The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
The
VOL. 131.
financial
SATURDAY, AUGUST 16 1930.
NO. 3399.
in conference with the Governors whom he had invited to discuss the situation, stated that rain, and
PUBLISHED WEEKLY
reports
of rain, had descended on the Conference as
Terms of Subscription—Payable in Advance
the
Including Postage—
Governors
of the afflicted States were urging
12 Mos.
Mos.
Within Continental United States except Alaska
$10.00
$11.0a
In Dominion of Canada
11.50
6.75 upon the President speedy action. The press acOther foreign countries, U.S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quota- counts stated that "rains sufficient to break the
tion Record the subscription price is $6.00 per year; for all the others is
$5.00 per year each. Add 50 cents to each for postage outside the United drouth over large areas were reported in the Ohio
States and Canada.
Valley, Indiana, Illinois, central Kentucky, southCOMPIIND117145-MONTHLY PUBLICATIONS-BANE AND QUOTATION RECORD
PUBLIC UTILITT—(seml-annually)
ern Ohio, all of West Virginia, which has been hard
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STATE AND MUNICIPAL—(semi-EMI.)
hit, and in sections of Tennessee, eastern Missouri,
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southeastern Iowa." It was also stated that
and
Transient display matter per agate line
48 cantos
Contract and Card rates
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drizzle
a
was falling in the capital as the State
Canso° OF/ICI—In charge of Fred. H. Gray. Western Representative,
268 South La Salle Street, Telephone State 0613.
began conferences with Government ofexecutives
Omen—Edwards
Smith,
1
&
Drapers Gardens, London. E. O.
LONDON
ficials preparatory to meeting with the President.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Further advices yesterday fully confirmed these rePublished every Saturday morning by WILLIAM B. DANA COMPANY. ports, and made it plain that prospects had, as a
President and Editor. Jacob Seibert; Business Manager, William D. Riggs;
Treas., William Dana Seibert; See., Herbert D.Seibert. Addresses of all, Office of Co. result, been altered very materially for the better,
and, moreover, that there was still sufficient time
to repair at least a considerable portion of the damage which the drouth was supposed to have done.
Change of Address of Publication.
As one indication of the changed aspect, a dispatch
The Commercial & Financial Chronicle,
from Alexandria, Va., on Friday, stated that offihaving long suffered from inadequate
cials of the Chamber of Commerce ceased longing
for the arrival of the 200 pounds of rain powder from
facilities for handling its growing size
Santa Fe which was to be used in an attempt to
and growing subscription list, has moved
bring showers. The rains had removed the necessity
into new and larger quarters, and is new
anything of the kind.
of
located at
As
a consequence, cheer is again in the hearts of
William Street, Corner Spruce,
community, and the outlook is once
farming
the
Now York City.
transformed, owing to the blessings
completely
more
P. 0. Box 958, City Hall Station.
and benefits which Nature has conferred through its
bounty in supplying what had become such an
urgent and imperative requirement. As to the crop
situation generally, there does not seem to be the
The Financial Situation.
least likelihood now of any general shortage, except
Nature changes its moods with surprising rapid- possibly in the single case of corn, and there the
ity. Last week the whole country was shrouded in crop, with adequate rainfall such as appeared to have
gloom owing to the reports of damage to the growing occurred practically everywhere except in a few
crops over wide areas by prolonged drouth, and limited areas, seems likely to prove in excess of
the situation appeared to be so serious that the present estimates. The Department of Agriculture's
President and his advisers felt constrained to take forecasts of the probable size of this year's crops,
active steps to provide adequate relief in order to given out on Monday, and supposed to reflect conavert something akin to a national catastrophe of ditions as of the 1st of August, were prepared in
the first magnitude. The President arranged at the stress
of the situation then existing, and when
once for conferences with the Governors of the dif- the outlook appeared positively dismal. The busiferent States for Thursday of the present week with ness community can proceed in absolute assurance
a view to obtaining concerted action and also to get that no material crop shortage will exist as an adthe views of these executives with reference to the ditional depressing agency the present year. As
conditions in their respective States.
far as the principal crops are concerned, there can
But at the very time these conferences were taking not be the least question on that point, except,
as
place, and even before that, Nature was providing its already stated, in the single instance of corn.
own measures of relief—and, as a matter of fact, the
The outlook as far as these chief crops are cononly measures that can bring real and enduring cerned cannot be said to have been really
alarming,
relief—by blessing the drouth-stricken sections with even before the drouth was broken.
The drouth inthe rains which they so much needed to revive their flicted some injury, of course, which
cannot be reparched areas. Associated Press advices from paired. Some corn, of course, has
been destroyed
Washington on Thursday, while the President was beyond the possibility of redemption.
But much
financial Chronicle
984
FINANCIAL CHRONICLE
corn will become ripe for harvest which it was supposed had been killed. Pastures will be revived.
The menace which carried such a serious potentiality
of injury—injury which might reach the proportions
of a national disaster—was in the continuance of
the drouth. A week ago absolutely no relief from
the drouth seemed in prospect, and it was that dismal possibility that furnished real occasion for
gloomy forebodings. But the drouth has now definitely been broken, and it is, hence, safe now to
proceed on the assumption that trade and industry
are not to have a crop disaster as an additional depressing agency. The industrial revival which everyone is so earnestly seeking may fail to come, but if
so, it will not be because of any crop shortage.
The Agricultural Bureau report was written, as
already stated, in an atmosphere of gloom, but even
this report takes occasion to point out that there is
no danger of any food shortage, but that there may
be a feed shortage. Mark the language of the Agricultural Bureau on that point. It says: "Considering both acreage and yield and comparing prospective production this season with average production during the last five years, the indications point
to about the usual supply of food crops, but a shortage of feed crops, both grain and hay, for feeding."
Grain here has reference to corn, the outlook for
which has been improved by reason of this week's
general downpour, and the same may be said of
pastures and of hay, as already remarked. Moreover, whatever shortage of feed may actually be
found to exist can be in great part, if not entirely, be
made good by the use of the ordinary food crops for
that purpose. Much wheat is already being ground
up for feed, and an abundance of wheat will be available for that purpose. It should not be forgotten
that the Agricultural Department in its estimates
the present week actually increased the probable size
of the wheat crop, adding 14,000,000 bushels to it.
The crop is now put at 821,000,000 bushels, at which
figure it compares with 806,000,000 bushels last year.
The spring wheat crop has been lowered to 223,221,000, as the indication on Aug. 1,from 249,546,000
indicated on July 1, but this decrease was more than
offset by the increase in winter wheat prospect during the month from 557,719,000 to 597,392,000.
But the promise for the spring wheat seems likely
also to improve now that rains have come, as the
July impairment was due entirely to drouth damage, and the drouth has been broken. It seems not
unlikely even that the 1930 spring wheat crop will
prove larger than that of last season.
The unfortunate feature is that after last week's
sharp rise in grain values there has come the present
week a severe downward reaction. Particularly is
this true in the case of wheat, the September option
for which in Chicago on Thursday of the present
week touched 87y8c., with the close yesterday at
911/
4c., as against 99%c. on Thursday of last week.
The December wheat option at Chicago fell to 9314c.
on Thursday, and closed yesterday at 96%c., against
$1.05/
1
2 on Thursday of last week. Corn has also
encountered a severe downward reaction, but not to
the same extent as in the case of wheat, and the
price of corn remains well above that of wheat, a
decided anomaly. The September option for corn
in Chicago got down to 94%c. on Thursday, and
closed yesterday at 98%c., against $1.02% on Thursday of last week; while the December option sold
/
8c. on Thursday, and closed yesterday
down to 901
[VoL. 131.
at 94/
3
4c., against a high of 99/
1
2c. on Thursday 01'
last week.
At the same time, cotton has taken a further bad
tumble, the spot price here in New York establishing a new low record for the season yesterday at
11.90c., which compares with 13.15c. on Thursday
of last week and with 16.15c. at the opening of June.
The estimate of the cotton crop as furnished by the
Department of Agriculture last week was in excess
of expectations by the trade. And there appears to
have been no further impairment of prospects the
present month, since the drouth has been relieved
in the South the same as elsewhere.
In the meantime it remains a matter for great
regret that not the slightest signs of any recovery
in trade can be discerned. In truth, the accounts
appear to be growing less favorable rather than
more favorable. This is true especially as regards
the steel trade. Steel ingot production the present
week is put at 56% of capacity as compared with
58% last week and 57/
1
2% the week before. The
U. S. Steel Corp. is working at 63% of capacity
against 64%, while the independent steel companies
are operating at 51% of capacity as against 53% last
week and 52% two weeks ago. At the corresponding date last year the Steel Corp. was running at
97% of capacity, with the independent companies at
somewhat under 90%, and the average for the whole
steel industry about 93%.
The price of copper also continues downward, notwithstanding the tremendous reduction which has
already occurred. The custom smelters are reported
to have made sales of copper at 103
/
4c., though large
producers appear to •be holding to the 11c. basis.
And the situation appears to be much the same in
other directions, crude rubber, for instance, having
declined to new low figures in the case of all the
different options. Railroad earnings for July, it
appears, will be quite as bad as those for the month
of June and for earlier months, judging from the
early returns for that month which are now coming
to hand. But nothing can be gained by laying stress
on these features. They reveal nothing new, but
merely show an absence of any improvement or recovery. Sooner or later an end will be reached in
the downward course.
If low money rates and *ready dispensing of Federal Reserve credit by the voluntary action of the
Reserve Banks themselves could help trade and industry in any way, recovery must long since have
ensued. The Reserve statements this week show a
continuance of the policy so seriously open to question to which we have so frequently referred in these
columns. The statements show that the contemplated purchase of additional amounts of United
States Government securities holdings, as announced
last week, has been carried out. These holdings of
United States Government securities increased during the week from $576,224,000 to $606,537,000. A
year ago, on Aug. 14 1929, the amount held was
only $154,303,000, so that during the 12 months purchases of such Government securities have been
made in amount of over $452,000,000. This shows
how persistent the Reserve authorities have been in
their policy of forcing out Reserve credit through
their open market operations. Through these purchases they have, of course, strengthened the Government bond market, and in like manner, we may suppose, the Government bond market will be weakened ,
AUG. 16 1930.]
FINANCIAL CHRONICLE
985
when they get ready to dispose of these holdings. side, as it usually does, and for July amounts to
The purchases have 'been made to offset the diminu- $50,000,000; for July 1929 it was $49,210,000.
For the seven months of 1930 merchandise extion in member bank borrowing, as represented by
were valued at $2,345,320,000 and imports at
ports
Reserve
institutions,
12
the discount holdings of the
In the corresponding period of 1929
$1,945,878,000.
against
as
$190,515,000,
to
down
which are now
to $3,026,428,000 and imports to
exports
amounted
fact
member
The
that
ago.
year
a
$1,027,988,000
decline in the value of exports
The
$2,640,522,000.
indilargely
curtailed
so
been
has
borrowing
bank
of this year from a year ago
months
seven
the
for
no
any
banks
longer
have
member
these
that
cates
and in imports $694,22.4%,
or
need of Reserve credit and cannot avail of it. But is $679,108,000,
seven months of this
the
For
or
35.0%.
644,000,
instead of letting diminished member bank borrowby $399,442,000,
imports
exceeded
have
year
exports
normal
effect,
authe
natural
Reserve
ing have its
trade balance
export
an
was
there
a
ago
while
year
the
larger
keeping
part
the
of
on
thorities insist
It is
movement
of
$386,906,000.
merchandise
the
same,
adding
the
on
incidentally
all
out
credit
Reserve
trade
when
eight
or
years,
six
back
go
to
the
necessary
interest
from
received
earnings
the
on
their
to
was depressed following the readjustment of comsecurities purchased.
Latterly, as we showed last week, they have been modity prices which occurred in 1921, to find a
inducing a gold outflow and then have proceeded record of foreign trade so small as that of this year,
to offset this, too, by putting out Reserve credit; or in the early part of 1922.
Cotton continues to contribute a considerable sum
and the increase during the week of $30,113,000 in
States
United
of
the decline in merchandise exports. For July
securito
holdings
Government
their
fact.
During
the
exports of 176,435 bales compare with 237,507
the
cotton
of
week,
also,
evidence
is
ties
they have added nearly $21,000,000 to the total of bales a year ago. In value the shrinkage has been
their holdings of acceptances purchased in the open proportionately much heavier on account of the
market, these acceptance holdings having increased decline in price. For the seven months of 1930 cotduring the week from $133,571,000 to $154,328,000. ton exports were 6,690,709 bales against 8,043,588
Member bank borrowing during the week fell from bales in the corresponding period of 1929.
A sudden revival of gold exports in July carried
$205,923,000 to $190,515,000. Reserve credit outbeen
have
allowed
to
to
in
total movement for that month up to $42,529,000.
the
ought
contract
standing
the same amount, thus insuring true elasticity in Larger amounts have also gone abroad during the
accordance with legitimate trade demands. Through current month of August. Exports of gold in June
the increase in the holdings of Government securi- were only $26,000. In November and December of
ties and of bank acceptances, Reserve credit out- last year there was a sudden demand for gold shipstanding, as reflected by total bill and security hold- ments, and a considerable amount was sent abroad,
ings, has been increased during the week in amount reaching a total of approximately $103,000,000 in
of $36;662,000, this total of bill and security holdings those two months. With that exception gold exports
having increased during the week from $922,990,000 have been comparatively small for nearly two years.
In July 1929 the gold outflow was only $807,000.
to $959,652,000.
Brokers' loans during the week have undergone On the other hand, gold imports have exceeded exfurther contraction in amount of $59,000,000, the ports quite heavily for nearly two years. Last
total this week standing at $3,155,000,000 as against month gold imports amounted to $21,888,000, these
$3,214,000,000 last week. The diminution reflects figures comparing with $35,525,000 in July 1929.
the lessened activity in speculation on the Stock Ex- For the seven months of this year gold exports were
change. With reference to the changes in the dif- $52,191,000 and imports $254,087,000, the excess of
ferent categories of loaning, the loans for own ac- imports being $201,896,000. For the corresponding
count by the reporting member banks have decreased period of 1929, gold exports amounted to $7,857,000
during the week from $1,719,000,000 to *1,646,- and imports to $217,032,000, the latter exceeding
000,000. On the other hand, the loans made for exports for the same time in that year by $209,account of out-of-town banks have increased from 175,000. Silver exports in July were $3,706,000 and
$694,000,000 to $705,000,000, and the loans "for ac- imports *3,950,000.
count of others"from $801,000,000 to $804,000,000.
As was to be expected, columns upon columns in
Certainly the preliminary statement of the for- the daily press tell of the drouth and the effects
eign trade of the United States for the month of of the drouth on the crops in the United States.
July, issued this week, is most discouraging. Mer- The August report issued by the Department of
chandise exports continue to show a very heavy re- Agriculture at Washington pursues much the same
duction in value, compared with July of last year, course. This August report is generally considered
and with that month in preceding years, and the one of the most important that is issued by the
same is true as to imports. Exports for July this Department during the crop-growing season. The
year were valued at $269,000,000 and imports at wheat crop, or the bulk of it, known as winter wheat,
$219,000,000. The corresponding figures for June is usually harvested at that time, and is practically
were exports $299,000,000 and imports $250,000,000, beyond injury. Corn and spring wheat ordinarily
while for July of last year exports amounted to have made such progress that the outcome is quite
$403,360,000 and imports to $354,150,000. The de- clearly discernible. Much the same thing can be
cline in exports for the month just closed from a said of the other commercial crops.
This year, however, conditions are materially
year ago is $134,360,000, or 33.2%, and in imports
$135,150,000, or 37.9%. These losses are much altered. The winter wheat crop has been harvested
heavier than in the earlier months of the year, there and the outturn is in excess of the earlier predichaving been a constant decline in each month for tions. A yield of 597,392,000 bushels is now shown,
the year to date in both exports and imports. The against a production of'557,719,000 bushels, the estibalance of trade, however, contnues on the export mate of a month ago, based on the July 1 conditions
'986
FINANCIAZ CHRONICLE
[VOL. 131.
an increase for the month .of 39,673,000 bushels. the latest condition report, of 820,613,000 bushels
is
The harvest of winter wheat last year was 578,- indicated, against a harvest of 806,508,0 bushels
00
336,000 bushels. In only one year of the past eight last year.
has the harvest of winter wheat been higher than
The Department reports that in addition to the
that now indicated for this year.
injury to corn, the hay and grain sorghum crops are
The quality, too, is high, in the Central States likely to be the smallest in many years. Furtherof large production, Kansas, Illinois, and Nebraska, more, the feed shortage is accentuated by pastures
the quality is placed at 95%,96%,and 97%, respect- far poorer than in any previous summer month for
ively, for these three States, where more than 43% 50 years. Prospects for oats and barley have been
of this year's production is raised. In Ohio and slightly further reduced. For oats a yield of 1,316,Indiana the quality is 97%; in Michigan, 93%; 000,000 bushels is indicated against 1,329,000,000
also in Pennsylvania and for Missouri, 94%. Even bushels on July 1; barley, 306,000,000 bushels
in the Southwest, in Oklahoma and Texas, the against 332,000,000 bushels on July 1, and rye, 46,quality is placed at 90%, while for Washington and 700,000 bushels against 47,900,000 bushels the preOregon it is 85% and 90%, respectively.
liminary estimate for this year.
As to the other crops, there is a different story to
tell. The Department's estimates in the August reThere is little to be said about the course of the
port are based on the condition of Aug. 1. The stock market the present week. With trade remainreport was issued at Washington on Monday of this ing depressed, and with most of the developments
week. More than two weeks have now elapsed since unfavorable, sustained recovery is out of the questhe date of the condition, and such advices as were tion. Such a state of things also encourages attacks
available up to the time when the report was made by the small traders. Accordingly, the market seepublic indicated that there had been no improvement saws a good deal, moving up one day and down the
in the meantime. In fact, the Department in its next. On Saturday last week the market was weak,
statement makes it clear that as to some of the crops in continuation of the severe break on Friday. On
there was a material further reduction in condition Monday the tone improved somewhat, but on Tuesin the intervening eight days from Aug. 1 to the date day the market again plunged downward; further
of the report. However, very extensive rains within declines occurred on Wednesday, but with an upthe last few days in many of the drouth-stricken sec- ward reaction by the close of the day. On Thursday
tions would appear to have materially brightened the the course of prices was irregular on a small volume
prospect.
of business, but with most of the changes for the
As to corn, a condition on Aug.1 of 62% of normal day in the direction of moderately higher prices,
is indicated. This is the lowest Aug. 1 condition in On Friday the market turned sharply upward. Virmany years, and compares with 78.8% on Aug. 1. tua]iy all the developments of the week have been of
1929 and 70.7% on Aug. 1 1924, the latter the year an unfavorable nature, steel production continuing
of the latest low production for that cereal. An on the decline and the price of copper again tending
Aug. 1 condition of 83.3% of normal, as it was in downward, while the renewed break in the grain
1928, is not unusual for corn. The estimate of yield and cotton markets proved extremely disturbing.
for corn this year, based on the Aug. 1 condition, is Call money on the Stock Exchange has again ranged
2,211,822,000 bushels. This has been further reduced between 2% and 2/
1
2%, with the higher figure preby the Department in its report by 100,000,000 vailing at the close. No less than 154 stocks have rebushels, to cover the period up to Aug. 11, the date corded new low figures for the year during the week,
of the report, during which time there was ad- including the following:
ditional deterioration. In view, however, of the
STOCKS MAKING NEW LOWS.
Indus. and Miscall. (Con.)—
relief by rain this week,it may be questioned whether Railroads—..
CanadianPacific
Foundation Co.
further loss of this kind will be found when the Chesapeake & Ohio new
Gardner Motor
Rock Island & Pacific
General Bronze
Sept.1 report is made up. In the July report,issued Chicago
Minneapolis clic St. Louis
General Railway Signal
a month ago, a production for corn for this year MinneapolisSt.Paul& S S Marie General Theatres Equipment
New York Se Harlem
Gimbel Bros.
was indicated at 2,802,000,000 bushels, the decline Norfolk Southern
Glidden Co.
Pere Marquette
Gobel
(Adolf)
for that month to Aug. 1 being 690,000,000 bushels. Seaboard Air Line
Goodrich Co.(B.F.)
Southern
Railway
The harvest last year was 2,722,189,000 bushels, and
Granite City Steel
Great Western Sugar
the lowest yield of corn in many years was in 1924, Industrial and Miscellaneous—
Gulf States Steel
A P. W. Paper Co.
Hartman Corp.class B
when the harvest was 2,309,414,000 bushels.
American Locomotive
Houdaille-Hershey class B
Rainfall was far below normal in June and July, American Metal Co.
Hupp Motor Car
American Power de Light
Intercontinental Rubber
and there has been excessively high temperatures American
Stores
International Harvester
Arnold Constable
International Nickel of Canada
for weeks throughout the greater part of the grow- Bethelehem
Steel
International Paper & Power class A
ing sections. This situation has been extended fur- Bullard Co.
Investors Equity
Butte
Mining
Kayser (J.) Co.
ther North as the season has progressed. The De- Byers-Superior
dc Co.
Kennecott Copper
Case
Threshing
Libby-Owens Glass
Machine
partment estimates a decline in crop prospects dur- Caterpillar
Tractor
Maytag Co.
ing July of nearly 7%, and that the yield per acre, Checker Cab
McKesson & Robbins
Chickasha Cotton 011
Minneapolis-Monne Pr. Implement
based on the condition on Aug. 1, will be 5.5% below Childs Co.
Mohawk Carpet Mills
Montgomery Ward & Co.
that of last year and 9.1% below the average for the Chile Copper
Clark Equipment
Morrell (J.) 6c Co.
previous 10 years.
Columbia Gas & Electric
Munsingwear
Columbia
Graphophone
National
Cash Register"A"
For spring wheat the condition on Aug. was Congress Cigar
National Department Stores
placed at 60.7% of normal, against 74.7% on July 1, Continental Can
National Lead
Continental
National Tea
Fibre
a loss during the month of 14 points. The yield of Continental Diamond
Motors
Nevada Consolidated Copper
Shares
Newport Co.class A
spring wheat is placed at 223,222,000 bushels, based Conlinerital
Corn Products Refining
Otis Steel
Crown
on the Aug.1 condition. Last year the spring wheat
Zellerbach
Pacific Lighting
Davison Chemical
Parmelee Transportation
harvest was 228,172,000 bushels. For both winter Emerson-Bran
Peerless Motor Car
tingham class A
Vacuum Cleaner
Pittsburgh Coal of Pennsylvania
and spring wheat, a total yield this year, based on Eureka
Follansbee Bros.
Porto Rican-Amer. Tobacco class A
AUG. 16 1930.]
Indus. and Miscall. (Con.)—
Prairie Oil & Gas
Prairie Pipe Line
Republic Steel
Rio Grande Oil
Ritter Dental Mfg.
Safeway Stores
Sears, Roebuck & Co.
Serve!, Inc.
Shell Union Oil
South Porto Rico Sugar
FINANCIAL CHRONICLE
Indus. and Miscall. (Concl.)—
Truax Traer Coal
Universal Leaf Tobacco
U.S.& Foreign Securities
U.S.Hoffman Machinery
U. S. Industrial Alcohol
U.S. Rubber
Walworth Co.
Warner Bros. Pictures
Warner Quinlan
Yale & Towne
The volume of trading has again been of only moderate proportions. At the half-day session last Saturday the dealings on the New York Stock Exchange
were 1,508,440 shares; on Monday, they were
1,744,700 shares; on Tuesday, 2,085,440 shares; on
Wednesday,2,289,210 shares; on Thursday, 1,525,480
shares, and on Friday,2,105,840 shares. On the New
York Curb Exchange the sales last Saturday were
364,400 shares; on Monday, 465,300 shares; on Tuesday, 431,400 shares; on Wednesday, 518,700 shares;
on Thursday, 382,900 shares, and on Friday, 525,700
shares.
As compared with Friday of last week, prices are
irregularly changed, with most of the changes small,
either up or down, except in the case of some specialties like Case Threshing Machine, American Can,
and U. S. Steel, which have suffered violent declines
and have likewise experienced sharp recoveries. Fox
Film A closed yesterday at 427
/8 against 42y8 on
Friday of last week; General Electric at 70% against
66%; Warner Bros. Pictures at 27/
3
4 against 283/
8;
Elec. Power & Light at 66 against 62; United Corp.
at 30% against 29%; Brooklyn Union Gas at 123
against 117%; American Water Works at 87%
%; North American at 98% against 95;
against 813
Pacific Gas & Elec. at 51% against 54; Standard
/8 against 883%; Consolidated Gas
Gas & Elec. at 947
of N. Y. at 105% ex-div. against 101%; Columbia
8 against 58%; International HarGas & Elec. at 591/
vester at 76% against 781/
8; J. I. Case Threshing
Machine at 176% against 170%; Sears, Roebuck &
Co. at 62% against 63%; Montgomery Ward & Co.
at 321/
8 against 33%; Woolworth at 565
/
8 against
57%; Safeway Stores at 638% against 59%; Western
Union Telegraph at 168 against 164%; American
Tel. & Tel. at 2097
/
8 against 202%; Int. Tel. & Tel.
at 44 against 42/
3
4; American Can at 124% against
117%; United States Industrial Alcohol at 63
against 60; Commercial Solvents at 24% against
233%;Corn Products at 89% against 85%; Shattuck
& Co. at 35/
3
4 against 35, and Columbia Graphophone
at 15% against 16/
3
4.
Allied Chemical & Dye closed at 256 against 251/
3
4
on Friday of last week; Davison Chemical at 26%
against 26; E. I. du Pont de Nemours at 111%
against 107/
3
4; National Cash Register at 43%
against 42; International Nickel at 2034 against
21%; A. M. Byers at 69% against 645
/
8; Simmons &
Co. at 24 ,against 23%; Timken Roller Bearing at
1
4; Mack Trucks at 55 against 54%;
677
/8 against 63/
Yellow Truck & Coach at 22 against 21; Johns-Manville at 88% against 817
/8; Gillette Safety Razor at
81% against 773%; National Dairy Products at 52
against 51/
3
4; National Bellas Hess at 8% bid
against 9%; Associated Dry Goods at 32% bid
against 32%; Texas Gulf Sulphur at 57% against
57, and Bolster Radio at 2% against 278.
The steel shares have been quite generally weak
on the further decrease in the working capacity of
the mills. United States Steel closed yesterday at
164% against 161 on Friday of last week; Bethlehem Steel at 79% against 80, and Republic Iron &
Steel at 34% against 41. The motor stocks have
987
moved lower, irregularly. General Motors closed
yesterday at 44% ex-div. against 44 on Friday of
last week; Nash Motors at 33 against 34%; Chrysler
at 29 against 27%; Auburn Auto at 115 against 110;
Packard Motors at 13/
/8; Hud3
4 ex-div. against 137
son Motor Car at 30 against 31%, and Hupp Motors
at 12% against 13. The rubber stocks have followed
the course of the general market. Goodyear Rubber
4 on Fri& Tire closed yesterday at 62% against 591/
3
4;
day of last week; B. F. Goodrich at 22 against 22/
United States Rubber at 20% against 19/
3
4, and the
preferred at 40 against 39%.
The railroad stocks have been inclined to resist
selling pressure. Pennsylvania RR. closed yesterday at 72% against 713
% on Friday of last week;
Erie RR. at 38 against 38; New York Central at
160% against 160; Baltimore & Ohio at 1011/
4
against 103; New Haven at 1023
4 against 998%;
Union Pacific at 212 against 210%; Southern Pacific at 1163
% against 115%; Missouri-Kansas-Texas
8 against 36%; St. Louis-San Francisco at
at 391/
93 against 87; Southern Railway at 81 against 773%;
Rock Island at 96 against 91/
3
4; Great Northern at
77 bid against 79, and Northern Pacific at 72/
3
4
against 70.
The oil shares, though depressed at one time, show
larger or smaller gains for the week. Standard Oil
of N. J. closed yesterday at 71% ex-div. against 68
on Friday of last week; Standard Oil of Cal. at 62/
3
4
ex-div. against 61/
3
4; Simms Petroleum at 20% bid
against 20/
3
4; Skelly Oil at 28% against 28%; Atlantic Refining at 37% against 35%; Texas Corp. at
52% against 51%; Pan American B at 58 against
58%; Richfield Oil at 16% against 15%; Phillips
Petroleum at 32% against 32; Standard Oil of N. Y.
at 31% ex-div. against 31%, and Pure Oil at 21/
3
4
against 21%.
The copper stocks are lower on the further declines in the price of the metal. Anaconda Copper
% on Friday of
closed yesterday at 46% against 493
last week; Kennecott Copper at 36 against 38; Calu/
8; Calumet & Arizona
met & Hecla at 14 against 147
at 54% against 52%; Granby Consolidated Copper
at 22% against 23%; American Smelting & Refining at 66% against 64%, and U. S. Smelting & Refining at 19% against 19.
Share prices on the important European stock
exchanges moved within a narrow range this week,
with the trend slightly downward in most sessions.
Few bright features were visible at London, Paris
and Berlin, as these markets were influenced
throughout by the poor trade and industrial reports
and the mounting totals of unemployment. Reports
from the New York market, whieh remains highly
influential in shaping the trend in European centers,
also were mainly adverse this week. Complaints of
the dullness were again general in all markets, as
little public interest is taken in stock transactions.
A high record in unemployment is believed to have
been reached in Europe, as the business stagnation
has affected all countries simultaneously. Official
records show that Germany leads the industrial
countries of Europe in this respect, with a reported
total of 2,757,000 unemployed; Britain reports
2,011,467, and Italy 322,387. In France approximately 100,000 workers on strike in the northern
Departments have augmented the 20,000 involuntarily unemployed. Austria is estimated to have
450,000 idle, while the figure in Hungary is placed
988
FINANCIAL CHRONICLE
[Vol,. 131.
at 400,000. The fairly reliable totals in these six on the contrary, continues
daily to flow into the
countries thus amount to 5,949,000.
Bank of France's vaults." The gold accumulations
Recent statistics of foreign trade also testify to Of France were ascribed by Finance
Minister Paul
the heavy drop in European trade, the movement Reynaud in a speech delivered
late last week to
paralleling our own loss. British exports in July repatriation of French funds, which
no longer find
declined 23.7% from the totals of the same month remunerative investment abroad. The natural
counof 1929, while imports fell 8.9%. Italian exports terbalance of this movement, he added,
would be
for the first six months of this year dropped to more liberal lending of French capital abroad,
and
6,513,000,000 lire, as compared with 7,559,000,000 this will be effected when business
revives. Only
lire in the same period of 1929; imports fell to 9,528,- scattering exchanges took place on the Bourse
in the
000,000 lire from 11,938,000,000. French exports in first session of the week, and a heavy tone
prevailed.
the first six months of the year were valued at p.06,- A slight tendency toward recovery
was apparent
525,960, a decrease of $82,000,000 from a year ago, Tuesday, but business soon slackened and the market
while imports were $1,074,025,000, a decrease of again dropped into almost complete lethargy and
$150,000,000. The business situation in Germany prices again moved irregularly downward
. In revershows no improvement, while reports from Madrid sal of its previous trend, the market
opened weak
indicate that Spanish trade also is seriously ham- Wednesday and recovered to
some extent in the later
pered.
dealings. Levels remained practically unchanged in
Price movements on the London Stock Exchange Thursday's session, which completed
the business of
were irregular in the opening session of the week, the week.
with the turnover small. British funds were firm
The Berlin Boerse was soft in the initial session
with the exception of one or two issues, but home of the week, with A. E. G.shares particular
a
ly weak
rails continued their downward trend. South Afri- spot. All electrical issues were adversely
affected
can mining shares showed the most favorable results, and the selling soon spread to other groups.
Shipowing to speculative support from Johannesburg. ping stocks offered the sole point of resistance
to
International stocks, rubber issues and British mo- the general trend. The session
turned dull toward
tor shares all declined. With the summer vacation the end with prices slightly above the cheapest levels
season in full swing, quiet conditions again pre- of the day. The pessimism was largely
dispelled
vailed on the London Exchange Tuesday. Gilt-edged Tuesday and prices held steady after quiet
a
opensecurities declined a little, along with almost all ing. Small buying orders resulted in
gains of one
other British stocks, but the international list to two points, while a few issues advanced
up to
showed some small gains on better reports from New five points. Investment purchases increased
WedYork.. Rubber shares were especially weak, owing nesday, according to Berlin reports, and the
market
to a further fall in the price of the commodity to the improved further with shipping stocks the chief
lowest level ever reached. The Stock Exchange was point of interest. The mining group was uneven,
depressed in almost all departments Wednesday, but with this exception prices improved generally
with Anglo-American issues off as a whole on the with levels at the close the highest of the day. In a
basis of overnight dispatches from New York. The fairly active session Thursday, further gains werc
unfavorable course of sterling exchange caused sell- made at the opening but with some of the gains
ing in the gilt-edged list; British rails dropped again again wiped out by later liquidation. Shipping isand rubber stocks accompanied the commodity in a sues remained firm throughout the day, while A. E.
fresh downturn. Liquidation was less in evidence G.shares led the electricals upward on this occasion.
Thursday and one or two bright spots developed in The Boerse was quiet and irregular yesterday.
the motor list, while British funds also hardened
on a better tendency in sterling. International isPractical proposals of economic importance are
sues improved slightly, but the best levels of the day expected to occupy the sessions of the Imperial Conwere not maintained. The gilt-edged section was ference in London next month, with tariff matters
the only firm spot in yesterday's market, all other foremost owing to the current trend of political
departments showing recessions. Unfavorable re- thought both in the mother country and in the Doports from New York also cgused a downturn in minions. The more abstract questions of the rights
Anglo-American stocks.
of the self-governing Dominions were largely settled
Business on the Paris Bourse was extremely quiet at previous conferences and comparatively little atin the four business days of the current week. The tention is likely to be given this phase of inter-imParis market was closed yesterday in observance of perial relations, it is thought. Discussion is to cenAscension Day and it will remain closed until next ter, according to statements by Prime Minister
Monday. Attendance of brokers at the Bourse ses- Ramsay MacDonald, on inter-imperial relations, on
sions dropped to a minimum as the vacation period foreign policy and defense, and on economic quesreached its height and trading thus remained very tions. It is noteworthy, however, that all prelimilimited. In other directions, however, French fi- nary reports deal with the campaign in England for
nance proved active and interesting. It was revealed welding the Empire into an economic unit by means
last Saturday that national sinking funds in the of preferential tariffs. Important sections of the
amount of $37,000,000 have been employed in the Conservative Party have already indicated their suppurchase of French 7% dollar bonds floated in the port of this scheme, while Liberal and Labor Party
American market. "Up to the present," a Paris dis- members are also said to be "toying with the
tariff
patch to the New York Times stated, "the national idea." In a London dispatch of Monday to
the New
sinkbig fund has been wholly devoted to redemption York "Times" it was intimated that H.D.
Henderson,
of internal debt. The Young Plan payments to the head of the economic advisory staff,
has submitted
national sinking fund, however, enabled the French a memorandum to the government
committee on arTreasury to begin reduction of the external debt, rangements proposing a general
tariff of 10% for
and without any export of gold from France which, revenue purposes, with a rebate to the
Dominions.
AUG. 16 1930.]
FINANCIAL CHRONICLE
A further report of Tuesday to the same journal remarks that "Canada and Australia will have many
demands, all of which are economic." The agenda
of the conference has various political items and
such matters as imperial defense are bound to come
up, it is remarked, but interest in these items both
in England and in the Dominions is considered
perfunctory. "Trade, tariffs and commercial relations alone will dominate the discussions of the Premiers of the various Dominions in conference with
Prime Minister MacDonald and his associate delegates," the dispatch adds. There have also been intimations of a new scheme for inducing mass emigration to the Dominions. The Labor Government is
said to have drawn up such proposals as a means for
dealing with the rising tide of unemployment in
Britain, which is now well above the 2,000,000 mark.
Spontaneous demonstrations as well as impressive
official ceremonies marked the celebration by Republican Germany, Monday, of the eleventh anniversary of the Weimar Constitution. Huge crowds
gathered in Berlin to cheer President Paul von Hindenburg, who wasagain the outstanding figure in the
ceremonies. The streets of the principal cities were
gay with Republican flags, dispatches said, while
numerous events were arranged in honor of the day.
"Although the German parliament has failed to appoint Aug. 11 a legal holiday," a report to the New
York "Herald Tribune" said, "to-day's celebration
showed clearly that Constitution Day has developed
of itself into a national holiday, notwithstanding the
displeasure manifested by a comparatively small
group clinging to dreams of the re-establishment of
an imperial regime." The principal celebrations in
Berlin took place in the Reichstag buildings,and they
were attended by President von Hindenburg, Chancellor Heinrich Bruening and most of the members
of the Government. Dr. Joseph Wirth, Minister of
the Interior, delivered an oration in which he appealed to the nation to abandon political strife and
join hands in the common labor of fortifying the
young Republic in its political liberties. Only one
"incident" marred the celebrations, and this also
took place in Berlin. Several hundred "Fascists"
were arrested when they marched through the streets
singing anti-Republican songs, but after their names
were taken they were quickly released. In Washington the State Department made public a message of
felicitation dispatched by President Hoover to President von Hindenburg in honor of the occasion.
Relations between Turkey and Persia have become
strained as the result of developments in connection
with the depredations of Kurdish tribesmen, who
have raided Tirkish territory repeatedly in recent
months only to retreat across the Persian border
when pursued. Small detachments of Turkish
troops, sent against them, reported that great numbers of Kurds were engaged in the raids. Permission
to send a sizable force against them was requested
early this month by the Angora authorities of the
Persian Government, while sharp representations
were made at the same time. It was intimated in
Angora dispatches this week that the Persian reply
to these representations did not improve matters.
Teheran declined the permission sought by Turkey,
it was said, but decision to send a Turkish force
across the border was nevertheless reached on the
basis of a clause in a treaty consenting to joint ac-
989
tion in such circumstances. A considerable Turkish
force accordingly began enveloping operations in
the Mount Ararat region this week, and engagements with the Kurds were reported. The Foreign
Office in Angora stated specifically that the steps
were not directed against Persia, and that punishment of the marauders would be followed by immediate withdrawal. Reports of friction between the
two governments over the matter were denied at Angora, but nothing emanated from Teheran on this
point. In London it was believed in some quarters
that Persia might appeal to the League of Nations
because of the Turkish expedition. It was admitted
in semi-official quarters that Britain was watching
the controversy closely, but no "undue alarm" was
felt, according to London dispatches.
Determined attacks by Afridi tribesmen on the
city of Peshawar and other centers of the Northwest
Frontier Province caused some misgivings this week
regarding political developments in that portion of
India. The marauding bands, numbering about
5,000, advanced to the very outskirts of Peshawar,
which is the capital of the Province. They were
beaten back, however, by the relatively small force
of British and Indian troops, with airplane operations playing an important part in the maneuvers.
The tribesmen began to advance last week from their
fastnesses in the difficult valleys beyond the Afghan
frontier, and desperate fighting occurred last Satur
day with some British casualties reported. British
cavalry engaged the tribal forces at a small village
three miles from Peshawar,and thereafter the tribesmen attacked Peshawar Fort itself and the defenses
of the city wall. Six squadrons of British airplanes,
numbering about 50 machines, were brought into
play to bomb the Afridis whenever they appeared in
the open, while well-directed artillery and machine
gun fire was employed against them by the ground
forces. The tribesmen were forced back, but anxiety
was not lessened when it was discovered Sunday that
all telegraph and telephone lines running east and
south out of Peshawar had been cut. Fighting occurred subsequently in the area, with some engage
ments reported as much as 100 miles westward of
Peshawar, but these attacks also were repulsed and
the tension in Peshawar gradually eased. As the
Afghan hillmen retired from the plains severe punishment was visited upon them by the Royal Air
Force. The retribution was carried into the tribal
villages, which were bombed at the expiration of 24
hours' notice and their defense towers and houses
destroyed.
Other places such as Kohat and Parachinar were
attacked this week, leading the authorities to the
conclusion that the Afridis were not chastened by
their casualties, but merely decided that Peshawar,
which is heavily defended as the gateway to the Khyber Pass, is impregnable. All branches of the tribe
were reported in arms by the airplane observers. In
consequence of these developments British military
forces of considerable magnitude were dispatched
to the Northwest Frontier from other parts of British India. The tribal attacks, while not directly
connected with the Ghandist campaign of civil disobedience to British rule in India, are believed to
have been stimulated by the non-co-operation move
ment. Fazli Wahid, Haji of Turangzai and leader
of the Afridis, has had a bad record on the border
as a trouble maker since 1908, as he has seized every
990
FINANCIAL CHRONICLE
[VOL. 131.
opportunity to sweep down the Khyber Pass with his capita
l of the Nationalist Government is virtually
followers to attack the British Raj and plunder his defens
eless, as almost all troops have been withdomains. It is suggested in London and Simla re- drawn
to engage in the battles with the Northern
ports that agents of the All-India Nationalist Con- coaliti
on. There were reports over the last week-end
gress persuaded him to renew his attacks by stating that
joint action was contemplated in China by forthat the British hold on India is weakening.
eign powers, but these also lack confirmation. OfIn addition to these developments, British au- ficials of
the State Department in Washington de• thorities had to cope this week with communal strife nied Monda
y, according to a United Press dispatch,
among Hindus and Moslems in the Sind district that the
United States had entered into any sort of
of the Bombay Presidency. The clashes resulted, arrangemen
t with other interested governments for
according to an official statement, from a dispute a joint-action
policy in China.
between Hindu nationalists and a group of Moslems.
In the meantime, military maneuvers have apparExaggerated accounts of the occurrence brought fol- ently been
resumed on the wide battlefront in Holowers to the aid of either side and in the end troops nan and Shant
ung Provinces, where the Nationalist
took over half a dozen villages to prevent further dis- forces of
President Chiang Kai-shek have faced those
orders. There were, moreover, a number of ad- of the Northe
rn coalition of warlords throughout
ditional arrests this week in the area near the city the late
spring and summer. Few actual engageof Bombay, where opposition to the salt-tax was ments have
been reported since the Northern forces
renewed by Nationalists, who offered contraband took Tsinan
, capital of Shantung Province, several
salt for sale. In other respects the civil disobedi- months ago.
Withdrawal of available troops from
ence campaign followed along the lines of previous the Yangtze
Valley centers has, however, made posweeks, with non-payment of land taxes and an ex- sible the develo
pment of organized banditry on the
tensive boycott of British goods the chief weapons menacing scale
now reached. Official announceof the Gandhists. In view of the demand of mod- ment was made
by the Nationalist Government late
erate elements among the Nationalists that Ma- last week of the
recapture of the city of Taian, 50
hatma Gandhi discontinue the campaign, negotia- miles from Tsinan
, but this development also lacks
tions were again permitted among the party leaders confirmation.
There is reason for believing, on the
this week in Yerovda prison, where Mr. Gandhi is other hand, that
the Nationalists plan a forward
confined. The anticipated decision on the conduct movement in this area,
as Chiang Kai-shek predicted
of the campaign in the immediate future is concerned last Saturday that
Tsinan would shortly be retaken.
largely with the all-India round table conference, The significant comme
nt was made by Victor Keen,
which will be held in London during October. Mod- Shanghai corres
pondent of the New York "Herald
erate Nationalists regard this conference hopefully, Tribune,"
that "occupation of Shantung would aid
but it is understood Mahatma Gandhi has asked in restor
ing the faltering financial credit of the
for assurances of the Government's intentions to- Nanking
regime, which needs a substantial military
ward India before committing himself to abandon- victory in
order to re-establish it in the confidence
ment of his campaign. Six leaders of the civil dis- of Shang
hai banking circles." Nationalist airplanes
obedience movement were brought together by order dropped
bombs on Tsinan Wednesday, and Japanese
of Viceroy Lord Irwin, in the hope that the debate dispatches
from that city suggested that the Nanking
would result in a cessation of the campaign.
forces were apparently preparing for an infantry
onslaught. These reports were followed yesterday
Chinese bandits under Communist leadership were by an
official statement of the Nationalist Governreported this week, probably correctly, in widely ment
announcing the recapture of Tsinan and the
separated parts of the huge Yangtze Valley, with defeat
of the Northern defenders.
the cities of Hankow, Kiukiang and Nanking all
threatened by the hordes. Since the city of ChangEconomic difficulties have multiplied in Aussha was looted by a force of 10,000 bandits on July tralia
recently, owing chiefly to the declines in the
28, such reports have multiplied and they are un- prices of
commodities exported from that country.
doubtedly somewhat exaggerated. Kiukiang, which Curtailment
of the export credits thus established
is 130 miles southeast of Hankow, was reported has made
it correspondingly more difficult to meet
to have fallen before bandits last Saturday, but the financial
requirements in London, and it is now
statements were not confirmed. Hankow itself, indicated that
Australian banks and States have
which was supposed for a time to be the next ob- agreed to
pool their resources in London. In years
jective of the bandit leaders, has remained quiet of high prices
for wheat, wool, meats and other prinwith the exception of a small mutiny in the garri- cipal produc
ts of the country, the burden was carried
son. The mutineers were promptly disarmed and successfully,
but with a falling off of the return the
summary executions followed. That the city is actu- country has
been faced with serious difficulties.
ally menaced is apparent from the actions of the "Two years ago,"
a Melbourne dispatch to the New
Nationalist defenders, who are putting up heavy York "Times" states, "Austr
alian external credits
defenses for the protection of the native city. Nu- were worth $995,000,000
. Last year they declined
merous foreign gunboats are now at this interior to $785,000,000, and this year they
are expected to
port, among them a 10,000-ton British cruiser, and total less than $275,000,000
." Unemployment also
little anxiety is felt for the safety of foreigners or has reached large figures,
partly as a result of the
of the foreign concessions. It is understood British world-wide depression and
partly owing to the reperand Japanese troops would be landed if necessary cussion from a coal strike
in New South Wales.
to prevent looting, while it is possible American Steps to meet
this situation are contemplated, howmarines also would join in such endeavors. Fears ever, chief among them
a drastic cut in the budgets
that Nanking might fall into the hands of bandits of the States from
$120,000,000 to $85,000,000 in
were occasioned by the presence of a number of the current year.
This measure was suggested by
armed peasaats of presumed Red tendencies. The Sir Otto Niemey
er, who was sent by the Bank of
Ana. 16 1930.]
FINANCIAL CHRONICLE
991
England at the invitation of Australia to assist francs. Below we furnish a comparison of the
in a solution of the Commonwealth's difficult finan- various items for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
cial situation. The State Governments are consultStatus as of
Changes
ing on this point and are expected to reach a decision
Aug.9 1930. Aug. 101929. Aug. 11 1928.
for Week.
Francs.
Francs.
Francs.
Francs.
Aug. 18, when their representatives will again meet Gold holdings_
_ _Inc. 595,415.731 46,656,473,849 38,472,644,344 30,251,316,896
Prime Minister Scullin and Sir Otto Niemeyer.
Credit bag. abr'd_Dee. 3,000,000 7,064,420,036 7,284,293,083 14,49b.689.227
There have been no changes in the discount rates
of any of the central banks of Europe during the
week. Rates remain at 6% in Spain; at 5/
1
2% in
1
2% in Norway;
Austria, Hungary, and Italy; at 4/
at 4% in Germany, Denmark, and Ireland; at 3/
1
2%
in Sweden; at 3% in England and Holland, and at
2/
1
2% in France, Belgium, and Switzerland. In the
London open market discounts for short bills yes4% against 21/
4@2 5/16% on Friday
terday were 21/
1
4% also for long bills against
of last week, and at 2/
2/
1
4@2 5/16% the previous Friday. Money on call
1
2%. At Paris the open
in London yesterday was 1/
1
2%, but in Switzerland
market rate continues at 2/
there has been a decline from 17/% to 1 13/16%.
The Bank of England statement for the week
ended Aug. 13 shows a gain of £510,473 in bullion
and since this was attended by a contraction of
£5,599,000 in circulation, reserves increased £6,110,000. The Bank's gold holdings now aggregate
£154,105,312, as compared with £140,687,935 a
year ago. Public deposits increased £3,391,000 and
other deposits £1,933,141. The latter consist of
bankers' accounts, which rose £4,700,519, and other
accounts, which fell off £2,767,378. An increase of
£1,201,000 appears in loans on Government securities and a decrease of £1,965,358 in those on other
securities. Other securities include "discounts and
advances" and "securities." The former decreased
£1,095,139 and the latter £870,219. The proportion
of reserve to liabilities is now 41.52%, as compared
with 37.88% a week ago and 25.99% last year.
The discount rate remains at 3%. Below we furnish a comparison of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1928
1929
1930
1927
1926
Aug. 14.
Aug. 15.
Aug. 13.
Aug. 17.
Aug. 18.
Circulation
a367,378.000
Public deposits
11,256,000
Other deposits
100,272,788
Bankers' accounts 66.252,805
Other accounts_ _ _ 34.019,983
Governm't securities 54,346,547
Other
th securities__
29,609.058
Disct. Os advances 6,864,918
Securities
22.744,140
Reserve notes & coin 46,726.000
Coin and bullion-154,105,312
Proportion of reserve
41.52%
to liabilities
3%
Bank rate
370,591,000
14,999,000
100,790,229
64,601,795
36,288,434
73.421,855
30.419.365
5,188,642
25,230,723
30,095.000
140,687,935
25.99%
%
135,793,000 136,837,260 140,553,290
13,079,000 17,794,173 16,938,686
102,625.000 100,458,238 104,827,957
28.672,000 88834
49
1:8
956;2
999 3
74
2:2
33
12
8 .7
23
69
8
47,081,000
58,104,000 34,881,726 33,340,838
174,147,577 151,948,986 154,144,128
50.22%
%
29.49%
43,5%
27.31%
5%
a On Nov.29 1928 the fiduciary currency was amalgamated with Bank of England
note Issues, adding at that time £234,199,000 to the amount of Bank of England
notes outstanding.
The Bank of France statement for the week
ended Aug. 9 records another gain in gold holdings,
this time of 595,415,731 francs. Owing to this increase the Bank's gold now totals 46,656,473,849
francs, as compared with 38,472,644,344 francs a
year ago. A decrease appears in credit balances
abroad of 3,000,000 francs and in bills bought
abroad of 152,000,000 francs. Note circulation
contracted 1,038,000,000 francs, reducing the total
of the item to 72,970,310,005 francs. This compares with 65,016,256,725 francs last year. French
commercial bills discounted rose 529,000,000 francs
and creditor current accounts 1,504,000,000 francs,
while advances against securities fell off 53,000,000
French commercial
bills discounted _Inc. 529,000,000
Bills bought abr'd _Dec. 152,000,000
Adv.asst.securs—Dec. 53.000,000
Note circulation_ -Dec.1038000,000
Cred. cure. Recta—Inc. 1504000 000
5,281,134.336
18,766.339,948
2,788,225,400
72,970,310,005
17,292,832,382
8,497,842.280
18,509,532,307
2,443,409,970
65,016,256.725
19,686,463,404
5,731,297,293
16,044.230.808
1,952,986,468
60,923,581,855
15,298,398,463
The Bank of Germany in its statement for the
first week of August reveals a decline in note circulation of 239,266,000 marks, reducing the total
of the item to 4,398,293,000 marks. Circulation
a year ago aggregated 4,472,209,000 marks and the
year before 4,348,439,000 marks. Other daily maturing obligations increased 24,051,000 marks and
other liabilities 714,000 marks. On the asset side
of the account gold and bullion fell off 29,885,000
marks, reserve in foreign currency 156,445,000
marks and bills of exchange and checks 207,190,000
marks, while the items of deposits abroad and investments remain unchanged. An increase is shown
in silver and other coin of 3,331,000 marks, in
notes on other German banks of 8,948,000 marks,
and in other assets of 1,229,000 marks, while advances decreased 77,443,000 marks. The total of
gold held by the Bank now stands at 2,619,025,000
marks, as compared with 2,148,318,000 marks last
year. Below we furnish a comparison of the various
items for the past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
Aug.7 1930. Aug. 71929. Aug.71928.
for Week.
Reichsmark:. Retchsmarks. Reichsmark&
Reichsmark,.
Assets—
Gold and bullion
Dec. 29,885,000 2,619,025,000 2,148,318,000 2,231,999.000
Unchanged 149,788,000 142,887.000
Of which depos.abed_
85.626,000
Reeve in teen curecy Dec. 156,445,000 104,422,000 336,723,000 214,554,000
2,429.614,000
1,706,287,000
2,309,814,000
Bills of exch. th ch'ks_Dec. 207,190,000
Silver and other coln.._Ino. 3,331,000 153,634.000 126.000.000
90.807,000
14,389.000
14,690.000
Notes on oth.Ger.bks_Inc. 8,948,000
18,657.000
55,735,000
43.808.000
Advances
Dec. 77.443,000
29,680,000
101,015,000
Unchanged
92,744.000
Investments
93.820,000
Other assets
Inc. 1.229,000 684.905,000 557,879.000 687,468,000
Liabilities—
Notes In circulation—Dec. 239,266,000 4,398,293,000 4,472,209.000 4,348,439.000
Oth.dally matur.oblig.Inc. 24,051,000 421,695,000 490,404.000 608,463,000
714,000 220,587.000 338,827,000 234,666.000
Inc.
Other liabilities
Money rates in the New York market showed no
changes of any consequence this week from previous
levels. Call loans on the Stock Exchange fluctu1
2% Monday, while an unated between 2% and 2/
deviating level of 2/
1
2% prevailed thereafter. Withdrawals by the banks of about 430,000,000 Monday,
and a further $15,000,000 Tuesday, served to tighten
1
2%
the market sufficiently for maintenance of the 2/
rate from Tuesday onward, but in the unofficial outside market funds were available every day at 2%.
Time loans were unchanged. A reduction in the rediscount rate of the Federal Reserve Bank of Kansas
City from 4% to 31/2% was announced Thursday,
to take effect yesterday. Gold movements reported
by the Federal Reserve Bank of New York for the
week ended Wednesday night consisted of exports of
$8,809,000 and imports of $166,000. Paris is the
destination of the exported metal, bringing the outflow to that country to $61,809,000 in the last month.
Canada, in the same time, has taken $14,500,000, so
that total shipments for the present movement now
are $76,309,000. Results achieved by the Treasury
in its offering of $120,000,000 90-day discount bills
were viewed by money brokers yesterday in a favorable light for continuance of the present extreme
ease in money. The bills, which were awarded on
992
FINANCIAL CHRONICLE
an average annual bank discount basis of 1.96%, will
not mature until Nov. 17. Nevertheless, the 60-day
bills offered in June were disposed of on a discount
0. Brokers' loans declined $59,000,000
basis of 127
in the weekly statement of the Federal Reserve Bank
of New York, carrying the volume of such borrowings down to $3,155,000,000, the lowest level since
July 27 1927, when loans aggregated $3,141,193,000.
[Vora. 131.
Sterling exchange is dull, ruling on average fractionally lower than last week, but nevertheless must
be regarded as sufficiently firm. The range this week
has been from 4.86 13-16 to 4.87 3-32 for bankers'
sight bills, compared with 4.86 13-16 to 4.87 1-16 last
week. The range for cable transfers has been from
4.86 31-32 to 4.87 9-32, compared with 4.87 1-32 to
4.87 5-16 the week before. The fundamental factors
affecting sterling exchange show very little change
Dealing in detail with the call loan rate on the from the past few weeks, except that Paris seems to
Stock Exchange from day to day, the rate on Mon- have taken little or no gold from the Bank of England
1
2%,and this week, although it took. some from the London
day, after being fixed at 2%,advanced to 2/
the open market. The position of sterling with respect
latter
figure
the
from
change
no
been
there has
1
2%, to francs and German marks has improved and as a
rest of the week, all loans being negotiated at 2/
including renewals. Time money has shown little consequence the Bank of England shows an increase in
activity, no great amount being available. Quota- its gold holdings. It is thought in banking circles
1
4% for 30 days; 21/
4@ that sterling is likely to remain around present levels
tions all week have been 2@2/
/
4@3% until toward the late autumn, when exchange should
/
4% for 90 days; 23
1
2@23
2/
1
2% for 60 days,2/
1
4% for five and six normally turn against London and in favor of New
for four months, and 3@3/
months. Prime commercial paper in the open mar- York. The continued renewal of call money in New
ket has continued in brisk demand, a large part of York at 23/2% with a prospect of additional firmthe offerings being absorbed by investors in the ness, has more or less eliminated the advantage of
Central and Middle Atlantic States. Extra choice moving funds out of New York to London and
names of four- to six-month maturity continue to London money rates have failed to move ahead
be offered at 3%, while names less well known are correspondingly. Open market discounts in London
have been quoted unchanged except for minor adjust1
2%.
1
4@3/
quoted at 3/
ments since the end of last month. If it turns out
Prime bank acceptances have been comparatively that the heavy gold drain endured by London for
inactive, with both the supply and the demand at a many months in favor of Paris is now practically at
low ebb. What little business there was, was largely an end, bankers believe that the Bank of England
for foreign account. The 12 Reserve Banks further will be able to continue throughout the autumn on
increased their holdings of acceptances during the its present 3% rediscount rate, but opinion seems to
week from $133,571,000 to $154,328,000. Their hold- be divided as to the probability that the Bank will
ings of acceptances for foreign correspondents fell increase its rate to 33/2% in the near future.
According to London dispatches, bankers there do
off from $483,454,000 to $480,094,000. The posted
rates of the American Acceptance Council continue not accept views expressed in New York as to the
0 asked for bills running 30 days, likelihood of a gold export movement in the near
at 2% bid and 1y87
8% bid and 2% asked future from New York to London. London bankers
and also for 60 and 90 days;21/
4% asked for 150 assert that if such a movement were to take place
for 120 days, and 2%% bid and 21/
The
Acceptance Council no they would regard it as artificial. They point out
days and 180 days.
longer gives the rates for call loans secured by that although the Bank of England has certainly
acceptances, the rates varying widely. Open market lost a large quantity of gold in recent months, its
rates for acceptances also remain unchanged, as position is still relatively good and does not necesfollows:
sitate forced measures to offset the loss. This week
the
Bank of England shows an increase in gold holdDELIVERY.
SPOT
—180 Days— —150 Days— —120 Days-- ings
of £510,473. On Saturday the Bank of England
Bid. Asked.
Bid. Asked.
Bid. Asked.
234
23(
23(
234
2
2f
Prime eligible bills
sold £8,741 in gold bars, received £1,000 in sovereigns
—90Days— —60Dogs— —30Days--- from abroad, and
exported £2,000 in sovereigns. On
Bid. Asked.
Bid. Asked.
Bid. Asked.
2
Monday the Bank sold £1,735 in gold bars and ex134
134
2
2
134
Prime eligible bills
FOR DELIVERY WITHIN THIRTY DAYS.
ported £2,000 in sovereigns. On Tuesday the Bank
234 bid
Eligible member banks
2% bid bought £5 in foreign gold coin, sold £3,500 in gold
Eligible non-member banks
bars and exported £2,000 in sovereigns. A total of
£974,000
South African gold arrived in the open
The rediscount rate of the Federal Reserve Bank
of Kansas City was on Thursday reduced from 4% market on Tuesday, of which £120,000 had already
to 31/
2%,effective Friday. There have been no other been sold, according to London bullion dealers, for
changes this week in the rediscount rates of any French account. There was £854,000 available in
of the Federal Reserve Banks. The following is the market, of which £664,000 was taken by Switzerthe schedule of rates now in effect for the various land, £140,000 by France, and £50,000 by India and
the trade. On Wednesday the Bank of England
classes of paper at the different Reserve Banks:
released £100,000 in sovereigns, sold £6,907 in gold
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
bars, and exported £50,000 in sovereigns. On
AND MATURITIES OF ELIGIBLE PAPER.
Thursday the Bank sold £8,743 in gold bars. On
Rate in
Friday it bought £33 in gold bars, released £100,000
Prerfou
Date
Federal Reserve Bank.
Effea on
Rate
Established.
Aug. 15.
in sovereigns, sold £13,989 in gold bars, exported
Boston
3,
July 31930
a
New York
3
£4,000 in sovereigns and set aside £20,833 in
June 20 1930
234
Philadelphia
4
July 3 1930
334
Cleveland
4
June 7 1930
sovereigns.
314
Richmond
4
July 18 1930
334
Atlanta
4
July 12 1930
At the Port of New York the gold movement for
34
Chicago
4
June 21 1930
334
St. Louis
4
Aug. 7 1930
334
the
week ended Aug. 13, as reported by the Federal
Minneapolis
4',
Apr. 15 1930
4
Kansas City
4
Aug. 15 1930
334
Reserve
Bank of New York, consisted of imports of
Dallas
4
Apr. 8 1930
San Frand9C0
4
336
Aug. 8 1930
8166,000 chiefly from Latin American countries.
AUG. 16 1930.]
FINANCIAL CHRONICLE
Exports totaled $8,809,000 to France. There was no
change in gold earmarked for foreign account. In
tabular form the gold movement at the Port of New
York for the week Aug. 7-Aug. 13, inclusive, as
reported by the Federal Reserve Bank of New York,
was as follows:
GOLD MOVEMENT AT NEW YORK, AUG. 7-AUG. 13 INCLUSIVE.
Exports.
Imports.
$166,000 chiefly from Latin America.'$8,809,000 to France.
Net Change in Gold Earmarked for Foreign Account.
None.
The Federal Reserve Bank of New York reported
the receipt during the week of $1,043,000 gold at San
Francisco from China.
Canadian exchange continues at a premium, but
the currency is no longer quoted sufficiently favorable
to warrant a continuation of gold exports from New
York. However it is thought in some quarters that
the Canadian rate will shortly work back to the gold
point and Canadian bankers, at least, are hopeful
that some shipments may be made next week.
Referring to day-to-day rates sterling exchange on
Saturday last was quiet but firm. Bankers' sight
,(4)
was 4.86 13-16(4)4.86 31-32; cable transfers 4.871
4.873v. On Monday sterling was in demand. The
range was 4.87@4.87 3-32 for bankers' sight and
4.87 3-16@4.87 9-32 for cable transfers. On Tuesday
the market was dull and easier. Bankers' sight was
4.86%@4.86 31-32; cable transfers 4.86 31-32(4)
4.87 15-32. On Wednesday the market was more
/i
active and sterling advanced. The range was 4.867
@4.87 for bankers' sight and 4.87 3-32@4.87 3-16
for cable transfers. On Thursday the market was
firm and dull. The range was 4.86%@4.87 for
s@4.87 3-16 for cable trans/
bankers' sight and 4.871
fers. On Friday there was little change, the range
8(4)
/
being 4.863/s@4.87 for bankers' sight and 4.871
4.87 3-16 for cable transfers. Closing quotations on
Friday were 4.87 for demand and 4.87 3-16 for cable
transfers. Commercial sight bills finished at 4.86%,
sixty-day bills at 4.844, ninety-day bills at 4.83%,
documents for payment (60 days) at 4.84%, and
seven-day grain bills at 4.86. Cotton and grain
for payment closed at 4.86%.
Exchange on some of the Continental countries
is slightly easier. French francs have receded slightly
from the high points of recent weeks, but have
hardly declined as low as might be expected considering the heavy gold shipments which have been
made to France in the past few weeks. As noted
above, the Federal Reserve Bank of New York
reports a shipment of $8,809,000 gold to France this
week. This makes a total of $57,810,000 shipped
from New York to France in four successive weeks.
According to Paris dispatches, the opinion prevails
there that gold shipments to France either from
New York or London will continue until October.
By that time, it is thought, a decline in the franc
may be expected, because, owing to the deficiency
of French crops, this year, it will again be necessary
to purchase grain abroad. It is thought, however,
that if further gold imports occur in the course of
the next few weeks, they will be more moderate and
less persistent than during the last few months.
Finance Minister Paul Reynaud in a recent speech
in answer to criticisms of the English press, which
have blamed the Bank of France for the gold withdrawals, is reported to have asserted that the firmness in French exchange which occasioned these
993
gold imports must be ascribed chiefly to the repatriation of French funds which no longer find
sufficiently remunerative investment abroad. In
order to offset the effect of this repatriation the
Finance Minister pointed out that it would be necessary for the Paris market to lend more capital
abroad than it is now lending. Steps have been
taken in that direction, he said, and stated that
during the past year an acceptance bank was founded
in order to develop the financing of international
trade through acceptance bills placed in France.
Besides, the taxes on foreign loans have been revised.
Owing to the business depression, however, applications for loans have remained small or borrowers were of unsatisfactory standing. The Paris
market will, nevertheless, he concludes, be ready
when business revives to resume responsibilities
which it recognizes on account of the gold position
of the Bank of France. This week the Bank of France
shows an increase in gold holdings of 595,000,000
francs, the total standing at 46,656,000,000 francs,
which compares with 38,472,000,000 francs a year
ago, and with 28,935,000,000 francs reported in
the first statement of the Bank of France following
the stabilization of the franc in June 1928. The
Bank's ratio of gold cover to liabilities stands at a
new high record in its history, having reached
51.69%, as against the previous high on Aug. 1 of
51.29% and a legal requirement of 35% minimum.
A year ago the ratio of gold cover was 45.42%.
Antwerp belgas continue firm, although showing
depression from the high point of the
fractional
a
past few weeks, when Antwerp cables sold for
14.00 in New York, which compared with dollar
parity of 13.90. The Belgian franc has also been
ruling firm with respect to sterling and the decision
taken by the National Bank of Belgium henceforward
to buy and sell gold at fixed rates is enabling arbitrage houses to import and sell gold to Belgium,
so that Belgium is now in competition with France
in transactions to take gold from other markets.
German marks continue steady, though ruling on
average slightly lower than last week. In view of
the persistent strength in mark exchange the latest
statement of Reichsbank is of interest. The Bank
has gold reserves of 2,619,000,000 marks, while the
note circulation stands Rm. 4,398,300,000. Under
the stabilization law of Oct. 11 1924, the Reichsbank is compelled to have gold or foreign bills
(gold cover) to the extent of at least 40% of total
circulation. The latest statement shows gold holdings at home are over 59% of circulation. To prevent marks from appreciating to the point where
gold would move into Germany, the Recihsbank
has evidently been selling foreign exchange.
Italian lire are steady. Italian bankers say that the
bank position in Italy is good and the gold reserves
of the Bank of Italy have increased continuously.
Despite the general economic reaction, Italy's foreign
trade position has improved. In the first half of
1930 imports were 9,528,000,000 lire, against 11,938,000,000 lire a year ago; while exports have
fallen only from 7,559,000,000 lire to 6,513,000,000
lire. The surplus of imports was therefore reduced
from 4,379,000,000 lire to 3,015,000,000 lire.
The London check rate on Paris closed at 123.85
on Friday of this week, against 123.77 on Friday of
last week. In New York sight bills on the French
center finished at 3.93 3-16, against 3.933 on Friday
of last week; cable transfers at 3.93 5-16, against
994
FINANCIAL CHRONICLE
3.933/2; and commercial sight bills at 3.92 15-16,
against 3.9334. Antwerp belgas finished at 13.98
for checks and at 13.99 for cable transfers, against
13.99 and 14.00. Final quotations for Berlin marks
were 23.88 for bankers' sight and 23.89 for cable
transfers; in comparison with 23.89 and 23.90 a week
earlier. Italian lire closed at 5.23 13-16 for bankers'
sight bills and at 5.23 15-16 for cable transfers,
against 5.23 13-16 and 5.23 15-16 on Friday of last
week. Austrian schillings closed at 14.13, against
14.14; exchange on Czeckoslovakia at 2.963/2, against
2.963/2; on Bucharest at 0.593/
2, against 0.593/
2; on
Poland at 11.22, against 11.22; and on Finland at
2.51%, against 2.51%. Greek exchange closed at
1.29% for bankers'sight bills and at 1.29% for cable
transfers, against 1.295
% and 1.29%.
[VoL. 131.
London. The tone of Argentine exchange derives
some advantage from the fact that Argentine wool
merchants hope to sell considerable amounts of
wool during the next few months. In addition,
damage to grain crops by drouth in United States
and Canada and cold, damp weather in western
Europe makes the Argentine grain position appear
somewhat more favorable. Argentine paper pesos
closed at 36 9-16 for checks, as compared with
36 11-16 on Friday of last week; and at 365
% for
cable transfers, against 363
4. Brazilian milreis
finished at 10.10 for bankers' sight bills and at
10.15 for cable transfers, against 10.40 and 10.45.
Chilean exchange closed at 123/i for checks and at
12 3-16 for cable transfers, against 123/i and 12 3-16;
Peru at 35, against 37.
Exchange on the Far Eastern countries conExchange on the countries neutral during the war
continues firm, although receding slightly from the tinues unchanged in all important respects from the
higher levels of a few weeks ago, in sympathy with past few weeks. Japanese yen are dull but steady.
the swing of sterling and the major Europeans. The Chinese quotations are slightly firmer, owing to
neutral currencies are expected to remain steady as the somewhat steadier tone and greater activity in
long as tourist requirements and other seasonal the silver market. Closing quotations for yen checks
factors persist. Swiss francs are exceptionally firm yesterday were 49.38@49.50, against 49%@493/2.
/
8@32 9-16, against KU
and seem to be everywhere in demand, which can Hong Kong closed at 323
only be accounted for by transactions in connection @,32 1-16; Shanghai at 38%@393/g, against 37%
with the Bank for International Settlements. As @,38; Manila at 493', against 49 8; Singapore at
noted above, most of the London open market gold 5634@569, against 563I@56%; Bombay at 3634)
this week was taken for Swiss account. As reported against 3631, and Calcutta at 3634, against 3614.
here last week, the firmness in Holland guilders aside
Pursuant to the requirments of Section 522 of the
from seasonal factors is attributed largely to the
Tariff
Act of 1922, the Federal Reserve Bank is now
withdrawal of Dutch funds from this side owing to
certifying
daily to the Secretary of the Treasury the
the uncertainty of the business situation here.
Spanish pesetas continue to fluctuate widely and to buying rate for.cable transfers in the different counsag, showing the market's doubtfulness of Spanish tries of the world. We give below a record for the
determination to stabilize the currency. Bankers are week jtist passed:
EXCHANGE RATES CERTIFIED BY FEDERAL RESERVE
generally convinced that the stabilization is yet far FOREIGN
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
AUG 9 1930 TO AUG. 15 1930 INCLUSIVE.
away. There are rumors this week that the Standard
Oil Co. of New Jersey has offered the Spanish a loan Couniry and Monetary
Noon Buying Rate for Cable Transfers In New York.
Value in United States Money.
Unit.
of one billion pesetas in return for a Spanish oil
Aug.9. Aug. 11 Aug. 12. Aug. 13. Aug. 14. Auo.15
monopoly, the proceeds of which were to be used, EUROPE$
5
$
$
$
$
Austria,schilling
.141188 .141199 .141185 .141179 .141195 .141189
according to the report, for the stabilization of the Belg1um,
.139934 .139917 .139875 .139846 .139801 .139806
belga
Bulgaria. ley
.007230 .007203 .007206 .007215 .007215 .007236
peseta. The report was promptly denied in official Czechoslovakia,
krone .029658 .029659 .029657 .029662 .029662 .029862
Denmark, krone
.268163 .268155 .268134 .268136 .268136 .268150
quarters in New York.
England, pound.
sterling
4.870955 4.871815 4.870838 4.871036 4.871022 4.871008
Bankers' sight on Amsterdam finished on Friday Finland,
markka
.025184 .025176 .025170 .025181 .025182 .025183
France, franc
.039344 .039343 .039341 .039336 .039326 .039327
at 40.28, against 40.283/i on Friday of last week; Germany, relchamark .238925
.238922 .238885 .238855 .238869 .238826
Greece,
.012978 .012978 .012973 .012978 .012970 .012978
cable transfers at 40.293/2, against 40.30; and com- Holland,drachma
guilder
403005 .403173 .403066 .403003 .402965 .402923
Hungary. pengo
.175306 .175289 .175284 .175344 .175317 .175330
lira
mercial sight bills at 40.26%, against 40.25. Swiss Italy.
.052386 .052388 .052386 .052382 .052386 .052386
Norway, krone
.268125 .268120 .268094 .268081 .268102 .268102
Poland,
francs closed at 19.44 for bankers' sight bills and at Portugal,zloty
.112070 .112050 .112048 .112090 .112080 .112080
escudo
.045180 .045033 .045042 .044975 .045000 .045016
Rumania.leu
.005962 .005959 .005958 .005961 .005961 .005962
19.453/2 for cable transfers, in comparison with Spain.
Peseta
.111192 .110378 .109357 .109573 .108040 .107507
krona
.269041 .268972 .268897 .268853 .268788 .268775
19.4434 and 19.453/2. Copenhagen checks finished Sweden,
Switzerland, franc_ - .194523 .194528 .194519 .194504 .194515
.194517
dinar
.017718 .017725 .017733 .017736 .017734 .017723
at 26.803/i and cable transfers at 26.82, against Yugoslavia,
ASIAChina-Cbefoo tad
.390833 .398541 .398333 .335625 .399166 .399583
26.803' and 26.82. Checks on Sweden closed at Hankow tael
.388750 .394843 .395625 .392656 .396562 .395937
Shanghai tad.
.377517 .382142 .383928 .380892 .385714 .384464
26.87 and cable transfers at 26.883/
2, against 26.89 Tientsin
tad
.394583 .401875 .401666 .398958 .402600 .403750
Kong dollar- .315714 .318671 .320625 .319375 .321428 .322053
and 26.913/2; while checks on Norway finished at Hong
Mexican dollar- -.- .272500 .277812 .277500
.276250 .279062 .274062
or Peigang
26.80 and cable transfers at 26.813', against 26.793/i Tientsin
dollar
.274166 .279583 .279583 .277916 .280833 .280833
Yuan dollar
.270833 .276250 .276250 .274583 .277500 .277500
India, rupee
and 26.81. Spanish pesetas closed at 10.70 for Japan.
.360496 .360742 .360567 .360585 .360685 .360642
yen
.493843 .493831 .493831 .493831 .493856 .493843
bankers' sight bills and at 10.71 for cable transfers, Singapore
(SAL)do
.559375 .559541 .559541 .559541 .559541 .559541
NORTH AMER.Canada, dollar
which compares with 11.12 and 11.13.
1.001300 1.001274 1,001135 1.000703 1.000804 1.000652
Cuba. peso
Exchange on the South American countries is
steady but dull. Both Argentine pesos and Brazilian
milreis show slight recessions from last week. However, both exchanges seem to be fundamentally
better than they were a few weeks ago. At present
quotations, Argentine paper pesos are almost a
full cent better than they were early in July. Brazilian milreis are showing a better tone under the
stimulus of reports of a large size funding loan for
the Government to be floated in New York and
Mexico, peso
Newfoundland, do
SOUTH AMER
Argentina, peso (gold)
Brazil. milrela
Chile, Peso
Uruguay, peso
Colombia, peso
.999593 .999468 .999343
473200 .473450 .473250
.998750 .998750 .998437
.999375 .999281
.473125 473200
.998750 .998312
.999335
.473262
.998125
.834366 .834761 .837481 .832302 .830974 .832318
.102794 .103045 .103140 .122820 .102410 .101880
120921 .120928 .120920 .120921 .121192 .121213
.833583 .834520 .835643 .834905 .835292 .835208
.965300 .965300 .965300 .965300 .965300 .965300
As the Sub-Treasury was taken over by the Federal Reserve Bank on Dec. 6 1920, it is no longer
possible to show the effect of Government operations
in. the Clearing House institutions. The Federal
Reserve Bank of New York was creditor at the Clearing House each day as follows:
Ana. 16 1930.]
FINANCIAL CHRONICLE
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
AT CLEARING HOUSE.
Saturday, Monday,
Aug. 9, Aug. 11.
Tuesday, Wednesd'y, Thursday, Friday.
Aug. 12. Aug. 13, Aug. 14. Aug. 15.
$
$
$
$
$
$
131,000,000 115,000,000 163,000.000 129,000.000 119.000,000 122.000.000
Aggregate
for 'Week.
$
Cr. 782.000.000
Note.—The foregoing heavy credits reflect the huge mass of checks which come
to the New York Reserve Bank from all parts of the country in the operation of
the Federal Reserve System's par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations with the Clearing
House institutions, as only the items payable in New York City are represented
in the daily balances. The large volume of checks on institutions located outside
of New York are not accounted for in arriving at these balances, as such checks
do not pass through the Clearing House but are deposited with the Federal Reserve
Bank for collection for the account of the local Clearing House banks.
The following table indicates the amount of bullion in the principal European banks:
Aug. 14 1930.
Aug. 15 1929,
Banks of—
Gold.
Silver.
Total.
Gold.
Silver.
Total.
£
£
£
£
S
£
England __ 154,105,312
154,105,312 140,687,935
140,637,935
France a__ 373,251,791
d
373,251,791 307,781,154
d
307,781,154
c994,600124,456,450100.371,550
Germany b 123,461,850
994,600 101,266,150
98,911,000 28,874,000 127,785,000 102,533,000 28,808,000131.341,000
Spain
56,323,000
56,323,000 55,792,000
Italy
55,792,000
Nethlands 32,554,000 2,168,000 34,722,000 37,451,000 1,758,000 39.209.000
Nat.Belg._ 34,399,000
34,399.000 28,928,000 1,270,000 30,198,000
Switzland. 24,407,000
24,407,000 20,286,000 1,376,000 21,662,000
Sweden-- 13,468,000
13,468,000 12,976,000
12,976,000
Denmark _ 9,567,000
9,567,000 9,585,000
420,000 10,005,000
Norway __ 8,142,000
8,142,000 8,154,000
8,154,000
Total week 928,589,953 32,036,600960,626,553824,445,639 34,626,600859,072,239
Frey. week 924,126.408 32.052,600956.179.008 821,874,287 34,654.600 856,528.887
a These are the gold holdings of the Bank o France as reported in the new form
of statement. b Gold holdings of the Bank o Germany are exclusive of gold held
abroad, the amount of which the present year is £7,489,000. c As of Oct. 7 1924.
d Silver is now reported at only a trifling sum
The Tariff Problem in Great Britain.
The report from London on Monday that a government committee which is considering arrangements for the forthcoming Imperial Conference had
received, from the head of the economic advisory
staff, a report recommending the imposition by the
United Kingdom of a general tariff of 10 per cent for
"revenue purposes," with a rebate of some kind for
the benefit of the Dominions, is the most striking
indication thus far shown of the prominence which
the tariff issue has taken in British politics, and of
the increasing trend to protection as the best means
of solving the imperial trade problem. It is significant that the proposal, while not bearing government
sanction, comes from a government committee, and
that it is put forward as one of the items on the
agenda of the!Conference. It has been apparent for
some time that the Conference, while naturally considering such matters as imperial foreign policy and
imperial defense, would be chiefly occupied with
trade matters, but if the Labor Government, hitherto
supposed to be uncompromisingly committed to free
trade, takes any step, however short, in the direction
of protection, the tariff issue is likely to throw all
others into the shade.
A variety of causes have contributed to the impressive rise of the tariff issue. The weightiest, on
the whole, is the complete failure of the MacDonald
Government to relieve the unemployment crisis. On
August 6 the number of registered unemployed in
Great Britain passed 2,000,000, double the number
when the present Labor Government took office in
May 1929. There is no evidence that the present high
figure is a maximum. On the day on which the
2,000,000 figure was made public, further dismissals
of railway employees, due to a decrease in traffic,
were reported. Another cause is the continued depression in industry and serious loss of trade, occasioned in part, according to a memorial presented to
the Government on Aug. 7 by the Association of
British'Chambers of Commerce, by high national and
local expenditures, political and legislative interference with business with consequent enhancement of
cost of production, trade union restrictions which
have also increased production costs, high transport
995
charges, and high shipping rates as compared with
the Continent. The Smoot-Hawley tariff has been a
contributing cause, as have been the increase in the
number of protective tariff changes on the Continent,
the recent victory of the Conservatives in Canada on
a protective tariff platform, and marked sympathy
for protection in Australia, New Zealand and South
Africa.
On the other hand the organization of public sentiment on the question, as far as sentiment may be
said to be formally organized as yet, is due to the
vigorous championship by Lord Rothermere and
Lord Beaverbrook of the policy of a protective tariff
wall about the Empire and free or favored trade inside, and Stanley Baldwin's guarded but nevertheless clear acceptance of protection as the keynote of
Conservative policy. It-is quite possible that Lords
Rothermere and Beaverbrook,in launching suddenly
a campaign for protective duties, hoped to dethrone
Mr.Baldwin as leader of the Conservatives, and were
even willing to disrupt the party in order to achieve
that end. If such was their expectation, they have
been disappointed. Mr. Baldwin is still the party
leader, and the party itself remains intact. In other
directions, however, their success has been considerable. Mr. Baldwin, speaking to his constituents at
Worcester on Aug. 2, the day after the adjournment
of Parliament, declared that while free trade within
the Empire was out of the question because the Dominions would not have it, he thought it possible
that the Imperial Conference might establish a comprehensive scheme of imperial preference. Mr. Baldwin is for protection in such measure as the Dominions will allow. Mr. MacDonald, in turn, who has
never 'been of stable mind on any question of economic principle, is widely believed to be considering
the possibilities of protective duties as a relief for
the grave economic distress, a number of Cabinet
members are favorable to protection, and the Labor
members of the House of Commons number a good
many protectionists.
The two outstanding difficulties, as far as the
adoption of a protective policy is concerned, are the
question of taxing food and the question of trade in
manufactured goods versus trade in raw materials.
There is a common saying in Great Britain that the
British housewife, who now has a vote, will never
consent to a tax on food, and Mr. Baldwin, who ventured to toy with the matter, found it expedient to
drop it. A solution of the problem has been complicated by the commercial treaty which has lately
been concluded with Rumania. Under this treaty,
Rumania agrees to admit British manufactured
goods of all kinds at the lowest rates which the existing or any future tariff law may establish, as long
as the United Kingdom admits raw foodstuffs from
Rumania free of duty. Rumania, which is an agricultural country, thus becomes an important source
of food supply for the United Kingdom and an important outlet for British manufactures, but the imposition by Great Britain of duties on food, under any
plan of protection or imperial preference, would
abrogate the treaty.
Earlier discussions of imperial preference have
generally assumed that the Dominions would supply
the United Kingdom with foodstuffs and raw materials, while the United Kingdom would supply
them with manufactured goods. There are indications of a disposition on the part of the Labor Government to give up the artificial encouragement of
996
FINANCIAL CHRONICLE
manufactures, and to encourage increased production of raw materials and agricultural products. The
recent coal bill is an illustration of this. Such a
policy, if it were adopted, would further complicate
commercial relations with the Dominions. The
Canadian Conservatives, for example, are bent upon
protecting Canadian manufactures, particularly textiles and iron, but Canada is also anxious to recover
its grain trade with the mother country and if possible increase it, and at the same time to preserve
and extend British and foreign markets for such raw
materials as are not used at home. It is this interlacing of imperial and foreign trade, joined to the
backward state of manufactures in the Dominions as
compared with the United Kingdom, that has thus
far proved an insoluble problem when tariffs are considered. It is impossible for the United Kingdom to
grant different degrees of preference to the various
Dominions or for the Dominions to set up similar differences among themselves or with the mother country, without inducing serious protest or possible
rupture, at the same time that neither the United
Kingdom nor any of the Dominions can afford to sacrifice any part of its foreign trade through high
tariffs unless it can 'be assured that what is lost
can be absorbed within the Empire.
It is not within the Empire alone that the controversy over protection is causing concern. Other
countries are taking alarm at the prospect of a
united British front. France, in particular, sees in
the Empire free trade movement the possibility of
driving both American and Continental goods from
the markets of the United Kingdom and the Dominions, and a serious menace to the proposal of lowered
tariff barriers and M. Briand's plan of a United
States of Europe. The exports of butter from
France, Germany, the Low Countries and Scandinavia to Great Britain are regarded as jeopardized, as
also the French automobile industry, second now to
that of the United States in exports to the British
Empire. The ease of castiron pipe has been adduced
in France as an example of the situation which general imperial preference might create. France formerly exported to Canada considerable quantities of
pipe, subject to a duty of 25% ad valorem against
20% for British pipe. Recently Canada and the
other Dominions have placed British pipe on the free
list, and France now wonders if its trade has not
been lost.
If opinion in the United Kingdom is divided, so
also is opinion in the Dominions. The London correspondent of the New York "Times" has recently
summarized some of these differences. Canada and
Australia would like to see the United Kingdom impose duties on wheat and meat from the United
States and Argentina, and New Zealand would be
glad to see wool and butter from outside the Empire loaded with heavy duties. On the other hand
Australia, which seems committed to the policy of
protection for "young industries," grants preferred
rates to British exports but makes them so high as
to be practically prohibitive, and is willing to modify
the rates for a limited period only in the case of industries which it is itself developing. All three
Dominions are agreed that the United Kingdom
should, if possible, draw all its food from the Empire,
but as to how that can be done there seems to be as
yet no agreement whatever.
The Imperial Conference, accordingly, may prove
to be an event of altogether exceptional importance.
[VoL. 131.
Other questions than the tariff will, of course, be
discussed. There is the interesting suggestion, for
example, reported last Monday, of relieving unemployment by forming large utilities companies for
the Dominions, partly with government aid and
under government control, with the object of developing large tracts of unsettled territory and thereby
giving employment to considerable numbers of men.
There is the !action of the Bennett Government in
Oanada, announced on Friday, of restricting immigration from Great Britain and the United States,
and temporarily prohibiting it from other countries.
The main issue, however, will be protection with its
corollary of imperial preference. The difficulties in
the way of tariff legislation of any kind are very
great, but it must be clear to British statesmen that
the present conditions in industry and commerce
cannot go on without courting disaster. There will
be worldwide interest in the decisions that the Conference makes.
•
Relations of Wages to Consumption.
It is the privilege of the employer to name the
rate of wages he is willing to pay. It is his duty to
pay a fair wage for a full day's work. It is his right
to gauge the wage scale by the selling price of the
article and the normal and necessary profit he must
make to carry on the business. And it is our own
opinion that he has a right, also, to resist outside
dictation seeking to force upon him an arbitrary
scale founded in selfishness and so-called theoretical
cost of living. If these things are not granted to
him he cannot be master of his own plant, cannot
meet competition, cannot succeed.
On the other hand, the employee has the right to
work when, where, and for whom he pleases. If
these fundamental rights are not acknowledged individualism, in a sense, ceases to exist. Furthermore,
collectivism does not give the individual rights he
does not personally possess as a man and a working
man.
But we have gone far in the direction of annulling
these privileges and rights. Wage scales are largely
now dictated by organization, and maintained by
coercion. Taking building trades as an example, we
find that organization of employees has forced into
existence organization of employers. The workman
is thus between two pressures—his individualism is
destroyed, his independence is curtailed, and his
personal skill is prevented from receiving its just
reward. And when a time of depression and unemployment comes the relation of employer and employee becomes strained and the natural laws are
superseded by theoretical ones.
We are in such a period now. It is not to be wondered at, then, that the theory of high wages to maintain and increase consumption finds many advocates. How wages are to be kept "high" (without
coercion) in a time of falling prices, depression in
enterprise, and multiplying idleness, does not clearly
appear. Yet we find owners and managers of leading industries affirming that they will not reduce
wages. And a popular reason is that they want to
keep up production, and especially consumption.
This we regard as an abnormality. For production
and consumption, as far as wages are concerned, are
widely separated. Let us look at this theory from
the standpoint of reason and common sense. The
unionized trades do not "consume" their own products more than the average per capita consumption
Atro. 16 1930.1
FINANCIAL CHRONICLE
997
outside their unions. In round numbers, there are come—regardless of the lowered consuming power
four million unionized in 40 million workers in the of nine-tenths of the workers? This is against the
United States-. "High wages," higher than the aver- natural law of equalization, where the efforts of all
age to all, paid to the unionized, make higher prices level the wages of all. As we have said, employers
to the non-unionized on the goods consumed, and, may pay what wages they please, but is it reasonable
consequently, less consumption of the 10 to one. to offer "consuming power" as a reason?
The buying power of a people is a defense against
Nor is it possible to conceive that these "high wages"
are paid out, by those receiving them, save on the any kind of extortion. Sober lives are protection
basis of prices which are lower (on the things made, against waste and want. The people have poured
by the non-unionized) than on the articles made by untold millions into the pockets of those who apthe unionized. The advantage, then, is double to pealed to their love of pleasure. Wage-cost is not
those receiving the "high wages." They may buy The only element in price. Production is inordimore things because of full pockets (outside their nately increased by vain demand for vain things.
Wages for necessities have not kept pace with wages
trades), but only so much as they need or want.
Another element enters into the computation— for luxuries. Now that the "cycle" of business life
mass-production by machinery. It is possible for has reached the downward curve, the natural law of
this reason to continue to pay "high wages" (higher wages must come into operation. It is not of much
than the average), and at the same time reduce avail to talk of "keeping up wages" and reducing the
prices to the public. This is a peculiarity of the hours of the day and the days of the week. Work is
transition period in which we live. But this fact (a already reduced enough by the machine.
tremendous one) does not increase the consuming
To reduce it for no reason save to keep up abnorpower of the people who buy, which comes from mal wages is a doubtful benefit to the general prosources outside the machine-made product—it low- duction of the country and the contentment of the
ers that consuming power, by so much as the ma- masses. It is the same falsity as reducing the acrechine worker receives more wages than the average age of wheat to keep up the price. Full work is the
wage. As for the worker at the machine, his added panacea of all our ills. It provides for the "rainy
consuming power by reason of "high wages" is more day." It overcomes depression whe nit comes. A
than offset by the lessened number employed by mechanistic production ought to be turned into chanreason of the machine which receives no wages.
nels that provide for the recurrence of depressions.
But organization of working men spreads farther And if we pay normal wages in normal times we may
than to machine-made article. It is concerned with be able to raise them in times of want.
The old, old apothegm: "When two workmen
men,not machines. Take the radio for an example—
for
transmitting
instrument
sounds on sound run after one employer wages fall; when two eman
reproducing
them.
It
seems
and
waves
that nearly ployers run after one workman wages rise"; has not
everybody wants one—bought out of salaries, in- entirely lost its savor, though it belongs to an age
comes and wages of common labor. The parts are before unions and machinery. It is charged that
made by machinery—and it is possible to lower price due to unemployment certain employers in the buildand lift wages. This instrument is a luxury. Or- ing business are at the moment actually hiring men
ganization of the workmen in the trades extends to below the union scale. These men must have work.
house building. So that a man pays more labor- Half a loaf is better than no loaf at all. The law
cost for building a home than for buying a radio, works. But it is modified, in general, by the maproportionately. High wages through organization chine. New industries springing into life do not take
do not, therefore, increase the consuming power of up the slack caused by the machine. If these new
the people but lower it, and only increases the con- things are luxuries, playthings, so much the worse
suming power of the organized working men, if at for society. We have diverted an immense amount
all, in the ratio of one to 10.
of labor to the making and maintaining of new
Some time ago it was argued that wages should things unheard of half a century ago. The result is
follow commodity prices to insure "better living con- that classes in labor are more sharply divided. The
ditions." Commodity prices were then on the rise. non-organized labor must pay the increased price
Now that they are on the decline, we hear nothing of the organized. Unemployment had to come on a
more of the specious argument. Tlie cry now is to large scale when the rush of the fictitious "proskeep up the "consuming power" of the people. This, perity" came to an end. In some way, not clearly to
as indicated above, we believe to be a fallacy. We be defined at present, "high wages" will follow the
always receive these philanthropic reasons for a inevitable pressure of trend and tendency. Employbusiness policy with a grain of caution. Men en- ers may say they will not lower wages—but when
gaged in manufacture often offer the benefits to the they come to meet the lowered purchasing power of
people of this division of industry as a reason for the whole people caused in part by the uneven and
tariff protection. This is often an after thought— exorbitant wages of certain classes they will have to
after they have satisfied their personal feelings and reduce the scale.
demands. In the same way certain manufacturers
What is the proper wage scale, and how is it to be
are proposing to pay "high wages" to maintain "con- determined? Is it merely arbitrary—what the emsuming power" of the people. Are they not enabled ployer may make it by his wish and will? Far from
to do this because their own particular business is it. Forces outside himself, powerful, intermingling
prosperous—and this largely due to "popular de- in the vast free competition of business, finally make
mand"? Most of us are swerved by our own best the scale. Not even organization by its coercion
interests when it comes to arguing a principle or a can escape this primal and fundamental force of
policy, often unconsciously. But how shall we competition—though temporarily it may alter the
answer this bare question in the face of a "slowing force. We have reached a point in our manufacturdown" of industry. Is it best for the people to con- ing development, in our route toward collectivism,
tinue to pay one class war wages for all time to in our interference by government,in our passion for
998
FINANCIAL CHRONICLE
concentration into big integers of business, when
many of the old customs and laws are overwhelmed
and the future obscured.
But no right law of human relations is ever destroyed, however much it may be modified by circumstances and conditions. Unemployment in time
will force wages down. No employer listening to the
false plea of "consuming power" can pay more wages
than the conditions of his own business and the conditions of the country will warrant. No union can
continue to exact tribute against prolonged general
depression. If, as so often said, we are in period of
readjustment, after a period of inflation, we must
expect wages to follow the trend and respond to
the new era.
[VoL. 131.
As for the railroads, they are not now earning
their quotas. They last year acceded to reductions
in grain rates to help the farmer, and yet accomplished little for his relief. They are always willing
to serve in the transportation of freight as desired.
They are more competent than ever before. They
may indeed lower their rates voluntarily to give
needed relief, though they are under no obligation to
do so. But are we not too prone to make appeals
to them? Is it not outside the province of the President to take the lead in these super-adjustments?
And is he not thus insensibly moulding the Government into an eleemosynary institution which it was
never intended to be? What if he fails to hit on
the right method? What if he contravenes the natural economic laws? What if, in fact, with his "Farm
Board,
" he has already done more harm than good?
Magic in Government.
Is this the "administrative government" we are to
There is rejoicing among a few that at last
we rejoice in?
have an "administrative government."
And now what can an administrative government
This is in
contrast to what is termed a "legislative
govern- do? The farmer has needed first and foremost—
ment." We fail to see a sharp distinc
tion, since the rain, which in many sections he now appears to be
legislative precedes the "administrative,"
save where getting. But can the government make rain? Bethe latter assumes to act in the absenc
e of specific yond this the farmer needs so many things to help
laws requiring action. This may be called
a species him out that it is hard to know where to begin. He
of "benevolent despotism," but with that
phrase we may need cheap credit to carry him over the winter,
are not now concerned. President Green
of the but he must secure the credit if he is to borrow.
A.F. of L. congratulates the President on
his action How to secure this in the face of his present mortin calling conferences after the Octobe
r "stock gages is a problem. If it is to be given to him, where
smash" in that these kept wages at a high level
and is it rto come from in a time of depression, and what
thus aided working men, and as
an adjunct pre- justice in taxing one citizen to benefit another? He
served the "consuming power" of the people
, or, at will need seeds and tools, but if these are to be
least, that of the wage earner.
offered as gratuities should they come from volunAnd now that a widespread drouth has
threatened tary contributions of citizens or from government?
the farmers Mr. Hoover is approached
again to We have sought the legislative government so long
afford some kind of relief. He hastens to
reply that for aid that we see no incongruity in now seeking
he will leave no "stone unturned" to do
what he can. the President. And so long as he yields to these
And this week he has been holding extens
ive con- importunities, so long will he aid in educating the
ferences to achieve the end sought. Inciden
tally, people to believe in this sort of government.
it is worth noting that at the very outset
The brilliant conferences held in Washington last
he took
pains to remark that he had "already"
approached fall did a little good, no doubt, but only a little.
the railroads to adjust rates that stock
and grains They did not prevent unemployment, which inmay more freely flow from point to point
in ameli- creased almost steadily thereafter. They did not
oration of the depressing condition. This
is the ex- stabilize the prices of commodities, which have
ample of an "administrative government,"
which fallen since. They did not increase building operaseems to be the ideal of a few minds imbued
with tions beyond the appropriations for public buildphilanthropic motives.
ings and roads, as the past statistics of building will
In this role Mr. Hoover is naturally supreme.
He show. They did not keep up the price of wheat,
has been wont to deal with big relief measures in
the which is now ruling at exceedingly low levels.
past, and was successful. He acted, howeve
r, in They did not prevent a recurrence of stock smashes,
those times as an independent administrator;
and for at least one,other of large dimensions has ocalso by appointment as a representative of
the curred since. Nor, in truth, can it be said they kept
United States then, and afterward engaged in
war. up the scales of wages for the pressure of unionizaSuch a time is no criterion by which to judge
the tion is largely responsible for this. What can they
present. When the war closed the "government" do now?
The "administrative government," through
slipped back to its civil character. No longer
meas- its Federal Farm Board, loaned money to co-operaures of expediency existed. They do not exist to-day. tives,
and through a "stabilization corporation"
Despite the drouth we are not threatened with actually
bought 69,000,000 bushels of wheat and paid
famine. Dried up pastures, diminution in the num- more than
it is now worth—then concluded discrebers of livestock, may augur scant supply of milk tion the
better part of valor and quit buying.
for cities. High prices for beef cattle may come.
The chief objection of all this is that we are disStill the situation can hardly be said to have reached torting
the government. We do not want an admina stage where personal relief on the pant of the istrator
as much as we want an executive—executive
Government is called for. At all events, this week's of laws. We
do not want our President to become
extensive rains are sure to ameliorate the prospect. a "Little
Father." Few incumbents of this high
And it must always be remembered that the Govern- office
have had the administrative qualities posment of the United States, under the Constitution, sessed by
Mr. Hoover. Probably few will have. And
is not a relief society, and that clamor on the part of it is but
justice to say that at times he has shown
a few that it should become an "administrative" fine discer
nment in separating what we may term
force should not be readily heeded.
industrial collectivism from the government. But
Atm. 16 1930.]
FINANCIAL CHRONICLE
his ability and willingness to help the people in
crises should not make him blind to the tendency he
is fostering.
Other Presidents may not act as wisely. And the
people should not be thus encouraged to supplicate
the Government for relief. Federal credit is not
for the purpose of making sympathy a concrete
thing. It is not for the purpose of overcoming "the
acts of God." It is to be used rarely and in a cold,
methodical way. The farmers have had Land Banks,
Intermediate Credit Banks, in addition to the Federal Reserve. They now, unfortunately as it must
prove, have the Federal Farm Board. Despite the
sufferings from "the drouth," it is well to go slow
in proceeding further along that path.
It is not the rapid changes in government, that
take on the form of revolution, that should alarm us.
We are too well grounded to be overtrrned suddenly.
It is the slow, insidious, constail t sapping of our
constitutional strength that is dangerous. The
"Reds," if they are allowed a peaceable expression,
will work little harm. But if to legislative abandon
we add this so-called "administrative" power, not
within the meaning of our organic law, we shall
teach the people to rely upon a force that does not
rightly exist—and cause them to become dissatisfied
if their every urgent and emergency request is not
gratified.
Other classes will follow. "Labor" has already
received exemption from certain laws that are general. Already manufacturers are excusing "protection" on the ground that they are as worthy of favors
as the farmers. And so we proceed toward a sort
of socialism through a form of autocracy. In addition—a psychology that is for the purpose of creating a false idea of prosperity, or of power, of fictitious plenty, is false, and should never be indulged
in. Again we say, sympathy is not a correct motive
power for government. Promises that cannot be fulfilled are worse than none at all. A great calamity
must be borne bravely, for it cannot be escaped.
What Is Good Advertising.
The real purpose of advertising may be said to be
to present the merits of some article or some service
offered for sale so as to increase the public demand
therefor. Advertising men are evidently at their
wits' end in their efforts to interest consumers in
some new way, but they may well recall that nothing
endures like the "Old, Old Story" as an appeal to
the minds of men for the past two'thousand years.
A well-known bank and trust company fills the
a valuable space which it has bought by telling the
public of "The Art of Bluffing." The article is
interesting and well worth reading, but not the least
connection is made between the theme discussed and
the business of the bank. Both the advertising
writer and the publicity department of the bank evidently expect that the discussion will make such a
strong impression on the minds of readers that whenever the subject of bluffing is mentioned the name
of the bank will come to mind. But why should it,
when there is nothing in the advertisement to connect it in any manner whatever with the functions
of the institution?
The bank is simply paying the newspapers for
valuable space in which to entertain the newspaper
readers without in any way whatever saying one
word which will call public attention to the strength
of the bank, its facilities to meet the requirements of
999
depositors and borrowers, or to render the numerous
services as adviser when people are in need of sound
information from sources upon which they may
safely rely.
It is true that old paths are well beaten, yet the
versatile advertising writer should be dextrous
enough to handle old truths so skilfully that their
coloring and fantastic forms will appear so much
like something new that the appeal to the reader
will be strong. Publicity writers might well make a
careful study of modern architecture, making wordbuilding correspond with the towers, angles and unexpected wings of the modern skyscraper.
If an "ad" writer does not yet conceive that a
man's heart is very close to the spot where his treasure may be, he still has a very important truth to
learn. But having learned that truth he will have
the foundation upon which to rear many a bank advertisement which will interest all business men of
large or small caliber as well as the housewife who
takes care of the family savings. There is much of
human interest available to make a bank "ad" just
as attractive to the public as is the full-page display
of the department store.
FY,T
Mississippi Valley Developments.
The success achieved by the Mississippi Valley
Association in securing huge appropriations from
Congress and in carrying out the Association's constructive program for the vast and fertile area
known as the Mississippi Valley well illustrates
what united action and organized propaganda can
accomplish in the way of obtaining recognition from
the National Government at Washington. The Rivers and Harbors Bill, signed on July 4 by President
Hoover, authorized ultimate expenditures of $246,000,000 on projects which are units in a gigantic
plan to create a vast new flow of commerce upon the
Mississippi River and its tributaries. The signing
of the Rivers and Harbors Bill, carrying such big
appropriations for waterways developments in the
Valley, is described by John A. Fox,field representative of the Mississippi Valley Association, as an act
which will come in time to rank with that of Thomas
Jefferson in making the Louisiana purchase. In
fact, considering the difference in the amount of
money involved, the Louisiana purchase, with its
outlay of only $15,000,000 by the National Government, seems to be a paltry transaction compared
with that of President Hoover in signing the Rivers
and Harbors Bill passed by the last Congress.
Briefly summarized, the Rivers and Harbors bill
carried these authorized amounts for waterways developments in the Mississippi Valley:
$15,000,000 for deepening the Missouri River to a six-foot
stage (later to be increased to a nine-foot stage) from
Sioux City, Iowa, to Kansas City, a distance of 400 miles.
$50,000,000 to produce a nine-foot stage in the lower Missouri River from Kansas City to St. Louis, another 400-mile
stretch.
$08,000,000 for establishing a nine-foot stage in the 700
miles of the Mississippi River between Minneapolis and
St. Louis.
$7,500,000 to complete a stretch of 25 miles between Lockport, Ill., and La Salle, Ill., in the Illinois River, thus perfecting that river for navigation along the 236 miles from
Chicago to Alton, Ill.
$75,000,000 for making the Tennessee River navigable
throughout the 650 miles from Paducah, Ky., to Knoxville, Tenn.
$600,000 for creating a nine-foot channel in the Intracoastal Canal between Mobile and Pensacola.
1000
FINANCIAL CHRONICLE
The amounts specified, while authorized, are
eventual totals and only enough funds were specifically appropriated to launch the work on the
projects mentioned. Additional sums within the
totals will be appropriated as needed.
Two other big projects, paid for by the National
Government, have already been completed. These
are:
Deepening of the Ohio River for the 987 miles between
Pittsburgh and Cairo at a cost of $118,000,000, involving,
among other things, erection of 51 locks and dams. This
work ended last October.
Deepening of the Warrior and Tombigbee Rivers for the
420 miles between Birmingham (at Birmingport) and Mobile at a cost of $11,500,000. This was completed in 1919,
and increased the commerce on these two streams from
590,000 tons annually to 1,980,000 tons in 10 years.
Probably the chief beneficiary of this vast system
of co-ordinated waterways projects will be the city
of New Orleans. As pointed out by Mr. Fox of the
Mississippi Valley Association, recently, anyone
glancing at a map of the United States cannot but
be impressed by the wonderful network of natural
commercial arteries, nor can one help but marvel
at the strategic position of the port city of New
Orleans, where the great network of waterways converges before flowing into the Gulf of Mexico.
"Had the major portion of this vast system,"
said Mr. Fox, "been kept open for definite and
reliable navigation during the past 100 years there
can be no doubt as to the position that New Orleans
would be occupying to-day by reason of such a
favored geographical position, but, unfortunately,
as this great empire of the Valley developed, as its
forests were cut, and its agricultural lands drained
for cultivation, these waterways became drainage
canals only with a precipitate rainfall, culminating
in great floods in the spring and little or no water
in the late summer or fall, rendering them useless
for navigation."
Flood control in the Mississippi Valley, as planned
by the most eminent army engineers in the United
States Government service, will, it is believed, do
away with the dangers of floods along the Mississippi River and its tributaries. Reservoirs and spill-
[vol.. 131.
ways will supplement the present levee system,
which has apparently proven inadequate to cope
with the flood waters poured down the Valley by
"Old Man River" during the spring. Upon the occasion of the recent visit of the flood control committee of Congress to New Orleans, glowing predictions
of vastly increased river commerce, with corresponding direct and indirect effect upon the trade of New
Orleans, were made by experts who had studied the
subject. Executive Secretary Macleay of the Mississippi Valley Association stated that by 1933, and
possibly by 1932, Government engineers will have
completed operations establishing a nine-foot stage
along the entire distance of the Mississippi. Lakesto-the-Gulf navigation channel will then, it is
claimed, be an accomplished fact. This will mean,
we are told, that every city on the river's edge will
become virtually a seaport—that merchandise moving from Chicago and the Great Lakes ports, from
St. Paul, Minneapolis, Pittsburgh, Kansas City, and
St. Louis, or intermediate points, can be conveyed
in barge and boat at about 21/
2 mills per ton mile as
compared with 11 mills which is now the average
rail charge. This is the bright prospect held out.
What, above all, this would mean to New Orleans,
the gateway to the Gulf of Mexico and the rich
Latin-American trade to the South, constitutes a
dazzling vision. With the Bonnet Carve spillway,
above the city, now well on the road to completion,
insuring the Crescent City against flood menace, the
people of that Southern metropolis have been inspired with new hopes and energy.
The New Orleans Association of Commerce,
always active and aggressive, as shown by the national advertising campaign that it has recently conducted, has not been slow to point out the great advantages that will come in the contingency mentioned to New Orleans as a result of the combined
waterways and flood control developments. New
privately owned barge lines,in addition to those now
operated by the United States Government, have
recently been established, and a number of national
concerns have made New Orleans their Southern
sales headquarters, and it is planned to encourage
many others to look in the same direction.
Gross and Net Earnings of United States Railroads for the
Month of June
Not the slightest trace of improvement is discernible in the returns of earnings of United States railroads. Our compilation this time covers the month
of June, and the comparisons with the year preceding may be said to be not only the worst of any
month for the half year ending with June, but the
most unfavorable in the whole series of poor returns
that the country has been witnessing ever since the
crash in the stock market in the autumn of last year.
Certainly for absolute amount of loss, in gross and
net earnings alike,the amounts forJune exceed those
of any and all the months preceding, though these
preceding months have all been marked by exceedingly heavy losses. In brief, the shrinkage in the
gross earnings amounts to no less than $87,518,847,
or 16.36%. Railroad managers succeeded in offsetting this by a substantial reduction in operating expenses, which in June the present year were $47,563,945 less than in the same month of the preceding
year, the ratio of decrease being 13.26%. Never-
theless, this left a loss in net which fell only a little
short of $40,000,000 ($39,954,902), or 26.59%.
Stated in another way, gross revenues from railway operation have been reduced, roughly, one-sixth
and net earnings considerably over one-quarter. As
against the loss in gross in June of $87,518,847, the
decrease in May, while very large, was no more than
$75,131,912,or13.95%,,and the decrease in April only
$63,195,964, or 12.32%, and the decrease in March
$64,595,796, or 12.51%, thus showing a steadily progressing decline; and as against $39,954,902 loss in
net (before the deduction of the taxes) in June, or
26.59%, the decrease in May was $35,711,276, or
24.22%; the decrease in April, $34,815,878, or
24.54%, and the decrease in March, $38,202,064, or
27.46%, this last showing a ratio of decline just a
little larger than that for the month of June, though
the amount of the loss for June is heavier than that
for March. As additionally emphasizing the magnitude of the loss for this latest month, it should be
AUG. 16 1930.]
FINANCIAL CHRONICLE
1001
noted that the falling off in the gross at $87,518,847 makes the total of the awards for June 1930 $600,is at the rate of considerably over $1,000,000,000 a 1 573,400 as compared with $529,891,100 in June 1929.
year, while the June loss in the net of $39,954,902 1 The coal statistics also give evidence of the shrinkis at the rate of almost half a billion dollars. In age in railroad traffic as a result of the depression
the following we show the comparative totals of in trade. The production of bituminous coal in June
1930 is reported at 33,714,000 tons against 38,530,000
gross and net for June of the two years:
1930.
1929.
tons in June 1929; the output of Pennsylvania
Inc. (+) or Dec. (—).
Month of June—
242,320
241,349
+971
0.78%
Miles of road (171 roads)..-$444,171,625
$531,690,472
—$87,52
1
.7
8
,
7
8
4
%
7
Gross earnings
16.35% anthracite was a little larger at 5,183,000 tons
333,927,018
381.490,963
—47,563,945 13.26%
Operating expenses
74.51%
71.74%
against 5,069,000 in June 1929. Concurrently the
Ratio of earnings to expenses_
1110.244,607 1150,199,509 —139,954,902 26.59% agricultural regions of the West and South labored
Net earnings
What gives additional significance to the extent under dire distress, on account of the low market
of the foregoing losses is the fact that comparison value ruling for their chief money crops—wheat in
is by no means with totals of unusual size in the the West and cotton in the South. In addition, the
previous year, as the uninformed might be inclined shipments of grain to market were on a greatly
to believe. June 1929 was unquestionably a period diminished scale; on the one hand, farmers were
of very exceptional activity in trade and industry, reluctant to part with their holdings at the low level
yet we were led at the time to comment on the fact of values obtainable in the markets, and,on the other
that the improvement in the revenues of these rail hand, they had to contend with a poor export decarriers had been relatively very small, the increase mand. It is no surprise in these circumstances to
in the gross then being only $28,577,315, or but find that the grain movement at the Western pri5.,68%, and even the increase in the net, while much mary markets was on a greatly reduced scale as comlarger in ratio owing to the greater efficiency of pared with the movement last year. We give the
operations being only $22,659,557, or 17.77%. More- details of the Western grain movement further along
over, these increases in 1929, in the matter of gross in this article, and will only say here that for the
and net alike, came after losses in June of each of four weeks ending June 28 the present year the rethe two preceding years, so that the 1929 improve- ceipts of wheat, corn, oats, barley, and rye aggrement constituted merely a recovery of what had been gated only 44,232,000 bushels as against 57,019,000
bushels in the corresponding four weeks of last year.
lost in 1928 and 1927.
The most conclusive evidence of all of the shrinkOf course the unfavorable nature of the showing
cannot
be
year
regarded
as in the least age in traffic which occurred with such disastrous
the present
degree surprising. It is in accord with all the pre- effects on railroad revenues is found in the figures
vailing conditions, so far as trade, industry and agri- giving the loading of railroad revenue freight. The
culture are concerned, all of which are moving in an statistics here relate to the railroads of the entire
atmosphere of gloom and depression, and the pres- country and include all the different items of freight,
ence of which is naturally reflected in a correspond- constituting in this latter respect a sort of composite
ing falling off in the traffic and revenues of the of railroad tonnage of all classes. For the four
country's great transportation systems. The auto- weeks of June the present year the aggregate of cars
mobile trade unquestionably suffered most from the loaded with revenue freight was only 3,719,447 cars,
complete reversal of trade currents, and the statis- as against 4,291,881 cars in the corresponding four
tics fully bear out this statement. The production weeks of 1929 and 3,989,442 cars in the same four
of motor vehicles in the United States, as reported weeks of 1928.
Such a shrinkage in railroad earnings as is indito the Department of Commerce, was only 335,475
in June the present year compared with 545,932 in cated by the various figures cited in the foregoing
June 1929 and 396,796 in June 1928. The statistics implies, of course, very heavy losses on the separate
regarding iron and steel production testify in the roads and systems. To attempt to enumerate all
same eloquent way to the setback experienced by the roads and systems, or even the leading ones partrade. The make of iron in June 1930 in the United ticularly distinguished in that way, would take altoStates aggregated only 2,934,129 tons against gether too much space. It must suffice, therefore,
3,717,225 tons in June 1929 and 3,082,000 tons in to mention just a few of the instances where the
June 1928. Yet more striking is the shrinkage in losses are especially heavy. The Pennsylvania RR.
the output of steel, which is calculated by the Amer- naturally leads the list, having suffered a decrease
ican Iron and Steel Institute at only 3,440,239 tons for this one month of no less than $10,212,004 in
for June 1930 as against 4,902,955 tons in June 1929 gross and of $5,100,840 in net earnings. The New
and 3,743,903 tons in June 1928. Iron ore shipments York Central Lines do not fall far behind in the
of course suffered a corresponding contraction both extent of their losses, the Central statement recordin the movement from the ore regions to the head of ing $8,381,513 contraction in gross earnings and
the Great Lakes and in the shipments from the $3,561,989 contraction in net. These figures cover
lower Lake ports to the iron furnaces.
the New York Central Lines as recently enlarged by
We may refer also to the greatly lessened activity the merger with the Michigan Central, the Big Four
in the building industries. On that point we have and several other roads of smaller size. If we add,
the monthly compilation of S. W.Straus & Co. This also, the Pittsburgh & Lake Erie and the Indiana
shows building permits issued in June 1930 to an Harbor Belt, which are still separately operated, the
aggregate of only $95,339,455, as against $133,- loss in gross is raised to $9,006,395 and the loss in
268,423 in June 1929. The compilation of the F. W. net to $3,676,329. The Baltimore & Ohio is another
Dodge Corp., as it happens, in this one month makes large East and West trunk line system. It shows
quite a favorable comparison with the same month for the month $3,380,071 decrease in gross and
last year, though the improvement did not extend $1,396,531 decrease in net. In the South, the Southern
into July. The Dodge compilation deals with con- Railway has suffered $3,688,735 shrinkage in gross
tracts for new buildings and engineering works and $2,540,929 in net. The Lonisville & Nashville
in the 37 States east of the Rocky Mountains, and falls behind $1,659,324 in gross and $678,625 in net
1002
FINANCIAL CHRONICLE
[Vou 131.
In the Southwest, the Southern Pacific has sus- merce Commission. The boundaries of the different
tained a loss of $5,330,572 in gross and of $2,540,929 groups and regions are indicated in the footnote
in net, and the Atchison, $4,907,397 in gross and to the table:
$2,956,690 in net. In the Northwest the Milwaukee
SUMMARY BY DISTRICTS AND REGIONS.
District and Region.
Gross Earnings
& St. Paul shows a decrease of $2,791,457 in gross Month
of June.
1930,
1929.
Inc.(±)or Dee.(-)•
Eastern Districtand of $1,348,558 in net; the Great Northern a de- New
England region (10 roads)-_ 19,562,570
23.069.520
-3,506.950 15.20
Great Lakes region (31 roads)
88,281,395 106,456,828 -18,175,433 16.83
crease of $1,891,395 in gross and of $1,050,717 in net, Central Eastern
region (24 roads)._ 95,287,619 113,247,540 -17,959,921 15.96
and the Northern Pacific of $1,270,417 in gross, but Total (65 roads)
203,131,584 242,773,888 -39,642,304 16.33
Southern Districtaccompanied by a small increase ($14,248) in net. Southern
region (30 roads)
50,126,070
63,013.897 -12,887,827 20.45
21,823,763
24,311,784 -2,488,021 10.41
In the following we show all changes for the separate Pocahontos region (4 roads)
Total (34 roads)
71,949,833
87,325,681
-15,375,848 17.51
roads for amounts in excess of $100,000, whether
Western DistrictNorthwestern
region
(17
roads).....
55,683,638
56,528,096 -10,844,458 16.28
increases or decreases, and in both gross and net:
Central Western region (25 roads)_ 73,373,862
89,128,170 -15,754,308
PRINCIPAL CHANGES IN GROSS EARNINGS FOR THE MONTH
OF JUNE 1930.
Decrease.
Decrease.
110,212,004 Chic Ind & Louisville__ $337,970
Pennsylvania
a8.381.513 Buff Koch & l'ittsburgh_
New York Central
337.696
5,330,572 Chicago & Alton
Southern Pacific(2)
335.855
Atch Top & S Fe(3)-- 4,907.397 Pet Tol & Ironton
332,794
3,688.735
Wheeling
&
Lake Erie__
Southern Ry
332,222
Baltimore & Ohio
3.380,071 Texas & Pacific
320,365
Chic MIlw St P & Pac--- 2,791,457 Mobile & Ohio
311,512
Union Pacific (4)
2,405,053 Nash Chatt & St L
296,354
Illinois Central
2.105,398 Bessemer & Lake Erie_
294.296
ChM & North Western- - 1,968.301 Alabama Great Southern
261,020
Great Northern
1,891,395 Chicago Great Western_ 235,425
Louisville & Nashville
1,659,324 Virginian
233,180
NY NH & Hartford-- 1,641,251 Florida East Coast
221,587
Chic Burl & Quincy
1,678,377 Indiana Harbor Belt
220,121
1.366.368 Inter & Great NorthernErie (3)
219,413
St L-Ban Fran (3)
1,332,507 Union RR (of Penna)--_
208,361
Atlantic Coast Line
1,320,142 West Jersey & Seashore208,156
Northern Pacific
1,270,417 Term RR Assn of St L__
206,372
Grand Trunk Western- _ 1,232,809 St Louis Southw Lines-201.290
Norfolk & Western
1,178,416 Rich Fred & Potomac..._
178,022
Wabash
1,174,793 Colo & Southern (2)177,405
Chic Rock Isl & Pacific(2) 1.105.412 NY Ont & Western
176,506
Missouri-Kansas-Texas__ 1,101,932 Spokane Portl & Seattle.
176.373
Pere Marquette
1,083,249 Minneapolis & St Louis__
173,751
Missouri Pacific
995,898 Chic St I' Minn & Om.165,826
New York Chic & St L..959.057 Ga Southern & Florida...
162,650
Seaboard Air Line
929,541 Long Island
162.227
Chesapeake St Ohio
898,403 Western Pacific
151.290
Del Lack & Western....
853,283 Belt Ry of Chicago
148,811
Minn St P & S $ Marie..
755.132 Central Vermont
131.565
Lehigh Valley
742,989 Atlantic City
127,084
Boston & Maine
711,503 Bangor & Aroostook_ _ _ _
124,852
Chic New Orl & Tex Pac_
683,793 Gulf Mobile & Northern_
119,537
Maine Central
635.917 Akron Cant & Ynisstwn_
117,696
Duluth Missabe & No__ _
624,174 Monongahela
113,270
Deny & Rio Gr Western..
538,712 New On & North East
111,746
Central RR of NJ
518,737 New On Gt Northern-111,061
Delaware & Hudson.._
459.165 Western Maryland
106,871
Chic. & East Illinois ___
453,668 Altanta Birm & Coast.104.367
Los Angeles & Salt Lake..
445.293 Detroit Terminal
101,298
Reading Co
407,270 Detroit & Mackinac_ --100.339
Pittsburgh & Lake Erie._
404,761
Central of Georgia
357.686
Elgin, Joliet & Eastern
Total 96 roads)
341,983
884,980.403
a These figures cover the operations of the New York Central and the
/eased lines-Cleveland Cincinnati Chicago ,k St Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute. Including Pittsburgh & Lake Erie and the Indiana Harbor Belt, the result is a
decrease of $9,006,395.
PRINCIPAL CHANGES IN NET EARNINGS FOR THE MONTH
OF JUNE 1930.
Yazoo & Miss. Valley___
Reading Co
Colorado & Southern(2)--
Increase,
Decrease.
Southwestern region (30 roads)
Total (72 roads)
40.032,708
169,090,208
45,934,637
-5,901,929
17.68
12.85
201,590,903 -32,500,695 16.04
Total all districts (171 roads)
444,171,625 531,690,472 -87,518.847 16.36
District and Region.
Net Earnings
Month of June- -Mileage--1930.
1929. Ine.(+) or Dec.(-)
Eastern District1930.
1929.
$
New England region__ 7,337
7,280
5,37(5,572
6.836,633 -1,460,061 24.19
Great Lakes region_ _ 27,916 27,914 20,686,544 28.329,177
-7,642,633
Central Eastern region 24,236 24,147 24,568,827 33,330,119 -8.761,292 27.0
26.33
Total
59,489 59,341 50,631,943 68,495.929-17863,986 26.19
Southern DistrictSouthern region
40,091 40,138
8,422,334 14,745,276 -6,322,942 42.89
Pocahontas region_ _ _ 6,005
5,982
8,261,810
9,605,709 -1.343,899 15.00
Total
46,096 46,120 16,684,144 24,350,985 -7,666,841 31.50
Western DistrictNorthwestern region. 48,998 48,976 13,552,193 19,071,612
-5,519,419 28.97
Central Western reg'n 52,693 51,681 19,203,504 26,558,800 -7,365,296
27.72
Southwestern region
35,044 35,231 10,172,823 11,712,183 -1,539,360 14.16
Total
136.735 135,888 42,928,520 57,352,595 -14424,075 25.15
Total all districts_ _ _242,320 241,349 110,244,607 120.199.509-39954
,902 26.59
NOTE.
-We have changed our grouping of the roads to conform to the classification of the Inter-State Commerce Commission,
and the following Indicates the
confines of the different groups and regions:
EASTERN DISTRICT.
New England Repton.-This region comprises
the New England States.
Great Lakes Region.-This region comprises
the section on the Canadian boundary
between New England and the westerly shore
of
Michigan to Chicago. and
north of a line from Chicago via Pittsburgh to NewLake
York.
Central Eastern Region.-Thls region
comprises
the
section
south of the Great
Lakes Region, east of a line from
Chicago through Peoria to St. Louis and the
Mississippi River to the mouth of the Ohio River,
and north of the Ohio River to
Parkersburg, W. Va., and a line thence to the southwestern
corner of Maryland
and by the Potomac River to its mouth.
SOUTHERN DISTRICT.
Pocahontas Region.-Thla region
comprises the section north of the southern
boundary of Virginia, east of Kentucky
and the Ohio River north to Parkersburg,
W. Va.,and south of a line from Parkersburg
to the southwestern corner of Maryland
and thence by the
Potomac River to its mouth.
Southern Region.-Thle region comprises the section
east of the Mississippi Rivet
and south
of Virginia
to the Atlantic.
of the Ohio River to a point near Kenova, W. Va., and a line
thence
following the eastern boundary of Kentucky
and the southern boundary
WESTERN DISTRICT.
Northwestern Region.-This region comprises the
west of the Great Lakes region, north of a line fromsection adjoining Canada lying
Chicago to Omaha and thence
to Portland and by the Columbia River to the
Pacific.
Central Western Region.-This region comprises
the section south of the Northwestern region, west of a line from Chicago to Peoria
and thence to St. Louis, and
north of a line from St.
$322,382 Maine Central
$341,578
Louis to Kansas City and thence to El Paso and by the
317,816 Mexican boundary to the Pacific.
162,720 Chicago & Alton
298.047
140.939 Delaware & Hudson..
Southwestern Region.-This region comprises the section lying
between the MisLake_
Salt
Los Angeles &
289.185 sissippi River south of St. Louis and a line from
St. Louis to Kansas City and thence
Total (4 roads)
$626,041 Texas & New Orleans....
288.315 to El Paso and by the Rio Grande to the Gulf
of Mexico.
Chicago & Eastern Ill___
286.976
Decrease. Bessemer & Lake Erie_....
272,267
As already pointed out, Western roads in June the
Pennsylvania
267.272
85,100,840 Florida East Coast
New York Central
263,368 present year,
a3.561.989 Missouri Pacific
taking them collectively, had to conAtch Top & S Fe (3)__.... 2,956.690 Nash Chatt & St Louis
249,878
Southern Pacific (2)....... 2,627,211 Central RR of NJ
234,127 tend
with
a
greatly
diminished grain traffic. While
Southern Ry
212,528
2,540,929 Mobile & Ohio
Baltimore & Ohio
193.198
1,396.531 West Jersey & Seashore_
Chicago & North Western 1,388,927 Boston & Maine
182.224 all the different cereals contributed to the shortage,
Chic Milw St P & Pac--_ 1.348,558 Virginian
178,846
Union Pacific (4)
178,620 the falling off was particularly severe in the case of
1,114,210 Erie (3)
Great Northern
178,126
1,0.50,717 Union RR (of Penne).Norfolk & Western
177,918 wheat, receipts of which at the Western primary
925,756 Alabama Gt Southern-151.131
Grand Trunk Western_
871,762 Atlantic City
Atlantic Coast Line
149,784 markets aggregated only 17,725,000 bushels
812,382 Rich Fred & Potomac-in the
NY N H & Hartford
139,364
681.175 Buff Koch & PittsburghLouisville & Nashville-...
139,258 four weeks ending June 28
678,625 Central of Georgia
1930, as compared with
Dul Missabe & North'n_
137,583
601,680 Chic Ind'polis & Louisle
Seaboard Air Line
131.903 24,803,000 bushels in the
569,548 Lehigh Valley
corresponding four weeks
NY Chic & St Louis__
130,565
529,942 Inter & Gt Northern
Pere Marquette
129,685 of 1929. The receipts
620,549 Dot Tol &Ironton
of
corn
for the four weeks were
Missouri-Kansas-Tex_ __
124,562
BeltHarbor
Indiana
456,965
St Louis-San Franciscoi3)
121,454 only 18,021,000
446,828 Chic St P Minn & Omaha
bushels in 1930 as against 20,145,000
Mimi St P & 8 S Marie__
111,295
440,653 Spokane Portl & Seattle_
Cinc New Orb & Tex Pac_
107,790 bushels in 1929,
435,445 Ga Southern & Florida
and of oats 6,957,000 bushels against
Elgin Joliet & Eastern_.
100,859
406,222 Akron Canton & Ygstwn
Wabash
403,227
8,181,000.
Adding
Del Lack & Western
barley and rye, the total for the
$38,127,739
Total (65 roads)
392,982
a These figures cover the operat ons of the New York Central and five cereals (wheat, corn,
oats, barley and rye) was
leased lines-Cleveland Cincinnati Chicago & St. Louis, Michigan Central. Cincinnati Northern and Evansville Indianapolis & Terre Haute. only 44,232,000 bushels
in the four weeks of 1930 as
Including the Pittsburgh & Lake Erie and the Indiana Harbor Belt, the
result is a decrease of $3,676,329.
against 57,019,000 bushels in the correspondin
g four
As the losses are not only large but general, ex- weeks of 1929. In the following table
we give the
tending to all classes of roads and all sections of the details of the Western grain movement in our usual
country, it follows inevitably that when the roads form:
are arranged in groups, or geographical divisions,
WESTERN FLOUR AND GRAIN RECEIPTS.
Ended Flour
Wheat
Corn
according to their location, all the different dis- 4 Wks.
Barley
Oats
Rye
June 28.
(Ibis.)
(bush.)
(bush.)
(bush.)
(bush.)
(bush.)
tricts, the Eastern, the Southern, and the Western, Chicago
1030... 897.000
564.000 4,417,000 1.759,000
139,000
30.000
1929.-- 948,000 2,362,000 5,438,000 1.906,000
207,000
91,000
as also all the different regions in those districts, Minneapolis1930.4,259,000
916,000
673,000
record losses in gross and net alike-and very heavy
719,000
238,008
l029..
5,482,000
822,000
1,273,000
875,000
199,000
losses, too. Our summary by groups is as below. Duluth
1930._
3,135,000
148.000
363,000
150,000
76,000
1929...
4,980,000
114,000
111,000 1,138,000
As previously explained, we group the roads to con- Milwaukee328,000
1030...
73,000
55.000
705,000
form with the classification of the Inter-State Com210.000
777,000
34,000
1929-- 184,000
404.000
900,000
422,000
598,000
28,000
FINANCIAL CHRONICLE
AUG. 16 1930.]
Wheat
4 Wks. Ended Flour
(bush.)
June 28.
(bbls.)
Toledo466,000
1930152,000
1929Detroit104,000
1930
155,000
1929Indianapolis and Omaha960,000
19301,275,000
1929__
St. Louts2,639,000
1930___ 525,000
2,363,000
1929___ 518,000
Peoria124,000
186,000
1930_
122,000
1029-- 191,000
Kansas City3,534,000
1930_
4,754,000
1929_
St. Joseph170,000
1930_
321,000
1929_
Wichita1,650,000
1930_
2,271,000
1929Biouz City65,000
1930_
162,000
1929..
Corn
(bush.)
Oats
(bush.)
Barley
(bush.)
Rye
(bush)
85,000
84,000
154,000
193,000
1,000
6,000
3,000
26,000
38.000
42,000
83,000
4,000
2,000
4,000
3,479.000
3,174,000
1,316,000
1,234,000
3.000
1003
large losses in June 1927 were the result of a variety of
special unfavorable influences and conditions, the more
important of which at least were not repeated in June 1928,
hence the disappointment at the lack of recovery in
June 1928.
In June 1927 there was, in the first place, the strike at
the unionized bituminous coal mines in various parts of
2,122,000
1,323.000
107,000
1,000
3,493,000
1,834,000
19,000
7,000 the country. This strike began on April 1 1927 and was
still in full force in June of that year. It involved a sub1,599,000
354,000
243,000
2.260,000
418,000
289,000
stantial reduction in the coal tonnage of the railroads
traversing the Central West, particularly those in Illinois,
2,533,000
374,000
2,477,000
360.000
Indiana, and Ohio. It is true that the strike benefited the
580,000
178.000
roads serving non-union mines, and yet some of these latter,
700,000
173,000
nevertheless, failed to equal their production of the year
751,000
2,000
preceding (1926), one conspicuous instance being the rail213,000
6,000
roads in the Pocahontas region, like the Chesapeake & Ohio,
660,000
209,000
6,000
the Norfolk & Western, and the Virginian Railway, the
432,000
168,000
7.000
explanation of this being found in the fact that these same
Total All1930- 1,681,000 17,725,000 18,021,000 6,957,000 2,145,000
384,000 roads had had their tonnage
and revenues greatly swollen
1929.- 1,841.000 24,803,000 20,145,000 8,181,000 3,233,000
657,000
in 1926, owing to the large foreign demand for coal, which
The Western livestock movement, on the other
then developed because of the coal miners' strike in Great
hand, was apparently somewhat larger in June 1930 Britain. This latter began on May 1 of that year and did
than in the month a year ago. At Chicago the re- not terminate until towards the close of November in the
ceipts comprised 17,561 carloads, as against 15,843 same year. But though in 1928 there was no repetition of
carloads in June 1929; at Omaha, 6,151 carloads this coal miners' strike of 1927, it happened that bituminous
against 6,021, although at Kansas City they were coal production in June 1928 actually fell below that of
June 1927, when the strike prevailed, the reason being that
only 5,899 against 6,100 cars.
stocking up in anticipation of the strike had led to heavy
The cotton movement in the South is of no great accumulations of coal which it had not yet been found
consequence in June, it being the tail end of the possible to work off in 1928. In the anthracite field, too,
crop season. Gross shipments overland during June the further slump in production in June 1928 proved even
1930 were 34,131 bales- as against 22,761 bales in more pronounced than in the case of soft coal, and a deJune 1929 and 27,161 bales in June 1928, but com- crease appeared on top of the big decrease in 1927. As a
paring with 55,555 bales in June 1927 and 70,662 matter of fact, the shrinkage in the anthracite output continued even into June of the next year, though there was a
bales in June 1926. At the Southern outports, the recovery in the production of bituminous coal.
receipts of the staple aggregated 138,761 bales as
The railroads were spared, however, one serious drawagainst 69,458 bales in 1929, but comparing with back in 1928 which they had encountered in June of the
147,036 bales in 1928 and 194,721 and 229,478 bales, previous year. In June 1927 many of the roads in the
respectively, in 1927 and 1926, as will be seen by the Mississippi Valley and the Southwest still suffered from
the disastrous overflow of the Mississippi River and its
subjoined table:
tributaries for which that year was noteworthy. In fact,
RECEIPTS OF COTTON AT SOUTHERN PORTS IN JUNE 1930. 1929, 1928,
a portion of the afflicted area in that month of 1927 had to
1927, 1926 AND 1925.
contend with a second overflow, caused by spring freshets.
1928.
1930.
1927.
1929.
Ports.
1926.
1925.
As nothing of the kind was experienced in 1928, some of
13,428
17,943
41,662
Galveston_
17,457
45,981
13,915 the roads which in 1927 had had their earnings heavily reTexas City, Ae
15,481
28,926
20,471
23,513
63,370
53,781
33,364
New Orleans
17,259
49,125
60,778
57,192
19,758 duced, by reason of the circumstance mentioned, were able
5,000
6,426
Mobile
11,358
7,271
4,255
1,421
56
255
Pensacola
250
721
43 to show substantial gains in earnings, representing a re11,282
40,097
4,075
34,284
Savannah
36,730
2,522
5,787
Charleston
23,907
3,103
27,369
8,019
11,221 covery of what had been lost in that way in 1927. And yet
493
1,065
Wilmington
265
9,485
2,063
1,914 even in such instances the 1928 gains were by no
means in
2,343
Norfolk
3,833
4,133
7,871
11,147
6,952
Corpus Christi
299
proportion to the previous year's losses. As against any
Lake Charles
262
Brunswick
advantages to the roads on that account, however, the South
rotal
138.761
69.458 147.036 194.721 229.478 111.527 was still suffering from trade depression due to the collapse
of real estate booms, while Florida had many troubles of
RESULTS FOR EARLIER YEARS.
its own to contend against in addition to the collapse in
It was remarked above that the present year's very heavy land values, and, accordingly, the roads traversing Florida,
losses (dealing now again with the whole body of roads or connecting with the same, suffered very heavy losses in
in the country) followed only relatively moderate gains in traffic and earnings on top of the losses of the previous year.
June last year, and that these 1929 gains, in turn, came
On the other hand, in the two years immediately precedafter successive decreases in gross and net alike in the ing the exhibits were quite favorable. In June 1926 our
two years immediately preceding. Th 1930 losses, as we tabulations showed $32,634,035 gain in gross and $18,have seen, amount to $87,518,847 in gross and to $39,- 5711582 gain in net, and in like manner the figures for
954,902 in net. In June 1929, a period of almost unex- June 1925 registered $41,227,707 increase in gross and $29,ampled trade activity, there were increases, but amount- 350,006 increase in net. However, the gains in these two
ing to only $28,577,315 in gross, or 5.68%, and to $22,- years to a very large extent, at least as far as the gross
659,557 in net, or 17.77%. This followed, as stated, de- earnings are concerned, were simply a recovery of the
creases in both of the preceding years. In June 1928 the losses sustained by the railway transportation lines of the
falling off was not itself of very great magnitude, especially country in 1924. This last mentioned year was the time of
considering that June of that year had one less working the Presidential election, when a tremendous slump in busiday than June 1927 (it having contained five Sundays, ness occurred, which was reflected in sharply declining
whereas June 1927 had only four, and it might be added railroad revenues. Our table for June 1924 showed a fallthat June 1929 and June 1930 likewise had five Sundays). ing off in the gross of no less than $75,442,339, or 13.97%,
Our tables for June 1927 registered $14,871,440 decrease in with a decrease in the net of $22,846,602, or 18.37%. But it
gross, or 2.88%, and $1,827,387 decrease in net, or 1.41%. should also be borne in mind that these losses in turn folThe decrease, though not very large, was disappointing, be- lowed heavy gains in 1923. This last-mentioned year was in
cause the revival in trade and industry, which subsequently many respects the best in railroad history, particularly in
became so pronounced, was then already under way and the case of the great East and West trunk lines serving
the
because it came after really quite heavy losses in June big manufacturing sections of the Middle States and
the
1927. In this latter year our compilations registered a fall- Middle West. The Improvement in earnings in June of that
ing off of $23,774,774 in the gross earnings, or 4.40%, and year amounted to $66,903,501 in the gross, or 14.14%,
and to
of $90,897,156, or over 14%, in the net earnings. These $14,427,896 in the net, or 13.16%.
r
1004
FINANCIAL CHRONICLE
[VoL. 131.
In carrying our comparisons back beyond 1923, to 1922 elimination of the special
item referred to, followed, thereand 1921, a fact which must not be overlooked, especially fore, as a matter of course.
In the case of the net, is that in these years the managers
In the subjoined table we furnish the June comparisons
of the roads made very notable headway in regaining con- back to 1906. For 1909, 1910 and 1911 we use the Intertrol of the expenses of the roads after the unfortunate period State Commerce totals (which then were more compreof Government operation. While the improvement In the hensive than they are now), but for preceding years we
net in June 1923 was relatively small and fell below ex- give the results just as registered by our own tables each
pectations, it came on top of improvement in gross and year-a portion of the railroad mileage of the country being
net alike in 1922 and very striking Improvement in 1921 in then always unrepresented in the totals, owing to the refusal
the case of the net, though not in the gross. Our statement of some of the roads in those days to furnish monthly figures
for June 1922, though recording only $12,376,822 Increase for publication:
in gross, or 2.69%, showed $28,989,678 increase in net, or
Gross Earnings.
Net Earnings,
36.03%, because of a concurrent reduction of $16,612,856 in Year.
Year
Year
Inc.(+) or
Year
Year
Inc.(±) or
expenses. That reduction in expenses, In turn, followed
Given.
Preceding. Dec.(-).
Given.
Preceding. Dec.(-).
an even greater reduction in 1921, when our tables recorded June.
$
$65,390,662 gain in net in face of a loss of $33,582,095 in the 1906 _ 100,364,722 90,242,513 +10,122,209 31,090,697 27,463,367 +3,627,330
1907 _ 132,060,814 114,835,744 +17,225,040 41,021,559 36,317,207
+4,704.352
gross earnings, indicating that operating expenses for the 1908 126,818.844153,808.702 -26,987,858 41,818,184 46,375,275 -4.557,091
1909
184,047,216 +28,309,748 74,198,190 59,838,655 +14.357,535
month in that year were reduced no less than $98,972,757, or 1910 210,356,964
237,988,124210,182,484 +27,805,840 77,173,345 74,043,999
231,980,250238,499,885 -6,519,626 72,794.069 77,237,252 +3,129,346
over 20%; the loss in the gross, then, would have been much 1911
1912 _ 243,226,498228,647,383 +14,579,115 76,223,732 71,689,581 -4,443,183
1913 259,703,994242,830,546 +16.873.448 75.093.045 76,232.017 +4,534,151
larger except for the fact that the Commerce Commission 1914
-138,972
230,751,850241,107,727 -10,355,877 66,202,410 70,880,934 -4,678,524
1915
_ 248,849,716 247,535,879 + 1,313,837 81,649,636 69,481,653 +12,187,983
the previous July had authorized advances in freight and
1916 285,149,746 237.812,967 +47,536.660 97,838,815 76,639.703 +20,943,112
passenger rates which it was computed at the time would 1917 _ 351,001.045301,304,803
+46,696.242113,818.026 103,341,815 +10,474,211
1918 _ 351.001.045301,304.803 +48,698,242 113,816.026 103,341,815 +10,474,211
add $125,000,000 a month to the gross earnings of the car- 1918 363,565.528 323,163.116 +40,002,412-36156952 106.181,619
1919 _ 424,035.872393,265,898 +30,769,974 69,396,741 (1140138,575 -142,338,571
riers-supposing the volume of traffic had remained un- 1920 _ 488,209,8424
+109.533,318
20,586,968 +65,622.874 21,410,927 68,876,652 -47,465,725
1921 _ 460,582,512494,164,607 -33,582,095 80,521.999 15.131,337 +65,390,662
changed instead of undergoing an enormous shrinkage. In 1922
_ 472,383,903460,007,881 +12.376.822109,445,113 80,455,435 +28,989,678
like manner, the $98,972,757 saving in expenses would have 1923 _ 540,054,165473,150,664 +66.903.501124,046,578 109,618,682 +14,427,898
1924 _ 464,759,956540,202,295
124,374,592 -22,846,602
reached still higher figures except that wage schedules the 1925 506,002,036464,774,329 -76.442.339101,527.090
+41,227,707130.837.324 101,487.318 +29.350.006
1926 538,758,797506,124,762 +32.634.035149.492.478 130,920,896 +18,571,582
previous July had been raised 20%-which advance would 1927
516.023,039539,797,813 -23,774,774 127,749,692 148,646,848 -20,897,156
1928 501,576,771 518,448,211 -14,871,440 127,284,367 129,111,754 -1,827,387
have added $50,000,000 a month to the annual payrolls of 1929
531,033,198502,455,883, +28.677.315150.174,332 127,514,775 +22,659,557
the carriers if the volume of traffic and the force of em- 1930 444.171.625531.690.472 -87.518.847110.244.607 150,199.509 -39,954,902
Note.-In 1906 the number of roads included for the month of June was 80 In
ployees had been maintained at the high levels existing when
1907, 84; In 1908 the returns were baed on 147,436 miles of road; In 190,9 234,183:
the wage award was made.
In 1910. 204,596; in 1911, 244,685; In 1912, 235,585; in 1913, 230,074; in 1914,
Previous to 1921, on the other hand, expenses had been 222,001; in 1915, 240,219; In 1916, 228,752; In 1917, 242,111; In 1918. 220.303; in
1919, 232,169; In 1920, 225,238; in 1921. 235,208; In 1922, 235,310; in 1923, 236,730:
mounting up in a perfectly frightful way until in 1920 a In 1924, 236,001; In 1925, 236.779. In 1928, 236,510;
in 1927, 238,405; in 1928,
240,302;
In 1929, 241,608, in 1930, 242.320.
point was reached where even the strongest and best managed properties were barely able to meet ordinary running
expenses, not to mention taxes and fixed charges. And it is Public Utility Earnings in June and the Half
these prodigiously Inflated expense accounts that furnished
Year.
the basis for the savings and economies that were effected
Gross earnings of public utility enterprises in June, exIn 1921 and 1922. In June 1920, particularly, expenses
clusive of telephone and telegraph companies, as reported
were exceptionally heavy and the net correspondingly low.
to the Department of Commerce by 95 companies or systems
At that time In 1920 railroad managers had very distressing
conditions of operations to contend with, the troubles ex- operating gas, electric light, heat, power, traction and
perienced in that respect in April and May having extended water services were $189,000,000, as compared with $183,Into June. What with car shortages, freight congestion, 000,000 in June 1929, $178,696,556 in the corresponding
outlaw strikes on the railroads themselves and additional month of 1928, and $167,975,072 in 1927. Gross earnings
labor troubles at terminal points by reason of strikes of consist, in general, of gross operating revenues, while net
teamsters and draymen and the like, which interfered with earnings in general represent the gross, less operating exunloading and removal of freight-intensifying the congespenses and taxes, or the nearest comparable figure. In
tion existing-and with wages high, it was Impossible to
some cases the figures for earlier years do not cover exactly
avoid heavy increases in expenses, even though comparison
the same subsidiaries, owing to acquisitions, consolidations,
was with totals of expenses in themselves large the year
&c., but these differences are not believed to be great in the
before.
In speaking of expenses in the year before (1919) having aggregate. This summary presents gross and net publio
been large, a word of explanation is necessary. Actually, utility earnings by months from January 1927, the figures
our tables recorded $78,763,342 reduction in expenses coin- for the latest months being subject to revision.
PUBLIC UTILITY EARNINGS,
cident with a gain of $30,769,974 in gross revenues, yielding,
therefore, an addition to net in the huge sum of $109,533,316.
&On Earnings.
But this followed entirely from the exceptional nature of the
1927.
1928.
1929.
1930.
result in June of the year preceding. In this preceding
January
1191.702.022 $186,573,107 $203,000,000 5211,000.000
year (1918) there was included in the expenses one Item February
177,612.848
187,383.731
194,000,000
199.500.000
March
179,564,670
187,726.994
195,000,000
199,000,000
of huge magnitude and wholly abnormal in character. Wil- AprIl
178,467,300
181,143,683
190,000,000
198,000,000
May
171,255,699
180,255,407
189,750.000
195,000,000
liam G. McAdoo was then Director-General of Railroads, JUDO
167,975,072
178,696,556
183,000.000
189,000,000
and after granting a big increase In wages to railroad
Total (6 months)._ $1,064,577,411 $1,111,779,478 $1,154,750,000 61,191,500,000
employees, retroactive to Jan. 1, be directed that the whole July
161.638.462
173.645.919
178,000,000
August
162,647.420
179,500,000
173.952,469
of the extra compensation for the six months should be September
169,413,885
179.346.145
185,000.000
177.734.493
190.795.668
197,500,000
included in the returns for the month of June. The in- October
November
182,077,497
202.500.000
198.032.715
194,985,134
211,500.000
202.000,000
creases in wages at that stage (subsequently there were December
Total (year)
$2,113.074,302 $2,229.552,394 $2,308.750,000
numerous other increases) added, it was estimated, somewhere between $300,000,000 and $350,000,000 to the annual
Na Earnings.
payrolls of the roads. Accordingly, the June exxpenses in
1927.
1928.
1929.
1930.
that year included $150,000,000 to $175,000,000, representing
173.746,891
192,000,000
$79,013,279
$92,000,000
the wage increases for the six months to June 30. The January
February
66,907,757
74,296,576
86.000,000
90.000,006
March
65,412,739
72,811,148
85,000,000
88,000,000
result was that with a gain in gross earnings for the month April
64,907.729
68.971,324
83.000.000
89,500,000
of $40,002,412, there was an augmentation in expenses of May
61.194,779
67,732.911
82,500.000
86,000,000
June
59,167,098
67,537,149
79,000,000
83,000,000
no less than $182,340,983, or over 84%, leaving, therefore,
Total (6 months).- $391,336,991 $430.362.385 $507,500,000 $528,500,000
a diminution in the net of $142,338,571. With that large July
53.980,280
62.260.333
71.000.000
August
53,551,164
61,809,794
73.000.000
item included, the railroads actually fell $40,136,575 short September
61,897,207
88.235.698
80,000,000
October
6.5.259.727
83.000.000
73,670,581
of meeting their bare running expenses-from which an idea November
70,214,468
81,383,808
92,000.000
may be gained of the abnormal character of the exhibit at December
78,937,417
91,000,000
100,000,000
that time. The reduction in expenses in 1919, with the
Total (year)
$775.177,254 $868.702.577 $1,006.500.000
AUG. 16 1930.]
FINANCIAL C1LRONICLE
iT
Delafield Who Discovered Wiggin.
[Henry Alloway, in "Wall Street Journal," Wednesday evening, Aug. G.]
Richard Delafield, "the merchant in banking," who a
attou and a half years ago was elected President of the
National Park Bank, died last Sunday at his country home
In Tuxedo Park. Mr. Delafield was 77 years of age. All
his life he was prominent in the larger affairs of New York
—in finance, in civic activities, in organized charities.
In metropolitan banking he was pre-eminently esteemed
as foremost of the conservatives. Directly, by contact and
experience,• he was of the line of George S. Coe, Dumont
Clark, George G. Williams, Edward E. Poor, John A. Stewart
• nd Edward King, Nestors of the era antedating these days
of aggregation.
,The Delafield name has from colonial times been identified with the history of New York. In the boyhood of Richard Delafield, the family was of the aristocratic group that
established a distinguished colony on Staten Island, whence
came to the Stock Exchange many of the flourishing names
of the 1860's, '70's, and '80's. A Delafield was guarantor
upon one of the earliest bonds given by "Young eorneel,"
the founder of the house of Vanderbilt, for "safe conduct"
at ferrying. Rufus King, Senator and diplomat, was a
Delafield kinsman, the father of Richard Delafield, his
.namesake.
Expanded His Father's Enterprise.
1005
important if true. Rather, though, isn't it uncomplimentary.
to them? They would not be impolite enough to say so,
but what a queer lot of thinking I can imagine them smiling
at. You will have to excuse me from that which I consider
malapropos. The schoolmaster pose in business has worn
itself out, hasn't got the kick of a legless katydid left."
A serious feeling was contained in that expression, but
there came quick reversion, almost a guffaw, and this
ejaculation:
"What would make the angels weep makes mortals merry.
If we couldn't sometimes laugh, if what's funny and foolish
wasn't every once in a while forcing us to laugh, how mighty
tired a bank man might get!"
"Come, let's walk a way uptown," he said. "I feel a bit
extra sociable, maybe, because to-morrow is my birthday."
His fiftieth, I think he said it was.
Jay Gould "Had Real Bigness."
We trudged as far as Madison Square, and his talk—away
from economics or problems of any sort—was of men. "A
dozen really great in business I have known well—actually
known," he said. "I mean," he commented aside, "men
great in their own right—not the echoing kind. Jay Gould,
for example, had real bigness; his son, 10 years now in posYouth so situated had early opportunities beyond a clerk- session of the same machine, does not match up. Native
ship in his father's store, but he stuck to filial loyalty and greatness is hard to transmit. Only one out of a hundred
worked his way into mercantile responsibility—his vision distinctive men leaves distinctive—I mean satisfactorily
advancing the expansion of the Rufus King Delafield enter- distinctive—heirs."
Erise to a transcontinental 'business with a branch house in
Who, in his experience, I asked, might be the ones whose
San Francisco, rising to an importance approximating the
personality and accomplishments had most won Richard
establishment.
New York
Delafield's admiration? His citatio a were mostly of a
Mr. Delafield two-score years ago was listed among notgeneration back. He was eulogistic particularly of Shepwilling
to
contribute
in
civic
citizens
service. The city
able
herd Knapp, whose Stock Exchange career had been a brilmade him Chairman of its Commission to the World's Fair
liant preliminary to banking progressiveness—"that proin Chicago; and in the Columbian quadri-centennial of New
gressiveness which is really conservatism at grips."
York, the Mayor named him as one of the sponsoring One
"The Dennys, too—John and Thomas—were of Wall
Hundred First Citizens of the metropolis.
Street's noblest pattern," he added, "and I would place
Some five years ago Mr. Delafield was physically stricken,
beside them for shining examplarship the genius who has
so that pursuance of work in New York became unfeasible,
lifted the United States Trust Co. into eminence for finanbut from his Orange County home he continued in close
cial efficiency, and more for high-mindedness—John A.
touch with major concerns at the National Park Bank,
Stewart.
counseling and directing.
Baker Was on the Way to Fame.
Friends in close contact with him at Tuxedo Park included
"On
the
way
to gain the supreme fame in banking," was
residents, who, as he had, commuted to and from Wall
Street. Among them were Frederic F. Carey, his nephew, the Delafield tribute to George F. Baker. "The President
of H. D. Carey & Co.; Charles E. Mitchell, President of the of the First National," he averred, "is without parallel.
National City Bank, and George F. Baker. He did not He sees and values and acts, as none other. Prompt, dehave to irk in solitude. That would have been quick cisive, unswerving, George Baker is. Wealth has come to
him, but not one cent questionable.
dispatching.
"New York has had historic misers, and some have pyraSurrender
Mentally.
Refused to
millions—their 'success' won by pinchings and meanmided
For decades he had been in close touch with those in the
self-destroying processes—not the ray
heartlessness,
ness,
highest reaches of big business. At the National Park Bank
clean happiness ever attained. That sort
one
minute's
of
he presided over a directorate that included men such as
riches is revealed infamy—just that—when beside their
Lewis Cass Ledyard, Francis R. Appleton, John G. Milburn, of
lives
shows the contrast of Baker's ways. If Russell Sage
Charles
Scribner.
Gravely
invalided though he was,
and
were
a George Baker, with George Baker's creed of expantp, assertive spirit kept him at the helm.
co-operation, Russell Sage, instead of a possible
sion
and
everything
suggestive
of
mental surrender.
He rejected
would have his billion."
$100,000,000,
Numbed limbs were a handicap, but they did not prevent
the name of J. Pierpont Morgan brought this
Mention
of
calculating
thinking,
and
influencing.
him from
will take more than our lifetime to appreciate
crispness:
"It
His heart, mind, and ambition remained sturdy. He
colossus. Almost, he is America!"
that
as
to
far
take
only
so
the
p)se
of
yielded
one welcoming
earned leisures—temporarily. He adventured in gentlemanRecommended "Patience" As Best Capital.
farming, in the nurturing of blooded cattle, the breeding
At the date of this intimate converse with Richard Delaof thoroughbreds. Entries from his stables ran not only at
field—he had then been three or four years President of
social
races,
but
starred
also
on
Closhen's
greater courses.
Park—Wall Street was in the excitation period
And—heroically, accepting an invalid's chair—he attended the National
of assimilating the vast inflow of the new century's industhe races with his colors, as keen as any junior sportsman
trial capitalizations. United States Steel had gone over
might be.
lustrously; and lighted by that signal a hundred giant
Rejected Schoolmaster Pose in Business.
promotions were threshing about.
Over a quarter of a century ago I had an exceptional
Remarked Mr. Delafield: "The stock market pace seems
inlook upon Mr. Delafield. Duties of the day dispatched, I pretty fast. A good many hallucinations. I fear, are creepfound him hospitable. He cheerily chatted through an hour. ing in luringly. Some of the billowing waves on the Stock
Asked to express his views on certain issues that were Exchange are likely to be remembered most for their
aseetwerting New York business leaders, he said:
undertow."
"So, you are told," his manner turned ironic, "that what I
He was doubtful of "the Western crowd's" stability, dethink will help my brother business men? That's compli- pendability ; he was doubtful of the soundness of the values
mentary to me—perhaps—one of those discoveries that are they were proclaiming in multifarious mergers.
1006
FINANCIAL CHRONICLE
"The best capital a man can use now," he opined, "is
patience. Hurrying after hurrahs, I have always noticed,"
he said, "usually ends In stumped toes and general dishevelment. Waiting is better than aching."
Laughed When Termed "Wiggin's Discoverer."
Richard Delafield was important in the administration
of the vast affairs of Trinity parish. A trustee and senior
!warden of the church, his judgment figured potently through
many years in the great estate's polity.
Coincident with the election of Mr. Delafield to his bank's
headship, Boston was exporting an ambitious young banker
to New York—Albert H. Wiggin his name—Richard Delafield, his welcomer, his first metropolitan employer, his
early appreciator who advanced him.
Half a dozen years ago, seated with Mr. Delafield in an
Brie club car, I sallied, seeing in the evening paper some
new Wiggin notability:
"How does it feel to be Wiggin's discoverer?"
"Let's laugh !" applauded Delafield. "Claiming to be the
'discoverer' of Albert Wiggin is precisely like some early
waking fellow filing copyright on the sunrise!"
The Coming Meeting of the Mortgage Bankers Association of America.
Mortgage bankers from the entire United States will
gather in Detroit, Sept. 16, 17 and 18 for the Seventeenth
Annual Convention of the Mortgage Bankers Association of
[Vox, 131.
America. Because of the responsibility which present business conditions have imposed on the entire field of finance,
the keynote chosen for the 1930 convention is "Management
—The Mortgage Banker's Responsibility in the New Decade." The importance of mortgage banking, home ownership and home building was recognized recently by President Hoover, who has appointed a volunteer survey commission to study finance, design, equipment, city planning
and transportation.
Among the speakers at the Detroit convention will be
such well known authorities as General Abel Davis, VicePresident, Chicago Title & Trust Co.; A. A. Zinn, Kansas
City, Mo., President of the association; Herbert U. Nelson,
Executive Secretary, National Association of Real Estate
Boards; John J. O'Connor, Manager, Finance Department
of the Chamber of Commerce of the United States; James E.
Sheridan, Vice-President, Union Title & Guaranty Co.,
Detroit; William H. McNeal, Vice-President, New York
Title & Mtge Co.; Wallace Moir, Vice-President, Pacific
Mortgage Guaranty Co. of Los Angeles; and Read Ireland,
Vice-President, McMaster Ireland Co., Portland, Ore.
R. G. Lambrecht, Chairman of the Detroit convention,
and his local committee have made elaborate plans for the
entertainment of the delegates. These plans include, in
addition to the usual convention entertainment features,
a trip through the Ford plant and Ford's early American
Village at Greenfield.
The annual banquet will have as its principal speaker the
Honorable Fred W. Green, Governor of Michigan.
The New Capital Flotations During the Month of July and for the
Seven Months Since the First of January.
Our figures of new capital flotations for the month of
July call for little comment. New financing in the United
States during that month was very light according to recent
standards. In fact the aggregate of the new issues brought
out during the month was the smallest of any month since
November last when the financial markets were in a state
of panic on account of the upheaval on the Stock Exchange.
Our tabulations, as always, include the stock, bond and
note issues by corporations, by holding, investment, and
trading companies of one kind or another, and by States
and municipalities, foreign and domestic, and also farm loan
emissions. The grand total of the offerings of securities
under these various heads during July aggregated no more
than $583,238,756. This compares with $772,792,186 in
June; with $1,179,633,616 in May when the total was swollen
by two pieces of financing of exceptional size, namely, the
offering of $235,000,000 stock by the Amer. Tel. & Tel. and
the $120,000,000 Cities Service Co. convertible deb. 5s. of
1950, offered to stockholders of the company at par; it compares with $957,838,752 in April; with $821,142,580 in
March; with $621,374,402 in February, which was a short
month; with $824,183,488 in January; with $658,012,982
in December 1929, and with only $298,029,283 in November,
which latter was the month of the termination of the stock
market crash. In October, when the total had already
begun to dwindle, because of Stock Exchange conditions,
the new offerings footed up $878,901,935, while in September,
when all records of monthly totals for new capital issues were
broken, the new flotations amounted to $1,616,464,867, or
nearly three times the present amount for the month of
July.
At $583,238,756, the total of the new issues brought out
during July the present year compares with $947,961,561 in
July last year. But though the offerings now are on a greatly
reduced scale, they reveal the same characteristics as in
other recent months and which characteristics differentiate
the present year's financing so sharply from that of a year
ago. Ability to place foreign loans here is one of the points
of difference between the two years, no obstacles to the
negotiation of such loans in this country existing the present
year whereas a year ago the high interest rates then prevailing
and the absorption of all funds in Stock Exchange speculation
rendered the placing of such loans at that time out of the
question. To be sure, the floating of foreign Government
issues here during July of the present year was not very
extensive, aggregating no more than $42,100,000, yet in
July last year absolutely no foreign Government loans of
any kind came upon our markets and this shows strikingly
the contrast between the two years.
In another particular the difference between the two years
also appears sharply in evidence. Last year at this time
investment trusts and trading and holding corporations commanded high public favor and their contributions to the
security offerings constituted an important portion of the
whole. This year they are no longer a feature. The
change this has worked is notable. In July last year the
contribution of these investment trusts, &c., aggregated no
less than $220,588,090; in July the present year the whole
amount from that source is represented by $10,000,000.
Finally in the corporate offerings it is again noticeable that
stock issues are being almost entirely replaced by bond
issues,though some of these bond issues still contain privileges
of conversion into stock or for acquiring stock on special
terms. As compared with a year ago the diminution in the
aggregate of new financing is found entirely in the corporate
offerings which in July of the current year reached a total
of only $428,761,500 against
62,847,496 in July 1929.
On examination it is found that the whole of the decrease
appears in the stock offerings, and this decrease the present
time is the most notable yet disclosed in any of our monthly
tabulations. In other words, this year's new security issues
included only $19,805,000 of new common stock, but in"
July 1929 over half a billion dollars of new common stock
(to be exact, $501,892,596) was embraced in the new capital
offerings. Preferred stock issues are also on a much reduced
scale, the amount for 1930 having been only $50,625,000,
as against $145,278,400 in July 1929. On the other hand the
total of the bond and note issues (short term and long term)
for July 1930 foots up $323,331,500, as against only $180,243,500 in July 1929.
In one particular the characteristics of the financing of''
1929 are still being maintained. We allude to the tendency
Atra. 16 1930.]
FINANCIAL CHRONICLE
to make bond issues and preferred stock issues more attractive by according to the purchaser rights to acquire common
stock. This applies on the present occasion to bond issues,
rather than to offerings of preferred stock, this following
from the fact that only relatively small amounts of new
preferred stock were brought out during July—altogether
only $50,625,000 during the entire month, as already stated.
In the following we bring together the more conspicuous
Issues floated during July of the present year containing
convertible features of one kind or another, or carrying
subscription rights or warrants to subscribe for or acquire
new stock. In the detailed enumeration of all the issues
which were brought out during the month of July given at
the end of this article we have put in italics the part relating to the right of conversion or subscription in all cases
where such rights exist, italic type being used to designate
the fact so that it may be readily detected by the eye.
CONSPICUOUS ISSUES FLOATED IN JULY WITH CONVERTIBLE
FEATURES OR CARRYING SUBSCRIPTION RIGHTS OR
WARRANTS.
815,000,000 California Packing Corp. cony. deb. 58 1940, convertible
from Oct. 1 1930 and prior to maturity into common stock at
prices ranging from $70 to $90 per share.
4,000,000 Continental Roll & Steel Foundry Co. 1st mtge. cony. 68
A 1940, convertible at face value to and including June 1 1935
into common stock at prices ranging from $40 to $60 per share.
2,500,000 Indiana Southwestern Gas & Utilities Corp. (Del.) cony.
secured 68 A 1940, convertible after Dec. 1 1930 into 100 shares
of common stock through Dec. 1 1933 and thereafter into 75
shares through Dec. 1 1936 and thereafter into 50 shares
through June 1 1940.
2,500,000 Midland Natural Gas Co. cony. deb. 68 1935, convertible
after May 1 1931 and up to but not after 10th day prior to
maturity or redemption date at rate of 50shares of participating
class A stock for each $1,000 of debentures.
1007
1931, sold at par, and $1,000,000 Province of Tucuman (Argentine) 1-year treasury notes, July 1 .1931, placed privately. There were no farm loan offerings during July.
Among the domestic flotations during July the largest
was $50,000,000 General Gas & Electric Corp. 4%% and 5%
notes, Aug. 15 1931-35, issued at prices to yield from 5.02%
to 6.00%. Other large public utility issues were: $33,730,000 Texas Electric Service 1st mtge. 5s 1960, priced at
97%, to yield 5.14%; $25,000,000 Pacific Gas & Electric Co.
2s F 1960, offered at 96%, to yield 4.72%;
1
1st & ref. mtge. 4/
$18,834,500 Ohio Edison Co. 1st & consolidated mtge 5s 1960,
issued at 98, yielding 5.13%; $17,000,000 Pacific Power &
Light Co. 1st mtge. & prior lien 5s 1955, offered at 96, to
yield 5.29%.
Industrial and miscellaneous financing during July was
featured by the following: 2,000,000 shares Hearst Consolidated Publications, Inc., class A 7% cum. participating
stock, offered at $25 per share; $15,000,000 California Packing Corp. cony. deb. 5s 1940, priced at par; $12,000,000
Crane Co. 5% notes 1940, offered at par, and $9,400,000
Majestic Apts. (New York City) 1st mtge. fee 6% bond
certificates 1948, also issued at par.
Railroad issues of prominence during July included the
following: $15,000,000 Reading Co. gen. & ref. 4%s B 1997,
offered at 99%, to yield 4.52%, and $7,634,000 Michigan
Central RR. Co. ref. & imp. mtge, 4%s C 1979, priced at
98%, to yield 4.55%.
The following is a complete summary of the new financing
—corporate, state and city, foreign government, as well as
farm loan issues—for the month of July and since the
Proceeding further with OUT analysis of the corporate
first of January:
emissions during July, we find that public utility corporaOF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN
SUMMARY
tions led in volume with $234,464,500, which compares with
AND MUNICIAPL FINANCING.
only $172,091,250 in June. Industrial find miscellaneous
Total.
New Capital. Refunding.
flotations totaled only $131,665,000 for July as against $162,$
$
$
MONTH OF JULY.
120,599 for June, while railroad issues aggregated but Corporate-Domestic—
21,181,000 262,291,500
241,110,500
Long-term bonds and notes
$62,632,000 in July, whereas in June no less than $178,5,300.000 81,040,000
55,740,000
Short-term
50,625.000
50,625,000
market.
the
came
on
issues
stocks
such
Preferred
466,600 of
19,805,000
19,805.000
Common stocks
and
foreign
offerings,
during
domestic,
Canadian—
corporate
Total
25.000,000
25,000,000
notes
and
Long-term bonds
Short-term
June were, as already stated, $428,761,500, and of this
Preferred stocks
Common stocks
amount long-term bonds and notes, including $25,000,000
Other foreign—
Long-term bonds and notes
Canadian, accounted for $287,291,500. Short-term bonds
10,000,000
10,000,000
Short-term
stocks
Preferred
other
foreign aggregated
and notes, including $10,000,000
Common stocks
28,481.000 428,871.500
402,280,500
$71,040,000, while stock issues totaled only $70,430,000. The
Total corporate
42,100,000
42,100,000
Foreign government
portion of the month's total raised for refunding purposes Farm
Loan Issues
2,290,800
109,777,256
107,488,458
Arc
Cities,
Municipal, State,
2,600,000
2,800,000
was only $26,481,000, or slightly over 6% of the total. In
Canadian
United States POBUSSIOn
was
or
$67,315,250,
portion
not
quite
refunding
the
June
28,771,800 583,238,756
554,466,956
Grand total
12% of the total; in May it was $63,334,000, or less than 7%;
31.
JULY
ENDED
SEVEN MONTHS
in April it was $51,258,750, or not quite 8%; in March it Corporate—
Domestic—
in
2 051,599,660 211,628,250 2,263,227,910
than
less
3%;
February the reLong-term bonds and notes
was only $15,436,500, or
346,489,250 57,613,000 404,102,250
Short-term
357,722,948
357,722.945
small,
totaling
only
also
was
$27,635,500,
funding portion
Preferred stocks
13,315,750 945.987,101
932,851,351
Common stocks
In
total.
January
the
for
the
of
6%
amount
than
Canadian—
or less
152,138,000
38,000,000 190.138.000
Long-term bonds and notes
5.000,000
5,000,000
Short-term
refunding was $73,096,000, or slightly over 10% of that
13,000,000
13,000.000
stocks
Preferred
Common stocks
month's total. In July of last year the amount for refundOther foreign—
189.015,000
4,000,000 173,015.000
Long-term bonds and notes
ing was $59,204,141, or less than 7% of the total. There
31,000,000
31,000.000
Short-term
stocks
Preferred
were no large refunding issues in July of this year.
10,080,000
10,060,000
Common stocks
The total of $26,481,000 raised for refunding in July
4,068,676,207
324,557,000
4,393,233,207
corporate
Total
411,306,000
5,600,000 418,808,000
Foreign Government
(1930) comprised $21,181,000 new long-term to refund ex- Farm
30,500,000
30,500,000
Loan Issues
856,363,728
14,599,212
870,962.940
8ce
Cities,
States,
48,742,000
isting long-term and $5,300,000 new short-term to refund Municipal,
7.158.000
53,900,000
Canadian
9,675,000
9,875,000
United States Possessions
existing short-term.
5 423,282,935 351,814,212 5.775,077,147
total
Grand
Canadian and other foreign corporate financing in this
In the elaborate and comprehensive tables on the succeedcountry during July totaled $35,000,000 and consisted of
foregoing figures for 1930 with
the following: Canadian: $25,000,000 Canadian Pacific ing pages we compare the
the four years preceding, thus
for
figures
g
at
correspondin
offered
1960,
98,
to
4%s
yield 4.62%. the
Ry. Co. coll. tr.
five-year
We also furnish a decomparison.
a
Public
Saxon
$10,000,000
notes,
affording
5%
Works
foreign:
Other
of
five
years
the
the corporate offerings
for
97%,
to
at
yield
6.35%.
analysis
issued
1932,
tailed
July 15
There were three foreign government offerings during showing separately the amounts for all the different classes
July, for an aggregate of $42,100,000. These offerings were of corporations.
Following the full-page tables we give complete details
as follows: 825,000,000 Austrian Govt. International Loan
7s 1957, issued at 95, to yield 7.40%; $16,100,000 ?City of of the new capital flotations during July, including every
Buenos Aires (Azgentine) 6 months treasury 5s, Jan. 1 Issue of any kind brought out during that month:
OREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINAN
CING FOR THEIMONTH OF JULY
MONTH OF JULY.
FOR FIVE YEARS.
1930.
1929.
1928.
Corporate-New Capital. Refunding.
1927.
Total.
New
Capital. Refunding.
DomesticTotal.
New Capital. Refunding.
Total.
New Capital. Refunding.
Long term bonds and notes_ 241310,
Total.
S
New Capital.
$
500
21,181,000 262191,500
$
$
Short term
136,285,000
15110,000 151,525,000
87180.500
55,740,000
9356,000
5,300,000
96136,500
61,040,000
184289,
Preferred stocks
7,578,50
800
0
21.140,0
15,058,2
28,718,5
00
00
00
199,248,000
14,158,500
50,625,000
211107.500
1,441,50
0
15,600,0
50,625,000
00
145.278,
21,430,8
Common stocks
400
00
1,364,200
145.278.400
22.795,000
77.529,906
19,805,000
10.535,000
2.009,000
79.538,906
19,805.000
Canadian478,978,455
46,700,400
22.914,141 501,892,596
6.562,100
53,262,500
94,660,861
26.709,380
26,038,702 120,699,563
. Long term bonds and notes_
25,614,1
81
175,000
25,789.181
25.000,0
67.683,2
00
40
25,000,0
00
25,000,0
Short term
00
25,000,000
Preferred stocks
1,500,000
1.500.000
38.850,000
Common stocks
Other foreign
3,293,400
3,293.400
Long term bonds and notes_
7.000.000
Short term
7,000.00
0
3,400,000
10.000,0
00
3.400,000
10,000,000
58,223,000
Preferred stocks
6,277,000
64,500,000
49,250.000
Common stocks
4,000.000
1,680,000
4.000,000
10,000,000
1,680,000
3.433.000
3.433,000
Total corporate
3,000,00
0
3,000,000
402,280,500
26,481,000 428,761.500
Foreign Government
803.553.
355
59,294,141 862.847,496
284.803,
167
42,100,0
38,945,2
00
02
323.748,369
42,100,000
Farm loan issues
341,658,181
29,436,500 371,094,681
41.396,000
414,635.120
41.396,004
Municipal, States, Cities, etc_ -- 107.486,
25,596,000
25,596,000
1.000,000
456
12,520,000
2,290,800 109,777.256
1.000,000
84,249,565
Canadian
1,100,000
864,500
85.114,065
79.567.1
1,100,000
2.600,00
70
6,000,000
1.231,90
0
0
80,799.070
2,600,000
United States P
84.725,558
1,303,000
ions_
86,028,558
88.594,676
Grand total
400,000
400,000
554,466,956
28,771,800 583.238.756
A87.802.920
60.158.641 947.951.561
407.166.337
40.177.102 447.343.439
453.079.739
30.739.500 483.819,239
521.749.796
CHARACTER AND GROUPING OF NEW CORPO
RATE ISSUES IN THE UNITED STATES FOR THE
MONTH OF JULY FOR FIVE YEARS.
LVOV.
MONTH OF JULY.
ass.
AVAO.
Total.
1927.
New Capital. Refunding.
Long Term Bonds and Notes- New Capital. Refunding.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
Railroads
$
Total.
22,22
New Capital.
$
$
54198.000
$
$
Public utilities
7134,000
$
62.632,000
20,000
22,220,000
480,000
162,517.500
894,000
Iron,steel, coal, copper, &c
13,547.000 176,064,500
1,374,000
16,250,000
11187,000
15.000.000
707,000
31,250.000
11194,0
10,943,0
00
4,000,000
00
30,775,000
Equipment manufactures
10,943,0
00
4,000,000
68,862,000
450,000
1,538,000
450,000
70,400,000 113,821,000
1.700.000
630,000
Motors and accessories
1,700,000
630.000
23.723,000
6.277,000
30,000,000
1,000,000
15,000,000
Other industrial and manufacturing
1,000,00
0
5,960,00
150,000
0
150.000
5,960,000
3.269,000
27,540,000
Oil
27.540.000
67.900,000
67,900.000
7.750,000
10,000,000
Land. buildings, &c
7.750,00
0
4.750,00
100,000
0
100,000
4,750,000
6.264.00
29,860,0
0
16.425.000
5,736,00
00
0
12,000.0
Rubber
16,425.000
00
12,142,800
36,550,000
7,857,200
240.000
36,790,000
20,000,000
46,824,500
1,670,000
48,494,500
Shipping
39,719,000
39,719,000
62.472.500
Inv. trusts, trading, holding, &c_
Miscellaneous
20,250,000
20,250,000
2,500,000
4.415,000
Total
4,415,000
2,500,000
15.519.000
1,156,000
16.675.000
266.110,500
75,069,000
21,181.000 287,291,500 168,285.000
4,956,000
Short Term Bonds and Note
80,025.000
34.510,000
15,240,000 183,525,000
90,480,500
9.456,000
99,936,500 243,912,800
Railroads
21,335,200 265,248,000 299.707,500
Public utilities
5,360,00
0
5,360,00
0
53,400,0
00
Iron. steel, coal. copper, &c
53,400,000
3,500,000
10,000,000
650,000
13,500,000
650.000
3.250,000
5,000.000
3.250,000
Equipment manufacturers
5.000,000
13,945.800
720,000
5.780,000
714,200
6.500,000
14,660,000
15,900,000
Motors and accessories
7.500,00
0
Other industrial and manufacturtn
7.500,000
950.000
300,000
Oil
1.250,000
Land, buildings, &c
700,000
1,590,000
Rubber
1,590,000
3.358.600
3,358,500
7,208.500
1,441.500
8,650,000
Sbipping
3,485.000
3,485,000
3,935,000
Inv. trusts, trading, holding, &cMiscellaneous
1,200,000
2.300.000
1.200,000
2,300.000
Total
2.500,000
2,500.000
65.740,000
8.000.000
5.300,000
Stocks-71,040,000
8.000.000
7.578.500
21,140,000
28,718,500
14.1585
00
1,441,50
0
15,600,000
Railroads
25,430,800
1,364,200
26,795,000
20,535,000
Public utilities
17.500,000
5,000,000
17,500,0
5,000,000 275.045,906
00
Iron. steel, coal, copper, Acc
1,761,600
275,045,906
1,761,600
43,404,596
43.404,596
Equipment manufacturers
26.659,2
4,233.000
81
3,640,50
0
4,233,0
30,299,7
00
81
7,000.000
60,288,480
7,000,000
Motors and accessories
875,500
875,500
Other industrial and manufacturin
8,084,200
8,084,200
26,038,702
26,038,7
02
Oil
40.303,5
99
40.303,599
46,312,434
14,000.000
625.000
2,009.000
48,321.434
625,000
Land, buildings,8m
24,620.000
624,650
16.914,141
2.921,600
17,538,791
27.541,600
3,030.000
4,055.000
8.679.000
3.030.000
4,055.000
Rubber
750.000
1,120.000
1.120,000
750.000
7.393.000
500,000
7,393.000
Shipping
5,731.75
0
5.731,750
525,000
8,100.000
525,000
Inv, trusts, trading, holding, &c
10.000,000
10,000,000 200,338,090
Miscellaneous
200.338
,090
11.450,272
50,750,000
11.450,279
50.750.000
880,000
97.940,410
6.000,000 103,940.410
Total
880,000
43,548,865
250,000
43.548,86Z
70,430,000
11.036,450
175.000
70,430,000 627,689,855
Total
11,211.450
22,914,141 650,603,996 180,164,167
2,575.140
28.047,7
02
208.211,
864
Railroads
72.314,581
6,737,10
0
79,051.6
54,998,0
81
94.392,6
00
7,634.0
20
00
62.632,000
Public utilities
22,220,000
5,380,000
27.580,000
17.980.000
220,917.500
13.547,000 234.464.500 294.795,906
894,000
18,874,001
Iron. steel, coal. copper. &c
12,948,600
25,000.000 319.795.906
1.357,000
14.305,600
57.597,596
4,000,000
30,775,000
5.000.000
87,597,591
9.000,000
Equipment manufacturers
109.467,081
5.403.000
5,780,000
5.892,70
0
11,183.0
115.359.
00
781
8,700,00
630.000
190,009.
0
480
8.700,001
630,000
Motors and accessories
24,598,500
6,277,000
30.875.500
1,000,000
7.500,000
15,000,000
1.000.00(
7.500.000
Other industrial and manufacturtn
8.234,200
5,960,000
8.234.200
5.960.000
28,490,000
3,269,000
26,038.702
300,000
26,038,70'
28.790,000
Oil
___
108,203.
599
•
54,062,4
625.000
24,000,000
34
2.009,000
56.071,43,
625,000 108,20
Land, buildings. &c
724,650
29,370,000
3,599-16.914,141
2,921,600
17,638,791
32,291,600
•
9,294,000
22,070,000
39,239,000
5.736.000
15,030,001
22,070,000
Rubber
12,892,800
41,028,500
7,857,200
240,000
41,268.500
20,750,000
•
61,426.000
500,000
3,111,500
64,537,501
Shipping
48,935.7
50
48,935.750
525,000
74,507,500
525.001
Inv, trusts, trading, holding, &c .
10,000,0
00
10,000,0
00 220.588.090
Miscellaneous
220,588,090
12,650.272
53.050,000
12,650,27!
53,050,000 102.355,410
3,380,000
6,000.000 108.355.410
Total corporate securities
3.380,000
61.567.865
ano cirtil Ann
250,000
1.156,000
62.723.86;
9R 4R1 nnn 495iA1 Ann
94,105.450
RIIR AAR RAC
5.131,000
AG 90/141 559 547 AAR 954 502157
99,236.450
37,085.140
RR OAR 909 292 7413 RAI
341,658.181
29.436.500 371.094.681 414,635.120
1926.
Refunding.
34.955,000
12.150,000
1,190,000
5,453,000
Total.
3
246.562.500
22,685,000
27.899,380
73.136,240
38.850,000
6.000.000
59.748,000
49,250.000
16,000,000
675,800
474,383.120
12,520,000
6,000,000
89,270.476
60,423,800
582373.596
1926.
Refunding.
Total.
3,590,000
30,775,000
133,551.000
15,000,000
3,249,000
10,000,000
33,450,000
8.385.000
70,857,500
3,250.000
34,955,000
37.760.000
334,662.500
10.000.000
900.000
10,000,000
16,800,000
1.250.000
6,000,000
1.950.000
6,000,000
3,935,000
18.150,000
38,685,000
1,190,000
61,478,480
19,730.000
5,453,000
6,643,000
10,000,000
21,820,000
10,293,000
6.000,000
8,385,000
14,000,000
14,132,000
500,000
8.100.000
250,000
2.575.140
101,035,620
40.775.000
211,829,480
15.000.000
3,269.000
24,000.000
49,532,000
6,500,000
82,892,500
250,000
3,250.000
40,335.140
59.748.000 474.383,120
1929.
Refunding.
Total.
New Capital.
389,845,260 1,699114.100 1,287163,600
105,452,700
43.037,500 164,217.700
636,619,142
93,251,540 1,033,376,306
741,179,017
385,236,302 2,987,430,640
1928.
Refunding.
Total.
New Capital.
933,288.400 2.220252,000 1,838191,990
35.773.800 141,226,500 127.018,300
197,327,300 833,946,442 465,530,225
165,404,412 906,583,429 389,848,546
214.100,000
83,480,000
68,792,000
152,272,000
10,400,000
18.163,900
19,000,000
11,613,400
26,000,000
45,000,000
11.613.400
117,463.000
2,000.000
1,000,000
1927.
Refunding.
Total.
New Capital.
866290,010 2,705,182,000 1,574172,330
28,375,200 155,393.500 178,201,695
43,121,350 508,651,575 358,045,772 •
68,826,100 458,674.646 444,852,634
20,000,000
137,463.000
2,000,000
1,000,000
92,892,000
1,250,000
4,000.000
990,000
27.458,000
120,350,000
1,250.000
4,000,000
990,000
231,374,000
46,118.500 396,900,000 208.563,000
350,781,500
152,010,000
18,787,000 227,350,000 231,374,000
20,000,000
6,000,000
10,000,000
12,050,000
10,000,000
12,000,000
14,000,000
12,000,000
10,000,000
11,530,000
102.312,200
11,530,000
10,000,000
29.830,040
30,281.750
30,281,750
5,355,625
3,419.300
32.256.347
5.355,625
26,410,740
3.352,376,216
923,803,319 6,425.931,193 3,287,101,109 1,472,704,412 4.759.805,521 3,167,470,686 1,045,599,660 4,213.070,346 2,936,989,171 415,387,045
14,873,000 215,492.000
41.750,000
442,331,587 100,538,413 542,870,000 406,374,800
29.500,000 435,874,800 200,619,000
80,300,000
40,200,000 120,500,000
38,100,000
38,100,000
50.850,000
92,800,000 143,650,000
29,573,589 859,218,515 947,082,978
14,090.347 838,257,412
8,559,026 755,497,820
829,644,926
21,766,300 968,849,278 824,167,065
99,792,000
67,479,000
46,000,000
28,840,000
36,612,000
28,840,000
38.510,000
28,969,000
53,792,000
8,000.000
8,288.000
6.085.000
5.345,000
6.085.000
1.995,000
5.345.000
8,288,000
940,362,345 7,261.786.013 4.632.102.622 1.602,816,414 6.234.919.036 4,615,633.464 1.218,634,960 5.834.268.424 4.104.155.236 530.550.392 4,634.705,628
2.000,000
10,432,717
a.287,101.109
1926.
Refunding.
Total.
36.055,000
223,558,170
21,069,000
240,111,000
967,683,500
130,250,000
5,299.000
66.000,000
40,346.000 201,958.000
7,935.000
51,950.000
18,527.000 391,443,000
1,600,000
6.900,000
9,500.000
5.308,000 179,950,000
352,798,170 2,252,644.500
16,000,000
11,725,000
22,500.000
61,385,000
6,000,000
200,000
5,750,000
7,034,000
13,410,000
49,150,000
20,000,000
14,321.500
32,250;000
500.000
4.000,000
10,644.195
234,160.695
40,709,000
6,614,300
11,657,575
2,800,000
808.000
21,879,875
379,223,182
36,675,000
5,628,500
41,220,650
123.884,967
105,087,140
32,033,700
1.464,537
37,800,000
102.553.345
865,571,021
52,055,000 262,611,000
241,897,470 1,408,291,682
21,069,000 172.925,000
10.927,500
200,000 120,630.650
57.753.576 374,992,967
17,769,000 177,037,140
18,527,000 487,798.200
35,314,537
, 7.400,000
51.300,000
6,116.000 293.147,540
415,387,0453,352,376,216
arlDIKOZMO
CHARACTER AND GROUPING OF' NEW CORPORATE ISSUES IN THE UNITED STATES FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS.
1928.
1929.
1927.
1930.
31.
New Capital.
Total.
Total.
New Capital. Refunding.
Total.
New Capital. Refunding.
SEVEN MOS. ENDED JULY
New Capital. Refunding.
Total.
New Capital. Refunding.
Long Term Bonds and Notes288117,240
112143,760
400261.000
102162,500
206,691,500
308154,000
291,149.490
259174,510
551124,000
204,056,000
801,361,000
177285,750
623175,250
Railroads
443,841,500 243,390,000 687,231,500 527,836.500 530,439,300 1,058,275,800 639.468,600 391,223,900 1,030.692.500 744,125,330
67,547,500 1,174,260,500
1,106,713,000
Public utilities
3.186,500 124,700,000
85,207,700
61.744,300 146.952,000
74,040,000
16,160,000
90,200,000 109,181,000
21,500,000
121,513,500
21,500.000
Iron,steel, coal, copper, Am
1,150,000
5,816,000
5,816,000
11,155,000
5.299,000
11,155,000
1,150,000
8,380,000
8,380,000
Equipment manufacturers
150,000
150,000
780,000
5,020,000
5,800,000
50,000,000
50,000.000
66,000,000
Motors and accessories
575,000
208,428,000
216,284,700
104.301,300
67,673,000
320,586,000
255,749,000
323,422.000
161.612,000
,000
207.853
183,056,910
455,000
182,601,910
manufacturing
and
industrial
Other
15,416,000
34,400,000
27,753,000
31,747,000
59,500,000 211,859,400
54,540,800 266,400,000
44.015,000
6,950,000 149,500,000
18,984,000
142,550,000
011
28,271,000 357.836,000 372,916,000
3,929,000 264,938,600 374,805,200
281,009,660
70,820.000 445,425.200 329,565,000
70,000 108,767.500
108,697.500
Land, buildings, &c
1,000,000
1,300,000
1,300,000
1,600,000
60,000,000
60,000,000
1,000,000
30,000,000
30,000,000
Rubber
9,100.000
2,360,000
6,900,000
3,100,000
6,000,000
2,360,000
10,000.000
10,000.000
Shipping
1,012,000
80.388,000
113,250,000
81,400.000
54.000,000
9,500.000
54,000,000
75,250,000
113,250,000
75,250,000
Inv. trusts, trading, holding. Ste-7,205.000 220,515.000 294,851,500
213.310.000
40,863,500 335.715,000 245,371,500
27.534.000 272,905,500 174.842.000
1.020.000
64,305.000
63.285.000
Miscellaneous
3,069,995,000
1,899,846,330
391,845,260
,048,198,900
2,065,724,100
1,721,425,100
905.277,010
2,769,624,000
2,164,717,990
1,673,878,840
253.628,250
2,626,380,910
2,372,752,660
Total
Short Term Bonds and Notes650,000
650,000
6,500,000
5,360.000
6,860,000
13,500,000
17,000,000
30,500,000
2,500,000
1,500,000
14.500,000
12,000,000
Railroads
65,685,000
49,660,000
25,878,283
40,413,717
66,290,000
43,672,000
47,822,000
44,075,800
21,609,200
15,628,000 194,160,000
4,150,000
178,522,000
Public utilities
2,300,000
6,000,000
400.000
6,500,000
2,300,000
720,000
400,000
5,780,000
5.000,000
33,000.000
28,000,000
Iron,steel, coal, copper, &c
1,200,000
1,200,000
12,000,000
12,000,000
Equipment manufacturers
4,400,000
13.210,000
500,000
500,000
1,200,000
1,200,000
4.400,000
10,100,000
10,100,000
Motors and accessories
13,600,000
43.400.000
13,150,000
2,488,100
6,592,000
9,150,000
4,450,000
17,200,000
13,150,000
88,305,000
4,103,900
71,105,000
Other industrial and manufacturing
30,200,000
12,966.000
6.505,800
10,694,200
17,200,000
30,200,000
,000
600,000
.250
7
6,650.000
Oil
14.321.500
57,947,700
24,998,500
57,947.700
47,497,250
1,441,500
1,666,000
21,337,500
23,332,500
685,000
19,896,000
46,812,250
Land, buildings, &c
32,250,000
15,000,000
15,800,000
800,000
Rubber
125,000
500,000
125,000
Shipping
1,000,000
4,000,000
1,000,000
1.600,000
1,600,000
1,000,000
1,000.000
Inv. trusts, trading, holding. &C
25.020,000
25.235,000
10,644.195
1,916,500
23,103,500
24,575.000
1,000,000
16.500.000
24,575,000
25.235,000
15,500.000
Miscellaneous
53,470,217 176,267,700 115,452,700
122,797,483
57.613,000 440,102,250
35,773,800 151,226,500 141,108,300
28,375,200 169,393,500 193,451,695
382,489,250
Total
Stocks71,107,700
71.107,700
84,843,487
66.055,600
51,597.650 139,954.700 191,552,350
49,843.487
35,000,000
66,055,600
Railroads
880,196.299
52,208,590 932,402,889 540,122,938 113,343,048 653.465,986 465,495.336
11,562,250 666,334,011
654,771,761
33,510,500 499,005,836 372,608,882
Public utilities
6.019,250
36,675,000
143,027,385
263,020,200
406,047,585
115,879,875
45.200,581
17.200,000
62,400,581
115,879,875
6.019,250
Ste
copper,
Iron,steel, coal,
5,628,500
1.920,000
1,920.000
Equipment manufacturers
41,220,650
5,511,852
67,361,202
27,018,790
4,132,662
8,028,400
72,873,054
27.288,702
35,317,102
4,132,662
27,018.790
accessories
and
Motors
112,227,392
84.832,220
534,480,188
619,312.408
149,823,085
1.371,500
175.513,895
64,124,622
331,905,955
174,142,395
267,781,333
19,658,700
130,164,385
manufacturing
Other industrial
83,843,644
82.323,463
58,666,080 142,509,724
11,812,500 102,287,140
10,128,180
10,126.180
82,323,463
11,812,500
Oil
27,278,500
32,033,700
408,500 106,605,830
106,197,330
16,320,000
1,346,000
50.617,033
51,963,033
100,000
27,178,500
16,320,000
Land, buildings, &c
1,464,537
54,233,534
54,233,534
2,701,675
1,042,400
11.887,975
12.930,375
2,701,675
Rubber
23,178,000
23,178,000
6,212,500
6,212,500
Shipping
48.453,228
37,800,000
1,500,000
82.987,079
1.035,304,652
1,036,804,652
2,964.500
213.197,790
48,453.228
216.162,290
&c_
holding.
127,WO'i§
Inv. trusts, trading,
382.000 117.203,462
12,342.400 718,864.017 243.530.929
706.521.617
21.467.740 264,998,669
23.678.250 116,725.495 101,745.345
116.821,462
93.047,245
Miscellaneous
13.315,750 1.326.750,047 3,705,451,551 478,487,842 4,183,939.393 1,450,223,309 388.731,712 1,838,955,021 861.734,396 111,947.450 973.681,846 843.691.146
1,313,434,297
Total
Total
361,324,940 117,503,760 478,828.700 167,260,150 363,646,200 530,906,350 340,992,977 295,524,510 636,517,487 210,558,000
701,830,850 180,085,750 881,916,600
Railroads
94.737,750 2,034.744,511 1,349,914,082 336,010.307 1,685,924,389 1,111.631,438 647,932.348 1,759,563,786 1,149,039,736 446,343,600 1,595,383,336 1,166,394.212
1,940,006,761
Public utilities
98,519,250 151,856,000
265,260,885 271,986,700 537,247,585 130.808,281
5,000,000
170,379,875
78,944.300 209,752,581
82,359,250
16,160,000
165,379,875
&c
copper,
coal,
Iron,steel,
12,355,000
10.927,600
1,150.000
20,380.000
1,150,000
12,355,000
20,380,000
7,736,000
7,736,000
Equipment manufacturers
81,418,790 120,430,650
68,011,202
5,511,852
14.232,662
73,523,054
14,248,400
28.068.702
81,418.790
14,232,662
42.317.102
Motors and accessories
317,239,392
486,845,085
755,483.188
19,026.500
85,407,220
446,875,805
840,890.408
91,781.700
.022
488,169,933
170,914
395,063,385
427,849,305
manufacturing
659,083.955
Other industrial and
7.550,000 239,073,463
74,082.080 176,909.724
102,827,644
54,540,600 308,412.500 159,268,140
44,384,980
42,441,200
86,826,180 253,871.900
231.523,463
Oil
425,154,630
30,037,000 410,113.000 419,271,200
755,000 172,584.750
4,337,500 429,492.130 445,318.233
73,407,500 518,725,733 380,076,000
171,829,750
Land, buildings, Szc
35,314,537
62.701,675
55,233,534
55,233.534
45,800,000
60,000,000
15,000,000
1,042,400
13,187,975
2.701,675
30,800,000
14,230,375
Rubber
7,400,000
2,485,000
26,278,000
32,278,000
6,000,000
10,000,000
2,485.000
6.212,500
6,212.500
10,000,000
Shipping
51,300,000
103,453,228
1,148,554,652
1,500,000
159,237,079
1,150,054,652
103,453,228
3,976,500
295,185,790
299,162,290
159,237,079
_
_
&c_
holding,
trading,
Inv. trusts,
51.212.250 414.865.995 287.031.540
21,463,900 964,399,017 562,957.429
942,935,117
198.008,462
363,653.745
2,402.000
62.331.240
625,288,669
195.608,462
Miscellaneous
1,472.704.4124,759.805.521 3.167.470.688 1,045,599.660 4.213.070.346 2.936.989.171
4.068.676,207 324.557.000 4.393,233.207 5,502.127,874 923.803,319 6.425,931.193
Total corporate securities
FRASER
Digitized for
1926.
Total.
Refunding.
3
325,948.170 1,900220.500
34.709,000 212,910.695
7,290,000 365,335.772
10.562,575 455,415,209
[11861 91 '
011V
SUMMARY OF CORPORATE, FOREIGN GOVERNMENT, FARM LOAN AND MUNICIPAL FINANCING FOR THE SEVEN MONTHS ENDED JULY 31 FOR FIVE YEARS.
1930.
SEVEN MOS. ENDED JULY 31.
Total.
New Capital.
New Capital. Refunding.
CorporateDomesticLong term bonds and notes_ 2,051199,660 211128,250 2,263,227,910 1,309168,840
57,613.000 404,102,250
346,489,250
121,180,200
Short term
357,722,946
940,124,766
357,722,946
Preferred stocks
932,651,351 IS,I15-ago 945,967,101 2,602.194,338
Common stocks
Canadian38.000,000 190,138.000
214.100,000
Long term bonds and notes.. 152.138,000
5.000,000
5,000.000
Short term
13,000,000
10,400.000
13,000.000
Preferred stocks
18.163.900
Common stocks
Other foreign
4,000,000 173,015.000
150,010,000
Long term bonds and notes- 169,015,000
1,617,283
31,000,000
31.000,000
Short term
102,312,200
Preferred stocks
10,060,000
32 256 347
10,080.000
Common stocks
4,068,676,207 324.557,000 4,393.233,207 5,502,127,874
Total corporate
5,500,000 416,806.000
411,306,000
41.750,000
Foreign Government
30,500,000
30.500,000
Farm loan issues
14,599.212 870,962,940
746,938.794
856,363.728
Municipal, States, Cities, &c
28,612,000
7,158,000
46,742.000
53,900,000
Canadian
1,995.000
9,675.000
9,675.000
Ions
United States P
6.321,423.668
351.814,212
5.775,077,147
5,423,262.935
Grand total
1010
FINANCIAL CHRONICLE
(VOL. 131.
DETAILS OF NEW CAPITAL FLOTATIONS DURING JULY 1930.
LONG TERM BONDS AND NOTES (ISSUES MATURING LATER THAN FIVE YEARS).
Amount.
Purpose of Issue.
Price.
Railroads25,000,000 Capital expenditures
98
6,690,000 New equipment
3,392,000 New equipment
7,634,000 Refunding
9844
4,106,000 Additions and betterments
99
15,000,000 Additions and betterments
810,000 New equipment
9944
To Yield
About.
Company and Issue, and by Whom Offered.
4.62 Canadian Pacific Ry. Co. Coll. Tr. 4445, 1960. Offered by National City Co., Guaranty Co.of New
York, Bank of Montreal, Lee. Higginson & Co., The Union Trust Co. of Pittsburgh, the Royal
Bank of Canada and Wood, Gundy & Co., Inc.
3.50-4.62 Erie RR.Equip. Trust 011030,434% Equip. Trust Ctts. 1930-45. Offered by Drexel dr Co.
4.75 Merchants Despatch, Inc. Equip. Tr. 55, 1931-42. Offered by J. P. Morgan & Co., First National
Bank, New York and National City Co.
4.55 Michigan Central RR. Co. Ref. & Imp. Mtge. 444s C. 1979. Offered by J. P. Morgan
& CO-;
First National Bank, New York and National City Co.
5.56 Minneapolis Sc. Paul & Sault Ste Marie Ry. Co. 1st Ref. Mtge. 544s B, 1978. Offered by Dillon;
Read & Co.. National City Co., Lane, Piper & Jaffrey, Inc., First Securities Corp., St. Paul and
BancNorthwest Co.
4.52 Reading Co. Gen. & Ref. Mtge. 444s B, 1997. Offered by First National Bank, New York.
3.25-4.52 St. Louis Southwestern Ry. Co. Equip. Tr, 440 K, 1931-45. Offered by Chase Securities Corp.
and Freeman & Co.
62,632,000
Public Utilities10,000,000 Acquisitions. improvements, &e
5.90 Associated Telephone & Telegraph Co. Deb. 544s A, 1955. Offered by Bancamerlca-Blair Corp.:
Harris, Forbes & Co., Telephone Bond & Share Co., and National Bankitaly
Co.
5.20 Birmingham Gas Co. lot Mtge.55. 1959. Offered by Bonbright dr Co.,
and W.C.Langley & Co.
5.15 Central Illinois Public Service Co. 1st Mtge. 550. 1968. Offered Inc.,
Stuart & Co., Inc.
5.40 Central Power Co. (Del.) lot Mtge. 58 D. 1957. Offered by Hill, by Halsey,
Joiner & Co., Inc., and Halsey.
Stuart & Co., Inc.
12,000,000 Capital expenditures
9744
4.65 Commonwealth Edison Co. lot Mtge. Coll. 430 E, 1960. Offered
Stuart & Co., Inc.
7,500,000 Refunding, additions & extensions 98%
4.58 Consolidated Gas Electric Light & Power Co. of Balt. 1st Ref. by Halsey,
Mtge. 434511, 1970. Offered 197
Aldred Sr Co., Alex. Brown & Sons, Lee, Higginson & Co.,
Jackson & Curtis.
Co.,
Bros.
Brown
&
Spencer Trask & Co., and Minsch, Monell & Co., Inc.
2,500,000 Retire debt; development, &c
9844
6.20 Indiana Southwestern Gas & Utilities Corp.(Del.) Convertible
(Convertible
1940.
Secured
A,
13s
into common stock after Dec. 1 1930 and up to maturity on basis ranging from
100 shares to 50 shares
for each 81,000 of notes.) Offered by Guibord, White & Co.,
Inc., and Investment Securities
Corp. Chicago.
125,000 Acquisitions
100
Telephone Co. 1st Mtge. 13s A, 1945. Offered
6.00 Langlade'
by First Wisconsin Co., Milwaukee.
2,000,000 Additions; other corp. purposes
97
5.20 Louisiana Power & Light Co. lot Mtge. 5s, 1957. Offered
by W. C. Langley & Co., John Nickerson & Co., Inc.. Guaranty Co. of New York, the First National
Old Colony Corp., J. G. White
& Co., Inc., J. & W.Seligman & Co., Rogers Caldwell & Co., Hale Waters & Co.
7,000,000 Additions, acquisitions, ire
95
5.35 Mississippi Power & Light Co. 1st Mtge. 55, 1957. Offered by W.
& Co., John Nickerson dr Co., Inc., Guaranty Co. of New York, the First National C. Langley
Old Colony Corp., J. G. White
& Co., Inc., and Rogers Caldwell & Co., Inc.
275,000 General corporate purposes
Price on application Mount Vernon Telephone Corp. 1st Mtge. Os A, 1949. Offered
by Kent, Grace & Co., Chicago.
18,834,500 Consolidation of properties
98
5.13 Ohio Edison Co. lot & Cons. Mtge. Is, 1960. Offered by BonbrIght
& Co., Inc.
6,000,000 Extensions and additions
5.04 Oklahoma Gas & Electric Co. 1st Mtge. 53, 1950. Offered
9934
by It. M. Bylleiby & Co.. Inc., Harris
Co.,
W.C. Langley & Co., A.C. Allyn & Co., Inc. and J. Henry Schroder Banking Corp.
Forbes &
25,000,000 Capital expenditures
4.72 Pacific Gas & Electric Co. 1st & Ref. Mtge. 444s F, 1960. Offered by National City Co. Blyth
96%
& Co., Inc., American Securities Co., H. M. Byllesby
& Co., Inc., E. It. Rollins & &ins and
Peirce Fair & Co.
17,000,000 Refunding; acquisitions, &c
5.29 Pacific power & Light Co. lot Mtge. & Prior Lien 5s, 1955. Offered by W. C.
96
Langley & Co.
Harris, Forbes & Co., Bonbright & Co., Inc., White, Weld Co..
and Blyth & Co. Inc.
15,000,000 Additions, extensions, &e
4.82 Public Service Co. of Northern Illinois lot Lieu & Ref. &
94
Mtge. 444s E, 1980. Offered by Halsey:
Stuart & Co., Inc.
10,000,000 General corporate purposes
6.35 Saxon Public Works, Inc. Guaranteed 5% Notes, July
97%
15 1032. Offered by National City C0.1
and Lee, Higginson & Co.
33.730,000 Acquisitions; other corp. purposes 97%
5.14 Texas Electric Service Co. tot Mtge. Is, 1960. Offered by 13onbright
Ar Co., Inc., Halsey; Stuart
& Co., Inc., Harris, Forbes AL CO., W.C. Langley & Co., and Coffin dr
Burr. Inc.
4,000,000 Acquisitions, additions, &c
5.06 Wisconsin Power & Light Co. 1st Lien & Ref. Mtge. 5s F,
99
1958. Offered by Hill, Joiner & Co.,I00.1
Halsey, Stuart & Co., Inc., and Paine, Webber & Co.
176,064,500
Iron, Steel, Coal, Copper, &c
4,000,000 Acquire predecessor cos.; wkg.cap. 98%
6.20 Continental Roll & Steel Foundry Co. 1st Mtge. Cony. Os A, 1940. (Convertible at face value to
and including June 1 1935 into common stock at prices ranging from
$40 to $60 per share.) Offered
by Continental Illinois Co., Inc., It. M. Byllesby & Co., Inc., Foreman
State Corp., and Union
Cleveland Corp.
Equipment Manufacturers630,000 Finance lease of equipment
4.25-5.30 Shippers' Car Line Equipment Trust Equip. Tr. 5s F, 1931-45.
Offered by Freeman & Co. and
Stroud dr Co.. Inc.
94%
1,000,000 Additions, improvements. &e......_
3,100,000 Additions and extensions
1,000,000 Acquisitions, additions, &c
Other Industrial & Mfg.
15,000,000 Retire notes payable; working cap_
12,000,000 Increased mfg. facilities, &c
160,000 General corporate purposes
97
97%
94
100
100
100
380,000 Plant construction, &le
27,540,000
Land, Buildings,
50(1,000 General purposes
50,000 Real estate mortgage
100
140,000 Real estate mortgage
100
1,000,000 Real estate mortgage
650,000 Real estate mortgage
100
100
250,000 Real estate mortgage
100
450,000 Finance construction of building
100
9,400,000 Finance construction of apartment 100
225,000 Finance construction of garage
100
130,000 Provide funds for loan purposes
600,000 Finance lease of property
100
9834
950,000 Finance lease of property
150,000 Finance construction of building
100
5)0,000 Real estate mortgage
100
130,000 Retire mtge.debt;improvements200,000 Finance construction of building
160-300,000 New construction
450,000 Retire debt; working capital
350,000 Development of property
100
100 •
100
5.00 California Packing Corp. Cony, Deb, Is 1940. (Convertible from
and prior to maturity
into common stock at prices ranging from $70 to $90 per share.) Oct. 1 1930 Dean,
Witter & Co.;
Offered by
Guaranty Co. of N. Y.; Continental Illinois Co., Inc., and Bancamerica-13Ialr
Corp.
5.00 Crane Co. 10-year 5% Notes, 1940. Offered by Continental Illinois Co., Inc.; Lee, Higginson &
Co.; First National Bank, N. Y., and Guaranty Co. of N. Y.
6.50 Mexico Refractories Co.(Mexico, Mo.) 1st (c) Mtge. 614s, 1937. Offered by Love, Bryan &
CO.;
St. Louis.
6-6.50 Weston & Brooker Co. (Columbia, S. C.) 1st Mtge. 6458, 1931-37. Offered by South Carolina
National Bank, Columbia, S. C.
5.25-5.50 (C. N.) Bassett (El Paso, Tex.) 1st Mtge. 544s, 1932-43. Offered by First National Securities
Co., Dallas, Tex.
7.00 Battalion Washington Artillery (New Orleans) 1st Mtge. 7s, 1931-40. Offered by Interstate
Trust & Banking Co., New Orleans.
6.50 Bristol Theatre Corp.(Tenn.) 1st Mtge. 644s, 1932-42. Offered by Commerce Union Co., Nashville, Tenn.
6.00 (Rex B.) Clark Co&Trust 644s, 1935. Offered by First Detroit Co., Inc.
6.00 Clyde Manor ApaMients (Kansas City, Mo.) 1st Mtge. 65, 1932-40. Offered by SteinmannMcCord & Co., Kansas City, Mo.
5.00 The Franciscan Sisters of the Order of St. Francis of the Immaculate Conception (Dodgeville, Wis., and Little Falls, Minn.) 1st Mtge. 58, 1931-40. Offered by B. C. Ziegler
& Co.,
West Bend. Wis.
6.00 (Robert E.) Lee Hotel (Jackson, Miss.) 1st Mtge. 6s, 1932-40. Offered by Merchants
Bank
&
Trust Co., Jackson, Miss.; Grenada Bank, Grenada, Miss.; First National
Kensington Investment Co., Jackson. Miss., and Mortgage Bend & Trust Corp. of Vicksburg;
Co.,
Jackson,
Miss.;
Majestic
Apts.
Y.
(N.
6.00
City) 1st Mtge. Fee Off. 1948. Offered by S. W. Straus dr Co.,
Inc.
6.50 National Garage Co.(Kansas City, Mo.) 1st Mtge, Leasehold 644s, 1940.
Offered by Stern Bros.
& Co., Kansas City, Mo.
6.00 Nolting First Mortgage Corp. 1st Coll. Trust 6s, 1931-40. Offered by Frederick
E. Notting &
Co., Inc., Richmond, Va.
6.20 Penn-York Properties, Inc. 1st Mtge, 6s, 1940. Offired by Oliver J. Anderson & Co.; Boatmen's
National Co., and Sine & Co., St. Louis.
6-6.50 Phillips Hotel 1st Leasehold fki and 644s, 1033-37. Offered by Arthur Fels Real Estate Mortgage
Co., Kansas City, Mo.
5.50 Roman Catholic Church of St. John the Evangelist(Wilkes-Barre,Pa.) In Mtge. 544s, 1931-40.
Offered by Festus J. Wade Jr. & Co., St. Louis.
5.00 St. Paul's Ilospital (Dallas, Tex.) 1st Mtge. Is, 1930-40. Offered by Mercantile-Commerce Co.,
St. Louis.
5-6.00 The Salvation Army (III.) lot M.6s, 1931-48. Offered by Marquette Trust Co., Minneapolis,
Minn.
5.50 (The) Simmons National Co. (Pine Bluff, Ark.) lot Mtge. Real Estate 544s, 1932-40. Offered
by Mercantile-Commerce Co., St. Louis.
6.00 State Fair of Texas Stadium 6s, 1931-40. Offered by Republic National Co.,
Tex.
6.50 United Theatres. Inc. lot Mtge. 6445. 1930-40. Offered by Hibernia SecuritiesDallas,
Co., Inc.
7.00 Whittier Extension Co. 1st Mtge. 78, 1937. Offered by James R. Martin & Co., Los
Angeles.
16,425,000
SII4ORT TERM BONDS AND NOTES (ISSUES MATURING UP TO AND INCLUDING FIVE YEARS).
Amount,
17.
1
Purpose of Issue.
Public Utilities900,000 Acquisitions
Price,
100
98%
63,400,000
Iron, Steel, Coal, Copper, &c
5,000,000 Refunding
Company and Issue, and by Whom Offered:
9;
60,000,000 Extensions & additions,
&e
2,500,000 Acquistiorw, developments, &c
.ro Yield
About.
9934
6.00 East Coast Utilities Co. 2-year Cony. Secured 13s, July 1 1932.
(Each 91,000 note exchangeable to
and including July 1 1931 for 50 shares and thereafter
to
Service Corp. Class A Common Stock.) Offered by J. A. maturity for 40 shares of Empire Public
W. Iglehart & Co.; The Baltimore Co.;
Citizens & Southern Co.; First National! Co.,
Atlanta, Ga., and South Carolina Naticrtal Bank,
Charleston, S. C.
5.02-6.00 General Gas & Electric Corp. 444% and 5% Notes,
& Co.; Halsey, Stuart ,k Co., Inc.; Chase SecuritiesAug. 15 1931-35. Offered by Harris. Forbes
Corp., and Chatham Phenix Corn.
6.35 Midland Natural Gas Co. Cony. Deb, 6s. July 1 1935.
but not after 1011 day prior to maturity or redemption date (Convertible after May 1 1931 and up to
at rate of 50 shares of Partic. Class A stock
for each $1,000 of Debentures.) Offered by E. R. Diggs
& Co., Inc.
4.63 Sloss Sheffield Steel & Iron Co. 1-year 444% Notes, Aug.
1 1931.0ffered by Goldman, Sachs & Co
Amount.
1011
FINANCIAL CHRONICLE
AUG. 16 1930.]
Purpose of Issue.
Motors and Accessories7,500,000 Retire bank debt; wkg.
Other Industrial &
800,000 Refunding; expansion
Price.
To Yield
About.
by Goldman, Sachs & Co.; Lehman
4.75 Kelsey-Hayes Wheel Corp. 1-Yr. 4Ms, Aug. 11931. Offered
Bros.; First Detroit Co.,Inc.; White, Weld & Co.,and McClure,Jones & Co.
99%
mfg.--
into common stock up to July 15 1933 at
6.00 De Forest Radio Co.3-Yr. Cony.fls July 15 1933. (Convertible to stockholders.
prices rangingfrom $4 to $12 per share). Offered by companyNotes, July 1 1935. Offered by E.J.
8%
M.
1st
5-Yr.
Inc.
Co.,
Weaving
-Universal
Kluge
H.)
(E.
6.00
Wiley Corp., New York.
100
450,000 Retire debt; acquisitions, &c
Company and Issue, and by Whom Offered.
100
1,250,000
Land, Buildings,
1,000,000 Provide funds for loan purposte
let M.58 "C" May 15 1935. Offered by Kidder.
5.35 Conveyancers Title Insurance & Mortgage Co.
Title Insurance
Peabody & Co.; Shawmut Corp. of Boston; Jackson & Curtis and Conveyancers
& Mortgage Co.
Va.
Co.,
Tr.
Richmond,
Richmond
by
Offered
6.00 Investors Mtge. Corp. Coll. Tr.6s "P" July 1 1933.
Trust Co.. Detroit.
100,000 Provide funds for loan purposes__ _ 100
Price on applic. (Wilfred C.) Leland let M.& Coll. Tr. 135 1931-35. Offered by Fidelity
&
Commerce
of
Bank
325,000 Finance sale of property
by
Offered
1931-35.
16,
No.
68,
Tr.
1st
Coll.
Corp.
6.00 Mortgage Investment
100
115,000 Provide funds for loan purposes_
Trusts, Richmond, Va.
company.
by
Offered
1930-32.
"AAA"
62
Tr.
Coll.
Corp.
Mortgage
&
6-6.50 Virginia Bond
50,000 Provide funds for loan purposes-.
1,590.000
Miscellaneous600,000 Additional equipment
1,200,000 Acquire equipment; Cap. exps., &c
500.000 Additional equipment
981d
-March 1 1932. Offered by
5-6.25 Eastern Greyhound Lines, Inc. of Mich. Equip. Mtge. 68 Sept. 1 1930
Lane, Piper & Jaffray, Inc.
Offered
by Anglo-London-Parte
1931-34.
1
June
68,
Mtge.
Inc.
Equip.
Lines,
5.50-6.25 Pacific Greyhound
Co.; California Securities Co., and Anglo-California Trust Co.
1 1934. Offered by
6-8.50 Pickwick-Greyhound Lines, Inc. (Del.) Equip. Mtge. 6s, Oct. 1 1930-April
M.H. Lewis & Co.
2,300,000
STOCKS.
Par or No.
of Shares.
Purpose of Issue.
(a) Amount Price
To Yield
Involved. per Share. About.
_%
$
5,000,000 100
Public Utilities5,000,000 Capital expenditures
Oil*25,000shs Additions, development, dse
*25,000shs Additions, development, &c
Land, Buildings, &c.
200ctfs Finance lease of property
30,000ctfs Finance lease of Property
900ctfs Finance lease of property
625,000
Company and Issue, and by Whom Offered.
Southern New Engl. Telco. Co. Cap. Stock. Offered by company to stockholders.
into 1
1 sh. A and 1 sh.{ Interstate Petroleum Co. Class "A" Cony. Pref. Stock. (Each share convertible
share of class "B" stock). Offered by Eberhart & Co., Chicago.
B for $25
Interstate Petroleum Co. Class "B" Stock. Offered by Eberhart & Co., Chicago.
Dayton Country Club, Land Trust Ctfs. Offered by Greene & Brock; Third Nat.
Securities Corp.; Winters National Co., Dayton,0.,and Hayden, Miller & Co.,Cleve.
Hotel Gibson Co. (Cinci.) Land Trust Ctfs. Offered by Title Guarantee Securities
Corp.. Cincinnati.
The Potter Shoe Co. Land Trust Ctfs. Offered by The Fifth-Third-Union Co., Chici.
200,000 1000
2,955,000
983.
900,000 1000
4,055,000
Investment Trusts,Trading &
Holding Cos.(Not primarily
Controlling)1000,0008bs Provide funds for inv. purposes_ _ _ 10,000,000
10
United States Bank Shares,Inc. Class"A" Cons. Stock. Offered by Taylor, Easterling
& Co., Inc., Tulsa, Okla.
Miscellaneous2000,000shs Acquisition of properties
25
Hearst Consolidated Publications, Inc. Cl. "A" 7% Cum. Partic. Stock. Offered
through New York Evening Journal, Inc.; New York American, Inc.; National City
Co.; Continental Illinois Bk.& Tr. Co.; Anglo-London-Paris Co.; Crocker First Co.:
Bank of Italy (N.T.& S. A.) and Bank of America of California.
Sentinel Fire Insurance Co. Capital Stock. Offered by company to stockholders.
50,000,000
750,000 150
500.000 Additional capital
50,750.000
FOREIGN GOVERNMENT LOANS.
Amount.
Issue and Purpose.
$
July 1
25,000,000 Austrian Govt. 7% Internat. Loan,
1957. (Capital expenditures for improvements upon the Austrian Railways and the
properties of the Postal and Telegraph
Administration)
Price.
95
Treasury
16,100,000 City of Buenos Aires, 6 Months
58, Jan. 1 1931 (Public Improvements)--- - 100
To Yield
About.
Offered by,
Y.; Nat. City Co.; Guaranty
7.40 .7. P. Morgan & Co.; Kuhn,Loeb & Co.; First Nat,Bk., N.
Co.of N. Y.; Bankers Co.of N. Y.; Chase Securities Corp.; Kidder, Peabody &
and
Dillon,
Read & Co.
Co.
&
Forbes
Harris,
Co.;
&
Lee, Higginson
5.00 Chatham-Phenix Corp.; Illyth & Co., Inc.; J. Henry Schroder Banking Corp.; Halsey,
Stuart & Co., Inc. and A. Iselin & Co.
1-Yr.
1,000,000 Province of Tucuman (Argentine)
Treasury Notes, July 1 1931. (General
Placed privately.
purposes of Province)
Chatham-Phenix Corp., New York.
42,100,000
* Shares of no par value.
taken at par, while preferred stocks of no par value and all classes of common stock are computed at their offering prices.
a Preferred stocks of a stated par value are
Indications of Business Activity
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, August 15 1930.
The great event of the week was the breaking of the drouth
in the grain country with the corresponding lowering of temperatures. An object lesson in connection with this news
was the rally in stocks this afternoon of 5 to 15 points. The
grain and cotton markets also took a turn upward after some
early decline. The weather is the foremost factor in the
country's business at this time. That is an indisputable
fact. The United States Government is coneerting measures
of relief to sufferers from the drouth. From present appearances it looks as though any decrease in the grain crops
would in many cases be compensated for by higher prices.
To-day rain continued to fall in many parts of the drouth
area. Of course a few days of rain cannot entirely remedy
many weeks, if not months, of drouth in different parts of
the country. Washington wired that a program for drouth
relief providing for national, State and local organizations
and their co-ordination was adopted on the 14th inst. by
President Hoover,the Governors of 10 States, the representatives of eeceoutives of three other States and Federal Farm
officials as the result of a three-hour conference at the White
House. President Hoover said that four methods of relief
agreed upon were: placing loans, privately or, where necessary, with State or Federal assistance; Red Cross aid; employment, and reduced rail rates for food,feed and live stock,
particularly for the transfer of surplus provender from States
having it to those bereft of it by the drouth. It was decided
that the burden of organization for the relief of the 250
"most acutedly affected counties," should rest upon "the
counties and States themselves, supplemented by such enoperation and assistance as may be found necessary on the
part of the Federal Government."
A beginning of the end of the drouth has certainly taken
place. To-day rain was falling in the New England States,
Eastern New York, parts of Pennsylvania, Ohio, Indiana,
Virginia, West Virginia and Kentucky, as well as Tennessee
and North Carolina, Northern Georgia and Alabama. It is
true that the drouth in the cotton area west of the Mississippi
River is getting comparatively little rain, especially in Oklahoma and Texas where it is badly needed to help the cotton
crop. But the belief prevails that the rains which have
broken the drouth in the corn belt are likely to reach down
into the Southwestern cotton country sooner or later. Parts
1012
FINANCIAL CHRONICLE
[VoL. 131.
of the cotton region have bon benefited
by rains during the selling increased to such
an extent as to attract no little
past week, so much so that prices have
declined noticeably. attention. The crop is beginn
ing to move more rapidly
As the case stands business during the past
week has if any- and increased hedge selling in
a small speculation is expected
thing been slower than ever in some directi
ons. The cooler to coincide with the larger
movement and depress prices.
weather which has prevailed throughout the
United States The short interest, however, is
large and a rally of some 20
has undoubtedly helped the retail trade, here
and there, if points took place this afternoon
on covering by some of the
not generally. It is true that this was mainly
in the sale overcrowded shorts. A report that
Babson was to issue a
of summer goods at special sales. It is said too
that in some bullish report on the general busines
s situation had some inparts of the country industry has begun to show
more
a little
fluence on cotton. The domestic consumption of cotton
life. It is certainly not pronounced. The questio
in
n arises July, however, the Census Bureau put
just what effect the drouth and diminished grain
at only 378,835 bales
crops will against 405,181 in June and
547,165 in July last year. The
have on the buying power of the farming community
of this total for 12 months is only 6,113,
932 bales against 7,091,061
country or in other words just what effect it will have
on the in the previous season. Moreover the
total quantity in
trade of the United States later in the year when it ought
to public storage and compresses
is no less than 2,877,416 bales
Improve. It would not be surprising if pessimism as
to this against only 984,860 a year ago.
question should turn out to have been overdone. The grain
Thestock marketon the 12th inst.decline
crop is supposed to be about 5% smaller than that
d4to 19points and
of last showed very little power of recovery.
Corn after risingearlyfell
year when it was about the same amount smaller than in 1928.
4to 50.from the top and wheat also declined sharpl
y,SeptemWhile trade is disappointing throughout this countr
y it is a ber delivery falling indeed to 7c.
under September corn.
curious fact that trade is still dull throughout the world and
The corn crop estimate was officially
unemployment has increased in recent months
in both bushels compared with a month ago. reduced 600,000,000
And not only the deGreat Britain and Germany. It is undoubtedly heavy
in crease in the crops and the dullness of trade,
reducing the
the United States.
country's buying power, were things that
had a noticeable
The textile trades are still dull. The cotton mills are
still effect. A notable feature was the selling
of U.S. Steel on an
curtailing their output sharply yet prices have
naturally announcement that its production had
been further curtailed.
declined in this City in response to a steady fall in
the quota- The net decline in this stock was 3%.
3
Stocks
tions for raw cotton. Print cloths 383% inch 64x60
have inst. rallied 4 to 14 points as wheat and corn on the 13th
prices fell as
sold it is said at 5 to 53%c. a big decline from
the level of signs of the breaking of the long drouth in the
grain section
early in the year. The woolen and worsted trades
are still appeared. Over big tracts of the corn belt the crop
could be
quiet. Silk has declined slightly. Hides futures
here are greatly helped by copious rains. The transactions in
stocks
30 to 40 points lower than a week ago. Chicag
o has been were close to 2,300,000 shares. Exports of gold
to Paris
doing a larger business at a decline of 3/20. Wool
has been to the amount of $8,800,000 were arranged, but they
less active though prices have shown little or no change
aroused little interest. The main things are the weather
.
and
Pig iron has been slow of sale and if anything rather weak,
the crops. On the 14th inst. stocks and grain fluctuations
though the market does not seem to have been tested much.
were narrower but both showed greater resistance to presSteel has been in only moderate demand where it was not
sure. Copper was down to 103% from its recent price of lie.
dull and in some cases it is undertsood prices have been
and cotton was at the lowest price since July 1921 in a time
shaded a little. The production has decreased
further. of universal deflation. There was much talk of the
effect
Sugar has declined slightly, but only slightly for selling
of the recent drouth on business and buying power. But
pressure of late has lessened somewhat, after a
new low Wall St. kept its head and the trading amounted to only
level had been touched for duty free sugar on the
12th inst. 1,525,000 shares. Any decrease in the corn crop it is believe
d
The raw sugar trade awaits the awakening of
business in will be made up in the price with $1 a bushel being
paid at
refined sugar which is still disappointing. Coffee has deIllinois elevators. To-day stocks on further news of the
clined anywhere from a few points to 30 points, mainly
breaking of the drouth in the grain belt suddenly turned on
owing to the steady decline in Brazilian exchange. Usuall
y the shorts and rallied 5 to 15 points. Bonds were higher
in the Fall the consumption of coffee increases and some
are without activity.
hoping that the low prices of the Summer at any rate
had
Fall River wired that the local cloth market continued exbeen reached. As the case stands supplies are large and
the
demand anything but brisk for the actual coffee. Rubber ceptionally quiet throughout the week as buyers were awaiting the government crop report published on the 8th inst.
still finds a steady decline the line of least resista
nce for Mills generally had looked forward to the possibi
lity of the
prices. There is constant talk of contemplated restric
tion report stimulating business. Charlotte, N. C. wired
that
of output and exports, but it comes to nothing. Meanwh
ile both plants of the Negel Knitting Co. have resume
d full
stocks are large and the consumption unsatisfactory. But
time day and night operations owing to the rapid increase in
as in most commodity markets the tendency is to overdo
the number of orders, most of which are for immediate
the short side so that from time to time there are rallies in
delivery. Greenville, S. C. wired that cotton mill men from
rubber as in other merchandise. But such upturns are
all over the Southeast were expected there to-day for a special
invariably followed by new low prices as liquidation is remeeting of the Cotton Textile Institute curtailment programs
sumed.
in the South and prices will probably be among the subject
s
Wheat declined 5 or 6 cents with the weather better, the
of discussion at the meeting, local textile men said. Columforeign demand a bit sluggish, Russia persistently selling
in bia, S. C. wired that the Palmetto mill
of the Martel Mills,
Europe, rumors that Russia may have 60,000,000 to 80,Inc. will remain closed for an indefinite
period. This plant
000,000 bushels to spare for export this season and finally
has been manufacturing shirtings and fancy weaves
. The
heavy liquidation when the rains came. A curious report
mill will probably resume operations but
not under existing
to-day was that the Canadian pool had sold a cargo of wheat
to Vladivostok, Russia. The Government estimated the conditions. At Moultrie, Ga. the Moulrtie Cotton Mills are
working on a full time day and night schedule. This plant
spring wheat crop at 223,222,000 bushels or only a little less
manufa
ctures sheetings and drills, operating 11,232 spindles
than the actual harvest last year. The winter wheat crop
is and a battery of 298 looms.
close to 600,000,000 bushels or some 20,000,000 more than
In Manchester, England trade has been dull. London
last year. Corn fluctuated widely, but it is believed that
reports that economic paralysis which has overtaken Bombay
the crop has recently lost fully 600,000,000 bushels by the
due to the civil disobedience campaign in general and the
drouth and though copious rains have sent September corn
boycott of foreign goods in particular is spreading to other
to 96 cents on the 14th inst. after touching
$1.083% the day parts of the presidency. Everywhere in India it is the same
before, the price rallied from to-day's lows 43 to 43
/0. story of stagnant trade and growing unemployment. BomSales of cash corn at Chicago at $1 and the fact that the bay,
India cabled on the 14th that 2,000 textile workers
country was asking prices above the market naturally atbecame idle through the closing of the Simplex Mill the first
tracted attention. The Government put the corn crop
at to be
2,211,823,000 bushels, showing a decrease compared with the mills affected of a group of 24 European managed cotton
on the all-Indian National Congress War Council boyactual harvest last year of some 400,0130,000 bushels.
Lard cott list. It is said that 12 mills have now closed affecti
ng
declined 5 to 15 points with grain. Cotton decline
d $3 a 23,000 workers. Paris cabled that the strike
of textile
bale or more on the fact that the weekly report was not
so operatives and metal workers of Lille and the surrounding
bad as had been expected, rains in the Northern central belt,
districts gave new proof of its seriousness when Roubaixdeclines at times in grain and stock, the smallness of the
con- Tourcoing textile workers refused to obey the orders of
trade
sumption and the largeness of the stocks. There is
believed union leaders to return to work for those employers
who had
to have been very heavy short selling and finally to-day hedge
met the unions' detuands. A few thousand returned but the
Auo. 16 1930.]
FINANCIAL CHRONICLE
1013
This was a
total on strike is still estimated at more than 150,000 of Railway Association announced on Aug. 12.
a reducand
week
preceding
the
under
cars
1,014
decrease
of
orders
the
defiance
of
in
out
which some 20,000 to 30,000 are
It also
1929.
in
week
same
the
below
cars
tion of 187,585
of the union.
week in 1928.
Vienna cabled that unprecedented cold weather was al- was a decrease of 130,486 cars below the same
most ruining the famous Salzburg Summer festival. Snow Details are outlined as follows:
Miscellaneous freight loading for the week of Aug. 2 totaled 358.529
In the resorts plus several days of rain combined to produce
under the
cars. 76.867 cars under the same week in 1929 and 62,346 cars
tourist
of
loss
considerable
freak weather conditions, causing
corresponding week in 1928.
Loading of merchandise less than carload lot freight amounted to 234,928
traffic.
year and
cars, a decrease of 25.031 cars below the corresponding week last
London cabled the Associated Press that unemployment 22.268
cars below the same week two Years age•
below
cars
23,011
of
announcedecrease
reached a new high record in the old world with the
Coal loading amounted to 136.459 cars, a
the same week in 1928.
ment by Germany that her total number of persons out of the same week in 1929 and 18,007 cars below
under the
Forest products loading amounted to 41,555 cars, 26,203 cars
years
work is 2,757,000. As Great Britain's unemployed officially corresponding
week in 1929 and 24.602 cars under the same week two
passed the 2,000,000 mark last month, it is estimated that in ago.
the
Forest products loading amounted to 41,555 cars, 26.203 cars under
six European countries there are to-day at least 5,949,278
week two years
corresponding week in 1929 and 24,602 cars under the same
Germany,
Britain,
In
Great
work.
of
out
as
listed
persons
ago.
below
Austria, Hungary, Italy and France, the workers dependent
Ore loading amounted to 57,719 cars, a reduction of 16,590 cars
the same week in 1928.
for their livelihood upon private charity or public doles now the same week in 1929 and 4,577 cars below
the
Coke loading amounted to 8,541 cars, a decrease of 3,818 cars below
exceed the population of any European capital exacept Lon- corresponding
week last year and 558 cars under the same week in 1928. a
cars,
62,878
totaled
don. In some other countries conditions are improving
Grain and grain products loading for the week
the corresponding week in 1929 but 7,031
but not in either Germany or England. Italy, with 322,287 decrease of 12,184 cars below 1928.
In the Western districts alone grain
cars above the same week in
of
them
of 8,612
France
114,094
women;
officially reported jobless,
and grain products loading amounted to 45,281 cars, a decrease
with upwards of 100,000 on strike and 20,000 out of work cars below the same week in 1929.
week
Live stock loading totaled 17,728 cars, 3.881 cars under the sameWestinvoluntarily; Hungary with 400,000 mostly agriculturists,
the
in 1929 and 5,159 cars under the corresponding week in 1928. In
of
decrease
Idle to-day accounted for about 5,949,287 officially tabu- ern districts alone live stock loading amounted to 13,431 cars, a
lated, while Austria added 450,000 to the roll. Everywhere 3,025 cars compared with the same week last year.
commodities
districts reported reductions in the total loading of all
throughout Europe determined efforts have been made to notAllonly
week in
compared with the same week in 1929 but also the same
cheek the lengthening lists of jobless by the "dole"or Govern- 1928.
years
previous
two
the
Loading of revenue freight in 1930 compared with
ment insurance remittances to hundreds of thousands,costing
follows:
into
the
far
Governments
the
to
millions
meet
1928.
the several
1929.
1930.
3,448.895
3.571,455
3,349,424
emergency. The London "Herald" on March 3d claimed Four weeks in January
3,590,742
3.766,136
3,505.962
that the total unemployed in the entire world was 16,000,000. Four weeks in February
4,752,559
4,815.937
4,414,625
weeks in March
3,740,307
Sears, Roebuck & Co.'s sales fell off 9% in the July-August Five
3,989,142
3.619,293
April
Four weeks in
4,939,828
5.182,402
4,598.555
period. For the year thus far there is a decrease of 5.4% as Five weeks in May
3,989,442
4,291,881
3.719.447
Four weeks in June
compared with the same time last year.
3,944,041
4,160.078
3,555,731
Four weeks in July
1.048.821
On Sunday, Aug. 10 the heat wave broke here though the Week
1,105,920
918,335
ended Aug.2
morning was muggy between two showers. Later is cleared,
29,454,635
30,882,951
27.681.372
Total
the air became dryer and the humidity which at 8 a. m. was
89 degrees fell by 8 p. in. to 32. The range of temperatures
Finds Business Sentihere was 72 to 83 degrees the lower at 10 p. m. Elsewhere Col. Ayres of Cleveland Trust Co.
at Variance-June a
Statistics
Business
and
ment
was
Kansas
cooler.
it
City
country
which had been
in this
Slower.
Still
July
Month,
Business
Slow
up to 104 degrees fell to 78 maximum and St. Louis dropped
Business sentiment and business statistics have moved in
from 102 to 78 as the top. Boston had 72 to 76, Charleston
78 to 94, Chicago 66 to 72, Cleveland 66 to 70, Detroit 62 to opposite directions during the past month, according to
78, Kansas City 74 to 78, Milwaukee 58 to 76, St. Paul 52 Col. Leonard P. Ayres, Vice-President the Cleveland Trust
to 74, Omaha 58 to 82,Philadelphia 76 to 88,Portland, Me. Co. Business sentiment has rather definitely improved,
64 to 72, Portland, Ore. 64 to 88, San Francisco 56 to 66, following the low point of the wave of pessimism that preSeattle 60 to 82,St. Louis 72 to 78, Winnipeg 44 to 72.
vailed late in June and early in July. Meanwhile, says
was
to
it
56
70
inst.
12th
the
degrees
on
and on the Col. Ayres, the figures of business have been getting worse
Here
13th inst. it was 58 to 74. Overnight Boston had 54 to 72 instead of better. Industrial production dropped to new
degress, Montreal 64 to 62, Philadelphia 58 to 74, Portland, low levels in many lines in July. Railroad transportation
Me. 48 to 68, Chicago 62 to 72, Cincinnati 56 to 80, Cleve- shrunk notably, and both wholesale and retail trade lagged
land 56 to 70, Detroit 60 to 72, Milwaukee 62 to 72, Kansas badly.
Oppressive heat and prolonged drouth have prevailed
City 62 to 68, St. Paul 60 to 78, Oklahoma City 78 to 104,
St. Louis 68 to 76, Winnipeg 58 to 80, Los Angeles 64 to 78, over wide sections of the country, and threaten to cause
Portland, Ore. 64 to 90, San Francisco 56 to 70. The aver- serious harm to growing crops. Most of the second quarter
age temperature here on the 12th inst. was 64 degrees or 10 earning reports that have been made public show severe
degress below the normal for that date and 22 below the aver- shrinkages in corporate incomes. Despite these unfavorable
age on the same day last week. At Oneida, N.Y.there was a conditions the movement of security prices has reflected
snow flurry and frost occurred at Winsted, Conn. It was the growing confidence that improvement impends. Bonds
34 at Burrville, Conn. and at several places in Tennessee and have been strong, and stook prices moved up almost conWest Virginia.
tinuously from late June to the closing week of July.
On the 14th inst. it was 62 to 73 degrees here. According
Itseems clear,Col. Ayres thinks,that definite improvement
to the Weather Bureau rain fell generally over the territory is going to come slowly. It is almost certain that figures
from the lower lake regions in Northern Ohio, such to middle for industrial production and for transportation will be better
Tennessee and west to Eastern Missouri. The Bureau thinks in August than in July, and that an upward trend will be
the dry spell has been definitely broken in some of the worst in evidence in September. Nevertheless, while these changes
spots and materially relieved in practically all of the rest. will be in the right direction, they do not promise to be emAnything above half an inch is regarded as a good rainfall. phatic, and there is some likelihood that before they become
The precipitation in Terre Haute reached 1.24 inches, in apparent business sentiment may suffer another attack of
Springfield, Ill., 1.04; in Keokuk, Iowa 1.08; in Evansville, gloom. Just as stock prices after a bear move often suffer
Ind. WO; in Louisville .70; in Lexington, Ky. .50 and in a secondary reaction, so there may be a secondary reaction
Nashville .82. To-day the rainfall in Nashville was officially of sentiment, making a double bottom for pessimism.
stated as 3.16 inches. Rains were predicted throughout most
In a seasonal sense business in the view of Mr. Ayres is
of the drouth territory. This includes Kentucky, Tennessee, now moving with the tide instead of against it. Industrial
Arkansas, Southern Illinois, Southern Indiana, Southern production always slows down in the summer and quickens
Ohio, West Virginia, West and Central Virginia.
in the autumn. July is normally the low month, with August
It was 64 to 67 degrees here to-day. Yesterday it was showing a definite improvement, and September an even
66 to 76 in Chicago, 60 to 74 in Cincinnati, 62 to 82 in Cleve- greater one. Freight movement increases in even greater
land, 72 to 80 in Kansas City with rains very general in the proportion during these same months. These betterments
Central West. The forecast here to-night is for light showers
may be confidently expected this year, and the improvement
and fair weather on Saturday.
they usher in will probably prove more than merely seasonal.
.
Col. Ayres continues as follows:
Loading of Railroad Revenue Freight Continues Small.
Bond Markets During Depression and Recovery.
Loading of revenue freight for the week ended on Aug. 2
The prices of corporation bonds have been advancing irregularly, but on
totaled 918,335 ears, the ear service division of the American the whole persistently, ever since the great decline in the stock market las%
1014
FINANCIAL CHRONICLE
[VOL. 131.
autumn. The total increase in average prices for representative rail.
Production and Distribution Below Normal.
Industrial, and utility issues has been so considerable as to make up for all
National production of goods, and national distribution of goods to conthe decline of last year, and to carry quotations back to the levels that presumers, are both now further below normal than they have been at any
vailed in the summer months of 1928. Nevertheless, the volume of trading previous
time since the severe depression of 1921. This is illustrated in the
has not been great, nor has It shown much tendency to increase, and this diagram,
which is based on the indexes of the volume of trade constructed
has resulted in a good many expressions of disappointment, and of opinions by
Mr. Carl Snyder,statistician of the Federal Reserve Bank of New York.
to the effect that present-day investors so definitely prefer stocks that we
The heavy
may not have any really active bond market in the recovery period following in productivecontinuous line in the diagram shows the monthly fluctuations
activity in this country during the past 12 years. It is based
this depression.
on 43 different series of monthly records, which have been separately exIn the depression of 1903-04 bond prices reached their lowest levels before pressed as
percentages of their computed normal trends, and then combined
the worst of the business decline had developed. The volume of trading into one
single index. The dashed line represents the combination of 10
continued to decline for half a year after prices began their advance, and series for
wholesale distribution, and seven for retail distribution to consumthen moved up with great rapidity as business recovery was getting actively ers. Both
lines have been smoothed, and so adjusted that on the average
under way. The greatest volume of bond trading developed long after their
fluctuations above and below normal are equal one to the other.
bond prices had advanced to well above their depression levels.
By this adjustment the fluctuations of the distribution line have been.
In the panic of 1907 bond prices reached their low point well ahead of made equal
to those of the production line, although in terms of percentage
the worst of the business depression, and then advanced with a continually of
variation the changes in production during periods of prosperity and
increasing volume of trading for a year and a half. In that recovery the depression
are always greater than those of distribution. This adjustment
peak of the volume of trading was recorded after bond prices had reached has been
made in order to show how production tends to fall off more
their top. In the great depression of 1921 the sustained advance in bond rapidly
than distribution in times of business decline, and to advance
prices and in the volume of trading came after business recovery was well more
promptly during business recovery.
Leader way,and again trading was greatest when prices were near their highs.
The diagram clearly illustrates this
characteristic tendency in the deIt seems not improbable that the precedents of these earlier periods indi- pression of
cate fairly well what may reasonably be expected in the recovery following 1924. It 1921. It shows it less definitely for the short depression of
is once more evident in the mild slowing down of business in 1927.
the depression of 1930. Bond prices will probably continue to advance as and it is
becoming well defined in this depression of 1930. In 1921 the crossImproved conditions appear and develop. Banks,institutions, and individ- ing of
the two lines marked the early stages of real business
recovery.
ual investors will probably hurry to buy after they are sure that an advancing The tardy
crossing at the end of 1924 came after business recovery was well
price trend is well established, and long after really low prices have been left under
way. The one at the close of 1927 came coincidently with the upturn
behind. As this buying wave develops the volume of trading will increase, of
business.
and we shall once more have an odd-time active bond market, with most
In 1930 the two lines have definitely
crossed, and during recent months
of the purchasers getting in well up toward the top of the price advance.
that for production has advanced a little
from its low point, while distribution has continued its rapid decline. Their
Sales of Automobiles.
movements have been strikingly
The produetion of automobiles fell so low during July that probably similar to those they have made during the recoveries following previous
one would have to go back in the records for 10 years to find July output business depressions.
June was a slow business month, and July still
figures that were definitely smaller. Retail sales are also at a low ebb,
slower one, with produca
although the figures will probably not show for last month so striking a tion in many lines at such exceptionally low levels that it may well cause the
production
line to decline once more. Nevertheless, the evidence of the
contraction as did those for production. However that may prove,
it is already clear that almost all the records relating to the industry will diagram indicates that the bottom of this depression is being reached and
be distinctly below normal for 1930. This wit be so even if there is a real that processes making for recovery are gathering force. It seems highly
probable that by autumn these two lines will
improvement during the autumn.
again be moving upward,
In the diagram (we omit the diagram.-Ed.1 the highly irregular line in with production leading, and distribution following closely after.
the upper portion shows monthly during the past 12 years, the retail sales
of passenger automobiles in this country. The recurring peaks show how
sales mount in the spring, usually reaching their highest volume in April July Manufacturing Lowest in 33'2 Years-Electricity
or May, and fall in the winter to low points in December, January or
Consumed by 3,800 Plants Shows Industrial
February. The seasonal swings are so great that the volume of sales in the
Activity 18.5% Below July 1929.
spring is always more than twice that of the winter, and sometimes it is four
Declining to a point 19.7% below the computed normal
or five times as great.
Through the irregular line representing the actual monthly swings there for the month,
general manufacturing activity in the United
has been drawn a smooth curved line representing the computed long-term
trend. It was rising slowly in the earliest years of the period. It advanced States during July receded to the lowest level since Decemrapidly from 1921 to 1925, and since then it has been flattening out until ber 1926, according to figures compiled on electrical energy
now its advance is only gradual. The fact is that the American market for consumed
by more than 3,800 plants throughout the counpassenger cars is no longer a rapidly expanding one, even when times are
try, "Electrical World" reports.
much better than they are just now.
When the irregular line of the upper portion of the diagram has been
July operations were 18.5% under the same month last
corrected to eliminate the purely seasonal variations, and then expressed year and
12.6% below July 1928. General manufacturing
to show the percentages by which it rises above or falls below the curved
trend line, a result is produced which is shown in the black silhouette in the declined 9% from June, whereas a 1% drop is normal for
lower part of the diagram. The trend line is shown as the normal line, and this period. The average rate of general
manufacturing
the black surface indicates that sales of passenger cars fell far below normal for
the first seven months of 1930 was 12.7% under the
in 1921, in 1927, and in 1930, and rose well above in the intervening years
corresponding period last year.
and in 1920.
It Is interesting to note that the industry is apparently becoming progresEvery section of the country experienced a decline in
sively stabilized despite the fact that it still swings rapidly from prosperity
manufacturing during July as compared with June, and all
to depression and back again, and is also excessively seasonal in its activity.
The black silhouette shows fluctuations above and below normal that are but the Western States were operating on a plane materially
becoming progressively more moderate. The peaks of 1929 are only about under July 1929. The
greatest curtailment of manufac20% above normal, as contrasted with more than 40 in 1923 and over 50
in 1920, while the decline of 1930 is less than 20% below normal, as against turing operations as compared with last year is shown by
New England, with a decrease of 22.5%, followed by the
30% in 1927 and 401n 1921.
Iron and Steel.
North Central States, with a drop of 22.2%; Middle Atlantic
Operations in the iron and steel industry continued their long decline States, 14.6%,
and the Southern States, 7.2%. The Westduring the first half of July, but reached at least a temporary level of stabilization in the second half. At the close of the month steel mill operations ern States reported an increase of 1.2% over July last year,
were at about 57% of capacity, with the United States Steel Corp. running due largely to increased
operations in the food products
at 64%,and the independents at 52. At this time last year the Corporation
and timber products industries of the section.
was operating at more than 100%, and the independents at 92.
Only three industrial groups-Chemical products,including
The sustained demand for steel to construct new natural gas pipe lines
remains the one important bright spot in the iron and steel situation. Tak- oil refining,
leather products and shipbuilding-reported
ings by the automobile industry have fallen during July to an exceptionally
low volume, and demands from the construction industry, and from mis- operations over those of June. Increases as compared with
cellaneous manufacturing, have been light. Railroads bought new equip- July last year were recorded by chemical
products, including
ment heavily during the first quarter, but they have now sharply curtailed oil refining,
food products,leather products and shipbuilding.
their purchases. The course of iron and steel prices is still a matter of serious
concern to the industry, for they have continued their downward trend: The greatest decline in activity as compared with this time
Gasoline Consumption Still Increasing.
In each month so far this year the consumption of gasoline has run well
ahead of that of the corresponding month of last year and of previous years.
Of course by far the greater part of this gasoline is being consumed in the
motors of automobiles, and the clear evidence of the figures is that people
are running their machines as freely as ever, even although they are economizing in buying new cars and new tires, and indeed, in many other sorts
of purchases.
In the diagram the six slanting lines represent the number of millions of
barrels of gasoline consumed in this country in each of the first six months
of the year during the period since the beginning of 1924. The upward
slant of the lines represents the steady growth in gasoline consumption
during the past seven years. The average use is now well over a million
barrels a day, Sundays included.
It is to be noted that the general advance in the linos from 1929 to 1930
is about the same as that between any two previous years. In point of fact
the figures indicate that the increase in gasoline consumption in the first
half of 1930, over that of 1929, was a little greater than the average advance
from one year to the nest in those data of semi-annual consumption during
this seven year period. The consumption data for this past June are as yet
only preliminary, but are probably nearly correct.
Probably it would require a much prolonged and more severe depression
than this one to cause any serious curtailment in our use of gasoline in automobiles. Nevertheless, it is a bit astonishing to discover that there has not
only been no decrease this year, but that there has actually been no slackening in the rate of increase. Clearly more people are riding more miles in
more automobiles this year than ever before.
last year is recorded by the automobile industry, including
the manufacture of parts and accessories, with a drop of
46%. The ferrous and non-ferrous metal working industry
follows with a decrease of 34.0%; textiles, 29.7%;stone, clay
and glass, 28.4%; rubber, 24.1%, and rolling mills and steel
plants, 24%.
HOW CURRENT MANUFACTURING COMPARES
WITH THAT OF OTHER
PERIODS (NATION AS A WHOLE).
Industrial Group.
July 1930 Jtdy 1930 lot 7 Mos.o
and
and
1930 and lit
June 1930. July 1929. 7 Mos.of'29
All industry
-9.0
Chemical products (incl. oil relining)
+1.4
Food products
-4.3
Steel Plants
-4.8
Metal working
-10.0
Leather products
+0.5
Lumber products
-6.8
Paper and pulp
-14.4
Rubber products
-1.0
Shipbuilding
+4.5
Stone, clay and glass
-18.8
Textiles
Automobiles (including parts and accessories) -16.4
-26.8
-18.5
+10.7
+7.2
-24.0
-34.0
+18.7
-3.1
-2.0
-24.1
+8.5
--28.4
--23.7
-46.0
-12.7
+6.2
+6.9
-16.4
-18.5
-5.6
-8.9
+0.5
-11.7
+9.1
-17.4
-22.0
-33.8
The rate of manufacturing activity in July, compared with
June 1930 and July 1929, all figures adjusted to 26 working
1015
FINANCIAL CHRONICLE
Aua. 16 1930.]
days and based on consumption of electrical energy as reported to "Electrical World" (monthly average 1923-25
equals 100), follows:
UNITED STATES.
July 1930. June 1930.
Industrial Group.
All industry
Chemical products (including oil refining) _
Food products
Metal Industries group
Rolling mills and steel plants
Metal working plants
Leather products
Forest products
Paper and pulp
Rubber products
Shipbuilding
Stone, clay and glass
Textiles
Automobiles (including parts and accessories)
SectionsNew England
Middle Atlantic
North Central
Southern
Western
July 1929.
105.1
140.6
139.2
100.5
109.7
95.1
97.3
100.0
119.9
103.8
116.8
110.8
79.7
75.3
115.5
138.6
145.4
110.0
115.2
106.8
96.3
107.3
137.5
104.8
111.8
136.5
95.3
*102.9
129.0
127.0
129.9
144.2
144.4
144.0
82.0
103.2
122.3
136.7
107.7
154.7
113.4
139.5
87.9
102.9
109.9
106.5
131.0
94.2
111.8
116.9
119.5
*135.0
113.4
120.5
141.3
114.7
129.4
* Revised.
Chain Store Sales for July Show Decrease-Sales for
Seven Months Show an Increase of 2.58%.
According to a tabulation released by Merrill, Lynch &
Co., 45 chain store companies reporting their results for
the first seven months of 1930, show aggregate sales of
$1,316,024,289, against $1,282,884,857 for the corresponding
period of 1929, an increase of 2.58%. Aggregate sales
of these companies for the month of July totaled $178,030,516 as compared with $187,397,218 for July 1929, a
decrease of 4.99%.
Month of July-Inc.
1929.
%•
25,986,995 30,528,086 :14.9
18,668,623 19,808,343x5.7
20,737,421 22,521.309 x7.9
18,193,527 18,971,315 x4.1
13,602,419 14,566,471 x6.6
10,882,426 11,686,639 x6.8
1930.
Sears, Roebuck a
Monts. Ward___
F. W. Woolworth
Safeway Stores__
J. C.Penney- _
5.S.Kresge CoFirst National
Sts.(4 weeks). 8,351,650
National Tea Co_ 6,582,288
B.H.Kress & Co. 5,060,990
W.'I'. Grant.- 4,817,776
4,327,276
Walgreen
McCrory Stores. 3,122,217
Daniel Reeves_ __ 2,698,438
Nat.Bellas Hess_ 2,412,454
J. J. Newberry__ 2,312,406
Melvile Shoe_b_ 2,296,821
F. & W. Grand2,266,659
Silver
2,010,150
Childs
Lerner Stores _ _ 2,050,062
9chulte-United_ _ 2,008,985
McLelkin Stores_ 1,905,996
West'n Auto Sup. 1,455,346
Peoples Drug__ _ 1,372,170
G.C. Murphy Co 1,319,447
1,255,747
Diamond Shoe
Metropolitan
Chain Stores-1,257,914
G. R. Kinney... 1.276,348
WaldorfSystem. 1,250,239
Nelsner Bros. - 1,245,027
Jewel Tea_d___ - 1,207,130
Lane Bryant_e_ - 1,161,457
722,410
Schiff Co
641,708
Amer. Dept. SPL.
479,093
Exchange B uffet
Blektords,Inc._ 468,052
Winn & Lovett
415,392
Grocery
345,890
Nat. Shirt Shops
315,785
Fedl Bake Shops
309,142
Kline Bros. Co _ _
299,119
Sally Frocks_
B-G Sandwich
233,481
Shops
271,863
Edison Bros. Sts.
109,066
Morison El. Sup
197,274
M.H.Fishman_ _
85,857
Kaybee Stores_
8,041,121
6,999,631
5,094,696
4,523,745
4,012,175
3,299,523
2,733,615
3,271,106
2,166,658
1,866,823
Seven Months Ended July 311930.
1929.
Inc.
%•
198,263,008 208,715,579 15.0
148,853,726 142,615,883
4.3
152,057,254 158,331,181 13.9
128,830,843 120,761,550
6.6
100,059,648 97,642,705
2.4
78,340,038 79,331,098 11.2
3.86 63,998,664
x5.97 49,696,617
x0.6
35,375,674
6.4
34,825,184
7.8
30,266,462
x5.4
22,532,319
x1.2
20,901,142
26.2
20,692,899
6.72 14,510,792
22.0 f16,796,304
53,635,340
52,014,675
33,867,345
31,395,337
25,023,267
22,325,272
20,222,296
28,638.770
12,878,439
14,479,720
19.3
x4.4
4.5
10.9
20.9
0.9
3.3
x27.7
12.6
2.1
15,932,498
15,631,308
13,347.325
13,810,356
11,502,612
7,825,184
9,583,549
8,420,461
10,696,869
14,599.053
15,932,113
9,446,023
7,525,399
10,728,172
8,312,963
8,423,798
7,604,767
9,085 384
9.1
11.9
41.3
83.5
7.2
x5.8
13.7
10.7
14.4
8,415,291
1,347,388 x6.6
1,506,740 :15.2
10,090,078
9,259,511
1,259,934 x0.7
8,177,278
1,151,966 8.0
e8,549,110
1,395,288 x13.4
925,113 25.5 610,100,650
5,417,666
5.3
685,470
5,431,524
733,253 x12.5
3,852,894
511,751 x6.38
3,335,932
423,370 10.5
8,134,198
11,067,816
9,146,135
6,890,826
9,013,418
9,201,455
4,456,145
5,668,108
3,785,632
3,006,716
3.4
x8.8
1.2
18.6
15.1
10.9
21.5
13.1
1.7
10.9
2,284,153 10.7
2,306,182 z11.1
1,537,911 33.3
1,438,672 39.6
1,728,055 10.3
1,688,648 :13.8
4.8
1,309,202
1,148,439 14.8
2.08
1,200,699
467,853 x11.8
388,430 x10.9
343,393 18.04
370,638 :16.5
262,492 13.9
231,395 0.89
251,586 8.0
155,151 :29.7
171,356 15.1
81,334
5.5
3,302,480
2,360,496
2,575,433
2,347,087
2,754,061
1,960,618
2,538,804
1.087.768
1,022,425
934,447
3.590,149 x8.0
2,217,689
6.4
2,537,910
1.4
2,363,937 :10.7
1,970,462 39.7
Groups and Sub-Groups.
All commodities
Farm Products
Grains
Livestock and poultry
Other farm products
Foods
Butter, cheese, and milk
Meats
Other foods
Hides and leather products
Hides and skins
Leather
Boots and shoes
Other leather products
Textile products
Cotton goods
Bilk and rayon
Woolen and worsted goods
Other textile products
Fuel and lighting materials
Anthracite coaL
Bituminous coal
Coke
Gas
Petroleum products
Metals and metal products
Iron and steel
Non-ferrous metals
Agricultural implements
Automobiles
Other metal products
Building materials
Lumber
Brick
Cement
Structural steel
Paint materials
Other building materials
Chemicals and drugs
Chemicals
Drugs and pharmaceuticals
Fertilizer materials
Mixed fertilizers
House-furnishing goods
Furniture
Furnishings
Miscellaneous
Cattle feed
•
Paper and pull)
Rubber
Automobile tires
Other miscellaneous
Raw materials
Semi-manufactured articles_ _ _.
Finished products
Non-agricultural commodities_ _
All commodities, less farm products and foods
July
1929.
June
1930.
July
1930.
98.0
107.6
102.2
114.9
104.5
102.8
103.4
116.7
94.0
109.2
114.5
112.1
106.1
105.8
92.8
98.7
78.6
97.2
79.9
82.0
89.1
89.9
84.7
94.6
73.3
105.0
97.9
105.1
98.3
112.2
98.5
96.7
94.0
89,1
94.6
99.6
90.7
105.7
93.4
99.1
69.8
90.7
97.3
97.2
96.7
97.5
81.3
120.5
88.2
43.9
55.3
109.0
99.1
96.0
97.8
95.5
86.8
88.9
78.7
88.5
92.7
90.3
90.4
99.9
85.1
102.4
99.0
102.9
103.0
105.1
82.2
89.3
64.3
88.6
69.0
76.4
85.8
88.2
84.0
99.7
63.6
95.4
91.7
78.1
95.0
105.5
98.4
90.0
85.3
83.0
91.7
86.8
88.7
99.6
88.9
93.8
67.9
85.3
94.1
98.2
96.5
95.0
74.5
102.0
85.2
25.9
52.2
103.3
84.8
82.0
88.9
86.3
84.0
83.1
74.1
81.8
86.9
86.3
92.0
91.8
80.7
100.7
94.0
100.1
102.9
105.2
80.0
87.4
60.4
88.0
65.5
75.4
86.5
88.8
84.0
92.9
8.5.7
Purchasing
Power of
the Dollar,
July 1930.
61.0
94.3
90.7
73.5
94.9
105.5
98.4
88.9
83.3
82.9
91.7
84.3
87.1
99.4
87.8
92.5
67.3
84.3
93.1
96.2
96.5
95.8
71.7
94.8
88.8
23.6
52.0
97.2
81.1
79.7
86.7
84.4
81.190
1.203
1.350
1.222
1.151
1.159
1.087
1.089
1.239
0.993
1.064
0.999
0.972
0.951
1.250
1.144
1.656
1.136
1.527
1.326
1.156
1.126
1.190
_
1.60
.
1.060
1.103
1.361
1.054
0.948
1.016
1.125
1.200
1.206
1.091
1.186
1.148
1.006
1.139
1.081
1.486
1.186
1.074
1.040
1.036
1.044
1.395
1.055
1.193
4.237
1.923
1.029
1.233
1.255
1.153
1.185
84.3
1.186
Data not yet available.
1,810,835 8.2
2,003,149 26.7
952,652 14.1
824,428 24.0
707,068 32.2
178,030,516 187,397,218 x4.99% 1316024,289 1282884,857
2.58
a Four weeks ended July 16. b July 1930 figure includes sales of Traveler
Shoe Co. c July 1930 figure includes sales of Coward Shoe Co. d Four weeks
to July 12. e 28 weeks to July 12. f Traveler Shoe sales for four months included. g Coward Shoe sales for three months included. x Decrease.
Wholesale Prices in July 1930, According to United
States Department of Labor, Bureau of Labor
Statistics.
The wholesale price index number of the Bureau of Labor
Statistics of the United States Department of Labor is here
presented. Of the 550 commodities or price series for which
comparable information for June and July was collected,
increases were shown in 57 instances and decreases in 236
instances. In 257 instances no change in price was reported.
This index stands at 84.0 for July, compared with 86.8 for
Arne. This is on the basis of the average for 1926 equalling
100.0. Based upon these figures the purchasing power of
the 1926 dollar represented $1.19 in July 1930. Details
follow:
perm products decreased in price, with declines in oats, wheat, beef
cattle, hogs, sheep and lambs, cotton, and potatoes. The decrease in
June level was 6%%. Somewhat higher
the group as a whole from the
prices were recorded for corn and hay.
Foods declined over 4;i% from the June average, fresh and cured
meats, coffee, flour, lard, and canned fruits sharing in the decrease.
Hides and leather products were somewhat lower than in June, with
hides and skins showing an appreciable drop and leather a minor decline.
Practically no change was reported for boots and shoes and other leather
products.
Textile products were downward, with cotton goods, silk and rayon,
woolen and worsted goods, and other textiles all participating in the decline.
In the group of fuel and lighting materials there were slight advances
In anthracite and bituminous coal, while petroleum products declined.
causing a small net decrease for the group.
Metals and metal products again averaged lower, with small declines
in most iron and steel products and larger declines in non-ferrous metals,
including aluminum, copper, lead, tin, and zinc.
Building materials continued to decline, lumber, structural steel, and
paint materials averaging lower than in June.
Prices of chemicals, drugs and pharmaceuticals, fertilizer materials, and
mixed fertilizers all were below those of the month before.
House furnishing goods showed no change in the price level while in
the group designated as miscellaneous there was a drop in prices of cattle
feed and a slight drop in prices of paper and pulp, rubber, automobile
tires, and lubricating and cylinder oil.
Decreases from June levels were shown for the three large groups of raw
materials, semi-manufactured articles, and finished products, while nonagricultural commodities and the group of all commodities other than
farm products and foods also declined.
INDEX NUMBERS OF WHOLESALE PRICES BY GROUPS AND SUBGROUPS OF COMMODITIES (1928=100.0).
The Department of Commerce's Weekly Statement of
Business Conditions in the United States.
According to the weekly statement of the Department of
)
,
Commerce, business activity during the week ended Aug.9
as seen from bank debits outside New York City, showed an
increase of 16% over the preceding week but was materially
lower than the corresponding period of last year. Wholesale prices as measured by Fisher's composite index registered a slight gain over a week ago, but as compared with
the week ending Aug. 10 1929 showed a decline of 15%.
Iron and steel prices remained at the same level of a week
ago and,like prices in general, were lower than a year ago.
Bank loans and discounts of Federal Reserve member
banks fell off from a week ago and were well below the level
of last year. Prices for representative stocks declined firom
the preceding period and as compared with a year ago were
considerably lower. Bond prices, on the other hand, were
higher than either prior period. Interest rates for call
money were higher than a week ago while time money rates
showed no change. Both rates were lower than the week
ended Aug. 10 1929. Business failures during the past week
were fewer than during the week ended Aug. 2 1930.
The production of petroleum and the value of contracts
awarded for new construction for the week ended Aug. 2
registered increases over the preceding week while thelpro-
1016
FINANCIAL CHRONICLE
EiroL. 131.
duction of lumber and bituminous coal declined. The activity of steel mills in the United States showed no change when
compared with the week ended July 26 1930.
Bank loans and discounts, bank debits and stock and bond
prices showed increases when compared with the week
ended Aug. 11 1928, two years ago.
Textiles continue to drop. Print cloth at 5 cents a Yard is regarded
by the trade as equivalent to a loss of 3 cents a pound on cotton purchased
by the mills. Sales are few even at this low price. According to the
Association of Cotton Textile Merchants of New York, production at
July was lower than sales. Sales were sharply lower than last July, but
production had been radically cut and in consequence stocks for the first
time this year were lower. Silk prices remain firm and have made some
WEEKLY BUSINESS INDICATORS.
(Weeks Ended Saturday. Average 1923-1003
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES.
1930.
Aug. Aug. July July
9.
26. 19.
2.
1929.
(1913=100)
1928.
Aug. 12 1930. Aug.5 1930. Aug. 13 1929.
Aug. Aug. Aug. Aug.
3.
10.
11. 4.
Steel operations
76.3 76.3 76.3 123.7 126.3
Bituminous coal production
____ 81.6 .82.9 81.3 98.2 095.9
Petroleum produc'n (daily avge.) ____ 120.7 119.5 120.0 139.0 139.7
Freight car loadings............ ____ _ ___ 91.9 96.8 113.8 115.2
a Lumber production
73.2 11.9 74.1 --- _ 102.2
Building retracts. 37 States
(daily average)
87.9 84.9 90.7 111.4 100.4
Wheat receipts
375.8 406.0 296.7 390.0 470.5
Cotton receipts
26.9 7.7 7.3 7.7 •29.1 23.1
Cattle receipts
58.9 66.8 84.8 69.6 78.8
Bog receipts
59.2 65.2 74.4 68.6 68.1
Price No.2 wheat
62.0 60.5 62.8 61.2 93.8 101.5
Price cotton middling
46.3 47.1 47.1 49.3 66.5 69.5
Price iron & steel composite
79.9 79.9 80.0 80.1 88.4 88.6
Copper, electrolytic price....... ____ 73.3 78.3 78.3 129.0 129.0
Fisher's index (1926=100)
83.1 82.9 83.3 83.4 97.6 98.6
Bank debits outside N.Y.City
116.6 100.8 110.7 122.1 144.3 137.4
Bank loans and discounts
135.3 135.6 134.8 135.3 136.4 136.5
Interest rates, call money
56.5 48.5 48.5 54.5 206.1 242.4
Business failures
111.1 115.0 125.3 111.1 106.9 100.5
Stock prices
2029. 206.8 207.1 207.4 288.7 290A
Bond Priem
107.5 107.2 106.9 106.7 103.5 103.8
Interest rates, time money
80.0 80.0 80.0 79.1 202.9 197.1
Federal reserve ratio
107.2 107.7 107.4 105.8 96.3 96.0
Relative to weekly average 1927-1929 for week shown • Revised.
advances.
99.0
02.4
114.7
108.9
____
95.0
89.9
115.4
109.4
.._ __
122.2 124.3
254.0 313.0
16.9 5.0
81.0 74.4
118.4 64.3
81.4 88.4
71.0 73.2
84.3 84.4
105.1 105.1
99.4 99.7
112.7 118.9
126.4 126.9
160.6 160.6
106.9 107.0
194.3 195.0
106.9 107.0
142.9 137.1
89.7 88.5
Farm products
Food products
Textile products
Fuels
Metals
Building materials
Chemicals
Miscellaneous
111.1
127.0
114.3
153.7
108.8
139.8
127.4
98.3
112.4
126.7
114.4
153.3
109.4
140.5
127.9
98.9
145.3
161.8
127.8
153.7
134.2
127.2
AU commodities
121.5
122.2
148.7
147.2
154.8
Orders for Electrical Goods.
New orders booked during the second quarter of 1930, as
reported to the Department of Commerce by 81 manufacturers of electrical goods, were $276,756,039, as compared
with $298,733,208 for the first quarter of 1930 and $340,863,112 for the second quarter of 1929. The following
totals of bookings for each quarter since the beginning of
1925 include motors, storage batteries, domestic appliances
and industrial equipment, and are presented, not as a complete statement of the industry, but as probably sufficiently
Department Store Sales in July 1930 Smaller Ac.. representative to indicate the trend:
cording to Federal Reserve Board.
ORDERS FOR ELECTRICAL GOODS.
Department store sales in July were 9% smaller than in Quay.
1925.
1926.
1930.
1929.
1927.
1928.
the corresponding month a year ago, according to preliminary
1st__ 227,767,511 255,917,883235,883,303 237,508,001 322,424,619 298,733,208
reports made to the Federal Reserve System by 519 stores 2d
_ _ 222,056.450240,855,953 229.353,332 245,520,801 340,863,112 276.756,039
3d -- 225,184,732233,873.171228,610,346 264,466,257 338,169,678
located in leading cities of all Federal Reserve districts. 4th._
237,225,521251,442,991232,877,671 282,226,449 288,696.415
Sales during the first seven months of this year were 5% Tota1912 234
214932 1130 00302a 724 aR1 1 020 721 am 1.200.153.824.
31
below the level of a year ago. The figures for the different
Reserve districts are as follows.
PERCENTAGE INCREASE OR DECREASE FROM A YEAR AGO.
Per Capita Production of Electricity in Canada
Largest in the World.
Jan. 1 to
No. of ReportFederal Reserve District.
July.*
July 31.•
tag Stores.
Canada now leads the world in the average per capita
Boston
-6
-2
100
production of electricity, according to Montreal advices to
New York
--3
+ 1
47
Philadelphia
-- 8
Pask
-6
& Walbridge, members of the New York Stock Ex39
Cleveland
-7
-10
36
Richmond
change, in connection with the recent announcement that
-5
-2
69
Atlanta
-12
-9
24
Canadian power projects now under development will
Chicago
-18
-11
57
St. Louts
-8
-13
21
necessitate the expenditure of more than $300,000,000
Minneapolis
-16
-8
17
Kansas City
within the next three years. The lead which Canadians
-7
-4
25
Dallas
-9
-8
19
San Francisco
have attained in adopting that which the electrical age has
-9
-4
65
to offer is shown in the statement that the average per capita
Total (519 stores)
-g
-5
519
production of electricity in the Dominion is 1,845 kilowatt
• July figures preliminary.
hours, against which the United States has a per capita
Shorter Hours to Aid Wisconsin Idle Urged by Gov. rate of 813 kwh., Germany 450 kwh. and Great Britain
330 kwh.
Kohler's Sub-Committees.
At present Canada ranks as the third largest producer
Shorter.hours to aid the jobless were recommended by
subcommittees of the Wisconsin State Citizens' Committee of electrical energy in the world, it is stated, with the United
on Unemployment in a statement made public at Madison, States first and Germany second. The investment in the
Wis., on Aug. 7, according to a dispatch to the New York electrical industry in Canada now amounts to about one
bidion dollars, that in the United States to eleven billion
"Times," which added:
Governor Kohler appointed the group. Among the recommendations dollars, that in Germany to 2.7 billion dollars and that
in Great Britain to 1.5 billion dollars.
were:
1. Maintain present wage scale wherever possible.
Undertakings now under development are expected to
2. Maintain full schedule by working shorter hours instead of
laying increase the Dominion's
off men.
electric production by more than
3. Eliminate all overtime, putting on extra help to take care of
extra 3,000,000 horsepower over its present developed horsework.
power of 5,727,600.
4. Do as
much repair work as possible.
In the belief that the great decline in building activities during 1929
and
1930 has been a factor among the causes of unemployment,
the subcommittee on public and private construction advocated that all citizens
and all industrial and business institutions do painting and repair
work
during the present summer and winter. Low 'prices should be encouragement to such work, the committee said.
Trend of Business in Hotels, July 1930.
According to Horwath & Horwath, hotel sales are still
scraping the bottom and July compared less favorably with
the same month last year than any previous month has.
Total sales reported were 11% lower than in last July; the
"Annalist" Weekly Index of Wholesale Commodity
poorest previous showing was in June, when the decrease
Prices.
was 9%. Room sales were 9% lower this July than last,
The "Annalist"in presenting its weekly index of wholesale and food sales were 13% lower, both decreases
also being
commodity prices says:
sharper than in any of the other months this year. The
In a mixed movement of prices, the "Annalist" weekly index of
whole- average percentage of room occupancy fell off four points
sale commodity prices declined this
week to 121.6 from 122.2 last week; and the
average sale per room was 2% lower. The only
and compares with 148.7, the index on the corresponding date
last year.
Six of the eight groups included
in the composite index are lower. With bright spot in the July results was found in the group
the exception of wheat,
the grains held the gains made last week, corn. "other cities,"
where the sales decreased only 9% from last
barley and rye making additional
advances. A sharp drop in beef prices,
year, whereas in May and June they declined 10 and 12%,
from $10.44 to $9.69 a
hundredweight, and further decline In cotton
account for the decline of the farm
products index In spite of grain ad- respectively. It is added:
vances. The food
products group advanced fractionally because of higher
prices of meats, butter and
potatoes. vegetables and fruits are lower.
Government crop reports made available
during the week indicate that,
with the exception of corn and hay, all
grain crops, and crops of tobacco,
potatoes, fruits and vegetables promise
to be larger this year than last
year. The cotton crop, though somewhat smaller, will
give a larger supply
because of the larger carryover, amounting to 1,200,000 bales.
Eighty-six per cent of the contributors had lower sales this July
than
last. Of the remainder, about three-fourths attribute their
increased sales
to conventions and special business secured through Increased
promotional
effort. Regular business-which now includes also tourist business
because
of the volume to which that has grown and the dependence of many
hotels
on it-was far below last year. The almost unanimous reasons
given for
the July decline were fewer conventions and tourists, unsatisfactory
local
AUG. 16 1930.]
FINANCIAL CHRONICLE
business conditions and the consequent reduction in the number of commercial travelers.
Rate cutting has become quite common. The wisdom of this is questionable, for there is nothing to indicate that the old rates would have
had any deterrent effect, once the trend started upward. Cutting rates
not only decreases present profits but handicaps the future, because it is
difficult to go back to the former prices after reductions have been made.
The fact that commodity prices are dropping affects hotel room costs
much less, proportionately, than it does the costs of most other necessities,
for the reason that at least half of the cost of a room consists of rent or its
equivalent, and is therefore fixed.
TREND OF BUSINESS IN HOTELS—JULY 1930.
(Transient and Residential)
The trend of the total hotel business Is not shown, but rather the increase or
decrease in the business of hotels already established at least two years.
1017
phase in a constantly changing world, and he declared that hard work
was the surest passport to success in any ambitious endeavor.
These views were expressed in an informal interview, one of the few such
that Mr. Ford ever has granted, following the address of his friend,
Thomas A. Edison
Edison, delivered to the 49 high school graduates assembled
here this week to
the examinations for the Thome A. Edison scholarship. Mr. Ford is one of the judges in the scholarship contest.
0 CV
.0 C
NOI,
DICCO
COCOMCC
Interviewed on His Birthday.
To-day 17as Mr. Ford's sixty-seventh birthday, and at the close of the
ceremonies of welcome to the "brightest" boys in the 48 States and the
District of Columbia, reporters found him sitting on a rail with Harvey
Firestone, tire manufacturer, within the great enclosure of the Edison
laboratories here. Mr. Ford was swinging his feet and chuckling as he
chatted. His face was unwrinkled except for the shrewd lines about his
lively eyes and his spare figure in a trim gray suit looked as fit as that
Sales—Percentage of
Average
P. C. of Inc. of a youth.
Increase or Decrease
Percentage
Analysts by Cities in
or Dec. in
While Mr. Edison stood a few feet away joking with the talking picture
is Comparison
of Room
which
Aver. Sale
operators, reporters assembled around Mr. Ford and drew him into a diswith July 1929.
Occupancy.
Hortotah Ob Horwath
PerOcc.Room
Offices Ars
in Comparra cussion which ranged from unemployment to the teaching of history in
Total. Rooms. Restaur't July '30. July '29. with July '29 our schools; from communism to the place of art in industry. Mr. Ford
Torw..4
was in high good humor and was willing to talk on any subject. Often
—12
—10
—13
57
New York City
—2
he responded to a question by putting a question of his own, so that much
—11
—9
—14
74
Chicago
--3
—17
—15
—19
Philadelphia
43
--I
of the time Mr. Ford was interviewing the reporters as much as they were
—14
—12
—16
Washington
36
--5
interviewing him.
—12
—8
—16
Cleveland
69
--3
There was a suspicion, too, that the automobile manufacturer was enjoy--15
--13
--17
Detroit
65
—2
Los Angeles (including an occasional quiet jest, as when he remarked unsmilingly that he
ing other Sou. Cal.
believed a great industry could be developed in standardized drinking
—10
—9
—11
cities & San Fran
52
--3
water.
All other cities re—9
—8
—11
He was asked what field of industry offered an opportunity for a young
porting
65
—3
man of to-day to duplicate the gigantic success which he had attained in
—9
—11
—13
Total
59
63
--2
automobile manufacturing.
"There is a field," Mr. Ford replied. "I made a note about it yesterday.
There is a great field in the manufacture and distribution of some kind
Trend of Agricultural Wages in the United States.
of pure water which everybody would like. I've been around the country,
The trend of agricultural monthly wages in this country and you know some places have very poor water. New York water
from 1914 to 1920 closely paralleled that of average weekly would be good.
"Some people like booze. Now there might be some kind of water which
earnings in manufacturing industries, but in the depression would
be good for them and at the same time would have a kick. If a
of 1920-1922 wages of farm labor declined to a much greater good, pure water could be developed to sell at a fair price, there would be
extent than those of wage earners in manufacturing, and the a great market for it."
Ford disclosed that he does not believe that the present system
gain since 1922 has been much less for agricultural workers is Mr.
perfect and that things should remain as they are. Instead, he said
than for those engaged in manufacturing, according to an that change was the very essence of life. Even the change which the
analysis of wages in the United States recently completed stock market crash embodied was not altogether evil, because of the
it gave.
by the National Industrial Conference Board, 247 Park experience
"It took a long time for people to get interested in stock jobbing, for
Ave., New York.
the market to get where it did and for the market to crash," said the
Thus, at the peak in 1920, the average farm wages were manufacturer. "It was a change, I think it was more a good thing
really matter whether the stock market
135% above 1914. The depression of 1921 brought them than a bad thing. It doesnit
up or down. It's change—experience. The only permanent thing
down very sharply to 47% above 1914. But in 1929 farm goes
in the world is change. The object of life is to have experience and
wages stood at only 67% over 1914, while the weekly earn- develop character, rather than to acquire money. The only thing you can
ings of wage earners in manufacturing were 125% above 1914. get out of life is experience."
Lays Unemployment to Jobless.
By reason of many conditions peculiar to wage earners in
There is a continuing problem of unemployment, Mr. Ford conceded,
agriculture it has been difficult to arrive at any very clear
though he felt that much unemployment was the fault of the unemcomparison between the earnings of agricultural workers and even
ployed.
earners
-in
other
pursuits. The relation bethose of wage
"Many people are too busy to be unemployed," he said.
He was asked if he did not think that those who were unemployed
tween the farmer and his hired worker is closer than that
no fault of their own had a right to live.
found in most manufacturing establishments. The farmer's through
"Lots of people are looking for Santa Claus," he countered. "They
hired hand shares the family life to a greater or lesser extent expect somebody to do something for them. There are more people who
and hence receives a part of his compensation in this way. won't try to do anything than there are who don't know what to do.
"Maybe the system needs changing. The system is such that the
Even when no board is given to farm laborers, they enjoy bankers
have too much control over industry. When we started our busiother privileges not given to industrial workers.
ness we kept clear of the bankers, and we have kept clear ever since."
In order to ascertain the value of these privileges or perMr. Ford was asked for a solution of business difficulties.
"The solution," he said, "is new industrial leaders who will sense what
quisities, as they are known, two nation-wide studies were
the people need and give it to them cheaply. What are the needs? In
made by the United States Department of Agriculture, one my particular case, motor cars. I am in the business of making autoother
relating to the casual and the
to non-casual farm mobiles because I believe I can do more good that way than any other.
For instance, only about one family in
workers. These studies revealed that the remuneration of And there are many other needs.
ten has a bath tub. They should be made cheaper, so that everybody
the non-casual farm worker is composed of 60% In cash could
have them."
and 40% in perquisities, and that of the casual worker, of
Mr. Ford told of the efforts his own plants make to provide year-round
plant at Dearborn is now in
77% in cash and 23% in perquisities. It proved a difficult employment and in so doing disclosed that his during
which minor factory
the final week of a three-weeks' shut-down
matter to assign a cash value to these perquisites. However, changes
and repairs are being made, while the workers have a Summer
a table has been included in the Conference Board study vacation. He added, with a smile, that even with the shut-down 80,000
showing the wage rates of farm labor per day and per month, men are working in the plant.
Limas Summer for Shut-Downs.
with and without board. Monthly wages are also computed
"Any shut-downs should be right in the middle of Summer,' he said.
as indexes to afford a ready comparison since 1914.
is the time for vacations in the United States. Then the
It is also noted by the Conference Board report that farm "The Summer
can put up a tent in a corner and live or go touring in their car.
wages vary decidedly according to season; they are lowest people
"One trouble with business is that many times people starting in it try
In January and generally rise until the highest point is to get ahead too fast. They overreach themselves and fail and that
throws people out of work. Most everybody wants to work. That is one
reached in the Fall.
of our healthiest signs. Lots of people are wondering and when they
wonder they begin to think, and eventually they think right. Everything
including our character. The United States as it
Henry Ford Defends Life in Industrial Age—On 67th has got to 'evolute,'
today was brought about by many people thinking and working."
Birthday Says Machine Era Will Develop Culture— stands
Mr. Ford said he believed that our schools could be greatly improved.
Belittles Trade Slump—Thomas A. Edison, Wel"They do not teach enough things and not enough about each thing,"
about more things. They're particularly
coming 49 Youths for Test, Says Depression Is he said. "They should teach more
bad on history. One reason I've always been opposed to history is that
Psychological.
Largely
history is always used on war, and then they don't get one word of it
Henry Ford on July 30 defended modern Industrial civil- right."
Calla Over-Production a Misnomer.
ization against the charge that it cramps the individual.
The conversation turned back to industry, and Mr. Ford declared emInstead, he declared, it gives man a wider scope for devel- phatically that there is no such thing as over-production of any commodity.
opment than he ever has had before. Mr. Ford is reported
"If goods don't sell," he said, "it's because they are not any good or
too high-priced."
to the foregoing effect by a staff correspondent of the New areMr.
Firestone interposed to say that the demand for automobile tires •
,York "Times," who, in an account from West Orange, N. J., exceeded the production.
"What an improvement there has been in tires," exclaimed Mr. Ford.
where Mr. Ford was interviewed on July 30, indicated his
"A few years ago they would last only 4,000 Or 5,000 miles. Now they
further observations as follows:
last 60,000 and 80,000 miles."
He intimated further that the present business depression was of minor
"I always like to get with Ford," said Mr. Firestone, "he's such an
moment in the onward sweep of industry, describing it as an inevitable optimist."
1018
FINANCIAL CHRONICLE
[Vol,. 131.
"How about the over-production of wheat?" asked an interviewer.
New England.
"We've got to find new uses for wheat," said Mr. Ford. "We are exThe higher business mortality in New England during the second quarter
perimenting now up at Dearborn trying to find new uses for wheat,
barley and various other things. The boys at the Edison Institute there of this year is reflected in a rise of 98 in the number of commercial failures
have built a still for this experimenting. They got it going last Sunday and of $6,600,000 in the liabilities over the totals for the corresponding
period of 1929. Thus, defaults in this geographical section
night and the first thing they did was burn it up."
in the three
months recently ended numbered 725 for $18,832,790 of indebtedness, comThen Mr. Ford was led into a discussion of the machine age.
"Industry itself is a part of culture," he said. "The fact that a man pared with 627 insolvencies involving $12,213,998 in the second quarter of
knows a lot about industry does not prevent his using good grammar, last year. Aside from Rhode Island, where a reduction of 13 failures
standing straight and appearing well. Every industry takes in almost every occurred, there were numerical increases in each of the States in this group,
art. We need beauty in everything, and culture should be a thing of prac- ranging from six in New Hampshire to 54 in Connecticut. Rhode Island
tise, not something apart. Every article should be a thing of beauty, also made a favorable showing in respect of the liabilities, with a decrease
of about $105,000, and there was a contraction
well made and well thought out, and then there will be a market for it.
of a smaller amount in New
Hampshire, but the other States reported expansion. The most unsatisSees Opportunity for Worker.
factory exhibit was made by Massachusetts,
where the indebtedness rose
"As to the effect of modern industry there never was a better chance fully $5,800,000.
for the individual worker. Modern industry calls for more scientific
labor than ever before. More machines are needed to build more maNumber
Liabilities.
chines. These machines must be designed and built, and that is developing
Section.
1930.
1928.
1929.
1930.
a high class of labor which is very well paid. The day of individual
success is not over. There are a thousand chances where there was one Maine
34
$485,432
26
47
New
Hampshire
in my day."
19
176,120
21
13
Vermont
21
492,627
8
18
The conversation veered into literature when some one asked Mr. Ford Massachusetts
443
413
14,864,713
364
Connecticut
for the title of his favorite fiction work.
153
2,420,215
99
126
Rhode Island
"Maud Muller," he responded.
55
68
393,683
63
"That's poetry," he was corrected.
Total
725
518,832,790
627
639
"It's fiction, too? Isn't it?" Mr. Ford countered.
1929
627
12,213,998
"I read poetry," he went on, "and I enjoy it if it says anything, but so
Middle Atlantic.
often it doesn't say anything."
The sharply increased business mortality
The interview was jerked back into sociology by a question about what
in the three Middle Atlantic
Mr. Ford thought of the Congressional committee's investigation of Com- States during the second quarter of this year is reflected in commercial
failures
numbering 1,765, with liabilities of $55,111,238. Those totals
munist activities in the United States.
snake rather a striking contrast
Mr. Ford laughed and slapped his knee.
with the 1,449 defaults, involving $32,"Gosh," he exclaimed. "Their last investigation was at our plant. The 786,784, for the corresponding period of 1929, the numerical rise being 316
committee went away with the idea that we were treating the Communists and the expansion in the indebtedness more than $22,000,000. In each
instance, more insolvencies occurred
so well that there was no danger of our having any trouble with them."
in individual States, with an increase
of 172 in New York, 76 in
"Perhaps that's the solution of the problem," it was suggested.
Pennsylvania, and 68 in New Jersey. Similarly,
the
liabilities were higher in every case, being larger by $14,600,000 in
"You're right," exclaimed Mr. Ford. "I'm not worried about this
country er about the world. If communism ever gets into a country and New York State, by $5,300,000 in New Jersey, and by $2,400,000 in
Pennsylvania.
raises ned with it, it's because that country needs it."
The interview closed with a humorous denial by Mr. Ford that he intended to retire.
Number.
"I start to retire every morning," he said, "but I am over it by night,
Section.
1930.
1929.
1930.
1928.
and that will continue indefinitely."
Mr. Ford would not discuss his birthday plans and implied that there New York
$33,171,027
845
1,017
796
was no celebration. Mrs. Ford accompanied him from Detroit, but stayed New Jersey
12,439,241
344
276
198
Pennsylvania
9,500,970
404
328
326
In New York. They will return to Detroit on Friday.
Total
$55,111,238
1,449
1,320
1,765
1929
32.788,764
1.449
Dun's Geographical Record of Failures for the Second
Quarter.
Supplementing Dun's report of failures for June and the
half year, published in our issue of July 12, page 183, we
give herewith Dun's geographical report of failures for the
second quarter of the present year:
South Allanfin.
The insolvency record for the
South Atlantic section for the second quarter
of this year is favorable as
regards the number of commercial failures, but
adverse in respect of the liabilities.
Thus, defaults numbering 534 in the
three months recently ended
were 49 below the total for the corresponding
period of 1929, whereas the
indebtedness increased to $16,825,823, from
$11,100,846 in the earlier year. Only three
of the nine States included in
this geographical group
had a larger number of insolvencies, these being
Maryland, Delaware and Virginia,
and the increases were small. On the
other hand, decreases
occurred in District of Columbia, West Virginia, the
two Carolinas, Georgia,
and Florida. In contrast to the numerical exhibit,
Delaware and District of Columbia alone reported reduced liabilities, while a
particularly sharp expansion was recorded
in West Virginia.
0,
....loAentnc01:007
ba00000,000
The geographical record of commercial failures in the United States for
the second quarter of this year discloses some unusually wide changes, particularly in respect of the liabilities. Data previously issued by It. G. Dun &
Co. showed 6,403 defaults, exclusive of banking and other fiduciary suspensions, during the three months recently ended, with an indebtedness of
$167,731,532. Those totals contrasted sharply with the 5,685 failures in
the second quarter of 1029, involving $107,860,328, and the number was
Number.
unprecedented for the period. This also was true of the liabilities.
Liabuities.
The number of commercial failures in the United States, the amount of
&Won.
1930.
1928.
1029.
1930.
assets reported, and the amount of liabilities, for the second quarter, are Maryland
$2,096,567
106
88
90
shown below for 16 years:
Delaware
47,846
5
7
7
District of Columbia
34
328,887
23
26
Virginia
70
1,582,784
81
58
Year.
Number.
Assets.
West Virginia
LlabUflies,
70
4,657,110
77
57
North Carolina
52
102
3,272,962
92
1930
$111,419,781
6.403
$167,731,532 South Carolina
17
32
812,317
24
1929
47,093.883
5,685
Georgia
107,860,328
92
99
96
1,903,765
1028
49,838,461
5,773
103,929,208 Florida
83
138
59
1,043,585
1927
5,653
52.751,718
125,405,665
1926
46,183,228
5,395
Total
101,438,162
583
573
534
$16,625,823
1925
5,451
66,112,247
1929
110,916,670
1924
11,100,846
583
72,749,574
5,130
119,594,388
1923
80,690,020
4,408
121,192,404
1922
South Central.
96,691,906
5,867
155,703,973
The decidedly higher
1921
86,017,791
4,163
130,273,615
commercial mortality in the South Central division
1920
40,305,822
1.725
57,041,377 during the second quarter of this year is reflected in the 652 failures, with
1919
18,422,072
1,559
32,889,834
liabilities
of $18,517,979. Those totals are markedly above the 528
1918
22,720,014
2.589
38,013,262
1917
24,729,452
3,551
42,414,257 defaults, involving $7,109,979, in the same three months of 1929.
1916
27,134,050
4,108
Numerical expansion occurred in
49,748,675
every instance, although the change in
1915
51,028,868
5,524
82.884,200 Tennessee was
insignificant; elsewhere, the increases ranged from seven in
When the geographical analysis is made, it is found that numerical reduc- Arkansas to 32 in Alabama. In point
of liabilities, Mississippi alone made
tions occurred in three of the eight separate groups of States, these being a favorable showing, with a decrease
of about $80,000. In the other States
the South Atlantis, the Central Western, and the Pacific Coast divisions. included in this group, the striking
feature was a rise of more than
Thus, there was a decrease of 8.4% in the South Atlantic States, 3.8% in $8,400,000 in the amount for Texas,
while Alabama's indebtedness was up
the Central West, and 2.9% on the Pacific Coast. Conversely, there was $1,600,000.
an increase of 15.6% in New England, 21.8% in the Middle Atlantic section,
24.0% in the South Central States, 21.6% in the Central East, and 20.5%
Number.
in the Western group.
Liabilities
Section.
1930.
1929.
Without exception, the geographical record of liabilities for the second
1928.
1930.
quarter of this year is adverse, expansion occurring in every division. The
Kentucky
$925,830
39
59
smallest rise was one of 15.2% in the Central East, and the Pacific Coast Tennessee
1,188,016
59
73
Alabama
had a total higher by 17.3% than in the corresponding period of 1929. Mississippi
2,336,164
67
51
678,489
39
40
Elsewhere, the increases ranged from 49.8% in the South Atlantic States Arkansas
648,031
92
52
Oklahoma
to 160.4% in the South Central division.
128
1,345,302
90
Louisiana
738,932
33
26
Texas
• 116
133
10,657,215
Number.
Liabilities.
Total
652
571
526
$18,517,979
1929
Section.
1929.
1930.
1930.
1928.
526
7.109.979
New England
639
725
$18.832,790
627
Middle Atlantic
1,449
55.111,238 West Coast
1.320
1,765
South Atlantic
Lumbermen's Association Weekly Report.
16.625.823
534
573
583
South Central
652
571
528
18.517,979
Central East
According to the West Coast Lumbermen's Association,
1.331
1,107
1,095
29.439,408
Central West
482
543
500
12,471,270 reports from 227 mills
Western
show that a total of 125,252,298 feet
182
169
151
5,503.817
Pacific
732
851
754
11.229.198 of lumber were produced, 141,314,690 feet ordered and
United States
6.403
5,773
5,685
$187,731,532 146,579,727 feet shipped during the week ended Aug. 2
1929
5,685
107,860.328 1930. The
Association's statement follows:
SHIPMENTS.
WEEKLY REPORT OF PRODUCTION. ORDERS AND
227 mills report for week ended.:1Aug. 2 1930.
(All mills reporting production, orders and shipments.)
125,252,298 feet (100%)
Production
141,314,690 feet (12.82% over production)
Orders
146,519,727 feet (17.03% over production)
Shipments
PRODUCTION AND WEEKLY
COMPARISON OF CURRENT AND PAST
OPERATING CAPACITY 349 IDENTICAL MILLS.
(All mills reporting production for 1929 and 1930 to date.)
145,079,331 feet
Actual production week ended Aug. 2 1930
176,094,634 feet
1930
Average weekly production, 31 weeks ended Aug.2
feet
208,358,979
Average weekly production during 1929
215,592,059 feet
Years
last
three
Production
Average weekly
feet
301,912,559
I Weekly operating capacity
hourly production for the twelve
x Weekly operating capacity is based on average
week.
per
hours
operating
of
number
normal
the
last months preceding mill check and
IDENTICAL MILLS-1930.
WEEKLY COMPARISON (IN FEET) FOR 224
and shipments are complete
(All mills whose reports of production, orders
weeks.)
for the last four
July 12.
July 19.
July 26.
Aug. 2.
Week Ended
129,865,164 122,237.980 115,587,059
124,837,351
Production
103,843,971
143,741,378
129,425,573
141,058.650
Orders (100%)
44,087,527
45,255,704
42,666,760
42.962,960
Rail(30%)
34,135.834
52,201.564
51,209,651
Domestic cargo (42%)_ - - - 58,961,622
14,174,124
29,079,563
25,481,545
23,894.359
Export (17%)
11,446.486
17,204,547
10.067,617
15,239,709
(11%)
Local
118.677,941
144.093,107
131,216,255
146,314,327
shipments (100%)
43,820,407
49.048,429
48,558,311
46,522,434
Rail (32%)
40,504,886
40,538,853 45,116,255
Domestic cargo (36%)- - - - 53,343,930
22.906,162
32,723,876
31,208.25432,051,474
Export (21%)
11,446,486
17,204,547
10,067,617
15,239,709
Local (11%)
411.433,106
400,464,252
394,447.083
385,448,162
(100%)
Unfilled orders
101,242,864 106,014,395 114,454,387 119.223,708
Rail (26%)
163,041,056 158,699.764 148,303,051 147.360,189
Domestic cargo(42%)
121,164,242 129,732,924 137.706,814 144,849,209
Export (32%)
182 IDENTICAL MILLS.
1929
(All mills whose reports of production, orders and shipments are complete for
and 1930 to date.)
Average 31
Average 31
Week Ended
Weeks Ended
Week Ended
Aug. 2 1930.
Aug. 3 1929.
Aug. 2 1930.
165,641,004
140,677.106
114,887,214
Production (feet)
170,976,596
131,511.347
126,528.283
Orders (feet)
170,946,202
139,693,114
133,557,607
Shipments (feet)
ENDED
19
JULY
(123 mills):
'30
WEEK
ION
DOMESTIC CARGO DISTRIBUT
Orders on
Orders
Hand Beobey Week Received.
July 26 '30.
_
Washington & Oregon
(94 MU1s)California
Atlantic Coast
Miscellaneous
Cancellegions.
Shipmad,.
Unfilled
Orders
Week Ended
July 26 '30.
Feet.
Feet.
58,041,957 10,735,290
70,556,825 22,109.052
1,507,251 3,127,800
Feet.
Feet.
Feet.
127,754 16,127,510 61,521,983
47,383 19,295,631 73,822,783
1,948
415,238 4,217,865
Total Wash. & Oregon 130,106,033 44,972,142
Reporting domestic cargo
5,303,554 1,517.034
only (10 mills)
177.085 35,738,379 139,162,711
135,409,587 46,489.176
Total
Brit. Col. (14 .1114115)4,143.440 1,654.000
California
6.335.598 2,396,913
Atlantic Coast
364,000
1,079,000
Miscellaneous
177,085 36,459.629 145,262,049
Total Brit. Columbia_ 11,558,038 4,434,913
Reporting domestic cargo
1,335,426
only (3 mills)
97,000 3.793,662 12,102,2E9
Totals
1019
FINANCIAL CHRONICLE
AUG. 16 1930.]
12,893,464 4,434,913
Total domestic cargo_ 148.303.051 50.924.089
None
721,250
None 2,206,000
97,000 1,437,662
None
150,000
6,099.338
3,611,440
7,197,849
1,293,000
Manufacturers of cotton goods, wool suitings and miscellaneous textiles
also were laying off workers. Some of the silk mills and some oft e carpet
mills were busier than in June.
July is the dull season in all of the women's wear industries. Makers of
ladies' coats and suits, women's underwear, millinery and miscellaneous
sewing products were laying off workers in large numbers. Some of them
were closed down for the entire month.
Many men's clothing houses were working on fall orders. The net gain
some seasonal
in employment,while not as great as in July 1929,re;:resented
improvement. Several firms which had heel closed in June started operations in July but others remained practically idle. Some men's furnishings
concerns were laying off workers; others were adding to t eir f rces. The
net c ange for the furnistings industry was downward.
The size of the decline in the paper making industry was due to the
temporary closing of several plants. Many firms in this industry emof the concerns
ployed more workers in July than in June. Practically all
making miscellaneous
making paper boxes and tubes and m St of those
as in June.
as
busy
not
were
Printers
paper goods had laid off employees.
in
Reductions in employment were general in the metal industries, except
there was some upward
the case of structural and architectural iron, where
embig
cuts
in
several
tendency. Automobile and steel plants reported
last furnaces
ployment. Factories were closed for prolonged vacations,
rs ofinstruments
were blown out and forces generally reduced. Manufacture
heating apparatus all
and appliances, firearms, tools and cutlery and
wasreduced,
reported less activity than in June. The number of employees
and part time
vacations
or
inventory
for
several plants were closed down
and electrical apparatus
schedules prevailed. Practically all machinery
had laid off workers sines
firms and brass, copper and aluminum firms
general reductions
June. Railroad equipment and repair shops reported
less marked in
in employment. The downward tendency was somewhat
and of sheet metal and hardware
the manufacture of silverware and jewelry
a fairly large
although vacations in some of the jewelry concerns caused
and ship
decrease in employment for that industry. The decline in boat
Lakes but
the
Great
than
on
City
York
New
building was a little greater in
none of the builders were busy.
for the
Canners took on unusually large forces in July. The increase
number rose to one of
month amounted to more than 100% and the index
in July
than
also
were
higher
Payrolls
the highest figures ever recorded.
of flour,
of the three preceding years. Manufacturers of beverage and
feed and cereals reported some improvement.
s chemical
The shoe industry and the photographic and miscellaneou
and the men's
Industry recorded net gains in employment. These industries
in the small employment gains
clothing industry were the principal factors
districts. All other up-State
recorded for the Rochester and Binghamton
ranged from 4 %
districts reported fewer workers employed. Decreases
employment in the metal
Reduced
Utica.
in Syracuse to nearly 11% in
decline in Syracuse, Buffalo and
industries accounted for a large part of the
in the textile mills reduced
Albany-Schenectady-Troy, while less activity
Heavy reductions in the clothing
the amount of work available in Utica.
industries were reported
goods
leather
s
miscellaneou
industries and in the
in employment was 5% for this
In New York City. The net decrease
State as a whole.
district compared with 4% for the
The statistics furnished by the Commissioner of Labor
are as follows;
FACTORY EMPLOYMENT IN NEW YORK STATE.
(Preliminary.)
Percentage Change
June-July 1930.
1,335,426
Industry.
97,000 3,793,662 13,437,715
274.085 44) 2qz 201
1 55
noo
7/14
Total State.
Stone, clay and glass
Miscellaneous stone and minerals
Lime,cement and plaster
Brick, tile and pottery
New
York
Low
Reaches
in
New
Glass
nt
Employme
Factory
Metals and machinery
State.
Silverware and Jewelry
Brass, copper and aluminum
Iron and steel
Seasonal dullness together with general depression caused
Structural and architectural iron
a net decrease of 4% in factory employment in New York
Sheet metal and hardware
tools and cutlery
State between the middle of June and the middle of July. Firearms,
Cooking, heating, ventilating apparatus
July
to
to
and electrical apparatus
June
usually
Machinery
amounts
from
The seasonal decline
Automobiles, airplanes. &c
Railroad equipment and repair shops
about 1% according to Industrial Commissioner Frances
Boat and ship building
Perkins, of the Bureau of Statistics and Information New
Instruments and appliances
manufactures
Wood
Labor.
The
year
only other
York State Department of
Saw and planing mills
Furniture and cabinet work
since 1914 when the June to July decline has been as great
Pianos and other musical instruments
as 4% was in 1924.
Miscellaneous wood, &c
leather and rubber goods
Furs,
The steady decline in factory employment for the last
Leather
the
and fur goods
index
July
lowered
Furs
to
in
had
number
83.3
months
nine
Shoes
1930 compared with 100.4 in October 1929. The base for
Gloves, bags, canvas goods
Rubber and gutta perch&
both of these figures is the monthly average for three years
Pearl, born, bone, &f)
oils, paints, .40
1925-1927 as 100. The number of workers employed in the Chemicals,
Drugs and industrial chemicals
Paints and colors
factories of New York State was less in July than it has
011 products
Photographic and miscellaneous chemicals
been at any other time since the index series was started in
Pulp and paper
June 1914.
Printing and paper goods
Paper boxes and tubes
Industries which ordinarily reduce employment at this
Miscellaneous paper goods
larger
reported
have
year.
this
year
Printing and bookmaking
reductions
time of
Textile)
Those which would ordinarily be taking on workers are proSilk and silk goods
Woolens, carpets, fella
ceeding more cautiously and are increasing their forces very
Cotton goods
Knit goods, except silk
gradually. Factories which have never before closed down
Other textiles
and millinery
for vacations and those which ordinarily close down for one Clothing clothing
Men's
for
closed
July.
two
were
or
three
weeks
in
less
week or
Men's furnishings
Women's clothing
Some of them look for better business in August. The report
Women's underwear
Women's headwear
goes on to say:
Miscellaneous sewing
The stone, clay and glass group reported employment very much lower
Laundering and cleaning
in July than in June. In miscellaneous stone and minerals and in lime, Food and tobacco
feed and cereals
cement and plaster there was a general tendency to reduce the number of Flour,
Canning and preserving
employees. The brick yards als reported a net decline in employment but
Sugar and other groceries
Meat and dairy products
In this industry a number of firms were taking on workers. Others were
Bakery products
laying them off or were closed down temporarily. The partial closing of
_____________________________ ..........
Candy
several plants for vacations accounted for most of the sharp drop in emBeverages
ployment in the glass industry.
Tobacco.-.. ------------------................
Most of the textile industries were employing fewer workers in July. Water, light and power
g the
Many knitting mills were closed down or partly closed down dun
Total
.
month and most of the others reported some reduction in employment
N. Y. City.
-7.0
-3.5
-4.7
-3.0
-16.0
-6.6
-2.8
-2.6
-13.2
+0.4
-3.6
-2.3
-9.4
-19.0
-5.5
-9.2
-5.8
-2.6
+0.6
-3.7
-6.0
-2.0
-2.8
-3.3
+1.5
+2.3
21.9
-6.9
-9.6
-1.6
-2.6
-7.6
-3.8
+1.8
-5.6
-1.7
-2.9
-0.2
-1.8
-8.7
-2.1
+1.3
25.5
18.9
-8.4
-6.1
+6.8
-4.4
-19.6
-11.8
-29.3
-6.0
-0.6
+12.7
+3.8
+167.5
+0.5
-1.6
2.4
No change
+5.0
-1.3
+0.3
-3.4
-3.3
-6.3
-5.0
+3.1
-2.0
-4.0
-0.8
-0.9
+1.4
+1.4
+1.3
+5.6
-3.9
-5.0
-11.4
-10.4
-3.4
-2.6
+0.7
-5.8
-4.3
-1.8
-9.4
+1.5
+0.7
-37.1
-0.4
-2.7
-4.4
-3.2
-8.3
-3.8
-2.1
-0.4
-2.0
-6.9
+0.4
-2.0
-7.0
-1.0
+5.0
-18.2
-11.0
-10.2
+9.4
-3.5
-19.4
-10.4
-29.3
-7.6
-2.3
-0.9
-48.0
+9.0
+1.5
-2.0
-2.6
No change
+3.3
+0.1
+0.4
-5.0
1020
FINANCIAL CHRONICLE
[VoL. 131.
Bank of Philadelphia.
Federal Redfern
11
11111
1 1 +11++
1 11ili 111111 1111ii 11.111I '
......
w
-.1111+1
w-...1 +1LIIi11111111111+11,,
w ww
.
. . . ww
..
EMPLOYMENT AND WAGES IN PENNSYLVANIA.
Employment and Wages in Philadelphia Federal
Compiled by the Federal Reserve Bank of Philadelphia and
the Department Of
Reserve District.
Labor and Industry. Commonwealth of Pennsylvania.]
Index Numbers-10234525 avg.100.
Factory employment and wage payments in Pennsylvania
ZWIPIOrlielli
during July declined more extensively than is usual for that
July 1930.
July 1930.
No. of
month and reached the lowest level since the middle of 1924,
Plants
Per Cent
Per Cent
@retry am Industry.
Report
Change Since
Change Sines
according to the indexes of the Philadelphia Federal Reserve
trig.
July
July
Bank prepared in co-operation with the Pennsylvania DeIndex. June
July
July Index. June
1930. 1929.
1930. 1929.
partment of Labor and Industry from reports from 51 indus...sant. Indust.(61)
840
88.9 -4.8 -11.5 81.9
-20.4
tries employing 300,000 workers and with a weekly payroll •L
elate' products
244
87.4 --3.5 --15.7 81.5
-23.9
Blast fureares
9 56.0 +2.8 -13.6 54.0
of $7,500,000. Since March, which was the high month
-17.7
Steel warts It rolling Wile
48 78.3 -5.0 -14.3 72.6
-24.6
Iron snd ete.1 forging
this year, reporting factories reduced their working force
10 78.0 -13.9 -26.9 67.7
,
Structural Iron werk - _....
10 127.1 -0.2 +9.1 116.3
+11.4
8% and their wage payments declined 18%. The July index
Steam ‘nd hoe water heating appliances
16 100.9 +0.1 -3.3 91.9
-18.1
was88.9% of the 1923-25 average for employment and 81.9%
Stares anti furnaces
8 75.3 -10.6 +14.6 61.4
+7.2
Founerkta
38 93.0 -2.8 -10.7 78.8
for wage payments.
-27.0
Machinery sal Parte
44 96.0 -3.1 -14.9 83.6
Electrical AMAMI
The drop in the number of wage earners between the mid21 112.9 -1.0 -23.7 119.2
,
.
-22.5
Engines and pumps
10 86.5 -4.7 -13.7 85.2
-22.9
dle of June and July amounted to nearly 5%, the sharpest
Hardware and tools
20 85.4 -4.4 -15.2 73.0
-26.4
Brae sad Demise products
12
declines occurring in the textile, lumber and chemical indus- Tranayertationeguipment- 40 89.7 -11.7 -12.1 83.3
-18.6
74.9. -3.5 -5.4 64.1.
-20.9
Automobiles
tries. Wage payments in the same period decreased
5 73.3 -2.4 +1.1 46.7
-19.9
Automobile bodies It parts
9%
12 73.3 -3.6 -24.1 59.3
-35.8
Locomoti
the largest recessions being in the textile, stone, clay and
ves and cars_
13 45.4 -5.2 -16.1 41.0
-23.4
Railroad repair shops
6 79.6 +0.3 -0.5 74.4
-13.0
glass, chemical and metal industries and transportation
Shipbuilding
4 90.9 -1.5 +56.2 144.5
+56.0
products
163 86.0 -11.5 -16.7 71.4
equipment. The number of employee-hours worked also Textile
-32.9
Cotton goods
11 62.2 -6.7 -27.3 47.4
-39.7
Woolens
and
declined about 9%, indicating a lower rate of plant operaworsteds
13 55.9 -0.9 -19.9 51.9
-22.3
131IX goods
47 90.0 -17.9 -15.0 79.8
-24.8
tions.
I'extile dyeing dt finfthittg
12 89.0 -4.5 -15.2 82.1
-23.9
Carpets and nigs
10 61.5 -6,3 -9.0 43.2
In comparison with July 1929, employment was about
-20.1
Hata
4 68.6 -0.2 -9.3 72.9
-28.7
Hosiery
12% smaller and wages paid declined 20%. The largest
25 104.0 -11.6 -19.8 81.6
-47.7
Knit goods, other
14 87.6 -5.1 -11.8 86.8
-28.4
Men's clothing
drop in wage disbursements was in the textile, lumber, stone,
9 80.3 -4.1 -9.0 65.7
-33.0
Women's clothing
I) 68.8 --37.7 --42.7 63.1
-44.3
clay and glass, metal products, and transportation equipShirts and furnishings_..
.
9 125.0
0 -6.0 109.2
-17.8
and tobacco
97 110.0 -2.0 +5.4 104.6
ment industries, the decline being from 21% in transport- Foods
+1.9
Bread and bakery prods
26 111.4 +1.5 +0.4 111.5
+1.1
Confectionery
ation equipment to 33% in textile products.
13 04.5 --1.4 --1.7 83.3
-12.2
Ice Cream
11 130.0 +0.3 -4.3 124.8
-5.5
Meat packing
Delaware factories reported a decrease of 4% in employ14 95.0 -0.6 -0.8 89.8
-5.9
Cigars and tobacco
33 110.3 -4.0 +12.6 100.3
+15.3
ment, nearly 7% in wage payments and about 4% in em- Stone,
clay a glass products_
69 68.1 -3.5 -17.9 55.0
-28.6
Brick, tile & pottery
32 82.0 -2.1 -13.7 58.5
ployee hours between June and July. Foods, tobacco and
-33.0
Cement
15 64.6 +3.0 -6.8 59.3
-14.4
Glass
chemical products industries showed a gain in wage dis- Lumber
22 60.1 -13.2 -32.8 46.8
-43.7
products
52 74.1 -6.6 -25.5 69.0
-20.0
bursements. The largest declines in number of workers
Lumber & planing mills_
16 73.9 -8.0 -30.7 70.1
-30.6
Furniture
30 68.1 -7.8 -29.9 64.3
and volume of wages paid occurred in transportation equipWooden boxes
6
72.5 -1.5 +2.1 68.5
7.3
Chemical products
ment and lumber products.
60 94.5 -8.4 -8.4 98.7
-6.0
Chemicals and drugs
35 71.9 -6.4 -18.5 96.2
-10.5
Coke
All city areas reported smaller wage payments and em3 100.0 -10.9 +6.6 70.4
+6.9
Explosives
3 80.2 +2.0 -10.9 85.5
+4.7
ployment in July than in June,except Altoona, which showed
Paiute and varnishes
12 97.3 -1.6 -3.9 94.1
-13.2
Petroleum refining
7 119.6 -6.1 -8.6 95.4
a slight increase in the number of workers. The most pro- Leather &rubber products
-6.0
_
49 97.2 +0.1 -1.3 132.1
-3.8
Leather tanning
nounced drop in wage payments occurred in the areas com- Shoes
17 108.6 +2.5 +2
+7.4
.8 100-7
20 91.6 -2.0 -4.8 80.2
-23.0
prising Johnstown, Sunbury, Erie, Scranton, Harrisburg, Leather products. other
8 80.4 -5.5 -13.4 80.5
-10.4
Rubber Urea and goods_
4 88.7 -2.4 -3.8 95.5
Reading-Lebanon, Wilmington, and Allentown-Bethlehem- Paper and printing
-12.0
68 97.0 -1.7 -3.0 99.5
-3.7
Paper and wood pulp._
12 83.1 -2.4 -3.6 74.6
Easton.
-15.3
Paper boxes and bags_9 8.5.9 -4.3 -7.6 94.7
-3.1
Printing & publishing_ __ _
EMPLOYMENT AND WAGES IN CITY AREAS.
45 102.6 -1.3 -2.3 108.0
o
- - - -nary figures.
GOullillail by the Department of Statistics and Reeearch of the
EMPLOYEE-HOURS AND AVERAG
E HOURLY AND WEEKLY WAGES
IN PENNSYLVANIA.
Compiled by the Federal Reserve
Bank of Philadelphia and the Department of
Labor and Industry. Commonw
ealth of Pennsylvania.
zmptoyeNo.
Hours
of
Change Hourly Wages. 'Weekly Wages.
Group and Industry.
Plants July '30
Report- from
Allentown-Bethlehem-Easton
-9.4 -11.8 -10.2 -16.9
tog. June '30 July. June. July. June.
Altoona
+0.8
-3.0
-6.2
-8.1
All manufacturing industries (47)
Erie
-4.1
-9.8 -17.3 -24.5
568
-9.2 5.593 $.602 $24.19 $25.49
Metal products
Harrisburg
-4.8 -11.4 -12.2 -23.7
188
-8.2
.629
.631 26.39 27.72
Blast furnaces
Hazleton-Pottsville
-4.4
-6.7
7
-5.4 -16.4
-0.5
.589
.595 28.90 30.00
Steel
Johnstown
works
and rolling mills_
-16.3 -26.2 -22.5 -38.1
33
-10.1
.633
.636 26.79 28.26
Iron and steel forging.
Lancaster
-2.9
-3.3
9
-5.9
-8.5
.557
-4.4
.563 22.29 22.10
Structural iron work
New Castle
-2.5 -17 9
7
-10.3
-7.5 -29.9
.589
.582 28.24 28.05
Steam dt hot water heat. appar. 13
Philadelphia
-4.8 -17.8
-3.4
.583
-6.4 -20.4
.593 26.09 27.41
Foundries
Pittsburgh
-1.7
31
-8.0
-7.3
-8.2 -15.5
.611
.608 23.79 24.58
Machinery and parts
Reading-Lebanon
-4.6
36
-8.7 -11.9 -31.1
-4.2
.607
.614
25.86 26.53
Electrical apparatus
Scranton
19
-11.7 -11.0 -15.3 -23.0
-5.1
.653
.856 27.54 28.98
Engines and pumps
Sunbury
10
-8.7 -11.7 -21.4 -20.4
-7.7
.602
.590
26.40
26.71
Hardware
Wilkes-Barre
and tools
14
-9.3
-12.8
+3.0
-9.5
.576
-2.6
.668 20.27 21.66
Brass and bronze
Williamsport
products
9
-5.5 -20.3
-17.1
.611
-3.5 -39.3
.556 24.76 25.93
Transportation equipment
Wilmington
31
-5.8 -12.2 -10.0 -10.6
-5.7
.640
.642 25.48 28.19
Automobiles
York
5
--1.5
-13.9
--5.3
--1.9
.688
--8.7
.678 23.79 31.42
Automobile bodies and parts
9
-9.9
.610
.612
Locomotives and ears
24.11 25.88
EMPLOYEE-HOURS IN DELAWARE.
9
+1.2
.604
.598 25.89 28.62
Railroad repair shops
4
-4.4
Compiled by Federal Reserve Bank of Philadelphia.
.717
Shipbuilding
.723 25.15 26.43
4
-1.6
.651
.655 27.92 28.12
Textile products
97
-21.0
.450
.448 16.88 18.38
Cotton goods
8
No.
Increase (÷) or Decrease (-)
-16.6
.445
.443
Woolena and worsteds
18.51
19.88
8
of
July 1930 over June 1930.
+3.0
.478
.488 21.68 21.58
Silk goods
Industry.
33
Plants
-26.5
.416
.407 15.51
Textile
dyeing
16.97
and
finishing
7
Report- Employ-11.2
Total
Total
.520
.535 22.47 25.22
Carpets and rugs
8
ing.
ment.
Wages.
-8.9
Hours.
.533
Hosiery
.524 18.05 18.21
10
-26.7
.545
All manufacturing industries
.548
Knit goods. other
16.27 19.78
10
51
-4.1
-2.8
-6.1
-3.5
.428
.442 16.51
Men's clothing
17.11
Metal products
12
-6.1
-9.1
3
-6.4
+0.5
.257
W•men's clothing
.288 13.35 15.31
Transportation equipment
8
-7.5
4
-13.5
-38.8
-12.0
.285
.301 13.10 14.07
Shins
and furnishings
Textile products
-6.0
4
4
-2.1
-5.2
-1.8 Foods and tobacco
.316
.315 12.81
Foods and tobacco
13.17
58
+18.7
-6.2
+6.8
+14.5
.473
Stone, clay and glass products
.455 19.86 20.24
Bread and bakery products_ 20
4
-9.6
-8.6
+1.7
-8.9
.487
Confectionery
.493 27.70 28.33
Lumber products
6
5
-13.5
-20.5
-10.6
-14.5
.428
.447 17.08 19.83
Ice cream
Chemical products
8
4
-0.5
-1.2
+0.9
+0.7
.535
.539 30.67 30.77
Meat Packing
Leather and rubber products
9
6
-5.3
+1.5
-3.6
-3.9
.559
.582 28.46 29.09
Cigars and tobacco
Paper and printing
-1.6
6
13
-4.0
-7.3
-6.6 Stone, clay and glans
.425
.349 15.04 14.82
products
43
-6.0
.541
.553 22.80 25.59
Brick, tile and pottery
EMPLOYMENT AND WAGES IN DELAWARE
21
-11.9
.488
.602 18.17 22.49
Cement
Compiled by Federal Reserve Bank 01 nuad•1910a.
10
+0.1
.547
.560 28.82 30.14
Glass
12
-12.1
.600
.612 19.77 23.42
Lumber products
44
-6.0
.562
.556 20.91
Lumber and planing mills
19.87
No.
Increase(+) or Decrease(-)
13
-10.2
.597
.585 20.69 19.07
Furniture
of
27
July 1930 over June 1930.
-4.8
.573
.570 22.44 21.52
Wooden boxes
Plants
4
-5.3
.476
.468 17.75 17.32
Chemical products
Industry.
Report. Employ30
Total
-7.5
.588
.584 28.63 29.36
Chemicals and drugs
mint.
Wages.
15
-3.6
Wages.
.492
.509 27.14 28.20
Paints and varnishes
0
-11.9
AS manufacturing Industrial
.549
.532 24.47 26.32
Petroleum relining
58
-4.3
6
-6.8
Metal products
-7.2
-2.7 Leather and rubber
.608
.604 30.78 31.55
products
14
-3.4
31
-4.9
Transportation equipment
-5.2
-1.6
.491
.493 22.27 23.09
Leather
tanning
5
-7.1
--13.1
9
-6.4
Textile Products
+2.0
.538
.537 25.83 25.54
Shoes
4
-6.0
12
--2.1
-14.3
+4.2
Foods and tobacco
.346
.364 14.81
17.46
Leather products. other
7
+18.2
+7.5
6
Stone, clay and glans products
-5.2
-9.0
.584
.597 23.16 24.23
Rubber
tires
and
4
-9.6
4
-8.4
-8.6
Lumber products
+1.1 Paper and printing goods
.564
.572 26.48 28.02
5
-13.5
48
-10.6
Chemical products
-8.5
+3.4
.654
.649 30.56 31.83
Paper and wood pulp
4
-0.5
$
-14.3
Leather and rubber products
+0.9
+1.4
.533
.538 24.11 26.81
Paper boxes and bags
8
-4.3
6
-11.4
-5.9
Paper and printing
-1.8
.387
.357 16.16 15.74
Printing and publishing
7
34
-1.5
-4.7
-2.7
.741
.741 34.47 35.42
-- the 840
are Zr
fIrms months 992910702e08.
Is
wwwwwwco,...
ww,-.w
.
wwwwow
wwwww*
.w
Employment
Payrolls
No. Percentage Change Percentage Change
of
July 1930 Since
July 1930 Since
Plants
Report- June
July
June
July
Mg.
1930
1930
1930
1930
Automobile Price Reductions.
The Hudson Motor Car Co. announced August 13, price
reductions on its Hudson and Essex lines-. Reductions on
the Hudson models range from $100 for the brougham to
$355 for the seven-passenger sedan, and on the Essex cars
from $65 for the coupe to $300 on the sunsedan.
On August 12, the Oakland Motor Car Co., a unit of
General Motors Corp. announced price reductions ranging
from $130 to $170 on the Oakland eight and 0 to $110 on
the Pontiac six.
A. R. Glancy President of the Oakland Motor Car Co.
in announcing the price reductions said:
By virtue of these reductions, Oakland becomes America's lowest priced
eight and the Pontiac big six invades the section of the automobile market
formerly dominated by 4-cylinder cars and small sixes. These reductions
are made because, in the winter the factory will present two new cars
which, while changed enough to classify as new models, will remain practically unchanged in appearance, size, and design. The two new cars will
have the same type engines used in the cars now offered.
The base price of the closed body types in the Oakland
line is reduced $150 to $895, from $1,045. In other body
models the reductions range up to $170. The base price of
the Pontiac is reduced to a new minimum of $665, a cut of
0, from $745. The largest Pontiac reduction is $110.
The new and old prices of the Oakland and Pontiac follow:
-OaklandEight.
New.
Old.
$895
$1,045
895
1,065
895
1,025
995
1,145
965
1,115
1,045
1,195
Coupe
Two-door sedan
Roadster
Four-door sedan
Sport coupe
Custom sedan
-PontiacBig Six.
New.
Old.
$665
$745
665
775
665
765
725
825
725
825
785
875
The new prices of the Hudson and Essex follows:
New Hudson Prices.
Two-passenger coupe
Coach
Rumble seat coupe
Standard sedan
Touring sedan
Brougham
Sunsedan
Roadster
Seven-passenger sedan
1021
FINANCIAL CHRONICLE
AUG. 16 1930.]
$885
895
925
1,025
1,145
1,195
1,045
995
1,295
New Essex Prices.
Coach
Two-passenger coupe
Rumble seat coupe
Standard sedan
Touring sedan
Brougham
Sunsedan
Roadster
$650
650
685
715
775
795
695
695
Effective August 14, the Chevrolet Motor Co. adjusted
prices on sport models. The sport sedan, sport coupe,
sport roadster and club sedan were reduced $40. These
models all had been advanced early this year to include
wire-wheel equipment and now that wire wheels are standard
on all Chevrolet models it was necessary to adjust prices,
it was stated.
Of the total estimated expenditure for all reporting cities. 26.0% was
for residential building, 63.1% for non-residential building, and 10.9%
for additions, alterations, repairs and installations. Fifteen and two-tenths
per cent of the total authorized expenditure for Chicago was for residential
building, 77.5% for non-residential building, and 7.3% for additions,
alterations, repairs and installations. In the suburban cities the corresponding percentages were 54.7, 23.4 and 21.9, and in the cities outside
the metropolitan area. 49.4, 33.1 and 17.5.
During July, 365 permits were issued for residential buildings. providing
for 521 families and estimated to cost $3,213,458. Two hundred and nine
of these buildings were to be erected in Chicago at an estimated cost of
$2,339,338, providing for 341 families: 55 were to be erected in suburban
cities, with an estimated expenditure of $1,009,388, providing for 104
families: and 156 in the remaining cities, estimated to cost $874,120 and
providing for 180 families.
Nine hundred permits were issued in the 45 cities for non-residential
buildings of various types, and, it is estimated that the total expenditure
involved in their erection would be $7,803,821. Of this amount, 87.0%
is to be expended in Chicago, 5.5% in the reporting suburban cities, and
7.5% in the reporting cities outside the metropolitan area.
Of the total of 81,352,171, to be expended for additions, alterations,
repairs and installations, 47.2% is for Chicago buildings, 29.9% for building in reporting suburban cities, and 22.9% for buildings in reporting cities
outside the metropolitan area.
During the first seven months of the current year, the 45 cities have
reported permits for the erection of 15,601 buildings, with a cost of erection estimated at $80,257,371. This represents a decrease of 30.2% in
number of buildings and 58.2% in estimated cost from the first seven
months of 1929.
A marked decrease from last year's figures Is apparent in all three of the
main classifications of cities. The estimated cost of Chicago buildings
authorized by building permits for the first seven months is 62.0% less
than for the same period last year. The decrease among the suburban
cities is 63.7%, while in the cities outside the metropolitan area, the decrease is 29.7%. It will be observed that, although the cities outside the
metropolitan area are still in a better relative position than Chicago or
the suburban cities, they have lost ground since the preceding month, due
to the decrease in activity during July. The data for the first six months
of the year, presented in last month's report, indicated that the cities
outside the metropolitan area were only 24.6% below last year's figures,
while Chicago was 64.4% below, and the suburban cities 64.1% below.
FOUL' cities outside the metropolitan area still report that their building
program, measured by estimated expenditure involved in permits Issued,
is above that of the first seven months of 1929. These cities are Granite
City, Moline, Peoria and Springfield. No suburban city reports as high
a volume of activity as last year.
The total estimated expenditure for all cities during the seven months
for non-resiis divided as follows: 31.8% for residential building, 56.0%
dential building and 12.2% for additions, alterations, repairs and installations. Of the total estimated expenditure for Chicago, 27.1% was to be
devoted to residential building, 63.3% to non-residential building, and
9.6% to additions, alterations, repairs and installations. In the suburban
dtles, 46.1% of the total estimated expenditures was to be used to erect
residential dwellings, 38.0% for non-residential dwellings, and 15.9% for
additions, alterations, repairs and installations, while in the cities outside
the metropolitan area, the corresponding distribution of expenditure is
36.3%. 46.1% and 17.6%•
TABLE 1.-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITS ISSUED IN 45 ILLINOIS CITIES IN JULY 1930.
BY CITIES.
July 1930.
Review of the Illinois Building Situation During July
and for the First Seven Months of the Year
1930-Better Than for June, But Far Below July
Last Year.
A moderate increase in the total estimated valuation of
building permits issued in the 45 reporting Illinois cities, is
shown for July, instead of the seasonal decrease which is
normally to be expected during this month, according to
Howard B. Myers, Chief of the Bureau of Statistics and
Research of the Illinois Department of Labor. The estimated cost of buildings authorized in July was $12,369,450,
15.9% higher than the total for the preceding month. While
this increase may denote some tendency toward an improvement in the building situation, it is probably a reaction from
the abnormal decrease in activity during the preceding month.
The expenditure for July 1930 is still only slightly more than
half that for July 1929-to be exact, 51.0%. Chicago was
mainly responsible for the abrupt decrease in value of permits
during June, and Chicago is almost entirely responsible for
the increase during July. The expenditure authorized in
Chicago during July increased by 67.1% over the June figure.
It was still 43.5% less than the total for July 1929, however.
The report continues as follows:
Cities.
June 1930.
July 1929.
No. of Estimated No. of Estimated No. of Estimated
Mos.
Cost.
Cost.
Bldgs.
Cost.
Bidgo.
Total all cities
5
5
$S
2,364 12,360,450 2,483 10,676,951 a3,565 a24,264,593
Metropolitan area
1,455 10,600,767 1,492
7,057.090 2,217 20,257,625
Chicago
1,101
8,756,070 1,138
5,240,315 1,585 15,492,005
Metropolitan area, excluding ChicagoBerwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Total outside metropolitan area
354
1.844,697
354
1,816,775
632
4,765,620
35
28
26
45
16
7
10
21
16
2
10
15
6
21
32
18
5
4
7
18
12
62.750
21,682
89,348
319,750
6,025
48,500
3,940
59,160
90,997
19,500
51,500
199,700
74,355
291,705
171,865
19,800
52,400
6,250
30,700
103,400
121,350
33
21
27
36
13
7
16
19
21
4
11
26
7
21
31
18
4
2
8
19
10
46,370
29,150
246,400
174,000
16.975
38,930
38,940
52,818
104,745
28,500
16,000
424.103
20,755
17.639
261,300
30,300
21.720
2,500
57.300
158.320
29,950
84
34
59
70
26
21
19
45
25
4
7
25
15
37
64
39
13
3
9
22
11
287,835
71,865
277.611
1,638,450
36,665
312,516
127,040
103,675
306,050
17,990
163,000
366,703
34,025
84,820
358,700
161,200
69,090
650
125,000
168.785
53.950
909
1.768,683
991
3,619.861 1,348
4,006,968
49
68
59,046
67,207
40
62
8
19
9
11
12
50
42
80
19
5
32
7
99
1
13
128
22
102
115
93
22
39,200
90,560
3,600
88.500
3,180
8,000
16,185
247,940
314,580
89,121
71,275
16.500
268.450
28,300
117,060
800
15.200
414,470
235,610
275,675
112,467
1,073,388
R9 min
46
106
2
23
11
6
29
74
142
75
20
10
49
16
105
i
14
131
31
14
134
126
41,530
195,610
388
the
21
reporting
for
suburban
total
cities
The
remained approximately
73,000
13
108,300
the same as in June, increasing only 1.5%. The figure for July 1930 was
87,950
5
42,775
11,000
3
3,200
61.3% less than that for the preceding July. Ten of these cities reported
11
24,150
279.100
an increase over June, while five-Kenilworth. Lombard, Maywood, West
65,850
31
302,150
Winuetka-reported
a
total
larger
than that of a year ago.
Chicago and
54,401
62
216,516
The Increases over last month in Lombard and Winnetka were caused
62
68,180
160,823
21
67450
mainly by permits for new school buildings, and in Maywood by a permit
43E
10
19,200
70,
2600C
for a large apartment and store building.
38
305,380
298,42C
the
metropolitan
outside
area,
which
cities
in
The
June registered an
6
33,900
80,25C
increase over the total for the preceding month, reported a sharp drop in
122,115
110
129,52E
1
2,000
permit valuation during July. The valuation in July was 51.1% less than
2.00C
6
30,800
78,001
in June, and was 55.9% less than for July a year ago. In spite of the
86
203,925
515,921
total
figures,
the
ten
of
in
the
decrease
23
cities outside the metroabrupt
21
16,360
77.20(
81
145,535
politan area reported an increase over last month's total, and four of these396001
105
96.789
Alton, Canton, Centralia and Joliet-are above the total for July 1929.
365.95:
90
144.815
387:,871
The increase over last month's permit valuation in Canton was duo to the
30
69,330
RAI
0,
10 no
issuance of permits for the erection of a large warehouse and a nurses'
a These revised totals Include the figures for Kankakee; not
home, while the increase at Joliet was due to a permit or a. arge store
reported heretofore.
and corrections In the figures for Glen Ellyn and Peoria.
building
Alton
Aurora
Batavia
Bloomington
Canton
Centralia
Danville
Decatur
East St. Louis
Elgin
Freeport
Granite CAty
Joliet
Kankakee
Moline
Murphysboro
Ottawa
Peoria
Quincy
Rockford
Rock Island
Springfield
Waukegan
1022
FINANCIAL CHRONICLE
TABLE 2.-TOTAL NUMBER AND ESTIMATED COST OF BUILDINGS
BASED ON PERMITS ISSUED IN 45ILLINOIS CITIES FROM JANUARY
THROUGH JULY 1930, BY CITIES.
January-July 1930. January-July 1929.
Ctttes.
Total all cities
No. of
Bides.
Estimated
Cost.
No. of
Eldgs.
Estimated
Cost.
15,601 280,257,371 a22,343 a3191853493
Metropolitan area
9,255
62,964.799 14,107 167.252,607
Chicago
6,865
51,601,987 10,458 135,951,445
Metropolitan area excluding Chicago
2.390
11,362.812
3,649
31,301,182
502,295
269
177.421
159
883,021
161
2,362,950
310
146,145
123
473,380
56 301.453
53
258,597
133
436,297
114
189,878
24
696,250
69
1,227,162
111
37
177.5.59
144
516,788
195
1,097,770
153
396,504
44
263,611
22
42.426
41
194.900
93
446,510
571,895
79
435
193
350
450
159
99
88
217
177
39
105
137
79
183
354
185
70
36
40
141
112
2,605.100
754,883
2,405,892
6,715.650
870,874
1,036.266
684,958
830,759
1,274,020
629.210
809,685
1,594,593
291,448
874,030
4,892,225
1,350.174
753,344
60,627
349,700
1,306,899
1,210,825
8.236
24,600,886
Berwyn
Blue Island
Cicero
Evanston
Forest Park
Glencoe
Glen Ellyn
Harvey
Highland Park
Kenilworth
La Grange
Lake Forest
Lombard
Maywood
Oak Park
Park Ridge
River Forest
West Chicago
Wheaton
Wilmette
Winnetka
Petal outside metropolitan area
6,346
17,292,572
Alton
294
699,142
303
Aurora
491,837
377
525
Batavia
21
30,425
17
Bloomington
73
344,200
109
Canton
157,723
61
34
Centralia..
22
52,850
23
Danville
81
229,133
145
Decatur
298
898,345
532
East St. Louis
890
960,474
723
Elgin
459,125
304
489
Freeport
116
482.065
137
Granite City
55
287,500
57
Joliet
281
1,336,855
379
Kankakee
166,490
57
87
Moline
1.047,743
628
817
Murphysboro
3
4,800
3
61
Ottawa
128,200
108
Peoria
748
2,195.940
694
498.399
147
Quincy
181
Rockford
1,842,400 1,009
652
Rock Island
922,755
701
930
Springfield
2,713,916
676
734
Waukegan
210
1,342,255
400
a These revised totals include the figures for Kankakee, not reported
and corrections in the figures for Glen Ellyn and Peoria.
701,848
1,619,606
32,300
628,000
260,535
174,200
712,649
2,676,000
1,283,736
947,062
672,513
209,850
1,806,972
426,098
931,184
11,500
372,400
1,780,058
573,350
3.536,205
1,436,376
2,381,419
1,427,225
heretofore*
Business and Agricultural Conditions in the Minneapolis Reserve District-Sharp Declines.
Writing under date of Aug. 15 the Federal Reserve Bank
of Minneapolis points out that the volume of business in the
Minneapolis district in July decreased sharply both from the
level of June and from the levels of July in other recent years.
The decline reflected the effect of the excessively hot weather
which has not been equalled in recent years and which was
disastrous for the grain crops in certain parts of the district.
The index of debits to individual accounts in 17 cities after
adjustment for seasonal variations was 99 in July as compared with 111 in June and 134 in July a year ago. The
country check clearings index was 94 in July as compared
with 107 in June and 125 in July last year. A portion of
the decrease as compared with a year ago was due to the
abnormally large volume of grain moving last year. Total
freight car loadings during the four weeks ended July 26
were 19% smaller than a year ago. All commodity groups
showed decreases except coal and coke, which showed a
7% increase. Decreases, as compared with a year ago,
occurred in department store sales, electric power consumption, number of building permits issued, grain, cattle and
hog marketings and iron ore, flour, and linseed product
shipments. There was a small increase in the value of
building permits issued and in the number of sheep marketed.
The report continues:
Farm income from cash grains, dairy products and hogs marketed during
July was less than two-thirds of the Income from these products marketed
in July last year. The decrease was due to tremendous declines In the
volume of grain marketed as well as lower prices. The July potato price
was higher than a year ago, but all other farm products were lower, the
decreases ranging from 14% for milk to 49% for rye. Wheat and rye
prices again made new lows for the post war period during July.
ESTIMATED VALUE OF IMPORTANT FARM PRODUCTS MARKETED IN THE NINTH FEDERAL RESERVE DISTRICT.
dui./ 1930 of
July 1930.
July 1929.
July 1929.
Bread wheat
$5,898.000 $14,592,000
40
Durum wheat
5,143,000
38
1.961,000
Rye
634,000
266,000
42
Flax
587,000
967,000
61
Dairy products
20,446,000
27.217,000
75
Hogs
7,479,000
9.874,000
76
Total of 6 items
$36,637,000 358,427,000
63 o
Business Conditions in the Pacific-Southwest According to the Security-First National Bank of Los
Angeles.
The business situation in Los Angeles and in Southern
California generally,during July reflected the customary midsummer slackness in addition to showing the effects of the
general recession in activity which has prevailed during the
[You 131.
preceding months of the year, says the Security-First National Bank of Los Angeles. Check transactions in the leading cities of Southern California during July 1930, compared
with July 1929, recorded declines as follows: Los Angeles,
11.8%; San Diego, 11.4%; Long Beach, 18%; Pasadena,
10.6%; Fresno, 20.9%; Bakersfield, 10.6%, and San Bernardino, 13.2%. An increase of 3.5% was reported from
Santa Barbara. The bank in its monthly summary continues as follows:
Activity in the leading manufacturing industries of this region followed a
trend in July similar to that recorded in June. Both the volume of output
and the number of workers employed during July were reduced slightly
compared with the preceding month and were considerably less than in
July 1929. Building activity in Los Angeles during July 1930, increased
6.5% compared with June 1930, and decreased 26.4% compared with
July 1929, as measured by the value of building permits issued. The July
production of petroleum increased about 5% over June but decreased
approximately 30% from the July 1929, output.
Trade activity in Southern California continued at moderate levels
during July 1930. Sales at retail were smaller In value in July 1930, than
In July 1929. July sales at wholesale In most lines of trade were also less
than during July 1929, although the decline in the dollar volume of sales
in many instances was probably no greater than the decline in the level of
wholesale prices over the year period. Sales of new passenger automobiles
in Southern California during the first sbt months of 1930 were greater than
those of the corresponding period of any of the six preceding years, except
1929, by percentages ranging from 3.1 to 19.8%. A decline of 26.3%
occurred in passenger car sales during the first six months of 1930 compared with the same period in 1929.
Agriculture progressed normally during the month. Government reports
show that the indicated yield of the leading crops in California on July 1
was 104.4% of the average yield during the 10 year period, 1919-1928.
Marketing of citrus fruits during July continued at approximately the same
level as during June, but was considerably less than in July 1929. Citrus
fruit prices this season have been maintained at levels substantially higher
than those of the 1929 season. On the basis of present conditions in the
State as a whole, the deciduous fruit, grape, bean, grain and commercial
truck crops will be larger and the citrus fruit, cotton, hay and walnut crops
will be smaller during 1930 compared with 1929. Livestock, pastures
and ranges were reported in a better condition on July 1 1930, than on July
1 1929.
Agricultural Department's Complete Official Report on
Cereals, &c.
The Crop Reporting Board of the United States Department of Agriculture made public late on Monday afternoon,
Aug. 11, its forecasts and estimates of the grain crops of
the United States as of Aug. 1, based on reports and data
furnished by crop correspondents, field statisticians and
co-operating State Boards (or Departments) of Agriculture.
This report shows that the production of winter wheat is
now placed at 597,392,000 bushels, which compares with
558,000,000 bushels, the estimate on July 1, and with
577,784,000 bushels harvested last year, and with a fiveyear average production of 550,636,000 bushels. The spring
wheat crop is estimated at 223,000,000 bushels, as against
250,000,000 bushels July 1 and as against 228,000,000 bushels in 1929. In other words, the entire wheat crop is put
at 821,000,000 bushels against 807,000,000 July 1 and an actual harvest of 806,000,000 in 1929. The probable production of corn is placed at 2,211,823,000 bushels, which compares with 2,614,307,000 bushels harvested last year and a
five-year average production of 2,699,809,000 bushels.
The condition of corn on Aug. 1 was 62.0%, comparing with
78.8% on Aug.1 1929 and with a ten-year average of 80.0%.
The corn crop is expected to be the smallest since 1901.
Most of the crops will show a decrease in yield and production though in a few cases the decreased yields are offset
by the increased acreage planted. We give below the report
in detail:
General Review.
Crop prospects in the United States declined nearly 7% during July, as a
result of drouth and hot weather. A rather wide belt from the Middle
Atlantic States westward to the Mississippi Valley has had the dryest
growing season of record, while the shortage of rainfall for Juno and July in
some South Central States was far greater than for any previous year for
which records are available. Temperatures have been abnormally high,
with many previous heat records equaled or broken in the Central States
and parts of the Southern States.
On the basis of crop conditions on tho first of August. the Crop Reporting Board of the United States Department of Agriculture estimates
that yields per acre will be 5.5% below those secured last year. 9.1% below
average yields during the previous ten years and below yields secured in
any of the last 20 years, except 1921. Unlike 1921, however, the shortage
Is chiefly in feed crops.
The corn crop is expected to be the smallest since 1901. The hay and
grain sorghum crops, which together with corn make up half of the total
acreage of crops,seem likely to be the smallest crops in more than 10 years.
Prospects for oats and barley have been further reduced by drouth in the
Dakotas. The feed shortage is accentuated by pasture far poorer than In
any previous summer month for 50 years or more, with many farmers already compelled to feed hay and new corn. The drouth has been felt
farther north each week as the season progressed and is now affecting oven
New York and Michigan. It is hurting most late fruits and vegetables
except where they are irrigated. It is daily reducing prospects for corn,
flaxseed, peanuts, sweet potatoes, tobacco, eastern beans, Arkansas rice,
cotton west of Alabama, and various other crops. Winter wheat was too
far advanced to be hurt by the drouth, loss from rain during harvest was
negligible, and the yield is threshing out above earlier expectations, more
than offsetting recent damage caused to spring wheat.
FINANCIAL CHRONICLE
AUG. 16 1930.]
The decreased yields are offset by the increased acreage planted in tile
case of some crops. Considering both acreage and yield and comparing
prospective production this season with average production during the last
five years, the indications point to about the usual supply of food crops
but a shortage of feed crops, both grain and hay for feeding.
The combined production of wheat,rye, rice and buckwheat used chiefly
for human food is expected to be less than 1% below the five-year average;
beans nearly 21% above; potatoes and sweet potatoes combined 5% below,
and canning peas, sweet corn, tomatoes and string beans for canning combined about the same as last year and 15% above the previous five-year
average, due to increased acreage.
Commercial vegetables for shipment, including cabbage, onions, tomatoes, melons, &c., will probably show a total somewhat above the five-year
average, due to general acreage increases that will offset in part the very
low production of many home gardens and truck grown for local markets.
The condition offruit crops,including apples, peaches, pears, grapes,citrus
fruits, prunes, &c., averages 18% above condition at this time last year,
but nearly 10% below the average during the previous ten years.
The situation in regard to feed crops is markedly different, for the tonnage of corn, oats, barley and grain sorghum now indicated shows a total of
92,942,000 tons compared with a five-year average of 108,251,000 tons, a
reduction of 14.1%. The hay crop this year is now estimated at 83,460,000
tons of tame hay and 11,898,000 tons of wild hay, a total of 95,358,000
tons compared with a five-year average of 107,623,000 tons, a reduction of
11.4%. Considering both feed grains and hay, and allowing for some depletion of supplies by early feeding in areas where pastures have failed, it
seems probable that the total supply of hay and feed grains on the farms
next fall will be less than in any season since 1911.
The seriousness of the situation, however, is not in the National total
of current prospects, but in the critical condition prevailing in certain
States, and in the fact that the drouth has not as yet been broken except in
small areas. The damage from drouth has been most serious in the drainage areas ofthe Ohio and Potomacrivers,in the central and lower Mississippi
Valley and in parts of the Northern Great Plains area. In West Virginia,
Kentucky, Arkansas, Montana, southern Ohio, Indiana, Illinois, much of
the Missouri and most of Virginia, yields per acre of all crops combined are
expected to be below 70% of average yields during the last ten years. The
only areas where crop yields are expected to be above average are outside
the central drouth area. These include Wisconsin, New Jersey, New
York, New England. the south Atlantic coast, including eastern North
Carolina, South Carolina and Georgia, and the western area, including
New Mexico, Arizona, 'Utah, Nevada, western Colorado, California and
Oregon.
Beneficial showers have helped some drouthy sections since Aug. 1,
but rainfall so far this month has been generally of a local character,affording relief only in limited areas and that mostly of a temporary character.
General heavy rainfall will be required to afford substantial relief, and prospects for various late crops have declined since the first of August and will
continue to decline until the drouth is broken.
The immediate effect of the drouth on the production of livestock and
livestock products will be less marked but will extend over a longer period
of time. Forced marketings of thin or immature livestock may increase
market receipts this season, but decrease supplies later on. Milk production has already been sharply reduced and some further reduction is probable. The decreased production per cow is more than offsetting the increased number of cows. During early June production per cow was probably higher than ever before, but on the first of August, judging from the
reports of crop correspondents, production per cow was 8% below production on that date last year and slightly lower than on that date in any of
the last six years for which comparable records are available. Hens also
have felt the heat and scarcity of feed and on Aug. 1 the number of eggs
laid per 100 hens was approximately 8% less than on that date last year.
The effect of the drouth on the employment situation Is shown by the
fact that crop correspondents reported on Aug. 1 that the demand of
farmers for farm labor was only 74.3% of normal as compared with 81.4%
on July 1 and 88.5% a year ago. The decrease was most marked in the
drouth-stricken area where farmers have very small feed grain and hay
crops to harvest and little money with which to employ labor. The demand
for farm labor was the lowest reported since these data were first collected
In 1918. The supply of farm labor in the country as a whole is reported
nearly 5% above normal, a slight increase over last month and about 13
points above a year ago. The supply was greatest near those industrial
centres where depression is most marked and in the Far West, although
industrial unemployed are drifting throughout the entire country in search
of jobs.
CROP REPORT AS OF AUG. 1 1930.
Condition.
Total Production in Millions.
Aug.1
Haresoted.
Indicated by
10-yr.
Condition--(a)
Aver. Aug.1 Aup.1 5-97.
1919-28 1929. 1930. Ayer. 1929. July 1 Aug.!
Per Cf. Per Cl. Per Cl. 1924-28
1930. 1930.
78.8
62.0
Corn
bush. 80.0
2.700 2,614 2,802 2,212
Winter wheat
"
551
578
558
b597
56.7
Durum wheat,4 St's " c77.8
67:5
69
62
67
48
56.2
60.7
214
Otis. spr. will, U.S.. " d72.6
176
193
175
All wheat"
833
806
807
821
••
7
8
:4
1
7
5:11
78.9
Oats
1.372 1,234 1.329 1.816
"
79.4
70.1
75.7
241
Barley
304
332
306
"
Rye
60.9
40.5
47.9 b48.7
.•
8-6-.0
70:0
71:7
Buckwheat
13.8
11.5
_
11.1
•
76.7
57.8
62.3
Flaxseed
23.8
16.8
30:1
26.0
..
86.1
84.5
80.3
Rice,5 States
39.0
40.2
88.3
37.9
"
81.5
73.3
62.6
Grain sorghums
128.2 100.8
____
92.9
85.4
tons c80.9
69.5
Hay, all tame
93.6 101.8
86.4
83.5
•
c76.6
75.6
Hay, wild
89.9
13.5
12.9
18.6
11.9
Hay, all clover and
••
c83.0
89.7
timothy a
70.8
47.5
53.7
"
84.8
82.1
72.1
Hay, alfalfa
28.7
29.8
27:1
28:1
81.1
79.7
56.4
Pasture
79.7
77.3
Beans, dry edible f..bush. 80.8
17.3
19.7
ilo
ii:o
82.0
82.5
70.5
Soy beans
----79.5
79.2
69.2
Peanuts
------78.5
76.2
63.2
Cowpeas
------c75.2
81.0
69.4
Velvet beans
-----57.5
49.1
crop.._busb.
48.6
Apples, total
180
142
145
146
52.8
Apples, com'l crop__bbls. c60.3
54.2
32.4
29.0
30.7
29.0
47.0
46.1
Peaches, total crop_busb. 62.3
56.8
45.8
47.8
46.9
62.2
53.2
63.1
Pears, total crop___ "
21.5
21.6
24.0
24.3
69.3
Grapes
tons 82.7
85.5
52.34
2.10
2.31
2.35
51.0
lbs. c54.6
41.2
Pecans
35.5
27.6
bush. 80.6
77.5
75.9
Potatoes
393
360
-898
-373
"
80.5
80.6
65.1
Sweet potatoes
74.1
84.7
74.0
66.3
76.4
lbs. 76.0
64.4
Tobacco
1,302 1,519 1,598 1,475
85.9
tons 85.8
85.2
Sugar beets
7.39
7.32
7.90
7.91
75.2
77.3
59.5
gab.
for
sirup
28.4
Sorgo
26.2
27.6
23.1
c74.1
78.8
65.0
20.8
Sugar cane for sirup_
22.1
20.2
19.3
73.3
71.8
tons 76.5
1151.2 647.2 h69.9 h58.8
Broom com_f
90.9
its. 88.7
73.0
30.3
Rope f
33.2
16.4
18.4
a indicated production increases or decreases with changing conditions during
the season. b Preliminary estimate. c Short-time average. d All spring wheat.
Crop.
1023
e Including "sweet clover" and lespedeza. t Principal producing States. 9 For
fresh fruit, Pike and raisins, including some not harvested. h Thousands of tons.
_ ...._. ......Acreage.
Crop.
5-Year
1930.
A weave.
1924-1928 Per Cf.
Acres,
Acres. of 1929
Harvested.
!nat.
10-Yr.
&sled by
Aver.
ond's
1919- 1929. Aug. 1,
1928.
1930.1.
Corn
26.7
21.9
bush. 100,169,000 103.6 101,531,000 28.2
Winter wheat
14.4 c15.5
" 35,585,600 95.9 b38400,000 15.0
Durum veheat,4 St's "
4,371,000 12.3
5,040,000 82.2
9.9
11.0
Otis. spr. wh't, U.S. " 15,038,000 103.3 16,163,000 d12.5
11.2
10.8
All wheat
13.2
13.9
" 55,663,000 96.6 59,024,000 14.1
Oats
30.7
31.4
'
142,967,000 104.2 41,898,000 31.0
Barley
23.2
24.0
"
8,993,000 97.7 12,780,000 25.0
Rye
12.6 c13.3
3,766,000 108.7 b3,498,000 13.4
"
15.8
15.2
Buckwheat
749,000 99.5
727,000 19.0
Flacseed
"
4,389,000
7.6
5.6
5.9
2,993,000 146.7
Rice,5 States
45.0
983,000 40.3
38.6
947,000 110.1
Grain sorghums
17.0
6,280,000 20.6
14.8
"
6,523,000 106.1
Hay, all tame
1.67
1.40
tons 59,301,000 98.1 59,807,000 1.54
Hay, wild
.91
.84
" 14,125,000 100.1 14,100,000 1.00
Hay,all clover and
_
_-_
1.59
timothy, e
" 33,458,000 95.2 f31,685,000
2.36
2.59
Nay, alfalfa
" 11,031,000 100.0 11,495,000 2.61
Beans, dry edible b_bush. 1,614,000 111.9
10.2
10.2
2,163,000 11.3
Soy beans g
--113.4
__-Peanuts, g
90.1
Cowpeas g
113.0
-Velvet beans g
100.6
Potatoes
i 10-7:0
3,482,000 109.0 106bush. 3,363,000 103.3
Sweet potatoes
77.2
858,000 95.2 103.0
806,000 104.4
Tobacco
689
2,140,000
764
746
lbs. 1,720,000 105.1
Sugar beets
10.6
10.7
11814,000 10.2
tons
701,000 h105.4
Borg° for sirup
62.1
372,000 81.2
75.7
368,000 107.5
gals
Sugar cane for sirup '
120,000 183.2 189.0 161.2
124,000 102.6
Broomcorn f
lbs.
298,000 130.7
396,000 317.6 311.6 296.9
Flops f
956
22,000 77.1
19,000 1,254 1.334
a Indicated yield increases or decreases with changing conditions during the season. b Acres remaining for harvest. c Preliminary estimate. d All spring wheat.
e Including "sweet clover" and lespedeza. f Principal producing States (see above
for separate crops). 9 Grown alone for all purposes. h Planted acreage, 90% of
which is usually harvested.
The amount of oats remaining on farms in the United States on Aug. 1 1930 is
estimated at 5.4% of the crop of 1929, or about 66,965.000 bushels, as compared with
86,816,000 bushels on Aug. 1 1929 and 73,472,000 bushels, the average of stocks of
oats on Aug. 1 for the five years 1924-1928.
The amount of barley remaining on farms in the United States on Aug. 1 1930 I
estimated at 4.1% of the crop of 1929. or about 12,554,000 bushels, as compared
with 17,071,000 bushels on Aug. 1 1929 and 6,643,000 bushels, the average of stocks
of barley on Aug. 1 for the five years 1924-1928.
Wheat.
The 1930 wheat crop is forecast at 821,000,000 bushels, which is an increase of 14,000,000 bushels above the July 1 forecast, 1.8% above production in 1929 and 1.4% below the average of the 5-year period 1924-28.
The spring wheat crop declined because of dry, hot weather,from 249,546,000 bushels indicated on July 1 to 223.221,000 bushels indicated on Aug. 1.
This decrease, howeyer, was more than offset by the increase in winter
wheat prospects during the month from 557,719,000 bushels to 597,392,000
bushels. Increases in winter wheat occurred in nearly every State. The
dry weather brought about a minimum loss of grain in harvesting and
threshing. Threshing returns show yields to be above expectations a
month ago, while the grain is of high quality, with low moisture content
and heavy weight per bushel.
Itold per acre of winter wheat is estimated at 15.5 bushels per acre,
compared with 14.4 bushels in 1929, and the 5-year average of 15.0 bushels.
The 5-year average production is 550,636,000 bushels.
Durum wheat condition in the four States Minnesota, North Dakota,
South Dakota and Montana is reported at 67.5% of normal,compared with
81.1% on July 1, 56.7% on Aug. 1 1929 and an average Aug. 1 condition
of 77.8%. The indicated yield per acre is 11.0 bushels, compared with
9.9 bushels in 1929 and an average of 12.3. Production indicated by Aug.1
condition is 48,290,000 bushels, compared with 56.866,000 bushels on
July 1, 52,380,000 bushels produced in 1929 and the 5-year average of
68,879,000 bushels.
The condition of spring wheat other than durum is reported at 60.7%
compared with 74.7% on July 1.74.4% on Aug. 1 1929 and an average of
81.3%. Yield per acre is indicated at 10.8 bushels, compared with an
WINTER WHEAT.
Yield per Acne.
Production.
Quality
Harvested, Subject August
1010to Revision in Dec. 1930
Year
Slate.
Year
Prelim. Aver. 1929, 1930.
Aver. 1929. 1930.
EstiAverage
19191919mate. 1928.
1924-28. 1929.
1928.
---%
%
Bus. Bus. Bus. 1,000Bu. 1,000Bu. 1,000Bu. %
5,431
4,448
5.340
89
N. Y
19.5 16.0 20.0
85
go
1,178
1,215
1,536
24.0
N. 3
19.0
88
19.8
87
93
Pa
90
18.0 18.0 22.5 20,315 20,018 25,110
84
93
Ohio
89
16.2 19.5 17.8 27,219 33,696 29,833
87
97
88
Ind
14.8 17.0 18.0 25,199 27,659 27,828
87
97
88
Ill
18.2 14.7 17.8 32.078 33,369 35,956
86
96
13.0 18.6 23.5 17,138 16,740 19,458
Mich
89
90
93
1,357
936
945
Wls
89
20.0 24.0 22.5
93
89
3,150
3,024
3,000
Minn
88
17.6 21.0 20.0
91
87
7,466
7,652
8,512
22.7
91
Iowa
19.7 19.7
92
96
Mo
12.7 10.0 14.0 19,906 17,200 19,740
87
82
94
1,316
1,361
2,016
So. Dalt
13.7 14.0 16.8
88
87
gg
90
15.7 16.0 19.2 52,456 53.664 68,160
Nebr
N
'97
Kenxel
89
13.2 12.0 13.2 135,180 137,712 154,902
85
95
1,919
1,885
18.8 19.0 19.5
1,989
87
Del
93
91
9,638
9,468 11,707
86
Md
17.4 17.5 23.0
89
94
9,373
8,960 10,199
87
Va
13.1 12.8 15.5
81
94
1,826
1,782
2,453
VV. Va
13.2 13.3 17.4
88
84
94
5,211
5,347
4,575
N. C
10.7 11.7 12.5
87
83
92
723
768
589
B.C
11.2 12.0 12.8
85
80
84
1,101
850
588
10.3 10.0 12.0
83
Ca
77
94
2,773
2,832
3,381
Ky
11.6 11.8 13.8
87
82
93
4,635
3,645
9.0 11.5
3,450
10.5
Tenn
84
79
91
70
40
48
Ala
10.8 10.0 12.0
84
79
73
76
68
68
Miss
14.9 17.0 17.0
83
13S
00
312
350
11.3 12.0 13.0
351
Ark
83
88
87
12.7 10.5
9.5 50,566 44,478 33,966
Okla
89
87
90
Texas_ _ _ _ 12.3 15.0 11.0 20,944 37,800 27,720
g13
89
go
9,489
9.3
7,308
14.6 14.0
5.440
89
70
69
22.4 22.0 24.0 10,253 11,440 12,096
Idaho
93
87
90
777
1,066
16.1 13.0 14.0
Wyo
1,260
91
90
85
13.0 11.5 14.5 13.289 11,994 16,632
:3olo
91
88
87
1,826
8.0
4,734
N.Mex..._ 12.1 18.0
1,328
88
93
83
1,015
1,134
kris
24.3 27.0 28.0
1,288
93
90
95
2,940
[Ra11
18.1 20.5 24.0
3,403
3,984
92
84
96
100
22.2 26.0 24.0
104
Nevada
48
94
90
92
Wash
23.7 23.0 22.0 24,306 27,8313 18.634
90
85
86
Dregon __ _ 22.0 22.0 23.0 16,150 19,712 18,538
94
88
91
17.8 18.0 21.0 11,830 12,240 14,994
Dahl
89
87
91
15.0 14.4 15.5 550,636 577,784 597,392 89.4 86.7 93.
U. 8
1024
FINANCIAL CHRONICLE
[Vol,. 131.
average yield of 12.5 bushels. Production indicated for 1930 is 174,931.000
bushels, a decrease of 18,000,000 bushels from July 1. The indicated
crop is almost the same as the 1929 production, but is 18% below the average production of 213,649,000 bushels.
Considered by classes, the production of wheat of hard red winter varieties is now estimated at about 357,000,000 bushels, which is 13,000,000
bushels above the production of these varieties in 1929. The production of
soft red winter varieties is now given at 195,000.000 bushels, which is
about 7,000,000 above 1929. Hard red spring wheat production is given
at 137.000,000 bushels, which is 3,000,000 bushels less than in 1929. White
wheat of both winter and spring seedings is now indicated at 81.000,000
bushels, which is about 3,000,000 bushels above 1929.
Four States
Other Spring WheatMaine
Vermont
New York
Pennsylvania
Ohio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Missouri
North Dakota
South Dakota
Nebraska
Kansas
Montana
Idaho
Wyoming
Colorado
New Mexico
Utah
Nevada
Washington
Oregon
76
273
263
74
b8.4
076
82
84
80
73
87
• 89
• 69
• 77
76
52
59
75
85
58
71
81
149
68,948
18,187
2,844
139
47,865
15,327
2,555
5,106
537
2,550
325
18,617
4,328
100
56,321
17.262
2,891
348
32,535
14,075
2,265
6,018
1,008
3,000
300
17,080
3.402
150
54,052
20.896
2.820
483
27,760
13,910
1,768
4,830
672
2,754
364
20,618
3,904
United States
c72.6 56.2 60.7 213,649 175,626
a Short time average. b Yield per acre. c AU spring wheat.
174.931
118.7 b10.5
43
77
77
62
82
88
86
56
77
44
82
63
88
78
88
91
58
85
Corn.
Corn crop prospects dropped more than 21% between July 1 and Aug. 1
as a result of the continued severe drouth in the Ohio and lower Mississippi
valleys, subnormal rainfall, extremely high temperatures and hot winds
which prevailed over the Central States during July.
The indicated production of corn as of Aug. 1 this year, of 2,212,000,000
bushels, is the lowest for any year since 1901, when the crop was 1,614,000,000 bushels. A crop such as was indicated by the reported condition
on Aug. 1 would be 15% below the crop of 1929 and 18% less than the
5-year average (1924-1928) production. The yield of 21.8 bushels per
acre indicated by the condition as reported by crop correspondents as of
Aug. 1 lathe lowest since 1901, when it was 17.0 bushels. Other years of
low yields per acre were 1894, with 19.3 bushels; 1887, with 20.1 bushels:
•
1881, with 18.6 bushels, and 1874, with 20.7 bushels.
CORN.
Condition Aug. 1.
Oats.
The oats crop of 1,316,369,000 bushels for 1930, indicated by Aug. 1
conditions, compares with 1,233,574,000 bushels in 1929 and a 5-year average of 1,371,786.000 bushels. Oats were largely grown before the drouth
reached a serious stage and have been harvested under very favorable
conditions, except for the shortness of the straw in many States. Damage
during July in some States has been largely offset by yields above expectations elsewhere. The available crop for this year will be considerably reduced by the unusual amount of summer feeding required in the drouthafflicted area, and by the unusual number of fields grazed or mown and
fed in the straw. Some damage to the crop in the far northern States
since Aug. 1 will probably reduce the total crop slightly from the Aug. 1
indication. The oats crop is smaller than usual in all the States between
the Rockies and the Alleghenies except in Iowa, Missouri, Kansas,Colorado.
New Mexico, Texas, Tennessee and Arkansas, where it is larger. It is
larger than average, also, in all of the coast States from Texas to the Carolinas, and in New York and New England, but smaller from Virginia to
Pennsylvania. In the Far Western States the oats crop is generally better
than average.
Stocks of old oats on farms on Aug. 1 are estimated at 66,965,000 bushels,
which compares with 87,412,000 bushels on Aug. 1 last year and 42,315,000
bushels in 1928. Stocks are less in all the North Central States except
Kansas, and in all other Eastern and Southern States except the coast
States from the Carolinas to Louisiana. Stocks are heavier than a year
ago in all the Western States except Montana and California.
OATS.
Condition Aug. 1
Production.
Slate.
82
77
83
77
78
83
80
78
81
76
71
75
76
88
88
87
67
73
82
86
74
84
78
84
79
82
77
82
86
81
83
81
83
68
74
68
65
59
85
81
71
81
83
85
92
91
81
92
90
90
84
89
67
53
61
62
69
84
79
73
50
67
55
66
45
69
50
42
.41)
76
78
Washington
93
90
84
47
56
85
87
88
78
88
84
81
81
84
1,684
2,440
2,576
1.824
3,010
2,542
80.11
78.8
62.0
2,699,809
2:61[4,307
)regon
:4111fortila
United States
510
638
3,668
1,950
373
2,321
23,197
7,951
55,440
132,495
156.990
326,691
50,733
77.770
137,379
417,137
175.139
23,952
98.617
214.381
131,564
4,446
21,064
41,546
15,649
46,929
20,780
71
47.049
73
46
55
55
46
24
47
43
64
61
86
72
79
70
87
88
7,971
80,949
68,522
39.010
31,628
34,733
19,516
57,816
82,719
6,093
2,697
3,253
16,806
3,500
1,048
440
520
574
3,608
1,638
420
2,365
21,024
6,588
46,470
128,407
131.968
311,500
32,928
81,440
148,855
429,878
126,524
16,384
112,085
237,744
106,802
4,224
19,162
44,138
13,892
48,568
23.321
60,453
8,438
80,795
73.600
37,464
35,300
26,348
21,476
48.320
88.127
3,612
1,944
2,832
23,222
4,180
1,148
589
2.211,823
Maine
N.II
Vt
Mass
R.I
Conn
N. Y
89
90
91
88
79
88
88
72
88 80
88
76
84
69
N. 2
83 73
Pa
86
73
Ohio
81
71
Ind
75
75
III
76
78
Mich
79
73
Wls
85
80
Minn
80
75
Iowa-- - --. 83
83
Mo
73
77
No.Dak
74
49
So. Dak
76
70
Neb
78
83
Kan
224.6 023.6
Del
82
75
Aid
84
82
Va
82
83
W. Va
87
84
No. Cam .._ 820.2 224.0
So. Cam
a22.9 027.0
Georgia
019.4 a22.5
Florida
114.3 014.0
Kentucky ... 81
77
Tenn
77
77
Ala
218.4 *19.5
Miss
018.7 222.0
Ark
021.5 226.0
La
222.2 025.0
Okla
a24.6 a26.0
Texas
a27.2 028.0
Mont
70 48
Idaho
84
83
Wye
86
79
Colo
82
74
N. Alex
73
87
Ariz
88
85
Utah
90
61
Nevada
81) 83
Wash
80
76
84
Dregon
90
•
Calif
a30.2 a30.6
0
82
83
80
83
87
84
79
87
84
80
77
77
80
84
83
86
79
80
82
82
76
86
83
82
84
82
74
76
82
79
78
75
72
74
74
75
76
75
88
84
82
76
87
87
WWWWWW
Missouri
New Hampshire
Vermont
Massachusetts
Rhode Island
Connecticut
New York
New Jersey
Pennsylvania
Dizio
Indiana
Illinois
Michigan
Wisconsin
Minnesota
Iowa
Mbisouri
North Dakota
South Dakota
Nebraska
Kansas
Delaware
Maryland
Virginia
West Virginia
North Carolina
South Carolina
Georgia
Florida
Kentucky
Tennessee
Alabama
Mississippi
Arkansas
Louisiana
Oklahoma
Texas
Montana
Idaho
Wyoming
Colorado
New Mexico
Arizona
Utah
Nevada
Aug. 1.
WWWW
%
WI
%
R
RRRR
RRRRRR
R
e.or.r-rcoc,
anol-,mocoNoocoNcq...tcqvmmvmomegmco.opoocm
,
,,.naot-ocoN
a=woommocomc-nr-oommow
aN....ociN cl,pw.,,
,
onoomcciNO
c,,,,,,,
1.000 Bus. 1,000 Bus.
%
1930,
Forecast
frost
Condition
I
Harvested. Subject to
10Revision in December.
year
Aver. 1929. 1930.
Average,
19191924-1928.
1928.
1929.
..W.
10.
NI
WW...WOW• WW"., W. .402WWW0.4oP.W.1.0.00. W
WM.
§
000
0-1* .ji.
4,:*:wp
wiliwiw.-...1004.0.14-01-01-00b141W.
.W.01.140,10.2.14
W V.WA.W,100WWWWW0034,..
MOW.
w 0-4.WW.
WWWWWQPWWMW.0...W...W .4M.Www
WwWWWW 4.
000WWWWWwW.WWW.WWW...40.0Ww&o.WWWW
WWWw001.
State.
Stocks on Farms
Production.
Aug. 1 (1,000 Bu.).
101930
Harvested, Subject to
Year
Forecast
1930.
Revision in Dec.
Ater. 1929. 1930
from
1919% of
Condition 1929.
Average
1928.
Total. 1929.
Aug. 1.
1929.
1924-28.
Crop.
%
%
% 1,000 Bu. 1,000 Bu. 1,000 nu
4,956
431
3,080
285
68
434
34,738
1,571
37,308
74,784
65,570
145,686
54,991
105,653
159,332
221,765
41,716
58,510
71.671
88,797
35,405
114
1,701
4,367
5,087
5,260
8,553
7,358
168
5,800
4,513
1,890
1,090
4,404
724
27,602
44,874
18,113
6,366
4,158
5,544
946
462
2,280
73
9,272
9,740
4,276
.
.
W.
.
4*.b2
.
WWWWW.cwWW.11
kW
&WW W
.00
,
00.40.4..WW0 0.0M0W. WW.WWOWNO.oP.M..r.
W
W.
.P4O.ID
/nWIM;O-01,11
01,01-14 1WWWW-4-0WWW-WW0-0
Wt.714.
0o
W0.4.4W00-40 ,
...WW0W.W.WWW14
,
00o0.4WW.WWWW..-wwMo0,
.0
.44,.4000-WCAOMONOW>00MOMOC=WM.WW.WW.MwOWoofwMWMMWCC,G0=W00
Durum wheal-Minnesota
North Dakota
South Dakota
Montana
5,280
168
390
385
4
8
2,730
107
82
2
272
3
60
1
I
465
12
8
39,168 2,356 1,133
1,755
105
99
36,636 2,427 1,795
54,720 6,250 1,993
53,592 5,844 2,700
142,600 8,717 6,378
51,306 4,092 2,044
96,330 8,140 5,113
151,830 10,734 10,762
230,280 15,025 14,033
675
46,306 2,150
34,706 5,696 2,364
58,563 4,145 4,507
80,960 3,947 6,904
791
42,687 1,698
1
0
69
51
40
1,204
77
116
3,672
200
174
4,388
217
6,632
42
353
10,486
39
28
191
8,786
1
3
180
94
198
5,168
81
53
4,720
35
1,900
6
4
24
540
34
97
' 4,750
5
6
820
23.940
694
618
536
53,157
235
9.707 2,224
565
302
6,468
161
4,000
153
223
5,562
150
309
1,034
11
58
600
0
0
2,255
37
97
1
74
1
9,660
142
269
10,846
230 1,097
5,120
53
44
8.0
2.0
3.0
1.1
1.0
1.8
4.6
7.0
6.0
4.0
5.0
4.5
5.0
6.0
7.0
6.5
2.0
7.0
7.0
8.0
2.8
.5
3.0
2.0
3.1
3.5
3.2
2.0
2.0
1.5
1,5
1.5
2.0
2.0
.5
3.0
.5
6.0
5.0
5.3
4.7
5.0
0
4.0
1.5
3.0
8.8
1.0
U.8
c78.4 c75.6 c78.9 1.371,786 1,233.574 1,316.369 86,816 66,965 5.4
a Yield per acre.
c Allowance made for condition at harvest in Southern
States.
1
State.
Further deterioration of corn prospects of possibly 100,000,000 bushels
has occurred since Aug. 1, due to continued drouth and high temperatures,
indicating a crop for harvest about 25% less than the 1929 crop and about
22% below the 5-year average production.
The effects of the drouth have been most severe in the States bordering
the Ohio and lower Mississippi rivers. The indicated yield of corn is the
lowest on record (since 1866) for each of the six States of Mississippi.
Louisiana, Arkansas, Kentucky, Virginia and West Virginia. Missouri
has only four years on record-1913, 1901, 1881 and 1874-when the yield
per acre was less than the one now in prospect. The six States of Mississippi, Louisiana, Arkansas, Kentucky, Virginia and West Virginia, however. usually produce only about 8% of the total corn of the United States,
and when Missouri and Maryland are included, these eight States produce
SPRING WHEAT.
about 16% of the usual U.S.crop. Corn prospects in these eight States
point to a crop less than half of the 5-year average production (1924-1928).
Production.
Condition Aug. 1.
The corn crop in southern Ohio, Indiana and Illinois and parts of OklaHarvested, Subject
61930,
homa
and Kansas has been seriously damaged by the drouth, high temto Revision in Dec. Forecast
Year
peratures
and hot winds during July and early August. Yields per acre
Aver. 1929. 1930.
from
Average
1923of corn in Kansas, however, have been lower than present indications in
Condi'n
1924-28.
1929.
1928.
Aug. 1.
1926, 1918, 1916, 1913, 1901, 1894 and 1874, while in Oklahoma lower
% 1,000 nu. 1,000 Bu 1,000 Ru. yields were obtained in 1925, 1918, 1917 and 1911.
%
%
Although drouth conditions have been widespread, the more important
80
3,300
80
72
3,381
2,846
65
52,743
79
55
37,075
31,626
corn producing sections of the North Central States still had reasonably
12,236
72
73
59
11,669
13,572
good prospects for somewhere near an average crop of corn on Aug. 1,
81
42
50
600
255
246
although high temperatures during the first week of August undoubtedly
68,879
77.8 56.7 67.5
caused further deterioration of corn prospects, local showers in Michigan,
52,380
48,290
Iowa and in northern Illinois, Indiana and Ohio brought some relief to the
10-Yr.
crop. The indicated yield per acre of corn was about equal to or above the
Aver.
10-year average yield in Wisconsin, Colorado, Idaho, Utah. Arizona,
88
88
87
114
92
California, South Carolina, New Jersey, New York and the New England
69
87
97
87
28
18
22
States,andlnot more than two bushels below the.10-year average in Minnesota.
82
71
84
168
136
144
The prospective crop, taking into consideration deterioration since
85
82
82
2125
122
116
75
76
87
Aug. 1, in the eight South Central States is probably 30% less than the
116
74
84
72
78
75
102
64
5-year (1924-1928) average production in these States. In the five East
60
76
81
85
2,659
3,168
4,407
North Central States a reduction of about 23%. in the seven West North
78
80
87
94
70
90
Central States about 21%, in the eight South Atlantic States about 19%
80
84
85
1,230
1,254
1,287
274
70
76
and in the North Atlantic States 5% may be expected. A slight increase
21,042
13,413
12,974
76
83
85
544
610
697
is indicated in the 12 Far Western States.
AUG. 16 1930.]
FINANCIAL CHRONICLE
1025
Hay.
Barley.
Barley is forecast at 306,000,000 bushels, a drop during the month of 1 Production of all hay in 1930 indicated by condition on Aug. 1 is 95,358,about 26,000,000 bushels. This is slightly above the crop of 1929 but 000 tons, which is 4% less than estimated on July 1 and 11% below the
about 27% above the previous 5-year average production. The principal 5-year production of 107,100,000 tons. The decline since July 1 was more
decreases during July are shown in the Dakotas and Minnesota. while a pronounced for wild hay, which declined 13%, than for tame hay, which
substantial increase is shown in California. Yield is forecast at 24 bushels declined 2%. The wild hay crop of the Prairie States, which is usually
per acre, compared with 23.2 harvested in 1929 and the previous 10-year harvested in August and September, was adversely affected by the drouth.
average of 25 bushels. Stocks on farms are estimated at 12,554,000 Much of the tame hay crop. however, was harvested in June and early
bushels, or 4.14% of last year's crop. A year ago stocks were estimated at July before the drouth reached its more severe states. Much of the important clover and timothy hay area was in the more northern States out17,071,000 bushels, which was 4.8% of the previous year's production.
side the drouth area. Some second cutting alfalfa and most of the third
Rye.
cutting was badly hurt and the Aug.1 indication is below July 1 by 1.0(0.000
The production ofrye indicated by Aug.1 condition is 46,655.000 bushels, tons or 4%.
an increase of 6,122,000 over the 1929 harvest but about 4,200,000 bushels
The condition of tame hay on Aug. 1 was reported at 69.5% of normal
less than the average for the previous five years. Average yield is forecast and indicates a yield of 1.40 tons per acre and a production of 83,460,000
against
12.6
bushels
as
per
acre
bushels
last
year
and
the
10
-year
at 13.3
tons. The July 1 condition was 72.4% and the forecast was 85,431,000
average of 13.4 bushels. Quality averages 86.7%. In important pro- tons. Production in 1929 was 101,786,000 tons and the 5-year average
ducing States of the Northwest, yields were reduced by heat and drouth. production was 93,630,000 tons.
RYE.
The condition of clover and timothy was reported at 70.8%, compared
with 70.4% on July 1 and an average condition of 83.0%.
per
Acre.
The condition of alfalfa hay on Aug. 1 was reported at 72.1% compared
Yield
Production.
Quality
to 79.1% on July 1 and a 10-year average of 84.8%. Yield per acre indiHarvested, Subject August 1010cated by condition is 2.36 tons and indicated production is 27,112,000 tons
Year
to Revision in Dec. 1930, Year
State.
Aver. 1929. 1930.
Preliney Aver. 1929. 1930. compared to a 5-year average of 28,738,000 tons.
1919Average
EstiThe condition of wild hay on Aug. 1 was reported at 69.9% compared to
19191928.
1924-28. 1929.
mate. 1928.
79.9% on July 1 and a 10-year average of 76.6%. Yield per acre indicated
by condition is 0.84 tons,compared to a 10-year average of 1.00 tons. The
Bus. Bus. Bus. 1,000Bu. 1,000Bu. 1,000Bu. %
%
%
472
indicated production is 11,898,000 tons, compared to 13,602,000 tons on
16.4 15.5 18.5
310
426
N. Y
90
89
93
18.1 19.0 20.0
774
931
980
N. J
90
91
90
July 1 and a 5-year average of 13,500,000 tons.
1,693
1,984
16.4 16.0 17.0
Pa
2,210
92
87
92
Production of all hay in the northern deity States of New England, New
15.1 15.6 15.0
889
708
Ohio
705
91
88
92
York, New Jersey, Pennsylvania, Michigan, Wisconsin, Minnesota and
13.1 13.0 13.0
1,699
1,625
1,378
Ind
89
87
91
15.2 14.5 15.0
1,119
1,088
1,080
III
Iowa, indicated by Aug. 1 condition, is 35,872,000 tons, compared to
89
90
91
2,700
2,241
Mich
13.6 13.5 15.5
2,790
90
89
91
42,572,000 tons in 1929 and the 5-year average (1924-1928) of 38,390,000
3,898
2,960
15.2 16.0 16.0
2,992
Wis
90
91
91
tons.
7,961
6,930
7,197
Minn _-_. 16.4 17.5 17.3
88
88
87
635
704
Production of all hay in a group of States which suffered severely from
16.9 16.0 18.0
720
92
Iowa
92
93
250
200
12.1 10.0 12.5
225
Mo
88
the drouth-Maryland, Virginia, West Virginia, Ohio, Indiana, Illinois.
85
89
8,415 10,470
11.3
9.0 10.0 16,604
No. Dalt
87
83
80
Missouri, Kentucky, Tennessee, Arkansas, Mississippi, Louisiana, Ala1,996
2,046
3,915
12.9 11.0 14.5
So. Dak
88
86
85
bama and Oklahoma-as indicated by Aug. 1 condition is 19,276,000 tons.
3,093
3.694
4,995
13.2 14.1 15.0
Nebr
91
91
93
489
238
290
11.9 12.5 13.2
compared with 29.996,000 tons produced in 1929 and the 1924-28 average
88
Rims
87
93
56
58
56
14.1 14.5 14.0
91
Del
92
91
of 25,531.000 tons. In this group production of all hay in 1930 expressed
280
255
370
15.7 16.5 18.5
89
MU
90
89
as a percentage of the 1924-28 average is as follows: Virginia, 51%; West
509
625
676
12.0 11.8 13.0
89
86
Va
92
119
93
121
Virginia, 59%; Kentucky, 62%; Mississippi. 62%; Ohio, 68%; Arkansas,
12.2 11.6 13.4
90
W.Va
87
92
1,013
1,176
1,068
10.1 12.0 12.0
89
68%; Alabama, 68%; Maryland. 71%; Indiana. 76%; Missouri, 80%;
No. Car
87
89
92
88
12.5
11.6
81
11.2
86
So. Car82
82
Tennes,see, 80%; Louisiana, 84%; Illinois, 89%, and Oklahoma, 98%.
223
171
9.5 10.5
136
9.7
Georgia
86
81
85
Production of all hay in the States of North Dakota, South Dakota,
178
165
184
12.0 11.0 11.5
87
Hy
81
86
256
256
8.0 10.0
Nebraska, Kansas, Montana, Wyoming and Colorado, all of which are
9.6
320
Tenn_
85
83
87
10
10.2
9.0 10.0
9
10
85
Ark
85
important alfalfa and prairie hay-producing States, is indicated at 22,160,85
396
308
12.6 11.0 10.5
262
Okla
87
92
86
000 tons, compared with 23,555,000 tons produced in 1929 and the 5-year
240
197
94
Texas.. _._ 12.4 15.0 10.5
88
90
88
average of 24,978,000 tons.
1,594
1,221
11.8 11.0 10.0
1,180
Mont
88
60
68
42
15.8 14.0 12.0
46
36
In the area along the Ohio River which has suffered severely from drouth
94
Idaho
82
88
360
9.0
583
13.4
9.0
396
92
Wyo
86
a considerable acreage of clover and timothy is grown. Some small grain
80
832
891
10.5 11.0 11.0
1,023
90
Colo
79
85
Is cut, also, and nearly all of the country's acreage of red top. Reports
14
3.0
18
3
87
N.Mex._. 12.2 18.0
85
86
received by the Department indicate that a very large percentage of the
33
21
7.0 10.0
9.1
30
91
Utah
90
92
218
144
12.0
11.0
12.4
110
1930 seeding of clover and timothy for harvest in 1931 and thereafter has
Wash
89
82
78
123
112
126
13.0 14.0 14.0
92
Ore
78
85
been killed out. Red top meadows have probably not suffered permanent
injury since this crop is a perennial, is unusually resistent to drouth and
13.4 12.6 13.3 50,851 40,533 46,655 89.5 86.2 86.7
U. EL
reseeds itself.
Flaxseed.
In the area along the Mississippi River from Kentucky and Missouri
lespedeza are important hay crops. The
Flaxseed production of about 26,000,000 bushels was indicated by Aug. 1 south annual legume crops and
beans, are usually planted late in the
conditions, this being 4,000,000 bushels less than indicated on July 1. annual legumes, cow peas and soy Considerably forage from
these crops
hay.
During the first week of August, however, the crop suffered further dam- summer when intended for
rains come soon and render the soil
should
year
this
obtained
age. Owing to the increase of 47% in acreage this year, the reduced pros-, could still be
pacts are still for a crop much greater than the 16.844,000 bushels produced fit for planting.
Pastures.
In 1929, though the further losses in early August probably brings the present crop prospect down close to the 5-year level of 23,816,000 bushels.
The condition of pastures declined from 74.6% of normal on July 1 to
The principal loss has been in North Dakota, where many late planted 56.4 of normal on Aug. 1, the lowest condition in the 67 years that the Defields have not been able to survive the heat and dryness of July. The partment has been keeping records of pastures. Only once duni g the past
loss of flax acreage in that State, which usually produces about half of the 20 years has pasture condition approximated this figure, in 1911, when
total crop, may reach or even exceed a fourth of the total plantings.
62.79 was reported on Aug. 1.
Maryland, Virginia, West Virginia, Ohio, Indiana and Illinois taken
Grain Sorghums.
I
together average about 34% of normal against 56% on July 1 for these
Grain sorghum shows an indicated production of 92,864,000 bushels,
decline of 22 points; while Kentucky and Arkansas on Aug. I
Including the grain equivalent on the acreage for forage. This production States, a
about 26% condition, a decrease of 23 and 38 points,respectively,
which will probably be decreased owing to the continuance of the drouth, averaged
Further deterioration has occurred since Aug. 1.
through the first part of August,compares with the small crop of 100.845,000 , for the month.
Over a very wide area east of the Rocky Mountains pastures have been
bushels in 1929 and with 142,513,000 bushels equivalent production in
or less seriously by the very high temperatures of the past
1928. The Aug. 1 forecast is equal to about 70% of the 10-year average affected more
some localities the prolonged drouth, ranging from three
production of about 134,000,000 bushels. It is 5% smaller than the pre- seven weeks. In
to nine months, has been the outstanding damaging factor. In the Great
vious low record of 98,158,000 bushels in 1922.
which have not been over-grazed are still rich in
Compared with last year, most of the loss is in Oklahoma. Compared Plains States pastures
cured grass and cattle are thriving. The area of greatest damage from
with ordinary years, the reduction is heavy in all sections.
includes the blue grass pastures of the United
heat
drouth and excessive
Buckwheat.
States in the Shenandoah Valley, West Virginia, Kentucky and parts of
River. In this blue grass region pastures
Buckwheat planting was reduced below intentions by dry soil conditions other States bordering on the Ohio
mainstay of feed for livestock the greater portion
in some States. The acreage planted is now estimated at 727,000 acres, are for the most partthe
in this area for lack of both feed
suffering
already
compared to 731.000 acres in 1929 and a 5-year average of 749,000 acres, or the year. Stock is
certain that if adequate rains do not fall in the
Much of this crop is produced in New York and Pennsylvania, where and water. It appears
particular region, extensive forced marketing of live
weather conditions have been favorable until near the close of July. Dry near future in this
unless feed is shipped. The distressing situation
weather is now affecting the crop adversely. Production for the United stock will be necessary measure, however, if rains come
soon to revive
some
States is forecast at 11,068,000 bushels, compared to 11,520,000 in 1929 may be relieved in
pastures,since stock in the blue grass region is pastured well intothe winter
and a 5-year average of 13,786,000 bushels.
months.
Fruit.
Rice.
Rice production is forecast on the basis of Aug. 1 conditions at approxiThe yield of all fruits on Aug. 1 was expected to be about 18% above the
mately 37,900,000 bushels, or about 2,300,000 bushels less than last year short crop of 1929 but about 10% less than the 10-year average.
and 1.100,000 bushels less than the previous (1924-1928) average. This is
The increase over last year is noticeable in all crops. The greatest per400,000 bushels below the forecast as of July 1; a large part of the differ- centage is in prunes and plums, largely grown in California. The grape
ence being accounted for by a reduction of a million bushels in Arkansas, and citrus crops are considerably above last year's production. The
California fruit crops in 1929 were reduced sharply by freezes, and with the
which is partly offset by an increase of about half a million in Louisiana.
The 6,688,000 bushels forecast for Arkansas is the same as was produced favorable conditions prevailing in that State during the present season the
than
any
less
other
crop
is
since
and
in 1921
then except the 5,332,000 increase above 1929 has been most marked.
bushel crop of 1923. The conditions in Arkansas are critical and water
The largest portion of the country's fruit supply is grown outside the
shortage will probably necessitate practical abandonment of several thou- area of greatest drouth damage and these crops for the country as a whole
sand acres so far as irrigation is concerned. The Early Prolific variety have not been affected as seriously as some of the grains. In the Cumberwas in the boot Aug. 1 and growers were having difficulty in keeping it land-Shenandoah region and in the Ohio Valley, however, apples have been
wet enough.
seriously injured by the drouth. Peaches in this area had already been
Louisiana has experienced some difficulty because of low water, but seriously damaged by severe winter temperatures and spring freezes, the
recent rains have given some relief and with early rice harvest under way drouth causing some further dropping of peaches that were left but for the
an average yield of 34 bushels per acre, equivalent to a total State produc- most part the crop remaining was so small that the drain on the trees was
tion of nearly 16,700.000 bushels, is expected. This is 3,000,000 bushels reduced to a minimum.
Since the first of August there has been little rain in New York, Pennless than the last crop and 200,000 bushels less than the 5-year (1924-1928)
average. In southern Louisiana reduction of yields by salt water backing sylvania and the North Central States, Ohio, Indiana, Illinois, Michigan,
quite
possible.
Wisconsin and Minnesota. In these States the drouth conditions were
up the streams is still
Some of the rice in Texas needed rain Aug. 1, although a good crop was beginning to be felt by the first of the month and with the continuation of
the hot, dry weather through the first ten days of August there seems to
till expected.
1
1026
FINANCIAL CHRONICLE
be danger of further deterioration offruit prospects in these Statesfrom the
estimates made on the first of the month.
In Virginia further deterioration of the apple crop was reported up to
the 7th of August, and It is now expected that less than a fourth of a crop
will be harvested.
Apples.
The condition of all apples was reported on Aug. 1 at 48.6%, which.
when interpreted into the most probable production, indicates a crop of
146,440,000 bushels, which would be about 3% more than the short 1929
crop and about four-fifths of the average production for the previous five
years.
The condition of the commercial crop is reported at 54.2% and the production forecast at 30.722,000 barrels, which would be about 6% more than
last year and about 5% less than the average for the previous five years.
With the short crop now in prospect and the short general farm crop, it is
probable that a larger proportion of the crop will move in commercial
channels this year than ordinarily.
The drouth and high temperatures which prevailed up to the first of
August, while detrimental to the normal development of the apple, had
not proven as serious to the crop as to some of the important feed grains.
With the exception of the Cumberland-Shenandoah region, comprising
parts of Virginia, West Virginia, Maryland and Pennsylvania, and in the
Ohio Valley, the larger portion of the country's apple supply is produced
outside the area of greatest drouth damage.
Up to the first of August the Cumberland-Shenandoah region had suffered severely from shortage of water and high temperatures. In parts of
this area orchardists were reported to be watering the trees. Defoliation
Is reported prevalent in many sections of the area. There has been no relief
during the first ten days of August from these conditions and the crop has
undoubtedly suffered further loss. In New iork, northern Pennsylvania
and in the northern tier of States westward to Minnesota, where heat and
lack of moisture had not been as serious up to the first of August,the prospects were somewhat better. In all of these States, however, the continuation of hot, dry weather during the first ten days in August has undoubtedly caused further deterioration.
The New England and Western States are the only sections of the country where there is promise of an average or better than average crop, In
California and the two Pacific Northwest States. Washington and Oregon,
good crops are expected.
Peaches.
The condition of peaches on Aug. 1 was reported at 50%.which indicates
a crop of nearly 47,000,000 bushels or about 2% more than harvested in
1929 and slightly more than four-fifths of the average harvested for the
previous five years.
The drouth has not been the determining factor in this year's peach crop,
though heat and dry weather are causing dropping of fruit in Virginia and
other areas.
The severe winter injury and spring freezes occurring in many areas had
already reduced the peach crop sharply. The California crop is forecast at
nearly 28,000,000 bushels, which would be the largest crop on record for
that State. In the ten Southern early States where the crop is about harvested the production is estimated at about 10,084,000 bushels, about
14% less than the crop harvested in 1929 and about 44% less than the average for the previous five years.
Pears.
Pears were reported on Aug. 1 at 63.1% and the yield forecast at 24,277,000 bushels, which would be about 13% larger than the 1929 harvested
crop, nearly the same as in 1928 and 13% more than the average for the
five years 1924-28.
Through the Central States where the drouth has been most severe less
than two-fifths of an average crop is expected. The New York crop is
now forecast as one of the largest since records began in 1909. In Washington a pear crop nearly as large as in 1928 is expected, which was the
largest crop of record for that State. In Oregon and California the crop
as now forecast would be the largest crop ever produced in those States.
Grapes.
The condition of grapes was reported on Aug. 1 at 85.5%. which is nearly
3% higher than the 10-year average condition on Aug. 1. The crop is
expected to be about 12% larger than the 1929 crop but just about the same
as the 5-year average, 1924-1928.
Drouth conditions seem to have been less detrimental to the grape crop
than any of the other generally grown fruits. The weather has been conducive to good quality fruit, but the berries may be small.
[VOL. 131.
surplus States, 74,782,000 for the deficient States and 36,333,000 for the
Southern.
Sweet Potatoes.
The condition of sweet potatoes on Aug. 1 was reported at 65.1%, the
lowest condition reported on that date since records began in 1869. Production is forecast at 66,251,000 bushels, which would be nearly 22% less
than the crop harvested in 1929, about 11% smaller than the 5-year average (1924-1928) and the smallest since the very short production of 1925.
Sweet potatoes are for the most part grown on the light,sandy soils which
are more susceptible to drouth conditions. Over a large part of the area
of heavier production, the South Atlantic and South Central States and
In Texas, there has been a deficiency of moisture during June and July
which has undoubtedly caused considerable damage to this crop. With
the continuation of dry weather the crop may be expected to deteriorate
further,
Tobacco.
The condition of tobacco in the United States declined from 74% of
normal on July 1 to 64% on Aug. 1, and Indicates a decrease in indicated
production from 1,597,670,000 pounds on July 1 to 1,474,758,000 pounds
on the first of this month, or a decline of approximately 8%. Further decline in the condition of the crop since Aug. 1 is indicated by late reports;
however, the extent of this decline is not known at this time. Usually
tobacco stands dry weather very well and weighs out much better than
the appearance during the growing season would indicate, but whether
this would hold true during extreme drouth conditions such as exist in
certain areas at the present time is problematical.
The sharpest declines in condition are found in Virginia, West Virginia.
Kentucky, Tennessee, Indiana and Ohio. The drop In condition of all
fire-cured types combined averaged 23 points during July, the decline in
the Paducah or western fire-cured district amounting to 31 points. Production of all fire-cured tobacco in 1929 amounted to 183,087,000 pounds.
This year, with an 8% increase in acreage, the indicated production on
Aug. 1 is 172,154,000 pounds, a decrease of nearly 11 million pounds.
Burley tobacco declined in condition from 70% on July 1 to 49% on
Aug. 1. Conditions on the latter date indicates, notwithstanding the 7%
Increase in acreage, a total production of 293,088.000 pounds, compared
with 334,619,000 pounds produced in 1929, a decrease of about 41 million
pounds. The further deterioration in the Ohio River basin since Aug. 1
may still further reduce the production of burley and other western types,
and correct the condition of over-production that appeared likely earlier
In the season.
Maryland condition declined 26 points during July, so that production
will about equal that of a year ago, acreage having been materially increased.
Flue-cured tobacco condition declined in the Old Belt but improved in
the New Belt. A total production of 758,720,000 pounds Is indicated.
compared with 750,729,000 pounds in 1929.
The dark air-cured types show material declines in condition during July.
In One Sucker the decline was 15 points from 76 to 61% and indicates a
production of 26,939,000 pounds compared with 29.344,000 pounds in
1929, from 7% more acres than were harvested last year.
Green River air-cured condition is reported at 54%,a drop of 21 points
during the month,indicating a production of 23,000,000 pounds, compared
with 27,390,000 pounds in 1929.
Virginia sun-cured condition on Aug. 1 was 62% compared with 82 a
month ago, indicating a production of 3,819,000 pounds, compared with
4,150,000 a year ago.
The condition of most cigar types declined during July, but the changes
as a whole were less pronounced than in the districts of Virginia, West
Virginia, Kentucky, Tennessee and along the Ohio River in Ohio and
Indiana. In the Pennsylvania and Miami Valley filler districts the decline
amounted to 15 points, in the Connecticut Valley to 6%. while no change
is reported in Wisconsin.
Dry Edible Beans.
The crop of 22,024,000 bushels of dry edible beans indicated by conditions on Aug. 1 is about a million bushels less than on July 1. A loss of
about 2,000.000 bushels in Michigan and Montana, Idaho and Wyoming,
which produce mainly white beans, has been partly balanced by a gain of
600,000 bushels in Colorado and New Mexico, producing mainly pinto
beans, and about 500,000 bushels of various types in California. Although
since Aug. 1 prospects in Michigan and New York have declined, the indications at the close of the first week in August are still for a United States
crop considerably greater than the 19,693,000 bushels produced in 1929
and much above the 5-year average production of 17.323,000 bushels.
Hops.
Peanuts.
A decrease of 23% in acreage to 19,200 acres in the area planted to hops
The condition of the peanut crop on Aug. 1 was 69.2% of normal, comIs reported from the Pacific Coast States, where the nation's hops are pared
with an Aug. 1 condition of 79.2 in 1929 and 79.5 in 1928, and a 10mostly produced. Condition on Aug. 1 averaged 73% of normal against year average
of 79.5. Peanut conditions have made but little more than
66.3 a month ago, forecasting a production of 18,360,000 pounds,the small. the usual
decline during July as the drouth conditions have invaded only
est hops crop in 15 years. Production in 1929 was 33,220,000 pounds- a part of the
heavy peanut-producing area.
Some growers in the coast counties of Washington and Oregon mention
The lowest conditions are 40 in Arkansas, 50 in Oklahoma and
Tennessee.
more or less damage by downy mildew. Production in Yakima Valley, 56 in
Louisiana, 58 in Texas. While conditions declined In the West they
where most of Washington's hops are grown, is expected to be lighter than improved in
the East, and the net decline in the crop prospects for the
usual because of decreased acreage. Condition of Yakima hops is reported whole
country was about 3%. Since Aug. 1 there has been further reducas good, but the crop averages ten days late.
tion through continuance of the dry conditions in the central and western
area.
Potatoes.
Potato prospects were reduced more than 6% during July by the heat
Broom Corn.
and drouth that was general over the Eastern half of the country. The
Broom corn production Is forecast at 58,800 tons as of Aug. 1,this figure
condition of the crop declined from 83.4% of normal on July 1 to 75.9% being 11,100 tons less than the July 1 forecast, but 11,600 tons more than
on Aug. 1. On the basis of the Aug. 1 reports, this season's production is last year's crop and 7,600 above the average of the previous five years
indicated to be less than 373,000,000 bushels, which would be only 3% (1924-1928).
Most of the reduction from the July forecast is accounted for by dry,
larger than the short 1929 crop and 5% below the average production of
hot weather in central Oklahoma, where early harvested fields yielded about
the preceding five years.
The loss in yield prospects during the month was particularly sharp in a half a crop.
In the "Panhandle" area of Oklahoma and Texas and adjacent parts of
belt from Nebraska and the Dakotas through to Pennsylvania. Maryland
and Virginia. In the North Central States the expected yields on Aug. 1 Colorado and Kansas the crop had a slow start and was damaged by the
were only 11% above the low average yield of 1929 and 6% below the aver- heat of July, but rains have materially improved prospects during the last
age of the years preceding. Later reports from a number of these Central few weeks. Moderate yields of very good quality will probably be secured
States show further loss in yields has occurred during the first week in In this area.
August. which may reduce the Aug. 1 forecast by as much as 8,000,000
Sugar Crops.
bushels. Local rains during the same period in some other important areas
Sugar production from this year's crops of beets and Louisiana cane is
will help the crop but ample moisture is still wanting. Conditions in New forecast at 1,241,000 short tons,
or practically the same as a month age,
Jersey, New York and New England continue
to indicate better than aver- and but little more than last year's production. Louisiana is expectd to
age yields, except in Aroostook, Maine, where yields are now expected to make a little less sugar
than was forecast as of July 1 and the beet sugar
be slightly below average because of excessive rains. In the Western forecast is increased
slightly. These sugar production forecasts are based
States yields are expected to equal those of last year, although slightly on forecasts of
production of cane and beets and average extractions of
under the ten-year average.
sugar.
The South Atlantic States will be likely to have the lowest yield since
In the Louisiana cane belt sugar cane is considerably undersized for this
1914 and the South Central the lowest since 1927.
time of year, due to a backward spring and hot, dry weather during June
The losses in expected production during July amounted to 7% in the and July. Stands are
not good but fields are clean and well cultivated and
19 surplus-producing States and more than 8% in the 16 deficient States. labor is plentiful.
About 16.2 tons of cane per acre are now expected.
Production in the Southern States is estimated to be 11% greater than in
The Aug. 1 forecast production of sugar beets is increased slightly from
1929. The production forecast on Aug. 1 is 261,442.000 bushels for the a month ago, reductions in
the eastern areas being offset by increases in
AUG. 16 1930.]
FINANCIAL CHRONICLE
the western irrigated districts. In Colorado several thousand more acres
were finally planted than was indicated by previous reports, but since a
considerable acreage is usually abandoned, the acreage to be finally harvested is still uncertain.
Pecans.
The pecan crop shows a growing condition of 41.2% of normal on Aug. 1,
which compares with 51% last year, 55.1% in 1928 and 54.6% the average
Aug. 1 condition for the years 1923-1928. Conditions are reported at 35%
in Texas,43% in Oklahoma,46% in Georgia,48% in Mississippi and 52%
in Louisiana.
Canning Vegetable Crops.
Of the vegetables grown for commercial canning or manufacture, snap
beans, sweet corn, green peas and tomatoes make up about four-fifths of
the acreage. Conditions reported on Aug. 1 indicate that the combined
prospective production of these four leading canning crops will about
equal the 1929 production, unless further extensive damage occurs.
Earlier expectations of production, based upon the 15% increase in the
acreage of these crops, have been materially reduced, principally by the
hot, dry weather of recent months. Condition of canning tomatoes declined 12 points during July, sweet corn 19 points and beans 21 points.
The important canning areas in a belt from Maryland and Delaware west
through the Ohio Valley to the Central States beyond the Mississippi
River and southward, suffered considerable damage from the excessive
drouth and heat. In these areas, continuation of detrimental weather
the forepart of August may be expected to cause further reduction in the
yields.
The present prospects, approximating the large production of 1929, are
about 15% above the average production of the preceding five years.
Compared with last year's crop this season's production of snap beans as
forecast on Aug. 1 is not quite 1% less, sweet corn nearly 10% less, tomatoes between 1 and 2% larger and green peas about 9% larger. Sweet corn
is the only one of the four crops that is not expected to exceed the average
production during the five years from 1924 to 1928.
The condition of cabbage grown for kraut manufacture and cucumbers
grown for pickling, also shows a decline during July, cabbage 10 points
and cucumbers 8 points. The Aug. 1 condition of the several crops is
reported as follows: Beans, 60.1% of normal; cabbage, 79.8; corn, 67.1;
cucumbers, 74.7; tomatoes, 73.7.
Commercial Truck Crops.
The condition of practically all commercial truck crops declined, the
heaviest reduction in crop prospects occurring in the drouth-stricken areas
of the Eastern and Central States. All of the important crops except
onions reveal lower than the ten-year average condition for Aug. 1, the
sharpest decrease being shown for cabbage, cantaloupes, peas and watermelons. The latter crops, together with cucumbers and tomatoes, lost
heavily in condition during the last month. While the July decline in
onion prospects was not as severe as for other crops, the late crop was
beginning to show the effect of heat and drouth in a number of central
areas in latter July. Production in the late States is forecast at 19,261,000
bushels, or nearly 5% more than in 1929.
The late crop of domestic cabbage suffered the greatest setback in Ohio,
Indiana,Illinois and Iowa,and only to slighter extent in the adjacent States.
Production is forecast at 289,350 tons, or nearly 15% more than the late
domestic crop of 1929. Heat and drouth reduced yields at harvest time
in much of the intermediate area also,the loss in six of the States amounting
to 10% of the crop expectation on June 1.
Soy Beans.
Soybeans showed a condition of 70.5 on Aug. 1 compared with 81.5 on
July 1 and an Aug. 1 condition of 82.5 in 1929 and 82.0 for the ten years.
The soybean crop has suffered seriously from the July drouth in practically all States except the Carolinas, Georgia and Louisiana. The loss
in condition during July ranged from 1 point in North Carolina and 4 in
Georgia and Iowa to 8 in Illinois, 10 to 16 in most of the remaining commercial States, up to 20 in Kentucky, 23 in Arkansas and 26 in Virginia.
Up to Aug. 1 the reported damage to soybeans was much less than that to
corn and pastures, but the reported figure of 70.5 is the lowest reported on
Aug. 1 since the record was begun in 1916. The lowest previous figure
was 78.6 in 1926.
Velvet Beans.
Velvet bean condition is reported at 69.4 on Aug. 1 compared with 71.2
on July I, this being less than the usual July decline. The present condition is far below the high figure of81 reported last year and below the Aug.1
average of 84.5 for the years 1924-1928.
Velvet beans being grown mainly in the Southeast, which has been favored by July rains, and in the coastal belt further west, does not show
the loss during the past month that has been suffered by other legume crops.
Cowpeas.
The cowpea condition of 63.2 on Aug. 1 is far below the previous low
reported
for
that
date
in 1925. Condition Aug. 1 last year
figure of 70.0
was 76.2, the 10-year average is 79.
Cowpea conditions average lowest: 45 in Arkansas, 48 in Virginia,
56 to 60 in Louisiana, Mississippi, Kentucky, Indiana and Ohio, and 60 to
65 in Texas. Oklahoma, Missouri, Alabama and Tennessee. Conditions
are above 70 in the Carolinas. Georgia and Florida.
Cowpeas are resistant to heat and drouth within limits, but were in
poor conditions and growing worse in all the drouth region on Aug. 1.
Milk Production.
Pastures in milk producing areas were only fair on June 1: by July 1 the
condition was down to 76, almost as low as in July 1926 and lower than in
any year since. On Aug. 1 the condition was reported by crop correspondents as only 58.2, compared with 78.7 on Aug. 1 last year, 86.2 in
1928, 84.0 in 1927, 70.2 in 1926 and 74.6 in 1925. On the first of June the
crop correspondents of the U. S. Department of Agriculture were securing
a daily average of 18 pounds of milk per cow for all milk cows in their herds,
or slightly more than on that date in any of the previous six years. By
Ally 1 production per cow had dropped to 17.2 pounds compared with
17.9 pounds last year, 17.5 pounds in 1927 and 1928, and 17.0 pounds in
1926, when summer pastures were poor in the western part of the corn belt.
By Aug. 1 production per cow in the herds of crop correspondents had
dropped to 14.2 pounds compared with 15.5 pounds in 1929, or a drop of
about 8%; 15.4 pounds in 1928; 15.3 pounds in 1927, and 14.5 pounds in
August 1926, and 14.3 pounds in August 1925. The drop in production
from the June 1 average was most marked in the North Atlantic States but
was also sharp in other important Northern and Western dairying regions.
The lower production on Aug. 1 as compared with a year ago is shown by
practically all States except New England, New Jersey, Colorado and
possibly Washington. In the areas most affected by the drouth the decline
ranges from 10 to 30%. This reduction in production per cow is due
primarily to poor pastures and hot weather, and may be somewhat less
noticeable after the close of the pasture season, but so many sections face
a shortage of both hay and grain that many cows will be fed less intensively
1027
than usual until spring; this will be particularly true if the prices of milk
and butter continue relatively low.
Onions.
The decline in onion condition during July was not so severe as the reduction reported for many another commercial truck crop. The latter
part of the month, however, the crop in the late States generally was beginning to show the effect of extremely hot, dry weather, particularly in
the most seriously affected drouth areas in Ohio, Illinois, Iowa and Utah,
and to a degree in some sections of New York, Pennsylvania, Michigan,
Wisconsin and Indiana.
From conditions reported on Aug. 1, production in the late States is
forecast at 19,261,000 bushels, or nearly 5% more than in 1929. The
average yield for the entire group of States is about the same as last year.
Present indications are that, where replantings were made, continued
dry weather will lower yields still further. Should rains occur in the near
future, however, the late plantings should improve considerably. The
forecast of 19,261,000 bushels, as of Aug. 1 conditions in the late States,
assumes full allowance for the ultimate effect of drouth, heat, &c., to that
date. Aug. 1 prospects may, therefore, be altered by later unusual developments, either favorable or unfavorable.
Horace Bowker of American Agricultural Chemical
Co. Surveys Farm Problem With Reference to
Wheat Production Costs-Lowered Production
Cost Essential to Sound Farming.
Price stabilization, acreage curtailment, and other expedients, in the view of Horace Bowker, President of the .American Agricultural Chemical Co., "do not get one to the real
roots" of the farm problem, which Mr. Bowker contends
rests in the fact •that it costs most farmers too much to
grow wheat. "A Survey of the Farm•Problem With Particular Reference to Wheat Production Costs" has been prepared by Mr. Bowker and presented to President Hoover.
Depleted fertility of the soils of American farm lands, which
has reduced wheat yields to a low average of 12 bushels per
acre, produced at an average cost of $13.73 an acre, or $1.14
per bushel, is given as a vital factor in the present farm
problem in Mr. Bowker's survey. In his letter to President
Hoover Mr. Bowker says:
420 Lexington Avenue,
New York, N. Y., July 18 1930.
To the President of the United States,
Executive Mansion,
Washington, D. C.
Dear Mr. President: I have the honor to present the accompanying survey
of the farm problem, with particular reference to the cost of producing
wheat. Duplicate copies of this survey are being transmitted to Chairman
Legge, of the Farm Board, and Secretary Hyde.
The facts disclosed by this survey demonstrate that money can be made in
growing wheat, even when prices are low, by the simple and thoroughly
practical expedient of increasing the yield per acre and thereby reducing
the unit production cost. The facts as here presented show that progressive
farmers have found for themselves a way to meet present conditions and
place farming on a paying basis.
I submit this survey, not as an ex parte statement of an interested manufacturer, but as an effort to contribute to sound thinking in the solution
of a problem of profound importance to this country.
With assurances of my great respect, believe me
Sincerely yours,
(Signed) HORACIE BOWKER.
The survey, which is based upon a study of 3,300 crop
reports from the principal wheat-growing States, indicates
that American crops remove from the soil each year a total
of 17 billion pounds of nitrogen, phosphorous and potash,
the principal elements essential to plant growth and crop
yields, only 8% billion pounds of which is returned to the
soil by crop wastes, rainfall, leguminous plants and other
nitrogen carriers such as clover and alfalfa, together with
21h, billion pounds in the form of commercial fertilizers.
This leaves a deficit of 5% billion pounds of plant food each
year, the survey states, to which it attributes steadily declining per-acre yields, with corresponding increases in perbushel production costs.
The survey presents cost-of-production comparisons from
typical wheat-growers to show that where the fertility of
the soil is adequately restored by efficient farming practice,
the cost of growing wheat is reduced to an average of 67c.
per bushel; and, when credit is allowed for straw, the cost
of growing a bushel of wheat is shown to run as low as 43c.
a bushel. The survey, which was made public in Washington July 21, reads in part as follows:
The farm problem is being studied with increasing intensity; but by far
the major emphasis seems to have been placed upon those aspects which may
broadly be termed as marketing, with collateral phases such as price
stabilization, acreage curtailment, &c.
Yet, it is as true of farming, as it is of any other industry, that cost of
production has as great if not a greater bearing on profit than has ultimate
selling price. And production costs are the only part of the profit equation
over which the farmer, like the manufacturer, can directly exercise effective
control.
The Real Cruz of the Perm Problem.
A vital factor in production costs is the condition of the plant. If a
manufacturing plant le not maintained in a high state of repair and
FINANCIAL CHRONICLE
1028
efficiency, costs are bound to be affected adversely. This is likewise true
of farming. How well is the farmer maintaining his "plant"?
The crops raised on American farms take from the soil each year a total
of approximately 17 billion pounds of nitrogen, phosphorous and potash, the
three principal elements essential to plant growth and crop yields. Only
about 21
/
2 billion pounds of plant food are returned to the soil in the form
or commercial fertilizers. Of the remaining 141
/
2 billion pounds, it is
estimated that only 60% is returned to the soil by natural manures, such
as crop wastes, rainfall, the growing of nitrogen-bearing leguminous plants
and the plowing-in of other nitrogen carriers such as clover and alfalfa.
This leaves a deficit of 5% billion pounds of plant food each year.
This plant food deficit and the resulting decrease in soil fertility mean
declining crop yields and steadily higher costs of production for American
farmers; and this in turn may mean an even more acute "farm problem" in
the years to come.
As soil fertility diminishes, crop yields decrease and unit production
costs increase correspondingly. There comes a time, therefore, when, unless
this loss in fertility is checked, the farmer's profit disappears.
This time may be postponed by economies growing out of the use of
labor-saving machinery on farms large enough to utilize it economically.
It may be postponed by marketing economies and price protection. But
these measures, important as they may be when soundly employed, cannot
take the place of soil fertility.
The Scope of the Survey.
[Nrcm. 131.
Foreign Crop Prospects.
The latest available information pertaining to cereal crops
in foreign countries, as reported by the Foreign Service of
he Bureau of Agricultural Economics to the United States
Department of Agriculture at Washington, and given out
on Aug. 11, is as follows:
Wheat.
The 1930 wheat production in 17 foreign countries reported to date is
forecast at 1,380,673,000 bushels against 1,303,757,000 bushels in the same
countries in 1929, when they produced about 38% of the estimated world
wheat crop exclusive of Russia and China.
The wheat crop of western Canada is generally well advanced in the
filling stage but there is still much uncertainty as to the probable yield.
Hot, dry weather is forcing early ripening of the crop and is unfavorable
for filling. Weather conditions have also been favorable to rust development, especially in Manitoba and Saskatchewan. Cutting of early wheat
has started with indications that the harvest will be general by the middle
of the month.
The European production as reported by 10 countries is 885,059,000
bushels, an increase of 2.5% over the production of 863,513,000 bushels
In 1929. Present indications, however, are that the total European crop,
aside from Russia, will be smaller than last year. An official estimate of
the French crop Is not available but a much smaller crop of lower quality
wheat is indicated. A reduction in the estimate of the German crop is also
expected due to deterioration resulting from the excessive rainfall during
July. Reports from Russia indicate that the harvest is above 1929 and
that the quality of the grain is good, although of higher moisture content
than last year. The North African crop of 57,672,000 bushels is 20%
below 1929.
Conditions in the Southern Hemisphere indicate a larger harvest than in
1929 but the crop has four or five months to go before harvesting, and
conditions during this period will largely determine the outcome of the
crop.
To ascertain the relationship between declining soil fertility and decreased
farm profits, the American Agricultural Chemical Co. instituted a survey
of this phase of the farm problem. Wheat is a great money crop; it represents about 20% of our total crop acreage; the "farm problem" is
frequently expressed in terms of wheat; the initial effort of the Farm
Board toward price stabilization has been directed toward this staple crop.
We therefore decided to confine the first phase of our survey of cropproduction costs to a consideration of the factors which affect the cost of
growing wheat.
We have in our files a total of 3,300 recent crop reports from farmers
who have furnished us with complete data as to yields, prices obtained
Rye.
and profits realized on their crops. These reports cover most of the
The 1930 rye production in 10 European countries is reported at 480,761,principal wheat-growing States, from Oklahoma and Kansas in the West to
000 bushels against 464,839,000 bushels in 1929. Conditions have deNew York and Pennsylvania in the East. Selecting from this group a
teriorated in several countries since these estimates were issued and relimited number of farmers who may be said to be fairly typical, investigators visions
are expected to show a crop under 1929. The unfavorable weather
were sent to obtain information about their production costs.
Conditions during July reduced the prospects in Germany and Poland, the
These costs were obtained on two different bases: (1) where commercial two principal rye
-producing countries of Europe, aside from Russia, and
fertilizer had been used by the farmer to increase the productivity of the the present
outlook is for a smaller rye crop in both Germany and Poland
soil, and (2) where no fertilizer had been used. In comparing production this year.
costs with and without fertilizer, care was taken to see that conditions were
Feed Grains.
fairly comparable; the cost figures obtained covered either crops grown
The present outlook is for smaller feed grain crops in Europe than those
In two parts of the same field or else in directly adjoining fields. Seed, harvested
last year. Acreage has been reduced and production so far
soil, cultivation, &c., were therefore substantially the same in each com- reported is less
than in 1929 or 1928. The barley crop as reported by 10
parison.
countries is 438,350,000 bushels, which is 4% below last year. The oats
production shows a decided decrease, the total in eight countries being
$1.14 Versus 67c. Wheat.
These cost-of-production comparisons, which are shown in detail in this 698,446,000 bushels or 14% below 1929. Corn production is also expected
to be below last year's large harvest, but estimates of production are not
survey, indicate that:
available for any country except Bulgaria. The recent hot, dry weather
Fertility in the wheat-growing sections covered by this survey is depleted
has reduced the prospects of the crop in Hungary and present conditions
to a point where the soil alone, without the application of commercial
point to a crop at least 35% below last year. The prospects for the crops
fertilizer, yielded an average of only 12 bushels per acre; that it cost In Rumania
and Yugoslavia are also below last year. The condition of
an average of $13.73 an acre to grow wheat on these farms, and the average the crop
in Italy is good but acreage there was reduced 8%.
cost per bushel was therefore $1.14.
On the other hand, wheat grown on the same land, under exactly the same GRAINS-PRODUCTION-AVERAGE 1909-13, 1923-27, ANNUAL 1928-30
crop conditions-except that commercial fertilizer containing properly
Crop and Countries
Average Average
balanced quantities of nitrogen, phosphorous and potash was used to suppleReporting in 1930.(a)
1930.
1929.
1909-13. 1923-27. 1928.
ment the existing fertility of the soil-yielded an average of 281
/
2 bushels
per acre, cost an average of $19.22 per acre to grow, and the average
Wheal1,000 Bu 1,000 Bu. 1,000 Bu. 1,000 B2I. 1,000 Bu.
United States
890,108 809,688 914,878 805,790 820,613
cost per bushel was therefore 57c.
Mexico
11,572
11,333
11,031
11,090
b11,481
When allowance is made for a credit for straw, the average production Europe (10)
796,437 748,917 882,827 883,513 885,059
cost of 67c. a bushel was reduced to a low point of 43c. a bushel.
North Africa (3)
57,872
72,f01
67.178
58,385 . 59,030
382,374 381,986 330,271 356,410 426,370
The salient fact demonstrated by this our-Ivy is the low yield of wheat Asia (3)
obtained where the farmer depends upon the existing fertility of the soil.
Total above countries (18)
1.938,785 2,011,591 2,206.181 2,109,547 2,201,288
When wheat grown without fertilizer yields as low as five bushels per acre, Estimated world total excluding
Russia and China
3,041.0003,451,000 3,973,000 3,460,000
it is impossible to show a profit on the crop; the low yield per acre of
unfertilized wheat is such a small divisor that the production cost per
bushel ranges from $1.63 to 90c.
Various estimates have been published, classifying farmers according to
crop yields. The fairest estimate seems to be that one farmer in three
produces average yields, one in three produces above-average yields, and one
in three produces below-average yields.
In the light of the cost figures previously shown, it becomes fairly
apparent that only the farmer who is getting above-average yields is able
to make a profit on wheat. On that basis, two-thirds of the wheat-growers
are barely breaking even or actually losing money.
The significant fact, however, is that the forward-looking farmer, this
"one farmer in three" who gets above-average yields, has solved the "farm
problem" on the only basis that will keep it solved.
The Ultimate Solution.
To-day the American farmer is
in competition with the entire wheat.
growing world. He has only two alternatives: (1) He must grow his wheat
at a cost which enables him to compete at a profit in the world market for
wheat; or (2) he must face
the inevitable, drastically curtail his production, or stop growing wheat.
The profit equation is Inexorable; to meet an emergency, price stabilization or other expedients may
be necessary; but, as a means of counterbalancing inefficiencies in production, these expedients are clearly unsound
as a long-time practice. The present phase of the farm problem may be
eased by legislative enactment or Government fiat. But ultimate solution
of the problem in its present phase must come from the foresight, the
initiative, the brain of the farmer himself.
State and Federal co-operation can carry
the farmer only a part of the
way toward the independence
which he deserves-toward an independence
which can be won only
through greater farm profits. Perhaps prices of
farm products can, in a
measure, be "stabilized"; but price stabilization
should not be employed as a
substitute for efficient farming practice.
The farmer's handicaps are
many; he is entitled to the constructive aid
of his Government in solving
his problems. But the greatest service which
can be rendered to the farmer
at this juncture is to emphasize quite frankly
the inescapable fact that only
through greater efficiency is it possible to
place his business on a
permanently sound basis. This survey clearly shows
that lowered unit production coat
is a most important step in the direction
of sound farming; it demonstrates
the basic economy of making each acre
placed under cultivation produce the
lragest possible yield in order to reduce
the unit cost of growing the crop t(
the lowest attainable point.
RyeUnited States
Europe (10)
43,366
467,598
40,533
464,839
46,655
480,781
450,480
510,962
505,372
527,416
882,000
975,000 1,008,000
38,093
522,216
54,793
395,687
Total above countries(11)
558,309
Estimated world total excluding
Russia and China
1,025,000
BarleyUnited States
Europe (10)
North Africa (3)
Asia (2)
208,783
339,837
78,421
117,887
357,487
396,020
100,577
115,634
184,812
356,432
91,800
128,027
303,552
456.514
99,243
117,988
306,215
438,350
89,539
115,865
Total (16 countries)
761,071 744,728 089,718 977,295
Estimated world total, excluding
Russia and China
1,424,000 1,427,000 1,717,000 1,732,000
029,089
OatsUnited States
Europe (8)
North Africa (3)
1,143,407 1,345,081 1,439,407 1,233,574 1,316,389
754,042 851,901 739,520 813,306 608,448
18,505
15,137
17,631
21,643
16,327
Total above countries (12)._ 1,915,080 2,012,209 2,197,432 2,068,523 2,031,143
Estimated world total excluding
Russia and China
3.759,000 3,650,000 3,926,000 3,762,000
CornJnited States
3ulgaria
‘forocco
2,712,364 2,746,740 2,818,901 2,614,3072,211,553
26,277
24,125
20,272
36,068
33,384
3,500
4,374
8,863
5,455
5,157
Total (3)
2,742,141 2,775,239 2,846,036 2,655,830 2,250,364
world total excluding
4,138,000 4.358,000 4,219,000 4,282,000
a Figures in parenthesis indicate the number of co intries included.
b Four-year average.
7:stinnated
Russia
Domestic Exports of Meats and Fats for June.
The Department of Commerce at Washington on July 24
made public its report on the domestic exports of meats and
fats for June. This shows that in the month of June 1930
the quantity of meats and meat products exported was more
than 20% less than that exported in June 1929, 31,556,315
lbs. being shipped in June 1930 against 39,205,460 lbs. in
June 1929; the value of these Axports was also smaller, being
AUG. 16 1930.]
FINANCIAL CHRONICLE
1029
$5,647,243 against $7,231,611. The quantity apd value of
animal oils and fats exported in June were also considerably
smaller as compared with a year ago.
For the three months ended with June, the exports of
meats and meat products were smaller in both quantity and
value than in the corresponding three months of the previous
year, and for animal oils and fats the same was true. The
report is as follows:
Prairie Provinces.
Alverta Northeastern Area: Crops are ripening rapidly and harvesting will
be general in about a week. The estimated yield is 10 to 25 bushels.
Alberta Southeastern Area: About 35% of the wheat cutting is completed and
first threshing returns indicate an average yield of 10 bushels, which is
slightly better than was expected. Alberta Western Area: Harvesting has
commenced and will be general in seven days. The estimated yield Is
from 8 to 25 bushels. Some further regional hail damage Is reported.
The sugar beet crop is satisfactory. Saskatchewan Northern Area: Rapid
ripening conditions have continued and cutting is now well under way,
with
prospects generally for a fair to average yield. Saskatchewan Southern
DOMESTIC EXPORTS OF MEATS AND FATS.
-Month of June- -6 Mos. Ended June- Area: Harvesting is now general. Some fair yields are expected from
summerfallow crops, but from practically all others, the yield will be very
1929.
1930.
1929.
1930.
Total meats and meat products,lbs_39,205,460 31,556,315 230,139,165 220,439,767 poor. Manitoba: Hot, dry weather has prevented proper filling and has
Value
$7,231,611 $5,647,243 $41,155,092 $38,962,034 ripened crops too quickly. Yields and grades will be lowered and, while
Total animal oils and fats, lbs
73,537,463 63,630,639 469,074.359 419,390,618
Value
$9,014,918 $6,872,976 $60,160,251 $47,323,951 somewhat better than an average crop is expected, it is too early to make
Beef and veal, fresh, lbs
231,274
270,197 1.507,692. 0, 31 accurate estimate. Rust continues to make inroads and together with
Value
$42,519
$62,710
$338,731
$339,543 extreme heat has caused irreparable damage, especially to late grains.
Beef, plekled,
lbs
998,847 1,554,686 5.044,936 6,194,697 Cool weather and
general rain in the past few days have alleviated the
Value
$119,939 $164,668
$606,278
$683,238
Pork, fresh, lbs
745,474 1,104,209 6.016.135 11,247,968 situation to some extent, and while too late to benefit most crops, late
Value
$112,676 $159,553
$958,943 $1,943,868 grains will be improved. Cutting is general.
Wiltshires sides, lbs
706,354
212,214 2,660,354 3,178,589
Value
$99,535
Province of Quebec.
$27,671
$385,085
$510,967
Cumberland sides, lbs
696,797
478,834 3,376,862 2,792,990
Barley and oats are in a healthy condition and ripening rapidly, cutting
Value
$139,062
$89,487
the
latter
of
has
commenced in many districts. Corn is still backward.
Hams and shoulders, lbs
12,571,347,12,157,887 67,655,875 67.872,815
Value
$2,710,266 $2,471,407 1114,093,938 $13,426,907 Roots are progressing favorably. Grass pastures are still in good condition.
Bacon, lbs
12.760,654 6,413,244 72,721,328 60,694,257
Value
$1.941,782 $1,001,434 $10,932,570 $9,269,393
Province of Ontario.
Pickled pork, lbs
3.958,799 2,887,913 22,723,327 17,769,493
Fall wheat is showing a satisfactory yield and good quality. Threshing
Value
$574,986 $413,842 $3,298,142 $2,459,370
of
barley
and oats has commenced, and yields of good sample are reported.
Oleo oil, lbs
3.585,976 3,625,813 33,278,762 26,162,918
Value
$390,962 $394,793 $83,727,325 $2,991,468 Beans, roots, corn, fruit and pasturage urgently require steady rains in
Lard, lbs
67,251,997 56,666,087 417,219,816 375,050,337 the central and western sections of the Province. Late peaches and apples
Value
$8,310,063 $6,163,895 $54,139,654 $42,376,426 will be below
average. Grapes are plentiful. Tobacco crops have been
Neutral lard, lbs
1,013,783 1,031,5689,609,971 7,853,825
damaged by drouth, priming has commenced, and cutting promises to be
Value
$131,546 $116,377 $1,274,926
$942,898
Lard compounds, animal fats, lbs._ 309,345
143,422 1.814,010 1.262,142 general in about ten days.
Value
$39,171
$16,537
$231,907
Maritime Provinces.
$148,977
Margarine of animal or vegetable
63,264
fats, lbs
57,249
The weather has continued favorable, but rain is needed in Nova Scotia.
352,953
382,141
$11,820
Value
$9,359
$866,929
$559.727 Grains are ripening fast. Haying is almost completed and a crop varying
Cottonseed oil, lbs
1,262,587 1,840,723 12,665,235 18,698,384
$141,289 $175,918 $1.224,461 31,561,280 from fair to above average will be gathered.
Value
Lard companies, vegetable fats, lbs_ 571,129
611,565 3,051.247 3,286,900
Province of British Columbia.
$75,014
$78,666
Value
3423.192
$440.445
An average crop of grain is being harvested under good conditions and
threshing is in progress in many districts. Tomatoes have come on rapidly
Domestic Exports of Canned and Dried Foods in June in the heat and the yield should be well above average; shipments are now
going forward. Hops are in good condition and picking will commence in
and the Six Months Ending June.
a few days. Potatoes and other root crops are doing well. The estiThe report of the exports of canned and dried foods, mated Yield of apples and peaches is 90% of average; plums and prunes
Pasturage is drying up but there has been no shortage of feed up to
released by the Department of Commerce at Washington 95%.
the present.
on July 25, covers the month of June and the six months
period ending with June for the years 1930 and 1929. The Austrian Control of Grain Planned-Proposed State
report in detail follows:
Monopoly on Importation, Sale Affects United
States Exporters.
DOMESTIC EXPORTS OF CANNED AND DRIED FOODS.
Copyright advices from Vienna, Aug. 8, to the New York
Month of June.
Sir Months Ending June.
"Evening Post" stated:
1929.
1,196,512
$435,443
11,599,879
81,625,715
7,817,682
$930,253
22,949,280
$1,369,304
14,370,584
$1,495,978
1930.
1,505,440
$540,313
9,046.200
31,282.985
4,805,806
$537,574
21,043,285
$1,313,279
11,097,486
$1,164,517
1929.
1930.
Plans which should affect very closely the interests of American grain
8,703,715 10,943,955
$3,091,082 $3,854,201 exporters were made public to-day with the announcement that the Austrian
67,378,539 59,538.863 Government, striking off on a new and radical line of trade polities, has
$9.640,066 $8,295,623
36,049,326 31,461,554 taken the first steps toward establishment of a State monopoly to control
$3,822,614 $3,219,729 all importation and purchases of cereals and flour entering the country.
206,091,614 108.032,085
Whether the proposed monopoly will be directed against American grain
$14,263,718 $8,602,356 is not yet
clear, but certain it is that the Government intends to bring
134,807,290 111,154,719
under
the control of one central official bureau all purchases of flour and
812,797,121 311.563,420
cereals hitherto in the hands oi private merchants and to create for this
264,143
Lbs.
147,886
Beef, canned
1,313,858
1,137,143 category of goods something like the Soviet monopoly of foreign trade.
_
$105,874
$84,131
Value
3484,098
$455.176
122,101
In the initial stages it is planned to confine the monopoly only to the
81,383
Sausage, canned
Lbs.
1,136,442
806,865
$37,488
$22,493
Value
$374,720
$266,428 purchase and importation of these commodities, but the principle thus laid
2,681,596 21,006,100 17,535,204
3,279,549
Milk, cond.(sweetened)_Lbs.
down will open the way to extension of the system to a monopoly also of
$451,089 $3,328,505
$533,850
Value
5,416,846 39,428,340 $2,799,435
Milk, evap.(unsweet'ed_Lbs.
sale and control of other products.
7.120,738
34,286,392
Value
$533,758 33,925,105 83,251.306
$694,779
The New York "Evening Post" learned that the Minister of Agriculture
267,861 16,468,214
Salmon,canned
863,913
Lbs.
9,568,357 has been commissioned to draft a bill for creation of the grain monopoly
Value
$138,284
350.270 32,633,972 81,881,103
Sardines,canned
6,286,531
8,653,292 59,163,002 60,347,179 and to have it ready for the opening of Parliament in mid-September. The
Lbs.
Value
3502.336
3588,644 34,529,089 54,195,139 deciding impulse in the Government's action was said to have been the
Raisins
Lbs. 13.905,820 10.476,652 61,298,342 40,197,139
Value
$521.011 33,053,100 32,143,444 r,cently perfected Jugo Slavian-Rumanian grain combine against which
$700,505
Austria felt it necessary to oppose a similarly concentrated economic
Apples, dried,.
243,798
Lbs.
517,279 20,731,985
6,612,115
Value
$29,769
352,245 $2,412,919
$809,366 instrument.
Apricots, dried
295,224
Lbs.
659,083
6.917,129
4,756,447
The history of the bill now sponsored by the Government began two
Value
$48,570
$76,349 $1,002,670
$6694,648 months ago when the Social Democrats proposed such a measure in the
354.137
Lbs.
Peaches, dried
150.211
5.022,742
1,083,697
$34,568
Value
$16,747
Customs
$460,575
Committee of Parliament. All parties in committee approved the
3140,257
Lbs.
7,831,143
8,622,945 104.521,653 50,283,095
Prunes, dried
Parliament former Chancellor Seipel's
3518,383
Value
3591,780 36,618,694 $4,227.790 proposal, but at a plenary session of
865,478
Lbs.
Apricots, canned
1.274.900
9,029,220 12,017,907 Christian Socialist party voted it down.
$78.033
Value
$127.810
Meanwhile, however, the Jugo Slavian-Rumanian negotiations came to an
3865,906 31,116,210
Lbs.
5.791,125
Peaches, canned
2,523.902 45,699,876 30,128,510
unexpectedly successful conclusion and under the threat presented by this
3508,926
8225,235 $3,775,672
Value
$2,969,957
990,679
Lbs.
3,373,629 24,388,677 23,022,061 agricultural combine among 34,000,000 people at Austria's doors, Seipel's
Pears, canned
3113,889
8304,707 32,457.710 32,503,351
Value
party capitulated and the bill now is believed to have the support of a
709.716
Lbs.
Pineapples, canned
274,263 14,581,526 14.737,021 majority in Parliament.
v,',..374,909
328.431 31.422881 ti Kno.
A
America has been Austria's chief source of grain, with Canada and South
America next and Jugo Slavia, Rumania and Ilungary to a lesser extent.
American wheat can be delivered to Austria cheaper than wheat from her
Condition of the Crops in Canada.
next-door neighbors, but the Jugo Slavian-Rumanian combine seemed calculated
to put wheat from thos2 countries on a competitive basis with the
Below will be found a synopsis of telegraphic reports re- American
product.
Office
Head
of
the
ceived at the
Bank of Montreal from its
At first glance it appears that the first practical effect of the Austrian
branches,showing the condition of the crops in the Dominion. grain monopoly may be to force prices up at home to the advantage of
who supply half the country's wheat and threeThe Branch Managers have complete and intimate knowledge domestic grain growers,
quarters of its rye. Politically, it is pointed out, such a monopoly may
of each local situation and are in close touch with crop be open to protest from the former Allied and associated powers on the
conditions in all sections of the districts mentioned:
ground that peace treaties enforce the most favored nation treatment for all
treaty Powers.
General.
The full consequences of the Government's plan for the moment are
The weather generally in the three Prairie Provinces is hot and dry, and unpredictable,
but they are bound to be far-reaching.
all grains are ripening rapidly. Harvesting Is now general in Manitoba
and should be in full swing in Alberta and Saskatchewan in a few days.
Rust has reduced grades in Manitoba and is taking tell in eastern and Cottonseed Hearings Close for Summer
Recessnortheastern Saskatchewan. In Quebec the weather continues favorable,
Federal Trade Commission Examiners Conclude
and a good average crop of barley and oats is expected. In Ontario, while
Taking of Testimony in Montgomery, Ala.
some sections are suffering severely from douth, the weather has been
favorable for harvesting, which is well advanced. In the Maritime ProvExaminers
of the Federal Trade Commission who have
inces indications are that the crop of oats will be above the average.
British Columbia unusually hot weather prevails, but crops generally are been conducting public hearings in Montgomery, Ala., in
expected to come up to previous estimates. Details follow:
the investigation of cottonseed prices have concluded their
Total canned meats-Lbs.
Value
Total dairy products..._Lbs.
Value
Total canned vegetables_Lbs.
Value
Tot.dried & evap.frults_Lbs.
Value
Lbs.
Total canned fruits
Value
Tit
1030
FINANCIAL CHRONICLE
[VoL. 131.
taking of testimony and are preparing to return to Wash- the new American tariff. He said the measure had only a small effect on
export; to the United States, as it chiefly concerned Western
ington. No further hearings will be held in this inquiry, Polish
Europe.
it is stated, until September. Hearings were begun in
Before making his statement, M. Filipowicz conferred with the Minister
Washington early in June, were continued in Atlanta late of Commerce, Eugene Kwiatkowski, and the Foreign Minister, August
Zaleski,
on the subject.
in that month and were transferred to Montgomery in July.
In September the examination will take place in another
Southern State. The place and time of hearing will be
Netherlands Imposes Sugar Tariff.
announced later.
In its issue of Aug. 6, the "Wall Street Journal" reported
The witnesses who testify in each city are persons engaged the following from
Washington:
in various phases of the cottonseed business in their reAn Act of the Netherlands Parliament imposes a compensating import
spective localities. Under direction of Senate resolution duty of 2.40 florins per 100 kilos on sugar of 98 degrees or higher polariza(S. Res. 136 and 147, 71st Cong., 1st Sess.) the Commission tion, a cable to Commerce Department from The Hague states. Duties
seeks information as to whether or not certain large cotton- on all articles containing such sugars will be subject to a corresponding
increase. Act probably will become effective Aug. 10.
seed oil mill operators have acquired control of cotton gins
in order to destroy the competitive market for cottonseed
and to depress prices paid the farmer. Data are also sought Suit Against Omaha Grain Exchange to Prevent Levy
concerning an alleged combination in violation of the antiof Inspection Charge.
trust laws with respect to prices for cottonseed and cottonIn its Aug. 6 issue, the "Wall Street Journal" reported
seed meal.
the following from Omaha:
Attorney-General Sorensen, of Nebraska, has filed suit against the Omaha
Georgia Tobacco Prices Off 8.92 Cents a Pound— Grain Exchange to prevent the Exchange from levying an inspection charge
Average Paid at Last Week's Auction Figured by on grain handled through that institution. Several years ago the Omaha
Grain Exchange enjoined the State from interfering with the inspection
State.
charge under a law then in force. A new law, substantially the same as
The average price paid for tobacco last week on the the old statute, but with a different title, is used as a base for the
Georgia bright leaf market was 10.58e. a pound as compared Attorney-General's suit, which has not yet come to trial.
with 19.50c. in 1929 and 12.69c. in 1928, the State Bureau
of Markets announced on Aug. 4 in the first official figures Great Britain's Embargo on American Apples to Stand
According to Advices to State Department at
on the market for the season. An Associated Press dispatch
Washington.
from Atlanta to the New York "Herald Tribune," from
•
The British Government definitely has declined to modify
which we quote, added:
Figures, the State Bureau announced, had been received from 57 of the its embargo against the entry Into Great Britain of certain
59 warehouses, the farmers and central warehouses at Claxton and Fitz- types of American apples, It was made known at the State
gerald, respectively, having failed to give official data.
a diplomatic
The opening week of the market saw 18,759,607 pounds of tobacco go on Department on Aug. 7, following the receipt of
the auction block to bring $1,985,490 into the pockets of the growers. exchange in answer to representations made on behalf of the
This compared with 16,940,688 pounds sold in 1929 for $3,303,076. In apple growers here. A dispatch, Aug. 7, to the New York
1928 the first week's sales amounted to 10,406,442 pounds.
The three high markets in the State in average price paid last night "Journal of Commerce," from which we take the foregoing,
were Nashville, with an average of 12.33c. a pound; Tifton, 12.23c., and likewise said:
Moultrie, 12.21c. Tifton led all markets in poundage sold with 2,092,830.
Nashville's sales were 1,439,970 pounds and Moultrie 1,581,986. Vidalia
had the lowest average price, with 8.22c. Vidalia's sales were 1,578,992
pounds.
Further Associated Press advices from Atlanta, Aug. 5,
said:
Reports from two Georgia tobacco markets to-day showed improvement of
prices over the first week's figures. Nashville reported that 716,154 pounds
were sold yesterday at an average price of $14.31 per hundred. This made
total cash receipts for the day $02,507.43. Warehouse men at Hahira said
the market made an average the first four days last week of $12 per
hundred pounds, and that yesterday 175,000 pounds sold for an average
price of $15.80 on the farmers' independent warehouse floors.
Tobacco Inquiry in Georgia by Attorney General
Mitchell—Responds to Complaint Against Low
Prices.
From Atlanta an Associated Press dispatch, Aug. 2, appeared as follows in the New York "Times":
Georgia's bright-leaf tobacco belt to-day had passed through four days
of the selling season with growers so disappointed over existing prices
that relief was sought through almost every agency, including a Federal
Investigation authorized by Attorney-General Mitchell.
The investigation came as the result of charges by Senator George and
Congressman Edwards that speculators were manipulating prices of the
Georgia markets.
Investigators were ordered into the belt yesterday from Washington and
were believed to have started work already. Another appeal to the Fderal Trade Commission for an inquiry was still pending.
To-day development in the situation came from Waycross, where representatives of civic organizations from several of the tobacco sales centers
assembled and sent an appeal to buying companies to authorize their buyers
In the area to raise prices "to at least the cost of production."
Last fall a few shipments of cull or unclassified and uninspected apples
from Maine and Massachusetts were found, upon arrival in England, to be
infested with the larvae of the apple fruit fly. Upon notification thereof,
the Department of Agriculture made arrangements with the shipping lines
to accept no apples for delivery in Great Britain when unaccompanied by
an export certificate from the Department. S oh certificate was withheld
from shipments showing any degree of infestation. Since that time, it
was said, no infested shipments of apples were reported to have arrived in
Great Britain from the United States.
The British advised the State Department that there is no infestation
to any extent during the winter months, and while they are very sorry
they would not take the risk of raising the bars for the unobstructed entry
of American apples. The British embargo, while admitting U. S. No. 1
grade of barrel apples, excludes U. S. No. 1 early, U. S. commercial and
combination U. S. No. 1—United States commercial grades.
The State Department has advised the British Government of the belief
that the fact that the exclusion of unclassified cull or ungraded apples,
and the requirement that all apples imported from the United States must
be accompanied by the usual certificate of Inspection of the Department
of Agriculture, should accomplish all that could be hoped for under th•
terms of the present embargo without seriously disrupting the established
business of responsible importers and exporters. This the British Government declined to acquiesce in.
Great Britain's embargo on American apples was noted
In our issue of July 5, page 41.
Supply and Distribution of Domesticl-and Foreign
Cotton in the United States, Season of 1929-30.
The Department of Commerce has issued the preliminary
report compiled from census returns of cotton consumed
and on hand for the 12 months ending7July:31 1930. The
statistics for the several items of the Supply and Distribution
of Cotton in the United States for the season of 1929-30
are
presented in the following tabular statements. No. 1
South Carolina Growers Hold Tobacco Prices Are Far shows the principal items of supply and distribution; No.11I
Year.
Last
Below Those Paid
the comparative figures of stocks held on July 31 1929:and
An Associated Press dispatch, Aug. 6, from Columbia, 1930, and No. III further details concerning the supply and
S. C., published in the New York "Times," said:
the distribution. The quantities are given in running bales,
Reports of continued low prices paid for tobacco and dissatisfaction of except that round bales are counted as half bales and foreign
farmers featured the news from the South Carolina bright leaf belt to-day.
cotton in equivalent 500-pound bales. Linters are not
Average prices appeared to be under 10c. for a grade slightly superior
included.
to that which on the opening days of last year brought nearly 14c.
Indications after yesterdays opening were that farmers were withdrawing
their product in the hope of higher prices later.
At Mullins, the largest market in the State, only 60,000 pounds were
offered to-day, as compared with more than 350,000 pounds on the second
day last year.
Poland Not to Take Tariff Action—Plans No Measures
in Regard to New American Rates.
Under date of July 26 a Warsaw cablegram to the New
York "Times" said:
The Polish Ambassador to Washington, Tytus Filipowicz, said to-day
that the Polish Government did not intend to take any action in regard to
L—COTTON GINNED, IMPORTED, EXPORTED, CONSUMED AND
DESTROYED IN THE UNITED STATES FOR THE 12 MONTHS
ENDING JULY 31 1930.
Ginnings, from Aug. 11020 to July 31 1930
14,536,906
Net imports
368,398
Net exports
6,678,381
Consumed
6,113,932
25,000
Destroyed (ginned cotton)
II.—STOCKS OF COTTON IN THE UNITED STATES JULY 31 1929 AND 1930.
1929.
1930.
(Bales).
(Bales).
21 consuming establishments
1,183,167 1,052,128
984,860
Pa public storage and at compresses
2,877,416
275,000
470,000
Elsewhere (partially estimated) a
Total
4,530,583
2,311,988
AUG. 16 1930.]
FINANCIAL CHRONICLE
M.-SUPPLY AND DISTRIBUTION OF DOMESTIC AND FOREIGN
COTTON IN THE UNITED STATES FOR THE 12 MONTHS ENDING
JULY 31 1930.
Supply(Bales).
On hand Aug. 1 1929, total
2,311,988
In consuming establishments
1,052,128
public
compresses
In
storage and at
984,860
Elsewhere (partially estimated) a
275,000
.Net imports (total imports less re-exports year ending June)
368,398
Ginning, during 12 months, total
14,536,986
Crop of 1929 after July 31 1929
14,459,030
Crop of 1929 to Aug. 1 1929
77,956
1031
wards of 300 classifications or constructions of standard cotton cloths and represent a large part of the production of
these fabrics in the United States.
Production Statistics, July 1930.
The following statistics cover upwards of 300 classifications or constructions of standard cotton cloths and represent a very large part of the total
production of these fabrics in the United States. This report represents
yardage reported to our .Association and the Cotton-Textile Institute, Inc.
It is a consolidation of the same 23 groups covered by our reports since
Aggregate supply
17,217,372 October, 1927. The figures for the month of July cover a period of four
DistributionNet exports (total exports less re-imports)
6,678.381 weeks.
Consumed
6,113,932
July 1930 (4 Weeks).
Destroyed (ginned cotton)
25,000 Production was
On hand July 31 1930,total
4,530,583 Sales were were
180
ya
65,8508
:0007
r
6%yardd:
In consuming establishments
1.182,167
Ratio of sales to production
In public storage and at comrresses
2,877,416
Shipments
Elsewhere (partially estimated) a
470,000
176,689,000 Yards
Ratio of shipments to Production
106.5%
Aggregate distribution
17,347,896 Stocks on hand July 1 were
466,368,000 yards
Excess of distribution over supply b
455,529.000 yards
130,524 Stocks on hand July 31 were
Change in stocks
a Includes ootton for export on shipboard but not cleared: cotton coastwise:
Decrease 2.3%
cotton in transit to ports, interior towns, and mills: cotton on farms, dze. (agents and Unfilled orders July 1 were
219,040,000 yards
trade reports).
222.498,000 yards
b Due principally to the inclusion in all distribution items of the "city crop.- Unfilled orders July 31 were
Change in unfilled orders
which consists of re-baled samples and pickings from cotton damaged by fire and
Increase 1.6%
weather.
Cottonseed Oil Production During July.
On Aug. 13 the Bureau of the Census issued the following
Census Report on Cotton Consumed in July.
Under date of Aug. 15 1930 the Census Bureau issued its statement showing cottonseed received, crushed and on hand
report showing cotton consumed in the United States, cotton and cottonseed products manufactured,shipped out,on hand
on hand, active cotton spindles, and imports and exports of and exports during the month of July 1930 and 1929:
COTTON SEED RECEIVED. CRUSHED AND ON HAND (TONS).
cotton for the month of July 1930 and 1929. Cotton consumed amounted to 378,835 bales of lint and 58,581 bales
Received at Mills*
Crushed.
On Hand at Mills
Aug. 1 to July 31. Aug. 1 to July 31.
July 31.
of linters, compared with 405,181 bales of lint and 58,501
Slate.
1929.
1930.
1930.
1929.
1930.
bales of linters in June 1930 and 547,165 bales of lint and
1929.
346,990 268,495 347,945 267,417
79,798 bales of linters in July 1929. It will be seen that Alabama
236
1,191
Arizona
62,536 61,693 62,453 61,632
246
163
there is a decrease under July 1929 in the total lint and Arkansas
431,528 402,254 429,544 401,389
3,066
1,098
120,424
88,254
California
112,474 88,379
8,063
113
linters combined of 189,547 bales, or 30.3%. The follow- Georgia
487,457 405,183 487,324 405.060
730
597
228,926 209,250 232,682 204,299
Louisiana
ing is the complete official statement:
670
5,068
Cotton consumed during July amounted to 378,835 bales of lint and
58,581 bales of linters, compared with 405,181 and 58,501 In Juno this
year. and 547,165 and 79.798 in July last year.
Yearly Consumption.
Cotton consumed during tho cotton year, ended July 31, totaled 6,113,and
804,395 bales of linters, compared with 7,091,065
932 bales of lint
bales and 879,269 bales for the year ended July 31 last year.
Cotton on hand in consuming establishments July 31 was 1,183,167
bales of lint and 238,747 bales of linters, compared with 1,357,394 bales
and 231.942 bales on Juno 30 this year and 1,052,128 bales and 187,330
bales on July 31 last year.
in public storage and at compresses, 2,877,416 bales of lint
and 87.090
bales of linters, compared with 3304.989 bales and 91.671 bales on June
30 this year and 984.560 bales and 58,423 bales on July 31 last year.
Imports and Exports.
Imports during July totaled 4.161 bales and for the year 378,107 bales.
compared with 9,551 bales In June this year. 21,369 bales in July 1st
year
and 457.804 bales for the year ended July 31 last year.
Exports during July totaled 176,435 bales of lint and 7.512 bales of
linters, compared with 185.053 bales and 6,389 bales In June this year
and 237,507 bales and 9,477 bales In July last year.
Exports for the cotton year ended July 31 were 6,690,709 bales of lint
and 118,124 bales of linters, compared with 8,043,588 bales and 186,211
bales for the year ended July 31 last year.
Cotton spindles active during July number 26,464,444 compared with
27,642,153 in June this year and 30.397,190 in July last year.
Production, Sales and Shipments of Cotton Cloth.
Statistical reports of production, sales and shipments of
standard cotton cloths during the month of July, 1930,
were made public on Aug. 11 by the Association of Cotton
Textile Merchants of New York. The figures cover a
period of four weeks. Production during July amounted
to 165,850,000 yards, or at the rate of 41,462,000 yards per
week. This was 27% less than July 1929, when the rate
was 56,888,000 yards per week.
Sales during the month of July were 180,147,000 yards,
or 108.6% of production. Shipments during the month
were 176,689,000 yards, equivalent to 106.5% of production. Stooks on hand at the end of the month amounted to
455,529,000 yards, representing a decrease of 2.3% during
the month. Unfilled orders on July 31 were 222,498,000
yards, representing an increase of 1.6% during the month.
July production has always been, it is stated, the lowest
of each year, but the rate of 41,462,000 yards per week recorded for last month established a new low for the period
in which these statistics are comparable-since January,
1928. It was 45% less than the peak during that period
and 39% less than the average. There has been a steady
decrease in production each month since February of this
year, and stocks at the end of July were about 2% less than
.on Jan. 1 1930.
These statistics on the manufacture and sale of standard
cotton cloths are compiled from data supplied by 23 groups
of manufacturers and selling agents reporting through the
Association of Cotton Textile Merchants of New York and
the Cotton-Textile Institute, Inc. The groups cover up-
Mississippi
North Carolina
Oklahoma
South Carolina
Tennessee
Texas
All other States
813,301 630.067 809,182 626,910
267,239 306,981 267,328 305,732
353,301 387,735 354,907 381,607
219,403 208,846 219,598 208,418
338.646 316,629 337,127 318.422
1,279,751 1,727,912 1,283,695 1,720,591
71,332
70,175
70,303
71,202
9,991
362
2,249
398
2.595
15,998
2
7,156
451
3,855
593
1.076
20,115
130
Trnittvi catalpa
A 01 a 677 5M84.631 5.014.562 5 061 nag
44 ma
Ai ma
* Includes seed destroyed at mills but not 41,606 tons and 21,972 tons on hand
Aug. 1, nor 104,134 tons and 110,907 tons reshipped for 1930 and 1929, respectively.
COTTONSEED PRODUCTS MANUBACTURED. SHIPPED OUT AND ON
HAND.
Item.
Season.
On Hand
Aug. 1.
Produced
Aug. 1 to
July 31.
Shipped OW
Aug. 1 to
July 31.
On Hand
July 31.
Crude oil, lbs___ 1929-30 *19,181,886 1,572,059,207 1,580,427,228
*8,110,407
20,350,682 1,604,131,038 1,607,124,234
1928-29
19.181,886
Refined oil, lbs. 1929-30 a338,619,933 81410,641,411
a299,933,070
1928-29 335,993,223 1,458,537,594
338,619.933
Cake and meal. 1929-30
76,667
2,231,682
2.254,041
54,308
tons
32,648
2,281.576
1928-29
2,237,557
76,667
Hulls, tons
63,917
1,383,461
1929-30
1,420,060
27,318
29,291
1,368,279
1928-29
1.333,653
63,917
Linters. running 1929-30
70,854
1,037,212
971,603
136,463
bales
43,994
1928-29
1,085,766
1,058,906
70,854
Hull fiber, 500- 1929-30
1,848
75,784
74,973
2,659
lb. bales
1928-29
2,775
79,363
80,290
1,848
Grabbots,motes,
&e., 500 - lb. 1929-30
8,4.53
47.903
43.3811
12,967
bales
1928-29
1.903
54.276
47.726
8,453
• Includes 4,02 ,958 and 1,946,590 pounds held by refining and manufacturing
establishments and 4,186,570 and 3,558,420 pounds in transit to ref ners and consumers Aug. 1 1929 and July 31 1930 respectively.
a Includes 5,506,926 and 6,088,528 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and manufacturing establishments and
9,727,216 and 5,859,277 pounds In transit to manufacturers of lard substitute,
oleomargarine, soap, &c.. Aug. 1 1929 and July 31 1930 respectively.
S Produced from 1,549,675,569 pounds of crude oil.
EXPORTS OF COTTONSEED PRODUCTS FOR ELEVEN MONTHS ENDED
JUNE 30.
Item1930.
011-Crude, pounds
24,744,105
20,2r115
Refined, pounds
6,941,641
8.109,387
Cake and meal, tons of 2,000 pounds
159,239
286,263
Linters, running bales
110,612
178,734
Petroleum and Its Products-Proration of Output In
Texas Finally Adopted-Crude Oil Runs and
Deliveries of Standard Oil Companies in July Off
Sharply-E. B. Reeser Scouts Charge of Exorbitant
Returns to Oil Companies-Daily Production
Again Declines.
State-wide proration of oil production in Texas was one
of the major developments in the crude petroleum industry
during the past week. The long anticipated curtailment
plan provides for a maximum allowable daily production of
750,000 barrels as contrasted with a current daily now of
830,000 barrels. The order, which was issued by the Texas
Railroad Commission, becomes effective Aug. 28.
Three
days prior to that date, however, the Commission
will hold
a hearing at which protests to the projected allowables
for
fields in the Gulf Coast, Laredo and West Texas
fields will
be aired.
Additional confirmation of the nation-wide
curtailment
program was afforded in the compilation
showing crude
oil deliveries by 11 pipe line companies of the
Standard
Oil group. July deliveries averaged 435,295 barrels
daily,
1032
a decline of 85,118 barrels from the preceding month and
183,520 barrels daily from the same month last year. Runs
from wells by the group during the month averaged 66,968
barrels daily, declines of 2,876 and 419 barrels, respectively,
from the two preceding periods.
E. B. Reeser, President of the American Petroleum
Institute and the Barnsdall Corp., scouted the charge that
profits accruing to oil companies have been exorbitant.
The average yearly return on the aggregate net worth of 31
principal oil companies for the 13-year period 1913-1925
was 11.5%, according to Mr. Reeser, and the weighted
average, taking into account the increase in net worth, year
by year, was only 9.9%. Discussing the profit phase of the
oil industry, Mr. Reeser stated:
"The oil industry during the period 1913-1918 was called
upon to meet not only the demand for essential products
occasioned by the World War, but the requirements of this
nation, suddenly motorized. In 1913 there were only
1,258,000 motor cars on the road; by 1918, 6,147,000 cars
were registered in the United States.
"From a kerosene industry, this business became a gasoline
industry almost overnight. This entailed revolutionary
changes in technique, an additional capital investment of
literally billions of dollars; altogether an expansion of endeavor and equipment which no other industry has been
called upon to meet in so short a period. The investment
in the oil industry in 1909 is estimated as less than $1,000,000,000. The expansion which began in war times continued
in the immediate post-war years, and the investment by
,000,000,000. Now it is more
1924 had increased to
than $12,000,000,000."
Daily crude oil production during the week ended Aug. 9
averaged 2,480,350 barrels, a decline of 34,950 barrels from
the preceding week and 415,650 barrels from the corresponding week of 1929. Restoration of the proration program in Darst Creek fields, Texas, was largely responsible
for the drop.
There were no crude oil changes posted this week:
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. 1. degrees are not shown.)
Bradford. Pa
$2.10 Smackover, Ark.. 24 and over
1.50 Smackover, Ark., below 2
Corning. Ohio
°Men, W.Va
1.35 Eldorado, Ark., 34
1.45 Urania. La
IMnois
1.53 Salt Creek, Wyo., 37
Western Kentucky
1.23 Sunburst. Mont
Midcontinent. Okla., 37
.80 Artesia, N. Mel
Corsicana, Texas. heavy
.87 Santa Fe Springs. CaIlL. 33
Hutchinson. Texas. 35
1.00 Midway-Sunset. Calif., 22
Luling, Texas
1.20 Huntington, Calif., 26
Iliandietop, Texas, grade A
1.05 Ventura, Calif.. 30
Bpindletop, Texas, below 25
.66 Petrone. Canada
Winkler. Texas
$.90
.75
1.14
.90
1.23
1.65
1.08
1.75
1.05
1.34
1.13
1.90
REFINED PRODUCTS-STEADY DEMAND HOLDS MARKET
FIRM-GASOLINE STOCKS REGISTER DECLINE-TANK
CAR FIELD IRREGULAR-DOMESTIC OILS DULL-KEROSENE CONTINUES FIRM.
Although dealers here are optimistic concerning the future
of the market, buyers are still pursuing their policy of handto-mouth purchasing. Continued heavy consumption of
gasoline has reduced stocks in many cases, but buying
seems to be on a basis of purchasing just sufficient new
stocks for immediate use. Other bullish developments
were the drop in stored gasoline, and the news that Texas
oil fields have been placed on a proration basis.
The trade considers that considerable more reduction at
producing centres is necessary before the market situation
is entirely cleared. So far proration schedules started
at various fields throughout the country have been adhered
to rigidly by the various producers that had signed the
agreement. If this condition holds true for long, conditions
are expected to improve which will place the market in a
steady position.
Stocks of stored gasoline continued to decrease last week,
showing a drop of 1,371,000 barrels to a total of 42,729,000
barrels, the lowest since the early part of this year. A loss
in crude runs to stills for the week was also shown, refineries
now operating on a 69.1% basis as compared with last
week's basis of 69.6%.
Standard Oil of New Jersey advanced the tank wagon
price in Richmond, Va., 2c. a gallon, effective Aug. 12.
This increase was due to improved local conditions, while
the market here was irregular. Continued rumors of price
slashes to be instituted shortly in the export gasoline market
have weakened the market here. Price shading has been
reported in the Gulf section with independents underselling
the market.
The tank car demand seems to be irregular although vanishing of the recent large offerings of cut-rate gasoline has
helped to a considerable degree. Refiners here are still
[VOL. 131.
FINANCIAL CHRONICLE
holding the market at from 8c. to 9c. a gallon in tank cars at
the refineries and terminals. Scattered instances where
refiners are asking 93c. and 10c. a gallon are reported with
little interest shown at these prices. Consumption has held
up but large stocks at hand have held dealers down in their
purchases. Further cuts at refineries are necessary before
this situation is wiped out. Some business had been reported at slightly shaded price levels by independents but
the bulk of the buying has been in standard brands.
Considerable interest is being shown in domestic oil but
so far there have been no price changes. At the present
the bulk of the buying is for winter but the recent cool spell
has hastened the demand for fall delivery considerably.
Kerosene is firm with prices holding at their present level.
Most of the recent buying, however, has been in small quantities with no large movements recorded. Prices in the
tank wagon field held steady.
Gasoline, U. S.
N.Y.(Bayo'n)$.09@.10
.
• . .
Stand. Oil, N. Y_ .098
Tide Water011 Co. .0834
Richfield Oil Co.._ .0934
Warner-Quinl'nCo
Pan-Am.Pet. Co_ .0934
Shell Eastern Pet_ .10
Motor, Tank Car Lots. F.O.B. Refinery.
N.Y.-SinclairRei. .0834 California
Los Angeles, export.09
Beacon 00
Carson Pet
.0834 Gulf Coast,export- _
Crew Leviok
North Louisiana..09
West Texas
0634 North Texas
Chicago
.0934 Oklahoma
New Orleans
.07% Pennsylvania
.08%
Arkansas
.08%
.07,4
.08%
.0734
.0634
.as
.0934
Gasoline, Service Station, Tax Included.
,
8 182
New York
Minneapolla
8.19
$.183 Cincinnati
195
New Orleans
16
Atlanta
.21
Denver
.21
188 Philadelphia
Baltimore
.22
Detroit
.251
San Francisco
.18
Boston_
.20
Houston
195
Spokane
24
Buffalo
15
Jacksonville
16
.179 St. Louis
15
Chicago
Kansas City
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
8.07%
N.Y.(Bayonne)$.075.0734 Chicago
$.0534 New Orleans
.0614
.05,4 Los Angeles. export_ .05% Tulsa
North Team
Fuel 011, 18-22 Degrees, F.0.13. Refinery or Terminal.
$.85 Gulf Coast
New York(Bayonne)$1.151Los Angeles
.95 Chicago
2.001New Orleans
Diesel
$.75
.55
Gas Oil, 32-34 Degrees, F.O.B. Refinery or Terminal.
$.03'Tuba
N.Y.(Bayonne)_..$.05% 'Chicago
8.03
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,528,400 barrels, or 95.7% of the 3,686,400-barrel estimated daily potential refining capacity of the
plants operating in the United States during the week ended
Aug.9 1930, report that the crude runs to stills for the week
show that these companies operated to 69.1% of their total
capacity. Figures published last week show that companies
aggregating 3,528,400 barrels, or 95.7% of the 3,686,400barrel estimated daily potential refining capacity of all
plants operating in the United States during that week, but
which operated to only 69.6% of their total capacity,
contributed to that report.
The report for the week ending Aug. 9 1930 follows.
For the sake of comparison total figures for the United States
for the previous week are also shown.
CRUDE RUNS TO STILLS-GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED AUGUST 9 1930.
(Figures in Barrels of 42 Gallons,
District.
•
Per Cott
Potential
Capacity
ReportOw.
East Coast
100.0
Appalachian
91.8
Ind., Illinois, Kentucky 99.6
Okla., Hans., Missouri_ 89.9
Texas
90.4
Louisiana-Arkansas..
96.8
Rocky Mountain
93.6
California
99.3
Crude
Runs
to
Stills.
Per Cm
OPer.
of Total
CapaoUy
Report.
&mound
Stoc.ts.
Gas
and
Fuel
OS
Stocks.
3.384,000
585.000
2,073,000
1,893,000
3,850,000
1,127,000
384,000
3,767,000
79.4
71.1
77.7
65.1
77.2
61.5
39.4
60.4
6,549,000
1,451,000
0.777,000
3,485,000
6,595.000
1,501,000
2.301,000
14,070,000
10,147,000
1.046,000
4,396,000
4,786,000
10,192,000
1.779,000
1,218,000
105,678,000
Total week Aug.9
Daily average
95.7
17,063.000
2.437,600
69.1
42.729.000
139,242,000
Total week Aug.2
Daily average
95.7
17,197,000
2,456,700
69.6
44,100,000
139,641.000
Total Aug.10 1929._
91.9
18,298,000
85.2
Texas Gulf Coast_x
100.0
Louisiana Chilf emu& v tun n
3,036,000
819.000
82.4
79.3
*34,021,000 .138,919.0011
5,338,000
1.171 000
7,114,000
953.000
•Final revised 1929. x Included above in the totals of their respective districts.
Notes.-All crude runs to stills and stocks figures follow exactly the present Bureau
of Mines definitions. In California stocks of heavy crude and all grades of fuel oil
are included under the heading -Gas and Fuel 011 Stocks." Crude oil rune to
stills include both foreign and domestic crude.
The united States total figures for 1929 are not comparable with this year's totals
because of the differences in the percentage capacity reporting.
Crude Oil Production in United States Lower.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United
States for the week ending Aug. 9 1930 was 2,480,350
barrels, as compared with 2,515,300 barrels for the preceding
week, a decrease of 34,950 barrels. The daily average
production east of California was 1,864,250 barrels, as
compared with 1,908,600 barrels, a decrease of 44,350
barrels. The following are estimates of daily average gross
AUG. 16 1930.]
FINANCIAL CHRONICLE
1033
production, by districts, for the week ended Aug. 9 1930, was penetrated by few rays of business sunshine during
the
Aug. 2 1930 and July 26 1930 and Aug. 10 1929.
past week, "American Machinist" reports. Sales still lag
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
and inquiries are scarce. Indications are that the July
Week EndedAug. 9 '30. Aug. 2 '30. July 26 '30. Aug. 10 '29.
slackness will last through August. Many plants are curOklahoma
560,750
554,650
566,850
724,400
Kansas
117,950
116,450
117,050
128.200 rently operating on a 27-hour week basis. The "Machinist"
Panhandle Texas
97,650
96,400
96,400
109.850
North Texas
72,900
74,200
74,550
88,350 adds:
West Central Texas
West Texas
East Central Texas
Southwest Texas
North Louisiana
Arkansas
Coastal Texas
Coastal Louisiana
Eastern (not including Michigan)
Michigan
Wyoming
Montana
Colorado
New Mexico
California
53,450
290,700
39,400
89,350
42,650
55,500
176.400
32,150
122,000
10,050
46,350
9,150
4,400
43,450
616,100
55.400
301,050
41,150
124,500
41,650
55,050
180,250
27,950
124,500
10,600
47,700
9,450
4,650
43,000
606,700
55,400
298,650
40,900
77,350
42,150
55,450
185,900
26,450
126,500
9,850
48,100
9,350
4,700
42,200
610,900
57,900
387,500
16.950
77,400
36,000
67,300
128,650
20.200
104,100
21.000
54,100
11,500
6,750
2,650
853,200
Total
2,480,350 2,515,300 2,488,700 2,896,000
The estimated daily average gross production for the Mid
Continent
field, including Oklahoma, Kansas, Panhandle, North, West
Central,
West, East Central and Southwest Texas, North Louisiana and
Arkansas,
for the week ended Aug.9 was 1,420,300 barrels, as compared with
1,460.500
barrels for the preceding week, a decrease of 40,200 barrels.
The Mid
Continent production, excluding Smackover (Arkansas)
heavy oil, was
1,383.000 barrels, as compared with 1,423,200 barrels, a decrease
of 40,200
barrels.
New York dealers expect nothing in the way of business before Labor
Day and are therefore pleasantly surprised to be getting enough business
to hold present working forces and keep the books in black. Resumption
of activity in automobile plants in Detroit is a source of much optimism
among dealers there, even though the tariff and the amazing vitality of
present equipment are factors combined against them.
Philadelphia reports a few inquiries, and expects radio builders to need
tools soon to meet the winter demand. Sentiment In Cleveland machinery
centres is better with the return of her workers to the shops, although
Inquiries are the only encouraging sign of an upturn. The New England
situation is reported improving.
Conditions in Milwaukee are mixed-some reports indicate improvement,
while others reflect continued dullness. Cincinnati orders and inquiries,
both unchanged, are for single tools for miscellaneous buyers. Prospects
in the Indianapolis area seem brighter, but orders are still the exception.
The market In Chicago is unchanged, and few sales are reported there.
Buffalo reports that June was the low point in the decline and that the
sutlook there for the future is more promising.
Portland Cement in July 1930-Output and Shipment
The production figures of certain pools in the various
districts for the
Show Slight Declines.
current week, compared with the previous week, in barrels
of 42 gallons,
follow:
The Portland cement industry in July 1930 produced
-Week Ended-1Veek
- 17,080,000 barrels, shipped 20,147,000 barrels from the mills,
OklahomaAug. 9. Aug. 2.
East Central Texas- Aug. 9. Ended
Aug. 2.
Bowlegs
14,000 13,800 Van Zandt County
24,900 26,200 and had in stock at the end of the month 26,298,000 barrels,
Bristow-Slick
15,350 15,400
Southwest TexasBurbank
15.600 15,800 Darst Creek
45,000 77,800 according to the United States Bureau of Mines, DepartCarr City
5,000 6,300 Luling
9,900 9,850 ment of Commerce. The production of
Earlsboro
16,200 18,950 Salt Flat
Portland cement in
17,300 20,200
East Earisboro
18,100 13,050
North LouisianaJuly 1930 showed a decrease of 1.4% and shipments a deSouth Earlsboro
12,850 10,100 &rem-Carterville
3,800 3,100
Konawa
24,000 16,650 Ewone
5,400 6,250 crease of 0.8%, as compared with July 1929. Portland
Little River
23,050 25,950
ArkansasEast Little River
cement stocks at the mills were 7.2% higher than a year ago.
15,150 10,300 Smackover, light
5,100
5,100
Maud
3.050 3,150 Smackover, heavy
37,300 37,300
In the following statement of relation of production to
Mission
5,450 7,250
Coastal TexasOklahoma City
96,850 100,400 Barbera Hill
17,900 18,600 capacity the total output of finished cement is compared
St. Louis
22,900 24,150 Racoon Bend
11,900
12,000
Searight
7,450 7,900 Refuglo County
30,650 31,600 with the estimated capacity of 166 plants at the close of
Seminole
14,450 14,950 Sugarland
11,850 12,000 July 1930, and of 163 plants at
East Seminole
2,400 2,000
Coastal Louisianathe close of July 1929. In
KansasEast Hackberry
4,550 2,150 addition to the 'capacity of the new plants
Sedgwick County
19,250 19,000 Old Hackberry
which began
1,200
1,150
Voshell
11,850 10,100 Wyomingoperating during the 12 months ended July 31 1930, the
Panhandle TexasSalt Creek
29,600
30,050
Gray County
66.950 65,250
Montanaestimates include increased capacity due to extensions and
Hutchinson County_
20,500 21,400 Kevin-Sunburst
5,850 5,850 improvements at old plants during
North TexasNew Mexicothe period.
Archer County
16,050 16,150 Hobbs High
34,250 33,250
RELATION OF PRODUCTION TO CAPACITY.
Wilbarger County
21,000 22,050 Bal. Lea County
6,500 7,000
West Central TexasCaliforniaYoung County
18,050 18,950 Eiwood-Goleta
48,900 41,500
July 1929. July 1930. June 1930.1 May 1930 Apr111930.
West TexasHuntington Beach
28,700 28,300
Counties.
Crane& Upton
39,400 38,800 Inglewood
17,400 17,200 The month
80.4%
77.8%
81.4%
78.0%
Ector County
10,200 17,800 Kettleman Hills
•64.0%
13,000 13,300 The 12 months ended__ _ 68.9%
66.1%
66.4%
66.2%
Howard County
23.550 27,500 Long Beach
66.0%
102,000
101,400
Reagan County
21,600 20,950 Midway-Sunset
PRODUCTI
SHIPMENT
63,000
ON.
S. AND STOCKS OF FINISHED PORTLAND
63,000
Winkler County
79,100 78,500 Santa Fe Springs
109,800 110,000
CEMENT, BY DISTRICTS IN JULY 1929 AND 1930.(IN
Yates
103,000 103,900 Seal Beach
THOUSANDS
20,300 21,000
Bal. Pecos County
3,400 3,400 Ventura Avenue
OF BARRELS).
48,000 48,000
Curtailment of Oil Production in Rumania.
Associated Press accounts from Bucharest, Rumania, Aug
4, stated:
If. Madgearu, Minister of Trade, to-day issued a communique in
which it
was said that the oil industry had decided to curtail production
by 160,000
carloads annually. Production has increased from 635 carloads
daily in
1924 to 1,750 carloads daily at present.
Copper Down to 109 Cents-Pressure To Sell by
Custom Smelters Forces Price Down-Lead DullZinc and Tin Sag.
The feature of the non-ferrous metal market during the
past week was the drop in copper prices on Aug. 13 to 10%
1
cents, after holding at 11 cents since the middle of July,
reports "Metal and Mineral Markets." A strong disinclination to buy marked trading in most metals. Lead
prices held firmly at recent levels, but demand was practically absent; cheaper offerings of zinc attracted traders,
but consumers were not as a rule interested; tin once again
dropped below 30 cents, with moderate business. The paper
referred to goes on to say:
Production.
District.
1929.
Eastern Pa.. N.J.& Md
New York and Maine
Ohio, Western Pa.& W.Vs
Michigan
Wis., Ill., Ind.& Ky
Va., Tenn., Ala., Ga., Fla.& LaEast. Mo.,Ia., Minn.& El. Dar_ _
West. Mo., Neb., Kans., Okla &
Arkansas
Texas
Colo., Mont..Ertah, Wyo & IdaCalifornia
Oregon and Washington
1930.
Shipments.
1929.
Stocks at End
of Month.
1930.
1929.
1930.
3,709
1,366
2,139
1.432
2.354
1.250
1,570
3,566
1,249
1,973
1,410
2,255
1,213
1,832
4,171
1,609
2,282
1.950
2,837
1,543
2,223
4,085
1,524
2,358
1,604
2.916
1,327
2,540
5,389
1,765
3,435
1,979
3,168
1,818
3,092
5,994
1,462
3.522
2.619
3,931
1,887
2,495
1,159
701
322
991
322
1,405
585
219
1,009
364
1,382
666
299
995
362
1,442
709
270
946
426
1,269
546
529
991
544
1,688
564
511
1,143
482
Total
17,315 17,080 20,319 20,147 24,525
26,298
PRODUCTION. SHIPMENTS AND STOCKS OF FINISHED
PORTLAND
CEMENT BY MONTHS,IN 1929 AND 1930 (IN THOUS. OF
BARRELS),
Production.
Month.
January
February
March
April
May
June
July
August
September
October
November
December
Shipments.
Stocks at End of
Month.
1929.
1930.
1929.
1930.
1929.
1930.
9,881
8,522
9,969
13,750
16,151
16.803
17,315
18,585
17,223
16,731
14,053
11,215
8,498
8,162
11.225
13,521
17,249
a17,239
17,080
5,707
5,448
10,113
13,325
16,706
18,949
20,319
23,052
19,950
18,695
11,222
5,951
4,955
7,012
8.826
13,340
17.224
a18,781
20,147
26,797
29,870
29.724
30,151
29,624
27,505
24,525
20,056
17,325
15,381
18,213
23,550
27.081
28.249
30,648
30,867
30,891
a29,364
26,298
Sales of copper were heavy for a time but have been dwindling in the
last two or three weeks and pressure to sell by the custom smelters at
last caused the drop below the 11-cent level. So far the large producers
have taken no action either in the domestic or foreign market and may
hold at the higher figure for a time. A liberal estimate of domestic reTotal
170,198
quirement for the next three months have been purchased and probable
169,437
•Revised.
November and December consumption has been at least half booked.
consumers
Foreign
are not quite so well bought ahead, however, and aro
Note.-The statis les above presented are compiled
from reports for June,
all manufacturing plants except three for which
expected to continue in the market on a fair scale of activity.
estimates have been included infrom
lieu
Lead sellers experienced the quietest week in two years, but this was of actual returns.
to be expected after the excellent business of the four preceding weeks.
The zinc market continued to recede during the week, but regained a
Copper Stocks Increase 5,277 Tons in
measure of stability towards the close, with prices around 4.30 cents.
July-Drop in
St. Louis.
Production.
Gloom Persists in Machinery Markets-Sales Lag and
Inquiries Scarce-Dullness Expected To Last
Through August.
The gloom which has shrouded machine-tool and ma,dainery markets of the country throughout the summer
Refined copper stocks in the hands of
North and South
American producers and refiners on August
1 were 322,039
short tons, an increase of 5,277 tons over
the
tons on July 1, according to the American stocks of 316,762
Bureau of Metal
Statistics. Blister stocks at smelters
and at refineries, in
process and in transit on August 1,
totaled 242,212 tons,
1034
FINANCIAL CHRONICLE
compared with 253,834 tons on July 1, a decrease of 11,622
tons. Total stocks of copper above ground on August 1, were
564,251 tons, against 570,596 tons on July 1, a decrease of
6,345 tons.
Production of refined copper in July was 123,179 tons, a
daily average of 3,974, compared with 124,821 tons, or a
daily average of 4,161 tons in June. Shipments in July were
117,902 tons, against 116,705 tons in June. Domestic shipments amounted to 75,436 tons, compared with 71,887 tons
in June.
Mine production of copper in the United States in July
was 54,249 tons, a daily average of 1,750 tons, compared
with 56,743 tons, or a daily average of 1,891 tons in June.
The output and shipments of refined copper by North and
South American producers and refineries follow by months
since the end of 1928:
1930July
June
May
April
March
February
January
1929December
November
October
September
August
July
June
May
April
March
February
January
Total, 1929
Total.
Production.
' 123,179
124,821
132,183
124,531
127,064
121,195
132.374
-Shipments-Export.
Domestic.
42,466
75,436
44,818
71,887
49,115
75,760
29,196
50,017
30,523
73,644
29,597
61,879
30,358
69,932
138.203
145,376
152,840
134,343
148,648
153,513
156,447
161,784
161,285
163,561
141.385
154,472
35.652
37,879
53,461
45,921
45,035
40,204
48,461
55,123
57.708
59,946
50,150
57.054
58,150
68,979
105,729
98,043
96,970
98.720
95,258
93,743
99,051
105,860
98,771
100,135
1.811.857
586,594
1,119,409
Recovery in Steel Business Retarded by DrouthProduction at 52%-Prices Reduced.
Recovery in steel business from the stagnation of midsummer undoubtedly has been retarded by the uncertainty
of crop damage caused by the prolonged and widespread
drouth, reports the "Iron Age" of Aug. 14 in its weekly
summary of iron and steel conditions. Pending the gaging
of the effect of the losses on steel-consuming industries
dependent wholly or in part on farm purchasing power, a
renewed spirit of caution has developed generally. This has
brought a further decline in the volume of new business, consequent curtailment in steel mill operating schedules and
broader price weakness, continues the "Age" which goes
on to say:
Steel production for the country at large is not above 52% this week,
compared with 54% a week ago. The Steel Corp. continues to operate at
about 63%. but some of the larger independents are at 50% or less. Operations have declined several points at Pittsburgh,Chicago and in the Valleys,
while at Cleveland there has been a rise of three points, owing to a moderate
gain in orders from a few automobile companies.
At a time when some signs of betterment were expected to appear, steelconsuming industries such as automobile,farm machinery and can manufacture are confronted with the new problem of determining how the crop
situation will affect their prospects.
With the major part of automobile production centered on low-priced
cars, for which there is ordinarily a large market in rural communities, the
outlook for retail sales is clouded. Farm machinery builders are checking
up to ascertain how seriously low total returns for farm products will
restrict their fall activity, although some manufacturers in this group are
swinging into larger output of tractors and combines for foreign shipment.
Can manufacturers already face the possibility of smaller packs fo vegetable crops, and moderate holdups of tin plate shipments have brought a
decline to 60% in the output of this product from an average slightly above
that figure a week ago. Wire fencing and galvanized sheets are adversely
affected.
Meanwhile, there are a few developments of an encouraging character.
Resumption of automobile production on a scale slightly above that of July
has aided mills at Chicago and Cleveland in a small way, but there has been
no important gain in takings of steel by the motor car industry. The farm
machinery builders, helped out by export orders, are ordering steel a little
morefreely at Chicago and will step up production above the low midsummer
rates,notwithstanding the uncertainty in the domestic market. Building construction in the Chicago district is contributing to larger bookings of structural steel, with an increasing tonnage of pending work.
Structural steel and pipe backlogs account for a good measure of the current rate of steel making. Bookings of structural steel were 45.500 tons,
the largest total in four weeks, while 60,000 tons in new projects, the highest
figure since late June, promises further accessions to structural mill order
books. Of the prospective work, 20,000 tons is for highway bridges for
the State of Kentucky.
Further large tonnages of pipe for natural gas and gasoline lines are exHooted, but may come too late to make an important addition to this year's
pipe mill schedules. A more likely source of early tonnage lies in the probability that the railroads,some of which are now preparing their rail-buying
programs, will enter the market next month for their 1931 requirements.
With steel producers aggressively seeking business to bolster up their
declining operations and with steel buyers exerting pressure for concessions,
fresh price weakness has developed on a number of products. Plates and
shapes have been sold in competitive markets at 1.60c., Pittsburgh, a $1 a
ton decline, while sheet mills, whose operations are seriously depressed, have
given concessions of 31 to $2 a ton on galvanized and blue annealed sheets,
and to a less extent $1 a ton cuts have appeared in black sheet sales. The
latter product is definitely down $1 a ton at Chicago. Large rivets have
declined $3 a ton to $2.75 a 100 lb., Pittsburgh. Billets are off $1 a ton at
Chicago to $32.
Although pig iron is weak in nearly all markets, some strength has appeared in other raw materials. Blast furnace coke is 10c. a ton higher at
[VOL. 131.
$2.60, Connellesville, Pa., while heavy melting steel scrap has advanced
25c. a ton at Pittsburgh. Scrap grades generally are steadier or firmer in
some centers, but where strength has developed it is based on scarcity
rather than on increased consumer buying. Southern pig iron has declined
50c• a ton at Cincinnati to $12, Birmingham, and this price is also freely
available to buyers in the Chicago district.
A further reduction in the composite prices of the "Iron Age" brings that
for finished steel to 2.156c. a lb. and that for pig iron to $16.88 a gross ton.
The steel price is the lowest since February 1922, and is only 33.02 a net ton
above the minimum of that period, while the pig iron composite is the lowest
since 1915.
The following table shows the "Iron Age" composite prices:
Finished Steel.
Aug. 12 1930, 2.156e. a Lb
One week ago
2.1710.
One month ago
2.171a.
One year ago
2.398e.
Based on steel bars, beams,tank plates.
wire, rails, black pipe and black sheets.
These products make 87% of the United
States output of finished steel.
High.
Low.
1930-2.362o. Jan. 7 2.156o, Aug. 12
1929..2.412o. Apr. 2 2.362e, Oct. 29
1928-2.391o. Dee. 11 2.314e. Jan. 3
1927_2.453o. Jan. 4 2.293o. Oct. 25
1926_2.453e. Jan, 5 2.403o. May 18
1925-2.560o, Jan. 6 2.396e. Aug. 18
Pig Iron.
'Aug. 12 1930, $16.88 a Gross Ton.
$16.94
One week ago
17.09
One month ago
18.42
One year ago
Based on average of baste iron at Valley
furnace and foundry irons at Chicago,
Philadelphia. Buffalo. Valley and Birmingham.
Low.
High.
1930_418.21 Jan. 7 316.88 Aug. 12
1929_ 18.71 May 14 18.21 Dee. 17
1928._ 18.59 Nov.27 17.04 July 24
1927... 19.71 Jan, 4 17.54 Nov. 1
1926... 21.54 Jan. 5 19.46 July 18
1925.-- 22.50 Jan. 13 18.98 July 7
As steel producers drift past the middle of the third quarter
with demand and production no better than at the beginning,
the matter of price commands more serious consideration,
says "Steel," formerly "Iron Trade Review." For even the
low cost producers, present levels are scarcely remunerative,
and frequent roll changing required by attentuated orders
aggravates the situation, add the "Review" which further
states:
There is some speculation whether an advance in bars, plates and shapes,
timed to coincide with the seasonal upturn usually developing early in
September, would stimulate buying as well as prove a corrective for earnings. Some factors, not convinced that current prices represent actual
bottom, fear a reaction from such a procedure. Nevertheless, an effort to
stiffen the market next month is a possibility.
Nothing within the present vision of the steel industry indicates improvement of the colorless market. In fact, such adverse factors as drouth, a
sluggish retail market for automobiles, surplus railroad equipment and
declining foreign trade are perhaps more accentuated.
•
Fear of drouth damage is most pronounced at Chicago, wire and tin plats
being the most exposed products. Farm implement manufacturers, faced
with a narrowing domestic market, have a partial offset in new Russian
orders.
Although back to their mid-July rates, automobile manufacturers and
parts makers are operating with a minimum of material, it being estimated
there is not a 15-day supply of steel in all Detroit. A few releases against
old orders are being received, but many producers dependent upon automotive business are idle or practically so. There is now fear that retail sales
will suffer severely this fall from the drouth.
Structural steel requirements continue encouraging, but they are running
about 15% behind 1929 and thus cannot neutralize losses from other principal consumers of steel. New York has had a brisk week, 12,000 tons
being placed for a Lehigh Valley railroad warehouse, 4,300 tons for approaches to the Hudson River Bridge and 4,000 tons for an office building.
Inquiry is large and active, low prices tempting builders. This week's
structural awards total 38.000 tons, compared with 34,432 tons a week ago.
Interest of railroads in equipment is negligible. The Elgin, Joliet dr
Eastern will build 300 flats and 250 gondolas in its own shops. Other orders
included 100 car underframes and five locomotives. Neither the Pennsylvania nor the Reading Is likely to be in the rail market soon, while the
Great Northern is deferring action on 9,000 tons for an extension. Chesapeake & Ohio has issued releases on its 59,000 tons.
Sheet and strip prices appear less stable. On galvanized, 3.10c., Pittsburgh, is more representative though not the bottom, while at Chicago
the market is down $1 to 3.15c., mill. On black sheets 2.454., Pittsburgh,
is more frequently encountered. Cold-rolled strip is being shaded below
2.454., Pittsburgh-Cleveland. Nails are more frequently $2.05, Pittsburgh, to carload buyers. Pig iron and coke prices are not firm, with
some gain in shipments of iron. Scrap is a shade firmer.
All of the improvement in steel ingot production since the bottom of ths
1929 slide was reached in December was washed out in July when the daily
rate declined to 112,823 tons, the lowest since September 1924. July was
a 56% operating month,and the total for seven months-26,726,598 tonsstamps 1930 to date as a 73% year, contrasted with 95 a year ago.
Steelmaking operations, at 55-60% last week,are this week just below 55.
An important Eastern independent is operating slightly heavier this week.
Steel corporation subsidiaries are at 62%;last week they were at 64. Pittsburgh and Chicago are at 55%, Birmingham 60, Buffalo 59, Cleveland 48.
Youngstown 55-60.
Further weakness In sheets and nails has lowered the market composite
of steel 8 cents, to $33, compared with an average of $33.21 for July.
Steel ingot production during the past week was at approximately 56% of theoretical capacity, compared with about
58% in the preceding week and 57% two weeks before
says the "Wall Street Journal" of July 12, which goes on to
say:
U.S. Steel Corp. produced at between 623% and 63% of capacity last
week, compared with a shade above 64% in the week before and a little
under 64% two weeks ago. The low point for the Steel Corporation was
61%. reached about the middle of last week. The week started at better
than 64% and there was a small increase from the 61% rate toward the
end of the week.
Independent steel companies were down 1% in the past week, with a
rate slightly under 51%, contrasted with about 53% in the previous week
and 52% two weeks ago.
At this time last year the Steel Corporation was running at 97%, with
independents a fraction under 90%, and the average was 93%. Operations were coming down from the peak a year ago.
The middle of August, 1928, found activities increasing, the Steel Corporation moving up 4% to 80%. There was a smaller gain among independents, which were at 72%. The average for the industry was between
75% and 76%.
Reports indicate that there was a slight increase in specifications from
steel users toward the end of last week. This checked the downward trend
Atm 16 1930.]
FINANCIAL CHRONICLE
1035
In operation, at least as far_as:the Steel Corporation and one or two other
large units are concerned.
Steel Backlog Increases in July.
The United States Steel Corporation reports unfilled
tonnage on the books of subsidiary companies at the end
of July as 4,022,055 tons. This is 53,991 tons more than
on June 30 when the bookings amounted to 3,968,064 tons.
At July 31 1929 unfilled orders aggregated 4,088,177 tons.
Below we give the figures by months for six years. Figures
for earlier dates may be found in the "Chronicle" of April 17
1926, page 2126.
UNFILLED ORDERS OP'SUBSIDIARIES OF U. S. STEEL CORPORATION
1929.
1928.
1927.
End of Meal. 1930.
,
4.109,487 4,275,947 3.800,177 4.882.7.39 5.037,323
January
4,479,748 4.144,341 4,398,189 3.597319 4,616.822 5.284,771
February
4.570,663 4.410.718 4,335.206 3,553,140 4,379,935 4363,504
March.
4,354,220 4.427,763 3.872333 3.456.132 3,867.976 4.446,548
April
4,059.227 4.304,167 3,416.822 3,050.941 3,649.250 4.049,800
May
3,968,064 4.256.910 3,637.009 8,053,246 8,478,642 3,710.456
June
4,022,055 4,088,177 3,570,927 3,142,014 3,602,522 3,539,467
July
3,658,211 3,624.043 3396,037 3,642,335 3,512,803
August
3,902.581 3,698.368 3,148,113 3.593.509 3317.297
eept•Mbet
4.086,562 3,751.030 8.341.040 3.683,661 4,109,163
October
4.125,345 8,643.000 8.454.444 3,807.447 4,581.780
November...._
6.417.193 3.976.712 8.972.874 3.960.969 5.033.864
December
Anthracite Shipments-July 1930.
. Shipments of anthracite for the month of July 1930 as
reported to the Anthracite Bureau of Information, Philadelphia, amounted to 4,345,841 gross tons. This is an
increase as compared with shipments during the preceding
month of June of 292,902 tons, and when compared with the
month of July 1929, shows an increase of 658,255 tons.
Shipments by originating carriers for the month of July
1930, as compared with the preceding month of June, and
with July 1929 are as follows:
Reading Company..
Lehigh Valley RR
Central RR. of New Jersey
Delaware Lackawanna & Western RH
Delaware & Hudson RR. Corp
Pennsylvania RR
Erie RR
N. Y. Ontario & Western Ry
Lehigh & New England RR
July 1930.
901,502
820,564
352,188
643.755
564,190
396.435
422,165
80,815
157,227
4,345.841
June 1930. July 1929.
889,662
726,867
735,639
540,007
565:882
558,520
332,605
396,044
80.754
163,708
752.245
506,238
409,439
324.786
86.802
49,926
4.052,939
3,687.586
Output of Bituminous Coal Continues Below Rate a
Year Ago-Anthracite Production Higher.
According to the United States Bureau of Mines, Department of Commerce, production of bituminous coal during
the week ended Aug. 2 1930, continued below the rate a
year ago, while anthracite output showed an increase over
the corresponding period of 1929. During the week under
review, there were produced a total of 7,957,000 net tons
of bituminous coal, 1,292,000 tons of Pennsylvania anthracite and 43,900 tons of beehive coke, as compared with 9,349,000 tons of bituminous coal, 1,290,000 tons of Pennsylvania
anthracite and 134,200 tons of beehive coke in the corresponding period last year and 8,084,000 tons of bituminous
coal, 1,398,000 tons of Pennsylvania anthracite and 45,400
tons of beehive coke produced in the week ended July 26 1930.
For the calendar year to Aug. 2 1930, a total of 267,418,000 net tons of bituminous coal were produced,as against
300,036,000 net tons in the calendar year to Aug. 3 1929.
The Bureau's statement follows:
Total bit. coal- 8.084,000 7,922.000 9,607,000 9.109,000 11.208,000
Penna.anthracite 1,398,000 1,307,000 1.289,000 1,047,000 1,950.000
Total all coal- - 9,482,000 9.229,000 10,896,000 10,156,000 13,158,000
a Average weekly rate for the entire month. b Includes operations
on the N. & W., C. & 0., Virginian, and K. & M. c Rest of State.
including Panhandle.
BEEHIVE COKE.
The total production of beehive coke during the week ended Aug. 2
tons. This is in comparison with 45,400 tons
net
43.900
Is estimated at
In the preceding week, and 134.200 tons during the week In 1929 corresponding with that of Aug. 2.
Estimated Production of Beehive Coke (Net Tons).
1930
Week Ended
1929
to
to
Aug.2 July 26 Aug.3
1929.
Date.
Date.a
1930.1s 19:30.e
Regiond W. Va-- 39,200 39,100 121,000 1,723,200 2,403,600
Pa., Ohio, and
8,800
3,800
160.800
211.300
Ga., Tenn.,and Va---- 2,500
4,400
2,500
70.200
161.200
Colo., Utah,and Wash_ 2,200
The total production of soft coal during the week ended Aug. 2, including
lignite and coal coked at the mines, is estimated at 7,957,000 net tons.
United States total-- 43,900 45,400 134.200 1,954,200 3,776,100
Compared with the output in the preceding week, this shows a decrease
7.567 22.367
10,679
7.317
Daily average
20.634
of 127,000 tons, or 1.6%. Production during the week in 1929 correa Minus one day's production first week in January to equalize number
revision.
sponding with that of Aug. 2 amounted to 9,349.000 tons.
c
Subject
to
Revised.
b
of days In the two years.
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 Aug. 13 as reported
by the 12 Federal Reserve banks, was $1,001,000,000, an
increase of $13,000,000 compared with the preceding week
and a decrease of $380,000,000 compared with the corresponding week of 1929. After noting these facts, the Federal Reserve Board proceeds as follows:
On Aug. 13 total Reserve bank credit outstanding amounted to $982,000,000. an increase of $42,000,000 for the week. This increase corresponds with increases of $36,000,000 in member bank reserve balances and
$5,000,000 in unexpended capital funds, &c., and a decrease of $5,000,000
In monetary gold stock, offset in part by an increase of 65,000,000 in
Treasury currency.
Holdings of discounted bills decreased $15,000.000 during the week, the
principal changes being decreases of $13,000,000 at the Federal Reserve
Bank of New York and $2,000,000 each at Philadelphia and Richmond,
and an increase of $2,000,000 at Bt. Louis. The System's holdings of sins
bought in open market increased $20,000,000.of Treasury notes $13,000,000
of United States bonds $10.000,000 and of Treasury certificates and bills
$7,000,000.
Beginning with the statement of May 28 1930 the text
accompanying the weekly condition statement of the
Federal Reserve banks was changed to show the amount of
Reserve bank credit outstanding and certain other items
not included in the condition statement, such as monetary
gold stock and money in circulation. The Federal Reserve
Board's explanation of the changes, together with the
definition of the different items, was published in the May 31
1930 issue of the "Chronicle" on page 3797.
The statement in full for the week ended Aug. 13, in comparison with the preceding week and with the corresponding
date last year, will be found on subsequent pages-namely,
pages 1064 and 1065.
1036
FINANCIAL CHRONICLE
[VOL. 131.
Changes in the amount of Reserve bank credit outstand- until the following Monday, before which time the statistics
ing and in related items during the week and the year ended covering the entire body of reporting member banks, in 101
Aug. 13 1930 were as follows:
cities, cannot be got ready.
Increase (-I-) or Decrease (—)
In the following will be found the comments of the Federal
Since
Aug.13 1930. Aug. 8 1930. Aug. 14 1929. Reserve Board respecting
the returns of the entire body df
$
$
11
Bills discounted
191,000,000 —15,000,000 —837,000,000 reporting member banks of the Federal Reserve System for
Bills bought
154,000,000 +20,000,000
—36,000,000
United States securities
606,000,000 +30,000,000 +452.000.000 the week ended with the close of business on Aug. 6:
Other reserve bank credit
+6.000,000
—21,000,000
982,000,000 +42,000,000
4 489,000,000 —5,000,000
1,787,000,000 +5,000,000
31,000,000
—370,000,000
+139,000,000
+4,000,000
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Aug. 6 shows decreases for the week of
$73.000,000 in loans and investments,$134,000,000 in net demand deposits
and $44,000,000 in Government deposits, and an increase of $16,000,000
Money in circulation
—308,000,000 in borrowings from Federal Reserve banks.
4,437,000,000
Member bank reserve balances
+70,000,000
Loans on securities, which at all reporting banks were $18,000,000 above
2,400,000,000 +36,000.000
Unexpended capital funds, non-memthe previous week's total, increased $43,000,000 in the New York district
ber deposits, &e
421,000,000 +5,000,000
+11,000.000 and $12,000,000 in the
Cleveland district, and declined $36,000,000 in the
Chicago district. "All other" loans declined $63,000,000 in the New York
district, $15,000,000 in the Cleveland district and $57,000,000 at all re-Returns of Member Banks for New York and Chicago porting banks, and increased $12,000,000 in the Chicago district and
$6,000,000
in the Philadelphia district.
Federal Reserve Districts—Brokers' Loans.
Holdings of United States Government securities declined $41,000,000
Beginning with the returns for June 29 1927, the Federal In the New York district,$15,000,000 in the Boston district and $55,000,000
Reserve Board also commenced to give out the figures of at all reporting banks, while holdings of other securities increased $13,000,000 in the Chicago district and $21,000,000 at all reporting banks.
the member banks in New York Federal Reserve District,
The principal change in borrowings from Federal Reserve banks for the
as well as those in the Chicago Reserve District, on Thurs- week was an increase of $14,000,000 at the Federal Reserve Bank of New
days, simultaneously with the figures for the Reserve banks York.
A summary of the principal assets and liabilities of weekly reporting
themselves, and for the same week instead of waiting until the member
banks, together with changes during the week and the year ending
following Monday, before which time the statistics covering Aug. 6.1930, follows:
Increase (÷) or Decrease (—)
the entire body of reporting member banks in the different
Since
Aug. 6 1930, July 30 1930. Avg. 7 1929.
cities included cannot be got ready.
9
$
$
Below is the statement for the New York member banks Loans and investments—total_ _ _23.163,000,000 —73,000,000 +582,000,000
TOTAL RES. BANK CREDIT
Monetary gold stock
Treasury currency adjusted
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$59,000,000, the total of these loans standing at $3,155,000,000. The loans "for own account" fell during the week
from $1,719,000,000 to $1,646,000,000, but the loans "for
account of out-of-town banks" increased from $694,000,000
to $705,000,000, and loans "for account of others" from
$801,000,000 to $804,000,000.
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Aug.13 1930. Aug.61930. Aug. 141929.
$
8,068,000,000 8,138.000,000 7,381,000,000
Loans and investments—total
6,002,000,000 6,036.000,000 5,653,000.000
Loans-total
3,585,000,000 3,832.000,000 2,822,000,000
2,417,000,000 2,404,000,000 2,830,000,000
On securities
All other
2,066,000.000 2,099,000,000 1,728,000,000
Investments—total
U. S. Government securities
Other securities
1,065,000,000 1,079,000,000
1 002,000,000 1.020,000,000
Reserve with Federal Reserve Bank
Cash in vault
787,000,000
45,000,000
754,000,000
45,000,000
962,000,000
786,000,000
703,000,000
56,000,000
Net demand deposits
Time deposits
Government deposits
5 595,000,000 5,595,000,000 5,172,000,000
1 440,000,000 1,420,000.000 1,142,000,000
15,000,000
22,000,000
11,000,000
Due from banks
Due to banks
94,000.000
96.000,000
1,004.000,000 1,034,000,000
89,000,000
838,000,000
15,000,000
191,000,000
Borrowings from Federal Reserve Bank_
Loans on secur. to brokers & dealers;
1 640,000.000 1,719,000,000 965,000,000
For own account
For account of out-of-town banks_ __ _ 705,000,000 694,000,000 1,810,000,000
804,000,000 801,000,000 3,178,000,000
For account of others
3 155,000.000 3,214,000,000 5,952.000,000
Total
2 513,000,000 2,578,000,000 5,597,000,000
642.000.000 635,000,000 355,000,000
On demand
On time
Loans and investments—total
Chicago.
2 023.000,000 2,028,000.000 1,938,000,000
Loans—total
On securities
All other
Investments—total
U. S. Government securities
Other securities
Reserve with Federal Reserve Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Federal Reserve Bank_
1 565.000,000 1,575,000,000 1,564,000,000
920,000,000
845,000,000
919,000,000
858,000.000
878,000,000
888,000,000
458,000,000
451,000,000
374,000.000
191,000,000
267,000,000
195,000,000
257,000,000
183,000,000
211,000,000
191.000,000
14,000,000
194,000.000
13,000,000
178,000,000
15,000.000
1,285,000,000 1,286,000,000 1,235,000,000
651,000,000 652,000,000 572,000,000
3,000,000
3,000,000
2,000,000
155,000,000
371,000,000
154,000,000
371,000,000
133,000,000
310,000,000
2,000.000
2,000.000
43,000,000
Complete Returns of the Member Banks of the Federal
Reserve System for the Preceding Week.
As explained above, the statements for the New York and
Chicago member banks are now given out on Thursday,
simultaneously with the figures for the Reserve banks themselves, and covering the same week, instead of being held
Loans—total
On securities
All other
16,006,000,000
—39,000,000
—138,000,000
8,434,000.000
8,472,000,000
+18,000,000
—57,000,000
+719,000,000
—857,000,000
6,257,000,000
—34,000,000
+720,000,000
U. S. Government securities......2,877,000,000
Other securities
3,380,000,000
—55,000,000
+21,000,000
+145,000,000
+575,000,000
Reserve with Federal Res've banks 1,752,000,000
Cash In vault
205,000,000
—66,000.000
--10,000,000
+77,000,000
--36,000,000
13,864,000,000
7,357,000,000
65,000,000
—134,000.000
+5,000,000
—44,000,000
+424,000,000
+655,000,000
+16,000,000
1,518,000,000
3,382,000,000
—47,000,000
+17,000,000
+468,000.000
+895,000,000
51,000,000
+16,000,000
—719,000,000
Investments—total
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
Summary of Conditions in World Markets, According
to Cablegrams and Other Reports to the Department of Commerce.
The Department of Commerce at Washington releases
for publication Aug. 15 the following summary of market conditions abroad, based on advices by cable and radio.
ARGENTINA.
Argentina business has been slightly more active, with steadier foreign
exchange and a considerable improvement in cereal and linseed prices,
giving a more optimistic tone. July bank clearings amounted to 3,063,000,000 paper pesos or 577,000,000 pesos less than for the corresponding month
last year. Figures of the Statistical Department show a total 1929 foreign
trade excluding specie of 1,815,000,000 gold pesos or 75,400.000 pesos less
than in 1928. Imports were valued at 861,900,000 pesos or 25,200,000 pesos
more than in the previous year, and exports were valued at 953,000,000
pesos or 100.700,000 pesos less than in the previous year. The favorable
balance of 91,100,000 pesos contrasts with a 217.700,000 pesos favorable
balance in 1928.
BRITISH MALAYA.
Governments of the Straits Settlements and the Federated Malay States
are restricting Chinese immigration in order to relieve the unemployment
situation. Both governments are also endeavoring to assist the rubber
Industry by reducing the wage scale of Indian labor. Malayan trade conditions in general continue depressing.
CANADA.
The Conservative party took over the reins of government on Aug. 7
when the Rt. Hon. R. B. Bennett, Prime Minister, and members of his
Cabinet were sworn in. Business in general shows no significant change
over the week, most indicators continuing to point to activity below that of
last year. The Maritime Provinces, however, appear to be somewhat
better situated than other sections with respect to current volume notwithstanding poor markets for dried fish and lumber. Conditions in Prince
Edward Island are very satisfactory with practically no unemployment and
building operations at Charlottetown more active than in 1929. Collections are generally fair but inclined to slowness in Winnipeg, Regina,
Edmonton, Calgary and Vancouver. Wholesale prices fell in July by
approximately three points from the June index, declines being noted in
nearly all major commodities, with the exception of iron and iron products
and non-metals. With the exception of calcium chloride and fertilizers,
heavy chemicals are somewhat depressed according to Assistant Trade
Commissioner L. A. France, Montreal. No improvement is noted also in
drugs and finer lines. Dealers in aeronautical equipment report a falling off
in orders. There have been few sales of new machinery, but business in
road and construction types is reported to be less affected than other lines.
Paint business is adversely affected by declines in building, railway and
shipping activity, and with one exception, manufacturers report sales below
last year's volume. Foodstuffs prices continue to decline, especially for
seasonal home grown fruits and vegetables which are superseding the
imported product. New Zealand butter stocks on hand are heavy and
prices down. Except for white pine, lumber consumption this year is well
under normal and although retailers' stocks are fairly well depleted, price
cutting is reported. Log stocks are heavy and woods operations this year
will probably see some curtailment. New Brunswick pulpwood conditions
are steady. Cape Breton coal production has fallen off and mining activity
In general in the Maritimes is well below last year's high.
Atm. 16 1930.]
FINANCIAL CHRONICLE
Trade volume continues fair although the value ofsales is still considerably below last year's,according to Trade Commissioner Harvey A.Sweetser,
Toronto. While the anticipated upswing in a number of industries has
failed to materialize inventories are generally low. Agricultural implements
remain very dull and future business is entirely dominated by the Western
crop situation. In automobiles, the lower priced lines and used cars continue leaders in demand. Leather sales have failed to pick up materially
following a seasonal dullness but lower prices are expected to have a stimulating effect on business. Hide prices are low and tanners anticipate an
improvement in general conditions. Hardware is fairly active in such
seasonal lines as lawn mowers, screen goods and campers' and tourists'
supplies. Dullness prevails in the machinery market. Anticipation of a
reduction in wholesale prices on mechanical rubber goods is retarding sales
at the present time. Department store sales have declined considerably
and manufacturing show some decrease for June and July but the foodstuffs
trade continues at about normal volume, according to Assistant Trade
Commissioner H. W. Barrett, Winnipeg. Agricultural implement sales are
improving although dealers continue to watch collections closely. An increased demand is noted for aeronautical accessories and replacements.
while improved sales are reported in check protecting machines, portable
phonograph and sporting goods. There has been no basic improvements
in British Columbia conditions but it is expected that Vancouver trading
will be stimulated by the 21st Annual Pacific Exhibition to be held in that
city from Aug.6 to 16 in connection with which a Buyers' Week will begin
on Aug. 9. It is reported that a merger is nearing completion involving 11
of the largest dairies in Vancouver to control 94% of the city's milk supply.
A regular air service was begin on Aug.2 between Vancouver and Nanaimo,
Vancouver Island. According to the Dominion Government's crop report
issued August 5,the Prairie Province wheat crop is generally well advanced
and indications are the harvesting will be general in a week or ten days.
There is still uncertainty as to the probable yield, on account of the lack of
moisture in Saskatchewan and Southern Alberta and damage from rust in
Manitoba and Southeastern Saskatchewan. Alberta crops alone show
improvement in the past two weeks, the Central part of that province
being the only area to report effective precipitation. Reports of rust infection vary greatly but indications are that the damage will be light on
early crops and heavier on good crops maturing later. Production of concentrated milk products in Canada in June totalled 15,600.000 pounds, an
Increase of 17% over May output which was distributed over all items
except condensed milk. A structural steel works reports operating profits
for the first half of 1930.29% below the figure for the same period last year.
About the same percentage decrease is noted by a manufacturer of steel
springs and shovels. Dominion Foundries & Steel, Ltd., of Hamilton.
Ontario, is reported to be planning an expenditure of $300,000 to increase
its steel plate and bloom steel facilities.
decrease of 196,000 tons as compared with July 1929. Work in the Canal
Zone on Corozal Hospital, estimated at $200,000. and on the armature
repair shop at about the same cost, Is expected to start within three months.
CHINA.
Trade in the central Yangtze region of China is suffering because of
depredations and tying up of railway transportation. Communication between Hankow and Changsha both by rail and water is disrupted. However,four American steamers continue to ply in the Upper Yangzte trade as
Szechuan Province remains peaceful. Rice and wheat crops in the Yangtze
region are good. A larger acreage of opium poppy than usual is reported
in the Hankow region. Apparently the concensus of opinion among the
Chinese business men is that the unfavorable silver exchange is a larger
factor adversely affecting import trade than the unfavorable political situation. Some are of the opinion that the present military activities will die
down within a month or two because of lack of finances. The Nationalist
Government announces a number of plans for construction projects involving considerable sums of money, but until the civil war is concluded there are
no prospects of raising funds on these projects. Similarly any plans for
currency reform must await conclusion of military activities. The Shanghai
building and construction program continues active with the International
Municipality spending 10,000,000 Mexican dollars on construction projects
over a period of five to ten years. China customs revenues on dutiable
imports for the first six months of this year on the old 5% basis and making
adjustments for gold exchange collection bases, indicates imports in Haikwan taels as being 15%, or in U. S. gold equivalents as 37%,less than for
the same period last year. Non-dutiable items, such as rice and flour,
apparently represent in the aggregate more than 100,000,000 MIAs. Customs revenues on exports indicate total exports in silver slightly less than
last year. Undelivered stocks of imports in local warehouses are abnormally large. The Shanghai International Municipal Council has approved
the sale of the Shanghai Mutual Telephone to the International Telegraph
and Telephone Co. Economic and political conditions in Manchuria remain quiet with no outstanding happenings, according to a cable from
Trade Commissioner John .1. Ehrhardt, Mukden, Aug. 1. The usual
July heavy rains have passed and rivers in South Manchuria are receding
with little damage to crops or railways. Some of the bridges and tracks
that were washed away on the Peking-Mukden and Fenghai railways have
been repaired temporarily. June imports of motor cars for all Manchuria
total 164 units, including 27 passenger cars, 103 trucks, and 34 motor
cycles, all of American make with the exception of 17 British motor cucles.
Export taxes which went into effect throughout China in February 1929.
and were applied to Manchurian ports on July 1 1930. have not been put
in force on coal exports through Dairen from Fushun and Yenta'mines under
Japanese control. Customs authorities state collection of this tax will be
held in abeyance until further orders are received.
PERU.
By a supreme decree dated Aug. 7 the Peruvian Government has authorized the appointment of a commission to determine the policy and establish
regulations governing all exchange operations with the purpose of limiting
sales to purely commercial transactions. The formation of the commission
has been declared necessary because of the fall in prices of export products
and the necessity of taking measures to prevent speculation. The commission consists of three members. Business conditions have shown no
improvement with credit becoming tighter. Available export data for
the first quarter of the current year shows a decrease of 6,809 metric tons
and Lp.153,151 in exports of sugar, cotton, copper, bars and petroleum
products, the principal export commodities.
SWEDEN.
Following a period of unusual activity. Swedish industry and trade
exhibited an accentuated trend toward a lower level of production and turnover during the second quarter of the current year. The slowing down
process has affected practically all lines of industry with the exception of
certain mechanical workshops, electrical manufactures and the shipbuilding industry. The latter branch is working mostly on orders for foreign
concerns. A further gradual decline is generally predicted, even though
a definite business recovery should occur in the principal foreign markets,
as many Swedish export Industries contract for orders considerably in
advance of delivery. The uncertainty regarding the future is evident in
many directions and sales of goods for consumption appear below normal.
Despite these unfavorable factors, however, Sweden still remains in a very
sound condition, with comparatively little unemployment. The iron and
steel industry recorded further decline in production and prices during the
second quarter. No improvement is noted in the lumber situation with
prices remaining unsatisfactory. Advanced sales of lumber at the end of
July were estimated at 700,000 standards (1,386,000,000 board feet) and
for the entire year are expected to reach 1,000,000 standards (1,980,000,000
board feet). While these figures are somewhat the level for 1929. they
compare favorably with other previous years.
SPAIN.
Spanish trade conditions continue unsatisfactory. At the close of June
the peseta reached 9.23 to the dollar, the lowest point in many years, and
continued low, ranging between 8.49 and 8.80 to the dollar during the first
half of July. At a meeting of Spanish bankers on July 10 it was stated
that the depreciation of the peseta was due largely to speculative operations,
and this opinion was upheld also at the conference of the representative of
agriculture, commerce and industry. The official statement with regard
to peseta exchange declares that none of the factors in the present economic
situation justified the current depreciation. The measures so far adopted
to control the situation of the peseta are contained in the royal order of
July 14 which centralizes exchange operations in the Bank of Spain. and
empowers it to inspect and control the activities of all other banks,and these
banks must secure permission from the Bank of Spain to purchase or sell
currencies in foreign countries and also to open foreign currency or peseta
credits in Spain for foreigners. The order also repeats the prohibition to
introduce or sell foreign securities in Spain. Two Government financial
and tariff measures of importance were put into effect during July. A
royal order of July 16 increased the discount rate of the Bank of Spain
from 534 to 6%, and the Minister of National Economy has advised all
exporters to sell in foreign currencies and importers to buy in the Spanish
medium wherever possible.
INDIA.
According to outward indications the Indian situation is gradually clearing. The current rupee loan is being favorably received and it appears that
a total of 770,000.000 rupees will be subscribed. It is generally anticipated
that jute mills will decide to continue curtailing operations one week each
month through December.
JAPAN.
Returns of trade for the first six months of this year indicate a decline
of 26% in imports and 28% in exports, compared with the corresponding
period of 1929. Customs receipts for the first half year are off 20%. A
few banks are reducing dividends. The stock market remains bearish.
The export indemnity bill passed at the last session of the Diet became
effective August first. It guarantees reimbursement of losses up to 960,000
yen incurred by bank holding export bills to certain foreign countries.
Laid-up shipping in Japan's ports may reach 400.000 tons before the year
end.
NETHERLAND EAST INDIES.
Many of the tramway and bus systems in Batavia have been consolidated
into the Batavia Traffic Co. According to plans of the new company,
tram lines will be electrified and more bus lines will be placed in operation.
Revised trade estimates at the end of July placed Java's sugar crop at
2,648.095 metric tons.
PANAMA.
Revenues of the Panama Government during July amounted to $637,065.
or about $28,000 less than expected. Transit through the Panama Canal
during July amounted to 488, and the cargo tonnage totaled 2,402,000, a
1037
The Department's summary also includes the foilowing
with regard to the Island Possessions of the United States:
PHILIPPINE ISLANDS.
Philippine business turnover remains low and the credit situation continues cautious. Tonnage of the Manila RR. Co. for the week ended
July 26 amounted to 11,300 metric tons, compared with 15,800 tons for the
corresponding week last year. Arrivals of copra have Improved somewhat,
but continues below average and the market is quiet. Prices of warehouse
grade resecado on Aug.2 were: Manila, 9.125 pesos per picul of 139 pounds;
Cebu, 9; Legaspl, 9.25, and Hondagua. 8.75 pesos. (Peso equals $0.50.)
Two oil mills are operating. The abaca market continues weak, with very
limited buying from London and New York. Production is below normal
and stocks on hand at Philippine ports on Aug. 4 amounted to 139,000
bales, compared with 209,000 on Aug. 5 1929. Exports during the week
ended Aug. 4 totaled 27.000 bales, of which 6,900 were shipped to the
United States.
Control Office for Spanish Exchanges—Its Establish..
ment Follows Failure of Bankers to Agree on
Question of Stabilization.
Special advices from Madrid to the "Wall Street Journal"
of Aug. 4 said:
Issue of decree establishing an exchange control office took place
after sharp dissensions at the conference of bankers summoned to consider
former Governor of the National
the question of stabilization. Figueras,
Bank and delegate for the Bank of Bilbao, refused to attend, and the Bank
of Vizcaya was also without a representative.
Strong opposition to stabilization also came from the National Bank,
and the advocates of it, led by Moreno, managing director of the Banco
Ilispano-Americano and formerly in charge of peseta exchange at the
time doomed to defeat. It was
Midland Bank in London, seemed at one
take matters in his own hands
then that the Finance Minister decided to
and issued overnight the decree establishing the control office.
the two National Bank Vice.
of
one
The office is to have as President
of the private banks.
Governors and as members only three representatives
de Cabra, has until
Incidentally, one of the two Vice-Governors, Marquis
now been a determined opponent of stabilization. The office is to centralize
or credits and will fix the
all purchases and sales of foreign currencies
credits for foreigners is forexchange rates each day. Opening of peseta
of
branches
foreign banks evnapt with
and
bidden to all Spanish banks
authorization.
The office can demand weekly reports from every bank on all exchange
operations conducted by it. The prohibition against purchase by Spanish
citizens of foreign securities remains in force.
The New York "Evening Post" reports the following copyright message from Madrid, Aug. 4:
The Spanish Council's decision to open a clearing house here through
which all transactions in foreign currency mast paw is meeting with
1038
FINANCIAL CHRONICLE
[voL. 13L
criticism. The Government holds that with the exchange control
progress
will be made towards the desired stabilization of the peseta.
Bonds of the State of San Paulo Cancelled.
Speyer & Co., as fiscal agents, have purchased for canItaly Signs Convention for Issuing Papal State
cellation through the sinking fund $57,000 bonds of the
Currency.
State of San Paulo secured 7% water works loan of 1926.
From Rome, Aug. 2, advices to the New York "Times" This represents the second
instalment for the sinking fund
said:
for the current year.
A monetary convention between the Vatican City State and the Italian
Government was signed to-day by Commendatore Serafino, Governor of
Vatican City, and Senator Mosconi, Italian Minister of Finance. By this
convention, which has a duration of 10 years, the Vatican City State agrees
to have all its metallic currency coined in the Italian State mint, while the
Italian Government agrees to grant Vatican currency free circulation in
Italy as legal tender.
Gold may be coined in unlimited quantities. Silver is limited to $39,000,
nickel to $12,500, and copper to $740.
Vatican City thus will exercise another of the prerogatives of a sovereign
Independent State permitted to it by the Lateran treaties. It has already
established its own postal, telegraph and telephone services, while it supports a tiny standing army. Only the right to issue its own coinage remained
unexercised hitherto.
Turkish Credit.
The following from Paris is from the "Wall Street Journal" of Aug. 7:
German banking consortium, headed by Darmstaedter tmd Nationalbank,
has signed contract granting Turkey credit of 50,000,000 marks and insuring
orders amounting to Rm. 75,000,000 for railroad material, including 30
large locomotives, to Friedrich Krupp, United Steel Works, Henschel and
Gutehoffnung.
Comparative Figures of Condition of Canadian Banks.
In the following we compare the condition of the Canadian
banks for June 30 1930 with the figures for May 31 1930
and June 29 1929:
STATEMENT OF CONDITION OF THE BANKS OF THE DOMINION OF
CANADA.
Assets.
Current gold and subsidiary coin—
In Canada
Elsewhere
Total
Dominion notes—
In Canada
Elsewhere
Julie 301930. May 31 1930. June 29 1929.
47,068.367
17,577,104
46,892,037
20,674.219
46.388,271
19,952,412
64,843,473
67,566,259
66,840,687
110.906,821
14,321
110,473.009
13,819
133.183,296
18,728
Soviet Russia's Purchases in the United States.
M. Kalmanovich, Vice-Commissar for Agriculture of
the U. S. S. R., who sailed for the Soviet Union on the Majestic last Friday after a stay of two months in this country,
announced before sailing that during the last few weeks of
his visit he placed orders for agricultural machinery and
tractors on behalf of Soviet collective and State farms to
the value of $40,500,000. About 85% of the purchases was
made up of tractors, 13% of combines, and the remainder—
other agricultural machinery and spare parts. Mr. Kalmanovich stated:
These orders, which probably constitute
the largest for farm machinery
ever placed for export in a correspondin
g period of time, are a result of the
rapid development of large-scale,
mechanized farming in the Soviet Union.
While in 1929 the U. S. S. R. was third
in imports of American farm machinery, and in the first few months of
the current year,first, the continued
expansion of State and collective farms makes
the Soviet Union an even
greater. market for agricultural machinery and
equipment.
Collective or co-operative farms now include about 40% of
the total
sown area, while the State farms, which
are virtually agricultural factories,
being operated almost entirely with machinery,
have an area of about
7,500,000 acres this year. There is every reason to expect that
the movement of the peasants Into collectives will continue unabated
next year,
since the results so far obtained
already indicate that the yield of thesefarms
is from 20-30% more than on individual farms. The program
for the development of State farms calls for an increase in area and In production
of
over 100% in 1930-31. The Zernotrest (state Grain Trust)alone will
have
under cultivation an area of 11 million acres,four times
as great as this year.
In commenting on the purchases, Mr. P. A. Bogdanov,
Chairman of the Board of the Anatorg Trading Corp.,
through which the orders were placed, made the following
statement:
The purchasing of such a large
quantity of agricultural machinery for
the Soviet Union at this time I consider
a significant event in Soviet-.
American trade relations. It indicates that when
the terms are acceptable
we are in a position to place a large volume
of orders for the U. S. S. R.„
and that some of the leading American business
firms realize this fact.
However,It should be made clear that these especially
large orders for State
and collective farms do not change
the general situation of our purchases
In this country, especially as regards industrial machinery.
I hope that the
orders placed by Mr.Kalmanovich will
help American business men in other
fields ofindustry to realize that our trade
policy and the economic conditions
in the Soviet Union are such as to warrant considerable development
a
of
purchases.
Total
110.921.145 110,486,880 133.202.028
Notes of other banks
16,678,805
20.102,746
18.888,281
United States dr other foreign currencies17,085,701
18,416,415
18,168,117
Cheques on other banks
168.698,870 112.491.305 147,000,594
Loans to other banks in Canada,secured,
Including bills rediscounted
Deposits made with and balances due
from other banks In Canada
4,924,194
4.869,504
3,338,818
Due from banks and banking correspondents in the United Kingdom
7,585.981
11,632,125
4,096,321
Due from banks and banking correspondThe farm machinery recently purchased will be used by
ents elsewhere than in Canada and the
United Kingdom
82,137,427
93,520.219
67,280,587 State and collective farms in the 1931 spring sowing camDominion Government and Provincial
paign. Shipments will commence in November and will be
Government securities
294,115,588 286,090,694 351.861,484
Canadian municipal securities and Britfinished
by February. The transportation of this great quanish, foreign and colonial public securities other than Canadian
98,877,437 93,902,460 118,113,328 tity of machinery in a short peed, mostly to Black Sea
Railway and other bonds, deb.& stocks
51,423,833
53,145,480
57,254,060 ports, will
involve extensive shippMg operations for American
Call and short (not exceeding 30 days)
loans In Canada on stocks, debentures,
steamship lines it is stated.
bonds and other securities of a sufficient marketable value to cover
239,416,104 235,069,315 260,993,368
Elsewhere than in Canada
105,7843,778 182,213,587 333,285,323
Other current loans & disets in Canada_ 1,306,664.545 .330,115,609 1.319.840,440
Elsewhere
243,577,027 242,557,017 246,191,499 Nine-Point Program for Drouth Relief Adopted by
Loans to the Government of Canada
President and Governors—Widespread Rains Break
Loansto Provincial Governments
14,694,845
8,715,400
19,602,906
Loans to cities, towns, municipalities
Dry Spell—White House Conferees Decide on Joint
and school districts
109,298.022 115.492.539
93,943.391
Non-current loans, estimated loss ProFederal and Local Boards.
vided for
7,734,478
7,961,293
7,894,873
Real estate other than bank premises...
5,354,045
5,587,593
A nine-point progrnm for drouth relief providing for
5,482.297
Mortgageson real estate sold by bank
7,103,818
7,326,962
6,902,121
Bank promisee at not more than ceet,
National, State and local organizations and their coordinaless amounts (If any) written off
76.873,356
77.853,487
76,334,319 tion was adopted
on Thursday by President Hoover, the
Liabilities of customers under letters of
credit as per contra
97,121,806
94,992,234 Governors of ten States, the
91,051,899
Deposits with the Minister of Finance for
emissaries of executives of
the security of note circulation
6,220,016 three other States and Federal farm
officials as the result
Deposit In the central gold reserves
42,iaigg
60,530,868
41
82,:a
Shares of and loans to controlled COS11,541,750
9,886.449 of a three-hour conference at the White House.
11,293,047
Other assets not Included under the foreStating the conclusions of the conferees, President Hoover
going heads
1,988,804
2,298,518
1,828,686
said
that four methods of relief agreed upon were: placing
Total assets
3 295,775,135 3.230,093,932 3,528.073.134
Notes In circulation
164,710,728 186,870,718
Balance due to Dominion Govt.after de- 165,953.624
ducting adv. for credits, pay-lists, .ke56,438,911 102,951.080
65,385,511
Advances under the Finance Act
45,200,000
88.700.000
49,700,000
Balances due to Provincial Governments
29,272,690
28,286,220
34,758,645
Deposits by the public, payable on desand in Canada
574,667,632 670,838.214
Deposits by the public payable after no- 623.758,914
tice or on a fixed day In Canada
1,486,105,095
Deposits elsewhere than in Canada
1,13,1:..49311 422,141,593
Loans from other banks in
seCanada,
cured, Including bUis rediscounted
Deposits made by and balances due to
other banks in Canada
15,943,858
17,556,833
11,963.012
Due to banks and banking correspondents in the United Kingdom
14.086,912
12,414,219
24,783,938
Elsewhere than In Canada and
the
United Kingdom
60,223,849 101.296,315
84,082,708
Bills payable
14,010,322
10,114,548
13,674.206
Letters of credit outstanding
97,121,806
94,992,234
91,051,899
Liabilities not Incl. under foregoing
4,413.955
heads
4,244,474
4,174,577
Dividends declared and unpaid
16031:n(
3,523:
)
2
97 8
320,931
Rest or reserve fund
1111978.715
Capital paid up
144,717,301 144,661,019 139,127.855
Total liabilities
3,274,321,892 3,211,126301 3,505.025.095
Note.—Owing to the omission of the
cents In the official reports, the footIn
tithe above do not exactly agree with
the totals given
.
1.1123.174752
loans, privately or, where necessary, with State or Federal
assistance; Red Cross aid; employment, and reduced rail
rates for food,feed and live stock, particularly for the transfer of surplus provender from States having it to those bereft
of it by the drouth.
It was decided that the burden of organization for the
relief of the 250 "most acutely affected counties" should rest
upon "the counties and the States themselves, supplemented
by such cooperation and assistance as may be found necessary on the part of the Federal Government."
Stressing the localized nature of the relief project, so that
its ends may be "achieved justly and effectively," the President said that first counties requiring assistance and then
the individual families must be accurately determined.
Each Governor, as circumstances warrant, would set up
a State drouth relief committee, headed by a leading citizen
and comprising a State agricultural official, a leading banker,
farmers, Red Cross and railroad representatives.
Aua. 16 1930.]
FINANCIAL CHRONICLE
The State committees, in turn, would organize county
bodies with similar personnel for direct contact and with the
addition of county agents for liaison with Federal machinery.
The President said that he would create a national committee comprising representatives of the Department of
Agriculture, the Federal Farm Board, the Federal Farm
Loan Board, the Public Health Service, the Red Cross and
the American Railway Association. The function of this
committee will be to co-ordinate Federal, State and county
measures for relief.
As the conferees met at the White House the problem developed into one mainly of rehabilitation, for word came from
every State represented at the conference table that the backbone of the long-continued drouth had been broken by drenching rains says the New York "Times," which continues its
account of the Conference as follows:
Notwithstanding the rain relief which finally has come, the dry spell
has brought real damage to the 13 States, estimated by the Governors
In terms of hundreds of millions of dollars, and the President and his
conferees decided upon their co-operative plan for affording succor and
rehabilitation in the drouth emergency.
The whole plan, the President said, was to assist families over the winter
who are deprived of means of support through failure of their crops, to
prevent unnecessary sacrifice to livestock and to protect public health.
Federal Fund Advance Rejected.
Proposals for immediate and direct Federal financial aid were rejected
at the conference before the co-operative plan, as announced by President
Hoover, was adopted.
Senator Robsion of Kentucky, proxy for Governor Sampson, told
the President that the people in that State would have to have money
from somewhere to pay their taxes. He said that Kentucky bankers
had proposed to set up a taxpaying organization to take care of taxes of
individual payers if the Federal Government would advance the money.
Governor Leslie of Indiana went into the conference saying that "it
Is money we need and money we must have." Governors Cooper of Ohio
and Caulfield of Missouri brought proposals for Federal road building programs in their States, and Governor Hammlll of Iowa was advocating
loans for next year's seeding as well as Farm Board disposal of surplus
crops in stricken areas for stock feed.
These and other appeals for Government financing were abandoned
out of deference to the President's comprehensive plan. However, the
State officials did not despair of obtaining some kind of Federal aid because
It was pointed out to them that the whole matter would be handled through
the organization of county. State and Federal agencies.
"Sections have been taken up and replanted in moist places to see if it
would return, but only a sprig would sprout here and there. It is practically
gone.
"There are practically no vegetables, berries and bush and tree fruits.
and water has dried up everywhere. Our greatest need seems to be the
reduction of freight rates in order that feed may be shipped to areas where
none is now available."
Work and Credit Urged for Ohio.
Governor Cooper of Ohio, said;
"All crops in the State show a 9.4% decline below last year. and on
Aug.4 were 22% below the general average for the last 5 years.
"The corn crop is estimated to be 94.000.000 bushels, as compared to a
general average of 134.000,000 bushels for the last 5 years. Oats are estimated at 54,000.000 bushels, 27% less than average. Pastures are almost
completely lost. The southern and southeastern sections of the State were
the hardest hit.
"We suggest that the Government co-operate with the State of Ohio in
providing work for farmers idle as a result of the drouth. Ohio is ready
that the Governto allocate S1,000,000 for this purpose and would suggest
ment furnish a like amount. Establishment of a credit system would help
farmers materially. Idle farmers might be employed In road construction."
Finance Need in West Virginia.
Damage In West Virginia has been largely localized to about ten of the
The greatest need of the
55 counties, according to Governor Conley.
State, he said, was for a method of enabling farmers to avoid marketing
their breeding stock. Pastures were very bad generally, he said, and there
had been some forced selling of livestock because of shortage of forage.
Farmers would need financing to carry their breeding stock through
the winter in his State, he said, adding that the State's emergency fund
was small and would be of little effect in providing relief.
Governor Conley presented statistics at the conference showing that
the bay crop In West Virginia was only 60% of last year' yield, buckwheat
50%,Potatoes 65 and tobacco 75. Apple production was 5,600,000 bushels
last year, he told the Conference, while this year it is estimated at 4,760,000.
The corn crop Is forecast at 8,172,000 bushels, as compared with 14,000,000
last year.
Governor Weaver of Nebraska said that Nebraska as a whole was not
suffering.
"Nebraska is not in distress," he said. "Nebraska has a splendid crop
as a whole. We are really in fine shape. We have a large surplus or
small grains, considerably above last year.
"We have a shortage of corn crop in places. Nebraska's normal crop
Is 230,000,000 bushels. Our hay crop probably will be cut. We have a
for
carryover of 5,000,000 bushels of corn. We have ample forage feed
all our live stock.
"We will have a surplus for other States and we are interested, of course.
In proper rail rates which will move this, with advantage to ourselves and
Night Session Speeds Project.
The conference plunged directly into the drouth situation, the State
officials submitting surveys of conditions and needs in their areas and
Secretary Hyde laying on the table reports from 200 county agents of the
Agriculture Department. Then the joint Federal and State plan was
taken up.
The Governors accepted the general program and to-night were perfecting their own plans for putting it into force in their States. The
formal conference ended in the afternoon, but the conferees continued
an informal discussion on organization well into the night at the White
House. All were guests of the President at dinner at 8 p. m.
One of the first to leave the White House was Governor Emmerson of
Illinois, who said that he would take a midnight train for Chicago, and
that on Monday he would assemble his advisers at Springfield and proceed at once to put the Hoover plan into effect.
"The State committee to be appointed in Illinois will be a working,
not a loafing committee," he said. "This is no time for loafing. The
situation is urgent,"
Representatives from 13 States.
Thirteen States were represented at the conference, ten by their own
Governors and three others by representatives named by the State Executive. Around the conference table, in the Cabinet Room of the White
House, when the meeting started. were:
Governor Caulfield of Missouri.
Governor Emmerson of Illinois.
Governor Leslie of Indiana.
Governor Cooper of Ohio.
Governor Conley of West Virginia,
Governor Pollard of Virginia.
Governor Erickson of Montana.
Governor Weaver of Nebraska.
Governor Hammill of Iowa.
Governor Reed of Kansas.
Harvey T. Harrison, as proxy for Governor Parnell of Arkan,d9.
Senator Rosion as proxy for Governor Sampson of Kentucky.
Commissioner Fitts, as proxy for Governor Horton of Tennessee.
James C. Stone of the Federal Farm Board.
Charles S. Wilson of the Federal Farm Board.
Horace Paul Beater, Farm Loan Commissioner, Federal Farm Loan
Board.
Judge John Barton Payne, Chairman of the American Red Cross.
Alexander Legge, Chairman of the Federal Farm Board, arrived an
hour late. Traveling by airplane from Dickinson, N. D., he was forced
down at Dayton, Ohio. last night by the rainy weather and had to come
across the mountains to Harrisburg. Pa., by train. He flew from Harrisburg here.
From the statements of Governors it was concluded that the Federal
agencies would probably have heavy calls before the parched areas return
to their normal condition. Kentucky, Virginia and Arkansas were said to
have been struck particularly hard, and the Governors themselves predicted that aid would have to come from outside their States ifsome of their
people were to avoid actual suffering.
those who need it."
said:
Governor Erickson of Montana,discussing the situation in his State
"We are not in as good shape as Nebraska. We have a rather acute
situation so far as our live stock is concerned. The hay crop is about 50%
of normal. We only have about half enough hay to feed our livestock so
that unless we have some method of financing we will have to drop our
stock on the primary market, which means ruin for the cattle industry.
"What we are trying to do is to get some method of shipping our feed
about
from other States, such as Nebraska and the Dakotas. Our wheat is
stock.
40% of normal, but our immediate need is to take care of our live
The railroads are co-operating with us in a very fine way in the matter."
of this
Governor Pollard described conditions in Virginia as "worst
kind in the history of the State."
were
State
out
the
In
conditions
credit
Governor Pollard said that the
check, which he comby no means sufficient to meet the emergency. A
be necessary to
pleted yesterday, showed that at least $5,000.000 would
could borrow.
build up a collateral on which the farmers of Virginia
that the
the
to
conference
suggestion
the
made
Governor Reed of Kansas
Farm Board
Farmers' National Grain Corp. of Chicago, one of the Federal
be found and
co-operatives, be instructed to buy feed grain where it could
sell it in the stricken areas on notes of individual farmers.
of
estimated
Parnell
Arkansas,
Governor
Harvey 'P. Harrison, proxy for
would need assistance to live
that at least 100,000 families in his State
have to be furnished
through the Winter. Many of them, he said, would
the next 60 days.
with something to eat or go hungry within
Robsion Calls Kentucky Worst lilt.
The Governors and representatives were hopeful that the rains which
have just fallen in their States would restore much of the drouth damage.
but it was the opinion that a greater part is irreparable.
Senator Robsion said that Kentucky without doubt was the hardest hit.
"The corn crop is but 10% of normal,the tobacco crop but 20% and the
hay crop but 5%." he said. 'Pastures throughout the State have been
killed beyond repair. Even the blue grass, which has withstood all drouth
heretofore, has been killed.
1039
President Hoover's Statement Regarding the Conference.
first session of the conference of
the
of
close
the
Following
President Hoover with the Governors and other reprosentatives of 13 States on the drouth situation, Mr. Hoover
prepared and issued a statement, telling of the nature of
the discussion and outlining the conclusions reached to
remedy the serious conditions. The President's statement
was as follows:
The following conclusions have been so far arrived at by the conference:
We have canvassed the information secured by State and National
of the damage cannot
surveys as to drouth conditions. While the extent
are at least 250 counties most
yet be determined, it is certain that there
acutely affected where some degree of relief must be provided.
It was the view of the conference that the burden of effective organization
in the acutely affected counties rests
to meet the situation over the Winter
Primarily upon the counties and the States themselves, supplemented by
be found necessary on the part of
such co-operation and assistance as may
the Federal Government.
Objectives and Measures.
The objective of such relief is:
(a) To assist families over the Winter who are deprived of means or
support through failure of their crops.
(b) To prevent unnecessary sacrifice of live stock.
(c) Protection to public health.
This is to be accomplished by:
(a)—placing of loans privately or where necessary with assistance
of State or National agencies.
(b)—Red Cross assistance.
(c)—Employment.
(d)—Reduced railway rates for food, feed and livestock to the distressed districts.
This relief can be achieved justly and effectively only upon first, a determination of the counties where such assistance is required and second,
upon an accurate determination of the needs of each family.
1040
FINANCIAL CHRONICLE
[VoL. 131.
Program for Organisation.
In order that such determinations may be made and assistanc
e supplied
as each case may require, the following organization is agreed
upon:
I. Each Governor who considers that a situation requiring emergenc
y
relief exists within his State shall create a drouth relief committe
e under the
chairmanship of a leading citizen and embracing in its membersh
ip a State
agricultural official, a leading banker, a Red Cross representative,
a railway
representative and such farmers and others as the situation
may require.
This committee to take general charge of relief measures within
the State.
2. The State committee to determine the drouth counties where there
Is need for organized relief and to organize a committee In each
such county,
likewise under the chairmanship of a leading citizen and
embracing the
county agricultural agent, a leading banker, county Red Cross
leader,
farmers and others.
Local Co-ordination.
3. The county committees will receive individual applications for relief
and recommend the method of treatment, and co-ordinate the
various
agencies in service thereto by way of loans. Red Cross assistanc
e in employment, &c.
The State committees, in co-operation with the county committe
es, to
determine which counties are in need beyond the resources of the people
of
the county and in what direction, i.e., whether loans are required
beyond
the ability of the local banks, or Red Cross assistance beyond the
resources
of the county chapter: what quantities of Imports of feed or food
are required, &c.
The State to co-operate with national agencies if these requireme
nts are
beyond the State resources.
Indiana.—Bartholomew, Brown, Clark, Crawford Davies,
,
Dearborn,
Decatur, Dubois, Floyd, Gibson, Greene,
Harrison, Jackson, Jefferson.
Jennings, Knox, Lawrence, Martin, Monroe,
Ohio, Orange, Owen, Perry,
Pike, Posey, Ripley, Rush, Scott, Spencer,
Sullivan, Switzerland, Vanderburg, Vigo, Warrick, Washington.
Viroinia.—Albemarle, Alleghany, Amelia, Amherst,
Appomattox, Arlington, Augusta, Bath, Bedford, Bland.
Botetort, Buchanan, Buckingham.
Campbell, Carolina, Carroll, Charles
City, Clarke, Craig, Culpepper,
Cumberland, Dickinson, Essex, Fairfax,
Fauquier, Floyd, Fluranna.
Franklin, Frederick, Giles, Glouceste
r, Goochland, Grayson. Greene,
Hanover, Henrico, Henry, Highland
, King and Queen, King George,
King William, Lancaster, Loudon,
Louisa, Madison, Mathews, Middlesex.
Montgomery, Nelson, New Kent,
Orange, Page, Patrick, Pittsylvania,
Powhatan, Prince Edward, Prince
George, Prince William, Pulaski.
Rappahannock, Richmond, Roanoke,
Rockbridge, Rockingham, Shenandoah, Smyth, Spotsylvania,
Stafford, Warren, Washington, Westmoreland, Wythe.
Pennsylvania.—Adams, Bedford, Fulton,
Franklin.
Kentucky.—Anderson, Ballard, Bath, Boone Bourbon,
Beyd, Boyle.
Bracken, Breathitt, Breckinridge,
Bullitt, Butler. Caldwell, Calloway,
Campbell,, Carlisle, Carroll, Carter, Clark,
Crittenden, Davies, Elliott,
Estill, Fayette, Fleming, Franklin,
Fulton, Gallatin, Garrard, Grant,
Graves, Grayson, Greenup,
Hancock, Hardin, Harrison, Henderson,
Henry,Hickman,Hopkins,Jackson,
Jefferson, Jessamine,Johnson, Kenton,
Larue, Laurence, Lee, Lewis,
Lincoln, Livingston, Logan, Lyon,
McCracken, McLean, Madison,
Magoffin, Marion, Marshall, Martin,
Mason, Meade, Menifee, Mercer, Montgomery,
Morgan, Nelson, Nicholas.
Ohio, Oldham, Owen, Pendleto
n, Pike, Powell, Robertson, Rowan, Scott.
Functions of Federal Committee.
Shelby, Spencer, Trigg, Trimble,
Union, Washington, Webster. Wolfe,
4. The President will set up a committee comprising represent
atives Woodford.
of the Department of Agriculture, the Federal Farm
Tennessee.—Bedford, Benton, Cannon, Cheatha
Board, the Fedm, Davidson, Decatur,
eral Farm Loan Board, the Red Cross, the American Railway
Association DeKalb, Dickson, Fayette, Heideman,Hardin, Henry, Hickman,Houston.
and the Public Health Service. This committee, through
its Chairman, Humphreys, Lake, Lewis, Lincoln, Loudon, Marshall, Maury, Obion,
will co-ordinate national activities and national support
to the State and Perry, Robertson, Rutherford, Shelby, Summer, Warren. Weakley,
county committees.
Williamson, Wilson.
5. The methods for provision of credit beyond local
or State resources
for the purchase of feed,seed, movement of live
Secretary Hyde's letter to the American Railway Assostock or support of families
over the Winter will be developed by State committe
es in co-operation with ciation is as follows:
the Federal Farm Board, the Federal Farm Loan
Board, the Intermediate Mr. M. J.
Gormley, Chairman,
Credit System and other Federal agencies.
Car Service Division,
6. The Red Cross will organize its own committees
in each drouth
American Railway Association,
county, the Chairman of which will be a member of
the county drouth
916 Transportation Building,
relief committee. The National Red Cross has made
a preliminary allocaWashington, D. 0.
tion of $5,000,000 pending determination of the aggregate
need.
Dear Mr. Gormley:
I am sending you herewith a partial
Transfer of Surplus Provender.
list of counties lying within the
States covered by the order of the Interstat Commerc
7. The railways have already generously reduced rates by 50%
e
e Commission and
and feed inward to the drouth counties and live stock movement on food which are indicated by data compiled to date as being so seriously affected
outward,
by
the
drouth
as
to
require emergency relief. Thus far we have no defito dealers and persons who are entitled to relief and so designate
d by the nite information on the
feed situation in southwestern Pennsylvania, but
county agents or the committees created above.
the conditions in that area will be ascertained and reported
8. The Department of Agriculture will secure and disseminate
to you. The
informaenclosed
list, of course, does not comprise the whole area stricken by
tion as to sources of feed supply and localities to which live stock
may be drouth. Lists covering additiona
l States are being compiled, and will be
shipped. It will examine the possibilities of advancing State road
allotments furnished you speedily.
to drouth areas in order to increase employment.
These lists are based on the condition of crops and pastures
9. In the States of Iowa, Nebraska and Kansas, and others having
as of Aug. 1
a and on telegraphic information received from
surplus of feed, it is recommended that a State committee be
county agents and other
set up to sources. While our information is not
complete
, It indicates that it is or
co-operate with the committees in the States of surplus live stock.
will be necessary to ship feed into these counties or to ship
the livestock
to other areas where feed and pasture are available.
I want to emphasize that the enclosed is not a complete
list
of the counCounties Needing Drouth Relief Named by Secretary ties where help through reduced freight rates may be
needed. Doubt
Hyde—Partial List of Areas Where Freight Rate has persisted since the date of our last crop report, and it is difficult
to
obtain precise information to date for all parts
of these areas. As more
Reduction Is to Apply.
complete information becomes available, it may be
necessary to add or
One hundred and ninety-eight counties in the five States, withdraw counties. I shall keep you informed of latest developments in
areas as further information is received.
Virginia, West Virginia, Maryland, Ohio and Indiana, were these
Your interest in this problem is greatly
appreciated by this Department
named on Aug. 13 by Secretary Hyde as a partial list of and by the many
farmers who will be aided by the prompt action you
are taking.
those areas in [which the Idrouth has resulted in a serious
Sincerely yours.
shortage of feed for livestock. This list was sent to the
ARTHUR W. HYDE. Secretary.
American Railway Association in order that the emergency
freight rate authorized by the Inter-State Commerce Commission might be put into effect at once. This reduction Federal Intermediate Credit Banks Issuing Short- Term, Tax-Exempt Debentures.
of 50% is on feed shipped into the drouth area and on liveWith low rates current on short-term securities, conside
stock shipped out to be fed. It was pointed out that this
ris only a partial list of the drouth damaged area, and lists able interest is being manifested in Federal Intermediate
covering other States are being compiled from information Credit Bank Debentures which are completely tax-exempt
gathered by the department from crop reporters, county and usually yield a somewhat higher return than short-term
Government securities. While the entire capital stock
agents and other sources.
of the
"These freight rates," the Secretary emphasizes, "apply Federal Intermediate Credit Banks, amounting to $60,only to livestock shipped out because of shortage of feed 000,000 in all, is subscribed by the United States Treasury,
and do not apply to the shipments of cattle to market. each of the 12 banks is a corporate entity. Each bank serves
Likewise, special rates apply only to feed shipped into the a district, identical with the corresponding Federal Land
area because of feed shortage. It is a relief measure and Bank district. To date, only $30,000,000 of the authorized
not a general freight rate reduction. A county agent or capital has been paid in, the remaining $30,000,000 remaining
other representative will certify that feed is needed or that subject to call.
Under the Act of Congress which created them,the Federal
the livestock must be moved out to be fed. Through the
railroad agent permits for the shipments at the special re- Intermediate Credit Banks are authorized to issue debentures
for periods of from three to nine months. These debentures
duced rate will be issued."
The counties in which it appears that emergency ship- are secured in one of two ways:
1. By the pledge of warehouse receipts issued to co-operative marketing
ments are necessary of feeds into the county or shipments
associations for the storage of approved agricultural crops,
chiefly cotton,
of livestock out of the county are as follows:
wheat, wool and tobacco. Advances against warehouse receipts
are
limited
Maryland.—Allegheny, Carroll, Charles, Frederick, Howard. Mont- by law to not more than 75% of the market value of the
products stored.
gomery, Prince George,
2. By farmers' notes discounted by financial institutions and
Washington.
originally
West Virginia.—Berkeley. Boone,
Braxton, Brooke, Cabell, Calhoun, Issued for agricultural purposes.
Clay, Doddridge, Fayette, Gilmer,
Grant, Greenbrier, Hampshire, Hardy,
Federal Intermediate Credit Bank Debentures are
Jackson, Jefferson, Kanawha,
Lewis, Lincoln, Logan, Marshall, Mason,
eligible
Mercer, Mineral, Mingo, Monongal
ia, Monroe. Morgan, Nicholas, Ohio, for purchase by banks and other financial institutions.
Pendleton, Pleasants, Pocahont
as, Putnam, Raleigh, Ritchie, Roane, They may be purchased by any Federal
Summers, Tyler, Wayne, Wetzel,
Reserve Bank when
Wirt, Wood, Wyoming.
not more than six months from the date of maturity. DurOhio.—Adams, Athens, Belmont,
Brown, Butler, Clarmont, Clinton,
Coshocton, Delaware, Fairfield,
Fayette, Franklin, Gallia, Greene, Guern- ing recent months, these debentures have been issued in
sey, Hamilton, Highland, Hocking,
Holmes, Jackson, Knox, Lawrence. monthly installments, dated the
Licking, Madison, Meigs. Monroe,
15th of the month of issue.
Morgan, Muskingum, Noble. PerrY.
Pickaway, Preble, Pike. Ross,
Scioto, Tuscarawas, Vinton, Warren. The maturities vary with the issue, but usually range from
Washington
six to nine months.
The amount of the issue varies with the
Aug. 16 1930.]
1041
FINANCIAL CHRONICLE
current requirements of the Federal Intermediate Credit
Banks. The largest issue released so far this year was in
July, for $15,000,000, and found a ready sale. The debentures may be purchased from any bank or direct from the
fiscal agent. Charles R. Dunn,31 Nassau St., N.Y. City.
August 1 1930.
Market
Values.
Aver.
Price.
3,567,560.423 32.72
2,388,322,872 39.03
4.933,061.625 76.09
Chemical
621,645,593 43.40
Building
3,142,576,125 63.05
Electrical equipment manufacturing
3,405,873,466 49.30
Foods
381,452,032 29.03
Rubber and tires
753,879,245 65.57
Farm machinery
772,556,307 36.20
Amusements
205,052,975 38.91
Land and realty
2,183,296.947 44.63
Machinery and metals
1.572,585,771 32.58
Mining (excluding iron)
6,225,756,760 39.27
Petroleum
679,383,321 43.23
Paper and publishing
2,964,143,005 41.92
Retail merchandising
9,605,067,289 87.53
Railroads and equipments
3,462.771,891 90.41
Steel, iron and coke
223,937,486 20.49
Textiles
4,652,151,619 69.66
Gas and electric (operating)
4,241,376,331 46.33
Gas and electric (holding)
Communications (cable, tel. & radio)_ 4,633,203,203 132.10
327,614,311 31.46
Miscellaneous utilities
295,320,993 18.83
Aviation
477,177.190 46.92
Business and office equipment
56.216,326 33.84
Shipping service;
52,360,191 13.25
Ship operating and building
190,116,711 50.50
Miscellaneous business
297,119,998 42.21
Leather and boots
1,774,150,644 60.22
Tobacco
43,766,343 21.89
Garment manufacturing
1,753,313,497 43.87
U. S. companies operating abroad
Foreign companies (Including Canada
1,338,521.005 42.21
and Cuba)
Autos and accessories
Financial
July 1 1930.
Market
Values.
Aver.
fries.
3,193,965,210
1,583,052,269
4,668,596,554
593,002,954
3,083,637,208
3,392,021,458
378,621,566
739,034,057
748,844,855
194,690.886
2,043,478,008
1,515,820,145
5,935,281,224
645,069,936
2,869,542.816
9,350,018,942
3,363,958.758
205,138,294
4,625,393,284
3,932,919,124
4,401,561,865
324,024,527
270,714,725
469,471,997
56,645,415
57,998,970
174,222,364
301.252,637
1,709.533,815
42,112,630
1,661,470,374
29.44
50.51
72.49
41.18
61.89
48.17
High-Speed Tickers on the New York Stock Exchange
28.82
To Be Ready Sept.2-New Machines Have Capacity
64.29
35.05
of 9,000,000 Shares a Day-500 Characters a Minute.
37.13
41.92
The new high-speed ticker system that the New York
31.53
37.50
Stock Exchange has been installing for more than a year
41.06
40.61
throughout the United States and Canada will be placed in
85.26
operation on Sept. 2, it was announced on Aug. 13 by the
87.42
20.66
Committee of Arrangements of the Exchange.
69.78
44.85
The new tickers, which were designed to take care of a
27.40
daily turnover of 9,000,000 shares without falling behind
31.43
17.28
a
of
speed
at
run
will
approximately
charac500
market,
the
46.17
34.10
ters a minute, compared with 300 for the present system.
14.67
More than 9,000 of the nem type tickers will have been in46.27
42.80
end
the
by
of August. About
stalled and ready for operation
64.27
21.07
2,800 are operated by the New York Quotation Co., a sub41.98
sidiary of the New York Stock Exchange,and about 6,200 by
1,361,230,492 42.12
the Western Union Telegraph Co., which relays quotations
All listed stocks
67,221,337.495 52.94 63,892,327,059 51.89
to non-members and to all districts not served by the New
York Quotation Co. Many of the new tickers, installed
Figures for the period from Sept. 1 1929 to May 1 1930,
for several months,have been geared down to the speed of the inclusive, were given in our issue of May 17, page 3473.
old machines.
Announcement of the completion of the new ticker system
Brokerage Firm of G. F. Tull & Ar dern, Ltd., Calgary
was made on Aug. 13 as follows:
(Canada), Assign.
The Committee of Arrangements of the New York Stock Exchange anAdvices from Calgary, Alberta, (Canada) on Wednesday
nounced to-day that it is expected that the new high-speed ticker system will
be placed in operation on Tuesday, Sept. 2 1930. Under the new system of this week, Aug. 13, reported that the brokerage house of
tickers carrying New York Stock Exchange quotations to all parts of the
Ltd., has given notification of its
United States and to Canada will run at a speed of approximately 500 G. F. Tull & Ardern,
characters a minute, as compared with an operating speed of less than 300 assignment in bankruptcy. The firm's difficulties are attricharacters per minute for the present system. More than 9,000 of the new buted to irregularities in clients' accounts. The dispatch
type tickers will have been installed and ready for operation on this date.
F.Strong,Secretary and Treasurer
Of this number, about 2,800 are operated by the New York Quotation Co.. furthermore states that G.
a subsidiary of the New York Stock Exchange, and about 6.200, by the of the company, has been arrested on four charges of forgery
Western Union Telegraph Co. which relays quotations to non-members and
and four of uttering.
to all districts not served by the New 1ork Quotation Co.
Joseph C. Monier and Clifford M.Story of R.H.Hooper The Growth of State Banking Institutions-Com& Co., Restored to Membership on the New York
pilation by R. N. Sims of National Association of
Cotton Exchange.
Supervisors of State Banks-Resources of State
On Aug. 14 the Board of Managers unanimously adopted
Banks 63% in Excess of National Banks.
the following resolution:
R. N. Sims, Secretary-Treasurer of the National AssoRESOLVED, that Messrs. Joseph C. Monier and Clifford M. Story,
ciation of Supervisors of State Banks, on July 22submitted
sof the firm of Messrs. R. H. Hooper & Co. be re-Instated to full rights and
to the Association a statement which shows in detail by
privileges of membership in the New York Cotton Exchange.
profits, deposits,
An item with reference to the temporary embarrassment States the capital, surplus and undivided
securities, and total
of the firm of R. H. Hooper & Co. appeared in the issue loans and discounts, stocks, bonds and
resources of all State Banking Institutions of the United
of the "Chronicle" for June 28 1930, page 4533.
States, together with totals of these items of the National
of March 27 1930. The report
Laying of Corner Stone for the New Building of the banks, and all covering as
only available accurate and
the
covers
Sims
Secretary
of
Detroit Stock Exchange.
of the State Banking Institutions comparable
data
detailed
The corner stone of the new Detroit Stock Exchange
with the report of the Comptroller of the Currency which
Building on Griswold, between Lamed and Jefferson, was
National banks.
laid with appropriate ceremonies on Thursday, Aug. 14, at covers the
available his statistics Mr. Sims calls attention
making
In
2:30 p. m. Invitations were issued to members of the
the report is made up in a few instances
that
fact
the
Exchange and to the heads of Detroit's various commercial to
of different dates, but they are, he says,
statements
from
and civic organizations to be present at the ceremonies.
could get, "the laws not being uniform as
he
that
latest
the
The new building, which is expected to be ready for occuin some States, months are required to
and,
call
pancy late in November, will represent, with its site, an to dates of
reports. I think it reasonable to say," Mr.
the
compile
investment of approximately $600,000. It will be used
Sims adds, "that it represents figures that may be fairly
exclusively by the Detroit Stock Exchange.
said to average as of March 27 1930, and comparison is
the Comptroller's statement of that date." In presenting
Market Value of Listed Shares on New York Stock with
Mr. Sims said:
tabulation
his
Exchange Aug. 1, $67,221,337,495, Compared with
The figures given are very gratifying and reflect, as a whole, a healthy
$63,892,327,059 on July 1-Classification of Listed condition of the banking institutions of our country.
On March 27 1930,there was a total of 24,614 banks of which 17.298 were
Stocks.
State banks and 7,316 National banks, and in round numbers a total
As of Aug. 1 1930 there were 1,316 stock issues aggregat- capital, surplus and undivided profits of $9,963,322,456, total deposits of
Total capital,
ing 1,269,861,473 shares listed on the New York Stock $57,446.000,535, and total resources of $72,038,566,271.
and undivided profits of all banks were $689,080.115 in excess,
Exchange, with a total market value of $67,221,337,495. surplus
while total deposits of all banks were $1,164,581,221 below the previous
This compares with 1,319 stock issues aggregating 1,231,273,- high record of March 27 1929, and total resources $628,185,730 below
258 shares listed July 1 on the Exchange, with a total resources of that date. round numbers the capital, surplus and undivided
On March 27 1930, in
market value of $63,892,327,050. In making public the profits
of the State banks were $6,164,175,456 and of the National banks
Aug. 1 figures, the Stock Exchange said:
$3,799,147,000 showing the capital resources of the State banks to be 62%
deposits of the State
As of Aug. 1 1930 New York Stock Exchange member borrowings on
security collateral amounted to $3,689,482,297. The ratio of security
leans to market values of all listed stocks on this data was therefore 5.49% •
As of June 1 the Stock Exchange member borrowings on
security collateral amounted to $4,747,831,912. The ratio
of security loans to market values of all listed stocks on
that date was 6.33%. In the following table, covering
July 1 and Aug. 1 of this year, listed stocks are classified by
leading industrial groups, with the aggregate market value
and average share price for each:
banks were
In excess of the National banks. The
$35,805.022,635. and of the National banks $21.640,978,000. showing the
deposits of the State banks 65% in excess of the National banks. The
total resources of the State banks were $44,690,068,271 and of the National
banks $27,348,498,000 showing the resources of the State banks 63% in
excess of the National banks.
Between March 27 1929. and March 27 1930, deposits of the State banks
increased $67,320.778 and deposits of the National banks decreased $1,231,902,000. During the same period total resources of the State banks increased $1,045.228,269 and total resources of the National banks decreased
81,673,414,000.
Since June 30 1919, which was the date of my first complete statement
capital, surplus and undivided profits of the State banks have Increased
1042
FINANCIAL CHRONICLE
[VOL. 131.
$3,264,512.799, and the National banks $1,435,669,000. The deposits of
Total resources of State member banks March 27
1929, were $17,652,State banks have increased $14,172,200,524. and the National banks
000.000, or 38% of total.
$5,716.113.000. Resources of the State banks increased $18,724,392,434
Total resources all member Federal Reserve banks March
27 1930. were
and the National banks $6,548,948,000. The decrease in the
number of $45,902,360,000.
State banks totals 3,730. The decrease in the number of National banks
Total resources National banks March 27 1930. were $27,348,498,000, or
totals469.
59.58% of total.
This makes a total increase in all banks of the United States since June 30
Total resources of State member banks March
27 1930, were $18,553,1919, as follows:
862,000, or 40.42% of total.
Capital, surplus and undivided profits
These figures show the great and increasingly important part which the
$4,700,181,799 or 80%
Deposits
19,888.313.524 or 52% State banking institutions play in our great Federal Reserve System.
Resources
25,273,340,435 or 54% through their voluntary membership.
Number of institutions
Both classes of banks perform equally useful and necessary functions
4,199 decrease
and I do not make comparisons for the purpose
of disparagement, but to
Federal Reserve Banks.
emphasize the colossal size of the two great banking systems and to direct
Total resources all member Federal Reserve banks March 27 1929. were
attention to the importance and need of both
in the development and
$46,673,000,000.
handling of our country's business.
Total resources National banks March 27 1929, were $29,021,000,000 or
62% of total.
Mr. Sims' compilations
follow:
STATEMENT SHOWING AGGREGATE RESOURCES, &C., OF ALL BANKING INSTITUTIONS
UNDER STATE CONTROL COMPILED FROM STATE
MENTS FURNISHED BY HEADS OF STATE BANKING DEPARTMENTS, ALSO AN ADDENDUM
COVERING AGGREGATE RESOURCES,
&C., OF ALL NATIONAL BANKS,TAKEN FROM REPORTS OF THE COMPTROLLER OF THE
CURRENCY AND FIGURES EXHIBITING
TOTAL BANK RESOURCES OF THE UNITED STATES BY R. N. SIMS, SEC'Y-TREAS,
NATIONAL ASSOCIATION OF SUPERVISORS OF STATE BANKS, FORMERLY BANK COMMISSIONER OF LOUISIANA,
NOW VICE-PRESIDENT OF
HIBERNIA BANK & TRUST CO., NEW ORLEANS, LA.
Slates.
Date No. of
of
trialReport. tuttons
Capital.
$
10,445.800.00
4,136,000.00
14,333,450.00
87,231,570.00
5,353,000,00
Surplus.
Undivided
Profits.
Capital, Surplus
Deposits.
& Undivided
Ina. Certified
Profits.
& Cashier's Checks
Loans
and
Discounts.
Bonds,
Stocks,
Securities, &c.
Total
Resources.
$
$
6,619,077.10 3,254,991.82
2.883.843.30 1,409,957.90
6,331,364.65 2,808.737.55
57,080,837.94 27,136,725.95
2,719,297.15 1,877.808.19
$
$
s
$
Alabama_ __ 3-19-30
223
a
20,319,888.92
80,263,890.07
73,971,779.58
9,537,188.60
107,251,413.39
Arizona- — _ 3-27-30
32
8,429,601.20
56,719,769.95
34,781,054.01
16,536,129.81
65,530,798.96
Arkansas— - 3-27-30
333
23,473.552.20
137,489,478.79
105,530,126.0
9
18,219,428.14
168,410,838,6
5
California_ ... 3-27-30
231
171.449,133.89 1,427,159,076.80 1,021,758,272.16
376,858,014.65 1,674,137,828.61
Colorado__
3- 4-30
151
0,950,105.34
63,684,696.06
41,299,958,35
14,996,954.54
Connecticut:
74,550,836.40
Sav•ge bks. 3-31-30
.
0th. banks 3-27-30
191
28,283,923.16
80.998,811.99 48.042,942.54 157,325,677.69 1,001,716,405.41
714,548,510.38
368,791.810.35 1,182,877,813.74
Delaware__ _ 3-27-30
43
11,312,055.50
21,444,548.12 5,451,119.32
38,207,722.94
119,434,354.5
104,057,959.5
5
40.344,013.87
3
161.881,598.48
Florida
3-27-30
172
12,450,500.00
6,494,932.65 2,304,544.45
21.249.977.10
105,470,540.53
60,570,258.08
35,440.785.05
135,014,898.11
Georgia_ — 3-27-30
321
20,055,220.00
36,720.559.57
10,709.944.79 5,955,394.78
111.030,466.8
104.474,307.6
3
14,417.987.80
7
157,415,988.88
Idaho
3-27-30
95
3,342,500.00
3,068,176.79
305,047.13
6,775,723.92
46,913,430.39
24,426,664.86
16,925,501.04
54,062,736.25
Illinois
3-27-30 1,252 232,070,500.00 150,888,088.83 55.863.790.09 438,828,387.92 2.478.077.663
.52 1,847,191,257.85
602,787,964.46 3.121.852,417.95
Indiana_ — 12-31-29
730
26.230,029.36 13,308,412.05
44,357,560.00
83,896.001.41
473,317,950.21
383,458,970.99
103,306,832.89
738,758,111.49
Iowa
3-27-30
990
41,575,300.00
19,799,300.18 11,118,229.81
72,492.829.79
540,924,304.97
484,163,313.54
71,593,017.58
619,680,198.70
Kansas
3-19-30
814
22,747,000.00
38,550.109.34
11.721.507.03 4.081.602.31
200,119,541.92
152,696,544.10
41,503,698.56
248,738,889.32
Kentucky.. _ 8-29-29
421
30,754,272.97
20,355,594.24 5,156,404.49
56,266,271.70
247,640,915.79
253,362,440.21
59,194.433.00
385,559,868.28
Louisiana
4-18-30
191
25,380,690.00
15,372,250.00 7,086,311.89
47,819,251.89
325,159,646.79
241,133,537.3
59,227,790.09
3
401,486,175.0
2
Maine
3-29-30
80
13.706,026.33 13,857,074.68
6,555,800.00
34,118.901.01
299,297,631.94
152,702,974.29
185,575,614.84
337,923,345.45
Maryland
12-31-29
150
54,262,191.23 9,788,930.44
27,449,200.00
91,500,321.87
595,401,883.74
253,193,382.11
241,052,934.29
712,473,272.32
Massach'etts
Trust cos_ _ 3-27-30
Other bks. 10-31-29
529
49,940,000.00 248,504,723.00 40,544,095.00 338,988.818.00 3,230,096,216
.00 2,492,440,031.00
942,517,448.00 3,607,015,569.00
Michigan
3-27-30
812
97,410,924.00
87.693.090.82 27.363.521.86 212,467,536.68 1,429,891,235.35
879,559,532.18
774.091,086.92 1,780,898,856.98
2.Ilonesota
4-14-30
761
23,222,300.00
12.597.455.91 6.833.308.96
42.653.064.87
387,508,891.43
200,470,086.04
170,683,320.28
10,683,550.00
Mississippi
3-27-30
439,674,330.97
285
6,366,152.93 2,315,378.99
10,365,081.97
148,736,154.30
107,218,444.64
179.378,381.48
30,905,511.46
Missouri___ - 4-16-30 1.110
41,308,182.38 19,587,689.10 137,816,471.48
76,922,600.00
804,327,494.49
554,022,251.50
217,022,055.72
976,465,479.08
1,Iontana_
3-27-30
122
5,795,000.00
2,458,350.00 1,314.108.63
9,587,458.03
69.046,71342
39,042.503.77
79.935,012.36
23.475,287.37
Nebraska__. 3-31-30
614
16,142,500.00
5,343,914.04 1,964,846.65
23,451,260.69
173,594,103.17
119,467,860.19
201,371,664.66
30,049,969.22
Nevada_ __. 3-27-30
25
544,850.54
1.818,800.00
860,589.98
3,022,020.52
21,968,779.79
25,413,631.74
3,004.988.25
18,902,262.95
New Harnps.
Sav•gs bks. ,
Trust cos
6-30-29
67
1,130,000,00
16,321,966m 8,741,905.58
26,193,872.53
220,998,581.40
112,829,509.27
248,864,329.65
136,234,820.38
86,630,000.00 120,477,412,00 34,605,172.00 241,712,584.0
New Jersey_ 3-27-30
266
0 1,400,050,073.00
675,335,919.00
813,525,034.00 1,698.825,558.00
New Maxim 3-27-30
29
1,160,000.00
428,347.73
139,672.87
1,728,020.60
11,750,475.90
7,520,558.90
13,324,491.41
3,517,486.83
New York:
Smegs bks 1- 1-30
Other bke_ 3-27-30J 566 564.817.800.00 *1642172,397.00
2.206.990.197
.0012.102,087
,049,90 9,096,682,756.00 3,052,351,727.00 15,262,576,261.00
No.Carolina 3-27-30
409
22,218,765.00
17,094,900.17 5,192,672.49
44,506,337.66
232,882,289.96
212,701,325.30
36,205,134.36
No.Dakota_ 12-31-29
312,966,246.76
290
5,170,500.00
2,056.650.00
968,455.32
8,195,605.32
Ohlo
5,844,124.91
34,320,128.04
54,103,144.07
3-27-30
693 137,018.700.00 110,987,601.00 35,500,617.00 283,506.918.00 1 45,380,549.29
.985,357,785.00 1,557,744,606.00
424,245,824.0
Oklahoma
0
2,407.834,960
3-27-30
.00
325
7,164,650.00
2,152,921.01 1,255.014.15
10,572.585.18
77,841,223.17
46,892,338.00
22,325,039.45
90.694,747.52
Oregon
3-27-30
136
7,511,000.00
2,963,283.55 1.221,953.23
11,696,236.78
69,865,175.25
23,208,557.76
44,637,912.98
84,219,320.73
Pennsylvania 3-17-30
706 219,892.071-20 403.507,287.95 81,234,116.83 764,633,475.98 2,64
7.001,460.70 1,300,803.865.73 1,214,167,388.53 3,657,176,884.50
Rhode Isl.:
SavIs bks_ 1231-291
Other bks_ 3-28-301 23
9,870,000.00
36,889,007.08 13,039,391.66
59,798,398.74
456,490,443.05
271,363,761.08
205,121,064.39
522,658,839.39
So. Carolina 3-27-30
10,369,035.05
198
5,161,240.72 2,074,793.17
17,605,068.94
101,076,215.72
24,827,917.71
68,157,343.46
121,978,867.40
So. Dakota_ 3-27-30
290
7.212,400.00
2,615,768.12 2,008,389.64
11.836,557.76
81.583,134.51
14.510,198.82
58,234,282.61
95,096,615.47
Tennessee_ _ 5-19-30
19,708,333.33 *14,824,025.17
380
34,532,358.50
179,915,841.25
30,722,360.27
147,223.960.35
243,996,417.18
Texas
3-27-30
690
34.192,200.00
12,228.038.33 6,207,345.53
52,627,581.86
21
3,416,332.65
41,054,309.87
147,083,851.31
309,548,073.78
Utah
8,226,000.00
4- 5-30
4,811,999,46 1,174,964.86
84
14,212,964.32
95,732.013.86
89,364,228.81
22,275,848.73
Vermont,. _. 3-27-30
134,380,144.47
58
2,351,000.00
11,346,100.29 2,941,008.25
17,138,108.54
169,396,225.23
63,232,704.12
113.667.023.14
192,554,232.41
29,960,778.75
Virginia_ _
17,905,993.32 6,890,843.61
306
3-27-30
54,763,620.68
189,160,038.72
194,558,592.78
34,369,038.96
Washington_ 3-27-30
277,335,382.8
226
7
14.979,500.00
6.686,587.72 4,330.983.33
25,997,071.05
205,630,455.38
134,224,266.20
62,885,474.07
West. Va_ _ _ 3-27-30
237,507,765.10
18,418,300.00
181
14,719,939.20 4,728,406.70
37,866,645.90
167,716,489.36
145,641,448.93
28,511,768.79
Wisconsin _ _ 3-27-30
379,736.352.98
19,643,059.38 15,000,112.48
798
38,758,430.00
74,001,601.86
508.707,832.00
147.349,523.32
349,719,018.58
Wyoming
593,729,610.88
3-27-30
80
1,955,000.00
*1,614.661.88
3,589,661.88
25,474,390.29
18,291,902.82
5,295,984.61
(Territory of
29.956,272.48
,
Hawai1)_ _ 12,31-29
5,344,764.98 2,475,876.93
19
7,963.640.00
15,784,281.91
62,359,244.50
50,244,074.93
16,145,001.27
83,165,550.30
Totals (avge
date
3-27-30 17,298 2,166,931,918.00 3,447,454,292.36 549,789,244.99 6,164,175,456.31 35
,805,022,535.40 25.139,287,003.42 10,875,944.008.73 44,690,068,270.82
Comptroll're
report (national bks.) 3-27-30 7,316 1.704.408.000.00 1,553,544,000.00 541,195,000.00 3,799,147,000.00 21,64
0,978,000.00 14,658,696,000.00 6,555,672,000.00 27,343,498,000.00
1
Ex's of State
bkg.insts
9,982 482,523,918.96 1,893,910,292,36 8.554.244.092,365,028.455.31 14,1
64,014,535.40 10,480,591,003.42 4,320,272,008.73 17,341,570,270.82
Totals:
State banks_ 5-39-1921.028 1,307,888,588.00 1,332,891,448.86 258.882.640.87
State banks_ 6-30-20 21,923 1,595,243,703.89 1,430,404,208.82 295,274.641.47 2.899,662.677.73 21.632.822,011.81 12,257,134,526.40 8,497,523,011.46 25,965,675,836.30
.341,012.552.18 23.930.838,611.35 15,334,616,394.62 8,235,427,676.40 29,191,455,64
State banks. 3-10-21 22,705 1,734,909,385.20 1,533,327,012.84 318,844,745.52 3
8.43
3,587,031,143.56 23,7 0,750,818.50
15,449,134,595.23 8,877,823,333.49 29,412,657,029.83
State banks_ 3-10-2222.302 1,794,110,615.82 1,587,458,465.10 19,108,843.39
.700.677.924.31 23.510,877.185.07 14,108,585,847.71 9.414,104,361.97
State banks_ 4- 3-23 22,084 1.855.237.769.73 1.450,746,035.80 335,458,195.93 3
28,808,553.357.84
3,641,444,001.50 27,013,525,116.92
15,547,076,777.07 7,438,708,895
32,081,329,23
State banks.. 3-31-24 21,350 1,915,334,597.03 1,547,908,798.76 46.360,002.62 3.309,603,398.41
28,402,756,641.94 16,264,679,542.27 8,055.053,931.88 33,641,174,125.59
State banks.. 4- 6-2521122,
.93
7.53
1.990,525.694.76 1,852,290.607.72 86,578,187.34 4,029,394,489.82 3
State banks_ 4-12-26 20,289 2,065,024,071.43 1,798,480,781.53 24.871,070.13 4,288,361.903.09 1,114.361,942.13 15,836,362,018.96 8,471,967,470.89 36,679,382.463.73
34.1 16,035.973.16 18,832,589.370.81 9,368,247,394.4339.105.787
State banks_ 3-23-27 19,597 2.146,819,043.02 1,949,198,673.96 51,252,333.91 4.547.270.050
,890.95
.8934.862.024
,564.17
18,975,015,724.66 9,910,820,131.68 40,046.061.611.28
State banks_ 2-28-28 18,965 2,184,487,497.14 2,091,822.178.93 62.974.328.31 4.739.284.904
.4334,435,434,860.78 19.374,343,741.27 10,644.546.769.40 41,865,784,224.54
State banks_ 3-27-29 18,357 2,018,061,210.99 3,000,462,075.48 55.378.055.37 5.573.901.341.
84 35.737.701,757.28 24,787,946,990,65 11,473,648,518.46 43,644,840,001.44
State banks_ 3-27-30 17,298 2,166.931.918.96 3,447,454,292.36540,789.244.99 6,164,175,456
.31
35
Nat. banks_ 6-39-19 7.785 1.118,603.000.00 872.229,000.00 72,649,000.00 2,363,478,000.00 15,805,022,535.40 25,139,287,003.42 10,875,944,008.73 44,690,068,270.82
Nat. banks.. 6-30-20 8,030 1,224,166,000.00 986,384,000.00 11,525.000.00 2,622.075.000.00 ,924.865,000.00 10,588,801,000.00 5,047,521,000.00 20.799,550,000.00
Nat. banks_ 2-21-21 8,143 1,273,205,000.00 1,029,406,000.00 31,204.000.00 2,733,815,000.00 17.155.421.000.00 12,396,900,000.00 4,498,771,000.00 22.196.737,000.00
15.478.354,000.00 11,680,837,000.00 4,028,059,000.00 20.307.651,000.00
Nat. banks_ 3 10 22 8,197 1,289,528,000. 1,036,184,000,00 508.560,000.0
02,334,212,000,00 15.390.438,000.00 11,293,874,000.00 4,118,160,000.00
Nat. banks_ 4- 3-23 8,229 1,319,144,000 00
.00 1,067,652,000.00 486,172,000.00 2,872,968,000.00 17,036,281,000.00 11,679.621,000.00 5.041,122,000.00 19,815,402.000.00
Nat. banks.. 3-31-24 8.1151,335,572,960.00
507,905,000.0
1.073,353,000
2,910,840,000
0
.00
.00 17.598,695,000.00 11,963,102,000.00 5,005,950,000.00 21,612,713.000.00
22,062,888,000.00
Nat. hanks- 4- 6-25 8.016 1,361.444,000
Nat. banks_ 4-12-26 8,000 1,410,434,000 .00 1.108.544.000.00406,457.900.90 2.958,445,000.00 19.382.947,000.00 12,480,246,000.00 5,753.440.000.00 23.832.463,000.00
3,109,657.000
.90
500,519,000.0
1,188,704.000
.00
0
.00
20,175,798,000.00 13,312,259.000.00 6.074,916,000.00 24,893,665,000.00
Nat. banks_ 3-23-27 7,828 1,460,491,000
3,219,971,000
.00 20,912,209,000.00 13,660,302,000.00 6,323,680,000.00
.00 1,239,810,000.00 519,670,000.00
Nat. banks_ 2-28-28 7,734
1,537,214,000.00 1,330,096,000.00 558,647,000.00 3,425,957,000.00 22,279,082,000.00 14,411,60.3,000.00 7.080.900,000.00 25,699,147,000.00
Nat. banks_ 3-27-29 7,675 1.633,271,000.
00 1,528,326,000.00 538,744,000.00 3,700,341,000.00 22,872,880,000.00 14,862,183,000.00 7,070,755,000.00 27,573,687,000.00
Nat. banks.. 3-27-30 7,316
1,704,408,000.00 1.553.544.000.00 541.195.000.00 3.799,147,000.00 21,640.978,000.00 14,658,696,000.00 8,555,672,000.00 29,021,912,000.00
27,348,498,000.00
•Includes undivided profits.
All Banking Institutions of the United States on March 27 1930. show:
Total banks
Total capital, surplus and undivided profits
Total deposit..
Total resources
24.614
$9,963,322,456.31
67.446,000,535.40
72,038,566,270.82
AUG. 16 1930.]
FINANCIAL CHRONICLE
Record Holdings of Acceptances by Banks.
At the end of July banks, bankers and American agencies
of foreign banks held the largest volume of purchased bankers' acceptances since the establishment of the dollar acceptance market, according to the current bulletin of the American Acceptance Council. These holdings totaled approximately $200,000,000. Bank holdings of acceptances have
been increasing since last October, according to the bulletin,
which says:
In acceptances
In recording this all time high record of bank investment
the Council finds a great deal of satisfaction.
For years we have dwelt on the lack of support that was given the bill
market particularly by the banks that were creating the bills and when
banks
It is now possible to report that the institutions listed as accepting
have gone into the market and purchased approximately 8200:000,000,
we take this move as an indication that the urging has not been in vain.
While it is true that these are unusual days in the money market, that
reserves are at record levels and that funds for investment are in greater
supply than the demand, the fact is nevertheless established that even in
these times and conditions the banks have come to realize that they have
funds employed.
a bill market to which they may turn to keep their
Nor is this the first time when the banks had such a fine opportunity
to come into the market.
In the midsummer of 1924 when call money averaged only 2.05% for
July and August and 90-day bill rates were 23 %,the banks were heavy
with funds and yet held an estimated total of less than $50,000,000.
In 1927 when accurate figures were first compiled showing bill holdings
of accepting institutions the banks held an average of $51,000,000 and in
1928 an average of only $33,000,000.
The first nine months of 1929 gave no indication of any great improvement as the average for this period was 358,000,000 but beginning with
October when the stock market began its darkest days there was a sharp
increase in the interest in bankers acceptances and the banks reported
holdings for the last quarter of the year as, October $98,000,000, November
$174,000,000, December $132,000,000.
Since the beginning of the current year a continued improved situation
30 show a total of
is noted as the average for the six months ended June
$119,000,000, including $157,000,000 at the end of January and $141,total was $94,000,000 on Mar.31.
000,000 at the end of June, while the lowest
Undoubtedly the sharpest swing to the bill market occurred during the
last two weeks of July when as if in concert the banks went out after all
on the 25th and adding
the bills available, literally drying up the supply
more than $50,000,000 to their holdings. In this two weeks period dealers
saw their portfolios reduced from a total of $104,000,000 on July 16 to
$21,000,000 on July 30 and $21,000,000 in bills for seven principal bill
dealers is just about a "bare shelf."
It has been highly encouraging to report daily that the demand for
bills exceeds the supply and to have the demand come from the banks for
secondary reserve purposes.
The outstanding volume of bills has now passed its lowest point for
the year. In another two weeks a strong tide of new bills will appear
and continue increasing in volume for the next five or six months. The
Federal Reserve Banks stand ready to take a large share of the increase
which may run as high as $400,000,000 before the peak is reached, but
we have confidence that the banks themselves, well supplied with funds
as they seem destined to be, notwithstanding crop financing requirements.
will be found to be active bidders for bills.
Condition of the National Banks under the Comptroller
of the Currency Call for June 30.
Comptroller of the Currency John W.Pole announced on
Aug. 8 that the total resources of the 7,252 reporting National banks in the continental United States, Alaska and
Hawaii on June 30 1930, the date of the recent call for reports of condition, aggregated $29,116,539,000, an increase
of $1,768,041,000 since March 27 1930, the date of the preceding call, when there were 7,316 reporting banks, and an
increase of $1,676,311,000 over the amount reported by
7,536 banks as of June 29 1929, the date of the corresponding call a year ago.
Loans and discounts, including rediscounts, on June 30
1930 amounted to $14,887,752,000, an increase of $238,999,000 since March 27 1930, and an increase of $86,622,000
in the year.
Holdings of United States Government securities totaled
$2,753,941,000, which was an increase of $31,098,000 in
the three month period but a decrease of $49,919,000 in the
year. Other miscellaneous bonds and securities owned,
aggregating $4,134,230,000, exceeded by $301,401,000 and
$281,555,000 these investments on March 27 1930 and June
29 1929, respectively.
Balances due to reporting banks from other banks and
brokers, including lawful reserve with Federal Reserve
banks of $1,421,676,000, were $5,001,568,000 and showed
increases in the three and twelve month periods of $1,130,147,000 and $1,087,519,000, respectively. Cash in banks
amounting to $342,507,000 was a decrease of $8,134,000
since the date of the previous call, but an increase of $44,504,000 in the year.
The paid-in capital stock aggregated $1,743,974,000,
which amount was $39,566,000 more than on March 27 1930
and $116,599,000 more than reported on June 29 1929.
Surplus funds of $1,591,339,000 showed increases of $37,795,000 and $112,287,000 in the three and twelve month
periods, respectively. Net undivided profits, excluding reserve accounts, amountedAto1$545,873,000, exceeding by
1043
$4,678,000 and $58,369,000 this item reported for March
1930 and June 1929, respectively. The combined surplus
and net undivided profits on the date of the recent call aggregated $2,137,212,000.
The liability of reporting banks on account of circulating
notes outstanding was $652,339,000, an increase of $2,636,000 since March and an increase of $2,887,000 in the year.
The total deposit liabilities were $23,268,884,000,showing
increases in the three and twelve months periods of $1,627,906,000 and $1,670,796,000, respectively. The aggregate
on the date of the current call included due to banks and
certified and cashiers' checks outstanding of $3,418,148,000,
United States deposits of $171,964,000, other demand deposits of $10,926,201,000, and time deposits of $8,752,571,000. In the latter amount is included savings pass book
accounts of $6,070,683,000, time certificates of deposit of
$1,357,461,000, and postal savings of $107,980,000. Savings pass book accounts on June 30 1930 numbered 15,954,689.
Money borrowed, represented by bills payable of $127,077,000 and rediscounts of $101,956,000, a total of $229,033,000, showed an increase of $3,379,000 since the previous
call but a decrease of $485,474,000 in the year. .
The percentage of loans and discounts to total deposits
on June 30 1930 was 63.98, in comparison with 67.69 on
March 27 1930 and 68.53 on June 29 1929.
Ira I. Chorpening, Chief National Bank Examiner of
the Fifth Federal Reserve District.
The Comptroller of the Currency announces the appointment of Ira I. Chorpening as Chief National Bank Examiner
of the Fifth Federal Reserve District, with headquarters at
Washington, D. C., which position was made vacant by
the death of Ralph W.Byers.
Mr. Chorpening, who is 49 years of age, was born in
Iowa. After three years of banking experience, he was
employed in the office of the Comptroller of the Currency
for a period of 10 years. He was appointed a National
bank examiner in 1921 and assigned to the Minneapolis
Federal Reserve District, where he served until his transfer
in 1926 to the San Francisco Federal Reserve District, from
which assignment he comes to Washington.
U. S. Treasury Floats a New Issue of 90-Day Treasury
Bills For $120,000,000.
A new issue of Treasury bills was announced by Acting
Secretary of the Treasury Walter E. Hope last Sunday
evening. Bids were invited up to Thursday, Aug. 14 for
an aggregate of $120,000,000 of bills, or "thereabouts", the
bills running 90 days and being sold on a discount basis and
bearing no interest. The offering followed within a month
the offering of 60-day Treasury bills in July. The Treasury
must meet a maturing block of $104,000,000 in bills Aug. 18,
and another block of bills amounting to $50,920,000,
Sept. 15. On the latter date the tax payment period, certificates amounting to $351,000,000 will be retired.
Following is the text of the notice of the Treasury Department with respect to the new offering of bills:
Statergent by Acting Secretary of the Treasury Hope.
Acting Secretary of the Treasury Hope gives notice that tenders are
invited for Treasury bills to the amount of $120,000,000, or thereabouts.
The Treasury bills will be sold on a discount basis to the highest bidders.
Tenders will be received at the Federal Reserve banks, or the branches
14 1030,
thereof, up to two o'clock p.m., Eastern Standard time, on Aug.
Tenders will not be received at the Treasury Department, Washington.
and
will
1930.
mature
on
18
Aug.
Nov.17
The Treasury bills will be dated
1930, and on the maturity date the face amount will be payable without
and
in
form
only,
bearer
or dein
amounts
issued
be
will
They
interest.
nominations of $1,000, $10,000, and 8100,000 (maturity value).
forms
printed
and
the
on
forwarded In
It is urged that tenders be made
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
Fractions
basis of 100, with not more than three decimal places,e.g.,99.126.
must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in investment securities. Tenders from others must be accompanied by a deposit of
f paapypm
ois
teebil
ury
an
lied
,u
guaran
nliens
entfobry
sootrhpeot
ofsTreas
atders
ren
ea bank
are
f thieedfacbeyaron
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acco
express
or trust company.
Immediately after the closing hour for receipt of tenders on Aug. 14 1930.
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 thereafter, probably on the foliowing
morning. The Secretary of the Treasury 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 anysuch respectshall be final. Those submitting
tenders will be advised of the acceptance or rejection thereof. Payment
at the price offered for Treasury bills allotted must be made at the Federal
Reserve banks in cash or other immediately available funds on Aug. 18 1930.
1044
FINANCIAL CHRONICLE
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 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 conditions of their
issue. Copies
of the circular may be obtained from any Federal Reserve
Bank or branch
thereof.
Treasury bills were given an additional tax exemption
feature by the Act of Congress approved June 17 1930; so
that Treasury bills issued after that date will be exempt as to
principal and interest, and any gain from the sale or other
disposition thereof will also be exempt from all taxes except
estate or inheritance taxes.
The applications for the bills, it was announced on Aug. 14
aggregated $397,162,000. The amount of bids accepted was
$120,000,000. The average price of the bills to be issued is
99.504. The average rate on a bank discount basis is about
1.96%. The highest bid made was 99.59, equivalent to an
Interest rate of about 1.61% on an annual basis. The lowest
bid accepted was 99.473, equivalent to an interest rate of
about 2.08% on an annual basis. At the sale of 60-day bills
on July 10„ the average rate on a bank discount basis, at
which the bills were disposed of, was only
1%%•
Professor E. F. Gay of Harvard Sees Long Downward
Trend of Commodity Prices.
The world is faced with a long downward movement of
commodity prices, Professor Edwin F. Gay of Harvard
told the Institute of Politics on Saturday last at Williamstown, Mass. He did not mean this as a menace, Professor
Gay said, according to a staff correspondent (Arthur Ruhl)
of the New York "Herald Tribune," for "I'm through for
life with menaces, and business enterprise and society as a
whole has nothing to fear but much to gain if it learns the
lessons to be gained from the declining secular trend." If
we did face a long decline in prices, however, we should
prepare for the consequences, Professor Gay said, and he
felt that before the present secular decline was finished
"close, concerted, international action" would be called for.
The decline of which Professor Gay spoke was not the
short or "cyclical" decline noticeable here and in Europe
since 1929, but the long-term "secular" decline which could
be traced back to 1921. There was another such long-term
decline after the Napoleonic wars and still another after
our Civil War. The word "secular," as used here, signifies
a long, slow, widely extended trend, as contrasted with a
shorter "cyclical" for rise or fall.
Urges Farm Co-operation.
The first consequence of such a secular depression, Professor Gay said, was agricultural depression accompanied
by agrarian unrest. Such depression would doubtless be
met with co-operative attempts to provide small owners
with group control of mechanical production and market
organization. He continued:
[Vox- IA.
In the field of foreign trade the intensifica
tion of competition which may
at first erect high tariff harriers may
lead, provided the decline continues
long enough, to some form of internatio
nal economic union. Europe,
especially, with her small territories separated
by high tariff, must inevitably be forced to find some equivalent
of the enormous internal free-trade
market of the United States.
The most interesting change is social
in its nature—the shift in distribution of income which accompanies
extended changes in the price level.
Those social groups which, in the course
of historical evolution, have come
to have a relatively fixed income
tend to
comes suffer from the fall more particularlbenefit; those with variable iny. But, while the struggle for
existence may over these longer periods
eliminate the unfit, it may ultimately tend to arm the fit with improved
implements.
Professor Gay, in introducing the subject at the open
conference, suggested that there was a close relation between
long-term price movements and international strife. A long
upward movement was one of the factors which tended
toward sharper international rivalry and hence to war.
Professor Gay said the declines which generally followed
great wars, and which many interpreted as the world "paying" for its misdeeds, might
well have come, anyway,
without the war, as the "secular" curve descended.
"If the price decline continues for another year
or so," he
said, "the complaints of the European debtors
of the United
States may be intensified as they are compelle
d to pay in a
greater number of commodities.
"It should be emphasized that the long downwar moved
ment is not fatal to business initiative and prospertty. To
be sure, the interruptions caused by the shorter business
cycles as they cross the downward curve are different
In
character from those crossing the long upward trend. The
depression phase of the cycle is longer and the prosperity
phase is shorter, owing to the sagging pressure of the fundamental 'secular' movement. But business, developing an
appropriate technique—as witness hand-to-mouth buying,
smaller inventories, more rapid turnover—adapts itself.
The point is not that business in the long run will slacken,
but that adaptability must be quickened."
Says Price-Cutting Has Its Advantages—Glassware
Agent Keeps Plants Running Night and Day on
this Policy—Profit on Small Orders Which Idle
Factories Would Refuse, Due to Cost of Starting
up Their Production.
The criticism constantly heard in business circles against
price-cutting is usually based upon theories of business procedure that fail to take into account its advantages when
done intelligently, E. W.Hammond,selling agent for several
manufacturers of popular-priced glassware, told the "Times"
last Saturday, as reported in the issue of that paper on Aug.
10, which goes on to say:
Mr. Hammond, who admits indulging in drastic price revisions to
get
business during the current depression, states that the orders thus obtained
have attracted additional business upon which a fair profit could be made
and have served to keep his factories working on full time.
"The psychology of the plan, as I see it," he pointed out, "Is that orders
attract orders. A factory wbich is running full blast is like a well-patronized
retail store or any other business enterprise. No matter what the line
of
business, buyers want to trade where other people are spending their
money. The phrase, "Nothing succeeds like success," Is Just as true
now
as it ever was.
"Although much of the business I have looked for this year has
resulted
in only a small profit, it has enabled the factories I represent to
keep going
night and day ever since the depression started. In addition,
the 1,500
men employed in the plants have been working on full time
and at regular
wages during that period.
The best hope for the so-called typical 166-acre American farmer in the
Staple crop region, if he is not to be displaced,is the adoption of co-operation
on a large scale, a slow and to individualism a somewhat repugnant remedy,
Which may be hastened by the continued secular change in prices.
Such downward changes in prices raise interesting and complex problems
In regard to wages and wage-earners. In western Europe labor exercises
Able to Take Small Orders.
a great political influence upon governmen
t. In the United States the
"More important, however, is the fact that a
factory running on regular
new theory and practice of the economy
of high wages has been definitely schedule is in a position to handle profitable
business on small orders
established, a policy which, if it survives the tests of a continuously de- which idle factories
would have to turn down. For instance, suppose a
clining trend of prices,is likely to be adopted more widely in other countries.
customer comes to me with an order on which
there is a potential profit
of 61,000. I can accept the business and send
it through my factories
Increase in Emigration Seen.
without trouble.
Past experience indicates that downward secular movements result
in
"On the other hand,a plant which has been
increase in emigration. While
shut
down
because its managein all countries there may be a contemporaneous gradual downward movement, yet it starts at different levels in ment insists upon maintaining last year's price levels, would be forced to
turn
a
single
order
like
that away. The expense of starting up operations
the various countries,and these differences
in levelshow marked persistence. would wipe out the profit.
And yet, orders of that kind are continually
The attraction of the higher level is a moving force behind migration. It
is
distinctly possible that, although the migration may be checked in northern turning up for those in a position to handle them."
An
intelligent blending of large orders on
Europe by drift to the cities and industrialization, there may be elsewhere,
which there is little profit
with the special orders upon which a good
for example,in Italy, an increasing pressure toward emigration. And
return Is made, in Mr. Hamgreat mond's opinion, is the only
way in which producers can keep busy in the
regions still lie open for such agricultur immigration, as, for example,
al
present stormy business period.
the highlands of Brazil.
"In normal times a factory which makes
Pressure on industry gives an incentive to exploit new advances of
a comfortable profit on 50%
applied science. It furnishes an additional premium to organized inven- of its production and breaks even on the rest Is operating on a sound basis,"
Mr. Hammond pointed out. "Under
tion and the utilization of
the stress of conditions today, ths
scientific research. New industries are likely percentage of
non-profitable business can be stretched a little.
to emerge.
An even more important
result is the added necessity for technical reIdle Plants Cost Money.
organization and improved manageme
nt of the older staple industries,
"Idle factories not only fail to produce profits,
seeking to produce at a lower
they cost money. Oa
competitive cost.
the other hand, owners of a plant which runs
at cost on part of its production will obtain enough profitable
business through the year to show
Sees Trend Toward Mergers.
at least a small gain instead of losses when the books
With the increasing tendency to seek economies
are closed."
which results from the
A too literal application of the poetic business
Increased competition, there has
behest to "Connt that
also been in the immediate past, and is day lost whose low descending sun
finds
profits
shot to hell and business
likely to be in the future, a strong demand
for the protective shield of done for fun," can be more fatal than helpful,
in Mr. Hammond's opinion.
mergers, combinations and large-scale
enterprise in general. This moveThe difficulty of re-establishing a price
which has been cut in order to
ment is already well under way and will probably require greater emphasis
obtain a large-volume order, he said, can
be solved if sales agents Impress
as, and if, the combinations are socially
justified by showing effective customers with the fact that the price given
Is a specia one and is made
savings.
merely because of current market conditions
.
AUG. 16 1930.]
FINANCIAL CHRONICLE
"An intelligent buyer knows when he is getting the rock-bottom price."
Mr. Hammond concluded, "and if duly impressed with the efforts made to
help him at a time when he feels he must have special consideration, he will
not lose sight of the service received when conditions grow more favorable."
Martin J. Insull in Defense of Holding Companies.
The shouldering of risks and responsibility by "holding"
companies is the major cause of the electric power industry's
progress, Martin J. Insull, President of Middle West Utilities Co., told the Institute for Public Affairs at Charlottesville, Va., on Aug. 12. Urging that holding companies be
allowed freedom of action, Mr. Insull denied that their
desire to avoid restrictive regulation indicates that they
have anything to hide.
"A man's resentment of a search of his house is at least
as great if he is innocent of wrongdoing as it would be if
he were harboring a criminal. If one were required to
report his actions to a policeman at every block, his
annoyance and protest would not necessarily indicate guilt,"
he
said. "The fact that the electric industry is 'affected
with
a public interest' does not alter the situation because the
holding company exists within a field completely
circumscribed by State regulation. In other words, the
interests
of the consumer have been taken care of before a
cent of
revenue accrues to the holding company." Continuing,
Mr.
Insull said:
"The demand for regulation of electric light and power
'holding' coin
panies seems to be based on a misconception of the electric
industry, which
in actuality is a thing in action, growing, changing,
improving all the
thee.
"We have to recognize spirit, motive, incentive, initiative, and
prise as the real driving forces which give life to this industry, enteras they
give life to all human accomplishments.
"In the pure reasoning of the cloister there forces can perhaps be
ignored.
In the actual job of furnishing electric service they must be
reckoned with.
"I daresay that the electric industry never wins a debate and
its
never produce a kilowatt of electricity. It is in keeping with the critics
ultimate
fitness of things that critics criticize and electric power
men furnish
electric power."
Mr. Insull traced the origin of the holding companies
as a
means of providing growing power companies with
equity
capital, upon which the entire financing of the industry's
growth has been based. By their purchasing of the common stocks of operating power companies and by their
continuing ownership of these securities, the holding companies
make possible a progressive policy of service extensions
and
rate reductions, he said.
"If the service is extended into new territories there is
little likelihood that either the bondholders or preferred
stockholders will be subject to loss. If rates are reduced
in
the expectation that consumption will thereupon increase,
the investment of the bondholders and preferred stockholders is not likely to be jeopardized whether the increased consumption matrializes or not," Mr. Insull declared." Mr.
Insull added:
"In either case it is the common stockholder who risks the
of
loss. That is the way it goes in the actual day-to-day job possibility
of providing
electric service. It is the industry's job not only to meet the
present demand
of present consumers at present prices, but also to increase
the uses of
electricity, to extend it to an increasing number of consumers,
and to make
it constantly less expensive. Responsibility must be assumed
and risks
mast be taken. The determining factor is the attitude and
policy of the
owners of the common stocks of the operating companies.
"These extensions of service, reductions of rates and
increases in consumption are the very keynote of the industry's growing
usefulness to the
nation. How are they accomplished? They are all made
possible by the
assumption of responsibility by the holders of the operating
companies'
common stocks—who, in most cases, are the public utility
investment or
'holding' companies.
"No element is more important to the progress of the industry than
the
character of the common stock ownership. The attitude and policy
of the
holders of the operating companies' common stock determines whether the
operating company shall pursue a progressive course or simply stand
still
and 'let well enough alone.'
"The continuing progress of the industry is largely due to the ownership
of the common stocks of operating companies by organizations which are
trained and experienced in the utility business, organizations which can
take risks because of their diversified investments and their experience
In having met similar conditions before; which know the objectives and the
method of realizing them.
"If the common stocks of these operating companies were owned by
Individual investors—the people who generally own the bonds or
preferred stocks—they either would not meet such investors' requirements or
else a policy of caution would be applied to them, and the extension of
the service and reduction of rates would be retarded. Since the owners
of the common stocks take the responsibility involved in the progressiveness
of the operating companies, it is greatly to the interest of the consumer
that the common stock ownership rest with such agencies as 'holding'
companies.
"The incentive to take these forward steps must be kept alive. The
freedom of action and the privilege of risking a loss as well as making a
profitable investment is necessary as a motive force. Neither will long exist
under a restrictive regulation.
"The holding company requires, for the successful performance of its
function, the same freedom of action as any other business. It is that
freedom that has enabled it to do the great work it has done in the
development of the electric industry in this country to a pre-entinent
1045
position in the whole world. Without it, that development would not have
taken place and future development will be materially retarded.
"Regulation of the operating company with freedom of the holding cmpony is to the beet interest of the public. The public is thus protected
against monopoly, and has the advantages of the initiative and enterprise
that financially strong private business brings to institutions where its
money is invested."
A Diagnosis of Railway Ills by F. J. Lisman—Railroads
Faced by Serious Competitive Conditions, Need to
Unite to Meet Them, Revising Methods to Cope
with Present-Day Conditions.
In an article which will appear in the "Railway Age" of
to-day, F. J. Lisman, the well-known investment banker,
expresses the belief that the short and long outlook for the
railroads of the United States is far from promising and cannot improve unless the unfavorable facts are visualized and
energetic joint action is taken to overcome them. Railroads with rare exceptions have shown, he thinks, very little
initiative during the last generation; they have paid very
close attention to detailed operating problems, but have not
kept ahead or even abreast of changing conditions. Changing conditions which during the last generation have affected
nearly every walk of life can best be faced by the railroads
as a group, instead of singly. The following are extracts
from Mr. Lisman's article:
During 1930 the railroads of the United States will probably fail by
nearly 500 million dollars to earn the standard statutory return to which
they are entitled by law—that is, 5%. per cent on their valuation. How
much better will they do in 1931? That depends, of course, on how much
gross earnings are going to be increased, if any, during that year and how
much operating expenses are going to be reduced.
It is time for the railway owners and managers to boldly face the future
and take stock of the points of weakness and strength in the situation.
In the writer's opinion, the elements of weakness are:
1. The constant whittling of the rate structure brought about to a large
extent by the railroads themselves for competitive purposes, as hereinafter
fully discussed.
2. The further loss of passenger business. In 1929 there was some hope
that this loss was going on at a diminished rate; during 1930 it is going
on at an increased rate, although this is partially due to the general
decline in business and pleasure travel.
3. Law of profitable, as well as unprofitable, 1.c.l. and carload freight
business to highway competition.
4. In the oil producing regions, the loss not only of crude oil but also
the forthcoming loss of the much more profitable traffic in gasoline,
owing to pipe line competition.
5. The continuing consolidation and co-ordination of various industries
which will gradually eliminate wasteful competition among themselves
and thus reduce the amount of competitive cross shipments. For example, the various manufacturers of meal and other cattle feeds are
endeavoring less and less to compete in territory not strictly tributary to
their localities. Another example is the result of a recent important consolidation in the soap industry.
6. Further possible loss in certain commodities or in reduced rates,
owing to government subsidized waterway competition.
7. Coal traffic is likely to further decrease with the growing competition not only from hydro-electric development, pipe lines carrying oil, but
pipe lines carrying natural gas, which are under construction to practically every city of 250,000 people or more, with the exception of Boston,
Rochester, N. Y., Providence, Washington, D. C., Minneapolis, Seattle and
Portland, Ore.
8. With very few exceptions, railroads have not learned to "metchandise" transportation. Railroads in general and the traffic departments in
particular have not drawn much new bleed from the outside and the traffic
departments largely suffer from ingrown mentalities. Most of the traffic
men started railroading when transportation sold itself. To quote from
a pamphlet written by W. H. ?dams, former railroad officer now living in
Chicago: "Most traffic men grew up when they had a seller's market for
transportation and do not know how to adjust themselves to present conditions, where railroad transportation must be marketed or disposed of to
consumers against various competitors; in other words, to a buyer's market." Many traffic men do not even thoroughly know the geography of
their own country
The railroads have "solicitors" or, what in mercantile parlance are designated as "order takers." They do not have salesmen. Very few of these
"solicitors" trouble themselves with the detailed problems of the men on
whom they call; neither are they prepared to make constructive suggestions to them. They think they have done their duty when they call
frequently, ask whether they are getting their share of business, whether
the service is good and leave a few cigars.
Work in the railroad traffic department should have a big appeal to
young college men laceause in such a department, if properly run, they
can not only learn about the movement of traffic, where the different products originate and how they are distributed, but it brings them into contact with practically every line of business and the problem of every producer and distributor. Somehow this appeal has not been brought to the
college men at all. One wonders why.
9. The most important of all—in fact, probably more important than
all the other items together—the railroads suffer from cowardice in dealing with the shipping public. They lack the backbone not only to hold up
and to raise rates wherever possible, but also to insist that the cost of
large items of supplies such as rails, etc., be reduced commensurate with
the reduction of similar products sold to other consumers.
10. Labor dominates Congress to-day to the same extent as it did
when the Adamson bill was passed 14 years ago. This control of Congress
will not and cannot be broken unless the railroads as a group will boldly
face the situation and put their case before the very large class of voters—
that is, the farmers and others—and secure their co-operation toward reducing or at least holding down the cost of transportation. There are more
voters interested in proper adjustment of railroad wages to the cost of
living, than there are railroad employees. It is a question of proper organization and presentation of facts.
Railroad employees have mostly very responsible positions and are entitled to liberal pay which they can only obtain when the employing corn-
1046
FINANCIAL CHRONICLE
panies themselves are prosperous. Their compensation
should be adjusted
both up and downwards, according to the actual cost of living
based on retail
prices. Rules designed merely to create work for men not
needed and
which increase the cost of transportation service, must be eliminated
as an
injustice to all parties concerned.
The Elements of Strength.
The elements of strength in the situation are:
1. Operating efficiency demonstrated by getting better results out of
every (teller spent for maintenance of way and equipment and for conducting transportation; possibly also in connection with general expenses.
This is reflected by the great reduction in fuel expenses, by the greatly
Increased number of ton-miles per man-hour, km, fre. No doubt some further progress, but at a greatly reduced rate, can be made in that direction
for some years to come but far from enough to overcome the elements of
weakness above enumerated.
2. The realization on part of the I. C. C. of the need for increased
revenue as evidenced by the recent advances in class rates in the
East,
and Middle West and in many other ways. These particular eases have
been pending for several years and have only been adjudicated after testimony was taken all over the country. The record in these cases runs up
to many hundreds of thousands of pages. In the Western Case alone, no
less than 544 lawyers, who represented railroads, shippers and official
bodies, had to be heard. The decision just rendered in the Grain Rate
Case is not necessarily a proof to the contrary because the Hoch-Smith
resolution and the present condition of agriculture affected this situation.
Outlook for 1931.
Disregarding political "Pollyanna" predictions, competent authorities
are gradually agreeing about the unfavorable business outlook for 1930 as
a whole; there is a tendency toward an agreement that times cannot improve substantially until there is a new crop under way which will bring
somewhat better prices than those now prevailing. The election of a very
radical Congress at the forthcoming November election is hardly going to
be helpful although such a Congress will not assemble In regular session
until December 1931.
The best which might reasonably be looked for by way of railroad earnings for 1931 is recovery of one-half the loss of 1930 compared with 1929.
Thereafter, unless operating expenses are substantially reduced in 1931 and
the sources of revenue increased here and there, railroad credit is likely to
be seriously injured by some substantial reduction in dividends (which fact
may already have been discounted in the stock market) and, in some cases,
by earnings which will fail to fully meet interest charges.
The problem, therefore, divides itself into one of increased revenue
brought about by increased rates which cannot be done hurriedly, and
reduction in operating expenses, which also is a slow process.
In these pages the writer has frequently referred to the fact that traffic
men, when in convention assembled and otherwise, have not the courage
to suggest an advance in rates for fear that their competitors will tell the
shippers of such a move and that they thereby may lose some competitive
traffic. In other words, everyone is afraid to bell the cat!
It is quite easy, and has become customary, to blame the Interstate
Commerce Commission for the low rate structure but the real fact is that
probably no one realizes the need for additional revenue more than the COMmissioners. They are desirous of co-operating with the railroads for that
purpose, but they get very little help or encouragement.
Frequently some railroad which tenaciously fights a $200 cow case permits its traffic men to make a rate in order to locate some manufacturer
on its line which will reduce revenues from this particular type of traffic
from other shippers on the road by possibly thousands of dollars in grass,
which means the same amount in net because the cost of handling is not
reduced. This same rate "adjustment," as it is euphemistically called, may
reduce the railway revenues as a whole in the particular section of the
country by tens of thousands of dollars.
(VOL. 13L
had much to do with this rapid change. The prompt
change in the condition of the Frisco and Pere Marquette after
their financial reorganization,
is probably due largely to a similar cause.
The very successful industrial enterprises
make manager ownership a
feature of their policy. Outstanding samples, as
far as the public knows,
are General Motors and Bethlehem Steel
Company. The question naturally
presents itself, do the railroads offer enough incentive
to their officers to
make money for the stockholders or do the
railroads suffer from management with a comparatively small stock interest
in the property but a very
large human interest in retaining the power and
glory of their positions
and the permanency of their jobs? Does
this interest in holding their jobs
extend all the way down the line and develop "yes men" rather
than men
with initiative and force?
Material Costs.
One also wonders why steel rails which sold as low as $16 per
ton during the depression of the 90's and at $28
per ton up to the outbreak of
the World War, should be selling at $42 even now,
or 60 per cent above
pre-war prices and probably proportionately higher than plates and beams.
It is quite true there is a high tariff on
rails but nevertheless some time
ago the Boston & Maine had the courage
to buy imported rails. It is
said that of late American railroads have
been unable to get fair quotations on steel rails from abroad. One cannot help
but wonder why this is.
Possibly the high price of rails may be due to the anxiety
of all the large
railroads to stand well with all the big steel companies, in order to get
a share of their tonnage. Again—are the railway men
as a group too
timid to bell the cat?
The present freight car costing 92,000 is quite different
a
ear from the
pre-war box car which sold at $1,000. Still, a difference of fully 100 per
cent in price seems somewhat excessive. Similar remarks apply to locomotives.
Can this difference be due to the fact that the number
of car and locomotive builders has been greatly reduced, or is the
price of the metal
rather high?
Summing Up.
Many economists of international standing privately express the opinion
that, metaphorically speaking, world trade is now in the biblical seven
lean years; on account of the unpopularity of such a pessimistic viewpoint
they do not utter it publicly.
But be this SS it may, for the reasons herein above stated, the writer
believes that the short and long outlook for the railroads of the United
States is far from promising and cannot improve unless the unfavorable
facts are visualized sod energetic joint action is taken to overcome them.
There is wanted absolute thorough co-operation to represent the necessities of the railroads to the public. To quote President Downs of the
Illinois Central: "The battle for continued success mutt be fought on
two fronta--more revenue and less expense" and it may be lost on
either.
1. Wasteful expenditures of taxpayers' money for waterways might be
stopped if It could be shown to them that it is wastefuL
2. Legislation unduly favoring railroad employees, not at the expense
of the railroads alone, but at the expense of the users of transportation—
all of us—can also be checked by a fair presentation of the actual facts.
3. The traffic department must be "rejuvenated" with men of vision
who will look at the transportation problem from the consumers' point
of view; that is, they must show the shipper advice and service which is
worth, if anything, more than present freight rates, instead of placating
him by reducing his rates. Traffic men must visualize that their principal job is to produce net dollars and not carloads filched from competitors.
4. Highway competition on passenger and freight traffic must be
faced and dealt with courageously and in a big way.
5. Rates, wherever possible, must be adjusted upwards. This can only
be done by some one whose decisions cannot be used in a competitive way
against particular carriers. Certainly rate advances in many cases would
deprive certain railways of some traffic and revenue but they would just
as surely benefit each one of them by way of additional net income. Let us
have "rata czars." If no agreement can be reached in the three rate sections, let us at least begin in one section.
Changing conditions which during the last generation have affected
nearly every walk of life can best be faced by the railroads as a group,
instead of singly. Railroad executives are very strong individualists and
in their ambition and efforts to strengthen their own companies, they are
forgetting that "in union there is strength."
Mr. Liman thinks that if the stockholders of the railroads fully realized the situation they would insist on offering resolution.s at stockholders' meeting that no freight
rate should be reduced without the consent of the board of
directors or executive committee. If this responsibility
were put upon the President and the directors, the President
would be most loath to recommend rate reductions even
though reasonably certain that his directors would approve
his suggestions. However, more than this is needed, he Texas Cotton Rates—Inter-State Commerce
Comdeclares, and then proceeds as follows:
mission's Order Requiring Like Rates for Trucks
and Rails Causes Discussion.
Need for a Rate Czar.
The country as a whole, or the railroads by groups or sections, need a
A Houston (Tex.) dispatch published In the "Wall Street
rate czar. They need someone familiar with the rate structure problems Journal"
of Aug. 5 stated:
who, after proper study will advise them where rates can be raised
without
doing injustice to particular trades or communities and insist that such
rates be advanced. It may be taken for granted that the Commission will
hearken to any reasonable requests along that line. It is certain that no
one will take the position of rate czar unless assured beforehand of full
support or, rather, of autocratic powers. The right kind of men are available, but whatever name may be suggested may not necessarily be acceptable to every railroad president in the particular group.
The presidents of the railways in the three traffic territories of the country should each select a small committee with full authority to select a
traffic czar for their particular section, under an agreement that such selection shall become effective upon ratification by a majority. This would
be a bitter pill to many highly individualistic presidents, but in the case
of serious diseases, bitter pills are frequently needed.
As matters now stand, the railroad executives are very much in the
position of the famous Polish Parliament which never accomplished anything because every member had veto power. The consequence of this
"right to object" was the total collapse of Poland. . . .
Stock Ownership by Management.
In studying railroad history and prosperity during the last 40 years, we
find many companies now in high standing, whose stock in the early 90's
was substantially worthless. Outstanding examples are Santa Fe, Union
Pacific, Northern Pacific, Reading, Southern Railway, Lee. The growth of
the country, progress of the art of operation and good management have
brought about the change. On the other hand, if we look for very rapid
development within a compartively short time, we find the Harriman Lines,
during the life of the late E. H. Harriman, and the Van Sweringen Lines
of recent years. In both of these cases, the dominant spirits in the companies were large stockholders and one wonders whether the principle represented by the old adage, "The eye of the owner fattens the steer," has not
Recent action of the Texas Railroad Commission ordering the same rates
for truck lines as charged by r..,ilroads engaged in the hauling of cotton
has become the source of discussion among traffic men here.
During the hearing at Houston, the placing of all cotton carrying truck
lines in one classification was contested by Galveston interests. Scale
rates for truck lines call for higher rate on cotton to Galveston than
Houston.
More than 226,000 bales of cotton were brought here by truck during
the past season.
4% Increase on Live Stock Freight Rates to Eastern Cities
Ordered by Inter-State Commerce Commission.
An increase of about 4% in live stock freight rates to
Eastern cities, effective Oct. 15, was approved on Aug. 1
by an Inter-State Commerce Commission decision. Associated Press advices from Washington announcing this
said:
The advance in the rates on cattle, hogs and sheep resulted from a
reconsideration of the findings by which the commission instituted rate
reductions in 1928 over railroad protests which are still pending in
courts.
The key rate to the new schedule, which is that borne by live-stock
shipments from Chicago to New York City and other population centers near by, is now 50.5 cents a hundred pounds. The commission's
decision today allowed that to be increased to 53 cents.
The key rate for shipments from the South, which applies on traffic
from Nashville to New York City and neighboring points, will become
61 cents under the new arrangement, as compared with 60 cents at
present
Slight Change in United States Steel Shares Held
Abroad.
The holdings of United States Steel Corp. common shares
in foreign countries decreased .01% during the quarter
ended June 30 1930, while the holdings of preferred stock
showed a slight increase. At the end of the quarter 170,803
shares of common stock were held abroad compared with
171,947 shares on March 31 1930 and 183,396 shares on
July 31 1929 (the report was brought out at the latter date
instead of June 30 in 1929). There has been little variation
In the amounts of preferred stock held abroad at the same
dates, the figures being 95,213 shares on June 30 1930,
94,399 shares March 31 1930 and 96,362 shares on July 31
1929. Of course, as compared with the period before the
war, when foreign investments in American securities were
so extensive, a very striking diminution appears. On
June 30 1914 there were held abroad no less than 1,274,247
shares of common and 312,832 shares of preferred. Below
we furnish a detailed statement of the foreign holdings at
various dates since 1914:
FOREIGN HOLDINGS OF SHARES OF U.S.STEEL CORPORATION.
June 30 July 31 Dec. 31Dee. 31 Dec. 31 Dec. 31 Dec.31
1930. 1929. 1929. 1928. 1927. 1926. 1914,
Common Stock.
Africa
Algeria
Argentina
Australia
Austria
Azores
Belgium
Bermuda
Bolivia
Brazil
British India
Canada
Central America
Chile
China
Colombia
Denmark
Ecuador
Egyptig nd
Finland
France
Germany
Gibraltar
Greece
Holland
Hungary
India
Ireland
Italy
Japan
Java
Luxembourg
Malta
Mexico
Norway
Peru
Poland
Portugal
Rumania
Russia
Scotland
Servia
Spain
Sweden
Switzerland
Turkey
Uruguay
Venezuela
Wales
West Indies
No address
1047
FINANCIAL CHRONICLE
AUG. 161930.]
198
182
183
233
233
2,081
3
2,671
150
1
221
22
194
2,340
-,,,
2,552
155
1
213
122
198
2,210
3
2,645
150
1
212
178
178
125
N
N
189
192
27
2,643 4.095 2.737
--_-,
2:513 2.502 2,290
144
150
100
1-„,
1
278
164
231
2
3
690
f,ioi
46
17
59r,013 65,85 51-,38 42r,37i 24:125 54,259
47,0
391
456
244
384
295
260
382
373
326
331
388
337
235
39
34
35
34
51
50
11
1
18
18
43
36
26
36
26
3
2
66
---6 --Oo
60
- i'i
41,978 40,449 37,968 36,099 46,513 29,385 710-,iii
____
4
4 14:515 9,937 64,137
12.772 13,879 12,937 13:97.
663 2,664
885 1,271
880
867
849
100
--H
43,498 48,159 42,544 44,080 48,991 36,168 342-,i4ii
15
1
24
14
-58
--ii
--ii
14
14
298
435
250
343
355
134 Iciii
703
855
806
734
892
500
146
49
46
46
53
96
24
a
5
6
7
7
---33
33
33
---i
29
---i
56
56
56
56
56
--t19
40
36
21
24
17
949
74
76
74
108
84
9
62
0
37
00
0
11
12
16
18_ ___
1
3
28
55R
----5,5
o
-----16
7
4
4
4
6
4
2,989 2,885 2,735 2,884 3,814 3.034 4,
2-0t
2,204 1,298 1,362 1,259 1,1021-,iii
579
689
673
557
784
385
1
2,173 2,197 2,680 2,078 2,076 2,229 1,470
218
219
218
218
219
199
8
3
3
6,440
5,678
6,092
-- .3
5,537
6,307
3
--io
„,
3-_,g_28
1,872
PREFERRED.
COMMON.
Date.Shares. Per Cent.
Shares. Per Cent.
312.311
8.67
Mar.
D 31 1914.___ _1,285,636 25.29 Mar. 31 1914
312,832 8.67
Juno 30 1914
1.274,247 25.07 June 30 1914
Sept. 30 1914
309,875 8.60
1,231.968
Sept. 30 1914
309.457 8.59
Dec. 31 1914
1,193,061 23.47 Dec. 31 1914
308,005 8.55
Mar. 31 1915
1,130,209 22.23 Mar. 31 1915
303,070 8.41
957,587 18.84 June 30 1915
Juno 30 1915
297,691
8.26
826.833 16.27 Sept. 30 1915
Sept. 30 1915
274.5841
7.62
696,631 13.70 Dec. 31 1915
Dec. 31 1915
262,091
7.27
634.469 12.48 Mar. 31 1916
Mar. 31 1916
171,098
4.75
Sept. 30 1916-.__- 537,809 193,8 Sept. 30 1916
156,412
4.34
Dec. 31 1916
502,632 9.89 Dec 31 1916
151,757
4.21
Mar. 31 1917
494,338 9.72 Mar. 31 1917
142,226
3.94
181,342 9.45 June 30 1917
June 30 1917
140,039
3.59
Sept. 30 1917
477,109 9.39 Sept. 30 1917
140,077
3.548
Dec. 31 19,1_____ 484,190 9.52 Dec. 31 1917
140,198 3.90
9.55 Mar. 31 1918
485,706
Mar. 31 1918
149,032 4.13
.191,1649.66 June 30 1918
June 30 1918
147,845 4.10
495,009 9.73 Sept. 30 1918
Sept. 30 1918
148,225 4.11
491,580 9.68 Dec 31 1918
Dec. 31 1918
149.832 4.16
493,552 9.71 Mar. 31 1919
Mar. 31 1919
146,478
4.67
465,434 9.15 June 30 1919
June 30 1919
3.99
Sept. 30 1919___._ 394,543 7.76 Sept. 30 1919_ _ 143.840
138.566
3.84
368.895 7.26 Dec. 31 1919
Dec. 31 1919
127,562 3.54
348.036 6.84 Mar. 31 1920
Mar. 31 1920
124,346
3.46
342,567 6.74 June 30 1920
June 30 1920
118,212 3.28
323,438 6.36 Sept. 30 1920
Sept. 30 1920
111,436 3.09
5.76 Dec. 31 1920
292,835
Dec. 31 1920
106.781
2.96
289.444
5.69 Mar. 31 1921
Mar. 31 1921
105,118
2.91
5.68 June 30 1921
288.749
June 30 1921
103,447
2.87
285.070 ....60 Sept. 30 1921
Sept. 30 1921
128,818 3.58
5.50 Dec. 31 1991
280,026
Dec. 31 1921
128.127
3.55
280,132 5.51 Mar. 31 1922
Mat. 31 1922
123,844 343
5.41 June 30 1920
275,096
June 30 1922
123,710 3.43
5.32 Sept. 30 1922
270,794
Sept. 30 1922
121.308
3.36
261.768 5.15 Dec. 30 1922
Dec. 30 1922
239,310 4.70 Mar. 29 1923_, __ 119,738 3.32
Mar. 29 1923
117,631
3.27
4.07 June 30 1921
207,041
June 30 1923
118,435
3.29
210,799 4.14 Sept. 30 1923
Sept. 30 1923
113,155
3.10
3.99 Dec. 31 1923
Dec. 31 1923_ .___ 203,109
112,521
3.14
3.96 Mar. 31 1924
201.636
Mar. 31 1921
3.12
203,059 3.99 June 30 1924- 112,191
Juno 30 1924
111.557
3.01
24,691 3.97 Sept. 30 1921
Sept. 30 1921
111,739
3.19
. 198,010 3.89 Doc. 31 1924
Dec. 31 1924
111,463 3.10
195.689 3.85 Mar. 31 1925
Mar. 31 1925
111.800 3.10
12,335 2.50 June 30 1925
June 30 1925
112,679
3.12
127,078 2.50 Sept. 30 1925
Sept. 30 1925
113,843 3.16
2.35 Dec. 31 1925
119,414
Dec. 31 1925
112,844 3.13
122,098 2.40 Mar. 31 1926
Mar. 31 1926
111.908 3 10
2.53 June 30 1926
129.020
June 30 1926
112.822 3.12
2.43 Sept. 30 1926
123,557
Sept. 30 i926
112,562 3.14
123.090 2.52 Dec. 31 1926
Dec. 31 1929
113,478
3.15
2.37 Mar. 31 1927
120,348
Mar. 31 1927
113,432 3.15
2.36 June 30 1927
168,018
June 30 1927
112,835 3.14
173,122 2.43 Sept. 30 1927
Sept. 30 1927
111,262 3.08
177,452 2.49 Dec. 31 1927
Dec. 31 1927
112.385 3.12
2.62 Mar. 31 1928
187,606
Mar. 3. 1928
110,023 3.06
180,829 2.54 June 30 1928
June 30 1928
109,626 3.03
175,039 2.46 Sept. 30 1928
Sept. 30 1928
101,942 2.83
166,415 2.34 Dec. 31 1928
Dec. 31 1928
101,627
2.82
173,920 2.44 Mar. 31 1929
Mar. 31 1929
2.28 July 31 1929
96,362 2.68
183,396
July 31 1929
2.18 Sept. 30 1929
94,724 2.64
176,485
Sept. 30 1929
94,524 2.63
182.150 2.24 Dec. 31 1929
Dec. 31 1929
2.00 Mar. 31 1930
94,399 2.62
171.947
Mar. 31 1930
1.99 June 30 1930
95.213 2.64
170,803
June 30 1930
In the following table we also show the number of shares of
the Steel Corporation distributed as between brokers and
investors as on June 30 1930 and July 31 1929:
June 30 1930. Ratio. July 31 1929. Ratio.
CommonBrokers,domestic and foreign__1,589.834
Investors, domestic and foreign _6,971,042
PreferredBrokers, domestic and foreign.... 252.771
Investors, domestic and foreign-3.350,040
18.57
81.43
2.029.540
6,000,767
25.27
74.73
7.01
92.99
225.330
3,377.481
6.26
93.74
The following is of interest as it shows the holdings of
brokers and investors in Now York State:
CommonBrokers
Investors
PreferredBrokers
Investors
June 30 1930. Ratio. July 31 1929. Ratio.
1.507,949
17.61
1,942,211
24.18
2,258,346
26.38
1,862,397
23.19
226,755
1,505,099
6.29
41.77
203,859
1,485,437
5.63
41.22
Anthracite Freight Rates Revised by Inter-State
Commerce Commission.
170,803 183,396 182,150 166,415 177.452 123.090 1.193.064
Total
Preferred Stock
A revision in the freight rates on anthracite coal from
392
104
392
354
104
393
Africa
58
Algeria
75 mines in Pennsylvania to points in New Jersey was ordered
15
30
15 -18
15
N
Argentina
ti
60
60
60
60
60
Australia
90
484 on July 30 by the Inter-State Commerce Commission, effect476
538
453
498
483
410 2,086
Austria
120
120
120
120
120
Azores
120
ive Oct. 20 1930. A Washington dispatch, that date, to the
604
570
640
619
548
614
Belgium
-897
647
520
747
520
628
Bermuda
_7_!7_
21 New York "Journal of Commerce" added:
4
4
---------Brazil
31
On shipments from mines in the anthracite district of Pennsylvania to
81
British India
26J07 25;881 26r,i88 oe
2f,g86 oor,OOO 34,679 Sparta, South Ogdensburg, Stockholm, Ogdensburg, Pellettown, Woodruff's
Canada
America
24
146 Gap, Newton, Lafayette, Branchville, Franklin, Hamburg, Sussex, Andover,
Central
--32
--§§
--i'i
--:U
--iii
15
12
Chile
136
136
136
136
138
139
49 Augusta and Monroe, N. J., rates not to exceed $2.14 per ton on prepared
China
5
5
5
5
5
o
sizes and $2.02 on pea and smaller sizes were prescribed. Also from points
Colombia
217
255
265
217
260
260 -ill on the Reading to Woodruff's Gap, Vernon, Sparta Junction, Franklin, HamDenmark
11
11
5
--__
11
140
_
Egypt
34,978 33,106 32,132 35,354 38,098 42:039 174,906 burg and Andover, rates not to exceed $2.39 on prepared sizes, and $2.27
England
10,386 11,157 10,658 13,088 17.156 14.337 38,749 on pea and smaller sizes were prescribed.
France
1,070 1,112 1,091 1,081 1.080
961 3,252
Germany
Present rates from the same district to Warbasse, N. J., and over certain
13
18
18
13
18
38
5
Greece
9,529 10.260 10,369 10,570 11,120 11,040 29,000 routes to Sparta and Sparta Junction were found not unreasonable by the
Holland
75
Commission.
Hungary
-854
-596
596
616
616
-t-31.6. -India
Certain other schedules proposing to increase the rates on coal from the
514
533
561
514
523
756 4-,iii anthracite district in Pennsylvania to certain destinations in northern
Ireland
New
1,385
1,449 1,579 1.724 1,676
1,432 1,419
Italy
1
1
1
1
1
1
81 Jersey were held not justified by the Commission and ordered canceled,
Japan
63
63
63
6
5
3
63
Luxembourg
-ia
Malta
13
13
45
11
66
154
235
Mexico
ii
7 Asks Mexico to Cut Rail Officials' Pay-Transport
--i§
Morocco
--H
-_-_!!
--.
0
--N
27
Norway
Federation Protests Plan to Reduce Laborers'
2
2
3
----___
---,
Poland
5
Peru
Wages in Rehabilitation.
____
- - -------120
---Portugal
7
7
7
o
7
9
43
Russia
following Mexico City cablegram, Aug. 6, appeared
The
1,473 1,417 1,442 1,455 1,305 1,648 13,747
Scotland
220 in the New York "Times":
Serbia
-,i
§
-ZIU
-LN
miii
-455
-547
432
\Spain
717
753
753
The pruning of the salaries of railroad executives rather than a cut in
753
722
749 1,137
Sweden
2,918 3,760 3,488 3,746 3,804 2,606 2,617 the labor payroll is recommended by the Federation of
Switzerland
Transports and Com100
100
100
105
100
100
105
Turkey
1,068 munications as a step in the rehabilitation of the Mexican National RailWales
executives
are
receiving salaries far higher than they
37.581 3.042
874 ways. Many such
2-,657 3-.177 27,8-57 3-.59r
West Indies
can earn, the Federation asserts in its protest to President Ortiz Rubio
95.213 96.362 94,524 101,942 111.262 112.562309.467
Total
against the adoption of the plan recommended by a commission consisting
The following carries the comparisons back for a long series of former President Calles, Finance Secretary Montes de Oca and Senor
Sanehes Mejorada.
dates:
0
of
28
1048
FINANCIAL CHRONICLE
"Enormous sums of money, unwarranted and unearned, go to the directors
of our national railways," the Federation alleges. "These are spent to the
detriment of the loyal workers, whose wages are not sufficient to support
even the most modest homes."
The statement of the Federation sets forth that Mariano Cabrera, at the
time of his resignation as general manager of the national railways was
receiving a salary of about $33,000 a year. Two positions were created
whose occupants took over his work, it is pointed out, the First Vice-President of the Directorial Board receiving about $33,000 a year with a transport manager to assist him at approximately $22,000.
The Federation cites other instances of high salaries which, it asserts,
"are far from showing the national railways in bankruptcy but in such
financial prosperity as not to warrant suffering on the part of their
laborers."
National Railways laborers, continues the statement, have been sufficiently
efficient to lower the coefficient of working costs to about 81%, as compared with that of the systems in France of 73.37%, in Belgium of upward
of 92%, and in Holland of 73.17%.
The statement further urges that the Government aid the railways by
leaving in their treasuries the 10% tax now levied on their gross incomes.
It is expected that the agreements reached by the Mexican representatives
with the New York bankers will be published in full as soon as Senor
Mentes de Oca has conferred with the President. The provision that future
international payments by Mexico shall be secured by charges on customs
Is regarded here as sound, but financial circles are awaiting details as to
provisions for meeting the Mexican indebtedness, other than that to the
bankers and that of the railways, before giving full approval to the plan.
Report on Investment Trusts Submitted to Assistant
Attorney-General Washburn of New York—Summary of Data Obtained Through Questionaires
to 270 Concerns.
A report on that phase of the survey of investment trusts
having to do with statistical results was presented to New
York State Assistant Attorney-General Watson Washburn
under date of Aug. 1 by Frank J. Meehan, Statistician for
the State Bureau of Securities, of which Mr. Washburn is
the head. The information was gathered from questionnaires addressed to 270 investment trusts. Mr. Meehan
states that the importance of the report "may best be measured when it is considered that most of the important companies in North America have submitted data which have
been analyzed and compiled for the first time by any private
or public agency." In stating that that part of the investigation which involves a scrutiny of the operations of those trusts
which show indications of possible fraud or misrepresentation
practiced upon the pubblic is still in progress, Mr. Meehan
adds that "it is gratifying to note that, generally speaking,
no such practices have been found in any of the larger and
more responsible companies." Among the statistics supplied
It is indicated that 199 companies on Dec. 31 1929 reported
profits resulting from their operations for the year of $275,435,447. It is also stated that 92 companes reported as
never having borrowed funds in the conduct of their business,
while 73 reveal borrowings totaling $177,976,317—equal
3.9% of total resources. We give the report herewith:
to
Aug. 1 1930.
To: Mr. Washburn.
From: F. J. Meehan.
Re: Investment Trusts.
I wish to report that the statistical work in connection with the investment
trust survey has been completed. Following herewith is a complete summary of the facts and figures gathered from the question/Ores, which were
submitted by 270 investing companies and trusts. These consist of all
known types, but as a complete classification would be both difficult and
subject to error. I have separated them into two general classifications:
Fixed and management.
Included among the former are all trusts whose purchasing of securities
is restricted in any way by trust agreements entered into with financial
institutions acting as trustees. Among the latter are included those companies affiliated with banks and trusts companies, who may not properly
be considered investment trusts, but whose operations have resuled in
large investments in securities, thereby bringing them within the scope of
the present inquiry.
Management Companies.
On March 31 1930 these companies presented wide diversity as to size.
The smallest company bad but a few thousands of dollars in assets, while
the largest had total resources of over $250,000,000. I have set up below
a table showing the number of companies in graduated brackets as revealed
by the total resources in their balance sheets of March 311930:
No. of
No. of
Total Resources—
Co.'s
Total Resources—
Co.'s
To $1,000.000
3
75,000,001 to 100,000.000.37
61,000,001 to 65,000,000—
8
100,000,001 to 200,000,000- ___
56
5,000,001 to 10.000,000_ _
2
200,000,001 to 300,000,000.-- 35
10,000,001 to 20,000,000_ - 46
.
20,000,001 to 40.000,000_
21
640,000,001 to 875,000,000__ 227
19
On Dec. 31 1929 total resources for the above companies amounted to
$4,473,245,775. This increased to $4,573,936,693 on March 31 1930.
an increase of $100,690.918.
The total net assets on Dec. 31 1929 for the entire group amounted to
$4,223,211.761. On March 31 1930 this figure rose to $4,331,456,461,
an increase of $108,244,700.
Total cash on hand Dec. 31 1929 for the above group of companies
amounted to $438,944,560. This was equal to 9.8% of total resources on
that date. This decreased on March 31 1930 to $381,928,522, or 8.3%,
a reduction of $57,016,038. The above totals of cash include cash in
banks,cash loaned out in the call money market,and United States Government securities.
Miscellaneous securities in portfolio figured at cost or at inventory value
on Dec. 31 1929 amounted to $3,792,824,810. On March 31 1930 this
total declined to $3,772,963,990, a reduction of $19,860,820.
(Vim 131.
On Dec. 31 1929 43 companies reported appreciations in the values over
cost of their investments in portfolio in the total amount of $190,204,928.
On the other hand. 170 companies reported lowered values below cost in
said portfolio in the amount of $451,880,990. Deducting from the above
figure the appreciation reported as above, the net depreciation was
$261.676.062.
On March 31 1930 97 companies reported portfolio depreciations of
$118,205,043. At the same time 115 companies reported appreciations in
the amount of $492,837,686. Deducting the above $118,205,043 of depreciation, the net appreciation in the combined portfolios of the group
amounted to $374,632,643.
On Dec. 31 1929 199 companies reported profits resulting from their
operations for the year or period, where companies were functioning less
than a year, in the total amount of $275,435,447. Losses were reported
as of the same date by 25 compnaies totaling $10,047,609.
Ninety-two companies reported as never having borrowed funds in
the conduct of their business. On the other hand, balance sheets of 73
companies dated Dec. 31 1929 reveal borrowings in the total amount of
$177,976,317. This was equal to 3.9% of total resources. On March 31
1930 such borrowings on the part of 73 companies amounted to the sum of
$150,999,527, a decline of $26.976,790. The total of maximum loans made
since Jan. 1 1929 to filing date of questionnaires, by 139 companies,
amounted to the total of $371,143,275.
Only 10 companies of all those considered in the survey reported as having made short sales.
Each company was required in answering the investment trust questionnaire to state whether or not it disclosed its portfolio to shareholders.
and if so, how often. One hundred seven companies reported giving this
information to stockholders annually or more frequently. Thirty-eight
companies stated that they disclosed the contents of their portfolios to
stockholders at stockholders' meetings or upon demand. Eighty-five
companies reported that they either did not disclose their List of securities
to their shareholders or that only a partial report was made.
I have prepared and set up below a table showing the States in which the
trusts reviewed in this report are domiciled:
No. of
No. of
State or Cotwary—
Co.'s
State or Country—
Co.'s
New York
169
Maryland
6
New Jersey
30
California
4
Massachusetts
21
Canada
3
Miscellaneous States
14
Pennsylvania
9
Illinois
9
Total
270
It will be of interest to you to learn that 168, or 62% of the trusts under
review, have commenced operations since the last investment trust investigation was made by this Bureau in the fall of 1927.
The following table shows the number of trusts which were formed prior
to 1920. and in each subsequent year to 1930:
No. of
No. of
Years Formed—
Trusts.
Years Formed—
Trusts.
Prior to 1920
6
1926
15
1920
1
1927
58
1921
1928
64
1922
1
1929
97
1023
1
1930 (to May 31)
7
1924
8
1925
Total
12
270
Fixed Trusts.
Included in the 270 trusts shown in the above table are 40 of the Fixed
type.
Up to Dec.31 1929, total sales of shares in such trusts amounted to $204,556.608. This figure amounted to $257.844,047 on March 31 1930, an increase of $53,287,439.
Conclusion.
This report marks the completion of that phase of the Investment Trust
Survey which has to do chiefly with the statistical results of the investment
trust movement. In this respect its importance may best be measured
when it is considered that most of the Important companies in North America
have submitted data which has been analyzed and compiled for the first
time by any private or public agency.
A most important part of the investigation, however, is still in progress.
This involves an intensive scrutiny of the operations of those trusts, which
show indications of possible fraud or misrepresentation practiced upon
the public. It is gratifying to note that generally speaking no such practices
have been found in any of the larger and more responsible companies.
Up to the present time, the Investigation of three suspected companies
have been completed, resulting in injunctions in each case.
Respectfully submitted.
FRANK J. MEEHAN.
48 States Report 32,522 Miles of Highways Improved
Last Year.
In 1929 the highway departments of the 48 States improved a total of 32,522 miles of State highways, according
to reports received from the departments by the Bureau of
Public Roads, "United States Department of Agriculture.
In the year they expended a total of $910,485,291 for highways. They .also reported a total of 314,136 miles of highways in the State systems at the end of 1929. Advices from
the Department of Agriculture, July 26, reporting this, adds:
The total mileage improved is an increase of 3,270 miles over the 1928
figure, and includes 7,451 miles of graded and drained earth roads and
25,071 miles of new surfacing. New surfaces were placed on three types
of roads—on unsurfaced roads, on roads already improved with a lower
type of pavement, and on roads of the same type of surfacing, which is
classed as reconstruction work. Of the 25,701 miles of new surfacing,
14,014 miles were laid on unsurfaced earth roads, 4,337 miles on a lower
type of surfacing, and 6,720 miles on the same type of surfacing.
The types and mileages of new surfacings are as follows: Sand-clay and
topsoil, 2,399 miles; gravel, 12,183 miles; waterbound macadam
(treated
and untreated), 1,642 miles; bituminous macadam, 1,200 miles; sheet
asphalt, 116 miles; bituminous concrete, 440 miles; Portland cement
concrete, 6,991 miles, and brick and other block pavements, 100 miles.
The total of 314,136 miles in the State systems represents an increase
of 7,694 miles over the 1928 figure, and includes 208,324 miles of
surfaced highways, 28,553 miles of graded and drained roads, and 77,259
miles of unimproved and partly graded highways.
The surfaced mileage consists of 133,211 miles of low-type and 75,113
miles of high-rtype surfacing. The low-type surfaces include 15,442 miles
of sand-clay and topsoil; 97,838 miles of gravel, and 19,931 miles
of
AUG. 16 1930.]
FINANCIAL CHRONICLE
waterbound macadam. High-type surfaces include 14,043 miles of bituminous macadam; 1,498 miles of sheet asphalt; 5,722 miles of bituminous
concrete; 50,584 miles of Portland cement concrete, and 3,266 miles of
vitrified brick and other block pavements.
For construction and right of ways the State spent $557,400,625; for
maintenance, $173,060,321 ; for equipment and machinery, $18,056,509;
for interest on outstanding bonds and notes, $45,834,531, and for miscellaneous items, $5,524,358. The States also paid out $42,384,878 in
retirement of the principal of outstanding bonds and notes and transferred
$45,791,374 to county and town funds for local roads. Other obligations
assumed by the State Highway Departments amounted to $22,433,195. •
The total sum available to the 48 States for 1929 for State highway
and bridge work under supervision of State Highway Departments (including bond payments and transfers to counties) amounted to $1,194,775,026.
This was made up of an unexpended balance of the previous year's funds
of $232,967,988, and an income of $961,807,038. Of this sum, motor
vehicle fees of $278,092,734 and gasoline tax receipts of $287,258,416
allotted to State highways represented more than 58%. Sales of State
bonds and notes issued for State highways amounted to $161,229,297, or
snore than 16%% of the income. Federal-aid fund allotments of $77,572,691 represented 8%. Highway taxes levied in several States amounted
to $11,431,349, and appropriations for highway funds by several States
totaled $60,305,631. Miscellaneous income was reported as $11,726,608,
and funds transferred from local authorities as $74,190,412. The States
reported an unexpended balance of $284,289,735 at the end of 1929.
American Bankers' Association Convention to Hold
Conference on Bank Taxation Controversy—Chain
Group, and Branch Banking To Be Considered—
Also Bank Failures.
Controversial issues that have arisen as a result of proposals to amend the Federal statute relating to the taxation of
National banks by the States will be made the subject of a
special tax conference at the American Bankers Association
convention to be held in Cleveland, Ohio, Sept. 29 to Oct. 2,
it was announced on Aug. 12. The tax conference, according
to the schedule of official convention events made public by
W. G. Fitzwilson, Secretary of the Association, will be conducted under the organization's standing Committee on
Taxation and its Special Committee on Section 5219,
United States Revised Statutes, which is the measure
involved in the proposals for changes in the law so as to
broaden the provisions permitting the States to tax the
National banks. The meeting is set for the morning of
Monday, Sept. 29 in the Hotel Cleveland, the headquarters
of the Association during the convention.
Another meeting to which special interest is said to attach
among bankers is that of the Economic Policy Commission,
to which has been given the assignment of investigating and
reporting on developments in chain, group and branch
banking. It is pointed out that the Comptroller of the
Currency at Washington has officially recommended a
radical broadening of the powers of the National banks so
as to allow them to conduct branches throughout what he
calls the trade areas of their operations, whether comprising
one or more States. The Association, it is stated by an
official, has long been on record as being opposed in general
to the extension of branch banking except as allowed under
the present McFadden law which permits restricted establishment of branches by National banks in their home communities in States permitting branch banking. The report
of the Economic Policy Commission is expected to play an
important part in the convention's consideration of this
subject.
Another meeting declared to be of particular importance
will be that of the Protective Committee, which will meet
on the call of its chairman to consider the problems of protecting the banks against banditry and other forms of crime
and of promoting the apprehension and punishment of bank
criminals. The high tide of criminal operations against banks
reported the past year is said to lend especial importance to
the findings which the committee will present.
Bank failures and unsatisfactory earnings among banks
caused by economic changes and handicaps have been one
of the major subjects engaging the attention of the Association's experts, it was stated at its headquarters, and this
will come up for attention through the Bank Management
Commission, which will hold a session the afternoon of
Monday, Sept. 29. Improved bank management and more
scientific methods in all the technical phases of operation
have been studied by this Commission, it was said, and its
recommendations for the application of its findings to
practical bank administration are expected to be one of the
important features of the convention.
In view of the many controversial banking and economic
questions engaging widespread attention this year it is also
expected that the resolutions committee will play an important part, and this body will meet daily on call of the
chairman during the convention period.
1049
The detailed schedule of meetings as announced is as
follows:
Monday, Sept. 29.
In Hotel Cleveland-8:15 a.m., Membership Committee.
9:00 a.m., Insurance Committee, Public Relations Commission.
9:30 a.m., State Bank Division General Meeting, Tax Conference Special
Committee on Section 5219 United States Revised Statutes and Committee on Taxation, Savings Bank Division Executive Committee, Tru
Company Division Executive Committee, National Bank Division Executive Committee.
10:30 a.m., Economic Policy Commission.
12:15 p.m., Commerce and Marine Commission.
1:30 p.m., State Secretaries Board of Control.
200 p.m., National Bank Division General Meeting, Fiftieth .Anni
versary Committee.
2:15 p.m., State Legislation Committee and State Legislative Council
230 p.m., American Bankers Association Educational Foundation
Trustees, Bank Management Commission, Agricultural Commission.
300 p.m., Public Education Commission.
3:30 p.m., Federal Legislation Committee and Federal Legislative
Council.
9:00 p.m., Executive Council.
On call of chairman, State Bank Division Executive Committee. Special
Committee on Section 5219 United States Revised Statutes, Committee on
Bankruptcy, Resolutions Committee, Protective Committee, Administrative Committee, Finance Committee.
Tuesday, Sept. SO.
In Music Hall, Cleveland Public Auditorium: 9:45 a.m., First General
Convention Session.
In Hotel Cleveland: 2 p.m., Trust Company Division General Meeting,
State Secretaries Section General Meeting.
5:00 p.m., Nominating Committee.
6:00 p.m., Subscription Dinner National Alumni Association American
Institute of Banking Section, Conference Dinner State Bank Division
officers.
Wednesday, Oct. I.
In Music Hall, Cleveland Public Auditorium: 9:45 a.m., Second General
Convention Session.
In Hotel Cleveland: 2:00 p.m., Savings Bank Division General Meeting.
6:30 p.m., Incoming President's dinner to American Bankers Association
Incoming State Vice-Presidents and others.
Thursday, Oct. 2.
In Music Hall, Cleveland Public Auditorium: 9:45 a.m., Third General
Session.
Convention
In Hotel Cleveland, afternoon, Executive Council, Administrative
Committee.
During the convention period there will be open in the
Hotel Cleveland, the Press headquarters, office of the
American Bankers Association "Journal," Bank Library
Exhibit,headquarters for various State Bankers Associations,
desks for registration of delegates, the golf committee, for
transportation, the hotel committee and information, a
postoffice, and Cleveland committee headquarters.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
-Charles P. Partridge, Vice-President of the Bank of Italy,
has been designated as the New York representative of that
institution, according to an announcement made by President
A. J. Mount on Aug. 5. Partridge left for New York on
Aug. 6 to assume his new duties. He succeeds Howard P.
Preston, Preston having taken an important post in Transamerica Corp. in connection with the campaign to secure
500,000 stockholders, which would place this large holding
corporation in the forefront of all American organizations
in the point of number of shareholders.
George A. Webster, Vice-President in charge of the
Business Extension Department of the Bank, recently returned from an extended visit to New York, made at the
instigation of Elisha Walker, Chairman of the Board of
Transamerica Corp. Webster reported that as the result
of the participation of Walker and his associates in Transamerica, the Bank of Italy has formed new and valuable
connections in the metropolis and, upon his recommendation,
Partridge was chosen as the liaison officer between the
California banking institution and the great businesss
organizations of the East.
The Central Hanover Bank & Trust Co., New York, has
had its group life insurance policy superimposed so that the
employees may secure additional insurance on a contributory
basis. Employees are given life insurance in amounts
equal to the nearest $500 of annual salary. Under the new
arrangement, they can subscribe to as much additional
insurance as they are entitled to under the non-contributory
section of the policy. The cost of the additional insurance
to employees is 80 cents per thousand per month, payable
by salary deductions. The balance of the cost is assumed
by the Central Hanover.
Ernest B. Tracy, President of the United States and
Foreign Securities Corp., has been elected a director of
Empire Trust Co., of NewYmir City.
Clarence J. Dauphinot, President of Frederic J. Hatch &
Co., Inc., has been elected a director of the•Hibernia Trust
Co., of this city.
1050
FINANCIAL CHRONICLE
At a meeting of the board of trustees of the Bank of New
York & Trust Co., R. McAllister Lloyd, formerly Assistant
Trust Officer of the New York Trust Co., was appointed
Assistant V4e-President.
[VOL. 131.
One of the first jobs of the now receiver will be to take steps to collect
money due the bank, a considerable amount of which is said to be outstanding.
It is expected the bank will be sold. Mr. Vanderbilt, however,said that
the Merchants & Newark Trust Co. would notbuy the bank as it is, without
knowing what the liabilities are.
Judge Runyon to-day (Aug. 13)also signed an order limiting to one month
the time for filing claims against the bank.
Prior to the appointment of Mr. Ackerson to-day (Aug. 13), John J.
Stamler. President of the New Jersey National Bank & Trust Co., went to
Judge Runyon's chambers and offered the services of his bank as receiver
in taking over and winding up the affairs of the Port Newark National.
In the meantime plans for salvaging the assets are being worked out.
The plan as outlined by Mr. Vanderbilt and Judge VanRiper would provide for a consideration of an offer of the Merchants & Newark Trust Co.
to purchase the Port Newark bank for $700.000 and "also open the doors
for the consideration of any other offer to acquire the bank by any other
interests."
The last piece of limestone on the coping at the top of the
new Irving Trust Co. building at 1 Wall St. was placed in
position on Wednesday (Aug. 13), more than 50 stories above
the street level. This marks the completion of the exterior
of this new skyscraper. The builders report that 288 flat
cars were required to bring the Indiana limestone to New
York. Plans for the building provide for a spacious reception room approximately three stories high, extending
100 feet, the entire length of the Wall St. frontage, and 40
That no appeal will be taken at this time from Federal
feet deep. The walls and lofty ceiling of this room will be
finished in exotic glass mosaic and bronze, giving a charming Judge Runyon's appointment of Mr. Ackerson as receiver
appearance of warmth and color. The Ryksdag in Stock- was announced Thursday, Aug. 14, by Judge Van Riper
holm is said to be the only other building in the world con- of the Court of Common Pleas, representing the Comptroller of the Currency, according to the Newark "News"
taining a hall completely decorated in this manner.
The building will have a total net floor space of ap- of that date. "Whether an appeal is taken by the Compproximately 500,000 sq. feet. The five basement floors; the troller," Judge Van Riper was reported as saying, "may
first 11 floors above grade and the five top floors will be largely depend on what speed is displayed in winding up
occupied by the Irving Trust Co. The director's room will the affairs of the bank." The Newark paper furthermore
be on the 46th floor, above which there will be dining rooms stated that, following his appointment on the previous
and a 3-story observation lounge. The remainder of the day, Mr. Ackerson furnished a bond of $100,000 and took
building will be rented to commercial and professional firms. over the bank from F. Raymond Peterson, who closed the
Elevator service will be divided into four sections. In addi- institution on Aug. 8 as receiver for the Comptroller of the
tion to private elevators for the use of the bank there will be Currency.
low, intermediate and high-rise elevators, providing rapid
From the Newark "News" of Aug. 8 it is learned that
service to every floor of the building. At each battery of
elevators a car will leave the main floor every 15 to 20seconds. stockholders of the United States Trust Co., of 936 Broad
Extending 70 feet below the Wall St. level, a 3-story Street, Newark, at a special meeting on Aug. 7, ratified a
vault, encased in more than 10 million pounds of steel and proposed reduction in the bank's capital from $1,200,000 to
concrete,is built on solid rock. The vault is along the north $600,000, and a reduction in the par value of the stock from
end of the structure and on this and two other sides is pro- $100 a share to $25 a share. The paper mentioned said:
The resolution adopted reduces the capital of $1,200,000 to $600,000
tected by the building walls of concrete and steel six feet
under an arrangement by which 12,000 shares of stock at par $100
thick. In addition to the outer steel sheathing of the vault ($1,200,000)
are to be recalled and
shares at par $25 ($600,000) to
Itself there is a thick layer of infusite, an alloy of copper and be issued. For each $100 share two24,000
$26 shares and $50 in cash is to be
iron possessing high torch-resisting qualities; and a layer of given the holder.
A more recent issue of the "News" (Aug. 14) stated that
solidified chemical which, under the heat of a cracksman's
torch would give off paralyzing fumes. Two entrances will stockholders of the trust company have been notified of the
provide access to the customers' safe deposit vault, with approval of the proposed changes by the State Department
doors weighing 60M tons each. In the protection of the of Banking and have been requested to turn in their stock,
vault many safeguards will be employed,among them asound suitably indorsed, for transfer.
detecting system wired to a loud speaker.
The Peoples National Bank of Elizabeth, N.J.,capitalized
The Wilber National Bank of Oneonta, N.Y., announces at $300,000, went into voluntary liquidation on Aug. 4.
the opening of its new building to the public to-day, Aug. 16. The institution was succeeded by the Peoples Banking &
Trust Co., of the same place.
Howard Snyder, President of the First National Bank of
William D. Blauvelt, for the past 27 years President of
Argyle, Washington County, N. Y., committed suicide on
Aug. 11 by shooting himself in the bank's vault shortly after the Second National Bank of Paterson, N. 3., died at his
two bank examiners arrived at the institution to inspect summer home at Franklin Lake on Aug. 8, after a short
the books. Mr. Snyder was 45 years of age. According to illness. Mr. Blauvelt, who was 68 years of age, went to
the Associated Press advices from Glens Falls, reporting work in the Second National Bank 42 years ago. In JanuMr. Snyder's death, printed in the "Herald Tribune of Aug. ary 1891 he was made Assistant Cashier. Two months later
12, the bank examiners stated, after a preliminary examina- he was advanced to Cashier, and in 1903 became President.
The late banker was a member of the Union League and
tion, that they had found no shortage in the accounts. The
Bankers' Clubs, of New York, and the Bond Club of New
bank was capitalized at approximately $50,000.
Jersey. He was President of the Paterson Public Library
Incident to the closing on Aug. 8 of the Port Newark trustees; Vice-President of the Paterson General Hospital;
National Bank of Newark,N.J., by national bank examiners Treasurer of the Chapultepee Land Improvement Co. in
and the filing of a receivership suit in the Federal Court Mexico; Vice-President of the Compact Securities Co., and
against the institution by Edward M.Waldron (noted in our a member of the Arcola Country and Hamilton Clubs,
Issue of last week, page 887), Theodore Ackerson, President Paterson.
of the Franklin-Washington Trust Co. of Newark, was apCharles H. Merriman has resigned as Vice-President,
pointed equity receiver of the institution on Wednesday of
this week, Aug. 13, by Federal Judge Runyon of Newark, Secretary and director of the Blackstone Canal National
according to the Newark "News"of that date. The naming Bank of Providence, R. I., following his recent appointment
of Mr. Ackerson was in conjunction with plans which are as a class C director of the Federal Reserve Bank of Boston,
being worked out to salvage the bank's assets. We quote according to the Providence "Journal" of Aug. 13. Mr.
Merriman has also submitted his resignation as a trustee of
further from the paper mentioned, as follows:
the
People's Savings Bank of Providence. Henry S. Chaffee,
The appointment of Mr. Ackerson as sole equity receiver under Federal
Court jurisdiction was termed satisfactory both by Arthur T. Vanderbilt, a director of the Blackstone Canal National Bank, has
counsel for Edward M.Waldron who filed the equity receivership suit, and succeeded Mr.
Merriman as Secretary, but the position of
Common Pleas Judge VanRiper, representing John W. Pole, Comptroller
Vice-President has not yet been filled. We quote further
of the Curency.
Both attorneys declared that they believed that within a month depositors from the "Journal" as follows:
of the bank would receive all or at least a substantial part of their deposits.
Mr. Ackerson's appointment followed the refusal of F. Raymond Porterson, who took charge of the bank last Friday (Aug. 8) as receiver for the
Comptroller of the Currency,to serve as equity receiver.
W. Paul Stillman, Manager of the Newark Clearing House Association,
the other equity receiver appointed by the Court Monday. also stated he
would be unable to serve.
Previous to the appointment of the substitute receiver to-day (Aug. 13),
there was a conference in Judge Runyon's chambers, attended by Mr.
Vanderbilt and Judge VanRiper. The latter informed the Court that he
would notify Mr.Peterson at once to turn the bank over to the new receiver.
Mr. Merriman, it is stated, expects to qualify for his Federal Reserve
directorship in Boston to-morrow to fill the unexpired term of the
late
Charles II. Manchester of this city, this term ending Dec. 31 1931.
Federal Reserve regulations stipulate that class 0 directors of its banks,
who are Government representatives, be not connected with any other banks
in any capacity, either officially or as stockholders.
Inasmuch as Federal lieserve rules regarding class C directors do not
affect business conditions other than with banks, Mr. Merriman will continue his widespread business and civic interests in Rhode Island. He is a
director and member of the executive committee of the Blackstone Mutual
Fire Insurance Co. and the Merchants Mutual Fire Insurance Co. of this
AUG. 16 1930.]
FINANCIAL CHRONICLE
1051
city and Is also a director of the Providence Mutual Fire Insurance Co. He
is President and director of the Lippitt Woolen Co., director of the Crompton Co. and the Manville Jenckes Co., trustee of the Butler Hospital and
director of the Providence Community Fund. Inc.
will cease business, it was said. The Mellbank Corp.,
it was furthermore stated, has recently obtained interests in
several banks in Western Pennsylvania.
George B. Austin, John J. Conron and David J. Byrne were
added to the Board of Directors of the Newport Trust Co. at
the recent annual meeting of the stockholders, according to
the Providence "Journal" of Aug. 9. The 21 other directors
were all re-elected. The "Journal," continuing, said:
It is learned from the Baltimore "Sun" of August 13 that
William Eugene Waldman, formerly Manager of the loan
department of the Maryland Trust Co. of Baltimore, was
arrested last week for alleged embezzlement of the bank's
funds. The bulk of the shortage, it is understood, resulted
from his operations in the stock market within a period of
about nine months, beginning shortly before the crash last
fall. The "Sun" said in part:
Mr. Austin is Vice-President and director of the Newport Gas Light Co.,
a member of the Savings Bank of Newport executive committee, a director
of the Newport Water Corp., and Treasurer of the Newport Free Library.
Mr. Conron is a member of the school committee, President of the Newport Rotary Club, and Past President of the Newport Chamber of Commerce, while Mr. Byrne is a prominent Newport druggist, and a Past
President of the Rotary Club.
A proposed consolidation of the County Trust Co. of
Philadelphia and the Northeast Tacony Bank & Trust Co.
of that city, with aggregate resources in excess of $11,000,000, was announced on Aug. 8, according to the Philadelphia "Ledger" of the following day. The new organization, which will serve a growing section in the Northeastern
part of Philadelphia, will, it is understood, be known as the
County Trust Co. of Philadelphia. Special meetings of the
stockholders of the two banks have been called for Aug. 25
to vote on the proposed union. The County Trust Co., it
was stated, recently reported total resources of $8,779,437.
Its main office is at Frankford Avenue and Rhawn Street,
and it operates several branch offices. Jacob S. Disston is
Chairman of the Board of Directors, and Charles H. Heyer,
President. The Northeast Tacony Bank & Trust Co., which
Is located at Longshore Street and State Road, as of June 30,
had total resources of $2,259,000, the "Ledger" stated.
Caspar X Titus is President.
Promotions in the personnel of the Bankers Trust Co. of
Philadelphia were made by the directors on Aug. 11, as
follows:
George W. Brown Jr., to a new position of Executive Vice-President
Edwin Ristine. as Vice-President in charge of the Chestnut St. office
Maurice E. Reeve, to a new position of Vice-Pres, in charge of Trusts.
Irland M. Beckman. made Vice-President as well as Comptroller.
Clinton S. Seltzer appointed Treasurer.
M.E. Trainer made an Assistant Treasurer.
Earl B.Shaw and Walter M.Kennedy appointed Assistant Title Officers.
According to the Philadelphia "Ledger" of Aug. 8 the
directors of the Tioga National Bank & Trust Co. of Philadelphia have appointed Harry P. Werner and Walter L.
Trainer, Second Vice-President and Third Vice-President,
respectively, and named J. Warren Vautier Cashier of the
institution.
Charges against William Eugene Waldman of stealing 963,116.03 from
the Maryland Trust Co. will be placed before the Grand Jury to-day
(Aug. 13) it was said in the offices of the S,ate's Attorney and the Clerk
of the Criminal Court yesterday (Aug. 12)•
'Last week Waldman was ordered held for the Jury following a hearing
in the Central Police Court before Magistrate James R. Cadden. He was
accused of stealing $28,203.92.
Yesterday morning an additional charge of the theft of $34,912.11 was
filed against Waldman in the office of the Clerk of the Criminal Court following a conference between auditors working on the case and Herbert R.
O'Conor, State's Attorney, and Charles C. DiPaula, Assistant State's
Attorney.
It is understood that the total of the two thefts charged to Waldman
constitute the entire shortage at the trust company.
On Aug. 5 the Red Lion First National Bank, Red Lion,
Pa.,and the Red Lion Trust Co.(both capitali7ed at $1,125,000) were consolidated under the title of the First National
Bank & Trust Co. of Red Lion, with capital of $225,000.
On Monday of this week,Aug.11,the former Cosmopolitan
Bank & Trust Co. of Cincinnati, Ohio (closed on June 10
last as a result of the operations of Amor W. Shafer, former
District Manager of the Cincinnati office of Henry L.
Doherty & Co., one of the bank's largest depositors) and its
seven branches re-opened as part of the Fifth Third Union
Trust Co. The Cincinnati "Enquirer" of Aug. 12,in reporting the matter,stated that the acquisition of the new branches
gives the Fifth Third Union Trust Co. 21 branches in Cincinnati, with the main office at 14 West Fourth St., and
strengthens its position as one of the largest banking institutions in Ohio, with resources of approximately $100,000,000.
Edward F.Romer, a, Vice-President of the Fifth Third Union
Trust Co., is in charge of the new branches, it was said.
F. W. Edwards, President of the Fifth Third Union Trust
Co., who made a hurried trip from his summer home in
New Hampshire to attend the opening, was reported as
saying that results of the first day's business were most
gratifying and that several of the branches reported more
money on hand at the close of business than at the opening.
The "Enquirer" went on to say in part:
One of the high lights of the transaction leading to the re-opening was
the speed with which the mass of technical work was accomplished. Assets
of the Cosmopolitan Bank were taken over by the Fifth Third on July 31,
The bank was re-opened 10 days later, during which time officers and
employees worked night and day, completing the task before scheduled
time. Pass books were prepared and bookeeping equipment set up
according to the methods of the Fifth Third Union. Each of the 37,000
depositors was credited with 83 cents on the dollar in the new books.
*
*
*
While of necessity many employees of the Fifth Third were required at
former employees of the Costhat
stated
the new branches, Mr. Romer
mopolitan have been retained in many instances.
Announcement was made on Aug. 7 by the directors of
the Union Deposit & Trust Co. of Waynesburg, Pa., that
the institution has become affiliated with the Mellon banking interests. A contract by which the Mellons acquire an
interest in the assets of the institution has been executed.
As a large majority of the stock of the .bank has already
been pledged by proxy in favor of the proposition, only the
The purchase of the property and assets of the defunct
formality of a stockholders' meeting is necessary to confirm Cosmopolitan Bank & Trust Co. by the Fifth Third Union
the deal. This meeting will be held at an early date. The Trust Co. was indicated in our issue of Aug. 2, page 735.
Pittsburgh "Post-Gazette" of Aug. 8, from which the above
With reference to the proposed consolidation of the Security
information is obtained, furthermore said:
Bank & Trust Co. of Toledo, Ohio, and the Home
Savings
In order that the name of the institution may be shortened, it has been
Co.of that city, under the title of the SecurityTrust
&
Bank
decided that a new charter shall be obtained. The corporate name of the
bank under the new charter will be the Union Trust Co. of Waynesburg, Pa. Home Trust Co.(our last reference to which appeared in the
The bank, under the new charter, will have capital stock of $250,000 July 12 "Chronicle," page 222), Toledo advices to the
and a paid-in surplus of $250,000, the same as under the present charter.
Street Journal" on July 14, report that the institution
The names of those petitioning for the new charter are: H. D. Freeland, "Wall
-Presi- is now operating at the main office of the former Security
President of the Union Deposit lt Trust Co.; Henry C. Sayers, Vice
dent; James J. Purman, solicitor, and W. It. Tagne, another member of Savings Bank & Trust Co. with Stacy McNary as President.
the Board, representing local interests.
new organization is capitalized at $1,500,000, consisting
Richard E. Mellon, President, and Frank 11.. Denton, Secretary of the The
value of $25 a share, and has de3ielbank Corp., under whose charter the Mellon banking investments are of 60,000 shares of the par
made, also join in the application for the new charter.
posits of more than $35,000,000. In conclusion, the dispatch
said:
The Comptroller of the Currency on Aug.9issued a charter
Under the consolidation agreement Security's stockholders were given one
Bank
of
National
Uniontown, Pa., capitalized and 32-100 shares of stock of the new corporation for each share of the old
for the Third
held while Home's stockholders were given 23. shares of
at $200,000. James R. Gray is President of the new in- $25 Par value stock
the new stock for each share of their old $100 par value stock. Scrip
stitution and F. R. Denton, Cashier.
certificates issued in lieu of fractional shares must be converted into certificates for full shares before Dec. 31.
From the Philadelphia "Ledger" of Aug. 13 it is learned
that a merger of the Uniontown National Bank & Trust
Co., Uniontown, Pa., and the Second National Bank of
that place, and acquisition of a substantial interest in the
consolidated institution by the Mellbank Corp., a Mellon
concern, were announced on Aug. 12. The new bank has
aggregate deposits of $8,000,000. The Uniontown National
On the night of Aug. 5 more than 100 Cincinnatians tendered a testimonial dinner to Henry Hoppe, Vice-President
of the Western Bank & Trust Co., who on Aug. 1 rounded
out 50 years of service with the bank, according to the
Cincinnati "Enquirer" of Aug. 6. The dinner, which was
held at the Maketewah Country Club, was attended by the
1052
FINANCIAL CHRONICLE
directors, officers and employees
of the bank and a number
of distinguished guests. Frede
rick Hertenstein, President of
the bank, Western Bank & Trus
t Co., who was the principal speaker, extended to Mr.
Hoppe an invitation to tour
Europe as the bank's guest. Mr.
Hoppe began his banking
career on Aug. 1 1880, when, as
a lad of 16, he entered the
employ of the Western Bank & Trus
t Co. (then known as
the Western German Bank) as
a messenger and general
utility man. During the period he
has been with the
Institution deposits have increased from
$200,000 to $16,000,000. The "Enquirer" furthermor
e stated that Mr. Hoppe
was to leave Cincinnati on Aug. 10
on a three months' vacation, going first to Canada and from
there embarking on his
European tour.
Further referring to the affairs of the
Citizens' National
Bank of Galion, Ohio, the closing of
which, and the arrest
of its former President, J. E. Casey,
in connection with a
deficit of over $200,000 in the bank's fund
s, was reported in
our Aug. 2 issue, page 735, the Cleveland
"Plain Dealer" of
July 31 stated that the former President,
who the previous
day had pleaded "not guilty" before
United States Commissioner H. K. Cochrane (reserving the
right to change his
plea at a later date) and had been boun
d over to the Federal
Grand Jury under a bond of $12,5
00, had told Assistant
United States Attorney William J.
McDermott on July 30
that three members of the finance
committee of the failed
Citizens' National Bank had know
n of the operations which
resulted in the $200,000 shortage.
The paper mentioned
went on to say in part:
[VOL. 131.
under the title of the Citizens'
National Bank of Zanesville,
according to Columbus, Ohio,
advices on Aug. 7 to the "Wall
Street Journal," which furth
ermore said:
The
merged bank will have
resources of approximately $9,500
People's Bank Building,
,000.
on the public square, will be
remodeled for the
new quarters.
Resources of BancOhio Corp.
and affiliates now exceed $100,000,000
.
Acquisition by the BancOhio Corp.
of the four Zanesville
banks was noted in our Issue
of June 7 last, page 3995.
With reference to the affai
rs of the failed Buckeye-Commercial Bank of Findlay,
Ohio, the closing of which on
May 6 last was reported in our
issue of May 10, page 3298,
the stockholders, at a meeti
ng held Aug. 8, approved a plan
for the purchase of the bank'
s assets by the American First
National Bank of Findlay,
according to a dispatch from
that city on Aug. 9, printed
in the Toledo "Blade" of the
same day. F. J. Collingwoo
d, J. A. McCall, and Tell Thompson were appointed trust
ees to have charge of the assels
in co-operation with 0.
C. Gray, State Superintendent of
Banks for Ohio, pending the
completion of the deal. Continuing, the dispatch said:
The plan, as outlined by
Mr. Gray, is that the trustees sell conver
tible
assets, estimated at $1,250,000,
to the American bank, which also
is to pay
$200,000 for the Buckeye Bank
Building. Mr. Gray will turn over $475,0
00
in cash, representing deposits and
money obtained from stockholders
through
the double liability clause of
the bank's charter. Sale of these
assets is
expected to release enough
money to cover 60% of the claims
against
the bank.
An additional $1,700,000 worth
of assets, not readily convertible
into
cash, will be held until conditions
warrant its conversion.
The plan was made possible by
0. D. Donnell, President of the
Ohio
Oil Co., who offered to use his person
al funds to effect the transfer. He
will be Chairman of the Board of
the American Bank.
The three bank directors named
by Casey in a signed statement
McDermott, Casey said, met with
to
him last Aug. 12 (1929) and decide
policy which resulted in the
d on a
$200,000 shortage.
John D. McKell, widely known bank
Casey said the bank had invested
er and capitalist of
in three pieces of Cleveland real estate
* * and, owing
Chill
to the sudden depression In property
icothe, Ohio, died at his home in that
values, had lost
city on Aug. 6
thousands of dollars.
after an illness of three years. At the
The purpose of the meeting of Aug.
time of his death
12, he said, was to discuss means
of he was an executive
recouping these losses. Although
of the Second National Bank of Chilli
it was customary to have a stenographer
keep minutes of all meetings
of the bank's finance committee, the
former cothe, the Savings Bank Co., and the Chillicothe
President said, no minutes were
Gas &
kept of that particular meeting.
Wate
It was decided at the time
r Co. With his brother William he owne
that $130,000 worth of low-interest bonds
d vast coal
should be sold and the money
mining properties in West Virginia. Mr.
used to purchase common stock on margi
n,
Casey said.
McKell, who was
born
In Chillicothe, attended a preparatory schoo
While the three other membe
rs of the committee knew of this decision.
l at LawCasey added, it was he alone
renceburg, N. J., and later was graduated
who handled the subsequent transa
from the Yale
through the brokerage house
ctions
of Vercoe & Co., 402 Farmers Bank Buildi
Law
School. Subsequently he took a post gradu
ng,
Mansfield, Ohio.
ate course
The stocks In which he specul
at a Swiss college. For several years he serve
ated, Casey said, were the common
d as a memissues
of the Erie RR. Co., the
Commonwealth & Southern Corp., and
of
ber
the Ross County Bar Association, but
the
Westinghouse Electric & Mfg.
of late had
Co. The stock crash of last October. Casey
not been active. He was 58 years of
said, wiped him out, as he was
unable to meet calls for additional margin.
age.
"I and the other members
of the finance committee," he said, "hope
for no personal gain throug
d
From the Chicago "Journal of Comm
h these transactions. Our sole purpos
e was
to recoup the losses sustai
erce" of August 13
ned in our unfortunate ventures in Clevel
and it is learned that the National Republic Banco
real estate."
rporation,
No record of the sale of
Chicago, on August 12 announce
the $130,000 worth of bonds appears on
d the addition of the
the
books of the bank, according
to William Taylor, Chief Examiner for the Madison Square State Bank
of Chicago to its chain, bringing
Federal Reserve District of
Ohio, and likewise no record appears of the the number
of outlying banks controlled by the corporatio
purchase of any stock.
n
Fearing that the National examin
ers would discover these irregularities, to eight. The Madison Square State Bank, organized in
Casey said, he issued 15 time
deposit certificates, totaling $110,500, and 1922 had resources of $3,27
placed them to his personal
7,289 at the time of the bank
accounts—two of which were carried In the call as
of June 30, and total deposits of $2,55
name of the bank. How he altere
d the records to cover the remainder of the
9,982. The
shortage, Casey refused to tell.
He neglected to register the 15 deposit capital stock was $300,000, surplus $100,000 and undiv
certificates according to Taylor,
ided
when he made his call report to the Federal profits $47,182. The pape ment
Reserve Board on last Dec. 30.
r
ioned furthermore said:
As a result of the acquisition R.A.Schie
Casey, as President of the bank,
we,J. T.Cunningham and Nelson
was bonded for only $25,000, Taylor K. Reese will
said, so the depositors stand
be added to the board of directors of the
to lose at least $175,000, even If further The affilia
Bancorporation.
tion was effected by the exchange of stock.
auditing reveals no additional shorta
ge.
On Aug. 5 the assets of the Citizens'
National Bank were
According to the Chicago "Journal of
Commerce" of
turned over to A. E. Evenons as recei
ver, according to a August 13, the board of directors of the
Terminal National
Galion press dispatch on Aug.
6, printed in the Toledo Bank of that City has been increased by
the election of
"Blade" of the same day.
Major-General Milton J. Foreman. The
new director is a
lawyer, a past National Commander of the
The new bank in Washington C.
American Legion
H., Ohio, owned by the and, in addition
has held many other honors, it was state
BancOhlo Corp. of Columbus, Ohio,
d.
is to open to-day, Aug.
16, in the building formerly occup
That the respective stockholders of the Bank
ied by the Ohio State Bank,
of Deerfield,
which failed recently, according
to a dispatch from that Wis. and the First National Bank of that place, have
voted
place on Aug. 7 to the Cincinnati "Enquirer.
unan
imou
sly
to consolidate under the title of the Bank
" The new inof
stitution will be known as the First Natio
Deerf
ield, was reported in Madison, Wis., o,dvi
nal Bank. Avery
ces on August
G. Clinger is President of the new bank
, and R. G. Harri- 6 to the Milwaukee "Sentinel."
son, Cashier. According to Associated
Press advices from
That the Citizens Bank of Pleasantville,
Washington C. H. on Atig. 7, appearing in
Iowa, was closed
the Columbus on Augu
st 11 and would be reorganized as a State
"Ohio State Journal" of the following day, it
institution,
was stated that was repor
ted in a press dispatch from that place
the new First National Bank is capitalize
, appearing
d at $100,000, with in the Des
Moines "Register" of August 13, whic
surplus of $50,000, raid will be a member
h said:
of the Federal
The Citizens Bank of Pleasantville, last privat
Reserve System. An item with reference
ely owned bank in Mario
n
to the institution County, closed its doors Monday morning (Aug.
11).
Officiers said
appeared in the June 28 "Chronicle," page 4550.
because of the death of three partners the
bank will be reorganized that
State institution. The three officers .who are
into a
dead are J. D.
Knoxville, Cyrus Benne and Lewis
The four Zanesville, Ohio, banks (the Citizens'
Summy of Pleasantvill Gamble of
National Browne of Knoxville wasr named
e.
It.
H.
receiver.
Bank, the People's Savings Bank and its affil
The bank listed deposits of approximatel
iated instituy
B. F. Helny was President and C. L. Gose,$500,000 and capital of$35.000.
tion, the Guardian Trust & Deposit Co., and the
Cashier.
Zanesville
Bank & Trust Co.) which recently joined the Banc
Ohio
Effec
tive
Aug. 1, the Atlas Exchange
Corp., Columbus, Ohio, are being merged into one institutio
National Bank of
n Chicago, capitalized at
$200,000, was placed in
voluntary
AuG. 16 1930.]
FINANCIAL CIP3OINTICLE
liquidation. The institution was absorbed by the West Side
National Bank of Chicago, which subsequently (Aug. 6)
changed its title to the West Side Atlas-National Bank of
Chicago.
The Citizens' National Ban- k of Grinnell, Iowa, on July
31 went into voluntary liquidation. The institution was
taken over by the Poweshiek County National Bank of
Grinnell.
--4--
On Aug. 4 the First National Bank of Hotchkiss, Colo.,
capital $25,000, went into voluntary liquidation. It .was
succeeded by the First State Bank of Hotchkiss,
prom the "Michigan Investo- r" of Aug.9 it is learned that
Hinry A. Haigh has been appointed Chairman of the Board
of the new Peoples Wayne County Bank of Highland Park,
Mich. The new bank is the consolidation of the Peninsular
State Bank and the Peoples Bank of Highland Park. Mr.
Haigh was formerly President of the Peninsular State Bank.
The proposed union of these banks was noted in the "Chronicle" of July 26, page 581.
Two changes in the personnel of the Red Wing National
Bank & Trust Co. of Red Wing, Minn., an affiliate of the
First Bank Stock Corp. of Minneapolis, were announced
on Aug. 7, according to the Minneapolis "Journal" of that
date. Harry M. Griffith, present Chairman of the Board
of the Potter County National Bank of Gettysburg, S. D.,
will take over the position of Executive Vice-President at
the Red Wing institution Sept. 1, while R. W. Putnam,
President of the Red Wing Bank, will be transferred to
the Minneapolis offices Oct. 1, it was said.
The Wisconsin Banking Department on Aug. 5 announced
that the Commercial State Bank of Argyle, Wis., had suspended business the previous night because of "frozen"
assets and deficient cash reserves, according to Madison,
Wis., advices on Aug. 5 to the Milwaukee "Sentinel," which
went on to say:
The bank was organipd in 1909 and has a capital of
$32,000 and
deposits of $317,878.31, with a surplus of $8,000. Robert
Peacock is President, and F. C. McQuillian, Cashier.
This is the 21st bank in Wisconsin to be turned over to
the Banking
Department within a year.
Two small Arkansas banks were closed on Aug. 8,
the
Bank of Horatio and the Bank of Cove, capitalized
at
$35,000 and $10,000, respectively, according to Associated
Press advices from Little Rock on Aug. 8, printed
in the
New York "Times" of the next day. The institution
s are
In the hands of the State Banking Department.
Statements
from the directors of both banks attributed the closings
to
the failure of crops in the long dry spell, it was said.
The Farmers' & Merchants' Bank of Richland Center,
Wis., which was suspended on April 19 1930, has been
reorganized and was reopened for business Aug. 5, according to a dispatch from Madison, Wis., on that
date, to the
Milwaukee "Sentinel."
We are advised that Julien H. Hill,
President of the
State-Planters' Bank & Trust Co. of Richmond,
Va., has
returned from his recent tour in England
as a member of
the Virginia State Chamber of Commerce
Reciprocal Relations Committee. The communication says:
Mr. Hill, who has always taken on active part
in the work of the
Chamber in fostering foreign trade relations, was
recently elected a
member of the Board of Directors of the Pan-America
n School, of which
Senor Gorgel do Amaral, Ambassador Extraordinary and
Plenipotentiary
of the Republic of Brazil to the United States, is Honorary
Chairman. The
plans of the Pan-American School include the establishmen
t of an institution in Virginia, where South Americans can come to
learn business
methods and customs of the United States.
A charter was issued by the Comptroller of the Currency
on Aug.9for the First National Bank of Kimball, West Va.,
with capital of $25,000. W. B. Stevens is President of
the
new institution.
The closing on Aug. 7 of two Newbern, N. C., banks—
the Citizens' Bank & Trust Co. and the Eastern
Bank &
Trust Co. with its branches at Arapahoe, Maysville,
Oriental,
Bayboro and Vanceboro—was reported in a press
dispatch
from that place on Aug. 7, printed in the Raleigh
"News
Mid Observer," of Aug. 8. Both institutions
closed their
doors as a precautionary measure against threatened
"runs."
Their suspension left Newborn temporarily without
banking
facilities save for the Morris Plan Bank,as the First
Bank has been in the hands of receivers since last National
October,
it was said. We quote in partfrom the dispatch as follows:
1053
The Citizens' Bank was first closed this morning, five minutes before
Its regular opening time, when a throng of depositors was noted outside,
waiting to withdraw their funds. . . .
Cashier R. N. Scott states that the bank is in good shape and amply
able to operate under normal conditions, but that no institution could
stand unusually heavy withdrawals and that the only safe decision was
to close the bank in order to protect all depositors and all others concerned.
For almost two and a half hours the Eastern Bank remained open to-day
after the closing of the other institution. Every effort was made to handle
the situation, but it early became evident that many panicky depositors
would demand immediately their money. . . .
To look after the interests of all concerned in the best manner possible
for the good of the community, therefore, President W. J. Swan ordered
the Eastern Bank & Trust Co. to close its doors about 11:20 o'clock. He
states that he believes this will be only a temporary closing. The institution is solvent and in good financial shape, he says. It was thought best,
however, to protect the bank and the community from the hysteria of
depositors.
The Eastern Bank has a capital stock of $145,000 with surplus and undivided profits of approximately $65,000; and total resources of more than
$2,500,000 as of June 30. W. Riley Ross is Cashier and T. A. Green.
John Weskett, George Weeks, Vernon Blades and W. B. Blades are VicePresidents.
The Citizens' Bank has a capital of $50,000,surplus and undivided profits
of more than $20,000, and total resources of more than $1,100.000. During
the last year the resources have been increased by about a quarter of
a million dollars. W. H. Henderson is President.
Advices the following day (Aug. 8) from Newbern,appearing in the Raleigh "News and Observer" of Aug. 9, after
stating that a branch of the Branch Banking & Trust Co. of
Wilson, N. C., would open in Newbern the next day in the
building of the closed Citizens' Bank & Trust Co., gave the
following information concerning the closed banks.
An audit of the Citizens' Bank books will be continued separately under
the direction of S. U. Baxter of Raleigh, representing the liquidating department of the banking division of the State Corporation Commission.
C.I. Taylor of Raleigh, of the basking department of the State Corporation Commission, to-day took charge of both the Citizens' Bank & Trust
Co. and the Eastern Bank & Trust Co. . . .
Mr. Taylor assumed immediate direction of the banks but to-night
(Aug. 8) stated that he had nothing definite to say as to the future of the
two institutions.
Following a conference with State Bank Examiner John Mitchell this
afternoon in Wilmington, W.J. Swan and John S. Weskett, President and
Vice-President, respectively, of the Eastern Bank & Trust Co.. announced
to-night that permission had been given them to reopen the bank here provided they obtain the co-operation of the depositors.
It is therefore possible that the bank will be reopened here within the
next week or ten days. Plans will be immediately made to work out
understandings with the depositors. Mr. Mitchell was quoted as expressing implicit confidence in the management of the local bank.
The branch office of the Branch Banking & Trust Co. of
Wilson, N. C. (referred to above), opened in Newbern on
Aug. 9, according to Newborn advices, appearing in the
Raleigh "News and Observer" of Aug. 10. More than
$100,000 was deposited, R. E. Harris, Assistant Vice-President of the Wilson bank, who is in charge of the branch,
announced, and throughout the entire day the banking
quarters were crowded with patrons, four receiving windows
being kept busy from the time the bank opened until its
close the early part of the afternoon. According to the
Newbern dispatch of the previous day (Aug. 8) the Branch
Banking & Trust Co. of Wilson is capitalized at $700,000
and has total resources of $4,500,000. H. D. Bateman is
President. The Newborn office makes the 10th branch
of the institution, it was said.
Fred L. Pelton, Vice-President of the Stockyards National
Bank of North Fort Worth, Tex., lost his life last Saturday,
Aug. 9, when a man, evidently of unbalanced mind, who a
few moments before had demanded $10,000 of the bank's
officials, dashed a small phial containing nitroglycerin on
the floor of the banking room, causing an explosion which
almost wrecked the building, according to advices from
Fort Worth on the same day to the Dallas "News." The
man who threw the explosive also was killed and three men
injured, while nearly a score of persons were bruised and
lacerated by the force of the explosion. Mr. Pelton, who
was 36 years of age, went to Fort Worth a little more than a
year ago from Alliance, Neb., where he had been Cashier
of the First National Bank. During the afternoon a force
of workmen repaired the damage done to the bank building,
and W. L. Pier, President of the institution, who superintended the work during part of the afternoon, was reported
as saying that the bank would open for business Monday
morning, Aug. 11. Money in the tellers' cages was blown
about the bank by the explosion but all of it was picked
up.
The institution is capitalized at $200,000.
With reference to the affairs of the Biscayne Trust
Co. of
Miami, Fla., an affiliated institution of the
Bank of Bay
Biscayne of that city, both of which closed
on June 1.1„
Miami advices on Aug.6 to the "Wall Street
Journal" stated
that the Guardian Trust Co., an institution
organized by
officers of the City National Bank in
Miami and the City
Trust Co., has been appointed liquidator
for the Biscayne
1054
FINANCIAL CHRONICLE
[VOL. 131.
Trust Co. by Ernest Amos, the State Comptroller. We 7 points to 249, Foster Wheeler 334 points to 8234, Amer. &
quote furthermore from the dispatch mentioned as follows: Foreign Power 23. points to 6334, Auburn Auto 334 points
Mr. Amos issued a statement in which he said that experienced trust to 107, Columbian Carbon 534 points to 123, Eastman Kodak
officers are needed to handle the affairs of the closed trust, that the 334 Points to 19934, Laclede
Gas 3 points to 210, Houston
Guardian Trust seems to meet this condition, and that it will mean economy
Oil 3 points to 7394 and North American 33's points to 9434.
In liquidation. The rights of the trust company will be safeguarded should
any conflict of interest arise between the Bank of Bay Biscayne and the Motor shares were moderately strong and copper stocks made
Biscayne Trust Co. on account of their close affiliation.
little progress. Railroad issues moved within a narrow range
Morgan S. McCormick, President of the City Trust Co., and also of the and so
did the oil and merchandising issues.
Guardian Trust Co., said: "The fact that the group of which such nationally
Irregularity was again the outstanding characteristic of
prominent interests as represented by the J. C. Penney-Gwinn Corp. are able
and willing to provide the necessary funds for financing the City Bank of the trading on Thursday, alternating advances and declines
Miami Beach, and the Guardian Trust Co., organized for the purpose of being strongly
in evidence throughout the day. Transhandling serious problems confronting Greater Miami and the comptroller's
actions aggregated 1,525,480 shares which was the smallest
office, is an evidence of their faith in Miami and its future."
turnover during the week. Some special stocks showed conThe closing of the Biscayne Trust Co. was reported in
siderable heaviness during the day but the market generally
our issue of June 14, page 4181.
made further progress upward until the closing hour when
pressure was again directed against United States Steel,
THE WEEK ON THE NEW YORK STOCK EXCHANGE. American Can, and J. I. Case Threshing Machine, and while
most stocks closed above the lowest levels of the day, prices
The New York Stock Market has been somewhat erratic were below the
closing quotations of the preceding session.
the present week, many prominent issues being under selling The market
turned sharply upward on Friday and during the
pressure, and with the exception of a brisk rally on Wednes- afternoon
rally many prominent speculative favorites forged
day and again on Friday the market has generally moved ahead to new
tops for the present rally. In the early transdownward. The weekly statement of the Federal Reserve
actions, the market crept along at a snail's pace, but as the
public
after
made
the
close of business on Thursday, day
Bank,
advanced, trading speeded up as a number of 5 and 10
showed a decrease of $59,000,000 in broker's loans, carrying thousand
blocks of stocks changed hands. Later in the day,
the volume of such loans to the lowest level since July 27 prices were
bid up sharply and brisk advances were recorded
1927. Call money renewed at 2% on Monday, advanced by such
stocks as United States Steel, Westinghouse Electric,
to 234 in the afternoon, and remained unchanged at that American
Can, Johns-Manville, Auburn Auto and Air
rate throughout the week.
Reduction. Substantial gains ranging from a point or more
The stock market slid downward during the early trans- were
registered by du Pont, Eastman Kodak, Columbian
actions on Saturday and while trading was fairly heavy during Carbon
and Allied Chemical & Dye. Public Utilities moved
established
abbreviated periods many new low records were
up with the leaders, Amer. Tel. & Tel. advancing 4 points,
on the reaction. Toward the closing hour a short rally gave followed by
American Water Works,Standard Gas & Electric
promise of better prices, but the advances failed to hold and
Public Service of New Jersey with substantial gains.
and the market again turned downward. An occasional issue Railroad
shares did not do so well and most of the active
held out against the trend, Amer. Tel. & Tel., for instance, issues closed on
the side of the decline. This was also true of
points,
and
Pacific
Union
a
with
at
gain
of 334
closing 20534,
numerous other active stooks, such as Kennecott Copper,
%,registering a gain of 234 points.? Detroit
which ended the day at 2123
Edison, Worthington Pump, Shell Union Oil,
United States Steel, on the other hand, dropped to 15934 Columbia
Graphophone and Republic Iron & Steel. The
Can
also
American
was conwith a net loss of 134 points.
final tone was good.
spicuous by its weakness as it broke through its high for the
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
day,and closed at 1169/8. Westinghouse Electric also showed
DAILY, WEEKLY AND YEARLY.
a loss as it slipped downward in the closing hour. Warner
Stocks,
Total
Railroad,
State.
United
Bros. again fell off and most of the high priced specialties,
Week Ended
Number of
cke.,
Bond
Municipal cb
States
Aug. 15.
Shares.
Bonds.
Fern Bonds.
Sales.
Bonds.
like J. I. Case, were lower.
1,508,440 52,445,000 81,100,000
The selling side was again in evidence, as the market Saturday
$70,500 $3.615.500
Monday
1,744,700
4,267,000
1,619,000
103,000 5.989,000
opened on Monday, and while there were intermittent Tuesday
2,085,440
4,979,000
1,619.000
119,000 6,717,500
Wednesday
2,289,210
5,442,500
1,715,000
251,000 7,408,500
rallies, the final quotations were generally lower. During Thursday
.. 1,525.480
4.726,000
1,671.000
584,000 6,981,000
•
2,105,840
5,267,000
1,096,000
the early trading, the market passed through a period of Friday
86,000 6,449,000
Total
irregular fluctuations in which the public utilities were
11,259,110 927,126.500 98,820.000 $1.213.500 83.160.000
prominent in the recessions. Columbia Gas was particularly
Sales at
Week Ended Asp 16.
Jan. 1 to Aug. 15.
New York Stock
weak and dipped to a new low for the year. Consolidated
Exchange,
1930.
1929.
1930.
1929.
broke
to
also
American
new
North
lows
on
the
Gas and
of shares_
11,259,110 21,594,050
554,194,120
680,710,700
reaction and there was considerable selling of Electric Power Stocks-No.
Bonds.
Government bonds_ _ _
$1,213,500 $2,490,000
872,95.5,100
880,804,500
& Light and Amer. Tel. & Tel., though the decline in these State
& foreign bonds_
8,820,000 10,420,500
422,351,900
392,203,150
shares was soon checked. United States Steel dropped to a Railroad & misc. bonds 27,126,500 41,304,000 1,243,454,700 1,274,087,000
new low on the movement but recovered later in the day
Total bonds
837.160.000 954,214.500 81,738.761,700 81,747.094,650
and this was true in a lesser degree of General Electric and
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
Westinghouse. Railroad stocks were inactive and there was
BALTIMORE EXCHANGES.
little or no movement in the oil shares, copper stocks or
Boston.
Philadelphia.
Baltimore.
Week Ended
motor issues. Trading was again slow on Tuesday and
Aug. 15,1930.
Shares, BondSales. Shares. BondSales. Shares. BondSales.
stocks sagged all along the line. Mail order stocks were
Saturday
22,576
81,000 a36,620
82,000
$8,000
378
under pressure in the early trading, and both Montgomery Monday
26,675
16,000 a66,902
22.600
487
27,448
14,500 a63,905
13.300
14,000
878
Ward and Sears, Roebuck moved to new lows for the year. Tuesday
Wednesday
25,614
13,000 a65,342
3,000
2,000
840
Thursday
Copper stocks also moved sharply downward, Kennecott Friday
15,303
5,000 a47,575
7,000
2,653
4,000
7,030
732
10,000
12,000
17,620
1,000
downward
to
a
driven
new
being picked out for attack and
Total
124,546
959,500 297,964
885.900
623,000
5,968
bottom for 1930. Public utilities were irregular in the early
trading, as Columbia Gas dropped to a new low for the year, Prey, week revised 126.666 S811 R511 sn 2115 542704) 5.032 8123.200
a In addition, sa ea of rights were: Monday, 1,300; Tuesday, 1,000; Wednesday*
though it recovered somewhat later in the day. Other 400;
Thursday, 2,700. Sales of warrants were: Saturday, 300; Monday, 700:
stocks of the group were also lower. Liquidation in many Tuesday, 1.300; Wednesday, 700.
implement
farm
group
in
the
weakness
individual shares and
THE CURB EXCHANGE.
and industrials discouraged attempts to rally the market
Curb Exchange trading was quiet and irregular this week
and prices continued to drift downward during the greater
part of the session.
though a number of new low records were recorded. The
On Wednesday, the market after an early decline turned utility issues were heavily sold in the beginning of the week
sharply upward, the recovery ranging in many stocks, from but improved somewhat in the later sessions. Electric Bond
4 to 12 or more points, and the final quotations were close to & Share com, broke from 79 to 7234, recovered to 7934 and
the top levels of the day. In the sharp rise of the final hour, closed to-day at 79. Amer. & Foreign Power warrants deJ. I. Case Threshing Machine and Vanadium Steel were con- clined from 4434 to 4134, sold up to 45 and ends the week at
spicuous for their strength, the former closing at 16434 with the high figure. Amer. Gas & Eleo. corn. fell from 13034 to
a gain of 1134 points, and the latter recording a gain of 534 12234,and recovered finally to 128. Amer.Light & Traction
points at 843
%. Other stocks that closed with substantial corn. weakened from 60 to 5634 and finished at 5734. United
gains were Air Reduction 234 points to 10834, American Can Light & Power corn. class A lost 334 points to 3634 but re334 points to 11734, Worthington Pump 5 points to 105, covered finally to 3934. Corn. B stock sold down from 873
%
Westinghouse Elec. & Mfg. 2 points to 13634, Peoples Gas to 80. Oils show few fluctuations of moment. Humble Oil
FINANCIAL CHRONICLE
Atm. 16 1930.]
1055
& Ref. advanced from 85 to 91. Standard Oil (Ohio) corn.
PRICES ON BERLIN STOCK EXCHANGE.
4 to 75%. Missouri-Kansas Pipe Line
weakened from 783
quotations of representative stocks on the Berlin
Closing
was heavily traded in up from 19% to 22% and at 21%
Exchange
Stock
as received by cable each day of the past
finally. Trading in investment trusts fell off with small
follows:
price change. Among industrial and miscellaneous issues week have been as
Aug. Aug. Aug. Aug. Aug. Aug.
11,
12.
13.
9,
14.
15.
Aluminum Co. of Amer. corn. dropped from 240% to 215
Per Cent of Par
and closed to-day at 2183/2. Aluminum, Ltd. on one or two Allg. Deutsche Credit(Adca)(8)
106
106
106
106
106
139
140
138
142
llandels Ges.(12)
140
sales advanced from 139 to 152. Deere & Co. sank from 70 Berlin.
Commerz-und-Privat-Bank (11)
129
128
128
129
128
177
180
180
176
(12)
u.
Nationaibank
Darmstadter
178
sold
up
to
77.
Driver-Harris
to-day
Co. corn. Deutsche
to 673', and
123 123
123
123
Bank u. Disconto Gee.(10)
123
123 123 124 124
123
was off 5 points to 65 and sold finally at 66. Mead,Johnson Dresdner Bank (10)
Relehsbank (12)
237 239 241
241
236
& Co. corn. after early loss from 77% to 74 ran up to 82. Atzermeene Kunstzlide Unie (Aku)
ss 87 sa
134 134
136
138
Gm.(A.E.G.)(9)
135
/s to 253' and ends the Ford Elektr.
Technicolor corn. receded from 285
195 201
201
20434 204%
Motor Co., Berlin (10)
102
102
103
104 104
Gelsenkirchen Bergwerk (8)
week at 253.
129
131
131
134
132
Gesfuerel (10)
A complete record of Curb Exchange transactions for the Hamburg-American Lines(HAM)(7)
Holt- 85
85
ss 90 90
_
128
127
Hamburg
day
130
128
Electric
Co.
(10)
week will be found.on page 1084.
48
49
Hoyden Chemical (5)
49
50
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
Week Ended
Aug. 15.
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Total
Stocks
(Number of
Shares).
Bonds (Par Value).
Rights.
Foreign
Domestic. Government
Total.
364.400
465.300
431.400
518.700
382,900
525,700
3.100 51,244,000
2,900 1.300.000
2.000 1,847,000
13,500 1.930.000
6,500 3,035.000
7,200 2,392,000
$103,000 $1,347,000
87,000 1.387,000
164,000 2,011,000
206,000 2,136,000
207,000 3,242,000
178,000 2,570,000
2,888.400
35.200 511,748,000
3945.000 $12.693.000
Harpener 13ergbau (6)
Hotelbetrteb (12)
Farben Indus.(Dye Trust)(14)
Kali Chemie (7)
Karstadt (12)
Mannesmann Tubes (7)
North German Lloyd (8)
Phoenix Bergbau (65)
Potyphonwerke (20)
Rhein. Westt. Elektr.(R.W.E.)
(
1.0)
Sachsettwerk Licht u. Ifraft (734)
Siemens & Ilalske (14)
Stoehr dt Co. Kammgarn Spinneret(5)
Leonhard Tietz (10)
Yes'. Stafftwerke (United Steel Works)(6)
92
116
143
92
81
85
75
174
170
87
181
79
128
75
93
116
145
126
92
82
85
75
171
170
86
183
79
129
76
95
121
148
127
93
83
89
76
178
171
87
186
79
131
76
97
122
149
97
120
148
130
93
83
90
76
177
170
87
187
78
130
76
94
83.
00
76
180
170
87
188
79
131
76
ENGLISH FINANCIAL MARKET-PER CABLE.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
The daily closing quotations for securities. &c., at London,
Samuel Montagu & Co. of London, written under date of as reported by cable, have been as follows the past week:
Thurs.,
Wed.,
Fri.,
Tues..
Mon..
Sal.,
July 30 1930:
GOLD.
The Bank of England gold reserve against notes amounted to
£154.118,505
on the 23d instant (as compared with £155.479.281 on the previous Wednesday),and represents an Increase of £8.158,421 since Jan. I last.
In the open market yesterday, bar gold from South Africa to the value
of £633,000 was available. Movements in the French exchange being more
favorable to sterling, the price realized was lower than of late, being fixed
at 858. Hcl. per fine ounce. at which £615,000 was taken on French account.
Otherwise demand was small and the balance of £18.000 was acquired for
home and Continental trade requirements.
Movements of gold at the Bank of England during the week show a
net efflux of £1,846.815. Receipts amounted to £611,008, of which £450.000
was in sovereigns from South Africa and £130,000 in sovereigns from
Brazil. Withdrawals totalled £2,457,823, about £1,200,000 of this amount
being in bar gold for France, and £1.200,000 in sovereigns "set aside."
The following were the United Kingdom imports and exports
of gold
registered from mid-day on the 21st instant to mid-day on the 28th inst.:
ImportsExports
£763,615 Germany
British South Africa
£62,890
42,173 France
British West Africa
1,670,073
132,360 Switzerland
Brazil
404,168
8,900 British India
Irish Free State
71,792
2,324 Other countries
France
9,358
£949,372
£2,218,281
The Southern Rhodesian gold output for the month ef June last amounted
to 45.208 ounces,as compared with 47,645 ounces for May 1930 and 48,406
ounces for June 1929.
SILVER.
Silver prices have shown more fluctuation during the past week. A
firmer tendency was apparent at first following an improvement in the
Shanghai exchange, possibly due to speculative activity in that quarter.
The consequent buying on China account, together With some covering
orders from Indian hews, carried quotations
to 16 7-16(1. for cash an
16 5-16d. for two months' delivery by the 26th inst. This, however, proved
the turning point.. China now becoming a seller, and, with America offering
freely, the market lapsed in the absence of further support, quotations
being fixed to-day at 16d. and 15 15-16d. for the respective deliveries.
On the 28th instant the difference between the cash and two months'
quotations narrowed to 1-16d.
The following were the United Kingdom imports and exports of silver
registered from mid-day on the 21st instant to mid-day on the
28th instant:
Imports
-Exports
/98.068 Netherlands
U. S. A
£47,430
Mexico
182.463 British India
161,233
British West Africa
7,642 Other countries
16,267
3.965
Other countries
£292.138
£224,930
INDIAN CURRENCY RETURNS.
(In roes of rupees.)
July 22. July 15.
July 7.
Notes in circulation
16666
16552
16471
Silver coin and bullion in India
11526
11413
11333
Silver coin and bullion out of India
Gold coin and bullion in India
32
28
3228
3228
Gold coin and bullion out of India
Securities (Indian Government)
1839
1838
1837
Securities (British Government)
73
73
73
The stocks in Shanghai on the 26th instant consisted
of about 102,400,000
147,000,000
dollars, 6,900,000 Saigon dollars and 3.200
ounces in sycee.
silver bars,as compared with about 102,400.000 ounces in sycee, 149,000,000
dollars. 8.100,000 Saigon dollars and 3,340 silver bars on the 19th instant.
Quotations during the week:
-Bar Silver, Per Oz. Std.- Bar Gold
Per
Cash,
2 Mos,
Oa. Fine.
16d.
July 24
157'0cl.
855. Id.
16 3-16d.
25
16 1-16d.
858. Id.
16 7164.
26
16 5-16d.
85s. id.
1630.
28
16 3-16d.
859. 5icl.
16 1-16d.
29
16d.
858. 34d.
16d.
30
15 15-16d. 858. lid.
-16.156d.
Average
16.062d.
858. 0.66d.
The silver quotations to-day for cash and two months' delivery are
respectively 1-16d. below and the same as those fixed a week agp
Aug. 13.
Aug. 14.
Aug. 15.
Aug. 9. Aug. 11. Aug. 12.
16 3-164. 16-3-164. 16446.
16 5-16d. 103-164.
Silver. p. °LA. 16d.
8411.1134d. 8513.34d. 856.3402. 85e.
Gold, p. tine oz
858.
5513-16 5515-10 5534
55 13-16
5534
Consols,2348_
10334
10334
10334
104
10354
British 58_____
9934
0934
9934
British 434s- --99%
99%
French Rentes
88.60
88.75
88.70
88.60
(in Paris)
__French War L'n
100.85
100.77
100.90
100.85
(In Paris) fr.
The price of silver in New York on the same days has been:
Silver in N. Y., per oz. (eta.):
3534
3434
Foreign
3534
35
3534
35h
COURSE OF BANK CLEARINGS.
Bank clearings this week will 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,
indicated that for the week ended to-day (Saturday, Aug. 16)
bank exchanges for all the cities of the United States from
which it is possible to obtain weekly returns will be 30.4%
below those for the corresponding week last year. Our preliminary total stands at $8,889,601,644, against $12,768,621,595 for the same week in 1929. At this centre there is
a loss for the five days ended Friday of 35.9%. Our comparative summary for the week follows:
Cle,arings-Returns by Telegraph.
Week Ending Aug. 10.
New York
Chicago
Philadelphia
Boston
Kansas City
St. Louis
San Francisco
Los Angeles
Pittsburgh
Detroit
Cleveland
13altimore
New Orleans
1930.
1929.
Per
Cent.
$4,613,000,000 $7,074,000,000 -35.9
464,444,902
610,259,770 -23.9
373.000.000
453,000.000 -18.7
334.000,000
401,000.000 -16.7
104,312,213
138.324,424 -24.6
86,700,000
126.600,000 -31.5
159,922,000
200,304,000 -20.2
No longer will re port clearings.
131,743,224
157,725,321 -16.5
111,860,624
184,632,093 -39.4
105,590,897
144064,057 -15.7
67,231,449
87.595,708 -23.2
37.000,696
44,338,01 -16.5
Thirteen cities, five days
Other cities, five daYs
$6,588,805,805
819,195.565
$9,621,844,004
1,086,501,275
-31.5
-24.6
Total all cities, five days
All cities, one day
$7,408,001,370 510,708,345,279
1,481,600,274
2,060,276,318
-30.9
58.889,601.644 512.70_821 MIA
--An A.
1
.
11,111 All
elthrty for week
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week. We cannot
furnish them to-day, inasmuch as the week ends to-day
(Saturday) and the Saturday figures will not be available
until noon to-day. Accordingly, in the above the last day
of the week has in all cases had to be 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 Aug. 9. For
that week there is a decrease of 27.5%, the aggaregate of
clearings for the whole country being $8,943,217,482, against
$12,334,872,600 in the same week of 1929. Outside of this
city there is a decrease of 21.9%, while the bank clearings at
this centre record a loss of 30.4%. We group the cities now
1056
according to the Federal Reserve districts in which they are
located, and from this it appears that in the New York Reserve district, including this city, the totals show a shrinkage
of 30.2%, in the Boston Reserve District of 20.0% and in the
Philadelphia Reserve District of 21.9%. In the Cleveland
Reserve District the totals are smaller by 17.3%, in the
Richmond Reserve District by 25.1% and in the Atlanta Reserve District by 24.9%. The Chicago Reserve District
shows a loss of 29.8%, the St. Louis Reserve District of
9.6% and the Minneapolis Reserve District of 24.9%. In
the Kansas City Reserve District the loss is 24.8%, in the
Dallas Reserve District 30.1% and in the San Francisco Reserve District 31.3%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY 01' BANK CLEARINGS.
Week End. Aug. 9 1930.
1930.
1929.
Ine.or
Dee.
Federal Reserve Mats
10 Boston_ __ _12 'Else
21211 New York_12 "
3rd Philadel 14_18 "
Clerreland_ 8 "
518 Richmond _ 6 "
8112 A5lanta____12 "
7112 Chiang'
"
816 8t.LQu5r. 8 "
9th Minneapolis 7 "
10tb RannaeCity 10 "
11thDsUI
5 "
12th Fan Fran 16 "
439,405,074
549,368,356 -20.0
5,819.375,215 8,339,352.226
508,774,908
577,436,357 -21.9
352,294,458
425,965.724 -17.3
155,740.839
205.026.084 -25.1
121,996.969
162,328,927 -24.9
740.889.124 1,054,873,712 -29.8
161,154,876
178,234,261 -9.6
108.298.790
143,944,290 -24.9
189,797,857
252,216,675 -24.8
48,262,779
69,061,548 -30.1
297,226,593
377,066,4-40 -31.3
Total
126 Gitlin
Outside N. Y. City
8,943,217,482 12,334,872,600 -27.5
3,260,492,559 4,173,647,489 -21.9
Canada
31511199
360,500,291
1928.
438,984.756
473,026,273
5,673,404.410 5,867.068,548
474,109,543
532.044,934
368,756,093
390,392.743
158,555,912
182,765,036
157,907,915
170,591,935
880602,631 1,009,977,162
192,265,617
199,471,837
113,644,561
114,282.460
219,828,697
212,034,3£9
63,335,363
66,562,021
351,422,399
345,210,697
9,096,044.555
3,556,839,672
9,560,221,274
3,833,640,558
433,167,262
330,156,286
487,417,012 -29.0
Week Ended Aug. 9.
Clearings at
1930.
Inc. or
Dee.
1928.
1927.
--14.4
--41.9
--18.9
--27.9
--54.1
--14.4
--26.6
--18.6
--34.9
--24.6
--23.5
--28.8
587,718
3.409.655
392,000,000
1.074.599
1,082,214
903,187
4,649,370
2,987.560
11,592,164
7.503,575
12,536.000
608,714
842.930
3,751,134
420,000,000
2,149,480
1,165,454
1.290,498
4.835,839
3,413,357
15,214.163
7,140,325
12,527,700
695.387
549,366,356 -20.0
438,084,756
473,026,273
1929.
First Federal Reserve Dist rict-Boston
Maine-Bangor_
637.347
744.479
Portland
3,701.453
6,374,043
MASS.- Boston_
394,467,796 486,308,096
Fall River_ _ _ _
873,282
1,211,107
Lowell
539,978
1,174,085
New Bedford
863.993
1,008,679
Springfield _ _
4,035,678
5,497,873
Worcester
2,973,035
3,253.875
Conn.-Hartford.
12,163,876
18,699,122
New Eleven_ _
6,961,623
9,236,234
R.I.-Providence
11,558.700
15,094,700
N.H.-Mancbes't
628.313
784.063
Total(12 cities)
439,405.074
Second Feder al Reserve D !strict-New
N. Y.-Albany
6,011,351
5,882,692
Binghainton
1,744.106
1.908,428
Buffalo'"
43.554,593
63,992,639
Elmira
709.215
1,085,277
Jamestown___
1,121,075
1,287,007
New York
5,682.724.923 8,161.225,111
Rochester
10,395,985
16,526,537
Syracuse
5,195.057
7,437,342
Conn.-Stamford
3,871.072
5.593,573
N. J.-Montclair
628,216
696.829
Newark
29,423,174
31,712,862
Northern N.J_
33.996,448
42,003,929
York
5,103,340
4,245.347
+2.2
1,189.663
1,711.512
-8.6
49,946.523
47.670,529
-31.9
1,072,421
1,002,490
-35.7
1,272,669
1,301.003
-12.9
-30.4 5,539,204,883 5,726,580,716
13.299,160
12,729,341
-37.1
5,764,484
5,534,264
-30.1
3.389.386
4.000,831
-30.8
667,808
593,207
22,865,432
21,828,811
36,864,870
32,654,268
-19.1
Total(12 cities) 5,819,375,215 8,339,352,226 -30.2 5,673.404,410 5,8670288,548
Third Federal Reserve Dist rict-Philad elphla
Pa.-Altoona.-- _
1,277,006
1,505,655 -15.1
Ilethlehem-__ 3,615,507
5,177,559 -30.2
Chester
1.590,135
11687,490 -5.7
Lancaster
1,590,906
1,955,628 -18.7
485,000,000 546,000.000 -11.2
Reading
3,111.522
3.708,080 -16.1
Scranton
3,920,835
6,061.992 -35.3
Wilkes-Barre_
3,204,876
4,119.713 -22.2
York
1,928,121
2,275,664 -15.3
N.J.-Trenton
3,536,000
4.944,576 -28.5
508,774,908
577,436,357 -21.9
1,523,698
5.468,433
1311.397
1,945.146
444,000.000
3,362.547
5.065.282
3,616,180
1,916.768
5,900,092
1,774,072
3.861,472
1,636,917
2,129.790
501,000.000
4,296,539
5,959.682
4,038,001
1,912,466
5.435.995
474,109,543
532,044,934
6,471.000
3,973,138
66,187,054
122,337.609
19,747,000
1,805,116
5,497.236
164.374,590
425,965,724 -17.3
368,756,093
390.392,743
Fifth Federal Reserve Dist rict.-Richm ond.W.Va.-1.1unt'g'n
974,936
1,155,371 -15.7
Va.-Norfolk
3,355,470
3,992,930 -16.0
Richmond_
38,079,000
41.470,000 -18.2
B.C.- Charleston
1745.916
1,843,000 -5.3
Md.-Baltimore_
86,944,488 129.729.180 -33.0
D.C.-Washing'n
24,641.021
26,835,603 -8.2
1,275,370
4,795,344
76.040,000
2,671,000
89.021,968
24,752.230
1,085,514
5,057.759
45,985,000
1,605,498
104,251,043
24.780.222
158,555.912
182,765,036
3,152.436
21,299,891
41,753.054
1,601.163
2.023,058
12,868,983
1,732.000
21,381.220
1,537,823
1.763,000
570,282
48.225,015
3,977,326
23.053.230
43.430,397
1460,480
1,924,015
15,400,962
3,470,000
23,256.578
1,436,549
1,610,224
350,364
51.121,797
157,907.915
170,591,922
Total(8 Cities)_
362,294,458
Total(6 cities)_
155.740.839 205,026,084 -25.1
Sixth Federal Reserve Dist rict-AtIant
Tenn.-Knoxville
2,317,000
3,162,191 -26.7
Tenn.-Nashville
17,018,342
22,361,130 -23.9
0a.-Atlanta___ _
38,230,510
51,026,095 -29.0
Augusta
1,186,049
1,587.000 -25.3
Macon
1,393:795
1,689,803 -17.5
11a.-Jacks'nvflie
9.776,740
12.994,498 -24.8
Miami
1,392.000
2,858.000 -51.3
Ala.- Sirming'm
13.255,616
19.590,117 -32.4
Mobile
1693.688
1,858,739 -8.9
Miss.-Jackson_ _
1790,5.57
1,816,000 -1.4
Vicksburg
202,725
281,384 -38.9
La.-N. Orleans_
35,739.947
43,103.970 -17.1
Total(12 cities)
121,990,969
162,328.927 -24.9
1930.
Inc. or
Dec.
1929.
1927.
1928.
Seventh Feder al Reserve D strict.-Chi cagoMich.-Adrian_ _
263,148
177,665
220,739
300,380 -40.9
Ann Arbor_ -896,928
819.591
1,010,887 -18.9
879,732
Detroit
137.596.697 187,487,955 -26.6 162.542,254 166,739,457
Grand Rapids_
7,521.603
6.244,317
8,060.199
-15.5
.
Lansing
3,178,725
3,021,773
2,855,901
4,177,587 -27.7
Ind.-Ft. Wayne
3,273.747
2,907,461
2,888,567
4,276,376 -32.0
Indianapolis__ _
25,691,000
20,109,0410
22,264.000
25,795,000 -23.2
South Bend_
3,169,100
2,310,201
3,401,800
2,774.809 -16.7
Terre Haute_ _ _
5.277,800
4.041,977
4,495,819
5,272,867 -23.3
Win.-Milwaukee
44,088,471
26 130,535
41,156,193
35,980,190 -27.4
Ia.-Ced. Rapids
2.702,073
2,993,747
2,577,847
3,304.121 -8.5
Des Moines__ _
9.229.797
7,613,882
9,152,155
10,940,735 -31.6
Sioux City_ _
6,366.593
5,646,705
6,995,157
7,070,029 -30.1
Waterloo
1,327.761
1,286,796
1426,890
1,640,167 -21.6
III.-Bloom'gton_
1,618.856
1.970.951
1,619,352
1,777,805 +10.9
Chicago
506,681,717 741,063,689 -31.6 598,102,393 717,000,000
Decatur
1,568.200
1,451,641
1,354,366
1,557,585 -13.0
Peoria
4,502,379
4.390,464
4.642,254
6.317,227 -30.5
Rockford
3,110,892
3,092,003
2,764,560
3,655,500 -24.4
2.450,632
Springfield
2,777,735
2,826,669
3.080,795 -8.2
740,889,124 1,054,873,712 -29.8
Eighth Feder° I Reserve DM trlet-St. Lo uis4,777,280
6,734,828 -29.1
Mo.-St. Louis_ _
98.800,000 106,500,000 -7.2
Ky.-Louisville__
31,444,932
33,484,295 -6.1
Owensboro_ _ _ _
-17.8
Tenn.-Memphis
13.435.825
16,440,148 -18.3
Ark.-Little Rock
10,860,438
12,469,216 -12.8
Ill.-Jacksonville
217,922
598,109 -63,6
Quincy
1,285,193
1,592,106 -19.3
880.602,731 1,009,977,162
5.234,411
126,300,000
31,190.053
439,327
16,235,522
11,071.683
371,485
1,423,136
5,742,734
128,800,000
32,853,822
345.958
17,611,601
12,183,815
443.199
1.490,708
-9.6
192,265,617
199,471,837
Ninth Federal Reserve Din tact-Minn eapolis
5,842,188
8,397,101 -30.4
Minneapolis_
76.554,750 103,086,280 -35.8
St. Paul
19.042.802
24.413,489 -22.0
N.Dak-Fargo _ _
2,038,680
2,136,089 -4.6
S.D.-Aberdeen_
1,005,950
1,263,683 -20.4
Mont.-Billings_
749,648 -20.4
596,420
Helena
3,218,000
3,898,000 -28.6
5,446,597
72,791,497
28,024,903
1,930.414
1,375.994
676.156
3,399.000
8,121,863
71,878,426
27,387,921
2,213.027
1,273,975
555.268
2,852,000
143,944,290 -24.9
113,644,561
114,282,480
Tenth Federal Reserve DM trict-Kens as City
Neb.-Fremont_
345.256
466,292 -26.0
Hastings
608,444
602,244 +10.0
Lincoln
3,878,236 -16.8
3,616,055
Omaha
41,192,402
51,109,156 -19.4
Kan.-Topeka__ _
3,722,294
4,679.079 -20.5
Wichita
8,382,911
10.946,141 -34.4
Mo.-Kan. City_ 123,590,059 168,807,615 -26.8
St. Joseph_ _
5,224,131
8,206,434 -36.3
Colo.-Sol. Slogs_
1,598,432 -13.6
1,381,999
Denver
a
a
a
Pueblo
1,734,306
1.923,046 -8.9
430,394
603,655
4,710,712
43,902,752
3,910,548
9,759,532
146.846,937
6,912.109
1,316,567
Total(8 titles).
Total(7 cities)_
Total(10 cities)
161,154,876
103,298,790
189.797.857
178,234.261
1,1
'
35,491
449,195
571,796
5,151,631
40,613.303
3.396,421
7,836.533
144,004,422
7.100,382
1,388,241
a
1,482,470
219,828,697
212,034,389
has-21.9
-29.0
-36.6
-36.8
-28.8
1,778,610
42.382,434
13 124,447
3,882,000
5,394.530
1,263,989
42.005.198
10.061.200
5,076.000
4,928,966
69.066,548 -30.1
66,562,021
63,335,353
252,216,675 -24.8
Eleventh Fed° ral Reserve District-Da
Tex.-Austin_
1,294,044
1,656,515
Dallas
32,484,544
45.762.095
Fort Worth
8,870,787 *14,000,000
Galveston
2,223,000
3,520,000
La.-Shreveport_
3.390,404
4,122.938
Total(5 cities).
48,262,779
Twelfth Feder al Reserve D 'strict-San Franci see-Wash.-Seattle_ _
37,320,694
44,247,262
48,889.090 -23.7
Spokane
10,188,000
12,403,000 -17.9
12,990,000
Yakima
949,261
1,289,003 -27.4
1,320,905
Ore.-Portland_ _
31.688,136
38,655,591 -18.0
36,481,459
Utah-S. L. City
15,643,961
19,072.793 -18.0
15,757,287
2.070,473
Calif.-Fresno_ _
3.518.684
3,801,566 -45.5
Long Beach _
6,080,840
8.072,942 -24.7
7.850,764
No longer will report cle wings.
Los Angeles _
13,984.043
Oakland
17,294,566
18.414.833 -24.1
Pasadena
4.675,098
6.417,727
5,712,027 -18.2
Sacramento _ _ _
7,207,786
8.258,077
9,362,349 -23.0
7,957,001
San Diego___ _
5,100.835
5,982,896 -14.7
San Francisco_ 153,266,000 194.151 039 -21.1 179,400.000
3,448,222
San Jose
2,097,992
3,865,750 -22.5
1,736,081
1,954,213 -8.4
Santa Barbara_
1,789,609
2,242,364
2,391,348 -12.2
Santa Monica _
2,100,465
Stockton
2,501,900
2,163.400
3.048,000 -29.0
44,187.672
13,055,000
1,102.744
38,333,392
15.641.593
4,282,150
6,797,837
18.658.645
5,072.587
7,199,736
5.689.292
180,937,000
2,792.820
1,490,553
2,296,621
2.745,600
Total(16 cities) 297.226,593 377,086.440 -31.3 351,422,399 345,210,597
Grand total (126
cities)
8,943,217,482 12334872,600 -27.59.006.044.555 9,560,221,274
Outside New York 3,260,492,559 4,173,647,489 -21.9 3,5511,839,672 3,833.640,668
Week Ended Aug. 7.
Ckarin s at1930.
veland •6,495,000
-12.0
4.048,403
-18.2
61,578,802
-1.4
-22.8 112,232,737
16,823.900
-19,9
1,865,088
-18.1
5,896,353
+6.8
-19.5 159.815,810
Fourth Feder al Reserve D strict.- Cle
Oblo-Akron _
5,995,000
6,815.000
Canton
3,923,972
4,793,971
Cincinnati _ _
66.815.702
67,743,551
Cleveland
103,127.642 133,491,800
Columbus
13,251,000
16,551.500
Mansfield
1,516,779
1,853.932
Youngstown _
5.720,826
4.892.636
Pa.-Pittsburgh _ 152,943,537 189,823,334
Week Ended Aug. 9.
Clearings at
Total(20 cities)
1927.
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Total(10 cities)
[VOL. 131.
FINANCIAL CHRONICLE
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
Bt. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William _
New Westminster
Medicine Hat
Peterborough__ _
Sherbrooke
Kitchener
Windsor
Prince Albert_
Moncton
Kingston
Chatham
Sarnia
Total(31 cities)
$
122,898.086
90,802,355
55,558,255
22.815,449
6,922,977
7,568,468
3,805,304
5,338,618
7,585,080
2,531.385
2,822.766
2,780,939
5,159,481
5.266,953
631,557
555,697
2.364.740
1.017,233
1,006,961
844,867
917,208
327,898
696,012
976,414
1,113,558
4,163,922
588,342
1,058.909
808,077
638,268
928,512
360,500,291
1929.
$
154,647.443
128,010,953
89,281,281
23,331,669
7,607,598
7,446,728
3,500,026
5,911.863
21.106.561
3,019,885
3.042,927
3,086,021
5,800,667
8,638,474
794,306
872.421
3,087,112
1,638.389
1,603,004
1,052,963
945,985
446,518
888,273
1,272,348
1,126,241
4,977,070
599,332
1,138,757
852,246
674,005
1.015,046
Inc. or
Dec.
%
-20.6
-23.1
-37.8
-12.2
-9.0
+11.5
+18.7
-9.7
-64.1
-16.2
-7.2
-9.7
-11.1
-39.0
-20.5
-36.4
-23.4
-38.9
-37.2
-19.8
-3.0
-26.6
-21.7
-23.3
-1.2
-16.4
-1.8
-7.1
-5.2
-5.3
-18.8
487,417,012 -26.0
a Ro longer reports weekly clearings. * Mimated.
1928.
S
141,295,213
123.642,041
72.790,583
20.182,411
6,968,265
6,887,599
3,621,059
4,901,973
16.347.790
3,144,348
2.774.298
2,832,159
6,458,457
776.488
813,324
739,092
3.172,297
1,367,713
1,207,974
1.028,227
813.079
410.921
824,803
948.028
1,117,611
4.333,620
507,245
1,027,107
899,053
670,703
652,881
433,167,262
1927.
$
100,367.186
95,521,401
51,476,665
18.063.104
6,123,240
6.076.195
2,770,180
4,906,771
7,856.681
2.710.577
2,400,558
2.844.893
4,178.463
4.042,922
594,977
542,066
2,417,015
1,208,214
1.060,631
1,114,786
823,375
272,275
733,493
922,534
991,755
4,756,403
375.087
807,912
746,447
771,887
685,694
330,156,286
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:
Aug. 9. Aug.11. Aug.12. Aug.13, Aug.14.Aug.15.
1930.
1930.
1930.
1930. 1930.
1930.
Bonds-Francs.Francs. Francs. Francs. Francs. Francs.
88.65
88.55
88.55
88.75
Perpetual._
French Rentes 3%
101.95 101.90 101.95 101.65
French Rentes 4% 1917
100.95 100.95 100.85 100.90
French Rentes 5% 1915-16
P BanksBanque de France
Banque de Paris et des Pays Bait_
Credit Lyonnais
Union des Mines
22,235 22,070 22,050 21,965
2,595
2,615
2,600
2,650
3,006
3,000
2,990
3,015
1.401
1,416
1,391
1,396
CanalCanal Maritime de Suez
17,100 16,800 16635
16655
,.
RailroadChemin defer du Nord
MinesHollMines des Courrieres
day
Mines des Lens
Soc.IMiniere et Metallurgique de
Penarroya
Public UtilitiesCie. General d'Electricite
Soc. Lyonnaise des Faux
Cie. Francais° des Procedes
Thomson-Houston
Union d'Electricite
2,340
2,335
2.340
2,365
1 401
1,154
1,400
1,145
1,300
1,140
1,298
1,132
895
880
885
885
3.070
2,955
3,025
2,930
3.020
2,940
3,035
2,950
831
1,215
822
1.230
803
1,210
812
1,210
IndustrialsTretileries Laminoirs du Havre
Societe Andre Citroen
Ste. Francais° Ford
Coty, B. A
Peehiney
l'Air Liquide
Etablissements Kuhlmann
Gaieties Lafayette
2,080
686
276
927
2,805
1,670
936
185
2,090
690
276
925
2,745
1,650
930
164
2,040
683
273
925
2,700
1,625
920
164
2,065
684
275
922
2,725
1,641
930
165
Royal Dutch
4.025
4.020
4,005
4,025
Wheat.
Flour.
Corn.
Oats.
Barley.
10011day
Rue.
.igigig*
:TiC
2
tZ462i
C1?:r;C4F
SCI.
•Is
0,1
Ci
Ot
:§§§§§§§§§§§§§§
bush. 32 lbs.bus. 48 lbs. bus.56 lbs.
2,644,000
193,000
35,000
726,000
786,000 899,000
18,000
40,000
58,000
1,078,000
787,000
17,000
238,000
2,000
100
08,00019,000
1,056,000
83,000
630,000
43,000
7,000
495,000
54,000
60,000
68,000
82,000
62,000
174,000
2,928,000
4,762,000
4,747,000
17,000
9,000
7,289,000 1,922,000
6,320,000 2,683,000
3,753,000 2,588,000
986,000
0
674,00
211,000
Total wk. '30
Same wk. .29
Same wk. '28
426,000 24,110,000
321,000 30,987,000
470,000 20,182,000
Since Aug.11930
1929
1928
855,000 53,968,000 7,967,000 11.789,000 3.018,000 1,458,000
727,000 68,369,000 10.029,000 9,967,000 4,209,000
943,000
946,000 45.052,000 13,022,000 7,779,000 3.703 ono 'sin nnn
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday Aug. 9, follow:
Receipts at-
Wheat.
Flour.
Corn.
Oats.
Barley.
Rye.
bbls.188lbs. bush.80 lbs. bush.56 lbs. bush. 32 lbs. bus. 48 lbs. bus.56 lbs.
24,000
New York _ _. 285,000 1,410,000
13,000
10,000
496,000
43,000
2,000
Philadelphia__
25,000
819,000
14,000
15,000
Baltimore-40,000
2,000
102,000
Norfolk
87,000
54,000
21,000
New Orleans.
18.000
1,010,000
Galveston....
50,000 2,652,000
Montreal.... _
28,000
25,000
55,000
35,000
28,000
Boston
16,000
480,000 6,811,000
Total wk. '30
Since Jan.1.3014,973,000 88,757,000
62,000
2,070,000
140,000
3.191,000
35.000
535,000
57,000
468,000
464,000 5,363,000
154,000
Week 1929...
536,000
261,000
313,000
Since Jan.1.2915,913,000 116,210,000 15,478.000 11,987,00021.064,000 3,262,000
'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, Aug. 9 1930, are shown in the annexed
statement:
ExportsfromNew York
Boston
Philadelphia
Baltimore
Norfolk
New Orleans
Galveston
Montreal
Houston
Wheat.
Corn.
Bushels. Bushels.
1,034,000
98,000
312,000
233,000
102,000
761,000
1,681,000
2,652,000
Total week 1930- 6,871,000
Same week 1929-- 3.565.000
1,000
Flour.
Oats.
Rye.
Barley.
Barrels. Bushels. Bushels, Bushels.
42,605
17,000
8,000
1,000
1,000
59,000
61,000
56,000
13.000
241,605
192,044
Week
Aug.9
1930.
Since
July 1
1930.
Bushels.
Bushels.
Bushels.
Barrels. Barrels.
573,449 1,913,000 10,604,000
United Kingdom. 81,732
582,078 4,939,000 22,344,000
Continent
138,873
114,000
18,000
63,000
So.& Cent. Amer_ 14,000
4,000
1,000
59,000
7,000
West Indies
2,000
BrIt.No.Am.Cols _
136,000
46,000
Other countries__
241,605 1,323,892 6,871,000 33,204,000
976,000 3,565.000 25,260,000
192,044
Since
July1
1930.
Bushels.
86,000
8,000
94,000
91.000
1,000
United StatesNew York
Boston
Philadelphia
Baltimore
Newport News
New Orleans
Galveston
Fort Worth
Buffalo
" afloat
Toledo
Detroit
Chicago
Milwaukee
Duluth
Ivlinneapolls
Sioux City
St. Louis
Kansas City
Wichita
Hutchinson
St.Joseph, Mo
Peoria
Indianapolis
Omaha
On Lake
GRAIN STOCKS.
Barley,
Rye.
Oats,
Corn,
Wheat,
bush.
bush.
bush,
bush,
bush,
11,000
63,000
118,000
25,000
54,000
5,000
5,000
62,000
1,000
24,000
76,000
4,000
1,070,000
110.000
17,000
63,000
12,000
6,326,000
377,000
135.000
1,000
93,000
77,000
3,352,000
14,000
3,950,000
71.000
4,000
325,000
59,000
7,294,000
193,000
778,000
863,000
8,824,000 1,002,000
50,000
231,000
595,000
3,000
9,000
273,000
15,000
5,127,000
14,000
18,000
51,000
204,000
15,000
123,000
457,000 3,951,000 5,940,000
20,752,000
187,000
239,000
240,000 1,212.000
1,470,000
428,000
352,000 3,532,000
48,000
21,539,000
19,000 1,212,000 2,759.000
91,000
22,722,000
19.000
2,000
258,000
22,000
1,035,000
3.000
28,000
562,000
68,000
6,914,000
55,000
8,000
20,000
45,000
25,806,000
2,179,000
8,000
5,128,000
6,000
94,000
212,000
5,526,000
1,000 1,162,000
98,000
772,000
130,000
2,580,000
80.000
4,000
76.000
183,000
11,135,000
169,000
101,000
1,375.000
Total Aug. 9 1930-165,501,000 3,046,000 12,393,000 11.885,000 4,242,000
Total Aug. 2 1930-155,192,000 3,656,000 8,467,000 11,618,000 3,978,000
Total Aug. 10 1929-155,998,000 8,285,000 11,175,000 6,868,000 6,070,000
Note.-Bonded grain not included above: Oats, New York, 17,000 bushels;
Buffalo, 127,000; Duluth, 5,000; total, 149,000 bushels, against 342,000 bushels In
1929. Barley, New York, 286,000 bushels; Buffalo, 1,285.000; Duluth. 75.000
total, 1,646,000 bushels, against 2,146,000 bushels in 1929. Wheat, New York
755,000 bushels: Boston, 946,000; Philadelphia, 1,878,000; Baltimore. 2,070,000
Buffalo, 7,388.000; Buffalo afloat, 240,000; Duluth, 27,000; Duluth afloat. 240,000
on Lakes, 145,000; Canal, 3,071,000; total, 16,520,000 bushels, against 22,361,000
bushels in 1929.
Canadian563,000
532,000
770,000
Montreal7,601,000
1,690,000 5,420,000 13,539,000
Ft. William & Pt. Arthur 35,145.000
1,883,000 1,210,000 1,783,000
12,440,000
Other Canadian
4,343,000
Total Aug. 9 1930-- 55.186,000
4,033,000
Total Aug. 2 1930.-- 56,882,000
11,922,000
Total Aug. 10 1929-- 86,480,000
Summary165,501,000 3,046,000 12.393,000
American
4,343,000
55,186,000
Canadian
7,152,000 15,885,000
7,021,000 15,357,000
2,804,000 5,828,000
11,885,000 4,242,000
7,152,000 15,885,000
Total Aug. 9 1930-220,687,000 3,046,000 16,736,000 19,037.000 20.127,000
Total Aug. 2 1930-212.074,000 3,656.000 12,500,000 18,639,000 19,335,000
Total Aug. 10 1929-222.458,000 8,285.000 23,097,000 9,690,000 11,898,000
St. Louis Stock Exchange.-Record of transactions at
St. Louis Stock Exchange, Aug.9 to Aug. 15, both inclusive
com iled from official sales lists:
Stocks-
Sales
Friday
Last Week's Range for
Week.
of Prices.
Sale
Par. Price. Low. High. Shares.
Bank StocksFirst National Bank_-20
Mercantile-Commerce.100
Trust Co.StocksMississippi Valley Trust100
75
Range Since Jan. 1.
Law.
High.
75
248
79
248
202 75
10 247
Aug 90
July 301
Apr
Jan
260
280
10 259
July 300
Jan
Miscellaneous Stocks96
96
100
AS Aloe Co pref
7
7
Bentley Chain Stores coma*
40
40
100
Brown Shoe corn
117 117
100 117
Preferred
Century Electric Cc- 1°°10254 10254
5711
55
Coca-Cola Bottling Sec-1
354 33.4
Consel Lead St Zinc A-•
24
24
•
Como Mills Co
20
20
*
Elder Mfg corn
2654
28
Ely & Walker D G com_25
103
103
100
1st preferred
Fred modest Mfg corn...* 24% 2434 2454
131 2
Fulton Iron Works corn.-*
2
2
Hamilton-Brown 83ioe-25
31
31
Hydraulic Pr Brick prat 100 31
International Shoe corn..' 5354 5354 54
107 108
100 107
Preferred
46
46
•
Johnson-S & S Shoe
40
40
20
Laclede Steel Co
55
55
•
Moloney Electric, A
29
2934
Mo.Portland Cement_ _ _25 29
2254 2234
•
Nat.Candy,corn
3
3
5
Nicholas BeatleY
134 1354
•
Pedigo-Weber Shoe
13
13
Rice-Stlx Dry Goods, com• 13
12
12
Scruggs-V-B-D-G, com_25
17
18
•
Scullin Steel, prof
31
31
*
Securities Inv., corn
45
46
*
Southern A &S,com
12154 12234
Southwes Bell Tel, pret _ 100
20
2031
Snit, Baer St Fuller, com__*
2134 2234
_15
_
cons_
Electric,
Wagner
10
5
50
10
5
444
80
50
19
125
14
150
510
tO
120
1,914
38
25
110
5
832
80
25
50
486
117
75
50
220
46
85
265
95% June
Aug
7
3754 July
114
Jan
July
100
383.4 Jan
231 July
24
Aug
20
Aug
26
Aug
96
Jan
21
Jan
154 July
2
Aug
31
Aug
5354 Aug
10434 Jan
40 June
38 Mar.
Jan
52
29 Aug
2054 June
3 Aug
10
July
13 Aug
11
June
17 Aug
30
July
46 Aug
11634 Jan
20 Aug.
20 June
973 June
Feb
13
May
42
119
May
Mar
115
6034 July
634 .Ian
2934 Jan
23 July
2934 Apr
103
Aug
253 Apr
254 Apt
11
Mai
3831 Feb
Jae
63
Aug
108
55
Jam
48
Apr,
66 Mar,
3554 Mar
2754 Mar,
734 Feb
18
Feb
16
Feb
1434 Jan
3134 Jan
3334 Apr
49 Junt
123 JUII1
2654 Apr
3654 Apr
Street Railway Bonds28,000
55.000
25,000
City & Suburban P.S.5s.34
1934
United Rys, 4s
81
81
$1,000
6754 6734
1.000
79
July
6734 Aug.
8754 Jan
Jan
74
28.000
97,000
72,000
25,000
9,000 1,566.000
Miscellaneous BondsMoloney Electric, 554s '43
1935
St. Louis Car,6s
Serial
Rpnloosi-V-1,1 7*
95
96
97
92
Jan.
95 June
ne2, T....
9534 Mar
9754 Jut
The destination of these exports for the week and since
July 1 1930 is as below:
Corn.
Wheat.
Week
Aug.9
1930.
The visible supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 9, were as follows:
Breadstuffs figures brought from page 1126.-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 ending last Saturday and since Aug. 1 for
each of the last three years:
bbls.196Ibs.bush.60 lbs.
'211,000 2,309,000
Chicago
4,423,000
Minneapolis.
1,601,000
Duluth
467.000
0
31.00
Milwaukee-803,000
Toledo
93,000
Detroit
267,000
Indianapolis
St. Louis- - -. 138,000 3,251,000
102,000
46,000
Peoria
4,160,000
Kansas City._
4,768.000
Omaha
685,000
St. Joseph_ 867,000
Wichita
314,000
Sioux City-
Flour.
Exports for 1Veek
Since
Week
and Since
Aug. 9 July 1
July 1 to1930.
1930.
Total 1930
Total 1929
Commercialand.53%1=11=o:insnatis
Receipts at-
1057
FINANCIAL CHRONICLE
Atra. 161930.]
•No par value.
95
96
07
2.000
1,000
1 nnn
/let
\w-
1058
FINANCIAL CHRONICLE
Pittsburgh Stock Exchange.—Record of transactions at
Pittsburgh Stock Exchange, Aug. 9 to Aug 15, both inclusive, compiled from official sales lists:
Stocks—
American Austin Car_ ___•
7
6
7
Amer Fruit Growers prof— ------ 78
80
Arkansas Nat Gas Corp_ •
9
93%
Preferred
10
8
8
Blaw-Knox.Co
•
32
34
Carnegie Metals
10
5
53%
Devonian 011
10
9
9
Donohoes Ice class A-- •
153% 153%
Exchange Nat Bank_ ___50 80
80
80
Follansbee Bros pret_ _ _100
90
90
HerbIson-Walker Refrac_•
50
5052
Horne (Joseph) Co
•
3412 343%
Koppers Gt1.9 & Coke pf 100 10134 30134 10134
Liberty Dairy Prod
21
•
20
let preferred
•
1043% 10434
Lone Star Gas
• 37
38
3.5
. 43%
43% 43%
McKinney Mfg
Mesta Machine
5 2634
263% 273%
National Flreproofing___50
37
37
Preferred
50
37
38
Peopies Say & Trust__ _20
155 155
Phoenix 011
25c
60c 60c
Pittsburgh Brewing _ _ --50
334
314 334
Pittsburgh Forging
•
173% 1732
Pitts Plate Glass
25 4614 46
4634
Pitts Screw & Bolt Corp- _• 19
18
19
Plymouth Oil Co
5
2514 26
Salt Creek Consol 011_ _10
2
2
Ban Toy Mining
1
3
3
3
Shamrock Oil & Gas
*
16
16
1734
Standard Steel Springs__ •
37
37
United Engine & Fdy__ •
373-4 38
United States Glass____25
414 43-4
434
888";'88gt888§tttga§E`gftiV8881E,18-82E"
Friday
Sales
Last Week's Range for
Sale
of Prices.
Week.
Par. Price. Low. High. Shares.
Range Since Jan. 1.
Low.
High.
For,. 131.
National Bank Notes—Total Afloat-Amount afloat July 1 1930
Net decrease during July
$608,317,468
1,764,040
Amount of bank notes afloat on Aug 1
Legal Tender Notes—
Amount on deposit to redeem national bank notes July I
Net amount of bank notes issued in July
Amount on deposit to redeem national bank notes Aug. 11030
$696,553,428
$32,710,398
314,992
833,025.390
5 June
560
Jan
9
Jan
73% June
2134 Jan
5
Jan
83% Jan
14 June
80
Aug
90 June
50
July
3134 Jan
993% Jan
20 June
953% July
34
Jan
3% July
524 June
33
Jan
35
Jan
155
Jan
530c Mar
234 Jan
12
Jan
45 June
18
Jan
2174 May
114 June
2c July
513 July
35 June
3614 June
334 May
1..>
Cr3
Ov
'
CA
NI,
ow N7
714 Jan
95
May
National Banks.—Tho following information regarding
163% Mar
8
Feb
413% Apr national banks is from the office of the Comptroller of the
8
Mar
141.j Apr Currency, Treasury Department:
18
Jan
CHANGE OF TITLE.
Jan Aug.
90
6—The West Side National Bank of Chicago, Ill., to "The
93
Feb
West
Side-Atlas
-National Bank of Chicago."
7114 Apr
35 June
CHARTERS ISSUED.
102(4 Juno
Capital.
32(4 Apr Aug. 9—The Kimball National Bank, Kimball, W. Va
$25,000
10412 Aug
President: W. B. Stevens.
5634 Apr Aug. 9—The Third National Bank of Uniontown,Pa
200.000
frig Jan
President: James It. Cray. Cashier: F. R. Denton.
3214 Apr
VOLUNTARY LIQUIDATIONS.
4534 Apr
45
Feb Aug. 4—The Citizens National Bank of Grinnell, Iowa
75,000
Effective July 311930. Lig. Comm.:Edmund M.Vittum,
175
Mar
G.0. Woltand and Carl E. Child, Care of the liquidat80c Apr
ing
bank.
5
Apr
Absorbed by The Poweshiek County Nat.
Bank of Grinnell, Iowa, No. 13473.
Mar
25
593% Jan Aug. 5—The Peoples National Bank of Elizabeth, N. J
300,000
Effective Aug. 4 1930. Lb. Agent: Dennis F. Collins.
23
Jan
care of the liquidating bank. Succeeded by The
2734 Feb
Peoples Banking & Trust Co., Elizabeth, N. J.
234 Feb
4c Feb Aug. 7—The First National Bank of Hotchkiss, Colo
25,000
Effective July 19 1930. Liq. Comm.: Board of Directors
2734 Apr
of The First Nat. Bank of Hotchkiss. Succeeded by
58
Apr
First State Bank, Hotchkiss, Colo.
493-4 Apr
6
Apr Aug. 9—The Atlas Exchange National Bank of Chicago, Ill
200,000
Effective Aug. 1 1930. Lig. Agent: Daniel M.Healy, 111
Unlisted—
W. Washington St., Chicago, Ill. Absorbed by Tho
Copper Welding Steel
44
44
40 June 50
Apr
West Side Nat. Bank of Chicago. No. 11009, which
International Rustles" Iron
134
IX
114
I X June
3
Fob
changed its title to The West Side-Atlas-National
Leonard Oil Development_
43% Apr
114 2
1
June
Bank of Chicago."
Loan Star GELS pref
1053% 106
Apr
1043% Jan 110
Western Publ Serv v t c__
CONSOLIDATION.
19
19
2011
Aug 33
Apr
Aug. 5—The Rod Lion First National Bank, Red Lion,Pa
125,000
Rights—
and Red Lion Trust Co., Red Lion,Pa
125,000
Western Public Service ___
% 13%
Consolidated to-clay under Act of Nov. 7 1918, as
54 Aug
134 July
amended Feb. 25 1927, under the charter of The Red
Lion First National Bank. No. 5184, and the under
•No par value. S Includes also record for period when in Unlisted Den .
corporate title of "First National Bank and Trust
Co. of Red. Lion," with capital stock of $225,000.
Bank Notes—Changes in Totals of, and in Deposited
Auction Sales.—Among other securities, the following,
Bonds, &c.
We give below tables which show all the monthly changes not actually dealt in at the Stock Exchange, were sold at auction
In national bank notes and in bonds and legal tenders on in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
deposit therefor:
By Adrian H. Muller & Son Now York:
Amount Bonds
on Deposit to
Secure arculatfon for National
Bank Notes.
July 31 1930
June 30 1930
May 31 1930
April 30 1930
Mar.31 1930
Feb. 28 1930
Jan. 31 1930
Dec. 31 1929
Nov. 30 1929
Oct. 31 1929
Sept.1830 1929_---.
Aug. 31 1929--_-.
July 31 1929
June 30 1929
May 31 1929
Apr, 30 1929
Mar. 31 1929_ .......
Feb. 28 1929
Dee. 31 1928____.
Nov. 30 1928_ -Oct. 31 1928____
Sept.29 1928
Aug. 31 1928
July 31 1928____
June 30 1928
May 31 1928._
Apr. 30 I928____
Mar. 31 1928
Feb. 29 L28
Jan. 31 1°28
Dee. 31 1927___.
Nov. 30 1927
8
666,406,250
.666,824,750
667,156,250
667.650,750
667,251,240
667.108,740
667,464,790
667,774,650
607,635,650
666,736.100
667,093,770
666,864,280
666,407,040
666,199,140
666,233,140
666.221.390
666.630.890
666,432,090
607.013,340
667,508.440
667,168,440
667.318.040
666,732.700
666.648,200
665,658.650
667,491.900
666,196,460
666,866,710
667,011.210
666,230,710
667,127.710
666,830,210
National Bank Circulation,
Afloat on—
Bonds.
5
663,528,038
665,607,070
665,719.485
665.974.780
665,107,343
664,928.197
664,468,092
663,823.167
664,115.977
661,822.047
652.823.980
649.297.990
657,764,443
662.773,570
663.328.203
663,364,517
661,924,472
659,651,580
662,904,627
683.931,957
662,705,675
660,463.912
660,518,182
658.463.423
658.732.988
661,522.450
661.127,600
682.412,992
661,481,322
659,332,017
662,380,082
863,340.675
Legal
Tenders.
s
33,025,390
32,710,398
31,933,193
31.225,248
31,066,745
31,669.548
32,115,298
34,118,073
37,465,128
38.506,768
38.564,685
38,652.573
39,707.550
41,520,872
39,651,731
38,720,772
36.750,627
35,231,759
35,877,502
36,248,802
37,446,779
37,688,747
38,299,802
38,026.224
40,887,664
39,757,992
38.814.509
36.802,227
38.250.372
38.407,517
38.623.507
39,080,424
Total.
$
696,553,421
698,317,461
697,652,671
697.200.028
696,174,088
696.597.741
698,583.39(
697.941,241
701.581,101
700,328.811
691.388.661
687,950,562
897.471.991
704,294,442
702,979,934
702,085.289
698,675,099
694,883,331
698.782,129
700,180,759
700,152,454
698,152.651
698.817.984
697.389.647
609.620,652
701,280.442
699,942,161
699.215.219
699,731.694
697.739,534
701,003,589
702,401.099
$3,184,042 Federal Reserve bank notes outstanding Aug. 1 1930, secured by
lawful money, against $3,711,131 on Aug. 11029.
•The total bonds reported held for circulation by the U.S. Treasury were $605,000
less, due to not having received this amount until July 11030.
The following shows the amount of each class of United
States bonds and certificates on deposit to secure Federal
Reserve bank notes and National bank notes July 311930:
Shares. Stocks.
$ per Sh.
Per Cent.
Bonds—
264 Goldman Sachs Trading Corp__ 16
$2,000 Pick Barth Holding Corp.
30 21 West 35th St. Realty Corp.. 6
6% 5-yr. notes,due Jan. 1 1935-- $5
70 Zleley Processes Corp., no par__ 3
$1,000 Bklyn. Union Elevated RR.
133 Zleley Processes Corp.V.T.C.no par 3
let 58, Feb. 1 1950
81
By R. L. Day & Co., Boston:
Shares. Stocks.
8 per Sh. Promissory note of Dennison Air5 Federal Nat. Bank, par no
craft Corp. to U. S. Investment
9734
10 First Nat.Bank, par $20
Co.,dated Jan. 20 1928 for $1,500
99
15 Naumkeag Steam Cotton Co
82
on demand: promissory note of
20 Farr Alpaca Co
Dennison Aircraft Corp. to U. S.
6834
5 Nashua Mfg. Co., pref
Invest. Co. dated Dec. 30 1927
68
4 Androscoggin Mills
for $3,684.48 payable on demand:
6434
15 Detroit Ry.& Harbor Terminals
both signed by U. S. Invest. Co.,
Co., common
Harold T. Dennison, Pres. and
$5 lot
12 A.C. Gilbert Co., common
Trees
6
$2,90 1101
5 A. C. Gilbert Co., pref
5
Four notes of Dennison Airport 00100 United Chemicals Co
crating Co.to Margaret L. Dennl$5 lot
100 United Elastic Corp
son, all signed by Harold T. Den2514
10 Lamson Hubbard Corp., prof
nison, each dated Feb. 7 1930
40
10 Lamson Hubbard Corp., coin_ _ 5
and each for $500, payable in 6
10 Massachusetts Bonding & Ins.
mos., 1 yr., 18 moo. and 2 yrs.
Co., par $25
respectively
106
81,100 lot
360 Denison Aircraft Corp--$2,600 lot Note given for $37,500 dated Bee10 Fiberlold Corp., pref
ton, Mar.5 1926, due 3 yrs. from
9534
10 Graton & Knight Mtg.Co.,corn_ 6
dale, given by Thomas M.Smith
6 National Service Co., pref
to the order of Joseph Aronson,
28-30
50 Massachusetts Bonding & Ins.
int. 6%, secured by 28 mtge. of
Co., par 525
106
real estate in Lynn. Central Ave.
295 Old Colony Investment Trust
11
dc Andrew St., recorded In Essex
10 units First Peoples Trust
23
South District Registry of deeds,
Bonds—
Per Cent,
being half 2d mtge. No int. has
$7,000 Gair Realty Corp. 5s, July
been paid and the 2d mtge. note _
1948
50 & int.
Is offered without recourse
100 lot
$2,000 Buffalo & Erie 6145, July
1954
$11 lot
$3.000 Southwest Utility Ice 6s,
May 1941
5 flat
By Wise, Hobbs & Arnold, Boston:
Shares. Stocks.
8 per Sh.
10 Federal Nat. Bank, par $2O.... 98
25 Nat. Rockland Bank, par 520__ 9434
Associated Textile Cos. as follows:
5 at 35; 5 at 35; 5 at 35; 5 at 35:
10 at 35; Sat 3614.
15 Naumkeag Steam Cotton Co_ __ 86
15 Naumkeag Steam Cotton Co_ __ 86
10 Greenfield Tap & Die Corp.,8%
preferred
88
Shares. Stocks.
8 Per SR.
62% George Frost Co., pref
30 1
IOU.S. Envelope Co., common__ 245
5 Mass. Utilities Associates, pref.,
par $50
36
10 United Secure. Tr. Assoc. 31- ex-cliv.
Bonds—
Per Cent.
$35.000 National Service Cos. 6s,•••-1
Dee. 1932
96
By Barnes & Lofland, Philadelphia:
U,, S. Bands Held July 31 1930 to Secure —
Bonds on Deposit
August 1 1030.
23. U.S. Consols of 1930
2s, U. B. Panama of 1936
2s, U. S. Panama of 1938
Totals
On Deposit to On Deposit to
Secure
Secure Federal
Reserre Ban! National Bank
Notes.
Notes.
Total
Held.
592,262,650
48,523,400
25,620,200
592,262,650
48,523,400
25,620,200
666.406,250
666,406,250
The following shows the amount of National bank notes
afloat and the amount of legal tender deposits July 1 1930
and August 1 1930 and their increase or decrease during the
month of July:
Shares. Stocks.
8 per Sh. Shares. Stocks..
,.
,-,%47
,r- $ per M.
45 Bankers Trust Co., par 550
70
56 Broad St. Trust Co., par $50_ __ _i 56
7 Integrity Trust Co., par 510
107
5 Victoria Finance Corp.of N.J-53 lot
1 Collateral Banking Corp., pref.;
4 Fidelity Trusts Co
_66 1
common A, no par
$30 lot
mlill ..'."- -__1144104t,,
'
'441
4 Philadelphia Bourse,common.oar
'
Bonds—
IV'
, -,• Per Cent.
$50
2434 $25,000 Richmond Ice co.. let dc —, ,
10 Phila. Life Ins. Co., par $10
16
general s. f.634s. Nov. 1 1932_ __"68 3
3 Budd Realty Corp.,Stk. tr. at's
78
$2,000 North Carolina Gas Co., let c (
150 Franklin Pottery Co., pref
10
s. f. Os. Nov.11048
391C
25 Phila. Bat. Bank, par $20
12634 57,000 Wardman Real Estate
25 Corn Exch. Nat. Bank & Trust
Properties. Inc., let & 5. f. 634s.' "'
Co.. par $20
12154
Sept 1 1948
493%
10 Interboro Bk. & Tr. Co., Pros$12,000 Raleigh & Southport RR.
peck Park, Pa., par $50
110
1st Mtge. 5s, 1965
74
By A. J. Wright & Co., Buffalo:
Shares. Stocks,
$ Per Sh. Shares. Stocks.
$ per BR,
50 Buffalo Steel Car Co.,Ins, no par 4c 500 Creighton Fairbanks Minim,
200 Premier Gold Mines, par $1___ 900
Ltd., par $1
$1 lot
1,000 Peterson Cobalt Mines, par $1
50
Atm. 16 1930.]
1059
FINANCIAL CHRONICLE
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
Cast. Parable
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Sept.15 Holders of rec. Aug. 31
Canada Wire & Cable, class A (guar.).- $1
Canada Internat. Invest. Tr.. pref.(all.) 134 Sept. I Holders of rec. Aug. 15
75c Oct. I Holders of rec. Sept. 15
Capital Admlnistr., pref.(guar.)
•ui Oct. I'Holders of rec. Sept. 12
I.) Co., corn.(guar.)
Case
Oct. 1 "Holders of rm.Sept. 12
Preferred (guar.)
'134 Aug. 15 *Holders of rec. Aug. 9
Champion Coated Paper (guar.)
*35c Sept. 2 *Holders of roe. Aug. 23
Checker Cab MN,(monthly)
75e Sept.30 Holders of rec. Sept. 2
Chrysler Corp., corn.(guar.)-----*21ic Oct. 1 'Holders of rec. Sept.15
Cities Service. common (monthly)
Books Closed.
Common (payable in corn. stock)--.- •154 Oct. 1 'Holders of rec. Sept.15
When
Per
Days Inclusive.
Preference and Prof. BB (monthly).- •50c Oct. 1 *Holders of rec. Sept.15
Cent. Payable.
Name of Company.
*5c Oct. 1 *Holders of rec. Sept.15
Preference B (monthly)
33085c Sept. 2 Holders of rec. Aug. 15
Bankers shares
Railroads (Steam).
Sept. 2 Holders of rec. Aug. 15
*1%
(qu.)
City Ice Co.(Kansas City), pref.
•50c Aug. 15 *Holders of rec. July 15
Sept. 2 *Holders of rec. Aug. 20
Colonial Investors
Atlanta & Charlotte Air Line
Aug. 15 "Holders of rec. July 15
•200
13
Sept.
rec.
of
*Holders
1
Extra
Oct.
*1
Boston & Maine. common (guar.)
•50o Sept.15'Holders of rec. Aug. 30
*1X Oct. 1 Holders of rec. Sept. 13
Compressed Industrial Gasses (guar.)
Prior preference (guar.)
30 *Holders of rec. Sept. 14
Sept.
"El
13
Sept.
rec.
1
of
Oct.
*Holders
Cigar
(quar.)
Congress
8% preferred (guar.)
g Oct. 1 *Holders of rec. Sept. 13
Consol. Investment of Can., PE (guar.) *$1.2 Sept. 1 *Holders of tee. Aug. 15
First preferred, class A (guar.)
'173K Sept. 1 *Holders of rec. Aug. 21
Oct. 1 "Holders of rec. Sept. 13
'2
Consolidated Paper, corn.(guar.)
First preferred, class B (quar.)
75c Sept. 1 Holders of rec. Aug. 15
. 1 *Holders Of rec. Sept. 13
"1%
Continental Chicago Corp., pref.(qu.)
First preferred, class C (guar.)
"2% Oct. 1 *Holders of rec. Sept. 13
Crown Cork & Seal, corn.(qu.)(No. 1). *60c Sept.15 *Holders of rec. Sept. 2
First preferred, class D (guar.)
Oct. 14 *Holders of rec. Sept.29
'534 Oct. 1 'Holders of rec. Sept. 13
Common (payable in common stock). *f10
First preferred, class E (guar.)
2% Oct. 1 Holders of rec. Sept.20
Crown Willamette Paper, 1st pref.(qu.)- $1.7 Oct. I "Holders of rec. Sept. 13
Boston & Providence (guar.)
$1.50 Oct. I Holders of rec. Sept. 13
2% Oct. 1 Holders of rec. Sept. 2
Second preferred (guar.)
Canadian Pacific, corn. (guar.)
Oct. 1 Holders of rec. Sept. 2
2
Crum & Forster Ina.Shares, A (guar.).- *250. Aug. 30 *Holders of rec. Aug. 20
Preference
v13.1 Sept. 2 "Holders of rec. Aug. 15
•250. Aug. 30 *Holders of tee. Aug. 20
Class B (guar.)
Cinc. New Orleans & Tex.Pac.,Pref.(qu)
Sept.15 Holders of rec. Aug. 30
$1
Aug. 30 *Holders of tee. Aug. 20
Cumberland Pipe Line (guar.)
Hartford & Connecticut Western
•1K Oct. 1 'Holders of roe. Sept. 15
•500.Sept.15 Holders of rec. Sept. 5
Cohn,
(guar.)
Inc.
(quar.)
&
Decker
(Alfred)
pref.
Missouri Pacific,
Sept. 1 *Holders of ree. Aug. 20
"154
Aug.
$1
25 Holders of rec. Aug. 18
Denver Union Stock Yards, pref. ROW
North Pennsylvania (guar.)
Dec. 1 *Holders of ree. Nov.20
2 Holders of rec. Aug. 20
Preferred (guar.)
Pittsb., Youngst.& Ashtabula, pref.(iOI) 15( Sept. 30
Aug. 15'Holders of rec. Aug. 5
*154
Sept.
15
'6234c
Sept.
rec.
(guar.)
of
'Holders
pref.
com.
(guar.)
Duff-Norton Mfg.
Texas ale Pacific, corn. &
Aug. 15 *Holders of rec. Aug. 5
*2
2)4 Oct. I Holders of rec. Sept. 2
Duncan MIU (guar.)
Union Pacific common (guar.)
Oct. 1 *Holders of rec. Aug. 31
I
2
*$1.25
Oct.
of
(guar.)
Holders
rec.
2
Sept.
common
Eastman
Kodak,
Preferred
Oct. 1 *Holders of rec. Aug. 31
•75e.
Common (extra)
*14 Oct. 1 'Holders of rec. Aug.21
Public Utilities.
Preferred (quar.)
*37%0
Sept.15
*Holders of roe. Sept. 1
(guar.)
Works
El Dorado 011
$1.75 Oct. 1 Holders of rec. Sept. 15
Ely dc Walker Dry Goods, eore•(quilt.). *60a Sept. 1 *Holders of ree. Aug. 21
Alabama Power, $7 Pref. (guar.)
$1.50 Oct. 1 Holders of tee. Sept. 15
•750. Sept. 2'Holders of tee. Aug. 20
Empire Corporation, pref. (guar.)
$8 preferred (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 15
*40c. Sept. 2'Holders agree. Aug. 23
Federal Compress & Warehouse (qu.)
$5 preferred (guar.)
Sept. 2 Holders of rec. Aug. 20
Federal Min.ar Smelt., life!.(guar.).- *154 Sept.15 *Holders of rec. Aug. 25
Atlas Utilities pref. A (guar.)
*1% Oct. 1 *Holders of rec. Sept. 10
(qu.).-*16c Sept.29 *Holders of rec. Sept. 15
pref.
(guar.)
6%
Securities
Co.
Ave.
Fifth
Bus
Hydro-El.
Bangor
v1zi Oct. 1 *Holders of rec. Sept.10
Finance Service Co.(Bait.)(A &B)(V.) 20c Sept. I Holders of rec. Aug. 15
7% preferred (guar.)
*1%
'Holders of rec. Sept. 1
134 Sept. 1 Holders of rec. Aug. 15
Preferred
(guar.)
Birmingham Water Works, pref.(guar.) $1.25 Sept.15
Oct. 1 "Holders of rec. Sept. 2
•
$1.50 Oct. 1 Holders of rec. Sept. 10
Fuller (George A.) Co., prior Pt.((PO
Brooklyn Union Gas Co.(guar.)
X Sept. 15 'Holders of rec. Sept. 1
$1.50 Oct. I Holders of rec. Sept. 10
second pref. (guar.)
Panic,
Butler Water, let pref.(guar.)
*1% Nov. 15 "Holders of rec. Sept.30
•$1.75 Aug. 15 *Holders of rec. Aug. 5
Gallagher Drug, prof.(guar.)
Central III. Pub. Service, pref.(guar.)
1)4 Sept. 2 Holders of rec. Aug. 20
•50c Aug. 15 *Holders of rec. Aug. 14
Galveston Wharf (monthly)
Central Indiana Power, Pref. (quar.)
*1% Sept. 2 *Holders of rec. Aug. 15
30e Oct. 1 Holders of rec. Sept. 15
(QUO.)
com.
Central Miss. Val. El. Prop., lif.
Packing,
Garlock
(guar.). *$1.50 Aug. 15 *Holders of rec. July 31
-Dividend
ed
omitt
pref.
A
Sec.
class
Pub.
Vermont
Corp.,
General Cable
Central
30
$1.625
Aug.
(V.)
of
Aug. 15 *Holders of rec. Aug. 9
*Holders
pf.
rec.
•1%
$8.50
Aug. 20
Commonwealth Utilities.
Gluck Mills (guar.)
•8234c Sept. 2 'Holders of rec. Aug. 15
Rubber, eom.(quar.). 21.25 Nov. 1 Holders of rec. Oct. 1
Connecticut Power, corn. (guar.)
&
Tire
Goodyear
(qu.).
I
"1%
Sept.
corn.
*Holders
$1.75
of
Aug.
Oct. 1 Holders of rec. Sept. 1
rec.
Power,
15
&
First preferred (guar.)
Connecticut Light
"114 Sept. 1 'Holders of rec. Aug. 15
1.% Aug. 16 *Holders of rec. Aug. 6
Gosnold Mills, Prof. (guar.)
8)4% preferred (guar.)
•1% Sept. 1 *Holders of rec. Aug. 15
(qu.)..
30 *Holders of rec. Aug. 30
Sept.
)4
'1
(guar.)
preferred
Pref.
Theatres,
United
Hamilton
5)4%
(guar.). •1
Sept. 2
Aug. 20
Empire & Bay State Telephone(mthly.) *50c. Aug. 1 'Holders of rec. Aug. 21
Hanes(P. H.) Knitting, corn. (quilt.)... •15e. Sept. 1 'Holders of rec. Aug.
20
•15c. Sept. 1 *Holders of rec.
Empire Dist. Elec. Co.,8% pf. (quar.). *80e. Oct. 1 *Holders of rec. July 16
Class B (guar.)
Sept.20
"Holders of rec. Sept. 17
Oct.
rms.
I
of
*Holders
"1M
Engineers Public Service, corn.
Preferred (guar.)
•
I
51.375
Oct.
*Holders
of
Sept.
50c.
1
of
Aug.
Holders
rec.
2
rec.
2
Sept. 17
$5.50 preferred (guar.)
Harbison-Walk. Refract., corn. (guar.).
*$1.25 Oct. 1 'Holders of rec. Sept. 17
134 Oct. 20 Holders of rec. Oct. 10
Preferred (guar.)
$5 preferred (quar.)
1
*50e.
Oct.
(mthly.)
'Holders
of
corn.
Aug.
rec.
30
Sept.15
rec.
15
*50c.
of
Aug.
*Holders
Securities,
Gas & Electric
Hazeltine Corp.(quar.)
•58 1-3c Oct. 1 *Holders of
rec. Sept.15
•75c. Sept. 2 *Holders of rec. July 31
Preferred (monthly)
Helena Rubinstine, Prof. (guar.)
*50c. Oct. 1 *Holders of rec. Sept.15
(monthly)
*50c. Oct. I *Holders of rec. Sept. 1
Gas Securities Co.,corn.
Holophane Co.. common
%
*.t1
Oct.
1
*Holders
stock)
of
"$1.05 Oct, I 'Holders of rec. Sept. 1
com.
in
rec.
Sept. 15
Preferred
Common (Payable
I
Oct.
*500.
*Holders of rec. Sept.15
•15e. Sept.15 *Holders of rec. Aug. 20
Preferred (guar.)
Ctfs.,
(guar.)
Inc.
Insuranshares
•15c Aug. 20 *Holders of rec. Aug. 15
2 Sept. I Holders of rec. Aug. 20
Hawaiian Electric (monthly)
Internatl Arbitrage Corp. coin. (guar.)
"1X Sept. 1
15
rec. Sept.250
Houston Gulf Gas, pref. A .k B (quar.)- •134 Sept. 2 *Holders of rec. Aug. 15
Intematl. Match Corp., coin.(MIRO -- $1 Oct. 15 Holders of
"Holders of rec. Aug. 20
Oct.
Holders of rec. Sept.250
$1
(quilt.)
Illinois Water Service, prof. (quar.)
pref.
Participating
1
Sept.
154
Of
rec. Sept. 2
Holders
of
30
(guar.).
Aug.
Sept.
prof.
Holders
rec.
25c.
(guar.)
Power,
15
Intercontinents
Internatl. Nickel, common
1 'Holders of rec. Aug. 20
*25c. Sept. 1 *Holders of rec. Aug. 15
International Ry.(Buffalo) pref ((rtar.) *3)4 Sept. 2
Jackson (Byron) Co.(guar.)
*75c. Sept. 'Holders of rec. Aug. 15
ShoeInternat. Securities Corp., cl. A
Johnson-Stephens-,Shinkle
"1234c Sept. 2 *Holders of rec. Aug. 15
'62)40 Sept. 1 'Holders of rec. Aug. 15
Class B (guar.)
Quarterly
Sept. 2 "Holders of rec. Aug. 15
'1% Aug. 15 *Holders of rec. Aug. 5
6% preferred (guar.)
Kelvinator of Canada, pref.(guar.)4.1% Sept. 2 *Holders of rec. Aug. 15
"373c Aug. 15 *Holders of rec. Aug. 1
(guar.)
(quar.)
preferred
A
6)4%
Kimball-Krogh Pump, cl.
*1% Sept. 2 *Holders° I rec. Aug. 15
omitted.
7% preferred (guar.)
fl-Dividend
Class
,z1zi
(qu.)
Sept. 1 'Holders of rec. Aug. 15
40c Sept. 2 Holders of rec. Aug. 19
Ironwood & Bessemer Ry.& L., pt.
Kleinert (I. B.) Rubber, corn.(guar.)
*1% Sept. 2 *Holders of rec. Aug. 15
*134 Sept. 1 *Holders of rec. Aug. 15
Key West Electric Co., pref. (guar.).Kobacher Stores. Prof.(guar.)
'Ili Sept. 1
prof.(guar-)- "151 Sept. 2 *Holders of rec. Aug. 22
Lake Superior Dist. Pow.,6% pf.(quar.) "1% Sept. I *Holders of rec. Aug. 1
Co.,
&
(B.)
Kuppenhelmer
*Holders of rec. Aug. 15
4.134 Aug. 15 *Holders of rec. Aug. 14
7% preferred (guar.)
La Salle & Koch. pref.(guar.)
Sept. 2 *Holders of rec. Aug. 20
*0
Oct. I Holders of rec. Sept. 200
3
Middlesex Water ((puar.)
Lawyers Title & Guaranty (guar.)
*40c. Sept.15
40c. Aug. 15 Holders of rec. Aug. 5
(guar.)...
National Public Service, cont. A (guar.) 134 Sept. 2 *Holders of rec. Aug. 27
com.
Corp..
Realty
Letcourt
Holders
(guar.)
of
prof.
Aug.
rec.
Sept. 1 *Holders of roe. Aug. 15 1
15
*4354e
7%
Nebraska Power Co.,
Leonard Custom Tailors (guar.)
1% Sept. 2 Holders of rec. Aug. 15
Sept. I 'Holders of roe. Aug. 20
6% preferred (guar.)
Lindsay-Nunn Pub.,82 pref.(guar.).- - *50c.
Sept. 8 *Holders of rec. Aug. 4
•81
Sept. 2 'Holders of rec. Aug. 12 I
•20c.
(qtt.)
B
&
A
Ltd.,
Northern Liberties Gan
Loblaw Groceterias,
1% Sept. 2
"373ic Sept.15 *Holders of rec. Sept. 5;
corn.(guar.)
Northern States Pow.(Wisc.) pref. OW *134 Sept. 2 Holders of rec. Aug. 20
Co.,
Lunkenheimer
forced
de
-Dividend
B
Northwestern Pub.Serv.,7% pref.((PO *)34 Sept. 2 *Holders of rec. Aug. 19
pref
Milling,
Maple Leaf
'Holders of rec. Aug. 18
*50c. Sept. 1 "Holden of rec. Aug. 15
Nova Scotia Light & Power, pref.(qu.).
Material Service Corp.(guar.)
Sept. 2 *Holders of rec. Aug. 15
*50e. Sept.15 *Holders of rec. Sept. a
Ohio Public Service, 5% pref. (mtillY.)• 41 2-3c
Mayflower Associates(guar.)
"134 Sept.15 *Holders of rec. Aug. 30
Sept. 15 'Holders of rec. Sept. 3
"el
Oklahoma Gas & Elec. pref. (quar.)
Stock dividend
1 *Holders of rec. Aug. 15
Sept.
"32.25
Holders of rec. Aug. 16
15e.
(guar.)
com.
Power,
Otter Tall
McColl.Frontenac Oil, corn. (guar.).- •25c. Sept.15
•$1.25 Sept. 1 "Holders of roe. Aug. 20
Sept. 2 *Holders of rec. Aug. 20
Philadelphia Co., 5% preferred
(guar.)
Car
Motor
Meteor
*134 Sept. 2 'Holders of rec. Aug. 23
I
of tee. Aug. 20
Sept.
*Holders
*6.4
Public Electric Light, pref.(quer.)
Metropolitan Loan,pref
'Holders of rec. Aug. 15
ink en
Public Som.of Colo.,7% pref.(mthly.)' 58 1-3c Sept. 2
Miller & Hart, Inc., pref.-No action
"50c. Sept. 2 'Holders of rec. Aug. 15
6% preferred (monthly)
Oct. 1 Holders of roe. Sept. 10
50c
(quar.)corn.
Inc.,
Sons.
Miller (I.) &
2 Oct. 1 Sept. 21 to Oct. 1
154 Sept. 2 Holders of rec. Aug. 20
Public Serv.Co.of Oklahoma, com.(qu.)
Preferred (guar.)
154 Oct. 1 Sept. 21 to Oct. 1
313K. Oct. I Holders of rec. Sept. 10
7% Prior lien ((uar.)
Monsanto Chemical Works
154 Oct. 1 Seta. 21 to Oct. 1
ti Oct I Holders of rec. Sept.10
el
a% Prior lien (guar.)
Stock dividend
Holders of rec. Aug. 30
*25e Aug. 30 Holders of rec. Aug. 15
Southern Colorado Power, pref. (guar.) 134 Sept.15
Moreland Oil,class A(quer.)
*150. Sept.30 *Holders of rec. Sept.15
Southern Natural Gas $7 pref. (guar.)._ $1.75 Sept. I Holders of rec. Aug. 20
(guar.)
Class B
'Sc. Sept.30.*Holders of tee. Sept. 15
United Gas Corp.$7 Pref.(qu.)(No. 1). $1.75 Sept. 2 Holders of rec. Aug. 18
Class B (extra)
30e. Sept. 30 Holders of rec. Aug. 30
$1.10 Sept.15 *Holders of rec. Aug. 23
United Gas Improvement corn.((mar.)...
Morrell (John) & Co. corn.(quar.)- - $1.25 Sept. 30 Holders of rec. Aug. 30
40c, Sept. 2 Holders of rec. Aug.22
(qua!'.)-.
$5 Preferred (guar.)
common
Murphy (Cl. C.) Co..
-50c. Sept. 1 Holders of roe. Aug. 15
Virginia Elec. & Power.8% pref.(guar.) •Ii‘ Sept.20 'Holders of rec. Aug. 30
National Contalner Corp.. prof.(guar.)
*50c. Oct. 1 *Holders of rec. Sept.17
Western Continental 13111., el. A (guar.) 32 1-2c Sept. 1 *Holders of rue. Aug. 10
(guar.)
Car
Steel
National
1)4 Sept.20 Holders of rec. Aug. 30
Wisconsin Public Serv., 7% pref. (qu.)
50c. Oct. I Holders of rec. Sept. 2
National Sugar Reg.(guar.)
1% Sept.20 Holders of rec. Aug. 30
*25c. Sept. 15 *Holders of rec. Aug. 30
Oil% preferred (guar.)
National Transit (guar.)
"134 Sept.20 *Holden of rec. Aug. 30
Aug. 16 'Holders of ree. Aug. 'I
*SI
6% preferred (guar.)
Neild Mfg.(guar.)
"27lic Oct. 1 'Holders of rec. Sept. 16
Newberry (J. J.) Co., com. (guar.).
Miscellaneous.
*50c. Sept.27'Holders of rec. Sept.15
New York Transportation (guar.)
3734cS ept. 2 *Holders of roe. Aug. 15
O'Connor, Moffat & Co., class A (qu.).'
•3734c Sept.15 *Holders of rec. Aug. 30
1% Sept. 2 Holders or rec. Aug. 20
Aluminum Industries, com. (quar.)._....
Ogilvie Flour Mills, pref.(quar.)
Aluminum Ltd.8% pref.(qu.)(No. 1)_ _ '134 Sept. 1 "Holders of rec. Aug. 15
*50e. Sept.15 *Holders of rec. Aug. 28
1).
(No.
(qu.)
stk.
par
no
•
Ohio Oil, new
Oct. 1 *Holders of rec. Sept.15
"2
Amer.Capital Corp.,$5.50 pr. pfd.(gu) $1.375 Sept. 2 *Holders of rec. Aug. 15
Omnibus Corp., pref.(guar.)
15c. Aug. 25 Holders of rec. Aug. 9
•3734c Aug. 25 *Holders of rec. Aug. 15
Amer. Cash Credit. com. A (guar.).Orange Crush Co.(qua!'.)
12c. Aug. 25 Holders of rec. Aug. 9
Common A (extra)
2 "Holders of rec. Aug. 22
*50c.
Sept.
Oshkosh Overall, pref.(quar.)
13340. Aug. 25 Holders of roc. Aug. 9
Common B (quar.)
2
milled
1 o se
dead
*2
Outboard Motors Corp., clam A-Div
Sept. 1 *Holders of rec. Aug. 21
American Dock Co.(guar.)
7 Holders of rec. Sept. 50
$
(quar.).
corn.
Corp.,
Publix
_
div.)
Paramount
82.12 July 31 Holders of rec. July 31
Amer. Fork & Hoe,old cont.(ad).
*5c. Sept. 10 *Holders of rec. Aug. 29
Parmelee Transportation (monthly).-- "634c.
Anticosti(The) Corp., preference (guar.) 1% Sept. 1 Holders of rec. Aug. 15
Aug. 30 *Holders 01 rec. Aug. 20
(guar.)
Corp.
Federal
Penn
25c.
15
Sept.
(guar.)
Holders of rec. Aug. 21
Atlantic Refining, corn.
Aug. 22 *Holders of rec. Aug:15
"S1
Penn-Men Fuel
25c. Sept.15 Holders of rec. Aug. 21
Common (extra)
*750. Sept.30 *Holders of rec. Aug:30
Prairie Pipe Line(guar.)
75c. Sept. 1 Holders of rec. Aug. 15
Atlantic Securities Corp, Pref.(guar.)._
*500.
30 *Holders of rec. Aug. 30
Sept.
Extra
*4150 Sept. 1 *Holders of rec. Aug. 20
Auto Gear Works pref. (guar.)
25c. Sept. 2 Holders of rec. Aug. 20
Prince & Whitely Trading, com
50c. Oct. 1 Holders of rec. Sept. 13
Barker Bros., corn.(guar.)
75e. Sept. 2 Holders of rec. Aug. 20
15X
Preferred
(guar.)
1
Oct.
Holders
13
of
rec. Sept.
Preferred (guar.)
15, Sept.15 Holders of rec. Aug:25a
Procter & Gamble Co.. pref. (quar.)
15X Sept. 2 Holders of rec. Aug. 15
Bawlf (N.) Grain Co., pref. (quar.).._._
25c. Sept.15 Holders of rec. Aug; 15a
Public Investing (guar.)
Beacon Participations, partic. pfd. (qu.) *25c. Sept. 2 *Holders of rec. Aug. 15
be,Sept.15 Holders of rec. Aug:15a
Extra
*25c.
Sept.
2 *Holders of rec. Aug. 30
Beaton & Caldwell Mfg.(monthly)
"21
Oct. 15
of rec. Oct.i 1
*25c. Oct. 1 *Holders of rec. Sept.30
Quaker Oats, Corn. (guar.)
4.1}i Nov.29'Holders
Monthly
*Holders of ree. Nov. 1
Preferred (guar.)
*8c. Sept. 2 "Holders of rec. Aug. 20
Beneficial Loan Society (guar.)
*154
Aug. 15 *Holders of rec. Aug.
(guar.)
Quissett Mills
*50c. Sept.15 *Holders of rec. Aug. 25
Best & Co. common (quar.)
*31.52
Aug. 29 *Holders of rec. Aug. 22
Rand Mines, American shares
"8750 Sept. 1 *Holders of rec. Aug. 15
Blum's, Inc., pref. (guar.)
Royalty Corp. of A., par. pref.(mthly)- *10c Aug. 15 *Holders of rec. Aug. I 1
60c. Aug. 31 Holders of rec. Aug. 15
Brown Fence & Wire. class A (guar.)_
'Sc, Aug. 15 *Holders of rec. Aug. I
Partic. pref.(extra)
15c. Aug. 31 Holders of rec. Aug. 15
Class B (qugr.)
St. Louts Screw & Bolt, corn.(guar.)._ _ _ 3754c Sept. 1 Holders of rec. Aug. 25
2
Aug. 15 Holders of rec. Aug. 7
Cabot Manufacturing (guar.)
Second Inv. Corp.. Prov., cony. pf.(gu.) •3734e Sept. 2 *Holders of ree. Aug. 15
'3734e Sept. 1 *Holders of rec. Aug. 15
Canada Bread, Ltd., common
'750. Sept. 2 *Holden of roe. Aug. la
Prior preferred (guar.)
134 Sept.15 Holders of rec. Aug. 31
Canada Iron Foundries, corn.(guar.)._
Selected Industries, prior stock (guar.)__ 21.375 Oct. I Holders of rec. Sept. 18
Sept.15
3
Holders
of
rec. Aug. 31
Proferred
(Laura) Candy Shops (guar.)... *75o. Sept. 1 'Holders of tee. Aug. 15
Canada Paving & Supply, 1st pref.(qu.) 15( Sept. 1 Holders of rec. Aug. 150 Secord
Simmons Bordman Pub., pref. (guar.)._ •75c. Sept. 2 *Holders of rec. Aug. 22'
'334 Aug. 15 *Holders of rec. Aug. 8
Canada Starch, Ltd., pref
*50e. Oct. 15 *Holdres of rec. Elept:I5
Sinclair Como!. Oil, com.(guar.)
40e. pt. 1 Holder, of rec. Aug. 15
Canada Vinegars, Ltd.(guar.)
1060
FINANCIAL CEIRONICLE
Per
When
Coil. Payable
Books Claud.
Days Inclusive.
[VoL. 131.
Per
When
Books Corea
Name of Company.
Cent. Payable.
Days Inclusive.
Public Utilitiee (Concluded).
Federal Light & Tract., corn.(qua?.)
37340. Oct. 1 Holders of roe. Sept. 135
Common (payable In common stock)_ fl Oct.
1 Holders of rec. Sept.136
Preferred (guar.)
Federal Water Service, corn. A (qu.)... 51.50 Aug. 30 Holders of rec. Aug. 155
160c. Sept. 1 Holders of rec. Aug. la
Common B (guar.)
10c. Sept. 1 Holders of rec. Aug. 31
Florida Power,7% pref. A (guar.)
•134 Sept. 1 *Holders of rec. Aug. 15
7% pref. ($50 par) (guar.)
*8734c Sept. 1 *Holders of rec. Aug. 15
Gary Rys., pref. A (guar.)
$1.80 Sept. 2 Holders of roe. Aug. 20
Gas & Elec. Securities, corn,(monthly).
50c Sept. 1 Holders of rec. Aug. 15
. Common (payable in corn. stock)__ _ __
/34 Sept. 1 Holders of rec. Aug. 15
Preferred (monthly)
58 1-3c Sept. 1 Holders of rec. Aug. 15
General Gas& Eleo., com.A &B ((In.).
173-40. Oct. 1 Holders of roe. Aug. 295
$8 preferred (guar.)
$2
Oct. 1 Holders of roe. Aug. 295
$7 preferred (quar.)
51.75 Oct. 1 Holders of roe. Aug. 29e
Cony. pref. series A (guar.)
$1.50 Sept.15 Holders of rec. Aug. 155
$6 preferred A & B (qu.)
$1.50 Sept.15 Holders of rec. Aug. 15
Havana Electric By.. prof.
134 Sept. 2 Holders of rec. Aug. 125
(guar.).Indianapolis Water Co., pref. A (aunt.).
Indiana Service Corp., 7% pref.(quar.) 134 Oct. 1 Holders of roe. Sept. 125
134
Sept. 2 Holders of rec. Aug- 15
6% preferred (guar.)
Interoontinents Power, corn. A (quar.).. 134 Sept. 2 Holders of rec. Aug. 15
60o.
Sept.
1 Holders of rect. Aug. 1
Kentucky Utilities, junior pref.
Keystone Telco. of Phila.,$4 Pr.(guar.). "87tee Aug. 20 Holders of rec. Aug. 1
*
Lexington Water Co, pref.(qua?.)(c111.).. 61 Sept. 1 Holders of rec. Aug. 20
134 Sept. 2 Holders of roe. Aug. 20
Lone Star GIL own.(In cont.
(y)
Hold.of roe. Feb.2 1931
Middle Western Tents., eon).stk.)
A (qu.)... •43344) Sept.15 'Holders of no. Beni. 5
Common A (guar.)
Dee. 15 *Holders of roe. Dee. IS
Minneapolis Gas Light,6% pref.(guar.) gni°
*134 Sept. 2 'Holders of rec. Aug. 20
7% preferred (quar.)
Mississippi Valley Utilities. $7 preL(qu.) •134 Sept. 2 *Holders of rec. Aug. 20
Monongahela West Penn Public Service $1.75 Sept. 2 Holders of rec. Aug. 15
7% preferred (guar.)
43MO. Oa. 1 Holders of rec. Sept. 15
Municipal Teleph. Mil., el. A (extra)... "25e.
Nov. 15 'Holders of roe. Oct. 15
MutualTel.(Hawaii)(monthly)
*80. Aug. 31 'Holders of rec. Aug. 19
National Power & Light, corn. (guar.)._
25c. Sept. 2 Holders of rec. Aug. 96
National Public Service, corn. B (qu.)._
400. Sept. 1 Holders of rec. Aug. 15
$3.50 cony. preferred (guar.)
8730. Sept. 1 Holders of roe. Aug. 15
$3 cony. preferred (guar.)
75e. Sept. I Holders of rec. Aug. 15
Newark Telephone (guar.)
•$1 Sept.10 *Holders of rec. Aug. 29
Quarterly
Below we give the dividends announced in previous weeks
'Si Dec. 10 *Holden of roe. Nov.30
New England Gas& Elec., pref.(gu.)_
and not yet paid. This list does not include dividends an- New
51.375 Oct. 1
Rochelle Water Co., pref.(guar.).- 134 Sept. 2 Holders of roe. Aug. 29
Holders of roe. Aug. 20
nounced this week, these being given in the preceding table. North American Co , cont. (guar.)
0234 Oct. 1 Holders of rec. Sept. 50
Preferred (guar.)
75c Oct. I Holden of rec. Sept. 6a
North American Edison Co., pref. (qu.) 51.50 Sept. 2
Per
When
No. American Lt.& Pow.,$6 pref.(qu.) $1.50 Oct. 1 Holders of rec. Aug. 156
Books Closed.
Holders of rec. Sept. 20
Name of-ComPanil.
Cent. Payable.
North Amer. Utility Securities Corp.
Days Inclusive.
First preferred (GUM)
$1.50 Sept.15 Holders of rec. Sept. 2
Railroads (Steam).
Northern Ontario Power, corn.(qua?.)..
50e. Oct. 25 Holders of rec. Sept.30
Atch.Topeka & Santa Fe common (qu.). 234 Sept. 2 Holders of
Preferred (guar.)
rec. July 250
134 Oct. 25 Holders of roe. Sept. 30
Baltimore & Ohio, common (guar.)
1% Sept. 2 Holders of roe. July 190 Ohio Power, 6% pref. (guar.)
sept.
, 2 *Holders of rec. Aug. 8
Preferred ((luar.)
Sept. 2 Holders of rec. July 190 Ohio Pub. Sun.. 1st pref. A (mthly.)- 58 1-3c S
*
Chic. R.1.& Pee., corn.(guar.)
*Holders of rec. Aug. 15
1)4 Sept.30 Holders of roe. Sept. 5a
6% preferred (monthly)
"500. se
ttlep
p
t
.
.
80
2 *Holders of rec. Aug. 15
Cleve.& Pittsburgh. guaranteed (qua?.). 137.40 Sept. 2 Holders of rec.
Aug. 95 Ohio Telephone Service. prof. (quiz.).... •13
‘
.
*Holders of roe. Sept. 23
Special guaranteed (guar.)
500 Sept. 2 Holders of roe. Aug. 90
Preferred (guar.)
•1%
'Holders of rect. Dee. 24
Cuba RR., preferred
3
Feb2'31 Hold, of roe. Jan.15'310 Peninsular Telephone.corn.
(guar.)
•360.
Delaware & Hudson Co.(guar.)
*Holders
of roe. Sept. 150
234 Sept. 20 Holders of reo. Aug. 280
Common (guar )_
•350.
Erie RR., let and 2nd preferred
*Hold. of roe. Dee. 15'30
2
Deo. 31 Holders of reo. Dee. I30 Pennsylvania Gas & El. Corp.,
A (qu.).. *3730 j
Gulf Mobile & Northern. pref.(rem.).- *134 Oct. I *Holders of
°
S
i
D
tl
it
:
*Holders
i
.
3
13111
tee. Aug. 20
of
$7 preferred (guar.)
roe. Sept.16
*51.75 Oct. 1 *Holders of roe. Sept. 20
Illinois Central common (guar.)
134 Sept. 2 Holders of rec. Aug. Sa
7% preferred (guar.)
•1% Oct. 1 *Holders of roe. Sept. 20
Preferred
3
Sept. 2 Holders of rect. Aug. 85 Pennsylvania Ilium. Corp. of Scranton
Maine Central common (guar.)
1.34 Oct. I Holders of roe. Sept. 15
Class A (No. 1)
1234c se
Sept
Preferred (guar.)
1% Sept. 2 Holders of roe. Aug. 15
Pennsylvania Power, $6 pref.(quiz.)... 51.50 pt. 2 Holders of rec. Aug. 20
Mo.-Kansas-Texas, common (quar.)
Holders of roe. Aug. 20
$1
Sept. 30 Holders of rec. Sept. 50
$8.60
preferred (monthly)
Sept.
Preferred A (guar.)
55c
2 Holders of roe Aug. 20
134 Sept.20 Holders of reo. Sept. 5
Penn. State Water Corp.. $7 prof.
Preferred A (guar.)
(gu.)- $1.75 Sept. 2 Holders of roe. Aug. 20
14( Dec. 31 Holders of rec. Dec. 5
Philadelphi
a
Elec.
Power. Prof.(guar.).New Orleans. Texas & Mexico (quar.)- - 13( Sept. 2 Holders of roe.
50e. Oct. 1 Holders of roe. Sept. 100
Phila. Suburban. Water Co., pref.
(qu.) 134 S
N.Y.Chic. di St. Louis, corn.& pfd.(au) 134 Oct. I Holders of tee. Aug. 150 Porto
Oeop
t.
Holders of rec. Aug. 120
Aug. 15a
Rico Telephone, pref
N. Y. N. If. & Hartford, corn.(quar.). 134 Oct. I Holders of
*54
rec.
Power
Sept.
6a
Corp.
of Canada, 1st pref.(guar.) 1% Oct. 15 Holders
Preferred (guar.)
of roe. Sept. 30
134 Oct. I Holders of rec. Sept 55
Second preferred (guar.)
Norfolk Jr Western common (guar.).- 2% Sept.19 Holders of rec. Aug.
750. se
Oct.
o.30
15 Holders of roe. Sept. 30
.30a Public Serv. Corp.of N.J., corn.(gu.)
Adjustment preferred (guar.)
85e.
Holders of rect. Sept. 2a
1
Aug. 19 Holders of roe. July 314
8% Preferred (guar.)
2
Pennroad Corp.(No. 1)
Sept.30 Holders of rec. Sept. 2a
20e Sept.15 Holders of rec. Aug. 8a
7% preferred (guar.)
134 Sept.30 Holders of rec. Sept. 26
Pennsylvania RR.(quar.)
Aug. 30 Holders of rec. Aug. la
$1
55 Preferred (guar.)
$1.25
Reading Co.. 1st preferred (guar.)
Holders of roe. Sept. 20
50e. Sept.11 Holders of rec. Aug. 210
6% preferred (monthly)
Second preferred (quar.)
50c. 2e
Aug
"2°
.. 30 Holders of rec. Aug. la
500. Oct. 9 Holders of roe. Sept. I8a
6% preferred (monthly)
60e. Sept.30 Holders of roe. Sept. 26
St. Louis-San Francisco. corn.(quar.)... 2
Oct. I Holders of roe. Sept. 2a Pub. Serv. Elec. & Gas 7%
pref.(guar.) 134 Sept.30 Holders of roe. Sept. 24
Preferred (quar.)
134 Nov. 1 Holders of ree. Oct. la
6% preferred (guar.)
St. Louie Southwestern. pref. .guar.)134 Sept.30 Holders
roe. Sept. 20
134 Sept.30 Holders of roe. Sept.
Gas & Elec.,7% pref B (qu.). 134 Sept. 2 Holders of
United N. J. RR. & Canal Coe.(au.).. .234 Oct. 1 *Holders of roe. Set 13a Rochester
of roe. July 31
6%
10
preferred series C (guar.)
Quarterly
134 Sept. 2 Holders of rect. July 31
02% Jan I'31 *Holders of roe. Dee.1.1)'30
6% preferred genes D
134 Sept,ept: 2
Wabash By., pref. A (guar.)
1 Holders of rec. July 31
134 Aug. 25 Holders of rec. July 25a Seaboard Public Service,(guar.)
$6 Of.(qua?.).. 81.50 Sept,
Holders of rec. Aug. 15
Southern Calif. Edison, pref.
A (guar.). 43 Me Sept. 15 Holders of rec. Aug. 20
Public Utilities.
Preferred
B
(guar.)
37340 Sept.15 Holders of roe. Aug. 20
Amer.Electric Power $7 pref.(guar.)
81.75 Sept.15 Holders of rec. Aug. 29
Southern Calif. Gas, $634
pref. (qu.)..' 31.625 Aug. 30 *Holders of rec. July 31
$6 preferred (gum.)
$1.50 Sept. 1 Holders of no. Aug. 20
Southern Canada
Prof.(qua?).. 134
Holders of roe. Sept. 20
Amer.Power & Light, corn.(guar.)
25e. Sept. 2 Holders of rec. Aug. 160 Southern ColoradoPower,
Power,
Holders of roe. July 31
500.
Amer. Telegraph dr Cable (guar.)
134 Sept. 2 Holders of rec. Aug. 216 South Pittsburgh Water, corn. A (qu.) .1,1;4
5% pref.(qu.)
Oct.AAu
uli 2
Aug.
19
Amer. Water Works & Elec., pref.(qu.) $1.50 Oct. I Holders of rec. Sept. lla Standard
5
2 *Holders of rec. Aug. 9
Pow.& Lt., el. A &
500. Sept. 2 Holders of reo. Aug. 12
Associated Gas & Elec.,$6 pref.(guar.) _ $1.50 Sept. 2 Holders of rec. July 31
(guar.).
Stand. Pub. Sent., el. A (au.)B
Holders of rec. Aug. 15
$6.60 preferred (guar.)
81.625 Sept. 2 Holders of rec. July 31
Tennessee Elec. Power 5% let(In A stk.) e2
2ect
pt
.. 1 Holders of rec. Sept. 15
$5 preferred (guar.)
$1.25 Sept.15 Holders of Tee. Aug. 15
6% first preferred (guar.) pf.(qu.). 134 0
Associated 'relep. & Telur. el. A (extra) .61
134 Oct. 1 Holders of rec. Sept. 15
Nov. 1 *Holders of rec. Oct. 17
7% first preferred (guar.)
134 Oct.
Brazilian Tree., Light & Pow., ord (qu.)
Holders of rec. Sept. 15
50c. Sept. 2 Holders of roe. July 31
7.2% first preferred
1.80 Oct. 1 Holders of rec. Sept. 15
Brooklyn Edison Co. (guar.)
2 Sept. 2 Holders of rec. Aug. 150
6% first preferred (gum)
(monthly)
60c.
Brooklyn-Manhattan Transit. pt. A (qu.) $1.50 Oct. 15 Holders of rec Oct. la
Holders
of rec. Aug. 15
6% first preferred (monthly)
50c.
Preferred, series A (guar.)
1 Holders of rec. Sept. 15
$1.50 Jy 1531 Holders of no. Doe, 31a
7.2% first preferred (monthly)
60c. S
OSe
Preferred. aeries A (guar.)
Holders of roe. Aug. 15
cit
1...
$1.50 A p15'31 Hold.of rec. Apr. 1 1931.
7.2% first preferred (monthly)
60e. Oct. 1 Holden of roe. Sept. 16
Canada Northern Power common (qu.).
15e. Oct. 25 Holders of roe. Sept. 30
Tide Water Power.$6 pref.
O$1.50 Sept. 1 *Holders of rec. Aug. 15
Preferred (guar.)
134 Oct. 15 Holders of no. Sept.30
Toledo Edison,5% pref. (guar.)
(montbly)....* 41 2-3c Sept. 2 *Holders of rec. Aug. 15
Canadian Hydro Elect., pref.(quar.).. 134 Sept.
Holders
6%
Aug.
roe.
of
1
pref.(monthly)
I
Cent. Ark.Public Serv.. prof.(qua'
*50o.
*Holders of rec. Aug. 15
134 Sept. 2 Holders of rec. Aug. 15a
7% pref. (monthly)
•
Central Gas di Elec.. $634 prof.(qua?.).. $1.625 Sept. 1 Holders of rec. Aug.
. 2 *Holders of roe. Aug. 15
Tri-State Tel. & Tel.6% pref. (quit.).. 58 1-3o Sept.
16
Central Public Serv. Corp., cl. A (qu.) n43 Me Sept. 15 Holders of rec. Aug. 26
.150.
Dec.
*Holders
1
of roe. Nov. 15
Union Natural Gas of Canada (quiz.)..
"k35e. Sept.10 *Holders of rec. July 15
$7 preferred (guar.)
$1.75 Oct. I Holders of rec. Sept. 11
Extra
$6 preferred (guar.)
*kb*. Sept. 101 *Holders of roe. July 15
$1.50 Oct. 1 Holders of rec. Sept.11
United Corporation, coin.(No. 1)
$4 preferred (guar.)
50c. Oct.
Holders of rec. Aug. 250
$1 Oct. I Holders of rec. Sept.11
Preference (guar.)
75e. Oct. 1 Hoblers of roe. Sept. 50
Central States Elec. Corp., corn.(qii.)United Gas Improvement corn.(guar.)...
100 Oct. 1 Holden of rec. Sept. 5
300. Sept 30 Holders of rec. Aug. 30a
Common (payable in corn.stock)
f234 Oct. 1 Holders of rec. Sept. 5
Preferred (guar.)
7% pref. (Issue of 1912) (guar.)
134 Oct. 1 Holders of rec. Sept. 6
Washington Water Power, $6 pref.(qu.) $1.25 Sept. 30 Holders of tee. Aug. 30a
6% preferred (guar.)
*$1.50 Sept. 15 *Holders of rec. Aug. 23
134 Oct. 1 Holders of rect. Sept. 5
$634 preferred (guar)
81.625 Sept. 15 *Holders of rect. Aug. 23
Cony. pref.(series of 1928, (guar.).- 1m) Oct. 1 Holders of res. Sept. 5
Western Mass. Cos.(guar.)
68340. Sept.30 Holders of rec. Sept.16
Cony. pref.(series of 1929)(guar.)-Western Power Corp., pref.
Oct. 1 Holders of rec. Sept. 5
(m)
(guar.)
Chicago Rap. Traci., pr. pf. A(n'thly). *650. Sept. *Holders of
.. 12
Becitn
154 O
5 Holden of rec. Sept. 30
West Ohio Gas, Prof. A (quar.)
rec. Aug. 19
1
134
Prior preferred B (monthly)
Holders of roe. Aug. 15
•60o. Sept. 1 *Hoidens of rec. Aug. 19
west Penn Elect. Co., clan A (quar.)... $1.75
Sept.30 Holders of rec. Sept, 17a
Chic.So. Shore & So Bend. p1. A (qu.)
Wheeling Electric, pref. (guar.)
144 Sept. 2 Holders of roe. Aug. 15
'134 Sept. 2 *Holders of roe. Aug. 9
Cleveland Eleo. Ilium., pref.(quar.).... 134
WIlliamsPort Water Co.. 56 pref.(guar.) $1.50 Sept..2
Sept. I Holders of rect. Aug. 15
1 Holders of roe. Aug. 20
Commonwealth & South. Corp.corn.(1u)
15c. Sept. 1 Holders of rec. Aug. 4a Wilmington Gas Co., preferred
3
Sept.
Holders of rec. Aug. 12.
$6 preferred (guar.)
$1.50 Oct. 1 Holders of rec. Sept. 8a
Community Water Sent. 1st Pref.(qu.). $1.75 Sept. 2 Holders of rect. Aug. 20
Trust Companies,
Consol. Gas. EL L.& P..Balt.,com.(qu.) *90c.
Continental Bank & Trust(guar.)
Oct. 1 Holders of rec. Sept. 15
•30o. Sept.15 *Holders Of rec. Sept. 5
5% Preferred series A (guar.)
•134 Oct. 1 Holders of rec. Sept. 15
6% preferred series D (guar.)
Oct. 1 Holders of rec. Sept. 15
Fire Insurance.
534% preferred series E (guar.)
•1fi Oct. 1 Holders of rec. Sept. 15
North River insurance toner.)
50e. Sept. 15 Holders of rec. Sept. 5
Consolidated Gas of N. Y., corn.
(guar.) $1
Sept.15 Holders el rec Aug. 155 United States Fire Ins. (guar.)
60e. Nov. 1 Holders of rec. Oct. 22
Consol. Gas Utilities class A
Consumers Power. $5 pref. (guar.).- 55e. Sept. 2 Holders of roe Aug. 15
(guar.)
Miscellane
•$1.25
Holders
of ree. Sept. 16
ous.
Oct. I
0% Preferred (guar.)
Agnew Surpass Shoe Ells., pref.(qu.)-_
Oct. 1 Holders of roe. Sept. 15
134 Oct. I Holders of rec. Sept.15
6.6% preferred (guar.)
Ainsworth Mfg., corn. (guar.)
*1.65 Oct. 1 Holders of coo. Sept. 15
•62340 Sept. 2 *Holders of Tee. Aug. 20
7% preferred (guar.)
Common (payable in common stock)-see note o.
Oct. 1 Holders of rec. Sept. 15
6% preferred (monthly)
*50o. SePt. 1 Holders of roe. Aug. 16
Allegheny Steel, coin.(monthly)
16e. Aug. 18 Holders of rut. July 31a
11% preferred (monthly)
Common (monthly)
•500. Oct. 1 Holders of rec. Sept. 15
150. Sept.18 Holders of roe. Aug. 30e
6.6% preferred (monthly)
*55e. Sept. 1 Holders of ree. Aug. 15
Preferred (guar.)
•134 Sept. 1 *Holders of roe. Aug. 15
0.6% Preferred (mentillY)
•55e. Oct. 1 Holders of tee. Sept. 115
Preferred (guar.)
Eastern Shore Pub.Serv.,$834
•134 Dee. 1 *Holders of roe. Nov. 15
Alliance Realty, Pref. (guar.)
Pf.(qu
51.625 Sept. 1 Holders of no. Aug. 15
134 Sept. 1 Holders of reo. Aug. 20
$6 Preferred mum.)
'$150 Sept. I Holders of rec. Aug. 15
Preferred (gnu.)
134 Dee. 1 Holders of no. Nov.20
East Kootenay Power pref.(guar.)
134
Aluminum
Sept.
Holders
15
Mfrs.,
of
Aug.
30
roe.
Inc.,
corn. (guar.)
*60c. Sept.30 *Holders ot rec. Sept. 15
Emp.Gas & Fuel 8% pt.(mthly.)
•66 2-3c Sept. 1 Holders of rec. Aug. 15
Common (guar.)
7% preferred (monthly)
•500
Dec. 31 *Holders of rue. Doe. 15
.• 58 1-3c Sept. I Holders of roe. Aug. 15
Preferred (guar.)
•134 Sept.30 *Holden of fee. Sept.15
634% preferred (monthly)
•541-6o Sept. 1 Holders of tee. Aug. 16
Preferred (guar.)
6% preferred (monthly)
*134 Dee. 31 *Holders of tee. Dee. 15
*50e. Sept. 1 Holders of tee. Aug. 15
Amer.& General Securities,$3 pref.(qu) 750. Sept. 2 Holders
of tee. Aug. 16
Name of CoMpany.
Miscellaneous (Concluded).
Sparks-Withington Co., corn.(quar.)...
25c. Sept. 30 Holders of rec. Sept. 13
Preferred (guar.)
114 Sept. 15 Holders of rec.
Stromberg-Carlson Telep. Mfg.(guar.)_ "25e. Sept. 2 *Holders of rec. Sept. 4
Aug. 16
Extra
"1234c Sept. 2 *Holders of rec. Aug. 16
Preferred (guar.)
4.1% Sept. 2 *Holders
of
rec.
Aug.
16
Thompson Products, pref.(guar.)
4,1
34 Sept. 1 *Holders of rec. Aug. 20
Truscon Steel, pref. (guar.)
1% Sept. 2 Holders of rec. Aug. 22
Ulen & Co., corn.(guar.)
40e. Oct. 15 Holders of roe. Oct. 1
Underwood-Elliott-F. Co., corn. (guar.) $1.25 Sept.30 Holders of roe. Sept.12
Preferred (guar.)
134 Sept.30 Holders of roe. Sept.12
Unexcelled Mfg. (guar.)
13
,
4 Sept. 2 Holders of roe. Aug. 20
Union Mills, pref. (guar.)
Sept. 2 *Holders of rec. Aug. 15
United Elastic Corp
40c. Sept.24 Holders of roe. Sept.10
United Fruit(guar.)
Si
Oct. 1 Holders of rec. Sept. 2
United Realties, pref.(quar-)
•6234c Sept. 2 *Holders of rec. Aug. 22
Prior preferred (quar.)
*6234c Sept. 2 'Holders of rec. Aug. 22
United Stores Corp.. Pf. Olu.)(No. 1)... 6234e Sept. 5 Holders of rec. Aug.
25
United Wall Paper Factories, pf.
*$1.75 Sept. 2 'Holders of rec. Aug. 21
U.S. Gypsum,corn.(guar.)
*400 Sept. 30 *Holders of rec. Sept. 15
•1,4 Sept.30 *Holders of roe. Sept.15
Preferred (guar.)
Universal Film. pref. (guar.)
*10c July 31 'Holders of rec. June 30
Writable Agricultural Co. (guar.)
*60c Aug. 31 *Holders of rec. Aug. 20
Walker (H.) Gooderham & WortsQuarterly
26c. Sept. 15 Holders of roe. Aug. 22
Walworth Co.. corn.(guar.)
*500. Sept.15'Holders of rec. Sept.
Preferred (guar.)
*75e. Sept.30 "Holders of rec. Sept.20
West Michigan Steel, corn.(guar.)
*250. Sept.15'Holders of rec. Sept. 1
Preferred (guar.)
Sept. 2 *Holders of roe. Aug. 15
Western Oil & Refining, pref. A-Divi.dendo mitted
Wheatsworth, Inc., pref.(qua:.)
*2
Sept. 1
White Rock Mineral Springs, com.(qu.) $1
Oct. 1 Holders of rec. Sept. 15
First preferred (qua?.)
134 Oct. 1 Holders of rec. Sept. 15
Second preferred
$5
Oct. 1 Holders of rec. Sept. 15
Whiting Corp.(guar.)
*200. Aug. 15 *Holders of rec. Aug. 5
Wilson-Jones Co.(guar.)
*75e. Sept. 2'Holders of rec. Aug. 25
Wolverine Petroleum Corp. (special)_. $3
Aug. 30 Holders of rec. Aug. 15
Wolverine Tube, pref. (guar.)
'1% Sept. 1 'Holders of rec. Aug. 15
Worcester Salt. pref. (guar.)
•Itl Aug.
15 *Holders of rec. Aug. 9
FINANCIAL CHRONICLE
AUG. 16 1930.]
When
Payable.
Name of Company.
Boat Coot
Deo Iselustre.
Miscellaneous (Continued
50c. Oct. 1 Holders of rec. Sept. 100
American Bank Note,corn.(guar.)
7bc. Oct. 1 Holders of rec. Sept.106
Preferred (guar.)
*60e. Sept.30 *Holden of rec. Sept. 12
Amer. Colortype Co.. corn. ((Mara
134 Sept. 1 Holders of roe. Aug. 14
Preferred (qua?.)
35c. Sept. 2 Holders of rec. Aug. 140
American Home Products (monthly)-- American International Corp.
Oct. 1
Common (payable In oommon Met) - f2
114 Sept. 1 Holders of no. Aug. 15
Amer. Investment Trust pref. (guar.)._
134 Dec. I Holders of rec. Nov. 11
Preferred (qua?.)
Amor. Laundry Machinery.cool.(quar.) *$1 Sept. 1 *Holders of rec. Aug. 20
Oct. 1 Sept.16 to Sere.30
American Manufacturing, Oom.(quar.). 1
Dee, 31 Dee. 16 to Dee. 311
1
Common (quar.)
1)4 Oet. 1 Sept. 16 to Sept.80
Preferred (guar.)
134 Dec. 31 Doe. 10 to Dee. 30
Preferred (guar.)
3734e Sept. 2 Holders of roe. Aug. 210
American Metal, corn.(guar.)
134 Sept. 2 Holders of roe. Aug. 210
Preferred (guar.)
6214c Sept. 1 Holders of roe. Aug.d15
Amer. MultlgraPh(quar.)
*20c. Oct. 1
American National Co.(No. 1) (quiz.)
50e. Sept.15 Holders of roe. Sept. ba
American News, Inc., (bi-monthly)
Amer. Radiator & Standard Sanitary
8734c Sept.30 Holders of roe. Sept.Ila
Corp.. common (guar.)
Preferred (guar.)
134 Sept. 1 Holders of roe. Aug. lbe
Amer.dr Scottish Invest.. corn.(guar.)_ _ O30c. Sept. I *Holders of roe. Aug. 15
Amer. Smelting dr Refining, pret. (qu.). 134 Sept. 2 Holders of roe. Aug. Ss
(t) Sept. 2 Holders of roe. Aug. 15
Second preferred (guar.)(No. 1)
American Sugar Refining, corn.(guar.). 134 Oct. 2 Holders of rec. Sept. 5e
114 Oct. 2 Holden of rec. Sept. be
Preferred (guar.)
$2 Sept. 2 Holders of rec. Aug. 9a
Amer. Tobacco,corn.& oom.B (quar)
$4 Sept. 2 Holders of rec. Aug. 9a
Common & common B(extra)
25e. ON. 2 Holders of roe. Sept. 13
Amoneag Mfg., common (mar.)
8734e Aug. 18 Holders of roe. July 12a
Anaconda Copper Co. (guar.)
*20e. Oct. 15 *Holders of rec. Oct. 5
Angle Steel Stool (guar.)
Armour & Co. of Delaware, pref.(quar.) 134 Oct. 1 Holders of rec. Sept. 10a
Oct. 1 Holders of rec. Sept. be
Armour & Co.(Illinois), pref.(guar.)._
1M Sept. 1 Holders of rec. Aug. 15
Artloom Corp., pref. (guar.)
Associated Apparel Industries$1
Oct. 1 Holders of roe. Sept. 190
Common (quar.)
114 Sept. 1 Holders of reo. Aug. 90
Undated Dry Goods, first pref.(Ora
154 Sept. 1 Holden of rec. Aug. 90
Second Preferred (quiz.)
el Aug. 30 Holders of rec. Aug. 110
Atlantic. Gulf & W.1.88. Lines, oom
134 Sept. 30 Holden of rec. Sept. lea
Preferred (xar.)
114 Dec. 31 Holders of res. Doe. 11
Preferred (attar.)
el
Sept.10 Holders of rec. Aug. 290
Atlas Powder, corn.(quar.)
23.. Sept. 2 Holders of rec. Aug. lba
Atlas Stores Corp., corn.(guar.)
f114 Sept. 2 Holders of roe. Aug. 15a
Corn. (payable In corn. stock)
f134 Dec. 1 Holders 01 rec. Nov. 170
Corn. (payable in corn. stock)
f114 Mar 2'3 1 Hold. of rec. Feb.16'3Ia
Corn.(payable In corn. stock)
*750. Sept.27 *Holden of roe. Sept 15
Balaban & Katz, corn.(guar.)
•1% Sept 27 *Holders
of rec. Sept. 15
Preferred (guar.)
134 Sept. 2 Holders of recs. Aug. lba
Bantherger(L)& Co.. pref.(guar.)
elbe. Sept. 1 *Holders of roe. Aug. 15
Bastian Blessing Co., corn.(quar.)
75e.
Sept.
30 Holders of roe. Sept.12a
Beech-Nut Packing (guar.)
114 Sept.15 Holders of roe. Aug. 30
Belding-Corticelli, Ltd.. prof. (quar.)
500. Oct. 1 Holders of roe. Sept. 100
Bendix Aviation (quar.)
144
Sept. 2 Holders of roe. Aug, 15
Berkshire Fine Spin. Associates pt.(qu.)
e1.50 Nov. 15 Holders of rec. Oct. I70
Bethlehem Steel, common (quar.)
1M Oct. 1 Holders of roe. Sept. ba
Preferred (guar.)
Iligelow-Sanford Carp.& Rug, Pt.(gu.). •IM Nov. 1 *Holders of rec. Oet. 17
Blaw-Knox Co.(guar.)
3734c Sept. 2 Holders of rec. Aug. 6
Bloch Bros., common (guar.)
'3734e Nov. 1 *Holders of roe. Nov. 10
ej34 Sept. 30 *Holders of no. Sept.25
Preferred (qua?.)
*114 Dee. 8 *Holders of roe. Dee. 20
Preferred (guar.)
(re) Sept. I Holders of reo. Aug. 5
Blue Ridge Corp., pref.(guar.)
$it
Oct. 30 Holders of rec. Oct. 15a
Don And Co., class A (quar.)
50e. Oct. 1 Holders of rec. Sept.24
Class B (guar.)
750. Sept. 2 Holders of rec. Aug. lbe
Borden Co. (guar.).
*25c. Sept. 1 *Holders of rec. Aug. 15
Bower Roller Bearing
*500. Sept. 2 *Holders of roe. Aug. 16
Brach (E. J.) & Sons (guar.)
144 Sept. 1 Holders of roe. Aug. 18a
Br111 Corp.. pref. (quiz.)
75c. Sept. 1 Holders of roe. Aug. 206
Brown Shoe,corn.(guar.)
$1 Sept. 15 Holders of rec. Aug. 22
Buckeye Pipe Line (quar.)
25e. Oct. I Holders of roe. Aug. 28
Buoyrus-Erie Co..corn.(guar.)
1j Oct. 1 Holders of roe. Aug. 28a
Preferred (qua?.)
6234c Oct. I Holders of roe. Aug. 286
Convertible pref.(guar.)
Bulova Watch,corn.(qar.)
75c. Sept. 2 Holders of rec. Aug. 206
Preferred (guar.)
8734c Sept. 2 Holders of roe. Aug. 20
*3
Oct. 3 *Holden of roe. Sept. 15
Burger Bros., prof. (guar.)
Burroughs Adding Mach.(guar.)
23.. Sept. 5 Holders of rec. Aug. 90
Byers(A. M.) Co., pref.(guar.)
'i34 Nov. 1 *Holders of res. ON. lb
Byron Jackson Pump.stock dividend
ife2
Sept. 1 *Holders of roe. Aug. 15
California Packing (guar.)
Sept.15 Holders et rec. Aug. 20.
$1
Campbell, NVyant & Cannon Fdy.(quara 50c. Sept. 1 Holders of rec. Aug. 15a
43e. Aug. 30 Holders of roe. Aug. 15
Canadian Car & Foundry,ordlnary(qua
43140 Oct. 10 Holders of roe. Sept. 25
Preferred (qua?.)
.082
Oct. 1 *Holders of rec. Sept. 20
Canadian Oil, pref. (guar.)
ee0e. Aug. 29 *Holders of rec. Aug. 15
Carman & Co., class A (guar.)
eel
Ian 2'31 *Holders of roe. Dec. 20
Carnation Co.(extra In stock)
75c Aug. 31 Holders of roe. Aug. 15a
Caterpillar Tractor(guar.)
25c. Aug. 31 Holders of roe. Aug. lba
Extra
Celluloid Corp.,$7 pref.(guar.)
$1.75 Sept. 2 Holders of rec. Aug. 11
First pref, partio.stock (guar.)
$1.75 Sept. 2 Holders of roe. Aug. 11
15e Nov. 15 Holden of res. Nov. 5
Centrifugal Pipe Corp.(ine)
Ceetury Ribbon MOB.Inc.,Prof.(guar) 1M Sept. 2 Hoklers of roe. Aug. 20.
Chicago (The) Corp. $3 pref. (quar.)__.
75c. Sept. 1 Holders of rec. Aug. 15
Chicago Flexible Stoat. corn. (quiz.).-- ewe Oct
1 *Holders of roe. Soot. 20
Chicago Investors Corp. $3 pref.(qua75e. Sept. 1 Holders of rec. Aug. 20
Chicago Yellow Cab (monthly)
25e. Sept. 2 Holders of roe. Aug. 200
Childs Company.00m.(guar.)
60e. Sept.10 Holders of roe. Aug. 226
Preferred(guar.)
114 Sept.10 Holders of roe. Aug. 224
Chile Copper Co.(guar.)
62 Me Sept. 30 Holders of rec. Sept.100
Cincinnati Ball Crank, panic. pfd. (qu.) *56o. Sept.30 *Holders of roe. Sept. 15
Olga Service common (monthly)
234c Sept. 1 Holders of roe. Aug. 15
Common (payable In corn. stock)
fli Sept. 1 Holders of roe. Aug. 15
Preference and pref. BB (monthly)._
500 Sept. 1 Holders of roe. Aug. 15
Preference B (monthly)
Sc.Sept. 1 Holders of roe. Aug. 15
City fee & Fuel, corn. (quar.)
90o Aug. 31 Holders of roe. Aug. lba
Common (payable In own. stock).- 1134 Aug. 31 Holders of ree. Aug. 154
(guar.)
614% preferred
141 Sept. 1 Holders of rec. Aug. 154
Cleveland Quarries (guar.)
75e. Sept. 1 Holders of roe. Aug. 15
*256. Sept. 1 *Holders of rec. AN. 15
Extra
.254 Oct. IS
Coca Cola Bottling NO.(quiz.)
81.50 Oct. 1 Holders of rec. Sept. 126
Coca Cola Co.,corn.(qua?.)
Colgate-Palmolive-Peet Co., corn.(qu.).. 6234o. Oct. 15 Holders of rec. Sept.204
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept.100
Collins & Aikman Corp., pref.(guar.)
194 Sept. 2 Holders of roe. Aug. 20a
50c. Aug. 25 Holders of roe. Aug. 1 la
Colorado Fuel & Iron, coin. (guar.)._
2 Aug. 25 Holders of reo. Aug. 110
Preferred (guar.)
Columbia PicturesCommon (payable In common stook). 1234 Oct. 2 Holders of roe. Sept 31
Prefered (guar.)
The. Sept. 2 Holders of rec. Aug. 19a
50o. Sept. 1 Holdms of roc Aug. 16
Columbus Auto Parts. pref. (quar.)_...
CommercialDiscount(I.. A)(in stock)... is 5 Sept.30 *Holders of ree. Sept.20
Community State Corp., class A (quiz.) *1214e Sept. 30 •Floielers of roe. Sept a•
'1$34e Dee. 31 *Holders of ref. Dee N
Clan A (guar.)
*1234e 3181131 *Hold Circe.Mar. 26111
Class le (quo.)
*12 Me Sept.30 *Holders of roe. Sept 24
Clan B (guar.)
Chum 11 (guar.)
'1234
,Dee. 81 *Holders of res. Dee. U
Compagnle Generale Transatlantieue
ii$1.31 Aug. 21 *Holders of roe. Aug. 14
American shares for B stock
Congoleum-Nairn. Inc.. pref. (quar.).... •114 Sept. 1 *Holders of roe. Aug. IP
Consolidated Cigar Corp., corn.(guar.). $1.25 Oct. 1 Holders of roe. Sept.150
114 Sept. 1 'folders of roe. Aug. 186
Preferred (guar.)
*1.‘ Oct. 1 *Holders of ree. Sept.15
Consumers Co., prior pref. (guar.)
134 Sept. 2 Holders of roe. Aug. lb
Continental Securities. pref.(guar.)
es
Aug. 21 *Holders of roe. July 21
Courtaulds, Ltd (Interim)
43Mo. Sept. 15 Holders of tee. Aug. 30
Crane Co., oom. and pref. (guar.)
134 °egg, 15 Holders of roe. Aug. 30
Preferred (guar.)
0138e. Sept.15 Holders of roe. Aug.30
Crown Cork & Seal, pre/.(guar.)
*67a40 Oct. 1 Holders of reo. Sept. 15
Preferred (quar.)
Crown Zellerbach Corp.
•81.50 Sept. 1 *Holders of roe. Aug. 12
Preferred A &B and Prof.(quar.)
154
1061
Per
Nese of Company.
When
Payable.
Books Closed
Da reciusess.
Miscellaneous (Contemn).
Sept. 2 *Holders of roe. Aug. 15
*2
Crown Overall Mfg., pref.(guar.)
Sept.30 Holden of roe. Sept.20
2
Crum & Forster, pref.(guar.)
Crum dr Forster Ins. & Shares Corti.134 Aug. 80 Holders of roe. Aug. 20
Preferred (guar.)
194 Nov.29 Holders of rm. Nov.19
Preferred (guar.)
•1% Sept.15 *Holders of tee. Sept. 1
Cuneo Press, preferred (quiz.)
50o. Sept. 2 Holders of too. Aug. 20a
Curtis Publishing, corn.(monthly)
*50e. Oct. 2 *Haden of rec. Sept. 20
Common (monthly)
114 Oct. 1 Holders of roe. Sept. 20a
Preferred (guar.)
*51 Sept. 1 *Holders of rec. Aug. 15
Cushman's Sons,Inc., corn.(guar.)
$1.75 Sept. 1 Holders of roe. Aug. 15
$7 preferred (guar.)
$2 Sept. 1 Holders of tee. Aug. lba
$8 preferred (guar.)
560. Sept.15 Holders of rec. Aug. 30
David Jr Frere, Ltd., class A (quiz.)....
Decker (Alfred) & Cohn. pref.(guar.)... '134 Sept. 2 *Holders of rec. Aug. 20
300. Oct. 1 Holders of rec. Sept.156
Deere & Co., new corn.(guar.)
New corn.(payable In corn,stock)- -- 1154 Oct. 15 Holders of rec. Sept. 15
134001. 1 Holders ef roe. Sept. 15
Old 3100 par common (quar.)
35c. Sept. 1 Holders of reo. Aug. 15a
Preferred (guar.)
.51 ON. 1 *Holden of reo. Sept. 26
Denver Union Nook Yards. Gem.(Utia
*$1 Jan 1'31 *Hold. of rec. Deo. 20 10.
Common (guar.)
AP.I $1 *Hold. of ree. Mar. 20'81
Common (guar.)
•35o. Sept. 2 *Holders of rec. Aug. 15
Dexter Company (guar.)
Sept.15 Holders of rec. Aug. 300
$2
Diamond Match (guar.)
*75e. Sept. 2 *Holders of roe. Aug. 15
Dictaphone Corp..corn.(quar.)
Sept. 2 *Holders of rec. Aug. 15
*2
Preferred (guar.)
81.25 Oct. 1 *Holders of rec. Sept. 15
Dominion Textile, common (guar.).
*134 Oct. 1 *Holders of rec. Sept. 30
Preferred (guar.)
Holders of rec. Aug. lba
$1 Sept.
Drug, Inc. (guar.)
Eastern Cantles Investing Cont.56 preferred (guar.)
111.50 Sept. 2 Holders of no. July 31
Holders of rec. July Si
$7 preferred (guar.)
81.75 Sept.
$1.25 Oct. 1 Holders of rec. Aug. 30
$5 Prior preferred (guar.)
Edison Bros. Stores, Inc., pref.(guar.).- 114 Sept.15 Holders of rec. Aug. 31
250 Sept. 1 Holders of rec. Aug. 5
Elec. Shareholdings, coin.(quar.)
fl Sept. 1 Holders of rec. Aug. 5
Common (payable in coin. stock)....
Pref.(guar.)
(s) Sept. 1 Holden of roe. Aug. 5
51.25 Oct. 1 Holders of roe. Sept. 90
Electric Storage Batt. corn.& pf.(qua
Empire 38th St. Corp., pref.(guar.).- iii114 Sept. 2 *Holders of rec. Aug. 15
250 SePt.15 Holders of rec. Sept. 2
Employers Group Associates (qua?.)
The. Sept.24 Holders of rec. Aug. 304
Emporium Capwell Corp., corn. (quar.)
Fairbanks. Morse & Co.common(Var.) 750 SCA.30 Holders of rec. Sept.125
134 Sept. 1 Holders of roe. Aug. 126
Preferred (guar.)
Sept. 16
Faultier.' Rubber, corn. (guar.)
6234e Oct. 1
75c Oct. 1 rIolders of rec. Sept.15
Federal Screw Works (guar.)
Sept.15 *Holders of roe. Sept. 6
*2
Federal Terra Cotta
20e Aug. 81 Holders of reo. Aug. 15
Federated Capital Corp., corn.(qua?.)..
Aug. 31 Holders of reo. Aug. 15
Common (payable In common stock)._ 11
3711c Aug. 31 Holders of rec. Aug. 15
6% preferred (quar.)
Sept. 2 Aug. 16 to Sept. 2
3
Fifty-five Park Ave., Inc.. prof
Sept. 2 Aug. 18 to Sere. 2
3
Fifty-nine East 54th St., Inc., prof
Firestone Tire 4. Rubber. Prof. A (quiz.) 134 Sept. 15 Holders of roe. Aug. 1541
$1
Aug. 18 Holders of roe. Aug. 11
First Chrold Corp.(special)
*22 Oct. 1 *Holders of roe. Sept.20
First Security Corp.(qua?.)
*50e
Sept.
DredgedrDock(qua
1 *Holders of rec. Aug. 21
Fitz Simons&Connell
*e214 Sept. 1 *Holders of rec. Aug. 21
Stock dividend
Florshelm Shoe Co., class A (quiz.).... 75e. Sept. 2 Holders of rec. Aug. 18.
*3735c Sept. 2 *Holders of rec. Aug. 18
Class B (guar.)
115 Oct. 1 Holders of rec. Sept.154
Preferred (guar.)
50c Sept.15 Holders of rec. Aug. 30a
Follansbee Bros., corn. (quar.)
*111 Sept. 15 *Holders of rec. Aug. 30
Preferred (quiz.)
*500 Oct. 1 *Holders of roe. Sept. 15
Formica Insulation(UN)
*50e Janr31 *Holders of rec. Dee. 15
Quarterly
iii134 Oct. 1 *Holders of roe. Sept. 15
Frank (A. B.) Co., pref. (quer.)
Furness, Withy & Co., Ltd.
ilitc5 Aug. 22 *Holders of rec. July 22
Amer. dep, rots, for ord. reg. shs
Oot. 1 Holders of roe. Sept. IS.
General Amer. Tank Car,stook dividend el
el
Jan 1'31 Holders of roe. Doe. 130
Stook dividend (guar.)
Sept.15 Holders of rec. Sept. 2a
$1
General Asphalt, corn. (guar.)
25o. Sept. 1 *Holders of rec. Aug. 20
.
General Bronze, corn. (guar.)
General Cigar Co., pref. (guar.)---,- 134 Sept. 2 Holders of roe. Aug. 213
25o. Sept.
Holders of roe. Aug. 15
General Empire Corp.(No. 1)
75e, Sept. 12 Holders of rec. Aug. 166
General Motors, core. (guar.)
Nov.
81.25
Holders of roe. Oct. 64
$5 preferred (guar.)
Aug. 2 Holders of rec. Aug. 110
51
General Refractories, corn .(quara
25c. Aug. 25 Holders of rec. Aug. lla
Common (extra)
*650. Sept.
*Holders of roe. Aug. 20
Gibson Art, common (WNW
*65c. Dee.
*Holders of roc. Nov.20
Common (guar.)
*65e. Apr1.3 *Hold,of rec. Mar. 20
Common (guar.) - $1.25 Sept.
Holders of roe. Aug. 1
Gillette Safety Razor (guar.)
Holders of ree. Aug. 20
Globe-Democrat Publisbing. pref. (qu.) 134 Sept.
134 Sept.' Holders of rec. Sept. 1
Godman (II. C.) Co.. pref. (guar.)
$1.50 Sept.30 Holders of rec. Sept. 176
Gold Dust Corp., pref. (quar.)
.
400. Seut.1 *Holders of rec. Aug. 31
Golden Cycle (guar.)
154 Oct.
Holders of roe. Sept.10a
Goodrich (B. F.) Co.. pref.(guar.)
50c. Sept.
Holders of rec. Aug. 15
Gorham Manufme urine, corn. (guar.)._
*17340 Nov. 1 ...Holders of rec. Oct. 21
Grand Rapids Stores Equip. Pt.(qu)
*25e. Oct. 1 *Holders of rec. Sept. 20
Grand Rapids Varnish (guar.)
75c. Sept. 1 Holders of roe. Aug. 18a
Grand Union Co.. cony. pref. (guar.)._
*750. Sept. 2 *Holders of rec. Aug. 20
Great Northern Paper (quar.)
Great Atlantic & Pacific Tea*51.25 Sept. 1 *Holders of rec. Aug. 11
Non-voting common (guar.)
*144 Sept. 1 *Holders of rec. Aug. 11
First preferred (quar.)
Greenfield Tap & Die Corp.8% Pi'(qu.) IM Oct. 1 Holders of rec. Sept. 15
2
Oct. 1 Holders of rec. Sept. 15
8% preferred (guar.)
*50e. Sept. 1 *Holders of roe. Aug. 20
Gruen Watch, common (quar.)
*50e. Dee. I *Holden of roe. Nov.20
Common (guar.)
*50c. Marl 31 'Hold,of rec. Feb. 20'31
Common (guar.)
iii134 Nov. I *Holders of reo. Oct. 20
Preferred (gust.)
*134 Feb 1 31 '11014.01 rec. Jan. 2031
Preferred (guar.)
.3734.001. 1 *Holders of roe. Sett.21)
Gulf 011 Corp.(guar.)
'
3734. Jul $1 *Hold, of no. Dee. 20'30
Quarterly
1,4 Oct. I Holders of roe. Sept. 15a
Gulf States Steel. let Pro/•(gum.
)
114 JanO31 Holders of fee Dec. Ilks
Finn preferred (guar.)
*204. Sept. 1 *Holders of rec. Aug. 15
Hale Bros. Storm. Inc., corn. (goat.)
15e. Sept. 1 Holders of rec. Aug. 1la
Hamilton Watch, new corn. (monthly)
15e. Sept.30 Holden of roe. Sept.104
New common (mthly.)
30c. SePt. 1 Holders of rec. Aug. lie
Old $25 par stock (monthly)
194 Sept. 1 Holders of rec. Aug. lla
Preferred (guar.)
Hancock 011 of Calif.. N. A & B (guar.) .250. Sept. 1 *Holders of rec. Aug. 15
$1.75 Sept. 20 Holders of rec. Sept. 54
Hanna(M.A.) Co., new $7 pref.(qua
Old 7% preferred (guar.)
194 Sept.20 Holders Otter. Sept. 5
*50e. Sept. 1 'Holders of rec. Aug. 15
Hart-Carter Co.. pref. (guar.)
500. Sept. 1 Holders of roe. Aug. 180
Hartman Corp., class A (quar.)
Aug. 30 *Holders of rec. Aug. 15
Hart. Schaffner & Marx (quar.)
*2
Hathaway Bakeries, pref. (guar.)
$1.75 Sept. 2 Holders of rec. Aug. 15
Class A (quar.)
704. Sept. 2 Holders of rec. Aug. 15
Hawaiian Pineapple (guar.)
50c. Aug. 30 Holders of rec. Aug. 15e
Hibbard,Spencer, Barlett & Co.(mthly.)
35e. Aug. 29 Holders of roe. Aug. 22
Monthly
35e. Sept.26 Holders of rec. Sept.19
Higbee & Co., first preferred (quiz.).... 1.1% Nov. 1 *Holders of res. Oct. 19
Second preferred (guar.)
2
Sept. 1 Aug. 22 to Sept. 1
Sewed preferred (guar.)
Dee. 1 *Holders of roe. Nov. 21
in
Hires (Charles E.) Co.,corn. A (qua?.)
50e. Sept. 2 Holders of roe. Aug. 15a
Common A (guar.)
50o. Doe. 1 Holders of rec. Nov. 15
Class B and management stock
$1
SePt. 2 Holders of rec.
Hobart Manufacturing. Com. (quer.). *62340 Sept. 1 *Holders of rec. Aug. 15
Aug. 20
Holt (Henry) & Co., Inc., partio. A(qu.) *450. Sept. 2 *Holders of
rec. Aug. 11
Holland Furnace, corn. (guar.)
*6214c Oct.
*Holders of rec. Sept.15
Homestake Mining (monthly)
50e. Aug d2 Holders of rec. Aug.
200
Hooven & Allison Co.. pref.(quar.)... *1% Sept.
*Holders of rec. Aug. 15
Horn a, Harden (N. Y.). Prof.(guar.).134 Sept.
Holden of roe. Aug. 12a
IllInois Briok (quiz.)
*00. Oa 111 *Holden of roe
Imperial 011. Ltd., bearer shares
1234o. Sept. 2 Holder of coup.Oct. 3
No. 26
Registered shares
1214e. Sept. 2 Aug. 16
to Aug. 31
Imperial Tobacco of Gt. Brit. & Ireland
Am,dep. rots, for ord. shs
lea
Sept. 8 *Holders of roe. Aug. 15
Industrial Finance CorpCommon (Payable In eommon Non)._ /234 Nev. I
Common (payable In common sink).- /24 Feb I'll Holden of roe. Apr. 18
Hof& of roe. Apr. 18'30
Industrial & Power Securities (qu.)
Sept. 2 *Holders of roe. Aug. 1
Ingenoli-Rand Co., corn.(quo.)
$1
Sept. 2 Holden of roe. Aug. 54
1062
Name of Company.
FINANCIAL CHRONICLE
When
Per
Coed. Payable.
Books Closed.
Days Indurfre.
Name of Company.
[Vol,. 131.
Per
When
Cent. Payable.
Books Closed.
Days.factorise.
Miscellaneous (Cont(nued).
Miscellaneous (Continued).
Inland Steel (guar.)
Sept. 1 Holders of rec. Aug. 150 Otis Elevator, pref.(gum.)
$1
144 Oct. 15 Holders of roe. Sept.30•
Insull Utility Invest.. cam.(In .500k),, of134 Oct. 15 *Holders of rm. Oct.
Preferred (guar.)
I 34.1 an15'81 Hold, of reo. Deo.311104
$6Pref. 2d err.(guar.)
•$1.50 Sept. 2 *Holders of rec. Aug. 15
Owens-Illinois Glass, pref.(guar.)
134 Oct. 1 Holders of roe. Sept. 18
Internat. Agricultural Corp., prof. (qu.) 14$ Sept. 2 Holders of reo. Aug. 1542 Pacific Amer. Fisheries (guar.)
*50c. Sept. 1 *Holders of rec. Aug. 15
Internat. HueIncas Machines (guar.).- 13-4 Oct. 10 Holders of reo. Sept.220 Packard Motor Car, corn.(guar.)
250. Sept.12 Holders of rec. Aug. 154
International Harvester Co., pref.(qu.)_
144 Sept. 2 Holders of rec. Aug. 50 Parker Rust Proof Co., corn. (guar.)..- .6244c Aug. 20 *Holders of rec. Aug. 11
International Milling, 7% pref.(guar.). •14( Sept. 1 *Holders of ree. Aug. 20
Common (Payable in corn, stock).4110
Aug. 20 *Holders of rec. Aug. 11
•134 Sept. I *Holders of rec. Aug. 20
6% preferred (guar.)
Patterson-Sargent Co.(guar.)
50e. Sept. I Aug. 16 to Aug. 31
Internat. Safety Razor, cl. A (guar.).- 60c, Sept. 2 Holders of rec. Aug. 150 Ponder (D.) Grocery Co.. class A (guar.) 8734e.
Sept. 1 Holders of roe. Aug. 20
Class B (guar.)
500. Sept. 2 Holders of rec. Aug. 154 Penick & Ford, Ltd., corn.(gum.)
25e. Sept.16 Holders of reo. Sept 26
Internat. Securities, corn. A (guar.)
75c. Sept. 2 Holders of rec. Aug. 15
Preferred (guar.)
Holders of rec. Sept. 120
144 Oct.
Common B (guar.)
12340. Sept. 2 Holders of rec. Aug. 15
Pennsylvania Investing, class A (guar.). 0234e Sept. 1 Holders of rec. July 310
7% preferred (guar.)
134 Sept. 2 Holders of rec. Aug. 15
Phoenix Hosiery Co., 1st & 2d pf. (.711.) 14$ Sept. 1 Holders of rec. Aug. 180
t)le% preferred (guar.)
Pierce-Arrow Motor Car, pref. (quar.)
Holders of rm. Aug. 15
114 Sept. 1 Holders of rec. Aug. 90
6% preferred (guar.)
134 Sept. 2 Holders of rm. Aug. 15
Pillsbury Flour Mills (guar.)
50e. Sept. I Holders of roe. Aug. 15a
International Shoe. pref. (monthly).
50c.. Sept. 1 Holders of rec. Aug. 15
Pines Winterfront Co.(guar.)
25e. Sept. 1 Holders of reo. Aug. 15
Preferred (monthly)
*50e. Oct. 1 *Holders of rec. Sept.15
Stock dividend
e2
Sept. 1 Holders of rem Aug. 15
Preferred (monthly)
*50c. Nov. 1 *Holders of rec. Oct. 15
Pittsburgh Steel pref.(guar.)
14$ Sept. 1 Holders of roe. Aug. Od
Preferred (monthly)
*50c. Dec. I *Holders of rec. Nov. 15
Poor & Co., class A and 13 (guar.)
50e. Sept. I Holders of rec. Aug. 154
International Silver, corn. (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 150 Porto Rico-Amer. Tobacco, cl. A (MO- •8734e Oct. 10 Holders of rm. Sept. 20
International Tea Coo Stores. Ltd.
Powdrell & Alexander, prof. (quar.)
14$ Oct. 1 Holders of rec. Sept. 15
Am.dep, rms. ord. reg. she. (final)
•tc18 Aug. 18 *Holders of rec. July 22
Pure 011, common (guar.)
3744c Sept. 1 Holders of rec. Aug. 80
2
Oct. I Holders of rec. Sept. 25
Intertree Corp., 1st pref. (guar.)
Purity Bakeries, corn. (guar.)
Sept. I Holders of rec. Aug. 150
$1
Investment Trust of N. Y
34.410 Aug. 31 Holders of rec. July 31
Quaker Oats Co prof. (guar.)
•15.4 Aug. 30 *Holders of roe. Aug • I
Iron Fireman Mfg.,corn.(guar.)
.250. Sept. 1 *Holders of rec. Aug. 15
Radio Corp. of Amer. pf. A (guar.)
8754c Oct. 1 Holders of rec. Sept. 20
Jaeger Machine (guar.)
62140 Sept. 1 Holders of ree. Aug. 15
Preferred D (guar.)
$1.25 Oct. 1 Holders of rec. Sept. 20
Johns-Manville Corp., corn. (guar.).- 75c. Oct. 15 Holders of rec. Sept. 240 Railway & Util. Invest., 7% pf. A (qu.)
*87540 Sept. 2 Holders of rec. Aug. 15
Preferred (guar.)
Oct. 1 Holders of rec. Sept. 100
1
6% Preferred (guar.)
*75e Sept. 2 *Holders of ree. Aug. 15
Jones & Laughlin Steel,corn.(guar.)
*1)1 Sept. 1 *Holders of rec. Aug. 13
Reliance Internatl. Corp.pref.(qu.)
750 Sept. I Holders of rec. Aug. 20
Preferred (guar.)
Oct. 1 Holders of req. Sept.120 Republic Supply (guar.)
Oct. 15 *Holders of roe. Oct. 1
•750
Kalamazoo Veg.Parchment (guar.)
*15e. Sept.30 *Holders of rec. Sept.20
Reynolds Metals (guar.)
50c Sept. 1 Holders of res. Aug. I50
*150 Deo. 81 *Holders of rec. Dee. 22
Quarterly
Richfield 011 of Calif.,corn.(guar.)
50o Sept 1 'Holdersooff
roe.
Holders
Kendall Co., partie. pref. A (guar.).- 31.50 Sept. I Holders of rec. Aug. 100 Rich Ice Cream Co., corn.
1a
(guar.)
Oct.
Aug. 15
*60e Nov. 1
Keystone Cold Storage
*31.25 Oct. I *Holders of rec. Sept.20
Rolland Paper, Ltd., pref. (guar.)
134 Sept. I Holders of rec. Aug. 15
Kidder Participation (No. 2) pref
*32.25 Sept. 2 *Holders of rec. Aug. 15
Roxy Theatres Corp., class A (guar.).- *8744o Aug. 30 *Holders of rec. Aug. 15
No. 2. pref.(extra)
125o. Oct. 1
St. Joseph Lead Co.(guar.)
50e Sept.20 Sept. 10 to Sol". 21
Kinney (G. IL) Co.. corn.(guar.)
25c. Oct. 1 Holders of rec. Sept. 150
Extra
25e Sept.20 Sept. 10 to Sept. 21
Preferred (guar.)
2
Sept. 2 Holders of rec. Aug. 15a
Quarterly
Dec. 21) Dee. 10 to Doe. 21
50e
to15i
Kirby Lumber (guar.)
Sept. 10 *Holders of roe. Aug. 30
Extra
25e Dec. 20 Dec. 10 to Deo. 21
Quarterly
*154 Doe. 10 *Holders of rec. Nov. 29
Savage Arms, corn. (guar.)
50c. Sept. I Holders of rec. Aug. 154
Klein(D. Emil) Co.,cons.(guar.)
525e. Oct. I *Holders of rec. Sept. 20
Second preferred (guar.)
0134 Nov. 15 *Holders of rec. Nov. 1
Knox Hat,Inc., corn. A (guar.)
Sept. 15 *Holders of me. Aug. 15
Schlesinger (B. F.) & Sons, pref.(guar.) •1% Oct. 1 *Hoidens of rec. Sept. 15
Non-votIng common (guar.)
*El
Sept.15 *Holders of reo. Aug. 15
Preferred (guar.)
*14( Jan 1'31 *Holders of rec. Dec. 15
Knudsen Creamery, class A (quar.)
•37He Aug. 30 *Holders of rec. July 31
Sears-Roebuck -ilock Mr.
Nov. 1 Holders of rec. Oct. 150
el
Kroger Grocery & Baking,corn.(gnu.).
250. Sept. 1 Holders of rec. Aug. Ila Second National Invest., (guar.)
pref.(qua:.)
$1.25 Oct. 1 Holders of rec. Sept. 100
Stook dividend
61
Common (extra)
Sept.) Holders of roe. Aug. 110
*50c. Sept. 15 *Holders of ree. Aug. 25
Lackawanna Securities Co
*113 Sept. 2 *Holders of rec. Aug. 15
Sheaffer (W. S.) Pens, common (guar.). 111 Sept. 15 *Holders of roe. Aug. 25
Lake of the Woods Milling, corn.(m.)
80c. Sept. 1 Holders of rec. Aug. 16
Sherwin Williams Co., pref.(guar.).- 1 14 Sept. 1 Holders of reo. Aug. 15
Preferred (guar.)
154 Sept. I Holders of rec. Aug. 16
Shippers Car Line Corp., class A (guar.)
50e. Aug. 30 Holders of reo. Aug. 15
Landis Machine, common (awn.)
*750. Nov.1 *Holders of rec. Nov. 5
Preferred (guar.)
111 Aug. 30 Hoidens of roe. Aug. 16
Langton MonotyPe (guar.)
111 Aug. 30 Holders of rec. Aug. 200 Simms Petroleum (guar.)
Sept.15 Holders of roe. Aug. 296
400.
Extra
25e. Aug. 30 Hokiers of rec. Aug. 2042 Simon (Franklin) & Co., Inc.. Pf.(Cu.)- 144 Sept. 2 Holders of reo. Aug. 18a
Leath & Co., common (guar.)
*25e. Sept.30 *Holders of reo. Sept. 20
Skelly 011. common (guar.)
50e. Sept.15 Holders of rec. Aug. 154
Lehigh Coal & Navigation (guar.)
350. Aug. 30 Holders of rec. July 310 Smith (Howard) Paper Mills, pref. (qu.)
154 Sept. 2 Holders of rec. Aug. 21
Lehigh Portland Cement, pref.(guar.).111 Oct. 1 Holders of rec. Sept. 130 Spalding(A. G.) & Bros., corn.(qua?), 50c. Oct. 15 Holders of roe. SePt. 304
Lehn dr Fink Products Co.(guar)
First preferred (guar.)
750. Sept. 1 Holders of roe. Aug. 150
134 Sept. 2 Holders of rec. Aug. 164
Lessing's, Inc. (guar.)
35e. Sept.30 Holders of roe. Sept. 11
Second preferred (guar.)
2
Sept. 2 Holders of rec. Aug. 16a
Libby-Owens-Ford Glass (guar.)
25e. Sept. 1 Holders of rec. Aug. 160 Spans. Chalfant & Co., pref. (guar.).- $1.50 Oct. I Holders of roe. Sept.16
Lfberty Share Corp.. stook dividend.... *41
Dee. 31
Spear & Co., pref. & 2d pref.(guar.).- 131 Sept. 1 Holders of roe. Aug. 150
Liggett & Myers Tob.,com.& com.B(gu) 31 Sept. 1 Holders of rec. Aug. I5a Standard Oil (Calif.) (guar.)
623.4e Sept.15 Holders of roe. Aug. 150
Lindsay (C. W.)& Co., Ltd., corn.(qu.) 25c. Sept. 1 Holders of rec. Aug. 15
Standard Oil (Indiana) (guar.)
'62340 Sept. 15 *Holders of rec. Aug. 16
Preferred (guar.)
Sept. 1 Holders of rec. Aug. 15
Standard 011 (Kansas) (guar.)
50e. Sept. 15 Holders of rec. Aug. 230
Lindsay Light, corn. (guar.)
•15c. Aug. 23 *Holders of rec. Aug. 9
Standard 011(Nebraska) (qtutr.)
6234c Sept. 20 Aug. 24 to Sept. 20
Common (extra)
*50. Aug. 23 *Holders of rec. Aug. 9
Extra
25c. Sept.20 Aug. 24 to Sept.20
Link-Belt Co.. corn.(War.)
65e. Sept. 1 Holders of rm. Aug. 15a Standard 011(N.J.) $25 par(guar.).250. Sept.15 Holders of re0. Aug. 180
London Canadian Investments pf.(q11.). 134 Sept. 1 Holders of rec. Aug. 15
$25 par (extra)
250. Sept. 15 Holders of rec. Aug. 160
Loose-Wiles Biscuit, 1st pref.(guar.).- 111 Oct. 1 Holders of rec. Sept. 180
$100 par stock (guar.)
I
Sept.15 Holders of rec. Aug. 160
Lord & Taylor, 1st pref. (guar.)
11.4 Sept. 2 Holders of rec. Aug. 180
$100 par stock (extra)
1
Sept.15 Holders of roe. Aug. 1655
Ludlow Mfg. Associates (guar.)
Standard Oil of N. Y.(guar-)
$2.50 Sept. 2 Holders of reo. Aug. 9
40e. Sept.15 Holders of rm. Aug. 150
•Iy‘ Oct. 1 *Holders of roe. Sept.20
Lunkenheimer Co., pref.(guar.)
Standard 011 (Ohio), pref. (guar.)
194 Sept. 2 Holders of reo. Aug. 8
•15,4 S.121'31
Preferred (guar.)
Stearns(Fred'k) Co.,oom.(montbly)-• 16 2-3c Aug. 30 *Holders of rec. Aug. 20
Magnin (I.) & Co.. pref.(guar.)
Sterling Securities, 53 cony. lat pref.(41)
*834 Nov.15 Molders of roe. Nov. 5
750. Sept. I Holders of rec. Aug. 154:
Mangel Stores Corp., pref. (guar.)
6% preferred (guar.)
1.44 Sept. 1 Holders of ree. Aug. 200
30e. Sept. 1 Holders of rec. Aug. 1150
Manhattan Shirt, corn. (guar.)
250. Sept. 2 Holders of rec. Aug. 150 Sax. Baer & Fuller. common (guar.)
11710 Sept. 1 Holders of reo. Aug. 15
MAPCS Cense!. Mfg.(guar.)
15
Sept.
Common (guar.)
750. Oct. 1 Holders of rec.
037310 Dee. 1 *Holders of rec. Nov. 15
Marshall Field & Co., corn.(guar.)
62440 Sept. I Holders of rec. Aug. 150 Strawbridge & Clothier. pref. A (guar.). .14 Sept. 1 *Holders of rec. Aug. 15
Matson Navigation (guar.)
Studebaker Corp., eons.(quar.)
.194 Nov.15
75o. Sept. 2 Holders of reo. Aug. 0a
May Department Stores, corn.(qua?.)..
50c. Sept. 2 Holders of reo. Aug. 150
Preferred (guar.)
134 Sept. 2 Holders of reo. Aug. 90
Common (Payable in common stook). /1M SQL 2 Holders of roe. Aug. 150 Bun Oil Co., common (guar.)
25c. Sept. 15 Holders of roe. Aug. 250
Common (payable in oommon stook). 1134 Deo. 1 Holders of reo. Nov. 150
Preferred (guar.)
194 Sept. 1 Holders of rec. Aug. 11a
McCrory Storm, corn. & corn. /3 (gu.)-50e.Sept. 2 Holders of reo. Aug. 200 Sunshine Biscuit, let pref.(guar.)
$1.75 Oct. 1 Holders of reo. Sept.13
McIntyre Porcupine Mines, Ltd. (ext.).
250. Sept. 2 Holders of rec. Aug. le Superior Portland Cement A (monthly). 4.2734c Sept. I *Holders of rec. Aug. 23
Medan (Fred) Mfg.(guar.)
Swan & Finch, prof.(guar.)
50c. Sept. 1 Holders of rec. Aug. 18
*434$c Sept. 3 *Holders of rec. Aug. 15
Mengel Co., common (guar.)
50c. Oct. 1 Holders of rec. Aug. 30a Telephone Corporation (monthly)
•20e. Sept. 1 *Holders of roe. Aug. 20
Preferred (guar.)
Monthly
14$ Sept. I Holders of rec. Aug. 150
*20o. Oet. 1 *Holders of roe. Sept. 20
Merrimack Manufacturing, prof
Monthly
3
•20o. Nov. 1 Molders of reo. Oct. 20
Aug. 30 Holders of rec. July 28
Merritt, Chapman & Scott. corn.(guar.) *40c. Sept. 1 *Holders of rec. Aug. 15
Monthly
*20o. Dee. 1 *Holders of roe. Nov.70
Preferred A (Quer.)
Tennessee Copper & Chemical (guar.).*1I1 Sept. 1 *Holders of rec. Aug. 15
25e. Sept. IS Holders of rec. Aug. 304
Metro-Goldwyn Pictures, pref.(guar.).- 47110 Sept.15 Holders of rec. Aug. 200 Tennessee Products Corp., eons.(OW.) •25o. Oct. 1 *Holders of rte.
Sept.80
Metropolitan Paving Brick, corn.(guar.)
Common (qua:.)
500 Sept. 1 Aug. 16 to Aug. 31
*25e. a 10'31 *Holders of roe. Dee. 31
Preferred (guar.)
Common (guar.)
144 opt. I Sept. 16 to Sept.30
•25c. 4-10-31 *Holders of roe. Mar.31
Michigan Steel, stock dividend
Oct. 20 Holders of roe. Sept. 300 Texas Gulf Sulphur(guar.)
el
$1 Sept.15 Holders of roe. Aug. 304
Mo.-Kansas Pipe Line (in stock)
Thompson-Starrett Co. pref.(guar.).
e21.4 Aug. 2C Holders of rm. Aug. 2
- 87)40 Oct. 1 Holders of rec. Sept. Ila
Mohawk Mining
Timken-Detroit Axle, pref.(guar.)
75c. Aug. 30 Holders of rec. July 31
134 Sept. 1 Holders of rec. Aug. 30a
Montreal Loan & Mortgage (guar.)._
Timken Roller Bearing, tom.(guar.).75e. Sept. 15 Holders of rec. Aug. 31
75c. Sept. 5 Holders of rec. Aug. 200
Moody's Investors' ServiceTraung Label & Lithograph. el. A (On.). *37)4o Sept. 15 *Holders of roe. Sept. I
Participating preference(guar.)
Class A (guar.)
750 Nov. 15 Holders of reo. Nov. 1
•374$0 Dec. 16 *Holders of res. Doe. 1
Morison Electrical Supply. corn.(quar.)
Traylor Eng. & Mfg., pref.(guar.).-- *2
250. Aug. 31 Holders of roe. Aug. 15
Oct. 1 *Holders of rec. Sept.25
Common (payable in common stook)_
Tristate Royalty. corn. (monthly)
fl)1 Aug. 31 Holders of reo. Aug. 15
8 1-3e Sept. 1 Holders of rec. Aug. 15
Motor Wheel Corp., corn. (guar.)
Preferred A (monthly)
750, Sept.10 Holders of rec. Aug. 20a
10c Sept. 1 Holders of rec. Aug. 15
Municipal Tel. & Utilities, corn. A (qu.) •25o. Nov. 15 *Holders of reo. Oct. 15
Union Mills common (guar.)
•500 Sept. 3 *Holders of rec. Aug. 15
Munshagwear, Inc., corn. (guar.)
75e. Sept. I Holders of rec. Aug. 13a Union Storage Co (guar.)
'8294e Nov.15 *Holders of reo. Nov. 1
Muskegon Motor Specialties, corn. (g11.)
Union Tank Car (guar.)
25e. Sept. I Holders of rec. Aug. 20
40c Sept. 2 Holders of rec. Aug. I60
Class A (guar.)
Aug.
Amer.
20
rec.
United
60c. Sept. I Holders of
Utilities clam A 1st series.
Muskogee Co., Prof. (guar.) (No. 1)-- '134 Sept. 2 *Holders of rep. Aug. 22
3254e.cash or 1-50th sh. class A stock.
Sept. I Holders of rec. Aug.
Myers(F. E.)& Bros. Co., cOm.(guar.)
50e Sept.30 Holders of rec. Sept. 150 United Biscuit, corn.(guar.)
40e. Sept. 1 Holders of rec. Aug. 164
Preferred (guar.)
United Carr Fastener (guar.)
144 Sept.30 Holders of rec. Sept. 15
.7
1
5
.
.
Sept.
2 Holders of rec. Aug. 20
National Baking, prof. (guar.)
United Chemicals, Inc.. $3 pref. (guar.)
*144 Sept. 1 *Holders of rec. Aug. 9
Sept. 1 *Holders of rec. Aug. 15
National Dearing Metals (guar.)
75e. Sept. 1 Holders of rec. Aug. 15
Participating preferred (guar.)
*75e.
Sept.
2
*Holders of roe. Aug. 15
National Hellas Hess, Inc.. Pref.(qu.)..
united Llyewood Corp., Prof.(guar.).-14( Sept. 2 Holders of roe. Aug. 21
Oct. 1 Holders of ree. Sept.12a
NationalBiscuit,common (guar.)
70e. Oct. 15 Holders of reo. Sept. 19a United National Corp.(Seattle) part. pfd
600. Sept. 2 Holders of rec. Aug. 5
Preferred (guar.)
15s
Aug.
United Piece Dye Works. Min.(qua,.)...
111 Aug. 30 Holders of MO.
Nov. 1 Holders of roe. Oct. 150
National Dairy Products, corn.(guar)
Preferred (qua?.)
50e. Oct. 1 Holders of roe. Sept. 30
l Holder, of reo. Sept. 204
IM Oct. Il
Corn. (payable in coin. stook)(guar.)- fl
Preferred (guar.)
Oet. 1 Holders of reo. Sept. 30
154
1 Holders of roe. Dec. 20e
Preferred A & B (guar.)
•15‘ Oct. 1 *Holders of rec. Sept. 3
U. S. Dairy Products, corn. A (guar.) _- $1.25 Sept. 1 Holders of rec. Aug. 20a
Nat'l Dept. Stores, 2nd pref. (guar.)
•154 Sept. 2 *Holders of roe. Aug. 15
First preferred (guar.)
$1.75 Sept.
Holders of rec. Aug. 20a
National Family Stores, corn.(quar.)
Second preferred (guar.)
*PH Sept. 1 *Holders of reo. Aug. 20
52
Sept. 1 Holders of ree. Aug. 200
Preferred (guar.)
U.S. Envelope,common
*50e. Sept. 1 *Holders of me. Aug. 20
:
4
33,i Sept. 2 *Holders of rec. Aug. 15
National Lead, corn. (guar.)
120
Sept.
Preferred
roe.
of
Holders
Sept.
30
134
Sept. 2 *Holders of rec. Aug. 15
Preferred A (guar.)
I 34 Sept.15 Holders of rec. Aug. 290 U.S.Hoffman Machinery(guar.)
50e. Sept. 2 Holders of me. Aug. 210
Preferred B (guar.)
134 Nov. 1 Holders of reo. Oct. 170 U. S. Pipe & Foundry, oom.(qua?.)
294 Oct. 20 Holders of rec. Sept. 204
Nat.Short Term Securities.Common (guar.)
234 Ja20'81 Holders of rec. flea. 31er
Common A (payable in stock)
First preferred (guar.)
Dso. 15 Holders of reo. Nov. SO
/3
300. Oat. 20 Holders of roe. sem 3015
Nehl Corporation, corn. (guar.)
FRU preferred (guar.)
32340 Sept. 2 Holders of rec. Aug. 16
.31300. Ja20111 Holders of roe. Doe. 31a
First preferred (guar.)
17. S. Playing Card (guar.)
$1.3134 Oct. 1 Holders of rec. Sept. 15
.50o.
Oct. 1 *Holders of roe. Sept. 20
Metzner Bros., Inc.common (guar.).400. Oct. I Holders of reo. Sept. 150 U.S.Print. & Lithographing, corn.
.75c. Oct. I *Holders of roe. Sept. 20
Common (guar.)
Preferred (guar.)
400. an P31 Holders of rec. Dee. 15a
Oct. I *Holders of roe. Sept.20
Newberry (J. J.) Co., Pref.(guar.)
U.S. Realty & Improvement
•15j Sept. I *Holders of rec. Aug. 16
$1.25 Sept. 15 Holders of rec. Aug. 15a
Niles-Bement-Pond, IIKKOMOU (guar.)... *500. Sept. 30 *Holders of reo. 80°4.20
United States Steel Corp. corn.(qua:.).. 14$ Sept.29 Holders of roe. Aug. 3015
Common (guar.)
Preferred
Dec.
20
rec.
(guar.)
*Holders
of
•500. Dec. 31
14$ Aug. 30 Holders of roe. Aug. 4a
Noblitt-Sparks Industrie'(in stook).
Milky & Industrial Corp.pref.6Na:4
00111 Oct. 1 *Holders of reo. Sept. 20
3734e. Aug. 2s Holders of roe. July 31
Northam Warren Corp., cony. pf.(qu.) •75e. Aug. 30 *Holders of rec. Aug. 15
Vacuum Oil (guar.)
Sept. 21 Holders of roe. Aug. 30
$I
North Central Texas Oil (guar.)
Vapor Car Heating pref.(guar.)
150. Sept. 2 Holders of rec. Aug. 11
*134 Sept. 10 *Holders of rec. Sept. I
Northern Disc., Prof. A (monthly)---* 5624e Sept. I *Holders of roe. Aug. 15
Preferred ((Mar.)
•134 Dee. I *Holders of roe. Dee. 1
Preferred A (monthly)
•50 2-3 Oct. 1 *Holders of reo. Sept. 15
Victor \Voiding Equip., of. A & B (guar.) 4,3734e Aug. 25 *Holders of
rec. Aug. 15
Preferred A (monthly)
• at)
Virginia-Carolina Chem., pr. pref. (qu.) 134 Sept. 1 Holders of roe. Aug. 1515
Nov. 1 *Holders of roe. Oet. 15
Preferred A (monthly)
Vulcan Dettnning, Common (grutr.)
•662-3e Dec. 1 *Holders of reo. Nov. 15
1
1,‘ Oct. 20 Holders of reo. Oct.La
Ogglesby Paper. preferred (guar.)
Oct.
20
*21.50 Nov. 1 *Holders of roe.
Preferred (guar.)
Oct. 20 Holders of roe. Oct. aa
1,1% Sept.15 *Holders of reo. Aug. 16
Ohio Oil. pref.(qua?.)
Wagner Electric (.guar.)
37340 Sept. 1 Holders of rec. Aug. 16
125 East 63d Bt.. Inc.. pref
Waitt & Bond. class A (guar.)
Sept. 2 Aug. 16 to Sept. 2
134 Sept. 2 *Holders of rec. Aug. 15
Onomea Sugar (monthly)
Waltham Watch Prof. (guar.)
*20o. Aug. 20 *Holders of rec. Aug. 10
Oct. 1 Holders of rec. Sept. 20
Per' When
Cent. Payable.
Name of Company.
Books Closed.
Days Inclusive.
Miscellaneous (Concluded).
55e. Sept. 1 Holders of rec. Aug. 18a
Warner Bros. Pictures. pref.(gnarl__ _ _
.87Me Sept. 1 "Holders of rec. Aug. 20
Wayne Pump, pref. (guar.)
Sept. 1 Holders of roe. Aug 150
$1
Wesson Oil & Snowdrift, pref. ((marl_
West Maryland Dairy Products•8714c Sept. I 'Holders of roe. Aug. 20
Prior preferred (00ar.)
75c. Sept. 1 Holders of rec. Aug. 20
Western Auto SIIPPly, COM. A & B (qu.)
Sept. 1 Holders of rec. Aug. lla
Western Dairy Products, class A (quar.) $1
'81.50 Sept. 2 *Holders of rec. Aug. 12
Preferred A (quar.)
Western Newspaper Union, pref.(quar.) $1.75 Sept. 1 *Holders of rec. July 25
30o. Oct. 1 Holders of ree. Sept.150
Westmoreland, Inc. (quar.)
25c. Oct. 1 Holders of rec. Sept. 190
Weston Electrical Instrument, corn.(qu)
50c. Oct. 1 Holders of rec. Sept. 19a
Class A (quar.)
50c Sept. 1 Holders of rec. Aug. 15a
Westvaco Chlorine ”roducts corn. (q11.)_
•11..5 Nov. 15 *Holders of rec. Nov. 5
West Va. Pulp & Paper. pref.(quar.)
*25c. Oct. 1 *Holden of rec. Sept.20
Wheatsworth, Inc. (quar.)
*1
Sept. 1 *Holders of rec. Aug. 12
Wheeling Steel Common (guar.)
135 Sept. 2 Holders of rcc. Aug. 15
White (J. G.)& Co. pref. (quar.)
1'% Sept. 1 Holders of rec. Aug. 15
White (J. G.) Eng. Corp. pref. (quar.)
50c. Sent.30 Holders of rec. Sept. 12a
White Motor Co.(quar-)
$1.75 Sept. 30 'folders of rec. Sept. 12
White Motor Securities, pref. (quar.)
62lie Sept.30 Holders of rec. Sept.200
Wilcox-Bich Corp. class A (guar.)
6234c Dec. 31 Holders of rec. Dec. 200
Class A (guar.)
itS Sept. 1 Holders of rec. Aug. 15
Windsor Hotel. Ltd. (quar.)
•2 tS Nov. 1 *Holders of rec. Oct. 15
Whasted Hosiery (quar.)
*50c. Nov. 1 'Holders of rec. Oct. 15
Extra
600. Sept. 1 Holders bf rec. Aug. 9a
Woolworth (F. W.) Co., corn. (quar.)
500. Sept. 1 Holders of rec. Aug. 20
Wrigley (Wm.) Jr. Co.(monthly)
250. Oct. 1 Holders of rec. Sept. 20
Monthly
250. Nov. 1 Holders of roe. Oct. 20
Monthly
50c. Dec. 1 Holders of rec. Nov. 20
Monthly
Wurlitzer (Rudolph) corn. (monthly)--- *50c. Sept.25 "Holders of rec. Sept. 24
•50c Oct. 25'Holders of rec. Oct. 24
Common (monthly)
*50c. Nov. 25 *Holders of rec. Nov. 24
Common (monthly)
*50e. Dec. 25 'holders of rec. Dec. 24
Common (monthly)
OM. 1 "Holders of rec. Sept. 20
•1
Preferred Omar.)
•15i Jan 1'31 'Holders of rec. Dee. 20
Preferred (guar.)
*14 Apr 1'31 *Hold of rec. Mar. 20'31
Preferred (quar.)
•11,
1 Jul 1'31 *Hold of rec. June 20'31
Preferred (quar.)
•From unofficial sources. t The New York Stock Exchange has ruled that
stock will not be quoted ex-dividend on this date and not until further notice.
5 The New York Curb Exchange Association has ruled that stock will not be quoted
Ox-dividend on this date and not until further notice.
a Transfer books not closed for this dividend.
S General Gas dr Electric 734c. dividend on common stock is payable in class A
common stock unless stockholder gives written Duties by Sept. 20 of his election
to take cash.
d Correction. e Payable In stock.
f Payable in common stock. g Payable In scrip, h On account of accumulated
dividends. J Payable In preferred stock.
k Union Natural Gas dividend payable In cash, or, at option of holder, 1.50th
idiare of stock.
I Of the Federal Water Service dividend, 50e. will be paid in Class A stock at
rate of $27 per share unless stockholder notifies company on or before Aug. 11 of
his desire to take the entire dividend in cash.
m Central States Electric Corp. cony. pref. dividend payable in common stock
as follows: Series 01 1928. 3-32 share or, at option of holder, $1.50 cash; series or
1929, 3-164 share or. at option of holder, $1.50 cash.
a Central Publie Service class A dividend will be paid in class A stock at the
price of $17.50 per shale unless stockholder notifies company by Sept. 10 of his
desire to take cash.
o Ainsworth Mtg. stock dividend reported in this column last week was an error.
No stock dividend was declared.
r DistWers. Ltd., dividend is 2 shillings 6 pence less deduction for expenses of
depositary.
8 North American Co. dividend is payable in common stock at rate of one-fortieth
share for each share held.
8 Amer. Smelting & Refining second pref. stock dividend is 31.5657.
to Lees deduction for expenses of depositary.
y Lone Star Gas dividend is one share for each seven held.
Electric Shareholdings Corp. $O pref. dividend is 1-20th share common stock
Unless company Is notified by Aug. 15 of the stockholder's desire to take cash,:Lao.
if Blue Ridge Corp. and Shenandoah Corp. dividends will be paid 1-32d share
Common stock unless holders notify corporation on or before July 15 of their desire
to take cash-75e. per share.
Weekly Return of New York City Clearing House.
Beginning with Mar. 31 1928, the New York City Clearing
House Association discontinued giving out all statements
previously issued and now makes only the barest kind of a
report. The new returns show nothing but the deposits,
along with the capital and surplus. We give it below in full:
STATEMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR TIIE WEEK ENDED SATURDAY, AUGUST 9.
Clearing House
Members.
*Capital.
'Surplus and Net Demand
Undivided
Deposits
Profits.
Average.
Bank of N Y & Trust Co
Bank of Manhattan TtCo
Bank of Amer Nat Assn
National City Bank____
Chem Bank & Trust Co_
Guaranty Trust Co
Chat Phen N 13 & Tr Co
Cent Hanover 131c&Tr Co
Corn Esc]) Stank Tr Co_
First National Bank
Irving Trust Co
Continental 13k & Tr Co
Chase National Bank_.,
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co
Marine MidlandTrust Co
Lawyers Trust Co
New York Trust Co
Comm'l Nat Bk & Tr Co
Harriman N I3k & Tr Co
$
6,000,000
22,250,000
36.775.300
110,000,000
15,000,000
90,000,000
16.200,000
21.000,000
815,000,000
10,000,000
50,000,000
6,000,000
148,000.000
500,000
25,000,000
10,000.000
10.000,000
3,000,000
12,500,000
7,000.000
2,000,000
Clearing Non-Members
City Bk Farmers Tr Co_
Meehan Tr Co, Bayonne
10,000,000
600.000
Tnf.elm
1063
FINANCIAL CHRONICLE
AUG. 16 1930.]
1
1
14,698.800
62,329,000
43,499,200
213.838,000
40,433,800
174,204.000
132,973.10001,045.890.000
22,632,300
219,921,000
206,385,500 5909,807,000
19.703,300
159,895,000
84,136,100
360,312.000
834.314,400
172,536,000
108,599,600
247,101,000
84,814,300
375,809,000
11,354,200
10.083,000
211.318,000 81,326,810,000
3.706,800
25,738.000
86,321,400 d432,982,000
24,599.200
36,225,000
11,400,600
47,236.000
4,766,900
22.164,000
35,688,400
172,698,000
9,452,800
49,968,000
2.725,000
30,258.000
13,777,900
899,400
4,334,000
3.224,003
Time
Deposes
Average.
$
14,625,000
44,45S.000
62,106000
209.535:000
34,367,000
113,409,000
39,685,000
59.814 000
38,685:000
26,994,000
60,233,000
437,000
197,162,000
1,969,000
69.587,000
1,312.000
5,180,000
2,086,000
37,671,000
6,848,000
7,267,000
5,399,000
626.725.300 1.208.221.000 6.103 302 ono I one ene
nnn
*As per official reports: National, June 30 1930; State, June 30 1930; trust companies. June 30 1930. e As of July 10 1930.
Includes deposits in forel,gn branches: (a) 8320,626.000; (5) 8172.877,000; (c)
$1313.831.000;(d) 862,245,000.
The New York "Times" publishes regularly each week
returns of a number of banks and trust companies which are
not members of the Now York Clearing House. The following are the figures for the week ending Aug. 7:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR THE WEEK ENDED THURSDAY, AUG. 7 1930.
NATIONAL AND STATE BANKS-Average Figures.
ManhattanBank of U. S____
Bryant Park Bk_
Grace National_
Port Morris
Public National_
BrooklynBrooklyn Nat'l
Peoples National
Loans
Disc. and
Invest.
OtherCash Res. Dep., Del'. Other
Gross
Including N. 1'. and Banks and
Gold. Bk.Notes. Elsewhere. Trust Cos. Deposes.
$
211,271,000
2,603,100
20,600,920
3,127,500
153.012,000
5
5
5
$
$
17,000 3.234,00027,290.000 1,964,000 202,379,000
2,108,900
350,300
92,100
78,800
50,270 1,901,161 1.345,136 18.774,108
2,000
107.200 2,787.000
251,100
65,000
12,200
30.000 1,621,000 9,466,000 28,722,000 162,186,000
10,012,800 21,400
7,200,000 5,000
98,500
110,000
604,400
508,000
416,600
87,000
6.972.200
7,000,000
TRUST COMPANIES-Average Figures.
Loans,
Disc. and
basest.
Cash.
Res. DEP.. Del'. Other
N. 1'. and Banks and
Elsewhere. Trust Cos.
$
1
Manhattan-.
$
760,000
51,025,900 8,493,600
American
285,700
816,800
Bk. of Europe & Tr 14.874,300
657,856 1,840,670
23,947,412
Bronx County
20,152,000 1,005,000 2,393,000
Chelsea
75,157,500 *4,335,000 6,512,200
Empire
08,243 1,272,560
17,061,270
Federation
459,000
19,306,800 *2.182,800
Fulton
357,607,000 2.681,000 42.210,000
Manufacturers
76,789,296 3,800,000 7.531,737
United States
Brooklyn135,280,000 2,262,000 24,252.000
Brooklyn
28,944,267 2,096,981 3,063,155
Kings County
Bayonne, N.J.001,402
221.383
8 936 474
1\1'onhunt.1
Gnus
Deposits,
S
$
22,200 48,653,300
14,376,400
23,928,122
18,992.000
3,220,800 73,474,900
318,785 17.035,457
16,716,700
2,688,000 327,682,000
59,139.894
981,000 157.121,000
27,465,607
306,267
9,002,164
* Includes amount with Federal Reserve Bank as follows: Empire, 52.876,200:
Fulton. $2,076,300.
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.
Aug.6
1930.
Changesfrom
Previous Week.
July 30
1930.
July 23
1930.
$
$
$
$
95,825,000
95,825,000
94,700,000 -1,125,000
Capital
102,044,000 -1,015,000 103,059,000 103,059.000
Surplus and profits
Loans, clisc'ts & invest'ts_ 1,078,4.52,000 -12,647.000 1,091,099,000 1,08.5,978.000
+626,000 647.140.000 655.821,000
647.766,000
Individual deposits
157,597.000 +4,674,000 152,923.000 161,822,000
Due to banks
-744.000
282.796.000 280,944.000
282.052.000
Time deposits
9,688,000
10.577,000
7,540,000 -2.148.00.0
United States deposits
19,445,000
19,720,000
25,180.000 +5,735.000
Exchanges for Cig. House
95,653,000 105,647.000
91,102,000 -4,751.000
Due from other banks
83,621,000
+234.000
84,894.000
83,855,000
Rea've in legal deposiVies
6,733,000
-256,000
6.802.000
6,477.000
Cash in bank
1.986,000
+244,000
2.659,000
2.230.000
12 woevn in 1,ersua in F 11.13k
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Aug. 9, with comparative figures
for the two weeks preceding, is given below. Reserve
requirements for members of the Federal Reserve System
are 10% on demand deposits and 3% on time deposits, all
to be kept with the Federal Reserve Bank. "Cash in vaults"
is not a part of legal reserve. For trust companies not
members of the Federal Reserve System the reserve required
is 10% on demand deposits and includes "Reserve with
legal depositaries" and "Cash in vaults."
Beginning with the return for the week ending May 14 1928,
the Philadelphia Clearing House Association discontinued showing the reserves and whether reserves held are above or below
requirements. This will account for the queries at the end
of the table.
Week Ended Aug. 9 1930.
Two Ciphers (OM
omitted.
Trust
Members of
F.R.Sysion. Companies.
1
60,071.0
CapitalSurplus and profits-__. 215,919,0
Loans. dIscta. & Invest. 1,142,222,0
34,639,0
Each, for Clear. House
128,744,0
Due from banks
204,029,0
Bank deposits
632,271,0
Individual deposIta
274,844,0
Time deposits
1,111,144.0
Total deposits
77,578,0
Res. with legal dopes..
flea. with F. R. Bank_
8,586,0
Cash in vault"
86,164,0
Total ree. dr cash held_
5
Reserve required
Excess reserve and cash
T
In vault
Aug. 2
1930.
Total.
July 26
1930.
1
$
1
$
8,800.0
68,871,0
68,871,0
68,871,0
21,085,0 237,004.0 237,001,0 237,004,0
92,841,0 1,235,063,0 1,225,366,0 1,220,474,0
235,0
34.874,0
38,058,0
28.324.0
25,0 128,769,0 138,100,0 131,411,6
5.434,0 209,463,0 204,062,0
198,575,13
35,506.0 667,777.0 678.890,0,
671,329,13
30,226,0 305,070,0 302.695.01
71.166,0 1,1.82,310,0 1,185,647,0 1 298,724,13
.168,628,0
77,578,0
75,763,0
76.908,6
6,720,0
6,720,0
7,896,0
6.534,0
1,966,0
10,552,0
11,032,0
11,496.g
8,686,0
94,850,0
94,691,0
94,938,C
5
?
5
5
5
?
•
•
•Csab In vault not counted as reserve for Federal Reserve members.
1064
FINANCIAL CHRONICLE
[vol.. 131.
Weekly Return of the Federal Reserve Board:
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.14, and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In tho first table
present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with thosewe
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 1035, 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 AUG. 13 1930.
Aug. 13 1930. Aug. 6 1030. July 30 1930. July 23 1930. July 16 1930. July 0 1930
July 2 1930 June 25 1030. Aug. 14 1929.
RESOURCES.
$
S
3
$
$
$
$
$
3
Gold with Federal Reserve agents
1,546,714,000 1,551,714.000 1,553,214.000 1,558,214,000 1,572,914.000 1,597,514,000
1.563,000.014 1.600.214,000 1,553,821,000
Gold redemption fund with U. S. Trees_
36,352,000
36,816,000
36.814,000
36,814,000
36,714,000
75,494,000
36,675,000
36,812,000
36,675000
Gold held exclusively agst.F.IL notes 1,583.066.000 1,583.530.000 1,590,028,000 1,595,028.000 1,609,628,000 1,634,189
000 1,604,689,000 1,637,026,000 1,629.315.000
Gold settlement fund with F. R.Board
551,212,000 555,602,000 589.700,000 601,767,000 583,052,000
686,248,000
Gold and gold certificates held by banks_ 811.022.000 817.046.000 825,254,000 827,432,000 838,065,000 569,123.000 610,593,000 601,691,000 622,876,000
814,819,000 778,127.000 820,457.000
Total gold reserves
2,945.300,000 2,961.178.000 3.004,982,000 3,024,227,000 3,030,745.000 3,018,131,000
3,059,174,000 2,938,439,000
Reserves other than gold
169,702.000 165,631.000 173,206.000 169,834,000 166,490,000 159.635,001) 2.993,409.000 172,1137,000 190,379,000
157.835.000
Total reserves
3,115,009,000 3,126.309,000 3,178,188.000 3,194,061,000 3,197,235.000
3,177.766,000 3351.244.000 3.231.811,000 3,128,818,000
Non-reserve cash
66,856,000
63,436.000
67,835,000
68,210,000
68.547,000
63,139,000
67,962,000
67,339,001
55,002,000
Bills discounted:
Secured by U. S. Govt. obilgation9
68,676,000
59,629,000 *70,357,000
62,209.000
65.599.000
511,455,000
90,952,000
105,234,000
84,887,000
Other bills discounted
128,300,000 140,324,000 130,425,000 130,941,000 136,673,000 145,363,000
155.179,000 146,618,000 516,533,000
Total bills discounted
190,515,000 205,923,000 197,101,000 190,570,000 207,030,000 236.315.000
231,505,000 1.027,988,000
260,413,000
Bills bought In open market
154,328,000 133,571,000 130,762,000 150,523,000 168,667.000 148,945,000
157,435,000 102,313,000 117,885,008
U. S. Government securities:
Bonds
59,608,000
49,650,000
42.750.000
49,714,000
42,000.000
46,708.000
42,673,000
55,911,000
47,531,000
Treasury notes
291,617.000 278,307,000 276,897.000 260,835,000 243,616,000
89,053,000
Certificates and bills
255,112,000 248,267.000 249,757,000 272,554,000 290.522,000 233.534,000 236,519,000 219,436,000
310,338.000 311,903,000 301,623,000
22,577,000
Total U.S. Government securitle3
606.337,000 576,224,000 576,368,000 576.139,000 577,118,000 590,580,000 595,953,000
576,970,000 154.303,000
Other securities (see note)
8,472,000
7,272,000
7.323,000
7,323,000
7,301,000
10,650,000
7,301.000
5,250,000
7,301,000
Foreign loans on gold
Total bills and securities (see note)._
Gold held abroad
Due from foreign banks (see note)
Uncollected Items
Fe !era' Resorve notes of other banks
Bank premises
All other resources
959,652,000
922,990,000
911,554,000
924,555,000
960,116,000
083,141,000 1,021,152,000
918,038,000 1,310,836,000
703,000
579,632,000
19,639,000
59,585,000
15,617,000
705,000
503,728,000
19,064,000
59,584,000
14,442,000
700,000
510,430.000
18,912,000
59,584.000
14,037,000
705,000
553,600,000
22,175.000
59,572.000
13,146,000
705,000
670,370.000
22,169,000
59,561,000
12,596,000
704,000
506,5:15,000
20,017,000
59.561.000
12,257,000
709,000
570,390,0110
22,773,000
59.552,000
11,331,000
706,000
863,567,000
19,950,000
59,561.000
12,083,000
723.000
754,498,009
29.660,008
58,818,000
10,610,009
Total resources
LIABILITIES.
0r. It. notes in actual circulation
Deposits:
Member banks-reserve account
Government
Foreign banks (see note)
Other deposits
2,300,616.0002,363,852,000 2.415,285,000 2,432,086,000 2.460,457,000 2.417,306,000 2,406,376,000 2,388,435,000 2,330,365,000
18.882.000
29,563.000
26,146,000
31,519,000
10,629,000
18,161,000
30,105,000
45,669,000
24,890,000
5,760,000
8349,000
5,755,000
6,434,000
6,247,000
5.666,000
4,924.000
5,858.000
8,457,000
26,450,000
27,884,000
22,280,000
21.006,000
32,924,000, 28,036,000
32,663,009
21,422,000
38.063.000
Total deposits
Deferred availability Items
Capital paid in
Surplus
All other liabillties
2,463,778,000 2,423,406,000 2,468,871.000 2,484,612,000 2,516,257.000 2,481,113,000 2,473,805,000 2,459,384,000 2,376,112,000
558.011,000 487,054,000 495,807,000 o45,u33.uou 631,545,000 568,542,000 815,924,000 551,024,0001 714,079,01)9
169.789,000 189.680.000 169,716,000 169.882,000 169,484,000 169.554.000 169,626,000 160.736,000 166,135,000
276,936.000 276.936.000 278,936,000 276,036,000 276,936,000 276.936,000 276,936,000 276,936,000 254,398,000
15.117,000
15,201,000
15,150,000
14,908,000
14,728,000
15,198,000
14,722,000
19.094,0001 30,990,000
4,816,686,000 4,710,758.000 4,761,621.000 4,835,649,000 4,991,299,000 4
.917.943,000 4.983,265.000 4,870,943,00 5,357,092,1)00
1.332,091,000 1,338,774,000 1,335,141,000 1,356,180,000 1,382,349,000 1.406,600.000 1,432,252,000 1,402,869,000 1,815,378,000
Total liabilities
4,815,686,000 4,710.758.000 4.761,821,000 4,835,649,000 4.991,299,000 4,917,943,000 4,083.265,000 4.879,943,000'5,357,092.008
Ratio of gold reserves to deposits and
F. R. note liabilities combined
78.7%
77.5%
78.7%
77.2%
78.9%
77.6%
79.2%
70.7%
70.7%
Ratio of total reserves to deposits and
F. R. note liabilities combined
83.2%
82.0%
83.1%
32.0%
87.5%
81.7%
83.7%
74.6%
80.7%
Contingent liability on bills purchased
for foreign comspondents
480,094,000 483,454,000 478,027,000 481,315.000 478.082,000 477,030,000 481,269,000 468,642,000 441,924,000
Distribution by Alcuurities1-15 day bills bought In open market
1-15 days bills dlscou. ted
1-15 days U. S. certif. of Indebtednees.
1-15 days municipal warrants
18 30 days bills bought in open market
16-30 days bills discounted
16 30 days U. S. certif. of Indebtedness_
16-30 days municipal warrants
31-60 days bills bought in open market.
81 60 devs bills discount's!
31-60 days U. S. certif. of Indebtedness..
31-80 days municipal warrants
81-00 days bills bought in open market
61 90 days bills discounted
61 90 days U. FL certif. of Lndebtednese_
61-90 days municipal warrants
Over 90 days bills bought In open market
Over 90 days bills discounted
Over 00 days certif. of Mdebtedness
Over 90 days municipal warrants
P.R.notes recelved from Comptroller..
P.It. notes held by F.R. Agent
Issued to Federal Reserve Banks
$
73,456,000
90,648,000
3
86,909,000
111,996,000
$
90,897.000
137,809.000
29,757,000
3
92,947,000
159,844,000
31.188,000
3
49,607.000
135.408,000
S
86,311,000
768,320,000
13,600,000
40,109,000
20,542,000
31,137,000
20,196,000
31,189,000
19.839,000
24,092,000
10.476.000
42,483,000
9,314,000
53,595,000
32,488,000
23.111.000
32,263,000
30,306.000
17,947,000
48,027,000
51,000
28.720,000
29,033,000
94.576,000
16.360,000
30,414,000
15,592.000
28,739,000
15.590.000
26,343,000
117,402,000
28,692,000
32,429,000
43,145,000
51,000
3.912,000
24.102,000
119,692,000
23,077.000
30,110.000
55,221,000
0,836,000
26,593,000
21,029.000
32,150.000
43,080,000
51,000
3.715,000
26,328,000
119.657,000
4,309,000
22,050.000
109,697.000
12,294,000
107,510,000
8.713.000
300,000
7,692,000
84,138.000
128.000
10,259,000
139,925,000
22,000
1,140.000
14.629.000
135,965,000
22.000
2,449,000
15.203,000
129.951.000
22,000
2,228,000
18,628.000
125.093.000
2,167,000
19,832,000
117,844,000
745,000
24,199,000
117,878.000
1,138,001)
24.461,000
04,217.000
S
57.564,000
103,502.000
38,527,000
3
65.459.000
115967,00')
20,577.000
$
60,828.000
105,806,000
32,849,000
17,785,000
17.497,000
19,021,000
51,000
19.938,000
18.141.000
31,327,000
58,391,000
33,054,000
63,435,000
43.651,000
34,083,000
78.765,000
5.240,000
26,860.000
284,000
0.314.000
153,150,000
22,000
51,000
23,831,000
29,521,000
48,027,000
2,074,004
14,425,000
254,000
3,756,266,008
1,413,986,000
-1,696,121,000 1,607,223.000 1.704.744.000 1.719.617.000 1,742,958,000 1,750.561,000 1.744.679,000 1,749,563,000 2,342,280,000
Flow SecuredBy gold and gold certificated
Gold redemption fund
Gold (004-Federal Reserve Board
By eligible paper
402,908,000 402,908,000 402.004,000 402,908,000 402,903,000 402,908,000 402,903,000 403,108,000 432,121,005
1,143,806,000 1,148,806,000 1,150,306,000 1,155,306,000 1,170,006,000 1,194,278,000 1,165,105,000 1,197,106.000 1,121,700,009
322,231,000 305,999,000 310.785.000 317,917,000 341,543,000 346,764.000 375,000.000 325.759,000 1,068,611,004
Total
1 Raft 94S non 1867.713.000 1.863.699.0001,876,161,000 1,914.457.000 1 044 /70 nnn 1 (143 01a Ann I 0/A (173(111)) 2.1,22.432.001
NOTE.-Beginning with the statement of Oct. 7 1925. two new Items were ath ed In order to show separaft
to foreign correspondents. In addition, the caption, "All other earning assets,.. previously made up of Foreignly the amoun of balances held abroad and amounts duo
"Other securities." and the caption. "Total earning assets" to "Total bills and securities.' The latter Item was Intermediate Credit Bank debentures, was changed 40
adopted as a more accurate deicrIption of the total 01
the discounts, acceptances and securities acquired under the provision of Sections 13 and 14 of the Federal
Reserve Act, which, It was stated. are the only items included
therein.
• Revised figures.
WEEKLYSTATEMENTOFRESOURCESANDLIABILITIESOFEACHOFTIIE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS AUG 13 1938.
Two Ciphers (00) omitted.
Federal Reserve Bank ofBoston. New York, Phila. Clereland. Richmond Adanto, Chicago, St. Louis. Minneap Kan.City. Dallas. ,San Fro's.
Total.
-$
RESOURCZS.
'$
$
3
$
$
$
3
$
$
$
$
$
(Iola with Federal Reserve Agents 1,546,714,0
164,917,0 258,591,0 140,000,0 200,550,0 63.000,0 102,200,0 194,000,0 65,015,0 46,345,0
75,000,0 22,300.0 214,763,0
Gold Dant fund with U.S. Treas,
14,707,0 2,395,0 1,980,0 1,244,0 2,220,0 1,430.0 1,748,0
957,0
36,332.0
985.0 6,253,0
891,0 1,542,0
Gold held excLagst.F.R. notes 1,583,066,0 165,874.0
Gold settle.% fund with F.R.Board 551.212,0 25,337,0
Gold and gold ctfs.held by banks_ 811,022,0 20,495.0
-Total gold reserves
2,945,300,0 220.706,0
Reserve Other than gold
169,702,0 13,691,0
273,301,0 142,395,0 202,530,0 64,244,0 104,420,0 195,430,0
161,866,0 46.416,0 75,312,0 12,388,0 8,615,0 122,968,0
500.619,0 33,027,0 55,665,0 9.670,0 5,420,0 117301,0
-935,786.0221,868.0 333,507,0 86,302,0 118,455,0 435,499,0
47,191,0 9,541,0 8,476,0 9,095,0 15,398,0 23,168,0
Total reserves
3,115.002,0234.397,0
Non-reserve ca.sh
66,856,0 5,558,0
Bills discounted:
Sec. by 11,5. Govt. obligations
62,209,0 5,873,0
Other bills discounted
128,306,0 5,063,0
982,977,0 231,409,0 341,983,0 95,397,0 133,853,0 458,867,0 104,954,0 67,089,0 118,356,0 51,551,0 294,369.0
17,301,0 3,561,0 3,820,0 4,327.0 5,143,0 9,643,0 4.575,0 2,084,0 2,394,0 3,361,0 5,089.0
16,758,0 9,145,0 9,158,0 3,809,0
867,0 7,126,0 2,842,0
551,0 1,973,0 1,930,0 2,177.0
15,589,0 8,073,0 6,162,0 15,688,0 28,694,0 8,117.0 12,108,0 3,909,0 7,142,0 12,168,0 5,593,0
66,703,0 47,236,0 78,542.0 23,285,0 221,016,0
14,488,0 9,917,0 27,560,0 11,374,0 34,941,0
10,514,0 5,082,0 8,247,0 9.818,0 26.364,0
01.795.0 62,235,0 112.349,0 44,477.0 282,321,0
13,159,0 4,834,0 6,007,0 7,074.0 12,048,0
Total bills discounted
Blils bought In open market
U. B. Government securities.
Bonds
treasury noted
7.ertificates and bills
59,608,0 2,063.0
291.617.0 18,635,0
255.112,0 25,479,0
12,523,0 1,872,0 1,771,0
110,025,0 23,006,0 30,044,0
69,640,0 27,374,0 26,041,0
rotal U.S. Gov't securities
606.3370 4(1177 n
192_1110.0 52.252.0 57.856.0 16,033,0 12,691.0 81.313.0 23.899.0 26.004,0 28,736.0 29,229,0 39,009,0
190,515,0 10,936.0
154,328,0 17.376,0
32,347,0 17,218,0 15.320,0 19.497.0 29,561.0 15,243,0 14,950,0
105,0 12,950,0 7,482.0 8,104,0 15,253,0 7,976,0
49,859,0
1,869,0
7,148,0
7,966,0
4.460,0
6,065,0
9,115,0 14,008.0 7,770,0
8,255,0 5.621,0 15,282,0
635,0 22,109,0 1,156,0 5,128,0
357,0 8,737,0 1,388,0
7,333,0 26,005,0 15,256,0 10,704,0 12.785,0 10,243,0 20.433.0
4.723,0 33,199,0 7,487,0 10,172,0 15,594.0 10,249.0 17,188,0
AUG. 16 1930.1
FINANCIAL CHRONICLE
RESOURCES (Concluded)Two ciphers (001 omitted.
Total.
Boston.
$
8,472,0
Other securities
Foreign loans on gold
Total bills and securities
Due from foreign banks
Uncollected items
F. R. notes of other banks
Bank premises
All other resources
New York,
3
1,000,0
$
6,450,0
959,652,0 75,489,0
703,0
52,0
579,632,0 62,396,0
19,639,0
220,0
59,585,0 3,580,0
15,617,0
92,0
1065
Ma. Cleveland. Richmond Atlanta, Chicago
$
1,000,0
$
$
$
St. Louis. Minneap. Kan.014. Dallas. San Fran.
s
$
$
$
$
22,0
$
280,844,0 70,575,0 86,126,0 43,962,0 50,356.0 111,809,0 46,825,0 36,551.0 46,106.0 48,948.0 62,061.0
229,0
71,0
30;0
69,0
25.0
25,0
16,0
95,0
21,0
21,0
49,0
156,250,0 51,742,0 58,612,0 40,579.0 15,323.0 73,677,0 24,640,0 10,372.0 35.743.0 20,670.0 29,628.0
5.987,0
231,0 1.197,0 1,365,0
921,0 2,630.0 1,450,0
813,0 1,521,0
357.0 2,947.0
15,664,0 2,614,0 7,059,0 3,214,0 2,659,0 8.295,0 • 3,811,0 2,018.0 3,972,0 1,876.0 4,823,0
7,647,0
534.0 3,190,0
243,0 1,080,0
662,0
535.0
565.0
252,0
459,0
358,0
4,816,686,0 381.784.0 1,466,899.0 360,444,0 499,948,0 189,408.0 211,470.0 665,478,0 186.815,0 119,508.0 208,365,0 127.243,0
Total resources
399,324,0
LIABILITIES.
F. R. notes In actual circulation_ 1,332,991,0 135,667,0 151,665,0 127,032,0 192,687,0 62,198,0 114,356,0 174,772,0 66,913.0 49,159.0 69,445,0 31,959.0 157,138,0
Deposits:
Member bank-reserve seal 2,399,616,0 148,701.0 995,873.0 140.007,0 200,196,0 63,016,0 58,356,0 352.520,0 74,912,0 48,222,0 88,265.0
58,530.0 171,218.0
Government
29,563,0 1,783.0
5,024.0 1.302,0 2,548,0 5,828,0 4,104,0 3,554,0 1,007,0
1'67,0 1,179.0 1,565.0
902.0
Foreign bank
8,149,0
402,0
4,508.0
228,0
527,0
543,0
195,0
195,0
125,0
727,0
163,0
163.0
375,0
26,450,0
Other deposits
32,0
13,645,0
68,0 1,699,0
73,0
644.0
730.0
262,0
179.0 1.293.0
23,0 7.802,0
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
2,463,778,0 150,918,0 1,018.848,0 141,904,0 204.986,0 69,145,0 63,299,0 357,531,0 76,376,0 49.293.0 90,900,0 60,281,0
558,011.0 61,564,0 145,691,0 47,337,0 55,984,0 38,993,0 15,468,0 70,807,0 25,998,0 10.004,0 34.323,0 21,003.0 180.297,0
30.839,0
169,769,0 11,807,0
65,577.0 16.783,0 15,943.0 5,813,0 5,365,0 20,115,0 5,276,0 3,061,0 4,316,0 4,341.0 11,372,0
276,936,0 21,731,0
80,001,0 26,965,0 29,141,0 12,496.0 10,857,0 40,094.0 10.877,0 7,143,0 9,162,0 8,935,0 19,514,0
15,201,0
77,0
5,117,0
423,0 1,207,0
763,0 2,125,0 2.159,0 1.375,0
848,0
219,0
724,0
164,0
Total Debilities
4,816,686,0 381,784,0 1.466,899,0 360,444,0 499,948,0 189,408.0
211,470,0 665,478,0 186,815,0 119,508,0 208,385,0 127,243.0 399,324.0
Memoranda.
Reserve ratio (percent)
82.0
81.8
84.0
86.0
86.0
72.6
75.3
86.2
73.8
73.2
55.9
68.1
87.2
Contingent liability on bills purchased for foreign correspondls 480,094,0 35,548,0 157,755.0 46.597,0
48,038,0 20,176,0 17,294,0 64,372,0 17,294,0 11.049,0 14,412,0 14.412,0 13.147.0
FEDERAL RESERVE NOTE STATEMENT.
Federal Reserve Agent at-
Total.
Boston.
New York.
Two Ciphers (00) omitted$
$
Federal Reserve notes:
Issued to F.R. bk. by F.R.Agt- 1,696,121,0 170.927,0
Held by Federal Reserve bank_ 363,130.0 35,260,0
$
Phila,
"
Cleveland. Richmond Atlanta. Chicago. Si. Louis. Minneap. Kan.City. Dallas. &turrets.
$
$
$
$
$
$
i
$
$
8
248,026,0 147,929,0 222,170,0 81,053,0 139,693,0 202,186,0 83.107,0 55,468,0 79,881.0 38,526,0 227,155.0
96,361,0 20,897,0 29,483,0 18.855,0 25,337,0 27,414.0 16,194.0 6,309.0 10,436,0
6,567.0 70,017,0
151,665,0 127,032,0 192,687,0 62,198,0 114,356,0 174,772,0 66,913,0 49,159.0 69445,0 31,599,0 157,138,0
In actual circulation
1,332,991,0 135,667,0
Collateral held by Agt.as security
for notes issued to bank:
Gold and gold certificates
402,908,0 35,300.0 229.968,0
39.900,0 15.550,0 5.000,0 7,100,0
8,945,0 11.845,0
14,300,0 35,000.0
Gold fund-F.11. Board
1,143.808.0 129.817,0
28,626,0 100.100,0 185,000,0 58,000,0 95,100,0 194,000,0 56,100,0 34,500,0 75,000,0 8,000,0 179,763.0
Eligible paper
322,231.0 28,233,0
63,253,0 16,408,0 26,517,0 26,733.0 37,575,0 30,326,0 22,844,0 10,470,0 17,313.0 19,634,0 22.925,0
Total collateral
1,868,945,0 193,150,0 321,847,0 156,408,0'
227 067,0 89,733,0 139.775,0 224,326,0 87,889,0 56,815,0 92,313.0 41,934,0 237,688.0
Weekly Return for the Member Banks of the Federal Reserve System.
Following is the weekly statement issued by the Federal Reserve Board, giving the principal items of the resources
and liabilities of the reporting member banks from which weekly returns
are obtained. These figures are always a week
behind those for the Reserve banks themselves. Definitions of the different items in the statement were given
in the statement of Dec. 14 1917, published in the "Chronicle" of Dec. 29 1917, page 2523. The comment the
of
Reserve
Board upon
latest
week
figures
the
for the
appears in our department of "Current Events
Discussions," on page 1036,immediately preceding which we also give the figures of New York and Chicago reportingand
week
a
banks
for
member
later.
Beginning with the statement
of Jan. 9 1929, the loan
figures exclude "Acceptances of other banks and bills of exchange or drafts Fold with endorsement, and include all real estate mortgages and
endorsement were Included with loans, and some of themortgage loans hold by the bank. Previously acceptances of other banks and bills sold with
banks included mortgages In investments. Loans secured by U.S. Government obligations are
separately,
no longer shown
only the total of loans on
being given. Furthermore, borrowing at the Federal Reserve is not any more subdivided to show the amount secured by U. S. obligationssecurities
and those secured by commercial paper, only a lump total being given. The number of reporting banks is now omitted; in Its place the number of cities included
(then
101) was for a time given, but beginning Oct. 9 1929 even this has been omitted.
The figures have also been revised to exclude a bank in the San
Francisco district with loans and investments of $135,000,000 on Jan. 2 which recently
merged with a non-member bank. The figures are now given
In round millions instead of in thousands.
PRINCIPAL RESOURCES AND LIABILITIES OF ALL
REPORTING MEMBER BANKS IN EACH FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 6 1930 (In millions of dollars).
Federal Reserve District-
Total.
Boston. New York
Phila,
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kan.City. Dallas. San Fran.
Loans and Investmente-total--
$
23,163
3
1,516
$
9,401
$
1,266
$
2,280
Loans-total
16,906
1,144
6,929
932
1.508
8.434
8,472
508
636
4,075
2,855
504
427
6,257
372
2,472
334
2,877
3,380
151
220
1,201
1,271
78
250
1,752
205
98
15
814
57
80
11
141
26
43
10
13.664
7.357
65
895
515
5
6,185
1,975
23
751
330
6
1,138
1,008
6
1,518
3,382
67
129
158
1.118
101
226
51
1
241
On securities
All other
Investments-total
U.S. Government securities
Other securities
Reserve with F. R.Bank
Cash in vault
Net demand deposits
Time deposits
Government deposits
Due from banks
Due to banks
Borrowings from F. R. Bank
s
5
589
$
3.394
469
454
746
762
181
288
150
303
772
185
367
404
83
102
$
$
s
5
5
672
354
2,633
518
230
431
328
1,329
1,288
1,346
243
275
79
151
131
300
98
230
431
898
136
760
153
124
222
108
619
61
75
349
411
30
124
70
54
92
130
61
46
333
286
36
9
282
32
39
6
25
5
57
10
32
7
105
17
356
251
5
311
243
5
1,932
1,325
3
375
237
1
216
130
492
188
1
266
151
4
749
1,004
5
134
338
81
111
76
98
260
523
65
131
79
83
191
251
85
89
222
287
4
n
7
3
1
3
1
654
653
436
1,948
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 Aug. 13 1930,
in comparison with the previous week and the correspond
ing date last year:
Raffle'
Gold with Federal Reserve Agent
Gold redeem.fund with U.S. Treasury..
Aug. 13 1930, Aug.6 1930.
Aug.14 1929,
258,594,000 258,594,000
284,232,000
14,707,000
14,803,000
21,404,000
Gold held exclusively eget. F. R.notes
Gold settlement fund with F. It. Board_
Gold and gold certificated held by bank _
273,301,000
161.866,000
500,619,000
273.397,000
135,608,000
497.118,000
305,636,000
174,795,000
368,428,000
Total gold reserves
Reserves other than gold
935,786,000
47,191,000
906,123,000
46,588,000
843,859,000
74,533,000
Total reserves
Non-reserve cash
Bills discountedSecured by Ti. 8. Govt. obligations
Other bills discounted
982,977,000
17,301,000
952.709,000
14,721,000
923,392,000
19,102,000
16,758.000
15,589,000
19,101,000
26,056,000
160,293,000
124,078,000
32,347,000
49,859,000
45,157,000
44.840,000
284,371,000
63,030,000
12.523,000
110,025,000
69,640,000
9,798,000
106,652.000
64,026,000
2,495,000
22,046,000
14,080,000
192,188,000
6,450,000
180,476.000
5,250.000
38,621.000
2,600,000
Total bills discounted
Bills bought in open market
U. O. Government securitiesBonds
Treasury notes
Ceilltioates and bills
Total U.8. Government siseuritiesOther securities (the note)
Foreign loans on gold
Aug. 13 1930. Aug. 6 1930. Aug.14 1929'
Resources (Concluded)Gold held abroad
Due from foreign banks (See Note)
229
232,000
217
Uncollected items
156,250,000 136,909,000 211,545,000
Federal Reserve notes of other banks5,987,000
5,503,000
15,095,000
Bank premises
15.664,000
15,664,000
16,087,000
Al otker resources
7,647.000
8,621,000
969
Total resources
Fecl'i Reserve notes in actual circulation_
Deposits-Member bank, reserve sect-Government
Foreign bank (See Note)
Other deposits
Total deposits
Deferred availability items
Capital paid in
Surplus
All other liabilities
Total liabilities
Ratio of total reserves to deposit and
Fed'i Reeve note liabilities combined.
Contingentliability on bills purchased
for foreign correspondence
1,466,899.000 1,408,082,000 1,575,029,000
151,665,000
995,673,000
5,024,000
4,507,000
13,644,000
155,352,000
957462,000
8,284,000
2,113.000
9.837,000
311,399,000
921,203,000
1,489,000
885
7,667,000
1,018.848,000
145,691,000
65.577.000
80,001,000
5,117,000
977,796,000
124.367,000
65.577,000
80.001,000
4,989,000
931,244,000
188,859,000
63,585,000
71,282,000
8,660,000
1,466,899,000 1,408,082,000 1,575,029,000
84.0%
84.1%
74.3%
280,844,000 275,723,000 388,622,000
157.755.000
159,016,000 133,679,000
NOTE.-Beginuing with the statement of Oct. 7 1925,
foreign correspondents. In addition, the caption "All other two new items were added in order to show separately the amount of balances held abroad and amounts
due to
"Other securities," and the caption "Total earning assets" toearning assets," previously mode up of Federal Intermediate Credit Bank debentures.
WWI changed to
"Total bills and securities." The latter term was adopted ass more accurate
discount atuietitanCea and securitiee acquired under the provisions
description of the total of the
of Sections 13 and 14 of the Federal Reserve Act, which,It Was stated,
are the only Items included therein.
Total bills and securitlei (See No(e)___
For. 131.
FINANCIAL CHRONICLE
1066
New York City Banks and Trust Companies.
Vauturs' Gazeitt.
(All prices dollars per share.)
Wall Street Friday Night, Aug. 15 1930.
Railroad and Miscellaneous Stocks.-The review of the
Stock Market is given this week on page 1054.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
Highe.i.
1 Lowe:S.
I
. S Per share. $ per share. S per share.S per share.
May 121
Aug
Aug 141116
Aug 14 121
1121
Ap 91% June
) 89% Aug 15 89% Aug 15 84
} 40% Aug 1. 45% Aug 9 40% Aug 52% May
Mar
) 90% Aug 12 90% Aug 12 86% Apr 92
Feb
Aug 315
1228 Aug 12228 Aug 12 228
July
), 81 Aug 11 81 Aug 11 71% Jan 81
Apr
123% Aug 13123% Aug 13 116 Jun 129
)167% Aug 13167% Aug 13 167% Aug 16735 Aug
) 88% Aug 14 88% Aug 14 85% Jan 88% Aug
July 160
Aug
1160 Aug 12 160 Aug 12 150
Jan 101% June
101% Aug 14101% Aug 14 05
Ethe t.
NW
W
W1 .
!P.
c7, 5,25.
w
*..0 caw.,
..g,•wO.
8888888888-4 888888888881" 88 888n8888g'8 '4;s"858888 °888 888t888g8 ft g;gg. ggP,'ARR ,tWA"A74.5gR;E:W3
Lowc,t.
I 31
I 55
I 90
I 2%
96
I 98
Aug
Aug
Aug
Aug
Aug
Aug
12
12
12
13
12
11
31 Aug 12
55 Aug,12
93 Aug 15
2% Aug 9
96 Aug 12
98% Aug 15
29%
55
90
231
75%
)5
Jun 34%
July 72
Jun 104
Aug 3%
Jan 101
Jan 101
June
Apr
Apr
Mar
Mar
May
35% Aug 9 40% Aug 11 35% Aug 42% July
7% Aug 15 9 Aug 11 7% Aug 14% July
55 Aug 12 5.5 Aug 12 48% July so% Mar
Jan 145
July
14 101
11 16
15 117
14 85
11 25%
11 19
9 49%
11 31
12 14
Aug 1035Jun • 27%
Aug 12.5%
Feb 95%
Jun 37
July 30
Jun 701-1
Jun- 515-4
Aug 20
Aug
Feb
Aug
Apr
May
May
Jan
Apr
July
20
50
97
12%
June 45%
Juio. 64%
Mar 102
June 20%
Mar
May
Aug
Apr
Aug 9 126%
145
Aug 9 145
101
20%
117
91
28
23
53
32%
15
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
15 103%
11 21
13124%
14 91
13 29%
11 23
15 54
12 33%
12 15
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
25%
55
101
14
Aug
Aug
Aug
Aug
12 25%
11 57
13 102
9 14
Aug
Aug
Aug
Aug
12
9
13
9
88
W.W
1,,t4
8 8.4.
Apr
39 Aug 11 90 Aug 13 77% Jan 94
Mar
Jan 100
90% Aug 9 9934 Aug 0 89
Feb 1045-4 June
Aug 14105% Aug 12 99
101
y, Aug 15 34 June 21.4 Jan
% Aug 15
Mar
110 Aug 11 110 Aug 11 110 June 120
July
Feb 105
103 Aug 12 105 Aug 14 07
Aug
129% Aug 11 129% Aug 11 120% May 130
Mar
50 Aug 13 50 Aug 13 4854 July 89
99% Aug 11 99% Aug 11 96% Jun 100% Mar
Apr
30 Aug 13 32 Aug 15 28% Junk 50
Aug 109% Apr
79 Aug 13 85 Aug 9 79
Jan
11554 Aug 9116% Aug 14 112% Jan 120
3554 Aug 15 35% Aug 11 34% Jun 4454 Feb
Aug 19% Apr
11 Aug 13 12% Aug 11 11
API*
Aug 100
80 Aug 15 8554 Aug 12 80
Mar
99 Aug 12 99% Aug 12 98 Jun 101
475-1 Aug 14 4734 Aug 14, 4734 Aug 4734 July
Jan 12334 June
11831 Aug 13119% Aug 12,117
93-4 Jun 13% July
11% Aug 14 12 Aug 11
June 19% Mar
113-4 Aug 13 12% Aug 151 11
58 Aug 15 58 Aug 151 505-4 July 69.4 July
In Aug 15
54 Aug 111
113 Aug
lis Aug
Apr
Feb 127
120% Aug 15120% Aug 151116
May
25% Aug 15 30 Aug 121 25% Aug 47
g
Par,
RailroadsAla & Vicksburg. _ _10C
Buff &Susque pref ctfs_
25
Caned Par new
Caro Clinch & Ohlo_10C
Central RR of N J.. _10(
111 Cent leased lin e_ -1012
New Orl Tex & Meg 10(
NY de Harlem pre1_5(
5(1
Northern Central
Pitts Ft W343 Chic pile(
Vicksb Shrev & Pac-10C
Indus. & aliseell.Addressog Intl Corp__•
Allegheny Steel
Alliance Realty
Amalgamated Leather •
_10C
Amer Chain
pref(6)
pref_Am & For Pow
Amer Mach & Foundry
New when Lssued_*
Amer Mach & Metals'
*
Amer News Co
Amer Radiator & Stand
Sanitary pref._ _100
Amer Smelting & Reg
2nd preferred_ ___I00
Amer Teleg & Cable 100
Amer Tob Co B new_25
Assoc D Gds 181 pf_100
•
Atlas Stores
Austin Nichols pc A_.•
Beech-Nut Packing__20
•
Blaw-Knox Co
Celanese Corp of Am.*
Certain-Teed Products
100
1st preferred
Colgate-Palm-Peet _ •
1.10
Preferred
Colonial Beacon 011_ _•
Comm'l Credit1st pref ex-war_ -.100
Coral Inv Tr pi (65-4)-*
Com'w'ith & Sou pref_.
Cuban Dom Sugar _ -•
Cushman's pref 7%_100
Duplan Silk pref_100
Eastman Kodak pf_100
Fashion Park As pf-•
Fed Min & Sm pref.100
Fourth Nat Invest'
100
Gen Cable pref
100
Gen Cigar pref
Gen Italian Edison__
Gen Realty & Util____•
•
Preferred
Gen Steel Cast pref.._*
•
Hamilton Watch
Hercules Powder pf_100
Insuranshares Co etre.*
Internal Carriers Ltd _•
Jot Comb Eng pref etfs_
Internat Nickel rights__
100
Preferred
let Printing Ink ctfs__ _
Kansas City Pow dz Lt
*
1st pref ser B
Kresge Dept Stores- *
ioo
Preferred
100
Laclede Gas
*
Lehman Corp
Lorillard Co pref.__100
*
Maracaibo Oil
Marine Midland Co '
Marshall Field & Co._•
Mengel Co pref__..100
Mid St Prod lot p1_100
Nat Biscuit pref-.__100
National Steel
Nat Supply pref__--100
•
NY Investors
No American Aviation'
Oppenheim,Collinsd3Co*
Outlet Co
Park de Tlltord
Petroleum Corp of Am •
Peoples Drug Stores_.
Pierce-Arrow Co pf_100
Pitts Steel pref____100
Pitts Terminal Coal 100
Postal Tel&Cable pf100
Produc & Refiners Corp
51
Preferred
Pub Serv of N J pf(5)_•
Revere Coup dr BrassA•
•
Reynolds Metal
Shell Transp &Trad-r
100
Skelly Oil pref
Sloss-Sheff St de Ir_ _100
100
Preferred
Southern Dairies ciA.
Stand Gas& El pf(6)_ Stand 011 of Kansas 2,
So Porto Rico Sug pile°
Superheater Co(The)'
Therm:old Co
Third Nat Investm'ts.•
Thompson Products •
Thompson-Starrett. •
Transamerica Corp--25 I
•
Ulen &Co
United Business Pub..'
United Dyewood_1
178 Distrlb pref____10
Univ Leaf Tob pref _100
Va Iron, C & C-109
•
Wrigley Co
Young Sheet dr Tube B
Range :ince Jan. 1.
Rang for Week.
Sales
for
Week.
Jan 115
11434 Aug 15114% Aug 15 108
9%
8% Aug 13 8% Aug 13 7% Ay
May 62
45 Aug 11 45 Aug 11 45
Jan237
210 Aug 13 210 Aug 13 200
67% Aug 13 70% Aug 15 66% June 97%
July 99
92 Aug 12 92 Aug 12 92
454 Aug 11 4% Aug 9 4% Jun 10%
29% Aug 15 32 Aug 11 29% Aug 32%
37% Aug 15 38% Aug 11 35% July 48%
89 Aug 12 89 Aug 12 80% June 92%
89% Aug 9 9454 Aug 15 84 June 110
148% Aug 11148% Aug 11 142% Jan 149%
53% Aug 15 55 Aug 12 53 Jun 62%
Aug 11(1
107 Aug 9 108 Aug 12 107
17% Aug 13 18% Aug 9 17% Jun 32
7% Aug 13 8% Aug 11 7% June 14%
37 Aug 11 37 Aug 11 36 June 56
Jan 72
60 Aug 13 60 Aug 13 53
Aug 11 12 Aug 9 103-4 Aug 35%
11
18% Aug 12 20 Aug 12 18% Aug 27%
38% Aug 14 39% Aug 12 381-4 Aug 60%
693-4 Aug 13 70 Aug 13 6854 Jun 82
99 Aug 11 09 Aug 11 93% June 103
Aug 155-4
4 Aug 15 6 Aug 9 4
July 103
90 Aug 11 90 Aug 11 90
Mar
July
Jan
Mar
Apr
May
Mar
Aug
Apr
Feb
Feb
July
July
July
Apr
Apr
Apr
May
Apr
June
Apr
Apr
June
Jan
Jan
June 40
Jun, 973-4
Aug 72
Jun 3 3494
Feb 48%
Au 99%
June 56%
Jun 82
Aug 27
July 101%
June 49
Aug 121
June 4554
July 26%
Aug 32
Jun 3954
Jun 18%
Aug 25%
23
Aug 30
Aug
July 11
Aug 05
July 115
Jan 19%
Apr 81
Aug 130
Mar
June
Jan
Apr
Apr
June
Mar
Mar
Mar
Aug
Apr
Jan
July
May
July
Apr
Mar
July
Aug
Jan
Feb
Jan
Mar
July
July
Aug
30 Aug
95 Aug
543-4 Aug
23% Aug
4434 Aug
88% Aug
26 Aug
50 Aug
18 Aug
log% Aug
9054 Aug
103 Aug
41% Aug
11% Aug
24% Aug
21% Aug
934 Aug
19 Aug
21 Aug
20 Aug
4% Aug
665-4 Aug
1005j Aug
18 Aug
72% Aug
130 Aug
! 823z888 8413
STOCKS
Week Ended Aug. 15.
11 30 Aug
12 9534 Aug
1 .5734 Aug
14 24% Aug
12 4454 Aug
15 88% Aug
11 26 Aug
13. 54 Aug
14 18 Aug
14 101% Aug
13 32 Aug
14 105 Aug
11 4354 Aug
13 12% Aug
9 27% Aug
14 24% Aug
11 93-4 Aug
9 2034 Aug
14 23 Aug
15 211 Aug
11 5 Aug
12 6634 Aug
13100% Aug
13 18 Aug
13 76 Aug
15 130 Aug
11 30
11 9131
11 54%
15 23
12f 42%
15 87
11 24%
11 45
14 18
13 9634
Ill 29
12103
9 38
13 11
13 2434
9 20
13 9
11 19
14 21
15 20
434
1
12 6634
13 99
13 12
11 673-4
15 130
*No par value.
The Curb Exchange.-The review of the Curb Exchange is
given this week on page 1054.
A complete record of Curb Exchange transactions for the
week will be found on page 1084.
Banks.
New YorkPar Bid Ask
00
America
25 88
American Union*
100 93 103
Broadway Nat 13k & Tr_100 89 99
42
Bryant Park.
20 36
Chase
20 133 134
Chat Phenix Nat Bk &Tr 20 104 106
Commercial Nat Bk & Tr 100 375 390
Fifth Avenue*
100 2850 3150
First
100 4775 4850
Grace
100 600
Harriman Nat Bk dr Tr_100 1500 1600
Industrial
100 150 170
Ledcourt Nat Bk & Tr
100 80 90
Liberty Nat 13k & Tr_ _100 90 100
National CRY
20 121 122
Penn Exchange •
100 01 100
Port Morris.
38
10 28
Public Nat Bk & 'Tr
25 98 00
Seward Nat Bank & Tr_100 83 88
Sterling Nat Bk & Tr
25 40 45
Straus Nat Bk & Tr. 100 23,5
50
United Statts•
25 371.1 ss
Yorkville
50
100 130
Yorktown.
35
100
Brooklyn
50 91
96
Peoples
100 400 500
Trust Companies.
New York (Concl.)- Par Bid Asa
Bank of N Y & Trust100 SOU 625
10 13112 13212
Bankers
211 56 66
Bronx Co Trust
317 321
.21)
Tr_.
&
Cent Hanover Ilk
31
Chelsea Bank & Trwtt.„25 21
Chemical Bank & Trust-10 6112 6212
10 2514 2614
Continental Ilk & Tr
20 149 151
Corn Each 13k & Trust
100 230 240
County
20 78 81
Empire
100 550 575
Fulton
100 598 600
Guaranty
100 170 180
Illbernla
20 32 35
International
38
internat Mad 13k & Tr_ _25 30
1 4814
,
10 47
frying
100
Lawyers
20 162'- 105
Manhattan
25 7912 81
Manufacturers
Mutual (Westchester)- -100 350 425
25 235 240
N Y Trust
100 90 100
Plaza
22
100 120
Times Square
20 145 '49
Title Guar & Trust
100 3900 3975
United States
100 1003
Westchester
Trust Companies.
New YorkPar
American
100
Amer Express
22()
Banes Commerchtle Ital_100 310 318
13rooktynBrooklyn
Globe Bank & Trust
Kings Co
NIldwood
100 690 700
100 155 180
100 2800 3000
100 160 180
• State banks. i New stock. s Ex-dividend. o Ex-stock dly. p Ex-rtghts.
New York City Realty and Surety Companies.
(.411 prices dollars per sh,..re.)
Bond & Mtge Guar
Home Title Insuran 0
Lawyers Mortgage
Par
20
25
20
Par
Bid I Ask
08 ILawyers Title & Guar_.I00
95
59 ,Lawycra Wcstchest M&TIO0
52
4812 [Westchester Title & Tr____
47
Bid Ad
265 275
200 250
144) 160
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
Maturity.
Jul.
Rata.
Bid.
Asked,
Maturity.
101.
Rail.
1344.
Ask( d.
Sept. 15 1030... 334% 100.12 1001,, Sept. 15 1930-32 314
100"n 100"n
Dec. 15 1930___ 34% 100.522 1001•31 Mar. 15 1930-32 34% 100"21 10011133
Juno 151931.... 254% 100..22 1001.3, Dec. 15 1930-32 3341% 100.13: 100"3
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions ill Liberty Loan bonds and Treasury certificates on the Now York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of U. S. Bond Prices. Aug. 9. Aug. 11 Aug. 12 Aug. 13 Aug. 14 Aug.15
100.133 1002.31
First Liberty Loan
High 101.13 101132 1001.33 101
100"33 100.132
100",, 1002%, 101
334% bondsof 1923-47_ LOW- 101
(First 334)
100",, 100.732
101131 100"31 101
Close 101
25
3
1
53
3
20
Total sales In 31,000 units-.
Converted 4% bonds of High
------------------1932-47 (First 4s)
Tot/Usages in $1,000 units--------------Converted 43-4% bontisillIgh 10-2.33 102.31 102.32 102.32 102'32
011932-47 (First 4%01 Low- 102.33 102.31 102.31 102.82 102182
(Close 102.22 102.32 102.32 102.32 103,32
3
26
Total sales In 31,000 units___
5
1
1
Second converted 4%% High
-------------bonds of 1932-47 (First Low---------- -- - -- Second 4%,
)
Total sales in 31.000 units.------------- -Fourth Liberty Loan
-- 33 103.33 103.32 103131 103
{High 103.
44% bonds of 1933-38
103.31 103..31 102.033
103
Low- 103
1
103.31 102,32
103
(Fourth 45(s)
103
103
7
76
43
58
37
Total salts in 31,000 uniC
..
8
!
tsif
Treasury
(High 1122,32 1122.32 112..s2 112...2 112..32
4%s, 1947-52
{Low_ 112.733 112.33 112..31 112.82 112"32
(Close 112.132 112.822 112.532 112.112 112.222
Total sale, in $1.000 units.-185
1
110
4
7
____ 108.32 108.31 108.33 108,31
Iligh
44, 1944-1954
-- 108.32 108.32 108.82 108.22
1.ow_
_-__ 108.31 108.31 108.22 108.32
Close
Total sales in 31,000 unift_-_
1
40
1
10
---____
____ 106133
___ 106.33
High
3%11. 1946-1956
____ 1011131
____
____ 106.31
Low_
--_---- 100.32
(Close
____ 106.32
Total sated in 111,000 units-------125
(111g1
___ 101..32 10i.., 10W32 101.32
3520, 1943-1947
1Low.
____ 101.in 1012.22 101..32 101..32
Close
_--- 1012.32 1012.33 101,822 101..32
105
Total sales in 31.000 ualts-5
16
- ___
1
111103
____ 1011/33
____ 1011.33 101"n
3444. 1940-1943
i Low_
____ 1011,32
---- 101..32 101 1'32
____ 1011.33 1011.31
'Close
___ 1011.33
114
58
Total sales In St Ann 000.
-•
- -102'32
102.32
102's:
1
-- ----103",,st
1023•32
103
34
.._
108•3s
108.32
108.32
8
106
106
106
25
100.33
101.722
101.732
16
---------
Note.-The above table includes only sales of coupon
bonds. Transactions in registered bonds were:
14 4th 43is ________________________________________________ 102.12 to 103
Foreign Exchange.-
To-day's (Friday's) actual rates for sterling exchange were 4.865-I0
4.87 for checks and 4.873404.87 3-16 for cables. Commercial on banks,
sight, 4.86 21-3204.86%; sixty days, 4.84540)4.843i; ninety days,
4•83%04.83%, and documents for payment, 4.8334 04.84%. Cotton
for payment. 4.86%, and grain for payment, 4.86%.
To-day's (Friday'333 actual rates for Paris bankers' franca were 3.033-1
®3.93% for short. Amsterdam bankers' guilders were 40.27%040.2834
for short.
Exchange for Paris on London, 123.77 week's range, 1213.86 francs high.
and 123.81 franca low.
Tho week's range for exchange rates follows;
Cables.
Sterling. Actual-Checks.
High for the week
4.87 9-32
4.87 3-32
Low for the week
4.86 31-32
4.86 13-16
Paris Bankers' FrancsHigh for tho week
3.93%
3.93 7-16
Low for tho week
3.93%
3,93%
Germany Bankers' Marks23.9034
High for the week
23.893-4
23.88%
Low for the week
23.85%
Amsterdam Bankers' Guilders40.3234
40.32%
High for the week
40.29%
40.27%
Low for the week
Report of Stock Sales--New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For sales during the week of stocks not recorded here, see preceding
page.
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Aug. V.
Monday
Aug. 11.
Tuesday
Aug. 12.
Wednesday
Aug. 13.
Thursday
Aug. 14.
Friday
Aug. 15.
$ Per share 3 per share S per share $ per share S per share $ per share
208 21512 209 211
20618 209
208 211
21014 214
208 213
10532 10558 *10512 108 *10512 10614 *106 10912 10614 10934 *10612 108
*144 146 *144 152 *145 152 *145 150 *141 155
146 146
10314
10038 10212 101 10214 10114 10172 10034 10114
10214 10234 10212
*8112 8412 *8112 8412 *8112 8412 82
82
8212 8212 *82
8112
*6534 7312 71
71
71
71
70
70
7112 72
*7112 734
112 113 *112 113 *112 113 *112 113
*110 11212 *110 113
*80
85
85
*80
*79
85
*80
85
*80
85
.80
85
1312 13
*13
13
13
13
13
13
*1314 1312 *1314 1312
6112 *60
*60
*60
6012 *60
61
6113 *60
6112 GO
60
6212 6212 *6214 64
*63 64
621s 64
6314 65
6312 6432
9078 9078 9138 9138 0018 9018 *90
*9012 9112 *9012 91
91
*812 912
9
9
878 9
812 812
884 103s
914 914
184 18412 18034 183
17814 18234 17312 17812 16534 17534 16618 17014
4534 4514 4534 4453 4578 4412 45
45
4412 46
4532 4634
378 373
358 418
378 4
378 378
312 37s
37s 378
312 414
3
3
312 378
3
312 312
3
318 312
_ 21 •__ _ 20 •_ _ _ _ 20 •_ _ _ 20
20 *- _ 20
35
128
*28
35
*28
35
*28
35 "28
35
*23
35
053 938
958 10
914 10
938 938 *953 934
938 958
3232 3412 3414 3518 3232 3372 3312 3312 341s 3512 3258 36
1312 1312 13
1358 1312 1318 13
1318 131s 1312 1318 1312
2014 2058 1912 2018 1938 20
1958 2078 2014 2058 2012 2112
7012 7012 70
*70
71
71
70
71 '698 7112 701( 71
*135 141 *135 141 *135 141 *135 141 *135 141 "135 141
91
9212 9012 9312 90
0058 92
91
91.
94
93
06
*10512 10612 *106 107 *106 107
106 10612 10614 10614 *10312 10314
*100 10112 *100 101
10913 10018 10012 10018 10012 101 *10012 101
66
67
66
.06
67
67
67
70
*60
737 *66
7378
*75
77
*75
77
*75
*75
77
77 '75
77
*75
77
*65 69
69
69
*65
*65
*65
69
*65
69
*65
69
5478 51
*54
51
*51
55
1
51
*53
5412 "53
541
*156 158 *156 162 *156 159
156 1501015512 150
1543t 161
11234 11334 11234 11312 11234 11312,•112 113
11213 113
11314 114
5412 5312 5334 54
54
52
5312 51 I 55
55
*55
563
3612 3612 3712 3834 3712 3314 3614 37
3658 3714 37
38
6034 5734 5734 *53
*53
5734 *53
5734 *53
5734 *55
573
*55
*55
*55
57
57
57
*55
57
*55
57
55
55
*76
7834 79
79
79
79
78
79
79
79
*77
78
30 5 302 ;55F4 "ifii "55- 162-4 -55" ..36 -55" 2 ,3.1
96
93
93
*93
93
*93
sal2 4
*112
114
*9314 98
*118 3
*118 3
•____ 40 •____ 49
*9314 98
.118 3
49
49
;28.
84 -2.61;
*9314 93
*118 3
*---- 49
4553 "a"
4-07 45
8 45 45 -45- 7E3-4
115 115.2 115 11572 115 11512 115
11512
71/2 7112 *7112 73
*7112 73
*7112 73
*7112 73
231s 2314 2312 2318 2312 23/2 2318 2318 2431 2478
N12
20
*16
20
*16
•16
*1618 23) *1618 20 •
13
6934 *66
*6518 693i *66
6934 *66
6934 '66
6931 *66
6934
6218 6214 *62
65
*62
67
*60
*6212---65
*66.2 6712 •6678 6712 6678 6678 66
66
66
66
*65
6712
65
*61
61
65
*61
61
60
60
60
6018 *58
65
119 110
118 119
116 116
120 120
12012 12012 12032 12018
*26
2738 2614 2714 27
2714 2714 2714 2731 28
2712 2812
*1712 18
18
171r 1712 18
*1714 19
*1738 19
*1732 10
*78
11.1
112 *-_- 112
78
78
1
1
*15
*14.2 21
15.2 1512 15
20
1512 15
15
i5
15
•51
52
*51
55
*51
/351
55
.52
*51
5212 '51
5212
3618 37
3712 38
3652 37
3712 33
3734 3734 37
3938
9712 9812 97
9734 05
9678 9234 91
9312 9318 9312 95
*5812 63 *60
61
6112 5812 61
61
GI
61
*6112 63
12078 122
119 122 *11912 122 *11911 122
12013 12018 120 120
*84
8612 "85
8612 *84
8612 8414 8111 *85
8612 .85
8612
*95
99
98
*95
05
05
95
95 "93
95
95
95
*7
11
*72 114
'8 11
*78
Ps
*73
113
1
1
15638 160
15634 160
15778 15878 157 15834 15734 15912 15612 161
104 104 •10312 105 *10312 105
103 104 *10212 105
*10.1 107 *105 107.2 10712 10712 *105 109 *10712 10934 210212 19212
*107 10934
180 180
17814 179
175 180
17134 175
176 180
177 180
9918 101
10018 10134 10012 1017s 10014 101
10034 10134 10114 10234
*120 12012 120 120
120 12012 11958 120
11912 11912 *11934 120
9
*9
10
9
9
9
834 9 '
834 9
834 9
1,
4 1,
4 *112 212
134 134 *134 212 *214 212
212 234
114 *____
112 *---114 *114 *---114 *---1(4
10
11
*10
10
934 934 *91 1' *10
it
15
*22014 224 *22014 224 *22014 225
221 221
22012 22012 223 223
8812 *87
13812 .88
8614 8614 '87
8812 *881 1 8812 "83
8812
6812 6914 091s 6912 6858 6012 6858 0918 6913 70
70
7214
/V72.2
8
8
•714 9
*714 9
7158 7212 7112 7214 7114 7352 7112 7218 7112 7212
7118 72
*8
15
*8_ 15
*3
15
*8
•
1'
•8
12912 13014 *131 -- •131. -__ 13114 13114 *13212 -_-- 13212 15
13212
98
98
98
98
*56ly 98
98
93
*9612 98
*9612 98
98
*97
*97
9812 *97
98
*97
93
*97
98
*97
98
*8012 00
*8012 90
*8012 90
*8012 90
*8012
90
105 10612 *10612 110 *107
1045s 10458 *105 107 /3106 110
110
*17
•47
*47
4812
4812
48
*47
4812 *4714 48
*47
48
4714 4734 *17
4734 4734 *4734 48
43
*47
48
*47
48
*3314 52
*3814 52
*3814 52
/33814 52
*3814 52
*3814
52
8812 89
*8812 0134 90
8711 8712 88 89
91
02
93
04
*9112 91 •92
*02
93
*92
91
"9212 94
•9212 94
65
6412 6412 6418 6118 64
/1/85
6614 '63
65
6114
*9032 92 •003s 0334 *905* 13314 *9058 9334 *9058 9334 *9058 67
0334
*5
6
6
5
51s *5
5
512 *5
512
5
5
*5
•5
15
15 •___ - 15
•_._ 15
15 *__ _ _ 15
115 11612 11518 11614 11514 11614 11512 11614 11638 11712 11511 116
34
77
8014 7712 79
7718 7912 7812 7932 78
7614 79
8
9112 90
90
*DO
*9014 9112 *9014 9112 9014 81 4
92
*90
9014
111 111 '111 120 *113
111 111 *111 123 *111 123
120
8
8
812
*8
87t3 *8
8
8
'8
0
9
9
1212 *12
12
13
'12
12
11
111a '1114 13
*1114 13
•6314 6312 6314 6314 *3314 6312 6314 6314 *6314 6312 *6314
6312
21812
21012
21614 21012 211
210 21234 21212
212 213
20912 212
Ws 808 8658 8634 8634 8634 87
8634 86
*86
*8634 87
31
29
29
2014 *2812 30
2812 29
30
301s 30
31
70
*67
•67
70
*66
70
156
66
63
68
*69
73
2112 2012 22
2132 2152 2118 2312 21
21
22
21
2318
*20
*20
26
26
25
*20
•20
23
*19
26
*1912 26
1014 RN •1014 1912 *1914 1912 194 1914 *1812 1912 *1812 1912
*3814 41
3314 3314 38
as
*38
4312 *38
4312 *33
4012
443* 13-14
114 11412
7112
*71
-4-i- 45
11341w2
NI:
-..7-1;
25
*76
25
77
•24
'76
2478 *21
77
*75
2112 24
*75
77
24
77
24
*75
2114 *23
77
•75
2334
77
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
Railroads
Par
S
14
'
243
,000 Ateh Topeka & Santa Fe__100
400 Preferred
100
100 Atlantic Coast Line RR
100
3,400 Baltimore & Oltio
100
Preferred
1,600
100
1,100 Bangor & Aroostook
50
300 Preferred
100
Boston.5 Maine
100
500 Brooklyn az Queens Tr_No pa
100 Preferred
No par
1,000 Bklyn-Manis'Fran v t e_No par
400 Preferred v I o
No pa
2,0011 Brunswick Term az By See_100
23,300 Canadian Pacific
100
17,000 Chesapeake & Ohio now... _25
3,800 Chicago & Alton
100
4,900 elite
s
:
eF
r.,a
resdt
100
Illinois IUL_.100
Preferred
100
4,000 Chicago Great Western_ _100
5,400 Preferred
100
5,900 ChIcago M ilw St Paul & Pa015,400 Preferred now
1,809Chicage & North Western_100
I Preferred
100
7,500 Chicago Rock 181 dr Paclf10_100
400 7% preferred
100
200 6% vreferred
100
500 Colorado & Southern
100
First preferred
100
Second preferred
100
300 Con.sol RR of Cuba pref
100
800 Delaware & Iludson
100
3,900 Delaware Lack & Weatern_100
1,500 Deny..511th Or West prof _100
13.100 Erie
100
100 First preferred
100
1,200 Second preferred
100
1,100 Great Northern preferred_ -100
Prof certificates
100
1,100 Gulf Mobile & Northern__ _100
aen
fearrE
e
100 HaPj
100
ectrie Ry___No Par
nkeif
nerrevdalloy
.
noPr
100
100
1,700 Hudeon & Alanhattan
100
2,300 Illinois Central
100
30 BR Sec Stock certificate8-1,200'Interboro Rapid Tran vs 0_100
hat Rys of Cent America..100
Preferred
100
100 Kamm/ City Southern__ _100
330 Preferred
100
400 Lehigh Valley
50
1,000 Louisville & Nashville
100
1,400 alanhat Elm" modified guar 100
300 Market St By prlor peel..100
200 alinneapolla & Si. Louis_ _100
900 Minn St Paul.588 Marle_100
Leased linea
100
6,100 Mo-Kan-Texas RR____No par
100
3,400 Preferred
1,000 Missouri Pacific
100
3,100 Preferred
100
100 Morris & F.esex
60
2601Nash Chatt & St Louis_ _100
200 Nat Rya of Mexico 2d prat 100
21,700 New York Central
100
100
4,800 NY Chia & St Louis Co
100
300 Preferred
50
276 N Y & Harlem
100
9,400 NYNH & Hartford
900 Preferred
1,200 NY Ontario .5 Western___100
700 N Y Railway* pref___Ne Par
N Y State Rys
100
100
400 Norfolk Southern
100
300 Norfolk & Weedern
100
150 Preferred
rhe
en
t tir
Noc
100
_
?r
100
rca
t:selfle
100
300 Pacific Coast
13,800 Pennsylvania
50
Peoria & Eastern
100
100
500 Pere Marquette
100
160 Prior preferred
100
Preferred
Fittsburgh & West Va
100
2,100 Reading
50
First preferred
5()
50
1,300 Second preferred
Rutland RR pmf
100
1,200 60 Loula-San Franctsoo
100
tat pref pald
100
700'St.Louie South western_ _100
Preferred
100
100
aboardAir Ltne
2,600 Seaboard
100
Preferred
100
8,400 Southern Pacific Co
100
24,000 Southern RallwaY
600 Preferred
100
100
200 TOULEI APaclfis
100
300 Third Avenue
300 Twin City Rapid Tranalt_ _100
100
50 Preferred
100
4,500 Colon Pacific
100
800 Preferred
100
3,200 Wabash
100
500 Preferred A
100
8,000 Western Maryland
Second praferrod
100
100
200 Western Paelfle
.-100
300 Preferred
ladustrIal & Miscellaneous
VG pa
500,AbitIbi Pow & Pap
10
I Preferred
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
Lowest.
$ per share
194 June 25
10252 Jan 3
145 July 7
98I4June 24
7814 Feb 10
63 Jan 3
109 Feb 28
70 June 24
10 Jan 11
53 may 3
5332.1une 18
8472 Jan 0
552July 10
16534 Aug 14
4412 Aug 13
3 Aug 8
218 Aug 8
1412 Jan 7
32 Aug 8
812June 24
27 June 24
12I2June 25
1912 Aug 11
GO June 25
13014June 25
90 Aug 12
105 June 16
z93 June 6
65 June 18
6834 Jan 3
60 July 11
49 Jan 2
146 Juno 25
11014June 18
45 June 27
3512Juno 18
5312Ju3e 25
60 Juno 25
7132-Tune 25
67 June 25
2814June 25
00 June 21
372May 10
49 Aug 14
450 Jan 25
41 June 25
11314-June 25
70 Jan 2
20/32 Jan 3
1972 July 14
8112 Jan 2
5832June 25
65 June 25
5752June 25
116 Aug 8
24 June 28
17 Jan 10
72 Aug 14
15 Aug 13
50 July 31
3272June 25
9234 Aug 13
37 June 25
I1552June 20
804 Jan 29
95 July 31
84 Feb 25
15034June 23
94 June 25
105 July 3
17434 Aug 13
9714June 24
116 June 18
812June 18
13*june 24
1 June 4
934 Aug 12
21314June 26
83 Feb 3
6634June 25
63I2June 25
634July 22
6972June 25
10 July 18
12912 Aug 9
9414 Jan 31
911 Jan 7
90 June 16
100 June 25
4412 Mar 11
4714 Aug 12
42 June 19
8511July 7
92 Jan 2
52IsJune 25
85 May 7
5 Aug 9
16 June 21
108 June 25
7614 Aug 9
00 Aug 12
110 June 26
61,1une 18
10 July 10
6314June 20
200 June 25
8214 Jan 17
28 Aug 8
68 Aug 13
185,2Juno 18
19 June 25
17 Juno 19
38 Aug 12
Highest.
9
1/2
er t:lia:ye
$ per share
Mar
24212 Mar 29 1951s Mr
108 June 24
17512 Mar 18 161 Nov
12231 afar 31 10514 Nov
75 June
8452July 25
55
Oct
8412 Mar 29
11614June 4 1/10314 Oct
85 Apr
112 Feb 8
7 NOT
1572May 22
6612May 29
44 Nov
40 Oct
783s Mar 18
764,1 OctNov
04 May 20
3352 Apr 23
22614 Feb 10 185 Dec
477s Aug 5
10 Apr 2 -4- Nov
312 Nov
1058 Apr 11
15 Dec
28 Mar 20
3614 Dec
5272 Mar 20
1714 Mar 31
7 Nov
1712 Nov
5238May 16
16 Nov
2652 Feb 7
4614 Feb 10
2812 Nov
75 Nov
8978 Feb 8
14014June 3 134 Apr
125is Feb 14 101 Nov
1103g Mar 20 100 Nov
9472 Nov
108 Feb 7
95 Feb 13
8614 Dec
6512 Oct
80 June 19
04 Apr
75 Apr 23
45 Nov
82 Apr 10
181 Feb 8 14112 Oct
153 Feb 8 12014June
80 Mar 28
49 Oct
4112 Nov
6334 Feb 14
6732 Feb 19
5512 Nov
6212 Feb II)
52 Nov
102 Mar 29
8514 Nov
0914 Feb 21
8512 Nov
4612 Feb 17
18 Nov
9814 liar 10
70 Nov
818 Jan 17
612 Dec
72 Jan 2
55 Feb
525 Mar 29 370 Nov
533s Mar 25
343* May
13614 Apr 22, 116 Nov
77 May 1311 70 Nov
3912 Mar 18
15
Oct
3212 Jan 16
25 Nov
73347,iay 7
6114 Dec
8532 Mar 29
GO
Oct
70 Apr 16
63 Nov
8472 Mar 31
65 Nov
13812 Apr 4 110
Oct
4012 Mar 18
24
Oct
2312 Feb 13
1412 Nov
218 Apr 5
114 Nov
35 Feb 7
35 May
5912 Feb 21
51 Dec
88
,
4 Apr 14
2712 Nov
10538 Mar 27
9372 Nov
9812 Mar 6
46 Nov
14512 Mar 6 105 Nov
8612 July 26
7538 Oct
132 Mar 25 173 Nov
112July 29
1
Oct
10214 Feb 14 160 Nov
144 Feb 10 110 Nov
11014May 14 100 May
324 Feb 3 155 Oct
12812 Mar29072 Jan
13512Mar 21 31412 Jan
1714 Mar 31
8 Nov
412 Jan 16
112 Dec
212 Feb 0
1
Oct
3313 Feb 14
1412 Dec
265 Feb 18 191
Jan
8814May 29
82 Nov
97 Feb 21
7518 Nov
9632 Feb 21
75 Nov
1972 Apr 9
472 Dec
865g Mar 31
7212 Mar
2412 Mar 31
17 Dee
16412 Apr 10 140 Nov
101 May 17
94 Nov
99 Apr 15
90 Nov
12134 Feb 11
90 Nov
14112 Feb 6 101122.iay
53 Feb 21
4112 Apr
57 Feb 6
433* May
6714Mar 5
4973 Oct
11872 Mar 27 101 Nov
101 Apr 2
87 Nov
76141)iay 16
50 Nov
9134July 24
84 Oct
1212 Feb 15
912 Dec
28 Feb 7
1614June
127 Feb 10 105 Nov
13614 Jan 13 109 Nov
101 Mar 20
93 June
145 Apr 24 115 Nov
1512 Mar 20
012 Nov
3112 Jan 29
2014 Dec
79 Feb 3
75 Dec
24214 Mar 29 200 Nov
87 Aug 14
8802
6712 Apr 1
40 Nov
8914 Apr 8
Nov
36 Mar 29
10
Oct
38 Mar 28
1452
5 N
oon
2012 Mar 29
5312 Mar 19
3712 No
22 Jan 18 4218 Apr 9
(1472 Jan 17 8612 Apr 8
• Bid and asked VIM: no sales on this day. c 60% stuck dividend paid. x Ex dividend. y Ex-rIghts. a Exallvideud und ex
rights.
PER SHARE
Raage for Prestos.
Year 1929.
&west.
Ilkhesi•
3414 Dec
60 Nov
per share
298 Aug
10172 Dee
20912 July
14512 Sept
81 Doe
9038 Sept
115 Sept
145 July
15 Dee
65 Sept
8172 Feb
9258 Feb
4412 Jan
36972 Feb
193k Feb
2534 Feb
43 Feb
6672 Feb
2372 Feb
6352 Jan
4472 Aug
6858 EiePS
19812 Aug
145 Teb
14312 Sepf
109 Oct
10314 Nov
135 July
80 Jan
7212 Mar
7053 Jan
226 July
16934 Sept
7714 Fels
9312 Sett
0614 July
8372 July
1284 July
12214 Julb
59 Fen
103 lap
1112 Ace
7314 Dee
Oet
600
5832 Jan
15312 July
8012 Feb
5812 Feb
59 Jan
3014 Jan
10872 Icy
7012 Jan
10214 Feb
15434 Sept
5712 Jan
3912 Jan
334 Jan
6112 kept
66 Jan
6534 July
10712 Arr
10132 July
1,19 001
8658 Jan
240 Aug
353 Jaa
25512 Aug
192/
1
4 Aug
110 Dee
379 Jan
13212 Oe .
134% Aug
32 Feb
972 Feb
1414 Mar
4312 Feb
290 Sept
8714 May
1187s J•14
11458 July
43 Feb
110 Aug
35 July
260 Au3
101 Mae
97
Jan
14834 Jan
14734 Sept
50 Sept
0034 Sept
7414 Sept
13334 Aug
9612 Feb
1514 Fab
94 Apr
2114 Mar
413s Oct
15712 Sept
15218 Sent
100 Dee
181 May
39 Fen
5814 JEW
100
Jan
29732 Aug
5511 Sept
8132 Jan
10474 Jag,
.51 Feb
5312 F.,a
4172 Mar
6714
57/2 Aug
8852 Jo,
New York Stock Record-Continued-Page 2
1068
Fos soles duriag the week of stocks not recorded here, see second page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 9.
onday
Aug. 11.
Tuesday !Wednesday
Aug. 12. 1 Aug. 13.
Thursday 1 Friday
Aug. 15.
Aug. 14.
Sates
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE
Per share $ per share $ per share $ per share 3 Per share $ per share Shares Industrial &Misc.(Con.) Par
Abraham & Stratuas____No par
46
49 I *41
49
*45
*45
*45
49
*43
45
*43
49
Preferred
100
*108 10812 *108 108 *108 109 *108 109 *108 109 *108 109
Mame Express
15,200
No par
243
8
2412
25
2414
8
24
/
1
4
2412
233
2418 2434 2438 25
2353
50 Preferred
100
*8711 91
*8712 91
*90
91
*8712 91
*91
91
9134 91
No par
2733 2718 2714 *251 2714 2.800 Adams Millis
*26
273 *26
*26
2612 26
26
100
1112 .10
1112 2,800 Advanee Rumely
10
92 934 *10
10
10
1012 1012 10
600 Preferred
100
215* 22
*2012 22
21
2114 *2012 22
*22 28 *21 22
1,800
Ahumada
Lead
1
3
4
*5
8
5
8
8
5
8
5
8
5
5
8
58
%
%
%
No pa
109 1171 26,500 Air Reduction.Inc
106 1098 10418 1087 10834 110
10614 110
10614 111
1612 1612 1,800 Air-Way Elee AppllanceNo par
1714 1614 1612 *1612 17
17
1714 1714 17
17
No par
114 2,500 Max Rubber. Inc
118
118
1
118 118
118 118
118 118
1,8 1,8
533 512
*528 512
514 54 *514 51 2 3,600 Alaska Juneau Gold Min--10
518 353
514 633
No par
7
7
8
912 2,2001A P W Paper Co
*8
912
612 8
8
8
10
*8
No par
198 2014 198 2018 30,800'Alleghany Corp
2078 1934 20
20
1953 20
2014 20
100 Pref A with $30 warr____100
*94
95
*9314 95
9314 9314 *9314 95
*93
95
*9212 95
300 Pref A with 140 warr____100
91
9018 9018 *90
no 91 *90 91 *90 91
90
90
100 Pref A without warr____100
*847 86
*843 86
*847g 86
*8478 88
8512 8512 *8478 86
13,700 Allied Chemical & llye..No par
244 248
247 258
24114 244
24512 250 244 250
24612 251
Preferred
100
126
125
*125
126
•125
126
126
*125
126
*12434 126 *125
5138 5278 5153 5212 5014 5214 5034 5178 5012 512 5034 53,8 20,300 Allis-Chalmers Mfg ____No par
200 Alpha Portland CementNo par
*2412 25
*2412 25
2412 2412 *2412 25
*2412 25
*2412 25
3,700 Amerada Corp
NO Par
25
2318 2312 2312 2312 2334 2412 2312 2418 2478 25 '24
6
638 1,200 Amer Agricultural Chem.._ 100
534 612
512 512 *514 534 *512 534
*512 6
100
3112 3538 3414 3478 3,900 Preferred
30
31
2912 30
2934 2934 2912 30
900 Amer Bank Note
10
79
*77
79
79
80
76
76
80
*8014 85
79
80
190 Preferred
50
*62
65
6214 6214 *6318 65
63
63
65
62 62
*82
American Beet Sugar __No par
*473 7
*478 612 *4% 64 *478 7
*434 7
*434 7
3434 3,100 Amer Bosch Magnoto_No par
35
35
3412 3412 3453 3438 *34
35
35
3418 35
4253 4234 4253 425* 4253 4334 *4253 4312 4234 4234 1,200 Am Brake Shoe & F__No par
*4212 44
Preferred
100
*12014 121 *12014 121 *12014 121 *12014 121 1'12014 121 *12014 121
1512 1683 16
17
1518 1612 16
1653 1638 1612 1534 1678 7.300 Amer Brown Roved El_No par
10 Preferred
100
.7072 7312 *7012 73121 *71
7212 *71
7212
71
*7012 72
71
25
112 118
11614 11938 117 127 318,500 American Can
11653 12038 11334 119
11434 118
200 Preferred
100
*14638 --- 14638 14638 14614 14614 "14612 -*14614 ____ *14638
1,500 American Car dr Fdy __No par
45
4812 4812 *4812 49
4733 4812 4638 4638' 457g 4638 45
100 Preferred
100
97
97
*90 100341 *00 10034 '90 10034
98
*95
98
*95
No par
4712 4712 2,300 American Chain
48
50
4612 48
4614 47
50
5014 4912 50
2,100 American Chicle
No par
42
40
407, 4118 4112 *4114 44
4114 4114 41
*4112 42
NO Dar
1114 1038 1112! 1118 117g 1114 1134 7.100 Am Comma Alcohol
1118 11% ills 1128 11
300 Amer Encaustic TilIng_No Par
19
157 157 *17
*18
19
16
16
*18
2018 018
19
3,200 Amer European See's_No par
3414 3458 3358 35
*3512 38
3512 3372 35
3534 3612 35
6838 136,300 Arner & For'n Power.-_No Par
647
6218 6434 63
6512 61
608 6434 6353 6534 64
400 Preferred
No par
10812 109 •10712 110
13107 108 *10714 109
1088 109 *10812 109
200 28 preferred
*9312
96
No par
96
93%
.
96
*9312 96
9312 93%
9312 9312 *9312
1,000 Am Hawaiian El8 Co
14
10
1412 1412 1412 1478 14% 1412 14
*1412 16
*1412 15
312
100 American Hide & Leather_100
312 *3
312 *3
312 *3
*312 378
312 312 *3
500 Preferred
100
177 1778
18
*17
18
1714 1714 *17
18
18
*17
20
500 Amer Home Products-No Par
6078
6012 *80
60
60
5914 5912 *6014 6012 6012 60,2 *60
1,100 American Ice
No par
32
*3214 34
*33
3412 32% 3234 32,8 32,8 3218 3218 32
31,400 Amer Internat Corn-No Par
3238 33
3112 33
3118 3178 3034 32
3118 3218 31
32
113 112
200 Amer La France dc Foamite_10
138
138
112 *138 112
*138 112 *138 112 *138
*15
100
20
10 Preferred
*15
20
15
20
15
*15
20
*15
20
*15
40
4012 2,700 American Locomotive_No par
4118 4114 *41
40
41
39
42
4018 3934 40
100
90/
1
4 9012
900 Preferred
*90% 91
*9253 9312 9314 9314 93
9212 93
93
190 205
500 Amer Machine & Fdy __No par
*175 180 0180 195 *175 195 *190 195 *185 205
Ltd_ __No Par
0734 12
08
2912 *128
6,700 Amer Metal Co LtdNo
2912 3034 29
3012 31
32
32
31
31
100
Preferred (6%)
*107 108 *106 107 *107 108 *107 108 •107 108
78
20 Amer Nat Gas pref___No par
78 .75
75 *75
7812 7812 •75
78/
1
4 75
784 *75
Ns par
American Piano
No par
:,___
Xii- ;
181-s -I
'I^^ Am Power & LIghi
75- 77 74 11W3-4 -i2- 76 -7534 W1-2 *10118
74
75
No par
900 Preferred
1015*
10134 10134
10134 102
*10112 10234 102 10218 102 102
No par
400 Preferred A
*8114 82
8114 2114
*81
81% 8118 8118 8118 8114 *8114 82
par
stamped
No
Pref
A
400
854
*8414
848
*8412
8518 8518 8434 8434
*8412 8534 *8412 85
20,700 Am Rad &Stand San'ry No par
2434 2518 2434 2514 247 2538 2412 2478 2412 2434 2412 25
American Republic.a_No par
183
1853
19
1818
16
17
12
17
3
8
17% 17% *17
19
178
'
25
557 12,700 Amer Rolling M111
52
53
511 534 53
511
/
4 53
523g 5414 511 53
*6212 64
6212 6433 2,900 American Safety Razor_Na par
*6112 64
62
6412 61
6114 6114 *62
No par
Amer Seating v to
9
*8
9
*8
*8
9
9
9
*8
9
*8
*8
Amer Ship & Comm___No par
134 *14 112
*114 134 *114 134 *114 112 *114 112 *114
150 Amer Shipbuilding new _No par
4912 4912
*4912 50
50
4938.4958 *47
48
*48
50
48
6612 27.600 Am Smelting dr Refining No par
63
6353 6338 66
63
6414 6538 6514 6534 6378 65
200 Preferred
100
13612 13612
13634 13634 *136 139 *13512 139 *13612 1394 *13612 139
25
300 American Snuff
41
*40
41
40
41
41
*40
4114 4114 4134 *398 42 .
Preferred
100
105
*101
105
*101
105
,*101
105
31101
108
*101
108
*101
712 712 1.800 Amer Solvents & ChemNo par
712
7
732 732
738 738
812
74 72 *8
1,200 Preferred
No par
1812 1734 185
19
20
19
19
*19
1914 18
*19
20
36% 3712 1,500 Amer Steel Foundrics_No par
36% 37
37
37
3712 37
3712 3712 3612 37
140 Preferred
100
11214 11214
11214 11214 *112 11214 *112 11214 112 11214 112 112
900 American Stores
No par
4214 4214
4214 4214 *4214 44
4212 4212 4212 4234 .4212 44
600 Amer Sugar Refining
100
52
*5053 5212 *5038 5214
5212 5212 5212 5253 52
5233 53
100 Preferred
100
*10338 10514 10314 10314 *10314 108 *10314 108 •10314 108 *10314 107
Am
Sumatra
Tob
1,100
No
par
1118
1118
113
4
'
1112
*1112
i12
113
4
115
8
118
1078 11
118
100
20212 20572 204 20678 204 20978 100,300 Amer Telep & Teleg
20214 20534 20234 20712 203 206
Rights (expire Aug 1)
1,400 American Tobacco com_---50
237 241
232- 235
231 233
233 237
23533 23533 235 235
50
24014 24278 24178 24914 8,900 Common class B
23412 238
23723812 23814 24212 235 239
400 Preferred
100
1244 12414 *123 12412 *124 124,4 *124 12414 12418 12412 '124 12412
700 American Type Founders-100
11534 11534 *115 125 *115 125
116 116
118 122 *115 125
100 Preferred
100
*11118 _-__ 11012 111 *11012 11112
*11118
*11118 ____ *11178
844 83
8712 26,800 Am Wat Wks dr El..--NO Par
7934 8353 83
84
8112 83
81
8312 80
1st
10412
200
preferred
104
*104
1048
1047
8
*10412 10475 10412 10412 *104 1044 *104
1,000 American Woolen
11
100
97 *10
*10
97
11
97
97
10
10
978
978
273 27%
800 Preferred
100
1
4 28
*2514 2934 *25/
28
26
2518 26
26
26
100 Am Writing Paper ctfs_No par
57
54
54 514 *514
*514
*514 6
*512 6
*514 6
100 Preferred certificate_ _ _100
*3712 40
3812 3812 *3712 40
*38% 40
*3812 40
*3812 40
200 Amer Zinc, Lead & Smelt -25
10
812 812 *9
812 8%
*Ws 8% •814 9
*818 812
Preferred
25
67
*59
67
*54
67
*54
*56
*56
67
67
*58
67
50
4424 4634 99,500 Anaconda Copper Min
4778 4512 47
49
4978 4918 4978 4718 4934 46
Anaconda
2612
Wire & Cable No par
1,200
2912
293
4
*2912
30
3012 3012 30
30
30
30% 30
Anchor
Cap
No par
4112 1,300
4112 *40
*40
40
4018 4013 40
39
40
40
40
Preferred
No par
*107 110 *107 110 *10714 108/
1
4 31107 10834 *10734 10834 *10734 10834
2034 1,400 Andes Copper Mluing_No par
1934 1934 1934 194 20
*21
23
1978 21
6,300 Archer, Dallas, Mid'Id_No par
21
2114 2114 2114 2114 2078 2114 20,8 2158 205* 2178 20
200 Armour & Co (Del) prei___100
76
7514 7514 *75
77
74% 74% *7412 76
*75
*7412 76
478 478 7,700 Armour of Illinois class A___25
478
47g
434 5
4% 5
4% 5
4% 5
25
278 278 3,500 Clam 11
278 278
273 278
278 3
274 278
3
3
200 Preferred
100
59
*57
59
59
*57
57
*57
*57
59
*57
59
57
5% 5% 2,300 Arnold Constable Corp _No par
6
6
6
6
64
614 612
6
68 612
Artloom Corp
No par
14
*11
14
*11
14
*11
*11
14
15
*11
14
*11
1,100 Associated Apparel Ind No par
35
3412 3412 35
35
33
34
33
34
*33/
1
4 3414 34
Assoc Dry Goods
par
No
4,300
33
*3212
3214
32
317
8
3112
32% 3218 32
322 3134 3218
associated 011
25
48
.42
48
*42
3141
48
*41
48
*4012 48
48
1541
G
&
W
I
S
S
AM
LineNo
par
5112
1,000
5112
54
5218 5218 25118 52
5114 5153 *5112 5234 *51
400 Preferred
100
54% 55
5412 5412 *54% 56 .
*55
*55
57
6478 55
56
25
3453 3538 35% 3534 3512 371s 23.100 Atlantic Refining
35
36
3514 351
35
357
200 Atlas Powder
No par
7212
70
*6912 7212 .
*70
76
*70
72
70
72
7312 *70
Preferred
20
100
1023
4
1023
4
103
*100
*100 103 *102 103
102 102 *100 103
Atlas Tack
No par
*334 5
*334 5
*334 5
*334 5
*334 5
*334 41
Ne par
28,800 Auburn Automoblle
10538 110
108 114
10212 1073 10558 11034 10734 115
10214 110
Austin,
Nichols
100
No par
4
334
*3%
33
*312
*312
4
*312 5
4
*312 33
4
Preferred non-voting___100
-- *23 _....- *23 ___ *23 ____ *23 ____ *23
- *23
Austrian Credit Anstalt
__-- *53
•53 ____ *53 _--- *53 --- *53
No par
900 Autoaales Corp
278 27g *234 278
212 21
234 278
27g 27
25* 253
Preferred
50
1934
1934 *6
*6
*61 1934 *6
*612 15
1934 *6
193
Autostr
fiat
Razor
A_....No
par
6,700
75
75
75
71
6712 691
74
7512 7338 76
741
73
No par
512 54 13,500 Aviation Corp
534 578
5% 512
534 5%
514 534
538 51
2934 27,400 Baldwin Loco Wks __No par
261 28
2612 273
27% 2812 28
265* 2734 2638 271
100
330 Preferred
106 1061 10812 10812 *108 10812 10818 1081 10612 109 *10612 10812
30 Bamberger(L)& Co pref_100
*10812 1091 *10812 10912 *10812 10912 *10812 109,2 *1081 10912 106% 106%
Barker Brothers
NO par
30
*1212
1312
1312
*1334 1414 •1334 1414 *1334 15
1334 1334 *1212
100
100 Preferred
*6912 75
*89
75
*6912 75
*6912 75
75
*6912 75
76
Barnett Leather
No par
*253 434 *238 434 *238 434 *238 434 *238 434 *2% 434
Barawtall
Cary
slam
•
25
13,500
2312
2214
1
4 2252 2218 224
2213 2212 2212 225* 2214 2234 22/
•Bid and asked prices; no sale(' on this day. s Ex-dividend, y Ex-rights.
PER SHARE
Range Since Jan. 1.
On basis of 100-share tote
Lowest.
Highest.
Per share
42 June 25
104 Jan 11
217aJune 18
85/
1
4 Feb 4
23 Jan 23
8 June 17
15/
1
4June 24
12 Jan 4
1034July 10
18 June 23
1 Juno 18
412June 18
612 Aug 13
18 June 18
87 June 23
89 June 30
8473 July 9
232 June 25
121 Jan 2
481/June 25
24 June 26
18 Jan 16
438June 18
23 June 26
68 June 18
81 Fob 3
5 Aug 7
27 June 25
4138July 10
118 July 17
833 Jan 18
6013 Jan 3
1084June 25
14014 Jan 27
42 June 23
95 June 18
39 June 25
365a Jan 2
914June 30
15 June 24
3318June 19
561aune 18
10814June 19
9212Ju11e 23
14 July 21
31s July30
1718June 28
55 June 26
31 June 18
2834June 21
138 Aug 6
15 Aug 13
39 Aug 13
90 July 15
175 Aug 8
2834 Aug 15
106 July 25
65 Jan 23
In Feb 7
72 Aug 13
99 June 25
75 Jan 8
80 Jan 0
23/
1
4June 25
1514June 17
48 July 2
5212June 18
74July 12
14 Feb 25
4878May 22
53 June 24
13313 Feb 6
38 June 18
100/
1
4 Jan 3
65* July 1
1734 Aug 15
354June 25
11013 Jan 7
4214 Aug 13
47 June 25
10314June 28
934June 18
20013June 23
16 June 18
197 Jan 8
197 Jan 8
120 Feb 3
113 June 19
106 Feb 5
7818June 23
9911 Jan 4
713 Jan 2
1934 Jan 2
5 Jan 20
9
29 Jan 117
6
an
ne
50 June 19
4412June 18
2812June 18
3478June 18
102 July 14
18 June 18
194June 23
744 Mar 14
433June 19
253 Jan 20
55 May 5
578 Aug 15
10 June 25
3112June 18
28 Jan 4
3212 Feb 27
1
4June 26
49/
50 June 27
3018June 18
62 June 17
101 Jan 20
4 Aug 7
91 June 23
3/
1
4July 10
24 Jan 2
5253June 14
2 Aug 8
10 July 29
37 Jan 2
4/
1
4 Jan 20
194June 17
10412June 25
1
4 Aug 15
106/
1312July 29
72 June 25
253 Feb 18
2013 Feb 15
$ per share
88 Apr 21
110 Feb 11
1
4 Mar 31
37/
92 Mar 27
32 Mar 31
2314 Jan 24
414 Jan 29
11
/
4 Mar 28
1563/Jw3e 2
86 Mar 26
2/
1
4 JILLI 9
91 Jan 7
1512 Feb 17
3514 Mar 31
10712 Feb 11
9934 April
9614 Feb 24
343 Apr 17
12814 Apr 1
68 Mar 11
424 Mar 27
3112June 3
1033 Mar 31
39 Apr 1
974 Mar 27
6834 Jan 31
12 Jan 16
547 Feb 14
54/
1
4 Mar 20
128 Feb 13
2134 Apr 25
8034May 25
15812 Apr 10
147 June 2
8213 Feb 6
116 Jan 4
8973 Apr 10
5114 Ape 3
33 Jan 16
34:17g Mar 31
1913 Mar 31
1004 Apr 18
11113 Apr 29
10034June 11
3353 Mar 19
7 Apr 10
347s Apr 11
8934 Mar 20
4178 Mar 27
5533 Apr 2
4 Apr 2
35 Feb 14
105 Jan 6
11812 Mar 1
28434 Apr 80
5112 Feb 7
118 Feb 18
95 Mar 27
1
4 Mar 31
2/
119/
1
4 Apr 1
107 Mar 24
85 Mar 20
8834 Mar 21
3934 Apr 7
37 Mar 25
1007s Feb 17
8733 Apr 26
2613 Feb 18
333May 4
5412June 5
7912 Apr 2
141 Apr 8
43/
1
4 Jan 27
10734 Apr 22
2212 Mar 7
3314 Mar 6
524 Mar 20
116 Feb 25
5512 Apr 16
89/
1
4 Mar 26
110 Apr 24
2834 Feb 10
27414 Apr 17
2253 Apr 17
28414May 23
289127)lay 23
12412May 22
14134 Apr 1
1144July 24
1
4 Apr 23
124/
10512 Apr 15
2014 Feb 17
441
/
4 Feb 18
9 May 29
4434 Feb 27
17/
1
4 Feb 3
7973 Jan 20
8112 Apr 2
5314 Feb 6
5114 Apr 21
1154 Apr 14
3714 Apr 2
294 Apr 5
827/June 5
81s Mar 28
Vardar 26
85 June 4
1334 Apr 21
2018 Apr 28
4815 Mar 10
5013 Apr 15
51 June 2
1
4 Jan 30
30/
6514 Fob 26
51/
1
4 Apr 7
10432 Mar 21
108 Mar 22
8/
1
4 Mar 5
26334 Apr 1
7 May 14
3513 Apr 23
60 Jan 13
1033 Mar 3
25 Mar 4
8134July 31
9/
1
4 Apr 15
38 Feb 18
118 Jan 21
11012 Feb 4
2034 Mar 5
91 Mar 31
1
4 Apr 11
7/
34 Mar 24
PER SHARE
Range for Freetons
Year 1929.
Highest
Lowest.
per share
43 Dec
10012 Nov
20 Nov
84 Nov
19 Nov
7 Oct
15 Oct
33 Dec
e
77
1 N
Doev
181 Dee
414
5
17
00
Per chars
16913 .ran
11212 Oa
34 Nov
98 Jan
35/
1
4 Jan
104/
1
4 May
119 5417
es Feb
223/
1
4 Oct
4
18
11
:
7 May
104 Jan
Nov
Oct 25 Jan
Nov 5612 Sept
1
4 July
Nov 118/
397 Nov
11812 Nov
354 Nov
23 Nov
1712 Oct
4 Oct
18 Nov
65 Nov
57 July
614 Dec
27 Nov
4013 Nov
113 Nov
418 Oct
4934 Jan
86 Nov
1334 Nov
75 Nov
110/
1
4 Oct
16434
Aug
125 Am
7512 Sept
23 Nov
4258 Jan
2353 Jan
7334 Jan
Oct
157
6534 Juns
2012 Jan
7812 Sept
62 Feb
12812 Mar
1
4 June
34/
104 June
184/
1
4 Aug
145 Dec
10812 Jan
Jan
123
if" NO; 8f5; Sept
20 Oct
1814 Nov
23 Nov
50 Oct
10133 Nov
8614 Oct
1712 Dec
313 Dec
234 Nov
40 Nov
29 Oct
2912 Nov
212 Oct
2712 Nov
90 Nov
11114 Nov
142 Nov
3112 Nov
106 Nov
58 Nov
84 Dec
8414 Nov
9214 Oct
70 May
72/
1
4 Nov
28 Oct
1212 Nov
60 Nov
44 Nov
17 Dec
Is Oct
55 May
4734 Feb
9812 Seat
19914 Sept
108/
1
4 Feb
140,3
Apr
10 Jan
5214 Aug
8553 Jan
6312 Aug
9834 Sept
8/
1
4 Jan
75 Feb
136 July
120 Doe
27934 Oct
8118 Feb
136 Feb
9814 Jan
1773 J80
17534 Sept
105 Feb
80 Feb
344 Feb
5533 Sept
6434 Jan
144/
1
4 Sept
7434 Jan
4173 Mar
7 Feb
82 Nov ficK
12313 Nov 138
38 Oct 49
98 Nov 112
Sept
Jan
July
Jan
355 Oct 797k -1723i
110 June 114 Mar
40 Oct 85 Apr
58 Nov 9434 Jan
99 Nov 111 Feb
18 Nov 80 Jan
19314 Jan 31014 Sot
-23213 Oat
fai"
160 Oct 235 Oot
1
4 Nov 12114 Jan
114/
115 Nov 181 Serf
103 Nov 112 Ain
50 Nov 199 Sept
Jan
97 Jan 104
5/
1
4 Oct 277s Jan
1512 Nov 5833 Jan
4 Nov 184 July
28 Nov 48 Mar
7 Nov 4914 Mar
4934 Nov 1114 Mar
6714 Dec 140 Mar
48 Dec 8934 Sept
25 Oct 80 Oct
1
4- Oct
96 Nov 154/
1
4 Mar
30 Oct 88/
1
4 Mar
1812 Nov 49/
76 Oct 95 Jan
54 Oct 184 Jan
234 Nov 1014 Jan
57 Nov 88 Jan
1
4 Jan
84 Dec 40/
1853 Nov 30 Feb
34 Nov 5834 June
25 Nov 7034 Jan
1
4 Apr
3413 Dec 47/
3218 Feb 8612 OH
SeptSe
u
4524 Feb 767278 j
1July
30 Oct
401 Sept
Jan
67 Nov 1062
90 Nov
17/
1
4 July
5 Nov
120 Oct 514 Sept
18 Nov W
55113
2. Sit
4912 NovJan
4 Dec 3
Aug
13 Dec 45/
1
4 Aug
34 Nov 50 Jan
412 Dec 20 Aug
15 Oct 6653 Aug
10912 Nov 125 Apr
9312 Nov 11012 Feb
16 Dec 3334 Jan
70 Nov 07 Jan
212 Dec 2914 Jan
20 Oct 3.94 May
1069
New York Stock Record-Continued-Page 3
Poe *ales during the week of stocks not recorded hero, see third page preceding.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 9.
Monday
Aug. 11.
Tuesday
Aug. 12.
Wednesday
Aug. 13.
Thursday
Aug. 14.
Friday
Aug. 15.
Sates
far
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range &nee Jan. 1.
On basis of 100-sharelots.
Highest.
Lowest.
PER WARR
Range for Previews
Year 1029.
Lowest.
Highest.
per share $ per shoes
$ per share 1 $ per share
S per share $ per share $ per share $ per share $ per share S per share
15 Nov 113% Jan
4834July 23 88 Feb 4
*4934 50
*4934 50
4934 4934 *4934 50
4934 4934 *4934 50
95 Oct 10634 Jan
July 24
101
3
Mar
97
9912
*9812
•9812
100
99%
*99
100
99
*
99
•99 100
99
1212 Dec 3278 Jul)
,
13 Feb 18 2058 Apr 9
Oct
69 Dec 131
6712 Jan 18 92 Apr 14
7958 78'2 78'2 -i81.2 -781-2
'78
80
"7814 -fit; 783 7812 -79 10512
Dec 10612 Aug
100
10
June
107
20
Mar
10114
•10412
10612
10612
109
10512
•10412
10612
n0412
n0412
412 Dec 1734 Apr
212 Aug 5
6% Jan 17
4
13334 4
*334 4
334 3%
312 312
4
334 5
75 Nov 8458 Jan
7934June 26 8512 Mar 19
*80
8114 *7938 81
8112
*8112 82
*8112 8178 8112 8112 *80
Nov 10458 July
25
7
Apr
23
2758June
578
31
2838 2012 30
28% 30
2912 30%
29
3018 293 30
25 Nov 12312 Sept
3113 Jan 8 5614 Apr 21
403g 42
*4214 4314 4218 4334
*4112 438 4212 4332 4012 41
7814 Nov 14034 Aug
Apr 1
11014
13
Aug
75
4
773
77%
8
75
763
7614
7912
4
793
7612
79% 81
7812 8034
12214 Jan 13 134 Mar 22 11858 May 128 Sept
18
02
512 123
2542
126% 12634 1265 12638 126 12612 1312414 126 *12512 12612 1
2254 Dec 6178 Apr
1712June 23 2978 Apr 24
2312
2312 *15
2312 *1512 2312 *10
2312 *10
.10
Jan
99 May 12 103 Mar 8 100 Oct 111
*9014
99
99
99
*9014
*9014
*9014 09
*9014 99
*9014 99
Jan
70% Dec 118
7
Apr
90
7
*77
74 Feb
80
78
*77
8014 •77
78
78
78
78
*77
83
*77
37 Nov 1384 Man
2814June 25 69 Apr 7
31
32
31
3012 3012 3012 30% *31
301 3118 3058 31
Jan
WI
Oct
70
5
Apr
78
7
Mar
70
*7014
*7014 72
*7014 72
*7014 72
72
*7014 72
*7014 72
3 Dec 1134 Jan
a Mar 26
2 June 21
258 2% *258 3% .258 3,4
3
*234 314
3
18 Dec 6334 Jay
18 June 23 3314 Jan 3
22
22
*16
1316
126'8 23214
•16
22
22 •0
*16
22
1316
63 Oct 10012 July
6018 Jan 8 9032.May 29
Z74'2 7534
76% 74% 75% 7518 76
7658 758 7634 75
75
20 Nov 143t May
10 2358June 27 5012 Mar 27
23
29
*2834 2938 2814 2814 2734 2812 2712 28
2,300 Borg-Warner Corp
2812 29
1512 Feb
2% Dec
Mar 27
278July 14
212 *2
212
*2
21
Botany Cons Mills class A__5O
212 *2
212 132
212 *2
*2
812 Nov 6318 Jan
23
July
2558
6
mar
13%
2058 1834 2018 1912 20% 1912 2038 111,600 Briggs Manufacturing_No Par
1858 2114 19
1812 20
July
43%
Dec
17%
3512
Apr 4
• 21 June 19
26
25
24% 1322
*22
•22
*22
26
4122
25
Briggs & Stretton
26
*22
678 I'D
112 Dec
4 Apr 8
138June 28
British Empire Steel
100
Jan
37
1312
Nov
10
Apr
8
84
July
3
100
2d preferred
14 Nov 737 Jan
1212June 26 2214May 19
No par
11g - 1512 1512 -iiiil 1414 _ 1;500 Brockway Mot Tr
"iiTa 15 1412 1741; -lira 15
Jan
145
Dec
7114
24
Apr
35
15
Aug
65
100
*65
70
70
70
7%
*65
*65
70
*65
65
65
10 Preferred
70
'65
99 Nov 24812 Aug
115 117 *117 122
116% 119
No Par 115 June 25 17814 Mar 3
12212 123
3,200 Bklyn Union Gas
117 11718 11734 118
38 Oct 5112 Sept
40
40
*39
No par 3712j-tine 30 42 Feb 18
*39
40
Brown Shoe Co
*39
40
*39
*39
40
*39
40
16% Nov 5514 J41.1
16
16
1618 16
16
158 16
16
1612 16
1316
1618 2,600 Bruns-Balke-Collender_No par 1318 Jan 15 303* Mei'31
Oct 424 Jan
14
2114 2112 *21
2212 22
10 1918June 18 3178 Mar 24
2112 2312 2112 22
22
22
2238 2,000 Bucyrus-Erie Co
2612 Oct 60 Feh
10 3318 Jan 7 43 Mar 24
35
1,000 Preferred
35
35
3512 3512 3514 3614 35
*3512 36
*3512 37
117
Dec
API
10734
23
July
100 10734 Jan 3 116
11534 116 *115 116
115 115 13115 116 13115 116 31115 116
30 Preferred (7)
818 Dec 22% Oct
738June 18 1638 Apr 15
858 838
812 834 x812 838 1,700 Budd (E 0) Mfg
No par
834 834
834 9
834 834
Dee
MA
Dec
6
Feb
1458
2
10
Jan
97
1014
818
97
Wheelpat
10%
8 98
7,,N,00
*1012 1034 1038 1038 1014
1018 2,300 Budd
2114 Nov 84 Dee
2714 27
pot 26% Jan 17 43 Mar 31
2718 27
27
27
2712 27
2714 27
27
2712 4,300 Bulova Watch
5438 July
25 Nov
2018 Aug 12 74 Apr 2
2258 2418 2234 2418 23.700 Bullard Co
2414 257
24% 258 2018 2.113 2112 23
88 Nov 127 Jan
2
Apr
11018
18
June
par
90
*90
06
96
o
No
1390
Brae new el AcomN
96
1390
*90
96
96
1390
97
*90
Jan
2258 June 39
1514June 18 33 Apr 2
*1634 20
*1634 19
New class B coin _. Ne par
1612 1612 *1612 1912 311658 19
19
100 Ne
99 Nov 10514 Jan
92,2 94
139212 .94
100 8914June 17 100 Feb 19
20 Preferred
94 .
*9212 94
9578 94
9578 *94
'94
Man
4
3
329
Oct
29
1
Mar
8
*3112 3234 3112 33
3112 3114 32
1,900 Burroughs Add Mach...No par 2914June 25 517
3034 30% 3114 3112, *31
3114 Nov 8918 Fen
3512 3.312 g*35
36
No Par 2918June 18 4812 Mar 5
37
*34
.36
600 Bush Terminal
37
3518 3514 *3514 37
91% Nov 11012May
15
Mar
110
30
June
09
103
10212
103
10
'
10212
Debenture
8
102
1035
10212
130
10212
103%
10212
10212
*102
100 10918 Feb 10 118 Apr 7 10534 Nov 11812 Feb
11612 11612 411161 117 *11612 117
130 Buell Term Bldg, pref
11612 11612 1311612 117
117 117
Dee 1238 Jan
178 Aug 15
514 Jan 0
2
218
212 218 *212 212
1,300,Butte dc Superior lalining___1
214 214
1% 2
*212 214
912 Jan
2 Oct
414 Feb 20
218Junt30
____5
8
25
212
212
Zoo__
12
2
212
&
*212
234
Copper
2%
28
900-Butte
*212 234 *212
Jan
1712
Dec 41
24
Feb
293*
18
1314June
100
*15
1418 1514 1418 1418 *1412 17
16
1,2001Butterick Co
*1518 1712 *151 17
50 Nov 19278 Jan
6018 Aug 9 1121* Apr 20
6018 6312 6312 68
No pa
6414 6934 46,400 Byers & Co(A 51)
6018 6414 6258 6534 607 65
12114 Jan
Apr
105
25
Jan
10812
Aug
114
4
100
109
____
109
*10812
109
_
*10812
109 109 *10812 10912 *10812
20 Preferred
6312 Oct 84% Aug
6014 July 17 7712 Mar 5
63
6212 6134 6218 6112 6112 63
*62 -6i12 1,1001 California Pack1ng___ -No Pa
*62
6212 62
25 June 34% Aug
1328
35
1328
35
35
35 '28
California Petroleum ______21 28 Jan 22 35 July 10
28
1328
35
35
*28
4 Jan
Oct
1
3
Feb
218
2
Jan
1
10
1
1
1
1
1
1
1
1
1
1
1
1,90131Callahan Zinc-Lead
1
7312 Nov 13634 Aug
4858June 18 8978 Jan 9
5334 5334 5314 5314 5312 6412 1,200 Calumet de Ariwana Mining.2
5312 5312 5312 5514 5312 54
25 Oct 6178 Mar
7
Jan
3
333
19
June
13
1
25
1378
14
1412
1378
15
143
1412
2
11
Ilecla
..1
14%
7.2001Calumet
14%
1358 14
19 Dec 4912 Aug
Mar 25
187 3118
1978 1318
1878 *18
198 18
11118
19% 1318
200 Campbell P7 & C Fdry_No par 17 June 18 30 mar 10
18%
45 Oct 9834 July
63
63
6212 6112 6258 63
6212 63 6312 62
62
6318 2,900 Canada Dry Ginger Ale No par 56 June 18 7588 Mar
27
18
Dec 4834 Sept
3414
18
June
20
par
132212
No
2234
2212
4
4
223
223 *2212 23
2234 2234 *2212
500'Cannon Mills
*22% 23
17 Nov 6512 001
13 Juno 19 2834 Apr 4
1315
15
18
1512 1512 15
*15
1714
*1512 1714 *1512 20
200 Capital AdmInis el A_No par
29 Nov 3978 Oct
Mar 19
42
2
Jan
31
50
*33
3312
3312
*33
*33
3312
3312
3312
*33
A
Preferred
*33
3312
3312
100
150 165
16014 17114 16414 17678 191,100 Case Thresh Machine ctfs_100 150 Aug 13 3021 Apr 23 130 Nov 467 Sept
16314 17012 15034 165
164 173
Mar 25 113 Nov 12312 Dee
124 124
*124 126 *124 126 *124 120 *124 126
160 Preferred certificates____100 115 Jan 16 132
12314 12314
6014 Dec 61 Dee
10
54
54
4
543
5514
5712
55
57
5612
53
12,100,CaterpWar Tractor ___No par 53 Aug 15 7034 Apr 28
54
57% 57%
614 Dec 4218 Feb
Jan 11
2
137
9
16
*512
*512
Juno
9
5
9
512 7
*5
9
5
300'Cavannagh-Dobba Inc_No par
*512 9
58 Dec l0112 Mar
100 50 Aug 5 75 Jan 18
1352
55
1352
55
51
*52
55
3152
1352
Preferred
55
55
•52
Oct 7432 Feb
31
19
Mar
60
3
July
9
Par
1318
1312
No
137
1212 1334
1358 13% 1334 3,900 Celotex Corp
12% 1318 128 137
Oct 48% Jan
21
Mer 31
2412 24
241 237 2378
*24
24
2612 24
2412 4124
•24
800 Central Aguirre Asao_No par 2312 Feb 19 301?
Nov
2618
16
604 Oct
2 35 Apr
---- ____ ------ Central Alloy Steel____No Par 304 Jan 7
11058 Apr 10 10534 Apr 11212 Jan
100 10514 Feb
Preferred
Oct
3
2018 Jan
27
Mar
814
4
*413
334 Feb
*414 438 13412
5
-i4i2 -5- ---ioii Century Ribbon MIlle_No Par
5
5014 Dec 82 Jan
100 51 Feb 27 697k July16
Preferred
*6212 69% *6212 69% *6212 697 *6212 6978 .6212 697 *6212 6978
3214
Nov
Mar
120
6
Jan
8
3
65
18
2June
par
431
Copper_No
481
4712
47
4758 4652
4612 4612 3,400 Cerro de Pasco
4812 4812 48% 4858 5612
1078 Dec 32 July
518June 24 15% Feb 6
612
612 612 *6
6% 658
612 612 13652 7
700 Certain-Teed Producta_No par
612 6%
3912 Dec 6234 Jan
Feb 4
49
3
July
38
par
No
42
41
4018
41
4212
4212
43
Fuel
&
134012
43
Ice
43
City
900
4212
42
06 Sept 105% Jan
100 83 July II 98% Feb 11
1383
84
84
3183
84
84
84
84
84
*83
*8434 85
40 Preferred
Oct 80% Sept
18
1958 Aug 13 67% Mar 27
No par
21% 2214 2014 2178 1958 2258 2158 223* 217 2234 11,800 Checker Cab
22
23
29
Nov 112 July
4218
8212Mar
28
2June
511
par
No
3
6314
63
6418
Corp
621
64
6378 65
64% 63
8,600 Chesapeake
6318 63
63
471* Sept
Oct
8
217
31
Mat
37
19
11%June
14
1412 15% 1352 1458 14
15
*1334 14
1,300 Chicago Pneumat Tool_No par
15
1534 15
47 Nov 61 Sept
No Par 43121uly 25 5578 Mat 14
42
42
*40
1340
44
1340
1340
44
Preferred
42
*40
44
•40
Jan
36
Oct
8
217
20
Mat
32
1
Feb
164
2512
2512
No Vat
2512 2512
*2512 27
*2512 27
*2512 27
110 Chicago Yellow Cab
*2512 27
25 Dec 60 Jar
10 13 Aug 12 3212 Apr 10
20
20
*19
*19
18
18
18
20
19
300 Chickasha Cotton Oil
1912 *18
•17
6
Nov 7578 Sept
4412
6752June
13
Aug,
48
par
No
48
4812
4912
49
*473
Co
493
(1.11d2
49
4
4
50
5012 3,100
5034 4912 10
53 Nov 127% Mar
25 49 Aug 12 65 Feb 6
*35
45
*35
49
49
*35
3149
100 Chile Copper
51
51
____
*49
Jan
26 Nov 135
No Par 24 June 23 43 Apr 11
29
2634 2734 26% 2814 2658 2778 2618 2714 2612 -2-ill 27
67,600 Chrysler Corp
714 Oct 27 Feb
25
Apr
1314
11
8July
par
7
5
No
612
63
614
614
612 6%
634 634
658 6%
614 653 2,700 City Stores New
Nov
Oct
25
el%
21
Apr
4412
29
No Par 29 Aug 13
2912 *29
30
1328
30
30
30
1330
30
36
30
500 Clark Equipment
3412 Dec 7284 Jan
5
*3314 36
*334 36
133314 36
133314 36
*3314 36
Cluett Peabody & Co_ N0 par 30 Feb 1 60 Apr
*3314 36
119
Dec
Jan
12
90
8
Apr
105
2
7
Jan
9114
100
*99% 10012 10012 10012 *9938 10012 *99 10012 10012 10012 *99,2 10012
30 Preferred
No Par 13314 Jan 8 19158June 4. 101 Nov 154% Aun
16818 173 *17212 17412 173 17514 5,100 Coca Cola Co
17412 17412 17334 17412 16818 174
44114 Oct 00 Feb
No par 4812 Jan 8 53 Mar 21
504 1,000 Clasa A
5118 5118 5118 5114 5034 504 *5034 5114 *5034 5114 *51
7214 Mar
10 Nov
1438 Jan 2 3534 Feb 13
No par
20
20
20
2058 1958 20
1012 21
2014 21
19% 20
4,300 Collins & Aikman
65 Dec 10312 Feb
02 May 24
85 .8212 87
85
*8212 85
*8214 8412 85
85
*8212 85
500 Preferred non-vuting-__100 73 Jan 3
7812 Mat
2734 Nov
77 Apr 8
2
Jan
3612
100
Iron
45
4712 46
4712 4418 46
467
&
4812 246
47
Fuel
Colorado
4518 48
9,400
Oct
199 Mar 11 105 Nov 344
11712 123
12214 126
12234 12534 12418 12612 11714 126
12314 13134 14,100 Columbian Carbonyl o.Vo Par 108 June 23
No par 55 Aug 13 87 Apr 10
5612 5838 57
573
56
5814 55
5818 5914 5612 59
5918 84,800 Colum Gas & Elea
11 -VW; Nov 176.5"
Apr
110
31
Jan
10414
100
10912
10912
10912
10912
*109
10912
109
109
10912
109
10912 10912 1,500 Preferred
1018 Nov 8814 Jan
1412 Aug 15 373 Apr 28
154 1634 1618 16% 15% 1634 1538 163* 158 1638 1412 1534 59,500 Columbia Grapbophone
18 Nov 62% Jan
2512 26
2514 2512 247 2512 25% 25% 4,700 Commercial Credit___-No par 233* Jan 2 4034 Apr 1
2512 2512 2512 26
443
1
Apr
28
Nov 51% Sept
2
Jan
317
50
36
3512
36
36
35
36
35
3734 36
1336
35
900 Clam A
35
28 June
2038 Nov
25 22 Jan 6 28 Apr 29
2412 24
21
•24
2414 2412 1324
25
*2414 25
*24
90 Preferred B
25
1 Jan 18 95 Mar 20
70
Oct 105% Jan
76
*88
90
90
90
90
88
*
90
90
90
•88
1389
30 let preferred (634 %)----100 2812June 25 55 Mar 6
90
Nov
2812
Oct
79
3312
par
3312
No
3312 3312 3358 3318 3112 3258 33
33
3312 3414 2,800 Corn Invest Trust
No par 80 June 18 87 Mar 28
8112 8112 8112 8112
8312 8312 8312 *8112 84
8312 1383
1083
300 Cony prof
9
1
(
t
p
e
S
13
5
Dec
Mar
9
2314
18
June
4
100
4
6
*418
418
*112 6
*4
6
6
6
.4
134
400 Warrants
2018 Oct 63 Oct
2214 2334 2214 2358 2278 24
No par 2014June 16 38 Apr 11
2378 2258 24
22
2412 98,700 Comm Solvents
23
10 llact 2434 Oct
1258June 18 2014 Ayr 7
13% 128 1318 1278 1314 1278 1314 83,000 Commonwealth&Sou'rnNo Dar
1312 1312 13% 13
13
27
has,
67
20
2June
35 Nov 93 Jan
2381
par
._No
*3812 3912 *3812 3912 *3812 3912 *3812 3912
3812 39
40
*39
300 Conde Nut Publlea _
11
Oct 35% Jan
1018June 18 193420.1r 24
1118 1112 1058 1118 1012 11
1112 12
12
12
17,100 Congoleum-Nairn Inc_No par
104 11
43 Nov
92% Feb
No par 23% Aug 13 56% Mar 11
2412 2412 237 2412 *2334 2412 2378 2378 1,000 CongressCigar
25
25
30
*23
22
*14
1 Mar 24
112 Fe
*14
32
*14
14 Nov
32
*14
12
,4 July 25
*1,
500 Comley Tin Iron stpd No par
%
38
40 Oct 9614 Jan
27 595 Slur 17
June
36
No
Par
3712 361.2 3612 36
37
Cigar
3778 .3612 3835 *36
Consolidated
133714 38
900
38
25
Nov
Mar
63
Jan
80
22
Jan
67
08
71
100
•70
7018 7012 70
70
70
70
70
70
200 Prior preferred
70
70
10 Oct 2518 Sept
1538June 18 2738 Mar 11
17% 1714 •1714 1712 1714 1772 1,900 Consul Film Indus_No Par
1812 1812 1712 18
18
18
308
1518 Oct
Jan 10
Apr
1912 20
1918 1938 •1912 1934 1958 20
20
3,000 C0122301 Film Ind pref__No par 18 Jan 3 2814
1918 1958 20
8018 Nov 18358 Sept
10014 103
9934 10378 103 10438 210214 10534 144,100 Consolidated Gas(N Y)No par 9858 Jan 2 13678 Apr 26
100% 10278 10014 101
7
7,7
2
.
2 8aLay
9212 Nov 10012 Dec
18 1037
e 28
nn
8a
2JJ
18
No par 997
1,700 Preferred
103 10314 10314 10314 103 10378 *103 10314 1024 102% 103 103
58 Dee
63* Jan
72
78
78
. 78
78
1
*78 I
78
78 4,100 Consolidated Textile__ No par
78
12 May 2312 Jae
1158June 19 2212 Feb 24
1414 1512 1412 15%
5,4 3,900 Container Corp A vol No par
1338 1414 1312 1312 1414 1414 1414 15
812 Feb 20
102 Jan
334June 13
318 Nov
No par
*412
434 434 *412 514 *412 434 *412 514
•434 514
100 Class B voting
251 Oct 90 July
1812June 18 5312 Feb 17
2212 23
2212 2212 23
23
23
23
2214 23
2214 22% 2,800 Continental Baking el ANo par
458 Oct
7 Feb 17
338June 19
No par
1514 July
312 3%
358 3%
312 312
3% 312 5,400 Class 13
312 312
312 312
7912 Nov 100 June,
6614June 25 9478 Feb 17
100
7014 *7034 72
Preferred
704 70% 70
71
•7012 71
*70
69
1,600
7014
31
13
Mar
Aug
8
715
50
4012
Oct 92 Sept
Par
Ino-No
5112
54
52
5312 50
52
5112 53
5112 53
52% 5512 32,300 Continental Can
3
par 1558 Aug 14 37 Apr 21
204 Nov 33% Dee
1614 1712 1558 16% 16
1812 1734 18
1812 1818 18
1614 12,800 Cont'l Diamond l'ibre_No 10 50 June 25 7752 Mar 31
16% Nov 11014 Sept
5512 57
5418 55
5512 56
55
2,900 Continental Ins
5314 53% 5334 56
56
814 Feb 19
312 Aug 13
__No par
61g Dec 28:8 Jan
3% 3%
312 334
334 334
358 378
312 358
334 334 7,000 Continental Motors_ No par
184June 18 3012 Apr 24
18 Nov 374 Aug
2034 20
2052 19% 2014 1934 20% 1934 20% 23,600 Continental Oil
20
1914 20
No par 1612 Aug 13 4078 Apr 1
2612 Dee 4578 Dee
1912 20% 1818 19% 16% 1814 1718 181 1
1914 21
17% 18% 63.900 Continental Sharee
13
Aug
11138 Aim 23
8318
70 Nov 12658 Oct
8412 8712 8313 8734 8612 8812 87
8458 8614 84% 87
89% 21,400 Corn Products Refin1ng____25
100 140 Feb 10 148 Aug 8 137 Nov 14434
280 Preferred
1464 147 *14612 149 *14612 149 *14612149 *14634 149
14634 1464
No par 1512June 18 33 Feb 3
18 Dec 6214 Jan
1834 1938
1914 1958 1914 19% 18,900 Coty Inc
2018 1912 20
2018 2012 20
No par 2512 Jan 6 3538 Mar 20
24 Nov
30
31 Nov
3014 *3018 30% *3018 3038 30
30 •3078 32
30
30% 4,300 Cream of Wheat
100
9 Jan 22 20% Mar 6
16
15 Dee 575 Al.
1912 *16
1912 3116
1912 .
Crex Carpet
1912 •16
1912 1316
*16
191
1014 Jan 17 22 Jan 2
1112 1134 1134 1134 *1112 12
15 Dec 125 Feb
*1112 13
1178 1178 1,200 Crosley Radio Cerp___No pa
12
12
Shares Indus. & Mace!. (Con.) Par
Vo par
800 Bayuk Cigars, Inc
100
10 First preferred
No par
Beacon 011
_ 1;360 Beatrice Creamery
100
700 Preferred5,400 Belding Hem'way Co_ _No pa
100 Belgian Nat Rys part pref____
No pa
8,500 Bandit Aviation
No Pa
3,500 Beet & Co
100
85,100 Bethlehem Steel Corp
700 Beth Steel Corn laf(7%) 100
Bloomingdale Broe----NO Pa
100
Preferred
& Co Pref No lp007
1,200 Bohn Aluminum & Br_No par
Bon Ami class A
No par
300 Booth Fisheries
100
let preferred
25
39,800 Borden Co
•1.116 and asked prices; no sales on this day. x Ex-dividend. y Ex-dividend and at-rights.
1070
New York Stock Record -Continued-Page 4
co, eases (luring the nook of *cocas not recorded here. see fourth pege preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Aug. 9.
Monday
Aug. 11.
Tuesday
Aug. 12.
Wednesday Thursday I Friday
Aug. 13. 1 Aug. 14.
Aug. 15.
Sates
far
g.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. I.
On Oasis of 100-share Iota
PER SHARA
Range for Previous
Year 1029.
Lowest.
Iligeest.
Lowest.
Highest.
$ per share I $ per share shares Indus. & Mlacel. (Con.) Par $ Per shore $
nor share
per share II per start
491
43
4914 4934 2,500 Crown Cork 6c Seal___ _No par
38 June 18 694 Apr 7
3718 Nov 79 Aug
*1212 1312 *1212 1312 1,000 Crown Zellerbach
No par 1278 Aug 11 1312 Feb 10
17 Oct 254 Jar)
*7214 74
7212 7312 2,000 Crucible Steel of America_100 7012June 18 9358 Mar
71 Nov 12134 Aug
25
111 111
108 110
'
Preferred
100 104 June 26 117 Mar 13 103 Nov 11634 Feb
1314 14
131 1 14,2 4,100 Cuba Co
No Par
Jan 2 19121...lay 29
5 Nov 2412 Jan
212 24
300 Cuba Cane Products_ Arc pa
212 2,2
2 June 21
7 Mar 3
Cuba Cane Sugar
No Par
al Jan 2
1 Jt
118 Feb 2
*0 AlIg -1;
Preferred
100
Jav
152 Dec
2 Jan 7
4 Mar 3
*458 5
412 458 8412 5
412 412
412 412 *412 5
_ -1.-,i5O Cuban-American Sugar___-10
412July 31
Jan
17
078
Dec
9
Feb
4
421s 4212 42
42
*4038 42
4038 404 •____ 40
39
270 Preferred
39,2
100
39
Aug
Jan
05
15
Dec
56
651
8
Feb
11
3934 3934 40
40
3934 3934 39
3912 3912 394 40
40
800 Cudahy Packing
50 3818June 25 48 Jan 2
36 Nov 6772 Jan
*11014 111
112 112 8110 112 I 110 110 i*105 110 *105 11212
300 Curtis Publishing Cø__ _No par 10514June 23 12618'May
Oct
29 100 Nov 132
119 119 *11812 119
119 119 *11812 11912 11834 119
600 Preferred
119 119
No Pa 11478 Jan 29 12118 Mar 19 1124 Nov 1214 NUS
678 7
612 634
634 678
612 634 37,000 Curtlas-Wrtght
612 658
658 678
No par
632 Dec 301, AU2
012 Jan 31
Apr
144
7
7
773 88
9
91s
3
84 9 I
814
814
85* 9
8
84
101
778 Aug 13 1934 Apr 2
1314 Dec 3778 Aug
5818 58,8 584 5812 58
5812 58
5838 *57
58
58
11
7:2
58
000 Cutler-e/TA
ainnier Mfg___No par 55 June 25 9012 Mar 31
25
2534 25
2518i 25
25 I 244 25
2438 25
2514 2634 5,400 Davison Chemical
No Par 20
4
3
8
,
A
1InT
ug
14
7
4358
Oct -8-1718 Jan
Mar
2114
31
81818 2212 818
2212, *18
818
2212
2212 *18
20
Dabonham Becuritiee
*18
20
58
20 Dec 4678 Jan
30 Apr 14
823 2334 22
23 1 21.
21 1 82134 224 *2112 2334 *22
500 Deere & Co prat new
2334
20 20 June 18 2412May 24
*217 218 8217 219 1 215 217 1 210 216 •*214 21512 211 21414 5,200 Detroit Edison
100 19512 Jan 31 25534 Apr 23 161 Nov 386
Aug
2612 1024
824
2612 *23
2612 23
23 I 24
*2212 2012
24
400 Devoe & Reynolds A__No par 214July 9:
Nov 644 Feb
4234 Mar 4
*90 100
890 100 1 *90 100
*90 100
*90 100
*90 100
18t preferred
100 1014 Jan 14 11412May 13 lua
Dec 11512 Jae
220 22014 220 225 1 220 22178 21714 22112 220 223
221 225
2,800 Diamond Match
1011 139 Jan 13 240 Aug 4 117 '
to/ 16412 Jar
,
712 74 *738 712, 712 74
900 Dome Minos, Ltd
74 738
7,2 712 *738 734
No par
1114 Ash
634 Jan 3
6 Nov
958 Jau 18
819
21
20 1 19
819
19 , 81713 19 1 *1712 19
*18
19
100 Dominion Stereo
No par
18 June 23 3038 Apr 5
12
Oct 5414 July
7518 76
75
7012 7512 77
75
764 76
78
27418 7738 20,900 Drug Inc
No par 67 June 25 8738 Mar 10
Feb
1264
Nov
69
20
2012 2014 2114 2012 2112 194 21
204 21
1712 204 5,600 Dunhill Internatlonal No par 1512June 18
Jan
25 Oct 92
4313 Apr 7
812
15
812
15
812
15 1 *12
15
*12
15
*12
Dupan Silk
15
No par
1412June 17 1812 Apr 4
284 Jae
Nov
10
*10212
Duquesne Light lot pref___100 100 JAN 7 10312Slay 26
Mar
10078
Inn
4312
*1412 15
*1412 15
81412 15 I *1412 15
•1412 15
Eastern itableg 51111. _Art par
*144
14 June 25 3512 Jan 31
Oct 3912 Sept
19
19714 201
19818
198'a 29312' 1944 20014 19314 201 1 19914 2034 200 2074 28,100 Eastman Kodak Co___No par
17514 Jan
25514 Apr 25 150 Nov 26434 Oct
23
234 23
24 1 2218 234 2158 2218: 22
2218 2212 2212 7,000 Eaton Axle & Spring___No par 1918June
7614 Feb
25 374 Feb 20
18 Nov
105 10812 10638 109
104 108
10212 10678 106 1084 1064 11234 48,300 El du Pont de Nom
20 9534July 8 1464 Apr 10
Oct 231 Sept
80
*11812 1194 811812 11914, 119 119 ;•11812 119 1•11834 119
400 6% non-vot deb
11834 119
100 11412 Feb
10712 Nov 11934 Aug
121
May
15
*514 512 *514 512, 514 54' *514 512, *4
200 Eitingon Schlid
5
*514 512
NG Par
5 June 23 104 Feb 6
4 Dec 3932 Jan
*40
50
840
50
40
40 1 *10
50 1 *40
50
40
4018 1,200 Preferred 61-4%
00 38 June 25
39 Dee 113
Jan
• '
684 7034 70
7034 68
7034 67
22,200 Electric Autolite
6812 69
7212 074 72
No par 5518June 28 1144 Mar 2'J
Oct 174 Jul
50
*109 110 8109 110 18109 110 ;8109 110 18109 110
10 Preferred
109 109
100 10614 Jan 6 11014 Jan 7 10234 Nov 116 Apr
*334 412
412 412! 414 412, 418 4141 *4
Electric
1,300
414
Boat
44 44
No par
1838 Mar
314 Oct
314 Aug 2
934 Mar 31
6034 6312 61
63341 60
6238 593 63'z 62
6412 624 60 137,700 Electric Power & Lt
No par 494 Jan 2 103 Apr 23
2918 Nov 8652 Sent
10914 10914 8109 10018; 109 109 18109 109141 109 109
700 Preferred._
10914 10914
No var 105 June 18 112 Apr 25
98 Nov 10914 Feb
10012 10012 9334 100 1 9878 99,4 98
984 9734 9318 93
9812 2,500 Preierred (6)
No par 9734 Aug 14 1004 Aug 1
.64
6412 65
65
6414 6414 6318 6118 64
1.300 Elea Storage Battery-No par 6112June 23
6318 631
64
64 Nov 10422 Oct
7914 Feb 10
*218 4
8218 4
*212 4
*218 4
Elk Horn Coal Corp__No par
8218 4
*218 4
1012 Oct
214 July 1
512 Mar 24
34 June
212 212 *214 4
214 214 *214 4
*213 4
200 Emerson-Brant claw A _No Par
*214 4
314 Oct 2212 Feb
Jan 24
8
214
Aug
75
12
*47
4978 *47
4878 *47
4978 *47
Endicott-Johnson Corp____50 44 June 18 59 Jan 22
49
4978 *48
4978 847
491,
Jan
8338
Nov
,
4
*112 112 *111 112 *111 112 ;8111 112 *111 112 *111 112
Preferred
100 1074 Jan 7 113 Apr 23 11184 Sept 12414 Feb
*50
5212 *50
5212 *50
5212 45
700 Engineers Public Serv_No par 3914 Jan 2 6712 Apr 7
*4518 50 .46
50
50
7922 Aug
31
Oct
*9858 100
0858 9858 9838 9838 896
08
200 Preferred $5
*96
98
*96
98
No par 944 Jan 8 10718May 26
80 Nov 12314 Aug
8100 10134 8100 10134 10078 1004 .10012 101 *10012 10134 •10012 10134
100 Preferred (5)0
No par 9412 Jae 2 10478 Apr 21
Oct
344 Oct 109
46
46
*4014 4638 *4573 46 I 45
4514 4614 46,4 1.500 Equitable Office Bldg_Tio par 394 Jan 3 50
4518 45
41 May
3112 Jan
3
431100
41
*1218 1212 124 1212 1218 12181 12
912 1014 2,900 Eureka Vacuum Clean_No par
1014 1114
12
3612 Ifec 54 Feb
912 Aug 15 435s Mar 5
8
818 884 9
Evans
8
1,000
8
Auto
*8
9
Loading
4
612Juue 19 3034 Feb 18
5
7384 Mau
15 Nov
*22
2212 22
22
22
2212
22 1 .22
80 Exchange Buffet Corp_No par 22 Jan 2 2638 Mar 3
2212 *22
22,2 822
2214 Jan 2712 July
*212 338 8212 338 *213 312, *212 312 8212 312 *212 312
Fairbanks Co
25
334 Nov
1114 Der
14July 31
974 Jan 6
1234 1278 124 1278 1258 1312: 81212 1312 •1212 1334 *1212 1312
110 Preferred
7 Juno 18 3944 Jan 20
100
Apr 35 Jan
11
8364 3612 37
37
36
3518' 3578 36
*3512 36,2 36,4 3712 1,400 Fairbanka Moue
No par 3414June 21 5012May 17
2934 Oct 5472 Sept
*110 ____ *110
8110 ____ *110 ---- 110 11018 109 110
70 Preferred
100 102 Jan 7 1102May 16 1014 Dec 11078 Jar.
*1114 1212 114 11-31; 14
200 Faahion Park Ance__No par 10 June 25 2714 Feb 27
*1114 14
.1114 14
14
*1114 14
22 Dec 724 Mar
6234 6318 *6258 70
400 Federal Light & Tree
*6258 70
*624 70
86258 70
86238 70
15 5958 Feb 6 9014 Mar 18
6012 Nov 109 June
9612 9612 895
97
295
*95
95
97
97
*954 97
*95
No par 91 Jan 13 9834 Apr 22
Nov 104 Feb
90
8
818
*818 814 8818 812 *818 814
rerfaeleMotor Truck No par
600 Fete
818 84 *818 8,4
712June 19 1214 Feb 26
• Oct 224 Feb
33
34
334 34
334 34
34
3358 3338 3314 3378 34
3,100 Fedi Water Service A.No par 30 June 18 43 Mar 19
1.814 Sept
28 Nov
*2512 27
*2512 27
Federated
.
100
2512
*2512 27
30
*2512 27
264 2612
Dept Stores. No par 2512Juite 16 38 Apr 13
2412 Dec 83 Dee
61
61
6114 63
*6314 68
1,000 Fidel Phan Fire Ins N Y_.....111) 56 June 18 894 Mar 31
62 63
*6212 70
*623* 68
4712 Nov 123 Seet
*734 9
Fifth Aye Bus
*734 9
*734 9
8734 9
*734 9
*74 9
No par
1314 Mar
7 Feb 11 1013 Apr 4
Oct
6
s____ 3212•____ 324 *__
Filene's Sons
324 •___- 3212*---- 3212 •____ 3212
No par 31 June 10 4012 Ian 22
30 Dec 9812 Feb
*954 102
*9512 102
Preferred
*9712 102
89512 102 1 *9512 102
*9713 102
Jan
100
Mar
107
92
15
Dee
84
99
Aug
4
204 2012 204 2012 1934 2012 2012 2013 2012 2012 2012 2034 3,100.Fireerone Tire & Itubber___10
10343uly 7 3318 Jan 7
2412 Dee 87 Dea
471
73
871
73
*71
73
7112 7234 *7112
100 6978June 18 8778 Mar 24
834
Dee
89
13
Dee
52
5214 *515* 54
PrirteZaetellnal Sioree..-Na par 46 June 23 014 Jan 30
7V4 1 2,1gg i Fir
B Ira 5
*5234 54
53
53
52
4.44 Nov 90 Dept
2
178 2,8
17,700 Fisk Rubber
25*
178 2
178 2
17g 2
178 2
Na par
112 Aug 1
24 Dec 2018 Jan
512 Apr 2
7
7
612 7
190 let preferred
*658 7
653 658 *558 64 *558 612
100
612June 19 21 Apr 3
8 Dec 724 Jan
9
9
8678 9
30 let Prof convertible
*634 9
*634 9
*634 9
*634 9
612.1iine 18 2134 April
100
8 Dec 8212 Jan
*4234 4312 .4212 43
p
!
riehfe
eim
rre4
100 Flo
*4212 43
i4htnelase A _No par 40 June 25 5278 Mar 21
%
:4
92
913
45
2 Ito
42
*42
42
38 Nov 54 Jan
*99 10014 *96 10014 *96 10014 *9812 10014 *99 10014
190 9512 Apr 12 100 Feb 2
9018 Oct 10218 Jae
2212 2212 *2212 28
2214 '2214 . 300 Follannbee Bros
*2214 23
*2212 28
22
22
No par 22 Aug 13 5078 Mar 26
3218 Nov 824 Aug
8014 8358 81
30,400
87
Foster-Wheele.
834 7918 8358 78
8214 8012 8414 82
No par 6012 Jan 3 10412June 4
33 Nov 95 Sept
*1012 114 1014 1012 1018 11
900 Foundation Co
1014 1114 810
1114 *1014 1112
No par 104 Aug 12 2834 Apr 14
1234 Nov 6958 Apr
4014 4214 4112 4212 4058 4334 404 4214 4118 42,2 4114 4278 47,100 Fox Film clam A
19,2 Dec 10558 Sept
No
4018 4114 3938 4114 3934 41
4212 19,500 Freeport TeXaS Co
3914 4018 4018 414 41
Apr 11
No Pe
2334 Nov
5472 Jan
e4
tler reJfienn
8812 8812 885
89
60 Fuller Co prior prof._ _ _No par 8.5 Feb 14 9312 Mar 6
89
90
*85
3812. 8912 90
8812 885
8213 Nov 10712 May
7
713 *7
1,200 GabrielCo.(The)ClasuANO par
87
9
712
7
7
618 7 I *6,4
54.1une 23 1134 Apr 9
• Oct 3372 Fell
7
*6678 70 .67
Gainswoh Co
70
867
70
70 I *68
*67
70
1144 Nov 8312 July
No par 67 June 30 80 Mar 28
212 212 *212 3
,2 1,400 Gardner Motor
*2
7
9i14
2 7:;1
212 212
212 212;
214 214 *0
3 Dec 25 Jan
77g
714 712
400 Gen Amer Inventors ___No pal
778 778 *734 838 *7
g 18
85*
2
714 July
4 16
7'4 Feb 18
8
9334 9334 *9038 9512 9038 905* *9034 9512: *91
Pref,er.reied
9512
100 8812June 25 1051e Apr 31
Gen
8358 84
"038
8
Tank
951'
8138 834 8118 8178 794 824 80
1020
8138 53
,
82
Car_No par 7814July 8 1114 Apr 4 'fi Nov 12-3-1-2 Vet
414 4114 4258 4278 39
4214 9,500 General Asphalt
4214 Nov 944 Aug
4212. 3834 40 I 4034 4112 41
104) 3838June 25 7112 Apr 7
Gen Baking pre
112 8____ 112 8____ 112 18____ 111 *____ 11
11
No par 1015 Star 4 125 Jan 15 121 Nov 140 Feb
e-Hi4 1633 1458 1514 1412 1512 1414 1478, 1478 1478 1478 144 5,100 General Bronze
No par 1414 Aug 13 3812 Feb 15
24 Nov 6914 JUPe
15
General
15
1,700
15
Cable
15
No par 1312July 7 3412 Mar 7
1434 15
23 Nov 61 Feb
144 1434 144 1434 1412 144
3434 3434 3434 35
3412 6„700 cielsti A
34
34
par 32 JLLIIS 27 7434 Feb 6
6312 Dee 12012 Feb
3434 35
3413, 34
33
1345
47
1 Cigar Inc
4412 4478 44
Po
4034June 25 61 Mar 7
42 Oct 74 Tel)
44
4358 44141 4312 4312 4318 4378
661s 6818 66
No par 6018 Jan 2 9538 Apr 10 16818 Nov 403 Aug
6814 6514 6734 655* 67581 6638 68'8 664 7012,244,200 General Electric
1134 1178 1134 1134 1134 1178 1134 1178. 1134 114 1178 11781 4,500 Special
10 1112 Jan 2 114 Apr 6
81
114 Feb
Jan
514 5212 5233 5234 5114 525* 51
No par 41113 Jan 17 61141%1(1y 1
52 I 5134 5234 5214 5338 29,800 Gen Foods
36 Oct 7772 July
9
9
8 June 17 184 Apr 10
878 9
No par
834 878 16,000 Gen'l Gas & Mee A
834 9
858 872
853 9
*82
84
8214 8214 82
400 Cony prof ger A
No par 27714 Aug 15 10612 Apr 10
*78
81
81
82
79,4 27714 7714
*115 12434 8115 120
Preferred A (8)
No par t15 Mar 19 122 Apr 2 11113 July fig" "ig)
115 120 *115 120 *115 120 *115 120
*103 105 *103 105
Preferred A (7%)___No par 100 July 8 111 Apr 9
103 106 *103 105 *___ _ 106 *103 106
1/9
Oct 11(512 lea
44
4512 454 4078 *4312 4512 4414 4414 4438 4412 4414 4414 1,500 General Mliel
No par 4018June 25 5938 Apr 12
50
Oct 8918 Jan
890
100 Preferred
91
100 89 June 30 9.5 Mar 22
91
91
91
*90
8714 Dec 100 Jan
*3978 91
91
889
*8973 91
4234 4334 4352 4434 4212 4438 4214 44
24238 444,310,000 General Motor* Corp-, -_10 374 Jan 1(1 5414 Apr In
3313 Oct 9104 Mar
434 44
97
preferred
9712 9714 974 97
par
85
No
924June
5,1011
23 9734 Aug 7
974 9634 97
9678 9718 974 97381
2712 2713 27
No par 244July 8 4118 Apr 14 "id" Oct "di" "iZT,
27
2712 1,100 Gan Outdoor Adv A
27
827
29
82758 28
8274 28
81178 12
No par
818July 10 2134 Apr 3
*1173 12
200 Coutraou
*1138 12
1134 1173 81112 12
*1178 12
31
Public
3214 3112 32
Service
No par 3018June 18 5278 Apr 7 "id" Ka"; "di" Aug
324 3434 2,300 Gen
3112 32
314 32
83214 33
7314 7578 7312 74
No par 7314 Aug 9 10678 Mar 28
6,600 Gen Ity Signal
74
7334 75
75
75
70 Oct 12613 Aug
74
74
75
7112 724 27058 714 70
8.600 General Refractoriee.-No par 0514June 18 Of) Mar 28
7112 6712 0978 70
54 Oct 8813 Aug
7212 7158 75
294 30
294 30
Na par 29 Aug 12 6114 Apr 10
29
3012 29
2912 3014 2918 3012 15,000 Gen Theatresi Equip
3C1
7614 7914 78
8014 77
8078 7818 8134 19,500 gillette Safety Raxor....No par 58 .1111), 81 106% Jan 16
80 Nov 143 00
7934 7714 80141 79
litirebtriarzet
1034 1034 1034 1078 1018 1078 1014 124 81012 11
11.
No par 1018 Aug 12 2078 Apr 14
11
1012 Nov
4813 Jan
3,7001
*684 71
*6858 71 .684 80
100 607 Jan 30 8313 Ayr 258
*684 74 1 *6858 72
*684 70
58 Dec 94
Ge:
1538 164 1534 16
No par 1458 Aug 13 38 Mar 20
1514 14 1^.
15
1512 1534 144 154 1458 15
20
Oct 6418 JUIr
*9413 95
'
d
Tcofila
r
l
l
eer
e
p
C
'eferred
re
*9434 95
100 91 July 15 10518 Mar 27
*9444 95
95 Nov 10918 A• r
95
95 1 9434 9434 80434 95
02802:
1316A
:
1 1,
_77
tbdtoarp v I c No
4 A3
758 8
758 814
up
74 Aug 9 19 Feb 7
var
773 812
918 Nov 66 Feb
77s 8,8.
8
Wit
3714 3834 38
39
38
38->8 3714 3834 3838 3938 38
3412.1une 18 4778 Apr 28
3112 Oct 82
Jau
2218 22,2 2234 2338 22
7,400 Goodrich Co (B 1/)_
No par 21 Aug 13 5812 Mar 26
2214 21
2138 22
22
2134, 22
384 Dec 10534 Jan
*8212 83
*8212 87
I Preferred
*8212 87
100 78 June 30 10412 Mar 28
*8212 85 I *8212 84
9512 Dec 11518 Feb
5714 594 5734 6112 59
Goodyear
T
&
Itub
10,100
No par 5478June 27 9678 Mar 31
60
574 5912 59
59,2 *.V112 212
60
Oct 13412 Mar
*95
96
95
9518 94
am
,
s.
itiaprerld
No par 90 Jan 3 10214 Apr 30
1,300 _ 01
9434 94
95
94
94
95
95
87 Nov 10472 Feb
912 912
9
914
914 914
9
9
No par
94 794 1,400 a
812June 18 2872 Mar 8
•914 94
14 Nov 80 Apr
Preferred
20
75 8--- 68 1 68
100 68 Aug 13 8211 Apr 4
*70
1
63
70
70
68 Dec 10114 Jan
7
7
612 634 8618 734 *618 7
1,000 Gould Coupler A
No par
0 Juno 19 1518 Apr 23
74 84 *718 8
4 Da
14 May
65* 63
538June 19 1338 Apr 1
6
6181
6
578 612
534 614 3,300 Grahaul-Palge Motora_No par
51ii 64
74 Oct 54
Jan
614 6
612 46
612 *6
612.
612 612 *6
6'8
,t No par
5122
tine
24
10
/
1
4
Nov
Apr
7
4912
1
Jar
2312 2358 23
23
nedy
bt"lic
et
ivef
2338 2338' 23
t
ae
sM,S._
1,g00 GrC
3
00 18 June 28 5978 Apr 2
2312 23
2314 2258 26's
404 Nov 1024 Mar
38
38
38
38
38
38 I *37
par 30 June 25 152 Apr 2
700Gran
3778 83718 3834 374 38
3212 Dec 414 Dee
Grand Stored
100 3312 Feb II 4,512 Mar 1
33 Dec 9812 Mat
iii8 11 -ii- 1154 1434 15
2 500 Grand Union Co
Yo par 10 June 17 2028 Feb lit
144 la 3
324 Jau
9,2 Nov
42 r 42
84034 41
*4034 41
900 Preferred
41
41
4134 4134
No par 3134June 18 44 Aug 4
42
41
5438 Jar:
30
Oct
*33 t 34
3212 33
3212 3212 3212 3213 032
3112 32
34
1,800 Granite City Steel
No par 3112 Aug 15 5038 Apr 3
52 Nov 633s Bern
$ per share
*46
4712
*13
14
7412 7512
11078 111
1212 1212
*258 234
$ per share! $ per share $ per share I
4713 47
*46
47
47
481
1278 1312 13
*1278 14 I
13
*7412 75 1 7412 7412 7214 74 1
110 110 *11014 115
110 11014
1312 1312 1312 1312 13
13 1
24 258
212 212 *212 234
275%
8
.......-Ne
*Bid and asked prices; no Wes on this day. a
Ex-dividend. 0 Ex-dly dead ex-rixhIs. 53 0 idiiloati enares for eaoh share held.
1071
New York Stock Record-Continued-Page 5
feor sates daring the week of stocks not recorded here. see fifth page precedlng
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CEN:
Saturday
Aug. 9.
Monday
Aug. 11.
Tuesday
Aug. 12.
Wednesday
Aug. 13.
Thursday
Aug. 14.
Friday
Aug. 15.
Sales
for
Ike
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share loss.
Highest.
Lowest.
PER SE ARB
Range for Presions
Year 1929.
LOZOISSI.
Highest.
Per rhare S per sitars $ per share 8 ver share
Indus. & MIseel. (Con.) Par
$ VCT share $ per share $ per share $ per share 3 per share $ per share Shares
3212 Dec 11432 Feb
o par 29 June 18 43 Jan 9
;0
13,
Prop2,.
4 3,600 Grant (W 'II
/
4 3034 3018 3153 2913 3013 2978 3118 3114 311
1
30/
31
31
Oct 3014 Feb
19
June 23 2538 Mar 25
18
Ore
Iron
Nor
4 1913 1912 6,8001Gt
1
19/
1913 19
1914 19
1912 1934 1913 1912 19
Jan
23 Nov 44
17 Aug 13 3412 Jan 16
1714 1714 1714 17
17
4,200 Great Western Sugar_No par
1812 18/
4 1712 1818 17
1
*1812 19
120 Mar 14 105 Nov 11912 Feb
27
31
100
11058518
Preferred
210
112
11214
112
112
115
*112
11212
11512 11512 11212
11512 116
Serra
70
2
June
Nov
1414
28
8
1214July
1312 1414 46,90010rigeby-Gr000w
4 1334 1353 14
1
4 1414 13/
1
4 13/
1
1338 144 1378 14/
1 Nov
512 Jan
4 Feb 4
12 Mar 7
. par
:
N
'Guantanamo Sugar_ _ _ _A
34
34
*14
*58
34
*38
31
8
,
*
78
*58
4
1
/
4
1
/
*
42 Nov 70 Mar
100 35 Aug 12 80 Feb 10
3612 .3514 ____
300 Gulf States Steel
3612 *35
35 .35
35
3513 37
37
*36
Feb
109
Dec
4
1
/
99
30
Apr
9818
Jan
109
17
100
*96 100Preferred
.96 100
396 100
*96 100
*96 100 .96 100
2312 Nov 35 Aug
5 26 Jan 4 38 July 29
140 Hackensack Water
3412 3412 3414 344 344 3414 3414 3414
35
3434 3134 34
Jan
Aug
28
30
17
Apr
29
6
Jun
26
'2
A
Preferred
2812 28
28 .28
20
2818 *28
284
2818 *28
2812 *28
.28
Oct 561
12
4 Jan
/
1233 Jan 2 234 Apr 17
par
No 100
4 1558 14/
1
14/
4 1573 6,600111ahn Dept Storee
1
1518 1512, 145 15
1534 16
1534 16
Jun
4 Dee 116
/
711
714 Jau 3 8812 Apr 17
8114 8114
8012 8012 *8012 82
2001 Preferred
*8013 82
*8012 81
*8012 81
4
1
/
29
Dee
Dee
27
Mar
25
4
313
17
June
21
10
400 Ball Printing
2234 211
*21
2213
4 213 *21
/
21
4 21
1
22/
2112 *21
21
4 Jan
1
90 Nov 106/
99 Jan 7 105 July 8
100
Watch
prof
----*10412
*10412
Hamilton
____
____
_
_
___
___
*10412
*10412
_
*10112
*105
200 Hanna prof new__. _ _ _ _No par 85 Jan 18 98 Apr 14
61 91 91 *91 92 *92 93 91 92
.91 -01-84 91
Jan 874 Om
54
5014 5014 350
900 Harbison-Walk Refrae_No Par 50 June 27 7214 Apr 21
5012
wit; 5012 *50 5012 .50 50 50 r
Oct 4178 Aug
13
818 Aug 14 20 Feb 6
Hartman Corp claw B.No par
812
*814
8
85
818
4
1
/
8
812
84
3,400
814
4
1
/
8
812
9
4
1
/
8
Oct
81 Sept
24
2
167
2314May
6
Aug
1912
r
o
a
2
par
No
1812
*1712
*1713
1812 *1712 1812
*1712 1812
1714 19 .174 20
.
Dec
724 Aug
55
13
Feb
61
26
*4913 52 I *4912 51 1 .4912 51
52 July
CirillA PlneaDele
Haw
*4913
51
*49
*4912 52
51
*19
68
4
1
/
5
Nov
3a May
4
Apr
4
1
/
17
4June 18
1
5/
NO Par
612 612' *614 7
4
1
*634 7
612 6/
1.300,1/ayes Body Corp
653 653
4 634
1
6/
84 Nov 11812 Jan
25 7712June 19 925s Feb 19
83 I 381
87
83
87
82
*81
82
200 Helen,(0 W)
87
*81
87
*81
Deo
Oct
3312
2112
11
Apr
31
23
20/2June
24
4 24
1
322/
22 .21
2258 22
800.Hertiulee Motors
22
25
*22
24
*22
45 Nov 14372 Oct
ir 70 Jan 2 109 May '28
rar
ya
No: p
9212 9212 9234 95
924 9234 92
954 2,200 Hershey Cbocolate
923
92
93
92
Oct
14314
Nov
8
005
Preferred
101
100
101 101
101 1'100
5001
101 101 *10011 102
4 102
1
*109/
Jan 10638 Oct
3 104
e 21
85;1 a
ry
2'1Jou;
)8314
08
1(
lc 22
ep
1 1
100 104
300: Prior preferred
4 10734 10734 *10712 10734 1075s 10752 *10712 10734 10712 10712
1
*10712 107/
1214 Dec 33 Aug
21 2514 Feb27
June
12
Co
*1
Par
No
&
16
(R)
*1312
315
4
/
11
17
200:Hoe
13'*
13'4
15
17
*1412
*1412 17
21 Nov 51 Mar
No par 2614 Jan 14 4114 Mar 28
600,Holland Furnace
4 3313 3153 3138 *3112 3212 *3113 3212 3158 3158
1
3213 3212 32/
1312 May 2458 Aug
4 Jan 20
1
5 June 18 12/
*513 614
6
6
614 6,4
200 Hollander & Sons (A) No par
4 *614 612 36,4 612
/
*614 61
66 Nov 03 Aug
Feb I
80
12
July
1
72
100
*7538
Mining
77
77
•754
77
075
200,Homestake
80
73
*7513
77
77
77
13 Nov 5224 May
Feb
29
13
Aug
912
5,600,,Houdaille-Ftereney dB'No par
1013
912 1012 10
4
1
4 10
1
9/
1012 1034 104 10/
1034 11
45 Aug 6214 Sept
6418 6413 .64
65
65
65
500!Bousehold Finance Part P1-50 49 Mar 6 65 Aug 13
4 *64
1
65
64/
4 64
1
4 63/
1
63/
Oct 7911 Jan
40
10
Mar
6112
25
Jan
5212
Prod
Par
Inc__No
___
_____ 1Holutehold
---- --_Oct 109 Apr
26
4 -"-iiig -713-OT2 -id- -i0r3 -i,f1-2 -75r2 -i1;3.6,1001Houston Oil of Tex tem etts 100 5214 Jan 17 1167/ Apr 25
4 -7
7112 7512 -7234 W1-4 -6
4 Nov 8212 Mar
1
34/
18 4112 Feb 7
2513June
par
No
2912
32612
'
327
29
30
2712
30
4
/
261
2912
4
1
/
29
27
294
9312 Mar
Nov
33
6
Jan
2
7
62
25
4June
1
/
25
par
28
32
3012 2812 3018 2853 301s 22:2
uinodtor Car___ _No
e Tk
dso
uw
H6
4 29
/
200in
366
314 3153 3112 311
Jan
18 Nov 82
10 1214 Aug 13 2613 Apr 11
1212 1278 7,300Hupp
Motor Car Corp
13
13
1
1313 1313 131s 1312 1318 1312 1214 13
39338y
Oct
4
1
/
17
32
25
7
Apr
8June
193
Oil&
Par
Gas_No
21
7,700,Indopeudent
4
1
/
20
2012
21
8
207
21
2034
4 2113 2012
1
204 2078 20/
312
Jan
Oct
321j
4'ziuno
No par
*434 478
434 5
5
5
51s
434 434 Z500,Indtan Motoeyele
5
5
5
25 Nov 9534 Feb
100 22 June 18 8712 Mar 3
*224 28
32214 38
*2214 38
*2214 28
22
22
e____ 22
10. Preferred
Aug
53
Oct
1512
18
4June
83
4
1
/
28
10
22
Mar
1114
4
1
1114 1133. 11
4 19,000 Indian Refining
/
111
4 1153 1034 1158 10/
1
10/
1014 11
5114 Aug
1112 Oct
813June 18 2714 Mar 22
10
Certlfieate8
Jan
4 Nov 135
/
681
'Jo par 73 June 30 124 Jan 10
"sit; ii". 16- iii" 91
509.Industrial Rayon
"ii" 13- ;i" "66" "iY.
85 85
Jan 22312 Oct
No pal 16414 Jan 81 232 Apr 24 120
190 190 .191 198
18612 190
1,000 Ingersoll Rand
190 190 *190 200
190 193
Auk,
113
Dec
.71
25
11
8
r
a
Jun*
M
9
68
No par
76 •7558 76
*75
76
76
80
*76
80
100 Inland Steel
376
80
76
.
Oct &Pa Mar
22
4 Feb 7
1
4 1412 1312 1438 1312 1412 4,700 Ie.oiratIon Cons Copper__ 201 1212.1une 181 30/
1
13/
151
*1514 1512 1513 1512 14
12 Dee 16 Nov
1732 Mar 10
1018 1013 *1014 1034 1.500 Insuranaharee Corp_ _ Nu par 10 July 11
1114 111 31012 11
*1114 1158
1414 Jan
2 Nov
3 Aug 14
712 Apr 1
No par
314 .213 312 2,500 interoont'l /tubber
34 314
3
*314 4
*314 4
0314 4
No par 1538June 23 2878 Apr 2
4 1758 *1712 1812 1712 1712
1
17/
*1712 181
*1712 19
200 Interlake Iron
*1712 18
Oct
; Jan
17-7
71
Atm
13
8
2
Jan
412
51
512
par
*514
51
*514
No
514
538
51
5,4 514 1.300 Internal Agricul
512 512
40 Nov 8812 Jan
100 524June 23 6714 Apr 91
*52
59
59
*55
59
5
*"4
4 *55
/
591
Prior preferred
*55
58
*55
255
Nov
Oct
109
28
19712May
18
Jan
4
1
/
152
par
Machlnee_No
17014
4
1693
167
Busluesa
170
171
16714
17014
3,500 lot
1704 17214 1714 17212 168
4 Feb
1
48 Nov 102/
6
4 Apr 2
/
6618 6118 6412 644 641s 65
653
2,000 International Cement_No par 5514 Mar 2 751
4 66'4 66'4 65
1
6614 68/
44 Dec /0312 Fel,
1412 Mar 26
6 Jan
4 558
1
5/
512 618
534 612
534 6
512 538
533 534
15,100 Inter Cmab Eng Cerp__No par
1812 Dec 121 Feb
100 80 Jan 2 78 Apr 1
6114 60/
57
4 613
1
60
60
6014 60
65
4,600 Preferred
5812 6014 60
'
85 Nov 142 Aug
7612 7518 767 50,100 Internet Harvester____No par 72 Aug 12 11534 Apr 16
7734 7212 754 75
764 7812 72
764 78
Jan
14 137 Aug 145
Mar
14412
10
Feb
14012.
100
*14112
14212
8
1413
*14114
____
14114
14114
142
Preferred
14114
142
*14114 14212
1,000
23 Nov 5912 Sept
3512 3212 3434
3212 3414 20.700 jut Hydro-El Sys el A_No var 3114June 18 54 Apr 11
3514 32
3514 34
34
47 No
4 Jan
1
102/
Jan 3 92 Apr 24
7412 7513 7512 7434 7715 077
78
7614 77
7312 7312 74
1,400 International Match pref___35 6512June
181a Nov 394 Oct
18 3.3 Apr 17
2114 2033 2053 02012 2034 2012 207s 2.500 Int Mercantile Marine Ctfa_100 19
2114 2118 2114 21
21
25 Nov 72/
4 Jan
1
4 Aug 13 4434 Apr 4
1
4 2114 214 2138 2012 2078 149,900 Int Nickel of Canada_ _No par 20/
1
2114 2158 2113 2153 2118 2158 20/
Oct
67 Dec 112
International Paper_ -_No par 58 Jan 8 05 Mar 21
Nov
Jun
9412
29
Apr
88
77
16
July
70
100
731.
"ii" "ii" ;in" WI; 70 78
74
;:ii" 16" -go" 16"
280 Preferred (7%)
20 Nov 4414 Oci
4 Aug 14 314 Mar 22
1
14/
1812 1918 1453 1838 15
2014 1918 20
20
20
17
20
11,500 Inter Pap & Pow al A_No par
Nov 334 Oct
12
14
Apr
4
221
14
Aug
912
par
No
01312
1212
1412,
1212
iS
13
912
*1212
13
1212
4 1112 4,900
1
9/
13
9 Nov 261s Oct
612 Aug 14 18 Apr le
No par
9
912
9
941
933 912
laas C
Ciam
612 9
7
934
8
9
13,200 C
77 Nov 95 Oes
100 70 July 7 86 Star 20
7212 70
7412 70
4 72
1
7434 74/
4 74
1
73
7434 7434 73/
3,900 Preferred
4 Oct
1
40 Nov 63/
4 Apr5
1
68/
031
33/
4 .8,4
1
4 33/
1
3412 3314 3314 *3312 34
82
3
,4
4 32
3312
1
*30/
500 Int Printing Ink Corp__No par 3134 Aug 8 101
4 Nov 108 Mar
1
91/
Apr 12
100 88 July 3
*8814 94
*8814 95
94
*93
94
94
Preferred
*93
*93
100 36 July 8 4534June 20
4 3733 3813 371
1
3712 384 3733 3614 37/
4 371s 37
1
36/
4 394 16,100 International Salt new
/
Oct "in; Sept
54
4 5334 533 .,3
1
4 53/
1
4 53/
1
*5312 53/
2 53
,4
533
7234 1,100 International Shoe_ -_ _No par 5312June 25 62 Jan 15
*534 54,4 *5312 55
95 Nov 15912 Ally
100 69 July 8 119 Feb I
68
68
*65
*65
68
*65
71
International Silver
*65
70
.65
100 105 Feb 25 1124 Feb 17 10314 Oct119 Jan
107 107 *10314 107 *10314 107 •10314 107
106 106
*106 107
20 Preferred
63 Nov1494 Sept
4 Apr 24
1
/
4 4234 4234 4334 42
/
4 4334 411
/
4 42
1
4312 411
43/
42
44
44,000 Internet Telep & Teleg _No par 4013June 23 77
251s Oct9312 Jan
18 June 17 40 Feb 4
2353 234 2338 .9
4 22
1
2314 8
,
4 2,400 Interstate Dept Stores_No pa
812
23
2212 2338 223s 2333 2214 22/
4 Feb 6
1
/
74 Dec 97 May
75
8
AUg
8
665
_100
_
ex-warranta_
68
*60
6614
*60
6614
*_--6614
Preferred
r.,„
60
' 7414
17 Nov
4 July
/
3.81
9
Apr
32
2
Jan
23
pa
No
4 30 .24
1
30
*2212 30 .22/
2312 2312 ;2112 30 .2111 30
1212 Nov 7212 Aug
4 AIM 14 20 Feb 19
1
No par 13/
1334 1334 •1334 14
14
1414 14
rs ECciourIptY
illoPe
1412 1412 14
nt
*1434 15
ln
0i
00
1,4
10
Oct
39
89
19
Mar
Met.
43
8
3112July
1
34
*33
34
*33
34
Coal
Creek
*33
31
34
*33
100 Island
*33
3338
33
39 Nov 16214 Feb
No par 43 Jan 20 6612 Apr 30
4514 4514 4514 45/
4814 4514 46
4612 4812 48
4 3,100 Jewel Tea Inc
1
*47
48
93 Nov 242/
4 Feb
1
Na par 7(1 July 10 14812 Feb 5
4 8053 8158 834 8573 84
1
8834 38,800 Johns-Manville
7934 8512 8214 8634 8012 84/
100 1184 Feb 24 123 Mar 21 113 Nov 123 May
_-_- 12212 12212 122 12212
____ 12218 12218 122
*122 _
140 Preferred
•122
Oct
4 Jan 6 12212 Apr 11 117 June 126
1
12212 12212 12112 12212 *1214 12212 *12114 12212 *12114 12212 *12114 12212
30 Jones & Laugh Steel pref...100 118/
4 Apr 9
1
5/
112 Oct 1813 Jan
153June 28
par
No
4
Car
4
13
4
/
11
4
13
4
Motor
13
Jordan
13
.112
4
13
8
15
4
1
/
1
134 1.300
134 134
Nov
8
7
10
4
1
/
13
Jan
1212
Nov
16
7
Aug
4
1
/
8
9
9
833 834
4
1
4 8/
1
8/
4
1
*812 8/
*812 9
*84 9
500 Kenneth (Rudolph)
174 Dec 374 Feb
2012 Mar 7
1673 1714 316,2 1714 .16'2 1712
.1734 18
174 173
*1714 18
900 Kaufmann Dept Stores_312.50 1612June 25
30 Nov 5312 July
2314 2312 1,800 Kayser (J) Co v t e____No par 234 Aug 13 4112 Jan 2
2312 2312 2312 237s *234 2334 2314 2312 *2314 24
1512 Nov 46
Jan
_o par 21 Jan 8,
4,*___ 49 .____ 4934
1
Ketth-Albee-OrPheumN
49/
4
1
49/
*---- 4958*
70 Nov 138
Jan
100 85 Jan 71 150 Apr 24
*102 no 14,10134 112 *10134 ____1*106 112 .106 115 *11
-0 14
10
100 Preferred 7%
634
3 Dec 231a Jan
64 Apr 10
3 June 181
318 .223
3
4
/
31
3
318 3331
4
1
4 3/
1
3/
338 3,4
2 4.000 Kelly-Spriratfield Taro_No par 204 Jan 31 42 Jan 24
5114
3
53,8 323
16
94
Dec
4
1
/
Jan
100
2312 1412 15,4 34.300
ed
rred
err
efe
6W4v. pref
*231s 2812 .32513 2812 •234 2712' 2318 2313 .23
801 8
28 Dec 100 Feb
100 29 Jan 21 55 Jan 25
4 35
/
*251
35
35 1 *254 35
*__ _ _ 35
Nov
11
Apr
8
183
cos,
4
1
/
39
may
31
Jan
2213
par
No
2814
KelseyllayestVneel____
3
2912
283
4
30
283
29
2914
284
29
2814 2853
30
4,600
5 Oct 1914 Feb
4 Apr 25
1
4 Jun 2 26/
1
7/
4 1478 141
1
No par
4' 14/
/
4 1518
/
4 1512 1458 1512 1413 151
1
14/
Helvfnator Core
75 Nov 96 Feb
79 1 *74
79 .74
*74
No par 72 June 27 89 Mar 21
81
74
77
81 .
77
*74
Kendall Co pre
*74
3 Nov 10478 Mar
493
7
Feb
4
1
62
15
Aug
354
37
3358
4 3612 37/
1
/
4 364 3714:
1
No par
4 3333 3712 38
1
37/
142_ 2:
725,
3:2_3
28.081_8_ 123,500 Kenneeott Copper
:
454 May 573a Oct
No par 4814June 21 59 Mar 31
4 •504 5178 *5018 5012 504 5018 494 4914 .49
/
*5018 511
5012
200 Elmberley-Clark
Nov 441
2112
4
4012June
29
Jan
4 July
/
20
par
32213
23
25
*2212
No
26
*2212
.2212
26
23
Co
23
100 Kinney
80 Oct 10934 Mar
100 7912 Aug 15 97 Apr 17
83 .80
83
80
80
8212 8018 8212 *80
*81
160 Preferred
3/
4 Dec 7853 Jan
1
815 Apr 14
4 Jan 18
1
1/
2/
4 2/
1
4
1
4 2/
1
No par
2/
4 3
1
2/
4
1
27s
3
4
1
4 2/
1
2/
234 2/
4 3,100 Holster Radio Corv
1
27 Nov 7612 Oct
No par 0814 JIM 6 5514June 2
Kraft Cheese
95 Apr 10578 Oct
100 98 Feb 6 111 June 5
I Preferred
28 Nov
5712 Mat
.
10 2614Ju1e 17 34114 Jan 2
/9-1; 28 -2-£1
2724 28
;F7i4 23- 5.200 Kresge(SS) Co
5314 Nov 114
Jan
*52
*52
58
5913 *52
No par 50 June 24 70 Jan 24
58
*52
58
58
Kress Co
.52
•52
54
221s Nov
4632 May
2334 Jan 2 3532 Apr 10
4 27's 27/
1
4 2713 2753 2634 2712 29,900 Kreuger & Toll
1
2714 2738 274 277s 274 27/
3313 Nov 12212 Jan
23
Jan
484
18
June
21
par
8
227
2212
24
Bkg_No
234
23
23
&
x23
Grocery
2313 23
25
24
2353 15.800 Kroger
1513 Nov
11 2912July 17
4 June
1
38/
4 2834 2834 2814 2834 2834 29
1
4 28/
1
*2812 28/
*2834 29
4 28/
1
2,500 l&go Oil & Transport_No par 2114 Jan 18, 113 Apr 1
8013 Nov 1574 ltlar
8612 *85/
No par 7612June
4 8912 86
1
4 8612 8712 85
1
87,2 8712 37/
3.900 Lambert Co
86
90
11
25
Mar
5
171
Oct
25
1nne
4
/
41
Jan
par
4
1
/
*4
434
5
TIre____No
434 0434 5
5's
54 *5
*5
100 Lee Rubber &
*454 5
30 Nov 65 Feb
42 Apr 1
3134 311
4 *31
/
32
32
331
32
33 '311
33
*31
4 32
/
200 Lehigh Portland Cement_ _50 30 July 71
100
24
10812M8y
4;
110
Aug
Nov
4
1
104
may
*104
104
100
101
105
105
.104
7%
*10314
105
105
•104 105
*10312
10 Preferred
10
93
Ott 82 Oct
91
74June 181 1712 Mar 17
912 933
914 10
912 912
*914 912
953 1012 6,630 Lehigh Valley Coal_ __No par
31 Dec 4414 July
60 2218June 36' 3712 Mar 19
30
30 .25
25
•25
30 .
30
Preferred
*25
*2514 30 1 .25
30
28 Nov
tiSIT Feb
Vo par 2214June 25 86 AM 14
4 27
/
2618 264 x28
1.300 Lehn & Fink
2812 2812 2753 2758 274 2712 261
28
17 Oct 43 Aug
Aug 13 3112 Mar 29
4 19
/
1853 19
*1812 19
19,2 .181
1912 19
•19
.184 19
2,100 Libby-Owens Glass_ _... No par 1853June
18 11334 Apr 1
8014 Nov 108
Oel,
9312 9312 *92
94
393
92
94
Liggett & Myers Tobacco._.25 85
392
388
03 I '
95
'90
80 Nov 10304 Oet
25 85 June 25 114,4 Apr 1
4 93
/
9113 9213 93/
4 9413 29212 94
1
0114 0234 011
9033 92
10,000 Series B
30 Nov
5784 .13251
27
26
26
*24
2534 324
264 *26
2512, *24
500 Limit L000rnot Works_No par 20 June 18 4914 Feb 15
*24
251
4
/
3753 Nov 81
No par 37 June 25 11538 Feb 21
38
Feb
39
4 38
1
4 338
1
39/
40
4 37/
1
46 I 37/
03713 40
400 Link Belt Co
*38
4 Mar 28
/
40
Oct 113/
No par 5234 Jan 3 811
4 Jan
1
4 65
1
6512 62/
4 65
1
*6512 66
66
5,100 Liquid Carbonic
6434 6614 6512 65/
68
9514May 14
32
Oct 8413 Feb
6553
64
624 65
30,900 Loew's Incorporated_ No par 421s Jan 2 1121ahine
3
4 Jan 17
1
80
No par 80/
Oct 11014 Jan
0
,1 10
1:
03
16
19
5
6
3
:
0
4.
12
43
63
2 16
3
:
0
6
3:1184
.378
83534 31
3
5
:
6
0
2 19
6
0
,
*103 105 *103 105 *16
:1
.,35
100 Preferred
63
5
038
6
,
22
,,4
38 1
..elby 3
12J111
7,.
,
5 9
1
19
k= 18
42
1
8/
4 Nov 95 Mar
1
80/
4
1
9533 95/
400 Preferred ex-warrauta.Vo par 73
6,9514 9514 954 9518 *9512 96
34 Dec
No par
1112 Apr
4
1
338 3/
4 334
1
3/
4,900 Loft Incorporated
718 Aug 4 1544 Mar 22
12 Dee 3212 Jan
718 718 *718 8
4 8
/
*71
74 7,3
200 Lees Bell Lumber A._ No par
8
2
r 388
,
r
Ati
25 5012 Jan 4 704 MA
4 Nov 877s Sept
/
391
5638 5913 5113 5612 5412 5513 5418 57
581s 5818 5712 59
20,000 Loctee-Wilas Biscuit
2
1813
2 2
ri .28
Jab
618 Fe
25 18
144 Oct 3112 May
4 21
/
2134 2114 2314 54,600 Lorillard
2058 2112 2112 2214 20'2 2233 2018 211
No par
7
4 8/
1
4
1
812 812
. 8/
853 85
Oct 18
4 81
1
8/
853 8/
Jan
4 1,100 Lotittlana Oil
1
0812 812
100 8013June 18 8912 Feb 6
SO Nov 10014 Feb
*8034 81
4 8034 *80/
1
80/
4 81
1
4 81
1
380/
*8034 81
10 Preferred
4 88 '
1
,•80/
23
354 351
4 3518 36
/
3714 3538 33
Oct 72/
36
4 Sept
1
3518 3534 4,300 Louisville0& El A -__No par 33 June 23 5114 Apr 25
3512 36
22
June 25 441
4 Mar 12
/
No par
22 Nov 1113/
4 2334 2253 234 2234 24
1
4 July
1
2234 24
9,300 Ludlum Steel
4 2233 23,4 22/
1
2212 23/
Vs par 78/
4July 8 9934 Mar 18
1
365
85
76 Nov
1305
365
85 '
85
85
Preferred
18 June
•65
365
85
85
*65
*294 2934 *2914 2934 *294 2934
30
30
31
3014 Oct 46
*30
100 MiteAndrows & Forbes_No par 2414June 19 3934 Apr 3
Jan
*2914 30
No pal 4614June 13 8812 Mar 37
4 5313 5138 53/
1
5438 51/
55's Nov 11434 Feb
4 5413 5438 55
1
4 55
1
51/
4,300 Mack Trucks Ins
55
54
"- '• Inn
C 1• ,.$1
11rt
11531 11834 *11; 122
Linn •r. - ,-,,.
118 11834
1184 11838 116 117
•11612 119
•Bid and as.iLad Prices: no sales on this day. y
1072
New York Stock Record-continued-Page 6
or sales dqrang the week of stock, not record
ed here, see sixth page preced
ing
HIGH AND LOW SALE PRICES-PER SHARE
, NOT PER CENT
Sales
PER SHARE
STOCKS
PER SHARE
for
Range Since Jan. I.
NEW YORK STOCK
Monday
Tuesday
Range 20 Previose
Wednesday Thursday
Friday
On basis of 100-share lots
the
Aug. 11.
EXCH
Aug. 12.
ANGE
Year 1929.
Aug. 13.
.
Aug. 14.
Aug. 15.
1Veek.
Lowest.
•
1 !Bohol.
Lowest.
Highest.
$ Per share $ Per share $ Per share $ per share 9 per
share
$
per
share
Shares
Indus. & &Racal. (Con.)
--13
1314 1234 1234 1258 1258 1212 1212 *1213
1314
S per share
600Madiaon So Garden___No Par $ per share
skate
Per
3112 32
Per aars
S
3278 3278 3138 3218 3112 3112 3138 3138 *1212 13
par
1034May 8 1538June e
3118 3138 2,200 Magma cooper
111s Nov
24 Feb
812 812
814 *712 734 *712 77
7
8
714 712
712 712 3,600 Mallison (H R) dr Co No par 2834June 19 5234 Jan 7
35 Nov
*214 4
9213
May
*214 4
*214 4
No
par
*214 4
*214 4
6I2May 5 13 July 3
*214 4
Manati Sugar
6 Nov 3933 Jan
•12
1534 *12
1534 12
12
100
12
12
112July 8
*12
1534 *12
8 Jan 2I
60 Preferred
3 Dec 26
1534
*71
Jan
4
*12
14rr *12
_ rr
14
100
*7
14
113
*12
4July
14 50 Jan 2)
*12
.r _
14
1975 Dec 5012 Jan
Mandel Bros
rr __ r rrr __ __ 14
No pa
_
12 July 9 15 Jan 14
_
14
Manh Elea 8upply
Oct 3833 Mar
iii
14
1212 1212 *1214 iii; *1214 14 .1214 14
No
par
8
vii
June
25
5.518M
zi2
7
8
200
ay 1
-1118
1978 Nov
Manhattan Shirt
3734 Jan
•34
3678 33
33
*33
3334 3313 3318 *31
25 11I8June 25 2458 Jan 10
34
32
800 Mariln-Rockwell
3258
1914 Dec 3558 Jan
934 1013 10114 10, 101.3 101s *10
1112 10
10
10
*314 312 .312 312 *315
1,200 Marmon Motor Car__ No par 3014June 26 .55 Feb 29
10
30 Oct 8978 May
312
.3i2
312
_No
par
*313
83
8Ju
.3l2
ne
3t2
28
3558 363, 336
32
3078 Apr 9
19 Nov 104 May
Martin-Parry Corp
3672 3534 3534 3512
No par
3 Jan 6
6 May 113
212 Nov
*123 130 *123 130 *12313 130 *12312 3512 3614 3733 3612 3334 1,700 Mathleson Alkali WorkeNo par
18
Jan
130
12312 12358 *12313 125
3238June 25 513a Marl)
20 Preferred
29 Oct 218 Feb
*4214 4413 4213 4334 42
4214 *4134 44
100
115
42
42
Jan 24 127 Apr 21 120 Jan 125
x42
42
900 May Dept Stores
1234 13
Jan
121.3 1234 12
12
25 4015July 3 6135 Jan 31
12
12
1178 1178 1138 1138 1,500 Maytag Co
4512 Dec 10813 Jon
*2478 26
*2478 2512 2478 2478, 2413 2412 *22
No par
1138 Aug 15 23 NT ar 26
2318 .2218 2214
200 Preferred
1538 Oct 2912 Aug
*76
77
*7534 77
7512 75581 7512 7512 *7413 7718 *7412 7538
No par 2112June 28 4013 Apr
400
Prior
2814
7
Dec 4914 July
*40
41
preferr
*40
ed
41
No par 7512 Aug 5 841314
40 40 1 40
40
*38
40
*38
200 McCall Corp
40
ar 28
*6412 55
7512 Nov 9013 Jan
*5412 55
*5412 55
No par 37 July 17 50 Apr
*5412 55 I *5412 55
*5412 55
1
McCrory Stores class A No
3914 Dec 108
Oct
par 80 May 19 74 Jan 2
*57 6212 *57 6212 *57
6212 *57
74 Dec 11334 Feb
6212 .57
6212 *57
60
Class B
*90
94
*90 94
*90
94 1 *90
No par
94 .88
5738June 12 70 Jan IC
94
*80
41512 Feb
921s
Preferred
Dec
70
*3318 3512 *3318 3512 3358 3410
100 8912Muy 7 97 Mar 24
33,s 3318 *33
3512 *33
3512
300 McGraw-Hill Publica
8612 Nov 120 Feb
*1713 18
*1712 18
1712 1712 *1712 18
*1712 18
*1712 18
100 McIntyre Porcupine 's No par 3012June 23 44 Apr 7
7612 73
30 Oct 48 Feb
7612 78
7512 77
Mlnes.._5 1434 Jan 2 1912 Apr
7512
7612
7612
11,000
7734
783
8
765
4
22
1212 Nov
McKees
2313 Jan
port Tin Plate_No par 61
19
1914 1878 1918 1653 187a 1412 157a
Jan
15,
2 89I2June 4
3 1773 1638 1878 18,800 McKesson A
54 Nov 82
*33 41
Jan
.38
49
Robbleui__No par
377s 3778' 37
3718 *37
1412 Aug 13 3738 Apr 12
38
*37
500 Preferred
38
2118 Oct 59 Mar
*1334 15
*1312 5413 1414 1412 *1414 15
50
35
June
*1414
1.512
24
*1414
1412
4914
300
Apr
f
McLellan Stores
40 Oct 63 July
*36
37
*37
38
37
37
No
313
par
36
12
*3512
Juno 30 2014 Jan
38
*3513 38
200 Melville Shoe
1812 Dec 5913 Aug
1218 1278 1214 1278 1213 1234 1112 12
No par 2614 Feb 8 42 Apr 1
1158 12
12
127a 2.400 Mengel Co(The)
R
2618 Dee 72
1918 2034 20
Jan
2112 1912 2112 1928 2012 2018 2114
No par
10 June 18 2334 Mar It
2012 2134 57,900 Mexican Seaboard
9 Oct 3475 Jan
16
1614 1613 1613 16
011,...
18
No
*1578 18
par
161s Jan 18 37 AM 7
1538 16
1518 1534 3,000 511aml Copper
914 Oct 6938 Jan
5712 63
60 60
60 60
5913 5912 .58
b
18
June
18
60
33
58
7
1
Feb
58
900
Michig
el
20
an Steel
23 2313 2314 2312 2313 2312 2318
Oct 5412 Mar
Vo par 53 Jan 6 77 May
2312 23
2338 2312 24
5,000 Mid-Cont Petrol
13
44 Dee 1227
1
,July
1
1
1
78
78
No par 2213June 18 33 Apr 7
118 1181 *1
8,900,Middle States
1 Is
1
1
2218 Nov
3975 All
29
30
3018 3014 3012 3112 30
MCorp MN.-36141 31
75 Mar 4
212 Mar 17
3134 2978 3218 6.200 Midland Steel Prod
382July
34 Nov
No
par
2158.1u
ne 25 53 Feb 28
*53l 60 *5318 60 5313 5318 *4313
1Miller Rubber
No par
373 Jan 23
538 Apr 2
*55
1001 MInn-floney well
60
314 Dec 288 i'da;
*13
1312 1258 1318 1078 1278 11Is 521 4812 00
1212 12
1214 12
4 Mar 19
6,700 Minn-Mollne PowRegu_No par 60 July 1 76,
13
69 Nov 12314 See%
70
70
71
71 •____ 73 *____ 73 1 *62
Imp]
No
par
1078 Aug 12 2878 Apr 17
70
*65
200
74
10
Oct 4388 July
Preferr
*17
ed
18
17
17
1714 1714 1678 1714 1634 1634 1634 1634 1,400,Mohawk
No par 70 Aug 9 9214May 29
65 Nov 102 July
40
Carpet Mills_
40
40
40
*39
40
1634 Aug 14 40 Jan 27
39
3978 • 39
35 Nov 8014 Mar
4212 42
4334 3,1001Monsanto Chem Wks No par
321.r 333r 321, 335.. 207
1,
. 32
No par 35 June 25 6334 Apr 21
293, 313.' 3019 317a 3012 3212 102,900,54°M
47 Nov
8013 Oct
Ward&CoIliCerPNopar 2918 Aug
*6
13 497s Jan 2
713 .6
4255 Dec 15672 Jan
714
rg
712 *6
.6
*6
7
7
7
Moon Motor Car
*52
53
5238 5238 52
new
_No
par
5212 *5178 52
Jan
4
22
33
5112
Apr
1611
2
112
52
800
51
,
8
62
Oct
Morrell (J) & Co
5 (Jet
118 118
113 118
11, lig
No pa
51 Aug 15 72 Feb 5
11g
1 18
1.14
118
118
118 4,200 Mother Lode Coalition_No
42 Oct 8138 Oct
*312 334
358 334
par
358 338 *358 4
118June 17
*353 4
2 Jan 2
112 Oct
400 Moto Meter Gauge
358 358
612 Mar
*40
45
43
drEnNo
43
41
pa
318July
41
314
4012
12
115
41
41
3 Apr 10
4012
*4012 43
400 Motor Products Corp_
Oct 3)14 Aug
2113 2218 *2212 24
_No pa
2218 2238 *22
3412June 21 81 Apr 7
2214 2178 22
2178 2218 1,400 Motor Wheel
30 Nov 206 Mar
*1134 12
1134 1134 1134 1134 *11
No pa
1112 *11
21 June 17 34 Afar 19
1134 11
600 Mulling Mfg Co
21 Nov
1134
551s Aug
*50
51
*50
51
No
*50
pa
8
51
June
50
18 2034 Feb 14
50
54
*50
*50
54
10 Pre-erred
10
Oct 8178 Jan
*41
4178 *40
No par 40 July 2 6478 Jan 31
42
40
40
236
36
3858 4014 3812 39
1,600 Munsingwear Ina
55 Dec 10214 Jan
15
1513 15
No
par
1538 15
36
Aug
1534 1413 15
13
15
5313
Feb
147
1538
8 15
38 Nov 6134 May
8,000 MurTaY Body
10
*3714 40
*40
par
41
1212June 17 2514 Apr 11
*38
41
.38
41
*38
•38
40
41
1478 Nov 10078 Julia
61yers F Ac E Bros__
3338 3334 3318 34
__Noo
N
32
3558 Jan 2 491s Mar 25
3153 34
33
3318 3218 337s 8,400 Nash Motors Co
30 Oct 8713 Oct
1214 1238 1238 1212 1212 3312
3018June
1212
24
1238 12
12
5812 Jan 6
121s 1278 1278 3,300 Natioiaal Acme starep
40 Oct 11875 Jun
*1712 20
*1712 20
ed_o_
1053June 24 2614 Feb 14
*1712 20
*15
20
*15
*1512 20
20
Nat Air Transport
1453 Nov
417g .11111
912 912 *9
9
93a
No par
11 Jan 13 3935 Apr 14
914
9
91s
834 878 *812 878 .2.6
10 Dec 4814 May
0
06
1
:
.56
No par
814 July 10 20 Apr 7
Nation
tioneal
918 Dec 71 Mar
a
ll
l
as
B
il
"79"
isruit
"7814
-7612 791-4 -776 76-34 7618 7-41-2 77'2 8012
177 Jan 2 22534 Mar 21 140 Nov 23634
4213 4134 43
41
Oct
10 71 Jan 2 93 May 29
4134 43 4112 43 4234 43 43 4312 8,000 Nat Cash Register A w I
6514 Dec 73 Dee
5012 5112 51
No par 41 Aug 9 8313 Feb 3
5218 5012 5112 5018 51
69 Nov 14834 Mar
51 18 5131 5078 52
1334 1334 14
14
4514
Jan
1334 14
62
20
June
*14
1413
2
*14
36
1418
143
1312
Oct
31
8
a
8612
1
t
N
0
.'9
D
10
0
e
ap
Aug
i
rY
artPr
me
od
nt Stores No
*8314 85
*8314 84
op
pa
ar
1312 Aug 15 2411 Feb 27
*8314 8312 *8314 85
20 Dec 3734 Mar
*8314 85
let preferr
*8314 80
27
27
28
100 86 July 10 90 Jan 27
28
2714 2834 2713 2718, *2712 2812 2738 2738 1,000 Nat Distill ed
89 Dec 96 Jur,5
Prod etfs__ _No par 2412June 25
*20
24
*20
23
*20
24
3912 Feb 6
2018 20181 2018 21
15 Oct 58 June
*20
24
300 Nat Enam A Stamping
100
1714June
33
12
14
Mar 1
*127 134 *121314 127
2512 Dec 6214 Jan
12434 126
125 125
125 125 *125 135
600 National Lead
*14112 142
100
14134 14134 142 142
Aug
1243
4
12
18912 Feb 7 12914 Nov 210
14112
360 Preferred A
.118 119% *118 11978 118 118 *118 142 *14112 143 *14112 143
100 13818 Jan 3 143 May 13 138 Nov 14113 Oct
11978 118 118 *118 1197s
20 Preferred 1i
4112 4014 44
39
100 116 Jan 17 119I2July 1 115 Or 12351 Feb
4114 4312 4112 4378 43
445g 4314 4538 151.800 Niaitlional
Apr
al P
R
L
d
i
c
i
a
L
to
a
r
.1,
No
4 2
par
*134 2
32 Jan 2 5834 Apr 24
*134 2
23 Nov 7134 Aug
*134 2
*134 2
•134 2
414
'10 par
134 Jan 7
*312 412 *312 412 *31
412 Jan 15
4
112 Dec 17
100 Na
4
*212 514
9
4
Pl
Preferr
iomi ed
Jan
*313 10133 105
supply
*105
No
par
3
June
105
25
11
105 10514 10318 10312 *10334 105 *104 105
Jan 15
112 Dec 41
Jan
*68
69
10078June 27 124,
6778 68
6878 6878 *68
4 Apr 7
9812 Nov 144
800 National Surety
69 .68
69
68
68
Jan
*2612 27
60
2558 26
3013
Jan
9835
Mar
7
*2534 27
22
7014
Dec
1.200
24
2512 2412 2458 2378 24
NatIonal Tea Co
155 Feb
16
1618 1578 16
2378 Aug 15 4171 Feb 4
3115 Nov 9138 Mar
1414 1638 1418 1438 1312 1458 1318 14
20,500 Nevada Consol CoPPer-N
*5012 55
Noo par
1318 Aug 15 3238 Jan 7
50
5012 *43
2314 Nov 6273 Mar
50
4978 4978 *49
4978 50
800 Newport Co claw A
50
*34
4978
50
36
Aug
34
13
85
34
Mar
25
35
43
35
Mar 103 Sept
*34
34
*33
34
500 Newton Steel
36
par 28 June 17 58 Apr 14
3812 381 *3812 3912 .3812 3912 *3812 35
35 Dee 113 July
3912 3812 3812 3933 3912
600 NY Air Brake
29
N
No par 3714 Aug 4 47 Feb 19
29
*28
33
*28
3512 Oct 4934 Mar
33
*28
33
*28
*28
33
33
100 New York Dock
8212 821 *8112 8412 *8112 8412 *8112
28
June
26
48
Apr
25
33 Nov 5888 Feb
8212 *8112 8212 *8112 8212
100 Preferred
104 104 *10412 108
100 80
8234 July 90 Apr
105 105
10314 10314 *10314 105 *10314 105
90 NY Steam Prof (8).--No Par 100 Feb 8 8813 Apr 24
113 113 •112 116
Jan 2 105 Aug 12
112 116
9313 Nov 103
116 116
113 113 *114 116
90 1st preferred (7)
Jan
No
par
9212 943
110
Feb
11812
5
Mar
92
13 107 Nov 115 Aug
95
9114 9378 9034 9134 9314 9053 9334 9834 119,500 North American Co
5512 551
No par 8712 July 8 13278 Apr 11
5512 5512 5578 5578 *55
6612 Nov 18634 Sept
Preferred
56
.55
5578 *55
56
*10413 10478 •10412 10478 10478 1047
60
Jan
51
13
Juno
57
4
48
Nov 5414 Jan
8 105 105
10414 10412
10478 105
7
300 No Liner
rcl
E !son pref__No par 10034 Jan
40
23 105 May 22
40
*4018 41
*4034 4112 *4158 4238 *4214 4314 *4212 43
98 Nov 10384 Jan
200 North German Lloyd
*45
46
*45
46
*45
4112 Dec 6414 Jan
46
Northwestern Telegraph__ _50 40 Aug 8 51584June 11
*45
48
*45
46 .45
46
42
Jan
*1
2
134 *118 178 *118 178 *1.
5015
Mar
14
4012 Dec 50 May
Norwalk Tire A Rubber __.10
114
134 *1
178 •1
7a Jan 9
4 Mar 26
*212 6
54 Oct
814 Feb
•3
6
*3
*3
Nunnally Co (The)----No
*3
6
8
6
*3
6
2 Feb 3
Dar
2338 2414 2312 2418 23
314June 16
2 Dec
2312 24
25,500 011 Well Supply
2312
23
233
2312
4
223
4
8 Feb
25
918
105 107
Jan
3
243
8July
10512 107
22
Preferr
107 103 *10613 107
778 Dec 32
ed
10658 10658 100 10634 2,650
JaIl
100 88 Mar 10 103 Aug 12
1612 1612 17
1778 1612 1712 1638 17
8834 Dec 10612 JR:1
1718 1712 1712 1778 3,500 Oilver Farm Equip____No par
1373 Jan 2 3473 Apr 17
2738 29
2814 2814 2714 2714 *2634 2812 2612 2714 2812 2812 1,200 Cony participating_
Oct 6412 AG,
_No
par
2612
*7258 78
Aug
14
4618
*7253 7713 *7258 78
Apr 17
17
400 Preferred A
78
•70
72
7253 7253 72
Oct 69
,
8 Ar12
No par 712 Jan 2 9034May
*4
518 *4
514 *4
13
412 478
5
418 413
8412 Dec 991 May
700 Omnibus Corn
4
4
No par
85
234 Jan 3
85
*83
838 Mar 31
85
83 83
260 Orpheurn Circuit. Ine pret_100
83
83
*8014 85
212 Oct 1078 Feb
85
*83
6134 6234 61
63
Jan
6 997s Apr
6278 6112
6212 62
7,900 Otis Elevator new
5018 Oct 9534 Jan
6378 6214 631
*12534 1267s *12534 12678 *12534 6334 61
No par 55 June 18 8038 Mar 24
1267g 12678 12678 *12534 127 *12534 127
70 Preferred
2638 2638 23 261
100 11818 Jan 23 128 June 13
25
3,200 Otis Steel
12 11878 Oct 125
41 25
2434 2434 2412 2434 2412 25
Jan
No
5____ 94 *---- 9218
par
2112 Aug 14 3873 Mar 31
921s '.- -- 9210 •____ 9218 •__ _ _ 9218
Prior preferred
2214 Nov
Oct
55
*47
100 89 July 2 09 Apr
4712 *47
4713 47
47
500 Owens-1E111nel/. Glass Co___2
*46
29
*46
47
4612 4618 461
8934 Nov 108 Feb
53
5334 5318 54
5
4514Ju
ne 23 6078 Feb 7
5312 541
5313 5334 5258 5333 53
6,000 Pacific Gas A Flee
54
43
Nov
8912
Seel
7338 7334 74
25 5218 Jan 2 7473 Mar
7512 7138 7353 7158 73
7218 76
42 Nov 9834 Sept
4,000 Pacific Ltg Corp
7318 75
*2012 21
No par 7138 Aug 12 10772 Mar 31
2034 2034 *2012 2234 •2012 2234 *21
223
5818 Nov 14612 Sept
10 Pacific M.1113
2234 *21
100 2O' July8 30 Feb 28
Pacific
8
011
1712 Nov
37 Apr
*155f2 1313
No par
156" fiff-ri.5f2 116'- 1315, 132'2 135 135 156 136
1 Jan .J1
114 Jan 22
190 Pacific Teiep dr Teleg
58 Oct
113 Jae
*12618 130
100
130
12614
Juno
18 178 Feb 19 131 Nov 220
12614 *12618
10 Preferred
July
1312 1378 1353 1418 1353 130 *12618 130 *12618 130 '126's 130
100
14
1418 13
1318 1312 x1278 1312 77.700 Packard Motor Car_ ___No par 11612 Jan 0 145 Feb 21 11634 Jan 138
Oct
*5818 6013 58
1212
June
58
17
58
2338 Mar 18
58
5734 68 .58
60
700 Pan-Amer Petr Az Trans _50
13 Nov
6018 *58
3212
Sept
53
5818 58
5153 Feb 21 64.4May 14
5838 581s 5833 5734 5813 58
12,300 Class B
58
583
8
4014
Feb
69
Aug
Ws
50 5012 Jan 25 6713May 14
712 838
778 814
753 8
712 734 5,400 Parmelee Tranmporta'n-NO
4012 Feb 6914 Aug
753 734
712 773
Par
712 Aug 9 2813 Mar 10
*612 712 .612 712
1513 Dec 21 Dee
612 612
512 8
512 553 1.300 Panhandle Prod A ref--No
*512 612
*70
75
418 Feb 14 1234May 14
Par
*70
73 •70
73
200 Preferred
*45
3 Nov
60
*60
70
70
1514 Jon
70
100
5312 54,
4712
4 5338 5433 53
Jan
14
80
5312
May
56
55
14
Param
42,800
4712 Feb 76 Jan
55
53
ount Publix
5412 5538
212 212
No par 4858 Jan 2 7714 Mar
2
2
2
4,20CdPark Utah C M
218
31
178
2
Oct
36
17
2
8
2
2
7512
Ot
4
1
414
4
158Juue 17
414
4
372 4
438 Apr 7
418
378 4
5,100 Pathe Exchange
3 Dec 1378 Feb
37s 4
No par
712 734 *734 8
234 Jan 3
8
9 Apr 25
212 Dec
1,400 Class A
8
8
1478 Jan
734 734
778 778
No par
1714 1712 *1734 1812 1758 8
5 Jan 2 1958 Apr 25
1778 1718 1718 •1734 15'4 1712 1712 1,300 Patin() Minea 6, Enterpr_-__2
412 Dec 30 Jan
6
5
0 17 June 18 3273 Feb 5
*434 5
4
434 *4
,
1,600 Peerleas Motor Car
*418 5
5
2478 Oct 4714 Mae
5
38
3918 39
50
4 Aug 12 14 Feb 3
40
3858 40
515 Oct 2213 Jan
Penick & Ford
3814 3978 3912 40
41
7.300
3934
51
50
No
par
5078 5112 50
2618 Jan 7 553
5034 4978 5018 5053 51
6,600 Penney (J 0)
10
54
54
22 Nov 6078 Sept
*100 10012 *100 1001 *100
No par 48 June 18 80 8 Apr
1001 100 100
Jan 3
*9934 10178 *100 10178
500 Preferred
68 Nov 10514 Oct
615 615 *618 7
100 93 Jan 7 10058 Apr 26
612 612
614 614
Penn-Dixie
700
*614
33
653
Oct 97 Dee
612
Cement
65,
__
*40
__No par
48
40
40
613 Jan 4 12 Mar 8
*35
43
312 Nov 27
*35
40 .35
48
Preferred
43 .40
Jan
*242 258 *242 258
100 3018 Jan 2 5512 Mar
242 212
241 249
*150 255
13
2541
249
2018
1,600
People'
Nov
0
s
LAO
94 ;an
*2012 2114 21
(Chlo)
-_100
2212 21
230 Jan 17 325
22 .2013 21
27 208 Jan 404 Aug
*21
2112 1,900 Pet Milk
2073 21
3373 34
No par 17I3July 17 2212May
*3334 34
3378 337 *33
Aug
11
Phelps
34
1818 Der 4513 Jan
33
3134 3231 1,700
-Dodge Corn
331
*150 205 *160 210 *150 210 *150
25
210 .190 210 *190 210
31 Nov
Philadelphia Co (Pittsb)___50 291 2June 18 4433 Apr 7
797s May
.5334 543 *5334 5434 5434 547
200 June 18 248 Apr 15 15713
*54
55
*5314 5334
54
55
400 8% preferred
Apr 285
Oct
1334 1433 14
60
1434 14
6015
141
Jan
15
55
Mar 31
137
471a Nov
1512 14,800 Phan A Read CA I__ __No par
14
64 Mar
973 10
*973 1018 *978 1038 *10 3 1438 1418 143
11
*10
915 Nov
34
•1014 11
200 Philllp Morris A Co., Ltd_ 10 1138 Jan 17 257sMay 23
Jon
11
*19
20 .
19
20
*19
814
Jan
20
Mar
8
1512
*19
11
20
Oct
*19
Phillip
534
19
19
2314 Fee
20
100
s Jonea Corp.__ _No par
*5933 71) *5934 70
19 June 24 2773 Feb 18
*5934 70
*5934 70 *5934 70
1912 Nov 73 May
phill1ps Jones Dref
*5934 70
100 6514 Aug 6 75 Feb 11
85 Nov
98 2)9S7
•Bid and asked prices; no sales on
this day. b Ex-dividend and ex-rights. z Ex-divldend. 1/ Ex-rig
hts.
Saturday
Aug. 9.
par
1073
New York Stock Record-Continued-Page 7
For sales during the week of stocks not recorded here, see seventh page monodist
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
,Saturday
Aug. 9.
Monday
Aug. 11.
Tuesday
Aug. 12.
Wednesday
Aug. 13.
Thursday I Friday
Aug. 15.
Aug. 14.
Sales
for
the
Week
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
Os basis of 100-eltare DU.
Highest.
Lowest.
PER SHARI
Esse.for Primo,*
Year 1929.
Lowest.
Hfollein
per sitar,
II per share $ per share
Shares Indus.& Mfacell.(Con.) Par I per skate
Per share $ per share
$ per share $ per share
2i% Nov 47 inn
27,100 Phillips Petroleum__No par 294 Feb 17 4434 Apr 30
3158 3034 3112 3034 3112 3012 3138
31
37% Jan
Oct
10%
30
Apr
201s
4
Mar
104
Hosiery
5
14
Phoenix
200
14
*13
*1014
14
14
15
*14
18 Nov
37% Jan
*1912 2112 1912 1912
200 Pieree-Arrow Class A_-No Par 19 June 25 33 Apr 3
*1912 23
*1912 23
338 Ms!
Oct
1
212 M ar 17
1 Jan 4
25
1
1
118
1
2,200 Pierce Oil Corporation
118
1
lls
211
5112 /Mr
Oct
20
1
May
52
10
Jan
2018
100
2712
Preferred
4
*263
28
500
2912 28
2912 *28
L *28
78 Jon
5
Oct
12
24
Apr
718
214 Jan 8
No par
518
5
518
5
12,800 Pierce Petrol'm
5
5
12 4% 5
Oct 63% Jan
30
3212 3134 32
1,000 Pillsbury Flour Mills
No Par 27 June 25 87% Apr 11
3234 3234 3212 3212 32
Aug
68
Oct
43%
27
Feb
8
507
25
4June
393
Italy
4014
700 Pirelli Co of
4038 40% 4038 4012 40
41
41
54 Nov 83% Jan
38
3514 3514
33
200 Pittsburgh Coal of Pa___-100 35% Aug 13 78% Jan 7
*3514 46
*354 60
Oet
June 110
8312
7
Jan
110
2
Aug
84
90
*75
90
100
Preferred
*75
3
90
15
90
*75
17 Dec 2712 Aug
1813
600 Pittsb Screw & Bolt __No par 17% Jan 22 2278 Feb 18
; *1818 1834 •1814 1834 *1818 184 18
2112 21
21
Na par 2018 Feb 28 22% Apr 8
300 Pittston Co
2112 *21
*21
22
321
'
2212
No per 2014 July 9 34% Mar 18 16 Nov lifs AUS
2212 2212 22
1,700 Poor de Co Class B
2214 23
23
23
23
2118 *21
21
22
600 Portoltican-AmTob Cl AN°par 21 Aug 12 3018July 3
22
23
23
50'4 Jan
8 Aug 12 2714 Mar 10 "li- Nov
8
8
1012
B
par
8
83
I
No
10%
10
8,600
10
934
4012 Oct 65% Jan
25 3$% Aug 13 54 Apr 1
2,500 Prairie 011 & Gan
3614 3614 35% 3614 354 35,2 3518 35%
Oct 65 Aug
45
6012 Feb 7
4418
44
45
2$ 44 Aug 1
4412 4514 44
5,700 Prairie Pipe & Line
45
45
6% Nov 25% May
612June 18
16% Feb 18
718
*7
634 7
No par
7
7
1,400 Pressed Steel Car
7
7
50 Dee 81 Mar
*5412 58
58
*55
100 50 June 24 7511 Feb 14
*5112 58
I Preferred
*5412 58
Nov 98 Aug
43
7878June 2
No par 52% Jan
7014 7112 6914 7012 6933 7014
16,350 Procter & Gamble
7012 72
4 Oct 2571 Jan
714
714
714
7
1,400 Producers & Refinern Corp_50 612 Feb 17 1178 Mar 17
714 714 *738 712
Oct 82% Jan
35
27
Feb
55
pro-phy-lao-thi Brusti__Ns Par 46 Jan
54 Nov 18734 Sept
12334 Apr 11
8814 87 -ERT14 -1;6- "ii4 -8589,200 Pub Soy Corp of N J_Ne Par 81% Jan
87
92
10818 Feb
Nov
98
13
Aug
8
11218
1125
11253
*112
11218
*11218
112%
3
11218
Jan
*11114
106%
preferred
11218
100
4
6%
1123
400
1125,
•11114
129 129
100 121 Jan 10 131 June 3 105 Nov 12478 Jan
100 7% preferred
*12634 13018 *12634 13018 *12634 130 *12634 130 *12634 130
100 143 Jan 2 158 June 7 139% Nov 151 Sept
100 8% preferred
*152 1538 *15212 15312 15312 15312 *15312 153 *15312 1538 *15312 1537
10412 Nov 1094 Jar
10934 10934 110 110 *10912 11078 *109% 11078
200 Pub Serv Eleo & Gas pref-100 10714 Feb 6 112 May 21
*10934 110 *10934 110
73 Nov 994 Sept
6618 6814 6734 6914 6778 69% 4,900 Pullman. Inc
62 June 25 89% Jan 8
6812 68 68
68
No pa
6618 67
6 Dec 2112 July
114June 26
812 Jan 17
*13,4 134 134 134 *13 112 138 112 112 112 112 112
50
500 Punta Alegre Sugar
20 Nov 30% May
Apr
2034
2112
2014
2138
2018 2014 2114 2012 2114 15,800 Pure Oil (The)
21
1912June 25 2714
7
2
2038 21
11212 11212 *11212 113 *11213 113
10 11012May 6 11414 Apr 8 108 Nov 116 Feb
100 8% preferred
1124 11234 *11211 113 *11212 113
55 Oct 148% Aug
5812 6112 5934 60
61
6114 60
61
61
260
62 June 21 88% Feb 15
61
6112 4,300 Purity Bakeries
26 Oct 114% Beat
3212June 23 6938 Apr 24
41 695,900 Radio Corp of Amer-No Par
3714 3914 3818 4014 373 398 3612 3834 3812 4012 38
Jan
50 Nov 57
*5514 57
*5514 57
55
5514 5514 *551 57
5514
50 53 Feb 4 67 Apr 21
*5434 56
300 Preferred
824 Ape
62 No
75
*73% 75
75
77
7212 7212 *73
*74
77
1.100 Preferred B
No par 68 Jan 24 85 Apr 2
7212 74
4678 Jan
Oc
12
2712 2812 28
29% 2778 2914 138,500 Radio Keith-Orp cl A_No par
19 Jan 2 50 Apr 24
264 2314 2778 2878 2734 30
28 Nov .584 Seal
30
3118 30
2912 2934 2812 30
30
5,300 Raybeetos Manhattan-No Per 28 June 18 58% Apr 17
3058 3118 31
31
3614 Nov 84% Mar
3818 3912 39
10 3458June 19 647a Mar 26
4012 393 398
4014 4012 39
398 3812 39
5,100 Real Silk Hosiery
E1614 Dec 10212 Feb
*89
90
*89
90
90
*89
90
*89
100 88 Jan 13 100 Mar 29
Preferred
*89
90
90
*89
1614 Feb
3% Dec
3
9
July
2
21
Feb
54
21
2
2
.2
2
8
23
2
par
*213
No
238
*218 3
400 Reis(Robt) & Co
40 Dec 10811 Feb
*15
36
36
*15
36 I *15
•15
100 2712May 28 37 Jan 28
36
*15
36
36
First preferred
*15
57% On
20% Nov
23 June 25 4462 Mr 14
No Par
19,100 Remington-Rand
2558 2618 2512 2614 2412 2534 2412 2514 2412 2558 245 26
81 Nov 96% 033
9514 *04
96
*94
96
100 92 Jan 3 10078 Mar 28
9518 *9412 951 *9514 9512 94
1.800 First preferred
95
93 Mar 101 Apr
100 95 Jan 4 104 July 15
10 Second preferred
101 101 *100 105 *100 105 *100 10212 *100 105 *100 105
1018 Oct 31% Jan
8%June 17 1478 Mar 24
93g
9l
9
918
9
10
9
9
914 914 4.500 Reo Motor Car
9
9
9
8
93
16
Apr
15
7912
Aug
32
4
383
3712
363
4138
3214
4
39
411
427g 4014
40
32
No Par
344 52,500 Republic Steel Corp
5
83
8512 8378 8433 80
85
86
86
100 80 Aug 15 9512May
861
8514 86
85
3.400 Preferred cony 6%
2.5 Dec 3113 24;;
16 Aug 1 80 Jan 8
16
*15
1612 1612 *15
16
*15
16
*1612 1712 *1612 171
200 Revere Copper & Brass No Far
12% Jan
358 Nov
*35, 313
7% Jan 29
Ps 388 1.400 Reynolds Spring
3 June 18
338 318
338 338
No par
338 31
3%
39 Nov 66 Jan
4912 4978 4814 4914 4812 4933 4833 492 17.300 Reynolds(R .7) Top claw D-10 4514J00e 18 58% Mar 11
491
'4r8 4912 49
Apr 894 Oct
70
2
Jan
80
3
June
70
7234 7234 73
73
*7012 73
73
10
*7012 73
A
73
Class
*7012 73
40
42% Dec 64 Jan
39 June 26 45% Jan 21
4112 *3934 4112 *401 4158 •40% 41121 *3934 401
Rhine Weetpballa Elee Pow
•40
418 *40
22% Dec 49% Jan
I 1512 1534 1512 1534 1538 1534 1518 1512 1514 1538 1538 161 16.500 RichfieldOil of California-25 1434June 17 2814 Mar 14
Oct 424 Mar
15
7
Apr
4
3
25
5
9
Aug
15%
16
4
153
1614
15%
par
16
I
16
No
157
16%
15
8
171 11,400 Rio Grande 011
,1 1512 16
40 Nov 70 June
3912 3912 *38. 40
39
3984
38
No par 88 Aug 12 5934 Feb 5
40
*39
*38
40
700 Ritter Dental Mfg
39
i"
28 Nov 96 May
2878 2912 2912 2978 4,800 Roods Insurance Co
2814 2934 27% 2918 2778 29
10 2714June 18 4834 Mar 8
2812 2832
64 Sept
4518 Oct
5138 518
5134 52
5178 517
51% 51% 4,200 Royal Dutch Co (N Y shares) 4918June 18 5612 Apr 7
5112 514 5153 52
94 Jan
3512 Nov
3314 3814 *3812 39% 39
39
39
39
40
3914 40
10 3314June 18 5714 Feb 6
40
1,500 St. Joseph Lead
Jan
1954
Nov
23
1
904
Jan
5
1223
13
62
Aug
58
5714
603
4
57
59%
6012
8
per
4
593
NO
4
60%
Safeway
593
8
Storee
6334 10,600
5953 597
Oct
101
85
Seat
7
Feb
99%
90
90
90
*8812 90
89
90
100 87 Aug
*90
8812 89
87
280 Preferred (6)
901
10078 Mar 26 100 Oc 10913 Dee
103 10314 103 103
oo 103 July 31
*103 10434 *103 10434 103 103 *10314 104
130 Preferred (7)
2
2012 Nov 517a Jan
*1712 19
1714 19
181
*18
219
19
2078' *1834 19
*18
800 Savage Arms Corp____No or 16 June 18 3134 Apr
312 Dec 414 Jan
414 Jan 2 181,Jan 23
512 512
512 5')
512 512
5% 534
9512 578
54 614 3,500 Schulte Retail Stores-No ,
30 Dec 1184 Jan
21
Jan
75
2
Jan
593 *50
54
85
*50
5934 *50
53 I *50
10a
*50
Preferred
53
52
52
10
10
De
2214 ADP
11
Mar
4
141
24
June
9
*8
9
*8
9
9
*8
9
NO par
9 I *8
*8
*834 9
Seagrave Corp
Jan
80 Nov 181
,Jan 31
59% 5618 59
5814 61
5912 6218 85,100 Snare Roebuck & Co No par 56 Aug 12 1001
6118 63 I 5912 6212 56
9 Dec 154 Nov
7 June 25 28 Feb 17
914
*918 10
*812 9
938
934 *833 9
9
818 838
700 Second Nat Investors_ _No Pa/
45
6814
Nov
Nov
18
Mar
59%
4
823
Jan
3
66
66
69
.6512
*66
69
69
*6558 69
66I *66
No Par
66
200 Preferred
1012 Mar
313 Jan 29
2 Nov
138June 26
2
134 178 *134
*17
18 173
No par
2
2
214
*2
400 Seneca Copper
178
714 Nov 21% Aug
612
6
534 614
91
5% Aug 13 131s Apr 25
634 612
612 6341
638 612
No par
61 15,400 Serve] Inc
194
2518
Oct
21
Apr
Aug
52
23
2June
3412
3414
par 811
3458 3412 3514 4,500 9ha
3434 3312
34
No Pm
3312 3478 348 35
(110doop
Shatrtounckstee
53% Ainy
20 Nov
1618 July 7 82% Feb 13
*1614 1778 .1634 17781 1778 1778
18
*1634 1814 18
18
17
22
Nov
2
167
Nov
10
Mar
1614
4
3
27
8
Aug
•164
18
1814
6128121
*1614
5
:
18
*1614
4
:4
Par
6
No
10214
6
18
5
:
*1612 18
Sharp & Dame
8:4
10
3 6
50 Nov 6571 Aug
looa
p
*5612 6014 *5612 6014 *5612 60
ar 54 Jan 2 53% Mar 10
*5612 6014
Preferred
19
Oct 31% Apr
16% Aug 15 2512 Apr 7
1838
1678 1758 26,300 Shell Union Oil
1914 1878 1914 1812 1914 18
19
21
Apr
10614
19
June
95
*VP
99
98
9912
)1141 *98
111
9918 1,000 Preferred
*9912 10014 9958 9938 9912
-15;; 7415 Jan
85 Apr 25
1518 1518 1558, 1512 1512 1,800 Shubert Theatre Corp_ N
858 Jan
par
"
0
N0
151 1518 15
1412 16
1412 15
5912 Nov 188 Sept
21 July 8 94% Jan 2
23
2212 23
2312' 2212 24
24
11,300 Simmons Co
2212 2312 2312 2412 23
15 Nov 404 Aug
2012 2014 20141 *2018 2014 7,800 Simms Petroleum
10 18 June 18 37 Mar 24
2014 20
2018 20
2018 20
20
21 Nov 45 Jan
20 June 23 32 Apr 7
2258 23181 2238 2438 61,100 Stnelair Cons 011 Corp_No Pa
2218 2278 2212 2318 2214 2314 2134 23
Oct 111
103
Jan
Apr24
11214
1
June
110
110
11018
108
4
*110%
1093
11012
100
*110 11014 110 110 *10934 110
2,400 Preferred
Oct 4613 May
28
42 Apr 9
2812 Feb 1
2
2858 2834 *2834 29
x2812 2834 2,600 Skelly Oil Co
1 2838 2238 2912 2912 2834 29
164 Feb
318 Nov
*324 4
8 Jan 9
4 June 28
*314 4
in
N.
*314 4
Snider Packing
*4
5
14 Nov 644 Joly
15 June 25 8634 Feb 24
20
*18
20
•18
*19
23
No
23
*18
*16
23
*18
Preferred
23
85 Nov 111 Sept
Jan
12112 Apr 3
11012 11012 *110 11012 11012 111
111 111
*109 111 *109 111
800 Solvay Am Inv Trust pref_100 95%
22%
Deo 45 May
16
1518
Jan
1
Aug
4
3
30
1512'
1518
pa
1514
1512
No
16
16
15%
15%
Sug
16
Rico
1614
Porto
, *16
1618
1,200 So
45% Nov 934 Seat
72 Apr 14
5258June 2
5338 548 .35
5618 55
2
5718 9,600 Southern Calif Edison
5438 55
5484 5512 5358 55
ISIS Jao
212 Nov
9 Mar 3
*9
712 *
61
84 Jan
6
614 *6
6
*6
614 1
300 Southern Dairies el B--No Pa
30 Nov 584 May
40
83 Jan 8 45 Mar 17
40
40 I 4078 4078
No Pa
/*3812 40
3812 3312 3812 38121 *39
500 Spalding Bros
117
11312
Nov
107
Feb
Aug
14
13
Jan
*11258 11312 •11238 11312 *11238 11312 *11258 11312 11312 11312 *11312 114 I
40 Spalding Bros let pref...-100 108
15 Oct 52% Jan
19% Jan 2 3734June 14
3214 3214 *3218 3214 3218 3214 3218 3238; *32
*32 8 32'
3212500 Spang Chalfant &Co lneNo pa
93
Mar
89
Oct
2
Jan
96
20
Jan
92
*9312
9514
0312
100
9514
9312
*9312
95141
*9312
9514
*93%
*9312 .95
50 Preferred
1318 Nov 73 Aug
1318 Jan 18 30% Apr 10
I 2038 2118 1912 2118 1938 2078 1938 2014 1978 20341 20
21
20,690 Sparks Withington--No Pa
20 Nov 45 Aug
1712July 10 25 Apr 15
18
18
*17
20 I *17
20
*18
18
300 Spencer Kellogg & Sons No Pa
20% Dec 6636 Mar
40
38
17121
1434June 25 3612 Feb 4
1712 *16
*1612 1712 *16
16
1612 16
No pa
. *16
100 Spicer Mfg Co
1612 1
16
'
38 Nov 5578 Mar
871* July8 4518 Mar 81
*38
40
*38
40
*38
I *38
40
Preferred A
34 Dec 117% Feb
3
Feb
52
8
1018July
12
15
13 •14
1712 14
16121 *14
p
P:
o
N
Co-No
V, 1714 1714 16
1678
700 Spiegel-May-Stern
Oct 44% Sept
20
8
Feb
2914
18
June
17
1818 1838 1818 18121 18
19
1 1858 19
Ns pa
1838 1918 18
3 143rande
181 44,7
12Stirrdzd3
Nov 11884 Sent
119 119 *119 121 *119 1201.0119 120 21
No IPA 117 July 7 121 June 2 11414
*115 119 *115 119
312 Dec 4358 Jan
11
Feb
4
71
17
8
45
412
312June
5
412
4
43
434
44 434; *412 5
*414 478
1.300 Stand Comm Tobaceo_Na Pa
7312 Nov 24334 Sept
9334 8914 9278 92
8418June 25 12911 Apr 15
9434 90
9312! 9134 9478 23,700 Standard Gas * El C0_Na le
8758 8938 89
so 614June 19 67 May 26 5812 Nov 67 Feb
6613 1,900 Preferred
6514 6534 6514 6514 0518 6518 6514 6533 6534 657s1 66
8
4 Doc 48 Sept
8
27
Mar
1512
23
June
*618 612 *6
5
*614 7
633 6
6121 *6
612
'638 612
100 Rend Investing OorP-No ea
10312 10334 10312 10338 10314 10312 10318 10312 *10318 103141 10314 10338 2,400 Standard Oil Export Pr111-100 98 Feb 8 104%June 7
5113
Oat Ili 14;1,25
pr
A
20
Feb
55%
75
61
623g
6214
8
607
62
6212'
Par
26112 6214 16.400 Saandard Oil of OW-6038 6112' 6114 6258
48 Feb 83 bepl
6712 6858 6818 6934 6714 6914 6714 6834 6333 7012' x6953 7134 243,700 Standard Oil of New JIM,-25 52 Feb 20 8478 Apr SO
2
3134 Nov 484 Seal
3118 3112 31
317
3133 3114 3178 231
3112 31
81
3134 21,800 Standard 011 of New York_ _IS5 50 June 23 40 A pr 28
134 Nov
655 Jac
3 Feb 111
une 23
Stand Plat* Glass CoNo par
511 Dec 31
Jan
212June 12 104 Mar 10
100
Preferred
20
45
Nov
May
23
Apr
7318
9
Jan
55
25
/5-- 1 •25
;2555
par
America_No
'25
Stanley Cool
6,7e4 Apr 23
3018 Oct 47% Oct
31
*33
33% *33
3473 35 1 34
35
3334 *33
*33
300 Starrett Co (The R)--No Par 2712June 23
3334'
814 Nov 58 8393
958July 8 2012 Mar 31
934 1018 10% 1012' 3,400 Sterling Securitiee el A_No par
1012 10% 1012 1034 1012 1034 1018 1038
812 Nov
15% July
1112 1112 1134 114 12
20 11 June 30 1434 Mar 31
*1112 12
1178 12
12
*1034 12
1,100 Preferred
Oct 554 Seal
81
50 38 June 23 48 Mar 18
3912 3938 3912 3838 398
38
1,700 Convertible preferred
77 May
Oct
30
5
Apr
47
25
4June
191
Corp
2418 24% 2358 2458
Sp
23% 24
Stewart-Warn
438 4 700
,
2
64 Nov 20113 Aug
7012June 18 1134 Apr 8
7614 7412 7612 '72
414 7 12 4
7512 75
13 7 3 ?t:300 Stone & Webster
75
3814 Nov 98
Jan
2912 2738 2938 2612 28
Noo Pa
2814 2312 2:
pa; 2514June 18 474 Feb 6
2832 2912 29
000 Studeb'r Corp (Tbe)-N
115
18
Mar
Nov 126 June
125
21
Jan
116
4
*1193
100
12112
4
*1193
*1193
12112
12112
4
.11934 11212 *11934 12112
Preferred
*12112 12178
12
12
*33
12
138 Mar 31
411 Mar
Is Oct
58 Jan 4
No
*313 518
2
*38
12
88
38
!, ON
313
700 Submarine Boat
55 Doc 86% Oct
r 50 June 18 70 Apr 7
a'.
5558 5
o po
5618 5818 "5533 57
i *55% 57
778 1.1700 Supnre0floirred
7
312 1,
6
3,
*1?
Jan 1051/ Jan
100 10212 Jan 13 103 Aug 2 100
107 107
*10158 115);
1
*105 108 210658 10658 106 106
5/
938May 12
4 Nov
1
2 July 30
24 Aug
278 3
2% 3
2% 3
234 24
No par
I 278 3
3
4,000 Superior Oil
3
18
15
Mar
27
1212June
73% Apr
100
2933
Nov
1614 1438 1458 1412 1578 1414 1512 *14
Steel
1634 •14
*15
15
900 Superior
51g Nov 2214 Apr
812 Jan 24 157& Mar 28
50
*1034 12
12
*1034 1112 1034 1034 *1034 11
$11
200 Sweets Co of America
*1034 11
4,2
31
7 Apr 23
2% Jan 8
2., Dec
9 May
4
No par
318 *3
3
*3
312 *3
3
3
400 Symington
4
714June 25
173* Apr 23
614 Nov 19% May
8
7% 778 *734 8
9
9
78 10
2,700 Class A
, *1712 1812
18
14% Dec 254 Mar
1718 1718 1734 1734 *17
•18
1812 :7
Telautograpb CorP----No'Par 1558 Jan 26 2614 Apr 7
912 19
813
912 Nov 2078APT
Tenn Copp & Chem--No Par 1078June 25 17 Apr 10
1112 1118 1118 11,
, *1112 114 1112 1184 1118 1112 1118 11% .11
25 5018June 18 6012May 1
5012 Nov 5178 Sept
5138 5118 52
5114 5238 14,800 Texas Corporation
1 5114 5134 5114 5184 5118 5134 51
56
424 Nov 85% AP,
5534 5614 55% 57% 8, 0 Texas Gulf Sulphur-No par 4818June 25 6738 Mar 24
5618 564 5618 5714 5538 5678 55
87
812 81
8'*June 18 144 Mar 18
912 834
912 Nov 23% Mrs
812 858
88
858 858
834 84 4,900 Texas Pacific Coal & 011_10
1838 Jan 2 325e Mar 22
1
(V, Oct 24.1* Jan
1914 2038 1918 2018 1853 20
1914 2053 1912 2178 63.900 Texas Pao land Trust
1812 20
$ per share
3112 3218
13
13
*1912 2012
1
1
28
28
5
518
*3112 32
*40
4034
*31
38
*75
00
*18
1814
*21
2112
*2212 2273
*21
23
84 84
*3512 3614
4412 4412
634 7
*55
58
7038 7134
714
714
Per share
31% 32%
*1014 14
1912 1912
1
118
29
29
5
5%
23112 31,
2
*40
40%
*31
50
*75
90
*18
1814
2112
*21
22234 2234
*21
23
8
9
*3514 3614
4412 4412
7
*912
*55
58
7112 72
724 714
33i2,2 7; 3:2:
r'8
• Btel and asked prime. no 84109 On
411i8
day. s Ex dividend. w Ex rights
1074
New York Stock Record-Concluded-Page 8
*O4 eateo eurina tika woek of stocks not
recorded here. see eighth page
preceding
HIGH AND LOW SALE PRICES-PER
SHARE, NOT PER CENT
Sales
PER SHARE
STOCKS
PER SHARE
for
Range Since Ian. 1
NEW YORK STOCK
Monday
Tuesday
.Ratige for Previose
Wednesday Thursday
Friday
the
Os basis of 100-saar. 1,1,
Aug. 11.
EXCH
Aug. 12.
ANGE
Year 1929.
Aug. 13.
Aug. 14.
Aug. 15. 1Ceek
Lowest.
Highest
$ per share $ per share
Lowest.
Highest.
per share
per
share
share
Per
5
S Per share Shares !Indus. & Miscel
•
2018 2038 20
2012 20
l.(Con ) Par ts per share 8
204 20
204 2038 2013 2078 22
per share 5 per share $ pm. abate
*42
4,300 Thatcher Mfg
44
*42
44
*42
44
Vo
*42
par
44
*4218
1758Ju
43
no
4238
28
364
424
Apr 4
*2412 27
100 Preferred
1612 Mar 35 Sepa
2412 2412 *2412 27
No
2412
par
40 June 18 48
2412 2413 2412 *2412 27
*10612 107 *10613 107 *10612
000 The Fair
35 Mar 497 Sept
31
7%
No par 2412July 25 33 Mar
107 *10612 107 *10612 107 *10612 107
Jaa 13
37
2512 Dec 517
Preferred
37
, Jar.
*36
36,3 38
38
*36
100 102 Jam 21 110 Feb 13 102 Nov 11014
37
37
3734
4 3734
1378 14
600 Thompson (J It) Co
Oat
14
14% 1373 1418 1338 1414 1414 1453 373
25 36 June 13
143 1453 12,200 Tidewater Amon,
/
4 Mar 12
8334 8334 *8334 85
30 Oct 62
Jan
*8334 85
OIL_ NO par 104 Feb 15 471
*8334 86
*8312
86
*8312
86
*24
174
10
200 Preferred
Nov 23/
ACT 7
27
1
4 June
*24
27 •24
27
*24
27
100
*24
78
27
Fab 13 3914 Mar 25
*24
*90
27
Tide Water 011
744 Nov 904 Aug
91 .
90
91
9034 9034 *90
100 1912 Jan 31 31 Apt 23
91
9012 9013 •9014 9034
1312 1313 13
14 Nov 40 June
200 Prefer
1314 13
13
13
13
100 83 July 15 947s Apr 16
*13
1318 13
13
1.200 Timken red
6234 63
8618 Nov 97/
1
4 Jan
824 641t4 6214 63
Detroi
t
Axle
6114
6212
10
12143un8 25 2114 Apr 11
63
64
63
312 312
11
/
1
4 Oct 344 Sept
6338
7,300
Timke
n
Roller
34 312
BearIng_No par 554July
312 378
314 313
34 34 •3!, 3 5 2,200 Tobacco
8 8914 April
*11
68% Nov 150
12
*1012 12
Jan
Products Corp....20
1034 1114 11
1112
1118
2
1112
/
1
4
Jan
1134 1134 1.100 Clara A
3
612 Jaa 23
1712 1778 1712 1734 1718 1734
1
Oct 2'218 Mar
1718 1712 174 1758 17
20
753 Jan 2 1314July 9
1758 20,600 Transcont'l 011
•14
514 Nov 225* Mar
15
1358 14% *1378 14
Co_ ___ No par
1353 134 *1334 1414 145s 14
1814
Mar
10
24
Apr
600
24
1114 1158 1158 1233 1112 117
Tranaue & Williams SE'
1174June 19 2833 Jan 31
9212 921* 9212 9212 9212 93 8 1114 1112 1114 114 1118 1112 9.200 Tri-Continental Corp No par
15*
"AU;
__No par
9234 93
9358 94
958June 18 2014 Apr 1(1
9358 9413 2,700 6% preferred
*31% 32
3178 32
*3134 32
*313
4
100
32
*313
8914
4
32
Apr
32
10
400 Trice Products Corp_
9413 Aug 15
*1253 13 •1258 13
32
*1253 13
__No
1212 1212 1212 1212 12
par
3011Juns 20 4134 Mar 1
1213
400 Truax Truer Coal
410 -Dee 63 July
28
No par
28
*27
12 Aug 15 22 Mar 18
29
27
27
2634 27
33/
1
4 Deo 314 Jan
827
29
28
28
800 Truscon Steel
88
8912 8714 8812 87
87
86
88
106 25 June 25 374 Mar 251 3014 Nov
*87
91
*90
91
'125_ *125
2,500 Under Elliott Fisher Co
014 Jan
*125
No
par!
83
*125_ ___ -_June 18 138 Mar 21
*1413 16 - *1418 1434 1414 1518 15
Preferred
82
Nov 1814 Oct
*1412 1518
900 Union Bag & Paper Corp. 100 121 Feb 4 1254 Apr 20 190 Dec 126
6814 6978 6812 7034 6712 6914 6614
Jan
,
100
694
6914
94Juni
713
4
i
24
6914
1.713M
•
1 3953 40
ay 8
72,2 55,500 Union Carb!de & Carb_No par
7 Nov 43
*40
Jan
4034 40
40
40
40 *4014 41
6014.1une 23 10833 Mar 81
40
27
40,4 1,600 Union 011 Calltonala
59 Nov 140 Sept
2718 2678 27
*2634 27
27
25 37 June 18 50 Apr
5034 5378 5112 5414 4913 5311 4813 27 .2634 2712 *2634 2712 1,200 Union Tank Car
424
7
Nov
67 Sept
No per 2514June 18
5214 51
5314 514 5533 197,800 United Aircraft &
*64
66
*64
66
-63 63
Tran_No oar 4311 Jan 31 3812 Apr 10
61
62
*61
93
*61
99 Apr
4612 4612 4513 4512 45
65
500 Preferred
--31- Nov 162 iit;i
46
4414 45
.50 56 Jan 31 774 Apr 8
44
44
244
7
*12134 131 *12134 131 *12134 131
44
1,200 United Biscuit
7
44 Nov 109/
1
4 May
*12134 131 *12134 131 *12134 131
Vo Par 36 J30 7 58347.tay 28
4413 46
Preferred
3313 Den 60
444 4614 4418 45
Oct
4318 4478 4478 457
100 117 July 12 142 May 28
512 5/
1
4
444 43
13,300 United Carbon
513 513
11412 June 136
51
512
Oct
512 558
No
par
54
8
41.113Ju
578
ne
18
512
84
*52
544 3,200 United Cigar Stores.....No
Apr 24
61 '350
4012 Nov 11144 &DS
62 '
350
56
par
512
53
Aug
53
*504 60
8
812Juna 5 _ - ---*52
29
100 Preferred
60
2978 294 304 2834 294 2812
100 26 Jao 2 68 June 5
2938 2834 2934 29
215,60
5014 5014 50
United
3012
0
1
97Corp
4
Dec 104
5014 50
Jan
No par 2838Juna 18 52 Apr
504 50
5013 50
504 5013 5012 7,400 Preferred
19 Nov 7512 Mai
74 734
734 734
712 758
No par 46% Jan 6 5312 Apr 28
734 734
712 712
733 758 2.000 United Electric Coal-No
23
8778 8778 8718 8712 8712
423 Nov
494 July
par
88
7 July 8 197 Feb 19
8612 8738 Si
873
8
3,200
United
8512
33% 339 33
6
87
Dee 814 Feb
Fruit
3334 33
No par
3313 3234 334 3314 338 3353
*10238 ____ *1024 10312 103
3458 30.200 United Gas dr Improva_Ne par 83 June 16 105 Jan 13
99 Oct 1581
/
4 Jan
103 *102 1031
3114hine 18 494MaY 1
/
4 *102 1024 *102 10234
100 Preferred
*534 7
22 Oct 5954 July
*512 7
No par 97 Jan 13 103 Aug
*512 7
*512
7
512
12
1
*24
512
9014 Oct 9814 Dec
200 United Paperboard
5 2 512
25
*24
2534 24
100
2513 *24
June
5
11
14 Mar 14
2534, *23/
1
4 2412 2212 254 1,800 United Place Dye Wks_ No
7 No
958 94
971 1018
26% Jan
par 22 Julie 18 3'24 Apr 7
912 978
918 933!
94 91 1
1514 Nov
9
938 3,900 United Stores al A
48% Aug
No par
48
414 Jan 2 1478Juno 7
48
4812 4812 4734 48
3% Dec 14
4658 4712 464 4634 .47
Oat
49
2,800
I
*2334 24
Preferred class A__.._No par
*2013 2413 *184 241
1512 Jan 2 5034Jub7 18
19% 1978 22
1414 Dec 404 00
22
1
4 27
20/
*46
300 Universal Leaf Tobacco No par
4712 •46
4712 *4612 471 *4613 4712 *40
197 Aug 13 39 Mar 15
4712
NON
______
*46
2538
85%
Univer
4712
4
sal
412
Stay
Pictur
es lot pfd_10
44 44
44
44 41s
4
28 Dec 113
413 *4
44 1.900 Unlverad Pipe & Rad__No par0 30 Jan 3 78 May 9
2978 30714 2912 3118 2912 41
Jan
34 Jan 9
3073 29
9 Apr 10
2934 30
21, Dec 224 Jan
3034 30
21,500 US Pipe Ar Fdy
31
1874 1878 ____
19
'
.10 181
19
/
4 Jan 2 3814 Apr 10
•1834 1958 1914 1914
12
Oct 654 Mar
500 lst preferred
No par
1554
Jan
21
7
May
27
15
Oct 19
10
2d preferred
Jan
10
No par
1812 Jan 3 2114.1une 8
;lir -1-6171 -iii- 16- _ 1 555 US Distrib Corp
1814 Nov
*2
20 June
213
2
'lo par
2
9341ay 28 20% Jan 17
2
2
*2
9 Oct 23 Sept
2
212
2
*2
212 1,600 U S Express
47 47
47
47
100
46
13
Aug
4
4612
7
45
45x
Apr
45
14
405 4313 4012 41
2 Jan
2.300 U S Freight
•1634 17
10 Apr
1613 1634 1613 1612 1638
1638 1513 1638 154 1534 6,000 U S & Foreau liceur No par 4014.1uno 14 103 Apr 7
861
/
4 Nov 1341, Sept!
*92
93
92
92
Na pa. 153 Aug 15 334 Mar 30
*92
93
92
92
*904 9273 *91
171,Nov 72 Auy
*17
200 Preferred
1712 17
17
.No par 8512 Jam 8 101 Mar 21
*1312 1512 •13t2 17 •1313 1712 *1312 9212
82 Nov 927a AIM
171
/
4
100 US Hoff Mach Corp___No par
6012 63
6012 63
6058 62
17 Aug 11 3058 Mar 12
6912 6012 59
1712 Der 41474 Jan
61
GO
63
5,400 U 6 Industrial Alcohol___
9
9
918 94 *9
No_r
o, 59,1
7 Aug
2 13933 Jaa 2
jon 14
94
812 94
95 Nov 243% Oct
8
84
1612 1653 •1534 167
813 818 2,100 U 53 Leather
*15
34 18
1513 Apr 21
1534 1534 154 1534 1515 154
h Nov 3512 Jan
*88
700
Class
91
A
.88
No par
91
15 Fab 26 26 Apr 21
88
88
*88
91
1.834 Dec 6172 Jan
88
88
•87
01
62
200 Prior preferred
5212 5158 5234 511
100 771
/
4 Mar 17 94 June 23
/
4 52
5014 51
4914 51
8114 Dec 107 Fel
24712 477
19
4.100 U S Realty dr Impt_.......No par 4712
,
1934 1912 2013 1814 2012
Aug 15 7512 Mar 25
1814 1914 191, 2034 1958 2058 9,400 Unitaci State*
5013 Nov 1l012 Feb
3913 3918 38
Rubber
39
1(3 1814 Aug 121 35 Ap/ 10
384 39
38
15 Oct fl5 Mar
3818 3384 381
/
4 40
*1812 19
3.500 ist preferred
1858 1858 19
109
38
Aug
111
19
634 Apr 4
1812 1812 1
4018 Nov 9212 Jar
19,8 19
*45/
l9'u 2.200 US Smelting Riff & Min......20
1
4 4812 *4512 4813
1712July 101 3812 Jan 0
46
29% Oct 72% Ntar
*45/
1
4 48,2 *4512 4812
15813 1604 15814 16114 *4513 4812 46
100 Preferred
50
1564 16018 15512 15914 15734 1604 1583* 16614 334,00
July 171 5313 Jan 7
48 Nov
68
United Statee Steel Corp.-100 42 /June
0
Jan
1515
14538 14512 14533 14512
25' 1984 AIR 7 150 Nov 26134 Sept
*14512 14572 14512 14553 14512 1454 1454 14534 2,000 Prefer
*6334 6512 *63
red
100 141 Jan 4 14633July 30' 137 Nov 14414
65
*63
6512 *63 64
64
*63
6318
6318
100'U
S
Mar
31
Tobacc
317
o
31
No pa
3112 30/
5912June 18 68 Feb 10
1
4 311* 3014 31
2053 317
6512 Nov 7134 Noy
3012 3138 7,800 Utilltlee Pow A La A
213 258
212 212
Ns par 30 Juno 23 454 Apr 111
213 212
212 2%
213 24
2413 Nov 6812 Aug
23* 258 1,300 Vadsee Sales
8014 847
8258 88
No pa
312 Au; I
712
Mar
784 864 774 8434 8233 8573 8258 8934 771,300 v
12
3 Nov
1312 Jan
Va
ionkadc
ih
uemroi
CorpNo pa
494 Jan 2 1434 Apr 26
37/
1
4 Nov 1101
/
4 Feb
44 --4-1:4
4T
Na
1s8 --ifs -15;
pa
3713 Jan 18 4778MaY 1
iT2 -1;
1 ""if, 33 Oat 109 Mar
414 414 1,800 Virginia-Caro Chem.
414
2312 2312 2312 2332 2313
--No Par
4 June 25
2318 23
84 Ayr 1
2312 2312 2313 2312 3312 1,300 6% Preferred
314 Oct 2184 Jan
*7713 80
*7718 80
100
22
July
1
*77
344
17
18
Apr
80
77
7718 *77% 80
15 Oct 8512 Jan
1
*7538 7714
10214 103
3
10
40 vinz
7/io
nrE
&repdow pf
elfer
10113 10112 102,3 1024 1024 103
100 75 June 19 8238 Apr 9
103 103
69 Nov 9712 Feb
103 103
*35
45
*35
45
101 July 14 103 July 12
*35
45
*35
45
45
*35
45
Virg Iron Coal & Co4
74
74
7414 7413 7112 7418 7112 7234 *35
6)
1
May
2N138
11
°
- 11'00a
45 July 28 -3
-11 -Li; 1
74
7414 7112 754
730 Vulcan Detinning
,
1 17,5
*97
9812 0414 9414 *9413 98
100 60 June 18 166 Mar 24
*9414 07
38 Nov 1457, Au,
*9414 97
*9414 97
200 c
Prio
et,
fe
,
rrA
ed
100 85 Jaa 24 100 Mar 24
81 Nov 110 Apr
-2i- -2-6- 25'2
_
100
2533
68 Jan 22 149% Mar 24
-2-6
40 Jan 142 Sept
2614 2614 261s 2614 2,300 Waldorf System
291
/
4 2113 2078 2112 213
Na pa
2414 Jan 6 3134 Apr 11
4 2238 22
224 22/
20 Nov
1
4 23
2278 2312 4,700 Walworth Co
361. Oct
24
21
24
No
2012 Aug 9 WI Apr 2
24
24
24
234 2334 *23
22 Nov
238 *23
130 Ward Bakeries C/308 A No pa
2378
404 Oct
63
638 64
pa
7
2112 Jan 7 54 Mar 24
*634 714
7
713
714 2,800 Claes 13
20 Dec 8431 Jal)
7
7
74
*59
68
69
No
slo
Pa
59
Jaa
59
2
153
59
2
Apr
59
39
1
59
59
*59
60
1 12 Oct 2114 Jan
600 Preferred
25/
1
4 2728 244 2612 2434
100 68 Jaa 2 771
/
4 Apr 3
2953 2634 2914 284 294 2534 2773 580.500 Warner Bros Pictur
30 Nov
R7/
1
4 Jan
46
47
*41
ee__No par 2434 Aug 11 8014 Mar 28
44
*41
47
*45
475 *46
30 Nov 641 2 Aug
478 48
48
400 Preferred
1278 13
No
pa
124 127
3813
J33
124
2
124
70
Mar
14
1213
28
1234 12
14,800 Warner Quinlan
12
2514 Oct 6914 Jan
12,4 12
443 45
No
par
44% 4434 44
12
Au; 14 27 Apr 12
44
4313 44
4314 434 43% 45',I 3,600 Warren Bros new
15 Oct 4374 Jae
No par 4018June 25 6312 April
50
5012 *____ 52
50
50 *____ 50 •_ _ .._ 50
60 Cony prof
2712 30
No par 50 July 10 5413July 30
30
30
2918
2913
2712
28
*2712
3
4
30
*2814 30
1,700 Warren Idy & Pipe
*434 47
No par 234 Jan 2 431251
*453 47
*438 478 *438 44 *44 473 *453 478
ay 19 1E1; Mar WC, "ii;5
Wabater Elaaniohr
*2312 21
*2313 2413 233* 2353 2312 24
25
434 Aog 7
912 Mar 31
2412 24% 2412 2412 1.400 Watson 011 diSnowdrift No par
I
Oct I ma, Fab
5512 5513 *5534 5613 *5518
2212 Jan 23 294 Mar 27
5612
5513 5512 56
5613 25614 5614
GOO Preferred
20 Oct
164 165
48 Mar
No
par
166 166
5012 Jan 15 5912 Apr 7
168 170
1654 16778 16514 167
16731 163
1,900 Western Union Telegraph. 104) 1503
49% Nov
3714 3712 38
7212 Mar
4June
38
25
373
38
4
3734
4
373
3712
Feb
Weatin
219
%
373
19
3,500
373
4
4 3838
gh'se Air Brake_No par 365
160 Nov 27214 Oct
13412 14912 13614 14012 13118
8June
25
82 Feb
1441±
4412 191,900 Westinghouse El & Mfg__50
1612 Oct 6734 Aug
135 13514 131 13213 1331 13834 13134 13658 13434 14038 135o 13
12414Juno 23 20112 Apr 27
/
4 13334 1392 13012 134 134
13712 13712
15 100 Oct 29254 Aug
lettotreEfeleroegoirum
0 Woo
7
40
30
32
3373 *3312 34
r
50 126 June 18 19734 Apr
*33
34
*33
31
33
3373
15 103 Nov 284 Aug
*3312 36
'$_N.
*3312 36
par
204 Jac 18 48% Mar 31
*3313 36
*331
. 36
*3312 30
Class A
*102 10312 10312 10312 *3312 36
19,8 Nov 6433 Sept
No par
10213 10312 *104 105 *104 105 *104 105
60 West Penn Elect elatta A_No par 33 Juna 23 35 Jan 28
*10834 11012 *109 110
32/
1
4 Aug
3612 Ayr
*10834 110
98 Jan 3 110 Apr 18
10014 10914 *10912 10978 10934 10934
20 Preferred
*10112 102
Nov 110 Feb
90
10112 10112 10112 102
100
10512June 25 11112 Aug
10112 10312 102 102
10214 10214
2684000
•11534 11712 117 117 *1157
97 Nov 11114 Jan
(Ii)
97
8
14
11712
Jan
116
2
116
1157
116
8
1154
West
104
July 31
1154
Penn Power
1094 10918 1084 10818
8512 Nov 162
(c
Jan
Prof
101 11313 Jan 3 11812June 17
10914 10914 10934 10934 *10912 110 *10913 110
Preferredpreferred
*39
110 Nov
47
*39
47
*39
10438 Jan 23 110 Apr 2 102 Sept 117 Mat
47
*39
40
3014 3914 39
30
200 Weei Dairy Prod ol A__ N:
11
1101/ Jan
11
11
o
l
p
par
o
1113 1053 1133
3854Ju
ne
25
9
958 *1012 11
1014 1014 2.900 Clain B
50 Mar 10
3012 Nov 60 Sept
*41
4412 *41
4234 41
9 Aug 13
4113 3914 394 4158 41% *4414
500 Westvaco Chlorine
2
11
7 Nov
40 Sept
11
ProdNo par 30 June 24 344 April
*9
1112 *9
1112
9
9
5913 Fob 17
1034 10%
4
14
034
exitar
te Eoa
wh
_ 6_0_0_ Vr
k Radio 414tRooreefitgvoo
30 Oct 9413 May
p
a
r
/
7
July 0 21 Jan 7
19
31
Oat
75
861)5
31
)a
3014
;in" 11-1-2 31i 33
26 Jan 17 2912 Mar 17
;iiis -3-3-- -55.78 -3-2-73 _ -1,800 White Motor
25 Oct 38 Feb
4512 4613 4512
Vo par 2713June 25
451
/
4 4512 44
43
457 457 *44
46
43 Apr 4
1,500 White Rock Min Spring
2714 Nov
5312
Mao
O514 513
e1t..50
304 Jan 21 547a Mar 20
512 5,2
27% Nov
5% 5.4
Sr.", Sept
514
5
514 1,700 White Sowing
514
5
5
*16
Machlne_No par
1712 16
16
•15
5 June 18 13% Mar 4
16
15
*12
15
•12
15
15
200 Preferred
1
Oct
48
1612 1612 *1614 1612 16
Jan
No par
14 July 11
1612 *16
1612 *16
1638 *16
39% Apr 3
1638
600 Wilcox 011 & Gas
27 Dec 574 Jan
*28
30
*28
No par 111
30
29
29
/
*28
4 Feb '28 21 Apr 25
*28
30
29
*28
29
Wilcox
100
-Rich
Nov
/
127
2934
*1612 2612 *14/
chow
Feb
A
No par 27 Jan 3 341.1
1
4 2612 *1413 2612 *1412 2613 *16
2112
2612 .18
Jan 29
Claes B
19 Oct 811 4 May
5% 6,4
6
6
6
6
194May 5 3734 Mar 81
534 5%
54 534
54 578 8,200 Willys-Overlaud (Tho) No par
124 Oct 62 May
67
67
*66
70
67
5
534Juno 26 117e Feb 0
67
6512 66
*G512 72
*66
313 312
72
1,000
Prefer
red
514 Oct 35
Jan
314 338
33, 312
100 82 Juno 18 85
34 34
312 312
34 338 2,400 Wilson & Co Inc
65 Dec 103
Apr
878 878 4814 834
Jan
No
par
*812
85
9
313Jun
8
9
e 25
7% Mar 27
11
*84 9
*42
500 Class A
914
3
Dec
46
1312
*44
Jan
46
No par
*44
48 .44
718 Jan 13 13 Mar
46
*43
46
*42
45
Preferred
658 Nov
57
5734 57% 531s 56
27
Jar.
100 42 Jan 13 5412 Mar 27
5734 55%
5512 57
5458 5648 30,300 Woolworth (F W) Co
11014 115
31
3534 Nov
79
112 11534 108 11312 1024 57
Jar
10 5138June 23 72% Jan 2
109
10714 1114 10412 114
46,300 Worthington P & M
*9412 100
5214
Nov 112 Sept
*9412 100
95
100 6714 Jan 17 169 Apr 29
95
*
9514
96
9514
*9514
100
0614
200
Prefer
•8712 88
43
red A
Mar 13733 Sept
*8713 88
88
100 88 Jan 17 107 Apr 25
88 .
88
89
89
*88
88
90
400 Preferred B
*20
75 Nov 10012 Sept
5212 *20
5212 *20
5212 •20
5213 *20 .52'z *20
78 Jan 3 93 Mar 29
5212
.
Wright Aeronautical___No 100
40
Apr 9012 Seel
66
4012 391, 394 39
par
39
38
3
353
Jan
33
23
3812
3812
5912
3812
Mar
3912 1,100 Yale & Towne
5
30 Nov 299 Feb
2034 2214 21
2233 2034 21% 2014 2153
25 38 Aug 13 77 Mar 1
20% 2134 2034 224 83,200 Yellow Truck & Coach
Feb
6154
*884 90
88 Aug
*8853 90
8858 8853 87
01 8.10 1234 Jan 16 3234 Apr
8714 .
87
7/
1
4 Nov 614 Apr
88%
884 88
130 Preferred
23
*3434 3512 35
35
35
35
3434 35
72 Jan 27 105 Apr 2
3434 35
35
35
80 Mar 9612 May
1,200 Young Spring & WIreNo 100
115 115 •113 11478 *113 115
par
112
113 •100 115 *100 11978
3214June 19 47 Star 7
3312 Oct 5634 Aus
900 Youngstown Shoot Jr T _No
7
734
7
712
7
715
7
108 Jan 11 152 Apr 7
714
74 714
9! Nov 175 Feet
74 74 8,000 2enIth Radio Corp__No par
par
5% Jan 17 1634Juno 2
fils Dec 62% July
Saturday
Aug. 9.
-157;, "53-38
• Bid and asked prices; no sales
on this day. z Ex-dividend. y EX-rights.
1075
York Stock Exchange-Bond Record, Friday, Weekly and Yearly
sani New
are now "and interesr-except for income and defaulted bonds
1 1909 thsMania method of Voted bonds was changed and prices
BONDS
U. Y. STOCK EXCHANGE.
Week Ended Aug. 15.
4?.
Price
Friday
Aug. 15.
Week's
Rang or
Last Sale,
/1011811
Since
Jas, 1.
BONDS
N. Y. STOCK EXCHANGE.
Week Ended Aug. 15.
21
Prece
Friday
Aug. 15.
Week*,
Reset 07
Last Sale.
'cfs'
Pease
Jas, L.
HUD
Mg) Art, Love
Ask Low
Bid
Milk
11038 Sale 11038 11034 16 10014 111
Czechoslovakia (7tep of) 8-195I A
2 10814 11113
111
Ill
Sinking fund 8s tun* 13- _ _1952 A 0 11014
98111n 10148
15 10812 111
Delilah Cons Munlelp Se A.1946 F A 110 Sale 10812 110
11803, 101
12 10818c112
110
110 Bale 10914
sSe Series 11
10014,10215n
10534 10612 25 1034 10658
Sale
4
1053
3
'4
J
F
2
6
4
9
94
1
6a__
20
cell
Denmark
-year
9814,99341
54
994 10178
8
1015
101
Sale
101
5)4e
External ff
904 94
289
94
A 94 Sale 9312
5I O
52
External g 44s__Apr 16 196
1003311103.32
97 101
38
MS 10034 101 10034 101
60_)932
elf
Am
Bk
part
Deutsche
10914n115143
934 101
4
07
9512 97
97
1051)33109(n Dominican Rep Civet Ad 534e '42 SA
8934 9612
9414 16
1st ger 53-ft of 192640 A 0 9414 Sale 9412
1113 1061111
37
0018 98
4
953
9414
4
953
95
A
40
9
1
8348
series
linking
fund
2d
99131 102
90 102
15
9978
10012
10014
9938
Dresden (City) external 73_1945 M
983333 102
1014 103
10212 Sale 10218 10214
Dutch East Indlea eat' (ie_ _1947 3
1034
10112
31
10314
10214
Sale
10314
40-year external (38
1014 114
N 88 10212 10234 102 July'30
3 IM
62
95
119
30-year external 64s
1015e 103
11023
July'30
8
104
10234
ri
-year
30
external
634s_..1953
94
94
10334 10912
10914 10912'10912 Aug'30
El Salvador (Republic) 8e 1948 3
88
75
4
78
78
7714 78
Estonia (Republic of) 7a_..1967 J
10214 104
9184 9734
4
93
4
923
Sale
93
M
S
_1945
Finland
(is_
(Republic) ext1
103 105
10114
954
14
10018
8
997
9978 100
External elnking fund 78_1950 M
9112 902
9
9778
External sinking fund 6.14s 1956 M S 9734 Sale 9714
98
98
8418 92
7
87
External sinking fund 634a 1958 F A 8614 8714 8614
loco 100
9278 99
5
9812
9634
95
994 Finnish Stun Loan 6343 A_.1954 A 0 9634 98
924 9812
5
9412
9812
External 630 series B_ _1954 A 0 9634 98
9118 05
13
93
Frankfort (City of) a I848_1963 MN 92 Sale 914
38 1176,3 1211
D 12458 Sale 12458 125
French Republic °all 734e-1941
1124 120
106
4
1193
11912
Sale
11912
External 7a of 1924
-942
Government Interns1
-57E8 107 German
8612 914
8712 273
Lionel-35 yr 5.4s of 1930_1985 ° 4714 Sale 87
100 106
52 105 10978
106
106 Sale 105
1949 A
German Republic extl 7s
94c If 112
5
38
10112
10112 Sale 1004
Gras (Municipality) 40
10534 38 1024 11.534
N 10518 Sale 105
at Brit &Irel(UK of) 534s_ 1937• A
104 104
Apr'30
104
Registered
-55 101
1 e8234 90
8412
e8812 Sale e4812
04% fund loan £ opt 1960_1990 NI
F
1041 109
c9714 9914
e5% War Loan £ opt 1929_1947 0 69913 101 69914 July'30
1024 1074
4
Greater Prague (City) 7)0_1952 NN 10312 Sale 10312 10434
Foreign GOVT.& Municipals.
97 10314
iQOIp
10013
4
10012
1003
M
1964
N
76
Greek
face
a
8
73
A
717
72
2
F
Government
6714
1947
6313 86
8854
Agri° Mtge Bank s I to
81
14
nag F A 8514 8614 85,2
SO
4
70
Sinking fund see Os
634 8012
Sinking Iund 6a A_ _Apr 15 1948 A 0 6514 7112 70
10014
92%
9512 9412
9512 18
93
9478 110
87
9512 Haiti (Republic) s 8s
Akerelme(Dept) sell 58.-1963 M N 9434 Sale 94
91 c0812
5
8
953
95
9412
94
(3e
(state)
Hamburg
Sale
4
7934
7814
71
8734
Autiogula (Dept) col 71 A 1945 J J 7458
4 10012 1044
J 10112 Sale 10112 102
AA 00
i, J
562
5
.4
11 09
.
78
79
5
704 8712 Heidelberg(Germany)oeu7 y4
1945 J J 77
7812
94
External a 1 7s ser 13
93
9334 13
82
7812
1
7812
1945.0 .1 77
70 8712 Helsingtords (City) ext 64e_1960 V 0 93 Sale 93
External, 1 7e ger C
904 c944
21
8
937
8
925
Sale
3
923
3
Hungarian Mimic Loan 7349 1945
7412 7734
78
3
J 77
70
1943
88
94
External a 1 78 ter D
86
9
SO
8834
8834 89
75
External'f 79
72
7212
2
6912 874
Externals 1 7, let ser___ -1957 A 0 70
91 100
8
94
9412 92
rfl 154) 94
6j
61
'4
19
10
etP724
Hungarian Land 51 InSe
73
7
89
67
11012 984
External see,! 7e 22 ser_1P67 A 0 71 Sale 71
9412
2
9618 9414
94
Sinking fund 730 ger B _ _196 I M N
63
7
88
87
External see a 1 7a 3d eer_1957 A 0 68 Sale 84
9934 10438
3
Hungary (Kingd of) s f 71431 1044 F A 10014 101 10012 101
99
20
924 09
Antwerp (City) external 54.1958.0 D 9838 9912 9812
96 10012
11
Sale
10012
10012
10014
N
M
58_1960
I
a
Irlah
extLe
Free State
9914 24
9518 100
4 101
Argentine Govt Pub Wka 6e_1960 A 0 994 Sale 9434
941
SO
99
9812
Sale
4
943
Italy (Kingdom of) eat! 75_1951 J
Argentine Nation (Govt of)9811
93
9514 9634 0534 Aug'30
Itallan Creel Consortium 7e A1937 301
0918 34
95 100
Sink fund Cs of June 1925-1959 J D 9834 Sale 9834
4 9834
8
92
21
9412
Sale
4
953
9512
8
AS
External see a I is ser 13...1947
99
12
954 9978
TVs
Ex t1 a f 6e of Oct 1925_ __ _1959 A 0 99 Sale 9834
92
26
9534
9514 Sale 9514
9978 47
1957 M S 9978 Sale 9918
9458 0100 Italian Public Utility eat' 71 1952 -3
Sink fund 6s series A
944 9838
9712 17
Japanese Govt £ loan 4s___ 1031 A J 9738 Sale 9718
9933 27
95 100
External Oe serlea B _ _Dec 1964 J D 9938 Sale 0814
1051. 74 10112 10578
30-year a f 634s1984F A 105 Sale 10434
9914 53
9558 1001s
Ext1 a I Os of May 1928_ _1960 1W N 9918 Sale 99
894 9258
9212 176
9212 Sale 9218
Esti sinking fund 543
- 965 rbi N
9938 24
95 c100
Externals I Os(State Ry)_1960 M S 9938 Sale 99
9914 18
95
9934 Jugoslavia (State Mtge Bank)
EMI Oe Sanitary Works_ _1981 F A 9331 Sale 9834
7714 88
0
8512
34
A
8
847
Sale
8512
Secured s g
9914 19
9404 10033
ExtlOs Dub wke(May'27).1961 MN 9914 Sale 9434
947/ 10114
A 9814 Sale 9734
9878 13
7837
Letpzig (Germany)
e 7s___110947 7
9518 32
89 c91
Public Works wit'630.__1962 F A 9518 Sale 9458
934 100
7
97
97
96
96
3
/
748_1950
Lower Austria (Prov)
93
51
9112 9112
1945 M 5 91
93
85
Argentine Treaimry fe £
10534 Sale 10534 10614 19 10212 1165a
8812 104
15 1955 J J 8818 Sale 8614
8412 9414 Lyon,(City of) 15-year Cs..1934 M
Australia 30-yr
8458 66
941.
84
S18E1118158 of 1927....Sept 1957 M S 8458 Sale 8612
10618
10638 20 1024 10634
N
M
1934
SO
144
External g 434s of 1928_1966 MN 7912 Sale 7818
774 8554 Marseilles(City of) 18-yr Os_1954 J
80
65
2
69
gide 6812
Medellin (Colombia) 84s_
1943 .1 D 10438 Sale 10438 10514 66 10214 108
Austrian(Govt) 13 f 711
1038 151s
14
14
5
1943
4345
9312 313
1957 J J 9234 Sale 9234
9218 954 Mex!ean Irrigat Asetng
International s f 7s
26
20
26
Apr'30
-5
Z:19638 19
91
981: Matte°(U S) est! 5e of 1899 £'45
BMW& (Free State) 6348_1945 r A 9533 Sale 9512
15
204
13
1812
20
1712 19
1445 Assenting 6a of 1899
1941 I A 1091.1 Sale 10918
10934 14 10734 11114
Belgium 20-yr s I 80
1613 1734
174
18
Apr'30
1512
Aseentlog 5e large
110
23 105340.1012
25-year extents] 430..___1949 38 S 10912 Sale 10914
1014 15
1418 30
1278
Assenting 4a of 1904
19253 J 104 Sale 10378 10.112 73 10118 10418
External c I (la
104 17
4
17
1512 Sale 1512
:assenting 4s of 1910 large....I
External 30-year a f 78_ 1955 J D 11514 Sale 11434 11558 73 l0914 11558
16i, 50
104 1614
1412 Sale 1412
Assenting 48 of 1910 email_ -110
1958 M N 110 Sale 1093.1
96 107 1104
Stabilization loan 7s
25
18
2212
23
1914 21
(larger33
T
5
.
11038
assent
l
a
re
i
ls
11014
'13
of
N
6s
M
1945
1
8
1105
8
1103
81
I
110 11212
Bergen (Norway)s
1238 254
20
22
23
6 99 10258
15-year sinking fund Os....1949 A 0 10018 102 10258 10258
901
95
85
51
Sale
8
so%
66T4
A
9712 26
924 c9912 Mflau (CIty. Italy) extl 8345 '52 -0
Berlin (Germany) at 03.411_1950 A C) 9612 Sale 96
na4serna
l.
4
Gerlir (Suite)4a
044te) Brastl90
9434 Mu
86
External sink fund 6a__ 1958 J I) 90 Sale 8312
23
53
6134 31
71 Sale 7012
1968 M
9612 9612
9612 14
1945 A 0 94
9211 9918
Bogota(City) est! a I 8s_
824
68
1
M
6934
6914
71
S 69
Extl sec 6343 series A_ _ 1969
89
2(3
814 100
Bolivia(Republic of) extl 80.1947 M N 8812 Sale 84
9834 103
2
101
101
102
10114
1952
7e
of)
Sale
(City
70
70
7112 40
5554 Montevideo
1968.0 .1
65
Externalmecuritiee7s
10
9678
8
91
9312 90
External of 6e Nees A._1959 Met 91
7112 16
19691W 8 69 Sale 69
6218 84
Externals f7
9 103 10711
E 10712 Sale 10612 10712
10614
15 10214 1064 Netherlands Cm (flM prfces)_1972 1S1 A
Bordeaux (City of) 15-yr 013_1934 M N 10534 1061s 106
80
90
74
8412
8312
Sale
r
F
8
833
1957
ext155
(3tate)
10058 52
54
94 10212 New
Brasil (II S of) external 88_1941 J D 100 Sale 100
90
80
8414 46
943 A 0 8334 Sale 8313
1958
7512
04_Ay_r_1
wattnaWalelefe
7834 103
7218 484
External ef 634e of 1938_1957 A 0 7814 Sale
Sale 10438
10434 47 101 1054
10412
7412
y
19
Sale
0
ex
0xt
i
2
e
a
r
yar
e
rri
a
ea
te
0-y
rw
2
No
78
78
37
1957 A 0
724 0812
Extl a f 634,01 1921
10214
116
91
10414
10478
Sale
8
1043
SO
26
1952 .1 D 8818 8458 8714
80 93:
1
To(Centre)RailwaY)
18 1013s 104
103 Sale 10238 103
10:31 10212 10212
30-year external (la
95 10518
734,(coffee socur) 2(flat) 1952 A 0 10278
) 10178 Sale 10134 102
1
29 1001s 103
10238
10234 37
9811 104
Bremen (State of) exti 71....1935 M S 10234 Sale
964 10014
9934
10014
81
Sale
10014
_2_ _Mar 18 iE71
5;4
Errnrefif 5
1957 PI S 8134 821 8178
8214 15
Brisbane(CRY) f 631
80 90
044 100
9878
8
A 9434 Sale 9812
D
7
44
Mei:defeat Bane exit a f M 196
1958 F A 8114 Sale 8012
8114 15
8018 8834
Sinking fund gold 52
9738 994
IN
D
36
8
9912
997
A3
.1
Sale
4
993
0
5
7
5
9
1
55
1
.
5
a
5
III
,
7813 27
k ex
11nitetlypa
Baynear
(C
1 0.
)3
73 8512
Budapeat(City) exti.1 6...1962 J D 78 Sale 7614
8814 17 82 112i.
83
88'x 87
-1952 F
99
1
Buenos Aires(Clty)6302 B 1965.0 .1 9834 99 99
954 1004 Nuremburg (City) extl Os
100 10314
10212
10212
10314
10
102
96
96
95
0
96
2
External s
ger C-2__ _1960 A
91
9412
984 10212
100 10012 100 Aug'30 - _
96
95
Sinking fund 53Se
95
1
1960 A 0 95
External•f Gager C-3_
90
9834
2 10018 10312
103
8478 60
F A 10214 103 103
Panama (Rep)010 534s---11994563 3D
Buenas Airco (Prov) extl 66_1961 Pa 13 844 Sale 83
8018 91
894 951s
27
MN
8
Sale
9312
945
9468
4012
161003
____
_May
81 July'30
Extl s 6seer A
Bulgaria (Kingdom)s I 78_1967 J .1
7634 8534
7112 90
4
77
M
77 Sale 76
8114 Sale 8012
8114 10
Stab:I'n I'D a 1 7348 Nov 15'88
8012 9014 Pernambuco(State of) ext1 7e '67 MS 9238 Sale 9134
91 610115
9212 17
7e-1969
8
3
external
85
87
855
Peru
8
8
of)
34a'40
855
(Rep
1
(Colombia)?
Galilee Dept of
9312
81
84
59
28
3D
71
72
72
Sale
1960
set
Nat Lean tells I fle 1st
Canada (Dominion of) 58-1931 A 0 101 Sale 10078 10114 42
9954 1014
69
844
72
15
Nat Loan ext1 aloe 26 ger 1981 AC 7118 Sale 7118
1952 MN 10512 Sale 105
10512 22 10214 106
Sc
81
74
5.0
7512
76
6
Sale
7512
68-1940
Sale
gold
101
101
A
F
1936
10134 12
434e
9734 10238 Poland (Rep of)
79
8884
85
72
1954 I .7 1054 1061 10712 July'30
Stabilization loan a I 75-1947 AC 8412 Sale 8378
Carlsbad (City) a1 fiel
103 10978
92 98
9414 22
3.0 94
95 94
81_1950
g
fund
92
89
(rink
0
89
A
'46
External
7148
89
Colom
(Dept)
4
Val
Cauca
834 05
100
O
J
91
9312
95
0312
5
94
89.-1961
of)
Porto Alegre (City
Central Aerie Bank (Germany)
SO
4
9412
82
9314
EMI guar sink fund 7 30_1988 J J 80 Sale 80
03
35
Farm Loan a I 78 Sept 15 1950 M S 93
9211 0812
47 10234 110
1 AG 104 Sale 10312 105
47
94
8212
8212 Sale 8
93212
83
1
55
7714 905s Queensland (State)extlef7e 19
Farm Loan a I (38 July 15 1960.0
10414
Sale
9938
FA
9514
10014
10014
3
23-year external 68
12
8312 96
Farm Loan a f 6e Oct 15 1980A 0 83 Sale
774 00
90 103
9012 9214
9412 45
2
90
Rio Grande do SW extl a I Se 1948 AO
904 40
844 94
Farm Loan @seer A Apr 18 1938 A 0 9038 Sale 6
6424 3081;
66
11
External Milking fund 6:1_1068• D 66 Sale 6434
Chile (Rep.)-ext1 of 7s_ _ _1942 M H 101 102 10134 10212 24
994 10314
9314
74
External a 1 78 of 1926-1968 MN
9138 28
88
944
External sinking fund 68_1960 A 0 9114 Sale 9014
73
11
6:
° 73
'
NM
74
612 Sale
612
7
5
3 1) 74
7
6
95
1961 P A 9114 Sale 9034
External 01 7s munialOall 19
9114 28
External s f 6,
88 c9412
96
8
5.0
4
9211
97
1051
97
96
1946
.
8a
.1 9012 Sale 9014
FM de Janeiro 25-year at
1961
92
28
94
88
Ry ref esti a 1 88
85
FA
67
158 50
70
9
44
70 Sale 684
1061
S
9012
M
6340
External
63
9114
fund
25
sinking
94
88
Ext1
91
AO
87
Sale
9112
4
3
04
1952
634e
eat,
Sale
2
°
Ili
0314
9
9
1962
Rome
(City)
9012
9112 16
11414
88
Extl sinking fund
MN 10418 ____ 10434 10434
3 108 10518
1963 14 N 9012 Sale 9014
9012 101
8814 9184 Rotterdam (City) ext1 63_1964 P A 8218 83 8212
Ertl oinking fund (ie
82 88
8312
5
1969
7e
(Monopolies)
D
9714
Sale
1957.3
9612
Roumania
30
June
8
3
97
634s
Bk
99
30
02
Chile Mtge
89 Aug'30
ii 86
89
_
804 204
9914 25
04 1004 Etaarbruecken (City) Ile -1963
El 6 Ms of 1926-June 30 1961 J 0 9914 Sale 9812
95 107
9978
101
MN 9978 101
5
Apr Fla 1961 A 0 8834 Salo 8812
8914 23
Gnarl I 8a
8611 94 f3ao Paulo (City) a I 8a_Mar 1952
84
N 70
6978
69
8
72
697
2
1927-1957
of
1982
N
49
rell
8914
I
e
8838
6340
Sale
External
14 25
874 91
Guars f 6a
8
05
94
94 1024
Sale
3.0
96
1960 at S 9434 95
San Paulo(State) esti Sf 813_1938
9218 c9:3
Chilean Cone Muni° Te
„• I 9314 Sale 9234
90 101
9314 32
1950
J
22
2
D
83
2
9
I
a
21
5e-1951
12
sec
4
External
2
5
2
9
Ry)
23
30
(Hukuang
21
Chineae
86
1
794 934
External if 75 Water L•n-1956 MS 86 Sale 86
100 10214
Christiania ((1810) 30-yr a f to '54 M S 102 10312 101 Aug'30
81
6812 18
65
1958 31 6714 6812 6614
9118
93
External et 6.
92
904 c9834
Cologne(City)Germany6 34319001W S 92
5.0 904 Sale 90
8914 9618
9014
1940
149
7s
I
8
J
Secured
.1
7512
Sale
7512
041-.1961
77
3
40
8678 c83
Colombia (Republic)
M
9212 9234
9234
3
87
954
77
21
7534 7414
817a Banta Fe (Prov Arg Rep)7a 1942 J O 9214
68
Externs' a 1 6e of 1924_1901 A 0 75
9834 Sale 93
983
11
93 100
@v. 8214 Saxon State Mtge Inst 711_1945
7612 7434 Aug'30
Calembla MW Bank 634,of 1947 A 0 78
D 93 Sale 92
93
97
811
10
2 A04
Sinking fund g 634e.-Dec 1946
8230 13
88
. 71
Sinking fund 7, of 1926_1040 M N 82 sale 80
108
10554010911
Seine, Dept of(Franca) extl 78'42• J 10734 Sale 10734
sa
Sinking fund 7e of 1927_1947 F A 8114 88
70
N
'62
Sc
Slovene@
98
117
de
Sale
Create
99
1952J
D
Serbe.
5a
9534 9934
Copenhagen (City)
6:
95
9612 Sale 9
31
96
754 88
71
57
45
6
External see 7s ger 13-.1962 MN 86
15
8:
1053 MN 9212 Sale 92
m02 934
9% 5
92
1.
18
25-year a 434e
D 8
721
73 sale 8
66
82
Silesia (Prov of) sell 7e_ _ _ 1958
418
93
8
8434 83
2
3
7514 93
Cordoba (City) est, a1 78_1957 P A 83
12
43
7
2
11
2
72 847s
9834 Silesian Landowners Assn 6a 1947 FA
82
External a I 7e _ __Nov 15 1937 MN 9114 924 92
-1936 MN 10658 Sale 10638
10638
1014 107
9558
92 100 Sole/ions (City of) ext.!
Cordoba(Prey) Argentina 761942 J J 96
1946 FA 91 Sale 91
913
1
97
13
3
86
934
512
Styria (Prov) external 7s
5314
97
8
2 10
2
costa Rica (Reput) extl 73.1951 MN 8612 87 8
8314 91
1061
10314 10714
Sweden external loan 534s..1954 MN 10514 Sale 10514
98 101
Cuba (Republic) 8,01 1901.1944 al S 100 10014 10014 Aug'30
A 102
1073
0118 Aug'30
Swiss Confed'n 20-yr II 8s 1940.0, 10714 108 10714
0 10714c10911
18
4
9618 1(12
External 5001 1014 car A_1949 F
AO 10518 Sale 10412 1051
9812 9514
18 10212 1154
9514
901: 964 Switzerland Govt ext1 534a.1946
Exteenalloan 4 MR ver C_ _1949 JI A 97
7478 82
10078 13
3 09 102 Tokyo City 5,1050 01 1912.1952 MS
filnalcg fund 614e_Jan 1639533..1 10058 Sale 100
A0 9
7
5
7
2
1114
1e
8
6
7
Sa
4
3
-1981
I
gear
a
5411
Sale
7
9
7
External
D
J
8714 93Ia
9312
1945
9312
30
4
14
June
8
935
535e
9412
88
9312
97813
wks
Public
349
1947 MN
Tolima (Dept of) ext1 71
674 87
Oundlnamarea(Dept) Colombia934 984
5112 26
78
1959 MN 6912 Sale 6914
5
70
111 65 84 Trondhjem (City) 1st 6345.1957 MN 9813 Sale 9778 9
External, 1614,
c Cash sale.. a On the basis of 55 to the £ sterling.
High NO.
Ask LOO
Bid
U.S. Government.
FM Liberty Loan3D 1002738 Sale 1002738 101122 105
534% of 1932-1947
_ 101 July'30 ---J D
Cony4% of 1932-47
102(3, Sale 102138 102533 37
J
Cony 4 % of 1932-47
991138Feb'30
.1
110 eonv 434% of 1932-47
Fourth Liberty LoanAG 103
Sale 10230321031532 356
64%of 1933-1938
24,2
112323811221a 307
1947-1952 AO 112"3192
Treasury 44e
1944-1954 J D loss., sale 104538 108332 61
Treasury 45
MS
1063n 51
Sale
106
106
1946-1956
Treasury 3MS
1043-1947 .1 7) 101378, Sale 101(131101n. 143
Tressury 334,
173. 142
ii)
1021)381021331
1011(38101
1940-1943
15
June
Treasury 334,
State and City Se curItles.
454 Oct'29
NY C 334% Corp et-Nov 1954 MN
N
8814 Aug'29
84% Corporate e(„May 1954
94 Feb'30
1966 MN
de registered 0738 June'30
1957 MN
6% corporate stock
104 Mar'40
64% corporate stock___ _1957 MN
44% corporate stock ___.1957 MN ____ 10012 105 Mar'30
9414 Nov'29
1958 MN
11% corporate stook
N
98 June'30
1959
6% corporate clock
100 July'30
1931 AO
414% corporate etock
9978 ____ 9734 June'30
Am% corporate stock_ _ 1960 M
99 Mar'29
M
• % corporate stock _
101 Mar'29
1966 AO
63(% corporate stock
9912 Oct'29
434% corporate stook _ _1972 A 0
10034 Sept'29
• % corporate a Cock _ _ _ 1971 J o
10812
107
MS
Aug'30
_1963
_
Meek
corporate
64%
11058 106 June'30
614% corporate etock ___ _1965 ▪ D
10134 June'30
64% eor poratestock July 1967 J J
10114 Mar'29
1960
New York State Canal 4a
10114 June'30
Mar 1954 MS
6 Waned
101 June'30
1961 J J
Canal'met 4a
109
Jan'30
1964• J
634e
Lots
97% 97%
05:
1076
BONDS
II Y. STOCK EXCHANGE
Week Ended Aug. 15.
New York Bond
a
Price
Friday
Aug. 16.
Week's
Active or
Lae( Sale.
O-31,
32,
7.
Record---Continued--Page 2
Rases
Stare
.1des. 1.
BONDS
N. Y. STOCK EXCHANGE
Week Ended Aug. 15,
Price
Friday
Aug. 15.
115
4
Week's
Range or
Last Sale,
4•
‘.53°
garsge
Mace
Jan. lo
1154
Ask Low
High Na Low
riot
Foreign Goat. & Municipals.
Au, Low
High
Low
ChM Ind & Loule-y-Ref 65.._194 .1, BM
11104
Upper Austria (ProY) 78.. _ _1945 ID 9734 Sale
7
11338 -_-_ 11512 Aug'30 ---- 112
3
9734
9234 97%
Refunding gold 5.
External, I 8t4e_June 15 1957 J D 90 Sale 9734
1947 ii 10312 -_ 104 July'30 _-_- 10134 11512
3
90
90
10412
8114 91
Refunding 45 seriee C
Uruguay(RepublIc) extl 88_1946 • A 107
_1947.1, 9212
108 107
9 104,
92 June'30 ___
107
92
92
let & gen es serlea A
4
External a 1 6a
_/
4
1966 MN 10212 Sale 10212 103
1060 MN 98 Sale 9512
22
97
9312 1091
119 10412
111
,
3
let & gen (3a tier B,__May 1966 J J 10514
Fail a fes
May 1 1964 M N 9512 Sale 9414
1083
1073
54
Aug'30
4
95
s
•Thile
c10412
94
9814
Ind
10918
&
Sou 50-year 45_1956'.1 9;02 ____
Venetian Prov Mtge Bank 7s '52 AO 9514 96
9514
7
02 July'30
9634
92
89
Chic L B & East let 410_ A969
83 c08
Vienna (City of) extl if 8.__ 1552 M N 85% 86
J D
10012 10012
8578
9324 10114
8612 47
82 c95
CI. 85 & 8tP gen 48 A _MaY
Warsaw (City) external 7s__1958 FA
J J 435 a,
73)4 Sale 7314
1980
857
24
85
743
85
3
4
9
1
:
8
8418 87%
704
83%
Registered
Yokohama (City) extl (le___1961 .D 9714 Sale
Q
J
97
39
Mar'30
85
97%
81% 8e
Gong 3 He (Ter 13____May
9814
05
Railroad
1989• J 7234
7318
731,3 10
7218 79
Gen 434s series CMay 1089
Ala GC Sou let Cone A 64-.11143 J D 10412
• J 9
73
233.41 103112
73 2 95'2
-- 10313 May'30
1
9512
Ion% 103Is
9238 97
Gen 4 tesserles E___ _May 1991
let cone 4a aer Ts
J
1943 J O 9412 _- 94% Aug'30
1
95
95
5
9512
9413
Gen 430 series F____May 1089 J J
02% 9611
Alb & Susi) let guar 3tes
1948 AO 8834 Sale 88%
9934 Sale 9914
3
8814
0712 100
9931 50
8318 8834 Cele Milw St P & Pee 58____1
Alleg & West let g go 4a
1008 AO 87 _____ 87 July'30
975 FA 10
86
412 1
Sa
08
1e 8414
76
84
85
9634
Cony ad) 50
85
87
Alicia Val gen guar g 421
Jan 1 2000 AO 51 Sale 5013
1942 MS 9718
9612 Aug'30
5112 194
4912
7812
9212 0612 Chick N'weet gen g 3tes___1
Ann Arbor let g la__ __July 1995 Q J 83 -8312 83
987 MN 8
70
458 _8_2_ _ 8914
8312
8
1
7712 81
8014
76
891e
Registered
Atch Top & S Fe-Gen g 45_1995 AD 97% Sale
SIP
9614
65
June'30
77
97%
77
9158 9738
75
General 48
Registered
MN
1987
AD 9514 Sale 9514
9212 100
4
9214
92
9514
3
9772 9214
90
9514
Stpd 4e non-p Fed In tax
Adjustment gold 48... July 1955 Nov 9234 Sale 9234
MN
9113 July'30
5
9234
88% 93
Gen 4 he stud Fed Inc tax. '87 MN
8718 93
Stamped
9313 Sale 93
July 1995 MN
1987
94
107% 10712
25
2 100 108
87, 94
Gen 5e stud Fed Inc tax_ A987
Reglatered
MN
MN
9018 Aug'30
10913 July'30
8.518 90%
107 112
Registered
Cony gold le of 1909
MN 05
1956
8 9314 Aug'30
D 92 93110812 July'30
105 108%
87
Sinking fund deb is
9314
Cony 4s of 1905
1955 is) 9318
1933 MN 87Z 1-91
93 Aug'30 _
102
10211
- -2-0
6
!
-94
58 10214
100
88
Register
Cony g 48 Moue of 1910_1960 • D 9112
ed
MN
9214 Aug'30
99 Feb'30
15-year secured g6 He__ .1036•S
99
99
8914 9214
Cony deb dees
1948 ii-) 128 Sale 125
10914
Sale
1091
129
4
53 12012 14112
4 10714 110
10914
Let ref g 6s
Rocky Mtn Div let la _1565 J
• la 10718 10712 107 July'30
931 9213 July'30
May
2037
92
9212
1s6 & ref 410
107
104%
88
Trana-Con Short L lit 48_1958.1, 9038 Sale 9414
,
Slav 2037• D 0912 Sale 99
95 902
9638 18
9912 13
9012 9638
Cony 451s series A
Cal-Aria lit & ref 434a A_1962 M
1949 MN 10014 Sale 9912 10034 134
10112 10214 10112 10112
7
97% 10514
07 102,4
Att Knox,dr Nor 1st g 5e_ _1046 J
10458
1015
Apr'30
8
elite
1021
RI
&
P
4
104
AO& Charl A L let 4 tes A 1944 J J 97% 99
Railway gen N.1988 1 .1 9234. Sale 9218
9613 July'30
03
46
927g
88
Registered
95
9712
1st 30-year 5e series B
,• T 8813 91
1944• 1 103 10412 10412 Aug'30
90 July'30
8512 90
Refunding gold 45
Iowa 10412
Atlantic City let cons at__ _1951 „T
1034 A0 99 Sale 9814
88%
87
Jan'30
9918
176
9515 9918
Register
87
87
ed
All Coast Line lst cons 411July 62 el El 9534 IQ; 9538
AO
95
953
Jan'30
4 37
Secured 434e aerie, A
96
96
90
97%
Registered
1952 hi S 9678 Sale 9634
M
9213 May'30
97
108
Cony g 41.4,
9212 9212
92% 98
General unified 4 s
1060 MN 9834 Sale 9718 c99
1964 1
10013 10114 10012 10012
578
9512 10134
3 981s 10114 Cb St L & N 05a_June 151981
L dc N coil gold 418_ _ Oct 1952
J o 104
104
93 02
N 92
July'30
9218 18
1031,2 1041g
Registered
8813 931s
JAI& Dan 1st g 4.
D
_
1948 .1, 58
102 Mar'30
64
60
6014
12
102 102
Gold 33.4e
58
7312
204.
June 15 11151 J D 8612 -- 81 July'29
1948 j
5234 55
5213 July'30
Memphle Div let g 4s____1951 J D 8812
5238 8212
At! & Yad 1st guar 414
1949 AU 82
9013
8734 87
Mar'30
8734 34
-68C402
8218 8734 (31185 LAP let cone g 5e____1032 AO 10012
Austin & N W let gu g 55......1911 J
10118
-- 1003 Aug'30
101 July'30
99 101
9971 1(1012
Registered
AO 100%
2 10033 100%
Chic T II & So F.aet let es_ __ 1060 J O 90 ---- 100% 100%
Bait &Ohio let g Ls____July 1948 AU 95% Sale
96
96
96
1
9512
9518
9614 53
9112
101
Inc
gu
9614
58
Registered
Dec 1 1960 MS 80
July 1948 Q J
83 83
83
9314 Aug'30
5
83
9414
90
9514 Chic Cu Sta'n let gu 4)4e A.1963.12 102% Sale 102%
20-year cony ON
1533 MS jai- ga-e- 10034 10118 172
10314
11
97 10314
9838 101
let 56 serlea B
Registered
J
105% sale 10512 105%
1963
7 103 10534
10014
5
9818 100%
Guaranteed g So
Refund & gen 5e series A __1995 MS 10412 Sale 10014
105 Sale 105
1944 J
105
J
6 101% 105
104
104% 54 101 c10512
let guar 6 te El series C.._ _1963
Regletered
J 11512 Sale 11513 11534
J D
8 114 11678
10234 Aug'30
102 10234 Chic & Weed Ind gen (le_Dec 1932
letgold Le
M 10178 -- 1025a July'30
July 1948 A
Sale 106%
10038 102%
107
13
Consol 50-year 4s
10118 10712
Ref & Lend. aeries C
9158 92
9112
1952 .;
1995
110 Sale 10934 11012 51 10812c11
0112
1
8512 92
let ref 5 tes serlee A
1
PLEA W Va Sye ref 0_1941 JO
1962 50 S 10514
105
MN 9612 Sale 9612
9612 10
10 103 10512
Choc Okla & Gulf cons 50_ ._1952 MN 10112 10512 105
91
9612
Southw Div let ess
_
10118 Aug'30
10434 Sale
1050
9972 102
10434 17 10012 105
ein II * 1) 2d gold {Hs
Tol& Cm Div let ref 4a A _1959 J J 88% 89 10412
J
J
963
_1937
100
8
8712
9613
June'30
J
8712
9512 0612
2
C I St L & C let g N.Aug 2 1936(SF 9712
84
Ref & geu 58 aeries D
97% 9718 Aug'30
2000 MS 104 10438 10334 10412 24 10114 8712
0514 9718
Registered
10412
Cony 4)4.a
Aug 2 1036 Q F
1960 FA 101 Sale 10014
9418
10114 406
94
,Tangor & Aroostook
9812 104% emu Lob & Nor let con go 40_1942 MN 9412 ____ 95 Feb'30
let 5e.. _1943 .1 .1 10334 10414 10212 10414 17
94% July'30
11838 9414
101% 105
Con ref 4s
1951 ii 91% 93
9112
93
12
Clearfie
ld M Mali let gu
84
93
Battle Crk & Stur let go 3a_
ii
100 July'28
_19e9 J
6214
62 Apr'30
Cleve CM Ch & 51 1.gen 56..„1943 J
62
62
Beech Creek let gii g La.. __.1936
9318 Sate- 9318
413. _1093
9718 977 9714
9318
J
8512 -1T3-3
9714
6
1
;
20-year deb 434.
9512 9714
2d guar g 5e
1031 2
100%
1003
1936
Sale
9912
8 10038
9914 1005a
J
100
2
J
Jan'30
Getters' 5s serlea B
100 100
Ileech Crk Ext "stir 3 Hs _
D 108% -- 108 Apr'30
1093
_1951 A () 83
84 July'30
105 108
Ref & impt 65 ser C
84
78
Belvidere Del cons gu 3;18_19
1941 J J 10312 10514 10514
87
43 J J
10514
3 103 10658
Itef & Imp t 50 ser D
Big Sandy 1st 4s guar
J J 104%
9512 Sale 9513
7 100 10514
1
9513
8012 9512
Ref &Impt 434.eer E__ _ 1063 J J 10014 Sale 10458 105
Boston & Maine let 5.3A C 1944• D
_1977
Sale 0958
1967 hi S 10014 Sale 100
10014 382
9318 10014
10034 69
Cairo Div 1st gold 4e
96 101%
let in 58 set 2
J J
1935 M
___ 07
10014 Sale 9912 10012 66
97
2
92
97
Cln W & M Div 1st g 43 1939
08% 10012
Boston& NY Air Line let 45
1955 F A 8512 8613 8612 Aug'30
8412 89
St 1. Div let coil Sr g 4s_ 1991 MN.• 1 9012 -9212 89 July'30
81
87
Bruns & West let gu g 48_193
....1990
90
8958
90
8 2.1 96,
4 9712 96 July'30
4
8418 00
Spr & Col Div 1st g 4s_ _1940
92% 96
Buff Rode & Pitts gen g 5e_
MS 93%
93 Apr'30
_1937 MS 10134 103 10134 July'30
93
94
W W "al Div let g 4a
9934 103
Consol 4 He
1940 J J 9234
93
94 Sale 9338
Jan'30
1957 M So
94
00
93
80
1)0
CeC&Igenconegt3s
95
Hurt C R ee Nor let & coll 5e_1934
1934 J J 10334
104 June'30
AD 10112 101% 10112 10112
103 miss
2
9914 101 12 Clev lor & W con lets se. 1933 10 10118
10114
1011
4
1
99% 10114
Cleve & Mahon Val g be.. _ _1938 J
Canada Sou cone gu 5a 4...__19
10018
9912
Apr'30
62 A 0 10534 _ _ 10614
118
4
10614
0912
10612 CIA Mar let gu g 4 He_ _ _ _1935 MN 99
Canadian Nat iltes_Sept 16
100 Mar'30
1064 M S 98%a
gle 9814 9878 25 10211
100 100
9318 9878 Cleve & P geu gu 494,set B..1942 10 99%
80-year gold {Ha
10034 Mar'28
1967 .1 2 99 Sale 08%
99
70
Series 13 3tis
9214 99
Gold Ole
10
87%
1042
87 Mar'29
1968.1 D 98% Sale 98
98% 277
Series A 414e
9214 9878
Guaranteed g 5s____July 1969
1942 ii 9958
9512 Nov'29
10414
104% 31
Settee C 334e
9914 10438
Guaranteed g 5s_Ocrt 1969 J .1 105 105 10378
104e MN
8614 June'30
Sale 10378
A 0
105
SO's 8858
63 101% 105
Series D 33.es
Guaranteed g 05
P
A 87
1950
_ 8618 May'30
1970 F A 105 Sale 10418
105
8818 86%
10
Clove
10312
Shot
105
Line tat gu 434,..1961 AO 10114 102 10112 10112
Canadian North deb a f
97% 103%
2
112
D 112 Sale 111
7 10934 112
Cleve Union Term 1st 6 He.
25-year. f deb 634o 7s.._1940
AO
10912
Sale
10914
_
1972
10912 17 10618 110%
1046 ,T J 11734 Sale 117
11734 26 113 118
lets f Se series 11
Registered
1973 AO 106 -- -- 106
10618 13 1021i 10618
11314 Jan'30
let a f guar 4 34,ser C
11314 11314
10-yr gold 4He _ _ _ _Feb 151536
1077 AO 101 Sale 10034 10114 42
F A 10012 6;1-e- 100
96 10114
100% 35
9818 1007,3
Canadian Pao Ry 4% deb stock
8914 Sale 8918
_ J
89% 109
8312 0018 Coal River Ry let gy 48___1945 J D 92
Col tr 4 Hs
0412 9212 Aug'30
1946 51 S 100 10014 9958 10014 20
88
03
9653 10012 Colo & South ref &
88 equip tr temp etre
ext
MN
101
4148_19
10114
101
35
10118 19
1944 J .1 10418 Sale 10418
07 10314
105
23 10014 105
Gent In 41'63 scr A
Coll tr g Is
1980 MN 9812 Sale 9734
Deo 1 1954
9812 73
10312 Sale 10314
9514 9812
10334 88 10112 10334 COI& H V 1st eat g
Carbondale & Shaw let g 4e..1932 J D 98
10
4s
9212
91
1948
9314
July'30
9818
8818 94
May'29
18
M S
Col & Tot let ext 4e
Caro Cent let cons g 4.
88 June'30
1955 FA
1945 .1 J 80 ig
8.11
85
85
1
88
74
8514 Conn & Paseum Illy let
Caro Clinch &0 1st 30-yr
A0 871
- 8612 Feb'30
5a _193e J D 102
102
_- 102
8612 8812
9912 10212 Consol Ry non-oony la is.. _1943
1st & con g (letter ADee 16
'
Si
71
72
871
1954
71
'52J 0 10734 1-077
1
;10734 10734 10 106 11012
70
Non-cony deb 9s
76
Cart & Ad list gu g 4e
7218 73
7112 Aug'30
1955 ik
86% June'30
70
78
Non-cony deb 4s
85% 8534
Cant Branch U P let g le_ 1981.1 D 90
1955 A 0
-- 73% June'30
1548
85% 87
86
7318 7318
86
2
82 86%
Non-cony debenture 413......1
Central of Gs let a 5e __Noy 1915 .1 D 105%
707014 75
956
72
73
10
F A
- 105 June'30
_ 10158 105
68
Cuba Nor Ry let
76
Coneol gold Ess
5)45
1942
D 5213 Sale 52
1945 MN '0158 11:1112 10134 102
5234 46
11 1007a 104
50
Cuba RR let 50-year
75
Registered.
6912
100 Feb'30
81 N
9
66
84
let ref 7%e 'series A5s g__ _ 1052 J J 66 Sale 66
100 100
Ref & gen 534e (series B__
1936 J D 80 Sale 80
10512 22 104 10534
30
_1959 A 0 10512 Sale 10478
5
let nen & ref fie 501' B
80
0914
Ref es gen SeecrlesC
1936 J D 70
7212 73
73
1959 A 0 10114 Sale 10114
10113 21
8
9818 10278
7212 92
Chatt DINT par money g 48_1951
8818 July'30
D 89
Day & Mich let eons 044_11
8412 89
Mack Not Div 1st g Eel__ _1946
131 J J 10012
10018 July'30
June'30
1031
1015
8
'
4
.1
9018 loos
Del
.1
&
100
Hudsou
10158
Mid Ga & Atl Div pur
let & ref 45
I943
N
M
9434
Sale
94%
10112
10:112
m
94%
10214
Ge
July'30
'17
82
.1 .1
__ -30-year cony is
P114 9478
98 10214
Mobile Div let g 5.
1936 A 0 10034 101 10134 A1.12
1946 1 .1 103%
15-year 63-4,
9618 107
100 103
.30
- 10212 May'30
• Cent New Eng let go
1937 MN 105 10513 10412 105
as__ 1961 .1 J 8534 86
8534
86
19
19 100% 10611
13 RR & Bridge let gu g
81% 86
Central0/do reorg 1st 6)1e_ _1930
4e
1936
A
F
975
-8
0614
Aug'29
9934 June'30
M S 100
Den k CI let cone g 4a_
9512 100
Cent RR & Bkg of °aeon
_1936
be 1937 M N 9714 Sale 9714
.1 06'2 Sale 9614
9512 102
9714
9678 158 -iv. 07
Congo! gold Hs
1
Central of NJ gen geld 58.,_
1936 2 .1 09% 9934 99 Aug'30
112 113 11212 11212
_1987 J
981, 09
6 107te 113
Den A It LI West gen 61_
B.egletered
Aug 1955 MN 93 Sale 93
1987 Q
9314 63
Ill July'30
88% 991a
Ref * hapt 9. air 11.Am.
107 111
General as
1978 AI N 91% Sale 9012
9612 9514 July'30 ____
9112
1987
953
87%
4
27
J
1
95
Dee
8414
14
9514
gs 11 lal go 45
Cent Par let ref gu g
25
_ tga5
27
25 July'30
_1949 F A 9558 Sale 9512
2314 30
Certificates of illtmeolt
0552 17
1114 1558
Ragistered
29
25 June'30
Mar'30
F
00
31
211
A
Den
90
90
Plalnog
VII
Through ghort L let gu da..1964
tinges 4
1047 1111 9 97%
A 0 9314 -813-3 92 May'30
96 97
- 97 May'30
_
90% ce234 Pete Mae latlleag4j 34_ 111551
Guaranteed g IN
50
60
6314 June'20
1980 F A 105 Sale 10458 10538 55 100% 10538
03
7411
Gold is
5478 60 May'30
D 50
61
60
Detroit River Tunnel 4 tee 1996
0PA2101100 & 8a8'13 lit 76_193
1061 MN
10018
10012 15
6 .1 .1 11112 ___ 108 Dee'29
9414 10012
_
Dul Lillosabe
Cheek Ohl°'neon g
10318
lo1939 MN 10414 10512 1044 104% 15 102 1683-4 Dul & Iron A Nor gen 5e_ _1941 J .1 10318
10318
1 101 1114%
Range
alefistered
let
10212 Aug'30
11)395818 103 ___ 104 July'30
_ _ 101 12 104
10014 103
DM Lou Plbore & Atl 5,..... 1037 A 0 10212
Genets,gold tee
18....
J J
79 -i658 7944 Aug'30
199258 el 10212 Sale 10214
103
72
27
81%
9714 103
East Ry Minn Nor Div lit 441037
Rogietered
'48 A 0 9412 __
9412
0412
100
1
.
101
June'30
PA
99
92% 9412
_
S
Eant
89
T
98
VA&
Gs Div let M._ 1056 Tvi N 106 Sale 10578
Ref A impt 4)4.
1993 A 0 10012 Sale 9912 10012 22
10618 10 IOU 1061s
94 10012 Elgin Joliet& East Mt
Ref & hunt &Hs sea B---19
g
5a
_
MN
10312
_1941
10314
10514
July'30
93.'1 )90l4 El Paeo & W
95 J .1 10014 Sale 9958 10014 119
102 10358
Cre1g Valley 1st 50_81ay 19(0.1
1st 5a
1965 AU 10214 10334 103 Aug'30
10114 10314
.1 10013 ____ 102 July'30 ____
98% 102
Potts Creek elranch let 0_1946
00
92
13812 0512 Erie tel consul gold 7e
9112 May'30 -R & A Div let eon g La.__1985
@FedFRASER