The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
financial
lirtintrie
VOL. 131.
SATURDAY, AUGUST 30 1930.
financial Chrouicte
PUBLISHED WEEKLY
Terms of Subscription—Payable in Advance
including Postage—
12 Mos. 6 Mos.
Within Continental United States except Alaska
$10.00
$6.00
In Dominion of Canada
11.50
6.75
Other foreign countries. U. S. Possessions and territories
13.50
7.75
The following publications are also issued. For the Bank and Quotation Record and the Monthly Earnings 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 States and Canada.
COMPENDIUMS—.•
PUBLIC ITTILITY—(semi-annually)
RAILWAY &INDUSTRIAL—(fOGB a year)
STATE AND MUNICIPAL—W=1-8=j
I
MONTHLY PUBLICATIONS—
RANK AND QUOTATION RECORD
MONTHLY EARNINGS RECORD
Terms of Advertising
Vransient display matter per agate line
45 cents
On request
Contract and Card rates
H.
Gray,
Western
Fred.
charge
of
Orrica—In
CHICAGO
Representative.
208 South La Salle Street. Telephone State 0613.
LONDON Orsioz—Edwards & Smith. 1 Drapers' Gardens, London, E.0.
WILLIAM B. DANA COMPANY, Publishers,
William Street, Corner Spruce, New York.
Published every Saturday morning by WILLIAM B. DANA COMPANY.
President and Editor. Jacob Seibert; Business Manager, William I). Riggs.
Treas.,William Dana Seibert; Sec., Herbert D.Seibert. Addresses of all, Office of Co.
'
Change of Address of Publication.
The Commercial & Financial Chronicle,
having long suffered from inadequate
facilities for handling its growing size
and growing subscription list, has moved
Into new and larger quarters, and is now
located at
William Street, Corner Spruce,
New York City.
P. 0. Box 958, City Hall Station.
The Financial Situation.
/The resignation of Roy A. Young as Governor of
the Federal Reserve Board at Washington deprives
the country of the services of a very estimable man,
and yet not a person who can be said to have left
any distinct impress upon Federal Reserve operations or Federal Reserve policy and affairs. Perhaps too much was expected of him as head of the
Board. He succeeded Governor Crissinger, between
whom and Mr. Young there was as much difference
as there is between night and day. Mr. Crissinger
had no qualifications whatever for the position, and
•ought never to have been appointed. Mr. Young had
unusual qualifications, and his nomination was
•everywhere hailed with satisfaetion. President Hoover, in his letter accepting Mr. Young's resignation
and commending him for his services, described Mr.
Young's qualifications correctly when he said:
"You brought to the position of Governor sound
banking judgment, based on many years of experience, and a comprehensive knowledge of financial,
industrial and agricultural conditions throughout
the country and of our national banking system."
NO. 3401.
Governor Young nevertheless proved a distinct disappointment. The position demanded a man of
dominating force. Governor Young did not fill the
bill in that respect, though, as already stated, perhaps too much was expected of him. He was not
lacking in knowledge of sound banking principles,
which the President mentions as one of his important qualifications. Mr. Young by his utterances—
and they were many—showed his possession of such
knowledge over and over again. He may be said—
judging by these utterances, which, however, were
not always consistent nor in full accord with other
pronouncements, to have had a pretty clear perception of the requirements of the situation—a situation full of perplexities and troubles—but apparently he lacked the dominating characteristics
needed to compel acceptance of his views and ideas
and to carry his associates with him in any course
of action he deemed essential for the purpose. He
was too much inclined to acquiesce in what was
going on, and very easily satisfied even when he felt
impelled to criticize. In other words, he deemed it
all-sufficient to criticize when things were plainly
going wrong, and to rest contented with that alone.
• Under his guidance the Reserve Board issued repeated warnings to the member banks, especially
directed against the diversion of bank credit or Reserve credit into speculative channels, but did
nothing to enforce these warnings, which, hence,
passed unheeded, and, as a matter of fact, the Reserve Board did not itself yield compliance with its
warnings, allowing brokers' loans to mount higher
and higher, to unheard of figures, meanwhile standing by helpless and impotent. To make matters
worse,it could not refrain from constantly indulging
in self-praise and in voluble assurances that there
was not the slightest occasion for any feeling of uneasiness, though its own criticisms incontrovertibly
proved that there was the very strongest ground for
uneasiness, even apprehension, and the plain facts
of the situation left not the least doubt in that
regard.
When Mr. Young came to the Reserve Board the
Board had just entered upon its easy money policy,
which was destined to start the speculation in the
stock market which two years later was to have such
disastrous results. The Board then reduced the re1
2%,arbidiscount rate of all the Reserve Banks to 3/
trarily compelling one of the Reserve Banks to
accept the lower rate against its violent 'protests.
As part of its easy money policy, the Reserve Banks
also indulged in the purchase of U. S. Government
securities and bankers' acceptances by the hundreds
of millions. Mr. Young acquiesced in this easy money
policy, or at least showed no opposition to it The
policy was entered upon under the administration
of Governor Crissinger, but the real directing force,
1300
FINANCIAL CHRONICLE
the guiding hand, was Governor Strong of the Federal Reserve Bank of New York. Mr. Strong did
not die until a year later. While Governor Strong
lived he dominated everything—one might almost
say dominated all the main essentials of Reserve
policy and affairs among the whole 12 Reserve institutions, even though he was a very sick man nearly
the whole time, seeking a restoration of health first
in California and then in repeated trips to Europe.
Governor Strong was frankly inflationary. Governor Young, when acceding to control of the Reserve
Board, received this easy money policy and inflationary tendencies as a sort of legacy. If he had had
the same forceful personality as Governor Strong—
the same power to impress his will upon others—he
might have steered the Reserve System through the
perilous waters into a safe harbor. But Governor
Young was destitute in that respect.
The easy money policy of 1927 quickly started a
gigantic speculation in the stock market which
almost immediately got beyond control. The Reserve Board in the early months of 1928 sought to
impose a check,using a double means for the purpose,
first, by unloading the huge amounts of Government
securities and of bankers' acceptances which it had
acquired in the last half of 1927, and, secondly, by
repeatedly raising the rediscount rates of several
Reserve Banks. But both movements came to an
end in the summer of 1.928 when the Reserve rediscount rate was up to 5%. After that the Reserve
Board contented itself with half-hearted warnings,
to which no heed was given and which were often
rendered innocuous and impotent because of the way
in which they were expressed, or the tergiversation
of self-satisfaction which accompanied the same,
with assurances that no one really need feel deeply
disturbed about what was going on and that everything was sure to come out all right in the end.
Thus in September 1928 we find Governor Young
in an address delivered before the Indiana Bankers'
Association expressing himself as follows: "If unsound credit practices have developed these practices will in time correct themselves, and if some of
the over-indulgent get 'burnt' during the period of
correction, they will have to shoulder the blame
themselves and not attempt to shift it to someone
else." Most singular of all, Mr. Young, in making
the foregoing observation, introduced it with the
remarkable statement that "many people in America
seem to be more concerned about the present situation than the Federal Reserve System is," as if the
absorption of billions of bank credit in unbridled
speculation did not afford occasion for the gravest
concern on the part of everyone, and, most of all, on
the part of the Federal Reserve authorities themselves. In the end Mr. Young reached the conclusion "that the Reserve Banks are functioning just
as the law intended that they should function"—entirely ignoring the fact that the New York Stock
Exchange for the close of August reported brokers'
loans to an aggregate of over $5,000,000,000.
Five months later, in February 1929, when issuing another one of its numerous warnings, at a time
when the situation was fast approaching a crisis,
with the brokers' loans total, according to the Stock
Exchange compilation, up to $6,735,164,242, and
when it was again deemed incumbent to caution
against "the extraordinary absorption of funds in
speculative security loans which has characterized
the credit movement during the past year or more,"
IVoL. 131.
adding some further qualifying remarks, which
tended to vitiate the injunction against speculative
excesses. Instead of admitting its part in bringing
about the unfortunate situation which was working
such great mischief (Reserve credit at the end of
1928 was in the neighborhood of $1,900,000,000), proclaiming that "the economic system of tile country
has functioned efficiently and smoothly," and that
"among the factors which have contributed to this
result, an important place must be assigned to the
operation of our credit system, and notably to the
steadying influence and moderating policies of the
Federal Reserve System." Obviously there was an
element of the farcical in statements speaking of the
"steadying influence and moderating policies of the
Federal Reserve" when these policies had directly
provoked the situation which the Reserve authorities
were now trying to correct, and in the presence of
which they found themselves helpless.
Some more warning notes were issued, but proved
wholly unavailing in checking the growth of stock
speculation, brokers' loans keeping steadily expanding and the following Sept. 30 (just before the stock
market crash) reaching a grand aggregate of
$8,549,383,979. While this was going on the rediscount rates of the Federal Reserve Banks were not
allowed to go above 5%,and requests of the Federal
Reserve Bank of New York for permission to advance the rate to 6% were refused week after week.
It was not until the following August 1929 that
authority was at last given to raise the rate to 6%
at New York. An attempt was then made to soften
the effect by at the same time reducing the buying
rate of the Reserve Bank for bankers' acceptances,
but it was then too late.
The folly of all this, and the inevitable disaster
which it was sure to invite, was characterized in
fitting terms and in prophetic language by that eminent banker, Paul M. Warburg, at the beginning of
March 1929,in his annual report as Chairman of the
Board of Directors of the International Acceptance
Bank. "No central banking system," Mr. Warburg
observed,"may safely permit its facilities to expand
unless it is certain of its determination and ability
to bring about contraction when circumstances require." Continuing, Mr. Warburg said: "The Federal Reserve System, pursuing a well conceived and
far sighted policy, rose to a position of world leadership. Yet within the short span of a year it lost that
leadership owing to its failure promptly and effectively to reverse the engines at the critical moment."
Mr. Warburg added:
"The rudder then passed into the hands of Stock
Exchange operators, who have now for many months
governed the flow of money, not only in the United
States, but in the principal marts of the world. History, which has a painful way of repeating itself,
has taught mankind that speculative overexpansion
invariably ends in overcontraction and distress. If
a Stock Exchange debauch is quickly arrested by
prompt and determined action, it is not too much tohope that a shrinkage of inflated stock prices may
be brought about without seriously affecting the
wider circle of general business. If orgies of unrestrained speculation are permitted to spread too.
far, however, the ultimate collapse is certain not
only to affect the speculators themselves, but alsoto bring about a general depression involving the
entire country."
What Mr. Warburg here outlined has since come
to pass, and the whole country, nay, the entire
AUG.30 1930.]
FINANCIAL CHRONICLE
world, is now suffering from the ill effects. Mr.
Warburg added the further remark that "people who
express the fear that increase in the Federal Reserve
Banks' rediscount rates might hurt business overlook the far greater hurt the country will have to
suffer if their advice to permit the situation 'to work
itself out' were followed."
The Reserve authorities now felicitate themselves
on the various warnings they issued, even though
these proved futile, while what they ought to have
done and could have done was to prevent the disaster which came as a result of the failure to advance
rediscount rates and the twin failure to keep Reserve
credit within proper limits. That is the test by
which the course of the Reserve authorities and Governor Young as the administrator must be judged,
and by that test Governor Young fails. As for the
reason assigned by Governor Young for retiring,
namely, the small pecuniary remuneration which
attaches to the position, $12,000 a year does seem
mighty small pay for a position of such commanding
importance.
While on this subject of Federal Reserve policy
we deem it incumbent upon us to notice some comments which appeared in the financial columns of
the New York "Herald Tribune" on Monday of this
week, calling in question the accuracy of statements
made by us here in recent weeks. It may be remembered that the Reserve Banks have during the last
12 months been pursuing the policy that they pursued back in 1927 by steadily and heavily enlarging
their holdings of Government securities, and that
we have been opposing these purchases for a variety
of reasons, among others that when the Reserve
Banks again feel obliged to dispose of these holdings
there is the likelihood that one of the ill consequences
will be the demoralization of the Government bond
market, just as happened in 1928. The financial
editor of the "Herald Tribune" undertakes to show
that there was no demoralization of the bond market
in 1928—that, indeed, the effect of the large sales
made by the Reserve Banks upon the Government
bond market was virtually nil. Here are his remarks on the subject:
"One of the critics of the present open-market pollcies of the Reserve is a well-known and conservative
financial weekly, whose editor poses this query:
'The Federal Reserve authorities are repeating their
performances of 1927-28, when, in like manner, they
reduced their rediscount rate to an unwarrantedly
low level, and at the same time added enormously
to their holdings of United States Government
securities. What will happen when the Federal
Reserve authorities undertake to unload their excessive
holdings of United States Government securities?
In
1928, when they did their unloading, with the intention of stopping stock market excesses . . . the
effect was to completely demoralize the Government
bond market.'
"Let us see what the evidence is on this point.
The volume of Government securities held by the
Reserve reached its peak of the period referred to
in December 1927, the average holding for that
month being $606,000,000. The bulk of the 'unloading' of these securities came between December and
May, when the volume declined $349,000,000, or to
$257,000,000. Now, if this liquidation 'broke the
market' for Government obligations, it should be
revealed in the yield on these bonds. As a matter
.of fact, the Federal Reserve 'Bulletin' for August
1301
1928 shows that the average yield on Treasury bonds
during May was 3.35%, as compared with 3.34% in
December 1927, and absolutely identical with the
January 1928 level. In other words, there is no
evidence whatsoever to support the contention that
the Federal Reserve's open-market operations adversely affected the bond market at all. It is true
that Government bonds, and, for that matter, all
investment bonds, suffered severely during the latter
half of 1928; but during this period the Reserve's
portfolio of Governments was virtually unchanged."
The foregoing looks like a sockdolager. The
writer referred to reaches the conclusion that "there
is no evidence whatsoever to support the contention
that the Federal Reserve's open market operations
adversely affected the bond market at all," and in
confirmation of his statement points out that according to the Federal Reserve "Bulletin" for August
1928 the average yield of Treasury bonds during
May 1928 was 3.35% as compared with 3.34% in
December 1927 and absolutely identical with January. The Federal Reserve authorities are very fond
of averages, since they hide the extremes, and
thereby serve to minimize the fluctuations, but such
averages often give a very erroneous idea of what
is going on and of the course of the changes. We
do not know how the averages in this instance have
been computed, nor what significance attaches to
them, but we do know that they are entirely misleading and positively erroneous as an indication of
the course of Government bond values during the
period under discussion. We indicated the exact
fluctuations in the case of each issue of Government
obligations at the time the Reserve Banks were disposing of their holdings, and have repeated the figures many times since. The comparisons show not
only that all the different issues of Government
obligations sharply declined during the period in
question, but that the declines reached the proportions of an absolute collapse. As the best way to
indicate this, we quote the following from an article
discussing the Treasury's June financing in 1928,
which appeared in the monthly review of the "Bank
and Quotation Record" for July 12 1928:
"In the spring of 1927, that is on May 11, the 12
Reserve Banks showed holdings of United States
Government securities of only $253,896,000. And
from this the increase to $627,403,000 on Jan. 4 1928
occurred. At one time toward the close of 1927 an
even larger holding of United States Government
securities was shown, the amount for Nov. 16 1927
having been repotted at no less than $704,794,000,
but that was due to the purchase of $164,500,000 of
temporary certificates of indebtedness from the
United States Government in carrying through its
financing for the redemption of the remainder of
the Second Liberty Loan;$84,000,000 of'these temporary certificates were taken up by the Government
the very next week, and the rest the following week.
From $627,403,000 on Jan. 4 1928 these holdings of
Government obligations were reduced to $210,032,000 on June 6 1928, as already shown, and the
result of this disposal of $417,000,000 of Government
obligations in the market was what might have been
expected. Prices of all the different issues moved
to much lower levels. As illustrations, the Fourth
Liberty Loan 41/
2s, which on Jan. 7 had sold at 104
commanded only 101 27/32 on June 8; the Treasud
33
/
4s of 1946-56, which had touched 108 10/32 Jan. 7,
closed June 8 at 105 12/32; the Treasury
33/s
1943-47, which sold Jan. 7 at 103 10/32, closed of
on
June 8 at 101 11/32; and the Treasury 4s of
1944-54,
1302
FINANCIAL CHRONICLE
which commanded 111 12/32 Jan. 7, closed June 8
at 108 8/32."
The figures in the foregoing can be verified by
reference to the official sheets of the New York Stock
Exchange, and they show that the decline on the
different issues ran from 2 to 3 full points, a very
sensational decline, bearing in mind that fluctuations in United States Government obligations are
usually limited to very small fractions of a point.
But these big declines do not tell the full story of
the part played by Federal Reserve sales in demoralizing the Government bond market. The low points
were all reached early in the month of June 1928.
Later in that month there was a sharp upward reaction as a result of the discontinuance of sales by the
Federal Reserve Banks. The Reserve holdings, as
noted in the extract quoted, had been reduced from
$627,403,000 on Jan.4 1928 to $210,032,000 on June 6
1928. The June 6 holdings marked the low point in
these holdings. After that the holdings again increased, being reported at $2235296,000 June 13 1928
and $222,868,000 June20. With the cessation of sales
by the Federal Reserve Banks market prices of
United States obligations immediately rebounded
upward. Thus the Treasury 3%s, 1916-1956, which
on June 8 sold at 105 12/32 and June 5 had touched
105 10/32, closed June 30 at 106 10/32; the Treasury
3%s,which on June8 were quoted at 101 11/32,closed
June 30 at 101 27/32, and the Treasury 4s of 1944-54,
which closed June 8 at 108 8/32 and June 5 had sold
as low as 108 4/32, closed June 30 at 109 4/32.
In the demoralization certain issues of United
States obligations sold well below par, and it deserves to be mentioned that one effect was that the
British Government, being able to obtain these obligations (United States 3/
2% Treasury notes, series
1
A,1930-32) at a discount, took advantage of the fact
in making its semi-annual payment in June 1928 of
$67,200,000 to the United States on account of the
principal and interest of its indebtedness to the
United States, it having the option under the debt
agreement of making payment either in cash or
United States securities. It succeeded in acquiring
$66,617,100 of these notes, and, as they carried
$582,899.63 of accrued interest, was able to meet the
whole $67,200,000 by turning in these notes, the
only cash adjustment necessary being a payment
of 37c.
The Federal Reserve statements this week show no
changes of any great importance. Brokers' loans
again register a small decrease, the grand total of
these loans the present week • standing at $3,102,000,000 as against $3,128,000,000 last week, showing
a falling off of $26,000,000, which follows a decrease
of $27,000,000 last week, a decrease of $59,000,000
the previous week, and of $14,000,000 the week before. Loans for own account moved up during the
past week from $1,607,000,000 to $1,665,000,000,
while loans for account of out-of-town banks fell
from $714,000,000 to $655,000,000, and loans "for
account of others"from $807,000,000 to $782,000,000.
The Federal Reserve Banks in their own statements also show comparatively slight changes.
Holdings of United States Government securities
are substantially the same as a week ago, being
reported at $601,913,000 Aug. 27 'and $601,940,000
Aug.20. Member bank borrowing as represented by
the holdings of discounted bills is somewhat lower
at $193,275,000 against $196,179,000, but the total
[VoL. 131.
of acceptances bought in the open market is larger
at $163,274,000 as against $158,922,000. The result
altogether is that total bill and security holdings,,
representing Federal Reserve credit outstanding, are
somewhat larger at $967,034,000 as against $964,963,000. Federal Reserve notes in circulation have
increased during the week from $1,323,708,000 to
$1,337,248,000, and gold reserves from $2,939,419,000
to $2,965,932,000.
The stock market this week has Moved higher and
shown a decidedly improved tone. This has been
in the face of a number of unfavorable circumstances
and developments. A good many returns of railroad earnings have come to hand this week for the
month of July, and they have been a depressing
feature in being of the same unfavorable character
as the returns for the preceding months of the year.
The grain markets have shown renewed depression.
The cotton market, after having been higher the
early part of the week on news that the Farm Loan
Board was ready to loan up to 90% of the market
has, the latter part of the week, also shown a downward reaction again. News regarding the copper
trade has likewise been adverse, and the Calumet &
Arizona has suspended dividend payments on its
shares. The one strong feature has been the slightly
greater activity of •the steel mills, the "Iron Age"
showing mills engaged to 54% of capacity against
53% last week and 52% the week before, indicating
at least some improvement, even though slight.
Some other figures given out earlier in the week
made the increase in working operations somewhat
larger. These other figures made their appearance
on Tuesday afternoon and had the effect of leading
to quite a buying movement, probably largely as a
result of the covering of outstanding short contracts.
The market displayed a rising tendency on Saturday
and Monday, but with a slight downward reaction
on Tuesday towards the close of the day. On Wednesday the tone remained good, but with the course
of prices somewhat irregular until the news referred
to concerning the somewhat greater activity of the
steel trade gave an upward rebound to the entire
list. On Thursday the market was more or less apathetic in view of the 'approaching holidays, Monday'
being Labor Day, and the Stock Exchange having
voted to close also on Saturday, giving an interval
of three days during which trading will be suspended. On Friday, however, in face of the coming
suspension, the market became positively buoyant.
Call loans on the Stock Exchange ruled unchanged
at 2% all week, even on Friday, when preparations
had to be made for the 1st of September payments.
The volume of trading has increased somewhat
as the week advanced. At the half-day session last
Saturday the dealings on the New York Stock Exchange were 690,170 shares; on Monday they were
1,600,230 shares; on Tuesday, 1,746,950 shares; on
Wednesday,2,200,190 shares; on Thursday, 1,437,210
shares, and on Friday, 1,858,820 shares. On the
New York Curb Exchange the dealings last Saturday were 122,300 shares; on Monday,308,500 shares;
on Tuesday, 327,800 shares; on Wednesday, 399,300
shares; on Thursday, 325,300 shares, and on Friday,
443,100 shares. Notwithstanding the general advance, no less than 70 stocks have recorded new low
figures for the year during the week, but there have
also been a few new highs for the year. Both are
shown in the following:
AUG.30 1930.]
FINANCIAL CHRONICLE
STOCKS MAKING NEW HIGHS.
Hackensack Water pref. A
Railroads—
Chesapeake & Ohio new
Interstate Dept.Stores pref.ex-warr.
Union Pacific pref.
Loew's Inc. pref. ex-warr.
Industrial and Miscellaneous—
National Lead pref. A
Abraham & Strauss pref.
New York Steam pref.(6)
American Can pref.
New York Steam pref.(7)
American Machine & Foundry new Philadelphia Co. 6% pref.
Spalding Bros. 1st pref.
American Tobacco Co. pref.
Standard Gas & Elec. $6 prior pref.
Corn Products Refining pref.
Diamond Match
Tr-Continental Corp. pref.
Florshelm Shoe pref.
Virginia Elec. & Power pref. (6)
Virginia Iron, Coal & Coke pref.
General Electric special
Warren Bros. cony. pref.
General Motors $5 pref.
STOCKS MAKING NEW LOWS.
Indus. & Miscell. (Concluded)—
Railroads—
Jordan Motor Car
Atlantic Coast Line
Kayser (J.) Co.
Gulf Mobile & Northern
New York State Railways
Kennesott Copper
Industrial and Miscellaneous—
Mandel Bros.
Abitibi Power & Paper
Marine Midland Corp.
American Hawaiian SS. Co.
Miami Copper
American Hide & Leather
National Steel Corp.
Austin, Nichols & Co.
Oliver Farm Equipment
Bohn Aluminum & Brass
Packard Motor Car
Butte & Superior Mining
Petroleum Corp. of America
Callahan Zinc & Lead
Phillips-Jones Corp.
Calumet & Arizona Mining
Prairie 011 & Gas
Celanese Corp. of America
Reis (Robert) & Co.
Cuban-American Sugar
Rio Grande Oil
Gardner Motor
Royal Dutch Co.(N.Y.shares)
Goodyear Tire & Rubber
Shell Union Oil
Hartman Corp. class B
Skelly Oil
Hoe (R.) & Co.
Truax-Traer Coal
Vadsco Sales
Houdaille-HersherY dun B
Indian Motocycle
Willys-Overland (The)
International Telep. & Telegraph
Western Dairy Products class A
As compared with Friday of last week, gains are
the rule (some of them large-size), though with 'the
usual exceptions to the rule. Fox Film A closed
yesterday at 49% against 43% on Friday of last
week; General Electric at 73% against 701/
8; Warner Bros. Pictures at 29/
78 against 25%;Elee. Power
& Light at 72% against 6714; United Corp. at 337
/8
against 31%; Brooklyn Union Gas at 130% against
122 bid; American Water Works at 911
/
4 against
89%; North American at 105% against 99%; Pacific Gas & Elec. at 57% against 54/8;Standard Gas
& Elec. at 1071% against 101%; Consolidated Gas
of N. Y. at 108% against 1053
/8; Columbia Gas &
Elec. at 61% against 60; International Harvester
/8; J. I. Case Threshing Machine
at 81% against 787
at 1933
% against 187%; Sears, Roebuck at 733
/
8
against 61%; Montgomery Ward & Co. at 36 against
32%;Woolworth at 64 against 60%; Safeway Stores
at 69 against 62; Western Union Telegraph at 171
against 170; American Tel. & Tel. at 215y8 against
211%; Int. Tel. & Tel. at 41% against 44%; American Can at 132% against 127%; United States Industrial Alcohol at 71 against 63%; Commercial
Solvents at 26% against 25%; Corn Products at
94% against 91; Shattuck & Co. at 37% against 36,
and Columbia Graphophone at 17 against 13%.
Allied Chemical & Dye closed yesterday at 271%
against 262% on Friday of last week; Davison Chemical at 27% against 27; E. I. du Pont de Nemours
/8; National Cash Register at 45%
at 118 against 1137
8; International Nickel at 24 against
against 451/
22%; A. M. Byers & Co. at 741/
8 against 70; Sim/s against 25; Timken Roller Bearmons & Co. at 267
ing at 68 against 67%; Mack Trucks at 58% against
56; Yellow Truck & Coach at 21/
78 against 23; Johns.
Manville at 96 against 93; Gillette Safety Razor
at 68 against 687
/8; National Dairy Products at 55%
against 531/
8; National Bellas Hess at 93% against
81/
2; Associated Dry Goods at 347
/8 against 327
/8;
Texas Gulf Sulphur at 581/
8 ex-div. against 57%,and
Kolgter Radio at 2/
78 against 2%.
The steel shares have shown special strength.
United States Steel closed yesterday at 1711
/
4 ex-div.
against 167% on Friday of last week; Bethlehem
Steel at 831% against 80%,and Republic Iron & Steel
at 34% against 337
/8. The motor stocks have lagged
1303
somewhat behind. General Motors closed yesterday
at 45 against 45 on Friday of last week; Nash Motors
at 33% against 33; Chrysler at 28% against 28%;
Auburn Auto at 111 against 108%; Packard Motors
at 12% against 13%; Hudson Motor Car at 30%
against 31, and Hupp Motors at 13% against 133/s.
The rubber stocks have been inclined to weakness.
Goodyear Rubber & Tire closed yesterday at 545
/
8
against 59 on Friday of last week; B. F. Goodrich at
22% against 22%; United States Rubber at 20
against 20%, and the preferred at 39 against
38% bid.
The railroad stocks have shown growing firmness,
notwithstanding the poor returns of earnings that
have come to hand for the month of July. Pennsylvania RR. closed yesterday at 73% against 713
% on
Friday of last week; Erie RR. at 407
/8 against 37%;
New York Central at 163% against 158%; Baltimore
& Ohio at 101% against 97%; New Haven at 107%
against 103%; Union Pacific at 218% against 211;
Southern Pacific at 1151/
2against116;Missouri-Kansas-Texas at 42/
78 against 39; St. Louis-San Francisco at 92% against 885
/8; Southern Railway at85%
against 75%; Rock Island at 99 -against 95, and
Northern Pacific at 74% against 69, and Great
Northern at 78 against 77 bid.
The oil shares have also been under pressure at
times. Standard Oil of N. J. closed yesterday at 70%
against 69/
78 on Friday of last week; Standard Oil
of Calif. at 60% against 61%; Simms Petroleum at
18% ex-div. against 201/
8; Skelly Oil at 277
/8 against
281/
8; Atlantic Refining at 34% against 35%; Texas
Corp. at 51% against 51%;Pan American B at 54%
78 against 15%;
against 57%; Richfield Oil at 14/
78; Standard Oil
Phillips Petroleum at 34 against 31/
of N. Y. at 31% against 31, and Pure Oil at 19/
78
against 201/
8.
The copper stocks have been distinctly weak, and
some further dividend reductions furnish the reason.
Anaconda Copper closed yesterday at 45% against
45 on Friday of last week; Kennecott Copper at 331/
2
/
4 against 135
against 34; Calumet & Hecia at 131
/
8;
Calumet & Arizona at 49 against 54; Granby Consolidated Copper at 22% against 22 bid; American
Smelting & Refining at 69% against 66%, and U. S.
Smelting & Refining at 20 bid against 20%.
The monthly report of the Midland Bank, Ltd.
(London), contains some extended and interesting
observations on the Young plan and the future of
the Bank for International Settlements. Promising
that it is "impossible to foresee either the course of
world prices or the development of Germany's economic life over a period of nearly sixty years," the
report finds "at least one ground for assurance" in
the conclusion that "if the purchasing power of gold
were to double within, let us say, 30 years, the debtors on both reparation and allied • debt accounts
would be reduced to such a condition that a wholesale remission of all these related settlements would
be rendered inevitable and urgent for the salvation
of Europe's economic structure." The Young plan,
it is pointed out,"does not in any outstanding manner contribute to an improvement in Germany's balance of payments, and therefore relies for its success, in the same measure as the Dawes plan, on the
prospects for a favorable natural development of
Germany's trading position or a continuance of the
willingness of world investors to place fresh money
year by year at Germagy's disposal."
1304
FINANCIAL CHRONICLE
The Bank for International Settlements, the report suggests, "will provide regular occasions for
intercourse and free discussion between the world's
leading bankers," and in this way "may make a
solid contribution to the advancement of central
bank co-operation." It "may act as a clearing house
for central banks by virtue of its powers of holding
gold specifically ear-marked to their individual
credit," it may participate actively "in monetary
affairs in different markets with a view to facilitating equilibrium by the international movement of
funds," and it may possibly work in the direction
of the stabilization of gold. The future of the
Bank is seen as largely conditioned by the attitude
of the central banks.
Share prices on the important European stock exchanges were slightly improved this week, notwithstanding some irregularity in the early sessions.
Perhaps even more significant than the price improvement was a distinct turn for the better in business sentiment, due partly to the approach of cooler
weather and partly to more cheerful reports from
some industrial centers. Great Britain was especially cheered by the first notable increase in employment reported in the official statistics in many
weeks. An announcement issued Tuesday gave the
total of unemployed as 2,017,057, compared with
2,050,737 in the previous report. The gains occurred
chiefly in London and the rural south and southeastern counties. German unemployment figures continue to mount, the most retent statistics showing
2,845,000 persons out of work in the Reich in midAugust, an increase of 80,000 since the end of July.
This unfavorable showing was attributed, however,
entirely to the poor domestic market, German business men taking keen satisfaction in foreign trade
figures which indicate that exports from the Reich
have been well maintained so far this year. French
trade and industry, which have heretofore held up
very well, have begun to show some signs of slackening, according to the reports, but satisfaction is
taken in a rather favorable, tourist season. Money
rates remain extraordinarily easy in London and
Paris, and even in Berlin it is said first-class bor1
2% for call money.
rowers are getting funds at 1/
Business on the London Stock Exchange was small
in the opening session of the week, and prices moved
irregularly. International issues were strong, owing
to favorable week-end advices from New York, but
British industrial stocks were easy. British funds
showed the results of some liquidation in loans with
early maturities, investors preferring to put their
money into longer dated issues. Tuesday's market
at London was again somewhat uncertain, with business on a very moderate basis. British funds were
strong on a renewal of the suggestions that a lower
discount rate might be named soon by the Bank of
England. The Anglo-American section showed recessions as overnight reports from New York were
less hopeful. In Wednesday's dealings, however, a
much better tone was apparent. More activity was
reported than in many months past and prices improved generally. Gains were substantial in the industrial sections, which have been almost continually depressed of late, while all international issues
were marked up. The gilt-edged list was fairly active
and slightly improved. Further strength developed
at London Thursday, with bear covering in evidence. Dealers reported a'fair amount of business,
[voL. 131.
particularly in the international issues. British
funds were firm on some brisk buying occasioned by
a movement of exchanges in favor of London. Gains
were again reported throughout the list in yesterday's trading at London.
Stocks were heavy on the Paris Bourse in the initial session of the current week, with business again
discouragingly dull. Gains were registered by a few
issues, notably St. Gobain, but most stocks dropped
steadily under the small offerings, as buyers appeared entirely indifferent. Unsettlement in oil
shares upset the Paris market Tuesday, and a small
selling wave developed which carried almost all leading stocks further downward. The weakness was
pronounced at times, as the selling orders gained in
volume when short sellers stepped in. Citroen shares
were among the largest sufferers, the issue dropping
to 650 francs, while Bank of France shares lost 325
francs. An upturn followed Wednesday and most
issues staged a good recovery, notwithstanding
small trading. Oil stocks joined in the upswing and
registered their first improvement in many days on
the Paris Bourse. Prices rallied further Thursday
and business also showed marked improvement, one
report remarking that the session might almost be
termed brilliant in comparison with the weak trend
and dull market of previous days. The upward tendency was maintained from the opening to the close,
and the outstanding stocks finished with good gains.
Citroen climbed to 683, while Bank of France shares
were up 900 to 22,250. Some irregularity developed
in yesterday's dealings at Paris, with bank stocks
in supply.
Trading at Berlin was almost at a standstill Monday, and the confident tone shown by the Boerse at
the opening was superseded by a weak trend. Selling orders appeared in volume from Amsterdam, it
was said, and this easily upset the market in view
of the small volume of business. Although little business was transacted Tuesday on the Boerse, leading
stocks again showed losses. Traders were depressed
by reports of bankruptcy of an Amsterdam brokerage house, and by the omission of its dividend by an
important German insurance company. A much improved trend developed Wednesday, however, largely
on the basis of better reports from New York. The
Boerse was firm all along the line and leading issues
gained as much as 7 and 8 points. Reichsbank shares
were prominent in the rise, while the mining group
also was favored. An uncertain session followed
Thursday, adverse rumors causing general weakness
at the opening. This was succeeded by a smart recovery which wiped out the early losses, but at the
close weakness again appeared. Net changes were
not important, with the exception of one or two
issues. The uncertain movements were continued in
yesterday's session.
A quick and almost bloodless revolution in Peru
terminated the eleven-year rule of President Augusto
P. Leguia in that country Monday after only two
days of uncertainty. The revolt took its origin in
student demonstrations against the dictatorship
established in Peruvian affairs by Senor Leguia.
Mild disorders in student circles in Lima, Arequipa
and Cuzco have been reported from time to time
since early in July, but detailed information on the
movement was lacking owing to a strict censorship
established by the Lima Government. Reports reaching La Paz, Bolivia, two weeks ago said the Uni-
Am.30 1930.]
FINANCIAL CHRONICLE
versity of San Marcos in Lima had been closed by
President Leguia owing to the revolutionary influence of the students. The movement against the
Leguia regime was suddenly taken up actively by
military forces in the Department of Arequipa, in
southern Peru, with the first reports of this occurrence reaching the outside world last Saturday. In
a Lima dispatch to the Associated Press it was indicated that the revolt had spread to the Departments of Puno and Cuzco, and that the military
forces were rallying around the rebel leader, Lieut.
Ool. Sanchez Cerro. Conflicting reports threw doubt
on the developments of last Sunday. Lima remained
calm, and President Leguia, apparently little disturbed by the events, went to a near-by race course
and watched the races. Official announcement was
made, on the other hand, of the resignation of the
Cabinet, which is appointed by the President and
holds office at his pleasure. The revolt reached the
capital late on the same day, a military junta taking command of the situation and frustrating several efforts by the President to form a new Cabinet.
A suggestion that he resign was promptly accepted
by Senor Leguia and early Monday morning he wrote
out a resignation which said: "I hereby close another chapter in Peru's history."
tSenor Leguia promptly left the capital and
embarked at Callao on the Peruvian warship Almirante Grau, which proceeded to sea in order to trans
fer the former President to the British ship Orduna.
After steaming out a short distance, wireless orders
were received from the military junta in Lima instructing the commander of the vessel to return to
Callao and threatening the officers with court
martial if they disobeyed. The cruiser returned and
it was said in Lima that the former President will
be brought to trial for his "misdeeds" in the eleven
years he ruled Peru as a dictator. Fears were expressed at one time this week that Senor Leguia had
been executed, but it appeared that he was only ill.
The rule of President Leguia, which was thus terminated, was begun in 1919, when he took over political control by a coup d'etat and established a
strong government. He was reinaugurated in 1924
and again in 1929, to hold office until 1935.
Violence broke out in Lima shortly after the resignation and flight of the President became known,
but the disorderly elements were soon brought under control. Several members of a mob which
ransacked the home of the former President were
killed,
and a further incident developed among
political
prisoners at the central prison. Some
uncertainty
followed regarding the formation of a new
Government, with the military junta in Lima, led by
General Manuel Ponce, at loggerheads with the
Southern
group led by Lieut. Col. Sanchez Cerro. The
junta
in Lima named a regime Monday,appointing
General
Ponce President of the Council, and giving the
post
of War Minister to Lieut. Col. Cerro. Congress
was
dissolved by the junta and the entire functions
of
government were assumed by the military
clique.
The diplomatic corps called en masse upon
General
Ponce and asked for guarantees of the right
of
asylum. They received the promise of the
military
leader that international laws and courtesies
would
be observed. Commercial transactions, banking
and
the ordinary life of the community were
continued,
with the central thoroughfares of the
capital
thronged. After some negotiations between the
two
1305
military factions in the North and South, Lieut. Col.
Sanchez Cerro flew north Wednesday and was
acclaimed in Lima as the strong man of the country.
The military leaders in Lima resigned their selfappointed government posts and turned the command over to Senor Cerro, who promptly organized
a new Government, which included three members
of the Lima junta. One additional fatality was reported Wednesday, Colonel Ricardo Luna who held
the office of Governor of Tacna Province, being
assassinated by a mob. Since the new regime was
established, however, complete peace and normal
activity have reigned in the South American country.
Developments in Peru were followed with the
closest attention in Washington, where it was
pointed out that Senor Leguia was one of the warmest friends of the United States in South America.
His welcome was the most friendly extended to President Hoover on the pre-inaugural tour of the LatinAmerican countries made by the Executive. No
great apprehensions were felt in official circles regarding the safety of American investments in Peru,
as it was assumed that all existing obligations would
be recognized by the new regime. American interests in the country were estimated at more than
$200,000,000. One incident that caused some apprehension was the arrest by the Cerro forces in Arequipa of Captain Harold Grow, a former officer of
the United States Navy, but latterly chief of the
Peruvian flying forces. The State Department instructed Ferdinand L. Mayer, American Charge
d'Affaires at Lima, to make all necessary representations for the release of Captain Grow. The question of recognition of the new regime has not yet
been considered in Washington, it was said. The
Cabinet formed by Lieut. Col. Sanchez Cerro follows:
Secretary of War, Major Alejandro Barco.
Secretary of Foreign Affairs, Colonel Ernesto Montague.
f. Secretary of Government and Police, Major Gustavo Jiminez.
Secretary of Finance and Commerce, Colonel Ricardo Llona.
Secretary of Public Education and Religion, Lieut. Col. Armand.
Sologuren.
Secretary of Public Works and Industry, Colonel Eulcgio castilio.
E.Secretary of Marine and Aviation, Commander Carlos Rotalde.
Disquieting rumors of political upheavals and conspiracies gained currency in Argentina this week,
apparently on a sufficiently sound basis to cause the
Government to take unusual precautions. Buenos
Aires was armed Thursday night against a possible
revolutionary outbreak, an Associated Press dispatch said, as a warning of an impending rebellion
was understood to have been conveyed to President
Hipolito Irigoyen by Dr.Juan de la Campa, Minister
of Justice. The impression was gained, however,
that an attack against the President was feared
rather than an outbreak against the State. Soldiers
were posted late Thursday on the roofs of houses
near that of the Executive, while two companies of
gendarmes armed with machine guns guarded the
approaches to his home. Members of the Cabinet and
political supporters remained with the President all
night. Although no official statement was made, it
was allowed to be understood that information of
an intended attack on the President had been received. "The nature of the precautions indicate a
more serious threat," a dispatch to the New
York
"Times" said. Among the steps taken was a
surprise
visit of high army officers to barracks of
the Third
Infantry early Friday morning.
Conditions in
Argentina, Buenos Aires reports explain,
are similar to those in other countries afflicted
by the wide-
1306
FINANCIAL CHRONICLE
spread depression, and President Irigoyen is being
bitterly criticised for the economic crisis. Disappointed job-hunters have left his party by the hundreds of thousands, it is said, and many are stirring
active opposition to him.
A formal statement on the plans of the Mexican
Government for dealing with the national indebtedness was issued in Mexico City Monday by Finance
Minister Luis Montes de Oca, who recently negotiated a settlement of Mexico's external debt with
a group of bankers at New York. Earlier reports
that $5,000,000 will be deposited with the bankers
pending ratification of the agreement by the Mexican Congress and its approval by the bondholders
were confirmed by the announcement. It was also
reiterated that the Mexican Government could not
consider the external obligations without taking into
consideration the internal debt as well. It appears,
therefore, according to an Associated Press report,
that Mexico's national indebtedness, including her
agrarian debt and the claims of foreigners for revolutionary damages, will be settled in one integral
plan based upon Mexico's capacity to pay. The agreement covering the external and the railway debts is
to be submitted to the Congress at the session beginning Sept. 1. A further interesting development
in Mexican finance was the publication late last
week of the budgetary estimates that will be subinitted to the new Congress for approval. Expenditures in 1931 will amount to 280,000,000 pesos
(140,000,000) under these estimates, a Mexico City
dispatch to the New York "Times" said. The new
estimates were generally regarded as satisfactory,
the dispatch added, as they do not differ materially
from those of the current year.
A move that emphasizes the growing interchanges
between the United States Government and the
League of Nations was made in Washington last Saturday, when Secretary of State Henry L. Stimson appointed Prentiss B. Gilbert of Rochester, N. Y., as
American Consul at Geneva. This step follows the
acquisition of new and larger headquarters for the
American Consul in the downtown section of Geneva,
near the League of Nations headquarters. It was
expressly remarked by a State Department official,
according to a dispatch to the New York "Times,"
that the assignment of Mr. Gilbert should not be interpreted as a step toward bringing about any closer
connection between the United States and the League,
or as an important change in the policy which the
Washington Government has maintained in its relationship with that organization. The appointment
was viewed,however,as the consummation of a policy
determined upon some time ago by Secretary Stintson, for representation at the seat of the League by
an experienced diplomat whose previous work had
fully equipped him as a competent observer of the
League's activities. "That the State Department has
been anxious to be represented at Geneva by a diplomat of prominence and long experience was admitted
and Mr. Gilbert was selected with that in mind,"
the dispatch said. "It is considered obvious, also,
that this Government could not be otherwise than
greatly interested in the increasing activities of the
League." Mr. Gilbert has held 'important posts in
the State Department, his recent activities embracing those of assistant chief of the European Division
[VoL. 131.
of the Department. He received the rank of Consul,
it is said, because Geneva, not being the capital of
Switzerland, rates only an officer of consular rank
so far as the United States is concerned. The appointment was considered especially interesting in
view of the stir caused in Europe by the plan of the
French Foreign Minister, Aristide Briand, for a
federation of European States. It was also recalled
that the United States last year participated in the
work of 22 international commissions and tribunals
and was represented in 48 international conferences
and congresses, many of which were under League
of Nations' auspices.
Special plans for ;the discussion of Foreign Minister Briand's project for a union of European States
have been made in connection with the customary
September gathering of national representatives in
Geneva for the sessions of the League of Nations
Council and Assembly. Although the meetings will
run concurrently, separate sessions are to be held
for consideration of the Federation scheme,the Council sessions and the Assembly meeting, and the discussions will thus fall into three distinct phases.
The Council was originally scheduled to meet Sept.
5, but the shortness of the agenda caused a postponement until Sept. 8. Invitations for concurrent conversations on his proposal for a European Federation
were sent by M. Briand late last week to the 26
countries which answered his memorandum of last
May, and a sufficient number of affirmative replies
has already been received at the Quai d'Orsay to insure adequate representation for this purpose. It
appears, therefore, that Council meetings will be
held on the mornings of Sept. 8 and 9, while those
of the European Federation conference will be held
in the afternoons of those days. Whether the discussion of European Union can be completed in two
afternoons is as yet uncertain. According to the
plans so far divulged, M. Briand will read on the
first afternoon his report on the replies received to
his memorandum of May 17, while subsequent sessions will be devoted to consideration of the report
and a decision as to the next step. The comprehensive annual gathering of the League Assembly will
begin its deliberations Sept. 10, and considerable
discussion of the European Federation may also
develop at these meetings.
Formulation of his report by M.Briand occasioned
much discussion in France over the last week-end
as Cabinet meetings were held in order to consider
the official attitude of the French Government
toward a union of European States. Details of the
report were closely guarded and press correspondents in Paris were unable to do more than suggest
that it will emphasize the wide approval given in
principle to the idea. The document was approved
by the Cabinet, reports said, but it is understood a
resolution was adopted advising M. Briand to restrict his work at Geneva to a modest and objective
report of previous consultations. In France as elsewhere party leaders are said to hold widely divergent
viewpoints regarding the plan and its possible consequences. Uncertainties regarding the British attitude toward separate discussions of M. Briand's plan
were dispelled early this week by the announcement
that the invitation for such converations had been
accepted by the London Government. In the reply
made by Great Britain last month it was broadly
AUG.30 1930.]
FINANCIAL CHRONICLE
hinted that further discussions should be confined
to the League Assembly. Little significance is attached, however, to the acquiescence of the British
Government in the separate consideration of the
project. The comment was made in a previous London dispatch to the New York "Times" that England's delegates will go to Geneva for the Briand
plan conversations "very much in the mood of polite
but not deeply stirred mourners at the funeral of a
.dear friend's favorite aunt." In addition to the
-definitely cool attitude of Britain, M. Briand will
have to cope with the not entirely friendly Italian
views and with the perplexing difficulties foreseen
in the German,Dutch and other replies to his memorandum.
Sessions of the League Council have seldom proved
important in the past when held in conjunction with
the Assembly meeting, as the latter gathering overshadows the smaller Council sessions. The Council
meeting now in prospect has accordingly received
little attention in recent European dispatches.
Some 25 subjects are expected to come up at the
Assembly meeting, but the order of business will not
be fixed definitely until after the Assembly chooses
a new President. Previous proposals to harmonize
the League Covenant with the Kellogg-Briand treaty
will again come up, it is said, while a further important item of discussion will be an Italian suggestion as to internal reorganization of the Secretariat of ;the League. A factor that has already
caused some comment is the hampering influence on
the German delegates of the present situation in the
Reich and the forthcoming Parliamentary elections.
In connection with recent nationalistic utterances
of Dr. Gottfried Treviranus, Minister for Occupied
Territories in the Reich, reassuring statements were
made by the Foreign Office in Berlin last Sunday.
No attempt will be made by the German Government to project discussion of the Polish corridor and
the Eastern frontier into the sessions of the Council or Assembly, officials said.
1307
Britain had no part in the manifestations, he continued, as there was no attack upon any representative of British authority. The Shaw Commission,
Mr. Henderson points out, has held that the attacks
were not premeditated, and this leads to the stated
conclusion that they could not have been foreseen.
With reference to previous recommendations of the
Mandates Commission, it is remarked that the Palestine Government has not unlimited funds for agricultural and other developments.
One of the periodic Cabinet overturns common in
Poland occurred in that country over the last weekend, with the result that the military Dictator, Marshal Joseph Pilsudski, again assumed the formal
trappings of office as Premier. Announcement of
the resignation of Premier Walery Slawek and his
Cabinet was made unexpectedly last Saturday, Colonel Slawek stating that he felt worn out by the
strain occasioned through the combination of the
offices of Premier and leader of the Pilsudski party
in the Warsaw Parliament. Marshal Pilsudski
promptly announced his readiness to assume the
Premiership, and he declared that he reserved for
himself the decisions in important matters, leaving
for the Cabinet meetings only general business. The
new Cabinet, which was announced Monday, consiats largely of members of the famous "Colonels
group" with which Marshal Pilsudski has surrounded himself, and since the former Cabinet was
of the same order, no change of any significance is
seen in the present development. Marshal Pilsudski,
who has long been at odds with the Sejm, or lower
house of the Polish Parliament, signalized his accession to formal office by issuing further violent
attacks against democratic institutions generally
and the Sejm in particular. "He scores the Deputies," a dispatch to the New York "Times" said, "in
terms which one must abstain from translating."
The people of Poland seemed to view the return of
the Marshal to the helm of the State favorably and
hopefully, the dispatch said. Members of the new
Monday are:
Publication in Europe Monday of a report of the Cabinet formed
and Minister of War, Marshal Joseph Pilsudski.
League of Nations Mandates Commission in which Premier
Vice-rremier and Minister without portfolio, Colonel Joseph Beck.
the British mandatory regime in Palestine is sharply Foreign Affairs, August Zaleski.
General Felician Skladkowski.
criticized aroused much interest in official circles. Interior,
Justice, Dr. Stanislaw Car.
Worship, Slawomir Czerwinski.
The official report carries an appended memorandum Education and Public
Labor, Colonel Alexander Prygtor.
of the British Foreign Office, in which Foreign Commerce, Eugene Kwiatkowski.
Agriculture, Leon Janta-Polczynskl.
Secretary Arthur Henderson makes an equally sharp Agricultural
Reform, Witold Staniewicz.
retort. In summing up its investigation of the grave Finance, Colonel Ignacy Matuszewski.
Posts, Colonel Ignaz Boemer.
disorders of August 1929, between Jews and Arabs in Public
Works, Max Matakiewicz.
Palestine, the League Commission complains that
the trouble should have been foreseen. The mandaSkirmishes between British forces and insurgent
-tory power is held largely responsible for the fatal tribesmen on the Northwest frontier of India were
riots owing to the inadequacy of the military and reported on several occasions this week, but quiet
-police forces and the lack of preventive steps. It is prevailed otherwise in India, notwithstanding fur-further maintained that Arab interests were not ther extensions of the non-co-operation campaign
fully safeguarded in the face of Jewish colonization, aimed at British rule. A British Army captain and
And that the Arab outbreak was incited primarily by 41 other British and native fighting men were killed
Arab disappointment over non-realization of their in an encounter in the Northwest Frontier Province
political aspirations. The Palestine Government, Monday. In contrast with this development official
according to the Mandates Commission, has shown announcement was made at Simla on the same day
Itself unable to provide security for persons and that an important tribal clan had surrendered after
property, the essential condition for the development their villages had been subjected to heavy air bombof the Jewish national, home. Mr. Henderson re- ing by British airplanes. That the Indian boycott
marks tartly in his rejoinder that the Mandates Com- campaign has entered a new phase was indicated
mission itself did not foresee the disorders of last in a London mine to the New York "Herald TriAugust, although fully informed through annual re bune." Officials of certain Indian municipalities,
ports of conditions in Palestine. Resentment against notably Ahmedabad in the Bombay Presidency, have
FINANCIAL CHRONICLE
1308
reached the decision, it was said, to withdraw their
official deposits from British-owned institutions and
place them in Indian-controlled banks. Further extensive arrests of Gandhist leaders were made by the
British authorities Wednesday, almost the entire
membership of the All-India Congress meeting in
New Delhi being taken into custody. They wer,2
sentenced Thursday to six months' simple imprisonment. A new working committee, composed of six
Moslems and six Hindus, was promptly formed. No
disclosures have been made in the meantime regarding the negotiations between Viceroy Lord Irwin
and Mahatma Gandhi for cessation of the civil disobedience campaign. Indian moderates, who mediated in these negotiations, carried a letter from Mr.
Gandhi to Lord Irwin on Aug. 21, but the contents
of the epistle were not divulged. The efforts toward
adjustment of the difficulties were resumed this
week.
The Bank of Finland on Tuesday reduced its discount rate from 6/
1
2% to 6%, and the Banco Central
de Bolivia on Tuesday reduced from 9% to 7%.
Other than this, 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 Austria, Hungary, and Italy; at 4/
1
2% in
Norway; at 4% in Germany, Denmark, and Ireland;
at 31
/
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
yesterday were 2 1/16% against 2 3/16% on Friday
of last week, and at 2 1/16% also for long bills
against 2 3/16% the previous Friday. Money on call
in London yesterday was 11/2%. At Paris the open
market rate continues at 21,4%, but in Switzerland
there has been a decline from 13
4% to 1 1/16%.
The Bank of England statement for the week
ended Aug. 27 shows a gain of £522,181 in bullion and
since this was attended by a contraction of £923,000
in circulation, reserves increased £1,445,000. The
Bank now holds £155,887,696 of gold compared with
£137,633,677 a year ago. Public deposits fell off
£2,873,000 while other deposits rose £1,138,827.
Public deposits consist of bankers' accounts and
other accounts. The former increased £934,446 and
the latter £204,381. The proportion of reserves to
liabilities is at 48.02% now compared with 46.06%
a week ago and 29.29% a year ago. Loans on Government securities decreased £230,000 and those on
other securities £2,901,820. The latter includes discounts and advances, which increased £345,130 and
securities which fell off £3,246,950. The rate of
discount remains 3%. Below we give a comparison
of the various items for five years:
BANK OF ENGLAND'S COMPARATIVE STATEMENT.
1930.
1929.
1927.
1926.
1928.
Aug. 27.
Aug. 29.
Aug. 31.
Sept. I.
Aug. 30.
Circulation
360,868,000
18,172.000
Public deposits
96,398,547
Other deposits
Bankers' accounts 62,599.815
Other accounts
33,798.732
Governm't securities 49,141,247
Other securities- --_ 28,646,876
DIsct. & advances 6,459.675
Securities
22,187,201
Reserve notes & coln 55,019,000
Coin and bullion-155.887,696
Propor.of ree.to liab.
48.02%
3%
Bank rate
364,044,000
20,518,000
94.130,977
57,990,151
36.140,826
73,276,855
26,018,431
3,752,639
22,265,792
33,587,000
137,633.677
29.29%
5:5%
135,440,000 137,448,885 141,288,970
19,228,000 22448,776 15,731,775
95,303,000 93,200,320 108,580,583
29,141.000 58,446,999 38,056,779
43,443,000 41,638,510 70,568,095
60,176,000 33,540,739 33,959,827
175,867,362 151,239.624 155,498,797
52.54%
29.08%
27.32%
04%
434%
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.
[Vol- 131.
The Bank of France statement for the week
ended Aug. 23 shows a gain in gold holdings of
242,378,271 francs, raising the total of the item
to 47,194,608,679 francs. Gold last year stood
at 38,803,740,570 francs, and the year before at
30,361,673,115 francs. Credit balances abroad contracted 250,000,000 francs, whereas bills bought
abroad gained 32,000,000 francs. A decline of
662,000,000 francs appears in note circulation, reducing the total of notes outstanding to 72,016,400,955 francs. The same item last year amounted to
64,353,267,925 francs. French commercial bills discounted and advances against securities decreased
100,000,000 francs and 14,000,000 francs, while
creditor current accounts went up 537,000,000 francs.
Below we furnish a comparison of the various items
for three years:
BANK OF FRANCE'S COMPARATIVE STATEMENT.
Status as o
for Week.
Aug. 23 1930. Aug. 24 1929. Aug. 25 1928.
Chances
Francs.
Francs.
Francs.
Francs.
Gold holdings_ __Inc. 242,378,271 47.194,608,679 38,803,740,570 30,361,673,115
Credit bats. abr'd_Dco.250,000,000 6,805.125,242 7,248,293,083 14,064,322,425
French commercial
bills discounted_Deo. 100.000,000 5,083.235.429 9,164,726,474 4,431,699,350
Bills bought abr'dIno. 32,000.000 18,773,338.119 18,542,444,232 17,173,576,599
Adv. agst.secure--Deo. 14,000.000 2.737.209,979 2.368,046,230 1,938,598,836
Note circulation...Dec.662,000,000 72.016,400,955 64,353,267,925 60,318,658,605
Cred. curr. accts... Inc. 537,000,000 17,864,521,198 20,271,464,712 17,390,660,509
The Bank of Germany in its statement for the
third week of August reveals a decrease in note circulation of 179,374,000 marks, reducing the total
of the item to 4,049,763,000 marks. Circulation
a year ago aggregated 4,153,109,000 marks and the
year before 3,969,597,000 marks. Other daily maturing obligations and other liabilities rose 153,836,000 marks and 2,751,000 marks, respectively. The
asset side of the account shows a decline in gold and
bullion of 21,000 marks and in bills of exchange and
checks of 71,401,000 marks, while deposits abroad
remain unchanged. An increase is recorded in reserve in foreign currency of 44,952,000 marks, in
silver and other coin of 12,200,000 marks, in notes
on other German banks of 4,085,000 marks, and in
investments of 1,610,000 marks. The Bank's bullion now totals 2,618,999,000 marks, as against
2,177,022,000 marks the same time a year ago.
Advances against securities fell off 20,240,000 marks
and other assets gained 5,820,000 marks. Below
we furnish a comparison of the various items for the
past three years:
REICHSBANK'S COMPARATIVE STATEMENT.
Changes
for Week.
Aug. 23 1930. Aug. 23 1929. Aug. 23 1928.
Assets-Reichsmark,.
Retchsmarks. Retchrmarks. Retchsmarks.
Gold and bullion
Dec.
21,000 2,618,999,000 2,177,022,000 2,240,909.000
85.626.000
Of which dem,.abrd. Unchanged
149,788,000 149,788.000
Res've in torn curt._ Inc. 44,952,000 143,175,000 312,213,000 211,412.000
Bills of each. & checks Dec. 71,401,000 1,464,429,000 2,042,533,000 1,972,311.000
Silver and other coln_Inc. 12,200,000 179,372,000 144,307,000 111,371,000
27,181,000
Notes on 0th. Ger.bks.Inc. 4,085,000
23,916,000
23,227,000
27,136,000
Advances
Dec. 20,240.000
43,685,000
57,130,000
93.819.000
Investments
92,744.000
Inc. 1,610,000 102,625,000
Other assets
Inc. 5,820,000 685,229,000 548,198,000 560,998,000
LtabtlItte.t—
Notes in circulation._Dec. 179,374,000 4,049,763,000 4,153,109,000 3,969,597,000
Oth.dally matur.oblig.Inc. 153,836.000 600,782,000 444,84100 631,996,000
Other liabilities
Inc. 2,751,000 224,982,000 344,272,000 236,442,000
Money rates in the New York market showed no
deviations this week from previous levels. Call loans
were 2% on the Stock Exchange in all sessions,
while in the unofficial outside market funds were
available every day at 1/
1
2%. This occasioned some
surprise among money brokers, who looked for a
slightly tighter market yesterday owing to the added
AUG. 30 1930.]
1309
FINANCIAL CHRONICLE
currency requirements of the extended holiday.
Time loans also were unchanged. Gold movements
again came into prominence, as shipments were
resumed to France and Canada. Withdrawal. of
$1,000,000 gold for shipment to Canada was revealed in The daily statement of gold movements
issued by the Federal Reserve Bank, Thursday. The
outward flow was augmented yesterday by a shipment of $3,500,000 to France on the fast ship Europa.
This brings the total export since the movement
started July 16 to $80,800,000, of which France received $65,300,000, while Canada received $15,500,000. The gold exports of the current week were
not included in The weekly gold statement of the
Federal Reserve Bank, which covered the week to
Wednesday night. The weekly statement revealed
imports of $1,039,000 from Latin America, with no
exports or changes in the stock of gold held earmarked for foreign account. Brokers'loans declined
$26,000,000 in the compilation of the Federal Reserve Bank of New York for the week.ended Wednesday night.
Dealing in detail with The call loan rate on the
Stock Exchange from day to day, all loans on every
day of the week were at 2%, including renewals.
Time money has continued dull and without noteworthy trades in any of the important maturities.
Rates have remained unchanged. Quotations all
4% for 30 days; 21/
4@21/2%.
week have been 2@21/
4@3% for
/
4% for 90 days, 23
/
2(4)23
1
for 60 days, 2/
4% for five and six months.
four months, and 3@31/
continued steady throughpaper
Prime commercial
the
turnover was limited by
though
week,
out the
of
satisfactory
shortage
offerings. Rates
acute
an
are unchanged, extra choice names of four to six
months' maturity being quoted at 3%, while names
less well known and shorter choice names are offered
2%.
/
at 3%@31
DISCOUNT RATES OF FEDERAL RESERVE BANKS ON ALL CLASSES
AND MATURITIES OF RUMBLE PAPER.
Federal Reserve Bank.
Boston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. LOUIS
Minneapolis
Kansas City
Dallas
San Francisco
Rate In
Elfeet nn
Aug. 29.
3
234
314
334
314
334
335
333
4
334
4
334
l)nte
Established.
P,evious
Rate.
July 3 1930
June 20 1930
July 3 1930
June 7 1930
July 18 1930
July 12 1930
June 21 1930
Aug. 7 1930
Apr. 15 1930
Aug. 15 1930
Apr. 8 1930
Aug. 8 1930
334
3
4
4
4
4
4
4
:V4
434
4
Sterling exchange is irregular and dull and on
average slightly easier than last week. The rate
has moved gradually downward for the past month.
5 to 4.87
The range this week has been from 4.86%
for bankers' sight bills, compared with 4.86 13-16 to
4.87 last week. The range for cable transfers has
/, compared with 4.87 to
4 to 4.871
been from 4.867
4.87 3-16 a week earlier. The relative firmness of
sterling can be gauged from the fact that present
rates compare with the high for the year of 4.88 1-16
and with the low of 4.85 11-16 for cable transfers.
The ease of the past few weeks is attributable largely
to the approach of autumn pressure, together with
the failure of international business to improve, to
the decline in commodity prices and to the low money
rates in all international markets. Money rates
continue to drop in London. On Thursday twomonths open market discount rates touched 2%,
the lowest yet reached. At these rates the Bank of
England's 3% official rate of rediscount is evidently
far above the market and would even point to the
possibility that a cut in the Bank's rate might be
expected. In fact rumors to that effect were circulating in the market this week. However, most
bankers regard it as improbable since even with a
3% rate the action of sterling has not been altogether
satisfactory.
Weakness against French francs and German
marks has been apparent for some time, while as
There has been no let-up during the week in the
against dollars London exchange has been gradually
demand for prime bankers' acceptances. There is losing ground for nearly a month. While a 23/2%
still a great shortage of bills. The 12 Reserve Banks Bank of England rate would be more in line with the
further increased their holdings of acceptances duropen market, a further reduction, seems illogical in
ing the week from $158,922,000 to $163,274,000.
view of the fact that the Bank of England's gold
Their holdings of acceptances for foreign correholdings are already open to attack from Paris.
spondents further declined from $478,315,000 to
The autumn pressure against the European cur$471,522,000. The posted rates of the American Acrencies will be strongly in evidence as September
8%
/
ceptance Council continue at 2% bid and 17
advances. At present they are largely favored by
asked for bills running 30 days, and also for 60 and
transfers, but these drop off sharply in the
8% bid and 2% asked for 120 days, and tourist
90 days; 21/
September. It was with the greatest
4% asked for 150 days and 180 days. middle of
2%% bid and 21/
difficulty that the Bank of England built up its
The Acceptance Council no longer gives the rates for
gold holdings to meet autumn pressure last year
call loans secured by acceptances, the rates varying
therefore bankers believe that the Bank will
widely. Open market rates for acceptances also and
not increase its difficulties this year by lowering
remain unchanged, as follows:
its offcial rediscount rate at this juncture. This
SPOT DELIVERY.
the Bank of England shows an increase in
--I80 Days-- —150 Days— —120 Days— week
Rid. Asked.
Bid. Asked.
Bid. Asked.
holdings of £522,181, the total standing at
gold
234
234
234
234
234
2
Prime eligible bills
£155,887,696, which compares with £137,633,677 a
—90Days— —430Days— —30Days---Bid. Asked.
Bid. Asked.
year ago. On Saturday the Bank of England sold
Bid. Asked.
2
134
2
134
2
134
Prime eligible bills
£8,741 in gold bars and exported £2,000 in sovereigns.
FOR DELIVERY WITHIN THIRTY DAYS.
234 bid On Tuesday the Bank sold £27,531 in gold bars.
Eligible member banks
234 bid
Eligible non-member banks
There was a total of £757,000 South African gold
available in the open market, of which £29,000 was
There have be no changes this week in the redis- absorbed by India and the trade, and the balance
count rates of any of the Federal Reserve Banks. taken for shipment to France and Switzerland at a
The following is the schedule of rates now in effect price of 85s. Yid. It is understood in the London
for the various classes of paper at the different bullion market that the bulk of this gold was for
Reserve Banks:
Switzerland. On Wednesday the Bank of England
1310
FINANCIAL CHRONICLE
bought £56 in foreign gold coin and received £164,000
in sovereigns from abroad. On Thursday the Bank
of England sold £22,724 in gold bars. On Friday
the Bank bought £28 gold bars, received £250,000
in sovereigns from abroad, sold £6,867 gold bars,
and exported £2,000 in sovereigns.
At the Port of New York the gold movement for
the week Aug. 21-Aug. 27 inclusive, as reported
by the Federal Reserve Bank of New York, consisted of imports of $1,091,000, of which $1,039,000
came from Colombia and $52,000 chiefly from other
Latin American countries. There were no gold
exports and no change in gold earmarked for foreign
account. In tabular form the gold movement at
the Port of New York for the week ended Aug. 27,
as reported by the Federal Reserve Bank of New
York, was as follows:
[Vox,. 131.
general list and continue to show firmness not only
against the dollar, but against sterling and the ma- •
jority of the leading exchanges. For the time being
at least, it would seem tfiat the French private banks
are yielding to the express •wishes of the Bank of
France that gold should not be taken in large quantities from other markets, especially from London.
The French bankers, nevertheless, continue to take
the bulk of the open market gold, although this week
the largest share seems to have been taken for Swiss
account. While the Federal Reserve Bank reported
no gold exports from New York during the week
ended Aug. 27, nevertheless it reported that yesterday
an additional $3,500,000 was sent to France on the
S. S. Europa. This brings the total American gold
shipments to France to $64,810,000 since the second
week in July. The firmness in francs is attributed to
GOLD MOVEMENT AT NEW YORE, AUG. 21-27, INCLUSIVE. the steady repatriation of French balances in New
Imports.
Exports.
York, London and other markets. Although this
$1,050,000 from Colombia
movement has been going on for some time, it is
None.
52,000 chiefly from other Latin
American countries.
believed that the French foreign credits other than
$1,091.000 total
those held by the Bank of France continue to be of
Net Change in Gold Earmarked for Foreign Account.
very considerable size, so that repatriation can go on
None.
for some time if it remains profitable. Should
The Federal Reserve Bank of New York an- money
rates firm up in New York the movement
nounced during the week that $5,935,000 had been
would doubtless be brought to a close, but as it is
received at San Francisco, of which $5,285,000 was the
repatriation from this side could reach large
from Japan and $655,000 from China. On Thursday proportions
before the usual fall seasonal firmness
the Reserve Bank reported a shipment of $1,000,000 in money
becomes evident in New York. This week
gold to Canada, bringing the total of such shipments the gold holdings
of the Bank of France are at record
since the third week of July to $15,550,000. Yester- high,
standing at 47,194,600,000 francs on Aug. 22,
day, Friday, the Federal Reserve Bank reported an which
is an increase over the preVious week of 242,additional shipment of $3,500,000 gold to France. 300,000 francs.
Present holdings compare with
This brings the total gold shipments to Paris since the 38,803,000,000 francs
a year ago and with 28,935,second week of July to $64,810,000.
000,000 francs reported in the first statement followMontreal funds continue firm, ranging from 7-64 of ing stabilization of the franc
in June 1928. The
1% on Saturday and 5-64 of 1% Monday to an Bank's ratio reserves to
of
liabilities is also at record
average quotation of 3-32 of 1% for the rest of the high, standing at 52.51% as
compared with 45.85%
week.
a year ago and with legal requirements of 35%.
Referring to day-to-day rates sterling exchange on
German marks continue firm. The firmness in
Saturday last was dull and irregular. Bankers' sight the mark may be gauged from
the fact that closing
was 4.863/
8@4.87; cable transfers 4.873/8. On Monday quotations for cable transfers this week,
23.883I,
sterling was under pressure. The range was 4.86 13-16 compares with dollar parity
of 23.82. Marks were
@4.86 15-16 for bankers' sight and 4.86 31-32@ high this year at 23.913./b and
low at 23.80. Money
4.87 1-16 for cable transfers. On Tuesday, exchange continues easy with credits
abundantly offered in
was again under pressure. The range was 4.86 11-16@ Berlin. It is understood
that American lenders
4.86 13-16 for bankers' sight and 4.86%@4.86 15-16 are especially active in the German
field. The Reichsfor cable transfers. On Wednesday sterling was bank's rediscount rate of 4%
is entirely out of line
/s@4.86 13-16 for with the slack
The range was 4.865
steady.
demand and low rates ruling in
bankers' sight and 4.86 15-16@4.86 31-32 for cable the Berlin market. Interest
rates there on long-term
transfers. On Thursday sterling was higher. The loans are still declining
and the bond market after
range was 4.86%@4.863/ for bankers' sight and its recent
reaction is again generally firm. The
4.87@4.87 1-32 for cable transfers. On Friday Berlin rate for day
money is at 2@4%, but this is
sterling was slightly easier, the range was 4.86 11-16@ partly nominal,
considering
that first-class borrowers
4.86 13-16 for bankers' sight and 4.86%@4.87 for are getting
money at M of 1%. Private discount
cable transfers. Closing quotations on Friday were rates are
at 338%. In foreign exchange circles it
4.86 11-16 for demand and 4.863/3 for cable transfers. is thought
that the Reichsbank authorities will
Commercial sight bills finished at 4.86%,60-day bills resist any
further lowering of rediscount rates,
at 4.84 13-16; 90-day bills at 4.83 15-16, documents even though
the official rate is so far out of line
for payment (60 days) at 4.84 13-16 and 7-day grain with the
market.
bills at 4.86 8. Cotton and grain for payment closed
Italian lire continue firm, deriving their greatest
at 4.86.
strength at this season from tourist expenditures
and emigrant remittances. According to dispatches
Exchange on the Continental countries are firm from Rome, Italy's international trade movement is
for this season. As in the case of sterling, tourist moving in a way favorable to lire exchange. It is
requirements continue to be a strong support for pointed out that although exports from Italy during
the Continentals, offsetting the approach of autumn the first seven months have fallen to 7,242,000,000
pressure and the low money rates, low commodity lire as against 8,619,000,000 lire last year, imports
prices and the general retardation of business. have been reduced much more rapidly, from 13,French francs are apparently an exception to the 529,000,000 lire to 10,630,000,000 lire. Therefore,
AUG. 30 1930.]
FINANCIAL CHRONICLE
the seven-months surplus of imports was cut down
from 4,910,000,000 lire last year to 2,380,000,000
lire in the present year.
Finnish exchange is one of the most inactive in the
New York market, but it is of interest in view of the
easier trend in money rates to point out that the
Bank of Finland reduced its rediscount rate on
Aug. 27 from 63/2% to 6%.
The London check rate on Paris closed at 123.76
on Friday of this week, against 123.83 on Friday of
last week. In New York sight bills on the French
centre finished at 3.93 5-16, against 3.9334 on
Friday of last week; cable transfers at 3.93 7-16,
1
against 3.93%; and commercial sight bills at 3.93%,
against 3.93 5-16.
Antwerp belgas finished at
13.97 for checks and at 13.98 for cable transfers,
against 13.9634 and 13.9734. Final quotations for
Berlin marks were 23.8734 for bankers' sight bills
and 23.8834 for cable transfers, in comparison with
23.88 and 23.89. Italian lire closed at 5.233
% for
bankers' sight bills and at 5.23% for cable transfers,
against 5.23 13-16 and 5.23 15-16. Austrian schillings
4, against 14.139; exchange on
closed at 14.133
Czechoslovakia at 2.963
4, against 2.963/
2; on Bucha5 against 0.59 8; on Poland at
rest at 0.59/s,
11.2334,
against 11.23; and on Finland at 2.513
4, against
2.51%. Greek exchange closed at 1.29% for bankers'
sight bills and at 1.29% for cable transfers, against
1.29% and 1.29. .
Exchange on the countries neutral during the
war is dull. Holland guilders have been exceptionally steady more as a result of quiet trading than
of any fundamental factors affecting exchange. The
ease in the guilder, however, is only relative, as
present quotations averaging around 40.28% for
cable transfers compare with dollar parity of
40.20 and with low points this year of 40.0734 and
with the high of 40.343/2. The relative firmness of
the guilder despite the apporach of autumn is due
largely to the repatriation of Dutch funds from this
side effected since October 1929, while whatever weakness the unit shows proceeds from transactions on the
European side, which involve transfers of funds
from Amsterdam to other centres where they can
be more profitably employed. Swiss francs continue
to display firmness and, as noted above, the larger
proportion of the London open market gold this
week, as on several recent occasions, was taken
for Swiss account. The firmness in the unit is attributed largely to requirements in connection with
operations of the Bank for International Settlements
and of course seasonal factors, especially tourist
requirements, will favor the currency until toward
the middle of September. The Scandinavian currencies are firm, with exchange on Stockholm especially so. This firmness is due very largely to
the great number of visitors now in that country,
coming particularly from the Uniged States. Spanish
pesetas continue to fluctuate widely and puzzle the
market. Pesetas, it will be recalled, moved up
sharply on Friday of last week so that cable transfers sold at 10.98. On Saturday last they sold as
high as 10.99, but in Wednesday's trading they fell
to a new low record of 10.59. The sudden easing
reflected the market's lack of confidence and was
to some extent a psychological reaction to the
Government's ideas of establishing an "economic
dictatorship" and stringently regulating all exshange transactions, private, public, and specula-
1311
tive. The steady fall in the value of the peseta
has made Spanish prices run counter to the world
trend.
Bankers' sight on Amsterdam finished on Friday
at 40.2834, against 40.26% on Friday of last week;
cable transfers at 40.293/2, against 40.28; and commercial sight bills at 40.25, against 40.233/2. Swiss
francs closed at 19.433
4 for bankers' sight bills
and at 19.44% for cable transfers, against 19.433/i
and 19.4434. Copenhagen checks finished at 26.8034
and cable transfers at 26.813/
2, against 26.8134 and
26.823/2. Checks on Sweden closed at 26.883/b and
cable transfers at 26.893
4, against 26.8734 and
26.88, while checks on Norway finished at 26.793
and cable transfers at 26.803
4, against 26.803
4 and
26.82. Spanish pesetas closed at 10.65 for bankers'
sight bills and at 10.66 for cable transfers, which
compares with 10.97 and 10.98.
Exchange on the South American countries, with
the exception of exchange on Chile, is showing
decided weakness. Argentine pesos are especially
weak as the result of disquieting rumors of political
uprising in Argentina. On Thursday dispatches
and private cable advices from Buenos Aires stated
that an outbreak of some sort was expected momentarily and that the Government chambers and
the home of President Irigoyen were being heavily
patroled and that the Government was said to be
seriously alarmed as to the possibility of a political
movement of a military nature. It does not seem
likely, however, that a revolt of the proportions
of the recent Peruvian movement can materialize.
Fundamentally the weakness in the peso arises from
low world prices and the record decline in volume
of Argentina's exports, while at the same time the
Government refuses to permit the exportation of
gold to offset the decline in the exchange. Brazilian
milreis continue their downward course and are
quoted at the lowest levels in recent years. It would
seem quite impossible that Brazil can afford to
ship more gold to either the United States or London to support the milreis. Bankers think that
there will be no appreciable strengthening in Brazilian exchange unless the authorities at Rio are
able to float a long-term loan. Chilean exchange
continueOfirm, owing to the improved position of
the Chilean nitrate trade. Contributing factors to
the firmness in the Chilean peso are lack of all
political uncertainties, complete absence of unemployment, a balanced budget, 100% gold cover
for circulation, large Government public work programs, and stable individual municipal finances.
Argentine paper pesos closed at 35 11-16 for checks,
as compared with 36 3-16 on Friday of last week;
4 for cable transfers, against 3634. Braand at 353
finished at 9.47 for bankers' sight bills
milreis
zilian
for cable transfers, against 9.60 and
9.50
and at
9.63. Chilean exchange closed at 12.15 for checks
and at 12.20 for cable transfers, against 12 3-16
and 1234; Peru at 32.25, against 32.75.
Exchange on the Far Eastern countries continues
weak, but is unchanged in all important respects
from recent weeks. The Chinese units are slightly
improved over a few weeks ago as a result of better
silver prices. It is understood that the Indian government is again selling silver to, the Hong Kong government. Each time such sales take place there is a
drop in silver prices. The reason for the transactions
1312
FINANCIAL CHRONICLE
Fox.. 131.
The following table indicates the amount of bulis said to be that the Indian government is in need of
foreign exchange and sells silver for sterling, which lion in the principal European banks:
the Hong Kong government seems to have in conAug. 28 1930,
Aug. 29 1929.
siderable abundance. On the whole the silver market Banks of
Total.
Gold.
BOlter.
BOlter.
Total.
Gold.
shows improvement favorable to the Chinese quota£
£
£
£
£
137.633,677
_ 155,887,696
155,887.696 137,633,677
tion. Japanese yen continue relatively firm although England_
310,429,924
France a-- 377,556,889
(d)
(d)
377,556,869310,429,924
Germany b 123.460.550 c994,6 124,455,150 108,851,111
994,600 109,845,711
dull. As noted above, the Federal Reserve Bank of Spain
---- 98.935.000 28,637,1 :: 127,572,000 102,568,00 28,632,000 131,200,000
55,793,000
55,793,55,
Italy
53,645,000
53,645,000
'
$5,285,000
of
New York has accounted for the receipt
Netherl'ds 32,553,000 2,067,000 34,620,000 36,931,000 1,764,000 38,685,000
30,198,000
Nat.
Belg_
34,522,
1,270.000
28,928,000
34,522,000
week,
the
during
in gold from Japan at San Francisco
Switzerl'd 25,149,000
25,149,000 20,274,000 1,369,000 21.643.000
12,967,000
__ 13,475,
13,475,000 12,967,111
while two shipments received from China totaled Sweden_
Denmark _ 9,567,000
420,000 10,005,000
9,567,000 9,585,000
8,153,000
8,142,000 8,153,00
$655,000. Closing quotations for yen checks yester- Norway __ 8,142,
Total week 932,893,1151 31,696,600964,591,715832,113,712 34,439,600866,553.312
day were 49.41@49.50, against 49.40@49.50. Hong Prey. week 930,334,4581 31,792,600962,127,058829,140,500 34.552.800863.693,100
Kong closed at 32%@32 15-16, against 33%@ a These are the gold holdings of the Bank of France as repOrted in the new form
statement. b Gold holdings of the Bank of Germany are exclusive of gold held
33 5-16; Shanghai at 39h@39 9-16, against 39M@ of
abroad, the amount of which the present year Is £7,489,000. c As of Oct. 7 1924.
Singapore at 56.25 d Silver Is now reported at only a trifling sum.
40; Manila at 49%, against 494;
7
1,
@56.37, against 563,@56%; Bombay at 36Y
against 363..
against 36k; and Calcutta at 364,
1
The Question of Revising the Peace
Treaties.
Pursuant to the requirements of Section 522 of the
France appears to have taken very seriously the
Tariff Act of 1922, the Federal Reserve Bank is now
certifying daily to the Secretary of the Treasury the remarks of Dr. Gottfried Treviranus, Minister for
buying rate for cable transfers in the different coun- Occupied Areas in the German Cabinet, attacking
tries of the world. We give below a record for the the Polish Corridor, which separates East Prussia
from the rest of Germany, as an arrangement with
week just passed:
which Germany could never be satisfied, describing
RESERVE
FEDERAL
FOREIGN EXCHANGE RATES CERTIFIED BY
BANKS TO TREASURY UNDER TARIFF ACT OF 1922.
the
eastern frontier as an "unjust boundary under
AUG. 23 1930 TO AUG..29 1930, INCLUSIVE.
foreign sovereignty," and declaring that the "GerNoon Duping Rate for Cable Transfers in New York,
man land which to-day is lost to us will one day be
Country and Monetary
Value in United States Money.
recaptured." M. Maginot, French Minister of War,
Aug.23. Aug.25. Aug. 26. Aug. 27. Aug.28. Aug.29.
together with a number of military experts, have
$
EUROPE$
3
$
3
$
Austria,in billing
141160 .141182 .141178 .141256 .141195 .141182
declared
that the present French army is too small
Belgium, belga
139711 .139732 .139822 .139816 .139812 .139785
Bulgaria, lev
007225 .007241 .007225 .007225 .007236 .007230
and too ineffective to cope with such a force as GerCzechoslovakia. krone .029664 .029668 .029668 .029666 .029672 .029673
Denmark, krone
268134 .268127 .268090 .268092 .268119 .268111
England, pound
many,it is asserted, could launch against the French
4 870710 4.870252 4.869109 4.869107 4.869866 4.889105
sterling
Finland. markka
frontier,
025167 .025171 .025170 .025175 .025176 .025177
and newspapers of the Right have raised
France, franc
039333 .039339 .039340 .039340 .039340 .039393
Germany. relchamark .238856 .238856 .238826 .238827 .238826 .238800
the
question
whether the present system of shortGreece. drachma
012961 .012963 .012970 .012965 .012967 .012971
Holland, guilder
.402789 .402854 .402843 .402848 .402909 .402915
term
military
service had not best be replaced with
Hungary, Pengo
175292 .175310 .175294 .175314 .176321 .175290
Italy. Ill'a
052383 .052383 .052376 .052380 .052379 .052377
a
professional
army. Attention is also being called
.268052
Norway, krone
.268063
268101 .268089 .268051 .268039
Poland, zloty
112010 .112056 .112052 .112106 .112056 .112079
to
the
fact
that
in the course of the next three or
.044979
Portugal, escudo
.044996
.044945
.045CI,8 .094912 .044979
Rumania,leu
.00E952 .005955 .005956 .005957 .005957 .005952
four years the conscription system will produce a
Spain. Peseta
109660 .108973 .107538 .105898 .106727 .105586
Sweden.krona
.268817 .268867 .268899 .268951 .268913 .288923
relatively small number of young men for the army
Switzerland, franc- .194386 .194418 .194383 .194379 .194395 .194426
Yugoslavia. dinar-- .017723 .017736 .017736 .017721 .017732 .017725
because of the effect of the great loss of life during
ASIA402708 .901666 .404791 .406625
.400625 405208
China-Chefoo WI
the
World War upon the birth rate. The impres.400156
.402718
Hankow tael
.397812
.398900
.397031 .401406
Shanghai tael
386517 .391160 .387232 .387500 .390089 .392500
sion, amounting in some quarters to conviction, apTientsin tael
.404791 .408958 .406875 .406666 .408958 .409375
Hong Kong dollar
.324642 .325535 .329107 .323839 .324910 .326250
pears to be widespread in France that Germany is
Mexican dollar-- .279375 .283125 .280312 .280625 .281562 .284062
Tientsin or Pelyang
preparing
.284168
.287083
to press for a revision of the Treaty of
dollar
281250 .285000 .282500 .282500
Yuan dollar
277916 .281666 .279166 .279166 .2'80833 .283753
.360339
.360339
India, rupee
Versailles,
.360325
and that even if the matter is not brought
.360207 .360325 .360325
WW1. yen
493946 .493918 .493946 .494100 .494150 .499075
Knganore (8.8.) dol
up at the forthcoming meeting of the League of Na.559583 .559583 .559583 .559583 .559583 .559416
NORTH AMER.r anada. dollar
J
tions, as the German Government is reported to have
1 000965 1.000808 1.000884 1.000909 1.000927 .001102
Dubs, pew
999281 .999281 .999156 .999593 .999656 .999500
Ilexico. peso
declared that it will not, the demand for revision
472375 .473412 .973787 .472950 .472850 .472462
4ewfoundland, dollar .998187 .998156 .997968 .998187 .998156 .998687
SOUTH AM :R.will continue to be urged and military force will be
irgentina, peso (gold) .822454 .821815 .822326 .822528 .822703 .806400
00az11, milrels
096225 .095812 .095157 .093000 .092412 .094200
relied
upon to back it up. Poland, also, has mani1.21245
.121146
Mile, peso
.121143 .121456 .121455 .121138
JrufluaY, peso
.824361 .826986 .827299 .825986 .824395 .820842
fested resentment at remarks which it regards as
:lolombia nn
oamton
namqnn
oamtnn
0.15160 .965300 .965300
"directed against the integrity of the Polish State,"
and a formal protest is said to have been made to
As the Sub-Treasury was taken over by the Fedthe German Ambassador at Warsaw.
eral Reserve Bank on Dec. 6 1920, it is no longer
In view of the fact that Germany is to hold an
possible to show the effect of Government operations
election on Sept. 14, and that the Nationalist forces
in the Clearing House institutions. The Federal
are making great efforts to win control of the ReichReserve Bank of New York was creditor at the Clearstag, it is probable that Dr. Treviranus, in the
ing House each day as follows:
speeches which he made on Aug. 10 and subsequent
DAILY CREDIT BALANCES OF NEW YORK FEDERAL RESERVE BANK
dates, was not wholly unmindful of electioneering
HOUSE.
AT CLEARING
considerations. The responsibility for raising the
Saturday. Monday, Tuesday, Wednescry. Thursday, Friday.
Aggregate
question of treaty revision, however, does not rest
Aug. 23. Aug. 25. Aug. 26. Aug. 27. Aug. 28. Aug. 29.
for Week.
$
8
solely with Dr. Treviranus. The issue was brought
$
$
8
8
$
104400,000 89,000,000 123,000.000 103,000,000 100,000,000 108,000,000 Cr. 027.000.000
forward
sharply only a few months ago by Premier
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 he operation of Mussolini, in a
widely-quoted article in a Paris daily.
the Federal Reserve System's Par collection scheme. These large credit balances,
however, reflect only a part of the Reserve Bank's operations w th the Clearing It was
raised
again,
clearly and emphatically, by the
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 German Government in its reply to the Briand quesdo not peas through the Clearing House but are deposited with the Federal Reserve
tionnaire regarding the proposed United States of
Bank for collection for the account of the local Clearing House banks.
Europe. It has been discussed repeatedly by writers
AUG. 30 1930.]
FINANCIAL CHRONICLE
1313
There are other grievances in Europe -which lend
in many countries, and for several years has been
to adjustment. The assignment to Belthemselves
the
industriously agitated in Germany. Ever since
former German towns and districts of
the
of
gium
Conference
Peace Conference, and indeed during the
is an irritation which Belgium
Malmedy
and
Eupen
treaties
peace
the
that
itself, it has been recognized
be the first to remove. The
grace,
good
with
might,
incompatible
and
injustices
inequalities
contained
the flesh to Germany. The
in
thorn
a
is
basin
freely
Saar
opinion
been
the
has
and
peace,
stable
with a
were turned over absoregion
expressed that Germany, once it had recovered in rich coal mines of the
territory
was placed unthe
while
its economic life and been admitted in full right to lutely to France,
the proviso
with
League
the
of
jurisdiction
the League of Nations, would not rest content with der the
deter1935,
than
later
not
should,
plebiscite
a
that
the arrangements which Allied vengeance imposed
region.
practhe
In
of
allegiance
political
the
mine
upon it.
administration,
Saar
the
dominated
has
France
tice
an
for
seems
opportune,
accordingly,
time
The
examination of the peace treaties with a view to and has made every effort to insure a permanent
determining what of their provisions, after a lapse French hold. There is no reason in justice why a
of eleven years, must apparently be allowed to stand, plebiscite should not be held earlier than 1935, and
and what may with propriety be modified or done the Saar returned to Germany if its people so vote.
away with altogether. No one, presumably, will con- The enforced demilitarization of a 50-kilometre zone
tend that the new States of Eastern Europe th'at on either side of the Rhine, intended to enhance
came into existence as a result of the World War French "security," has no longer, if it ever had, any
should or can be now abolished. Whatever criti- justification, especially now that Germany is a memcisms may be made of the way in which Poland, ber of the League and the Allied troops and comCzechoslovakia, Jugoslavia, Lithuania, Latvia and missions have been withdrawn. Finally, the proEstonia were created, the recognition of independ- hibition of political union between Germany and
ence, once accorded, cannot now be revoked. The Austria should be removed. No action of the Peace
old Austro-Hungarian Dual Monarchy is dead, and Conference has been more roundly condemned than
there can be no hope of restoring it. If the States that which on the one hand stripped Austria of
which were once under Austrian rule are ever to be economic resources and left it the "pauper State"
reunited, it must be, as far as one can now see, by of a reconstructed Europe, and on the other forbade
it to join with Germany if its people so desired and
voluntary action of those States themselves.
It seems equally clear that the question of repara- Germany were willing to receive it.
There remains the question of the former German
tions, dealt with at first temporarily by the Dawes
Plan and now finally by the Young Plan,cannot with colonies. The Peace Conference, in its mad attempt
propriety be reopened. To tear up the Young Plan to prevent for all time the commercial recovery of
would produce only chaos. There are many who Germany, stripped it of all its overseas possessions
suspect that a later German generation which in Africa and the South Pacific, and placed those
knows the war only as fateful history will not go on territories under the supervision of the League,
for years and decades paying reparations on any which in turn assigned them under mandate, the
scale of annuities, but that break, if it comes, must African colonies to Great Britain, France and Belbe left to the future. For the moment, at least, gium, the Pacific possessions of New Guianea and
Germany, the largest debtor, has acquiesced in the Western Samoa to Australia and New Zealand.
Young Plan settlement and the Bank for Interna- Count Karolyi, the former Hungarian political
tional Settlements is administering the system. The leader who is now in exile, has lately declared that
other debtor nations are in the same position. It is the restoration by France of some of the German
useless to imagine that the Allied Governments colonies would go a long way toward allaying Gerwould consent to a reopening of the question now, man resentment, and has pointed out that the coloor that the debtor nations could repudiate their ob- nies are of little value to France since they are not
being developed and French people will not emigrate.
ligations without facing the danger of war.
Certain of the territorial arrangements of the The mandate system is, after all, only a thin device
peace, on the other hand, have a different bearing. for screening what the mandatory Powers have inThere is not a word to be said for the maintenance tended should become permanent ownership, and the
of the fantastic Polish Corridor, nor for the continu- pointed criticism which the Mandates Commission
ance of the "free" city of Danzig under the virtually of the League has just directed at Great Britain for
complete domination of Poland. It would be its administration of Palestine is a striking illusentirely possible to insure to Poland all the advan- tration of the inherent defects of the mandate systages of a free port which it now enjoys at Danzig tem. If Great Britain has been negligent and inwithout continuing the Polish zone along the Vistula effective in Palestine, as the Mandates Commission
as a passage-way to the Baltic. Germany may right- reports, nothing better, certainly, is to be hoped for
fully claim the restoration of its old territorial con- from France or the British Dominions in the treatnection with East Prussia. The example of Alaska, ment of more primitive regions. A return of the
which is separated from the continental United German colonies would be an act of simple justice,
States by British Columbia, has no bearing upon the entirely feasible without regard to other provisions
case of East Prussia, for the United States never of the peace settlement.
The greatest obstacle to the accomplishment of
had any territorial contact with Alaska. The anomalous Polish Corridor was established primarily as any of these objects is, of course, France. As long
a device for weakening Germany, and only second- as France continues to think of Germany as apoarily as a means of giving Polish commerce access tential enemy and a Power bent upon revenge it •
thn
s;
on
t,vval sws
se
eug
craorepde tao dtinsit
to the Baltic. Aslong as the Corridor remains it will
slle
terf3uitpu
oppi
r
i
law
:
f
t
i
o
n
o
ngueemte
constitute a justifiable grievance to Germany and the letter
Western Europe,
aorn
rant
embitter the relations between Germany and e
longand
in
Poland
ally
its
resisting any alteratron
Poland.
•
of the
1314
FINANCIAL CHRONICLE
eastern German frontier. It would probably enter
a strong protest if Great Britain should propose a
return to Germany of the colonies now under British mandate. A special interest, accordingly, attaches to the forthcoming session of the League, not
because the question of treaty revision may be directly raised but because that issue is now seen
to be bound up with the action that may be taken
on M. Briand's Pan-European scheme. A strong
section of French public opinion is reported to be
opposed to going forward with the union proposal
until Germany shows its hand clearly about treaty
revision, and the French Cabinet is believed to have
advised caution on M. Briand's part. M. Briand,
on the other hand, is reported to be as zealous and
hopeful as ever. It will be interesting to see
whether, if revision is found to stand in the way
of union, he will throw his influence on the side of
revision and merely ask that a union be perfected
first. The one thing that is clear is that the responsibility for maintaining peace in Europe depends now upon the former Allies rather than upon
Germany. 'As long as the injustices of Versailles
continue, so long will they keep peace in jeopardy.
The Allies can remove the jeopardy whenever they
so will.
the matter and that the "depression" is all a kink in
the mind. One might tell the Western farmers so,
but unless this statement will restore the vanished
crops they will not believe it. You cannot hypnotize
a man against his will. If one tells this story to
those who were hit hard by the October smash of
last year they cannot take up their beds and walk,
for they have no beds.
The "unemployed" cannot be made to believe their
"depression" is "silly"; giving them jobs would be
much more potent. Wholesale merchants, seeing the
price of commodities fall day after day and month
after montli, would like to turn the tables by so
simple a. "twist of the wrist," but they cannot. All
'this "psychology" is a brave and beautiful "suggestion," but it will not change physical conditions that
are outside of the man. He is bound to exercise comm8n sense, and mere "plunging," regardless of circumstances, is pretty sure to lead to grief. And one
thing the matter now is that we have been compelled
to come to earth after indulging in a long period of
"psychological prosperity"—that kind which we deluded ourselves into thinking existed when, in fact,
it did not, a kind created by constant repetition by
master minds. To apply this logic is to dash ahead
without any reasonable motive save the "will" to do.
Everything has not gone to the "demnition bowwows" by any manner of means. But plucking 30c.
dollars from every bush that grows is not really
possible. In fact, 30c. dollars are hard to find.
They are now worth much more than that by any
sort of rational computation. Even pessimists are
not giving them away. And while our people have a
huge domestic market, inexhaustible resources, and
untiring energies, we cannot by any legerdemain of
"will" make a "silk purse out of a sow's ear." Here
and there, to be sure, there are bargains in mills and
marts and mines to be obtained from the discouraged, the startling fact remains that we have been
compelled to reduce many of our wants to needs
and the whole scope of business has shrunken in
accordance with the change.
There is money to be made. But it will not be
made by blindly forging ahead without rhyme or
reason; it will not be made by courage without
caution; nor will it be made by shouting from the
housetops that the "depression" is a delusion. It
is not. It is a direct consequence of over-optimism,
of over-production, of over-speculation, of too much
disregard for the natural laws that rule, and sometimes ruin when they are thwarted. We cannot come
back to normalcy by this sort of "psychological"
subterfuge. The curve has turned downward, and
the end is not yet.
No man knows what five years will bring about.
But he who guides his business ventures by human
needs will be prepared to take advantage of whatever comes. The present is no time to try to start
another boom in optimism. Legitimate investments
founded on reason and common sense are all right,
but speculative investments are as dangerous as
ever. Who knows where the bottom price is in stocks
while the vacillations on the Exchange are of daily
occurrence, and the turns are sharp, quick, and
sometimes extensive? It was continual preaching
of the magnitude of America, the possibilities of
industry, the plethora of opportunities, that built
up the "longest bull market in history." We do not
want another. The "higher they go the harder they
Caution vs. Fear in Business.
Hypnotism is a scientific fact; suggestion is a
Mental force. Panic, we admit, is contagious. And
the "mob-mind" is largely irresponsible. But we
cannot readily apply these truths to business conduct. An interview with Herbert N. Casson, editor
"Efficiency Magazine," London, England, published
in the Aug. 15 issue of "Forbes,'" and later used as
an advertisement, contains an admonition to American business against yielding to the psychology of
Fear in the present "depression." It begins by citing
the fact that in the San Francisco earthquake "hundreds of cripples," "jumped up and ran for their
lives." It introduces the story of the Master who
said to the paralytic, "Rise, take up thy bed and
walk," and the man did as he was told. It recounts
the resources and financial power of the United
States. It continues: "There is now a golden opportunity for every man who has eyes to see it. . . .
Dollars are now
(being sold for 30c. Practically
every security in the United States is now being sold
at less than its value. . . . The way to create
a fortune is to buy from pessimists. Pay your money
and take the risk. . . ."
"In five years from now, most American business
men will belong to the 'I-Wish-I-Had Club.' . • .
When a horse balks, the balk is in his head, not his
legs; he moves on when he thinks he will. . . .
And when an American business man is depressed,
the slump is in his head. There is nothing serious
to prevent him from making money if he thinks he
will. . . . When Fear rules the will, nothing
can be done; but when a man casts Fear out of his
mind, the world becomes his oyster. . . . This
silly depression has gone on long enough. Get rid
of it. It is inside of you. . . . Rise and walk!"
Now we would like to think that money can be
made as easily as this advertisement indicates, but
we cannot even "will" to think so. Somewhere between shouting optimism and sorrowing pessimism
there is a tableland of reason, caution, and courage.
And it is perfectly idle to tell the United States and
the world that in present conditions there is nothing fall."
[you 131.
AUG.30 19304
FINANCIAL CHRONICLE
Those who find good in adversity, who see a salutary reaction in "hard times," who advise moderation in business initiative and enterprise, have the
best of the argument. We have been playing with
our "chances," tossing our "opportunities" about
like rubber balls, hitting the punching bag to see it
bound, racing the speedboats to cut the waves—and
in so far as these things represent permanent accomplishments we have little to show.
What sense is there in preaching an invincible
United States, and at the same time warning us
not to be alarmed because business is temporarily
slack? If everything is fundamentally all right
with us, then let present reaction work its own cure.
Business is not made up of promises and prophecies.
It is a service to supply a human need. We plant
crops and harvest them. We make, in foundries and
factories, articles and machines that save labor and
minister to common welfare. We gather goods from
all the world and sell them to the people who live in
their own communities and cannot go abroad. We
transport passengers and freight over a close network of railways that each may partake of the labors
of all, and this is real business. It is always going
on, and it always will. Here is the supply to the
insistent and continuous demand. Here is multitudinous opportunity. He who will think and work
can therein "make a living." His only check to
effort is the timely needs of the people. But if his
sole object is by speculation to discount the future
and make money faster than anyone else, then he is
not following the laws of certainty and satisfaction.
We have ourselves thought of the "stock smash"
as an episode brought on by over-inflation and other
influencing causes. We may now look upon "the
drouth" as one of those contingencies in the course
of nature that come from no fault of the people and
which must be borne bravely and with counteracting
increased effort. Time will obliterate both of them.
Each causes suffering, differing in kind and extent.
Each slows down momentum, changes the direction
of effort, teaches its own lesson as to motive and
method, but neither checks the need for the right
principles and policies in the business world.
Rather, they emphasize the potency of deliberation
and caution.
To try to whistle down the effects of our own
greed, and deride the loss of our crops, is mere folly.
There is enough to do for everyone. By the law of
service business is always "good." Opportunities
lie in the lowlands as well as the high. To try to
dissipate the "depression" by mere talk, by claiming
the things that are to come before they arrive, is
distortion and delusion, productive of harm rather
than help.
What we most need is to change our motive. The
"get-rich-quick" era is passing. In manufacture, as
in agriculture, there is surplus; agriculture has
already felt the brunt of lessened foreign demand,
and manufacture approaches the same state. Now,
to say that mere force, mere "will," can correct this
condition is to nurse an error. Meantime, caution
in "business" is the watchword all along the line.
Not Fear—but caution. We do not argue for a
closer internationalism when we advise a closer
study of the relations of peoples. If the natural
laws of interchanging and intercontinental effort
are to work out the common destinies of peoples,
then nationalism must not set up obstacles in the
way, must not strive by means of walls and hurdles
1315
to limit and interfere with exchange. Meantime, in
domestic relations there must be less selfishness and
striving between the great divisions of industry.
We need to "go slow and comprehend." We need
to measure effort first by necessities, not luxuries.
Nothing can withhold from us the rewards of
rational living.
Who Rules the United States?
A list of the men who "rule the United States"
has been given out by James W.Gerard, former Ambassador to Germany. Following are the names:
"The Dupont Family," including
John D. Rockefeller Jr.
P. S. Irenee, Lamont, H. F.,
Andrew W.Mellon,Secretary of the
Eugene, A. Felix, and Eugene E.
,Treasury
duPont; all officers and directors
J. P. Morgan
of the E. I. duPont de Nemours
George F. Baker, Chairman of the
Board First Nat. Bank of N. Y. & Co., or allied concerns
John D. Ryan, Pres. Anaconda Sosthenes Behn, Chairman Int. Tel.
& Tel. Corp.
Mining Co.
Walter C. Teagle, Pres. Standard Walter G.Gifford, Chairman Amer.
Tel. & Tel. Corp.
Oil Co. of New Jersey
Owen D. Young, Chairman General
Henry Ford
Electric
Co.
millionFrederick E. Myerhaeuser,
aire lumber king, Tacoma, Wash. Gerard Swope, Pres. Gen. Elec. Co.
Myron C. Taylor, Chairman of the Thomas W. Lamont, a member of
Finance Committee U. S. Steel J. P. Morgan & Co., a director
Guaranty Trust Co. and officer
Corp.
and director of a number of other
James A. Farrell, Pres. U. S. Steel
firms
Corp.
Chase Wiggin, Chairman of
Albert
Charles M. Schwab, Chairman
the Board Chase National Bank
Bethlehem Steel Corp.
Eugene G. Grace, Pres. Bethlehem Charles E. Mitchell, Chairman of
the board National City Bank
Steel Corp.
H. M. Warner, Pres. Warner Bros. Samuel Insult, Pres. Chicago Edison
Co., the Commonwealth Edison
Pictures, Inc.
Adolph Zukor, Pres. Paramount- Co., the Insull Utility Investments, Inc. and an officer in
Publix Corp.
many other concerns, one of the
WilliamH. Crocker,Pres. and direclargest owners of public utilities
tor Crocker First National Bank
in the country
of San Francisco, and officer and
the Fisher
director of many large railroad, "The Fisher Brothers" of including
Bodies Corp.of Detroit,
mining and lumber organizations
Fisher
Bros.,
Fred J.,
seven
the
in the West
"The Van Sweringen Bros."-0.P. Charles T., Lawrence P., William
A., Edward F., Albert J. and
and M.J. Van SwerIngen,officers
Howard Fisher: founders and
directors and heavy investors In
owners of the Fisher
original
the Missouri-Pacific and many
Bodies Corp. and now officers or
other railroads.
directors in the General Motors
W.W. Atterbury, Pres. Penn. R.R. Corp. and other large concerns
Arthur Curtiss James, director of
Guggenheim and William
Daniel
several railroads and one of the
Loeb, both Mr. Guggenheim and
• largest owners of railroad securiMr. Loeb are financiers and have
ties in the world
been or are officers or directors of
Charles Hayden of Hayden, Stone
mining and utility compan!es
& Co., financiers
Daniel C. Jackling, Pres. Utah G. W. Hill, Pres. Am. Tobacco Co.
Adolph S. Ochs, publisher of the
Copper Co.
New York "Times"
Arthur V. Davis, Pres. Aluminum
William Randolph Hearst,publisher
Co. of America
newspapers
P. G. Gossler, Pres. Columbia Gas of the Hearst
Robert R. McCormick, Editor Chi& Electric Corp.
"Tribune"
cago
R. C. Holmes, Pres. Texas Corp.,
Joseph Medill Patterson, publisher
oil producers
Chicago "Tribune"
John J. Raskob, a director of
Rosenwald, Pres. Sears, RoeGeneral Motors and other cor- Julius
buck & Co.
porations, and Chairman of the
H. K. Curtis, Pres. H. K.
Cyrus
Democratic National Committee
Curtis Publishing Co.
Edward J. Berwind, financier and
Roy W.Howard, publisher Scrippsdirector of many large corp'ns
newspapers and PresiDaniel Willard, Pres. B. & 0. RR. Howard
dent of the United Press
It is a notable list! Most of the names are
familiar to the reading public. There are others
not included which will at once suggest themselves.
But the list is so large as to be truly representative.
"These men," Mr. Gerard is quoted as saying, "rule
by virtue of their ability. They themselves are too
busy to hold political office, but they determine who
shall hold such office." Emphatically these men do
not rule the United States, nor do they determine
who shall hold office. As a people, we do not live
under a political oligarchy of wealth. Flat and stale
as may seem the statement, the people rule the
United States, and these men,eminent and powerful
as they are, are ruled by the people. We think we
make no mistake in this. No great corporate enterprise can flourish against the competitive energies
of 120,000,000 free men. Not one but lives under
and by the resources of the country. None prospers
that does not serve. And if we are to take the flat
statement as a truth our representative democratic
form of government is a failure. Despite all our
1316
FINANCIAL CHRONICLE
[VOL. 131.
trends and tendencies, despite the interferences and We speak of a machine age. Each machine is an
tyrannies of government, despite our mistakes, evils, embodied idea. We condemn politicians and praise
experiments, excesses in living, the rust and riot of our statesmen. Men are apotheosized for the milthe get-rich-quick life, the people by their inde- lions they give away and the beneficent institutions
pendent initiative and enterprise rule. Not one of they create that live and function after them. Eduthese great corporations could flourish without the cators live on in the tendencies of our youth. Exgood-will of the people, their patrons and supporters. pounders of faith and creed build in the immaterial
It is necessary to qualify the meaning implied in palaces of rest and ruth and make happy the hearts
this list of our leading bankers, industrialists, rail- that are sorrowing and in doubt.
All men, their works and ideas, merge together in
road men, before we can accept. It is true they are
true
equally
that
it
is
opinion which civilizes and reigns and rules.
office.
But
not politicians seeking
apart
The
wide
sense
is
leaders
this
in finance and industry hold small power
in
politics
of
that the world
over the masses, for new men and new minds spring
from the world of business.
We concern ourselves not with this phase of the from all the ranks and soon defeat and disperse the
subject. Many will say, at once, that "the ballot" structures which are made of millions alone. It is
rules. Others that "the politicians" rule. Others wholly in error to try to name a list of these "rulers."
will call attention to our lawyers, preachers, edu- On a subsequent day Mr. Gerard added three names
cators and ask have these no part in "rule"? What that he had omitted to mention. Scores more might
seems to us of the utmost importance is that these be added. But no list, however long or short, can
men, leaders in industry, banking, transportation, convey the real power that rules the United States,
commerce,do not rule the people—because the people for it is ruled alone by all the people.
are not ruled by these divisions of our business life
themselves. Does manufacture or banking or transH.Bean of American Acceptance Cou
portation rule the people? If so, how, when, where?
offers Explanation for Increased Use of
These men are at the head of great enterprises that
Bankers' Acceptances—Expansion in Part
stand out like lighthouses in the midst of the efforts
Ascribed to Development Abroad ofBusiness
of all the people. Enterprises that are fed by the
of American Concerns.
capital savings, the tributary works, the support,
The increased use of dollar bankers' acceptances, parthe toil, of countless thousands who have no such ticularly in foreign undertakings is discussed by Robert H.
leadership. These men will pass from the scene and Bean, Executive Secretary of the American Acceptance
leave no successors by reason of their appointment. Council in an article which is to appear in the Council's
bulletin which is to make its appearance next week. An
And while they exercise marked "ability" in pro- advance copy of Mr. Bean's comments has been made
moting, developing, combining enterprises, others available, and we give the same herewith.
are at work in the same fields in the same way. They
Dollar Credits Abroad.
The latest reports to the Council by American banks, bankers and formay, and sometimes do, approach government for eign
banking corporations show that on July 31 the volume of bankers
favors, privilege and protection, because government dollar acceptances used to finance the storage of readily marketable
staples
and the shipment of goods between foreign countries had
(the people) permits them to do so. They may, and reachedabroad
the record total of $495,041,888.
As this division of our total acceptance business now approaches the
sometimes do, take advantage of the laws that are half
billion dollar mark,is of greater amount at the present time than any
ostensibly made to control them. But in all these of the other five divisions and is very close to the total of all acceptances
August 1926, it will be of interest to review its development, since the
things they are in fact the ruled and not the rulers. in
beginning of 1925, when all accepting banks•reported a total of only
combine,
but
no
$10,000,000
divide,
used for transactions in and between foreign countries.
Corporations may extend,
The increase in the use of acceptance credits of this character, as shown
discarded.
be
ever
they
will
that
thinker expects
In Table A, has been remarkably steady during the past six years, conbecoming more important in amount as new banking contacts
The occasion of Mr. Gerard's statement arises stantly
have been developed and the reliability of dollar acceptances have become
from a pamphlet he recently published in England better appreciated.
A large measure of credit for this expansion is due to the energy of our
advocating free trade in the Empire and British banking
institutions, blazing new trails to markets throughout the world,
developing
business connections and offering to takers of credit in
protection against the outside world. In this there other lands new
a carefully protected method of financing their business, at
United
rates that have on many occasions and over long periods been lower than
is a contradiction to his "rulers of the
those obtainable in other important world money markets.
States." How many of these men are favored by
The question is often asked how all this business is secured. There is
difficulty in finding an answer when it is seen to what extent our
our domestic policy of "protection"? Would the no
American banks have become international in their scope and operation.
and
like
manner
prosperity
in
bring
As
Dr. Phelps shows,in his article in this issue of the bulletin, we had
same policy
in 1914 only eight banks that had any offices abroad and these numbered
degree to the Empire? If so, what of competition only 12, all located in London and Paris.
To-day 16 of our great banks
in New York, Boston, Chicago and San Francisco have 238
between the United States and the Empire, even if located
permanent office, in 38 foreign countries, to say nothing of hundreds of
the non-contiguous territories of the latter did not special foreign representatives constantly on the move in touch with
every
market. It is any wonder dollar acceptance credits are known,
alter the situation? Many of these designated used and
respected, throughout the world?
leaders are already reaching out for world trade, is Another explanation of the growing internationalization of the dollar
found in the increasing number of foreign production branches of
and they must sometime soon possess it or the "satu- American manufacturing concerns. Their demand for raw materials
may not always be supplied from this country and when large purchases
ration" produced at home will depose them from this in
other countries must be financed, it is natural that preference be given
to
they
control.
No;
American bank credit.
alleged financial and industrial
Another not unusual question is what sort of business is financed by
resources,
environment,
do not rule; but are ruled by
these credits; what kind of goods are stored and how much and of what
are the goods shipped between foreign countries.
energies, of an unresting people, upon whom they nature
The record of one of our largest banks, classifying the kind of business
important
the
so
This
is
patronage.
financed,
is fairly, indicative of what the normal experience for all
rest for power and
banks would be .
fault in the statement.
This bank with offices and representatives in foreign countries was
As to the "ruling" influence of those outside the financing in a recent month, for foreign clients, the shipment of cotton
chemicals, iron and steel, woodpulp, hardware, machinery, coal, iron
charmed circle of those who manage the millions, it ore, wool, copper, cereals, flour and electrical equipment.
The countries to or from which these commodities passed were many,
is so diffused through the whole mass as to be "the Including
most of Europe, Australia and South and Central America.
Briefly
then we find that the same staple products as form the basis of
rule," if there is one, that is definable as democracy.
our own import and export acceptances are behind the bills drawn
In reality ideas and ideals rule. Not always wisely abroad and that it is a genuine normal part of world commerce in which
United States now becomes particularly interested because of the
or consistently, and often unconsciously to those the
use of its banking credit.
So far as the use of American bank credit against readily marketable
ruled. These ideas and ideals may spring from any
in foreign warehouses Is concerned, there is nothing that needs
individual and spread from and continue long after. staples
more than casual mention. It represents only a very small part of the
n\\
Aua.301930.]
1317
FINANCIAL CHRONICLE
present 8495,000,000 and is chiefly against coal and good American Big Decline in Automobile Production in July.
cotton.
July production (factory sales) of motor vehicles in the
The third question that may be in the mind of some people, is whether
these acceptances on foreign transactions, rank equal to those used in United States, as reported to the Department of Commerce
as
and
protected
well
as
they
are
I.e.,
our own import and export trade,
was 262,363, of which 222,459 were passenger cars, 39,663
liquid as home drawn bills.
They have only to remember that bankers and merchants in foreign trucks, and 241 taxicabs, as compared with 335,475 paslands had many years of experience with bankers credits and acceptances senger cars, trucks and taxicabs in June, 500,840 in July
before the United States ever entered the field of international banking.
1928 and 269,396 in July 1927. For
Whenever sterling credits could be used, the unwritten rules of procedure 1929, 392,086 in July
of English bankers, gave the taker of credit instructions that could not the first seven months of 1930 only 2,481,911 cars have been
be mistaken and the same was true of credits arranged through Amster- turned out, against 3,726,283 in the corresponding seven
dam banks.
We have profited by this well grounded training in acceptance funda- months of 1929.
mentals and find the same spirit of responsibility, to American banks
The table below is based on figures received from 144 manuand to the prestige of our acceptance credits, as has governed relations
abroad.
in the United States for recent months, 42 making
facturers
institutions
with the older accepting
Furthermore, on our side of the picture, it is ridiculous to suppose passenger cars and 113 making trucks (11 making both pasthat our great American banks are going to abuse their acceptance senger cars and trucks). Figures for passenger cars include
privilege and destroy the good name of their bills in the market simply
because the bill is drawn and the goods and drawer are in a foreign land. only those designed as pleasure vehicles, while the taxicabs
There is too much at stake, in reputation and dollars, to take any reported are those built specifically for that purpose, pleasure
chances if the whole transaction is not strictly correct in every detail.
cars later converted to commercial use not being reported as
The record of American banks, as they have steadily expanded their
acceptance credit service abroad, has been remarkably clean and reveals taxicabs. Figures for trucks include ambulances, funeral
the most particular care in the selection of risks and in the observance cars, fire apparatus, street sweepers and busses. Canadian
of the regulations of the Federal Reserve Board.
Bureau of Statistics.
Certain doubters of the quality of foreign drawn dollar credits reveal figures are supplied by the Dominion
their ignorance of the business transacted, while at the same time casting
PRODUCTION (NUMBER OF MACHINES).
AUTOMOBILE
aspersions on their own American banking institutions, reflecting upon
the integrity of foreign merchants and the honorable record of bankers
Canada.
Untied Slates.
throughout the world, who are charged with handling these credits and
properly negotiating the bills.
TsuiPassersPassenger
Trucks. cabs.: Total. ger Cars. Trucks.
There is another bit of testimony to the prestige which our dollar
Cars.
Total.
acceptances have justly acquired, which seems pertinent at this time.
1929For several years foreign central banks and other investors have found
401.037 345,545 53,428 2,064 21.501 17,164 4,337
January
the acceptances of American banks a splendid investment for their February
456.418 404,063 60,247 2,108 31.287 25,584 5.703
temporarily idle funds in this market.
585.455 511,577 71,799 2,079 40,621 32,833 7,788
March
621,910 535,878 84,346 1,686 41,901 34,392 7.509
The Federal Reserve Banks alone have acted for foreign correspondents April
514,863 88,510 1,318 31.559 25,129 6,430
804,691
May
for
carrying
these
times
at
as
accounts
much
as
bills,
In the purchase of
545,932 451.371 93,183 1.378 21,492 16,511 4,981
$547,000,000. In these purchases are the bills,'of our best banks and June
500,840 424,944 74.842 1,054 17,461 13,600 3,861
July
represent all classes of transactions. The Table B shows the growth
Total(7mos.) 3.726.283 3,188,241 526,355 11.687 205,822 165,213 40,609
of these foreign bank investments in our bills from the beginning of 1927
down to the end of July 1930.
498.628 440,780 56.808 1,040 14,214 11,037 3,177
August
865 13,817 10,710 3,107
Taking the figures in tables A and B for the years 1927-28-29 and seven September
415,912 363,471 51,576
868 14.523
8,975 5,548
380,017 318,462 60,687
months In 1930 18 15 important to note that the investment in bills by October
7,137 2.287
1,646
9.424
48.081
167,846
217.573
Federal
Reserve Banks has averaged November
foreign correspondents through the
6,495
4.426 1.059
91,011 27,613 1,483
120,007
December
of
period
bills
the
same
the
American
In
banks
8316,253,000 while
financing goods stored abroad or shipped between the same foreign
Total (yoar)__ 5,358.420 4.569,811 771,020 17.589 263,295 207,498 55.797
countries that buy bills from us amounted in the average to 8230,847,000
1930high
the
quality
in
and
security of our
This evidence of confidence
572 10.388
8.856 1,532
236,145 38.657
275.374
January
dollar acceptances for whatever approved purpose they are drawn cannot February
296,461 49.457 1,022 15.548 13,021 2,527
346.940
20.730
64.204
1.89
17,165
3,565
335,720
401.313
mistaken.
March
be
586 24,257 20,872 3,385
374,913 67,560
443,038
The record of 15 years of acceptance business during which over $80,- April
24,672
514
54,870
21,251
3,421
362,522
417,406
in
May
financed
and
been
which
period no
000,000,000 of commerce has
459 15,1,90 12,194 2,896
289,245 *45,773
*335,477
June
241 10.188
8,656 1,632
investor in bills has ever suffered a loss will continue to be zealously July
262,363 222,459 39.663
maintained by our banks. We have established a fine reputation for
Total(7mos.) 2,481.911 2,117,465 39.684 4.762 120,873 101,915 18,9(9
correct banking credit practices that is being constantly enhanced through
• Revised. z Includes only factory-built taxicabs, and not private pasecmger
our international dealings with acceptance credits in foreign markets of
ears converted Into vehicles for hire.
trade.
Indications of Business Activity
...•••••••••••••••
THE STATE OF TRADE-COMMERCIAL EPITOME.
Friday Night, August 29 1930.
Some signs are evident of a revival of Fall buying by
wholesalers and jobbers. It is not striking, yet it is there
such as it is. Trade is better than it was in the middle of
the month, though it still remains below the level of a year
ago. The retail buying was helped to a certain extent by the
approaching reopening of schools. Stocks of goods moreover have become more or less depleted. The buying power
of the grain belt has been helped by sharp advances in farm
products. Corn in 60 days has risen about 25 cents, and
10 cents during the present month. Wheat has declined
2 to 33. cents this week as export business lagged, Russia
had been offering wheat freely to Europe and the marketings
of Canadian wheat are heavy. As to corn the tendency of
the crop estimates is to fall below 2,000,000,000 bushels, as
against 2,622,000,000, the crop last year, and the high record
in 1920 of 3,230,000,000 bushels. As recently as 1923 it was
3,053,000,000. It was a curious fact moreover that No. 2
yellow corn is 12 cents higher than No. 2 red wheat. The
price of corn has tended to sustain the price of wheat during
the past week; otherwise the decline in wheat would have
been greater. No. 2 yellow corn was quoted to-day at
$1.17Y1 a bushel and at Chicago No. 2 yellow was $1 to
4. Oats
$1.01, and No. 2 red wheat f. o. b. all rail at $1.043
have changed but little during the past week, but the consumption of this cereal is very heavy owing to the shortage
of corn. The cash demand
of pastures and the high price
and
excellent
persistent. Rye has deonce
at
is
oats
for
clined slightly, but it has not followed wheat downward so
readily as it usually does, for the demand has been better.
sold more freely. For new rye
Even old rye at times has
has been brisk. Rye is considered
the demand at times
corn. Provisions have been in the
cheap as compared with
main steady, with packers buying lard more freely and
lard stocks down to a small total. There has been some good
buying of January lard.
Cotton despite a setback of 30 points to-day on heavy
pre-holiday hedge selling and big into-sight figures for the week
and poor spinners' takings shows an advance of approximately Xo. This is attributable to the spread of the holding
back of cotton among the farmers, now that they find the
co-operatives lending them 90% on the value of their cotton.
For a time this may have the effect of cutting down hedge
selling to very moderate proportions. The hedge selling
to-day was the usual thing before two or three holidays, for
dealers at the South go on trading despite the closing of the
exchanges and at such times are apt to sell hedges in advance
of their purchases. At the same time some dealers and
spinners are understood to be buying cotton without hedging
it as the price is 7 cents lower than a year ago, and there is a
temptation'to take the risk. The spot cotton basis has
advanced this week some 15 to 20 points.
Manchester advices have been a little more encouraging.
One big mill there will shortly resume work; it is big enough
to employ 2,000 workers. It is said too that of late the
East Indian boycott on British goods has not been quite so
severe. Of course if the boycott were taken off it would be
a big thing for Lancashire. In cotton goods here the demand
was better, and 38IA inch 64x60s print cloths are said to have
sold within a day or two up to 53ic. Sheetings also were
in better demand. The same may be said of some lines of
fine and fancy cotton cloths such as crepes, voiles and
lawns, though the actual sales were not at all large. Finished cottons attracted more attention,embracing a larger
variety of goods than for some weeks past and the tone in
this branch of the business was firmer. A sharp demand
prevailed for sheets, towels, bleached cotton, pillow cases
1318
FINANCIAL CHRONICLE
voL. 131.
and other domestic lines for the fall trade. Dress and suit 10%. Columbus, Ga., wired that a number of mills have
manufacturers were buying fall worsted fabrics on a larger returned to full time operating schedules, following a curtailscale; in fact the demand at times was keen. But when it ment program for some time. Among the mills which are on
came to men's wear woolens and worsteds it was a different full time are: the Swift Spinning Mills of this place; the
matter;trade was still dull. Broad silks were in fair demand. Crown Cotton Mills of Dalton, Ga.; Pepperell ManufacturRaw silk, though quiet, was firm and the week ends with ing Co., Lindale, Ga.; Peerless Cotton Mills of Thomaston,
futures 3 to 9 points higher. Hides have been rather active Ga.; Manchester Cotton Mills of Manchester, Ga. and the
in the outside markets at some advance, but futures at the Bibb Manufacturing Co. of Columbus. There are said to
Exchange ended irregular with September 25 points lower be many indications in the past two or three weeks that all
and December was up 32 points. Rubber shows a decline phases of the textile industry in this section are beginning to
of 10 points, partly owing to an idea that the tire trade is show signs of improvement. At New Bedford, Mass.,
not active and that production may be curtailed, though it notices announcing the immediate losing of the Fisk tire
will not be. in the case of the Goodyear Co. Meanwhile fabric mill there for an indefinite period were posted in the
supplies of rubber are large and the demand for actual mill and became effective on the 26th inst. The entire plant
rubber is far from brisk.
is said to be included even the office organization. CurtailCoffee declined anywhere from 10 to 66 points on Rio ment of activity in the automotive industry and failure of
futures and 10 to 33 on Santos for Brazilian exchange con- tire replacement business to show normal seasonal increase
tinued for a time to decline and Brazil, Europe, the trade were said to have been given unofficially as the reasons for
and others were selling here. But of late the tone has been the closing down. Charlotte, N. C., wired that the mill
a little steadier with Brazilian exchange higher.
situation appeared a trifle better. While from a sales standSugar futures advanced 5 to 7 points after a sharp down- point little improvement was noted the general tone was
ward lurch of prices early in the week, when in a single day more cheerful. It reports that the strike at the two plants
the transactions at the Exchange here ran up to 103,000 tons of the American Cotton Mills at Bessemer City, N. C., is
and prices broke 5 to 9 points. But of late a conference of expected to end next Monday.
bankers and merchants here looking to stabilization measures
Marion, N. C. wired that the Sevier Knitting Mill, at
in the trade involving the possible restriction of Cuban Sevier, N. C. will soon be put in operation. At High Point,
exports to the United States to possibly 2,800,000 tons N. C. the High Point Yarns Mills are operating five and
per annum caused a noticeable rally partly on Cuban buying one-half days per week with 50 hours of night work. This
and partly on general covering. Cocoa has declined again plant manufactures hosiery and yarns. The Amos Hosiery
very sharply, the drop for the week being about 60 points. Mills, manufacturer's of men's plain and fancy hose, operFinished steel has declined in dull trading but scrap has ating 404 knitting machines, announced that the plant is
advanced,a fact which is considered a rather hopeful circum- operating on a full time schedule day and night and a number
stance. Copper has been dull and the domestic quotation of the knitting machines are being operated on Saturday
of 10%c. seems to be more generally accepted. Tin has afternoons. At Valdese, N. C. the Pilot Mill manufacturers
reached the highest prices seen for several weeks past. of full fashioned hosiery operating 30 knitting machines is
Wool has been quiet and steady, but the condition of the operating on full time. At Kings Mountain, N. C. the
market is not satisfactory. That is plain enough.
Phenix Mills Co. manufacturer of print cloths, announced
Lumber output is still below normal at the big centers of that night operations have been resumed and the plant is
production and trade is dull on the North Pacific Coast, now operating on a full time day and night schedule. The
in Texas and the Mississippi Valley, where it is only 50% Cora Cotton Mills, manufacturer of 20s to 308 carded yarns,
of normal. The pack of canning vegetables will be smaller operating 20,800 spindles is operating on a full time day
than that of last year east of the Rocky Mountains owing to schedule.
the widely prevalent drouth over that 'big region. Dry
At Wilmington, N. C. the Delgado Mills which was reweather it is believed has cut down noticeably the production cently placed in the hands of receivers by the Superior
of beans, potatoes, sugar and other crops. Coke is firmer Court of Goldsboro has a considerable quantity of finished
and anthracite coal will be advanced on Sept. 1. Cattle at products on hand with a number of large orders waiting
Chicago advanced early in the week, but weakened later to be filled. It is expected that the plant will resume operwith beef steers $12.35 as the top and $10.25 as the average. ations within the next few weeks. Lexington, S. C. wired
Hogs averaged $10. Sheep sold at $4. Eggs declined and that the closing of the Martel Mills, Inc. was announced.
butter advanced somewhat. It is not surprising to learn It manufactured express stripes, tickings and hickory stripes,
in these dull times that the jewelry trade is 15% smaller at sateens and twills. One hundred and forty operatives are
wholesale than a year ago and 25% smaller at reta.1 than affected. The Palmetto Mills of Columbia, S. C. a unit of
then, so that production of jewelry is below the normal.
the Martel Mills, Inc. also closed for an indefinite period
The stock market on the 27th inst. continued a rally which and 165 employes are thrown out of work due to the closing
had begun early in the week but it was not very emphatic of this unit. Market conditions are said to be the cause.
Greenville, S. C., reports said that there may be a gradual
though transactions increased. The early trading on the
27th was the largest in two months. Some large blocks lessening in the curtailment schedule which has been in
changed hands in the case of some 20 stocks like International force for the last few months. Three groups of mills, some
Nickel, General Electric, Standard Brands, Commercial of which did but little curtailing are said to have gone back
Solvents, American and Foreign Power, United States Steel, on the full time basis or else to have been on the full schedule
Warner Brothers, Electric Power and Light, Fox Film, all the time. They are the Alice mills at Easley and Arail,
United Corporation, Radio-Keith-Orpheum, and Westing- the Mondall mills at Newberry and the Self mills at Newhouse Electric. The day's trading was in 2,200,000 shares. berry. It is said. however, that many Southern mills will
Money ramained at 2%. On the 28th inst. stocks declined suspend night work indefinitely beginning Nov. 3. At
in a small professional market in which the trading had no Fieldale, Va., the Fieldale Cotton mills,after giving employes
real significance. To-day prices advanced and trading their regular summer vacation, have resumed operations
reached about 1,850,000 shares. Call money was 2% with on a four-day per week schedule.
Charlestown, W. Va., wired that the Perfection Garment
the outside rate 13/%. Leading stocks advanced 1 to 3
points. Bonds were higher, though Argentine issues de- Co. had resumed full operations at three plants, here at
clined sharply and other Latin American bonds declined Shenandoah Junction and at Martinsburg, after being on a
on the news of a revolt in Brazil. Brazilian and Chilian curtailment program for some time. 01 dem ha TS bean
bonds declined. Mexican bonds on the other hand reached received from all sections of the country, according to an
official announcement, which justified resumption of operathe highest quotations for the year.
At Lowell, Mass., the Lowell Bleachery which has been tions. Five hundred and fifty men are employed at the
identified with Lowell for nearly a century will soon it is three plants and 200 were affected by the curtailment
understood remove to St. Louis. Textiles are dull at program. Manchester, England, reported a better tone,
Lowell and there is much unemployment there. Manchester, even the Labor had not increased much. It added that
N. H., wired that all departments of the Amoskeag Manu- the Lancashire Cotton Corp. is understood to be reopening
facturing Co. will close Friday night for over Labor Day, five spinning mills at Oldham, Ashton, Rochdale, Bury and
reopening on Tuesday morning. The customary two-week Stalybridge, in the near future, giving work to about 2,000
shutdown was abandoned this year after a conference be- operatives. The corporation also resumed operations at
tween representatives of the workers and the management. the Blackburn weaving shed a month ago, employing 300
The Amoskeag mill has been closed several days, following workers. Paris reports that the French cotton industry
the refusal of the workers to accept a wage out said to equal continues depressed with labor shortage, increasing operating
AUG. 30 1930.]
FINANCIAL CHRONICLE
1319
costs, declining prices of finished goods, and restricted export To-day it was 85 degrees here at 3 p. m. in contrast with 67
demand representing the fundamental factors retarding at8 p. m. Boston and Chicago overnight had 82,Philadelphia
recovery. Strikes are in progress in the textile centers of 86, Cincinnati 94, Cleveland 86, Milwaukee 78, Kansas City
North France where the employes are demanding wage 88, Minneapolis and Seattle 80 and St. Louis 94. In England
increases. At Shanghai, China, cotton mills are reported to-day the heat was unabated. In London it was 83 early
to be operating at full capacity but are hampered by crippled but 94 by 3:30 p. m. Big thunderstorms afforded some relief
internal transportation both in securing raw material and in in parts of England and Scotland. Paris had a high record
marketing the finished products of the mills. Japanese temperature of 104.
mills are having a better trade.
Bombay reports that the crisis in the Bombay mill industry Guaranty Trust Company of New York Believe's That
Genuine Recovery from Depression Will Be Deis rapidly developing. Twelve mills have already been
ferred for Some Months.
closed and 12 more are likely to close this week, adding a
further 20,000 to the unemployed register. Owing to the
Business in general has fulfilled expectations by declining
uncertainty created by the political situation there is no to new low levels of activity for the current depression,
movement of stocks and, despite the shortage of cloth all states the Guaranty Trust Company of New York in the
over the country, there is no demand at Bombay. Akron, current issue of "The Guaranty Survey", published Aug. 25.
Ohio wired that a 10% salary cut for all sales and office "The marked decreases in output in recent weeks are partly
employes of the Goodyear Tire & Rubber Co. was declared due to seasonal factors, but not entirely so," 'The Survey'
to parallel the wage adjustment in the factory. Chicago continues. "The monthly index of business activity of the
wired that in retail piece goods departments sales during the Guaranty Trust Company, which is adjusted to allow for
past few weeks have been more active. There seems to be seasonal movements, stands at 76.0 for July, as against
some doubt as to whether this can be attributed to the early 82.6 in June and 109.3 in July, 1929. The current level is
opening of the schools or to be the aftermath of the recent lower than was reached at any time during the brief slump
hot wave. Richmond, Va. wired that the Foreign Motor in 1924, though it is considerably above the low points of
Co. at Memphis has resumed operations with 1,200 men at the depression of 1921." "The Survey" comments further
work, turning out 150 cars daily.
as follows:
Reports to the American Federation of Labor show there
"It is not yet possible to judge whether any genuine progress toward
has been a slight increase of employmentin August,according recovery has been made since the beginning of August, and the reports
of the next tow weeks will be very carefully examined for any definite
to President William Green of that organization. He re- signs
of improvement. At present it appears thet industry and trade as
gards the checking of unemployment and the turn for the a whole are 'marking time,' ready to respond to the first indication of
better as a good omen. He says the unemployment reports reviving demand but not yet convinced that higher levels of activity
are warranted.
from trade unions this month foreshadow the fall increase
'Conditions have not changed sufficiently to justify ray mare optimistic
in industrial activity. The decrease in unemployment he view than was possible a month ago. Although buqiness sentiment in
points out, was 3-10ths of 1%. Even this small improve- some quarters has, as usual, sunk to depths of pessimfrm by no means
warranted by the facts, it must be admitted than any cm cry in the near
ment is encouraging, because it indicates that a turn for future is likely to be very slight. Such recovery as has taken
place in
the better probably took place even as early as the first commodity prices is, in large measure, due to the effects of the drcuth on
scarcely
regarded
can
be
as
and
a
favorable
output
prospective
farm
busipart of this month. The figures of the American Federation
ness indicator. The uncertainty as to business prospects Is reflected in
of Labor now cover nearly 800,000 union members.
movement
inconclusive
prices,
of
stock
the irregular and
although the
On the 27th inst. Europe was in the throes of intense greater strength displayed last week may indicate a more optimistic spirit.
It still seems likely that September and October will bring the usual seaheat from the stifling tracts of Africa. In many cities it sonal increase in some branches of business, but that the genuine recovery'
was the hottest weather since 1923. Paris had a suf- of trade from the existing depression will, according to present Indications.
focating 100 degrees Fahrenheit the hottest since 1870 and at be deferred for some months."
St. Etienne in Southern France it was 122 degrees, with grains
of Firan dust from Morocco in the air. In London it was 82 Federal Reserve Board's Summary of Business Conafter being 92 the day before and was quite as oppressive owditions in the United States—Further Decline in
ing to the humidity. In parts of England people have been
Industrial Production—Factory Employment at
unable to sleep on account of the heat. Here on the 28th
Lowest Level in Recent Years.
Inst. as for several days in succession it was 83 degrees.
In its summary of business conditions in the United States
Boston had 64 to 78, Montreal 66 to 82, Philadelphia 66 issued Aug. 24, the Federal Reserve Board states that
to 86, Portland, Me. 62 to 84, Chicago 70 to 90, Cincinnati "business activity declined further during July and industrial
64 to 76, Detroit 68 to 86, Milwaukee 70 to 92, Kansas production and factory employment reached the lowest levels
City 70 to 90, Savannah 70 to 88, St. Paul 62 to 76, St. in recent years. Crops were damaged by prolonged drouth.
Louis 72 to 94, Winnipeg 54 to 78. On the 28th inst. many Wholesale prices declined further until early in August,
persons in England died of the heat. In London it was when agricultural prices increased. Money rates continued
93% degrees the highest in 19 years and the people took to easy." The summary continues:
iced drinks. The heat was so great that it dislocated a
Production and Employment
portion of the London and Northeastern Railroad near
Output of factories and mines decreased by about 8% during July.
Harrow. Paris had 94% degrees the highest of the
according to the Board's index of production, which makes allowance for
year se
sonal fluctuations. A number of automobile factories were closed
and there were fatal cases of heat prostration. In Rome
it during a part of the month and there was a substantial reduction in output
was 96 degrees.
of steel and cotton textiles. Daily average production of bituminous coal,
A heavy rain swept this section on the 23d inst. and
lumber, and shoes continued small. In the first half of August, the output
went of
steel showed a further slight decrease. Some automobile plants resumed
far to replenish the winter supply hereabouts.
Reservoirs operations on a limited scale.
were far below the normal but in the big storm for
Factory employment and wage payments decreased further, and at the
40 miles
back of the Cornell dam in the Croton River, its
middle of July were at the lowest level since 1922. The reduction in numswollen ber of workers
employed was largest at steel and automobile plants, car
tributaries poured water into the Lakes and
reservoirs of shops and foundries, hosiery and cotton mills, and clothing factories.
the City's big system. Some streets here were
increase In employment in the canning, flour, and
flooded There was a seasonal
shoe industries. Working forces at bituminous coal mines were further
especially from 40th to 43d Sts. and 9th Ave. An
air pipe reduced, and the Department of Agriculture reported an unusually small
at 152d St. and St. Nicholas Ave. burst and shattered
win- demand for farm labor.
dows. In Brooklyn some streets were flooded. At
contracts awarded during July and the first half of August were
noon In Building
exceptionally small volume, according to reports by the F. W. Dodge
a 45-mile gale struck the city but soon subsided. The
Corporation. The reduction from June was primarily on account of smaller
rain started at 3 a. m. after a night of occasional showers. awards for public works and utility construction. Building in
other lines
The rainfall was 2.66 inches the heaviest since the queer continued relatively inactive.
pasturage
severely
have
been
Feed crops and
damaged by drouth, which
storm of July 24 when 2.70 inches fell. Heavy seas battered
Ws not broken until the middle of August. The Aug. 1 crop report of
the Long Island and New Jersey coasts and 500 cellars at the Department
indicated a corn crop of 2,212,000,000 bushels, the smallest
Brighton Beach were flooded, trees in adjacent towns
since 1901, and the smallest hay crop in ten y-e Ira. Food crops were less
were severely
affected, with wheat production estimated at 821,000,000
uprooted and auto accidents occurred from skidding,
bushel
mil- 15,000,000 bushels larger than last year. The cotton crop was estimated
lions of people were drenched, and it grew so chilly that at 14,362,000 bales, or slightly less than a year ago.
the warmth from stoves in some parts of the
Distribution
surroundings
was not ungrateful.
Freight car loadings have been in smaller volume than at
the same season
of
year.
recent
any
Department
other
store sales declined in
On the 28th inst. it was 68 to 84 degrees here. Boston lowest level since the summer of
July to the
Prices
had 66 to 82, Chicago 70 to 82, Cincinnati 62 to 94, Cleveland 64 to 86, Detroit 68 to 82, Kansas City 70 to 88, Los
The sharp downward movement of wholesale prices
continued through
Angeles 66 to 90, Milwaukee 70 to 78, St. Paul 62 to 80, July, and the Bureau of Labor Statistics index fell to a level
of 14% below
that of a year ago. The most pronounced
to
84,
Montreal 66
Omaha 66 to 82, Philadelphia 66 to 86. were in the price of cattle, beef, wheat,
decreases from June to
July
cotton, silk,
and rubber,and nearly
Drou 131.
FINANCIAL CHRONICLE
all commodities showed some decline. During the first half of August,
prices of grains moved upward, reflecting the influence of the drouth.
There have also been recent increases in the prices of cattle, hogs, silver,
and silk, while the prices of cotton, copper, iron and steel, and rubber
have declined further to the lowest levels in recent years.
Bank Credit
Loans and investments of reporting member banks In leading cities
decreased slightly between July 18 and August 13, largely as a result of
a decline of $48,008,000 in security loans. All other loans showed little
change, while investments increased further.
Reserve Bank credit outstanding increased by about 680,000,000 during
the first three weeks of August, reflecting seasonal increase in the demand
for currency and a decrease of about $25,000.000 in the country's gold stock
chiefly on account of gold exports to France. The Increase in reserve
Bank credit was in the form of bankers' acceptances and United States
Government securities; member bank borrowings showed little change.
Money rates continued easy. The prevailing rate on commercial paper
was reduced to 3% around August 1 and remained at that level during
the first three weeks of tee month. Bond yields continued to decline
Discount rates at the Federal Reserve banks of St. Louis,San Francisco,
and Kansas City were lowered from 4 to 33i% during August.
Radio Equipment Sales Decline in Second Quarter.
Sales of radio equipment totaling $87,000,000 were made
by retail dealers during the second quarter of 1930, compared
with $92,000,000 in the corresponding period a year ago,
according to an estimate by Marshall T. Jones, Electrical
Equipment Division, Department of Commerce, based on
information received from 6,535 dealers and applied to the
total number queried. Total sales of radio equipment for the
first three months of this year were announced previously
as $144,000,000, making the total for the half year $231,000,000, compared with $224,000,000 for the corresponding
six months of 1929.
The Department of Commerce's Weekly Statement of
Business Conditions in the United States-Increase
in Business as Measured by Volume of Checks.
According to the weekly statement of the Department of
Commerce, business activity during the week ended Aug. 23,
as seen from bank debits outside New York City, registered
an increase of 7% over the preceding week, but was considerably lower than the corresponding period in 1929.
Wholesale prices, as measured by Fishers' index receded
slightly from a week ago and were considerably lower than
the same period, a year ago. The composite iron and steel
index, an indicator of iron and steel prices, remained at the
same level of the week before but were considerably lower
when compared with the week ended Aug. 24 1929.
Bank loans and discounts of Federal Reserve member
banks were slightly smaller than the preceding week and the
same period in 1929. The prices for stocks and bonds, recorded advances over the preceding period. As compared
with a year ago, bond prices were higher and stock prices
lower. Interest rates for call and time money showed declines from both the preceding period and the corresponding
week a year ago. Business failures were fewer during the
week under review than during the preceding period.
For the period ended Aug. 16 1930, declines occurred from
the previous week in steel mill activity, petroleum production, lumber output and the value of building contracts
awarded. Bituminous coal production, cattle receipts and
the price of wheat at Kansas City, however, registered increases when compared with the same period.
Bank loans and discounts and stock and bond prices for
the past week showed increases when compared with the
period ended Aug. 25 1928, two years ago.
WEEKLY BUSINESS INDICATORS
(Weeks Ended Saturday. Average 1923-5=109.)
1930.
1929.
1928.
Aug. Aug. Aug. Aug. Aug. Aug. Aug. Aug.
25. 18.
24. 17.
2.
23. 16. 9.
Steel operations
72.4 •73.7 78.3 118.4 112.4 99.0 99.0
95.2
91.9
*99.2
102.3
82.0
Bituminous coal production
-- -- 82.0 *80.4
Petroleum products (daily avge) __ __ 118.3 119.1 120.7 142.4 141.2 118.9 117.4
112.7
110.2
114.8
118.4
95.8
04.3
__
Freight eat loadings------------ __ __
__
a Lumber production
69.5 69.6 73.2 - __ 101.5 - __ __
Building contracts. 37 States
128.5
115.5
104.6
127.7
87.9
81.3 24.3
(daily average)
Wheat receipts
255.3 303.5 375.8 233.5 171.6 201.0 233.6
Cotton receipts
93.8 52.7 26.9 7.7 *51.9 38.5 42.3 20.8
Cattle receipts
77.8 67.7 58.9 94.0 78.2 94.9 92.4
Bog receipts
57.8 61.8 29.2 66.1 65.3 57.5 55.8
Price No.2 whent
64.3 62.0 60.5 94.6 96.1 80.6 81.4
Price cotton middling
41.2 43.8 46.2 47.1 68.8 66.9 70.2 70.2
Price Iron dr steel composite
79.7 79.7 79.9 79.0 88.2 88.2 84.6 84.3
Copper, electrolytic price
- -- 77.3 77.5 78.3 129.0 129.0 105.1 105.1
Fisher's index (B)28=.
-100)
-82.8 83.8 83.1 82.9 97.0 97.3 99.9 100.1
Bank debits outside N.Y. City
110 0 102 9 116 6 00 8 138.4 138.9 114.2 117.4
Bank loans and discounts
. 135.5 135.6 125.6 125.9
. 134.9
134.4
. 35.6
. 135.3
Interest rates. rail money
56.5 60.6 56.5 48.5 160.6 169.7 166.7 154.5
Business failures
107.1 108.4 111.1 115.0 98.0 90.4 92.6 99.3
Stock Midas
202.1 196.9 202.9 206.8 301.2 292.3 201.4 195.5
Bond prices
108.0 107.6 107.5 107.2 103.0 103.2 107.2 106.9
Interest rates, time money
74.3 75.2 80.080.0 202.9 202.9 148.6 148.6
Federal reserve ratio
103.7 105.5 l072 tO77 974 96.71 90.8 89.9
a Relative to weekly average 1927-1929 for week shown • Revised.
Federal Reserve Board's Survey of Retail Trade in
United States During July-10% Below Figures of
Year Ago.
Department store sales for July were 10% smaller than in
the corresponding month a year ago, according to reports to
the Federal Reserve system from 634 stores in 265 cities.
Total sales from Jan. 1 to July 31 were 5% smaller this year
than last year, says the Board, whose statistics follow:
SALES BY FEDERAL RESERVE DISTRICTS AND FOR SELECTED CITIES.
Percentage Increase(+) Over or Decrease(-) from a Year Ago.
Dfstrfd or City.
July
F. 11. DistrictBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Loa.,
Minneapolis
Kansas City
Dallas
San Franclaeo.._
-7
-3
-9
-13
--4
-12
-19
-13
-18
-6
-7
-8
Selected CItyAkron
Atlanta
Balthnore
Birmingham
Boston
Bridgeport
Buffalo
Chicago
Cincinnati
Cleveland
Columbus
Dallas
Dayton
Denver
Detroit
Duluth-Sunerlor ...
Fort Worth
--26
-5
-3
-18
-6
-14
-6
-19
--3
-17
-2
-8
-18
--2
--27
-16
-13
Jan. 1 No.
to
of
July31 Stores
a® 11111.11111,t1
1320
District or Ivy.
Seleaed City
(Concluded)Houston
Indianapolis
Kansas City
Los Angeles
Louis% file
Memphis
Milwaukee
Minneapolis
Nashville
Newark
New Ilaven
New Orleans
New York
5 Oakland
4 Omaha
8 Philadelphia
4 Pittsburgh
12 Providence
4 Rochester
5 San Francisco-24 Salt Lake City-8 Seattle
6 Spokane
6 St. Louis
5 St Paul
3 Syracuse
5 Toledo
4 Washington
4
Total(265 cdtlen‘
6
102
67
66
57
35
42
94
21
23
37
25
65
July
Jan. 1 No.
of
to
Ju1y31 Stores
-10
--15
-13
-12
--11
-15
-15
-20
-6
+1
--7
-9
-3
+3
-17
-7
-7
-12
+4
-3
-11
-12
-11
--12
-14
--12
-29
--2
-10
--8
-8
-5
5
5
4
8
-10
-5
-9
-4
+0
--5
-10
+2
+15
+1
-5
--5
-6
+0
-3
-10
-3
-11
--7
-3
--7
-16
--I
4
5
4
4
6
4
4
12
4
3
12
7
10
4
6
5
5
4
4
5
4
4
7
-10
-5
634
DEPARTMENT STORE SALES; BY DEPARTMENTS.
Percentage Increase (-I-) or Decrease (-)
July 1930 Compared with July 1929.
DOD 11.111.M.
"WW1.1161C71717 LIN61...
Total
(a)
Piece Goodsvelvets
telke
-11
Woolen dress goods -4
Cotton wash goods -12
Linens_
-12
Domestles, muslin,
-8
&a Read -to-wear Ac cessor
Necker ar.sear(s_. -10
Mitline r
-13
Gloves :women's &
+41
child en's)
Corsets bressieres -4
HOSierY (women's
.4 eh Idren's)._ -9
Knit no derwear... -7
Silk, m islIn under
-7
Wear
-12
Infanta wear
Small leather OB.-15
-9
Women's shoes
Childre is shoes_ -9
Worn :n's WearW'm'n''cols.sults -24
Women's dresses__ -19
Misses' coats, suits -22
14Wee' lresses-- -12
Juniors',glrls' wear -12
Mtn' r. Bays' We r6
Men's !othing-- - Men's urnishings,
-2
hats, caps
-16
Boys w ear
Men's, Coys' shoes -7
Nous Furnish's*
Furnitu 43
-11
Oriental rugs
-6
Dom.fl lor cover's's -17
Draper ss, uphol--12
sterY
China, lassware„-11
Boaton.
-8
-29
-18
-8
Dal- San
St.
New Cleve- Rich- ChiYork. land. mend. cago. Louis. Las. Fran.
-8 -19
+6 -20 -26
-3 -9
-32 -19 -38 -39 -12 -16 +53
-9 -13 -18 -19 -12 -3
-9
-6 -9
-7 -20 -12 -18 -12
-3 +11 -13
es-12 -12 -13
-5 -1 -18
-I
+25
-4
+68
+0
+54
-3
+33
-3
-9
-10
-3
-6
-9
-6
-22
-4 -18 -10
+9
-2 -5
+7 '24 -I1
-3 -16
-16 -14
+63 -3 +39
-10 -24 -II
+18
-1
-25 -10
-9 -2
-8
-5
-6 -11
+4 -14
-9
+6
-5 -4 -15 -12
-5 -6
-8 -12 -1 -21 -21 -18 -10
-9
-6 -20 -27 -29 -20 -12
-14 -11
-7
+8 -14 -18 -17 -16 -18
-6
-4 -55 -14
-3 -5 -20
A-3
___
-19 -25 -29 -15 -36 -38 -12 -9
-11 -23 -19
+7 -28 -34 -27 -19
+4 -17 -18 -25 -5
+0
+9 -5
+11 -17 -19
+9 -24 -28 -17 -12
-11
+9 -12 -25 -26
-9 -9 -11
-6
-3
-12
+1
+3
--12
._ _
-6
+12
-7
+40
-19 -14
-1
-12
+2 +12 -14 -13 -1
+3
-1 -14 -35 -20 -25 -19
+1
-6
+0 -17 -10
+1
-7
-13
-9
+4 -24
+8 -31
+12 -30
___ -21
-9 -23 -15 -28
-9 -22 -12 -32
+2
17
7
21
+7 -21
-15
-30
___ +34
-19 -27 -5
-25 -12 -3
21
12
18
a Data are for about 200 stores with total annual sales In listed departments of
$850,000,000 and In all departments of 51,250,000.000. More than 50% of these
sales are for about 41) stores located In six cities: Boston, New York, Pittsburgh.
Detroit, Cleveland, and Los Angeles. In individual Federal Reserve districts
more than half of the reported sales are made by stores in following cities: Boston,
New York.Pittsburgh and Cleveland, Washington, Detroit and Milwaukee,St. Louis,
Dallas and neatet00, Los Angeles. and San Francisco. The total number of reporting
stone varies from about 65 for certaln Items to about 175 for other items; In the
Individual Federal Reserve districts corresponding ranges are usually about as
follows: No. 1. 8-30; No. 2, 8-12; No. 4, 18-64; No. 6.7-11: No. 7. 8-30; NO.8
II -10: No. 11. 6-14: No 12. 8-20
Wholesale Trade in July as Reported to Federal Reserve
Board.
Reports to the Federal Reserve System by wholesale firms
selling groceries, dry goods, hardware, and drugs indicate
that in all these lines sales in the month of July were considerably smaller than a year ago. Sales in all four lines were
also smaller than a year ago for the period of seven months
from Jan. 1 to July 31. Details as supplied by the Board
follow:
July sales and stocks in the principal departments are compared with
those of last year in the following table. The large distribution of radio
sets showed the effect of special sales. Sales of vacation articles, men's
wear and shoes showed moderately large increases.
PERCENTAGE INCREASE (+) OR DECREASE (-) BY
FEDERAL RESERVE DISTRICTS.
District Number.
Sales-July 1930 Compared with July 1929.
Line.
Tot. 1
2
4
3
5 I 6
7
9
8
10
11
12
--8 --8 --9 -6-11-11-181 --4 --8 --4 --7--14 --2
Groceries
Dry goods____ -34 ____ -32-16 -27-22-30 -39 -41 ____ -24-44-27
-161-27 -32 -31 -14.-19 -29-19
Hardware_ _ -23 __
0-11 -4-19 -12-10 _ _ I -9-17 -4
-10 ____ -11
Drugs
Sales, Jan. 1-July 31 1930, Compared with Jan. 1-July 31 1929.
01 -51 -51 +3
-2 --31 -21 -1 - -3-11 -1 -6
Groceries
-19
Dry goods.... -20 _ _ -20-10 -16 -12 -17 -25 -21
Hardware.... -14 _ __ -15 -9 -16 -12-15-20-17 -10 -9-17-14
-7 ____ -4 -1 -9' -3 -8 -8-10 ____ -5-16 -1
Drugs
1 Boston. 2 New York. 3 Philadelphia. 4 Cleve and. 5 Richmond.
6 Atlanta. 7 Chicago. 8 Bt. Louis. 9 MinneapolLs. 10 Kansas CitY• II Dallas. 12 San Francisco.
---- ----Increase in
1321
PINA.NCIAL CHRONICLE
AUG. 30 1930.]
Real Estate Activity for July, National
Association of Real Estate Boards Reports.
Net Sales
Percentage Change
July 1930
Compared with
July 1929.
Stock on Hand
Percentage Change
July 31 1930
Compared with
July 31 1929.
+87.8
+12.6
+9.6
+7.6
+7.0
+4.2
+3.0
+2.4
-2.0
--2.7
--2.9
-3.1
-4.5
-6.5
-8.4
-13.3
-13.7
-32.0
-5.9
+0.8
-3.3
-12.6
-5.2
-0.7
-0.7
-4.0
+13.9
-10.8
-8.0
-23.5
-7.6
-2.7
+0.8
+8.9
-14.3
-26.6
-34.4
-22.9
Musical instruments and radio
Toilet articles and drugs
Toys and sporting goods
Men's and boys' wear
Shoes
Furniture
Men's furnishings
Cotton goods
Women's ready-to-wear accessories
Silverware and Jewelry
Sliks and velvets
Hosiery
Home furnishings
Books and stationery
Linens and handkerchiefs
Luggage and other leather goods
Women's and misses' ready-to-wear
Woolen goods
Miscellaneous
An increase of 3.1 in real estate market activity for July
over the figure for June is reported by the National Association of Real Estate Boards following the compilation of its
District
regular monthly index figure on real estate activity. The Wholesale Trade in New York Federal Reserve
AgoYear
With
Compared
as
July
in
24%
Drops
figure indicating real estate market activity for July is
Largest Decrease in Recent Years.
69.8, the Association finds.
According to the Sept. 1 "Monthly Review" of the Federal
DEPARTMENT STORES-SALES AND STOCKS, BY FEDERAL RESERVE
DISTRICTS.
Reserve Bank of New York, "total July sales of reporting
wholesale concerns in this district averaged 24% smaller
Index Numbers. Monthly Average 1923-1925=100.
than the year previous, the largest decrease in recent years."
Adjusted for Seasonal
No. of
Without Seasonal
Federal Reeves
The Bank goes on to say:
Variations.
Stores.
Adjustment.
Districts.
July
1930.
June
1930.
July
1929.
July
1930.
June
1930.
July
1929.
36
59
57
.55
28
41
94
19
18
27
22
34
97
108
82
90
100
89
94
94
77
104
111
89
106
105
100
114
108
81
i
110
97
115
87
92
104
92
102
92
83
_
oi
109
0:,[•-cDCCDC.ICO
t...t...t.-1,
98
109
84
89
100
83
98
84
80
82
89
97
76
80
62
80
76
75
87
76
65
72
74
100
490
96
100
106
72
95
80
92
89
108
105
82
78
88
86
94
91
90
93
110
107
88
90
67
66
.._iii
ii
102
100
98
108
87
95
97
98
112
90
72
__
81
97
71
80
83
83
99
82
62
100
66
96
88
104
78
88
90
89
103
86
65
104
72
99
89
99
79
88
88
90
103
84
68
109
70
96
(a)
.5olesBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louts
Minneapolis
Kansas City b
Dallas
San Francisco
ioi
120
1
Total
StocksBoston
New York
Philadelphia
Cleveland
Richmond
Atlanta
Chicago
St. Louis
Minneapolis
Kansas City
Dallas
San Francisco
34
42
45
49
28
29
76
19
14
21
21
30
is
100
99
93
96
408
87
93
92
a Storm for which figures are available since base period 1923-25. b Monthly
average 1925=100.
Total
reported
Decreases ranging from about one-third to nearly one-half were
diamonds.
in sales of shoes, cotton goods, men's clothing, Jewerly, and
July
the
In the cases of men's clothing, cotton goods, and also paper,
Bank's record.
declines were the largest during the period covered by this
other reWhile sales of groceries showed a smaller decline than in any
in more
porting lines, the decline was the largest for the grocery trade
reduction
greatcr
than three years. Salts of drug dealers also showed a
year.
this
than in most preceding months
in sales comIn hardware, stationery, and silk goods, the reductions
large as those
pared with a year ago, although substantial, were not as
Silk
reported in June. The silk goods figures which are reported by the
Association, represent yardage, rather than value. and, in view of the
decline in prices during the past year, the reduction in the value of goods
sold undoubtedly was larger than that indicated for quantity sales. Orders
for machine tools reported by the National Machine Tool Builders Association were slightly more than one-third the volume of a year ago, and were
the smallest in more than five years.
The value of stocks of groceries, cotton goods, hardware, and diamonds
on hand at the end of the month remained smaller than last year, while
the value of stocks of shoes and drugs, and quantity stocks of silk goods,
continued to show increases of varying amount over a year ago. Colections continued to be slower than in 1929.
Percentag
Change
July 1930
Compared with
June 1930.
Commodity.
Net
Sales.
Stock
End of
Month.
Percentage
Change
July 1930
Compared with
July 1929.
Net
Sales.
Stock
End of
Month.
-9.2
Per Cent of Acts
Outstanding
June 30
Collected in
July.
1929.
1930.
76.7
-1.0
-1.5
77.3
-3.9
-33.8
38.9
37.2
+33.9
Department Store Sales in New York Federal Reserve Groceries
Men's clothing
9:2 -33.8
34.1
34.3
1
-1
-17.0
Cotton goods
District in July 3.4% Below Same Month Last Year.
•+2.2
52.1
49.8
•+11.5 •+8.3
Silk goods
38.4
+2.2 -31.5
+7.5
38.5
-14.2
"Reporting department stores in this district," says the Shoes
45.3
24.4
+4.0 +11.5 -11.0 +20.4
Drugs
-7.3 -16.4 -26.4
50.3
46.2
-11.5
Federal Reserve Bank of New York, "showed a 3.4% de- Hardwaretools_x
-64.8
-27.6
Machine
16:2
-3.8
70.6
- -12.3
crease in their July sales compared with a year ago. Al- Stationery
-21.0
62.4
-9.0
60.3
9:2 -45.5
though," the Bank adds, "declines in sales continued to be Paper
+9
+24.4
Diamonds
26.3
+0.6 } 28.4
-50.2 +21.4 -36.5
reported from most sections of the district, the decreases Jewelry
23.6
'
52.6
50.4
-13.3
were smaller than in June in several localities, including
Weighted average
Reported by Silk Association of America.
New York City, Buffalo, Bridgeport, northern New York •Quantity not value.
Builders' Association,
x Reported by the National Machine Tool
State and central New York State. Sales of the Rochester
and Newark stores increased 4% and 1%, respectively, folTrade in New York Federal Reserve Dislowing decreases in sales of more than 5% in June. Sales Chain Store
During July Lower Than in 1929.
trict
leading
apparel
stores
continued much smaller than
of the
The Sept. 1 Monthly Review of Credit and Business Cona year ago."
ditions by the Federal Reserve Agent at New York has the
The Bank continues:
following to say regarding chain store trade.
• Stocks of merchandise on hand at the end of the month
showed the
largest decrease from a year ago that has been reported in recent Years.
Collections on charge accounts outstanding were noticeably smaller than
In 1929.
Locality.
Percentage Change
July 1930
Compared with
July 1929.
Stock on
Net Sales. 1/ancl End
0./ Aforgh.
New York
Buffalo
Rochester
Syracuse
Newark
Bridgeport
Elsewhere
Northern New York State
York State
L. Central New
Southern New York State
Valley District
River
ft Hudson
L Capital District
Westchester District
All department stores
Apparel stores
-2.6
-6.3
+4.0
-11.7
+1.0
-14.0
-10.4
-12.2
-4.9
-16.6
-10.0
-13.5
-4.3
-3.4
-17.1
-3.4
-5.6
-14.0
-10.7
-14.5
-13.3
-4.6
-5.8
-6.2
P. C. of Accounts
Outstanding
June 30 Collected
in July.
1929.
1930.
49.0
50.8
40.0
33.7
43.9
41.4
37.3
46.3
47.1
38.1
27.9
42.1
40.8
33.9
Total July sales of the reporting chain organizations averaged 3%
smaller than in 1929. a somewhat smaller decrease than in June. Grocery
firms continued to be the only type that reported an increase in sales over
last year, but the sales of ten-cent, shoe and variety chain systems showed
slightly smaller decreases than those reported in June. The sales of drug
chains continued to show an unusually large decline from a year ago, and
chain stores remained moderately below
the sales reported by the candy
last year's volume.
continued to show decreases in sales per
chains
grocery
except
All lines
unit, probably due in some cases to an increase in the number of small
stores operated.
Type of Store.
Grocery
Ten cent
Drug
Shoe
Variety
Candy
4-6:2
45,9
4-3.6
42.7
otal
Percentage Change July 1930
Cornpared with July 929.
Number of
Stores.
Total
Sales.
+6.2
+6.9
-2.4
+6.8
+19.3
-0.7
+7.7
-7.2
-11.7
-17.0
-3.6
-3.8
+7.6
-3.3
Sala pa
Store.
-10.1
1322
FINANCIAL CHRONICLE
(VOL. 131.
Outlook for National Business as Viewed by Silberling Business Recession Intensified by Summer Slackness
Research Corp.-Recent Business Troubles DemSays Conference of Statisticians in Industry.
onstrate Need for More Careful Control of OperaSummarizing its monthly statement on business conditions in Boom Period.
tions, the Conference of Statisticians in Industry has the
In surveying the outlook for national business and basic following to say under date of Aug. 24.
industries the Silberling Research Corp., Ltd., of San FranThe downward trend in the current business recession has been further
cisco, under date of Aug. 16, states that "the recent troubles intensified by the usual summer slackness, and the index of general business activity in July fell to the lowest point since the start of the present
of business forcibly demonstrate the need for more careful movement, a little more than
a year ago, and to the lowest point since
control of operations in the boom period." The corporation 1922. July activity in manufacturing plants, measured by the consumption
of electrical energy, fell to the lowest point since December of 1926.
adds:
No banking system, no political party, can prevent depressions if business
managers are indifferent to excessive prcduction. In our opinion, one of
the most powerful channels through which clearer vision and better understanding of the true status of an industry in its relation to the outside
market can be attained by business executives is the trade or industry
association. By the collection and dissemination of facts and the persistent relating of these facts to the course of the business cycle, generally
and regionally, the progressive and alert trade association cannot only be
of tremendous value in its own field, but can do much to tone down the
peaks and correspondingly raise up the valleys in the entire business picture.
This service stands ready to promote such efforts in every possible way
and commends the principle to the serious consideration of all groups of
allied producers and distributors.
As to the outlook for national business, the corporation
says:
While the month of August probably marks the approximate limit of the
decline in general buying power and business activity, it has brought
conditions to a lower level than Juno or July, after full allowance for seasonal factors. This has been due in part to the tendency in some important
Industries to expect recovery prematurely with resultant continuation of
operating schedules above actual demand. This has kept inventories from
being rapidly and promptly reduced and has created further weakness in
commodities.
The withering beat and drouth came as an unexpected factor in the same
direction and as a result farm incomes in the corn belt and in a wide expanse of livestock and dairy country will be further curtailed. Wheat,
however, has in the main escaped, and its price now appears close to stabilization with better than fair prospects for export demand during coming
months.
Another factor which has intensified the depression at this stage has
been the cumulative effect of industrial unemployment. When production
schedules are curtailed it does not at once reduce payrolls and wage-earner
incomes to the point of heavy withdrawal of buying power from retail
markets. As more workers are released, and are joined by considerable
numbers from the clerical ranks, it presently restricts the purchases of these
groups to the extent of forcing merchants in practically all lines to cut down
orders for goods. This leads to additional lightening of factory and commercial payrolls and still less active buying, and it is this situation which
now conh costs us. The solution of the ptesent difficulties besetting a
return to more nearly normal general business lies mainly in the gradual
reversal of the process which created them. Basic industrial activity will
soon respond to new demands emanating from those who have faith In
the future and regard the present low prices an inducement to prepare for
future needs. As for the factors associated with agriculture and foreign
trade, while they undoubtedly offer no immediate encouragement, it is
quite possible for moderate recovery to be Initiated in domestic industry
and trade in spite of this temporary handicap.
In the production of electric power, the first two weeks of August have
shown some Improvement. While the exact cause of the Increase is WIcertain, sales of commercial electric service give evidence of strength in
general trade, and the increase seems to show that consumer purchasing
power is not so seriously impaired as indicated by other reports. The
resumption of work in the automobile and other plants; the low rate of
primary distribution, as shown by car loadings during the past few months,
in the face of the low volume of manufactured stocks; the drastic reductions
in industrial activity that have already taken place, and the low rate of
unfilled orders lead to the hope of increased business activity in the near
future, perhaps as large as the usual fall pick-up.
Roger W. Babson Advises Buying-Recommends List
of 12 Stocks, First Issued Since 1924-Predicts
Business Revival in Fall.
The following from Wellesley Hills, Mass., Aug. 26 was
published in the New York "Times":
In response to the numerous inquiries which have been made concerning
the recommendations of stock purchases by Roger W. Babson, the Babsou
statistical organization to-day issued the following statement:
The Babson statistical organization advised clients this week to use
a small percentage of their liquid funds to buy a selected list
of stocks. This
is the first broad list of this character which Babson has recommended
1924 and is the first modification of the bearish position taken sincesince
Just
before the big break of 1929.
The recommendation advises the use of 20% of the funds for this purpose,
and names 12 stocks, all listed on the New York Stock Exchange.
According to United Press &dykes from Albany (published
in the New York "Herald Tribune") Mr. Babson, in an
interview on Aug. 28, predicted that business conditions
throughout the country will be improved in the next few
months. The dispatch added:
He declined to forecast conditions in 1931.
Mr. Babson, who has just completed a 10,000-mile tour of the West,
stated that there is as much money in the United States at present, but thaa
it is not being circulated. This has made business appear depressed, he
said.
"Business is going to pick up this fall and winter," Mr. Babson asserted.
"but of 1931 I have nothing to say. There is just as much money, eves
more,in the country to-day than before, but it isn't in circulation. Because
money is moving slowly, business appears to be depressed."
Conditions in the West, caused by the drouth, are not as bad as Washington officials believe they are, Mr. Babson said.
"We seem to forget that petroleum, not horse feed, is the modern barometer," he declared. "We seem to foreget that we eat more fruits and less
corn, oat and wheat products. Fruit is the other barometer. To-day IS's
oil and fruit, and the West is overflowing with both.
"There is a belt through southern Ohio, Illinois, Indiana and Iowa where
lack of rainfall and drying winds burned up crops," Mr. Babson stated.
"But, on the whole, conditions are pretty bright. and I didn't hear many
complaints."
The corn crop, he said, will be off about only 25% of normal,with prices
approximately 30% higher than they were last year.
Annalist Weekly Index of Wholesale Commodity Prices.
Further advances in live stock and meats and upturns in
prices of grains, cotton, eggs, butter, flour, lard, cotton
goods and crude petroleum have advanced the "Annalist"
Weekly Index of Wholesale Commodity Prices sharply this
week to 124.6, against 122.9 last week and against 148.4,
the index on the corresponding date last year. Continuing, Loading of Railroad Revenue Freight Slightly Larger
But Away Below 1929 and 1928.
the "Annalist" says:
This is the second week during which the index has advanced, and while
Loading of revenue freight for the week ended on Aug. 16
last week's rise was solely beoause of higher prices of two commodities (live totaled 922,823
cars, the Car Service Division of the Ameristock and meats), the advance this week has broadened to include a larger
group. Live stock prices, especially steers, have again advanced sharply, can Railway Association announced on Aug. 26. This was
steers now selling for $11.75 a hundredweight. against $9.69 two weeks ago. an increase of 18,666 ears over the preceding week
but a
The advance in cotton is not large, but is of some significance because it reduction of 179,744 cars
below the same week in 1929. It
at least arrests the persistent declines in recent weeks. Among the grains
the advance is frem 1 to 3 cents a bushel, and is also of some importance also was a decrease of 135,086 oars below the same week is
asshowing that the declines may have been arrested. The advance in food 1928. Particulars follow:
products, especially meats, eggs, flour and lard, are sympathetic with the
corresponding advances; of crude materials in the farm products group.
Miscellaneous freight loading for the week of Aug. 16 totaled
360.701
cars. 81.376 cars under the same week in 1929 and 54,504 cars under the
corresponding week in 1928.
THIS ANNALIST WEEKLYINDEX OF WHOLESALE COMMODITY PRICES.
Loading of merchandise less than carload lot freight amounted to 234,091
(1913100)
cars, a decrease of 25,994 cars below the corresponding week last year and
21.816 cars below the same week two years ago.
Aug. 36 1930. Ass. 19 1930. Aug. 27 1929.
Coal loading amounted to 137.669 cars, a decrease of 22,284 cars below
the same week in 1929 and 23,057 cars below the same week in 1928.
147.0
Farm products
114.6
118.4
154.6
Food Products
Forest products loading amounted to 40,803 cars, 27.215 cars under the
128.0
129.2
145.9
Textile products
112.6
112.9
corresponding week in 1929 and 25,126 cars under the same week tyre
160.9
Fuels
153.7
164.4
ago.
ears
127.6
Metals
108.3
107.8
Ore loading amounted to 57,633 cars, a reduction of 16.941 cars below
153.6
Banding matArlals
138.4
137.0
134.0
Chemicals
128.9
the same week in 1929 and 6,593 cars below the same week In 1928.
1211.5
127.1
Miscellaneous
98.2
98.3
Coke loading amounted to 8.414 cars, a decrease of 3,271 cars below
the
corresponding week last year and 725 cars under the same week in 1928.
148.4
All commodities .
122.9
124.6
Grain and grain products loading for the week totaled 62,312 cars, an
increase of 801 cars above the corresponding week in 1929 and 1.105 cars
THE ANNALIST INDEX OF WHOLESALE COMMODITY PRICES.
above the same week In 1928. In the western districts alone, grain and
(1913=100)
grain products loading amounted to 46,664 cars, an increase of 1,742 cars
above the same week in 1929.
Aug. 1929.
Aug. 1930.
July 1930.
Live stock loading totaled 21,200 cars, 3,464 cars under the same week
in 1929 and 4,370 cars under the corresponding week in 1928. In the
Farm products
147.4
112.2
114.1
western
Food products
districts alone, live stock loading amounted to 15,570 cars, a
154.8
128.2
127.7
Textile products
145.5
decrease of 2,988 cars compared with the same week last Year.
116.0
113.5
Fuels
161.3
153.6
Isais
All districts reported reductions in the total loading of all commodities,
Metals
127.9
109.9
108.6
compared not only with the same week in 1929, but also with the same
Building materials
153.6
138.9
142.7
Chemicals
week in 1928.
134.0
127.1
128.2
Miscellaneous
127.1
98.4
101.8
Loading of revenue freight in 1930 compared with the two previous
All rnmmodos
itt
106 Ce
115 5
.ss ....
years follows:
FINANCIAL CHRONICLE
Am.30 1930.]
Four weeks in JanuaryFour weeks in February
Five weeks in March
Four weeks in AwiL
Five weeks in May
Four weeks in June
Four weeks in July
Week ended Aug 2
Week ended Aug 9
Week ended Aug. 16
Total
1930.
3,349,424
3.505.962
4,414,625
3,619,293
4,598.555
3.719,447
3.555.731
918,335
904.157
922,823
1929.
3.571,455
3,766,136
4,815.937
3,989,142
5,182,402
4,291,881
4,160,078
1,105,920
1,092,153
1,102,567
29,508.352 33,077,671
1928.
3,448.895
3,590,742
4,752.559
3,740,307
4.939,828
3,989,442
3,944.041
1.048.821
1.044,288
1.057.909
Because of this situation, operations in the steel industry as a whole
were estimated to have declined to 52% of capacity in the second week of
August, as compared with an estimated rate of54% the week before. While
operations of the largest interest were maintained at 63%,some of the independents were operating at 50%. Uncertainty as to the size of the vegetable pack brought operations in the tin plate industry down to 60% of capacity. Orders for structural steel have continued in very good volume.
Orders already booked for structural steel and pipe are responsible for the
greater part of the activity in the industry. One encouraging feature in the
31,556,812 market recently has been the increase in export business booked by agricultural machinery makers.
Drop in Output and Consumption of Electric Power
in Philadelphia Federal Reserve District.
The daily output of electric power by 12 central stations
in the Philadelphia Federal Reserve District was nearly 5%
smaller in July than in June and about 1% less than in
July 1929, according to figures released by the Philadelphia
Federal Reserve Bank. In its report the Bank says:
Because of a reduced water supply brought about by prolonged drouth,
the daily production of hydro-electric plants showeeLan exceptionally pronounced decline in the month. The output of electricity by plants using
steam showed a gain over the preceding month and a year ago.
Sales of electricity in the aggregate decreased about 8% between June
and July but showed virtually no change from the previous year. The decline in consumption of electrical energy during July was widespread, the
sale to municipalities for power purposes a:one showing an increase. In
eomparison with a year ago, sales for lighting and power purposes showed
gains with the exception of smaller purchases by street cars and railroads.
All other sales also declined greatly from a year ago.
Daily Average.
Skstric Power-Philadelphia Federal
District, 12 Systems.
Rated generator capacity
Generated output
Hydro-electric
Steam
Purchased
Sales of electricity
Lighting
Municipal
Residential and commercial
Power
Municipal
Street cars and railroads
Industries
All other sales
• Working days average.
July
Change
(Total for month) from
June
1930.
Change
from
July
1929.
1,840,000 kw.
16,031,000 kwh.
2.094,000 kwh.
10,614,000 kwh.
3,323,000 kwh.
16.512,000 kwh.
2,682,000 kwh.
296,000 kwh.
2,386.000 kwh.
12,670,000 kwh.
298,000 kwh.
1.770,000 kwh.
*10.602,000 kwh.
1,160.000 ltwh
+6.7
-1.3
-1.1
+4.0
-12.2
+0.0
+13.8
+8.4
+14.6
+3.4
+19.6
-7.5
•+6.0
.',y-
0
-4.9
-47.2
+11.9
-2.4
-8.1
,-9.3
-3.9
-9.9
-5.2
+2.9
-0.5
4,-6.1
-In i
Commodity Prices Show Slight Decline According to
The National Fertilizer Association.
The wholesale price index of the National Fertilizer
Association showed a decline of two fractional points for
the week ended Aug. 23. The index now stands at 86.1 as
compared with 86.3 for the previous week and 97.2 a year
ago. Of the 14 groups in the index four advanced, five
declined and the remaining five showed no change. The
price of 26 commodities advanced and 27 declined.
4
Bank of America N.A.Says Indications Are That Bottom
of Depression Has Been Reached.
Indications, small but nevertheless important, justify the
view that the bottom of the present depression has been
reached, in the opinion of the Bank of America N. A., expressed in its monthly review of business conditions made
public Aug. 26. The bank says:
Only a moderate rate of recovery can be expected in the immediate
future, but it sew seems quite probable that September and October will
be considerably better months than July and August.
Uncertainty as t• the extent of damage caused by drouth has been the
controlling factor IA the business situation during the past several weeks.
but the general opinion now is that the final results will not be either as
unfavorable or as far reaching as was at first anticipated. While the reduction of some 600,000,000 bushels in the corn crop is no small item, much
of this loss will be offset by price appreciation. Hay and other feed crops
have also been adversely affected by heat and dry weather, and vegetable
gardens have been injured to some extent. On the other hand the wheat
crop is large, prices are higher, and the prospects for an increase in export
demand very moot
The review states that at the present time there is a general inclination on the part of the business world to place
the most unfavorable interpretation on any development
which might interfere with economic recovery and that, therefore it is natural that the resumption of activity during the
past month should have been slow. As the situation clarifies, however, and more definite reports of conditions in
agricultural districts have been obtained, some seasonal gain
in business is to be expected. The uncertainty as to the
extent that drouth damage will affect the purchasing power
of agricultural communities is given by the bank as the cause
for steel consuming industries depending largely upon the
farm demand to go very slowly in planning their future
production schedules. Agricultural machinery, tin can
manufacturing, and lighter weight automobiles are the
lines which are most apt to be directly affected if the loss
thwugh drouth proves to be heavy, the bank believes. It
continues:
1323
Turning its attention to the automobile industry the bank
notes that resumption of activity at the plants after midsummer closings has been slower than had been anticipated
and believes that manufacturers are waiting to discover to
what extent damage to crops will affect the demand for cars.
Some increase in activity was evidenced in the first week in
August, but an increase in operations of one large manufacturer of low priced cars was almost entirely responsible
for it.
Union Trust Company of Cleveland Finds Business
Sentiment Growing More Confident.
Business sentiment is growing steadily more confident
throughout the country with the approach of early autumn,
says the Union Trust Co., Cleveland. There is a general
conviction that trade had passed through the worst of the
recession. "At the present time there is ample evidence to
show that goods of every description are being used up in
this country faster than they are being made," says the bank
In its magazine "Trade Winds." "Sooner or later this
situation must inevitably result in an increased demand for
merchandise." The bank further comments as follows:
The most important economic development during the past month has
been the widespread drouth. Without question the drouth has seriously
depleted purchasing power of the farmers in the sections most severely
affected. On the other hand many parts of the country were not -hurt
by the drouth, and on the whole the better prices for farm products prevail.
While many industries have repeatedly announced that they were making
every reasonable effort to keep wages stable and cut worker's incomes as
little as possible, such reductions have nevertheless proved inevitable in
many instances. Reports of the Bureau of Labor Statistics, covering the
period of Nov. 15 to May 15, show that during that period 231 different
concerns reported to the Bureau wage cuts affecting 30,000 employees.
These reductions were spread over many industries, including woolens,
agriculture, steel, textiles, baking, shoes, automobiles, railroads, copper.
coal and silk.
Evidence that the general price decline which as been going on for many
months is now being definitely reflected in a decreasing cost of living is
shown in statistics of the United States Department of Labor, which states
that retail prices offood decreased 23-6% from June 15 of this year to July 15,
and on the latter date were 9% below what they were on July 15 1929.
Modern mechanization and mass production methods have of recent
Years made it possible to produce many basic commodities at a much lower
cost per unit than Was the case a few years ago. In view of this fact, and
in view the enormous production facilities for basic commodities which
have been developed, it seems improbable that we may expect substantial
recovery in basic commodity prices for some time to come; and that if
basic commodity prices advancing somewhat to meet present retail price
levels, we may expect that retail prices will decrease still further to conform
to basic commodity prices.
This complicated adjustment of the entire price structure is one of the
difficult features of the business situation at the present time. In the long
run, however,it does not necessarily spell a period of meager profits or operating losses. It does mean, however, that businesses will have to make
strenuous efforts to realign their operations to fit new price schedules-and
of the dollar.
foreshadows, apparently, a period of increased value
Bank of Montreal Says Low Farm Prices are Detriment
to Business.
In its business summary, issued Aug. 22, the Bank of
Montreal said in part:
In all departments trade has been quieter than the normal midsummer
condition. The harvest is likely to be irregular, excellent in some sections,
poor in others, owing to the vagaries of the weather, with extremes of
drought and rainfall, but taken as a whole, crops promise to be better than
those of last season. Harvesting is getting into full swing in the Prairie
Provinces, but it is too early to forecast the final figures. Low prices are
the farmers' handicap, and for many weeks prices have been low. reducing
purchasing power on the part of a large portion of the population to the
detriment of business in general. In the central and eastern Provinces
there are many districts where large crops are being gathered of cereals,
roots and fruits, but low prices run over nearly all farm and dairy products
and livestock.
The business barometer reading, reflected in statistical returns, is still
low. Bank clearings continue below those of last year, as do car loadings
of all classes of commodities. The lumber trade is dull and operations
in the woods will be considerably curtailed next winter. Manufacturers
are, as a rule, working with reduced staffs. Traffics are disappointing
to transportation lines. Foreign commerce is about 25% below a year ago.
Automobile production now makes a more favorable comparison with
1929. but the output was light at the corresponding time. Tourist trade,
on the whole, has been disappointing, fewer visitors haying entered Canada
than last season, and these have spent less money.
More Than Seasonal Decline in Daily Hosiery Production in Philadelphia Federal Reserve District.
The daily output and shipment of hosiery in the Philadelphia Federal Reserve District during July declined more
than seasonally after a slight upturn in June, according to
figures released by the Philadelphia Federal Reserve Bank
1324
[VoL. 131.
FINANCIAL CURONICLE
on the basis of reports from 132 hosiery mills collected by the serve Bank of Philadelphia. The Bank in its survey continues:
Bureau of the Census. The Bank says:
This unfavorable comparison with other years is attributable partly to
price recessions and partly to unsatisfactory industrial and agricultural
conditions.
Wholesale and jobbing trade in the aggregate showed a drop of about 5%
in dollar sales, the declines ranging from about 1% in groceries to 25% in
jewelry. Sales of paper alone were a trifle larger in July than in June.
In comparison with a year ago, the combined sales were about 13% smaller,
all lines except drugs reporting noticeable decreases.
Dollar retail sales, while declining by an amount no larger than is usual
for July, were about 9% below July 1929, reaching the lowest point in eight
years. All reporting lines, including department, apparel, shoe and credit
stores, had smaller sales in July and in the first seven months this year than
The statistics furnished by the bank follow:
last. This is also true of city areas.
Stocks of merchandise at retail and wholesale establishements at the end
PRELIMINARY REPORT ON THE HOSIERY INDUSTRY BY 132 HOSIERY
MILLS IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT of July on the whole were at a comparatively low level and were appreciably
FROM DATA COLLECTED BY THE BUREAU OF THE CENSUS- smaller than on the same date last year. Collections in the main also were
PERCENTAGE CHANGES FROM JUNE TO JULY 1930.
in smaller amount than those of a year earlier. The rate of turnover at
reporting retail stores declined slightly in July but remained about the same
Women's
Boys'
Men's
for the first seven months this year as it was in the same period last year.
Misses'
and
InFull- Seam- Full- SeamThe Bank's statistics follow:
Total. fashion, less. fashion less. Chew. Janis.
WHOLESALE TRADE IN THE PHILADELPHIA FEDERAL RESERVE
Hosiery knit during
DISTRICT FOR THE MONTH OF JULY 1930.
• -21.2 -7.0 -5.9 -24.6 -12.7 -15.6 -40 1
month
Net shipments during
• -23.1 -45.1 -6.1 -23.0 -44.7 -31.6 -22.7
month
Net Sales.
Stock on hand at end o
month, finished and 111
Jan.1 to
Index Numbers
+2.3 +5.9 +1.6 -0.9 +3.3 +25.4 -7.3
the gray
(P. Cl. of 1923-1925
July 31
During Month
Orders booked during
Compared
Monthly Average).
Compared with
-22.4 -30.6 -14.7 -25.9 -4.0 -3.0 -36.5
month
with Same
Ratio of cancellations
Prey. M.Same Mo. Period
In July to unfilled
Last
July
(Daily
June
Last
orders on hand at end
Year.
Average). Year.
1930.
1930.
1.5
0.2
0.4
3.1
5.4
1.6
2.2
of June
Boots and shoes
Unfilled orders at end of
55.3
-4.3% -8.7% -9.1%
55.6
--4.9 +36.6 -0.4 -7.8 +1.0 +7.4 -23.0 Drugs
--0.9
month
--3.8
102.2
98.3.
+0.3
Dry goods
--10.0
--16.1
43.70 --14.4
49.0
Electrical supplies
--28.0
--43.5
--4.1
69.6
69.8
*Calculated on working day basis.
Groceries
--2.6
--1.1
-5.8
102.5
99.7
Hardware
--10.4
--9.1
--18.0
70.3
75.4
Jewelry
--25.3
--30.0
50.2
--25.3
64.6
Paper
--10.4
+0.1
80.8
--19.4
77.6
This drop in production occurred in all classes of hosiery and brought
down the index to the lowest level since 1924.
Orders on the books of reporting firms at the end of July were about 5%
smaller than a month earlier, owing chiefly to marked reductions in unfilled
orders for women's full-fashioned hose. Forward business in men's fullfashioned, women's seamless, and boys, misses' and children's hosiery,
on the other hand,showed gains.
Stocks held at hosiery plants increased somewhat. This accumulation
was in men's hose, women's seamless, and boys', misses' and children's
hose. Inventories of women's full-fashioned and infants' hose, on the other
hand, declined from the June volume.
Monthly Indexes of Federal Reserve Board-Further
Decline Shown in Industrial Production.
The monthly indexes of production, factory employment,
payrolls, &c., were made public as follows by the Federal
Reserve Board on Aug. 22:
INDEX NUMBERS OF PRODUCTION, FACTORY EMPLOYMENT AND
PAYROLLS,BUILDING CONTRACTS AND FREIGHT CAR LOADINGS.
(1923-1925=-300)
Adjusted for
Seasonal Variations.
Industrial production, total
Manufactures
Minerals
Building, value of contracts awarded_
Factory employment
Factory payrolls
Freight car loadings
950
94p
970
June. July.
124
126
114
100
101
100
108
94
92
1930.
1929.
July. June.
July.
1929.
1930.
July.
Without
Seasonal Adjustment.
91p
99
89p
99
100D 103
146
89
84.6 88.2
82.0 90.3
95
95
119
119
118
159
100.7
104.8
111
Stocks at End
of Month.
Mining.
Manufactures.
Industry.
1930.
1930.
Industry.
1929.
July June July
July June July
Iron and steel
Textiles
Food products
Paper and printing
Automobiles
Leather and shoes.- _
Cement
Nonferrous metals_ _ _
Petroleum refining...
Rubber tires
Tobacco manufac'ref_
93
850
910
___
75
970
116
970
___
__
137
110
84
93
117
98
101
119
98
170
118
141
152
118
96
125
142
114
118
127
171
141
131
1929.
86
89
82
78
1210 124
95 108
86r
83
99
92
Bituminous coal
Anthracite coal
Petroleum
Iron ore
Copper
Zinc__ - Lead
Silver
-Zip -.
iL
102
72
143
119
122
124
114
88
FACTORY EMPLOYMENT AND PAYROLLS-INDEXES BY GROUPS.
(Without seasonal adjustment)
Payrolls.
Employment.
Industry.
Iron and steel
Machinery
Textiles, group
Fabrics
Wearing apparel
Food
Paper and printing
Lumber
Transportation equipment
Automobiles
Leather
Cement, clay and glass
Nonferrous metals
Chemicals, group
Petroleum
Rubber products
Tobacco
Preliminary.
1930.
1929.
1930.
1929
July
June
July
July
June
July
86.1
95.2
76.6
77.8
73.5
95.0
100.5
68.2
74.8
81.0
86.6
75.8
77.7
101.0
113.6
82.7
88.2
90.0
100.1
83.6
83.7
83.3
95.6
101.5
71.7
80.2
88.8
84.5
80.4
80.2
101.8
114.0
88.0
89.2
99.8
121.5
91.5
95.3
82.0
99.8
103.6
90.5
96.4
117.8
94.6
91.6
100.5
108.9
120.0
114.2
90.5
78.6
90.9
69.2
68.1
71.4
100.2
107.3
63.0
71.7
72.4
78.6
66.4
76.0
100.8
118.1
80.8
81.9
00.8
102.7
77.8
77.4
78.5
102.3
111.9
70.9
83.8
89.2
73.8
76.1
85.0
105.3
121.7
88.3
84.4
103.5
128.2
90.4
94.4
82.2
105.6
111.4
93.5
97.1
110.2
97.8
86.1
112.6
111.2
123.3
115.1
87.9
r Revised.
Dollar Value of Wholesale and Retail Trade in Philadelphia Federal Reserve District Lowest in Many
Years.
Business at retail and wholesale establishments declined
about the usual seasonal amount between June and July but
the July dollar volume was the lowest for many years, according to reports from about 250 firms to the Federal Re-
Collections
During Month.
Compared Compared Compared Compared Compared Compared
with Same
with
with
with Same
with Same
with
Month
Month
Previous
Precious
Month
Precious
Month. Last Year. Month. Last Year. Month. Last Year.
Boots and shoes.-Drugs
Dry goods
Electrical supplies.Groceries
Hardware
Jewelry
Paper
----
---_
-1.8
-7-33:5
-2.0
-1.6
+3.6
-3.4
-37.8
-6.6
-1.9
-15.8
-4.8
-3.5% -9.1% -17.8% -1.3%
-3.9
-4.8
+5.3
+0.9
-12.7
-5.9
-6.3
-8.0
-28.7
-12.7
-9.7
-38.7
-3.0
+7.2
+0.1
-6.8
-11.0
-4.3
-7.5
-4.4
-21.6
-12.0
+35.8
-7.9
-16.2
-2.2
-18.4
+0.7
* Preliminary.
RETAIL TRADE IN THE PHILADELPHIA FEDERAL RESERVE DISTRICT
FOR THE MONTH OF JULY 1930.
Index Numbers
Net Sales.
of Sales
Per Cent of
July
Jan. 1
1023-1925.
1930
July 31,
(Monthly Average). Compared Compared
with
with Same
July
June
July
Period a
1930.
1929. Year Ago.
1930.
INDUSTRIAL PRODUCTION:INDEXES BY GROUPS.
(Adjusted for seasonal variations)
v
i
Accounts Outstanding
End of Month.
All reporting stores
Department stores
In Philadelphia
Outside Philadelphia
Men's apparel stores
In Philadelphia
Outside Philadelphia
Women's apparel stores
In Philadelphia
Outside Philadelphia
Shoe stores
Credit stores
Stores In:
Philadelphia
Allentown, Bethlehem and Easton_ _ _
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-Barre
Wilmington
All other cities
Storks as End
of Month
Compared with
All reporting stores_
Department stores_
In Philadelphia_
Outside Plilia_Men'a apparel stores
In Philadelphia_ _
Outside Phila.
Women's apparel
In Philadelphia_
Outside Phila.._ __
Shoe stores
Credit stores
Stores in:
Philadelphia- _ _
Allentown, Bethlehem SG Easton
Altoona
Harrisburg
Johnstown
Lancaster
Reading
Scranton
Trenton
Wilkes-13arre_ _
Wilmington
All other cities....
87.4
84.8
83.3
61.0
59.4
.55.0
94.4
63_4
118.3
74.6
127.5
71.0
103.9
53.1
87.1
89.4
80.4
85.0
65.8
86.4
82.5
77.6
98.3
78.4
117.8
57.1
65.9
78.6
62.5
52.1
77.6
62.5
65.8*
68.7
61.2
83.30
Year
Ago.
-8.9
-7.9
-8.0
-7.6
--8.9
--9.7
--9.2
--10.6
-23.9
-25.4
-17.7
-4.7
3.1
--4.8
--6.9
3.8
--1.8
--7.4
3.42
3.69
2.24
1.61
1.30
-9.5
-8.5
2.39
2.37
--8.4
--5.6
-9.0
-2.8
--12.9
--15.6
--17.4
--12.1
--4.5
--3.2
--10.5
--12.7
--11.4
--8.7
--3.0
1.38
1.73
1.83
1.79
1.56
1.58
1.91
1.87
1.40
1.69
1.54
1.44
1.63
1.64
1.66
1.60
1.70
1.96
1.82
1.42
1.70
1.70
Preliminary figures.
-7.2
-17.2
-3.2
-10.5
-10.4
-10.8
-12.2
-15.4
-4.4
-9.3
-8.1
-20.8
-6.0
-7.7
-6.4
-6.4
--1.7
-1.4
-3.7
-5.2
-10.5
-9.1
--6.2
-1.0
-5.0
-11.4
-8.1
-4.4
-10.2
Accounts Colleens
Stocks Turnover
Jan. 110 July 31. Receivable During
Month
at End
of Month Compared
wiSh
Compares
1920. Year Ago. Year Ago.
1930.
Month
Ago.
-8.5
-10.9
-9.0
-4.7
-7.7
-8.4
-9.2
-9.3
-7.2
-13.4
-7.7
-11.0
-5.2
-6.6
-7.4
-1.1
-5.0
-25.4
2.12
2.08
2.31
1.66
2.11
2.07
2.28
1.67
1.55
1;15
-;..6.13
•L11.5
3.57
3.86
2.34
1.62
1.36
-5.0
-3.3
-10.7
-7.6
+2.2
+21.7
-0.1
+8.2
-7.7
-1.4
-7.9
-7.1
-7.1
-2.7
-11.4
+10.1
+1.3
-9.8
-6.9
-7.3
-9.9
-6.2
Auo.30 1930.]
FINANCIAL CHRONICLE
Indiana University Reports Drop in Industrial Activity
and Employment in Indiana During July.
Industrial activity and employment during July in Indiana were reduced, but there were signs of an increase in
these factors during the early part of August and of improvement in trade and crops, according to the "Indiana
Business Review," published monthly by the Fletcher American National Bank of Indianapolis. It is prepared by
J. Kunst, manager of the Indianapolis division of the
Indiana University Bureau of Business Research. "With
a few notable exceptions, business and industry in Indiana
declined during July and operated at subnormal levels as
in June," Mr. Kunst said. "Unusually hot weather was a
deterrent to trade, while widespread drouth reduced crop
and Income prospects in many agricultural districts." '
The "Business Review" explains that trade indicators
showing gains over last year included gasoline consumption
and life Insurance sales. Grain receipts and shipments were
unusually large in all items and flour production continu
ed
much larger than in earlier years. 1Chain drug sales
were
only slightly under last year, while other lines of retail
and wholesale trade registered declines of 12 to 30%.
Industrial EmploymentC7nclitins in Ohio
and Ohio
Cities-Further Decline Carries Index to
Lowest
Point Since January 1925.
Continued decline in employment in the State is
reported
by the Bureau of Business Research of the Ohio State University, which in its survey of employment
conditions in
Ohio and Ohio cities during July says:
1325
crease of 4% for the past five years. July employme
nt in the lumber
products industries was 15% less than in July 1929
and the average for the
first seven months of this year was 6% behind the average
for the same
period last year.
All of the chief cities of the State reported a decrease in total
industrial
employment in July from June. The decreases ranged from 2%
in Dayton
and Cincinnati to 6% in Cleveland, with Akron, Columbus
, Toledo and
Youngstown reporting declines of 5%. In Akron, Cincinnat
i, Dayton
and Youngstown the decrease in July from June was in
contrast to an
average June-to-July increase over the past five-year period, while
in Columbus the decline compares with relatively stable condition
s from June to
July, as indicated by the average June-to-July changes for
the past five
years. The 2% decline in Cincinnati compares with a five-year
average
June-to-July increase of 1%.
As compared with July 1929, all the chief cities of the State
reported
declines in employment in July, ranging from 10% in Columbus to
37%
In Toledo. Likewise, all the chief cities of the State showed a
decline in
total industrial employment for the first seven months of 1930 as
compared with the first seven months of 1929, the decline from the first seven
months of last year amounting to 5% in Columbus. 7% in Dayton,
8%
in Youngstown and Cincinnati, 12% in Cleveland. 19% in Akron
and 39%
In Toledo.
Construction employment in July increased from June in all the chief
cities of the State except Cincinnati. Dayton and Toledo. In Columbus
,
Akron and Youngstown the increase was greater than the average June-toJuly increase for the past five years. The increase of 14% in Columbus
compares favorably with the five-year average June-to-July
increase of3%•
In Cincinnati. Toledo and Dayton, the employment declines in the construction industry in July were in contrast to a substantial average increase
from June to July for the past five-year period. As compared with July
of last year, construction employment declined In all
the cities except
Columbus and in Stark County and for the first seven months of 1930,
in
all the cities except Cleveland and Dayton.
INDUSTRIAL EMPLOYMENT IN OHIO.
(In Each Series Average Month 1926 Equals 100.1
(Based on the number of persons on the Payroll on the 15th of the month or nearest
representative day as reported by co-operating firms.)
Aver.
Average
No. of
Change Change Change JanuaryReport- Index from
July
from
Jelly
tag
July
June
from
July
Change
Firms. 1930. 1930.
June
1929.
from
State of Ohio.
925-29
1929.
The decline in employment in Ohio, which has been in
21
81
progress since Chemicals
-1%
0% -16% -13%
June 1929 was accelerated in July, when the index of total
Food products
49
121
--I
--2
--5
--1
industrial em- Lumber products
ployment dropped 4% from the preceding month, in
27
84
-8
+4
-15
-6
contrast with the Machinery
107
96
--4
decline of 3% in June from May, and with the previous
4-3
--18
--II
monthly declines Metal products
162
81
--4
0
-22
-15
of 1% or less. The July decline carried the index of industrial
41
104
--I
o
--2
employment Paper and printing
+2
Rubber products
in Ohio to a point lower than has been reached in any month since
28
88
--5
4-1
--28
--21
January
Stone, day & glass products_
59
1925, and to a point lower than has been reached in any
76
--12
-4
--21
--14
July since July Textiles
42
94
--8
--2
--14
1924. The 4% decline in employment in July from June is
--8
60
all the more Vehicles
86
--7
--4
-30
-32
significant when it is contrasted with the average June-to
MIscellaneou.s manufacturing
35
93
+1
+3
-10
-7
1% during the past five-year period. The total volume -July decline of
of employment in
Total manufacturing
629
88
--4
--1
Ohio in July was 19% less than in July of last year, and the
--21
--18
Service
13
114
--2
--2
--I
+2
the first seven months of 1030 was 14% behind the average average for Trade
31
93
--7
--2
--11
-5
period of 1929. Five hundred of the 892 concerns reporting for the same Transport. az public utilities_
20
112
-1
+2
to the Bureau
-8
--1
of BUSIDOSS Research reported employment decreases in July
from June,
Total non-manufacturing
64
101
-4
-1
-12
323 reported increases. and 69 reported no change from June.
--5
Construction
199
99
+9
+5
-14
Manufacturing employment, which largely dominates
-8
All industry
the fhrure for total
892
90
--4
--I
--19
--14
industrial employment in Ohio, also declined 4% in July
from June. while
the average change for the last five years shows that
manufacturing employment in this State has usually declined only 1% in
July from J111113.
Manufacturing employment in July was 21% less than
Merchandising Conditions in Chicago Federal Reserve
in the
of last year, and averaged 16% less for the first seven months same month
of 1930 than
District-Increase in Wholesale Grocery and Drug
for the corresponding period in 1929. The decrease in
manufacturing employment in Ohio in July from June was due to employme
Lines-Declines in Dry Goods at Wholesale-Dent declines in the
chemicals, the food products, the metal products, the textile
partment Store Trade Less.
products,
the lunber products, the rubber products, the vehicles, the
machinery and
Regardi
ng the status of wholesale and retail trade in its
the stone, clay and glass products groups. The paper and
printing group
and the miscellaneous manufacturing group both reported
no change in District, the Federal Reserve Bank of Chicago in its Monthly
July from June. It is significant that no one of the major
manufacturing Business Conditions Report says:
groups of industries of the State reported employment
increases in July
from June.
In wholesale trade, two of the reporting lines-groceries and drugs-The 4% decline in employment in the non-manufacturing
reoorded sales increases in July over June, the former of 4% and the latter
the State is substantially greater than the five-year average industries of of under
1%; only about half the firms in these groups, however, shared
June-to-July
decline of 1%. Employment in the non-manufacturing
in the gains. In hardware, where a further secession of 5% took place,
State in July was 12% less than in July of last year, and industries of the three
for the first seven
-fifths of the firms had larger sales than in June. Declines in dry
months of this year was 5% behind the first seven
months of last year. goods, shoes, and electrical supplies averaged 26, 21, and 8%, respectively,
The June-to-July increase of 9% In the construction
Industry of Ohio with the majority of firms shoring therein. In all of the groups except
compares favorably with the average June-to-July
increase of 5% for the groceries and drugs, sales in July totaled more than one-fourth below
the
past five-year period. The volume of construction
employme
nt in July, corresponding month of 1929, as shown in the table. For the first seven
however, was 14% less than in July 1929 and 8% less
for the first seven months of 1930 as compared with the same period last year, declines
months of 1930 than for the corresponding period of
relast year.
corded were: groceries 11
/
2%, hardware 20%, dry goods 25%, drugs 8%,
Employment in the automobile and automobile parts
industries of the shoes 30%, and electrical supplies 17%. Ratios of accounts outstandin
State in July was 6% less than in June, which was
g
as the average June-to-July decline for the past substantially the same to sales were smaller in July than in June for groceries, hardware, and
five years. The actual drugs, but larger in the other three lines, and
continued, except in grovolume of employment in the automobile Industries in
July was 33% less ceries and drugs, to average higher than a year ago.
than in the same month of last year, while the
volume for the first seven
months of 1930 was 35% behind the volume for the
same period of last
WHOLESALE TRADE IN JULY 1930.
year.
In the metal products group of Industries, there
was a delcine of 4%
Per Cent Change
in July from June whereas the average for the
past five years shows no
From Same Month Last Year,
Ratio of
change from June to July. One hundred and
Commodity.
three of the 162 concerns
Accts. Outreporting in the metal products group reported
Net
Accts. OutColstanding to
employme
nt
decreases
in
Sales.
Stocks.
standing. lections. Net Sates.
July from June, 8 reported no change in
employment from June, and 51
reported increases.
Groceries
-8.9
--6.2
88.5
Employment in the machinery industries
Hardware
--32.0
--11.3
-19.2
--21.3
showed a decrease of 4% in Dry
235.3
July from June, and a decline of 18% from
goods
--39.4
--13.5
-11.1
-24.0
434.9
July 1929. The June-to-JulY Drugs
--11.8
decline in the machinery group is in contrast
--7.5
-4.6
132.3
to a five-year average June- Shoes
--32.9
--15.8
-8.4
--22.7
to-July Increase of 3%.
507.1
Electrical supplies
--28.9
--17.8
-24.1
--20.0
154.9
In the rubber products group of Industries, of
facturing is the principal industry, there was which tire and tube manuThe seasonal recession during July of 27% in Seventh
a decrease of 5% in
departDistrict
employment In July from June, which is in contrast to
a five-year average June-to- ment store sales was somewhat heavier than usual for the month.
Chicago
July increase of 1%. The total volume of
employment in tires and tubes firms sold 31% less than in June, Detroit 80%, Indianapol
in July was 26% less than in July 1929 and the
is 19%, Milaverage for the first seven waukee 22%, and stores in other cities
months of this year was 21% less than the
a 21% smaller dollar vidnme.
average for the same period Business of Chicago and
Detroit
stores
again
showed the largest declines
of last year. The 12% decline in the stone, clay and
glass products grout, from the same month a year ago and
for the year through July as comwas substantially greater than the five-year average
decline of 4% from pared with the corresponding period of 1929.
June to July and the volume of employment was 21%
The trend in stocks conless
tinued downward during the month, while
the rate of stock turnover re1929, while the first seven months of 1930 was 14% behind than in July
mained
the
slower
first
seven
than
last
year.
Collection
s as measured by their ratio to
months of 1929.
accounts outstanding, were not quite so good
as a year ago.
In the lumber products industries, employment in July was
6% less than
Sales of shoes at retail by reporting dealers
and department stores fell
in June, which compares unfavorably with an average
June-to-july In- off more than seasonally in July from June, declining
83%, against an
Industry.
1326
FINANCIAL CHRONICLE
average recession for the month of 25% in the preceding four years;
sales totaled one-fifth less than in the corresponding month a year ago.
With Jew exceptions, all firms shared in these declines. For the seven
months of 1930, sales aggregated 8% below the same period of 1929, with
none of the dealers and only one-third of the department stores recording
a gain in the comparison. The dollar volume of furniture and house furnishings sold in July by reporting dealers and department stores of the
district declined 25% from the preceding month, as compared with a
usual seasonal recession of under 15%, and was 30% below a year ago;
installment sales by dealers totaled 22 and 35% less, respectively, in
the comparisons. Stocks in both of these lines of retail trade averaged
smaller on July 31 than a month previous, although those of shoes were
slightly larger than a year ago.
Chain stores reporting to this Bank sold slightly less merchandise in
July than in June or the corresponding month last year, although the
number of units operated increased in both comparisons. Of the groups
Included in the aggregate, grocery, drug, and shoe chains had larger sales
than in the preceding month, and drug, shoe, women's clothing, and cigar
chains sold more than a year ago; declines from June were reported by
the five-and-ten-cent, cigar, furniture, musical instrument, and men's and
women's clothing groups, and from last July by grocery, five-and-tencent, musical instrument, furniture, and men's clothing chains.
[voL. 131.
Uncertainty Hampers Trading in Rubber Says
F. R. Henderson Corporation.
Uncertainty continues to hamper trading in crude rubber
futures and prices have continued on the downward trend
during the past week, says the F. R. Henderson Corp. in
its weekly market summary, made available Aug. 25. It
says:
The uncertainty continues and until we get more definite news regarding
the attitude of the Dutch and British governments, it Is quite probable
that prices may go lower for want of stimulus, but one must not ovetlook
the fact that this level is much below the cost of production.
World stocks of crude rubber as of July 311930. we estimate at 420,000
tons, as compared with 409,000 tons at the close of the previous month.
Automotive Parts-Accessory Business Moderately
Lower.
July shipments of automotive parts-accessory manufacturers fell below June, as was expected, due to the general
DEPARTMENT STORE TRADE IN JULY 1930.
seasonal slowing up in the automotive field. Business of
suppliers of original equipment to the car and truck manuRatio of July
P.C.Change
Per Cent Change
1st 7 Mos
Collections
July 1930
facturers declined more than usual due to the fact that many
to Accounts
1930from
from
1st 7 Mos
Outstanding
July 1929.
of the car and truck plants were closed for inventory and
June 30.
1929.
Locality.
vacation periods during the last month and were not acceptNet
Net
Stocks End
ing shipments, according to the Motor and Equipment
Sales.
1930.
1929.
Sales.
of Month.
Association. August business is expected to hold up about
28.7
31.1
-3.1
--11.7
-19.0
Chicago
42.3
'35.9
--18.6
even with July. Sales of the group of member wholesalers
-27.3
Detroit
41.2
38.2
-15.1
-3.1
--7.7
Indianapolis
in the Association to the retail trade were slightly ahead of
-15.4
-0.1
--5.0
Milwaukee
30.2
13-.6
--7.6
-14.4
Other cities
June and may show a further slight increase for August.
34.1
37.9
Seventh District
--11.8
-4.9
-19.5
Member wholesalers business in July ran ahead of June in
nine of the 12 Federal Reserve districts and also in Canada.
Business Activity in San Francisco Federal Reserve The report continues as follows:
The grand index of shipments for all groups of manufacturer members
District in July at Lowest Levels of Year.
reporting their figures to the Association In July stood at 88% of the JanuBusiness activity in the San Francisco Federal Reserve ary 1925 base index of 100 as compared with 116 in Juno, 144 in May and
188 in July a year ago. Reports by divisions of member manufacturers'
district declined slightly during July to the lowest levels business in July
follows: Parts-accessory makers selling their products to
reached thus far this year. The chief recession was re- the car and truck- makers for original equipment made shipments aggre83% of the January 1925 base index as compared with 119 in June,
corded in trade activity, most other phases of business gating
153 in May and 205 in July 1929. Shipments to the trade by makers of
changing little from the low levels of June. We quote from service parts were 127% of the January 1925 base index as compared with
the survey of July conditions in the district made available 131 in June, 137 in May and 152 in July 1929. Accessory shipments to
the trade in July were 65% of the 1925 base figure as compared with 71 in
Aug. 27 by Isaac B. Newton, Chairman of the Board and June, 78 in May and
92 in July last year. Service equipment shipments,
that
is, repair shop machinery and tools, in July were 115% of the 1925
Reserve
Bank
of
Federal
Federal Reserve Agent of the
base as compared with 128 in June, 165 In May and 170 in July a year ago
San Francisco. Mr. Newton reports further as follows:
Midsummer weather has been favorable for crap development and for
harvesting in most parts of the District. Estimates of crop yield were
increased slightly during July and it now seems probable that total
agricultural production this year will be greater than in 1929, although
somewhat smaller than in 1928. Prices for most farm products of the
district are at the lowest levels in many years, and it is reported that
there is more than the usual tendency for producers to delay the marketing
of crops in the hope of obtaining better prices later in the year.
Industrial operations continued at about the same rate as in June, except
that fruit canning expanded seasonally. Building activity improved in
southern California and in Washington but declined in northern California
and Oregon. In such leading industries as petroleum production and copper
mining the voluntary curtailment programs In effect during June were
observed during July, and in lumbering there was a further sharp reduction
In output.
Trade was relatively dull during July. Sales of department stores
declined from June and wholesale trade failed to improve, while registrations of new automobiles increased moderately. Railroad freight carloadlags declined during the month, largely because of reduced shipments of
lumber, while water-borne intercoastal traffic increased as a result of a
large eastward movement of gasoline.
The rapidity with which the general level of commodity prices at wholesale has fallen has diminished during recent weeks, following a sharp drop
during July. Quotations on some commodities reached new low levels early
in August, but an upward movement since then in prices of certain agricultural products affected by the drouth in the mid-West has resulted in
slight increases in most weekly composite indexes of commodity prices.
The discount rate of the Federal Reserve Bank of San Francisco Was
reduced from 4% to 3%%, effective Aug. 8. Between July 15 and Aug. 15
there was a further easing in interest rates charged customers of commercial banks in the Twelfth District, reflecting at least in part the
ample supplies of funds available in both local and national money markets.
During the first half of August commercial loans of reporting member
banks fell off to the smallest volume since the spring of 1929, in contrast
with a sharp increase in loans on securities (chiefly to brokers and dealers
in securities outside this district) which approached the highest figure
on record.
August Crude Rubber Consumption Expected to Equal
that of July Despite Reports of Curtailment of
Tire Output.
Despite reports of curtailment at tire factories, August
consumption of crude rubber in the United States will total
approximately 30,000 tons, or about unchanged from July,
when consumption amounted to 29,894 tons, it was estimated
by Ambers of the Rubber Exchange of New York on Aug.
25. The announcement by the Exchange says:
This will bring rubber consumption for the first eight months of the year
to 279,775 tons, compared with 349,108 tons consumed during the same
period last year. During this month last year the industry consumed
38,274 tons, while in August of 1928 the consumption figure reached 42,925
tons.
Contrasting Conditions in Rubber Industry.
The Rubber Exchange of New York, under date of Aug.28,
says:
A survey of operations in the rubber manufacturing industry this week
reveals operations of a contrasting character. While some of the larger tire
making concerns have planned reduced operating schedules for September,
others are to maintain their present rate of activities.
In the rubber boot and shoe field, one manufacturer, the Servus Rubber
Co. has resumed operations at Its Rock Island, III., plant on a flve-day-aweek basis with a force of 800 men and women returning to work for the
first time since the July inventory.
Day and night operation was reported yesterday at the rubber reclaiming
plant of the Goodyear Tiro & Rubber Co. at Gadsden. Ala., whose product
Is used extensively in the manufacture of various rubber goods. Over 90%
of the output at Gadsden is shipped to Akron. Ohio.
Ford Plants at Long Beach (Calif.) and Richmond
(Va.) Resume.
From its Los Angeles bureau the "Wall Street Journal"
of Aug. 25 reported the following:
The Ford Motor Co. assembly plant at Long Beach has resumed normal
operations after a short period of suspended production. The current payroll of the plant is estimated by officials to be $200.000 monthly with
approximately 2,000 persons employed.
Present production calls for approximately 232 vehicles of all types daily.
This output is distributed to dealers in southern California and Arizona.
Capacity production of plant is approximately 325 motor vehicls daily.
A Richmond (Va.) dispatch to the same paper Aug.25 said:
Ford Motor Co. plant at Memphis, Tenn., has resumed operations,
with employment of 1,200 men. Production schedule calls for daily
output of around 150 units.
West Coast Lumbermen's Association Weekly Report.
According to the West Coast Lumbermen's Association,
reports from 227 mills show that a total of 123,165,273 feet
of lumber were produced, 124,817,229 feet ordered and 126,291,291 feet shipped during the week ended Aug. 16 1930.
The Association's statement follows:
COMPARISON OF CURRENT AND PAST PRODUCTION AND WEEKLY
OPERATING CAPACITY (349 IDENTICAL MILLS).
(All mills reporting production for 1929 and 1930 to date.)
142,875,478 feet
Actual production week ended Aug. 16 1930
174,014,868 feet
Average weekly production 33 weeks ended Aug. 16 1930
208.358.979 feet
Average weekly production during 1929
215,592,059 feet
Average production last three years
302,653,279 feet
Weekly operating capacity
a Weekly operating capacity is based on average hourly production for the twelve
last months preeeeding nalll check and the normal number of operating hours per
week.
Auc. 30 1930.]
FINANCIAL CHRONICLE
WEEKLY COMPARISON (IN FEET) FOR 227 IDENTICAL MILLS
-1930.
(AU mills whose reports of production, orders and shipments are complete
for the last four weeks.)
Week EndedAag. 16.
Ass. 9.
Aug. 2.
July 26.
Production
123,165.273 120,341,419 125.252,298 130,226,935
Orders (100%)
124,817,229 122,064,590 141,314,690 129,823,483
Rail (33%)
41,230.722
39,890,327 43,203,338
42.890,612
Domestic cargo (48%)
59.900,358
50.426,904
58,961,622
51,209,651
Export (11%)
14,279.154
19,076,056
23,894,359
25.481.545
Local 8%)
9,400,995
12,671,303
15,255,371
10,241.675
Shipments (100%)
126,291,291 107,050,602 146.579,727 131,581,837
Rail(34%)
42,786,917
42,438,614
46,772,172
48,749
.835
Domestic cargo 40%
51,013.728
31,176,256
53,343,930
40,538.853
Export (18%)
23.083.651
20,764,429
31,208.254
32,051.474
Local(8%)
9,406,995
12,671.303
15,255,371
10,241,675
Unfilled orders (100%)
391.140,008 394,726,624 385.607,759 394.647,880
95,280,208
Rail (24%)
98,463,271 101,402,461 106,215,192
Domestic cargo (48%)
186,678,022 178,687,956 163,041,056
Export (28%)
109,181,778 117,575,397 121,164,242 158,699,704
129,732,924
182 IDENTICAL MILLS.
(All mills whose reports of production, orders and shipments are complete for
1999
and 1930 to date.)
Average 33
Average 33
Week Ended
ltreeks Ended
Weeks
Aug. 16 1930. Aug. 10 1930. Aug. 17 Ended
1929.
Production (feet)
113,945,519
139,001,674
167,345,851
Orders (feet)
112,768,050
130,227,107
170,325.520
Shipments (feet)
118,505,283
137,924,168
170,808,052
DOMESTIC CARGO DISTRIBUTION WEEK ENDED AUG.9
'30 (124 mills)
Orders on
Hand BeOrders
Oleg Week Received.
Aug. 9 1930
Cancellations.
Shipmeats.
Unfilled
Orders
IVeek Ended
Aug.9 1930
Washington & Oregon
(97 Mills-)
California
Atlantic Coast
Miscellaneous
Feet.
Feet.
Feet.
Feet,
Feet,
61,950.799 12,713,022
155,748 17,050,971 57,456,102
77.225,141 31,163,667
238,600 11,070,166 97,083,642
4.078.280
435,415 1,692,000
397,527 2,424,168
Total Wash. dc Oregon 143,257,22044,311.104 2,085,748 28,518,664
156,963,912
Reporting dom. cargo
only (9 mills)
5,876.706 1.789,000
1,024,862 6,640,844
Totals
Brit. Col. (15 .1ffils)California
Atlantic Coast
Miscellaneous
149,133,926 46,100,104 2,085,748 29,543,526
163,604,756
1,889,000
556,000
7.934.496 3,629,800
2.748,208
141,000
Total Brit. Columbia_ 12,571.704 4,326,800
Reporting domes, cargo
only (3 mllls)
1,335,426
Totals
659,844
95,000 1,987,886
408,000
1,785,156
9.481,410
2,481,208
503,000 2,647,730 13,747,774
1,335,420
13,907,130 4,326,800
503,000 2,647,730 15,083.200
.r.t.t dornmtic cargo_ 163.041.056 50.426.904 2.588.748 32.191.256
178 657 Oka
Lumber Production
Curtailment Shown for
Eighth
Consecutive Week.
An improvement in the ratio between lumber orders and
production is indicated for the week ended Aug. 23 in
reports
of 878 leading hardwood and softwood mills to the National
Lumber Manufacturers Association. These reports
which
mark the eighth consecutive week in which output has
been
in fair relation to demand show that orders were 95%
and
shipments 98% of a total production at these mills of
279,275,000 feet. A week earlier 901 mills reported orders
87%
and shipments 91% of production, which amounted
to
295,510,000 feet.
Lumber orders reported for the week ended Aug. 23
1930,
by 610 softwood mills totaled 242,018,000 feet, or 4%
below
the production of the same mills. Shipments as
reported
for the same week were 246,447,000 feet, or 2% below
production. Production was 251,194,000 feet.
Reports from 289 hardwood mills give new
business as
23,729,000 feet, or 15% below production. Shipmen
ts as reported for the same week were 26,121,000 feet, or
7% below
production. Production was 28,081,000 feet. The
Association's statement further shows:
Unfilled Orders.
Reports from 487 softwood mills give unfilled orders of
725,426,000 feet.
on Aug. 23 1930, or the equivalent of 15 days'
production. This Is based
.
upon production of latest calendar year-300-day year
-and may be compared with unfulled orders of507 softwood mills on Aug.
16 1930.of 754,352,000 feet, the equivalent of 15 days' production.
The 371 identical softwood mills report unfilled orders
feet, on Aug.23 1930, as compared with 1.027,763,000 feet foras 664.512.000
thesame week
a year ago. Last week's production of 479 Identical
softwood mills was
233,967,000 feet. and a year ago it was 341.079,000 feet;
respectively 226.719,000 feet and 303,011,000; and ordersshipments were
453,000 feet and 303.418.000 feet. In the case of hardwoodsreceived 223,, 204 identIca1
mills reported production last week and a year ago 2
2.818,000 feet and
44,653,000;shipments 21,488,000 feet and 39.134,000;and
orders 19,249,000
feet and 41,422,000 feet.
West Coast Movement,
The West Coast Lumbermen's Association wired from
Seattle that new
business for the 228 mills reporting for the week ended
Aug. 23, totaled
132,690,000 feet, of which 56,460.000 feet was for domestic
cargo delivery,
and 15,788,000 feet export. New business by rail
amounted to 45.624,00
0
feet. Shipments totaled 136.894.000 feet, of which
53.853,000 feet moved
coastwise and intercoastal, and 22,885.000 feet
export. Rail shipments
totaled 45.338.000 feet, and local deliveries 14,818.000
feet.
orders totaled 386.555,000 feet, of which domestic cargo orders Unshipped
234.000 feet,foreign 102.129.000 feet and rail trade 95,192,000 totaled 189,feet. Weekly
capacity of these mills is 252.597,000 feet. For the
thirty-three weeks
ended Aug. 16. 139 Identical mills reported orders 6% below
production,
and shipments were 0.8% below production. The same mills
showed an
Increase in inventories of 3.5% on Aug. 16, as compared with
Jan. 1.
Southern Pine Reports.
The Southern Pine Association reported from New Orleans that
for 141
mills reporting, shipments were 2% below production, and
orders 3%
1327
below production and 1% below shipments. New business taken during the
week amounted to 45,612,000 feet, (previous week 43,659,000 at 142 mills);
shipments 46,200,000 feet, (previous week 45,003.000); and production
47.086,000 feet, (previous week 47,218.000). The three-year average production of these 141 mills is 68,094,000 feet. Orders on hand at the end of
the week at 125 mills were 121.632.000 feet. The 129 identical mills reported a decrease in production of 27%, and in new business a decrease of
26%, as compared with the same week a year ago.
The Western Pine Manufacturers Association,of Portland, Ore.,reported
production from 89 mills as 45,837,000 feet, shipments 35,121,000 and
new business 37,045,000 feet. Sixty-six identical mills reported a decrease
in production of 16% and a decrease in new business of 14%, when compared with 1929.
The California White & Sugar Pine Manufacturers Association, of
San
Francisco, reported production from 14 mills as 15.084.000 feet. shipments
10,666.000 and orders 9,906,000 feet. The same number of mills reported
production 19% less, and orders 44% less, than that reported for the same
period of last year.
The Northern Pine Manufacturers Association, of Minneapolis, Minn.,
reported production from 7 mills as 6,218,000 feet,shipments 3,565,000
and
new business 3,830,000. The same number of mills reported a decrease
in production of 23%,and a decrease in new business of 12%,in compariso
n
with a year ago.
The Northern Hemlock and Hardwood Manufacturers Associatio
n, of
Oshkosh, Wis., reported production from 21 mills as 2,161.000 feet, shipments 1,866,000 and orders 1,458.000. Nineteen identical mills
reported
a decrease of37% in production,and a decrease of21% in orders,
when compared with 1929.
The North Carolina Pine Association, of Norfolk, Va., reported production from 98 mills as 6,281.000 feet, shipments 7.349,000 and new business
6.331,000. Forty-nine identical mills reported production 39% less, and
new business 37% less, than that reported for the correspond
ing week of
last year.
The California Redwood Association, of San Francisco, reported
production from 12 mills as 5,633,000 feet, shipments 4.786,000 and
orders 5,146.000. The same number of mills reported a decrease in production
of 31%
and a decrease in orders of 40%, in comparison with 1929.
Hardwood Reports.
The Hardwood Manufacturers Institute, of Memphis, Tenn.,
reported
production from 288 mills as 25,738,000 feet. shipments 24,338,000
and
new business 22,490,000. Reports from 185 identical mills reported
a decrease in production of 49%, and a decrease in new business of 47%,
when
compared with a year ago.
The Northern Hemlock and Hardwood Manufacturers Association,
of Oshkosh, Wis., reported production from 21 mills as 2,343,000 feet,
shipments 1,783,000 and orders 1,239,000. Nineteen identical mills reported production 45% less, and orders 83% less, than that reported for
thesame period of last year.
CURRENT RELATIONSHIP OF SHIPMENTS AND ORDERS TO PRODUCTION FOR THE WEEK ENDED AUG. 23 1930 AND FOR 34
WEEKS TO DATE.
Association.
Produclion.
(M. Ft.)
ShipP. C.
P. C.
ments.
of
Orders.
of
(M.Ft.) Prod. (M. Ft.) Prod,
Southern Pine:
Week-141 mill reports
47,086
46,200 98
34 weeks-4,798 mill reports
1,923,492 1,784,643 93
West Coast Lumbermen's:
Week-228 mill reports
122,894
136,894 111
5,101,723 4,992.278 98
34 weeks-7,388 mill reports
Western Pine Manufacturers:
Week-89 mill reports
45.837
35,121 77
34 weeks-3,098 mill reports
1,427,587 1,227,418 86
California White & Sugar Pine:
Week-I4 mill reports
15,084
10,666 71
34 weeks-845 mill reports
644,813
693,027 107
Northern Pine Manufacturers:
Week-7 mill reports
6,218
3,565 57
34 weeks-263 mill reports
162,011
138,251 85
No.Hemlock & Hardwood(softwood)
Week-21 mill reports
2,161
1,866 86
34 weeks-1.057 mill reports
111,145
76,201 69
North Carolina Pine6,281
Week-98 mill reports
7,349 117
302,526
34 weeks-3,732 mill reports
296,567 98
California Redwood:
5,633
Week-12 mill reports
4.786 85
34 weeks-497 mill reports
233.903
214,374 92
Softwood total:
Week-610 mill reports
251.194
246.447
34 weeks-21,678 mill reports- 9,907,800 9,422,759
Hardwood Manufacturers Institute:
Week-268 mill reports
25,738
24,338
1,151,140 1,030,133
34 weeks-8,765 mill reports
Northern Hemlock & Hardwood:
Week-21 mill reports
2,343
1,783
252,092
34 weeks-1,057 mill reports
153,575
Hardwood total:
NN, eek-289 mill reports
34 weeks-9,822 mill reports
Grand total:
Week-878 mill reports
34 weeks-30,443 mill reports
28,081
26,121
1,403,232 1,183,708
279,275
272.568
_ 11,311,032 10,606,467
45,612
1,755,360
97
91
132,690 108
4,920,006 94
37.045
1.188,291
91
83
9,906 66
698,761 108
3,830
132,254
62
1,458
69,274
67
62
81
6,331 161
241,391 80
5,146
217,029
91
93
98
95
242,018
9,222,366
96
93
95
89
22,490
988,379
87
86
76
61
1,239
125,532
53
50
93
84
23.729
1,113,911
85
79
98
265,747
94 10,336,277
95
91
The Crops in the Dominion of Canada.
With the co.-operation of agriculturists of the Dominion
Department of Agriculture and of the statisticians of the
Provincial Departments of Agriculture, the Dominion Bureau
of Statistics issued on Aug. 27 the eleventh of a series of
12 weekly telegraphic reports on the crop situation, as follows:
General Conditions.
Western telegraphic reports received this morning are more
optimistic
because of rapid completion of harvesting, considerable threshing of high
grade wheat, and generous precipitation In many districts to help
late crops
and pastures. The new wheat is now being marketed in some
volume,
considerably earlier than last year. Temperatures have
remained well
above the frost level and the Dominion Rust Research
Winnipeg wires that the rust situation is unchanged since Laboratory es
the last report.
Since our report of the 19th daily advices of the
Meteorological Service
show that the weather in the West has been fairly
hot, with frequent
thunderstorms and some soaking rains. In the last
two days,
temperatures
have become considerably lower. Nearly all parts
of
Alberta received precipitation which will promote
nd
better
yieldsewana
Saskatch
of latesown crops and pastures and in some districts will
set
up
a
reserve
1931 crops. Manitoba received only light showers
in most areas and
droufthor
1328
FINANCIAL CHRONICLE
[VOL. 131.
"1. If the program outlined in 2, 3 and 4 hereinbelow can be effectively
is still a general complaint in that province. The harvest is proceeding
the previous arranged, Cuba will limit her exports to the United States so that:
satisfactorily, although cutting has been hindered more than in
"(a) They will not exceed 2,800,000 long tons in the calendar year 1931.
week of ideal weather.
as in the
"(b) During the calendar year 1932 Cuban exports to the United States
The late growing season in Manitoba has not been as favorable
high yields has will be limited to 2,800,000 long tons, plus whatever increase in consumption
two provinces further west, so the early promise of very
higher than those of may be shown to have taken place in the United States in the calendar year
not been maintained. The average yield will still be
good over the 1931 over the consumption during the calendar year 1930.
Saskatchewan and Alberta and the crops are More uniformly
"(c) During 1933 Cuban exports to the United States will be limited to
of late grain crops.
province. Drouth and rust continue to reduce the yields
need of rain. Cut- the amount fixed by the provisions of paragraph (b) above, plus whatever
Pastures and land to be fall ploughed are greatly in
proceeding rapidly in the increase in consumption may be shown to have taken place in the United
ting is practically completed and threshing is
States in the calendar year 1932 over consumption of the calendar year 1931.
dry weather.
"(d) During the calendar years 1934 and 1935 Cuban exports to the
completion and threshing
In Saskatchewan, binder cutting is nearing
favorable as in Mani- United States will be limited to the amount fixed by the provisions of paraIs under way. Harvesting weather has not been as
for their beneficial effect on late graph (c) above, plus one-half of whatever increase in consumption may be
toba. but the showers have been welcomed
shown to have taken place in the United States in each of the years 1933 and
nt.
crops. The feed situation shows an improveme
south,80% in the centre, and 1934 over the years 1932 and 1933. respectively.
In Alberta, 50% of the wheat is cut in the
"(e) Not less than 1,000,000 long tons of sugar will be segregated from
Good rains have greatly
binding is under way in the Peace River country.
been restored and green the Cuban crops of 1930 or 1931, to be sold during the 5-year period, but
Improved the live stock situation. Pastures have
The earlier promise of high none of it will be sold in the United States.
feed encouraged to new growth and filling.
"2. The crops of the United States beet growers and the planters of
the southeast and central
yields in the north and west continues, while
Louisiana, Porto Rico, Hawaii and the Philippines Island during the years
regions will harvest light crops of good quality.
1931, 1932 and 1933 shall not exceed the crops made by these respective
REPORTS FROM CORRESPONDENTS.
growers and planters in 1930.
Manitoba.
Plans for Year 1934.
week, weather hot, few local
"5. In the calendar year 1934 the crops of the United States beet growers
Department of Agriculture, Winnipeg—Past
Threshing in progress.
cut.
mostly
Crop
Porto Rico, Hawaii and Philippine Islands
dry.
Louisiana,
of
generally
planters
the
of
and
showers but
of frost. Liberal supply winter shall not exceed the crops made by these respective growers and planters in
Work advancing rapidly. Entire absence
plowing.
aid
to
the calendar year 1930. plus one-half of whatever increase in consumption
feed. Good rain needed soon
Rapid progress made in
Experimental Farm, Brandon.—Weather dry.
may be shown to have taken place in the United States in the calendar year
and quality better than antici1933 over the calendar year 1932.
saving crops. In south of province, yield
good
of
percentage
good
with
pated. Wheat going ten to thirty bushels,
"4. In the calendar year 1935 the crops of the United States beet growers
Later maturing crops adyields. In north, rust damage quite serious.
and of the planters of Louisiana. Porto Rico. Hawaii and the Philippine
drouth.
prolonged
exceed the amount fixed by the provisions of paragraph (3)
versely affected by
Yields of Islands,shall not
Experimental Station, Morden.—Threshing well advanced.
above, plus one-half of whatever increase in consumption may be shown to
twentybarley
ninety,
to
forty
wheat variable, fifteen to forty bushels, oats
have taken place in the United States in the calendar year 1934 over the
one northern, barley sample
this paragraph (4) and in the preceding paragraph
five to fifty. Early wheat grading mostly
poor. calendar year 1933. In
Pastures
rust.
by
affected
oats
and
wheat
good, oats fair. Late
(3) the beet crop and the Louisiana crop are assumed to fall entirely within
help.
Sufficient
up.
Corn drying
the calendar year in which they begin.
Saskatchewan. •
"The crops of Cuba, Hawaii. Porto Rico and Philippine Islands are
cutting finished. Threshing assumed to fall entirely within the calendar years in which they end.
Experimental Station. Swift Current.—Binder
the planters of Porto
has been retarded by showers.
"5. A plan shall be worked out between Cuba and
and combining well started, but progress
yield of about ten bushels in Rico and the Philippine Islands looking to an orderly distribution of the
Threshing returns so far indicate average
months of each year in cofour, average two.
respective crops from such sources over the 12
district near Swift Current. Grades one to
hot, dry weather with scat- operation with the Hawaiian beet sugar growers.
Experimental Station. Rosthern.—Continued
to any questions
threshing general. Wheat yielding
6. A committee shall be formed to consult with respect
tered rains. Cutting completed and
. Wheat grading one. which may arise out of the proposals above outlined.
eighteen bushels, oats thirty, barley twenty-five
al
"7. Cuba will use its best efforts to further an internation conference
two and three.
Alberta.
among the producers of the world other than the American producers with a
cutting well advanced in view to a general stabilization of the industry."
Department of Agriculture. Edmonton.—Wheat
week, will
The conferences, which are expected to last during the current
of province, and under way at
southern Alberta. general in central part
rn Alberta: also below average be resumed this morning at Mr. Chadbourne's offices. 25 Broadway.
southeaste
in
light
Yield
points.
all northern
better on irrigated land. Northern
on spring plowing in central Alberta, but
As to the conference on Aug. 27 we quote the following
bushels per acne on sumand western sections estimate thirty to thirty-five caused short crops and
the "Times" of Aug. 28:
from
spring
this
winds
high
and
Drouth
merfallow.
River reports recent dry period
"We are highly satisfied," said Mr. Chadbourne, "that this conference
uneven ripening in some districts. Peace
Recent
not
affected.
wheat
but
will lead to excellent results. We have decided, for the present at any rate,
slightly reduced yield of oats and barley,
pastures and green feed. Sugar to split the general conference into small meetings and to thresh out the
fairly general rain over province improved
everyproblems that are confronting the sugar planters and manufacturers
beets and potatoes doing well.
.—Fifty per cent of wheat where
this part of the world. The general conference will later be reSupervisor of Illustration Stations, Lethbridge
week
next
be
general
will
threshing
cut in southern Alberta. Separator
Quality of grain threshed particuFrank H. McIntyre,trade commissioner of the Philippines in this country
Weather ideal for harvesting operations.
ow fifteen to thirty bushels, second and adviser to the Philippine Sugar Association, left yesterday for Washinglarly high. Yields from summerfall
Crop
beet prospects excellent.
ton, but is expected to return to attend the conferences in a few days. The
crop twelve bushels to nothing. Sugar
other 30 members of the committee are remaining in New York until the
more mature than usual.
weather during August rushed close of the conferences, which are expected to last for the balance of the
Experimental Station, Lacombe.—Hot, dry
grades. 2.4 inches rain since week.
ripening all crops, but lowered yields and
of
ripe,80% cut. Twenty per cent oats
The seriousness of the situation was discussed yesterday by members
Aug. 16 delaying cutting. All wheat
crops, but will help reseeded the committee, who pointed out that four of the eight sugar factories in
grain
for
late
and 10% barley cut. Rain too
Michigan had closed and that in Louisiana, where normally 300,000 tons
green feed.
since last report cool with are produced each year, only 170.000 tons were being manufactured at the
Experimental Sub-Station Bcaverlodge.—Weather
Cutting
filling but retarding maturity.
present time.
occasional sprinkles, favorable to
one of the
and a few growers of early varieties nearly
The fear of indiscriminate dumping of surplus sugar has been
well under way in most districts
grades
and
yields
done,
cutting
premature
main reasons for the calling of the present conference, said Mr. Chadbourne
through harvesting. Some
Barring further frosts, wheat should average Yesterday. In all parts of the world there has been overproduction, and
doubtless reduced thereby.
of the Atlantic but in Jaya
the Peace and oats forty or better.
stabilization is not only necessary on this side
twenty-five bushels throughout
and at other points, where the supply outmeasurcs the demand. Markets
to like China and India. where internal strife has interfered with normal
Conferences Held in New York on Cuban Proposal
business, have become demoralized, he added.
ExLimit
Also
ld
ion—Wou
Product
Curb Sugar
A hopeful sign was indicated yesterday with a flood of inquiries from
China, where the results of the conference apparently are awaited with
ports to United States.
hoped will result in a series of interest.
The first step in what it is
The conferences were continued on Aug. 28, the "Times"
the sugar industry of
International agreements to stabilize
thereto in part as follows:
e
referring
conferenc
a
26,
at
Aug.
on
Cuba
the world was taken by
Following several small committee meetings yesterday, Mr. Chadbourne
atives of the
of
represent
Biltmore
the
at
York
New
held in
announced that excellent progress had been made and that the members of
States and its insular the committee were more than ever convinced that the situation within the
sugar industry of Cuba and the United
in reporting this, sugar industry must be adjusted.
possessions. The New York "Times"
"To put it baldly," he said, "it is a case of regulate or die. We have
:
following
the
in
proposal
a spirit of co-operation among the American growers, especially the
found
Indicated the
Rico, the
growers from Cuba, Porto
Addressing about 30 beet and cane
Dr. Viriato Gutierrez, member of the
Philippines and the United States,
limit sugar exports to relive the AmerCuban Senate, outlined a proposal to
restriction in output, but suggested a
ican growers. In return he asked no
ask," he said, "that they do not rush
steadying of production. "We only
only result in a return and accentuInto a campaign of increases, which can
ation of the present demoralization."
Outlines Conditions.
in the present situation was emThat a drastic change must be made
e,
of the law firm of Chadbourn
phasized by Thomas L. Chadbourne,
conference. In outlining the general
Stanchfield & Levy, chairman of the
state of affairs he said:
industry of the world is demoral"In common with many others,the sugar
approximating more than $6,000,ized. An aggregate capital investment
suffers from overproduction and
000,000 is to-day not earning its keep. It
underconsumption.
presented by Dr. Gutierrez. and
Mr. Chadbourne alluded to the plan as
about an economic equilibconcluded by saying that if this plan for bringing
the United States, in
rium were accepted it would benefit growers in 28 of
Porto Rico, Hawaii and the Philippines.
Cuban Proposal Read.
met with
Dr. Gutierrez then read the following proposal, which was
approbation by those present:
smaller ones, who fear that a prolongation of the present demoralization
will completely exterminate them. We have encountered no real obstacles
and our progress has been more than we hoped for. The belief is strong
will a
among those who have taken part in the conferences that not only
made
method be worked out for the American market but a real advance
affect
toward correcting the present unfortunate world conditions, which
Czechothe growers of Germany, France, Poland, Hungary, Belgium,
is a great
slovakia and the Netherlands, the latter of which, through Java,
factor in sugar cane production."
The meetings, it was announced, will be continued for several days.
The same paper quoted Dr. Gutierrez as stating on Aug.28: ,
up with
"Cuba proposes a method of permitting consumption to catcti
United States
production and is trying to follow the same policy which the
United
the
of
Federal Board is trying in helping the wheat and grain growers
sugar and does
States. Cuba respects the United States tariff in regard to
al conference
not ask that it be changed. We expect to have an internation
s."
and to secure the co-operation of both growers and government
Plan.
Louisiana Opposes Cuban Curtailment
Aug. 26
Orleans,
An Associated Press dispatch from New
stated:
AUG. 30 1930.]
FINANCIAL CHRONICLE
Ernest A.Ilurguieres of the American Sugar Cane League of U.S. A.,Inc.'
speaking here to-day in behalf of the league, said that the larger sugar concerns of Louisiana were uniformly opposed to the curtailment program advanced by Cuban sugar interests as a means of restoring higher prices.
Hawaii Backs Sugar Plan.
The following is from the New York "Evening Post" of
Aug. 28:
The Hawaiian Sugar Planters Association,representing the sugar industry
In Hawaiian Islands. has cabled its promise to adhere to any practical plans
evolved during the present conference designed to lead to the international
conference attended by delegates from sugar production areas of the world.
Cuban Sugar Sold in Java—Sales to China.
The following is from the New York "Times" of Aug. 27:
Cuban sugar producers have been able to undersell Java in the latter's
market as a result of the present low price of raw sugar In the Western
Hemisphere, according to the weekly summary of the sugar market by
B. W. Dyer & Co.
Dyer & Co. reported also that 21,500 tons of Cuban sugar had been sold
to China within the last week. The bulk of this suagr, the first important
sale to China this season, was sold at 1.04 cents a pound, according to the
New York sales committee.
1329
Goodyear Tire & Rubber Co. Cuts Salaries 10%.
Associated Press advices from Akron, Ohio, Aug. 28, said:
A 10% salary cut for all sales and office employees of the Goodyear Tire
& Rubber Co. was declared to-day by P. W. Litchfield, President. to
"merely parallel the wage adjustment in the factory."
Mr. Litchfield said tho cut enabled the company to retain as many as
possible on the payroll and that the salaried worker enjoys a present advantage in a greater purchasing power of the dollar.
Reduction in Wages of Iron Puddlers.
Youngstown,(Ohio) Associated Press dispatches Aug. 28,
stated:
Iron puddlers working under the sliding-wage scale of the Amalgamated
Association of Iron, Steel & Tin Workers will receive a reduction of 70 cents
a ton, under the hi-monthly settlement announced to-day.
The average price of bar iron was found to have been $1.80 a 100 pounds
during the July-August period as compared with $1.90 in the May-June
period, resulting in the reduction of wages from $11.30 to $10.60 a ton.
Many Shops Vacant on New York's East Side—Survey
Shows That of 12,764 in Lower Section More Than
2,000 Are Untenanted—Specialty Centers Gain.
Of the 12,764 stores on the lower east side, a total of
2,013, or more than 15.5%, are vacant, according to a survey
Some Improvement Probable in Outlook for Beef of the retail and wholesale district completed this week
Cattle, Says Department of Agriculture.
by the East Side Chamber of Commerce. We quote from
Economic conditions in the cattle industry are likely to the New York "Times" of Aug. 28, which said:
The area surveyed extends from New Chambers St. to 14th St. and from
improve in the next twelve months, according to the beef3d Ave., Cooper Square, the Bowery and Park Row to the East River.
cattle outlook report issued by the Bureau of Agricultural
Three hundred kinds of businesses were tabulated on the 83 streets and
Economics, United States Department of Agriculture. In 500 blocks reported in the survey. Despite the large number of vacancies,
some of the specialty centers have shown a gain in recent years, the report
a survey Aug. 26 the Bureau says:
the wholesale
indicated.
Market supplies of cattle in the next five or six months probably will be
about the same as a year ago, but supplies of fed cattle during the first half
of 1931 are expected to be smaller than in 1930. Demand for stockers
and feeders this fall will not equal that of last year, and for that reason
slaughter is likely to be somewhat greater.
Prospects favor a continuation oflow imports of both live cattle and calves
and of fresh and frozen beef and veal. Consumer demand for beef probably will improve somewhat in the next six months with the advent of
cooler weather, especially if there is an improvement in industrial activity.
Prospects favor a material advance in cattle prices in the next 12 months.
Cattle production has expanded moderately since the low point in numbers was reached in 1928. Reduced demand for beef owing to unfavorable
business conditions, together with a declining price level for all commodities,
has caused a marked decline in cattle prices in the year just past. By midAugust of this year prices of all grades had declined below the low levels
of 1926, and prices of slaughter steers were 38% below the level of 1929.
This decline, which carried the market to the lowest levels in five years,
accompanied the smallest marketings and the smallest inspected slaughter
since 1921.
Although feed crops have been reduced somewhat by drouth, the areas
affected and the numbers and distribution of livestock are such that.
barring further material crop damage, there seems to be no justification
for any extensive liquidation of livestock. In those sections of the corn
belt where most of the cattle are fed, supplies of hay and feed grains other
than corn are fairly large. Although corn production has been reduced
materially, the crop in the principal cattle-feeding areas will be relatively
better than in other sections. Recent rains have greatly improved corn
belt pastures. The deficiency in the supply of coarse grains may be made
up in part by feeding wheat where the relation of the price of wheat to
that of other grains makes it desirable to do so.
The feed situation is most serious in the South Central States which
produce only a small part of the cattle supply. Even there the seriousness
of the situation may be relieved somewhat by the reduction in freight
rates on feed, hay and livestock which has been put into effect for the
drouth areas.
Range conditions in a few of the important cattle States are poor, and
prospective supplies of feed and forage are short. From such areas heavy
marketings of cattle are likely to occur this fall, since there seems to be
little disposition to contract further obligations for the purchase of feed
with which to carry increased numbers of cattle. Increased marketings
from these areas will be offset to a large extent by decreases in other sections
where range and feed conditions are favorable for carrying cattle through
the winter.
In previous years of short corn crops and declining cattle prices there
has been a pronounced tendency for cattle feeders to curtail feeding operations. This resulted in smaller supplies of fed cattle—particularly long-fed,
well-finished cattle--coming on the market the following year, and this in
turn caused a marked advance in the prices for such cattle. The movetalents of cattle prices after the harvesting of a short corn crop were especially favorable for well-finished cattle marketed in the late fall after the
harvest and in the following summer, and for the lower grades marketed
In the spring.
New York Raincoat Makers Reject New Agreement
Calling for Wage Cut.
A wage cut affecting 1,200 Now York raincoat makers was
demanded on Aug. 24 by the Association of Raincoat Manufacturers as a proviso for a new agreement with the Raincoat
Makers' Union Local 20 of the International Ladies' Garment
Workers' Union, superseding the contract which expired on
Aug. 1. We quote from the New York "Times" of Aug. 25,
which said:
The demand was summarily rejected by Benjamin Schlesinger. President
of the International Union.
Since the expiration of the agreement, the shops affiliated with the manufacturers' association have been operating under the terms of the old
agreement. Manufacturers, according to Ben Fliegel, President, of 520
Sighth Ave., complain that they cannot stand the competition ofnonunion plants, employing cheaper labor, which, within the last few years
escape union supervision.
have moved out of town to
Among these was
produce center on Attorney
St., between Rivington and Houston Sts., where 34 stores were found
to be in operation. Division St. showed a total of 79 cloak and suit shops
and East Broadway 26 fur firms.
Independent Shops Predominate.
The independent merchant continues to hold sway throughout the
district with less than 1% of the 10,751 tenanted shops occupied by retail
chain store units, although some of the latter have met with good success.
"Along the side streets, including East 1st St. to East 6th St. and from
Avenue A down to the waterfront, store rentals in many cases have fallen
to prewar levels or even lower," said Joseph Platzker, Secretary of the
Chamber. "Delancey St., however, particularly on its north side and
from Allen to Clinton St., continues to hold the rental leadership, with
front-foot rentals of from $300 to $550. Rentals as high as $250 or $300
were reported for some stores on Avenue A, East Broadway, 1st Ave..
2d Ave., Orchard, Grand. Essex, Canal, Division and East 14th Sts.
"The heavy list of store vacancies is an argument in the proposal of this
organization for vital changes in the zoning ordinance as it applies on the
lower east side. Not a single through street or avenue in this section is
restricted to residence.
New Space Called Unrentable.
"The number of stores is increasing, but the survey indicates that new
apace cannot be absorbed under present conditions and only adds to the
difficulties of existing merchants and property owners.
"Much interest has been displayed recently in the reported purchase by
three syndicates of a number of old tenements in the district lying between
the Brooklyn and the Manhattan Bridges, where most of the stores are
leased for short terms.
"Unusually low vacancy records are shown for space in Chatham Square.
Cooper Square, Avenue B,1st Ave., 3d Ave.,Chrystie, Forsyth, Rivington,
Hester and Orchard Sts.
"Seventy-four men's clothing shops are located on Stanton St., 33 on
Canal and 16 on Hester St. Along Avenue A are 22 furniture stores,
and there are 16 brass and copper shops on Allen St. Clinton St. has 29
millinery and 20 lingerie shops."
European Linoleum Trust Reduces Prices.
From Frankfort on the Main, a cablegram Aug. 22 to the
New York "Journal of Commerce" said:
The linoleum trust has reduced its prices to the level prevailing in the fall
of 1929 as a result of the intervention of the Minister of Economics of the
Reich. This is in line with the new governmental policy looking to stricter
regulation of cartel practices, it is pointed out.
In addition the German Post Office administration has threatened to
withdraw all orders from the cement cartel because of the allegedly insufficient price reduction it has made.
These moves are said to be part of a general program that the Government
is carrying out to force reduction in commodity prices which have been
artificially maintained by trade organizations. Similar coercive steps are
going to be taken in other directions, according to official indications.
The new cartel regulations are permitting the Government to put teeth
into its price reduction program.
Petroleum and Its Products—Expect Further Cuts in
Production to Carry Forward Stabilization Program—Operators Swinging Into Line on Proration
—California Operations Curtailed.
There were no important developments in the crude oil
division of the market this week, from a price standpoint,
but scattered reports from important production territories
make it evident that determined efforts will be made during
the fall and winter season to further cut production schedules
to make effective the program of stabilization which
the
producing and refining branches of the industry have
undertaken.
While isolated instances of defiance of
proration orders
are still reported, resistance to this compulsory
curbing of
operations is dwindling and producers are
gradually
1330
big into line with cooperation in the industry's curtailment
program. It is generally believed that further drastic cuts
will be necessary if the industry is to go through the winter
months, the season of lowest consumption, in anything like
stable position.
California oil operations are falling off, only 47 new well
completions being reported for July, with aggregate daily
Initial flow of 33,586 barrels, as contrasted with 52 completions, with initial output of 45,522 barrels in the preceding
month and 91 completions, with average aggregate daily
output of 133,796 barrels, in July last year. There were
9,440 oil wells actively producing in California on July 31,
a drop of 6 from the previous month and 965 less than on
July 31 1929.
Pennsylvania producers, stimulated by the advance in
crude prices during the preceding week, made further progress in curtailing their production, reporting 6,032 barrels
daily in the Alleghany district during the week ended Aug.
23, against 6,396 barrels per day in the previous week and
6,888 barrels for two weeks previous. It was reported that
more than 85% of the producers in the Alleghany district
have pledged their cooperation in continuing the 30% curtailment program previously made effective.
In the Mid-Continent and Gulf areas, leading companies
were stressing the unit plan of operation as the solution for
overproduction of crude from newly discovered areas, with
indications pointing to a more general utilization of this
method of operation in the future.
Prices of Typical Crudes per Barrel at Wells.
(All gravities where A. P. I. degrees are not shown.)
$2.45 Smackover, Ark., 24 and over
Bradford, Pa
1.50 Smackover. Ark.. below 2
Corning. Ohio
1.35 Eldorado, Ark., 34
Cabeil, W. Va
1.45 Urania, La
Illinois
1.53 Salt Creek, Wyo., 37
Western Kentucky
1.23 Sunburst, Mont
].lidcontinent, Okla., 37
.80 Artesia, N. Mex
Corsicana, Texas, heavy
.87 Santa Fe Springs, Calif., 33
Hutchinson, Texas. 35
1.00 Midway-Sunset, Calif.. 22
Luling, Texas
1.20 Huntington, Calif.. 26
Spindletop, Texas, grade A
1.05 Ventura, Calif.. 30
Spindietop, Texas. below 25
.65 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
MARKET
REFINED PRODUCTS-GASOLINE SALES GAIN BUT
WEAKENS AS CLOSE OF PEAK CONSUMPTION SEASON
NEARS-REFINERS STILL DRAWING AGAINST GASOLINE
STOCKS-FUEL OIL OUTLOOK IMPROVED-LUBRICATING
OIL PRICES WEAK.
The Eastern gasoline market is a study in contrasts with
consumption running into record totals and prices declining
In the face of this development. The Labor Day holiday
normally marks the close of the season of heaviest consumption of motor fuel, and with this time at hand the sentiment
of the market has turned definitely bearish.
The posted price for U.S. Motor continues at 9 to 10 cents
per gallon at Eastern refineries, but 83 cents is freely being
done and considerable gallonage has been placed this week
as low as 83. cents per gallon.
Further substantial declines in refinery holdings are reported this week and it is probable that with continued
curtailed operations at the refineries refiners will draw
against stocks to take care of current sales for several weeks
to come. It is generally felt in the refined products market,
however, that further curtailment will be necessary at
Eastern refineries during the Winter months, as indications
point to continued heavy shipments of California and South
American gasolines into domestic Atlantic seaboard markets.
Reports from Group 3 territory report the closing down of
several fair-sized refineries in the Mid-Continent area, and
It is expected that other shut-downs will be reported during
the nest several weeks. Under existing market conditions,
refiners are showing a tendency to close down older plants
and concentrate refining operations in the newer refineries
equipped with cracking apparatus and other more modern
refining facilities.
The fuel oil outlook has been improved in the East this
week by reports that several large utility companies, among
them Consolidated Gas Co. of New York, are using this
oil in the manufacture of artificial gas in place of the more
expensive gas oil. While this is still in the experimental
stage, it is stated in oil circles that the cheaper bunker oil
has worked satisifactorily in artificial gas manufacturing
operations and that a definite trend toward the use of this
oil will be witnessed in the near future. The approach of
colder weather has also stimulated buying interest in fuel
oil for domestic oil heating units, and indications point to a
record volume of business in this field during the Winter of
1930-31.
Lubricating oil prices have shown sharp price declines
during recent weeks and the current level of prices is the
lowest reached in several years. This is attributed to over-
[Vol.. 131.
FINANCIAL CHRONICLE
production on the part of Pennsylvania refiners of cylinder
oils, accompanied by lessened export demand.
Gasoline, D. S. Motor, Tank Car Lots. F.O.B. Refinery.
084
N.Y.(Bayon'e)$.083i0.10 N.Y.-Sinclair Ref_ .08)4 California
Los Angeles. export- .074
Colonial-Beacon__ .09
Stand. 011, N.J. .09
Carson Pet
.8)4 Gulf Coast, export__ .084
Stand. 011, N. Y.. .098
North Louisiana.... .07)4
.09
Crew Levick
Tide Water011 Co. .084
.064
.064 North Texas
Richfield Oil Co__ .094 West Texas
.os
.094 Oklahoma
Chicago
Warner-Quinl'neo __
094
.074 Pennsylvania
Pan-Am.Pet. Co_ .094 New Orleans
Arkansas
.06%
Shell Eastern Pet_ .10
Gasoline, Service Station, Tax Included.
Minneapolis
3.182
5.19
3.183 Cincinnati
New York
.195
New Orleans
.18
.21
Denver
Atlanta
.21
.188 Philadelphia
.22
Detroit
Baltimore
.201
San Francisco
.18
Houston
.20
Boston
.195
Spokane
.24
Jacksonville
.15
Buffalo
.18
.179 St. Louis
Kansas City
15
Chicago
Kerosene, 41-43 Water White, Tank Car Lots, F.O.B. Refinery.
3.0714
3.054 I New Orleans
N.Y.(Bayonne)$.07@.074 Chicago
.0654
.054 Les Angeles. export_ .054'Tulsa
North Texas
Fuel 011, 18-22 Degrees, F.0.13. Refiners, or Terminal.
$.75
3.85'Gulf Coast
New York(Bayonne)$1.15 Los Angeles
.56
.95[Chicago
2.00 New Orleans
Diesel
Gas Oil, 3244 Degrees, F.O.B. Refinery or Terminal.
5.03
$.03 I Tulsa
N.Y.(Bayonne)___$.0531 !Chicago
Weekly Refinery Statistics for the United States.
According to the American Petroleum Institute, companies aggregating 3,525,400 barrels, or 95.6% of the 3,686,400 barrels estimated daily potential refining capacity of
the plants operating in the United States during the week
ended Aug. 23 1930, report that the crude runs to stills for
the week show that these companies operated to 72.4% of
their total capacity. Figures published last week show that
companies aggregating 3,528,400 barrels, or 95.7% of the
3,686,400 barrels estimated daliy potential refining capacity
of all plants operating in the United States during that week,
but which operated to only 72.6% of their total capacity,
contributed to that report. The report for the week ended
Aug. 23 1930 follows:
CRUDE RUNS TO STILLS-GASOLINE AND GAS AND FUEL OIL STOCKS
WEEK ENDED AUG. 23 1930.
(Figures in Barrels of 42 Gallons
porta.
Per Cent
Potential
covacou
Reporttag.
East Coast
100.0
Appalachian
91.8
Ind., Ill., Kentucky
99.6
Okla., Kansas, Missouri 89.3
Texas
90.4
Louisiana-Arkansas_ __ _ 96.8
93.6
Rocky Mountain
99.3
California
Crude
RIIIIS
is
Stills.
Per Cent
Oyer.
of Total
Capacity
Report.
Gasoline
Gas
and
Fuel
Oil
Stotts.
3,588,000
628,000
2.120,000
1,810,000
4,085,000
1,174,000
445,000
4,013,000
84.2
76.0
79.5
62.7
81.9
64.0
45.7
64.3
5,555,000
1,324,000
6,356.000
3,157.000
6,169,000
1,356,000
2,141,000
13,784,000
10,622,000
1,014,000
4.408,000
4.860,000
10,439,000
1,849.000
1,212.000
105,562.000
stocks.
Total week Aug.23
Daily average
95.8
17,861,000
2,551,600
72.4
39.842,000
139,966,000
Total week Aug. 16._._
Daily average
95.7
17.939,000
2,562,700
72.6
41,252,000
139,160,000
Total Aug. 24 1929-Daily average
93.5
18,965,000
2,709.300
88.2
32,397,000 .140,758,000
100.0
Texas Gulf Coast_x
Louisiana Gulf Coast_x 100.0
3,100.000
810.000
84.1
78.4
4,927,000
1,048,000
7,524.000
1,097,000
•Final revised. x Included above In the totals for week ended Aug. 23 193001
their respective districts.
Notes.-All crude runs to stills and stocks figures follow exactly the present Bureau
of Mien 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 runs 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 Output in United States Increases.
The American Petroleum Institute estimates that the
daily average gross crude oil production in the United States,
for the week ending Aug. 23 1930, was 2,470,500 barrels,
as compared with 2,463,550 barrels for the preceding week,
an increase of 6,950. Compared with the output for the
week ended Aug. 24 1929 of 2,966,350 barrels daily, the
current figure shows a decrease of 495,850 barrels per day.
The daily average production east of California for the
week ended Aug. 23 1930, was 1,862,800 barrels, RS compared with 1,843,250 barrels for the preceding week, an
increase of 19,550 barrels. The following are estimates of
daily average gross production, by districts:
DAILY AVERAGE PRODUCTION (FIGURES IN BARRELS).
Week EndedAnil.23'30. Aug.16 '30. Aug. 9'30. Aug.24'29.
727,350
Oklahoma
538.200.
566.950
128,650
117.950
Kansas
114,400
114,650
133,850
97.650
100.550
Panhandle Texas
100,050
95,500
72,400
North Texas
74.900
72,550
58,500
53,450
West Central Texas
53.600
52,750
374,200
290,700
West Texas
287.200
280,150
17,950
39.400
East Central Texas
40,000
39,700
78,200
89,350
Southwest Texas
98,150
94.030
36,350
42,650
North Loulalana
41,050
41,500
66,700
55,500
55,450
Arkansas
55,050
134.000
176.400
177.800
Coastal Texas
177,050
20.600
32,150
Coastal Louisiana
29,950
26,800
106,500
122,000
119.500
Eastern (not including Michigan)
117,000
21,000
10,050
10,000
Michigan
9.850
58,050
40,350
45,850
Wyoming
50,250
11,600
9,150
9,100
Montana
9.450
7.000
4,400
4,450
4,450
Colorado
2.550
43,450
43,100
New Mexico
50,600
887.900
616,100
620,300
607,700
California
Total
2.470.500
2,483,550
2,480,350
2.968.350
AUG. 30 1930.]
FINANCIAL CHRONICLE
1331
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. 23, was 1,417,350 barrels, as compared with
1,403,500 barrels for the preceding week, an increase of 13,850 barrels.
The Mid-Continent production, excluding Smackover (Arkansas) heavy
oil, was 1,380,000 barrels, as compared with 1.366,200 barrels,an increase of
13,800 barrels.
The production figures of certain pools in the various districts for the
current week, compared with the previous week, in barrels of 42 gallons,
-Week EndedAug.23. Aug.16.
Oklahoma14,250 15,200
Bowlegs
Bristow-Slick
15.250 15,350
Burbank
15,600 15,600
Carr City
5,650 6,950
Earlsboro
22,750 23,800
18,100 16,250
East Earlsboro
South Earlsboro
9,550 9,850
Koriawa
16,400 15,500
Little River
22,400 27,350
East Little River
13,400 11,050
Maud
3,850 4,200
Mission
7,000 8,000
Oklahoma City
108,150 70.650
St. Louis
25,610 26,400
Searight_
7,100 7.900
Seminole
15,150 15,850
East Seminole
2,300 2.450
KansasSedgwIck County
19,100 19,310
Vosbell
9,030 7,800
Panhandle TexasGray County
69,400 69,300
Hutchinson County_ _ _ _ 21,250 21,000
North TexasArcher County
15,200 16,600
Wilbarger County
22,000 22,000
West Central TexasYoung County
17,100 17,700
West TexasCrane & Upton Counties. 39,450 39,200
Ector County
8,700 11,350
Howard County
22,800 23,600
Reagan County
21,900 21,700
Winkler County
70,200 75,000
Yates
103,200 102,550
Bal. Pecos County
3,400 3,500
East Central TexasVan Zandt County
25,350 25,400
Southwest TexasDarst Creek
Luling
Salt Flat
North LouisianaSarepta-Carteryille
Zwolie
ArkansasSmackover, light
Smackover,heavy
Coastal TexasBarbers Hill
Racoon Bend
Refuglo County
Sugarland
Coastal LouisianaEast Hackberry
Old Hackberry
WyomingSalt Creek
MontanaKevin-Sunburst
New MexicoHobbs High
Bal. Lea County
CaliforniaElwood-Goleta
Huntington Beach
Inglewood
Kettleman Hills
Long Beach
Midway-Sunset
Santa Fe Springs
Seal Beach
Ventura Avenue
Pennsylvania GradeAllegany
Bradford
Southeastern Ohio
are reported planning legal steps to halt or hamper proration. Should
they succeed, even temporarily, Mr. Farish is quoted assaying. Oklahoma
City would furnish sufficient production to disrupt seriously the situation
for some time.
In the meantime Mr. Farish is reported as stating that in his opinion
interior refiners are selling gasoline on the basis of expected failure of proration in the Oklahoma City pool, which has resulted in prices at refineries
being at the lowest level in a number of years. On the other hand, he is
quoted as feeling that if definite evidence that proration in Oklahoma City
will be retained the present weakness in the pivotal gasoline market would
be reversed.
-Week EndedMr. Parish is reported as basing his conclusion on the fact that failure
Aug.23. Aug.16. of
proration in the Oklahoma City field would produce a serious disruption
42,300 44,500
9,000 9,900 in the present situation on the assumption that 8,000 to 9,000 acres of oil
16,500 16,500 lands are bound to provide an enormous output.
3,550 3,850
4,600 3,950
5.100 5,100
37,350 37,300
18,250
12,250
27,350
12,150
18,100
12,000
29,700
11,800
2,450
1,200
3,750
1,200
29,750 26,900
5,850
5,850
40,800 33,900
7,100 6,550
40,000
28,800
17,400
15,000
103,600
64,000
107,500
20,400
47,000
50,000
27,600
17,400
12,550
104,400
64,000
108,000
20,400
48,000
6,050 6,600
19,400 20,100
8,000 8,150
Non-Ferrous Metal Demand Still Dull-Prices Hold
Fairly Steady-Large Copper Producers Firm at 11
Cents-Lead Quiet.
Trading in the markets for the important non-ferrous
metals during the past week continued dull, with little
change in prices, "Metal and Mineral Markets" reports.
Copper, lead, zinc and tin were all extremely quiet, but prices
held quite steady. Producers are inclined to be pessimistic,
but feel that current conditions are as bad as they are likely
to get. The publicati.n referred to adds:
Little actual change from a week ago occurred in the copper market.
0Onsumers are not as eager to buy copper at 1014, cents as they were a
week or two ago, and sellers at that figure are beginning to quote it to
possible buyers rather than parcel out the metal to favored customers.
Any demand of consequence would quickly absorb all the 11”.1,, cents copper
that is available, for all large producers seem as firm as ever at 11 cents.
The foreign market has been quiet and unchanged.
Demand for lead during the week was on about the same scale as In the
week before; some sellers found the market more active, others quieter.
In the East 5/
1
2 cents, New York, ruled on all sales. Lead sales for
August shipments already exceed those for July and promise to be larger
than for May or June as well. Another improvement is expected next
month.
Zinc business was quiet during the week, with prices ranging from 4.25
cents to 4.30 cents, St. Louis. There is little zinc available at 4.25 cents,
however, and traders have been willing to buy the metal at slightly above
that price. Most of the demand was for prompt shipment.
Tin had a mild sinking spell Monday and Tuesday, going below 30 cents,
but this stimulated buying sufficiently to send the market back up to the
even figure and caused a moderate tonnage of prompt Straits to sell for
a little above 30 cents.
Gross Crude Oil Stocks Changes for July.
Pipe line and tank farm gross domestic crude oil stocks
east of the Rocky Mountains decreased 322,850 barrels in the
month of July,according to returns compiled by the American
Petroleum Institute from reports made to it by representative
companies. The net change shown by the reporting companies accounts for the increases and decreases in general
crude oil stocks, including crude oil in transit, but not
producers' stocks at the wells.
Steel Output Increases Slightly-Business Sh ows Smal
Gain-Steel Price Lower.
Oklahoma's Oil Curtailment Program-Temporary
and steel has shown only a slight change
iron
Business
in
Injunction Issued Staying Proration Order.
for the better, but sentiment in the trade, though chastened
by the protracted depression, is cautiously more hopeful,
From Oklahoma City yesterday (Aug. 29) the New
York
reports the "Iron Age" of Aug. 28 in its summary of iron and
"Evening Post" reported the following:
Oklahoma's oil curtailment program was threatened again
steel conditions. The passing of pessimism engendered by
to-day when
Chief Justice Charles W. Mason of the State Supreme Court
signed a writ the drouth, scattered evidences of greater interest on the
of prohibition to prevent the State Corporation Commission from
taking part of steel buyers and additional advances in scrap prices
any action against the C. C. Julian Oil& Royalties Co.in its
enforcement are
of proration orders.
among the factors that are influencing current appraisals
The alternative writ was made returnable Tuesday when a hearing will of the future. It is true that the industry, in its present conbe held of the petition of attorneys for the plaintiff that the order
be made servative mood, can see little chance for a marked recovery
permanent.
year, but there is growing adherence to the
By agreement of operators the Oklahoma City field is
producing only in business this
8 1-3% of capacity though the Corporation Commission orders
allow 25%. belief that the autumn months will at least bring some
The Julian Co. is one of the 61 companies in Oklahoma called
before the measure of seasonal improvement, adds the "Age," which
Commission Sept. 8 for a hearing to determine if they are
violating State
proration orders.
continues to say:
Attorneys for Jullan said they are requesting on final
In view of the inconsequential change in actual mill bookings, no general
hearing
ported law and orders under which the Commission is attempting the "purto proceed upturn in steel plant operations is yet manifest, but gains exceed declines and
be decalred unconstitutional and void."
average ingot output for the country at large has risen to 54%, compared
In Julian's petition he charged some fields in the State
are producing with 53% last week and 52% a fortnight ago.
100%, with no attempts to limit drilling.
The scrap market, although not an infallible index, is always given
Recently C. C. Julian announced he had never entered
into any agree- considerable weight as an augury, particularly when it shows sustained
ment for the curtailing of production and he did not
melting steel has advanced on substantial mill purchases
Julian plans to start his own refinery and build up hisintend to. Mr. strength. Heavy
own
in the three most important buying centers. At Pittsburgh it went up 25c.
outlet. The C. C. Julian Oil & Royalties Co. has three wells marketing
time in as many weeks. At Chicago and Philadelphia
third
in
the
for
a
ton
the Oklahoma City field.
advances of 50c. a ton are reported.
From the New York "Times" of Aug. 23 we
Furnace coke at Connellsville also is stronger, with some sellers now
take the asking
following:
$2.65, compared with a recent maximum of $2•60.
Prim of finished steel have undergone further declines,
although it is
Operators in the South Oklahoma City petroleum
pool have agreed to noteworthy that both buyers and sellers are beginning to think
in terms
reduce the output of crude oil there to 5% of the total
ginning on Sept. 2, according to reports from Oklahomapotential flow be- of longer commitments. Some large consumers are attempting to close
City.
present
at
ahead
Under
market quotations. Mills,
the contracts for as long as a year
orders of the Corporation Commission of Oklahoma, they
are allowed to on the other hand, are reluctant to obligate themselves beyond the end of
produce 25% of the potential capacity, but for several
weeks,
to
producer
has
notified
aid
one
least
in
at
quarter,
and
customers that it will
the
clarifying the crude situation as much as possible, they have
been producing advance prices on bars.shapes and plates Sept. 15.
only 8 1-3%•
concessions
shipment,
are still being made. Bars,
On tonnage for early
The Oklahoma Corporation Commission has set Sept. 8
as the date except in small lots, have receded $1 a ton to 1.60c. a lb., Pittsburgh.again
for hearing complaints filed against a large number of oil
companies
shapes.
and
plates
with
level
common
Black sheets also are off
and
being
on
a
operators in that State for alleged violations of various
curtailment orders $1 a ton to 2.40c. a lb.. Pittsburgh, and 2.50c., Chicago district mill.
Galof the Commission, it was also reported from Oklahoma
City.
It
commonly
is the vanized sheets are more
available at 3c., Pittsburgh, compared
belief of the Commissioners, the report stated, that some
companies
Long
in
ternes
3.05c.
minimum
are
of
with
the
down
a
recent
$2 a ton to
prorated areas are not abiding technically by the rules rather
than showing lb.. Pittsburgh, and common wire nails have declined to $2a keg,a 3.45c. a
wilful violation.
recession
of $1 a ton.
The penalty for the violation of the conservation laws
and proration
Tin plate specifications, following more definite information on the
orders of the Commission can be fixed at a daily fine, or the
extent
State may ask of drouth damage, have shown a spurt and shipments
receivership of the properties involved, it is said. Of the
by the leading
operators charged producer during the week were of record proportions.
Large packs on the
with the violation of the law, 59 are in the South Oklahoma
City field.
Pacific Coast will partly offset losses in canning crops
Commenting on the unfavorable developments in the
elsewhere. Conproration agree- tinued uncertainty regarding grain yields is
apparently still
ments in Oklahoma, W. S. Farish, President of the Humble
back
Oil Refining agricultural demand for wire goods, but steel
releases by farm
Co.. was quoted as saying in Forth Worth yesterday that confidence
holding
equipment
in makers
.
kers have
hmachineryaveimprov an
the ranks of the oil industry that it will be able to continue its
manufacturers are also reported
present
Road
to be taking more
sensible scale of operations is the industry's remaining need.
steel
Lack of and business from the oil and gas industry is
holding up.AYoungstown
confidence, Mr. Farish is reported to have said, revolves around the
future mill has booked 35,000 tons of electrically-welded
of proration in the Oklahoma City field, where certain town lot promoters
pipe for
Kentucky to Indiana points, and prospective work
indicates
a tgratiltaheefLonm
1332
FINANCIAL CHRONICLE
[VoL.
struction of a national pipe line network will prove a strong support to the
steel industry for at least another year. Oil storage tanks pending in the
Southwest call for a total of 10,000 tons of plates.
Building steel bookings, although hampered by the extreme conservatism
of moneylenders,remain in encouraging volume. Fabricated steel lettings,
at 40,000 tons, equal those of the preceding week and are above average.
Reinforcing bar awards, at 10,000 tons, are the largest since the middle of
May. .
Shipbuilders, who have been operating at a high rate for months, are
figuring on four to six Grace Line vessels, calling for 20,000 to 30,000 tons
of steel.
The extent of railroad buying this fall is problematical. Poor earnings
have forced sharp economies and it is feared that both rail and rolling stock
programs will suffer. Automobile consumption of steel shows only slight
improvement. The Ford company continues to make 8,000 cars a day,
running four days a week, but the Chevrolet company is preparing to bring
out new models. Suspensions of steel shipments preparatory to taking this
step have already been felt by the mills, but early relief is expected with the
placing of material for the new cars.
Iron and steel exports in July, at 131,772 tons, were the smallest for any
month since February. 1925. More than three-quarters of the decline from
June was in scrap,shipments of which were the lowest since February, 1927.
Pig iron exports in July were the smallest in more than 30 years.
Machinery exports also declined, totaling $38,007,000 in July compared
with $42,648,000 in the previous month and $56,826,000 in July, 1929.
However, the seven months' total of 8351,950,000 was within 3% of the
highest record ever attained for that part of the year.
The "Iron Age"composite price for finished steel has declined from 2.156c.
to 2.142c. a lb., the lowest level since the first half of 1922. Pig iron is
unchanged at $16.88 a gross ton, as the following table shows:
of July. At that time it was stated that the officials anticipated an improvement in the third quarter from the rate then prevailing to be followed by
further increases In the final three months of the year.
Independent steel companies also show an increase for the past week,
though the gain is smaller than that of the leading interest. The rate for
these companies is placed at nearly 51%,contrasted with a shade above 49%
In the previous week and 51% two weeks ago.
For the entire industry the average for last week was around 58%,against
54%% In the preceding week and a shade under 56% two weeks ago.
At this time last year steel operations were declining. The Steel Corp.
was at 94%, with independents around 85% and the average was 89%•
In the corresponding week of 1928 the Steel Corp. was running at slightly
under 78%, and independents were at 75%, with the average fractionally
over 76%.
Larger specifications were responsible for the expansion in output last
week, particularly so far as the United States Steel Corp. was concerned.
The leading interest was running at 62% in the previous week, and the
scheduled rate for the past week was continued at that figure, indicating
that operating officials did not anticipate any development to cause an
increase at that time.
When steel mills are running at approximately the rate of consumption
as reflected by the daily shipments, and specifying Increases, it is necessary
to speed up activities to take care of consumers. This was done In the week
just closed.
There has been no material improvement in new buying. This is not
unusual in view of the fact that many consumers had contracts on the
books of the steel makers against which they had not yet entered specifications. Naturally steel users are expected to arrange for deliveries on these
old contracts before coming into the market with new inquiries.
One of the factors which probably resulted in better specifying by customers was the small surplus of material which is being carried in consuming
Pig Iron.
Finished Steel.
establishments. With steel operations at a low point, new buying slack
Aug. 26 1930, $16.88 a Gross Ton.
Aug. 26 1930, 2.1420. a Lb.
$16.88 and price concessions being made by smaller companies seeking business
2.1560. One week ago
One week ago
16.96 It was not likely that users of steel would be inclined to replenish stocks.
2.171o. One month ago
One month ago
18.25
2.3980. One year ago
One year ago
Consumers knew that there would be no difficulty in taking care of their
Based on steel bars, beams,tank platee,
Based on average of basic iron at Valley
wire, ralls, black pipe and black sheets. furnace and foundry irons at Chicago. needs when they developed. Hence they worked off inventories wherever
These products make 87% of the United Pbtladelphla. Buffalo, Valley and Bir- possible and delayed specifying against contracts already placed. At the
States output of finished steel.
mingham.
same time new buying was held in check.
Low.
High.
Lots.
High.
Whether the increase Just noted is a reflection of improvement in the
1930_2.362o. Jan. 7 2.142c. Aug. 26 1930___$18.21 Jan. 7 $16.88 Aug. 12
1929_2.412o. Apr. 2 2.3620. Oct. 29 1929._ 18.71 May 14 18.21 Dec. 17 fall business outlook still remains to be seen. Much depends on the in1928_2.391o. Dec. 11 2.3140. Jan. 3 1928... 18.59 Nov.27 17.04 July 24 dustrial recovery in the coming months. Steel authorities feel that there
1927_2.453o. Jan. 4 2.2930. Oct. 25 1927._ 19.71 Jan. 4 17.54 Nov. 1 should be
at least a normal and seasonal expansion in steel buying and
1926....2.453o. Jan. 5 2.4030. May 18 1926_ 21.54 Jan. 5 19.46 July 13
1925....2.5600. Jan. 6 2.3960. Aug. 18 1925- 22.50 Jan. 13 18.96 July 7 consumption in the next few months.
As yet they are not willing to make a prediction regarding the lasting
Conflicting cross currents render appraisal of the steel qualities of
the improvement. However, it is evident that there is a better
market difficult but the underlying situation indicates near feeling in the industry. This is true particularly of companies with imapproach of much better conditions, says "Steel," formerly portant units in the Chicago territory.
"Iron Trade Review," in its Aug. 28 issue. Concrete favorable market indications are difficult to isolate but various
surrounding factors make for the belief improvement is
started or about to get under way, continues "Steel," which
further goes on to say:
The "American Metal Market" this week stated:
Demand for steel has shown a slight improvement in spots, but on the
whole there is no measurable change In the actual volume of buying. A
better sentiment is shown in some directions, consumers evincing more
interest and making more favorable appraisals of their activity during the
remainder of the year.
The time for verification of a common prediction is approaching, that
Operations have been increased somewhat the past week after declining steel demand would begin to show measurablt improvement a week or two
last week, the Steel corporation advancing from 62% to 66% of theoretical after Labor
Day. This would be a seasonal improvement,although coming
capacity, compared with 62% a week ago and 623 to 63% two weeks ago. a month or so later than usual.
Independent steel producers have increased production from 49% to 51%
After a slight dip early in the month the rate of steel production has
of capacity. For the entire industry the average operation was about 58%, increased somewhat and now approximates the July average, which was
compared with 54%% the preceding week and 56% two weeks ago.
officially reported at 56.35% of steel ingot capacity.
Numerous steel consumers are inquiring from producers for tonnages to
he shipped over long periods at present prices, evidently regarded as the
bottom. Mills are wary of commitments and offers have been made for the July Output of Bituminous Coal Below Rate a Year Ago
remainder of the year at current levels, with an increase of $2 per ton for
-Anthracite Production Higher.
first quarter. At the same time prices of finished steel have yielded slightly,
The total production of bituminous coal for the country
shapes and plates being available at $1 per ton under former levels and the
upper member of the spread on bars disappearing.
as a whole during the 26 working days of July is estimated
As an indication that effects of the drouth will not be as severe as had at 34,715,000 net tons, as against 33,714,000 tons in the
been feared, tin canmakers are taking unusually large tonnages to meet
25 days of June, according to the United States Bureau of
demand from canners. Last week saw the shipment of what probably is the
Mines. The average daily rate of output in July was
largest tonnage in history of tin plate. Most of this was on rush orders.
with the average daily rate of
Activity on the Pacific Coast has been increasing and the past week 1,335,000 tons. Compared
has been the most active of the summer, with several good tonnages Placed 1,349,000 tons for June, this shows a decrease of 14,000 tons,
and others near placing. Construction is the largest outlet for steel In that or 1%.
area.
The production of Pennsylvania anthracite in July is
Exports of iron and steel products show heavy falling off, in returns from estimated at 5,658,000 net tons. The average
daily rate of
present
part
of
lack
for
account
Washington, and this factor Is sufficient to
was 217,600 tons, an increase of 10,300 tons,
of mill activity. Not since 1925 has so little tonnage gone abroad. Added to output in July
rate
for
daily
over
the
June.
The Bureau's statement
domestic dullness this accents the situation. Oriental dullness is indicated or 5%
by exports of steel scrap to Japan at only a quarter of the usual tonnage also shows:
in July.
ESTIMATED PRODUCTION OF COAL,BY STATES,IN JULY(NET TONS).a
Steel pipe activity is indicated by placing of 35,000 tons of electrically
July 1930. June 1930, July 1029. July 1928. July 1923.
Statewelded gas line pipe with a Youngstown, 0., producer. Some additional Alabama
1,063,000 1,096,000 1,396,000 1,318,000 1,621,000
pipe for new lines Is approaching the stage of contracting.
Arkansas
92,000
65,000
97,000
129,000
104,000
446,000
392.000
496,000
632,000
Steel scrap scarcity Is causing an advance in quotations here and there, Colorado
691,000
Illinois
3,365,000 3,123,000 3,808,000 3,233,000 5,284,000
although the general list is unchanged. Sensitiveness to every sign of Indiana
1,005,000
980,000 1,251,000 1.026,000 1,878,000
activity indicates this market is ready to move on any general increase in Iowa
198,000
206,000
248,000
215,000
365,000
Kansas
138,000
requirements.
115.000
187.000
318,000
109,000
Kentucky-Eastern
3,195,000
3,137,000
but
their
needs
actively
3,853,000 3.743,000 3.059,000
Automotive users of steel are not in the market
Western
664,000
620,000
873,000 1,010,000
843.000
are being felt in somewhat larger buying in cold-finished steel and strip. Maryland
157,000
170,000
192,000
176,000
193,000
Stocks In hands of automobile builders are at a minimum and all orders call Michigan
51,000
42,000
70,000
60,000
49,000
Missouri
252,000
for immediate delivery to prevent interruption of manufacturing.
225,000
242,000
260,000
248,000
Montana
163,000
171,000
better
earning
162.000
201,000
awaiting
198,000
cars,
Railroads are out of the market for rails and
New Mexico
125,000
140,000
2013(
842
101,000
208,000
conditions. A Chicago railmaker has just entered 25,000 tons of rails on North Dakota
56,000
59,000
31,000
48,000
its books as unfilled tonnage, the order having been placed tentatively several Ohio
1,870,000 1,770,000
284 000
559
Oklahoma
0
140,000
3'2 401
235:000
125,000 2,0020001'
weeks ago. Most rail backlogs have been fairly well cleared and further
215,000
Pennsylvania (bit.)
9,863.000 9.744,000 11.843,000 9,880.000 15,332,000
buying this year is problematical.
Tennessee
405,000
470,000
420,000
405.000
442,000
from
the
undecline
the
tons,
Structural awards this week are 32,000
Texas
47,000
99,000
99.000
39,000
02,000
usually high record of the past two weeks being expected. Projects under Utah
363,000
180,000
270,000
170,000
251,000
Virginia
951,000
998,000
830,000
835,000 1,005,000
consideration are sufficient to yield considerable tonnage for future weeks,
WashIngton138,000
152,000
196,000
155,000
145,000
though probably not at the midsummer rate.
W. Va.-Southern_b
7,616,000 7,112,000 8,524,000 7,729,000 6,331,000
Because of reductions on plates, shapes and galvanized sheets "Steel's"
Northern_e
2,298,000 2,508,000 3,086,000 3,036,000 3,607,000
Wyoming
market composite reduces 12 cents this week,from $33 to $32.88.
354,000
391,000
477,000
325,000
388,000
17,000
4,000
9,000
24,000
4.000
Ingot
States Steel Corp. in the Other States
production of the United
past week was at the rate of 66% of theoretical capacity,
stated the "Wall Street Journal" on Aug. 26. This compares
with around 62% in the preceding week, an increase of 4%,
and with between 623/
3% and 63% two weeks ago. The
'Journal" also said:
This is the first impressive increase in ingot output by the Steel Corp. in
several months. It may be the first step toward speeding up operations, In
line with the predictions made by the directors after their meeting at the end
Total bituminous coal...34,715,000 33,714,000 41,175,000 36,864,000 46,707,000
Pennsylvania anthracite__ 5,658,000 5,183,000 4.993,000 4,394,000 8,136,000
Total all coal
40,373,000 38,897,000 46,168,000 41,258,000 54,843.000
a Figures for 1923 and 1928 only are final. b Includes operations on the N.&
C. & O. Virginian, and K. & M. c Rest of State. including Panhandle.
Note.-Above are given the first estimates of production of bituminous coal, by
States, for the month of July. The distribution of the tonnage Is based in part
(except for certain States which themselves furnish authentic data), on figures of
loadings by railroad divisions, furnished by the American Railway Association and
by officials of certain companies, and in part on reports made by the U. S. Engineer
offices.
AUG. 30 1930.1
1333
FINANCIAL CHRONICLE
Production of Bituminous Coal in Week Ended Aug. 16
Higher than in Preceding Week, But Continues
Below Rate Last Year-Little Change in Anthracite Output.
According to the United States Bureau of Mines, Department of Commerce, output of bituminous coal in the week
ended Aug. 16 1930, was higher than in the previous week,
although at a lower rate than in the corresponding period
last year. Anthracite production showed little change.
During the week under review, there were produced 8,169,000
net tons of bituminous coal, 1,125,000 tons of Pennsylvania
anthracite and 41,300 tons of beehive coke. This compares
with 7,839,000 tons of bituminous coal, 1,126,000 tons of
Pennsylvania anthracite and 40,600 tons of beehive coke in
the preceding week and 9,666,000 tons of bituminous coal,
1,113,000 tons of Pennsylvania anthracite and 123,400 tons
of beehive coke in the week ended Aug. 17 1929.
For the calendar year to Aug. 16 1930, a total of 283,460,000 net tons of bituminous coal were produced, as against
319,399,000 tons in the calendar year to Aug. 17 1929. The
Bureau's statement follows:
BITUMINOUS COAL.
The total production of coft coal during the week ended Aug. 16, including lignite and coal coked at the mines, is estimated at 8,169.000 net tons.
Compared with the output in the preceding week, this shows an increase
of 330,000 net tons, or 4.2%. Production during the week in 1929 corresponding with that of Aug. 16 amounted to 9,666.000 tons.
Estimated United States Production of Bituminous Coal (Net Tons).
1930-- 1929
Cal. Year
Cal. Year
to Date.
Week.
Week.
Week Endedto Date.a
7,991,000 267,452.000
Aug.
ai2
1y
9,349.000 300.036,000
1.474.000
1,332,000
Daily average
1,558.000
1,654,000
7,839,000 275,291,000
Aug. 9_b
9.697,000 309.733,000
1.468,000
1.307,000
1,616,0001,653,000
Daily average
283,460,000
8,169,000
Aug. 16_c
9,666,000 319,399.000
1.362.000
1.465,000
Daily average
1,611.000
1,651,000
a Minus one day's production first week in January to equalize number
of days in the two years. b Revised since last report. c Subject to
revision.
The total production of soft coal during the present calendar year to
Aug. 16 (approximately 194 working days) amounts to 283,460,000 net
tons. Figures for corresponding periods in other recent years are given
below:
319,399,000 net tons 11927
1929
328.901.000 net tons
295,089,000 not tons11926
1928
334,920.000 net tons
As already indicated by the revised figures above, the total production
of soft coal for the country as a whole during the week ended Aug. 9 is
estimated at 7,839.000 net tons. Compared with the output in preceding week,this shows a decrease of 152,000 tons, or 1.9%. The following
table apportions the tonnage by States and gives comparable figures for
other recent years.
Estimated Weekly Production by Coal by States (Net Tons).
August
Week Ended
Aug. 10
Aug. 11
1923.
Aug. 2
Aug. 9
Averagea
1929.
1928.
1930.
1930.
State397.000
308,000
356.000
241,000
250.000
Alabama
26,000
32.000
25.000
31,000
23,000
Arkansas
173,000
152,000
118.000
114,000
113,000
Colorado
756,000 1.363,000
901.000
848,000
785,000
Illinois
440,000
234,000
290.000
231,000
222,000
Indiana
61,000
100,000
62,000
47,000
42,000
Iowa
84,000
30,000
47,000
30.000
27,000
Kansas
Kentucky765,000
956,000
887,000
695,000
713,000
Eastern
217.000
252.000
203,000
173,000
149,000
Western
44.000
50,000
47,000
46,000
34.000
Maryland
21.000
13,000
17,000
11.000
6,000
Michigan
61.000
58,000
48.000
60.000
69.000
Missouri
50,000
54,000
55.000
37,000
40,000
Montana
49,000
49,000
38,000
31,000
29,000
New Mexico_
20.000
12,000
12.000
12.000
14,000
North Dakota
871,000
336,000
449,000
398.000
420,000
Ohio
55,000
60,000
48.000
38.000
33,000
Oklahoma
Penna. (bitum.)_ 2,188,000 2,167,000 2,745.000 2,390,000 3.734.000
118,000
103,000
107,000
91.000
89,000
Tennessee
24,000
25,000
21,000
12,000
11,000
Texas
83,000
68,000
64,000
47.000
51,000
Utah
248,000
227,000
231.000
192,000
187,000
Virginia
47.000
42,000
35,000
27,000
Washington
33,000
West Virginia1,651,000 1,777,000 2,112,000 1,967,000 1,515.000
Southern b
875,000
790.000
672.000
526,000
574,000
Northern_c
154.000
118,000
104,000
99,000
94,000
Wyoming
4,000
5.000
3.000
1.000
1.000
Other States
Total bit. coal.. 7,839,000 7,991,000 9,697,000 9,148,000 11,538.000
Penna.anthracite 1,126,000 1,292,000 1,104,000 1,364,000 1,926.000
Total all coal__ 8,965,000 9,283,000 10,801,000 10,512.000 13.464,000
a Average weekly rate for the entire month. b Includes operations on
the N. & W.; C. & 0.; Virginian and K. & M. c Rest of State, including
Panhandle.
PENNSYLVANIA ANTHRACITE.
The total production of anthracite in the State of Pennsylvania during
the week ended Aug. 16 is estimated at 1,125,000 net tons-practically
the same output as in the preceding week. Production during the week
in 1929 corresponding with that of Aug. 16 amounted to 1.113,000 net tons.
Estimated Production of Pennsylvania Anthracite (Net Tons).
1929-Daily
Daily
Average.
Week.
Average.
Week.
Week Ended215,000
1.290,000
215,300
1,292,000
Aug. 2
184,000
1.104,000
187,700
1,126,000
Aug 9
185.500
1,113.000
187,500
1,125,000
Aug. 16
COKE.
BEEHIVE
The total production of beehive coke during the week ended Aug. 16 is
estimated at 41,300 net tons, in comparison with 40.600 tons in the preceding week. Production during the week in 1929 corresponding with
that of Aug. 16 amounted to 123,400 tons.
Estimated Production of Beehive Coke (Net Tons).
1930
1929
Week Ended
to
to
Aug.9 Aug.17
Aug.16
Date.
Date.a
1929.
1930.c
1930.b
Region34,800 112,900 1,793,600 3,631,600
Pa., Ohio and W. Va___ 35,600
226,700
169,000
4,000
7,600
3,900
Ga., Tenn. and Va
2,900
73,800
167,700
1,800
1,800
Colo., Utah and Wash
40,600 123.400 2,036,400 4,026.000
United States total_ -.. 41,300
20,567
6.767
10,443
20,646
6,883
Daily average
first
week in January to equalize number
production
day's
one
Minus
a
of days in the two years. b Revised since last report. c Subject to revision
Current Events and Discussions
The Week With the Federal Reserve Banks.
Daily average volume of Federal Reserve credit outstanding during the week ended Aug. 27, as reported by
the 12 Federal Reserve banks, was $983,000,000, a decrease
of $21,000,000, compared with the preceding week and of
$363,000,000 compared with the corresponding week of
1929. After noting these facts, the Federal Reserve Board
proceeds as follows:
On Aug. 27 total Reserve Bank credit amounted to $984,000,000, a
decrease of $2,000,000 for the week. This decrease corresponds with
increases of $11,000,000 In monetary gold stock and $2,000,000 in Treasury
currency, offset in part by an increase of $6,000,000 in money in circulation and of $5,000,000 in member bank reserve balances.
Holdings of discounted bills decreased $3,000.000 during the week,
the principal changes being decreases of $3,000,000 at the Federal Reserve
Bank of Richmond and $2,000.000 at St. Louis and an increase of $2,000,000
at Boston. The System's holdings of bills bought in open market increased
$4,000,000 and of Treasury certificates and bills $2,000,000, while holdings
of Treasury notes declined $3,000.000.
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. 27, in
comparison with the preceding week and with the corresponding date last year, will be found on subsequent pagesnamely, pages 1379 and 1380.
Changes in the amount of Reserve bank credit outstanding and in related items during the week and the year ended
Aug. 27 1930 were as follows:
Increase (+) or Decrease (-)
Since
Aug.27 1930. Aug. 20 1930. Aug. 28 1929.
193,000,000
163,000,000
602,000,000
25,000,000
-3,000.000
+4,000,000
-4,000,000
-781,000,000
+6,000,000
+457,000,000
-16,000,000
TOTAL RES. BANK CREDIT-- 984,000,000 -2,000,000
4,504,000,000 +11,000,000
Monetary gold stock
1,790,000,000
+2,000.000
Treasury currency adjusted
-333,000,000
+145,000,000
+3.000,000
+6,000,000
+5.000,000
-300,000,000
+113,000,000
Bills discounted
Bills bought
United States securities
Other reserve bank credit
4,448,000.000
Money in circulation
2 419,000,000
Member bank reserve balances
Unexpended capital funds, non-mem411,000,000
ber deposits, .kc
+2.000,000
Returns of Member Banks for New York and Chicago
Federal Reserve Districts-Brokers' Loans.
Beginning with the returns for June 29 1927, the Federal
Reserve Board also commenced to give out the figures of
the member banks in the New York Federal Reserve District,
as well as those in the Chicago Reserve District, on Thursdays, simultaneously with the figures for the Reserve banks
themselves, and for the same week, instead of waiting until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in the different
cities included cannot be got ready.
Below is the statement for the New York member banks
and that for the Chicago member banks thus issued in
advance of the full statement of the member banks, which
latter will not be available until the coming Monday. The
New York statement, of course, also includes the brokers'
loans of reporting member banks. The grand aggregate of
these brokers' loans the present week shows a decrease of
$26,000,000, the total of these loans standing at $3
102 000,000. The loans "for own account" rose
during
' the
week from $1,607,000,000 to $1,665,000,000, but the
loans
"for account of out-of-town banks" decreased from
$714,-
1334
FINANCIAL CHRONICLE
000,000 to $655,000,000, and loans "for account of others"
$782,000,000.
from $807,000,000 to
CONDITION OF WEEKLY REPORTING MEMBER BANKS IN CENTRAL
RESERVE CITIES.
New York.
Aug.27 1930. Aug.20 1930. Aug.28 1929.
$
Loans and Investments—total
8,108,000,000 8,076,000,000 7,383,000.000
Loans—total
On securities
All other
Investments—totaL
U.S. Government securities
Other securities
6,010,000,000 5,968,000,000 5,686,000,000
3 608,000.000 3,527,000.000 2,819,000.000
2,402.000,000 2,441,000,000 2,867.700.000
2,098,000,000 2,108,000,000 1,697,000,000
1,077,000,000 1,090,000,000
1.021.000.000 1,018,000,000
946,000,000
751,000,000
Reserve with Federal Reserve Bank.— 808,000,000 782,000,000 702,000.000
Cash in vault
46,000,000
44,000,000
51.000,000
Net demand deposits
5,631,000,000 5,558,000,000 5,106,000,000
Time deposits
1,444,000,000 1.436,000,000 1,189.000,000
Government deposits
15,000,000
15.000,000
9,000,000
Due from banks
83,000,000
87,000,000
84,000,000
Due to banks
980,000.000 976,000,000 820,000.000
Borrowings from Federal Reserve Bank
153,000.000
Due from banks
Due to banks
Borrowings from Fed. Res. banks_
[VOL. 131.
Aug. 20 1930.
$
1.478,000,000
3.291,000,000
44,000,000
Increase (+) or Decrease (—)
Since
Aug. 13 1930. Aug. 21 1929.
$
$
—86,000.000 +439,000,000
—71,000,000 +735.000.000
+6,000,000
—643,000,000
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. 30 the following summary of market
conditions abroad, based on advices by cable and radio:
ARGENTINA.
The economic outlook of Argentina is brighter,
owing partly to the
favorable weather and partly to the damage
caused to the crops in the
Northern Hemisphere and particularly In the
United States, as a result of
which cereal prices have risen somewhat. However,
the import trade Is
still dull: collections slow, especially in the Country
districts; banking credit
Is restricted; and railway earnings have declined considerably.
AUSTRALIA.
Business conditions in Australia continue abnormally
depressed with no
Loans on secur. to brokers & dealers;
indication of improvement in the near future. The
investment market has
For own account
1 665,000,000 1,607,000,000 992,000,000 been weakened by the financial
situation and several prominent stocks
For account of out-of-town banks___. 655,000,000 714,000,000 1,756,000.000
For account of others
782,000,000 807,000,000 3368,000,000 have reached the lowest levels in recent years. Reduced wages together
with unemployment throughout the country are causing
decreased spending
Total
3 102,000,000 3,128,000,000 6,217,000,000 Power. Construction activities are very slow and
real estate is stagnant.
outlook, however, has brightened somewhat due to
The
On demand
2 462,000,000 2,489,000,000 5,872,000,000
prospects of a large
On time
639,000,000 639,000,000 345,000,000 wheat yield and wool clip, and the cost of living continues to decline. The
production of pig iron by the largest company during July
reached 19,000
Chicago.
tons, an increase of60% over the same period last year, and steel
production
Loans and investments—total
2,025,000,000 2,034,000,000 1,913,000,000 by the largest company approximated 21,000 tons, or 8% above
the same
period
last
year.
Imports
of iron and steel are declining sharply. Wool
Loans—total
1,552,000,000 1,551,000,000 1,546.000,000 continues
quiet, with arrivals of the new clip moderate. Arrivals at Sydney
On securities
923,000,000 919,000,000 855,000,000 indicate finer, drier and lighter wools than last year. Wool receipts to the
All other
629,000,000 632.000.000 691.000,000 end of July totaled 67,000 bales, compared with 70,300 bales last year.
The amount of wool in store on that date totaled 60,350 bales, compared
Investments—total
473,000,000 483,000,000 367,000.000
with 68,550 bales at the end of July 1929. Wheat continues quiet. The
U.S. Government securities
200.000,000 205,000,000 160,000,000 estimated exportable surplus remaining on hand on Aug. 14 was 23,000,000
Other securities
273,000,000 278,000,000 207,000,000 bushels. Machinery trades are extremely slack, with
activity at about
Reserve with Federal Reserve Bank.
192,000,000 190,000,000 175,000,000 50% normal,due largely to economy programs of Government departments.
Cashin vault
13,000,000
12,000,000
14,000.000 Prospects of excellent crops, however, are creating a good demand for
harvesting machinery including tractors and binders, but the lack of credits
Net demand deposits
1,280,000,000 1.292,000.000 1,229,000.000 is restricting sales.
The demand for dairy equipment is fair.
Time deposits
652,000,000 *647,000,000 573,000,000
Government deposits
2,000,000
2,000,000
3,000,000
AUSTRIA.
Due from banks
The first definite effects of the recent Austrian International Loan are
151,000,000 .142,000,000 132,000,000
Due to banks
358,000,000 358,000,000 298,000,000 shown in the repayment of short
term borrowing by the Government to
local banks, and in prospective orders by the State railway, especially for
Borrowings from Federal Reserve Bank.
1,000,000
1.000,000
23,000.000 bridge
building material, rolling stock and equipment. Disappointment is
• Revised.
expressed, however, that the loan has not brought improvement on the
Vienna Stock Exchange, quotations being either
the same or lower since the
Complete Returns of the Member Banks of the Federal conclusion of the loan. Savings deposits increased despite loan subscriptions.
General industrial conditions are still depressed. The
iron industry reports
Reserve System for the Preceding Week.
decreased orders and keen foreign price competition.
The situation In the
As explained above, the statements for the New York and machine industry is unsatisfactory with some factories closed and others on
part time. The demand for lumber decreased, largely because of foreign
Chicago member banks are now given out on Thursday, competition, and
paper production is lower. The demand for leather and
simultaneously with the figures for the Reserve banks them- electrical equipment
improved slightly. A bill is being prepared for submission
to
Parliament
selves, and covering the same week, instead of being held
this fall for the establishment of a grain and flour
monopoly as a result of failure to secure an agreement
to Proposed tariff
until the following Monday, before which time the statistics increases fixed in
existing commercial treaties.
covering
the entire body of reporting member banks, in 101
cities, cannot be got ready.
In the following will be found the comments of the Federal
Reserve Board respecting the returns of the entire body of
reporting member banks of the Federal Reserve System for
the week ended with the close of business on Aug. 20:
The Federal Reserve Board's condition statement of weekly reporting
member banks in leading cities on Aug. 20 shows increases for the week of
$44,000,000 in loans and investments, $11,000,000 in time deposits and
$6,000.000 in borrowings from Federal Reserve Banks, and a decrease of
$79,000,000 in net demand deposits.
Loans on securities, which at all reporting banks were $61,000,000 below
the previous week's total, declined $56,000,000 in the New York district and
$10,000,000 in the St. Louis district and increased $9,000,000 in the San
Francisco district. "Al] other" loans increased $18,000,000 in the New
York district and declined $17,000,000 in the Chicago district, all reporting
banks showing practically no change for the week.
Holdings of U. S. Government securities increased $26,000,000 in the
New York district, $14,000,000 in the Chicago district, 87,000,000 in the
Philadelphia district, $6.000,000 in the Kansas City district and $62,000,000
at all reporting banks. Holdings of other securities increased $19,000 000
in the New York district,$11,000,000111 the Chicago district and $43,000,000
at all reporting banks.
Borrowings from Federal Reserve Banks show relatively little change for
the week, the net increase for all reporting banks being $6,000,000.
A summary of the principal assets and liabilities of weekly reporting
member banks, together with changes during the week and the year ending
Aug.20 1930,follows:
/rcrease (+) Or Decrease (—)
Since
Aug. 20 1930. Aug. 13 1930. Aug. 21 1929.
Loans and investments—total____23.136,000.000
+44,000.000 +713.000.000
Loans—total
—62,000,000 —143.000,000
16,795,000,000
On secarfties
—61,000.000 +805,000,000
8.315,000,000
All other
—1,000.000 —948,000,000
8,480,000,000
Investments—total
6,340,000,000 +105,000,000 +855,000,000
U. B. Government securities
Other securities
2,922,000,000
3,418,000,000
+62,000,000
+43.000.000
+199,000,000
+656,000,000
Reserve with Federal BAES'Ve banks
1,807,000,000
Cash in vault
204,000,000
Net demand deposits
13,626,000.000
Time deposits
7,405.000.000
Government deposits
46,000,000
+18,000,000
—10,000,000
+157,000,000
—32,000,000
—79,000.000
+11.000,000
+561,000,000
+685,000.000
+2,000,000
BOLIVIA.
The general business situation in Bolivia continues depressed although
some slight improvement over June and July was reported by importers
of foodstuffs, automobiles and specialties such as office equipment. Retail
sales, however, remain subnormal and purchases by mining companies
continue curtailed. The mining industry is still experiencing the adverse
effect of the low prices of tin. Prices for other metals have remained fairly
firm since July 1 with a sllght improvement in prices for silver and antimony
and declines in lead, copper and zinc quotations. Credit continues restricted and firms with large stocks are experiencing considerable difficulty
In liquidating.
BRAZIL.
The precipitous decline of milreis exchange
has seriously affected the
already depressed economic and business conditions.
The coffee situation
continues unimproved with limited demand
from abroad. Manufacturing
industries are further restricting
their operations, particularly the textile
and shoe industries. A rising price
level for imported merchandise is
accentuating the already slow movement. Construction
activity is slower.
especially in Sao Paulo, though it
is holding up in Rio de Janeiro. Unemployment is increasing. Exchange
depreciated steadily from 9.20 milreis
to 10.50 mikeis for 90-day sight dollars drafts,
the average being 9.80
mike's. This weakness occurring
despite an extraordinarily large favorable
trade balance and large gold shipments
is attributed to such factors as the
comparatively small offering of export bills,
the export of private wealth,
the removal of artificial influence since
the discontinuance of the preferential
rates in selling foreign exchange by
the Bank of Brazil, the purchases of
foreign exchange by the Bank of
Brazil, apparently to provide coverage
needed, and the general lack of confidence
due to political causes, the
unpromising outlook for Government revenues, and the basic economic
situation. Santos coffee exports for
the 30 days ended Aug. 21 amounted
to 816,110 bags, Rio 265,280 bags,
and Victoria 139,163 bags. Santos
stocks amount to 1,125,400 bags, Rio to 263.915 bags, and Victoria 109,813
bags. Interior stocks on July 31 were reported to be 20,519,770 bags.
In July 372,000 bags of the new crop reached Santos. Estimates regarding the size of the crop now harvesting vary greatly, the Coffee Institute
claiming it to be below 7,500,000 bags, while some private opinions reach
10,000,000 bags exportable at Santos. The continued slow demand from
abroad is depressing the Santos market.
BRITISH MALAYA.
Labor troubles and several large business failures are the outstanding
features affecting Malaya's current economic position. A reduction of
labor wages at the Singapore Naval Base construction works and in factories has been followed by strikes. As a means of relieving the
unemployment situation, the Government has restricted the immigration of Chinese
coolies, and in spite of prevailing low tin prices, Chinese open cast mines
are being operated in order to Prevent further momployment. Consid-
AUG.30 1930.]
FINANCIAL CHRONICLE
erable concern is also felt regarding the increased number of unemployed
Europeans. The rubber industry is so affected by low prices that leading
local European and Asiatic associations have requested a Government
inquiry. Discussion regarding measures for restriction of output continues.
The credit situation continues difficult, and importers of all lines are reluctant to accept dealers' orders. Money is scarce, particularly in upcountry districts, as prices steadily decline for native produce, including
spices, sage, tapiom, copra, damar, copal and jelutong. Exporters report
very small profits.
CANADA.
Some slight improvement has appeared in the business situation over the
considerably
below last year's levels. Better
week but activity is still
Prairie Province demand, traceable to harvesting, is the principal change
in the regional position. Retail trade In Quebec also notes some improvement but the wholesale branch there continues dull, and this situation extends to both retail and wholesale establishments in Ontario. Manufacturing continues practically unchanged, many industries working on reduced schedules. Two hundred thousand are unemployed in the Dominion. according to a survey recently conducted under the auspices of the
Federal Government. Collections in St. John, New Brunswick, are reported more difficult; Montreal and Toronto note a slight improvement;
the Prairie Provinces continue slow, and Vancouver fair to slow. Uncertainty as to what action will be taken by the new Government with respect
to the tariff is causing importers to proceed with extreme caution In making
commitments. Imports in July, valued at $84,551,000. and exports,
valued at $76,407,000, are down 26% and 25%, respectively, from the
July 1929 totals. Drouth conditions in the United States are encouraging
Canadian canners to anticipate an increased volume of business at better
prices. Apple and bean prospects, however, are affected unfavorably by
lack of rain in Nova Scotia and western Ontario. Threshing operations
In the West Indicate that wheat will grade high in most sections but yield
will vary greatly. According to a Government report, durum and early
bread wheats in Manitoba have escaped damage and will give heavy outturns, but the late common wheats have been severely infected by rust and
damaged by heat and drouth. Sawflies are causing considerable damage
in Saskatchewan. Alberta crops have been forced to maturity by the hot,
dry weather and light crops are expected in the southern and central areas.
Continued weakness in export demand brought about a further decline in
Winnipeg wheat prices during the week, No. 1 Northern cash wheat closing on Aug. 22 at 90H cents. Slight improvement is noted in the British
Columbia lumber position but the Ontario market continues very dull.
Automotive dealers in that Province report a little better business in the
current month but the turnover in new cars is generally poor. Motorcycles, especially commercial types, are in somewhat better demand in
British Columbia. Wholesale foodstuffs continue to move at a fair rate
in the Prairie Provinces, and combined sales show improvement with the
progress of the harvest; other agricultural implement lines report a fair
to good market. Iron and steel business is generally dull. A slightly better demand is noted in Ontario for some of the lighter types of electrical
apparatus but heavier lines continue to move slowly. July production
of newsprint in Canadian mills amounted to 217,000 tons. 2% above June
figures but 5% below production a year ago. Manotiba mining operations
are said to be increasingly hampered by lack of capital.
1335
values are still on a downward trend and there is very little building activity
The 1929-30 coffee season may be considered as practically closed, as only
a few bags of inferior quality remain in the country. A few small lots of
washed coffee of the 1930-31 crop have been sold for early delivery at
$16 per quintal.
HAITI.
There was a slight recession in general business activity in Haiti during
August, as compared with the previous month. Banks report the volume
of retail trade as on the downward trend. The usual seasonal dullness,
combined with continued unprofitable coffee prices, has so affected business circles that leading firms and banks are pessimistic as regards any
early improvement. Climatic conditions during August were more favorable to the coming coffee crop, which is maturing earlier than last year.
Prospects are that the crop will be of good quality and abundant, but
little relief therefrom is anticipated by reason of prevailing price levels. '
Exporters are advised to continue to exercise the utmost caution as regarde granting credits at this time.
INDIA.
The general economic situation in India has not improved during the
Past month, but from outward appearances the boycott movement is
losing force except possibly in Bombay. Some difficulties are being experienced on the frontier, particularly in the Peshawar district where martial law has been established. The current business situation remains
very unsatisfactory. At Bombay, sixteen mills are closed and thousands
of mill-workers are unemployed. Many of the mills are operating at 50%
capacity and stocks of piece-goods continue to accumulate. Bazaar business has not improved and Indian agents of foreign manufacturers find it
extremely difficult to obtain orders. Bazaar stocks of staple lines are
unquestionably low and any material improvement of present conditions
In the market would tend to stimulate business activity in both domestic
and imported merchandise. The credit situation remains very poor and
collections are difficult to effect. There are no prospects of Improvement
in the business situation In the near future and consequently caution
should continue in making shipment to Indian accounts. The monsoon
or rainy season is considered as generally satisfactory. Standing crops are
in good condition except along the Indus where floods have caused considerable damage. The continued decline in commodity prices for India's
raw and manufactured exports has tended to demoralize most trades.
The reduced volume in the value of foreign trade resulting has appreciably
curtailed customs and railway receipts, affecting the revenue position of
the central government. A record wheat crop this season Is expected to
show an export surplus of 2,000,000 tons with a corresponding improvement in railway loadings and substantially help the country's trade balance.
The money supply is ample with call funds around 2% with small demand.
Exchange is dull but steady with few export bills showing and small remittance inquiries. Gilt edged securities are steady. Jute and cotton shares
are firm but coals, teas, and miscellaneous shares are being neglected and
transactions are limited due to the Bombay exchange remaining closed to
forward business.
IRISH FREE STATE.
Some economic setbacks were experienced by the Cork area in the second
quarter of the year, according to a report. Agriculture, the basic industry
of the district, is extremely sensitive to conditions in the British market.
CHILE.
and dairy production, and the decline
Reports of unfavorable crop conditions in the United States and Europe the principal outlet for its livestock
industrial centers is the cause of considerable
have slightly bolstered prices for Chilean farm products. However, general In activity in cross channel
curtailment in operations in the
business conditions are dull with sales in some lines slightly off from those uneasiness. In addition, the drastic
tractor plant at Cork has released approximately 7,000 workers, about
of last month.
half of whom are on the dole in Cork city.
CHINA.
JAMAICA.
The geheral trade situation in China continues depressed because of low
silver exchange and disordered internal conditions, but the outlook is someDuring August no change of importance took place to alleviate the
what improved by favorable crop conditions, particularly in the Yangtze depression that has characterized economic conditions in Jamaica during
Valley. Conditions in Shanghai are slightly improved. Importers report the past months. In some quarters, however, hope was expressed that the
receiving inquiries and are placing small orders, but dealers will not commit turning point had been reached, and there are evidences that the heretofore
themselves except for immediate requirements. Prices are gradually being rather pronounced stringency in financial matters is easing back to normal.
adjusted to the new exchange levels and fluctuations during the past month Building activity increased during August, but collections in general
were farily steady. Shipping is abnormally low for this season of the year, remain slow. The number of tourist visitors from Aug. 1 to Aug. 20 declined
much up-river cargo being held at Shanghai,and Yangtze steamers operating 23% as compared with the figures for the corresponding period of the previous
about 5 to 10% of capacity. Freight arrivals at Shanghai are about 40% year. Prices for the Principal agricultural products continue considerably
below normal. Export cargo Is about 60% below normal as up-river cargo below normal, especially bananas and coffee, both of which showed a
is being held by owners pending a safer condition for transportation of further decline during August as compared with the previous month's
money. General business conditions In North China show alight improve- prices. Cocoanut prices advanced slightly over last month. Exports of
ment over the depression of the past four to six months. Summer slackness cocoanuts from Jan. 1 to Aug. 9 amounted to only 64% of the quantity
In trade is now approaching an end and inquiries regarding new import shipped during the same period last year. while exports of copra over the
business are beginning to be heard.
same period of time increased by 60%.
MEXICO.
DOMINICAN REPUBLIC.
Economic conditions in the Dominican Republic showed no
Business continues dull in Mexico and is feeling the effect of the world
improvement
during August. Business conditions In general are poor and prices
wide decline of commodity prices, particularly for silver and other metals.
for
Principal commodities, especially corn and cacao, remain extremely the However, Mexico has an advantage in that there has been no inflation
low.
expected even though the depression
Contrary to former reports, the tobacco crop is now reported to be
below locally, hence no serious failures are
depends on the betterment of commodity
the average in quality and size, although prices are about normal.
General continues indefinitely. Recovery
United States. Local merchants
exports are normal for this time of year,although the movements of
cacao are prices and on general improvement in the
firms, and are avoiding large invennow falling off. The credit situation remains very difficult and
collections are extending credits only to the best
propserous
with existing plants
continue to be abnormally slow, with no prospects of an immediate
been
has
industry
cement
improve- tories. The
erected in the State of Sonora.
ment. Building construction work in the northern province:31s
practically at making enlargements and a new plant being
construction and street paving througha standstill, but there is moderate activity in the southern section.
Un- Headway is being made with road
season. The principal highway acemployment was slightly accentuated during August and the
factories con- out the country in spite of the rainy
tinue to operate at much less than normal capacity. Custom
northern States. Owing to the oil drilling aoreceipts tivities are located in the
during July are reported as being about 6% below July of last year.
Leon. Coahuila and northern Tamaulipas,
Cur- tivities in the States of Nuevo
rent remittances to the Receiver General from August 1 to 20 are about
the Mexican Government has opened an agency of the petroleum bureau at
10%
period
in 1929, and about 7% below the same period
been let by one of the oil companies for a pipe
below the same
of Monterrey. A contract has
July this year.
line from the Furbero oil fields in the State of Tamaulipas to Mexico City,
EQUADOR.
a distance of 230 kilometers.
Economic conditions in Ecuador show no improvement. The returns
NETHERLAND EAST INDIES.
from the larger cacao crop have been offset by lower prices for coffee, rice
have reached unfavorably during August to the
conditions
General
trade
and hides, and collections continue exceedingly difficult. The increase in
export commodities and quieter demand for import lines.
Colombian duties effective in October has resulted in a greater activity in lowered prices of
featured by buying for immediate needs
quiet,
very
are
the local textile mills which anticipate shipping textiles to Columbia before Export markets
of consumers, the absence of speculation, and very low
the new duties become effective. Business men are appealing to Congress only on the part
commodities. Some price levels, especially for gum damar,
for a reduction in taxes and in custom duties. Cacao deliveries since July prices for all
kapok, tapioca, and copra, are the lowest in many years.
25 were 13.000 quintals. Deliveries of cacao up to Aug. 15 were 42,000 rubber. Pepper,
Import markets reflect seasonal quietness, which is earlier this year than
quints% more than in the same period of 1929.
buying
below normal
usual. Stocks of most imported merchandise are slightly
on and
EL SALVADOR.
dealer demand has lessened, with the decline in retail
Retail merchants in San Salvador report extremely poor sales during continue slow. Because of the lowered produce prices and exhaustion of
the August holidays (Aug. 1-7), a Period when merchants usually plan to proceeds from the rice harvest, native money in tight, and several dealer
make an entire clearance of stocks In anticipation of new arrivals from failures are expected.
NEW ZEALAND.
abroad. The depressing trade situation is in consequence
accentuated,
and there appears to be no chance of any betterment in the over-theNew Zealand merchants continue very hesitant in
orders,
counter sales until December when gold drafts will begin to come into owing to the very low prices being received for butter,
placing
and rabbit
wooiinPnrt
us'
the market. It is fortunate that many merchants have, during the past skins In overseas markets. Building permits have
declined sha 1
six months, declined to make any purchases, as otherwise conditions forward orders for all building materials including lumber
are bei rP Y
renen
and
t
would have been much worse than they are. Land values and property with care. The business community is being further
disturbed b
ng
y placed
1336
FINANCIAL CHRONICLE
tariff increases and budget proposals, though no further changes are anticipated during the remainder of 1930.
SWEDEN.
While business and industrial activities generally record further decrease,
the Swedish economic situation is still relatively favorable. The production of sulphate woodpulp is being drastically reduced and many mills have
closed down.
Notwithstanding the low prices for principal commodities, general business conditions improved slightly over July and may be considered as
generally satisfactory. The outlook for the new cacao crop, beginning in
October or November, is extremely promising, owing to perfect weather
conditions, and the new crop is expected to exceed the previous ones in
volume. The present excellent condition of the cacao trees in all districts
Is attributed to the obligatory extra cultivation methods imposed on the
. planters by the Government as a feature of the general campaign to control
the witchbroom disease. Coffee crop prospects are also excellent and a
record crop is expected, the harvest starting in October. A considerable
increase in the production of lime products Is expected. The Government
plans to undertake a general water development project throughout the
island. Also, owing to the rapid development of the grapefruit industry,
the Government will erect a central packing plant in the near future, making
It obligatory for producers to grade their fruit with a view to exporting
mainly to Canada. As a part of the general agricultural development
scheme, and to relieve unemployment, the Government plans to build
extensive new roads to open up new areas suitable for cacao and banana
cultivation.
URUGUAY.
As a result of the weakness of the peso exchange,the tendency ofimporters
to wait for stabler prices in staple commodities, and general adoption of
more cautious credit policy on the part of business houses, business in
August receded further and reached a lower level than during the corresponding month of 1929. The extended period of cold and wet weather is
not affecting seriously the cattle or crops which are under cultivation,
but is retarding the late seeding operations. The encouraging feature in
the present situation is the slow but steady Improvement in livestock prices
and the return of buying interest in the dry cattle hide market. The wool
market is inactive and without stocks, the sales of May, June and July
having absorbed all the available wool, amounting to nearly 30,000 bales.
The wet salted cattle hide market is dull and prices have declined somewhat.
[Vol.. 131.
GOLD AND SILVER EXPORTED FROM AND
IMPORTED INTO THE
UNITED STATES, BY COUNTRIES.
GOLD.
Countries
Total.
Exports
Dollars.
Belgium
France
30001727
Germany
Netherlands
Spain
United Kingdom_
Canada
12511762
Costa Rica
Guatemala
Honduras
Nicaragua
Panama
Mexico
Barbados
Trinidad 4e Tobago
Other Brit. W. I_
Cuba
Dominican Repub.
Haiti. Republic of_
Argentina
Bolivia
Chile
Colombia
Ecuador
Surinam
250
Peru
Uruguay
Venezuela
British India
British Malaya_
China
Java and Madura.
Hong Kong
15,000
Pillippine IslandsAustralia
Belgian Congo_
Other Br. So Africa
British West Africa
Total
SILVER.
Refined Bullion.
Imports
Dollars,
Exports
Ounces.
245
58,916
8,120
4,000
1,369,281
11,635
28,449
32,631
39,870
211,601
6,289,030
21,214
107,937
239,130
96,466
3,000,000
3,172,673
2,040
2,921,264
116,016
3,710
136.000
114,630 1,668,714
1,150
180
6.430
2,479
4,501
1,575
3,164,290
1,084,308
5.011,412
1,710,140
1,077,832
144,007
4.891
1,446
140
48
4,267
13,200
9,500
93
233,311
55
14,926
156
33.000
279,075
3,414,166
313.426
167
25,515
3,168
5.857
3.485
234,600
1,382
122,371 1,052,168
72,763
674,125
42,888 1.198,905
3,329,243
1.300
17.000
2,000
13,230
Total (Ind. Coin).
Imports Exports Import*
Ounces. Dollars. Dollar*.
365,635
10.224
476,059
71,375
2,691
36
97,832
37
1.779
42528739 21.888.514 10.193.079 4.266.372
3.708.679 3.952 741
The Department's summary also includes the following
with regard to the territorial and Island possessions of the
United States:
Socialists Approve Briand Plan for United EuropeHAWAII.
But Delegates at Zurich Stress Federation Must
Business in Hawaii during August has improved somewhat and retailers
Not Be in Opposition to League.
of necessity lines report that the volume almost equals that of August last
From the New York "Times" we quote the following
year. The sale of non-essential lines, however, is off from 7 to 15%. Time
credit sales are increasing, and collections have improved. While sugar, the Zurich message Aug.
22:
barometer of Hawaiian business,
has reached record low levels, inducing
The executive committee of the Socialist International, at secret session
caution and economy, a general spirit of confidence in future adjustments
here today, unanimously adopted a cautiously worded resolution favoring
prevails throughout the Island.
Crop conditions in the leeward districts of all islands are exceptionally the Briand plan for a European federation. The British Laborites, who
good, because of well-distributed rains alternating with sunshine and favor- criticized the plan at yesterday's session, were won over to the resolution
able temperatures. In windward districts, however, an over-supply of rain today after it had been liberally diluted with some of the views contained
has somewhat retarded field operations. The drouth has been broken in In the British Government's reply to M. Briand.
The resolution says closer economic collaboration is necessary to
Kau district of the Island of Hawaii by recent rains, and mountain freshets
prevent
in Kauai and Oahu have filled reservoirs assuring irrigation water for the the European States from falling into general decay and misery, but insists
that
such collaboration must not be directed against any one and must
balance of the year.
not
degenerate into European protectionism.
PHILIPPINES.
It
Federation
says
the
must
avoid
even
a
suspicion of appearing to be
Heavy rains in July interfered with retail trade, further aggravating the
generally unfavorable conditions which continued as a result of constantly opposed to the League of Nations and should begin on the simplest basis.
falling prices and weak demand for Philippine products. The rains also The resolution adds that the idea of establishing a European secretariat
is premature and favors the inclusion of Russia and Turkey
in the federation.
disrupted planting in rice districts, causing the withdrawal of savings and
The Socialists express sympathy with M. Briand's proposal
further difficulties in financing labor payments involved. No improvement
for a closer
In rice areas is expected before late September. Tobacco producing political understanding, saying this is indispensable for the maintenance of
regions are the best situated, due to the relative stability of price and peace and stressing the need of Europeans sacrificing some national sovdemand. Credits and collections during July were considered more ereignty for the common good.
Lacking unanimity on the question of linking the Kellogg
difficult than in any month since 1921, especially in the southern islands and
peace pact and
In southern and central Luzon. Somewhat better conditions prevailed in the League Covenant, the Socialists decided to shelve the question till
next
year, indicating they did not expect the League Assembly to act on
northern Luzon, which is the chief tobacco district. Credits continue to be
the
granted only on a very well secured basis. Unemployment is regarded as proposition in September.
Other
resolutions
passed
strongly
favor
the League's draft convention
more serious than it has been in many years, although the situation as yet
for giving financial assistance to a victim of aggression and
Is not critical.
deplore the
slowness of the States in ratifying the League decision to oppose
the Italoplans for the reorganization of the League Secretariat,
England May Refund Part of National Debt-London German
Disarmament and the situation in India will be discussed tomorrow.
Believes Time Is Favorable as Only Gilt-Edged Morris Hillquit of New York, who arrived today, is participating In the
meeting on behalf of the American Socialists,
Securities Are in Demand.
From the New York "Herald Tribune" of Aug. 25 we take
Reich Cabinet Maps Financial Reforms-Salaries to
the following London cablegram (copyright) Aug. 24:
Be Cut, Insurance for Employed Curbed, andWorkThe stock exchange has passed through another bad week, and in spite of
attempts at optimism in some quarters it is by no means certain that the
era' Homes Built-Tax Unification is Aim.
bottom has, as yet, been reached. Only British funds were encouraged
After deliberating for several days over the Government's
by the rise of sterling on the foreign exchanges and the strengthening of the
Bank of England's position.
most pressing problem, financial reform, which Chancellor
Indeed, this has been so marked that there is a revival of rumors to the
effect that the Chancellor of the Exchequer is preparing to take advantage Bruening promised to accomplish when he took office, the
of the situation to refund some portion of the national debt on a cheaper German Cabinet finally agreed on Aug. 28 on further reducbasis. The present moment would certainly appear favorable for such an tions in the
budget for 1931 as the first step. This is noted
operation since investors are following the policy of safety first and declining
in a Berlin message to the New York "Times," which also
to consider anything but first-class, gilt-edged securities. Almost everything else is regarded with suspicion and almost every market is weighed had the following to say:
down by selling orders, which meet with but little or no resistance from
Secondly, a detailed building program for workmen's houses and rural
buyers.
Gold and Silver Imported into and Exported from the
United States, by Countries, in July.
The Bureau of Foreign and Domestic Commerce of the
Department of Commerce at Washington has made public
its monthly report showing the imports and exports of gold
and silver into and from the United States during the month
of July 1930. The gold exports were $42,528,739. The
imports were 821,888,514, of which $6,289,030, came from
Bolivia, $3,414,166 from Hong Kong, 3,329,243 came from
Mexico, $3,172,673 from Venezuela and $3,000,000 came
from Uruguay. Of the exports of the metal, $30,001,727
went to France and $12,511,762 went to Canada. Below is
the report:
settlements, covering a period of years, will be adopted with the aim of
relieving the housing shortage among
the poorer classes. The cost of the
new houses to their residents will
be based on their paying capacity. The
financing of larger apartment houses also will be attempted.
Protective measures are planned to prevent unlimited demands by unemployment insurance without endangering necessary payments. The
fourth point is that financial settlement among the Reich, the Federal
States and the communities will in the future be reached through different
key revenues in accordance with their different purposes
and after their independent responsibility has been clarified. This final settlement may become legal as soon as the Reichstag passes its new unitary taxation bill, which
has referred to in the Government's emergency decrees.
In this connection a simplification of the tax system is planned. Property
up to $5,000 will not be taxed and agricultural taxes will be changed. High
salaries in municipal civil services will be reduced in communities where the
taxes are especially high.
Credit requirements for public enterprises will be administered and regulated according to unified principles, which will help to cut high interest
rates.
AUG. 30 1930.]
FINANCIAL CHRONICLE
1337
market currency can only be got, with any freedom, by putting gold into
the Bank of France and taking out its notes. While during the past year
the gold stock of the Bank of France rose by £61,000,000, its note
circulation expanded by £68,000,000. The close correspondence between
these figures is instructive.
Shareholders' Meeting of National Bank of Belgium—
"There have lately been several reasons why money should be wanted
Monetary Situation Sound, Governor Franck Re- on the other side of the channel. The turn of the half-year, the payment
of direct taxes, always heavy in July, and the brisk turnover of money by
ports.
visiting tourists, which reaches its highest point at or soon after this time,
From Brussels the "Wall Street Journal" of Aug. 26 are normal causes of stringency. Added to them this year were
special
reported the following:
operations for regulating the maturity dates of Bons de la Defence, which
have
led,
to
the
and
issue
December,
will
of
lead
until
more
of
National
Bank of Belgium, Governor Franck
these
At shareholders' meeting of
declared that the monetary situation is sound, with note cover for circula- securities than are redeemed. At the beginning of July about £10,000,000
tion exceeding 64%. Industries are in a position to surmount world crisis went into the Bank of France on account of the Reparations "Commersince they have no stocks of raw materials and equipment is first class. cialization" loan, and a City of Paris loan of about £15,000,000, though
Banking situation Is exceedingly healthy, according to the Governor, and largely a conversion operation, transferred a considerable amount to the
same quarter; and, as will be shown later, it is much easier for the Bank
money cheap.
The Governor insisted on organization of industries with view of develop- of France to take money in than to get it about again. And, in addition
ing exports and on economy in public expenditure. The Bourse, which to all these demands for money, seasonal and special, it is stated that the
has long been depressed was favorably influenced by the speech.
French peasant's incorrigible habit of hoarding is stronger than ever In
these days, and is sterilizing, under mattresses or in a safe place up the
chimney, a considerable proportion of the Bank of France's note issue.
Reichsbank to Aid German Exporters—Charter Ex"It would naturally be supposed that these demands for currency would
pected to Be Revised Along Liberal Pre-War Credit easily be met, without any inroads on foreign gold stocks, by an increase
in its credits granted by the Bank of France. Such is the normal procedure
Lines—Foreign Markets Aimed At.
in countries which work the gold standard. If money is wanted, and the
From its Berlin correspondent the New York "Times" central bank has an adequate stock of gold, it grants credits
against bills
and securities, and the credits are either taken out in notes, or, in counreported the following under date of Aug. 21:
tries which have developed an extensive check system, are left on deposit,
German business men heaved a sigh of relief when they learned that the
favorable balance of trade attained in 1929 had maintained itself during the at the central bank and used as the basis of a check currency, which may be
first half of 1930. For the secret of Germany's prosperity and even ex- five or more times as great in volume as the credit OD which it is
founded."
istence lies in exports.
Hence when figures became known which indicated that Germany in the
The banking system of England, it is noted, provides for
first six months of the current year was the only one among the leading
industrial countries of the world to show something approaching stability an elasticity of credit and currency which is lacking in
in exports, a feeling made itself felt through the business world that all France. After explaining how
exceptional demands for
might not be lost in spite of very unfavorable signs in the home market.
The medal has, of course, its reverse side. The favorable balance of currency would be met in England without drawing in gold
500,000,000 marks (about $120,000,000) was not due to an increase of from abroad, J. Henry Schroder & Co. point out the
defects
exports but to a decrease in Imports. Germany is not buying these days
for a variety of reasons, chief among which is the effect of the world-wide in the French system and explain why they have made it
trade depression, although increasing taxes and attempts to cut wages also necessary for French banks to suck in foreign gold. They
play a part in reducing buying power.
state:
Nevertheless she is still selling. And although the value of exports of
"But the arrangements of the Paris money market are old-fashioned to
goods has fallen some $750,000 in the first half of 1930 compared with the
same period a year ago if one allows for the fact that prices are lower it can a degree that is astonishing, when we compare it with the keen intelligence
and highly developed civilization of our French neighbors in other respects.
be shown that the volume has even increased slightly.
In practical fact, anyone who wants currency or credit from the Bank of
Some Reasons for German Success.
France gets it by handing over gold. There is no central pool of short
Among the reasons contributing to this country's continued ability to
money, lent by the commercial banks to a ring of discount houses, as in
dispose of her products in the world markets are her concentration on manuLondon, which money the banks can call in from the discount houses,
facturing apparatus—which despite depression stills sells well, buyers apwhich, in turn, replenish their supplies by borrowing from the Bank of
parently wishing to equip themselves for advantageous production when
the clouds finally clear away—and to some extent her neutrality, which England or discounting bills with it. There is no custom, as in the
seems to be giving her at least a momentary advantage in selling in India United States, whereby the member banks of the Federal Reserve System
can and do rediscount bills at the Federal Reserve Bank, and so widen the
and China.
basis of credit. On the contrary, the last thing that a French commercial
• * *
Among the factors enabling the manufacturer to sell so much cheaper bank wants to do is to take bills to the Bank of France, and for a reason
abroad is the attitude of the State railways. Being State owned they are that is interesting.
"Nowadays, central banks that have been established in the light of
naturally partially dedicated to the welfare of the nation. They,therefore,
are willing to quote absurdedly low rates on freight destined to a seaport for recent experience are enjoined to confine themselves to actin.; as bankers
shipment abroad. This was even truer in pre-war days.
to the Government and to the other banks, and do not, or should not,
In those days, too, the Reichsbank quietly helped by a liberal policy of compete with the latter for ordinary banking business. But the Bank of
rediscount. Exporters credits were guaranteed by the Reichsbank when France discounts commercial bills at its 257 branches and auxiliary offices
acceptances were passed up from a private bank with less fuss and ceremony all over the country to a considerable extent—on July 3 it held £45,than might have been shown over a home sale. There is a movement afoot 000,000 worth—and the commercial banks fear that by taking bills to it
now to refashion the charter of the gold discount bank to enable it to ex- for rediscount they will be giving away their own business. If they do
ercise a more liberal policy in advancing export credits than is now possible; ask it for advances, it charges them 4%%, (2% above the official rate);
in other words, to let it follow the well-trodden path of the pre-war Reichae so when they need more currency, the simplest course for them is to draw
bank.
on their balances abroad and bring gold home and deliver it to the Bank
Quite aside from the disturbance of this favorable balance which may re- of France. And the Bank of France is helpless. There is no discount
sult if trade depression continues throughout the world, or if the tendency market; moreover, incredible as it may seem, it is forbidden by law to
to erect tariff barriers spreads, there is a serious struggle going on between hold investments or to effect open market operations for its own account,
the agricultural and industrial interests here which threatens trouble. The and the Bank of France is therefore unable to employ a "hidden hand" to
agrarians are demanding more and more tariff protection. If they get it
buy Treasury and other bills and so swell credit."
there Is real danger of retaliatory measuresfrom abroad which may seriously
curtail industry's turnover possibilities outside the borders of the Reich.
An indication of what may be in store for German manufactueres if Paul Reynaud, French Finance Minister, Explains
farmers get even a portion of their demands was shown at the end of July
French Imports of Gold—Ascribes $300,000,000
when an attempt was made to break off the trade agreement with Finland
in order to enable Germany to raise her butter duties. Holland alone has a
Increase in Year to Balance of Debts—Buying
most-favored-nation agreement and it would have meant stiffening the
Abroad a Remedy.
barriers against Dutch dairy products.
These measures are designed to reduce the heavy tax burdens of the German peoples, although the program is to be carried out only gradually. It
will be begun in 1931.
'
From the New Yolk "Evening Post" of Aug. 23 we take
France Absolved of Political Motives in Demands for the following (copyright) from Paris, Aug. 23:
Criticism of the heavy imports of gold into France has evoked a reply
World's Gold by J. Henry Schroder & Co.—Defects
by Paul Reynaud, Finance Minister, in his recent speech in EpinaL Conof French Banking System Largely Responsible. cerning
the inflow of the metal, which has aggregated more than $300,The suspicion expressed in Loudon recently that the great 000,000 in the past year, he says:
"We
have
in no manner provoked it. It is the consequence of the fact
Inflow of gold into France must have been encouraged for that our creditor
accounts on foreign countries are higher than our debts,
political purposes is branded as unfounded by J. Henry and of the strength we displayed in supporting the international crisis.
"In such a country, where the power of accumulating money has always
Schroder & Co., one of the largest English banking firms,
been attracted by long-term investments, the introduction of foreign securiin its quarterly review just received in New York. The ties, the issue of these on the French market, are the best means for
drain of gold to France, It Is pointed out by the London firm, causing the sales of francs and the purchases of foreign exchanges."
However, it remains to be decided when this policy will be opportune.
can be fully explained without imputing unworthy motives
The foreign markets outlook is not encouraging a-d it has demonstrated,
to the Bank of France and the French Treasury. The for some months, that it would have been unpleasant to buy stocks at the
Schroder firm also says that in the interests of inter- very moment when they were falling. By not permitting these introductions
Government has saved a great deal of money to the French investor.
national amity it is very desirable that this explanation theConcerning new issues, M. Reynaud said; "We have refused to authorize
explaining
After
how France in recent flotations for countries which have not fulfilled their obligations with
should be given.
to French investors before the war."
years has built up tremendous balances abroad, amounting respect
Criticism in some foreign papers concerning the French gold policy causes
approximately
one billion dollars in much dissatisfaction. A French financial writer observed that the
to the equivalent of
liquid assets, and citing other reasons for France's power English protests were unjustified since the gold imports were merely the
consequence of the free gold market and gold standard policy, of which
to take gold, J. Henry Schroder & Co. state:
England has always declared herself the champion. That
"There are two reasons why gold has been going to France. One is that
apparently glutted money market currency is wanted there,
in spite of an
owing to the very primitive arrangements of the
and the other is that
absolute freedom
does not work as satisfactorily now as before, is evident, The tracks which
the precious metal now follow are no more those which it followed before
the war. France is not responsible for all the economic troubles, inflation,
1338
FINANCIAL CHRONICLE
stabilization credits and wide capital moves which have thus modified the
international financial area.
Furthermore, the fact that our exchange remains steady in spite of the
considerable imports of gold, that notwithstanding this inflow our foreign
exchanges reserves remain approximately at the same level since many
months, that our foreign balances are still large, all this makes the problem
very intricate, and it is only by a patient action that these troubles may
be resolved.
Desirous as it may be to take the largest part in improving the international outlook, France cannot upset its foreign account balance for the
sake of foreign countries. Moreover, should it incline to such a foolish
sacrifice, experts would be at a loss to tell how to do it; financial streams
are not easily managed, and there is no magic word there. In proportion
as the foreign securities market improves, the gold inflow will diminish.
But there again, everything does not depend upon France, but also upon the
International market, which is not precisely very encouraging now.
[Pm. 131
fused to become alarmed over the possibility of such a development,
believing apparently that its effects can be largely, if not entirely, offset
by
economies in the use of gold.
In its more immediate aspects, the current gold movement is, from the
American point of view at least, a favorable development. It reduces the
danger of inflation, removes an element of needless expense, and increases
the potential market for American goods abroad.
Gold Loss Believed Near End at London—Other Markets
are Expected to Avoid Drawing Heavily on Bank's
Reserve.
From a London cablegram August 22, to the New York
"Times" we take the following:
Monetary conditions continue to shape themselves favorably for Lombard
Street and for the Stock Exchange. The large lending banks seem to have
funds and have resumed purchasing bills from the discount
Guaranty Trust Company of New York on Reasons for abundant
market. Although European countries are still evidently desirous of obFrench Gold Accumulation.
taining gold in London, there seems to be a feeling among the majority of
In its "Monthly Survey" published Aug. 25 the Guaranty central banks abroad that the Bank of England should not be called upon to
supply these requirements.
Trust Co. of New York thus discusses gold exports:
This does not mean that purchases of gold on the open London market
will be abandoned. but It is considered likely that no serious inroads on
Gold Exports Resumed.
the
Bank's gold reserve will be made and that no appreciable advance in
about
two years' duration, the exportation of
After an interruption of
gold from the United States has been resumed. Viewed in the longer money rates is likely for some time to come. That belief is reinforced by
the
absence of any sign of trade revival, while Stock Exchange activity
perspective, the shipment of approximately $75,000,000 of the metal,
mainly to France and Canada, since the middle of July may be logically promises to remain at a low ebb.
regarded as a continuation of the process of redistribution of the abnormal
and unwieldy gold stock that accumulated in this country as a result of war
Decline of Prices Ascribed in London to Overproduo.
and post-war Influences.
tion, Not Gold.
As was the case three years ago, the movement of gold abroad is favored
by easy money in the United States and by the policy of the Federal ReThe following from London August 22, is from the New
serve banks, the principal features of which are the lowest rediscount rates
In the history of the system and the injection of funds into the open money York "Times':
Numerous economic writers in this country continue to attribute the
market through the purchase of bankers' bills and Government securities.
As far as American finance is concerned, gold shipments under present present reduced level of commodity prices to an inadequate or ill-distributed
conditions occasion no uneasiness. The gold stock of this country is not supply of gold. It is safe to say, however, that the average business man
far below the 1927 peak, and the Federal Reserve ratio is nore than twice and most of the bankers who would not be classed as theorists ignore that
the legal minimum. The return of gold to Canada, moreover, will bring possible influence, and ascribe the present position to overproduction and
much needed relief, since that country was one of the chief sufferers from reduced consumption.
It is held that statistics relating to all important commodities strongly
the absorption of capital by the inflated American stock market and was
forced last year to impose restrictions on gold movements practically support this view. At the moment, while it is thought that in several
directions
prices are now scraping bottom, it is also believed that no early
amounting to a temporary suspension of the gold standard.
recovery is likely. The feeling is, however, that if trade were not so uniReasons for French Gold Accumulation.
versally depressed, there would be hope for a quicker approximation of
It is remarkable that France, devastated and industrially disorganized demand to supply.
by the war and with a substantial import balance in commodity trade, has
succeeded in stabilizing its currency and, more recently, in building up such
Spain Limits Dealings in Foreign Exchange.
a strong gold position. At the beginning of the program of gold accumulation and for some time thereafter, the metal was bought and otherwise
An Associated Press dispatch dated Madrid Aug. 22, and
attracted to France by every possible means. The process was facilitated
by the fact that, during the period of inflation, large amounts of Frnech published in the New York "Sun," said:
The Government today ordered transactions in foreign exchange limited
capital were converted into foreign currencies and held abroad. With the
advent of stabilization, these funds returned to France, and were promptly to the execution of actual orders of customers as required in business
purchased by the Central Bank and either converted into gold or held In the transactions, in a stern effort to end shrinkage in value of the peseta.
An extraordinary Cabinet meeting formulated the plan, the effects of
form of foreign balances convertible into gold. There was also a large
quantity of hoarded gold within the country, which came out of hiding after which bankers and other financial operators awaited anxiously.
the currency had been stabilized.
A cablegram from Madrid Aug. 22 to the New York
Several other factors have aided France in the process of gold accumulation. One is the fact that the country Is a rather large investor abroad and "Times" stated:
Julio Wats, Spain's newly appointed Minister of Finance, issued his first
that Its foreign loans have brought in a revenue that, in recent years, has
not been reinvested in foreign countries. Another is the large sums re- statement to-night at the close of a Cabinet meeting. He says he hopes to
ceived for reparations and the comparatively small amounts paid to Great check speculation in the peseta by confining the purchase of foreign money,
Britain and America on account of war debts. A third is the enormous drafts, bonds, &c., to the Bank of Spain and requiring that oven these
stuns spent by American and other tourists in France. These and other transactions must be justified by documentary evidence of absolute
"Invisible" items in the balance of payments have more than offset the necessity.
Senor Wats added that Spain's trade balance Is improving, with experts
import surplus in commodity trade.
In recent months, with the reserves of the Bank of France far in excess of at a higher figure and imports lower. Ile omitted to say, however, that
this
Is largely due to the cheapness of the peseta. For the same reason,
the amount necessary under the law, the continued import of gold Into
France has been criticized as detrimental to the interests of other countries. Asturian coal has been sold out and there is not enough on hand for public
particularly Great Britain, where the Central Bank has at times been hard requirements.
All indications are that the Government is unwilling to terminate the
Pressed to maintain its reserve at a comfortable level. Both the French
Government and the Bank of France, however, assert that no artificial petrol monopoly, The Cabinet approved the monopoly's budget, showing
The latest reductions at the present exchange rate of nearly 3105.000 which, taken
methods have been used to attract gold during the past year.
annual report of the Bank states that the increase in reserves during the In conjunction with economies effected In the February reorganization,
second half of 1929 was merely the natural result of the International move- totals $540,000. One hundred thousand dollars was voted for victims of
ment of funds, and that from June to December the Bank never took the the earthquake in the Cordova section on July 5.
The Supreme Court has advised the Government to pay back extrainitiative In acquiring gold by means of foreign bills.
legal fines imposed by the recent dictatorship, but the Government says
Present Views on French Gold Imports.
that in view of the legal intricacies involved It will pass the matter on to the
The persistent flow of gold to France is, In fact, coming to be regarded new Cortes, which will be elected soon. It is not likely that the Cortes will
with some concern by French financial authorities. The recent experi- be convoked until the new year because of the many claims arising out of
ence with inflation in the United States is still fresh in the minds of bankers the recently published voting lists and final ones are not likely to appear
and economists. Although the plethora of gold in this country did not until early in December.
result in an inflation of commodity prices, it was Instrumental in producing
the great stock-market boom of 1928 and 1929. The question is being
aaked, therefore, whether an excess supply of gold can be Permanently Marked Expansion in Czechoslovak Iron and Steel
"sterilized."
Export Trade Indicated in Report to Department of
Some observers are of the opinion that warning signs are already beginCommerce.
ning to appear. It is pointed out,first, that note circulation in France has
increased with the gold supply and is now the largest on record;second, that
Marked
growth in Czechoslovakia's iron and steel export
the International trade depression has been felt less in France than in any
other important industrial nation, indicating, possibly, the stimulating trade is revealed in a report from Commercial Attache Karl L.
influence of inflation; and, third, that the decline of wholesale Prices has Rankin issued by the Commerce Department. In a statebeen accompanied in recent months by increases in retail prices, resulting ment in the
matter Aug.28 the Department says:
in considerable complaint over the rise in the cost of living.
Since 1920, the report shows, this trade has risen from 164.000 metric
At all events, It Is plain that French financial officials are keenly aware of
thefact that too much gold can be fully as embarrassing as too little and that tons to 732,000 metric tons. Plates and sheets ordinarily constitute the
the time will arrive, if it has not arrived already, when further gold Imports largest single item, followed by bars and rods, pipes and tubes, billets,
will be of very doubtful benefit to France. For some time the Bank of blooms and sheet bars, and foundry pig iron. Pig-iron exports have shown
France has been emphasizing Its wish to check gold Imports. Since the a declining tendency as a result of largely increased domestic consumption,
monetary law of June 25 1928, does not permit the Bank directly to buy and shipments of billets have also fallen off in recent years. Increased
exports of bars and rods alone, however, have offset these declines, while in
foreign exchange, it is believed that the only Practicable means
of
foreign the other principal classifications the high rate of 1927 has been rather
a downward pressure on franc exchange is by encouraging loans toexerting
countries. Even this course is considered objectionable at present because closely maintained.
Although Czechoslovakia exports iron and steel products to numerous
of the weakness of foreign security markets and the belief in France that
the low point of the world-wide decline in values may not yet have been foreign markets, the great bulk of the export trade is with European
countries, Russia, Austria, Rumania and Great Britain being the largest
reached.
The attitude of international bankers toward French gold absorption has. export outlets.
The Czechoslovak iron and steel industry, according to Commercial
of course, been colored by the general recognition of the possibility of a world
gold shortage at some time In the future. Those who believe that such a Attache Rankin, although not of the size and comparative importance of
shortage is imminent have succeeded in making out a statistical case that has several other national industries of Continental Europe, Is the equal of any
not yet been refuted. So far, however, the majority of bankers have re- from the standpoint of efficiency of equipment and production. The present
Am.30 1930.]
FINANCIAL CHRONICLE
1339
Augusto de Leguia, who resigned as President and fled from Lima, was a
friend of the United States, officials said. During his regime American
mining, oil and manufacturing interests had sought out Peru as a rich
field for investment
Whether these investments are menaced by newest developments is
unknown. Officials, however, emphasized there was no sound reason to
believe American investors in Peru had reason to fear. At the same time,
it was said this country would follow its traditional policy of protecting
American property if events made that necessary.
Bonds, minerals and oil compose the greater share of American investments in Peru, though there are some American-owned manufacturing
Institute to Rationalize Chinese Industry Formed.
plants. The Commerce Department estimates this country's stake there as
Formation of an institute of scientific management of follows; Peruvian Government bonds, $75,000,000 to $80,000,000; mines,
$80,000,000 to $90,000,000; oil property, $10,000,000 to $15,Chinese merchants and manufacturers, with a view to 000,000
; manufacturing and other commercial enterprises, $15,000,000 to
rationalizing Chinese industry, was reported to the Depart- $20,000,000.
The National City Bank of New York and J. & W. Seligman Co., New
ment of Commerce at Washington on Aug. 20. by Trade
Commissioner F. S. Williams, Shanghai. The New York York investment house, hold the Peruvian bonds. Standard Oil Co. of
New Jersey, through its subsidiary, International Petroleum Co., controls
"Journal of Commerce" in its further advices from Washing- large oil fields.
ton also has the following to say in the matter:
Large copper and silver mines are owned by Cerro de Pasco Co. The
The creation of the new organization is in keeping with the trend toward Guggenheim interests, through the Northern Peruvian Smelting & Refining
Co., also have a large mineral stake, it was said.
rationalization in many of the leading nations.
International Telephone & Telegraph Co. owns the Lima telephone
The organization is the result of a meeting of the Shanghai Bankers Club,
attended by more than 200 leaders in Chinese industry, and presided over system, while the Foundation Co. of New York is installing paving in the
by the Minister of Industry, Commerce and Labor.
Peruvian capital.
The railroads are largely British-owned.
output of 1,569,000 metric tons of pig iron and 21,151,000 tons of raw
steel gives it a rank approximately equal to the industries of the Saar
and Italy.
In spite of Czechoslovakia's large deposits of iron ore,good transportation
facilities and the superior quality of certain foreign ores are giving the latter
a preponderant place in the country's iron industry, the report declares.
Imports of iron ore have risen from 656,000 metric tons in 1920 to more than
2,000,000 metric tons in 1929. Sweden is the most important supplier
with Austria and Russia following.
John F. Barry Reviews European Conditions—Says
Tariff Bill Has Postponed Expected Recovery
Abroad—Germany Like a Spring Held Down.
The Hawley-Smoot Tariff Act was an economic blunder
perpetrated at what was probably the most ill-chosen time
in 20 years, in the opinion of European bankers, according
to John F. Barry, President of John F. Barry & Co., who
recently returned from a two-months' business trip through
Europe. "The psychological effect of the tariff is more
harmful than is generally realized here," according to Mr.
Barry, who goes on to say:
•
"I talked with leading bankers and heads of investment trusts in London.
Edinburgh, Zurich, Amsterdam, Paris, Berlin and other centers and found
extraordinary unanimity of opinion as to the bad effect of the tariff, and
the general feeling is that such a law passed at a time when the whole
world was in a state of economic depression was, to say the least, not
helpful.
"European business men hold that the United States cannot live a selfcontained economic life and that our prosperity will always be dependent
on the well-being of Europe. There was also a feeling that boosting of our
tariff wall will lead to retaliation in self-defense.
"There seems to be a lack of clarity as to the immediate effect of the
new law. The publicity which attended its passing, due to the extended
debates in Congress, has resulted in considerable muddled thinking, in
Europe especially, and it would seem advisable at this time for Washington
to Issue a statement, or take some action, that will tend to clear up whatever misunderstanding there may be as to the intent of the Act.
"The opinion, more or less generally held,is that the depression in Europe
is at its lowest ebb and the tariff is blamed for postponing some recovery
that might have got under way this fall.
"Germany is like a spring premed down. Once the pressure is relieved
It may bound forward more quickly than expected. There is an urgent
demand for cheap, long-term capital. Although the German bank rate is
only 4%,commercial money is not loaning at less than 73e or 8%. This
holds up extensive building programs; it is claimed that there is a backlog
of fully 25% in construction which would be immediately undertaken if
cheap funds were available. Business in Switzerland and Holland is
extremely depressed.
"The situation in Great Britain has reached a stage where the dyed-inthe- wool Free Traders are becoming Protectionists in their search for some
way out of the slough of economic despond in which the country is plunged.
The movement toward Free Trade within the Empire and a tariff wall
against the rest of the world is gaining ground but the best opinion seems
to be that this Is not 'practical politics' for a variety of reasons, but the
next Conservative Government will introduce some form of protection.
"France and the Irish Free State appear to be the only countries enjoying
moderate prosperity. In the latter country the prices for livestock and
agricultural produce have been good and the income tax is almost
25%
lower than in England."
Peruvian Bonds Drawn for Redemption.
& W. Seligman & Co. and the National City Bank of
New York, fiscal agents of the Republic of Peru, are notifying holders of Peruvian National Loan 6% external sinking
fund gold bonds, second series, due Oct. 1 1961, that $144,500
of these bonds have been drawn by lot for redemption at
their principal amount and accrued interest on Oct. 1 1930.
Decree of Peruvian Government for Appointment of
Commission to Establish Regulations Governing
Exchange Operations.
A recent report to the Department of Commerce at Washington, made available Aug. 16, said:
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 show a decrease of 6,809 metric tons
and Lp. 158,151 in exports ef sugar, cotton, copper, bars and petrolenni
products, the principal export commodities.
Dr. Kemmerer Sails for Colombia to Conduct Survey of
Economic Conditions.
From the New York "Times" we take the following cablegram from Balboa, Panama, Aug. 26:
Dr. Edwin W. Kemmerer, authority on government finances, sailed on
the liner Santa Teresa to-night, bound for Colombia, to reorganize the
Treasury there for the second time. The Bank of the Republic, Which
has been of great value in the present economic crisis in Colombia, was
organized by Dr. Kemmerer in 1923.
At the request of the new President, Dr. Enrique Olaya, a survey of
taxes, customs and credit will he made as the basis for the economic rehabilitation of the country. Dr. Kemmerer's assistants have been at work for
two week&
It is expected four months will be required to complete the survey, but
Dr. Kemmerer will not remain that long in Colombia.
The new Government, which appears to have the support of Liberals
and Conservatives, probably will recommend legislation at this session of
Congress to carry out the reforms recommended after the survey.
Dr. Kemmerer's mission was referred to in these columns
National City Bank's Advicess from Peru Regarding
Manifesto for Preservation of Order, Recognition July 12, page 204.
of Obligations, etc.
Ecuador Remits $50,000 to London as Interest on
The National City Bank of New York was advised last
Rail Bonds.
night (Aug. 27) by cablegram from its Lima office that the
Peruvian Military Cabinet had issued a manifesto stating
A cablegram from Guayaquil (Ecuador), Aug. 26, to the
that they will preserve public order, respect foreign treaties, New York "Times" said:
recognize existing external and internal obligations legally
contracted for, suppress monopolies contributing to high
living costs, restore liberty of the press, reduce taxes on
the sugar industry, aid in economic crisis, inaintain the gold
bLandard, and conserve the gold reserve.
The Government has remitted to London $50,000 as interest payment
on the outstanding first mortgage bonds of $10,000,000 of the GuayaquilQuito Railway, which is now under Government operation.
The net income of the railway last year was 48,000 sucres (about $9,600),
and this year it will reach 700,000 sucres (about $140,000), according to
the prediction of Manuel Navarro, President of the line.
It is reported a motion may be presented to Congress authorizing a
$5,000,000 loan for irrigation projects.
The case of Harry Tompkins, former American banking superintendent,
who is suing the Government for unpaid salary and expenses, is now
before Congress and has been referred to a comn.ission for study and report.
American Holdings in Peru $200,000,000---Washington
Officials See No Reason for Worry on Investors'
Part, Despite Revolution.
South American Financing in London Held Unlikely
The following United Press advices from Washington
—English Bankers Find Money for Foreign Loans
appeared in the "Wall Street Journal" of Aug. 26:
Scarce.
State Department officials were hopeful that a strong regime friendly to
the United States would emerge from the present revolution in Peru,
where American investments are worth around $200,000,000.
The possibility of London bankers floating South American loans is considered very slight at present, a
survey
1340
FINANCIAL CHRONICLE
made by the United Press among bankers, brokers and financial writers revealed, say United Press advices from London, Aug. 27, published in the New York "Herald Tribune"
of Aug. 28. Continuing, it says:
[VoL. 131.
Minister Fenton on that day, following the publication of
proposals by the New South Wales Labor Party's conference
for the repudiation of Australian war debts, which that
afternoon were endorsed by the New South Wales Labor
Council. The cablegram likewise said:
"Since the first of June there has been a rapid decline of any available
money in London for the purpose of foreign loans, and the market is very
Mr. Fenton declared that undue prominence had been given the opinions
tight now," a spokesman for Baring Bros. said. "If money is available it is of "insignificant persons" and that a repetition of such tactics would be
to be believed that it would be loaned within the British Empire rather followed by immediate government action.
"There cannot be said to be any thought of repudiation of her war or
than in South America, for obvious reasons."
Another prominent banker declared that the general business depression any other debts by Australia," he said. "Every obligation will be met,
throughout the world, the low price of agricultural products, Britain's budget whether in the Commonwealth or abroad."
The newspapers, however, remind Mr. Fenton that whether insignificant
problems and her trade position, and the uncertainty in Wall Street made
or not. the New South Wales Labor Party has resolved to withdraw from
the present a time to lock up the London market.
"Unsettled political and economical conditions in South America, the low the Labor ticket any New South Wales member of the Federal Parliament
prices of minerals, meat and wheat, and the uncertainty of nitrate produc- who opposes repudiation of war debts and the Niemeyer economy scheme.
Acute distress now exists among unemployed women of Sydney. About
tion practically exclude the possibility of South American loans being
raised in London," a prominent broker said. "The trials of the recent 100 penniless typists, factory girls, shopwomen and even nurses have been
ejected from their lodgings and forced to join food lines. Sir Philip Game,
excellent Brazilian coffee loan are a forerunner of the difficulties South
Governor of New South Wales, has called a public meeting to raise funds for
American loans must experience, even without unsettled conditions."
assistance of the destitute women, who are exposed to manifold dangers in
Financial circles believed that clients and prospective clients feared that the
great Australian seaport, and the Government has devised a scheme of
unsettled conditions would continue in sane parts of South America, subsidized domestic
service to help them.
although financiers expect Argentina, Brazil, and Chile to continue to
maintain unity and progress.
Prussian Bonds Drawn for Redemption.
Brown Brothers & Co., fiscal agents for the Free State
of Prussia, announce that $615,000 principal amount of 6%
sinking fund gold bonds, external loan of 1927, have been
drawn for the sinking fund and will be paid on Oct. 15 at
their office, 59 Wall Street.
Bonds of City of Berlin Purchased for Redemption.
Speyer & Co., as fiscal agents, have purchased for cancellation through the sinking fund $186,500 bonds of the
City of Berlin 25-year 6/
1
2% gold loan of 1925. This represents the tenth sinking fund installment.
Cities in India Remove Funds in British Banks.
Another phase in the Indian boycott campaign has been
inaugurated by the decision of certain Indian municipalities
to withdraw their funds from British-owned banks, according to advices reaching London to-day. Copyright
advices, Aug. 22, from London to the New York "HeraldTribune" reporting this added:
The first city to put this decision into practice is Ahmedabad, second
richest in the Bombay Presidency, which is understood to have transferred its official deposits to Indian-controlled institutions. This city has
an annual revenue of £250,000 ($1,215,000) and a permanent reserve of
more than £300,000 ($1,460,000). The Ahmedabad decision was taken as
the result of the activities of Pandit Motilal Nehru and the boycott committee of the Indian Legislative Assembly.
It is computed that the income of all the municipalities and local bodies in
India is about £36,000,000 ($175.000,000) yearly, and that they keep standing deposits totaling £50,000,000 (3423,000,000). Presumably, however
deposits will be transferred to Indian institutions only where such boards
and councils operate with Swaraj majorities.
Guatemala Grants Match Monopoly—Gives Swedish
Company Control for Thirty Years and Will Get
Tariff on Silver is Urged in China—Prof. Hsu Also
$2,600,000 Loan.
Favors Gold Export Embargo to Aid Money StabiliFrom the New York "Times" of August 27, we take the
zation.—Hits
Shanghai Speculation—Challenges
ollowing:
View That Oversupply and Short Demand Cause
The Swedish Match Co. has concluded negotiations with the Republic
Silver Slump.
of Guatemala for a 30-year monopoly of the match business of the country.
It was announced yesterday. Under the terms of the agreement the comUnder the above caption the New York "Times" in its
pany has agreed to extend to Guatemala a loan of $2.500,000, which will
take the form of a 7% bond issue to be acquired at 90% of par. The issue of Aug. 17 printed the following:
Guatemalan Legislative Assembly has voted its approval.
Under the terms of the agreement the Swedish Match Co. will have the
right to import matches into Guatemala free of duty. Of the proceeds
of the loan $2,000,000 will be set aside for the formation of a mortgage
bank for farmers and the rest will be spent on public works.
Bank of England to Meet Australia's Debts, Taking up
$180,000,000 Liabilities Abroad.
The following Melbourne (Australia) advices, Aug. 22
are from the New York "Times":
The fall in the price of silver that recently has carried that metal to
the lowest quotations in history has attracted attention as one of the most
serious accompaniments of the current world-wide depression
As a
result of the decline the purchasing power of that large section of the
world's population resident in China has suffered serious curtailment and
It is remarked that Europe and the Western Hemisphere cannot fall to
feel the reactions of China's drastically reduced ability to buy abroad.
In most discussions of the decline in silver It has been assumed that
the development was world-wide, the result of overproduction and under.
consumption of the metal. A Chinese authority, Professor Paquan S.
Hsu, recently has challenged this point of view, however. Professor
Hsu regards the fall in the price of silver exchange as largely a product
of speculation on the Shanghai Gold Bar Exchange. He proposes as remedies for the situation an embargo on the export of gold from China and
the placing of a flexible tariff on silver imports ranging up to 50%
According to Professor Hsu, whose views have been widely published in
China, production of silver has been normal. Consumption of silver in
India has not greatly decreased, he contends, while in China it has actually expanded. He concludes that the chief influences upon Shanghai
silver exchange have been the international balance of payments, the
movement of the Japanese yen, the London bar silver price and the gold
bar speculation.
Stresses Gold Bar Speculation.
Gold bar speculation he considers the most important factor. Until re.
cently, he asserts, the yen rate has exercised the most virulent influence
upon silver exchange through the speculation in the gold bar. That 18 to
say, most of the speculation in gold bar has been carried on in anticipation
movement. Whenever there was a rise in the yen there was a corresponding
rise of the gold bar or a decline in silver. Recently, due to the lifting of the
gold embargo in Japan and the return of the yen to parity on a gold basis,
movements of the yen have ceased to be the governing factor in silver
exchange.
Turning to the subject of gold bar speculation, Professor Hsu recounts
that the gold bar price rose steadily all during 1929 and reached a high
point of 476 on Jan. 7 of this year when speculators, bankers, business
men and all interested parties began to be nervous. There was no agitation, however, he says, until the gold bar took another jump from 476 to
496 on Jan. 8.
"It was on this memorable day in the history of the Shanghai Gold Bar
Exchange," Professor IIsu says, "that the vanquished speculators, after
shedding tears, broadcast the stories of the gold bar manipulation which
finally culminated in the form of an agitation against speculation and ter
measures to bolster up the silver exchange. It may be added that were
It not for that memorable sudden ascension of the gold bar price on that
day, the public agitation might have come much later or might even have
been postponed indefinitely."
Sir Otto Niemeyer, a representative of the Bank of England, left here
to-day amid the plaudits of the Australian press for having found a way out
of the country's financial difficulties.
The position of the Commonwealth, as explained to-day by Sir Hal
Solebatch, Senator for Western Australia, is that Australia has obligations abroad which she cannot meet upon their due dates without assistance.
As a result of the conferences concluded yesterday at Melbourne. he added,
the Bank of England has responded generously with offers of assistance,
and Australia will be helped through her troubles "In no huckstering spirit."
"We owe no money to the Bank of England," Sir Hal concluded, "but
our liabilities abroad, aggregating £36,000,000 (3180,000.000). for which it
Is impossible for Australia to make provision as they fall due, will be temporarily met and converted as they fall due into long-dated loans carrying
the usual sinking fund interest."
In the meantime J. H. Scullin, Federal Prime Minister, who Is ill with
Pleurisy, was traveling westward to embark for London to attend the
Imperial Conference. At Adelaide he frankly admitted he had been "too
Ill to think about these things." But he emphatically resisted the suggestion that Australia should repudiate her debts.
"We have got to remember." Mr. Scullin said, "that we have our honor
as a nation, and repudiation or suggested default would be calamitous to
the whole structure of our present system and would inevitably cause a
million to become unemployed. Such suggestions are not to be tolerated,
and the only hope of restoring confidence in Australia is to maintain our
equilibrium, to play the game and when possible to evolve abetter system."
Leaders in business and finance are unanimous in believing that the
decisions reached at the Melbourne financial conferences under the guidance
of Sir Otto Neimeyer will produce substantially improved financial conditions throughout Australia, and especially these leaders commend the
requirements that each year's Federal and State budgets shall balance and
that monthly financial statements shall be issued.
Negotiations were opened to-day to provide for 325.000,000 worth of
treasury bills, due in London Sept. 20. It is understood that, the trial
period which will decide whether the Federal budget provisions are adequate
to meet the financial position began July and will end Sept. 30.
Rumors of Dumping by India.
Members of the Federal civil service, whose positions were assured by
This speculation in the gold bar, Professor Hsu says, was accompanied
Premier Scullin during the last election campaign, now realize that a reby the circulation of rumors of all kinds such as levying of import duties
duction of salaries is inevitable.
on silver by the United States and India and dumping of India's demon,.
The conferences anent proposed financial reforms for tized coins.
While Professor HSU agrees that In principle it is Indisputable that China's
Australia were referred to in our issue of Aug. 23, page 1191—
system should be thoroughly overhauled, he considers the suggesAccording to a Melbourne cablegram Aug. 28 to the "Times" monetary
tion untimely at present. In a country which Is
unstable and
a threat of press censorship was made by Acting Prime economically backward, he says, the adoption ofpolitically
the gold standard will
AUG. 30 1930.]
FINANCIA1 CHRONICLE
simply complicate the situation and will cause violent fluctuations of the
now monetary unit.
"Our people are too poor," Professor Hsu asserts,"to undergo the change
which will inevitably involve untold sufferings and sacrifices on the part
of the mass during the transition period." He finds other suggested remedies inadequate to meet the crisis and advances the proposal that an export
ban on gold be established and an import tariff on silver. As a necessary
part of the mechanism of applying these measures he advocates the establishment of a central exchange bank.
"The gold export ban," Professor Hsu says, "is designed to check the
influx of silver for dumping purposes and for buying gold in this market
on the one hand and will decrease the value of gold on the gold bar exchange,
thus strengthening the silver exchange.
Strict enforcement Urged.
"The import ban on silver, when enforced, will immediately raise the
silver exchange value and depress the gold bar price. The ban should
be strictly enforced when it is on, and could be lifted when the situation
warrants."
Professor Hsu considers the imposition of a duty on silver a good compromise substitute for a total import ban. It should be high enough at
first, he says, to allow for a further possible decline in silver, and could
later be adjusted. He suggests that a 50% duty would not be excessive,
and that a minimum of 30% might serve the purpose.
The suggestion of an embargo on gold exports from China is of particular
Interest to the United States because a substantial part of the increase in
the gold stocks of this country in the last seven months has resulted from
the influx of gold from the Orient, much of it, particularly of late, having
come from China.
Professor Hsu advocates strict enforcement of these measures as they
become effective and readjustment when conditions change. He suggests
that a tribunal composed of government officials, business men and economists be established and vested with discretionary powers to regulate the
importation and exportaion of gold and silver, to supervise the tariff on
silver when occasion demands and to supervise all other matters pertaining
to the problem.
1341
"It should be borne in mind that the drouth situation at the present time
is temporary and is confined to certain circumscribed areas. The diversity
of conditions that exist in the great expanse of the country's territory is an
element of strength to the Federal Land Banks.
"The Federal Land Banks are permanent institutions, designed to function in good times and bad. They constitute a great mutual and co-operative organization that covers tho entire country and each bank, in addition
to being primarily liable for its own bonds, is liable, under the conditions
stated in the law,for the principal of, and interest on, the Farm Loan bonds
Issued by all the other Federal Land Banks.
"The bonds issued by the Federal Land Banks constitute a sound, tax
free security, and investors should not be disturbed by false or misleading
Information. The achievements and service of the system have demonstrated its fundamental soundness and usefulness."
Federal Land Bank of Wichita, Kan., to Pay 4% Dividend—National Farm Loan Associations Having
No Delinquent Members to Benefit.
According to the Topeka "Capital" of Aug. 21, the Federal
Land Bank at Wichita will distribute, on Sept. 1, its twentythird consecutive semi-annual dividend, with the approval
of the Federal Farm Loan Board. The amount of the
dividend is $190,203.38, which is 4% of the bank's capital
stock. The dividends declared by the bank since it was
organized 13 years ago total $3,320,788.50. In a Wichita
dispatch, Aug. 20, the "Capital" went on to say:
National Farm Loan Associations own all of the capital stock of the
Federal Land Bank and the, dividends are paid to these associations.
Apply on Judgments.
Dividends will be paid to all national farm loan associations in the
Ninth Federal Land Bank district—Kansas, Oklahoma, Colorado, and New
Chinese Said To Have Bought 15,000,000 Ounces of Mexico—which have no members delinquent in making payment due the
bank on mortgages endorsed by these associations.
Silver from India.
Payment of dividends to associations with delinquent members will be
From the New York "Times" of Aug. 25 we quote the withheld until the delinquencies are paid. If deficiency judgments have
been taken against associations in connection with foreclosures of mart•
following:
on farms which do not appear to be worth what the bank has
gages
Kong
to
Hong
silver
the
of
Governounces
A private sale of 15,000,000
in than, the dividends on the stock which these associations own
Invested
which,
according
to
reports
received
Government,
Indian
the
ment by
Land Bank will be applied on these judgments.
yesterday by the Equitable Eastern Banking Corp., took place last week, in the Federal
is believed here to account for the sharp slump in silver last Saturday.
may declare dividends to their stockholders
Associations
News of the transaction surprised the local silver market, which had
of the associations, it is explained
understood that the Indian Government would not place any of its large out of the net earnings
of the Wichita Bank. The diviPresident
holdings of silver on the market while the metal remained depressed.
Fields,
by
John
The price of silver declined steadily last year and until June 21 last,
by the bank are a large part of
associations
to
paid
dends
in
price
cents
an
33%
history,
lowest
the
ounce.
Recently
reached
when it
it has advanced some, but on Saturday it dropped ;id. in London and their gross earnings. Expenses must be paid and a reserve
1% cents here. Yesterday it recovered yid. in London to 16 7-16d. and equal to 10% of net earnings must be set up before associa% cent here to 35% cents an ounce.
Silver Crisis Ascribed By Manager of Bank of Mexico to
Gold Smugglers.—Says Contraband Shipments Are
Made to United States.
The following Mexico City cablegram Aug. 22 is from the
New York "Times:"
The premium of gold currency over silver coinage rose this morning to 10%
a figure exceeded only once in the last ten years.
This morning's markets opened with an 8% premium for gold. At 10
A. M. it was 9% and at midday the peak was reached. Later the market
reacted somewhat, and it is believed tomorrow will see a substantial drop.
Alberto Mascarenas, general manager of the Bank of Mexico, Alexice's sole bank of issue, believes that the drop in the silver quotation is
artificial rather than due to economic conditions and that it is accentuated
by lack of co-operation on the part of other banks and of the public in general. He further believes that contraband traffic in gold by the Way of
large secret remittances across the United States border is an important
factor.
Energetic measures are reported to be under consideration by the Bank
of Mexico to stem the silver depression. It is reported that every effort
will be made to restrict the movement of gold from banks and that a strict
watch will be kept to prevent smuggling of gold out of Mexico.
The National Chamber of Commerce has requested the Ministry of
Finance to seek the co-operation not only of the Bank of Mexico but also
of all other banking institutions to relieve the present crisis
Secretary Mellon Says Achievements of Federal Land
Banks Have Demonstrated Soundness.
Secretary of the Treasury Mellon declares that the achievements and service of the Federal Land Bank System have
demonstrated its fundamental soundness and usefulness,in a
letter released Aug. 28 by Alexander Brown & Sons, Harris,
Forbes & Co., Lee, Higginson & Co., Brown Brothers & Co.,
The National City Company and Guaranty Company of
New York, as syndicate managers of the banking group
which, in co-operation with the Federal Land Banks, in recent years has sold Federal Land Bank bonds to the public.
The letter was written in reference to a report now in course
of preparation by the syndicate managers, containing information regarding the banks and the bonds. An advance
copy of this report was sent to Mr. Mellon for his examination and he responded as follows:
"It seem appropriate for you to review the situation after thirteen
years of the bank's existence and to analyze salient features of their consolidated financial statement. The publication is timely in view of the current
discussion of adverse agricultural conditions and also should be helpful
to refute much of the misinformation that has been circulated recently with
respect to these banks and their securities and which undoubtedly has
misled and, therefore, disturbed some investors.
tions may declare and pay, dividends, says the Topeka "Capital," from which the following is also taken:
There is a note of optimism in one statement of Mr. Fields, taken In
connection with the announcement a dividend will be paid Sept. 1, when
he said:
"If a condition should arise which makes it appear that heavy losses
are in prospect, the directors of the Federal Land Bank of Wichita would
not declare a dividend and the Federal Farm Loan Board should not be
if declared, even though
expected to approve the payment of a dividend
net earnings for the previous six months were ample."
Bankers Representing Fifteen Drouth Stricken States
Confer With President Hoover on Relief Measures-Report Holds Each State Must Assume Responsibility.
Banker members of committees named in 15 drouth
stricken States met in Washington on Aug. 26 and conferred with President Hoover and other Government heads
to consider measures for the financial relief of farmers in
the drouth areas. At the conference a subcommittee of
three was named to draft suggestions as to what the banks
can and ought to do in the various States. The members of
the subcommittee are Melvin A. Traylor of Illinois, Nicholas Dosker of Kentucky, and Morton Prentis of Maryland.
It was stated in the "United States Daily" of Aug. 27 that
in addition to the suggestions of the subcommittee of bankers, the Department of Agriculture, the Federal Farm Board,
the Federal Farm Loan Board, and the Federal Reserve
Board were asked to make statements as to what those
several agencies could do to help out in the situation. The
account in the paper quoted also said:
There has been no change in the original idea, the Secretary (of Agriculture)stated. All agreed that relief measures are a local problem. No figure
could be given, Mr. Hyde stated, in reply to a query,as to the dollar amount
of credit that would be needed. The round figure of 820.000,000 has been
used before, he stated, but that is at best an approximation.
Secretary Hyde announced that the Department of Agriculture is going
ahead with general plans for drouth relief, setting up a personnel organization for study and research, and for co-ordination of effort. There will be a
National Co-ordinating Committee, with divisions of traffic co-ordination,
co-ordination of crop reports, co-ordination of market information, and a
general research division.
The report of the subcommittee of bankers, presented to
the full committee at a meeting held at the Department of
Agriculture on Aug. 27 and unanimously adopted by the
committee, said that "we view it as unfortunate that the
impression has gone abroad that there are Federal funds
1342
FINANCIAL CHRONICLE
available on other than a sound basis." The subcommittee
expressed it as its view "that each State must assume the
main responsibility for the solution of the difficulties and
problems growing out of the drouth therein." Five lines
through which this might be accomplished were cited by the
subcommittee: first, that the local banker should utilize "all
of his credit with his correspondent bank"; second, that
"he should offer for rediscount such eligible paper as he
may have or can make to the Federal Reserve Bank or the
Intermediate Credit Banl operating in his territory";
third,"existing agricultural credit corporations should utilize
their full available lines of rediscount with the Intermediate
Credit Banks"; fourth, that "where no agricultural credit
corporations exist and where other credit facilities are not
available" the formation .of agricultural credit corporations
should be undertaken; fifth, that "existing co-operative
marketing associations should avail themselves of the liberal financial assistance which is offered by the Federal
Farm Board."
While we give further below the full report of the subcommittee we quote herewith,from the "United States Daily"
what it had to say regarding the conference on Aug. 26:
r In addition to the bankers who met with the President,the group included
the Undersecretary of the Treasury. Ogden Mills. the Secretary ofAgriculture, Arthur M. Hyde.the Governor of the Federal Reserve Board. Roy A.
Young, and the Chairman of the Federal Farm Loan Board, Paul Bestor.
Banker representatives from the various States who were present at the
conference with President Hoover were: Melvin A. Traylor, Illinois; Nicholas Dosker, Kentucky; Elmer Stout. Indiana; A. G. Stiefel, Missouri;F. 13.
Drumheller, West Virginia; Edward A. Setter, and Murray D. Lincoln,
Ohio; James H. Rader, Tennessee; F. H. Fuqua, Texas; W. D. Haas,
Louisiana; Frederick W. Scott. Virginia; Clyde Hendricks. Alabama; J. H.
Stanley. Arkansas; M. J. Bouldin, Mississippi; Myron A. Limbocker, Kansas; and Morton Prentis, Charles E. Rieman. and Hugh S. Mackey, of
Maryland.
There were no representatives from Montana and Iowa.
Other representatives present were: Henry M. Robinson, member of
the National Drouth Committee, and James C. Stone and Carl Williams,
members of the Federal Farm Board.
No Decision Reached Secretary Hyde Says.
"The conference," Secretary Hyde stated orally, after the meeting, "did
not arrive at any final conclusion. The chairman of the conference, Henry
M. Robinson, Chairman of the First National Bank of Los Angeles, Calif.,
appointed a subcommittee of three bankers to draft the suggestions of the
subcommittee as to what the bankers could and ought to do in the various
States.
"The Department of Agriculture, the Federal Farm Board, the Federal
Farm Loan Board and the Federal Reserve Board are to make a statement
as to what each of these several agencies of the Government should do.
"The reports from these Departments and the recommendations of the
subcommittee are to be presented to another meeting to be held at 10 o'clock
on Wednesday, Aug. 27, in the conference room of the Department of Agriculture.
"To-day's conference means that there is no change in the original Plans
agreed upon for handling the financial help to the farmers. It means that
after a general discussion we are getting a concrete plan before the committee
which will resume its meeting tomorrow morning.
"To-day's conference, in a very general degree, agreed that the whole
problem of financial aid was a local problem and must be handled as a local
problem.
"I have had reports submitted to me by the railroads which show that up
until last night (Aug. 25) they had moved feed at the reduced rates to the
extent of 675 carloads into the drouth area. This takes in all the railroads.
The distribution of these carloads by percentages was as follows:
"West Virginia, 28%; Virginia, 25%; Maryland, 23%; Ohio, 16%; and
8% in the various other drouth areas.
"The work of the subcommittee Is going along and we are setting up a personnel organization in the Department of Agriculture to handle the coordination of theso various activities connected with drouth relief. Dr. C.
W. Warburton, Director of Extension, Department of Agriculture, will
be general secretary of the National Co-ordination Dornmittee.
"There will be a division of traffic co-ordination with A. Lane Cricher
of the Department of Commerce in charge of traffic.
"There will be a division of co-ordination of crop reports under the charge
of Joseph A. Becker of the Department of Agriculture.
"Another division will be that of co-ordination of information in charge of
A. W. Wheeler.
"Still another division will be that of gene al research, in charge of Erick
England."
The same paper ("United States Daily") in its issue of
Aug. 28, gave the following account of the meeting on Aug.
27, when the report was adopted:
The report, which was delivered to tho Secretary of Agriculture for
transmission to President Hoover, includes statements by the Secretary of
Agriculture, Arthur M. Hyde; the Undersecretary of the Treasury, Ogden
L. Mills; the Governor of the Federal Reserve Board, Roy A. Young;
the Vice-Chairman of the Federal Farm Board, James C. Stone, and the
Chairman of the Federal Farm Loan Board, Paul Beater, giving in detail
the facilities of each of those organizations which are available.
Attitude of Bankers.
The Chairman of the committee, and a member of the National Drouth
Committee, Henry M. Robinson, Chairman of the First gational Bank of
of Los Angeles, stated orally at the close of the conference that he considered this section of the report a very important one, as it is the first
time that a brief statement by these four Federal agencies as to the credit
facilities they possess has been available in one place. Such a statement
would be advisable even if no emergency existed, he said. Many bankers
do not have a full or clear idea of what can be done through the Federal
Reserve Banks and the Agricultural Credit agencies, ho added.
The committee is of the opinion that most of the needs of the drouth
areas can be taken care of through sound credit methods. There may be
few
areas where local Red Cross relief will be necessary, but for the most
a
[VoL. 131.
part the banks and the credit corporations can take care of the situation.
Many of the farmers who apparently have no credit standing at their banks,
according to Mr. Robinson, can have their credit needs taken care of
through their landlords, and where the tenant is worthy, that will be done,
he believes.
Mr. Dosker, a member of the subcommittee from Kentucky, stated that
the press can help the situation if they publish, at least in the drouth States,
the report of the committee in full, so that the whole program will be
available to those who nood credit and those who will have to extend it.
His suggestion was endorsed by the Chairman, Mr, Robinson.
Mr. Robinson and Mr.Traylor,also a member of the subcommittee, who
drafted the report which was unanimously adopted by the entire committee
of bankers, agreed that business recovery will not be materially retarded by
the drouth. Mr. Robinson endorsed an oral statement made earlier in the
day by Alexander Legge, Chairman of the Federal Farm Board, that the
effects of the drouth on farm income for 1930 had been exaggerated. He
discounted the statement which has been made that this year's crops would
bring in $1,000,000 less because of the drouth, and agreed with Mr. Legge's
statement that the total amount returned to agriculture this year would
not be less because of the drouth, because where the crops were not affected,
prices will be higher. Farmers in some States may even be benefited by
the drouth elsewhere.
The statement submitted by the Secretary of Agriculture, Arthur M
Hyde, referred to a balance of approximately $800,000 in an appropriation
made by Congress last Winter for seed and fertilizer loans in storms and
drouth districts of certain States. The loans were limited by Congress
to 1930 crops, however. The statement summarized other services of the
Department available, such as the work of the Extension Division, the
Bureau of Agricultural Economics, and the Market News Service.
The Undersecretary of the Treasury, Ogden L. Mills reported "no funds
in the Treasury available for the purpose in question."
Reserve Banks Plan Policy of Leniency.
The Governor of the Federal Reserve Board stated that he believed
he
could speak for the banks in saying that "leniency will be followed
by
all of the Reserve banks toward member banks that are in the affected
districts." Ile added, however, that the Reserve banks are "in the same
class as other Government agencies and are not in position knowingly to
make poor loans under any conditions."
The Vice Chairman of the Federal Farm Board James C. Stone, outllned
the purposes for which money could be advanced by that organization, and
stated: "The Farm Board will do everything it can under the law to help in
this drouth situation; but the agricultural marketing act is not an emergency
act, but a marketing act, and we believe that we can render real service
through co-operative marketing associations operating in the stricken sections."
The Chairman of the Federal Farm Loan Board,Paul Bestow,summarized
the credit facilities of the Federal intermediate credit banks, and explained
how agricultural credit corporations may be organized.
That section of the report formulated by the banker subcommittee consisting of Melvin A. Traylor, of Illinois, Nicholas Dosker, of Kentucky,
and Morton Prentiss, of Maryland, is set out below. It was unanimously
adopted by the full committee.
Report of Banker.
The section prepared by the bankers follows in full text:
As private citizens, we wish to express our commendation of the sympathetic understanding of our public officials of the situation that exists and to
assure them on behalf of the citizenship of our respective States that their
evident desire to assist in the solution of the intricate problem of relief for
those in distress is genuinely appreciated.
Based upon the foregoing clear cut statement of facts, it is obvious that
while Congress has made no appropriation or other provision which
permits
the use of public funds in the present emergency except as specifically
outlined in the statements quoted; yet, it is obvious that Congress in creating
the existing farm and agricultural loan agencies wisely provided that
they
should be conducted along well-recognized and sound financial and
economic
lines, and that it was not contemplated that their funds should or would
be
used in unusual emergencies such as the present, except to the extent
that
they could be so used. that Is, upon a sound credit basis.
In view of these circumstances, we think it well at this point to summarize our impression of the facts developed at this afternoon's meeting:
We view it as unfortunate that the impression has gone abroad that
there
are Federal funds available on other than a sound credit basis.
We understand it to be the unanimous agreement that conditions
vary
in the respective States affected by the drouth, both as to
areas Involved
and the type of agricultural activity prevailing in the various
that no general rule would be applicable to the respective communities;
communities.
It Is also clear that in many cases those most seriously afflicted
are without
the usual and customary assets upon which credit may
be extended.
Generally speaking,.it is thought the existing banking
institutions in
the States represented are in ample funds to take
care of all legitimate and
solvent credit requirements. It appears further
that in those cases where
rains have fallen within the past two weeks
material improvement has
occurred and it is felt that with reasonably
seasonable conditions from
now until frost much further improvement
will take place.
Each State Must Assume Main Responsibility.
In view of all these facts it seems
to your sub-committee that each
State must assume the main responsibility
for the solution of the difficulties and problems growing out of the
drouth therein, relief from which
may be had along the following
lines:
First, it is clear to us that the primary
duty in the premises rests upon
the local banker. Ho is most familiar with the conditions
in his community and the especial problems of his
customer. He should utilize first
of all his credit with his correspondent bank.
Second, he should offer for rediscount
such eligible paper as he may
have or can Make to the Federal Reserve
bank or the Intermediate Credit
bank operating in his territory.
Third, existing agricultural avelit corporations should utilize their full
available lines of rediscount with the Intermediate Credit banks. If
necessary, capital structures of such existing corporations should be increased in order to make available larger lines of rediscount with the
Intermediate Credit bank.
Fourth, where no agricultural credit corporations exist and where other
credit facilities are not available, we urge upon bankers, business men
and farmers that they proceed at once to the formation of agricultural
credit corporations. Such corporations should be capitalize upon as
broad a basis as practicable, and covering considerable areas, in order
to attract and hold good management. Such corporations will prove to
be valuable to the counties In which they are located, not only as an emergency matter, but as permanent institutions in aid of agriculture.
While such corporations can not and ought not to make unsound loans,
yet they can perform a great service in aid of farmers, and bankers in
affording long-term loans, and in expanding the financial resources of the
Aua.30 1930.]
FINANCIAL CHRONICLE
communities they serve. Through liberal use of the Intermediate Credit
System, this Federal agency can be of great assistance in furnishing the
cash under the terms of the law to the local agricultural credit corporations
and through them to the farmers.
Groups Advised to Use Aid of Farm Board.
Fifth,existing co-operative marketing associations should avail themselves
of the liberal financial assistance which is offered by the Federal Farm
Board. This can undoubtedly be most easily faciliated through increased
membership of the local agencies and by the creation of new agencies where
none now exists for any particular crop.
We appreciate that these suggestions do not offer that full measure of
relief, which, unfortunately seems to be anticipated in many quarters nor
perhaps will such a program fully meet the emergency that exists. We feel,
nevertheless, that it covers the avenues of assistance now legally available
and that no State, no community or individual should insist on or expect
aid from the private banker or Governmental agency, Stat e or Federal.
except upon terms and conditions within the purview of existing laws
and sound business practices.
(Signed) Melvin A. Traylor, Morton M. Prentis, Nicholas H. Dosker.
Unanimously adopted Aug.27 by the full Committee at the meeting in the
office of the Secretary of Agriculture. The banker members of the State
Drouth Relief Committee are:
Henry M. Robinson, Chairman, Chairman of board, First National
Bank, Los Angeles, Calif.
Alabama—Clyde Hendricks, President, Tennessee Valley Bank.
Arkansas—J. H. Stanley, President, State Bankers Association.
Indiana—Elmer Stout, President, Indiana State Bankers Association.
Illinois—Melvin A. Traylor, President, First National Bank, Chicago.
Kansas—Myron A. Limbocker, President, Kansas Bankers Association,
Emporia.
Kentucky—Nicholas Dosker, Vice President, Louisville Trust Co.,
Louisville.
Louisiana—Dr. W. D. Haas, Alexandria.
Maryland—Morton Prentis, President, First National Bank, Baltimore;
Charles E. Rieman, Federal Reserve Bank of Richmond, Baltimore branch;
High S. Mackey, manager, International Credit Bank.
Mississippi—M. J. Bouldin, Clarksdale.
Missouri—Arnold G. Stifel, St. Louis.
Ohio—Edward A.Setter, President, Ohio Bankers Association, Columbus;
Murray D. Lincoln, Secretary, Ohio Farm Bureau and general manager
Ohio Farm Bureau Corporation, Columbus.
Tennessee—James H. Rader, President. Citizens Savings Bank, Greenville.
Texas—F. H. Fuqua, Amarillo.
Virginia—Frederick W.Scott.
West Virginia—F. D.Drumheller, Vice President, Kanawha Valley Bank,
Charleston.
Others who assisted in the conference were: Paul Bestor, Federal Farm
Loan Bureau; Albert C. Williams, Federal Farm Loan.Bureau; James C.
Stone. Federal Farm Board; Ogden Mills, Undersecretary of the Treasury;
Roy Young, Federal Reserve Board.
The statements in behalf of the Federal Reserve Board,
the Federal Farm Board, 8.ce., are given under another heading in this issue of our paper.
Power of Federal Agencies in Drouth Relief Outlined—
Statements Submitted by Government Officials
Describe Conditions Under Which Loans Can Be
Made to Those in Stricken Areas.
Financial assistance that can be given by Federal agencies
to farmers suffering from drouth conditions was outlined in
statements submitted on Aug. 27 at the meeting at the Department of Agriculture of banker members of the State
relief committees. These statements (we quote from the
"United States Daily") were signed by the Secretary of
Agriculture, Arthur M. Hyde; the Undersecretary of the
Treasury, Ogden L. Mills; the Chairman of the Federal Reserve Board, Roy A. Young; the chairman of the Federal
Farm Loan Board, Paul Bestor; and the Vice Chairman of
the Federal Farm Board, James C. Stone. In giving the
statements the paper quoted went on to say:
Limitations upon available funds, as well as the conditions under which
use for drouth-relief purposes may be authorized, were set out in the statements.
At the same meeting, the banker members of the State committees submitted their report to the Secretary of Agriculture for transmission to President Hoover, with whom they had met on the previous day.
Following arc the statements of the representatives of the various Federal
agencies, in full text:
Agriculture Department Mates Direct Loans.
The Secretary of Agriculture, Arthur M. Hyde: The Department of
Agriculture has a balance of approximately $800,000 in an appropriation
made by Congress last Winter for seed and fertilizer loans in storm and
drouth districts of certain States, which balance is now available for loans
be sown for Fall pasture. The act limits
for seed and fertilizer for crops to
the loans to 1930 crops and therefore these funds are not available for crops
they are to be sown now or next Spring.
to be harvested in 1931 whether
The loans from this fund are made direct to individual farmers on recomproof of need, the assumption being that
and
committees
local
mendation of
borrowers are unable to obtain funds from any other source. The principal
in which loans can be made from this
States in which need now exists and
fund are Virginia, Missouri, Oklahoma and Alabama. The act does not
permit loans in West Virginia, Maryland, Kentucky, Arkansas, Mississippi
or Louisiana.
The Extension Service ofthe Department,in co-operation with the various
States and counties, is functioning in connection with the railroads in granting permits to enable shippers of feed, hay and livestock to obtain the reduced freight rates eanted to distressed territory. The county agricultural agents represent the Department of Agriculture in approving requests
for freight rate reductions. In those counties where no agents are employed
other persons have been designated.
The Extension Services in the various drouth States are giving all possible
available suggestions about emergency
help to drouth sufferers in making
rations for livestock, the planting of crops for Fall pasture, the planting of
will tend to relieve the situation. Exwhich
matters
other
Fall gardens. and
1343
tension workers are also making available to the public information on
sources of emergency financing, such as the organization of intermediate
credit corporations.
The Bureau of Agricultural Economics issues fro& time to time estimates
of production, indicating the sections where the surpluses as well as the
shortages exist. Largely on the basis of the reports of this Bureau the Department has designated counties to which the reduced freight rates are applicable.
This Bureau also maintains a market news service which issues frequent
bulletins on supplies of the various agricultural commoditions at prices prevailing at different markets, and other information which tends to prevent
undue speculation and enhancement of prices. Information on prices and
supplies is furnished frequently to the press and to extension workers
throughout the drouth area.
Lists of county agents who have indicated surplus supplies offeed in their
counties, or of dealers who have feed for sale, as well as lists of persons who
have livestock for sale or who desire to buy livestock for feeding arefurnished
to extension agents or are exchanged between the extension directors in the
various States.
The Bureau also makesfrequent surveys of commodity conditions,issuing
outlook reports from time to time and indicating the present and probable
future supply and demand for agricultural commodities. These aid farmers
In planning their business and in general have a steadying effect on prices.
No Treasury Funds Said to Be Available.
The Undersecretary of the Treasury, Ogden L. Mills: You asked me
whether there is any fund in the Treasury that might be drawn on for the
benefit of the drouth afflicted regions. As you know, no money can be
Paid out of the Treasury unless an appropriation bill has been adopted by
the Congress providing for the expenditure. The Congress has made no
Provision for meeting emergencies of this character and there are,therefore.
no funds in the Treasury available for the purpose in question.
Reserve Banks Are In Strong Position.
The Governor of the Federal Reserve Board, R. A. Young: Pursuant
to resolutions adopted by the National Drouth Committee.I advise that the
Federal Reserve banks are in a strong position and in a position to lend assistance through member banks in those sections of the country where it is
needed. I am not going into details relative to rediscounting by member
banks because the procedure is well known to all of your Committee.
While the Board is a supervisory body and does not actually operate the
reserve banks, I believe that I can speak for the banks and assure the Committee that leniency will be followed by all of the Reserve banks to ward
member banks that are in the affected districts. A suggestion was made.
though, that it might be helpful if the Federal Reserve Board would permit
the Federal Reserve banks to rediscount paper originating in non-member
banks when endorsed and presented by a member bank.
For obvious reasons it would be a mistake to waive the regulation entirely
and while I have not been able to put the question before my colleagues
officially. I feel perfectly safe in assuring the Committee that if any Federal
Reserve Bank requests permission of the Federal Reserve Board to accept
paper originating in a nonmember bank from a member to handle the situation at any specific bank that there will be no hesitancy upon the part ofthe
Board.
Another suggestion was made that the Federal Reserve banks give preferential rates to member banks on agricultural paper through the drouthstricken territory. There are many mechanical credit complications involved in adopting such a suggestion which the banker members of your
committee are quite familiar with and I doubt very much whether such a
procedure would be of any benefit and might tend to further complicate the
present situation. In addition, the system lain a very low rate frame at the
Present time and certainly rediscount rates of the Federal Reserve banks
at this time can not be any deterrent to re-life.
I would not want anybody to be under a misapprehension and I again
repeat that the Federal Reserve banks, while only quasi-Government institutions, nevertheless, are in the same class as other Government agencies
and are not in a position to knowingly make poor loans under any conditions.
Farm Board Loans Limited by Statute.
The Vice Chairman of the Federal Farm Board, James C. Stone: The
main object of the Agricultural Marketing Act is to develop a better marketing system for agricultural commodities, and it states rather definitely
that the Farm Board, in lending money, must deal through co-operative
marketing associations, farmer-owned and controlled, and complying with
the terms of the Capper-Volstead Act.
Section 7 of the act determines to whom and for what purposes moneys can
be loaned by the Farm Board and for your information I quote below the
first five paragraphs of this section. which are as follows:
Section 7. (a) Upon application by any co-operative association the
Board is authorized to make loans to it from toe revolving funds to assistin—
(1) The effective merchandising of agricultural commodities and food
products thereof;
(2) The construction or acquisition by purchase or lease of physical
marketing facilities for preparing, handling, storing, processing or merchandising agricultural commodities or their food products;
(3) The formation of clearing house associations:
(4 Extending membership of too co-operative association applying for
the loan by educating the prodacers of the commodity handled by the
association in the advantages of co-operative marketing of that commodity; and
(5) Enabling tae co-operative association applying for the loan to advance to its memberr a greater share of the market price of the commodity
delivered to the association than is practicable under other credit facilities.
(b) No loans shall be made to any co-operative association unless, in
the judgment of toe Board, the loan lain furtherance of the policy declared
1n-section 1 and the co-operative association applying for the loan has an
organization and management and business policies of such character as
to insure the reasonable safety of the loan and the furtherance ofsura policy.
In addition to lending money to co-operatives for purposes as enumerated
above, the Farm Board has taken the position that we have the right, under
the law, to make loans to co-operatives, the money to be used by them as a
part of the capital structure for a credit corporation, provided the credit
corporation makes loans only to members of the co-operative marketing
association and also that the marketing association has a contract with its
members requiring the delivery of all the product to the co-operative association for sale. We are prepared to lend money for this purpose, provided
the co-operative is efficiently managed and has an experience of successful
operation.
We
made some loans,also, to well-managed co-operatives which have
accumulated proper reserve funds for the purpose of enabling the co-operative to furnish credits to its members to prevent the necessity of the member selling his stock, and also for the purpose of buying feed in the present
situation, and the financing of the purchase of feeders.
The Farmers National Grain Corporation is a co-operative marketing
sales agency, owned by co-operative marketing associations, and though
the
Farm Board has loaned it money, its policies are determined by its
own
board of directors.
The Farm Board will do everything it can under the law to help
in this
drouth situation; but the Agricultural Marketing Act is not
an emergency
1344
FINANCIAL CHRONICLE
[VOL. 131.
In the every day earnings of agriculture as compared to other industries
was not recognized. It was only fair that the farmer should gain by the
Increasing value of farm property as this increase was due in a large measure
to the results of his own efforts to iinprova the property and thereby
enhance its value. However, when they set aside these indirect gains my
judgment is that the current earnings such as would be shown on the
balance sheet of any well-organized firm or corporation were very small for
a considerable time prior to the World War.
Following the inflation that took place during the War period this situation became immediately acute. As we see it there were two fundamental
reasons: first, the increase in the general cost level wherein taxes, wage
rates and many other items of expense to the farmer had been doubled or
more than doubled, resulting in a sharp increase in his cost of operation.
At the same time the period of drastic deflation set in and instead of the
increasing value of real estate, the land owner was faced with a sharp
decline from which lower level there has been but a slight recovery. In
meeting the changed conditions the handicap of agriculture as compared to
other industries brought about a storm of protest from the agricultural
classes, in some cases accompanied by a great deal of bitterness and feeling
that somebody had manipulated them out of their rightful position In the
business structure of the country.
Careful consideration of the subject leads to the conclusion that this
cannot justly be charged to any effort on the part of any other group to
take advantage of agriculture, but rather the disparity was based on the
fact that agriculture, almost totally unorganized, was not so well prepared
to adjust itself to the new condition as the more highly organized industries.
To put this another way, industry is planned on a basis of producing that
kind and quality of product in such quantity as the market would absorb
at a basis that would leave a reasonable share of return to the producer,
including Increased taxes and wages as basic operating costs and priced
their production on this level. The farmer, on the other hand, might be
classified as operating over six million individual factories, each producing
without regard to consuming demand, without reference to what any other
one of the six million units was doing. Obviously on this basis what it cost
him to produce his product had little influence on the price he could get
for it. In other words, the more highly organized industries could and did
adjust themselves to the higher range of cost on everything and the farmer
was unable to do so.
If this reasoning be sound the answer to what the farmer can and must do
to put himself on a parity with other industries is contained in the one
word "organization." Acting together collectively there seems to be no
fundamental reason why he might not regulate his operations just as
effectively as the most highly organized corporation in existence and because
of the fact that meet of what he produces is foodstuffs on which the quantity
consumed will from year to year vary much less than the possible variation
In most manufactured products, it would seem entirely parcticable to make
his operation in this respect even more effective than any other line of
producers.
To illustrate this, If times are hard and money is scarce people do not
feel encouraged to'make an investment. One can wear his old clothes a
little longer, continue to run the old car and not replace it as frequently as
had been the practice in the past, and so on through pretty much the whole
line of manufactured products, which action results in a subnormal consumption. In foodstuffs, while it is true that in times of unemployment
and depression there is a tendency to increase the consumption of low-cost
Items at the expense of those that are relatively more expensive, yet on the
whole there is very little difference in the quantity consumed. For this
reason, when the farmers are able to exercise the same degree of control
over their production as must be done by the manufacturer if he is going to
live at all, it seems obvious to me that the farmer would suffer less than
period of depression such as we are now passing
Chairman Legge of Federal Farm Board Says Solution any other class during areason
that his product is one on which there is the
through, for the simple
of Wheat Marketing Problem Lies in Adjustment least possibility of a reduction in quantity consumed.
The State of Iowa is primarily a livestock area. The good farmers of
of Production to Domestic Consumption.
this State
perhaps made more progress than has been made in other
At the Ohio State Fair, at Des Moines, on Aug. 25, sections ofhave
the country toward putting their production on a sound basis.
Alexander Legge, Chairman of the Federal Farm Board, This is evidenced to-day by the relative price of hogs. Iowa's greatest
product, as compared to the prices of other commodities. The Iowa farmer
discussed four proposals which have been advocated for the has
learned by experience in the past that in order to obtain a fair price for
disposal of the wheat surplus, and stated that "after giving his hogs some attention must be paid to the number of them that are
others,
and
proposals
raised.
four
these
to
Any study of market fluctuation on farm commodities over a
serious consideration
of years Indicates clearly that the farmer's gross income is always
our conclusion is that none of them gets at the root of the period
better, the commodity always brings the greatest return, in years of moderdifficulty and none consequently could afford adequate ate production rather than in periods of over-production.
marketing
problem,"
The corn crop In the last ten years with the largest farm value was that
wheat
remedy. The real solution to the
of 1924, and it was by far the smallest. The records of the Department of
said Mr. Legge, "lies in adjustment of production to a Agriculture
show that It was approximately 2,300 million bushels with a
domestic basis, coupled with orderly marketing, both of farm value of 2,226 million dollars. The corn crop the following year
was
600
which, in our opinion, can be brought about only through less. million bushels greater and had a farm value of 300 million dollars
The
of 1923 was 700 million bushels more than that of 1924.
organization of farmers so they can act collectively." The with a farmcrop
value of 50 million dollars less.
included
the
address
Legge's
In the case of hogs, the smallest production of the past six years brought
proposals dealt with in Mr.
the most money. In 1926 the live weight of hogs slaughtered
adoption of the equalization fee, the shipment of surplus farmers
under Federal inspection totaled 9,633 million pounds, for which the prowheat to needy people in China and India, the purchase of ducers received 1,120 million dollars, and In 1929 the slaughter was the
100,000,000 bushels of wheat by the Grain Stabilization largest of the six-year period, amounting to 11.353 million pounds and the
received 1,052 million dollars. Thus for a crop of 1,720 million
Corp. and the enlargement of domestic wheat consumption— producer
pounds more the
was paid 68 million dollars less. The number of
Mr. Legge stated that "the Farm Board has neither the hogs produced inproducer
1926 was 40 million and in 1928 It was increased to 49
authority nor the organization to ship famine-relief wheat to million. For a crop of 9 million more hogs the farm value was 140 million
less.
China and India. The problem in China is more one of dis- dollars
The smallest production of beef cattle the past six years also brought the
tribution than lack of wheat. . . . So far as India is most money to the
grower. That was last year, when the slaughter under
concerned, that country has more wheat than its usual Feleral inspection was 7,949 million pounds, with a value to the producer
of 968 million dollars, whereas the biggest production of the six-year period.
domestic requirements and is an exporter of wheat."
that of 1926. was 9.814 million pounds. or 1,865 million pounds more than
He contended that "the adoption of the proposal to buy that of 1929, and brought only 943 million dollars. Thus for a crop nearly
100,000,000 bushels of wheat, although it might raise prices 25% greater the producer received 25 million dollars less.
Cotton furnishes another striking example of a small crop yielding more
temporarily, would intensify some of the effectt of the wheat money
to the grower than the large one. The 1923 cotton crop was the
surplus without leading to any real solution." He likewise smallest in recent years, being 10,140.000 bales, and had a farm value of
said "any stimulated pressure of our wheat surplus on the 1,572 million dollars, which was the largest return on any crop in the past
years. The biggest crop in that period was in 1926 and amounted to
world market through the equalization fee or debenture ten
17,977,000 bales, or 7.837,000 more than the crop of 1923. This bumper
schemes would greatly depress that market, probably by an crop
was worth on the farm only 983 million dollars, or 589 million dollars
amount equal to the subsidy, and thereby defeat the very less than the
cotton farmers got in 1923 for 7,838,000 fewer bales of cotton.
Mr.
action."
such
Legge's
address
of
purpose
follows:
The crop that perhaps is most sensitive to over-pviduction is potatoes.
In approaching the subject of ways and means to improve the position This crop is largely consumed the year it is grown and the demand for poof agriculture as an industry and particularly with reference to its relation tatoes rem lins about the same from year to year. The smallest crop In the
to other industries of the nation we must first consider some of the more past six ye ire brought potato growers by far the most money. In 1925
fundamental causes of the disparity which has existed for many years past. they produced approximately 321 million bushels with a farm value of
It is my belief that this disparity has existed for a longer time than is around 530 million dollars. The bumper crop of that six-year period.
generally recognized. During the period during which steadily advancing which was in 1928, totaled 453 million _bushels witn a farm value of only
prices of farm land gave the farmer an indirect gain or profit this disparity 288 million dotlars. In other words, in 1928 farmers raised 142 million
act, but a marketing act, and we believe that we can render real service
through co-operative marketing association operating in the stricken sections.
•
Intermediate Credit Banks Explained.
The Chairman of the Federal Farm Loan Board, Paul Bestor: The Federal Intermediate Credit banks are permanent institutions created to provide agricultural credit at reasonable interest rates. One of their functions
Is to discount agricultural paper, under the limitations prescribed In the
act, for banks, agricultural credit corporations, livestock loan companies,
and other financing institutions with their indorsement, or to make loans
or advances to such institutions secured by such agricultural paper. The
proceeds of all such paper so discounted or accepted as security for loans
must be used for agricultural purposes or for the raising. breeding,fattening,
or marketing of livestock. The law does not permit Federal Intermediate
Credit banks to make loans or advances to individuals or to discount paper
for individuals directly.
Agricultural credit corporations may be organized under State law. When
properly organized with adequately paid-up capital and managed by competent personnel, such corporations may be granted the privilege of discounting with or obtaining loans from the Federal Intermediate Credit Bank
serving the district in which they are loacted.
The amount of paper accepted by Federal Intermediate Credit Banks
from a corporation of this kind, for discount, depends in each instance on
the character of the paper offered, the security therefor, the management
of the corporation, the manner in which its capital is invested, the amount
thereof pledged with the bank as additional collateral—the ratio varying
from three to eight times the paid-in and unimpaired capital of the discounting institution.
It has been found desirable that capital of the discounting corporation be
Invested in liquid securities sucn as United States Government bonds or
Federal Land Bank bonds, and that such securities be pledged, with the
Federal Intermediate Credit Bank as collateral security for the payment
of all obligations of the credit corporation to the bank.
A State or national bank,trust company,savings bank, or similar institution engaged in the general banking business and handling eligible agricultural paper may provide agricultural credit for its community by submitting
such paper to the Federal Intermediate Credit Bank which serves the district
In which such local financing institution operates. Under the provisions of
the law,no paper may be purchased from or discounted for any such banking
Institution if the amount of such paper added to the aggregate liabilities of
such institution, whether direct or contingent, exceeds the amount of such
liability permitted under the laws of the jurisdiction creating the same,
or exceeds twice the paid-in and unimpaired capital and surplus of such
institution.
Ordinarily, the maximum amount of credit which may be extended on
account of any one individual may not exceed 20% of the endorsing corporation's paid-up and unimpaired capital and surplus, and livestock loans to
any one individual may not exceed 50% of the local financing insitutions's
unimpaired capital and surplus. Under the existing regulations, the Intermediate Credit Banks may accept paper upon which the maker is charged
a rate of interest which does not exceed the Intermediate Credit Bank's
discount rate by more than 2% per annum, except in the case of livestock
loans where a spread of 23i% per annum may be made. In no event may
the rate charged the individual notemaker exceed the rate permitted by the
laws of the State in which the loan is made. Experience of local financing
institutions and Federal Intermediate Credit Banks indicates that notes
should be payable when the makers expect to market their crops or livea
stock and ordinarily the maturities range from 6 to 12 months.
Auo.30 1930.]
FINANCIAL CHRONICLE
dollars less
bushels more potatoes and their crop was worth 242 million
bushel crop was
than in 1925. In 1920 the farm value of a 357-million
shows that potato
469 million dollars. The record over a period of years
for a
growers got more for a crop under 400 million bushels than they do
crop that exceeds 400 million bushels.
market
potential
to
production
adjust
In suggesting to farmers that they
requirements we are not proposing anything radical or socialistic. Instead
we are trying to get them to apply to the industry of agriculture a sound
business principle that those in virtually all other Industries long since came
to realize was a first essential to success. And in doing this we are not
going outside the authority of the Agricultural Marketing Act, but are
simply carrying out the specific provisions of that law which direct the
Board:
To keep advised from any available sources and make reports as to
crop prices, experiences, prospects, supply, and demand, at home and
abroad.
To investigate conditions of overproduction of agricultural commodities
and advise as to the prevention of such overproduction.
There is an effort on the part of certain people to make it appear that a
program of balanced production such as we are recommending—that is,
quality and quantity in line with prospective consumer demand—would
result in reduced income for farmers. The contrary would be the case, in
our opinion. The record for the past few years which I have just presented
to you gives ample evidence that the largest financial return does not come
from the biggest crop, but rather from the one that is in line or not greatly
in excess of the normal market demand.
We have recommended acreage reduction in only two crops, wheat and
cotton. We did sound a warning last spring against expanding the tobacco
acreage at a time when reports to the Department of Agriculture of intentions to plant showed a probable increase of 15% in the acreage. Tobacco
growers paid little heed to our suggestion with the result that they have a
very big bright leaf crop in the Southeastern states and are consequently
suffering in price now as they are taking it to market.
We are advising growers to guard against expansion of production in
certain crops and urging that they pay closer attention to probable consumer requirements and adjust production accordingly. It is our purpose
to lay before them every bit of available information regarding prospective
supply and demand that may be of value at planting time. In addition
we will do what we can to assist in developing and expanding the markets
for agricultural products both at home and abroad.
Now let us turn for a few moments to wheat, the commodity which has
attracted more public attention the past few weeks than any of the others.
The Department of Agriculture and Farm Board for months have been trying to get the best possible information on the world wheat outlook. With
the most accurate available data before us we have reached the conclusion
that American wheat acreage should be adjusted downward gradually until
production is on a domestic consumption basis. Compared with the average
of recent years indications for the immediate future point to no material
improvement in the world wheat market. This means that there is slight
prospect of the American farmer getting a profitable return on wheat in the
export field. So long as he produces a surplus far in excess of the quantity
that the domestic market will consume he must be content to accept the
world price for his entire crop for we can see no effective way to prevent the
surplus sold abroad determining the price received for the larger part of the
crop that is disposed of at home. In our opinion the only sure way for the
wheat grower to get the tariff protection Congress has voted him is to adjust
his production downward to an amount that the domestic market will
absorb.
One of the most difficult surpluses we find in this situation is the surplus
of leaders or managers of groups that have in the past attempted to solve
the problem along different lines. While each particular program may have
merit, It is necessary to centralize co-operative activities to get effective
results and these differences should be ironed out so that all groups would
be working to the same general end. It is natural for anyone who has made
any progress on his plan to feel that it is the only basis of attacking the
problem, yet here is a case where a genuine spirit of co-operation is badly
needed. It should be evident to all that to be fully effective and to get the
best results these several programs should be brought together so that they
would be working to a common purpose and to a common end.
Of the many proposals put forward to get rid of the wheat surplus and
thereby improve prices, I wish to discuss before you here to-day four that
have been advocated with the most persistence:
1. Adoption of the equalization fee, debenture or some other scheme
for subsidizing the exportation of the surplus at the expense of the grower.
the Treasury, or the consumer.
2. Shipment of surplus wheat to needy people In China and India.
3. Purchase by the Grain Stabilization Corp. of 100.000,000 bushels
more wheat.
4. Enlargement of domestic wheat consumption.
1345
although
Adoption of the proposal to buy 100,000,000 bushels of wheat.
the effects of the
it might raise prices temporarily, would intensify some of
would accelerate
wheat surplus without leading to any real solution. It
at the very time
the movementfrom the farms;it would cut down our exports
other exporting
of the year when our wheat meets the least competition from
and the
terminals
at
congestion
the
countries; it would materially increase
permanently
price spread between the farm and the terminal; it would not
to be sold some
raise the level of wheat prices for this wheat would have
have already sold
time; it would discriminate against those farmers who
and those who are not yet ready to sell.
domestic consumpThere is no reason to expect any material expansion in
undernourishment in this
tion of wheat for food. There appears to be little
food. Even when
country that is traceable to absolute insufficiency of foodstuff, in spite
farm prices of wheat are high, bread is a relatively cheap
4.2 bushels of
of high costs of distribution. We consume for food about
bushels before the
wheat per capita annually now as compared with nearly 5
hi-Alt=
war. This decline is due very largely to deep-seated causes—better
and heating, and reduced manual labor; higher general prosperity, making
notafoods,
other
possible more varied diets; and increased consumption of
bly vegetables, dairy products and sugar. There are other legitimate ways
in which efforts to increase consumption of wheat products may be made.
Such efforts can best be made by private interest, for it is hardly feasible
for the Farm Board to push the consumption of one farm product in competition with other farm products.
After giving serious consideration to these four proposals and others that
have been offered, our conclusion is that none of them gets at the root of
the difficulty and none consequently could afford adequate remedy. The
real solution to the wheat marketing problem lies in adjustment of production to a domestic basis, coupled with orderly marketing, both of which, in
our opinion, can be brought about only through organization of farmers so
they can act collectively.
Organization is the first essential no matter what the farmer grows.
Collectively producers of a commodity can solve production and marketing
problems. They are in position to take advantage of such information as
I have given you relative to the disastrous effect of overproduction.
The Agricultural Marketing Act created the Farm Board and supplied
it with power and funds to help farmers organize for co-operative action.
Working with existing co-operatives we have assisted in the setting up of
seven national commodity agencies to merchandise or control the marketing
of the crops handled by member Co-operatives. These include grain, livestock, cotton, wool and mohair, beans, pecans, and sugar beets. They are
owned and controlled by the co-operatives that set them up. They are the
machinery of farmers to market the crops tney produce. Their function Is
to merchandise the products of their members to the best advantage of the
grower, not to raise prices artificially to consumers as some critics would
have the public believe. Through elimination of wastes in distribution and
lessening of speculation it is expected their operations will result in stability
in prices that should be beneficial to consumer as well as producer. You
might be interested to know that the cities of Des Moines and St. Louis
furnish a good example of how co-operative marketing of farm products
helps both producer and consumer. Farmers supplying Des Moines with
milk are thoroughly organized. The dealers are paying them $2.40 per
hundred for their milk and the consumers in this city are paying 11c. a
quart. Farmers supplying the St. Louis market do not have an effective
organization and they are receiving only $1.90 per hundred for their milk
While the consumers of that city are paying 13c. a quart for milk.
The drouth which has played havoc in some sections of the country serves
to demonstrate forcibly another reason for farmers being organized. Where
farmers are organized co-operatively they are in position to get emergency
assistance immediately either through their own national set-up, as is the
case with the livestock men, or direct from the Farm Board. To obtain
relief in such times requires collective responsibility and the farmers who
belong to a co-operative are in position to give it through that organization
without delay.
The Farm Board believes that the co-operative program being developed
under the terms of the Agricultural Marketing Act is sound and offers the
best hope for permanent improvement of the financial position of agriculture.
It is giving every possible constructive assistance in organization and
proposes to continue to do so, along with supplying to farmers information
on production and marketing and extending such other aid as is provided
in the law. Success of the program is going to depend chiefly on the
Willingness of farmers to make use of the opportunity offered them to
organize and contrcl their industry.
At the present time the Board is receiving many inquiries and suggestions
as to changes in the Agricultural Marketing Act. Our judgment is that it
would be a mistake to attempt to amend or modify the law at the present
time. Net that we think it is perfect in every respect, but it took agriculture many years to secure the legislation that is now in effect. From
experience the members of the Board feel that much can bo accomplished
under the law as it is; that attempts to tinhcr with it without further
experience would tend to slow down progress rather than improve the
present situation. The fundamental principles are sound and provide for
an organized agriculture with which the producer will first be able to contro
the movement of his crop to market and effectively regulate the supply
and demand and through organized effort be enabled to make some adjustment in the production of the many farm factories that will enable the
producer to obtain for his output a reasonable return, both of which fundamental problems are beyond the possibility of solution by any private
trader. The private trader must take what is offered and do the best he
can with it. Organized producers, however, can so regulate the supply
produced and the flow of it to market in such a way as to insure a reasonable
return.
Don't think that any agency can legislate agriculture into prosperity.
Government assistance can do much, first in the way of supplying more
accurate information as to the relative supply and demand of the various
commodities produced and can assist in the setting up of farmer-owned and
farmer-controlled organizations, whose sole interest will be that of getting
the best possible return to the producers, and further the Government can
aid in financing these organizations until they have gained sufficient strength
as to make further financial aid unnecessary.
Every one of the organizations which the Board has so far assisted is
planned on a basis that as the organization grows in experience and in
financial strength they may become less and less dependent upon Goverment aid and eventually be able to carry on successfully without it.
A policy of subsidizing exports cannot hope to succeed because there is
abundant evidence that such dumping would be met by countervailing
duties, embargoes or other defensive measures on the part of importing
countries. These countries have their farm problems the same as we do and
are determined to protect their growers against the dumping of foreign
agricultural products on their markets. With that attitude we have no
quarrel for Congress has enacted legislation to penalize subsidized agricultural products being imported into this country by automatically increasing
tho tariff the amount of such subsidy. A number of the wheat
importing
countries, to meet price declines of the past year, have raised their duties
to very high levels. In addition to the hostility toward dumping there is
this in the present situation: Any stimulated pressure of our wheat surplus
on the world market through the equalization fee or debenture schemes
would greatly depress that market, probably by an amount equal to the
subsidy, and thereby defeat the very purpose of such action. Some of
those who, notwithstanding toe overwhelming evidence they will not work,
continue to support plans for the exportation of surplus crops such as
wheat to make the tariff effective on what is sold in the domestic market,
are pointing to the California grape industry program as an instance where
the Farm Board has approved the equalization fee scheme. Now nothing
could be farther from the facts. There is nothing of subsidizing exports in
the California plan. What something over 85% of the growers there have
done is to volunteer to contribute to a fund that will be used to purchase
surplus grapes or raisins, convert them into by-products for which there is a
market and thereby protect the market for fresh grapes and raisins. It is
an industry program being carried out by those engaged in the industry.
The Government's only part was to help develop the program and later
In its dispatch from Des Moines, on Aug. 25, the New
to give financial assistance to growers through loans to their co-operative
York "Times" reported Mr. Legge to the following effect:
associations in carrying out that program.
The Farm Board has neither the authority nor the organization to ship
He congratulated Iowa on its favorable position and agricultural organfamine-relief wheat to China and India. The problem in China is more one ization. "There are two things which we must do before we can end all
of distribution than lack of wheat. The American Red Cross has investi- agricultural distress," he said. "The first is to raise the products which the
gated the Chinese famine situation and found it impracticable and inadvisa- market will consume and in the amount that it can carry. The second is
ble to attempt to cope with under existing conditions. So far as India is to regulate sales so as not to destroy our own market.
concerned, that country has more wheat than its usual domestic require"I believe that we should feed our wheat and small grains to live stock
ments and is an exporter of wheat.
as a temporary means of getting rid of the wheat surplus," he
continued.
1346
FINANCIAL CHRONICLE
"but I don't believe that this is a permanent remedy. We should reduce
our wheat production to the level of domestic consumption. As long as
we export the surplus, our price will be set by the world price.
"We can't compete with foreign wheat production; their labor costa
are low. Moreover, it is one crop that can be grown anywhere from the
Arctic Circle to the Equator. Russia has more wheat lands than any other
country. Eventually they will learn to market that wheat. They are
trying different methods and they have tried all the wrong ones so far,
but they are going to find the right one."
Mr. Legge exclaimed, "God forbid that the American farmer should live
as the Russians live," and continued in part:
'When the farmers are able to exercise the same degree of control over
their production as must be done by the manufacturer if he is going to live
at all, it seams obvious to me that the farmer would suffer less than any
.other class during a period of depression such as we are now passing through,
for the simple reason that his product is one on which there is the least
Possibility of a reduction in quantity consumed.
"In suggesting to farmers that they adjust production to potential
market requirements we are not proposing anything radical or socialistic.
Instead, we are trying to get them to apply to the industry of agriculture
a sound business principle that those in virtually all other industries long
since came to realize VMS a first essential to success."
Secretary of Agriculture Hyde Says Report on Drouth
Relief of Bankers' Committee Outlines Helpful
Program—Ample Credit for Farmers Assured.
The formation of agricultural credit corporations assures
ample credit for farmers in the drouth areas in the present
emergency, and will be of great benefit for the future, if the
corporations are maintained, the Secretary of Agriculture,
Arthur M.Hyde, stated Aug.28 in a telegram from Chicago
made public by the Department. We quote from the Aug.
29 issue of the "United States Daily" which went on to say:
Mr. Hyde said he expected to call a meeting of the chairmen of the State
drouth committees in Washington within a few days. His telegram follows in full text:
"The report of the banker members of the Governors' drouth committees
outlines a helpful program.
"They not only pointed out the duty of local bankers and local people
generally, but they undertook to supplement and augment their own resources by the formation of agricultural credit corporations In the States.
These credit corporations serve as intermediaries between credit base of
communities and the liberal credit facilities of the Federal Intermediate
Credit system.
"The formation of these agricultural credit corporations assures ample
Credit for loans to farmers In drouth-stricken areas in present emergencies
and will be of great and continuing benefit if maintained in the future.
"The combination of local banking facilities and Federal Intermediate
Credit banks will meet much of the distress.
"Such distress as cannot be met in this way will be amply provided for
by the Red Cross. As soon as State drouth committees have a few days
to familiarize themselves with conditions in each State, I expect to call a
meeting of the chairmen in Washington to correlate activities and relief
measures."
The major purpose of the two-day conference on financial relief for agriculture in the drouth-stricken regions is regarded as accomplished, it was
stated orally at the White House on Aug. 28.
The main purpose of President Hoover in calling the conference. It was
said, was to get local State bankers to enlist for the establishment of National credit corporations to work in conjunction with Intermediate Credit
banks in providing financial relief to the drouth-stricken farmers.
The Secretary of Agriculture will call a conference meeting of the chairmen of State drouth committees to review the situation further after the
various drouth committees have had an opportunity to make a survey of
conditions, it was stated at the White House. No definite time has been
set, however,for the meeting, it was added.
Secretary of Agriculture Hyde Lists Results of Trip in
Drouth Area—Returns from Virginia, West Virginia, Kentucky, Indiana, Ohio.
The following from Washington, is from the "Wall Street
Journal" of Aug. 27:
Discussing drouth conditions, Secretary of Agriculture Hyde stated that
his trip through Virginia, West Virginia, Kentucky, Indiana and Ohio
resulted in three important observations, viz:
I. That the loss in the grain crop is probably greater than was estimated;
2. That the rains are bringing the pastures back to normal; and.
3. The marvelous adaptability of those affected in adjusting themselves
to conditions.
Chairman Legge of Federal Farm Board Says Income of
Farmers Will Probably Not Be Reduced by Drouth.
The total income of farmers of the United States this year
probably will not be reduced by the drouth, the Chairman
of the Federal Farm Board, Alexander Legge, stated orally
Aug. 28. According to the "United States Daily" of Aug.
29, which continued:
Fou 181.
Agricultural Meteorology of the Weather Bureau, stated orally Aug. 28.
Crops and pastures are still deteriorating in those regions.
Beneficial rains were received, however, on Aug. 27 in Virginia, and parts
of Maryland, he said. Richmond had 1.82 inches; Baltimore .5 inch; and the
District of Columbia, .37. There were a few scattered showers to light to
give substantial relief in other sections.
Hay Available for Drouth Sections.
From Washington Aug. 22 the New York "Journal of
Commerce" reported the following:
New hope was seen for live stock raisers in a report stating that several
thousand cars of hay were available for shipment into the drouth-stricken
areas in the Central West, it was announced by the Department of Agriculture to-day. Reports from shippers in the surrounding surplus producing
areas were given by the department as the basis for this statement.
Supplies of timothy hay have been reported by shippers in New York,
Northern Ohio, Northern Indiana and Michigan, where nearly normal crops
were produced, it was said. Alfalfa supplies are reported principally from
Kansas, Nebraska, New Mexico and Arizona, which are the leading surplus alfalfa-producing States in the Central and Southwestern West, according to the department. Rather plentiful supplies of prairie hay are
reported from Nebraska, and moderate quantities from Kansas and Oklahoma,it was said.
Effect of Montana Drouth Situation on Cattle.
Montana sheep and cattle may be fattened on Minnesota
farms on a profit-sharing basis as a result of the drouth in
the former State, according to a plan suggested by the Secretary of Agriculture, Arthur M. Hyde, and now being
investigated by a committee appointed by Governor Theodore Christianson Aug. 16. We quote from St. Paul advices
Aug. 18 to the "United States Daily," which added:
"The severe drouth in Montana," Secretary Hyde telegraphed Governor
Christianson, "requires the movement of several hundred thousand sheep
and cattle quickly. While the drouth has created difficulties for the owners
of these animals, there are thousands of farmers in your State who have
surplus feed and pasturage and can winter these animals. I suggest that
you consider plans for interchange of this situation. It might be possible
to arrange that the ownership of the animals be retained by present holders
and that farmers of your State take over feeding and wintering on some basis
of payment for feed used plus participation in amount later realized over
agreed value per head. While this idea may not be workable, some such
partnership basis would be beneficial to both sides and a very great service
performed. If deemed feasible, please get in touch with Montana people
and see what can be done in this direction. It might be possible to use
your State Bankers Association in co-operation with the Bankers Association of Montana to forward these ideas."
Governor Christianson, following receipt of the message, announced the
appointment of a commission headed by the State Commissioner of Agriculture. N. J. Holmberg, to investigate the situation in Minnesota.
"If the commission finds the plan feasible," the Governor said, "I shall
ask Governor J. E. Erickson of Montana to co-operate with these men in
working out the details of the plan.
"Their first action will be to make a survey of the State to determine definitely ifthere is a surplus offeed and pasturage which would allow Minnesota
to help out Montana without harm to her own livestock interests."
We likewise take the following from the "United States
Daily" of Aug. 18:
Mr. Hyde said there are 500,000 cattle and 1,000,000 sheep in Montana
whieh must be moved out of the State "at a very early day" because of
shortage of feed. The Department is telegraphing to the Governors of
Colorado, North and South Dakota and Minnesota, be said, asking them
to get in touch with bankers and others to arrange for the removal of this
livestock either through purchase from the Montana owners or through
p rtnership arrangements with the owners.
The Intermediate Cerdit banks can provide aid in carrying this livestock,
Hr. Hyde said, through loans to local associations which can show themsel res to be responsible organizations. The sales of stock might thus be
spread over the next year, obviating immediate forced sales on a low-price
market.
The same paper in its Aug. 19 issue stated:
Financing Being Arranged.
There will be no difficulty in financing livestock owners in the drouth area
if they are members of co-operative associations, but the exact plans of the
Federal Farm Board for such financing are not yet completed, and they
will vary to meet the needs of each locality, the Chairman of the Board.
Alexander Legge, stated orally Aug. 18.
In the case of Montana, Mr. Legge said, there is a good livestock organization and credit has been arranged for it through the National Livestock
Marketing Association. The association has been granted a credit of
$4,000,000 to which there is to be added $1,000.000 by the Montana organization. This $5,000,000 might be run up to a maximum of $50,000,000
through loans from the Intermediate Credit banks, which can lend up to
ten times the capital of the borrowing farm organizations, Mr. Legge explained.
The problem is one largely of moving livestock to areas where feed Is
available, the Chairman stated, since transportation of bulky feed such as
hay is impracticable and too costly. The movement from Montana probably will be to Minnesota, Nebraska. Iowa and other States where there
is ample feed, he added.
The proposal of the Virginia State Drouth Relief Committee that the
Grain Stabilization Corporation sell its wheat as livestock feed can be followed out if local organizations guarantee payment, and only if the corporation immediately replaces the wheat which it has sold, Mr. Legge said.
This is because the corporation has pledged that it will not sell its present
stocks of wheat in competition with the 1930 crop. The corporation therefore would buy on the market as much wheat as it sold in drouth areas,
so as to keep its supplies constant, he explained.
Mr.Legge said he believes the higher prices resultingfrom reduced production because of drouth will increase the income of farmers in sections where
crops were good by as large an amount as farmers in the drouth area will
lose because of ruined crops.
There has been a great loss of income in the drouth area, Mr. Legge said,
However, corn is about 20 cents a bushel higher because of the drouth, and
the crop will be somewhere near 2,000,000,000 bushels, he said, and this
one factor will offset much of the loss. Other grains and hay have risen in
price with corn, also, he added.
The drouth drainage has not been exaggerated, he said, but the losses are
local and many sections have had
good eroPs•
Mr.Legge said that farmers'income probably
will not be as large as in the
last few years, because the general level of prices is lower, but their income
probably will be as large as it would have been if the drouth had not occurred.
Gov. Adams of Colorado Proposes Sale of Surplus Feed
As far as pastures are concerned,
Mr. Legge said, the drouth is a sprettoing
ether than being relieved Dairymen in northern Illinois, New York,
to Montana and Other Drouth Areas.
and some other areas are practically on a winter feeding basis, he added,
The
following
from Denver, Aug. 18, is taken from the
although winter feeding usually begins about two months later. Feed
"United States Daily":
stocks are being consumed at an entirely abnormal rate, he said.
Drouth conditions continued in most of Pennsylvania, Michigan, MinneInstead of shipping Montana sheep
.
and cattle to other States where feed
sota, Ohio, and some other areas, J. B. Kincer, Chief of the Division of is plentiful, it would be more feasible to ship Colorado's surplus feed to the
FINANCIAL CHRONICLE
districts affected by the drouth, in the opinion of Governor William H.
Adams.
Discussing a telegram received from the Secretary of Agriculture, Arthur
M. Hyde, suggesting the possibility of sending Montana livestock to
Colorado. Governor Adams said:
"We believe the more feasible plan would be to ship out Colorado's surplus
feed to the districts affected by the drouth, and I am sure that the farmers
of Colorado would be glad to help their fellow farmers and stockmen of
other States by selling their feeds at a reasonable price. The herds affected
by the drouth are largely stock herds, the ownership of which the stockmen and farmers want to retain. The situation would be vastly different
If these herds were comprised of beef cattle and en route to market. Colorado has a great amount of feed for livestock, thanks to abundant rains,
and our surplus is available to those stockmen and farmers less fortunately
situated. I will so advise Secretary Hyde."
Wisconsin Offers Feed—Invites Cattlemen from Drouth
Areas to Use Pasturage—$1,000,000 Fund Provided.
The "Wall Street Journal" of last night (Aug. 22) carried
the following from Washington:
State of Wisconsin has invited cattlemen in the drouth-affected sections
to ship their sheep and cattle into that State, where sufficient pasturage is
available and where the Wisconsin Bank Shares Corp. of Milwaukee has
set aside $1,000,000 to feed any livestock which may be imported into the
State, Secretary of Agriculture Hyde has been informed by Wisconsin
Board of Commissioners of Agriculture.
Secretary Hyde transmitted the Wisconsin invitation to Department representatives in livestock-raising counties in Montana where provision of
pasturage for livestock constitutes the most serious aspect of the drouth
emergency problem.
Farm Ills Passing, Says Dean Mann of Cornell University—Tells Agricultural Economists in Ithaca Conference That Recovery Has Begun—Federal Farm
Board Praised By Prof. Case of Illinois.
Agriculture as a whole is making distinct progress toward
recovery from the depression of recent years and, while some
branches are still suffering serious -difficulties, the general
curve is in an upward direction, according to Dean A. R.
Mann of the Agricultural College of Cornell University, at
Aug. 19 session of the second International Conference of
Agricultural Economists held at Ithaca, N. Y. More than
300 experts from this and other countries were in attendance
at the conference said the New York "Times" in an Ithaca
dispatch,from which the following further account is likewise
taken:
1347
While M. J. B. Ezekiel, Assistant Chief Economist of the Farm Board,
discussed the question of agricultural surpluses in the United States defending the policy against dumpting abroad, Professor Sering, supported by
Professor S. von Dietze of toe University of Jena, took the problems of
agricultural surpluses and price depression into the domain of international
politics.
They assailed the Young Plan as unbearable for Germany and argued
that only by wiping the slate clean of all international financial burdens
arising from the war, reducing the burden of taxation, in all countries,
restoring the purchasing power of consumers, ending unemployment and
reviving the normal operation of industry can international economic equilibrium be achieved. This they asserted, will solve also the world agriculture crisis.
Warns Against Isolation.
America is not a law unto itself and it cannot escape the consequences
of a disorganized and impoverished world, Professor Sering said.
The building of tariff walls by the United States and other countries
will only aggravate the crisis, warned Dr. K. T. Jutila of Helsingfors
University, Finland.
"The only way to solve the problem of the agricultural surplus is to
bring down the tariff walls and remove restrictions on population movements," he said. "Modern science has made the farmer in all advanced
countries too productive and too efficient* Only by international cooperation can world agriculture regain its balance."
A similar appeal for international co-operation in the domain of agriculture, although he did not touch on the question of the tariff, was made
by H.C. M.Case, President of the American Farm Economic Association.
A. W. Ashby, President of the Agricultural Economics Society of Great
Britain, spoke along the same lines.
Emphasizing "the growing internationalization of the agricultural problem." L. K. Elmhirst of England stated that "merely to rationalize the
business of agriculture does not solve the problem, for the control of the
agricultural surplus, from which the United States, like other countries.
is suffering, will require greater co-operation on an international scale
than has ever been seen before.
Address by Professor Sering.
"Even the United States is not an autonomous body which could live
an economic life for herself," said Professor Sering, analyzing the industrial depression in European and other countries. "It is the wealth and
surplus of her soil which make her dependent on international trade, especially her farmers, on the purchasing power of their foremost foreign
buyer, industrial Europe."
Professor Sering found the main causes of the present agricultural and
industrial depression in the destruction wrought by the war, increasing
barriers to free commerce, the political tension and antagonism which
Pervade Euroye and Asia with their half-billion of inhabitants and the
perturbations incident to the Russian revolution.
The European situation, Professor Sering said, "will be reflected in
agricultural and industrial conditions in this country.
"The cause of the grave agricultural depression lies in the coincidence
of great technical advances with consequent increase of production and a
lowering of purchasing power in industralized Europe caused by other
than economic reasons," Professor Sering declared in concluding his analysis
"The economic depression of agriculture in the United States has af- of the world economic situation.
"Crises which arise from technical progress find their solution in the
fected different parts of the country and different crop areas in very difuniversalization of such progress. To what an extent this takes place is
ferent manners," said Dean Mann to-day.
-During recent years, when wheat and cotton farmers have suffered dependent upon intelligence and will power.
acutely, dairy farmers in many parts of the country, particularly in the
"The only real solution of the international agricultural and Industrial
Northeast, and until recently general livestock farmers, have been mak- depression is a universal understanding of the causes of the depression
ing substantial recovery from the low point of earlier years.
which would build up a feeling of solidarity. Such solidarity should exist
"That agriculture as a whole, broadly viewed, has been making progress between all nations, which are bound to each other by the unbreakable
toward recovery, even though it has come slowly, is attested by a number ties of international trade."
of facts.
"This progress, however,has been obscured by the very serious conditions
confronting hay, grain and cotton farmers more particularly, and it must
Japan Ships Wheat From Boston.
be remembered that hay, grain and cotton are very large items in American
Under date of Aug.26 the,New York "Times" reported the
production."
Praise for Farm Board.
following from Boston:
A tribute to the achievement of the Federal Farm Board in teaching the
Japan has contracted a large lot of grain to conserve the supply there
doctrine and practice of co-operation to the millions of American farmers which is depleted because of a drouth. Thus the first shipment of wheat
was paid to-day by Professor Ii. C.M.Case ofthe University of Illinois, who ever leaving Boston for that country was taken aboard to-day by the
Is President of the American Farm Economic Association, an organization Japanese freighter Takaoka Maru of the Nippon Yusen Kaisha Line.
of agrarian economists and research workers.
It was of 80,000 bushels of low-grade Manitoba, and is to be fed to live
"The results of the Federal Farm Board act cannot be judged for some stock, although the freight charge will be fully three times that from
time," said Professor Case. "But whatever the ultimate results of this Boston to Europe.
legislation may be, we can say now that it has already achieved one great
thing—the stimulation of co-operative effort among American farmers.
While no figures are available, it seems to me that the Farm Board has Professor Black of Harvard University Criticizes
greatly stimulated agricultural co-operation. That in itself is worth while
President Hoover on Wheat Cut Plan—Tells
in an industry so individualistic and involving 6,000,000 workers."
Cornell Conference Attempt to Curb Production
Professor Case said that it is obvious that the Board will have difficulty in dealing with the troubles of large numbers of individuals whose
Is Visionary.
entire capital is tied up in their farm investments. There are many such inPresident Hoover's policy of curtailing wheat production
dividuals with an investment of from $40,000 to $60,000, Professor Case
pointed out, saying that, while it might be well for agriculture as a whole as a means of solving the difficulties arising from the existto hold back on production, there are very many whose very existence deing surplus, was described as visionary by Professor John
pends upon the largest possible output they can market.
D. Black of Harvard University in an address before the International Conference of Agricultural Economists at Cornell University at Ithaca, N. Y., on Aug. 27. From the
"Times" we Quote further as follows:
"The President seems to have given himself the ridiculous character of a
World Farm Crisis Linked to War Loss—Foreign Economists at Ithaca Warn Allied Debts to Us are Factor
in Situation—German Urges Reductions—Farm
Board Expert Defends Its Policy and Opposes
Don Quixote tilting at giant windmills with a papier-mache lance," said
"Dumping" of Crops Abroad.
Professor Black in arraigning the policy of the administration and the
The present world-wide crisis in agriculture is a part of the Federal Farm Board.
It was Professor Black's opinion that farmers would insist upon their
International economic depression and it will not be allayed right
to produce as much as they should see fit.
except through international co-operation, including reducThe Federal Farm Board, he said, in response to farmers' protests, is
tion of reparations payments and cancellation of allied war already modifying its program of so-called agricultural self-sufficiency of
debts by the United States,Professor M.Sering of Berlin Uni- the nation as expressed in the idea of curtailment of production for export.
Professor Black maintained that while co-operatives have their legitiversity, head of the German Agrarian Research Institute, mate
role to play in the readjustments to be made, their exact
still
told 300 agricultural economists from all parts of the world as- remains to be determined. He said that the task upon which role
emphasis
sembled in a conference which opened its sessions at Cornell should be laid is the development by the Department of Agriculture of its
outlook service to farmers to enable them to orientate themUniversity at Ithaca, N.Y.on Aug. 18. In reporting this the agricultural
selves properly in the maze of domestic and foreign factors affecting procorrespondent of the New York "Times" continued:
duction and market opportunities.
Henry C. Taylor, former chief of the Bureau of Agricultural Economia,
Those participating in the conference have come here to discuss the
w-ms of farmers in their respective countries, but the very first day's pro- outlined a program of reforms, including "a wise and just revision of the
ceedings revealed the prevailing opinion among the foreign visitors that tariff" and the development of agencies for facilitating the
movement of
these woes constitute in the aggregate one large world problem.
population from one occupation to another.
1348
FINANCIAL CHRONICLE
[vou 131.
No Increase in Argentine Corn Duty Pending Inves- United Grain Growers of Canada Declares 6% Dividend
tigation by United States Tariff Commission—
—Reduced Volume of Grain Handled.
Higher Duty Had Been Sought by Senator McNary.
From the Toronto "Globe" we take the following from
According to Associated Press accounts from Washington, Winnipeg Aug.21:
Aug. 19 assurances have been given Argentina that there
will be no increase in duties on Argentine corn imported into
the United States until an investigation has been made by
the Tariff Commission. The dispatch also said:
The assurances were contained in a message from the State Department
to Robert Woods Bliss, American Ambassador in Buenos Aires, after word
had reached the Department of concern among Argentine exporters over
the demand by Senator McNary for an increase in the duty.
Regarding the action of Senator McNary a dispatch from
Washington to the New York "Journal of Commerce"
Aug. 15 said:
An appeal for relief from the competition afforded American farmers,
apparently outside the drouth-stricken areas, by importations of corn from
Argentina, was presented to...the United States Tariff Commission to-day
at the instigation of Senator Charles L. McNary (Rep.), Oregon, Chairman
of the Senate Committee on Agriculture and Forestry.
"Argentine corn is offered for sale in Portland and Seattle at 30 cents
per 100 pounds less than American corn," Senator McNary telegraphed
Mrs. Helen K. Kieffer, clerk of the Senate committee. "Situation in corn
districts critcial. Please bring matter to attention of Tariff Commission
and urge early action to increase duty under flexible provision of the
Tariff Act."
The strong financial condition of the United Grain Growers, Ltd., Was
noted in a statement issued this afternoon by R. S. Law, the company's
President, following a meeting of the Board of Directors.
The Board authorized payment of a 6% dividend on the capital stock
of the company, and checks will be mailed on Sept. 1 to more than 30,000
farmer-shareholders throughout the Western Provinces,
Mr. Law, in a statement issued to the press, said:
"Owing to the small crop harvested in 1929, the volume of grain handled
by the company was considerably reduced. The strong financial position
of the company and its various subsidiaries, continued to be maintained,
and the directors are well pleased with the manner in which the company
has come through what has been a somewhat difficult year for those enaged in the handling of grain."
World Farm Board Urged at International Conference
of Agricultural Economists at Cornell'University—
Theory Advanced by Some Speakers that Gold
Scarcity Caused Farm Slump Disputed by Dr.
E. G. Nourse--Criticism of Federal Farm Board.
Conflicting views as to the cause of the agricultural depression have marked the sessions at Ithaca, N. Y., of the
International Conference of Agricultural Economists. According to an Ithaca dispatch to the New York "Times," the
Canadian Wheat Pool Fixes Initial Payment on New setting up of an international farm board modeled on the
Wheat Crop at 60 Cents—Lowest Figure Ever Paid Federal Farm Board in this country to regulate the agri—Initial Payment on Rye Increased.
cultural business of the world, together with concerted interThe following Canadian Press dispatch dated Winnipeg national action for the control of the price of gold as a
Aug. 26 is from the Toronto "Globe:"
means of alleviating the world-wide depression in agriculThe initial payment by the Canadian wheat pools on wheat of the 1930- ture and industry,
was urged at the Aug. 22 session of the
31 crop delivered to-day and hereafter until further notice will be 60 cents
a bushel. The advance, announced last night after a long wait for the Conference. The dispatch went on to say:
official statement, Is made on the basis of No. 1 Northern at Fort William.
Leading economists and 'agricultural officials attributed the present
The initial payment now stipulated is a 10-cent drop per bushel from the crisis in agriculture not to over-production, the popular conception, but
Interim initial payment set on July 15, cut-off date from the 1929-30 crop. to the appreciation of gold consequent
upon what they termed the interThe initial payment on rye is placed at 5 cents a bushel more than the national scramble for the
yellow metal.
July 15 figure, but other grains are to be granted initial payments equal
If the leading central banks of the world continue their competition for
exactly to the amount named in mid-July. The other initial payments, gold, it was argued, prices
will continue to fall with resultant periodical
as stated last night for deliveries henceforth, are, per bushel: Barley, No.3 crises like that
of the last 12 months. This, it was declared, applied not
C. W., 25 cents; oats, No. 2 C. W.. 30 cents; rye, No. 2 C. W., 35 cents only to agriculture
but to trade and industry as a whole.
and flax, No. 1 N. W., $1.25.
The author of the proposal for the establishment of a world farm board
The figure for wheat is 25 cents a bushel below the lowest mark hitherto was F. E.
Geldenhuys,
Under Secretary of Agriculture of the Union of
noted in Wheat Pool records and 40 cents below the initial payment in South
every year but one. Since the formation of the Wheat Pool in the West nations Africa, who maintained that the time has came for all leading
to perceive their commonality of interests in the world-wide agriseven years ago initial payments on wheat have always been $1, with the
cultural depression and to act in unison in the re-establishment and mainteexception of 1928, when the heavy crop sent prices down far enough to make
nance of agricultural prosperity.
necessary placing the initial payment at 85 cents.
Mr. Geldenhuys expressed the hope that the League of Nations, the
Statement by Chairman.
United States Government or the International Institute of Agriculture
In making the announcement the following statement was given to the at Rome may take the lead toward the creation of the new international
press by A.J. McPhail,Chairman ofthe Board ofthe Central Selling Agency regulatory body.
of the pools:
Action Expected in Forum.
"The Board of the Canadian Wheat Pools naturally desired to make the
"What the Federal Farm Board intends to be for the 6,000,000 farmers
initial payment as high as possible in keeping with financial safety, In order of
America, such an international farm board or central power station
that our members should receive as large an amount of Cash as possible might be
for the other millions of farmers of the world," Mr. Geldenwhen they delivered their wheat to meet the pressing financial obligations buys
said.
but, in view of the serious difficulties which arose in connection with
What may be a move in this direction at the conference now in session
financing the 1929 crop, and to avoid the recurrence of a similar situation
here is expected with the probable adoption at the conclusion of the
arising this year, an initial payment of 60 cents per bushel on wheat has
sessions of a proposal for the creation of a permanent international organizabeen decided upon.
tion of agricultural economists.
"We fully realize how many of our members,especially in the areas where
Those who challenged the generally accepted theory, a theory mainlight crops are being harvested for the second year in succession, following
the large but unprofitable crop of 1928, will feel that these initial payments tained also by the Federal Farm Board, that the cause of the present
are inadequate to meet their financial requirements: but the ultimate welfare agricultural depression is to be sought in over-production and its cure
of our members makes it vitally necessary that we should take no steps that in restriction of output were E. If. II. Lloyd, Assistant Secretary of the
Empire Marketing Board of England, an organization corresponding to the
might endanger the safety of their organization.
Farm Board in this country, and It. R. Enfield, of the British Ministry
Co-operation Is Expected.
of Agriculture.
"With market price levels for most of our farmers for both wheat and
Supported by Professor G. F. Warren, of Cornell University, noted agricoarse grains below the cost of production, the situation facing all growers cultural expert and consultant to the Federal Farm Board, the
British
of grain, whether members of our organization or those selling their grain delegates asserted that the primary cause of the agricultural crisis
lies in
to the trade, is difficult, to say the least. In similar emergencies in the the high price of
accompanying
dislocation
of credit and
gold, with its
past, financial and business interests have refrained from unduly pressing market conditions.
This, they averred, applies equally to trade and
collections, when such action would aggravate such a serious situation as industry as a
whole.
exists at present. As the welfare of our Prairie Provinces is almost entirely
Like Mr. Enfield, Mr. Lloyd urged strongly such concerted action by the
dependent on the solvency of our agricultural industry, we hope and feel leading
central banks and their respective governments as to bring the
confident that all interests concerned in the welfare of Western Canada will price
of gold in harmony with the requirements of the modern world in
co-operate in minimizing the difficulties our farmers are facing at the
order that there may be again a world-wide expansion of credit sufficient
present time.
to counteract the fall of prices.
"Rumors are being circulated by those who are opposed to the farmers
handling their own business. That pool members will violate their conBlames Bank of France.
tracts in order to get the present market prices for their grains. Those who
The principal sinner in what he termed the present hoarding of gold
are circulating these rumors do not know the temper of the Western farmer. is the Bank of France, Mr. Lloyd hinted.
He hoped that this institution
I am confident that pool members will not be stampeded. They know that will perceive the error
of its way and take the lead in the proposed
orderly marketing is even a greater necessity under present conditions, monetary reform. In this connection Mr. Enfield
placed his hopes upon
than in normal times, if the market is to be protected from the heavy the Bank for International
Settlements, which, he said, "may provide a
selling pressure that would otherwise result from unorganized selling.
common meeting ground where international co-operation in monetary
"A further payment which would involve an increase in the initial pay- policy
may be developed."
ment will be made at as early a date as market and financial conditions
The importance of immediate need for such monetary reform as was
will permit."
suggested by the British delegates received added emphasis in Professor
Day of Market Losses.
Warren's defense of the thesis that the stringency of gold was fundaWheat was back to the dark nineties to-day, and another day of losses
mentally responsible for the agricultural crisis, and from his statement that
will bring it precariously close to the high eighties. Decline of 1 h to
cents a bushel on the Winnipeg Exchange rubbed out the last of dollar wheat even if deflation of prices should discontinue now the agricultural depresfor the time being, carrying the May future down to 99% cents, off ,1 sion may continue for another 10 years.
Without touching on the monetary aspect of the problem discussed by
cents for the day.
Light and featureless trading saved the market from more drastic losses. the British delegates and by Professor Warren, Mr. Geldenhuys declared
Despite heavy receipts of new wheat over the week-end,selling pressure did that 'any effort to cure the agricultural business patient, restore it to
not materialize. October wheat finished off 1 cent at 9134 cents and health and promote its sound development must concentrate attention in
the first place on the international areas of the marketing field, determine
December down 1 la cents at 93 to 93% cents.
Indications that the Wheat Pool was selling in large quantities, contained the international symptoms and prescribe and apply treatment which will
in reports of a large export trade last week, were not reflected in to-day's adjust the international maladjustment and promote a balanced developmarket.
ment internationally."
Cash wheat business was limited, offerings continuing draggy.
That oversupply of products "is no longer a factor in the depression,"
Coarse
grains held fairly firm in light trade.
and that it is due "primarily to the rise in the value of gold, which is
AUG.30 1930.]
FINANCIAL CHRONICLE
gradually approaching its pre-war value," was the thesis defended by Professor Warren in contradiction, as he pointed out, to the view entertained
by most economists.
"Prices are a ratio of the value of gold to the value of another commodity," he said.
Curtailment of production to a point where farmers prosper can only
he
aggravate the high cost of living and stir agitation in the cities,
added.
A sharp clash between two schools of economists as to the
fundamental cause of the present world-wide agricultural
depression was witnessed at the Aug. 23 session of the Conference after Dr. E. G. Nourse of the Brookings Institute
of Economists, Washington, had challenged the theory that
money stringency arising from the high price of gold rather
than a surplus of production was the responsible factor.
Reporting further, the New York "Times" said:
1349
A reference to the Board's announcement was also contained in Washington advices Aug. 28, published in the New
York "Evening Post" from which we quote as follows:
In marketing the 1930 cotton crop the American Cotton Co-operative
Association will attempt no price-pegging operations such as were undertaken last year.
The Federal Farm Board has issued a statement of E. F. Creekmore,
Vice-President and General Manager. It is set forth that advances to
State co-operatives for the benefit of their seasonal pool members will be
made up to approximately 90% of the value of the cotton where located.
Advances will be less than the 90% by administrative costs. On optional
pool contract the loan will be 10% less than on the seasonal cotton. As the
market advances or declines, the advance will be adjusted, but Board
members are not anticipating much more of a drop in the price of cotton.
They declare that this commodity has only been so low as it is now three
times in thirty years.
Loans to Be Continued.
Primary loans on cotton will continue to be made by the private and by
the Federal intermediate credit banks. The latter are authorized to advance up to 75% of the market value of the product, while the Board is
Permitted to make available to the association funds sufficient to supplement the primary loans up to 90% for members of the seasonal pool and
10% less than this loan for members operating with the option arrangement.
Farmers borrowing under the optional plan will have to put up margin
or be sold out if the decline is below what is advanced. Fixing of the 10%
differential in favor of the seasonal pool is considered a protection to the
association and, consequently, to the Board.
Should the price of cotton rise, the percentage rate that will be loaned on
the commodity delivered to co-operative marketing associations will be
adjusted downward, and when the loan rate is lowered the 10% differential
in favor of the seasonal contract will be maintained. This is because, in
the opinion of the Board, the seasonal pool is the only true form of cooperative marketing.
Board's Statement.
Notice that there will be no price-pegging through the activities of the
association this year is contained in the statement:"Both the Federal Farm
Board and the American Cotton Co-operative Association feels that it is
unwise to make a fixed advance on cotton regardless of market prices."
There was established a fixed loan value of 16 cents a pound on cotton
last year, commencing Oct. 21, or about the time of the crash in security
prices. Prior to this a percentage basis had been used. Fixed value armembers
rangement was continued through the marketing season, though
of the optional pool were allowed to borrow only up to 80% of the market
value of their cotton when offered.
Dr. Nourse took the opposite view from that presented by R. R. Enfield,
of the British Ministry of Agriculture, E. M. H. Lloyd, of the British
Empire Marketing Board, and Professor G. F. Warren, of Cornell University, all of whom expounded the monetary interpretation.
Supporting the position of Professor Max Sering of Berlin, Dr. Nourse
declared that the present depression in agriculture is due to fundamental
conditions in supply and demand for agricultural products and not to the
gold standard or other monetary influences. The monetary argument, he
maintained, "is of minor and waning importance." The farmers' outlook
for better prices for the next 10 years, he declared, is very dark.
"We do not face a temporary emergency, but a long-time problem with
our low prices," Dr. Nourse said.
Dr. Nourse stressed factors of the supply side of the market, such as
technological changes in production and transportation,, opening of new
lands and more scientific agriculture, and spoke of the weakened demand
from an impoverishd Europe.
Cites Prices Here After War.
He sought to prove that the changes in the price level for agricultural
products correspond to changes in the world's supply or the world's demand,
and did not follow the changes in monetary conditions. Indeed, at times,
said Dr. Nourse, prices moved in the opposite direction from that indicated
by money influences alone.
Referring to the Federal Farm Board as "another noble experiment,"
Dr. Noun% said "it has not yet given a successful demonstration of farm
relief."
"The Board has changed its program from time to time, doing what it
Carl Williams of Federal Farm Board Urges Cotton
felt to be expedient or opportunistic or politically sound," be declared.
Growers to Hold Crop for Higher Prices.
find
can
it
the
if
right
agriculture
It
is
program.
to
help
trying
"It may
rationalize agriculture, whatever that may be. We are sure of only one
the New York "World" we take the following
From
thing. It will have considerable educational value in showing the world
advices Aug. 22:
Washington
what a Board with a half billion dollars can do for agriculture."
Carl Williams of the Federal Farm Board to-day urged cotton growers
The need for a new national land policy as a means of combating the
downward trend in
agricultural depression was urged by Dr. 0. E. Baker, senior agricultural to hold their crop for higher prices. Despite the
of Agriculture, Mr. Williams
economist of the Division of Land Economies, Washington. Such a land August prices charted by the Department
prices."
increased
policy, he said, must be a long-range one, taking into proper consideration said "there is hope for
price basis if he doesn't
"No farmer should sell cotton on the present
prospective increase in population, improvement in production methods and
"It would be a moral crime for a creditor unnecesIncrease of output, as well as the imponderables of national and world have to," he asserted.
sarily to force sale at present price levels.
marketing conditions.
to
I hope no banker
"I wouldn't sell and I wouldn't advise farmers sell.
Predicts Fixed Population.
force farmers to sell z t mut prices as these."
will
1960
by
the
that
Declaring
population of this country may be expected
to handle about 15%
Mr. Williams expects co-operative organizations
to become stationary after reaching a peak of about 160,000,000, and of the cotton crop this year. Last year co-operatives handled about 10%.
dwelling upon the continued improvements in methods of production and
the increase of output, Dr. Baker said: "Since really every invention,
every discovery, every improvemnt in agricultural technique, every advance "Buy-a-Bale" of Cotton Movement—Gov. Moody of
In economic organization, tends to increase production, and recalling that
Texas Asks Other Governors to Co-operate.
the increase in production per acre in crops has been about 27% in the
to
unreasonable
not
expect
an
seems
it
increase
in agricullast 30 years,
Governors of the Southern States were asked on Aug. 26
tural production per acre in crops of 50% during the next 50 or 60 years, by Governor Dan Moody of Texas to join him in an appeal
•
provided a market can be found for the products.
of the nation to "buy a bale of cotton" at 15
"Apparently we are not likely to need much more mop land than there to the people
of
problem
disposing of the agricultural cents a pound to relieve distress and help stabilize the price
is in crops at present, and the
surplus seems likely to remain with us unless millions of acres of agri- of cotton. Austin advices Aug. 26 to the United States
cultural land are taken off the market and put into forest, or unless greatly
Daily said:
expanded markets are found abroad."
The appeal was made in telegrams to the other Southern Governors,
but the people of the entire country are to be asked to Join the movement,
at the Governor's office.
Action of American Cotton Co-Operative Association it was announced
"This request is to buy distressed cotton and not cotton from the coin Advancing to Co-Operatives 90% of Cotton operative
groups," Governor Moody said in an oral statement.
Value—No "Price-Pegging."
"If generally followed, this buy-a-bale plan will take 5,000,000 bales of
off the market and raise the price and give the cotton farmers of the
The Federal Farm Board made public on Aug. 25 the cotton
South, who are now suffering from drouth and low prices, something for
following statement issued by E. F. Creekmore, Vice-Pres. their cotton and for the efforts they have put forth to raise this crop for
the nation."
& General Manager of the American Cotton Co
-Operative
Association:
Associated Press accounts from Austin reported Gov.
Realizing the deplorable condition of the cotton farmer in the South Moody as figuring that the taking of 5,000,000 bales off
because of the present low level of prices and with and through the assistance the market would stabilize and increase the price, adding
of the Federal Farm Board, the American Cotton Co-operative Association
to the pocket-books of Southern farmers.
has arranged to-day to advance to the various State cotton co-operative $375,000,000
associations for the benefit of their seasonal pool members approximately These accounts further said:
90% of the value of the cotton where located. On optional pool cotton the
The Investment to individuals over the nation would be about $75, the
advance will be 10% less than on seasonal pool cotton. As the market cost of one bale. Taking the similar movement of 1914 as a criterion,
advances or declines the advance will be adjusted.
Governor Moody declared that every person who bought a bale would be
Both the Federal Farm Board and the management of the American able to get his money back. The $75 would be a loan with the bale of cotAssociation
feel
that
it
is
Co-operative
unwise to make a fixed ton as security, he explained.
Cotton
advance on cotton regardless of market prices.
The Executive stressed two points in his proposals: first, that the GovIt is believed that on the present level of prices the amount which can ernor's appeal be addressed not only to the South but to the whole nasouthern
farmers on delivery of their cotton will enable a tion: and second, that "distressed" cotton not under contract by co-operanow be advanced to
majority of them to take advantage of co-operative marketing and in that tives be purchased.
way receive the benefit of any future advance in price.
He said that he had consulted officials of the Texas Cotton Co-operafunds from the Federal Farm Board, and that they
The Washington correspondent of the New York "Journal tive, operatingnounder
objections to the movement.
had expressed
of Commerce" on Aug. 25 said:
After he has heard from other Governors of the South, Governor Moody
The Board's approval of the new ratio follows a widespread demand planned to issue a proclamation addressed particularly to the people of
made on the part of Southern members of Congress that the CO-operative Texas and generally to the nation. Other Governors joining the movemember be given flat 10 cents per pound advance, which, as stressed by
ment probably would do likewise.
Senator Tom Connally of Texas in telegrams to President Hoover and the
While plans for the movement have not been formulated, it was suggested
of
cost
the
below
In
production.
is
percentage based on the that sectional and State campaigns might be started.
Farm Board,
present New York market, however, the Board's new loan limit is about
In its issue of Aug. 25 the United States Daily carried the
10c. on the seasonal pool cotton. Members of the Board discussing the new
rate to-day were unable to say what amount of money would be involved. following from Atlanta Aug. 23:
1350
FINANCIAL CHRONICLE
(VOL. 131.
Another "buy-a-bale-of-cotton" movement is being launched in an effort conditions in staple cotton, this is manifestly unfair, in the opinion of cotton
to stimulate the market price of cotton, according to an oral statement by men.
the Commissioner of Agriculture, Eugene Talmadge. A similar campaign
It Is also pointed out that there can be no reason for trading staple cotton
in 1914 resulted in an increase In price from 8 cents per pound to 30 cents futures with short cotton when the geographical staple
belt is entirely difper pound within a period of 12 months, the Commissioner declared.
ferent from that of short cotton.
"The present price of cotton, about 10 cents per pound, is ridiculously
For example, the staple cotton belt has been much worse because of
low," Commissioner Talmadge stated, "as is evidenced by the fact that the drouth this year than the West, yet in the market the staple cotton trader's
cotton manufacturers are buying an they can get.
business is affected by the huge crops of alert cotton grown in areas not
"The average weight of a bale of cotton is 500 pounds and if individuals greatly affected by the drouth.
generally throughout the cotton belt will buy a bale at $60, which would
As a result the staple growers and cotton men have desired an independent
establish a price of 12 cents per pound, there would be only a speculative trading field free from interference by conditions in the short cotton market.
value of $10 involved. If the price of cotton goes up, the purchasers will
get the benefit of the advance, and by establishing the present price at 12
cents per pound the growers will be benefited immeasurably.
Reduction in Cotton Acreage Urged in Resolution
"Even at 12 cents per pound, which is much less than they should receive
Adopted in Georgia—Cotton Specialist Says Low
for their product, the cotton growers of the South will be able to pay off
Price May Cause $30,000,000 Loss.
their pressing obligations and thus stimulate general business conditions.
"I am advising cotton growers throughout Georgia to sell only so much
From Byronville, Ga., Aug. 24, the New York "Times"
of their cotton as is necessary to pay urgent obligations and to hold the rereported the following:
mainder of their crop until prices advance."
A South-wide movement to enlist cotton farmers in a plan to reduce the
1931 cotton acreage to one-half of that of 1930, as a means to increase
Representative Fulmer of South Carolina in Letter to its price, was urged in a resolution adopted at a meeting here yesterday
of 500 representative farmers, merchants, bankers and agricultural workers
Chairman Legge of Federal Farm Board Urges' of
Georgia and Alabama.
Advances to Farmers on Cotton.
Approval of the Alabarnans' proposal followed an address by E. C.
Authorization to all cotton co-operative associations to Westbrook, cotton specialist of the Georgia State College of Agriculture,
in which it was pointed out that Georgia farmers this year would lose
advance to farmers coming into the associations the daily from
$30,000,000 to $40,000,000 on their cotton crop at prevailing prices.
market price on daily shipments is recommended to the
Mr. Westbrook said that the average cost of producing cotton in Georgia
Federal Farm Board by Representative H.P. Fulmer(Dem.) this season is 16 cents a pound.
of Orangeburg, S. C., in a letter to the Chairman of the
Small-Loan Credits During Business Recession—PresiFarm Board, Alexander Legge.
dent Watts of Beneficial Industrial Loan Corp.
Columbia (S. C.) advices Aug. 28 to the United States
Cites 15% Increase in Family Credits as Prime
Daily reporting this further, said:
Factor in Consumer Purchasing Power—Amount
Mr. Fulmer declares that the cotton farmers are facing bankruptcy with
cotton selling at 10 cents a pound and "are absolutely at the mercy" of the
Applied to Home Ownership.
Federal Farm Board. His letter to Mr. Legge follows in full text:
"Families of moderate means have maintained their credit
Farmers with good cotton crops selling at 10 cents per pound, which is
below the cost of production, are facing bankruptcy unless you use some resources during the general business recession, as evidenced
of the broad power given you under the Marketing Act to relieve this by the results of a mid-summer survey just concluded coversituation. Holding 1,250,000 bales and the small amount of cotton that
ing the activities of more than 250 offices of the Beneficial
farmers will put through the co-operative associations during this season
will prove worthless in trying to stabilize the price in the face of a 14,- Industrial Loan Corp. and affiliated companies operating in
000,000-bale cotton crop being dumped on the market at 10 cents and below. over 200 cities in 23 leading
industrial States east of the
Rooky Mountains," Charles H. Watts, President of the
Two Steps Proposed.
There are two ways that you can save the situation: First, you can Beneficial
Industrial Loan Corp., stated in a summary of
authorize the stabilization corporation to go on the market in a competitive
way and buy cotton as offered at prevailing prices until the demand from the survey made public on Aug. 25. Mr. Watts says:
mills, exporters, and speculators would bring the price to at least the level
of the cotton that you are now holding. You would be surprised at the small
quantity of cotton that these corporations would have to buy under this
Policy to turn the trick. At these prices there is no chance in the world
to lose over a period of three to five years because we never have a surplus
in cotton, according to past record, if you will average production over a
period of five years.
Second, if you will authorize all co-operative associations to advance to all
farmers coming into the association the daily market price on the daily
shipping stating that they would participate in any profits when cotton is
sold, you will not only serve the situation, but would have thousands of
farmers coming into the co-operative associations, whereas under the present
plan of a small advance of 10 cents you would not be able to even get the
old members to stick. Farmers can not pay their obligations with 10-cent
cotton: therefore, It is unreasonable to expect them to accept an advance
from the co-operatives from 6 to 8 cents Per Pound. As stated previously,
the only way you can operate under the Marketing Act and stabilize cotton
at a fair price on a long line basis would be to have farmers join the association and place their cotton with it. You have now one of the best inducements to build UP the necessary type of association to put over the trick.
Board Empowered to Act.
If I were in your place, I would immediately make the announcement of a
policy along the second plan above suggested and bring glory to your Board
and prosperity to the cotton South in the easiest possible way with no chance
in the world of a loss at prices ranging from 10 to 16 cents. I want to state
frankly that you have the power under the Marketing Act and you have the
money. If you and your Board have not the practical knowledge of this
situation and the nerve to do the job, the Congress should immediately at
its next session pass the McNary-Hangen bill, which is somewhat radical
but will absolutely take care of the situation. Farmers are blessed with
wonderful crops but are badly in debt. They are absolutely at the mercy
of you and your Board. The serious question is whether or not you will
take advantage of the situation and come to the rescue of the cotton South
or allow speculators, the large cotton manufacturers and cotton mills to
take over this good cotton crop at these ridiculously low prices, which will
mean the paralyzing of the purchasing power of the whole agricultural
South and bankruptcy to thousands of farmers.
"This survey shows a substantial increase during this period in the field
of small-loan credits in amounts of $300 or less made to families of limited
financial resources under the Uniform Small-Loan I.aw as sponsored by the
Russell Sage Foundation.
"The healthy condition of such small-loan credits is further evidenced by
the sustained payments by small borrowers in meeting these credit obligations, although in some localities, the ease of re-payment
is more limited
because of temporarily impaired earning power among the wage-earning
classes, and our management costs have been, therefore,somewhat greater.
"Generally speaking, however, the promptness with which payments on
these small-loan credits have been made is practically normal
and reflects
the desire and determination of families of moderate means
to retain the
only credit standing they possess which enables them to secure cash loans
on their own cognizance and which commercial banks and other types
of
lending institutions are not in position to grant.
"For the first six months of 1E30, which witnessed a recession in most lines
of business, the Beneficial Industrial Loan Corp., the largest organization
making small loans, reported a gain of approximately 15%, or loans of
$30,597,314 compared with $26.515,711 for the same period during the past
year, and this company for July 1930, made loans to the amount of $5,634,014 as compared with $4,621,040 for July 1929, an increase of 21.9%."
If the same percentage of increase in the amount of smallloan credits extended is being experienced by the other legalized small-loan companies. this form of consumer credit is
now being granted to American wage-earners at the rate of
approximately $600,000,000 a year or $100,000,000 more
than last year,according to Mr.Watts. "This is particularly
significant," he stated, "in view of the fact that the average
loan made is less than $150 and the maximum loan $300 as
determined by law, and the loans are made on the family's
own cognizance, and without bankable collateral or comakers or endorses, and without discount."
As an illustration of the extent to which this form of consumer credit has now developed, Mr. Watts called attention
Staple Cotton Futures Market to Be Organized in to the fact that his company is now annually serving more
than 300,000 families comprising almost 1,500,000 indiMemphis.
viduals or approximately 1-13th of the entire total of 4,000,From Memphis Aug. 26, the New York "Journal of Com- 000 families in this country
recently estimated as being
merce" reported the following:
served by the legalized small-loan business. Mr. Watts
A meeting of the full membership of the Memphis Cotton Exchange will
be called for the first week In September to formally authorize establishment further stated that recent studies of the distribution of the
in Memphis of the only staple cotton futures market in the United States, classes of small borrowers throughout the country establishes
It was announced yesterday.
the fact that the small-loan business is rendering a very conPresident I. H. Barnwell, who has just returned to his desk after a ten
weeks'illness, will confer to-morrow with John E. Boggs. Chairman of the structive and affirmative financial service to families of
committee engaged for the past year in studying the project, and afterward moderate income and small business men.
These recent
a formal call for the meeting will be issued.
studies on the classes served show that while the borrowers
After the membership of the exchange has authorized the step, the most
represent all classes of society, the manual workers are in
important in the cotton industry in years, a committee will have to ascertain just what legal steps are necessary. The present view is that an larger number than any of the other broad occupational
amendment to the Federal Cotton Futures Act incorporating the grade groups. Mr. Watts went on to say:
schedule, tentatively formulated, and designating five towns within the
"One study of 25.000 cases showed that 20.94% of the borrowers served
staple cotton belt as primary markets, must be passed by Congress.
pursued callings as employers, or self-employed, while persons employed by
Mr. Barnwell said he felt the move would greatly Improve the prices of others in such occupations as professions,
managerial, agents, sales people,
staple cotton and the position of the grower and trader. To-day the trader clerical workers and guardians of public safety
comprised 24.16% of the
in staple cotton must protect his transactions by hedges in the short cotton borrowers, and manual workers in
general comprised 47.35% of the borrowfutures market and, as the general market may have little relation to actual ers and servants 7.55%.
AUG. 30 1930.1
FINANCIAL CHRONICLE
"As to the purposes for which these small loans are made, the present
survey in comparison with previous studies made a year ago shows the
increasingly large extent to which this form of cerdit goes into home ownership and maintenance and upkeep of the home, as well as for regular living
expenses and other constructive uses including the needs of the small
merchant.
"From these sources, it is conservatively indicated that one-third of the
total dollar volume of small-loan credits extended go for payments on home
purchases and home maintenance alone, and on this basis nearly $200,000,000 out of the entire $600,000,000 estimated annual volume of 'egalized
small loans is being directly applied to purposes of home ownership among
wage-earning and other families of moderate means."
Wage Cuts Usually Come at End of Depressions, Says
Goodbody & Co.
Wage cuts do not have a serious effect on business in a
depression, it is pointed out by Goodbody & Co., who cite
former periods of recession to show that business generally
strikes bottom at the time that wages are the lowest and in
some cases months before. Under date of Aug.25 they state:
For instance, in 1921, business reached bottom in April, and yet the
average weekly wage of employees in New York State did not hit its low
point until the following November. What seems to happen is that wage
reductions remove the psychological factor of fear from the mind of both
the enterpriser and the worker. The former goes ahead with his business
plans, and the latter resumes spending in a more normal way.
Among the more important cuts are those reported by General Motors,
through its subsidiary Fisher Body Corp.; Anaconda Copper Co.; Calumet
& Hecla; Consolidated Copper Co.; Chrysler Corp.; Consolidation Coal CO..
and the Union Pacific RR. Between May 1 and July 31, there were 50
wage cuts covering 30 localities reported to the Labor Bureau, Inc., New
York. Reports by the Bureau of Labor statistics from Nov. 15 to May 15
(latest available) show 23 concerns cut wages of some 30,000 employees.
This is, of course, a very small part of the total number of wage-earners in
the country. Doubtless, the number of wage-earners affected by sporadic
Cuts of non-unien wages all over the country is much larger.
Ticker Service of Chicago Stock Exchange To Be
Extended to Denver and Pacific Coast Sept. 2.
The quotation ticker service of the Chicago Stock Exchange will be extended to Denver, San Francisco, Oakland
and Los Angeles effective Sept. 2, it was announced by
the Exchange and the Western Union on Aug. 20. The
announcement continued:
Wire and equipment tests will be made this week and next in preparation
for the official starting immediately after the Labor Day holiday.
This quotation ticker extension gives the Chicago Exchange ticker circuit
connections from coast to coast, the first time any stock exchange outside of
the New York exchanges has made such a nation-wide hookup.
Quotations of the Chicago Exchange were first carried on ticker circuits
In 1891. At that time and until 1925, when the service was extended to
New York City, the ticker operated only in Chicago. Until June of 1928
operation was only in Chicago and New York.
During the latter half of 1928, however,rapid development Was made in
ticker extensions, seven cities being added to the circuits by the first of
1929 and the number of tickers In service increasing from 124 to 247.
In 1929 the service was extended to 22 additional cities and by the first of
1930 there were 429 tickers operating in 31 cities.
When service is started to the four Western cities Sept. 2, ten additional
cities will have been added so far this year and the number of tickers operating in the total of 41 cities increased to 455.
When the Exchange planned several months ago to extend its ticker
service to the Pacific Coast, six San Francisco and Los Angeles brokerage
houses immediately arranged for the purchase of Chicago Exchange memberships. The installation of tickers in the West and the purchase of
memberships there will tie the Middle West and the West closer together
financially, in the opinion of Exchange officials. They point out that this
is the most important physical development made by the Exchange since
the tickers were installed in New York five years ago.
The next development the Exchange has in mind lathe extension of ticker
circuits into the Southwest. the Pacific Northwest and into Canada. The
recent change in the constitution of the Exchange to permit Canadian
citizens to own memberships on the Exchange is a forerunner of development in Canada.
Sale of New Seats on Chicago Stock Exchange.
All but 87 of the memberships created on the Chicago
Stock Exchange a year ago have been sold, it was announced
on Aug. 22. The announcement said:
When the 100% seat dividend became effective Sept. 5 1929, each of the
then 235 members had one new seat to sell. When the remaining 87 have
been sold the Chicago Exchange membership will total 470.
In addition to the 148 dividend seats purchased within a year's
time.
23 original seats were purchased, making the total number bought since
last September 171, an average of more than 14 each month. If the remaining 87 are sold at the same rate as those already sold, all dividend
seats will be disposed of in a little more than six months. It was pointed
out, however, that this is unlikely to happen, since it is well known that
many of the members still holding dividend seats are reluctant to sell them
at prevailing prices.
The Exchange has not placed a time limit as to when a member must dispose of his dividend seat.
•
Since Sept. 5 the number of firms with partners holding seats on the
Chicago Exchange has increased from 101 to 154, an increase of more than
50%. This growth was made despite general market and business conditions following the market break last fall.
•
•
•
Indicative of the growth of the Exchange along National lines is
the fact
that there are now 749 offices of Exchange member firms in
232 cities, as
compared with 447 offices in 202 cities a year ago and 708
in 217
offices
cities six months ago.
Before the seat dividend was declared, a Chicago Exchange seat sold for
$110,000. With the number of seats doubled approximately 60
were sold
at $50,000 during the month following the dividend. Since that time, fol-
1351
lowing the market break, they sold down to a low of 524,CCO. This year
the high price was $45,500 and the last sale was $30,000.
In disposing of better than 14 memberships each month over a period of
a year, a new high record was established in stock exchange seat sales.
C. C. Berkeley, Last Year's Candidate for Attorney°anent' in Virginia, in Letter to Gov. Pollard
Declares that "Bucket Shops" Operate in State in
Violation of Law.
The following is from the Richmond "Times-Dispatch"
of Aug. 24:
Alleging that "bucket shops are ram all over the State under the guise
of stack exchanges," Charles 0. Berkeley, of Newport News, formerly
Commonwealth's attorney of that city, has written Governor Pollard that
Virginians have lost $50,000,000 in this way in the past year, with the
credit of banks strained as a result of the practice. Governor Pollard said
last night that he had not had time to consider the letter.
"We would be much better off in this drouth," wrote Mr. Berkeley,
anti-Smith candidate for Attorney-General last fall, "but for this iniquitous
practice which has been permitted to be carried on over all the State of
Virginia, in absolute violation of the statute law of this State."
The Berkeley letter, written in reply to a questionnaire sent out by
the drouth relief commission, stated that marginal stock transactions
"foster one of the most seductive and demoralizing methods of gambling,
affecting a class of people whose efforts in their legitimate occupation
are handicapped thereby."
Committee of Creditors of Woody & Co. Accepts Offer
of Frank Bailey for Surrender of Approximately
$1,000,000.
After several weeks of negotiations, the offer has been
accepted of Frank Bailey, Brooklyn financier, to turn over
to the creditors of Woody & Co., bankrupt stock brokerage
firm, assets of approximately $1,000,000, including $575,000
in cash, which the creditors claim was paid to him by Harold
Russell Ryder, a partner in Woody & Co., with funds belonging to the firm. The committee of creditors, represented by
Albert H. Tag as Chairman and Peter J. McCoy and
Eugene J. Garey as attorneys, and the Irving Trust Co.,
receivers, recommended the acceptance of the offer on
Aug. 25, said the New York "World," which also said:
As part of the agreement, Mr. Bailey received from the committee of
creditors a statement absolving him from any blame in connection with
the payment of money to him by Ryder and the admission that the money
had actually been due, him on securities which he bought through Ryder
but which were never delivered.
Consent of Court Needed.
The consent of the United States District Court will have to be obtained to the settlement of the claim for $1,409,123.50 which wan made
against Mr. Bailey by the receiver.
From the New York "Times" of Aug. 26 we take the
following:
Statement by Creditor Committee.
The statement of the creditors' committee, represented by Eugene
L. Garey, in accepting Mr. Bailey's offer, follows:
"The committee of creditors of Woody & Co. concur with the receiver
and its counsel in recommending the acceptance of the offer of Mr. Bailey.
"Among the first matters engaging the careful consideration of the
attorney and accountants were payments in cash and delivery of securities made by II. R. Ryder to Mr. Frank Bailey and the possible liability
thereunder of Mr. Bailey to Woody & Co. A total of $1,409,123.50 in
cash and securities apparently had been delivered to Mr. Bailey. A
claim for the full amount of these assets was at once asserted by the receiver.
"Of this sum $375,000 was found to have been paid within the fourmonth period prior to the filing of a bankruptcy petition. A careful
examination of the law and facts with respect to all these payments of cash
and securities was made by the accountants and attorneys, with the result
that we believe that, while the sum of $375,000 is probably recoverable
as preferential payments under the Bankruptcy Act, the legal liability
of Mr. Bailey for the balance is uncertain.
Payments Made in Good Faith.
"We are satisfied from the investigation made that all of these payments were received by Mr. Bailey in good faith in payment of obligations held against Ryder,some of which are set forth in a written agreement
dated Jan.30 1930.
"It was, in our opinion, entirely proper that Mr. Bailey should have
endeavored to collect from Ryder the amount due him by reason of Ryder's
actual indebtedness to him and to others for whom Mr. Bailey was acting,
arising out of moneys and securities which had been fully paid for and which
were entrusted to Ryder's care, and all stocks which Mr. Bailey authorized
to be purchased for himself and others for whom he was acting were outright purchases and were fully paid for.
"Mr. Bailey has now made an offer: (1) To pay the receiver or trustee
the sum of $575,000; (2) to forego any dividend or composition payment
upon his claims against the firm of Woody & Co. arising out of his payment to the firm of the sum of $259,200 for the purchase of securities not
delivered to him;(3) to transfer to the receiver his rights in the co-operative
apartment assigned to him by Mrs. Ryder at the time of the execution
of the agreement of Jan. 30 1930, and (4) to assign to the estate of Woody
& Co. such part of any dividends which Mr. Bailey may receive in the
proceedings of Ryder. individually, bankrupt, as shall represent or resuit from the proceeds of this settlement, but Mr. Bailey is under no
obligation to prove any such claim. Mr. Bailey states that in making
this offer he does not admit any legal liability whatever, but he does not
wish to be in a position of benefiting by the misdeeds of others.
Offer Accepted by Receiver.
"Based on the findings of its accountants and upon the advice
of its
attorneys, the receiver has recommended the acceptance of
this offer,
as set forth in the verified petition of the receiver. The
attorneys for the
remiver have stated to us that they find the facts to be as
set forth in such
petition and we join in such statement.
10:g
•
1352
FINANCIAL CHRONICLE
[VOL. 131.
"The conditions of the offer are as follows: That a meeting of the Seat of Newton H. Sobin on New York Coffee & Sugar
creditors shall be duly called and promptly held, at which there shall
Exchange Sold to Max R. Mayer for $11,020.
be authorized the delivery to Mr. Bailey and to the others for whom Mr
Bailey was acting, of general releases, and all interested parties shall
The New York Coffee & Sugar Exchange membership
join in such releases after approval of the Court. The offer is without,
Newton H. Sobin, of Boston, who was the first member
prejudice in the event that such releases shall not be authorized and of
ever:expelled by the Exchange, brought $11,020 Aug. 25
delivered."
The statement was signed for the committee of creditors by Aibert U. when it was auctioned from the rostrum. The seat was
Tag, Chairman; Peter J. McCoy, attorney for the creditors' committee,
been
and individual creditors, and E. L. Graey, attorney for the committee and purchased for inothei-b37MaTR; Mayer, who has
member of the Exchange since 1888. The last previous
individual creditors.
Statement by Bailey.
sale of a New York Coffee & Sugar Exchange was $17,000,
Mr. Bailey, in a supplemental statement, declared that any money in April.
The expulsion of Mr. Sabin from the Exchange
paid to him by Ryder was on account of bona fide obligations. His statewas referred to in our issue of Aug 23, page 1201.
ment was:
"I have Stated that, if I found that I had benefited from any misappropriated money, regardless of any technicality, I would return it. I also
was determined that any return of money by me could be made only after Bank Supervisionl,Called No Guarantee of Deposit
the creditors of Woody and Co. and Ryder had thoroughly investigated
Safety—North Carolina Officers Say Advocates
the fanciful tales about my relations with Ryder and were satisfied with
of Changes in Banking Structure Hope to Improve
my good faith in all my business transactions with both Ryder and Woody
& Co.
—Situation—Views on Branch Banking.
fide
account
of
bona
was
an
me
paid
to
"Whatever money H. R. Ryder
MI efforts of securing solvency of banking institutions
obligations to me. I paid Ryder the full purchase price for the purchase
of securities which he failed to deliver. It was on account of these obliga- through legislative or governmental agencies have failed, acsuspicion
that
tions he made payments to me. I had no knowledge or
cording to a statement issued jointly by the Chairman of
any money which Ryder paid me should not have been used by him for
the Corporation Commission of the State of North Carolina,
that purpose.
"The basis under which I entered into my negotiations was submitted W. T. Lee, and the Chief State Bank Examiner, John
been
had
to me in writing by the attorneys involved. After all the facts
found and discussed. I have concluded to make the offer to-day because Mitchell. This is learned from the "United States Daily"
of Aug. 25 which reports as follows their conclusions:
I believe it to be the right thing to do.
"I am therefore delivering to the receiver and trustee a letter setting
Governmental supervision of banks has met with a sufficient degree of
application
forth my position, and the receiver at once agrees to file an
success, in their opinion, to warrant its continuance,the statement says,
for the approval of the court of my proposition. Simultaneously I have but guaranty of deposits has "proven to be such a colossal failure
that the
received from the creditors' committee and their attorneys a letter con- idea no longer engages the minds of thoughtful people."
firming my good faith in all my dealings with Ryder.
Various Systems Cited.
Claims Must Be Filed by Sept. 5.
Branch, chain and group banking are described by the authors of the
Federal Judge Coleman in Federal Court yesterday granted a motion by
Mr. Kaufman that all creditors having specific claims against Woody statement as efforts in the direction of supplying the deficiencies of gov& Co. for securities purchased and not delivered must file these claims by ernmental supervision. Advocates of each system, according to them,
are "honestly seeking a remedy for banking ills and evils which in the past
Sept. 5.
None of the counsel would comment on the possibility that the grand have failed to respond to the remedies supplied by governmental superlarceny charges against Ryder may not be pressed strongly. Although vision and guaranties."
The statement contains a public request for the Governor of the State to
Ryder has been indicted, a personal settlement by him, with the giving
Investigation of the supervision of State
of notes as security, might result in a suspended sentence if the creditors appoint a Commission to make an
banks
in North Carolina "If there is in the mind of any substantial body of
Interceded, it was said yesterday.
the thought or suspicion that the policy
Ryder was arrested on the complaint of John Vanneck, son-in-law reasonable and thoughtful men
unwise;that it is not honestly and properly
of Bailey, who charged that $96,000 worth of securities he had paid for of the Commission is unsound or
laws."
banking
administering
the
State's
had never been delivered. This was after the doors of Woody & Co. were
In their statement of position and policy, explaining the duties of the
closed on June 19.
Supervisor of State banks, and the manner
Ryder was the directing genius of the firm, whose other members were Corporation Commission as
has been made, and it is hoped successfully
Charles L. Woody Jr., to whose sister Ryder is married, and Lucien A. of their performance,"an effort
cannot be misunderstood and which will
which
made,
to
language
employ
Hold. The money to start was furnished mainly by Charles L. Woody Sr.,
not
be
mistaken."
and the direction of the firm was left to Ryder.
With reference to the policy of the Commission in dealing with banks
The hearing scheduled before Henry K. Davis, referee in bankruptcy,
statement explains that such policy "has been,
for 2 o'clock this afternoon will be postponed, it was said, probably until that are in difficulties, the
is and will continue to be; not to arbitrarily close a State bank in distress,
after the Bailey statement has been approved by the Federal Court.
so, but to keep it open unless by its continued
do
it
has
power
to
because
the
January
last
Ryder
Bailey testified at a hearing before Referee Davis that
depositors may be reasonably expected than
signed an acknowledgment of indebtedness to him of about $2,000,000. operation a greater loss to
The amount may have been less than this, Mr. Bailey admitted. Ryder would result from its immediate closing." Any unwarranted and arbitrary
close State banks at the first signs of distress or
arranged to pay Bailey at the rate of $25,000 a week, and had paid more exercise of its power to
the statement, "be comparable to the use
than $1,135,000, before the crash. Not all of this was firm money, Mr. difficulty would, according to
of bullets to end men's suffering rather than undertake to restore them to
Bailey has contended.
health and usefulness again."
A previous item regarding Mr. Bailey's offer appeared
The full text of the statement follows:
In our issue of Aug. 2, page 724.
What are the duties of the Corporation Commission as Supervisor of
State Banks? What is the policy of the Commission in the performance
these duties? The interest of the people in the banks with which they
C. B. Stroud Resigns as Superintendent of New York of
do business; the mutual dependence of each upon the other; the mainCoffee & Sugar Exchange, Inc.—E. M. Brunn tenance of public confidence in the State's banking institutions, are reasons
which seem to make proper and desirable a statement from the ComSuccessor,
mission regarding its position and policy.
C. B. Stroud, Superintendent of the New York Coffee &
A substantial part of the public mind often confuses the words "superSugar Exchange for the past 28 years, has resigned and has vision" and "management" or "operation." In its confusion the supervising
authority is often held responsible for operation and censured for
been succeeded by E. M. Brunn, formerly assistant super- the mistakes
of management. In the use of the following language, the
Mr.
Stroud
29.
intendent, it was announced on Aug.
Legislature makes the Corporation Commission supervisor of' State banks.
"Every bank, corporation, partnership, firm, company or individual,
entered the employ of the Exchange on Nov. 18 1886 as a
or hereafter transacting the business of banking, or doing a banking
clerk, and was appointed Superintendent early in 1902. now
business in connection with any other business, under the laws of and
Managers
of
Upon accepting his resignation, the Board of
within this State, shall be subject to the provisions of this act, and shall
the Exchange presented Mr. Stroud with an engraved set be under the supervision of the Corporation Commission."
same act by the following language provides that a State bank shall
of resolutions of thanks and appreciation for his long beThe
controlled by its board of directors: "The corporate powers, business
services. E. M. Brunn, the new Superintendent of the and property of banks doing business under this act shall be exercised, conCoffee & Sugar Exchange, was for five years Secretary of ducted and controlled by its board of directors. Every director shall.
within 30 days after his election, take and subscribe, in duplicate, an oath
the Green Coffee Association of New York, resigning that that
he will diligently and honestly perform his duties in such office."
a
position to go with the Exchange as Assistant Secretary
early in 1929.
Joseph C. Monier of R. H. Hooper & Co. Reinstated to
Membership in New York Coffee & Sugar Exchange.
The Board of Managers of the New York Coffee & Sugar
Exchange on Aug. 25 by unanimous vote reinstated to
membership Joseph C. Monier, of R. H. Hooper & Co.,
who was suspended recently following the announcement
that he was temporarily unable to meet his obligations as
a result of the defalcation of $300,000 by a clerk in the
firm's Havre office. All claims against Mr. Monier lodged
with the Exchange have been withdrawn, it was announced,
and a satisfactory arrangement has been made with creditors.
Mr. Monier has been a member of the New York Coffee &
Sugar Exchange since 1922.
The reinstatement of Mr. Monier to membership in the
New York Cotton Exchange was noted in our issue of
Aug. 16, page 1041.
Commission Madefiesponsible for Supervision of Banks.
The language of the statute seems clear and unmistakeable in making
the Commission responsible for supervision and the board of directors of
each bank responsible for its operation and management. This being true
any effort on the part of the Commission to operate State banks would be
an attempt to usurp power and authority. When consideration is given
to the fact that there are under its supervision 463 State banks, any attempt
at operation by the Commission could only be a meaningless gesture when
further account is taken of the fact that its entire field force is made up of
seven examiners and assistant examiners.
Had the Legislature contemplated or intended that the supervising
authority should undertake the management and operation of State banks,
it no doubt would have provided a force of such size that would not have
made it necessary for each examiner and assistant examiner to single
handedly assume the mangement of 66 separate banking institutions.
In performing its duty as supervisor of State banks, the Commission.
as required by statute, causes to be made an equal examination of all
State banks. In addition to complying with the statute, it caused 116
special examinations to be made during the year 1929. In order that the
management of each bank may be apprised of the Department's findings,
it is furnished with a copy of each report of examination made. In addition
to information regarding the bank's condition, these reports call attention
to violations of the law and carry the examiner's criticisms and recommendations.
Am.30 1930.]
FINANCIAL CHRONICLE
1353
To insure consideration of these reports, a statement is required, signed would like to take the people as completely into its confidence as it has
by a majority of the board of directors, which statement acknowledges the into this discussion of its position, plan and policy.
receipt, reading and substantial correctness of the report; a declaration of
In this statement of its position and policy, an effort has been made,
solvency of the bank as to depositors and an expression of belief to the effect and it is hoped successfully made, to employ language which cannot be
are
unimpaired.
surplus
Exceptions
statements
to these
that capital and
misunderstood and which will not be mistaken. It therefore only remains
may, of course, be made when in the opinion of the Board conditions to be said that if there is in the mind of any substantial body of reasonable
warrant the making of same, but in the great majority of cases the state- and thoughtful men the thought or suspicion that the policy of the Comments are returned with no exceptions noted.
mission is unsound or unwise; that it is not honestly and properly adIn the opinion of the Commission, the plan just referred to serves best ministering the State's banking laws, the Governor of the State is hereby
in establishing and maintaining contact and co-operation between the publicly requested to appoint a Commission of his own selection,
composed
supervising and operating agencies created by the Legislature.
of men of unquestioned ability and integrity, clothed with full authority
A plan of banking supervision and operation which will prevent in- to make such an investigation of State bank supervision as in its opinion
solvency and the resulting failure of banks is the end to which all interested may be necessary.
in the subject are continuously working. A solution to the problem has
not yet been found nor is it in sight. The Federal Government and the Reasons for Bank Failures Outlined by A. J. Veigel,
governments of 48 States have, since banking by corporations was first
Bank Commissioner of Minnesota—Expenses in
permitted, been attempting to solve the problems which the insolvency
Excess of Earnings Listed First in Citing 32 Causes
of banks create.
Despite the laws passed to promote and maintain the solvency of banks
of Failures.
and the efforts of 49 separate supervising agencies to prevent bank failures,
*Certain dangerous tendencies which cause trouble and
there were in the United States in the nine-year period from July 1 1920.
to June 30 1929, approximately 5,000 failures of State and national banks. failures among banks, are listed in a recent communication
During the same period there were in Virginia. North Carolina, South
Carolina, Georgia and Florida, the five southern States bordering the from the State Commissioner of Banks, A. J. Veigel, to the
Atlantic, 760 bank failures, of which North Carolina contributed 110, or State banks of Minnesota, with suggestions on each, says
42 less than the average for this group of States.
the "United States
Plans for Guaranteeing Deposits Has Proved Failure.
The figures herein quoted regarding bank failures are not given for the
purpose, nor should the statement be construed as any effort or attempt
on the part of the Commission, to evade or escape its responsibility as
supervisior of State banks. They are used for the purpose of calling to
the attention of reasonable and responsible minds the fact that the Legislature of North Carolina and the Corporation Commission, the supervisor
of State banks, could hardly be expected to have completed the building
of an impregnable banking structure while the Federal Government and
the governments of 47 other States are still making a foundation upon
• which they may build.
Any and all previous efforts to maintain the solvency of all banking
institutions by the force of legislative or governmental agencies have
failed. Outstanding in these efforts are governmental supervision and
governmental guaranty of bank deposits. Supervision has met with that
degree of success which warrants its continuance. Any plan or scheme
for guaranteeing bank deposits, has, wherever it has been tried, proven
to be such a coliossal failure that the idea no longer engages the minds of
thoughtful people.
The recognition of imperfection of governmental supervision and the
fallacy of undertaking to guarantee bank deposits is causing the best
minds of the country to give serious thought to a plan or plans of banking
which may ultimately supplant the system of unit banking which largely
prevailed in the United States until the last few years. This thought
leads to a discussion of the relative merits of branch, group and chain
banking which it is not necessary to take up at this time. It should be
remarked, however, that the advocates of each plan are honestly seeking
a remedy for banking ills and evils which in the past have failed to respond
to the remedies supplied by governmental supervision and guaranties.
Effort Is to Keep Banks Open Wherever Possible.
Having made the foregoing statement regarding the Commission's
position and responsibility as Supervisor of State Banks, it Is in order
that it should state its policy and the plan followed in discharging this
responsibility. When the Legislature made the Corporation Commission
Supervisor of State banks, it at the same time clothed the Commission
with broad discretionary powers, which grant of power presupposed its
wise and reasonable use. Abuse of power is always destructive; its wise
use always remedial and constructive.
In its enforcement of the banking laws and in the exercise of its discretionary powers the policy of the Commission has been, is and will continue to be; not to arbitrarily close a State bank in distress because it
has the power to do so, but to keep it open unless by its continued operation
a greater loss to depositors may be reasonably expected than would result
from its immediate closing. The establishment of this policy years ago
was, in so far as it is known, without precedent. Any policy, however,
based upon sound judgment, reasonableness and common sense will in
the end justify itself and demonstrate its usefulness.
The Commission knows from experience that in working with and rendering assistance to banks in distress, its action has been a contributing
factor in restoring many to solvency and usefulnesss. One
hundred per
cent efficiency is not claimed for the plan, but if out of any given
number
of banks in distress 50%, or any substantial proportion, can be
restored to
solvency, is it not better and in the public interest to do so rather
by
than
the abuse of power close the 100% and thereby arbitrarily put
an end to
plans which might have meant future solvency and usefulness.
If the effort is only 50%, or even less, a success and any
part of the
remaining number should close, it has been found to be a
fact that in approximately 100% of such later closings a substantial volume
of liquidation
has taken place with a mulling return of a proportionate
amount of funds
to depositors. In no case recalled has the Commission's
policy of Permitting the continued operation of a bank in difficulties
resulted in a
greater loss to depositors than would have resulted from an
earlier closing
by the supervising authority.
In substantially all cases a bank in distress or difficulties is
a bank in
liquidation. An unwise or ill-timed closing of a bank by the
authority means the unnecessary tying up of bank deposits suprevising
which would
have been released in part, through continued orderly operation. In the
opinion of the Commission, any unwarranted and arbitrary exercise of
its power to close State banks at the first signs of distress or difficulty would
be comparable to the use of bullets to end men's sufferings rather than undertake to restore them to health and usefulness again. Such is not the Commission's plan nor will it be its future policy. If it cannot
be BelPful it
will not be destructive.
It is not necessary to refer to the shrinkage in agricultural and land
values which, with slight interruptions, have been declining for
the last
10 years. Most industrial values have followed a similar trend.
To argue
that our banks should have escaped and not be affected by these
happenings,
would be an attempt to prove an absurdity.
Had the Commission ordered the State banker to forciose on
the farmers'
and home builders' mortgage; convert his assets into cash even
though it
might spell wreck and ruin to the borrower, and upon his failure
to do so
arbitrarily order him to close his doors, there would have been
produced
in this State a condition of chaos and ruin which would have justly merited
the condemnation of all people.
It is regretted that the confidental nature of the Commission's relations
With State banks does not permit the reciting of specific instances which
would illustrate and justify its policies. If it were permitted to do
so. it
Daily," which in advices from St. Paul,
indicates as follows what the Commissioner has to say in
his communication:
Some 32 such tendencies are mentioned by Mr. Veigel upon which, he
states, the Department is "sincerely trying to offer constructive criticism."
The communication follows in full text:
The Banking Department has an inside picture of all the banks and has
a lot of information in its files, which is not available to the average banker,
relative to the condition of banks and the causes of trouble and failures.
We have made a careful study of the dangerous tendencies which gradually creep into many banks. We feel that the most constructive work
we can do is to discover these tendencies and to stop those, which past
experiences have shown to be dangerous, before they get beyond control and
cause trouble.
While It is necessary for the examiners and the Department to criticize,
where criticisms are due, we are sincerely trying to offer constructive
criticism.
Department Wishes to Aid Bankers.
We know the great personal sacrifices bankers have made in the past,
and have such a high opinion of most of the remaining bankers, that we
want to be of real assistance to them in further improving the banking
conditions.
We, therefore, give below certain dangerous tendencies, and some
suggestions relative to the same, and know that they will be received in the
spirit in which they are given, and hope that they may be of some help:
1. Expenses in excess of earnings. In the long run, banks must make
money to be safe. Study ways to increase earnings and to reduce expenses.
2. Deposits gradually decreasing. This is usually due to lack of Confidence. Remove the cause if possible by cleaning house,reorganizing. &c.
3. Too many banks in the territory. There is only one solution—Consolidations. Do not permit petty considerations to prevent desired consolidations.
4. Insufficient volume. Study ways to increase same, and if that is not
possible, consolidate with some other bank before it is too late.
5. Accounts that do not pay. Such accounts should be thoroughly
analyzed. The depositors should be shown the facts and asked either to
Put the account on a paying basis, pay service fees, or close the account.
Unprofitable business should never be taken on account of keen competition
or for any other reason. A bank is not a charitable institution.
6. Incompetent, dishonest, or easy going management. Change
management at once.
7. Carelessness in keeping bank records, books, permitting overdrafts,
irregular cash items, &c. There can be no possible excuse in connection
with the above matter. While officers and employes may not always be
able to correct other criticisms, they can keep the records, dm., correct,
"Other Real Estate" Not Desirable Asset.
8. Other real estate. Other real estate is never a liquid, or a desirable
asset in a bank, is often a big expense, and cause unfavorable comment
in published statements. Sell it if possible, even at a loss, or remove it
by forming a holding company. Charge off at least 10% a year.
9. Second mortgages. New loans secured by second mortgages are now
forbidden by law. Special efforts should be made to collect, or otherwise
secure those still in banks. Ninety per cent, of other real estate in banks
came through second mortgages and in many cases the bank would have
been better off to have taken the loss and not redeemed.
10. Non-liquid and frozen assets. Many banks could have been saved
if the officers and directors had started in soon enough to collect, secure, or
tnerwise give such loans vigorous and constant attention. Insist on
onthly or periodical payments, even if they are small. There is seldom
any Way to thaw out those loans, except a little at a time. Amortized
loans are often desirable both for the bank and the borrower.
11. Affiliated and excessive loans. Excessive loans are now a thing of
the past and any violation of the clear provisions of this law will be reported
to the county attorney. It is also clearly the spirit of these laws that all
affiliated linesshould be kept down to at least 15% of the capital and surplus,
SO that a bank can never lose more than that amount in one failure which
might affect affiliated companies or persons.
12. Excessive loans to officers, directors, their relatives and to corporadidirectors
sin
ted
arecup
in staos
tions in which they are interested. Officers andd
t
ig
nsoon
f
the depositors' money and should be entirely
loans and should never use the bank's money to excess.
Cash Payments Advised for Stock.
13. Heavy borrowings by officers and directors on their bank stock. &c.
This usually results in little financial strength back of the bank, if it becomes necessary to collect assessments or double stock liability. No one
should ever buy bank stock unless they can pay for it in cash.
14. Exchange of paper between affiliated banks. This often results in
unwarranted extension of credit to borrowers who should be kept within
the limit of one bank. It also results in having paper with which directors
are not familiar. This practice is now almost a thing of the past.
15. Outside loans. While there is no objection to loaning money outside
of your territory, the fact remains that such loans have caused more trouble
than any other class of loans, and they should be made with great care.
16. Stockholders' holding company notes given to remove real estate.
or in consolidating or reorganizing. If possible cash should be paid in at
the time, and if that is impossible,the notes must be steadily and materially
reduced.
1351
[Vol-. 131.
FINANCIAL CHRONICLE
Chattel Mortgages Require Checking.
20. Neglecting chattel mortgages. Most chattel mortgages need frequent checking and should be renewed at least once a year. Livestock
being prepared for the market is usually the best and most liquid security.
while household goods is the worst.
21. Adding interest to principal of notes. If the borrower cannot even
pay the interest, the loan itself is usually doubtful, and instead of being
increased should be brought to a showdown.
22. Lack of diversification in investments. Because of past experiences,
practically all bankers realize the desirability of having, beside their cash
reserves, at least 20% of their deposits invested in liquid paper, and of
having their loans diversified, so that all of their loans will not be affected
by unfavorable conditions in any one locality.
23. Too many long time and second rate bonds. Buy only the best
bonds and diversify them. Bonds with too high interest rates are generally
less desirable. At least 40% of your bonds should mature within five years.
Great care must be exercised in buying bonds to prevent serious trouble for
banks in the future.
24. Granting credit too freely, and without complete credit information.
See that credit files are up to date and that the Discount Committee does
its full duty.
25. Excessive bills payable. A bank should never borrow money with
the idea of making money on it. Borrowings should be temporary only.
Never use all your credit, so that you will be helpless if something unexpected happens.
26. Excessive investment in banking house, furniture and fixtures.
These items should be in proportion to the size of the bank, and together
should never be more than 50% of the capital and surplus.
27. Contingent liabilities. These are now a thing of the past, as every
possible liability must be shown on the books. The so-called gentleman's
agreement, or oral, or secret written agreements are no longer permitted.
Care Necessary in Temporary Deposits.
28. Large public or other temporary deposits. Such funds should be
Invested only in strictly liquid securities, which can be sold readily when
deposits are withdrawn.
29. Unwarranted dividends. Dividends should never be paid unless
the real estate, &c., have been reduced, all possible losses charged off, and
substantial surplus, undivided profits and reserve accounts bat up. Many
banks would be open to-day if they had saved instead of distributed their
past earnings.
30. Profitable losses still carried as assets. Do not permit part or entire
losses to accumulate with the hope that they can be removed from future
earnings. Charge off losses little by little as they develop and thus keep
the bank absolutely clean.
31. Unprofessional use of gifts. &c., to obtain business. Such methods
seldom pay and have been largely discontinued.
32. Irregular meetings of directors. Banks having a good active board
of directors seldom have any trouble. We are requesting all boards to
meet at least monthly, because they cannot properly perform their duties
by meeting less frequently.
We respectfully request that this letter be read in full at the next meeting
of your board
United States Silver Output Checked in July-World
Production in June Shows Gains Over May and
1929 Period.
1927; 2.8% on Dec. 31 1927; 2.5% on June 30 1928; 2.4%
on Dec. 31 1928; 2.2% on June 30 1929; 3.2% on Dec. 31
1929, and 3.4% on June 30 1930. The tabulation follows:
SUMMARY OF 25 NEW YORK CITY BANK STOCKS FIGURED ON A
YIELD BASIS.
(Compiled by McClure, Jones & Co., Members New York Stock Exchange.)
•Special dividend of $50 included.
17. Capital loans. Banks cannot afford to take the risk of business in
making loans. Never make a loan when it will be necessary to close out
the borrower to get your money.
18. Loans depending on endorsers. Ordinarily if the maker of a note
is not good the loan should not be made regardless of the endorser. Such
loans often run indefinitely and an enemy is made of the endorser if he is
forced to pay. Notes with too miny endorsers are especially hard to collect.
19. Policy loans. These are generally loans made to officers of a large
corporation which carries a nice balance, or to public treasurers, who are
often not entitled to such loans.
el'
",
44r1
1 221Vggg'g
w g"ww
.4.
g5;im.E.,1a
5a4
g ma,InlaigiRE
an'6,<E 5.5ti .ilgozWmg-Vil-Rome
, ,,,„, -gm.'0:oggi x,i6 R vw ,Imp H.;q5
i
•
1
1
m
'
,i
,,(1"wa..,
,r$ '' gig g " g $ ..',,
8 grS '43 ','"
,
Orm,.,,
,,,,
,
74.5
. p4g0.1.
s p
5 .D.._- .1 ° ,
- 4,.3
W
:I r. "
gAq'oPpoa eg
"'
3 Ve"...'d 22.0
e•
2
2
gP
ttl
,P. x
k .R.x5.g0;,
,•3
R. F.. •
P
14?. :1'%.g.
g
toR,
•3
''
.'
`•
..
2 0
0
0
i2
':n
50
SC
53
... ...g
.-g.
g
-P.
k.;..03C.64.4a.;.6 14ixii.03ks4OC.W4,. .-, t,....,
...z
........................
.
.
666 b 6 b 6 ;0. :a 66
L.i i,. ;••
II g
CO
W&WWWWWWW,WWWW.PWWS4:WWWWWW
,
L izioM62:..ii.&.6.Mic6tub4
,4,14;-iDiai-L2
WO bowwwwww, 02 W 14 C• IP Ga 14 Ai
,WWWW IP ea
:44002;0W
IS
CO
i.
IS
. o
w
.........................
m 6 b b ;., b 6 ;P 0:. 0, i44,466 La 6 ;F. 6 b 6 La 6
.
......................... 6_-g:t
mg
0b0bbbi-b:.14.65.030030)0,0b0)5.0;..
Wit..0o.
, N.bD1ONWNbOWbDb2WNNWNWP+M
5.CO50C00Ca'-10)3xI.
bi
bisistoim
..c..-,-ww....3.-b2.....b.I.-baccw
bb 6 bb i-, b b 4. W 6 ;p. bbbbbiobb Li b 6 b
W
6,
0:', •w
.-
W0
, W0
,0-4.WA•WWWWW,-,5.1515WW150315W05W
ObO0Ob :.; b La ED ., O 4. O.00OOOO LI
.
b6
A
0
.WW15W0)W0•WWWWWW&WW0.WWIAWW&5.
'a
6 b 6 ;-. 666 L.1 la 666 W ;-. ;a. bbbb ;., 66 W 6 ;4
,
Ca
.
....tz,
05
6 .
...
..4"
CO
003 it
0
...!:.J
00
CC
CC
,.
..0
CO
o
,1
-... ...
42
1.0)m03
0'
....m... 11t,,eti
o .
.1
IS
05.WWW0000,04.00010:4WOOWNWWOWW
OW.03.4W1-, WW003000003WWW04010WO40O
,?.ei
qaa
3-•
•
..
-a
..
WW ,0
0
w
W
V.
p-.1.0g
,
roc..c.owowa...4-40woow.
0. ,.._c'
.;?
.1
888g8ggggggggggg
i
i 7Ogg8gggg
c
A
is
..014WW,
IWO.WWWWWWIAWWWWW&WWWW
6 b ;••
6 4.. b 6
666 6 ;- ;-• 6666 i-• 6666 b
Ai
.R
ND
CC..r. 4
ra
Despite the tremendous expansion and growth of the New York City
Banks, the stocks of these institutions are now selling at a pr ce to yield
the investor a return, which in the majority of cases compares favorably
with the return at any time during the past four years and McClure. Jones
Production of silver in the United States in July was & Co. believe that the present market apathy offers favorable opportunity
acquire bank stocks at attractive levels. Ownership of these shares
to
ounces
in
3,969,000
3,638,000 fine ounces compared with
represents a partnership in financial institutions whose commercial operaJune and 4,523,000 ounces in July 1929. Noting this, the
tions embrace the entire world and who number among their customers
New York "Evening Post" of Aug. 19 said:
the largest industrial enterprises of the United States.
returns,
was
2,100,000
Canadian production, according to incomplete
ounces compared with 1.485.000 ounces in June and 1,910,000 ounces in
July 1929. Mexican production in June, the latest month for which Redistribution of World's Gold Supply Likely to
figures are available, was 10,276,000 ounces, compared with 9.080,000
Continue, According to John E. Rovensky of
ounces in May and 8.386.000 ounces in June 1929,according to the American
Bank of America, N. A.
Bureau of Metal Statistics.
Redistribution of the world's supply of gold, evidenced
Gains Over 1929.
World silver output in June, the latest month for which figures are in recent gold movements, is likely
to continue, in the opinion
available, is placed at 18,607,000 ounces, against 18,237,000 ounces
of John E. Rovensky, Vice-Chairman Bank of America,
May and 17,802,000 ounces in June 1929.
Stocks of silver in the United States on Aug. I were 459,000 ounces, N. A. "The outward movement of gold from the United
against 737,000 on July 1 and 682,000 ounces on Aug. 1 1929. Stocks of States which
began about the middle of July, continued
silver in Canada on Aug. 1 were 312,000 ounces, against 441.000 ounces
during August with no indication of any abatement in the
on July 1 and 339,000 ounces on Aug. 11929.
Stocks of silver in Shanghai, in equivalent of fine ounces, on July 26 immediate future," Mr. Rovensky declares in an analysis
were 226,116,000 ounces, against 233,469.000 ounces on June 28 and
of the situation made public on Aug. 24. "Low interest
192.388.000 ounces on Jan. 1 1930.
Stocks of silver in India, in equivalent of fine ounces. were 396,206.000 rates in the United States, the relatively light demand for
ounces on July 22, against 382.181,000 ounces on June 22 and 371,422,000 surplus funds in this country, the decline in the value of
ounces on Jan. 1 1930.
exports and tourist expenditures abroad are among the
underlying causes for this situation, which is further affected
New York City Bank Stocks Show Average Yield of by the large volume of various forms of French short term
3.5%-Eruals 1926 Level and Exceeds Past Three credits in this country which can be called home at will."
Years-Tabulation by McClure, Jones & Co.
The current yield of 25 representative New York City
bank stocks, based on market prices, is now at a level which
prevailed during 1926 and exceeds the yield at any time dur-
It is pointed out that total exports up to Aug. 15 amounted
to about $77,000,000 gold, of which France took approximately $62,000,000 and Canada $15,000,000. Mr. Roven-
sky notes that ordinarily the loss of this amount of gold
would be reflected at least in a slight advance of interest
rates which would continue as gold moved out, until it
finally put a check upon the movement.
Co. reveals. The average current yield amounts to 3.5%,
"Recent gold losses, however," Mr. Rovensky continues,
which it is stated is identical with the yield on both June "have had no appreciable effect upon the level of interest
.30 and Dec. 31 1926 and compared with 3.1% on June 30 rates in this market, a fact generally attributed to open
ing the past three years, despite the tremendous expansion and
growth of the banks represented, a tabulation prepared by
the New York Stock Exchange firm of McClure, Jones ik
AUG. 30 1930.]
FINANCIAL CHRONICLE
market operations of Reserve banks, which have tended to
offset the effect of gold exports, thus making it possible for
them to continue."
Pointing out that America, as a result of war operations
is in possession of far more than its normal share of the world's
gold supply, Mr. Rovensky states that a process of redistribution must eventually take place. Total gold holdings
of central banks and governments of 44 principal countries
of the world were estimated last May as $10,610,000,000,
of which the United States held about 39% and France
about 16%. England, whose gold reserves ranked next in
importance to those of France, had only about 7%.
The strength of French exchange in terms of practically
all foreign currencies, which has made possible the importation into France of large amounts of gold from London and
New York and of smaller amounts from Amsterdam and
other European centres, is attributed by Mr. Rovensky to
the repatriation of large French balances which have been
held abroad and to large French holdings of foreign bills.
The responsibility for this movement does not rest with
the Bank of France, he explains, for, while in twelve months
its gold holdings have increased by 8,184,000,000 francs to a
new high record of 46,656,000,000 francs, its total of credit
balances held abroad and bills bought abroad has shown a
slight increase. The process is due rather to the repatriation
of the foreign assets of French commercial banks and to the
return of private funds to France. Mr. Rovensky adds':
Recent gold shipments to France, however, whether from London or
New York, have had no appreciable effect upon French exchange. Reasons
advanced for this are that foreign credits, even after recent withdrawals are
still very large, and that the French money market is comparatively inelastic
and not as sensitive to gold imports as are London and New York. In
spite of recent preparations for expansion, the Paris short term loan and
discount market is still in a very early stage of development, and offers
little employment for additional funds. Consequently gold imports are
usually reflected for the most part in an increase in note circulation. The
expansion in note circulation has been the main cause for the advance in
internal prices. Even here, however, its full effect is not felt, because of
the practice of hoarding bank notes which is reported to have made considerable headway in France.
While the large gold imports into France carry with them very little
beneficial effect to that country, other countries, recently returned to the
gold standard, are having difficulty in maintaining their gold reserves at
a sufficiently high level to ensure the stability of their currencies. The
accumulation in the United States of so large a proportion of the world's
monetary geld has of course also been a great difficulty to other countries
which needed to build up their reserves. Consequently the decline in
money rates in this country to a level where gold would begin to move was
generally acclaimed in international banking circles.
How long the movement of gold into France will continue it is impossible to say, but French foreign credits, other than those held by the Bank
of France, are generally believed to be of very considerable size, even after
recent heavy withdrawals, so that repatriation can go on for some time,
IC it remains profitable. Present indications are for easy credit conditions
In this country, although rates will undoubtedly be a little firmer when
the usual fall demand begins to be felt. Before that event, however, there
is time for a very considerable amount of gold to leave the country. On
the other band, the further advance in prices in France makes additional
gold imports undesirable from the French point of view. Largely because
of this. French goods are in smaller demand in the international market,
and exports have declined sharply, increasing the unfavorable balance
of merchandise trade. The poor crops forecast in France Luis season indicate that the unfavorable balance may be further increased by larger
imports of foodstuffs. Tourist expenditures in France are always an
important item on the credit side of that country's international balance
sheet, but this year it is believed that they are not as heavy as usual. We
are, moreover, approaching the end of the tourist season, when these
expenditures may be expected to be greatly reduced. It remains to be
seen what effect these influences will have upon French exchange and future
movements of gold.
1355
Treasury Mellon, in addressing Mr. Young, on Aug. 27, expressed his regret at the latter's resignation, and said:
"You have conducted the very responsible duties of your
office with a high degree of skill, sometimes under extremely difficult circumstances, and your three years of
service have been of distinct benefit to the Federal Reserve
System." Governor Young's letter to President .Hoover
follows:
Washington. Aug. 27 1980.
Federal Reserve Board
My dear Mr. President: For some time it has been necessary for me to
consider accepting a more remunerative position. As you know, the law
does not permit me to accept employment with a member bank where ray
experience would naturally lead me. In addition, the time for leaving
has been a factor, because I have felt that I was not in a position to
accept employment elsewhere, regardless of how attractive an offer might
be, when the credit conditions of the country were strained or disturbed.
Obviously, these factors have limited the opportunities.
Now, however, it is clearly evident that the credit structure of the
country is in an easy and exceptionally strong position, and an opportunity
has come to me from the directors of the Federal Reserve Bank of Boston;
that is, they have honored me by offering to me the governorship of that
bank, a responsibility that I am very anxious to undertake and feel that I
should. I, therefore, am tendering my resignation as Governor and a member of the Federal Reserve Board to become effective as soon as accepted
by you.
I am taking this action with many regrets, because I have thoroughly
enjoyed the three years that I have been a member of the Board, and that
I have profited greatly in experience, associations and friendships there
can be no doubt. I am most grateful to everyone who has made it possible
for me to accumulate such valued assets and I particularly take this opportunity to thank you for the many things you have done, both officially and
privately. You have been most considerate on all occasions, and I am
deeply indebted to you.
I am, Mr. President, yours respectfully,
R. A. YOUNG, Governor.
The President replied as follows:
Aug. 27 1930.
Honorable Roy A. Young,
Governor, Federal Reserve Board, Treasury Department,
Washington, D. C.
My dear Governor Young: I have your letter of Aug. 27, tendering
your resignation as Governor and member of the Federal Reserve Board.
The reasons for this action on your part, which you have explained to me
In person and which you mention in your letter are sufficiently compelling
to forbid my insisting that you remain, much as I am tempted to do so.
You have made a great sacrifice during the last three years, and I do not
believe that I ought to ask you to continue to do so.
You have the right to feel that you have rendered real public service.
You brought to the position of Governor sound banking judgment based
on many years of experience and a comprehensive knowledge of financial,
industrial and agricultural conditions throughout the country an of our
national banking system. In very difficult times you have performed the
important duties of your office with excellent judgment, tact and courage,
and I shall find it difficult to replace you. I wish to express not only
my own appreciation of your devoted public service, but my conviction
that your resignation will be received with regret by the country as a
whole. It is my understanding that you wish your resignation to be
effective Sept. 1, which is agreeable to me.
With best wishes for your future success and happiness, believe me,
Yours faithfully,
HERBERT HOOVER.
Secretary Mellon's letter to Governor Young read:
Aug. 27 1930.
My dear Governor Young: I regret extremely, not only from the standSystem,
but from a personal one, that you
point of the Federal Reserve
feel compelled to tender your resignation as Governor of the Federal
Reserve Board.
You have conducted the very responsible duties of your office with a high
degree of skill, sometimes under extremely difficult circumstances, and
your three years of service have been of very distinct benefit to the Federal
Reserve System. Our personal relations have been the pleasantest possible,
and you will carry away with you from Washington not only the respctm
but the affection of your associates on the Board.
Wishing you success in the future, believe me,
Very sincerely yours,
A. W. MELLON,Secretary of the Treasury.
Roy A. Young Resigns as Governor of Federal Reserve
Board—To Succeed Late W. P. G. Harding as
Governor of Boston Federal Reserve Bank—ApFrom the New York "Times" Washington dispatch, Aug.
preciation of Services Expressed by President
27, regarding Governor Young's resignation, we quote the
Hoover—Secretary Mellon's Letter.
following:
Roy A. Young resigned on Aug. 27 as Governor of the
Mr. Young told the President that he
it necessary to seek a
Federal Reserve Board, effective Sept. 1. Governor Young, position paying him more than the $12,000 found
salary which he now receives.
a
•
•
in his letter to President Hoover, indicated that "it has
Mr. Young, who was Governor of the Minneapolis Reserve Bank at the
been necessary for me to consider accepting a more retime of his appointment as
of the Federal Reserve Board, was
munerative Position." He states that he has been offered named for the post in part Governor
because of insistence from Western banking
the Governorship of the Federal Reserve Bank of Boston interests that the position should be held by a man from that section
(made vacant through the death on April 7 1930 of W. P. G. rather than by a representative of a great financial interest in the East.
Under the law, two members of the Board cannot be selected from
Harding), and as a consequence tenders his resignation as same State, and therefore appointment of the President's friend, Harry the
M.
Governor of the Reserve Board. President Hoover, in his Robinson of Loa Angeles, would be precluded, as the State is already
represented
on
by
the
Miller.
Adolph
Board
O.
letter accepting Mr. Young's resignation, says that "the
It is expected that a great drive will be made upon the President to
reasons for this action on your part . . . are suf- give the post to Illinois, not now represented. But at the White
House
ficiently compelling to forbid my insisting that you remain." and Treasury Department not an inkling could be obtained to-day of any
one the President bad in mind.
In expressing his appreciation of Mr. Young's services, Presi•
a
a
Policies Held Important.
dent Hoover states: "You brought to the position of GovIt is felt here that the policies of the Federal Reserve Board
ernor sound banking Judgment based on many years of
may w 11
play an important part in the plans for the rehabilitation of
the country
experience and a comprehensive knowledge of financial, in- from
its present position of depression, and that the naming of a
dustrial and agricultural conditions throughout the country known banker might help to lend confidence to the banks and nationally
industries.
Any mistakes in credit policy, observers believe, would
and of our national banking system." Secretary of the
prove of serious
consequences at this time of world depression,
in which the Federal Reserve
1356
FINANCIAL CHRONICLE
System is closely involved, internationally as well as nationally, despite
all talk of the country's pursuing an isolationist course, so far as the
Federal Reserve System is concerned.
Under Governor Young the Board, in February 1929, issued a statement
which caused a sharp temporary drop in security values on the Stock
Exchange. From that time the policy under Governor Young was to
advance the rediscount rates by easy stages and to get the member banks
of the Reserve System in as sound condition as possible by influencing them
to restrict loans for further speculation.
The fact that more severe methods were not adopted by the Board was
the subject of considerable criticism by a number of prominent bankers
and economists, but the Board, under Mr. Young's guidance, held to its
policy admittedly in the belief that it was wisest to attempt to bring
about a gradual liquidation of speculative loans and thus seek to save the
nation from an economic disaster. Despite efforts in this direction the
Reserve Board finally was forced to agree to upward revision of rediscount
rates, and even this did not check the speculation until the crash of
security values came later in October of last year.
Plan of Treasury Department Respecting Refunding of
Liberty Bonds Not Yet Decided—Policy on Fourth
War Securities Undetermined Due to Necessity of
Meeting Immediate Needs.
Although the Department of the Treasury foresees a
necessity for refinancing when the Fourth Liberty Loan,
amounting to $6,268,269,050, becomes callable in 1933, it is
not prepared at this time to discuss its possible courses of
action respecting that loan, according to an oral announcement Aug. 26 in behalf of the Department. In making this
known the "United States Daily" of Aug. 27 said:
The statement respecting the Treasury's policy on the fourth loan, the
largest of the outstanding war bands, was prompted, it was explained,by
published reports in New York that the Department was considering early
refinancing with partial redemption of the fourth loan as its object. The
Department considers that the bond market at present would be favorable
to such an issue, but It was reiterated that there has been nothing further
than discussion respecting a conclusion as to dealing with the loan when
Its first call date arrives.
Immediate Maturities
Department plans for the present take into consideration only the
Immediate maturities and those within a scope of a year or so, according
to the statement. The official view expressed was that the Treasury has
important policies to determine in connection with current affairs and the
Department was,therefore, not desirous of burdening itself with a program
too far in advance.
float
Banking circles were said to feel that the Treasury could properly
exchange,
a new issue of bonds on which it could take Fourth Libertys in
the new issue to boat lower rates of interest than the 4Y.% rate borne by
this
the Fourth loan, it was explained. Whether the Treasury shared
view wap not revealed in its statement.
said
frequently
has
The Secretary of the Treasury, Andrew W. Mellon,
in his annual reports that reduction of the interest charges on the public
debt was an end much to be desired and during his administration the
average rate paid on Government securities has been reduced until now it
Is below 4%. Any new financing, it was said, could be expected to bear
conditions in the
lower rates than the Fourth issue because of the present
money market, but the Department is unwilling to predict anything
respecting Federal financing at this time.
Treasury records show maturities in September and some of these will be
refunded, but until the September quarterly tax payment is received none
then, nor will
can foretell the size of the issue that will have to be offered
on the new issue.
the Department suggest what interest rate it will pay
[you 1st.
the customer's securities, exceeds $7,500, or that total of the'deposit balances under $7,500, on which interest is paid doesinot exceed 2%Iof the
broker's average total deposits."
Other Aspects.
There are other provisions of the private banking law in addition to the
one covering interest on deposits, which tend to subject brokerage houses
and investment bankers to its terms. These involve chiefly taking money
for remittances. Firms like J. P. Morgan & Co., Thos. Cooke & Son,
Goldman, Sachs & Co., A. Iselin & Co. and Kidder, Peabody & Co., have
deposited securities in the amount of $100,000 each with the banking department to conform to this provision of the law.
A memorandum issued by the New York Stock Exchange explaining the
operation of the new law in so far as it is likely to affect brokers indicates
that no effort is contemplated to amend the law so that brokerage houses
will be exempt from its provisions. It says:
"There seemed to be no practical way of distinguishing between these two
classes of private bankers and protecting the small and often ignorant person
who wished to transmit money abroad without providing that a substantial
fund be deposited with the banking department to safeguard these small
transactions."
President Hoover Says No Ground Exists at Present
for Reports that Government RevenueslWill
Prevent Continuance of Tax Reduction.
In addition to the statement issued by Secretary of the
Treasury Mellon indicating the "hope" for the continuance
of the 1% tax reduction granted last year, President Hoover
on Aug. 22 likewise made an announcement in which he
said that "there is no ground now for the prediction in the
press this morning that a deficit was impending which
would prevent the continuation of tax reductions established
last year." Secretary Mellon's statement was given in our
issue of a week ago, page 1203. President Hoover's statement follows:
"I have reviewed the present fiscal situation with Secretary Mellon and
Under Secretary Mills, and I can state that there is no ground now for
the predictions in the press this morning that deficit was impending
which would prevent the continuation of tax reductions established
last year.
"The indications of decreasing revenues and increasing expenses during
the past six weeks, upon which calculations were very properly based, do
not take several factors into account. Imports and, consequently, customs
receipts, have been temporarily reduced because of advance imports to
anticipate the new tariff law. We have been expediting construction expenditure to give the maximum employment in the first nine months of this
fiscal year. The calculations as to possible deficit take no account of
the receipts from payment on foreign debt, nor the revision of expenditures
downward from the estimates of the first of last July, which were then
placed at $4,203,000,000 (including the postal deficit).
"I have not as yet received the reports from all of the Departments of
the result of their drive for economies, but from the results already
obtained in the Departments that have reported we have an indicated reduction of about $75,000,000 in expenditures.
"In such reductions it must be borne in mind that of the total estimated
Governmental expenditures approximately $2,200,000,000 are for such fixed
charges as interest and redemption of the public debt, payment of pensions, &c. No part of it can be reduced by administrative action. The
field of economy is therefore limited to about $2,000,000,000,. of which
something like $400,000,000 are commitments for construction work of one
kind or another which were increased and must be maintained in order
to maintain employment."
In its dispatch from Washington, Aug. 22, commenting
on
the announcements of President Hoover and Secretary
Brokerage Houses to Curtail Interest on Credit Balances
Mellon
the New York "Times" said, In Rart:
of
on
Less
Sums
Return
no
—Several Announce
The
came as a surprise in view of informal intimations from
statements
Than $7,500—Result of Provisions of New Private Treasury officials yesterday that there was little or no hope of continuing
Step.
Advise
Exchanges
the reduction because of the heavy decrease in revenue, and the growing
Bank Law—Stock
expenditures which had marked the first six weeks of the current fiscal year.
that
they
clients
advised
have
houses
brokerage
Several
Party Chiefs Disconcerted.
will no longer pay interest on credit balances of less than
The stories that President Hoover and Mr. Mellon termed prematur=
$7,500 in order to avoid coming under the provisions of the were carried by practically all newspapers and news associations maintaining
revised Banking Law of New York State, it is learned here services in Washington, and the very unanimity of opinion which they
said the New York "Journal of Commerce" of Aug. 25, expressed caused something of a stir in political circles. With the Con-a
gressional elections approaching, the prediction that what amounted to
which further comented as follows:
tax increase was necessary was disconcerting to the Republicans.
of
This action is taken by the brokers to escape falling under the category
Neither the President nor Secretary Mellon definitely predicted that
private bankers subject to a number of stringent legal regulations in the continuance of the 1% reduction would be recommended, but they did go
conduct of their business.
as far as to hold out the hope that it might be possible without a deficit
It is expected here that brokers will generally cease the payment of In- for the current fiscal year.
recommendation
the
of
view
in
$7,500
terest on credit balances of less than
Apparently, their chief hope of such a result lies in the possibility
of the New York Stock Exchange that this be done.
that interest payments from foreign governments on their war debts,
Legal Provision.
aggregating about $186,000,000, may be available for current expenses,
be
This change in brokerage house practice results from the provisions of the and that prospective government costs, as estimated on July 1, may
this
early
Legislature
cut by $75,000,000. It has been the fixed policy of the Republican
revised private banking law passed by the New York
on
year. The new enactments arose from the failure of the private banking administrations since President Harding to apply interest payments
firm of Clarke Brothers, and were designed to bring such organizations foreign debts to public debt reduction, in addition to the sinking fund.
The agitation over the publication of the stories began early in the
within the scope of the act. In order to do so,the law was made applicable
to those who pay interest "to any depositor on any deposit balance of less morning, when Under Secretary Mills was summoned to the White House
the
in
resident
was
depositor
than $7,500, if such deposit balance is that of any
for a conference with the President. A little later Secretary Mellon
United States who does not have with such banker during the period in brought into the discussions.
respect of which interest is so paid or credited an average daily credit
Government experts were not enthusiastic over the situation confronting
balance or securities of any average daily market value, together exceeding the Treasury despite the statements made by President Hoover and Mr.
which
on
balances
was
$7,500: provided the aggregate amount of such deposit
Mellon, and there was a fairly general agreement that if the Treasury
interest Is so paid or credited exceeds 2% of the total deposits ofsuch private able to recommend a continuance of the 1% tax decrease and still avoidbankers."
a deficit it would just "squeak.through."
The revised private banking law Includes so many restrictions concerning
•
•
*
the operations of those who come under its provisions and so many regulaCould Borrow for Farm Board.
tions concerning the keeping of books and the making of examinations, that
making
Such a situation would be dependent upon foreign governments
brokers are generally being advised to take all necessary steps to avoid
and in
interest payments in cash rather than in government securities,
coming under its provisions.
considered legitiThe New York Curb has followed the lead of the New York Stock Ex- rigid economy as suggested by Mr. Hoover. It might be
borrowings
change in urging that interest payments on such balances be stopped. A mate to finance the operation of the Federal Farm Board by
a step, it was
booklet issued to members of that exchange says:
instead of out of current revenues, as at present, but such
President,
"The member who pays Interest on a credit balance should make clear to said, had not been considered in reaching the estimates which the
his bookkeeping department the importance of accurate monthly informa- Secretary Mellon and Mr. Mills worked out to-day.
tion that the average daily credit balance of each customer, plus the value of
Aua. 30 1930.]
FINANCIAL CHRONICLE
1357
in March analysis of economic, trade and financial problems in connection with the
The officials anticipate a heavy slump in income tax payments
work of
year, but they are United States in all parts of the world. The major part of the
fiscal
the
of
dates
payment
quarterly
last
the
June,
and
ed the United
which will make this the Pan American conferences at which he so long represent
hopeful that there may be some upturn in business
dations
that $200,- States has been along economic lines, many of their recommen
loss less severe than now appears probable. While admitting
the decrease in customs having been at Mr. Fletcher's instigation.
000,000 or more would be lost in revenue if
the officials
On Aug.26 Thomas Walker Page of Virginia was appointed
collections continues at anything like the present ratio,
ent, especially
express hope that there will be a very substantial improvem
member of the Tariff Commission by President Hoover.
a
In the last half of the fiscal year.
current
for
Page is a Democrat and a former member of the Tariff
ts
Mr.
by
foreign
governmen
As to the use of interest payments
, the administration appears Commission. His appointment is the second to be made
expenses rather than additional debt reduction
if by so doing it can avoid
ready to abandon the long-established policy
nce with the provision contained in the Hawleyat this critical period in its in accorda
being put in the position of raising taxes
Act calling for the Commission's reorganization.
Tariff
the
Smoot
advocated
career. Certain Democratic leaders in Congress have long
res, but up to this time the
The following regarding the activities of Mr. Page is from
use of these payments for general expenditu
Treasury Department has held firm.
a Washington dispatch to the New York "Times:"
20 continued to present a gloomy
of
The Treasury statement for Aug.
Mr. Page, who was born in Cobham, Va., in 1866. is now Chairman
00 below the same
still
353,
$64,000,0
at
$220,828,
revenues
with
picture
s in this city, where he resides. He
260, showing an increase of the Council of the Institute of Economic
res
at
$431,364,
expenditu
and
year
in
Taft
1911,
last
by
President
on
period
00 was appointed to the original Tariff Commissi
and
$31,000,000. Customs receipts at $46,769,200 were about $41,000,0
serving one year. He again served as a Commissioner under Wilson
1922.
under the same period one year ago.
Harding from 1918 to 1922, being Chairman from 1920 to
y of
Wait on Situation in December.
Mr. Page was educated at Randolph Macon College. the Universit
debt Virginia and at the Universities of Leipzig and Oxford. Helms hod a long
public
the
reducing
included
program
their
that
said
Officials
dean of
and that career as an educator and economist. From 1900 to 1902 he was
during the year at least by the full amount of the sinking fund,
and then was head
would be necessary the College of Commerce at the University of California
years.
two
if in the end it was shown that additional borrowing
for
Texas
of
e, the continu- of the department of economics at the University
at the
for current needs which would make such a result impossibl
Professor of History and Economics for two years
as
by
served
that
He
next
They
felt
ded.
be
not
recommen
would
cut
ance of the tax
Professor of Economics
could University of California. and from 1906 to 1922 was
program
their
whether
determine
to
possible
be
would
it
December
would be made until at the University of Virginia.
be put through and that no definite prediction
oner of Virginia. During
During 1914 and 1915 he was Tax Commissi
that time.
a member of several committees engaged in war
was
he
War
the
w
will
Board
Farm
the
of
Federal
nts
It is hoped that the net requireme
000
Economic Associanot exceed $100,000,000, although it had been estimated that $150,000,
Mr. Page is a former Vice President of the American
a former President of
would be necessary.
tion, on whose executive committee he now serves;
Criticized by Democrats.
Historical
American
the
of
the National Tax Association and a member
commerce, taxaHull of Tennessee issued a
For the Democrats, Representative Cordell
on. He has written many books and articles on
Associati
t's financial operations.
of the Board of Econcritical statement of the Governmen
tion and tariff matters. In 1918-19 he was a member
late in the afternoon that some
"The announcement at the White House
omic Review.
,
tax
he
the
raise,"
concluded
avert
rearrangement might be effected to
Treasury or the President is wrong. A
"merely showed that either the
Forty
by bookkeeping."
New Tariff Commission to Investigate Duties on
great deal may be accomplished
now confronted by the
situation
the
that
s.
said
Article
Hull
More
or
Representative
sment an administration suffers when
Treasury "illustrates the embarras
reorganized,
significance of a policy of temporary and
As soon as the new Tariff Commission is
it grossly exaggerates the true
when the normal rate was reduced 1%
the taking of office of Messrs. Pletcher and Page and
small reduction, such as occurred
with
only.
s Sept. 16, active work will be underfor the calendar year 1929
"created the impression that tax the four other member
"The Hoover Administration," he said,
into rates on some 40 or 50 items
ation
permanent scale had thus been provided for, taken in its investig
reduction on a substantial and
of the administration complacently took the which the Senate by resolution requested should be studied,
experts
publicity
the
and
credit.
advices Aug. 26 to the New York "Times"
required, however, to explode this myth said telegraphic
"Only a few months has been
said:
. Annual tax readjustment was grossly exag- from Washington, which also
of permanent tax reduction
d to-day that hearings will not be held until
announce
on
effect.
Commissi
political
for
The
gerated
connection that expenditures for the after the field inquiry has been completed and the differences in cost of
"It is worthy of note in this
nts for July 1930, save as production here and abroad established. This may take six or seven
maintenance of the several executive Departme
Agriculture and the Department of Labor, showed months.
to the Department of
those interested will be notified 30 days
for July 1929.
Under the Commission rules
material increases over expenditures
by an Executive Department in advance of the hearings.
res
expenditu
in
increase
any
if
y,
"Obviousl
into 27 rates ordered yesterday the investigaof Agriculture and the Department of Labor
In addition to the inquiry
were justified, the Department
claim for such expansion of maintenance tion of rates on the following was ordered:
could lay the most justifiable
bovine species, raw or uncured, or dried,
with distress problems incident to the drouth
Hides and skins of cattle of the
outlay, the first having to deal
the
worst
and
by
pickled.
d
d
most
widesprea
confronte
or
salted
being
second
disaster, and the
nery not specially provided for, and chocoSugar candy and all confectio
unemployment in 30 years.
form than in bars or blocks weighing 10
state of affairs nine executive depart- late, sweetened, in any other
appalling
this
of
midst
the
'ffn
prepared or not prepared.
more for their upkeep in the month of the Pounds or more each, whether
ments expended considerably
and skillets for match boxes.
splints
match
Matches,
ts
of
two
nt
the
the
departmen
did
Governme
of mixtures containing sugar testing
country's direst distress than
Sugar, including the sugar content
deal directly with such deplorable conditions."
sugar degrees.
organized and maintained to
by the polariscope above 96
produced wholly or in part on levers or
Laces,lace fabrics and lace articles
the bobinette machine or the lace-trading
lever-go-through lace machines,
P. Fletcher as ChairPresident Hoover Names Henry
sion—T. W. Page
Tariff
Commis
New
men of
Chosen as Member of Commission.
r
The appointment of Henry P. Fletche (Republican) of
Greencastle, Pa.,as Chairman of the new Tariff Commission,
to take up his duties upon the termination of the present
Commission Sept. 16, was announced by President Hoover
Aug. 22. According to the "United States Daily" President
Hoover in commenting orally upon Mr. Fletcher's appointment stated he had been in the Foreign Service of the
Government for about 18 or 20 years.
The paper quoted gives President Hoover's announcement
as follows:
Henry P. Fletcher was to-day appointed Chairman of the new Tariff
Commission, to take office upon the expiration of the present Commission
on Sept. 16.
Born in Greencastle.
Mr. Fletcher was born in Greencastle, Pa.. in 1873; was educated at
Chambersburg Academy and at Lafayette College. He studied law and
in 1894, practicing his profession until 1898;served
was admitted to the bar
as a member of Roosevelt's Rough
during the Spanish-American War
t in the Philippines.
Riders, and thereafter was a first lieutenan
the
of
United States in 1902,serving first
Service
Foreign
Ile entered the
and at Peking; in 1909 he was
as Secretary at Havana, then at Lisbon,
promoted to be Minister, and later Ambassador,to Chile; he was appointed
and
resigned in 1920, becoming UnderAmbassador to Mexico in 1916.
secretary of State in 1921; he was appointed Ambassador to Belgium in
he resigned in 1929 in order that
post
which
from
1924,
in
Italy
1922, to
he might spend his life in the United States.
Mr. Fletcher served the public In many capacities. He was Chairman
for the International Conference on Electrical Communications in Washannual
ington in 1921; Chairman of the American delegation to the fifth
conference of American States at Santiago in 1923; he was a member of
he
the American delegation to the sixth conference in Havana in 1928;
represented the United States in the General Assembly of the International
Institute of Agriculture at Rome in 1924, and at the Conference for Protection of Literary and Artistic Property in 1928.
he had special charge of economic work of
As Undersecretary of State
his diplomatic career has entailed careful
the Department of State, and
machine.
finished, and parts thereof, wholly or in chief
Furniture, wholly or partly
ly provided for.
value of wood, and not specifical
finished or unfinished, and parts of the foreBells, chimes and carUlons,
going.
the tariff rates of which are
In giving the list of 27 articles,
nce with the
in
to be investigated by the Commission accorda
18 (and given in our issue of
June
adopted
on
resoluti
Senate
from Washington,
June 21, page 4352) the "Times" account
Aug. 25, said:
than 100 rates has been asked by resolution
The investigation of more
attacked as too high while the tariff bill was
of Congress. Some were
to be too low.
pending, and others were declared
to recommend increases or decreases
The Commission has the authority difference in production and labor
upon the
by not more than 50%, based
be accepted or rejected by the
must
costs here and abroad, and these
President.
Articles to be Investigated.
include those on the following:
The rates to be investigated
Boots and shoes.
of wire not more than 8-100 and not
Woven wire fencing composed
diameter.
less than 3-100 of an inch in
cement or cement cinders.
Roman, Portland and other hydraulic
and spades, scoops, forks, hoes, rakes,
Agricultural hand tools, shovels,
knives and drainage tools.
scythes, sickles, grass hooks, corn
Shoe lacings.
ground or water wash, and all other
Ultramarine blue, dry in pulp, or
blues, containing ultramarine.
thereof.
Umbrellas, parasols, sun shades and parts
Iron in pig and iron kentledge.
Wood flour.
Pipe organs and parts thereof.
and mouthpieces, finished
Pipes, pipe bowls, cigar and cigarette holders
or unfinished.
Leather of reptile bodies or skins for shoes proper.
Pigskin leather.
Bodies, hoods,forms and shapes for hats, caps or similar articles wholly
or in part of wool felt; and hats, bonnets, caps, wholly or in part thereof.
finished or unfinished.
Floor coverings wholly or in chief value of wool not specifically provided
for.
1358
FINANCIAL CHRONICLE
Lumber and timber offir. spruce, pine, hemlock or larch.
Cylinder, crown and sheet glass by whatever process and for whatever
purpose used.
Fourdrinier wires and cylinder wires suitable for use in paper making
machines, whether or not of or fitted to such machines; and woven wire
cloth, suitable for use in the manufacture of Fourdrinier wires and cylinder
wires.
Hats, bonnets and hoods composed wholly or in chief value of straw,
paper, grass, palm leaf, willow, osier, rattan, real horse hair, manila hemp,
wholly or partly manufactured.
Laminated products of which a synthetic resin or resin-like substance is
chief binding agent in sheets or plate.
Infants' wear, knit or crocheted,finished or unfinished, wholly or in chief
value of wool.
Cigarette books, cover and paper. in all forms except cork paper.
Maple sugar and maple syrup.
Olive oil.
Cherries,sulphurated or in brine.
Tomatoes prepared or preserved In any manner.
The hearings will begin next week. The items for the first session have
not been decided upon.
Canadians Block American 'Dumping'—Government
Imposes Duty Barriers to Stop Alleged Unfair
Commodity Selling—Fruits and Vegetables Hit.
E. B. Rycktnan, Canadian Minister of National Revenue,
took action on Aug. 26 against the dumping of certain
American fruits and vegetables in Canada. He announced
a set of values for duty of certain produce imported from
the United States. Associated Press accounts from Ottawa,
published in the New York "Times" reporting this added:
Application of provisions of the customs act designed to prevent dump-
[Ver.. 181.
oped countries requires machinery and equipment which they
cannot profitably manufacture themselves and which can
often be bought to advantage in the United States. Analysis
of United States exports indicates that other countries turn
to this country chiefly for its machines, productive equipment, and somewhat less generally, for other kinds of iron
and steel products. The general effect of fostering home
industries in backward countries, according to the Conference
Board, will be to discourage purchases of the goods bought
most extensively from Europe, and to encourage purchases
of the goods bought most extensively from the United States.
The Conference Board study emphasizes how important
it is for firms engaging in foreign trade to make a careful
study of the national characteristics, stage of development
and wants of the nations with which trade is to be carried
on. Of this aspect of the problem, the Conference Board
states:
"Potential markets exist wherever there are people,
but countries differ
widely in accessibility, population, industrial and
social development, race
and tradition, and desires. Out of these differences
grow demands, varying from country to country, for the products
of the rest of the world.
Each country supplies some of its needs by
imports from other nations.
To market a specific commodity it is necessary,
not merely to investigate
the extent of direct competition but to appraise
the competition of other
wants and interests. Neglect of these broader
considerations by the exporter may result in an abortive attempt to make
'water run up hill.'
The problem thus involves the collection, appraisal and
sifting of all elements, economic, social and political, which
may bear upon the stivation.
"The United States has a wide range of products to
offer for export.
such as grain, fruits, tobacco, cotton, copper,
coal, petroleum, lumber
and manufactures, especially machinery, automobiles
and other iron and
steel products. The products which specific
countries demand differ.
Europe, having already reached industrial maturity, turns to the
United
States chiefly for foods and materials. Of our exports of fabricated articles,
exclusive of refined petroleum, Europe takes almost a quarter, but Europe's
annual purchases per capita amount to about 60 cents--Great Britain's
to
about $3.00—as compared with Canada's per capita purchases
of almost
630. Cuba's $25. and Argentina's $10. Just as the United States' purchases of manufactures from Europe consist of specialties, so Europe's
purchases of manufactures from the United States consist of American
specialties. Japan is far behind Europe in industrial development but is
anxious to expand her manufacturing, although she lacks material resources.
Japan, therefore, also wants materials, especially cotton
for her textile
industry. Other countries of the world, with the exception of China
and
India, have material and food supplies in excess of their present
requirements. They are ambitious to promote their industrial development
."
ing in Canada of surplus products generally follows representations that
such commodities are being thrown Into the Canadian market at a lower
valuation than the fair market value in the country of origin. The action
taken by the government provides for fixing a definite value upon which
the duty provided for in the customs tariff may be based.
In the case of apples, for instance, the rates under the present tariff
are free under the British preference, 15% intermediate and 20% general
tariff. There is, however, a provision that the duty at no time shall be
less than three-fifths of a cent a pount under the general tariff.
Comparison of the valuation prescribed today with the prevailing values
is impossible In view of the variation in the prices of fruits and vegetables
shipped into Canada from across the line. These prices vary with the
location, season of the year and nature of the market for the commodity.
Under the tariff tho duty applicable is figured on the specific or ad valorem
basis, whichever is the higher.
The following values for duty of certain fruits and vegetables will be
established when imported from the United States:
The whole world, the study points out, buys American
Apples
6 cents per pound automobiles,
but the buying market, the extent of good
Cabbages
5 cents per pound
Cantaloupes
13 cents per pound motor highways and other factors differ widely in the differCelery
10 cents per pound ent countries, and these conditions affect the
relative imporOnions
4 cents per pound tance
of this item in the purchases from the United States.
Peaches
12 cents per pound
Pears
9 cents per pound The report adds:
Plums and prunes
8 cents per pound
"The element of distance from the United States is an important
factor
Tomatoes
10 cents per pound for consideration, and political ties are also
important in some instances.
Steps were taken by the Minister under the authority of Section 43 of Our neighbors in North America
and the northern part of South America
the customs act and order-in-council No. 1987, dated Aug. 20 1930. Mr. buy half to three-quarters of
their import requirements from the United
Rychman previously consulted with the Department of Agriculture. The States: countries farther
south, where the difference in distance from
values named are to remain in force, Mr. Ryckman stated, "until other- European and from North American
ports is relatively much less, buy
wise ordered."
only 25% to 30% of their total Imports from this country. Japan and
Australia also fall into this range, but India and the East Indies supply
less than 10%
their needs from the United States. ln those lines in
World Countries Buying Larger Share of Foreign Pur- which we do notofenjoy
a marked advantage over the European producer,
chases from U. S. Than Before War, Says National the factors of transportation and political preference become of primary
importance. Exports to the more distant markets consist of a relatively
Industrial Conference Board.
small number of items, while exports to nearer markets are widely diversified."
"Throughout the world
buying
countries are
a larger share
of their foreign purchases from the United States than before
the war," declares the National Industrial Conference Board, James W. Gerard Adds 5 to His List of 59 Men Who
"Rule" America—Those Governing Country by
247 Park Avenue, New York, in a study just completed
"Virtue of Ability" Listed by Ex-Ambassador—
entitled "The Trend in the Foreign Trade of the United
Bankers Lead Group—Same Men Could Make
States." These purchases, with the exception of those of
Britain Financial Giant in 10 Years Under Protecthe Far East, says the Board,consist more largely than before
tion, He Adds—Rockefeller Jr., Morgan, Mellon,
of manufactures. This is true even in the case of Europe,
Baker, Frew, Giannini, Ford, Raskob, Fishers and
although the increase in the proportion of manufactures in
du Ponta Included,
Europe's purchases from the United States has been largely
due to increased purchases of refined petroleum rather than
James W. Gerard, former Ambassador to Germany, on
fabricated articles. On the other hand, the limited market Aug. 20 named a group of 59 as the "men who rule the
for automobiles in China and Japan and increased exports United States." Later he added the names of five others to
of cotton to those countries have brought about a reduced the list. In giving, in its Aug. 21 issue, Mr. Gerard's list of
proportion of manufactures in the exports of the United 59, the New York "Times," said:
His selection was composed almost entirely of capitalists and financiers
States to the Far East.
and included leaders in the banking world, the steel industry, mining, the
The Conference Board in its statement in the matter railroad
business, public utilities, the amusement field and journalism.
issued Aug. 28 points out that exports of the United States
Mr. Gerard's list included the names of John D. Rockefeller Jr.. Andrew
W. Mellon, Secretary of the Treasury and J. P. Morgan, but omitted
are likely to be less affected than
those of European coun- President Hoover and all others holding National or State offices. The
tries by industrial progress in the less developed countries
of former Ambassador explained that the actual "power behind the throne"
the world. Aside from the refining
is wielded by men whose wealth and important industrial positions in the
of the crude products of nation
give them a permanent influence in American life, whereas
their extractive industries, such as
statesmen
the milling of flour, coun- diplomats and politicians owe their influence to the offices
which they hold
tries ambitious to develop fabricatin
g industries as a rule and are usually shorn of most of their power when they retire.
promote the manufacture of articles
The List of 59.
which have the broadest
local market—clothing and
The list, as Mr. Gerard compiled it, follows:
textiles, footwear, and simple
household goods. The Conference
John D. Rockefeller Jr.
Board's analysis of the
Andrew W. Melon, Secretary of the Treasury.
import trade of such countries
reveals that, except in the
p. Morgan.
case of Canada, they have been
George F. Baker, Chairman of the Board, First National Bank
commodities of this character
of New
chiefly from Europe rather than
York.
from the United States.
John
D.
Ryan,
President,
Anaconda
On the other hand, the industrial
Mining Co.
program of these undevelWalter C. Teagle, President, Standard Oil Co. of New Jersey.
FINANCIAL CHRONICLE
AUG. 30 1930.]
Henry Ford.
Frederick E. Weyerhaeuser, millionaire "lumber king." Tocama, Wash.
Myron C. Taylor, Chairman of the Finance Committee. U.S. Steel Corp.
James A. Farrell, President, U.S. Steel Corp.
Charles M.Schwab, Chairman, Bethlehem Steel Corp.
Eugene G. Grace, President, Bethlehem Steel Corp.
H. M. Warner, President, Warner Brothers Pictures, Inc.
Adolph Zukor, President, Paramount-Publix Corp.
William H. Crocker, President and director, Crocker First National
Bank of San Francisco and officer and director of many large railroad and
mining and lumber organizations in the West.
"The Van Sweringen Brothers"-0. P. and M. J. Van Sweringen,
officers, directors and heavy investors in the Missouri Pacific and many
other railroads.
W.W.Atterbury, President, Pennsylvania RR.
Arthur Curtiss James, director of several railroads and one of the largest
owners of railroad securities in the world.
Charles Hayden, of Hayden, Stone & Co., financiers.
Daniel C. Jackling, President, Utah Copper Co.
Arthur V. Davis, President, Aluminum Co. of America.
P. G. Gassier, President, Columbia Gas & Electric Corp.
R. C. Holmes, President, Texas Corp., oil Producers.
John J. Raakob, a director of General Motors and other corporations and
Chairman of the Democratic National Committee.
"The du Pont Family," including P.S., Irene°, Lammot H F Eugene,
A. Felix and Eugene E. du Pont; all officers or directors of the E. I. du
Pont de Nemours & Co. or allied concerns.
Edward J. Berwind, financier and director of many large corporations.
Daniel Willard, President, Baltimore & Ohio RR.
Sosthenes Behn, Chairman, International Telephone & Telegraph Corp.
Walter S. Gifford, Chairman, American Telephone & Telegraph Corp.
Owen D. Young, Chairman, General Electric Co.
Gerard Swope, President, General Electric Co.
Thomas W. Lamont, a member of J. P. Morgan & Co., a director,
Guaranty Trust Co. and officer or director of a number of other firms.
Albert H. Wiggin, Chairman of the Board, Chase National Bank.
Charles E. Mitchell, Chairman of the Board, National City Bank.
Samuel Insull, President, Chicago Edison Co., the Commonwealth
Edison Co., the Insull Utility Investments, Inc., and an officer in many
other concerns. One of the largest owners of public utilities in the country.
"The Fisher Brothers of the Fisher Bodies Corp.of Detroit," including
the seven Fisher brothers, Fred J., Charles T., Laurence P., William A.,
Edward F., Albert J. and Howard Fisher; founders and original owners of
the Fisher Bodies Corp. and now officers or directors in the General Motors
Corp. and other large concerns.
"Daniel Guggenheim and William Loeb." Both Mr. Guggenheim and
Mr.Loeb are financiers and have been, or are, officers or directors of mining
and utility companies.
G. W.Hill, President, American Tobacco Co.
Adolph S. Ochs, publisher, the New York "Times."
William Randolph Hearst,publisher of the Hearst newspapers.
Robert R. McCormick, editor and publisher Chicago "Tribune," and
Joseph Medill Patterson,editor the "Daily News"and "Liberty" Magazine,
Julius Rosenwald, President, Sears, Roebuck & Co.
Cyrus H. K. Curtis, President, H. K. Curtis Publishing Co.
Roy W.Howard, Chairman of the Scripps-Howard newspaper's.
1359
"We shall expect the same fair treatment," he wrote in his Beaverbrook
pamphlet, "we have always experienced in the territories under the KingEmporer, and just as British capital has developed the railroads of many
other countries, so will American capital and American engineers, skilled
In mass production, now help for a time in the development of the revived
empire."
Mr. Gerard did not say whether he expected any of the fifty-nine who
"rule the United States" to help England in her economic readjustment in
case the Beaverbrook plan is adopted.
In noting that 5 more names have been added by Mr.
Gerard, the "Times" of Aug. 22 stated:
The group of fifty-nine "men who rule the United States" was increased
to sixty-four yesterday when James W. Gerard, former Ambassador to
Germany, added the names of two more bankers, two labor leaders and a
public utility owner to his compilation of outstanding figures in the industrial, financial and journalistic life of the nation.
From Newport, R. I., where he was reached by telephone, Mr. Gerard
said he believed the names of Sidney Z. Mitchell, Walter Edwin Frew,
Amadeo P. Giannini, William Green and Matthew Woll should be included
in the list of those who by "virtue of their ability' arid because of their
influential industrial and financial positions direct the destinies or the
country. Mr. Mitchell is Chairman of the Board of the Electric Bond and
Share Co. and a large owner of public utilities. Mr. Frew is Chairman of
the Board of the Corn Exchange Bank Trust Co. and Mr. Giannini is the
founder of the Bank of Italy and of the Transamerica Corp.. the world's
largest holding company of bank securities. Mr. Green and Mr. Well are
the directing heads of the American Federation of Labor and have been
credited generally with much of the success in the upbullding of the federation. Mr. Green is President of the organization and Mr. Woll Vice President. The inclusion of these two names in his list is the first recognition
by Mr. Gerard to other than capitalists, financiers or publishers.
Gives England a Suggestion.
"These men rule by virtue of their ability," Mr. Gerard explained.
"They themselves are too busy to hold political office but they determine
who shall hold such office."
Mr. Gerard's list was made up after his attention had been invited
to a paragraph in a pamphlet written by him and published in England
recently, in which he endorsed the crusade of Viscount Rothermere and
Lord Beaverbrook for Empire free trade and British high protection
against the rest of the world. After painting a dismal picture of the England of to-day, he assured his readers that England and her Dominions still
had great resources which would enable them to come back if she adopted
Lord Beaverbrook's plan.
"Give the 40 men who rule the United States 10 years for the development of this industrial empire and no country on this earth could approach
it in per capita wealth," Mr. Gerard wrote. When seen yesterday Mr.
Gerald added 19 names to his list, making it 59. He added that they
could make England the financial giant that America now is.
"But they could do it only if the Beaverbrook plan were adopted," he
reiterated, and added that a high protective tariff for Britain was England's only hope of salvation now.
In his list Mr. Gerard made no attempt to rank his individual selections
according to his opinion of their importance in the American scheme, but
he declared that he believed that as a class the bankers exert the greatest
Influence because they control the purse-strings of the nation.
Only Two Politicians on List.
Mr. Gerard commented on the fact that only two men who have been
actively connected with politics appear on the list, Mr. Raskob and Mr.
Insull. Mr. Raskob is Chairman of the Democratic National Committee
and took an active part in leading former Governor Smith's campaign
for the Presidency. Mr. Insull has played a more or leas active part in
political campaigns in the Middle West.
"As I said, all these men are too busy to run for political office." Mr.
Gerard continued. "But their influence, financial, industrial and semipolitical, determines the men who shall go in office. By that I do not
mean, of course, that these men or any group of men act in concert to
pick their candidates and direct the destinies of the country."
Mr. Gerard declared that even the 59 "rulers of the United States"
would be unable to help Britain without a Beaverbrook plan to help them.
Empire free trade and high tariff protection is "the only thing left" for
England, Mr. Gerard said, but he pointed out that if England adopts
a protective tariff, she will find it necessary to formulate a precise and
definite law to restrain monopolies, a "Sherman law" without the deficiencies of the Sherman Anti-Trust Act.
Dr. Butler Reserves Comment.
Comment on Mr. Gerard's selection yesterday was widespread and
various. Educators, financiers, politicians and the public generally expressed much interest in the list, but declined either to endorse or disapprove
it. Dr. Nicholas Murray Butler, President of Columbia University, would
say only that the compilation was "Interesting." Sir Henry Gloster Armstrong, British Consul General in New York, approved Mr. Gerard's
selections, but Senator Royal S. Copeland, in a speech in Queens. criticized
them.
In Boston, Mayor Curley challenged the accuracy of Mr. Gerard's statement that fifty-nine men rule the United States and forwarded a suggestion
to John D.Rockefeller Jr. that if he subscribes to the opinion of Mr.Gerard,
steps be taken to call the fifty-eight others into conference to solve the
problem of unemployment.
"I find it extremely difficult to believe there is any basis for the statement
made by James W. Gerard that fifty-nine men whose names he has made
public rule the United States," said the Mayor. "It is unquestionably true
that the group as named represents, In large measure, a considerable portion of the wealth of the United States.
"I, nevertheless, incline to the opinion that the people rule. In the
event, however, that the statement of Mr. Gerard is correct, it simplifies
the proposition of solving economic problems that threaten the serenity
and security of the American home and American Government. and I
have directed my secretary to forward a copy of a booklet entitled 'The
Vanishing Job' to John D. Rockefeller Jr., who is named as the principal
'ruler' of America, supplemented by a request that he call a conference of
the other 'rulers' as named and give consideration to the solving of the
unemployment problem."
Copeland Criticizes the List.
Senator Royal S. Copeland agreed with Mayor Curley in criticism of
the list, and proclaimed the sovereignty of the American voter.
British Press Comments.
While financiers, educators and the public generally were expressing
interest in Mr. Gerard's compilation, the British press commehted on
the pamphlet of the former Ambassador which inspired the list. The
pamphlet, which endorses the crusade of Lord Beaverbrook and Viscount
Rothermere for empire free trade and British high protection against
the rest of the world, was published in England a few days ago.
In this discussion of England's present economic plight, Mr. Gerard
wrote of the "forty men who rule the United States" and suggested that
such men, aided by a high British tariff, could mend England's fortunes.
In ten years. In introducing his supporter to the British public, Lord
Beaverbrook described Mr. Gerard as "a distinguished American economist," a description to which The Manchester Guardian took exception
yesterday.
In reply, Mr. Gerard explained yesterday his economic experience and
declared that he had been a student of economics as well as of law for
many years. For more than two years Mr. Gerard represented the public
on the State of New York Industrial Survey Commission, which made a
survey of manufacturing and industry in the State and their economic
status. Later this commission merged into the New York State-wide
Economic Congress in 1929, in which the former Ambassador played a
prominent part. He was named Vice-Chairman of the Committee of
Twenty-five, an organization named by the congress to study means of
checking the migration of industries from New York State, In 1930 the
Committee of Twenty-five grew into the New York State Economic Council, of which Mr. Gerard is a member. Its purpose is to study the economics
of New York and other States.
In answer to the British jibe that Mr. Gerard's happy picture of prosperous conditions under a high tariff in Britain would be more attractive
If It had not been "put forward when unemployment in the United States
is a good deal higher than in England." the former Ambassador declared
that England's unemployment situation was "permanent" while America's
was "temporary."
"The 2,000,000 unemployed in England cannot in any sense be cornpared to the unemployed in this country," he said. "In proportion to
the population, England's condition is far worse than ours, and hers is a
condition which has not been relieved for years, whereas our unemployment
has not been with us for more than six months or a year."
Calls B-land Plan Impossible.
Mr. Gerard characterized M. Briand's plan for a "United States of
Armstrong Agrees on Tariff.
Europe" as an "Iridescent dream."
"Briand's plan for an economic federation of the States of Europe is
Sir Harry Gloster Armstrong agreed with Mr. Gerard that a high tariff
a
such
because
federation
would
success,
require free trade was necessary for England today, and praised the list of the rulers of
impossible of
between countries or at least equal tariffs. With equal tariffs, the flight America as "correct" and "representative."
"Owing to the attitudes of the other nations of the world," he asserted
of industry to the country where goods could be produced most cheaply
would destroy the federation. We have already had an example of the "Great Britain should have a tariff as a protection for her own industries
the
when
country
textile
this
manufacturers moved and as a protection for a great deal of the foodstuffs she imports today from
flight of industry in
the dominions and from foreign countries."
their mills from North to South."
But with a British high tariff to revive lagging British industries, England
On its editorial page, in its Aug. 23 issue, the "Times"
will flourish, the former Ambassador believes. But America need not fear
offered the following comment anent Mr. Gerard's list:
the British Empire when it is made over, Mr. Gerard said.
1360
FINANCIAL CHRONICLE
Another List of America's "Rulers."
Mr. Gerard's list of sixty-four "rulers of America" was not the first
experiment of the kind. The late Senator La Follette, speaking with
impassioned eloquence in the United States Senate, gave out in March
1908. a list of 100 "in whose grasp" was "the destiny of the Republic."
His list, not unlike Mr. Gerard's, caused perplexity rather than conviction.
Many on it were unknown to the general public. Even to those in touch
with financial and industrial personalities it suggested that the Senator
must have run his eye over the pages of a "corporation directory" and
picked out the names which he recalled having somewhere seen in print
before.
Included among some financial magnates of unquestioned prowess
were many individuals who had certainly never aspired to exercise control
over any one else's destinies. The genial after-dinner orator Chauncey
Depew was listed; so were unobtrusive citizens like Charles S. Fairchild.
John Claflin and Brayton Ives, and one or two distinctly minor figures
In the railroad field, such as Edwin Hawley and H. H. Vreeland. Some
men just entering on their career were in the selected hundred, Charles
G. Dawes among them. They apparently represented La Follette's imaginative effort to individualise the "money trust." which was then the main
topic of Congressional oratory; but publication of the list caused more
amusement than excitement—not less so when the names of a few deceased
celebrities were included. La Follette himself was constrained, as a result
of the sardonic comment on his selections, to revise his list a week later
and grade its names according to their power for evil. But by that time
even the newspaper-reading public had lost interest.
[VoL. 131.
tions accomplish between the United States, Canada,Mexico,
the West Indies and Central and South America." The
report also states that "approximately 150,000 passengers
were carried on the scheduled air transport lines in 1929, and
in the light of present indications this total will increase to
at least 200,000 for the calendar year 1930. Considered
in the light of recorded developments during the last few
years" says Mr. Young, "the possibilities offered by a
comprehensive and economically sound air transport system
are indeed far-reaching." The report was made public at
the White House on August 24; as given in the New York
"Herald Tribune." It follows:
"Department of Commerce, office of the Assistant Secretary for Aeronautics.
Washington, August 22 1930.
"The President, The White House, Washington, D. C.
"My Dear Mr. President: In compliance with your request for a report
on the progress of the commercial aviation industry in the United States
during the last 18 months, I respectfully submit the following:
"The industry may be divided into three categories.
"(1) Scheduled air transportation.
"(2) Manufacturing.
"(3) Private ownership and operation.
"About 18 months ago.35 companies were operating 59different scheduled
Senator Pine Assails Gerard's"64."
air lines over the airways, and were flying a total of 59,000 miles every
An Associated Press dispatch from Okmulgee (Okla.) 24 hours, in the United States, and into Canada, Mexico and Central
Aug. 23 was published as follows in the New York "Times:" America,
45 Companies Now Operating.
Senator W.B. Pine asserted in an address that the sixty-four men named
"At the present time there are 45 such companies variously engaged
by former Ambassador Gerard as those who ruled the United States "are in the
transportation of mail, passengers and express, flying approximately
responsible for the present business depression."
120,000 miles a day in the United States, Canada, Mexico, West Indies,
Central and South America. Thee')45 carriers operate 137 mail, passenger
Professor Truxal of Dartmouth Finds Gerard List and express routes, both domestic and foreign.
"Of the
licensed airplanes in the United States to-day about 650 are
Reflects Our Era—Says the 64 Are Really "Rulers" employed 6,786
in scheduled air transportation. It is estimated that of the
In This Business Age.
remainder, approximately 20% are used for pleasure flying and 80% for
miscellaneous commercial activities, such as student instruction, aerial
From the New York "Times" of Aug. 25 we take the sightseeing,
crop dusting, aerial photography and experimental flying.
following:
"When the provisions of the Watres air mail act are given full force and
effect,
this
legislation
will have two outstanding features, stimulating in
The list of 64 men who "rule America" recently compiled by James
W. Gerard does represent American leadership because this is a business character, which should result in benefit to both the industry and the public.
"First, air mall will be extended to various parts of the country not now
civilization, declared Professor Andrew G. Truxal of Dartmouth College in
a sermon yesterday at the West Park Presbyterian Church, Amsterdam being served, by the utilization of existing air passenger lines:
"Second,
it will assist materially in the establishment of a more compreAve. and 86th St.
Professor Truxal found reason for both congratulation and regret in the hensive passenger service throughout the nation by placing present air mail
fact that the youths of to-day were trying to emulate these industrial carriers in the passenger transportation business.
"These two features should contribute to the building up of the passenger
leaders.
"The youths of bygone days in all parts of the world have striven to air transport industry to the point where there should be no question
mpaly
ete
an
ris
ess
e. and fitness of service available for any Proper
become philosophers, statesmen, adventurers and soldiers, and it is true about thteoct m
that some young men do now, but young America is chiefly interested demand that
Finds Industry Gaining.
in becoming successful business executives," Professor Truxal said.
"Day after day air transportation is becoming more firmly established in
"Appraisal of this goal and the things its realization means shows that
there are both blessings and deficiencies in this credo.
First of all to be industry and commerce, and these agencies are depending upon it to a
greater extent than is realized. While the economics of air transportation
commended is the emphasis on hard work.
"Industry and application is the acknowledged keynote of the successes are yet to be adjusted, the fact remains that the air transport organizations.
which
are rendering a service clearly advantageous in time over other means
Ambassador Gerard's leaders have enjoyed.
"Second is the vision and exploitation of natural resources that business of travel, or which advantageously augment surface transportation, cannot
hcehlp
emb
but
e fbe
thceomean
leaders have heralded more than any other one class. And the third corn-. s
general transportation
country.
indispensable factor in the genal
mendable aspect of the reign of business in our life is the surplus of wealth
"About
portion
of
the
large number of manutwo years ago a substantial
with the splendid and wide-spread philanthropies that have come in its
facturers of aircraft were made up of small local companies. Undoubtedly
wake.
"But there are deficiencies also. To begin with,there lathe concentration they were hastily formed for the purpose of supplying a demand for conon materialistic things. Too many believe that happiness is in direct ventional type aircraft, which then seemed apparent. Presumably, they
ratio to one's possessions. Another important lack is the failure to appre- gave secondary thought to the economic phase of design, production and
ciate the use of leisure. We used to create amusements. Now we demand distribution which, together with the slight preparations and limited financial background, made it obvious that they would not weather any unthat they be created for us, while we sit supinely by absorbing them.
"A third deficiency is that concentration on the practical has caused us favorable change in conditions or circumstances.
"This is proving to be the case, but it is resulting in the manufacturing
to neglect and lose our sense of the beautiful and the artistic. We have
not created any truly great works of art in this era, and it is said that we phase of the industry contracting itself into a smaller but highly specialized
group, surrounded by the very best engineering, production and marketing
often fail now to appreciate the masterpieces of former years."
personnel that is obtainable to-day.
"Last year, approximately 6,000 Planes were produced, of which about
Will of Richard Delafield Provides Scholarship Fund 650 were military, while reports for the first six months of 1930 show 1,325
aircraft were manufactured for civil use and 359 for military purposes.
for Columbia University.
"This reduced production by no means indicates the capacity of the
industry at the present time. By bringing back into action the qualified
A Goshen (N. Y.) dispatch Aug. 23 said:
A scholarship fund for Columbia University of $100,000 is established personnel it was forced to release due to the decrease in business, the indusby the will of Richard Delafield, New York banker, who died at his Tuxedo try could produce annually more than 7,000 planes without difficulty, and
Park home early this month. The will, filed for probate at the Orange this capacity could, of course, be progressively increased.
County Surrogate's office hero, stipulates that the fund shall be known
Plan New Plane Designs.
as the Richard Delafield Scholarship and that students obtaining its benefits
"At present, the manufacturers are paying strict attention to the needs
shall receive $1,000 a year each while candidates for degrees.
and desires of an intelligent and discriminating aircraft market. They are
The value of the estate, of which Frederick Foster Carey, stepson, and
making every effort to design and produce aircraft which their experience
the Chase National Bank of New York are executors, has not been disand studies have indicated are required by such a market. At the same time
closed. Other beneficiaries are relatives, friends, servants and religious
they are projecting plans on new developments, new designs and new
and charitable institutions.
features in an effort to keep in the van of public desire.
Mr.Delafield's death was referred to in our issue of Aug.9, "While commercial type aircraft has been in existence since the war, the
greatest progress in design and construction has been made within the
p. 886.
last four years. This progress, the result of a large investment in engineering data and experience gained in manufacturing and production, repreReport to President Hoover on Progress of Country's sents the very foundation from which our future commercial aircraft must
Air Transportation—C. M. Young States that 150,- come. Obviously, in four years, such a foundation could not be laid and
prove profitable. Therefore, it needs to be preserved and encouraged if the
000 Passengers Were Carried by Air Lines in 1929— full
value of air transportation is to be realized.
"The assistance rendered by the Federal Government through the DeIncrease to 200,000 Expected in 1930.
partment of Commerce to the development of civil and commercial aeroAccording to a report presented to President Hoover by nautics
has been substantially responsible for the present stage of aeroClarence M. Young, Assistant Secretary of Commerce for nautic development. In the last four years, approximately $8,500,000
Aeronautics "the present importance of air transportation is have been expended in constructing airways throughout the country for
the safety and reliability of air transportation of all types. This represents
made apparent by the fact that 100,000 miles of scheduled capital
investment as distinguished from maintenance
The latter
service are being flown in the United States every 24 hours." now totals some $5,000,000 annually and will Increasecosts.
in proportion to
Mr. Young observes that "this does not include the millions the further extension of the airway system.
of miles flown annually by aircraft engaged in miscellaneous
operations, such as aerial sight-seeing, student instruction,
industrial operations, &c. Nor does it include the 18,000
daily scheduled miles which American air transport organiza-
Federal Airways Expanded.
"The Federal airways system is being developed in accordance with well
defined plans and in keeping with the recommendations of the Interdepartmental Committee on Civil Airways. When completed, the system will
contemplate 25,000 miles of lighted airways. This Federal assistance can be
AUG. 30 1930.]
FINANCIAL CHRONICLE
1361
oner, Finds
State Tax Commissi
the Government, through the Mark Graves, New York
likened unto the aids to shipping which
that Business Taxes Are
Report
100 years.
for
than
more
Warrant
for
No
fostered
has
Commerce,
Department of
program: One,between
the
in
included
ews on Taxation.
are
State—Vi
routes
of
Out
ntal
Industry
transcontine
Driving
"Three
on day and night schedules;
New York and San Francisco, is in operation
driving industry
are
taxes
business
and
;
our
construction
that
s
under
is
Statement
Angeles,
Los
and
another, between New York
Southern
the
as
State, or disknown
the
and
Diego,
San
without
and
it
York
keeping
New
or
out of the State,
the third, between
and is being operated
enlarging plants within the
Trans-Continental Airway, is partially completed,
from
leaders
industrial
couraging
the
serve
routes
these
of
Each
while the remainder is being established.
States from East to West, State, may or may not be true, but there is no available data
north central and southern sections of the United
to prove these assertions, and the unsupported
both directly and by connections.
for air transportation on the subject
"These trunk lines not only constitute the basis
interested parties cannot be accepted, Tax
of
s
provide
they
statement
time
same
the
at
service to a large portion of the country, but
with
closely
are
co-ordinated
they
Graves declared at Silver Bay, Lake
Further,
Mark
Commissioner
alternate routes for air travel.
trade to
on Aug. 22, in addressing the Industrial
border countries and are so designed as to facilitate international
York,
New
George,
the nations in the Western Hemisphere.
Leadership Institution. That there has been no wholesale
Equip Airways for Night Flying.
migration,he says, is proven by facts. The conclusions he has
"Approximately 15,000 miles of airways now are equipped for night
are that if industry had been on the decline in this
drawn
Department
of
the
branch
flying. In the last 18 months, the aeronautics
95
and
established
lighted
airways;
of
miles
State as claimed, taxable real estate would not have more
of Commerce lighted 4,465
intermediate landing fields and installed and operated 433 revolving beacons than doubled in this last ten years; population would not
airmen after dark. Fiftyand 68 flashing beacon lights for the guidance of
increased five points above the national average; the
five hundred miles of airways were equipped with automatic telegraph have
information
weather
disseminate
and
collect
which
typewritter circuits,
number of people gainfully employed would not have inat various Points along the airways; 33 radio broadcasting stations, which creased some 500,000 in ten years; wage earners in factories
broadcast hourly weather reports to airplanes in flight, were established;
in number; their aggregate yearly
and nine radio range beacons, which direct the pilots along their courses, would not have increased
increased $300,000,000 and the value
were placed in operation.
have
not
would
wages
"As the foregoing aids to air navigation not only have justified their
added by manufacture to New York products would not
existence, but have proven to be indispensable from the standpoint of
available
funds
from
operation,
current
have been $1,340,000,000 greater in 1927 than it was in 1921.
safety and reliability of aircraft
appropriations have been allocated to provide more of these facilities. DurSpeaking to a large group of industrial leaders of the State,
ing the current fiscal year, 3,000 miles of additional airways will be lighted;
ner Graves told them what he thought about the
Commissio
33 range beacon stations will be established; 2,800 miles of automatic
in
operation,
and
placed
20
be
radio
taxation of industry and took occasion to state that, in his
telegraph typewriter circuits will
communication stations will be installed. Upon the completion of these belief, the real property of every business and industry
there will scarcely be a square
20 additional radio communication stations,
in the State where it is situated and the
a
mile of area in the United States where flying is regular activity that a should be taxed
while in flight.
information
weather
Government should allow credit against its corporaFederal
pilot cannot receive broadcasts of
"During the last 18 months airport specialists of the aeronautics branch tion tax up to a certain percentage thereof for all taxes paid
with 860 cities, assisting them
of the Department of Commerce conferred
as to the requirements in the various taxing States on tangible and intangible
in the selection of sites and supplying information
There now are approximately
airports.
property and all business taxes, whether known as
for the development of suitable
the United States: about personal
1,650 airports and landing fields throughout
or franchise taxes and whether measured
privilege
commercially owned; 330 inter- excise,
500 of which are municipally owned; 535
by the Department of by income or otherwise. A similar provision for a credit
mediate landing fields established on the airways
Commerce; 206 auxiliary fields, 74 Army and Navy fields and seven mis- against the Federal personal income tax would take care of
cellaneous fields.
the industry or business conducted by a partnership or by an
Planes' Airworthiness Tested.
the
to
as
on his own account.
typo
certificates,
testifying
approved
individual
period,
this
during
"Also
credit principle is now generally employed in insound design and airworthiness of aircraft, engines and propellers, were
"This
aircraft
of
engines and 169 types
issued to 218 types of airplanes, 35 types
heritance taxation and with good results," Commissioner
of propellers by the aeronautics branch.
8,960
pilots,
licensed
licensed
13,867
are
there
mechanics,
Graves said. "If applied to taxes on industry it will tend
present
"At
6,786 licensed planes and 2,086 unlicensed planes on the records of the to stabilize and make uniform such taxes throughout the
aeronautics branch.
do away with interstate competition for industry
"Under its aeronautic development program the aeronautics branch, dur- country,
which
committees
are concerned and assure the manufacturer in
co-operative
undertook
studies
organized
taxes
as
period,
so
far
this
ing
of such subjects as:
his competitor in another State has no lower
that
State
one
of
application
water in controlling
"The effectiveness of the automatic
tax
cost."
fires.
airplanes hangar
"The developments of standard signal systems for airports which will be
These conclusions were reached, the speaker declared,
suitable for both day and night use for controlling traffic on and in the after knowing the fact that industry and business is being
ng
special
information to pilots;
vicinity of airports and for commun'cati
the nation and in the various States.
"Aeronautic radio research now in progress and of those radio problems taxed rather high in
the
about
bringing
in
assist
that relatively high industrial and
will
highest
of
which
degree
likely
of
the solution
It is altogether
safety and reliability in air transportation;
for some years to come. This
continue
will
taxes
business
of
the
vicinity
in
airports through the
"Hazards that might be developed
in the face, and if in
squarely
looked
be
,
must
buildings,
smokestacks
radio
of
towers and situation
construction or existence
industry and corporate business is to
similar obstructions to air navigation; and
corporate
York
New
and surfacing. In this latter
"The problems involved in airport drainage
lesser rate, unincorporated busiof the American Engineer- be taxed as now,or at some
study the aeronautics branch has the co-operation
Builders'
Association.
Road
should be taxed in the same way. It is desirable and
ness
ing Council and the American
"In addition to the foregoing regular duties, the aeronautics branch of the in the interests of business generally to have those taxes
Department of Commerce during the last 18 months developed and placed
as nearly uniform as possible throughout the country, and
in effect the following:
"Regulations requiring operators of scheduled interstate passenger air it would be fortunate if every business man knew that every
transport services to obtain from the Secretary of Commerce a certificate of
competitor of his, in whatever State located, was paying
authority to operate such services. The certificate will be issued only to
amount of taxes pro rata according
those operators who comply with the regulations and the interpretations substantially the same
Commissioner Graves continued:
thereunder.
ability.
his
to
"Regulations providing for the examination and rating by the Depart..
as such a proper tax base. I consider
"I do not view industry or business
meat of Commerce of civilian schools giving instructions in flying, as to
as the two primary bases. I am convinced that corporate
the adequacy of the course of instruction, as to the suitability and air- wealth and income
and State. are entirely too high in this country. I
worthiness of the equipment and as to the competency of the instructors. business taxes, Federal
better business and sounder economics if we ignored
be
would
upon
it
of
only
are
made
request
the
believe
examinations
schools.
The
no taxes against corporate income or measured
"Regulations providing for approval by the Department of Commerce of corporate fiction and laid
This principle is, I believe, sound and ultimately I
gliders as to airworthiness and for the licensing of gliders and glider pilots. by corporate income.
I commend it to the attention of you industrial
"Regulations providing for the examination, test and issuance by the anticipate it will prevail.
Department of Commerce of approved type certificates for parachutes and leaders.
high, presumably higher than some States
relatively
"New York taxes
also for the creation of a 'parachute rigger's license.' The examination,
than others, but it is difficult to find an accurate measurtest and issuance of approved type certificates for parachutes are made but slightly lower
for a given industry to do so. There is
ing stick, although it may be easy
upon application by the manufacturers of parachutes.
adequate and sufficient to show that any
"The present importance of air transportation Is made apparent by the no data available to the public
more advantageous from an
decidedly
is
union
the
fact that 100,000 miles of scheduled service are being flown in the United particular state in than some other state.
States every 24 hours. And this does not include the millions of miles Industrial standpoint
that is scarcely the correct
"Much is heard about the tax burden but
flown annually by aircraft engaged in miscellaneous operations such as
a democracy where the people are in control of the
aerial sightseeing, student instruction, industrial operations, &c. Nor term to employ in
their
chosen representatives
through
or
directly
decide
does It include the 18,000 daily scheduled miles which American air trans- Government and
levied, upon what basis they shall be assessed and the
port organizations accomplish between the United States, Canada, Mexico. what taxes shall be
purposes for which they shall be expended. For State and local purposes
the West Indies, and Central and South America.
00 was raised and owners of real property
"Approximately 150.000 passengers were carried on the scheduled air last year at least $1,106,000,0
. From corporations there was collected about
transport lines in 1929, and in the light of present indications, this total will contributed $777,500,000
is to have all persons pay their pro
thing
important
$78,000,000. The
increase to at least 200,000 for the calendar year, 1930.
with the principles of equality and justice."
"Considered in the light of recorded developments during the last few rata share in accordance
years, the possibilities offered by a comprehensive and economically sound
Commissioner Graves declared his belief in inheritance
air transport system are indeed far reaching. They do not confine themreasonably high rates such as now generally obtain
selves to operations within the United States and contiguous countries. taxes at
but can eventually be extended in such a way as to effect favorably our throughout the country; license fees and a gasoline tax
industrial and commercial relations with practically every country in the bearing a just relationship to the highway program of each
world.
State; luxury taxes and other secondary revenue means of
"Sincerely yours.
importance from the standpoint of yield. He also
lesser
"CLARENCE M. YOUNG,
expressed opposition to whole or partial exemption from
"Assistant Secretary of Commerce."
1362
FINANCIAL CHRONICLE
[Var.. 131.
taxation for industry. In the long run industry can gain
Einstein Sees Radio as Aid to Democracy—Regrets
nothing, because to the extent that industry was relieved
Public Apathy Toward Scientists Who Have Brought
C:om taxation of real estate, it would be undesirable to live
Culture in Reach of All—Drops Mathematical
and own taxable property in that tax district.
Formulas in Simple Appeal for Proper Use of
Supporting his claim that there has been no wholesale
Broadcasting.
migration of industry from this State, Commissioner Graves
Professor
Albert Einstein opened the seventh German
added that factors other than taxes are apt to have greater
Influence on the migration than taxes themselves. On this Radio Exhibition at Berlin on Aug. 22 with a speech In
which he departed from his usual mathematical formulas as
point he said:
"That there has been no wholesale migration of industry away from a mode of expression and got down to plain, homely, everyNew York is indicated by the following facts. In 1920. the full value of day language. In indicating what he had
to say, the New
taxable real property in this State was $14,700,000,000, and in 1930, York
"Times" from which the preceding paragraph is taken,
$33.800,000,000. Of course, not all or any considerable part of this is
accounted for by new Industrial construction, but there could not have reported him as follows in its Berlin cablegram:
"One
been this astonishing increase if our industries were leaving the State.
"Again, the 1920 census shows the population of New York as
10,385,227, the 1930 gives 12,619,503. This is an increase of 21.5%. The increase for the United States as a whole was only 16.1%.
"The number of persons ten years of age and over engaged in gainful
occupations in New Yorf,'.creased from 4,003,844 in 1910 to 4,503,204
In 1920, or 12.5%. The increase for the whole United States in this same
period was only 9%. The figures for the last decade are not yet available.
"The 1929 Statistical Abstract of the United States,shows as the average
number of wage earners in all manufacturing industries in New York for
1921, 1,000.399; for 1927, 1,072,284; wages for 1921 were $1,303,387,
000;
for 1927 were $1,605,378,000; and value added by manufacture 1921 was
$3,285,829,000; 1927 was 54.595,889,000.
"Until we get the new census figures we cannot definitely state what
the various trends have been in New York industry. It can be assumed
that those industries which have exhausted their resources in New York
have been moving elsewhere. And also those industries which have adopted
the policy of moving closer to their sources of supply, when those sources
are outside of tho State, have probably migrated. Also, there has been
a
spilling over into New Jersey of some of the industries and population
centered on Manhattan. Undoubtedly, New York State is to be more
and
more a clearing house for information, style, credit, amusement,
clothes
and numerous other commodities. Probably it will be more and more the
United States' center of transportation from an international standpoint
.
And this means that numerous other activities will be more and more superimposing upon New York as a base,such as insurance, fire, marine and life
banking, lighterage transfer and others too numerous to mention."
ought to be ashamed to make use of the wonders of science embodied in a radio set, the while appreciatin
g them as little as a cow appreciates the botanic marvels in the plants
she munches," the discoverer of
relatively told his hearers.
"Honored listeners, present and invisible," Professor EinsteinTh
egan,
referring to the fact that his works
were broadcast throughout Europe.
"when you listen, forget not how humanity
came into possession of this
wonderful means of communication. The source
of all scientific advancement is the God-given curiosity of the toiling
experimenter and the constructive phantasy of the technical inventor,"
the scientist declared. He
went on to cite a list of those whose names
will go down in history as the
discoverers and perfecters of wireless communicat
ion.
"Remember Oerstedt, who first discovered the magnetic influence
01
electro-magnetic currents;remember Reis, who first employed
this influence to create sound in an electro-mag
netic way; Bell,who by using sensitive
contacts transferred with his microphone sound
waves into variable electric
currents. Remember,furthermore, Maxwell,
who mathematically proved
the existence of electric waves, and Hertz,
who first created them with the
help of a spark. Think especially of
Lieben, who with his Fleming valve
invented an uncomparable detector organ
for electric waves which simultaneously turned out to be an ideally simple instrument
for the creation
of electric waves. Remember thankfully
the army of nameless technicians
who simplified radio instruments and adapted them
to mass production so
that they became accessible to everybody.
"It was the scientists who first made true democracy possible," Professor
Einstein said, "for not only did they lighten our daily tasks but they made
the finest works of art and thought, whose enjoyment until recently was
the privilege of the favored classes, accessible to all. Thus they awakened
the nations from their sluggish dullness."
Animadverting to broadcasting, Professor Einstein said, "The radio
broadcast has a unique function to fill in bringing nations together. It
can be used for strengthening that feeling
of mutual friendship which so
easily turns into mistrust and enmity.
"Until our day people learned to known each other only through the
distorting mirror of their own daily press. Radio shows them each other
in the liveliest form and, in the main,
from their most lovable sides."
At the conclusion of the opening ceremonies
, a cablegram was sent to
Thomas A. Edison, paying tribute to his part in
the development of radio,
and especially to his phonographs, which
are being shown jointly here with
the newest radio apparatus.
Among the technical points brought out in the 1930 radio show are the
almost complete use of dynamic instead of static
loud-speakers and the
outstanding popularity of three-tube sets. Large sets show no decline in
price, but middle distance receivers are much lower than a year
ago. They
also embody finer adjusting devices and are better balanced.
Television is being demonstrated but obviously is far from ready for
commercial exploitation here.
Gov. Roosevelt of New York Assails Hoover Economics—
Holds Prosperity Prophet of 1928 Responsible for
Business Drop in 1929—Supply Exceeded Demand—
This Violation of Economic Law, He Tells Up-State
Dairymen, Caused Industrial Slump.
Ending a day's tour of three counties in Delaware County
(N. Y.) and nearby regions, Governor Roosevelt in an address at Delhi on Aug. 22 aimed his remarks at "prosperity
prophecy" economics as voiced by President Hoover during
his campaign for election in 1928, calling it a typical example
of the kind of economic theorizing which brought about the
current industrial depression, due almost entirely in his
opinion to a race of overproduction. He did not mention the
President by name,says the New York "Times,"from which Teachers'
Pay Rise Exceeds Average—Wages in Public
the foregoing is taken, its account continuing:
School More Than Doubled Within 15 Years Says
Addressing about 4,000 persons on the athletic field below the
Carnegie Reports.
State
agricultural grounds, the Governor singled out Mr. Hoover's
remarks in
That the poor, underpaid public school teacher, for genhis Boston campaign speech of 1928, which led to the adoption
of "two
cars in every garage" as a Republican slogan. The Governor
asserted erations a stock figure of the American scene, is rapidly being
that such statements as these were indicative of the false economics
which transformed, would seem to be a logical inference from the
led inevitably to a downward swing.
report of the Carnegie Foundation for the Advancement of
Calls It Lifting by Bootstraps.
Teaching published last week. An account of the report, as
"One reason," the Governor said, "that the country has passed through
given in the New York "Times" July 20, goes on to say:
an economic crisis is that some people thought they had
discovered a new
law, that the old law of supply and demand could be
scrapped. They
thought we could go on speeding up production and that we
would all
get richer and richer and in a little while we would all become as rich
as
the Rockefellers as long as we did two things, paid high
wages to every
one and continued high-speed selling
campaigns."
The Governor detailed the expansion of the automobile industry
in
illustration. He said at one timo it had been thought that
10,000,000
automobiles would prove the saturation point
economic receptivity,
of
and that when that point had been
passed some of the "prosperity" sponsors envisioned an apparently
unlimited production.
"It was said," he continued, "that
instead of having one car, we would
have two cars in every garage.
And then I suppose the next step would
be a new car for every one in the
family, including the baby. Now that
Is what I term the theory of lifting
yourself up by the bootstraps.
"Well, we went along that way for
a while, confident that our leaders
In politics and business were
omniscient, and then when production had
greatly outrun demand we were taught
the sad lesson in our two stock
market crashes that we cannot get away
from old Dame Nature, we cannot
get away from the law of supply and
demand.
Paying Penalty of Business Spree.
"Some people in very high position gave
the impression a year ago that
nothing could happen to prosperity, that
everything was well and that
prosperity could not be slowed down. And
then old Dame Nature asserted
herself. We are now paying the penalty
for a wild spree based on uneconomic, unscientific and unbusinesslike
foundations."
The Governor asked the dairymen of this area
to reckon with this phase
In dealing with their own industry. He asked
them to
supply of milk and cream In the milkshed established insure an adequate
by the State, but to
take steps to prevent overproduction and cut-throat
competition.
Representative John D. Clarke presided at
the meeting and briefly
gave an assurance to the Governor that the dairymen
of Delaware County
were not utilizing the drouth to profiteer in the
sale of milk.
The Governor's trip took him through Otsego,
Cheiaango and Delaware
Counties. He left this morning from Cooperstown
and stopped briefly
in Oneonta where he spoke for a few minutes to
a throng assembled in
the street.
The teachers fared relatively better than the country's other
workers in
the recent era of prosperity. While wages in general the
country through
were advancing 2.8% a year,the teacher's wage increased
at the rate of8%
In the last 15 years she has more than doubled her salary,
and the end is not
yet. Soon she may approximate the happy state
of the college teacher,
whose pay, also doubled In recent years, is now,
according to the report,
probably higher than the average income of the
individual who goes into
business.
Moreover, in more than one-half the States
of the Union, the public
school teacher is protected in her old age by
some sort of retirement allowance. In New York City this has reached
the high annual average of
$1,200, with an increase due in 1930. Elsewhere
in the State it is $904.
Effect of Growing Numbers.
Nevertheless the Foundation believes that
this improved economic
state is, in consideration of the previous
low scale of teachers' pay, "only
the beginning of an adequate recognition of their
social value in the United
States." And it adds a warning. Already,
it estimates, there are more
than 1,000.000 teachers in the country.
If this number continues to increase, it necessarily carries a threat
of dilution of the individual salary.
"It is important," says the report,
"that not only State authorities and
the teachers, but the public itself should
appreciate the fact that the whole
matter of the scale of pay and the
resulting pensions is directly related
to the educational program of a
community or of a State. American education has tended strongly in the
last three decades toward a system of
mass production in education, under
which great numbers of children
pass from the elementary school
to the secondary school, and from the
secondary school to the college, with
little interest in Intellectual pursuits.
Subjects Multiplied.
"The tendency has been to consider
the function of the whole educational system one to provide informatio
n in every possible subject rather
than a process for training the habits and
powers of the minds of children
and of youth. The outcome of this procedure
is that the number of pupils
in the secondary school and in the college is greatly increased,
and the
number of subjects taught is multiplied
in still greater proportion.
"There is a corresponding growth in
the number of teachers required.
Many of the subjects taught are out of place in the school curriculh,
and
Arra. 301930.]
FINANCIAL CHRONICLE
of pupils
the effect to carry through the enormously increased number
teacher
has resulted in a softening of the whole process of education. The
his own
has impaired the quality of his own teaching and has diluted
and
salary by his willingness to recommend new subjects, new courses
more teachers.
they
thorough,
and
sincere
more
become
"In proportion as our schools
but they
will limit the number of the subjects they undertake to teach,
attend
will give a far better education to the children and to the youth who
them, and under this process teachers may hope ultimately for a more
to
justice
sincerity,
Educational
salary.
of
way
adequate reward in the
the children and to the youth, and fair compensation for the teacher are
intimately related."
1363
The case which resulted in lowered cotton rates was tried under the
co-operative plan with the I.-S. C. Commission in which all of the State
Commissions in the cotton-growing State participated through a co-operative committee appointed to represent the cotton-growing States, Mr.
Beals said.
The revision of freight rates on cotton ordered by the
I.-S. C. Commission was referred to in our issue of August23,
page 1206.
Shopmen on New York Central RR. Laid Off for Week.
United Press advices from Albany published in the "Wall
said:
00,000,000 Reported Idle in United States Rail Fund— Street Journal"
Two thousand employees of the New York Central RR. assigned to the
Money
Up
Ties
McCarl
Comptroller
by
Ruling
West Albany shops were given a week's layoff. The men had only recently
Inter-State Commerce Commission Wants to Lend returned to work after an enforced "vacation" of two weeks.
Weak Roads—Taken from Big Systems.
Resumes—
Associated Press advices, as follows, from Washington, Philadelphia & Reading Coal & Iron Co.
Employed.
Men
700
Than
More
York
New
"Evening
the
Post":
from
taken
are
Aug. 26,
A Pottsville, Pa., dispatch Aug. 24 to the New York
The Inter-State Commerce Commission has $10,000,000 in its railroad
contingent fund, but is unable to use a cent of it at the present time.
"Times" said:
This amount has been collected from prosperous roads earning more
than 6% on their investment under the provisions of the 1920 Railway
Transportation Act.
The money was intended to be loaned to weaker roads, but this has been
barred by Comptroller General McCarl until the Commission fixes a valuation of the railroads upon which the earnings are determined.
Under a tentative valuation, the money has been collected from the
prosperous railroads, but in nearly every case has been paid under protest.
McCarl ruled that none of the money should be used pending a final
valuation.
Since Jan. 1 the Commission has been busily engaged in valuation work
and the value of some of the roads is expected to be decided next winter.
As quickly as the valuation of individual railroads is completed, any
money they have paid into the contingent fund would become available for
less profitable roads.
The Railway Transportation Act provided that all roads earning more
than 6% must pay half of the excess into the contingent fund and keep the
other half as a reserve fund until it equals 5% of the railroad's value.
Last year $2,000,000 went into the contingent fund, but the Commission
does not expect that much this year.
United States Railroads Suffer $525,000,000 Loss of
Passenger Earnings.
business of the railways declines as much
passenger
the
"If
in proportion throughout 1930 as it did during the first
one-half of the year," says the "Railway Age," "the number of passengers carried by them will be the smallest
in 25 years, or since 1905; the number of passengers carried
one mile will be the smallest since 1907, and their passenger
earnings will be the smallest since 1916. As compared
with 1929, the number of passengers carried has declined
about 53'%, the number of passengers carried one mile
almost 9%, and passenger earnings almost 11%. On this
basis passenger earnings for the year will be less than $780,000,000, or almost $100,000,000 less than in 1929.
Railway passenger business reached its maximum in 1920. Its rapid
and steady growth until 1920, and its rapid decline since then, mark perhaps the most extraordinary change that ever has occurred in the history
of railroad transportation in the United States. Assuming that passenger
business throughout 1930 will be relatively as small as during the first
half of the year, both traffic and earnings will be about 40% lass than
In 1920. Passenger earnings in 1920 were about $1,305,000,000, and
in 1930 will be about $525,000,000 less than this. The decline in passenger earnings since 1920 is now costing the railways as much annually
as would a 12% reduction in all existing freight rates.
As has been frequently pointed out, most of the passenger business
lost has been taken by private automobiles, but a large and increasing
part of it has been taken by motor coaches. The railways have adopted
various methods to hold their traffic, but, as the statistics demonstrate,
most of these have been ineffective. Practically all the traffic lost has
been day-coach business, as in years of active general business the trend
of travel in sleeping and parlor cars has been upward, although it has
declined this year.
Regardless of the causes and remedies, the huge loss of passenger business
from which the railways are suffering has been one of the most important
factors in increasing the perplexity and difficulty of the nation's railroad
problem.
The Philadelphia & Reading Coal and Iron Co. to-day ordered resumption of work to-morrow at Pineknot colliery, located in the suburbs of
this city. More than 700 men are employed. This order, coming immediately after the resumption of work by 8,000 men at other collieries,
is another indication that a business revival is at hand, operators declared.
No Cut in Personnel by Pennsylvania RR.
The following (United Press) from Philadelphia is taken
from the "Wall Street Journal" of Aug. 26:
Reports that the Pennsylvania RR. was contemplating a reduction in
personnel on Sept. 1 were denied at the general offices of the company.
President Lonsdale of American Bankers' Association
Call Annual Convention Crucial—Branch Banking
Taxation, &c., to Be Considered.
One of the most crucial meetings in American banking
history will be held in Cleveland when the American Bankers
Association gathers there in convention Sept. 29 to Oct. 2,
it is declared by the President, John G. Lonsdale, President
Mercantile-Commerce Bank & Trust Co., St. Louis, Mo.,
in a letter mailed to the entire membership of about 20,000
banks. Three subjects of major importance "that may affect
for years to come the earnings and organization of your
institution demand consideration at that time," Mr. Lonsdale says. The letter continues:
First, bank taxation.—The Association will consider proposals to liberalize
section 5219 United States Revised Statutes covering State taxation of
National banks, which has long held off efforts to place banks in a class by
themselves for purposes of taxation. Any proposed changes demand the
fullest discussion.
Second, branch banking.—It will doubtless be necessary for the Association to review its position in regard to this subject. Official proposals
for changing the nation's branch banking policy are now before the country.
They cannot be ignored.
Third, bank earnings.—Banking, as never before, is confronted with
problems of bank failures and unsatisfactory earnings, especially for
country banks. The Association's laboratory of banking has made valuable
studies, and recommendations leading to more scientific management and
profitable operation will be presented.
Cleveland bankers have been untiring for months in perfecting arrangements for the business meetings and the entertainment of the delegates.
We look forward to one of the most resultful and enjoyable meetings in the
Association's history.
ITEMS ABOUT BANKS, TRUST COMPANIES, &c.
The New York Coffee & Sugar Exchange seat of N. H.
Sobin was sold at auction this week for $11,020 to M. R.
Mayer. The last regular sale was at $17,000.
As we noted a week ago (page 1210) the New York Stock
Exchange and other exchanges will close to-day (Saturday)
thus observing a triple holiday over Labor Day,Monday next.
In addition to the exchanges indicated last week, the New
York Real Estate Securities Exchange and the Grain and
Securities Market of the New York Produce Exchange will be
Arkansas Action Reduces Freight Rates on Cotton— among those which will transact no business today(Saturday).
Intrastate Schedule Made to Conform with that The Chicago Stock Exchange and the Chicago Board of
Trade are among the exchanges of other cities which will
Ordered by Inter-State Commerce Commission.
over the three-day period.
recess
freight
intrastate
rates
on cotton, effective
Revision of
Jan. 10 1931, to conform to changes previously announced
The Chase National Bank of New York, which recently
by the I.-S. C.Commission, has been ordered by the Arkansas consolidated with the Equitable Trust Company and other
Railroad Commission, said Little Rock advices August financial institutions, making it the largest
bank in the
26, published in the "United States Daily." The account world, will probably add a new building peak
to Mansay:
went on to
hattan's ever-changing skyline, said the New York "Times"
The rates on cotton shipments in various groupings as suggested by the
Aug. 20, from which the following is also taken:
I.-S. O. Commission will be reduced by 15 t.o 45 cents a bale to Houston, of
New Orleans and to New England and Canadian territory, according to a
statement by the Rate Statistician of the Arkansas Commission, A. D.
Beals.
In announcing intrastate reductions on cotton freight rates, Mr. Beals
said:
"The Arkansas intrastate rates will be materially reduced and should
result in benefit to fabric manufacturers in the State. At 50 miles the
reduction in the State rates will be 15 cents per bale: at 75 miles, 30 cents:
at 100 miles, 35 cents: at 150 miles, 60 cents: at 200 miles, 85 cents, and
over 200 miles the reduction will be 90 cents per bale."
The bank, which has about 47 branches in the city and many
foreign
offices, started several months ago to assemble a plot in the
heart of
downtown financial district in the block bounded by Wall,
Broad and
the
chranng
e xco
thE
nce
Plar
aatnd
ereof
o.
a
William
Broad Street and
In thisStblocke
Exchange Place is the
38-story Equitable Trust Company Building, vthigh
company was absorbed
by the bank.
About five years ago the Equitable Trust Company
sold the 25-story
building at 37 to 43 Wall Street to Elias A. Cohen's
Thirty-seven Wall
Street Corporation.
1364
FINANCIAL CHRONICLE
[VoL. 131.
Last Spring the Equitable Trust Company bought the Wall Street tions, and
was Chairman of the Board of Baker, Kellogg &
property back from Mr. Cohen's corporation, and it was reported that
tney paid the seller close to $1,000,000 profit in order to obtain it, as there Co., Inc.
were other bidders for the parcel who ran the price up.
The Equitable Trust Company also bought the August Heckscher propRegarding plans for the merger of two Brooklyn (N. Y.)
erty at 43 to 49 Exchange Place.
These properties, with the Equitable Trust Building occupying a plot savings banks—the Navy Savings Bank and the Dime Savfronting 163 feet on Broad Street by 151 feet on Exchange Place, sur- ings Bank—we quote the following from the Brooklyn
found the four-story building of J. P. Morgan & Co. at the corner of Wall "Daily
Eagle" of Aug. 25:
and Broad Streets.
Merger of the Navy Savings Bank into the Dime Savings Bank of
Plans for the Improvement of the site originally assembled by the EquitBrooklyn
has been tentatively agreed upon by trustees of the two instituable Trust Company are being considered by the Chase National Bank
or one of its affiliated organizations, and a definite announcement regarding tions and has been approved by the State Superintendent of Banks, it was
learned to-day. A special joint meeting of the boards of the two banks
the improvement is expected shortly.
Trowbridge & Livingston, architects, have prepared tentative plans will be held on Sept. 8, at which final action will be taken.
Such a merger under the law is subject to ratification by a two-thirds
for a 60-story commercial building, but it was reported yesterday that
vote of trustees, but it is regarded as virtually certain that it will be
the structure may go to 70 stories or more
sanctioned.
No definite information regarding the size of the plot to be improved
or the height of tne structure could be obtained from the architects or
This is the first savings bank merger to be arranged in New York City in
the officials of the Chase National Bank.
many years, and In point of the $163,000,000 in assets which it will unite
is the largest bank merger to be consummated in Brooklyn since the Brooklyn
Two other entire blocks in the downtown financial dis- Trust-Mecha
nics Bank fusion early in 1929.
trict have been assembled recently for improvement with
By virtue of the merger the Dime Savings Bank will acquire the Navy
skyscrapers. One block bounded by Wall, Pearl, Water Savings Bank's office at 83 Sands Street, which it will operate as a
and Pine Streets was acquired by Louis Adler, who is now branch. It will have the distinction of being the only Brooklyn savings
bank with more
one branch, the other branch having been opened
erecting the Continental Building at the southeast corner last year at 86ththan
Street and 19th Avenue, in the Bensonhurst section.
Under the banking law a savings bank may establish only one branch in
of Broadway and 42nd Street.
The second block, bounded by Pine, Water, Maiden Lane the borough or city in which its main office is located, but it is legal for a
savings bank to acquire additional branches through mergers.
and Pearl Streets, was assembled by James Lee, _builder
On July 1 the Dime Savings Bank had total resources of $161,698,706,
and operator.
and the Navy Savings Bank $1,500,476, giving a total of $163,199,182 for
the
combined institutions. The Dime had deposits of $138,945,587, and
In the downtown financial district to-day 10 large
the Navy $1,423,197, a total of $140,178,784. The Dime is the second
buildings are being erected for 1931 occupancy. They will ranking
savings bank in Brooklyn in point of its deposits, which are
have an aggregate of 277 stories and furnish 2,534,617 exceeded only by those of the Williamsburgh Savings Bank.
Inasmuch as both institutions are mutual organizations and have no
square feet of rentable space.
capital stock, the merger does not involve an exchange of securities, the
decision of the trustees being final.
Percy H. Johnston, President of the Chemical Bank &
"The principal advantage of the merger," said Philip A. Benson, Treasurer
Trust Co. of New York, and LeRoy W. Campbell, President of the Dime Savings Bank, "is that depositors who have been dealing with
a small institution will receive the benefit of the backing of larger resources
of the Chemical National Associates, Inc., announced on and
such services which only a larger savings bank can offer."
Aug. 27 that more than two-thirds of the stock of each
Ray C. Shepherd, President of the Navy Savings Bank, declined to comment
on the deal. It is understood that Mr. Shepherd will continue as
company have been lodged with the proxy-holders to ratify
branch manager of the office at 83 Sands Street, and that two of the
the merger of the Associates with the Chemical Bank & Navy trustees
will go on the Dime Board.
Trust Co., which formal ratification will take place on
Frederick W. Jackson is President of the Dime Savings Bank, having
Wednesday, Sept. 10 1930. Reference to this proposed con- succeeded the late Edwin A. Ames last year. Other senior officers are
William McCarroll and George Cox, Vice-Presidents, and George C. Johnson,
solidation appeared in our Issue of Aug. 9, page 886.
Secretary.
Many Brooklyn leaders serve on its Board of Trustees, including Edward
0. Blum, President of Abraham & Straus, Inc.; Walter Hammitt, Vice.
Albert H. Wiggin, Chairman of the Governing Board of President
of Frederick Loeser & Co.; William J. Wason, Jr., Vice-President
the Chase National Bank of the City of New York; Lloyd W. of the Rings County Trust Co.; Thomas H. Roulston, President
of Thomas
Roulston,
Inc.; Frank H. Parsons, Frederick W. Rowe, Frederick L. CranSmith, Chairman of the Board of Directors of Harris,
ford, Stanley P. Jadwin, John F. Bermingham, Arthur L. J. Smith, Joseph
Forbes & Co., New York, and John R. Macomber, Chairman B. Smith, William
W. Walsh, Frank H. Tyler, Charles F. Hubbs, Albert
of the Board of Harris, Forbes & Co. of Boston, announce Hutton, and Frank F. Jackson.
Trustees of the Navy .Savings Bank are Charles N. Alvarez, Charles 8.
that the exchange of stocks between the Harris, Forbes
Williams, Henry
Ingraham, J. Frank Birdsell, Theodore Maxwell, Ray C.
Interests and the Chase National Bank interests has been Shepherd, GeorgeA.
A. Field, Clarence L. Miller, Hubert F. Brcitweiser, and
effected. The Chase Securities Corp. has acquired all of W. Malcolm Gray.
the capital stock of the Harris, Forbes companies, and the
Harris, Forbes interests become one of the largest stockholders of the Chase National Bank and its securities affiliate.
All of the Harris, Forbes units will continue intact and
under the same executive management, and there will be
no change in their relationship to the Harris Trust & Savings Bank of Chicago. Earlier reference to the Chase BankHarris, Forbes affiliation appeared in our issue of Aug. 2,
page 733.
Gordon H. Balch, Vice-President of the Central Hanover
Bank & Trust Co. of New York, and a director in several
industrial corporations,'died suddenly from a heart attack,
on Aug. 23, while visiting at the home of William Steele
Gray, .7r., Vice-President of the Central Hanover Bank &
Trust Co., in Greenwich, Conn. Mr. Balch, who was 41
years of age, lived at Mount Kisco, N. Y. Mr. Balch, who
was born in Bozeman, Mont., was graduated from Harvard
in 1912. After graduation, he served the United States
Minister to Belgium as private secretary, returning to Boston in 1912 to become connected with Stone & Webster. He
remained with the firm five years. He served as Lieutenant
Commander during the war, being stationed at Washington
as administrative aid to the director of naval aviation.
After the Armistice, he returned to his position with Stone &
Webster, remaining until 1922, when he was made VicePresident and Director of the American International Corp.
In January 1926 Mr. Balch became a Vice-President of the
Hanover National Bank, which in 1929 merged with the
Central Union Trust Co. to form the Central Hanover Bank
& Trust Co. He retained his post as Vice-President in the
merged institution. Mr. Balch was a director of the Allied
Machinery Co. of America, the China Corp., the American
Balsam Wood Co., the General Public Service Co., the Pacific Mail Steamship Co., Men & Co., and other corpora-
Crowell Hadden, dean of Brooklyn bankers, died In his
ninetieth year on Aug. 9, a little more than one month after
the death of his wife. Mr. Hadden's death was due to
bronchial pneumonia and complications after a three weeks'
illness. In its account of his career, the New York "World"
said, in part:
At the time of his death Mr. Hadden had been retired from active
banking a year and a half, although he still retained his position
as
Chairman of the Board of the Brooklyn Savings Bank, whose President
he had been since 1913.
Before entering finance, he spent six years in the wholesale
clothing and
drygoods commission businesses. He served first as President of the Long
Island Bank, resigning in 1896 to accept the directorship and Vice-Presidency of the Nassau National Bank. On its merger with the
Bank of
America National Association, he was made a director of the
latter.
Among the other commercial institutions with which Mr.
Hadden was
connected were the Bank of America Safe Deposit Co., the Realty
Associates,
the Prudence Co., New York Investors, Inc., the Brunswick Site
Co.,
and the Brooklyn City RR. He served as Vice-President in each.
Mr. Redden was a civil war veteran, enlisting in 1863 with the 23rd
Regiment, the famous Brooklyn command, of which Henry Ward Beecher
was chaplain for many years.
Surviving is a son, Howard S. Madden, President of the Borland Agency,
Inc., of 205 East 42nd Street. Two grandsons, Crowell Madden 3d of
Glen Cove, L. I., who is associated with Alfred & Co., bankers, of 40 Wall
Street, and H. Douglas Madden, Vice-President of the l3orland Agency,
also survive.
On Aug. 26 the stockholders of the Long Island National
Bank of Astoria, N. Y., approved proposals to reduce the
par value of the shares from $100 to $10 each, and to increase the capital from $250,000 to $400,000. The latter will
be represented by the issuance of 15,000 additional shares.
The proposed changes were indicated in our issue of Aug. 9,
page 886.
The following is from the New York "Times" of Aug. 23:
The Morris Plan Co. of New Jersey has discontinued its small loan
business in that State, it was announced yesterday, because of the passage
of an act limiting the monthly interest charge on loans of less than $300
to vh%, compared with 3 to 3470 formerly permitted.
AuG. 30 1930.]
FINANCIAL CHRONICLE
The Cargill Trust Co. of Putnam, Conn., opened its
new banking home for inspection on Aug. 20. The following
description of the building appeared in the Hartford "Courant" of Aug. 19:
Modern design has been employed in both the exterior and interior of
the two-story building, which is constructed of Westerly granite, gray
over a three-foot base of red. American walnut and figured gumwood are
used as trim about the buff-tinted walls within, and the floors are of Italian
travertin. Bronze is used for the grill about the tellers' cages.
The vault is of the most modern steel and concrete type, ventilated
for the protection of clerks and netted with a system of electric wires for
the protection of depositors.
The personnel of the trust company is as follows: Byron
D. Bugbee, President; Luther M. Kieth, Vice-President;
J. Dyer Potter, Treasurer and G. Stanley Shaw, Assistant
Treasurer.
Samuel S. Evans has been elected President of the Second
National Bank of Paterson, N. J., to fill the vacancy caused
by the death, on Aug. 8, of the late President, William D.
Blauvelt, noted in these columns Aug. 16, page 1050. Mr.
Evans had been Vice-President of the bank since 1917 and a
member of the Board of Directors since 1915. As First
Vice-President Mr. Evans was a close friend, consultant
and confidant of Mr. Blauvelt. The newly-elected President
was formerly a member of the Finance Board of the City
of Paterson. He is President and Treasurer of the Dolphin
Jute Mills of this city, and former President of the Paterson
General Hospital Association. Wessels Van Blarcom, formerly Second Vice-President of the Second National Bank,
has been elected First Vice-President, to succeed Mr. Evans.
Mr. Van Blarcom was also named a director of the bank.
He has been identified with the bank for many years. He
became Assistant Cashier in 1908, Cashier in 1923, and
Second Vice-President in 1927. Mr. Van Blarcom is a member of the Executive Council of the American Bankers' Association. He is also Vice-President of the National Bank
Division of the New Jersey members of the A. B. A. He is
also a director of the Paterson Chamber of Commerce.
Ernest E. Blauvelt, son of the late President William D.
Blauvelt, has been chosen as Secretary to the Board of
Directors, in addition to continuing as Cashier of the bank.
Roland G. Eves, present Trust Officer and Third Vice-President, has become Trust Officer and Second Vice-President
The Board of Directors of the Second National Bank, as
now constituted, is as follows: J. Albert Van Winkle, William I. Lewis, Samuel S. Evans, Charles Curie, Felix G.
Pittet, James Wilson, Dr. Francis H. Todd, Joseph P. Van
Saun, Charles L. Auger, Jr., Gerald B. Jackson, and Wessels
Van Blarcom.
1365
The item likewise says:
An initial statement of condition at the close of business Aug. 12 ohows
assets of the new Maryland Trust Co. totaling $43,297,472. Capital stood
at $2,500,000, surplus at $2,000,000, and undivided profits at $672,438.
Deposits totaled $37,122,329.
Plans for the consolidation were noted in these columns
Aug. 2, page 734.
An Associated Press dispatch from St. Clairsville, Ohio,
Aug. 21, published in the "Ohio State Journal" said:
Frozen assets Thursday [Aug. 21] forced the closing of the Dollar
Savings Bank, organized here in 1895. The institution was taken over
by 0. C. Gray, .State Superintendent of Banks, after officials reported
necessary to
that a run on the institution Wednesday [Aug. 20] made it
jock the doors to protect depositors.
total
The bank had capital stock of $50,000, surplus of $35,000, and
resources of $631,960.
betwen
conference
Plans for reopening of the bank were considered at a
National
Gray, officials of the Dollar Bank, and directors of the Second
Giffin, Cashier
Bank of St. Clairsville, Thursday afternoon. Later, Otto
that his
of the Second National, said he had under consideration a proposal
bank would take over the Dollar Bank's affairs.
estate,
real
The condition of the Dollar Bank resulted from loans on
Bank officials
which dropped 60% in value since the 1928 coal strike."
would prevent
said that its bonds, payable in the near future, probably
heavy loss to the directors.
The following United Press dispatch from Hammond,Ind.,
Aug. 26, was published in the New York "Herald Tribune":
Boleshaw
The Northern Trust & Savings Bank was closed to-day after
to
Salik, Secretary and Treasurer, had confessed, according to authorities,
serving
establishment,
embezzling $211,000. The closed bank is a small
confessed
also
said,
was
it
Salik,
neighborhood business men and workers.
which he was
to theft of funds from a building and loan association, of
was to induce
Secretary. Salik's method, according to the confession,
the bank. He then
patrons to sign duplicates of notes issued to them by
one set and keeping the
issued duplicate mortgages, selling the bonds on
others in the bank as security.
Julius H. Huss, President of the Detroit Bankers Co.,
Detroit (the bank holding company formed last year by
has announced
the consolidation of several Detroit banks)
the formation of the Detroit Bankers Safe Deposit Co.,
according to the Detroit "Free • Press" of Aug. 15, from
which we quote in part as follows:
Co.(which became effective Aug. 15),
The Detroit Bankers Safe Deposit
deposit vaults and the 52,000 safe deposit
will lease and control the 42 safe
Co. The Peoples Wayne County
Bankers
Detroit
boxes of units in the
offices, the First National bank
Bank has safe deposit vaults in 38 of its
Security Trust Co. one. Conveniently
In Detroit three and the Detroit &
deposit vaults of the Detroit
safe
the
located in every section of the city,
by approximately 1,200 persons daily.
Bankers company units are used
moving to other parts of the city will
Under this new arrangement clients
without the inconvenience of the several transbe able to transfer a box
of operation.
method
actions involved under the former
Deposit company was formed to give a more
The Detroit Bankers Safe
of safe deposit vaults for customers of
convenient and uniform operation
throughout the city. The vaults will
the banks In the Bankers company
p. m. and from 8.30 to 1 p. m.,
be open approximately from 9 a. m. to 4.
customers of the main office of the
to
convenience
Saturday. An added
of a garage in the building, which allows
An Associated Press dispatch from Boston, Aug. 23, said: First National bank is the locationsame
building while transacting business
one's car in the
Ralph W. Hill, a former Assistant Vice-President of the National Shaw- for the parking of
mut Bank of Boston, was sentenced to two years in the House of Correc- In the vaults.
from
small compartments 1% inches
size
in
range
The safe deposit boxes
tion for larceny to-day after he voluntarily submitted to arrest. He had
of the vaults
large containers several feet in dimension. Several
to
high
months.
six
for
city
the
from
missing
been
storage of articles too large
downtown offices are also equipped for
Sentence was pronounced after he had entered a plea of guilty to the In
for deposit in safe deposit boxes.
charge of having stolen the sum of $5,784 from the bank.
Officers of the new company are: Lawrence K. Butler,
George H. Johnstone, Vice-President; and George
President;
West Rutland (Vt.) advices published in the Boston
Jr., Secretary and Treasurer.
Hoppin,
S.
said:
25
Aug.
of
"News Bureau"
Vt.,
was
Springs,
Gray Knapp, of Middletown
appointed receiver of West
Frank 0. Wetmore, co-chairman of the First National
Rutland Trust 0o. at West Rutland, Vt., by Judge Fred J. Bicknell in
Windsor County Court. Appointment was made on petition of Banking Bank of Chicago and for many years an important figure in
Commissioner, who has been in charge of institution sine July 17. Bank Chicago finance, died suddenly on Aug. 26 of heart disease
closed on that date after heavy withdrawals.
at his country home near Wheaton. He was 63 years old.
He had been at his desk as usual on Monday and was apJ. C. Trees, Vice-President of the Benedum-Trees Oil Co.,
parently well says the Chicago "Journal of Commerce,"from
has been elected to the Board of the Colonial Trust Co. of which we also take the following:
Pittsburgh. This is learned from the Pittsburgh "PostAlthough for many years Mr. Wetmore had suffered to some extent from
he had not allowed the ailment to
his heart and had undergone treatment,
Gazette" of Aug. 25, which says:
as
as any of his
rigorous working hours
work, maintaining
Mr. Trees is a director of the International Petroleum Co., Ltd., Chair- Interfere with his responsibilities were thrust upon him in his banking
Many
man of the Board of the Gas Industries Co.; President and a director of employees.
and he accepted them willingly,
National
First
the
with
years
career of 44
the Carbo-Oxygen Co., and a director of the South Mills on & Gas Co.
taking on in addition many responsibilities of civic and philanthropic
endeavor.
According to the Baltimore "Sun" of Aug. 26, the recapiAmong the achievements credited to him was his part in the settlement
traction problem on the bankers' committee. He came to it
talized Maryland Trust Co. of Baltimore, resulting from of the city's
on the committee after the ripe study of 20 years and much of the success
Drovers'
and Mechanics' National Bank of the solution was attributed to him by his colleagues.
absorption of the
and Continental Trust Co. has notified stockholders and
holders of certificates of deposit of the three institutions
that arrangements have been completed for the deliveries
of certificates for the new stock. Stockholders are entitled
to new shares of the Maryland Trust Co. as follows, says
the "Sun":
For one share of Maryland Trust of $100 par value, seven shares of $10
par stock; for one share of Drovers' & Mechanics' National Bank of $10
par, 1 3/30 (1 1/10) shares of Maryland Trust $10 par stock, and for one
share of Continental Trust of $100 par, 6 20/30 (6 2/3) shares of the
new Maryland Trust stock.
Aided Bank Consolidation.
Another of his ambitions was the consolidation of the First National
Bank and its affiliate, the First Trust & Savings Bank, with the Union
Trust Co., which was realized in December two years ago. The merger, a
$600,000,000 deal, provided Chicago with one of the largest financial Institutions In the United States.
Mr. Wetmore was born Nov. 12 1867, In Kalamazoo, Mich. He started
his business life in his father's hardware store and came to Chicago when he
was 19, 44 years ago. He commenced his banking work at the bottom, as
an errand boy for the bank of which he was to be President at his death.
In 11 years he became an officer of the institution. Mr. Wetmore was
regarded as an example of the success to be attained by learning a business
thoroughly and continuing with a single organization.
1366
FINANCIAL CHRONICLE
Mentor of Forgan.
In one of his early posts he was taken into the confidence
and friendship
of James B. Forgan, whom he succeeded in 1916 as
chief executive of the
First National. His executive ability was recognized and
his rise was rapid.
In 1925 he was elected a member of the Federal Advisory Board
of the
Federal Reserve Board,representing Chicago, in the seventh District,
later
becoming chairman of the former board.
For many years he was an official of the American Red Cross and
served
as chairman of Its finance committee during the World War.
He was a director of the Chicago City By. and its associated companies;
Chicago Surface Lines; Allis-Chalmers Mfg. Co.;
trustee of the Endowment
Fund of the National Red Cross, and a life member of the
Art Institute of
Chicago and the Field Museum of Natural History.
Mr. Wetmore is the last of a distinguished line of Chicago
bankers and
financiers of international reputation. James B. Forgan,
his mentor,
friend and predecessor as president of the First National. died in
1924,after
Mr. Wetmore had had the post eight years. John J. Mitchell,
head of the
Illinois Merchants' Trust Co. was killed, with his wife,
in a motor accident
in 1927. Ralph Van Vechten, Henry Haugen and Edmund
D. Hulbert
also have passed away.
The following regarding a proposed Chicago bank consolidation is from the Chicago "Tribune" of Aug. 23:
Plans for another consolidation of Chicago downtown banks were
announced last night. Directors of the Union Bank of Chicago
and the
Guardian National Bank held special meetings and agreed to merge,
subject
to approval of stockholders of both institutions, who will be
called to
special meetings in the near future.
The name of the Union Bank of Chicago will be retained
and the con.
solidated business will be conducted in the building owned
by the Union
Bank at 25 North Dearborn Street. The personnel
will include officers
and directors of both institutions. The combined
institutions will have
capital of $1,300,000, surplus of $1,000,000, undivided
profits of $300,000,
and total deposits of approximately $11,000,000.
In connection with the merger each bank will retain
certain assets for
the purpose of adjusting book values. These assets will
be distributed among
the stockholders of the respective institutions at a later date.
In addition,
the stockholders of the Union Bank Will receive the assets
of its subsidiary,
the Union Securities Co.
Charles E. Schlytern is Chairman of the Union Bank of Chicago,
and
Daniel V. Harkin is President. Henry R. Kent is Chairman
of the Guardian
National Bank, and Andrew T. Murphy is President.
[VOL. 181.
Amos was arrested last week on a warrant from Miami
bus was released
on a habeas corpus writ secured from the Supreme
Court. Yesterday the
Court heard arguments en the writ, from
which to-day's release of the
State official on the charges resulted.
The specific charge against the Comptrolle
r was that he employed officers
and employees of the closed Bank of Bay
of Biscayne in making an audit
of the institution's affairs in liquidation
proceedings.
Amos conducted his own defense before
the high court. He spoke only
one sentence, after Miami attorneys
had argued the case at length. Ile
asked the Court to free him because
there had been no evidence presented
against him. The Supreme Court did that
to-day.
In issuing the writ discharging the
Comptroller the Supreme Court
wrote: "There being no offense charged
the petitioner is discharged."
The decision held that no Florida
statute nor any principle of common
law had been violated, since the
State law governing the Comptroller's
action does not regulate whom he shall
employ in such matters of liquidation proceedings.
The decision further said that the
affidavit did not allege that Amos
employed persons connected with the bank
as bank report analyst or as
liquidator or examiner and did not exclude
but supported inference that
such persons were employed as proper
clerical assistants after the bank
ceased to do business.
The order was signed by Justices Whitfield,
Ellis and Buford.
The Dallas "News," in advices from Lampasa
s, Tex.,
Aug. 19, said:
The First Natidnal Bank of Lcsneta, in Lampasas
County, closed its doors
last Saturday and is in the hands of national
bank examiners. No officia/
Information as to condition or future plans
have been obtainable. W. W.
Tippin is President of the bank.
An Associated Press dispatch from
San Francisco Aug.
28 said:
Officers of therGiannini banking interests to-day
verified in substance
cabled reports from Rome that the Italian bank,
Italo Bank Brittanico,
was about to be acquirediby Banat d'America a d'Italia.
Dance d'America
e d'Italia, controlled(bfl the Transamerica Corp., has
headquarters in
Milan and controK29:branches in the principal cities of Italy.
Comment
ing on the above the New York "Sun" of last
night (Aug. 29) stated:
Transamerica officials, in announcing last month the acquisition
of an
interest in the French commercial:bank, Union
des Mines, stated that the
corporation would probably further enlarge
its foreign holdings. Banca
d'America e d'Italla on Dec.31 1929, was capitalized at 200,000,000 lire and
reported resources of 1,682,521,368 lire.
Banca Italo-Britannicall.whose principal office is at Milan, maintains
branches in Genoa, Naples, Rome, Trieste,'Turin and Venice.
*Control of the First National Bank of Oak Park, Cook
County, Ill., has been purchased by James T. Bushonville
and associates, says the Chicago "Journal of Commerce" of
Aug. 27, which reports that Mr. Bushonville has been connected with Chicago banking institutions since 1904. It is
stated further that he was the founder and President of
That stockholdersof the First National Bank of Beverly
the Columbia State Savings Bank until he sold his interest Hills, Cal., haveTratified eproposed increase in the bank's
in that institution last February. He is a director of the capital from $300,000 to $400,000, according to an announceCook County Bankers' Association and is a member of the ment by Richard L. Hargreaves,President of the institution,
Legislative Committee of the Illinois Bankers' Association. was reported in the Los Angeles "Times" of Aug. 14. This
is the thirdlincrease within two and a half years. The new
stock is to be sold at a price which will add $100,000 to surplus
Announcement is made under date of Aug. 9 of the death
$50,000 to undivided profits, making aggregat
e capital,
of Murray MacLeod, President of the following Chicago and
surplus and reserves approximately $1,000,000: The
paper
institutions: The Irving Park National Bank, the Albany
mentioned furthermore said:
Park National Bank & Trust Co., the Portage Park National
Acquisition of the new bank building valued at $525,000 from
the First
Bank, Irving National Mortgage Co. Mr. MacLeod was also National Corp. was also approved by the stockholders. By
reason of leases
executed
by
the
affiliated
First
member
National
a
of the Advisory Counsel of the West Irving State
Corp., the bank has free ground
rent for 96 years. Revenues from the building after seven months'
operation
Bank of Chicago.
more than take care of carrying charges,
Mr. Hargreaves said.
From the Montreal "Gazette" of Aug. 20 it is
' The Commercial National Bank of Fort Dodge, Iowa,
learned that
was placed in voluntary liquidation on Aug. 5 1930. The James Stewart, Winnipeg, Man., has resigned as a director
the
of
Bank of Montreal.
institution which was capitalized at $100,000, was
taken
over by the Fort Dodge National Bank.
THE WEEK ON THE NEW YORK STOCK
EXCHANGE.
A charter was issued by the Comptroller of the Currency
The stock market this week has shown
sustained strentgh
on Aug. 13 for the First National Bank in Phillips, Wis., with a quite general
improvement in prices and with the
capitalized at $25,000. Henry Niebauer and Joe Kolar tone on Friday
fairly buoyant. United States Steel
has
are President and Cashier, respectively.
been in good demand and at
one period was well above 172,
but failed to hold all of its
gain. Public utilities and rail}high L. Rose, Vice-President and Cashier of the First road stocks
have shown occasional bursts
of strength and
National Bank of Louisville, Ky., died on Aug. 21. The so have the
merchandising issues, but copper stocks
and oil
deceased banker was also a trustee of the Northwe
stern shares have been acutely weak. The
weekly statement of
Mutual Life Insurance Co. of Milwaukee, Wis. He was the Federal
Reserve Bank made public
after the close of
51 years of age.
business on Thursday showed
a further decrease of 829,000,000 in brokers' loans.
Call money renewed on Monday
On Aug. 14 the Comptroller of the Currency issued a
at 2%, continuing unchanged througho
ut the week at that
charter for the First National Bank of New Hobbs, New
rate.
Mex., with capital of $25,000. J. F. Matchett is President
The market was sluggish during
the greater part of the
of the new bank and J. A. Johnson, Cashier.
two-hour session on Saturda
y, though prices of a number of
selected stocks were
somewhat higher at the close. WeakAccording to a Miami dispatch, on Aug. 21, to the "Wall ness was
apparent in some of the oil issues, particula
rly
Street Journal," Dr. J. H. Therrell, liquidator for the closed Sinclair Oil,
which dropped 1% points to 21M, followin
g
Bank of Bay of Biscayne, Miami, has called on the stock- the publicat
ion of the semi-annual statemen
t. This was
holders for an assessment of 100%, payable immediately. true also of
Atlantic Refining Co. The amusement stocks
There are 130 stockholders and their stock represen
ts a were stronger, Fox and Loew's showing gains of a point or
par value of $1,000,000, it was stated.
more. United States Steel
opened fractionally lower, but
From the Florida "Times-Union" we take the followin improved as the day
g
advanced and closed at 168. WestingTallahassee dispatch (Associated Press), Aug. 19:
house Electric advanced a
point, General Electric did equally
Comptroller Ernest Amos to-night stood
freed by the State Supreme well, and so did American Can and Radio Corporation.
Court on charges of malfeasance in office,
recently filed in Miami.
Diamond Match broke through
to a new top at 248%, and
AUG. 30 1930.]
FINANCIAL CHRONICLE
1367
Columbian Carbon gained about 2 points.7 General Motors Pacific which recorded a gain of 12 points on Thursday,
held its ground despite the pessimism as to the industry in added 14 more which advanced its top to 137. Other strong
general. The copper stocks displayed no activity and most stocks of the group were, Atchison, Canadian Pacific, New
shares were moving at levels representing around one-third Haven, Union Pacific, Chicago & North Western, Rock
Island, Central Railway of New Jersey and Southern Ry.
of their market value when the price of metal was 24 cents.
The trend of the market was somewhat mixed on Monday The industrial stocks were represented in the advances by
with brisk buying in standard industrials,some of which made United States Steel, which closed at 171 Yi with a gain of 23
sharp gains on the recovery. Heavy selling of the oil shares points, Westinghouse Electric which showed a gain of 3
and a scattering of new lows in the general list, with a points, and Air Reduction which registered a gain of 33
partial rally in the railroad issues were also noteworthy fea- points at 12631,. The final tone was good.
TRANSACTIONS AT THE NEW YORK STOCK EXCHANGE
tures of the day. The list as a whole showed a declining
DAILY, WEEKLY AND YEARLY.
tendency though the recessions in most issues were confined
limits.
The
sharpest recessions were in VanaUnited
State.
Total
within narrow
Stocks,
Railroad,
Municipal Ot
States
Bond
Number of
rtc.,
Week Ended
dium Steel, Goodyear Tire & Rubber, J. I. Case Threshing
Bonds.
Poen Bonds.
Sales.
Bonds.
Aug. 29.
Shares.
Machine, Allied Chemical & Dye and Auburn Auto. Further Saturday
$128,100 $3,602,100
$984,000
690,170 $2,490,000
342,900 6,969,500
1,805,000
4.822,000
1,600,230
and rather acute weakness developed in the oil stocks as a Monday
404,000 9,307,050
2,042,000
6,951,000
1,746,950
Tuesday
result of the passing of several important dividends and the Wednesday
146,000 9,300,000
6,828,000
2,416,000
2,200,190
74,000 8,034,000
2,291,000
1,437,210
5,669,000
poor earnings of most of the active companies. Good buying Thursday
145,000 7,914,000
2,246,000
5,523,000
Friday
1,858,820
was apparent in the public utilities, especially American &
9,533,570 $32,283,000 $11,784,000 $1,239,600 845,306,600
Foreign Power which moved ahead about 2 points and Ameri- Total
Jan. 1 to Aug. 29.
Week Ended Aug. 29.
Sales
at
Works
North
& Electric,
can Water
American, and AmeriNew York Stock
1929.
can Tel. & Tel. United States Steel dipped below 167 and
1930.
Exchange.
1930.
1929.
new lows were recorded by General Baking pref. which Stocks-No.of shares_ 9,533,570 22,452,350 572,844,130 726,951,330
Bonds.
dropped 10 points to 100, Hamilton Watch and several of Government
$85,426,700
$1,239,600 32.518,200
575,202 700
bonds_._
415,347,150
443,255,400
State rk foreign bonds. 11,784,000 11,200,000
the oil group.
Railroad dr misc. bonds 32,283,000 41,762,900 1,303,564,400 1,361,102,900
The continued weakness of the oil shares was the out$45306800 255,481,100 81.822,022,500 81,861,876.750
Total bonds
standing feature of the market on Tuesday. The weakness
DAILY TRANSACTIONS AT THE BOSTON, PHILADELPHIA AND
in this group was due in part to the usual seasonal decline in
BALTIMORE EXCHANGES.
gasoline consumption. New lows were recorded by Shell
Boston.
Baltimore.
PhUadsigbia.
Union, Royal Dutch, and by Skelly Oil. Railroad stocks
Week Ended
were heavy following the publication of a number of unShares. Bond Sates. Shares. Bond Sales. Shares. Bond Sales.
Aug. 29, 1930.
satisfactory earnings statements for the month of July, and Saturday
$7,000
84,600
*9,624
a12,898
177
7,500
718
$3,000 a31,786
12,000
*18,989
most of the motor stocks were at a standstill. Toward the Monday
3,000
713
15,500
6,000 a33,135
*18,587
Tuesday
4,300 a43,920
2,500
1,025
8,100
*24,809
end of the session, prices improved and the market moved Wednesday
2,000
1,519
5,400
17.500 .332,216
*21,895
briskly upward under the leadership of United States Steel, Thursday
973
3,000
9,140
9,625
Friday
which closed at 1713L, with a gain of 4 points on the day. TotaL
822,000
$30,800 163,095
5,125
$48,600
83,529
The amusement shares made good progress upward, follow546,000 186,292
823.800
4,575
566,500
revised 119,287
ing a brief period of irregularity at the opening, Loew's Prey, week
'In addition, sales of rights were: Saturday, 65; Monday, 131; Tuesday, 955:
recording a gain of 23 points, while Fox Film "A" stock Wednesday, 1,260; Thursday, 840.
a In addition, sales of rights were: Saturday, 1,400; Monday, 4,500; Tuesday.
moved ahead about 3 points to 473. Warner Bros. forged 6,100:
Wednesday, 7,800; Thursday, 4,100.
Sales of warrants were: Saturday, 700; Monday, 100; Tuesday, 5,300; Wednesahead about 2 points, and Radio-Keith-Orpheum closed with day,
700.
a moderate gain. Other strong points were Vanadium Steel,
which was higher by 3 points. A. M. Byers and National
COURSE OF BANK CLEARINGS.
Biscuit were both substantially higher. Other stocks making
clearings
this week will again show a decrease as comBank
the
day
were Westinghouse Electric Mfg. Co.,
net gains for
American Can, Eastman Kodak, Worthington Pump, du pared with a year ago. Preliminary figures compiled by us,
Pont, Sears Roebuck, Columbian Carbon, J. I. Case Thresh- based upon telegraphic advices from the chief cities of the
ing Machine, Amer. Tel. & Tel. United Aircraft, Auburn country, indicate that for the week ended to-day (Saturday,
Auto and Air Reduction. Copper stocks continued to sag, Aug.30) bank exchanges for all the cities of the United States
Kennecott dipping to a new low for the year, while most of from which it is possible to obtain weekly returns will be
39.2% below those for the corresponding week last year.
the other issues were off a point or more.
transactions
were
the
Wednesday
largest in several Our preliminary total stands at $7,605,697,314, against
On
days and as the market continued its gradual improvement $12,506,635,567 for the same week in 1929. At this centre
prices moved to higher levels. Nevertheless, there were there is a loss for the five days ended Friday of 43.1%. Our
occasional weak spots which gave the market an irregular comparative summary for the week follows:
appearance. In the early trading there was a vigorous
Per
Clearings-Returns by Telegraph.
demand for a number of the popular speculative favorites
1930.
1929.
Cent.
Week Ending August 30.
like United States Steel which sold up to 172%, the best New York
$3,866,000,000 $6,799,000,000 -43.1
348,157,542
516,753.824 -32.6
Chicago
price in several weeks. Later in the day it dropped to 1703. Philadelphia
362,000,000
417.000,000 -13.2
261,000,000
399,000,000 -34.6
and closed with a net advance of 1 point. Other strong Boston
96.357.631
112,489,606 -25.4
Kansas City
stocks were Allied Chemical & Dye which jumped 83 points St. Louis
83,100.000
98,600,000 -17.9
115,502.000
179,891,000 -35.8
Francisco
to 2683, General Baking Company which improved 5 San
No longer will report clearings
Los Angeles
120,512,349
154,787,642 -22.1
points to 110 and Timken Roller Bearing which gained 3% Pittsburgh
107.654,921
/71,747,072 -37.3
Detroit
points to 69. Bear selling in Vanadium Steel carried that Cleveland
87,539,646
113,831,860 -23.1
58,670.712
69,554,020 -15.6
stock down 4 points to below 82, and losses of one to three Baltimore
34,753.739
44,340,674 -32.7
New Orleans
or more points were registered by Columbian Carbon, United
$5,541,248.540 $9,076,995,698 -38.9
Twelve cities. 5 days
796,832,555
963,355.050 -17.3
Aircraft, Johns-Manville, Int. Tel. & Tel. and Packard.
Other cities, 5 days
Stocks were generally lower and trading again very light
86,338,081,095 810,040,350,748 -37.0
Total all cities,5 days
1,267,616,219
2.466.284,819 -48.6
on Thursday, due possibly to the fact that many traders were All cities, 1 day
Tntel all Mies for week
57 6115 (127 214 512 NOR 1125_567 -89.2
away for the week end. There were very few important
price changes, though the closing hour disclosed the fact that
Complete and exact details for the week covered by the
many of the less active stocks were down substantially on foregoing will appear in our issue of next week. We cannot
the day. The strongest stocks of the day were Texas & furnish them to-day, inasmuch as the week ends to-day
Pacific which gained 12 points to 128, Sears, Roebuck which (Saturday) and the Saturday figures will not be available
improved 4M points to 72, National Lead which gained 5 until noon to-day. Accordingly, in the above the last day
points to close at 130, and American Chain which advanced of the week has in all cases had to be estimated.
3 points to 54. The market turned definitely upward on
In the elaborate detailed statement, however, which we
Friday, the last minute short covering operations by bear present further below we are able to give final and complete
traders, together with a large amount of investment buying results for the week previous-the week ended Aug. 23. For
carrying many of the active speculative stocks upward from that week there is a decrease of 34.3%, the aggregate of
2 to 4 or more points. High grade railroad stocks,industrials clearings for the whole country being ,220,692,285, against
and amusement issues were in strong demand, the best dis- $12,521,981,391 in the same week of 1929. Outside of this
play of strength being made by the railroad group which city there is a decrease of 22.6%, while the bank clearings at
scored gains ranging from 1 to 4 or more points. Texas & this centre record a loss of 40.1%. We group the cities now
1368
FINANCIAL CHRONICLE
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 39.9%, in the Boston Reserve District of 21.4% and in
the Philadelphia Reserve District of 15.8%. In the Cleveland Reserve District the totals are smaller by 20.2%, in
the Richmond Reserve District by 18.7% and in the Atlanta
Reserve District by 19.4%. In the Chicago Reserve District the loss is 32.3%, in the St. Louis Reserve District
14.2% and in the Minneapolis Reserve District 30.0%.
The Kansas City Reserve District shows a decresea of 18.1%,
the Dallas Reserve District of 35.6% and the San Francisco
Reserve District of 21.0%.
In the following we furnish a summary of Federal Reserve
districts:
SUMMARY OF BANK CLEARINGS.
Week End. Aug. 23 1930.
1930.
1929.
Federal Reserve fists.
421.160,558
nit Batton_ _ _12 cities
6,172,983,246
and New York_12 "
473,893,231
8rd Philadel la-10 "
343.920,939
4th Cleveland__ 8 "
145,377.829
6th Richmond _ 6 "
131,879,339
61Ih Atlanta_ 12 "
705,868,395
765 Chicago ---20 "
168,441,261
8113 Bt. Louis-- 8 "
112,464,370
965 MinneaPolla 7 "
177,826,778
1065 KansasCity 10 "
1165 Dallas
49,882,760
316,992,579
lash San Fran 16 "
126 cities
Total
Outside N. Y. City
Canada
535,532,531
8,595,347,085
662,851.579
431,083.379
159,549,748
163.446,92.5
1,041.637,048
196,3E4,569
140,418,353
217,014,494
77,266,223
401,549,457
Inc.or
Dec.
1928.
1927.
-21.4
-39.9
-15.8
-20.2
-18.7
-19.4
-32.3
-14.2
-30.0
-18.1
-35.6
-21.0
423,195,746
5,636.625,802
470,084,800
372,428,891
185,232,160
151,986,594
930,776,420
189,981,480
116,941,658
22%551,150
64,818,128
372,391.012
421,349,249
5,942,988.815
602.892,753
336.261,050
166,769,383
164,100,053
874.172.617
188,271,039
108,633,141
183,511,860
63,606,650
333,556,946
8,220,692,285 12,521,981,391 -34.3
3,177,514,714 4,103,361,763 -22.6
9,141,013,840
3,639,718,555
9,2E6,113,536
3,470,221,088
384,069.645
345.684.053
31 eines
348,285,043
446,800,614 -22.1
We now add our detailed statement, showing last week's
figures for each city separately, for the four years:
Week Ended Aug. 23.
Clearings at
1930.
1929.
Inc. or
Dec.
First Federal Reserve Dist riot-BostonMe.-Bangor__ _ _
646.173
622,209 +3.8
Portland
3,078,460
4,038,018 -23.8
Mass.-13oston _ 378,318,438 477,936.152 -20.8
Fall River_
763.620
1,170,193 -34.8
Lowell
516,966
1,103,405 -53.2
New Bedford..
887,689
1,003,260 -11.6
Springfield. _
3,713,053
5,496,382 -32.4
Worcester
3.060,325
3,059,483 +0.1
Conn.-Hartford,
10,882,675
17.606,312 -48.3
New Haven...
7,033,629
8,769,706 -19.9
R.I.-Providence
13,919,300 -15.2
11,797,900
N.H.-Manches'r
808,111 -42.9
461,630
Total(12 cities)
421,160,558
535.532,531 -21.4
Second Feder al Reserve D istrict-New
N. Y.-Albany..
6,466,219
5.691,764
Binghamton...
1,253,092
1,077,045
Buffalo
71,004,118
44,385,539
Elmira
Jamestown_ _
1,002.879
1,200,864
New York_ -.- 5.043,177,571 8,418.619,628
Rochester
8,116,864
14.621.993
Syracuse
4,086,732
6.235,123
Conn.-Stamford
3.439,322
4,304,576
N. J.-Montclair
526,220
597,998
Newark
27,773.228
31,869,296
Northern N.J.
32,218,242
38,979,714
1928.
1927.
588,028
3,032,562
379.000,000
1,268,122
961,003
917,350
4,169,008
2,782,511
10,708,352
7,797.959
11,495,700
495,150
639,199
3,339,326
376.000,000
1,462,563
947.385
888,760
4.098.036
2,966,988
13,245.166
6,950.952
10.237,800
567,844
423,195,745
421,349,249
York
4,875,506
+13.6
6,222,202
1,297.791
-15.1
857,227
-37.5
48,839,548
44,548,042
1.040,328
-26.4
821,663
-16.5
1,067,435
1,152.556
-40.1 5,501,295,285 5,815,892,448
10,070,614
-44.5
10.101,168
4,874.523
-34.5
4,781,182
3,598,041
-20.1
3,467,882
521,972
-12.0
489.845
24.897,352
-12.8
21,434,615
-17.4
34,162.286
33,305,106
Total(32011185) 5,172,983,246 8,595,347,085 -39.9 5,636,625,8025,942,988,815
Third Federal Reserve Dist rict-Philad elphia
Pa.-Altoona_ -1.366,783
1,508,437
Bethlehem.. _
3,711,904
4,742,519 -21.7
Chester
894,621
973,204 -8.1
Lancaster
1,644,383
1,827,846 --10.0
Philadelphia__ 451,000,000 536,000,000 --15.9
Reading
2,649,866
2,663,808
Scranton
4.385,631
5,847,895 -25.0
Wilkes-Barre- _
3,284,210
3.538,725 -7.2
York
2,032,833
1,919,737 +5.9
N.J.-Trenton
2,923,000
3,829,408 -23.7
1,535,199
4,344,450
970,156
1,833,185
444,000,000
2,931.076
4,732,600
3,044,662
1,630,381
5,083.091
1,794,468
4,045,991
1,107.460
1,886,120
478,000,000
3,208,948
4,855,141
3,128,055
1,247.578
5.629,992
562,851,579 -15.8
470,084,800
502,892,753
Fourth Feder al Reserve D istrict-Clev eland
Ohio-Akron_ _
4.338,000
6,607,000 --34.3
Canton
3,035,703
4.558.622 --33.4
Cincinnati.
52,136,663
67,287.275 --22.5
Cleveland
112,098.906 143,415,276 --21.9
Columbus
12,170,600
15,098,700 --19.4
Mansfield
1,762,493
2,343,180 --24.8
Youngstown
3.328,521
5,453.155 --35.4
Pa.-Pittsburgh. 155,050,053 188,320,171
--16.8
6.118,000
3,542,319
62,589,137
119,845.260
13,329,100
1,736.520
4,637.218
160,631,337
5,519,000
3,146,228
64,181,854
107,555,169
14,739,000
1,735,973
4,948.690
134,435,138
372,428,891
336,261,050
Total(10011169)
Total(8 cities).
473,893,231
343,920,939
431,083,379 -20.2
Week Ended Aug. 23.
Ckarings at• .1s_
1930.
Inc. or
Dec.
1929.
1928.
1927.
Seventh Feder al Reserve D !strict-Chi cagoMich.- Adrian_
185.990
251,392 -27.0
229,371
208,225
Ann Arbor_ __
647,313
818.984 -21.0
957,888
757,714
Detroit
163,729.040 244,763,676 -33.1 206,206,473 169.481,801
Grand Rapids.
4,706.335
7,352,582 -46.0
7,322,632
6,529,799
Lansing
3,295,530
4,617,939 -27.1
2,927,834
2,272,288
Ind.-Ft. Wayne
3,020,138
4,132.682 -26.9
2.663,238
2,456,231
Indianapolis
18,260.000
22,759,000 -19.7
20.184,000
19,375,000
South Bend...
2,272,471
2,744,154 -27.2
2,639,500
2,513,300
Terre haute...
5,089,471
4,881,861
+4.3
5.377,026
4.432.481
Wis.-Milwaukee
26,641,566
32,531,579 -19.2
37,564,020
37.917,749
Iowa--Ced. Ran.
3,134,821
3.294,439 -4.9
2,575,615
2,650,476
Des Moines__ _
6.900.137
9.334,376 -26.1
9.003,000
8,054,969
Sioux City_ _
5,214,993
6.809,537 -23.4
6.464,341
4,928,758
Waterloo
1,441,331 -17.4
1,191,200
1,207.012
947,595
111.-Blooming'on
1,575,101
1,828,712 -13.9
1,454,609
1,304.876
Chicago
450,264.171 681,440,971 -33.9 612,812,834 599,792,296
Decatur
1.075,067
1,170,866 -8.1
1,189,246
1,359,546
Peoria
3.877,109
5,550,045 -30.1
4,157,304
3,991,518
Rockford
2,654,250
3,705,593 -28.4
2,961,007
2.715.889
Springfield_ _
2,216,329 -3.8
2,133,692
2,247,670
2,102,106
Total(20 cities)
705,868.395 1,041,537,048 -32.3
930,776,420
874,172,617
U18----7.5
--16.8
--0.6
i-35.0
--18.4
--19.6
--56.3
--30.0
5.232.402
126,700,000
30,438,018
268.618
14,389,969
11,256.293
324.780
1,371,400
5.039,914
123.600.000
30,162,932
268,115
16,551,804
12,067,669
365,407
1,315,198
196,384,569 -14.2
189,981,480
188,271.039
Ninth Federal Reserve Dia trict-Minn eapolis
581810.-Duluth..
6,507,534 -10.9
5,797,720
Minneapolls
76,300.976 102,454.319 -25.5
St. Paul
24,129.945 -0.5
24,006,703
N. D.-Fargo.1,923,283 -3.7
1,8740.30
S.D.-Aberdeen.
1,181.357 -14.9
1,004,569
Mont.-Billings
615,915 -17.4
497,272,
Helena
2,983.000;
3.606,000 -17.3
5,617,703
72,205,418
27,991,483
1,726,012
1,350,637
644,405
3.406,000
5,565,460
71,863,942
24,775,891
1,608,838
1,161,384
469.826
3,188.000
140.418,353 -30.0
116,941,658
108,633.141
Tenth Federal Reserve Dis trIct-Kane as City
Neb.-Frelnont _
337,479 --32.8
226.709
Hastings
495,119 --18.2
*450.000
Lincoln
2,714,164
3,276,437 --17.1
Omaha
47.369.175 --13.6
40,928.835
Kan.-Topeka _
3,216,331 -77.7
2,967,719
Wichita
6,372,597
8,664,515 --36.6
MO.-Kan. City_ 116,665,500 143,442.849 --I8.7
Bt. Joseph_ _ _ _
4,689,454
7.221,565 --35.1
Colo.-Co. svgs.
1,321,102
1,327.796
Denver
a
a
a
Pueblo
1,769,922 --16.1
1,484.004
286,015
513,971
3.867.769
45,750,862
3,348,396
8.823,011
154,185.014
7,146,975
1,356,259
a
1,272,878
258,320
469,841
4,078.416
40,124,949
2,561,036
7,858,781
120,101.369
5,649,305
1,208.388
a
1,201,455
228,551,150
183,511,860
1,734,298
41,974.772
12,175.769
4,215,000
4.718.289
1,375,620
41,928,264
10.153.093
5.670.000
4,479,673
Eighth Feciera Reserve Dls trict-St. Lo
Ind.-Evansville,
4,999,438
4,622,693
Mo.-St. Louis.. 105,558,606 126,800,000
Ky.-Louisville..
32,881,037
32,673.233
Owensboro_ _ _ _
414,240
285,618
Tenn.-Memphis
16,626,742
13.572,379
Ark.-Littleneck
12.956.0330
10,412,970
111.-JacksonvUle
370,297
161.770
Quincy
1,465,357
1,025,370
Total(8 cities) _
Total(7 calm)
Total(10 cities)
168,441,261
112,464,370
177,828,778
217,014,494 -18.1
Eleventh Fede rat Reserve District-Da
Texas-Austin
1,274.484
1,249,279
Dallas
33,328,585
52,756,977
Fort Worth.,,.
8,962,394
12,657,054
Galveston
2,484,000
5,490,000
La.--Shreveport.
3,858,502
5.087,708
las---2.0
--36.8
--29.2
---64.9
--24.2
Total(5 cities)_
49.882.760
77,266,223 -35.6
64,818,128
63,606,651
Twelfth Feder al Reserve D strict-San Franc'scoWash.-Seattle_
53.684,845 -31.8
36,594.909
45.001,927
42,346,440
Spokane
10,839,000
13.303.000 -18.6
12,719,000
12,038,000
Yakima
1,480.0571 -38.8
906,595
1,534,137
1,191,003
Ore.-Portland_ _
34.286,768
40,740,158 -18.9
35,133,770
35467,371
Utah-S. L. City
15,769,728
16.892,984
19,894,807 -20.8
15,281,163
Calif.- Fresno_ _
2,003,573
3.377.749
3,641,073 -44.9
3,962,816
Long Beach
7,743,303
6,842,463
8,730,733 --431
6,386,987
Los Angelea
No longer will report clearin gs.
Oakland
17,963,527
13,774,390
15,756,922
19,301,407, -28.7
Pasadena
5,000.974
4,971.605' -11.3
4,465,728
5,113,357
Sacramento...
7,439,922
7,363.754, -21.9
6,251.623
5,753,041
San Diego_
4.970,647
5,649,830 -18.9
4,580,504
4,433,139
San Francisco_ 172,563,000 212,385.000 -18.8 205.134,000 177,495,000
San Jose
3,016,868
3,754,188,, -27.2
2,732,726
2,445,705
Santa Barbara_
1,994,347
1.508.377
1,870.574, +6.6
1,206,302
Santa Monica_
2,245,4261 -12.0
2,018.326
1,976,007
2,070,419
Stockton
2,533,000 -35.7
1,910,800
2,501,900
2,445,300
1
Total(16 cities) 316,992.5791 401,549,457 -21.0 372,391.012 333,556,946
Grand total (126
cities)
8,220,692,285 12521 981,391 -34.3 9041,013,840 9,286,113,536
Outside New York 3,177,514,714 4,103,361,763 -22.6 3,639.718655 3,470,221,088
Week Ended Aug. 21.
Clearings at1930.
Fifth Federal Reserve Dist act-Richm ondW.Ya.-Hunt'g'n
988,209
1,044,425
1,121,608
1,088,607 -9.2
Va.-Norfolk....
3,390.095
4.852,519
3,753,84
3.547.857 -5.4
Richmond.
40,243,000
49.344,000
44,940,000
41,444,000 -2.9
S.C.-Charleston
1,569,547
1,667,500
2,180.894
1,813,473 -13.5
Md.-Baltimore78,477,153
90,279.426
91,892.103
88,588,852 -11.4
D.C.--Washing'n
20.709,825
19,504.310
21,800,894
23,086,959 -10.3
Total(6 citiee)_ 145,377,829 159,549,748
-18.7 185,232,1601 166.769,363
Sixth Federal Reserve Dist rict-Atlant
aTenn.-Knoxville
*2,000,000
2,646,223
2,598,115
2,625,674 --24.0
Nashville
18.760,685
21,418,314
20,182,691
21,394,444 --12.3
Ga.-Atlanta..._
42,123,088
44,727,714
45,754.965
52,266.017 --19.4
Augusta
1,447.679
1,327.387
1,661.532 --I2.9
1,843,017
Macon
1,282,281
2,081,091
1,859,057
1,364,578 --6.0
Fla.-Jack'nville.
.9,892,096
11,952.524
12,542,817 --2I.2
15,060,141
Miami
1,305,000
1,712,000
1,632,000 --20.I
2,857,000
Ala.-Birming'm.
14,091,593
21,389,120
21,627,437 --34.8
21,169,664
Mobile
1,590,885
1,921,888
1,306,536
1,619,459
--17.2
Miss.-Jackson
1,683,789
1,773,601
1,835,290 --26.5
1,544.000
Vicksburg
111,480
267,569
252,347 --55.8
246,990
La.-New Orleans
37.590.783
41,814,921
44.322,901 --15.2
49,934,548
Total(12 citle-3) 131,879,339 163,446,925
--19.4 151,986,594 164,100,053
[VOL. 131.
CanadaMontreal
Toronto
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Calgary
St. John
Victoria
London
Edmonton
Regina
Brandon
Lethbridge
Saskatoon
Moose Jaw
Brantford
Fort William,...
New Westminster
Medicine Hat _ _ _
Feterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnia
Total(31 cities)
123,016,378
109.399,292
38.919,781
18,764.498
7,367.819
5,946.520
2.933.634
5,240,615
6,809,818
2,116,810
2,175,775
3,601,109
6,204,266
4,648.233
507,722
558,730
2,302.359
1,029.980
927,543
833,131
798.488
313,753
817,927
782,414
1,053,687
3,244,046
473,960
989,763
974,496
554,857
652,451
348,057,856
1929.
145,023,817
133,415,752
64,768,329
23,119,182
8,233,756
6.914.404
3,260,821
6,619,571
12,088,204
2,847,960
2,815,207
3,634,039
6,696,013
5,877.716
696,961
813,269
2,860,467
1,555,380
1,360,887
1,036,729
1,001,905
492,174
931,256
1.000.255
1,327,254
4.679,844
447,338
948,937
878,228
657,151
800,000
Inc. or
Dec.
--18.2
--18.1
--39.9
--I8.8
--11.5
--14.0
--11.6
--2I.8
--43.7
--25.7
--22.7
--0.9
---7.4
--21.0
--27.2
--31.3
--19.5
7-33.8
---31.8
--19.6
--20.3
--36.3
--12.2
--21.8
--20.6
--30.7
+5.9
+4.3
+11.9
--I6.8
--28.5
446,800,614 --22.1
a No longer reports weekly c eaxings. •Estimated
1928.
121,283,834
119,318,695
49,287,422
20,089,370
6.630,890
5.857,415
3,437,727
5,859,229
10,163,696
2.565.744
2.421.040
3,179.739
6,709,778
6,332,812
822.283
908,427
2,864,843
1,301,301
1,302.800
1,088,261
798,279
477,034
845.604
876,436
990.932
4,855,948
507,998
903,251
894,055
769,575
752,427
384,069,645
1927.
105.807,854
114,218,943
45.019,208
17,951,957
6,341,004
5,714,379
2,752,817
5,041,200
6,545,547
2.314.947
2,130.721
2.686.353
4,921,163
6,372,413
590,496
583.482
2,423,166
1,223,215
1,182,764
852,062
873,443
298,219
789,684
849,274
1,082,764
4,853,492
414,229
872,042
776.024
767,681
633,608
345,684,953
Auti. 30 1930.]
1369
FINANCIAL CHRONICLE
Condition of National Banks June 30 1930.-The statement of condition of the National banks under the Comptroller's call of June 30 1930 has just been issued and is summarized below. For purposes of comparison, like details for
previous calls back to and including June 29 1929 are included.
ABSTRACT OF REPORTS OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON JUNE 29, OCT. 4, DEC. 31 1929, AND
MARCH 27 AND JUNE 30 1930.
June 29 1929
7.536 Banks.
Oct. 4 1929
7.473 Banks.
Dec. 31 1929
7,408 Banks.
Mar. 27 1930 June 30 1930
7.316 Banks. 7,252 Banks.
$
i
$
$
Resources$
14,801.130.000 14,961,877.000 15,150.046,000 14,648,753,000 14,887.752,000
Loans and discounts (including rediscounts)_a
9,943,000
10,181,000
9,452.000
15,533.000
10.193.000
Overdrafts
2.803.860.000 2,704,874,000 2.612.087.000 2,722,843,000 2,753,941.000
United States Government securities owned
3,852,675.000 3,741,014,000 3.845,756.000 3,832.829.000 4.134,230,000
Other bonds stocks, securities, &c., owned
519,530.000
509.433,000
617,515,000
484,728,000
397,333,000
Customers liability account of acceptances
787.750,000
765.866,000
766.193.000
746,419.000
747,684.000
Banking house, furniture and fixtures
124.581.000
125,823.000
123.613,000
121,684,000
118.839.000
Other real estate owned
1,344,951,000 1,320,427.000 1,348.046.000 1.363.651.000 1,421,676.000
Reserve with Federal Reserve banks
342,507,000
350,641.000
393.330.000
347,362,000
Cash in vault
298.003.000
Due from banks
2,569.098.000 2,970,190,000 3,413.047,000 2,507,770.000 3,579.892,000
71,264,000
45,106,000
93,034,000
Outside checks and other cash items
69,921.000
70.095.000
32,821,000
Redemption fund and due from United States Treasurer
33,025.000
32.928,000
32,854.000
32,740.000
Acceptances of other banks and bills of exchange or drafts sold with en244.100,000
dorsement
203,966,000
230.961,000
188.925,000
164.866.000
17.596,000
Securities borrowed
18.000.000
26,985,000
21,929,000
20,186,000
199,541.000
200,752.000
Other resources
218,761,000
196,573.000
208.575,000
Total
27,440,228,00027,924,310.000 28,882,483.000 27,348,498,000 29,116,539,000
LiahililiesCapital stock paid in
1.627,375.000 1,671,274,000 1.704.473.000 1.704,408.000 1,743,974.000
Surplus fund
1,479,052.000 1,515,241.000 1,548,376,000 1,553,544.000 1,591.339,000
Undivided profits-net
545,873.000
541.195,000
497.043,000
555,873,000
487,504.000
Reserves for dividends, contingencies, &c
94,962,000
79,467.000
91,911.000
61,759,000
80,832,000
Reserves for interest, taxes, and other expenses accrued and unpaid
79,129.000
88,759,000
71,931.000
86,475.000
73,968.000
National bank notes outstanding
652.339,000
649,703.000
646,420.000
641.104,000
649,452.000
Due to banks_b
2.548,482.000 2,829.960,000 3.146,301.000 2,762.093.000 3,418,148.000
Demand deposits
10,504,268.000 10,568,012.000 11,089,432,000 10.163,225.000 10.926,201,000
Time deposits (including postal savings)
8.317.095.000 8,301.751,000 8,434,442.000 8,514,864.000 8,752,571.000
United States deposits
171,964,000
200,796.000
103,318,000
202,274.000
228.243.000
Total deposits
21,698,088,000 21,901,997,000 22,773,493,000 21,640,978,000 23,238,844,000
Agreements to repurchase United States Government or other securities sold
8,173,000
10,123,000
31.981.000
41,690.000
49,660,000
Buie payable and rediscounts
229,033,000
225.654.000
545,587,000
657,572.000
714.507.000
Acceptances of other banks and bills of exchange or drafts sold with indorsement
244.100,000
203,966.000
230,961.000
188,925.000
164,866,000
511,007.000
Acceptances executed for customers
523,194.000
626,497.000
479.931,000
392.623,000
15.544,000
Acceptances executed by other banks for account of reporting banks
11.304,000
12.538,000
20,618.000
18.648,000
17,596,000
Securities borrowed
18,000.000
26.985,000
21,929.000
20,186,000
114,586.000
98.203.000
Other liabilities _ 74.287.000
79,922.000
83.467,000
Total__________________________________________________________ 27,440,228,000 27,924,310.000 28.882,483.000 27,348,498,000 29.116.539.000
Details of Cash in Vault14.748.000
Gold coin - _ - ------------------------------------------------14,762.000
15.273,000
15,572.000
15,237.000
34.373.000
Gold certificates---- _ -----------------------------------------32.695.000
37.847.000
32,612.000
35,669,000
All other cash in vault
293.386,000
303,184.000
340,210,000
299,178,000
207,097.000
Details of Demand DepositsIndividual subject to check
9,071,077,000 9,382,903,000 9,839,311.006 8,844.610.000 9,455,422.000
Certificates of deposit
143.511.000
133,641.000
147,229,000
140,268.000
149,107,000
State, county and municipal deposits
963,389,000 1,060,117,000 1,153.701.000
882,509,000
1,104,247,000
Other demand deposits
173.567,000
124.857.000
139,503,000
162.332.000
179,837.000
Details of Time DepositsState. county and municipal deposits
437,849.000
388,178.000
458,441.000
325.965.000
344.493,000
Certificates of deposit
1.290.947,000 1,297,944,000 1,308.242.00111 1,334,398.000 1,357.461,000
Deposits evidenced by savings pass book
6,089,637.000 5,978,300,000 6,024,199,000 6,041,194.000 6.070.683,000
open accounts, Christmas saving accounts, &c
Time deposits,
574,847,000
499,517.000
416.676,000
496,996.000
422,003.000
---------savings
Postal
107,980,000
100,880.000
96.767,000
94,336,000
88,569.000
Deposits of other lianice
1-o-citiea----88,405.000
84.762,000
76,381.000
78.200,000
---------54.789,000
Foreign countries
115,346,000
65.935.000
53,738,000
30,010,000
26,657,000
Percentages of ReserveCentral Reserve cities----------------------------10.93
10.99%
11.23%
11.05%
11.367
Other Reserve cities--------------------------------------------7.15%
7.14
7.19%
7.24%
7.209
AU Reserve cities----------------------------------------------8.57
8.467
0
8.627
8.608.52%
Country banks-- _ -------------------------------------------4.87
4.877
0
4.937;
4.93
4.86
------------Total United States-------------------------------------------6.86 0
6.74%
6.85 •
6.72 o
6.77%
liability
a Includes customers
under letters of credit.
b Includes certified and cashiers' checks, and cash letters of credit and travelers' checks outstanding.
THE ENGLISH GOLD AND SILVER MARKETS.
We reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Aug. 13 1930:
GOLD.
The Bank of England gold reserve against notes amounted to £152,584,053
on the 6th inst. (as compared with £152,279,242 on the previous WednesdaV). and represents an increase of £86,623,969 since the 1st of January last.
The South African gold arrival this week amounted to £973,000, of
which £132,000 had already been sold forward for France, leaving about
£841.000 which was offered in the open market yesterday. There was a
keen demand from Switzerland and about £653,000 was taken for that
country at the fixed price of 85s. 14(1. per fine ounce. Of the balance,
Prance secured 8135,000. India 625,000. the Home trade E15,000 and the
Continental trade £13,000.
Movements of gold at the Bank of England during the week show a net
nflux of £505,460. Receipts included £200,000 in sovereigns "released"
and £330,000 in sovereigns from Australia, and withdrawals totalled
£124,545.
The following were the United Kingdom imports and exports of gold
egistered from mid-day on the 2d instant to mid-day on the 11th instant:
Imports.
Exports.
Brazil
£362,700 Frame
6622,516
Australia
330,000 Germany
28,100
37,621 British India
British West Africa
25,434
908,059 Austria
British South Africa
6,005
14,184 Kenya
Other countries
1,270
£1,652,564
£683,325
The Transvaal gold output for the month of July last
amounted to 912,652
fine ounces, as compared with 887.867 fine ounces for June 1930 and
889,460 fine ounces for July 1929.
INDIAN CURRENCY RETURNS.
Aug. 7.
July 31.
July-22.
(In lees of rupees)
16935
16826
16666
Notes in circulation
11796
11686
11526
India
in
bullion
Silver coin and
Silver coin and bullion out of India
3228
5 .g
3
-2
-58
Gold coin and bullion in India
Gold coin and bullion out of India
1839
igo
i§51)
Securities (Indian Government)
72
73
Securities (British Government)
• 73
The stocks in Shanghai on the 9th inst. consisted of about 102,400,000
Saigon
dollars
dollars,
4,700,000
and
3.820
147,000.009
ounces in sycee,
silver bars,as compared with about 102,400,000 ounces in syceo, 147,000.000
Ba. aQuodollars, 5,700,000 Saigon dollars and 3.800 silver bars on the 2d inst.
-Bar Silver per Oz. Std.tations during the week:
Cash
per
15%d.'
15'd..
15-10d.
84s. il
Aug. 7
15%d.
15 15-16d.
84s. 11 d.
Aug. 8
16d.
16d.
845. 11d.
A
16 3-16d.
16 3-16d.
845. 11%d.
Aug. 119
16 3-16d.
16 3-16d.
85s.
d.
Aug. 12
1614d.
16 Hd.
85s.
d.
Aug 13
16.062d.
16.042d.
84s.11. d.
Average
The silver quotations to-day for cash and two months' delivery are respectively 3-113d. and gd.above those fixed a week ago.
PRICES ON BERLIN STOCK EXCHANGE.
Closing quotations of representative stocks on the Berlin
Stock Exchange as received by cable each day of the past
week have been as follows:
Aug. Aug. Aug. Aug. Aug. Aug.
23. 25. 26. 27. 28. 29,
Per Cent of Pa
108 108 108 108 108
AU.Deutsche Credit(Adca)(8)
143 142 143 142 143
Berlin. Handels Ges.(12)
130 129 129 129 129
Commers-und-Priyat-Bank (11)
181 180 1.78 179 179
Darmstadter U. Nationalbank (12)
123 123 124 124 123
Deutsche Bank U. Dlsconto Gee.(10)
124 124 124 124 124
Dresdncr Bank (10)
247 248 248 248 247
Relchsbank (12)
82
90
82
Algermeene Kunstzijde link (Aku) (0)
78
89
139 138 140 139 139
Aug. Elektr. Ges.(A.E.G.)(9)
SILVER.
Roll- 203% 203 203 203 203
Ford Motor Co., Berlin (10)
day 109 109 110 110 110
During the past week the market has shown more activity. Supplies not Gelsenkirchen Bergwerk (8)
140 138 143 143 141
Gestuerel (10)
being offered with any freedom, a moderate demand, mainly on China Hamburg-American Lines (11aPag)(7)
92
91
91
91
91
account, raised quotations by the 11th Inst. to 16 3-16d.
131 132
In_
for both deliveries, Hamburg Electric Co.(10)
Heyden
Chemical
(5)
:to
having
47
cash
ii
premium
for
disappeared
on
the 9th inst. China, however,
the
Harpener Bergbau (6)
99
98
98
97
98
was disposed to sell at the higher level and, after remaining unchanged for Hotelbetrieb
(12)
125 124 123 122 124
a day, the prices receded to-day to 16%d. America and the Indian Bazaars I.G. Farben Indus.(Dye Trust)(14)
151 149 152 151 151
Hail Cheznie (7)
135 131
have not shown much interest and the market remains narrow.
130 130 130
Karstadt (12)
The following were the United
98
97 102 104 104
Kingdom imports and exports of silver Mannesmann Tubes (7)
84
84
85
84
84
registered from mid-day on the 2d inst. to mid-day on the 11th inst.:
Worth German Lloyd (8)
92
91
91
92
91
Phoenix Bergbau (6.14)
78
76
77
77
78
Imports.
Exports,
Polyphonwerke (20)
182
177
181
181
182
United States of America.--£21.890 Netherlands
170 170 170 170 170
£24.400 Rhein. Westf. Elektr.(R.W.E.)(10)
20.000 British India
Fiji Islands
Sachsenwerk
Licht
U.
Kraft
(7I4)
34,407
89
89
87
88
88
Canada
13.992 Other countries
11,976 Siemens & Halake (14)
190 190 195 194 194
4,982
Other countries
Stoehr & Co. Kammgarn Spinneret(5)
83
82
80
81
81
Leonhard Tlets (10)
133 134
£60.864
£70,783 Ver. Staihwerke (United Steel Works)(6)
ii
77i
78
78
5
--
1370
FINANCIAL CHRONICLE
[VOL. 131.
PRICES ON PARIS BOURSE.
THE CURB EXCHANGE.
Quotations of representative stocks on the Paris Bourse
With Curb Exchange trading at low ebb prices have
as received by cable each day of the past week have been
made only small change this week though these have been
as follows:
Aug.23 Aug.25 Aug.26 Aug.27 Aug.28 Aug.29 upward. Utility issues have been the most active. Electric
1930.
1930.
1930. 1930.
1930.
1930.
BondsFrancs. Francs. Francs. Francs. Francs. Francs. Bond & Share shows a substantial improvement having
French Rentes 3% Perpetual88.00
88.80 88.10
•
88.80
French Rentes 4% 1917
101.75 101.75 101.95 102.00 102.00 risen from 7934 to 843j with the close to-day at 84. Amer.
French Rentes 5% 1915-16
101.15 101.2() 101.30 101.30 102.35
& Foreign Power warrants advanced from 4934 to 5334
BanksBanque de France
21,600 21,550 21,350 22,250 21,985 and reacted finally
to 52. Amer. Gas & Elec. com. gained
Banque de Paris et des Pays Das_
2,555
2,495
2.515
2,580
2.600
Credit Lyonnais
2,980
2,905
2,890
2,975
3,010 about 634 points to
Union de Mines
13334 but fell back to 1313/2. Amer.
1,395
1,385
1,375
1,375 1.375
CanalLight & Trac. com. improved from 5734 to 6134 and ends
Canal Maritime de Suez
16,560 16,500 16,545 16,940 17.000
Railroadthe week at 59. Brazilian Tr. Light & Pow. ordinary stock
Chemin de fer du Nord
2,315
2,305
2,305
2,320 2,355
weakened at first from 323j to 2934 then ran up to 34%
MinesMines des Courrieres
/loll1,381
1,380
1,380
1,405
1,395
the close to-day being at the high figure. Duke Power
Miles des Lens
day.
1.130
1,112
1,129
1,150
1,155
Soc. Miniere et Metallurgique de
advanced from 158 to 164. Northern States Power rose
Penarroya
773
756
780
710
805
Public Utilitiesfrom
143 to 151. Oila were exceedingly dull. Humble Oil
Cie. General d'Electricite
3,055 3,030
3,055 3,200
3,180
Soc. Lyonnalse des Eaux
2,870
2,875
2,975
---2,990 &
Refg. improved from 853. to 89. Among industrial and
Cie. Francalse des Proeedes
Thomson-Houston
790
771
784
826
820
Union d'Electricite
1,198
1.190
1,190
1,215
1,221 miscellaneous issues Aluminum Co. coin, sold from 232 to
Industrials239. Deere & Co. rose from 79 to 823
Treilleries & Laminoirs du Havre
2,025
2,015
2,085
% and reacted to 81%.
2,135
Societe Andre Citroen
665
658
-6.65 690 689 Hydro Electric
Ste. Francais° Ford
267
261
Securities
262
270
com,
290
was
conspicuous for an
Coty, S. A
920
914
911
912
920
Pechiney
2,725
2,680 2,715
2,850
2.840 advance from 3134 to 3634. Elsewhere price changes have
l'Air Liquide
1,599
1,542
1,550
1,630
1,655
Etabrissements Kithlinnum
920
895
900
914
911 been of little moment. Bonds show considerable improveGaleries Lafayette
165
164
163
163
164
ment with many new high records for the year.
OilRoyal Dutch
3,685
3.545 8,640
3,735
3,775
A complete record of Curb Exchange transactions for the
week
will be found on page 1399.
ENGLISH FINANCIAL MARKET-PER CABLE.
The daily closing quotations for securities, ezo., at London,
DAILY TRANSACTIONS AT THE NEW YORK CURB EXCHANGE.
as reported by cable, have been as follows the past week:
Sat..
Mon.,
Tues.,
Wed.,
Aug. 23. Aug.25. Aug.26. Aug.27.
Silver, p. oz_d. 16 3-16d. 16 7-16d.
1634d. 16 3-16d.
Gold, p. rine oz.__ 85s.
855,
85s.34d.
85s.
Consols.2%%
56
5554
56
British, 5%
_... 104
10334
10334
British, 434%
--100
100
10054
French Rentes
(in Paris)_fr.-87.90
88.15
88.80
French War L'n
(in Parisl_fr.__
101.15
101.75
101.27
Thurs.,
Fri.,
Aug.28. Aug.29.
16 5-16d. 16 716d.
859.
858.
56
56
103
10334
10054
10034
88.75
88.80
Bonds (Par Value).
Week Ended
Aug. 20.
Stocks
(Number of
Shares).
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
122,300
308,500
327,800
399,300
325,300
443,100
Total
101.27
1,926,300
101.35
Rights.
Foreign
Domestic. Government.
2,500 $1,122,000
3,900 1,817,000
1,500 2,168,000
5,600 2,002,000
2,500 1,809,000
3,200 2,163,000
Total.
$102,000 $1,224,000
206,000 2,023,000
265,000 2,433,000
99,000 2,101,000
170,000 1,979,000
258.000 2,421.000
19,200 $11,081,000 51.100,000 512.181,000
The price of silver in New York on the same days has been:
Silver in N. Y., per oz.(eta.):
Foreign _____ ____
35%
3414
35
sax
assi
Public Debt of the United States-Completed Returns
Showing Net Debt as of June 30 1930.
The statement of the public debt and Treasury cash holdings of the United States, as officially issued June 30 1930,
delayed in publication, has now been received, and as interest
attaches to the details of available cash and the gross and
net debt on that date, we append a summary thereof, making
comparisons with the same date in 1929:
CASH AVAILABLE TO PAY MATURING OBLIGATIONS.
June 30 1930. June 30 1929.
8
Balance end of month by daily statement. do
318,607,168
326.713,003
Add or Deduct-Excess of deficiency of receipts over
or under disbursements on belated items
-5,824,253
-2,206,152
Deduct outstanding obligations:
Matured interest obligations
Disbursing officers' cheeks
Discount accrued on War Savings Certificates,._
Settlement warrant checks
Total
312,782.915
324,506,851
31,504.143
75,240,293
5,173,550
939,458
32,772,252
95,536,278
5,697,400
2,057,913
112,857,444
136.063.843
Balance, dericit(-) or surplus (4-)
+199,925,471 +188,443,008
INTEREST-BEARING DEBT OUTSTANDING.
Interest June 30 1930. June 30 1929.
Tide of Loanpayable.
$
2
2s Consols of 1930
599,724,050
Q -J. 599,724.050
28 of 1915-1936
48,954,180
48,954.180
Q.-F.
2.8 of 1918-1938
25,947,400
25.947,400
Q.-F.
3s of 1961
49.800.000
Q -M.
49.800,000
3/4 conversion bonds of 1946-1947
Q -J.
28,894,500
28,894.500
Certificates of indebtedness
.1 -J. 1,264,354,500 1,640,199,500
334s First Liberty Loan, 1932-1947
.T.-J. 1,392.256.250 1,397,685.200
4s First Liberty Loan converted, 1932-1947
5.005.450
.- .
5,155,450
454s First Liberty Loan,converted, 1932-1947 J.-D. 532,798,500
532.816,100
sge First Liberty Loan. 2d cony.,
1932-1947 J.-D.
3,492,150
3.492,150
4548 Fourth Liberty Loan of 1933-1938
A -O. 6,268,251,550 6,278,359,550
434s Treasury bonds ot 1947-1952
758,984,300
758.984.300
48 Treasury bonds of 1944-1954
1,036,834,500 1,036.834,500
3545 Treasury bonds of 1946-1956
489,087,100
489.087,100
3468 Treasury bonds of 1943-1947
493,037,750
493,037.750
344s Treasury bonds of 1940-1943
359,042,950
359,042,950
4s War Savings and Thrift Stamps
13.028,019
210 Postal Savings bonds
19,224,720
16,887,180
5548 to 554s Treasury bonds
2,390,286,500 2,861,011.500
Treasury bills, series maturing Aug. 18 1930
0104,600.000
Treasury bills. series maturing July 14 1930
c51.316,000
Aggregate of interest-bearing debt
15,921,892,350 16.638,941.379
Bearing no Interest
231,700,579
241,504,969
Matured, interest ceased
31.715.370
50.761,399
Total debt
016,185,308,299 16,931,207,747
Dedua Treasury surplus or add Treasury deficit__ +199,925,471
+188,443,008
Net debt
115,985,382.828 16,742,764,739
a Total gross debt June 30 1930 on the basis of daily Treasury
was
$16,185,309.831.43 and the net amount of public debt redemption statements
and receipts in
transit. &C., Was $1,532.25.
S No reduction is made on account of obligations of foreign governments or other
investments.
c Maturity value.
gounrcercialand WiscellaneonsBoats
Breadstuffs figures brought from page 1445.-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:
Receipts at-
Flour.
Wheat,
Corn.
Oats.
Barlett.
RSW.
bbls.1961bs.bush.801bs bush.55lbs.bush.3210s bus.48158.bus.56 lbs.
Chicago
232,000
680,111 2,155,000 1,410,e i i
197.000
269,000
Minneapolis6,126,000
136,000 1.479.000 1.166,000
883.000
Duluth
4,161,001
1.000
145,000
330,000
232,000
Milwaukee_
318,o II
389,000
29,000
563,000
457.000
12.000
Toledo
14.000
338.000
131,000
1.000
1,000
Detroit
6,000
34,000
42.000
3,000
Indianapolis90.000
833.000
506,000
8,000
St. Louis -- -_
831,000
98.000 1.719,000
493,000
82,000
23,000
Peoria
37.000
411,000
52,000
212,000
146,000
3,000
Kansas City
1,643,000
583.000
266,000
Omaha
1,501.000
521.000
172.000
St. Joseph ___
408.000
185,000
114.000
Wichita
586,000
12,000
2.000
Sioux City _
18,000
45,000
156,000
24,000
2,000
411,000 17,665.000 6,122,000 5,691,000
Total wk. '30
Same wk. '29 460.000 18,553,000 3.114,000 10,232,011 2,403,000 1,436,000
5,917,000 1.570,000
Same wk. '28
522,000 15,972,000 3,245,000 7,948,000 6,214,000
517,000
Since Aug.11930
1.679,000 91,919,000 18,790.000 24,352,000 7,408,000
3,604,000
1929
1,643,000 105,557,000 15,890,000 30,633,000 14,613,000 3,780,000
1928
1,913,000 79,586,000 20.475.000 24.076.000 15.789.000 1.282.000
Total receipts of flour and grain at the seaboard ports for
the week ending Saturday, Aug. 23 1930, follow:
Receipts at-
Flour.
Wheal.
Corn.
Oats.
Barley.
Rile.
bbls.1981bs.bush.60 lbs.bush.56 Mx.bush.32 lb,.bus.48 lbs.bus.58 lbs.
New York... 270,000 1,876,000
38.000
62,000
50,000
Portland, Me_
Philadelphia.
37.000
135,000
38,000
3,000
Baltim0re.35,000
870,000
5,000
4,000
14,000
27,000
Newport News
1,000
10,000
Norfolk
7,000
Mobile
New Orleans.
51,000
24,000
434,000
39,000
Galveston
940,000
Montreal _
135,000 2,838,000
St. John, N.B.
Boston
24.000
10.000
Port Arthur_.
Total wk. '30
562.000 7,033.000
Since Jan.1'3016.007.000 102,152,000
119.000
3,195,000
148.000
3,479,000
5.000
564.000
42.000
541,000
Week 1929
82,00
235.000
80.000
472,000 6.168,000
4.000
Since Jan.1'29 Iti Rfiq ono 122 Rctl non 15.662.000 12.306,00021,335,000 3,269.000
* Receipts do not include grain passing" rough New Orleans for foreign ports
on through bills of lading.
1371
FINANCIAL CHRONICLE
AUG.30 1930.]
National Banks.-The following information regarding
The exports from the several seaboard ports for the week
ending Saturday, Aug. 23 1930, are shown in the annexed national banks is from the office of the Comptroller of the
Currency, Treasury Department:
statement:
ExportsfromNew York
Portland. Me
Boston
Philadelphia
Baltimore
Norfolk
Newport News
Pensacola
Mobile
New Orleans
Galveston
Montreal
St. John,N.B
Houston
Wheat.
Corn.
Flour.
Oats.
Rye.
Barley.
Bushels. Bushels. Barrels. Bushels. Bushels. Bushels.
1,464,000
61,746
10,000
9,000
3,000
9,000
7,000
1,000
88.000
349,000
2,249,000
2,838,000
1,000
49,000
52,000
135,000
382,000
312,000
442,000
10,000
Total week 1930._ 8,134,000
Rams week 1929_ 2.924.000
337,746
158.320
3.000
2,000
2,000
37.000
9.000 802.000
The destinat'on of these exports for the week and since
July 1 1930 is as below:
Flour.
Exports for Week
Week
Since
and Since
Aup.23 July 1
July 101930.
1930.
Wheat.
Week
Aug. 23
1930.
Since
July 1
1930.
Corn.
Week
Aug. 23
1930.
Since
July 1
1930.
APPLICATION TO ORGANIZE APPROVED.
Capital.
Aug. 23-The National Bank & Trust Co. of Connellsville, Pa__ $125.000
Correspondent, F. R. Denton, 514 Smithfield St.,
Pittsburgh, Pa.
CHANGE OF TITLE.
Aug. 18-First National Bank of Daytona Beach, Fla., to
National Bank of Daytona Beach."
Atlantic
"First
VOLUNTARY LIQUIDATIONS.
Aug. 18-The Peoples National Bank of North Belle Vernon,Pa_
Effective July 22 1930. Liquidating agents: Kerfoot
W. Daly, W. E. Cole. and George '1'. Crosbie, care
of the liquidating bank.
Absorbed by the Valley Deposit & Trust Co., Belle
Vernon, Pa.
Aug. 22-The First National Bank of Mount Olive, Ill
Effective July 28 1930. Liquidating agent, The First
National Bank in Mount Olive, 111., No. 13452.
Succeeded by the First National Bank in Mount Olive.
25,000
70.000
Auction Sales.-Among other securities, the following,
not actually dealt in at the Stock Exchange, were sold at auction
in New York, Boston, Philadelphia and Buffalo on Wednesday of this week:
By Adrian H. Muller & Son, New York:
Per Cent,
Shares. Stocks.
$ per Sh. Bonds.
.$2 lot 24,000 Continental Terminals, Inc.
10 Amer.Foreign Sales Corp., pref.
cony. deb. 634%, 1947, series A
10 Amer. Foreign Sales Corp., corn.
w.w., Oct. 1929 and subsequent
no par
$2 lot
$450101
coup. attached
60 Richland Colleries Corp., pref.
no par
$55 lot 55,000 Distribution Term. & Cold
13,000
Storage Co. 1st closed m.o.(634s.
30 Richland Collieries Corp., corn.,
1952. Oct. 1929 and subs.coup.
no par_
$20 lot
$600 lot
attached
8 Nat. Motor Car & Vehicle Corp.-52 lot
35.000 Grand Trunk Ry. Term. &
337,746 2,068.125 8,134,000 47,248,000
Total 1930
99.000 $4,951.48 installment paper soCold
Storage
Co.
1st
closed
m.s.f.
Finance
Manufacturers
quired
by
2,024,000
1,252,509
31,281,000
158.320
Total 1929
3.000
117.000
6345. 1952. Oct. 1929 and subs.
Corp. from the Chambart Co.,
$150 lot
coup. attached
$690 lot
The visible supply of grain, comprising the stocks in 50Inc
84
Empire Trust Co
701
granary at principal points of accumulation at lake and 634 Brooklyn Trust Co
Barrels Barrels. Bushels.
Bushels. Bushels.
800,655 2,527,000 13,974,000
United Kingdom_ 124,416
833,325 5,382,000 32,558,000
180.280
Continent
177,000
47,000
370,000
So.&Cent.Amer_ 16,000
161,000
3,000
6.000
West Indies
4,000
2,000
Brit. No.Am.Col.
91.945
178.000
338,000
Other countries- _ 14,050
Bushels.
86,000
seaboard ports Saturday, Aug. 23 1930, were as follows:
GRAIN STOCKS.
Corn,
Oats,
Wheal,
Rye,
bush.
bush.
bush.
bush.
76.000
%I.'
'
'
124.000
64.000
2.000
968,000
124..000
6M
21,000
7,775,000
'00
79,000
19,000
378,000
4,037,000
106,000
73.000
5,153,000
7,046.000
79,000
310.000
6,000
12,410.000
707,000 1,099,000
717,000
675,000
263,000
91,000
5,341.000
20,000
286,000
7,000
162.000
20,000
50.000
. 6.000
21,526,000
557,000 6.313.000 5,737.000
883,000
1,478.000
161,000 2,427,000
235.000
23,679,000
7,000
627,000 3.645,000
Barley,
United Statesbush.
New York
11,000
Boston
Philadelphia
4,000
Baltimore
111,000
Newport News
New Orleans
128,000
Galveston
16,000
Fort Worth
69,000
Buffalo
311.000
afloat
"
36,000
'Toledo
3,000
Detroit
14.000
Chicago
144.000
afloat
Milwaukee
542,000
Duluth
651,000
afloat
"
25,267,000
MinneapolIs
48.000 3,607,000 2,096,000 3.679.000
1,200,000
19.000
Sioux City
543.000
23,000
1,000
7,529,000
105,000
710,000
St.Louis
6,000
28,000
26.064.000
53,000
79,000
Kansas City
104,000
7,000
Wichita-2.373.000
5,000
5,601.000
Hutchinson
187,000
5,900.000
180.000
11,000
St.Joseph, Mo
2.000 1,356,000
91,000
Peoria
46.000
247,000 1,451,000
2 256,000
9,000
Indianapolis
212,000
14,066,000
144.000
Omaha
6.000
84,000
441,000
351,000
On lakes
On canal
Total Aug. 23 1930-182,285.000 3.287,000 19,679.000 12,606,000 5,993,000
Total Aug. 16 1930-174,021,000 2,653,000 16.223,000 12,378.000 4,781,000
Total Aug. 24 1929-176,707,000 5.798,000 19,060,000 8,104,000 7,614,000
No/v.-Bonded grain not included above: Oats, New York. 16.000 bushels:
Buffalo, 217,000: Duluth. 5,000: total, 238,000 bushels, against 341,000 bushels in
1929. Barley. New York, 247.000 bushels; Buffalo. 1.082,000; Duluth, 75,000:
total, 1,404.000 bushels against 1,892.000 bushels in 1929. Wheat, New York,
1,072,000 bushels; Boston. 818,000; Philadelphia, 1,601,000; Baltimore, 1 650,000;
Buffalo, 5.280,000; Buffalo afloat, 598,000; Duluth. 27,000; on Lakes.' 199,000
Canal. 2.147.000; total, 13,392,000 bushels, against 22,128.000 bushels In 1929.
Caned n8,099,000
623,000
Montreal
673.000
614,000
1,623,000 5,631,000 14,173,000
Fort William & Pt. Arthur32,412,000
11,030,000
1,902,000 1,215,000 2,467,000
Other Canadian
Total Aug. 23 1930-.51,541,000
4,148,000 7,519,000
Total Aug. 16 1930-54.353,000
4,191,000 73,338,000
12,145.000 2,696,000
Total Aug. 24 1929__._62.157,000
Sununary
182,285,000 3,287,000 19,679.000 12,606.000
American
51,541,000
4,148,000 7,519,000
'Canadian
Total Aug. 23 1930-233,826,000 3,287,000 23,827,000 20,125,000
Total Aug. 16 1930-228.374,000 2,653,000 20,414,000 19,716,000
Total Aug. 2.4 1929-238,864.000 5,798,000 31.205,000 10,800.000
17,254,000
16,634,000
6,055,000
5,993,000
17,284,000
23 247,000
21:4
1 5,000
13,669,000
The world's shipments of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange,for the week
ending Friday, Aug. 22, and since July 1 1930 and 1929,
-are shown in the following:
Wheat. •
EzPorts-
Week
Aug. 22
1930.
Bushels.
North Amer. 11.719,000
Black Sea.... 2,176,000
Argentilia- 107,000
Australia _ 1,432,000
72,000
India
.0th. countr's 1,112,000
P Totals_
Since
July 1
1930.
Corn.
Since
July 1
1929.
Week
Aug. 22
1930.
Since
July 1
1930.
Since
July 1
1929.
Bushels.
Bushels. Bushels. Bushels.
Bushels.
70.8.37.000 58,497,000
40,000
414.000
893,000
6,792,000
776,000 782,000 13,193,000
307.000
7,641,000 3,596.000 5.390.000 36.747,000 40.570,000
10.312,000 10,184.000
3,944,000
88.000
7,126,000
494,000 1.412,000 9.252,000 5,920.000
_ 17,418.000 106.672.000110,435,000 7,624.000 AR.556.000 47.630.000
By R. L. Day & Co., Boston:
$ per Rh.
Shases. Stacks.
517
3 Merchants National Bank
9334
4 Atlantic Nat. Bank, par $20
40 Atlantic Nat.Bank, par 225_93;g-93;4
120
20 Boston National Bank
55 Federal Nat. Bank, par $20__9734-98
13634
8 Ludlow Mfg. Associates
1 Berkshire Fine Spinning Asso55
ciates, preferred
6 Berkshire Fine Spinning Asso9
ciates, common
136
72 Ludlow Mfg. Associates
100 Standard Public Service CO..
2
common v.1 o
10 Mass.13dg..4 Ins. Co., par $25-105
5 Quincy Market Cold Storage &
5534
Warehouse Co.. preferred
Shares. Stocks.
Per Rh.
2 units First Peoples Trust
2434
2 special units First Peoples Trust_ 3
41 New England Power Assn.,
preferred
8934-8974
4 Western Massachusetts Cos
6234
20 Mass.Bdg.& Ins. Co.. par $25 _ _105
28 Quincy Market Cold Storage &
Warehouse Co., preferred
5534
3 American Mfg. Co., preferred_ 60
7 American Mfg. Co.. common
4534
Bonds.
Per Cent.
$1,000 Dallas R.& Terminal 68,
July 1951
78 & Int
$500 Amoskeag Mtg. Co. 6S,
January 1948
7534 & int.
By Wise, Hobbs & Arnold, Boston:
8 per Sh.
Shares. Stocks.
Associated Textile Cos. as follows:
5 at 35, 8 at 35, 5 at 35. 5 at
3534
35. 5 at
86
7 Pepperell Mfg. Co
234
15 Dwight Mfg. Co
22
10 Nashua Mfg. Co. COM
10 Naumkeag Steam Cotton Co- 88
6
10 Graton & Knight Co.. corn
10 Heywood Wakefield Co.. let pf_ 65
65
8 Boston Insurance Co
6 units Commercial Finance Corp 1534
66 Robert Oak Co., pante. class A. 8
6%
17 New England Power
Co.,
110 & div.
preferred
71 Maas. Utilities Associates.
pref.'
3534-36
par $50
16
30 Tyer Rubber Co.,corn
Shares. Stocks.
$ per Eh.
10 Amer. Glue Co., corn
10214
500 Southern Sugar Co., corn
134
25 Adams Bing. Trust, preferred
carrying common
1134
50 Amer. Glue Co., corn
10234
16 special units First Peoples Trust 3
3 DeWitt Clinton Uebberd School.
preferred
$1 lot
37 American Car & Foundry Motors
preferred and 68 common
21 lot
Bonds.
Per Cent.
$9,000 Punta Alegre Sugar 7s. July
1937 (undeposited)
20-2034 flat
$6,000 Northern Texas Electric Co.
55, Jan. 1940...
4414 Jr lot.
21,000 First Congregational Church,
St. Petersburg, Fla.. 5s, 1938- $100 lot
By Barnes & Lofland, Philadelphia:
Spec Sh.
Shares. Stocks.
38 Bankers Trust Co., par $50---- 70
127
25 Phila. Nat. Bank. par $20
15 Corn Exch, Nat. Bk. & Tr.,
Co., par $20
120%
100 Adelphia Bk. & Tr. Co.,
834
par 410
77 Nat. Ilk. of Germantown & 'fr.
80
Co., par $10
2
20 Plaza Trust Co.. par $10
10 Integrity Trust Co., par $10_ _105
Shares. Block:.
$ per A.
100 Real Estate Land Title & 'Tr.
Co., par $10
4034
25 Central'fr.& Say. Co., par 310. 21
15 Victory Tr. Co.. Camden, N.J.-125
10 Broadway Merchs. Tr. Co.,
Camden, N. J., par $20
50
10 Bankers Securities Corp., Pref-- 4134
10 Union Bank & Trust
25 lot
Bonds.
Per Cent.
$1,0001emple Univ. Ist M.6s.'42- 95
By A. J. Wright & Co., Buffalo:
$ per Sh.IShares.
Shares.
Per Rh.
1100 Assets Realization Co., 3
500 Creighton Fairbanks Mines,
par
$1 lel $10
Ltd., par $1
es par
1000 Bldgood Consolidated Mines,$2104
1000 Peterson Cobalt Min,
5o
par $1
$1
40
CURRENT NOTICES.
-An interesting "Test Analysis of Unsuccessful Industrial Companies"
has been issued as Bulletin No. 31 of the University of Illinois Bureau of
Business Research (Urbana, Ill.: Published by the University). The
study
does not undertake to discover the cause or remedy for failure generally,
but limits itself to an examination of "the resulting condition of
business
concerns after the causes which bring about failure have been at work."
It is hoped that the inquiry may prove useful in interpreting the
condition
of companies that are weak but have not yet failed. The study
develops a
ratio system of comparison-marketable securities, cash,
inventory, fixed
talrie
ad
biwi
eoem
np
litt
i
r cto
ca
orpoittahle,r&aess
tsc.
ing
curr
l
amm
.eb
assoentsa.ncioispt roeffesarrleesd stock, working
rki
,
with total sales,
net earnings with total assets, sales with inventory, and
the like.
DIVIDENDS.
Dividends are grouped in two separate
first we bring together all the dividends tables. In the
current week. Then we follow with a announced the
which we show the dividends previously second table, in
announced, but
which have not yet been paid.
The dividends announced this week are:
1372
Name of Company.
Railroads (Steam).
Boston & Albany (quer.)
Chesapeake & OhioNew $25 par corn.(quar.)(No. 1)
Preferred (quar.)
Dayton & Michigan, pref.(quar.)
Erie & Pittsburgh (quar.)
Little Miami,spec. guar.(quar.)
Original guar.(quar.)
N. Y. Lackawanna & West.(quar.)--- Old Colony (quar.)
Pere Marquette. corn.(quar.)
Prior preference and pref. (guar.)Pittsb., Et. Wayne & Chic., corn.(qu.)
Preferred (quar.)
Pittsburgh & West Virginia, Corn.(guar.)
St. Joseph South Bend & Sou., corn
Preferred
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Books Closed.
Days Inclustre.
Name of Company.
[VOL. 121.
Per
When
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Bush Service, lot pref. (quer.)
.$1.75 Sept. 2 *Holders of rec. Aug. 26
Rush Terminal Co., cam. (quar.)
62%e Nov. 1 *Holders of rec. Sept. 26
7% debenture (quar.)
•1% Oct. 15 *Holders of rec. Sept.26
Bush Terminal Bldgs., Prof. (quar.)_
*1% Oct. 1 "Holders of rec. Sept. 12
Byron Jackson Co., common (quar.)_
- *23c. Sept. 2 *Holders of rec. Aug. 15
California Ink, class A & B (guar.)
*50c.
Calumet & Arizona Mining-Dividend o [flitted Oct. 1 *Holders of rec..Sept. 20
Campbell(A. S.) Co., preferred
*54 Sept. 2 *Holders of rec. Aug. 27
Canada Cement, preferred (quar.)
1% Sept. 30 Holders of rec. Aug. 30
Canada Steamship Lines, pref.-Dividen d actlo n
deferr ed.
Canada Is ire & Cable, class A (quar.)_
$1
Dec. 13 Holders of rec. Nov. 30
Class 13 (No. 1)
Dec. 15 'folders of rec. Nov. 30
Canadian Fairbanks Morse (quar.)
*500. Sept. 15 "Holders of rec. Aug. 30
Carman & Co., class A and 13 (quer.).
*50c.
Class B (50c. cash or 1-40th sh. 13 stk.) *50c. Nov.29 *Holders of rec. Nov. 15
Oct. 25 *Holders of rec. Oct. 15
Carter (11 illiam) Co., preferred (quar.)
_
Sept. 15, holders of rec. Sept. 10
Catelli Macaroni Prod.. pref. (quar.)
•50e. Sept. 15 *Holders of rec. Aug. 30
Century Electric (guar.)
Si
Public Utilities.
Oct. 1 holders of rec. Sept. 15
Chartered Trust & Exchange Co
Amer. States Pub. Serv., corn. A (qtr.)- .40c. Oct. 1 *Holders of rec. Sept.20
1%
Chelsea Exchange Corp., class A & B-D Widen Oct. 1 Holders of rec. Sept. 25
Arizona Power,8% pref. (guar.)
ds omit ted.
Oct. 1 *Holders of rec. Sept. 24
Chicago
Cold
Storage Worth., pf. (qu.)
*,1% Oct. 1 *Holders of roe. Sept. 24
7% preferred (guar.)
Sept. 1
Coca-Cola International, corn. (quar.)..
Bell Telephone of Canada (quar.)
33
*2
Oct. 15 *Holders of rec. Sept.23
Oct. 1 Holders of rec. Sept. 12
Collingwood Terminals, Ltd., pf.(qu.) _ "$1.75
Bell Telep of Pa 655% prof. (qu.)
*1% Oct. 15 *Holders of rec. Sept.20
Sept. 1 *Holders of rec. Aug. 30
Commercial Credit Co., corn.(4=1%)-Binghamton Lt, lit. & Pow., 26 pf.(qu.)
50e. Sept.30 Holders of rec. Sept.10
Oct. I *Holders of rec. Sept.20
655%
first
preferred
(quar.)
*51.25
Oct. 1 *Holders of rec. Sept. 29
$5 preferred (quar.)
Sept.30 Holders of rec. Sept.10
7% first preferred (quar.)
Brazilian Tr L & Pow., pref.
_ *155 Oct. 1 *Holders of rec. Sept. 15
43340. Sept.30 Holders of rec. Sept.10
8% class II preferred (guar.)
British Columbia Pow., ci A (quar.)
50c. Sept. 30 Holders of rec. Sept.10
*5()c. Oct. 15 *Holders of rec. Sept. 30
Class
$3
A
cony.
stock
(quar)
Buff. Niagara & East Pow., corn. (qu.). *40c Sept.30 *Holders of rec. Aug. 30
75c. Sept. 30 Holders of rec. Sept.10
Commercial Investment Trust, com.(qu)
*40c. Sept.30 *Holders of rec. Aug. 30
Class A (quar.)
40e. Oct. 1 'folders of rec. Sept. 5
Common (payable in common stock)_ /155
.40c Oct. 1 *Holders of rec. Sept. 15
Preferred (quar.)
Oct. 1 Holders of rec. Sept. 5
7%
first
preferred
(Oust.)
s$1.25 Nov. 1 *Holders of rec. Oct. 15
1% Oct. 1 Holders of rec. Sept. 5
$5 first preferred (quar.)
6%% first preferred (quar.)
1% Oct. 1 Holders of rec. Sept. 5
Calif. Elec. Generating, pref. (quar.)
.155 Oct. 1 *Holders of rec. Sept. 5
Cony. Prof. series 01 1929 (quer.).Central Maine Power, 7% pref.(quer.)- •I% Oct. I *Holders of rec. Sept. 10
rl
Oct. 1 Holders of rec. Sept. 5
Commercial Solvents, corn.(quar.)
6% preferred (quar.)
250. Sept. 30 Holders of rec. Sept.10
*1
Oct. I *Holders of rec. Sept. 10
Corn.(payable in corn, stock)
f2 Sept.30 Holders of rec. Sept. 10
$6 preferred (quar.)
*21.50 Oct. 1 *Ifolders of rec. Sept. 10
Consolidate
d
Laundries,
common
Citizens Water of Wash.. Pa., pref.(qu.) 1% Oct. 1 Holders of rec. Sept.20
*25c.
Continental Shares, Inc.. pref. (quar.) *51.50 Oct. 1 *Holders of rec. Sept. 15
Coast Cos. Gas 3.; Elec.. lot & 2d pf.(qu.) •155 Sept. 15 *Holders of rec. Aug. 25
Sept. 15 *Holders of roe. Sept. 1
Convertible preferred (quar.)
Consolidated 055(N. Y.) pref. (quar.)_ "51.25 Nov. 1 *Holders of rec. Sept. 30
'21.50 Sept.15 *Holders of rec. Sept. 1
Cooksville
Co.,
Ltd.,
*1%
pref.(quay.)
Eastern Texas Elec. Co., pref. (quar.)_ _
*1 Sept. 15 *Holders of rec. Aug. 30
Oct. 1 *Holders of rec. Sept. 2
Cresson
Consol. Gold Mln.& M.(qu.).
Electric Bond & Share, corn.(quar.) . 11% Oct. 15 Holders of rec. Sept. 5
*lc. Oct. 10
Crosse& 13Iackwell, pref.(quar.)
$6 preferred (guar.)
*87 Mc Aug. 31 *Holders of rec. Aug. 20
21.50 Nov. 1 Holders of rec. Oct. 8
Crown Zellerbach Corp.,Corn.(quar.)_
$5 preferred (guar.)
*25c. Oct. 15 *Holders of rec. Sept.30
$1.25 Nov. 1 Holders of rec. Oct. 8
Cutler Hammer, Inc. OVUM)
Electric Power & Light, $7 pref.(quar.):. $1.75 Oct. 1 Holders of rec. Sept. 13
87e. Sept. 15 Holders of rec. Sept. 5
Detroit & Cleveland Nay.(quar.)- $13 preferred (quar.)
.200. Oct. 1 *Holders of rec. Sept. 15
81.50 Oct. 1 Holders of rec. Sept. 13
Dewey
&
A
lmy Chemical cl. A (qu.)- - - - .50e. Sept. 1 *holders
Feather River Power, pref. A (quar.)_
•155 Oct. 1 *fielders of rec. Sept. 5
of rec. Aug. 21
Preferred
Federal W ater Service, $6 pref.(quar.)_ _ $1.50 Oct. 1 Holders of rec. Sept. 15
$3.50 Sept. 1 Holders of rec. Aug. 21
Dinkier Hotels, class A (quar.)
*50c. Sept. 1 *Holders of rec. Aug. 22
$6.50 preferred (quar.)
$1.625 Oct. 1 Holders of rec. Sept. 15
Buehler
Die-Casting 7% pref.(quar.)_
$7 preferred (quer.)
*8751c Oct. 1 "Holders of rec. Sept.20
$1.75 Oct. 1 Holders of rec. Sept. 15
$7 Preferred (quar.)
*$1.75 Oct. 1 *Holders of rec. Sept.20
Empire Power, panic. pref. (quar.) _ - - .56c. Oct. 1 *Holders of rec. Sept. 16
Dominguez Oil Fields(monthly)
*15c. Sept. 2 'Hol(lers of rec. Aug. 22
Frank ford & Southwark Pass. Ry.(qu.) *24.50 Oct. 1 *Holders of rec. Aug. 30
Extra
•20e. Sept.30'Holders of rec. Sept. 22
Great Vsestern Power, 7% pref. (quar.)_ *1% Oct. 1 *Holders of rec. Sept. 5
Dominion Envelope Cartons, pref.(qu.)_
sr% Sept. 2 •Ilolders of
6% preferred (quar.)
Oct. 1 *Holders of rec. Sept. 5
rec. Aug. 22
Dougla.s
Aircraft
*50c. Oct. 20 *Holders of rec. Sept.10
Greenwich W at.& Gas. Sys.,6% pf.(qu)
Oct. 1 Holders of rec. Sept.20
Draper Corporation (quar.)
31
Oct. 1
Gulf States Utilities, 55% pref.(quar.)
Holders of rec. Aug. 30
21.375 Sept. 15 'Holders of rec. Sept. 2
Eastern Manufacturing, pref.(guar.) _
*8755c Oct. 1 *Holders of rec. Sept.10
$6 Preferred ((friar.)
*$1.50 Sept. 15 *Holders of rec. Sept. 2
Electric Controller & Mfg.(quar.)
$1.25 Oct. 1
Kansas City Power & Light, pfd. B
21.50 Oct. 1 Holders of rec. Sept. 15
Electrographic Corp., cont. (quar.) - - *500 Sept. 2 Holders of rec. Sept. 19
Mutual Tel.(Hawaii) (monthly)
*Holders of rec. Aug. 27
*8c. Sept. 30 •Holders of rec. Sept. 18
Preferred
(quer.)
•1% Sept. 2'Holders of rec. Aug. 27
National Electric Power, class 11 (quar.) *450. Sept.30 *Holders of rec. Sept. 20
Equadorian, Ltd. (quar.) _
*6c. Oct. 1 *Holders of rec. Sept. 10
7% preferred (quar.)
•1% Oct. 1 *Holders of rec. Sept. 15
Ewa
Plantation
(quar.)
Nov.
•1%
"600.
15 *Holders of rec. Nov. 5
6% preferred (quar.)
Oct. 1 *Holders of rec. Sept. 15
Exeter 011 Co., cl. A (quar.)
*3c. Sept.20 *Holders of rec. Aug. 20
National Public Service, Prof. A (guar.) *1.% Oct. 1 *Holders of rec. Sept. 15
Fageol Securities, pref. (quar.)
*1755c Aug. 20 *Holders of rec. Aug. 15
Newport Electric Corp., pref. (guar.)
*1% Oct. 1 *Holders of rec. Sept. 15
Preferred
(extra)
*5c. Aug. 20 *Holders of rec. Aug. 18
Newcastle-upou-Tyne Elec. SupplyFederal Motor Truck (quar.)
"20c. Oct. 1
Amer. dep. reps. ord. reg. (interim)
u.2% Oct. 7 Holders of rec. Sept. 15
First National Stores. Inc., corn. (quar.) 6255c Oct. 1 *Holders of rec. Sept.20
N.J.Power & Light $6 pref.(quar.)
Holders of roe. Sept. 18
*21.50 Oct. 1 *Holders of rec. Aug. 29
Preferred
y, Oct.
(quar.)
$5 preferred (quar.)
1 *Holders of rec. Sept.18
*21.25 Oct. 1 *Holders of rec. Aug. 29
Florence Stove Co.(guar.)
.50c. Sept. 3"Holders of rec. Aug. 21
New Jersey V ater Co.,7% pref.(qu.)
1% Oct. 1 Holders of rec. Sept.20
Preferred (quar.)
*IIR
N.Y. Power & Light 7% pref. (guar.).- *1% Oct. 1 *Holders of rec. Sept. 16
Sept. 3 *Holders of rec. Aug. 21
Foster Wheeler Corp.,corn.(quar.)
50c. Oct. 1 Holders of rec. Sept. 12
$6 preferred (quar.)
"$1.50 Oct. 1 *Holders of rec. Sept. 16
Preferred (quay.)
$1.75 Oct. 1 Holders of rec. Sept. 12
New York Telephone pref.(guar.)
*1% Oct. 15 *Holders of rec. Sept.20
French
Line,
Amer.
Shares
B
*/182c. Aug. 28 *Holders of rec. July 31
New York Water Serv. Corp. pf. (qu.) - 1% Sept. 15 Holders of rec. Sept. 5
General Alloys Co.,cam.(quar.)
*20c. Oct. 1 *Holders of rec. Sept.20
Ohio Edison Co. $5 pref. (quar.)
$1.25 Oct. 1 Holders of rec. Sept. 6
Preferred A (quar.)
*I755c Sept. 2 *Holders of rec. Aug. 20
$6 Preferred (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 6
General
*er
Amer.
Tank Car,corn.(guar.)
Oct. 1 *Holders of rec. Sept. 13
$6.60 preferred (quar.)
21.65 Oct. 1 Holders of rec. 801st. 6
General Fire Extinguisher (quar.)
*50c. Sept.10
$7 preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 6
Gleaner Combine harvester, corn.(qu.) _ *50e Oct. 1 *Holders of rec. Aug. 25
$7.20 preferred (quar.)
*Holders of rec. Sept. 18
21.80 Oct. 1 Holders of rec. Sept. 6 Golden Cycle
Corp. (quar.)
Pennsylvania Water & Power (quar.)
40c. Sept.10 Holders of rec. Aug. 30
The. Oct. 1 Holders of rec. Sept. 19
Great Western Sugar, coin. (quar.)- *1% Oct. 1 *Holders of rec. Sept. 15
Ponce Electric Co. pref.(quar.)
- - *35c. Oct. 2 *Holders of rec. Sept. 15
Preferred
(quar )
Public Service of Cob. pr. (mthly.) ° 41 2-3c Sept. 2 *Holders of rec. Aug. 15
Oct. 2
Greater Louisville Say. & Bldg. Assn_ _ _ *53.50 Aug. 28 *Holders of roe. Sept. 15
Puget Sound Pow.& Light, pref.(qu.)
*Holders of rec. Aug. 9
*$1.50 Oct. 15 *Holders of rec. Sept. 19
Grier (S. M.) Stores, Inc., corn. (qu.).Rochester Central Power pref. (quar.)_ _ *1% Oct. 1 *Holders of
25c. Sept. 15 Holders of rec. Sept. 2
rec. Aug. 30
$7
Preferred
Savannah Elec. & Pow. deb. A (quar.)
(quar.)
$1.75 Sept. 15 Holders of rec. Sept. 2
*2
Oct. 1 "Holders of rec. Sept. 10
Habirshaw Cable & Wire (qu.)25e. Oct. 1 Holders of rec. Sept. 1s
Debenture stock series B (quar.)
-- - *1% Oct. I *Holders of rec. Sept. 10
Hathaway Manufacturing, corn.-Divide nd omi tted.
*1% Oct. I *Holders of rec. Sept. 10
Debenture stock series C (quar.)
Hilton Hotels, Inc.(monthly)
6% preferred
*25c. Sept. 1 *Holders of rec. Sept. 1
Oct. 1 *Holders of rec. Sept. 10
lIelme(George W.)Co.,corn.(quar.)_Second & 3d Sts. Pass. Ity., PhIbI. MO - *82
$1.25 Oct. 1 Holders of rec. Sept.10
Oct. 1 *Holders of rec. Sept. 1
Preferred (Oust',)
Southwestern 13011 TeleP. pref. (quer.).- *1% Oct. I *Holders of rec. Sept. 20
Oct. 1 Holders of rec. Sept.10
Hercules Powder, corn. (quar.)
Winnipeg Electric Co. pref. (quar.)
75c. Sept.25 Holders of rec. Sept. 13
I% Oct. 1 Ifolders of rec. Sept. 6
Heywood-Wakefield Co., lot pref
*31.75 Sept. 2 *Holders of rec. Aug. 27
Honolulu Consolidated Oil (quar.)
*50c. Sept. 15 *Holders of rec. Sept. 5
Banks.
Ilonolulu Plantation (monthly)
PrLsco State-dividend omitted
*25c. Sept. 10 *Holders of rec. Aug. 30
Hooker Electrochemical, corn. (quar.)
Public Natioral Bank & Trust (guar.)._ $1
-- *115 Aug. 31 *Holders of rec. Aug. 21
Oct. 1 *Holders of rec. Sept.20
Humble 011 & Refining
(quar.)
50c. Oct. I Holders of rec. Aug. 30
Imperial Tobacco of Canada,
corn
Miscellaneous.
8540. Sept. 30 Holders of rec. Sept. 3
Preferred (quar.)
3
Sept. 30 Holders of rec. Sept. 3
Interlake Iron (guar.)
Abbott Laboratories, corn. (quar.)
.25c. Sept. 25 *Holders of rec. Sept. 10
•62%c Oct. 1 *Holders of rec. Sept. 18
International Cement, corn.
Acme Glove 11, orks, Ltd., 1st pt.(qu.) •81%r Sept. 15 *Holders of rec. Aug. 31
(quer.).- - - *51
Sept.30 *Holders of rec. Sept. 11
Internat.
Petroleum, reg. shares (quar.)
Second preferred (quar.)
250. Sept. 15 Sept. 2 to Sept. 15
*75e. Sept. 15 *Holders of rec. Aug. 31
Bearer shares (guar.)
American Arch Co., corn. (quar.)
25c. Sept. 15 Holder of coup. No. 26
415c. Sept. 2 *Holders of rec. Aug. 21
International Proprietaries, el. A (qu.)
Allied Chemical & Dye, pref. (quar.)Mc. Sept. 15 Holders of rec. Aug. 25
I% Oct. 1 Holders of rec. Sept. 11
International Silver, Prof.
Allied Laboratories, pref. (quar.)
*87%c Oct. 1 *Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 12a
International Textbook (quar.)
•1 3.5
Aluminum Co. of Amer., pref. (quar.)
Oct. 1 *Holders of rec. Sept. 15
75c. Oct. I Holders of rec. Sept. If)
Jefferson
Electric (quay.)
American Bakeries, class A (quar.)
•75e. Oct. 1 *Holders of rec. Sept. 16
*50c. Oct. 1 *Holders of rec. Sept. 15
Johansen Shoe, corn. (quar.)
*1.
Preferred (quar.)
Oct. 1 *Holders of rec. Sept. 16
37550. Sept. 1 Holders of rec. Aug. 28
Katz
American Can, pref. (quar.)
1% Oct. 1 Holders of rec. Sept. 15a KelseyDrug, corn. (emir.)
*50e.
Sept. 15 *Holders of rec. Aug, 31
-Hayes Wheel, corn. (quar.)
American Chain, Prof. (guar.)
*1*4 Oct.
1 *Holders of roe. Sept.20
50c. Oct. I Holders of rec. Sept. 19
Keystone Pipe & Supply, prof
Amer. Furniture Mart Building (quar.)_
1% Oct. 1 Holders of rec. Sept.20
*$3.54) Sept. 1 *Holders of rec. Aug. 25
Romp
Film
American Hardware (quar.)
Laboratory (monthly)
*21
Oct. 1
•lc. Sept. 1 *Holders of rec. Aug. 25
Koppers Gas & Coke, pref.
Quarterly
(quar.)
*V
Jan 131
*SELO Oct. 1 *Holders of rec. Sept. 11
Kresge (S. S.)Co., corn.
Amer.Home Products(monthly)
(quay.)
*350. Oct. 1 *Holders of rec. Sept.15
*400. Sept. 30 "IMIders of rec. Sept. 11
Preferred
(quar.)
American Hosiery (quar.)
*50c. Sept. 1 *Holders of rec. Aug. 26
*155 Sept. 30 *Holders of rec. Sept. II
Laboratory Products
Amer. International Corp., corn
(guar.)
Oct. 1 Holders of rec. Sept. 12
21
"e3 Oct. 15 *Holders of roe. Sept.20
Landed Banking & Loan (quar)
American Safety Razor (quar.)
*$1.25 Sept. 30 *Holders of rec. Sept.10
*22.50
Oct: 1 *Holders of rec. Sept. 15
Lane Bryant, Inc. (guar.)
American Surety (quar.)
21.50 Sept.30 Holders of rec. Sept. 13a Lehigh
*50c. Oct. 1 "Holders of rec. Sept. 15
Valley
Coal
Corp.,
American Tobacco, pref. (ouar.)
155 Oct. 1 Holders of rec. Sept. 10
pref.(qu.)-- - *75c. Oct. 1 *Holders of roc. Sept. 1
Lehigh
Valley Coal Sales (quan)
Armstrong Cork (quar.)
*250. Oct. 1 *Holders of rec. Sept.17
*90c. Sept. 30 *Holders of rec. Sept. 11
Lerner Stores Corp., corn.
Associated 011, corn.(quar.)
550c. Sept. 30 *Holders of rec. Sept. 13
(quay.)
50c. Sept. 16 Holders of rec. Sept. 6
Lindsay Light, pref.
Associated Rayon, pref.(quar.)
(quar.)
*155 Sept. 2 *Holders of roe. Aug. 28
*11 5,1e Sept.20 *Holders of rec. Sept. 10
Mathieson
Alkali Works, corn, (quay.). _
Atlantic Terra Gotta, prior pref. (quar.) *1% Sept. 15 *Ilolders of rec. Sept. 5
50c. Oct. 1 Holders of rec. Sept. 12
Preferred (quay.)
Automatic Musical Instrument, pref.- Dividend omit ted
134 Oct. 1 Holders of rec. Sept. 12
McClatchy Newspaper, prof.
.1% Aug. 30 'Holders of roe. Aug. 29
Autostrop Safety Razor, class A (.9u.)_ _ _ 575e. Oct. 8 *Holders of rec. Sept. 10
(quar.)_
:Welchers Distilleries, Cla.S3
Class 13 (guar.)
A (quar.)_ _ _ *50c Sept. 15 'Holders of rec. Sept. I
*75e. Nov. 1 'Holders of rec. Oct. 10
Merck
Corp.,
pref.
(quar.)
Babcock & Wilcox Co.(quar.)
2
Oct. 1 Holders of rec. Sept. 17
"I% Oct. I *Holders of rec. Sept.20
I'referred (quar.)
Backstay Welt Co.(quar.)
*50c. Oct. 1
2
Jan2'31 Smolders of rec. Dec. 17
Merrimac Hat, corn. & pref.
Baldwin Rubber, class A (quar.)
*51
(quar,)_
*37
Sept. 30 *Holders of rec. Sept.20
Sept.
2 *Holders of ree. Aug. 25
Metal
Textile,
panic.
Banerof (Joseph)& Sons Co., corn.(au.)
*81,1le Sept. 1 *Holders of roc. Aug. 20
500. Sept.30 Holders of roe. Sept. 15a Metropolitan Coal, Prof. (guar.)
13elgo Canadian Paper, Prof. (quar.)
pref. (guar.)
I% Oct. 1 Holders of rec. Sept. 2
*15i Sept. 30 *Holders of rec. Sept. 23
Midvale
Co.
(guar.)
Blumenthal(Sidney) dr Co., pref.(qu.)
$1
Oct. 1 Holders of rec. Sept. 13
1% Oct. 1 Holders of rec. Sept. 15
monighan Mfg.,class A (quar,)
Dobbs-Merrill Co.(qirer.)
*45c. Oct. 1 'Holders of roe. Sept.20
°
Montreal Cottons, Ltd., coin,
Bohon(D.T.) Co.,common A-Divides d56%r Sept. 1 *Holders of rec. Aug. 20
(quar.)- 1 15 Sept. 15 Holders of rec. Aug. 31
passed.
Preferred
(guar.)
Boott Mills
15f Sept. 15 Holders of rec. Aug. 31
Sept. 2 *Ilolders of rec. Aug. 16
*3
Morrison Brass, Prof.
Bradley Knitting, common (quar.)
*51.75 Sept. 2 *Holders of ree. Aug. 27
*75c. Sept. 1
Motor Products Corp.,(quar.)
First and second preferred (quar.)__
corn.(quar.)--- - *.50c. Oct. 1 *Holders of rec. Sept.'20
*1%
_
Sept.
1
Diablo
Mt.
011 Mining & Dee.(quar.)- Brennan Packing, class A (quar.)
*lc. Sept. 1 *Holders of rec. Aug. 24
*SI Sept. 2 "Holders of rec. Aug. 20
National Breweries, common (quar.)
Briggs & Stratton Corp.,common (quar.)
*40c. Oct. 1 *Holders of rec. Sept. 15
550c. Sept. 30 *Holders of rec. Sept.20
Preferred (quar.)
British-American Tobacco. preference
.44e.
Oct. 1 *Holders of rec. Sept. 15
2% Sept. 30 Holders of coup. No.54
Brick
Nat.
of Lapralrie, Prof. (quar.)__
Bunker 11111 & Sullivan
750. Sept. 15 Holders of rec. Aug. 50
Nat. Lumber & Creosoting, pref. (qu.)_ _
Mining & Concentrating (mthly.) _ _ .25e.
Oct. 1 *Holders of rec. Sept. 21
_ *2
*Holders of rec. Aug. 28
Sept.
5
National
Steel
(quar.)
Extra
"50e. Sept. 15 *Holders of rec. Sept. 6
*25c. Sept. 5 *Holders of rec. Aug. 28
National Surety (guar.)
$1.25 Oct. 1 Holders of rec. Sept:I7a
2
Sept. 30 Holders of rec. Aug. 30
*62%c Oct. 1 *Holders of rec. Sept. 8
Janl'31 *Holders of rec. Dee. 8
Oct. 1
*51
87%c Sept. 10 Holders of rec. Aug. 30a
*n0e. Sept. 10 *Holders of rec. Aug. 26
*21.10 Sept. 10 *Holders of rec. Aug. 26
*155 Oct. 1 *Holders of rec. Sept. 15
*1% Oct. 1 *Holders of rec. Sept. 13
*1% Sept.30 'Holders of rec. Sept. 8
5155 Nov. 1 *Ilolders of rec. Oct. 3
*1% Oct. 1 *Holders of rec. Sept. 10
*1% Oct. 7 *Holders of rec. Sept. 10
1% Oct. 31 Holders of rec. Oct. 15
75e. Sept. 15 Sept. 11 to Sept. 14
255 Sept. 15 Sept. 11 to Sept. 14
AUG. 30 1930.]
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
1373
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
13f1seefis news (Concluded).
Railroads(Steam) (Concluded).
88c. Oct. 1 Holders of rec. Aug. 30a
Bangor & Aroostook common (quar.)_..
New Method Laundry, pref. (quar.)__* $1.625 Sept. 2 *Holders of rec. Aug. 25
134 Oct. 1 Holders of rec. Aug. 306
750. Oct. 1 Holders of rec. Sept. 3
Preferred (emu%)
Nlehohr Copper class A & B _
234 Oct. 1 HOlders of rec. Sept. 20
Oct. 1 Holders of rec. Sept. 10
Boston de Providence (guar.)
Noranda Mines, Ltd.(quar.)
234 Oct. 1 Holders of rec. Sept. 2a
*50c. Oct. 1 "Holders of rec. Sept. 10
Canadian Pacific. corn.(quar.)
Ohio Finance (quan)
2
Oct. 1 *Holders of rec. Sept. 10
Oct. 1 Holders of rec. Sept. 2
*el
Stock dividend
Preference
*200
750. Oct. 1 Holders of rec. Sept. 6a
Chesapeake Corp. common (quar.)
*Holders of rec. Aug. 25
Ohio Mid Cities Corp.. prof.(quar.)
*10c. Oct. 25 *Holders of rec. Oct. 20
75c. Sept. 4 Aug. 21 to Sept. 3
Chestnut Hill RR. (guar.)
Preferred A (No. 1)
g Sept.30 Holders of roe. Sept.. 56
'Holders of rec. Sept. 2
Ohio Steel Foundry 1st. & 20 pt.(qu.)
Chic.11.1.& Pao.,corn.(guar.)
'$1.50 Oct. 1 *Holders_of ree. Sept.10
Cinc. New Orleans & Tex. Pee., pref.(qu) .1X Sept. 2 *Holders of rec. Aug. 15
Oliver Farm Equip., pr. pref.(quar.) _
Participating preferred-no action ink en
Cleve.& Pittsburgh. guaranteed (qua:.). 8730 Sept. 2 Holders of roe. Aug. 96
Ontario Mfg.. corn.-dividend omitted
50e Sept. 2 Holders of rec. Aug. 90
Special guaranteed (quar.)
"131 Oct. 1 "Holders of rec. Sept.20
Consolidated RRs. of Cuba pref. (guar.) 134 fret. 1 Holders of roe. Sept. 100
Preferred (quar.)
82340 Oct. 1 Holders of rec. Sept.10
S1.20 Sept. 29 Holders of rec. Sept.296
Cuba RR. common (guar.)
Otis Steel, corn.(quar.)
"131 Oct. 1 *Holders of rec. Sept. 19
Feb2'31 Hold. of rec. Jan.15•31a
3
Prior preferred (Quar.)
Preferred
*25e. Sept.30 *Holders of rec. Sept.19
231 Sept. 20 Holders of rec. Aug. 280
Parke, Davis de Co.(quar.)
Delaware & Hudson Co. (guar.)
*10c. Sept.30 "Holders of rec. Sept. 19
Dec. 31 Holders of rec. Dec. I31
2
Erie RR.. let and 2nd preferred
Extra
50c. Oct. 12 Holders of rec. Sept. 16
Phillips Petroleum (guar.)
Gulf Mobile & Northern. pref.(guar.)- 154 Oct. 1 Holders of rec. Sept.18a
*10c. Sept. 1
Pioneer Mill (monthly)
Aug. 30 •HoldeN of roe. Aug. 20
Hartford & Connecticut W estern
*50c. Oct. 1 'Holders of rec. Sept. 10
Pittsburgh Plate Glass (Oilar.)
131 Sept. 2 Holders of rec. Aug. 8a
Illinois Central common (quar.)
*134 Sept. 1 *Holders of rec. Aug. 25
Plimpton Manufacturing (quar.)
Sept. 2 Holders of rec. Aug. 80
8
Preferred
*50c. Sept. 30 "Holders of rec. Sept. 16
Plymouth Oil (quar.)
13( Oct. 1 Holders of rec. Sept. 15
Maine Central common (quar.)
131 Sept. 15 Holders of rec. Sept. 2 • Preferred (quar.)
Port Alfred Pulp & Paper, pf.(qu.)
131 Sept. 2 Holders of rec. Aug. 15
131 Oct. 1 Holders of rec. Sept.10
Pure Oil Co.,534% Pref.(qu.)
Sept. 30 Holders of rec. Sept. 56
Mo.-Kansas-Texas. common ((boar.)... Si
8% preferred (quar.)
134 Oct. 1 Holders of rec. Sept.10
131 Sept.$0 Holders of rec. Sept. 5a
Preferred A (quar.)
2
Oct. 1 Holders of rec. Sept.10
8% preferred (quar.)
Preferred A (quar.)
131 Dec. 31 Holders of rec. Dec. 60
Rapid Electrotype, coin. (quar.)
*50c. Sept.15 "Holders of rec. Sept. 1
131 Oct. 1 Holders of rec. Sept. 15a
Missouri Pacific, Prof. (quar.)
*$1.25 Oct. 1 *Holders of rec. Sept. 12
Real Silk Hosiery, corn.(auar.)
New Orleans. Texas & Mexico (guar.).- 134 Sept. 2 Holders of rec. Aug. Ira
Preferred (quar.)
.131 Oct. 1 "Holders of rec. Sept. 12
131 Oct. 1 Holders of rec. Aug. 150
N.Y.Chic.& St. Louts,corn.& pfd.(01.1)
Reliance Mfg.(Ohio) corn.(qu.)
Oct. 1 Holders of rec. Sept. 15
21
N.Y. N. II. & Hartford, corn.(quar.).. 134 Oct. 1 Holders of rec. Sept. 56
Repu'llo Investing Corp. pref. (quar.)_ *35c. Oct. 1 *Holders of rec. Sept. 15
Preferred (guar.)
131 Oct. 1 Holders of rec. Sent 54
Republic Steel Corp.• prof.
' (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 12
Norfolk & Western common (guar.).- 234 Sept.19 Holders of roe. Aug. 30a
Robinson(Dwight
& Co., let Pf.(qe.) "$1.75 Oct. 1 *Holders of rec. Sept. 20
Pennroad Corp.(No 1)
20c Sept.15 Holders of roe. Aug. ria
Root Refining pref. & prior pref.-divide ndsom Itted.
Pennsylvania RR.(quar.)
Aug. 30 Holders of tee. Aug. la
$1
Republic Portland Cement, pref.(quar.) "$1.75 Sept. 1 "Holders of rec. Aug. 20
Phila. Germantown & Norr. (guar.)
$1.50 Sept. 4 Aug. 21 to Sept. 3
Ruberoid Co.,corn.(quar.)
"$1 Sept. 15 *Holders of rec. Aug. 30
Pittab., Youngst.& Ashtabula, Prof.(qu) 131 Sept. 2 Holders of rec. Aug. 20
131 Oct. 1 Holders of rec. Sept. 12
St. Maurice Valley Corp., pref.(qu.)
600. Sept.11 Holders of rec. Aug. 2I0
Reading Co.. 1st preferred (guar.)
*50c. Oct. 1 *Holders of rec. Sept.10
Sangamo Electric Co.,corn.(quar.)
50o. Oct. 9 Holders of roe. Sept. 180
Second preferred (quer.)
*131 Oct. 1 *Holders of rec. Sept.10
Preferred (quar.)
Holders of roe. Sept. 2a
St. Louis-San Francisco, corn.(qua:.)... 2
Oct.
Schiff Company,corn.(quar.)
50c. Sept.15 Holders of rec. Aug. 30
134 Nov.
Holders of ree. Oct. la
Preferred (quar.)
131 Sept. 15 Holders of rec. Aug. 30
Preferred (quer.)
St. Louis Southwestern. pref. ,quar.)..... 131 Sept.3 Holders of roe. Sept.136
*2
Schulte Retail Stores, pref.(quar.)
Oct. 1 "Holders of roe. Sept. 12
Southern Pacific Co. ((par.)
134 Oct. I Holders of rec. Aug. 250
*750. Oct. 1 *Holders of rec. Sept.15
Scoville Mtg. (quar.)
Texas dr Pacific, corn. & pref. (quer.).134 Sept.30 Holders of rec. Sept. 150
Second Na 'I Investors, cony. pref.(qu.) $1.25 Oct. 1 Holders of rec. Sept. 100 Union Pacific common (guar.)
234 Oct. 1 Holders of rec. Sept. 26
3
17 Park Avenue, Inc., preferred
Sept. 15 Aug. 31 to Sept. 15
2
Holders of rec. Sept. 20
Oct.
Preferred
Signal Oil & Gas, class A & B (quar.)--- *50e. Sept.10 "Holders of rec. Aug. 30
*231 Oct.
*Holders of tee. eel 20
United N. J. RR. & Canal Cos. NUJ
*50c. Sept. 15 *Holders of rec. Aug.
Signal Royalties, class A & B (quar.)
*234 Jan 113 *Holders of ree.Ifec.20'30
Quarterly _
3
0
.50c,
Sept. 1 'Holders of rec. Aug. 23
Sivyer Steel Casting, coin
Holders of rec. Sept. 86
234 Oct.
Vicksburg Shreve. & Par, common
South American Railways, pref.(No. 1). $1.75 Sept. 1 Holders of rec. Aug. 20
Holders of rec. Sept. 80
234 Oct.
Preferred
35e. Oct. 1 Holders of rec. Sept. 10
South Porto Rico Sugar, com.(quar.)..
2
Oct. 1 Holders of rec. Sept. 10
Preferred (quar.)
Public Utilities.
*750. Sept.30 *Holders of rec. Sept. 15
Sparta Foundry (quar.)
Specialized Shares, com.-Div. passed.
$1.75 Oct.
Holders of rec. Sept. 15
Alabama Power. $7 prof. (quar.)
"3735c Oct. I *Holders of rec. Sept.
Standard Brands, corn. (quar.)
$1.50 Oct. 1 Holders of rec. Sept. 16
$6 preferred (quar.)
8
*$1.75 Oct. 1 "Holders of rec. Sept. 8
Preferred A (quar.)
$1.25 Nov.
Holders of rec. Oct. 15
25 preferred bluer.)
Aug.
*60c.
15
Standard Cap & Seal (quar.)
*Holders of rec. Aug. 1
Holders of rec. Aug. 20
Alabama Water Service $5 pref. (qtr.)._ 51.50 Sept.
132340 Oct. I Holders of rec. Sept. 12
Standard Oil(Ohio) corn.(qua:.).
Amer. Electric Power $7 pref.(qua:.)... $1.75 Sept.15 Holders of ree. Aug. 29
Standard Steel Construction. el. A (qu.) "75e Oct. 1 *Holders of rec. Sept. 10
Holders of rec. Aug. 20
$1.50 Sept.
$6 preferred (guar.)
16 2-3c Sept. 30 *Holders of rec. Sept.
Stearns (F.)& Co.(monthly)
Holders of rec. Aug. 16a
25e. Sept.
Amer.Power & Light,corn.(guar.)
134 Oct. 1 Holders of rec. Sept. 20
Stein (A.) & Co., pref. (quar.)
*Holders of rec. Sept. 18
Amer. Public Utilities, pr. pref. (guar.) *1% Oct.
15
*75c. Oct. 1 *Holders of rec. Sept. 5
Texas Corporation (quar.)
'134 Oct. 1 "Holders of rec. Sept. 15
Participating preferred (quar.)
25c. Oct. 1 Holders of rec. Sept. 10
Texon 011 & Land. corn. (quar.)
134 Sept. 2 Holders of rec. Aug. 254
Amer. Telegraph & Cable (quar.)
Common (extra)
23
Oct. 1 Holders of rec. Sept. 10
231 Oct. 15 Holders of rec. Sept. 20a
Amer. Telep. & Telex.(guar.)
Tide Water Associated Oil, pref. (quar.) *21.50 Oct. 1 *Holders of rec. Sept. 9
Amer. Water Works & Elec., pref. (0311.) 81.50 Oct. I Holders of tee. Sept. Ila
*200. Sept. 30 "Holders of rec. Sept.
Tide Water Oil, corn.(quar.)
Associated Gas & Elec..$8 pref.(Qua:.) - $1.50 Sept. 2 Holders of rec. July 31
9
*$1
Todd Shipyards (guar.)
Sept.20 *Holders of rec. Sept.
21.625 Sept. 2 Holders of rec. Jury 31
$6.50 preferred (qua:.)
"21.75 Sept. 1 *Holders of rec. Aug. 5
Tona Shares, let pref. (quar.)
81.35 Sept.15 Holden of reo. Aug. 15
$5 preferred (quar.)
20
41.75 Sept. 1 *Holders of roe.
Preferred (quar.)
Nov. 1 *Holders of rex. Oct. 17
Associated Telep.& Teleg. Cl. A (extra) "$1
$8.50 prior preferred (quar.)
• 81.625 Sept. 1 *Holders of rec. Aug. 20
Oct. 15 Holders of rec. Sept. 50
Associated Telep. Utilities corn.(qua:.) 12
Aug.
20
"6234c Oct. 1 "Holders of rec. Sept.
Trico Products Corp. (quar.)
$1.75
Sept.
15 Holders of rec. Aug. 30
(qua:.)
preferred
prior
$7
Truscon Steel, core. (quar.)
*30e. Oct. 15 "Holders of rec. Sept. 8
$1.50 Sept. 15 Holders of rec. Aug. 30
$6 prior preferred (quar.)
Tudor City Seventh Unit, pref
3
Sept. 15 Aug. 31 to Sept.26
$1.50 Oct. 1 Holders of rec. Sept. 15
$6 convertible preferred (qua:.)
9
Union Carbide & Carbon
85c. Oct. 1 Holders of rec. Sept. 4
75c. Sept. 2 Holders of rm. Aug. 20
Atlas Utilities pref. A (quar.)
United Aircraft Corp., prof. (quar.)_.._ "75c. Oct. 1 "Holders of rec.
Bangor Hydro-El. Co.6% pref.(qu.)... •15.i Oct. 1 'Holders of rec. Sept. 10
United Amusement Corp.. A & B (qu.)_ _ *50c. Sot.15 *Holders of rec. Sept. 10
•131 Oct. 1 *Holders of rec. Sept.10
7% preferred (quar.)
Aug.
31
United Artists Theatre Circuit, pfd.(qu.) 411.75 Sept. 15 *Holders of rec.
Birmingham Water Works, pref. (qua:.) •1;4 Sept.15 *Holders of rec. Sept. 1
Aug. 30
4,1% Oct. 1 *Holders
United Business Publishers, pref.(qu.)
Boston Elevated Rys., corn. (quar.)_... *134 Oct. 1 *Holders of rec. Sept. 10
of rec. Sept. 21
United Founders Corp., coin. (quar.)
'334 Oct. 1 'Holders of rec. Sept. 10
Second preferred (guar.)
(f) Oct. 1 Holders of tee Sept.
1-70th share common stock
50c Sept. 2 Holders of roe. July 31
Brazilian Tree., Light & Pow.,ord.(qu.)
United Grain Growers, Ltd.(annual)... 6
Sept. 1 Holders of rec. July 2
2 Sept. 2 Holders of roe. Aug. 154
Brooklyn Edison Co. (quar.)
31
United Hellenic Bank Shares, corn. (Otr.) *100. Oct. 1 *Holders of rec. Sept.
(qu.)
A
pf.
$1.50
Transit,
Oct. 15 Holders of rec. Oct. la
Brooklyn-Manhattan
6
*10c. Oct. 1 *Holders of rec.
Preferred (quar.)
$1.50 Jy 15'31 Holders of roe. Dee. 31a
Preferred. series A (qua:.)
Sept.
6
'6c. Sept. 10 *Holders of rec. Sept.
United Milk (monthly)
Ap15•31 Hold.of roe. Apr. 1 1931e
$1.50
Preferred,
(quar.)
series
A
1
*$1.25 Oct. 1 *Holders of roe.
$1.25 Oct. 1 Holders of rec. Sept. 2a
United Publishers, corn.(quar.)
Brooklyn Union Gas Co.(qua:.)
4.134 Oct. 1 *Holders of rec. Sept. 20
Preferred (quar.)
4.1.34 Sept. 15 "Holders of rec. Sept. 1
Butler Water, 1st pref.(Quer.)
Sept.20
United States Leather, pr. pref.((buer.). 134 Oct. 1 Holders of rec. Sept.
150, Oct. 25 Holders of roe. Sept.30
Canada Northern Power common (qn.)Utilities Hydro & Rail Shares, common_ •14c. Oct. 1 'Holders of rec. Sept.10
▪ 131 Oct. 15 Holders of ree. Sept.30
Preferred (qua:.)
2
"60c. Sept.15 *Holders of rec.
Viking Pump, pref.(qua:.)
Holders of rec. Aug. 1
Canadian Hydro Elec., pref.(qua:).... 134 Sept.
Aug.
30
Vogt Manufacturing, common (quar.)-500. Oct. 1 Holders of rec.
Canadian IN est. Nat. Gas L. li. & Pr.
"3734c Oct. 1 "Holders of rec. Sept. 15
Waldorf System, Inc., corn.(quar.)
*134 Sept. 1 "Holders of rec. Aug. 15
Preferred (Oiler.)
Sept.
20
Preferred (quar.)
*20c. Oct. 1 *Holders of rec. Sept.
*25c Sept. 1 *Holders of rec. Aug. 15
Extra
20
Warner Company,common (goar.)
50c. Oct. 15 Holders of rec.
Cent. Ark.Public Sere., pref.(qual.)... 131 Sept. 2 Holders of rec. Aug. 15a
30
Common (extra)
25c. Oct. 15 Holders of rec. Sept.
Central Gee & Elec.,$634 prof.(qua:.).. $1.825 Sept. 1 Holders of rec. Aug. 16
Sept.30
First and second pref.(guar.)
131 Oct. 1 Holders of rec.
*131 Oct. 15 "Holders of rec. Sept.30
Central Ill. Pub. Service, pref. (quar.)
Warren Pipe & Foundry (quar.)
*50e. Oct. 1 *Holders of rec. Sept. 15
Central Indiana Power, pref. (qua:.)... 131 Sept. 2 Holders of rec. Aug. 20
Weill (Raphael) & Co., prof
*4
Sept. 1 *Holden of rec. Sept. 15
pf.
(qu.).
Sept. 2 'Holders of roe. Aug. I
'134
Miss.
Prop..
Central
Val.
El.
Wellington 011 (qua:.)
'Sc. Sept.15 'Holders of rec. Aug. 1
Central Public Berv. Corp., cl. A (qu.). n4351c Sept. 15 Holders of roe. Aug. 2
Aug. 30
*se. Sept. 16 "Holders
Extra
$1.75 Oct. 1 Holders of rec. Sept.1
87
preferred
of
(guar.)
rec.
Aug.
30
Wesson Oil & Snowdrift, corn.(qua:.) 50c. Oct. I
$1.50 Oct. 1 Holders of rec. Sept.1
e6 preferred (qua:.)
4.13.4 Oct. 8 *Holders of rec. Sept. 15
West Coast Oil, pref. ((boar.)
81 Oct. 1 Holders of roe. Sept.1
$4 pi eferrexi (qua:.)
Holders of rec. Sept. 28
Preferred (distribution of assets)
•240
100 Oct. 1 Holders of roe. Sept.
Central States Elec. Corp., corn.(qu.)
"Holders of rec. Sept. 2
Western N. Y. Motor Line, common_
•$1
Sept.
*Holders of rec. Aug.
stock)
f234 Oct. 1 Holden of rec. Sept.
corn.
(payable
Common
in
Preferred
'$4
Sept.
131 Oct. 1 Holders of roe. Sept.
*Holders of rec. Aug. 25
7% pref. (Issue of 1912)(quar.)
25
Pipe
Western
& Steel of California
*50c. Sept. "Holders of
134 Oct. 1 Holders of rec. Sept.
8% preferred (qua:.)
Weyenberg Shoo Mfg., pref. (quar.)
*131 Sept.1 "Holders of rec. Aug. 25
Cony.Prof.(series of 1928, (quer.).-- (es) Oct. 1 Holders of rec. Sept.
rec. Sept. 5
Worthington Pump & Mach., pf. A (qu.)
Oct.
(qua:.)... (m) Oct. 1 Holders of rec. Sept.
1929)
(series
Cony.
of
pref.
*Holders
of
ree.
Sept.
e5534 Oct.
10
Pref. A (acc't accumulated dive.)
Chicago Rap. Tram.. pr. p1. A(In'th1.1)- *135e Sept. 1 *Holders of roe. Aug. I
"Holders of rec. Sept. 10
Prof. B (quar.)
•134 Oct.
*600 Sept. 1 *Holders of IVO. Aug. 1
Prior Preferred B (monthly)
"Holders of rec. Sept. 10
Pref. B (acc't accumulated dive.)
*5114 Oct.
Chic.
So.Shore& Bo Bend,Pf. A(qu.).. 134 Sept. 2 Holders of reo. Aug. 1
"Holders
of
rec.
Sept. 10
Yale & Towne Mfg.(guar.)
(quar.).......
50o. Oct.
pref.
134 Sept. 1 Holders of rec. Aug. 15
Ilium.,
Elea.
Cleveland
Holders of rec. Sept. 10
Yellow Taxi Corp. of N.Y.-Div.omitte d.
15c. Sept. 1 Holders of rec. Aug. 40
Commonwealth & South.Corp.com.(1111)
Youngstown Sheet & Tube, corn.(qu.) *$1.25 Oct.
Oct. I Holders of rec. Sept. 5g
$1.50
$8
(quar.)
preferred
'Holders
of
rec. Sept.
.1,154 Oct.
Preferred (quar.)
Commonwealth Utilities, $6.50 pt. (qu.) 31.625 Aug. 30 "Holders of rec. Aug. 20
*Holders of rec. Sept. 14
14
Young (L. A.) Spring & Wire (quar.)
750. Oct.
Community Water Sere. let pref.(gL). 21.75 Sept. 2 Holders of tee. Aug. 20
Holders of rec. Sept. 15
Zonitc Products Corp.,corn.(guar.)._ _ *25c. Sept.1 "Holders
Connecticut light & Power, corn.(ow.). "134 Sept. 1 "Holders of rec. Aug. 15
of roe. Sept. 5
*14 Sept. 1 *Holders of rec. Aug. 15
634% preferred (quar.)
*131 Sept. 1 *Holders of rec. Aug. 15
531% Preferred (quar.)
Below we give the dividends announced in previous weeks Connecticut
*13254c Sept. 2 *Holders of rec. Aug. 15
Power, corn. (qnar.)
0=501. Gas. EL L.& P..Balt..com.(qu.) *90c. Oct. 1 *Holders of rec. Sept. 15
and not yet paid. This list does not
dividends an- 5% preferred series A (qua:.)
'134 Oct. 1 *Holders of rec. Sept. 15
nounced this week, these being given in
n the preceding table. 6%
preferred series D (qua:.)
"134 Oct. I 'Holders of rec. Sept. 15
*134 Oct. 1 "Holders of rec. Sept. 15
534% Preferred series E (qua:.)
(guar.)
core.
Y.,
N.
Consolidated
Gas
of
Sept. 15 Holders of ree Aug. 150
21
Per
When
Books Closed.
Consol Gas Utilities class A (quar.)
550. Sept. 2 Holders of roe Aug. 15
Name of Company.
Cent. Payable.
Days Inclusive.
Consumers Power. 25 Pref.(quar.)
*51.25 Oct. 1 "Holders of roe. Sept. 15
*134 Oct. 1 *Holders of tee. Sept. le
6% preferred (guar.)
Railroads (Steam).
*1.65 Oct. 1 *Holders of rec. Sept. 15
6.6% Preferred (qua:.)
Alabama & Vicksburg
3
Oct. 1 Holders of rec.
O131 Oct. I *Holders of rec. Sept.15
Sept. 80
7% Preferred (qua:.)
Atch. Topeka de Santa Fe common (qu.). 231 Sept. 2
Holders of rec. July 25a
6% preferred (monthly)
*50e. Sept. I *Holden of tee. Aug. 15
Atlanta & Charlotte Air Line
*434 Sept. 2 *Holders of
8% Preferred (monthly)
•50c. Oct. 1 *Holders of roe.
Atlantic Coast Line Co.(quar.)
*$2.50 Sept. 10 "Holders of rec. Aug. 20
13
rec. Aug. 30
•55c. Sept. 1 *Hoidens of rec. Sent.
Baltimore & Ohio, common (quar.)
0.6% preferred (monthly)
131 Sept. 2 Holders of roe.
Aug. 15
July
6.6% Preferred (monthly)
*550. Oot. 1 *Holders of ree. Sept.
Preferred (quar.)
Sept. 2 Holders of roe. July 19a Dayton
II
Power
pref.
&
(mthly.)
Light,
*50e.
19a
Sept.
1
Boston & Maine, common (quar.)
*Holders
of
rec. Aug. 20
Oct. 1 Holders of rec.
Sept. I3a Eastern Shore Pub. Berv.. $1331 PLElui• 51.625 Sept. 1 *Holders of tee.
Prior preference (quar.)
134 Oct. 1 Holders of rec.
Aug.
15
e6 preferred (quar.)
Sept. 13
41.50 Sept. I 'Holders of rec. Aug. 15
e% preferred Mari
134 Oct. 1 Holders of
East Kootenay Power pref. (quar.)
131 Sept. 15 Holders of roe. Aug,
First preferred, class A (quar.)
134 Oct. 1 Holders of rec. Sept. 13
rec. Sept. 13
Empire & Bay State Telephone (quar.)_ .
Sept. 2 *Holden of rec. Aug. 21
801
First preferred, class B bluer.)
2
Oct. 1 Holders of rec.
•66 2-3c Sept. 1 *Holders of rec.
Emil. Gas & Fuel 8% pf.(mthly.)
First preferred, class C (quar.)
131 Oct. 1 Holders of rec. Sept. 13
Aug. 15
7% pre/erred (monthly)
58 1-3c Sept. 1 Holders of tee. Aug. 15
First preferred, Clfa39 D (Oiler.)
234 Oct. 1 Holders of rec. Sept. 13
634% preferred (monthly)
54 I-6e Sept. 1 *Holden of rec. Aug. 15
First preferred. class E (guar.)
134 Oct. 1 Holders of rec. Sept. 13
Sept. 13
8% preferred (monthly)
*50c. Sept. 1 "Holden of rec. Aug. 15
1371
Name of Company.
[You 131.,
FINANCIAL CHRONICLE
Per
When
Cent. Payable.
Books Closed.
Days Imitates.
Name of Company.
When
Per
Cent. Payable.
Books Closets
Days Inclustre.
Public Utilities (Continued).
Public Utilities (Concluded).
Engineers Public Service, corn. (guar.).
600. Oct. I Holders of rec. Sept. 17a Southern Calif. Edison, pref. A (qua?.) 439(c Sept.15 Holders of roe. Aug. 20
$5.50 preferred (quer.)
51.375 Oct. 1 Holders of rec. Sept. 17a
Preferred B (guar.)
3734c Sept.15 Holders of roe. Aug. 20
$1.25 Oct. 1 Holders of rec. Sept. 17a Southern Calif. Gas, 5634 pref. (qu.)--• 51.625 Aug. 30 *Holders of rec. JU1Y 31
25 preferred ((mar.)
Federal Light & Tract., corn.(quar.)
37540. Oct. 1 Holders of rec. Sept. 13a Southern Canada Power, pref.(questa- 154 Oct. 15 Holders of rec. Sept. 20
Soot
h.
Cities UM., 56 pr. pfd. (quar.)-- 51.50 Sept. 2 Holders of rec. Aug. 26
Common (payable In common stock)- fl Oct. 1 Holders of ree. Sept. 134
$1.50 Aug. 30 Holders of rec. Aug. 15a Southern Colorado Power, pref. (qu.)
Preferred (guar.)
154 Sept.15 Holders of ree. Aug. 30
Federal Water Service, cons. A (qu.)
030e. Sept. I Holders of rec. Aug. la Southern Natural Gas 57 prof.(quar.)_ _ $1.75 Sept. 1 Holders of rec. Aug. 20
Standard Claq & Electric,$4 nref. (qua?.) 51
100. Sept. 1 Holders of rec. Aug. 31
Common B ((mar.)
Sept. le Holders of ree. Aug. 300
Florida Power. 7% pref. A (guar.)
Standard Pow.& Lt., cl. A & B (guar.).
'134 Sept. 1 *Holders of roe. Aug. 15
500. Sept. 2 Holders of roe. Aug. 12
Stand. Pub. Serv., el. A (au.)(in A stk.) e2
'87340 Sept. 1 *Holders of roe. Aug. 15
7% Pref. ($50 par) (guar.)
Sept. 1 Holders of rec. Aug. 15
Standard Utilities. Inc., corn
$1.80 Sept. 2 Holders of rec. Aug. 20
Gary Rye., pref. A (guar.)
1254c Sept. 1 Holders of rec. Aug. 20
500. Sept. 1 Holders of rec. Aug. 15
Gas& Elec. Securities. corn.(monthly)
Tacony-Palmyra Bridgepi Sept. 1 Holders of rec. Aug. 15
Common (payable in coin. stoell)- -Common and class A (No. 1)
75e Sept.30 Holders of rec. Sept.15a
*50c. Oct. 1 "Holders of rec. Sept. 15
Tennessee Elec. Power 5% 1st pf.(qu.). 114 Oct. 1 Holders of rec. Sept. 15
Common (monthly)
6% first preferred (quar.)
58 1-3c Sept. 1 Holders of rec. Aug. 15
Preferred (monthly)
154 Oct. 1 Holders of rec. Sept.15
•
Preferred (monthly)
7% first preferred (quer.)
58 I-3c Oct. 1 *Holders of rec. Sept.15
14 Oct. 1 Holders of rec. Sept. 15
*50c. Oct. 1 "Holders of rec. Sept. 15
7.2% first preferred (quar.)
Gas Securities Co.. corn.(monthly)
1.80 Oct. 1 Holders of rec. Sept. 15
'/154 Oct. 1 'Holders of rec. Sept. 15
6% first preferred (monthly)
Common (payable In corn. stock)
50e. Sept. 1 Holders of rec. Aug. 15
"500. Oct. 1 'Holders of rec. Sept. 15
6% first preferred (monthly)
Preferred ((mar.)
500 Oct. 1 Holders of rec. Sept. 15
7.2% first preferred (monthly)
57 Mc. Oct. 1 Holders of roe. Aug. 29a
General Gas & Elec corn. A & B (au.)
600. Sept. 1 Holders of rec. Aug. 15
Oct. I Holders of roe. Aug. 258
7.2% first preferred (monthly)
a8 preferred (guar.)
$2
600. Oct. 1 Holders of ree. Sept. 15
$1.75 Oct. 1 Holders of roe. Aug. 29a Tide Water Power,$6 pref.(guar.)
$7 preferred (quar.)
*31.50 Sept. 1 *Holders of rec. Aug. 15
$1.50 Sept.15 Holders of rec. Aug. I5a Toledo Edison,5% pref.(monthly)_._'41 2-3c Sept. 2 "Holders of reo. Aug. 15
Cony. pref. series A (guar.)
$5 preferred A 5c B (qu.)
6% pref. (monthly)
$1.50 Sept.15 Holders of rec. Aug. 15
*50e. Sept. 2 "Holders of ree. Aug. 15
1% Sept. 2 Holders of rec. Aug. 12a
•58 1-3c Sept. 2 *Holders of rec. Aug. 15
Havana Electric fly., pref. (quar.)7% prof. (monthly)
Tri-State Tel. dr Tel. 6% pref.(quar.)_ *15e Om 1 l*Holders of rec. Nov. 15
Houston Gulf Gas, Pref. A & B (quar.) "14 Sept. 1 'Holders of rec. Aug. 15
1% Oct. 1 Holders of rec. Sept. 15
Union Natural Gas of Canada (quar,).... ,
Illinois Power Co., 6% pref.(quar.)
135e.
'
1014.10 *Holders of rev. July 15
Extra
1% Oct. 1 Holders of rec. Sept.15
7% preferred (guar.)
*Me. Sept. 10 *Holders of rec. July 15
1,
A Sept. 1 Holders of rec. Aug. 20
United Corporation. corn.(No. 1)
Illinois Water Service. pref. (quar.)
50c Oct. 1 Holders of roe. Aug. 256
Indiana Hydro-Eiee. Pow., pref. (guar.) 1M Sept.15 Holders of rec. Aug. 30
Preference (guar.)
750 Oct. 1 Holders of rec. Sept. 541
United Gas Corp.$7 Pref.(qu.)(No. 1). $1.75 dept. 2 Holders of rec. Aug. 18
Indiana Service Corp., 7% pref.(guar.) 14 Sept. 2 Holders of roe. Aug. 15
1% Sept. 2 Holders of rec. Aug. 15
United Gas & Elec. Corp.. pref.(qu.)
6% preferred (guar.)
•154 Oct. I *Holders of rec. Sept. 15
1% Oct. 1 Holders of rec. Sept. 12a
Indlanapolle Water Co., pref. A (quar.)_
30e Sept 30 Holders of rec. Aug. 304
Ungird
prG
efas
Intercontinents Power, coin. A (quar.)
500. Sept. 1 Holders of roe. Aug. 1
errIed
mp
(Tuvar
em
.)ent mu.(qua"- $1.25 dept. 30 Holders of rec. Aug. 300
1% Sept. 1 Holders of rec. Aug. 15
Utilities Power & Light, corn.(qua?.)...
Prefened (guar.)
u25c Oct. 1 Holders of roe. Sept. 5
'31.5 Sept. 1 *Holders of rec. Aug. 20
International fly. (Buffalo) pref
Class A (guar.)
u5Ors Oct. 1 Holders of ree. Sept. 50
Internat. Securities Corp.. cl. A (qua?.) •75c. Sept. 2 'Holders of rec. Aug. 15
u25e. Oct. 1 Holders of rec. Sept. 5
•1254c Sept. 2 'Holders of rec. Aug. 15
C
Pre
lass
Clam B (qua?.)
ferB
red(ci(Tura
.
)
r.)
ul% Oct. 1 Holders of roe. Sept. 5
Virginia Elec. & Power,6% pref.(quar.)
*14 Sept. 2 "Holders of rec. Aug. 15
6% preferred (guar.)
dept.20 Holders of rec. Aug. 300
1
•14 Sept. 2 *Holders of rec. Aug. 15
614% preferred (quar.)
Washington fly. & Elec., corn.(quar.).. '154 AKA. I "Holders of rec. Aug. 16
Preferred (oliar.)
7% preferred (guar.)
•11i Sept. 2 *Holders° f rec. Aug. 15
'III lent. , *Holders of rec. Aug. 16
'Ironwood & Bessemer fly.& L.. pf.(qu.) '134 Sept. 1 "Holders of rec. Aug. 15
Washington Water Power, $6 pref.(go.) .51.50 Sept.15 *Holders of ree. Aug. 23
Keystone Telep. of Phila..$4 pf.(q11.)
• 31.625 Sept.15 *Holders of rec. Aug. 23
*61 Sept. I 'Holders of rec. Aug. 20
MIS Preferred (guar.)
Western Continental Utll., cl. A (guar.) 42 1-2, ,ePt. 1 *Holders of rec. Aug. 10
Key West Electric Co., pref. (quar.)
Sept. 2 *Holders of rec. Aug. 15
of
Laciede_Gas Light, corn. (guar.)
234 Sept.15 Holders rec. dAug.30s Western Mass. Co,. (quay.)
689(0. Sept.30 Holders of rec. Sept.16
Lake Superior Dist. Pow.,6% pf.(guar.) *14 Sept. 1 'Holders of rec. Aug. 1
Western Power Corp., pref.(quar.)
14 Oct. le Holders ot rec. Sept.80
•131 Sept. 1 'Holders of rec. Aug. 15
West Ohio Gas, pref. A (quar.)
7% preferred (quar.)
14 Sept. 2 Holders of roe. Aug. 15
Wein Penn Elec. Co.. class A Nuar.)
1% Sept. 2 Holders of roe. Aug. 20
Lexington Water Co. pref.(guar.)
$1.75 dept. 31 Holders of roe. Sept. 17e
Wheeling Electric, pref. (guar.)
Hold,of rec. Feb.2 1931
Lone Star Gas,corn.(in corn.stk.)
(V)
*154 Sept. 2 'Holden of tee. Aug. 9
Louisville Gas & Elec., corn. A & B (au) 434(.. Sept.25 Holders of rec. Aug. 300 Williamsport Water Co.. $6 pref.(guar.) $1.50 Sept. 2 Holders of roe. Aug. 20
Sept. 2'Holders of rec. Aug. 20
Middlesex Water (guar.)
Wilmington Gas Co.. preferred
*SI
-lea. I Holders of rec. Aug. 120
3
Wisconsin Public Serv., 7% prof. (qu.). 134 Aept.20 Holders of rec. Aug. 30
Middle Western Telep.. cam. A (qu.)_.. '43940 Sept.15 *Holders of roe. Sept. 6
Common A (quar.)
"43140 Dec. 15 'Holders of roe. Dec. 5
64% preferred (guar.)
14 Sept.20 Holders of rec. Aug. 30
Midland United Co.. corn.(quar.)
f154 Sept.24 Holders of rec. Aug. 30
0% Preferred (quer.)
134 Sept.20 Holders of rec. Aug. 30
Convertible pref., series A (quar.)- - P75c.Sept.24 Holders of rec. Aug. 30
Midland Utilities Co., 7% pr. lien (qu.) .13.‘ Oct. 6'Holders of rec. Sept. 22
Banks.
•1
Oct. 6 "Holders of rec. Sept. 22
6% Prior lien (quar.)
1,154 Oct. 6 'Holders of rec. Sept. 22
Chase National (guar.)
7% preferred A (guar.)
al Oct. 1 Holders of rec. Sept. 106
Chase Securities Corp.(quar.)
6% preferred A (quar.)
'134 Oct. 6 *Holders of rec. Sept. 22
Minneapolis Gas Light,6% prof.(guar.) *15.4 Sept. 2 "Holders of roe. Aug 20
Trust Companies.
7% preferred (guar.)
el% Sept. 2 Holders of roe. Aug. 20
Monongahela West Penn Public Service
7% preferred (qua?.)
Chelsea Bank dr Trust (qmar.)
43810 Oct. 1 Holders of rec. Sept. 15
824c. et. 1 Holders of rec. Sept. 12a
Municipal Telenh. Util.. el. A (extra).- •25e Nov.15 Holders of ree. Oct. 15
Continental Bank & Trust(qua?.)
300. Sept.15 Holders of reo. Sept. 6
Irving (guar.)
Mutual Tel.(Hawaii)(monthly)
.080. Aug. 31 Holders of roe. Aug. 19
40c. Oct. 1 Holders of rec. Sept. 2
Nassau & Suffolk Lighting, pref. (quar.) 14 Oct. 1 Holders of rec. Sept. 16
National Power AC Light, corn. (quar.)-25e, Sept. 2 Holders of rec. Aug. 9a
Fire Insurance.
National Public Service, corn. A (guar.)
400. Sept. 15 Holders of rec. Aug. 27
North River Insurance ((incr.)
me Sept. it Fielders of ree. Sept. 8
Common B (guar.)
400. Sept. 1 Holders of me Aug. 16
United States Fire Ins. (guar.)
$3.50 cony. preferred (guar.)
871$0. Sept. 1 Holders of rec. Aug. 15
60c. Nov. 1 Holders of roe. Oct. 22
$3 cony. preferred (guar.)
750. Sept. 1 Holders of rec. Aug. 15
Nebraska Power Co., 7% pref. (guar.) 1% Sept. 2 Holders of rec. Aug. 15
Miscellaneous.
6% Preferred (mar.)
14 Sept. 2 Holders of rec. Aug. 15
Newark Telephone (flUer.)
oil Sept.10 *Holders of roe. Aug. 29
Abitibi Power & Paper,6% pref.(qua?.) 154 Oct. 2u Holders of roe. Oct. 10a
Quarterly
Deo. 10 Holders of reo. Nov.30
•31
New England Gas& Elea., pref.(qu.)..... 81.375 Oct. 1 Holders of roe. Aug. 20
7% Preferred (guar.)
1% Oct. 1 Holders of rec. Sept. 20
Adams Express common (quar.)
New England Pub. Serv., corn.(quo-40e. Sept. 30 Holders of rec. Sept. 15a
25c. Sept.30 Holders of rec. Sept.15
Preferred (quar.)
Common (payable in common stk.)
134 Sept.30 Holders of rec. Sept.15a
1154 Sept.30 Holders of rec. Sept.15
Addrebsograph Internat. (quar.)
$7 prior lien pref. (guar.)
'3714c rt. 10 'Holders of rec. Sept. 22
$1.75 Sept.15 Holders of rec. Aug. 30
Agnew Surpass Shoe Ste., pref.(qu.)
56 Drlor lien pref. (guar.)
$1.50 Sept.15 Holders of rec. Aug. 30
14 Oct. 1 Holders of roe. Sept.15
New England Telep. & Teleg.(guar.)--- 2
Ainsworth Mfg., coin.(guar.)
"623$0 Sept. 2 *Holders of me. Aug. 20
Sept.30 Holders of rec. Sept. 10
Allegheny Steel, corn.(monthly)
New Rochelle Water Co.. pref.(guar.).- 15.4 Sept. 2 Holders of Tea. Aug. 20
15e. Sept.18 Holders of rec. Aug. 30a
New York Steam Co., $6 pref. (quar.).._ 51.50 Oct. 1 Holders of rec. Sept. 158
Preferred (qual.)
el% Sept. *Holders of ree. Aug. 15
Preferred (quar.)
'Holders of roe. Nov. 15
87 preferred (guar.)
0154 Dee.
$1.75 Oct. 1 Holders of rec. Sept. 158
75e. Sept.
Holders of rec. Aug. 204
North American Co., corn.(quer).- eed% Oct. 1 Holders of rec. Sept. 56 Allen industries prof.(quar.)
1$4 Sept.
Preferred (quar.)
Holders of reo. Aug. 20
750 Oct. 1 Holders of rec. Sept. 54 Alliance Realty, pref. ((Mar.)
Preferred (guar.)
194 flea.
North American Edison Co.. pref. (e11.) 21.50 Sept. 2 Holders of roe. Aug. 164
Holders of ree. Nov.20
Allied Products Corp., clam A (quar.)... "8754e Oct.
No. American Lt. & Pow.,$6 pref.(qu.) 51.50 Oct.
*Holders of ree. Sept.15
Holders of roe. Sept.20
Aluminum Industries, corn. (qua?.)- -- .3754r Sept. 1 "Holders of rec. Aug. 30
North Amer. Utility Securities Corp.
Aluminum Ltd.6% pref.(qu.)(No. I)... .154 Sept.
*Holders of rec. Aug. 15
First preferred (guar.)
$1.50 Sept.15 Holders of rem Sept. 2
Aluminum Mfrs., Inc., tom.(qua?.)... *50e Sept.30 *Holders of rec. Sept.15
•gr
Northern Liberties Gas
Sept. 8 *Holders of rec. Aug. 4
Common (guar.)
•50c Dec. 8 'Holders of ree. Dec. 15
Northern Ontario Power, corn.(quar.)
500 Oct. 25 Holders of reo. Sept.30
Preferred(guar.)
el% Sept.
*Holders of rec. Sept.15
Preferred (quar.)
1% Oct. 25 Holders of coo. Sept.30
Preferred (quar.)
1.194 Dec. 3 *Holders of rec. Deo. 15
Northern States Pow.(Wisc.) pref.(qu.) 154 Sept. 2 Holders of rec. Aug. 20
Amalgamated Laundries Pref.(mthl..V.)-* 58 1-3c Sept, *Holders of ree. Aug.
Northwestern Pub. fiery.. 7% pref.(qu.) •154 Sept. 2'Holders of rec. Aug. 19
15
American Bank Note,corn.((mar.)
50c Oct.
Nova Scotia Light & Power. Pref.(qu.)- el 4 Sept. 2 *Holders of rec. Aug. 16
Holders of rec. Sept 10a
Preferred (quar.)_
750Oct.
Ohio Power. 6% pref. (quar.)
e134 Sept. 2 *Holders of rec. Aug. 8
Holders of rec. Sept. 10a
Amer.
Brit.
let
&
pref.
Continental
(qu.)
•$1.50 Sept.
Ohio Pub. Sere.. let pref. A (mthly.)--• 58 1-30 Sept. 2 *Holders of roe. Aug. 15
*Holders of rec. Aug. 15
Amer.Capital Corp.,$5.50 pr. pfd.(qu)• $1.375 Sept. 2 *Holders of rec. Aug.
5% preferred (monthly)
•41 2-3c Sept. 2 *Holders of rec. Aug. 15
15
Amer. Chicle common (quar,)
50e. Oct. 1 Holders of rec. Sept. 120
6% preferred (monthly)
4,50e. Sept. 2 *Holders of roe. Aug. 16
Common
(extra)
25e. Oct. 1 Holders of rec. Sept. 1241
Ohio Telephone Service, pref.((Mara
*154 Sept.30 *Holders of rec. Sept. 23
Amer. Colortype Co.. coin.
*60o Sept. 'Holders of roe. Sept.12
Preferred*15i Dee. 8 "Holders of roe. Dec. 24
Preferred (guar.)
Oklahoma Gas & Klee. pref. (qua?.)
14 Sept. 1 Holders of roe. Aug. 14
*134 Sept.! *Holders of rec. Aug. 30
American (The) Corp. corn.(No. 1L..
Oregon Water Service, $6 Prof.(quar.)_. *51.50 Sept.
15e. Sept.20 Holders of rec. Sept. 56
*Holders of ree. Aug. 15
American
Dock
Co.
(quar.)
Otter Tall Power, corn. (guar.)
"2
15
Sept. 1 *Holders of rec. Aug. 21
rec.
*Holders
Aug.
of
"52.25 Sept.
Peninsular Telephone.corn.(quar.)....... e350. Oct.
*Holders of ree. Sept. 15r1 Amer.& General Securities, $3 pref.(qu) The. Sept. 2 Holders of roe. Aug. 15
Common Omar 1-Me Sept. 2 Holders of rec. Aug. 140
'gee. Jan 11 Mold, of roe. Den. 15 '30 American Home Products (monthly)_ _
American International Corp.
Pennsylvania Gas & El. Corp.. A 000 •37140 Sept.
*Holders of roe. Aug. 20
Common (payable in common etook)_. /2
57 preferred (quar.)
Oct. 1 Holders of rec. Sept. 12
Molders of ree. Sept. 20
*31.75 Oct.
Amer.
Investment
(quar.)-- 14 Sept. 1 Holders of ree. Aug. 15
7% preferred (guar.)
Trust
pref.
roe.
*Holders
of
20
Sept.
*1% Oct.
Preferred (qua?.)
Pennsylvania Ilium. Corp. of Scranton11$ Dec. 1 Holders of reo. Nov. 15
Amer. Laundry Machinery,00M.(171UarJ '$1 Sept. 1 *Holders of ree. Aug. 20
Class A (No. 1)
Holders of rec. Aug. 20
12%c Sept.
American Locomotive, COM.(quar.)-$1
Pennsylvania Power, 86 Pref.(quar.)._
Sept.30 Holders ot rec. Sept. 12a
Holders of roe. Aug. 20
$1.50 Sept.
Preferred (quar.)
$6.60 preferred (monthly)
Holders of roe Aug.'
134 Sept.30 Holders of rec. Sept. 12a
20
Me. Sept.
American Manufacturing, corn. (guar.). 1
Penn.State Water Corp.,$7 pref.(qu.)_ $1.75 Sept.
Oct. I Sept. 16 to Sept.80
Holders of roe. Aug. 20
Common (guar.)
Peoples Light & Power, corn. A (quar.)-- /60c. Oct.
Holders of rec. Sept. 8
I
Dec. 31 Dee. 16 to Dec. 30
Preferred (guar.)
Philadelphia Co., 5% preferred
Holders of rec. Aug. 20a
114 Oct. 1 Sept. 16 to Sept.80
1.25 Sept.
Preferred
(qua,.)
Philadelphia Elec. Power. pref.(quar.)_.
of
rec.
Sept.
Holders
194 Dec. 81 Dec. 16 to Dee. $0
10d
50e. Oct.
Phila. Suburban. Water Cm., pref.(311.) 1% Sept.
Holders of rec. Aug. 120 American Metal, own.(guar.)
8734e Sept. 2 Holders of reo. Aug. 210
Preferred (guar.)
Porto Rico Telephone, prof
Called for red. Oct. 1
$4
Oct.
134 Sept. 2 Holders of roe. Aug. 21a
Amer. Multigraph (guar.)
Power Corp. of Canada, ist pref.(qua?.) 1% Oct. 1 Holders of rec. Sept. 30
6234e Sept. 1 Holders of roe. Aug. 15
American National Co.(No. 1) (guar.). *20c. Oct. 1
Second preferred (guar.)
750. Oct. 1 Holders of roe. Sept. 30
Public Electric Light, pref. (qua?.)
American News, Inc.. (bl-monthii)---*Holders of rec. Aug. 23
*114 Sept.
50e. Sept.15 Holders of rec. Sept. 50
Public Serv. of Colo.,7% pref.(mthly.)' 58 1-3c Sept.
Amer. Radiator & Standard Sanitary
*Holders of rec. Aug. 15
6% preferred (monthly)
Corp., common (guar.)
*Holders of rec. Aug. 15
"50c. Sept.
3734e Sept.30 Holders of roe. Sept. ha
Public Serv. Corp.of N.J.. corn.(qu.)20
(quar.)
Preferred
Sept.
85e. Sept.30 Holders of roe.
15.4 Sept. 1 Holders of roe. Aug. 156
8% preferred (Qua?.)
2
Sept.30 Holders of rec. Sept. 28 Amer.& &sottish Invest., MM.(qua?.),.
•300. Sept. 1 *Holders of roe. Aug. 15
7% Preferred (guar.)
t34 Sept. 30 Holders of rev. Sept. 20 Amer. Shipbuilding common (quar.)---- $1.25 Nov. 1 Holders of rec. Oct. 15a
$5 preferred (guar.)
Preferred
(quar,)
$1.25 Sept.30 Holders of ree. Sept. 20
134 Nov. 1 Holders of rec. Oct. 15
6% preferred (monthly)
50c. Aug. 30 Holders of ree. Aug. la Amer. Smelting de Refining. pref.(qu.)15.4 Sept. 2 Holders of roe. Aug. 8a
6% preferred (monthly)
Seoond preferred (quar.)(No. 1)
Bpc. Sept.30 Holders of ree. Sept. 26
(0 Sept. 2 Holders of rec. Aug. 15
Public Serv. Co. of Oklahoma, com.(qu.)
American Store( (oar.)
Oct. 1 Sept. 21 to Oct. 1
2
50e. Oct. I Holders of rec. Sept. 158
7% Prior lien (guar.)
American Sugar Refining, room. (guar.).
I% Oct. I Sept. 21 to Oct. 1
134 Oct. 2 Holders of reo. Sept. 50
6% prior lien (guar.)
Preferred (guar.)
1% Oct. 1 Sept. 21 to Oct. 1
154 Oct. 2 Holders of roe. Sept. 54
Pub. Serv. Elec. & Gas 7% pref.(guar.) 154 Sept.30 Holders of roe. Sept. 20 American Surety ((mar.)
$1.50 Sept.30 Holders of rec. Sept. 134
6% preferred Omar.>
134 Sept.30 Holders of rec. Sept. 20 Amer. Tobacco, corn. & corn. B (quar).
$2 Sept. 2 Holders of rec. Aug. 96
Rochester Gas & Elec., 7% pre( B
Common& common B(extra)
154 Sept. 2 Holders of rec. July 31
$4 Sept. 2 Holders of ree. Aug. 90
6% preferred series C (quar.)
Amer. UM.& General Corp.class A (qu.) 32(4u' Sept. 2 Holders of rec. Aug. 21
1% Sept. 2 Holden Of rec. July 31
rwrins ((mar.)
Class II (quar.)
194 Sept. 2 Holders of rec. July 31
10c. Sept. 2 Holders of rec. Aug. 21
Seaboard Public Service.$6 pf.(quar.)_. $1.50 Sept.
Preferred (guar.)
Holders of roe. Aug. 15
75c. Sept. 2 Holders of rec. Aug. 21
AUG.30 1930.1
Name of Company.
FINANCIAL CHRONICLE
When
Per
Cost. Payable.
Books Closed,
Days Inclusive.
Miscellaneous (Coratinsed).
American Writing Paper, pref.(quar.)-- $1 Sept.30 Holders of rec. Sept.20a
25e. Oct. 2 Holders of reo. Sept. 13
Amoskeed Mfg.. common (guar.)
.Anchor Post Fence (qui On stock)_ _ "e214 Oct. 1 *Holders of rec. Sept.15
*20e. Oct. 15'Holders of rec. Oct. 5
Angle Steel Stool (guar.)
Anticosti(The) Corp., preference (guar.) 134 Sept. I Holders of rec. Aug. 15
Armour & Co.of Delaware. pref. (quar.) 14( Oct. 1 Holders of rec. Sept. 106
Armour & Co.(Illinois). pref. (quar.)_._
144 Oct. 1 Holders of rec. Sept. 10.
Arnold Print Works panic. pref.(qu.) *8744c Sept. 2 *Holders of rec. Aug. 20
Artloom Corp.. Pref. (guar.)
144 Sept. 1 Holders of rec. Aug. 15
Associated Apparel industriesCommon (guar.)
Oct. 1 Holders of roe. Sept.190
31
Associated Dry Goods, ilret pref.(qu.)134 Sept. 1 Holders of rec. AMC. 90
144 Sept. I Holders of rec. Aug. 90
Second preferred (guard
Atlantic. Gulf & W.I .BS. Linea, corn
51 Aug. 30 Holders of rec. Aug. 1th
Preferred ( uar.)
134 Sept.30 Holders of rec. Sept. 10a
134 Dec. 31 Holders of reo. Dee. II
Preferred (gum.)
*Atlantic Refining, corn.(guar.)
25e. Sept.15Holders of rec. Aug. 21a
25e. Sept.15Holders of rec. Aug. 21a
Common (extra)
Atlantic Securities Corp., pref.(quar.)
750. Sept. S Holders of rec. Aug. 15
AtlasPowder. corn.(quar.)
$I
Sept.10 Holders of rec. Aug. 290
250. Sept. 2 Holders of reo. Aug. 150
Atlas Stores Corp., corn.(quar.)
M Sept. 2 Holders of reo. Aug. 150
Corn. (payable in corn. stock)
Corn.(payable in corn. stock)
1134 Dee. 1 Holders of rec. Nov. 170
Corn.(payable In oorn. stook)
1144 Mar 2'3 1 Hold. of reo. Feb.16 '31a
Autocar Co. Ore!. (quar.)
$2
Sept. 15 Holders of rec. Sept. 5
Auto Gear Works pre!. (guar.)
*41 Mc Sept. 1 *Holders of rec. Aug. 20
Balaban Sr Katz. corn.(guar.)
•75e Sept.27 *Holders of roe. Sept 15
Preferred (guar.)
*134 Sept 27 'Holders of rec. Sept. 15
Baldwin-Duckworth Chain (guar.)
$1.50 Sept. 2 Holder.] of rec. Aug. 21
Bamberger(L)& Co., pref.(quar.)
134 Sept. 2 Holders of roe. Aug. 150
Barker Bros., COM.(guar.)
500 Oct. 1 Holders of rec. Sept. 136
Preferred (guard
134 Oct. 1 Hnlders of rec. Sept.)30
Bastian Blessing Co., corn.(quar.)
•750. Sept. 1 *Holders of roe. Aug. 15
Bawl!(N.) Grain Co., pref. (guard
144 Sept. 2 Holders of rec. Aug. 15
Beacon Participations, panic. ord.(qu.) *25e. Sept. 2 *Holders of rec. Aug. 15
Beaton & Caldwell Mfg.(monthly)
4,25c. Sept. 2 'Holders of rec. Aug. 30
Monthly
•25c. Oct. 1 *Holders of rec. Sept.30
Beech-Nut Packing (quar.)
750. Sept.30 Holders of reo. Sept. 120
Beldlng-Corticelli. Ltd., pref. (guar.).134 Sept.15 Holders of rec. Aug. 30
Bendix Aviation (guar.)
500. Oct. 1 Holders of reo.
100
Beneficial Loan Society (quar.)
'Sc. Sept. 2 "Holders of rec. Sept.
Aug. 20
Bentley Chain Stores,coin.(quar.)
30e. Sept. 1 Holders of rec. Aug. 20
El Sept. 1 Holders of roe. Aug. 20
Preferred (guar.)
Berkshire Fine Spin. Associates pir. (12U.) I 44 Sept. 2 Holders of rec. Aug. 15
50e. Sept.15 Holders of rec. Aug. 250
Beet & Co. common (guar.)
51.50 Nov. 15 Holders of rec. Oct. 170
Bethlehem Steel, common (quar.)
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 50
Bigelow-Sanford Carp.&Rug. pf. (qU.). •144 Nov. 1 'Holders of rec. Oct. 17
Blew-Knox Co.(guard
3734c Sept. 2 Holders of rec. Aug. 8
.3744c Nov. 15 "Holders of roe. Nov. 10
Bloch Bros., common (quar.)
Preferred (guard
•134 Sept.30 "Holders of rec. Sept. 25
•144 Dec. 31 'Holders of rec. Dee.
Preferred (Guard
(ff) Sept 1 Holders of reo. Aug 28
Blue Ridge Corp., pref.(guar.)
5
Blum's. Inc., pref. (quar.)
•8744c Sept. 1 'Holders of rec.
Aug. 15
81
Bon Ami Co., class A (quar.)
Oct. 30 Holders of rec. Oct. 15a
Class B (guar.)
50e. Oct. 1 Holders of roe. Sept.24
Borden Co. (guard 715e Sept. 2 Holders of roe. Aug.
Boston Woven Hose & Rubb. corn.(qu.) $1.50 Sept.15 Holders of rec. Aug. 15a
30
Bower Roller Bearing
.25e. Sept. 1 *Holders of rec. Aug.
15
Brach (E..1.) & Sons (guar.)
•500 Sept. 2 *Holders of roe. Aug. 18
Brill Corp.. pref. (guar.)
144 Sept. I Holders of rec. Aug. 186
British-American TobaccoOrdinary bearer shares (interim)
(r) Sept.10 Hold, of coup. No. 136
Ordinary registered shares
(r) Sept.30
See note (r)
British Type Investors (bi-monthly)
9e Oct. 1 Holders of rec. Sept. 1
Brown Fence & Wire, class A (quar.)
130c. Aug. 31 Holders of rec. Aug. 15
Class B (qua?.)
150 Aug. 31 Holders of rec. Aug. 15
Brown Shoe,corn.(guar.)
250 Sept. 1 Holders of roe. Aug. 20a
Buckeye Pipe I Inc (quar)
$I Sept.15 Holders of rec. Aug. 22
Bucyrus-Erie Co.. corn.(quar.)
25e Oct. 1 Holders of rec. Aug. 28
Preferred (guar.)
1% Oct. 1 Holders of ree. Aug. 28a
Convertible pref. (guar.)
6234e Oct. 1 Holders of reo. Aug. 280
Budd Wheel,corn.(guar.)
25e Sept.30 Holders of rec. Sept. 10a
Preferred (quar.)
'134 Sept.30 'Holders of rec. Sept.10
Preferred (extra)
•75e. Sept.30 'Holders of rec. Sept.10
Salem Watch,corn.(Qum.)
750. Sept. 2 Holders of roe. Aug. 20a
Preferred (quay.)
8744c Sept. 2 Holders of reo. Aug. 20
Burger Bros., prof.(1111ar.)
*2
Ora. 1 *Holders of reo.
15
Burns Bros. pref. (quar.)
134 Oct. 1 Holders of rec. Sept.
Sept. 150
Burroughs Adding Mach.(pus!.)
250. Sept. 5 Holders of rec. Aug. 96
Byers(A. M.) Co., pref.(quer.)
•134 Nov. 1 *Holders of roe. Oet. 15
"e2
Byron Jackson Pump,stock dividend
Sept. 1 'Holders of rec. Aug. 15
California Packing (quar.)
el
Sept.15 Fielders of re0. Aug. 30a
Campbell, Wyant & Cannon Fdy.(quar.) 50e. Sept. 1 Holders of roe.
Aug. 150
Canada Bread. Ltd., common
*3744c Sept. 1 'Holders of rec. Aug. 15
Canada Internat. Invest. Tr.. Pref.(qu.) 144 Sept. 1 Holders of rec. Aug. 15
Canada Iron Foundries, COM.(quar.)144 Sept.15 Holders of rec. Aug. 31
Preferred
3
Sept.15 Holders of rec. Aug. 31
Canada Paving & Supply. lot Prof.(qu.)
M Sept. 1 Holders of rec. Aug. 150
Canada Permanent Mtge.Corp.(guar.)- 3
Oct. 1 Holders of rec. Sept. 15
Canada Vinegars. Ltd. (quar.)
40e. Sept. 1 Holders of rec. Aug. 15
Canada Wire & Cable, clean A (quay.).... $1
Sept.15 Holders of rec. Aug. 31
Canadian Car & Foundry,ordinary(mid
430 Aug. 30 Holders of roe. Aug. 15
Preferred (guar.)
4344e Oct. 10 Holders of roe. Sept. 25
Canadian General Electric common (qu.)
75e Oct. 1 Holders of rec. Sept. 13
Preferred (guar.)
8744c Oct. 1 Holders of rec. Sept. 13
Canadian 011. pref.(qua?.)
•gg
Oct. 1 *Holders of roe. Sept. 20
Capital Admintstr., pref.(guar.)
75e. Oct. 1 Holders of rec. Sept. 150
Carnation Co.(extra in stock)
"el
Jan 2'31 *Holders of lea. Dee. 20
Case (.I. I.) Co.. corn.(quiz.)
141 Oct. 1 Holders of roe. Sept. 12
Preferred (guar.)
144 Oct. 1 Holders of rec. Sept. 12
Caterpillar Tractor(guar.)
75o. Aug. 31 Holders of roe. Aug. 150
Extra
25e. Aug. 31 Holders of recs. Aug. 150
Celluloid Corp.,$7 pref.(guar.)
81.75 Sept. 2 Holders of rec. Aug. 11
First pref. yard°.stock (guar.)
31.75 Sept. 2 Holders of rec. Aug. 11
Centrifugal Pipe Corp. Muer 1
15e. Nov. 15
Century Ribbon Mills. Inc.. prof.(quar.) 134 Sept. 2 Holders of rec. Nov. 5
Holden of ree. Aug.
Checker Cab Mfg,(monthly)
35c. Sept. 2 Holders of rec. Aug. 20a
230
Chesebrough Mfg. Consol.(qu.)
.S1 Sept.30 *Holders of rec. Sept.10
Extra
*50e. Sept.30 *Holders of rec. Sept.10
Chicago (The) Corp. $3 Prof. (quar.) . 75e. Sept. 1
Holders of rec. Aug. 15
Chicago Flexible Shaft, nom. (quar,) . *30o Oct. 1 *Holden
of lee. Sept.
Chicago Investors Corp. $3 pref. (qu.)_ _
75c. Sept. 1 Holders of rec. Aug. 90
20
Chicago Yellow Cab (monthly)
250. Sept. 2 Holders of
Monthly
4,25e. Oct. 1 Holders of re,. Aug. 200
rec.
Sept.
Monthly
•25e. Nov. 1 Holders of rec. Oct. 19
Monthly
*25e. Dec. 1 Holders of rec. Nov. 20
Childs Company,corn.(quar.)
600. Sept.10 Holders of ree. Aug. 20
224
Preferred (guar.)
134 Sept.10 Holders of rec. Aug. 224
62(4c Sept.30 Holder,.! rec.
Chile Copper Co.(quar.)
Sept. 100
Chrysler Corp., corn. (guar.)
75e. Sept.30 Holders of roe. Sept.
24
Cincinnati Ball Crank, pull°. Pfd. (qu.) *56e. Sept.30 *Holders
of rec. Sept.15
Cities Service common (monthly)
244e Sept. 1 Holders of roe.
Aug.
15
Common (monthly)
21,*e Oct. 1 Holders or rec. Sept. 0
150
Common (payable In cons. stock)..
fyi Sept. 1 Holders of
Common (payable in rem. stock)._
flA Oct. 1 Holders of roe. Aug. 150
rec.
Sept.
15a
Preference and pref. BB (monthly)
500. Sept. 1 Holders of rec. Aug. 156
Preference and pref. BB (monthly)...
50c. Oct. 1 Holders of rec. Sept.
Preference B (monthly)
5.Sept. 1 Holders of reo. Aug. 15a
15a
Preference 13 (monthly)
Sc. Oct. 1 Ithlders of rec.
Ita
Bankers shares
(o) Sept. 2 Holders of rec. Sept.
City Ice Co.(Kansas City). pref.(qu.)- •134 Sept. 2 'Holders of rec. Aug. 150
Aug. 15
City Ice & Fuel. corn. (quar.)
900 Aug. 31 Holders of rec. Aug. 150
Common (payable In corn. stock).
- f134 Aug. 31 Holders of rec. Aug. 15a
04% preferred (quay.)
134 Sept. 1 Holders of rec. Aug. I50
Clark Equipment Co. common (guard
750. Sept.15 Holders of rec. AMT. 2f10
Cleveland Quarries (quiz.)
75c. Sept. 1 Holders of rec. Aug.
•25e. Sept. I *Holders of rec. Aug. 15
Extra
15
Coca Cola Bottling See (quar.)
•250 Oat. 15
61.50 Oct. 1 Holders of roe. Sept. 12a
Coca Cols Co.,cam.(quar.)
Collins & Alkman Corp.. pref.(qual.)
Sept. 2 Holders of reo. Aug. 200
134
Name of Company.
1375
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Miscellaneous (Continued).
Cogaefterre-Ped
almollyeeet Co.. corn.(qu.). 6234e. Oct. 15 Holders of roe. Sept.20a
144 Oct. 1 Holders of rec. Sept.100
(quay.)
Columbia PicturesCommon (payable in common etock)- /214 Oct. 2 Holders of rec. Sept. 111
Preferred (quar.)
75e. Sept. 2 Holders of roe. Aug. 100
Columbus Auto Parts, pref. (guard
500. Sept. I Holders of rth. Aug. 16
Commercial Discount(L. A)(in stock)_ _ .5s Sept.30 *Holders of rec. Beet.20
Community State Corp.. claw A (guar.) •1244e Sept.30 *Holders of rec. Sept 26
Class A (guar.)
•1234e Dec. 81 *Holders of roe. Dee 26
Class B (quiz,)
•1234c 3131131 "Hold,of roe.May. 2631
Class 13 (quar.)
•1244c Sept.30 'Holders of rec. Sept. 26
Class B (Guar.)
*12Mc Dec. 31 •Holdths of roe. Dee. 26
Compressed Industrial Gasses (guard
*50e. Sept.15 *Holders of rec. Aug. 30
Congoleurn-Nairn. Inc., pref.(guard
*134 Sept. 1 "Holders of rec. Aug. 15
Congress agar (quar.)
Si
Sept.30 Holders of rec. Sept. 154
Coneol1?atedCl
ugar Corp.. corn.(guar.). $1.25 Oct. 1 Holders of roe. Sept. 15a
Preferred (quiz.)
1% Sept. 1 Holders of roe. Aug. 18a
COMO!. Investment of Can., pt. (quar.) •11.25 Sept. 1 'Holders of ree. Aug. 15
•1741c Sept. I 'Holders of rec. Aug. 21
Consolidated Paper, corn. (guard
Consumers Co.. prior pref. (quar.)
•144 Oct. 1 *Holders of rec. Sept.15
Container Corp., class A (quar.)
30e. Oct. 1 Holders of rec. Sept. 11
Preferred (guar.)
$1.75 Oct. 1 Holders of rec. Sept. 11
Continental Chicago Corp.. pref.(and
75c. Sept. 1 Holders of rec. Aug. 15
Continental Securities. pref.((War).- 14( Sept. 2 Holders of rec. Aug. 15
Cook Paint & Vrantsh (guar.)
*60c. Sept. 2'Holders of roe. Aug. 25
Preferred (quar.)
*SI Sept. 2'Holders of ree. Aug. 25
Corno Mills (Mum)
50c. Sept. 1 Holders of rec. Aug. 20
Corporation Securities Co. of ChicagoCorn.(145% or 3-200 sh. corn. stock)_
Sept.20 Holders of rec. Aug. 21
Crane Co., corn, and pref.(guar.)
4334e. Sept.15 Holders of rec. Aug. 30
Preferred (Boar.)
134 Sept.15Holders of rec. Aug. 30
Crown Cork & Seal, corn.(qu.)(No. 1).
80c. Sept. 18 Holders of rec. Sept. 2
Common (payable In common stock). 110 Oct. 14 Holders of rec. Sept. 29
Preferred (guar.)
.680. Sept.15 "Holders of rec. Aug. 30
Preferred (guar.)
"13744e Oct. 1 'Holders of roe. Sept. 15
Crown Willamette Paper, let pref.(qu.) $1.75 Oct. 1 Holders of rec. Sept. 130
Second preferred (guar.)
31.50 Oct. 1 Holders of rec. Sept. 13
Crown Zellerbach
Preferred A & Rand pref.(qua?.)
•S1.50 Sept. I 'Holders of roe. Aug. 13
Crown Overall Mfg., pref.(quay.)
"2
Sept. 2'Holders of rec. Aug. 15
Crucible Steel of Amer., pref. (quar.)
144 Sept.30 Holders of rec. Sept. 150
Crum & Fenster. pref.(qual.)
2
Sept.30 Holders of rec. Sept.20
Crum & Forster Ins. Shares, A (guar.).- .25e. Aug. 3 *Holders of rec. Aug. 20
"25e. Aug. 3 *Holders of ree. Aug. 20
Class B (guar.)
134 Aug. 30 Holders or reo. AMC. 20
Preferred (guar.)
Preferred (guard
194 Nov.29 Holders of rec. Nov. 19
Cumberland Pipe Line (guard
Sept.15Holders of rec. Aug. 30
Si
Curie° Press, preferred (quiz.)
•134 Sept.15'Holders of roe. Sept. 1
Curti' Publish!ng, own.(monthly)
50e. Sept. 2 Holders of rec. Aug. 20a
Common (monthly)
•50e. Oct. 2 "Holders of roe. Sept. 20
Preferred (qua?.)
194 Oct. 1 Holders of TOO. Sept. 200
Cushman's Sons, Inc.,00m.(qual.)
411 Sept. I 'Holders of roe. Aug. 15
$1.75 Sept. 1 Holders of re*. Aug. 16
$7 preferred (guar.)
$2 Sept. 1 Holders of roe. Aug. 15a
$8 preferred (quay.)
*144 Sept. 2 *Holders of rec. Aug. 11
Dartmouth Mfg. common (guard
'134 Sept. 2'Holders of rec. Aug. 11
Preferred (guar.)
560. Sept.15 Holders of rec. Aug. 30
David & Frere, Ltd.. class A (guar.)
Debenharn Securities, Amer. shares70c. Sept. 2 Holders of rec. Aug. 26a
"50c. Sept. 15'Holders of rec. Sept. 5
Decker (Alfred) & Cohn, Inc.(qua?.)
"144 Sept. 2 Mioklers of re0. Aug. 20
Preferred (guar.)
Deere & Co., new corn.(guar.)
300 Oct. 1 Holders of roe. Sept. 150
j134 Oct. 15 Holders of roe. Sept. 16
New corn.(payable In oom.stook)134 Oct. 1 Holders of roe. Sept. 15
Old $100 par common (quar.)
35c. Sept. 1 Holders of rec. Aug. 154
Preferred (guar.)
*81 Oct. 1 'Holders of roe. Stmt.20
Denver Union Stook Yards,corn.(QU.)
Common (guard
*31 Jan i'31 "Hold. of rec. Dee.90'30.
&pi 31 *Hold. of roe. Mar.90'31
*31
Common (guar.)
•144 Sept. 1 *Holders of rec. Aug. 20
Preferred (quar.)
Preferred (guar.)
•144 Dec. 1 'Holders of rec. Nov. 20
"20e. Sept.15 'Holders of rec. Aug. 30
Heron Motorbus common (qual.)
•350. Sept. 2'Holders of rec. Aug. 15
Dexter Company (guar.)
Sept. 15 Holders of rec. Aug. 304
Diamond Match (pros?.)
$2
•750. Sept. 2'Holders of rec. Aug. 15
Dictaphone Corp..cam.(quiz.)
•2
Sept. 2 "Holders of rec. Aug. 15
Preferred (quiz.)
"31.25 Oct. 1 *Holders of roe. Sept. 15
Dominion Textile, common (quiz.)-'134 Oct. 15 *Holders of rec. Sept.30
Preferred (quiz.)
Dresser (S. R.) Mtg. class A (quar.)....... "8744e Sept. 1 *Holders of roe. Aug. 21
*50e. Sept. 1 *Holders of rec. Aug. 21
Class B (guar.)
51 Sept. 2 Holders of rec. Aug. 15a
Drug. Inc.(quiz.)
Sept.15 Holders of rec. Aug. 28a
Du Pont(E. I.) de Nem.& Co.com.(qu) $1
144 Oct. 25 Holders of rec. Oct. 100
Debenture stock (guar.)
Eastern Utilities Investing Corp.
31.50 Sept. 2 Holders of ree. July 31
38 Preferred (guar.)
81.75 Sept. 2 Holders of roe. Jury 31
$7 preferred (qua?.)
81.25 Oct. 1 Holders of rec. Aug. 30
$5 prior preferred (quer.)
$1.25 Oct. 1 Holders of rec. Aug.d30a
Eastman Kodak, common (guar.)
75c. Oct. 1 Holders of rec. Aug430a
Common (extra)
I 4 Oct. 1 Holders of rec. Aug.d30s
Preferred (guar.)
•25e. Oct. 15 'Holders of ree. Oct. 1
Economy Grocery Stores (guard
Edison Bros. Stores, Ina., Pref.(quiz.).. 144 Sept.15 Holders of roe. Aug. 31
•37440 Sept.15 *Holders of rec. Sept. 1
El Dorado 011 Works (guar.)
Elec. Sbareholdlnins. corn. (quar.)
25e Sept. 1 Holders of rec. Aug. 5
Common (payable In com.stock)--11 Sept. 1 Holders of roe. Aug. 5
(2) Sept. 1 Holders of rec. Aug. 5
Pref.(guar.)
$1.25 Oct. 1 Holders of rec. Sept. 9a
Electric Storage Batt. corn. & Pt.(an.)
El & Walker Dry Geode, corn.(quar.)_
500. Sept. 1 Holders of roe. Aug. 21
"75c. Sept. 2'Holders of rec. Aug. 20
Empire Corporation. pref. (guar.)
Empire 38th St. Corp.. pref.(quar.)...... •134 Sept. 2 *Holders of rec. Aug. 15
Employer's Group AMOMM.011(quiz.)..
25e Sept.15 Holders of recs. Sept. 2
Emporium Capwell Corp.. corn. (quar.)
250 Sept.24 Holders of rec. Aug. 304
Equitable Office Bldg.. corn.(qu.)
75c Oct. 1 Holders of rec. Sept. 15a
Preferred (quiz.)
134 Oct. 1 Holders of rec. Sept.15
Equity Investors Corp. common
500. Sept. 1 Holders of rec. Aug. 16
Preferred (guar.)
75c. Oct. 1 Holders of rec. Sept. 15
Fairbanks. Monte & Co.common (qual.) 75e. Sept.30 Holders of rec. Sept.12$
Preferred (qua?.)
144 Sept. 1 Holders of fee. Aug. 13s
Famous Players Can. Corp.,corn.(qu.)_
50e Sept.27 Holders of rec. Sept. 12
Mitten Rubber, corn.(qua?.)
6241c Oct. 1
Sept. 16
Federal Compress & Warehouse (qu.).... •40c. Sept. 2'Holders of rec.
Aug. 23
Federal Min. & Smelt.. prof. (quiz.).... 194 Sept.15 Holders of roe. Aug. 25a
Federal Screw Works (guar.)
75c. Oct. 1 Holders of rec. Sept. 15
Federal Terra Cotta
*2
Sept.15 *Holders of roe. Sept. 6
Worsted Capital Corp., corn.(qual.).. 20e. Aug. 31 Holders of rec. Aug. 15
Common (payable in common stook)
11
Aug. 31 Hollers of rec. Aug. 13
6% Preferred (guard
37340. Aug. 31 Holders of roe. Aug. 15
Feltman & Curme Shoe Sta. pref.(grid - 134 Oct. 1 Holders of rec. Sept. 1
Fifth Ave. Bus Securities (quar.)
16c. Sept.29 Holders of rec. Sept. 15a
Fifty-five Park Ave., Inc.. Peel
Sept. 2 Aug. 16 to Sept. 2
3
Fifty-nine East 54th St.. Inc., pref
3
Sept. 2 Aug. 16 to Sept.
Finanee Service Co.(Bait.)(A & B)(cm.)
20e. Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
141 Sept. 1 Holders of rec.
15
Firestone Tire & Rubber. pref. A (guar.) 14 Sept. 15 Holders of rec. Aug.
Aug. 15e
First Security Corp.(quiz.)
egg Oct. 1 'Holders of reo. Sept. 20
Fitz Simons&Connell Dredge&Dock(qu.) *50c. Sept. 1 *Holders of rec. Aug.
21
Stock dividend
"e214 Sept. 1 *Holders of rec. Aug. 21
Florsheim Shoe Co., class A (quar.)........ 75e. Sept. 2 Holders of
rec.
Class IS (qua?,)
*3744c Sept. 2 "Holders of rec. Aug. 180
Preferred (quar.)
% Oct. 1 Holders of rec. Aug. 18
Sept. 15a
Follansbee Bros., corn. (guar.)
50c. Sept.15 Holders of rec. Aug.
30a
Preferred (quiz.)
"141 Sept.15 'Holders of rec.
Foote-Burt Co. common (guar.)
"65e. Sept. 15 "Holders of rec. Aug. 30
Sept. 10
Formica Insulation (quiz.)
•5011 Oct. 1 "Holders of roe.
Sept. 15
Quarterly
•50o %will 'Holders of
Frank (A B.) Co., Pref. (quar
•144 Oct. 1 'Holders of rec. Dec. 15
rec.
Sept. 16
Fuller (George A.) Co., prior pf.(qu.)
$1.50 Oct. 1 Holders of
rec. Sept. 10a
Ferric. second pref. (quar.)
$1.50 Oct. 1 Holders
Oalland Mercantile Laundry (quar.)
"87 vc gent. I 'Holders of rec. Sept. 10a
of rec. Aug. 15
Gamewell Co.. COM.(qum.)
,$1.25 Sept.15 Holders of rec.
Preferred (quar.)
$1.50 Sept.15 Holders of rec. Sept. 5
Sept. IS
Garlock Packing. corn.(guar.)
300 Oct. 1 Holders of rec. Sept.
15
General American Investors. pref. (qu.)_ 91.50
Oct. 1 Holders of rec. Sept. 150
1376
Name of Company.
[Vox.. 131.
FINANCIAL CHRONICLE
When
Per
Cent. Payable.
Books Closed.
Days Inclusive.
Name of Company.
Per
When
Cent. Payable.
Books Closed
Days Inclusive.
Miscellaneous (Continued).
Miscellaneous (Continued).
General Amer. Tank Car,stock dividend el
Oct. 1 Holders of reo. Sept. 13e Kidder Participation (No. 2) pref
82.25 Sept. 2 "Holders of reo. Aug. 13
Stock dividend (guar.)
Jan 1'31 Holders of roe. Dec. 130
No. 2. pref.(extra)
el
•25e Oct. 1
General Asphalt, corn. (guar.)
$1
Sept.15 Holders of rec. Sept. 20 Kimberly Clark Corp., core.(quar.)___ 823.4c Oct. 1 Holders of roe. Sept. 12s
Aug.
20a
General Bronze, corn. (guar.)
Preferred (guar.)
25e. Sept. 1 Holders of ree.
*194 Oct. 1 *Holders of rec. Sept.12
General Cigar Co., pref. (guar.)
250. Oct. 1 Holders of rec. Sept. 150
194 Sept. 2 Holders of roe. Aug. 210 Kinney (G. R.) Co., corn.(guar.)
General Electric (guar.)
Preferred (gum.)
2
40e. Oct. 25 Holders of rec. Sept. 19
Sept. 2 Holders of rec. Aug. 15a
Kirby Lumber (guar.)
Special stock
150. Oct. 25 Holders of rec. Sept. 19
•144 Sept. 10 "Holders of reo. Aug. 30
General Empire Corp.(No. 1)
250. Sept. 1 Holders of ree. Aug. 15
Quarterly
"I% Dee. 10 *Holders of rec. Nov. 29
General Motors, corn. (guar.)
750. Sept. 12 Holders of reo. Aug. 16a Klein(D. Emil) Co.. coin,(guar.)
'25e. Oct. 1 *Holders of rec. Sept.20
$5 preferred (guar.)
$1.25 Nov. 1 Holders of rec. Oct. 66 Kleinert (I. B.) Rubber, corn. (qua?.).
40e. Sept. 2 Holders of rec. Aug. 19
Knox Hat,Inc.,cm.A (guar.)
Gibson Art, common (guar.)
.650. Sept. 1 "Holders of roe. Aug. 20
Sept.15 Holders of rec. Aug. 15
$1
Non-voting common (guar.)
Common (guar.)
•65e. Dee. 1 *Holders of rec. Nov. 20
$1
Sept.15 Holders of rec. Aug. 15
Knudsen Creamery, class A (quar.)---. '3734r Aug. 30 'Holders of rec. July 31
Common (guar.)
*650. Aprl'31 *Hold. of roe. Mar. 20'31
Kobacher Stores, pref.(guar.)
Gillette Safety Rasor (guar.)
81.25 Sept. 2 Holders of rec. Aug. 1
"134 Sept. 1 'Holders of rec. Aug. 15
Kepler Co. (guar.)
Globe-Democrat Publishing, pref. (trr.) 134 Sept. 1 Holders of rec. Aug. 20
$1.10 Sept. I Holders of rec. Aug. 23
Kroger Grocery & Baking,corn.(guar.).
Godman (H. C.) Co., pref. (guar.)
141 Sept. 10 Holders of rec. Sept. 1
25e. Sept. 1 Holders of rec. Aug. ha
Stook dividend
Gold Dust Corp.. pref. (guar.)
$1.50 Sept.30 Holders of rec. Sept.170
el
Sept. 1 Holders of roe. Aug. Ila
Kuppenheimer (B.)& Co., prof. (qua?.).
•40e.Sept.10'Holders of reo. Aug. 31
Golden Cycle (guar.)
134 Sept. 2 Holders of rec. Aug. 22a
Holders of roe. Sept.106 Lackawanna Securities Co
Goodrich (B. F.) Co., pref.(guar.)
141 Oct.
•$.3 Sept. 2 'Holders of roe. Aug. 15
Goodyear Tire & Rubber, cons. (quar.). $1.25 Nov. 1 Holders of rec. Oct. la Lake Shore Mines, Ltd.(guar.)
30e 9ept,16 Holders of rec. Sept. 2
Bonus
$1.75 Oct. 1 Holders of rec. Sept. 1 a
First preferred (guar.)
300 Sept. 16 Holders of roe. Sept. 2
Lake of the Woods Malliag, corn.(qu.)..
50c Sept. 1 Holders of rec. Aug. 15
Gorham Manufacturing, corn. (guar.)._
80e, Sept. I Holders of rec. Aug. 18
Oct.
21
Preferred (guar.)
154 Sept. I Holders of rec. Aug. 16
Grand Rapids Stores Equip. rd.(qu.)_-_ '17940 Nov. 1 'Holders of rec.
Landis Machine, common (guar.)
*25e. Oct. 1 *Holders of rec. Sept. 20
Grand Rapids Varnish (guar.)
•750 Nov. 16 *Holders of rec. Nov. 5
75e. Sept. 1 Holders of roe. Aug. 180 Lanston bionotyPe (guar.)
Grand Union Co., cony. pref. (guar.)._
114 Aug. 30 Holders of res. Aug. 206
Extra
•750. Sept. 2 *Holders of rec. Aug. 20
25e, Aug. 30 Holders of rec. Aug. 200
Great Northern Paper (guar.)
Lawyers Titled: Guaranty (guar.)
3
Great Atlantic & Pacific TeaOct. 1 Holders of reo. Sept. 200
*S1.25 Sept. 1 *Holders of rec. Aug. 11
Leath & Co.. common (guar.)
•25e Sept. 30 *Holders of roe. Sept. 20
Non-voting common (guar.)
Le Blond-Schacht Truck, Prof.(quar.)__ "$1.75 Sept. 2'Holders of rec. Aug. 24
First preferred (guar.)
*134 Sent. 1 *Holders of rec. Aug. 11
Legere(P. T.) Co., Ltd., pref.(quar.)__
Greenfield Tap & Die Corp.8% Pt(du.) 13.4 Oct. 1 Holders of ree. Sept.15
Sept. 2'Holders of rec. Aug. 15
Lehigh Coal & Navigation (guar.)
2
Oct. I Holders of rec. Sept. 15
35e. Aug. 30 Holders of rec. July 310
8% preferred (quar.)
*50c. Sept. 1 *Holders of rec. Aug. 20
Lehigh Portland Cement, pref. (quar.)_. 144 Oct. 1 Holders of roe. Sept. 130
Gruen Watch. common (guar.)
Lein & Fink Products CA.(guar.)
*50e. Dec. 1 *Holders of rec. Nov. 20
75e. Sept. 1 Holders of rec. Aug. 150
Common (guar.)
Leonard Custom Tailors(guar.)
*50e. Mar131 *Hold,of rec. Feb.20'31
"4331c Sept. 1 'Holders of rec. Aug. 15
Common (guar.)
Leasing's, limo. (guar.)
1,134 Nov. 1 *Holders of rec. Oct. 20
35e. Sept.30 Holders of res. Sept. 11
Preferred (guar.)
Libby-Owens-Ford Glass (guar.)
25e. Sept. 1 Holders of rec. Aug. 166
Preferred (guar.)
'134 Feb131 Hold. of roe. Jan. 20 31
Liberty Share Corp., stook dividend*el
Dec. 31
*37340 Oct. 1 Holders of reo. Sept 20
Gulf 011 Corp.(guar.)
Quarterly
'37340 Janl 31 Hold. of rec. Dee. 20 '31 Liggett & Myers Tob..com.& com.B(qu) $1 Sept. 1 Holders of rec. Aug. 150
141 Oct. 1 Holders of rec. Sept. 100
Preferred (quan)
134 Oct. 1 Holders of reo. Sept. I5a
Gulf States Steel, 1st pref.(guar.)
3734c Sept.15 Holders of reo. Sept. 2
154 Jan23) Holders of res. Dec. 150 Lily-Tulip Cup Corp. corn.(guar.)
First preferred (quar.)
Preferred (guar.)
134 Sept.30 Holders of rec. Sept. 2
3714c Oct 1 Holders of red. Sept. 15
Gypsum Line & Alabastine (qua?.)
Lindsay(C. W.) dr Co.. Ltd., core.(qe.)
25c. Sept. 1 Holders of rec. Aug. 15
Hale Bros. Storm. Inc., corn. (quar.)__ "25c. Sept. 1 Holders of rec. Aug. 15
Preferred (guar.)
144 Sept. 1 Holders of rec. Aug. 15
Ball (C. M.) Lamp, common (auar.)--- "1.5e. Sept.16 Holders of reo. Sept. 1
Lindsay-Nunn Pub.,$2 pref.(quar.)---- *50e. Sept. 1 *Holders of rec. Aug. 20
*$1.50 Sept. 2 Holders of rec. Aug. 20
Hambleton Corp.. pref
650 Sept. 1 Holders of roe. Aug. 15a
Link-Belt Co.. corn,(guar.)
Hamilton United Theatres, pref.(U!.)
*1% Sept.30 *Holders of rec. Aug. 30
Hamilton Watch, new corn. (monthly)
15e. Sept. 1 Holders of rec. Aug. Ila Loblaw Groceterlas, Ltd., A & B (qu.)._ *20e. Sept. 2 *Holders of rec. Aug. 12
15e. Sept.30 Holders of ree. Sept.10a London Canadian Investments pf.(gu.). 131 Sept. 1 Holders of rec. Aug. 15
New common (mthly.)
Loose-Wiles Biscuit, let pref. (quar.)___
141 Oct. 1 Holders of rec. Sept. 18a
30e. Sept. 1 Holders of rec. Aug. Ila
Old $25 par stock (monthly)
244 Oct. 1 Holders of rec. Sept. 17
144 Sept. 1 Holders of roe. Aug. lie Lord & Taylor common (guar.)
Preferred (guar.)
let preferred (guar.)
194 Sept. 2 Holders of rec. Aug. 18a
Hancock 011 of Calif.. el. A & B (quar.) •25e. Sept. 1 *Holders of reo. Aug. 15
Ludlow Mfg. Associates (guar.)
$2.50 Sept. 2 Holders of ree. Aug. 9
Hanes(P. H.) Knitting, cons.(guar.)--- •15c. Sept. I *Holders of rec. Aug. 20
Lunkenhelrner Co.,corn.(guar.)------- '173c Sept. 15 *Holders of rec. Sept. 5
Class B (guar.)
•15c. Sept. 1 *Holders of rec. Aug. 20
Preferred (guar.)
•144 Oct. 1 *Holders of roe. Sept.10
Preferred (guar.)
'134 Oct. 1 *Holders of rec. Sept.20
Preferred (guar.)
*154 Jan 1'31
Hanna(M.A.) Co., new $7 pref. (qu.)__ $1.75 Sept.20 Holders of rec. Sept. 50
Magnin (I.) & Co.. pref. (guar.)
•134 Nov.15 *Holders of roe. Nov. 5
Old 7% preferred (guar.)
194 Sept.20 Holders of rec. Sept. 5
•134 Sept. 1 *Holders of rec. Aug. 21
50c. Sept. 1 Holders of rec. Aug. 22a Majestic Royalty Corp.(monthly)
Harbison-Walk. Refract., corn. (quar.)194 Oct. 1 Holders of rec. Sept. 204
134 Oct. 20 Holders of rec. Oct. 10a Malin:son(H.R.) Co. pref.(guar.)
Preferred (quar.)
Mangel Stores Corp., Prof. (guar.)
•50e. Sept. 1 *Holders of rec. Aug. 15
154 Sept. 1 Holders of ree. Aug. 200
Hart-Carter Co.. pref. (guar.)
25e. Sept. 2 Holders of rec. Aug. 154
Hartman Corp., class A (guar.)
50o. Sept. 1 Holders of roe. Aug. 18a Manhattan Shirt, corn. (guar-)
Manischewitz (B.) Co. COCO.(guar.)._ "45o. Sept. 1 'Holders of rec. Aug. 200
Aug. 30 "Holders of rec. Aug. 15
Hart, Schaffner Ee Marx (guar.)
•2
Sept. 1 "Holders of ree. Aug. 20
Common way.In common stock)..--- "fl
Hathaway Bakeries, prof. (guar.)
$1.75 Sept. 2 Holders of rec. Aug. 15
Mapes Coasol. Mfg.(guar.)
750. Oct. 1 Holders of reo. Sept.15
Class A (guar.)
75c, Sept. 2 Holders of rec. Aug. 15
*300. Sept.30 *Holders of rec. Sept. 4
Hawaiian Pineapple (guar.)
50e. Aug. 30 Holders of rec. Aug. 150 Marine Midland Co.(guar.)
Marshall Field dr Co., aim.(guar.)
6244o Sept. 1 Holders of rec. Aug. 150
Hazeltine Corp. (guar.)
*50c. Aug. 30 *Holders of rec. Aug. 15
Material Service Corp.(guar.)
'50c Sept. 1 'Holders of rec. Aug. 15
Heels Mining (guar.)
*250. Sept.15 *Holders of rec. Aug. 15
Matson Navigation (Quar.)
Helena Rubinstine, pref. (guar.)
*75e. Sept. 2'Holders of rec. July 31
'134 Nov.15
May Department Stores, corn.(qua?.)__
500 Sept. 2 Holders of rec. Aug. 150
Hibbard. Spencer, Barlett & Co.(mthly.)
35e. Sept.26 Holders of rec. Sept. 19
Higbee & Co., first preferred (guar.)
Nov. 1 *Holders of rec. Get. 19
Common(payable In common stook)_ 1144 Sept. 2 Holders of roe. Aug. 150
Common (payable In common stook). 1134 Dee. 1 Holders of rect. Nov. 1.50
Second preferred (guar.)
Sept. 1 Aug. 22 to Sept. 1
2
May Hosiery Mills pref.(guar.)
Dm. 1 *Holders of roe. Nov. 21
$1.
Sept. 1 Holders of me. Aug. 22
Second preferred (guar.)
*2
*50c. Sept.15 *Holders of rec. Sept. 3
Hires (Charles E.) Co., corn. A (quar.)
500. Sept. 2 Holders of roe. Aug. 156 Mayflower Associates(qual.)
Stock dividend
Common A (guar.)
*el
Sept. 15 *Holders of rec. Sept. 3
50e. Dee. 1 Holders of roe. Nov. 15
Sept. 2 Holders of rec. Aug. 15
MeCahan(W.J.)Sug.Refg.& MolassesClass B and management stock
$1
Preferred (guar.)
131 Sept. 2 Holders of rec. Aug. 220
Hobart Manufacturing, corn. (quar.)
'62540 Sept. 1 Holders of rec. Aug. 20
15e. Sept. 15 Holders of rec. Aug. 15
Holland Furnace. core. (guar.)
62540 Oct. 1 Holders of rec. Sept. 150 McColl-Frontenac Oil, corn. (quar.)---McCrory Stores, corn. & corn. B (qu.)..
Hollinger Cense'. Gold Mines(mthly.)
Sc. Sept. d9 Holders of rec. Aug. 28
500. Sept. 2 Holders of reo. Aug. 200
McIntyre Porcupine Mines. Ltd. (qu.).
Holophane Co., common
*50e. Oct. I *Holders of rec. Sept. I
250. Sept. 2 Holders of lee. Aug. la
McKesson ife Robbins, common
*S1.05 Oct. 1 *Holders of rec. Sept. I
Preferred
25e. Sept.15 Holders of rec. Sept. 5
Holt (Henry) & Co., Inc., panto. A(gu.) •45e. Sept. 2 'Holders of reo. Aug. 11
(quar.)Pefd
87550 Sept.15 Holders of rec. Sept. 5
(guar.)
Medart(Fred) Mfg.(guar.)
Hooven & Allison Co., pref. (quar.)_
•154 Sept. 1 "Holders of rec. Aug. 15
50c. Sept. 1 Holders of rec. Aug. 18
Horn & Hardart(N. Y.). prof.(guilt.)-50e. Oct. 1 Holders of rec. Aug. 30a
131 Sept. 1 Holders of reo. Aug. 120 Mengel Co., common (quar.)
Preferred (guar.)
Hudson Motor Car (guar.)
75e. Oct. 1 Holders of rec. Sept. lla
134 Sept. 1 Holders of rec. Aug. 15a
Illinois Briok (guar.)
Holders of reo. Sept. 30
Mergenthaler Linotype (guar.)
*000 Oct. 15 *Holders of roe Oct. 3
Aug.pt.30 Holde
$1.50
3
Holders of roc. July 28
Merrimack Manufacturing, pref
Illinois Pipe Line
*454 Sept.15 *Holders of rec. Sept. 1
Merritt. Chapman & Scott, corn.(guar.) •40e. Sept. 1 "Holders of rec. Aug. 15
Imperial Chemical IndustriesPreferred A (guar.)
Oct. 15 *Holders of rec. Aug. 26
•144 Sept. 1 'Holders of rec. Aug. 15
Am. dep. refs. ord. reg. (Interka)---- w3
Mesta Machine, COM.(guar.)
*50e. Oct. 1 'Holders of rec. Sept.15
123.40. Sept. 2 Holder of coup. No. 26
Imperial Oil, Ltd., bearer sharer!
Meteor Motor Car(guar.)
.25c. Sept. 2'Holders of rec. Aug. 20
12440. Sept. 2 Aug 19 to Aug. 31
Registered shares
•
Metro-Goldwyn Pictures, pref.(quar.)
18e. Aug. 30 Holders of rec. Aug. 25
474c Sept.15 Holders of rm. Aug. 806
Imperial Royalties, Prof. A (mthly.)---Metropolitan Loan, pref
*S4
Sept. 1 *Holders of rec. AMC. 20
Old preferred (monthly)
134c Aug. 30 Holders of rec. Aug. 25
Metropolitan Paving Fidel, COM,(quU.)
50o. Sept. 1 Aug. 16 to Aug. 31
Imperial Tobacco of Gt. Brit. & Ireland
1 Sept.16 to Sept.30
Sept. 8 *Holders of reo. Aug. 15
Preferred (qeer.)
Am. dep. rem, for ord. elm
•tv7
Oct.194
Mexican Petroleum, corn.(guar.)
3 Oct. 20 Holders of rec. Sept. 304
Industrial Finance Corp-Preferred (guar.)
2 Oct. 20 Holders of rec. Sept. 306
Common (Payable In common.took) - 1234 Nov. 1 Holders of res. Apr. 18
Michigan Steel, stock dividend-----01
Oct. 20 Holders of res.Sept. 306
Common (Payable In common stook).- 1234 Febl'31 Hold. of reo. Apr. 18'30
Miller (I.) & Sons, Inc., com.(guar.).50c. Oct. 1 Holders of rec. Sept. 19
Industrial & Power Securities (flu.)
*250. Sept. 2'Holders of reo. Aug. 1
Preferred (guar.)
Sept. 2 Holders of rec. Aug. 5.
$1
134 Sept. 2 Holders of rec. Aug. 20
Ingersoll-Rand Co., corn.(Qum.)
Sept. 1 Holders of rec. Aug. 156 Mississippi Vail, Utll. Invest.,$7 pf.(qu.) $1.75 Sept. 2 Holders of rec. Aug. 15
Inland Steel (guar.)
$1
Mohawk Mining
Insult Utility Invest., corn. On stock).- ell% Oct. IS *Holders of roe. Oct. 1
75e. Aug. 30 Holders of rec. July 31
Monsanto Chemical Works
"31.50 Sept. 2 *Holders of rec. Aug. 15
3194c. Oct. 1 Holders of rec. Sept. 10
S6 Pref. 2d ser.(guar.)
Stock dividend
Insuranshares Ctfs., Inc.(guar.)
150. Sept.15 Holders of rec. Aug. 300
el% Oct. 1 Holders of roe. Sept. 10
Internat. Agrleultural Corp.. pref. (Qtr.) 134 Sept. 2 Holders of roe. Aug. 150 Montreal Loan & Mortgage (Quar.)-75e. Sept.15 Holders of reo. Aug. 31
Moody's Investors' ServiceInternatl Arbitrage Corp. corn. (qua?.).
2 Sept. I Holders of rec. Aug. 20
Participating preference (guar.)
internal. Business Mae.hines (quar.)--144 Oct. 10 Holders of ree. Sept.226
75e. Nov. 15 Holders of reo. Nov. 1
Sept.
200
rec.
Moreland
Internati. Harvester, core.(guar.)
Oil,class A (quar.)
13234 nOct. 1 5HOldera of
*25c. Aug. 30 *Holders of rec. Aug. 15
Class 13(quar,)
Preferred (guar.)
•15e. Sept.30 "Holders of rec. Sept.15
144 Sept. 2 Holders of roe. Aug. 50
Class B (extra)
Internal'. Match Corp., corn. (guar.) -- $1
Oct. 15 Holders of rec. Sept.250
'be. Sept.30 'Holders of reo. Sept.15
Participating pref. (guar.)
$1 Oct. 15 Holders of rec. Sept.250 Morison Electrical Supply, eons.(guar.)
25e Aug. 81 Holders of roe. Aug. 15
Common (payable in common Mock).
International Milling, 7% pref. (guar.). •134 Sept. 1 Holders of reo. Aug. 20
34 Aug. 81 Holders of roe. Aug. 15
Morrell (John) & Co. corn.(quar.)____ E1.10 Sept. 15 Holders of rec. Aug. 23
6% preferred (guar.)
*IA Sept. 1 Holders of rec. Aug. 20
Internatl. Nickel, common (guar.)
250. Sept.30 Holders of rec. Sept. 20 Motor Finance(guar.)
*25c Aug. 30'Holders of roe. Aug. 23
Internat. Safety Razor, el. A (quar.)__
60c. Sept. 2 Holders of roe. Aug. 155 Motor Wheel Corp.. COM.(guar.)
75e. Sept. 10 Holders of roe. Aug. 206
Municipal Tel. & UIliltIee COm. A (qu.) *25e. Nov.15 *Holders of reo. Oft. 13
Class B (guar.)
50c. Sept. 2 Holders of rec. Aug. 158
International Salt, new corn.(No.l)
75c Oct. 1 Holders of rec. Sept. 154 Munsingwear. Inc., corn. (guar.)
75c. Sept. 2
1 Holders of rec. Aug. 130
Murphy (0. C.) Co., common (qua?,)
Internat. Securities, corn. A (guar.)._
40e. Sept, I Holders of rec. Aug. 22
75e Sept. 2 Holders of reo. Aug. 13
Muskegon Motor Specialties, corn.(qu.) 2.
Common B (guar.)
12340. Sept. 2 Holders of reo. Aug. 15
5e Sept. I Holders of roe. Aug. 20
Class A (guar.)
7% preferred (guar.)
194 Sept. 2 Holders of rec. Aug. 15
Sept. 2 Holders of rm. Aug. 20
Muskogee Co., pref. (guar.) (No. 1)--- '134
154 %pt. 2 Holders of reo. Aug. 15
sept.30 'Holders of ree. Aug. 22
634% preferred (guar.)
500 Sept.
Myers(F. E.)& Bros. Co.. corn.(qua?.)
6% preferred (guar.)
134 Sept. 2 Holders of rte. Aug. 16
30 Holders of rm. Sept.150
1
Preferred (guar.)
Holders of rm. Sept.15
International Shoe, pref. (monthly).- 50c.. Sept. 1 Holders of rec. Aug. 15
Sept.
National Baking, pref. (guar.)
Preferred (monthly)
*50e. Oct. I *Holders of rec. Sept. 15
*1% Sept. 1 "Holders of rec. Aug. 9
National Bearing Metals (guar.)
Preferred (monthly)
Holders
of roe. Aug. 15
*50e. Nov. 1 *Holders of rec. Oct. 15
2
1
Sept.
National Belles Bees, Ins.. Prof.(qu.)..
Preferred (monthly)
Holders of res. Aug. 21
•500. Dec. 1 *Holders of reo. Nov. 15
750.154Sept.
International Silver, corn. (guar.)
$1.50 Sept. 1 Holders of rec. Aug. 156 National Biscuit, common (guar.)
70o. Oct. 15 Holders of roe Sept. 19a
Preferred (guar.)
Intertype Corp., 1st pref.(guar.)
Oct. 1 Holders of rec. Sept. 25
2
134 Aug. 30 Holders of reo. Aug. 15a
National Bond & Share Core
Investment Trust of N. Y
3434e Aug. 31 Holders of roe. July 31
250. Sept.15 Holders of reo. Sept. 2
National Container Corp., pref.(quar.).
Iron Fireman mfg.. corn.(gum)
•25e. Sept. I *Holders of rec. Aug. 15
50c. Sept. 1 Holders of rec. Aug. 15
National Dairy Products, COM.(guar-)-Irving Oil, Ltd., pref.(guar.)
•75o. Sept. 2 *Holders of rec. Aug. 15
50e. Oct. 1 Holders of reo. Sept. 30
Com.(payable in sem.stook)(qua?.). 11
Jackson (Byron) Ce.(guar.)
*25e. Sept. 1 'Holders of rec. Aug. 15
Oct. 1 Holders of roe. Sept. 36
Preferred A de B (guar.)
Jaeger Machine (guar.)
6254e Sept. 1 Holders of reo. Aug. 15
*153 Oct. 1 *Holders of rm. Sept. a
Johns-Manville Corp., corn.
The. Oct. 15 Holders of rec. Sept. 246 Nat'l Dept. Stores, 2nd pref. (quar.).... •1y.4 Sept. 2 *Holders of res. Aug. 15
Preferred (guar.)
134 Oct. 1 Holders of roe. Sept.100 National Family Stores, corn.(quar.)___ 1234 Sept. I *Holders of roe. Aug. 20
Preferred (guar.)
Johnson-Stephens-Shinkle Shoe (guar.)_ 62540 Sept. 1 Holders of rec. Aug. 15
'50e. Sept. 1 'Holders of res. Aug. 20
National Lead, corn. (guar.)
Jones & Laughlin Steel, corn.(guar.)._ _
0131 Sept. 1 'Holders of roe. Aug. 13
134 Sept.30 Holders of roe. Sept.120
Preferred (guar.)
Preferred A (guar.)
194 Oct. I Holders of rec. Sept.120
144 Sept.15 Holders of rec. Aug. 290
Preferred B (quar.)
Kalamazoo Veg. Parchment (guar.).___ *15c Sept.30 'Holders of reo. Sept.20
154 Nov. 1 Holders of ree. 0011. 176
HAS.Short Term Socuritles.Quarterly
•15e Deo. 31 *Holders of reo. Dee. 22
Common A (payable in Meek)
Kaufmann Dept. Stores. pref. quar.)_l
fil
Dec. 15 Holders of reo. Nov. 30
134 Oct. 1 Holders of reo. neet.10
Kendall co., part(c. pref. A (quar.),..._
500. )ct. 1 Holders of rec. Sept. 17
$1.50 Sept. 1 Holders of rec. Aug. 100 National Steel Car (guar.)
National Sugar Refg. (guar.)
50e let. 1 Holders of rec. Sept. 2
Kentucky Rock Asphalt. pref. iquar.)__ *141 Sept. 1 *Holders of roe. Aug. 15
National Transit (guar.)
*25e Met. 15 'Holders of rec. Aug. 30
Keystone Cold Storage
*S1.25 Oat, 1 *Holders Of rec. Sept.20
.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days heellitive.
Name of Company.
When
Per
Cent. Payable.
Books Closed.
Days Inclusire.
••••
Miscellaneous (Continued).
32340 Sept. 2 Holders of tee. Aug. 16
Nehi Corporation, corn. (guar.)
81.31)4 Oct. 1 Holders of rec. Sept. 15
First preferred (guar.)
40e. Oct. 1 Holders of too. Sept. lba
Helmer Bros. Ina., sommon (qUar.)
400. Jan 1'31 Holders of tea. Dee. 160
Common (Oiler.)
500 Sept.15 Holders of rec. Sept. 1
Neptune Meter elms A &B (guar.)
527 Sic Oct. 1 *Holders of roc. Sept. 18
Newberry (J. J.) Co.. corn. (quar.)'
15-4 Sept. 1 "Holders of fee. Aug. 18
Preferred (guar.)
550e Sept. 2'Holders of rec. Aug. 25
Newport Co. common tquar.)
75e. Sept. 2 Holders of rec. Aag. 254
Clam A (qUar.)
40e. Oct. lb Holders of rec. Sept. 19
New York Transit (guar.)
"500. Sept.27 'Holders of rec. Sept. 15
New York Transportation (guar.)
Niles-Bement-Pond. common (guar.).- O50o. Sept.30 *Holders of rec. Sept.217
550o. Dee. 31 *Holders of roe. Dec. 20
Common (guar.)
5.914 Oct. I 'Holders of roe. Sept. 20
bloblitt-Sparks industries (In stook) Northam Warren Corp.. cony. p1. (qu.) 575e. Aug. 30 'Holders of rec. Aug. 15
*10c. Sept. 2 *Holders of rec. Aug. 20
North Amer. Oil Consol.(month19)150. Sept. 2 Holders of rec. Aug. II
North Central Texas Oil (guar.)
1)4 Oct. 1 Holders of rec. Sept. 10
Preferred (guar.)
Northern Disc.. pref. A (monthly)---5 66 2-3o Sept. 1 *Holders of no. Aug. 15
•662-3 Oot. 1 *Holders of tee.
Preferred A (monthly)
15
•66 2-3a Nov. 1 *Holders of ree. Sept.
Oct. 15
Preferred A (monthly)
•66 2-8e Dee. 1 *Holders of ree. Nov. 15
Preferred•(monthly)
(qu.)
A
'3734c Sept. 2 *Holders of rec. Aug. 15
O'Connor, Moffat & Co., elms
5$1.50 Nov. 1 *Holders of too. Oet. 20
Ogglesby Paper. preferred (qua?.)
Ogilvie Flour Mills, pref. (guar.)
134 Sept. 2 Holders of rec. Aug. 20
50o. Sept.15 Holders of rec. Aug. 26a
Ohio 011. new no Liar stk.(cm.)(No. 1)_
•134 Sept.15 "Holders of rec. Aug. 16
Preferred (guar.)
2
Oct. 1 Holders of rec. Sept. 150
Omnibus Corp., pref.(guar.)
Sept. 2 Aug. 16 to Sept. 2
3
125 East 63d St.. Inc., pref
*50c. Sept. 2 "Holders of rec. Aug. 22
Oshkosh Overall, pref.(guar.)
134 Oct. 15 Holders of roe. Sari. 110a
OW Elevator. pref. (guar.)
110 an15'31 Hold, of too. Dee.81'30a
Preferred (quo?.)
1)4 Oct. 1 Holders of rec. Sept. 15
Owens-Illinois Glass, pref.(guar.)
•$1.50 Sept. 1 *Holders of tee. Aug. 15
Oxford Paper pref. (guar.)
*50c. Sept. 1 *Holders of res. Aug. 15
Pacific Amer. Fisheries (guar.)
250. Sept. 12 Holders of rec. Aug. 150
Packard Motor Car, 00M.(guar.)
$1
Sept.27 Holders of rec. Sept.17
Paraffine Cos. Inc. (guar.)
Paramount PAM Corp., corn. (guar.)- $1 Sept.27 Holders of rec. Sept. ba
5300. Sept. 2 *Holders of rec. Aug. 15
Parker Trading clam A & B (guar.)
Sc. Sept.10 Holders of tee. Aug. 290
Parmelee Transportation (monthly).50o. Sept. 1 Aug. 16 to Aug. 81
Patterson-Sargent Co.(guar.)
Fender (D.) Grocery Co.. clam A (guar) 87)4c. Sept. 1 Holders of rec. Aug. 20
25o. Sept.16 Holders of too. Sept 20
Penick & Ford, Ltd., corn.
15( Oct. 1 Holders of ree. Sept. 12s
Preferred (guar.)
'62340 Sept. 1 *Holders of rec. Aug. lb
Penn Bankshares & Sec. pref.(quar.)
'6340. Aug. 30 'Holders of rec. Aug. 20 .
Penn Federal Corp.(guar.)
Pennsylvania Investing, class A (guar.). 6214c Sept. 1 Holders of rec. July 310
"250. Oct. 1 *Holders of rec. Sept. 8
Peoples Drug Storm,Inc.,corn.(qu.)
1% Sept.15 Holders of rec. Sept. 23
Preferred (guar.)
3714e. Oct. 1 Holders of rec. Sept. 10a
Pet Milk Co.. corn.(guar.)
134 Oct. 1 Holders of rec. Sept. 10
Preferred (nuar.)
Petroleum de Trad. Corp. clam A (guar.) 31)4e Sept. 2 Holders of rec. Aug. 25
*1% Sept. 1 *Holders of rect. Aug. 23
Pfandler Co. pref. (guar.)
75e. Oct. 1 Holders of rec. Sept. 5a
Phelps Dodge Corp.(guar.)
Phoenix Hosiery Co., 1st & 2d pt. (qu.) 134 Sept. 1 Holders of too. Aug. 180
550o. Sept. 1 *Holders of rec. Aug. 15
Photo Engraving & Electro (guar.)
*173bo Aug. 3 *Holders of rec. Aug. 15
Pickwick Corp. pref. (guar.)
Pierce-Arrow Motor Car. pref. (qua?.).. 134 Sept. 1 Holders of rec. Aug. lie
500. Sept. 1 Holders of rec. Aug. 150
Pillsbury Flour Mills (guar.)
w10
Sept. 8 "Holders of rec. Aug. 20
Pinchin, Johnson & Co. Am.shares
250. Sept. 1 Holders of rec. Aug. 15
Pines Winterfront Co.(guar.)
e2
Sept. 1 Holders of too. Aug. 15
Stock dividend
134 Sept. I Holders of roe. Aug. 94
Pittsburgh Steel Pref.(guar.)
50e. Sept. 1 Holders of rec. Aug. 15.
Poor & Co., class A and A (qmar.)
Porto Rico-Amer. Tobacco, el. A (qU./- 87540 Oct. 10 Holders of recs. Sept. 206
.
- 1)4 Oct. 1 Holders of rec. Sept. 15
Powdzell & Alexander. pref.(guar.)
50e. Sept.30 Holders of rec. Aug. 306
Prairie Oil& Gas(guar.)
750. Sept.30 Holders of rec. Aug. 30a
Prairie Pipe Line (guar.)
50c. Sept.30 Holders of too. Aug. 300
Extra
'70e. Sept. 2'Holders of too. Aug. 20
Prentice-Hall. Inc.. common (guar.) _
575o. Sept. 2 *Holders of rec. Aug. 20
Preferred (guar)
134 Sept.30 Holders of rec. Sept. 2s
Pressed Steel Car pref.(guar.)
25e. Sept. 2 Holders of rec. Aug. 20
Prince & Whitely Trading, corn
750. Sept. 2 Holders of rec. Aug. 20
Preferred (guar.)
Procter & Gamble Co., pref. (qua?.).. 15( Sept. 15 Holders of rec. Aug. 25a
25e. Sept.15 Holders of rec. Aug. 15a
Public Investing (guar.)
10e. Sept.15 Holders of ree. Aug. 154
Extra
37)4c Sept. 1 Holders of rec. Aug. 80
Pure Oil, common (guar.)
$1
Sept. 1 Holders of rec.. Aug. 15a
Purity Bakeries. corn. (guar.)
(11
Oct. 15 *Holders of rec. Oct. 1
Quaker Oats, corn. (guar.)
'134 Nov.29 *Holders of rec. Nov. 1
Preferred (qua?.)
•1% Aug. 80 *Holders of rec. Aug. I
Preferred (guar.)
Radio Corp. of Amer. pf. A (guar.)- -- 87)4e. Oct. 1 Holders of rec. Sept. 24
$1.25 Oct. 1 Holders of rec. Sept. 26
Preferred B (guar.)
1234o Sept.15 Holders of rec. Aug. 250
Railroad Shares Corp. (guar.)
Railway & UM.Invest., 7% pf. A (qu.) 87340 Sept. 2 Holders of tee. Aug. 15
750. Sept. 2 Holders of rec. Aug. 15
6% preferred (guar.)
5500. Sept. 1 *Holders of rec. Aug. 10
Rainier Pulp & Paper class A (guar.)
650. Sept.15 Holders of rec. Aug. 303
Reybestos-Manhattan, Inc. (guar.).750. Sept. 1 Holders of rec. Aug. 20
litellanee Internal. Corp. pref.(M.).*$1 Oct. 1 'Holders of ree. Sept. 15
Reliance M fg.(Ohio),common (guar.)
Reo Motor Car (guar.)
200. Oct. 1 Holders of rec. Sept. 101
Republic Supply (guar.)
575o. Oct. 15 "Holders of res. Oct.
Research investment Corp. common...
75e. Sept. 1 Holders of rec. Aug. 16
Preferred (guar.)
750. Oct. 1 Holders of rely. Sept.15
Oct. 1 Holders of rec. Sept. 100
Revere Copper & Brass clam A (guar.).- $1
Preferred (guar.)
$1.75 Nov. 1 Holders of rec. Oct. 100
Reynolds Metals (guar.)
50c. Sept. 1 Holders of rec. Aug. 150
Richfield Oh of Calif _cam.(guar.)
500. Sept 1 Holders of rec. Aug. la
Rich Ice Cream Co., corn.(guar.)
560e. Nov. 1 *Holders of ree. Oct. 15
Rolland Paper, Ltd.. prof. (guar.)
1)4 Sept. 1 Holders of rec. Aug.
15
Boxy Theatres Corp., clam A
'
87340 Aug. 30 *Holders of rec. Aug. 15
40e. Sept. 2 Holders of too. Aug.
Fifth Ave. Inc. guar.)(guar.)Rsek
25
Ruud Mfg. common (guar.)
5650. Nov. 1 *Holders of tee. Oct.
15
St. Joseph Lead Co.(qt. sr.)
50e. Sept.20 Sept. 10 to Sept.21
Extra
250. Sat.20 Sett. 10 to Sept.
Quarterly
500. Dec. 20 Dec. 10 to Dee. 21
250. Dec. 20 1)00. 10 to Dec. 21
Extra
21
St. Louis Screw & Bolt, corn.(guar.).
37;4c Sept. 1 Holders of rec. Aug. 25
Savage Arms, cam. (guar.)
50o. Sept. I Holders of rue. Aug, 15
0
•1yi
(guar.)
preferred
Second
Nov. 15 *Holders of rec. Nov. 1
Schlesinger (B. F.) & Sons, Prof. (guar.) •1,4 Oct. 1 "Holders of rec. Sept.15
Preferred (guar.)
Jan 1'31 'Holders of rec. Dec. 15
Stott Paper common (guar.)
d35e Sept.30 Holders of tee. Sept.160
12%e Oct. 1 Holders of rec. Sept.
Seaboard Utilities Shares Corp.(quar.)_
2a
el
Nov. 1 Holders of tee. Oct.
Soars-Roebuck eitoet,die.(guar.)
15a
) 37340 Sept. 2 *Holders of
Second Inv. Corp., Prov.,cony. .(qu'
rec. Aug.
'750 Sept. 2 *Holders of rec. Aug. 15
Prior preferred (guar.)
15
Second National Invest.. prof.(guar.).- $1.25 Oot. ) Holders of rec. Sept. 100
*50c Sept.15 'Holders of rec.
Common (extra)
Aug. 25
(guar.)._
Candy
Shops
(Laura)
'75e
&cord
Sept. I *Holders of too. Aug. 15
Selected Industries allot.ette.75% pd__$ 1.0334 Oct. 1 Holders of rec. Sept.15
Prior stock (guar.)
$1.375 Oct. 1 Holders of rec. Sept.15
.81
common
Sheafer(W.8.) Pens,
(guar.).
Sept. 15 'Holders of rec.
Shell Union 011, pref. (guar.)
144 Oct. I Holders of rec. Aug 25
Sherwln-Williams Co., pref. (guar.)._
1 14 Sept. 1 Holders of rec. Sept.45a
Aug. 15
Shippers Car Line Corp., class A (guar.)
500 Aug. 30 Holders of too. Aug. 15
Preferred (guar.)
154 Aug. 30 Holders of rec. Aug. 15
Simms Petroleum (guar.)
400. Sept.15 Holders of tee. Aug. 29a
Simmons lioniman Pub., pref. (guar.)._ 575e. Sept. 2 'Holders of
rec. Aug. 22
Simon (Franklin) & Co., Inc., pf.(cm.). 154 Sept. 2 Holders of rec.
Aug. 180
Simons(H)& Sons common (guar.)
62340 Sept. 1 Holders of rec. Aug. 20
Preferred (quar,)
1% Sept. 1 Holders of rec. Aug
Sinclair Consul. 011, corn. (guar.)
50e. Oct. 15 Holders of rec. Sept. 20
16a
Skelly Oil, common (guar.)
50o. Sept.15 Holders of rec. Aug. 15.
Smith (Howard) Paper Mills, prof. (q11) 1% Sept. 2 Holders of rec. Aug. 21
Southwest Pa. Pipe Lines (guar.)
$1
Oct. 1 Holders of rec. Sept. 15
50e. Oct. 15 Holders of tea. Sept.304
Spalding (A. G.) & Bros.. corn.(guar)
First preferred (guar.)
154 Sept. 2 Holders of rec. Aug. 164
Second preferred (guar.)
Sept. 2 Holders of rec. Aug. 166
Spang, Chalfant & Co., pref.(guar.).. 815000$.
Holders Of rare Sept. 15
1377
FINANCIAL CHRONICLE
AUG. 30 1930.]
Miscellaneous (Continued).
250 Sept.30 Holders of rec. Sept. 13a
Sparks-Withington Co., corn. (qua?.)...
154 Sept.15 Holders of rec. Sept. 4
Preferred (guar.)
Spear & Co., pref. & 2d pref.(guar.).- 134 Sept. 1 Holders of rec. Aug. 150
. A & B (qu.) *75o Sept. 1 *Holders of reo. Aug. 20
Specialized Shares Corp., pf.
Standard Dredging common (qua?.).... *150 Sept 2 *Holders of rec. Aug. 15
Common (I-80th share corn.Stock)
- (f) Sept. 2'Holders of rec. Aug. 15
62Sic Sept.15 Holders of rec. Aug. 150
Standard Oil (Calif.) (guar.)
"62 tic Sept.15 'Holders of rec. Aug. 16
Standard Oil (Indiana) (guar.)
50c Sept.15 Holders of rec. Aug. 23a
Standard 011 (Kansas) (guar.)
62 itic Sept.20 Aug. 24 to Sept.20
Standard 011 (Nebraska)(guar.)
25e. Sept. 20 Aug. 24 to Sept. 20
Extra
250. Sept.15 Holders of rec. Aug. 166
Standard Oil(N.J.) $25 par (guar.)
25e. Sept.15 Holders of rec. Aug. 16a
$25 par (extra)
1
Sept.15 Holders of rec. Aug. 16a
$100 par stock (guar.)
1
Sept.15 Holders of rec. Aug. 16a
5100 par stook (extra)
40o Sept.15 Holders of rec. Aug. lba
Standard 011 0! N. Y.(guar.)
144 Sept. 2 Holders of rec. Aug. 8
Standard Oil (Ohio), pref. (attar.)
Starrett Corp., 550 par pref. (quar.)---- "75e. Oct. 1 "Holders of ree. Sept. 15
•15c. Sept. 1 'Holders of rec. Aug. 20
510 par preferred (guar.)
Stearns(Frerrk) Co.,oom.(month12)--5 10 2 3c Aug. 30 'Holders of rec. Aug. 20
754. Sept. 1 Holders of rec. Aug. 15a
Sterling Securities, 53 cony. 1st pref.(qU)
30c. Sept. 1 Holders of rec. Aug. 150
6% preferred (guar.)
Stlx, Haar & Fuller, common (qua?.)... 3734e Sept. 1 Holders of rec. Aug. 15
'
87340 Dec. 1 *Holders of rec. Nov. 15
Common (quo?,)
SI Oct. 15 Holders of rec. Sept. 17
Stone & Webster,Inc.(guar.)
Strawbridge & Clothier, pref. A (guar.). 4.134 Sept. 1 *Holders of rec. Aug. 15
Stromberg-Carlson Telep. Mfg.(guar.). *250. Sept. 2'Holders of rec. Aug. 16
Extra
'125-4c Sept. 2 'Holders of rec. Aug. 16
*154 Sept. 2 *Holders of rec. Aug. 16
Preferred (guar.)
75e. Sept. 2 Holders of rec. Aug. 90
Studebaker Corp., oom.(guar.)
lei Sept. 2 Holders of rec. Aug. 96
Preferred (guar.)
25c. Sept. 15 Holders of rec. Aug. 254
Sun Oil Co., common (guar.)
134 Sept. 1 Holders of ree. Aug. 116
Preferred (guar.)
81.75 Oct. 1 Holders of rec. Sept. 18
Sunshine Biscuit. 1st pref.(guar.)
Superior Portland Cement A (monthly)_ *2714c Sept. 1 'Holders of rec. Aug. 23
*435-,
ic Sept. 3 *Holders of rec. Aug. 15
Swan & Finch, pref.(qua.)
5200. Sept. 1 "Holders of rec. Aug. 26
Telephone Corporation (monthly)
.5200. Oct. I *Holders of rec. Sept. 20
Monthly
5.20e. Nov. 1 *Holders of rec. Oct. 20
Monthly
4.200. Dec. 1 *Holders of reo. Nov. 20
Monthly
254. Sept. 15 Holders of rec. Aug. 300
Tennessee Copper & Chemical (guar.).Tennessee Products Corp.. eem.(quit.) 525o. Oct. 10 *Holden of rec. Sept. 30
*25e. Ja 10'31 *Holders of too. Dec. 31
Common (quo?.)
•25a. 4-10-31 "Holders of rec. Mar.31
Common (guar.)
$1 Sept.15 Holders of rec. Aug. 3011
Texas Gulf Sulphur(guar.)
40e. Oct. I Holders of rec. Sept. 20a
Thatcher Mfg..corn.(quit.)
"144 Sept. 1 *Holders of rec. Aug. 20
Thompson Products. pref. (guar.)
Thompson-Starrett Co.pref.(guar.)._ 87tic Oct. 1 Holders of rec. Sept. Ila
154 Sept. 1 Holders of rec. Aug. 300
Timken-Detroit Axle. pref.(guar.)
75e. Sept. 5 Holders of rec. Aug. 20a
Timken Roller Bearing, corn. (guar.).'
37540 Sept.15 *Holders of coo. Sept. 1
Traung Label & Lithograph, el. A ton.).
537340 Dec. lb *Holders of tee. Dee. 1
Class A (guar.)
Oct. 1 'Holders of rec. Sept.25
Traylor Eng. & Mfg., pref.(guar.).- *2
8 1-3c Sept. 1 Holders of rec. Aug. 15
Tristate Royalty. corn.(monthly)
10e. Sept. 1 Holders of rec. Aug. lb
Preferred A (monthly)
154 Sept. 2 Holders of rec. Aug. 22
Truseon Steel. pref. (guar.)
40o. Oct. 15 Holders of rec. Oct. 1
Ulen de Co., corn. (qua?.)
Underw.-Elliott-FIsher Co., cony.(qu.). $1.25 Sept.30 Holders of tee. Sept.120
134 Sept.30 Holders of rec. Sept.120
Preferred (guar.)
1734c. Sept. 2 Holders of rec. Aug. 20
Unexcelled Mfg.(guar.)(810 Par)
"50e. Sept. 3 *Holders of rec. Aug. 15
Union Mills common (guar.)
*134 Sept. 2 *Holders of rec. Aug. 15
Preferred (guar.)
'62540 Nov. 15 *Holders of res. Nov. 1
Union Storage Co. (qua?.)
40e. Sept. 2 Holders of rec. Aug. 16a
Union Tank Car (guar.)
United Amer. Utilities class A 1st series.
Sept. 1 Holders of too. Aug. 9
3234e.cash or I-50th sh.class A stock_
400. Sept. 1 Holders of tee. Aug. 1110
United Biscuit, coin.(guar.)
15e. Sept. 2 Holders of rec. Aug. 20
United Carr Fastener (guar.)
United Chemicals. Inc.. $3 pref. (guar.) 5.75e. Sept. 1 *Holders of roe. Aug. 15
575e. Sept. 2 *Holders of rec. Aug. lb
Participating preferred (guar.)
United Dyewood Corp.. pref. (qua?.)... 134 Oct. 1 Holders of too. Sept.120
40o. Sept.24 Holders of me. Sept.10
United Elastic Corp
Oct. 1 Holders of rec. Sept. 74
$1
United Fruit (guar.)
40c. Sept. 2 Holders of rec. Aug. 5
United National Corp.(Seattle) part. pfd
500. Nov. 1 Holders of too. Oct. 154
United Piece Dye Works. coin.(quiz.)..
134 Oct. 1 Holders of tee. Sept. 204
Preferred (guar.)
I% Jan2'31 Holders of tee. Doe. 204
Preferred (guar.)
Sept. 2 *Holders of rec. Aug. 22
562)4e
(guar.)
United Realties, pref.
"6214c Sept. 2 *Holders of rec. Aug. 22
Prior preferred (guar.)
United Stores Corp,. Pi.(411.)(No. 1).. 62940 Sept. 5 Holders of tee. Aug. 25a
United Wall Paper Factories. Pf.(910-- *S1.75 Sept. 2 *Holders of rec. Aug. 21
U.0. Dairy Products, corn. A (quiz.).. $1.25 Sept. 1 Holders of rec. Aug. 70a
$1.75 Sept. 1 Holders of rec. Aug. 200
First preferred (guar.)
Sept. 1 Holders of rec. Aug. 20a
$2
Second preferred (guar.)
"4 Sept. 2 "Holders of rec. Aug. 15
U.S.Envelope.common
Sept.
2 'Holders of rec. Aug. 15
'
334
Preferred
750. Sept.10 Holders of tee. Aug. 29a
U.S. Freight (guar.)
500. Sept. 2 Holders of reo. Aug. 214
U.S.Hoffman Itiaohinery (guar.)
540e. Sept. 30 'Holders of roe. Sept. 15
U.S. Gypsum,corn.(guar.)
*134 Sept.30 *Holders of too. Sept.15
Preferred (guar.)
234 Oct. 20 Holders of tee. Sept. 200
(quiz.)....
U.S. Pipe & Foundry,00m.
214 Ja20'31 Holders of reo. Dec. 314
Common (guar.)
30e. Oct. 20 Holders of rec. Sept. be
First preferred (guar.)
SOc..1a20'31 Holders of reo. Dec. 310
First preferred (guar.)
Oct. 1 *Holders of rec. Sept. 20
5$1
U.S. Playing Card (guar.)
U.S. Print.& Lithognmhing,corn.(qu.) 5500. Oct. 1 *Holders of rec. Sept. 20
.750. Oct. 1 'Holders of rec. Sept.20
Preferred (guar.)
$1.25 Sept.15 Holders of rec. Aug. 15a
U.S. Realty & Improvement
United Stator Steel Corp.corn.(qua?.).. 134 Sept.29 Holders of me. Aug. 300
lye Aug. 30 Holders of rec. Aug. 40
Preferred (guar.)
Sept.20 Holders of rec. Aug. 30
$1
Vacuum Oil (guar.)
Sept.30 *Holders of rec. Sept.20
521
Vanadium Alloy Steel (guar.)
'154 Sept.10 *Holders of rec. Sept. 1
Vapor Car Heating pref.(guar.)
0
Dec. 10 *Holders of rec. Pee. 1
154
Preferred (guar.)
Virginia-Carolina Chem., pr. pref. (qu.) 114 Sept. 1 Holders of rec. Aug. lba
Oct. 20 Holders of reo. Oct. 44
Volum Beginning, Common (quit.).... 1
20 Holders of tee. Oct. 40
Oct.154
Preferred (guar.)
375-4c Sept. 1 Holders of rec. Aug. 15
Wagner Electric (quer.)
0600 Aug. 31 'Holders of rec. Aug. 20
Waislua Agricultural Co. (guar.)
*50c Sept. 2 'Holders of rec. Aug. 15
Watt & Bond. class A (guar.)
25e Sept.15 Holders of rec. Aug. 22
Walker(H.) Gooderham & Worts (guar.)
154 Oct. I Holders of rec. Sept. 20
Waltham Watch Pref. (guar.)
50o Sept.15 Holders of rec. Sept. ba
Walworth Co., corn.(guar.)
575e Sept.30 *Holders of rec. Sept.20
Preferred (guar.)
134 Oct. 1 Holders of rec. Sept. 170
Ward Baking Corp., pref.(quar.)
55c Sept. 1 Holders of rec. Aug. 180
Warner Bros.Pictures. prof.(guar.)
'87*4o Sept. 1 *Holders of rec. Aug. 20
Wayne Pump. pref.(guar.)
25c Aug. 30 Holders of tee. Aug. 15
Welch Grape Juice Co., corn.(qua?.)...
25o Aug. 30 Holders of tee. Aug. 15
Common (extra)
154 Aug. 30 Holders of rec. Aug. 15
Preferred (guar.)
Sept. 1 Holders of rec. Aug 156
Wesson 011 & Snowdrift. pref.(guar.)- _ $1
7.50.Sept. 1 Holders of rec. Aug. 20
Western Auto Supply. corn. A de B (qu.)
Western Canada Flour Mills. corn.(qu.) 5350 Sept.15 *Holders of rec. Aug. 31
Sept.15 *Holders of rec. Aug, 31
Preferred (quit.)
Sept. 1 Holders of rec. Aug. Ila
Western Dairy Products, class A (guar.) $1
•$1.50 Sept. 2 *Holders of rec. Aug. 12
Preferred A (guar.)
Western Newspaper Union. pref.(qua?.) $1.7 Sept. 1 'Holders of rec. July 25
West Maryland Dairy Prod., Dr. pf.(gu.) '8734c Sept. 1 *Holders of rec. Aug. 20
*25o Sept.15 *Holders of rec. Sept. 1
West Michigan Steel, corn.(guar.)
5$1.75 Sept. 2 *Holders of tee. Aug. lb
Preferred (guar.)
Nov.15 *Holders of rec. Nov. 5
west Va. Pulp & Paver. prof.(quar.)30o Oct. 1 Holders of tee. Selat.15a
Westmoreland. Inc.(guar.)
25e Oct. 1 Holders of rec. Sept. 19a
Weston Electrical Instrument, corn.(4u)
50e Oct. 1 Holders of rec. Sept. 19a
Class A (guar.)
SOc Sept. 1 Holders of rec. Aug. 15a
Westvaco Chlorine -roduct • • m.(qu.).
525e Oct. I *Holders of rec. Sept.20
Whealsworth. Inc.(guar.)
*2
Sept. 1 *Holders of too. Aug. 15
Preferred (guar.)
'1
Wheeling Steel common (guar.)
Sept. 1 'Holders of rec. Aug. 12
134 Sept. 2 Holders of rec. Aug. 15
White (.7. G.)& Co. pref.(guar.)
White H. G.) Eng. Corp. Pref. (qua?.).. 134 Sept. 1 Holders of rec. Aug. lb
50e. Sept.30 Holders of rec. Sept.120
White Motor Co.(qua?.)
1378
FINANCIAL CHRONICLE
Per
When
Cent. Payable
Name of Company.
Miscellaneous (Concluded).
White Motor Securities, pref. (quer.)-White Itock Mineral springs, com.(gu.;
First preferred (guar.)
Second preferred
Wilcox-Rich Corp. class A (guar.)
Class A (guar.)
Wilson-Jones Co.(guar-)
Windsor Hotel. Ltd. (guar.)
Winstead Hosiery (guar.)
Extra
Wolverine Petroleum Corp. (special)
Wolverine Tube, pref. (guar.)
Wood Newspaper Mach., pr. pref. (an.)
Woolworth (F. W.) Co., cool. (guar.,Wrigley (Wm.)Jr. Co.(monthly)
Monthly
Monthly
Monthly
Wurlitter (Rudolph) corn. (monthly)
Common (monthly)
Common (monthly)
Common (monthly)
Preferred (guar.)
Preferred (guar.)
Preferred (cuter.)
Preferred Omer./
Books Closed.
Days Inclusive.
01.72 Sept. 3( Holders of rec. Sept. 12
$1
Oct. 1 Holders of rec. Sept. 15a
Oct. 1 Holders of rec. Sept. 15
Oct. I Holders of rec. Sept. 15
$5
Sept. 31 Holders of rec. Sept.20a
62lie Dec. 31 Holders of roc. Dec. 20a
.75c Sept. 1 *Holders of rec. Aug. 25
1% Sept. 1 Holders of rec. Aug. 15
02% Nov. 1 "Holders of ree. Oct. 15
*500 Nov. 1 *Holders of rec. Oct. 15
Aug. 3( Holders of rec. Aug. 15
$3
*1
Sept. 'Holders of rec. Aug. 15
*51.75 Sept. 1 *Holders of rec. Aug. 20
60c Sept. 1 Holders of rec. Aug. 9a
50c Sept. 1 Holders of rec. Aug. 20
25c Oct. 1 Holders of rec. Sept.20
250 Nov. I Holders of rec. Oct. 20
50e Dee. 3 Holders of roe. Nov. 20
*50e Sept. 25 *Holders of reg. Sept. 24
•50c Oct. 92 *Holders of rec. Oct. 24
•50e Nov. 25 *Holders of rec. Nov. 24
•50c Dec. 25 *Holders of rec. Dee. 24
•1
Oct. 1 *Holder* of roe. Sept. 20
•I
Jan 1'31 •Holders of rec. Dec. 20
Apr1'31 *Hold. of rec. Mar 20'3l
•1X Jul 131 *Hold.of rec. June 2031
•From unofficial sources. t The New York Stock Exchange has rubel that
stock will not be quoted ex-dividend on Ohs date and not until further notice.
f The New York Curb Exchange -Sssoclation has ruled that stork will not be Quoted
ex-dividend on Ms date and not until further notice.
a Transfer books not closed for this dlvidend.
b General Om & Electric 7140. dividend on common stock IS payable in claw A
Common stock unless stockholder gives written notice by Sept. 20 of his election
to take cash.
d Correction. e Payable In stock.
f Payable In common stock. o Payable in scrip. 11 On account of accumulated
dividends. j Payable In preferred stock.
2 Union Natural Oas dividend payable In cash, or, at option of holder. 1-50th
share of stock.
1 Of the Federal Water Service dividend, 50c. 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.
vs Central States Electric Corp. cony. pref. dividend payable In common stock
as follows: Series of 1928, 3-32 share or, at option of holder, $1.50 cash; series or
1929, 3-164 share or, at option of holder, $1.50 cash.
s Central Public Service class A dividend will be paid in class A stock at the
twice of $17.50 per share unless stockholder notifies company by Sept. 10 of his
desire to take cash.
o Cities Service Bankers Shares dividend Is 33.085 cts.
P Midland United Co. pref. dividend payable in cash or one-fortieth share common
stock. Company to be notified 15 business days before Sept. 24.
q Peoples Light & Power may apply dividend to purchase of class A common
stock at rate of one-flftleth share for each share held.
r British American Tobacco dividend is 10 pence per share All transfers received
n London on or before Sept. 3 will be in time for payment of dividend to transferees.
s North American Co. dividend is payable in common stock at rate of one-fortieth
share for each share held.
f Amer. Smelting & Refining second pref. stock dividend is $1.5657.
It Unless holders notify company of their desire to take cash. Utilities Power &
Light dividends will be paid as follows: claw A stock, 1-40th share class A stock:
class II stock, 1-40th share common stock; common stock. 1-40th share common stock.
O Commercial Invest. Trust cony. pref. dividend will be paid In common stock
at rate of 1-52d share common for each share pref., unless stockholder notifies
company on or before Sept. 16 of hLs desire to take cash.
to Lees deduction for expenses of depositary.
x West Coast 011 40% dividend subject to approval of California Corporation
Commission.
to Lone Star Gas dividend is one share for each seven held.
Electric Shareholdings Corp. Se pref. dividend is 1-20th share common stock
tiniest company is notified by Aug. 1601 the stockholder's desire to take cash, 21.50.
ff Blue Ridge Corp. and Shenandoah Corp. dividends will be paid 1-33-1 share
Common stock unless holders notify corporation on or before July 15 of their desire
10 take cash-7.5e. 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 THE WEEK ENDED SATURDAY, AUGUST 23.
Clearing House
Members.
*Capital.
$
Bank of NY & Trust Co
0,000,000
Bank of Manhattan Tr Co
22,250,000
Bank of Amer Nat AsSO
36,775,300
National City Bank___. 110,000,000
Chen) Bank & Trust Co_
15,000.000
Guaranty Trust Co
90,000,000
Chat Phen N It & Tr Co
16.200,000
Cent Hanover Bk&Tr Co
21,000,000
Corn Exch Bank Tr Co_ e15,000,000
First National Bank
10,000,000
Irving Trust Co
50,000,000
Continental Bk Sr Tr Co
6,000,000
Chase National Bank._ 148,000,000
Fifth Avenue thank
500,000
Bankers Trust Co
25.000,000
Title Guar & Trust Co
10.000,000
Marine Mid landTrust Co
10,000,000
Lawyers Trust Co
3,000.000
New York Trust Co.....
12,500.000
Corneal Nat Ilk & Tr Co
7,000,000
Harriman N Bk & Tr Co
2,000,000
Clearing Non-Members
City Bk Farmers Tr Co_
Meehan Tr Co. Bayonne
Totals
10.000,000
500,000
'Surplus and
Undivided
Profits.
Net Demand
Deposits
Average.
Time
DeposUs
Average.
$
$
60,823,000
14,698,800
208,686.000
43,499,200
170.322,000
40,453,800
132,973,100 a1,033,242,000
236,411,000
22,632.300
206,385,500 5931,378,000
158,618,000
19,703,300
342,729.000
84.136,100
171,417,000
e31,314,400
233,037.000
108,599,600
376,742,000
84,814,300
9,771,000
11,354,200
211,318,000 01,279,511,000
21,189,000
3,706.800
86.321,400 d423.726,000
34,958,000
24,599,200
47,197,000
11,400,600
21,553,000
4,766,900
170.635,000
35,688.400
52,870,000
9,452,800
30.286,000
2,725,000
3
14,501,000
44.676,000
63,218,000
211.073,000
35,080,000
107,883,000
40,221,000
63.835,000
38.769,000
38,174,000
59,689,000
434.000
200,058,01.0
1.852,000
78.076,000
1,294,000
5,252,000
2,073.000
33,841,000
9,205,000
7,066,000
4,727,000
3,055,000
5,388,000
13,777,900
899,400
625.725300 1 200 991 nen rt 025 R83.000 1.061.658.00C
As per official reports: National, June 30 1930; State, June 30 1930; trust COMpanlee, June 30 1930. e As of July 10 1930.
Includes deposits in foreign branches:(a) $322,416,000,(6) 5170,414,000,(e) $136,
133,000, (d) $60,820,000.
[VOL_ 131
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. 23:
INSTITUTIONS NOT IN CLEARING HOUSE WITH CLOSING OF BUSINESS
FOR TIIE WEEK ENDED THURSDAY, AUG. 23 1930.
NATIONAL AND STATE BANKS-Avenge Figure*
Loane
Disc. and
Imes:.
OtherCash lies. Dep., Dep. Other
Gross
Including N. y. and Banks and
Gold. lik.Notes. Elsewhere. Trust Cos. Deposita,
Manhattan-s
$
$
s
$
$
Bank of U. S___ 210,821.000 20,000 3,333,000 27,739,000 1,992,000 202,537,000
Bryant Park Bk_
2,260,600 53,500 129,100
2,091.400
379,701)
Grace National__ 20,606,630 2,000
44,351 1,895,383 1,423,245 18,016,01)3
Port Morris
3,173,300 6,000
2,769,700
77,300
190,500
Public National_ 152,234,000 29,000 1,578,000 9.177,00024.380.000 157,391,000
BrooklynBrooklyn Nat'l
9,943,200 20,300 105,200
414,800 6,880,000
579,600
Peoples Nat'l
7,300,000 5,000 110,000
61,000 7,100,000
525,000
TRUST COMPANIES-Average Figure..
Loans,
Disc. and
Invest.
Cash.
Res. Dep., Dep. Other
N. Y. and Banks and
Elsewhere. Train Cos.
ManhattanS
S
$
American
49,299,200 8,680,300
668,200
Bank of Europe & Tr 14,848,300
734,900
309,300
Bronx County
24,148,778
625,510 1,852,080
Chelsea
20,036,000 1,105,000 2,101,000
Empire
72,368,700 *4,044,200 5,980,700
Federation
17,090,616
118,260 1,296,261
Fulton
658,900
19,153,100 y2,290,300
Manufacturers
358.333,000 2,587,000 41.962,000
United States
76.369,309 3,933,333 8,523,809
BrooklynBrooklyn
129,405,000 2,061,000 24,044,000
Kings County
29,692,084 2,310,879 2,436,472
Bayonne, N. J.Mechanics
8 021 850
228 007
750.247
Gross
Deposits,
S
$
19,700 47,208,100
14,481,200
24,949,300
18,671,000
3,110,700 69,815,000
197,266 17,051,411
16,953,200
3,010.000328,530.000
59,750,597
1,151,000 132,145,000
27,805,783
307.556
8.801.181
* Includes amount with Federal Reserve Bank as follows: Empire, 62,586,2001
Fulton. $2.181.200.
Boston Clearing House Weekly Returns.-In the
following we furnish a summary of all the items in the
Boston Clearing House weekly statement for a series of weeks:
BOSTON CLEARING HOUSE MEMBERS.
Aug. 27
1930.
Changes from
Previous Week
Aug. 20
1930.
Aug. 13
1930.
$
Capital
94.700.000 Unchanged
94,700,000
94,700,000
Surplus and profits
100,487.000 Unchanged
100,487,000 100,487,000
Loans, dise'ts & invest'ts_ 1,057.627.000 -1,247,000 1,058.874.000 1,064,089,000
624,537,000 -6,152.000 630,689,000 621,341,000
Individual deposits
Due to banks
144,506,000 -6,137,000 150,643,000 155,985,000
Time deposits
289,291,000
+3,731,000 285,560,000 283,823,000
United States deposits
4,2330)0
+6,000
4.227,000
4,801,000
Exchanges for Chg. House
16,037,000 -4,756,000
20,793.000
20,141,000
Due from other banks...
84,382,000 -7,300,000
91,682.000
88,109,000
RfS'Ve in legal deoonit'icti
79,435,000
79.282 000
81,253,000
+153.000
Cash In bank
6,296,000
6,279.000
6,534,000
+17.000
Res've in excess in F.R.Bk
627,000
+337,000
1,949,000
290.000
Philadelphia Banks.-The Philadelphia Clearing House
return for the week ending Aug. 23,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.
Two Ciphers (00)
omitted.
Week Rnded Aug. 23 1930.
Members of
Trust
F.R.System. Companies.
Capital
60,071.0
Surplus and profits
215,919,0
Loans, dints. & Invest. 1,149,321,6
Exch. for Clear. House
29,893,0
Due from banks
118,896,0
Bank depoelts
201,236,0
Individual deposits
621,091,0
Time deposits
277,723,0
Total deposits
1,100,050,0
Res. with legal depos._
76,901,0
Res. with E. R Bank
Cash In vault*
8,651,0
Total res..k cash held_
85,552,0
Reserve required
Excess reserve and cash
in vault
Avg. 16
1030.
Avg.9
1930.
Total.
a.
68,871,0
68,871,0
8,800,0
68,871,0
21,085,0 237,004,0 237.004,0 237,001,0
93,050.0 1,242,371,0 1.241,065,0 1,235,063,0
30,542.0
34,874,0
200,0
30,093.0
24,0 118.920,0 126,334,0 128,769,0
5,356.0 206,592.0 208,207.0 209,463,0
35,018,0 656,139.0 664,166,0 667,777,0
30,395,0 308.118,0 306,270.0 305,070.0
70.799,0 1,170,849,0 1,178,643.0 1,182.310,0
77.578,0
77.355,0
76,901.0
6,720,0
6,697,0
6,458,0
6,458,0
10,552,0
10,825,0
1,952,0
10,603,0
94,850.0
94,877.0
8,410,0
93,962,0
'
1
•Cash In vault not chanted BS reserve for Federal Reserve members.
Atro. 30 1930.1
FINANCIAL CHRONICLE
1379
Weekly Return of the Federal Reserve Board.
The following is the return issued by the Federal Reserve Board Thursday afternoon, Aug.28,and showing the condition
of the twelve Reserve banks at the close of business on Wednesday. In the first table we present the results for the System
as a whole in comparison with the figures for the seven preceding weeks and with those of the corresponding week last year.
The second table shows the resources and liabilities separately for each of the twelve banks. The Federal Reserve Agents'
Accounts (third table following) gives details regarding transactions in Federal Reserve notes between the Comptroller and
Reserve Agents and between the latter and Federal Reserve banks. The Reserve Board's Comment upon the returns for the
latest week appears on page 1333. 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. 27 1930.
Aug.27 1930. Aug.201930. Aug.13 1930. Aug. 8 1930. July 80 1930. July 23 1930. July 16 1930. July 9 1930 Aug.281929.
$
$
$
2
$
2
1,575.256,000 1,537,714.000 1,546.714.000 1,551.714.000 1.553,214,000 1.558,214.000 1,572,914,000 1,597,514,000 1,565,163,000
Gold with Federal Reserve agents
35,919,000
Gold redemption fund with U.S.'Treas.
35,819.000
36,352,000
36.816.000
36,814,000
36,714.000
36,814.000
36.675,000
67,213,000
Gold held exclusively &W.F.R.notes 1,611,175,000 1,573,533.000 1.583,066,000 1,588.530,000 1,590,028,000 1,595,028.000 1.609.628,000 1.634.189.000 1.632,376,000
Gold settlement fund with F.R.Board._ 568,304,000 558,821,000 551,212.000 555.602.000, 589.700,000 601.767.000 583,052.000 569.123.000 719,608,000
Gold and gold certificates held by banks_ 776,453,000 806,643.000 811.022,000 817,046,0001 825,254.000 827,432.000 838.065.000 814.819.000 610,115,000
2,955,932,000 2.938,997,000 2.945,300,000 2,961,178.000 3,004,982,000 3,024.227.000 3.030,745.000 3,018,131.000 2,962,099,000
Total gold reserve,
163,721,000 168,060,000] 169.702,000 165.631.0001 173.206,000 169,834,000 166,490.000 159,635.000 186,939,000
Reserves other than gold
3,119,653,000 3,107.057,000 3,115,002,000 3.126,809.000 3.178,188,000 3,104,061,000 3.197,235.000 3.177,766,000 3,149,038.000
Total reserves
70,310,000
Non-reserve each
67,042,000
66,856.000
63,248,000
63,436,000
67.835,000
68.547.000
68,210.000
67,962,000
13111s discounted:
62,197,000
Secured by U. EL Govt. obligations
63,876,000
62.209,000
469,396.000
65,599.000
59,629,000
90.952.000
*70,357,000
66,676,000
131,078,000 132,303 000 128,306,000 140,324.000 130,425,000 130,941,000 136,673.000 145.363.000 504,231,000
Other bills discounted
193,275,000 196,179.000 190,515.000 205,923,000 197,101,000 190.570,000 207,030.000 236,315.000 973,627,000
Total bills discounted
BUM bought in open market
163,274,000 158,922,000 154,328,000 133,571,000 130,762,000 150,523,000 168.667,000 148.945.000 156.514,000
U. S. Government securities:
75,827,000
Bonds
75,682.000
59,608,000
49,650,000
42,678,000
42,750,000
42,900,000
49,714,000
46,708,000
302,045,000 304,678,000 291,617,000 278.307,000
Treasury notes
260.835,000 243,696,000 233.534.000
91,073,000
224,041,000 221.580,000 255,112,000 248,267,000 276,897,000
Certificates and bills
11,570,000
249,757,000 272,554,000 290,522.000 310,338,000
601,913,000 601,940.000 606.337.000 576.224,000 576,368,000 576.139,000 577,118,000 590,580.000 145,321,000
Total U.S. Government
8,572.000
Other securities (see nate)
7.922,000
8,472,000
7,272,000
16,100.000
7,323.000
7.301,000
7.323,000
7.301.000
Foreign loans on gold
RESOURCES.
Total bills and securities (see note)....._
r
Gold held abroad
967,034,000
984,963.000
959.652,000
922,990,000
911,554,000 924.555.000
960,116.000
983.141.000 1,291,562,000
Due from foreign banks (see note)
Uncollected Items
Federal Reserve notes of other banks
Bank premises
All other resource,
702,000
505,962.000
19,240.000
59,609,000
16,733,000
t..702.000
548,404.000
18,527,000
59,606,000
16,548,000
703,000
579,632,000
19,639.000
59.585,000
15,617,000
705,000
603,728,000
19,064,000
59,584,000
14,442,000
706.000
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
596,535.000
20,017,000
59,561.000
12.257,000
Total resources
LIABILITIES.
F.R.notes In actual circulation
Deposits:
Member banks-reeerve account
Government
Foreign banks (see note)
Other deposits
Total deposits
Deferred availability Items
Capital paid in
Surplus
AU other liabilities
Total liabilitlea
Ratio of gold reserves to deposits and
F.R.note liabilities combined
Ratio of total reserven to deposits and
F.R.note liabilities combined
Contingent liability ou bills nurchased
for foreign corranPondent..
4,759 243 000 4,782,849,000 4,816.686,000 4,710,758.000 4,761,621.000 4.835.649,000 4.991,299,000 4.917.943.000 5,222,496,000
1,337,248,000 1.323.708,000 1.332,991.000 1,338,774.000 1,335,141.000 1.356,180,000 1,382,349.000 1,406,600,000 1.829,372,000
2.418,875,000 2,413,559,000 2,399,616,000 2,363,852,000 2,415,285,000 2,432,086,000 2,460.457.000 2,417.306,000 2.305,598,000
25,988,000
30,093.0100
29,563.000
18,882,000
31,519.000
16,629,000
26,148,000
17,400,000
30,105.000
5,549,000
5,563.000
8.149,000
5,760.000
5,755.000
6.247,000
6,434.000
5,130,000
5,666.000
19,657,000
19,852.000
26,450,000
27,834,000
22,280,000
32,924,000
19,380,000
21,006.000
28,036,000
2,470.069,000 2,469,067,000 2,463,778,000 2 423,406.000 2,468,871,000 2,484,612.000 2.516,257.000 2.481.113.000 2,347,508,000
489,781,000 528.326,000 558,011,000 '
487,054.000 495,807,000 532,922.000 631,545,000 568,542.000
169,765.000' 169,783,000 169,769,000 169,680,000 169,716,000 169,882,000 169,484,000 169,554.000 591,537,000
166.740.000
276,936.000 276,936,000 276,936,000 276.936,000 276,936.000 276.936,000 276.936.000 276.936.000 284,398,000
15,444,000
15,029,000
15,201,000
15,117.000
15,150.000
1490
14,728,000
8
15,198,000 . 32,941,000
,000
4,759,243,000 4,782,849,000 4,816,686,000 4,710,758,000 4,761,621,000 1.835,649,000 4,991.299.000 4,917.943.000 5,222,496,000
77.6%
77.4%
77.5%
78.7%
78.9%
78.7%
77.2%
77.6%
70.9%
81.9%
81.9%
82.0%
83.1%
83.5%
83.2%
82.0%
81.7%
75.4%
478.315,000 480,094,000
483,454.000
478.027.000
481,315,000
478.082.000
477,930.000
447,977,000
41,413,000
108,988,000
45,000
57,564,000
103,502,000
38,527,000
65.459.000
115.967.000
29,577,000
60,828.00(
105.806,000
73,456.000
99,648.000
86,909.000
111,996,000
90,897,000
137.809,000
29.757,000
90,597,000
719.548,000
2,855,000
33,015,000
17.726,000
54,172,000
32,849,000
17.785,000
17.497.000
19.021.000
51.000
19,938.000
18.141,000
31.527,000
40,109,000
20,642,000
31,137,000
20,196,000
20,258,000
54,371.000
8,521,000
76,634,000
37,689,000
58.391,1100
33,054,000
63,435,000
43,651.000
34,083.000
78,765,000
32.488.000
28,111,000
82.265,000
30,306,000
17.947,000
48,027,000
51.000
28,720.000
29,033.000
94.576,000
25,422,000
114,842,000
7,425,000
24,259,000
6,214,000
5,240.000
26,860.000
8.836.000
26,593.000
16.368.000
30,414,000
15,592,000
28,739,000
15.590,000
26.343,000
117.402 000
21,029.000
32,150.000
43,080.000
51.000
3,715.000
26.328.000
119.657.000
435.000
7,517,000
161,149,000
22,000
284,000
9,314.000
153.150,000
22,000
-128,000
10.259.000
139.925,000
22,000
1,140,000
14,629,000
135,965,000
22.000
2,449.000
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
3,064,000
7,755,000
194,000
471.522,000
Distribution by Maturflies$
1-15 day bilis bought in open market_ _
53,960.000
1-15 days bills discou ted
107,399,000
1-15 days U.13 certif. of indebtedness_
1-15 days municipal warrants
16-80 days bills bought In open market33,575.000
16-30 days bills discounted
16,853;000
16-30 days U. B. certif. of Indebtedness_
41,167.000
16-30 days municipal warrants
market_
31-60 days bills bought in open
71,621,000
39,215,000
81-60 &vs bills discounted
81-60 days U.S. certif. of Indebtedness_
81-60 days municipal warrants
4,097,000
61-90 days bills bought In open market
23,271,000
61-90 days bills discounted
17.214,000
61-90 days U.8. certif. of indebtednem.
61-90 days municipal warrants
21,000
Over 90 days bills bought in open market
6,537,000
Over 90 days bills discounted
Over 90 days certif. of indebtedness.... 165,660,000
Over90 days municipal warrants
22,000
F.R.notes received from Co m ptrollerF.R.note, held by F.R.Agent
Issued to Federal Reserve Banks
How Secured131. gold and gold certificates
Gold redemption fund
Gold fund-Federal Reserve Board
By eligible Palter
724,000
615,826,000
32,669.000
58,860,000
10,569,000
51,000
23,831,000
29,521,000
43,027.000
300.000
17,173,000
77,111,000
3,758,556,000
1,436,728,000
1,736.772,000 1,716,691,000 1,696,121,000 1.597.223.000 1,704,744,000 1,719.617.000 1.742.958,000
1,750,561,000 2,321,828,000
449,050,000 402,908.000 402.908.000 402,908,000 402,903,000 402,908,000 402,908,000
402.008,000 431,463,000
1,125,306,000 1.134.806,000 1,143,806,000 1,148,806,000 1.150,308.000 1,155,300.000 1,170,006,000
335,241,000 338.948,000 322,231,000 315,999,000 310.785.000 317.947,000 341,543,000 1,194.278.000 1.133,700,000
346,764.000 1,058,868,000
1.910,497,000 1.876,662,000 1.868,945,000 1,867,713.000 1.863,993.000 1.876,161.000 1,914,457.000
Total
1,944,278.000 2,624,031.600
NOTE.-Beginning with the statement of Oct. 7 1925, two new items were added
in order to show separately the amount of balances
abroad and amounts due
to foreign correspondents. In addition, the caption, -Ail other earning assets." previously made up of Foreign intermediate Credit Bankheld
debentures, was changed to
"Other securities." end the caption. -Total earning assets" to "Total bills and securltim." The latter item was adopted as a more accurate
the discounts, acceptances and securities acquired under the Provision of Sections 13 and 14 of the Federal Reserve Act, which, it was stated, description of the total of
are the only Items Included
• Revised figures.
therein.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS AUG. 27 1920.
Two Ciphers (00) omitted.
Total.
Boston. New York. Phila. Cleveland. Richmond Atlanta.
reknit Reserve Bank ofChicago. St, Louts. Affnneap Ran.Ctly. Dallas. SariFran.
RESOURCES.
$
$
$
S
$
$
with Federal Remm Ageote 1,575,2513,0 164,917,0
i
S
S
$
0
$
$
305,636,0 140,000,0 200,550,0 57.000,0 98,200.0 189.000,0
Uo
65,045.0
75,000.0 21.300,0214.763,0
35,919,0
870,0
14,588,0 2,245,0 1,861,0 1,471,0 2,147,0 1,329,0 1,713,0 43,845.0
001 retro fund with U.13.Treas.
856,0 1.521,0 1.147,0 6,171,0
ild held excLasst.F.R. notes 1,611,175,0 165,787.0 320,224,0 142,245,0 202,411,0 58,471,0 100,347,0 190,329,0 66,758,0 44,701.0 76.521,0
22,447.0230,954,0
Gel settle't fund with F.R.Board 568.304.0 12,805,0 182,371.0 45,084.0 70,579,0 10,685,0 6,690,0 127,135,0 16,887,0 12,152,0 24,452,0
44,582,0
Go) ,and gold Ctis.held bY WAIL 776.453.0 28.281,0 473,634,0 31.110.0 55,686,0 9.509,0 6,008,0 113,363,0 10,284,0 5,095,0 7,651,0 14,882,0
9.962,0 25,870,0
2,955.932,0 206,873,0 976,229,0 218,439,0
dal gold reserves
78,665.0
113.045,0
328,676,0
430,827,0
93.929,0
61,948,0
108,624,0
163,721,0 13,087,0
rve other than gold
43,291,0 9,060.0 7,151,0 9,745,0 14,687.0 23,555,0 12,834.0 4,759,0 6,055,0 47,291,0 291.386,0
6,398,0 13,099,0
3,119,653,0 219,960,0 1.019.520,0227.490,0
Ital reserves
335,827,0 88,410,0 127,732,0458,382,0 106,763,0 66,707,0 114,679,0
70,310.0 6,248.0
Non -reserve cash
19,751,0 3,751,0 3,825,0 4,169,0 5,082,0 10,702,0 4,383.0 1,741.0 2,492,0 53,689,0 304,485.0
3,304,0 4,882,0
Bills discounted:Govt. obligations 62,197,5 8,244,0
14,451,0 9,022,0 8,821,0 4,259.0
Bee. by U.S.
816,0 7,396,0 2,710.0
505,0 1,634,0 2.195,0 2,144.0
discounted
131,078,0
6,640,0
bills
her
16,764,0
Ot
7,646,0 6,250,0 16,369,0 28,742,0 8,526,0 11,696,0 3,833,0 7,166,0 12,072.0
5.374.0
193,275,0 14.884,0
31,215,0 16,668,0 15,071,0 20,628,0 29,558,0 15,922.0 14,406,0 4,338,0
Yetel bills discounted
8,300,0
market
163,274,0
open
in
16,921,0
bought
44,543,0
Bills
103,0 15,544,0 9,535,0 9,601,0 17,650.0 8,320,0 6,956,0 10,073,0 14,267,0 7,518,0
6,734,0 17,294,0
0.13, Government securities:
75,827,0 3,863,0
15,445,0 3,346.0 3,658,0 2,495.0 1.068,0 24,531,0 1.761,0 6,118,0
DO nds
1,494,0
302,045,0 20.280,0 108,831,0 24,355,0 31,771,0 7,722,0 7,701,0
Treelpu7 notes
28,056,0 15,310,0 11,256,0 13.326,0 9,498,0 2.550,0
224.041,0 22.034.0
Cert ficates and bills
63.470,0 24,551.0 22,427,0 6,766,0 3,966,0 28,541,0 6,328,0 8,789.0 13,416,0 10,940,0 21.497.0
8,791,0 14.962,0
601,913,0 46,177,0 187,746,0 52,252,0 57,856,0 16,983.0 12,735,0 81,128,0
To I U.S. Gov't securities
23,899.0 26,163,0 28.736.0 20.220(1 so non a
[VOL. 131.
FINANCIAL CHRONICLE
1380
RESOURCES (Concluded)
Two ciphers (00) emitted.
$
8,572,0
Other eecuritles
Foreign loans on gold
New York.
Boston.
Total.
$
6,550,0
3
1,000,0
$
1,000,0
$
$
$
$
$
$
22,0
$
$
$
270,054,0 70,023,0 88,471,0 47,146,0 51,894,0 114,700,0 46,625,0 37,479,0 47,609,0 50,230,0 63,821,0
49,0
71,0
30,0
228,0
69.0
25,0
21,0
95,0
21,0
25,0
16,0
135,686,0 44,418,0 51,560,0 39,316,0 13,768,0 62,349,0 22,272,0 9,720,0 27,410,0 20,087,0 23,065,0
5,129,0
389,0 1,396,0 1,408,0 1,094,0 1,922,0 1,521,0
430,0 2,561,0
923,0 2,240,0
15,664,0 2,814,0 7,060,0 3,214,0 2,659,0 8,295,0 3,811,0 2,018,0 3,972,0 1,878.0 4,846,0
241,0 1,093,0
528,0 3,109,0
306,0
8,936,0
514,0
230,0
694,0
547,0
442,0
967,034,0 78,982,0
52,0
702.0
505,962,0 58,311,0
227,0
19,240,0
59,809,0 3,580,0
93,0
18.733,0
Total bills and securities
Due from foreign banks
Uncollected items
F. R. notes of other banks
Bank premises
MI other resources
Si. Louis Minneap. Kan.Cttp. Dallas. San Fran.
Ma. Cleveland. Richmond Atlanta. Chicago
4,759,243,0 365,453,0 1,474,988,0 349,004,0 489,303,0 184,221,0 205,343,0 653,139,0 185,842,0
Total resources
LIABILITIES.
F.R. notes In actual circulation_ 1,337,248,0 132,770,0 170,717,0 124,158,0 190,845,0 62,535,0 112,210,0 169,862,0 65,674,0
Deposits:
Member bank-reserve &col_ 2,418,875.0 142,552,0 1,012,678,0 138,570,0 199,319,0 60,963,0 58,863,0 355,798,0 76,781,0
3,286,0 1,454,0 1,735.0 3,433,0 1,937,0 4,416,0 1,323,0
25,988,0 1,017,0
Government
543,0
528,0
228,0
1,907,0
402,0
195,0
5,549,0
727,0
195,0
Foreign bank
44,0 1,527,0
74,0
7,822,0
22,0
584.0
606,0
230,0
19,657,0
Other deposits
2,470,069,0 144,023,0 1,025,693,0 140,594,0 203,124,0 84,698,0 81,579,0 361,547,0 78.529,0
Total deposits
Deferred availability items
489,781,0 55,001,0 127,738,0 40,020,0 49,023,0 37,930.0 13,194,0 59,352,0 24,101,0
65.579,0 19,783,0 15,956,0 5,798,0 5,366,0 20,120,0 5,264,0
Capital paid In
169,765,0 11,806.0
80,001,0 26,965,0 29,141,0 12,496,0 10,857,0 40,094.0 10,877,0
276,936,0 21,751,0
Surplus
484,0 1,214,0
5,240,0
764,0 2,137,0 2,164,0 1,397.0
102,0
15,444,0
All other liabilities
119,151,0 198,653,0 130,151,0 404,015,0
48,552,0 68.566,0 33,338,0 158,023,0
48,112,0 87,113,0 58,470.0 179,626,0
1.822,0 1,512,0 2,182,0 1,871,0
375,0
163,0
163,0
125,0
21,0 7,374,0
163,0 1,190,0
50,222,0 89,978.0 60.838,0 189,246,0
9,318,0 26,424,0 21,984,0 25,718,0
3,061,0 4,316,0 4,358,0 11,358,0
7,143,0 9,162,0 8,935.0 19,514,0
158,0
722,0
207,0
855,0
4,759,243,0 365,453,0 1,474,968,0 349,004,0 489,303,0 184,221,0 205,343,0 853,139,0 185,842,0 119,151,0 198,653,0 130,151,0 404,015,0
Total liabilities
Memoranda.
85.2
95.9
85.2
87.7
69.5
81.9
79.5
73.5
57.0
85.5
72.3
fteserve ratio (per cent)
74.0
67.5
Contingent liability on bills purchased for foreign correspondia 471,522,0 35,395,0 150.573,0 46.397,0 47,831,020,089,0 17,219,0 64,094,0 17,219,0 11,001,0 14,350,0 14,350,0 33.004.0
FEDERAL RESERVE NOTE STATEMENT
Total.
Federal Reserve Agent at-
New York.
Boston.
$
Two Ciphers (00) omitted$
Federal Reserve notes:
Issued to F.R.bk. by F.R.Agt. 1,736,772,0 171,708,0
Held by Federal Reserve bank- 399.524,0 38,938,0
5
$
$
$
$
$
$
5
$
295,577,0 147,079,0 223,487.0 80,778,0 137,011,0 199.016,0 81,283,0 53,924,0 80,178,0 40,491,0 226,242,0
124,860,0 22,921,0 32,642,0 18,241,0 24,801,0 29,154,0 15,609,0 5,372,0 11,612,0 7,155,0 68,219,0
170,717,0 124,158,0 190,845,0 82,535,0 112,210,0 169,882,0 65,674,0 48,552,0 68,586,0 33.336,0 158,023,0
In actual circulation
1,337,248,0 132,770,0
.7ollateral held by Agt.as security
for notes issued to bank:
449,950,0 35,300,0
Gold and gold certificates
1,125,306,0 129,617,0
Gold fund-F.It. Board
Eligible paper
335,241,0 31,726,0
Total collateral
Cleveland. Richmond Atlanta. Chicago, St. Louts. Minneap. Kan.City. Dallas. SanFrins.
Phila.
$
$
277.010,0 39.900,0 15,550.0 5,000,0 7.100,0
14,300,0 35,000,0
_
8,945,0 11,845,0
28,626,0 100,100,0 185,000,0 52,000,0 91.100,0 189,000,0 58,100,0 32,000,0 75,000,0 7,000,0 179,763,0
59,377,0 15,043,0 28,945,0 29,463,0 39,083,0 33,401,0 22,635,0 11,241,0 18,812,0 20,842,0 24,693,0
365,013,0 155,043,0 229.495,0 88.483,0 137,283 0 222 401 0 87 880 0 55,088.0 93,812.0 42.142,0 239,458,0
1,910,497.0 196.643,0
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 of the Reserve Board upon
the figures for the latest week appears in our department of "Current Events and Discussions," on page 1334,immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Beginning with the statement of Jan. 9 1929. the loan figures exclude "Acceptances of other banks and bills of exchange or drafts sold with en
dorsement, and include all real estate mortgages and mortgage loans held by the bank. Previously acceptances of other banks and bills sold with
endorsement were Included with loans, and some of the banks Included mortgages In investments. Loans secured by U.9. Government obligations are
no longer shown separately, only the total of loans on securities being given. Furthermore, borrowing at the Federal Reserve Is not any more subdivided to show the amount secured by U. S. obligations and those secured by commercial paper, only a lump total being given. The number of report1ng 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 EACII FEDERAL RESERVE DISTRICT AS AT CLOSE OF
BUSINESS AUG. 20 1930 (In millions of dollars).
Total.
Federal Reserve District-
Boston. New York
Cleveland. Richmond Atlanta. Chicago. St. Louis. Minneap. Kars.City. Dallas. San Fran.
Phila.
Loans and Investmenta-total----
S
23,136
$
1,511
8
9,337
s1,278
$2,273
Loans-total
16,795
1,130
6.859
933
1,495
8,315
8,480
498
632
3,985
2,893
498
435
738
757
6,340
381
2,479
345
777
2,922
3.418
153
228
1,213
1,266
86
259
372
405
81
103
64
74
368
433
1,807
204
98
14
847
56
85
12
146
28
42
11
40
8
13,826
7.405
46
881
520
4
8,145
2,001
17
752
334
4
1,144
1,015
4
350
253
3
1,478
3,291
86
127
141
1.056
95
216
128
842
44
2
12
1
3
On securities
All other
Investments-total
U.S. Government securities
Other aecuritfes
Reserve with F. R. Bank
Cash In vault
Nat demand deposits
Time deposits
Government deposits
Rtio from banks
Due to banks
Borrowines from P. R. Bank
e
666
356
659
435
5
1,980
2,596
509
235
432
328
1,356
1,278
1,318
232
277
79
156
136
296
98
230
461
895
709
157
121
227
107
624
32
125
67
54
97
131
61
46
331
293
279
31
45
6
25
5
57
10
34
7
110
17
311
244
4
1,941
1,314
2
369
235
1
218
131
--
491
190
1
273
151
3
750
1,019
4
78
107
72
06
245
511
66
125
75
82
190
243
02
93
229
293
7
0
2
4
__
--
3
1
3
592
$
3,396
469
454
178
291
153
301
184
138
653,
$
3
$
$
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. 27 1930,
In comparison with the previous week and the corresponding date last year:
ResourcesGold with Federal Reserve Agent
Gold redemp.fund with U.S.Treasury_
Aug. 27 1930. Aug.20 1930. Aug.28 1929.
4
3
305,636,000 258.594.000 285.474,000
0,021,000
14,588,000
14,588,000
Gold held exclusively agst. F. R. notes
Gold settlement fund with F. R. Board_
Gold and gold certificates held by bank_
320,224.000
182,371,000
473,634,000
273.182,000
171.370,000
500.084.000
304,495,000
209,235,000
367,934,000
Total gold reserves
Reserves other than gold
976,229,000
43,291,000
944,616,000
45,738,000
881,664.000
71,332,000
1,010,520,000
Total reserves
19,751,000
Non-reserve cash
Bills discounted14,451,000
Secured by U. EL Govt. obligations-16,764,000
Other bills discounted
990,352,000
17,348,000
952,996,000
17,796,000
16,774.000
15.260,000
145,394,000
95,453,000
31.215,000
44,543,000
32.034,000
37,203 000
240,847,000
72,208,000
15,445,000
108,832,000
63,469.000
15,445,000
109,291 000
83,010,000
4,009,000
24,402,000
3,335,000
187,746,000
6,550,000
187,746,000
5.900,000
31,746.000
12,050,000
Total bills discounted
Bills bought In open market
U. S. Government securitiesBonds
Treasury notes
Certificates and bills
Resource.* (Concluded)
Gold held abroad
Due from foreign banks (See Note)
Uncollected Items
Federal Reserve notes of other banks_
Bank premises
Ale other resources
Total resources
228,000
135.686.000
5,129,000
15,664.000
8,936.000
Total deposits
Deferred availability items
Capital paid In
Surplus
All other liabilities
Ratio of total reserves to deposit and
Fedi nerve note liabilities combinedContiegent liability on bins purchased
for foreign correspondence
228,000
142,269,000
4,552,000
15,664.000
8.668.000
217,000
170,397,000
19,790,000
16,087,000
1,070,000
1.474,988,000 1,441,962,000 1,535,204,000
157,237.000
988,078,000
3,038,000
1.921,000
8.394,000
310,333,000
910,193,000
2,482,000
1,090.000
7,938,000
1.025,693.000 1.001,431,000
127,738.000 131,704,000
65,579,000
65,579,000
80,001,000
80.001.000
5,010,000
5,240,000
921,703,0011
158,201,0011
64,150,000
71,282,000
9.535,000
Fedi Reserve notes in actual circulation_ 170,717,000
Deposita-Member bank, reserve soot-. 1,012,678,000
Government
3,286,000
Foreign bank (See Note)
1,907,000
Other deposits
7.822,000
Total Rabin:des
Total U.S. Government securities-Other securities (sea note)
Foreign loans on gold
Aug. 27 1930 Aug.20 1930. Aug.28 1929•
1,474,988.000 1,441.962,000 1.535,204,000
85.2%
85.5%
77.4%
150,573.000 155,976,000 139,732,000
NOTE -Beginning with the statement of Oct. 7 1925. two new Items were added In order to show separately the amount of balances held abroad and amounts due to
previously
made
In
addition,
other
earning
up
of Federal Intermediate Credit Bank debentures, was changed to
assets,"
the caption "All
foreign correspondents.
"Other securities." and the caption "Total earolus assets" to "Total bills and securities." The latter term was adopted ass more accurate description of the total of the
and
14
of
the
securities
Federal
13
Reserve Act, which. it was stated, are the only items Included therein.
and
acquired
under
dfstIons
acceptances
the
provisions
of
discount
Total bills and securities (See Note)_-
270,054,000
262,883,000
356.851.000
1381
FINANCIAL CHRONICLE
AUG. 30 1930.]
New York City Banks and Trust Companies.
aulurs' Oazetfr.
(All prices dollars per share.)
Wall Street Friday Night, Aug. 29 1930.
Stocks.-The review of the
Miscellaneous
and
Railroad
Stock Market is given this week on page 1366.
The following are sales made at the Stock Exchange this
week of shares not represented in our detailed list on the
pages which follow:
STOCKS
Week Ended Aug. 29.
Sales
for
Week.
Range for Week.
Lowest.
Range Since Jan, 1.
Highest.
Lowest.
Highest.
Par. Shares. $ Per share.
per share. $ per share.$ per share.
RailroadsCaned Pacific new_ 25 10,200 4254 Aug 25 4531 Aug 29 4035 Aug 5255 May10 9055 Aug 25 9031 Aug 25 8655 Apr 02
May
Caro Clinch & 01110_100
100234 Aug 29 234 Aug 29 228
Aug 315
Feb
Central RR of N J_100
10 10555 Aug 2610531 Aug 26 98
Jan 10634 July
C C C & St Louis p0.100
50 45 Aug 25 45 Aug 25 4334 Apr 45
Aug
Cleve & Pittsb specia150
100 1 Aug 2.3 1 Aug 25 1
July 3
Duluth S S & AtI___100
Jan
100
100
34 Aug 26
y, Aug 3
54 Aug 26
Preferred
Feb
Ill Cent leased line p1100
20011734 Aug 27 119 Aug 29 113 June 13631 Apr
Feb 83 June
800 8034 Aug 23 8254 Aug 23 75
Hudson SC Manh p1_100
20 60 Aug 27 60 Aug 27 60
Aug 7354 May
Ink Rye of C Am p1..100
150 50 Aug 25 5131 Aug 27 4631 July 6831 Apr
Manhat Elev Guar _100
100 1 Aug 25 1 Aug 25
100
55 June 3
Market St Ry
Feb
20 ____ Aug 28 ____ Aug 28 16735 Aug 16731 Aug
N Y & Harlem pf _50
10010734 Aug 25 10715 Aug 25 10631 June 111
NY Lack & Weetern100
Mar
54 Aug 28
55 Aug 331 Feb
55 Aug 27
400
Y State Rye pret_100
60 156 Aug 28 160 Aug 25 150
July 160
Pitts Ft VV & Chic pref.
Aug
1014731 Aug 23 14731 Aug 23:14631 July 14751 Aug
Pitts Y & Ashtab pf.100
200 99 Aug 28 110 Aug 29 87 June 135% Mar
South Ry M&C Ms 100
Indus. & Miseell.
Amalgamated Leather *
Amer Chain wet_ _100
Asso Dry Gds 1st p1100
Arch Daniels Mid p1100
Art Metal Construct_10
Austin Nichols prior A *
Barnett Leather
*
City Stores class A
Col Fuel & Iron pref 100
Col Gas & El phi B_10
Comm Creel pref (7)_25
let prof x-warr _ _100
Comm Inv Tr pf
Crown Wm'ette let Pt*
Cons Cigar Prof (7)-100
Cuban Dom Sugar__ _ _*
Cushm Sons pf (7)...100
200 234
300 96
100 92
4010931
10024
10223-5
100 255
20 3531
1013534
300 9455
280 24
160 90
100 100
40 9254
10 80
56
200
30 109
Aug 23 2%
Aug 26 97
Aug 27 92
Aug 23 1095-4
Aug 28 24
Aug 23 22%
Aug 28 2%
Aug 23 3656
Aug 28 13534
Aug 23 96
Aug 23 25
Aug 26 92
Aug 27 100
Aug 28 9255
Aug 27 80
Aug 26 1
Aug 28 109
Aug 23 254
Aug 28 75%
Aug 27 85
Aug 23 10335
Aug 28 24
Aug 23 19
Aug 28 255
Aug 23 3554
Aug 28 124
Aug 23 91
Aug 29 22%
Aug 29 77%
Aug 27 89
Aug 28 9254
Aug 27 76%
Aug 26
3-6
Aug 28 109
Aug 355
Jan 101
Feb 9514
Mar 110
Aug 2855
July 30
Feb 715
Aug 42
June 13556
Jan 9834
Jan 2534
Jan 00
Jan 100
Aug 98%
Jan 9334
June 2%
Aug 120
Mar
Mar
Apr
Apr
Feb
May
Apr
May
Aug
May
Apr
Apr
Mar
Apr
May
Jan
Mar
10 105 Aug 28 105 Aug 28 97
Dupian Silk pref___100
Feb 105
10 431 Aug 23 454 Aug 23 414 Aug 14
Elk Horn Coal pref.._50
20 50 Aug 23 50 Aug 23 4631 July 80
Fashion Pk Assoc p1100
240 100 Aug 25 1.11
Aug 28 100
Gen Baking pref
Aug 125
10 104 Aug 27 104 Aug 27 IGO
Gen Gas & El pf
July 111
300 110 Aug 25 110 Aug 25 10034 Jan 110
Gen Ry Signal met 100
2011534 Aug 2811531 Aug 28 101
Gold & Stock Tcleg_100
Apr 11834
490 110 Aug 28 11155 Aug 29 100
Gold Dust pref
Jan Ill%
30 15 Aug 27 15 Aug 27 15
Guantanamo Sug p1100
Aug 27
600 42 Aug 25 4231 Aug 29 42
Hamilton Watch
Aug 4755
2031 67 Aug 26 68 Aug 25 eo
Hercules Powder
June 85
10 23 Aug 26 23 Aug 26 22 June 8754
Indian Motoeyelepf 100
300 59 Aug 23 59 Aug 23 5035 July 6931
Int Combos Eng pf
Internet Nickel pref 10
20012031 Aug 2612014 Aug 26 116
Feb 127
Rights
436,900 3-32 Aug 26
34 Aug 29 1-64 Aug'
34
100 29 Aug 23 29 Augz23 2514 Aug 47
Int Printing Ink ars_
100
190 107 Aug 25 110 Aug 25 105
Int Silver pref
Feb 11231
KCPow& Lt 1st Pf13-'
17011331 Aug 2911434 Aug 26 108
Jan 115
*
300 831 Aug 27 934 Aug 29 74 Apr 931
Kresge Dept
110
120 45 Aug 25 315 Aug 25 45
Preferred Stores_May 62
July
Jan
Mar
Jan
Apr
Mar
Aug
Aug
Mar
July
Jan
Mar
July
Apr
Aug
May
Feb
Mar
July
Jan
Liggett&MyersCopf100
30014031 Aug 23 14051 Aug 23 138
10 12215 Aug 27 12255 Aug 27 11834
Loose-11 ilesliisIst pf100
20 96 Aug 27 96 Aug 27 93
MacAnd &Forbes p1100
40 65 Aug 28 65 Aug 28 65
Mallinson & Co pref 100
500 2555 Aug 27 2631 Aug 26 2335
Metro Goldwyn Plc 1)1 27
Aug 29 I% Aug 23 1
1,800 1
Michigan Steel rights_
20 105 Aug 23 107% Aug 26 103
Milw El Ry & Lt 1)1 100
200 40 Aug 20 40 Aug 29 40
Nat Belles Hess p0.100
150 83 Aug 27 8334 Aug 26 83
Nat Dept St let p1_100
Nat Supply pref.. _.l00
20010831 Aug 2:- 10934 Aug 27 10631
Ohio Oil Co
12,500 3031 Aug 29 3131 Aug 23 3034
Oppenheim, Coll & Co *
200 3714 Aug 28 38 Aug 28 36
Outlet Co
50 5954 Aug 25 60 Aug 26 53
100
Preferred
10 105 Aug 25 105 Aug 29 ll02
Peoples Drug St pref *
100 103 Aug 27 103 Aug 27 100
Phennix Hosiery p1100
50 83 Aug 29 83 Aug 29 80
Pierce-Arrow Co 111_100
200 70 Aug 26 70 Aug 26 6834
P1tts Terminal Coal 100
Aug25 4
200
Proctor & Gamble p1100
100 10754 Aug 2310736 Aug 23 105
Punta Alegre Sug Ws 5
100
34 Aug 29
% Aug 29
34
Jan 14234
Jan 126
Feb 100
Aug 80
Jan 2631
Aug 115
Jan 110
Aug 82
Aug 00
Aug 116
Aug 32
June 56
Jan 72
Mar 110
June 10731
Apr 88
June 82
Aug 1534
Aug 10751
Aug 134
May
Mar
Mar
Jan
May
Aug
Jan
Jan
Jan
July
Aug
Apr
May
Apr
May
July
Apr
Jan
July
June
flee Motor Car ctfs__10 2,000 934
Revere Copper & Brass
100
Preferred
50 91
100
100 86
Skelly Oil pre(
100 26
Sloss-Shef St 43 Iron 100
100
Preferred
30 48
10f) 20
Sou Dairies class A _
20 515
Spear & Co
105
So Porto Rico Sug P1100
200 631
Tob Prod dly ctfs A.10
Men & Co
800 2231
60 5
United Dyewood __ _100
United Piece Dye Wks
100
100 107
Preferred
120 10034
Unlv Leaf Tob pref_100
200 30
1001
Vadseo Sales pref
Warner Bros net rts__'221,701 1
Youngstown Sheet & T100 130
B Stamped
June 11% Aug
Aug 27 1135 Aug 28
Aug 29 9155
Aug 25 86
Aug 23 26
Aug 28 48
Aug 26 20
Aug 28 531
Aug 26 106
Aug 2(1 655
Aug 25 2351
Aug 23 535
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug
Aug 28 107
Aug 27 10054
Aug 26 32
Aug 23 231
Aug
Aug
Aug
Aug
Aug 26 130
29
25
23
28
26
28
28
27
28
25
SS
83
2414
45 18
Lug
103
2-31
21
455
Aug 104
Aug 99%
June 56%
June 82
Aug 27
Aug 10%
Aug 121
Apr 654
Aug 23%
July 11
Mar
June
Mar
Mar
Mar
Feb
Jan
Jan
Aug
Feb
28 97
Jan 114
Mar
27 99
July 115
Mar
28 30
Aug 6935 Apr
29
34 Aug 255 Aug
Aug 28 130 June 130
June
•No par value.
New York City Realty and Surety Companies.
(AU prices dollars per ES...re.1
Bond & Mtge Guar
Horns Title Insurair e
Lawyers Mortgage
Par Bid
20 97
23 52
20 4712
Ask
Pas
100 'Lawyers Title & Guar__ _1001
58
Lawyer. Westehest M&T100
4815 'Westchester
& Tr
lin
270 1. 80
200 '25,4,
140 1160
Quotations for U. S. Treas. Ctfs. of Indebtedness, &c.
151.
rat.
Bo. dated.
Rau.
Afintrrity.
Afairone.
Bic
Asked.
Trust Companies.
New York (Concl.)- Par
Bank of N Y 42 Tr Wit
100
10
Bankers
Bronx Co Trust
20
Cent Hanover Bk & Yr. _20
Chelsft Bank he Trust....25
Chemical Bank & Trust. 10
Continental Bk & Tr_ ___10
Corn Each Bk & Trust___20
County
100
Empire
20
Fulton
100
100
Guaranty
100
Hibernia
I nternatIonal
20
Internet Mad Bk & Tr___25
Irving
10
100
Lawyers
20
Manhattan
25
Manufacturers
Mutual (Westehester)_ _100
25
N Y Trust
Plaza
Times Square
100
20
Title Guar & Trust
100
United States
1031
Westchester
Trust Companies.
New YorkPar
American
100
220
Amer Express
Banes Commerciale Ital_100 320
Brooklyn100 709 716
Brooklyn
Globe Bank 53 Trust ____100 165 175
100 2800 3000
Kings Co
100 165 180
Mid wood
240
330
Bid Ask
637 642
145 146
63
58
342 144
33
30
69
68
2934 3034
162 164
245 255
82
SO
530 565
635 638
165 175
37
33
35
30
5115 52
113 114
8$
85
350 425
251 254
90 100
118
20
150 63
975 4050
000
•slow banks. 1 New stock. 5, Ex-dlvidend. o Ex-stork di,. p Ex-rights.
United States Liberty Loan Bonds and Treasury
Certificates on the New York Stock Exchange.Below we furnish a daily record of the transactions in Liberty Loan bonds and Treasury certificates on the Now York
Stock Exchange. The transactions in registered bonds are
given in a footnote at the end of the tabulation.
Daily Record of TI. S. Bond Prices. Aug.23 Aug.25 Aug.26 Aug. 27 Aug.28 Aug.29
- -501
101
1008,33 101
1003*33
High 101
First Liberty Loan
100,°33 1003.13
33 1002,33 100.33
334% bonds of 1923-47_ _ Low- 101
101
101
1003531 101
100,,s1
Close 101
(First 3161
23
12
3
1
40
3
Total sales in $1.00)) units__
____
--__
------------converted 4% boude of High
1932-47 (First 48)
Total sales is $1.000 units__
Converted 4 54% bondsilIlgi
of 1932-47 (First 4gfe{Low(Close
Total sales In 51.000 units_Second converted 4 54%(High
bonds 01 1932-47(FtretiLowSecond 434*)
Total sales in $1.000 units __ High
Fourth Liberty Loan
4Si % bonds of 1933-38_ howClone
(Fourth 454e)
Total sales in $1,000 units__
(High
Treasury
{Low_
416s. 1947-52
(Close
Total sales in $1.000 units ___
(911th
Low_
iel, 1944-1054
Close
Total sales in 31,000 enits___
Ingb
Low_
3340. 1946-1951
Close
Total sates 1n 51,000 units__
at
Low_
3%4. 1243-1947
C1044
Total sales in 31.000 nein __ _
High
11.0w355s. 1940-1943
Close
r
---_
---102',, 102',,
102133 102,33
102,), 102,-3
2
------____
-_
____
____
____
102'n 102'33 102'n
. 102,33 102'33
1021
102,33 102,33 102'n
1
s
13
----------____
____
____
____
____
____
____
____
___
7
102un
1021*at
1021831
31
____
____
----
____
1025.33
102"at
1023533
55
10211,33
1021633
102..e,
1
1072'w
107"st
1073,33
25
___
102)031
102,7ss
102.132
47
1121233
1121,13
112,3,,
2
107310
107"st
1073533
1
____
102.0li
102"at
102",,
--137
12,133
102"at
102,133
125
-_---__
____
____
____
____
____
____
____
____
____
-_-____
------__
_101un
--__
102,,n
1021'gt
102un
160
1121'n
112,033
112..33
26
1031se
108,33
108,33
25
106,ta
1062,:
1062,,
10-73,0
107"al
1073.33
35
105"at
105"w
105,.s,
101,6-3
101"at
101"aa
6
101533
1011,33
10P an
101"at
1
1011,31
10-1"at
101"a,
1012tat
10
101,133
--- - top',,
---- 101"at
- --- 101"at
2
101.232
101.
12
12
101.
101 1.32 •
____
101,513 1015n
.
;3
1122,33
112,•33
1121.31
2
10S'es
108
104333
101
--
101,33 1011.33
'•
Note.-Tho above table includes only sales of coupon
bonds. Transactions in registered bonds were:
,
2 15t 4 Us
11 4th 454s
101,833 to 1013"st
1021)33 to 1021,33
Foreign Exchange.To-day's (Friday's) actual rates for sterling exchange were 4.86 11-16@
4.86 13-16 for checks and 4.8631 04.87 for cables. Commercial on banks.
sight,4.86% @4.863-4;sixty days, 4.843-4 @4.84 13-16; ninety days,4.8331
4.83 15-16; and documents for payment, 4.8434 ©4.84 13-16. Cotton for
payment 4.86 and grain for payment 4.86.
To-day's (Friday's) actual rates for Paris hankers' francs were 3.93 5-16
a3.93 7-16 for short. Amsterdam bankers' guilders were 40.26%
40.29 for short.
Exchange for l'aris on London, 123.76; week's range, 123.82 francs high
and 123.76 francs low.
The weeks' range for exchange rates follows:
Sterling. ActualHigh for the week
Low for the week
Checks.
4.87
4.86%
Cables.
4.873-4
4.86%
Paris Bankers' FrancsHigh for the week
Low for the week
3.9334
3.93
3.933i
3.9334
Germany Bankers' MarksHigh for the week
Low for the week
23.8831
23.8534
23.89
23.88%
Amsterdam Bankers' Guildersylit.di for the week
Low for the week
40.29
40.2534
40.29%
40.28
The Curb Exchange.-The review of the Curb Exchange is
•
given this week on page 1370.
A complete record of Curb Exchange transactions for the
100".1 week will be found on page 1399.
-100,st Sept. 151939-32 34%
Sept.161930___ 3%% 100
Dec. 15 1930___ 34% 100110 100.732 Mar. 15 1939-32 34% loon" 1001,33
June 15 1931__ - 231% 1000.1 100"aa Dee. 15 1930-32 34%
Banke.
Ask
Par Bid
New YorkAmerica
25 92 04
100 90 105
American Union*
Broadway Nat Bk & Tr..1,43 90 100
45
20 38
Bryant Park*
Chase
20 14515 14612
Chat Phenix Nat Ilk dr Tr 20 107 108
Commercial Nat Bk & Tr 100 405 415
100 2875 3175
Fifth Avenue*
First
100 4975 5050
Grace
100 6,0)
Harriman Nat Bk & Tr_100 1500 1600
100 150 170
Industrial
75
Letcourt Nat Bk & Tr100 65
Liberty Nat Bk & Tr_100 90 100
20 148 '49
National City
Penn Exchange •
100 92 100
38
Port Morris*
10 28
Public Nat Ilk & Tr
25 105 107
Seward Nat Bank & Tr_100 83 88
45
Sterling Nat Ilk & Tr____25 40
Strauss Nat 13k & Tr_ ._100 235 250
United States'
25 3731 3834
Yorkville
100 130 150
130
Yorktown.
100
Brooklyn96
50 90
Brooklyn
Peoples
100 400 500
Report of Stock Sales-New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Eight Pages-Page One
For gales during the week of stocks not recorded hero. see preceding page.
PER SHARD
Sales
STOCKS
Range Since Jan. 1.
for
NEW YORK STOCK
Os
basis
of 100-8eare logs
the
EXCHANGE.
Week.
Lamina.
Highest.
-----$ per share $ per share 3 per share $ per share S per share $ per share Shares
Railroads
Par
21714 22058 7,200 Atoh Topeka & Santa Fe-100 $ per share $ per share
21052 21334 213 216
21714 219 *218 219
21238 216
194 June 25 24212 Mar 29
*10618 10634 10614 10614 106 106
101 135
106 106
109 106
1,000 Preferred
100 10234 Jan 3 108 June 24
144 145
141 144
*146 147
147 14734 146 146 *144 148
500 Atlantic Coast Line RR
100 144 Aug 23 17512 Mar le
101 102
9934 99114 100
9612 97
9838 99
9818 97
97
13,803 Baltimore & Ohio
100 9614 Aug 22 12238 Mar Si
*8212 8412 8212 8212 *8178 8212 *8134 8212 .8134 8212 *8134 82,2
100 Preferred
100 7814 Feb 11, 8458July 25
7312 7312 7412 7412 7413 7412 7414 7412 7414 7634 x76
7714 3,600 Bangor & Aroostook
50 63 Jan 3 8412 Mar 29
*112 11212 *112 11212 *112 11212 .112 11212 11212 113 *11212 113
10 Preferred
100 109 Feb 2S 11614June 4
85 .80
*79
85
*7912 85 .791z 85 .80
85 .80
85
Boston& Maine
100 79 June 24 112 Feb 8
13
13
13
1313 1318 1313
13
13
1318 *13
13
*13
400 Brooklyn & Queens Tr.No pa?
10 Jan 11 157/sMay 22
60
6013 60
*5912 6012 *60
60,4 6014 *5912 6012 .5912 6012
300 Preferred
No pa. 53
*6434 6578 6434 6578 6112 6538 65
66
6612 *65
6734 4,200 Bklyn-Manh Tram v t c-Vo par 583 May 3 6613MaY 29
66
8Juno 18 7333 Mar 18
91
*90
*89
90
9012 9012 9078 9078 90
901g *89
90
500 Preferred v t o
No par
347 Jan 6 94 May 29
878 878 *0
914 *9
914 *878 9
878 914
*834 914
600 Brunswick Term & fly See 100
5%July
10 33% Ayr 23
17313 1751 1 17213 17434 17512 177
17234 174
1771s 17818 17734 18334 9,300 Canadian Pacific
100 16534 Aug 14 22634 Feb lo
46
4634 4614 4634 4618 4734 4718 4738 4738 4718 4734 49
29,800 Chesapeake & Ohio now
_25 4412 Aug 13 49 Aug 27
1
*3 2 334 .3,2 334
334 334
334 334
338 312
358 373 1.400 Chicago & Alton
106
3 Aug 8 10 Apr 2
37, 313 1,100 Preferred
37, 334
314 314
314 314
313 334
378 334
100
218 Aug 8 10% Apr 11
18 *__ __ 18 *____ 18 s_-_ 18
_ 18 *---- 18
Chic & Emit Illinois RR_ _.._10C
1414
Jan 7 28 Mar 26
*25
35
*25
*25
35
35
*25
35
*25
33
*25
35
Preferred
100
*934 1014 *958 10
1018 1012 101s 1053 1013 1013 1038 1014 4.400 Chicago Great Western_100 32 Aug 8 52% Mar 28
813June 24 1734 Mar 31
*3512 3614 *3512 3612 3612 3734 3678 3878 3734 38
3613 3938 7,930 Preferred
100 27 June 24 5238Niay 16
131s 1334 1313 1314 1314 1312 1418 1438 1312 1412 1413 15's 5,000 Chicago Mllw St Paul &
Pao_ .1232d1ine 25 2638 Feb 7
2018 2012 2012 2112 2058 213s 2134 2238 213t 2218 2212 2312 8.400 Preferred new
1i2...al1g 11
W4 Feb 10
70
70
70
70
7058 7038 70
7278 3,000 Chicago & North Western_100
6918 70
7034 71
66 June 25 8978 Feb e
*134 141 *134 141 *134 141 *134 141 .134 141 *134 141
Preferred
100 13014June 25 140%June 3
*9412 98
99 108
9414 9512 9434 95
9534 9534 9512 967
2 7A) Chicago Rock 161 & Paciflo_100 90 Aug 12 12518 Feb 14
*107 10814 10758 10758 *107 10712 *107 108
10712 10712
200 7% Preferred
107 108
'
100 105 June 10 11034 Mar 20
*100 101 *100 101 .100 10034 *100 101 *100 10012 .100 10012
6% preferred
100 z98 June
108 Feb 7
*6038 6934 6934 6934
*59
72
7378 *66
*60
7378 *6038 70
100 Colorado & Southern
100 65 June 18 95 Feb 13
7712 *74
7712 *74
*73
7712 *74
771 *74
7712 *74
77 12
First preferred
80 June 19
100 688e Jan
.65
69
*65
69
*65
69
69
*65
69
*65
69
*65
Second Preferred
100 60 July 11 75 Apr 23
54
*53
54
51
54
*53
*53
53
54
*53
53
54
200 Como! RR of Cuba prof
100
Apr 11,
Jan
62
49
'
170 170
163.2 164 *161 1651 16318 170 x166 170
*16212 164
2,000 Delaware .18 Hudson
100 146 June 25 1131 Feb 8
*11234 114 *11313 114
11318 11334 114 11412 114 11431 114 11431 2,500 Delaware Lack & Weetern_100
11014June 1
S
Feb
153
53
55
56
55
*5512 5712 55
58
55
5712 55
*55
800 Deny.& Rio Or West pref_100 15 June 27 80 Mar 28
3758 3811.3 3734 39
*3712 39
3912 4014 3912 3.312 40
4073 7,800 Erie
100 3518June 1
63% Feb 14
5734 *55
56
56
47 .55
5734 57
5734 5/
*56
57
300 First preferred
6748 Feb le
100 5312June 2
55
*55
57
57
*55
*55
57
55
*55
57
57
*55
100 Second preferred
100 50 June 25 6212 Feb 19
7912 77
76
7778 78
777s 7734 76
757s 7574 76
7933 4,000 Great Northern preferred_ _100 7134June 25 102 Mar 29
.27
2613 273s 2738 28
*28
2812 2834 *27
30
31
1,500 Gulf Mobile & Northern
30
100 261,2 Ati,g 23 4913 Feb 17
*931 1 95
*9314 98
*9314 95
*9314 95
9314 9314 *9314 98
700 Preferred
100 90 June 21
9814 Mar 111
4738 4738 47.2 4712 4713 4814 *4734 48
47
47
1,000 Hudson & Manhattan
4814 4814
100 41 June 25 5338 Mar 25
11018 11018 111)1? 11112 111 11212 112 11234 *112 114
113 114
2,800 Illinois Central
Aug 22 13634 Apr 22
109
100
74
*73
74
73
73
7331 7334 *73
73
73
*7312 73
320 RR Sec Stock certificates.-.
70 Jan 2 77 May 13
*25
2612 2534 26
26
*2512 26
2758 2618 2634 27
2878 6.200 Interboro Rapid Trau v $ o_100 20% Jan 3. 3912 Mar 18
____
*64
6418 6418 *63 ___- 61
64
*67 -200 Kansas City Southern__ 100 5834June 25 8538 Mar 29
'
66
6712 *66
*66
67
6712 *66
6712 (17
6712 *65
6712
100 Preferred
100 65 June 25 70 Apr 16
*58
65
*5838 65
66
*60
*5812 65
65
*58
65
*60
Lehigh Valley
50 5738June 25 8478 Mar 31
1192 119.z 120 120
11912
119)2
1191
13
1,200
12
13
91s
19
1
11912 11912 11912
Louisville & Nashville
100 116 Aug 8 13812 Apr 4
2812 2938 2912 3012 3012 3012 31
5.500 !dentist hie," modified guar 100 21 June 28 4013 Mar IS
3073 31,4
311
•1714 23
*1714 23
*1714 23
*1714 23
*1714 23
Market St fly prior pref*1714 23
100 17 Jan 16 2512 Feb 13
*34
us
100 Minneapolis dr St. Louis__ _100
118
*34
*34
*34 1,3
1'8
"4
34
34
7a
38 Aug 19
218 Apr 5
16
1315
17
*15
17
1713
300 Minn St Paul dr 59 Marle_101 15 Aug 13 35 Feb 7
17
*15
16
16
17
4115
*51
5653
20
*51
*5012 51
565
8
5012 5012 51
*51
51
Leased lime
5634
100 50 July 31 5912 Feb 21
43
41
1 42
6,200 MO-Kan-Texa3 RR__ --No Pa
*3918 4012 *3812 40
39
4012 4034 43713 402
, 3278June 25 6658 Apr 14
2,000 Preferred
*9412 95
96
9312 9478 92
9312 9238 92311 9418 9578 96
100 92 Aug 26 10838 Mar 27
*63
65
200 Missouri Pacific
6434 63 63
64,2 .63
6112 *62
6312 6312 *62
100 57 June 25 9812 Mar 6
*120 12034 *120 12112 120% 12038 12014 12138 122 12313 *12012 123
900 Preferred
100 1155.3June 26 14512 Mar 6
60 Morris dr MIMI
8612 85
*85
*8312 87
*8312 87
*8312 87
8612 *8312 87
50 81% Jan 29 8613July 26
*9112 95
Nash Chatt A St Louls_100 95 July 31 132 Mar 25
*9012 05
*9012 95
*9012 95
*9012 95
95
*93
*74
1
Nat Ryg of Mexico 2d pref _10u
*78
*78
*34 I
*73 1
1
1
1
*78
112July 29
% Feb 25
13,401)
New
15914 160
1
16212 1637s
York Central
16012 16312 15978 16312 16212 163 4 16212 163
1130 15034June 25 19234 Feb 14
*10014 10112 *101 103
300 NY Chic & St Louis Co100 94 June 25 144 Feb 10
101 101*100 105 *100 105
101 101
13105 107
10618 10618
GOO Preferred
105 105
10534 107 *104 107 .10512 107
100 105 July 3 11014MaY 1
30 N Y & Harlem
18512 18512 190 195
*180 184 *180 1851.2'184 13512 183 183
50 1744 Aug 13 324 Feb 3
107 10818 5,800 N Y N H & Hartford
*103 101
10314 10438 101 105
10513 10718 *10513 106
100 9714June 21 12814 Mar 29
700 Preferred
*11912 11931 *11913 11934 11934 120 *11934 12012 *120 12012 12034 12012
116 June IS 135% Mar 21
*813 9
9
9,2 934 1,000 N Y Ontario 4, Western__100
912
*8
812300* 18 17% Mar 31
9
812 812
87, 834
N Y Railways pref____No pa?
*112 234 *112 212 *112 214 *112 214 •3
112 24 *134 2
112June 24
41s Jan 18
414
1
.11
N
is
30
Y State Rys
18
18 Aug 27
212 Feb 6
114 *112 214
114 *-___
104
200 Norfolk Southern
1033 1038 *955 1212 1012 1013 *938 12
11 18
034 Aug 12 3312 Feb 14
*934 1213 9.0
100
900 Norfolk & Western
222 222 *221 227
225 225 x224 225
225 22511 227 227
100 21314June 26 265 Feb 18
Preferred
.87
•87 ____ *37 ____ *87
_
____ *87
_ .87
100 83 Feb 3 8814May 29
*69
7434 7312 7114 - 1:660 Northern Pacific
70
70
71
70
7138 7214 7212 73
100 6634June 25 97 Feb 21
'230 Pacific Coast
•714
9
8
8
*8
*8
9
*8
634July 22 1978 Apr 9
9
8
9
8
100
7158 7214 7134 7238 7134 7238 72
72% 7218 7212 7238 7312 16,000 Pennsylvania
60 6974June 25 8633 Mar 31
Peoria de Eastern
*9
*8
15
15
*9
15
*8
15
*8
15
15
*9
100 10 July 18 2312 Mar 31
•131 132
---500 Pere Marquette
*131
13114 13114 130 130
130 131 *12.5
100 12913 Aug 9 16413 Apr 10
10 Prior Preferred
*9612 98
.9658 93
9778 9778 *9658 95
100 0434 Jan 31 101 May 17
*908 98
*985
'98
*97l 98
-----Preferred
*9712 98
*9712 98
*9712
100 95 Jan 7 99 Apr 16
98
*9712 98
*9712 98
___ _ Fittsburgh & Woe* Va
*8012 90
*8012 81
*8012 81
*8012 90
*8012 84
*8012 90
100 90 June 16 121% Feb 11
1,100 Reading
10834 10831 10878 10878 41108 109
10934 111
100 109
50 100 June 25 14112 Feb 8
109 109
47
1,100 First preferred
47
4718 4718 4734 4834 *47
53 Feb 21
50
*47
50
*47
50 44,8 Mar 11
50
*47
4812 *47
200 Second preferred
57 Feb 6
49
49
4812 48.y 4812 *4812 49 .4312 49
50 4714 Aug 1
9074 91
*89
9312 2,500 St Louis-San Francisco__ 100 8512July 7 11872 Mar 27
91
89
89711 9018 9078 1307s 9078 91
94
500 let pref paid
91
9418 9418 94
100 92 Jan 2 101 Apr 2
*9312 9414 *9312 94,4 9312 9312
94
*65
800 St. Louis South Weeter13-.100 5213.1une 2
67
7634May 16
*6513 70
6634 67
69.14 *6712 6912 6778 69
*67
*9058 9334 *9058 9334 *9038 95
Preferred
9434July 24
100 85 May
*9034 95 .9058 95
•901e 95
1,900 Seaboard Mr Line
412 Aug 2
1212 Feb 15
104
*434 5
5
5
5
5,8 51s
5
5
5
5
5
•____ 15
Preferred
28 Feb 7
100 16 June 21
*5
15
*5
15
15
*5
*5
15
*5
15
11538 11512 211434 115
100 103 June 25 127 Feb 10
11514 11633 _3,800 Southern Pacific Co
11434 11638 116 11612 116 116
10,600 Southern Railway
76
7734 78
100 75 Aug 2 136% Jan 13
7912 79
81
8212 8212 86
8178 811g 82
100 Preferred
100 90 Aug 12 101 Mar 20
9134 9134 .9038 9134 *9012 9134 *91
9134 *9038 9134 *9114 9134
*115 123 *115 123 *115 123 .115 123
600 Texas 4, Pacific
100 110 June 26 145 Apr 24
130 137
123 123
612June 18 15% Mar 20
10
100
10
931 10
1138 1012 117s 3,900 Third Avenue
10
11
1018 1012 11
•12
300 Twin City Rapid Transit, 100 10 July 10 3112 Jan 29
1212 1118 1178 4112
13
•12
1212 •11% 13
*1112 13
40 Preferred
*6314 6312 *6314 6312 6314 6314 *-- 63
100 6314June 20 70 Feb 3
63
63 11 _ _
*213 21512 21512 21613 21312 21612 21634217
100 200 June 25 242% Mar 29
216 21612 216 21812 2,600 Union Pacific
.8634 87
300 Preferred
100 8214 Jan 17 8718 Aug 28
*8634 87
*8634 87
871s 8713 *8712 90
87
87
.
30
1,100 1Vableb
32 .3012 33
100 28 Aug 8 67% Apr 1
31
3334 34
34
3134 3212 3212 34
Preferred A
*67
75
100 66 Aug 13 8914 Apr 8
*63
*6712 72
72
*67,2 74
74 .6712 72
*67
Western Maryland
2238 2212 2258 23 2 2234 2338 2332 2412 2338 2378 24
100 1858June 18 36 Mar 29
2514
*20
Second preferred
26
*21
26
100 19 Juno 25 38 Mar 28
26
*22
*22
26
26
*22
26
*22
•1812 1914 1812 181_ *1814 1912 1912 1912 *1814 1914 .1814 101i
300 Weetern Pacific
100 17 June 19 3012 Mar 29
*3858 3912 *39
200 Preferred
3912 *39
.l00 38 Aug 12 5313 Mar 19
3912 3914 3914 *39
0911 3934 3913
HIGH AND LOW S 1LE PRICES-PER SHARE', NOT PER CENT
Saturday
Aug. 23.
2112 22
75
75
134012 493
*10814 109
2514 2574
*9012 91
*2613 27
*31
31,4
1014 1014
*223.1 24
Monday
Aug. 25.
23
nt
*4034
109
26
91
2612
3114
1014
*2212
Tuesday
Aug. 23.
TVednesday
Aug. 27.
23
22
2212 22
75
*74
77
*74
493 *4034 493 *45
11012
-- *10314
2638 *108,4-2558 2638 2614
91
92
92
*91
2878 *2812 27 .2612
3114 *31
317 *31
101a 10
10
10
2312 *22,2 23
23
Thursday
Aug. 28.
22
2134
*74
76
493 *46
_ .1081t
-i6
-2(P2 2613
92
92
27
27
3178 *31
10
10
23
2131
Friday
Aug. 29.
21
74
4813
.10814
-1
2612
*9113
92
*2612
27
317 .31
ID, •10
2212 2134
2114
76
4913
22
74
4812
--2738
92
2714
31%
11
23
8,100
300
100
200
9,500
30
100
100
700
600
131d and asked Prices: no sales on this day. c 60% Stnek dividend pa (I.
PER SHAW/
Range for PreSous
Year 1929.
Highest.
Lowest.
--per share $ per share
193% Mal 298ss Aug
99 Ma3 10414 Deo
161 NON 20915 July
10514 Nov 14514 Bent
81 Dec
75 June
9038 Sept
55 001
710314 Oci 115 Sept
85 API 148 July
15 Deo
7 Nov
44 Nov 65 Sept
8172 Feb
Oct
40
71312 Nov
9234 Feb
4418 Jan
412 ()et
185 Her 36974 Fe!)
4 NON
312 Nov
16 Her
3634 De(
7 Nov
1713 Nov
16 Nov
2813 Nov
75 Nov
134 Apr
101 Nos
100 Nov
9473 Nov
3614 Del
6513 Oci
64 API
45 Nov
1402 Oel
12014 Jun,
Oc.
49
4112 No%
55'12 Nov
52 Nov
8514 Nov
18 Nov
70 Nov
3413 Ma)
116 Nov
70 No'
15 Oct
Oci
60
63 Nov
65 Nov
Oct
110
Oct
24
1413 Nov
114 Nov
35 May
51 Her
2718 Nov
9374 Nov
46 Nov
105 Nov
758 Om
173 Nov
1
OR
160 Nov
110 Nov
Imo ma)
155 OR
Vs Jai
8.1458 Jai
8 Nov
112 De,
1
Oct
1413 He,
191
Jar
82 Nov
75's Nov
4la De(
7213 Mal
17 De,
140 Nov
94 Nov
90 Nov
90 Nov
10112 Mai
4112 my
43% Mu'
101 Nov
17 Nov
50 No1
Oct
84
918 De,
1614 Jun,
105 No'
109 Nov
93 Jun(
115 Nov
612
2014
75
200
80
40
82
10
14%
16
37%
Nov
Der
He,
Nov
No'
Nov
Nov
00
No%
0c,
No,
"Nig Feb
2534 Feb
43 Feb
6074 Feb
2372 Fab
6353 Jan
44% Aug
63% Set';
10813 Aug
145 Feb
143% Sepr
10)1
Oct
10314 Nov
135 July
80 Jan
.7.4 12 Mar
7033 Jar,
226 July
169% Sept
7734 Feb
1/313 Sept
6614 July
6378 July
12104 J1111
Fen
59
Jan
103
58% :fan
15312 July
8018 Feb
5831 Fen
1037s Ju'Y
7012 Jan
10214 Feb
154% Sept
5712 Jan
3913 Jar
331 JEND
6112 Sept
66
Jan
(153* July
10712 Apr
101% July
149
Oct
86% Jan
240 Aug
358 Jan
25612 Aug
19238 Aug
110 Dse
379 Jan
13212 00
13434 Aug
32
Peb
9% Feb
1414 Mar
4812 Feb
290 Sept
87% Meg
11S% Joy
43 Feb
110 Aug
35 July
260 Aug
101 Mar
97
Jan
148% Jan
147% Sept
50 Sept
60% Sept
133% Aug
0612 Fcb
1514 Feb
94
Apr
21114 Mar
4134 Oct
157% Sept
16218 Sept
100 Dee
181 May
39 Feb
58% ann
100
Jan
20754 Ave
8512 Bens
81% Jan
10473 Jan
54 ken
5312 Feb
41% Mar
67% July
Industrial & Miscellaucou
Abitibi Pow & Pap
No Da
21 Jan 29 4213 Apr 9 3414 He.
57% Aug
Preferred
__100 84% Jan 17 8613 Apr e 63 Nov
88% Jao
Abialiam & Strauss
_No pa
42 June 25 66 Apr 21
43 Del 15913 nu
Preferred
100 104 Jan II 11012 Aug 25 10011 Nov 11213 Oct
Adams Express
No pa
2173June 18 37% Mar 31
34 NOV'
20 Nov
Preferred
10
8514 Feb 4 92 Mar 27 84 Nov
90
Jan
Adams M11113_
Na pa
23 Jan 27 32 Mar 31
19 No'
35% Jan
Addressograph lot Corp No pa
2934June 27 3134June 13
Advance Iturnely
Oct 104w; May
8 June 17 2314 Jan 24
100
7
proreread
(Sc? tt9 vfy
1A
411, 3,0 35
1574.1(ine 24
x Ex-dividend. y Ex-rights. a Ex dividend and ex-rights.
New York Stock Record-Continued-Page 2
1383
Foe gales during the week of stoCka not recorded here, see second page preceding
HIGH AND LO1V SAI,E PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 23.
Monday
Aug. 25.
Tuesdan
Aug. 26.
Wednesday
Aug. 27.
Thursday
Aug. 28.
Friday
Aug. 29.
Sates
for
the
1Veek.
STOCKS
NEW YORK STOCK
EXCHANGE
PM,: Si/
Range 'Since Jan. 1.
On bast, of 100-s0are tots
Lowest.
------$ per share $ per share 3 per share $ per share $ per share $ per share Shares Industrial &apse:(Con.) Par $ per share
52
52
5a
32
*.'ll
500 Anutnada Lead
58
31
3%
58
52
34
*58
I
12 Jan 4
1
4 12312 125/
1
4 123 124
12258 12614 33,500 Air Reduction, Inc
11712 11918 120 12378 12018 124/
No par 10314July 10
/
4 1678 1834 4,100 Air-Way Elec APplianceNo par
/
4 161
01634 1712 1634 1678 1614 1634 *1638 1678 161
16 June 23
118 118
1
118
1
11
/
4
11
11
/
4 *118
*118
1
1,300 Max Rubber, Inc
1 June IS
No par
5
5
5/
1
4
538 05
518 *5
5
5
5/
1
4
512 2,000 Alaska Juneau Gold Min,._ 10
*5
4113000 18
1012 1012 1012 1014 1014 1014 1012 1018
9/
1
4 1014 1014 1014 1,300 A P W Parer Co
612 Aug 13
No par
20
2012 2018 2034 2018 2114 2112 2158 2138 2214 2218 23
30,000 Alleghany Core
No par
18 June IS
95
91
*9134 94
94
*9418 9578 95
*9134 9.1
95
95
403 Pref A with $30 warr____100 87 June 23
9112 *90
9112 *90
91 '
*90
590
91
91
*90
*90
91
Pref A with $10 warr____100 89 June 30
*85
87
8778 *85
8772 *85
*85
8778 *85
87
*85
87
Pref A without warr____100 8178July 9
25812 260 263 270
217 25834 207 27134 10,200 Allied Chemical & Dye_No par 232 June 25
262/
1
4 26212 259 263
*124/
1
4 126 *12518 12514 *125 12514 125 125 *12434 126 *12434 126
100 Preferred
100 121 Jan 2
5312 54
5312 51/
1
4 51/
1
4 53/
1
4 54/
1
4 5512 5412 5514 55
56
11,400 Aills-Chalmers Mfg _ __No par 4818June 25
*2113 25
241 2412 *21
*2112 25
25
*2412 25
*24
100 Alpha Portland CementNo par 24 June 26
25
2434 2312 2378 2312 21
2334 21
1
4 24
2434 24/
24
24
2,300 Amerada Corp
Nro par
18 Jan 16
534 6
6
5/
1
4 5/
6
1
4
512 578
512 512
514 512
.000 Amer Agricultural Chem_100
438June 18
3312 3312 3314 3312 31
31
3178 3478 3314 3314 3278 3314 1,600 Preferred
100 23 June 26
*77
8312 0S0
8312 *78
8312 *7812 8312 83
83
8314 8312
500 Amer Bank Note
10 68 June 18
6218 6218 63/
1
4 6458 *5314 66
*6314 66
O6314 66
6312 6412
190 Preferred
50 61 Feb 3
*478 7
*478 673 *478 6/
1
4 *478 634 *4/
1
4 673 *478 614
American Beet Sugar_No par
5 Aug 7
35
3414 311
/
4 *3414 37
3518 3618 35
36
*34
*31
36
1,100 Amer Bosch Magneto_No par 27 June 25
*4312 44
*4312 4413 4312 4313 *4313 4413 4438 4112
*1312 44
300 Am Brake Shoe & F--__No par
413
8July 10
*121 12178 *121 12173 *121 12178 *121 12173 *121 12178 *121 12178
Preferred
100 118 July 17
1
4 1818 1712 1728 1728 1778 17
1814 17/
18
1758 1712 1758 3,400 Am
perret,
telroew
an Boyer' El_No par
83
8
Jan 16
*7112 78
•7112 7412 *7112 75
7312 *7112 80
O71
*7112 75
1
4 Jan 3
100 80/
12818 12914 12634 13038 12678 13012 13018 132
12934 13114 13058 13278 175,200 American Can
25 10814June 25
14612 14612 .14712 ____ 0143 ____ *148
____ •143
____ 148 148
300 Preferred
100 14014 Jan 27
*43
4412 4314 4314 4312 4414 45
45
45
46
4614 4312 2,400 American Car & Fdy__No par 42 Juno 23
095 10034 *90 10034 9612 95,2 *90
97
*90
97
9212 9312
200 Preferred
100
95 June 18
01
53
51
*50
523
4 *52
*5014
54
54
54
5312 54
400 American Chain
No par 39 June 25
4312 43,2 4312 *1312 4334 4312 4312 1,400 American
4312 4312 4312 4312 013
Chicle
No par 3658 Jan 2
1112 1134 1112 1112 1214 1212 1212 1312 13
14
14
1412 8,600 Am Comml Alooliol
No par
914June 30
*15
19
19
1712 *15
•15
*15
1878 1712 1732 *15
17
200 Amer Encaustic Tiling_No par
15 June 24
3418 3418 3412 3158 '
535
3512 3512 3712 3912 3,14
3,
37.38 3,000 Amer European See's_A7o par 3318June 19
7012 7112 7112 7312 7178 7378 74/
1
4 7638 7134 7712 75
76/
1
4 191,300 Amer & For'n Power.._No par 5614June 18
109 10912 10018 1091
0108 109 *10314 109
/
4 10913 10918 *109 10912
600 Preferred
_No par 10614June 19
*9312 96
96
96
95/
1
4 96
*9512 9714 *9512 9714 '9534 9714
Ns par 9212Jtine 23
700 25 preferred
9812 9834 9834 9812 99
*98
*93
99
99
99
*99
9912
150
SG
preferred
No par 95 Jan 31
15
15
01418 15
1178 1478 141
/
4 1112 13/
1
4 1418 1312 1312 1,100 km Hawaiian 88 Co
10 1312 Aug 29
3/
1
4 *312 5
*3
312 312 *3
4
3
3
213 3
American Hide & Leather_100
1,100
212 Aug 29
20
20
*18
'
018
517
20
*18
20
1714 1714 1714 1712
Preferred
100
600
171
/
4June 26
61
61
6138 6138 6112 62
61
62/
1
4 6178 6178 6112 6112 2,000 Amer Home products_N8 par 55 J11118 26
32
*3134 32
32
32
32
32
32
32
32
32
3212 1,200 American Ice
No par 31 June 18
3314 331
3312 3378 3312 3113 3112 35
3473 3512 3512 37
24,300 Amor Internal Corp
No par 28342u0e 21
112
142
112 112 *112 134 *112 134 *115
*112 2
134
200 Amer La France & Foamite_10
138 Aug 6
20
*15
*15
20
2212 *15
*15
2212 *15
2212 *15
221,
100 15 Aug 13
Preferred
44
*10
*42
44
*4214 4314 4214 4212 4214 4214
42
42
39 Aug 13
L000motive_No
American
par
400
9112 9112 *9052 93
91
91
*91
92/
1
4 *91
9234 *92
9234
100 00 July 15
200 Preferred
43/
4412 44
1
4 4318 4418 44
4138 44
43
4434 44
4412 21,300 Amer Mash & Frly new_No par 3514 Aug 8
6
6
618 61a *612 612
7
7
6 Aug 22
'
934 2.900 Amer Mach & Metals_No par
8
713 9
9
30
30
30
*2912 30
30
30
30
30
30
30
30
1
4 Aug 15
2,300 Amer Metal Co Ltd-_No par 28/
010512 108 *10512 108 *10512 103 *106 108 *106 108 *106 108
106
July 25
Preferred
100
(6%)
751
75
7778 *75
78
*75
*75
76
*75
76
120 Amer Nat Gas pref--_No par 65 Jan 23
8334 8234 8438 84
8212 83
83
8534 84
8412 8434 8512 5,400 Am Power & Light ___No par 72 Aug 13
*102
10212 10212 10212 103 103
10238 10212
10234 10012 103/
1
4 10378
No par 99 June 25
1,200 Preferred
/
4 82/
1
4 8212 8212 8258 8258 *8258 8334 *82/
8214 8214 821
1
4 8312
No par 75 Jan 8
500 Preferred A
8558 8558 85/
1
4 86
86
86
8618 8614 8914 8614 *86
8614
Prof
A
No
par 80 Jan 6
1.600
stamped
2558 2518 2612 2618 2738 2613 2034 2634 2714
1
4 2512 25
25/
32,600 Am Rod &Stand San'ry No par 2338June 25
*17
19
19
17
17
*17
*17
1812 18
18
*1712 19
American Republies
1514June 17
No par
200
5518 5512 53
57
54
5534 5334 5634 5312 5414 5278 54/
1
4 15,000 Amer Rolling Mill
"5 48 July 2
O0238 63
/
4 631
1
4 63/
/
4 6312 6312 63/
1
4 63/
621
1
4 0334 6334 6418
1,300 American Safety Razor_No pat 5212June 18
*812 9
812 812 *8
9
*812 9
0812 9
714 July 12
*812 9N
o
par
1e
100 Amer Seating v
2
2
2
11
/
4 134
2
11
/
4 134 *112 134
No par
134
118 Fob 25
134 1,100 Amer Ship & Comm
4958 4938 4934 4934 4934 4934 *47
*1912 50
4934 *17
4034
60 Amer Shipbuilding new_No par 4678May 22
6534 6638 66
6678 6612 68
6712 68/
1
4 68
6878 6812 6034 10.100 Am Sn3elting & Refining No par 53 June 24
*13612 139 *137 13934 *137 13934 13812 13912 *13612 139 *13612 139
100 13312 Feb 8
1,410900 Pvlorefeeruremd
101
101 101
10112 101 101 *101 10118
100 100 Aug 16
2d pref
4134 *4014 4134 4034 411
*40
/
4 *4012 4112 4114 4131 4178 4178
American Snuff
25 33 June lb
600
0101 108 *101 108 *101 108 *101 108 .101 108 *101 103
100 10018 Jan 3
Preferred
*712 8
*712 812
818 81s
8
812
7/
1
4 8
658July 1
Solvents 62 ChemNo pa,
Amer
13
71
/
4
2,500
*1612
1712 *1734 1834 1334 20
•1714 1812
*15
18
*14
7'2
1734 Aug 15
No par
300 Preferred
*38
3812 *38
3812 3838 39
*3812 39
3812 3812 3774 38
900 Amer Steel Founddee_No par 3518Juno 25
*11218 11312 11218 11218 *11212 11312 *113
11312 11312 *113 11312
100 11012 Jan 7
20 Preferred
*4212 44
*4212 44
01212 44
*4212 44
41
44
*44
50
No per 42 Aug 18
200 American Stores
53
*52
53
53
53
53
53 *53
*52
5312 5312 5313
100 47 June 25
600 Amer Sugar Refining
*10312
*10312
107
.10412
10314
107
10314
*10014 10314
10512 *10518 106
100 10314June 28
100 Preferred
1152 1134 *11
*1112 12
11
12
*1114 1134 11
1138 20
°Wane 18
1233
opar
800 Am Sumatra 'rob
*1734 19
*1734 19
19
*1734 20
19
*1734 20
*1734
&& Cable CoCo_ .100 16 June 1
1
4 215/
1
4 21312 21478 214 21578 61,80
211 21214 21014 21314 21038 21312 213/
100 2001099923
mer T
ere
AmerA
Am
elet
19
0
e
250 25034 *245 248
•244 248
248 248 *246 249
24812 249
500 American Tobacco com_-__50 197 Jan
121 125
124 12514 12458 12458
124 124
1
4 12478 124 124
124/
20 118 Aug
256 25912 253 257
25672 25778 251 25678 253 257
25312 25714 8
50 197 Jan 8
w mWoin class B
Noem
3:3
E0
00 C
128 12834 12618 12812 12612 12812 12818 12938 12612 128
1271
/
4 12358 15,100 Class B
25 117 Aug 13
new
w
I
125 125 '5125 126
125 125
125 125 *12412 125
12434 12434 1,200 Preferred
100 120 Feb
0122 128 *122 130 *122 130
130 130 *125 129/
1
4 *127 12934
100 American Type Founder2_100 113 June 19
011012 111 *11118 113 •11118 113
11012 11012 *11112 113 *11112 113
p00 106 Feb
Prw
efeartre
liviks & EL_No 1
17,32
00 Am
92/
1
4 90
891
/
4 9012 88
0138
911
/
4 8858 9114 90
par 7818June 2
*101 106 *104 1051
/
4 •104 105 *104 105 *10418 105
10
94
952
14 1092578
9912 Jan
*11
12
1112 1112 *11
1113 1114 1173 1112 1112 111,8 1218
12l
712 Jan 2
100
rienfeArVed
roolen
ileripet
1,3
500 Am
*2514 2718 *26
2713 2712 2712 27
27/
1
4 27i 3033 2,700 Preferred
2712 27
1
4 Jan 2
100 19/
*51
/
4 6
*514 6
*514 6
*514 6
*514
5 Jan 20
G
Am Writing Paper ctfs_No par
*3714 3812 *3714 3812 *3714 3812 3812 3812 *38
3912 *38
3912
Preferred certificate-A0° 2912 Jan 17
um
*9
10
*858 9
*834 9
*834 9
*834 912 '
5834 912
612J0ne 19
Amer 2Inc, Lead & Smelt-25
69
*59
*59
*59
69
69
69
1559
*59
69
*59
69
25 50 June 19
Preferred
44/
4434 4534 4412 4558 45
1
4 46
4512 4414 4514 4414 4512 50,500 Anaconda Copper Mln
4414 Aug 22
50
29
29
2712 27.2 02658 2712 026/
1
4 29
*2738 29
*2734 29
300 Anaconda Wire Cable No par 2612Junc 18
4012 4053 4034 4214 4058 41
4112 4238 .4112 42
*4112 42
/
4June 18
No par 341
1,500 Anchor Cap
19/
1
4 19/
20
21
1
4 *19
20
1034 1934 1918 1918 20
18 June 18
Andes Copper Mining_No par
203
4
1,200
1
4 2012 2012 2012 21
201
/
4 2014 2014 20/
2078 2114 2118 2128
1918June 23
2,900 Archer. Dan'h3, Mld'Id_No par
*7312 7612 074
80
O7312 76
7534 7534 7411 75
*75
78
300 Armour & Co (Del) prof.._100 7314 Aug 20
5
5
5
5
5/
1
4
5
5/
1
4 5/
1
4
438June 19
518
51
/
4 512 2,800 Armour of Illinois class A__25
518
278 3
278 3
2/
3
1
4 314
313 *5638
2783
t5/78 5
5,
,
3
Class 11
25
258 Jan 20
8,200
57
57
57
58
*5538 57
*57
59
100 6,5 May 5
Preferred
500
*5/
*0
6
1
4 6
6
7
612 612 *618 612
7
5 Aug 18
7
400 Arnold Constable Corp_No par
14
*11
*11
14
*11
14
*11
14
•11
14 .3
.34
35
14
1% 3
10 June 25
15
No par
118
200 Artloom Corp
35
*34
534
34
34
35
35
35
Apparel
No
par
18
Ind
3112June
Associated
200
33
33
3338 33
33
33
3312 341
/
4 3312 3478 3412 35
2,S Jan 4
No vat
4,500 Assoc Dry Goods
41
*4012 48
41
48
*41
*1012 48
O41
48
40
25 3212 Feb 27
011
Associated
40
70
5
0
0
54
57
54
*53
*53
.52
57
55
*52
55
54
All & W I S E3 Line__No par 4958June 26
1
4 57
054/
5458 5458 *5112 5612 •5412 5612 *5412 54
57
•54
100 00 June 27
5612
100 Preferred
34/
1
4 3312 3414 33/
1
4 34/
1
4 31
1
4 3312 3334 3312 3458 21,700
3412 35/
Atlantic Refining
25 3018June 18
*69
70
70
70
72's 71
6912 6912 •69
71
*2
6
0
9
34
62 June 17
No
pa
Powder
3
7
Atlas
0
114
1,600
15102 10212 10212 10212 1011g 102 *101 10212 0101 10212 101 101
100 101 Jan 20
80 Preferred
2934 30
30
30
2912 291
/
4 2934 2934
29/
1
4 30
2512June 18
Storm
No
Atlas
Corp
pa
1,500
4334 5
*334 5
4 Aug 7
No par
*324 5
0,200 Atlas Tack
*384 114
5
4 112
311 11L4 10914 1113
0354
11::
(
,3112 11A% lf:7
1093
5
.4 112
1'
91 June 23
Auburn Autornobile
par
10
No
3
'4
1125
*312 3/
1
4 *312 334
312 312 *313 4
tIn,
10,
Ni
c
ch
312
No
Aug 23
par
o
o
rls
u
p
tma
4
Au
1,7
200
234 234 *214 234 *212 234 .
212 234
234 234
2 Aug 6
No par
234 33
6t4 61
/
4 *614 12
*618 12
614 614
*614 613 10
50
6 Aug 18
Preferred
10
1,700
/
4 7312 7118 74/
1
4 7434 711
6512 74
70/
1
4 70/
1
4 7217 7114 7234 18,000 Autostr Sat Razor A_-No pa
37 Jan 2
512 534
512 632
618 614
618 638
534 614
No pa
434 Jan 20
618 61
/
4 31,800 Aviation Corp
2958 2914 3013 2018 3118
3014 29
2U
2014 29
Baldwin
par
____No
Low
1932June 17
Wks
31't
3214
992,800
*106 110 *107 110 *10714 10812 *107 109 *107 110 0107
Preferred
100 10412June 25
1
4 10712 *10673 108
1067g 1067g 10673 10673 *10578 110
010678 10712 *106/
.
_1
700
, 10
1678
2 2 A ug 18
5
10712
0 Bamberger(L) & Co prek_0
1312 *12
1212 .12
1212 *12
•12
1212 *12
1212 /212 1212
40 Barker Brothers
*6912 75
*6912 75
*6912 75
*6912 75
*6912 75
Preferred
100 72 June 25
*6912 75
2238 2234 2134 2258 217g 221g 22
22
2178 2174 2214 9912
28 2012 Feb If
2212 11,700 Barnsdali Corp clone A
*99
*4934 50
*4934 50
*4934 50
*4934 50 .4934 50
Bayul4 Cigars. Ins
No Pa
4858 July 23
*4934 50
97
97
97
97
98
98
*9712 99
99
99
First preferred
100 97 Mar 3
110
8014 7712 83
821s 8412 8312 8412 85
*7714 7812 80
Beatrice
be
67
1$ Jan 18
Creamery
6,200
8773
010512 110 *10512 110 *10512 110 *10512 110 *10512 110 *105/
Preferred
100 10114 Mar 20
1
4 110
*5518 5634 *55
/
4 5634 58
561
*5612 5312 .57
60
Beech-Nut Packing Co
20 49/
1
4
*5712
59
June 25
300
334 334
334 4
3/
1
4 334
334 3/
1
4
4
4
212 Aug 5
84
100 Belding liern'waY 03--No par
0% 840% 1,200
*8014 82
*79
82
*80/
1
4 8112 *8038 8112
82
*80
Belgian Nat Rye part wet-- 7934June 26
• Bld and asked prices no sided on tills day. s Ex-dividend. v
101 101 101 anis
Highest.
4 per share
158 Mar 28
15638June 2
36 Mar 24
212 Jan 9
918 Jan 7
1512 Feb 17
35/
1
4 Mar 31
10712 Feb 11
9934 Apr 11
9614 Feb 24
343 Apr 17
12614 Apr 1
68 Mer 11
42/
1
4 Mar 27
3112June 3
1032 Afar 31
3933 Aug 16
9738 Mar 27
6634 Jan 31
12 Jan 16
5478 Feb 14
5452 Mar 20
128 Feb 13
21/
1
4 Apr 25
8084May 20
15612 Apr IC
148 Aug 29
82/
1
4 Feb e
116 Jan 4
6978 Apr 10
5114 Apr 3
33 Jan 16
3072 Mar 31
59/
1
4 Mar 31
10134 Apr 16
11112 Apr 29
10034June 11
101 May 17
3358 Mar 19
7 Apr 10
31/
1
4 Apr 11
69/
1
4 Afar 20
4178 Afar 27
5538 Apr 2
4 Apr 2
35 Feb 19
108 Jan 6
11812 Mar 1
4434 Aug 28
14,2July 3
5112 Feb 7
116 Feb IS
95 Mar 27
1191
/
4 Apr 1
107 Mee 24
85 Mar 20
8834 Mar 21
3934 Apr 1
37 Afar 25
1002
7 Feb 17
67/
1
4 Apr 20
2612 Feb 18
33sMaY 6
5412June 5
7912 Apr 2
141 Apr 8
103/
1
4 Aug 14
43,2 Jan 27
10734 Ayr 22
2212 Mar 7
3314 Mar 6
5214 Mar 20
116 Feb 25
8512 Apr 16
6972 Mar 26
110 Apr 24
2634 Feb 10
2712 Feb 8
2741
/
4 Apr 17
26414May 23
126 Aug 22
26912May 23
12912 Aug 22
125 Aug 23
14158 Apr 1
114/
1
4July 24
12478 Apr 23
10012 Apr 15
PER SilAhR
Range for Previous
Year 1929.
Lowest.
Iltghestr
$ per share
per share
18 Dee
44 Feb
77 Nov 223/
1
4 Oet
1818 Der
4878 May
1 Dec
1114 Jac
414 Nov
10/
1
4 Jan
5
Oct
25
Jan
17 Nov
561z Sept
90 Nov 11834 J1112
197 Nov 351*g Aug
11812 Nov 125
Apr
3512 Nov
751
/
4 Sept
23 Nov
23 Nor
1712 Oct
4252 Jan
4 Oct
2358 Jan
18 Nov
7334 Jan
65 Nov 157
Oct
6534 June
57 July
5/
1
4 Der
2012 Jan
27 Nov
7612 Sept
4011 Nov
62 Feb
113 Nov 126/
1
4 Mar
3434 June
41
/
4 Oct
4934 Jan 104 June
86 Nov 18412 Aug
13312 Nov 145 Dee
75 Nov 10612 Jan
Jan
110/
1
4 OM 120
27 Nov
20 Om
181
/
4 Nov
23 Nov
Oci
50
10111 N(11
k(114 (1,1
94 Dec
1712 Dm
3/
1
4 Dec
2314 Nov
40 Nov
29
Or!
2912 Nov
212 Oc;
2712 No'.
90 No,
11114 Nov
3158 SepI
55 Ma7
4734 Feb
9812 Sept
19914 Sept
10312 Ftb
103 Fri
100 Feb
42
Apr
10
Jan
5212 Aus
8552 Jan
5313 Aug
9034 Sent
872 Jan
75 Feb
136 Jell
120 13e3
311
/
4 hoi
106 Nov
48 NON
6414 NOV
9214 Oct
70 May
7272 Nov
23 Oct
1'212 Nov
60 Nov
44 Nov
17 Dec
32 Oct
Silo Feb
135 Feb
98/
1
4 Jan
17584 Sept
105
Feb
80 Feb
8412 Feb
55/
1
4 Bei t
64/
1
4 Jr n
144/
1
4 Belt
74/
1
4 Jan
4172 Mar
7 Feb
62 KJ; 1361-4 ifeYt
12318 Nov 138
Jan
--38 Oct 49 July
98 Nov 112
Jan
_
3504 Oct
1111 Juno
40 Oct
56 -Not
99 Nov
18 Nov
17 Jan
1034 .1111,
180 Me!
-797; Feb
114 Mar
85
Apr
94/
1
4 Jan
111
Feb
AO
fa32/
1
4 Feb
310,4 Sept
23212 Oct
160" Oct
235"
Nov1453
115 Nov
103 Nov
50 Nov
07
Jan
2014 Feb 17
5/
1
4 Oct
44,2 Feb 18
1512 Nov
9 May 29
4 Nov
1.434 Feb 27
28 Nov
17/
1
4 Feb 3
7 Nov
79/
1
4 Jan 20
4934 Nov
8112 Apr 2
6714 Dec
5314 Feb 6
46 Dec
5134 Apr 21
25
Oct
3714 Apr 2
30 Oct
2914 Apr 5
1812 Nov
8278Julle 6
75 Oct
818 Mar 26
518 Oct
41
/
4 Mar 26
234 Nov
65 June 4
57 Nov
1334 Apr 21
614 Dec
2,012 Apr 28
1658 Nov
4612 Mar 10
34 Nov
5012 Apr 15
25 Nov
51 June 2
3412 Der
80/
1
4 Jan 30
3218 Feb
6514 Feb 28
4534 Feb
5188 Apr 7
30
Oct
10434 Mar 21 67 Nov
106 Mar 2
90 Nov
37 May 1
812 Mar 5
5 Nov
263/
1
4 Apr I 120
Oct
7 May 14
10/
1
4 Mar 3
4 Dec
25 Mar 4
13 Dec
811/4J
2
31
34 Nov
9/
1
4 Apr 15
4/
1
4 Dee
38 Feb 1
15
Oct
116 Jan
10912 No,
12
10
0;
4
2 Feb
9312 Nov
16 Der
91 Mar 3
70 Not
34 Mar 28 20
Oct
68 Feb
55 Nov
101 July 2
95 Oct
112 Apr 1
89 Dec
107 June 10 100 Dec
7018 Jan 2
45 Nov
6/
1
4 Jan 17
412 Der
8512 Mar 19 75 Nov
Oct
lui T. Jan
131 Belt
112 Arr
199 bler r
104
Jan
2778 Tan
5838 Jan
1818 July
46 Mar
4014 Mar
1111
/
4 Mar
140 Mar
8934 Sept
80
Oct
6838 Mar
491
/
4 Mar
95
Jan
1812 Jan
1014 Jan
86
Jan
401
/
4 Jan
30 Feb
5834 June
7034 Jan
4754 Apr
8611 Oct
6278 Sept
77/
1
4 July
140 Sept
10612 Jan
177 .T7.17;
514 Sept
35th Aria
4572 Aug
50
Jan
20 Aug
6652 Aug
125
Apt
1104 Feb
331
/
4 Jan
97
Jan
,3912 May
11334 Jan
t 0684 Jan
131
Oct
10612 Aug
101 Jan
1734 AP,
84/
1
4 Jan
1384
New York Stock Record-Continued-Page 3
For eared during the week of stocks not recorded here. see third page preceding.
PER SHARE
Range for Preston
Year 1929.
Friday
Saturday
We,dnesday Thursday
Monday
Tuesday
Highest.
Lowest.
Lowest.
Highest.
Aug. 29.
Aug. 28.
Aug. 23.
Aug. 27.
Aug. 25.
Aug. 26.
---per *Aare
share
$
per
Shares
$
&
share
share
Indus.
(Con.)
Par
share
$
per
per
share
Miscal.
Per
$
$ per share $ Per share 3 Per share It per share $ Per
25 Nov 10438 July
29,600 Bendix Aviation
No Par 2758June 25 5738 Apr 7
1
4 3318 3114 3152 3112 32
3034 3278 3212 32/
3014 31
1
4 31/
12312 Sept
Nov
25
Best
25
7,700
St
Co
par
5614
Apr
No
31
/
1
4
Jan
8
48
4918
4634
473
4
4658 4654 24614 46% 4512 4634 46/
1
4 47
7814 Nov 14034 Aug
1
4 Apr 1
8238 8312 23,100 Bethlehem Steel Corp
100 75 Aug 13 110/
8078 818 8034 8214 8012 8212 82/
1
4 8278 8212 83
1
4 May 128 Sept
600 Beth Steel Corp pf(7%) 100 122/
1
4 Jan 13 134 Mar 22 116/
12612 12612 12738 12738 *126 126,2 12618 12614 4126 12734 126 126
_341
Apr
24
Blaw-Knox
Co
31
June
25
4112
200
3412
No
par
55
3342
*34
3312
*32q 3312 *33
35
*34
331
2234 Dec 8178 Apr
Bloomingdale Bros.-No par 1712June 23 297g Apr 24
*15
28
28
•15
*15
*15
28
2312 *15
*15
28
28
Jan
20 Preferred
100 99 May 12 103 Mar 8 100 Oct 111
*90/
1
4 99
*9014 99
*90/
1
4 99
*9014 99
99
99 •9014 99
Jan
7018 Dec 118
10 Blumenthal & Co pre!
83
*80
100 74 Feb 7 90 Apr 7
83
83 *80
*80
83
83 *80
83
*80
83
1
4 Man
37 Nov 138/
7,900 Bohn Aluminum de Br-No par 24 Aug 27 69 Apr 7
26
25
2512 26
27
*2814 29
2712 2812 24
2834 291
Jan
89
/
1
4
Oct
Bon
70
Anil
class
A
100
7
78
Apr
5
71
No
par
70
Mar
*7014
71
*7014
71
1
4
*7014 72
7014 70,4 *70/
*7014 71
11/
1
4 Jan
3 Dec
No par
2 June 21
5 Mar 26
100 Booth Fisheries
*2t2 314 *212 3/
1
4 *212 314
4232 314 *2/
3
3
1
4 31
18 Dec 6334 Jay
let preferred
100 18 June 23 3314 Jan 3
22
*16
22
*16
22
*16
*16
22
22
*18
*16
22
100
/
1
4 July
Oct
53
Borden
Co
9038May
29
24,200
25
6018
Jan
8
77
78
7
2
763
4
7712
7612 77
7618 773s 755s 7738 764 77%
28 Nov 14338 May
700 Borg-Warner Corp
10 2358June 27 5012 Mar 27
2812 29
*2814 244
29
29
29
29
*2814 2812 *2814 29
1512 Feb
212 Dec
4114 1/
Botany
Cons
Mills
class
274
July
14
5
Mar
1
4
*114
A-50
27
1
/
1
4
1
/
1
4
*112
*114 178 *114 17
*114 173
8/
1
4 Nov 6318 Jan
1
4 Mar 6 2538July 23
1934 2012 1978 2014 35,800 Briggs Manufacturing-No Par 13/
2012 21
2078 2114 19% 211
1934 21
1738 Dec 4312 July
100 Briggs & Stratton
26
*22
• 21 June 19 3512 Apr 4
26
*22
24
24
022
*22
25
24
2312 *22
Nov 7378 Jan
Brockway
14
Mot
Tr
19
1212June
26
19,000
1818
183
2
1812
2214May
19
No
Dar
19
18
3
4
19
17
18% 18
1838 18
7114 Dec 145 Jan
120 Preferred 7%
*64
65
100 62 Aug 26 85 Apr 24
65
65 *64
62
64
*65
62
67
70
64
13114
3,200 Bklyn Union Gas
99 Nov 24812 Aug
No par 115 June 25 17814 Mar 3
127
12412 126 *125 127
12312 124
*123 124,2 12314 124
Oct 5112 Sent
100 Brown Shoe Co
*3814 39
36
No per 3712June 30 42 Feb 18
1
4 39
*38/
•3814 39
*3814 3834 384 383 43814 39
1,100
1814 Nov 5514 Jan
Bruns-Balke-Collender_Na
par
1618
1618
Mar
31
16
1318 Jan 15 3058
1614 16
1614 1614 16
1614 16,2 *1614 161
300 Bucyrus-Erte Co
14 Oct 4234 Jan
1918June 18 3178 Mar 24
42234 2334 *2234 2312
24
23 *23
23
23% 2312 *2234 24
2612 Oct 50 Feb
10 33/
1
4 Jan 7 43 Mar 25
3612 33612 3634 3618 3658 1,800 Preferred
36
35/2 351
35% 357
*3514 36
Preferred (7)
100 10734 Jan 3 11612 Aug 16 10734 Dec 117 Apr
*117 118 *117 118 *117 118 *117 118 •11514 118 *11514 118
g1
/
4 8/
1
4
818 Dec 2272 Oat
812 812 1,100 Budd (E 0) Mfg
738June 18 16/
1
4 Apr 15
1
4
No par
812 8/
*812 87a
812 81
8% 83
734 Dec 1212 Dec
No par
8/
1
4 Jan 2 1458 Feb 6
10/
1
4 1078 1078 1078 2,900 Budd Wheel
10/
1
4 11
1012 1058 1012 1058 1034 107
1,300 Bulova Watch
28
2114 Nov 34 Dec
2814 *27
No par 2818 Jan 17 43 Mar 31
27
2814 *27
27
•27
2712 274 274 27
25 Nov 5458 July
2834 29/
1
4 21,200 Bullard Co
No par 2018 Aug 12 74 Apr 2
251
2638 30,8 2712 30
2512 2612 254 2634 25
600 Burns Bros new el AeomNo Par 90 June 18 11018 Apr 2
88 Nov 127 Jan
100 100
998 100 *100 10014
984 99
*9212 98
*9212 98
2258 June 39 Jan
1514June 18 35 Apr 2
2312 2258 234 2312 2378 3,400 Now class B
21
2018 21
21
21
Par
21
21
1
4 Jan
Preferred
40
94
Nov 105/
*9312
88
94
19
94
94
100
8914June
17
100
Feb
*93
93
93
94
*93
94
*93
1
4Man
3,900 Burroughs Add Maeh_No par 2914June 25 51/
29 Oct 329/
3312 35
331
1
4 Mar 1
3334 344 *33
331
33
3334 324 3314 *33
1
4 Nov 8918 Fen
340 Bush Terminal
36
31/
36
No par
36
2918June 18 4812 Mar 8
36
*34
36
*35
36
*34
36
35
35
190 Debenture
9118 Nov 11012 Mat
107 10712
10
99 June 30 110 Mar 15
*10512 10534 1055s 105% 10534 1053 106 10612 107 107
1
4 Feb
10 Bush Term Bldg!, pref
11612 11612
100 1091
/
4 Feb 10 118 Apr 7 10534 Nov 118/
*11612 117 *11612 117 *11612 117 *116 2 117 *11612 117
152 142 *112 1/
1
4
438 Dee 1238 Jan
700 Butte de Superior IMining..-1
112 Aug 23
5/
1
4 Jan 6
112 112
112 158
134 114
112 112
912 Jan
2 Oct
100 Butte Copper & Zoo
414 Feb 2(
218June30
5
214 214 4242 212
*238 212
*238 212 *238 212 *23, 21
Jan
17/
1
4 Dec 41
17
500 Butterlek Co
17
100 1314June 18 393s Feb 24
1612 1612 1614 17
158 157
*15
16
*1514 16
50 Nov 19278• Jan
No pa
1
4 7314 7532 40,600 Byers & Co(A M)
6018 Aug 9 11258 Apr 26
7258 74/
757
69
70% 704 73% 7178 753, 74
Preferred
410812
100 10812 Aug 4 114 Jan 25 105 Apt 12114 Jan
_ *10812 ---- 410812
*10812
- *10812
•10812
63/
1
4 Oct 8472 Aug
65
800 California Packing___ _No pa
*62
6014July 17 7712 Mar 5
3.14 6312 6312 6312 64,4 *6312 65
6234 11-2-3-4 6314 -8.
4 Jan
1
Oct
118
800 Callahan Zinc-Lead
*1
218 Feb 3
78 Aug 23
1
1
72 1
10
118
*1
1
1
1
1
73
/
1
4 Nov 13634 Aug
Calumet
dr
9
18,600
89
/
1
4
Jan
4912
Arizona MinIng_20 4738 Aug 24
51
5418 53
475, 4914 48
504 5278 49
53
53
25 Oct 6178 Mar
25 13 June19 33/
1
4 Jan 7
1312 1334 1312 1312 1338 1312 1358 1378 1314 133, 1314 1314 3,400 Calumet & Hecht
19 Dec 4972 Aug
400 Campbell W & C Fdry_No par
*1814. 19
17 June 18 30 Mar 25
18
18
*17/
1
4 18
1
4 18
1778 1778 1712 1712 •17/
45 Oct 9854 July
1
4 Mar 10
644 6434 2,100 Canada Dry Ginger Ale No par 56 June 18 75/
6414 65
65
64
6412 64
64
*63/
1
4 6412 *64
27 Dee 4834 Sept
600 Cannon 1111118
No par 20 June 18 3414 Mar 18
211
/
4 21
21,4
211 *21
2114 421
2114 *21
*21
21
21
1
4 Oct
17 Nov 65/
300 Capital Adminls el A-NO Par 13 June 19 28/
1
4 Apr 4
1618 1612 17
/
4 1634 1634 163 *16
*1512 161 *1512 1634 •151
29 Nov 397s Oet
1
4 43312 3712
Preferred A
50 31 Jan 2 42 Mar 19
*33
371 *33% 3712 *3312 3712 43312 3738 43312 37/
467 Sent
Nov
130
Case
23
68,300
Thresh
193
/
1
4
3623
4
Apr
190
13
Machine
150
Aug
002_100
192
18814
191
1943
8
188 1901 18412 19134 18434 19112
40 Preferred eertlfleatea-.100 115 Jan 16 132 Mar 25 113 Nov 12312 Dee
12314 12314 12512 125,2
*124 126
123,4 123,4 *12312 126 *12314 126
5014 Dec 61 Dee
5478 5414 5634 5,600 Caterpillar Tractor__No par 53 Aug 15 7934 Apr 28
54
5412 541
54
55
551
551s 5334 54
1
4 Feb
614 Dec 42/
Cavannagh-Dobbs Ino.No par
9
*612
5 June 16 1378 Jan 11
*Biz
9
*612
*6.2 9
9
*612 9
*612 9
Preferred
58 Dec 10512 Mu
100 50 Aug 5 75 Jan ts
55
50 *____ 55 *_-__ 50 *____ 50 *___- 50
1
4 Aug 27 20 July 3
124 125, 1.000 Celanese Corp of Am__No par 12/
13
*1212 13% 1214 1234 1212 1212 • 1218 121 *12
Oct Ws WI;
31
32,000 Celotex Corp
9 July 3 60 Mar 10
No par
1
4 15
1438 1478 13/
1378 154 15
1378 161
1634 1558 17
Oct 4854 Jan
21
1
4 Feb 19 3012 Mry 31
2458 1,700 Central Aguirre Asso-No par 23/
*2312 24
24
2412 2414 243 *2312 2414 245s
*2312 24
34 5
Century
Oct 2018 Jan
3
300
Ribbon
Mar
27
8
/
1
4
/
1
4
Feb
4
Mills."No
3
par
5
*4
*414
*414 412
*414
5
412 . 41
414 414
Preferred
5014 Dec 82 Jan
100
1
4 6978 *6034 6978
• *6034 68
*6034 6978 *6034 6972 *6034 697 *60/
1
4 Nov 120 Mar
52/
51 Fe
unb
e2
12
8 6
65
21
3:jJualn
y 16
6
4312 4418 4412 4412 2,700 cierro de Pasco Colilber-N0 par 4318J
*444 46
4412 441
44% 44% 44
/
4 441
107/1 DeC 32 July
100 Certain-Teed Produets-No Dar
612 61
4812 7
518June 24 1578 Feb 6
*512 7
*634 7
*612 7
*612 7
gull
1
4 Jan
City
Ice
&
Dec 62/
900
Fuel
No par 38 July 3 49 Feb 6
4012 *3812 40
40
4014 41
*40/
1
4 41
•4034 41
*4012 41
98 Sept 10514 Jan
270 Preferred
8212
100 82 Aug 22 9834 Feb 11
824 *80
8212 821
8212 8212 8218 82? 8212 821 *80
221
80
15 Sept
Oct
Checker
2.500
Cab
18
1958
Aug
13
67
/
1
4
Mar
27
par
No
2112 2214 2218
*2234 224 22/
211
*21
22
1
4 2214 22
2,800 Chesapeake Corp
5112June28 8212M& 29 -4218 Nov 112 July
677
No pa
*6312 65
44 8614 66
66/
1
4 661
64
64
6414 66
2178 Oct 4714 Sent
600 Chicago Pneumat Tool_No pa
1114June 19 37 Mar 31
15/
1
4 1514 *1514 1538
- *1414 15% 1412 1412 1414 1414 1412 147
61 Sept
47 Nov
200 Preferred
4114 Aug 21 5578 Mat 14
No 9C1
44
*41
*4212 43
421 *4218 44
*42/
1
4 44
42
*4212 44
21/
1
4 Oct 36 Jan
60 Chicago Yellow Cab-._No pa
16/
1
4 Feb 1 32 Mar 20
2512 2512 *25 251
2512 2512 *25
25,
2512 25
2512 *25
50 Jar
Dec
Chickasha
25
500
17
Aug
22
3212
Apr
10
Cotton
171
011
10
1718
18
*174
*17
17
17
18
17
17
17
17
44/
1
4 Nov 7571 Sete/
8.200
48 Aug 13 6758June 6
No 94
*55
67
5714 56
54
5012 50
50% 5012 5234 53 531
Chrysler Corp
26 Nov 135 Jan
No par 24 June 23 43 Apr 11
274 28,4 2712 284 2758 2814 274 283, 274 2818 27% 281 28,900
714 Oct 27 Feb
4,200 City Stores New
612 71
578July II 13/
1
4 Apr 25
No pa
61
/
4 634
612 612
614 612
612 61
612 612
1
4 Oat
Clark Equipment
25 Nov 81/
29 Aug 13 44/
1
4 Apr 21
No 94
3578
3578 *29
*30
*30
36
*29
36
36
*30
*30
36
7234 Jan
---200 Cluett Peabody & CoNo pa 30 Feb 1 60 Apr 5 3412 Dec 119
3534 3534 36
*3314 36
*3314 353 *3314 3514 *35
3534 *35
Jan
Dec
90
12
Preferred
Apr
8
50
100
7
105
9114
Jan
2
7
100
*99
*9978 10012 *100 1001 100 100
*99 100
*9979 100
1
4 Aug
No pa 13314 Jan 8 19138June 4 101 Nov 154/
17714 179% 4,100 Coca Cola Co
17714 17714 17512 1751 176 176
177 17718 17612 177
4434 Oct 50 Feb
Class A
Mar
21
53
8
500
No
pa
/
1
4
Jan
48
52
52
52
*514 52
85118
*5118 52
5114 5114 *5114 52
---1,500 Colgate-Palmolive-Peet No Pa
50 June 23 6478Ma7 2
*57
5712 5712 571 *5712 58
_ ---- -97 Mar 13 10278 Aug 20
600 c0621,94refAerirgan
2310,3
58
11
1 10
934 .10
59
21'8
2
2 10
52
58
1112
10212 10212 102% 102, *10278 105
8.334 10
59
2738
4 *10
10
52
10 Nov 7214 Mar
Jan
2
13
1,900
14
5
8
35
3
4
Feb
No
2278
8
217
22
*21
22
*20
22
21
214 2112 2238 22
65 Der 10312 Feb
Preferred non-voting__ _100 73 Jan 3 92 May 24
*8014 87
*8014 87
87
*8014 87 •80/
*84
1
4 87
1214June 12 2058 Apr 28
7/
4
1 1,900 Colonial Beacon 011 Co.No pa
38
194118
4 8
14
14
14
14
14
14
144 144 14
14
14
2734 Nov -ii72 1HW
8
Apr
77
Colorado
Jan
2
Fuel
&
5,300
Iron
3612
100
51
5014
*4734 4812 48
5112 4912 5018
5112 61
481
48
Om
10,800 Columbian Carbon v I aNe pa 108 June 23 199 Mar 11 105 Nov 344
139 140
136 137
135 1391 13618 14114 139 14112 140 140
Aug 13 87 Apr 10
Colum Gas & Else
55
43,600
No
Da
595
8
6112
6114
5914 60% 5912 61
5912
5918 6034 6052 6112
Nov
11
109
WI;
Apr
5T5
31
110
Jan
Preferred
10414
100
800
109 109
5108 10914 109 109
1091
/
4 10914 109 10918 •108 109 '
161
/
4 Nov
8854 Jan
1218 Aug 18 3738 Apr 28
1
4 17/
1
4 88,900 Columbia Graphophone
1
4 1412 16/
134 14
1312 14
1314 1334 1418 1558 15/
18 Nov 625s Jan
Commercial Credit___No par 23/
1
4 Jan 2 4034 Apr 1
4,800
254
2518
25
25
25
25% 25
25
251
25/
1
4 2518 2518
4438
Apr
1
Nov
Jan
2
515s Sept
28
311
/
4
Claes
A
50
500
1
4 *37% 3814
*36
37
364 3618 *3612 3738 2712 37/2 3712 37/
2038 Nov
23 June
25 22 Jan 6 28 Apr 29
200 Preferred B
25
25
*24/
1
4 25
*2412 25
*2413 25
2434 2434 *2412 25
70 Oct 10534 Jan
lst preferred (8.44 %)..„-100 7814 Jan 18 95 Mar 29
330
92
92
911
/
4
911
/
4
*88
90
90
*88
9012 9012
90
90
2812June
25
55
Cora
Invest
Trust
No
par
Oct
2818
Nov
Mar
6
79
2,900
*3512 3573
35
35
34
34
36
3438 35
33% 3378 34
No per 80 June 18 87 Mar 28
_
300 Cony prof •
*8212 84
*8212 84
*8212 84
8212 821
821
/
4 8212 *2212 84
4 June 18 2314 Mar 6
Warrants
100
Sept
69
1k
9
Dec
100
5
*4
5
6
*4
*4
6
6
*4
6
6
*4
Solvents
No par 2014June JO 38 AIM 11
20/
1
4 Oct 83 Oct
254 2538 2434 251
1
4 2612 2578 2634 68,400 Comm
2458 2512 26
26/
1
4 25/
1258June 19 2014 Apr 7
10 'get 2434 Oct
24 31,005 Commonwealth&Sou'rnNo par
1
128
37
;
4 3
14
29,18
13% 1378 1334 14
1334 14 .3
1334 14
1334 14
99
par
Feb
pref
series
No
20
1043
6%
4June
1.400
*101 10112 101% 101% 10114 1014 10112 101/
1
4 10158 10134 10112 10134
Conde Nest Publica-No par 23812June 20 57 Mar 27
93 Jai
35 Nov
•381
/
4 3912 *3812 391 *3812 3912 53812 3912 *3812 3918
1018June 18 1934 Mar 24
11
1
4 Jan
Oct 35/
3,000 Gongoleum-Nairn Ine_No par
1114 12 *1134 117
1
4
1134 1134 1178 1238 1218 12/
1
4 Aug 13 5672 Mar 11
No par 23/
43 Nov
9258 Feb
200 Congress Cigar
*2518 27
*25
2714 .25
*2518 27
27
271 *2512 2714 27
Consolidated Cigar- No par 36 June 27 5938 Mar 17
Oct 9614 Jan
40
600
39
*38
*37
39
38 '536
*38
38
38/
1
4
38
3834 38
Jan
944
100
63 Nov
70 Prior preferred
70
70
70
469
70
70
701
7014 70
7014 7014 *70
Consol Finn 11141119 _ _No per 62
1538.1.1
u5
ne 2
12
8 5
1
4 Sent
27038 I
M
da
li•
r25
11
10 Oct 25/
*18
19
1814 181
1
4 1734 1714 1734 1,200 Conaol Film Ind
1
4 181
/
4 17/
18/
1
4 1814 17/
pref_.No par 18 Jan 3 2814 Jan 10
15/
1
4 Oct 3034 Apr
900
2038 204 2018 201 *1934 2018 2014 2014 1934 19/
1
4 1978 20
801
/
4 Nov 18314 Sent
10514 1061s 10434 1061 10438 10634 10614 10712 106 108/
1
4 106 10834 50,505 Consolidated OWN YINo par 9658 Jan 2 13678 Apr 28
9911 Jan 28 10378May 17
1,200 Preferred
9212 Nov 10012 Dee
*10312 10312 10234 1031 10314 10314 10318 10314 103/
1
4 10312 *103% 104
658 Jan
par
Consolidated
_N
N
7.8 Dee
/
1
4
Aug
Textile18
7
2
2
1,100
7
2
Jan
27
72
72
/
1
4
/
1
4
7
78
*72 1
72 .
2312 Jan
Container
A vot_No par
12 May
1158June 19 2212 Feb 24
1412 1412 *14I4 143
1412 1412 1514 1538 1532 1538 1512 1614 2,000 Class B Corp
11/
1
4 Jan
voting
N.par
3/
1
4 Nov
334June 18
200
812 Feb 20
4412 5
1
4 412 *412 5
4/
*412 5
*414 5
4/
1
4 41
2514 Oct 90 July
2412 24
*
24
/
4 2434 2438 2512 3,400 Continental Baking el ANo par 1812June 18 5212 Feb 17
241
24
24
2418 2458 25
July
1514
par
458 Oct
No
338June 19
7 Feb 17
312 34
312 31
312 342
3% 358
312 3/
1
4
*312 3%
7012 Nov 100 June
61314June 25 9478 Feb 17
•72
7312 *7212 73
75
7212 721
74
92
Sept
Oct
t
rel3
ntal
Co
C
nb
Can
4012
Aug
13
7158
Mar
31
3
1F)
Ine_No
1
p
W
a
r
50
45
6
7
58
2
5
7
738
15
7
6
5
2
14 5
76
56
6354
4 5
1
4 567
55
5614 54/
561
5638 571
1
4 Dec
205s Nov 33/
800 Cont'l Diamond Flbre-Ns par 1558 Aug 14 37/
1
4 Apr 21
*15% 1718 1652 16/
1
4
*1612 163, 16/
1
4 163
1714 171
17
17
881
/
4 8612
600 2
.071= Iiklrotors...No
4638 Nov 11014 Sept
50 June 25 77/
1
4 Mar 31
*5558 56 .56
56
57
56
5738 573 *56
58
283
8 Jan
61
/
4
Der
32
4
3
/
1
4
par
Aug
2,200
33
0% Feb
Aprire 2
19
4
Joni
138
3
812ju e 10
334 3%
358 3/
3/
1
4 4
334 3%
1
4
3/
1
4 4
18 Nov 3734 Aug
0orpiru
nt
iine
minpolv
lterrea.non
ottawbuil 0
s0
6a
llasolingN
go
N2
o...
pir
29:
02 2
0s
19
733
0714 2
182s
0s0g
137
2:
,48
7
,1958 198 18% 1912 1812 191
194 1914 1
1918 20
4578
Dec
Dec
2612
I
1618
7
s
Aug
13
40
Apr
2012 21
2038 2078 2014 203
0
20
3142 9
20
43
38
4
2038 203
1
4 Oct
70 Nov 126/
8318 Aug 13 111/
1
4 Apr 23
9312 9418 10 0
9038 9038 90
9112 9012 923
9218 933
Nov 14434
137
Aug
23
149
100
140
Feb
10
8
149
149 149 414658 149 *146/
*1465
149
*146%
1
4 149 314658 149
1
4 Jan
82/
18 Dee
No par 1512June 18 33 Feb 3
163, 1658 16/
1
4 1638 1638 1714 17
1712
1738 17
81 Nov
24 Nov
No par 2512 Jan 6 851s Mar 20
5
*3058 3112 *3012 3112 3014 3012 *304 3112 3034 304 3112 3112
Dec 575s Ala
15
Canal'
22
2918
Mar
6
100
9
Jan
-----Omar
*1512 1912 *15/
193,
*1512
1
4 194 *1512 19% *15
195
8
1958 *1512
F117.
15 D- 125
600 Crania, RA510 Corti-Ns par
10/
1
4 Jan 17 29 Jan 2
*13
14
13
13
1612 1612
16
*1358 14
16
13
14
37I Nov
79 Aug
*4812 50
49/
1
4 5014 4934 4934 50
5012 504 1,400 Crown Cork & Boal----Ns Pm 38 Jim 18 5958 Apr 7
50
*49
51
Oct 2584 Jan
ome
cr
tu
17
Z
ejlerb
i
a
0
15Ameri
1812
Feb
19
N
e
s
o
rer
12
Aug
21
200
1212 1212 1212 121 *1258 13
*12513 13 "
12
71 Nov 12154 Aug
1
4.june 18 9358 Mar 25
00 70/
*73
75
*74
75
*74
75
*75
78
100 104 June 20 117 Mar 13 103 Nov 11634 Feb
109 109
10914 109% *10914 10938 19014 1093 109% 1093, *10938 10912
2413 Jan
5 Nov
29
2
1912May
N
par
9 Jan
4
20
81
0 C117156fCo
erreri
12
12
1212 12'12 •*1212 1334 12
14
1414 14
14
4 .13
43
334 12
7 Mar 3
2 June 21
300 Cuba Cane Products--No 94,
238 238 *23
*214 3
24 258
3
*212 278
"la
-11"
Dec
4
Aug
27
9
Feb
4
refill
Suintr___41
;
1
e
f
.
k
r
1
412 412 *4
(
9
)
C111
:
4
4/
1
4 412
113
418
418
4
4
4
4
48
Jan
56 Dec 95
3278 Aug 27 6558 Feb 11
3434 3434 334 3318 321 33/
35
35
35
35
1
4 35
1
4 *33/
36 Nov 677s Jan
48 Jan 2
600 Cudahy.Pac_k_1-."_
50 _3818June 2
4014 4014 40
40
40
4
4018 4018
40
40
40
40
-4
.131d and asked prices; no sales on this day. 2 Ex-dividend. 1 Ex-dividend and ex-rights.
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Sales
for
IS.
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
•
•
NI, lti58 lg
PER SHARE
Range Since Jan. I.
On basis of 100-share iota.
New York Stock Record-Continued-Page 4
1385
Far *ales (luring the week of stocks not recorded here. see fourth page preceding
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 23.
Monday
Aug. 25.
Tuesday
Aug. 26.
1Vednesday
Aug. 27.
Thursday
Aug. 28.
Friday
Aug. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On bares of 100-share lots
PER SHARN
Range for Previous
Year 1929.
Lowest.
Lowest.
Highest.
Highest.
-- ---3 per share $ per share $ Per share $ per share 3 per share $ per share Shares Indus. & !disco.(Con.) Par $ per share 3 per share $ per share per sky e
112 112
114 114
.112 116 *112 118
112 112
11014 11014
500 Curtis Publishing Co___No par 10514June 23 12618May 29 100 Nov 132
Oct
119/
1
4 119/
1
4 .11834 11934 .119 120 *11914 120 .11912 120
120 120
200 Preferred
No par 11478 Jan 29 12118 Mar 19 11218 Nov 12134 Mal
7
.
E- 7
74
6/
1
4 7
714
678 7
658 7
612 0/
1
4 30.000 Curtiss-Wright
638 Dec
14/
1
4 Apr 7
3018 Ana
612 Jan 31
No par
8/
1
4 914
834 9
8/
1
4 912
878 914
8
878
818 812 13,000 Class A
100
778 Aug 13 1934 Apr 2
1314 Dec
3778 Aug
.58
60 .58
59
59
59
5914 60
6014 6234 6158 6314 4,500 Cutler-Hammer Mfg___No par 55 June 25 9012 Mar 31 -- -,-- ---- -2818 2734 2734 2712 27,2 2712 2712 2712 2712 1,800 DavLson Chemical
28
2712 23
2438 Aug 14 43/
1
4 Mar 31
No par
2-114 Oct 694 -Jan
20
.18
20 .17
.18
20 .17
20 .18
20
*17
20
Debenham Securities
20 De(
54 18 Aug 22 30 Apr 14
4678 Jan
*2312 2334 2334 233 .2312 2334 2334 2334 *2312 2378 *2358 2378
200 Deere & Co pref new
20 20 June 18 2412May 24
215 215 .212 218 *212 217 .
.215 218
212 217
217 218
700 Detroit Edison
Aug
100 19638 Jan 8 255ad Apr 23 151. Nov 385
*2314 2612 .2314 2612 .2314 2612 .2414 2612 *2414 2612 *2414 2612
Devoe & R.aynolds A__No pa: 2134July 9 4234 Mar 4
24 Nov 64/
1
4 Feb
240 244
24412 244,2 241 24114 x24114 24514 1,700 Diamond Match
/
4 24512 246
247/
1
4 2481
100 139 Jan 13 24834 Aug 23 117 Nov 16412 Jan
1
4 8
7/
1
4 7/
734 8
1
4 .7/
712 71 2
778 8
8
2,300 Dome N411109. Ltd
8
9/
1
4 Jan lt
1114 Aug
0 Nov
634 Jan 3
No Par
184 180 19
.1818 1912 18
1878 191
/
4 *18
194 .18
600 Donduton Stores
1914
18 June 23 3058 Apr f
No par
Oct 5414 July
12
7818 79/
1
4 79
8038 7912 81
8012 811
/
4 8014 8078 811
/
4 82/
1
4 31,200 Drug Inc
69 Nov 12618 Feb
No par 67 June 25 87/
1
4 Mar li
1
4 .1914 2012 194 1914 *18
1912 1912 .1914 19/
19
19
19
92
1512June 18 4312 Apr 7
390 Dunhill International_No par
Jan
25 Oct
*1334 15
1
4 15
*1412 15
•1334 15 .13/
*1412 15
*1412 15
1412June 17 18/
1
4 Jan
Dupan Silk
Vo par
1
4 Apr 4
10 No. 28/
_ .10252
. '1O2's
__ •10238
*102/
1
4
__ •1021
/
4
__ *102/
1
4
Duquesne Light lot pref___100 100 Jan 7 10312May 21
4912 Jan 1001
/
4
Mar
558 .14 154 .14 -154
.14 -154 .14 1.14 -1-54 .14
1518
Fastern Rol.ing NIill_ _No par
39/
14 June 25 2512 Jan 31
1
4 Sept
Oct
19
211 21134 20912 21512 212 215/
1
4 215 21934 21712 21938 x217 220/
1
4 26,900 Eastman Kodak Co__No par 17514 Jan 9 2554 Apr 2.!
150 No' 26434 Oct
*128 129 *128 129 .128 129 '128__ .128
-- .123 ___
6% cum pref
12078 Feb 14 130 Aug 4 117 Nov 128 Mar
100
.2234 2312 .22.2 2234 2212 2278 2314 2-37
; 23 -2-34 2334 21,4 2,200 Eaton Axle & 8petng___No par
18 No' 7034 Fen
1918June 25 374 Feb 20
/
4 115
11312 11418 1121
113 110
11612 118 21151
/
4 1161
/
4 116 11818 42,400 El du Pont de Nem
20 9534July 8 1454 Ayr 10
80 Oct 231 Sept
1
4 120 .119 120
.118/
1
4 120 .118/
120 120
11834 119 *119 11934
Nov 11934 Aug
300
6%
non-rot
Feb
10712
6
121
100
May
11412
deb
lb
*514 512 *514 512 *514 512
538 5/
1
4 .514 512
514 514
200 Eitingon Schlld
39/
1
4 Jan
4 De(
5 June 23 1078 Feb 6
No par
40
*37
38 .37
P 33
40 .38
40 .37
40
33
38
200 Preferred 6'4%
Jan
39 Dec 113
100 38 June 25 02 Feb 5
6812 6714 63
F 68
6612 6912 68/
1
4 6934 68
6914 6214 681
/
4 27,400 Electric Autolite
Oct 174 July
50
5518June 28 11478 Mar 29
No par
.108 10912 .108 1091 .103 10912 .108 10912 .10812 10912 10914 10914
20 Preferred
1021
/
4 Nov 115 Apr
100
7
6
110
/
1
4
Jun
10614
Jan
1
.114 4/
1
4
44 4 4
44 4,4
4,2 484 .414 4/
1
4 *44 434
18/
1
4 Mar
800 Electric Boat
314 Oct
1
4 Mar 31
314 Aug 2 9/
No par
1
4 69'2 67
694 67/
68
69/
1
4 7038 724 7114 7212 71 12 73 104,600 Electric Power de LS
86/
1
4 Bent
No par
2912 Nov
404 Jan 2 103 Apr 23
*109 110 .109 110 .10914 110
110 110
110 110
1094 10918
600 Preferred
No par 105 June 18 112 Apr 25
Nov 10914 Feb
98
99
99
98/
1
4 98/
99
1
4 99
99
9918 09,8 99,2 99,2 9934 1,900 Preferred (6)
No par 971
/
4 Aug 14 100/
1
4 Aug 1
65
*63
64
.63
0112 6112 6612 67
900 Eleo Storage Battery_No par 61 12June 23 794 Feb 10
674 6713 6712 6712
64 Nov 10412 001
ne218 4
.24 4
.218 4
.218 4
*212 4
.24 4
Elk Horn Coal Corp___No par
1012 Oct
214July
1
318 inns
5
/
1
4 Mar 24
I *212 4
*212 4
*212 4
.212 4 .2121
4
*212 4
Emerson-Brant class A_No par
24 Aug 12 738 Jan 24
2212 Feb
314 Oct
.49
50
49
50 .49
50 .48
50
.4812 50 .
4812 50
200 Endicott-Johnson Corp -__50 44 June 18 5958 Jan 22
83/
1
4 Jan
Nov
4914
*111 112 .111 112
112 112 .11112 11214 .11112 11214 *11112 1124
200 Preferred
100 10712 Jan 7 113 Apr 23 10814 Sept 12414 Feb
.48
50
55 .48 . 55 .48
50
50
*48
55
*48
55
100 Engineers Public Segv__No par
Oct
79/
3914 Jan 2 6712 Apr 7
1
4 Aug
31
.97 102 .97 102 .97 102 .97 102 .97 102
.97 102
No par 9438 Jan 8 10718May 26
Preferred $5
80 Nov 12314 Aug
.100 10158 .98/
/
4 •101 10114 .101 10114 *101 10114 .101 101,4
1
4 1011
0412 Jan 2 1041
Vo par
/
4 Apr 21
Oct
Preferred (51-)
84/
1
4 Oct 109
1
4 46
14 4534 4614 .464 4618 45/
1
4 4578 .45/
*451
/
4 46
*45/
1
4 46
500 Equltable Office Bldg-No par 39/
1
4 Jan 3 5034June 4
41 Mal
3114 Jan
.1012 11
, *958 10
*10
104 1018 *1018 11
11
11
012 Aug 15 4358 Mar 5
11
54 Feb
400 Eureka Vacuum Clean_No pa
3612 Del
9
.818 8,4
.8
818
84 8,8
818 818 .8
8
818
5
7334 Mat
612June 19 3034 Feb 18
500 Evans Auto Loading
15 Nov
25 .24
25 .24
*24
25 .24
25 .24
*24
25
25
Exchange Buffet Corp_No per 22 Jan 2 26/
1
4 Mar 3 2214 Jan
2712 July
1
*232 312 .238 312 .
1
4 32 .
23a
312 .2/
1
4 31.,
238 312 .2/
11
/
4July 31
25
Fairbanks Co
3/
1
4 Nov
9/
1
4 Jan 6
1334 Dee
1
4 1212 1212 124 1212
1212 1238 .1212 13/
f *12/
1
4 1358 .1258 13
1
4 Jan 20 11
7 June 18 39/
60 Preferred
100
Altn
36
Jan
38
1
4 *3612 37/
33
1
4 .37
38
3612 36/
P 38 r 38
*38
3812
1
4 Oct
541
/
4 Sept
300 Fairbalike M01134)
No par 3414June 25 5012May 17 29/
110 110 '110____ 110 110
109 109 .109 110
*1093 110
100 102 Jan 7 11111May 10 10112 Dec 11078 Jan
30 Preferred
.11
12 .11
12
12
'114 1278 *11
.11
12
10 June 25 2714 Feb 27 22 Dec
72/
1
4 Mar
Fashion Park Assoe___No par
70 .6258 70 .6252 70
1
4 70 .65
1
4 70 .62/
*6234 70 .62/
15 59/
1
4 Feb 6 9014 Mar 18 6012 Nov 109 June
. _ Federal Light & Tree
*944 95
*9414 95
*9414 95
*9414 95 .9414 95
.9414 05
91 Jan 13 98/
1
4 Apr 22 90 Nov 104 Feb
No par
Preferred
.712 734
.712 8
8
*712 8
818
812 818
814
814 1,000 Federal Motor Truck_No par
712June 19 1214 Feb 26
Oct 22/
1
4 Feb
5
335
3312
3418
8
3118
33
/
1
4
33
/
1
4
34
3412
*3314
341
/
4 .34
30 June 18 43 Mar 10 28 Non
3412 2,200 Fedl Water Service A_No par
5614 Sept
*2512 291
*2512 30
/
4 28
*2512 30 .2512 30
28 .
2712 2912
33 Dec
100 Federated Dept Stores_No par 2512June 16 38 Apr 16 2518 Dec
67
67
67
67 .65
67 .6512 68
66 1 66
68
68
4712 Nov 123 Sept
900 Fidel Phen Fire Ins N Y___10 56 June 18 868d Mar 31
*7/
1
4 9
*734 9
.734 9
.734 9
.7/
1
4 9
*7/
1
4 9
1012 Apr 4
6
Oct
1314 mar
7 Feb 11
Fifth Ave Bea
No par
•_ _ 32,2 *____ 3212 *____ 3212 *____ 32" .____ 3212 ._
3217
No par 31 June 10 4012 Jan 22 30 Dec
9812 Feb
Filene's Sons
*9814 102
9814 9814 .
.98 102 .93 102 .9814 102
98T4 102
100 92 Mar 15 99 Aug 4 84 De( 107
Jan
10 Preferred
21
.21
2118 21
21
2i t4 214 21
2118 2118 21
21
700 Firestone Tire dc Rubber___10 1924 July 7 334 Jan 7 2412 Dec 37 Dee
714 73
73 .7178 73
73
73
73
.72
7312 72
100 6978Jttne 18 87/
73
1
4 Mar 24 8338 Dec 89/
1
4 Dee
2,300 Preferred
*5534 55/
1
4 55
55
5638 571 *5612 57
5534 55
5678 57/
4412 Nov
1
4 Jan 311
90 Sept
1
4 3,800 First National 13:ores_No par 46 June 23 61/
' 11
/
4
/
4 11
1/
1
4 17e
/
4
134 11
134 11
/
4
134 178
112 Aug 1
134 11
No par
512 Apr 2
218 De.
2018 Jan
/
4 6,500 Fisk Rubber
534 5/
1
4
6
6
512 512
512 5/
1
4
5,2 51
/
4 .512 6
100
512 Aug 26 21 Apr 2
8 Der
1st preferred
7212 Jan
840
9
.678 9
.634
.61
/
4 9
.7
9
678 7
8/
1
4 838
612June 18 2134 Apr 11
8 Dec 8212 Jan
100
let prof convertible
30
4234 .42
42/
1
4 4212 43
.4112 42 .42
*4214 43 .
4214 43
40 June 25 5378 Mar 21 38 Nov
54
Jan
000 Florsheins Shoe class A_No par
.98 1001* .98 100,4 .98 10014 .98 10014 .98 10014 10014 1004
1
4 Apr 12 10014 Aug 29 90/
1
4 Oct 10218 Jan
100 95/
100
Preferred 6%
23
23
*2014 23 .2138 2318 .2114 2318 .21
23
*21
1
4 Mar 25
22/
1
4
3218 Nov
No par 22 Aug 13 50/
82/
1
4 Aug
200 Follansbee Bros
89/
1
4 8912 9138 9014 92/
1
4 9218 93/
88
1
4 9072 9234 9113 .
no 12 53.000 Foster-Wheeler
33 Nov 95 Sept
No par 6012 Jan 3 10412June 4
.
10
10
12
10
10
.10
.10
12 .10
12
.10
10 Aug 22 2834 Apr 14
1234 Nov
12
No par
6938 Apr
200 Foundation Co
311
/
4 311
32
/
4 313s 32
32
3212 32/
1
4 3218 33
3312 34
Nat Invest w w_No par 231:Ju5e 25 50 Apr 12
Fourth
2.000
1
4 4814 4612 47/
4434 4712 47/
43/
1
4 44's 4358 45
1
4 47
491
1618 Jan 3 5738 Apr 25
1918 -Dee 10538 Sept
/
4 160,600 Fox Film class A
No par
43
1
4 4212 43
42/
4334 4234 43
1
4 4232 421
/
4 42/
43
441.4 6,700 Freeport Texas Co
23/
1
4 No'.
No par 37 June 17 5512 Apr 11
5478 Jan
.89/
1
4 90 .8934 90 .8934 90 .8934 90
90
.88
90
8212 Nov 107'2 May
_No par 85 Feb 14 9512 Mar 6
00
10 Fuller Co prior
.614 612 .64 612 .
*614 7
.6,2 7
.
64 7
614 7
GabrielCo.(The)ClassANe
5 Oct3378 Feb
518June 23 1114 Apr 9
pref__Par
.65
70
.65
69
67 .65
70 .65
67
.65
.65
03
6518 Non 8312 July
No par 67 June 30 80 Mar 28
Gamewell Co
*2
24
2
2
2
2
2
2
21
2
2
5
2 Aug 23
24
7/
1
4 Feb IS
3 Dec
25 Jan
1,100 Gardner Motor
8
8/
1
4
7/
1
4 8,4
812 8'z
734 7/
1
4
*712 734
7 July 8 1012 Feb 18
814 834 4,500 Gen Amer Investots___Na par
*91
05,2 *9038 9512 .91
95
.90/
1
4 951 .9938 0512 .91
95
100 8812June 25 106 AM 25
Preferred
8612 8614 8614 8512 8618 8614 8712 6,700 Gen Amer Tank Car_No par 7814July 8 11172 Apr 4 -75 Nov 1/312 -0e5
1
4 85
8518 85/
8538 851
40
41
Rn38 3834 40
3918 4114 3834 -3914 40
4014 41
4214 Nov
100 3858June 25 7112 Apr 7
0414 Aug
7,100 General Asphalt
/
4 19
1958 191
19/
2112 21
1
4 2034 1914 20
207o
19
211
24 Nov
No par 144 Aug 13 3812 Feb 15
/
4 8,100 General Bronze
6934 June
1
4 .141
/
4 15
1
4 14/
15
14/
15
.14/
1
4 15
*1478 15
.14/
1
4 1514
23 Nov
1312July 7 3412 Mar 7
No par
61 Feb
General Cable
200
39 .3612 394 *3612
.3612 391* .3612 3918 39
*3612 40
6318 Des 120'2 yen
Class A
No par 32 June 27 7434 Feb 5
100
39,
8
1
4 .82
1
4 *8012 83/
8334 82
1
4 .8012 83/
.8012 83/
1
4 .8012 83/
100 79 Aug 13 10934 Apr 7 102 Nov 10712 Jan
82
50 7% cum pref
441
/
4 *43
4312 4312 *43
*4312 45
41/
1
4 444 4412 .4314 4434
40/
1
4June 25 61 Mar 7
42
No par
Oct
74 Feb
600 General Cigar Inc
/
4 73/
/
4 7112 7238 711
70
7118 6934 7134 6978 711
1
4 72/
1
4 7438 243,700 General Electric
1
4 Apr In 1684 Nov 403 Aug
No Par 6018 Jan 2 95/
/
4 12
*1134 1178 1134 1134 *1134 1178 1178 12 .111
12
11
Jan
10 1138 Jan 2 12 Aug 27
111
/
4 Feb
12
1,700 Special
5438 5518 5514 564 55/
1
4 57
1
4 57/
5734 574 571
/
4 57,8 57/
35
No par 4618 Jan 17 6114May 1
Oct
1
4 62,200 Gen Footle
7772 July
1
4
8/
1
4 9
8/
1
4 878
834 8/
81
/
4 914 19
8/
1
4 878
8 June 17 18/
1
4 Apr 10
No par
04 6,900 Gen'l Gas & Elea A
*77
78/
1
4 7814 7814 *77
7918 7714 7714 *77
781
/
4 *77
1
4 Apr 16
No par 17714 Aug 10 106/
80
200 Cone pref ser A
*35
36
*35
3534 *3412 3512 .3412 3512 .354 36
.35
30
3412Juue 18 4438 Feb 10
Gen Italian Edison Elea Corp_
4512 4512 4514 4514 45
4412 451
/
4 4314 4514 4512 4512
45
4018June 25 59/
No par
50
Oct
1
4 Apr 12
891-8 Jan
General Mills
800
91
91
1
4 91
91
9078 9078 .90/
91
91
9138 .
9014 9112
87/
1
4 De, 100
100 89 June 30 05 Mar 22
Jan
700 Preferred
44. 4518 4418 44/
44/
1
4 454 4334 4514 4378 45
1
4440
Apr
3712
10
Jan
3312
16
5414
General
Oct
9134 Mar
1
3
4518
Motors
131,600
CorpCOM
9714 9738 9714 97.2 974 0734 9734 9778 9712 971
/
4 97/
1
4 971
/
4 4,600 $5 preferred
1
4June 23 9778 Aug 27
No par 92/
27
*26
27 .26
*2512 28 .26
27
26
26
347
July 8 41,8 Apr 14 -30
.26
No par
Oct
27
52
100 Gan Outdoor Adv A
Jan
1112 1112 .11
1112 10
*1112 12
11
10
1018 .10
84July 10 2134 Apr 3
No par
1012 2,400 Common
1
4 Apr 7 -20 Non -14 Aug
3018June IS 52/
Ne par
36/
1
4 2,500 Gen Public Servite
'
35'2 35'2 3532 3653 3613 3617 36
3572*3412
351
35'2 7714
1
.7614
7712 77
7712 77,2 78
78
7734 7734 78
734 Aug 9 106/
1
4 Mar 2S
70
No Par
Oct 12612 Aug
8214 6,600 Gen Ry Signal
/
4 11
1114 1114 111
11
*10/
1114 11
1
4 11
11
11
11
2,300 Gen Realty & Utintles_No par 1012 Aug 18 1938 Apr 10
.80
81
*80
31
81
84
*80
84 .80
84
8312 8334300 $6 preferred
No par 7934 Aug 19 100 Apr 14
7112 6912 7114 7112 733s 7312 74/
71
1
4 73/
1
4 74/
1
4 744 75/
e514June 18 90 Mar 28
64
1
4 22,200 General Retraetories_ Ns par
Oct
8812 Aug
.99 100 .99 100 .99 100
.99 100 .99 100
Gen Steel Castings $6 pi No par 93 June 14 101 Mar 12
1
4 33/
1
4 3312 3514 3312 3452 *99 100
3118 3114 3062 3114 30/
No par '27 Aug 18 514 Apr 10
Theatree
Equip
Gee
33l2
351
/
4
115,100
6712 714 6634 7078 6512 6734 0612 69
69,8 73
71
68
WO Nov 1-46
4 39,700 gillette Safety Rasor No par 68 July 8 10618 Jan le
.1038 11.
1014 1112 101
10,2 1012 .1014 11
/
4 111
10 Aug 19 2078 Apr 14
/
4 1112 1134 1,400 Lmbel Bros
No par
1012 Nov
481
/
4 2...
*68/
1
4 71
70
70
*08/
1
4 72
*68/
1
4 70/
1
4 0818 6818 6852 8852
30
8212
Jan
100
Apr
66
/
1
4
25
Preferred
56 De
94
400
Oct
1538 1538 1518 151
154 1514 1512 1578 151
/
4 15/
No par
1
4 16
14/
1
4 Aug 13 38 Mar 20
26
Oct 6418 July
16
3,300 Glidden Co
94
.92
94
.92
92
94
92 .
.92
90,8 92 .9018 92
100 91 July 15 10518 Mar 27
preferred
Prior
Nov
95
1061s
Ai
30
814 814
8
8
74 84
814 84
8
No par
758 Aug 9 19 Feb 7
84
94 Nov
7/
1
4 81
/
4 5,600 Gebel(Adolf)
66 Feb
4038 40/
1
4 4034 414 401
/
4 414 411
/
4 42's 4134 42
42
424 26,300 Gold Dods Coro vi a No par 3412June 18 47/
1
4 Apr 28
3112 Oct 82
Jan
22/
1
4 2234 224 23/
1
4 2212 221
/
4 2234 2278 2212 2234 2212 22/
1
4 5,100 Goodrich co (3 F)
No par 21 Aug 13 68/
1
4 Mar 25
3814 Dec 10514 Jan
86
.81
90 .81
86 .81
.81
91
85
85 .81
June 30 10412 Mar 28
100
78
9512
Preferred
Dec
91
1154
100
Feb
1
4 5234 5638 5318 55
594 6034 5412 6018 5414 5634 5612 58/
1
4 Mar 31
1
4 Aug 28 96/
60 Oct 15412 Mar
20,900 Goodyear T de Rub ____No par 52/
94
94
94
94
03 9412 9212 931
9378 04
.93
No par 91) Jan 3 1024 Apr 30
87 Nov 10478 Feb
94
900 let preferred
1018 .10
1012 1034 10/
1012 10
10
1
4 .10
1034 1012 1114 1,700 Gotham Sit Hoe
812June 18 28/
1
4 Mar 8
No par
14 Nov
60
Apr
... _ 7212 .70
70
70 .70
721
721. 070
7212 70
100 68 Aug 13 8211 Apr 4
68 Dec 10114 Jan
230 Preferred
.i
70
8
*7
8
*74 8
.714 8
.714 8
.714 8
Gould Coupler A
4 Oct
No Par
6 June 19 1538 Apr 23
14 May
614 6,4
5/
1
4 614
8June
19
13
par
674
/
1
4
Apr
53
Motorn_No
1
Oraham-Pal,xe
7
/
1
4
Oct 54
3,500
614534
6'2 .6
Jan
*6
6
534 6
6
618 .6
6, .
11
618 .6
6,2
64, •6
6,8
512June 24 1034 Apr 1
No par
7 Nov
Certificates
4912 Jan
.2214 23
2214 22,4 23
23 .2214 23
2212 23
92
2258 1,700 Granby Cons M 13m & Pr_100 18 June 28 59/
1
4 Apr 2
464 Nov 102/
1
4 Mar
*3418 38 .3518 38
36
36
35,2 3614 3614 38
*38
39
800 Grand Silver storee_. No par 30 June 25 52 Apr 2
3212 Dee
4172 Dec
1
4 1512 1532 16
*1518 1518 1514 1514 15/
151
/
4 1534 16
10 June 17 201
/
4 Feb 18
No Par
918 No%
16
I,500 Grand Union Co
3278 Jan
42
42
*414 4212 *4114 42
4214 4214 .4112 42
/
4June 18 44 Aug 4
No par 341
.
31,2 8278 *3112 33 .32
42
30
42
300 Preferred
Oct
541
/
4 in
33 .311
/
4 33
33
3112 Aug 15 8031 Apr 3
33 .3212 34
Granite Cltv Stool
No par
100
12
N,
IN
03sa
Sept
3I1
/
4
3211
32
/
1
4
3178 321
/
4 32
32
33
3238 31'o 3278 3312 6,000 Grant(W TI
29 June 18 43 Jan 9
No par
32/
1
4 Dec 144/
1
4 Erb
20/
1
4 21
*2012 21
20/
1
4 2034 21
21
201
/
4 2078 2034 2024 1,50001 Nor Iron Ore Prop No Par
18 Junc 23 2338 Mar 25
19
Oct 34n, Feb
1712 1712 1712 17/
1
4 1712 17/
1
4 17/
1
4 1712 17/
1
4 171
/
4 .1738 18
1,800 Great Western Sugar-No Dar
17 Aug 13 34,2 Jan 16
28 Nov
44
Jan
*112 115 .112 115 .1124 115
11212 11212 .113 115
100 11058May 27 120 Mar 14 105 Nov 11912
113
20 Preferred
14
Feb
1434 14
1412 1414 1434 1414 1412 1414 113
13.4 14
1214July 8 28 June 2
Grigsby-Grunow
No par
1412
19,900
1414
*12
Nov
88
*12
70
Sept
82
"2
58
.12
82
"2
12 Mar 7
.Vo par
84
4 Feb 4
20 Guantanamo Sugar
0,2
'8
1 Nov
512 Jan
1
4 37
3512 3512 .3512 37
.36 0 37 .35/
*3512 37
100 35 Aug 12 80 Feb 19
*3512 37
100 Gulf States Steel
42 Nov
79 Mar
*96 100 .96 100
.96
*96 A 100
99 .96
Preferred
100 9812 Jan 17 109 Apr 30
99 .96
99
9934 Dec 109 Feb
•Bid and asked prices; no dales on this days s
Ex -dividend el riga1.•
p3 additional shares lur each share 131111.
New York Stock Record-Continued-Page 5
1386
Poe sale* daring the week of stocks not recorded here, see fifth page precedln3
HIGH AND LOW SALE PRICES-PER SHARE, NOT PER CENT
Saturday
Aug. 23.
Monday
Aug. 25.
Tuesday
Aug. 24.
Wednesday
Aug. 27.
Thursday
Aug. 28.
Friday
Aug. 29.
Sales
for
the
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARB
Range Since Jan. 1.
On basis of 100-share lots.
Lowest.
Highest.
Spar share $ Per share $ per share
Per share $ per share $ per share Shares Indus. & Mascot.(Con.) Par $ per share
360 Elackensack Water
25 26 Jan 4
35
35
34
34
34% 35
*3412 35
3412 3412 *3412 35
30 Preferred A
26 20 Jan 13
*28
30
•28.2 30
30
*2812 30
2812 2812 30
*28
30
1238 Jan 2
No Par
16
16
16
16
16
1612 1638 1638 1512 16% 1612 16% 5,000 Hahn Dept Stores
*5012 8212 *8012 82
100 7113 Jan 3
100 Preferred
*8012 82
8012 8012 38014 8112 *8014 8112
2412
10 21 June 17
300 Hall Printing
2412 *21
*21
*21
22
22
22
21
24
21
1321
*10412
100 99 Jan 7
20 Hamilton Watch prof
*10412 -1041
/
4 10412 10412 10412 *10412 ____ *10413 _
50 Hanna prof now
No par 85 Jan 16
9112 9112
91
*90
91
92
1390
91
92
1391
9114 91
1.100 Harbison-Walk Refrao_No par 50 June 27
53
1350
56
5015 *50
50
50
50
5018 5018 5018 *50
7% Aug 26
1,600 Hartman Corp class B-No Par
8
8
8
8
7% 734
8
8
734 734
7% 7%
No par
1718 Aug 22
200 Class A
*17
1812 *16% 1812 21878 1712 1712 1712 131718 1812 1812 1812
Hayed
Body
No
par
538June
lb
Corp
2,2110
7
7
612 612
7
/
1
4
7
714
612 634
7
634 7
25 7712June 19
84
100 Helme(0 W)
84
87
*82
*8118 87
87
*8038 87
*81
87
*80
600 Hercules Motors
No par 2012June 23
2512 *25
2512 2513 2512 2534 2618 *2519 274 2512 2534
20 Hercules Powder $7 cum or 100 117 Jan 28
•119 11912 119 119
120 120 *120 122 *120 122 *120 122
3,000 Hershey Chocolate
97
No Par 70 Jan 2
9812 9512 9714 97
96
9734 3195
9512 96% 96% 97
No Par 8312 Jan 2
10014 101
101 101
99 10078 10114 10114 101 101 12 9912 0912 1,200 Preferred
200 Prior preferred
100 10414 Feb 21
3310712 10734 10712 10734 *10712 10734 *10712 10734 107% 10734 .107% 10734
200 Hoe (II) & Co
par
1112 Aug 28
*1112 lo
13121 - 1412 *12
1112 12
*12
*12
15
15
15
33%
Holland
1.300
Furnace
N
arr 2614 Jan 14
3414
3318
34
341
/
4
3312
*3112 33
3238 3212 33
3334
51.
612 *6
Hollander & Sons (M....No par
5 June 18
*512 612 *514 612 *514 gt2 tog
613 .6
200 Homestake Mining
100 72 July 12
78
*77% 79
73
137518 7734 *77% 7734 7734 7734 *7738 78
912 912
814 9%
814 Aug 28
913 9%
814 873 7,000 Houdaille-Hershey ol B'No par
912 912
958 9%
7478 *65
74% '600 Houeehold Finance part pf _50 49 Mar 5
6438 64% 6412 6412 6412 65 .65
65
65
7858 8012 7714 8114 7714 80% 7958 8134 7412 7814 7534 7773 52.000 Houston 01102 Tex tern We 100 5214 Jan 17
29% 1,600 Howe Sound
2518June 18
.32812 2834 *2812 20
2378 28% 29
No par
29
•2812 29
29
/
4 3053 3018 3012 6,100 Hudson Motor Car..
31
3014 31113 30% 3034 301
NO Par 2538June 25
31
311
/
4 30
10 1214 Aug 13
13% 13% 1314 1314 1314 13% 1318 13% 1318 1313 1318 1338 3,400 HIM) Motor Car Corp
1933June 25
/
4 2012 2078 2173 23% 19,100 Independent 011 & Gao_No par
21
21% 2058 2138 2018 2034 2012 211
418 41
4% 4%
434 434 2,100 Indian Motooyele
No par
418 Aug 25
414 4%
414 4%
434 43
1118 1078 1114 14,900 Indian ReflnIng
834June 18
1138 1113 1158 11
10
11
1112 1034 1114 11
81
200 Industrial Rayon
83 *81
83
8114
No par
*77
73 June 30
*8018 83
*80
83
*8014 84
20034 '2003, 1,600 Ingersoll Rand
No par 15414 Jan 8
199 1991 31195 199
198% 19834 193 201
*192 200
Inland Steel
83
par 63 June 25
3176
1376
83
1376
80
*76
83
83
*76
83 •76
N -2
1212June 18
1412 1418 1414 1318 1414 1338 1412 4,100 fa•otratton Cone CoDoer_o
•1334 1414 1412 14% *14
400 Insuranshares Ctfs Ino_No par
918June 26
*11% 1134 •1112 1134 11% 1112 *1112 1134 1112 1112 Z1134 1134
500 Inauransharea Corp
No par 10 July 11
38 *1034 1114 *1078 1114 11 18 We
*1218 1214 *1034 1112 1078 107
1,400 Intercontl Rubber
No par
..2% 234 *212 3
278 Aug 20
278 278 *2%
*212 3
*278 3
19
600 Interlake Iron
*18
poarr 1538June 23
N par
*1712 1812 17% 1778 1317% 17% 17% 17% 318
19
61
/
4 614 2.200 Internal Agrioul
No par
61
/
4 GIs
412 Jan 2
6
6
6
614
61
/
4 618
*534 618
909 Prior preferred
6234 *61% 6234 6212 63
60
100 5214June 23
*59
60
60
61
62
*61
4,100 Int Business Machines_No par 15212 Jan 18
178% 178% 179 18012 178 17934 179 18214 179 18034 180 188
1214 1218 1238 2,000 Internal Carriers Ltd_-NO Par 11 June 18
*121
/
4 1212 1218 121
/
4 121
/
4 1218 1214 1214 12
1,000 International Cement__No pa? 5534 Mar ft
*6512 6634 *6512 6612 66
66% 66
6638 .6512 65% 6512 653
512 5,
612 534 4,400 Inter Comb Eng Corp--No Par
558 553
5% 534
4
6 Jan 2
5% 534
512 534
71:550000 Preferred
60
57
6178 60
57
57
3156
100 30 Jan 2
6154 62
58
55
57
In
72 Aug 12
7933 79% 80% 7914 8014 8058 811.
arvester-_--NO Par
79
79
7812 7934 78
u Sys
A_No 7,a,
143 144
1421.2 14212 *142% 144 *14212 14314 14212 1421
100 14012 Feb 10
*143
3714 371 1 37% 3
4:8
2
100 Tnt Hydro-Hi
ci
3118June 18
36% 30.34 36% 37% 3512 3612 37
3714 37
International Match Prof -35 0512 Jan 3
77% 73
76
76
76
76
137612 78
76
7614 7614 78
200 Int Mercantile Marine OttE1-100 19 June 18
2134
*21
22
2134 2134 *21
22
2034 2034 *2t
22
*21
23
2312 22
2338 2134 2212 22% 23% 2212 2333 22% 2413 330,100 Int Nickel of Canada._NOPar 2018 Aug 18
150 Internat. Paper Pr (7%)_100 70 July 10
7212 7212 721
*70
72
73
70/
1
4 7014 72
7014 7134 72
300 Inter Pap dr Pow al A__No par
1612 161_
1458 Aug 14
*1614 18
18
18
*1734 18
*1713 18
17
17
C
el
l= B
300 D
*1012 12
No par
*1112 1212 1118 1118 11
11
11
11 .10% 12
912 Aug 14
nip 8
833 838 1,100
612 Aug 14
8
8
8
8
8% 8%
833 838
Pr
peefinle
ertred
00
0 Ins
2,6
20
70
70
*70
72
*70
72
100 70 July 7
7212 *70
70% 7178 *7034 72
Printing Ink Corp-_N
N°
o ;er
a
31
32
32
32
1130
3134 •30
32
: 28 Aug 19
3018 31% *3012 31
92
*91
*91
92
100 88 July 3
92
9214 139213 93
9212 9212 *91
92
fe
I Ball new.- 100 36 July 8
32 international
39% 39% 3918 39% 3918 39% 3914 40
3914 30% 3912 4018 8,80
5412 1,200 International Shoe_ __No par 5314 Aug 20
*54
54
54
54
*5312 5412 253% 8412 *5334 5412 54
International Silver
73
*70
100 69 July 8
13632 78
*70
75
*6312 78
1363% 73
*63% 73
44% 4478 43% 4518 4112 4418 4012 43/
1
4 3915 41% 4014 42 198,100 Internal Telep & Teleg_No par 3918 Aug 28
/
4 2634 6,100 Interstate Dept Btoree_No par 18 June 17
2518 2514 2414 2534 2434 2434 2434 2538 25
2514 251
260 Preferred es-warrants.. 100 60 Aug 16
75
SO
*6212 6512 •70
*63
75 .6212 75
75
75
7,5
Intertype Corp
27
No par 22 Jan 2
•24
2878 1324
2512 1324
2878 1324
2812 *2413 2512 *24
600
Investors Equity
15
1312 Aug 22
1312
.1313
1312
1312
No par
*1312 14
14
14
*1312
13% 13%
Island
300
Creek Coal
33
33
33
1 3112July 8
33
*3213 3412 33
*32% 33
*3213 33
33
4078 1,100 Jewel Tea Ins
*49
48
49
49
No par 43 Jan 20
4912 49
49
*49% 50
414378 50
23,100 Johns-Manville
06
No par 70 July 10
94% 91% 9412 92
93
4
95%
9512 9314 9412 94
20 Preferred
100 113314 Feb 24
13122
11112012
*122
13122 12238 31122 12233 122 122
Jones & Laugh Steel ncer_100 11812 Jan 6
*12114 12214 *12114 12214 *12112 12214 *12112 12214 •12112 12214 *12112 12214
112 138
400 Jordan Motor Car
112 Aug 28
No par
111112 134 *112 134 *112 134 *112 134
112
158
822 Aug 7
.9 12 10
200 Karstadt (Rudolph)
*9% 1018 *934 1014
*9/
1
4 934 *91
/
4 912
0
9
Kaufmann
21714 1712 1712 1712 131712 18
400
25
.173
4
18
1612June
Dept
18
18
Sitores.$12.60
*1612 17
23% 2338 23
2478 24% *2434 2478 12,700 Kayser(J) Co v t c___11/0 Par 23 Aug 25
2334 •23
25
24
24
49
Keith-Albee-Orpheum _No par 21 Jan b
_ _ _ 49
•___- 4934 *---- 4934 a__ _ _ 49 *____ 49
Preferred 7%
100 86 Jan 7
13114 120 13114 120 •114 120 *114 119 *114 120 *114 120
1,400 Kelly-Springfield Tire-No Pa,
3
3
3 June 18
314 3%
313 318
4 314
314 314
314 314
8%
*2012
2212
260
preferred
22
101) 2018 Jan 3
203
8
.21
2112 21
21
20%
2014 2014
2033
34%
6% Preferred
100 29 Jan 2
34% 111____ 3478 •____ 34% •__ __ 34% *2518 34%
30
3012 3.900 KeLseyllayesWheel_ No par 2218 Jan 3
29
29
29
29
29
2912 2914 29% 2973 30
7/
1
4 Jan 2
No par
14% 1514 1458 1534 14% 1512 1512 1578 1512 1534 1512 15% 18,700 KelvInator Corp
Kendall Co pref
74
par 72 June 27
74
_ 74 a_ _ _ _ 74
74
74 0__ _
3314 Aug 28
41,600 Kennecott Copper
No
N
o Par
34
35
3418 3434 33% 3414 3334 34% 3314 33% 3312 34
100 Kimberley-Clark
5112 5112
No par 4814June 21
*4918 52
•49% 51
*4918 52
*4918 52
*491
/
4 52
Kinney Co
28
*22
NO par 20 Jan 29
26
•22
*22
*22
28
28
1322
28
*22
28
Preferred
160
80
100 78 Aug 25
*7712
80
•79
*77%
80
78
80
*7712 80
8012 80
2% 2% 1,501 Koister Radio Corp__No pa?
134 Jan 18
234 234
234 2%
2% 278
234 234
234 234
10 2614June 17
2918 29% 29/
1
4 2918 2834 2914 29/
1
4 2912 2914 29% 29% 3014 8,300 Kresge (/) /1) Co
.5312
Co
Kress
100
June 24
58
50
No
par
5312
5312
*52
53
1352
*5312
58
58
*52
53
2334 Jan 2
2658 26% 26% 2634 25% 2614 2614 2658 2638 2658 2612 2714 27,000 Kreuger &Toll
2412 2412 25% 47,100 Kroger Grocery & Bkg_No par 21 June 18
24
2578 2512 2612 2518 263s 2313 26% 23
300 Lugo Oil& Transport-No Par 2114 Jan 11
2812 2812 2718 2718
beert
bbeo6, The____N
No
2,6
200 LfetemR
op
p : 7612June 18
9234 93
91.8 92
*91
93 "ogs -61- -9C2
9212 92
458June 17
434 4%
4% 4% *412 434 .412 434 *4% 434
434 434
Lehigh
100
Portland
31
30 July 7
*29
Cement_50
31
*29
*30
32
*30
32
30
30 •29% 31
ferv
r
hig
eh
10
0 LePr
10613 10613 1.00
100 104 Aug 4
*105 107 *105 107 *105 107 *105 107 *101313 107
aecille7y%
714June 18
Coal----No Par
*10
1034 *10
101
/
4 1012 1033 1038 1012 11%
1012 10
10
Preferred
cer,(The)_ _No
_
z;It
*2512 27
oOr 2218June 36
29
*2514 20
25
*25
25
*20
*25
30
30
6378June 25
7218 7212 7214 7212 7112 7212 7212 7314 7212 7314 7212 74
Lehmana hn Fink Glass
3,2006610
00 L
No m
a,
r 2214June 25
27
*26% 28
*2634 28 .27
2734 27
2734 *2714 2734 *27
Libby-Owens
1814 Aug 16
.1812 19
19
19
*1812 19
*1812 10
*1812 19
19
19
Liggett
dr
Myers
800
85 June 18
101
Tobaoco
-25
*99
10014
97% 9912 100 100
*99
101
3198 101
*98
Series B
25 85 June 25
98
99% 9918 10112 9958 10034 10038 10078 99 10014 100 10034 22,300 Lima
L000mot Worke__No par 20 June 18
2618 1,000
*24
2514 25
•24
25
2612 25
*2514 2614 25
25
Link Belt Co
40
No par 37 June 25
*38
*33
40
*37% 40
*38
40
•38
*38
40
40
.8 IC
na
Leeuwid
ce
rr
bo
po
nea
lo
3,6031 Ido
No par
5234 Jan 3
6734 6734 69
6734 67% *66
69% 70% 6934 7014 6934 71
400
ted-No par 4218 Jan 2
7914 60,5
7278 7434 7134 75
73
7534 7473 76% 73% 7512 75
Preferred
Jan 17
85%
No
par
10612
10612
105 105 13105 10612 10514 10514 106 106 *10.5 10612
700 Preferred ex-warrantsNo par 7858May 6
93
98
93
1197
96
96
9618 98
9713 9712 *96
97
Loft
June
18
Incorporated
3
16,400
No
par
412
414
412
452
418 4%
414 412
414 5
4% 4%
718 Aug 4
No par
4.7%
100 Long Bell Lumber A
712 .718 8
*718 8
*718 8
718 718 *718 8
Loose-Wiles
Biscuit
25 5012 Jan 4
61% 10,300
60% 60
5913 5934 5912 60% 60
5818 5934 58% 60
iee
25 1618 Jan 2
2312 2378 2318 2414 23
2334 2318 23% 22% 23% 2278 23% 37,400 Louisiana
a
011
8 Feb 28
2,800
No
par
812 878
853 858 *834 9
838 812
812 8% 1383r. 878
Preferred
100 8018June 18
*8034 88
138034 88
*8034 88
*8034 83
*8034 88
*8034 88
Louisville 0 de El A__No par 33 June 23
6,900
x333
8
*3714 38
39
3718 38
3778 38
38
3914 3812 38%
22 June 25
No par
2,800 Ludlum Steel
2312 2312 2312 2378
3 2414 2318 2378 2318 2372 23% 24
Preferred
7878July 8
No par
*65
75
72
*65
80
1365
*65
75
*65
75
*65
80
MacAndrews
ds
_No
pal
2414June 19
Forbes
300
*301
/
4 32
32
•2912 2934 2934 2934 30
*30
32
30
*30
4614June 18
No
5712 6034 5812 6012 1,500 black Trucks Inc
*5514 56,2 135512 56
56
5612 56
57
June 25
109
p
a
t
t
6,700
129
12612
12512 12512 12434 125
125 12538 125 125
12312 12612
disC
ono Sq Oarden
a"v
Ma
No par
1034May 8
1134 1134
500 M
812
1314 *12
1314 •12
12
*1118 12
1314 12
28342une 19
par
000 Magma Copper
31
31
*3012 31
313012 3138 *3012 31
3013 3012 3018 3014
6123lay 5
N par
700 Maillson (H R) & Co-Noo
7
712
*7
834 *712 8
*712 8
*712 8
734 734
Ma natl Sugar
112JUIY 8
100
*214 4
*234 4
*214 4
*2/
1
4 4
.234 4
*234 4
Preferred
100 1134July 14
•15
24
24
*15
24
3115
24
24
*15
24 •15
1315
10 A,,327
No par
*6
100 Mandel Bros
14
14
*10
14
3110
14
*6
14
*10
10
10
25 1118June 25
100 Manhattan Shirt
1513
*14
14
*14
1512
5
*14
1512 14
1512 •14
1512 *14
5
*412
412June 30
100 Maracaibo 011 Explor_No Par
412 412 •4% 512 *412
•4% 5% *4% 512
10 2912 Aug 29
7,400 Marine Midland Corp_
30% 3012 3033 3012 29% 3014 30
3058 29% 3018 2912 31
No par 3014June 26
34
100 Marlin-Rockwell
1331
3473 1031
34
•33
36% 34% 34% *34
35
331
838June 28
914 914 1,000 Marmon Motor Car_No par
1012 *1012 1114 10
10
912 912
*1012 1112 10
•Did and asked prices; no sales on this day. p Ex-cliv.-ex rights.
3 per share
38 July 29
30 Aug 27
2314 Apr 17
8613 Apr 17
3134 Mar 26
105 July 8
98 Apr 14
7214 Apr 21
20 Feb
2314May 24
1734 Apr 4
9238 Feb 19
31 Apr 11
123%June 4
109 May 28
10834June 3
10312July 21
2514 Feb 27
411
/
4 Mar 28
1232 Jan 29
80 Feb 1
29 Feb 5
65 Aug 13
11678 Apr 25
4172 Feb 7
62% Jan 6
2058 Apr 11
32 Apr 7
17 Mar 4
2838 Mar 22
124 Jan 10
239 Apr 24
98 Mar 11
30% Feb 7
1312July 31
1733 Mar 10
7% Apr 1
28% Apr 2
8% Apr 7
6714 Apr 9
0712May 28
1934 Mar 29
75% Apr 2
1412 Mar 26
78 Apr 1
11534 Apr 16
14412 Mar 14
54 Apr 11
92 Apr 24
33 Apr 17
-4432 Apr 4
86 Apr 29
3118 Mar 22
2234 Apr 14
18 Apr 14
86 Mar 26
5834 Apr 5
101 Apr 12
4534June 20
62 Jan 15
119 Feb 1
7732 Apr 24
40 Feb 4
80 Aug 29
32 Apr 9
29 Feb 19
43 Mar 19
6012 Apr 30
148% Feb 5
123 Mar 21
12313 Apr 11
512 Apr 9
1312 Jan 16
2012 Mar 7
4112 Jan 2
45 Apr 23
150 Apr 24
812 Apr 10
42 Jan 24
55 Jan 26
39% Apr 11
2658 Apr 25
89 Mar 21
8242 Feb 7
59 Mar 31
4012June 4
97 Apr 17
813 Apr 14
3884 Jan 2
70 Jan 24
3538 Apr 10
4818 Jan 23
2912July 17
113 Apr 1
11 Mar 25
42 Apr 1
10812May 24
1712 Mar 17
3712 Mar 19
9714 Apr 15
88 Apr 14
3112 Mar 29
113% Apr 1
11432 Apr 1
4914 Feb 15
45% Feb 21
8178 Mar 28
9534May 14
11238June 3
93 Aug 25
6% Feb 19
1534 Mar 22
7014 Apr 2
2818 Mar 3
12 Apr 28
8912 Feb 6
51/
1
4 Apr 25
4472 Mar 12
9934 Mar 18
1
4 Apr 3
39/
8812 Mar 37
15914 Feb /
1538June 6
6234 Jan 7
13 July 3
Jan 20
60 Jan 28
15 Jan 14
2438 Jan 10
1038 Mar 18
3213 Aug 6
55 Feb 28
307s Apr 9
PER SHARE
Range for Precious
Year 1929.
Lowest.
Highest.
$ per share $ per share
35 Aug
2312 Nov
Jan
30 Aug
26
12
Oci 56% Jan
Jan
7134 Dec 115
27 Dec 2972 Deo
99 Nov 105% Jan
"Ei-
Jan
13 Oct
1872 Oct
512 Not
84 Not
21% Dec
11218 Dec
45 Nov
6053 Not
104
Jan
12% De.
21 Not
1312May
65 Nov
13 Not
45 Aug
Oct
26
3434 Not
38 Nov
18 Not
17% OH
3% Oct
13/
1
4 Oct
6812 Not
120
Jan
71 Dec
22 Oct
_
12 Dec
2 Not
40
109
-1778 041
41% Aug
31 Sept
68% MAY
11812 Jan
33% Ont
121
Oct
i4373 Oct
14314 Oet
106% Oct
33 Aug
Si Mar
2438 Aug
93 Aug
5284 May
6214 Sept
109 Apr
8212 Mar
9312 Mar
82 'Jan
39% May
3213 Jan
53 Aug
135
Jan
22313 Ott
113 Aug
6613 Mar
---16 Nov
1414 Jan
l77 Jan
Nov
8812 Jan
Nov 255
Oct
48 Not
414 Dec
18Ie Der
65 Nov
137 Aug
23 Nov
47 No
18/
1
4 Nov
25 Nov
77 Nov
20 Nov
12 Nov
9 Nov
77 Nov
40 Nov
9172 Nov
102114 Feb
10312 Feb
121 Feb
142 Aug
Jan
145
5912 Sept
102% Jan
3918 Oct
7234 Jan
9412 Jan,
4414 Oct
3372 Oct
2818 Oct
96 Oct
68% Oct
100 Mar
54
Oct
95 Nov
53 Nov
2518 Oct
74 Dec
17 Nov
1212 Nov
39
Oct
39 Nov
90 Nov
118 Not
117 June
1% Oct
1072 Nov
1714 Dec
30 Nov
1512 Nov
70 Nov
3 Dec
10 Dec
26 Dec
18% NOV
5 Oct
75 Nov
4938 Nov
4514 May
2112 Nov
80 Oct
312 Dee
28 Nov
5314 Nov
2218 Nov
3814 Nov
1612 Nov
8018 Nov
5 Oct
30 Nov
100 Not
10 Oc:
31 Dec
77 Sept
15912 Aug
14914 Sent
93% Jan
97 May
38% July
7212 Aug
89 Mar
1621
/
4 Feb
24234 Feb
123 May
126
Oct
1612 Jan
1372 Nov
371
/
4 Feb
58% July
46
Jan
138
Jan
2372 Jan
9472 Jan
100 Feb
5934 May
1914 Feb
90 Feb
10478 Mar
57% Oct
4412 July
10934 Mar
7838 Jan
57% Mar
114
Jan
4638 Mar
12212 Jan
38% June
15714 Mar
26
Jan
60 Feb
11034 map
32
Oat
4434 July
23 Nov
17 Oct
/
4 Nov
801
SO NON
IC) Noy
3758 Nov
Oct
40
Oct
32
80 Oct
80% Nov
318 Dec
12 Dec
391e Nov
1414 Oct
7 Oct
80 Nov
OH
28
22 Nov
76 Not
3014 Oct
85,2 NON
110 Nov
1112 Nov
35 Not
0 Nov
3 Be,
1972 Be,
14 00
1914 Dec
5/
1
4 Dec
-6; Feb
43 Aug
106
Oot
10614 Oat
57% Juty
61
Feb
11372 Jan
8412 Feb
11054 Jan
95 mar
1112 Apr
3212 Jan
8778 Sept
3112 May
18
Jan
10014 Feb
7238 Sept
108% July
18 June
48
Jan
11434 Feb
25512 Sant
24 Fed
8212 Mar
39% Jan
US
Jan
5012 Jan
3838 Mar
2658 Jar,
18.3 Apr
30
19
Oct
Nov
897k May
104 May
New York Stock Record-Continued--Page 6
For sales darling the week of stocks not recorded here. see
sixth page preceding
HIGH AND LOW SALE PRICES-PER SHARE. NOT PER CENT
Saturday
Aug. 23.
onday
Aug. 25.
Tuesday
Aug. 28.
Wednesday
Aug. 27.
Thursday
Aug. 28.
Friday
Aug. 29.
Sales
for
Ike
Week.
STOCKS
NEW YORK STOCK
EXCHANGE.
PER SHARE
Range Since Jan. 1.
On basis of 100-share lots
1387
PER SFIARS
Range for Precious
Year 1929.
Lowest.
Highest.
Lowest.
Highot.
-$ per share $ per share 5 per share $ Per share
Per share 5 per share Shares Indus. & MIseel.
(Con.) Par $ Dec share $ Per share 5 Per share
3758 3812 3812 39
3778 3818 374 38
Per titre
384 384 384 3938 5,700 Marshall Field & Co_ __No par
3514July 12 4818 Apr 24
_
312 312
*314 3,2 *314 312
312 3,2 *312 4
*334 4
800 Martin-Parry Corp____No par
3 Jan 6
6 May 19
212 Nob
4012 38
3834 3834 39
3978 3978 4034 '4034 4234 42
18 -i1;1;
10,600
423
Mathh3son
4
Alkali
323
8June
WorksNo
25
Par
513
2
afar
28
29
*132
*132
3132
Oct 218 Feb
*130
*130
____ 13014 13014
10 Preferred
100 115 Jan 24 13014 Aug 22 120
42
43
4138 11-38 *4112 -42
Jan 125
4112 13-18 4258 4314 4314 44
Jan
5,500 May Dept Storm
25 40'g July 3 813* Jan 31
4512 Dee 10812 Jan
*10
11
1012 103s '10
1012 *10
10.* 10
10
10
10
500
Maytag
Co
10
par
No
Aug
23
18
Mar 28
*224 2578 *2258 2578 *25
25
1538 Oct 2912 Aug
25 •2238 25
26
*25
253
100
Preferred
4
No par
2112June 28 404 Apr 7
7412 7412 *6312 83
2814 Dec
*7412 83
*7412 83
4914 July
*6312 7412 *6312 744
100 Prior preferred
7412 Aug 16 8412 Mar 26
Vo par
40
*38
3814 40
7512 Nob
.38
40
*39
9018 Jan
40
33
40
*38
40
600 McCall Cory
No par
37 July 17 50 Apr 1
3914 De, 103
*5412 55
*5412 55
*5412 55
*5412 55
Oct
*5412 55
*544 55
McCrory Stores class A No par 60 May 19 74 Jan 2
*57
74 Do, 113114 Feb
*57
67
6212 *57
*57
67
6212 *57
6212 *57
6212
Class B
No Par 5612 Aug 20 70 Jan 16
*84
93
*81
93
*81
93
70 De, 11513 Feb
*84
93 *32
93
*85
93
Preferred
100 8912May 7 97 Mar 24
34
*33
34
*33
34
8812 NO, 120 Feb
*33
*33
34
33
33
*3234 33
100 McGraw-11111 Publica's No par 3012June 23 44 Apr 7
*1778 18,4 •1758 1814 *1712 1814 *174 18
*1734 18
30
48 Feb
Oct
1712 1712
100 McIntyre Porcupine Mines-5 1434 Jan 2 1912 Apr 23
797s 79
79
1212 Nov
8134 8178 84
78,2 80
2312 Jan
84
86,2 8512 8538 37,3100 McKeesport Tin Plate_No
par 61 Jan 2 8912June 4
1718 174 1714 174 174 1712 1712 17
54 Nov
82 Jan
1718 1712 174 1712 2,100 McKesson &
Robbins__No par
*3734 40
*3318 40 .38
141
:Aug 13 3738 Apr 12
40
38
2118 Oct 69 Mar
38
3814 3918 3878 39
600 Preferred
1412 *14
50 35 June 24 4914 Apr 8
•14
1412 *14
1412 14
90 Om
63 July
141
1,900 McLellan Stores
3512 3512 3512 3512 *3512 374 *3512 354 1412 1412 1412 16
No par
12 June 30 2014 Jan 7
1812 Dec 5912 Aug
*3512 3718 *3512 3712
200 Melville Shoe
No Par 284 Feb 8 42 Apr 16
2618 De, 72
Jar,
*1158 1234 1212 1218 1158 1158 1212 1212 .1214 1278 212
l238 1,600 Mengel
No par
10 June 18 2334 Mar 10
2158 2214 214 2234 214 2214 2178 221
9 Oct
3472 Jan
2138 2178 2112 224 51,600 MexicanCo (The)
Seaboard 011 No par
*15
1534 1458 15
15
37 Apr 7
15
1618 Jan lA
15
94 Oct 694 Jan
15
1458 1458 1458 1434 2.300 Miami Copper
59
*53
5912 *56
5 1458 Aug 25 3372 Feb 8
5434 5558 *54
20 Oct
5412 Mar
591
55
1a78 *54
5812
500 Michigan Steel
2338 2338 2234 2312 2258 2234 2234 2314 23
No Par 53 Jan (1 77 May 13
44 Dec 12278 July
2338 2314 2314 9,000 Mid-Coot Petrol
No
par
.1
118
1
1
2218June
1
18
1
33
Apr
Nov
224
7
118
397
8 Jan
Ds
4 1
1
1
3,600 Middle States 011 Corp MN__
324 33
3158 32
72 hlar 4
33
212 Mar 17
3334 3278 33
4 Nov
3334 33
34 July
3334 3334 3,600 Midland Steel Prod
1)512 9512 954 *94
No par
*95
9578 *95
2158June 25 53 Feb 28
957 *93
9558 *93
200 8% cum 1st pref
*4812 5412 *4312 5412 *4812 5112 *484 533 *4312 541. *4312 954
100 84 June 21 110 Feb 28
54,2
Minn-Honeywell Itegu_No par 50 July I 7634 Mar 19
*1214 124 *124 13
•1214 1238 1214 1258 1118 12
.69 Nob
Sept
1138 L178 1.700 Minn-Moline Pow Impl No
*65
*65
70
75
1072 Aug 12 2878 Apr 17
par
*65
75
*85
4358 July
Oct
10
75
*65
70
*65
Preferred
18
1734 18
No par 70 Aug 9 9214alay 28
1814 1812 184 1812 1834 1812 1812 1812 70
85 Nov 102 July
1812
1.200
Mohawk
Carpet
,
14111a_No Par
4534 464 4534 47
4578 4614 4578 4658 4573 4578 4614 47
1618 Aug 19 40 Jan 27
35 NON
804 Mar
3238 3278 3258 331
3212 34
3358 3134 3334 3538 3514 3612 12.200 Monsanto Chem Wks_ _No par 35 June 25 8384 Apr 21
47 Nos
8012 Oct
58.000 Mont Ward & Co III Corp No Dar 2938 Aug 13 4972 Jan 2
*518 54 *514 512
5
5
5
5
5
4258 Dec 15872 Jan
5
514
5
,
4
1,500
Moon
Motor Car new_No Par
*53
*53
55
55 •53
334 Jan 22 184 Apr 2
55
112 Oct
55
5558 57
Oct
5
57
58
58
500 Morrell (J) & Co
*115 114 *118 1,4
No par 51 Aug 15 72 Feb 5
118 14
1.8 14
Oct 8118 Oct
42
118
118
118
118 1,400 Mother Lode Coalitton_No
*313 4
par
118June 17
34 338
34 358
2 Jan 2
112 Oct
334 334 *3311 4
Mar
81i
'33
4
4
400 Moto Meter Gauge &Et:1Na pa?
48
44
48
34July 12 1158 Apr 10
4612 44
44
314 Oct
45
45
314 Aug
41
44
45
45
1,500 Motor Products Corp No Par 3412June 21 81 Apr 7
•21
2178 2134 2134 *21
2178 2134 2134 .2118 2178 2118
38 Nov 206 Mar
213*
300 Motor Wheel
No Par 21 June 17 34 Mar 19
•1034 1112 *1012 12
*1012 1112 11
21 Nov
11 .1084 13
554
Aug
*1012 1212
100 Mullins Mfg Co
No par
*50
54
8 June 18 2034 Feb 14
*50
*50
54
10
*50
54
Oct 8175 Jan
54
*50
54
*50
54
Preferred
No par 40 July 2 644 Jan 31
39
3834 3834 *38
55 Der 10214 Jan
3818 381s *3314 39
*3812 39
53312 39
200 Munsingwear Inc
Vs par 36 Aug 13 5312 Feb 10
38 Nov
6134 May
*15
1512 15
15
15
15
154 1678 1558 16
151s 16
3,500 Murray Body
1212June 17 2514 Apr 11
No pa
*3814 40
144 Nov 10078 June
39
3953 3958 393
3958 3934 539
40
3978 4112 1,620 alyerr F &
E
Broe
8
2
Jan
355
4912
No
afar
*33
3312 3211 33
Da
25
80
3214 33
Oct 8712 Oct
3312 3312 3318 3318 33
331, 3,300 Nash Motors Co
3018June 24 5813 Jan 6
No pa
1310 •123, 13
13
40 Oct 11878 Jun
1238 1258 13
13,4 1314 1312 1312 1418
1,000 National Acme stamped____1
1058Ju2e 24 2614 Feb 14
•20,8 21
21
1458 Not
21
204 204 *1918 2112 *1918 20
414 July
*1918 20
200
Air
Nat
Transport
*83
4
13
Jan
11
393
14
8
Apr
858 878 *84 94 *812 914
No Pa
10 De, 4814 May
9
834 958
94 94
800 Nat Hellas Hess
8 Aug 18 20 Apr 7
82
No pa
8278 81
8338 82
918 De, 71 Mar
83'2 8258 834 8278 8334 824 8438
15,800 National Biscuit Now
71 Jan 2 93 May 29
10
*146 14938 *146 14912 *14612 14912 *14612 14938 *14612 1494 514612
6514 Dee 78 Dee
14938
7% cum pre(
10 14212 Jan 23 14912July 11 140 Aug 146
4558 4558 4434 4538 4212 4478 44
4512 44
Oct
4512 45
46
17,000 Nat Cash
41 Aug 9 8312 Feb 3
A w I No pa
5258 53
5311 5378 5314 5438 5434 5538 5412 55
59 Nob 14884 Mar
5478 5558 47,800 Nat DairyRegister
Prod
No pa
4514 Jan 20 62 June 2
1412 1434 141s 1434 14
36
14
Oct
14
8612 Aug
14
*1334 144 1412 144
1,100
Nat
Department
31
Stores No Pa
1312 Aug 15 2412 Feb 27
3034 3112 31
31
20 Dec
3134 31.
374 Mar
3112 3112 3112 3l34
3134 1,500 Nat Distill Prod (Ars_ No Pa
*21
23
*20
2412June 25 3912 Feb 6
21
15 Oct
*21
24
*20
58 June
24
*21
22
*20
Nat Ellarn & Stamping__--100 1714June 14 3312 Mar 1
.125 130 *125 130 •12514 130 *125 12958 130 130 *12612 22
254 De, 8214 Jan
12
93
4
100
National
Lead
143 143 *143 14312 14314 14314 •143
143 143
100 12434 Aug 12 18912 Feb 7 1294 Nob 210 03
____ *143
70 Preferred A
118 118 .118 11978 *118 1194 •118 11978 *118 11978 *118 1194
10 1384 Jan 3 14314 Aug
138 Nor 14112 Feb
30 Preferred B
4514 4538 4512 4634 4534 4634 4634 4734 4612 4734 4714
100 116 Jan 17 11912July 27
1 115 Oct 12384 Apr
48
72,000 National Pr & la
*134 2
No
Jan
32
pa
2
134
2
2
154
pr
24
4
A
583
23 Not
2
2
7184 Aug
*112
2
*112
2
300 National Radiator
No pa
154 Jan 7
*234 514 *234 514 *234 514 *234 514 *278 5,4
412 Jan 15
112 De,
17
Jan
*24 514
5318 54
Preferred
5212 5414 5214 5334 53
No pa
3 June 25 11 Jan 15
112 De,
41
5312 5312 5331 5333 5334
Jan
3,30U Nat Steel Corp
.104 105
lava 10414 10412 10512 105 105
5214 Aug 26 62 July 28
No pa
10534 10534 510512 106
1,100
National
Supply
8June
1007
79
76
27
7518 7518 76
1248
7158 80
50
4 Apr 7
9812 Nob 144
77
7612 77
Jan
7618 7618 4,300 National Surety
24
2334 2334 24
5
304 Jan 7 9838 Mar 22
2334 2334 24
7014 De, 155 Feb
2412 24
25
23
24
2,600 National Tea Co
214 Aug 20 417s Feb 4
No pa
314 Nov
914 Mar
1312 1334 134 1438 1334 1413 1378 1414
1314 1378 134 1312
6,700 Nevada COOSOI Copper _No par 1318 Aug 15 3238 Jan 7
33
•33
34
33
32
2314 Nov 6278 Mar
32.2 32
3218 *31
33
3212 3212
800 Newton Steel
*3812 40
3978 3978 •38i2 40
No par 28 June 17 58 Apr 14
35 Dec 113 July
*3812 40
40
40
*3812 404
600 N Y Air Brake
*3513 3614 *351g 36
3614 3678 36
No par 374 Aug 4 47 Feb 19
3513 Oct
3712 *35
36
44134 Mar
.35l2 36
.8112 8418 *8112 8418 *8112 8418 *8112 844 *311E 3418 .8112 8418 1,300 New York Dock
100 28 June 26 48 Apr 25
33 Nov
584 Feb
Preferred
1914 1918 194 1838 19
.18
100 80 Feb A
ii/412 Apr 24
8234 Jul) 90 Apr
1834 19
19
1912 1912 20
2,400 NY Investors Inc
*10212 10314 10314 104
No par 1718June 23 32 Apr 24
105 105
10512 106
10134 103 *10412 105
240 N Y Steam peel (6)___ _No par 100 Jan 2 108 Aug 27 -9313 Nob ioi115 115 *116
*116
_- *117
_ 117 117
-S;Z
115
40 let preferred (7)
9933 100
9953 10178 99 103,s 10312 10478 10258 10414 10318 115
No par 110 Feb 5 117 Aug 28 107 Nov 115 Aul
*5518 504 *5612 5634 •5614 5634 5614 56,4 *5618 5634 5614 10558 30.400 North American Co
6613 Nov 18654 Sept
No Par 8712July 8 13272 Apr 11
5614
200
Preferred
914 978
012 034
934 1013
50 51 Jan 13 57 June 4
934 1018
48 NON
918 938
5414 Jan
918
912 17.500 North
Amer Aviation_ _No Par
*104 '10434 104 104
712June 18 1478 Apr 10
10412 10412 10414 10414 .10334 10438 *10312
_
300 No Amer Edison nret__No par 10034 Jan 23 105 Slay 22
*43
4434 *4314 4418 *4278 4414 *43
98 Nov 10354 Jan
444 *4312 4412 *43 1044
4412
North German Lloyd
*45
*45
47
40 Aug 8 5534June 11
47
47
47
47
41,2 DOC 6414 Jan
47
*46
43
48
48
40 Northwestern Telegraph___50 42 Jan 2 5018 Mar 14
138 138 *1
11
1
*1
1
4012 Dec
14 *1
50 Mar
14 *1
112
200 Norwalk Tire & Rubber__ __10
*3
72 Jan 9
4 Mar 26
*3
6
5
*3
*3
5
5
64 Per
84 Oct
*3
5
*3
5
Normally Co (The)___ -No Par
2 Feb
23
314June 16
23
2212 2278 22
2 Der
2312 224 2312 2212 2278 23
8 Feb
2414 19,400
Well Supply
011
243
25
8July
Jan
94
3
22
772
1054 10512'310518 10512 10518 10538 *10212 10412 104 104
Der
32 Jaa
104 105
490 Preferred
1658 1678 1612 1634 1478 1614 1118 1434 1178 13
100 86 Mar In 108 Aug 12
884 Der 10612 Jan
1158 124 15,600 Oliver Farm Equip..
1118 Aug 27 3472 Apr 17
2638 2638 •25
__No
8
27
2438 2518 18
Oct 6412 Apr
22
20
21
1934 2614 5,600 Cony participating__No Dar
•73
18 Aug 27 4618 Apr 17
par
7718 *73
17
78
*70
Oct 694 Apr
73
70
70 '368
72
•6812 72
300 Preferred A
414 434 *418 5
No par 70 Jan 2 9034May 13
614 Der 9912 May
414 414
412 412
412 412 *414 44
GOO Omnibus Corp
*834 85
*83
No par
85
234 Jan 8
*8312 85
838 Mar 31
212 Oct
1078 Feb
85
85
85
85 .83
85
110 Orpheum Circuit. Inc pref..100 63 Jan 6 994 Apr 24
504 Oct 9534 Jan
6912 6912 70
7114 694 7138 7014 741
7014 701
(3914 7012 5,100
•127 ____ *127
OW Elevator new
55 June 18 8038 Mar 13
No Par
*127
-- .127
*127 - *127
_
Preferred
*25
•2412 27
100 11818 Jan 23 128 June 12
27 '25
27
Oct iiL- Jan
*25
27
2(
*26
27
92
*9014 9214 9014 9014 *90
Otis Steel
No Par 2412 Aug 14 3878 Afar 31 2214 Nov
9074 0618 591
961s .
55
Oct
9518 --"100 Prior preferred
*46
4612 4618 4612 4612 47
2
July
89
Apr
100
99
29
8934
*4612 4678 46
Nov
108 Feb
46
*4614 47
1,000 Owens-Illinois Glass Co .25 4514June 23 6078 Feb 7
54
54
5112 5434 5434 55
5534 5514 5614 5612
43 Nov
8912 Sept
563
4
5734
7518 7512 7414 78
4,200 Pacific Gas & Elea
25 5218 Jan 2 7478 afar 31
7514 763
42 Nob
76
7712 7612 77
9884 Sept
77
79
2212 *22
'
2234 *22
22
5,909 Pacific Ltg Corp
7138 Aug 12 10772 Mar 28
No Par
2234 *22
5818 Noy 14612 Sept
223, *22
2234
2234
Pacific Mills
136 137 *13612 1394 136 1361 13812 13812 *138 13914 .22
100 20'4 July 8 30 Feb 8
1712 Nov
37
1397
APT
8
141
*12618 130 *12618 130 .
420 Pacific Telep & Teleg
12618 130 •1274 130 •12718 130 *1274
100 130 June 18 178 Feb 19 131 NON 220
July
130
Preferred
1338 1312 1318 134 13
100 11612 Jan 6 145 Feb 21 11634 Jar. 13/1
1314 1234 1314 1258 124
Oct
1214
123
*5512 57
5512 5512 5412 541
4
83,400
Packard
Motor
Car----No Dar
1214 Aug 29 2338 Mar 18
544 5418 54
13 NON
54
3213 Sept
*53
5434
5612 57
5538 5612 5458 5514 55
4014 Fel. 69 Aug
55
544 5412 5458 5412 2,500 Pan-Amer Petr & Trans___50 5158 Feb 21 6414May 14
2.500 Class 13
*1212 1378 *1234 1334 *13
50 .5012 Jan 25 6712May 14
137 *1312 1378 1312 134
4013 Fri
134 134
618 634
500 Park & TIMM Inc_ __No par 1012 Aug 6 3534 Apr 7 24 Nov 60,4 A US
614 612
61s 658
6
614
618 658 z638
8778 Jan
673 4,200 Parmelee Trausportam_No par
*51: 6
6 Aug 22 2618 Mar 10
534 534
578 578 *534 6
154 De,
21 Deo
54 534 554 53,
Panhandle Prod & ret__No par
60
300
*45
•45
*45
60
418 Feb 14 1234May 14
60
*45
3 NON
60
*45
60
154 Jan
*45
60
Preferred
5712 5933 593a 6014 5853 60
5878 5734 59
68
100 474 Jan 14 80 May 14 4712 Fel
76
Jan
59'3 0133 53,400 Paramount Publlx
2
par
2
178 2
No
*2
Jan
485
7714
8
2
Mar
24
31
2
2
86
•178 2
Oct
7512
Oct
2
2
4
418 418
4
4
1,300 Park Utah C M
158June 17
4
1
41
438 Apr 7
/
41 414
3 De,
4
438
1372 Feb
414 41,. 3,700 Pathe Exchange
8
812 812
8
No par
*8
834
234 Jan 3
9
Apr
25
834 834 .834 9
212
Der
1172 Jan
9
1012 1,800 Class A
16
No par
161s *18
5 Jan 2 1958 Apr 25
164 1618 1614 *1614 17
412 Des
16
16
50 Jan
1618 16'2 2,300 Patin° Mines & Enterpr____20 16
Aug 22 3278 Feb 5
5
5
518
5
5
5
*44 5
244 Oct
•473 5
*44 5
4754 May
4 Aug 12 14 Feb 3
400 Peerless Motor Car
50
518 Oct
2212 Jan
4,40
4014 394 3958 3912 4034 40
41
3934 4014 40
414 7,200 Penick & Ford
No par 2612 Jan 7 5538 Apr 10 22 Nob
53
5234 5234 5234 53
5212 53
*51
53
53,4
6072
No par 48 June 18 80 Jan 3 66 Nov 1054 Sept
*9934 10012 100 100 •9934 10014 10014 10014 10014 10014 53,2 5378 1,9011 Penney (J (3)
Gel
4 10014
*613 712 *613 712
700 Preferred
106 93 Jan 7 10058 Apr 26 33 Oct 97
74 814
8
838 •712 818 *993
*712 734
Dee
1,400 Penn-Dixie Coment___-No Par
4778 51
*45
48
48
48
64 Jan 4 12 Mar 8
50
50
50
3,2 Nov
50
27 .an
*43
50
Preferred
554
1,300
100
255 26334 26234 265
2
*258 270 *260 268
Jan
Mar
3018
13
204 Nov
266 2661, 2115 265
94
'an
2,900 People's(./L & C(Chic)
*20
21
*19
*19
21
100 230 Jan 17 325 May 27 208
*20
21
21
20
Jar 404 Aug
20
20
20
200 Pot Milk
No par
1718 July 17 2212 Aug 11
1314 1812 1818 1812 18
1853 18
1818 De(
1812 1813 1813 1882
45,2 Jan
1812 9,800 Petroleum Corp of Am _No par 18 Aug 23 2714June 00
*30-2 3112 3158 3178 31
3114 2978 31
304 30
3034 4,900 phelps-Dodge Corp
25 2912Jaue 18 4438 Apr 7 31 Nob
*200 210 *200 210 *200 210 *200 210 •200 2107a 30
210 21434
ija
;
300 Philadelphia Co (Pittsb)-50 200 Juno 18 248 Apr 15 15712
*5412 55
*5412 55
*544 55
55
55,4 5514
AM 285
Oet
5512
1612 1714 1634 1734 1718 1734 1718 55 4 '55
1614 17
300 6% preferred
50 504 Jan 15 5514 Aug 27 474 NON
1712
54 ME
1712
1838 36,900 Phi% & Read C& I. ..No par
1138 Jan 17 2558 alay 23
1112 1158 1114 1114 1113 1112 1114 1138
918
11
11
Nov
1138 1138 1,200 phalli) Morris & Co., Ltd
34
Ja,.
*17
17
17,2 17
10
*17
814 Jan 8 1612 Mar 11
18
*17
18
*17
18
64 0c, 2814 Fe.:
*17
18
17 Aug 25 277s Feb 18
64
*60
100 Phillips Jones Corp___ _No par
*60
64 .
*60
70
60
64
*6018 64
1912 Nov
*60
73 Ma.
64
100 5934 Aug 21 78 Feb 11
Phillips Jarmo uret
3034 32
3034 3134 3118 32
3114 32
65
3134 3212 314 34 -3
Not
98 MS
-1,655 PhWits Petroleum____No par 2918 Feb 17 444 APr 30 2414 Nov
*1014 11
*1014 14
*1014 14
*1014 14
*1014 14
47
Jut
Phoenix Hosiery
5 104 Mar 4 304 Apr 30
*1912 22,8 1912 1912 1912 1912 *1812 23 •1014 14
*1912 23
1058 Oct
*1812 23
3758
-Arrow
Its
Pierce
A__No
Class
par
200
1
19
June
1
118
25
1
33
l's
*I
118
Apr
3 18 No, 3772 Jag
1
118
14
Ds
.ta•
011
Corporation
Pierce
25
1 Jan 4
4.300
25
29
24 afar 17
25,4 *2514 28
*25
*2518 28
*25
23
2513
I
Oct
2518
34 Mai
100 2012 Jan 10 52 May 1
700 Preferred
412 412
44 5
458 458 *44 434
438 458
20
Oct
434 434 8,600 Pierce Petrol'm
5112 Mat
24 Jan 3
No par
74 Apr 24
4 Oct
54 ;as
5 Bid and asked prices; no sales on this apay•
Ex-dividend and el-rights.
z Ex-dividend. y Ex rights.
1388
New York Stock Record-Continued---Page 7
preceding
For sales during the week of stocks not recorded here, see seventh page
PER SHARE
Sales
STOCKS
Range Since Jan. 1.
for
NEW YORK STOCK
06 Lute of 100-share tots.
the
EXCHANGE.
Friday
Wednesday Thursday
Tuesday
Saturday
Monday
Highest,
Lowest.
Week
Aug. 29.
Aug. 28.
Aug. 27.
Aug. 25.
Aug. 25.
Aug. 23.
per share
shares
5
share
8c
Indus.
(Con.)
share
Miscell.
per
Per
5
Par
$
share
per
$ Per share $ nor share $ per share $ per share 5
3312 3234 3358 2,400 Pillsbury Flour MIlls___No par 27 June 25 374 Apr 11
3234 3212 3212 3234 334 33
3212 *32
*32
3934June 25 504 Feb 27
Pirelli
Italy
of
Co
2,000
4
403
*4038
41
*4014
4018
1018
4034
4012 *40
*4018 404 *40
200 Pittsburgh Coal of Pa_--_100 3514 Aug 13 784 Jan 7
4114
*3738 4434 *3712 4434 *3714 4434 *3714 4434 *3714 4434 41
100 83 Aug 19 110 Jan 7
Preferred
*80
8412
87
*80
86
•80
86
*80
87
s80
87
*80
1738 Jan 22 224 Feb 18
200 PIttsb Screw & Bolt___No par
1814
1814
1814
•18
1812 1818 1818
1834 *18
1834 .18
*18
Steel
Pitts
100 9312June 24 103 Jan 7
pref.
cum
7%
30
*95 100
*95 100
*95 100
*9514 100
98
97
*98 100
20,8 Feb 28 2278 Apr 8
par
Co
Pittston
No
1,500
22
*21
21
21
21
21
22
*21
21
21
21
21
Nepal 2034July 9 3438 Mar 18
254 4,500 Poor & Co class 13
24
*2212 24
24
2338 23
*23
2214 23
23
23
800 PortoRican-AmTob clANo par 21 Aug 12 3038J uly 3
2414 *2334 2414 2412 244
2312 2312 2312 2312 21
*2312 26
8
@FedFRASER