feb
16
May
8
1134
600
Cons' Prior panic stock.• 1134 11
•
100 1045 Jan 1635 Mar Empire Corp corn
15
15
Aviation Securities Corp!
Employers Reinsurance_10
335
•
_
coin_
Aviation
Fairchild
Jan
June
110
9045
25
92
92
100
Babcock & Wilcox
2% Jan Federated Capital com _5
May
I
4,500
135 2
2
•
Bahia Corp com
•
Mach_
Inspection
Film
July
5
Apr
245
500
5
5
Bellanca Aire aft Y t c..... •
•
Mar Flintkote Co com A
700 1339 June 10
1445 1434
Beneficial Indus Loan__ •
200 15 June 1854 Feb Ford Motor Co Ltd16
15
Bickford'e Inc common_ •
1134
reg_.£
ord
Ma
dep
Amer
June
3194
Feb
100 28
30
30
$2.50 cum cony pref._ •
July Ford Motor of Can el A..* 1741
575 2034 May 34
3034 34
Bigelow Sanford Carpet....• 34
B
•
Class
Feb
July
1694
13
200
13
13
•
Bliss (E W) Co corn
6% Feb Ford Motor of France
3 June
335 395 1,200
Blue Ridge Corp corn__ •
Amer den rcts
Mar
June
Opt 6% cony pref____50 3234 3134 3235 1,000 2735 July 3834
59 May Foremost Dairy Prod corn'
400
%
%
10
Bin Show COM
June 104 May Foremost Fabrics corn...!
100
25
100
100
p1100
1st
Co
C)
(H
Bohack
100 1134 July 1735 Mar Foundation Co1135 1135
•
Bower Roller Bear
Foreign shares class A.•
Feb
8
Jan
3
100
435 4%
4%
•
Brill Corp class A
234
141 Mar Fox Theatres class A aim.*
95 June
200
41 I
35
•
Class B
Franklin (H Hi Mfg corn..'
British-Amer Tobacco•
200 1635 June 2439 Jan Franklin Ry Supply
1835
18
Amer dep rcts ord bearn 18
General Alloys Co
British Celanese, Ltd494
1% Feb General Aviation Corp. ..*
% May
100
134 131
Am dep refs ord reg____ ___- __
Gen Elec Co (Gt Britain)
Apr
645
Jan
4
200
4
4
4
•
Blorco Inc corn
9%
reg...£1
ord
rcts
dep
Am
Mar
4039
Jan
300
3494
40
40
6% pref with warr____50 40
- --•
,
Feb General Empire Cori
1
49 May
200
41
45
41
Warrants
•
Gen Laundry Mach
Burma Corp334
com!
General
Co
Leather
Mar
June
145
234
100
141 1%
Am den rota reg ribs
635
Jan Gen Theatre Equip pref__•
7
June
345
400
431
435
20
Bros
Butler
•
Coal
Alden
Glen
Feb
28
July
2134
900
21% 2135
•
Carnation Co com
735
Underwrit
_•
_
Exch.
Globe
July
100 4545 May 65
59
59
Celanese Corp pestle p1100
5%
Trading_.*
8134 1,000 6841 Jan 8194 July Goldman-Saehs
75
100 81
7% prior pret
*
845 Feb Gold Seal Electrical
5 June
535 1,400
5
•
Centrifugal Pipe
Inc
434 Mar Gorham
Jan
1
13.4 134 2,700
135
Chain Stores Havel com__•
$3 prat with warrants_ •
Jan 1134 Feb
7
300
10
10
•
Chain Store Stocks3
•
Feb Grand Rap Varnish
1,900 13 June 17
Chatham & Phenix Ailled.• 1434 1435 15
*
Mar Graymnr Corp'
10 180 May 197
180 180
Chic Burl & Quincy It5(100
Station...*
Pay
Telep
Gray
-Jan_
.108.
MAY
.
10 85
89
89
-100 89
Childs Co fuer
934
863%
539
62
4
534
45
11
10
4
1034 63,100
65% 2,000
100
545
50
62
300
4
400
535
3-16 2,000
200
12
200
11
300
434
It
'Is
1974 26
1934 25
82045
735
1139
2349
334
Irr
5
1754
31
1834
OH
36
1534
335
135
2934
3135
19
1874
334
1%
134
245
335
1234
1235
1
24
335
2
35
694
229.4
8
1245
23%
335
Ifs
5
18
Ill
1894
34
41
22
335
1%
30
3134
19
1934
4
134
145
2%
345
1394
1345
1
24
335
2
31
635
Range Since Jan. 1.
Low.
9%
6134
545
5945
349
344
35
10
931
235
May
Juno
May
May
June
June
May
June
June
Apr
High.
2034
8434
734
7234
1034
1035
35
23
22
1035
Feb
Feb
Mar
Mar
Feb
Jan
Jan
Feb
Feb
Jan
600 1-16 Mar
625 1934 July
1,100 1995 July
e% Jan
5445 Jan
51
Jan
8 June
800
574 Jan
7,700
Jan
7
1,000
100 2335 July
344 July
400
35 Feb
200
July
5
200
1,000 e1745 July
45 June
1,100
100 1274 Jan
49 May
8,400
Si July
200
7,300 1534 July
134 Jan
1,300
194 June
2,800
50 2934 July
100 27 May
200 18 June
300 16% June
235 June
700
154 Jan
800
135 June
600
2 May
100
700 z3 May
935 June
800
Jan
9
1,200
95 May
900
100 22
Jan
144 Jan
300
100
135 June
300
35 July
8 June
200
2394
15
1435
25
834
19
5
18
45
1734
235
34
4434
845
335
56
393.4
2735
4135
435
314
334
7
6%
2234
18
234
25
5
5
145
12
July
Apr
Mar
Apr
Mar
Jan
July
July
Mar
Apr
Jan
Apr
Feb
Mar
Feb
Mar
Feb
Mar
Feb
May
Mar
Jan
Jan
Mar
Feb
Mar
Mar
Jan
Mar
Feb
Jan
Mar
1035 1136
16% 1734
30
30
4,500
800
25
1034 June
1454 May
2235 June
1974 Jan
2934 Mar
6234 Feb
735
44
134
300
100
1,000
615 June
39 July
41 June
1054 Mar
% June
634 Mar
334 336
235 234
3% 3%
40
40
445 4%
434 534
700
900
100
700
300
1,500
2
2%
235
40
4
4
July
May
July
July
June
June
5
654
745
46
1034
12
Feb
Jan
Feb
Apr
Feb
Mar
914 IOU
1634 1639
4
44
334
3
635 735
33% 3335
735 735
- 534 534
31 1
1,000
300
100
200
2,500
100
1,900
7,000
1,500
835
1434
45
3
545
29
7
434
35
May 1134
Jan 18
35
July
July
644
June 3139
June 80
9
Jan
Juno 1194
May • 134
Feb
Mar
Jan
June
Feb
Jan
Apr
Mar
Feb
1835
3
22
70
100
100
200
150
15
3
10
56
June
July
June
June
745
31
135
18
3
22
70
2344
534
2935
7334
Jar
Jar]
Mal
Fat
AUG.'1 1931.]
FINANCIAL CHRONICLE
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Continued) Par. Price. Low. High. Shares.
Range Since Jan. 1.
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Stocks (Concluded) Par. Price. Low. High. Shares.
767
Range Since Jan. 1.
Low.
High.
Low.
High,
Gt Atl Ac Pac TeaSpanish 8r General Corp
Non vot corn stock_
•
198 207
50 16734 Jan 260
Apr
Am dep rcts for ord reg7% first preferred_ _100
100
34 June
54
51
11911 12031
36 Feb
150 117
Feb 12211 May Spiegel May Stern pref,_100
Great Northern Paper 25 30
3436 39
39
3,200 13
Jan 37
30
Mar
30
100 25
Apr 3936 Mar Standard Nfotor Constr._*
Griffith(D 1V) Inc cl A_ •
34
16
16
700
34
May
1
Jan
15
100
/6
16 July
16 July Starrett Corp corn
Grocery Stores Prod v t C.
•
33
,
1
4
3%
600
Juno 12% Jan
23,4 2% 1,200
2
July
Mar
6%
6%
pret
with
privileg
Guardian Investors corn_*
e 50
11% 12%
400 10 June 2516 Feb
100
9-1
11
16
May
2
Mar Stein Cosmetics corn
Guenther(Rud)-Ru.ss Law5
4% 4%
4
500
Jan
9
9
1111 Mar
200
9
May 18
Jan Stinnes(Hugo) Corp
Hachmeister-Lind Co
216
100
2
234
1816
1811 1834
July
616 Mar
500 1894 July
18% July Strauss (Nathan) corn_ _ _•
Hamilton Woolen
1
354
2.200
July
1
40
10
40
Mar
100
40
July 40
July Stitoock (S) & Co
Happiness Candy Sts corn •
645
516
100
634
1
June
1%
11% Mar
700
14
Jan
2
Stay
Stutz
Motor
Car
Hires(Chas E) Co corn A.9
Co
• 1194
936 12% 1,300
916 July 28
afar
30% 30%
200
2514
32%
Mar
June
Swift & Co
Horn & Ilardart corn
25 26
25% 26
1,100 24(4 June 30% Jan
•
38% 3836
200 3531 Jan 43% Mar Swift International
Houdallle Hershey pf A..* 17
15 333,4 339-1 3416
400 29% June 4056 Apr
17
17
100 12
Jan
18
Mar Syracuse Wash Mach B__*
Hydro Elec Secur com_.* 18
5% 5%
100
51
18
4
1
Jan
8
Mar
1811
300
1534
May 30
Feb Taggart Corp com
Hygrade Food Prod com_*
611 6%
100
416 June 1834 Mar
334 33-4
200
294 June
6% Apr Technicolor Inc corn
Imperial Tob of Canada,,.5
•
7
6% 7
1,300
314 June 14%
9% 951 2,800
June
87,4
10
Star
Thatche
Mar
r Securities
Industrial Finance v t c_10
1
2.200
234 3
5
316 Feb
254 Jan
5
1,500
5 May
11
Jan Tishman Realty & Constr •
Insult Utility Investrnent_• 27% 27
20
20
Apr 37
200 23)
28%
900 22
Jan
June 49% Feb Todd Shipyards Corp_
Second pref with warr_ •
•
44
7094 7034
500
423-4
423.4
July
Feb
50
50
69%
June
85
Afar
Transcont
hour Co of North Arner_10 5216 5234 5314
*
5% 514
900
674
394 Jan
83* May
700 45 June 63% Mar Trans Lux Air Transp
Insurance SecurItles.- - -10
Pict
Screen
616
615 636
900
5% May
9% Feb
Common
Internet Cigar Mach.
*
•
511
42
3.100
511 July
92
11 516
100 35 June 50
1311 Star
June Tri-Continental Corp warr
Internet Safety Razor B_ •
1134 12
400
214 Jan
334 334
200
654 Mar
934 June 13% Feb Tri Utilities Corp corn....•
Interstate Equities corn_ •
336 314 1,200
336
2
2
June
2911
2.400
3
Nlar
June
134
4%
Apr
Tubize Chatillon CorpInterstate Hosiery Nlills •
6
636
200
4% June
7
Jan
Irving Air Chute corn
Commo
n
B
vt
•
5
511
SOO
9% 9%
3% Jan 16
Feb
100
71c Jan 11
Stay
Tung
Sol
Warrants
Lamp
Wks com_•
114
8% 816
100
7 June 12
Feb
400
11 June
May Ungerleider Financl Corp*
2
Holster Brandes Am sits El.
1 11
2816 2834
1% 19-4 8,40
100 2151 Jan 2911 Feb
11 Jan
111 July Union Tobacco corn
Land Co of Florida
3-16
3-16
% May
100
16 June
16
100
16
36 Mar
14 Feb United-Carr Fastener_.__• 3-16
Letcourt Realty pret
41,4 434
• 20
20
100
Jan
20
4
7
Feb
100 19% Apr 25%
Lehigh Coal & Nay
United Dry Docks corn__ _*
•
2
116 2
22
22
400
116 June
100 1911 June 27% Mar
314 Mar
Feb United Founders com
Lerner Stores Corp com_ •
. 43-1
411 53-4 12,800
2011 2
4%
June
400
Mar
1031
20
May
Mar
363-4
Loblaw Grocerterlas
United Wall Pap Fact corn*
3
12
3
3
12
100
12
2
May
100 12
July
e34 Feb
12
July U S Dairy Prod class B_
Louisiana Land & Explore
_*
1
1014 1096
1
100
1,000
9 June 15
Feb
11 Jun
2
Jan U S Finishing COM
MacNlarr Stores Inc
• 11
•
554 6
99-4 11
403
4%
May
9,200
Mar
411
Jun
8%
113-4
Feb
Mange! Stores corn
U S Foil class 13
•
4% 5
2% 216
43-1
200
4 June 10
200
Mar
4
254 July
Jan U S & Internet Securs694%pref with warr _100
18
18
50 18
July
30
Jan
Mavis Bottling class A..__5
First pref With warr....,_• 38% 38% 3911 2.600 31
234
2
2%
900
Jan 60
116 Jun
Feb
536 Apr U S Lines prof
Mayflower Associates
•
134
134 2
32
200
32
111 July
100 25
Jan
Jitu
50
Mar U S Overseas COM W
May Hosiery Mills2516 2534
100
12
25%
J80
July
S Radio & Telev corn_ •
$4 pref with warrs
19%
19% 19%
2911 30
200 17 June 33
100 16
Ap
Mar
2016 Feb Universal Pictures
May Raaio & Televlsion_• 1836 1736
•
5
5
1816 4,000
100
4 June
8,6 Ma
734 Mar
18% July Utility EXIUttles corn
McCord Rad & Mfg B. •
•
4% 5
1,200
7
7
4% June
100
6% Jul
9% Feb
854 Jan
Merritt Chapman & Scott
Priority stock
• 723,4 72% 7294
200 6716 June 78
Apr
Common
Utility
&
Indus
Corp
•
corn..•
5
534
5
5%
700
'300
594 616
5 May
5
9% Star
Jul
1436 Jan
Mesta Machine corn
Preferred
5 27
z18
1716 18
300 14% Jan
1,100 2416 June 36% Apr
2694 2716
19% Feb
Met Chain Stores
Van Carol) Pack corn.
•
4%
111 1%
416
100
2% Jan
100
1% June
751 Mar
411 Feb
Met 5-50c Stores corn B *
7% Preferred
25 514
34
536
100
16
6%
3
100
56
Jan
9
34 Apr
Mar
46 May Vick Financia Corp_
Midland Royalty pret__ •
10
11
5,6 511
5%
111.4
600
400
Jan
5
8
June 1434 Jan Walgreen Co lcorn
7
Jan
Midland Steel Prod 2d pf_•
1516 15% 1,100 14
•
17
17
17
100 1516 June 2914 Mar
Jan
18
Mar
Midland United Co corn_•
Walker(
Hiram) Gooderharn
18% 1834
500 17% Jan 23
Feb
Minneapolis Honeywell
& Worts com___
43-4
434 53.4
•
800
49-4
May
811 Feb
Regulator pref
Wayne Pump corn
100
2,16
82
•
82
234 2%
10 82
100
216 Apr
611 Jan
Feb 91
Mar Western Air Express..._l0
Miss River Fuel warr
11% 13
516 6
1,000 11% July 22
600
4 Stay
Apr
1011 Feb Wil-low Cafeterias pref___
Mack Judson & Voehr_ __•
23
8
•
8
23
100 12% Jan
100
4
Apr
3314 Mar
1016 Mar Wilson-Jones Co
Nat American Co Inc_
•
•
15
234 2%
1536
50
1416
200
2%
June
22%
May
Jan
4%
Jan
National Aviation
Woolworth (F VV) Ltd•
6
6%
634
90
4% Jan
10
Star
Nat Dairy Prod pref A 100 106
Amer dep rcts for ord alas 1034
106 106
9% June 12% July
20 10516 June 10911
503-4 113.4 26,600
Nat Family Stores corn
May
Rights116
116 23,4 6,500
1%
July
511 Jan Westvaco Chlorine Prod_ _ _
Nat Food Prod clam 13_ •
1
1
10
34
34 2,300
34 July
5* May
16 July
2
Nat Investors corn
Mar
Public
Utilitie
s
474
416 414 2,50
3% June
7% Feb Alabama Power $7 pref_.
Nat Mfrs & Stores
•
11494 115
5
100 112
10
June 115% Star
5
Jan
Nat Rubber Machinery__*
7% Feb
$6
preferre
d
102
336
102
•
102
316
50 100
20
3 !July
Jan 103% afar
516 Feb Allegheny Gas corn
Nat Screen Service
•
19
19%
134
•
19-4
700
60
19
114 July
3% Feb
July 24
Feb Amer Cities P & L cl A50 31% 3116 3134
Nat Service Cos common.*
1% 174
111
800
200 31;4 July 3834 Feb
1% Jun
3% Mar
Nat Short Term Sec A,__* 2031
Class
B
21%
20
•
4,700 15% Jan 22 June
2,700
634 7
Jan
511
10
Feb
Nat Steel Corp warrants__
Am
Com'tv'th Pow corn A• 13
1254 133-4 7.800 103-4 June 17
6
6
200
5
Jan
Mar
13
National Sugar Ref
Feb
Common class B
•
sly, 32
19% 21
500 27
200 17
Apr 297-4 Jan
May
3416
Nlar
Nat Union Radio corn
$7
1st
preferre
•
d A
23,4 29-4
79
87
300
125 75
1% Jan
May 90
July
551 Feb
Kelsner 13ros 7% pref_ _100
$6.50 tot preferred_ ___•
59
• 70
59%
70
73
125 55
125 65 Stay 75
July 80
June
Feb Amer & Foreign Pow warr_
New Haven Clock corn *
4
1516 1534 1616 6,900 11
4
200
4
June 3136 Feb
July
1316 Jan Amer Gas & Elec corn__..
New Mexico & Ariz Land 1
134 1% 1,100
• 62% 61 34 67
10,300 48% June 8611 Feb
1% Jun
3
N Y Shipbuilding CoFeb
Preferred
•
10956 10916
100 10216 Jan 110% July
(formerly AmBrownBov)
Amer L & Tr corn
6
25
6
37% 38
300
200 3416 June 54% Feb
2% Apr
716
Niagara Share of Md._ _10
June
Am
Sts Pub Serv corn A__•
67,4
694
9
614
700
9
5%
300
Ma
3
Apr 2016 Apr
1111 Nfar Am Superpower Corp
Niles-Bement-Pond
1351 13%
corn. 1034 103* 11 34 30,900
200 1216 Jun
89-4 June 1916 Mar
2216 Jan
Nitrate Corp of ChileFirst preferred
•
9216 9234
100
81%
May
Star
99
(Cosach) ctfs for ord B__
$6 cum pret
1 11
116
1/1 1,400
82% 83
300 8216 Jan 8916 Mar
54 Jul
1% July Appalachian Gas com___ •
Noma Electric Corp com •
454
434
•
416
100
4
4% 211.000
4% Jun
4
814
May
Feb
Nordon Corp Ltd com_ _ _5
616
Mar
Arkansa
s P & L $7 pref
sic
%
1,900
1063-4 10634
56 Jul
10 103 May 10916 May
Nor Amer Aviation warr A
% Mar Assoc Gas & Elec cl
1,4
13
%
1234 13
11 2,500
8,600 1111 July 2311 Mar
56 Jan
2%
Mar
No Az So Amer Corp A..*
Warrant
s
616 614
100
6 June 1134 Feb
'lb 1,200
Ile
3-16 July
1
Jan
Northam Warren Corp pf_•
$8 Int Bear Allot ctfs_
35
35
100 29
7114
67
50 67
Jan 40
July 9111 Feb
Feb Brazilian
Novadel-Agene Corp com• 4316
433,6 4311
300 36
June 51% Feb Buff :snagTr Lt & Pr ofd,.* --l§-1; 183,4 193-4 4,100 1214 Jun
2814
Mar
Ohio Brass class B
•
& East Pr pf__25 26% 2654 26% 1,300 25%
34% 3536
100 3416 June 70
Jan 27
Star
011stocks Ltd class A_
Feb
1st preferred
*
r 104
254
23.4
10234104
200
1
500 9816 Jan 104
June
5
July
Mar Cable & Wireless
Outboard Motors corn B_•
' 1% 1%
Ltd100
116 Stay
316
Jan
Cony pref class A
Am dep rcts A ord shs_CI
49-4 43-4
200
4% July
300
14
34
16 Jun
56
6
194 Mar
Pan American AirwaYsFeb
Am
dep
rcts
15
ord
24% 25
500
•
17% Jan 3011 Apr
300
56
11 May
56
Paramount Cap Mfg corn.*
54 Feb
Am dep rcts pre( shs Ll
3% 3%
200
2
2
214
5,200
2% Apr
2
July
5
354 Feb
Feb Central Atl Sts Serv
Parke Davis & Co
26% 26%
400 26
A
A
100
16 Fe
Stay
303-1 Jan Cent lied G & cornvt c_ •
% Feb
Parker Rust-Proof Co. •
85% 90
E
v
150
t
c•
21
21
81
100 1711 Jun
NIar 109% Mar Central
31
Mar
Pennroad Corp corn v t c_•
Pub Serv class A_• 1016
511 6% 4,300
1031 11% 7,200 10
434 June
July
1936 Apr
814 Feb
Perryman Mee Co com_ •
$4 preferred
50
600
51
50
11 1
14 July
150 50
July
as
June
4
Apr
Phoenix Secur Corp com.51
Cent
States
Mee
13,4
corn..
1% 1% 2,000
7
•
1% June
734
794 8,700
614 Jun
12% Star
2
Feb
Preferred A
Cony pf opt ser 1929_100
•
25
24
600 2216 June 263-4 July
59
59
100 50
Jan 65
Feb
Philip Morris Consol com_•
Cent West Pub Serv A
1% 2% 14,300
17% 17
234
1714
1,300 17
15 Jan
July
If
11 July
2%
Pilot Radio & Tube cl
July
Cleve
444
Elec
11
10
11
700
600 40 June 5236 Mar
449-4 4511
3% Jan 23% Apr Com'w't Ill corn
Pitney Bowes Postage
h Edison Co_ _100
198% 198%
.
50 190% June 256% Feb
Meter Co
Com'w'Ith & Sou Corp5.36 5%
200
5 June 10
Pittsb & L E RR com_50
Star
Warrants
116
1%
80
9,200
134
200
8536
80
116 June
July
211 Mar
109
Pittsb Plate Mess com_ _25
Apr
9
9
35
35
100 2934 June 4216 Jan Community Water Serv._*
976 3,700
8
Jan 10
:
1
22%7A
Propper McCallum LI Nf_•
Coas'l G El & P Bait corn • 93
214 234
88% 93
bOG
500 77 June 101
234 July
Feb
5
Prudential Investors COM • 11
Feb
Consol Gas Util class A_ *
11
11%
911
400
911 9%
300
816 Jan
9 June 17% Star
14
Mar Duke Power Co
$6 preferred
•
86
87
1053,41053-)
100
300 80
25 9634 June 145
May 91
Feb
Public Utility Holding Corp
Apr Duquesne Gas corn
11
11 July
34 10,400
Feb
Corn without warrants_*
East Gas & Fuel Assoc_ * 19% 1951 19%
311
3% 3% 1,500
300 17
334 June
Jan
Star
Warrants
711 Feb
6% preferred
ioo
92% 9234
% may
15
50 8811 June 94
14 2,600
Mar
Pyrene Mfg corn
116
Jan
East
States Pow corn B...•
10
515
9
9
536
100
9% 1,500
8% June 24
53-4 July
Mar
Railroad Shares corn
Star Eastern Util Assoc
•
316 3%
8
200
816
500
5 June
294 June
816 July
Rainbow Lum Prod B___*
4% Mar Elec Bond & Sin Cocony_*
corn-• 3734 3614 3816 436,100 31% June 61
200
3,4
14 July
Feb
Reeves (Daniel) Inc corn_* 244 2445
2
Jan
$6 preferred
24
100 23
700 101% June
• 10411 10334 1045*
May 27
Mar
Reliable Stores Corp corn.•
Apr
$5 cum pref
5
5
0056 901.6
100
100 89% Jan 97
•
5
July
Nfar
1101110Ce Intermit corn A.*
934
Jan
Elec
Pow & Lt 2nd pref _ _ _• 85
3% 3%
8511
85
100
100 85 June 101 Mar
336 July
Reliance NIanagemt com.•
43-4 June
Warrants
454
416 414 1,900
18% 18%
300 1411 June 37% Feb
3
Jan
Republic Gas (formerly
77-1 Feb Empire G & E
pf__100
61
61
5
5036 June 7911 Apr
Saxet Co)
•
Empire Pub Serv corn A 5
854
814 9% 2,900
1% 134
% May
20
63,4 Jan
3-4 Jan
Reynolds Invest COM_
European Elec Corp Starr,...
116 194
54
34
70
1% Jan 104
500
4
7
34 July
5
2Yi
ROSSIL9 International.
1rt
ar
13
1
1
1ln
*
Florida
P
254 27
Ac L $7 pref.._ •
%
100 100
500
100 99
214 Jan
Apr
Ruberold Co
Gen Pub Serv $6 pref____*
• 3511 35% 38
65
65
500
1
34
July
65
Jan
83
St Regis Paper Co com...10 1294
Star Georgia Pow $6 pref
1254 12% 1,300 1034 June 42
98
•
98
98
10
9516 June 100% Star
Schulte-Untted Sc to $1 St.
25
116
% Star
1et
Hamilton Gas Co corn v t c
23-4 3%
34
1,300
3-1
500
2% July
11 Jan
6
Apr
1
7% corn cony pref__100
Jan Haverhill Elec v t c
34
60
25
100
11
60
2
July 72
60
14 Mar
Mar
Seaboard Utll Shares__ __•
3
Jan
Illinois
3%
P
334 33-4
&
L
$6
pref. •
9034 9034
700
2
86% Jan 94% Apr
33-4 July
Securities Corp Gen corn_* 19% 163*
G% preferred
19%
93
300 16
100
93
25 88% June e95
June 30
segal Lock & hardware...*
Feb
81 F
Feb Internet Util Cl H
5)6
63( 53) 3,300
•
73.4
7% 731
1,900
4
531 Jan
Jan
Selberling Rubber com___•
Feb
716 Mar
Warr for cl B stock
6
634
83)
2
000
2
200
136 June 10
414 Jan 1034 May
411
74 I'eb
Selected Industries corn...•
Panic
231 3
pret
94
94
1,000
99
120
236
88
Jun
Jan
100
July
$54 prior stock
4;6
Feb
Intersta
54
te
55
Power
pref..'
70%
$7
7334
500 40 Juno
630 6831 June 88
Nlar
Allot etre full pd unstpd_
Mar Iowa Sou Util 7% pref_100 98
5314 55
98
98
600 423-1 June 70
25 98
July
Sentry Safety Control___*
703-4 Mar Italian Superpower corn A_
1
3
34
2% 3
1,000
1.000
2% Jan 0
16 July
10
914 NI%
Sheaffer (NV A)Pen
316 Feb Kings Co Ltg pref D_100
•
32
32
98% 98%
100 z31
50 96
Mar 10034 May
June 42
Shenandoah Corp corn_ _•
Jan Long Island Ltg corn
416
431 43-4
• 30% 30% 30%
300
200 2916 Apr 36% Mar
316 Jan
6% cony pret
8% Mar
50 30
'
30
6% preferred 13
30
107 10713
100
800 z30
125 10034 Jan 10716 July
July 36
Sherwin-Wins Co com 25
Feb
6016 61
777 preferred
100 110% 110% 110%
350 52
20 106'-4 Jan 11211 Mar
May 66% Mar Los
Signature Hosiery V t
_*
:yes G & El 6% or_100
94
34
111
111
14
50 10716 Nlar 111
100
11 May
4
Silica Gel Corp corn v t c_•
July
1% Feb Nfarzoni Wirel T of Can.._1
tar
416 416
23-4
100
23-4 234 3,300
4
July
% Jan
Smith (A 0) Corp corn_ __•
1016
Feb
Nfastijtil Assoc corny t c.•
98
98%
311 98
4
4
300
336 Jan
July 192
Smith (I. C) & Corona43-4 Nfar
Mar aleinphis Natural Gas__ _•
816
8%
500
8% May
12% Feb
Tprpewriter vot tr WA_ •,
Nliddle West Util total.- • 1714
916 9%
17% 18
100
4,200 1411 June 225
83,4 July
Southern Corp corn
5% Star
1816 Mar
•,
Mid west states Util
10 A
2% 3
9% 10% 2,400
500
2(4 July
7
July
494 Feb Moh'k & Had eoW 101 Of
Feb
• 107
106% 107
425 100% Jan 1073.4 Apr
•
[Vol:. 133.
FINANCIAL CHRONICLE
768
Saks
Friday
Range Since Jan. 1.
Lao Week's Range for
Week.
Prices.
of
Sale
Public Utilities
High.
Low.
Shares.
Low. High.
Par.
(Concluded)
July
70
July
70
25
70
70
Nat Elec Pow 6% pref 100 70
Jan 10431 Apr
9934 9931 10039 1,000 97 May 21% Mar
Nat Pow & Lt S6 prof
12%
100
1691
1691
*
corn
A.
Serv
Nat Pub
July
Apr 40
100 25
40
40
40
Common B
100 79 June 87% Mar
81
81
100
7% preferred
Feb
86
June
120
7831
81%
8111
_100
pf_
6%
New Engl Pow
New Engl Pub Serv $13 pf_* I see n ote j
$13 prior lien pref ____•
July
Jan 105
175 101
104 104%
•
NY Pow & Lt $6 pref
50 109% Jan 11634 July
11639 11639
100
7% preferred
200 46% Jan 89% Mar
7039
70
•
coin_
Corp
N Y Steam
125 113% Jan 11836 Mar
4 116% 11639
N Y Telep 6.6% pret 100 1163,
939 June 1539 Mar
11% 11,300
Niagara Bud Pow com-10 10% 10%
3% Mar
1% June
5,800
2
2
warrantsClass A opt
836 Mar
4% July
200
414
491
Class B opt warrants6939 1,550 63% Feb 6934 July
Nor Amer Lt & Pow com.• 6811 64
Apr
80 June 85
375
84
83%
•
$6 preferred
Mar
25 10934 Feb 113
111% 111%
Nor Ind Pub Serv 7% pf100
70 05% Feb 101 May
96%
9636
9636
p1_100
6%
Pow
States
Nor
50 104% Jan 11111 July
11031 11019
Ohio Power 6% pref_ __100
20 10136 June 107% Apr
102% 10234
Ohio Pub Ser 7% lat pf 100
July
25% May 30
900
30
29%
let
p1-25
&
Pacific0 E 6%
200 2536 Mar 27% July
27%
27
536% 1st preferred
Feb
2834
18
May
100
2234 2239
Pacific Pub Serv class A_ •
200 52% June 70% Mar
61
61
• 61
Pa Water & Power
Feb
258
July
200
200
200 31 205
•
Pub Ser of No Ill corn
mar 1003( Jan
50 98
Pug Sound L & P 6% pf_..* 9939 9939 9934
May
87
Jan
8339
110
8634
8639
•
$5 preferred
July
July 94
150 92
94
92
Rochester G & E pref C.100
Mar
50 90 June 100
93% 93%
100
Preferred D
Mar
1834
May
14
500
16;6
1634
Rockland Light & Pow _ _10
Mar
700 36 June 60
3939 4139
Shawinigan Wat & Pow_ _* 40
Jan 29 May
25%
1,800
28%
2819
2834
B_25
pt
So Cal Edison 6%
July
31
June
29
500
25 30% 30% 3011
7% pret A
% Jan 2711 May
200 247
26% 27%
534% pref series O.__25
6% Feb
234 June
200
So'west Gas Ut11 com_ •
Mar
June 50
30
200
33
33
Standard Pow & Lt com_ •
Jan
2
39 July
300
11
94
A_•
cl
Gas
Nat
Twin States
Jan
1731
June
9
500
1014
10%
Union Nat Gas of Can_ •
7% June 1534 Mar
934 1019 1,100
93.4
United Corp warrants--11% Jan
436
June
30,500
6
com___*
636
United Gas Corp
Mar
% June 94
300 717
• 8034 8039 8031
Prof non-voting
4% Jan
31 May
214 234 1,400
Warrants
Feb
3436
17%
June
5,200
20,
1911
19%
United Lt dr Pow com A__•
200 8434 June 104% Mar
• 8934 8914 90
$6 cony 1st pref
Feb
334 July
6
100
3%
3%
_50
com
United Rys & Elec
8% Feb
3.34 May
3% 439 3,000
U S Elec Pow with warr__•
239 Mar
34 May
100
131 134
Stock purchase warr____
1439 Feb
Apr
634
8,200
831
831
831
Util Power & Light corn.*
Former Standard Oil
Subsidiaries% Jan
631 May 127
500
9% 9%
25
Borne Scrytnser Co
Jan
100 20% Jan 30
23
23
Cumberland Pine Line_50
Feb
72
June
49%
700
6139
60%
6094
Humble Oil & Refining-25
June
14
May
9%
1,600
1239
11%
Imperial Oil (Can) coUP--* 113(
936 June 2139 Feb
100
12
12
10
Indiana Pipe Line
100 1131 June 1739 Mar
1211 1291
National Transit_ - _ _12.50
June 10234 Jan
80
1,000
9139
89
100 90
0110 0116% 171
Apr 15'9 Jan
8
100
10
10
25
Penn Max Fuel Co
July 18% July
17%
100
17%
1711
1731
Socony-Vacuum Corp new
13% July
June
3%
900
1039 12%
25 12
Solar Refining
1339 1431 1,200 12% June 2339 Jan
25
South Penn 00
3836 Jan
June
1939
26.300
24%
Standard 011(Indiana)__52 2431 24
3,000 15% may 2319 Feb
25 1839 18;,g 19
Standard 011(19y)
Jan
6234
June
35
600
43
4136
42%
...25
Standard 011(0) corn..
Apr
July 106
20 100
102 102
100 102
5% preferred
x28 May 5931 Feb
14,200
42%
4534
45
25
011
Vacuum
Other Oil Stocks•
Amer Maracalbo Co
*
Ark Nat Gas Corp corn_ •
334
Class A
10
Preferred
Atlantic Lobos Oil pref__50
British Amer Oil LtaCoupon stock (bearer).- --134
Carib Syndicate
•
Colon 011 Corp corn
334
Columb 011 & Gasol v t c_•
1
•
Cosden 011 Co corn
Creole Petroleum Corn_ •
Crown Cent Petrol Co_ *
2%
Derby Oil & Ref com____•
Gulf 011Corp of Penna__25 5639
9%
Indian Ter ilium 011 el A *
•
Class B
Intercontinental Patti_ b 7-16
* 1219
Internat'l Petroleum
Leonard 011 Develop_ _25
• 1534
Lone Star Gas Corp
34
1
Magdalena Syndicate
434
*
Mexico-Ohio Oil
•
Corp_
011
&
Mich Gas
Mid-States Pet cl A v t 0_•
ClassB vtc
419
Mo-Kansas Pipe Line comb
31
1
Cla.ss B vot tr etts
-10
CorpProd
Mountain
•
National Fuel Gas
31
5
New Bradford Oil
%
North European Oil Corp.
Pacific Western Oil
• 3-16
Pandem 011 Corp
Petrol Corp of Amer warr.
9%
5
Plymouth 011 Co
139
Producers RoyaltY Corn--*
Pure Oil Co 6% pref-__100 6534
131
_•
_
Corp_
Oil
Foster
Reiter
Salt Creek Consol 011_10
Salt Creek Producers- _.10
5
Southland Royalty Co...'
5
Sunray 011
Texon 011 & Land Co__ •
Union Oil Associates_ _25
Venezuela Petroleum...
131
•
"Y" OR& Gas Co
Mining StocksIlwana M'Kubwa Copper
1
American Shares
Comstock Tun & Drain 10e
231
Mines____5
Copper
Consol
36
Cresson Cons Gold M&M 1
CIA Mexicana Mining_ _1
Eagle Picher Lead Co_ __20
Evans Wallower Lead corn*
Goldfield Consol Mines_ _1
25e
Heels Mining Co
Hud Bay Min & Smelt_ •
Moss Gold Mines Ltd _1
Newmont Mining Corp_10
Nipisslng Mines
1 3-16
Ohio Copper
1
34
Premier Gold Mining
Copper
antelope
Roan
Amer shares
34
St Anthony Gold Mines-_1
Shattuck Denis Mining- •
91
Sylvanite Gold MM
634
Tack Hughes Hold Min_ _1
United Verde Extens'n-50c
111
_1
Walker Mining
Wenden Copper Mirdna..1 9-16
5
34
319
334
1
14
6
1
900
600
10,300
100
100
1
5%
3-16
39
10%
139
68
1%
%
5
531
116
839
15
34
134
200
1,400
200
600
400
1,600
600
1,500
1,800
300
100
18,300
3,500
600
2,200
1,500
1,100
100
100
1,100
3,800
1,900
200
400
200
10,800
300
6,400
200
1,500
5,100
60
1,200
200
1,500
2,100
5,300
700
300
300
1,300
1
99
34
211 299
94
99
96 7-16
534 539
99
59
31
4
3,
5% 535
334 4
5-16 5-16
26% 29
1
1
34
3-16
94
94
100
300
500
800
2,400
500
100
100
200
2,400
400
1,700
400
1,700
300
10;,6
134
1%
331
1
219
94
239
5339
9,39
10
5-16
1134
31
1539
3-16
311
3%
2%
36
439
39
319
19
11
5%
34
39
9
1
65
1
31
414
5
1%
719
15
N
I%
1
lox
111
134
311
1%
2%
19
3
57
10
7-16
1234
31
17
31
411
3%
2%
%
4%
5-16
319
19
300
834 834
39 3-16 14,400
400
3% 394
400
11
11-16
699 6% 3,800
600
919 939
200
111 131
If o_te 9.700
Bonds-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High.
Range Since Jan. 1.
Low.
High.
9931 $58,000 98% Feb 993-4 Jan.
Alabama Power 4198__1967 99;4 99
1,000 10134 Jan 10431 May
104 104
1956
1st ref 58
July
8,000 10134 Jan 105
1968 104% 10434 105
let dr ref 5s
10354 Jan 105% Apr.
36,000
105
s10419
'52
58
Aluminum Cost deb
Apr
397% 97% 24,000 9354 July 101
Aluminium Ltd 58_ _1948
Jan
52,000 60 June 83
74
72
Amer Com'Ith Pr 68_1940
July
7011
July
57
26,000
57
66
Debentures 516s_ ....1953 66
2,000 60 June 7634 Apr
6134 64
Am El Pow Corp deb 68'57 64
July
Jan 101
Amer G & El deb 58_2028 100% 10099 101 131,000 97
6,000 6239 June 7011 July
Amer Gas & Power 58_1953 88% 6816 69
8739 8939 12,000 84 June 94 June
1939
Debenture 6s
Apr
10434 10534 44,000 10134 June 108
105
Amer Pow & Lt
6 May 102% Apr
Amer Radiator deb 4398 47 10031 100 100% 18,000
82% 22,000 70 June 97% Feb
81
Amer Roll MIll deb 55_1948 81
93% 9334 3,000 8934 May 9854 Apr
439% notes _Nov 1933
Feb.
Jan 70
Amer Seating Corp 65_1936 5819 5839 5834 2,000 55
104% 37,000 9934 Jan 104% May
104
104%
58_1956
Pr
El
Appalachian
Feb
89
June
68,000
61%
4894
56%
Appalachian GEIS 68_1945 58
Feb.
4914 72,000 z4339 June 75
45
Cony deb Os ser B__1945 48
May
10294
Feb
95%
37,000
10034100%
wog
as_1956
Lt
Arkansas Pr &
Feb 100% July
10034 100% 100% 11,000 94
New
Assoc Dye dr Print 63_1938
22% 25,000 1739 Apr 2216 July
2234 20
With warrants
Mar
July 94
89,000 81
Associated Elec 430__1953 8434 82% 85
Electric
&
Gas
Associated
July 80 May
9,000 61
63
64
1948 63
Deb 4398
Mar
1949 6194 z61% 6111 95,000 z6134 July 73
4368 series C
62,000 6634 July 8034 Feb
1950 66% 663,9 68
5s
6931 64,000 67.6 July 8031 Feb
1968 6839 68
5s
18,000 6036 July 7634 Jan
6034 63
1938 61
5368
1977 8211 8231 8334 7,000 78 June 9614 Jan
5365._
Assoc Rayon deb 53 1950 3531 3531 4234 6,000 3531 July 6054 Apr
Jan
Jan 90
88% 43,000 84
Assoc T & T deb 539s A '55 8839 87
July 10034 Jul,'
9939 7,000 99
Assoc Telephone Mil 68'33 9939 899
17,000 z7636 June 9236 Mar
86
s83
1944
576a.
5039 50% 5,000 45 June z6031 Mar
Atlas Plywoo deb 534s 1943
Mar
100% 101% 11,000 99 June 102
Baldwin Loco Wks 5368'33
106 10639 74,000 102% Jan 10F May
Bell Tel of Canada 58_1957 106
July
Jan
109
10331
9,000
107348109
10739
let M 58 series A.....1955
21,000 10354 Jan 10734 May
106% 107
1960
let M 58 ser 0
Mar 97% May
Birmingham Elee 434s 1968 96% 9634 913% 45,000 94
Jan 10539 June
Boston Consol Gas 58_1947 10539 10531 10536 14,000 103
Jan
4,000 1004 Jan 103
10134102
Boston & Maine RR 6s '33
Feb
103
10534 June
2,000
10631
10634
10631
Buffalo General Elec Is '56
Mar
97% 97% 1,000 9731 June 102
Canada Cement 5%8_1947
109 10939 2,000 10699 Jan 11134 May
Canada Nat Ry 7s_ _ _1935
Capital Admlu deb 5s A '53
Feb 87 June
8639 8531 8639 7,000 81
Without warrants
44,000 10134 Jan 105 May
Carolina Pr & 1.t 58_ _ _1956 10434 104 105
Feb 10134 Feb
Caterpillar Tractor 58_1935 9919 9939 9934 67,000 05% July
9831
10136 July
Cent Ariz Lt & Pr 5s_.1960 10134 s1003.4 10136 9,000 99%
Apr 1023-4 May
18,000
10034
101
10136
Cent III Pub Oar 58 0_1968
let dr ref 434)3 set' F.1967 9334 9239 93% 53,000 9194 Apr 043.4 May
9339 July
1981 9334 9239 93'4 12,000 9239 July 1043.4
439s series H
June
Apr
1005-410036 8,000 99
Cent Maine Pow 4%8 E '57
1955 10434 10431 104% 1,000 104% June 104% July
5s series D
94
May
88
Mar
10,000
93
9239
ser
as
D1957
Central Power
9334 47,000 9234 June 9839 Mar
93
Cent Pow dr I. tat 58._1956 93
Cent Pub Serv 534e 1949
Mar
72% 371% 72% 39,000 7034 Mar 81
With warrants
Jan 7139 Mar
Cent States Elee 55._ _1948 6435 6419 64% 18,000 58
Mar
85,000 58 June 77
68
Deb 536s....Sept 15 1954 6639 66
8731 Mar
Cent States P & L 5.9a '53 63% 6311 6514 24,000 z62 June
Feb 94% Mar
90
Chic Dist Mee Gen 434s '70 9439 9431 9419 28,000
Jan e10211 May
Deb 5.45_-__Oct 11938 10134 101% 102% 38,000 99
Mar
Chic Rys 58 /Hs dep_1927 6011 6011 60% 3,000 56 June 73
Cigar Stores Realty Hold65
7711
June
Apr
28,000
67%
68
Deb 5 36* series A_ _1949
8331 8311 5,000 79 June 9034 Jae
Cincinnati St Ry 539s A '52
8,000 84 June 9639 Feb.
9039
87
87
1955
B
series
6s
let
1% Mar
3.4 June
Jan
25,000 259.6 May 76
4 62
1966 6034 603,
614 Feb Cities Service 5*
339 June
6199 6434 36,000 5731 May 8234 Mar
1950 62
Cunv deb as
6% Feb
3 June
83
May
Jan
63%
25,000
6835
67%
6731
5548_19
Mar CI'les Serv Gas
7
5% May
Jan
16,000 7811 June 89
3% Apr Claw Rory Gas Pipe L 6s'43 8239 82% 82% 42,000 71 June 84
3.4 July
Jan
783.4 79
Cities Serv P & L 519s 1952 79
May
106
July
1034
4.000
106
105
834 May 16% Jan Cleve Else III 1st 58_1939
Apr
1,000 10431 Mar 107
106 106
General 5.9 series A..1954
2% Feb
39 Jan
2,000 10654 Feb 10834 May
108 108
General 58 series B.1961
334 Mar
11 June
Jan
2,000 3139 Apr 43
40
40
734 Feb Comrnander-Larabee 6s '41
2 June
Privat
und
ers
Comm
Jan
311
Apr
1
Mar
50
July
8754
42,000
56%
50
56
1937
Bank 5348
319 Jan
2 May
19 Feb Com'wealth-Edlson31 May
Feb 1053.4 June
9,000 101
lst wage 439s sac C.1956 10334 10331 104
Feb
6
239 May
12,000 10054 Jan 1053.9 May
10336 104
1st m 439sser D.. _1957
Jan
38 June 76
10299 53,000 9949 Jan 10334 may
102%
10239
_1960
M
E___
lat
4398ser
Feb
16%
July
914
e9 36 July
1981 9499 9434 941,9 130,000 944 June
1st M 48 ser F
9% June 16% Feb
July
4,000 8639 July 92
8639 87
14 Jan Community Pr & Lt58 1957 87
3-18 July
&
LC
El
Gas
Consol
P(Balt)
Jan
15%
891 June
May
Jan
10894
10734
3,000
108
108
108
181 & ref 536s ear E_I952
114 Mar
34 Apr
Jan 10534 Apr
105% 10531 2,000 104
1st & ref 4%s ear 0_1969
Jan
1436 May 29
Jan 105 June
let & ref 4398 ser H 1970 10434 104 10431 23,000 102
39 Apr
34 Jan
99 June
96%
June
68,000
9831
1981 9831 98
1st ref s t 48
496 Mar
114 Jan
Co
Util
Gas
Consol
Jan
8%
May
2
Mar
June 85
55
7,000
60%
55
Deb 634s with warr_1943
431 Jan
231 June
Mar
31,000 62 June 88
64
let & coil 138 ser A__1943 6339 63
1% Jan
91 June
Jan
1,000 z9531 Apr 100
9954
993.6
63481936
Publishers
Consol
Jan
% June 11
37
Mar
Feb
35
17
1,000
820
s20
19 Jan Consol Textile 1st 8s...194i
31 Jan
104 10454 45,000 9934 Jan 10539 May
336 June
5% Jan Consumers Power 41.4s '58 10434 8436 8539 261,000 8031 Jan 8831 Mar
1958 8411
% June 2634 Feb Cont'l G & El te
167
Jan
85
8654 5,000 18239 May 95
134 Jan Continental 011 5348_1937
36 June
&cur
58_1942
Continental
Mar
231
Jan
%
Jan 73% Apr
85
5,000
7011
70
With warrants
Feb
July 15
5
Apr
102 10211 9,000 10034 Jan 103
11 Apr Crane Co 10-yr s d 5s...1940
94 June
10,000 92 May 101% Mar
9534 96
139 Jan Crucible Steel deb 58..1940 96
11 June
Mar
107
July
98
2,000
100
9599
1941
Feb Cuban Telep 7%a
6% May 19
Apr 10034 July
10091 11,000 97
439 Jan Cumber'd Co P & L 4348'56 10034 9934 9739 21,000 9431 Jan 100
1 June
Feb
9634
97
1536 June 8336 Jan Cudahy Pack deb 51981937 10299
Jan 10334 June
10034
13,000
10234
10216
Sinking fund 5s.._._1948
119 July
36 June
Feb 95 May
3,000 88
94
9336
Else
9395
Pow
Delaware
5348'59
191 Jan
51 June
Jan
5916 10,000 49 June 73
55
7% Jan Denver & Salt L By 6s 1960
4 June
5,000 10534 Jan 10736 May
107 107
7% Jan Det City Gas 68 set A-1947
3% May
Jan 10434 Apr
44,000 100
10434
810334
104
1950
B
5s
1st
series
531 Feb
June
1
Jan
July 80
59,000
9
12
9
9
1952
734 May 12% Feb Det Int Bdge 6368
13% May 24% Jan Dixie Gulf Gas 630
9839
June
83
Jan
7,000
9339
93
1937
With warrants
99 May
1% Jan
10439 104% 5,000 10234 Mar 105 Pray
231 July Duke Power 436s. __1967
99 Jan
July 7039 Jan
5,000 20
23
22
Duquesne Gas 1st 6.1._1946 23
East Utilities Investing
Jan
58% 209,000 5154 June 71
56
5831
1954
warr
with
58
Jan
June
134
94
15,00J 10134 Jan 10439 May
102% 103
34 Feb Edison El(Boston) 58_1933 103
7-16 Feb
June
Jan
100
10234
23,000
Nov 1 '32 10139 1015.6 102
4% notes
399 Jan
2 May
Mar
8434 85 127,000 7934 June 90
1% Jan Elea Power as Lt 5s___2030 85
5-16 Jan
Jan
July 108
39,000 95
97
95
139 Mar El Paso Nat Gas 6 >i 13- 1943 95
94 Jan
9039 5,000 9034 July 97% Mar
9039
5s..1952
Elec
DLst
Empire
Mar
Apr
731
439
May 8034 Jan
4939
4,000
59
59
59
'42
&
Oil
Refg
539s
331 Feb Empire
99 May
39 May
% Jan 1131cole Marelll El MfgMar
7,000 z6399 Jan 83
6814 71
With warrants 6348_1953
Mar
8
4 June
694 Mar European Elec 6368_1965
3% June
Mar
84
July
65
6,000
6635 6639 6834
Without warrants
Apr
31 May 11-16
Jan
July 93
12,000 91
9239 93
23% June 5834 Fen Fairbanks Morse Co 551942
June
90
Fe'
31,000
453.4
60
55
May Federal Water Serv 514s'54 60
51 June
% June
36 Feb Finland Residential Mtge
15.000 73 June 8234 Me
75% 77
1961
Bank 68
139 Apr
% Jan
Apr 87
July
13,000 79
865.4 87
Firestone Cot Mills 53_1948
7,000 83 May 9099 July
9034
9014
53_1942
B
&
T
Firestone
12 May 2716 Feb
7% June 1834 Mar
5,000
1511
1511
3-16 Jan Fisk Rubber 5398____1931
1-16 Jan
91% Apr
8935 66,000 823.4 Jun
Mar Florida Power & Lt 58_1954 8934 888
6
Jan
3
89% 8934 9039 95,000 84% May 9434 Jan
36 June Gatineau Power 1st as 1956 82
11-16 July
6934
95
Mar
June
18,000
8131
82
Deb gold 6s June 15 1941
Apr
6% Jan
9299 Jan
5,000 6931 Jun
Deb tls ser B_ _A & 01941 8319 8336 84% 23,000 56
534 June 13% Mar
Jan
65
Apr
6139
2
Feb Gen Bronze Corp 68_1940 6134 60 10239 6,000 102 May 103 June
1 June
1024
tis Feb Gen Cigar serial 138_ _1935
34 Feb
AUG. 1 1931.]
Bonds(Conttaned)
FINANCIAL CHRONICLE
Friday
Sales
Las! Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
Range Since Jan. I.
Low.
High.
Bonds (Continued)
769
Fruunt
Last Week's Range for
Sale
of Prices.
Week.
Price. Low. High.
mange Since Jan. 1.
LOW.
High.
Cal)MOLOrti Accept Corp
New Eng Power 510.1954 8914 89
5% serial notes____1933 101
8911 24,000 87 May 9434 Apr
101 101
2,000 101
July
10214
June
5s
1948
5% serial notes
82% 8235 17,000 78
1935 10134 1013(102
May 88% May
13,000 10154 May 102% May N Orleans
Serv 44s '35 9451 94
5% serial notes
94% 6,000 91 7,4 Mar
1936 10154 10134 102
7,000 10114 May 10234 May N VP & L P
Corp 1st 4345'67 10034 9M 100% 99,000 93% Feb:19551 Mar
Gen Pub Serb deb 58_1953
85
85
00% July
2,000 80
Mar z88
June Massaro, Falls Pow 65_1950
Gen Pub Util cony 65.1931 86
106
106%
13,000 105
86
July 10854 May
86
2,000 84 June 97
Mar Nippon Elec Pow 034e 1953
Gen Rayon deb 6s A__1948 43
9134 9151 15,000 84
43
43
Jan
!MX
11,000 43 June e53
May
Jan
Nor Cont'l Util 534e A 1948
General Refract 5.1_1933 9834 98% 99% 12,000
55
57
6,000 55
July 75
Jan
98 June 10051 Mar North Ind Pub Serv 551960
Gen Vending Corp 6s_1937
10434 104% 105
19,000 99% Jan 105 May
1st
&
rat
5,s
With warrants
ser D__ _1969 105
104% 105
25,000
99
Jan
8104 s1034
el05
July
1,000
714
June
1451 Jan
let & ref 4548 ser E_1970 9854 98% 98% 15,000
Gen Wat Wks0& E90% Jan 99
May
Nor Ohio Pr & Lt 5148 1951 10454
Cony deb 6s ser B__1944
40
104341043,4 27,000 98% Jan 105
40
1,00(1
Mar
Jan Nor Ohio Tr & Lt 58..1956
Georgia Power ref 5s__1967 10234 1023410234 63,000 28 June 69
102
10234
7,000
93
Jan 103% June
98%
Jan 102% May No Sts Pow
Gesfurel deb 6s
0348% notes'33
102% 102% 2.000 1015( Jan 104
1953
Mar
%
534
notes
Without warrants
1940
10354 103 103% 13,000 99
55
5414 6034 35,000 64
Jan 10334 July
July 88% Mar
Ref 4148
Gillette Safety Razor 58'40
1961 9934 9834 9911 100,000 9711 Apr 997
91% 92% 100,000 84
% May
Jan e9511 May Northern Texas URI 78
Glidden Co 5145
'35 98
1935
95
87
98% 17,000 95 -Jan:100
88
5,000 81 June 93
Mar
Jan
Northwest
Pow cony 6s'60
Grand (F & W) Properties
76
7814
6,000
76
July
96
Jan
Ohio Edison let 55___1960 10454 104341047
Cony deb 65__Dee 15 '48 63
63
64% 2,000 63
4 22,000 99
Jan 105 June
July 74
Jan
Ohio
Power
58
Grand Trunk Ry 6%8_1936 108
B
1952
10454 104 104% 14,000 101
1073410834 17,000 105% Jan 10914 May
Feb
June
L0554
434e
Great West Pow 58 0.1962
1956 10034 10034 100% b4,000 95
105% 105% 2,000 105% July 10654 June Okla series D
Jan 101% May
Gas .5s Elec
Green Mtn Power 5s_1948
103% 10354 7,000 100
103 103
5,000 99
Jan 104% May
Feb 103
July Osgood Co deb 6s 1938Guardian Invest Corp 58'48
with warrants
With warrants
5054 5034 5054 3,000 545
5034 5054 5054
1.000 50 June 67
Feb
Jan 59
Mar Oswego Falls Els
Guantanamo & W Ry Os'58 3234 3234 34
1941
5031 55
3,000 5034 July 6714 Jan
14,000 20
Mar 35
Jan Pac Gas & El let 4345_1957 10
Gulf 01101 Pa 58
1937 10234 10254 10214 58,000 100
234 10134 10254 65,000 96% Feb 102% July
May 103
Feb
lst 68 series B
Sinking fund deb 55.1947 102
1941 115
115
102 10234 120,000 100
115
2,000 109% Jan
July
May 104
Feb
1st es ref 5.4e C
Gulf States Util5s__ _ _1956 99
1952 10654 106 10654 27,000 104% Jan 115
99
9954 58,000 96
Feb 102% May
10651 May
let & ref 4548 F___ -1960 10134
Hamburg Elec deb 7s_1935 92
1013410234 85.000 97
85
9234 17,000 80 June 10051
Feb 10234 July
Pac Pow & Light 55_1955
Hamburg El& Und 5%8'38
Mar
98%
9834
48
99
51
70,000 595% Jan 100
18,000 48
July 86
Mar
Mar
When issued
Hanna(MA)deb 6s _ _1934
9834 99
10034 10054 5,000 98
14.000 9854 July 995( July
Feb 10131 May Paz Pub fiery 58____1936
Hood Rubber 75
1936
565 865
1,000 50 June 80% .Jan Pacific Western 011 6348'43 9834 9854 9854 5,000 9854 July 9954 July
Houston Gulf Gas 68_1943
82
82
6,000, 74 June 591
Jan
With warrants
Houston Lt & Pr 4148 1978
5711 5854 15.000 56 June 8414 Jan
9951 9954 13,0001 95
Mar 99% July Penn Cent L & P 4348.1977
1st 5s series A
1953
10351 104
97% 97% 53,000 92% Jan 98 June
7,000 102% May 104
May Penn-Ohio Edison 6.1_1950
Deb gold 64e Apr 1 1943
3132% 38214
1,0001
68
June
92
Feb
Without
warrants_
Hydraulic Power 5.9_1950
103% 103% 10,000 100% Jan 104% Apr
10734 10734 2,000 104% July 107% July
Deb 5
ser B
Hygrade Food Os ser A.'49
1959 10134 101% 10154 11,000 9754 Jan
4754 4934 4,000 40
104 May
Mar 58
July Penn-Ohio P & L 554s A '54
Idaho Power 55
1947
104% 10454 6,000 10254 Jan 105
1043410534 6,000 1035( Mar 105% June Penn Dock
Apr
& W'house 6s'49
Ill Pow & L 1st 6s ser A '53 10434 10434 10434
40,000 103% June 105
Apr
With warrants
1st & ref 574e ser 0_I954
59
10254 103
5,000 57 June 83
34,000, 98% Jan 105
Jan
Apr Pa Elec lot & ref 45 F_1971 9134 58
lst & ref 58 ser C___1956 9834 9751
91
91%
83,000
98%
88%
June
134,0001
9534
96%
May
July 9951 May Pennsylvania Power & MS f deb 514e_May 1957
9134 9134 5,000 8634 Jan 944 Feb
ist & ref 5s ser V_ __1952
Indep 011 & Gas 68_ _1939
104% 104% 2,000 102
8154 8234 12,000 72% May 100
Jan 10534 June
Jan Penn Teton 58ser C___1960 10334 103541035
Indiana Service 5s_ _1950
4 3,000 955( Jan 10314 June
8434 8434 2,000 81
May 8834 Mar Penn Wat& Pr 44s13.1968
1st I & ref 5s A
1963
8234 83
7,000 80
July 86% Apr Peoples G Lt & Coke 4s '81, 9534 99% 10014 41,000 9754 Mar 100% June
Ind'polis P & L 68 ser A '57 10434 104%
95% 217,000 9454 July 96
105
55,000 599% Feb 105
July
July Peoples Lt & Pow 5:3_1979 3934 945(
Indianapolis Water 5548'53
3554 3954 21,000 30 June 74% Mar
104 104
2,000 10334 Mar 104
July Phila Elec Pow 5.s8_ _1972 10754 10714
Insull Utll Invest 68 1940
107% 36,000 10534 Feb 107% May
Phila
Rapid
Transit
With warrants..
Os 1962 7351 7351 74
5,000 60
8234 81% 84% 117,000 75% June 95
Apr 80
Jan
Feb Phila & Surburban Count
Intercontinents Pow 6s '48
G & E lst & ref 4.4s 1957
With warrants
104% 104% 2,000 10154 Feb 105. June
35
3534 14,000 28
May
60
Mar
Pledn,ont
Hydro-El CoInternat'l Pow Sec 75 E '57 9534 9451 96
40,000'
8934 Jan 1004 Mar
lin & ref 6545 el A-1960 7514 7554 78
Coll trust 6 sis ser B 1954
20,090 71
101 10134 9.000 101
Jan 88
Mar
July 1043' July Piedmont & Nor Ry 551954
6148 series C
1955 8834 88
88
8811 5,000 80 June 93
8834 19,000 85% June 92% July Potomac Edison 58_1956 104
Mar
Secured 78ser D_ _1936
103% 104
16,000 99
92
9534 16,000; 92
Jan 104 June
July 96
July
lst4'-sse
rF
Deb 78 ser F
19611
9754
1952
97
9754 36,000 96% June 97% May
8634 8754 17,0001 86% July 88
July Power Corp(Can)68_ _1957
International Salt 55._1951
93
93
8534 86
2,000 90
May 93
Jan
Feb 85% July Power Corp(N Y)5345247
6,000, 80
Internal Securities 53_1947 70
95
9531 6,000 90
Jan 9734 Apr
6854 Jan 78% Feb
Interstate Power 55__ _1957 8911 87
8934 185.000 579
Apr
89
Mar Procter & Gamble 4348.'47 10554 10554 10554
Debenture 68
1952 7114 70
4,000
71% 6,000 68
10031
Jan
8106% June
July 8434 Mar Prussian El 6s
Interstate PS 4348 F.1958 9434 9151 9454
1954
43
45
7,000 43
July e79% Apr
89,000 88
Feb 9414 July Pub Serv N H 4 we 23.1957
1st & ref 5s ser D_ _ _1956 100
10054 101
9934 100
25.000 99% Mar 102 May
7,000 9954 July 100
July Pub Ser of N III 4.46.1980
Invest Co of Amer 58-1947
9854 99
26,000
94% Feb 99% May
let & ref 4%a ser D.I978
With warrants
99
9914 39,000 9474 Feb 99% July
82% 83
10,000 76
May 86% July
let & ref 448 ear F.1981 99
Without warrants
9454 99
8254 83% 8,000 7414 Mar 86
59,000 96% June 9934 July
July Pub fiery of Okla 5s__1957
Iowa-Neb T. & P 5s__1957 95
100
9451 95
10054 23,000 96
15,000 91% Jan 97% Apr Puget Sound PAL
Feb 101% may
fe series B
554e'49 10234 102 102%
1961 9454 9451 95
12,000 93% May 9614 May
Feb 10434 Apr
let & ref 58 ear C_..1950 10054 99% 100% 37,000 100
Iowa Pub Serv let 15s_ _1957
98
99
42,000 95% Jan 101
19,000 93% Ma
May
99
July
181
&
Isareo Hydro-Elec 75..1952
ref
4
sis
ser
D_1950
9434
9434 04% 47,000 9454 May e9454 May
79% 7954 15,000 64
Jan 95
Mar Quebec Power 55
Isotta Fraschini 7s__ _1942
1968
109% 10014 6,000 100% July 103 Slay
Queens Borough Gas & Elec
With warrants
63% 65
5,000 58
Jan 79% Apr
5',8 series A
Without warrants
104 104
363% 6651 15,000 5934 Jan
3,000 101% Jan 105 May
78% Apr Reliance Manageml 53
Rallan Superpower of Del19
'62
54
With warrants_
Debs 6s without wart''63
66
80
66% 17,000 6554 Jan 77% Mar
8811 20,000 75
Apr 8834 June
Republic
Jacksonville Gas 5s___1942
Gas
Corp (form85% 85
6,000 83
July 88
July
erly Saxet Corp) 58_1945 88
Jersey C P & I. 534s A _1945
103% , 6,000 101
8754 89% 75,000 794 Jan 106
Jan 10451 May Rochester Cent Pow
Apr
let & ref 55 ser B.__1947 10334 1034
'53
55
63
10351 103% 36,000 9851 Jan
55
63
12,000 55
July 7634 May
103% June Ruhr Gas 8%e
Kansas Gas & Elec 6s_2022
107354 10934 8,000 104
45
4034 28,000 40
July 85% Mar
Jan 108% July Ruhr Hous'ng Corp 654
Kansas Power 54 A..1947
6
5
3
8
49
100 100% 17,090 94
46
4914 7.000 46
July 82% Apr
Feb 101% May Ryerson (Jos T) & Sons
Kansas Pow & Lt 55 B_1957
10034 101
2,000 9954 Jun 101
July
deb 5s
Kaufmann Dept St 534836
Nov 1 1943
9514 96
92% 9211
1,000 8451 June 96% Mar
July Sate Harbor Wat Pr 4%0'79 10134 100 101%
Keivinator Corp 6s___1936 10234 98 102% 2,000 95% July 96
461,000 97% June 100% JU1Y
26,000 90% Jan 102% July St L Gas &
Kentucky Util 1st 58_1961 101
Coke 6s___1947 31
101 101
31
33
10,000 98
25,000 30% June 5214 Jan
Jan 101% June San Antonio Pub Serv
let 55 series I
1969
58'58
10034101
99% 100
7,000
11,000 94
Jan 102% Mar
Jan 101
July San Joaquin L & P 6s_ 1952 118
Keystone Pub Serv 53_1978 9954 9911 9954 4,000 93
118
118
10 115
95
Feb 11854 May
Jan
10014 July Banda Falls 58
Kimberly-Clark 55___1943
1955 10534 10534 105% 6,000 102
99
99
1,000 9734 Jun 100
Jan 105;4 July
Mar Saxet Corp See Republic
Koppers0& C dell 5s 1947 9914 99% 9914 19,000
Sink fund deb 5348_1950 10234 102% 10251 44,000 96 Jun 102% Mar Saxon Pub Wks 58
1932 68
65
75
25,000 65
10134 Jun 103%
July 96% Apr
Kresge(8 8) Co let 58.1945 102
102 102
60
60
11,000 0855 Jan 103% Mar Schulte Real Estate 65 1935
17,000 541( Jan 80
Apr
Ctrs of deposit
100% 100% 1,000 9954 May 10034 Feb Scripps(E W)510_ _1943
90
90
15,000
85
Jan 91
July
July Serval Inc 58
Laclede Gas 5148
1935
1948
101 101% 12,000
80
80
13,000 63
Jan 84
Jan 10151 Jan Shawinigan W & P 450'67
Apr
Lehigh Pow Scour 60_2026 10454 104 104% 28,000 99
973.4
9734
9754 66,000
100% Jan 106% Apr
Ist & coil 454s ser B_1968 973-4 973.4 9751 25,000 925( Jan e9854 May
Lexington Utilities 55.1952 97
97
97
62,000
93
Jan 98% May
Feb 97
let 5s series C
July
Libby MeN & Libby 55 '42 9234 92% 92% 28,000 91
1970 105
10414 105
23.000 10034 Jan 105% Afar
9034 Jan 9634 Apr
1st
4
.s
Lone Star Gas deb 5s_ _1942 9954 99
s
series
D__
_1970
9751 97
9754 73,000 93% Jan 9751 May
99% 10,000 96% Feb 100%
Long Island Ltg 6s___1945
105% 105% 4,000 102% Jan 10634 Mar Shawsheen Mills 78_ .1931
10054 10054 7,000
Jan 10154 Feb
May Sheffield Steel 5345_1918 9014 9034 90141 1,000 10051 May
Los Angeles G&E 58_1961 10434 1047
% 104%
1,000 101
90
103% Mar
Jan 105
May Sheridan Wyo Coal 65.1947
Louisiana Pow & Lt 55 1957 10114 101% 102
45
45
92,000 9634 Jan 103 May
1,000
4434
June
65
Jan
Snider Packing 6e_ _1932
Mansfield Min & Smelt
46
5,000 35% Jan 54% Mar
Southeast
46341
78 with warrants...1941 60
P
&
L
68_2025
60
60
2,000 60
Jul
92%
Apr
Without
7s without warrants 1941 60
warrants
105
10414 10534 44,000 99% Jan 106
60
60
2,000 60
July 92
API'
Apr South Carolina Pr 5s__1957
Masa Gas Cos 5%8_1946 10554 105 105% 41,000
9434 9511 16,000 90
Feb 9534 July
Jan 106
May Sou Calif Edison 58_1951 105% 10514 10551 28,000 103
Sink fund deb 58_1955 10134 101% 101% 53,000 102
Jan 106
9754
Fe
Apr
10234
McCord Radiator & MfgRefunding 58
May
19
952
54 106
5,000 103
1053,4 108
Feb
106
May
Ref mtge 5s_ _June 1
6s with warrants....i943
4654 46% 1,000 45
10534 10574 2,000 103% Apr 106% June
July z57
Gen & ref 5s 5. 193
Memphis P & L 5.9_1948 104
47
4
103 103
103% 104% 14,000 101% Jan 104% Feb
1,000 1023,4 Jan 105% June
May Sou Cal Gas C rp
lot & ref 414s C____I978
9514 96
34,000 9014 Jan 96
9915 99% 4,000 96% Apr
July
0934 July Sou Calif Gas CO 4545 _1961
Matron Edison 1st 45 E '71 9334 93
9654 9,000 9454 May 9634 May
934 31,000 91% Jun
96
9554 may Southern Gas Co 6148_1935
Mich Assoc Teleph 59_1961
92% 94%
9974 9914 5,000 97% Jan 100 June
7,000 9214 July 95
July Southern Natural Gas 68'44
Middle West UtilitiesWith privilege
Cony 5% notes__1932 9954 9951 99% 15,000
55
62
20,000 40 June 89
98% Jan 10034 Mar
Mar
Without privilege
Cony 5% not
_1933 97
89634 9751 17,000 93
50
6114 16,000 495( June 84% Apr
Jan 994 Apr S'western Assoc Tel 53 1961 50
Cony 5% notes__ 1934
93
93
894
95% 15,000 92 Jun
1,000 93 May 9434 May
97%
Mar
Cony 5% notes__ _1935
So'west
Dairy Prod 6148'38
93% 94% 32,000 591% Jun
34
34
3,000 34
July 66
Jan
97
Jan Southwest0& E 5s A.1957
Mid States Petrol 634s '45
49% 49% 5,000 44
95% 95% 13,000 593
Jan :9734 Mar
Jan 54
mnw Gas Llght 414.8__1967
S'west Lt & Pow fss A.1957
105 105
9354 9414 21,000 9054 Jan 97% Mar
3,000 101% Jan 106% May So'west
June
MinneaP Gas Lt 4145_1950 9434 9431 94% 41,000
Nat Gas 6s..1945 44
434 44% 20,000
8954 Fe
95
May So'west Pow & Lt 63..2022 1053,4 1044 10514 16,000 35 June 72% Feb
Minn Pow & Lt 4545_1978
9734 98
6,000 91% Jan 98
101
Jan 1071.4 May
Mississippi Pow 1st 58.1955
May Stand Gas & Elec 6s__1935 10054 1003,4 101
9451 96
19,000 98% Jan 102% Mar
12,000
91
Jul
9654 July
Cony 6s
Miss Power & Light 681957 96
5 101% 1004 101% 25.000 9951 June 10214 Mar
96
36
9554 9654 26,000 9334 Jo
98% Mar
Miss Riv Fuel 6s Aug 15'44
Debenture 6s
1951 99
98
99
35.00
9414 June 101% Mar
With warrants
Debenture (5s Dec 1 1
96
97
9714 98% 13,000 9551 June 1014 Mar
12,000 92% Jun 106%
Without warrants
Feb Stand Invest deb 5%3.1939
90
78
90
7854 12,000 :72% June 86% Apr
1,000 89
Jul
98%
Mar
Stand
Pow
Miss Rh'Power 1st fis 1951
&
Lt
68___
_1957 9434 94
105% 105% 3,000 10234 Jan
954 110,000 9254 June 100
Star
105% July Stand Telep 534s ser A 1943
Montreal L H & P Con73
75
5,000 7234 July 83 June
Stinnes(Hugo) Corp1st & ref 5s ser A ___1951
105 105
9,000 102
Jan 105% May
Narragansett Elee 58 A '57
Ts
Oct
1
'36 without warr
103 103% 13,000
43
50
32,000 43
July 8634 Apr
Nat'l Elec Power 55_1978 6834 .86854 69% 16,000 10154 Jan 104
May
75 without warr____1946 36
32
50
42,000 32
65% Jun
July 80
Mar
Mar Stutz-Motor Car 71(.9_1937 63
Nat Pow & Lt 6s A__2026 10334 103% 104
49
63
6,000 100% Jan 77
8,000 49
July
Mar
107%
Apr Sun Oil deb 545
15s series B
2030 8514 85
1939 102% s102 10214 17,000 9814 June 82
86% 35,000 84 June
10254 July
93
Mar Sun Pipe Line 58_ _1940 9951 99 100
Nat Public Service 55_1978 6934 69
70
9,000 9734 June 100 5Jan
71,000 65 June 78
Mar Super Pow of No III 45070
Nat Steel Corp 1st 58_1956 92
9134 9114 20.000 8934 Feb 931491% 94% 839,000 91% July
Mar
let 4%8
May
Nat Tea Co 55 May 1 1935
97
91
9154 24,0(10 90 May
9734 8,000 49 June e99%
9974 May Swift & Co 1st m f 5s 1
Neb Power deb 63_ _2022
93
8
1%
4 10
3x4 10354 10474 17,000 10234 Jan 934 May
16
96
40
110% 111
2,000 108
1043,4
Jan
111%
July
5%
May
notes
1'
4345
981 103
.110134 102
103 103
31,000 993.4 Jan 10234
25 101% July 103%
Mar
Neisner Bros deb 68..1948 51% 51% 5134 12.000
June Tenn Elec Pow 5a
1050 104
104 10451 31.000
50
Jan 0106
June
June
Nevada-Calif Elec 58_1956 90
Jan Tenn Public Serv 5s._1970 993-4 9914 9914 43,000 9834
8931 90% 35,000? 88 June 80
93%
Jan Tern' Hydro-Elee 654s '53 7634 764 7834 19,000 9434 Jan 9951 May
NE Gas & El Assn 58_1947 85%, 85
86% 21,000 85
73
Jan 87
July 94
May Texas Cities Gas 55._1948
Mar
Cony deb 55
1948
87, 86% 88% 3,000 586
6374 6374 1,900 5034
July 95
June 71
Mar Texas Electric Serv 55 1960, 1004 100 10
Mar
cony deb to
1950 86% s843
87
50,000 83
034 58,00
95% Jan 10134 May
Jan 94
May Texas Gas UV 6s___ _1945
48
50
8,000 46
July 80
Feb
FINANCIAL CHRONICLE
770
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Price. Low. High. $
[Vol,. 133.
Mortgage Bank of Chile 6s, 1931. Feb. 24, 52,000 at 100.
National Trade Journal Os, 1938, Feb. 26, 82,000 at 15.
High.
Low.
New England Gas & Elec., bs, 1948, July 21, *2,000 at 8234.
Bonds (Concluded)
New York & Foreign Invest. 5345w. w. 1948. July 21, 82,000 at 72.
984 Jan 103 May
10034.
Texas Power & Lt 5s__1956 1024 101% 102:4 36.000 106
11011 June Northern Texan Utilities 7s. 1935, April 15. $1,000 at
Feb
1,000
1094
2022
10834
Debenture 69
Pacific Power & Light 59. 1955, March 10, $5,000 at 90.
Thermoid Co 6%____1934
Mar
July 7934
7,000 50
Service of Nor. III. deb. bs, 1931, April 27, 51.000 at 994.
59
58
58
I With warrants
,
Jan Public
at 94.
144 19 141,000 124 June 64
Tri Utilities corp deb 5s'79 19
Mar Puget Sound Pow.& Lt. 414s. 1950. July 23, $2,000
15,000 634 June 85
71
66
Ulen Co cony deb 63_1944
Sheaffer (W. A.) Pen. June 3, 100 at 30.
Union Am Invest 5s._1948
Jan 98614 Mar Shenandoah Corp. 6% cony. pref., July 15, 100 at 2934.
834 8514 8534 2,000 980
I, With warrants
910034 Jan 103 May S'west G.& E. 1st bs, 1957, Jan. 2, 55,000 at 91; May 7. $1,000 at 1004.
Union Gulf Corp 5s Jul 150 10234 1024 10234 82,000
Jan 1054 July
102
2,000
105
105
Standard Invest. Corp. 514s, 1939. June 2. $3,000 at 70.
Un El L & P 5s ser 13_1967
United Elec Service 75 1950
Apr Truscon Steel pref.. April 22, 25 at 100.
June 92
19,000
7934
83
80
80
Without warrants
July 90 May Union Amer. Investing Is. 1948, with warrants. Jan. 6, $1,000 at 70.
5,000 50
50
50
United Indus Corp 6149'41
10,000 914 Jan 9734 Mar Union Amer. Investing, deb. 5s, 1948, with warrants, June 23, $2.000 at 93.
United Lt & Pow 63_1975 924 924 934
July
Jan 105
91
27,000
34
10334104
10434
9
Jan. 2, 51.000 at 10034.
1st lien & eon 5%8_195
52,000 974 Jan 108 June Union Gulf Corp. Is, 1950.
Un Lt & Rye 6s ser A_1952 10734 10734 10434 4,000 1004 Jan 10114 May Ti, S. Radiator 5s A, 1938, March 6, $3,000 at 86.
10034100
10034
1932
Ss
series
1st
July Virginia Public Service CO. Os. 1946. Jan. 15, 52.000 at 88: March IL 55.000 at 944.
Jan 92
80
79,000
9134
9034
91
1952
Deb 549
Apr
2.000 40 June 69
at 1024.
48
46
1942
United Pub Serv 6s
Jan Washington Water Power 1st & ref. Is. 1960, Jan. 24, 51.000
474 474 1,000 36 June 80
United Rys (Slav) 64s '35
Western Newspaper Union 6s. 1944, June 11. 51.000 at 38.
U S Rubber
June
934
24,
at
10594.
51.000
June
May
1958,
B,
81
Wisconsin Public Service 514s
924 48,000
3-year 6% notes____1933 914 91
Jan 9414 June
9214 924 1,000 75
Serial 64% notes__1933
5,000 65 June 834 Mar
70
70
Serial 64% notes__1935
Mar
78
2.000 60 June
64
64
Serial 64% notes1940
Manhattan Towers Hotel (2166 Broadway Corp.),
Jan 9834 May
974 6,000 94
97
Utah Pow & Lt 1st 5.4.1944
Feb New York City.-Bondholders' Protective Committee.
Jan 60
484 8,000 45
48
Van Camp Packing as_1948 48
Jan
71,000 52 June 85
55
A committee consisting of Joel Rathbone, Chairman: W. L. Van ArtsVan Sweringen Corp 631935 5434 53
May
9714
Feb
Edward A.
with
924
Calkins,
ME.
and
Marvin
37.000
C.
F.
974
Va Public Serv 54s A.1946 974 964 9134 25,000 8734 June 914 May daien Cameron Winslow, n Ave., N. Y. City, has been formed to Protect
Lexingto
1950 9134 90
1st ref bs ser B
Mar Keeler, See. 429
Jan 994
mtge. 6%
a
first
by
9884
es
secured
6,000
certificat
bond
92
of
914
of
9134
holders
'
1946
interests
the
B f deb as
1013410134 3,000 9934 Jan 1044 June sinking fund gold loan in the amount of $1.650,000 issued under a trust
Ward Baking Co 6s 1937
y Corp.and the Corporation of the Manhattan
Broadwa
by
2166
made
mtge.
Waldorf-Astoria Corp
Feb
12,000 48 June 74
Congregational Church dated March 1 1928.
1st 78 with warr____1954 5434 544 55
2.000 91024 Jan 10534 May
The Chatham Phenix National Bank & Trust Co 117 Liberty St.,
Wash Wat Pow 5s____1960 1054 105 1054 21,000
Mar
Feb 93
85
874
864
0
8614
53____203
Elee
N. Y. City, is the depositary for the bonds.
Penn
West
July
08
July
part:
974
57,000
A circular letter issued to the certificate holders states in and
West Penn Pow 4s H__1961 974 974 98
May
with all the
9634 964 2,000 95 May 97:4 Mar
The hotel forinally opened April 1 1930. fully paid for,
West Penn Traction Is 1960
914
care of. It
June
taken
time
that
to
84
up
y
Corp.
37,000
Broadwa
88
854
2166
of
ns
A.1957
bs
obligatio
West Texas Util
to
1 1.931, was
Rent
Jan.
Inc.
n
Towers,
under lease to Manhatta
Western Newspaper Union
July 684 Jan opened
4134 5,00J 938
per month,and thereafter at the rate of $16,660.66 per month.
1944 414 39
Cony deb Os
July to be $15,000
60
upon deon
3
ed
July
1931,
March
60
surrender
and
quit
Inc..
2,000
60
Towers,
60
1932
Manhattan
Wickwire Steel 74s
1034 10334 11,000 10134 Mar 10334 May mand under the lease, for non-payment of rent. In the 11 months it had
Whi Pow dr Lt 5s F___1958
Jan 1034 May been in the hotel it had paid a total of only $14,700 in rent. While the failure
101
2,000
1034
1034
E___1956
sec
bs
18t & ref
l in a period of great depression
of a new hotel to be immediately successfu
that it was the inability of 2166
is not surprising, it should be remembered
Foreign Government
has
so badly dislocated its schedule
which
rent
its
collect
to
Corp.
y
Broadwa
And Municipalities
ns.
of payments on its obligatio el that the amortization payments were reAgee Mtge Bk (Colombia)
21,000 55 May 8814 Jan
be remember
78
also
75
1946 78
should
It
20-years f 7s
6,000 56 May 7934 July quired to begin the first year. and were so heavy that it was unreasonable to
75
63
20-year 7s__Jan 15 1947
26,000 574 May 9714 Mat expect that they could be met, in addition to the interest requirements,
70
69
Buenos Aires(Prov) 748'47 70
6,000 56 June 904 Mar from the earnings of the hotel until it became well known and established.
65
6334
1052
Ext 7s April
Apr
(about 22%) which was allotted to
9,000 38 May 75
42
42
Considering the space in the building
Cauca Valley 7s June 1 '48
y Corp., the fixed
and heated at the expense of 2166 Broadwa
Cot Bk of German State &
Mar the church, of
too high.
804
entirely
July
was
year
40
7,000
per
45
40
$25.000
rent
ground
Prov Banks 6s B_ _1951
but did not have
the
building
Mar
8014
furnish
to
July
agreed
46
4734 4,000
46
Manhattan Towers, Inc.,
1952 46
let 63series A
10234 May
installed. The furniture and fixtures
993410034 5,000 9914 Jan 1004
the funds to pay cash for the furniture
Danish Cons Munle 549'55
The total
May
contract.
retaining
title
a
on
Jan
er
964
Wanamak
3,000
John
98
974
1953
were furnished by
55
only $129,000
on which Manhattan Towers. Inc., had paid
Danzig Port & Waterways
Mar cost was S283,000
80
of the hotel. Because of the fact that
n
July
594
possessio
5,000
ed
60
surrender
60
it
_1952
time
25-year ext 614s_
Mar at the
of no value to anyone, Wanamaker was
4914 July 90
without furniture the hotel would be
German Cons Munic Ts '47 5034 494 5634 37,000
35.000 414 July 8234 Apr in a position to drive a hard bargain for the balance of the purchase price. It
4134 48
1947
68
Mar
and will permit the balance to be
954
however,
&lb'
e,
64
3,000
reasonabl
65
64
and
9
fair
has been
Hanover (City) 7s____193
ng about $42,000 per annum. About
July 844 Mar paid
5,000 45
45 s48
in monthly installments aggregatisince March 31931. The equity of
Hanover (Prey) 6149_1949
balance
the
on
paid
been
has
Finland
of
Bk
Mtge
515,000
[lido
Mar
was, under the sublease to it,
July gz95
89,000 80
85
80
n Towers, Inc.. in the furniture
1st mtge con s f 7s__1944
paying the reJuly 5914 Mar Manhatta
2,000 33
34
rent and 2166 Broadway Corp. is now
33
Vfaranhao (State) 7s..1958
Mar held as security for
79
the hotel, although title to the furniof
July
66
earnings
2.000
the
62
62
from
1951
balance
E
maining
11edellIn 7s ser
ker.
'Wanama
by
vIendoza (Prov) Argentine
Mar ture is still retained
been operated for 2166 Broadway Corp,
9,000 3334 June 78
4034 43
Since March 1 1931. the hotel has by Michael Wielandt of the Micwiel
External s f g 74s_ _1951
without cost for managerial services,
dortgage Bank (Bogota)Mar
management which has reduced
75
efficient
May
52
7,000
very
58
56
has provided a
7s Lssue of Oct 1927_1947
the hotel has done for
Mar Co. He expenses
4,000 54 June 80
55
and increased occupancy. What
55
operating
7s Lssue of'27(al & N)'47 55
:
gv.tabolpeer
Apr
foorilooswsiRne
9994
the
July
by
404
77,000
shown
45
is
past three months
toe
Iftge Bank of Chile 6.9_193 t 424 4034
Mar
1014
.Costs. Net Opes.Res
Jan
14,000 98
9834 100
dtge Bk of Denmark 5972
$15,463
$24 368
540,282
274 3,000 18 May 5434 Mar
25
arana (State) Brazil 78'58 25
,
March
Mar
68
May
24,307
224
13,777
38,084
15,000
334
30
/to de Janeiro 649_1959 30
i1
Adary
15,561
25,009
40,570
nt
Governme
lusalan
Jan
3
July
134
3,000
2
134
1919
634s
Mar
3
134'.June
873,684
544.802
8118.936
194 134 8,000
-1919
6.48 etfs
Totals
Feb
3
114 June
24,561
14,934
39,645
14 14 1,000
1921
5.948 etfs
July Average
7,000 994 Jan 104
poi. 101
operating profit for the year beginning
isarbruecken (City) 78 '35
This shows that the annual net
about
$180,000
roughly,
be,
to
expected
o Sold for cash. s Option March 11931, may be
amounting to $5,400 have not been paid,
*No par value. 1 Correction. n Sold under the rule.
Taxes for the last half of 1930.
Ex-dividend. Y Ex-rights,
is pending for the remission of this sum on
sales. t Ex-rights and bonus. w When issued. z
but only because an applicationof the assessment, the property was church
Issue
the
in
reported
pref.
lien
date
the ground that, as ofthe
I Sale of New England Public Service $6 prior
for commercial purposes. For
been 86 pref. The following owned and no part of it was then being used
of June 27 1031 at 7114 was an error. Should have
no part of which has been paid. An appliat 78; June 22, 50 1931 the assessed tax is $68,000,based
50
18,
June
date:
to
year
exemption of that part a the
the
this
pref.
on
lion
prior
are the sales of 56
for a reduction
Only one sale of the $6 preL was cation is pending
An effort will also be made to secure a reat 78; July 20, 20 at 824; July 21, 10 at 834.
building used by the church.
.
valuation
duction in the assessed
reported-June 26 1931, 10 at 714.
up. The present occupancy of the
The property has been well kept
sales affecting the range
hotel averages about 72%.
e See alphabetical list below for "Under the Rule"
ing, it seems clear to the comencourag
are
s
While the present condition this project is necessary. Considering only
for the year.
ztion of
mittee that a reorgania
ents under the first mtge.,
requirem
12.000 at 10394.
13,
the
May
1935.
and
,
54s,
deb.
furniture
gen.
Electric,
Chicago District
taxes, payments on
claims against 2166 Broadway Corp., the
$9,000 at 9414.
and wholly disregarding all other
Commonwealth Edison 4s ser. F 1981, July 22.
the corporation for the year March 1
of
ns
obligatio
5-16.
at
100
accruing
9.
o., March
accrued and
stated as follows:
Control. Automatic, Merchandising, coin, V. t.
1931, to March 1 1932, may be
8356.900
1st mtge..&c
Empire Power partio. stock, July 10, 50 at 394.
Total expenses incl.taxes,int. on
55.
180.000
at
$3,000
3,
Feb.
General Rayon deb. Os, 1948,
Deduct net operating revenue
at 964.
$9,000
29,
June
1940,
5s,
deb.
Razor,
Gillette Safety
$176.900
18 at 9734.
Deficit
Illinois Power & Light, 6% pref., March 23,
lease 2166 Broadway Corp. is obliged to Pay
If $25.000 which under the
deficit will be 8201.90 . On the
Iron Cap Copper Co., March 16, 100 at 134.
ground rent Is included, the
as
church
the
5.
at
100
16,
operating revenue the deficit for the following
National Baking, common, Jan.
basis of the same assumed net
be
about $132,400 not including
994.
still
at
would
$31,000
it
6,
but
May
smaller,
National Steel Corp. 58. 1950,
year would be
$4,000 at 10034.
ground rent.
New York Pow..9z Lt.44s, 1967, July 9,
which could not be controlled, the earnings
nces,
circumsta
105.
at
$2,000
to
7,
due
July
Thus,
nehind the obligations against it, that there is
Northern Indiana Public Service Ss D, 1969.
of the hotel have fallen so far A reorganization is, there,fore, necessary in
50 at 11034.
Northern States Power, 7% pref.. March 20.
no chance for it to catch up.ers by placing the control of the property in
bondhold
at
8014.
34,000
the
21,
order to protect
Prussian Elec. 6s, 1954, April
mortgage is preserved, 2166 Broadway Corp.
1950. June 15. $3,000 at 95.
their hands. If the present the picture, but the mortgage will have to be
Puget Sound Pow.& Light 44s, series D.
will have to be continued in postponement of amortizations, and a decrease
1967, May 18, $5,000 at 9894.
A,
ser.
414s,
let
Power
&
Water
n
the
Shawiniga
amended so as to permit when payments are begun, and the ground lease
at 54.
Wright & Hargreaves Mines. June 3. 100
in the rate of amortiFation to afford the additional time that will be needed
will have to be extended so as
the range for the year.
affecting
sales
"Option"
for
below
z See Alphabetical list
to pay off the mortgage debt.
re now. 2166 Broadway Corp. can be
43.
at
$4,000
3,
June
On the other hand, by foreclosu
Appalachian CU as. series B 1945,
property can be taken, unless a cash bidder
d, and title to the company
eliminate
83.
at
51,000
22,
owned and controlled by the bondJan.
1941,
Arnold Print Works 6s,
develops, in the name of a
1949, July 29, $3,000 at 61.
loan on the property can be made, it might
Associated Gas & Elec. cony. 44s,ser. C.
holders. As soon as a straight
ers in cash a very substantial
78.
bondhold
at
3,
$5.000
June
the
1944,
be possible to distribute to
Associated Telephone Utilities, cony. deb. 5148.
The plan for reorganization after
51.000 at 61.
amount of their present holdings.
bondholders from the first earnings
the
of
Central States Power & Light 514s, 1953, June 11,
full
in
payment
providing for the
for the protection of the church, the debenCities Service deb. bs, 1966, May 22, 55.000 at 584.
of the hotel should next provide
2, $5,000 at 9694.
Co. in so far as this may be found practicable.
ture holders and the Micwielnecessary
Columbia Gas & Electric deb. 58. 1961, Feb.
for the committee to have the bonds
be
at 954.
In either event, it will
Consol. Publishers, 64is, 1936. March 9, $1,000
with the authority of the bondholders as
at 824.
deposited so that they can acthas already been done and at no cost or
Continental 011 deb. 534s. 1937, May 16. $5,000
Much
require.
occasion may
rs. The working out of the remaining
Curtis Mfg. class A, July 22, 100 at 1734.
expense whatever to the bondholdecommittee, who, when the bondholders
details should be entrusted to the
Miler Electric. June 4, 100 at 294.
ically do what can then be done
sympathet
will
,
at 8394•
have been fully protected
for the debenture holders, and for the
Ercole Mare)!) El. Mfg. 6149, 1953, w. w., Jan. 7, 51.000
for the church whose fee is at stake,this building is around 5800.000.
in
interest
Gen. Pub. Sem. deb. Is. 1953, April 4, $2,000 at 9334.
cash
whose
Micwiel Co.,
in the despository agreement as the
28. 51,000 at 404.
While Aug. 15 1931. has been fixed
Guardian Investors 5s. 1948. with warrants, Jan.
bonds, it is hoped that bondholders will
at 9994.
limiting date for the deposit of so
Indianapolis Power & Light 1st 59, 1957, Feb. 3, 52,000
the committee may have time to
that
bonds
their
at
95.
51,000
1944. Feb. 4,
immediately deposit
September 1, the next interest payment
Industrial Mortgage Bank of Finland 1st mtge. 7s,
vet the situation well in hand by
Interstate Power 1st 59. 1957, Jan. 20. $3,000 at 7694.
data
at 9114.
Middle West Utllitlea. 5% notes. 1935. June 18, 52.000
Range Since Jan. 1.
AUG. 1 19311
FINANCIAL CHRONICLE
771
Quotations for Unlisted Securities
Public Utility Stocks.
Industrial Stocks.
Par 84 A eft
Par aat 481
Alabama Power $7 pref__100 11412 11514 Memphis Pr & Lt $7
0_
Amer Elec Sec pantie pf__20 2812 33 Mississippi P & L $6 pref.._* 109
pref• 97 16Arizona Power 7% pref__100 59 68 Metro Edison $7
prof
B___*
103
Ark Pow & Lt $7 prof—. 106 108
$6 preferred C
161) 10112
Assoc Gas & El °rig pref..* 6012 53 Miss River Power pref_
_100 109
$6.50 preferred
97
99
Mo Public Service 7% p1100
_
$7 preferred
100 103 Mountain States Pow
@FedFRASER